magic in action - Euro Disney SCA

Transcription

magic in action
20 0 5 A N N U A L R E V I E W
CONTENTS
04 - 09
2005 Highlights
28 - 39
Theme Parks:
Enhancing the Magic
04 - 09
2005 Highlights
10 - 25
People & Figures
12 - 13
Message from the Chairman
& Chief Executive Officer
14 - 21
Corporate Governance
22 - 25
Key Figures
40 - 51
Resort:
the Complete Experience
26 - 58
People & Action
28 - 39
Theme Parks:
Enhancing the Magic
40 - 51
Resort:
52 - 58
Marketing & Sales:
Making the Connection
euro disney s.c.a. - 2005 annual review
52 - 58
Marketing & Sales:
2005
Highlights
Our Company has had plenty of reasons
to celebrate during 2005. On 17 July, the
original Disneyland® in California celebrated
its 50th anniversary and Disney Parks on
three continents have been celebrating this
remarkable milestone. Back in 1955,
Walt Disney created a unique experience
that is now enjoyed by 100 million visitors
worldwide every year. His tried and tested
formula of innovative family entertainment
is more popular than ever, and,
with the opening of a new resort and an
11th theme park, Hong Kong Disneyland,
on 12 September, is now available
to families in an even wider area.
PanoraMagique
It is now some 53 years since Walt had Imagineer Herb Ryman
produce a sketch of Disneyland that his brother Roy would use
in finding financing for the project. That sketch included a giant
hot-air balloon floating over the Park. In April 2005, that dream
became a reality when PanoraMagique arrived on Lake Disney
at the heart of our Resort. The world’s largest captive balloon,
PanoraMagique rises from its landing platform on the lake and
carries guests 100 metres into the air for a magical view
of Disneyland® Resort Paris as it has never been seen before.
The tethered balloon is a feat of engineering, measuring 73 metres
in circumference and using 1,600 m2 of fabric.
04 - 05
2005 HIGHLIGHTS
Space Mountain:
Mission 2
In April 2005, we celebrated with the opening of Space Mountain: Mission 2,
a complete re-launch of one of our star attractions.
Space Mountain: Mission 2 is a whole new experience. It used to fire guests to
the moon, based on Jules Verne’s story From the Earth to the Moon, but Walt
Disney Imagineering has brought the story right up-to-date by recalibrating
the Columbiad cannon and using the latest images from space. The cannon
now fires the vehicles from the base of the ramp, producing a longer and more
exciting launch, and the vehicles have a new audio system and a specially
written musical soundtrack, which accompany guests as they are catapulted to
the edge of the universe. This thrilling adventure is unique to our Resort.
06 - 07
2005 HIGHLIGHTS
Wishes
Imax
The 50th anniversary of Disneyland® was the motive to celebrate
and share Disney attractions around the globe. While our Moteurs...
Action! Stunt Show Spectacular® was recreated at Walt Disney
World in Florida, we, at Disneyland® Resort Paris, recreated
the spectacular Wishes, a sound and light show that mixes video
projections, fireworks and music, plus the voices of favourite
Disney characters like Jiminy Cricket, Cinderella, Snow White
and Peter Pan®. Launched on 17 July, exactly 50 years after
Disneyland in California opened its doors, and continuing
throughout the peak summer season, Wishes made a fitting
tribute to 50 years of making dreams come true.
In contrast to the nostalgia of PanoraMagique, a feat of futuristic
engineering took place in the Gaumont multiplex at the opposite
end of Disney® Village. April saw the installation of a giant IMAX®
screen and the latest IMAX technology. The 12 tonne, 26 x 15m
mobile screen is the largest in France and the cinema’s superior
sound system delivers high power digital surround sound for an
experience that places audiences at the hub of the action.
The cinema can show 2D and 3D films, and is the first cinema in
France to be equipped with the new IMAX® DMR® system which
enables full-length feature films to be projected in giant format
in high definition. The IMAX cinema completes the Gaumont
multiplex, which already offers 14 screens and seating for
3,400 guests.
08- 09
People & Figures
2005 has been a transitional year for the Company. The finalisation of its financial restructuring with
the successful completion of the equity rights offering demonstrates the continued confidence of its
investors and shareholders in its future. The restructuring was designed to resolve the immediate
and long-term liquidity needs of the Company and provide it with the capital to maintain its existing
assets and finance new investments designed to fuel long-term growth.
2005 also saw the beginning of the implementation of the Company’s growth strategy
and its multi-year investment programme.
The Company achieved record revenues in 2005 and pursued its goal to progressively bring the
Company back to a level of sustained profitability in the coming years, as it continues to leverage
the talent, experience and commitment of its entire team.
This section explains the functioning of the Company’s corporate governance bodies and its key
figures as follows:
Message from the Chairman & Chief Executive Officer
A Description of Corporate Governance Bodies
and Legal Structure
Highlight on 2005 Key Financial
and Stock Exchange Information
10 - 11
PEOPLE & FIGURES
“
Disneyland Resort Paris
has constructed a solid
foundation for its future.
We have all the building
blocks in place for our
growth plan to succeed.
KARL L. HOLZ,
Chairman & Chief Executive Officer,
Euro Disney S.A.S.
”
MESSAGE FROM THE CHAIRMAN
Magic is Something People Make
2005 was a year of transition as
the Company’s financial restructuring
came to its successful conclusion
in February 2005 with the completion
of the 253 million euro equity rights
offering. The equity rights offering
is part of a larger growth plan
to expand the Resort experience
with the addition of three major
new attractions and other
enhancements. The plan already got
underway this year with the launch
of the totally revamped
Space Mountain: Mission 2
and will continue in April 2006 with
the opening of Buzz Lightyear
Laser Blast® in Disneyland® Park,
a new attraction inspired by the
Walt Disney Pictures presentation
of the Pixar Animation Studios
film, Toy Story 2. More attractions
will follow with a new land, based
on a “Toon” theme. This new area
in Walt Disney Studios® Park will
feature even more characters in
2007. And in 2008 the long-awaited
Tower of Terror® will also debut
in Walt Disney Studios.
2005 was also a year of celebration
for Disney Parks and Resorts
worldwide. The original Disneyland
Park in California celebrated
its 50th Anniversary this year
and Disneyland® Resort Paris
participated in the celebrations by
exporting one of its top attractions,
Moteurs...Action! Stunt Show
Spectacular®, to Walt Disney World
Resort in Florida. In return their
fireworks show, Wishes, graced the
night skies above Sleeping Beauty
Castle this summer.
Disneyland Resort Paris has
constructed a solid foundation for
its future. We have all the building
blocks in place for our growth
plan to succeed. Construction has
already begun on the three new
Theme Park attractions. Guests are
discovering an improved experience
in a Disney® Village that looks
better than ever. Val d’Europe is
also growing with new residential
and office programmes available.
Our long-term growth plan will
assure the position of Disneyland
Resort Paris as the number one
family vacation destination in
Europe. As you will see in the pages
of this year’s Annual Review, Euro
Disney S.C.A. is a strong Company
with a promising future. The next
few years will be a time of action
for us as we continue to show the
Disney Difference through the
high-quality family entertainment
we showcase. I think Walt Disney
said it the best himself, “Disneyland
will never be completed. It will
continue to grow as long as there is
imagination left in the world.”
12- 13
PEOPLE & FIGURES
CORPORATE GOVERNANCE
KARL L. HOLZ
The Management Team
From left to right. Sitting: Dominique Cocquet, Béatrice Mathieu-de Lacharrière, Karl L. Holz,
François Pinon, Philippe Gas, Norbert Stiekema.
Standing: Christian Perdrier, Ignace Lahoud, Andrew de Csilléry, Patrick Avice, Federico J. Gonzalez.
DOMINIQUE COCQUET
CHRISTIAN PERDRIER
IGNACE LAHOUD
Senior Vice President
– Development and External
Relations, joined Euro Disney
in 1989 as Manager of Real
Estate Finance. He was
promoted in 1992 to the rank
of Vice President in charge
of Development and External
Relations, and supervised
the doubling of the capacity
of Disney® Village, the
creation of Walt Disney
Studios® Park, the opening
of 2,300 additional hotel
rooms, and the development
of the Val d’Europe
community.
– Parks, Security & Disney
Village, joined the Euro
Disney Group in 1994 in
the position of Vice President
Hotel Operations after
20 years of experience with
the Accor Group. He was
promoted to Senior Vice
President Operations in
1997 where he supervised
Operations in the Parks and
Hotels. In 1999, he took over
the supervision of Supports
Services and in 2002 the
Security at Disneyland®
Resort Paris. In 2005, he took
the additional responsibility
of the management
of Disney Village.
Vice President – Chief
Financial Officer, joined the
Company in October 2005
and was appointed to this
position in January 2006.
He joined Euro Disney in
1991 as a Financial Analyst
and then transferred
to TWDC’s Corporate
Administration team in
Burbank, CA in 1997.
Since July 2001, he served
as Senior Vice President &
Chief Financial Officer for
TWDC in Latin America.
euro disney s.c.a. - rapport annuel 2005
Chairman & Chief Executive Officer, was appointed to this position
in May 2005. Before this date, he served 8 months as President
& Chief Operating Officer. Prior to joining Euro Disney, he spent
8 years with The Walt Disney Company (“TWDC“), where he
was Vice President of Downtown Disney, and then Senior Vice
President of Walt Disney World Operations, before being promoted
President of Disney Cruise Line in 2003. Prior to joining TWDC,
he served in various positions as Regional Vice President for Sky
Chefs Airport Concession, Inc., and President and Chief Executive
Officer of Concession Air, Inc., and also as Vice President of theme
park operations at Knott’s Berry Farm in the United States.
