Wednesday, February 6, 2013

EURO DISNEY S.C.A. Fiscal Year 2013 First Quarter Announcement

EURO DISNEY S.C.A.  Fiscal Year 2013  First Quarter Announcement

• Total revenues up 3% to € 327 million

• 20th Anniversary celebration extended for an additional six months beginning April 2013  (Marne-la-Vallée, February 5, 2013) Euro Disney S.C.A. (the "Company"), parent company of Euro Disney Associés S.C.A., operator of Disneyland Paris, reported today revenues for its consolidated group

Euro Disney S.C.A reports First Quarter Revenues for Fiscal Year 2013 : total revenues up 3%

Resort operating segment revenues increased 1% to € 320.7 million from € 318.6 million in the prior-year period.

Theme parks revenues decreased 1% to € 179.0 million from € 180.2 million in the prior-year period, due to a 2% decrease in attendance partly offset by a 1% increase in average spending per guest. The decrease in attendance was mainly due to fewer guests visiting from France and Spain, partly offset by a higher number of guests visiting from the Netherlands and the United Kingdom. The increase in average spending per guest was due to higher spending on admissions and merchandise.

Hotels and Disney Village revenues increased 1% to € 129.8 million from € 128.2 million in the prior-year period reflecting higher Disney Village activity, partly offset by a 2% decrease in average spending per room. The decrease in average spending per room resulted from lower spending on food and beverage and lower daily room rates. Hotel occupancy rate remained stable with more guests visiting from the United Kingdom offset by fewer guests visiting from Spain.

Other revenues increased by € 1.7 million to € 11.9 million, from € 10.2 million in the prior-year period, mainly due to higher travel services and other services sold to guests as well as higher sponsorship revenues.

Real estate development operating segment revenues increased by € 6.0 million to € 6.3 million, from € 0.3 million in the prior-year period. This increase was due to one transaction closed during the First Quarter while no transaction closed in the prior-year period.

Costs and expenses increased during the First Quarter compared to the prior-year period, due to costs associated with real estate development activity, new guest offerings and labor rate inflation.

Commenting on the results, Philippe Gas, Chief Executive Officer of Euro Disney S.A.S., said:
"As we continue to celebrate our 20th anniversary, resort revenues improved year-on-year even with a shift of one week’s worth of vacation into our second quarter as compared to last year. The resort revenue increase, coupled with higher real estate revenues, drove total revenues up 3% to last year.

We continue to feel the impacts of the broad European economic downturn and our short-term visibility remains low. However the fundamentals of our business are strong and we are confident in our ability to drive our business towards sustainable growth. As our investments in our guest experience continue in 2013 and beyond with our hotel refurbishment program and our expansion plan for the Walt Disney Studios Park, we will further enhance the appeal of Disneyland Paris. "

The celebration of Disneyland Paris' 20th Anniversary launched in April 2012. This event features  a number of brand new guest experiences, including Disney Dreams!, a nighttime spectacular, as well as Disney Magic on Parade! and Meet Mickey Mouse. Given its success, the celebration will continue for an additional six months beginning April 2013, offering guests more time to experience this magical period at Disneyland Paris.  On January 8, 2013, the Supervisory Board of the Company appointed Mrs. Virginie Calmels as Chairman, replacing Mr. Antoine Jeancourt-Galignani, who has decided to retire from the Supervisory Board after serving 23 years as a board member including 17 years as Chairman. For more information, refer to the press release issued on January 8, 2013 which is available on the Company's website.

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