2014

Euro Disney S.C.A. Reports 2011 Results

PARIS, November 9, 2011 /PRNewswire/ --


  • Resort revenues up 5%, reflecting higher guest spending and Resort volumes
  • Real Estate revenues down € 37 million due to the significant property sale in the prior year
  • Net loss increased to € 64 million, reflecting lower Real Estate margin and increased costs related to enhancing the overall guest experience
  • Cash and cash equivalents at € 366 million, after repaying € 123 million of borrowings during the year

Euro Disney S.C.A. (the "Company"), parent company of Euro Disney Associés S.C.A. ("EDA"), operator of Disneyland® Paris, reported today the results for its consolidated group (the "Group") for the fiscal year 2011 which ended September 30, 2011 (the "Fiscal Year")[1].

    Key Financial Highlights                               Fiscal Year
    (EUR in millions, unaudited)                  2011       2010       2009
    Revenues                                   1,297.7    1,275.0    1,230.0
    Costs and Expenses                        (1,286.2)  (1,240.9)  (1,203.6)
    Operating Margin                              11.5       34.1       26.4
 
    Plus: depreciation and amortization          173.0      167.4      160.8
    EBITDA (2)                                   184.5      201.5      187.2
    EBITDA as a percentage of revenues            14.2%      15.8%      15.2%
 
    Net loss                                     (63.9)     (45.2)     (63.0)
    Attributable to equity holders of the parent (55.6)     (39.9)     (55.5)
    Attributable to minority interests            (8.3)      (5.3)      (7.5)
 
    Cash flow generated by operating activities  168.7      236.7      124.1
    Cash flow used in investing activities       (79.6)     (86.8)     (72.1)
    Free cash flow generated 2                    89.1      149.9       52.0
    Cash and cash equivalents, end of period     366.1      400.3      340.3


Key Operating Statistics[2]

    Theme parks attendance (in millions)        15.6        15.0        15.4
    Average spending per guest (in EUR)        46.23       45.30       44.22
    Hotel occupancy rate                        87.1%       85.4%       87.3%
    Average spending per room (in EUR)        219.74      209.78      201.24


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."

 

[1] The Group's consolidated financial accounts for Fiscal Year 2011 were reviewed by the Gérant on November 8, 2011.

[2] Please refer to Exhibit 7 for a definition of EBITDA, Free cash flow and key operating statistics.

 

Revenues by Operating Segment

                                         Fiscal Year            Variance
    (EUR in millions, unaudited)        2011         2010  Amount        %
    Theme parks                        724.3        685.3    39.0       5.7%
    Hotels and Disney Village(R)       513.2        480.2    33.0       6.9%
    Other                               37.7         49.7   (12.0)    (24.1)%
    Resort operating segment         1,275.2      1,215.2    60.0       4.9%
    Real estate development segment     22.5         59.8   (37.3)    (62.4)%
    Total revenues                   1,297.7      1,275.0    22.7       1.8%


Resort operating segment revenues increased by € 60.0 million to € 1,275.2 million from € 1,215.2 million in the prior-year.

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.

Costs and Expenses

                                             Fiscal Year         Variance
    (EUR in millions, unaudited)            2011      2010  Amount      %
    Direct operating costs (1)           1,052.8   1,010.5    42.3      4.2%
    Marketing and sales expenses           130.4     127.1     3.3      2.6%
    General and administrative expenses    103.0     103.3    (0.3)    (0.3)%
    Costs and expenses                   1,286.2   1,240.9    45.3      3.7%


  1. Direct operating costs primarily include wages and benefits for employees in operational roles, depreciation and amortization related to operations, cost of sales, royalties and management fees. For the Fiscal Year and the corresponding prior-year, royalties and management fees were € 74.2 million and € 71.7 million, respectively.

Direct operating costs increased € 42.3 million compared to the prior-year, mainly due to costs related to enhancing the guest experience, labor rate inflation and volume-related resort costs. Partially offsetting these increases was lower real estate cost of sales. Additionally, in fiscal year 2010, the Group benefited from the refund of certain tax payments made in previous years, for a net amount of € 6.2 million.

Marketing and sales expenses increased € 3.3 million compared to the prior-year, primarily due to higher advertising rates and labor rate inflation. These expenses remained stable at 10% of the resort operating segment revenues during the Fiscal Year.  


