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Record attendance contrasted by a higher net loss

for Euro Disney S.C.A. in Fiscal Year 2012

Update : 22:59 Published by François Mayné the 10 November 2012, Corporate.

Euro Disney S.C.A.), operator of Disneyland Paris, reported the results for its consolidated group for the fiscal year 2012 which ended September 30.

If the total revenues are up by 2% to €1.3 billion with a record attendance of 16 million visitors (400,000 more compared to 2011) consolidating its position as the first tourist destination in Europe, the EBITDA - earnings before interest, taxes, depreciation and amortization - is down by €7 million. Accordingly the Group has widened its net loss of €36 million compared to the previous year, the latter amounting to 100.1 million euros.

Theme parks revenues increased 4% to €750.5 million due to the 3% increase in attendance (ue to more guests visiting from France and Belgium, partly offset by fewer guests from Spain, Italy and the Netherlands), combined with a 1% increase in average spending per guest (resulted from higher spending on merchandise and food and beverage, partly offset by lower spending on admissions).

Hotels and Disney Village revenues increased 2% to €518.6 million due to a 6% increase in average spending per room (resulted from higher daily room rates, partly offset by lower spending on food and beverage), partly offset by a 3.1 percentage point decrease in hotel occupancy to 84.0% (60,000 fewer room nights sold compared to the prior year due to fewer guests visiting from our foreign markets, as well as lower business group activity)?

Record attendance contrasted by a higher net loss for Euro Disney S.C.A. in Fiscal Year 2012

Commenting on the results, Philippe Gas, Chief Executive Officer of Euro Disney S.A.S., said: "Fiscal year 2012 was marked by key milestones in Euro Disney’s history. First, our 20th Anniversary celebration drove unprecedented awareness across Europe and contributed to our performance in the second semester with a 5% growth in our resort revenues. Second, with the support of The Walt Disney Company, the Group significantly improved its debt profile with a € 1.3 billion refinancing transaction.

We reached a record 16 million in attendance, reflecting the sound fundamentals of our business, core strategies and strong appeal of our product, in a still challenging economic context. The increase in guest satisfaction and business growth we see today are the early returns on the investments made both in our assets and our Cast over the last 18 months.

Fiscal Year 2012 marked a new chapter for Disneyland Paris. We are confident in our ability to build, together with our Cast Members, on our successes to further develop the Resort, drive business growth and reach sustainable profitability in the coming years."

On September 18, 2012, the Group announced the refinancing of its debt, excluding debt already extended by The Walt Disney Company ("TWDC"), with new financing provided by TWDC and two of its French subsidiaries, for an overall amount of € 1,332 million. With this refinancing, the Group's average interest rate on its debt decreases meaningfully and the Group benefits from greater operational flexibility by removing the restrictive covenants under previously existing debt agreements, notably those related to restrictions on capital expenditures. Moreover, the extended debt maturity combined with a more gradual debt repayment schedule and a final repayment in 2030 will better position the Group to invest in long-term growth and drive value for all shareholders according to Euro Disney S.C.A.

The overall financial results for the fiscal year 2012 are available on the corporate website of Euro Disney S.C.A.

Disneyland Paris - Walt Disney Parks & Resorts - The Walt Disney Company - Financial Information - -

Written by François Mayné

François Mayné Publishing Director » Contact Us
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