DLP releases results

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Earning My Ears
Joined
Aug 16, 2003
EURO DISNEY S.C.A.

Reports Fiscal Year 2003 Annual Results

(Marne-la-Vallée, November 17, 2003), Euro Disney S.C.A., the operating company
of Disneyland Resort Paris, reported today its consolidated financial results
for the fiscal year ended September 30, 2003.

Revenues for the year decreased 2.1% to total € 1,053.1 million. The reduced
revenues reflect a prolonged downturn in European travel and tourism, strikes
and work stoppages throughout France during the year, combined with challenging
general economic conditions in its key markets, partially offset by the impact
of a full year of Walt Disney Studios Park.

Excluding the impact of the Company's fiscal year 2003 change in accounting
principle for major fixed asset renovations discussed below (the "Accounting
Change"), operating margin (earnings before lease and financial charges and
exceptional items) for the year declined 18.6% to € 143.0 million and the net
loss increased from € 33.1 million to € 45.4 million.

On an as-reported basis, operating margin decreased 24.6% to € 132.4 million
from € 175.7 million in the prior year. After lease and net financial charges
and exceptional items, the Group's net loss totalled € 56.0 million.

The increased loss reflects disappointing revenues, higher direct operating
costs due to the full year operations of Walt Disney Studios Park, and higher
advertising costs during the first semester, partially offset by lower
royalties and management fees following the waiver of the payment of these fees
by The Walt Disney Company ("TWDC") for the last three quarters of fiscal year
2003.

Operating Indicators:

Year ended September 30, Variation

2003 2002 Amount Percent

Theme Park guests (in millions) 12.4 13.1 (0.7) (5.3)%
(1)

Theme Park spending per guest 40.7 40.1 0.6 1.5%
(2) (in €)

Hotel occupancy rate (3) 85.1% 88.2% (3.1)
ppt

Hotel total spending per room 183.5 175.1 8.4 4.8%
(4) (in €)
 

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