EURO DISNEY S.C.A.
Fiscal Year 2009
Third Quarter Announcement
Nine Months Ended June 30, 2009
• Nine-month year-to-date revenues decreased 7% to € 867 million, reflecting a decline in guest spending, in real estate revenues and in hotel occupancy
• Third quarter revenues decreased 7% to € 308 million, reflecting declines in guest spending and hotel occupancy
Commenting on the results, Philippe Gas, Chief Executive Officer of Euro Disney S.A.S, said:
"Consistent with the broader tourism industry in Europe, our revenues have been impacted by the challenging economic environment and consumer spending behavior. At the onset of the economic down turn, we implemented promotional offers to which our proximity markets in particular have responded. This decision has succeeded in driving attendance to Disneyland Paris, confirming the strong affinity for quality Disney entertainment, while at the same time impacting guest spending and margins.
We are closely managing our costs and have curtailed certain capital spending in this current environment. However, in line with our long-term growth strategy we continue to invest in the resort and are developing new attractions to open next year."
UPDATE ON RECENT AND UPCOMING EVENTS
On May 22, 2009, the Company announced the nomination of Greg Richart to assume the responsibilities of Ignace Lahoud as Chief Financial Officer of Euro Disney S.A.S. For further information, please refer to the press release published on May 22, 2009 and available on the Company's website.
The Group was involved in litigation with a counter party, seeking the refund of certain tax expenses made as from calendar year 2001 related to the Group's hotels. In July, the Group settled this matter and recognized € 7.1 million as a reduction of Costs and expenses during the fourth quarter. For further information on this matter, please refer to the Group's reference document registered with the Autorité des marchés financiers ("AMF") on December 18, 2008 under the number D.08-0795 and available on the Company's website.
In the coming months, the Company will be sharing details of new attractions that have begun construction and will be opened next year.
Source: EDL s.c.a. Press Release