uk-2014-annual-review

2014

ANNUAL

REVIEW

EUROPEAN TOURIST DESTINATION,

WITH ALMOST 300 MILLION VISITS SINCE OPENING

5 th

LARGEST HOTEL CAPACITY IN FRANCE,

WITH OVER 5,800 ROOMS

DISNEYLAND ® PARIS,

WHERE IMAGINATION

COMES TO LIFE

+ 3

POINTS IN GUEST SATISFACTION

FOR THE PARKS IN FISCAL YEAR 2014

RESTAURANTS

BOUTIQUES, INCLUDING CHEZ MARIANNE

(SOUVENIRS DE PARIS)

THAT OPENED IN NOVEMBER 2014

14 2 M

•

VISITS IN FISCAL YEAR 2014

+5 %

AVERAGE GUEST SPENDING IN THEME PARKS

DURING FISCAL YEAR 2014

€1• 28 Bn

IN REVENUES

FOR FISCAL YEAR 2014

15,000*

CAST MEMBERS** APPROXIMATELY

€1Bn

RECAPITALIZATION PROPOSAL

FOR THE EURO DISNEY S.C.A. GROUP

Scene from Frozen in the Disney Dreams ® ! of Christmas spectacular.

* Source: Group’s 2013 Bilan Social employment report published in 2014. ** Euro Disney S.C.A. employees.

Ratatouille

L’AVENTURE TOTALEMENT TOQUÉE

DE RÉMY

NEW UNMISSABLE

“RAT-TRACTION”

A brand-new attraction opened its doors on July 10, Ratatouille : L’Aventure Totalement Toquée de Rémy.

In the heart of Walt Disney Studios ® Park, the entire Place de Rémy development pays tribute to the French

capital and offers guests a uniquely immersive experience in the magic of the Disney•Pixar movie.

Shrunk to the size of a rat, guests are whisked into the world of the Ratatouille animated movie.

The adventure continues at the new Bistrot Chez Rémy restaurant with its cuisine française,

as well as in the new boutique which opened in November 2014, Chez Marianne (Souvenirs de Paris).

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2014 IN REVIEW

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34 40

THE EURO DISNEY S.C.A. GROUP

RECAPITALIZATION PROPOSAL

“INVESTMENT IS AT THE HEART

OF OUR STRATEGY”

Interview with Tom Wolber,

Président - Euro Disney S.A.S.

CORPORATE GOVERNANCE BODIES

REMY COMES TO

DISNEYLAND PARIS

In 2014, the Euro Disney S.C.A.

group continued to invest signifi cantly

in the resort to deliver the very best

experience possible for guests.

The opening of Ratatouille :

L’Aventure Totalement Toquée

de Rémy was the fl agship event

of the year. Leveraging innovative

technology, this attraction plunges

guests into a fairy tale world as

never before!

A DEDICATED TEAM

DELIVERING DISNEY MAGIC

The magic of Disneyland Paris lies

in the commitment, skill and expertise

of its 15,000* or so Cast Members.

Every day, driven by the Disney culture

and a proactive human resources

strategy focusing on cast talent

and professionalism, team members

help create unforgettable experiences

for thousands of families in the true

Disney tradition.

* Source: Group’s 2013 Bilan Social employment report

published in 2014.

A COMPELLING OFFER

TO DRIVE GUEST SATISFACTION

Throughout the year, the group

enhanced the quality of its parks,

hotels, boutiques and restaurants,

in order to deliver the Disney magic.

That quality was seen in a brandnew

Ratatouille-inspired attraction,

innovative shows, revamped

attractions, an on-going hotel

renovation program and a new

strategic alliance.

INNOVATION IN SERVICE EXCELLENCE

An exceptional destination,

Disneyland ® Paris has welcomed

millions of guests for over 20 years

and has been the catalyst for countless

unforgettable experiences. The group’s

success lies in its in-depth knowledge

of guests of all ages, as well as its

ability to innovate. This tradition can

be found in all of the group’s activities –

from its theme park activity to

its approach to sustainable

development.

CORPORATE CITIZENSHIP

The Euro Disney S.C.A. group

places respect and consideration

of its Cast Members at the heart of

its priorities because they are behind

every magical moment created at

the resort. The group’s outreach

activity goes far beyond its immediate

neighbors. The group's values and

integration within the community have

resulted in responsibilities in many

different areas.

RECAPITALIZATION PROPOSAL

THE EURO DISNEY S.C.A. GROUP

A WIDELY-SUPPORTED PROJECT

On October 6, 2014, The Euro Disney S.C.A. group (hereafter "Group") announced a €1 billion

recapitalization proposal, backed by The Walt Disney Company. This proposal is key to improving

the Group’s financial position, and enabling it to continue investing in the resort. If implemented,

this recapitalization project will enable the Group to be better positioned to leverage economic

recovery in the years ahead.

A PROPOSAL BACKED BY THE WALT DISNEY COMPANY

€1

Billion

capital increase

to Euro Disney S.C.A. and

its principal operating company

2024

Reimbursement date

for loans granted

by The Walt Disney Company

EXPECTED IMPACT OF THE PROPOSAL

€420

Million

cash infusion

made or guaranteed

by The Walt Disney Company

€350

Million

new credit line maturing

in December 2023

€600

Million

conversion of debt held

by The Walt Disney Company

Euro Disney S.C.A. shareholders

will have an opportunity

to participate in the capital

increase alongside

The Walt Disney Company.

As a result of the proposal and in accordance with applicable regulations, The Walt Disney Company would be required to launch

a tender offer on Euro Disney S.C.A. shares.

Improve

the cash position

of Euro Disney S.C.A. by approximately €250 million

(as of September 30, 2014)

Reduce

the Group’s debt

by approximately €750 million

(as of September 30, 2014)

Improve

the Group’s liquidity

via deferred principal agreements

and converted debt

Continued

investment strategy

aimed at improving quality

and guest satisfaction

Disneyland Paris has attracted

275 million visitors, generated close

to 7% of France’s tourism revenues

[in foreign currency] and created

55,000 jobs.

LAURENT FABIUS,

Minister for Foreign Affairs & International Development

October 14, 2014

The city of Paris salutes the decision

by Euro Disney S.C.A. to lead

a €1 billion recapitalization operation.

By investing in Disneyland Paris,

the group proportionally reinforces

the attractiveness of the entire

Île-de-France region.

ANNE HIDALGO,

Mayor of Paris,

October 10, 2014

This proposal to recapitalize

the Euro Disney S.C.A. group is

essential to improve our financial

health and enable us to continue

making investments in the resort that

enhance the guest experience.

TOM WOLBER,

Président, Euro Disney S.A.S.

October 6, 2014

This decision is a vote of confidence

for Europe, France and the

Seine-et-Marne region. It favors

employment – despite the difficult

economic context. For me, that’s

an important factor.

This recommitment is an asset

for our region, and I’m very happy

about that. These new means

ensure the long-term projects

of Euro Disney S.C.A. as well as

its current development.

VINCENT EBLÉ,

Senator & Président

of the Seine-et-Marne Conseil Général

October 7, 2014

The Supervisory Board of

Euro Disney S.C.A. unanimously

supports this proposal which

would benefit the Euro Disney

S.C.A. group. With the backing

of The Walt Disney Company, this

operation will reduce Euro Disney’s

debt and provide new means

to invest in Disneyland Paris.

VIRGINIE CALMELS,

Chairman of the Euro Disney S.C.A.

Supervisory Board

October 6, 2014

2014 ANNUAL REVIEW

INTERVIEW WITH

TOM WOLBER

PRÉSIDENT OF EURO DISNEY S.A.S.

Tom Wolber succeeded Philippe Gas as Président

of Euro Disney S.A.S. in September 2014.

Tom brings to the role 25 years of Disney

experience, after having held senior management

positions with Disney Cruise Line, Disney Vacation

Club, Walt Disney World and Disneyland Paris.

WHAT ARE YOUR STRATEGIC PRIORITIES

IN THE CURRENT CONTEXT

T.W. Over the next three years, we will further boost our

investments aimed at supporting our strategy. Quality and

innovation are the sine qua non conditions for our long-term

success. These values are completely in line with my 25 years’

experience with The Walt Disney Company. I will continue to

work alongside our teams to strengthen the experience and

make improving quality a priority for everyone.

As the flagship for the Disney brand in Europe, Disneyland ® Paris

has significant potential in terms of guest numbers – regardless

of whether they are children, adults or even today’s adults who

first came as children 20 years ago! The magic of Disneyland

Paris transcends the generations. Improving our resort sales

network represents a great opportunity for us, particularly in

“

TOGETHER WE WILL

CONTINUE TO GIVE OUR

GUESTS EXCEPTIONAL

EXPERIENCES AND ENSURE

THAT DISNEYLAND PARIS

REMAINS EUROPE’S NUMBER

ONE TOURIST DESTINATION.

“

Italy, Spain and the United Kingdom.

