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SUMMARY OF ANNUAL REPORT 2019TIVOLI A/S • VAT 10404916
2
3 A word from the chairman
6 Fiveyears’keyfigures
7 Financial Review
12 Shareholder Information
16 Income Statement
17 Cash Flow Statement
18 Balance Sheet
20 StatementofchangesinEquity
21 Notes
Contents
ALWAYS LIKE NEVER BEFORE
3
“Diversity, integrity and
sustainability”
2019markstheendofathree-yearstrategicperiodduringwhichTivolihasbeenconsolidatedasayear-roundbusiness,visitorsatisfactionhassoaredtothetopandthefinancialperformancehasbeenfavourable,thusprovidingastrongbasisforTivoli’sfuture.Thenewstrategy2020willcarryonthedevelopmentofTivoli.
Tivoli’sresultfor2019isDKK209.1millionbeforetax, whichisthebestperformanceeverinthelonghistoryof theCompany.Adjustedforspecialitems,thetransferofTivoliCasino.dktoDanskeSpilandthereplacementoftheannualcardbytheTivoliPass,theprofitbeforetaxfor2019isattheleveloftherecordyear2018.In25years,Tivoli’sprofithasbeenincreasedfromasmalldouble-digitmillionamounttoaprofitrunningintothree-digitmillionsasaresultofanextensiveturn-aroundanddevelopment,includingupgradingofboththeamusementparkandthebusiness.
Everythingbeginsandendswiththe82,000squaremetresatVesterbrogade3andtheexperiencesofferedbytheGardens.Tivoli’sabilitytocontinueattractingmanyvisitorsistheveryfoundationofitsbusiness.Consequently,theGardensmustdevelopasthepreferencesandneedsofvisitorschange;Tivoli’scurrentcompetitiveenvironmentistotally different from that of 1843 when Tivoli was more or lesstheonlyproviderofentertainmentforthepublic.
Thestrongfinancialperformancehascreatedabasisforlarge
A WORD FROM THE CHAIRMAN
A WORD FROM THE CHAIRMAN
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TomKnutzenChairman of the board
investmentsintheGardens.In2019Tivolihasinvested DKK184.4million.DKK79.6millionrelatestoupgradesandnewacquisitionsofTivolirides.FurtherinvestmentswerealsomadeindevelopingWinterinTivoli,thenewestTivoliseason,whichstillholdspotential.
Digitisationisanotherareathatattractsmajorinvestments.TheinitiativemostnoticeabletoTivolivisitorsistheTivoliPass, whichhasnowbeeninoperationforafullyearasaseasonpassvalidforupto12months,aswellasthepersonalisedsolutionsinMyTivoliandTivoliLux(personalpassholderprofilesandrewardprogramme).TivolistaffreapdigitalbenefitsthroughimprovedpossibilitiesofaccessingTivoli’ssystemsfrommobiledevices,whichfacilitatestheirdailyroutinesofvariableworkinghoursandplaces.
Strategy2020definesTivoli’sthreecorevaluesasdiversity,integrityandsustainability.ThevalueswillruleTivoli’sdevelopmentasaworkplace,attractionandbusiness.Strategy2020stilltakesasitsoutsettheGardensatVesterbrogade3,whichwillbedevelopedwithallduerespecttothetraditionofengagingexperiencesforabroadaudience.TivolifurthermoreaspirestobecomemoreactiveandvisibleinitsneighbouringenvironmentthroughmoreactivitiesatAxelborg,thepropertyprojectintheTivoliCastleandthevisionofagreencityparkattheeasternendofVesterbrogade.ThestrategyalsoaccommodatesthoughtsofTivolicapturingalargershareoftourismrevenuebycreatingnewservices.Moreover,Tivoliislooking
toactivitiesfartheraway;usingtheTivoliandNimbbrandsasstrongcallingcards,Tivoliisexploringopportunitiesofcreatingstrongpartnerships.
Towardstheendof2019,atopmanagementsuccessionprocesswaslaunchedatTivoliaseffortstorecruitLarsLiebst’ssuccessorasCEObegan.LarsLiebstwasappointedCEOinJuly1996andhasthusbeenatthehelmofTivoliforalmostaquarterofacentury.ThedevelopmentdescribedaboveislargelyattributabletoLarsandhisinfluenceonmodern-dayTivoliissignificant.Wethankhimsincerelyforthisgreateffort.
However,noCEOcandowithoutqualifiedandcommittedemployees.Therefore,ItakethisopportunitytothanksincerelyeveryonewhohascontributedtowardstheTivoliexperienceduringtheyear-betheyartistic,administrativeoroperationalstaff.
A WORD FROM THE CHAIRMAN
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Financial Performance 2019
2019
2018
2017
2016
2015
1,051.3
1,058.8
938.5
939.0
948.0
REVENUEDKKm
2019
2018
2017
2016
2015
189,4
184,5
188,8
160,1
148,2
CASH FLOWS FROM OPERATING ACTIVITIESDKKm
2019
2018
2017
2016
2015
205.3
222.1
189.3
187.2
163.0
EBITDADKKm
2019
2018
2017
2016
2015
209.1
120.6
100.5
96.3
64.1
PROFIT BEFORE TAXDKKm
205.3 8%
209.1 73%
189.4 3%
1,051.3 1%
6
FIVE YEARS’ KEY FIGURES
*Keyfiguresfor2015hasbeenadjustedinaccordancewiththeassetsplit
FIVE YEARS’ KEY FIGURES 2019 2018 2017 2016 2015
DKK million
Revenueincl.tenantsandlessees 1,487.8 1,508.1 1,283.8 1,294.0 1,331.8
Netrevenue 1,051.3 1,058.8 938.5 939.0 948.0
Expensesbeforedepreciation,amortisationandimpairment -846.0 -836.7 -749.2 -751.8 -785.0
Earningsbeforeinterest,tax,depreciationandamortisation(EBITDA) 205.3 222.1 189.3 187.2 163.0
Depreciation,amortisationandimpairment -119.6 -91.0 -84.6 -87.2 -94.0
Earningsbeforeinterestandtax(EBIT) 85.7 131.1 104.7 100.0 69.0
Netfinancials -11.3 -10.5 -4.2 -3.7 -4.9
Shareofprofitfrominvestments 0.2 0.0 0.0 0.0 0.0
Specialitems 134.5 0.0 0.0 0.0 0.0
Profitbeforetax 209.1 120.6 100.5 96.3 64.1
Profit for the year 167.4 94.2 78.5 75.3 43.8
Comprehensive income for the year 153.0 93.3 79.9 69.2 45.9
Non-currentassets 1,558.1 1,423.7 1,335.6 1,096.7 904.8
Currentassets 259.4 181.3 212.6 93.3 139.3
Total assets 1,817.5 1,605.0 1,548.2 1,190.0 1,044.1
Sharecapital 57.2 57.2 57.2 57.2 57.2
Equity 1,049.8 920.4 846.7 785.6 727.4
Non-currentliabilities 428.4 399.5 412.5 80.3 89.3
Currentliabilities 339.3 285.1 289.0 324.1 227.4
Investedcapital 1,323.0 1,250.2 1,192.4 997.6 751.2
Investmentinproperty,plantandequipment 163.3 131.8 309.8 279.1 92.1
Cashfromoperatingactivities 189.4 184.5 188.8 160.1 148.2
Cashflowfrominvestingactivities -49.9 -179.1 -323.5 -279.1 -92.1
Hereofinvestedinproperty,plantandequipment -163.3 -131.8 -309.8 -279.1 -92.1
Cashflowfromfinancingactivities -53.8 -43.4 243.8 69.0 -27.2
Total cash flows 85.7 38.0 109.1 -50.0 28.9
FIVE YEARS’ RATIOS 2019 2018 2017 2016 2015
EBITmargin 8% 12% 11% 11% 7%
Solvency ratio 58% 57% 55% 66% 70%
Returnonequity(ROE) 11% 11% 10% 10% 6%
EarningsinDKKPershare(EPS)* 29.3 16.5 13.7 13.2 7.7
DividendinDKKpershare* 4.1 4.1 3.4 3.3 1.9
HarepriceinDKK,endofyear* 700 632 590 441 382
Numberofemployees 971 960 885 868 886
7
Consolidatedrevenuefor2019amountstoDKK1,051.3millioncomparedtoDKK1,058.8millionfor2018(-1%).Revenueisthusatlastyear’slevelandispositivelyaffectedbyhigherconsumptionpervisitorandahigheractivitylevelintheHigh-Endbusiness.RevenueisnegativelyaffectedbytheGardensbeingopenforfewerdays,theimplementationoftheTivoliPass,thetransferoftheTivoliCasino.dkoperationstoDanskeSpilaswellasfewervisitorstotheHalls.
Totalattendancefiguresaggregate4,581,000,whichis6%belowthe2018figureof4,854,000.Thelowerattendancefiguresfor2019areduetotheGardensbeingopenforfewerdays,aloweractivityleveloftheHallsaswellasrainyspringandautumnseasons.Tivoli’sattendancefiguresfor2019reached203,000visitorsforthewinterseason,2,763,000visitorsforthesummerseason,494,000visitorsforHalloween, 1,052,000visitorsforChristmasinTivoliand69,000visitorsforoff-seasonperiods.
StaffexpensesandotherexternalexpensesaggregateDKK846.0millioncomparedtoDKK836.7millionfor2018(+1%).
TheslightlyhigherlevelofexpensesisduetotheentireGardensbeingopenforWinterinTivoli,higheradministrativeexpenses,restructuringcostsandterminationcosts.
