Revenues increased 4.5% to € 1,087.7 million in fiscal year 2006 reflecting increases in theme parks attendance and hotel occupancy. Theme parks revenues increased 5.4% to € 579.2 million, following an increase of 0.5 million in attendance, which reached 12.8 million in 2006. Hotels and Disney Village revenues increased 4.2% to € 412.2 million due to a higher occupancy rate of 83.5% compared to 80.7% for fiscal year 2005, as well as increased guest visitations at Disney Village.

Operating margin before depreciation and amortisation increased 29.6% to € 147.9 million from € 114.1 million as a result of growth in revenues combined with a slight increase in costs and expenses. Operating margin before depreciation and amortisation as a percentage of revenues increased 2.6 percentage points to 13.6%.

Costs and expenses for fiscal year 2006 grew 1.6% compared to the prior year reflecting management’s ongoing focus on cost containment. The Group's operating margin improved € 29.5 million to a loss of € 2.4 million for fiscal year 2006, from a loss of € 31.9 million in the prior year. Other net financial charges increased over the period due to a higher effective interest rate on the Group's debt.

For fiscal year 2006, net losses of the Group amounted to € 88.6 million. Excluding the non-recurring, non-cash gain in fiscal year 2005 that resulted from the Group's 2005 legal and financial restructuring (the "2005 Restructuring"), net loss on a comparable basis attributable to equity holders of the parent decreased 20.5% from the prior year to € 73.1 million. Net loss on a comparable basis attributable to minority interests amounted to € 15.5 million.

Cash and cash equivalents increased by € 24.2 million from the prior year to € 266.4 million.

Commenting on the results, Karl L. Holz, Chairman and Chief Executive Officer of Euro Disney S.A.S., said:

"We are pleased with our year end results and we look forward to maintaining this momentum as we continually reinvigorate our Theme Parks. We believe that our growth strategy is delivering its benefits as we remain focused on improving our margins, while continuing to provide our guests with a unique experience. These efforts contributed to a 30% improvement in our operating margin before depreciation and amortisation.

This year, we benefited from several events, such as the launch of Buzz Lightyear Laser Blast®, and introduced various original offers that appealed to our visitors. Next year, we are hosting the most magical celebration in our history to commemorate our 15th-year anniversary. We are also developing thrilling new products, including a parade in the Disneyland Park and three attractions in Walt Disney Studios Park. All these things plus more combine to create the Disney dream holiday for every family.

Our encouraging results have been achieved thanks to the dedication and hard work of our cast members, who continue to make our theme parks the most popular tourist destination in Europe.

Mike