HOW DO YOU SEE

DISNEYLAND ® PARIS

WHAT WERE THE HIGHLIGHTS OF 2014

T.W. The economic slowdown in Europe continued to impact

T.W. This is a resort that I am particularly attached to, after

our business in 2014, particularly in the French market.

having helped open Disneyland Paris 22 years ago. I am really

However, we did make significant progress in several areas.

impressed by everything that has been achieved here since

1992. Over the last 20 years or so, Disneyland Paris has firmly

established itself as Europe’s number one tourist destination,

with over 14.2 million visits this year. The Group plays a key

role in the French economic and employment landscape, with

around 15,000* Cast Members and approximately 55,000 direct,

indirect and induced jobs created since opening. Past research

has shown that satisfaction has continued to increase. Despite

the soft economic environment that we currently operate in,

a significant number of people intend to visit our resort.

Our new attraction, Ratatouille : L’Aventure Totalement Toquée

de Rémy, has already been successfull. Within just three

months it had climbed into our guests’ favorite top three

attractions.

The second positive factor relates to guest satisfaction,

which has climbed 3 points due to the addition of our new

Paris-themed area that includes the Ratatouille attraction and

the new Bistrot Chez Rémy restaurant. We are also seeing

encouraging signs, with average guest spending in the theme

parks increasing by 5% to reach a record level of €50.66.

“

INVESTMENT

IS AT THE HEART

OF OUR STRATEGY

TO IMPROVE GUEST

SATISFACTION OVER

THE LONG TERM

HOW WILL YOU IMPLEMENT

THIS STRATEGY

T.W. Our €1 billion recapitalization plan, which is backed by

The Walt Disney Company, is essential to support our strategy.

This recapitalization will give us the necessary resources

to continue investing in order to renovate our hotels, upgrade

our attractions and strengthen the guest experience.

Together we will continue to give our guests exceptional

All of this was made possible by the strategy implemented over

many years, and in particular by Philippe Gas during the six

years he was at the head of our Group. I would like to thank

Philippe for his leadership during this time. It’s also the result of

All of these improvements show a return on our strategy that

focuses on driving guest satisfaction, both in terms of our theme

parks and hotel business.

“

experiences and ensure that Disneyland Paris remains Europe’s

number one tourist destination.

the dedication of our Cast Members who enable, day after day,

thousands of families to enjoy unforgettable Disney experiences.

Disneyland Paris would never have become this unique and

magical resort without their commitment and talent.

* Source: Group’s 2013 Bilan Social employment report published in 2014.

10 11

2014 ANNUAL REVIEW

CORPORATE GOVERNANCE BODIES

The Euro Disney S.C.A. group is composed of the holding company, Euro Disney S.C.A., and the operating

companies Euro Disney Associés S.C.A. and EDL Hôtels S.C.A., structured as sociétés en commandite

par actions (S.C.A.).

FOUR GOVERNANCE BODIES

THE MANAGEMENT TEAM

THE GÉRANT (EURO DISNEY S.A.S.)

is in charge of managing the Group in the Group’s best interests.

Tom Wolber has been Président of the Group since September

15, 2014.

Michel Corbière

Member of the Supervisory Board since 2006

Corbière is the founder and Chief Executive Officer of the Forest Hill group and

of the French company Aquaboulevard de Paris.

Composed of international executives with solid experience,

the Management Team defines the Group's strategies.

Its members report directly to the Président.

THE GENERAL PARTNER (EDL PARTICIPATIONS S.A.S.)

has unlimited liability for all debts and liabilities.

THE LIMITED PARTNERS

are the shareholders. They are invited at least once a year

to a general meeting to deliberate in accordance with the legal

and regulatory requirements in effect.

THE SUPERVISORY BOARD

is responsible for monitoring the way the Group is managed. It acts

in the best interests of the Group and its shareholders. Composed

of ten members from various backgrounds, the board oversees

the transparency and quality of information communicated to

shareholders. It enlists the assistance of two specialized committees:

Axel Duroux

Member of the Supervisory Board since 2013

Duroux is Executive Vice President Emerging and High-Growth Markets for the

Publicis group. He is also Director of AXMA S.A., specialized in new content and

digital communication, as well as a member of the Institut National de l'Audiovisuel

(French National Audiovisual Institute) Supervisory Board.

Philippe Geslin

Member of the Supervisory Board and Chairman

of the Audit Committee since 2007

Geslin holds various corporate positions and board memberships in financial

institutions and major companies (Crédit Foncier de Monaco and Union Financière

de France-Banque).

Philippe Labro

Member of the Supervisory Board since 1996 and

member of the Nomination Committee since 2002

Labro is Project Director, Design and Operations of Labrocom S.A.R.L.

and Chairman of the Prix RTL Lire award.

Tom Wolber

Président, Euro Disney S.A.S.*

Claire Bilby

Senior Vice President,

Sales & Marketing

Daniel Delcourt

Senior Vice President

& Chief Operating Offi cer**

the Audit Committee and the Nomination Committee.

Virginie Calmels

Chairman of the Supervisory Board since 2013

Elected to the Supervisory Board in 2011, Calmels is currently Vice President of

the Centre d'étude et de Prospective Stratégique (Center for Long-Term Strategic

Studies) and Administrator for Medef Paris.

Valérie Bernis

Member of the Supervisory Board and

the Audit Committee since 2008

Bernis is Executive Vice President of GDF Suez and both Administrator and member

of the Nomination Committee for L’Occitane.

James A. Rasulo

Member of the Supervisory Board since 2003

Rasulo is Senior Executive Vice President and Chief Financial Offi cer of The Walt

Disney Company.

Anthony Martin Robinson

Member of the Supervisory Board since 2004

and member of the Audit Committee since 2005

Robinson is Executive Chairman of Center Parcs (UK) Group Ltd.

Thomas O. Staggs

Member of the Supervisory Board and

the Nomination Committee since 2002

Mark Stead

Senior Vice President

& Chief Financial Offi cer

François Banon

Vice President, Public Affairs

Communication Europe

Francis Borezée

Vice President, Resort

& Real-Estate Development

Gérard Bouché

Member of the Supervisory Board since 2007

Bouché is the owner and operator of E. Leclerc Shopping Center in Coulommiers

and of Boutigny Golf Course (Seine-et-Marne, France). He is also Chairman

of Bouché Distribution S.A.S.

Staggs is Chairman of Walt Disney Parks & Resorts Worldwide within The Walt

Disney Company.

Gilles Dobelle

Managing Vice President &

General Counsel

Daniel Dreux

Vice President,

Human Resources

Julien Kauffmann

Vice President, Revenue

Management & Analytics

* Replaced Philippe Gas on September 15, 2014. ** Replaced Joe Schott on July 1, 2014.

12 13

REMY COMES

TO DISNEYLAND PARIS

In 2014, the Group continued

to invest signifi cantly in the resort

to deliver the very best experience

possible for guests. The opening

of Ratatouille : L’Aventure Totalement

Toquée de Rémy was the fl agship

event of the year. Leveraging

innovative technology, this attraction

plunges guests into a fairy tale

world as never before!

KEY EVENTS

IN FISCAL YEAR 2014

CONTINUED INVESTMENT

IN A CHALLENGING ECONOMIC CONTEXT

EURO DISNEY S.C.A.

AND ITS SHAREHOLDERS

2014 ANNUAL REVIEW

KEY EVENTS

IN FISCAL YEAR 2014

NEW RATATOUILLE ATTRACTION OPENS ITS DOORS

FACELIFT FOR THE ATTRACTION INDIANA JONES ET LE TEMPLE DU PÉRIL

After five months of intensive renovation,

Indiana Jones et le Temple du Péril was

reopened on May 29, 2014. Thanks to the

quality of the show, featuring revamped

control systems and a brand-new looping,

the legendary attraction has never been

so spectacular. The large-scale renovation,

which has delighted guests, again

reflects the commitment of Disneyland ®

Paris to enhance the quality of the guest

experience.

DISNEYLAND PARIS

SWING INTO SPRING

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family attraction

according to resort guests

After five years in the works, on July

10, Disneyland ® Paris unveiled its

brand-new attraction, Ratatouille :

L’Aventure Totalement Toquée de Rémy.

Inspired by the most français of all the

Disney•Pixar animated movies, this ride

is a tribute to France and its creative

talents. A masterpiece of technology and

innovation, where guests are whisked

into the heart of the Ratatouille movie,

this unique and immersive experience

stimulates all five senses. To celebrate

the opening, 1,000 children from across

Paris were invited to discover the new

attraction. There to welcome the kids

were the Mayor of Paris (Anne Hidalgo

– see above) as well as Philippe Gas

(Président of Euro Disney S.A.S. until

September 14, 2014). Together the

Group inaugurated La Place de Rémy, the

all-new Paris-inspired area in Walt Disney

Studios ® Park. For a whole day, the invited

children who were not fortunate enough

to go on a summer vacation, enjoyed an

incredible adventure alongside the Disney

VoluntEARS – Disney employees who

donate their time to company-sponsored

outreach programs.

From April 5 to June 22, Disneyland Paris

celebrated the arrival of spring with its

new Swing into Spring season. The celebration

offered guests a new sensory

experience, ablaze with color and music.

