Annual Report 2012 - Tivoli

❖ tivoli ANNUAL REPORT 2012 ❖årets gang i tivoliThe Tivoli Boys Guard is a Tivoli icon.❖CONTENTS3 Chairman’s Report4 Financial Highlights6 Management’s Statement8 Board of Directors, ExecutiveBoard and Senior ManagementTeam of Tivoli12 2012 in Retrospect for Tivoli32 Financial Review33 Future Plans for Tivoli34 Corporate SocialResponsibility36 Shareholder Information38 Statement ofCorporate Governance40 Financial Statements45 Notes62 Tivoli’s Sponsors63 Colophon2

❖ tivoli ANNUAL REPORT 2012 ❖❖FINANCIAL HIGHLIGHTSHIGHLIGHTS FOR 2012• Tivoli’s attendance figures reached 2,758,000 inthe 2012 summer season, 418,000 for Halloweenand 857,000 for Christmas at Tivoli.• Thus, total attendance figures aggregated4,033,000 in 2012 compared to 3,963,000 in 2011,corresponding to a 2% increase.• The Company’s revenue amounted to DKK 708.3million compared to DKK 673.9 million in 2011.• Profit before tax amounted to DKK 41.7 millioncompared to DKK 33.5 million in 2011. The profitfor the year is in line with the latest stock exchangeannouncement of 17 January 2013 announcing aprofit before tax of at the level of DKK 40 million.OUTLOOK FOR 2013The weather and other external factors may havegreat impact on Tivoli’s business and thus the developmentin profit for the year.Revenue for 2013 is expected to be at the 2012 level,ie about DKK 700 million.The Company is expected to achieve a profit beforetax at the level of DKK 30-40 million.SUBSEQUENT EVENTSNo significant events have occurred after the balancesheet date.• The Board of Directors recommends to the AnnualGeneral Meeting distribution of dividend of 25% ofprofit after tax for the year, corresponding to DKK7.8 million.4

❖ Financial Highlights ❖DKK million2012(12 mdr.)2011(12 mdr.)2010(12 months)2009(12 months)2008(12 monthsunaudited)2008(9 mdr.)Five Years' Key FiguresRevenue incl tenants and lessees 1,034.2 1,001.3 973.1 948.2 1,008.2 951.8Revenue 708.3 673.9 622.2 622.4 602.2 569.3Net revenue 663.2 645.2 580.5 574.8 552.4 531.0Expenses before depreciation.amortisation and impairment 582.3 564.9 538.5 528.5 507.4 434.6Earnings before interest, tax, depreciationand amortisation 126.0 109.0 83.7 93.9 94.8 134.7Depreciation. amortisation and impairment 78.8 68.2 66.2 61.9 57.2 44.4Earnings before interest and tax (EBIT) 47.2 40.8 17.5 32.0 37.2 90.3Net financials -5.5 -7.3 -8.3 -11.0 -15.5 -12.9Profit before tax 41.7 33.5 9.2 21.0 21.7 77.4Profit for the year 31.4 24.5 6.0 15.7 15.6 56.5Comprehensive income for the year 29.4 17.5 4.3 15.9 8.9 49.8Non-current assets 874.3 864.2 864.8 872.4 825.9 825.9Current assets 112.0 92.6 77.3 68.172.2 72.2 72.2Total assets 986.3 956.8 942.1 940.5 898.1 898.1Share capital 57.2 57.2 57.2 57.2 57.2 57.2Equity 627.7 604.4 588.4 588.0 580.5 580.5Non-current liabilities 101.9 99.9 100.4 109.2 110.6 110.6Current liabilities 256.7 252.5 253.3 243.3 207.0 207.0Invested capital 807.2 768.7 798.3 795.7 757.9 757.9Investment in property, plant and equipment 84.9 67.2 67.1 63.8 - 68.3Cash flows from operating activities 95.8 117.0 58.0 72.7 96.5 153.8Cash flows from investing activities -88.9 -67.2 -58.3 -62.7 -126.5 -73.8Hereof invested in property.plant and equipment -84.5 -67.2 -58.3 -63.8 -123.1 -68.3Cash flows from financing activities -4.9 -47.0 2.4 -19.5 45.3 -60.7Total cash flows 2.0 2.8 2.1 -9.5 15.3 19.3Five Years' RatiosEBIT margin 7% 6% 3% 6% 7% 17%Solvency ratio 64% 63% 62% 63% 65% 65%Return on equity (ROE) 5.0% 4.1% 1.0% 2.7% 2.7% 10.1%Earnings in DKK, per share of DKK 100 (EPS) 54.9 42.9 10.5 27.5 27.3 98.8Dividend in DKK, per share of DKK 100 13.70 10.67 2.62 6.87 - 14.76Share price in DKK, end of year 2,929 2,980 3,251 3,239 3,000 3,000Number of employees 711 685 683 782 717 8185

❖ tivoli ANNUAL REPORT 2012 ❖❖MANAGEMENT’S STATEMENTThe Board of Directors and the Executive Board havetoday considered and adopted the Annual Report ofTivoli A/S for 2012.The Annual Report was prepared in accordancewith International Financial Reporting Standards asadopted by the EU and additional Danish disclosurerequirements for annual reports of listed companies.In our opinion, the Financial Statements give a trueand fair view of the Company’s financial position at31 December 2012 and of the results of the Companyoperations and cash flows for the financial year 1January – 31 December 2012.Moreover, in our opinion, Management’s Reviewincludes a true and fair account of the developmentin the operations and financial circumstances of theCompany, of the results for the year and of the financialposition of the Company as well as a descriptionof the most significant risks and elements of uncertaintyfacing the Company.WE RECOMMEND THAT THE ANNUAL REPORT BE ADOPTED AT THE ANNUAL GENERAL MEETINGCopenhagen, 21 March 2013Executive BoardLars LiebstCEOClaus DyhrCFOBoard of Directors:Jørgen Tandrup Mads Lebech Ulla Brockenhuus-SchackChairmanDeputy ChairmanTommy Pedersen John Høegh Berthelsen Maria Fergadis6

❖ Management’s Statement ❖INDEPENDENT AUDITOR’S REPORTTO THE SHAREHOLDERS OF TIVOLI A/SReport on Financial StatementsWe have audited the Financial Statements of TivoliA/S for the financial year 1 January - 31 December2012, pages 40-61, which comprise income statement,statement of comprehensive income, balance sheet,statement of changes in equity, cash flow statementand notes for the Company. The Financial Statementsare prepared in accordance with InternationalFinancial Reporting Standards as adopted by theEU and Danish disclosure requirements for listedcompanies.Management’s Responsibility for the FinancialStatementsManagement is responsible for the preparation ofFinancial Statements that give a true and fair view inaccordance with International Financial ReportingStandards as adopted by the EU and Danish disclosurerequirements for listed companies, and for suchinternal control as Management determines is necessaryto enable the preparation of Financial Statementsthat are free from material misstatement, whether dueto fraud or error.Auditor’s ResponsibilityOur responsibility is to express an opinion on theFinancial Statements based on our audit. We conductedour audit in accordance with InternationalStandards on Auditing and additional requirementsunder Danish audit regulation. This requires thatwe comply with ethical requirements and plan andperform the audit to obtain reasonable assurancewhether the Financial Statements are free frommaterial misstatement.An audit involves performing procedures to obtainaudit evidence about the amounts and disclosures inthe Financial Statements. The procedures selecteddepend on the auditor’s judgment, including theassessment of the risks of material misstatement ofthe Financial Statements, whether due to fraud orerror. In making those risk assessments, the auditorconsiders internal control relevant to the Company’spreparation of Financial Statements that give a trueand fair view in order to design audit procedures thatare appropriate in the circumstances, but not for thepurpose of expressing an opinion on the effectivenessof the Company’s internal control. An audit alsoincludes evaluating the appropriateness of accountingpolicies used and the reasonableness of accountingestimates made by Management, as well as evaluatingthe overall presentation of the Financial Statements.We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for ouraudit opinion.The audit has not resulted in any qualification.OpinionIn our opinion, the Financial Statements give a trueand fair view of the Company’s financial positionat 31 December 2012 and of the results of theCompany’s operations and cash flows for the financialyear 1 January to 31 December 2012 in accordancewith International Financial Reporting Standards asadopted by the EU and Danish disclosure requirementsfor listed companies.Statement on Management’s ReviewWe have read Management’s Review in accordancewith the Danish Financial Statements Act. We havenot performed any procedures additional to the auditof the Financial Statements. On this basis, in ouropinion, the information provided in Management’sReview is consistent with the Financial Statements.Copenhagen, 21 March 2013PricewaterhouseCoopersStatsautoriseret RevisionspartnerselskabKim FüchselState Authorised Public AccountantTorben JensenState Authorised Public Accountant7

❖tivoli ANNUAL REPORT 2012 ❖❖BOARD OF DIRECTORS, EXECUTIVE BOARDAND SENIOR MANAGEMENT TEAMJørgen TandrupBorn 1947MSc in Economics and BusinessAdministrationAppointed Chairman of the Board ofDirectors in 2008. Joined the Boardof Directors in 2000, dependent.Re-elected to the Board of Directorsin 2012.Term of office expires in 2013.• Chairman of the Board of Directorsof Syskon A/S, Fritz HansenA/S, Skandinavisk Holding A/S,Scandinavian Tobacco Group A/S,Skodsborg Sundhedscenter A/Sand Fonden til Markedsføring afDanmark (the foundation for marketingof Denmark).• Deputy Chairman of the Boardof Directors of Chr. AugustinusFabrikker Aktieselskab.• Member of the Board of Directors ofthe Augustinus Foundation.Contact detailsScandinavian Tobacco Group A/S,Sydmarken 42, DK-2860 Søborg.Particular expertise• Management experience from a largenumber of Danish and internationalcompanies.• Business-to-consumer production,sales and branding experience as formerCEO of Scandinavian TobaccoCompany A/S.• Industrial policy experience as formerChairman of the Industrial PolicyCommittee of the Confederation ofDanish Industries.ShareholdingHolding of Tivoli shares at31 December 2012: 20Tivoli shares sold inthe 2012 financial year: 0Tivoli shares acquired inthe 2012 financial year: 0Mads LebechBorn 1967Master of LawsAppointed Deputy Chairman of theBoard of Directors in 2010. Joinedthe Board of Directors in 2010,independent.Re-elected to the Board ofDirectors in 2012.Term of office expires in 2013.• CEO of the Danish IndustryFoundation.• Chairman of the Advisory Boardof the Ordrupgaard Collection andTurismens Vækstråd (the tourismgrowth council).• Deputy Chairman of CPH City andPort Development.• Member of the Board of Directors ofeg KAB, Copenhagen Malmö Portand the Frederiksberg Foundation.Contact detailsIndustriens Fond, Esplanaden 34A,DK-1263 Copenhagen K.Particular expertise• Board experience from Chairmanshipof Local Government Denmark,Wonderful Copenhagen, CopenhagenCapacity as well as a large number ofboards within eg energy, waste managementand transport.• Political experience as eg Mayor,Chairman of the Greater CopenhagenDevelopment Council, the remunerationand staff committee of LocalGovernment Denmark and DeputyChairman of the Danish ConservativeParty.• Strategic development, organisationaldevelopment and financialmanagement.• Promotion of tourism and developmentof the Danish capital.ShareholdingHolding of Tivoli shares at31 December 2012: 1Tivoli shares sold inthe 2012 financial year: 0Tivoli shares acquiredin the 2012 financial year: 0Tommy PedersenBorn 1949HD Diploma in Accountancy,Organisation and Strategic Planning.Joined the Board of Directorsin 2000, dependent. Re-elected to theBoard of Directors in 2012.Term of office expires in 2013.• CEO of Chr. Augustinus FabrikkerAktieselskab and the AugustinusFoundation.• Chairman of the Board ofDirectors of Maj Invest HoldingA/S, FondsmæglerselskabetMaj Invest A/S and GjensidigesArbejdsskadeforsikring A/S,Rungsted Sundpark A/S andSkodsborg Sundpark A/S.• Deputy Chairman of Jeudan A/S, theLøvenholm Foundation, Peter BodumA/S and Bodum Holding a.g. Schweiz.• Member of the Board of Directorsof Nykredit Forsikring A/S,Pharmacosmos Holding A/S and subsidiary,Skandinavisk Holding A/S,Scandinavian Tobacco Group A/Sand S.G. Finance A/S Oslo.Contact detailsChr. Augustinus FabrikkerAktieselskab, Amaliegade 47, DK-1256Copenhagen K.Particular expertise• Management experience from a largenumber of Danish and internationalcompanies.• Banking and finance as CEO of theAugustinus Foundation and former BankManager of Bikuben Girobank A/S.• Property development and propertyadministration as a member of theBoard of Directors of Jeudan A/S.• Business-to-consumer production,sales and branding experience as amember of the Board of Directors ofBodum A/S, Royal Unibrew A/S andScandinavian Tobacco Company A/S.ShareholdingHolding of Tivoli shares at31 December 2012: 14Tivoli shares sold in the2012 financial year: 0Tivoli shares acquiredin the 2012 financial year: 08

