- Consolidated revenues and operating income for the fiscal year
ended March 31, 2005 fell 1.6% and 10.8% compared with the previous
fiscal year, respectively. This was primarily due to such factors
in the Theme Park Business as the fall-off in attendance affected
by record-breaking heat from the beginning of the summer, and
declined revenues per guest due to fall-off in sales of Tokyo
Disneyland20th anniversary products that had sold favorably in
the previous fiscal year. In addition, other factors include over-head
expenses incurred in connection with the opening of the Palm &
Fountain Terrace Hotel in February 2005 and as well as increased
expenses related to renovations and improvements for facilities
at theme parks.
- While we issued new bonds as an alternative to catastrophe bonds,
we also achieved steady progress in bond redemption and debt repayment,
and as a result, the outstanding balance of interest-bearing debt
at the end of the fiscal year ended March 31, 2005 decreased by
3.3% compared with the previous fiscal year. Despite progressive
depreciation and amortization of facilities at Tokyo Disney Resort,
due to the acquisition of land adjacent to Tokyo Disney Resort
and new investment for the theme parks, total assets increased
by 0.9% from the end of the previous fiscal year and the stockholders'
equity ratio in creased by 1.9 percentage points to 59.0%.
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