EXHIBIT 2
EURO DISNEY S.C.A. Group
Fiscal Year 2005 Results Announcement
SUMMARY CONSOLIDATED STATEMENTS OF CASH FLOW
(€ in millions) | | Fiscal Year
2005 | | Fiscal Year
2004 | |
Net Loss | | (94.9 | ) | (145.2 | ) |
| | | | | |
Net Loss attributable to Minority Interests | | (20.6 | ) | (6.7 | ) |
| | | | | |
Items Not Requiring Cash Outlays: | | | | | |
Depreciation and amortisation | | 144.0 | | 146.8 | |
Other | | 1.0 | | 24.2 | |
Net changes in working capital account balances | | (11.1 | ) | 105.5 | |
Cash Flows from Operating Activities | | 18.4 | | 124.6 | |
| | | | | |
Capital expenditures for tangible and intangible assets | | (72.8 | ) | (28.6 | ) |
Other | | 0.1 | | (0.2 | ) |
Cash Flows used in Investing Activities | | (72.7 | ) | (28.8 | ) |
| | | | | |
Gross proceeds from equity offering | | 253.3 | | — | |
Payment of equity issuance costs | | (17.4 | ) | (0.4 | ) |
Proceeds from new borrowings | | — | | 22.5 | |
Repayments of borrowings | | (114.8 | ) | (66.2 | ) |
Decrease (increase) in debt security and other deposits | | 104.0 | | (10.5 | ) |
Debt restructuring costs | | (14.4 | ) | (4.5 | ) |
Cash Flows from (used in) Financing Activities | | 210.7 | | (59.1 | ) |
| | | | | |
Change in cash and cash equivalents | | 156.4 | | 36.7 | |
Cash and cash equivalents, beginning of period | | 131.3 | | 94.6 | |
Cash and Cash Equivalents, end of period | | 287.7 | | 131.3 | |
| | | | | |
| | | | | |
Supplemental Cash Flow Information: | | | | | |
Interest paid | | 93.2 | | 61.1 | |
| | | | | |
Non-Cash Financing and Investing Transactions: | | | | | |
Deferral into borrowings of accrued interest under CDC subordinated loans | | 59.8 | | — | |
Deferral into borrowings of fiscal year 2005 management fees and royalties | | 25.0 | | — | |
Forgiveness by TWDC on € 167.7 million line of credit | | 10.0 | | — | |
Reallocation between accumulated deficit and minority interests | | 215.5 | | — | |
Conversion of bonds redeemable in shares into equity | | — | | 152.5 | |
Transfer of EDA borrowings and accrued interest to minority interest | | — | | 384.1 | |
(€ in millions) | | September
2005 | | September,
2004 | |
Cash | | 10.1 | | 10.6 | |
Short-term investments | | 280.8 | | 120.8 | |
Bank Overdrafts (recorded in accounts payable and accruals) | | (3.2 | ) | (0.1 | ) |
Cash and Cash Equivalents, end of period | | 287.7 | (1) | 131.3 | (1) |
(1) Includes € 48.3 million and € 49.1 million of cash and short-term investments of the consolidated financing companies as of September 30, 2005 and 2004, respectively
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