Annual Results Presentation

Transcription

1 Annual Results Presentation Fiscal Year 2015 November 6, 2015

2 2015 Highlights Strong growth in Resort revenues All key drivers improving Continuation of our multiyear investment plan (Capex/Opex) Financial flexibility post recapitalization 2

3 Summary 1 FY 2015 Annual Results 3

4 Revenues ( in millions) Increase by 7% of revenues (+9% in resort operating segment) 1, , (21) Real Estate Development (3) Other Revenues Hotels & Disney Village Theme Parks FY 2014 FY

5 #1 tourist destination in Europe More guests from UK, France and Spain in 2015 Italy 3% Netherlands 6% Belgium 6% International 7% Spain 9% 4% Germany/Austria/Switzerland 14.8 million visits 48% France UK 17% France UK Spain International FY % 17 % 9 % 7 % FY % 16 % 9 % 7 % 5

6 Theme Parks Revenues ( in millions) Success of our strategy focused on guest spending 1,280 Attendance 14.8M Average Spending per Guest at ,373 +5% +6% Other FY 2014 FY

7 Hotels & Disney village Revenues ( in millions) 85,000 additional room nights sold vs PY due to more guests visiting from the UK and France 1,280 1, Hotel Occupancy at 79.4 % Average Spending per Room Disney Village ppt +3% FY 2014 FY

8 Cost and Expenses ( in millions) Cost and expenses increased by 8% due to higher resort activity, to costs related to the improvement of the guest experience and to an increase in labor costs 1, Resort Volumes 34 Improvement of the guest experience* ,454 Labor Others FY 2014 FY 2015 * Including amortization of new assets as the Ratatouille attraction 8

9 Income Statement Fiscal Year Variance 2015/2014 ( in millions, unaudited) Amount % Revenues 1, , % Costs & Expenses (1,454.0) (1,345.2) (108.8) 8.1% Other Income/(Expense) n/a (1) Operating Margin (56.4) (65.5) 9.1 (13.9%) Plus: Depreciation & Amortization % (2) EBITDA % As a % of Revenues 10.3 % 8.9 % Net Financial Charges (46.3) (50.1) 3.8 (7.6%) (3) Net Loss (101.9) (113.7) 11.8 (10.4%) Owners of the Parent (84.2) (93.5) 9.3 (9.9%) Non-controlling Interests (17.7) (20.2) 2.5 (12.4%) (1) During the Fiscal Year the Group received from The Walt Disney Company France a 24.5 million fee for the early termination of a lease agreement related to office space located in the Walt Disney Studios Park (2) Due to the full year amortization of our new attraction Ratatouille, to amortization related to other assets and to writeoffs related to renovated assets in the Parks and Hotels (3) Lower interest expense on borrowings which have been reduced as a direct result of the recapitalization and debt reduction plan partly offset by a lower amount of capitalized interest as well as non recurring costs due to the recapitalization plan 9

10 Success of the Recapitalization Plan launched in bn Recapitalization Plan A cash infusion of approximately 420M through capital increases of Euro Disney S.C.A. and its main operating subsidiary EDA The conversion of 600M of debt owed to indirect subsidiaries of TWDC into equity through capital increases of the Company and of its main operating subsidiary EDA Deferral of all amortization payments of loans granted by indirect subsidiaries of TWDC until a revised maturity date in Dec 2024 (previously 2028) Repayment of 250M drawn under the standby revolving credit facilities granted previously by TWDC New single 350M revolving credit facility maturing in December 2023 Improved financial structure and flexibility Reduction of our gross debt by over 40% Improvement of the cash position 10

11 Cash Flow Statement Fiscal Year ( in millions, unaudited) Var. 2015/2014 Beginning Cash and Cash Equivalents (28.7) Cash flow from operating activities (9.1) (1) Cash flow used in investing activities (133.8) (144.9) 11.1 Free cash flow used (64.7) (66.7) 2.0 Cash flow generated by financing activities (2) Cash and Cash Equivalents, end of period (1) Related to higher working capital requirements, including a change in the payment timetable of royalties and management fees partly offset by a one-time incoming cash flow due to the early termination of a lease agreement (2) Related to a 422.8M cash infusion following the Group s and EDA s capital increases made in February 2015 and to 100M drawn under the standby revolving credit facilities granted previously by TWDC, partly offset by 250M repayments on revolving credit facilities formerly granted by TWDC 11

12 Encouraging signs while economic context continues to stabilize Selected markets show an improvement in economic environment Good performance of the UK and French markets in

13 2 Investment Strategy 13

14 Investment at the heart of our business model Guest satisfaction drives long-term pricing and average spending Increased spending supports revenue and cash flow generation, available for investments Need to improve guest satisfaction through investing Recent examples (1) ADR : Average Daily Rate per room 14

15 Positively impacting our key indicators Long term growth in average spending for our Parks and Hotels Parks Guests (in millions) Average Spending per Guest( ) 85.4% 87.1% 84.0% 79.3% 75.4% 79.4% Hotels Occupancy Rate Average Spending per room ( ) 15

16 Pursue our investments Significant investment plan (capex/opex) ahead of our 25 th Anniversary FY 2015 FY FY 2017 Aperçu de certains investissements prévus dans les parcs : Videopolis It s a small world Star Tours Space Mountain Summer Frozen Fun Big Thunder Mountain La cabane des Robinson Jedi Academy Peter Pan s Flight Pirates of the Caribbean Disney s Newport Bay Club Disney's Hotel Cheyenne 16

17 3 Digital 17

18 Managing and leveraging data is critical to success Media consumption and purchasing habits are changing rapidly across Europe The vast majority of consumers now use internet throughout their travel booking journey With Internet and Social Media, the consumer is now «always on» and «in charge» People are no longer just consuming media, they produce information, share it, and use it to influence others Smartphones are fast replacing computers as the first point of contact with digital info At Disneyland Paris, increasing percentage of Marketing & Sales spend in Digital More engaging content to the right person, in the right place, at the right time Better reach and better targeting 18

19 4 Q&A Session 19

20 Thank you