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EURO DISNEY S.C.A. Reports Fiscal Year 2014 Results


News provided by

Euro Disney S.C.A.

06 Nov, 2014, 21:27 GMT

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MARNE-LA-VALLÉE, France, November 6, 2014 /PRNewswire/ --

  • In a prolonged challenging economic environment, particularly in France, total revenues decreased 2% to €1.3 billion, reflecting lower Resort volumes, partially offset by higher guest spending and higher real estate activity 
  • Record guest spending in the Parks reflects the Group's continued focus on improving its offerings and guest satisfaction 
  • The Group was able to limit the increase in its costs and expenses to less than 1%, while continuing to invest in the guest experience 
  • Net loss increased by €35 million to €114 million 

Euro Disney S.C.A. (the "Company"), parent company of Euro Disney Associés S.C.A. ("EDA"), operator of Disneyland® Paris, reported today the results for its consolidated group (the "Group") for the fiscal year 2014 which ended September 30, 2014 (the "Fiscal Year")[1][2][3][4].  Please refer to Exhibit 8 for the definition of EBITDA, Free cash flow and key operating statistics.

   
    Key Financial Highlights                                      Fiscal Year
    (EUR in millions, unaudited)                          2014          2013          2012
    Revenues                                           1,279.7       1,309.4       1,324.3
    Costs and Expenses                               (1,345.1)     (1,336.9)     (1,320.9)
    Operating Margin                                    (65.4)        (27.5)           3.4

    Plus: depreciation and amortization                  179.2         171.8         173.8
    EBITDA [2]                                           113.8         144.3         177.2
    EBITDA as a percentage of revenues                    8.9%         11.0%         13.4%

    Net loss                                           (113.6)        (78.2)       (100.2)
    Attributable to owners of the parent                (93.4)        (64.4)        (85.6)
    Attributable to non-controlling interests           (20.2)        (13.8)        (14.6)

    Cash flow generated by operating activities           78.2          96.0         144.0
    Cash flow used in investing activities             (144.9)       (127.1)       (153.3)
    Free cash flow [2]                                  (66.7)        (31.1)         (9.3)
    Cash and cash equivalents, end of period              49.3          78.0         114.3
   
    Key Operating Statistics [2]                            Fiscal Year
                                                    2014             2013           2012
    Theme parks attendance (in millions)            14.2             14.9           16.0
    Average spending per guest (in EUR)            50.66            48.14          46.44
    Hotel occupancy rate                           75.4%            79.3%          84.0%
    Average spending per room (in EUR)            232.26           235.01         231.33

Commenting on the results, Tom Wolber, Président of Euro Disney S.A.S., said:

--------------------------------------------------

1.  The Group's consolidated financial accounts for Fiscal Year 2014 were reviewed by the Gérant on November 5, 2014.

2.  Please refer to Exhibit 8 for the definition of EBITDA, Free cash flow and key operating statistics.

3.  Under the financial agreements signed during the Group's 2012 refinancing, it was initially agreed that this standby revolving credit facility would be reduced to €150.0 million from October 1, 2014. However, on October 5, 2014, TWDC agreed to maintain this standby revolving credit facility at €250 million until September 30, 2015. Please refer to note 12.1."TWDC Debt" of the Group's 2013 consolidated financial statements, included in the Group's 2013 Reference Document.

"Results for the year were impacted by the continued economic softness, notably in France. Volume declines reflected the economic context, an increased focus on growing more contributive guest segments and an approximately 10% reduction in our room inventory with the rehabilitation of the Newport Bay Club hotel. 

Despite the challenging economy, we continued to invest in the guest experience with this summer's successful opening of the new attraction Ratatouille: L'Aventure Totalement Toquée de Rémy, driving increased guest satisfaction and spending, along with the continuation of the hotel rehabilitation program at the Newport Bay Club hotel.

If implemented, the recently announced €1 billion recapitalization proposal, backed by The Walt Disney Company, is designed to improve our financial position and enable us to continue investing in the guest experience. Together with our talented team of Cast Members, we are fully committed to ensure the future success of Disneyland Paris." 


