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Euro Disney S.C.A. Reports Revenues for the First Quarter of Fiscal Year 2012
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 (the "Group") for the first quarter of the fiscal year 2012 which ended December 31, 2011 (the "First Quarter"):
n/m: not meaningful
revenues increased 4% to € 318.6 million from € 305.6 million in the prior-year period.
Theme parks revenues increased 7% to € 180.2 million from € 168.9 million in the prior-year period, primarily due to a 5% increase in attendance and a 1% increase in average spending per guest. The increase in attendance resulted from a higher number of guests visiting from France , partly offset by fewer guests visiting from the Netherlands . The increase in average spending per guest was due to higher spending on merchandise and food and beverage.
Hotels and Disney Village revenues increased 1% to € 128.2 million from € 126.8 million in the prior-year period due to a 2% increase in average spending per room, partly offset by a 1.1 percentage point decrease in hotel occupancy. The increase in average spending per room resulted from higher daily room rates, partly offset by lower spending on food and beverage and merchandise. The decrease in hotel occupancy resulted from 6,000 fewer room nights sold, including fewer guests visiting from the Netherlands and the United Kingdom , partly offset by more French guests staying overnight.
revenues decreased by € 9.4 million to € 0.3 million, compared to € 9.7 million in the prior-year period. This decrease is due to four transactions closed in the prior-year period while no transaction closed in the First Quarter.
During the First Quarter, costs and expenses increased compared to the prior-year period driven by labor rate inflation partially offset by lower costs associated with real estate development activity.
Commenting on the results, , said:
"
Disney Dreams ! "
Appointment of a New Chief Financial Officer
On November 22, 2011 , the Company announced the appointment of Mark Stead as Chief Financial Officer of Euro Disney S.A.S., the Company's , in replacement of Greg Richart . Please refer to the press release issued on November 22, 2011 for more details.
Lender's Approval to Increase Resort Investments and Additional Standby Revolving Credit Facility from The Walt Disney Company ("TWDC")
On January 6, 2012 , the Group obtained lenders' agreement to increase the recurring annual investment budget for fiscal year 2012 up to € 100 million and to launch a multi-year expansion of the Walt Disney Studios Park, which includes a new attraction. In connection with lenders' approval, the Group obtained an additional standby revolving credit facility of € 150 million from TWDC, which expires on September 30, 2018 . For more information, please refer to the press release issued on January 10, 2012 and to the Group's 2011 reference document, section C.3.1."Performance Indicator", sub-section "Restrictions on Capital Expenditures".
In April 2012 , Disneyland Paris will launch the celebrations of its 20 Anniversary. A number of brand new experiences await guests, including , a night-time show with classic Disney storytelling and the latest technical special effects. There will also be new opportunities to meet Disney characters, including and .
Next Scheduled Release in April 2012 : Semester report on the liquidity contract
Additional financial information can be found on the internet at http://corporate.disneylandparis.com
laurent.manologlou@disney.com
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