PRESENT VALUE ANALYSIS OF EURODISNEYLAND AS A STANDALONE
PROJECT ASSUMING 11 MILLION DAILY ATTENDANCE
YEAR 1991 1992 1993 1994 1995 1996 1996+
A. CUSTOMERS 11,000,000 11,330,000 11,669,900 12,019,997 12,380,597
B. INDIVIDUAL EXPENDITURES
1. ADMISSION FEES (FF) 167.20 175.56 184.34 193.55 203.23
2. MERCHANDISE (FF) 91.00 95.55 100.33 105.34 110.61
3. FOOD AND BEVERAGES (FF) 68.90 72.35 75.96 79.76 83.75
4. PARKING, OTHER ITEMS (FF) 6.40 6.72 7.06 7.41 7.78
C. TOTAL REVENUES (FF) 3,668,500,000 3,967,482,750 4,290,832,594 4,640,535,451 5,018,739,090
(line A x (B1 + B2 + B3 + B4))
EXHIBIT 1
PRESENT VALUE ANALYSIS OF EURODISNEYLAND AS A STANDALONE
PROJECT ASSUMING 16 MILLION DAILY ATTENDANCE
YEAR 1991 1992 1993 1994 1995 1996 1996+
A. CUSTOMERS 16,000,000 16,480,000 16,974,400 17,483,632 18,008,141
B. INDIVIDUAL EXPENDITURES
1. ADMISSION FEES (FF) 167.20 175.56 184.34 193.55 203.23
3. FOOD AND BEVERAGES (FF) 68.90 72.35 75.96 79.76 83.75
4. PARKING, OTHER ITEMS (FF) 6.40 6.72 7.06 7.41 7.78
C. TOTAL REVENUES (FF) 5,336,000,000 5,770,884,000 6,241,211,046 6,749,869,746 7,299,984,131
(line A x (B1 + B2 + B3 + B4))
M. INITIAL INVESTMENT -$1,500,000,000
N. TOTAL CASH FLOW (K+L+M in $)** -$1,500,000,000 $89,981,120 $98,126,978 $106,812,610 $116,075,885 $125,957,335 $881,701,344
EXHIBIT 2
PRESENT VALUE ANALYSIS OF EURO DISNEYLAND FROM THE PERSPECTIVE
OF WALT DISNEY COMPANY
ASSUMPTION: 11 MILLION DAILY ATTENDANCE IN 1992
1991 1992 1993 1994 1995 1996 1996+
A. NET INCOME PLUS TERMINAL VALUE (FF) 349,308,000 388,618,992 430,984,992 476,647,542 525,867,497 3,681,072,478
G. U.S. $ NET CASH FLOW TO DISNEY (E x F) $48,354,586 $52,667,033 $57,266,421 $62,172,899 $67,408,033 $551,131,415
H. INITIAL INVESTMENT -$500,000,000
I. TOTAL CASH FLOW (G + H in $) -$500,000,000 $48,354,586 $52,667,033 $57,266,421 $62,172,899 $67,408,033 $551,131,415
J. PV INTEREST FACTOR (@15%) 1 0.8696 0.7561 0.6575 0.5718 0.4972 0.4972
ASSUMPTION: 16 MILLION DAILY ATTENDANCE IN 1992
1991 1992 1993 1994 1995 1996 1996+
A. NET INCOME PLUS TERMINAL VALUE (FF) 555,610,500 611,735,146 672,285,113 737,613,622 808,102,312 881,701,344
B. 50% OF NET INCOME PLUS TERMINAL VALUE 277,805,250 305,867,573 336,142,556 368,806,811 404,051,156 440,850,672
EXHIBIT 3
PRESENT VALUE ANALYSIS OF EURODISNEYLAND FROM THE
PERSPECTIVE OF WALT DISNEY COMPANY: INCREMENTAL ANALYSIS
ASSUMPTION: 11 MILLION DAILY ATTENDANCE IN 1992
1991 1992 1993 1994 1995 1996 1996+
A. NET INCOME PLUS TERMINAL VALUE (FF)* 512,318,400 569,974,522 632,111,322 699,083,062 771,272,329 5,398,906,301
B. 50% OF NET INCOME PLUS TERMINAL VALUE 256,159,200 284,987,261 316,055,661 349,541,531 385,636,164 2,699,453,150
C. ROYALTIES (FF) 275,385,000 297,828,878 322,101,931 348,353,238 376,744,027 3,767,440,273
ASSUMPTION: 16 MILLION DAILY ATTENDANCE IN 1992
1991 1992 1993 1994 1995 1996 1996+
A. NET INCOME PLUS TERMINAL VALUE (FF)* 814,895,400 897,211,547 986,018,165 1,081,833,313 1,185,216,725 8,296,517,074
B. 50% OF NET INCOME PLUS TERMINAL VALUE 407,447,700 448,605,774 493,009,083 540,916,656 592,608,362 4,148,258,537
C. ROYALTIES (FF) 400,560,000 433,205,640 468,511,900 506,695,619 547,991,312 5,479,913,125
EXHIBIT 4