Annual Results Presentation Fiscal Year 2008 October 21, 2008
Philippe Gas Chief Executive Officer Euro Disney S.A.S.
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
Europe s #1 Tourism Destination 15.3 M visits in 2008 + 3 M visits in 3 years Hotel occupancy rate at 91% 4
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
New Attractions and Shows 7 out of 10 guests are very or completely satisfied Source: Consumer Knowledge 6
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
Custom Made Magic More flexibility in our offers Adapting experience to all budgets Extra Magic Hours 8
Innovative Campains 9
Ignace Lahoud Senior Vice President & Chief Financial Officer Euro Disney S.A.S.
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
Fiscal 2008 key financials Record revenue of 1,330 M Breakeven at net result level EBITDA: + 100 M since 2006 Net Result: +90 M since 2006 249 FY 2006 FY 2007 (In millions) 14% 17% 19% EBITDA Margin 12
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
Revenues by Activity 1,220 19 59 +9% Real Estate Development +22 M Other Revenues (1) M 1,330 41 58 (In millions) 483 659 Hotels and Disney Village +33 M Theme Parks +57 M 516 716 Change 14
Costs and Expenses Operating costs up 6%, increasing at a lower rate than revenues 1,170 +6% 108 122 General & Administrative +11 M Marketing and sales +3 M 1,240 119 125 (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
EBITDA Increase in Revenue Increase in Costs Increase in D&A 71 110 4 206 EBITDA increased 21% 249 EBITDA 07 EBITDA 08 16
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 1,330.5 1,220.3 110.2 9.0% Costs and Expenses (1,240.0) (1,169.5) (70.5) 6.0% Operating Margin 90.5 50.8 39.7 78.1% 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
Cash Flows Operating Investing Financing 178 72 62 (In millions) 330 Free cash flow of 106 M 374 Cash *, Beginning of the period (September 30, 2007) Cash *, End of the period (September, 30 2008) * Cash and Cash equivalents 18
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
Philippe Gas Chief Executive Officer Euro Disney S.A.S.
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
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
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
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
Questions & Answers
Annual Results Presentation Fiscal Year 2008 October 21, 2008