TIVOLI A/S Summary of
Annual Report 2023
TIVOLI A/S • VESTERBROGADE 3 • 1630 KØBENHAVN V
CVR NO. 10404916
Content
MANAGEMENT REVIEW
3 Letter from the Chairman and CEO
- Highlights from 2023
- Highlights from 2023 in numbers
- Five-yearsummary
- Outlook for 2024
GOVERNANCE
10 Shareholder information
FINANCIAL STATEMENTS
- Financial review
- Segments
15 Group primary financial starements
18 Group notes
20 Parent primary financial starements
This document is an unofficial translation of the Danish original. In the event of any inconsistencies the Danish version shall be valid.
MANAGEMENT REVIEW | LETTER FROM THE CHAIRMAN AND CEO
Letter from the Chairman and CEO
2023 was a year seeing more guests and fine financial performance that will enable large-scale investments in the Gardens, in maintenance and in Tivoli's comprehensive cultural programme in the years ahead. 2023 outdid expectations at the outset of the year, and performance-wise offered a record summer season and over 4 million guests over the year.
The year started off with increasing energy prices and high inflation. Also, 2023 turned out to be the year with most rainfall in Danish weather history, and Denmark was hit by a storm during the autumn holiday. On top of that, Tivoli was impacted by a heavy decline in guests from Norway and Sweden. Yet, more guests from the USA, the UK and Germany, combined with more domestic guests, resulted in guest numbers set for a historic high. Earnings before interest, tax, depreciation and amortisation for 2023 stands at DKK 228.1 million, and Tivoli's profit before tax amounts to DKK 111.1 million. This performance is a testament to a Tivoli experiencing success, thriving economically and continuing to be highly relevant. The financial results makes it possible to reinvest in the Garden and propose dividend to Tivoli's shareholders of DKK 21.6 million.
In 2023, Tivoli celebrated its 180th anniversary with an anniversary programme offering different cultural events throughout the year and a festive culmination in the anniversary week in August, which included a visit by world soprano Lise Davidsen.
In fact, 2023 was generally a year marked by top classic cultural events with visits by international stars like Barbara Hannigan, Arcadi Volodos, Angela
Hewitt, Jonathan Tetelman, Ulf Håkan Hardenberger and Nikolaj Szeps-Znaider. Moreover, the Alvin Ailey American Dance Theater visited Tivoli for the 18th time. Some new culture formats too were strengthened further in 2023:
the Tivoli Food Festival, the Tivoli Garden & Flower Festival, the Friday Rock 7 AM-concerts, the Tivoli Garden Party, and Tivoli's new concert concept MINT breathed life into all corners of the Gardens. Festive shows at the iconic Tivoli Glass Hall Theatre brought out both smiles and goosebumps in the audience. Once again, Tivoli was also privileged to welcome a Tour de France winner for celebration. And the old Roller Coaster, which will be celebrating its 110th anniversary in 2024, was given an international roller coaster award in 2023.
Christmas at Tivoli, as tradition dictates, put an evocative closure to the year. In 2023, we added a classic ice rink to guests' Christmas experience, making Tivoli one of the world's best Christmas markets according to CNN.
In 2023, Tivoli raised both its level of ambition and its efforts for sustainability. As the first player within the areas of culture and tourism, Tivoli has committed itself to the Science Based Targets initiative (SBTi), and the solar park opened at Hoby in the autumn generates new green electricity to the grid matching Tivoli's consumption. Moreover, the specific initiatives include focus on energy-efficient operations, on sustainable building materials, on more climate friendly food, and on the Gardens generally using less resources.
Tivoli is pursuing the path set by the strategy "Cultivate the Gardens. Strengthened Core. Sustainable Business", and which remains the marker to
TIVOLI | ANNUAL REPORT 2023 | 3 |
MANAGEMENT REVIEW | LETTER FROM THE CHAIRMAN AND CEO
steer by in Tivoli's efforts. With the core business being in focus, it has been possible to create the financial headroom needed to make necessary as well as significant investments. This goes partly for the continuous maintenance that has been ongoing for 180 years and partly for the huge investments in the existing Asia area and in a new and bigger ride in the Orient area. The combined investments are expected to bring the ride experiences into a whole new era, and they will be completed continuously throughout this decade.
