Tivoli (TIV) Q4 2023 earnings summary

Executive summary

• Guest count rose 5% YoY to 4.031m, while revenue reached a second consecutive record of DKK 1,213.8m, up 7% YoY.

• EBITDA reached a record DKK 228.1m; profit before tax was DKK 111.1m and net profit DKK 86.3m.

• Stronger results support reinvestment in the Gardens, major ride-area projects and a proposed DKK 21.6m dividend.

Financial highlights

• Revenue rose from DKK 1,130.1m in 2022 to DKK 1,213.8m in 2023; EBITDA increased 5% YoY to DKK 228.1m.

• EBIT was DKK 118.6m vs. DKK 97.5m; reported PBT was DKK 111.1m vs. DKK 87.5m, and net profit was DKK 86.3m vs. DKK 65.1m.

• Adjusted for non-ordinary items in both years, PBT was DKK 111.8m vs. DKK 102.7m; 2023 other operating income of DKK 5.0m compared with DKK 11.7m in 2022, which included COVID-19 compensation.

• Operating cash flow reached a record DKK 191.0m, compared with DKK 186.8m in 2022.

Outlook and guidance

• 2024 outlook assumes guest numbers on par with 2023; revenue and PBT are expected to remain at 2023 levels.

• A major renovation of the existing Asia area is due to start in autumn 2024, with further new rides planned in coming years.

• Guidance faces uncertainty from guest spending power, particularly in neighbouring markets, and higher operating costs, including wage increases under 2023 collective agreements.