TIVOLI A/S Vesterbrogade 3 DK-1630 Copenhagen V Summary of Annual Report 2017 Tivoli A/S • VAT 10404916 ❖ TIVOLI SUMMARY ANNUAL REPORT 2017 ❖ ❖ ATIVOLI WORD SUMMARY FROM THE ANNUAL CHAIRMAN REPORT 2017❖ ❖ ”Hjulkøbing” is Christmas in Tivoli’s new theme. ❖ A word from the Chairman In 2017, Tivoli reached a number of milestones in its long Little sun was initiated. The shop will be an online shop, history and is now very well prepared for celebrating its and a physical shop will also open in Tivoli at the Orangery, new scene, etc. 175-year anniversary2017 was marked in 2018. by firewors. The strategy of changing beginning of the summer season. AnotherThe Haunted. example New of in aHalloween 2017. from a seasonal to a year-round business progressed year-round activity is the Tivoli Academy which offers another step with the opening of the Tivoli Corner, which Customer Experience Management courses. truly creates the intended link between Tivoli and the city. What started out as an extension of the original Tivoli A/S recorded revenue of DKK 947.4 million for Tivoli season with initially Christmas,Little Sun Light then Swarm Halloween 2017 compared to DKK 945.2 million for 2016 and and most recently Winter in Tivoli has been supplemented generated a profit before tax for the year of DKK 100.5 by Nimb, wagamama and performances in the Halls and million compared to DKK 96.3 million for 2016. The now the Tivoli Corner in order to reap the full potential results are above the expectations originally announced of Tivoli’s good location. In addition, there are a number and must be considered satisfactory; in particular, of partnerships on using Tivoli's brand, which also the strategy of being a year-round business seems to contributes to the realization of the strategy. be successful seeing that, in a very challenging year weatherwise, Tivoli is reporting its best results ever. ”Hyggehjulet”, chocolate wheel. 485.4 kg is a new Danish record giant pumpkin. 2017 will go down in history as one of the rainiest years in recent times, a year without much sun and with low Internally, many Tivoli eyes have throughout the year average temperatures – not ideal conditions for an been turned towards 2018 and Tivoli’s 175-year attraction with many outdoor activities. Attendance anniversary. That is an impressive age for an experience figures for the summer season were also below expectati- business, and it presents a great opportunity for ❖ ons. However, Halloween and Christmas in Tivoli were celebrating, taking stock, thinking innovatively and well attended. attracting attention. Tivoli’s anniversary celebrations consist of large and small events and initiatives across CONTENTS In November 2017, the Tivoli Corner opened - 14 years business areas and seasons as well as the introduction after the idea about a building on the corner of of a new season called Winter in Tivoli. We want all 3 A word from the chairman Vesterbrogade and Bernstorffsgade was born. The Tivoli attendants to feel that it is a special season, whether Corner houses the Tivoli Food Hall with 16 different they are visiting the Gardens for the first time or are 4 Five years’ key figures eateries, an extension of the Nimb Hotel with 21 new frequent annual card attendants. We are looking back 6 Financial Review rooms overlooking the Gardens, Espresso House, a 175 years, but hopefully also 175 years ahead! The Astronomer, new design and name in 2017. 9 Shareholder information Sticks’n’Sushi restaurant at the top and, finally, the Italian restaurant Vapiano. The Tivoli Corner was 2018 is also the year when I will resign as Chairman and 12 Income Statement designed by Pei Cobb Freed & Partners, and the architec- hand over the reigns to my successor. I will be doing so 13 Cash Flow Statement ture has already won great acclaim, also internationally. confident that Tivoli is a sound and vigorous business 14 Balance Sheet Most likely, enthusiasm will grow even stronger when and thanking Tivoli’s management and employees for a the sun and the warm weather return, and we will be dedicated effort generating good experiences as well as 16 Statement of changes able to put the large terraces into full use. The many new good results. I wish the management and employees the 17 Notes activities consolidate Tivoli as a year-round business. best of luck with the celebration and the continued developement