MARNE-LA-VALLEE, France, July 26 /PRNewswire-FirstCall/ --
- Fiscal Year 2007
- Third Quarter Announcement
- Nine Months Ended June 30, 2007
- Third Quarter Revenues Increased 12% to EUR 322 Million
- Year-to-Date Revenues Increased 11% to EUR 834 Million
- Crush's Coaster and Cars Race Rally Opened June 9, 2007 as Part of
the 15th Anniversary Celebration
Euro Disney S.C.A. (the "Company"), parent company of Euro Disney
Associes S.C.A., operator of Disneyland(R) Resort Paris, reported today
revenues for the third quarter of fiscal year 2007 (the "Third Quarter"),
as well as revenues for the nine months ended June 30, 2007, for its
consolidated group (the "Group").
Revenues for the Third Quarter increased 12% to EUR 321.7 million from
EUR 286.6 million in the prior-year period, reflecting increases in both
theme parks and hotel revenues.
Revenues for the nine months ended June 30, 2007 increased 11% to EUR
834.3 million from EUR 754.0 million in the prior-year period.
Theme parks revenues increased 11% to EUR 443.0 million from EUR 397.7
million in the prior-year period, primarily reflecting an increase in
attendance while average spending per guest remained essentially stable.
Hotels and Disney(R) Village revenues increased 15% to EUR 338.0
million from EUR 293.0 million in the prior-year period, reflecting
increases in average spending per room and hotel occupancy.
Real estate revenues decreased EUR 8.0 million from the prior-year
period to EUR 8.8 million resulting from lower activity for the nine months
period ended June 30, 2007 as set-out in the Group's development plan.
Commenting on the results, Karl L. Holz, Chairman and Chief Executive
Officer of Euro Disney S.A.S., said:
"Our third quarter and year-to-date revenues are encouraging, and both
represent records for Disneyland Resort Paris for their respective periods.
Naturally, the higher Resort activity and labor rate inflation have caused
costs and expenses to also increase.
Clearly, the new offerings we developed for our 15th anniversary
celebration are greatly appreciated by our guests. New attractions, like
Crush's Coaster and Cars Race Rally at the Walt Disney Studios(R) Park,
combine creativity and innovation to bring to life immersive experiences
that only Disney can create and enrich the appeal of our parks.
Management remains focused on our growth strategy as we move forward
into our fourth quarter of the year and we believe our growth in revenues
indicates progress in delivering on this strategy."
REVENUES BY SEGMENT
Revenues of the Group for the Third Quarter Ended June 30, 2007
Quarter Ended June
(EUR in millions, unaudited) 2007 2006 Amount %
Theme parks 173.7 160.7 13.0 8.1%
Hotels and Disney(R) Village 132.7 109.4 23.3 21.3%
Other 13.0 15.2 (2.2) (14.5)%
Resort segment 319.4 285.3 34.1 12.0%
Real estate development segment 2.3 1.3 1.0 76.9%
Total revenues 321.7 286.6 35.1 12.2%
Resort segment revenues increased 12% to EUR 319.4 million from EUR
285.3 million in the prior-year quarter.
Theme parks revenues increased 8% to EUR 173.7 million from EUR 160.7
million in the prior-year quarter, primarily reflecting a 9% increase in
attendance. The increase in theme parks attendance reflects on-going growth
in most of our markets, especially from France and Spain, with average
spending per guest remaining essentially stable.
Hotels and Disney Village revenues increased 21% to EUR 132.7 million
from EUR 109.4 million in the prior-year quarter, reflecting a 17% increase
in average spending per room and a 4.7 percentage point increase in hotel
occupancy. These increases resulted from the same drivers as for the nine
months ended June 30, 2007 described below, except that the increase in
room nights was primarily driven by the leisure business.
Real estate development segment revenues increased EUR 1.0 million from
the prior-year quarter as a result of the closing of a larger residential
transaction during the Third Quarter compared to the one closed in the
Revenues of the Group for the Nine Months Ended June 30, 2007
Nine Months Ended
June 30, Variance
(EUR in millions, unaudited) 2007 2006 Amount %
Theme parks 443.0 397.7 45.3 11.4%
Hotels and Disney Village 338.0 293.0 45.0 15.4%
Other 44.5 46.5 (2.0) (4.3)%
Resort segment 825.5 737.2 88.3 12.0%
Real estate development segment 8.8 16.8 (8.0) (47.6)%
Total revenues 834.3 754.0 80.3 10.6%
Resort segment revenues increased 12% to EUR 825.5 million from EUR
737.2 million in the prior-year period.
