Do : Consolidated Financial Report

About this update from Do & Co Aktiengesellschaft

DO & CO AKTIENGESELLSCHAFT ANNUAL FINANCIAL REPORT BUSINESS YEAR 2024/2025 CONTENTS Group Management Report for 2024/2025 .................................................................................................... 1 Highlights.................................................................................................................................................................... 1 Key Figures of the DO & CO Group in accordance with IFRS ................................................................ 5 Economic Environment .......................................................................................................................................... 6 Business Development .......................................................................................................................................... 10 Revenue .................................................................................................................................................................. 10 Result ....................................................................................................................................................................... 11 Statement of financial position ...................................................................................................................... 12 Employees .............................................................................................................................................................. 13 Research & Development ................................................................................................................................. 13 Non-financial performance indicators .......................................................................................................... 13 Airline Catering ..................................................................................................................................................... 13 International Event Catering ........................................................................................................................... 15 Restaurants, Lounges & Hotels ...................................................................................................................... 17 Share / Investor Relations / Information Pursuant to Section 243a UGB .................................. 19 Outlook ........................................................................................................................................................................ 27 Risk and Opportunity Management .................................................................................................................. 29 Internal Control System ........................................................................................................................................ 39 Consolidated Corporate Governance Report .................................................................................................. 41 Commitment to the Code of Corporate Governance ................................................................................. 41 The Management Board ........................................................................................................................................ 41 The Supervisory Board .......................................................................................................................................... 42 Diversity Concept .................................................................................................................................................... 46 Measures to promote Women on the Management Board, Supervisory Board and in 46 Executive Positions ....................................................................................................................................................... Report of the Supervisory Board ........................................................................................................................... 48 Consolidated Financial Statements 2024/2025 of DO & CO Aktiengesellschaft in 51 accordance with IFRS ................................................................................................................................................... Consolidated Statement of Financial Position .............................................................................................. 52 Consolidated Income Statement ....................................................................................................................... 53 Consolidated Statement of Comprehensive Income .................................................................................. 54 Consolidated Statement of Cash Flows ........................................................................................................... 55 Consolidated Statement of Changes in Equity ............................................................................................. 56 Notes to the Consolidated Financial Statements ......................................................................................... 57 General Information ............................................................................................................................................... 57 Effects of new and / or amended IFRS ........................................................................................................... 58 New and amended standards and interpretations ................................................................................. 58 New standards not yet effective .................................................................................................................... 58 Financial reporting in hyperinflationary economies ................................................................................... 59 Significant Accounting Principles ....................................................................................................................... 61 Consolidation ......................................................................................................................................................... 61 Currency conversion ........................................................................................................................................... 63 Accounting methods ........................................................................................................................................... 64 Material discretionary decisions and estimates ....................................................................................... 77 Comments on the Consolidated Statement of Financial Position ......................................................... 79 Intangible Assets ................................................................................................................................................. 79 Property, plant and equipment ...................................................................................................................... 82 Investments accounted for using the equity method ........................................................................... 84 Other financial assets ........................................................................................................................................ 84 Inventories ............................................................................................................................................................. 85 Trade receivables ................................................................................................................................................. 85 Other non-financial assets ............................................................................................................................... 86 Cash and cash equivalents .............................................................................................................................. 86 Shareholders' equity .......................................................................................................................................... 87 Bond ....................................................................................................................................................................... 89 Financial liabilities ............................................................................................................................................. 