Interim report for the period April 1 - September 30, 2007
At its meeting on October 29, 2007, the Supervisory Board for Tivoli A/S has
discussed and approved the interim report for the period April 1 - September
30, 2007.
Highlights as of September 30, 2007:
- Number of visitors: 2,934,000 compared with 3,181,000 last year
- Revenue including leaseholds and tenants DKK 700.2 million compared with DKK
718.2 million last year
- Group revenue DKK 418.4 million compared with DKK 424.8 million last year
- Profit before depreciation, amortisation and write-downs DKK 122.0 million
compared with DKK 131.9 million last year
- Profit before tax DKK 86.4 million compared with DKK 101.9 million last year
- Net profit DKK 62.2 million compared with DKK 73.4 million last year
The interim report for the April 1 - September 30, 2007 period shows a decrease
in profit before tax of DKK 15.5 million compared with the corresponding period
last year. This development can be explained partly as a result of an eight per
cent decline in the number of visitors for the entire summer season, and partly
because of lost arbitration regarding the termination of two leaseholds for
which Tivoli is to pay a total of DKK 9.7 million in compensation, legal costs
and interest.
The development illustrates Tivoli's current seasonal dependency. As mentioned
in the Annual Report 2006/07, Tivoli's management is working hard to move
Tivoli from being a seasonal enterprise to an all-year business with greater
risk distribution across more activities and an improved use of Tivoli's
perimeter.
As the next step in this strategy, Tivoli expects to publish a master plan for
the perimeter project prepared by world-renowned architects Pei Cobb Freed &
Partners. The publication will take place within the present fiscal year.
Expectations for 2007/08
Management maintains its expectations for the fiscal year 2007/08 with group
revenue in the order of DKK 570-585 million and a pre-tax profit at the level
of DKK 30-40 million as announced in Stock Exchange Statement No. 13 of October
17, 2007.
Please see attachment for further information.
Yours sincerely,
Niels Eilschou Holm
Chairman of the Supervisory Board
Lars Liebst
Managing Director
Contact:
Stine Lolk, Vice President, HR & Communications (tel: +45 33 75 03 38
/ sl@tivoli.dk)
