Tivoli A/S

Interim / Quarterly Report • Aug 14, 2023

TIVOLLINIERIM REPORT FOR THE PERIOD 1 TANUARY - 30 JUNE 2023

TIVOLI ........

TIVOLI A/S • VESTERBROGADE 3 • 1630 COPENHAGEN V, DENMARK VAT NO. 10404916

DKK mill.	2023	2022	2023	2022	2022	2023	2022
	2. qtr.	2. qtr.	1/1 - 30/6	1/1 - 30/6	1/1 - 31/12	Last 12 month	Last 12 month
Revenue incl. tenants and lessees	476,6	470,6	568,8	539,9	1.610,5	1.639,4	1.278,9
Comprehensive income
Net revenue	354,1	335,7	416,0	387,9	1.130,1	1.158,2	953,7
Costs before depreciation and amortisation	-273,5	-263,3	-432,0	-392,5	-925,1	-964,5	-837,7
Other operating income	0,0 80,6	0,0 72,4	0,0 -16,0	9,7 5,1	11,7 216,7	2,0 195,6	31,1 147,1
Earnings before interest, tax, depreciation and amortisation (EBITDA) Depreciation, amortisation and impairment	-27,3	-28,4	-54,7	-56,1	-119,2	-117,8	-117,8
Earnings before interest and tax (EBIT)	53,3	44,0	-70,7	-51,0	97,5	77,8	29,3
Net financials	-1,9	-2,5	-4,0	-4,8	-9,7	-8,9	-10,9
Profit before tax	51,4	41,5	-74,7	-55,8	87,5	68,8	18,6
Profit for the year	40,1	32,4	-58,2	-43,5	65,1	50,4	25,0
Comprehensive income for the year	40,1	49,1	-59,9	-8,1	111,8	60,0	48,6
Balance
Non-current assets			1.512,2	1.502,0	1.490,4	1.512,2	1.502,0
Current assets			135,0	90,4	183,2	135,0	90,4
Total assets			1.647,2	1.592,4	1.673,6	1.647,2	1.592,4
Share capital (Tivoli A/S)			57,2	57,2	57,2	57,2	57,2
Equity			912,2	868,5	988,4	912,2	868,5
Non-current liabilities			377,8	386,7	392,0	377,8	386,7
Current liabilities			357,2	337,2	293,2	357,2	337,2
Cash flows
Cash flow from operation activities			6,7	28,4	186,8	165,1	265,6
Cash flow from investing activities			-75,8	-49,5	-83,6	-109,9	-77,4
Herof invested in property, plant and equipment			-70,0	-39,8	-68,2	-98,4	-68,3
Cash flow from financing activities			19,9	22,5	-53,0	-55,6	-220,3
Total cash flows			-49,2	1,4	50,2	-0,4	-32,1
DKK mill.					2022 1/1 - 31/12	2023 Last 12 month	2022 Last 12 month
Financial rations
EBIT-margin					9%	7%	3%
Solvency ratio					59%	55%	55%
Return on equity (ROE)					7%	6%	3%
Stakeholder information
Earnings per share (EPS), in DKK					11,4	8,8	4,4
Dividend per share, in DKK					2,8	0,0	0,0
Stock exchange price, latest, in DKK					758	761	845
Number of employees					983	1.030	914
							2

Tivoli's activity level has been higher than expected in the first half of 2023 and the profit for 2nd quarter is the best 2nd quarter in Tivoli's history.

The winter's maintenance work made Tivoli ready for the start of the season and forms the basis for developing and equipping Tivoli to stand even stronger in the coming years. Tivoli experienced many visitors in connection with the opening and the Easter activities, as well as they made their way past both the classic Tivoli restaurants and the many new gastro offerings - including the Tivoli Food Festival. Tivoli's wide range of cultural offerings included live concerts, Tivolirevyen, which is back with Lisbet Dahl in the front, and the new, successful concert format 'Mint'. The performances at the Pantomime Theater and at the Rasmus Klump house also contributed to the well-known Tivoli atmosphere.

