EURO DISNEY S.C.A.
2 0 0 3
“
A N N U A L
R E V I E W
I think what I want Disneyland to be most of all,
is a happy place - a place where adults and children
can experience together some of the wonders of life,
of adventure and feel better because of it.
”
Walt Disney
TA B L E O F C O N T E N T S
2/3
Welcome
Interview with the Chairman
4/9
The Management Team
10/11
Corporate Governance
12/13
The Supervisory Board
14/15
Key Figures
16/17
Stock Information and Shareholders’ Club
18/19
Highlights of 2003
20/25
2004 Action Plan
26/39
1
Magic Every Day
28/31
2
Innovation
32/35
3
Marketing
36/39
Sustainable Development
40/49
I N T E RV I E W W I T H T H E C H A I R M A N
“
We must capitalise on our
uniqueness: the Disney Magic.
”
interview
André Lacroix
KEY DATES :
July 1, 2003
Named Chairman and
Chief Executive Officer of
Euro Disney S.A.
1988-1996
Pepsi Cola International
Last position from 1993-1996:
General Manager, Holland,
Austria, Belgium and Switzerland
1985-1988
Colgate Palmolive / France &
Germany
1983-1985
Ernst & Young / West Africa
HOW
WOULD YOU SUM UP THE PAST YEAR?
A L : In a difficult context, 2003 has confirmed the strong
fundamentals of Disneyland® Resort Paris.
Our guest satisfaction rate (those guests who are
“completely or very satisfied”), which was already very
high, increased to 77% this year for the resort.
YOU HAVE BEEN APPOINTED, CHAIRMAN AND CHIEF EXECUTIVE OFFICER OF
EURO DISNEY S.A. ON JULY 1, 2003. WHAT WERE YOUR FIRST PRIORITIES,
WHEN YOU ARRIVED?
A L : My first priority was to listen and engage all employees within the company in
developing a growth strategy based on an organisational principle that I have used for
many years: the inverted pyramid. This is a simple management principle that consists
of listening to and empowering those who are closest to our guests. This is why we
created the summer camps, which were held in September with the participation of
4,000 cast members. More than 4,000 ideas were put forward and are now being
analysed or implemented. The success of the summer camps shows the mobilisation of
our internal forces and our employees’ dedication to the company’s success.
• A downturn in the travel and tourism sector as a whole in the
second half-year, with year over year revenues dropping by
7 % in the third quarter and by 11 % in the fourth quarter, due
to a reduction of park attendance and hotel occupancy, despite
a continued increase in spending per guest.
WHAT
FACTORS INFLUENCED THE DIFFICULTIES IN THE
TRAVEL AND TOURISM INDUSTRY?
Disneyland Resort Paris is the undisputed leader in the
European market for theme parks, far ahead of all
its competitors, as well as a leading short-break
destination in Europe. This leading position is due to the
strength of our resort concept: 60% of our guests visit
both parks during their stay and enjoy more than
50 attractions. The average length of our guest’s stay has
increased, thanks to the Walt Disney Studios® Park,
diversified offers in our hotels, at Disney Village and Val
d’Europe.
Chairman and
Chief Executive Officer,
Euro Disney S.A.
1996-2003
Burger King
Last position, from 2001- 2003:
President of Burger King
International
In addition, I put all of our in-house resources to work in
order to analyse and thoroughly understand our European
market, our guests, our competition and of course our
commercial partners. The overall guiding principle behind
the first phase was to start with an open mind in order to
develop initiatives that satisfy the real expectations of the
market. Listening to all stakeholders before implementation
has always been my method.
4/5
Moreover, 90% of our guests intend to recommend
Disneyland Resort Paris after their visits and 67% have
the firm intention to come back.
DESPITE THE FUNDAMENTALS,
2003 SO CHALLENGING?
WHY WERE THE RESULTS
FOR
A L : We have to look at 2003 in two distinct periods:
• A good first half-year, with revenues up by 8 %, thanks
to increased park attendance and hotel occupancy, and an
increase in spending per guest,
A L : In 2003, the entire industry had to cope with
an exceptional combination of negative factors: the war
in Iraq, terrorist threats all over the world, the SARS
epidemic, vehement social protests in France and a
paralysing heat wave during the summer.
Moreover, the economic climate was unfavourable in all
of our main European markets including France.
I N T E RV I E W W I T H T H E C H A I R M A N
6/7
HIGH GUEST SATISFACTION
Intention to recommend
“
Intention to revisit
Disneyland Resort Paris should
benefit from the solid and steady growth
of the Theme Parks market in Europe.
®
”
90% DEFINITELY YES
67% DEFINITELY YES
9% PROBABLY YES
27% PROBABLY YES
1% NO
6% NO
Source: Consumer Knowledge, FY’02 and FY’03 Guest Satisfaction Barometer
WHAT
OPPORTUNITY FOR GROWTH LINKED
TO CUMULATIVE PENETRATION RATES
Total European Population*
DLRP European Core Target**
IS THE STATUS OF THE FINANCIAL
A L : The negotiation of a new financial structure designed
to provide adequate capital is a complex task. We are
working with all of our partners to finalise negotiations.
A L : I am convinced that Disneyland® Resort Paris should
benefit from the solid and steady growth of the theme parks
market in Europe. This is still a young and underdeveloped
market compared to the level of development of the theme
parks market in the United States. Fifteen years ago, there
were very few theme parks in Europe. We developed this
market and consumers have become increasingly receptive.
A recent study from PricewaterhouseCoopers (dated May
2003) forecasted an annual revenue growth of 4.1% for
the theme parks market over the next four years.
YOU TELL US MORE ABOUT THIS FIRST STEP?
A L : On November 3, 2003, the Company obtained
waivers from its lenders, effective through March 31,
2004, with respect to certain financial covenants and
other obligations, including a reduction in certain security
deposit requirements.
75% NON VISITORS
16% VISITORS
25% VISITORS
* Includes France, UK, Germany, Benelux, Italy and Spain
** Core target: families with children (3 to 15) + young adults (20 to 35)
+ kids core target + income qualifier.
Source: Advancy Consulting, LabLB May 2001
DLRP: Disneyland Resort Paris
DO YOU ENVISION THE THEME PARKS MARKET’S
FUTURE IN
CAN
84% NON VISITORS
HOW
RESTRUCTURING?
The purpose of this agreement is to give management, the
lenders and The Walt Disney Company (TWDC) time to
find resolution regarding the Company’s financial
situation. The Company has prepared its financial reports
for fiscal year 2003 assuming the success of these negotiations. Absent such a timely resolution, the waivers would
expire and management believes the Company would then
be unable to meet all of its debt obligations.
EUROPE?
There are very strong growth opportunities in Europe.
In a European population of 329 million, representing our core
market, Disneyland Resort Paris is the leader with a cumulative penetration of only 16%. Therefore, our real growth
opportunity is to persuade those Europeans who have never
come to Disneyland Resort Paris to make their first trip.
We know, furthermore, that once they have visited our
resort, consumers come back several times due to our very
high satisfaction rates.
WHAT ABOUT THE CHANGES IN THE TOURISM TRENDS?
A L : Recent developments in the travel and tourism
industry also offer a bright outlook for Disneyland Resort
Paris.
We are the leader in the theme parks market and therefore
we are in an excellent position to take advantage of the
growth prospects in this market.
The short-break market in Europe is growing steadily.
The growth of the low-cost airlines as well as the development
of new infrastructure, such as the opening of the Thalys
train connection with Germany in December 2003 and the
reduction in travel time brought by Eurostar, not to mention
the construction of the “TGV EST” high-speed rail line
should boost the number of medium-range travellers.
I N T E RV I E W W I T H T H E C H A I R M A N
8/9
“
In 2004, we plan to execute
our relaunch stategy and implement
our financial restructuring.
”
HOW
STRONG ARE
DISNEYLAND® RESORT PARIS
FUNDAMENTALS?
A L : Disneyland® Resort Paris has very strong fundamentals
and substantial growth opportunities.
