World News: 08:56 GMT Wednesday 14th August 2019. [EQS Group via SPi World News]
DGAP-News: DO & CO Aktiengesellschaft / Key word(s): Quarter Results
Results for the first quarter of 2019/2020
- Increased revenue and result
- DO & CO on firm path of growth
DO & CO applies the new standard IFRS 16 Leases for the first time as of 1 April 2019, resulting in material shifts in the consolidated income statement. As lessee, DO & CO recognises a lease liability and a right-of-use asset as of the time the leased asset has been provided. This results in higher amounts of amortisation/depreciation/impairment and interest expenses in the consolidated income statement. On the other hand, rental expenses decrease. For reasons of comparability, the results from the first quarter of the business year 2019/2020 are also presented excluding the effects of IFRS 16 on group and division level.
The EBITDA of the DO & CO Group was EUR 28.10m (PY: EUR 18.91m). The EBITDA margin was 11.4% (PY: 8.8%). Consolidated earnings before interest and tax (EBIT) of the DO & CO Group amounted to EUR 15.59m for the first quarter of the 2019/2020 business year, EUR 4.24m higher than in the same period of the previous year. The EBIT margin was 6.3% (PY: 5.3%). The net result improved by 5.2% from EUR 5.40m in the previous year to EUR 5.68m in the first quarter of the 2019/2020 business year.
Below, a detailed account is given on the development of the three divisions of the
The preparations for the takeover of the entire catering services for British Airways at London Heathrow are in full swing. After the successful takeover of further flights in December 2018, DO & CO took over catering services for another six British Airways destinations ex London Heathrow between April and June 2019.
Another pleasing development is that the cooperation with Cathay Pacific is being intensified. Since the beginning of May 2019, DO & CO is catering six daily flights ex London Heathrow and ex London Gatwick.
The new DO & CO gourmet kitchen in Los Angeles has also won another customer with Air Italy (four flights per week) since April 2019. DO & CO now has five customers at the newly opened Los Angeles location.
In the first quarter of the business year 2019/2020, seven Formula 1 grand prix races took place.
Moreover, the DO & CO event team was once again in charge of the catering to VIP guests and top tennis players at the ATP Tennis Masters Series in Madrid.
A further highlight was the UEFA Champions League final held at the Estadio Metropolitano in Madrid, with DO & CO being responsible once again for the culinary delights. This was already the fourteenth Champions League final catered for by DO & CO for UEFA.
With regard to lounges, Turkish DO & CO not only designed the new lounge concepts for Turkish Airlines at the newly opened Istanbul airport but also manages their operations. The new lounges are among the world's largest business class lounges and, with an even larger selection than they already enjoyed in the old, multiple-award winning lounges, provide a very diverse and unique experience to the premium passengers of Turkish Airlines. In doing so, new standards are set again in this business unit.
More details are provided below:
GERMANY : SINGAPORE AIRLINES IN FRANKFURT AT DO & CO
NORTH AMERICA TENDER :
NEW ACQUISITIONS :
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.
Mag. Daniela Schrenk
Group Legal Department
|Company:||DO & CO Aktiengesellschaft|
|Phone:||+43 (1) 535 0644 1010|
|Fax:||+43 (1) 74000-1089|
|Listed:||Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt, Munich, Stuttgart, Tradegate Exchange; London, Vienna Stock Exchange (Official Market)|
|EQS News ID:||857381|
|End of News||DGAP News Service|
SPi News is published by Sector Publishing Intelligence Ltd.
© Sector Publishing Intelligence Ltd 2019. [Admin Only]
Sector Publishing Intelligence Ltd.
Agriculture House, Acland Road, DORCHESTER, Dorset DT1 1EF United Kingdom
Registered in England and Wales number 07519380.