Expensesare,however,positivelyaffectedbythetransferoftheTivoliCasino.dkoperations,theGardensbeingopenforfewerdays,aloweractivityleveloftheHallsaswellastheimplementationofIFRS16implyingthatrentalexpensesaremovedfromotherexternalexpensestodepreciationandfinancialexpenses.
Earningsbeforeinterest,tax,depreciationandamortisation(EBITDA)for2019amounttoDKK205.3millioncomparedtoDKK222.1millionfor2018(-8%).
Depreciation,amortisationandimpairmentamounttoDKK119.6millionfor2019comparedtoDKK91.0millionfor2018(+8%).Theincreaseindepreciation,amortisationandimpair-mentisduetoimpairmentofplant,implementationofIFRS16aswellasahigherlevelofinvestment.
NetfinancialsshowanexpenseofDKK11.3millioncomparedtoDKK10.5millionfor2018.ThedevelopmentinnetfinancialsisprimarilyduetotheimplementationofIFRS16asmentionedabove.
SpecialitemsamounttoDKK134.5millionandrelatetotheprofit realisedinconnectionwiththetransferoftheTivoliCasino.dkoperationstoDanskeSpilat31August2019.
Reportedprofitbeforetaxfor2019amountstoDKK209.1millioncomparedtoDKK120.6millionfor2018,thusmakingitDKK88.5million(73%)higherthanlastyear’sfigureandthehighesteverreportedinTivoli’shistory.Adjustedforspecialitems(restructuringandterminationcostsinconnectionwithretirementandimpairmentofplant),theprofitisattheleveloftherecordyear2018.
TaxonprofitfortheyearamountstoDKK41.7millionfor2019comparedtoDKK26.4millionfor2018.Theeffectivetaxrateis19.9%for2019comparedto21.9%for2018,whichmakesitlowerthanlastyearduetoadjustmentsrelatingtoprioryears.
Financial review
4,581,000 Visitors in Tivoli in 2019
1. quarter 253,000 visitors
2. quarter 1,265,000 visitors
3. quarter 1,506,000 visitors
4. quarter 1,557,000 visitors
FINANCIAL REVIEW
8
Profitaftertaxfor2019amountstoDKK167.4millioncomparedtoDKK94.2millionfor2018(+78%).
Profitbeforetaxof209.1millionfortheyearisinlinewiththeexpectedlevelannouncedintheStockExchangeAnnounce-mentof29October2019,whichwasaprofitbeforetaxatthelevelofDKK220million.
Investmentsinintangibleassetsandproperty,plantandequipmentfor2019amounttoDKK184.4millioncomparedtoDKK162.6millionfor2018.Theinvestmentlevelwasabovethatof2018andhigherthanTivoli’snormalinvestmentlevel,whichhashistoricallybeenonthelowsideofDKK100million.Thehighinvestmentlevelisdueto,amongotherthings,theMilkyWayExpress,theBumperCarsandtheCamelTrailridesaswellastheconstructionofanewamusementarcadebuildingandalargenumberofdigitisationprojects,includingthedevelopmentofimproveddigitalpersonalisationoptions.
TheGroup’sassetsamounttoDKK1,817.5millionat31December 2019comparedtoDKK1,605.0millionat31December2018.TheincreaseisduetoanincreaseincashandcashequivalentsduetothegainrealisedinrelationtoTivoliCasino.dkandtheimplementationofIFRS16.EquityamountstoDKK1,049.8millionat31December2019comparedtoDKK920.4millionat31December2018.Theincreaseisattributabletotheprofitfortheyearlessdividenddistributedin2019aswellasothercomprehensiveincome.Theequityshareofthebalancesheettotal(solvencyratio)represents58%,whichisslightlyabovethe31December2018figure(57%).
TheBoardofDirectorsproposesadividendforthefinancialyear of14.1%ofnetprofitfortheyear,correspondingtoDKK23.6million.Thedividendisthesameas2018(DKK23.6million).The dividend ratio is below Tivoli’s normal dividend ratio of 25.0%.ThereasonfortheloweryieldisduetothedesiretostrengthenTivoli’scapitalresources,asTivolipredictsthatCoronavirus(COVID-19)willhaveasignificantimpactonTivoli’sbusiness.Attheendof2020,Tivoliwillassesswhetheritis
possibletomakeahigherdividendpaymentoncetheeffectofCOVID-19isknown.Theremainingprofitwillbeallocatedtodistributablereserves.
Tivoli segmentsGames&CasinorecordedrevenueofDKK57.7millionfor2019,whichisa19%decreaseon2018.Earningsbeforeinterest,tax,depreciationandamortisationamounttoDKK16.6millionfor2019,whichisan8%increaseon2018.ThelowerrevenueisduetothetransferoftheTivoliCasino.dkoperations.Adjustedforthetransfer,the2019revenueisslightlyhigherthanthatof2018,whichisprimarilyduetoahigheractivitylevelofTivoliCasino.dkintheperiodleadinguptothetransferaswellasahigheractivitylevelofTivoli’sothergamesoperations.Thehigherearningsarealsoduetothehigheractivitylevel.