Revenues by Operating Segment 

   
                                         Fiscal Year           Variance
    (EUR in millions, unaudited)        2014         2013  Amount          %
    Theme parks                        721.7        737.6  (15.9)     (2.2)%
    Hotels and Disney Village(R)       490.4        510.2  (19.8)     (3.9)%
    Other                               39.1         41.2   (2.1)     (5.1)%
    Resort operating segment         1,251.2      1,289.0  (37.8)     (2.9)%
    Real estate development segment     28.5         20.4     8.1      39.7%
    Total revenues                   1,279.7      1,309.4  (29.7)     (2.3)%

Resort operating segment revenues decreased by €37.8 million to €1,251.2 million from €1,289.0 million in the prior year.

Theme parks revenues decreased 2% to €721.7 million from €737.6 million in the prior year due to a 5% decrease in attendance to 14.2 million and lower special event activity than in the prior year, partly offset by a 5% increase in average spending per guest to €50.66. The decrease in attendance was mainly due to fewer guests visiting from France, partially offset by more guests visiting from Spain. The increase in average spending per guest resulted from higher spending on admissions and merchandise.

Hotels and Disney Village® revenues decreased 4% to €490.4 million from €510.2 million in the prior year due to a 3.9 percentage point decrease in hotel occupancy to 75.4% and a 1% decrease in average spending per room to €232.26. The decrease in hotel occupancy resulted from 81,000 fewer room nights sold compared to the prior year, mainly due to fewer guests visiting from France, the Netherlands and Belgium, as well as lower business group activity, partially offset by more guests visiting from Spain. These results also reflected a temporary reduction in hotel room inventory related to the hotel renovation program, with approximately 500 rooms closed since November 2013 that correspond to 200,000 room nights not available for sale.

Other revenues decreased by €2.1 million to €39.1 million from €41.2 million in the prior year, due to lower sponsorship revenues.

Real estate development operating segment revenues increased by €8.1 million to €28.5 million from €20.4 million in the prior year. This increase was due to a higher number and size of transactions closed during the Fiscal Year than in the prior year. Given the nature of the Group's real estate development activity, the number and size of transactions vary from one year to the next.

Costs and Expenses 

   
                                             Fiscal Year             Variance
    (EUR in millions, unaudited)            2014         2013       Amount        %
    Direct operating costs (1)           1,110.3      1,107.1          3.2     0.3%
    Marketing and sales expenses           133.2        132.5          0.7     0.5%
    General and administrative expenses    101.6         97.3          4.3     4.4%
    Costs and expenses                   1,345.1      1,336.9          8.2     0.6%
  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, royalties and management fees were €74.8 million and €76.5 million, respectively. 

Direct operating costs remained flat compared to the prior year. The costs of new guest offerings and rehabilitations, as well as labor rate inflation were offset by reduced costs associated with lower resort volumes, special event activities and a higher tax credit recorded as a reduction of labor costs (Crédit d'Impôt pour la Compétitivité et l'Emploi).

Marketing and sales expenses increased slightly compared to the prior year driven by higher labor costs and spending on new digital projects, partially offset by cost reductions from adjustments in the implementation of the media plan.

General and administrative expenses increased 4% compared to the prior year due to higher labor costs, as well as increased company-wide human resources and communication initiatives.

Net Financial Charges 

   
                                Fiscal Year            Variance
    (EUR in millions,
    unaudited)                  2014      2013     Amount          %
    Financial income             1.1       0.9        0.2        n/m
    Financial expense         (51.2)    (51.6)        0.4     (0.8)%
    Net financial charges     (50.1)    (50.7)        0.6     (1.2)%

n/m: not meaningful. 

Net financial charges decreased by €0.6 million mainly due to foreign currency hedging contracts.

Net Loss 

For the Fiscal Year, the Group's net loss amounted to €113.6 million, compared to a net loss of €78.2 million for the prior year. Net loss attributable to owners of the parent and non-controlling interests amounted to €93.4 million and €20.2 million, respectively.


Cash Flows 

Cash and cash equivalents as of September 30, 2014 were €49.3 million, down €28.7 million compared to September 30, 2013.

   
                                                                 Fiscal Year
    (EUR in millions, unaudited)                                2014         2013  Variance
    Cash flow generated by operating activities                 78.2         96.0    (17.8)
    Cash flow used in investing activities                   (144.9)      (127.1)    (17.8)
    Free cash flow                                            (66.7)       (31.1)    (35.6)
    Cash flow generated by / (used in) financing activities     38.0        (5.2)      43.2
    Change in cash and cash equivalents                       (28.7)       (36.3)       7.6

    Cash and cash equivalents, beginning of period              78.0        114.3    (36.3)
    Cash and cash equivalents, end of period                    49.3         78.0    (28.7)

Free cash flow used for the Fiscal Year was €66.7 million compared to €31.1 million used in the prior year.

