DO & CO Aktiengesellschaft - Vienna, 12 August 2021 - DO & CO
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DO & CO Aktiengesellschaft
Vienna, 12 August 2021
Analyst Call
Content
1 1st Quarter 2021/2022 at a glance
2 Highlights and Outlook
3 Financials
2
Attila Dogudan CEO
1st Quarter 2021/2022
At a glance
DO & CO BACK IN THE PROFIT ZONE
→ already 3rd quarter in a row with positive net result
Q1 Q2 Q3 Q4 Q1
Group
20/21 20/21 20/21 20/21 21/22
Revenue m€ 32.5 78.9 78.6 63.5 102.8
EBITDA m€ -7.7 14.3 20.0 18.4 22.3
Depreciation m€ -13.9 -24.2 -13.4 -20.8 -12.3
EBIT m€ -21.7 -9.9 6.7 -2.4 10.0
Net result m€ -22.2 -15.1 1.7 0.0 2.0
EBITDA margin % -23.8% 18.1% 25.5% 29.0% 21.7%
EBIT margin % -66.7% -12.6% 8.5% -3.8% 9.7%
Net result margin % -68.2% -19.2% 2.2% 0.1% 1.9%
4
1st Quarter 2021/2022
At a glance
➢DO & CO back in the profit zone !
➢strong revenue increase compared to previous year
➢already 3rd quarter in a row with positive net result,
despite volatile market environment
➢several new customers:
− JetBlue London Heathrow and Gatwick
− Etihad Airways Milan Malpensa
− BDO staff restaurant Vienna
− Lufthansa First Class lounges Frankfurt (contract extension)
➢positive market development expected
5
Highlights and Outlook 1st Quarter 2021/2022
Airline Catering Highlights and Outlook
Airline Catering
New customers at various locations
➢ strengthened partnership with JetBlue in US and Europe
• London Heathrow / Gatwick: tender won !
− DO & CO now also serves JetBlue in Europe
− on-bord catering for all classes at the very first long-haul flights of JetBlue
− 4x flights per day ex London Heathrow and Gatwick
• DO & CO already serves JetBlue at six locations:
− New York JFK
− Los Angeles
− San Diego
− Palm Springs
− London Heathrow
− Gatwick
➢ start-ups in Q1:
• Iberia Express buy-on-board ex Madrid-Barajas
• All Nippon Airways (ANA) ex Frankfurt
➢ new customers:
• Etihad Airways ex Milan Malpensa
8
International Event Catering
Highlights and Outlook
International Event Catering
UEFA EURO 2020
➢ DO & CO hospitality partner for the two biggest locations of the EURO 2020
• London / Wembley Stadium 8x games incl. 2x semi-finals + final
• Munich / Allianz Arena 4x games incl. 1x quarter-final
10International Event Catering
UEFA EURO 2020
11International Event Catering
Top class events even under strict hygiene regulations
➢ high demand for VIP tickets in Formula 1
• 7x races in Q1, but no spectators allowed → Paddock Club closed
• but catering for World Champion Mercedes and Broadcast Centre
• first races with Paddock Club beginning of July:
− GP Spielberg
very high demand
− GP Silverstone
• strong pre-bookings for upcoming races !
12International Event Catering
Top class events even under strict hygiene regulations
➢ D T M – new motor sport client
• European series with growth potential, new owner Gerhard Berger, ex F1 driver
• innovative hospitality and concept design by DO & CO
• exclusive partner for all 8x races in 2021
• currently only team catering (COVID-19 limitations), VIP start expected soon,
whenever signed off by local authorities
13International Event Catering
Top class events even under strict hygiene regulations
➢ ATP Masters 1000 in Madrid
• 50% of the regular capacity (limitations by Spanish authorities)
• high demand for VIP tickets, completely sold out
• innovative COVID-19 safe hospitality concept by DO & CO
• DO & CO as culinary host since 2002
➢ PGA-Golf tournament soon – OPEN DE ESPANA – Oct. 2021
• same promoter
• good revenue forecast
14International Event Catering
Top class events even under strict hygiene regulations
➢ UEFA Champions League final
• changed from Istanbul to Porto only two weeks before the event (29 May 2021)
• successful delivery in Porto
• 3,000 guest in the VIP area
15International Event Catering
Top class events even under strict hygiene regulations
➢ Film Festival at Rathausplatz in Vienna
• traditional street-food and film festival in the heart of Vienna (Jul. to Sep. 2021)
• DO & CO in charge of overall concept, operation and one food stand
• currently only appr. 50% of capacity, but significantly higher than previous year
• operated by DO & CO since 1992
PAX per day
16Restaurants, Lounges & Hotels
Highlights and OutlookRestaurants, Lounges & Hotels
Premium Restaurants in Vienna
➢ reopening of the DO & CO restaurants in Vienna on 19 May 2021
• DO & CO – Albertina
• DO & CO – Stephansplatz
• DO & CO – ONYX
18Restaurants, Lounges & Hotels
Gourmet Retail & Staff Restaurants – Henry
➢ NEW HENRY MARKET CONCEPT LAUNCHED
• new Henry market in Vienna opened
• improved layout (fresh cooking) and new product portfolio (significantly more
healthy products)
• strong demand, consistent revenues
• DEMEL pastries and Kaiserschmarrn upgrading the product portfolio
• access to new clientele (doctors, nurses, patients etc.)
