Source: The Independant
Month: November 2010
Wonderful World of Disney at Hôtel Plaza Athénée, Paris
The Wanted visit Disneyland Paris
Boyband The Wanted visited Disneyland Paris for the Enchanted Christmas season. Follow them in this video during their funfilled journey at the Parks, riding cool rides and playing with Disney characters!
Once Upon a Dream Parade route to change
The Once Upon a Dream Parade premiered on 31 March 2007 for the resorts 15th Anniversary Celebration replacing The Wonderful World of Disney Parade which had featured at the park since 1998.
In April all eight floats will return for the “New Look” Once Upon A Dream Parade and guests will be able to create their own magical moments with all new totally interactive show-stops that invite guests to take to the street and interact with the dancers and characters.
Euro Disney S.C.A. Reports Fiscal Year Results for 2010
Euro Disney S.C.A., the parent company of Euro Disney Associes S.C.A. (“EDA”), operator of Disneyland Paris, reported the results for its consolidated group for the fiscal year 2010 which ended September 30, 2010 (the “Fiscal Year”) today.
- Resort Revenues Were Stable at EUR 1.2 billion, With Higher Guest Spending in the Parks and Hotels Offsetting Lower Attendance and Hotel Occupancy
- Real Estate Revenues Increased by EUR 42 Million to EUR 60 Million, due to a Significant Property Sale
- Net Loss Reduced by EUR 18 Million to EUR 45 Million
- Cash Increased by EUR 60 Million to EUR 400 Million, After Repaying EUR 90 Million of Debt During the Fiscal Year
Key Financial Highlights Fiscal Year
(EUR in millions, unaudited) 2010 2009 2008
Revenues 1,275.9 1,230.6 1,324.5
Costs and expenses (1,241.8) (1,204.2) (1,234.0)
Operating margin 34.1 26.4 90.5
Plus: Depreciation and amortization 167.4 160.8 159.0
EBITDA 1 201.5 187.2 249.5
EBITDA as a percentage of revenues 15.8% 15.2% 18.8%
Net (loss) / profit (45.2) (63.0) 1.7
Attributable to equity holders of
the parent (39.9) (55.5) (2.8)
Attributable to minority interests (5.3) (7.5) 4.5
Cash flow generated by operating
activities 236.7 124.1 178.3
Cash flow used in investing
activities (86.8) (72.1) (72.4)
Free cash flow generated 1 149.9 52.0 105.9
Cash and cash equivalents, end of
period 400.3 340.3 374.3
Key Operating Statistics (1) Fiscal Year
2010 2009 2008
Theme parks attendance (in millions) 15.0 15.4 15.3
Average spending per guest (in EUR) 45.30 44.22 46.32
Hotel occupancy rate 85.4% 87.3% 90.9%
Average spending per room (in EUR) 209.78 201.24 211.39
Commenting on the results, Philippe Gas, Chief Executive Officer of Euro Disney S.A.S, said:
Revenues by Operating Segment
Fiscal Year Variance
(EUR in millions, unaudited) 2010 2009 Amount %
Theme parks 685.3 688.2 (2.9) (0.4)%
Hotels and Disney(R) Village 480.2 474.7 5.5 1.2%
Other 50.6 49.8 0.8 1.6%
Resort operating segment 1,216.1 1,212.7 3.4 0.3%
Real estate development
operating segment 59.8 17.9 41.9 >100%
Total revenues 1,275.9 1,230.6 45.3 3.7%
Theme parks revenues declined by EUR 2.9 million to EUR 685.3 million from EUR 688.2 million in the prior-year period, primarily resulting from a 3% decrease in attendance. The decrease in attendance reflected fewer guests visiting from the United Kingdom, Belgium and the Netherlands, partially offset by more guests visiting from France. This decline in attendance was partially compensated by a 2% increase in average spending per guest, due to higher spending on admissions and food and beverage.
Other revenues, which include participant sponsorships, transportation and other travel services sold to guests, slightly increased to EUR 50.6 million.