BÉATRICE MATHIEUde LACHARRIÈRE
Vice President – Corporate
Communication, joined
the Euro Disney Group
in 2005. Over the past
23 years, she has developed
her expertise in marketing
and communication
in the pharmaceutical
industry working for major
groups including Glaxo and
Aventis Pasteur. Her most
recent position was Senior
Director Corporate Affairs
and Communications for
the French affiliate of
Bristol-Myers Squibb.
ANDREW de CSILLÉRY
FRANÇOIS PINON
PATRICK AVICE
PHILIPPE GAS
FEDERICO J. GONZALEZ
NORBERT STIEKEMA
Vice President – Strategic
Planning & Revenue
Development,
was appointed to this
position on February 2004.
He started his career as a
consultant with Touche Ross
and Gemini Consulting.
He then joined the Bass
Plc Group (which became
the Six Continents Plc group
and then the Intercontinental
Hotels Group) holding
international roles
of increasing responsibility
within the Strategy division
of this group to finally
become Regional Vice
President Operations,
New Zealand/South Pacific.
Vice President
– General Counsel,
was appointed in April
2004. From 1989 to 1995,
he served as Counsel
at Euro Disney. In 1995,
he joined Solidere,
the Lebanese company
in charge of Beirut
reconstruction, as Senior
Counsel. In 1997, he was
appointed as General
Counsel of EDS France,
before returning in 2000
to Euro Disney as Deputy
General Counsel.
Vice President – Hotels
& Convention Centres,
has more than 25 years
of experience in the
hospitality industry.
He joined the Euro Disney
group in 1990 for the
opening of the Disneyland®
Park where he was part
of the Room Research
and Development team.
From 1992 to 1998, he held
various positions including
Director of Hotel Operations.
In 1999, he left the company
to join the group Citadines.
He then returned in 2001
to his current position.
– Human Resources,
was appointed
in September 2003.
Previously he worked
at Euro Disney from 1991
to 1997. In June 2000,
Philippe was appointed
as Regional Vice President
for Asia Pacific Human
Resources for TWDC.
Prior to this position,
he was Director of
International Human
Resources in Burbank,
California for TWDC.
Vice President – Marketing,
was appointed to this
position in November
2004. He spent 16
years within The Procter
& Gamble group, where
he assumed various
positions as Brand Manager
(Spain) at first, and then
serving for three years at
the European Headquarters
in Brussels and for two years
as Director Marketing
for Procter & Gamble Nordic,
before being promoted
General Manager (Portugal).
Vice President – Sales &
Distribution, was appointed
to this position on March
2004. He has spent the
major part of his professional
life with KLM Royal
Dutch Airlines as General
Manager for Germany.
Prior to this, he held various
managerial functions
for this company in France,
Netherlands and Italy.
14 - 15
PEOPLE & FIGURES
The Supervisory Board
ANTOINE
JEANCOURT-GALIGNANI
He is currently President
of the Board of Directors
of SNA Holding (Bermuda) Ltd
and member of the Board
of Directors of Gecina.
The term of office of
Mr Jeancourt-Galignani expires
at the close of the Annual
General Meeting that will
deliberate upon the annual
financial statements of the
fiscal year ending
30 September 2007.agna at
luptat luptat.
JAMES A. RASULO
He is currently Chairman
Disney Parks & Resorts for
The Walt Disney Company.
Mr Rasulo expires at the
close of the Annual General
Meeting that will deliberate
upon the annual financial
statements of the fiscal year
ending 30 September 2005.
PHILIPPE LABRO
LAURENCE PARISOT
THOMAS O. STAGGS
He was Vice-President
& General Manager of
RTL France Radio. He is
currently Project Director,
Design and Operations of
PhLCommunication SARL
and Vice President of Direct 8.
Mr Labro expires at the close
of the Annual General Meeting
that will deliberate upon the
annual financial statements
of the fiscal year ending
30 September 2007.
She was Chairman & Chief
Executive Officer of IFOP
until September 2005 and
is currently Chairman &
Chief Executive Officer
of IFOP Participations
S.A. and President of the
MEDEF (French Business
Confederation).
Ms Parisot expires at the
He is currently Senior
Executive Vice-President
& Chief Financial Officer and
Chairman of the Investment
and Administrative Committee
of The Walt Disney Company.
The term of office of Mr Staggs
expires at the close of the
Annual General Meeting
that will deliberate upon the
annual financial statements
30 September 2007.
Dr. JENS ODEWALD
He is currently Chairman &
Managing Director of Odewald
and Compagnie GmbH.
Dr. Odewald expires at the
ANTHONY MARTIN
ROBINSON
He is currently Executive
President of Center Parcs
UK Plc. The term of office
of Mr Robinson expires
at the close of the Annual
General Meeting that will
deliberate upon the annual
financial statements
30 September 2007.
Compensation of the Supervisory Board and Corporate Positions and Directorships Held
The aggregate compensation of the Supervisory Board of
Euro Disney S.C.A. paid during fiscal year 2005 was € 121,948.
Compensation for the Supervisory Board members is proportional
to attendance at meetings. For disclosure of the compensation
paid to each member of the Supervisory Board of Euro Disney S.C.A.
individually as well as a complete list of the other corporate
positions and directorships that each holds, see the Euro Disney
S.C.A. Group Management Report. The Walt Disney Company
employees and officers are not paid by the Group for serving on
the Supervisory Board of Euro Disney S.C.A.
16 - 17
PEOPLE & FIGURES
Legal Structure
Euro Disney S.C.A., the holding company
of Euro Disney Group (“The Group”),
and Euro Disney Associés S.C.A.,
the operating company of Disneyland®
Resort Paris, are each a French société en
commandite par actions.
Under French law, the structure of a société
en commandite par actions introduces a
distinction between the gérant, which is
responsible for operating the company,
and the supervisory board, which oversees
the management of the company. The two
other components of the legal structure
of a société en commandite par actions are the
general partners and the limited partners.
THE MANAGEMENT COMPANY (“gérant”)
The role of the gérant of a société en
commandite par actions is to manage the
company in the company’s best interests.
The gérant of Euro Disney S.C.A., Euro
Disney Associés S.C.A. and EDL Hôtels
S.C.A. is Euro Disney S.A.S. (the “Gérant”),
a société par actions simplifiée, which is an
indirect wholly-owned subsidiary of
The Walt Disney Company (“TWDC”).
Mr Karl L. Holz. is the Chairman & Chief
Executive Officer of the Gérant. Moreover,
an Executive Committee has been created
(see pages 14 and 15, “The Management
Team”).
The Supervisory Board
The role of the Supervisory Board is to
monitor the management of the company
in the best interests of the shareholders
and to oversee the quality of the information
communicated to them. The Euro Disney
S.C.A. Supervisory Board Members’ Charter
dictates fundamental obligations to which
the members of the Board must conform.
Three Supervisory Board meetings were
held during fiscal year 2005.
A Financial Accounts Committee, created
in 1997, is composed of three members
of the Supervisory Board, namely, Mr Antoine
Jeancourt-Galignani, Dr Jens Odewald and
Mr Anthony Martin Robinson.
Three meetings of the Financial Accounts
Committee were held during fiscal year
2005 in order to review, on behalf of the
Supervisory Board, the Company’s financial
reporting process and the audit thereof, and
the internal control environment and the
review thereof.
The Financial Accounts Committee also
reviewed the internal and external audit
functions.
A Nomination Committee, created in 2002,
is composed of two members of the Supervisory Board, namely, Mr Philippe Labro and
Mr Thomas O. Staggs. Its role is to propose
candidates as members of the Board.
The members of the Nomination Committee
considered in fiscal year 2005 the nomination
of new members of the Supervisory Board.
The members of the Supervisory Board of
Euro Disney S.C.A. and the members of the
Supervisory Board of Euro Disney Associés
S.C.A. are the same.
The general partners
Towards third parties, the general partners
have unlimited liability for all debts and
liabilities of the company.
The general partner of Euro Disney S.C.A.
is EDL Participations S.A.S. (the “General
Partner”), a French indirect wholly-owned
subsidiary of TWDC. The General Partner
of Euro Disney S.C.A. is entitled to a
distribution each year equal to 0.5%
of Euro Disney S.C.A.’s profit.
The general partners of Euro Disney
Associés S.C.A. are Euro Disney
Commandité S.A.S., a wholly-owned
subsidiary of Euro Disney S.C.A., and
EDL Corporation S.A.S. and Euro Disney
Investments S.A.S., two indirect whollyowned subsidiaries of TWDC (the “General
Partners”). The General Partners of Euro
Disney Associés S.C.A. are entitled to a
distribution each year equal to 0.001% of
Euro Disney Associés S.C.A.’s profit, as
follows:
• Euro Disney Commandité SAS: 82%,
• EDL Corporation SAS: 9%,
• Euro Disney Investments SAS: 9%.
The limited partners
The limited partners are the shareholders.
Their rights are represented by shares which
are identical to shares of a company which
is structured as a société anonyme.
The shareholders are convened to general
meetings of shareholders and deliberate
in accordance with the legal and regulatory
requirements in effect. During each general
meeting, each shareholder is entitled to
a number of votes equal to the number
of shares that he or she holds or represents.
In lieu of attending a meeting in person,
each shareholder may give a proxy to
another shareholder or his or her spouse,
vote by mail, or send to the company
a blank proxy, under the conditions provided
by law and regulations.
Management compensation
Compensation of the Management Company
(Gérant), Euro Disney S.A.S.