• new Henry market concept goes to staff restaurants
− mix of Henry market and staff bistro
− new customers:
• Red Bull Media House → further extension of partnership with Red Bull
• BDO
• and others
19Restaurants, Lounges & Hotels
Gourmet Retail & Staff Restaurants – Henry
➢ NEW HENRY MARKET LOOK & FEEL
20Restaurants, Lounges & Hotels
DO & CO Hotel and Restaurants in Munich
➢ Boutique hotel and two Restaurants, Penthouse
• grand opening of all areas end of Aug. 2021
• currently soft operation
• strong demand for press conferences and presentations:
→ e.g. Olympic gold medal winner in tennis Alexander Zverev
21Restaurants, Lounges & Hotels
DO & CO Hotel and Restaurants in Munich
➢ DO & CO Restaurant
• DO & CO`s best tastes of the world combined with contemporary Asian cuisine
22Financials 1st Quarter 2021/2022
Gottfried Neumeister Co-CEO
1st Quarter 2021/2022
Highlights
➢revenue tripled compared to previous year
➢again, positive net result → already 3rd quarter in a row
➢EBIT margin of 9.7%
➢stable balance sheet
➢high cash position of € 204.5m
➢Net Debt to EBITDA at 4.4 → in line with covenant testing*
25
* the next covenant testing is conducted based on the audited Net Debt to EBITDA ratio at year-end 2021/221st Quarter 2021/2022
Income statement
Q1 Q1 Change Change Adjusted by FX effect
Group 2021/2022 2020/2021 yoy yoy % Q1 2021/2022 Change yoy Change yoy %
Revenue m€ 102.8 32.5 70.4 216.7% 115 83 254%
EBITDA m€ 22.3 -7.7 30.1 389.5%
Depreciation m€ -12.3 -13.9 1.6 11.4%
EBIT m€ 10.0 -21.7 31.7 146.2%
Financial result m€ -5.8 -4.8 -1.0 -20.8%
Income tax m€ -1.8 4.5 -6.3 -139.0%
Minorities m€ -0.5 -0.2 -0.2 -115.3%
Net result m€ 2.0 -22.2 24.1 108.9%
EBITDA margin % 21.7% -23.8% +45.5 pp
EBIT margin % 9.7% -66.7% +76.4 pp
Tax ratio % 42.1% 17.1% +25.0 pp
Net result margin % 1.9% -68.2% +70.1 pp
EPS for the period € 0.20 -2.27 2.5 108.9%
Number of shares 000 9,744 9,744 0.0 0.0%
MCAP m€ 741.5 443.4 298.2 67.3%
Number of employees No. 7,496 7,771 -275.1 -3.5%
Comments
▪ further recovery of business during Q1 2021/2022
– strong revenue increase compared to previous year and previous quarters
– revenue increase in all three divisions
– but strong negative FX effect (especially Turkish lira) amounting to € 12m
▪ successful and consistent crisis management led to:
– triple-digit revenue of € 102.8m → first time since outbreak of COVID-19 pandemic
– EBIT margin of 9.7%
– positive net result → 3rd time in a row
261st Quarter 2021/2022
Divisions
Q1 Q1 Change Change Comments
AC
2021/2022 2020/2021 yoy yoy %
Revenue m€ 77.5 23.9 53.6 224.0 ▪ sharp revenue increase at all locations
EBITDA m€ 16.5 -3.9 20.4 517.8 ▪ new contracts:
− JetBlue ex LHR and LGW
Depreciation m€ -9.3 -10.0 0.7 7.2 − Etihad Airways ex MXP
EBIT m€ 7.2 -14.0 21.2 151.4 ▪ start-ups in Q1 21/22:
− JetBlue ex LAX, SAN and PSP
EBITDA margin % 21.3% -16.5% +37.8 pp − IB Express buy-on-board
EBIT margin % 9.3% -58.4% +67.7 pp − All Nippon Airways ex FRA
Q1 Q1 Change Change Comments
IEC
2021/2022 2020/2021 yoy yoy %
Revenue m€ 14.1 2.0 12.1 611.5 ▪ sharp revenue increase → no events in
Q1 20/21 due to COVID-19 pandemic
EBITDA m€ 5.0 -0.6 5.6 951.1
▪ well-filled event calendar in Q1 21/22:
Depreciation m€ -1.2 -1.3 0.1 7.0 − UEFA Champions League final
− UEFA EURO 2020
EBIT m€ 3.8 -1.9 5.7 301.4 − start of 30th F1 season
EBITDA margin % 35.6% -29.7% +65.3 pp − ATP Masters Madrid
− some football matches
EBIT margin % 27.0% -95.4% +122.4 pp
Q1 Q1 Change Change Comments
RLH
2021/2022 2020/2021 yoy yoy %
Revenue m€ 11.2 6.6 4.6 70.4 ▪ strong increase in retail revenue:
− expansion of Henry → above pre-crisis
EBITDA m€ 0.8 -3.2 4.0 125.9 level
− Stein’s at Home → new retail
Depreciation m€ -1.8 -2.6 0.8 30.0
cooperation with Rick Stein in UK
EBIT m€ -1.0 -5.8 4.8 82.7 ▪ reopening of restaurants and hotels
mid-Q1 after lockdown
EBITDA margin % 7.4% -48.5% +55.8 pp
▪ slow recovery at lounges and airport
EBIT margin % -9.0% -88.2% +79.3 pp gastronomy
271st Quarter 2021/2022
Cash flow
Q1 Q1 Comments
in m€
2021/22 2020/21
Gross cash flow 20.3 -8.9
Changes in working capital -10.9 -6.0
Income tax payments -0.5 -0.7
Cash flow from operating activities 9.0 -15.6
Cash flow from investing activities -1.7 -10.3 ▪ significantly reduced CAPEX due to the
COVID-19 pandemic → only necessary
investments conducted
Free cash flow 7.3 -25.9
Increase in financial liabilities 1.5 10.4
Repayment of financial liabilities -6.6 -4.0 ▪ repayment of financial liabilities and
interest paid:
Interest paid -4.4 -2.8
– lease liability repayment € -4.5m
Cash flow from financing activities -9.5 3.6
– lease liability interests € -3.3m
– bank loans repayment € -2.1m
Cash flow total -2.2 -22.3
– bank loans interests € -1.1m
Cash flow from operating activities / revenue 8.7% -48.0%
281st Quarter 2021/2022
Balance sheet
30 Jun. 31 Mar. Comments
in m€
2021 2021
Intangible assets 27.9 28.4
Property, plant and equipment 371.7 384.8
Investment property 0.9 1.0
Investments accounted for using the equity method 1.0 1.0
Other financial assets 16.0 16.0
Deferred tax assets 19.0 20.9
Other non-current assets 25.1 26.0
Non-current assets 461.6 478.1
Inventories 21.9 22.4
Trade receivables 58.0 44.3
Other financial assets 24.0 24.4
Income tax receivables 1.5 1.3
Other non-financial assets 35.3 33.2
Cash and cash equivalents 204.5 207.6 ▪ high cash position maintained
Non-current assets held for sale 44.3 46.7
Current assets 389.5 380.0
Total Assets 851.1 858.0
Shareholders' equity 156.8 159.6 ▪ equity ratio: 18.4%
Other financial liabilities 414.6 419.7 ▪ reduction due to repayment of lease liability and
Non-current provisions 17.0 17.4 bank loans
Other non-current liabilities 0.0 0.0
Income tax liabilities 0.0 0.0
Deferred tax liabilities 1.0 1.7
Non-current liabilities 513.5 518.8
Other financial liabilities 49.0 47.8
Trade payables 51.6 49.5
Current provisions 19.6 20.2
Income tax liabilities 3.9 3.8
Other liabilities 47.6 48.7
Liabilities directly allocable to non-current assets held for sale 9.1 9.6
Current liabilities 180.7 179.6
Total shareholders' equity and liabilities 851.1 858.0 ▪ stable balance sheet
29Thank you for your attention !
Investor Relations contacts
Gottfried Neumeister Lukas Hasenöhrl
Co-CEO Investor Relations / Group Controlling
gottfried.neumeister@doco.com lukas.hasenoehrl@doco.com
+43 664 80 777 2416
DO & CO Aktiengesellschaft
Vienna, 12 August 2021Disclaimer
The information contained in this document has not been independently verified and no representation or
warranty expressed or implied is made as to, and no reliance should be placed on, the fairness, accuracy,
completeness or correctness of this information or opinions contained herein.
Certain statements contained in this document may be statements of future expectations and other forward-
looking statements that are based on management’s current views and assumptions and involve known and
unknown risks and uncertainties that could cause actual results, performance or events to differ materially from
those expressed or implied in such statements.
None of DO & CO or any of its affiliates, advisors or representatives shall have any liability whatsoever (in
negligence or otherwise) for any loss howsoever arising from any use of this document or its content or otherwise
arising in connection with this document.
This document does not constitute an offer or invitation to purchase or subscribe for any shares and neither it nor
any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
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