Real estate development operating segment revenues increased by EUR 41.9
million from the prior-year period, as the Group recognized EUR 47 million
for the sale of a property on which the Val d'Europe mall is located. This
property had been subject to a long-term ground lease. The positive impact of
this transaction was partially offset by lower revenues from the remaining
transactions, as the other projects this year were less significant than
those of the prior-year.
Costs and Expenses
Fiscal Year Variance
(EUR in millions,
unaudited) 2010 2009 Amount %
Direct operating costs
(1) 1,008.8 976.0 32.8 3.4%
Marketing and sales
expenses 129.5 127.8 1.7 1.3%
General and
administrative expenses 103.5 100.4 3.1 3.1%
Costs and expenses 1,241.8 1,204.2 37.6 3.1%
Direct Operating Costs increasedEUR 32.8 million compared to the
Marketing and sales expenses increased EUR 1.7 million compared to the
General and administrative expenses increased EUR 3.1 million compared to
Net Financial Charges
Fiscal Year Variance
(EUR in millions,
unaudited) 2010 2009 Amount %
Financial income 3.2 9.7 (6.5) (67.0)%
Financial expense (82.3) (98.9) 16.6 (16.8)%
Net financial charges (79.1) (89.2) 10.1 (11.3)%
For the Fiscal Year, the Group’s net loss amounted to EUR 45.2 million,
Cash flows
Cash and cash equivalents as of September 30, 2010 were EUR 400.3 , up EUR 60.0 million compared to September 30, 2009.
Fiscal Year Variance
(EUR in millions, unaudited) 2010 2009
Cash flow generated by operating activities 236.7 124.1 112.6
Cash flow used in investing activities (86.8) (72.1) (14.7)
Free cash flow generated 149.9 52.0 97.9
Cash flow used in financing activities (89.9) (86.0) (3.9)
Change in cash and cash equivalents 60.0 (34.0) 94.0
Cash and cash equivalents, beginning of
period 340.3 374.3 (34.0)
Cash and cash equivalents, end of period 400.3 340.3 60.0
Free cash flow generated for the Fiscal Year was EUR 149.9 million
Cash generated by operating activities for the Fiscal Year totaled EUR compared to EUR 124.1 million generated in the prior-year
- EUR 25.0 million of the Fiscal Year royalties and management
fees due to The Walt Disney Company ("TWDC"), and
- EUR 15.1 million of interest due to the Caisse des depots et
consignations ("CDC").
The Group is also required to defer an additional EUR 5.1 million of
For fiscal year 2011, if compliance with financial performance covenants
Update on recent and upcoming events
The amendment to the Main Agreement also allows the Group to develop, in
For more information on this amendment, please refer to the press release
Scheduled Debt Repayments
The Group plans to repay EUR 123.4 million of its borrowings in fiscal
Results Webcast: November 10, 2010 at 11:00 CET
To connect to the webcast:
Attachments: Exhibit 1 - Consolidated Statements of Income
Exhibit 2 - Consolidated Segment Statements of Income
Exhibit 3 - Consolidated Statements of Financial Position
Exhibit 4 - Consolidated Statements of Cash Flows
Exhibit 5 - Consolidated Statement of Changes in Equity
Exhibit 6 - Statement of Changes in Borrowings
Exhibit 7 - Definitions
EXHIBIT 1
EURO DISNEY S.C.A.
Fiscal Year 2010 Results Announcement
CONSOLIDATED STATEMENTS OF INCOME
Fiscal Year Variance
(EUR in millions, unaudited) 2010 2009 Amount %
Revenues 1,275.9 1,230.6 45.3 3.7%
Costs and expenses (1,241.8) (1,204.2) (37.6) 3.1%
Operating margin 34.1 26.4 7.7 29.2%
Net financial charges (79.1) (89.2) 10.1 (11.3)%
Loss from equity investments (0.2) (0.2) - -
Loss before taxes (45.2) (63.0) 17.8 (28.3)%
Income taxes - - - n/a
Net loss (45.2) (63.0) 17.8 (28.3)%
Net loss attributable to:
Equity holders of the parent (39.9) (55.5) 15.6 (28.1)%
Minority interests (5.3) (7.5) 2.2 (29.3)%
n/a: not applicable.
EXHIBIT 2
EURO DISNEY S.C.A.
Fiscal Year 2010 Results Announcement
CONSOLIDATED SEGMENT STATEMENTS OF INCOME
Resort operating segment
Fiscal Year Variance
(EUR in millions, unaudited) 2010 2009 Amount %
Revenues 1,216.1 1,212.7 3.4 0.3%
Costs and expenses (1,208.5) (1,195.4) (13.1) 1.1%
Operating margin 7.6 17.3 (9.7) n/m
Net financial charges (79.1) (89.4) 10.3 (11.5)%
Gain from equity investments - 0.1 (0.1) n/m
Loss before taxes (71.5) (72.0) 0.5 (0.7)%
Income taxes - - - n/a
Net loss (71.5) (72.0) 0.5 (0.7)%
n/m: not meaningful.
n/a: not applicable.
Real estate development operating segment
Fiscal Year Variance
(EUR in millions, unaudited) 2010 2009 Amount %
Revenues 59.8 17.9 41.9 >100%
Costs and expenses (33.3) (8.8) (24.5) >100%
Operating margin 26.5 9.1 17.4 >100%
Net financial charges - 0.2 (0.2) n/m
Loss from equity investments (0.2) (0.3) 0.1 (33.3)%
Income before taxes 26.3 9.0 17.3 >100%
Income taxes - - - n/a
Net profit 26.3 9.0 17.3 >100%
n/m: not meaningful.
n/a: not applicable.
EXHIBIT 3
EURO DISNEY S.C.A.
Fiscal Year 2010 Results Announcement
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
September 30,
(EUR in millions, unaudited) 2010 2009
Non-current assets
Property, plant and equipment 1,974.4 2,035.5
Investment property 14.8 39.7
Intangible assets 48.1 54.2
Restricted cash 74.6 70.2
Other 12.6 13.2
2,124.5 2,212.8
Current assets
Inventories 29.2 35.6
Trade and other receivables 116.3 111.8
Cash and cash equivalents 400.3 340.3
Other 15.5 14.6
561.3 502.3
Total assets 2,685.8 2,715.1
Shareholders' equity
Share capital 39.0 39.0
Share premium 1,627.3 1,627.3
Accumulated deficit (1,518.4) (1,478.5)
Other (6.6) (1.2)
Total shareholders' equity 141.3 186.6
Minority interests 94.0 100.4
Total equity 235.3 287.0
Non-current liabilities
Borrowings 1,811.7 1,880.3
Deferred revenues 10.6 29.1
Provisions 17.7 17.5
Other 72.4 63.4
1,912.4 1,990.3
Current liabilities
Trade and other payables 317.9 275.1
Borrowings 123.4 89.9
Deferred revenues 93.2 68.9
Other 3.6 3.9
538.1 437.8
Total liabilities 2,450.5 2,428.1
Total equity and liabilities 2,685.8 2,715.1
EXHIBIT 4
EURO DISNEY S.C.A.