Food&BeveragerecordedrevenueofDKK147.0millionfor2019,whichisa2%decreaseon2018.Earningsbeforeinterest,tax,depreciationandamortisationamounttoDKK22.8millionfor2019,whichisa1%decreaseon2018.ThelowerrevenueandthelowerEBITDAareprimarilyduetotheGardensbeingopenforfewerdays.
TivoliHigh-EndrecordedrevenueofDKK178.2millionfor2019,whichisa10%increaseon2018.Earningsbeforeinterest,tax,depreciationandamortisationamounttoDKK36.0millionfor2018,whichisa17%increaseon2018.Thehigherrevenueisdue toahigheractivityleveloftheNimbHotelandoftheNimbevent business.Thehigherearningsareduetothehigheractivitylevel
EnterpriseRentalrecordedrevenueofDKK83.1millionfor2019,whichisatthe2018level.Earningsbeforeinterest,tax,depreciationandamortisationamounttoDKK79.6millionfor2019,whichisalsoatthe2018level.
SalesrecordedrevenueofDKK496.7millionfor2019,whichisa2%increaseon2018.Earningsbeforeinterest,tax,depreciationandamortisationamounttoDKK393.7millionfor2019,whichisa2%decreaseon2018.Thehigherrevenueisduetohigher
consumptionpervisitor.Revenueisnegativelyaffectedbyfewer visitorsaswellastheimplementationofthenewTivoliPass.Thelowerearningsareprimarilyduetoahigherlevelofexpenses duetoalloftheGardensbeingopenforWinterinTivoli.
CulturerecordedrevenueofDKK58.6millionfor2019,whichisa26%decreaseon2018.Earningsbeforeinterest,tax,depreciationandamortisationamounttoanegativeDKK48.2millionfor2019,whichisan8%decreaseon2018.ThelowerrevenueandthelowerearningsareduetofewervisitorstotheHalls,primarilybecausetheMidtomNattenmusicalplayedtocapacityin2018.Thereasonfortheloss-makingperformanceofCultureisthatactivitiessuchastheTivoliYouthGuardBandandclassicalmusicareloss-making,andthatCulturecontrib-utestoactivitiesfromwhichtheothersegmentsbenefit.
Outlook for 2020Coronavirus(COVID-19)willhaveasignificantimpactontheamountoftourists,hotelstays,eventsandthedesiretogather.GiventhegreatuncertaintyCOVID-19hascreatedanduncertaintyaboutthedurationofthesituation,itisnotpossibleatthistimetomakeareasonableassessmentofthefinancialconsequencesofCOVID-19.Therefore,itisalsonotpossibletogiveanexpectationofrevenueandprofitbeforetax.TivoliwillupdateitsexpectationswhentheeconomicimpactofCOVID-19ispossibletoestimate.
Tivoli’smanagementmeetsdailytocontinuouslyevaluatetheimpactofCOVID-19onTivoli’sbusiness.
Subsequent eventsOnMarch5,2020,TivoliannouncedtheappointmentofSusanneMørchKochasthenewCEOofTivoliA/S.SusanneresignsfromthepositionofCEOofDanskeSpilandjoinsTivolibySeptember1,2020atthelatest.
Apartfromtheabove,nomaterialeventshaveoccurredafterthebalancesheetdate.
FINANCIAL REVIEW
9
SEGMENTS IN TIVOLI
TOTAL REVENUE
REVENUE INCL. TENANTS AND LESSEES: 1,487.8 DKKm
1,051,3 DKKm100%
High End operatesanexclusive5-starboutiquehotel(NimbHotel)
with38rooms,NimbClubwithfitness,poolandspa,aswellassixrestaurantsandoutletsundertheNimbbrand.
17%
Salesincludesallentrance-,rides- and Tivoli card income as wellassponsorshipincomeandincomefromtheTivoliBusinessClub.
47%
Games & Casinorunsallof Tivoli’sowngamesintheGardensaswellasTivoli’s onlinecasino,TivoliCasino.dkuntil31August2019
whentheoperationswastransferredtoDanskeSpil.
5%
10
SEGMENTS IN TIVOLI
Food & BeverageoperatesTivoli’sown38restaurantsandoutlets,withtheexceptionofsixplacesoperatedbytheHigh-End(Nimb).Therestaurantsinclude
Mazzolis,wagamama,fastfoodoutletsandbarsforFridayRock.
14%
Cultureconductsconcertsandshows,activitiesinTheHalls,(bothself-producedandrentals),Pantomime
Theater,Tivoli-Garden,FridayRockandTivoliSummerClassic.