The anticipated economic slowdown has been significantly less than expected, to the delight of Tivoli and the Gardens external tenants. Tivoli's business is now even stronger, which provides reason for optimism and the opportunity to continue creating the best Tivoli experiences for both domestic and foreign visitors.

Development in activities and financial conditions Tivoli's revenue for the period January 1 to June 30 2023, amounts to 416.0 million DKK compared to 387.9 million DKK in 2022 (7%). The revenue is positively influenced by the earlier opening of the Gardens compared to last year and the fact that Tivoli's activities were closed at the beginning of 2022. Furthermore, the activity level has generally been higher than the same period last year. Staff expenses and other external expenses for the period January 1 to June 30 2023, total 432.0 million DKK compared to 273.4 million DKK in 2022 (10%). The higher level of expenses is primarily due to increased activity in the Gardens. Other operating income for the period January 1 to June 30 2023, amounts to 0.0

million DKK compared to 9.7 million DKK in 2022, which composed of fixed cost compensation received from the Danish Government.

Depreciation and amortization for the period January 1 to June 30 2023, amount to 54.7 million DKK compared to 56.1 million DKK in 2022 (-2%). Thus, the depreciation for the period is on par with last year.

The financial items for the period January 1 to June 30 2023, total an expense of 4.0 million DKK compared to 4.8 million DKK in 2022 (-18%). The decrease is due to lower expenses of interest on loan facilities, which were utilized to a greater extent in 2022. Tivoli's loss before tax for the period January 1 to June 30 2023, amounts to

-74.7 million DKK compared to -55.8 million DKK in the same period in 2022, representing a decrease of 18.9 million DKK compared to last year. The increased loss is due to more expenses related to investments in Tivoli's business, as well as fixed cost compensation received in 2022 as a result of the COVID-19 pandemic.

Cash flows from operating activities for the period January 1 to June 30 2023, amount to 6.7 million DKK compared to 28.4 million DKK in the same period last year, primarily due to changes in working capital.

Cash flows from investing activities for the period January 1 to June 30 2023, amount to -75.8 million DKK compared to -49.5 million DKK in the same period last year. The larger investments in 2023 include renovation of the Glassalen restaurant, establishing several garden/terrace facilities as well as the next phase of a larger sewer renovation in the Garden. The total balance sheet as of June 30 2023, amounts to 1,647.2 million DKK compared to 1,673.6 million DKK as of December 31 2022. The equity as of June 30 2023, amounts to 912.2 million DKK compared to 988,4

million DKK as of December 31 2022. The comprehensive income for the period amounts to -59.9 million DKK compared to -8,1 million DKK last year. The comprehensive income for the period consists of a net loss of -58.2 million DKK and other comprehensive income of -1.7 million DKK (market value adjustment of financial instruments).

Expectations for 2023 (unchanged) Tivoli has had a good start to 2023, where the consumption-related slowdown has been less than expected. Based on the above, Tivoli increased their expectation to 2023 (cf. stock exchange announcement no. 7 of 16 June 2023).

Tivoli's most recent expectation was revenue around 1,150 million DKK and a profit before tax in the range of 70-90 million DKK. Activity level and results have been in line with expectations since the increase in June, despite a recordbreaking rainfall during the summer. Based on the above, Tivoli maintains its expectations for the year. Events after the end of the interim period No significant events have occurred after the end of the period.

DKK mill.	2023	2022	2023	2022	2022
	2. qtr.	2. qtr.	1/1 - 30/6	1/1 - 30/6	1/1 - 31/12
Net revenue	354,1	335,7	416,0	387,9	1.130,1
Revenue	354,1	335,7	416,0	387,9	1.130,1	Items that will be reclassified to the income statement
Other external expenses	-122,8	-121,2	-197,2	-178,9	-420,8	Value adjustments: Value adjustment
Staff expenses	-150,7	-142,1	-234,8	-213,6	-504,3	hedging instruments
Expenses	-273,5	-263,3	-432,0	-392,5	-925,1	Other adjustments: Tax on value adjustments hedging instruments
Other operating income	0,0	0,0	0,0	9,7	11,7
EBITDA	80,6	72,4	-16,0	5,1	216,7
Depreciation, amortisation and impairment	-27,3	-28,4	-54,7	-56,1	-119,2
EBIT	53,3	44,0	-70,7	-51,0	97,5
Share of profit from investments	0,0	0,0	0,0	0,0	-0,2
Financial income	0,2	0,1	0,3	0,1	0,8
Financial expenses	-2,1	-2,6	-4,3	-4,9	-10,6
Profit before tax	51,4	41,5	-74,7	-55,8	87,5
Tax on profit for the year	-11,3	-9,1	16,5	12,3	-22,4
Net profit	40,1	32,4	-58,2	-43,5	65,1
Earnings per share (EPS), in DKK	7,0	5,7	-10,2	-7,5	11,4

DKK mill. 2023 2022 2023 2022 2. qtr. 2. qtr. 1/1 - 30/6 1/1 - 30/6 2. qtr. 2. qtr. 1/1 - 30/6 1/1 - 30/6 1/1 - 31/12 Net profit 40,1 32,4 -58,2 -43,5 Items that will be reclassified to the income statement Value adjustments: Value adjustment hedging instruments 0,0 21,4 -2,2 45,4 Other adjustments: Tax on value adjustments hedging instruments 0,0 -4,7 0,5 -10,0 Totalindkomst i alt 40,1 49,1 -59,9 -8,1 -27,3 -28,4 -54,7 -56,1 -119,2
						2022
						1/1 - 31/12
						65,1
						60,0
						-13,3
						111,8

Balance sheet

Total current assets	135,0	90,4	183,2
Cash and cash equivalents	14,9	14,9	63,7
Other receivables	54,8	29,6	72,1
Tax receivables	13,5		0,0
Trade receivables	35,0	30,8	33,3
Finished goods	16,8	15,1	14,1
Total non-current assets	1.512,2	1.502,0	1.490,4
Deposits	5,8	4,7	5,2
Investment in associated company	15,2	15,6	15,2
Leasing assets	75,4	73,1	82,6
Property, plant and equipment	1.373,3	1.365,6	1.344,2
Intangible assets	42,5	43,0	43,2
ASSETS
	30/6	30/6	31/12
DKK mill.	2023	2022	2022

1.647,2	1.592,4	1.673,6
357,2	337,2	293,2
220,6	195,5	216,8
	2,5	0,1
43,4	47,6	45,4
42,6	37,7	0,0
20,0	20,0	0,0
13,1	11,1	13,4
17,5	22,8	17,5
377,8	386,7	392,0
52,4	50,4	53,4
57,0	55,1	63,2
268,4	281,2	275,4
912,2	868,5	988,4
0,0	0,0	16,3
855,1	811,3	914,9
57,2	57,2	57,2
30/6	30/6	31/12
2023	2022	2027

1

DKK mill.	Share	Retained	Proposed	Total
	capital	earnings	dividend
Equity at 1. January 2022	57,2	819,4	0,0	876,6
Profit of the year	0,0	-43,5	0,0	-43,5
Value adjustment hedging instruments	0,0	35,4	0,0	35,4	Cash flows from operating activities
Total comprehensive income	0,0	-8,1	0,0	-8,1	before financial income and expenses
Dividends paid	0,0	0,0	0,0	0,0
Equity at 30. June 2022	57,2	811,2	0,0	868,4
Equity at 1. January 2023 Profit of the year	57,2	914,9	16,3	988,4	Cash flows from operating activities before tax
Value adjustment hedging instruments	0,0	-58,2	0,0	-58,2
	0,0	-1,7	0,0	-1,7
Total comprehensive income	0,0	-59,9	0,0	-59,9	Acquisition of property, plant and
Dividends paid	0,0	0,0	-16,3	-16,3	equipment and intangible assets
Equity at 30. June 2023	57,2	855,1	0,0	912,2

DKK mill.	Share	Retained	Proposed	Total	DKK mill.	2023	2022	2023	2022	2022
	capital	earnings	dividend			2. qtr.	2. qtr.	1/1 - 30/6	1/1 - 30/6	1/1 - 31/12
Equity at 1. January 2022	57,2	819,4	0,0	876,6	EBITDA	80,6	72,4	-16,0	5,1	216,7
Profit of the year	0,0	-43,5	0,0	-43,5	Change in working capital	-8,5	27,7	26,6	28,1	12,4
Value adjustment hedging instruments	0,0	35,4	0,0	35,4	Cash flows from operating activities
Total comprehensive income	0,0	-8,1	0,0	-8,1	before financial income and expenses	72,1	100,1	10,6	33,2	229,1
Dividends paid	0,0	0,0	0,0	0,0	Financial income	0,2	0,1	0,3	0,1	0,8
Equity at 30. June 2022	57,2	811,2	0,0	868,4	Financial expenses	-2,2	-2,6	-4,3	-4,9	-10,6
Equity at 1. January 2023	57,2	914,9	16,3	988,4	Cash flows from operating activities	70,2	97,6	6,7	28,4	219,3
Profit of the year	0,0	-58,2	0,0	-58,2	before tax
Value adjustment hedging instruments	0,0	-1,7	0,0	-1,7	Income tax received/paid	0,0	0,0	0,0	0,0	-32,5
Total comprehensive income	0,0	-59,9	0,0	-59,9	Cash flows from operating activities	70,2	97,6	6,7	28,4	186,8
Dividends paid	0,0	0,0	-16,3	-16,3	Acquisition of property, plant and equipment and intangible assets	-35,2	-14,0	-75,8	-49,5	-83,6
Equity at 30. June 2023	57,2	855,1	0,0	912,2	Cash flow to investment activities	-35,2	-14,0	-75,8	-49,5	-83,6
					Raising/instalments - mortgage loans	-3,5	-5,8	-7,0	-11,5	-22,7
					Raising/instalments - leasing debt	-3,2	-2,7	-6,4	-5,5	-12,0
					Raising/instalments - shareholder loans	-20,0	-50,0	20,0	20,0	0,0
					Raising/instalments - A-tax loans	-13,0	-18,2	-13,0	-18,2	-18,3
					Raising/instalments - Bank debt	22,2	-6,3	42,6	37,7	0,0
					Dividends paid	-16,3	0,0	-16,3	0,0	0,0
					Cash flows from financing activities	-33,8	-83,0	19,9	22,5	-53,0
					Cash flows for the year	1,2	0,6	-49,2	1,4	50,2
					Cash and cash equivalents, beginning of year	13,8	14,3	64,1	13,5	13,5
					Cash and cash equivalents, end of year	14,9	14,9	14,9	14,9	63,7

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. The Interim report is prepared in accordance with the same accounting policies as the latest annual report for 2022.

The annual report for 2022 contains the full description of accounting policies.

The preparation of interim reports requires that Management makes accounting estimates and judgements, which affect the accounting policies applied as well as recognized assets, liabilities, revenues and expenses.

The assessments and estimates made are based on historical experience and other factors which the Management 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 occur. Furthermore, Tivoli is subject to risks and uncertainties which may lead to actual outcomes deviating from these estimates.

It may be necessary to change the assessments and estimates made as a result of changes in the conditions that formed the basis of the previous estimates or on due to new knowledge or subsequent events. Changes in estimates is recognized in the period in which the relevant estimate is revised.

