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franchises.",{"name":116,"@type":107,"acceptedAnswer":117},"How does the report describe Mission: SPACE’s role in the company’s outlook?",{"text":118,"@type":110},"It is presented as a dramatic example of the company’s storytelling and innovation, and as targeted investment building toward future entertainment experiences during an economic 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L H I G H L I G H T S 1  \nL E T T E R T O S H A R E H O L D E R S 2  \nF I N A N C I A L R E V I E W 1 0  \nC O M PA N Y O V E R V I E W 1 4  \nS T U D I O E N T E R T A I N M E N T 1 6  \nPA R K S A N D R E S O R T S 2 4  \n| \u003Cbr>C O N S U M E R | P R O D U C T S | 3 2 |  | |\n| --- | --- | --- | --- | --- |\n| \u003Cbr>M E D I A N E T W O R K S |  | |  |  |\n| W A L T D I S N E Y I N T E R N A T I O N A L\u003Cbr>D I S N E Y H A N D\u003Cbr>E N V I R O N M E N T A L I T Y\u003Cbr>F I N A N C I A L S E C T I O N\u003Cbr>R E P O R T O F I N D E P E N D E N T A U D I T O R S\u003Cbr>F I N A N C I A L H I G H L I G H T S\u003Cbr>(In millions, except per share data) |  |  | 5 0 5 1 5 2 5 3\u003Cbr>9 5\u003Cbr>2003 2002 |  |\n\nRevenues $27,061 $25,329  \nSegment operating income 3,174 2,822  \nDiluted earnings per share before the cumulative effect of accounting changes 0.65 0.60  \nCash flow provided by operations 2,901 2,286  \nBorrowings  \nTotal 13,100 14,130  \nNet(1) 11,517 12,891  \nShareholders’equity 23,791 23,445  \n(1)Net borrowings represent total borrowings of $13,100 million less cash and cash equivalents of $1,583 million.  \n1  \nL E T T E R T O S H A R E H O L D E R S  \nMichael Eisner, chairman and CEO of The Walt Disney Company, joins Mickey at Walt Disney World for the famous mouse’s 75th anniversary celebration on Nov. 18, 2003.  \nLegendary Apollo 11 astronaut Buzz Aldrin takes the controls aboard the thrilling new Epcot attraction, Mission: SPACE, at Walt Disney World.  \n2  \nTo Fellow Owners and Cast Members:  \nI’ve always believed that good news shouldn’t wait, so this year I thought I’d start right off with a review of the numbers. In 2003, we experienced solid earnings growth despite the difficult economic and geopolitical environment that prevailed during most of the year. Most significantly, our fourth quarter was very strong, with more than double the earnings of Q4 in 2002, underscoring our confidence in generating growth in the new year. Equally important, we delivered free cash flow for the year that was up more than 50 percent over last year and continued to bolster our balance sheet. During fiscal 2003, our stock price appreciated 36 percent, compared to the S&P 500’s growth of 25 percent. These positive results are an outgrowth of the strategy outlined in my letter one year ago, a straightforward strategy with two broad, underlying components of (1) building and protecting our key brands and (2) creating long-term entertainment franchises. As we forge ahead, let me make clear that, while this year’s results were encouraging, we still have much to accomplish. Our goal is to generate strong growth and to reach new levels of achievement.  \nAnd the way we’re going to achieve those new heights was dramatically (and metaphorically) exhibited on October 9 at Epcot, where we opened Mission: SPACE. This new attraction takes guests on a realistic flight to Mars and demonstrates the qualities that make your company’s products so appealing. First of all, it’s totally unique. Where else can you experience the effect of rocket-powered lift-off, weightlessness in space and landing on the Red Planet? It’s so realistic that the NASA astronauts at the dedication told me it’s the closest thing they’ve seen to the experience of blasting off from Cape Canaveral. Secondly, unlike ordinary amusement park thrill rides, this one tells a compelling story. Everything we do at Disney is based on storytelling and, throughout our history, the best of the stories we tell are embraced by people around the world. Third, Mission: SPACE uses cutting edge technology. Throughout Disney’s history, we have always pushed the envelope of innovation in order to tell our stories in exciting new ways. Fourth, the attraction is an important example of how we have continued to build for the future throughout the economic downturn. While the total capital expenditure at our parks has been ma","cbCaigwUhoOXlgZ0","https://ap.wps.com/l/cbCaigwUhoOXlgZ0","pdf",5286925,100,"English","# Company Overview\n## Financial Review\n## Letter to Shareholders\n## Company Strategy and Entertainment Highlights","[{\"question\":\"What overall financial highlights does the 2003 report present for fiscal 2003 compared with 2002?\",\"answer\":\"The report summarizes revenues, segment operating income, diluted earnings per share, cash flow from operations, borrowings/net borrowings, and shareholders’ equity, each shown alongside 2002 figures.\"},{\"question\":\"What strategy does the CEO describe as driving the company’s positive results in 2003?\",\"answer\":\"The letter says results reflect a straightforward strategy with two major components: building and protecting key brands and creating long-term entertainment franchises.\"},{\"question\":\"How does the report describe Mission: SPACE’s role in the company’s outlook?\",\"answer\":\"It is presented as a dramatic example of the company’s storytelling and innovation, and as targeted investment building toward future entertainment experiences during an economic downturn.\"}]","2003 Annual Report - Celebrating 75 Years of Mickey | PDF",1791844319,35]