Disneyland Paris harnessed its creative

talents to salute the arrival of fine weather,

with exciting entertainment, live performances,

custom-designed choreography,

music and floral decorations. With this

spring celebration, Disneyland Paris is

meeting guest requests for more live

entertainment while offering a limitedtime-only

experience.

VILLAGES NATURE CONSTRUCTION WORK KICKS OFF

Construction on Phase 1A of the Villages

Nature destination was jointly announced

in May 2014 by Euro Disney S.C.A., Pierre

& Vacances – Center Parcs and Les

Villages Nature de Val d’Europe S.A.S.

Villages Nature will be an innovative

new European family resort with the

principles of sustainable development at

its very heart. It will focus on the quest for

harmony between Man and Nature. The

resort is being developed through a joint

venture involving Euro Disney S.C.A. and

Pierre & Vacances – Center Parcs. The

first phase of the resort is scheduled to

Hanging Gardens and Lakeside Promenade

open in 2016.

“IT’S A SMALL WORLD” CELEBRATES ITS 50 TH ANNIVERSARY WITH UNICEF

Created by Walt Disney himself, for the packed full of surprises, as well as a

UNICEF Pavilion at the New York World ride-a-thon of the famous attraction.

Fair, the now classic Disney theme park On the website specially created

attraction “it’s a small world” celebrated for the event, fans around the world

its 50 th anniversary on April 10. To honor were encouraged to participate in the

the attraction and its incredibly catchy fundraising efforts by sharing their

tune, Disneyland Paris teamed up with personal sing-along videos. The Walt

its sister Disney resorts around the world Disney Company made a $250,000

to raise funds for UNICEF. Disneyland donation to UNICEF as part of this

Paris organized an enormous sing-along, world-wide celebration.

16 17

2014 ANNUAL REVIEW

OVERVIEW OF 2014 RESULTS

FINANCIAL FIGURES

Revenues

€ in millions

Operating margin

€ in millions

EBITDA*

€ in millions, as % of revenues

1, 324.3

1 ,309.4

1, 279.7

3.4

(27.5)

(65.4)

13.4%

11%

177.2

144.3

8.9%

113.8

2012 2013 2014

2012 2013 2014 2012 2013 2014

CONTINUED INVESTMENT

IN A CHALLENGING ECONOMIC CONTEXT

OVERVIEW BY MARK STEAD, CHIEF FINANCIAL OFFICER

Net loss

€ in millions

(100.2)

(78.2)

(113.6)

Consolidated debt

€ in millions

1, 711.0

1 ,709.4

1 ,747.7

Revenue generated

by activity in 2014

3.1%

Other Revenues

2.2%

Real-Estate

Development

During fiscal year 2014, the Euro

Disney S.C.A. group maintained its

investment strategy to drive quality

and guest satisfaction. Nonetheless,

the financial results were impacted by

the softness in the European economy.

Revenues decreased by 2% to €1.28

billion due to a reduction in park

attendance and hotel occupancy,

partially offset by guest spending as well

as an increase in real-estate revenues.

For several years now, our strategy has

focused on improving quality in order

to enhance the guest experience and

drive levels of guest spending. This calls

for important investments throughout

the resort, with the creation of new

experiences in our parks, as for example

Over

€400

million

invested since 2012

with the Ratatouille-inspired attraction

we opened last July, and the multi-year

renovation program for our 5,800 hotel

rooms. This year alone, we refurbished

half of the 1,100 rooms in Disney’s

Newport Bay Club ® – our largest hotel.

Our strategy is starting to see results:

in-park guest spending has increased

by 5% in 2014 (reaching the symbolic

€50 mark), which offset the decrease

in volumes.

Since 2012, we have invested more

than €400 million in resort renovation

and development. Over the next three

years, we intend to continue increasing

this investment. Investment is essential

for continued innovation and to ensure

that Disneyland ® Paris remains an

exceptional destination for millions of

guests. This is not just a belief. It is a

reality that can be seen in the fact that

guest satisfaction rose by 3 points in

2014. Furthermore, in the fourth quarter of

fiscal year 2014 (following the Ratatouille

opening) the overall guest satisfaction rate

for Walt Disney Studios ® Park increased by

4 points. In order to maintain our strategy,

we must improve the financial situation

of our Group. For this reason, in October

2014 we announced a €1 billion recapitalization

project. The proposal will enable

us to reduce our debt significantly and

to have the necessary financial flexibility

to maintain our investments.

We look to the future with confidence.

I am convinced that we can achieve

renewed growth by continuing to invest

and by realizing this recapitalization

project. By doing this, we will be well

positioned to leverage economic recovery

when it arises.

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KEY OPERATING STATISTICS

PARKS

2012 2013 2014

* Earnings before interest, taxes, depreciation, and amortization.

Theme park attendance

in million visits

14 2

•

Average spending

per guest

excluding VAT

50 66

•

HOTELS

2012 2013 2014

Hotel occupancy rate

75 4%

•

Average spending

per room

in €, excluding VAT

232 26

•

38.3%

Hotels &

Disney ® Village

INTENTION TO REVISIT

89%

of guests

would consider

returning.

93%

of guests

would recommend

the destination.

56.4%

Theme Parks

18 19

2014 ANNUAL REVIEW

STRENGTHENING SHAREHOLDER RELATIONS

The Euro Disney S.C.A. Investor Relations

team maintains a solid ongoing relationship

with the financial community. The team

works directly with financial analysts and

investors, providing them with clear and

relevant information in a proactive manner.

The Shareholders Club, founded in 1995,

aims to strengthen relations between

Euro Disney S.C.A. and its shareholders.

Throughout the year, the club members are

kept informed of all aspects of the Group’s

activities, financial performance, as well

as its annual general meeting. In addition,

under certain conditions, members of the

Shareholders Club can benefit from services

and special offers. These include discounts

for Disneyland ® Paris and personal invitations

to events organized by the club. The

Shareholders Club is open to shareholders

holding a minimum of 100 Euro Disney

S.C.A*. shares in a bearer or registered

form. They have access to a dedicated

Disneyland Paris information and reservation

phone line, where Shareholders Club

representatives are available to answer

questions. Shareholders may also receive

information on Euro Disney S.C.A. via the

Shareholders Club newsletters. In addition,

they can access a dedicated online space

to make reservations for private Shareholder

events. All details can be found by going online:

http://corporate.disneylandparis.com/

investor-relations.

* With the exception of two situations, as described in the General

Conditions of the Shareholders Club, to be found at the line above.

SHAREHOLDER INFORMATION

EURO DISNEY S.C.A. AND ITS SHAREHOLDERS

SHARE PRICE EVOLUTION

NYSE EURONEXT PARIS

Euro Disney S.C.A. has been listed on the Paris stock exchange since November 6, 1989, with 40% of its share

capital currently held by The Walt Disney Company 1 . The Group’s Investor Relations team informs shareholders

of activities and events. In November 2013, Les Échos and Investir presented the Investor Relations team with

a shareholder relations award (Prix de la Relation Actionnaires) for the Small Caps category.

7.00

6.00

CAC40 All-Tradable Rebased

EDL Share Price

Volume

38,976,490 shares

(nominal value: €1 per share)

Eurolist Segment B

(Mid Caps)

Mnemonic

EDL

STRUCTURE AND ORGANIZATION OF THE GROUP

EDL Participation S.A.S.

Public shareholders*

100%

60.2%

99.9% EDL Holding Company LLC

39.8%

Euro Disney S.C.A.

100% Euro Disney

Commandité S.A.S.

82%

5.00

4.00

3.00

2.00

1.00

0.00

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

Jun.

Jul.

Aug.

Sep.

ISIN Code

FR0010540740

Market Indexes

CAC Mid & Small, CAC Small,

CAC All-Tradable, CAC All Shares,

CAC Consumer Services,

CAC Travel & Leisure,

SBF 250,

Next 150,

Gaïa Index.

TWDC

100%

Euro Disney S.A.S.

Centre de Congrès Newport S.N.C.**

Euro Disney Investments S.A.S.

EDL Corporation S.A.S.

Euro Disney Associés S.C.A.

owns and operates

Disneyland ® Park

Walt Disney Studios ® Park

Disneyland ® Hotel

Disney’s Davy Crockett Ranch

Golf Disneyland ®

EDL Hôtels S.C.A.

owns and operates

Disney’s Hotel New York ®

Disney’s Sequoia Lodge ®

Disney’s Newport Bay Club ®

Disney’s Hotel Cheyenne ®

Disney’s Hotel Santa Fe ®

Disney Village ®

99.9%

Key:

Ownership /

Shareholders

General Partners

Gérance

* Including Kingdom 5-KR-134 Ltd

(HRH Prince Alwaleed), 10.0%

** Financing Company of the Newport Bay

Club Convention Center

SHAREHOLDER STRUCTURE

On September 30, 2014

50.2%

Other shareholders

39.8%

The Walt Disney Company*

10%

HRH Prince Alwaleed**

* 99.9% owned by the subsidiary EDL Holding Company LLC.