Disneyland Resort Paris is the leading tourist destination in
Europe with over 140 million visits since it opened in 1992.
In just over ten years, Disneyland Resort Paris has become a
tourist destination that has no European rival with transport
infrastructure connecting it to all of Europe’s capital cities.
We are one of the leading employers in the Ile de France
Region, with 12,200 employees of 103 different nationalities.
We operate the largest hotel group in the Paris market,
a unique convention centre hosting 1,200 events a year and a
highly profitable real estate development programme.
We have developed partnerships with the finest corporations
in the leisure and real estate industries: Pierre & Vacances,
Marriott, Holiday Inn and the Taittinger Group.
WHAT
Then, we have to motivate consumers with a strong and
fresh European advertising approach.
Finally, a decentralised sales strategy will be implemented.
We have decided to mobilise our entire European sales
network behind the implementation of a new sales strategy.
We will be giving our European offices greater autonomy
and responsibility and in return, we will be asking them to
come up with better programmes to address the specific
requirements expressed by their own customers.
WHAT ARE THE KEY FACTORS
LONG-TERM SUCCESS?
A L : We have substantial growth opportunities and we
have four strategic assets that can be leveraged: the Disney
brand, a unique tourist destination in the heart of Europe,
our know how that brings legends and fantasy to life and
our Cast Members who are dedicated to deliver a magical
experience to every guest everyday.
First, we must capitalise on our uniqueness and our
competitive advantage, the Disney Magic. We must also
innovate to steadily enhance our product offering.
André Lacroix
Chairman and Chief Executive Officer,
Euro Disney S.A.
THE IMMEDIATE FUTURE?
We know that, thanks to our high rates of satisfaction, our
guests return regularly after their first visit. The primary
objective of our new marketing strategy is thus to win
over more “First Timers”, that is the Europeans who have
never visited Disneyland Resort Paris.
With the “Need Mag?c” campaign, we invite Europeans
to take a trip to Disneyland Resort Paris and when they
arrive, they will enjoy a truly magical experience during
their stay.
IN ACHIEVING
IS YOUR STRATEGY FOR
A L : One of our key priorities is the new sales and marketing
strategy.
An entirely new style web site has been specially developed
for the launch: needmagic.com. The site immerses guests
into the “Need Mag?c” concept, giving them a wide variety
of ways to share and experience the magic online. The heart
of the site offers a once in a lifetime opportunity for the
visitors to star in their very own Disney movie scene and
experience the life of a movie star: Disney’s Magicall.
WHAT
IS
“NEED MAG?C”
ABOUT?
A L : Disneyland® Resort Paris is launching an innovative
European communication campaign. Fresh, direct and
humorous, “Need Mag?c” is flexible enough to touch the
hearts of nations across Europe. The “Need Mag?c” concept
comes from a desire to interact in a new way with potential
guests who might be considering a visit to the resort; encouraging
them to perceive the brand differently and explaining that
Disneyland Resort Paris is the only magical destination in
Europe.
THE MANAGEMENT TEAM
10/11
The Management Team
1
2
3
4
5
6
7
1
YANN CAILLERE,
President and Chief Operating Officer, has been with Euro Disney
since 1995 and was appointed to his current position in July 2003.
Formerly Senior Vice President of Operations of Euro Disney,
he is credited with successfully reorganising and streamlining
operations for all the parks, hotels and Disney® Village. He was
also instrumental in the opening of Walt Disney Studios® Park.
Prior to joining Euro Disney, Yann was the General Manager of
the Hotel Sofitel in Paris.
2
JEFFREY R. SPEED,
Senior Vice President and Chief Financial Officer, was appointed to
this position in July 2003. Prior to joining Euro Disney, he spent
10 years with The Walt Disney Company, most recently serving as
Vice President Corporate Finance and Assistant Treasurer. In this role,
he had worldwide responsibility for corporate finance, capital markets
activities, structured and project finance, syndication of credit facilities,
and banking and rating agency relationships. Prior to joining The
Walt Disney Company, he spent 9 years with Price Waterhouse.
3
PHILIPPE MARIE,
Vice President Communications and External Relations, joined
the Company in January 2001 and served as Director of External
Relations until July 2003. Prior to joining Euro Disney, he spent
5 years with JC Decaux, where he was Director of Legal and
Municipal Relations.
4
ANDRÉ LACROIX,
Chairman and Chief Executive Officer, was appointed to this
position in July 2003. Prior to joining Euro Disney, he spent
7 years with Burger King, where he was President of Burger King
International, responsible for development, profitability and
management of the brand outside North America. He positioned
Burger King as the fastest growing brand in the international
quick service market. Prior to his Burger King experience, he
worked for Pepsi Cola, Colgate Palmolive and Ernst & Young.
5
PHILIPPE GAS,
Vice President Human Resources, previously worked at Euro
Disney from 1991 to 1997. He is serving as Vice President Human
Resources on an interim basis. Since June 2000, Philippe has
served as Regional Vice President for Asia Pacific Human
Resources for The Walt Disney Company. Prior to this position,
he was Director of International Human Resources in Burbank,
California.
6
PASCAL QUINT,
Vice President and General Counsel, joined Euro Disney in 1996.
He was previously General Counsel of Sanofi Pharma. Previously,
he served in several positions in the legal departments of major
companies, including Euro Disney SCA from 1991 to 1994.
7
DOMINIQUE COCQUET,
Senior Vice President Development and External Affairs,
joined Euro Disney in 1989 as Manager of Real Estate Finance.
He was promoted in 1992 to the rank of Vice President in charge
of Development and External Relations, and supervised the
doubling of the capacity of Disney Village, the creation of
Walt Disney Studios Park, the opening of 2,200 additional
hotel rooms, and the development of the Val d’Europe community.
C O R P O R AT E G O V E R N A N C E
12/13
Corporate Governance
Organisation
Euro Disney S.C.A. is a Société en Commandite par Actions. Under French law, this structure introduces a clear distinction
between the Gérant, which is responsible for operating the Company, and the Supervisory Board, which oversees the
management of the Company.
The Gérant
The Gérant of the Group is Euro Disney S.A., a French corporation, which is an indirect 99%-owned subsidiary
of The Walt Disney Company.
The Supervisory Board of Euro Disney S.C.A.
The role of the Supervisory Board is to monitor the general affairs and the management of the Company in the best
interests of the shareholders and to oversee the quality of the information communicated to them. The Supervisory Board
Members’ Charter dictates fundamental obligations to which the members of the Board must conform. Several obligations
in this charter go beyond the demands of the law and the Company’s by-laws, requiring for example, each board
member to own at least 1,000 Euro Disney S.C.A. shares. Four Supervisory Board meetings were held in fiscal year 2003.
A Financial Accounts Committee, composed of three members of the Supervisory Board, was created in 1997 to review
accounting and reporting issues as well as the internal and external audit processes. The members of the Financial Accounts
Committee are Mr Antoine Jeancourt-Galignani, Dr Jens Odewald and Mrs Laurence Parisot. Four meetings of the Financial
Accounts Committee were held in fiscal year 2003.
A Nomination Committee, composed of two members of the Supervisory Board, was created in 2002. Its role will be to
propose candidates as members of the Board. The members of the Nomination Committee are Mr Philippe Labro and
Mr Thomas O. Staggs. No meeting of the Nomination Committee was held in fiscal year 2003.
Through September 30, 2003, the Company had granted a total of 7,726,863 options, net of cancellations and exercises,
(to acquire one share of common stock each) to certain managers and employees at a market exercise price which
represented the average closing market price over the preceding 20 trading days. The options are valid for 10 years from
their issuance date and become exercisable over 5 years in equal instalments beginning one year from the date of grant. Upon
termination of employment, any unvested options are cancelled. However, options that are exercisable as of the date of
termination, may be exercised within a specified period of time or else they are cancelled.
In March 1999, the Company’s shareholders approved the implementation of a second employee stock option plan, with
substantially the same terms as the 1994 Plan, authorising the issuance of stock options for acquisition of up to 2.5 % of
the Company’s outstanding common stock. The options granted under that plan are valid for 8 years from their issuance
date. Through September 30, 2003, the Company had granted a total of 21,582,800 options, net of cancellations and
exercises, under this plan.