In its capacity as Gérant, and as a result
of the financial and legal restructuring of
the Group, Euro Disney S.A.S. is entitled
to annual fixed fees paid by Euro Disney
S.C.A. and annual variable fees (consisting
of a base management fee, a management
incentive fee and a fee payable upon the sale
of hotels, and depending upon the financial
performance of Disneyland® Resort Paris)
paid by Euro Disney Associés S.C.A. in
accordance with Article IV of the by-laws
of Euro Disney Associés S.C.A. Euro Disney
S.A.S. is also entitled to annual fixed fees
paid by EDL Hôtels S.C.A.
During the fiscal year ended 30 September
2005, Euro Disney S.A.S. was entitled to
receive €10,672,000 from Euro Disney
Associés S.C.A., €76,000 from EDL Hôtels
S.C.A. and €25,000 from Euro Disney S.C.A.
Stock Options
The Company’s shareholders have
approved the implementation of four
different stock option plans since 1994
authorising the issuance of stock options
for acquisition of the Company’s
outstanding common stock at a market
exercise price calculated as the average
closing market price over the preceding
20 trading days preceding a stock option
grant.
The options are valid for a maximum
of 10 years from their issuance date and
become exercisable over a minimum
of 4 years in equal instalments beginning
one year from the date of grant.
Upon termination of employment, any
unvested options are cancelled after a
specified period of time.
For further information about stock
options at 30 September 2005, see note 22
of Euro Disney 2005 Consolidated Financial
Statements.
As a result of the financial and legal
restructuring of the Group, the payment
of certain fees due by Euro Disney Associés
S.C.A. to Euro Disney S.A.S. has been
deferred. Thus, the fees normally due in
relation to fiscal year 2005 and payable
during the first quarter of fiscal year 2006,
i.e. € 10.7 millions exclusive of tax, have
been converted into a subordinated longterm debt obligation, payable after the
Group’s senior debt has been repaid.
Compensation of the Members of the
Executive Committee of the Group
The composition and number of members
on the Executive Committee of the Group
varied during the fiscal year 2005. Aggregate
compensation paid to the members during
the period of their tenure on the committee
totalled €6.3 million in fiscal year 2005.
As of 30 September 2005, these same
officers held together a total of 34.5 million
Euro Disney S.C.A. stock options.
18 - 19
PEOPLE & FIGURES
Corporate Organisation of the Group
The legal reorganisation of businesses
between the various entities of the Group
completed in February 2005 as a result of
the financial restructuring of the Group,
had no operational impact on the Resort
and Real Estate segments activities.
Holding company
Euro Disney S.C.A. (the “Company”)
Euro Disney S.C.A. is the holding company
of the Group and is the listed company. The
main asset of the Company is its investment
in 82% of the share capital of its subsidiary,
Euro Disney Associés S.C.A. (“EDA”).
Operating Companies
Euro Disney Associés S.C.A. (“EDA”)
EDA operates Disneyland® Park and
Walt Disney Studios® Park, the Disneyland
Hotel, Davy Crockett® Ranch and
Golf Disneyland® and manages the
real estate segment of the Group.
The remaining 18% of EDA share capital
is held by two indirect subsidiaries of
The Walt Disney Company (“TWDC”):
EDL Corporation S.A.S. and Euro
Disney Investments S.A.S.
EDL Hôtels S.C.A.
EDL Hôtels S.C.A., an indirectly whollyowned subsidiary of EDA, which operates
all of the Hotels except the Disneyland
Hotel and Davy Crockett Ranch, and also
Disney® Village, is structured as a société
en commandite par actions governed
by the same principles as EDA.
The general partner of EDL Hôtels S.C.A.
is EDL Hôtels Participations S.A.S,
a société par actions simplifiée whollyowned by EDA.
Financing Companies
Effective 1 October 2003 (first day of Fiscal
Year 2004), the Financing Companies
described below were included in the
consolidated reporting group
(see paragraph entitled “Principles of
Consolidation” discussed in Note 2 of the
Consolidated Financial Statements).
Phase IA Financing Company
The Phase IA Financing Company, Euro
Disneyland S.N.C., a company incorporated
as a société en nom collectif owns
Disneyland® Park and leases it to EDA.
The partners of the Phase IA Financing
Company are various banks, financial
institutions and companies holding an
aggregate participation of 83%, and Euro
Disneyland Participations S.A.S., a société
par actions simplifiée and an indirect whollyowned subsidiary of TWDC, holding a
participation of 17%. The Group has
no ownership interest in the Phase IA
Financing Company.
The Group is jointly liable for a significant
portion of the indebtedness of the Phase IA
Financing Company (approximately twothirds of the outstanding indebtedness
due under the Phase IA Credit Facility). The
partners are subject to unlimited joint and
several liability for the financial obligations
of the Phase IA Financing Company. The
banks that are parties to the Phase IA Credit
Facility and the CDC with regard to CDC
Prêts Participatifs, have effectively waived any
recourse against the partners of the Phase IA
Financing Company. The Phase IA Financing
Company has generated tax losses due to
interest charges during the construction
period and depreciation expenses from
Opening Day until 31 December 1996.
The legal structure of the Phase IA Financing
Company enabled its partners to take
these French tax losses directly into their
own accounts for French tax purposes.
In return, the partners agreed to provide
subordinated partner advances to the
Phase IA Financing Company at an interest
rate below the market rate. The Phase
IA Financing Company is managed by a
management company, Société de Gérance
d’Euro Disneyland S.A.S., a société par actions
simplifiée and an indirect wholly-owned
subsidiary of TWDC.
Phase IB Financing Companies
The Phase IB Financing Companies are
incorporated as sociétés en nom collectif and
are governed by the same principles as the
Phase IA Financing Company. Each of these
companies (i) rents the land on which the
related hotel or Disney Village, as the case
may be, is located, from EDL Hôtels S.C.A.,
(ii) owns the related hotel or Disney Village,
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as the case may be, and (iii) leases
the related hotel or Disney Village,
to EDL Hôtels S.C.A.
The partners of the Phase IB Financing
Companies are various banks and financial
institutions that are creditors of the Phase
IB Financing Companies. The Group has no
ownership interest in the Phase IB Financing
Companies. EDL Hôtels S.C.A. has
guaranteed all the obligations of the Phase
IB Financing Companies with respect to the
loans extended by their lenders and partners.
The partners of the Phase IB Financing
Companies are normally subject to unlimited
joint and several liability for the obligations
of the Phase IB Financing Companies.
However, the creditors of the Phase IB
Financing Companies have waived any
recourse against the partners of the Phase IB
Financing Companies. The Phase IB
Financing Companies have consistently
generated tax losses primarily due to interest
charges during the construction period and
depreciation expense from Opening Day
until 31 December 1995 with the exception
of Centre de Divertissements Associés
S.N.C., which generated tax losses until 31
December 1998. The legal structure of the
Phase IB Financing Companies enabled
their partners to take these French tax
losses directly into their own accounts
for French tax purposes. In return, the
partners agreed to provide subordinated partner advances to the Phase IB
Financing Companies at an interest rate
below the market rate. The management
company of each of the Phase IB
Financing Companies is EDL Services
S.A.S., a wholly-owned subsidiary of EDA.
Centre de Congrès Newport S.A.S.
Centre de Congrès Newport S.A.S., an
indirect wholly-owned subsidiary of TWDC,
entered into a ground lease with EDL
Hôtels S.C.A. pursuant to which it financed
and acquired the Newport Bay Club
Convention Centre and, when completed,
leased it back to EDL Hôtels S.C.A. with
an option to repurchase such assets.
20 - 21
PEOPLE & FIGURES
KEY FIGURES
Summary of Financial Results in Fiscal Year 2005
As a result of the Restructuring,
substantially all of Euro Disney S.C.A.’s
assets and liabilities were contributed to
an 82% owned subsidiary, Euro Disney
Associés S.C.A. (“EDA”), which has
become the operating company of
Disneyland® Resort Paris. Subsidiaries
of The Walt Disney Company (“TWDC”)
hold the remaining 18% of EDA. The
Restructuring was made effective 1 October
2004 in the consolidated accounts.
Accordingly, the income statement
reflects an allocation of 18% of the losses
from EDA’s consolidated net results for
the fiscal year 2005 to subsidiaries of
TWDC as the minority interests of EDA.
Revenues increased 3% to a record
€ 1,076.0 million in fiscal year 2005,
reflecting increased spending by theme
park visitors and higher real estate
��
development revenues, partially offset
��
by reduced hotel guest spending. Hotel
�� occupancy reached 80.7% and theme
park attendance was 12.3 million.
��
��
��
��
Net loss decreased by € 50.3 million
from € 145.2 million in fiscal year 2004
� to € 94.9 million in fiscal year 2005,
primarily as a result of the Restructuring
�
and reduced exceptional charges.
� Exceptional charges decreased in the
��
��
��
current year due to a one-time gain
from forgiveness of debt by TWDC in
connection with the Restructuring
��
compared to the prior-year write-off of
��
equipment related to an attraction that
is being replaced with a new attraction
��
inspired by the Walt Disney Pictures
��
��
��
presentation of the
Pixar Animation
��
Studios film Toy Story 2, Buzz Lightyear
��
Laser Blast®. Minority interest in losses
��
increased in the current year due to
TWDC’s increased investment in EDA
��
under the terms of the Restructuring.
