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SUMMARY OF ANNUAL REPORT 2020TIVOLI A/S • VESTERBROGADE 3 • 1630 COPENHAGEN V
VAT 10404916
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4 A word from the chairman
6 Fiveyears’keyfigures
7 Financial Review
11 Shareholder Information
14 Income Statement
15 Cash Flow Statement
16 Balance Sheet
18 Statementofchangesinequity
20 Notes
Content
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“The ability to adapt is part of
Tivoli’s DNA”
13March2020willgodownasoneofthemostepochaldatesinthehistoryofTivoli.TheBoardofDirectorsmetandapproved theannualreportfor2019,showingthebestresultsever.Onthesameday,mostofDenmarkhadbeenlockeddown,asannouncedbythePrimeMinisteratapressconferenceontheeveningof11March.
TheboardmeetingbecamethefirstofmanyvirtualmeetingsbecauseitwasalreadyobvioustoeveryonethenthatsocialdistancingandminimisationofphysicalcontactwouldbecomecrucialtopreventCOVID-19fromspreading.
Althoughnoonecouldpredictthefutureandtheopeningofthesummerseasonwasstillweeksaway,theBoardofDirectorsagreedthatthepandemiccouldseriouslyaffectTivoli’sbusinessandlastlongerthanthoughtatfirst.Unfortunately,thisturnedouttobetrue.Onthesegrounds, acrucialdecisioninprinciplewasmade,whichlaterwouldbecomeTivoli’smostvitalmarkertosteerbyin2020.Thesafetyofemployeesandvisitorswouldbethenumberoneprioritywhilekeepingthevisitorexperienceandmagicintact.ThiskeymarkerwassteeredbyinthethreeseasonsthatfolloweduntilTivolidecidedtocloseon9DecemberbecausethetotalamountofrestrictionsatthetimedefactoforcedTivoli to close.
2020becameoneofthebleakestyearseverforTivoli.YoupracticallyhavetogobacktotheSchalburtagduringtheGermanoccupationtofindasimilarsetback.ButasinthosedayswhenTivoliroselikeaPhoenixfromitsashesandreopenedtovisitorsinaprovisionalcamptwoweekslater,Tivoli also showed in 2020 that a key element of its DNA is the abilitytoadaptandrenewitself,eveninstrongwinds.
A WORD FROM THE CHAIRMAN
A WORD FROM THE CHAIRMAN
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TomKnutzenChairman of the board
Theexamplesaremany.WhentheFridayRockconcertscouldnottakeplace,theOpenAirStagehostednewandupcomingbands,whowereotherwisereferredtothesmallstagebehindtheOrangery.Although500seatedvisitorswereonlyallowedattheseconcerts,thenewbandsenergisedthemusicandshowedthattheywereabletocreateanatmosphereworthyoftheOpenAirStage.Thesamewithclassicalmusic.AlthoughtheTivoliSummerClassicconcertscouldnottakeplaceattheHalls,thesymphonyorchestraseparatedintosmallerensemblesandplayedaroundtheGardensandattheGlassHallTheatreaspartofanewumbrellafestivalcalled“TheStjernestunderFestival”.
Thatgoesfortheridesaswell.Thephysicalwaitinglinewaschangedtoavirtualoneonthemobile,wheretheTivoliAppwasusedforqueuingfortherides,andyouonlywalkedtotheridewhenyouwerenext.Byhandingoutfreefacemaskstoeveryone,thusincreasingcapacity,Tivolisecuredthesafetyofitsvisitorsintheattempttogiveasmanyofthemaspossibleathrillfromthefastrides.
ThevisitorsrepaidTivoli’sprecautionsbyrespondingaspositivelyinthesatisfactionsurveysastheydidtheyearbefore.94%wereeithersatisfiedorverysatisfied.95%wouldrecommendTivolitoothers.Totopitalloff,88%saidthattheyhadhadasafeandsecureexperiencewhilevisitingTivoliandonlyabout1%repliedtolessornoextent.
Ontheotherhand,itwasatoughstruggletoreachasatisfactorylevelofvisitorswhentheoddswerenotgreat.TheforeigntouristsstayedawayfromCopenhagen.Thesix-dayruleandtheCopenhagenbanmeantthatthecapitalhotelswereemptyallsummer.TheDanishgovernment’ssummerpackagesuddenlymadethecompetitionmuch
tougherforTivolibysayingthatmanyotherattractionswerehalfpricewithgovernmentsupport.
ThedeclineinrevenuemeantthatTivolihadtoimplementseverecost-cuttingmeasuresinvolvingthedismissalof233employees.Thefinancialsupportpackagesbythegovernmentcouldalleviatesomeofitbutfarfromallofit.Tivolicarriedoutthisdecisiontoprepareitselfforrecovery.TheTivolibrandhasnotsufferedanydamage.WiththegoodyearsandthetransferoftheTivoliCasino.dkoperations,Tivolihasbeenluckytohavebuiltacertainamountofresilience.ThatiswhyTivoliwillreturnatfullspeed.
