EURO DISNEY S.C.A.: Fiscal Year 2015 – Announcement of First Half Results

EURO DISNEY S.C.A.: Fiscal Year 2015 - Announcement of First Half Results

MARNE-LA-VALLÉE, France, May 5, 2015 /PRNewswire/ --



EURO DISNEY S.C.A.



Fiscal Year 2015



Reports First Half Results



Six Months Ended March 31, 2015




- Total revenues increased 11% to EUR592 million due to higher volumes and
guest spending in both theme parks and hotels
- Higher costs and expenses reflect increased Resort activity and the Group's
continued commitment to improve the guest experience
- EBITDA increased to EUR4 million and net loss narrowed to EUR119 million
primarily due to a one-time gain related to the early termination of a lease agreement
- EUR850 million debt reduction to EUR998 million following the completion of
the share capital increases implemented as part of the Group's recapitalization and
debt reduction plan


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 of its consolidated
group (the "Group") for the first six months of fiscal year 2015 which ended March 31,
2015 (the "First Half").




Key Financial Highlights First Half Fiscal Year
(EUR in millions, unaudited) 2015 2014 [1] 2014 [1]

Revenues 591.7 533.3 1,279.7
Costs and expenses (709.6) (644.1) (1,345.2)
Other income / (expense) 24.5 - -
Operating margin (93.4) (110.8) (65.5)
Plus: Depreciation and amortization 97.4 87.7 179.2
EBITDA [2] 4.0 (23.1) 113.7
EBITDA as a percentage of revenues 0.7% (4.3)% 8.9%
Net loss (118.8) (135.8) (113.7)
Cash flow (used in) / generated by
operating activities (16.3) (56.7) 78.2
Cash flow used in investing
activities (50.3) (67.0) (144.9)
Free cash flow used [2] (66.6) (123.7) (66.7)
Cash flow generated by financing
activities 270.7 99.8 38.0
Cash and cash equivalents, end of
period 253.4 54.1 49.3



Fiscal Year
Key Operating Statistics [2] First Half 2014
2015 2014
Theme parks attendance (in millions) 6.7 6.3 14.2
Average spending per guest (in EUR) 50.57 46.83 50.66
Hotel occupancy rate 77.1% 72.3% 75.4%
Average spending per room (in EUR) 212.15 208.67 232.26


--------------------------------------------------



1. Comparative figures for the first half 2014 and fiscal year 2014 include
restatements related to the application of IFRIC 21 "Levies".



2. Please refer to Exhibit 7 for the definition of EBITDA, Free cash flow and key
operating statistics.



Commenting on the results, Tom Wolber, President of Euro Disney S.A.S., said:



"We are pleased to announce an 11% growth in revenues for the first semester,
reflecting improving performance across all our key indicators. Theme park attendance and
hotel occupancy are up 6% and 5 percentage points, respectively, with growth in average
spending per guest and per room. However, we have incurred higher costs, which reflect our
commitment to the guest experience that significantly offset the improved resort
performance.



This summer, we are excited to launch new entertainment experiences including Frozen
Summer Fun, along with the Jedi Training Academy where guests can meet the heroes of the
Star Wars(R) saga.



To continue to invest in the guest experience, as previously announced, we recently
completed EUR1 billion in capital increases as part of a recapitalization and debt
reduction plan. Together with our dedicated team of Cast Members, we are committed to
providing an excellent guest experience to achieve the long-term success of Disneyland
Paris."



Recapitalization Plan



During the First Half, the Group implemented the recapitalization and debt reduction
plan announced on October 6, 2014, backed by The Walt Disney Company ("TWDC"), which
amounted to approximately EUR1 billion (the "Recapitalization Plan"). The Recapitalization
Plan aimed at improving the Group's financial position and enabling it to continue
investing in Disneyland(R) Paris so as to improve the guest experience.



The main elements of this Recapitalization Plan are presented below:




- cash infusion of EUR422.8 million, made through capital increases of the
Company and of EDA;
- conversion of EUR600 million of debt owed to indirect subsidiaries of TWDC
into equity through capital increases of the Company and of EDA;
- deferral of all amortization payments of loans granted by indirect
subsidiaries of TWDC until a revised maturity date in December 2024 (previously 2028);
and
- repayment of EUR250.0 million drawn under the standby revolving credit
facilities granted previously by TWDC, maturing in 2015, 2017 and 2018, replaced by a
single EUR350.0 million revolving credit facility maturing in December 2023.


For more details on the different steps of the Recapitalization Plan, please refer to
the press releases and the other documents related to this plan, which are available on
the Group's website (http://corporate.disneylandparis.com).



Seasonality



The Group's business is subject to the effects of seasonality and the annual results
are significantly dependent on the second half of the fiscal year, which traditionally
includes the high season at Disneyland Paris. Consequently, the operating results for the
First Half are not necessarily indicative of results to be expected for the full fiscal
year 2015.



Revenues by Operating Segment




First Half Variance
(EUR in millions, unaudited) 2015 2014 Amount %
Theme parks 341.1 298.3 42.8 14.3%
Hotels and Disney Village(R) 232.9 214.5 18.4 8.6%
Other 17.1 18.0 (0.9) (5.0)%
Resort operating segment 591.1 530.8 60.3 11.4%
Real estate development operating segment 0.6 2.5 (1.9) n/m
Total revenues 591.7 533.3 58.4 11.0%


n/m: not meaningful



Resort operating segment revenues increased 11% to EUR591.1 million from EUR530.8
million in the prior-year period.



Theme parks revenues increased 14% to EUR341.1 million from EUR298.3 million in the
prior-year period due to an 8% increase in average spending per guest to EUR50.57 and a 6%
increase in attendance to 6.7 million. The increase in average spending per guest was due
to higher spending on admissions, food and beverage and merchandise. The increase in
attendance was due to more guests visiting from the United Kingdom, France and Spain.



Hotels and Disney Village(R) revenues increased 9% to EUR232.9 million from EUR214.5
million in the prior-year period, resulting from a 4.8 percentage point increase in hotel
occupancy to 77.1%, a 9% increase in Disney Village revenues and a 2% increase in average
spending per room to EUR212.15. The increase in hotel occupancy resulted from 50,000
additional room nights sold compared to the prior-year period, due to more guests staying
at the Group's hotels from the United Kingdom, France and Spain, partly offset by lower
guests from the Netherlands. The increase in average spending per room was due to higher
spending on food and beverage and higher daily room rates, partly offset by lower spending
on merchandise.



Real estate development operating segment revenues decreased by EUR1.9 million to
EUR0.6 million, from EUR2.5 million in the prior-year period. This decrease was due to
lower land sale activity than in the prior-year period. Given the nature of the Group's
real estate development activity, the number and size of transactions vary from one year
to the next.



Costs and Expenses




First Half Variance
(EUR in millions,
unaudited) 2015 2014(1) Amount %
Direct operating costs
(2) 584.6 531.7 52.9 9.9%
Marketing and sales
expenses 71.4 62.8 8.6 13.7%
General and
administrative expenses 53.6 49.6 4.0 8.1%
Costs and expenses 709.6 644.1 65.5 10.2%



1) Comparative figures for the first half 2014 include restatements related
to the application of IFRIC 21 "Levies".
2) Direct operating costs primarily include wages and benefits for employees in
operational roles, depreciation and amortization related to operations, cost of sales,
royalties and management fees. For the First Half and the corresponding prior-year
period, royalties and management fees were EUR35.6 million and EUR31.1 million,
respectively.


Direct operating costs increased 10% compared to the prior-year period mainly due to
costs associated with higher resort volumes as well as costs related to the enhancement of
the guest experience, including depreciation of new assets, labor costs related to new
attraction based on the DisneyPixar movie Ratatouille, entertainment offerings and higher
staffing levels.



Marketing and sales expenses increased 14% compared to the prior-year period mainly
due to incremental media campaigns in certain markets and for new products.



General and administrative expenses increased 8% compared to the prior-year period
reflecting labor rate inflation and new positions for social programs in line with
regulatory obligations and agreements as well as technology initiatives.



Other Income / (Expense)



During the First Half, the Group received from The Walt Disney Company (France) S.A.S.
a EUR24.5 million fee for the termination, before the contractual term, of a lease
agreement related to office space located in the Walt Disney Studios(R) Park.



