INTERIM REPORT FOR THE PERIOD 1 JANUARY 30 SEPTEMBER 2018

Transcription

1 Stock Exchange announcement No. 10 Copenhagen 30 October 2018 INTERIM REPORT FOR THE PERIOD 1 JANUARY 30 SEPTEMBER 2018 The Supervisory Board of Tivoli A/S has at the board meeting considered and adopted the Interim Report for the period 1 January 30 September Results for the period 1 January 30 September 2018 is in outline: Revenue incl. tenants and lessees: DKK 1,044.6 million compared to DKK million last year (+23%). Total income: DKK million compared to DKK million last year (+16%). EBITDA: DKK million compared to DKK 96.9 million last year (+30%). EBIT: DKK 58.7 million compared to DKK 34.1 million last year (+72%). Profit before tax: DKK 51.0 million compared to DKK 31.0 million last year (+65%). Profit after tax: DKK 39.8 million compared to DKK 24.2 million last year (+64%). Number of attendants for the period: 3,307,000 compared to 2,761,000 last year (+20%) The first nine months in Tivoli have been impacted by increased activity in the Gardens, which is mainly due to the 175-year anniversary celebrations, more opening days, higher activity in the Halls, opening of the Tivoli Corner the new season Winter in Tivoli as well as the warm summer weather. The increased activity has led to an improvement in the total income for the first nine months of 16% compared to last year. The profit before tax for the period amounted to DKK 51 million and has increased by DKK 20 million compared to last year, because of the increased activity. The result is in line with our expectations, says CFO Andreas Morthorst. EXPECTATIONS FOR 2018 The weather and other external factors may have great impact on Tivoli s business and thus the development in profit for the year. The profit before tax is still expected to be between DKK million. Tom Knutzen Chairman Lars Liebst CEO

2 FINANCIAL DATA DKK million Q3 Q3 1/1-30/9 1/1-30/9 1/1-31/12 (3 mth.) (3 mth.) (9 mth.) (9 mth.) (12 mth.) INCOME STATEMENT Revenue incl. tenants and lessees , ,283.8 Net revenue Expenses before depreciation and impairment EBITDA Depreciation, amortisation and impairment EBIT Net financials Profit before tax Profit for the period/year Total recognized income CASH FLOW STATEMENT Cash flows from operating activities Cash flows from investing activities Cash flows from financing activities Total cash flows BALANCE Total assets 1, , ,548.2 Share capital (Tivoli A/S) Equity Non-current liabilities Current liabilities Invested capital 1, , ,152.5 Investment in property, plant and equipment ) ) /10-30/9 1/10-30/9 1/1-31/12 (12 mth.) (12 mth.) (12 mth.) KEYRATIOS 1) EBIT-margin 12% 10% 11% Solvency ratio 58% 58% 55% Return on equity (ROE) 11% 9% 10% Earnings in DKK, per share of DKK 10 (EPS) Dividend in DKK, per share of DKK 10 (EPS) Share price in DKK, end of year Number of employees ) See definitions in the Annual Report ) Key figures are calculated based on a 12 month period.

3 MANAGEMENT S STATEMENT The Executive and Supervisory Boards have today considered and adopted the Interim Report of Tivoli A/S for the period 1 January 30 September The Interim Report, which has not been audited or reviewed by the Group s auditors, was prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and additional Danish disclosure requirements for interim financial reporting of listed companies. In our opinion, the Interim Report gives a true and fair view of the Group s financial position at 30 September 2018 and of the results of the Group s operations and cash flow for the period 1 January 30 September Furthermore, it is our opinion, that the Management s Review gives a true and fair view of the development in the Group s activities and financial position, profit for the period and the financial position of the Group as a whole, together with a description of the significant risks and un-certainties facing the Group. Apart from what is indicated in the interim report, there are not any changes in the Group s significant risks and uncertainties in regard to what was stated in the 2017 Annual Report. Copenhagen, 30 October 2018 Executive Board: Lars Liebst CEO Andreas Morthorst CFO Supervisory Board: Tom Knutzen Chairman Mads Lebech Deputy Chairman Ulla Brockenhuus-Schack Claus Gregersen John Høegh Berthelsen Tue Krogh-Lund

