April 28, 2020
Oriental Land Co.,
Co LtdLtd.

[Presenters]

Kyoichiro Uenishi
I
I.

R
Response
tto COVID
COVID-19
19 P
Pandemicd i

II.

Results for the Fiscal Year Ended March 31, 2020

III.

Forecast forf the Fiscal Year Ending March 31, 2021

IV.

Progress of 2020 Medium-Term PlanV.

gDevelopmentp
Plans
Large-ScaleVI.

For Future Growth

Representative Director
Director,
President and COO

Akiyoshi Yokota
Executive Director andOfficer in charge ofFinance/Accounting
Department

Kyoichiro Uenishi
Representative Director
Director,
President and COO

Kyoichiroy
Uenishi
Representative Director,
President and COO

I. Response to COVID-19 Pandemic

Current Response

Tokyo Disneyland
Tokyo DisneySea

Disney Hotels

Ikspiari

Disney Resort Line

• Temporarily closed since February 29• Reopening date to be decided in mid May
N t Opening
Note:O
i dated t off Large-ScaleL
S l R
Renovation
ti area att TokyoT k DisneylandDil dwill be decided after both Parks reopen.

• OperatedO
t d with
ith some changeshiin service
i ffrom F
Februaryb
29• Temporarily closed since April 1• Temporarily closed since February 29
Note: Some stores reopened on April 13 with new store hours.

• Operating on revised operating time since April 6(Last train time moved up)

Decisions on operation policy made with top priority given to the safety ofGuests and Cast Members
4

I. Response to COVID-19 Pandemic

Feb.18Feb. 26

Park Operatiions

Risk
k Management
Sys
stem

Established
ECC

Established
Response
Coordination Division

ECC*

Feb. 28

Feb. 29

March .11

March.27

April.9

Announced
temporaryclosureParksclosedA
Announceddextension of
temporary closure

A
Announceddextension of
temporary closure

A
Announceddextension of
temporary closure

Tokyo Disney Resort Infectious Disease Response Coordination Division• Organization for coordinating
emergency response measures• Responds to risks requiring
G
Group-wide
id policies
li i• Organization led by president and other management members• Established based on ECC Guidelines to discuss measuresagainst COVID-19

ᵈᴾEmergency Control Center

Partial revision to operation methods• Allowed part of Cast Members to wear facemasks if desired• Changed locations and methods of part ofcharacter greetings• Installed noticeboards to raise awarenessTemporary closure• Ticket expiration date extended during temporary
closure or tickets refunded

Infectious Disease Response Manual
Internally distributed copies of a manual that defines levels of infectious diseases,
flowcharts of response procedure
procedure, and roles of each department

Swift decisions made through risk management system based on manual
5

I. Response to COVID-19 Pandemic

Response during Temporary Closure

Employees

G
Guestst andd SocietyS i tPreparing to reopen Parks• In principle, all employees instructed to stop coming to work
(except for employees engaged in certain tasks.)• Expanded scope of employees working from home
• Paid work cancellation allowance and ad-hoc special leave allowance topart-time Cast Members and show performers• Distributed special video message to employees• Resumed social media on March 16 and distributed Park information• Implemented initiatives to make Guests happy based on ideas proposed by
employees• Distributed
Di t ib t d complimentary
li
t
snack
k tto elementaryltandd jjuniori hihighh schoolh lchildren in Urayasu City
• On World Health Day (April 7), sent out a message of gratitude tohealthcare professionals via social media• Road repair works within Parks

Employees are making unified efforts to prepare for reopening of Parks

6

I. Response to COVID-19 Pandemic

Discussion toward Reopening

Discussion and preparation based on multiple scenarios
presuming every possible situation
Park Operation• Operation policy under consideration in coordination with The Walt DisneyCompany with top priority placed on safety of Guests and Cast Members

