The slide is brutal for Euro Disney SCA: almost in balance in terms of result net share of the group one - consolidated all was even again profitable-, after several years of cutting its losses, the parent company of the operator of the Disneyland Resort Paris leisure complex plunged into the red in the title of 2008-2009 (closing to September 30). The company, which yesterday published its annual results, displayed in a net loss part of the Group of EUR 55.5 million, compared to 2.8 million euros for 2007-2008, for a turnover of EUR 1.23 billion, down 7.1. Its operating income has been divided by 3.4 to EUR 26.4 million.
Euro Disney has not yet done in a context of crisis and last minute bookings. Disneyland Resort Paris has confirmed its status as European tourist destination, saving even a light increase of its clientele, to 15.4 million visitors. The rise was mainly fueled by French ( 920.000 people), which accounted for 48 of the total ( 5 points). The Belgians were also part ( 197.000). On the contrary, Euro Disney was faced with a brutal shift of the British (-350,000) and Spanish (-451.000), respectively its second and third clients.
Rigorous management
However, these developments in attendance have weighed on the occupancy rates of hotels, fell by 3.6 points, 87.3. In addition, the average spending per visitor decreased by 5 (44,22 euros), because of the concern for economy of customer but multiplication of the promotions. The latter also encumbered Hotel revenues. In parallel, the sales of real estate has fallen with the decrease in the number of transactions (-56,3, to EUR 17.9 million). This degraded backdrop, Euro Disney is evidence of careful management, having decreased by 2.4 to 1.2 billion in operating expenses.
However, the Group was not able to meet certain financial commitments. He converted in debt subordinated long-term 15.1 million euros of interest payable to the Caisse des Dépôts et Consignations (CDC), as well as EUR 25 million in licence fees to The Walt Disney Company. In addition, 25 million due to the Disney group were also converted "to unconditionally", to give financial room for manoeuvre.
Fall of the title
For the current year, Euro Disney is considering the deferral of payment of interests to the DCC 5.1 million provided for in the first quarter. The company also indicated that it "has sufficient resources for the foreseeable future."Clearly, the financial community has not reassured: together with the announcement of a heavy loss, these conversions of amounts owed indeed fueled the slump of Euro Disney title, withdrawal of 9.83 at the close of Euronext Paris, 5,32 euros.
In addition, the lack of visibility remains commercially. In presenting the results to the press, the President, Philippe Gas, estimated that it "is too early" to decide over the Christmas period, "even if the trend is good". The leader also noted that the current exercise is placed under the sign of the preservation margins as well as the development of the offer.
Starting next April, the Disneyland Paris Park will thus have a celebration last Disney characters. In addition, the Walt Disney Studios Park will offer next summer three new attractions in the world of Toy Story.
V. P.
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