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[gldc]

So as it is the 7th of May in France that means financial results time...

"Euro Disney SCA will announce financial results for the first half of fiscal 2012 on Monday, May 7, 2012. The press release will be sent via email upon publication." - from the shareholders email in April.

Anyone know when the first fiscal half of 2012 ends, eg. does it include April 2012? If so we could get a good look at how the 20th has started off...

Also at the end of the month it is the shareholders meeting for anyone who is not aware.

[ed-uk]

The first fiscal half is Oct 2011 through to the end of march 2012.

[jj554]

I do love receiving these financial results and having a good look through them (even though some of it is too much for me on a Bank Holiday Monday morning) but there doesn't seem anything major to report. I'm eager to find out what impact the 20th anniversary has so am more looking forward to the 6 months ending September results being shared in November (I assume) and keeping my fingers crossed for some positive numbers.

It's exciting to see constant progress and the investment in developing and maintaining the parks. Hopefully these shorter term losses will eventually result in some strong long term results for the resort that we all love.

This link should hopefully work to allow you to view the full document:

//http://corporate.disneylandparis.com/CORP/EN/Neutral/Images/uk-2012-05-07-first-half-results-for-fiscal-year-2012.pdf

I'm not going to copy up the whole thing as I bet most of you have already got it but I will include a couple of summarising excerpts:

EURO DISNEY S.C.A.
Fiscal Year 2012
Reports First Half Results
Six Months Ended March 31, 2012
• Resort revenues increased by 1% to € 551 million primarily due to higher guest spending, partly offset
by lower Resort volumes
• Net loss increased by € 21 million due to labor rate inflation, costs associated with the preparation of
the Resort's 20th Anniversary celebration from April 1st and lower real estate activity  
• Investments increased driven by continued spending to improve the guest experience, including the
preparation for the 20th Anniversary and a multi-year expansion of the Walt Disney Studios Park

And another interesting part:

Economic and social impact of Disneyland Paris  
A study on the socio-economic impact of Disneyland® Paris was issued on March 14, 2012 by the interministerial
Delegation for the Euro Disney project in France. The study covers the period beginning in 1992, opening year of
the destination, to 2012. The study confirms Disneyland Paris as Europe's number one tourist destination and as
the fifth largest hotel complex site in France. The notable conclusions for the last 20 years are as follows:

• € 7 billion invested by public and private parties in the Eastern Paris region;
• € 50 billion of value added to the French economy has been generated by Disneyland Paris;
• 6.2% of France's tourism income from foreign visitors is generated by visitors primarily coming to
Disneyland Paris;
• an average of 55,000 direct and indirect jobs have been created in France by Disneyland Paris activity;
• 250 million visits to Disneyland Paris over the last 20 years




Sorry for the long post but hope this is informative for people who don't get the shareholder's emails.

[ed-uk]

A bit of a mixed bag the financial results for the first half, but taking into account the economic slowdown in Europe and all the trouble with the Euro it's hardly surprising. However I'd be worried about the rest of the year if the trend continues, and the slowdown and bad weather keeps people away. Still, a modest 1% increase in resort revenues is better than nothing. Thanks for posting.

[gldc]

A bit of a mixed bag the financial results for the first half, but taking into account the economic slowdown in Europe and all the trouble with the Euro it's hardly surprising. However I'd be worried about the rest of the year if the trend continues, and the slowdown and bad weather keeps people away. Still, a modest 1% increase in resort revenues is better than nothing. Thanks for posting.

A loss of 120million is still annoying but hopefully it was people waiting for the 20th and attendance and spending will pick up for this second half. Do they do quarterly results as well?


Also I cant help but think that Disney should be ramping up advertising this summer in London convincing tourists to take the eurostar over in 2h25 for a couple of days and leave the hustle and bustle of the olympic town. If they're not doing this...they're missing a trick.

[ford prefect]

These are not short term losses.  The resort is haemorrhaging money and needs a financial miracle.

 Hotel occupancy is worrying and exhibiting a downward trend.

Spending per guest is up on the back of increased prices.

Despite heavy discounting people are not viewing DLP as a value for money holiday.

The alternative view is that people were holding back for summer. but since this figures include Halloween and Christmas, both of which should be busy periods, I say that M. Gas should be a very worried man

[Malin]

The alternative view is that people were holding back for summer. but since this figures include Halloween and Christmas, both of which should be busy periods, I say that M. Gas should be a very worried man

  Perhaps than we could have a CEO who knows what he's doing and how to run the place correctly. Coming from my own recent bookings made through Disneyland Paris I'm not suprised to see such a flat performance. The hotels are very expensive for what you receive in return from them.

Perhaps all the years of no investment, cutbacks and high prices have finally caught up with them. Its time for everyone to realise this Resort needs to restructure its finances as it simply can't afford to keep the place in profit with its current debt repayments.

