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Disneyland Paris
Topic: Euro Disney SCA Financial Report 2012

#AuthorMessage
1
dagobert
Thu 11/8/2012 12:18a
Despite record attendance, ED SCA made another net loss in 2012.

>>>EURO DISNEY S.C.A.
Reports Fiscal Year 2012 Results

• Total revenues up 2% to € 1.3 billion, reflecting record 16 million attendance and higher guest spending

• EBITDA decreased by € 7 million to € 177 million, primarily due to lower real estate activity

• 20th Anniversary celebration contributed to a second semester 5% increase in revenues and 10% increase in
EBITDA

• Net loss increased by € 36 million mainly due to a € 32 million non-recurring impact of the refinancing of the Group’s debt

• The successful debt refinancing decreases the cost of debt and brings additional investment flexibility to
grow the business<<<

http://corporate.disneylandpar...2012.pdf
2
dagobert
Thu 11/8/2012 2:56a
Interesting news from Magicforum member Trekkie101:

>>>From the conference call:

3 new hotels in design phase.
- New luxury hotel at the parks,
- First phase 2016/2017 2 mid value (Santa Fe, Cheyenne style), will use Disney theme and story rather than geography as is current.

- Hotels 800/1000 rooms.

- 20th bigger than 15th in terms of response.

- Same investment into 2013, slight increase on 2012 in parks.

- WDS investment to 2018/2019, to make it more like Disneyland Parc in terms of attract-ability.<<<
3
leemac
Thu 11/8/2012 7:06a
A mixed set of results overall - unfortunately the resort saw a higher percentage of visitors from France and Benelux which meant that hotel occupancy headed south to 84%. The overall spend per room increased which demonstrates that they didn't get the balance right between supply and demand.

I'm sure planning for 2013 must be very difficult with so much economic uncertainty in the US, Europe and China. I'd wager that we will see a lot more discounting away from school holidays to try and boost that occupancy rate.
4
leemac
Thu 11/8/2012 7:08a
<<3 new hotels in design phase.
- New luxury hotel at the parks,
- First phase 2016/2017 2 mid value (Santa Fe, Cheyenne style), will use Disney theme and story rather than geography as is current.>>

I'm not going to comment on the luxury hotel.

The new moderate is going to be the Toy Story Hotel from Shanghai. There is a discussion going on about whether it should be the Art of Animation but I think most people seem to want the Toy Story Hotel.
5
leemac
Thu 11/8/2012 7:10a
<< Same investment into 2013, slight increase on 2012 in parks.>>

That isn't saying much as 2012 was hardly a banner year for capex! All of the spend for 2013 is for Kitchen Kalamity - I don't think there is even any new entertainment planned at the moment.
6
dagobert
Thu 11/8/2012 7:12a
>>>The new moderate is going to be the Toy Story Hotel from Shanghai. There is a discussion going on about whether it should be the Art of Animation but I think most people seem to want the Toy Story Hotel.<<<

Oh no. Why don't they stick with the American theme? Do you know where the new hotel will be built?

>>>I'm not going to comment on the luxury hotel.<<<

Why? Is it a stupid idea to build another luxury resort.
7
dagobert
Thu 11/8/2012 7:16a
>>>I don't think there is even any new entertainment planned at the moment.<<<

That's nothing new. It's been that way for several years now.

>>>A mixed set of results overall - unfortunately the resort saw a higher percentage of visitors from France and Benelux which meant that hotel occupancy headed south to 84%. The overall spend per room increased which demonstrates that they didn't get the balance right between supply and demand.<<<

Is that a good occupancy rate? What do you meant with "they didn't get the balance right"?
8
leemac
Thu 11/8/2012 7:52a
>>>I'm not going to comment on the luxury hotel.<<<

Why? Is it a stupid idea to build another luxury resort.>>

I don't want to get into trouble. :-p
9
leemac
Thu 11/8/2012 7:54a
<<Oh no. Why don't they stick with the American theme? Do you know where the new hotel will be built?>>

Couple of reasons:

1) No design costs - design has already been done.

2) Art of Animation has demonstrated that guests will respond strongly to character-themed hotels. Sadly it is the way of the world now.

3) Location is likely to be between the NBC and WDSP.
10
leemac
Thu 11/8/2012 7:58a
<<Is that a good occupancy rate? What do you meant with "they didn't get the balance right"?>>

A decline of 300 basis points is big. 84% is getting down to the breakeven point which is between 75-80% for those hotels.

The increase in spend per room more than offset the decline in occupancy rate so that is the upside. However you don't want to see occupancy rates fall below 80% again.

The balance is pushing rates higher in the peak season whilst also filling them in the off-peak season with promotions like flash sales, kids go free etc. Occupancy is usually nearly 100% during the school holidays and DLP has continued to push the rates up every year (beyond inflation too). The problem is that the off-peak season comprises of more days than peak - so it is critical that they get a decent occupancy rate mid-week in January for example.

All times are Pacific Time (US)

Note: Information on the discussion boards is sometimes based on rumors or incorrect information and should not be assumed true. Messages do not necessarily reflect the opinion of LaughingPlace.com or its editors.

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