Annual Report 2012 - Tivoli

More documents

Recommendations

Info

❖tivoli ANNUAL REPORT 2012 ❖Basis of preparationThe Financial Statements are presented in DKK roundedoff to DKK 1,000,000 to one decimal place.The Financial Statements are prepared under the historicalcost convention.The accounting policies described below have beenapplied consistently for the financial year and for comparativefigures. The accounting policies are unchangedfrom last year.DESCRIPTION OF ACCOUNTING POLICIESJoint operationsTivoli recognises its share of both total revenue andexpenses of joint operations.Translation policiesTransactions in foreign currencies are initially translatedat the exchange rates at the dates of transaction. Gainsand losses arising due to differences between the transactiondate rates and the rates at the dates of paymentare recognised in financial income and expenses in theincome statement.Receivables, payables and other monetary items in foreigncurrencies are translated at the exchange rates at thebalance sheet date. Any differences between the exchangerates at the balance sheet date and the rates at the date ofcontracting the receivable or payable or the rates in thelatest Annual Report are recognised in financial incomeand expenses in the income statement.Derivative financial instrumentsDerivative financial instruments are initially recognisedin the balance sheet at cost and are subsequently remeasuredat their market value.The market value of derivative financial instruments isrecognised in other receivables or other payables. Positiveand negative values are offset only where the Companyhas a right to and intention of settling several financialinstruments on a net basis. Market values of derivative financialinstruments are calculated on the basis of currentmarket data and recognised valuation methods.Changes in the market value of derivative financialinstruments that are designated and qualify as marketvalue hedges of a recognised asset or a recognised liabilityare recognised in the income statement as are anychanges in the value of the hedged asset or the hedgedliability related to the hedged risk.Changes in the part of the market value of derivativefinancial instruments that is designated and qualifiesas a hedge of future cash flows and which effectivelyhedges changes in the value of the hedged transactionare recognised in equity. When the hedged transaction isrealised, any gain or loss on such hedging transactions istransferred from equity and recognised in the same itemas the hedged transaction.Changes to the market value of derivative financialinstruments which do not qualify for hedge accountingare recognised in financial income and expenses in theincome statement as they occur.LeasesThe Company has not entered into any finance leases.Payments made under operating leases are recognisedin the income statement on a straight-line basis over thelease term.INCOME STATEMENTRevenueRevenue comprises net revenue as well as other operatingincome, see definitions below.Net revenueNet revenue comprises operating income by way ofearnings from entrance fees to the Gardens, includingearnings from the sale of Season Passes, earnings fromrides, rental income from buildings, premises, etc as wellas income from the sale of services.Income is recognised in the income statement providedthat delivery and transfer of risk have been made beforeyear end and provided that the income can be measuredreliably and is expected to be received.Where a service is delivered over several financial periods,such as earnings from the sale of Season Passes, it isaccounted for on an accruals basis.Net revenue is measured at fair value exclusive of VATand duties charged on behalf of third parties. All types ofdiscounts granted are recognised in net revenue.Revenue from cash games is presented net of prizepayments and gaming taxes.Other operating incomeOther operating income comprises items of a secondarynature to the activities of the enterprises, includingprojecting fees earned, sponsorships received and gainson the sale of intangible assets and property, plant andequipment.Other external expensesOther external expenses comprise expenses for leasingof premises, office expenses, external cash handling, IT,legal assistance and consulting services.Financial income and expensesFinancial income and expenses comprise interest, capitalgains and losses on securities, payables and transactionsin foreign currencies, amortisation of financial assets andliabilities as well as extra payments and repayment underthe on-account taxation scheme, etc.Tax on profit for the yearTivoli A/S is included in the joint taxation under Chr.Augustinus Fabrikker Aktieselskab. Tax for the yearconsists of current tax for the year and changes in deferredtax. The tax attributable to the profit for the yearis recognised in the income statement, whereas the tax46
