MARNE-LA-VALLÉE, France (February 7, 2012) /PRNewswire-FirstCall/ — Euro Disney S.C.A. (the “Company”), parent company of Euro Disney Associes S.C.A., operator of Disneyland(R) Paris, reported today revenues for its consolidated group (the “Group”) for the first quarter of the fiscal year 2012 which ended December 31, 2011 (the “First Quarter”):
Resort operating segment revenues increased 4% to EUR 318.6 million from EUR 305.6 million in the prior-year period.
Theme parks revenues increased 7% to EUR 180.2 million from EUR 168.9 million in the prior-year period, primarily due to a 5% increase in attendance and a 1% increase in average spending per guest. The increase in attendance resulted from a higher number of guests visiting from France, partly offset by fewer guests visiting from the Netherlands. The increase in average spending per guest was due to higher spending on merchandise and food and beverage.
Hotels and Disney Village(R) revenues increased 1% to EUR 128.2 million from EUR 126.8 million in the prior-year period due to a 2% increase in average spending per room, partly offset by a 1.1 percentage point decrease in hotel occupancy. The increase in average spending per room resulted from higher daily room rates, partly offset by lower spending on food and beverage and merchandise. The decrease in hotel occupancy resulted from 6,000 fewer room nights sold, including fewer guests visiting from the Netherlands and the United Kingdom, partly offset by more French guests staying overnight.
Real estate development operating segment revenues decreased by EUR 9.4 million to EUR 0.3 million, compared to EUR 9.7 million in the prior-year period. This decrease is due to four transactions closed in the prior-year period while no transaction closed in the First Quarter.
During the First Quarter, costs and expenses increased compared to the prior-year period driven by labor rate inflation partially offset by lower costs associated with real estate development activity.
Commenting on the results, Philippe Gas, Chief Executive Officer of Euro Disney S.A.S., said: “The improved attendance and guest spending are encouraging, especially in light of the challenging economic environment. Total revenues were up 1% compared to the prior-year period which included several real estate transactions.
“In April we look forward to launching our twentieth anniversary celebrations with brand new experiences for our guests, including the Disney Dreams(R)! night-time show, an innovative light and color spectacular. It will also be an opportunity to celebrate a two-decade journey with our cast members, our guests as well as our key public and private partners who have helped Disneyland Paris become Europe’s number one tourist destination.”
RECENT AND UPCOMING EVENTS
Appointment of a New Chief Financial Officer
On November 22, 2011, the Company announced the appointment of Mark Stead as Chief Financial Officer of Euro Disney S.A.S., the Company’s Gerant, in replacement of Greg Richart. Please refer to the press release issued on November 22, 2011 for more details.
Lender’s Approval to Increase Resort Investments and Additional Standby Revolving Credit Facility from The Walt Disney Company (“TWDC”)
On January 6, 2012, the Group obtained lenders’ agreement to increase the recurring annual investment budget for fiscal year 2012 up to EUR 100 million and to launch a multi-year expansion of the Walt Disney Studios(R) Park, which includes a new attraction. In connection with lenders’ approval, the Group obtained an additional standby revolving credit facility of EUR 150 million from TWDC, which expires on September 30, 2018.
Disneyland(R) Paris’ 20th Anniversary Celebrations
In April 2012, Disneyland(R) Paris will launch the celebrations of its 20th Anniversary. A number of brand new experiences await guests, including Disney Dreams(R)!, a night-time show with classic Disney storytelling and the latest technical special effects. There will also be new opportunities to meet Disney characters, including Disney Magic on Parade! and Disney’s 20th Anniversary Celebration Train.
The Group operates Disneyland(R) 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 Village(R), 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.
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