** Via Kingdom 5-KR-134 Ltd, a company whose share capital is held by trusts for the benefi t of HRH Prince Alwaleed and his family.

CONTACTS

Investor Relations

Tel.: +33 (0)1 64 74 58 55

Fax: +33 (0)1 64 74 56 36

Shareholder Relations

From 9:30 a.m. to 5:30 p.m.

(local time), from Monday to Friday.

Tel.: 00 800 64 74 56 30 *

Email: eurodisney@clubactionnaires.com

Fax: +33 (0)1 64 74 56 36

* Free number from a land line and national operators

in Belgium, France, Germany, Italy, the Netherlands,

Spain and the United Kingdom.

From other countries, please call:

+33 (0)1 64 74 56 30 (local rates apply).

99.9% owned by the subsidiary EDL Holding Company LLC.

20 21

A DEDICATED TEAM

DELIVERING DISNEY MAGIC

The magic of Disneyland Paris lies

in the commitment, skill and expertise

of its 15,000* or so Cast Members.

Every day, driven by the Disney culture

and a proactive human resources

strategy focusing on cast talent and

professionalism, team members

help create unforgettable experiences

for thousands of families in the true

Disney tradition.

DEVELOPING THE TALENT

AT THE HEART OF THE MAGIC

A PIONEERING AND RESPONSABLE

HUMAN RESOURCES STRATEGY

* Source: Group’s 2013 Bilan Social employment report published in 2014.

2014 ANNUAL REVIEW

The importance of Cast well-being is also

Within this framework, the Group helped

reflected in the constant attention paid

to create a Tourism Cluster structure in

to their security and health. In just three

Val d’Europe, while playing a key role in

years, €30 million have been invested

promoting the program to public bodies.

in the improvement of occupational

In addition, accredited internal training

health, security and hygiene. In addition,

programs have been officially establi-

a psycho-social risk monitoring program

shed. These include the Certificat de

is in place, as is an anonymous helpline

Qualification Professionnelle (Professional

staffed by psychologists. Disneyland

Qualification Certificate) and the Validation

Paris also has its own team responsible

des acquis de l’expérience (Validation

DEVELOPING THE TALENT

AT THE HEART OF THE MAGIC

Creativity and innovation are synonymous with the Disney brand. This is why the Group and its Cast

Members are driven by these assets. That culture guides the daily actions of Disney Cast Members though

a shared goal: creating unforgettable guest experiences. To keep the Disney team spirit alive, the Group

implements a proactive strategy to build Cast Member commitment and strengthen professionalism within

the tourism industry.

85 %

Cast Members satisfied*

with working conditions

Among

top places to work according

to Great Place to Work

(for Walt Disney Parks and Resorts)

single-site employer in France

and #1 private employer

in the Seine-et-Marne region

BUILD TEAM SATISFACTION

AND ENSURE WELL-BEING

With theme parks on every continent, as

well as movies and characters, the Disney

brand is firmly embedded in the collective

imagination. Disney has strong emotional

bonds with guests and also with Cast

Members. Disney Cast Members are highly

committed to the brand. As proof of this,

15% of the Group’s employees have at least

20 years’ seniority. The most recent internal

survey carried out by The Walt Disney

Company in 2014 highlighted employee

commitment. Out of the Cast Members

who participated, 80% said they felt

proud to work for Walt Disney Parks

and Resorts, of which Disneyland ® Paris

is part. Cast Member satisfaction has

increased by 4 points since the previous

survey conducted in 2012.

The results of the survey reflect the

Group’s commitment to developing talent

and maintaining employee satisfaction

in many ways. An example of this is the

CastMemberland program which focuses

on improving the employee workplace

experience. Special events are regularly

held for Cast Members, who also

benefit from proximity services (banking,

dry-cleaning, hair-dressing, etc.). Since

2012, three employee dining locations

have been fully renovated and up-graded,

making them pleasant places to relax

and take a break. New services have

also been introduced, and these include

an al-fresco dining area and even a food

truck. In addition, the Group also offers

Cast Members innovative new services

in other areas including the chance to

develop green thumbs by working the

on-site vegetable gardens at break times.

for assisting anyone who feels they may

have been discriminated against in the

workplace. To assist Cast Members suffering

from serious illness, since 2013 the

Group has been operating a new service

in partnership with Althalia. The service

involves informing employees about

specific specialists and ways to improve

the efficiency of their healthcare. This

program is in addition to the 60% health

and personal-risk insur-ance plan already

in place.

PROFESSIONALISM

IN THE HOSPITALITY INDUSTRY

In order to guarantee Cast Members’

professional well-being while reaching for

excellence and quality, the Group implements

a training and professionalization

policy that promotes upward mobility

through a number of measures. In 2014,

5.22% of payroll was invested in Cast

Member vocational training - more than

three times the minimum legal requirement.

Disney University, the official internal

training center, offers over 400 different

training programs for Cast Members.

These programs include specialized

training courses which allow team

members to strengthen their professional

expertise and enhance their development.

The commitment that Disneyland Paris

makes to strengthening professionalism

within the tourism industry goes far

beyond internal training programs. Euro

Disney S.C.A. participated in the creation

of a tourism industry excellence program,

therefore encouraging the development of

professional training programs in France.

of Field Experience) which can lead to a

Bac Professionnel Service (Professional

Service Baccalauréat certificate).

OUR MAIN CONCERN IS TO ENSURE

THAT 15,000* CAST MEMBERS

LIVE AND WORK TOGETHER IN

HARMONY ON A SINGLE SITE

WHILE REPRESENTING A WIDE

RANGE OF CULTURAL AND

PROFESSIONAL BACKGROUNDS.

EMPLOYEE PRIDE IN THE

WORKPLACE, THE SPIRIT OF

TOGETHERNESS AND THE UNIQUE

ATMOSPHERE THROUGHOUT

THE GROUP REPRESENT RESULTS

ON A PROGRESSIVE, STABLE

HUMAN RESOURCES STRATEGY

THAT HAS BEEN IN PLACE

FOR 22 YEARS.

Daniel Dreux

Vice President, Human Resources

I joined Disneyland Paris in

2001 on a 5-month short-term

contract. At the time, I was

a language student looking

for a summer job. I was

quickly offered a permanent

contract and then spent three

years working on the various

attractions in Frontierland (…)

I then went to the ticketing

complex at Walt Disney Studios ®

Park before being promoted

to Team Leader. I then became

an Expert Team Leader and

was invited to help open

Ratatouille : L’Aventure

Totalement Toquée de Rémy.

SVETLANA GUINÉE,

Expert Team Leader

* Source: Group’s 2013 Bilan Social employment report published

in 2014.

* Source: The Walt Disney Company Cast Survey 2014.

24 25

2014 ANNUAL REVIEW

A PIONEERING AND RESPONSABLE

HUMAN RESOURCES STRATEGY

As the number one single-site employer in France and the largest private employer in Seine-et-Marne,

the Group plays a key role in employment. The Euro Disney S.C.A. group has a responsible and proactive

human resources strategy that contributes not only to the quantity of employment but also to its quality.

This policy is based on hiring talent that will support the Group’s development and offer exceptional service.

The policy is also rooted in enhancing talent and supporting Cast Members throughout their entire careers.

“MAKING DREAMS COME TRUE IS A REAL JOB”:

EMPLOYER BRAND SUPPORTING RECRUITEMENT STRATEGY

Disneyland ® Paris called on its own employees to embody corporate values by featuring on posters as part of a communication campaign. This strategy leveraged

the idea that the real experts on working for Disneyland Paris are the Cast Members, and they are therefore ideally positioned to convince others to join the team.

Fifteen Cast Members were selected from many to take part in the campaign. This new employer brand is phase two of a recruitment campaign that first used

images of kids with slogans including, “I’ll work there when I grow up.” This latest phase, launched in 2014, showed Cast Members reminiscing about their own

childhood dreams of working at Disneyland Paris. The employer brand was revealed to the public during an impressive Parisian casting fair organized over two

days in June 2014. The operation was hugely successful and generated unprecedented press coverage.

ATTRACT TEAM MEMBERS

FROM ALL HORIZONS

The Euro Disney S.C.A. group is always

on the lookout for new talent, whatever

form that takes: new to the working world,

more seasoned, men, women, novices,

experts, graduates or on-the-job trained.

Everyone has their place at Disneyland ®

Paris. The most important factors are

personality, motivation, ability to work in a

team and a sense of hospitality.

In 2014, the Group launched an unprecedented

recruitment campaign that saw

6,350 contracts signed, of which 3,937

fixed-term contracts, 1,397 intermittents

and 1,016 open-ended contracts* to

ensure on-going development. Of the

permanent positions, around 200 were

entrusted to youngsters under 26-years

old and 25 positions went to over-50s.

This was in line with the inter-generational

agreement signed in 2014 with the

trade unions.

