DO & CO AKTIENGESELLSCHAFT P R E S S I N F O R M A T I O N
RESULT FOR THE 2011/2012 BUSINESS YEAR
(1 APRIL 2011 to 31 MARCH 2012)
. quality-focused business model ensures growth and employment
. new customers attracted in all divisions and regions
. sales and profitability increased
VIENNA - 24 May 2012 - DO & CO Restaurants & Catering AG is announcing today the results in accordance with IFRS for the 2011/2012 business year (1 April 2011 to
31 March 2012).
In its 2011/2012 business year, the DO & CO Group achieved sales of EUR 466.35 million, an increase of 9.5% or EUR 40.29 million over the previous year.
Sales by division | BY 2011/12 in Mio € | BY 2010/11 in Mio € | Change in Mio € | Change in % |
Airline Catering | 349.81 | 327.18 | 22.63 | 6.9% |
International Event Catering | 46.01 | 36.65 | 9.36 | 25.5% |
Restaurants, Lounges & Hotel | 70.54 | 62.24 | 8.29 | 13.3% |
Group sales | 466.35 | 426.07 | 40.29 | 9.5% |
At the same time, the DO & CO Group also managed to increase its results on a year-
on-year basis.
Group | BY 2011/12 in Mio € | BY 2010/11 in Mio € | Change in Mio € | Change in % |
Sales | 466.35 | 426.07 | 40.29 | 9.5% |
EBITDA | 51.52 | 45.84 | 5.68 | 12.4% |
Depreciation/impairment | -19.12 | -17.52 | -1.60 | -9.1% |
EBIT | 32.40 | 28.32 | 4.08 | 14.4% |
EBITDA margin | 11.0% | 10.8% | ||
EBIT margin | 6.9% | 6.6% | ||
Employees | 4,166 | 3,794 | 372 | 9.8% |
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Consolidated earnings before interest and tax (EBIT) for the DO & CO Group were EUR 32.40 million in the 2011/2012 business year, or EUR 4.08 million higher than in the previous year. The EBIT margin could be increased from 6.6% in the year before to 6.9% in the 2011/2012 business year.
EBITDA for the DO & CO Group was EUR 51.52 million, a rise of EUR 5.68 million over the previous year. The EBITDA margin is 11.0% (PY: 10.8%).
Below, a detailed account is given of the development of the three divisions of the
DO & CO Group:
1. AIRLINE CATERING
Airline Catering | BY 2011/12 in Mio € | BY 2010/11 in Mio € | Change in Mio € | Change in % |
Sales | 349.81 | 327.18 | 22.63 | 6.9% |
EBITDA | 40.57 | 36.90 | 3.67 | 10.0% |
Impairment | -15.95 | -14.75 | -1.20 | -8.1% |
EBIT | 24.61 | 22.14 | 2.47 | 11.2% |
EBITDA margin | 11.6% | 11.3% | ||
EBIT margin | 7.0% | 6.8% | ||
Share in consolidated sales | 75.0% | 76.8% |
In the 2011/2012 business year, the Airline Catering division reported sales of EUR 349.81 million (PY: 327.18 million), corresponding to a growth rate of 6.9% over the previous year. Altogether, DO & CO gourmet kitchens worldwide supplied culinary delights to more than 65 million passengers on more than 400,000 flights.
EBITDA and EBIT could once again be boosted. At EUR 40.57 million, EBITDA is EUR 3.67 million (+10.0%) over last year's figure. EBIT grew from 22.14 million to EUR 24.61 million (+11.2%). The EBITDA margin increased from 11.3% in the
2010/2011 business year to 11.6%. The EBIT margin was 7.0% (PY: 6.8%).
The airline industry remained volatile during all of the 2011/2012 business year. Yet in spite of the difficult market environment, DO & CO managed to maintain its excel- lent position and gain many new customers. All DO & CO locations reported highly satisfactory growth rates in sales. Thus the New York unit of DO & CO won a tender by Asiana Airlines for a daily long-distance flight to Seoul. Moreover, DO & CO boosted its sales to its existing customers such as Emirates, Cathay Pacific, Turkish Airlines and South African Airways.
