14.11.2019 DO & CO Aktiengesellschaft  AT0000818802

DGAP-News: DO & CO Aktiengesellschaft:


 

DGAP-News: DO & CO Aktiengesellschaft / Key word(s): Half Year Results
DO & CO Aktiengesellschaft:
14.11.2019 / 10:50
The issuer is solely responsible for the content of this announcement.


 

Results for the first half year of 2019/2020
(1 April 2019 to 30 September 2019)


- Successful first half year
- Double-digit growth in all divisions

 

REVENUE EUR 507.85m + 17.0%
EBITDA EUR 60.70m + 43.1%
EBIT EUR 34.45m + 24.9%
     
All key figures following first-time application of the new standard IFRS16
 

Vienna - 14 November 2019 - DO & CO Aktiengesellschaft is publishing its results under IFRS for the first half of the business year 2019/2020 today. In the first half of the business year 2019/2020, the DO & CO Group recorded revenue in the amount of EUR 507.85m, representing an increase of 17.0% or EUR 73.93m on the previous year.

DO & CO applied the new IFRS 16 Leases accounting standard for the first time as of 1 April 2019 recognising the material impact in the consolidated income statement. As a lessee, DO & CO recognises a lease liability and right-of-use asset from the time the asset is provided. This results in an increase to amortisation/depreciation/impairment and interest expense, partially offset by decreases in rental expense. For the purpose of comparison, the results from the first half of the business year 2019/2020 are also presented excluding the impact of IFRS 16 at both group and division level.
 

Divisions and Group 1st HY 2019/20
in Mio EUR
1st HY 2018/19
in Mio EUR
Change
in Mio EUR
Change
in %
  1st HY 2019/20 excl. IFRS 16
in Mio EUR
Airline Catering 361.88 305.06 56.82 18.6%   361.88
International Event Catering 78.08 70.43 7.65 10.9%   78.08
Restaurants, Lounges & Hotel 67.89 58.42 9.47 16.2%   67.89
Group revenue 507.85 433.91 73.93 17.0%   507.85
             
EBITDA 60.70 42.42 18.28 43.1%   46.87
Depreciation/impairment -26.26 -14.84 -11.41 -76.9%   -14.60
EBIT 34.45 27.58 6.87 24.9%   32.27
Net Result 14.95 15.96 -1.00 -6.3%   15.64
             
EBITDA margin 12.0% 9.8%       9.2%
EBIT margin 6.8% 6.4%       6.4%
Net result margin 2.9% 3.7%       3.1%
Employees 11,179 9,773 1,406 14.4%   11,179
 

The EBITDA of the DO & CO Group was EUR 60.70m (PY: EUR 42.42m). The EBITDA margin was 12.0% (PY: 9.8%). Consolidated earnings before interest and tax (EBIT) of the DO & CO Group amounted to EUR 34.45m for the first half of the business year 2019/2020, EUR 6.87m higher than in the same period of the previous year. The EBIT margin was 6.8% (PY: 6.4%). The net result decreased by -6.3% from EUR 15.96m in the previous year to EUR 14.95m in the first half of the business year 2019/2020.

Below, a detailed account is given on the development of the three divisions of the DO & CO Group:

1. AIRLINE CATERING

Airline Catering 1st HY 2019/20
in Mio EUR
1st HY 2018/19
in Mio EUR
Change
in Mio EUR
Change
in %
  1st HY 2019/20 excl. IFRS 16
in Mio EUR
Revenue 361.88 305.06 56.82 18.6%   361.88
EBITDA 40.54 30.40 10.14 33.4%   31.72
Depreciation/impairment -18.48 -11.14 -7.34 -65.9%   -11.39
EBIT 22.06 19.26 2.80 14.5%   20.32
             
EBITDA margin 11.2% 10.0%       8.8%
EBIT margin 6.1% 6.3%       5.6%
             
Share in consolidated sales 71.3% 70.3%       71.3%
 

Almost all DO & CO locations report increases in revenue. It is particularly the locations in Great Britain, the US, Turkey, Poland and Ukraine that report a positive development.

The preparations for the takeover of the entire catering services for British Airways at London Heathrow as well as the construction of one of the most modern kitchens in Europe with more than 30,000 sqm are in full swing. After the successful takeover of further flights in December 2018, another six British Airways destinations ex London Heathrow were taken over between April and June 2019.

Moreover, DO & CO is pleased to have acquired Singapore Airlines as a premium customer in Munich and Düsseldorf this quarter.

Another pleasant development is the intensified cooperation with Cathay Pacific. Since the beginning of May 2019, DO & CO has provided catering services for six daily flights ex London Heathrow and ex London Gatwick.

The new DO & CO gourmet kitchen in Los Angeles won Air Italy as an additional customer with four flights per week since April 2019.


2. INTERNATIONAL EVENT CATERING

International
Event Catering
1st HY 2019/20
in Mio EUR
1st HY 2018/19
in Mio EUR
Change
in Mio EUR
Change
in %
  1st HY 2019/20 excl. IFRS 16
in Mio EUR
Revenue 78.08 70.43 7.65 10.9%   78.08
EBITDA 10.47 8.05 2.42 30.1%   9.66
Depreciation/impairment -2.81 -2.28 -0.53 -23.3%   -2.04
EBIT 7.66 5.77 1.89 32.8%   7.62
             
EBITDA margin 13.4% 11.4%       12.4%
EBIT margin 9.8% 8.2%       9.8%
             
Share in consolidated sales 15.4% 16.2%       15.4%
 

This division reports particularly pleasant revenue and margins.

In the second quarter of the business year 2019/2020, six Formula 1 Grands Prix races took place. The VIP guests enjoyed DO & CO catering at its best in Silverstone, Hockenheim, Budapest, Spa, Monza and Sochi.

Moreover, in the second quarter of the business year 2019/2020, DO & CO was the culinary host for guests at, i.a., the equestrian tournament CHIO Aachen, numerous football matches of FC Bayern Munich, Juventus Turin Football Club, FK Austria Vienna and FC Red Bull Salzburg as well as many events at Munich's Olympic Park.


3. RESTAURANTS, LOUNGES & HOTEL

Restaurants, Lounges
& Hotel
1st HY 2019/20
in Mio EUR
1st HY 2018/19
in Mio EUR
Change
in Mio EUR
Change
in %
  1st HY 2019/20 excl. IFRS 16
in Mio EUR
Revenue 67.89 58.42 9.47 16.2%   67.89
EBITDA 9.69 3.97 5.72 144.2%   5.49
Depreciation/impairment -4.97 -1.42 -3.54 -248.9%   -1.16
EBIT 4.72 2.54 2.18 85.6%   4.33
             
EBITDA margin 14.3% 6.8%       8.1%
EBIT margin 7.0% 4.4%       6.4%
             
Share in consolidated sales 13.4% 13.5%       13.4%
 

The division also reports increased revenue and margins.

Activities at the restaurants, cafés, at gourmet retail shops, at the airline lounges, staff restaurants and in airport gastronomy are going according to plan and in line with expectations.
 

OUTLOOK
With its diverse distribution facilities, a broad brand portfolio and activities in numerous regions, DO & CO is in an excellent position to face challenging market conditions and expects good development opportunities also in the future.

More details are provided below:
 

GERMANY:
SINGAPORE AIRLINES IN FRANKFURT, DÜSSELDORF and MUNICH AT DO & CO

After winning Singapore Airlines in Düsseldorf and Munich towards the end of the business year 2018/2019, DO & CO acquired Singapore Airlines as a new customer also in Frankfurt with three daily flights starting in November 2019.
 

UNITED STATES:
DO & CO WINS IBERIA IN NEW YORK, CHICAGO and LOS ANGELES

DO & CO won the North America catering tender of Iberia at three locations. Starting in November 2019 and in the summer of 2020, DO & CO will provide catering services to Iberia at the Chicago O'Hare and Los Angeles as well as the New York John F. Kennedy locations, respectively.
 

