Professional Documents
Culture Documents
Exhibit 1 The Walt Disney Company and Subsidiaries, Consolidated Statement of Income, Year
Ended September 30 (in thousands, except per share data)
Revenues:
Entertainment and recreation
Filmed entertainment
Community development
Consumer products
1984
1983
1982
$1,097,359
244,552
204,384
109,682
$1,655,977
$1,031,202
165,458
$725,610
202,102
110,697
$1,307,357
102,538
$1,030,250
$904,664
242,303
162,158
55,819
$1,364,944
$834,324
198,843
$592,965
182,463
53,815
$1,086,982
54,706
$830,134
$192,695
2,249
42,226
53,863
$291,033
$196,878
(33,385)
$132,645
19,639
56,882
$220,375
47,832
$200,116
$59,570
7,032
41,738
$108,340
$35,554
7,295
14,066
$56,915
$30,957
5,147
(14,781)
$21,323
$182,693
165,960
$163,460
$178,793
$16,733
(5,000)
$21,733
$163,460
70,300
$93,160
$178,793
78,700
$100,093
76,111
$97,844
$93,160
$100,093
$0.61
$2.70
$3.01
2.12
$2.73
$2.70
$3.01
35,849
34,481
33,225
Exhibit 2 The Walt Disney Company and Subsidiaries Consolidated Balance Sheet,
Year Ended September 30 (in thousands)
1984
1983
Assets
Cash
Accounts and notes receivable (net)
Taxes on income refundable
Merchandise inventories
Film production costs
Real estate inventories
Entertainment attractions and other property
Less accumulated depreciation
Construction and design projects in progress
Land
Other assets
$35,346
172,762
60,000
83,467
102,462
229,424
2,413,985
(600,156)
$1,813,829
94,710
28,807
$1,937,346
$18,055
104,746
70,000
77,945
127,010
2,251,297
(504,365)
$1,746,932
108,190
16,687
$1,871,809
118,636
$2,739,443
111,630
$2,381,195
$239,992
24,145
861,909
178,907
279,005
$182,709
13,982
352,575
109,556
321,845
359,988
795,497
1,155,485
$2,739,443
661,934
738,594
1,400,528
$2,381,195
Exhibit 3
9/30
1984
$168.7
$408.0
352.2
200.2
$118.2
--
100.0
100.0
150.0
75.0
75.0
75.0
50.0
53.1
59.4
58.4
$854.3
25.6
$861.9
$352.6
Other
9/30
1983
Of the $75 million outstanding, the company swapped $50 million into yen liabilities of approximately 12
billion. This synthetic yen borrowing was due 3/14/89 and had a cost of 7.40% payable annually.
c
Outstanding yen principal at March 31, 1985 was 12.5 billion, with semiannual yen principal payments of 765
million.
Exhibit 4
Year
Yen/Dollar
U.S. CPI
Japan CPI
1980
1981
1982
1983
1984:
I
II
III
IV
225.70
220.10
248.30
237.40
100.0
110.4
117.1
120.9
100.0
104.9
107.8
109.9
230.80
229.70
243.60
246.10
125.0
125.6
126.6
128.3
111.4
112.3
112.2
113.5
Average 1984
237.30
126.1
112.3
1985:
I
II
257.50
250.80
128.6
130.2
113.7
114.7
Exhibit 5
Years
Spot
1
2
3
4
5
6
7
8
9
10
Par:
Price:
Coupon:
Fees:
Expenses:
Dollar/ECU:
ECU 80 million
100.250%
9.125%
2.000%
$75,000
0.7420
Year
Cash Flows
(million ECU)
0
1
2
3
4
5
6
7
8
9
10
78.499
(7.300)
(7.300)
(7.300)
(7.300)
(7.300)
(23.300)
(21.840)
(20.380)
(18.920)
(17.460)
Exhibit 7
Year
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
5.5
6.0
6.5
7.0
7.5
8.0
8.5
9.0
9.5
10.0
ECU/Yen Swap Flows, in Millions (assuming $/ECU of .7420 and yen/dollar of 248)
Disneys Swap Flows:
Received from/(paid to) IBJ
ECU
Yen
(A)
(B)
(78.499)
7.300
7.300
7.300
7.300
7.300
23.300
21.840
20.380
18.920
17.460
14,445.153a
(483.226)
(483.226)
(483.226)
(483.226)
(483.226)
(483.226)
(483.226)
(483.226)
(483.226)
(1,808.141)
(1,764.650)
(1,721.160)
(1,677.670)
(1,634.179)
(1,590.689)
(1,547.199)
(1,503.708)
(1,460.218)
(1,416.728)
(1,520.450)
(14,445.153)b
483.226
483.226
483.226
483.226
483.226
483.226
483.226
483.226
483.226
1,808.141
1,764.650
1,721.160
1,677.670
1,634.179
1,590.689
1,547.199
1,503.708
1,460.218
1,416.728
1,520.450
Note: These cash flows exclude fees paid to either IBJ or Goldman Sachs.
a
The initial yen principal received by Disney from IBJ are relevant only to the swap transaction and the calculation of an all-in
yen financing cost. By exchanging the initial yen for dollars in the spot market, Disney would eventually obtain new dollar
financing.
b
The principal amounts for the French utility are strictly notional; no net new funding would be obtained by the utility as a
result of the swap.
Exhibit 8 Summary of the French Utilitys Outstanding Publicly Traded Eurobondsas of Mid-1985
(excluding domestic issues, private placements, and term loans)
Currency
Coupon
Yield to
Maturity
0.8
1.9
1.2
0.8
3.0
10.0
7.8
4.9
2.3
3.8
9.2
11.7
13.7
8.500%
8.500%
8.900%
9.625%
10.000%
10.000%
11.125%
11.250%
12.750%
14.375%
0.000%
LIBOR+1/4
LIBOR+1/8
9.32%
9.30%
9.08%
9.09%
10.09%
10.80%
10.76%
10.84%
9.57%
10.45%
11.44%
9.66%
9.70%
10
10
9.7
7.5
9.750%
12.500%
9.37%
10.00%
Jan-95
10
9.6
6.875%
6.83%
Oct-93
Sep-92
10
10
8.3
7.2
8.375%
8.875%
7.12%
7.38%
Issue Date
Maturity
20
50
100
100
125
225
100
100
150
200
500
300
400
May-71
Jun-77
Aug-76
Apr-79
Jun-80
Jun-85
Apr-83
May-80
Oct-82
Apr-82
Sep-84
Mar-85
Feb-84
May-86
Jun-87
Sep-86
Apr-86
Jul-88
Jul-95
May-93
May-90
Oct-87
Apr-89
Sep-94
Mar-97
Feb-99
15
10
10
7
8
10
10
10
5
7
10
12
15
75
60
Feb-85
Dec-82
Mar-95
Jan-93
Yen
20,000
Jan-85
DM
DM
200
100
Sep-83
Sep-82
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
ECU
ECU
Amount
(millions)
Life (Years)
Original Remaining