Resort Revenues Were Stable at EUR 1.2 billion, With Higher Guest Spending in the Parks and Hotels Offsetting Lower Attendance and Hotel Occupancy
Real Estate Revenues Increased by EUR 42 Million to EUR 60 Million, due to a Significant Property Sale (sale of the Val d'Europe mall)
Net Loss Reduced by EUR 18 Million to EUR 45 Million
Cash Increased by EUR 60 Million to EUR 400 Million, After Repaying EUR 90 Million of Debt During the Fiscal Year
Commenting on the results, Philippe Gas, Chief Executive Officer of Euro Disney S.A.S, said:
"In a year marked by the difficult economic context and challenging travel conditions, we achieved 15 million in attendance at our parks and 85% occupancy in our hotels, remaining Europe's number one tourist destination.
Resort revenues were stable versus the prior-year, as an increase in guest spending offset lower attendance and occupancy. Total revenues ended the year up 4%, reflecting increased real estate revenues from a property sale in Val d'Europe.
During our second semester, we launched Disney's New Generation Festival and saw a marked improvement in both attendance and hotel occupancy, while growing guest spending. In August, we opened Toy Story Playland, with three new attractions in the Walt Disney Studios Park, bringing the magic of these popular Toy Story films to life. Iconic Disney-themed attractions and entertainment, together with great guest service delivered by our Cast Members, continue to create magical moments for our guests.
On September 14, we signed an important amendment to our existing partnership agreement with the State and other public parties, which outlines the future development of
Disneyland Paris and the town of Val d'Europe. This amendment marks a significant milestone in the history of our company, and enhances our ability to further develop the Resort and surrounding area over the next twenty years."
Resort operating segment revenues of EUR 1,216.1 million were slightly up compared to the prior-year period.
Theme parks revenues declined by EUR 2.9 million to EUR 685.3 million from EUR 688.2 million in the prior-year period, primarily resulting from a 3% decrease in attendance. The decrease in attendance reflected fewer guests visiting from the United Kingdom, Belgium and the Netherlands, partially offset by more guests visiting from France. This decline in attendance was partially compensated by a 2% increase in average spending per guest, due to higher spending on admissions and food and beverage.
Hotels and Disney Village revenues increased by EUR 5.5 million to EUR 480.2 million from EUR 474.7 million in the prior-year period, primarily due to a 4% increase in average spending per room. The increase in average spending per room reflected higher daily room rates and spending on food and beverage. This increase in average spending per room was partially compensated by a 1.9 percentage point decrease in hotel occupancy, resulting from 40,000 fewer room nights compared to the prior-year period.
This decrease was driven by fewer guests visiting from the United Kingdom and lower group activity, partially neutralized by more French and Spanish guests staying overnight.
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