FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934

January 11 21, 2005

Commission File Number 33-79548

EURO DISNEY S.C.A.

(Translation of registrant’s name into English)

Immeubles Administratifs Route Nationale 34 77144 Chessy France

Route Nationale 34

77144 Chessy

France

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F: ý Form 40-F: o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes: o q No: ý

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes: o q No: ý

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes: o q No: ý

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-

EURO DISNEY S.C.A.

• Euro Disney ~~achieves~~launches ~~record~~capital ~~first~~increase ~~quarter~~as ~~revenues~~the final step in its financial restructuring and key element for growth strategy

•(Marne-la-Vallée, ~~Announces~~January ~~content~~21, 2005) Euro Disney S.C.A., operator of ~~exciting~~Disneyland Resort Paris, announced today the launch of the capital increase approved by its shareholders at the annual meeting of December 17, 2004 in a total amount of € 253,347,188 (issue premium included). This capital increase is the final step in the Company’s financial restructuring, which is designed to provide liquidity, protection from business volatility and capital to maintain its existing asset base and add new attractions ~~program~~ to fuel the Company’s growth strategy.

•The ~~Confirms~~capital ~~intention~~increase will be implemented through the distribution to existing shareholders of ~~second~~preferential ~~major~~subscription rights. The ~~investor~~subscription price has been set at € 0.09 per share. Shareholders may use the subscription rights to participate in ~~equity~~the ~~offering~~capital increase, or may choose to sell their rights on the market. The subscription period will start on January 31, 2005 and will end on February 8, 2005, inclusive. At the end of this period, non-exercised preferential subscription rights will be cancelled.

~~(Marne-la-Vallée,~~The ~~January~~Walt ~~11, 2005) Euro~~ Disney ~~S.C.A.,~~Company ~~operator~~has ofcommitted ~~Disneyland Resort Paris,~~to ~~reported~~cause ~~today~~an ~~record~~affiliate ~~first~~to ~~quarter~~subscribe ~~revenues~~for 1,111,111,112 ~~the~~new ~~primary~~shares ~~content~~and ofa ~~its € 240~~company ~~million~~owned ~~investment~~by ~~program~~a ~~and~~trust for the ~~intention~~benefit of ~~HRH~~H.R.H. Prince Alwaleed Bin Talal Bin Abdulaziz ~~Abdul-Aziz~~ Al- Saud ~~(Prince~~and ~~Alwaleed)~~his family has committed to ~~invest~~subscribe for 217,310,879 new shares in the ~~upcoming~~offering. A ~~equity~~bank syndicate ~~rights~~has ~~offering~~agreed to underwrite the remaining shares.

~~Record Revenues for the Three Months Ended December 31, 2004~~2

~~Disneyland~~The ~~Resort~~French ~~Paris~~prospectus ~~total~~relating to this offering has ~~revenues,~~received ~~including~~the ~~its~~visa ~~Real~~of ~~Estate~~the ~~Segment~~Autorité des marchés financiers (the “AMF”) under n°05-027 on January 20, ~~increased~~2005. The 3%French prospectus ~~for~~includes the ~~three~~reference ~~months~~document registered by the AMF on January 10, ~~ended~~2005 ~~December~~under 31n° R. 05-003, ~~2004~~and todetails aof ~~record~~the €share ~~268~~rights offering (note d’opération).9 Copies ~~million~~of ~~compared~~this prospectus are available free of charge from institutions authorized to receive subscriptions and at the ~~prior~~registered office of Euro Disney S.C.A., Immeubles Administratifs, Route Nationale 34, 77700 Chessy, Seine-~~year~~et-Marne. The prospectus will be available on the website of the Autorité ~~record~~des marchés financiers: www.amf-france.org and on the website of €Euro ~~262~~Disney S.2C.A.: ~~million~~www.eurodisney.com. The legal notice will be published in the Bulletin des Annonces Légales Obligatoires on aJanuary ~~pro-forma~~24, ~~basis~~2005.

