Case-Euro_Disneyland

Case-Euro_Disneyland - EURODIS.XLS This file supports...

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EURODIS.XLS Exhibit Exhibit 2 Profit Projections Exhibit 3: Cash Flow Projections Exhibit 5: Returns to Investors and Sensitivity Analysis Exhibit 6 Pro Forma Balance Sheet Exhibit 7: Cash Flows Assuming Project Financing Exhibit 8: Cash Flows Assuming Internal Project Revised: 6/98. Copyright (C) 1998, by the University of Virginia Darden School Foundation. This file supports student preparation of the case, "Euro Disneyland S.C.A.: The Project Financing" (UVA-F-1034 v. 1.6).
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Exhibit 2 EURO DISNEYLAND S.C.A. Profit Projections (FF millions) Years beginning 1st April, 1992 1993 1994 1995 1996 Revenues MAGIC KINGDOM (1) 4,246 4,657 5,384 5,853 6,415 Second theme park 0 0 0 0 3,128 1,236 2,144 3,520 5,077 6,386 Total revenues 5,482 6,801 8,904 10,930 15,929 Operating expenses MAGIC KINGDOM 2,643 2,836 3,161 3,370 3,641 Second theme park 0 0 0 0 1,794 796 1,501 2,431 2,970 3,694 Total operating expenses 3,439 4,337 5,592 6,340 9,129 Operating income 2,043 2,464 3,312 4,590 6,800 Other expenses (income) Royalties 302 333 387 422 717 Pre-opening amortisation 341 341 341 341 341 Depreciation 255 263 290 296 625 Interest expense 567 575 757 708 1,166 Interest and other income (786) (788) (768) (778) (790) Lease expense 958 950 958 962 975 Management incentive fees 55 171 477 963 1,820 Total other expenses (income) 1,692 1,845 2,442 2,914 4,854 Profit before taxation 351 619 870 1,676 1,946 Taxation 147 260 366 704 818 Net profit 204 359 504 972 1,128 Dividends Payable (2) 275 425 625 900 1,100 Tax credit or payment (avoir fiscal) (3) 0 138 213 313 450 Total Return 275 563 838 1,213 1,550 (1) Includes MAGIC KINGDOM HOTEL (2) After transfers to legal reserve and deduction of a distributive share of 0.5 percent of net profits after tax payable to the associe commandite. In later yea dividends payable reflect the availability of cash. Dividends from 1992 through 1996 include distribution of profits carried forward from earlier years arising from
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interest income. (3) See "Taxation."
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2001 2006 2011 2016 9,730 13,055 18,181 24,118 4,565 6,656 9,313 12,954 8,133 9,498 8,979 5,923 22,428 29,209 36,473 42,995 5,504 7,384 10,175 13,097 2,644 3,695 5,020 6,830 5,210 6,369 5,753 2,211 13,358 17,448 20,948 22,138 9,070 11,761 15,525 20,857 1,085 1,509 2,120 2,802 0 0 0 0 658 723 842 228 920 623 352 0 (615) (266) 0 0 1,242 882 83 0 2,747 3,916 5,590 7,876 6,037 7,387 8,987 10,906 3,033 4,374 6,538 9,951 1,274 1,837 2,746 4,180 1,759 2,537 3,792 5,771 1,750 2,524 3,379 5,719 536 865 1,908 2,373 2,286 3,389 5,287 8,092 ars, h to m
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Exhibit 3 EURO DISNEYLAND S.C.A Cash Flow Projections (FF millions) Years beginning 1st April, 1992 1993 1994 1995 Sources of funds Profit before taxation 351 620 870 1,676 Depreciation and amortisation 597 604 631 638 Issuance of long-term debt 990 693 2,950 2,950 1,938 1,917 4,451 5,264 Application of funds Capital expenditures MAGIC KINGDOM 310 326 293 313 Second theme park 0 0 2,950
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This note was uploaded on 07/13/2011 for the course FIN 4414 taught by Professor Staff during the Spring '08 term at University of Florida.

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Case-Euro_Disneyland - EURODIS.XLS This file supports...

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