�
�
��
��
��
Earnings before minority interest,
income taxes, exceptional items,
interest, depreciation and amortisation
(“EBITDA”) decreased from € 122.9
million to € 117.1 million, reflecting
increased operating costs, primarily due
to increased labour costs, partially offset
by revenue growth. Increased labour
costs primarily reflected an increase
in wages, including the impact of an
increased French minimum wage and
a reduction in subsidies related to the
early implementation of the 35-hour
work-week. As a percentage of revenues, EBITDA was 11% in fiscal year
2005, and 12% in fiscal year 2004.
The Group generated € 18.4 million of
operating cash flow in fiscal year 2005
despite the net loss, since a portion
of the operating expenses consist of
non-cash depreciation and amortisation
charges. In comparison to the prior year,
operating cash flow decreased
��
€ 106.2 million, reflecting the cash
��
payment of fiscal year 2004 royalties
and management fees, as well as the
��
payment of 2004 accrued interest
��
��
on the
Caisse des��
Dépôts et ��
Consignations loans for Walt Disney Studios,
��
both of which had been contractually
��
deferred to fiscal year 2005.
��
As of 30 September 2005, the Group
� cash and cash equivalents of
had
��
��
��
€ 287.7 million, including € 48.3 million
belonging to the consolidated financing
companies. Based on existing cash,
��
liquidity from the undrawn
��
€ 150.0 million line of credit from
TWDC, and provisions for the
��
unconditional and
conditional
deferral
��
��
��
of
certain
royalties
and
management
��
fees and interest charges pursuant to
the Restructuring, management believes
��
the Group has adequate cash and
liquidity for the foreseeable future.
��
The
� Group has covenants under its debt
��
��
��
agreements that limit investment and
financing activities. Beginning with fiscal
year 2006, the Group must meet
financial performance covenants that
will necessitate earnings growth.
Under the terms of the Restructuring,
the Group now has the opportunity to
pursue a strategy designed to attract
new theme park visitors and hotel
guests, and to increase visitation by
improving guest satisfaction and value
perception with an expanded multifaceted € 240 million development plan.
This plan includes the development
of Buzz Lightyear Laser Blast®, a new
“Toon” themed land in Walt Disney
Studios® Park and the Tower of Terror®.
Theme parks attendance
(in millions of visits)
Breakdown of
attendance by
country of
origin in 2005
FRANCE 39%
UNITED KINGDOM 20%
SPAIN 9%
��
��
15
100
12
12.3
12.4
80
12.4
9
60
6
40
3
20
0
2005
2004
0
2003
80.7%
80.5%
2005
2004
85.1%
2003
NETHERLANDS 8%
BELGIUM / LUX. 7%
GERMANY 5%
ITALY 3%
The Group will be adopting
International Financial Reporting
Standards (“IFRS”) in fiscal year 2006.
Upon adoption, the Group will prepare
an opening balance sheet under IFRS
��
prepared as
if the Group had adopted
IFRS at the beginning of fiscal year 2005.
��
Based on the Group’s analysis to date,
the Group��
anticipates that IFRS will
change certain line item classifications
and disclosures
in the Group’s financial
��
statements. Additionally, the depre��
ciation method
for fixed assets will be
changed to reflect the depreciable lives
��
of predefined components. The Group
will cease to accrue and expense
��
the costs of major renovations in
advance, but
��
��
�� will instead recognize
the capitalisable fixed asset compo�
nents and non-capitalisable
expenses
��
of major renovations when incurred.
With regard to the Group’s income
statement for fiscal year 2006, the impact
of the change to IFRS is not expected
to be material.
The Company will file a special report on
the impact of the conversion to IFRS
with its Financial Report and Reference
Document for Fiscal Year 2005.
Hotel occupancy
(in %)
OTHERS 9%
Theme parks average spending
per guest(in euros excluding VAT)
Average spending per room
(in euros excluding VAT)
200
50
40
44.3
42.7
40.7
179.1
186.6
183.5
2005
2004
2003
150
30
100
Breakdown
of revenues
by activity
in 2005
20
50
10
0
2005
2004
0
2003
THEME PARKS 51.1%
HOTELS AND
DISNEY VILLAGE 36.7%
OTHERS 9.6%
In million euros
REAL ESTATE 2.6%
Breakdown of
visitors by
transportation
in 2005
CAR 53%
PLANE 17%
��
TRAIN��
14%
Revenues
ebitda**
Income / (loss)
before financial charges
Net financial charges
Loss before exceptionnal items
and minority interests
Net loss
Cash flow from
operating activities
Borrowings
Shareholders’ equity
and quasi-equity
Minority interests
2005
2004
2003
pro-forma*
1 076.0
117.1
(26.9)
1 048.0
122.9
(23.9)
1 046.8
181.6
32.1
(87.9)
(114.8)
(105.7)
(129.6)
(111.2)
(79.1)
(94.9)
(145.2)
(58.3)
18.4
124.6
124.7
1 943.4
295.7
2 052.8
(59.9)
2 448.4
85.6
106.3
339.6
(41.3)
COACH 6%
SUBURBAN TRAIN 10%
*reflects pro forma impact of consolidation of financing companies
**earnings before minority interest, income taxes, exceptional items, interest, depreciation and amortization
��
��
��
��
��
��
��
22 - 23
PEOPLE & FIGURES
KEY FIGURES
�
��
��
��
��
��
��
Stock Information
Market capitalisation
Nominal value
Number of shares
Market places
Fiscal Year
Number of shares
as of 30 September
(in millions)
0,01 euro per share
3,897,649,046 shares as of 30/09/05
Paris
London (until 31 October 2005)
Brussels (until 30 September 2005)
��
��
Main codes
Reuters
��
Bloomberg
��
ISIN
EDL.PA
EDL.FP
FR0000125874
��
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��
��
��
��
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high (in euros)
��
low (in euros)
0.19**
0.10**
0.64
0.22
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Shareholders Club
��
��
��
�
Since its creation
on 15 November 1995, the
Euro Disney S.C.A. Shareholders Club has aimed
�
at strengthening the Company’s relationship
with its shareholders
and keeping them regularly
�
��
��
��
informed about Company news. Shareholders
Club members can call the special free line from
France, Germany, the United Kingdom, Belgium,
the Netherlands, Spain and Italy, which provides
information on all aspects of the Company and
��
the Shareholders
Club*. Shareholders Club
��
members can also find the most recent Company
��
news including
the share price quotation on the
Shareholders Club
section��
of the website
��
��
��
www.eurodisney.com,
from where they can also
apply to the Shareholders Club. In addition to
�� Shareholders’ Guide which
the Individual
provides them with more information about the
Company’s��shares and their rights as
shareholders, a regular Shareholders Club
Newsletter �provides up-to-date information on
��
��
��
the Company as well as the latest Disneyland®
Resort Paris and Shareholders Club news.
Over the past ten years, the Shareholders Club
has proposed ever more advantages and
privileges at Disneyland Resort Paris. Among
a host of special services, Shareholders Club
members benefit from significant reductions on
admission tickets, including Annual Passports,
for the Disneyland® Park and Walt Disney
Studios® Park. Shareholders Club members
benefit from a priority booking service
(+33 1 60 30 60 72) to organise their trip to
Disneyland Resort Paris and benefit from
reduced rates at the Resort’s® hotels.
Discounts are also available at Disneyland
Resort Paris boutiques, Disney Stores® throughout Europe and at the Vallée Outlet Shopping
Village of Val d’Europe, as well as at table – and
buffet – service restaurants of the Disney Parks,
Hotels and Golf. In addition special rates are
offered on green fees at Golf Disneyland® and
on tickets to Buffalo Bill’s Wild West Show®.
Aerophile SA offers shareholders a special rate to
discover Disneyland Resort Paris from the air in
the tethered balloon PanoraMagique.
��
��
��
��
��
��
��
��VIPs, Shareholders Club members are
As
welcome to start their day at the Parks at Salon
��
Mickey, where a complimentary continental
breakfast
awaits them in a charming Victorian
�
��
��
��
setting. A Cast Member is on hand to welcome
members and help them to take full advantage
of their day in the Parks.
Shareholders Club members can discover some
��
of the secrets of both Disneyland Park and
��
Walt Disney Studios Park through guided tours,
��
and can also view Resort project developments
during visits to Val d’Europe.
��
��
��
��
��
��
��
�
��
��
��
��
��
Finally, to bring them even ��
closer to the Disney
magic,
special
events
are
organised
for
��
Shareholders Club members, including Disney
��
film previews and screenings when they can meet
the Characters, and new attraction launches such
��
as the spring opening of Buzz Lightyear Laser
®
Blast
, a new attraction inspired by the
�
��
��
��
Walt Disney Pictures presentation of the
Pixar Animation Studios film, Toy Story 2.
2005, which marked the tenth anniversary of the
Shareholders Club was really special. Our efforts
in communication were rewarded when our
Company received 2nd prize in the Fils d’Or
attributed to the Best Shareholders Services
among French listed companies by
La Vie Financière magazine in association with
Synerfil (SBF 120 excluding CAC 40)!
The award represented an important professional
recognition and is a real testament to our
determination to offer quality services.
If you require further information, please call the
Shareholders Club hotline at 00 800 64 74 56 30
or check our website www.eurodisney.com
��
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*00 800 64 74 56 30 and from other coutries,
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call +33 1 64 74 56 30
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*based on share price at closing
**share price adjusted for dilution impact of Equity Rights Offering in February 05
��
��
��
0.71
0.35
��
��
��
��
��
Share price*
��
��
��
2003
1,056
Market capitalisation 507
347
634
as of 30 September
(in
million euros)
��
��
��
��
2004
1,083
��
��
��
��
2005
3,897
��
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Identification sheet of euro disney s.c.a. share
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24 - 25
��
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People & Action
��
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Following our successful restructuring in 2005 and the launch of our long-term growth plan we have
developed strategic priorities that will help us to achieve our goal. These priorities touch all areas
of our operation.