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Responding to strong customer demand at John F. Kennedy Airport, the location be- gan conversion works in the 2011/2012 business year and extended its output capaci- ties. The division's location at London Heathrow can similarly look back on a satisfac- tory performance. Not only expanding its business volume with existing customers such as Emirates it managed to gain Jet Airways as a new customer. DO & CO is now also present at the German airport of Düsseldorf, where it obtained Etihad Airways as its first customer for catering flights to Abu Dhabi. With this new acquisition, the pre- mium carrier Etihad Airways is now served by three DO & CO locations in Germany.
DO & CO Italy could continue the pace of growth in sales begun in previous years, ob- taining, for example, Oman Air as a new customer.
Airline catering locations in Austria found their development impacted by austerity measures taken by some of the major customers, which could nevertheless be com- pensated by a growth in the business volume with other customers.
2. INTERNATIONAL EVENT CATERING
International Event Catering | BY 2011/12 in Mio € | BY 2010/11 in Mio € | Change in Mio € | Change in % |
Sales | 46.01 | 36.65 | 9.36 | 25.5% |
EBITDA | 5.53 | 4.32 | 1.21 | 28.0% |
Depreciation/impairment | -1.35 | -1.05 | -0.30 | -28.2% |
EBIT | 4.18 | 3.27 | 0.91 | 27.9% |
EBITDA margin | 12.0% | 11.8% | ||
EBIT margin | 9.1% | 8.9% | ||
Share in consolidated sales | 9.9% | 8.6% |
The International Event Catering division managed to boost its sales substantially dur- ing the 2011/2012 business year. Annual sales made up EUR 46.01 million (PY: EUR 36.65 million), which translates into a growth rate of 25.5%.
For the 2011/2012 business year, the division reported an EBITDA of EUR 5.53 million (PY: EUR 4.32 million). The EBITDA margin could be raised from 11.8% to 12.0%. EBIT grew from EUR 3.27 million to EUR 4.18 million, and at 9.1% the EBIT margin exceeded the previous year's level of 8.9%.
DO & CO once again acted as the culinary host of many major sports events. Within the scope of the Formula 1 championship, DO & CO did the catering for altogether 17
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races, with a notable first-time event in the form of the new grand prix race in New
Delhi/India.
In May 2011, the ATP Tennis Masters series found more than 30,000 VIP guests en- joying the superior catering of DO & CO. The Champions League final took place in London's venerable Wembley Stadium where DO & CO acted as the culinary host for more than 7,000 VIP guests. Other highlights were the CHIO show jumping event in Aachen, the Beach Volleyball Grand Slam in Klagenfurt am Wörthersee, the Hahnenk- amm ski race in Kitzbühel and the film festival at the Vienna City Hall Square.
3. RESTAURANTS, LOUNGES & HOTEL
Restaurants, Lounges & Hotel | BY 2011/12 in Mio € | BY 2010/11 in Mio € | Change in Mio € | Change in % |
Sales | 70.54 | 62.24 | 8.29 | 13.3% |
EBITDA | 5.43 | 4.63 | 0.80 | 17.3% |
Depreciation/impairment | -1.82 | -1.72 | -0.10 | -6.1% |
EBIT | 3.60 | 2.91 | 0.70 | 23.9% |
EBITDA margin | 7.7% | 7.4% | ||
EBIT margin | 5.1% | 4.7% | ||
Share in consolidated sales | 15.1% | 14.6% |
In the 2011/2012 business year, the Restaurants, Lounges & Hotel division posted sales of EUR 70.54 million, a plus of EUR 8.29 million or 13.3% over the previous year.
At EUR 5.43 million EBITDA exceeded the previous year's figure of EUR 4.63 million, and at 7.7% the EBITDA margin is above the previous year's level of 7.4%. EBIT amounted to EUR 3.6 million, an increase of EUR 0.7 million or 23.9%. The EBIT mar- gin rose to 5.1% (PY: EUR 4.7%).
