Essay About New Theme Park Visitors And New Additions

Othello
Essay Preview: Othello
Report this essay
Summary
Management General Report on the Group Euro Disney S.C.A. 1
Consolidated Financial Statements 11
Supervisory Board General Report on the Group Euro Disney S.C.A. 38
Statutory Auditors General Report on the Consolidated Financial Statements 40
Management Special Report on Transition to International Financial
Accounting standards (IFRS) 42
Statutory Auditors Special Report on Transition to International Financial
Accounting standards (IFRS) 56
5-year Financial Review of Euro Disney S.C.A. 58
Corporate organisation of the Group Euro Disney S.C.A. 59
Ownership Structure of the Group Euro Disney S.C.A. 61
5-year Financial Review of the Group Euro Disney S.C.A. 62
INTRODUCTION
On February 23, 2005, Euro Disney S.C.A. (the
“Company”) completed an increase in shareholders
equity through an offering of preferential subscription
rights, the final step in a comprehensive restructuring
(the “Restructuring”) of the financial obligations of the
Company and its consolidated subsidiaries (the
“Group”). By completing 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 multi-faceted
development plan.
Beginning last year with The Legend of the Lion King
Show, the Group launched a program to increase its
product offer at both the Disneyland and Walt Disney
Studios parks. For the second half of fiscal year 2005,
the Group opened Space Mountain: Mission 2, an exciting
new experience to celebrate the 10th anniversary of one
of Disneyland Parks most popular attractions.
For April 2006, the Group plans on opening in
Disneyland Park Buzz Lightyear Laser Blast, a ridethrough
interactive adventure featuring Buzz Lightyear
and characters inspired by the Walt Disney Pictures
presentation of the Pixar Animation Studios film, Toy
Story 2. Buzz enlists guests to help him in the fight
against the evil Emperor Zurg. Boarding a space cruiser,
the guests spin, twist and turn their way through the
galaxy while shooting at Zurgs bad toy forces with onboard
blasters. With each target hit, guests accumulate
points that help them rise through the ranks of Buzz
Lightyears elite squadron and help the universe.
Beginning with fiscal year 2007, exciting new additions
are planned in the Walt Disney Studios Park. First, an
exciting new land consisting of multiple new attractions,
Toon Studios, is scheduled to open. Toon Studios will be
followed by the extremely popular and iconic Tower of
Terror, scheduled to open in fiscal year 2008.
These attractions are designed to add to the appeal and
capacity of Disneyland Resort Paris, further enhancing
the core guest experience and thereby driving
attendance and occupancy growth as well as increases in
guest spending.
Total capital spending for the fiscal year 2005 through
2009 attraction program is budgeted at approximately
Ђ240 million, of which approximately Ђ39 million
has been incurred through the end of fiscal year 2005.
FINANCIAL RESTRUCTURING
In September 2004, the Group reached final agreement
with its lenders and The Walt Disney Company
(“TWDC”) on a comprehensive restructuring of the
Groups financial situation. The Restructuring was
finalised on February 23, 2005 upon completion of all
required conditions of the agreement.
The principal features of the Restructuring were the
following:
* A share capital increase with gross proceeds of
Ђ253.3 million, before deduction of equity issuance
costs. The Company issued 2.8 billion new shares at
a price of Ђ0.09 each.
* A new Ђ150 million credit line made available by
TWDC to replace the expired Ђ167.7 million credit
line. In addition, TWDC forgave Ђ10 million of the
expired credit line and converted Ђ110 million of the
remaining balance to subordinated long-term debt.
* Deferral of the Groups debt service obligations
partially