Fiscal Year 2010 Results Announcement
CONSOLIDATED STATEMENTS OF Cash FlowS
Fiscal Year
(EUR in millions, unaudited) 2010 2009
Net loss (45.2) (63.0)
Items not requiring cash outlays or with no impact on
working capital:
- Depreciation and amortization 167.4 160.8
- Net book value of investment property sold 24.9 -
- Increase in valuation and reserve allowances 1.4 1.5
- Other 5.3 6.9
Net change in working capital account balances:
- Change in receivables, other assets and deferred income (4.2) 5.6
- Change in inventories 6.0 1.4
- Change in payables and other liabilities 81.1 10.9
Cash flow generated by operating activities 236.7 124.1
Capital expenditures for tangible and intangible assets (86.5) (71.8)
Increase in equity investments (0.3) (0.3)
Cash flow used in investing activities (86.8) (72.1)
Net sales / (purchases) of treasury shares - 0.2
Repayments of borrowings (89.9) (86.2)
Cash flow used in financing activities (89.9) (86.0)
Change in cash and cash equivalents 60.0 (34.0)
Cash and cash equivalents, beginning of period 340.3 374.3
Cash and cash equivalents, end of period 400.3 340.3
SUPPLEMENTAL CASH FLOW INFORMATION
Fiscal Year
(EUR in millions, unaudited) 2010 2009
Supplemental cash flow information:
Interest paid 48.5 77.5
Non-cash financing and investing transactions:
Deferral into borrowings of accrued interest under TWDC
and CDC subordinated loans 27.8 24.8
Deferral into borrowings of royalties and management fees 25.0 50.0
EXHIBIT 5
EURO DISNEY S.C.A.
Fiscal Year 2010 Results Announcement
CONSOLIDATED STATEMENT OF CHANGES IN Equity
Net loss for
(EUR in millions, September Fiscal Year September
unaudited) 30, 2009 2010 Other 30, 2010
Shareholders' equity
Share capital 39.0 - - 39.0
Share premium 1,627.3 - - 1,627.3
Accumulated deficit (1,478.5) (39.9) - (1,518.4)
Other (1.2) - (5.4) (6.6)
Total shareholders'
equity 186.6 (39.9) (5.4) 141.3
Minority interests 100.4 (5.3) (1.1) 94.0
Total equity 287.0 (45.2) (6.5) 235.3
EXHIBIT 6
STATEMENT OF CHANGES IN BORROWINGS
Fiscal Year 2010
(EUR in millions, September September
unaudited) 30, 2009 Increase Decrease Transfers(4) 30, 2010
CDC senior loans 238.9 - - (1.9) 237.0
CDC subordinated loans 776.8 23.4 (1) - (2.1) 798.1
Credit Facility -
Phase IA 96.6 1.2 (2) - (63.1) 34.7
Credit Facility -
Phase IB 69.0 0.7 (2) - (20.2) 49.5
Partner Advances -
Phase IA 304.9 - - (32.1) 272.8
Partner Advances -
Phase IB 89.8 0.1 (2) - (4.0) 85.9
TWDC loans 304.3 29.4 (3) - - 333.7
Non-current borrowings 1,880.3 54.8 - (123.4) 1,811.7
CDC senior loans 1.6 - (1.6) 1.9 1.9
CDC subordinated loans 1.8 - (1.8) 2.1 2.1
Credit Facility -
Phase IA 63.1 - (63.1) 63.1 63.1
Credit Facility -
Phase IB 20.2 - (20.2) 20.2 20.2
Partner Advances -
Phase IA - - - 32.1 32.1
Partner Advances -
Phase IB 3.2 - (3.2) 4.0 4.0
Current borrowings 89.9 - (89.9) 123.4 123.4
Total borrowings 1,970.2 54.8 (89.9) - 1,935.1
(1) Increase related to the contractual deferral of interests on certain
(3) Increase related to the conditional deferral of EUR 25.0 million of
(4) Transfers from non-current borrowings to current borrowings, based on
EXHIBIT 7
EURO DISNEY S.C.A.
Fiscal Year 2010 Results Announcement
DEFINITIONS
EBITDA corresponds to earnings before interest, taxes, depreciation and
Free cash flow is cash generated by operating activities less cash used
Theme parks attendance corresponds to the attendance recorded on a “first
Average spending per guest is the average daily admission price and
Average spending per room is the average daily room price and spending on
———————————
[1] Please refer to Exhibit 7 for the definition of EBITDA, Free cash
[2] For further detailed information, refer to the Group’s 2009 reference
Press Contact
Laurent Manologlou
Tel: +331-64-74-59-50
Fax: +331-64-74-59-69
e-mail: laurent.manologlou@disney.com
Investor Relations
Olivier Lambert
Tel: +331-64-74-58-55
Fax: +331-64-74-56-36
e-mail: olivier.lambert@disney.com
Corporate Communication
Jeff Archambault
Tel: +331-64-74-59-50
Fax: +331-64-74-59-69
e-mail: jeff.archambault@disney.com
SOURCE Euro Disney S.C.A.
