Tivoli A/S

Earnings Release • Aug 15, 2015

The Supervisory Board of Tivoli A/S has at the board meeting the 15 August
considered and adopted the Interim Report for the period 1 January – 30 June
2015.

Results at 30 June 2015 in outline:

-- Revenue including tenants and lessees: DKK 492.4 million compared to DKK
451.6 million last year (+9%).
-- Revenue excluding tenants and lessees: DKK 363.8 million compared to DKK
311.5 million last year (+17%).
-- EBITDA: DKK 1.2 million compared to DKK -6.5 million last year (+118%).
-- EBIT: DKK -41.1 million compared to DKK -47.8 million last year (+14%).
-- Profit before tax: DKK -43.8 million compared to DKK -50.4 million last
year (+13%).
-- Profit after tax: DKK -32.1 million compared to DKK -38.6 million last year
(+17%).
-- Numbers of guests for the period 1 January – 30 June 2015 1,556,000
compared to 1,418,000 last year (+10%).

”The opening of the summer season was characterized by a very cold
weather-related start. Despite of this, the first half of 2015 shows an growth
in revenue compared to the first half of 2014 by DKK 52.3 million corresponding
to an increase of 17%. The improvement is primarily due to the increased
activities in Tivoli’s Concert Hall and the Glass Hall Theatre, an increase in
the activity in the Danish part of TivoliCasino and the effect of the early
opening of the summer season compared to earlier years.

This has meant an improvement of earnings before depreciation and amortization
(EBITDA) for the first half of 2015 by DKK 7.7 million compared with the same
period last year.” Says Tivoli’s CEO, Lars Liebst

“We find the growth in revenue and profit for the first half of 2015 to be
satisfactory taking the cold start of the season in to consideration,” says
CEO, Lars Liebst

Expectations for 2015
Revenue for 2015 is expected to be slightly above the 2014 figure,
approximately DKK 900 million. The Group is expected to show a profit before
tax between DKK 50 and 60 million.

Yours sincerely

Jørgen Tandrup
Lars Liebst

Chairman of the Supervisory Board
CEO

Contact person: Dorthe Barsøe,Director,Brandand Communications (tel +45 33 75
02 11 / dwb@tivoli.dk)