Euro Disney cuts annual losses

Euro Disney cuts annual losses

Euro Disney cut its net losses by €22 million to €78 million in the year to September.

Growth from the UK and higher real estate activity partially offset declines in attendance and hotel occupancy at Disneyland Paris.

Revenues were down by just 1% to €1.3 billion despite the continued economic slowdown in France and Southern Europe, the company said.

This reflected the positive impact of debt refinancing in 2012 for the owner of the Paris theme park.

The company reported higher guest spending following continued investments in the quality of the parks and hotels

Costs and expenses increased 1% in line with inflation, which was consistent with the group's continued focus to limit increased costs.

The company is introducing a Ratatouille-themed attraction at the Walt Disney Studios Park in 2014 and revamping Disney's Newport Bay Club hotel.

CEO Philippe Gas said: "2013 was a challenging year for Europe's tourism and leisure industry. We felt this in theme park attendance and hotel occupancy, notably with fewer guests coming from France and Southern Europe.

“However, despite the economic crisis, our continued enhancement of resort offerings allowed us to again drive guest satisfaction and guest spending increases, which helped mitigate the impact of lower visitation.”

He added:  “In 2014 we will continue our strategy to invest in the quality of our resort offerings and our guest experience. This includes our multi-year hotel renovation program with work commencing on our 1,100-room Disney's NewportBay Club hotel.

“We will also continue to push the bounds of our imagination with the summer opening of a unique new family attraction based on the hit DisneyPixar movie Ratatouille, which will make 2014 an exciting year for us.

“Disneyland Paris and its entire cast remain mobilized to surpass the current economic difficulties and we are confident that we are laying the foundation for a positive future."


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