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Euro Disney S.C.A. Reports Fiscal

Year 2011 Results

Update : 27/11/11 - 16h04 Published by François Mayné the 9 November 2011, Economy.

Euro Disney S.C.A., operator of Disneyland® Paris, reported today the results for its consolidated group for the fiscal year 2011 which ended September 30, 2011. Resort operating segment revenues increased by € 60.0 million to € 1,275.2 million from € 1,215.2 million in the prioryear.

Theme Parks revenues increased by 6% to € 724.3 million from € 685.3 million in the prior-year, due to a 4% increase in attendance to 15.6 million, combined with a 2% increase in average spending per guest to € 46.23. The increase in attendance was primarily due to more guests visiting from France, the United Kingdom and Spain. The increase in average spending per guest resulted from higher spending on admissions and food and beverage.

Hotels and Disney Village revenues increased by 7% to € 513.2 million from € 480.2 million in the prior-year, due to a 5% increase in average spending per room to € 219.74, combined with a 1.7 percentage point increase in hotel occupancy to 87.1%. The increase in average spending per room resulted from higher daily room rates and spending on food and beverage. The increase in hotel occupancy resulted from 35,000 additional room nights sold compared to the prior year due to more guests from France and the United Kingdom, as well as a higher business group activity, partly offset by fewer guests from the Netherlands.

Other revenues, which primarily include participant sponsorships, transportation and other travel services sold to guests, decreased by € 12.0 million to € 37.7 million, compared to € 49.7 million in the prior-year. This decrease was due to lower sponsorship revenues and a legal settlement gain in the prior-year.

Real Estate development operating segment revenues decreased by € 37.3 million to € 22.5 million from € 59.8 million in the prior-year. This decrease was due to the prior-year € 47 million sale of the property on which the Val d'Europe mall is located, partly offset by a greater number of transactions closed during the Fiscal Year.

Net Loss : For the Fiscal Year, the Group's net loss amounted to € 63.9 million, compared to a net loss of € 45.2 million for the prior-year. Net loss attributable to equity holders of the parent and minority interests amounted to € 55.6 million and € 8.3 million, respectively. The increase in the Group's net loss compared to the prior-year reflects the decreased net profit of the real estate development segment and increased costs related to enhancing the overall guest experience.

Commenting on the results, Philippe Gas, Chief Executive Officer of Euro Disney S.A.S., said:

«Our Resort revenues increased by 5%, reflecting growth in both guest spending and Resort volumes. In fact, we grew our attendance in most of our key markets, by 600 thousand overall to 15.6 million, even as our summer season was impacted by the weaker European economic environment.

This past year we further invested in enhancing the overall guest experience, by introducing longer park operating hours, adding new entertainment and improving the appearance of our guest facing assets. Although these investments increase our costs, they are critical to maintain our long-term attractiveness as Europe's number one tourist destination.

We remain confident in our business and look forward to the upcoming year, where notably we will celebrate our 20th anniversary, beginning in April, with both our Cast Members and visitors of all ages.»

Update on recent and upcoming events

On October 8, 2011, Disneyland® Paris opened Princess Pavilion, a brand new location in the Disneyland® Park, where families can now enjoy a magical moment in the company of a Disney Princess. This dedicated location allows guests the opportunity to share both time and memories with iconic characters from some of Walt Disney's most popular animated films.

In April 2012, Disneyland Paris will launch the celebrations of its 20th Anniversary. A number of brand new experiences await guests, including Dreams, a night-time show with classic Disney storytelling and the latest technical special effects. The 20th Anniversary will also celebrate two decades of partnership between the Group and the many public and private organizations that have helped Disneyland Paris become, and remain, Europe's number one tourist destination.

Click here to read full report and attachments (PDF file).

Disneyland Paris - Walt Disney Parks & Resorts - Attendance - -

Written by François Mayné

François Mayné Publishing Director » Contact Us
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