Targeted and massive investments will also ensure that the broad and comprehensive cultural programme will also in future be a characteristic of Tivoli. The promise to our guests is that Tivoli is the place where you have great, small and broad cultural experiences. We will deliver on that. We look forward to welcoming you.
Susanne Mørch Koch | |
Chairman of the board | CEO |
TIVOLI | ANNUAL REPORT 2023 | 4 |
MANAGEMENT REVIEW | HIGHLIGHTS 2023
Highlights from 2023
31/3
28/7 29/7
12/10
31/12
Tivoli opens. The year marks Tivoli's 180th anniversary, which will be celebrated with artist and concerts all summer.
Thomas Helmig does an evocative and sold-out double concert.
Halloween in Tivoli with even wilder scenography and more Tivoli witches.
New Year's concerts with bubbles, fireworks, and thank you for this year.
13/5
15/8
19/11
The Tivoli Food Festival is kicked off with local ingredients from Odsherred, this year's Bocuse d'Or winner and extra-large range of gastro experiences.
World soprano Lise Davidsen does a concert on Tivoli's birthday in a sold-out concert hall.
The traditional Christmas in Tivoli opens with a new ice rink. Tivoli's Christmas market is voted one of the best in the world.
26/7
26/8
30/11
Jonas Vingegaard celebrated for his second consecutive Tour de France victory with Tivoli guests and entertainment.
The beautiful Tivoli Garden & Flower Festival opens.
Revival premiere of "The Snow Queen" with music by Oh Land and costumes and decorations by H.M. Queen Margrethe.
TIVOLI | ANNUAL REPORT 2023 | 5 |
MANAGEMENT REVIEW | HIGHLIGHTS 2023
Highlights from 2023 in numbers
REVENUE | EBITDA | PROFIT BEFORE TAX |
1,213.8 | DKK | 228.1 | DKK | 111.1 | DKK |
mill. | mill. | mill. |
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||
1,130.1 | 719.3 | 477.7 | 1,051.3 | ||||||||||
2023 | 2022 | 2020 | 2020 | 2019 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
216.7 | 86.6 | -41.8 | 205.3 | 87.5 | -47.6 | -185.1 | 209.1 |
For the second year in a row, Tivoli achieves | EBITDA for 2023 surpasses previous years | Reported profit before tax for the year have |
a record high revenue and for the first time | and is therefore also a record high. | exceed last years. The result is therefore close |
reaches 1.2 DKK bill. | to the record years before the corona pandemic, | |
of which, 2019 was extraordinarily positively | ||
affected by the divestment of TivoliCasino.dk. |
CASH FLOWS FROM OPERATING ACTIVITES
191.0DKK
mill.
2023 | 2022 | 2021 | 2020 | 2019 |
186.8 | 164.3 | -120.8 | 189.4 |
Cash flows from operating activities similarly achieves a record and underlines Tivoli's strong economy.
TIVOLI | ANNUAL REPORT 2023 | 6 |
MANAGEMENT REVIEW | HIGHLIGHTS 2023
GENDER DIVERSITY
Tivoli's group of employees represents diversity within gender, age, ethnicity, religion, sexual orientation and disability. Tivoli works systematically with the ambitions for diversity.
48.3% of all Tivoli employees are women
CO2 - EMISSIONS
The average CO2 emissions per guest is higher than last year and amount to 8.2 kilograms of CO2 per guest. More guests in the Tivoli Gardens with a higher consumption and more events have resulted in a higher level of activity with an increase in absolute CO2 emissions as well as emissions per guest.
8.2 kilograms of CO2 per guest
SEGMENTS IN TIVOLI
Six of Tivoli's segments generate revenue, which are described in more detail on page 19. Revenue is split as shown below:
SALES | |||||
FOOD & | 51% | ||||
HIGH-END | |||||
BEVERAGE | |||||
16% | 18% | ||||
CULTURE | ENTERPRICE | ||||
RENTAL | |||||
5% | 7% | ||||
NOT |
TIVOLIS REVENUE | TIVOLIS REVENUE INCL. TENANTS AND LESSEES | |
1,213.8mill. | 1,742.5 mill. | |
DKK | DKK |
GAMES | ALLOCATED |
2% | 1% |
VISITING GUESTS
The number of visitors is approaching historical numbers and Tivoli was in 2023 visited by 2,624 thousand guests in the summer season, 447 thousand guests in the Halloween season, 876 thousand guests in the Christmas season and 84 thousand guests stopped by outside the seasons. The number of tourists is in the range of 30% which is on par with
earlier years.
