Friday, September 22, 2023

Reopening in 2021, Liseberg ends the fiscal year in the positive, signaling a road to recovery

Despite a delayed opening and extensive capacity constraints, Liseberg reports an improvement in earnings for 2021 compared to 2020. “We are beginning to see the contours of a Liseberg, which has made its way through the crisis,” says Andreas Andersen, CEO of Liseberg.

After 520 closed days, Liseberg was able to reopen its gates on June 3, 2021. But the year was greatly impacted by the pandemic and the restrictions it placed on the business. Because of this, it was a complicated financial statement, which Liseberg’s Board of Directors approved on Friday, February 11, 2022.

Revenue in 2021 amounted to SEK 879 million (USD$94.3 million), and the operating profit amounted to SEK 10 million (USD$1 million), which was in line with the company’s expectations.

“It is satisfactory that we can report a positive operating result despite extensive limitations in operations, which led to a decline in sales of almost 30 percent compared to a normal year,” says Andersen.

In addition, the Swedish Government offered general support schemes for companies and employers impacted by the pandemic. For Liseberg, government grants amounted to SEK 149 million (nearly USD$16 million), and the total result was lifted to SEK 159 million (USD$17 million). However, part of the aid paid in 2021 relates to the 2020 financial year.

“In principle, the 2020 and 2021 financial statements should be seen as one,” says Andersen. In total Liseberg lost revenue of approximately SEK 1.7 billion (USD$182 million) during the pandemic.

Lastly, Liseberg reports a number of one-off revenues in 2021, with the sale of the hotel property Hotell Liseberg Heden and the sale of a building site to World of Volvo accounting for the largest part. These one-off revenues lift the result for 2021 to SEK 491 million (USD$52.6 million) and help strengthen the company’s balance sheet.

“Liseberg’s financial position has strengthened in 2021, and we are well equipped for the completion of Liseberg’s expansion project in 2023 and 2024,” says Andersen.

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