These strategies are specifically designed to offer an ever expanding and ever more appealing
experience to new and repeat visitors alike.
In the following pages, we will explain these priorities more fully under 3 major headings:
action in the Parks, action in the Resort and action in Marketing & Sales.
Theme Parks: Enhancing the Magic
Resort: the Complete Experience
Marketing & Sales: Making the Connection
26 - 27
PEOPLE & ACTION
Theme Parks:
Enhancing the Magic
Action in the Parks can be described as follows:
• We are revitalising the Disneyland® Park experience. In 2006, Buzz Lightyear Laser Blast®*
will add a whole new dimension to the guest experience with its interactive format.
• We are enhancing the Walt Disney Studios® Park experience by adding colour and atmosphere,
and by building new attractions in 2007 and 2008 which will appeal to both younger children
and their families.
• We will continue to leverage on our seasonal events and our unique shows, and encourage repeat visitation.
* a new attraction inspired by the Walt Disney Pictures presentation of the Pixar Animation Studios film, Toy Story 2.
28 - 29
PEOPLE & ACTION
THEME PARKS
Social and environmental responsibility
Nature, horticulture
and wildlife
Christmas Parade and the Enchanted
Fairytale Ceremony starring our Disney
Princesses, guests are swept up in
the emotion of this most magical of
seasons. Halloween, when the Disney
Villains come to the fore, is also a firm
favourite. The Villains are out and
about, ready to scare but equally ready
to pose for a souvenir photograph. In
2005, there was a choice between Pink
Witches and Pumpkin Men, as they
interacted with guests and battled to
claim Halloween as their own.
Kids’ Carnival is particularly aimed at
our younger guests, who get to join
with the animals and characters from
Disney’s The Jungle Book in a crazy
parade. Fans of The Little Mermaid
are also in for a treat when Ariel®,
Sebastian® and friends take to the
streets in a festival of fish, bubbles
and calypso rhythms. And we can’t
forget the magic of the summer,
when Winnie the Pooh®, Tarzan and
The Lion King® all tell their stories
on stage and the unique Disney’s
Fantillusion Parade thrills guests
with its story of good versus evil. The
last word on summer nights goes to
more Disney characters in the sound
and light show Wishes, when one by
one they make a wish and prove that
dreams really do come true in the
wonderful world of Disney.
Disneyland® Park:
a World of Enchantment
The magic of Disney Parks is known and loved by millions, and in the
timeless Disney tradition we continue to find new ways for families
and friends to share the excitement and emotion of this enchanting world.
Our guests are our inspiration and we strive to meet their expectations
of a new and magical experience each time they visit.
OUR
guests appreciate being able
to have a different experience
every time they visit the Resort. Summer
or Christmas, Halloween or Carnival...
each has its own special appeal. Our
seasons are an integral part of the entertainment we offer. Our Characters, too,
are a fundamental part of the experience
and as important as any of our other
attractions, if not more so. They are
one of the elements that produce high
rate of satisfaction with our guests.
Disneyland® Resort Paris is where the
Disney characters live, work and play.
This is the place where children of all
ages can meet and interact with their
favourite characters and see them in the
parades and shows that form a major
part of our seasonal offerings.
““
Christmas is now the season that
attracts the most repeat visitors to
Disneyland Resort Paris. From the
sparkle of snow falling on Main
Street, U.S.A. ® to the glittering
We study every detail of our costumes to make them
completely authentic. Each fabric and each accessory
tells a story and immerses guests in our world.
Sue Lecash, Creative Costuming, Senior Manager & Designer
”
Trees, plants and green spaces
all play an important role
at Disneyland® Resort Paris,
adding to the stories we tell,
to the beauty of the area and
to the relaxing environment.
Throughout our 155 hectares
of natural and planned
landscaping, our horticulture
department looks after 330,000
trees and shrubs, and they plant
some 400,000 flowers every
year. Rare permanent plants are
catalogued and given individual
care; trees are pruned for their
health, shape and role in
the show.
biological treatments are used
whenever possible. Disneyland
Resort Paris is a pilot site for
new biological methods, and
cooperates in a programme
with the University of Rennes
that studies destructive insects.
When pesticides are necessary,
a specific filtration system is
used to treat the water used
in rinsing the pesticide tanks
in order to limit pollution.
Most of our motorised
gardening equipment (lawn
mowers, hedges-cutters,
blowers...) runs on bio-fuel
to limit emissions and the
pollution of air and soil.
Many species of birds and
animals have made their
homes on our site. While
most are more than welcome,
humane methods are used
to relocate those becoming
troublesome. We do our utmost
to be environmentally friendly
in all our actions. The use of
chemical pesticides is limited;
30 - 31
PEOPLE & ACTION
THEME PARKS
BUZZ
©Disney/Pixar
Guests are propelled into the heart
of an action-packed adventure,
enlisted as Space Rangers by Buzz
Lightyear® to help him overcome the
Evil Emperor Zurg and save the toy
universe. Zurg’s plan for universal
domination involves creating an army
of robots and stealing the universe’s
supply of batteries to power them. The
newly enlisted Space Rangers board
two-seater Space Cruisers equipped
with laser cannons and a joystick
that allows them to spin through
360°. Firing at a multitude of targets
as their vehicle chases Zurg through
various space scenes, guests total up
individual scores which, at the end,
will define their proficiency level in
the Space Ranger rankings. This
imaginative adventure will provide
endless fun for families and friends as
they complete for the highest scores,
and is sure to become a firm favourite
with guests of all ages.
“
©Disney/Pixar
Lightyear Laser Blast®,
one of the most exciting
and popular attractions in the Disney
portfolio, will launch in Disneyland®
Park in April 2006. Inspired by the
Walt Disney Pictures presentation
of the Pixar Animation Studios film
Toy Story 2, this totally interactive
attraction combines the fast-paced
energy of a video game with the
power of Disney story-telling.
The first version of this attraction,
Buzz Lightyear’s Space Ranger Spin,
opened in the Magic Kingdom at Walt
Disney World in 1998. This first truly
interactive attraction proved to be so
popular that it has now been added to
every Disney Park location worldwide.
Imagineers have used a combination
of the latest Audio-Animatronics®
technology with projections and
synchronised animation to bring
this adventure to life. Guests find
themselves in a brightly coloured
toy universe with Buzz Lightyear
personally asking for their help in
the challenge to overcome the evil
Emperor Zurg. Who could resist?
As an interactive attraction, Buzz
Lightyear Laser Blast will be an
important addition to the variety of
entertainment offered to families at
Disneyland® Resort Paris. It is the
first of three new major attractions
opening at Disneyland Resort Paris
before 2008.
Video games, the Internet – technology is making our world more and more
interactive. Buzz Lightyear Laser Blast is going to give our guests the chance
to have an experience that changes each time they go on the ride. They will
be the real heroes in this story!
Peter Mc Grath, Imagineering, Director Creative Development & Show Quality Standards
”
32 - 33
PEOPLE & ACTION
THEME PARKS
Energy
Management
only place where you can meet new
Disney characters, and in the past
year guests have had “Meet & Greet”
opportunities with The Incredibles
and Chicken Little. For the latter, the
town of Oakey Oaks was brought
to life in Animation Courtyard ® .
Painted in scenic paint, rather
than produced by digital printing
techniques, the scene stays true to
the look of the film, and Chicken
Little and his friend Abby Mallard
are on hand several times a day to
sign autographs and to have their
pictures taken with fans. The most
recent film from Walt Disney Pictures
is The Chronicles of Narnia: The
Lion, The Witch and The Wardrobe.
Immediately following its European
release in December, guests could
meet The White Witch character in
the glacial setting of her throne. This
set, in Backlot, and the Chicken Little
set will remain features of the Park
for 2006.
Walt Disney Studios® Park:
Step Through the Looking Glass
Walt Disney Studios Park is a hive of activity and there’s a feel
of innovation in the air. There’s more colour, more action and plenty
of construction as the Park prepares for new attractions and new
family experiences.
As
a real production studio as
well as a Disney Park, Walt
Disney Studios Park has the look
and feel of a contemporary real
world studio.
The Walt Disney Studios Park
enhancement is taking various
forms, all of which enliven the
guest experience. Guests will see
even more activity in the streets:
lively “film sets” and shows provide
entertainment for all, while new
billboards and posters give a more
colourful and vibrant aspect to
the Park. The 38 poles along the
Parade route now feature artwork
from Disney films, both animated
and live-action. Walt Disney Studios
“
Walt Disney Studios Park is gearing
up for the arrival of a new land
and new attractions, already under
construction, which will open in
2007 and in 2008. These new
Park is where new and upcoming
releases come to life; the French
premier of the film Chicken Little
took place in CinéMagique in
November. It has become the
Streetmosphere brings Walt Disney Studios Park
to life. At the snap of the fingers, you become
an actor or a stage hand. Anything can happen,
that’s the magic of the silver screen.”
Kat de Blois, Entertainment, Show Director
”
Disneyland® Resort Paris is the
largest single private service
industry consumer in France,
so we are always studying
ways to manage our energy
needs and to be proactive in
our search for environmentally
friendly solutions. Daily
readings of water, gas and
electricity allow us to analyse
our consumption and quickly
rectify any anomalies.
We sensitise our Cast Members
to energy consumption through
information and awareness
days, and award a trophy to the
Maintenance team that makes
the largest contribution in the
year to energy conservation.
From 1st January 2006, our
Company will commit through
Electricité de France to buying
15% of its electricity needs
from renewable resources, by
choosing the “kWh Balance”
option, guaranteed by the
green certificates delivered
by Observ’ER: Renewable
Energies Observatory, a
French independent institute.
This will be equivalent of the
consumption of a large regional
hospital. We are also taking
account of environmental
issues in our construction
policy, seeking out specialised
advice in order to optimise
design and internal layout in
terms of energy conservation
and environmental standards.
34 - 35
PEOPLE & ACTION
THEME PARKS
Art of Disney Animation, Animation Courtyard®,
Walt Disney Studios® Park .
Animagique®, show in Animation Courtyard®, in Walt Disney Studios® Park.
adventures, some of which are in
a whole new area of the Park, will
enhance the variety of experiences
for guests, including those with
younger children.
Once more the creative minds of
Disney Imagineers are living up to
the name coined by Walt Disney
himself – “Imagineer” means
engineer of the imagination. They
have been developing brand new
ideas and are using the latest
technology to create magical
attractions that will be unique to
Disneyland ® Resort Paris. Based
on a “Toon” theme, the new area
of the Park will feature even more
characters, who are the cast and
crew of their own working studio.
Guests will be able to take part in
scenes from well-known animated
films such as the highly popular
Finding Nemo and the next Disney/
Pixar release Cars*. The first of
these is a thrilling combination that
starts as a dark ride in the beautiful
underwater world of Nemo and
turns into a roller coaster ride when
Nemo meets Squirt the turtle and
gets carried off in a spinning ride
in the East Australian Current. The
second is a wild road rally, where
guests of any age can board a car
and set off on a crazy ride through
the town of Radiator Springs.
Construction is already underway for
an attraction that will surely become
equally popular, the iconic Tower
of Terror ®. Already a blockbuster
attraction in other Disney Resorts,
the attraction will be unmissable,
not only for its monumental
architecture and central position,
but also for its dramatic storyline
and sensational effects. Entering
the lobby of an abandoned hotel
with a mysterious past – in the
1920’s a group of the hotel’s guests
disappeared without trace – guests
“
Tower of Terror®, attraction planned to open
during fiscal year 2008.
take the lift to the upper floors.
Little by little the story of what
happened to the hotel guests is
revealed, before the climax of the
story sends guests plummeting... to
the ground? Perhaps not at first!
*Walt Disney Pictures presentation of the Pixar
Animation Studios films.
Our show is the only one like it in Europe. Our stunts
surprise audiences every day and the enthusiastic
response we get from them makes us push ourselves
to do our best every day, during every show.
Mickaël, team leader of the attraction Moteurs...Actions! Stunt Show Spectacular®
”
36 - 37
PEOPLE & ACTION
THEME PARKS
Corporate Culture
“You can dream, create, design and build
the most wonderful place in the world,
but it requires people to make the dream
become a reality.”
Walt Disney
We are a young and multi-cultural company: the average
Cast Member (employee) is 33 years of age and comes
from France or the European Union, but our workforce
represents over 100 nationalities and speaks 19 languages.
Our recruitment process takes into account the differing
nationalities of our guests, who come mostly from the
European Union, but increasingly come from developing
markets further afield.
Over 90% of our average annual workforce of 12,295 Cast
Members have permanent contracts and the turnover in
our staff is constantly declining. Some 51% of employees
have now been with the Company for over 5 years. This
loyalty to the Company can be attributed to a variety of
reasons: the appeal of the Disney brand, an affinity with the
Company’s values and the opportunity to work in a multicultural environment. Other factors include the training
opportunities, the diversity of trades and disciplines, and
professional development and mobility within the Company.
Rock’n’Roller Coaster starring Aerosmith, Backlot in Walt Disney Studios® Park.
In Walt Disney Studios ® Park, the
secrets of animation, television
and cinema are revealed through
the magic of Disney imagination
and storytelling. While Disneyland ®
Park makes fantasy real, Walt
Disney Studios Park makes the
real fantastic. In this unique
environment, guests discover the
magic by venturing “through the
looking glass” of entertainment
and discovering how it’s done,
experiencing surprise, suspense
and thrills along the way. It is the
perfect foil for the Disneyland
Park, providing different kinds of
experiences for guests and giving
them reasons to stay longer.
The Park is already living up to our
expectations, housing two of the
five most popular attractions in
the Resort, Rock’n’Roller Coaster
starring Aerosmith and Moteurs...
Action! Stunt Show Spectacular ®.
The latter was even exported to
Walt Disney World in Florida as part
of the 50th anniversary celebration
for Disneyland ® in California.
Satisfaction rates for Walt Disney
Studios are high and increasing,
thanks to the implementation
of various initiatives like the
“Streetmosphere” which animates
outside areas and the opportunities
to meet and greet with Disney
Characters, particularly those
from the latest films. The Park
Hopper ticket has also helped the
perception of the Park as guests
have been able to visit it and
appreciate it along with Disneyland
Park for a specially priced ticket.
The enhancement and diversification
of Walt Disney Studios Park is the
right strategy for our Company. As
in other Disney Resorts, a second
Park complements the first,
encourages guests to spend more
time here and gives our guests a
true Resort experience.
Cast Members can benefit from an ambitious training
programme; an average 4% of the payroll (legal minimum:
0,9%) is dedicated to an extensive range of apprenticeships,
developmental courses and long and short-term modules.
Their in-depth training gives Cast Members an excellent
chance to evolve within the Company – 60% of our directors
were recruited internally – as well as giving them
a well-known “calling card” as they progress in their career.
Our Company represents both an exceptional educational
experience and a true springboard for a career in tourism
and entertainment, a fact reflected in the more than 70,000
spontaneous job applications that are received every year.
Health & Safety
We are always seeking to improve the health and safety
of Cast Members in the workplace. Frequent audits are
taken of procedures regarding hazardous materials and
their transport, storage and use. Cast Members were
made more aware of health and safety issues both for
themselves and for our guests through a “Prevention
in Action” day, which highlighted the risks in their
workplace and the measures that could be taken to
prevent incidents and accidents.
Created in 1999, the Castmemberland programme aims
to study and improve Cast Members’ working conditions.
Autonomous and independent, the Castmemberland
team intervenes on very practical aspects such as
catering, costumes, transport, accommodation,
backstage or social work.
“
With so many nationalities and
jobs, we gain positively from
those around us every day.
Samuel, First Aid manager at Baby Care Center
”
38 - 39
PEOPLE & ACTION
Resort:
Action on the Resort: we will build on our Resort offers, by focusing on the advantages and differences
of the Disney® hotels, capitalising on their proximity to the Theme Parks, their special attractions
such as Character breakfasts and their role in the Resort experience.
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40 - 41
PEOPLE & ACTION
RESORT
A Complete and Unique Holiday
Destination
None of it would exist without the Disney Parks, but the Parks are just
a part of the huge range of entertainment and services that guests
can enjoy at Disneyland® Resort Paris.
Our
guests come to the Resort
for the magic of Disney.
They come to see their children
enchanted by the Disney characters,
to live out their Wild West dreams or
even to be blasted to the edge of the
universe. Here they can be kids again
and revel in the excitement along
with their own children and
grandchildren. Thanks to our heritage
of story telling, our attention to detail
and our creative expertise, our guests
can believe in their surroundings and
lose themselves in another world, a
world of fun, of sharing emotions
and of building lasting family
memories.
Disneyland Resort Paris has
become the number one European
Resort destination, with more than
160 million visits since opening in
1992, because it offers much more
than “just” the Parks. Now clearly
a multi-day destination, guests
can choose from a wide variety
Golf Disneyland® aerial view
of entertainment, shows, dining,
shopping and sporting activities,
with something for everyone in the
family. Staying close to the Parks
in a uniquely themed Disney hotel,
guests can unwind in quality
surroundings, enjoying outstanding
service. They can take their time to
discover the wide variety of facilities
we offer outside the Parks: the
spectacle of Buffalo Bill’s Wild West
Show ®, the adventure of a forest
trail through the tree canopy at
Davy Crockett® Ranch or a relaxing
massage at their hotel, to name but
a few. They can enjoy the shopping,
dining and entertainment possibilities
in the newly refurbished Disney ®
Village, explore the International
Disney’s Hotel New York® indoor swimming pool
“
The fun doesn’t stop at the entrance to the Parks.
Even in the Hotels or at Disney Village, we all have
the same desire to meet the needs of our guests.
Paulo, Disney’s Hotel New York® luggage handler
””
42 - 43
RESORT
PEOPLE & ACTION
Managing Waste,
Water and Pollution
that every detail will enchant our
guests, from the cowboy boot table
lamps in Disney’s Hotel Cheyenne®,
to the natural rock spring setting
of Disney’s Davy Crockett® Ranch
swimming pool. These details, along
with our sense of service, are what
make “The Disney Difference”, that
unique experience that guests will only
find at our Resort.
Once settled in their hotel, guests can
take their time and decide on what to
do next. There really is something for
everyone! If it is time to eat, there is
a choice of 68 different food locations
throughout the Resort, ranging from
a quick bite from a food cart to a
delicious four-course meal prepared by
a top chef in a table service restaurant.
If meeting Disney characters is high
on the wish list, guests can choose
from several locations where the
Characters are present and interacting
with guests during mealtimes.
Disney® Store boutique entrance
in Disney® Village.
Shopping Mall and La Vallée Village
outlet mall or even be in Paris within
35 minutes. Disneyland® Resort Paris
has more things than ever to offer
– more opportunities to relax, to have
fun, to share new experiences, to
enjoy quality service, and to discover
new worlds.