In May 2003, the Company’s shareholders approved the implementation of a third employee stock option plan, with
substantially the same terms as the two previous ones, authorising the issuance of stock options for acquisitions of up to
2.5% of the Company’s outstanding common stock. The options granted under that plan will be valid for a maximum of
8 years from their issuance date. Through September 30, 2003, the Company had not granted any options under this plan.
A SUMMARY
OF THE COMPANY’S STOCK OPTION ACTIVITY FOR THE YEARS ENDED
Number of Options (in thousands)
BALANCE AT SEPTEMBER 30, 2001
Compensation of the Statutory Management (Gérant), Euro Disney S.A.:
Euro Disney S.A. is responsible for the management of four companies within the Group: Euro Disney S.C.A., EDL Hôtels
S.C.A., ED Resort S.C.A. and ED Resort Services S.C.A. Management fees due to Euro Disney S.A. by the Group were
€ 2.5 million for fiscal year 2003.
Compensation of the members of the Executive Committee of the Euro Disney Group:
The composition and number of members on the Executive Committee of the Group varied during the fiscal year 2003.
Aggregate compensation due to the members during the period of their tenure totalled € 4.4 million. As of September 30,
2003, these same officers held together a total of 3.0 million Euro Disney S.C.A. stock options.
Stock Options
In 1994, the Company's shareholders approved the implementation of an employee stock option plan (the “1994 Plan”)
authorising the issuance of stock options for acquisition of up to 2.5% of the Company's outstanding common stock.
AND
2003
0.98
9,893
1.10
(142)
0.81
OPTIONS CANCELLED
(1,729)
0.96
BALANCE AT SEPTEMBER 30, 2002
33,347
1.02
-
-
OPTIONS EXERCISED
OPTIONS EXERCISED
-
-
OPTIONS CANCELLED
(4,037)
0.96
BALANCE AT SEPTEMBER 30, 2003
29,310
1.02
THE
FOLLOWING TABLE SUMMARISES INFORMATION ABOUT STOCK OPTIONS AT
SEPTEMBER 30, 2003:
Options Outstanding
RANGE OF
EXERCISE PRICE
(IN EUROS)
IS AS FOLLOWS:
Weighted-average Exercise Price (in euros)
25,325
OPTIONS GRANTED
OPTIONS GRANTED
Management Compensation and Corporate Positions and Directorships Held
SEPTEMBER 30, 2002
Options Exercisable
NUMBER OF SHARES
(IN THOUSANDS)
WEIGHTED-AVERAGE
REMAINING
CONTRACTUAL LIFE
(IN YEARS)
WEIGHTED-AVERAGE
EXERCISE PRICE
(IN EUROS)
NUMBER OF SHARES
(IN THOUSANDS)
WEIGHTED-AVERAGE
EXERCISE PRICE
(IN EUROS)
0.77 – 1.00
13,219
6
0.80
6,496
0.80
1.01 – 2.00
15,460
5
1.16
8,504
1.21
2.01 – 2.50
631
2
2.32
631
2.32
29,310
5
1.02
15,631
1.09
T H E S U P E RV I S O RY B O A R D
14/15
The Supervisory Board
Our Supervisory Board Members are:
ANTOINE JEANCOURT-GALIGNANI
President of the Supervisory Board, was elected to the Supervisory Board in 1989.
He was appointed as Chairman in September 1995. He is currently President of the
Board of Directors of Gecina. The term of office of Mr Jeancourt-Galignani expires at
the close of the Annual General Meeting which will deliberate upon the annual
financial statements of the fiscal year ending September 30, 2004.
DR JENS ODEWALD
was elected as a member of the Supervisory Board in 1989.
He is currently Chairman and Managing Director of Odewald and Compagnie GmbH.
The term of office of Dr Jens Odewald expires at the close of the Annual General
Meeting which will deliberate upon the annual financial statements of the
fiscal year ending September 30, 2005.
SIR DAVID PARADINE FROST
was elected as a member of the Supervisory Board in 1999.
He is currently President of David Paradine, Ltd. and co-founder of London Weekend
Television. The term of office of Sir David Paradine Frost expires at the close of the
Annual General Meeting which will deliberate upon the annual financial statements of
the fiscal year ending September 30, 2004.
LAURENCE PARISOT
was elected as a member of the Supervisory Board in 2000.
She is currently Chairman and Chief Executive Officer of IFOP. The term of
office of Mrs Laurence Parisot expires at the close of the Annual General Meeting
which will deliberate upon the annual financial statements of the fiscal year ending
September 30, 2005.
PHILIPPE LABRO
was elected as a member of the Supervisory Board in 1996.
He was Vice-President and General Manager of RTL France Radio. He is currently Project
Director, Design and Operations of PhLCommunication SARL. The term of office of
Mr Philippe Labro expires at the close of the Annual General Meeting which will deliberate
upon the annual financial statements of the fiscal year ending September 30, 2004.
THOMAS O. STAGGS
was elected as a member of the Supervisory Board in 2002.
He is currently Senior Executive Vice-President and Chief Financial Officer of The Walt
Disney Company. The term of office of Mr Thomas O. Staggs expires at the close
of the Annual General Meeting which will deliberate upon the annual financial
statements of the fiscal year ending September 30, 2004.
JAMES A. RASULO
was elected as a member of the Supervisory Board in 2003.
He is currently President for Disney Parks and Resorts worldwide as well as the Disney
Cruise Line, professional sports teams and “Imagineers”. The term of office of Mr James
A. Rasulo expires at the close of the Annual General Meeting which will deliberate upon
the annual financial statements of the fiscal year ending September 30, 2005.
The aggregate compensation of the Supervisory Board (excluding The Walt Disney Company employees who do not receive
additional compensation for their Supervisory Board functions) during fiscal year 2003 was € 160,071. A complete list of
other positions and directorships that each member of the Supervisory Board held in French or foreign companies as well as
the compensation paid by the Company to each individually during the fiscal year 2003 are detailed in the Consolidated Euro
Disney S.C.A. Group Management Report.
KEY FIGURES
2003 Financial Overview
16/17
40.7
40.1
13.1
38.9
12.4
Revenues for the year decreased 2.1% to total € 1,053.1 million. The reduced revenues reflect a prolonged downturn in the
European travel and tourism industry, strikes and work stoppages throughout France during the year, combined with challenging
general economic conditions in key European markets, partially offset by the impact of a full year of Walt Disney Studios® Park.
12.2
Excluding the impact of the Company’s fiscal year 2003 change in accounting principles for major fixed asset renovations
(the “Accounting Change”), operating margin (earnings before lease and financial charges and exceptional items) for the
year declined 18.6% to € 143.0 million and the net loss increased from € 33.1 million to € 45.4 million.
On an as-reported basis, operating margin decreased 24.6% to € 132.4 million from € 175.7 million in the prior year. After
lease and net financial charges and exceptional items, the Group’s net loss totalled € 56.0 million. The increased loss reflects
disappointing revenues, higher direct operating costs due to the full year operations of Walt Disney Studios Park, and higher
advertising costs during the first semester, partially offset by lower royalties and management fees following the waiver of the
payment of these fees by The Walt Disney Company (Netherlands) B.V. and Euro Disney S.A. for the last three quarters
of fiscal year 2003.
55.2 %
CAR
14.2 %
PLANE
13.3 %
COACH
12.8 %
TRAIN
4.5 %
2001
2002
2003
THEME PARKS ATTENDANCE
(in millions of guests, includes Disneyland Park and,
from March 16, 2002, Walt Disney Studios Park)
2001
2002
RAILWAY
2003
BREAKDOWN OF VISITORS
BY TRANSPORTATION
THEME PARKS AVERAGE SPENDING PER GUEST
(in € excluding VAT)
“
2003 was a very challenging
year for the European travel
and tourism industry.
