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The Walt Disney Company Reports Fourth Quarter And Full Year Earnings For Fiscal 2012

Noncontrolling Interests

Net income attributable to noncontrolling interests for the year increased $40 million to $491 million and for the quarter decreased $18 million to $146 million. The increase for the year was due to improved operating results at ESPN and Hong Kong Disneyland Resort partially offset by lower operating results at Disneyland Paris including the impact of the DLP debt charge. The decrease for the quarter was driven by the impact of the DLP debt charge.

Cash Flow

Cash provided by operations and free cash flow were as follows (in millions):

  Year Ended  

Sept. 29,2012


Oct. 1,2011

Cash provided by operations $ 7,966 $ 6,994 $ 972

Investments in parks, resorts and other property

  (3,784 )   (3,559 )   (225 )
Free cash flow (1) $ 4,182   $ 3,435   $ 747  

(1) Free cash flow is not a financial measure defined by GAAP. See the discussion of non-GAAP financial measures that follows.

Cash provided by operations for fiscal 2012 increased 14% or $972 million to $8.0 billion as compared to fiscal 2011. The increase in cash provided by operations was due to higher segment operating results and the timing of and improved receivable collections, partially offset by higher income tax payments, the payment of interest accrued in prior years on Disneyland Paris borrowings, and higher film production spending.

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