of 175-year-old Tivoli. Moreover, there is a growing portfolio of activities that are independent of the Vesterbrogade address but build The summary for 2017 is prepared for Tivolis English shareholders and on Tivoli’s strengths as an experience business and a other English readers. The summary contains key messages and key figures brand. For example, a working relationship was initiated from the statutory, revised Danish Annual Report 2016 which has been with Normann Copenhagen about a Tivoli design prepared in order to provide an overall view of Tivoli. collection to be launched in the autumn of 2018, and and Jørgen Tandrup This summary is only intended as an aid to the English readers and does the work on Tivoli's own giftshop with unique products, Chairman of the Board of Directors not replace the statutory annual report. Tivoli’s Annual Report is available only in Danish and is available via Tivoli’s website http://www.tivoli.dk/~/ Virtual Reality was added to The Demon. media/files/pdf/aarsrapporter/annualreport2017.pdf?la=da Gemyse, new Urban-Garden restaurant. ”De 39 trin, The Glas Hall 2017 3 ❖ TIVOLI SUMMARY ANNUAL REPORT 2017 ❖ ❖ FAKTA OM TIVOLI ❖ Facts about Tivoli DKK million 2017 2016 2015 2014 2013 MISSION: WE WANT TO ENCHANT OUR VISITORS FIVE YEARS' KEY FIGURES* VISION: TO BE A LEADING INTERNATIONAL LEISURE BRAND Revenue incl tenants and lessees 1,292.7 1,300.2 1,399.0 1,245.6 1,102.4 Revenue 947.4 945.2 955.2 861.9 735.9 1843 Net revenue 942.7 939.3 950.5 857,5 733,5 On August 15, the garden gates Expenses before depreciation, amortisation and impairment -758.1 -758.0 -792.2 -715.9 -610.6 were opened for the first time Earnings before interest, tax, depreciation and amortisation (EBITDA) 189.3 187.2 163.0 146.0 125.3 Depreciation, amortisation and impairment -84.6 -87.2 -94.0 -84.4 -80.9 1914 Earnings before interest and tax (EBIT) 104.7 100.0 69.0 61.6 44.4 The original roller coaster opened Net financials -4.2 -3.7 -4.9 -5.2 -1.8 1978 Profit before tax 100.5 96.3 64.1 56.4 42.6 Acquistion of the H.C. Andersen Castle Profit for the year 78.5 75.3 43.8 44.4 37.0 1992 Comprehensive income for the year 79.9 69.2 45.9 40.0 41.9 Tivoli A/S acquired the grounds from the municipality Non-current assets 1,335.6 1,096.7 904.8 910.1 901.0 Current assets 212.6 93.3 139.3 121.6 115.8 Total assets 1,548.2 1,190.0 1044.1 1,031.7 1.016.8 1994 Share capital 57.2 57.2 57.2 57.2 57.2 Christmas in Tivoli opened for the first time Equity 846.7 785.6 727.4 692.6 661.8 1997 Non-current liabilities 412.5 80.3 89.3 94.5 96.9 First Friday Rock Current liabilities 289.0 324.1 227.4 244.5 258.1 2000 Invested capital 1.192.4 997.6 751.2 769,0 798.0 Tivoli for sale. Carlsberg A/S decided to sell Investment in property, plant and equipment 309.8 279.1 92.1 84.6 105.2 its shares to Scandinavian Tobacco Company 2012 and Chr. Augustinus Fabrikker Cash flows from operating activities 188.8 160.1 148.2 167.2 162.1 TivoliCasino.dk opened Cash flows from investing activities -323.5 -279.1 -92.1 -90.2 -107.5 2013 Hereof invested in property, plant and equipment -309.8 -279.1 -92.1 -84.2 -102.5 Tivoli gained additional space when 600 square Cash flows from financing activities 243.8 69.0 -27.2 -70.1 -44.4 meters of office- and warehouse facilities were Total cash flows 109.1 -50.0 28.9 6.9 10.2 2017 incorporated into the Merry Corner The Tivoli Corner opened 2018 FIVE YEARS' RATIOS A new February season premieres as the first marking of Tivoli’s 175th anniversary EBIT margin 11% 11% 7% 7% 6% Solvency ratio 55% 66% 70% 67% 65% Return on equity (ROE) 10% 10% 6% 6% 6% With the adress Vesterbrogade 3 in the heart of The Tivoli Gardens are open for four seasons, each with Earnings in DKK, per share of DKK 10 (EPS) 13.7 13.2 7.7 7,8 6.5 Copenhagen, Tivoli A/S provides entertainment and its own profile. In addition to the seasons, Tivoli A/S Dividend in DKK, per share of DKK 10 3.4 3.3 1.9 2.0 1.6 recreational activities. The core of the company is the has a large number of other activities, such as Nimb Share price in DKK, end of year 590 441 382 304 298 Gardens, which opened in 1843. At that time, the (including Nimb Hotel), wagamama, The Halls (which is intention was to create a business of delivering a wide a full-year operation), Tivolis online casino and the Number of employees 885 868 886 810 716 palette of pleasures for a large and diverse audience.