Euro Disney SCA

Euro Disney SCA is a S ociété in C ommandite by has ction, which exploits through its subsidiary companies the complex of leisures Disneyland Resort Paris and its dependences.

Euro Disney SCA is a company whose principal shareholders are the Walt Disney Company (39,9%, through EDL Holding Company ) and the Prince Alwaleed (10% through Kingdom Holding Company).
Euro Disney Associés SNC is the company which since the Restructuration of 2004 took again the credits of Euro Disney SA

The structure of the group could be qualified of " assembly financier" , but the pejorative connotation of this term, is not our intention.

Euro Disney SCA is operating field while Euro Disney SA was the manager ( S ociété has nonyme), held at 100% by the Walt Disney Company. The manager became in 2004 Euro Disney Associés SNC and Euro Disney SA became Euro Disney SAS .

This structure is comparable with that created by the Walt Disney Company for the construction of Walt Disney World Resort with the Walt Disney World Company.

The history

The company is created in 1989.

August 1st

Thursday November 30th 2006, the Swiss company Center-Tainment confirms its intention to launch a tender offer on ED SCA. The company was created in September 2006. But after the obligation requested by the authority of the financial markets (MFA) of a deposit in due form of a project of APERTURE, the small firm still did not transmit a file to date.

The February 12th 2007, Pierre & Vacances and Euro Disney SCA announce the creation of a joint venture for the project of Villages Nature. It is a project of a billion euro (announced since 2003) which includes/understands 7000 appartments distributed in 4 villages sets of themes. These villages will be located at horse on the grounds of the Disneyland Resort Paris and the communues of Bailly-Romainvilliers, Coutevroult and Villeneuve-the-Count.

Phases of the project

Phase I

Of 1989 with 1997, it cuts out in three suboperations. ED SCA contracted several loans near banking companies.

  • 86,9 million and 274,7 d'€ million near the Case of the Deposits and Consignment (CDC)
  • the remainder of its debt to more than 200 banks

Phase IA

Of 1989 with 1992, ED SCA finances thanks to the Companies of finances (1 to 4), the construction of the complex. Then EDL SNC , after construction, rents Disneyland Paris with ED Associated SNC which grants to ED SCA the exploitation of the complex.

Phase IB

Of 1989 with 1992, ED SCA , before construction, sells with each of the hotel companies and that of the Disney Village, the space of the hotels in order to finance them. Its partnerships will rent in their turns with ED Hotels SCA in order to exploit them.

Phase IC

Of 1992 with 1997, EDL SNC sells with EDA SNC the attractions and other buildings built during this period. Then EDA SNC rents the use of these structures with ED SCA .

Phase II

Of 1998 with 2004, consisted of the creation of the Val of Europe, the Walt Disney Studios and the zone of offices Arlington Business Public garden .

Phase III

Since 2005, no fact major appeared before the February 12th 2007. On this date, Pierre & Vacances and Euro Disney SCA announce the creation of a joint venture for the project of Villages Nature.

The legal structure

The Walt Disney Company has 100% of

  • Euro Disney Investments Inc which holds 100% of Euro Disney Investments SAS
  • EDL SNC Corporation which holds 100% of EDL Corporation SAS
  • EDL Holding Company which holds 100% of EDL Participations SAS and 40% of Euro Disney SCA and is a single active associate.
  • Euro Disney SA (the manager)

Euro Disney Investments SAS and EDL Corporation SAS had each one 50% of Euro Disney Associés . Since the reorganization of 2004, their share is gone down to 9%. Euro Disney Associés is the owner of the credits complementary to Disneyland Paris (hotels,…) since 2004

EDL SNC which holds the credits of the park Disneyland Paris, has a leasing near Euro Disney Associés which rents and sub-leases with Euro Disney SCA .

Since the reorganization of 2004, Euro Disney SCA holds 82% of Euro Disney Associés' which n the other hand took responsibility for its other credits. The share of Walt Disney Company thus passed to 37,2%.

Subsidiary companies

Euro Disney SCA created several subsidiary companies: