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Reference Document 2015 reference document WorldReginfo - 1fa7dd0b-1925-4a70-9eff-9fa21ac097a3 French limited partnership with a share capital of €783,364,900 Registered office: 1 rue de la Galmy, 77700 Chessy, France R.C.S.: 334 173 887 Meaux. REFERENCE DOCUMENT Pursuant to Article 212-13 of the Règlement général of the Autorité des marchés financiers (“AMF”), the present Reference Document was filed with the AMF on January 21, 2016. This document has been prepared by the issuer and under the responsibility of its signatories. This document cannot be used for a financial operation unless it is completed by a note d’opération approved by the AMF. WorldReginfo - 1fa7dd0b-1925-4a70-9eff-9fa21ac097a3 TABLE OF CONTENT A. GENERAL OVERVIEW OF THE GROUP 3 A.1. DESCRIPTION OF THE GROUP’S ACTIVITIES AND STRATEGY 4 A.1.1. 2015 Recapitalization Plan 4 A.1.2. Operational Organization of the Group 5 A.1.3. Geographical Situation of the Resort 12 A.1.4. Strategy of the Group 13 A.2. CORPORATE ORGANIZATION OF THE GROUP 17 A.3. HISTORY AND DEVELOPMENT OF THE GROUP 19 A.3.1. Development of the Resort and its Surrounding Areas 19 A.3.2. Financing of the Resort’s Development 21 A.4. SIGNIFICANT AGREEMENTS OF THE GROUP 24 A.4.1. Significant Undertakings Related to the Resort’s Development 24 A.4.2. Other Significant Operating Agreements 27 B. ANNUAL FINANCIAL REPORT 28 B.1. KEY CONSOLIDATED FINANCIAL DATA 29 B.2. GROUP AND PARENT COMPANY MANAGEMENT REPORT 31 B.3. CONSOLIDATED FINANCIAL STATEMENTS 74 B.4. STATUTORY AUDITORS’REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 120 B.5. COMPANY FINANCIAL STATEMENTS PREPARED UNDER FRENCH ACCOUNTING PRINCIPLES 122 B.6. STATUTORY AUDITORS’REPORT ON THE FINANCIAL STATEMENTS 133 B.7. SOCIAL,ENVIRONMENTAL AND SOCIETAL INFORMATION 135 B.8. REPORT BY ONE OF THE STATUTORY AUDITORS,APPOINTED AS AN INDEPENDENT THIRD PARTY, ON THE CONSOLIDATED SOCIAL,ENVIRONMENTAL AND SOCIETAL INFORMATION PRESENTED IN THE MANAGEMENT REPORT 171 B.9. STATUTORY AUDITORS’SPECIAL REPORT ON RELATED-PARTY AGREEMENTS AND COMMITMENTS 175 B.10. SUPERVISORY BOARD GENERAL REPORT ON EURO DISNEY S.C.A., ITS SUBSIDIARIES AND CONSOLIDATED ENTITIES 177 B.11. EURO DISNEY S.C.A. SUPERVISORY BOARD SPECIAL REPORT ON RELATED-PARTY AGREEMENTS 180 C. CORPORATE GOVERNANCE 181 C.1. THE COMPANY’S CORPORATE GOVERNANCE BODIES 182 C.1.1. The General Partner 182 C.1.2. The Shareholders 183 C.1.3. The Gérant (Euro Disney S.A.S.) 183 C.1.4. The Supervisory Board 186 C.2. REPORT OF THE CHAIRMAN OF THE SUPERVISORY BOARD ON THE ORGANIZATION AND ROLE OF THE SUPERVISORY BOARDANDONTHECOMPANY’S INTERNAL CONTROL ORGANIZATION AND PROCEDURES 187 C.3. REPORT OF THE STATUTORY AUDITORS ON THE REPORT PREPARED BY THE CHAIRMAN OF THE SUPERVISORY BOARD 199 D. ADDITIONAL INFORMATION 201 D.1. INFORMATION CONCERNING THE SHARE CAPITAL OF THE COMPANY 202 D.1.1. Amount and Changes to the Share Capital 202 D.1.2. Liquidity Contracts 202 D.1.3. Breakdown of the Share Capital and Voting Rights 202 D.1.4. Markets for the Securities of the Company 205 D.1.5. Market Information 206 D.1.6. Dividends 206 ‘ D.2. INFORMATION CONCERNING THE GROUP’S FINANCIAL COVENANT OBLIGATIONS 207 D.3. ADDITIONAL CORPORATE INFORMATION ON THE COMPANY 208 D.4. DOCUMENTS AVAILABLE TO THE PUBLIC 211 D.4.1. Accessible Information and Information Related to the Company 211 D.4.2. Shareholders’ Club 211 D.5. RESPONSIBILITY FOR THIS REFERENCE DOCUMENT AND ANNUAL FINANCIAL REPORT 212 D.5.1. Certification of the Person Responsible for this Reference Document and Annual Financial Report 212 D.5.2. Person Responsible for the Information 212 D.5.3. Statutory Auditors 213 GLOSSARY 215 TABLES OF CORRESPONDENCE 218 TECHNICAL AND OTHER KEY TERMS INDICATED THROUGHOUT THE DOCUMENT BY THE USE OF CAPITALS ARE DEFINED IN THE GLOSSARY. This document is a translation from French into English and has no other value than an informative one. Should there be any difference between the French and the English version, only the text in French language shall be deemed authentic and considered as expressing the exact information published by the Group. WorldReginfo - 1fa7dd0b-1925-4a70-9eff-9fa21ac097a3 A GENERAL OVERVIEW OF THE GROUP 2015 Reference Document - Euro Disney S.C.A. 3 WorldReginfo - 1fa7dd0b-1925-4a70-9eff-9fa21ac097a3 GENERAL OVERVIEW OF THE GROUP A Description of the Group’s Activities and Strategy A.1. DESCRIPTION OF THE GROUP’S ACTIVITIES AND STRATEGY Euro Disney S.C.A. (the “Company”), with its owned and controlled subsidiaries (the “Group”1) has operated the Disneyland® Paris site (the “Resort”) and its surrounding areas since April 12, 1992 (the “Opening Day”). The Resort is comprised of the Disneyland® Park and the Walt Disney Studios® Park (collectively the “Theme Parks”), seven themed hotels (the “Hotels”) with