”
2002
2001
1,053.1
1,076.0
1,005.2
INCOME BEFORE DEPRECIATION, LEASE AND FINANCIAL CHARGES
198.0
239.8
239.2
INCOME BEFORE LEASE AND FINANCIAL CHARGES
132.4
175.7
185.2
REVENUES
(200.3)
(170.8)
(147.5)
INCOME/(LOSS) BEFORE EXCEPTIONAL ITEMS
(67.9)
4.9
37.7
NET INCOME/(LOSS)
(56.0)
(33.1)
30.5
88.1
48.7
143.6
CONSOLIDATED BORROWINGS*
2,207.3
2,219.8
2,569.1
EQUITY & QUASI EQUITY
1,237.2
1,397.6
1,430.7
CAPITAL INVESTMENTS**
24.8
277.5
243.9
2.4
228.6
191.2
LEASE AND FINANCIAL CHARGES
CASH FLOWS FROM OPERATING ACTIVITIES
INCLUDING FOR WALT DISNEY STUDIOS® PARK
*including debt of the unconsolidated Financing Companies and excluding the quasi equity bonds redeemable in shares (ORAs)
**including deferred charges
THEME PARKS
39%
FRANCE
40%
HOTELS AND DISNEY® VILLAGE
22%
UNITED KINGDOM
9%
NETHERLANDS
10%
OTHERS
6%
GERMANY
9%
ITALY / SPAIN
2%
REAL ESTATE
7%
BELGIUM / LUXEMBURG
8%
OTHERS
BREAKDOWN OF REVENUES BY ACTIVITIES IN 2003
2003
In millions of euros
48%
GEOGRAPHICAL BREAKDOWN OF PARKS VISITORS IN 2003
183.5
88.2
175.1
86.0
168.6
85.1
2001
2002
2003
HOTEL OCCUPANCY
(in %)
2001
2002
2003
AVERAGE SPENDING PER ROOM
(in € excluding VAT)
S T O C K I N F O R M AT I O N A N D S H A R E H O L D E R S ’ C L U B
18/19
Stock Information
Euro Disney S.C.A. shares have been traded on the London, Paris and Brussels stock exchanges since November 6, 1989.
As part of the financial restructuring of June 8, 1994, Euro Disney S.C.A. offered shareholders 170 million warrants, one
warrant per share. The Company also issued bonds with share warrants attached (OBSA), the subscription for which was
reserved for the lenders. The 290 million warrants were freely negotiable and quoted separately from the shares on the Paris
stock exchange, offering holders the right to subscribe, at a cost of € 6.1 for 1.069 new shares for three warrants held. These
warrants have a term of 10 years and may be exercised until July 11, 2004.
In December 1999, the Company issued approximately 288 million new shares through an equity rights offering. This offering
generated net proceeds of € 219.5 million, which was used primarily to finance a part of the design and construction costs of
the Walt Disney Studios® Park.
STOCK EXCHANGE ACTIVITY
EVOLUTION OF THE SHARE PRICE
(base 100 as of October 2002)
Price as of end
September 2003
Fiscal year 2003
average daily volume
Paris
€ 0.60
1,680,005
120
London
£ 0.36
4,224
100
Brussels
€ 0.60
29,423
80
Share
160
140
60
Warrant
Paris
SBF 120
EURO DISNEY
40
€ 0.01*
94,408*
20
*Warrant price and average daily volume as of June 2002 Due to lack of trading, warrant quotation has been effectively
suspended.
0
OCT
2002
NOV
2002
DEC
2002
JAN
2003
FEB
2003
MAR
2003
APR
2003
MAY
2003
JUN
2003
JUL
2003
AUG
2003
SEP
2003
“
A range of privileges for
”
Shareholders’ Club Members.
Since 1995, the Euro Disney S.C.A. Shareholders’ Club has offered a host of special services
reserved for members, who benefit from significant reductions on admissions passports for
Disneyland® Park and Walt Disney Studios® Park. There are also discounts at all hotels and a
priority booking service (+33 1 60 30 60 72) for the Disney hotels. Shareholders benefit from
special rates on green fees at Disneyland® Resort Paris Golf and on tickets to the Buffalo Bill
Wild West Show.
Since 2001, Euro Disney S.C.A. offers even more services for Shareholders’ Club Members. As VIPs, they are entitled to start their
day at the Parks at the Salon Mickey, where a complimentary Continental Breakfast awaits them in a charming Victorian setting.
A Cast Member is on hand to welcome members and help them to take full advantage of their day in the Parks. Reduced rates
continue at shops and table-service restaurants in the Parks – many of which now appear in the exclusive French Bottin Gourmand.
MARKET CAPITALISATION
Fiscal Year
2003
2002
2001
Number of shares (in millions)
1,056
1,056
1,056
634
433
876
0.71
0.35
1.19
0.41
1.09
0.54
Market Capitalisation
at September 30
Share Price
- High (in €)
- Low (in €)
Club Members can ring a special telephone line (+ 33 1 64 74 56 30) that provides information on all aspects of Euro Disney
S.C.A. and the Shareholders’ Club. A bi-annual newsletter provides more in-depth information on the Company, as well as
the latest Disneyland Resort Paris and Shareholders’ Club news. In 2002, Shareholders’ Club Members received their first Euro
Disney S.C.A. Individual Shareholder Guide that gives information on Euro Disney shares and their rights as shareholders.
AVERAGE DAILY TRADING VOLUME (in millions)
3.5
3.0
2.5
2.0
Club Members can also find the most recent Company news and the share price evolution on the internet site
www.eurodisney.com. The site also features an on-line boutique reserved exclusively for the Shareholders’ Club Members,
offering a regularly updated selection of Disneyland Resort Paris products at discounted prices.
1.5
1.0
0.5
IDENTIFICATION SHEET OF EURO DISNEY S.C.A. SHARE
Nominal
Number of shares
Markets
Main codes
0.76 euro per share
1,055,937,724 as of 09/30/03
Paris (SRD), London, Brussels
Reuters
EDL.PA
Bloomberg EDL FP
ISIN
FR0000125874
0.0
OCT
2002
NOV
2002
DEC
2002
JAN
2003
FEB
2003
MAR
2003
APR
2003
MAY
2003
JUN
2003
JUL
2003
AUG
2003
SEP
2003
Finally, Shareholders’ Club Members can participate in special events, including Hortitours horticultural tours and Guided
Tours that reveal all the secrets of both the Disneyland and the Walt Disney Studios Parks.
When he joined the Company in July 2003, André Lacroix was aware of the importance of Shareholders and decided
to further extend the advantages that are offered to Club Members. Starting on February 1, 2004, a free hot line will be
implemented (00 800 64 74 56 30*), and as of March 31, 2004, Club Members will be entitled to buy a one year car park
passport at a reduced rate. Furthermore, the restaurants which provide discounts to Shareholders’ Club cardholders now
include restaurants with table service and the Buffet at Disney Village.
SHAREHOLDING STRUCTURE
IDENTIFICATION SHEET OF EURO DISNEY S.C.A. WARRANT
Number of warrants
Parity
Exercise period
Market
Main codes
290 million issued in July 11,1994
3 warrants = 1.069 new shares as of 09/30/03
From December 31, 1995 to July 11, 2004
Paris
Reuters
RF51472.PA
Bloomberg EURD 7/11/04
ISIN
FR514721
39.1% THE WALT DISNEY COMPANY*
44.6% MINORITY SHAREHOLDERS
16.3% PRINCE ALWALEED**
*via its wholly-owned subsidiary, EDL Holding Company
**via 5-KR-135 Ltd, a company whose shares are held by trusts
for the benefit of Prince Alwaleed and his family
If you are an existing shareholder of the Company, come and join the 4,500 current members of the Shareholders’ Club either
by calling +33 1 64 74 56 30 (or 00 800 64 74 56 30 as of February 1, 2004) or by connecting at “www.eurodisney.com.”
Club Membership is simply magic!