Funding Plan

• Cash on hand
• Considering direct and indirect way of securing of a stable line of credit• AlreadyAl d IIssued
d fundsf d fromfcorporatet bondb d off ¥50 billi
billion andd alreadyl d sett
Earthquake Risk Countermeasure Financing worth ¥150 billion

Investment Plan

2020 Medium-TermPlana• Large-Scale investments below will be made as planned. Policy on other projects
under consideration.
• Tokyo Disneyland Large-Scale Renovation• New Disney Hotel inspired by Disney/Pixar Toy Story Film Series• Tokyo DisneySea Large-Scale
Large Scale Expansion Project• Under consideration along with forecast of fiscal year ending 3/21

Defined present as time to prepare for realizing Park operation
with safety and security

7

AkiyoshiyYokotaExecutive Director andOfficer in charge ofFinance/Accounting Department

II. Results for the Fiscal Year Ended March 31, 2020[¥billion]

Consolidated
Statement of Income

Forecast for FY 3/20
Announced in Oct. 2019

Results for
FY Ended 3/20

503 8
503.8

464 4
464.4

(39 4)(39.4)(7 8%)(7.8%)

Theme Park Segment

417.4

384.0

(33.3)(8.0%)

Hotel Business Segment

69.5

64.3

(5.1)

(7.4%)

Other Business Segment

16.9

16.0

(0.8)

(5.2%)

108.8

96.8

(12.0)(11.0%)

Theme Park Segment

89 0
89.0

79.6
96

(9 3)
(9.3)

(10 %)(10.5%)

Hotel Business Segment

16.8

14.7

(2.0)

(12.4%)

Other Business Segment

27
2.7

21
2.1

(0 5)
(0.5)

(20 5%)(20.5%)

Ordinary Profit

109.9

98.0

(11.8)(10.8%)

Profit Attributable toO
Ownersoff Parent
P
t

76 2
76.2

62 2
62.2

(14 0)(14.0)(18 4%)(18.4%)Net Sales

Operating Profit

ChangeChangeTheme Park Attendance[million people]

31.50

29.01

(2.49)(7.9%)Net sales p
per Guest[[¥]]

11,630,11,606,((24))((0.2%)%)Net sales and all levels of profit fell short of the forecast announced in
Oct.2019 due to temporary closure of both Parks

9

II. Results for the Fiscal Year Ended March 31, 2020[¥billion]

Changes in forecast of operating profit for FY3/20

Impact of
temporaryclosureUpward revision
112 5
112.5

108 8
108.8

96.8

92.9

Pre-closure projectionof COVID
COVID-19
19 Pandemic

Initial Forecast

Forecast Announced in
Oct. 2019

Forecast in
Jan.2020

Actual Result

Operating profit projected to further exceed revised forecast in Octoberas of end of January 2020

10

II. Results for the Fiscal Year Ended March 31, 2020[¥billion]

Operating profit /profit before income taxes

Forecast for FY3/20
Announced in Oct. 2019

Results for
FY Ended 3/20

108 8
108.8

96 8
96.8

(12 0)(12.0)(11 0%)(11.0%)

-

9.2

9.2

-

109.9

89.1

(20.7)(18.9%)

Operating profit
Extraordinary losses
Profit before income taxes

ChangeChange[¥billion]
Impact of temporary closure

Impact on profits((1)) Decrease in operatingp
gp
profitIncrease due to strong performance of Theme Park Segment
Opportunity loss due to temporary closure of Theme Parks (32 days)
FixedFi
d expenses dduringi temporarytclosurel((personnel
l expenses, ddepreciationi ti anddamortization expenses, etc.) recorded as extraordinary loss

(2) Loss on temporary closure((12.0))Approx. 5.0
Approx. (24.0)
6.9

(9.2)

Fixed expenses incurred during suspension of operations(personnel expenses and depreciation and amortization expenses, etc.)

