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[Kristof]

Eurodisney has posted the Anual Results on their website.  Check it out here:
http://www.eurodisney.com/data/238.pdf

[Anthony]

Hmmmm... not too good on first look, but when you think about it they've done very well overall.

OK, so Theme Park attendance is down again to 12.3m from 12.4m, Hotel spending is down, Hotel occupancy has only risen by 0.02%... but it's not that bad.  A major plus is that they've cut about €50m of losses, which isn't bad.

Karl Holz isn't quite as good at those comments as André Lacroix was, but he still gets it spot on:

Our year-end results show 2005 to be a transitional year. The Group's fundamental indicators allow us to remain confident in the future. Moreover, we have started to implement our growth strategy, as defined during the Restructuring. We are determined to honour our commitment to progressively bring the Group back to profitability.

It's a transitional year - absolutely right.  The losses are decreasing and they opened their first new attraction of four.  It's a huge shame attendance actually decreased with Mission 2, but remember things like the London bombings will have had a huge impact on the resort - they always used to use 9/11 as an excuse, but the London bombings were something that probably really did put people off going.

Karl Holz seems determined to bring the resort "back to profitability", and if they continue at this same rate then it shouldn't be too hard.  With brand new, VERY marketable attractions opening every year for the next three years, I don't think we've got anything to worry about.  

And that concludes my very optimistic analysis of the report! :lol: