Transcription
DO & CO AktiengesellschaftAnnual Financial ReportBusiness Year 2017/2018
CONTENTSGroup Management Report for 2017/2018 . 5.6.7.Highlights . 1Key Figures of the DO & CO Group under IFRS . 2Economic environment. 3Business Development . 5Revenue . 5Result . 6Statement of financial position . 7Employees . 7Non-financial performance indicators . 7Airline Catering . 8International Event Catering . 11Restaurants, Lounges & Hotel . 13Share / Investor Relations / Information Pursuant to Section 243a UGB . 15Significant events after the reporting period . 21Outlook. 21Risk and Opportunity Management . 23Internal Control System . 28Consolidated Corporate Governance Report . 301.2.3.4.5.6.Commitment to the Code of Corporate Governance .The Management Board .The Supervisory Board.Remuneration Report.Diversity Concept .Measures to promote Women to the Management Board, Supervisory Board and inExecutive Positions .303031343535Report of the Supervisory Board . 36Consolidated Financial Statements 2017/2018 of DO & CO Aktiengesellschaftpursuant to IFRS. 381.2.3.4.5.6.Consolidated Statement of Financial Position .Consolidated Income Statement .Consolidated Statement of Comprehensive Income .Consolidated Statement of Cash Flows .Consolidated Statement of Changes in Equity .Segment Reporting .394041424344Notes to the Consolidated Financial Statements . 4.7.4.8.4.9.4.10.General information.Effects of new and/or amended IFRS .Significant Accounting Principles .Consolidation .Currency translation .Accounting methods .Significant discretionary decisions and estimates .Comments on the Consolidated Statement of Financial Position .Intangible assets.Property, plant and equipment .Investments accounted for using the equity method .Other financial assets (non-current) .Inventories.Trade receivables .Other non-financial assets (current) .Cash and cash equivalents .Shareholders’ equity .Bond .464751515253586060626363636464656567
.Non-current provisions .Income tax .Other financial liabilities (current) .Trade payables .Current provisions .Other liabilities (current) .Comments on the Consolidated Income Statement .Revenue .Other operating income .Cost of materials .Personnel expenses .Other operating expenses .Amortisation/ depreciation and effects from impairment tests .Financial result .Income tax .Earnings per share .Proposed appropriation of profit .Comments on the Consolidated Statement of Cash Flows (Cash Flow Statement) .Additional Disclosures .Additional disclosures on financial instruments .Contingencies and financial liabilities .Significant events after the reporting period (subsequent report) .Related party disclosures .Investments .Corporate boards 2Auditor’s Report. 84Statements by all Legal Representatives Pursuant to Section 124 AustrianStock Exchange Act . 89Glossary . 90
Group Management Report for 2017/20181. HighlightsOutstanding net result despite decrease in revenue due to consistent positioning inthe premium segment and further diversificationInnovative products, new customers, a good performance with existing customers and numerousmeasures to improve efficiency have once again produced an outstanding result in this businessyear: revenue ( 861.41m / -5.7%), net result ( 24.37m / 17.0%). Earnings per share thusamount to 2.50 (PY: 2.14). The Management Board will propose a dividend of 0.85 pershare to the General Meeting of Shareholders.New airline catering location in Los AngelesIn the second quarter of the business year 2017/2018, a state-of-the-art gourmet kitchen wassuccessfully opened in Los Angeles. Reporting up to 85 million passengers, Los AngelesInternational Airport is the second-largest airport in the US and the fifth-largest airport in theworld. Since the beginning of September 2017, catering services have been provided at thislocation on a daily long-distance flight for first customer Emirates, immediately followed byCathay Pacific on 1 October 2017, operating 3 to 4 flights per day from Los Angeles to HongKong. In addition to the New York John F. Kennedy Airport and Chicago O’Hare locations, this isnow the third DO & CO location in the US.Major new airline catering customers in 2017/2018 Emirates and Cathay Pacific ex Los Angeles Oman Air ex London Heathrow Qatar Airways ex Chicago O’Hare and Incheon Thai Airways ex Frankfurt, Munich, Milan Malpensa and ViennaTaking over the stadium catering of the traditional Turin football club JuventusAt the beginning of the business year 2017/2018, DO & CO was successful in winning JuventusTurin Football Club as a new customer. As of mid-August 2017, DO & CO took over the stadiumcatering of the traditional Turin football club, marking a significant and important step in theexpansion of this business unit. In addition to Bayern Munich, Red Bull Salzburg and AustriaVienna, Juventus Turin is the fourth football club to enjoy the culinary treats of DO & CO.DO & CO confirms its lead position in premium sports eventsIn the business year 2017/2018, DO & CO completed its already 26th season of catering forFormula 1 grand prix races, handling a total of 17 races in 17 different countries. Furtherhighlights of the business year were the tennis tournament at the ATP Tennis Masters Series inMadrid and the UEFA Champions League final in Cardiff. In the business year 2017/2018,DO & CO organised the catering of 35 football matches at the Allianz Arena in Munich in additionto the organisation of numerous events in the sports and business fields.Opening of the second Nespresso Café in LondonUnder their joint venture, DO & CO and Nespresso opened their second Nespresso Café inLondon at the end of June 2017. Fresh products from the London-based DO & CO gourmetkitchen and Nespresso coffee are served in Soho.1
2. Key Figures of the DO & CO Group under IFRSThe calculations of the key figures is explained in the Glossary of Key Figures.Business YearBusiness Year2017/20182016/2017RevenueEBITDAEBITDA marginEBITEBIT marginProfit before income taxNet resultNet result marginm m %m %m m 10.1%56.246.2%49.8620.832.3%Cash flow from operating activitiesCash flow from investing activitiesFree cash flowm m m 42.40-86.15-43.7556.36-65.17-8.81EBITDA per shareEBIT per shareEarnings per shareROS %8.565.202.505.4%9.435.772.145.5%Equity 1Equity ratio 1Net debt (net financial liabilities)Net debt to EBITDANet gearingWorking capitalEquity per share (book entry) 1High 2Low 2Price at the end of the period 2Number of shares at the end of the periodMarket capitalization at the end of the periodm %m 31 March 1.509,744501.8231 March 0.899,744593.319,5879,576Employees%m TPiem 1 Adjusted by proposed dividend payments2 C losing rate2
3. Economic environment1In 2017, the global economy grew compared to 2016. In autumn 2017, the InternationalMonetary Fund (IMF) already corrected the growth rate of 3.5% expected at the beginning ofthe year upward to a rate of 3.6%. In January 2018, the estimated economic growth amountedto 3.7% for 2017 and was thus above the rate of the previous year of 3.2%. The positivedevelopment particularly results from an increased growth in the euro zone, the US and Asia.These developments are also reflected in the expectations for the coming years. The economistsof the International Monetary Fund expect the global economy to grow by 3.9% in 2018 and2019.However, the IMF regards the nature of these developments as short-term. According to theIMF, reforms will be required in the medium term to boost productivity and investments. Anincrease in raw material prices caused European inflation rates to rise in 2017. Another increasein raw material prices
Investments . 81 7.6. Corporate boards . 82 Auditor’s Report . Red Bull Salzburg and Austria Vienna, Juventus Turin is the fourth football club to enjoy the culinary treats of DO & CO. DO & CO confirms its lead position in premium sports events In the business year 2017/2018, DO & CO completed its already 26th season of catering for Formula 1 grand prix races, handling a total of .