Rapunzel arrives at Disneyland Paris
Magical Giving Tree appeal
Here is a list of the charites partnering your local store:
Aberdeen – Northsound Cash for Kids
Bath – Bath Rugby Community Foundation
Belfast – Barnado’s
Birmingham – Birmingham Children’s Hospital
Blackpool – Second Skin Funds & Brian House Children’s Hospice
Bluewater – Demelza Hospice Care for Children & Cerebral Palsy Care Kent, Ellenor Lions Hospice
Brighton – Rocking Horse
Bristol, Cabot Circus – Barnado’s
Bristol, Cribbs – Barnado’s
Bromley – Cabrini Children’s Society
Cambridge – Addenbrookes Charitable Trust
Cardiff – TY HAFAN
Carlisle – CFM Radio’s Cash for Kids
Cheltenham – Acorns Childrens Hospice
Chester – Countess of Chester Hospital & The Children’s Adventure Farm Trust (CAFT)
Crawley – Manor Green Primary School Fund Trust
Derby – Childrens First Derby
Dundee – Keans Childrens Fund
East Kilbride – Wishaw General Hospital & Hamilton and Clydesdale Woman’s Aid
Edinburgh, Princes Street – CCLASP
Edinburgh, The Gyle – CCLASP
Guildford – CHASE Hospice Care for Children & Cherry Tree
Glasgow, St Enochs – The Salvation Army
Hanley – Donna Louise Trust
Harrow – Harrow Gingerbread
Hull – Barnado’s
Lakeside – Little Havens Children’s Hospice, The Burned Childrens Club & Coram
Leeds – Martin House Children’s Hospice
Leicester – Rainbows Hospice for Children and Young People
Liverpool One – Alder Hey Imagine Appeal
Livingston – Friends of St. John’s
London, Covent Garden – GOSHCC
London, Oxford Street – GOSHCC
London, Westfield – GOSHCC
Luton – Keech Hospital Care
Manchester, Arndale – Royal Manchester Children’s Hospice
Manchester, Trafford – Key 102 CASH FOR KIDS & Derian House Children’s Hospice Merry Hill – Acorns Childrens Hospice
Milton Keynes – Keech Hospital Care
Newcastle, Metro Centre – Newcastle Healthcare Charity
Northampton – NC TLC Trust
Norwich – The Oak Grove Trust
Nottingham – When You Wish Upon a Star
Plymouth – Children’s Hospice South West, Children’s Happy Hospital Fund & The Salvation Army
Reading – Daisy’s Dream & Helen & Douglas House
Romford – The Childrens Magical Taxi Tour & Richard House Children’s Hospice
Sheffield, Meadowhall – Bluebell Wood Children’s Hospice
Solihull – The Ear Foundation & Heartlands Hospital
Southampton – Rose Road Association
Stockport – When You Wish Upon a Star
Sunderland – Grace House North East Children’s Hospice
Swansea – n/a
Swindon – Lions Club Charity Trust Fund
Uxbridge – Karez 4 Kidz
Watford – Noah’s Arc Children’s Hospice
York – York SCBY Support Group & Martin House Children’s Hospice
November Trading Pins
New Star Wars character meet ‘n’ greets appear in Christmas Programme

Star Wars character meet ‘n’ greets have appeared in the Christmas Programme for next week at Disneyland Paris. These new meet ‘n’ greets are being held near the Star Tours ride.
During the last few weeks both Chewbacca and Darth Vader have been seen in the park.
Mickey and his Magic Halloween Night
Courtesy of photosmagiques are these video from Sunday’s spectacular Mickey’s Magic Halloween Night show held in Disneyland Paris.