The DO & CO restaurants in Vienna achieved excellent sales growth rates in the
2011/2012 business year, and the DO & CO hotel continues to report good capacity utilization. Lounges, too, achieved satisfactory growth rates. One notable example is the Turkish Airlines Lounge at Istanbul Airport which was newly opened in this busi- ness year. Emirates Lounge at London Heathrow also managed an excellent perform- ance.
The Retail segment "Henry - the art of living" similarly helped increase the division's substantial growth rates. The concept of healthy and fresh "to go" products prepared
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by the in-house gourmet kitchen was enthusiastically embraced by the customers.
DO & CO STOCK
In spite of a negative and volatile market environment, DO & CO shares performed very well at the stock exchanges of both Vienna and Istanbul.
While the ATX lost 25.07% over the reporting period, the DO & CO share managed to curb its losses to just 3.22%. DO & CO stock closed at a price of EUR 29.18 on
30 March 2012.
At the Istanbul Stock Exchange, DO & CO stock similarly performed much better than the index of leading shares. While the ISE 100 suffered a slight loss of 3.10%, the DO & CO share saw its price rise by 6.98%, closing at TRY 69.00 on 30 March 2012.
OUTLOOK
For the Airline Catering division the management expects further growth in spite of austerity measures taken by some of its key customers, through strengthening its ties with existing customers as well as acquiring new customers.
In the coming business year, DO & CO is extending its presence in Ukraine through a gourmet kitchen. DO & CO has acquired 51% of Kyiv Catering LLC, the region's mar- ket leader in airline catering which employs over 500 staff. As of May 2012, Kyiv Ca- tering LLC can boast of having one of the most state-of-the-art kitchens in Europe, with a production area of more than 10,000 m². In Ukraine DO & CO intends to achie- ve growth in all its divisions.
For the International Event Catering division, work in the first quarter of 2012/2013 will concentrate on preparing and implementing the hospitality programs for the UEFA EURO 2012. From 8 June to 1 July 2012, VIP guests will enjoy our culinary attractions at eight stadiums in Poland and Ukraine. Within this project, DO & CO operates as the hospitality production manager and as such is responsible for the entire infrastructure such as tents, furnishings, decorations and other services that include entertainment, event hostesses, security and cleaning staff.
The Restaurants, Lounges and Hotel division similarly expects growth to continue. The
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Retail segment plans to introduce the "Henry" brand to at least six further sites in
Austria and export it into Turkey.
Moreover, DO & CO was awarded the catering contract for all long-distance trains run by Austrian Railways (ÖBB). This involves catering for 160 trains per day and up to 30 million passengers per year, opening up a whole new business field that has consider- able potential. DO & CO's new, quality-focused concept will be implemented step by step in several phases.
In the United Kingdom, VIP guests at the Chelsea Flower Show held in London will receive their catering for the first time from Fortnum & Mason Events, a joint venture of Fortnum & Mason and DO & CO.
Generally, the DO & CO management is highly confident that it can continue the suc- cessful performance of the past years, assured that it is able to expand on its current business. A focus on innovation, superior product and service standards and excel- lently trained and motivated staff continue to provide the underpinnings for DO & CO to achieve growth in both quality and value added.
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Investor Relations:
DO & CO Restaurants & Catering AG | ISIN | AT0000818802 |
Mag. Daniela Schrenk | Security abbrevation | DOC, DOCO |
Reuters | DOCO.VI, DOCO.IS | |
Dampfmühlgasse 5 | Bloomberg | DOC AV, DOCO. TI |
1110 Wien | Number of Shares | 9,744,000 |
Listed nominal | 19,488,000 EUR | |
Phone: (01) 74 000-0 | Indices | ATX Prime, ISE100 |
Fax: (01) 74 000-1029 | Official quotation | Vienna, Istanbul |
E-mail: investor.relations@doco.com | Currency | EUR, TRY |
Internet: www.doco.com | Initial listing | 30.06.1998 (VSE) |
02.12.2010 (ISE) |
Financial calendar:
05.07.2012 General Meeting of Shareholders
09.07.2012 Ex-dividend date
23.07.2012 Payable date
16.08.2012 Results of the first quarter of 2012/2013
15.11.2012 Results of the first half year of 2012/2013
07.02.2013 Results of the first three quarters of 2012/2013
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