MK2
01-24-2008, 15:28
MARNE-LA-VALLEE, France, January 24 /PRNewswire-FirstCall/ --
Euro Disney S.C.A.
Fiscal Year 2008
First Quarter Announcement
- First Quarter Revenues Increased 20% to EUR 341 Million
- Resort Revenues Increased 14% to EUR 316 Million, Driven by Theme Parks Attendance, Guest Spending and Hotel Occupancy
- Real Estate Development Revenues Increased EUR 18 Million
Euro Disney S.C.A. (the "Company"), parent company of Euro Disney Associes S.C.A., operator of Disneyland® Resort Paris, reported today revenues for its consolidated group (the "Group") for the first quarter of fiscal year 2008 which ended December 31, 2007 (the "First Quarter").
Revenues for the First Quarter increased 20% to EUR 340.5 million, reflecting increases in theme parks, hotels and real estate revenues.
Theme parks revenues increased 14% to EUR 175.1 million, driven by growth in attendance and average spending per guest.
Hotels and Disney® Village revenues increased 17% to EUR 126.7 million, reflecting increases in average spending per room and hotel occupancy.
Real estate revenues increased EUR 18.4 million to EUR 24.4 million, primarily resulting from EUR 12.5 million of revenue related to the sale of a property in Val d'Europe which had been subject to a long-term ground lease.
Commenting on the results, Karl L. Holz, Chairman and Chief Executive Officer of Euro Disney S.A.S., said:
"We are pleased with our first quarter results, with the growth in revenues reflecting increases in all our key business drivers. These revenue results show that our strategies, coupled with our team's solid execution, are delivering and we remain focused on driving the business towards profitability. Our 15th anniversary celebration, marked by the opening of the Crush's Coaster and Cars Race Rally attractions as well as the new Disney's Once Upon a Dream Parade, has created another level of emotional connections with our guests. In fiscal year 2008, the Celebration Continues, Big Time with the April grand opening of The Twilight Zone Tower of Terror(TM)(i) in the Walt Disney Studios® Park. This iconic Disney attraction will add to the high-quality experiences we offer visitors to our Resort - the place where dreams come true."
Resort operating segment revenues increased 14% to EUR 316.1 million from EUR 278.1 million in the prior-year quarter.
Theme parks revenues increased 14% to EUR 175.1 million from EUR 153.6 million in the prior-year quarter, reflecting a 10% increase in attendance and a 3% increase in average spending per guest. The increase in theme parks attendance primarily reflects growth in the Spanish, Dutch and British markets. The increase in average spending per guest primarily reflects growth from admissions and food and beverage.
Hotels and Disney Village revenues increased 17% to EUR 126.7 million from EUR 108.7 million in the prior-year quarter, reflecting an 11% increase in average spending per room and a 6.8 percentage point increase in hotel occupancy. The increase in average spending per room reflects increases in daily room rates at certain of our hotels. The increase in hotel occupancy resulted from an incremental 36,000 room nights compared to the prior-year quarter, primarily driven by more guests visiting from Spain and the United Kingdom.
Other revenues, which primarily include participant sponsorships, transportation and other travel services sold to guests, decreased EUR 1.5 million to EUR 14.3 million.
Real estate development operating segment revenues increased EUR 18.4 million from the prior-year quarter, primarily resulting from EUR 12.5 million of revenue related to the sale of a property in Val d'Europe which had been subject to a long-term ground lease. This sale therefore resulted in higher real estate costs.
Update on Recent and Upcoming Events
On April 1, 2007, the Group launched the celebration of the 15th anniversary of Disneyland® Resort Paris. In June, the Group opened two new attractions at the Walt Disney Studios® Park, Crush's Coaster and Cars Race Rally, inspired by the Disney/Pixar hit animated films Finding Nemo and Cars, respectively. The celebration continues in fiscal year 2008 with the addition of The Twilight Zone Tower of Terror(TM)(i), which opens in April and has been very popular in the U.S. Disney parks and Stitch Live, a new interactive experience. These attractions are designed to add to the appeal and capacity of Disneyland Resort Paris, further enhancing the guest experience to drive revenue growth. On November 8, 2007, the Company announced the implementation of a 100 to 1 consolidation of shares, commonly referred to as a reverse stock split, as authorized by the Company's shareholders. Effective consolidation took place on December 3, 2007 and currently 96% of the Company's shares have been consolidated.