Net Financial Charges

                                       Fiscal Year            Variance
    (EUR in millions, unaudited)      2011         2010  Amount        %
    Financial income                  5.0          3.2     1.8       56.3%
    Financial expense               (80.7)       (82.3)    1.6      (1.9)%
    Net financial charges           (75.7)       (79.1)    3.4      (4.3)%


Financial income increased € 1.8 million due to higher short-term interest rates compared to the prior-year.

Financial expense decreased € 1.6 million due to lower average borrowings compared to the prior-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.


Cash Flows

Cash and cash equivalents as of September 30, 2011 were € 366.1 million, down € 34.2 million compared to September 30, 2010.

                                                        Fiscal Year
    (EUR in millions, unaudited)                       2011    2010  Variance
    Cash flow generated by operating activities      168.7    236.7    (68.0)
    Cash flow used in investing activities           (79.6)   (86.8)     7.2
    Free Cash flow generated                          89.1    149.9    (60.8)
    Cash flow used in financing activities          (123.3)   (89.9)   (33.4)
    Change in cash and cash equivalents              (34.2)    60.0    (94.2)
 
    Cash and cash equivalents, beginning of period   400.3    340.3     60.0
    Cash and cash equivalents, end of period         366.1    400.3    (34.2)


Free cash flow generated for the Fiscal Year was € 89.1 million compared to € 149.9 million in the prior-year.

Cash generated by operating activities for the Fiscal Year totaled € 168.7 million compared to € 236.7 million generated in the prior fiscal year. This decrease resulted from increased working capital requirements and the prior year's significant property sale. Changes in working capital were driven by the payment of € 25.4 million of royalties this Fiscal Year, whereas the corresponding amount in the prior-year was deferred into long-term subordinated debt.

Cash used in investing activities for the Fiscal Year totaled € 79.6 million, compared to € 86.8 million in the prior fiscal year. This decrease mainly reflects investment related to Toy Story Playland in the prior-year.

Cash used in financing activities for the Fiscal Year totaled € 123.3 million, compared to € 89.9 million used in the prior fiscal year. This increase mainly reflects the scheduled repayment of bank borrowings made by the Group during the Fiscal Year.

The Group has defined annual performance objectives under its debt agreements[3]. In the Fiscal Year, the Group did not meet its performance objectives and must defer the following amounts incurred in the Fiscal Year into long-term subordinated debt[4]:

  • € 25.0 million of the Fiscal Year royalties and management fees due to The Walt Disney Company ("TWDC"), and
  • € 15.1 million of interest due to the Caisse des dépôts et consignations ("CDC").

The Group is also required to defer an additional € 5.1 million of interest that will be incurred, and otherwise payable to the CDC during the first quarter of fiscal year 2012.

As a result of utilizing the entire € 45.2 million of deferrals available to the Group with respect to the Fiscal Year, the Group's recurring annual investment budget for fiscal year 2012 and thereafter will be permitted up to 3% of the prior fiscal year's adjusted consolidated revenues[5], unless the Group obtains lenders agreement to increase the budget. For fiscal year 2012, if no agreement is reached, the Group's recurring annual investment budget will be reduced by approximately € 28 million, compared to the € 68 million incurred in the Fiscal Year.

The Group must also respect certain financial covenants under its debt agreements. The Group believes it has achieved compliance with such covenants with the assistance of TWDC's agreement, as permitted under the debt agreements, to defer a further € 8.9 million of 2011 royalties into long-term subordinated debt.

The foregoing deferrals and the Group's compliance with its financial covenant requirements are subject to final review by an independent expert in December, as provided in the debt agreements.

 

[3] For further detailed information, refer to the Group's 2010 reference document that was registered with the Autorité des marchés financiers ("AMF") on January 28, 2011 under the number D.11-0041 and that is available on the Company's website (http://corporate.disneylandparis.com) and the AMF website (http://www.amf-france.org).

[4] An amount of € 5.1 million of interest incurred in the first quarter of the Fiscal Year was deferred related to the Group's fiscal year 2010 performance objectives.

[5] Adjusted consolidated revenues correspond to consolidated revenues under IFRS, excluding participant sponsorships and after removing the effect of certain differences between IFRS and French accounting principles.