BUILDING EMOTIONAL BONDS

FROM DAY ONE

Euro Disney S.C.A. makes sure that a

Cast Member‘s first steps with the Group

are as memorable as the experiences that

guests enjoy. The aim is twofold: to ensure

Cast Members feel at home as soon as

they arrive, and to quickly transmit the

unique Disneyland Paris corporate culture

and need for excellence. To do this, Cast

Members benefit from an integration

program that includes a welcome day as

well as general and specialized training

programs adapted to their jobs.

SKILL DIVERSIFICATION

AND LONG-TERM CAREERS

Upward mobility and long-term careers

are a reality with the Euro Disney S.C.A.

group. Since 2011, the Group’s career

management strategy has focused on

three key points: promotion, mobility and

professionalism. With 500 job classifications

represented on the same site, there

are many opportunities for career growth

and change. Cast Members can develop

within their existing field or change from

one area to another. They can move

from catering to boutique operations, for

example, or go from attraction operations

to a backstage administrative role.

In addition, talent promotion and internal

mobility are at the heart of the Group’s

strategy. For several years, 80% of Managers

and Senior Managers have been

promoted internally. Several programs

exist to encourage career development.

One of these is the Talent School,

a ten-week program that trains Cast

Members to manage a team, thereby

enabling them to move into a Team

Leader position. Another new program,

Move@DLP is a web site dedicated to

internal mobility that kicked off in fiscal

year 2014. Employees now have easy

access to internal job openings and

can identify new opportunities within

the Group.

The Euro Disney S.C.A. group is convinced

that time spent with the Group is an

asset. For this reason, support is given

to seniors (aged 50 and older) in order

to help them prepare for a new phase

in their professional lives. The Group

employs Cast Members from a range

of generations. This blend is a source

of creativity and interaction. The notion

of knowledge and skill sharing is a

key Group value. It is reflected in the

internship and dual-education programs

(professionalization and apprentice

programs). In 2014, the Group employed

561 dual-education program students** in

many different positions, creating a new

generation of professionals.

* Source: 2014 Euro Disney S.C.A. C.S.R. report.

** Source: Group's 2013 Bilan Social employment report published

in 2014.

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information

Laurent

Show Writer

Scan for more

informations

Tiphanie

Analyst, Revenue

Management Audit

I’ve spent most of my career at

Disneyland Paris. You can build

family ties here, and that’s why

I’m so attached to the resort.

Everyone who works at Disney

finds it difficult to work elsewhere

because they’re so

used to the atmosphere and

friendliness that bring us

together.

LADJI TOURÉ

Merchandise Host at Lilly’s Boutique

Stéphane

Painter Decorator

Romain

Maintenance Technician

In the year and a half that I’ve

been at Disneyland Paris I’ve

spent eight months on the

Autopia attraction. I came to

work here just after graduating.

I was hired at the Athens job

fair. There are a wide range

of positions on Autopia. So

that means you’re not doing

the same thing all day long.

YANIS DIMITROPOULOS

Attractions Host at the Autopia attraction

Margaux

Attraction Hostess

My role is to accompany guests

who come to Disneyland Paris

to meet their favorite characters.

I never really feel like I’m going

to work in the morning! Every

day on the job is different!

I learn a lot through my contact

with the guests, and I feel really

happy whenever I see smiles

on children’s faces!

SIMON BRADLEY

Character Companion

CON C EPTION - C R E ATION : - ©DISNEY

26 27

Throughout the year, the Group

enhanced the quality of its parks, hotels,

boutiques and restaurants, in order to

deliver the Disney magic. That quality

was seen in a brand-new Ratatouilleinspired

attraction, innovative shows,

revamped attractions, an on-going

hotel renovation program and a new

strategic alliance.

ENHANCING HOTELS

AND SERVICES

THEME PARKS – WHERE GUEST

SATISFACTION IS NUMBER ONE PRIORITY

REAL-ESTATE DEVELOPMENT:

HARMONY AND QUALITY OF LIFE

STRENGTHENING DIGITAL

DISTRIBUTION

TWELFTH NEW

STRATEGIC ALLIANCE

A COMPELLING

OFFER

TO DRIVE GUEST

SATISFACTION

2014 ANNUAL REVIEW

ENHANCING HOTELS AND SERVICES

THEME PARKS - WHERE GUEST

SATISFACTION IS NUMBER ONE PRIORITY

DISNEYLAND HOTEL

RECEIVES HOSPITALITY

AWARD!

In December 2013, the Disneyland ®

Hotel received the Best Hospitality Award

(Trophée du Meilleur Accueil) during the

Trophées de la Clientèle des hôtels 4 à 5

étoiles (4-and 5-star hotel guest awards).

This award recognizes the Group’s

undertakings to provide guests with

a unique experience, since hospitality is

an integral part of the Disneyland ® Paris

experience. The award is one of the few

prizes based on the opinions of hotel clients

as opposed to hospitality professionals.

During fiscal year 2014, the Euro Disney

S.C.A. group continued the multi-year

renovation program of its Disney hotel

infrastructure. The ambitious program was

launched four years ago and is designed

to enhance the comfort and quality of

services in the hotels. Refurbishments

have already been completed on three

hotels in recent years: Disney's Sequoia

Lodge ® , Disney's Hotel Santa Fe ® and

Disney's Davy Crockett Ranch.

2014 also saw the beginning of renovations

on Disney’s Newport Bay Club ®

– the resort’s largest hotel. The road

map includes enhancing the quality and

comfort standards at the New Englandstyle

hotel as well as refurbishing the

1,100 rooms. By late 2014, around half

of the entire room inventory had already

been renovated. The refurbishment

program now continues on the rest of the

hotel, followed by its convention center.

Renovation will then get underway on

the remaining Disney hotels at the resort.

New services being offered at the hotel

now include complimentary high-speed

Wi-Fi access in all public areas, thereby

permitting guests to stay connected at all

times. This service is already available at

Golf Disneyland ® (restaurant, bar, terrace).

Not to be outdone, Disney ® Village is

now equipped with free Wi-Fi coverage

that is available in many parts of the

complex. Furthermore, in 2014, Disney

Village diversified its shopping offer

with the opening of Europe’s largest

Lego ® Store (500m 2 ). This new store

is a unique shopping experience that

combines shopping with fun activities

including workshops for families.

During fiscal year 2014, continued investments

in the theme park experience were

accompanied by an increase in the global

guest satisfaction levels. That strategy

was reflected by the opening of a new

attraction, as well as the launch of an

innovative spectacular and the renovation

of significant assets.

Over the past three years, the Group has

invested approximately €400 million in

resort development and renovation. The

new attraction, Ratatouille : L’Aventure

Totalement Toquée de Rémy, which opened

in July, was the year’s most anticipated

event. In less than three months, the

attraction became resort families’ favorite,

and welcomed over one million riders.

Disneyland ® Paris is also committed to

surprising guests by bringing something

new to its seasonal celebrations. During

the Halloween Festival, for example, the

fall-themed Mickey’s Magical Party was

staged three times a day. During the

new Enchanted Christmas season, a

special version of the Disney Dreams ® !

spectacular was unveiled – complete

with scenes from Disney’s animated

movie Frozen. For the arrival of spring,

Disneyland Park unveiled its Swing into

Spring season – a music- and flowerfilled

experience. Another key event in

2014 was the arrival of Spider-man in Walt

Disney Studios ® Park for the release of the

Marvel movie, The Amazing Spider-Man:

Rise of Electro. Optimization of guests’

time in the parks is among key criteria in

the strategy to drive satisfaction. In 2014,

the Group installed new “single-rider” lines

for the attractions Crush’s Coaster* and

Ratatouille : L’Aventure Totalement Toquée

de Rémy. This system, first introduced at

Disneyland Paris in Toy Story Playland,

enables solo riders to occupy seats that

would otherwise be left empty. Thanks to

these lines, the Group expects to see a

significant increase in the hourly capacity

of these hugely-popular attractions. As

part of the experience-enhancing strategy,

the investments made in 2014 strongly

contributed to the improvement of guest

satisfaction levels. Satisfaction rose by

three points during the fiscal year.

3 STARS

FOR THE MICHELIN

GREEN GUIDE

In July 2014, the prestigious Michelin

Green Guide ranked the entire Disneyland

Paris resort as a three-star tourist

attraction. This is the highest accolade

attributed by the strict Michelin Green

Guide editorial team. It corresponds

to “Highly recommended” and is

the fruit of anonymous, regular visits.

The evaluations take into consideration

nine different criteria. These include

the atmosphere, enjoyment and quality

of hospitality during visits. The award

recognizes efforts made by the Group

and its team to deliver a high-quality

guest experience.

* Inspired by Finding Nemo, the Disney•Pixar animated movie.