For further information about having your Euro Disney S.C.A. stocks registered, please contact : • FRANCE : Banque Crédit Agricole Indosuez, Crédit Agricole
Investor Services Corporate Trust, Service aux Emetteurs, 75288 Paris Cedex 06, 33 (0) 1 41 89 43 24 • BELGIUM : KBC Bank avenue du Port 2,1080 Bruxelles
• UNITED KINGDOM : Computershare Services, PO Box 82, The Pavilions, Bridgewater Road, Bristol, B S99 7NH.
* Available for calls from France, the United Kingdom, Germany, Belgium, the Netherlands, Italy and Spain.
HIGHLIGHTS OF 2003
20/21
Walt Disney Studios® Park
Disneyland® Park
2003 was an important year at Disneyland® Resort
Paris. We developed a comprehensive events
calendar covering important seasonal festivities
and celebrations, each one featuring a different
style of entertainment.
Highlights of 2003
Disney® Village
The opening of new restaurants and hotels also
provided guests with an incentive to visit the Resort
more frequently and to extend their stay. Once again,
Disneyland® Resort Paris has proved to be a truly
unique Resort destination!
New Hotels
HIGHLIGHTS OF 2003
22/23
Walt Disney Studios Park
Disneyland Park
Celebrating the Year of the Sheep
The Jungle Book 2 Carnival
For the first time, Walt Disney Studios® Park paid tribute to the Chinese New Year. On two
uniquely themed evenings, January 30 and 31, 2003, the Park re-opened at night to celebrate
the arrival of the Year of the Sheep. Guests enjoyed various ancient Chinese customs, like
calligraphy, origami and engraving on rice. There were also demonstrations of Chinese
martial arts, and, in make-up workshops, children’s faces were painted in pure Chinese opera
style. Guests could choose for a typical Chinese meal, and this unique festival celebrating the
advent of the New Year ended with an exciting parade featuring dragons, and a spectacular
fireworks display.
From February 1 to March 9, 2003, Disneyland® Park presented a brand new Carnival Season, timed to coincide with the release
of the film The Jungle Book 2. The season offered three different themes, delighting Guests with the music and colour of the
carnivals that take place in the dream destinations of New Orleans, Africa and South America. Together with the Disney
characters and the heroes of The Jungle Book, Guests in Disneyland Park danced and sang to Afro, Latino and Dixie rhythms.
Towards the end of the season, on March 1, Disneyland Park celebrated carnivals from around the world by organising a
special evening, during which four of the five themed “Lands” of the Park and selected attractions were open.
®
CinéMagique, Best Attraction of 2003
CinéMagique, at the new Walt Disney Studios Park at Disneyland® Resort Paris,
is an outstanding and unique example of storytelling at its best. Combining live
performance with film and special effects, CinéMagique features a movie-goer who
is drawn right into the on-screen action; he stumbles through one classic cinema
moment after another, including slapstick comedy, gangster, western, musical,
adventure, horror, science fiction and romance.
In Los Angeles, California in October, at the 10th Annual Thea Awards Gala,
recognising achievement, talent and personal excellence in the Themed
Entertainment Industry, CinéMagique received the award for best attraction
in 2003.
®
Disney’s Fantillusion: Magic in the Twilight
From July 2003, Disneyland Park Guests have been able to enjoy the unforgettable
experience of Disney’s Fantillusion. This new, unique nightime show brings Disney
characters, tales and legends to life using the most advanced sound and visual effects.
Appearing as a shimmering shower of light as it crosses Disneyland Park, Disney’s
Fantillusion makes exceptional use of fibre optics, stroboscopic effects, light emitting
diodes, “black” light and colour programming. This fantastic moment was created using
the artistic and technological expertise developed during the production of numerous
night shows for Disney Theme Parks worldwide.
Manchester United Soccer Schools kicks off
at Disneyland® Resort Paris
Euro Disney S.C.A. is teaming up with Manchester United Soccer
Schools to create the first permanent Soccer School at Disneyland®
Resort Paris. Manchester United Soccer Schools, scheduled to open
in Summer 2004, will give soccer-mad youngsters the chance to
make a dream come true!
Designed for boys and girls aged seven to fourteen, the aim of the Soccer School
is to improve understanding of the game, teach them to play the “Manchester United
Way”, and inspire them to play better and more frequently - all of this in a unique
location where sport, education and magic go hand in hand!
HIGHLIGHTS OF 2003
24/25
Disney Village and Themed
Hotels: Live the Magic 24 Hours a Day
Adjacent to the Disney® Theme Parks are Disney® Village and Disney’s seven resort hotels
(Disneyland® Hotel, Disney’s Hotel New York®, Disney’s Newport Bay Club®, Disney’s
Sequoia Lodge®, Disney’s Hotel Cheyenne®, Disney’s Hotel Santa Fe® and Disney’s Davy
Crockett Ranch®). These hotels give guests the chance to continue their Disney
experience by staying overnight in the heart of the magic. Spring 2003 marked the
inauguration of three new Disneyland Resort Paris “Selected Hotels”, located in the
new Val de France hotel district of Disneyland Resort Paris.
Selected Hotels
®
Disney Village
®
Offering a total capacity of 1,080 rooms, these three hotels, ranging in category from 2 to 4-star, enable guests to have easy
access to the Theme Parks and to discover the charm of Ile-de-France architecture.
MyTravel’s Explorers Hotel: Prepare for Adventure!
Home to Sir Archibald de Bacle, the "legendary explorer", this 3-star hotel is a visual and fun-filled treat, packed with
treasures and surprises from around the world. Five separate themed restaurants serve the guests of this hotel, which has 380 rooms.
King Ludwig’s Castle
In June 2003, King Ludwig’s Castle, a new restaurant serving authentic Bavarian
specialties in fairy-tale surroundings, opened in the heart of Disney® Village.
The decoration and atmosphere of the restaurant are inspired by Neuschwanstein
Castle, built and designed by King Ludwig II of Bavaria in the 19th century, which
also inspired Walt Disney when he created Sleeping Beauty Castle for Disneyland
in the 1950s. The two-level restaurant offers a seating capacity of 296,
an outdoor terrace and a new shop. King Ludwig’s Castle is operated by
Groupe Flo, under franchise from Prince Luitpold of Bavaria, a direct
descendant of King Ludwig II.
Kyriad Hotel: Relax in Traditional Style…
Built in the traditional architectural style of the local Brie region, this comfortable
2-star hotel has a panoramic view over the surrounding woodlands and is just a few
steps from a picturesque lake. With its 300 rooms, the Kyriad Hotel at Disneyland®
Resort Paris is to become the flagship hotel of the renowned Kyriad chain, offering guests a unique taste of tradition.
Holiday Inn: Join the Circus!
The guests of this 4-star Holiday Inn, built in the style of great French country
manor houses, can meet both clowns and jugglers during their stay. With nearly 400
rooms, including 23 Kid Suites, this hotel welcomes guests with its cheerful décor
and friendly atmosphere, while offering the service for which Holiday Inn Hotels
are renowned.
2004 ACTION PLAN
26/27
In 2003, the new management team developed and introduced a new action plan
designed to revitalise the Disneyland® Resort Paris brand, both internally and
externally.
The primary objective of a new marketing strategy, which refocuses the Company’s
positioning on its core, is to win over “First Timers” (those Europeans who have never
visited Disneyland® Resort Paris) and to develop a “Disneyland® Resort Paris reflex”
in the hearts and minds of all potential guests.
There are three components in the implementation of this action plan: leverage
of the competitive advantage of the unique Disney Magic; innovation in product
offering, and a new European marketing campaign, called “Need Mag?c”.
2004 Action Plan
Magic Every Day
Innovation
Marketing
2004 ACTION PLAN
28/29
Magic Every Day
Walt Disney, the man behind the magic, wanted to create a world of make-believe where children and grown-ups could
discover something rare and wonderful together. Disneyland® Resort Paris is that magical kingdom, where dreams come true.
The stories told at Disneyland Resort Paris offer the full range of emotions, from thrills and adventure, to tenderness,
fascination and discovery. Every detail is lovingly created and protected by the “Imagineers”, our pioneering designers and
technicians, who have over 50 years experience in 3-D story telling.
More than a thousand performers provide fourteen hours of sparkling shows and parades every day.
Their spectacular costumes, of every shape and colour, are designed, created and maintained by a team
of nearly three hundred highly skilled Cast Members.
Each costume is unique and every parade a
masterpiece, winding its way daily through the Parks
in joyful procession.
Guests can also find quiet spots in peaceful and beautiful
surroundings. Our horticulture department has
120 gardeners, who work while children sleep to make
Disneyland® Resort Paris one of the biggest and most beautiful
gardens of Europe.
When it comes to mealtime, the choice is infinite. Disneyland Resort
Paris offers more than 70 places to eat, with food ranging from a quick
bite on the go to a lavish spread, a veritable fairytale feast. Our highly
skilled chefs work behind the scenes to produce a wide variety of dishes, and in
peak periods can provide as many as 150,000 meals per day.
Guests and Cast Members, of all ages and from all backgrounds, come to Disneyland
Resort Paris from both near and far. But, in our magical world, language is secondary: just
a look is enough to understand and be understood. When a child arrives at the entrance of
the Walt Disney Studios® Park, he knows he’s a star and the guest of honour in one of the
largest film sets in Europe. The welcome is just as warm at Disneyland® Park , where old
friends are waiting to say ‘Hello’: Mickey and Minnie, Goofy, Pluto, Chip and Dale,
Peter Pan and Tinker Bell, Donald Duck, Pinocchio and Geppetto…
Cast Members "Need Mag?c" campaign launching night
® Alain Ernoult
Walt Disney said, “You can dream, create, design and build the most wonderful place
in the world, but it requires people to make the dream become a reality.”
The people waiting to make your dream a reality are our 12,200 Cast Members.
2004 ACTION PLAN
The Cast with the Magic Touch
Euro Disney S.C.A. employs
more than
They are enthusiastic about the Disney experience and are
ready to deliver the Disney Magic.
12,200 Euro Disney S.C.A. Cast Members, including
As an example, Cast Members were invited to participate
in the recording of a song to support UNICEF, and in the
“Need Mag?c” group photo. It was as if 12,200 Cast
Members opened their arms in invitation to all our potential
European consumers.
10,850 permanent staff (average figures for Fiscal Year 2003)
103 nationalities
19 languages spoken
60 % of the Cast Members have worked for the Company
for three years or more, and the average age of permanent
Cast Members is 33.
Disneyland® Resort Paris offers Cast Members the opportunity
to perform a wide range of jobs as entertainers, attraction
operators, hotel staff, cooks, acrobats, gardeners, landscapers,
firemen, cleaning crews, show technicians, sales staff, and
specialists in marketing, finance, legal and information
technology. All together, more than 500 professions are
represented at Disneyland Resort Paris.
Our Cast Members come from all horizons and it is this blend
of world cultures that makes almost anything possible at
Disneyland Resort Paris. Cast Members have been highly
involved in the re-launch of the Disneyland Resort Paris brand
and have contributed to the development of several initiatives.
Summer Camp
During the 2003 Summer Camp programme, all Cast Members were given
the chance to contribute to the future strategy of the Company by
participating in round table discussions, posting ideas on our Intranet and
in idea boxes. More than 4,000 proposals were submitted.
Bringing Magic to Children in Need
Community relations and volunteer work, especially among seriously ill and underprivileged
children, are two of the most important legacies left by Walt Disney. This legacy is a long
standing tradition at Euro Disney S.C.A., which began these sponsorship programmes prior
to the opening of Disneyland® Park in 1992. The commitment of the Company to children
in need is demonstrated by three major initiatives: hospital visits by Disney characters,
fulfilling the dreams of seriously ill children through the Children’s Wishes programme,
and the charitable activities carried out as part of the volunteers’ programme.
In 2002, Disney characters made hospital visits to 2,400 children, not only in Paris and
other regions in France, but in one hundred European hospitals. The Children’s Wishes
programme allowed nearly 700 seriously ill children to spend time at Disneyland Resort
Paris with their families (since the opening of Disneyland Park, this programme has
enabled 60,000 children to visit the Resort). Through 60 activities organised by Euro
Disney S.C.A., more than 800 volunteer Cast Members offered their time, talents and hearts
to assist children in need. As in previous years, Euro Disney S.C.A. supported a large
number of charity associations, including the Secours Catholique and the French Red
Cross, through its collection and donation programmes.
30/31
2004 ACTION PLAN
32/33
Innovation
At Disneyland® Resort Paris, our products, prices and services are constantly being
updated and enhanced so that our Guests can discover even more magic.
The Hopper Ticket
New features have been added to our pricing policy in order to
keep up with changing consumer expectations. It was known that
guests who spent several days at the resort moved freely
between both Parks; this possibility was not, however, available to
guests who only visited for one day. Now, with the Hopper Ticket,
visitors are free to go from one Park to the other and to choose their dream itinerary.
Guests can freely visit two Theme Parks in the same day for € 49 (adult ticket) and € 39 (child
ticket).
Mad Hatler’s Tea cups in Fantasyland®
Annual Passports
The Annual Passport is a true magic wand that opens the doors to
the Disneyland® Park and that of the Walt Disney Studios® Park,
all year long(1). With its new communication campaign
« Need Mag?c », Disneyland Resort Paris offers a whole new range of Annual Passports.
Smart Buy, the Annual Proximity(2) Passport, reserved exclusively for the residents of the
Ile-de-France region and the Aisne, Marne and Oise departments, is offered for the price of
€ 89 per adult or child(3) alike. It gives access to the 2 Disney Parks 325 days a year.
The Annual Fantasy Passport, offered for the price of € 119 per adult or child(3) alike,
allows guests to access the 2 Disney Parks all year long except for 20 days, common to the
Disneyland® Park and the Walt Disney Studios® Park. Among other advantages, parking(4)
at the Disney Parks and Disney® Village(5) is included.
The Annual Dream Passport, offered for the price of € 159 per adult or child(3) alike, is
dedicated to all Disney fans. It offers unlimited access to the Disneyland Park and the Walt
Disney Studios Park 365 days a year. It offers a wide range of privileges such as special events,
special discounts and free services for the day.
Kids Go Free
From January 4 to April 1, 2004, children under 11 have free
entrance to both Parks. Each paid adult ticket enables a child to
realise his or her dream of a fantastic stay, free-of-charge.
Animagique in Animation Courtyard®
Space Mountain in Discoveryland®
(1) Except on restriction days according to
the Annual Passport.
(2) Reserved to the resident of French
departments : 75,77, 78, 91, 92, 93, 94, 95,
02, 51 and 60.
(3) Children from 3 years old.
(4) Motor vehicle for the day only.
(5) Until August 31 2004.
2004 ACTION PLAN
A New-look Halloween Festival
The Halloween season took on a whole new look at Disneyland® Resort
Paris this year. During the month of October 2003, Disneyland® Park
offered a wide range of Halloween entertainment geared to the whole
family. Main Street, U.S.A. was turned into “Spooky Street”, inhabited by
strange pumpkin men and covered with blotches of orange paint. The
Princess Parade was taken over by Disney Villains, who made the most of
their chance to parade through the Park. Special face-painting workshops
were set up inside a giant pumpkin at the foot of Sleeping Beauty Castle,
where children up to 12 years of age could come and be made up ‘in
disguise’. Halloween Land – normally Frontierland - was covered with
pumpkins and frequented by scarecrows, witches and other scary characters. Guests were also invited to board the
Mummy Cruise Line, a paddle streamer that transported them to another world. Two special fancy dress evenings were
held to celebrate Halloween, on October 25 and 31.
A Magical Christmas Season
Christmas is always a high point and, this year, the Company put even more magic into Christmas with a programme including a new parade and new events. Towering over Town Square at the entrance of Disneyland Park, a 25-metre tall Christmas
tree was lit with 7,000 fairy lights and decorated with over a kilometre of garlands. Mickey’s Winter Wonderland offered a
heart-warming musical celebrating the spirit and pleasures of winter. Walt Disney Studios® Park was especially decorated for
the season, and presented a host of favourite Disney stars in Christmas costume. “Streetmosphere” performers invited Guests
to star with them in their latest Christmas-themed film.
34/35
In addition to visiting the Theme Parks, Guests were drawn into the spirit of
the holiday season by the decorated Christmas trees, crackling fires and traditional entertainment in the seven Disneyland® Resort Paris themed hotels.
At Disney® Village, Guests could visit a Scandinavian Christmas Market and
enjoy Christmas celebrations.
As a special free Christmas gift to celebrate the start of the “Need Mag?c”
campaign, Disneyland Resort Paris invited 15,000 guests for a magical
Christmas celebration on December 17, 2003.
2004, the year of The Lion King
A number of product innovations are planned in 2004 to celebrate one of the greatest Disney films, The Lion King. From
February 7 to March 7, 2004, Disneyland® Park will feature The Lion King Carnival, a festival that celebrates life and
features Simba, the Lion King. At the foot of Sleeping Beauty Castle, a giant replica of Pride Rock will be constructed.
Surrounding Pride Rock will be giraffes, hippopotami, elephants and other African animals. Birds will fly overhead like kites
on a windy day. Pride Rock will be centre stage for a dedication ceremony reminiscent of the classic scene from the film:
The Circle of Life Celebration. More animals will join the gathering before Rafiki arrives to commence the ceremony.
Throughout the day, Pride Rock will play host to live bands entertaining Guests with African rhythms! Every night, Simba’s
“FiROARworks” will light the sky over Sleeping Beauty Castle with the colors of the season to celebrate the ancestors of
The Lion King. A sound and light show with symphonic music, a cappella singing and storytelling will be included in the
Carnival finale. Then on June 26, 2004, Disneyland Park will launch an extraordinary new show, The Legend of The Lion
King; yet another magical moment where the legend of a great African kingdom will come to life through magic rhythms
and an explosion of special effects!
2004 ACTION PLAN
36/37
Marketing
A Brand New Campaign to Reach Every European
The third component of our 2004 Action Plan consists of a powerful marketing campaign that targets both new and former
customers. The marketing strategy of Disneyland® Resort Paris tries to touch every European. It adds a sprinkle of pixie dust
in their daily lives, and inspires them to dream a Disney adventure.
It starts by asking a simple question, “Need Mag?c”. It is a question that meets everyone need! Fresh, direct and humorous,
“Need Mag?c” is flexible enough to touch the hearts of nations across Europe.
The “Need Mag?c” concept comes from a desire to interact in a new way with potential guests who might be considering a
visit to the resort; encouraging them to perceive the brand differently and explain that Disneyland® Resort Paris has the magic
we all aspire to. In the context of an increasingly complex and stressing daily life, where problems and obstacles pop up all
too often, the first tourist destination in Europe invites everyone to slip away to a particularly wide array of emotions that
respond to all the different needs of magic.
The advertising campaign creates a dialogue with the public, an interactive relation by entering the daily life with humour.
The three television ads, adopt a new tone for Disneyland Resort Paris, based on the freshness and modernity of the message.
Each of these ads presents an offer, whether it is the « Kids Free » season or the new Hopper ticket.
“Need Mag?c” TV campaign
2004 ACTION PLAN
A Forceful Media Plan
This marketing strategy, in keeping in the spirit of Disney magic, is sensitive to cultural differences across Europe.
The campaign has a forceful media plan, especially on television, in all of Disney’s six main European markets: France, United
Kingdom, Netherlands, Belgium, Germany and Spain.
The press-advertising component of the campaign establishes an unexpected new look for Disneyland® Resort Paris. It shows
shared moments of happiness and real emotions. The Disney experience is shown from a new angle, but continues to tell
never-ending Disney stories.
An entirely new style web site has been especially developed for the launch under needmagic.com. The site immerses guests into
the “Need Mag?c” concept, giving them a wide variety of ways to share and experience the magic online. The heart of the site
offers a once in a lifetime opportunity for the guests to star in their very own Disney movie scene and experience the life of a movie
star: Disney’s Magicall.
“Need Mag?c” TV campaign
“Need Mag?c” TV campaign
38/39
S U S TA I N A B L E D E V E L O P M E N T
40/41
Sustainable
Development
Human Resources
In the following pages, the Company’s human resources and environmental policies
are explained, and examples are given of new initiatives in the area of sustainable
development. A complete summary of actions taken by Euro Disney S.C.A. in this area
is provided in the Management Report on Euro Disney S.C.A. for fiscal year 2003
prepared for the Company’s Annual General Meeting.
Care for the Environment
Third Development Phase
HUMAN RESOURCES
42/43
Human Resources
EQUITY IN THE WORKPLACE
(PERMANENT CONTRACTS BREAKDOWN)
55% MEN
45% WOMEN
As the largest employer in the Ile-de-France region, Euro Disney S.C.A. has
directly or indirectly generated more than 43,000 jobs. At end-September 2003,
the Company employed more than 11,300 employees. During the year, on
average, the Company employed 12,200 persons. 80% of the employees working
on the site live in the area.
For employees working under permanent working contracts, working hours
were split as follows:
• Full-time (35 hours): 93.1%
• Contracts for less than 16 hours: 4.6%
• Contracts for 16 - 28 hours: 1.8%
• Contracts for more than 28 hours and less than 35: 0.5%
EMPLOYEE BREAKDOWN BY CATEGORY
OF CONTRACTS (AS OF SEPTEMBER 30, 2003)
10,476 (92%)
PERMANENT
CONTRACTS
757 (7%)
FIXED-TERM
CONTRACTS
120 (1%)
TEMPORARY
CONTRACTS
Since 1997, Disneyland® Resort Paris has implemented a global and integrated
human resources strategy, articulated in a Charter for Quality - Health, Safety,
and Working Conditions - Environment.
Euro Disney S.C.A. has a long-standing commitment to employee training.
In 2003, a new Management Programme was introduced at Disney University,
providing newly-hired management with a global vision of the strategy and the
organisation. The Hôte d’Accueil Touristique programme, initially designed to enable
employees to acquire different professional competency certificates recognised by
the French Ministry of Employment, was extended to a second step of leisure jobs
path, called Hôte d’Accueil Touristique Spécialisé, developing Cast Members in
all the operational activities of the Company. In the language laboratory open to
the entire staff, an e-learning programme was set up to facilitate the acquisition
of language skills.
Eighteen meetings of the Workers’ Council and 189 meetings of the Staff
Representatives were held during fiscal year 2003. Major agreements signed
during the year included collective agreements on night work and Company-level
agreements concerning the refunding of medical expenses.
The Company maintains a work and training programme for its disabled
employees, who numbered more than 250 this year.
Scene of the ten-year celebration Parade
Data extracted from a complete report provided in the Management Report on Euro Disney S.C.A. for fiscal year 2003.
CARE FOR THE ENVIRONMENT
Constant Care for
the Environment
Euro Disney S.C.A.’s care for the environment is illustrated by the diversity
and abundance of vegetal species in the Resort, as well as by the Company’s
high standards of cleanliness.
Since the initial development of Disneyland® Park, a concerted effort has been
made to bring more vegetation to the site. Telephone and electricity cables are laid
underground. The Resort’s horticulture department promotes the uses of only
environmentally-friendly products, and in particular those which protect
pollen-producing plants. Use of chemical products at the Resort is also
carefully controlled by a special committee, which promotes the utilisation of
environmentally-friendly products.
Jogging around the Lake Promenade
A utilities energy management programme was started at Disneyland® Resort
Paris in 1997, with the objective of controlling and reducing the consumption
of water, electricity and natural gas. Over a six-year period, considerable
progress has been achieved.
The quality of water at the Resort is tested and controlled regularly. Using its
own internal laboratory, Euro Disney S.C.A. processed more than 8,000 water
tests in 2003, with the objective of monitoring and improving water quality in
swimming pools, ornamental lakes and waste water.
