DO & CO Aktiengesellschaft
- WKN: 81880
- ISIN: AT0000818802
- Land: Österreich
Nachricht vom 14.06.2018 | 13:44
DO & CO Aktiengesellschaft:
DGAP-News: DO & CO Aktiengesellschaft / Key word(s): Final Results
more profit - less revenue
REVENUE EUR 861.41m - 5.7%
NET RESULT EUR 24.37m + 17.0%
VIENNA - 14 June 2018 - DO & CO Aktiengesellschaft is publishing its results under IFRS for the 2017/2018 business year today. In its business year 2017/2018, the DO & CO Group recorded revenue in the amount of EUR 861.41m, representing a decline of -5.7% or EUR -52.03m on the previous year.
The decline in revenue was particularly affected by negative currency effects (EUR 67m) and due to the European football championship not taking place (EUR 29m). When excluding the above effects on revenue (EUR 96m) the DO & CO group would show a growth in revenue of 5%.
The EBITDA of the DO & CO Group was EUR 83.41m (PY: EUR 91.89m). The EBITDA margin was 9.7% (PY: 10.1%). Consolidated earnings before interest and tax (EBIT) of the DO & CO Group amounted to EUR 50.64m for the 2017/2018 business year, EUR -5.59m lower than in the previous year. The EBIT margin was 5.9% (PY: 6.2%). The net result improved from EUR 20.83m in the previous year to EUR 24.37m in the business year 2017/2018.
Below, a detailed account is given on the development of the three divisions of the DO & CO Group:
1. AIRLINE CATERING
Throughout the business year 2017/2018, the Airline Catering division again faced a highly competitive and volatile market environment.
The second North American location Chicago O'Hare also reports a favourable business development. Towards the end of the business year, Qatar Airways was acquired as a new customer. DO & CO now has nine customers at this location.
In the second quarter of the business year 2017/2018, a state-of-the-art gourmet kitchen was opened in Los Angeles. Reporting up to 85 million passengers, Los Angeles International Airport (LAX) is the second-largest airport in the US and the fifth-largest airport in the world. Since the opening in September 2017, Emirates, as the launch client, has been provided with catering services on their daily long haul flights, immediately followed by Cathay Pacific on 1 October 2017, operating 3 to 4 flights per day from Los Angeles to Hong Kong. In addition to the New York John F. Kennedy Airport and Chicago O'Hare locations, this is now the third DO & CO location in the US.
In the course of the business year 2017/2018, a significant decline of the Turkish lira against the euro was reported. While 1 euro still amounted to 3.89 Turkish lira at the beginning of the business year 2017/2018, the exchange rate of the euro at the end of March 2018 only amounted to 4.88 Turkish lira and had thus fallen by -25.4%. Since the main portion of costs are incurred in the local currency, the margins might remain largely unaffected by this development, but it was impossible to avoid a negative influence on the reported revenue in euros. Despite all cost-cutting measures, revenue in the local currency (Turkish lira) grew again for the first time (+1.9%). However, due to the depreciation of the Turkish lira against the euro, the growth translates to an overall decline in revenue by -16.9% in the consolidated income statement of DO & CO.
VERSILIA - Innovative buy-on-board solutions for airlines:
2. INTERNATIONAL EVENT CATERING
The decline in revenue in this division is due to the missing activities during the European football championship compared to the previous year. It is particularly pleasing that both the EBITDA and the EBIT margin were significantly improved as compared to the previous year.
It should be highlighted that DO & CO has been responsible for the stadium catering of Juventus Turin football club since mid-August 2017, including 16 Serie A matches (the top division in Italian professional football), four Champions League matches as well as three matches of the national cup competition. An average of approx. 4,100 VIP guests as well as 36,000 further stadium visitors enjoyed the catering of DO & CO on these occasions. In addition to Bayern Munich, Red Bull Salzburg and Austria Vienna, Juventus Turin is the fourth football club to enjoy the culinary treats of DO & CO.
Moreover, in the business year 2017/2018, DO & CO also was the culinary host at events such as:
- 17 Formula 1 grand prix races in 17 different countries
- 35 football matches at the Allianz Arena
- Numerous events at the Munich Olympic Park
- ATP Tennis Masters Series in Madrid
- UEFA Champions League final at the national stadium of Wales in Cardiff
- Equestrian tournament CHIO in Aachen
- Numerous events in Austria (Hahnenkamm ski race in Kitzbühel, beach volleyball tournament in Vienna and the Bergisel and Bischofshofen legs of the Four Hills Tournament)
- Miami Major beach volleyball tournament in Fort Lauderdale / US
- Film Festival at the Rathausplatz in Vienna
3. RESTAURANTS, LOUNGES & HOTEL
The DO & CO restaurants reported a stable revenue development in the business year 2017/2018. The DO & CO flagship restaurant at Vienna's Stephansplatz, the DO & CO restaurant at the Albertina as well as the two restaurants located at the Munich Olympic Park, Restaurant 181 and Restaurant Olympiasee, generated satisfactory revenue figures.
In mid-June 2017, DO & CO opened the first gourmet shop under the Henry brand in Kiev.
Under their joint venture, DO & CO and Nespresso opened their second Nespresso Café in London at the end of June 2017. Fresh products from the London-based DO & CO gourmet kitchen and Nespresso coffee are served in Soho.
The 29 lounges operated around the world by DO & CO served culinary delights to over 4.4 million passengers in the business year 2017/2018.
As reported, the rendering of train catering services for the Austrian federal railways (ÖBB) ended on 31 March 2018.
After a difficult business year 2017/2018 characterised by market conditions that cannot be controlled by DO & CO as well as considerable currency-based negative influences, and despite a decrease in revenue, DO & CO was still able to achieve an improved net result.
EXTENSION OF THE CATERING CONTRACT WITH AUSTRIAN AIRLINES
The new contract commences on 1 January 2019 and was confirmed for a period of three years, including an option to extend the contract for a further three years.
EXTENSION OF THE CATERING CONTRACT WITH LOT POLISH AIRLINES
EXTENSION OF THE COOPERATION WITH THE LUFTHANSA GROUP - SWISS NEW CUSTOMER IN LOS ANGELES
EXTENSION OF THE CONTRACT WITH OLYMPIAPARK MÜNCHEN GMBH
DO & CO IS BUILDING ONE OF THE LARGEST EUROPEAN GOURMET KITCHENS IN LONDON
LARGE INTERNATIONAL TENDERS
Also noteworthy is the IAG North America tender, comprising all catering services for all British Airways, Iberia and Aer Lingus flights ex North America. In North America, DO & CO provides catering services at the New York John F. Kennedy Airport, Chicago O'Hare and Los Angeles locations. A decision is expected to be made in autumn 2018.
EXPANSION OF BUY-ON-BOARD BUSINESS IN AIRLINE CATERING
FURTHER INTERNATIONAL TENDERS IN FOOTBALL
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, Munich, Stuttgart; Wien (Amtlicher Handel / Official Market)|
|End of News||DGAP News Service|
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