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 on 31 December 2022.

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 first quarter, furthermore maintenance and development of the Gardens is performed during the same period. Cash flow from operations is also typically negative during first quarter, caused by the negative result. During the period of January 1 to June 30 2023, there have been very limited transactions with related parties. Please refer to the description in the 2022 annual report.

Tivoli have the following significant transactions with related parties:

	2023	2022
	1/1 - 30/6	1/1 - 30/6
Draws on facility from Chr. Augustinus Fabrikker A/S	20.0	20.0
Sponsorship of artistic events from Augustinus Fonden	3.3	1.0
Interest to Chr. Augustinus Fabrikker A/S	0.1	0.0
Purchase of furniture at Fritz Hansen A/S	0,2	0.0

Segment reporting 1. January 2023 - 30. June 2023

Segment reporting 1. January 2023 - 30. June 2023
		Food &		Enterprice				Not		*) The "Not allocated" category
DKK mill.	Games	beverage	High-End	rental	Sales	Culture	Total	allocated*	Total	comprises administration functions as well as operation and maintenance of the Garden. These
Total revenue	9,3	66,9	83,7	27,3	196,6	26,4	410,1	5,8	415,9	functions have no business activities and generate only
EBITDA	1,1	7,1	10,0	26,1	141,5	-29,3	156,5	-172,5	-16,0	limited revenue. In 2022 "not allocated" includes, among other things, compensation for fixed
Depreciation, amortisation and impairment								-54,7	-54,7	costs, royalty income as well as invoicing of architects, cleaning
Net financials and share of profit from investments								-4,0	-4,0	and renovation.
Profit before tax									-74,7
Segment reporting 1. January 2022 - 30. June 2022
		Food &		Enterprice				Not
DKK mill.	Games	beverage	High-End	rental	Sales	Culture	Total	allocated*	Total
Total revenue	10,7	65,7	85,6	20,5	181,3	16,5	380,3	7,6	387,9
EBITDA	2,8	8,3	13,3	19,7	134,4	-27,7	150,8	-145,7	5,1

Segment reporting 1. January 2022 - 30. June 2022

										maintenance of the Garden. These functions have no business
										activities and generate only
										limited revenue. In 2022 "not allocated" includes, among other
										things, compensation for fixed costs, royalty income as well as
										invoicing of architects, cleaning
										and renovation.
Segment reporting 1. January 2022 - 30. June 2022
		Food &		Enterprice				Not
Total revenue	10,7	65,7	85,6	20,5	181,3	16,5	380,3	7,6	387,9
EBITDA	2,8	8,3	13,3	19,7	134,4	-27,7	150,8	-145,7	5,1
Depreciation, amortisation and impairment								-56,1	-56,1
Net financials and share of profit from investments								-4,8	-4,8
Profit before tax									-55,8

Tivolis 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 Gardens. 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 Gardens 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 Gardens, 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 5-star boutique hotel Nimb house with 38 rooms, Nimb Club with fitness, pool and spa facilities as well as 12 restaurants within the Nimb-brand. Income derived from leased restaurant is reported in tenants and leases, including Tivoli Food hall etc. Depreciation, amortisation and financial expenses are not allocated

to the main areas. Therefore "EBITDA" 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.

		2023	2022	2023	2022	2022
DKK mill.		2. qtr.	2. qtr.	1/1 - 30/6	1/1 - 30/6	1/1 - 31/12
Revenue by type	Revenue by type
Sales of goods	Sales of goods	102,5	107,4	127,3	129,6	355,9
Service	Service	213,5	192,6	231,5	206,4	640,8
Rent	Rent	22,9	20,0	28,9	24,0	72,2
Sponsorships	Sponsorships	9,0	8,9	16,4	16,1	35,4
Royalties	Royalties	4,6	4,2	8,3	8,3	16,4
Other revenue	Other revenue	1,6	2,6	3,6	3,5	9,4
Total		354,1	335,7	416,0	387,9	1.130,1
Time of recognition of revenue
At a certain time		303,9	289,5	354,7	329,0	976,5
Over time		50,2	46,2	61,3	58,9	153,6

Accounting policies

Revenue consists of net revenue and other operational income, cf. the definitions below.