The2020figuresspeakforthemselves.TivoliendedtheyearwithalossbeforetaxofDKK185million.
In2020,itwasamatteroftakinggoodcareofTivoli,andManagementandtheemployeesonceagainshowedthattheymasteredthechallenge,eventhroughadversity.Undergreatpressure,theysmiledthesamesmilesandprovidedthesameserviceforwhichtheyareworld-famous.OnbehalfoftheentireBoardofDirectors,Iwouldliketoexpressmysincerethanks to everyone.
Thefuturestillseemsbleakrightnow,butthevaccinesbringhopeand,afterall,shinelikeabeaconinthedarknessoftheCOVID-19pandemic.IdonotdoubtthatTivoliwillgetbackonitsfeet.TheGardenshavesurvivedcountlesscrisesfor177years.Wewillsurvivethisone,too.
A WORD FROM THE CHAIRMAN
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Financial Performance 2020
CASH FLOWS FROM OPERATING ACTIVITIESDKKm
-120.8 164%
2020
2019
2018
2017
2016
-120.8
189.4
184.5
188.8
160.1
EBITDADKKm
-41.8 120%
2020
2019
2018
2017
2016
-41.8
205.3
222.1
189.3
187.2
PROFIT BEFORE TAXDKKm
-185.1 189%
2020
2019
2018
2017
2016
-185.1
209.1
120.6
100.5
96.3
2020
2019
2018
2017
2016
477.7
1,051,3
1,058.8
938.5
939.0
REVENUEDKKm
477.7 55%
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FIVE YEARS’ KEY FIGURES
FIVE YEARS’ KEY FIGURES 2020 2019 2018 2017 2016
DKKm
Revenueincl.tenantsandlessees 623.3 1,487.8 1,508.1 1,283.8 1,294.0
Netrevenue 477.7 1,051.3 1,058.8 938.5 939.0
Expensesbeforedepreciation,amortisationandimpairment -706.8 -846.0 -836.7 -749.2 -751.8
Otheroperatingincome 187.3 0.0 0.0 0.0 0.0
Earningsbeforeinterest,tax,depreciationandamortisation(EBITDA) -41.8 205.3 222.1 189.3 187.2
Depreciation,amortisationandimpairment -133.2 -119.6 -91.0 -84.6 -87.2
Earningsbeforeinterestandtax(EBIT) -175.0 85.7 131.1 104.7 100.0
Netfinancials -10.3 -11.3 -10.5 -4.2 -3.7
Shareofprofitfrominvestments 0.2 0.2 0.0 0.0 0.0
Specialitems 0.0 134.5 0.0 0.0 0.0
Profitbeforetax -185.1 209.1 120.6 100.5 96.3
Profit for the year -142.9 167.4 94.2 78.5 75.3
Comprehensive income for the year -146.9 153.0 93.3 79.9 69.2
Non-currentassets 1,532.2 1,558.1 1,423.7 1,335.6 1,096.7
Currentassets 206.9 259.4 181.3 212.6 93.3
Total assets 1,739.1 1,817.5 1,605.0 1,548.2 1,190.0
Sharecapital 57.2 57.2 57.2 57.2 57.2
Equity 902.9 1,049.8 920.4 846.7 785.6
Non-currentliabilities 436.2 428.4 399.5 412.5 80.3
Currentliabilities 400.0 339.3 285.1 289.0 324.1
Investedcapital 1,422.2 1,323.0 1,250.2 1,192.4 997.6
Investmentinproperty,plantandequipment 79.9 163.3 131.8 309.8 279.1
Cashfromoperatingactivities -120.8 189.4 184.5 188.8 160.1
Cashflowfrominvestingactivities -82.6 -49.9 -179.1 -323.5 -279.1
Hereofinvestedinproperty,plantandequipment -79.9 -163.3 -131.8 -309.8 -279.1
Cashflowfromfinancingactivities 50.2 -53.8 -43.4 243.8 69.0
Total cash flows -153.2 85.7 38.0 109.1 -50.0
FIVE YEARS’ RATIOS 2020 2019 2018 2017 2016
EBITmargin -37% 8% 12% 10% 11%
Solvency ratio 52% 58% 57% 55% 66%
Returnonequity(ROE) -15% 17% 11% 11% 10%
EarningsinDKKPershare(EPS) -25.0 29.3 16.5 13.7 13.2
DividendinDKKpershare 0.0 0.0 4.1 3.4 3.3
HarepriceinDKK,endofyear 726 700 632 590 441
Numberofemployees 903* 971 960 885 868
* Numberofemployeesiscalculatedasanaverageovertheyear.Inthesummerof2020,Tivolireduceditslaborcostsbyapprox.20%.Duetothecalculationmethodused,thisreductionhasnotbeenfully implementedthroughinnumberofemployeesin2020.
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Throughoutmostof2020,theCOVID-19crisismassivelyinfluen cedtheframeworkconditionsgoverningtheactivitiesofTivoli.Thebansongatherings,thegenerallyfewertouristsinCopen- hagenandthemanyinvitationstothepopulationtopractisesocialdistancinghave,toagreatextent,negativelyaffectedTivoli’sactivitylevel–whileatthesametime,theCOVID-19pandemicalsoincreasedsafetycostsandhygienemeasures.
ThemanyrestrictionsmeantthatTivolicouldnotopentheSummerinTivoliseasonuntilearlyJune.ItalsohadtoclosetheChristmasinTivoliseasonatthebeginningofDecember, entailingthatTivoliwasopenfor199daysin2020comparedto 270daysin2019.Onthoseopeningdays,Tivolihadtoreduceits visitorcapacityandcancelseveralordinaryactivities,suchasFridayRockconcertsandperformancesattheHallsduetothebansongatherings.InadditiontothemanyrestrictionsintheGardens,Tivolihadbeenwithouttouristsduringtheentireyear, typicallyaccountingforaboutonethirdofitsvisitors,partlyduetothesix-dayruleinthesummerandtravelrestrictions.
Theabovecircumstancesarethemainreasonsforthelownumberofvisitors,whichwas1,628,000in2020,i.e.64%
lowerthanin2019,whenthenumberofvisitorswas4,581,000.Thenumberofvisitorsfor2020reached208,000visitorsforthewinterseason,854,000visitorsforthesummerseason,278,000visitorsforHalloween,257,000visitorsforChristmas,and31,000visitorsforoff-seasonperiods.
Consolidatedrevenuefor2020amountstoDKK477.7millioncomparedtoDKK1,051.3millionfor2019(down55%).RevenueisconsiderablylowerthanlastyearduetotheCOVID-19pandemic;pleaseseethecommentsabove.
StaffexpensesandotherexternalexpensesaggregateDKK706.8millioncomparedtoDKK846.0millionin2019(down16%). Thelowercostlevelisduetoloweractivity,includingfeweropeningdays.Includedinstaffcostsaresalariesforrepatriatedemployees,whereTivolihasreceivedsalarycompensation(includedinotheroperatingincome).Toadaptthecostleveltothelowerlevelofactivity,Tivolireduceditspayrollcostsbyapproximately20%.Thelowerpayrollcostsareoffsetbyincreasedcostsforsafety,facemasks,handsanitizer,cleaning,and termination costs.
OtheroperatingincomeamountstoDKK187.3millionfor2020comparedtoDKK0.0millionfor2019.Otheroperatingincomefor2020relatestofixedcostcompensationofDKK117.1million,payrollreimbursementofDKK63.2million,andcompensationforcancelledeventsofDKK7.0millionpaidbytheDanishgovernment.
Earningsbeforeinterest,tax,depreciationandamortisation(EBITDA)for2020arenegativebyDKK41.8millioncomparedtoDKK205.3millionfor2019(down120%).Depreciation,amortisationandimpairmentamounttoDKK133.2millionfor2020comparedtoDKK119.6millionfor2019(up11%).Theincreaseindepreciation,amortisationandimpairmentisduetotheimpairmentlossesontheTivoliHouseandseveralscrappedandlargeinvestmentsduring2019(full-yeareffectin2020).
NetfinancialsshowatotalexpenseofDKK10.3millionfor 2020comparedtoDKK11.3millionfor2019.SpecialitemsamounttoDKK0.0millionfor2020comparedtoDKK134.5millionfor2019.Specialitemsfor2019relatedtotheprofitrealised in connection with the transfer of the TivoliCasino.dk operationstoDanskeSpilat31August2019.
Reportedlossbeforetaxfor2020amountstoDKK185.1millioncomparedtoaprofitofDKK209.1millionfor2019.Adjustedforspecialitems,includingtransferoftheTivoliCasino.dkoperations,restructuringandterminationcosts,andimpairment,thentheresultsbeforetaxareDKK253.7millionlowerthanlastyear.ThislowerfinancialperformanceistheresultoftheCOVID-19pandemicasspecifiedabove.TaxonthelossfortheyearamountstoanincomeofDKK42.2millionfor2020comparedtoacostofDKK41.7millionfor2019.Theeffectivetaxrateis22.8%for2020against19.9%for2019.Thetaxratefor2019wasaffectedbyadjustmentsrelatingtoprioryears.
Financial review
4. quarter 499,000 visitors
2. quarter 146,000 visitors
3. quarter 691,000 visitors
1. quarter 292,000 visitors
1,628,000 Visitors in Tivoli in 2020
FINANCIAL REVIEW
8
Lossaftertaxfor2020amountstoDKK142.9millioncomparedtoaprofitofDKK167.4millionfor2019(down185%).Lossbefore taxofDKK185.1millionisinlinewiththeexpectedlevelannoun- cedintheStockExchangeAnnouncementof9December2020,whichwasalossbeforetaxatthelevelofDKK185million.