6%
Enterprise RentalincludesTivoli tenantsofstalls,shopsand12restaurants,bothseasonaland full-yearbusinesses,suchasAHerefordBeefstouw,Vapiano,
Sticks’n’Sushi,Build-A-BearandTivoliFoodHall.
8%
Unallocated includesroyaltiesaswellasinvoicingofarchitects,
cleaningandrenovation. 3%
The Milky Way Express
Swarovski Christmas tree
Bumber Cars
The Camel
Dyrene i Hakkebakkeskoven
Snedronningen
Divaer i glas
Bring the Spring VR
Medina - Friday Rock
Alvin Ailey American Dance Theater
11
12
Shareholderinformation
TivoliA/SislistedonNasdaqOMXCopenhagen.At31December2019,thesharecapitalamountedtoDKK57.2milliondistributedon5,716,660sharesofDKK10.EachshareamountofDKK10. At31December2019,themarketpriceof700correspondstoamarketcapitalisationofDKK4.0billion. At31December2018,themarketpriceof632correspondedtoamarketcapitalisationofDKK3.6billion.
Share price developmentThefollowingchartshowsthesharepricedevelopmentintheperiodfrom31December2014to 31December2019comparedwiththeOMXC20.ShareholderswithashareholdingregisteredtotheirnamewithanominalvalueofatleastDKK100receiveaPasstoTivoli.ThePassentitlestheholderandonecompaniontofreeadmissiontoTivoliinallTivoliseasons.TheentitlementtoaPassisdecideduponbytheBoardofDirectorsforoneyearatatime.TheBoardofDirectorsregularlyassessestheGroup’scapitalandsharestructure.Thesharestructurecomprisessolely Ashares,andtherearenoplansofchangingthisstructure.Moreover,theexistingcapitalstructureisconsideredadequateforthecurrentbusinessfoundation.
Dividend policy and dividendTheBoardofDirectorshasestablishedageneralpolicyforpaymentofdividend.Itistheintention,innormalinvestmentyears,thatdividendcorrespondingto25%oftheconsolidatedprofitaftertaxisdistributed.Inyearswheninvestmentsareparticularlyhigh,theBoardofDirectorsmaydecidethatthedividendshoulddeviatefromthepolicy.
Tivoli A/S share price developement compared with the OMXC20 TivoliOMXC20
TivoliA/S’profitaftertaxfor2019amountedtoDKK167.4millioncomparedtoDKK94.2millionin2018.TheBoardofDirectorsrecommendstotheAnnualGeneralMeetingdistributionofdividendof14.1%oftheprofitaftertaxfortheyear,correspondingtoDKK23.6millionwhichisunchangedcomparedto2018.TheremainingprofitoftheGroupwillbeallocatedtotheGroup’sdistributablereservesastheGroupisalsoexpectingahighlevelofinvestmentsinthecomingyears.
ShareholdersAt31December2019,Tivolihad20,725registeredshareholders.AccordingtotheGroup’sregisterofshareholders,shareholdingsinexcessof5%breakdownasfollows:-SkandinaviskHoldingA/S,Søborg,Denmark31.8%-Chr.AugustinusFabrikkerAktieselskab,Copenhagen,Denmark25.4%-ClearstreamBankingASNominee5.0%
SHAREHOLDERINFORMATION
0
500
600
700
800
31.12.2014 31.12.201931.12.201831.12.201731.12.201631.12.2015
400
300
200
100
13
SHARE AND DIVIDEND RATIOS 2019 2018 2017 2016 2015
Averagenumberofshares(‘000) 5,716.7 5,716.7 5,716.7 5,716.7 5,716.7
EarningsinDKK,pershare(EPS) 29.3 16.5 13.7 13.2 7.7
CashflowsfromoperatingactivitiesinDKKpershare(CFPS) 33.1 32.3 33.1 28.0 25.9
NetassetvalueinDKKpershare,endofyear 184 161 148 137 127
SharepriceinDKK,endofyear 700 632 590 441 382
DividendinDKK,pershare 4.1 4.1 3.4 3.3 1.9
%Payoutratio 14,1% 25.0% 25.0% 25.0% 25.0%
Price/earningsration(PE) 24 38 43 33 50
PriceCashFlow(PCF) 21 20 18 16 15
Price/netassetvalue(P/NAV) 3.8 3.9 4.0 3.2 3.0
Investor relations (IR)Tivoliaimstomeetthestockexchange’sdisclosureobligations.StockexchangenoticesarethereforesubmittedcorrectandtimelytotheStockExchangeandpublishedatthesametimeat
www.tivoli.dk/en/om/virksomheden.Furthercompanyinformationandallpublishedcompanyannouncementscanalsobefoundhere.InquiriesregardingrelationswithinvestorsandthestockmarketcanbedirectedtotheIRresponsible:FinnTørngrenSørensene-mail:[email protected].