Net Financial Charges




First Half Variance
(EUR in millions, unaudited) 2015 2014 Amount %
Financial income 0.6 0.3 0.3 n/m
Financial expense (26.2) (25.3) (0.9) 3.6%
Net financial charges (25.6) (25.0) (0.6) 2.4%


n/m: not meaningful



Net financial charges increased 2% compared to the prior-year period primarily due to
a lower amount of capitalized interest expense as well as certain one-time costs related
to the Recapitalization Plan, partially offset by lower interest expense on borrowings
that were reduced as a direct result of the Recapitalization Plan.



Net Loss



For the First Half, the net loss of the Group amounted to EUR118.8 million compared to
EUR135.8 million for the prior-year period.



Cash Flows



Cash and cash equivalents as of March 31, 2015 were EUR253.4 million, up EUR204.1
million compared with September 30, 2014, and up EUR199.3 million compared with March 31,
2014. These variances resulted from:




First Half Variance
(EUR in millions, unaudited) 2015 2014

Cash flow used in operating activities (16.3) (56.7) 40.4
Cash flow used in investing activities (50.3) (67.0) 16.7
Free cash flow used (66.6) (123.7) 57.1
Cash flow generated by financing activities 270.7 99.8 170.9
Change in cash and cash equivalents 204.1 (23.9) 228.0
Cash and cash equivalents, beginning of
period 49.3 78.0 (28.7)
Cash and cash equivalents, end of period 253.4 54.1 199.3


Free cash flow used for the First Half was EUR66.6 million compared to EUR123.7
million used in the prior-year period.



Cash flow used in operating activities for the First Half totaled EUR16.3 million
compared to EUR56.7 million used in the prior-year period. This improvement resulted from
cash proceeds from a one-time gain related to the early termination of a lease (see
section "Other Income / (Expense)" above for more information) as well as lower working
capital requirements.



Cash flow used in investing activities for the First Half totaled EUR50.3 million
compared to EUR67.0 million used in the prior-year period. This decrease was mainly due to
the repayment of cash advances received from entities in charge of the Villages Nature
project.



Cash flow generated by financing activities totaled EUR270.7 million for the First
Half compared to EUR99.8 million generated in the prior-year period.



During the First Half, before the implementation of the Recapitalization Plan, the
Group drew EUR100.0 million from a standby revolving credit facility of EUR250.0 million.
The same amount was drawn in the prior-year period.



As part of the Recapitalization Plan, the Group received EUR422.8 million of cash
following the capital increases of the Company and of EDA. This amount was partly offset
by EUR250.0 million repayments on standby revolving credit facilities[1] previously
granted by TWDC.



--------------------------------------------------



1. For more details on the standby revolving credit facilities, please refer to note
12.3. "Standby Revolving Credit Facilities" of the Group's 2014 consolidated financial
statements, included in the Group's 2014 Reference Document.



Update on recent and upcoming events



Mandatory Tender Offer



As a result of the Company's capital increases, EDL Holding Company, LLC, Euro Disney
Investments S.A.S. and EDL Corporation S.A.S. reported that their interests in the Company
crossed certain thresholds. As a result, they were required to launch a mandatory tender
offer on the Company's shares that they did not own (the "Mandatory Tender Offer"). The
French Autorite des marches financiers (the "AMF") issued its clearance decision (decision
de conformite) on this Mandatory Tender Offer on March 31, 2015.



The Company was informed that an appeal against the clearance decision has been filed
on April 9, 2015 with the Court of Appeal of Paris (Cour d'appel de Paris). In its notice
no. 215C0446 dated April 14, 2015, the AMF has indicated that, pending the decision of the
Court of Appeal of Paris, the Mandatory Tender Offer has been extended and new information
will be published on a modified schedule.



For more details on the Mandatory Tender Offer, please refer to the press release and
the other documents which are available on the Group's website (
http://corporate.disneylandparis.com).



Disneyland(R) Paris continues "Swing into Spring" celebrations for spring 2015



Until May 31, 2015, Disneyland(R) Paris celebrates the spring season highlighting
nature and the awakening of the season. Disneyland(R) Park has been transformed into a
floral garden with brand new musical performances to give our guests the ultimate
springtime experience.



Frozen returns in 2015, creating the coolest summer



Starting June 1, Disneyland Paris will celebrate a "Frozen Summer Fun" with a brand
new show, an ice-themed musical production combining singing and dancing with guest
participation. The famous sisters, Anna and Elsa, along with their faithful companions,
Kristoff and Olaf the funny snowman, will take to the stage to bring the show to life and
expand the unique experience of Frozen live.