Investmentsinintangibleassetsandproperty,plantandequipmentfor2020amounttoDKK83.0millioncomparedtoDKK184.4millionfor2019.Theinvestmentlevelwaslowerthanin2019,ayearinwhichthelevelwasextremelyhigh,mainlyduetoseveralinvestmentsinnewrides.Theinvest-mentlevelfor2020wasslightlylowerthanthenormalinvestmentlevelofTivoli,whichhashistoricallybeenonthelow side of DKK 100 million.
TheGroup’sassetsamounttoDKK1,739.1millionat31December 2020comparedtoDKK1,817.5millionat31December2019.Thedecreaseismainlyduetoadecreaseincashandcashequivalents asaconsequenceoftheCOVID-19pandemic.EquityamountstoDKK902.9millionat31December2020comparedtoDKK1,049.8millionat31December2019.Thedecreaseisattribut-abletothelossfortheyearandothercomprehensiveincome ofanegativeDKK4.0millionrelatingtothevalueadjustmentofhedginginstruments.Theequityshareofthebalancesheettotal(solvencyratio)represents52%,whichislowerthanthe31December2019figure(58%).Pleaserefertonote27tothefinancialstatementsforadescriptionoffinancialrisks.
AsaresultoftheCOVID-19crisis,Tivolidecidedtocanceltheoriginallyplanneddistributionofdividendatthebeginningof2020tostrengthenitscapitalresources.Tivoliwillnotbeabletopayadividendforthefinancialyears2020and2021assuchdividendpaymentisnotallowedaccordingtotheDanishExecutiveOrderonFixedCostCompensationwhenmorethanDKK60millionhasbeenreceivedincompensationforfixedcosts,whichisthecaseforTivoli.
Tivoli segmentsThedeclineinrevenueandprofitforallsegmentsisprimarilyduetocorona,includingthefewerguestsintheGardens.
Games&CasinorecordedrevenueofDKK18.6millionfor2020,whichisa68%decreaseon2019.Earningsbeforeinterest,tax,depreciationandamortisation(EBITDA)amounttoDKK4.4millionfor2020,whichisa73%decreaseon2019.ThelowerrevenueismainlyduetothetransferoftheTivoliCasino.dkoperationstoDanskeSpilin2019andaloweractivitylevelforothergamingactivities.AdjustedforthetransferoftheTivoliCasino.dkoperationsin2019,the2020EBITDAisDKK3.2millionlowerthanthatof2019.
Food&BeveragerecordedrevenueofDKK52.0millionfor2020,whichisa65%decreaseon2019.Earningsbeforeinterest,tax,depreciationandamortisation(EBITDA)arenegativebyDKK11.5millionfor2020,whichisa150%decreaseon2019.
High-EndrecordedrevenueofDKK83.9million,whichisa53%decreaseon2019.Earningsbeforeinterest,tax,depreciationandamortisation(EBITDA)arenegativebyDKK21.2millionfor2020,whichisa159%decreaseon2019.
EnterpriseRetailrecordedrevenueofDKK43.1millionfor2020,whichisa48%decreaseon2019.Earningsbeforeinterest,tax,depreciationandamortisation(EBITDA)amounttoDKK36.4million for2020,whichisa54%decreaseon2019.ThelowerlevelofactivityandthelowerEBITDAareduetotheCOVID-19pandemic.
SalesrecordedrevenueofDKK248.3millionfor2020,whichisa50%decreaseon2019.Earningsbeforeinterest,tax,depreciation andamortisation(EBITDA)amounttoDKK159.5millionfor2020,whichisa59%decreaseon2019.
CulturerecordedrevenueofDKK20.7millionfor2020,whichisa65%decreaseon2019.Earningsbeforeinterest,tax,depreciation andamortisation(EBITDA)arenegativebyDKK26.5millionfor2020,whichisa45%increaseon2019.ThelowerrevenueisduetocancelledperformancesattheHallsasaresultofthebanongatherings.ThehigherEBITDAisduetolowercostsinconse-quenceofcancelledperformancesandlimitedculturaloffersintheGardensbecauseofthecoronarestrictions,includingthecancelledFridayRockconcertsin2020,amongotherthings.ThereasonforthenegativefinancialperformanceofCultureisthat
activitiessuchastheTivoliYouthGuardBandareloss-makingandthatCulturecontributestoactivitiesfromwhichothersegmentsbenefit.
Outlook for 2021Thecoronapandemicandtheassociatedrestrictionsareofvital importancefortheframeworkconditionsoftheTivolibusiness,includingthepossibilityofopeningTivoli’sactivitiesandthelevelofactivity,astheyaffectthenumberofforeigntouristsinCopenhagen,theopportunitytogather(quathebanongatherings) andtheDanishpopulation’sdesireforsocialcontact.
