EURO DISNEY S.C.A. * Theme Parks Drive Revenue Growth for the Nine Months Ended June 30, 2005
(Marne-la-Vallée, July 21, 2005) Euro Disney S.C.A., parent company of Euro
Disney Associés S.C.A., operator of Disneyland Resort Paris, announced today
that total consolidated revenues grew 3% over the prior year for the nine
months ended June 30, 2005, reflecting theme park revenue growth of 4%,
partially offset by the effect of reduced revenues at the hotels. Overall,
resort segment revenues grew 2% for the first nine months over the
corresponding period of the prior year.
Revenues for the Nine Months Ended June 30, 2005 Total revenues increased 3% for the nine months ended June 30, 2005 to a record
Euro 755.4 million compared to Euro 736.1 million for the corresponding period of the
prior year.
(Unaudited) Nine Months Ending Variation
June 30,
(Euro in millions) 2005 2004 (1) Amount %
Segment Revenues
Theme Parks 382.2 366.1 16.1 4 %
Hotels and Disney Village 281.8 290.7 (8.9) (3) %
Other 76.7 72.5 4.2 6 %
Resort Segment 740.7 729.3 11.4 2 %
Real Estate Segment 14.7 6.8 7.9 116 %
Total Revenues 755.4 736.1 19.3 3 %(1) Certain reclassifications have been made to the June 30, 2004 comparative
amounts in order to conform to the June 30, 2005 presentation.
Theme park revenues increased 4% over the prior year to reach Euro 382.2 million
for the nine months ended June 30, 2005. The increase was primarily a result of
higher average spending per guest, partially offset by slightly lower theme
park attendance.
Average theme park guest spending was favourably impacted by modest changes in
admissions pricing, including a change in the allocation of total vacation
package pricing from hotel rooms to theme park admissions. Additionally,
merchandise and food and beverage spending increased, due to improved capture
rates reflecting changes in product and service offerings.
Hotels and Disney Village revenues decreased 3% for the nine months ended June
30, 2005 to Euro 281.8 million, reflecting a 5% decrease in average daily guest
spending per room, which reflects lower average daily room rates including the
impact of a change in the allocation of total vacation package pricing from
hotel rooms to theme park admissions, and an unfavourable comparison with
strong prior year convention activities.
Revenues generated by the Real Estate Segment were Euro 14.7 million, reflecting
an increase versus the prior year of Euro 7.9 million, in line with our land
development expectations.
Revenues for the Three Months Ended June 30, 2005 For the third quarter ended June 30, 2005, total revenues decreased 1% to Euro
261.3 million from a prior-year amount of Euro 265.1 million. Resort Segment
revenues decreased 3% to Euro 256.3 million compared to Euro 262.9 million in the
prior year. Although third quarter theme park revenues increased slightly
reflecting higher average guest spending, our attendance, hotel occupancy and
average daily guest spending per room were below prior-year levels. As
previously indicated with the Company's First Half results, the third quarter
of fiscal year 2005 was adversely affected versus the prior year by the shift
of the Easter season and vacation calendar into the second quarter.
Revenues for the Real Estate Segment increased Euro 2.9 million during the quarter
to Euro 5.0 million.
Based on the third quarter revenue performance, the Company still expects to
grow revenue for the full fiscal year, but below previous expectations,
resulting in a relatively stable EBITDA (earnings before interest, income
taxes, depreciation, amortisation, minority interest and exceptional items)1,
compared to the prior year.
****************************************** Karl L. Holz, Chairman and Chief Executive Officer of Euro Disney S.A.S., said: "I am pleased with our record revenues for the nine months, particularly in
light of a challenging third quarter. Our focus continues to centre on driving
greater growth in the long term through the implementation of our multi-year
expansion program. Space Mountain: Mission 2 and our thrilling nighttime
spectacular `Wishes' are only the first steps in this multi-year plan for the
Resort. We continue to draw upon Disney's 50 years of experience and leadership
in theme park and resort entertainment to maintain our position as Europe's top
vacation destination." Corporate Communication Investor Relations Pieter Boterman Fiona Lord-Duarte Tel: +331 64 74 59 50 Tel: +331 64 74 58 55 Fax: +331 64 74 59 69 Fax: +331 64 74 56 36 e-mail: pieter.boterman@disney.com e-mail: fiona.lord.duarte@disney.com Code ISIN: FR0000125874 Code Reuters: EDL.PA Sicovam: 12 587 Code Bloomberg: EDL FP Euro Disney S.C.A. and its subsidiaries operate the Disneyland Resort Paris
which includes: Disneyland Park, Walt Disney Studios Park, seven themed hotels
with approximately 5,800 rooms (excluding 2,074 additional third-party rooms
located on the site), two convention centres, Disney Village, a dining,
shopping and entertainment centre, and a 27-hole golf facility. The Group's
operating activities also include the management and development of the
2,000-hectare site, which currently includes approximately 1,000 hectares of
undeveloped land. Euro Disney S.C.A.'s shares trade in Paris (SRD), London and
Brussels.
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 Company, as well as from developments beyond the Company's
control, including changes in political or economic conditions. Other factors
that may affect results are identified in the Company's documents filed with
the U.S. Securities and Exchange Commission.
1 Management regards EBITDA, as defined, as a useful tool in the evaluation of
financial performance; however, it is not a measure of financial performance
defined under French generally accepted accounting principles, and should not
be viewed as a substitute for income (loss) before financial charges, net
income or cash flows in evaluating the Company's consolidated financial
results.
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