The Jedi Training Academy opens at Disneyland Paris



This summer, the Jedi Training Academy will open its doors at Disneyland Paris to
aspiring Padawans aged 7 to 12 to learn to use the Force from a true Jedi Master. Kids
visiting Disneyland Paris will meet the heroes of the epic saga through a unique and
interactive experience that the whole family can enjoy. The adventure will begin on July
11.



Next scheduled release: Availability of the 2015 Interim Report in May 2015



Additional Financial Information can be found on the Internet at


http://corporate.disneylandparis.com



Code ISIN: FR0010540740



Code Reuters: EDLP.PA



Code Bloomberg: EDL:FP



The Group operates Disneyland(R) Paris, which includes: the Disneyland(R) Park, the
Walt Disney Studios(R) Park, seven themed hotels with approximately 5,800 rooms (excluding
approximately 2,300 additional third-party rooms located on the site), two convention
centers, the Disney Village(R), a dining, shopping and entertainment center, and golf
courses. The Group's operating activities also include the development of the
2,230-hectare site, half of which is yet to be developed. Euro Disney S.C.A.'s shares are
listed and traded on Euronext Paris.



Attachments: Exhibit 1 - Consolidated Statement of Income



Exhibit 2 - Consolidated Segment Statement of Income



Exhibit 3 - Consolidated Statement of Financial Position



Exhibit 4 - Consolidated Statement of Cash Flows



Exhibit 5 - Consolidated Statement of Changes in Equity



Exhibit 6 - Statement of Changes in Borrowings



Exhibit 7 - Definitions




EXHIBIT 1

EURO DISNEY S.C.A.
Fiscal Year 2015

First Half Results
Six Months Ended March 31, 2015

CONSOLIDATED STATEMENT OF INCOME




First Half Variance
(EUR in millions, unaudited) 2015 2014 (1) Amount %
Revenues 591.7 533.3 58.4 11.0%
Costs and expenses (709.6) (644.1) (65.5) 10.2%
Other income / (expense) 24.5 - 24.5 n/a
Operating margin (93.4) (110.8) 17.4 (15.7)%
Net financial charges (25.6) (25.0) (0.6) 2.4%
Gain from equity investments 0.2 - 0.2 n/a
Loss before taxes (118.8) (135.8) 17.0 (12.5)%
Income taxes - - - n/a
Net loss (118.8) (135.8) 17.0 (12.5)%
Net loss attributable to:
Owners of the parent (97.8) (111.5) 13.7 (12.3)%
Non-controlling interests (21.0) (24.3) 3.3 (13.6)%


(1)Comparative figures for the first half 2014 include restatements related to the
application of IFRIC 21 "Levies".



n/a: not applicable




EXHIBIT 2

EURO DISNEY S.C.A.
Fiscal Year 2015

First Half Results
Six Months Ended March 31, 2015

CONSOLIDATED SEGMENT STATEMENT OF INCOME



Resort operating segment




First Half Variance
(EUR in millions, unaudited) 2015 2014(1) Amount %
Revenues 591.1 530.8 60.3 11.4%
Costs and expenses (707.5) (641.9) (65.6) 10.2%
Operating margin (116.4) (111.1) (5.3) 4.8%
Net financial charges (25.6) (25.0) (0.6) 2.4%
Gain / (loss) from equity investments - - - n/a
Loss before taxes (142.0) (136.1) (5.9) 4.3%
Income taxes - - - n/a
Net loss (142.0) (136.1) (5.9) 4.3%


(1) Comparative figures for the first half 2014 include restatements related to the
application of IFRIC 21 "Levies".



n/a: not applicable.



Real estate development operating segment




First Half Variance
(EUR in millions, unaudited) 2015 2014 Amount %
Revenues 0.6 2.5 (1.9) n/m
Costs and expenses (2.1) (2.2) 0.1 n/m
Other income / (expense) 24.5 - 24.5 n/a
Operating margin 23.0 0.3 22.7 n/m
Net financial charges - - - n/a
Gain from equity investments 0.2 - 0.2 n/a
Income before taxes 23.2 0.3 22.9 n/m
Income taxes - - - n/a
Net profit 23.2 0.3 22.9 n/m


n/m: not meaningful.



n/a: not applicable.




