Disneyland Paris
Topic: First Half 2008 financial report

#	Author	Message
1	Malin Tue 5/6/2008 2:20a	Euro Disney SCA, the operating group of Disneyland Resort Paris, has today published its First Half 2008 financial report, announcing a halving of losses to €43 million, an increase of revenues by 18% and a growth of attendance to a record 7 million http://corporate.disneylandpar...2008.pdf The Website DLRPToday.com also has an article up explaining the results. http://www.dlrpmagic.com/today...lf-2008/
2	Malin Tue 5/6/2008 2:27a	Sounds like a good result to me, but it still points out that the company is no where near being out the red yet. The Results do look promising but its keeping this growth going which will cause the bigger challenge.
3	davewasbaloo Tue 5/6/2008 2:29a	DLP could actually turn a profit soon! It is getting exciting. It will be interesting to see how the summer goes. Still no official word on the summer entertainment schedule, and what is happening with fireworks. But if we have a strong summer, that could put us over the top!
4	leemac Tue 5/6/2008 3:03a	You have to remember that statutory/financial profit or loss is purely an accounting term which takes into account a series on non-cash items like depreciation and amortization (both of which are typically substantial for resort operations). The true measures of how well DLRP performed in the off-season (and the resort does have a very pronounced off-season compared to its stable-mates) are: Operating margin (revenue less costs of operation) was positive at 1.3m euros. That doesn't consider the financial loan repayments but is still an amazing turnaround. Operating cash inflow was a healthy 18.7m euros. Financial cash outflows (ie. loan repayments) dragged the overall cash outflow to 23.5m euros but it is still a big improvement. Cash inflow over the summer months is always very strong. The only real alarm bell is that operating costs were up 12%. They need to keep their costs (particularly labor) in check otherwise the resort will not properly benefit from incremental increases in attendance and guest spend if it is having to spend more on CMs. Otherwise a very strong report card. 7m guests in the winter months is exceptional for them. Especially considering that most of continental Europe is tipping towards a full-blown recession.
5	u k fan Tue 5/6/2008 3:08a	Excellent! I think this summer could be very good for them as TOT seems te be creating a buzz here in the UK!!!
6	Malin Wed 5/7/2008 2:27a	Thanks for clearing up a few of the facts Leemac. Althrough surely the higher operating costs could only be a good thing, seeing it from a customer point of view. Would the recent upturn in high maintenance also fall under this, which after seeing years of neglect I don't see how we can fault this. Even if it does mean it will take the Resort a bit longer to make a profit. Theme parks have always been longterm gain and not short term. I have high hopes the Resort will have a good Summer. I believe Summer this year will actually begin for some European countries 2 weeks earlier than usual. Also you have to take into account Tower of Terror has had a strong advertising promotion and I don't see how other European parks are going to compete against this amazing new attraction.

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