Annual Report 2012 - Tivoli

❖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