Tivoliexpectsthattheframeworkconditionsin2021willcontinuetobesignificantlyaffectedbythecoronapandemic,althoughthevaccinationprogramisnowunderway.In2021,Tivolihaspreparedanactivitycalendar,whichcontainsanincreasinglevelofactivity,inlinewithimprovingframeworkconditionsandeasingrestrictions.
ThelevelofactivityandTivoli’sresultsbeforetaxfor2021aresubjecttoveryhighuncertainty,asitisdifficulttopredictduetotheextraordinarysituation.
Theoutlookfor2021presupposethattheGardenscanbeopenedonMarch27,andthattherestrictionsarecontinuouslyreduced,meaningthatTivoliinthespringof2021isabletoopenrestaurantsandtheculturalscenesintheGardens.Inaddition,itisassumedthatmorepeoplegetvaccinated,whiletouristsreturntoCopenhagenandtheDanishpopulation’sdesireforsocialcontactiscontinuallyincreased.
TivoliexpectsrevenueatthelevelofDKK600-700millionfor2021,whichisapproximately40%belowitsnormalhistoricallevel,andalossbeforetaxaroundDKK75-100million.Theexpectationsfor2021arethusasignificantimprovementinearningscomparedto2020andanimportantsteptowardsgettingTivoli’sbusinessrestored.
Subsequent eventsApartfromtheabove,nomaterialeventshaveoccurredafterthebalancesheetdate.
FINANCIAL REVIEW
9
TOTAL REVENUE
REVENUE INCL. TENANTS AND LESSEES: 623.3 DKKm
477.7 DKKm100%
High End operatesanexclusive5-starboutiquehotel(NimbHotel)
with38rooms,NimbClubwithfitness,poolandspa,aswellas12restaurantsandoutletsundertheNimbbrand. ThelatestadditionsbeingCrémebyNimb;acafeonVesterbrogade.
18%
Salesincludesallentrance-,rides-andTivolicardincomeaswellassponsorshipincomeandincomefromtheTivoliBusinessClub.
52%
Games & CasinorunsallofTivoli’sowngamesintheGardensandinclude royaltyfromDanskeSpilfromTivoliCasino.dk aftertheoperationswastransferredin2019.
4%
SEGMENTS IN TIVOLI
10
SEGMENTS IN TIVOLI
Food & BeverageoperatesTivoli’sown30restaurantsandoutlets,withtheexceptionof12placesoperatedbytheHigh-End(Nimb).Therestaurantsinclude
Mazzolis,wagamama,fastfoodoutletsandbarsforFridayRock.
11%
Cultureconductsconcertsandshows,activitiesinTheHalls,(bothself-producedandrentals),Pantomime
Theater,Tivoli-GardenandTivoliBalletSchool.
4%
Enterprise RentalincludesTivolitenantsofstalls,shopsand11restaurants,bothseasonaland
full-yearbusinesses,suchasAHerefordBeefstouw, Sticks’n’SushiandTivoliFoodHall.
9%
Unallocatedincludesroyaltiesaswellasinvoicingofarchitects,
cleaningandrenovation. 2%
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Shareholderinformation
TivoliA/SislistedonNasdaqOMXCopenhagen.At31December2020,thesharecapitalamountedtoDKK57.2milliondistributedon5,716,660sharesofDKK10.EachshareamountofDKK10.At31December2020,themarketpriceof726correspondstoamarketcapitalisationofDKK4.2billion.At31December2019,themarketpriceof700correspondedtoamarketcapitalisationofDKK4.0billion.
TheoverallobjectofTivoliA/Sistorunanentertainmentbusiness,partlyinlinewiththeTivolitraditionsandpartlytakingintoaccountthedevelopmentoftheentertainmentindustry.Inadditiontobeinganentertainmentbusiness,TivoliA/Sprotectsandmanagesits177-year-oldculturalheritagethroughawiderangeofall-roundculturaloffersforitsvisitors.
Share price developmentThefollowingchartshowsthesharepricedevelopmentintheperiodfrom31December2014to 31December2020comparedwiththeOMXC25.ShareholderswithashareholdingregisteredtotheirnamewithanominalvalueofatleastDKK100receiveaPasstoTivoli.ThePassentitlestheholderandonecompaniontofreeadmissiontoTivoliinallTivoliseasons.TheentitlementtoaPassisdecideduponbytheBoardofDirectorsforoneyearatatime.TheBoardofDirectorsregularlyassessestheGroup’scapitalandsharestructure.ThesharestructurecomprisessolelyAshares,andtherearenoplansofchangingthisstructure.Moreover,theexistingcapitalstructure isconsideredadequateforthecurrentbusinessfoundation.
Dividend policy and dividendsAsaresultoftheCoronacrisis,TivolihasreceivedfixedcostcompensationformorethanDKK60millionin2020,thismeansthatTivolimaynotdistributedividendsonthebasisoffinancialyears2020and2021(seefurtherdescriptiononpage9).