	(Unaudited) Three Months Ended December 31,		Variation
(€ in millions)	2005	Pro-Forma(1) 2004	Amount		%
Segment Revenues
Theme Parks	137.0	131.2	5.8		4	%
Hotels and Disney Village	96.5	102.7	(6.2	)	(6	)%
Other	26.2	24.5	1.7		7	%
Resort Segment	259.7	258.4	1.3		1	%
Real Estate Segment	9.2	3.8	5.4		142	%
Total Revenues	268.9	262.2	6.7		3	%

“The AMF draws the public’s attention to the following elements:

~~(1)~~• The ~~Effective from~~paragraph ~~the~~2.6 ~~beginning~~ of ~~fiscal year 2004,~~ the ~~Company adopted mandatory new~~ ~~accounting~~Note ~~rules~~d’Opération ~~with~~describes ~~respect to~~ the ~~consolidation~~consequences of ~~financing companies that are not legally controlled by~~ the ~~Company. As~~issue ~~a result, prior year revenues have been presented~~ on ~~a pro-forma basis as if this change had been in effect during~~ the ~~prior year. In addition, certain amounts recorded in~~shareholder’s revenues in the prior year have been reclassified as a reduction in cost of sales to conform to the current year presentation. As-reported revenues for the quarter ended December 31, 2003 amounted to € 264.1 million.position;

~~This press release is not an offer to sell or a~~• ~~solicitation~~The tostatutory ~~buy~~auditors ~~any~~included ~~securities in the rights offering and shall not constitute~~ an ~~offer,~~observation ~~solicitation or sale~~ in ~~any~~their ~~jurisdiction~~report ~~in which such~~with ~~offer,~~respect ~~solicitation~~to ~~or sale is unlawful. The rights offering will be made only by means of an offering document complying with~~ the ~~applicable~~change ~~securities laws of the jurisdiction or jurisdictions~~ in ~~which~~accounting ~~such~~methods ~~rights~~concerning ~~offering shall be made. The securities offered in~~ the ~~rights~~financial ~~offering~~statements ~~have~~for ~~not~~fiscal ~~been~~year ~~and~~ended ~~will~~September ~~not~~30, be2004 ~~registered~~as ~~under~~well ~~the~~as ~~United~~to ~~States Securities Act of 1933 and may not be offered or sold in~~ the ~~United States or in any other~~going-concern ~~jurisdiction absent registration~~principle, anwhich ~~applicable~~is ~~exemption~~presented ~~from registration requirements or qualification under the applicable securities laws of such jurisdiction.~~below:

~~NOT~~“However, we ~~FOR~~draw your attention to the uncertainty about the Group’s ability to continue ~~DISTRIBUTION~~as INa ~~THE~~going-concern, ~~UNITED~~which ~~STATES~~was OFthe ~~AMERICA~~matter of emphasis reported above and which will be removed subject to the completion in cash of the share capital increase to which this Note d’Opération relates. As mentioned in the paragraph 2.2.16 “Use of proceeds” of the present “Note d’Opération”, the completion of this share capital increase is the last step of the restructuring of the Group. As a result, all other components of the restructuring agreements will become effective, in particular those related to the legal reorganization and to the financial debt of the Group;”

2• The implementation of the restructuring remains subject to, and the credit agreements, as amended, will become effective upon completion of the share capital increase and the legal reorganisation, no later than March 31, 2005. If those transactions do not occur by March 31, 2005, the parties to the memorandum of agreement will have 30 days to negotiate an alternative arrangement. If such an alternative arrangement cannot be agreed, most of the provisions of the memorandum of agreement would become null and void;

~~Resort~~• No ~~Segment~~dividends ~~revenues~~were ~~for~~declared ~~the~~or ~~quarter~~paid ~~ending~~in ~~December 31, 2004~~respect ~~increased~~of 1%fiscal toyears €1997 ~~259.7~~through ~~million~~2004 ~~compared~~and toEuro ~~the~~Disney ~~prior year pro-forma revenues of € 258~~S.~~4 million~~C. ~~These~~A. ~~results occurred~~does ~~despite~~not aexpect ~~change~~to ~~in the timing of both the Christmas and New Year~~pay ~~holidays,~~dividends asfor ~~well as~~ a ~~shift~~substantial inperiod ~~school~~of ~~vacation periods in several key markets from December to January~~time.”

