The Euro Disneyland project has a complex structure, which reflects the different financial and restructuring stages of the Euro Disney Group in 1994 and in 2005. The Group must respect certain commitments towards its lenders, particularly concerning debt and investment restrictions, communication of figures and financial ratios. 
This section is dedicated to our debt and contains the following information: levels of debt and borrowings, debt maturity schedule and covenants.
For any further information, please consult the notes to Consolidated Financial Statements of the 2007 Reference Document (Note 11 : Borrowings - pages 75 to 78 of the 2007 Reference Document, Englsih version) or click here.

Borrowings

       
(1) The stated interest rate represents the weighted average interest rate for each borrowing.
(2) Represents the borrowings of the Phase I Financing Companies. These debt balances underlie the Legally Controlled Group's contractual lease commitments. Also includes borrowings related to a financial lease.
(3) As part of the 2005 Restructuring, these loans were significantly modified. In accordance with IAS 39, the carrying value of this debt was replaced by the fair value after modification.

Debt Maturity Schedule

As of September 30, 2007 and before any DCF fair value adjustments, the Group's borrowings have the following scheduled or expected maturities :

Debt Covenants

The Group has covenants under its debt agreements which limit its investments and financing activities. Beginning fiscal year 2006, the Group must also meet financial performance covenants which require improvements to its operating margin. Subject to final third-party review as provided in its debt agreements, the Group believes that it has complied with these covenants for fiscal year 2007.