ANNUAL REPORT 2013 Tivoli A/S • CVR No 10404916 • Chairperson Mette Valentin • Adopted on 30 April 2014 ❖ TIVOLI ANNUAL REPORT 2013 ❖ ❖ ÅRETS GANG I TIVOLI Pierrot (here Allan Clausen) is one of the great Tivoli icons ❖ CONTENTS 3 Chairman’s Report 13 2013 in Retrospect for Tivoli 4 Financial Highlights 31 Financial Statements 6 Management’s Statement and 45 Notes Independent Auditor’s Report 62 Tivoli’s Sponsors 8 Board of Directors, Executive Board and Senior Management 63 Colophon Team of Tivoli 2 ❖ CHAIRMAN’S REPORT ❖ ❖ ÅRETS GANG I TIVOLI CHAIRMAN’S REPORT 2013 saw an expansion of Tivoli in several ways. The The profit before tax of DKK 42.6 million for the year novelty of the summer season was the 1,200-square- is considered satisfactory. The revenue increase is not metre amusement area at The Merry Corner whose merely explained by the higher attendance figures but visitor area was extended by 600 square metres net by also by increased consumption per visitor. annexing existing office and yard areas. The new area is inspired by Danish astronomer Tycho Brahe and the In 2013 we celebrated the 170-year anniversary Renaissance period and offers two brand new rides, of Tivoli’s foundation, marvelling once again at The Star Tower and Aquila, as well as a conversion the viability of Georg Carstensen’s fanciful idea of of The Little Pilot ride, redesigned and reintroduced creating an attraction for the masses with a broad under the name The Little Dragon. range of amusements, restaurants and cultural activities in beautiful and fabulous settings. It was The other expansion consisted in Tivoli, for the first Mr Carstensen who said that Tivoli will, so to speak, time ever, opening up its gates on 31 December at 11 never be finished. History does indeed show how am as on any other day, thus extending Christmas in innovation creates progress, whereas maintaining the CONTENTS Tivoli by one day. The initiative was successful and status quo leads to declining attendance figures and attracted 24,000 visitors, which corresponds to a well- thus less opportunities of creating new activities. No attended day in the summer peak season. progress without talented employees with ideas and drive. We therefore owe a great thanks to our existing Both of these expansions exemplify how the – now and former employees who contributed through their 170-year-old – amusement park manages to innovate committed efforts on behalf of Tivoli. within the existing framework defined by its location as well as historical and conceptual considerations; Innovation which is essential to Tivoli remaining attractive. Attendance figures in 2013 do indeed bear evidence of Tivoli’s attraction: In spite of a very cold spring, Tivoli was visited by more people in the summer season than last year, Halloween at Tivoli maintained its record-high attendance figures from 2012 and Christmas in Tivoli saw the best season since 2005. Total attendance figures for the year aggregated 4.2 million Jørgen Tandrup visitors, which is the best attendance since 2004. Chairman of the Board of Directors 3 ❖ TIVOLI ANNUAL REPORT 2013 ❖ ❖ FINANCIAL HIGHLIGHTS HIGHLIGHTS FOR 2013 OUTLOOK FOR 2014 • Tivoli’s attendance figures reached 2,801,000 in the The weather and other external factors may have 2013 summer season, 417,000 for Halloween and great impact on Tivoli’s business and thus the devel- 982,000 for Christmas in Tivoli. opment in profit for the year. • Total attendance figures aggregated 4,200,000 in Revenue and profit before tax for 2014 are expected to 2013 compared to 4,033,000 in 2012, corresponding be at the 2013 level. to a 4% increase. SUBSEQUENT EVENTS • The Company’s revenue amounted to DKK 735.9 No significant events have occurred after the balance million compared to DKK 708.3 million in 2012. sheet date. • Profit before tax amounted to DKK 42.6 million compared to DKK 41.7 million in 2012. • For the consideration at the Annual General Meeting, the Board of Directors recommend a dividend pay out of 25% of profits after tax for the year. This is equilavent of DKK 9.2 million. 4 ❖ FINANCIAL HIGHLIGHTS ❖ FINANCIAL HIGHLIGHTS DKK million 2013 2012 2011 2010 2009 FIVE YEARS' KEY FIGURES Revenue incl tenants and lessees 1,144.8 1,124.9 1,061.4 1,030.3 997.1 Revenue 735.9 708.3 673.9 622.2 622.4 Net revenue 697.0 663.2 645.2 580.5 574.8 Expenses before depreciation. 