Innormalyears,theBoardofDirectorshasestablishedageneralpolicyforthepaymentofdividends.Itistheintentionthatinnormalinvestmentyearsadividendispaid,correspondingto25%oftheprofitfortheyearaftertaxes.Intheyearswhentheinvestmentswillbeparticularlylarge,orotherconditionsapplyasin2020,theboardofdirectorscandecidethatthedividenddeviatesfromthepolicy.
Tivoli A/S share price developement compared with the OMXC25 Tivoli OMXC25
TivoliA/S’profitaftertaxfor2020amountedtoDKK-142.9millioncomparedtoDKK167.4millionin2019.Duetodividendlimitationduetocompensationreceivedforfixedcostsandasaresultofthenegativeresult,nodistributionofdividendsisrecommendedatthegeneralmeeting.
ShareholdersAt31December2020,Tivolihad20,825registeredshareholders.AccordingtotheGroup’sregisterofshareholders,shareholdingsinexcessof5%breakdownasfollows:-SkandinaviskHoldingA/S,Copenhagen,Denmark31.8%-Chr.AugustinusFabrikkerAktieselskab,Copenhagen,Denmark25.4%-ClearstreamBankingASNominee5.0%
Investorrelations(IR)Tivoliaimstomeetthestockexchange’sdisclosureobligations.StockexchangenoticesarethereforesubmittedcorrectandtimelytotheStockExchangeandpublishedatthesametimeatwww.tivoli.dk/en/om/virksomheden.Furthercompanyinformationandallpublishedcompanyannouncementscanalsobefoundhere.InquiriesregardingrelationswithinvestorsandthestockmarketcanbedirectedtotheIRresponsible:GitteMøberge-mail:[email protected].
SHAREHOLDERINFORMATION
100
600
700
800
900
31.12.2015 31.12.202031.12.201931.12.201831.12.201731.12.2016
500
400
300
200
12
SHARE AND DIVIDEND RATIOS 2020 2019 2018 2017 2016
Averagenumberofshares(‘000) 5,716.7 5,716.7 5,716.7 5,716.7 5,716.7
EarningsinDKK,pershare(EPS) -25.0 29.3 16.5 13.7 13.2
CashflowsfromoperatingactivitiesinDKKpershare(CFPS) -21.1 33.1 32.3 33.1 28.0
NetassetvalueinDKKpershare,endofyear 158 184 161 148 137
SharepriceinDKK,endofyear 726 700 632 590 441
DividendinDKK,pershare 0.0 0.0 4.1 3.4 3.3
%Payoutratio 0% 0% 25% 25% 25%
Price/earningsration(PE) -29 24 38 43 33
PriceCashFlow(PCF) -34 21 20 18 16
Price/netassetvalue(P/NAV) 4.6 3.8 3.9 4.0 3.2
SHAREHOLDERINFORMATION
13 ForårpåNimb
14
INCOME STATEMENT
INCOME STATEMENT 1 JANUARY - 31 DECEMBER GROUP PARENT COMPANY
NOTE DKK million 2020 2019 2020 2019
3,4 Netrevenue 477.7 1.051.3 477.7 1.051.3
Revenue 477.7 1.051.3 477.7 1.051.3
5 Otherexternalexpenses -270.9 -364.1 -270.9 -364.1
6 Staffexpenses -435.9 -481.9 -435.9 -481.9
Expenses -706.8 -846.0 -706.8 -846.0
7 Otheroperatingincome 187.3 0.0 187.3 0.0
EBITDA -41.8 205.3 -41.8 205.3
14,15,16 Depreciation,amortisationandimpairment -133.2 -119.6 -133.2 -119.6
EBIT -175.0 85.7 -175.0 85.7
17 Shareofprofitfrominvestments 0.2 0.2 0.2 0.1
8 Financial income 0.3 0.7 0.3 0.7
8 Financialexpenses -10.6 -12.0 -10.6 -12.0
9 Specialitems 0.0 134.5 0.0 134.5
Profit before tax -185.1 209.1 -185.1 209.0
10 Taxonprofitfortheyear 42.2 -41.7 42.2 -41.6
Net profit -142.9 167.4 -142.9 167.4
11 EarningsinDKK,pershare(EPS),DKK -25.0 29.3
GROUP PARENT COMPANY
STATEMENT OF COMPREHENSIVE INCOME 2020 2019 2020 2019
Profit of the year -142.9 167.4 -142.9 167.4
ItemssubsequentlyrecycledtoincomestatementValueadjustments:Valueadjustmenthedginginstruments -5.0 -18.4 -5.0 -18.4
Otheradjustments:Taxonvalueadjustmentshedginginstruments 1.0 4.0 1.0 4.0
Total comprehensive income -146.9 153.0 -146.9 153.0
15
CASH FLOW STATEMENT - 1 JANUARY - 31 DECEMBER GROUP PARENT COMPANY