SHAREHOLDERINFORMATION
14
NorthernlightsovertheTivoliConcertHallwereoneof thelightinstallationsduringWinterinTivoliin2019.
15
INCOME STATEMENT
INCOME STATEMENT 1 JANUARY - 31 DECEMBER GROUP PARENT COMPANY
NOTE DKK million 2019 2018 2019 2018
3.4 Netrevenue 1,051.3 1,058.8 1,051.3 1,058.8
Revenue 1,051.3 1,058.8 1,051.3 1,058.8
5 Otherexternalexpenses -364.1 -368.5 -364.1 -368.5
6 Staffexpenses -481.9 -468.2 -481.9 -468.2
Expenses -846.0 -836.7 -846.0 -836.7
EBITDA 205.3 222.1 205.3 222.1
13.14 Depreciation.amortisationandimpairment -119.6 -91.0 -119.6 -91.0
EBIT 85.7 131.1 85.7 131.1
Shareofprofitfrominvestments 0.2 0.0 0.1 0.0
7 Financial income 0.7 1.1 0.7 1.1
7 Financialexpenses -12.0 -11.6 -12.0 -11.6
8 Specialitems 134.5 0.0 134.5 0.0
Profit before tax 209.1 120.6 209.0 120.6
9 Taxonprofitfortheyear -41.7 -26.4 -41.6 -26.4
Net profit 167.4 94.2 167.4 94.2
10 EarningsinDKK.pershare(EPS 29.3 16.5
GROUP PARENT COMPANY
STATEMENT OF COMPREHENSIVE INCOME 2019 2018 2019 2018
Profit of the year 167,4 94,2 167,4 94,2
ItemssubsequentlyrecycledtoincomestatementValueadjustments:Valueadjustmenthedginginstruments -18.4 -1.0 -18.4 -1.0
Otheradjustments:Taxonvalueadjustmentshedginginstruments 4.0 0.1 4.0 0.1
Total comprehensive income 153.0 93.3 153.0 93.3
16
CASH FLOW STATEMENT - 1 JANUARY - 31 DECEMBER GROUP PARENT COMPANY
NOTE DKK million 2019 2018 2019 2018
EBITDA 205.3 222.1 205.3 222.1
11 Changeinworkingcapital 35.9 -27.4 35.9 -27.4
Cashflowsfromoperatingactivitiesbeforefinancialincomeandexpenses 241.2 194.7 241.2 194.7
Financial income 0.7 1.1 0.7 1.1
Financialexpenses -11.1 -11.6 -11.1 -11.6
Cashflowsfromoperatingactivitiesbeforetax 230.8 184.2 230.8 184.2
Corporationtaxpaid -41.4 0.3 -41.4 0.3
Cash flows from operating activities 189.4 184.5 189.4 184.5
Purchaseofsubsidiaryandassociatedcompany 0.0 -16.5 0.0 -0.4
Purchaseofproperty,plantandequipment -184.4 -162.6 -184.4 -162.6
DivestmentofTivoliCasino 134.5 0.0 134.5 0.0
Cash flows from investing activities -49.9 -179.1 -49.9 -163.0
12 Repaymentofmortgageloans -5.3 -5.3 -5.3 -5.3
Repaymentofmortgageloans -17.7 -18.5 -17.7 -18.5
Repaymentofleasingdebt -7.2 0.0 -7.2 0.0
Intercompanywtihassociatedcompany 0.0 0.0 0.0 -16.5
Shareholders:Dividenddistributed -23.6 -19.6 -23.6 -19.6
Cash flows from financing activities -53.8 -43.4 -53.8 -59.9
Cash flows for the year 85.7 -38.0 85.7 -38.4
Cashandcashequivalents,beginningofyear 92.3 130.3 91.9 130.3
Cash and cash equivalents, end of year 178.0 92.3 177.6 91.9
CASH FLOW STATEMENT
17
BALANCE SHEET
BALANCE SHEET AT 31 DECEMBER GROUP PARENT COMPANY
NOTE DKK MILLION 2019 2018 2019 2018
ASSETS13 Rights 1.2 15.8 1.2 15.8
13 Software 23.6 25.5 23.6 25.5
13 Workinprogress 18.4 2.2 18.4 2.2
Intangible assets 43.2 43.5 43.2 43.5
14 Landandbuildings 1,129.3 1,043.6 1,129.3 1,043.6
14 Otherfixturesandfittings,toolsandequipment 260.5 248.5 260.5 248.5
14 Assetsunderconstructionandprepaymentsforproperty,plantandequipment 34.3 71.6 34.3 71.6
Property, plant and equipment 1,424.1 1,363.7 1,424.1 1,363.7
15 Leasingassets 74.1 0.0 74.1 0.0
Leasing assets 74.1 0.0 74.1 0.0
17 Investmentsinsubsidiaries 0.0 0.0 0.5 0.4
17 Investementinassociatedcompany 16.7 16.5 0.0 0.0
Investement in associated company 16.7 16.5 0.5 0.4
Total non-current assets 1,558.1 1,423.7 1,541.9 1,407.6
19 Finishedgoods 15.3 12.3 15.3 12.3
20 Trade receivables 36.6 41.6 36.6 41.6
