DOC shrugged off the weak Middle East situation in Q1. Sales rose 5% yoy to € 642m and EBIT 8% yoy to € 57m (margin: 8.8%, +0.2pp yoy), broadly in line with consensus. The conflict cost c. € 40m of sales (€ 25m Airline Catering, € 15m International Event Catering), without which growth would have been c. 11% yoy, yet the EBIT margin still improved in all three segments. The net result grew 16% yoy to € 31m, helped by a much improved financial result (€ -0.4m vs € -5.4m) as interest income on the Turkish cash position nearly doubled.
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