EXHIBIT 3

EURO DISNEY S.C.A.
Fiscal Year 2015

First Half Results
Six Months Ended March 31, 2015

CONSOLIDATED STATEMENT OF FINANCIAL POSITION




September 30,
(EUR in millions) March 31, 2015 2014 [(1)]
(unaudited)
Non-current assets
Property, plant and equipment, net 1,728.0 1,775.7
Investment property 16.6 16.6
Intangible assets 39.1 41.8
Restricted cash 15.0 15.1
Other 58.5 58.6
1,857.2 1,907.8
Current assets
Inventories 43.3 41.4
Trade and other receivables 125.6 136.6
Cash and cash equivalents 253.4 49.3
Other 22.3 24.4
444.6 251.7
Total assets 2,301.8 2,159.5
Equity attributable to owners of the
parent
Share capital 783.4 39.0
Share premium 1,717.6 1,627.3
Accumulated deficit (1,913.9) (1,816.4)
Other (22.8) (18.7)
Total equity attributable to owners
of the parent 564.3 (168.8)
Non-controlling interests 126.4 (31.7)
Total equity 690.7 (200.5)
Non-current liabilities
Borrowings 996.4 1,716.3
Deferred income 20.5 20.7
Provisions 17.1 18.7
Other 70.7 57.9
1,104.7 1,813.6
Current liabilities
Trade and other payables 332.1 389.8
Borrowings 1.5 31.4
Deferred income 162.5 117.8
Other 10.3 7.4
506.4 546.4
Total liabilities 1,611.1 2,360.0
Total equity and liabilities 2,301.8 2,159.5


(1) As of September 30, 2014, comparative figures include restatements related to the
application of IFRIC 21 "Levies".




EXHIBIT 4

EURO DISNEY S.C.A.
Fiscal Year 2015

First Half Results
Six Months Ended March 31, 2015

CONSOLIDATED STATEMENT OF CASH FLOWS




First Half
(EUR in millions, unaudited) 2015 2014(1)
Net loss (118.8) (135.8)
Items not requiring cash outlays or with no impact on
working capital:
- Depreciation and amortization 97.4 87.7
- Net increase in valuation and reserve allowances 0.4 1.0
- Impact of the Recapitalization Plan on net loss 0.5 -
- Other 1.4 (0.3)
Net change in working capital account balances:
- Change in receivables, deferred income and other assets 50.4 38.7
- Change in inventories (2.6) (0.5)
- Change in payables, prepaid expenses and other
liabilities (45.0) (47.5)
Cash flow used in operating activities (16.3) (56.7)
Capital expenditures for tangible and intangible assets (62.9) (64.6)
Equity investments 12.6 (2.4)
Cash flow used in investing activities (50.3) (67.0)
Cash proceeds from TWDC standby revolving credit facility
of EUR250 million 100.0 (2) 100.0
Gross cash proceeds from the Recapitalization Plan 422.8 -
Repayment of borrowings (250.0) (3) (0.1)
Payment of costs incurred for the Recapitalization Plan (2.6) -
Net sales / (purchases) of treasury shares 0.5 (4) (0.1)
Cash flow generated by financing activities 270.7 99.8
Change in cash and cash equivalents 204.1 (23.9)
Cash and cash equivalents, beginning of period 49.3 78.0
Cash and cash equivalents, end of period 253.4 54.1


(1) Comparative figures for the first half 2014 include restatements related to the
application of IFRIC 21 "Levies".



(2) Amounts drawn during the first quarter of fiscal year 2015, before the
implementation of the Recapitalization Plan.



(3) Repayments of TWDC standby revolving credit facilities.



(4) Including the sales of preferential subscription rights linked to treasury shares
during the rights offering.