Theme parks revenues increased 11% to EUR 443.0 million, primarily due
to a 10% increase in attendance for the nine months ended June 30, 2007, as
average spending per guest remained essentially stable. The increase in
theme parks attendance reflects on-going growth in most of our markets,
especially from France and Spain.
Hotels and Disney Village revenues increased 15% to EUR 338.0 million
driven by an increase of 10% in average spending per room and an increase
of 5.0 percentage points in hotel occupancy. The increase in average
spending per room reflects increases in daily room rates at certain of our
hotels. The increase in the hotel occupancy resulted from an additional
78,000 room nights occupied by guests as compared to the prior-year period.
This increase in room nights was primarily driven by increases in guests
visiting from Spain and in the corporate convention business.
Other revenues, which primarily include participant sponsorships,
transportation and other travel services sold to guests, decreased EUR 2.0
million to EUR 44.5 million.
Real estate development segment revenues decreased EUR 8.0 million from
the prior-year period as a result of fewer transactions during the first
semester of the fiscal year as set-out in the Group's development plan.
UPDATE ON RECENT AND UPCOMING EVENTS
During the Third Quarter, the Company announced that it filed a notice
to terminate its registration as a foreign private issuer with the
Securities and Exchange Commission ("SEC") in the United States. Given the
low trading volume of the Company's shares in the United States relative to
that on the Euronext (Paris), the Company's primary trading market, the
Company believes that maintaining its registration as a foreign private
issuer with the SEC and the associated administrative costs are no longer
justified. The SEC has 90 days following the filing to object, otherwise
the Company's notice will be considered as approved.
On April 1, 2007, the Group launched the celebration of the 15th
anniversary of Disneyland(R) Resort Paris. In June, the Group opened two
new attractions at the Walt Disney Studios(R) Park, Crush's Coaster and
Cars Race Rally, inspired by the Disney/Pixar hit animated films Finding
Nemo and Cars, respectively. These openings will be followed by The
Twilight Zone Tower of Terror, which has been very popular in the United
States and Japan parks, scheduled to open in fiscal year 2008. These
attractions are designed to add to the appeal and capacity of Disneyland
Resort Paris, further enhancing the core guest experience to drive revenue
On June 10, 2007, the new high speed train ("TGV Est Europeen") line to
the East of France, Germany and Switzerland was launched. With the opening
of this line, the Marne-la-Vallee/Chessy station became the largest high
speed rail interchange in Europe. This line allows more guests living east
of our Resort quicker access to Disneyland Resort Paris. Once the line is
running at full capacity, the French Rail Authority expects that more than
six million passengers should transit through this station every year.
Next Scheduled Release: Year End 2007 Earnings in November 2007
Additional Financial Information can be found on the internet at
Code ISIN: FR0000125874
Code Reuters: EDL.PA
Code Bloomberg: EDL FP
The Group operates Disneyland(R) Resort Paris which includes:
Disneyland(R) Park, Walt Disney Studios(R) Park, seven themed hotels with
approximately 5,800 rooms (excluding approximately 2,400 additional
third-party rooms located on the site), two convention centers, Disney(R)
Village, a dining, shopping and entertainment centre, and a 27-hole golf
facility. The Group's operating activities also include the development of
the 2,000-hectare site, which currently includes approximately 1,000
hectares of undeveloped land. Euro Disney S.C.A.'s shares are listed and
traded on Euronext Paris.
Management believes certain statements in this press release may
constitute "forward-looking statements" within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995. These statements are made
on the basis of management's views and assumptions regarding future events
and business performance as of the time the statements are made. Actual
results may differ materially from those expressed or implied. Such
differences may result from actions taken by the Group, as well as from
developments beyond the Group's control, including changes in political or
economic conditions. Other factors that may affect results are identified
in the Group's documents filed with the U.S. Securities and Exchange
SOURCE Euro Disney SCA