4 MANAGEMENT S REVIEW DEVELOPMENT IN ACTIVITIES AND FINANCIAL PERFORMANCE The first nine months in Tivoli has been affected by increased activity in the Gardens, which is mainly due to the 175-year anniversary celebrations, more opening days, higher activity in the Halls, opening of the Tivoli Corner the new season Winter in Tivoli as well as the warm summer weather. The increase activity has resulted in the revenue for the period 1 January 30 September 2018 amounted to DKK million compared to DKK million for the same period last year (+16%). Expenses for the period 1 January 30 September 2018 amounted to DKK million compared to DKK million last year (+14%). The increase is caused by the increased activity as mentioned above as well as Anniversary activities in The Gardens such as The Tivoli Parade. Depreciation for the period 1 January 30 September 2018 amounted to DKK 67.0 million compared to DKK 62.8 million last year (+7%). The increase is due to depreciation of the Tivoli Corner. The financial items for the period 1 January 30 September 2018 amounted to a total cost of DKK 7.7 million compared to a cost of DKK 3.1 million last year. The increase is due to the financing of the Tivoli Corner. Profit before tax for the period 1 January 30 September 2018 amounted to DKK 51.0 million which is an improvement of DKK 20.0 million compared to last year. This result is in line with expectations. The profit after tax for the period amounts to DKK 39.8 million. Cash flow from operating activities amounted to DKK 44.1 million for the period 1 January 30 September 2018 compared to DKK 45.9 million in the same period last year. Compared to last year, the cash flow from operating activities has been positively affected by a higher profit, but negatively regarding The Halls, liquidity-wise, has been received in 2017, because of a successful presale for Midt om Natten, among other performances. The high investing activity last year is due to the construction of the Tivoli Corner which was finished in November In the first 9 months of 2018 Tivoli has invested in Winter in Tivoli, the new ride Tik Tak, Anniversary activities, digitalization projects and various renovation projects in the Gardens. The balance sheet total on 30 September 2018 amounted to DKK 1,487.1 million compared to DKK 1,368.4 million on 30 September The increase in balance sheet total is mainly caused by the investing activity regarding the construction of the Tivoli Corner. Equity amounted to DKK million on 30 September 2018 compared to DKK million per 31 December The comprehensive income for the period amounts to DKK 41.9 million compared to DKK 28.2 million in 2017, consist of the result for the period of DKK 39.8 million and other comprehensive income of DKK 2.1 million. The equity is also affected by dividend payment of DKK 19.6 million. OUTLOOK FOR 2018 The weather and other external factors may have great impact on Tivoli s business and thus the development in profit for the year. In 2018, revenue is expected to be higher than in 2017 because of the Tivoli Corner and the increased number of guests in the summer season. The profit before tax is expected to be between DKK million. SUBSEQUENT EVENTS No significant events have occurred after the period end

5 INCOME STATEMENT 1 JANUARY - 30 SEPTEMBER DKK million Q3 Q3 1/1-30/9 1/1-30/9 1/1-31/12 (3 mth.) (3 mth.) (9 mth.) (9 mth.) (12 mth.) REVENUE Net revenue EXPENSES Other external costs Staff costs EBITDA Depreciation, amortisation and impairment EBIT Financial income Financial expenses PROFIT BEFORE TAX Tax on profit for the year/period PROFIT FOR THE PERIOD/YEAR EARNINGS PR. SHARE Earnings in DKK, per share of DKK 10 (EPS) COMPREHENSIVE INCOME Q1 Q1 DKK milion (3 mth) (3 mth) (12 mth) PROFIT OF THE YEAR Items subsequently recycled to income statement Value adjustment: Value adjustment hedging instruments Other adjustments: Tax on value adjustments hedging instruments TOTAL COMPREHENSIVE INCOME

6 STATEMENT OF NET CAPITAL DKK milion 30/9 30/9 31/12 EQUITY AT START OF YEAR Changes in equity: Comprehensive income for the period Dividends paid to shareholders TOTAL CHANGES IN EQUITY EQUITY AT END OF YEAR CASH FLOW STATEMENT 1 JANUARY - 30 SEPTEMBER DKK million /1-30/9 1/1-30/9 1/1-31/12 (9 mth.) (9 mth.) (12 mth.) Profit before tax Adjustment for non-cash items Cash flow from operating activities before change in working capital Change in working capital Financial income Financial expenses Corporation tax paid CASH FLOW FROM OPERATING ACTIVITIES Purchase/sale of intangible assets and property, plant and equipment CASH FLOW FROM INVESTING ACTIVITIES Repayment of mortgage loans Raising/repayment of mortgages Raising/repayment of bank overdraft Raising/repayment of loan from affiliated company Dividend distributed CASH FLOW FROM FINANCING ACTIVITIES CASH FLOW FOR THE PERIOD/YEAR Cash and cash equivalents, beginning of period/year CASH AND CASH EQUIVALENTS, END OF YEAR

7 BALANCE SHEET 30 SEPTEMBER DKK million 30/9 30/9 31/12 ASSETS NON-CURRENT ASSETS Intangible assets Property, plant and equipment 1, , ,317.8 TOTAL NON-CURRENT ASSETS 1, , ,335.6 CURRENT ASSETS Inventory Trade receivables Other receivables Cash and cash equivalents TOTAL CURRENT ASSETS TOTAL ASSETS 1, , ,548.2 EQUITY AND LIABILITIES EQUITY Share capital Reserves Porposed dividend TOTAL EQUITY NON-CURRENT LIABILITIES Non-current debt Deffered tax TOTAL NON-CURRENT LIABILITIES CURRENT LIABILITIES Current debt Loan from associated company Other payables TOTAL CURRENT LIABILITIES TOTAL EQUITY AND LIABILITIES 1, , ,548.2

8 SEGMENT REPORTING Tivoli's management responsibility is divided into 11 principal activities. Six of the activities generate revenue whereas the remaining five represent administrative functions related to IT, Finances, Marketing, HR and the operation and maintenance of the Garden. Only the first six activities are considered liable to report, cf. IFRS 8 Expenses for administrative functions as well as operation and maintenance of the Garden are not allocated to the other main areas. Expenses for the Garden orchestras, Friday Rock, performances at the Pantomime Theatre and other events in the Garden, are allocated to Culture. Earnings from entrance fees are allocated to Sales. Culture does not receive any share of entrance fees and is a loss-making segment viewed separately, whereas earnings are very high in Sales. Food & beverage operates Tivoli s own eateries, while High-End operates the Nimb house, Gemyse and Cakenhagen. Income derived from leased restaurant and Tivoli Food Hall is reported in Enterprise rental. Depreciation, amortisation and financial expenses are not allocated to the main areas. Therefore, Earnings before interest, tax, depreciation and amortisation has been chosen as a performance measure in the segment reporting. Similarly, the balance sheet has not been broken down into main areas; therefore, total assets by main area are not presented. SEGMENT REPORTING 1/1-30/ DKK milion Games & Casino Food & beverage High-End Enterprise Rental Sales Culture I alt Not allocated* Total Net revenue EBITDA Depreciation, amortisation and impairment Net financials Profit before tax 51.0 SEGMENT REPORTING 1/1-30/ DKK milion Games & Casino Food & beverage High-End Enterprise Rental Sales Culture I alt Not allocated* Total Net revenue EBITDA Depreciation, amortisation and impairment Net financials Profit before tax 31.0 *Not allocated comprises administrative functions as well as operation and maintenance of the Gardens. These functions have no business activities and generate only very limited revenue.

9 NOTES 1. ACCOUNTING POLICIES The Interim Report was prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and additional Danish disclosure requirements for interim financial reporting of listed companies. Tivoli has implemented IFRS 15 regarding recognition of revenue and IFRS 9 relating to recognition and measurement of financial instruments. Implementation of IFRS 15 has not led to changes in accounting policies. Implementation of IFRS 9 has resulted in impairment of receivables is based on expected losses against losses incurred so far. The effect of implementing IFRS 9 is not significant. In addition, IFRS 9 has not resulted in changes in accounting policies, as well as implementation of other standards and interpretations mandatory for 2018 has not resulted in changes in accounting policies. The annual report for 2017 contains the full description of accounting policies. 2. ACCOUNTING ESTIMATES & JUDGEMENTS The preparation of interim reports requires that Management make accounting estimates and judgements, which affect the accounting policies applied as well as recognized assets, liabilities, revenues and expenses. Actual results may differ from these estimates. The key accounting estimates and judgments made by Management in applying the Company s accounting policies and the most material uncertainties related to these were the same when preparing the condense Interim Report as when preparing the Annual Report at 31 December SEASONALITY The profit before tax is typically lower in the first half year of the year, compared with other quarters. This development is caused by the fact that the Tivoli Gardens is closed during parts of the first quarter, furthermore maintenance and development of the Garden is performed during first quarter. Cash flow from operations is also typically negative during first quarter, caused by the negative result. 4. NET REVENUE The nature of net revenue remains unchanged from last year. Reference is made to the description in the Annual Report for DKK million 1/1-30/9 1/1-30/9 1/1-31/12 Net revenue by category (9 mth) (9 mth) (12 mth) Sale of goods Services Planningfees and contract work Sponsorships and grants Royalty Other revenue RELATED-PARTY TRANSACTIONS The nature and extent of transactions with related parties remain unchanged from last year. Reference is made to the description in the Annual Report for DKK million 1/1-30/9 1/1-30/9 The Augustinus Foundation Group Loan from Chr. Augustinus Fabrik. Akts Sponsorship from Augustinus Foundation Group Sponsorship from Scandinavian Tobacco Group A/S Interest to Chr. Augustinus Fabrikker Akts