NOTE DKK million 2020 2019 2020 2019
EBITDA -41.8 205.3 -41.8 205.3
12 Changeinworkingcapital -50.7 35.9 -50.6 35.9
Cashflowsfromoperatingactivitiesbeforefinancialincomeandexpenses -92.5 241.2 -92.4 241.2
Cashflowsfromoperatingactivitiesbeforefinancialincomeandexpenses 0.3 0.7 0.3 0.7
Financialexpenses -10.2 -11.1 -10.2 -11.1
Cashflowsfromoperatingactivitiesbeforetax -102.4 230.8 -102.3 230.8
Corporationtaxpaid -18.4 -41.4 -18.4 -41.4
Cash flows from operating activities -120.8 189.4 -120.7 189.4
Purchaseofsubsidiaryandassociatedcompany -83.0 -184.4 -83.0 -184.4
Dividend received 0.4 0.0 0.0 0.0
Divestment of Tivoli Casino 0.0 134.5 0.0 134.5
Cash flows from investing activities -82.6 -49.9 -83.0 -49.9
13 Repaymentofmortgageloans -23.1 -23.0 -23.1 -23.0
13 Repaymentofleasingdebt -11.7 -7.2 -11.7 -7.2
Intercompanywtihassociatedcompany 85.0 0.0 85.0 0.0
Shareholders:Dividenddistributed 0.0 -23.6 0.0 -23.6
Cash flows from financing activities 50.2 -53.8 50.2 -53.8
Cash flows for the year -153.2 85.7 -153.5 85.7
Cashandcashequivalents,beginningofyear 178.0 92.3 177.6 91.9
Cash and cash equivalents, end of year 24.8 178.0 24.1 177.6
CASH FLOW STATEMENT
16
BALANCE SHEET
BALANCE SHEET AT 31 DECEMBER GROUP PARENT COMPANY
NOTE DKK million 2020 2019 2020 2019
ASSETS14 Rights 0.7 1.2 0.7 1.2
14 Software 29.7 23.6 29.7 23.6
14 Workinprogress 4.6 18.4 4.6 18.4
Intangible assets 35.0 43.2 35.0 43.2
15 Landandbuildings 1,096.3 1,129.3 1,096.3 1,129.3
15 Otherfixturesandfittings,toolsandequipment 276.4 260.5 276.4 260.5
15 Assetsunderconstructionandprepaymentsforproperty,plantandequipment 22.0 34.3 22.0 34.3
Property, plant and equipment 1,394.7 1,424.1 1,394.7 1,424.1
16 Leasingassets 86.0 74.1 86.0 74.1
17 Investmentsinsubsidiaries 0.0 0.0 0.7 0.5
17 Investementinassociatedcompany 16.5 16.7 0.0 0.0
Total non-current assets 1,532.2 1,558.1 1,516.4 1,541.9
19 Finishedgoods 12.2 15.3 12.2 15.3
20 Tradereceivables 9.5 36.6 9.5 36.6
Taxreceivable 65.8 0.0 65.8 0.0
Otherreceivables 83.6 16.6 83.6 16.6
Intercompanywithassociatedcompany 0.0 0.0 16.5 16.5
21 Prepayments 6.1 7.9 6.1 7.9
Deposits 4.9 5.0 4.9 5.0
Cashatbankandinhand 24.8 178.0 24.1 177.6
Total current assets 206.9 259.4 222.7 275.5
Total assets 1,739.1 1,817.5 1,739.1 1,817.4
17
BALANCE SHEET AT 31 DECEMBER GROUP PARENT COMPANY
NOTE DKK million 2020 2019 2020 2019
LIABILITIES AND EQUITY22 Sharecapital 57.2 57.2 57.2 57.2
Reserves 845.7 992.6 845.7 992.6
Proposeddividend 0.0 0.0 0.0 0.0
Total equity 902.9 1,049.8 902.9 1,049.8
23 Mortgageloans 315.4 338.4 315.4 338.4
Leasingdebt 66.2 53.8 66.2 53.8
18 Deferredtaxliabilities 54.6 36.2 54.6 36.2
Total non-current liabilities 436.2 428.4 436.2 428.4
23 Mortgageloans 22.8 22.8 22.8 22.8
23 Leasingdebt 10.6 9.3 10.6 9.3
31 Loanfromaffiliate 85.1 0.0 85.1 0.0
Tradepayables 28.7 35.7 28.7 35.7
Corporationtaxpayable 0.0 14.3 0.0 14.2
24 Otherpayables 170.2 158.4 170.2 158.4
25 Deferred income 82.6 98.8 82.6 98.8
Total current liabilities 400.0 339.3 400.0 339.2
Total liabilities and equity 1,739.1 1,817.5 1,739.1 1,817.4
BALANCE SHEET
18
STATEMENT OF CHANGES IN EQUITY - GROUPRESERVES
DKK million Sharecapital
Hedgetransactions
Retainedearnings
Proposeddividend Total
Equity at 1 January 2019 57.2 -20.2 859.8 23.6 920.4
Changesinequityin2019Profitfortheyear 0.0 0.0 167.4 0.0 167.4