~~Theme~~This ~~park~~press ~~revenues~~release ~~increased~~is 4%not ~~over~~an ~~the~~offer ~~prior~~to sell or ~~year~~a solicitation to €buy ~~137~~any securities in the rights offering and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.0 The ~~million~~rights ~~for~~offering will be made only by means of an offering document complying with the ~~three~~applicable ~~months~~securities ~~ended~~laws ~~December~~of 31the jurisdiction or jurisdictions in which such rights offering shall be made. The securities offered in the rights offering have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States or in any other jurisdiction absent registration, ~~2004~~an ~~reflecting~~applicable exemption from registration ~~higher~~requirements ~~average~~or ~~spending~~qualification ~~per~~under ~~guest~~the applicable securities laws of such jurisdiction.

Hotels and Disney Village revenues decreased 6% for the quarter to € 96.5 million, as a result of lower average hotel occupancy rates and reduced average daily guest spending per room, reflecting lower food and beverage spending due to a difficult comparison with prior year convention activities.

Corporate Communication		Investor Relations
Pieter Boterman		Fiona Lord Duarte
Tel: +331 64 74 59 50		Tel: +331 64 74 58 55
Fax: +331 64 74 59 69		Fax: +331 64 74 56 36
e-mail: pieter.boterman@disney.com		e-mail: fiona.lord.duarte@disney.com

The reduction in guest spending per room and the higher average spending per guest in the theme parks also reflect a change in the allocation of total vacation package pricing between the Company’s hotel rooms and theme park admissions.

Code ISIN:	FR0000125874	Code Reuters:	EDL.PA
Sicovam:	12 587	Code Bloomberg:	EDL FP

~~Revenues~~Euro ~~generated~~Disney byS.C.A. and its subsidiaries operate the ~~Real Estate~~Disneyland ~~Segment~~Resort ~~were~~Paris €which 9.includes: Disneyland Park, Walt Disney Studios Park, seven themed hotels with approximately 5,800 rooms (excluding 2,033 ~~million~~additional third-party rooms located on the site), antwo ~~increase~~convention ~~versus~~centres, Disney Village (a dining, shopping and entertainment centre) and a 27-hole golf facility. The Group’s operating activities also include the ~~prior~~management ~~year~~and development of €the ~~5.4 million~~2,000-hectare ~~reflecting~~site, ~~the~~which ~~timing~~currently includes approximately 1,000 hectares of undeveloped land. ~~sales~~Euro Disney S.C.A.’s shares trade in Paris (SRD), London and Brussels.

~~Content of Program for New Attractions in Disneyland Park and Walt Disney Studios Park~~3

The Company also announced the primary content of its € 240 million plan for new investments over the next several years. This plan, which remains subject to completion of a capital increase through an upcoming rights offering, is based on the Company’s growth strategy of increasing market penetration of first time visitors - those Europeans who know the Resort, are interested in visiting, but haven’t done so yet. Such strategy is designed to leverage the Resort’s outstanding guest satisfaction and repeat visitor ratings.SIGNATURES

InPursuant ~~fiscal 2006, the Company will bring Buzz Lightyear’s Laser Blast~~ to ~~Disneyland Park. In this interactive ride-through attraction, guests journey to infinity and beyond to help Buzz Lightyear defend~~ the ~~universe~~ ~~against the evil Emperor Zurg.~~ requirements ~~The opening~~ of the ~~attraction~~Securities ~~will~~Exchange ~~add~~Act ~~to our series~~ of ~~exciting new offers at Disneyland Park. In 2004~~1934, ~~the Company~~Euro ~~opened~~Disney ~~The Legend of The Lion King show, which~~ has ~~been~~ anduly ~~immense~~caused ~~success. In~~this ~~the coming~~report ~~months,~~to ~~the~~be ~~Park~~signed ~~will~~on ~~re-launch one of~~ its ~~most~~behalf ~~popular~~by ~~attractions~~the ~~as a completely new experience~~undersigned, ~~Space~~thereunto ~~Mountain:~~duly ~~Mission 2~~authorized.

The toons take over when the Company opens Toon Studios at Walt Disney Studios Park in fiscal 2007. In this new land, designed to further increase the Park’s appeal to families and young children, guests will experience the magical world of Disney animated films from an insider’s point of view. In this “working studio,” the cast and crew are your favorite “toons,” and the unique attractions are designed to bring their films to life around you.

	EURO DISNEY S.C.A.
	By the Management Company (Gerant) Euro Disney S.A.S.


Date: January 21, 2005

	By:	/s/ Diane Fuscaldo
	Name: Diane Fuscaldo
	Title: Director Corporate Controllership

In fiscal 2008, the Company has scheduled the opening of Tower of Terror at Walt Disney Studios Park. In this classic Disney adventure, an elevator ride in a mysterious Hollywood hotel becomes a thrilling, white-knuckle journey into a mysterious new dimension.4

The attached appendix provides more information on the planned new attractions.

NOT FOR DISTRIBUTION IN THE UNITED STATES OF AMERICA

Investment Intention of Prince Alwaleed

The Company is pleased to announce that it was recently informed by Prince Alwaleed’s advisor, PJ Shoucair, that the Prince, who is currently the second largest shareholder of the Company,(2) intends to subscribe for up to €25 million in additional shares in the upcoming capital increase in order to retain at least a 10% ownership interest in the Company, after taking into account the completion of the capital increase.

The Company previously announced that The Walt Disney Company has undertaken to subscribe to at least € 100 million of the equity rights offering.

******************************************

As previously reported, the Company and its affiliated group (the “Group”) is in the process of a financial restructuring, which requires the completion of a capital increase of at least € 250 million (before deduction of underwriting commissions and other costs) by March 31, 2005. Pursuant to this objective, the Company has filed a Reference Document with the Autorité des marchés financiers, which contains detailed information regarding the Group and its operations.

******************************************

André Lacroix, Chairman and Chief Executive Officer of Euro Disney S.A.S., said:

“We are pleased with our continued growth in revenue, especially in our theme parks, which have enjoyed five consecutive quarters of revenue growth. As the Company pursues its growth strategy fueled by the investment program in new attractions and seasons, we aim to further increase our family entertainment offering and attendance, thereby growing revenues throughout the resort.

In less than 15 years, we have created a new way of vacationing and have become the number one tourist destination in Europe. Our Resort is a unique form of entertainment the whole family can enjoy. We view this unique resort experience as a relatively new market in Europe that has significant long-term growth potential.

Based on a marketing and sales strategy adapted to European consumers — especially to those who have not visited us yet - and an unparalleled multi-year program leveraging both the creativity, as well as the enormous brand strength of Disney, Disneyland Resort Paris is ideally positioned to take advantage of this travel and leisure market.”

Euro Disney S.C.A. and its subsidiaries operate the Disneyland Resort Paris which includes: Disneyland Park, Walt Disney Studios Park, seven themed hotels with approximately 5,800 rooms (excluding 2,033 additional third-party rooms located on the site), two convention centres, Disney Village (a dining, shopping and entertainment centre) and a 27-hole golf facility. The Group’s operating activities also include the management and development of the 2,000-hectare site, which currently includes approximately 1,000 hectares of undeveloped land. Euro Disney S.C.A.’s shares trade in Paris (SRD), London and Brussels.

(2) Prince Alwaleed’s ownership is indirect through Kingdom 5-KR-135 "Kingdom," a trust for the benefit of Prince Alwaleed and his family.

NOT FOR DISTRIBUTION IN THE UNITED STATES OF AMERICA

Corporate Communication	Investor Relations
Pieter Boterman	Fiona Lord Duarte
Tel: +331 64 74 59 50	Tel: +331 64 74 53 64
Fax: +331 64 74 59 69	Fax: +331 64 74 56 36
e-mail: pieter.boterman@disney.com	e-mail: fiona.lord.duarte@disney.com

Code ISIN:	FR0000125874	Code Reuters:	EDL.PA
Sicovam:	12 587	Code Bloomberg:	EDL FP

Management believes certain statements in this press release may constitute “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are made on the basis of management’s views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, as well as from developments beyond the Company’s control, including changes in political or economic conditions. Other factors that may affect results are identified in the Company’s documents filed with the U.S. Securities and Exchange Commission.

