Interim Report for the Period 1 January - 30 June 2009
As in previous years, Tivoli holds its supervisory board meeting on Tivoli's
birthday, 15 August, even though it is a Saturday this year, which is why the
Interim Report is published on a Saturday.
The Supervisory Board of Tivoli A/S has at the board meeting considered and
adopted the In-terim Report for the period 1 January - 30 June 2009.
Results at 30 June 2009 in outline:
• Revenue including tenants and lessees: DKK 338.0 million compared to DKK
358.5 million last year.
• Consolidated revenue: DKK 217.7 million compared to DKK 210.3 million last
year. Nimb is recognised at DKK 21.8 million in 2009.
• EBIT: a negative DKK 55.8 million compared to a negative DKK 38.4 million
last year.
• Loss before tax: DKK 61.9 million compared to a loss of DKK 45.2 million last
year.
• Loss after tax: DKK 46.4 million compared to a loss of DKK 34.6 million last
year.
• Number of guests at 30 June 2009: 1,218,000 compared to 1,238,000 guests at
30 June 2008.
"This is a complicated Interim Report to approach as Tivoli has changed its
financial year, has taken over Nimb and merged this company with Tivoli. The
overall conclusion is that Tivoli is also affected by the crisis. This is
reflected in revenue, and with the number of guests almost at the same level as
last year, it can be concluded that Tivoli's guests spend less money this year.
Like in the rest of society this is clearly felt in the restaurants where our
rental income has been materially reduced. The decrease in revenue per guest is
widely attributable to the different mixture of guests. Copenhagen lacks
tourists and so does Tivoli, and traditionally a tourist spends more money than
a local guest. And of course Tivoli also feels that trade and industry are
experiencing difficulties and therefore have fewer activities such as business
dinners and meetings in the Garden ", says Lars Liebst, and he continues:
"We still expect the number of foreign guests to be disturbingly low also for
the remaining part of 2009. But at the same time we are pleased to see a good
development in July and a really good beginning of August with many happy
guests in Tivoli. On this basis we maintain the expectations for a profit
before tax of DKK 30-40 million".
The Supervisory Board has today finally approved that Nimb A/S and Tivoli
International A/S are merged with Tivoli A/S with retroactive effect at 1
January 2009. Previously Tivoli Inter-national A/S was a wholly owned
subsidiary, whereas Nimb A/S (previously Løgismose-Nimb A/S) was a joint
venture which was fully taken over at 1 January 2009. Until 31 De-cember 2008
Nimb A/S was only recognised with a share of results under financial income and
expenses and with an investment in the balance sheet. Therefore there are major
changes in the items of the income statement and the balance sheet when
comparing the figures real-ised in 2008 and 2009.
Outlook for 2009
Based on the development in July and the first part of August the expectations
for a profit be-fore tax of DKK 30-40 million are maintained. Expected revenue
is scaled down to approxi-mately DKK 610-630 million from the expected revenue
in the amount of DKK 650-670 million previously announced.
Please see the full report in the attached document.
Yours sincerely
Jørgen Tandrup Lars Liebst
Chairman of the Supervisory Board CEO
Contact person: Stine Lolk, Deputy Director, HR & Communications (tel +45 33
75 03 38 / sl@tivoli.dk)