❖ Board of Directors, Executive Board and Senior Management Team of Tivoli ❖Ulla Brockenhuus-SchackBorn 1961MBA, Columbia Business School N.Y.Joined the Board of Directors in 2009,independent. Re-elected to the Board ofDirectors in 2012.Term of office expires in 2013.• Managing Partner of SEED CapitalDenmark K/S.• Managing Director of DTU SymbionInnovation A/S.• Member of the Board of Directors ofAlkalon A/S, Amminex A/S, ObserveMedical ApS,WDI Invest, the OticonFoundation, DVCA and the MaryFoundation.Contact detailsSEED Capital Denmark, Diplomvej 381,DK-2800 Kgs. Lyngby.Particular expertise• The creative industries economy asco-founder of Media Invest, formerChairman of the Board of Directors ofIO Interactive A/S and executive of theEgmont Group.• Business strategy, business developmentand innovation as ManagingPartner of SEED Capital DenmarkK/S and former management consultantwith McKinsey & Co Inc.• Financial management, accountingand auditing as Managing Partnerof SEED Capital Denmark andManaging Director of DTU SymbionInnovation A/S.ShareholdingHolding of Tivoli shares at31 December 2012: 10Tivoli shares sold inthe 2012 financial year: 0Tivoli shares acquired inthe 2012 financial year: 0John Høegh BerthelsenBorn 1969Events CoordinatorJoined the Board of Directors in 2008.Elected by the Company’s employees.Re-elected in 2010.Term of office expires in 2014.Contact detailsTivoli A/S, Vesterbrogade 3, DK-1630Copenhagen V.Particular expertise• Visitor services and sales in relation tothe business segment.• Coordination of major business events.ShareholdingHolding of Tivoli shares at31 December 2012: 0Tivoli shares soldin the 2012 financial year: 0Tivoli shares acquiredin the 2012 financial year: 0Maria FergadisBorn 1979Head of Department.Joined the Board of Directors in 2010.Elected by the Company’s employees.Term of office expires in 2014.Contact detailsTivoli A/S, Vesterbrogade 3, DK-1630Copenhagen V.Particular expertise• Visitor services and development ofnew Tivoli concepts.ShareholdingHolding of Tivoli shares at31 December 2012: 0Tivoli shares sold inthe 2012 financial year: 0Tivoli shares acquiredin the 2012 financial year: 09

❖tivoli ANNUAL REPORT 2012 ❖Executive BoardExecutive teamCEOLars LiebstBorn 1956Appointed CEO in 1996.• Chairman of the Board of Directors of TV2\DANMARKA/S, Industriens Almene Arbejdsgiverforening.• Member of the Central Board of the Confederation ofDanish Industries.ShareholdingHolding of Tivoli shares at 31 December 2012: 15Tivoli shares sold in the 2012 financial year: 0Tivoli shares acquired in the 2012 financial year: 0CFOClaus DyhrBorn 1967Appointed CFO in 2008.• Member of the Board of Directors of AutohusetGlostrup A/S• Member of the Board of Directors of KronborgAuto A/SShareholdingHolding of Tivoli shares at 31 December 2012: 10Tivoli shares sold in the 2012 financial year: 0Tivoli shares acquired in the 2012 financial year: 0VICE PRESIDENT, MARKETINGDorthe W. BarsøeBorn 1966.Appointed 2006.VICE PRESIDENT, GARDENSNickolas Bjerg (Resigned at 1 December 2012)Born 1974.Appointed 2012.VICE PRESIDENT, TIVOLI HIGH ENDChristophe DelabarreBorn 1979.Appointed 2012.VICE PRESIDENT, TIVOLI casinoLars Dam JohnsenBorn 1970.Appointed 2012.VICE PRESIDENT, SALESFrans FossingBorn 1967.Appointed 2009.VICE PRESIDENT, COMMUNICATIONS& ENTERTAINMENTStine LolkBorn 1972.Appointed 2002.VICE PRESIDENT, TIVOLI REAL ESTATEFinn Sture Madsen (Resigned at 1 July 2012)Born 1966.Appointed 2002.VICE PRESIDENT, OPERATIONS & DEVELOPMENTMogens C. RamsløvBorn 1963.Appointed 2010.VICE PRESIDENT, TIVOLI HIGH ENDRené Jasper Thomsen (Resigned at 1 May 2012)Born 1972.Appointed 2011.10

❖ Board of Directors, Executive Board and Senior Management Team of Tivoli ❖THE BOARD’S WORKThe Board of Directors ensures that the ExecutiveBoard observes the objectives, strategies, policies, etcadopted by the Board of Directors. The ExecutiveBoard briefs the Board of Directors systematically atmeetings and by written and verbal reporting. Thereporting includes matters concerning the financialposition, profitability, development and circumstancesof relevance to the surrounding world.The Board of Directors meet at least four timesa year and as required. In 2012 six board meetingswere held.Board meetings held in 201220 March 201230 April 201229 May 201215 August 201226 November 201217 December 2012Board meetings scheduled for 201321 March 201330 April 201327 May 201315 August 201329 November 2013The Board of Directors is briefed in writing on acontinuous basis on the Company’s operations andposition and on risks in key areas. In addition todeci sions on important operational matters, theBoard of Directors makes decisions on the size andcomposition of the capital base, long-term obligations,significant policies and audit issues.The Board of Directors reviews, adjusts and approvesits rules of procedure on an annual basis, determiningrequirements in terms of the reporting to be made tothe Board of Directors and communication in generalbetween the two management bodies.The Chairman and Deputy Chairman of the Boardof Directors make up the Chairmanship responsiblefor, among other things, planning the meetings of theBoard of Directors in cooperation with the ExecutiveBoard. The responsibilities of the Chairman and, inhis absence, the Deputy Chairman are determined inthe rules of procedure.The Board of Directors evaluates the work, performanceand composition of the Board of Directors andthe Executive Board on an annual basis. At the sametime, cooperation between the Board of Directorsand the Executive Board is evaluated. The Board ofDirectors assesses annually whether there is reasonto update or strengthen its members’ competencesconsidering the tasks to be undertaken. Moreover,the Board of Directors determines annually its keytasks in relation to the continuous evaluation of theExecutive Board’s work and the financial and managerialcontrol of the Company.11

❖tivoli ANNUAL REPORT 2012 ❖4,033,000VISITORS277,000annual cards12

❖ 2012 IN RETROSPECT FOR TIVOLI ❖❖2012 IN RETROSPECT FORTivoli’s stages buzzed with activity indoors as well asoutdoors, and the business area Games went onlinewith the opening of tivolicasino.dk. In other words, ithas been a “year of culture and entertainment.”Already in February, Tivoli’s first own production(in cooperation with The One and Only Company)Grease premiered, and after that, music, ballet andtheatre productions followed in rapid succession at theConcert Hall and the Glass Hall Theatre. The combinationof guest performances, new own productionsand shows produced by others lead to considerablybetter capacity utilisation of the halls than last year.A total of 332,000 people enjoyed a production atTivoli in 2012.Concerts and shows at Tivoli’s stages represent animportant part of the Tivoli concept. Also in this area,the activity level was raised considerably with theintroduction of the Music Week giving each day of theweek its own entertainment profile.Tivoli’s visitor profile in 2012 reflects our culturalfocus with a steep increase in the target group referredto as “cultural consumers” who primarily visit Tivolito enjoy a show: The growth in cultural visitors isoffset by a decrease in visits by the target group“teens” who are defined in Tivoli’s surveys as youthsof the same age visiting Tivoli together to go on therides (in other words, there may be 13-19-year olds inthe other target groups, eg in connection with a familytrip). As it is part of the Tivoli concept to “cater foreveryone”, this also illustrates why some years are“years of dining” and others “years of culture orentertainment”: in order for Tivoli to remain relevantfor all target groups.The number of foreign tourists among Tivoli’s visitorsis slowly increasing again. Since the onset of theglobal economic crisis, Tivoli has participated activelyin efforts to reinforce tourism in Copenhagen andDenmark in cooperation with tourist organisationsand other major stakeholders. A fruitful dialogueis going on, and various marketing initiatives havebeen launched, whereas the giant leaps, such as fullremoval of VAT on hotel nights and restaurant visits,are slow to come. These measures are crucial to giveDanish tourism the same framework conditions as therest of Europe.VISITOR Segmenter PROFILE Sommer SUMMER 20122010 2011201230%25%20%15%10%5%0%Families with children Teens Cultural consumers Bon vivants Friends Business Others13

❖tivoli ANNUAL REPORT 2012 ❖THE SUMMER SEASONThe Danish Meteorological Institute summed up the weather in 2012 inthe following words: “A slightly colder year with excess precipitation anda small deficit of sun compared to the period 2001-2010. Second sunniestwinter 2011-2012 and coldest summer since 2000.”One of the advantages of a cool spring is that the gardens present a fine appearance.The flowers last longer, and visitors to Tivoli also get a chance to see theearly plants which wilt down before the beginning of the season in years with awarm spring. But other than that, cold summer weather is not the best news forTivoli. It is in the warmth of the sun that Tivoli really unfolds to its visitors. Thatis when they will sprawl on the lawn in front of the Open Air Stage, enjoy foodas grandma made it on the terrace of Brdr. Price, take an extra spin on the StarFlyer and summon their friends to go to a Friday Rock event.WE MIX BUSINESS WITH PLEASUREOur Business Club is growing, and several new sponsors have joined in 2012. At thesame time, our cooperation with the professional travel industry is strengthening,and still more people meet and celebrate at Tivoli.For most people Tivoli is synonymous with entertainment and amusement as well as qualityand tradition. This is a good combination for many professional purposes, and Tivoli’sSales Department is directing targeted efforts at creating relations between businesses andTivoli. The professional travel industry has for some years been focusing on cruise tourism;this area has been reinforced in 2012 through developing the skills of tourist guides as wellas special Tivoli packages with focus on the amenity values of the Gardens.The Tivoli Business Club is back at full strength following some years’ setback due tothe general crisis. In 2012 the club had 162 member companies which meet for lectures,networking and Tivoli experiences. Our sponsor portfolio has grown with the addition of awine partner, a lighting partner, a car partner and a sponsor of Christmas at Tivoli to thealready established working relationships with, among others, Tivoli’s climate partner andthe main sponsor of the Friday Rock events. An overall list of sponsors is provided on thelast page of the Annual Report.A POPULAR NAMEMany products and services would like toleverage on Tivoli’s good name, but Tivoli prefersto decide for itself who should have that privilege.Tivoli has reinforced its efforts to protect the Tivolibrand. A number of infringement cases have beennoted in recent years in which firms have used Tivoli’sname or theme world for products and serviceswithout having entered into an agreement with Tivoli.In 2012 licence agreements were made within food,books, arts and crafts as well as toys. A Portuguesehotel chain had to refrain from registering its name(Tivoli Hotels & Resorts) as a trademark based onTivoli Denmark’s rights.Most of the cases arose unintentionally and are beingsettled amicably, but it does happen that we have totake legal action. In any circumstances, it is absolutelyessential to focus on the area, both to protect ourname and to be able to use it commercially as part ofour business.Therefore, Tivoli has now updated and developed itsIPR (Intellectual Property Rights) strategy adding,among other things, guidelines for use by the media,business partners, suppliers and others of Tivoli’sname, logo and theme world.14

❖ 2012 IN RETROSPECT FOR TIVOLI ❖Tivoli is a popular nameSummertime on the LawnMORE MUSIC IN THEGARDENSThe Music Week was introduced at the beginningof the summer season as a new way of thinkingentertainment in the Gardens.In order for Tivoli to retain a strong, musical profile,it was necessary to branch out with more music genresto complement the swing and light classical repertoireoffered by the Tivoli Big Band and the PromenadeOrchestra. The Music Week embraced both worldmusic (Mundo Monday), electronic music, (KarmaWednesday), experimental jazz (The Thursday Party)and the above-mentioned genres (Saturday Swingand The Tuesday Hour) besides Friday Rock and theenjoyable Family Sunday with all the Tivoli icons(Petzi, Pierrot, etc).This gave each day of the week a clear musical identity,and, at the same time, the Music Week was spreadout over the entire season. So, our visitors couldchoose to dance to the tunes of the Tivoli Big Bandeach Saturday from April to September and to playsinging games with Petzi and Ole Kibsgaard’s bandevery Sunday in the 24 weeks of the summer season.Karma Wednesday suffered from a great deal of badweather, and we only saw the concept - a cosy loungeatmosphere around the DJ on the lawn in front of theOpen Air Stage - fully unfold on few Wednesdays. Onthe other hand, Mundo Mondays offered many musicaltitbits with genres as different as Klezmer, Balkanpunk and reggae. The Thursday Party brimmed withdelight in playing when four drummers took turn ininviting musical friends onto the stage.Saturday Swing with the Tivoli Big Bandand dancing on the LawnSeveral music genres in 201215

❖tivoli ANNUAL REPORT 2012 ❖Freja Loeb at the Friday Rock FestivalRock Pierrot 2012THE FRIDAY ROCK FOOD CHAINFriday Rock is part of the Music Week and awell-established concept which remains popular.Almost 400,000 people attended a concert in2012, and Friday Rock is still an importantincentive to buy a Season Pass.The Danish summer was not kind to Friday Rock in2012. The average rainfall per concert was 3.7 millimetrescompared to 2.4 millimetres in 2011, whichmakes 2012 the rainiest year – in terms of concerts– for four years.The concerts of the season fully illustrated the foodchain mechanisms of the musical industry. The FridayRock Festival allowed a number of artists whohave not yet had their break-through to show theirtalent in front of Tivoli’s Friday Rock audience. Moreestablished names performed in double concerts, andthe night with I Got You on Tape and Who Made Whowas an artistically unique experience. The Wafandeand Kaka double concert introduced the new dancehallgenre at Tivoli. At the other end of the spectre, asa very established name, Kim Larsen came back toTivoli after many years’ absence, and it was a pleasureto see how children, youths and grow-ups alikeenjoyed iconic Larsen’s music. The rappers of Malk deKoijn closed the season making the concert in Tivolitheir last under that name.An audience spanning several generationsat the Kim Larsen concert, Friday Rock400,000VISITORS ENJOYEDFRIDAY ROCK IN 201216