Cash generated by operating activities for the Fiscal Year totaled €78.2 million compared to €96.0 million generated in the prior year. This decrease resulted from lower operating performance during the Fiscal Year partially offset by lower working capital requirements.  

Cash used in investing activities for the Fiscal Year totaled €144.9 million, compared to €127.1 million used in the prior year. This increase reflected investments related to the ongoing hotel renovation program.  

Cash generated by financing activities for the Fiscal Year totaled €38.0 million, compared to €5.2 million used in the prior year. During the Fiscal Year, the Group drew an amount of €100.0 million from the €250.0 million standby revolving credit facility granted by the Walt Disney Company ("TWDC") Under the financial agreements signed during the Group’s 2012 refinancing, it was initially agreed that this standby revolving credit facility would be reduced to €150.0 million from October 1, 2014. However, on October 5, 2014, TWDC agreed to maintain this standby revolving credit facility at €250 million until September 30, 2015. Please refer to note 12.1."TWDC Debt" of the Group’s 2013 consolidated financial statements, included in the Group's 2013 Reference Document., of which €50.0 million has been repaid during the Fiscal Year. The Group also repaid €11.4 million of loans due to TWDC during the Fiscal Year.


Update on recent AND UPCOMING events 

Tom Wolber assumed role as  Président of Euro Disney S.A.S. 

Tom Wolber started in his role as Président of Euro Disney S.A.S., the Gérant of the Company and EDA on September 15, 2014, replacing Philippe Gas. For further information, please refer to the press release issued on August 1, 2014 and available on the Group's website.

Proposed recapitalization plan backed by TWDC for approximately €1 billion 

On October 6, 2014, the Company announced a comprehensive proposal backed by TWDC to improve the financial position of the Group and enable it to continue investing in the quality of the guest experience. The proposed recapitalization plan totals approximately €1 billion. This proposal, if implemented, would improve the cash position of the Group by approximately €250 million, reduce the Group's indebtedness by €750 million and improve the Group's liquidity through interest savings and deferral of amortization of borrowings.

Implementation of the transactions comprising the proposal is subject to the approval by the Company's shareholders, the completion of the prior information and consultation process with the Workers' Council and the satisfaction of certain other conditions. Provided that these conditions are satisfied, the transactions contemplated by the proposal are expected to be completed in the first semester of calendar 2015.

For more information, please refer to the press release issued on October 6, 2014 and available on the Group's website.

Impairment charge recorded in the Company's statutory financial statements under French accounting principles regarding the Company's investment in EDA 

As of September 30, 2014, the Company reviewed the value in use of its investment in EDA, as required by French accounting principles. In a continued challenging economic environment that impacted the Group's operating performance, this value in use, in accordance with the economics of the proposed recapitalization plan, was lower than the gross value. Therefore, the Company recorded a "statutory" impairment for the difference, amounting to €470.5 million. This impairment charge is recorded in the Company's statutory financial statements only and has no impact on its cash balance or on the Group's consolidated financial statements prepared under IFRS.

Fiscal Year 2014 results announcement meeting on November 7th, 2014, 10:30 CET

An audiocast, together with the analyst presentation, will be available on the Company's website (http://corporate.disneylandparis.com) on November 7th, 2014, end of day

Additional financial information can be found on the Internet at: http://corporate.disneylandparis.com

Code ISIN:        FR0010540740 

Code Reuters:     EDLP.PA 

Code Bloomberg:   EDL:FP 

The Group operates Disneyland® Paris which includes: Disneyland® Park, Walt Disney Studios® Park, seven themed hotels with approximately 5,800 rooms (excluding approximately 2,300 additional third-party rooms located on the site), two convention centers, the Disney Village®, a dining, shopping and entertainment centre, and golf courses. The Group's operating activities also include the development of the 2,230-hectare site, half of which is yet to be developed. Euro Disney S.C.A.'s shares are listed and traded on Euronext Paris. 

EURO DISNEY S.C.A. 