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 -14.4 167.4 0.0 153.0
Dividenddistributed 0.0 0.0 0.0 -23.6 -23.6
Equity at 31 December 2019 57.2 -34.6 1,027.2 0.0 1,049.8
Equity at 1 January 2020 57.2 -34.6 1,027.2 0.0 1,049.8
Changesinequityin2020Profitfortheyear 0.0 0.0 -142.9 0.0 -142.9
Valueadjustmenthedginginstruments 0.0 -5.0 0.0 0.0 -5.0
Taxonvalueadjustmentshedginginstruments 0.0 1.0 0.0 0.0 1.0
Total comprehensive income 0.0 -4.0 -142.9 0.0 -146.9
Dividenddistributed 0.0 0.0 0.0 0.0 0.0
Equity at 31 December 2020 57.2 -38.6 884.3 0.0 902.9
STATEMENT OF CHANGES IN EQUITY
19
RESERVES
DKK million Sharecapital
Hedgetransactions
Developementprojects
Retainedearnings
Proposeddividend Total
Equity at 1 January 2019 57.2 -20.2 17.3 842.5 23.6 920.4
Changesinequityin2019Profitfortheyear 0.0 0.0 0.0 167.4 0.0 167.4
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 4.5 162.9 0.0 153.0
Dividenddistributed 0.0 0.0 0.0 0.0 -23.6 -23.6
Equity at 31 December 2019 57.2 -34.6 21.8 1,005.4 0.0 1,049.8
Equity at 1 January 2020 57.2 -34.6 21.8 1,005.4 0.0 1,049.8
Changesinequityin2020Profitfortheyear 0.0 0.0 0.0 -142.9 0.0 -142.9
Capitalizeddevelopementprojects 0.0 0.0 5.2 -5.2 0.0 0.0
Valueadjustmenthedginginstruments 0.0 -5.0 0.0 0.0 0.0 -5.0
Taxonvalueadjustmentshedginginstruments 0.0 1.0 0.0 0.0 0.0 1.0
Total comprehensive income 0.0 -4.0 5.2 -148.1 0.0 -146.9
Dividenddistributed 0.0 0.0 0.0 0.0 0.0 0.0
Equity at 31 December 2019 57.2 -38.6 27.0 857.3 0.0 902.9
STATEMENT OF CHANGES IN EQUITY
STATEMENT OF CHANGES IN EQUITY - PARENT COMPANY
TivoliA/SisalimitedcompanyregisteredinDenmark.TheAnnualReportofTivoliA/Sfor2020comprisestheConsolidatedFinancialStatementsofTivoliA/Sanditssubsidiaries(theGroup)aswellasseparateParentCompanyFinancialStatements.TheConsolidatedFinancialStatementsandtheParentCompanyFinancialStatementsofTivoliA/Sfor2020arepresentedinaccordancewiththeInternationalFinancialReportingStandardsasissuedbytheIASBandasadoptedbytheEUaswellasadditionalDanishdisclosurerequirementsforannualreportsoflistedcompanies.
NOTE 1 – ACCOUNTING POLICIES
20
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 allocatedcomprisesadministrativefunctionsaswellasoperationandmaintenanceoftheGardens.Thesefunctionshavenobusinessactivitiesandgenerateonlyverylimitedrevenue.In2020”notallocated”includescompensationoffixedcost,royaltyincome,invoicingofarchitects,cleaningandrenovation.
Not allocatedcomprisesadministrativefunctionsaswellasoperationandmaintenanceoftheGardens.Thesefunctionshavenobusinessactivitiesandgenerateonlyverylimitedrevenue.In2019”notallocated”includesroyaltyincome,invoicingofarchitects,cleaningandrenovation
NOTES
SEGMENT REPORTING 2020 Games &Casino
Food & Beverage
Enterprise-Rental Sales Culture Total
Not allocated TotalGROUP High-End
Netrevenue 18.6 52.0 83.9 43.1 248.3 20.7 466.6 11.1 477.7
Total revenue 18.6 52.0 83.9 43.1 248.3 20.7 466.6 11.1 477.7
EBITDA 4.4 -11.5 -21.2 36.4 159.5 -26.5 141.1 -182.9 -41.8
Depreciation,amortisationandimpairment -133.2 -133.2
Netfinancialsandshareofprofitfrominvestments -10.1 -10.1
Profit before tax -185.1
SEGMENT REPORTING 2019 Games &Casino
Food & Beverage
Enterprise-Rental 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
Netfinancialsandshareofprofitfrominvestments -11.1 -11.1
Specialitems 134.5 134.5
Profit before tax 209.1
§3 SEGMENT REPORTING
21