❖ 2012 IN RETROSPECT FOR TIVOLI ❖SINGING AND DANCING ON TIVOLI’S STAGESTivoli’s cooperation with The One and OnlyCompany continued in 2012, starting with Greaseat the Concert Hall followed by Den Eneste Ene(The One and Only) at the Glass Hall Theatre.Anna David and Sonny Fredie-Petersen as Sandy andDanny were supported well by Silas Holst as Kenickie,Julie Steincke as Rizzo and Joey Moe as Sonny, tomention but a few of the many performers in Greasewho delighted the audience to such an extent thatfive extra performances were put out for sale. In DenEneste Ene (The One and Only), Nikolai Kopernikus,playing the part of Niller, was struggling to makea good life for himself and his adoptive daughterMgala assisted by good advice from Robert Hansenas Niller’s friend Knud. Mia Lyhne and Kaya Bruëlshared the part of Sus, and other parts were playedby Christiane Schaumburg-Müller (Stella), Linda P(Mulle) and Jimmi Colding (Sonny). The two showsattracted 96,000 people.The Glass Hall Theatre Live is the name of series ofconcerts at the Glass Hall Theatre with artists whocould in principle perform at Friday Rock events butprefer to show a different aspect of their talent inthe intimate atmosphere offered by the Glass HallTheatre. The acoustical concerts with Medina soldout fast, and also Outlandish attracted a full housefast. The 12 concert names also included Big FatSnake, Rasmus Nøhr and Rugsted/Kreutzfeldt.In the autumn the Glass Hall Theatre provided thesetting for another round of comedy with Linie 3,and the returning visitors from the Eventyrteatret(fairytale theatre) company also generated activity inthe Gardens. The “crazy” ideas of the London ToastTheatre were entitled “Hitchcock-Up”. The showplayed until mid-January attracting thousands ofvisitors and millions of laughs.Alvin Ailey American Dance Theater visited Tivolifor the 13th time with eight sold-out performancesat the Concert Hall. This was the Theater’s first visitunder the direction of Robert Battle, the new ArtisticDirector, who had selected a repertoire for Tivolicomprising both the popular classic Revelations andnewer works which surprised and dazzled the audience,including some of Battle’s own choreographies.The guest performance also gave the Danish audiencea chance to see Ghrai DeVore dance. DeVore receivedQueen Ingrid’s Honorary Award in 2011.Alvin Ailey American Dance Theaterperforming Robert Battle’s The HuntOutlandish on stage,the Glass Hall Theatre LivePhoto Christopher DugganThe ensemble performing Hand Jive, Grease17

❖tivoli ANNUAL REPORT 2012 ❖A REAL TIVOLI BALLETThe Nutcracker was the last major ownproduction of the year and premiered at theConcert Hall on 22 November. The idea was tocreate a real Tivoli ballet with a family appeal.Tivoli has moved the plot of The Nutcracker toCopenhagen. The guests on Christmas Eve includeHans Christian Andersen, August Bournonville andBernhard Olsen, the director of Tivoli. Everybody isbringing gifts for Clara who, in her dreams at night,finds herself at Tivoli where the second act of theballet plays out. The ensemble consisted of 35 dancersfrom all over the world and not least 49 children whotook turns in performing. Peter Bo Bendixen’schoreography included a few references to formerchoreographers’ versions, but otherwise offered anabundance of elements, from the romantic pas dedeux between Clara and the Solider, over the swirlingsnowflakes to a flower waltz through the four seasonsof the year. Even a Spanish dance was fitted in,danced and choreographed by Selene Muños.HM Queen Margrethe’s set designs switched fromdetailed Biedermeierstube to the snow-covered towersof Copenhagen, on to a starry sky, Tivoli’s entrancegate and finally the Gardens with green leaves andcoloured lampions, just like in the old days. The morethan 100 costumes made at the Royal Opera HouseCovent Garden in London sparkled in all colours.Neat dresses with bustles, floor-sweeping floraldresses, handsome soldiers’ uniforms, cute mice andpiquant snowflakes followed each other at high speedaccompanied by Tjaikovskij’s atmospheric music andto the great delight of the audience. About 33,000visitors saw The Nutcracker, which will be back onstage in 2014.Her Majesty Queen Margrethe attended the premierein her capacity of set designer of the ballet. On stage,the Queen and the ensemble were applauded enthusiasticallyby the audience. HRH the Prince Consort,HRH Princess Benedikte and HM Queen Anne-Mariewere also among the first-nighters.Clara and the Soldier in an intimate pas de deux watchedby Pierrot and the children as lanterns18

❖ 2012 IN RETROSPECT FOR TIVOLI ❖Costume fitting June 2012100COSTUMES WERE MADEFOR THE NUTCRACKER33,000VISITORS ENJOYEDTHE NUTCRACKERTivoli Director Bernhard Olsen, Ballet Master Bournonville andHans Christian Andersen all feature in The Nutcracker19

❖ 2012 IN RETROSPECT FOR TIVOLI ❖NEW ONLINE CASINO WITH OLD VIRTUESTivoli A/S was licensed for online games and opened tivolicasino.dk at the end of June.Gaming machines and gaming stalls have been part of the Tivoli concept for more than100 years, and it is a natural choice also to reap the benefits of modern technology.At the same time, Tivoli gets the chance of gaining experience of gaming andcasino online before the physical casino for which Tivoli was licensedin 2010 is launched.Tivolicasino.dk offers roulette, blackjack and gaming machines– some of the most popular games among Danes. For now, one gamehas been Tivoli-thematised – the slot machine Tivoli Bonanza whosewheels land on merry-go-round horses, ice-cream cones andFerris wheels.CHEERS FOR CARSTENSEN: HIP, HIP HOORAYGeorg Carstensen, the founder of Tivoli, couldhardly have imagined that his 200th birthdaywould be celebrated in the amusement gardenshe himself founded.Nonetheless, on 31 August Lars Liebst, the CEOof Tivoli, was able to lay a wreath of dahlias at hispredecessor Georg Carstensen’s statute in front ofthe Concert Hall to initiate a weekend’s celebrationof the entrepreneur as he was called by his contemporaries.Mr Liebst was assisted by Tivoli employeeEdward Carstensen who is related to the founder as hedescends from Georg’s brother Edward.An exhibition of Mr Carstensen’s life and works, agala concert with the Tivoli Boys Guard Band, aspecial Saturday Swing event and a great display offireworks made up the celebrations along with anavenue of flags and a happy birthday song during theFun with Petzi on Sundays event.A large number of theme days have filled up theweekends with activities allowing Tivoli to featuredouble basses, football, gymnasts, dancing, music andsigning to the joy of the participants, the clubs andvisitors to Tivoli. Other skilful amateurs participatedin Tivoli Open Stage events during which Tivolimakes the Lawn Stage available for ½ hour’s performanceon certain afternoons.The gratuitous pleasures are key to Tivoli as musicand entertainment make up an essential part of theTivoli experience. Georg Carstensen himself foundedthe Tivoli Boys Guard as a 30-man guard of honour.No doubt, he would rejoice in the spectacular paradeand the high musical level achieved by the 100 boysof the Guard today. The Tivoli Boys Guard is developingcontinuously and, in addition to the traditionalparades and concerts, now also contributes the eightmanensemble referred to as the Tivoli Pumpkin Bandor the Tivoli Pixie Band depending on the season andrepertoire.Georg Carstensen 200 years oldHundreds of gospel singers performingat the Tivoli Gospel Festival21

❖tivoli ANNUAL REPORT 2012 ❖LIVING DANCE TRADITIONTim Rushton’s Triplex was widelyacclaimed, the Pantomime TheatreThe Pantomime Theatre is a dance tradition very muchalive with roots back to Mr Carstensen’s days.Besides the classical Casortian pantomimes starringPierrot, Harlequin and Columbine, the Pantomime Theatredancers perform actual ballets and participate in paradesand other special events. The summer season offered thedouble feature Triplex and A Time There Was by Britishchoreographers Tim Rushton and Michael Corder: bothof them premieres. Triplex also pleased the audience inthe yard of the Copenhagen Police Headquarters duringCopenhagen Summer Dance. In cooperation with FuglsangArt Museum and the Danish Chamber Players, Seasons andHavets bevægelser (sea movements) were performed bothat Fuglsang and at Tivoli. Moreover, Marie Brolin-Tani’sCatching the Bolero and the Hans Christian Andersen balletThe Tinderbox by Dinna Bjørn, James Price and HM QueenMargrethe re-premiered. This rendered the dancers in peakcondition for The Nutcracker rehearsals.The Peacock has been watching over Tivoli since 187422

❖ 2012 IN RETROSPECT FOR TIVOLI ❖The Tivoli Ballet School saw the light of dayRISING STARSOffering both a music school and a ballet school,Tivoli must be commended for doing its sharein strengthening the growth layer in Denmarkwithin artistic education.The first tiny steps of Tivoli’s new ballet school weretaken in the school summer holidays with a summercamp for 160 dance-loving girls and boys. Sincethen, the Tivoli Ballet School has grown, now havingweekly lessons, 80 ballet pupils and a growing waitinglist. The ballet school now has its own director – NielsBalle of the Royal Danish Ballet. With the competentteachers employed, the school will be able to developand expand in the long term.The Tivoli Boys Guard is long established as oneof Denmark’s top places of musical education forboys. Martin Åkerwall has been recruited as artisticdirector of the Tivoli Boys Guard Band, furtherstrengthening the Band’s profile. An internal andtotally unscientific survey shows that 60-70 of theapproximately 300 boys who have retired from theTivoli Boys Guard Band are today pursuing a careerin the Danish music industry.102BOYS IN THE TIVOLIBOYS GUARDA music education in the Tivoli Boys GuardBand can lead to many things23

❖tivoli ANNUAL REPORT 2012 ❖Organic fish ‘n’ chips are madefreshly while you waitA chef in Harlequin’s costume symbolisesthe Price brothers’ restaurant in TivoliDANISH, FRENCH AND NORDICDining at Tivoli can be many different things.The summer season offered novelties of severaltypes.The closure of the Balkonen restaurant made it possiblefor Nimb Brasserie to expand; the restaurant nowhas a seating capacity of almost 500 and is amongTivoli’s largest restaurants. The menu is touched bythe French bistro cuisine, whereas the décor is of theelegant, yet relaxed, style which characterises all ofNimb. The front part of the large, new restaurant isfitted out as a lounge where you are invited to enjoy acup of coffee or a drink any time of day.In Nimb’s small gourmet restaurant, Nimb Louiseopened under the management of Allan Poulsen whocame with a background from the inn Henne KirkebyKro and a title as Chef of the Year (2008). Therestaurant focused on the Nordic cuisine with a strongpersonal touch and a great sense of adventure. In spiteof favourable reviews across the board, the restaurantdid not manage to attract a sufficient customer baseto be able to operate, and it closed at the turn of theyear.Instead the premises will be added to the Nimb Hotelwhich needs to expand its capacity. A total of threenew suites will be made which can be combined toform Copenhagen’s most impressive luxury suiteopening out on Tivoli.The brothers Adam and James Price opened their restaurantBrdr. Price i Tivoli in the restaurant premisesof the Glass Hall Theatre, which previously housedBelle Terrasse and later The Paul. The Price familyhas close links with Tivoli through the PantomimeTheatre. The English Price family of artists helpedestablish pantomime in Denmark around the year1800 and since supplied Tivoli’s Theatre with severalmime artists. In recent history, James Price has composedmusic for a number of ballets based on HansChristian Andersen’s fairytales with choreography byDinna Bjørn and set designs by HM Queen Margrethe.Adam Price had been a food critic for a number ofyears when he ventured into a cooking show on TVwith his older brother James. Following the successof the TV show Dining with Price, the brothersestablished a restaurant in the centre of Copenhagenand then in Tivoli. The ownership is shared with thecompany behind Dragsholm Castle.The Price brothers’ restaurant at Tivoli serves Danishfood as grandma made it; filled patty shells, chickenpot roast with cucumber salad and cream horns withjam, traditional Danish open sandwiches and Tivolicakes. The walls are decorated with a myriad ofpictures depicting the life of the Price family as artistson the roads of Europe.24

❖ 2012 IN RETROSPECT FOR TIVOLI ❖EASY FOODA quick and easy meal does not have to be unhealthy or trivial.Over the past years, Tivoli has been aiming at providing visitorsto the Gardens with healthier alternatives to traditional fast food.To escape the somewhat negative connotations to the “fast food”label, at Tivoli we call it “easy food”. Easy food offers fruit juices,burgers with a high content of fibres and organic hot dogs. The newestproposition is organic fish ‘n’ chips served freshly made and smokinghot in a practical box. The stall in the Chinese section of the Orientimmediately became popular selling 52,000 servings of the classicdish during 2012.21OF TIVOLI’S 45 EATERIESARE OPERATED BY TIVOLIGood steaks from Nimb Bar ‘n’ GrillThe walls are brimming with family historyat the Price brothers’ restaurant in Tivoli25

❖tivoli ANNUAL REPORT 2012 ❖HALLOWEEN GETS SCARYThe newest Tivoli season saw a record number ofvisitors and turned up the scary volume.Two novelties characterised the 2012 autumn season.Firstly, the season was extended with an extra week tospan two weeks of October. The great success experiencedby Halloween at Tivoli since the beginning of2006 led to an expectation that Danes who travel inthe traditional school holiday week in October wouldlike to experience Tivoli the following week. Moreover,the Swedish autumn holiday started on Friday of thatweek, which also spoke in favour of keeping Tivoliopen.The other novelty was a development of the Halloweenconcept targeting teens and young adults, a scaryHalloween. The autumn season originally presentedby Tivoli targeted families with small childrenunder the motto “unscary scares” with charmingwitches and friendly scarecrows. To catch slightlyolder children, Halloween must be scarier, andTivoli therefore opened Tivoli’s Scary Zone in theSkærsilden fun house and the Alley every day at 6 pmwhen the youngest visitors had probably gone home towatch children’s shows. The Skærsilden fun house wasturned into a haunted house with real actors and lotsof scary effects. Visitors went through the house ingroups of six to achieve the optimal scare. The smallcapacity turned out to be a challenge. Hundreds ofcourageous visitors were queuing, sometimes for hourson end. Luckily most of them found the scare worthwaiting for, but a capacity increase must be pursued.In the Alley our visitors were met by actors disguisedas visitors and employees, bringing small surprisessuch as a balloon that suddenly burst.The two novelties contributed towards achievingthe record number of 418,000 visitors for Halloweenat Tivoli.Unscary scares remained for the very youngestchildren at Halloween SquareAfter 6 pm Halloween atTivoli got scaryThe Skærsilden fun house was turned into a haunted house26