Fiscal Year 2014 Results Announcement 

Consolidated Statements of Income 

   
                                        Fiscal Year             Variance
    (EUR in millions, unaudited)       2014           2013  Amount          %
    Revenues                        1,279.7        1,309.4  (29.7)     (2.3)%
    Costs and Expenses            (1,345.1)      (1,336.9)   (8.2)       0.6%
    Operating margin                 (65.4)         (27.5)  (37.9)        n/m
    Net Financial Charges            (50.1)         (50.7)     0.6     (1.2)%
    Gain from equity investments        1.9              -     1.9        n/a
    Loss before taxes               (113.6)         (78.2)  (35.4)      45.3%
    Income taxes                          -              -       -        n/a
    Net loss                        (113.6)         (78.2)  (35.4)      45.3%
    Net loss attributable to:
    Owners of the parent             (93.4)         (64.4)  (29.0)      45.0%
    Non-controlling interests        (20.2)         (13.8)   (6.4)      46.4%

n/m: not meaningful. 

n/a: not applicable. 

EURO DISNEY S.C.A. 

Fiscal Year 2014 Results Announcement 

Consolidated SEGMENT Statements of Income 

Resort operating segment 

   
                                        Fiscal Year             Variance
    (EUR in millions, unaudited)       2014           2013  Amount          %
    Revenues                        1,251.2        1,289.0  (37.8)     (2.9)%
    Costs and Expenses            (1,326.6)      (1,321.3)   (5.3)       0.4%
    Operating margin                 (75.4)         (32.3)  (43.1)        n/m
    Net Financial Charges            (50.3)         (50.7)     0.4     (0.8)%
    Gain from equity investments        0.2              -     0.2        n/a
    Loss before taxes               (125.5)         (83.0)  (42.5)      51.2%
    Income taxes                          -              -       -        n/a
    Net loss                        (125.5)         (83.0)  (42.5)      51.2%

 n/m: not meaningful. 

 n/a: not applicable. 

Real estate development operating segment 

   
                                     Fiscal Year          Variance
    (EUR in millions, unaudited)    2014        2013  Amount         %
    Revenues                        28.5        20.4     8.1     39.7%
    Costs and Expenses            (18.5)      (15.6)   (2.9)     18.6%
    Operating margin                10.0         4.8     5.2       n/m
    Net Financial Charges            0.2           -     0.2       n/a
    Gain from equity investments     1.7           -     1.7       n/a
    Profit before taxes             11.9         4.8     7.1       n/m
    Income taxes                       -           -       -       n/a
    Net profit                      11.9         4.8     7.1       n/m

n/m: not meaningful. 

n/a: not applicable.

EURO DISNEY S.C.A. 

Fiscal Year 2014 Results Announcement 

Consolidated Statements of financial position 

   
                                                                                September 30,
    (EUR in millions, unaudited)                                      2014            2013

    Non-current assets
    Property, plant and equipment, net                             1,775.7         1,812.3
    Investment property                                               16.6            14.2
    Intangible assets                                                 41.8            32.3
    Restricted cash                                                   15.1            15.0
    Other                                                             58.6            29.3
                                                                   1,907.8         1,903.1

    Current assets
    Inventories                                                       41.4            39.1
    Trade and other receivables                                      136.6           117.1
    Cash and cash equivalents                                         49.3            78.0
    Other                                                             25.1            17.6
                                                                     252.4           251.8
    Total assets                                                   2,160.2         2,154.9

    Equity attributable to owners of the parent
    Share capital                                                     39.0            39.0
    Share premium                                                  1,627.3         1,627.3
    Accumulated deficit                                          (1,814.7)       (1,721.6)
    Other                                                           (18.7)          (14.2)
    Total equity attributable to owners of the parent              (167.1)          (69.5)

    Non-controlling interests                                       (31.3)          (10.2)
    Total equity                                                   (198.4)          (79.7)

    Non-current liabilities
    Borrowings                                                     1,716.3         1,697.7
    Deferred income                                                   20.7            15.2
    Provisions                                                        18.7            13.7
    Other                                                             57.9            52.8
                                                                   1,813.6         1,779.4

    Current liabilities
    Trade and other payables                                         388.4           337.8
    Borrowings                                                        31.4            11.7
    Deferred income                                                  117.8           102.8
    Other                                                              7.4             2.9
                                                                     545.0           455.2
    Total liabilities                                              2,358.6         2,234.6
    Total equity and liabilities                                   2,160.2         2,154.9

EURO DISNEY S.C.A. 

