Research and Markets: Walt Disney - Company Profile: 2013

Research and Markets (http://www.researchandmarkets.com/research/w3v88h/walt_disney) has announced the addition of the "Walt Disney - Company Profile" company profile to their offering.

Strong 2012 Q4 results

Good results were driven by Cable & Resorts, offset slightly by weakness in Studios.

EPS* growth of 18% (excluding the one-off gain on UTV), was driven by modest revenue growth (of 6%), lower tax rates (down 4%) and share repurchases (of 6%).

The outlook has improved with continued margin expansion in Networks & Resorts and better film releases at Studios with the recent success of "The Avengers".

- Q2 revenue rose $0.6 bn (+6%), to $9.6 bn; driven by Cable & US Resorts.

- Networks revenue rose $0.4 bn (+9%), to $4.7 bn; Growth was primarily in Cable (+12%) while broadcasting was weak (+2%). Overall, affiliate fees & advertising were both up.

- Parks & Resorts revenue rose $0.3 bn (+10%), to $2.9 bn; mostly from higher attendance & spending at its US resorts.

- Studio revenue fell $0.2 bn (-12%), to $1.2 bn; with a lack of decent films released.

- Excluding the UTV gain, EBIT* rose $124 m (+8%), to $1.9 bn. Margins* rose 0.3%.

- Higher EBIT margins at Networks (up 1.6%) and Resorts (up 2.1%); were offset by a loss in Studios (in turn due to a write off for the disastrous "John Carter" film).

- Net Income* rose $110 m (12%), to $1.1 bn, helped by lower tax rates (down 4% to 32%).

- EPS* rose $0.09 (+18%), to $0.58; boosted by 6% of shares being repurchased.

- Note that reported EPS rose $0.14 (+29%), to $0.63; much more than the EPS*.

- FCF fell by $1.0 bn (-75%), to $0.3 bn; due to higher CAPEX in Resorts (Shanghai mostly).

* = excluding the one-off gains & restructuring charges on UTV (India).

Note: Comparisons (eg. growth rates) are stated on a year-on-year basis.

Significant recent events

- Disney's "Avengers" film shattered records in its US debut weekend, earning $200m.

- The expensive "John Carter" film flops, making it a big error.

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