The Disneyland Resort Paris
experience is an experience like
no other in Europe. We offer two
Disney theme parks, seven Disney
themed hotels with a total of 5,800
rooms, numerous live shows, a
vast array of shopping and dining
possibilities, a choice of sports
“
Inside view of the Steakhouse Restaurant in Disney® Village.
facilities, and both daytime and night
time entertainment. The quality of
our service is renowned worldwide
and the quality of our entertainment
offering is second to none. We have
everything it takes to make a holiday
exciting, relaxing and enjoyable for
the whole family.
When guests stay in a Disney
Hotel, they are staying right at the
heart of the magic. Arriving at their
Hotel guests cannot fail to miss
Disney® Village, the shopping, dining
and entertainment centre between
the hotels and the Theme Parks.
This area has been evolving, with a
new public car park, improved access
and added lighting and landscaping,
themed hotel, they are immediately
transported to another world where
their everyday cares are easily
forgotten. They are surrounded by
the magic of Disney storytelling
and are in a New England resort,
1930’s New York, a Wild West town,
a pioneer village, a National Park
lodge, a southwest pueblo town or
a luxurious Victorian resort hotel.
Disney Imagineering has ensured
Cowboys, Native Americans, appaloosas, quarter horses, bisons – everything
in our dinner show is real. We have already brought the conquest of the
Wild West to life for millions of guests and we’re proud of it.
Eva Barington, Buffalo Bill’s Wild West Show, Show Director
”
With more than 12,000 employees
and our average of 35,000 guests
per day, Disneyland Resort
Paris can be compared with a
town of 44,000 inhabitants.
Environmental issues are therefore
important. Recycling plays a major
part in our environmental efforts.
We sort and recycle almost 39%
of our non-hazardous waste,
including paper, cardboard, glass,
cooking oil, scrap metal, green
wastes and animal manures.
Our Operations Environmental
Department has a detailed
strategy for hazardous industrial
waste, providing suitable means
of sorting, storage and disposal
and ensuring the quality of final
treatment. For example, over
the last year, and in the light of
new governement regulations,
the recycling of batteries,
printer cartridges and electronic
equipment has been the object
of various studies to optimize
recovery.
A follow-up analysis and control
of the different uses of water and
the discharges linked to the site’s
activities are carried out internally.
Our Operations Environmental
Department conducts the
equivalent of 20,000 physicalchemical and bacteriological
analyses per year on the different
ornamental streams, storm drains
and waste waters.
We take various measures
to prevent the discharge of
dangerous substances into the
water systems and to limit the
use of chlorine in the treatment
of ornamental streams, favouring
biological and physical methods.
We are also concerned with air
pollution and are reducing our
greenhouse gas emissions.
A third of our pool of vehicles is
electric. On a wider scale we also
encourage car pooling among
Cast Members for their transport
to and from work.
44 - 45
PEOPLE & ACTION
RESORT
which produces a warmer and more
welcoming atmosphere. Some of
the over-sized promenade poles
have also been removed to open
up the central part of the Village.
A new games arcade has recently
opened next to the Gaumont cinema
complex, providing a range of family
activities from fun-bowling (smaller
than traditional 10-pin bowling), car,
motorbike and disco simulators, pool
tables and top-of-the-range video
games, as well as a play area for
younger children. At the Lake Disney
end of the Village guests can now
take to the air and see Disneyland®
Resort Paris as it has never been seen
before. PanoraMagique, the world’s
largest captive balloon, rises 100
metres for a breathtaking view over
the resort and beyond.
For the sporting members of the
family, Disneyland Resort Paris offers
something all year round. Indoors,
there are swimming pools in five of
the hotels, four of which have health
and fitness centres featuring saunas,
steam rooms and gym equipment.
Outdoors, there are tennis courts,
the 27-holes Golf Disneyland ® ,
themed children’s play grounds and
a range of activities at Disney’s Davy
Crockett ® Ranch, including pony
rides, bicycle rentals and archery.
Also at the Ranch, our latest sporting
“
Davy’s Crockett Adventure at Disney’s Davy Crockett Ranch®.
addition provides a challenge at five
different levels of difficulty. Davy
Crockett Adventure is a forest trail
set in the tree canopy, where visitors
advance by the use of ropes, swings
and slides. For the less adventurous,
a massage at one of the Hotel health
clubs might be more in order!
the bill. Both a traditional shopping
mall and a factory outlet village, Val
d’Europe offers a wide choice of
goods ranging from perfume and
jewellery to fashion. And talking of
fashion... Paris, with all its shops,
monuments and museums is only
35 minutes from the Resort.
With all the recreational facilities
already on site, our guests never
need to leave it. However, if they find
themselves with some free time, a
spot of shopping at the International
Shopping Mall at Val d’Europe may fit
Davy Crockett Adventure is a breath of fresh air and a series
of thrills in a forest setting. It’s a great way to get in touch with
nature, to experience the Resort in another way.
Tomas Feier, Disney’s Davy Crockett Ranch, Director
”
46 - 47
PEOPLE & ACTION
RESORT
Making Dreams Come True
in the Community
visitors and residents alike. New public
facilities to be added in this area in the
coming years include an international
high school and the new Marne-la-Vallée
hospital. A new mediatheque will open in
Val d’Europe town centre in 2006.
In terms of business accommodation, Val
d’Europe provides two solutions. Firstly, the
town centre provides office space geared
to companies wishing to be close to public
transport and other services. Secondly, the
Arlington Business Park, next to the A4
motorway, provides accommodation for
companies who need larger office space
and cutting-edge technology. Now passing
its first anniversary, Arlington Business
Park continues to expand its services
and attract new businesses. In the past
three years, Val d’Europe has developed
65,000m2 of office space and some
40 national and international companies
have installed themselves here, drawn
by choice of accommodation, value for
money, moderate rates and charges,
transportation links, an impressive and
growing labour pool and an exceptional
working environment.
A Unique Place to Work
Now halfway through its planned development, Val d’Europe is living proof
of the success of the partnership that was established in 1987 when Euro
Disney signed a master agreement with the French public authorities.
The
aim of the master agreement
was to create a major economic
hub to the east of Paris, working with
various partners who would invest in
the project. The Group Euro Disney has
been the driving force in this expanding
partnership, which continues to attract
investors and businesses who believe
in the project.
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Christophe Giral, Val d’Europe, Senior Manager
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“
Val d’Europe has given birth to a new economy around
Disneyland® Resort Paris. The new town is both a creator
of jobs and businesses, and home to a number of
residents – a place that’s good to live and work in.”
�
The town centre of Val d’Europe will
expand in 2006, when a new major
hub, the Place de Toscane, opens. At
the heart of the new Park district, this
Residential projects in Val d’Europe
include a third phase of private housing
inspired by the traditional architecture and
pedestrian piazza in the Italian style,
an extension of the existing shopping
mall, will provide 1,000m2 of glassroofed restaurants, 2,400m2 of other
restaurants, shops and services and 150
new residential units. With its convivial
light and airy environment, it is bound
to become a popular meeting point for
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Val d’Europe continues to develop in
harmony with Europe’s leading tourist
destination, and a positive economic
circle is emerging. Thanks to the
excellent existing infrastructure and
easy accessibility, the town is attracting
increasing numbers of inhabitants and
services. This has created a readymade
labour market, which in turn is attracting
new businesses.
Disney makes dreams come
true, not only in its Parks but also
through its community outreach
programme DisneyHand®.
We organise events throughout
the year, raising money, helping
local associations and bringing
sick and underprivileged children
to the Resort. In 2005, we
renewed our partnership for the
10th year with the French cystic
fibrosis association and their
event “Les Virades de l’Espoir”.
Disney characters and the
Disney VoluntEARS provided fun
activities for participants at the
4 charity races in Paris and
Seine-et-Marne region.
Disneyland® Resort Paris also
took part for the 11th time in the
national Téléthon, supporting
the French muscular dystrophy
and rare diseases associations.
In 2004, our Resort was one of
the televised donation centres,
and the partnership continued
in 2005 with a Téléthon Village
installed at the heart of Val
d’Europe.
As part of the worldwide events
celebrating the 50th anniversary
of the first Disney Park, two
charity events took place at our
Resort. In support of the newly
set up French Make-A-Wish®
foundation, Disneyland Resort
Paris ran a new charity event in
May, the Ekiden DisneyHand.
This relay race, imported from
Japan, was accompanied by a
children’s race and two other
adult races, which all raised
money to fulfil the wishes of
seriously ill children to come
to the Resort. Then in July,
continuing our links with the
Secours Populaire,
50 underprivileged children
were invited to Disneyland®
Park for the launch of Wishes.
48 - 49
PEOPLE & ACTION
RESORT
Economic Impact
of the Resort
With more than 12 million visits per year, Disneyland®
Resort Paris is the leading vacation destination in
Europe, the second largest French tour operator in
number of customers and the fifth largest venue for
conferences and seminars in France with 10,500m2 of
dedicated space. The economic impact of Disneyland
Resort Paris in France and in the Île-de-France region
is considerable. Over 70% of visitors of all nationalities
state that Disneyland Resort Paris was their main reason
for visiting the Île-de-France region. Some 95% of all
consumables bought by Disneyland Resort Paris come
from France, almost 60% coming from Île-de-France.
The establishment of the Resort has proved to be a
tremendous economic growth engine for its environment.
It is the top employer in the Seine-et-Marne department.
Now halfway through its 30-year development plan,
Disneyland Resort Paris has already generated
43,000 jobs directly, indirectly and induced by its
activities.