❖ 2012 IN RETROSPECT FOR TIVOLI ❖Santa Claus’ parlour at the PantomimeTheatre was well-attendedNordic Christmas got a boost withreal snow in DecemberIlluminations accompaniedby music from The NutcrackerThe entrance gate to the Nordic areaPIXIES AND NEW YEARThe pixies yet again made their entry in Tivolialong with the red Santa Claus and his livereindeer.The renewal of Christmas at Tivoli represented bythe Russian area in 2011 was followed up by a Nordicarea in 2012. Just inside the Main Entrance, an entirelittle village complete with town gate and reindeer penwas constructed. The roofs were snow-covered and thechimneys smoking already before Tivoli was coveredby large quantities of real snow in early December. Atthe Pantomime Theatre, good old, red Santa Claus hadfitted out a parlour in which he could receive childrenand their wishes for Christmas presents. The stalls in thearea offered wickerwork, knitwear and toffees. As part ofthe cooperation with Kopenhagen Fur, Great Greenlandopened the stall Inuit Sila offering seal skin products.The performance of The Nutcracker ballet in theConcert Hall also left its mark on the Gardens. LargeNutcracker figurines decorated the front of the Concerthall, and on the Tivoli Lake the new Tivoli Illuminationshows were accompanied by Tjaikovskij’s music.The Fireworks Festival spanned five days betweenChristmas and New Year featuring a yellow, green, red,blue colour theme; every day its own colour and, on thelast day, a great display of all colours.Tivoli also had fireworks on 31 December in connectionwith New Year’s Eve when 11 restaurants were open tovisitors who had pre-booked Tivoli’s New Year’s menu.The diners could watch HM Queen Margrethe’s NewYear Address, and the dinner was followed by fireworksat 10 pm. The evening was concluded with a glass ofchampagne on the Lawn at midnight, listening to thesound of the town hall bells live and enjoying the sightof all the fireworks let off in Copenhagen centre on anight like this. Tivoli has decided to open the entirepark on 31 December 2013.27

❖tivoli ANNUAL REPORT 2012 ❖ON THE INNER LINESThe merry-go-rounds are spinning, the musicis playing and the tulips are coming out – butonly because a dedicated team of committedemployees are doing their best every day todeliver quality experiences to Tivoli’s visitors.årets gang i tivoliBased on the philosophy that only happy employeescan deliver good results, Tivoli has measured jobsatisfaction among its almost 1,500 employees overa number of years. We are very pleased to note thatTivoli made it again on to the Top 5 of the Best LargeWorkplaces in Denmark, this time as No 4.A good dialogue in the Works Committee and generallywithin the organisation enhances job satisfaction,and it is no secret that Tivoli’s employees are indeedvery proud to work here.In 2012 Tivoli rooted out the concepts of “red” and“green” service attendants which distinguishedbetween those looking after a ride (green) and thoseinspecting at the entrances and in the Gardens (red).Following relevant training, our service attendantsare now able to perform all types of inspection tasksresulting in far greater flexibility in terms of dutyplanning and avoidance of bottlenecks. Ultimately,this gives our visitors a better experience, which iswhat Tivoli is all about. Tivoli’s service attendantshave welcomed the new challenges; a new health& safety organisation and new duty schedules forTivoli’s workmen have also been established.Tivoli has entered into a cooperation agreement withSentosa Islands, a large resort with a theme park, amarina, golf courses, etc situated on an island off thecoast of Singapore. Employees from Sentosa Islandhave visited Tivoli, for short or long periods, andTivoli employees have paid study visits to SentosaIsland. We expect to learn from each other andperhaps in the long term develop activities together.As a first effort, Tivoli’s head gardener has designed aTivoli Garden for Sentosa’s celebration of the ChineseNew Year in February 2013.To strengthen Tivoli’s day-to-day operations, acomprehensive IT project has been launched. Allof Tivoli’s IT systems, from the intranet throughfinancial management to ticket sales and paymentsystems, have been analysed and are being updatedand replaced to prepare Tivoli for the future.A new website was also launched along with animproved webshop.4 THBEST LARGE WORKPLACEIN DENMARKOne of Tivoli’s most well-known employees28

❖ 2012 IN RETROSPECT FOR TIVOLI ❖❖TIVOLI FACTS 2012SEASONSSummer seasonHalloween in TivoliChristmas in TivoliNUMBER OF DAYS OPEN12 April - 24 September12 - 28 October16 November - 31 DecemberSummer (including 2 soft openings and the VoiceConcert Day on 24 September)168 daysHalloween (including 2 soft openings) 17 daysChristmas at Tivoli (including 2 soft openings) 46 daysATTENDANCE FIGURESSummer 2,758,000Halloween 418,000Christmas 857,000Total 4,033,000MOST POPULAR RIDEThe Roller Coaster, visitor rides 1,300,000SEASON PASSESAnnual Cards sold 277,000NUMBER OF EVENTSThe Pantomime Theatre 319The “Lawn” Open Air Stage 30The Music Week 157The Tivoli Festival 83The Tivoli Boys Guard Band 241Fireworks 10Tivoli Illumination shows 346Own productions 144Other (theme days, parades, etc) 276The Glass Hall Theatre andthe Concert Hall rented for cultural events 234Petzi in the Gardens 768Total 2,608One event is defined as one event attended or one dayevent. However, a classical concert/a theatre performancecounts as one event regardless of any intermission.As regards Petzi’s tours of the Gardens, each newtour of the Gardens has been counted as one event.Hillary Clinton, American Secretary of State, visitedTivoli at her husband’s recommendationThe Roller Coaster from 1914 isTivoli’s most popular ride29

❖tivoli ANNUAL REPORT 2012 ❖708.3REVENUE IN DKK MILLION41.7PROFIT BEFORE TAX IN DKK MILLION30

❖ FINANCIAL STATEMENTS ❖❖FINANCIAL STATEMENTS2012FINANCIAL STATEMENTS32 Financial Review33 Future Plans for Tivoli34 Corporate Social Responsibility36 Shareholder Information38 Statement of Corporate Governancenoter45 Accounting Policies50 Accounting Estimates and Judgements51 Notes to Income Statement54 Notes to Cash Flow Statement55 Notes to Balance Sheet40 Income Statement and Statement ofComprehensive Income41 Cash Flow Statement42 Balance Sheet – Assets, Liabilitiesand Equity44 Statement of Changes in Equity31

❖tivoli ANNUAL REPORT 2012 ❖❖FINANCIAL REVIEWTivoli saw 2,758,000 visitors in the 2012 summerseason compared to 2,773,000 visitors in the 2011summer season, corresponding to a 0.5% decrease.For Halloween, attendance figures aggregated418,000, which is a 39% increase from 301,000 in2011.For Christmas at Tivoli, attendance figuresaggregated 857,000, which is a 3.5% decrease from889,000 in 2011.Total attendance figures for 2012 were 4,033,000compared to 3,963,000 in 2011, corresponding to a2% increase.The Company’s net revenue for the financial year1 January – 31 December 2012 amounted to DKK708.3 million compared to DKK 673.9 million for thecorresponding period of 2011.Expenses before depreciation, amortisationand impairment amounted to DKK 582.3 millioncompared to DKK 564.9 million for 2011.EBITDA amounted to DKK 126.0 million comparedto DKK 109.0 million for 2011, corresponding to a15.6% profit increase.Net financials amounted to a negative DKK 5.5million compared to a negative DKK 7.3 million forthe same period of 2011.Profit before tax amounted to DKK 41.7 millioncompared to DKK 33.5 million for the same periodof 2011. The figure is at the level of the latest forecastannounced which indicated a profit before tax in theregion of DKK 40 million.Profit after tax for 2012 amounted to DKK 31.4million compared to DKK 24.5 million last year.Investments in property, plant and equipmentfor the year amounted to DKK 79.2 million. Thelargest single investment was the takeover of Balkonenand the subsequent integration with Nimb Brasserie.Furthermore, investments were made in a number oflarge and small projects with the continued aim ofoffering novelties to the visitors to the Gardens and ofenhancing quality in general.The Company’s assets amounted to DKK 986.3million at 31 December 2012 compared to DKK956.8 million at 31 December 2011. The increase isprimarily due to higher receivables.The equity share of the balance sheet total(solvency ratio) represented 64%, which is at theprior year level.The Board of Directors proposes distribution ofdividend of 25% of the profit after tax for the year,corresponding to DKK 7.8 million or 13.7% of thenominal share capital, compared to dividend in 2011of DKK 6.1 million, or 10.7% of the nominal sharecapital. The remaining profit will be allocated to theCompany’s distributable reserves.Development in attendanceRevenue development2010 201120122010 201120123,0200Attendance figures2,52,01,51,00,50SummerHalloweenChristmasNet revenue DKK million150100500EntrancefeesEarningsfrom ridesFood &BeverageRentalincome32

❖ FUTURE PLANS FOR TIVOLI ❖❖FUTURE PLANS FOR TIVOLITivoli’s strategic plans usually cover a 3-year periodbased on the consideration that, beyond three years,so many assumptions will have changed that the planswould have to be adjusted significantly anyhow.The global crisis experienced in recent years has notmade planning for the future any easier. It looksas if Danish economy will remain hibernating forsome years to come. Denmark is still one of the mostexpensive countries for tourists. At the same time,changes are in store for the experience industry inCopenhagen. In H1 2012 Den Blå Planet, NationalAquarium Denmark, in Amager will open. The newattraction is expected to boost Copenhagen as adestination to an extent that will benefit the entireexperience industry.The same applies to the re-opening of the d’Angleterre,which will be a key competitor to the NimbHotel while providing Copenhagen with more attractivehigh-end overnight accommodation options.Tivoli must therefore pursue two paths in the yearsto come. We must strengthen our core business bydeveloping Tivoli as we are doing with the MerryCorner, which will be extended by 600 square metresin 2013 and added a new theme area inspired by theworks and age of Danish astronomer Tycho Brahe.Another project has roots in Tivoli’s own past. Whenthe Roller Coaster completes its 100th year in 2014, itwill appear as when new, with snow-clad peaks. Thepeaks were removed in the 1920’s at the request of thecity authorities but will return in connection with theanniversary.The other path that will be pursued is to reinforcethe business with all-year activities in branches ofthe experience industry which have so far representedonly a minor part of Tivoli’s business. Tivolicasino.dk is an example of this. The Tivoli Edge is anotherproject whose realisation is still being pursued.In the very near future we know for certain that theconstruction work around Tivoli will continue. Therenovation of the headquarters of the Confederationof Danish Industries will be completed, and it will berevealed to which extent the Tivoli experience will beaffected by the new glass building. At Axel Squareconstruction on the Scala site has begun. In a consultationresponse Tivoli has expressed concern about theimpact of the new building on the impression of theMain Entrance viewed from both Axel Square and thestreet Vesterbrogade, which is being re-arranged too.Tivoli expands with three new rides33

❖tivoli ANNUAL REPORT 2012 ❖❖CORPORATE SOCIAL RESPONSIBILITYTivoli’s CSR policy operates with three stakeholders;visitors, employees and our surroundings. Initiativesdirected at our surroundings comprise environmentalinitiatives as well as safeguarding of our cultural heritageand the donations of tickets and Season Passesmade by Tivoli, in particular to deprived children.Tickets and Season Passes can be counted andmeasured, but Tivoli contributes in other ways too, egby assisting hundreds of school children and studentsin writing essays about Tivoli. Furthermore, in 2012we entered into a working relationship with theschool Vesterbro Ny Skole as part of the CopenhagenMunicipality “Plus Programme” which matchesschools and enterprises to provide the oldest lower secondaryschool children with a realistic and vocationalangle on their education.Neighbourliness is one of the items of Tivoli’s CSRpolicy, and good neighbourliness was the subject ofthe first dialogue meeting with residents of Tivoli’sneighbouring residential properties. It is obviousthat when you live right next to Denmark’s largestamusement park, you will be able to feel, see and hearit. Topics discussed at the dialogue meeting includedthe sound level at Friday Rock events, fireworks, wildrides and inadequate parking. Tivoli encouraged itsneighbours to establish a tenants’ forum and alwaysto contact Tivoli whenever specific issues are imminent.It was also agreed that a dialogue meeting is tobe held annually.One of the successes in the environmental area in2012 was the replacement of almost 11,000 incandescentbulbs by LED low-energy bulbs, and the switchover by the “tram” on Line 8 from a diesel-powered toan electrically powered engine.Tivoli finds it important to contribute to the labourmarket. Therefore, we continuously train trade apprenticesand office trainees, and we have establishedseveral “acute jobs” and jobs under section 56 of theDanish Sickness Benefits Act.During the year, Tivoli’s name and reputation weresubject to public debate several times. People haveA total of 85,000 bulbs must be replaced by low-energy bulbsThousands of school children comeinto contact with Tivoli every year34

❖ Corporate Social Responsibility ❖high expectations of Tivoli when it comes to conduct,and it is considered a scoop when a person, an organisationor a group of people indicate that Tivoli is notliving up to these expectations.Our sponsor partnership with Kopenhagen Furprompted many comments and protests from animalwelfare advocates who used Facebook in particularto voice their views. The organisation Anima wasvery active in parts of the press and also organised ademonstration against the partnership. Apart frommaking Tivoli introduce stricter rules for its Facebooksite to avoid threats and harassment, this debate doesnot make Tivoli change its stance for the time being.The partnership with Kopenhagen Fur enables Tivolito develop Christmas at Tivoli. At the same time,the two brands may reap mutual benefits in terms ofinternational marketing.Another debate which left its mark on the media fora little while originated in a complaint from a motherwho felt unfairly treated at the Tivoli Bodega whenshe wanted to breastfeed her baby. The issue spreadvery fast through the social media so before Tivoli hadeven received and read the mother’s official complaint,which was sent at night by e-mail, reactions camefrom a number of other people speaking for or againstbreastfeeding in public. Several politicians alsocommented on the issue. In addition to expressing itsregret at the poor service experienced by the mother,Tivoli also, induced by this incident, emphasised thatnaturally Tivoli is for everyone, including breastfeedingmothers. As several of Tivoli’s restaurantsare operated by tenants who are allowed to a greatextent to make their own rules for guest behaviour, amapping of established practice has been necessary.It is our objective that all visitors to Tivoli should feelwelcome and that nobody should feel embarrassedor harassed. The best solution is mutual respectbetween all parties, but improved information on theguidelines in the individual establishments may alsobe required.Tivoli publishes its statutory statement of corporatesocial responsibility for 2012 in accordance withsection 99a of the Danish Financial Statements Act onthe Company’s website, including additional informationon policies, developments in 2012 and expectedactivities in 2013.The statement of corporate social responsibility forthe four areas is accessible on http://www.tivoli.dk/~/media/Files/Pdf/Aarsrapporter/csr2012uk.pdf11,000INCANDESCENT BULBSWERE REPLACED BYLED LOW-ENERGY BULBSIN 2012Line 8 is now running on electricity35

❖tivoli ANNUAL REPORT 2012 ❖❖SHAREHOLDER INFORMATIONTivoli A/S is listed on Nasdaq OMX Copenhagen. At31 December 2012, the share capital amounted toDKK 57.2 million distributed on 571,666 shares ofDKK 100 each carrying an entitlement to 10 votes.At 31 December 2012, the market price of 2,929corresponded to a market capitalisation of DKK 1.7billion. At 31 December 2011, the market price of2,980 corresponded to a market capitalisation of DKK1.7 billion. Shareholders with a shareholding registeredto their name with a nominal value of at leastDKK 1,000 receive a Pass to Tivoli. The Pass entitlesthe holder and one companion to free admission toTivoli in all Tivoli seasons. The entitlement to a Passis decided upon by the Board of Directors for one yearat a time.to 25% of the Company’s profit after tax be distributed.In years when investments are particularly high,the Board of Directors may decide that the dividendshould deviate from the policy.Tivoli A/S’ profit after tax for 2012 amounted to DKK31.4 million compared to DKK 24.5 million in 2011.The Board of Directors recommends to the AnnualGeneral Meeting distribution of dividend of 25% ofthe profit after tax for the year, corresponding to DKK7.8 million compared to DKK 6.1 million last year.The remaining profit of the Parent Company will beallocated to the Company’s distributable reserves asthe Company is also expecting a high level of investmentsin the coming years.SHARE PRICE DEVELOPMENTThe share price development in the period from 31December 2007 to 31 December 2012 compared withthe OMXC20:DIVIDEND POLICY AND DIVIDENDThe Board of Directors has established a generalpolicy for payment of dividend. It is the intention that,in normal investment years, dividend correspondingSHAREHOLDERSAt 31 December 2012, Tivoli had 19,383 registeredshareholders. According to the Company’s registerof shareholders, shareholdings in excess of 5% breakdown as follows:Skandinavisk Holding A/S 31.8%Chr. Augustinus Fabrikker Aktieselskab 25.4%SHARE PRICE DEVELOPMENTTivoliOMXC204,5004,0003,5003,0002,5002,0001,50031-12-200731-12-200831-12-200931-12-201031-12-201131-12-2012550500450400350300250200150STOCK EXCHANGE ANNOUNCEMENTSAttendance, Christmas at Tivoli 2011 2 January 2012Expectations for the 2011 result 17 January 2012Financial Calendar 2012 24 January 2012Annual Report 2011 20 March 2012Notice to convene AnnualGeneral Meeting 30 March 2012Minutes of the AnnualGeneral Meeting 30 April 2012Interim Report at 31 March 2012 29 May 2012License for online casino 8 June 2012Interim Report at 30 June 2012 15 August 2012Attendance, Summer Season 2012 25 September 2012Major shareholder announcement 28 September 2012Attendance, Halloween at Tivoli 2012 29 October 201236

❖ SHAREHOLDER INFORMATION ❖Interim Report at 30 September 2012 26 November 2012Financial Calendar 2013 29 November 2012Attendance, Christmas at Tivoli 2012 2 January 2013Upward adjustment of expectations 17 January 2013FINANCIAL CALENDARAnnual Report 2012 21 March 2013Annual General Meeting 30 April 2013with expected distribution of dividend 7 May 2013Interim Report (Q1 2013) 27 May 2013Interim Report (H1 2013) 15 August 2013Interim Report (Q3 2013) 29 November 2013INVESTOR RELATIONS (IR)Tivoli aims at meeting the disclosure requirementsof the Copenhagen Stock Exchange. Therefore,announcements are filed with the Copenhagen StockExchange on a correct and timely basis and are releasedsimultaneously at Tivoli’s website www.tivoli.dk.Further corporate information and all companyannouncements are accessible at the website.AMENDMENT OF ARTICLES OF ASSOCIATIONThe Company’s Articles of Association may be amendedby simple majority at a general meeting providedthat the proposed amendment has been communicatedto shareholders not later than 14 days before thedate of the ordinary or extraordinary general meeting,and provided that 66.7% of the shares issued arerepresented at the general meeting.CHANGE OF CONTROL CLAUSESThere are no agreements, rights, etc that will changein the event of a takeover bid.If members of the Executive Board resign in connectionwith a takeover of the Company, there will be nopayment other than the usual salary for a period ofnotice of 1.5 years to the Company’s CEO and 1 yearto the Company’s CFO.Inquiries on investor relations and the share marketmay also be addressed to the IR officer, Stine Lolk,Vice President, Communications & Entertainment,e-mail: sl@tivoli.dk.ANNUAL GENERAL MEETING (AGM)The Company’s AGM will be held on Tuesday, 30April 2013, at 14:00 at the Tivoli Concert Hall.PROPOSED RESOLUTIONS FOR THE AGMThe Board of Directors proposes that the AGMauthorise the Board, for the period up until thenext AGM, to have the Company acquire shares fortreasury of up to 10% of the share capital at thecurrent market price at the time of acquisition witha divergence of up to 10%.The Board of Directors proposes reappointment ofPricewaterhouseCoopers as auditors.DKK million2012(12 months)2011(12 months)2010(12 months)2009(12 months)2008(12 monthsunaudited)2008(9 months)SHARE AND DIVIDEND RATIOSAverage number of shares ('000) 571.7 571.7 571.7 571.7 571.7 571.7Earnings in DKK, per share of DKK 100 (EPS) 54.9 42.9 10.5 27.5 27.3 98.8Cash flows from operating activitiesin DKK per share (CFPS) 168 205 102 127 169 269Net asset value in DKK per share, end of year 1,098 1,057 1,029 1,029 1,015 1,015Share price in DKK, end of year 2,929 2,980 3,251 3,239 3,000 3,000Dividend in DKK, per share of DKK 100 13.70 10.67 2.62 6.87 - 14.76% payout ratio 25% 25% 25% 25% - 15%Price/earnings ratio (PE) 53 70 310 118 110 30Price/cash flow (PCF) 17 15 32 25 18 11Price/net asset value (P/NAV) 2.67 2.82 3.16 3.15 2.95 2.9537

❖tivoli ANNUAL REPORT 2012 ❖❖STATEMENT OFCORPORATE GOVERNANCETivoli’s Management emphasises corporate governanceand corporate governance is continuouslydiscussed by Tivoli’s Board of Directors.In 2011 the Committee on Corporate Governance issuedupdated Recommendations for corporate governance.As previously, the recommendations are basedon a “comply or explain” principle, which makes itlegitimate for a company either to comply with therecommendations or explain why it does not comply.Tivoli complies with all of the 79 recommendations,except for recommendation 5.10.2.Recommendation 5.10.2 points out that a majority ofthe members of a board committee should be independentmembers. On Tivoli’s Board of Directors, severalcommittees consist of the full Board of Directors.At the same time, the full Board of Directors, includingmembers elected by the employees, consists of sixmembers, two of four members elected by the generalmeeting being dependent and the members elected bythe employees also being considered dependent as theyare employed by Tivoli. Thus, Tivoli does not complywith recommendation 5.10.2.A detailed description of Tivoli’s position on allcorporate governance recommendations is availableon http://www.tivoli.dk/~/media/Files/Pdf/Aarsrapporter/corpgov2012uk.pdfCONTROL ENVIRONMENTThe Board of Directors and the Executive Board determineand approve general policies, procedures andcontrols in key areas relating to the financial reportingprocess. This is based on a clear organisationalstructure, clear reporting lines, authorisation andapproval procedures as well as segregation of duties.Written guidelines have been prepared for bookkeeping,budgeting and month-end procedures, includingreconciliations and preparation of the regular financialreporting.Moreover, policies for approval of invoices and otherexpenditure vouchers have been established so as toensure due approval.RISK ASSESSMENTThe Board of Directors and the Executive Boardperform an annual overall risk assessment of thefinancial reporting process with a view to identifyingthe most significant and risky areas.The determination of certain items in the financialstatements requires estimate and judgment on thepart of Management. These items are given specialattention in connection with the risk assessment andare described in note 2 to the Annual Report.INTERNAL CONTROLS AND RISKMANAGEMENT RELATING TO FINANCIALREPORTINGThe Board of Directors and the Executive Board haveoverall responsibility for the Company’s risk managementand internal controls relating to the financialreporting process.38

❖ STATEMENT OF CORPORATE GOVERNANCE ❖CONTROL ACTIVITIESThe Company’s internal controls focus on the significantand risky areas identified.A number of control activities have been establishedin order to prevent, detect and correct any errors,misstatements and irregularities thus ensuring thatthe financial reporting is correct and complete.The Executive Board has prepared minimum requirementsfor controls covering the most significant andrisky items. These controls have been compiled in acontrol catalogue submitted to the Board of Directors.The purpose of the control catalogue is to increase theefficiency of the control environment and to ensure anadequate basis for the Board of Directors’ monitoringof the Company’s internal control and risk managementsystems.Access to bookkeeping and accounting systems isrestricted to relevant functions, and due segregationof duties has been ensured in the accounts departmentand other departments that supply data for the financialstatements. Controls relating to IT applicationsand IT general controls ensure that financial data arenot lost.INFORMATION AND COMMUNICATIONThe Company’s guidelines of relevance to the financialreporting process are available on the intranetto which all employees have access. Major changes tothese guidelines will be communicated directly to allofficers with financial responsibility.MONITORINGAll employees with control-related responsibilitiesreport currently to the Executive Board on theexecution and documentation of controls. Any controlfailure or non-compliance with established guidelinesare reported currently to the Executive Board whichfollows up.A summary of the above reporting is submitted to theBoard of Directors at least on an annual basis.The above constitutes Tivoli’s statutory statement ofcorporate governance in accordance with section 107bof the Danish Financial Statements Act.The Executive Board’s monthly budget control meetingswith all main area managers allow the Boardto detect and correct any errors, misstatements andirregularities of the financial reporting at an earlystage.39

❖tivoli ANNUAL REPORT 2012 ❖Income Statement1 January - 31 DecemberNoteDKK million 2012 2011revenue4 Earnings from entrance fees 172.1 177.2Rides 142.9 141.25 Games and shops 39.2 34.7Restaurants and fast food 178.2 178.6Concert Hall, Glass Hall Theatre and function rooms 44.7 31.46 Rental income 86.1 82.1Net revenue 663.2 645.27 Other operating income 45.1 28.7708.3 673.9external expenses8 Operating expenses 107.8 121.39 Maintenance 21.4 24.810 Artistic events 49.7 41.5Property taxes and insurance 15.5 16.7Promotion and advertising 23.1 18.111 Promotion and advertising 52.1 46.1269.6 268.512 Staff expenses 312.7 296.4582.3 564.9EBITDA 126.0 109.013 Depreciation, amortisation and impairment 78.8 68.2EBIT 47.2 40.814 Financial income 1.2 0.315 Financial expenses 6.7 7.6Profit before tax 41.7 33.516 Tax on profit for the year -10.3 -9.0Net profit 31.4 24.517 Earnings per shareEarnings in DKK, per share of DKK 100 (EPS) 54.9 42.9Statement of Comprehensive IncomeProfit for the year 31.4 24.5Value adjustments: Value adjustment hedging instruments -2.7 -9.4Other adjustments:: Tax on value adjustments hedging instruments 0.7 2.4Total comprehensive income 29.4 17.540

❖ Cash Flow Statement ❖Cash Flow Statement1 January - 31 DecemberDKK million 2012 2011NoteProfit before tax 41.7 33.5Adjustment for non-cash items etc:Depreciation, amortisation and impairment 78.8 68.2Financial incomer -1.2 -0.3Financial expenses 6.7 7.6Cash flows from operating activities beforechange in working capital 126.0 109.018 Change in working capital -23.5 12.6Cash flows from operating activities beforefinancial income and expenses 102.5 121.6Financial income 1.2 0.3Financial expenses -6.7 -7.6Cash flows from operating activities before tax 97.0 114.3Corporation tax paid -1.2 2.7Cash flows from operating activities 95.8 117.0Purchase of intangible assets -4.4 -Purchase of property, plant and equipment -84.9 -67.2Sale of property, plant and equipment 0.4 -Cash flows from investing activities -88.9 -67.2Debt financing:Repayment of mortgage loans -4.7 -4.5Raising / repayment of bank overdraft 98.1 -Change in payables to group enterprises -92.2 -41.0Shareholders:Dividend distributed -6.1 -1.5Cash flows from financing activities -4.9 -47.0Cash flows for the year 2.0 2.8Cash and cash equivalents, beginning of year 23.2 20.4Cash and cash equivalents, end of year 25.2 23.241

❖tivoli ANNUAL REPORT 2012 ❖Balance Sheetat 31 DecemberNoteDKK million 2012 2011Non-current assets19 Intangible assetsRights 9.1 6.49.1 6.420 Property, plant and equipmentLand and buildings 637.0 654.3Other fixtures and fittings, tools and equipment 214.9 195.9Assets under construction and prepayments for 11.6 5.9property, plant and equipment863.5 856.1Other non-current assets21 Debt instrument receivable 1.7 1.71.7 1.7Total non-current assets 874.3 864.2Current assets23 Goods for resale 8.0 9.424 Trade receivables 42.1 32.6Other receivables 31.5 21.225 Prepayments 3.8 4.8Deposits 1.4 1.4Cash at bank and in hand 25.2 23.2Total current assets 112.0 92.6Total assets 986.3 956.842

❖ Balance Sheet at 31 December ❖Balance Sheetat 31 DecemberNoteDKK million 2012 2011Equity26 Share capital 57.2 57.2Reserves 562.7 541.1619.9 598.3Proposed dividend 7.8 6.1Total equity 627.7 604.4LiabilitiesNon-current liabilities27 Non-current debt 75.9 80.722 Deferred tax liabilities 26.0 19.2Total non-current liabilities 101.9 99.9Current liabilities27 Current debt 4.7 4.628 Payables to group enterprises - 92.2Bank overdraft 98.1 -Trade payables 26.3 24.2Corporation tax payable 2.8 1.329 Other payables 84.1 82.1Deferred income 40.7 48.1Total current liabilities 256.7 252.5Total liabilities and equity 986.3 956.831 Contingent liabilities and security, etc32 Financial risks33 Cash flow hedges34 Hedge transactions recognised directly in equity35 Related party transactions43