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points in guest satisfaction

in fi scal year 2014

30 31

2014 ANNUAL REVIEW

REAL-ESTATE DEVELOPMENT:

HARMONY AND QUALITY OF LIFE

TWELFTH NEW STRATEGIC ALLIANCE

Through its real-estate development activities,

since its opening, the Euro Disney

S.C.A. group has played a key role in

developing the Val d’Europe urban center

and business district. The Group aims to

maintain the harmonious balance between

STRENGTHENING

DIGITAL DISTRIBUTION

Disneyland ® Paris leverages a powerful

sales infrastructure. In order to best

serve guests, the Group uses web sites,

telephone booking centers, travel agencies,

tour operators and more. Fiscal year

2014 again saw an increase in online

activities, with Internet now being guests’

preferred reservation method (35% of all

package sales). To support that trend,

Disneyland Paris has updated its guestfacing

sales web site. Already live in the

United Kingdom and France, the platform

will soon be launched in other European

countries and adapted to corresponding

local languages. This will assist guests

wishing to book online or prepare a resort

visit. It is simple, clear, fast and compatible

with smartphones and tablets. The

developing the region’s economic activity

and ensuring a high quality of life for those

in the town. So far, this dynamic has shown

very positive results. Val d’Europe is now

home to approximately 30,000 residents for

27,000 jobs and close to 4,000 businesses

roll-out of call-back and live chat systems

are further examples of support offered

through the online channels. Both of these

developments enable guests to speak

directly with a Disneyland Paris Reservation

Host while they are online, thereby

quickly gaining assistance and answers to

any questions they may have.

Staffed by multi-lingual experts who

know the resort inside out, the Central

Reservations Office is still greatly appreciated

by guests. Indirect sales through

commercial partners is also a valuable

sales channel, representing a large part of

package sales across all Disneyland Paris

markets. These partners play a key role

in increasing the reach of initiatives taken

to promote the destination.

and establishments. During fiscal year

2014, the ceremonial first stone was laid

for a new family-style hotel that will become

the largest property in the B&B Hôtel group

portfolio. Located in Magny-le-Hongre in

the Val de France area, the establishment

is scheduled to open in late 2015.

This past year also saw construction begin

on several office buildings in the center

of Val d’Europe: the Vega, Plazza, Bellini

and Greenwich buildings. These programs

include modular offices and ground-floor

stores. Developments such as these reflect

the Group’s intention to further develop the

already dynamic business district. In addition,

the residence which houses seasonal

Cast Members, La Boiserie, was entirely

renovated in 2014 in order to improve

comfort and quality of life for those living

in the 553 units.

330

experts

in the Central Reservations Offi ce

In February 2014, Fujifilm and Disneyland ®

Paris kicked off their new strategic alliance.

It is through these partnerships that the

Euro Disney S.C.A. group leverages

shared values of excellence and service,

with strong brands that are considered as

experts in their fields. These partnerships

are win-win propositions for both parties.

They allow Disneyland Paris to benefit

from its partners’ expertise throughout

the resort. In turn, partners leverage

the strong brand image of family values

associated with Disneyland Paris. They can

also capitalize on resort services (hotels,

conference centers, parks, golf course,

etc.) to host special events, some of which

are extremely popular with the general

public. This was particularly the case for

the Halloween Celebration Party organized

onsite in partnership with Nestlé Waters.

Resource sharing is an excellent opportunity

to strengthen the resort guest experience.

One example of this is the Coca-Cola truck

that sells refreshments on Main Street,

U.S.A. ® (Disneyland ® Park). That truck is

now a hugely-popular photo location for

guests.

Certain partnerships also extend to the

world of sports, thanks to shared values

that reflect the Disney spirit. For the third

consecutive year, Disneyland Paris joined

forces with France’s national basketball

league to stage the Disneyland Paris

Leaders Cup LNB. From February 14 to

16, around 12,000 visitors came to indulge

their passion for sport by celebrating three

days of championship-level basketball,

while enjoying the resort. During fiscal year

2014, Disneyland Paris also announced the

organization of the 2018 Junior Ryder Cup,

to be held on the resort’s golf course.

FUJIFILM AND

DISNEYLAND PARIS

REINVENT THE PHOTO

EXPERIENCE

Launched in June 2014, the partnership

with Fujifilm – world leader in its field

– is already a particularly innovative

one. Using the Disney Photo Pass

app, guests can now collect and keep

their snapshots taken onsite by resort

photographers. Thanks to the system

specially developed by Disneyland Paris,

guests can download their photos in real

time, share them on social networks,

and buy personalized photo products

including photo albums, mugs

and calendars.

On September 30, 2014, the Group

had strategic alliances in place with

the following companies:

32 33

INNOVATION

IN SERVICE

EXCELLENCE

An exceptional destination,

Disneyland ® Paris has welcomed

millions of guests for over 20 years

and has been the catalyst for

countless unforgettable experiences.

The Group’s success lies in its in-depth

knowledge of guests of all ages,

as well as its ability to innovate.

This tradition can be found in

all of the Group’s activities – from its

theme park activity to its approach

to sustainable development.

LEVERAGING GUEST FEEDBACK

TO DRIVE SALES

INNOVATION AT THE HEART

OF THE GUEST EXPERIENCE

RATATOUILLE : L’AVENTURE TOTALEMENT

TOQUÉE DE RÉMY, LEADING THE FIELD

THROUGH CREATIVITY

VILLAGES NATURE,

A NEW ECO-TOURISM RESORT

2014 ANNUAL REVIEW

LEVERAGING GUEST FEEDBACK

TO DRIVE SALES

INNOVATION AT THE HEART

OF THE GUEST EXPERIENCE

Disneyland Paris goes to great lengths to understand its guests and their expectations.

Responding to their wishes and expectations is crucial to their satisfaction, and therefore the Group’s

growth strategy. It enables the Group to fine-tune its communication and deliver solutions that are

tailor-made for high-quality experiences.

Creativity and innovation are firmly rooted at the heart of Disneyland ® Paris, and they are pillars in the Group’s

strategy. These values can be seen throughout the Group – from the resort experiences to its approach to

sustainable development and the way the teams work with local businesses.

LISTEN AND UNDERSTAND

The Euro Disney S.C.A. group has a team

of statisticians, research managers and

others who conduct studies throughout

the resort. Their mission is to measure

and analyze target audience expectations,

post-stay satisfaction and the impact of

communication campaigns in each country.

Each year, over 300,000 people are

surveyed through such studies that include

on-site questionnaires and online surveys.

Disneyland ® Paris uses the results of these

studies in a number of ways. These include

measures to enhance the quality of shows,

merchandise and dining opportunities, as

well as steps to strengthen the impact of

market-specific sales offers. For example,

Ratatouille : L’Aventure Totalement Toquée

de Rémy was developed when studies

showed guests were keen to see The Walt

Disney Studio ® Park experience enriched

through a new family-focused attraction.

Since its launch, the attraction has been

very much in the spotlight, with over 13,000

guests surveyed in two months. The

results, which are extremely satisfactory,

confirm its success.

FULFILL THE EXPECTATIONS

OF ALL TARGET AUDIENCES

Disneyland Paris attracts a mix of audiences

including families with children of all ages,

adults with no children, young adults and

more. Expectations differ depending on

the target audience and the country of

origin. These include length of stay, eating

habits, emotional bonds with the Disney

brand and the ideal age for children to visit.

Common to all guests however is the fact

that they are sure to enjoy an unforgettable

experience. To maintain this strong

perception of quality, the Group constantly

adapts communication and sales offerings.

In February 2014, a new campaign was

launched, reaching out to the resort’s target

audience of families. This was followed in

June by a fun yet quirky campaign reaching

out to young adults. Another key target

audience is the first generation of parents

who return to Disneyland Paris with children

of their own – sharing emotions they experienced

on their first visit to the resort as

children. Disneyland Paris has also

adapted its offer to each country through

custom-made sales initiatives including

special offers and services.

THE DISNEY TRADITION

OF INNOVATION COMBINED

WITH CREATIVITY

Disneyland Paris has a number of strengths

– from taking guests on storytelling adventures

and bringing characters to life,

to creating 3D movie worlds for guests

on board trackless, radio-controlled

rat-mobiles that run on electricity and

charge each time they come into the

station and collect guests.

INNOVATION AT THE HEART

OF EVERYTHING

May 2014. Accessible on smartphones

and tablets, the portal enables Cast

Members to access the latest resort news

as well as information on advantages

and audience-specific data. Innovation

can also be seen in a range of energyefficient

sustainable development tools

being deployed. These include low-energy

light bulbs, presence detectors, intelligent

thermostats for the hotels, and more. The

new Ratatouille attraction is particularly

significant in this area as it includes LED

lighting, solar panels and equipment to

recycle the heat from the video projectors

used in the attraction. The Group is also

actively encouraging innovation in the local

area by collaborating with partners. For the

Ratatouille-themed attraction, for example,

the Group worked with a company that

specializes in the use of ultrasound to

clean. That business, Fisa, developed

exclusive bespoke equipment to clean the

attraction’s 3D glasses.

* Inspired by Finding Nemo, the Disney•Pixar animated movie.

to explore. To achieve this, the Group can

count on the Walt Disney Imagineering

Disneyland Paris is increasingly using the

GUESTS FROM CHINA, RUSSIA

AND THE MIDDLE EAST HAVE HIGH

STANDARDS. THAT HAS PUSHED

US TO ENHANCE OUR OFFER.

