Annual Results Presentation Fiscal Year 2008

Transcription

1 Annual Results Presentation Fiscal Year 2008 October 21, 2008

2 Philippe Gas Chief Executive Officer Euro Disney S.A.S.

3 2008 an important milestone Record revenues: 1,330 M Net profit: 2 M Third year of revenue growth Net profit FY 2006 FY 2007 (in millions) +12.2% +9.0% 3

4 Europe s #1 Tourism Destination 15.3 M visits in M visits in 3 years Hotel occupancy rate at 91% 4

5 Full year 2008 highlights Over 200 millions visits since the opening Success of our growth strategy: Development of Attractions and Shows to improve Guest Experience Supported by a solid Marketing & Sales Strategy 5

6 New Attractions and Shows 7 out of 10 guests are very or completely satisfied Source: Consumer Knowledge 6

7 Marketing & Sales Strategy Our objectives: Create the urgency to visit now Remove barriers to visit applicable to all our key target markets Distant Market Kids under 7 go free Country specific pricing initiatives Local Market Billet Francilien Annual Passeport Paris Tourist Market Leveraging tourism partners in the Ile de France region Be present where the consumer buys 7

8 Custom Made Magic More flexibility in our offers Adapting experience to all budgets Extra Magic Hours 8

9 Innovative Campains 9

10 Ignace Lahoud Senior Vice President & Chief Financial Officer Euro Disney S.A.S.

11 Growth in all our Key Drivers in FY 08 Theme Parks attendance Average spending per guest (In millions visits) (in ) Hotel occupancy rate Average spending per room (in ) 11

12 Fiscal 2008 key financials Record revenue of 1,330 M Breakeven at net result level EBITDA: M since 2006 Net Result: +90 M since FY 2006 FY 2007 (In millions) 14% 17% 19% EBITDA Margin 12

13 Breakdown of Attendance by Country Countries %vsfy 07 Germany 3% International 10% France 43% France + 3% United Kingdom + 5% Spain + 6% Netherlands + 15% Italy 4% BeLux (1) + 5% Italy + 15% BeLux (1) 6% Netherlands 7% Germany (1)% International + 9% (1) Belgium & Luxembourg Spain 11% United Kingdom 16% 13

14 Revenues by Activity 1, % Real Estate Development +22 M Other Revenues (1) M 1, (In millions) Hotels and Disney Village +33 M Theme Parks +57 M Change 14

15 Costs and Expenses Operating costs up 6%, increasing at a lower rate than revenues 1,170 +6% General & Administrative +11 M Marketing and sales +3 M 1, (In millions) 940 Direct Operating Costs (1) +56 M 996 Change (1) Direct operating costs primarily include wages and benefits for employees in operational roles, depreciation and amortization related to operations, cost of sales, royalties and management fees. For the Fiscal Year and the corresponding prior year period, royalties and management fees amounted to 74.7 million and 69.1 million, respectively. 15

16 EBITDA Increase in Revenue Increase in Costs Increase in D&A EBITDA increased 21% 249 EBITDA 07 EBITDA 08 16

17 Statement of Income Positive net profit reflecting increased activities offset by moderate increasing in costs (in millions) Full Year 2008 Full Year 2007 Variance 2007/2008 % Revenues 1, , % Costs and Expenses (1,240.0) (1,169.5) (70.5) 6.0% Operating Margin % Net Financial Charges (88.4) (92.2) 3.8 (4.1%) Net profit / (loss) 1.7 (41.6) 43.3 n/m Net profit / (loss) Minority Interests Net loss Equity Holders 4.5 (3.2) 7.7 n/m (2.8) (38.4) 35.6 n/m n/m: not meaningful 17

18 Cash Flows Operating Investing Financing (In millions) 330 Free cash flow of 106 M 374 Cash *, Beginning of the period (September 30, 2007) Cash *, End of the period (September, ) * Cash and Cash equivalents 18

19 Summary, Net profit of 2 M Significant improvement of our cash position in FY 08 Solid resilience to the economic environment for FY 08 19

20 Philippe Gas Chief Executive Officer Euro Disney S.A.S.

21 Growing EMEA Theme Park market share 2000 Market Size: 85 million Euro Disney 14.1% Source: EDL strategic planning analysis Note: Price Waterhouse Coopers estimates the theme parks market in EMEA (Europe Middle East Africa) at c. 139 million attendees in 2007, which would mean a 10% market share for EDL 2007 Market Size: 91 million Euro Disney 15.8% 21

22 Our Stengths in the European Leisure & Tourism Landscape Disneyland Resort Paris is more than Theme Parks, it is a true multiday vacation destination The European travel & leisure market is a c. 350 B * industry which benefits from c. 500 M tourists annually Competitive advantages: Capacity & accessibility Diversified revenues streams Optimized seasonality & stable employment structure Strength of the Disney brand 1 USD = 0,7417 euro 22

23 Continuation of our development strategy Build on the strength of the Disney brand Playhouse Disney Live! Disney s Stars n Cars Evaluate opportunities for Resort development 23

24 Conclusion Deliver Europeans a unique experience Focus on solid strategies Leverage our #1 European tourist destination position and high potential market Ensure long term growth & profitability 24

25 Questions & Answers

26 Annual Results Presentation Fiscal Year 2008 October 21, 2008