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[dagobert]

Did anyone here attend the Shareholders Club Roundtable Discussion on February 15th in Paris?

Euro Disney SCA released a snapshot of the discussion. You can find it here:
http://corporate.disneylandparis.com/CO ... -02-15.pdf

Here are some abstracts:

Return of profitability
After 2008, we have been impacted by the effects of the unprecedented global economic crisis to which we had to adapt.
Today, the trend is more positive with a return to growth in Europe, although moderate and uneven. Our objective is to have customers return to their pre-crisis behavior.
At the same time, we are also currently repaying our debt and reducing our financial charges, while continue to invest in the Resort. It is the only way that we can expect to reach sustainable profitability.

Debt
Our debt, which represents €1.9 billion, is significant. But we generate sufficient cash flows, €240 million in 2010, to repay our debt in line with the planned reimbursement schedule.
Since 2008, we have repaid €240 million of debt, and by 2014, we will have repaid an additional €450 million, representing 25% of our current debt balance. Moreover, our debt carries a very favorable interest rate, close to 4%, so we do not have intentions to restructure it.

Royalties & Management Fee deferrals
The royalties & management fee deferrals are a cash protection mechanism for use during difficult economic periods, such as these. TWDC has always demonstrated strong support for Euro Disney, specifically:

 

Royalties and Management fees were waived from 1994 to 1998

R&MF were partially waived (-50%) from 1999 to 2003

Payment deferral of €100 million in 2005 converted into long term debt ("LTD") to be repaid in 2024

€25 million of R&MF unconditionally deferred into LTD each year from 2005 to 2009

Another €25 million of R&MFs can be conditionally deferred each year from 2007 to 2014 and converted into LTD

Today, the debt owed to the TWDC amounts to €330 million, most of which is to be repaid in 2024.

Theme Parks and Hotels
We have some constraints regarding our major investments, which require us to seek approval from our lenders. We   have had to make choices in our investments, and they have been, more recently, largely focused in the Walt Disney Studios. The Disneyland Park has not been forgotten, but we rather intend to refresh or improve existing attractions. We have also initiated a multi-year refurbishment program of all our hotels.

The Disney Village is an additional area of focus. The guest population is very diverse with hotel guests, business guests or local residents. The World of Disney project will open next year at the entrance of the Disney Village and will be an icon of this new dynamic area.

Priorities
Our priorities remain the quality of the interaction of our Cast Members with the guest, the relevance of our offers and messaging, and innovation in all that we do.

News Highlights
The Amendment of the Main Agreement with the French public authorities

A strong collaboration since 1987 that remains today a « win-win » situation

This amendment allows us to secure land development rights and gives us a more appropriate framework to continue to develop our Resort and grow our business in the long term.

Land perimeter has been extended from 1,943 to 2,230 hectares, which includes the development of Villages Nature.

[ICHAPMAN]

I think this document must include the 1st 'public' statement about the World of Disney store opening.

[dagobert]

It's interesting that WoDS was mentioned at the roundtable discussion, but not at the Annual Meeting, since the discussion was a month earlier.

I wonder from where ED SCA will get all the money to repay €450 mio of their debt until 2014 and invest into the resort.