4,031thousand
TIVOLI | ANNUAL REPORT 2023 | 7 |
MANAGEMENT REVIEW | FIVE-YEAR SUMMARY
Five-year summary
Financial key figures
DKK mill. | 2023 | 2022 | 2021 | 2020 | 2019 |
Number of guests (thousands) | 4,031 | 3,854 | 2,398 | 1,628 | 4,581 |
Revenue incl. tenants and lessees | 1,742.5 | 1,610.5 | 963.2 | 623.3 | 1,487.8 |
Comprehensive income | |||||
Net revenue | 1,213.8 | 1,130.1 | 719.3 | 477.7 | 1,051.3 |
Other operating income | 5.0 | 11.7 | 85.9 | 187.3 | 0.0 |
Earnings before interest, tax, depreciation | 228.1 | 216.7 | 86.6 | -41.8 | 205.3 |
and amortisation (EBITDA) | |||||
Depreciation, amortisation and impairment | -109.5 | -119.2 | -122.2 | -133.2 | -119.6 |
Earnings before interest and tax (EBIT) | 118.6 | 97.5 | -35.6 | -175.0 | 85.7 |
Net financials | -7.3 | -9.8 | -11.8 | -10.3 | -11.3 |
Special items | 0.0 | 0.0 | 0.0 | 0.0 | 134.5 |
Profit before tax | 111.1 | 87.5 | -47.6 | -185.1 | 209.1 |
Profit for the year | 86.3 | 65.1 | -41.5 | -142.9 | 167.4 |
Comprehensive income for the year | 77.9 | 111.8 | -26.3 | -146.9 | 153.0 |
Balance | |||||
Non-current assets | 1,505.9 | 1,490.4 | 1,501.7 | 1,532.2 | 1,558.1 |
Current assets | 200.0 | 183.2 | 75.0 | 206.9 | 259.4 |
Total assets | 1,705.9 | 1,673.6 | 1,576.6 | 1,739.1 | 1,817.5 |
Equity | 1,049.1 | 988.4 | 876.6 | 902.9 | 1,049.8 |
Non-current liabilities | 368.4 | 392.0 | 420.5 | 436.2 | 428.4 |
Current liabilities | 288.4 | 293.2 | 279.6 | 400.0 | 339.3 |
Cash flows | |||||
Cash flows from operating activities | 191.0 | 186.8 | 164.3 | -120.8 | 189.4 |
Cash flows from investing activities | -121.9 | -83.6 | -89.4 | -82.6 | -49.9 |
Hereof invested in property, plant and | -101.6 | -68.2 | -75.1 | -79.9 | -163.3 |
equipment | |||||
Cash flows from financing activities | -57.2 | -53.0 | -86.3 | 50.2 | -53.8 |
Total cash flows | 11.9 | 50.2 | -11.4 | -153.2 | 85.7 |
Financial key figures
DKK mill. | 2023 | 2022 | 2021 | 2020 | 2019 |
Financial ratios | |||||
EBIT margin | 10% | 9% | -5% | -37% | 8% |
Solvency ratio | 61% | 59% | 56% | 52% | 58% |
Return on equity (ROE) | 8% | 7% | -5% | -15% | 17% |
Stakeholder infomation | |||||
Earnings per share (EPS), in DKK | 15.1 | 11.4 | -7.3 | -25.0 | 29.3 |
Dividend per share, in DKK | 3.8 | 2.8 | 0.0 | 0.0 | 0.0 |
Net asset value per share, end of year, in DKK | 184 | 173 | 153 | 158 | 184 |
Dividend per share, in DKK | 25% | 25% | 0% | 0% | 14% |
Share price, end of year, in DKK | 704 | 758 | 810 | 726 | 700 |
ESG (Environmental, Social | |||||
and Governance) | |||||
CO₂e, scope 1 og 2 | 1,122 | 1,260 | 1,147 | n/a* | 1,256 |
CO2e, scope 3 | 32,050 | 26,834 | 24,215 | n/a* | 33,265 |
CO₂e, total | 33,171 | 28,094 | 25,362 | n/a* | 34,522 |
CO₂e, per guest | 8.2 | 7.3 | 10.6 | n/a* | 7.5 |
Number of employees | 1,016 | 983 | 828 | 903 | 971 |
The board's gender diversity | 25% | 25% | 25% | 25% | 25% |
Gender diversity (share of women) | 48.3% | 49.6% | 47.2% | n/a* | n/a* |
Further information can be found in the consolidated financial statements (from page 15) and in the sustainability report (from page 6 - in Danish only). In the sustainability report changes of accounting policies are described for certain key figures.