90 Provisions ............................................................................................................................................................. 92 Income tax ........................................................................................................................................................... 94 Trade payables ................................................................................................................................................... 96 Other liabilities ................................................................................................................................................... 96 Other assets ........................................................................................................................................................ 97 Comments on the Consolidated Income Statement .................................................................................. 98 Revenue .................................................................................................................................................................. 98 Other operating income .................................................................................................................................... 99 Cost of materials .................................................................................................................................................. 99 Personnel expenses ............................................................................................................................................ 99 Other operating expenses 100 Result of equity investments accounted for using the equity method 100 Amortisation / depreciation and effects from impairment tests 100 Financial result 101 Income tax 101 Earnings per share 102 Proposed appropriation of profit 103 Comments on the Consolidated Statement of Cash Flows 104 Segment Reporting 106 Additional Disclosures 109 Contingencies and financial liabilities 109 Leases 109 Additional disclosures on financial instruments 111 Significant events after the reporting period (subsequent report) 120 Related party disclosures 120 Investments 121 Corporate boards 123 Auditor's Report 126 Statements by all Legal Representatives Pursuant to Section 124 Austrian Stock Exchange Act .................................................................................................................................... 132 Glossary 134 ‌Group Management Report for 2024/2025 ‌1. Highlights #pushingtheboundaries - DO & CO continues its success story, even setting new records for two performance indicators. With revenues of € 2,298.12m, DO & CO exceeds the € 2 billion revenue mark for the first time and standing at 8.0%, reports the highest EBIT margin in the Company's history. This success is the result of the Company's consistent focus on sustainable revenue growth and long-term profitability increases. At DO & CO, operating decisions and strategic direction always align with the corporate values "Innovation - Quality - People". Focussing on customers, innovation, perfection, quality and profitability are the principles of DO & CO's business activities, the guidelines for all significant business decisions and the Company's success factors. Creating an exceptional customer experience through gourmet entertainment and premium services are the highest priorities that form the beating heart of DO & CO. The success of the business year 2024/2025 was only possible thanks to DO & CO's corporate values and the continuous commitment and dedication of the employees at all locations. In the business year 2024/2025 under review, revenue increased by 26.3% to € 2,298.12m. Moreover, DO & CO has increased its EBIT margin by 0.53 p.p to 8.0%. Cash and cash equivalents decreased to € 174,17m in the business year 2024/2025 due to the repayment of loans amounting to € 171.79m. The net debt to EBITDA ratio is very satisfying, as it was reduced further within the business year 2024/2025 and amounts to 0.64 (PY: 1.08) as of 31 March 2025 . In the business year 2024/2025, the equity ratio increased to pleasing 35.8% (PY: 27.4%). DO & CO Aktiengesellschaft reported remarkable growth in its share price. At the end of the business year 2023/2024, the share price stood at € 138.40, it rose to an all-time high of € 220.00 during the business year and closed at € 163.00. Due to the successful business year, the Management Board will propose to the General Meeting of Shareholders the distribution of a dividend of € 2.00 per dividend-bearing share and to carry forward the remaining net profit to the next business year. The positive trend also continues with regard to the result. In the business year 2024/2025, DO & CO achieved the highest EBITDA in the company's history at € 262.39m and the highest EBIT at € 183.60m. The result of the business year 2024/2025 has been strongly impacted by the application of the provisions of IAS 29 "Financial reporting in hyperinflationary economies" to the financial statements of the Turkish subsidiaries. These are solely measurement effects not leading to any cash outflows. At € 100.10m, the net result would have been € 7.68m higher and the net result margin would stand at 4.5% without applying IAS 29. The net profit attributable to the shareholders of DO & CO Aktiengesellschaft (Net result) is € 92.43m (PY: € 66.22m). Earnings per share thus amount to € 8.42 (PY: € 6.24). The significant decline of the Turkish lira continued in the business year 2024/2025. While the Turkish lira reported an exchange rate against the euro of 34.85 TRY/EUR at the beginning of the business year 2024/2025, it only amounted to 40.93 TRY/EUR at the end of March 2025, thus having fallen by 14.9%. Since a significant portion of costs are incurred in the local currency, the margins remain largely unaffected by this development. 1 The corporate bond amounting to €100 million, issued in January 2021, was fully liquidated during the business year 2024/2025. Consequently, DO & CO successfully liquidated the corporate bond in a short period. Successful year in the Airline Catering division Also in the business year under review, the market environment in the rapidly growing Airline Catering division was difficult. Despite all of the challenges, DO & CO's mission of being the best restaurant 39,000 feet above remains the Company's primary goal. The awards "Outstanding Food Service by a Carrier" achieved by Iberia and LOT Polish Airlines in PAX International Magazine in May 2024 and the award for Turkish Airlines as "World's Best Business Class Catering" by SKYTRAX World Airline Awards in June 2024 confirm DO & CO's high quality catering and excellent services. The highest recognition of the strong innovative power and quality of DO & CO stems from the market itself and is reflected in numerous tender requests, extension of existing contracts and winning new customers. By launching gourmet catering for Delta Air Lines at one of the largest locations of the airline at New York JFK at the beginning of the business year, DO & CO has significantly strengthened its presence in the US and invested in the location, which was especially expanded for this purpose. Furthermore, DO & CO managed to build and further develop relationships with new customers and to strengthen its position as the leading premium airline caterer in the business year 2024/2025. DO & CO was able to acquire a number of renowned new customers at various locations, in alphabetical order: Air Astana ex Seoul All Nippon Airways ex Istanbul Austrian Airlines ex Newark, JFK, Chicago China Airlines ex Frankfurt China Eastern Airlines ex Frankfurt Delta Air Lines ex JFK Ethiopian Airlines ex Warsaw FlyBeyond ex Milan Gulf Air ex Munich Hainan Airlines ex Vienna Lufthansa ex Detroit Royal Jordanian ex Detroit Singapore Airlines ex Milan Swiss ex Seoul Turkish Airlines ex Miami Vietnam Airlines ex Munich WestJet ex Seoul DO & CO partner of Formula 1 for further 10 years Since 1992 DO & CO has been a reliable partner of Formula 1 and the heart of the Paddock Club's hospitality service. Over time, the F1 Paddock Club has evolved to an unforgettable attraction for fans from all over the world through the joint collaboration. With the contract extension in December 2024, this successful partnership is continuing to secure DO & CO's pole position as exclusive culinary partner in this high-end segment for the next ten years. 2 Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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