Otherreceivables 16.6 24.4 16.6 24.4
Intercompanywithassociatedcompany 0.0 0.0 16.5 16.5
21 Prepayments 7.9 7.2 7.9 7.2
Deposits 5.0 3.5 5.0 3.5
Cash at bank and in hand 178.0 92.3 177.6 91.9
Total current assets 259.4 181.3 275.5 197.4
Total assets 1,817.5 1,605.0 1,817.4 1,605.0
18
BALANCE SHEET AT 31 DECEMBER GROUP PARENT COMPANY
NOTE DKK million 2019 2018 2019 2018
LIABILITIES AND EQUITY22 Sharecapital 57.2 57.2 57.2 57.2
Reserves 969.0 839.6 969.0 839.6
Proposeddividend 23.6 23.6 23.6 23.6
Total equity 1,049.8 920.4 1,049.8 920.4
23 Mortgageloans 338.4 361.6 338.4 361.6
Leasingdebt 53.8 0.0 53.8 0.0
18 Deferredtaxliabilities 36.2 37.9 36.2 37.9
Total non-current liabilities 428.4 399.5 428.4 399.5
23, 24 Mortgageloans 22.8 22.6 22.8 22.6
23 Leasingdebt 9.3 0.0 9.3 0.0
Tradepayables 35.7 38.4 35.7 38.4
Corporationtaxpayable 14.3 16.3 14.2 16.3
25 Otherpayables 158.4 138.7 158.4 138.7
26 Deferredincome 98.8 69.1 98.8 69.1
Total current liabilities 339.3 285.1 339.2 285.1
Total liabilities and equity 1,817.5 1,605.0 1,817.4 1,605.0
BALANCE SHEET
19
STATEMENT OF CHANGES IN EQUITY
STATEMENT OF CHANGES IN EQUITY - GROUPRESERVES
DKK million Sharecapital
Hedgetransactions
Retainedearnings
Proposeddividend Total
Equity at 1 January 2018 57.2 -19.3 789.2 19.6 846.7
Changesinequityin2018Profitfortheyear 0.0 0.0 70.6 23.6 94.2
Valueadjustmenthedginginstruments 0.0 -1.0 0.0 0.0 -1.0
Taxonvalueadjustmentshedginginstruments 0.0 0.1 0.0 0.0 0.1
Total comprehensive income 0.0 -0.9 70.6 23.6 93.3
Dividenddistributed 0.0 0.0 0.0 -19.6 -19.6
Equity at 31 December 2018 57.2 -20.2 859.8 23.6 920.4
Equity at 1 January 2019 57.2 -20.2 859.8 23.6 920.4
Changesinequityin2019Profitfortheyear 0.0 0.0 143.8 23.6 167.4
Valueadjustmenthedginginstruments 0.0 -18.4 0.0 0.0 -18.4
Taxonvalueadjustmentshedginginstruments 0.0 4.0 0.0 0.0 4.0
Total comprehensive income 0.0 -14.4 143.8 23.6 153.0
Dividenddistributed 0.0 0.0 0.0 -23.6 -23.6
Equity at 31 December 2019 57.2 -34.6 1,003.6 23.6 1,049.8
20
STATEMENT OF CHANGES IN EQUITY
RESERVES
DKK MILLION Share capital
Hedge transactions
Developementprojects
Retainedearnings
Proposeddividend Total
Equity at 1 January 2018 57.2 -19.3 5.7 783.5 19.6 846.7
Changesinequityin2018Profitfortheyear 0.0 0.0 0.0 70.6 23.6 94.2
Capitalizeddevelopementprojects 0.0 0.0 11.6 -11.6 0.0 0.0
Valueadjustmenthedginginstruments 0.0 -1.0 0.0 0.0 0.0 -1.0
Taxonvalueadjustmentshedginginstruments 0.0 0.1 0.0 0.0 0.0 0.1
Total comprehensive income 0.0 -0.9 11.6 59.0 23.6 93.3
Dividenddistributed 0.0 0.0 0.0 0.0 -19.6 -19.6
Equity at 31 December 2018 57.2 -20.2 17.3 842.5 23.6 920.4
Equity at 1 January 2019 57.2 -20.2 17.3 842.5 23.6 920.4
Changesinequityin2019Profitfortheyear 0.0 0.0 0.0 143.8 23.6 167.4
Capitalizeddevelopementprojects 0.0 0.0 4.5 -4.5 0.0 0.0
Valueadjustmenthedginginstruments 0.0 -18.4 0.0 0.0 0.0 -18.4
Taxonvalueadjustmentshedginginstruments 0.0 4.0 0.0 0.0 0.0 4.0
Total comprehensive income 0.0 -14.4 4.5 139.3 23.6 153.0
Dividenddistributed 0.0 0.0 0.0 0.0 -23.6 -23.6
Equity at 31 December 2019 57.2 -34.6 21.8 981.8 23.6 1,049.8
DividendDividendofDKK23.6millionisproposed(2018:DKK23.6million),correspondingtodividendpershareofDKK4.12(2018:DKK4.12). DividendofDKK23.6millionhasbeendistributedduringtheyear(2018:DKK19.6million). DistributionofdividendtotheshareholdersofTivoliA/ShasnotaximplicationstoTivoliA/S.