Stabilisation/ FSA

NOT FOR DISTRIBUTION IN THE UNITED STATES OF AMERICA

APPENDIX

January 11, 2005

Buzz Lightyear’s Laser Blast* in Disneyland Park

2006 should see the unveiling of a new attraction based on the characters and magic of the Walt Disney Pictures presentation of the Pixar Animation Studios film Toy Story 2. At the other end of the galaxy, the evil Emperor Zurg is masterminding the construction of an invading army of battery-powered robotic villains. His plan hinges vitally on the theft of the entire galaxy’s stock of batteries. Foiling this plan and pulling the plug on the power puppets is a job for space ranger Buzz Lightyear. Participants will board two-seater ride vehicles, each of which will be fitted with dual laser pistols and direction controls, making it possible for guests to spin their space ships around a full 360°. To defend the universe our guests will then go blasting at the various targets placed throughout the different scenes their vehicles enter. Each successful hit will not only accumulate points on vehicle dashboards, but also generate special effects through the use of sound, light and movement. Set to become something of a standard in Disney Theme Park entertainment, the popularity of the series of Buzz Lightyear attractions appears to lie in the development of a storyline concerning an unforgettable character, the ownership of an experience which guests create themselves and the desire to become a top scorer.

Toon Studios* at Walt Disney Studios Park

A new land in Walt Disney Studios Park will soon offer guests insight into the backstage activity of their favourite Disney characters. This land will be none other than the place where the toons toil – the setting where they make their films – and this theme makes our expansion unique in Disney Theme Park history. This new Land will be a continuation of the Theme Park’s current celebration of the animated world, and will thus find itself located alongside Animation Courtyard, between Flying Carpets Over Agrabah and Art of Disney Animation. Not only will guests meet their toon heroes here, but they will also explore their professional universe and participate in some of the most unforgettable scenes from their box office successes.

A further part of the development also calls for the expansion of the oasis area around Flying Carpets Over Agrabah and the integration of a number of photo, merchandise and food locations in this Animation Backlot.

Tower of Terror* at Walt Disney Studios Park

It all happened that stormy night. A freakish lightning bolt struck a luxurious Hollywood hotel, changing things forever and causing its last residents to vanish. 2008 development plans for Walt Disney Studios Park include a European version of an attraction whose popularity has soared since its introduction at Walt Disney World Resort in 1994, and more recently at Disneyland Resort in 2004. One thing already clear in the project is that the attraction will be a Walt Disney Studios Park landmark. Its monumental architecture, central position on Production Courtyard and multi-story structure will all make it unmissable – to say nothing of the attraction experience itself.

Visitors will begin their journey by strolling through the timeworn, yet atmospheric lobby and library. These same guests will then be elevated high into the body of the hotel aboard service lifts, and straight into a strange world. The fate of the vanished former residents will then unfold before their very eyes, just as their own destiny becomes frighteningly obvious. As their lift door opens, they return to reality, finding themselves and their lift plunging to the bottom of a lift shaft. The breath-taking descent will happen quicker than gravity itself and the rebound back to the top will give those who closed their eyes a second chance to watch what happens.

* Implementation of the future attractions is subject to completion of the Euro Disney SCA equity rights offering on or before 31 March 2005. Attraction names and details are subject to change

NOT FOR DISTRIBUTION IN THE UNITED STATES OF AMERICA

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, Euro Disney has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	EURO DISNEY S.C.A.
	By the Management Company (Gerant) Euro Disney S.A.
Date: January 11, 2005
	By:	/s/ DIANE FUSCALDO
	Name: Diane Fuscaldo
	Title: Director Corporate Controllership

Corporate Communication

Investor Relations

Pieter Boterman

Fiona Lord Duarte

Tel: +331 64 74 59 50

Tel: +331 64 74 58 55

Fax: +331 64 74 59 69

Fax: +331 64 74 56 36

e-mail: pieter.boterman@disney.com

e-mail: fiona.lord.duarte@disney.com

Investment Intention of Prince Alwaleed

APPENDIX

January 11, 2005

Buzz Lightyear’s Laser Blast* in Disneyland Park

Toon Studios* at Walt Disney Studios Park

Tower of Terror* at Walt Disney Studios Park

Filing Compare · EURO DISNEY S C A