❖ notes ❖attributable to equity transactions is recognised directlyin equity.BALANCE SHEETIntangible assetsIntangible rights acquired upon business combinationsare measured at cost less accumulated amortisation andimpairment losses. Intangible rights are amortised on astraight-line basis over their expected useful life (up to 10years). Development projects are measured at cost.Property, plant and equipmentLand and buildings as well as other fixtures and fittings,tools and equipment are measured at cost less accumulateddepreciation and impairment losses. Cost comprisesthe cost of acquisition and expenses directly related to theacquisition up until the time when the asset is ready foruse.The cost of assets of own construction comprises directand indirect expenses for materials, components,sub-contractors and labour. Borrowing costs directlyrelated to the acquisition, construction or manufacturingof a qualifying asset are capitalised as part of the cost ofthe asset. Subsidies are deducted from cost. The cost of atotal asset is decomposed into separate constituent partswhich are depreciated separately if the individual partshave different useful lives.Subsequent expenses, eg to replace parts of an item ofproperty, plant and equipment, are recognised in the carryingamount of the asset in question when it is probablethat payment will result in future economic benefits tothe Company. The carrying amount of the parts replacedis derecognised in the balance sheet and transferred tothe income statement. Expenses for ordinary repair andmaintenance are recognised in the income statement asincurred.Property, plant and equipment are depreciated on astraight-line basis over the estimated useful lives of theassets, which are:BuildingsReconstruction of buildingsSpecial installationsRides, stationaryRides, mobileGardensOutlets, stalls, etcTools, equipment and ITLand is not depreciated.20-50 years10-15 years10 years15-25 years10 years5-10 years6-10 years3-6 yearsThe basis for depreciation is calculated taking intoaccount the residual value of the asset and is reduced byany impairment losses.The residual value is determined at the date of acquisitionbased on a specific assessment and is reassessedannually. Where the residual value exceeds the carryingamount of the asset, depreciation ceases.In the event of changes to the depreciation period or theresidual value, the effect on depreciation is recognisedprospectively as a change of accounting estimate.It should be noted specifically that the physical life ofTivoli’s rides may be significantly longer than theirentertainment life. Tivoli has chosen to depreciate therides over their entertainment life.Tivoli does not apply residual values for rides since mostof the individual ride cannot be re-established withoutmaterial changes to the constituent parts of the asset incase of dismantling of the ride.Profits and losses on the disposal of property, plant andequipment are calculated as the difference betweenselling price less costs to sell and carrying amount at thetime of sale. Profits or losses are recognised in the incomestatement under other operating income or other externalexpenses.Debt instruments receivableDebt instruments receivable are recognised in assetson the transaction dates. Debt instruments receivableare initially recognised at fair value adjusted fortransaction expenses directly related to the transaction.Subsequently, debt instruments receivable are measuredat fair value calculated on the basis of recognised valuationmethods for unlisted securities.Unrealised value adjustments are recognised directly inequity except for impairment losses and any reversal ofsuch losses. On realisation, the accumulated value adjustmentrecognised in equity is transferred to financialincome and expenses in the income statement.Impairment of non-current assetsThe carrying amounts of non-current assets are reviewedon an annual basis to determine whether there is anyindication of impairment. If so, the recoverable amountof the asset is calculated. The recoverable amount is thehigher of the fair value of the asset less estimated costs tosell and value in use. Value in use is calculated as the netpresent value of expected future cash flows from the assetor the cash-generating unit of which the asset forms part.Impairment losses are recognised where the carryingamount of an asset or a cash-generating unit exceeds therecoverable amount of the asset or the cash-generatingunit. Impairment losses are recognised in the incomestatement.It is Tivoli’s assessment that the Company has only onemeasurable cash-generating unit corresponding to thelegal entity Tivoli A/S.Impairment losses on non-current assets are reversedto the extent of any changes to the assumptions andestimates on which the impairment loss was based.47
Page 2: ❖ tivoli ANNUAL REPORT 2012 ❖å
Page 5 and 6: ❖ Financial Highlights ❖DKK mil
Page 7 and 8: ❖ Management’s Statement ❖IND
Page 9 and 10: ❖ Board of Directors, Executive B
Page 11 and 12: ❖ Board of Directors, Executive B
Page 13 and 14: ❖ 2012 IN RETROSPECT FOR TIVOLI
Page 19: ❖ 2012 IN RETROSPECT FOR TIVOLI
Page 22 and 23: ❖tivoli ANNUAL REPORT 2012 ❖LIV
Page 24 and 25: ❖tivoli ANNUAL REPORT 2012 ❖Org
Page 26 and 27: ❖tivoli ANNUAL REPORT 2012 ❖HAL
Page 28 and 29: ❖tivoli ANNUAL REPORT 2012 ❖ON
Page 30 and 31: ❖tivoli ANNUAL REPORT 2012 ❖708
Page 32 and 33: ❖tivoli ANNUAL REPORT 2012 ❖❖
Page 40 and 41: ❖tivoli ANNUAL REPORT 2012 ❖Inc
Page 42 and 43: ❖tivoli ANNUAL REPORT 2012 ❖Bal
Page 44 and 45: ❖tivoli ANNUAL REPORT 2012 ❖år
Page 48 and 49: ❖tivoli ANNUAL REPORT 2012 ❖Imp
Page 50 and 51: ❖tivoli ANNUAL REPORT 2012 ❖Not
Page 52 and 53: ❖tivoli ANNUAL REPORT 2012 ❖DKK
Page 64: Tivoli A/S3 VesterbrogadeDK · 1630

Annual Report 2012 - Tivoli

Create successful ePaper yourself

Delete template?

Save as template?