❖tivoli ANNUAL REPORT 2012 ❖årets gang i tivoliStatement of Changes in EquityReservesDKK millionShare capitalHedgetransactions*RetainedearningsProposeddividendTotalEquity at 1 January 2011 57.2 -8.2 537.9 1.5 588.4Changes in equity in 2011Årets totalindkomst - -7.0 18.4 6.1 17.5Comprehensive income for the year - - - -1.5 -1.5Dividend distributed - -7.0 18.4 4.6 16.0Total changes in equity in 2011 57.2 -15.2 556.3 6.1 604.4Equity at 1 January 2012 57.2 -15.2 556.3 6.1 604.4Changes in equity in 2012Comprehensive income for the year - -2.0 23.6 7.8 29.4Dividend distributed - - - -6.1 -6.1Total changes in equity in 2012 - -2.0 23.6 1.7 23.3Equity at 31 December 2012 57.2 -17.2 579.9 7.8 627.7* Note 34 discloses changes in "Hedge transactions recognised directly in equity".DividendDividend of DKK 7.8 million is proposed (2011: DKK 6.1 million), corresponding to dividendper share of DKK 13.70 (2011: DKK 10.67).Dividend of DKK 6.1 million has been distributed during the year (2011: DKK 1.5 million).Distribution of dividend to the shareholders of Tivoli A/S has no tax implications to Tivoli A/S.44

❖ notes ❖❖NotesNOTE 1 – ACCOUNTING POLICIESTivoli A/S is a limited company registered in Denmark.The Annual Report of Tivoli A/S for 2012 is presented inaccordance with the International Financial ReportingStandards as issued by the IASB and as adopted by theEU as well as additional Danish disclosure requirementsfor annual reports of listed companies.ACCOUNTING POLICY CHANGES, INCLUDINGPRESENATION AND IMPLEMENTATION OFINTERNATIONAL FINANCIAL REPORTINGSTANDARDSThe accounting policies of Tivoli A/S, including thepresentation, remain unchanged from last year.Implementation of new International FinancialReporting Standardsand the EU as well as the Interpretations effective for the2012 financial year.• IFRS 7 – Amendments relating to extended disclosurerequirements on the transfer of financial instruments.• IFRS 1 – Amendment replacing the fixed dates as ofwhich to apply the provisions on derecognition andfirst-time recognition of financial instruments with thedate of transition.The implementation of these new and updated InternationalFinancial Reporting Standards has not had any materialmonetary effect on the statement of Tivoli A/S’s profit,assets, liabilities and equity in connection with the financialreporting for the financial years presented.NEWEST INTERNATIONAL FINANCIALREPORTING STANDARDS (IFRS) ANDINTERPRETATIONS (IFRIC) ADOPTEDFOR IMPLEMENTATION IN SUBSEQUENTFINANCIAL PERIODSAs at 31 December 2012, the IASB has issued the followingnew International Financial Reporting Standards andInterpretations which are assessed to be of relevance toTivoli A/S and are not effective for 2012. The followingamendments have been made:• Amendment of IAS 1 – The amendment introducesa requirement for presenting items of total comprehensiveincome which are to be recycled to profit andloss separately from items that are not to be recycled.• IFRS 7 and IAS 32 – The amendment provides furtherguidelines on set-off and related disclosures.• IFRS 9 – The number of categories of financialassets is reduced to two; the amortised cost categoryand the fair value category. Going forward,financial assets are thus to be classified as either“measurement at amortised cost” or “fair valuethrough profit and loss” or – in the case of qualifyingequity instruments – as “fair value throughother comprehensive income”.• IFRS 10 – Clarification of the definition of controlof another entity. Control exists when the followingcriteria are met:- Power is exercised over the entity;- Exposure or rights to variable returns;- Ability to affect returns through the power over theentity.• IFRS 11 – Joint arrangements require agreementbetween the parties and comprise two types; jointoperations and joint ventures.• IFRS 12 – Disclosure requirements concerninginterests in other entities, including subsidiaries,joint operations, joint ventures and associates.• IFRS 13 – General standard laying down principlesfor the measurement of fair values.• Amendments to IFRS 10, 11 and 12 clarifying thatthe date of initial application of the standard is thefirst day of the financial year in which the standardsare implemented.• The Annual Improvements comprise (2009-2011):- IAS 1, clarification of requirements for comparativeinformation when presenting balance sheets for threeyears.- IAS 16, spare parts and equipment for servicingproperty, plant and equipment are not to be carriedas inventory, but, if they qualify, as property, plantand equipment.- IAS 32, clarification of tax recognised in theincome statement vs equity.- IAS 34, interim reporting of segment assets.It is Management’s assessment that the amendedstandards and interpretations will have no materialeffect on the Financial Statements for the comingfinancial years.45

❖tivoli ANNUAL REPORT 2012 ❖Basis of preparationThe Financial Statements are presented in DKK roundedoff to DKK 1,000,000 to one decimal place.The Financial Statements are prepared under the historicalcost convention.The accounting policies described below have beenapplied consistently for the financial year and for comparativefigures. The accounting policies are unchangedfrom last year.DESCRIPTION OF ACCOUNTING POLICIESJoint operationsTivoli recognises its share of both total revenue andexpenses of joint operations.Translation policiesTransactions in foreign currencies are initially translatedat the exchange rates at the dates of transaction. Gainsand losses arising due to differences between the transactiondate rates and the rates at the dates of paymentare recognised in financial income and expenses in theincome statement.Receivables, payables and other monetary items in foreigncurrencies are translated at the exchange rates at thebalance sheet date. Any differences between the exchangerates at the balance sheet date and the rates at the date ofcontracting the receivable or payable or the rates in thelatest Annual Report are recognised in financial incomeand expenses in the income statement.Derivative financial instrumentsDerivative financial instruments are initially recognisedin the balance sheet at cost and are subsequently remeasuredat their market value.The market value of derivative financial instruments isrecognised in other receivables or other payables. Positiveand negative values are offset only where the Companyhas a right to and intention of settling several financialinstruments on a net basis. Market values of derivative financialinstruments are calculated on the basis of currentmarket data and recognised valuation methods.Changes in the market value of derivative financialinstruments that are designated and qualify as marketvalue hedges of a recognised asset or a recognised liabilityare recognised in the income statement as are anychanges in the value of the hedged asset or the hedgedliability related to the hedged risk.Changes in the part of the market value of derivativefinancial instruments that is designated and qualifiesas a hedge of future cash flows and which effectivelyhedges changes in the value of the hedged transactionare recognised in equity. When the hedged transaction isrealised, any gain or loss on such hedging transactions istransferred from equity and recognised in the same itemas the hedged transaction.Changes to the market value of derivative financialinstruments which do not qualify for hedge accountingare recognised in financial income and expenses in theincome statement as they occur.LeasesThe Company has not entered into any finance leases.Payments made under operating leases are recognisedin the income statement on a straight-line basis over thelease term.INCOME STATEMENTRevenueRevenue comprises net revenue as well as other operatingincome, see definitions below.Net revenueNet revenue comprises operating income by way ofearnings from entrance fees to the Gardens, includingearnings from the sale of Season Passes, earnings fromrides, rental income from buildings, premises, etc as wellas income from the sale of services.Income is recognised in the income statement providedthat delivery and transfer of risk have been made beforeyear end and provided that the income can be measuredreliably and is expected to be received.Where a service is delivered over several financial periods,such as earnings from the sale of Season Passes, it isaccounted for on an accruals basis.Net revenue is measured at fair value exclusive of VATand duties charged on behalf of third parties. All types ofdiscounts granted are recognised in net revenue.Revenue from cash games is presented net of prizepayments and gaming taxes.Other operating incomeOther operating income comprises items of a secondarynature to the activities of the enterprises, includingprojecting fees earned, sponsorships received and gainson the sale of intangible assets and property, plant andequipment.Other external expensesOther external expenses comprise expenses for leasingof premises, office expenses, external cash handling, IT,legal assistance and consulting services.Financial income and expensesFinancial income and expenses comprise interest, capitalgains and losses on securities, payables and transactionsin foreign currencies, amortisation of financial assets andliabilities as well as extra payments and repayment underthe on-account taxation scheme, etc.Tax on profit for the yearTivoli A/S is included in the joint taxation under Chr.Augustinus Fabrikker Aktieselskab. Tax for the yearconsists of current tax for the year and changes in deferredtax. The tax attributable to the profit for the yearis recognised in the income statement, whereas the tax46

❖ notes ❖attributable to equity transactions is recognised directlyin equity.BALANCE SHEETIntangible assetsIntangible rights acquired upon business combinationsare measured at cost less accumulated amortisation andimpairment losses. Intangible rights are amortised on astraight-line basis over their expected useful life (up to 10years). Development projects are measured at cost.Property, plant and equipmentLand and buildings as well as other fixtures and fittings,tools and equipment are measured at cost less accumulateddepreciation and impairment losses. Cost comprisesthe cost of acquisition and expenses directly related to theacquisition up until the time when the asset is ready foruse.The cost of assets of own construction comprises directand indirect expenses for materials, components,sub-contractors and labour. Borrowing costs directlyrelated to the acquisition, construction or manufacturingof a qualifying asset are capitalised as part of the cost ofthe asset. Subsidies are deducted from cost. The cost of atotal asset is decomposed into separate constituent partswhich are depreciated separately if the individual partshave different useful lives.Subsequent expenses, eg to replace parts of an item ofproperty, plant and equipment, are recognised in the carryingamount of the asset in question when it is probablethat payment will result in future economic benefits tothe Company. The carrying amount of the parts replacedis derecognised in the balance sheet and transferred tothe income statement. Expenses for ordinary repair andmaintenance are recognised in the income statement asincurred.Property, plant and equipment are depreciated on astraight-line basis over the estimated useful lives of theassets, which are:BuildingsReconstruction of buildingsSpecial installationsRides, stationaryRides, mobileGardensOutlets, stalls, etcTools, equipment and ITLand is not depreciated.20-50 years10-15 years10 years15-25 years10 years5-10 years6-10 years3-6 yearsThe basis for depreciation is calculated taking intoaccount the residual value of the asset and is reduced byany impairment losses.The residual value is determined at the date of acquisitionbased on a specific assessment and is reassessedannually. Where the residual value exceeds the carryingamount of the asset, depreciation ceases.In the event of changes to the depreciation period or theresidual value, the effect on depreciation is recognisedprospectively as a change of accounting estimate.It should be noted specifically that the physical life ofTivoli’s rides may be significantly longer than theirentertainment life. Tivoli has chosen to depreciate therides over their entertainment life.Tivoli does not apply residual values for rides since mostof the individual ride cannot be re-established withoutmaterial changes to the constituent parts of the asset incase of dismantling of the ride.Profits and losses on the disposal of property, plant andequipment are calculated as the difference betweenselling price less costs to sell and carrying amount at thetime of sale. Profits or losses are recognised in the incomestatement under other operating income or other externalexpenses.Debt instruments receivableDebt instruments receivable are recognised in assetson the transaction dates. Debt instruments receivableare initially recognised at fair value adjusted fortransaction expenses directly related to the transaction.Subsequently, debt instruments receivable are measuredat fair value calculated on the basis of recognised valuationmethods for unlisted securities.Unrealised value adjustments are recognised directly inequity except for impairment losses and any reversal ofsuch losses. On realisation, the accumulated value adjustmentrecognised in equity is transferred to financialincome and expenses in the income statement.Impairment of non-current assetsThe carrying amounts of non-current assets are reviewedon an annual basis to determine whether there is anyindication of impairment. If so, the recoverable amountof the asset is calculated. The recoverable amount is thehigher of the fair value of the asset less estimated costs tosell and value in use. Value in use is calculated as the netpresent value of expected future cash flows from the assetor the cash-generating unit of which the asset forms part.Impairment losses are recognised where the carryingamount of an asset or a cash-generating unit exceeds therecoverable amount of the asset or the cash-generatingunit. Impairment losses are recognised in the incomestatement.It is Tivoli’s assessment that the Company has only onemeasurable cash-generating unit corresponding to thelegal entity Tivoli A/S.Impairment losses on non-current assets are reversedto the extent of any changes to the assumptions andestimates on which the impairment loss was based.47

❖tivoli ANNUAL REPORT 2012 ❖Impairment losses are reversed only where the newcarrying amount of the asset does not exceed the carryingamount that the asset would have had after depreciationif the asset had not been impaired.InventoriesInventories are measured at cost calculated under theaverage cost method. Where net realisable value is lowerthan cost, inventories are written down to the lowervalue.The cost of goods for resale comprises cost of purchase,transport and handling costs.The net realisable value of inventories is calculatedat selling price with deduction of costs to sell and isdetermined allowing for marketability, obsolescence anddevelopment in expected sales sum.ReceivablesReceivables are measured at amortised cost. Provisionsfor bad debts are made.PrepaymentsPrepayments comprise prepaid expenses relating tosubsequent financial years and are measured at amortisedcost.EquityProposed dividend is recognised as a liability at the timeof adoption at the Annual General Meeting (the time ofdeclaration). Dividend expected to be distributed for theyear is disclosed as a separate equity item.Current tax and deferred taxCurrent tax liabilities and receivables are recognised inthe balance sheet at the amount calculated on the taxableincome for the year adjusted for tax on taxable incomesfor prior years.Deferred tax is measured under the balance sheet liabilitymethod in respect of all temporary differences betweenthe carrying amount and the tax base of assets and liabilities.However, deferred tax is not recognised in respect ofitems where temporary differences have arisen at the timeof acquisition without affecting the profit for the year orthe taxable income. In cases where the computation of thetax base may be made according to different tax rules,deferred tax is measured on the basis of Management’sintended use of the asset and settlement of the liability,respectively.Deferred tax assets, including the tax base of tax losscarry-forwards, are recognised at the value at which theyare expected to be realised, either by elimination in taxon future earnings or by set-off against deferred tax liabilitieswithin the same legal tax entity and jurisdiction.Deferred tax is measured on the basis of the tax rules andtax rates that will be effective under the legislation at thebalance sheet date when the deferred tax is expected tocrystallise as current tax. Changes to deferred tax due tochanged tax rates are recognised in the income statement.Financial liabilitiesMortgage loans and loans from credit institutionsare recognised initially at the proceeds received netof transaction expenses incurred. Subsequently, thefinancial liabilities are measured at amortised cost usingthe “effective interest method”; the difference between theproceeds and the nominal value is recognised in financialexpenses in the income statement over the loan period.Other liabilities are measured at amortised cost.Deferred incomeDeferred income comprises payments received in respectof income for subsequent years measured at amortisedcost.Cash flow statementThe cash flow statement shows cash flows for the yearbroken down by operating, investing and financing activities,changes for the year in cash and cash equivalents aswell as cash and cash equivalents at the beginning andend of the year.Cash flows from operating activities are calculated underthe indirect method as profit before tax adjusted for noncashoperating items, changes in working capital, interestpaid and corporation tax paid.Cash flows from investing activities comprise cash flowsfrom business acquisitions and sales, acquisition anddisposal of intangible assets, property, plant and equipmentand other non-current assets.Cash flows from financing activities comprise changesto the amount or structure of share capital and relatedexpenses as well as cash flows from the raising of loans,repayment of interest-bearing debt as well as dividenddistribution to shareholders.Cash and cash equivalents comprise cash at bank andin hand.Segment reportingAt Tivoli, management responsibility is divided on eightmain areas managed by Vice Presidents. Five of the mainareas generate revenue, whereas the three remainingmain areas undertake administrative functions withinIT, Finance, Marketing and HR as well as operation andmaintenance of the Gardens. Only the first five mainareas are considered reportable according to IFRS 8. Themain area Gardens is broken down on Service and F&Bas previously.Depreciation, amortisation and financial expenses arenot allocated on to the main areas. Therefore “Profitbefore depreciation, amortisation and impairment” hasbeen chosen as a performance measure in the segmentreporting. Similarly, the balance sheet has not beenbroken down on main areas and therefore total assets permain area are not presented.48

❖ notes ❖Financial ratiosEarnings per share (EPS) and diluted earnings per share (EPS-D) are calculated in accordance with IAS 33.Other ratios are calculated in accordance with the Recommendations and Financial Ratios 2011 issued by theDanish Society of Financial Analysts.The financial ratios disclosed in the Annual Report have been calculated as follows:GROSS MARGIN Net profit x 100Net revenuePROFIT MARGIN EBIT x 100(EBIT MARGIN)Net revenueSOLVENCY RATIO Equity at year end x 100Total assets at year endRETURN ON EQUITY Net profit/loss x 100Average equity excl. minority interestsEARNINGS PER SHARE (EPS) Net profit/loss x 100Average equity excl. minority interestsCASH FLOW PERSHARE (CFPS)Cash flows from operating in circulationAverage number of shares in circulationNET ASSET VALUEEquity excl. minority interests at year endNumber og shareDIVIDEND PER SHAREDividend rate x nominal value og share100Payout ratioDividend distributedProfit/loss for analytical purposesPRICE/EARNINGS RATIOMarket priceEPSPRICE/CASH FLOW (PCF)Market priceCFPSSHARE PRICE/NETASSET VALUE (P/NAV)Market priceNet asset value49

❖tivoli ANNUAL REPORT 2012 ❖Note 2 – ACCOUNTING ESTIMATES AND JUDGEMENTSThe uncertainty of estimatesCalculation of the carrying amount of certain assetsand liabilities requires estimates, judgements andassumptions with respect to future events.The estimates and assumptions made are basedon historical experience and other factors whichManagement deems justifiable in the circumstances,but which are inherently uncertain and unpredictable.The assumptions may be incomplete or inaccurate,and unexpected events or circumstances may arise.Furthermore, the Company is subject to risks anduncertainties which may lead to the actual results deviatingfrom estimates. Particular risks to which theCompany is subject are mentioned in Management’sReview and note 32 to the Financial Statements.It may be necessary to change previous estimates dueto changes in the circumstances on which the previousestimates were based or due to new knowledge orsubsequent events.Estimates which are material to the financial reportingare made by, among other means, calculatingdepreciation, amortisation and impairment, residualvalues, provisions as well as contingent liabilities andassets.Accounting policiesAs part of its application of the Company’s accountingpolicies, Management makes judgements, in additionto estimates, which may materially affect the amountsrecognised in the Annual Report.In 2012, Management has made judgementsregarding:Residual valuesResidual values are determined at the time of acquisitionbased on a specific assessment. Managementbelieves that the residual value of rental buildings canbe determined as twice the minimum rental income.In the case of temporary structures or buildings forwhich there are specific plans to make major changes,the residual value is determined at DKK 0. For theNimb Building, the Concert Hall, the Glass HallTheatre and the Pantomime Theatre, the residualvalues have been determined at DKK 54 million,DKK 50 million, DKK 10 million and DKK 5 million,respectively.In Management’s assessment, as in previous years,residual values are not to be applied to the year’s newrides since most of the individual ride cannot be re-establishedwithout material changes to the constituentparts of the asset in case of dismantling of the ride.Useful livesIn Management’s assessment, the physical life ofTivoli’s rides may be significantly longer than theirentertainment life. Tivoli has chosen to depreciate therides over their entertainment life because the rideswill only be capable of generating positive net cashflows during their entertainment life.50

❖ notes ❖Notes to income statement3 Segment reportingAt Tivoli, management responsibility is divided on eightmain areas managed by Vice Presidents. Five of the mainareas generate revenue, whereas the three remainingmain areas undertake administrative functions within IT,Finance, Marketing and HR as well as operation and maintenanceof the Gardens. Only the first five main areas areconsidered reportable according to IFRS 8. The main areaGardens is broken down on Service and F&B as previously.Expenses for administrative functions as well as operationand maintenance of the Gardens are not allocated to theother main areas. Entertainment bears the expenses forFriday Rock concerts, music in the Gardens, Pantomimeshows and other events in the Gardens. Earnings fromentrance fees are recognised in Service and partly in Sales.Entertainment does not receive a share of earnings fromentrance fees and is, viewed in isolation, a loss-makingsegment.Food & Beverage operates Tivoli's own restaurants whereasHigh End operates the House of Nimb and Nimb Terrasse.Income from tenanted restaurants is allocated to Real Estate.Depreciation, amortisation and financial expenses are notallocated on to the main areas. Therefore “Profit beforedepreciation, amortisation and impairment” has beenchosen as a performance measure in the segment reporting.Similarly, the balance sheet has not been broken down onmain areas and therefore total assets per main area are notpresented.Segment reporting 2012DKK millionServiceFood &beverageHigh-EndRealEstateSales andSponsorsEntertainmentTotalNotallocatedTotalEarnings from entrance fees 143.8 - - - 29.7 -1.7 171.8 0.3 172.1Rides 125.7 - - - 16.9 0.3 142.9 - 142.9Games and shops 39.2 - - - - - 39.2 - 39.2Restaurants and fast food - 100.9 78.3 - -1.0 - 178.2 - 178.2Concert Hall etc 0.5 - 2.9 - 7.1 34.2 44.7 - 44.7Rental income - - 15.5 70.4 - 0.2 86.1 - 86.1Other operating income 1.5 2.4 2.1 0.2 20.1 7.5 33.8 11.3 45.1Total revenue 310.7 103.3 98.8 70.6 72.8 40.5 696.7 11.6 708.3EBITDA 211.6 13.9 6.0 66.2 62.9 -51.9 308.7 -178.6 126.0Not allocated comprises administrative functions as well as operation and maintenance of the Gardens. These functionshave no business activities and generate only very limited revenue. In 2012 “not allocated” includes DKK 3.0 millionrelating to invoicing of cleaning and refuse collection.Segment reporting 2011ServiceFood &BeverageHigh-EndRealEstateSales andSponsorsEntertainmentTotalNotallocatedTotalEarnings from entrance fees 145.7 - - - 28.9 2.1 176.7 0.5 177.2Rides 127.7 - - - 12.7 0.8 141.2 - 141.2Games and shops 34.7 - - - - - 34.7 - 34.7Restaurants and fast food - 102.0 76.6 - - - 178.6 - 178.6Concert Hall etc 0.8 1.0 1.9 - 9.9 17.8 31.4 - 31.4Rental income - - 12.4 69.5 - 0.2 82.1 - 82.1Other operating income 1.2 2.9 1.0 0.1 13.9 5.4 24.5 4.2 28.7Total revenue 310.1 105.9 91.9 69.6 65.4 26.3 669.2 4.7 673.9EBITDA 221.3 16.5 4.7 65.8 54.9 -54.7 308.5 -199.4 109.0Not allocated comprises administrative functions as well as operation and maintenance of the Gardens. These functions have nobusiness activities and generate only very limited revenue. In 2011 “not allocated” includes DKK 3.4 million relating to invoicing ofcleaning and refuse collection and DKK 0.7 million relating to consultancy to foreign business partners.51

❖tivoli ANNUAL REPORT 2012 ❖DKK million 2012 20114 Earnings from entrance feeTickets sold 110.2 111.3Season Passes 61.9 65.95 Games and shops172.1 177.2Amusement games * 33.0 28.7Shops 6.2 6.0* Amusement games comprise the following items:39.2 34.7Taxable net revenue after payment of winnings 37.1 31.5Games tax -11.1 -10.1Goods lotteries and games, etc 7.0 7.3Total amusement games 33.0 28.76 Rental incomeRestaurants, self-service and fast food 46.3 43.7Kiosks, rides, etc 20.7 18.9Exhibitions, service activities, etc 3.3 5.0Hotel rooms 15.8 14.586.1 82.17 Other operating incomePlanning fees and contract work 5.9 6.6Sponsorships 18.5 12.0Insurance compensation for property, plant and equipment 5.1 -Other 15.6 10.145.1 28.78 Operating expensesCost of sales 53.8 55.0Electricity and heating, etc 18.7 20.3Refund, favourable outcome of duty dispute -13.5 -Operating expenses, the Gardens 35.3 34.0Operating expenses, Food & Beverage 3.5 5.3Other 10.0 6.7107.8 121.39 MaintenanceBuildings 11.5 15.3Rides 4.0 4.6Other 5.9 4.921.4 24.810 Artistic eventsThe Tivoli Symphony Orchestra 7.6 7.4Fees etc for artists 15.8 18.6Other 26.3 15.549.7 41.511 Other external expensesFee to auditors appointed at the general meeting:PricewaterhouseCoopers 1.5 1.01.5 1.0specified as follows:Audit 0.8 0.8Other assurance engagements 0.0 0.1Tax consultancy 1.1 0.0Other services 0.1 0.1Adjustment of prior year provision -0.5 0.01.5 1.052

❖ notes ❖DKK million 2012 201112 Staff expensesWages and salaries 281.4 267.9Defined contribution plans 19.9 19.0Other social security expenses 5.9 5.4Other staff expenses 5.5 4.1Wages and salaries are net of value of own work performed312.7 296.4on investments etc totalling 1.2 1.5Average number of employees 711 685Remuneration of Board of Directors, Executive Boardand senior executives:Remuneration 1.3 1.3Pension - -1.3 1.3Lars Liebst, CEOSalary including value of car 3.4 3.4Bonus 3.2 2.4Pension 0.5 0.57.1 6.3Claus Dyhr, CFOSalary including value of car 1.7 1.7Bonus 1.5 1.1Pension 0.2 0.23.4 3.0Total Executive BoardSalaries 5.1 5.1Bonus 4.7 3.5Pension 0.7 0.710.5 9.3Senior executivesSalaries and wages 5.6 6.2Bonus 1.9 0.6Pension 0.5 0.68.0 7.4Senior executives are the members of Tivoli's Senior Management Team (see page 10).Other than performance-based bonus programmes for the Executive Board and senior executives, Tivoli A/S has noincentive programmes, such as share option programmes etc. No unusual severance programmes have been agreed uponfor the Executive Board and there are no retention schemes.The basic fee paid to each member of the Board of Directors amounts to DKK 150,000. The Chairman of Tivoli's Board ofDirectors is remunerated by 3 times the basic fee, a total of DKK 450,000 and the Deputy Chairman by 1.75 times the basicfee, a total of DKK 262,500.53

❖tivoli ANNUAL REPORT 2012 ❖DKK million2012 201113 Depreciation, amortisation and impairmentRights 1.7 1.9Buildings 28.3 28.3Other fixtures and fittings, tools and equipment 43.7 38.0Impairment losses 5.1 -78.8 68.214 Financial incomeInterest, cash and bank, etc 0.6 0.2Exchange gains 0.6 0.11.2 0.315 Financial expensesInterest, credit institutions etc 6.0 4.7Interest paid to group enterprises 0.1 2.8Exchange losses 0.6 0.16.7 7.616 Tax on profit for the yearTax on profit for the year breaks down as follows:Current tax 2.8 1.2Change in deferred tax for the year 6.8 4.7Adjustment prior year tax, deferred tax - 0.7Total tax for the year 9.6 6.6Tax recognised in equity 0.7 2.4Tax recognised in income statement 10.3 9.0Tax on profit for the year is explained as follows:Calculated 25% tax on profit before tax 10.4 8.4Tax effect of:Non-deductible expenses 0.2 0.2Adjustment prior year tax - 0.6Other adjustments -0.3 -0.210.3 9.0Effective tax rate 24.7% 26.9%17 Earnings per shareProfit for the year 31.4 24.5Average number of shares 571,666 571,666Average number of treasury shares - -Average number of shares in circulation 571,666 571,666Earnings in DKK, per share of DKK 100 (EPS) 54.9 42.9Notes to Cash Flow StatementDKK million2012 201118 Change in working capitalChange in receivables etc -18.7 -14.9Change in inventories 1.3 -0.7Change in trade payables, other payables, etc -6.1 28.2-23.5 12.654