FOR EXAMPLE, TO OUR RUSSIAN

GUESTS, WE PROPOSE PREMIUM

PACKAGES INCLUDING BILINGUAL

VIP GUIDES, HANDS-FREE

SHOPPING SOLUTIONS

AND MANY OTHER SERVICES.

team of around 1,500 creative experts.

These storytelling specialists, representing

140 different job classifications, use the

very latest technology to offer guests

an exceptional experience. Their unique

expertise has led to never-beforeseen

adventures such as Ratatouille :

L’Aventure Totalement Toquée de Rémy.

Inaugurated in 2014, the attraction

very latest digital technology to improve

the guest experience. At the California Grill

fine-dining restaurant in the Disneyland ®

Hotel, for example, menus are now

presented on tablets that include photos

of the dishes and information on the chef.

At the Crush’s Coaster* attraction, guests

can now enjoy waiting in line by connecting

digital devices to a Wi-Fi network and

harnesses a unique combination of

download a free game (only available

Brigitte Elmkies-Sitbon

Director of International Marketing & Sales,

New markets

innovation that combines sensory effects

(smells, heat and water) and 3D imaging.

It takes guests into a unique world

there). Cast Members are also reaping the

benefits of technological innovation thanks

to a new bilingual web portal launched in

36 37

VILLAGES NATURE,

A NEW ECO-TOURISM RESORT

Bulle Cottages

The Euro Disney S.C.A. group and Pierre & Vacances – Center Parcs

are inventing tomorrow’s tourism with Villages Nature.

Rooted in the quest for harmony between Man and Nature,

Villages Nature is a major innovation in sustainable family tourism.

Construction on the new resort began in May 2014.

A UNIQUE VACATION OFFER

Located 32 kilometers east of Paris,

MAY 2014:

CONSTRUCTION WORK BEGINS

Farm

RATATOUILLE : L’AVENTURE TOTALEMENT TOQUÉE

DE RÉMY, LEADING THE FIELD THROUGH CREATIVITY

Disneyland ® Paris has always invested in delivering new, innovative experiences for guests.

2014’s launch of a brand-new Ratatouille development is particularly representative of the Group’s

investment strategy designed to increase guest satisfaction.

THE MOST INNOVATIVE

TECHNOLOGY AVAILABLE

After five years in the making, the

brand-new Ratatouille development was

launched in July 2014. This Parisian

immense screens, custom-made animated

sequences from the team at Disney•Pixar,

and a wealth of sensory effects.

UNIQUE EXPERTISE

of the Year prize by Gastronomades in

November 2014. The tributes to Paris also

continued in late 2014, with the opening

of a new art-nouveau inspired boutique,

Chez Marianne (Souvenirs de Paris).

Villages Nature will be a new tourist

destination on a European scale,

combining nature, leisure, and relaxation.

The resort, designed for short- and

mid-length stays, will invite visitors to

take a relaxing break in the heart of

nature – with 90 % of the land to remain

as greenery. Set in Brie woods, Villages

Nature will be an opportunity to discover

the treasures of the Ile-de-France

region, including Disneyland ® Paris and

the nation's capital.

INNOVATION IN EUROPE

The concept is unique in a number of

ways, including the manner in which it

Construction on Phase 1A began in May

2014. Important milestones have already

been reached, including the preliminary

environmental renovation and protection

work. The initial construction of the

recreational lake is also close to completion.

Construction has now begun on

the accommodation and leisure facilities,

while the geothermal work is expected

to begin in 2015. Work on this phase is

expected to last approximately two years,

and it will be in full compliance with the

charter for Chantier Vert [green building

site], which limits environmental pollution

generated through construction work.

Suspended Gardens

Lakeside Promenade

fantasy whisks guests into a movie world

brings sustainability to tourism and

like never before. On board unique radiocontrolled

rat-mobiles, reduced to the

size of a rat, guests are whisked off on

a trackless ride through the renowned

Chef Gusteau’s kitchens and dining room.

The attraction combines two ingredients

that are key to every Disney success:

the very best of innovation and creativity.

Imagineers from The Walt Disney

Company research and development division

(Walt Disney Imagineering) blended

magic and illusion to create this exclusive

adventure. Their secret is a unique

combination of state-of-the art technology

and special effects: extremely highdefinition

3D images (4K) projected onto

To authentically recreate the Ratatouille

atmosphere, 4,000 craftspeople with

unique savoir-faire (tailors, upholsterers,

chefs, etc.) from home and abroad, worked

together to bring the project to life. Every

single detail was designed to transport

guests into the heart of the capital city

so familiar to Rémy, the rodent star. In

tribute to France, the Parisian atmosphere

is everywhere: from the street fountain

to the façade architecture and even the

restaurant, Bistrot Chez Rémy. This signature

restaurant offers traditional French

dishes and local delicacies including

Brie de Meaux cheese. The restaurant

was awarded the Gastronomic Event

RATATOUILLE : L’AVENTURE

TOTALEMENT TOQUÉE DE RÉMY

IS ALREADY A SUCCESS.

IN JUST THREE MONTHS,

THE ATTRACTION WELCOMED

1 MILLION RIDERS AND BECAME

OUR TOP FAMILY ATTRACTION,

WITH A PARTICULARLY HIGH

SATISFACTION RATE.

Daniel Delcourt

Senior Vice President and Chief Operating Officer

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real-estate development. It combines

transport accessibility, urban proximity,

and local energy. Since the project’s

early days in 2003, the Villages Nature

project has taken a global, avant-gardist

approach to sustainable development.

The objective is to limit the site’s environmental

footprint as much as possible,

while striking the right socio-economic

balance and highlighting the local heritage

and culture. A local geothermal energy

source should provide the resort with all

of its heating requirements, while electrical

needs should be taken care of by complementary

sources of renewable energy.

VILLAGES NATURE IS A RESORT

DEVOTED TO RELAXING,

ENERGIZING AND CELEBRATING

LIFE IN ALL ITS FORMS.

IT WILL DELIGHT EUROPEANS

LOOKING FOR NEW VACATION

EXPERIENCES.

Dominique Cocquet

Managing Director, Villages Nature

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916

cottages and apartments

in Villages Nature Phase 1A

259

hectares

in Marne-la-Vallée (Seine-et-Marne)

on completion

38 39

CORPORATE CITIZENSHIP

The Euro Disney S.C.A. group places

respect and consideration of its Cast

Members at the heart of its priorities

because they are behind every

magical moment created at the resort.

The Group’s outreach activity goes

far beyond its immediate neighbors.

The group's values and integration

within the community have resulted in

responsibilities in many different areas.

42 PROMOTING

INTEGRATION THROUGHOUT

CONTRIBUTING TO THE REGION’S

ECONOMIC AND SOCIAL DEVELOPMENT

SHARING WITH

THOSE MOST IN NEED

COMMITED TO SUSTAINABLE

DEVELOPMENT

2014 ANNUAL REVIEW

RENEWED COMMITMENT

TO THE DISABLED

Since 1993, the Group has proactively

taken measures in favor of workers with

disabilities. These have included setting

concrete objectives in terms of recruitment,

training and support. At the start

of the fiscal year, the Group joined the

trade unions in signing a five-year agreement

(its eighth) in favor of employment

for people with disabilities. Within the

framework of this agreement, the Group

committed to recruiting 120 disabled

team members by the end of 2018.

PROMOTING

INTEGRATION THROUGHOUT

With around 15,000 Cast Members* representing over 100 nationalities, 500 job classifications and

20 languages, the Euro Disney S.C.A. group is an employer unlike any other. Because its Cast Members’

talent and diversity are key to delivering a unique guest experience, the Group puts respect, proximity

and consideration at the top of its priorities.

It also committed to encouraging a

positive balance between professional

and personal lives through, for example,

the possibility to go part-time (80%)

or take additional days of absence.

For disabled Cast Members over

50-years old with at least 15 years of

seniority, the Group also fully covers

employee and company contributions

to pension programs. On September

30, 2014, the Group employed 677

disabled Cast Members – 5% of the

total headcount.

THIS EIGHTH DISABILITY

AGREEMENT IS A REFLECTION

OF THE GROUP’S INTENTION TO

ENCOURAGE THE INTEGRATION

OF ALL TALENTS – WITHOUT

DISTINCTION.

THE PROMOTION OF INTEGRATION

IS ESSENTIAL, AND IN LIGHT

OF THIS, EURO DISNEY S.C.A. IS

TAKING ON THE RESPONSIBILITY

TO CREATE A CHANGE IN MINDSET

AND BEHAVIOR.

Daniel Dreux

Vice President, Human Resources

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677

team members

were registered disabled

on September 30, 2014.

120 more to be recruited by 2018.