* Not calculated in the years indicated.
TIVOLI | ANNUAL REPORT 2023 | 8 |
MANAGEMENT REVIEW | OUTLOOK FOR 2024
Outlook for 2024
In 2023, Tivoli saw continued growth in guest numbers which approximate the historic levels. Revenue is higher, financial performance is close to previous record highs, and Tivoli's business is now balancing at lower guest numbers than before. This has produced a profit for the year that lends natural optimism for the years ahead. The level of investments is raised, resulting, for example, in a major renovation of the existing Asia area to start in the autumn of 2024. Also, efforts are ongoing to have more new rides in the years ahead.
The general outlook for 2024 is based on guest numbers being on a par with those for 2023.
In 2023, Tivoli experienced a heavy decline in guests from the largest neighbouring markets, which was, however, made up for by more guests from other markets.
It is still uncertain in 2024 how the financial headroom of Tivoli's guests, including those from the largest neighbouring markets, will affect guest numbers. In addition, increased costs to run the Gardens, including those resulting from pay increases due to the historically expensive collective agreements signed in 2023.
Having this in mind, and consistently with the Stock Exchange Announcement of 22 January 2024, Tivoli expects to retain revenue and pre-tax profit at the 2023 level.
TIVOLI | ANNUAL REPORT 2023 | 9 |
GOVERNANCE | SHAREHOLDER INFORMATION
Shareholder information
Tivoli A/S is listed on Nasdaq OMX Copenhagen. As of 31 December 2023, the share capital amounted to DKK 57.2 million distributed on 5,716,660 shares of DKK 10. Each share denomination of DKK 10 carries one vote.
As of 31 December 2023, the share price was DKK 704, corresponding to a market value of DKK 4.0 billion. As of 31 December 2022, the share price was DKK 758, corresponding to a market value of DKK 4.3 billion.
Share price development
The following chart shows the share price development in the period 31 December 2018 to 31 December 2023 compared with the OMXC25. Shareholders with a shareholding registered to their name of at least 100 receive a Pass to Tivoli. The Pass entitles the holder and one companion to free admission to Tivoli in all Tivoli seasons.
The entitlement to a Pass is decided upon by the Board of Directors for one year at a time. The Board of Directors regularly assesses the Group's capital and share structure. The share structure comprises A shares only, and there are no plans of changing this structure. The current capital structure is also considered appropriate for the current business foundation.
Dividend policy and dividends
In average years, the Board of Directors has established a general policy for the payment of dividends. It is intended that in average investment years, a dividend is paid, corresponding to 25% of the profit for the year after taxes. In years when the investments will be particularly large, or other conditions apply, the Board of Directors may decide that the dividend will deviate from
the policy. For 2020 and 2021, it has not been possible to make dividends according to the compensation rules during the COVID-19 pandemic.
Tivoli A/S' profit after tax for 2023 amounted to DKK 86.3 million compared to a loss of DKK 65.1 million in 2022. The Board of Directors recommends to the Annual General Meeting a distribution of dividend of 25% of the profit after tax for the year, corresponding to DKK 21.6 million, which is in line with the prior distribution percentages. The remaining profit will be transferred to retained earnings as a high level of investments is expected in the coming years.
Tivoli A/S share price development compared with the OMXC25 Tivoli OMXC25
1 400
1 200
1 000
800
600
400
200 | |||||
31.12.2018 | 31.12.2019 | 31.12.2020 | 31.12.2021 | 31.12.2022 | 31.12.2023 |
TIVOLI | ANNUAL REPORT 2023 | 10 |
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Tivoli A/S published this content on 15 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 March 2024 09:35:03 UTC.