❖ notes ❖Notes to balance sheet19 Intangible assetsRightsCost at 1 January 2012 21.2Additions 4.4Disposals -5.7Cost at 31 December 2012 19.9Amortisation and impairment at 1 January 2012 14.8Amortisation 1.7Disposals -5.7Amortisation and impairment at 31 December 2012 10.8Carrying amount at 31 December 2012 9.1Cost at 1 January 2011 21.2Additions -Cost at 31 December 2011 21.2Amortisation and impairment at 1 January 2011 12.9Amortisation 1.9Amortisation and impairment at 31 December 2011 14.8Carrying amount at 31 December 2011 6.4Rights have primarily been obtained by acquisition of restaurants.Intangible assets have not been pledged.20 Property, plant and equipmentLand andbuildingsOther fixturesand fittings,tools andequipmentAssetsunderconstructionCost at 1 January 2012 1,080.2 493.1 5.9Transferred from assets under construction 12.8 66.4 -79.2Additions 83.7Disposals -19.5 -53.6Addition, value of own work 1.2Cost at 31 December 2012 1,073.5 505.9 11.6Depreciation and impairment at 1 January 2012 425.9 297.2 -Depreciation 28.3 43.7 -Disposals -17.7 -49.9 -Depreciation and impairment at 31 December 2012 436.5 291.0 -Carrying amount at 31 December 2012 637.0 214.9 11.6Cost at 1 January 2011 1,148.2 640.2 11.1Transferred from assets under construction 34.2 38.3 -72.5Additions - - 65.8Disposals -102.2 -185.4Addition, value of own work - - 1.5Cost at 31 December 2011 1,080.2 493.1 5.9Depreciation and impairment at 1 January 2011 499.8 444.6 -Depreciation 28.3 38.0 -Disposals -102.2 -185.4 -Depreciation and impairment at 31 December 2011 425.9 297.2 -Carrying amount at 31 December 2011 654.3 195.9 5.9Depreciated over 10-50 år 3-25 år -55

❖tivoli ANNUAL REPORT 2012 ❖DKK million 2012 201121 Debt instrument receivableDebt instrument receivable has been recognised inthe balance sheet as follows:Non-current receivables 1.7 1.7Carrying amount 1.7 1.7Fair value 1.7 1.7Effective interest rate 3.5% 4.3%Term to maturity 2 years 3 yearsThe receivable is an annuity loan in DKK on which interestis calculated at a floating interest rate equivalent to 3.5 percentagepoints above the discount rate.22 Deferred tax assets andDeferred tax liabilitiesDeferred tax at 1 January 19.2 13.9Adjustment prior year tax - 0.6Deferred tax for the year recognised in profit for the year 6.8 4.7Deferred tax at 31 December 26.0 19.2Deferred tax is recognised at 25% and comprises:Non-current intangible assets 1.9 -1.1Non-current property, plant and equipment 26.8 24.2Current assets -1.5 -3.1Current liabilities -1.2 -0.826.0 19.2Expected utilisation as follows:Within 12 months of the balance sheet date -2.7 -3.9More than 12 months after the balance sheet date 28.7 23.126.0 19.223 Goods for resaleRetail 1.2 1.1Food & beverage 4.3 5.0Other inventories 2.5 3.38.0 9.456

❖ notes ❖DKK million 2012 201124 Trade receivablesRent receivables 21.0 20.6Miscellaneous receivables 21.1 12.042.1 32.6Trade receivables fall due for payment as follows:Not due 28.0 24.1Less than 60 days overdue 9.0 6.3Between 61 and 120 days overdue 1.1 0.5Between 121 and 180 days overdue 0.8 0.3More than 180 days overdue 3.2 1.4Carrying amount at 31 December 42.1 32.6Provisions for bad debts have developed as follows:Provisions at 1 January 0.6 1.2Provisions for the year 2.5 0.5Bad debts incurred - -0.1Provisions reversed -0.5 -1.0Provisions for bad debts at 31 December 2.6 0.6Rent receivables are covered by a guaranteeof DKK 6.4 million (2011: DKK 6.6 million)25 PrepaymentsPrepaid expenses relate to:Other 3.8 4.83.8 4.826 Share capital2012 2011 2010 2009 2008Share capital, beginning of year 57.2 57.2 57.2 57.2 57.2Share capital, end of year 57.2 57.2 57.2 57.2 57.2The share capital consists of 571,666 shares of DKK 100 each.The number of shares has been unchanged in the past five years.The share capital is fully paid up. All shares rank equally.The Company has not acquired or sold any treasury shares during the year.At year end, the Company holds no treasury shares.57

❖tivoli ANNUAL REPORT 2012 ❖DKK million 2012 201127 LoansNon-current debt:Mortgage loan 75.9 80.7Total non-current debt 75.9 80.7Current debt:Mortgage loan 4.7 4.6Total current debt 4.7 4.6Total non-current and current debt 80.6 85.3Non-current debt falls due within the following periodsfrom the balance sheet date:1-2 years 2-3 years 3-4 years 4-5 years > 5 years TotalMortgage loan 2012 4.8 4.8 4.9 5.0 56.4 75.9The mortgage loan is a 20-year loan maturing in 2028. The loan is floating-rate, but an interest rate swap with a fixedinterest rate of 4.97% has been entered into for the full term of the loan.Non-current debt falls due within the followingperiods from the balance sheet date:1-2 years 2-3 years 3-4 years 4-5 years > 5 years TotalMortgage loan 2011 4.7 4.8 4.8 4.9 61.5 80.7The mortgage loan is a 20-year loan maturing in 2028. The loan is floating-rate, but an interest rate swap with a fixedinterest rate of 4.97% has been entered into for the full term of the loan.28 Payables to group enterprisesPayables to group enterprises - 92.2Until 10 February 2012, Tivoli was part of a cash poolarrangement with Scandinavian Tobacco Group A/S.29 Other payablesAccrued staff expenses 32.8 27.6Market value of hedging instruments 23.1 20.4VAT payable 17.2 18.9Other 11.0 15.284.1 82.130 Deferred incomeCurrent liabilitiesDeferred income relates to:Sponsorships etc 0.6 1.4Season Passes 30.9 36.0Concert Hall etc 9.2 10.740.7 48.158

❖ notes ❖DKK million31 Contingent liabilitiesand security, etcLand and buildings with a carrying amount of DKK 637.0 million (2011: DKK 654.3 million) include registeredindemnity bonds of DKK 210.0 million (2011: DKK 210.0 million). At 31 December 2012, DKK 110.0 million has beenprovided as security for mortgage loan with Nykredit (2011: DKK 110.0 million).Operating leasesTivoli leases cars on operating leases. The lease term is typically a period of between 3 and 6 years.Future expenses relating to leases2012 2011Due within 1 year 0.6 0.5Due within 1 to 5 years 0.8 0.21.4 0.7Operating lease expenses recognised inthe income statement amount to 0.5 0.7Rental obligationsTivoli rents storage and office premises. Moreover, Tivoli rents horses for the Tivoli Boys Guard Band's performance inthe Gardens (1-year contracts). Moreover, a fixed agreement on cleaning of the House of Nimb has been made.Future expenses relating to rental agreementsDue within 1 year 6.0 4.4Due within 1 to 5 years 7.0 -13.0 4.4Rental expenses recognised in the income statement amount to 4.9 8.532 Financial risksDue to the nature of its operations, investments and financing,the Company is exposed to changes in exchangerates and interest rate levels. It is Company policy notto engage in speculation in relation to financial risks.The Group's financial management is directed solely atmanaging the financial risks relating to operations andfinancing.For a description of accounting policies and methods,including recognition criteria and measurement basis,reference is made to the relevant sections under accountingpolicies.Currency riskTivoli A/S has only limited currency positions onexisting or expected future financial assets or liabilities.Liquidity riskTivoli A/S' cash funds/overdraft facilities show materialfluctuations over the year due to seasonal fluctuations.The cash requirements are fully met by the current operatingprofit and the possibility of drawing on the bankoverdraft. The credit facility amounts to DKK 230 million(2011: DKK 230 million). Interest rate riskThe overdraft facility is a floating-rate facility. Therefore,interest income/expenses in the individual years willdepend on the short-term interest rate development.Tivoli A/S does not hedge this interest rate risk.An interest rate change of 0.5% will have a P/L effect ofsome DKK 0.7 million (2011: DKK 0.7 million).In connection with raising material, long-term loans, itis Company policy to ensure that the interest rate risk islimited. This is ensured by raising a fixed-rate loan orhedging the interest rate risk of a floating-rate loan fullyby an interest rate swap converting the floating rate to afixed interest rate.In 2008 the Company has raised a 20-year floating-ratemortgage loan of DKK 100 million for financing the Nimbreconstruction. At the same time, an interest rate swapwith a fixed interest rate of 4.97% was entered into forthe full term of the loan. Changes in the market value ofthe interest rate swap are recognised directly in Othercomprehensive income.If the floating interest rate is 1% above the fixed interestrate, the interest rate swap will have an annual positiveeffect on the Company's profit of DKK 1.0 million.If, however, the floating interest rate is 1% below the fixedinterest rate, the interest rate swap will have an annualnegative effect on the Company's profit of DKK1.0 million.Credit risksIn consequence of the Company's activities, receivablesonly arise to a minor extent. Furthermore, cash fundsare utilised to a large extent to reduce drawing on theoverdraft facility. Therefore, the Company is not materiallyexposed to credit risks.59

❖tivoli ANNUAL REPORT 2012 ❖DKK million33 Cash flow hedgesAmount ofcontractInterest rate swaps 85.2 -23.1 88.8 -20.42012Fair value at31 DecemberAmount ofcontract2011Fair value at31 DecemberFair value is recognised in financial income andexpenses in the income statement.Total financial instruments -23.1 -20.4The amount of contract has been indicated as debt outstanding at 31 December 2012.Fair value has been recognised in equity net of tax.Financial instruments hedging expected transactionsbut not qualifying for hedge accounting according to IAS 39:Methods and assumptions for fair value calculationsInterest rate swaps and forward exchange contracts are valued according to generally accepted valuation methodsbased on relevant observable swap curves and exchange rates.Fair value hierarchy for financial instruments measured at fair value in the balance sheetFinancial liabilitiesDerivative financial instruments entered intoListedprices(level 1)"Observableinput(level 2)""Unobservableinput(level 3)"to hedge future cash flows - 23.1 - 23.12012TotalFinancial liabilitiesDerivative financial instruments entered intoListedprices(level 1)"Observableinput(level 2)""Unobservableinput(level 3)"to hedge future cash flows - 20.4 - 20.42011Total60

❖ notes ❖34 Hedge transactions recognised directlyin other comprehensive incomeHedgetransactionsgrossTax on hedgetransactionsHedgetransactionsnetBalance at 1 January 2012 -20.4 5.2 -15.2Changes for the year -2.7 0.7 -2.0Balance at 31 December 2012 -23.1 5.9 -17.2Balance at 1 January 2011 -11.0 2.8 -8.2Changes for the year -9.4 2.4 -7.0Balance at 31 December 2011 -20.4 5.2 -15.235 Related party transactions"Tivoli A/S is controlled by Chr. Augustinus FabrikkerAktieselskab (registered as a limited liability companyin Denmark), which directly owns 25.4% of the shares ofTivoli A/S and indirectly owns 31.8% through ownershipof 65.0% of Skandinavisk Holding A/S. SkandinaviskHolding A/S holds 51% of the shares of ScandinavianTobacco Group A/S. The remaining shares of Tivoli A/Sare held by a wide group of shareholders. The ultimateParent Company is the Augustinus Foundation (registeredin Denmark).Tivoli A/S is included in the Consolidated FinancialStatements of Chr. Augustinus Fabrikker Aktieselskab,Copenhagen.Related parties are the Augustinus Foundation Group, theBoard of Directors and the Executive Board and seniorexecutives of Tivoli as well as their related family members.Moreover, related parties include companies in which thesaid individuals have material interests.There have been no material transactions with theManagement of Chr. Augustinus Fabrikker Aktieselskab, andSkandinavisk Holding A/S. For disclosure of remunerationpaid to Tivoli's Management, reference is made to note 12.Tivoli has had the following material transactions withrelated parties:DKK million 2012 2011The Augustinus Foundation GroupSponsorship from the Augustinus Foundation 1.6 1.3Sponsorship from Scandinavian Tobacco Group A/S 0.8 0.8Purchase of IT licences from Scandinavian Tobacco Group A/S - -0.5Interest on cash pool arrangement under Scandinavian Tobacco Group A/S -0.1 -2.761

❖tivoli ANNUAL REPORT 2012 ❖❖Tivoli's sponsorsThe Tivoli Boys Guard is supported by the Obel Family FoundationMobile payment solutions at TivoliSponsor of Quality StreetClimate partnerLighting partnerMain sponsor of Friday RockWine partnerCar partnerSponsor of the Fireworks FestivalSponsor of Christmas in TivoliBarbecue partner62

❖ Colophon ❖❖ColophonTivoli A/SVesterbrogade 3PO Box 233DK-1630 Copenhagen VTel: +45 33 15 10 01Fax: +45 33 75 06 38CVR No 10 40 49 16www.tivoli.dkwww.tivoligardens.com–Information on the Tivoli share and the Companyis available at www.tivoli.dk/en/om/virksomhedenInformation on corporate governanceat Tivoli is available at http://www.tivoli.dk/~/media/Files/Pdf/Aarsrapporter/corpgov2012uk.pdfTivoli’s full CSR Report for 2012 is available athttp://www.tivoli.dk/~/media/Files/Pdf/Aarsrapporter/csr2012uk.pdfPHOTOGRAPHERS:Anett AhrendsAnders BøggildLars Bech, Das BüroMathias BojesenClaes Bech-PoulsenChristopher DugganRasmus B.S. Hansen, TerranautAnders HviidNiclas JessenRasmus KongsgaardChristopher P. Lim, Chrispics PhotographySaul Loeb, Reuters, ScanpixMartin RosenauerTorkil Adsersen, ScanpixMiklos SzaboTivoliTEXTTivoliDESIGNTivoliPRINTInnographic A/S63

Tivoli A/S3 VesterbrogadeDK · 1630 København V