Summary of

Annual Report 2022

TIVOLI A/S • VESTERBROGADE 3 • 1630 KØBENHAVN V

CVR NR. 10404916

Content

MANAGEMENT REVIEW

3 Letter from the Chairman and CEO

6 Highlights 2022

  1. Five-yearsummary
  2. Outlook for 2023

GOVERNANCE

12 Shareholder information

FINANCIAL STATEMENTS

12 Financial review

  1. Segments
  2. Group primary financial starements
  1. Group notes
  2. Parent primary financial starements

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MANAGEMENT REVIEW | LETTER FROM THE CHAIRMAN AND CEO

Giving substance to time and experiences

2022 has in many ways been a perfect picture of Tivoli: Tradition and innovation.

At the turn of the year, society was once again in partial lockdown because of the COVID-19 pandemic, the future was uncertain, and visibility in terms of earnings expectations was poor. How soon would the grip of restrictions be relaxed? How would the Danes respond? How soon would we be able to hear the wonderful mix of different languages in the Tivoli Gardens?

Like in many other parts of society, the consequences of COVID-19 for Tivoli Gardens have been substantial, resulting in large financial losses. Yet in times with heavily declining numbers of visitors and revenue, Tivoli managed to cut costs without compromising on either the Tivoli DNA or guest experience. The time without guests was spent on doing the necessary and demanding maintenance work etc. and not least on developing new concepts for our business such as the Garden & Flower Festival, the Food Festival, the Tivoli Garden Party, and Saturday Hits, and on welcoming new restaurants.

A natural consequence of the uncertainty was that we embarked on the year expecting a small loss. Our worries were put to shame, though, when the summer season soon turned out to bring many more guests than we had anticipated. Summertime at the Tivoli Gardens is always wonderful but seeing the Gardens full of guests after years of lockdown was truly delightful. July was a record month in terms of both revenue and performance, and we saw tourists coming back to the Gardens in largely the same numbers as in previous years, yet with a larger share of them coming from our local areas.

Besides a classic Tivoli summer, the Tivoli Gardens also hosted a festive reign anniversary, sent off the cycling stars at the well-attended and televised Tour de France team presentation, and celebrated the Danish riders, headed by Jonas Vingegaard, after the Tour. The summer season soon turned out to approximate historical figures on several parameters.

  • July was a record month in terms of both revenue and performance, and we saw tourists coming back to the Gardens in largely the same

numbers as in previous years, yet with a larger share of them coming from our local areas. "

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Finally, Tivoli's Friday Rock concerts could celebrate their 25th anniversary during the summer, and the many great names on the programme produced great anticipation after two years of having to do without. Being among the first performers to give a large concert after the lockdown proved to involve challenges. This led to some media coverage of challenges particularly with young first-time concertgoers. Tivoli quickly implemented some precautions to ensure the good Tivoli experience for all guests.

Halloween too offered great experiences, many visitors and much better results than expected. The beautifully decorated Gardens really attracted guests from far and near, just like the classic evocative Tivoli Christmas season. The Halloween season reached almost a historic level, and Tivoli ended up realising results considerably exceeding those expected at the onset of the year. We owe a huge thank you to all of our colleagues who have stood shoulder to shoulder throughout the year and also a thank you to all guests from far and near.

  • Since the opening in 1843, numerous crises and dark periods have put their marks on the surrounding society. And on Tivoli. Along the way, our Gardens have hosted intense and shared experiences - big ones as well as spectacular ones."

In early 2023, uncertainty is once again a companion with land war on European soil, looming insecurity of supply, high inflation and low consumer confidence. The long history of Tivoli Gardens shows, however, that in many ways Tivoli is a symbolic constant in uncertain times. Since the opening in 1843, numerous crises and dark periods have put their marks on the surrounding society. And on Tivoli. Along the way, our Gardens have hosted intense and shared experiences - big ones as well as spectacular ones. We look forward to doing that again in 2023 when Tivoli Gardens will be celebrating their 180th anniversary together with guests and staff. We will do this with a festive anniversary programme that will have something to suit all tastes. We will celebrate 180 years of significant heritage and strong tradition with new visions: When we embark on the future, focus will be on cultivating the Gardens. Tivoli's three-year plan, 'Cultivate the Gardens. Strengthened Core. Sustainable Business', sets the direction for future years' focus on the Tivoli Gardens, our staff and the experiences we must give our guests - now and tomorrow. We are really looking forward to this!

Susanne Mørch Koch

Chairman of the board

CEO

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Tivoli A/S published this content on 15 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 March 2023 15:32:01 UTC.