(6 9)
(6.9)

Disposal loss of merchandise and raw materials , etc.
(including expenses expected to arise in and after April 2020)(2.3)

Decrease in profit before income taxes(20 7)(20.7)

Impact on operating profit
Approx (¥17.1
Approx.
(¥17 1 billion)

Extraordinary loss(¥9.2 billion)

Impact on profit before
income taxes
Approx (¥26
Approx.
(¥26.33 billion)

Due to the impact of COVID-19, we partially recorded
fixed expenses as extraordinary loss

11

II. Results for the Fiscal Year Ended March 31, 2020(¥billion)(¥billi )Consolidated
Statement of Income

Results for
FY Ended 3/19

Results for
FY Ended 3/20

525.6

464.4

(61.1)(11.6%)

Theme Park Segment

437.4

384.0

(53.4)(12.2%)

Hotel Business Segment

72 4
72.4

64 3
64.3

(8 0)
(8.0)

(11 1%)(11.1%)

Other Business Segment

15.6

16.0

0.3

2.2%

129 2
129.2

96 8
96.8

(32 4)(32.4)(25 1%)(25.1%)

Theme Park Segment

107.2

79.6

(27.6)(25.7%)

H t lB
Hotel
Businessi
S
Segmentt

19 2
19.2

14 7
14.7

(4 4)
(4.4)

(23 2%)(23.2%)

Other Business Segment

2.5

2.1

(0.3)

(14.5%)O di
Ordinary
P fit
Profit

129 4
129.4

98 0
98.0

(31 3)(31.3)(24 2%)(24.2%)

Profit Attributable to
Owners of Parent

90.2

62.2

(28.0)(31.1%)Net SalesO
Operatingti Profit
P fit

ChangeChangeNet sales and all levels of profit decreased due to temporary closure
12

II. Results for the Fiscal Year Ended March 31, 2020

Results for
FY Ended 3/19

Theme Park Segment [1]Results for
FY Ended 3/20

ChangeChangeNet Sales[¥billion]

437.4

384.0

(53.4)(12.2%)

Attendance[million people]

32.56

29.01

(3.55)(10.9%)Net Sales per Guest[¥]

11,815

11,606(209)(1.8%)

Ticket Receipts

[¥]

5,352

5,292

(60)

(1.1%)

Merchandise

[¥]

4,122

3,877

(245)

(5.9%)

Food and Beverages

[¥]

2 341
2,341

2 437
2,437

96

4 1%
4.1%

Theme Park attendance andnet sales per Guest

Decrease in Theme Park attendanceὉ Decrease due to temporary closureὉ Increase due to strong performance of new attraction“Soaring: Fantastic Flight”

Theme Park attendance[[million p
people]p ]31.38

Net sales per Guest [¥]

32.56
30.19

30.00

30.10

Decrease in net sales per Guest

29.01
11,815

11,594 11,614

Ὁ Decrease in merchandise sales
ὼ Decrease due to the termination of sales of products related toTokyo Disney Resort 35th anniversary events

Impact of
temporaryclosure11,606

11,257
10,955

Ὁ Increase in food and beverages sales
ὼ Increase due to generation of dining opportunities

3/15

3/16

3/17

3/18

3/19

Although performance had been strong up until Jan.2020,
both net sales and profits decreased due to temporary closure

3/20

[FY]

13

II. Results for the Fiscal Year Ended March 31, 2020[¥billion]

Theme Park Segment [2]Results for
FY Ended 3/19

Results for
FY Ended 3/20

ChangeChangeNet Sales

437 4
437.4

384 0
384.0

(53 4)(53.4)(12 2%)(12.2%)

Operating Profit

107.2

79.6

(27.6)(25.7%)

Decrease in operating profit

Factors of change,change in addition to decrease in net sales
sales, are as follows:

Decrease in merchandise and food/beverages cost ratio¥0.1 billion

Decrease in personnel expenses¥4.6 billion

Decrease in performance bonus

Approx. ¥2.5 billion

Decrease in personnel expenses for part-time Cast Members¥ 2.1 billion

Decrease in miscellaneous costs¥1 2 billion¥1.2

Decrease in costs related to Tokyo Disney Resort 35th anniversary events¥3.3 billion

