Butter bei die Fische:Euro Disney S.C.A. (the "Company"), parent company of Euro Disney Associes S.C.A. ("EDA"), operator of Disneyland(R) Paris, reported today the results for its consolidated group (the "Group") for the fiscal year 2010 which ended September 30, 2010 (the "Fiscal Year").<1>
Key Financial Highlights Fiscal Year
(EUR in millions, unaudited) 2010 2009 2008
Revenues 1,275.9 1,230.6 1,324.5
Costs and expenses (1,241.8) (1,204.2) (1,234.0)
Operating margin 34.1 26.4 90.5
Plus: Depreciation+amortization 167.4 160.8 159.0
EBITDA 1 201.5 187.2 249.5
EBITDA as a percentage of revenues 15.8% 15.2% 18.8%
Net (loss) / profit (45.2) (63.0) 1.7
Attributable to equity holders of
the parent (39.9) (55.5) (2.8)
Attributable to minority interests (5.3) (7.5) 4.5
Cash flow generated by operating
activities 236.7 124.1 178.3
Cash flow used in investing
activities (86.8) (72.1) (72.4)
Free cash flow generated 1 149.9 52.0 105.9
Cash and cash equivalents, end of
period 400.3 340.3 374.3Key Operating Statistics 2010 2009 2008
Theme parks attendance (millions) 15.0 15.4 15.3
Average spending per guest (EUR) 45.30 44.22 46.32
Hotel occupancy rate 85.4% 87.3% 90.9%
Average spending per room (EUR) 209.78 201.24 211.39
Fiscal Year Variance
(EUR in millions, unaudited) 2010 2009 Amount %
Theme parks 685.3 688.2 (2.9) (0.4)%
Hotels and Disney(R) Village 480.2 474.7 5.5 1.2%
Other 50.6 49.8 0.8 1.6%
Resort operating segment 1,216.1 1,212.7 3.4 0.3%
Real estate development
operating segment 59.8 17.9 41.9 >100%
Total revenues 1,275.9 1,230.6 45.3 3.7%
Quelle:
http://www.earthtimes.org/articles/press/fiscal-year-2010-results,1540974.html
Fazit:
EBITDA ist im abgelaufenen Geschäftsjahr 201.5 M€ nach 187.2M€ aber noch 249.5M€ in 2008. Damit mach Eurodisney pro umgesetzten Euro einen operativen Überschuss von 15,8%.
Rote Zahlen stehen woanders, und zwar müssen die Besitzer tatsächlich noch 39,9M€ dazutun, da EBITDA eben Gewinn vor Zinsen, Steuern, Abschreibungen ist, und Zinsen, Steuern und Abschreibungen eben noch bezahlt werden müssen. Immerhin sind 86,2M€ investiert worden nach 72,1M€ im letzten Jahr.
Just my 2 cents,
Marc