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1、TheWaltDisneyCompany’s YenFinancingWhat’stheproblem?JPYroyaltiesfromTokyoDisneylandhadincreasedsignificantlyduringthelastyear,andDisneyforesawfurthergrowthintheyearsahead.TheJPYhadrecentlydepreciatedagainsttheUSD.DisneyhadnouseforJPYandrequiredUSD(orperhapsotherfor
2、eigncurrencies)forconstructionandexpansionofentertainmentandrecreationalcomplexes,productionofmotionpictureandtelevisionfeatures,anddevelopmentofrealestateprojectsHowseriousistheproblem?During1984,JPYroyaltyreceiptshadbeenjustoverJPY8billion(almostUSD34million@aver
3、age1984exchangerateof237.30JPY/USD)andwereexpectedtogrowat10%to20%overthenextfewyears.Thiswas11.58%of1984operatingincomebeforecorporateexpenses(33,712,600/291,033,000),apercentagewhichislikelytogrow,sinceDisneyitselfwillprobablynotgrowasrapidlyasitsJPYroyalties.Ade
4、preciationoftheJPYcoulddisruptDisney’sfinancialplansforitslarge,long-termconstruction,expansion,production,anddevelopmentprojects.Howlikelyistheproblem?TheJPYdepreciatedagainsttheUSDfromthe2ndquarterof1984throughthe1stquarterof1985;however,ithasappreciatedinthequar
5、tersincethen.ForwardratesindicatethattheJPYisexpectedtoappreciateagainsttheUSDoverthenext10years,andU.S.inflationhasexceededJapaneseinflationforthepast5years.DisneyprobablydoesnotneedtobeconcernedwithadepreciationoftheJPY;however,Disneymayhavetoforecastitscashflows
6、sopreciselythatappreciationlowerthanexpectedcouldaffecttheexecutionofitsplans.UnsatisfactoryHedgingAlternativesLiquidmarketsforoptionsandfuturescontractsexistedonlyformaturitiesoftwoyearsorless.Disneyobtainedquotesfortenyearsonlong-datedforwardcontracts,butbid-asks
7、preadswerelarge,reflectingconservativebankpricing.Thecontractswouldbeconsideredpartofthebank’stotalexposuretoDisney,tyingupvaluablecreditlines.DebtStructureAsof3/31/85,Disney’sdebtincluded19.75%unsecuredborrowingsunderrevolvinglineofcreditandbanktermloans,41.22%com
8、mercialpaper,and17.56%noteswithamaturitylessthan2years.Only21.47%ofitsdebthadamaturitygreaterthan2years,USD50millionofwhichisayentermloandue2/1/9