Net revenue consists of revenue and other operating income, the majority of which is from sales of goods, services and rent. Sales of goods consist of sales from outlets. Services include admission to the Garden, income from the sale of Tivoli tickets, income from rides and income from cultural activities. Rental income includes the letting of buildings, premises, etc., which for the most part depends on the tenant's income. Net revenue also includes royalties received as well as grants and sponsorships received.

Income is recognized in the income statement if delivery and risk transfer have taken place before the end of the year. and if the income can be calculated reliably and is expected to be received. All revenue has been generated in Denmark.

Revenue from sales of annual cards, etc. is accrued. where the service is provided over several accounting periods. Net revenue is measured at fair value excl. VAT and taxes charged on behalf of third parties. All types of discounts made are recognized in net revenue. Revenue from cash games is presented after deduction of payout and gaming tax to the state. Costs for obtaining contracts are not capitalized, since contracts do not run for more than 12 months and are not assessed materially.

					in the balance sheet
			Prices quoted
Contract	Fair value at 30.	Financial commitments	(Level 1)
amount	June
304,0	-15,5
		2022	Fair value hierarchy	for financial	instruments measured at fair value

Financial instruments total (interest	swaps)				Fair value hierarchy	for financial	instruments measured at fair value	in the balance sheet
		2023		2022		Prices quoted	Observable inputs	Not observable inputs
	Contract	Fair value at 30.	Contract	Fair value at 30.	Financial commitments	(Level 1)	(Level 2)	(Level 3)	Total
Securing future cash flows	amount	June	amount	June	30. June 2023	0,0	-27,8	0,0	-27,8

Accounting policies

Derivative financial instruments are recognized in the balance sheet at cost on the trading day and subsequently measured at market value. Market value of derivative financial instruments is included in other receivables or other debt. Offsetting positive and negative values is done only when the company has the right, and the intention is to settle several financial instruments net. Market values for derivative financial instruments are calculated based on current market data and recognized valuation methods. value of the hedged asset or liability in respect of the part that is secured.

Changes in the market value of derivative financial instruments classified as and meeting the criteria for hedging the market value of a recognized asset or liability are recognized in the income statement together with changes in the

Changes in the part of the market value of derivative financial instruments that are classified as and meet the conditions for hedging future cash flows, and which effectively hedge changes in the value of the hedged item are recognized in other comprehensive income. When the hedged transaction is realized, gains or losses relating to such hedging transactions are transferred from other comprehensive income and recognized in the same item as the hedged item.

For derivative financial instruments that do not meet the conditions for treatment as hedging instruments, changes in market value are recognized on an ongoing basis in the income statement under financial items. Changes in deferred tax due to changes in tax rates are recognized in the income statement.

The Executive and Supervisory Boards have today considered and adopted the Interim Report of Tivoli A/S for the period 1 January – 30 June 2023.

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 on 30 June 2023 and of the results of the Group's operations and cash flow for the period 1 January – 30 June 2023. 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 uncertainties 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 regarding what was stated in the 2022 Annual Report.

Copenhagen, 14. august	2023
EXECUTIVE BOARD
Susanne Mørch Koch CEO	Martin Bakkegaard CFO
BOARD OF DIRECTORS
Tom Knutzen	Gregers Wedell-Wedellsborg	Claus Gregersen
Chairman	Deputy Chairman
Esben Thykier	Marie Nipper	Tue Krogh-Lund

TIVOLI A/S • VESTERBROGADE 3 • 1630 COPENHAGEN V • WWW.TIVOLL.DK