approximately 5,800 rooms, two convention centers, the Disney Village® entertainment center, comprised of shopping and restaurant facilities, and Golf Disneyland® (the “Golf Courses”). The Group’s operating activities also include the development of the 2,230-hectare site, half of which is yet to be developed. The Resort is modeled on the concepts developed and used by The Walt Disney Company (“TWDC”) for its own theme park and hotel infrastructure. The Group’s fiscal year begins on October 1 of a given year and ends on September 30 of the following year. The fiscal year for any given calendar year (the “Fiscal Year”) is the fiscal year that ends in that calendar year. For example, Fiscal Year 2015 is the fiscal year that ended on September 30, 2015. A.1.1. 2015 Recapitalization Plan During Fiscal Year 2015, the Group implemented the recapitalization and debt reduction plan announced on October 6, 2014, which amounted to approximately €1 billion (the “Recapitalization Plan”). The Recapitalization Plan aimed at improving the Group’s financial position and enabling it to continue investing in Disneyland Paris so as to improve the guest experience. The main elements of this Recapitalization Plan are as follows: • cash infusion of €422.8 million, through capital increases of the Company and Euro Disney Associés S.C.A. (“EDA”); • conversion of €600.0 million of debt owed to indirect subsidiaries of TWDC into equity through capital increases of the Company and of EDA (this conversion was performed at the debt’s nominal value); • deferral of all amortization payments of loans granted by indirect subsidiaries of TWDC until a revised maturity date in December 2024 (previously 2028); and • repayment of €250.0 million drawn under the standby revolving credit facilities previously granted by TWDC maturing in 2015, 2017 and 2018, replaced by a single €350.0 million revolving credit facility maturing in December 2023 (the “New Revolving Credit Facility”). The Recapitalization Plan enabled the Group to launch an ambitious program to refurbish some of its major attractions and improve the guest experience in preparation of the upcoming celebration of Disneyland Paris’s 25th anniversary in 2017. During Fiscal Year 2015, these refurbishments included the Space Mountain®: Mission 2 attraction in the Disneyland Park. For more details on the different steps of the Recapitalization Plan, please refer to B.2. “Group and Parent Company Management Report”, section “Significant Events of the Fiscal Year – Recapitalization Plan”. 1 The Group also includes Centre de Congrès Newport S.N.C., a consolidated special purpose financing company (the “Financing Company”). Hereafter, references to the “Legally Controlled Group” correspond to the Group, excluding the Financing Company. 4 Euro Disney S.C.A. - 2015 Reference Document WorldReginfo - 1fa7dd0b-1925-4a70-9eff-9fa21ac097a3 GENERAL OVERVIEW OF THE GROUP Description of the Group’s Activities and Strategy A.1.2. Operational Organization of the Group The Group operates in the following operating segments: A • Resort operating segment includes the operation of the Theme Parks, the Hotels, the Disney Village®, the Golf Courses and the various services that are provided to guests visiting the Resort destination; and A.1 • Real estate development operating segment includes the design, planning and monitoring of improvements A.2 and additions to the existing Resort activity, as well as other retail, office and residential real estate projects, whether financed internally or through third-party partners. A.3 A.4 Operating Segments Data (€ in millions, except where indicated) 2015 2014(1) 2013(1) Key Components of Operating Results: Total Group revenues Resort operating segment 1,365.9 1,251.2 1,289.0 Real estate development operating segment 7.2 28.5 20.4 1,373.1 1,279.7 1,309.4 Total Group costs and expenses Resort operating segment (1,445.9) (1,326.7) (1,321.8) Real estate development operating segment (8.1) (18.5) (15.6) (1,454.0) (1,345.2) (1,337.4) Total Group net (loss)/profit Resort operating segment (127.0) (125.6) (83.5) Real estate development operating segment 25.1(2) 11.9 4.8 (101.9) (113.7) (78.7) Key Operating Indicators: Theme Parks Attendance (in millions of guests)(3) 14.8 14.2 14.9 Average spending per guest (in €)(4) 53.66 50.60 48.08 Hotels Occupancy Rate(5) 79.4% 75.4% 79.3% Average spending per room (in €)(6) 237.88 231.50 234.28 (1) Comparative figures for Fiscal Years 2014 and 2013 include restatements related to the application of IFRIC 21 “Levies”. (2) Included a €24.5 million fee, recorded in Other Income, for the termination, before the contractual term, of a lease agreement related to office space located in the Walt Disney Studios® Park. For more details, please refer to B3.
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