Fiscal Year 2014 Results Announcement 

Consolidated Statements of CASH FLOWS 

   
                                                                             Fiscal Year
    (EUR in millions, unaudited)                                          2014         2013

    Net loss                                                           (113.6)       (78.2)

    Items not requiring cash outlays or
    with no impact on working capital:
    Depreciation and amortization                                        179.2        171.8
    Increase in valuation and reserve allowances                           8.5          6.7
    Other                                                                (1.8)        (0.7)

    Net changes in working capital account balances:
    Changes in receivables, deferred income and other assets            (21.6)        (6.7)
    Changes in inventories                                               (2.9)          0.3
    Changes in payables, prepaid expenses and other liabilities           30.4          2.8
    Cash flow generated by operating activities                           78.2         96.0

    Capital expenditures for tangible and intangible assets            (139.8)      (117.2)
    Increase in equity investments                                       (5.1)        (9.9)
    Cash flow used in investing activities                             (144.9)      (127.1)

    Net purchases of treasury shares                                     (0.3)        (0.1)
    Cash proceeds from TWDC standby revolving
    credit facility of EUR250 million                                    100.0         30.0
    Repayment of borrowings (1)                                         (61.7)       (31.7)
    Payment of costs incurred during the 2012 refinancing                    -        (3.4)
    Cash flow generated by / (used in) financing activities               38.0        (5.2)

    Change in cash and cash equivalents                                 (28.7)       (36.3)
    Cash and cash equivalents, beginning of period                        78.0        114.3
    Cash and cash equivalents, end of period                              49.3         78.0
  1. Including repayments of TWDC standby revolving credit facility of  €250 million 

supplemental CASH FLOW information 

   
                                                                Fiscal Year
    (EUR in millions, unaudited)                               2014         2013
    Supplemental cash flow information:
    Interest paid                                              53.2         60.0

EURO DISNEY S.C.A. 

Fiscal Year 2014 Results Announcement 

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 

   
                                                                      Net
                                                                     Loss
                                                                  for the
                                                                   Fiscal
                                                                     Year         September
    (EUR in millions, unaudited)              September 30, 2013     2014  Other   30, 2014

    Equity attributable to owners of the parent
    Share capital                                           39.0        -      -       39.0
    Share premium                                        1,627.3        -      -    1,627.3
    Accumulated deficit                                (1,721.6)   (93.4)    0.3  (1,814.7)
    Other                                                 (14.2)        -  (4.5)     (18.7)
    Total equity attributable to owners of the parent     (69.5)   (93.4)  (4.2)    (167.1)

    Non-controlling interests                             (10.2)   (20.2)  (0.9)     (31.3)

    Total equity                                          (79.7)  (113.6)  (5.1)    (198.4)

STATEMENT OF CHANGES IN BORROWINGS 

   
                                                 Fiscal Year 2014 (unaudited)
                                  September                                      September
    (EUR in millions)              30, 2013  Increase   Decrease     Transfers    30, 2014
                                                                               (unaudited)
    Long-term loans                 1,221.8         -         -        (30.0)      1,191.8
    Promissory Notes                  361.4         -         -             -        361.4
    Standby revolving credit
    facility of EUR100 million        100.0         -         -             -        100.0
    Standby revolving credit
    facility of EUR250 million (1)        -         -         -          50.0         50.0
    Loan from TWDC to Centre
    de Congrès Newport S.N.C.          14.5         -         -         (1.4)         13.1
    Sub-total TWDC debt             1,697.7         -         -          18.6      1,716.3
    Non-current borrowings          1,697.7         -         -          18.6      1,716.3
                                                                                                             
    Standby revolving credit
    facility of EUR250 million (1)        -     100.0    (50.0)        (50.0)            -
    Long-term loans                    10.0         -    (10.0)          30.0         30.0
    Loan from TWDC to Centre
    de Congrès Newport S.N.C.           1.4         -     (1.4)           1.4          1.4
    Sub-total TWDC debt                11.4     100.0    (61.4)        (18.6)         31.4
    Financial Lease                     0.3         -     (0.3)             -            -
    Current borrowings                 11.7     100.0    (61.7)        (18.6)         31.4
                                                                                           
    Total borrowings                1,709.4     100.0    (61.7)             -      1,747.7

(1)   Under the financial agreements signed during the Group's 2012 refinancing, it was initially agreed that this standby revolving credit facility would be reduced to €150.0 million from October 1, 2014. However, on October 5, 2014, TWDC agreed to maintain this standby revolving credit facility at   €250 million until September 30, 2015.