Specific measures have been taken to limit air and noise pollution. Heat
requirements for the functioning of the two parks and for the Disney hotels
are generated or met by natural gas boilers. A soundproof wall was erected
around the fireworks launching area in 1996.
Disney Lake
The Company has always encouraged the use of public transport (buses,
subway, trains) and of vehicles that operate on less-polluting fuel. Bike paths
were created for the use by Cast Members backstage and the Company’s car
pooling programme started in 1996.
WATER AND ENERGY CONSUMPTION
WATER (KM3/YEAR)
ELECTRICITY (MWH/YEAR)
GAS (MWH/YEAR)
2001
2002*
2003
2,027
2,181
2,066
168,235
192,958
190,397
88,000
109,467
106,375
*the increase in energy consumption in 2002 is related to the opening of Walt Disney Studios® Park.
Data extracted from a complete report provided in the Management Report on Euro Disney S.C.A. for fiscal year 2003.
Guests in front of a bungalow of the Disney’s Davy Crockett Ranch®
Disneyland® 27-hole golf facility
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THIRD DEVELOPMENT PHASE
Third Development Phase
of Val d’Europe
A New Step in Sustainable
Development
In July 2003, Euro Disney S.C.A. and Epamarne / Epafrance signed the detailed development programme for the third phase
of Val d’Europe. The third phase will perpetuate the quest for excellence, controlled planning, quality and continuity which has
until now successfully ensured a total synergy between tourist and urban poles. Three major axes are covered in the third phase.
The first axis is based on the continuation of the impetus given to urban development, and specifically to projects
that will increase Val d’Europe’s capacity to welcome new individual and corporate residents, both in the town centre and in
the Val d’Europe communities. The second axis focuses on the continuation of tourist development, and particularly on the
expansion of Disney® Village, as well as the reinforcement of the business tourism sector. The third axis consists of overall
innovation in our tourism infrastructure, and a part of this initiative is the “Val d’Europe Nature Villages” study as well as
additional transportation infrastructure projects.
The third Val d’Europe development phase is expected to create 8,500
direct jobs and generate from 810 million to 1.2 billion euros of private
investment, as well as 100 million euros of public infrastructures investment.
The consistent support from public authorities and their representatives,
as well as a fruitful collaboration with private sector partners has
enabled Marne-la-Vallée to reaffirm its goal of being the development
engine for the eastern Paris region. Thanks to this unique public/private
partnership, and with over 20,000 jobs and 20,000 residents in the town,
Val d’Europe is today one of eastern Paris’ major economic hubs.
Urban Development
Thanks to the third development phase of Val d’Europe, 1,700 new homes
from apartments to single family units, both for sale and rent, will be
created for residents before 2010, complemented by parks and lively
public areas with restaurants and businesses. In particular, a new
neighbourhood, the Quartier du Lac, will be developed and will include
350 new homes, offices and tourist residences as well as the Hôtel de
Ville of Serris. Further development of the currently-existing Quartier du
Golf, the Quartier de Val de France and the Quartier du Parc are also
planned.
8
1
3
2
Place d’Ariane
5
4
6
7
Third Development Phase Map
1
Disneyland® Park
2
Walt Disney Studios® Park
3
Disney’s Hotels
4
International MALL
5
Disneyland® Resort Paris Golf Course
6
Arlington Business Park Paris Val
d’Europe
7
Davy Crockett Ranch®
8
Val de France
The third development phase should increase Val d’Europe’s capacity in
terms of corporate real estate, thanks to the creation of 100,000 square
metres of offices in the town centre and in the Arlington Business Park
Paris-Val d’Europe, along the A4 motorway. These innovations will
enable Val d’Europe to welcome a number of new corporate residents and
thereby create jobs and ensure economic diversification.
The programme includes plans for the extension of the Marne-la-Vallée
University, the opening of a new high school, a media library and the
new Marne-la-Vallée Hospital (585 beds).
Marne-la-Vallée University
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THIRD DEVELOPMENT PHASE
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Third Development Phase
of Val d’Europe
Tourist Development
Marriott Vacation Club International Opens its
First Vacation Ownership Resort
The third development phase of Val d’Europe provides for the expansion of Disney® Village, which was initially built in
order to enable Disneyland® Resort Paris guests and Cast Members to mix and meet with residents of the Seine-et-Marne
area. Thanks to the expansion programme, a number of new restaurants and shops will be opened, as well as an IMAX 3D
theatre with a larger-than-life screen within the successful Gaumont cinema multiplex. A new Vinci car park, with space for
1,400 vehicles, is also being built and is expected to open in December 2004.
Business tourism will be further enhanced by the development of a 30,000 square metre Exposition Centre (under study).
The development programme provides for the opening of two new hotels and a vacation ownership resort, which should
extend the capacity of Val d’Europe to receive guests and tourists by 2,000 additional rooms.
New Radisson SAS Hotel at Disneyland Resort Paris
®
In September 2003, Euro Disney S.C.A., Rezidor SAS Hospitality and Orion
signed a joint agreement concerning the construction of a new Radisson SAS
Hotel at Disneyland Resort Paris. The hotel will be strategically located on the
celebrated 27-hole Golf Disneyland®, adjacent to the Disney Theme Parks and
convention centres. The 4-star, 250-room hotel, which will be a “Disneyland
Resort Paris Associated Hotel”, is expected to open in summer 2005
New Mövenpick “Dream Castle” Hotel in Val de France
Mövenpick Hotels & Resorts announced that it will open a 4-star themed hotel
in Val de France, the new hotel district of Disneyland Resort Paris, in June 2004.
Inspired by middle-ages castles and their mysteries, The Mövenpick “Dream
Castle” Hotel will offer 400 rooms, two restaurants and an outdoor terrace
restaurant with high-quality Mövenpick cuisine. The hotel will target a
predominantly German-speaking clientele and will bring the total accommodation
capacity of Disneyland Resort Paris to close to 8,000 hotel rooms and tourism
residences, with 1,500 hotel rooms in the hotel district of Val de France.
In June 2003, Marriott Vacation Club International announced the opening of
its first vacation ownership resort in France, “Marriott’s Village-d’Ile-de-France
at Disneyland® Resort Paris”. Situated on Disneyland Resort Paris championship
Golf course, the new resort offers convenient access to the adjacent Disney Parks
and Disney® Village. Creating the atmosphere of a quaint French country village,
the resort will be built in six distinct phases of town homes, each
inspired by the rural residences of a different French impressionist painter.
The property’s first 44 town homes are modelled after Monet’s celebrated country home and gardens in Giverny. The resort
represents a new extension of the accommodation offerings of Disneyland Resort Paris, designed in particular to meet
the needs of those guests who desire to stay for one week or more. Upon completion, Marriott’s Village d’Ile-de-France
at Disneyland Resort Paris will contain 190 two-bedroom / two-bath town homes, each providing sufficient living area to
comfortably accommodate six guests.
Also in Spring 2003, the Pierre & Vacances Group opened the Résidence Paris-Val d’Europe in the town centre, a complex
of 290 apartments that are available for rental by guests.
Nature Villages
Finally, the third development phase of Val d’Europe would bring innovation in
tourism via the development, in a joint venture with Pierre & Vacances, of “nature
villages”, or resorts focusing on relaxation, the environment, sport and leisure.
The nature village concept, currently under feasibility study, would be
developed on a 560-hectare site south of the A4 motorway, and would
constitute a tourist offering complementary of that to Disneyland Resort Paris. The
different fully equipped villages would celebrate relaxation and conviviality, with
Water, the Earth, Sport and Forest as founding themes. Specific attention would
be paid to the active protection and enhancement of the nature village sites.
Development would be limited to approximately 10% of the total surface area,
and the remaining 90% of greenery would be preserved.
Thanks to all our Partners
®
© Disney, Euro Disney S.C.A., "Société en commandite par actions", overseas company incorporated in France, with a registered capital of 802,512,670.24 euros - Siren 334 173 887 RCS MEAUX, B.P. 100 77777 Marne-la-Vallée Cedex 04 - France - Licences ES 770642-51, 770652 and 770653.
THANKS
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