Also why do they big up a multi year expension at the Studios. Its the one attraction we're getting right? And why does Euro Disney S.C.A not announce the theme or name for this attraction. Its mention all over the net.

[ed-uk]

EuroDisney has often needed a financial miracle which usually means investors/WDC putting in more money. DLP has always been price sensetive, and in in an economic slowdown like the one we're experiencing in Europe ( Spain, Italy, Britain and other European countries are in recession, DLP's key markets ) people can be expected to shop around for cheaper deals and stay closer to home. Until the economic picture looks brighter the EuroDisney financial roller coaster ride will continue. The company has obviously invested in better maintenance and refurbishments which is what we all wanted, but sadly this hasn't been enough in it's self to get more people coming.

[dagobert]

The results aren't good. Each year it's the same and they always blame the economy. The results were bad as well when the economy was fine.

What does it need to rescue the resort? How many financial restructurings does it need? One day they need to make money. I don't know if that is possible, but maybe Disney and the banks should create a so called bad company that takes over the debts and a new company should run the resort. That's how it was done with General Motors, but I'm not sure if that's possible in France.

Is ED SCA so afraid that guests would postpone their trips if they would announce the new Ratatouille ride? Otherwise I can't explain why they use the term WDSP expansion. That's an exeggeration, since it's only one ride and a restaurant.

[dagobert]

EuroDisney has often needed a financial miracle which usually means investors/WDC putting in more money. DLP has always been price sensetive, and in in an economic slowdown like the one we're experiencing in Europe ( Spain, Italy, Britain and other European countries are in recession, DLP's key markets ) people can be expected to shop around for cheaper deals and stay closer to home. Until the economic picture looks brighter the EuroDisney financial roller coaster ride will continue. The company has obviously invested in better maintenance and refurbishments which is what we all wanted, but sadly this hasn't been enough in it's self to get more people coming.

I wonder if TWDC is willing to invest more money into ED SCA. They just got a new credit line and TWDC is currently heavily involved in Asia.

I also think that ED SCA has to realize that Europe has grown over the last years. In my opinion it's wrong to focus only on five key markets, especially when they have huge economic troubles. But it seems they will never change their minds when it comes on advertising the resort.

[ed-uk]

You think Disney don't know about advertising, and in a recession that's put in doubt the future of the Euro, why wouldn't that effect a company like EuroDisney? The worst piece of advertising I saw for DLP in April was strike action taken by some of their CMs, which resulted in cancelled parades. I wouldn't book a holiday there with that going on. It's wage inflation and refurbishments thats weighed down on these results.

[dlpfan1992]

For those wanting Philippe Gas to go, I would like thank him for loosening the purse strings for the refurbishment and getting us DREAMS!. The results aren't great but not to bad for Euro Disney.

I'm interested in what impact the longer hours, 7PM parade and Dreams! have on hotel occupancy.

[Malin]

The company has obviously invested in better maintenance and refurbishments which is what we all wanted, but sadly this hasn't been enough in it's self to get more people coming.

In this regard the maintenance and refurbishment's have only been comestic. Davewasbaloo was commenting in the Phantom Manor thread about how the attractions are still in a bad state. And I believe even Tony Baxter himself took a shot directed at the Ambassadors during his presentation on April the 12th.

What does it need to rescue the resort? How many financial restructurings does it need? One day they need to make money. I don't know if that is possible, but maybe Disney and the banks should create a so called bad company that takes over the debts and a new company should run the resort.

Its Europe's most visited tourist destination. Its clearly paying back more debt than it can handle based on its results. Something needs to be done. And financial bailouts is really not the answer anymore. Its been proven these only add short-term growth.

For those wanting Philippe Gas to go, I would like thank him for loosening the purse strings for the refurbishment and getting us DREAMS!.

These refurbishments needed to happen. The Jolly Roger was falling apart and had to be rebuilt from scratch. We shouldn't be thanking him for it. And Dreams has come at a cost. What other entertainment is left now?

[ed-uk]

EuroDisney having to pay back more debt than it can handle has always been the case, and the history of EuroDisney. But I don't agree that some problems on Phantom Manor will stop people coming, as long as the ride is open for them to enjoy. Although I would like it perfect, of course.

[Malin]

EuroDisney having to pay back more debt than it can handle has always been the case, and the history of EuroDisney. But I don't agree that some problems on Phantom Manor will stop people coming, as long as the ride is open for them to enjoy. Although I would like it perfect, of course.

And this is clearly where the problem lies. So how do Euro Disney fix it!

Issues with Phantom Manor won't stop people from visiting I agree. But it will lower the Guests enjoyment. Which will result in lower spending. And possibly no return visit.