The Supervisory Board of
Results for the period 1 January –
- A revenue of
DKK 16.6 million compared toDKK 111.2 million last year (-85%) - An EBITDA of
DKK -75.4 million compared toDKK -44.7 million last year. - An EBIT of
DKK -103.4 million compared toDKK -86.3 million last year. Adjusted for extraordinary write downs ofDKK 11.4 million in 2020, the EBIT isDKK 28.5 million lower than last year. - A profit before tax of
DKK -106.3 million compared toDKK -88.8 million last year. Adjusted for the above mentioned write downs the profit before tax isDKK 28.9 million lower than last year. - A profit after tax of
DKK -82.9 million compared toDKK -69.3 million last year. - An attendance figure of 24,000 attendants compared to 292,000 last year (-92%).
Because of the uncertainty regarding the calculation of compensation for fixed costs, Tivoli has not recognized any compensation for fixed costs in the period 1 January -
“The low level of activity at the beginning of 2021 must be seen in the light of the fact that all Tivoli's activities have been closed down in the first quarter of the year 2021 due to Corona restrictions. We are pleased that the restrictions have now been eased and that we can once again welcome guests to the Garden and offer a visit to one of our many restaurants. We are especially looking forward to the coming months, where we can present the guests with the many news in Tivoli, including
Outlook for 2021
The Corona pandemic and the associated restrictions are crucial framework conditions for Tivoli's activities, including the possibility of opening up Tivoli's activities and the level of activity, as they affect the number of foreign tourists in
Tivoli still expects that the framework conditions in 2021 will continue to be significantly affected by the corona pandemic, even though the vaccination program has now been initiated. Tivoli's prepared activity calendar for 2021 implies an increasing level of activity in line with improving framework conditions and easing restrictions.
The level of activity for 2021 is subject to a great deal of uncertainty due to the extraordinary situation. The expectations for 2021 presuppose that the restrictions are continuously eased, that more people are vaccinated, that tourists return to
For 2021, Tivoli still expects revenue in the range of
Expectations to profit
Tivoli's previous profit expectations for 2021 were a loss before tax in the range of
Tivoli is in dialogue with the Danish authorities regarding the calculation of compensation for fixed costs. The authorities state that there is a positive dialogue with the EU regarding the extension of the crisis provision, which in that case will result in Tivoli being able to receive compensation at the initial expected level.
When it is possible for Tivoli to make a more detailed estimate of compensation for fixed costs, Tivoli will update its profit expectations.
Best regards
Tom Knutzen Susanne Mørch Koch
Chairman CEO
Contactperson: Head of press,
Attachments
Tivoli AS - Stock Exchange Announcement no 5 - Q1 2021-
1. quarter 2021 Tivoli Report
UK
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