TivoliA/SisalimitedcompanyregisteredinDenmark.TheAnnualReportofTivoliA/Sfor2019comprisestheConsolidatedFinancialStatementsofTivoliA/Sanditssubsidiaries(theGroup)aswellasseparateParentCompanyFinancialStatements.TheConsolidatedFinancialStatementsandtheParentCompanyFinancialStatementsofTivoliA/Sfor2019arepresentedinaccordancewiththeInternationalFinancialReportingStandardsasissuedbytheIASBandasadoptedbytheEUaswellasadditionalDanishdisclosurerequirementsforannualreportsoflistedcompanies.
NOTE 1 – ACCOUNTING POLICIES
STATEMENT OF CHANGES IN EQUITY - PARENT COMPANY
21
AtTivoli,managementresponsibilityisdividedon11mainareasmanagedbyVicePresidents.Fiveofthemainareasgeneraterevenue,whereasthesevenremainingmainareasundertakeadministrativefunctionswithinegIT,Finance,MarketingandHRaswellasoperationandmaintenanceoftheGardens.OnlythefirstsixmainareasareconsideredreportableaccordingtoIFRS8.ExpensesforadministrativefunctionsaswellasoperationandmaintenanceoftheGardensarenotallocatedtotheothermainareas.CulturebearstheexpensesforFridayRockconcerts,Gardenorchestras,PantomimeshowsandothereventsintheGardens.EarningsfromentrancefeesarerecognisedinSales.Culturedoesnotreceiveashareofearningsfromentrancefeesandis,viewedinisolation,aloss-makingsegment.Food&BeverageoperatesTivoli’sownrestaurantswhereasHighEndoperatestheHouseofNimbandGemyse.IncomefromtenantedrestaurantsisallocatedtoEntepriseRental.Depreciation,amortisationandfinancialexpensesarenotallocatedontothemainareas.Therefore“Profitbeforedepreciation,amortisationandimpairment”hasbeenchosenasaperformancemeasureinthesegmentreporting.Similarly,thebalancesheethasnotbeenbrokendownonmainareasandthereforetotalassetspermainareaarenotpresented.
Not allocated comprisesadministrativefunctionsaswellasoperationandmaintenanceoftheGardens.Thesefunctionshavenobusinessactivitiesandgenerateonlyverylimitedrevenue. In2019”notallocated”includesroyaltyincome,invoicingofarchitects,cleaningandrenovation.
Not allocated comprisesadministrativefunctionsaswellasoperationandmaintenanceoftheGardens.Thesefunctionshavenobusinessactivitiesandgenerateonlyverylimitedrevenue. In2018”notallocated”includesroyaltyincome,invoicingofarchitects,cleaningandrenovation.
NOTES
SEGMENT REPORTING 2019 Games &Casino
Food & Beverage
EnterpriseRental Sales Culture Total
Not allocated TotalGROUP High-End
Netrevenue 57.7 147.0 178.2 83.1 496.7 58.6 1,021.3 30.0 1,051.3
Total revenue 57.7 147.0 178.2 83.1 496.7 58.6 1,021.3 30.0 1,051.3
EBITDA 16.6 22.8 36.0 79.6 393.7 -48.2 500.5 -295.2 205.3
Depreciation,amortisationandimpairment -119.6 -119.6
Shareofprofitfrominvestments 0.2 0.2
Netfinancials -11.3 -11.3
Specialitems 134.5 134.5
Resultat før skat 209.1
SEGMENT REPORTING 2018 Games &Casino
Food & Beverage
EnterpriseRental Sales Culture Total
Not allocated TotalGROUP High-End
Revenue 71.6 149.6 162.5 83.0 486.5 79.3 1,032.5 26.3 1,058.8
Total revenue 71.6 149.6 162.5 83.0 486.5 79.3 1,032.5 26.3 1,058.8
EBITDA 15.3 23.0 30.7 79.9 401.6 -44.6 505.9 -283.8 222.1
Depreciation,amortisationandimpairment -91.0 -91.0
Netfinancials -10.5 -10.5
Resultat før skat 120.6
§3 SEGMENT REPORTING
Tivoli A/SVesterbrogade3
DK-1630CopenhagenV