SUPPLEMENTAL CASH FLOW INFORMATION




First Half
(EUR in millions, unaudited) 2015 2014
Supplemental cash flow information:
Interest paid 24.6 26.5



EXHIBIT 5

EURO DISNEY S.C.A.
Fiscal Year 2015

First Half Results
Six Months Ended March 31, 2015

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY




Net loss
for
September Net capital the First March 31,
(EUR in millions) 30, 2014 (1) increases Half Other 2015
(unaudited) (unaudited) (unaudited) (unaudited)
Equity
attributable to
owners of the
parent
Share capital 39.0 744.4 - - 783.4
Share premium 1,627.3 90.3 (2) - - 1,717.6
Accumulated
deficit (1,816.4) - (97.8) 0.3 (1,913.9)
Other (18.7) - - (4.1) (22.8)
Total equity
attributable to
owners of the
parent (168.8) 834.7 (97.8) (3.8) 564.3
Non-controlling
interests (31.7) 180.0 (21.0) (0.9) 126.4
Total equity (200.5) 1,014.7 (118.8) (4.7) 690.7


(1) As of September 30, 2014, comparative figures include restatements related to the
application of IFRIC 21 "Levies".



(2) The increase in share premium includes a negative impact of EUR8.1 million of
costs related to the Company's share capital increases.



EXHIBIT 6



STATEMENT OF CHANGES IN BORROWINGS




First Half 2015 (unaudited)
Repayment
September Debt of lines March 31,
(EUR in millions) 30, 2014 Increase conversion of credit 2015
(unaudited)
Long-term loans 1,191.8 - (208.6) - 983.2
Consolidated promissory note
- Disney Enterprises Inc. 268.7 - (268.7) - -
Consolidated promissory note
- Euro Disney S.A.S. 92.7 - (92.7) - -
Standby revolving credit
facility of EUR100 million 100.0 - - (100.0) -
Standby revolving credit
facility of EUR250 million 50.0 100.0 - (150.0) -
Loan from TWDC to Centre
de Congrès Newport S.N.C. 13.1 - - - 13.1
Sub-total TWDC debt 1,716.3 100.0 (570.0) (250.0) 996.3
Financial lease - 0.1 - - 0.1
Total non current
borrowings 1,716.3 100.1 (570.0) (250.0) 996.4
Long-term loans 30.0 - (30.0) - -
Loan from TWDC to Centre
de Congrès Newport S.N.C. 1.4 - - - 1.4
Sub-total TWDC debt 31.4 - (30.0) - 1.4
Financial lease - 0.1 - - 0.1
Total current borrowings 31.4 0.1 (30.0) - 1.5
Total borrowings 1,747.7 100.2 (600.0)(1) (250.0) 997.9


(1) As part of the Recapitalization Plan, an amount of EUR600.0 million of debt was
converted into equity.




EXHIBIT 7

EURO DISNEY S.C.A.
Fiscal Year 2015

First Half Results
Six Months Ended March 31, 2015



DEFINITIONS



EBITDA corresponds to earnings before interest, taxes, depreciation and amortization.
EBITDA is not a measure of financial performance defined under IFRS, and should not be
viewed as a substitute for operating margin, net profit / (loss) or operating cash flows
in evaluating the Group's financial results. However, management believes that EBITDA is a
useful tool for evaluating the Group's performance.



Free cash flow is cash generated by operating activities less cash used in investing
activities. Free cash flow is not a measure of financial performance defined under IFRS,
and should not be viewed as a substitute for operating margin, net profit / (loss) or
operating cash flows in evaluating the Group's financial results. However, management
believes that Free cash flow is a useful tool for evaluating the Group's performance.



Theme parks attendance corresponds to the attendance recorded on a "first click"
basis, meaning that a person visiting both parks in a single day is counted as only one
visitor.



Average spending per guest is the average daily admission price and spending on food,
beverage and merchandise and other services sold in the theme parks, excluding value added
tax.



Hotel occupancy rate is the average daily rooms occupied as a percentage of total room
inventory (total room inventory is approximately 5,800 rooms).



Average spending per room is the average daily room price and spending on food,
beverage and merchandise and other services sold in hotels, excluding value added tax.




Press Contact

Cathy Pianon
Tel: +331-64-74-58-33
Fax: +331-64-74-59-69
e-mail:cathy.pianon@disney.com

Investor Relations
Yoann Nguyen
Tel: +331-64-74-58-55
Fax: +331-64-74-56-36
e-mail:yoann.nguyen@disney.com

Corporate Communication
Francois Banon
Tel: +331-64-74-59-50
Fax: +331-64-74-59-69
e-mail:francois.banon@disney.com



Euro Disney S.C.A.


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