EURO DISNEY S.C.A. 

Fiscal Year 2014 Results Announcement 

Consolidated SEMESTRIAL Statements of Income 

First Half 

   
                                             First Half          Variance
    (EUR in millions, unaudited)            2014       2013  Amount          %

    Revenues                               533.3      567.7  (34.4)     (6.1)%
    Costs and expenses                   (634.5)    (650.2)    15.7     (2.4)%
    Operating margin                     (101.2)     (82.5)  (18.7)      22.7%
    Net financial charges                 (25.0)     (25.8)     0.8     (3.1)%
    Loss from equity investments               -      (0.1)     0.1        n/m
    Loss before taxes                    (126.2)    (108.4)  (17.8)      16.4%
    Income taxes                               -          -       -        n/a
    Net loss                             (126.2)    (108.4)  (17.8)      16.4%

    Operating margin                     (101.2)     (82.5)  (18.7)      22.7%
    Plus: depreciation and amortization     87.7       85.6     2.1       2.5%
    EBITDA                                (13.5)        3.1  (16.6)        n/m

n/m: not meaningful. 

n/a: not applicable. 

Second Half 

   
                                            Second Half           Variance
    (EUR in millions, unaudited)            2014       2013  Amount           %

    Revenues                               746.4      741.7     4.7        0.6%
    Costs and expenses                   (710.6)    (686.7)  (23.9)        3.5%
    Operating margin                        35.8       55.0  (19.2)     (34.9)%
    Net financial charges                 (25.1)     (24.9)   (0.2)        0.8%
    Gain from equity investments             1.9        0.1     1.8         n/m
    Income before taxes                     12.6       30.2  (17.6)     (58.3)%
    Income taxes                               -          -       -         n/a
    Net income                              12.6       30.2  (17.6)     (58.3)%

    Operating margin                        35.8       55.0  (19.2)     (34.9)%
    Plus: depreciation and amortization     91.5       86.2     5.3        6.1%
    EBITDA                                 127.3      141.2  (13.9)      (9.8)%

n/m: not meaningful. 

n/a: not applicable.

EURO DISNEY S.C.A. 

Fiscal Year 2014 Results Announcement 

DEFINITIONS 

EBITDA corresponds to earnings before interest, taxes, depreciation and amortization. EBITDA is not a measure of financial performance defined under IFRS, and should not be viewed as a substitute for operating margin, net profit / (loss) or operating cash flows in evaluating the Group's financial results. However, management believes that EBITDA is a useful tool for evaluating the Group's performance.

Free cash flow is cash generated by operating activities less cash used in investing activities. Free cash flow is not a measure of financial performance defined under IFRS, and should not be viewed as a substitute for operating margin, net profit / (loss) or operating cash flows in evaluating the Group's financial results. However, management believes that free cash flow is a useful tool for evaluating the Group's performance.

Theme Parks attendance corresponds to the attendance recorded on a "first click" basis, meaning that a person visiting both parks in a single day is counted as only one visitor.

Average spending per guest is the average daily admission price and spending on food, beverage, merchandise and other services sold in the parks, excluding value added tax.

Hotel occupancy rate is the average daily rooms occupied as a percentage of total room inventory (total room inventory is approximately 5,800 rooms).

Average spending per room is the average daily room price and spending on food, beverage, merchandise and other services sold in hotels, excluding value added tax.

Press Contact

Cathy Pianon
Tel: +331-64-74-58-33
Fax: +331-64-74-59-69
e-mail:cathy.pianon@disney.com

Investor Relations
Yoann Nguyen
Tel: +331-64-74-58-55
Fax: +331-64-74-56-36
e-mail:yoann.nguyen@disney.com

Corporate Communication
François Banon
Tel: +331-64-74-59-50
Fax: +331-64-74-59-69
e-mail:francois.banon@disney.com

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