Do : Financial Year 2021/2022 – Annual Financial Report

DO & CO AKTIENGESELLSCHAFT

ANNUAL

FINANCIAL REPORT

BUSINESS YEAR 2021/2022

CONTENTS
Group Management Report for 2021/2022 ....................................................................................................	1
1.	Highlights....................................................................................................................................................................	1
2.	Key Figures of the DO & CO Group in accordance with IFRS ................................................................	5
3.	Economic Environment..........................................................................................................................................	6
4.	Business Development ..........................................................................................................................................	8
4.1. Revenue ..................................................................................................................................................................	8
4.2. Result .......................................................................................................................................................................	9
4.3. Statement of financial position ......................................................................................................................	10
4.4. Employees ..............................................................................................................................................................	10
4.5. Research & Development .................................................................................................................................	10
4.6. Non-financialperformance indicators..........................................................................................................	10
4.7. Airline Catering.....................................................................................................................................................	11
4.8. International Event Catering...........................................................................................................................	14
4.9. Restaurants, Lounges & Hotels......................................................................................................................	16
4.10. Share / Investor Relations / Information Pursuant to Section 243a UGB..................................	18
5.	Outlook ........................................................................................................................................................................	25
6.	Risk and Opportunity Management..................................................................................................................	28
7.	Internal Control System........................................................................................................................................	37
Consolidated Corporate Governance Report ..................................................................................................	39
1.	Commitment to the Code of Corporate Governance.................................................................................	39
2.	The Management Board........................................................................................................................................	39
3.	The Supervisory Board..........................................................................................................................................	40
4.	Diversity Concept ....................................................................................................................................................	43
5.	Measures to promote Women on the Management Board, Supervisory Board and in	44
Executive Positions.......................................................................................................................................................
Report of the Supervisory Board...........................................................................................................................	45
Consolidated Financial Statements 2021/2022 of DO & CO Aktiengesellschaft in	47
accordance with IFRS...................................................................................................................................................
1.	Consolidated Statement of Financial Position ..............................................................................................	48
2.	Consolidated Income Statement .......................................................................................................................	49
3.	Consolidated Statement of Comprehensive Income..................................................................................	50
4.	Consolidated Statement of Cash Flows...........................................................................................................	51
5.	Consolidated Statement of Changes in Equity.............................................................................................	52
Notes to the Consolidated Financial Statements.........................................................................................	53
1.	General Information ...............................................................................................................................................	53
2.	Effects of new and / or amended IFRS...........................................................................................................	54
2.1. New and amended standards and interpretations .................................................................................	54
2.2. New standards not yet effective....................................................................................................................	54
3.	Restatements pursuant to IAS 8.......................................................................................................................	55
4.	Significant Accounting Principles.......................................................................................................................	57
4.1. Consolidation.........................................................................................................................................................	57
4.2. Currency conversion...........................................................................................................................................	59
4.3. Accounting methods...........................................................................................................................................	60
4.4. Significant discretionary decisions and estimates..................................................................................	69
5.	Comments on the Consolidated Statement of Financial Position.........................................................	72
5.1. Intangible assets..................................................................................................................................................	72
5.2. Property, plant and equipment ......................................................................................................................	75

5.3. Investments accounted for using the equity method ...........................................................................	76
5.4. Other financial assets (non-current)............................................................................................................	77
5.5. Inventories.............................................................................................................................................................	77
5.6. Trade receivables.................................................................................................................................................	77
5.7. Other non-financialassets (current)............................................................................................................	78
5.8. Cash and cash equivalents ..............................................................................................................................	79
5.9. Assets held for sale / liabilities directly attributed to assets held for sale....................................	79
5.10. Shareholders' equity........................................................................................................................................	80
5.11. Other financial liabilities (non-current)....................................................................................................	82
5.12. Non-currentprovisions ...................................................................................................................................	83
5.13. Income tax...........................................................................................................................................................	84
5.14. Other financial liabilities (current) .............................................................................................................	85
5.15. Trade payables...................................................................................................................................................	85
5.16. Current provisions ............................................................................................................................................	86
5.17. Other liabilities (current) ...............................................................................................................................	86
6. Comments on the Consolidated Income Statement..................................................................................	87
6.1. Revenue ..................................................................................................................................................................	87
6.2. Other operating income ....................................................................................................................................	87
6.3. Cost of materials..................................................................................................................................................	88
6.4. Personnel expenses ............................................................................................................................................	88
6.5. Other operating expenses................................................................................................................................	88
6.6. Result of equity investments accounted for using the equity method...........................................	89
6.7. Amortisation / depreciation and effects from impairment tests.......................................................	89
6.8. Financial result......................................................................................................................................................	89
6.9. Income tax.............................................................................................................................................................	90
6.10. Earnings per share ...........................................................................................................................................	91
6.11. Proposed appropriation of profit .................................................................................................................	91
7. Comments on the Consolidated Statement of Cash Flows .....................................................................	92
8. Segment Reporting.................................................................................................................................................	93
9. Additional Disclosures............................................................................................................................................	96
9.1. Contingencies and financial liabilities..........................................................................................................	96
9.2. Leases ......................................................................................................................................................................	96
9.3. Additional disclosures on financial instruments.......................................................................................	98
9.4. Significant events after the reporting period (subsequent report)..................................................	105
9.5. Related party disclosures .................................................................................................................................	105
9.6. Investments...........................................................................................................................................................	107
9.7. Corporate boards.................................................................................................................................................	108
Auditor's Report...........................................................................................................................................	110
Statements by all Legal Representatives Pursuant to Section 124 Austrian	117
Stock Exchange Act....................................................................................................................................
Glossary.............................................................................................................................................................	118

Group Management Report for 2021/2022

1. Highlights

The turnaround has been achieved. Despite the difficult market environment, DO & CO Aktiengesellschaft was able to generate a positive net result again for the first time and to report a positive free cash flow (even after the redemption of loan liabilities). Cash and cash equivalents increased to € 207.63m.

Revenue (€ 705.20m / 178.2%), net result (€ 11.00m), cash and cash equivalents (€ 207.63m).

Earnings per share thus amount to € 1.13 (VJ: € -3.93).

In the course of the business year 2021/2022, the Group was able to steadily increase revenue each quarter. Both the Airline Catering division and the International Event Catering division even generated new record revenues. The fourth quarter of the business year 2021/2022 was the Airline Catering division's strongest fourth quarter in terms of revenue in DO & CO's corporate history. The International Event Catering division also reported its strongest second half year in terms of revenue. Despite several lockdowns, increased legal restrictions for containment of the COVID-19 pandemic in several countries, and the dramatic depreciation of the Turkish lira, revenue increased to € 705.20m in the business year 2021/2022.

The positive trend also continues with regard to the result. At € 96.34m, DO & CO generated the highest EBITDA in its corporate history in the business year 2021/2022. The quickly implemented restructuring measures at the beginning of the COVID-19 pandemic, the focus on efficient internal processes, the acquisition of numerous new customers, as well as various government support measures made it possible to achieve this record result in a difficult market environment.

The net profit attributable to the shareholders of DO & CO Aktiengesellschaft (net result) amounts to € 11.00m (PY: € -38.33m) and is positive despite an impairment recognised on property, plant and equipment in Ukraine.

Despite the strain resulting from the depreciation of the Turkish lira, cash and cash equivalents also increased to € 207.63m towards the end of the business year 2021/2022.

The net debt to EBITDA ratio, which amounted to 8.24 as at 31 March 2021, was reduced by more than 50% within the business year 2021/2022 and amounts to 3.31 as at 31 March 2022.

Despite achieving a positive net result, the Management Board proposes to the General Meeting of Shareholders that no dividend will be distributed for the business year 2021/2022 due to the ongoing impact of the COVID-19 pandemic and the possibilities to invest in growth opportunities in the near future.

DO & CO creates more than 1,700 new jobs

Achieving the turnaround in a difficult market environment was only possible thanks to the employees and their incredible commitment. The most important ingredient in the recipe for our premium offer are our employees, each of whom has their own unique personality and a passion for hospitality. DO & CO is thus both happy and proud that more than 1,700 new employees were hired and trained in the business year under review 2021/2022 (number of

1

full-time equivalents in the reference period March 2021 to March 2022). Approximately 1,000 employees joined the team in the US alone.

New DO & CO location in Boston

DO & CO is now also hub caterer for Delta Air Lines in Boston and since January 2022 responsible for the catering and since March 2022 for the handling services for all short and long-haul flights ex Boston. Following the start up of catering services at the Delta Air Lines hub in Detroit in March 2021, DO & CO will thus serve the airline's next important US hub. The new major contract in Boston is another milestone on DO & CO's path to success, once again underlining the great demand for quality. This means that, DO & CO is further expanding its market position in the US and in addition to New York, Los Angeles, Chicago and Detroit, DO & CO now operates a fifth location in the US.

DO & CO wins home base of JetBlue at New York-JFK

Based on the catering contract for JetBlue's business class ex New York-JFK in 2018, DO & CO was also able to win the airline's catering services ex Los Angeles, Palm Springs and San Diego at the beginning of the business year 2021/2022. Soon after, the cooperation was also extended to Europe, and DO & CO has provided catering for JetBlue guests on board all long- haul flights ex London-Heathrow and Gatwick since the end of summer 2021. In December 2021, DO & CO took over one of the largest and most important JetBlue hubs, New York-JFK, as the sole caterer.

Acquisition of Delta Air Lines in Seoul (Incheon)

DO & CO is proud to be able to further expand its business relationship with Delta Air Lines for the first time outside the USA at an international hub. With up to ten daily flights, Incheon is a particularly important location for Delta Air Lines in Asia.

Win of significant new airline catering customers

Despite the serious impact of the COVID-19 pandemic on the aviation industry, DO & CO is continuing to expand its position as the leading premium airline caterer. In addition to Delta Air Lines in Boston and Seoul, DO & CO was able to acquire a number of renowned new customers at various locations in the business year 2021/2022:

•	Etihad Airways	ex Frankfurt, Munich and London Heathrow
•	Etihad Airways	ex Chicago and Los Angeles
•	Egypt Air	ex Frankfurt, Munich and Düsseldorf
•	Saudi Royal Aviation	at all DO & CO locations around the world

Provision of hospitality services for the UEFA EURO 2020

At the UEFA EURO 2020 European Football Championship, which due to COVID took place from June to July 2021, DO & CO was a partner of UEFA for the fifth time, responsible for providing hospitality and catering programmes at eight matches in London (including the final) and four matches in Munich. In addition to gourmet services, this also includes the areas infrastructure, cleaning, event hosts and hostesses, and entertainment. DO & CO is proud of having been a partner of UEFA for more than 20 years.

30th successive Formula 1 season with DO & CO

DO & CO has worked with Formula 1 for 30 consecutive seasons, providing culinary services for the team of Mercedes and the Broadcast Center at all races. The Paddock Club, which - due to the pandemic - was only reopened to VIP guests at the Spielberg Ring in Austria at the beginning of July 2021, enjoyed great popularity. In the last season, the inaugural grand prix

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