Newport Bay Club® Convention Center.
town planning of the surrounding Brie
region. Situated in an area of protected
woodland in the village of Magny-leHongre, this development will more than
meet the expectations and aspirations
of prospective buyers, being spacious
and close to nature, but also being close
to a modern and dynamic town centre.
Authenticity is the key. The houses will
feature open beams, courtyards and
enclosed gardens, while public areas will
be spacious and landscaped. As with the
rest of the Val d’Europe project, these
houses are made for comfort and ease
of living, with easy access to top quality
facilities and services.
“
Disneyland® Resort Paris has the 5th
largest convention facility in the whole
of France, and hosts some 1,200
business events every year, making us
one of the key players in the “meeting
and information sharing” industry. We
have 5,800 hotel rooms and 10,500 m2
of multi-purpose convention facilities,
which can be divided into small
meeting rooms or opened up to a large
ballroom. There are also exhibition
facilities and business centres in our
two convention hotels, Disney’s Hotel
New York® and Disney’s Newport Bay
Club®. Disneyland Resort Paris is an
ideal convention venue, offering plenty
of activities and recreation for both
business people and their families.
The Company is a major participant in the regional
planning of the Île-de-France region. The 1987 master
agreement between The Walt Disney Company
and the French authorities has allowed Disneyland
Resort Paris to become a major actor in the
development of Val d’Europe, a new community
Rafting at Disneyland® Resort Paris.
A dedicated professional team is in
place to organise multiple events which
combine business and pleasure and
provide the “less stress” solution to
all convention needs.
The richness and variety of themes on site means that we
are continually finding new ideas for business events. Our
concepts are attractive to all kinds of businesses who are
looking for relaxation, motivation and team-building.”
Carlo Olejniczak, Business Solutions, Director
”
Arlington Paris-Val d’Europe International Business Park.
to the East of Paris. Val d’Europe is on its way to
becoming an important economic magnet with
20,000 inhabitants and 20,000 jobs – compared to
5,000 inhabitants and a few hundred jobs in 1987.
Since its creation, more than 5 billion euro have been
invested by private investors and 534 million euro by
the public sector, an equivalent 10 euro of private funds
invested for every euro of public money. Since opening
in 1992, Disneyland Resort Paris has paid and collected
over 864 million euro in taxes: paying 461 million to
the State and 403 million to the local communities.
For the period 2004-2010, 800 million to 1.2 billion euro
of private funds and 100 million euro of public money
will be invested. Disneyland Resort Paris and third
parties will continue in the coming years to invest
in both tourist and urban developments
in the context of Phase III of the development.
50 - 51
PEOPLE & ACTION
Marketing & Sales:
Action in Marketing and Sales: we will concentrate our marketing and sales efforts on new visitors
and new channels, to take advantage of the large untapped population base in Europe.
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52 - 53
MARKETING & SALES
PEOPLE & ACTION
Closer than Ever to our Future Guests...
Our marketing efforts are spread across Europe, where each national market
is unique and is continually evolving. Therefore, we need to constantly
update or “refresh” our understanding of these markets and our method
for communication, pricing and ultimately delivering our product.
Over
the past year, Disneyland®
Resort Paris Marketing
& Sales team conducted extensive
research in order to get a deeper
understanding of our diverse European
market, whose main challenge consists
“
in the fact that it is made of six main
markets: France, United Kingdom,
Benelux, Spain, Germany and Italy,
plus other emerging countries with
different cultural approaches to leisure.
The conclusions of the research allow
us to improve the precision and cost
effectiveness of our sales and marketing
approach.
In the fields of advertising or marketing, each one
of our creations helps Europeans understand that
Disneyland Resort Paris is really a place where dreams
come true for the young and the young at heart!
Camille de Lorean, Advertising, Creative Senior Manager
”
This research has helped us to identify
several different categories of future
guests, ranging from our traditional
target market group of families with
children to more precise market
segments. The key characteristics of
these segments are, primarily, their
high affinity with the Disney brand,
their love of the theme park resorts,
and, consequently, their awareness
of Disneyland Resort Paris as a
destination. The vast majority of them
already intend to visit the Resort, so
our aim will be to motivate them to
act. This market offers the greatest
opportunity for growth, and, thanks to
our current product offers and those
in the pipeline, we are in an excellent
position to stimulate their interest.
These guests expect the true Disney
experience, one that they can only
find in a Disney Resort – great Disney
storytelling, the thrills and excitement of
unique Disney rides and attractions, and
meeting live Disney characters. Parents
want the chance to relax and to share
wonderful family moments, watching
their children transported by the Disney
magic, offering new and exciting things
to do, trying new activities together.
We can be confident in our overall
strategy. The broad base of high
potential targets revealed by our
research provides us with an excellent
prospect for future growth in sales,
while our own growth strategy puts us
in a better position than ever to fulfil
the expectations of these prospective
customers. We will base our efforts
on proven enticements such as our
various seasonal offerings and on new
attractions – Buzz Lightyear Laser
Blast® opens in April 2006 and is bound
to prove a big draw. Future efforts will
also be based on the enhancement
of the Walt Disney Studios® Park,
Chessy-Marne-la-Vallée TGV (high speed train) station.
with its additional storytelling and its
new unique attractions and family
experiences. Sustained by effective
marketing programmes, we are
positioned better than ever to fulfil the
expectations of these consumers.
Ease of transport is a deciding element
for many prospective guests. The Resort
must be highly accessible, with frequent
trains or flights at the best possible
prices. As far as transportation is
concerned we are already well positioned,
but we aim to improve accessibility still
further, working with our existing travel
partners, who include SNCF, Eurostar,
Thalys, Air France, Easyjet and Ryanair,
and by developing new transport options
in less accessible markets.
By adopting appropriate tactics in each
market and by developing more tailored
communication to each of our target
segments, we can reach more and
more of our prospective clients with
greater efficiency. Our research has
shown that the media with the highest
growth potential are the Internet, direct
marketing and a more targeted use of
synergy with other Disney media.
54 - 55
PEOPLE & ACTION
MARKETING & SALES
Being where our Consumers are...
To reach our future clients who are ready to book, we need to be present
where they expect to find us.
have not traditionally been buying
an entertainment option, but are
willing to do so today, particularly
for special events.
We work with the top 2 or 3 tour
operators and retail chains in each
country, relying on their complete
expertise and professionalism within
their own markets. Increasingly,
we combine the strength of the
Disney products and films, and the
products of our strategic partners
in joint and unique actions with the
trade. We are also adapting to new
consumer behaviour by expanding
our partnerships with Internet
travel agents such as Expedia and
Lastminute, and developing new
packages and offers for them,
including packages with Paris
attractions.
Eurostar - Waterloo Station
While
we are intensifying
our relations and
improving efficiency within our
traditional channels, namely tour
operators and travel agents, we are
diversifying our own channels of
distribution through the leverage of
the Internet booking capabilities of
our own tour operator and via our
Central Reservations Office. We are
also testing new channels such as
retail channels where customers
“
In support of our sales strategy, we
continuously strive to be easy to do
business with for both our industry
partners and direct consumers. Our
systems not only allow guests to
book efficiently, but are increasingly
designed to offer upsell possibilities.
The consumer website will be
relaunched in 2006. For our trade
partners we are developing a search
engine with embedded “intelligent”
systems that can anticipate our
customers’ expectations. The aim is
to upgrade, simplify and standardise
We do all that we can to make it easy for our guests to
both choose and reserve their holidays. Families and
groups of friends can mix and match for everyone’s
enjoyment.”
Bertrand Mallet, CRO, Director
”
56 - 57
PEOPLE & ACTION
PARTNERS
Our thanks to our partners
the various steps of the booking
cycle: distribution, fulfilment and
sales support.
We have already proven our knowhow in IT/Business Intelligence
implementation in other areas. The
Company was awarded the Grand Prix
for Business Intelligence in November
2005, recognising our operational
performance optimisation in real
time situations. A jury comprising
industry professionals, consultants,
sales people and others recognised
our increased productivity in
Merchandise, Food and Beverage,
Attractions and elsewhere. Important
factors in securing the award were
our guest satisfaction levels, the
number of transactions carried out
on each point of sale and a reduction
in cash desk wait time.
Our research has also given us
additional analysis of the value
proposition and perception of
Disneyland ® Resort Paris as a
destination, and has revealed even
further opportunities for us.
Our overall aim is to drive revenue
growth through a better balance
between volume and spending.
We are aiming to make our pricing
system simpler and, by helping
people to find the best package for
their specific needs, we will drive
demand and improve the value-formoney perception of the Resort.
Theme Parks are a growth industry.
In this context, and as a result of
extensive research undertaken in
the past years, we know that we
have considerable potential. Our
strategy is in place to meet that
potential. We will concentrate on
4 separate axes: our new attractions
programme coupled with our other
product strengths and initiatives,
improved marketing effectiveness
through segmentation, new sales
channels and adaptive pricing.
Collectively, these will stimulate and
drive the Group growth.
Disney, Euro Disney S.C.A., société en commandite par actions, with a registered capital of 38,976,490.46 euros,
RCS MEAUX 334 173 887 • Euro Disney Associés S.C.A., operating company of Disneyland® Resort Paris,
with a registered capital of 611,099,156.70 euros, RCS MEAUX 397 471 822 • Licences ES n° 770800-811, 770812
and 770813 • Photo Credits: ©Disney/©Pixar • Dépôt Légal: January 2006
Conception/Realisation: www.redacteurs-studio.com
©
58 - 59

magic in action - Euro Disney SCA

Transcription

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