For fiscal year 2012, if compliance with financial performance covenants cannot be achieved, the Group will have to appropriately reduce operating costs, curtail a portion of planned capital expenditures, sell assets and/or seek assistance from TWDC or other parties as permitted under the debt agreements. Although no assurances can be given, management believes the Group has adequate cash and liquidity for the foreseeable future based on existing cash position, liquidity from the € 100.0 million line of credit available from TWDC and the benefit of additional conditional deferrals.

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.

Scheduled Debt repayments

The Group plans to repay € 152.9 million of its borrowings in fiscal year 2012, consistent with the scheduled maturities.

Results Webcast: November 9, 2011 at 11:00 CET

To connect to the webcast and consult the analysts presentations of the fiscal year 2011 results: http://corporate.disneylandparis.com/investor-relations/publications/index.xhtml

Additional financial information can be found on the Internet at: http://corporate.disneylandparis.com

Code ISIN:        FR0010540740

Code Reuters:     EDLP.PA

Code Bloomberg:   EDL:FP

The Group operates Disneyland® Paris, which includes: Disneyland® Park, Walt Disney Studios® 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 Village®, a dining, shopping and entertainment center, and a 27-hole golf course. The Group's operating activities also include the development of the 2,230 hectare site, half of which is yet to be developed. Euro Disney S.C.A.'s shares are listed and traded on Euronext Paris.

EURO DISNEY S.C.A.

Fiscal Year 2011 Results Announcement

CONSOLIDATED STATEMENTS OF INCOME

                                         Fiscal Year            Variance
    (EUR in millions, unaudited)     2011           2010  Amount        %
    Revenues                      1,297.7        1,275.0    22.7        1.8%
    Costs and Expenses           (1,286.2)      (1,240.9)  (45.3)       3.7%
    Operating margin                 11.5           34.1   (22.6)     (66.3)%
    Net Financial Charges           (75.7)         (79.1)    3.4       (4.3)%
    Gain / (loss) from equity 
    investments                       0.3           (0.2)    0.5        n/m
    Loss before taxes               (63.9)         (45.2)  (18.7)      41.4%
    Income taxes                        -              -       -        n/a
    Net loss                        (63.9)         (45.2)  (18.7)      41.4%
    Net loss attributable to:
    Equity holders of the parent    (55.6)         (39.9)  (15.7)      39.3%
    Minority interests               (8.3)          (5.3)   (3.0)      56.6%


n/m: not meaningful.

n/a: not applicable.

EURO DISNEY S.C.A.

Fiscal Year 2011 Results Announcement

CONSOLIDATED SEGMENT STATEMENTS OF INCOME

Resort operating segment

                                        Fiscal Year              Variance
    (EUR in millions, unaudited)       2011        2010  Amount        %
    Revenues                       1,275.2     1,215.2    60.0        4.9%
    Costs and Expenses            (1,274.0)   (1,207.6)  (66.4)       5.5%
    Operating margin                   1.2         7.6    (6.4)     (84.2)%
    Net Financial Charges            (75.5)      (79.1)    3.6       (4.6)%
    Loss from equity investments       0.3           -     0.3        n/a
    Loss before taxes                (74.0)      (71.5)   (2.5)       3.5%
    Income taxes                         -           -       -        n/a
    Net loss                         (74.0)      (71.5)   (2.5)       3.5%


n/a: not applicable.

Real estate development operating segment

                                       Fiscal Year             Variance
    (EUR in millions, unaudited)      2011          2010  Amount        %
    Revenues                          22.5          59.8  (37.3)    (62.4)%
    Costs and Expenses               (12.2)        (33.3)  21.1     (63.4)%
    Operating margin                  10.3          26.5  (16.2)    (61.1)%
    Net Financial Charges             (0.2)            -   (0.2)      n/a
    Loss from equity investments         -          (0.2)   0.2       n/m
    Loss before taxes                 10.1          26.3  (16.2)    (61.6)%
    Income taxes                         -             -      -       n/a
    Net profit                        10.1          26.3  (16.2)    (61.6)%


n/a: not applicable.

n/m: not meaningful.

EURO DISNEY S.C.A.