SPAIN:
DO & CO WINS IBERIA LOUNGE TENDER IN MADRID

After having been awarded the contract for providing catering and handling services on all Iberia and Iberia Express flights ex Madrid-Barajas, DO & CO has also won both business lounges for Iberia at the Madrid-Barajas airport. DO & CO will take over these two lounges starting already at the beginning of February 2020.
 

PREPARATIONS FOR THE NEW BUSINESS YEAR 2020/2021
DO & CO is particularly busy in the last quarter of the business year 2019/2020 as well as the subsequent business year 2020/2021. The preparations for opening the gourmet kitchens in London and Madrid as well as the planning for the European football championship UEFA EURO 2020 are in full swing.

Therefore, DO & CO's management is confident that it can continue its successful performance of the past years. A focus on innovation, superior product and service standards and excellently trained and committed staff continue to provide the underpinnings for DO & CO to make the best possible use of its available growth potential.
 

Investor Relations

DO & CO Aktiengesellschaft ISIN AT0000818802
Daniela Schrenk    
  Security abbreviation DOC, DOCO
Stephansplatz 12 Reuters DOCO.VI, DOCO.IS
1010 Vienna Bloomberg DOC AV, DOCO. TI
  Number of shares 9,744,000
  Listed nominal amount 19,488,000 EUR
  Indices ATX, ATX Prime, BIST ALL
Phone: (01) 74 000-0 Official quotation Vienna, Istanbul
E-mail: investor.relations@doco.com Currency EUR, TRY
Internet: www.doco.com Initial listing 30 June 1998 (Vienna Stock Exchange)
    2 Dec 2010 (Istanbul Stock Exchange)
 

 




Contact:
Mag. Daniela Schrenk
Group Legal Department


14.11.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: DO & CO Aktiengesellschaft
Stephansplatz 12
1010 Wien
Austria
Phone: +43 (1) 535 0644 1010
Fax: +43 (1) 74000-1089
E-mail: investor.relations@doco.com
Internet: www.doco.com
ISIN: AT0000818802
WKN: 81880
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Munich, Stuttgart, Tradegate Exchange; London, Vienna Stock Exchange (Official Market)
EQS News ID: 912875

 
End of News DGAP News Service

912875  14.11.2019 

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Die wichtigsten Finanzdaten auf einen Blick
  2013 2014 2015 2016 2017 2018 2019 2020e
Umsatzerlöse1 636,14 798,92 916,47 913,44 861,41 847,80 935,37 0,00
EBITDA1,2 66,18 82,35 92,68 91,89 83,41 80,37 70,11 0,00
EBITDA-Marge3 10,40 10,31 10,11 10,06 9,68 9,48 7,50 0,00
EBIT1,4 46,64 54,19 55,51 56,24 50,64 51,45 -1,92 0,00
EBIT-Marge5 7,33 6,78 6,06 6,16 5,88 6,07 -0,21 0,00
Jahresüberschuss1 26,07 35,11 28,25 20,83 24,37 36,93 -15,62 0,00
Netto-Marge6 4,10 4,39 3,08 2,28 2,83 4,36 -1,67 0,00
Cashflow1,7 42,19 65,87 91,73 56,36 42,40 54,92 102,71 0,00
Ergebnis je Aktie8 2,68 3,64 2,90 2,14 2,50 2,71 -2,55 0,50
Dividende8 0,85 1,20 0,85 0,85 0,85 0,85 0,00 0,00
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2019 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: PKF Centurion

INVESTOR-INFORMATIONEN
©boersengefluester.de
DO & CO
WKN Kurs in € Einschätzung Börsenwert in Mio. €
915210 34,350 Halten 334,71
KGV 2021e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
14,31 20,92 0,684 18,23
KBV KCV KUV EV/EBITDA
2,06 3,26 0,36 10,226
Dividende '19 in € Dividende '20e in € Div.-Rendite '19e
in %
Hauptversammlung
0,00 0,00 0,00 31.07.2020
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
12.08.2020 19.11.2020 18.02.2021 16.06.2020
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
-13,16% -37,98% -59,11% -59,68%
    
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