Estados financieros de disney 2008

LETTER TO SHAREHOLDERS FINANCIAL REVIEW STUDIO ENTERTAINMENT PARKS AND RESORTS CONSUMER PRODUCTS MEDIA NETWORKS DISNEY INTERACTIVE MEDIA GROUP WALT DISNEY INTERNATIONAL CORPORATE RESPONSIBILITY FINANCIAL SECTION REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

2 8 12 18 24 30 48 50 52 57 99

($ in millions, except per share amounts)

2004(1)(2)

2005(1)(2)

2006(1)(2)2007(1)(2)

2008(1)

Revenues Media Networks Parks and Resorts Studio Entertainment Consumer Products Segment Operating Income(3) Media Networks Parks and Resorts Studio Entertainment Consumer Products Diluted earnings per share from continuing operations before the cumulative effect of accounting change Earnings per share, discontinued operations Cumulative effect of accounting change per shareDiluted earnings per share(4)(5) Cash provided by continuing operating activities Free cash flow
(1)

$11,299 7,750 8,713 2,414 $30,176 $ 2,378 1,077 661 538 $ 4,654 $ 1.07 0.05 — 1.12

$12,722 9,023 7,587 2,042 $31,374 $ 3,040 1,178 206 533 $ 4,957 $ 1.19 0.05 (0.02) 1.22

$14,186 9,925 7,529 2,107 $33,747 $ 3,481 1,534 728 607 $ 6,350 $ 1.60 0.03 — 1.64

$15,104 10,626 7,491 2,289 $35,510$ 4,275 1,710 1,195 631 $ 7,811 $ 2.24 0.01 — 2.25

$16,116 11,504 7,348 2,875 $37,843 $ 4,755 1,897 1,086 718 $ 8,456 $ 2.28 — — 2.28

$

$

$

$

$

$ 4,232 $ 2,811

$ 4,139 $ 2,326

$ 5,960 $ 4,668

$ 5,398 $ 3,832

$ 5,446 $ 3,868

(3)

Beginning with the first quarter fiscal 2008 financial statements, the Company began reporting Hyperion Publishing in the MediaNetworks segment. Previously, Hyperion Publishing had been reported in the Consumer Products segment. Prior-period amounts (which are not material) have been reclassified to conform to the current year presentation. (2) During fiscal 2007, the Company concluded the spin-off of the ABC Radio business and thus reports ABC Radio as discontinued operations for all periods presented. (3) Aggregate segmentoperating income and free cash flow are not financial measures defined by Generally Accepted Accounting Principles (GAAP). Reconciliations of non-GAAP financial measures to equivalent GAAP financial measures are available at the end of the Financial Review. (4) Diluted earnings per share may not equal the sum of the column due to rounding. (5) The fiscal 2008 results include an accounting gainrelated to the acquisition of the Disney Stores North America and a gain on the sale of movies.com (together $0.01 per diluted share), the favorable resolution of certain prior-year income tax matters ($0.03 per diluted share), and a bad debt charge for a receivable from Lehman Brothers ($0.03 per diluted share). These items collectively resulted in a net benefit of $0.01 per diluted share. Thefiscal 2007 results include gains from the sales of E! Entertainment and Us Weekly ($0.31 per diluted share), the favorable resolution of certain prior-year income tax matters ($0.03 per diluted share), income from the discontinued operations of the ABC Radio business ($0.01 per diluted share), and an equity-based compensation plan modification charge ($0.01 per diluted share). Collectively, includingthe impact of rounding, these items resulted in a net benefit of $0.33 per diluted share.

1

To the Shareholders
and Cast Members of The Walt Disney Company:

It has been a very long time since our country has faced the kind of economic turmoil we are currently experiencing, and The Walt Disney Company, while strong, is certainly not immune to the difficult market conditions that existtoday. With consumers spending more carefully and spending less, and advertisers doing the same, our media, consumer products and theme park businesses all face significant business challenges. I am confident our brands, products and people will pass the test that lies before them, but our businesses are all affected by an economic downdraft whose duration remains uncertain. We will continue to...