EURO DISNEY S.C.A.
Announces Net Profit in Fiscal Year 2008
- Net profit of € 2 million for the Group in Fiscal Year 2008 - Third consecutive year of growth in revenues
- EBITDA1 increased 21% to € 249 million
- Cash and cash equivalents at € 374 million
- Records in attendance of 15.3 million and hotel occupancy of 91%
(Marne-la-Vallée, October 21, 2008) Euro Disney S.C.A. (the "Company"), parent company of Euro Disney Associés S.C.A. ("EDA"), operator of Disneyland® Resort Paris, reported today the results for its consolidated group (the "Group"), for the fiscal year 2008 which ended September 30, 2008 (the "Fiscal Year").
Commenting on the results, Philippe Gas, Chief Executive Officer of Euro Disney S.A.S, said:
"We reached an important milestone in 2008 by achieving profitability. Our revenues, theme parks attendance and hotel occupancy contributed to our performance which is noteworthy given the economic environment.
The popularity of Disneyland Resort Paris, Europe's number one tourist destination, continued to grow as guests discovered our new attractions including the iconic Twilight Zone Tower of TerrorTM, Cars Race Rally, Crush's Coaster, the interactive experience Stitch Live! and the High School Musical shows inspired by the popular Disney franchise.
We are convinced that our development strategy, together with the commitment of our cast members and the strength of the Disney brand, position us well for long-term growth."
Resort operating segment revenues increased by more than 7% to € 1,289.5 million from € 1,201.0 million in the prior-year period.
Theme parks revenues increased 9% to € 715.8 million from € 658.6 million in the prior-year period, primarily reflecting a 0.8 million increase in attendance to 15.3 million guests and a 3% increase in average spending per guest to € 46.3. The increase in theme parks attendance was driven by higher guest visitation from France, the Netherlands and United Kingdom. The increase in average spending per guest reflects growth from admissions and food and beverage.
Hotels and Disney Village revenues increased 7% to € 515.6 million from € 483.0 million in the prior-year period, reflecting a 7% increase in average spending per room to € 211.4 and a 1.6 percentage point increase in hotel
occupancy from 89.3% to 90.9%. The increase in average spending per room principally reflects increases in daily room rates and fewer promotional offers. The increase in hotel occupancy resulted from an incremental 37,000 room nights compared to the prior-year period, which can be attributed to more leisure guests from the United Kingdom and Spain, partially offset by less rooms sold to leisure and business groups as a result of lower availability.
Other revenues, which include participant sponsorships, transportation and other travel services sold to guests, decreased € 1.3 million to € 58.1 million.
UPDATE ON RECENT AND UPCOMING EVENTS
As the "Celebration Continues…Big Time" in 2008, Disneyland® Resort Paris welcomed on August 12th its 200 millionth guest since the opening in 1992. This guest belonged to a family from Provence that was visiting the Resort for the 5th time.
Philippe Gas stepped into his role as CEO of Euro Disney S.A.S., the Gérant of the Company and EDA on September 1, 2008, replacing Karl Holz. Philippe Gas was a member of the opening team in 1992 and is a 17-year Disney veteran.
From October 4 through November 2, 2008, Disneyland® Park transforms itself, with the help of Mickey and the Disney villains, for the annual Halloween celebration. Then on November 8, 2008 through January 6, 2009, the Resort takes on its holiday decorations, music and special entertainment for the very popular Christmas season.
In line with our ongoing development strategy, in the Walt Disney Studios® Park, Playhouse Disney – Live on Stage!, will provide the opportunity for our younger guests to join friends from the Disney Channel in an immersive entertainment experience, for the launch of the summer season. The park will also debut Disney's Stars 'n Cars, a new Hollywood-style show starring characters from Toy Story, Snow White, Monsters Inc., Mulan, The Little Mermaid, and more.
Source: EDL s.c.a. Press release