DIVERSITY AT THE HEART OF GROUP VALUES

Diversity and integration are integral parts

women in management positions has dou-

OUR TALENTS AT THE SERVICE OF INTEGRATION

of Disney culture. These founding values

bled. The signature in November 2013 of

are reflected throughout the Group and

have never been more important. At

the start of fiscal year 2014, the Group

joined the trade unions in signing a fourth

agreement concerning professional and

salary equality. At the end of the fiscal

year (September 30, 2014), women

represented 46% of the workforce and

47% of all employees promoted during the

calendar year. Since 2006, the proportion of

46 %

of Group positions

help by women (end of fi scal year 2014)

the first inter-generation agreement reflects

how important integration is for the Group.

Valid for a three-year period, the agreement

addresses three key issues: employment

access for young people; keeping the

“over 50s” in the workforce (“seniors”); and

transferring skills. In the agreement, the Euro

Disney S.C.A. group committed to recruiting

600 young people under 26-years old, as

well as 75 employees aged 50-years old or

more, by September 30, 2016. In parallel,

the Group will continue its activities aimed at

developing opportunities to integrate Cast

Members on programs that combine time

spent in education and the workplace. By

December 31, 2015, the Group aims to

have 5% of its average headcount on these

programs.

As the largest single-site employer in

France, and the Île-de-France region’s

biggest private employer, the Euro

Disney S.C.A. group plays an essential

role in developing employment in the area.

The Group is active in several programs

designed to help the long-term unemployed

to integrate the working world. These

include the Passerelles pour l’Emploi

program (in partnership with the Conseil

private employer

in Île-de-France

Général de Seine-et-Marne and the

Région Île-de-France). This year saw

opportunities in this program extended

to those working in the clothing and

logistics fields. In addition, since 2009,

the group has partnered with the NQT

association (formerly Nos Quartiers ont

des Talents), to enable young graduates

from disadvantaged backgrounds to be

accompanied by group executives. Those

leaders mentor participants to help them

integrate the business world. In 2014,

the Euro Disney S.C.A. group continued

its NQT partnership for three years and

welcomed the

fifth annual intake

of program participants.

* Source: Group's 2013 Bilan Social employment report published in 2014.

42 43

2014 ANNUAL REVIEW

CONTRIBUTING TO THE REGION’S

ECONOMIC AND SOCIAL DEVELOPMENT

SHARING

WITH THOSE MOST IN NEED

Since its creation, the Euro Disney S.C.A. group has participated in the economic and social development

of the region. This commitment, built on a historic partnership with the French state, has increased steadily

over the years. The launch of the Ratatouille-themed attraction in 2014 illustrates how Disneyland ® Paris

has rooted itself in the economic landscapes of the regional and the nation.

The values of sharing, generosity and corporate citizenship are at the core of the Group’s values.

Since opening, Disneyland ® Paris has been attentive to its neighbors – in particular children and

their families. During fiscal year 2014, the Group followed through on its commitment by organizing

around 1,000 outreach events.

A DRIVING FORCE

FOR EMPLOYMENT

AND LOCAL DEVELOPMENT

PIXAR PARIS: A NEW ASSET

FOR THE ECONOMY

Ratatouille : L’Aventure Totalement

With around 15,000* Cast Members,

Toquée de Rémy pays tribute to the

the Euro Disney S.C.A. group is the

resort’s homeland and its architecture,

largest single-site employer in France.

culture and gastronomy. In honoring

The Group is also the leading private

French savoir-faire and culture, the

employer in the Seine-et-Marne area and

project provided work for 44 French

a key player on a national level. Since

companies (34 from the Île-de-France

its creation, the Group has generated

region), while creating 200 new positions

55,000 direct, indirect and induced jobs.

related to Walt Disney Studios ® Park.

In 2014, Euro Disney S.C.A. signed

825* permanent employment contracts.

Disneyland Paris has also contributed

to the rapid expansion of Val d’Europe’s

population, which has grown from 5,000

at the end of the 1980s to 30,000 today.

In that time, employment has increased

from a few hundred jobs to 27,000.

€50

billion in added value

for the French economy

A KEY ECONOMIC PILLAR

FOR THE COUNTRY

The socio-economic impact of Disneyland

Paris reaches far beyond its surrounding

area. The Group has become a driving force

in French tourism, with close to 300 million

visits since 1992. As 30% of all foreign

visitors to Disneyland Paris also visit the

capital, the Group’s efforts to strengthen

the resort’s appeal also strengthen that of

France and its capital city. Disneyland Paris

therefore offers specific packages for guests

wishing to spend several days on site and

enjoy a trip to Paris or key tourist attractions

in the area. These include, for example,

During her visit as part of the attraction's

inauguration in July 2014, Fleur Pellerin

(France's Secretary of State for Foreign

Trade, Tourism & French Nationals Living

Abroad) underlined the importance of the

new investment that Disneyland Paris

was making in the country.

* Source: Group’s 2013 Bilan Social employment report published

in 2014.

** Source: Disneyland Paris Economic and Social Impact Study

(1992 - 2012) by the Inter-ministerial Delegation

for the Euro Disney Project.

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A YEAR RICH IN ASSISTANCE FOR OTHERS

Disney VoluntEARS donate their time, agency through a series of fundraising

talents and enthusiasm to others. During activities: the exhibition and auction of

the fiscal year, 1,123 Cast Members attraction-inspired dolls at the Cité de la

volunteered for around 1,000 outreach Mode et du Design in Paris; the launch

events supported by the Group. For of a collaborative online platform; and

hosted environmental workshops in three

local schools in Chessy, where children

learned about environmental protection.

This commitment is yet another illustration

of the Group’s integration within the local

the castles at Versailles, Fontainebleau

example, in August 2014, 300 Disney

even a children’s rights conference (the

community.

job in Disneyland Paris

generates around

jobs elsewhere in France**

and Vaux-le Vicomte. The onsite station

for high-speed TGV trains facilitates site

access for European visitors, while offering

advantages for the entire French tourism

industry. The Chessy – Marne-la-Vallée

station now welcomes trains from around

60 different stations in a host of countries

including Belgium, Germany, Luxemburg,

The Netherlands, Switzerland and the

VoluntEARS helped welcome 5,500

children from the Secours populaire

françias organization. The youngsters

were invited to discover the resort during

14 different Solidarity Day events. 2014

was also marked by the celebration of

the worldwide 50 th anniversary of the “It’s

a small world” attractions in partnership

with UNICEF. That celebration helped

right to play being a fundamental right

for children).

During 2014 the Disney VoluntEARS

were involved in other off-site activities.

These included the Tout le Monde Chante

contre la Cancer concert in Villefranche de

Rouergue, the 25 th anniversary of Opération

Pièces Jaunes fund-raisers and drives for

15,274

hours of voluntary

outreach work donated

by Disney VoluntEARS in 2014

United Kingdom.

collect donations for the United Nations

the Restos du Cœur food banks. They also

44 45

COMMITTED

TO SUSTAINABLE

DEVELOPMENT

During fiscal year 2014, Euro Disney S.C.A. maintained its efforts

to limit its environmental footprint while establishing new environmental

goals to be reached by 2020. The Group’s approach is based

on increasing the efficiency of its resources and its awareness-building

actions targeting both employees and guests.

NEW ENVIRONMENT GOALS

As part of its ongoing efforts, Disneyland ®

Paris has developed its environmentalprotection

approach around four key

pillars: water, energy, waste and biodiversity.

2014 marked the launch of a

new program with a series of objectives

that should be accomplished by 2020.

In terms of waste management, the Euro

Disney S.C.A. group aims for a recyclereuse-compost

rate of 60% for operational

waste and 75% for construction waste.

In 2014 the resort reduced the quantity of

incinerated waste by 8% over the previous

fiscal year. This can be explained by the

increase in waste treated in other ways.

Since 2006, the Group has committed

to acquiring 15% of its electricity from

renewable sources. It has also implemented

a series of measures to optimize

electricity use (low-energy bulbs, intelligent

thermostats, movement detectors, etc.).

The new Ratatouille-inspired attraction and

its restaurant, for example, are equipped

with energy-efficient LED lighting. Solar

panels have also been installed to heat the

water used in the kitchens and elsewhere.

BUILDING AWARENESS

TO CHANGE BEHAVIOR

Environmental protection is also a

question of behavior. For this reason, the

Group undertakes activities to raise the

awareness and involvement of its Cast

Members and guests. The objective is to

convince them to adopt eco-responsible

behavior when on site. During fiscal year

2014, as in previous years, the Group has

rewarded its employees’ waste management

and energy-saving efforts during the

Cérémonie des Trophées Environnement.

Awareness-raising events also took

place during Earth Month. The Group

also maintained its efforts to encourage

Cast Members to carpool and use public

transportation (refunding 80% of transport

costs instead of the 50% required

by legislation). The Group also continues

to strengthen its fleet of electric-powered

vehicles.

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Euro Disney S.C.A. société en commandite par actions, with a registered capital of 38,976,490 euros - 334 173 887 RCS MEAUX

Registered offi ce: 1, rue de la Galmy, 77700 Chessy - France

Page 39 : © Jean de Gastines Architectes ; T. Huau/Interscène ; Kreaction - © Lionel de Segonzac Atelier d’architectures et d’urbanisme ;

Conception and creation: SEITOSEI

http://corporate.disneylandparis.com

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