Fiscal Year 2011 Results Announcement

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

                                                   September 30,
    (EUR in millions, unaudited)                2011                   2010
 
    Non-current assets
    Property, plant and equipment, net       1,880.3                1,974.4
    Investment property                         14.2                   14.8
    Intangible assets                           40.1                   48.1
    Restricted cash                             79.7                   74.6
    Other                                       13.6                   12.6
                                             2,027.9                2,124.5
 
    Current assets
    Inventories                                 38.0                   29.2
    Trade and other receivables                120.9                  116.3
    Cash and cash equivalents                  366.1                  400.3
    Other                                       17.4                   15.5
                                               542.4                  561.3
    Total assets                             2,570.3                2,685.8
 
    Shareholders' equity
    Share capital                               39.0                   39.0
    Share premium                            1,627.3                1,627.3
    Accumulated deficit                     (1,574.0)              (1,518.4)
    Other                                       (2.7)                  (6.6)
    Total shareholders' equity                  89.6                  141.3
 
    Minority interests                          86.6                   94.0
    Total equity                               176.2                  235.3
 
    Non-current liabilities
    Borrowings                               1,723.8                1,811.7
    Deferred income                             16.1                   10.6
    Provisions                                  21.4                   17.7
    Other                                       70.5                   72.4
                                             1,831.8                1,912.4
 
    Current liabilities
    Trade and other payables                   311.9                  317.9
    Borrowings                                 152.9                  123.4
    Deferred income                             95.8                   93.2
    Other                                        1.7                    3.6
                                               562.3                  538.1
 
    Total liabilities                        2,394.1                2,450.5
    Total equity and liabilities             2,570.3                2,685.8


EURO DISNEY S.C.A.

Fiscal Year 2011 Results Announcement

CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                               Fiscal Year
    (EUR in millions, unaudited)                            2011        2010
 
    Net Loss                                               (63.9)      (45.2)
 
    Items not requiring cash outlays or 
    with no impact on working capital:
    Depreciation and amortization                          173.0       167.4
    Net book value of investment property sold               0.7        24.9
    Increase in valuation and reserve allowances             6.7         1.4
    Other                                                    2.9         5.3
 
    Net changes in working capital account balances
    Changes in receivables, deferred 
    income and other assets                                 (5.0)       (4.2)
    Changes in inventories                                  (8.8)        6.0
    Changes in payables and other liabilities               63.1        81.1
    Cash flow generated by operating activities            168.7       236.7
 
    Capital expenditures for tangible 
    and intangible assets                                  (77.0)      (86.5)
    Increase in equity investments                          (2.6)       (0.3)
    Cash flow used in investing activities                 (79.6)      (86.8)
 
    Net sales / (purchases) of treasury shares              (0.2)          -
    Repayments of borrowings                              (123.1)      (89.9)
    Cash flow used in financing activities                (123.3)      (89.9)
 
    Change in cash and cash equivalents                    (34.2)       60.0
    Cash and cash equivalents, beginning of period         400.3       340.3
    Cash and cash equivalents, end of period               366.1       400.3


SUPPLEMENTAL CASH FLOW INFORMATION

                                                                 Fiscal Year
    (EUR in millions, unaudited)                               2011      2010
    Supplemental cash flow information:
    Interest paid                                              45.3      48.5
 
    Non-cash financing and investing transactions:
    Deferral into borrowings of accrued 
    interest under TWDC and CDC subordinated
    loans                                                      29.3      27.8
    Deferral into borrowings of royalties and management fees  33.9      25.0


EURO DISNEY S.C.A.

Fiscal Year 2011 Results Announcement

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

                         
                                    
    (EUR in millions,    September 30,  Net Loss for the        September 30,
    unaudited)               2010       Fiscal Year 2011  Other      2011
 
    Shareholders' equity
    Share capital              39.0            -      -               39.0
    Share premium           1,627.3            -      -            1,627.3
    Accumulated deficit    (1,518.4)       (55.6)     -           (1,574.0)
    Other                      (6.6)           -     3.9              (2.7)
    Total shareholders' 
    equity                    141.3        (55.6)    3.9              89.6
 
    Minority interests         94.0         (8.3)    0.9              86.6
 
    Total equity              235.3        (63.9)    4.8             176.2



STATEMENT OF CHANGES IN BORROWINGS
    
                                                            Fiscal Year 2011
    (EUR in millions, unaudited)  September 30, 2010  Increase      Decrease
 
    CDC senior loans                           237.0         -             -
    CDC subordinated loans                     798.1      24.6 (1)         -
    Credit Facility - Phase IA                  34.7       0.7 (2)         -
    Credit Facility - Phase IB                  49.5       0.4 (2)         -
    Partner Advances - Phase IA                272.8         -             -
    Partner Advances - Phase IB                 85.9       0.1 (2)         -
    TWDC Loans                                 333.7      38.6 (3)         -
    Financial Lease                                -       0.2             -
    Non-current borrowings                   1,811.7      64.6             -
 
    CDC senior loans                             1.9         -          (2.0)
    CDC subordinated loans                       2.1         -          (2.0)
    Credit Facility - Phase IA                  63.1         -         (63.1)
    Credit Facility - Phase IB                  20.2         -         (20.2)
    Partner Advances - Phase IA                 32.1         -         (32.1)
    Partner Advances - Phase IB                  4.0         -          (3.7)
    Financial Lease                                -       0.1             -
    Current borrowings                         123.4       0.1        (123.1)
 
    Total borrowings                         1,935.1      64.7        (123.1)

(table continued)
                                                               EXHIBIT 6
    
                                          
    (EUR in millions, unaudited)        Transfers (4)  September 30, 2011
 
    CDC senior loans                           (2.2)              234.8
    CDC subordinated loans                     (2.3)              820.4
    Credit Facility - Phase IA                (35.4)                  -
    Credit Facility - Phase IB                (20.2)               29.7
    Partner Advances - Phase IA               (81.8)              191.0
    Partner Advances - Phase IB               (10.6)               75.4
    TWDC Loans                                    -               372.3
    Financial Lease                               -                 0.2
    Non-current borrowings                   (152.5)            1,723.8
 
    CDC senior loans                            2.2                 2.1
    CDC subordinated loans                      2.3                 2.4
    Credit Facility - Phase IA                 35.4                35.4
    Credit Facility - Phase IB                 20.2                20.2
    Partner Advances - Phase IA                81.8                81.8
    Partner Advances - Phase IB                10.6                10.9
    Financial Lease                               -                 0.1
    Current borrowings                        152.5               152.9
 
    Total borrowings                              -             1,876.7



  1. Increase related to the contractual deferral of interests on certain CDC subordinated loans, of which € 15.1 million is related to the conditional deferral mechanism for the Fiscal Year, and € 5.1 million is related to the conditional deferral mechanism for fiscal year 2010.
  2. Effective interest rate adjustment. As part of the 2005 financial restructuring, these loans were significantly modified. In accordance with IAS 39, the carrying value of this debt was replaced by the fair value after modification. The effective interest rate adjustment has been calculated reflecting an estimated market interest rate at the time of the modification that was higher than the nominal rate.
  3. Increase related to the deferral of € 33.9 million of royalties and management fees of the Fiscal Year and the contractual deferral of interest on TWDC loans.
  4. Transfers from non-current borrowings to current borrowings, based on the scheduled repayments over the next twelve months.

EURO DISNEY S.C.A.

Fiscal Year 2011 Results Announcement

DEFINITIONS

EBITDA corresponds to earnings before interest, taxes, depreciation and amortization. EBITDA is not a measure of financial performance defined under IFRS, and should not be viewed as a substitute for operating margin, net profit / (loss) or operating cash flows in evaluating the Group's financial results. However, management believes that EBITDA is a useful tool for evaluating the Group's performance.

Free cash flow is cash generated by operating activities less cash used in investing activities. Free cash flow is not a measure of financial performance defined under IFRS, and should not be viewed as a substitute for operating margin, net profit / (loss) or operating cash flows in evaluating the Group's financial results. However, management believes that free cash flow is a useful tool for evaluating the Group's performance.

Theme Parks attendance corresponds to the attendance recorded on a "first click" basis, meaning that a person visiting both parks in a single day is counted as only one visitor.

Average spending per guest is the average daily admission price and spending on food, beverage, merchandise and other services sold in the parks, excluding value added tax.

Hotel occupancy rate is the average daily rooms occupied as a percentage of total room inventory (total room inventory is approximately 5,800 rooms).

Average spending per room is the average daily room price and spending on food, beverage, merchandise and other services sold in hotels, excluding value added tax.

 

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.



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