610.6 582.3 564.9 538.5 528.5 amortisation and impairment Earnings before interest, tax, 125.3 126.0 109.0 83.7 93.9 depreciation and amortisation Depreciation, amortisation and impairment 80.9 78.8 68.2 66.2 61.9 Earnings before interest and tax (EBIT) 44.4 47.2 40.8 17.5 32.0 Net financials -1.8 -5.5 -7.3 -8.3 -11.0 Profit before tax 42.6 41.7 33.5 9.2 21.0 Profit for the year 37.0 31.4 24.5 6.0 15.7 Comprehensive income for the year 41.9 29.4 17.5 4.3 15.9 Non-current assets 901.0 874.3 864.2 864.8 872.4 Current assets 115.8 112.0 92.6 77.3 68.1 Total assets 1,016.8 986.3 956.8 942.1 940.5 Share capital 57.2 57.2 57.2 57.2 57.2 Equity 661.8 627.7 604.4 588.4 588.0 Non-current liabilities 96.9 101.9 99.9 100.4 109.2 Current liabilities 258.1 256.7 252.5 253.3 243.3 Invested capital 798.0 807.2 768.7 798.3 795.7 Investment in property, plant and equipment 105.2 84.9 67.2 67.1 63.8 Cash flows from operating activities 162.1 95.8 117.0 58.0 72.7 Cash flows from investing activities -107.5 -88.9 -67.2 -58.3 -62.7 Hereof invested in property, plant and equipment -102.5 -84.5 -67.2 -58.3 -63.8 Cash flows from financing activities -44.4 -4.9 -47.0 2.4 -19.5 Total cash flows 10.2 2.0 2.8 2.1 -9.5 FIVE YEARS' RATIOS EBIT margin 6% 7% 6% 3% 6% Solvency ratio 65% 64% 63% 62% 63% Return on equity (ROE) 6% 5% 4% 1% 3% Earnings in DKK, per share of DKK 100 (EPS) 64.7 54.9 42.9 10.5 27.5 Dividend in DKK, per share of DKK 100 16.2 13.7 10.6 2.6 6.9 Share price in DKK, end of year 2,976 2,929 2,980 3,251 3,239 Number of employees 716 711 685 683 782 5 ❖ TIVOLI ANNUAL REPORT 2013 ❖ ❖ MANAGEMENT’S STATEMENT The Board of Directors and the Executive Board have December 2013 and of the results of the Company today considered and adopted the Annual Report of operations and cash flows for the financial year 1 Tivoli A/S for 2013. January – 31 December 2013. The Annual Report was prepared in accordance with Moreover, in our opinion, Management’s Review International Financial Reporting Standards as includes a true and fair account of the development in adopted by the EU and additional Danish disclosure the operations and financial circumstances of the requirements for annual reports of listed companies. Company, of the results for the year and of the financial position of the Company as well as a In our opinion, the Financial Statements give a true description of the most significant risks and elements and fair view of the Company’s financial position at 31 of uncertainty facing the Company. WE RECOMMEND THAT THE ANNUAL REPORT BE ADOPTED AT THE ANNUAL GENERAL MEETING Copenhagen, 19 March 2014 Executive Board: Lars Liebst Claus Dyhr CEO CFO Board of Directors: Jørgen Tandrup Mads Lebech Ulla Brockenhuus-Schack Chairman Deputy Chairman Tommy Pedersen John Høegh Berthelsen Maria Fergadis 6 ❖ STATEMENT ❖ INDEPENDENT AUDITOR’S MANAGEMENT’S STATEMENT REPORT TO THE SHAREHOLDERS OF TIVOLI A/S and fair view in order to design audit procedures REPORT ON FINANCIAL STATEMENTS that are appropriate in the circumstances, but not for We have audited the Financial Statements of Tivoli the purpose of expressing an opinion on the effec- A/S for the financial year 1 January - 31 December tiveness of the Company’s internal control. An audit 2013, pages 40-61, which comprise income statement, also includes evaluating the appropriateness of statement of comprehensive income, balance sheet, accounting policies used and the reasonableness of statement of changes in equity, cash flow statement accounting estimates made by Management, as well and notes including summary of significant account- as evaluating the overall presentation of the ing policies for the Company. The Financial Financial Statements. Statements are prepared in accordance with International Financial Reporting Standards as We believe that the audit evidence we have obtained adopted by the EU and Danish disclosure require- is sufficient and appropriate to provide a basis for our ments for listed companies. audit opinion. MANAGEMENT’S RESPONSIBILITY FOR THE The audit has not resulted in any qualification. FINANCIAL STATEMENTS Management is responsible for the preparation of OPINION Financial Statements that give a true and fair view in In our opinion, the Financial Statements give a true accordance with International Financial Reporting and fair view of the Company’s financial position at Standards as adopted by the EU and Danish disclo- 31 December 2013 and of the results of the Company’s sure requirements for listed companies, and for such operations and cash flows for the financial year 1 internal control as Management determines is January to 31 December 2013 in accordance with necessary to enable the preparation of Financial International Financial Reporting Standards as Statements that are free from material misstatement, adopted by the EU and Danish disclosure require- whether due to fraud or error.