Euro Disney S.C.A.
Fiscal Year 2008
First Quarter Announcement
- First Quarter Revenues Increased 20% to EUR 341 Million
- Resort Revenues Increased 14% to EUR 316 Million, Driven by Theme Parks Attendance, Guest Spending and Hotel Occupancy
- Real Estate Development Revenues Increased EUR 18 Million
Euro Disney S.C.A. (the "Company"), parent company of Euro Disney Associes S.C.A., operator of Disneyland® Resort Paris, reported today revenues for its consolidated group (the "Group") for the first quarter of fiscal year 2008 which ended December 31, 2007 (the "First Quarter").
Revenues for the First Quarter increased 20% to EUR 340.5 million, reflecting increases in theme parks, hotels and real estate revenues.
Theme parks revenues increased 14% to EUR 175.1 million, driven by growth in attendance and average spending per guest.
Hotels and Disney® Village revenues increased 17% to EUR 126.7 million, reflecting increases in average spending per room and hotel occupancy.
Real estate revenues increased EUR 18.4 million to EUR 24.4 million, primarily resulting from EUR 12.5 million of revenue related to the sale of a property in Val d'Europe which had been subject to a long-term ground lease.
Commenting on the results, Karl L. Holz, Chairman and Chief Executive Officer of Euro Disney S.A.S., said:
"We are pleased with our first quarter results, with the growth in revenues reflecting increases in all our key business drivers. These revenue results show that our strategies, coupled with our team's solid execution, are delivering and we remain focused on driving the business towards profitability. Our 15th anniversary celebration, marked by the opening of the Crush's Coaster and Cars Race Rally attractions as well as the new Disney's Once Upon a Dream Parade, has created another level of emotional connections with our guests. In fiscal year 2008, the Celebration Continues, Big Time with the April grand opening of The Twilight Zone Tower of Terror(TM)(i) in the Walt Disney Studios® Park. This iconic Disney attraction will add to the high-quality experiences we offer visitors to our Resort - the place where dreams come true."
Resort operating segment revenues increased 14% to EUR 316.1 million from EUR 278.1 million in the prior-year quarter.
Theme parks revenues increased 14% to EUR 175.1 million from EUR 153.6 million in the prior-year quarter, reflecting a 10% increase in attendance and a 3% increase in average spending per guest. The increase in theme parks attendance primarily reflects growth in the Spanish, Dutch and British markets. The increase in average spending per guest primarily reflects growth from admissions and food and beverage.
Hotels and Disney Village revenues increased 17% to EUR 126.7 million from EUR 108.7 million in the prior-year quarter, reflecting an 11% increase in average spending per room and a 6.8 percentage point increase in hotel occupancy. The increase in average spending per room reflects increases in daily room rates at certain of our hotels. The increase in hotel occupancy resulted from an incremental 36,000 room nights compared to the prior-year quarter, primarily driven by more guests visiting from Spain and the United Kingdom.
Other revenues, which primarily include participant sponsorships, transportation and other travel services sold to guests, decreased EUR 1.5 million to EUR 14.3 million.
Real estate development operating segment revenues increased EUR 18.4 million from the prior-year quarter, primarily resulting from EUR 12.5 million of revenue related to the sale of a property in Val d'Europe which had been subject to a long-term ground lease. This sale therefore resulted in higher real estate costs.
Update on Recent and Upcoming Events
On April 1, 2007, the Group launched the celebration of the 15th anniversary of Disneyland® Resort Paris. In June, the Group opened two new attractions at the Walt Disney Studios® Park, Crush's Coaster and Cars Race Rally, inspired by the Disney/Pixar hit animated films Finding Nemo and Cars, respectively. The celebration continues in fiscal year 2008 with the addition of The Twilight Zone Tower of Terror(TM)(i), which opens in April and has been very popular in the U.S. Disney parks and Stitch Live, a new interactive experience. These attractions are designed to add to the appeal and capacity of Disneyland Resort Paris, further enhancing the guest experience to drive revenue growth. On November 8, 2007, the Company announced the implementation of a 100 to 1 consolidation of shares, commonly referred to as a reverse stock split, as authorized by the Company's shareholders. Effective consolidation took place on December 3, 2007 and currently 96% of the Company's shares have been consolidated.