Increase in computer-system-related expenses(¥2.5 billion)

Other factors¥0.3 billion

Decrease in depreciation and amortization expenses¥1.4 billion

Note: Increase in costs is expressed by figures in brackets
brackets, which show by how much operating profit was negatively affected

Although personnel expenses, miscellaneous costs and depreciation andamortization decreased, operating profit declined due to decreased net sales

14

II. Results for the Fiscal Year Ended March 31, 2020[¥billion]
Results for
FY Ended 3/19

Results for
FY Ended 3/20

72.4

64.3

((8.0))((11.1%))Disney Hotels

63.3

56.7

(6.5)

(10.3%)

Other Hotels

9.0

7.5

(1.5)

(16.7%)

19.2

14.7

(4.4)

(23.2%)

Hotel Business Segment
Net Sales

Operating Profit

ChangeChange• Decrease in accommodation revenues due to temporary closureyear following
g on the heels of Tokyoy Disneyy Resort• Decrease in accommodation revenues due to the fiscal y
35th anniversary events• Decrease in personnel expenses
Note: “Disney Hotels” consist of Disney Ambassador Hotel, Tokyo DisneySea HotelὼDecrease in performance bonus, etc.
MiraCosta, Tokyo Disneyland Hotel and Tokyo Disney Celebration Hotel

Both net sales and operating profit decreased due to the impactof the temporary closure of Theme Parks[¥billion]

Other Business Segment

Results for
FY Ended 3/19

Results for
FY Ended 3/20

ChangeChangeNet Sales

15.6

16.0

0.3

2.2%

Operating Profit

2.5
5

2.1

(0.3)
(0
3)

((14.5%)
5%)Operating profit decreased due to the impact of
the temporary closure of Ikspiari, etc.

15II. Results for the Fiscal Year Ended March 31, 2020

Consolidated Net Sales
and Operating Margin

Consolidated Operating Profit
and Profit Attributable to Owners of Parent

O
Operatingi M
Margini [%]Net SalesS[¥billion]

Profit Attributable to
Owners of Parent[¥billion]

Operating Profit [¥billion]

525.6
466.2

465.3

477 7
477.7

479 2
479.2

129.2

464.4
110.6

Impact of
temporaryclosure

23.7%

23.1%

23.7%

23.0%

107.3

113.1

110.2
90.2

82.3

24.6%

72.0

96 8
96.8

81.1

73.9

20.9%

62.2
Impact of
temporaryclosure

3/15

3/16

3/17

3/18

3/19

3/20

[FY]

3/15

3/16

3/17

3/18

3/19

3/20

[FY]

Both net sales and operating profit decreased due to temporary closure
16

II. Results for the Fiscal Year Ended March 31, 2020

Quarterly Consolidated Operating Profit[¥billion]

3Q

1Q

44 8
44.8
37.3
29.8
24 7
24.7

3/15

22 5
22.5

22 7
22.7

3/16

3/17

40.0

38.8

37.2

3/16

3/17

3/18

31.9

25 0
25.0

3/18

3/19

3/20

[FY]

3/15

2Q
29.1

29.5

30.4

40.0

3/19

3/20

[FY]

4Q
31.0

32.0

29.0

22.5

21.0

19.2

16.8

15.2

Impact of
temporaryclosure

(4.1)
3/15

3/16

3/17

3/18

3/19

3/20

[FY]

3/15

3/16

3/17

3/18

3/19

3/20

[FY]

Operating profit for the first nine months (1Q to 3Q) was record high level17III. Forecast for the Fiscal Year Ending March 31, 2021

At the moment, it is unable to make any forecast for the fiscal year ending March 31, 2021, because
the convergence of the increasing spread of the COVID-19 is not foreseeable. Therefore, the full-year
forecast will be announced when it will be reasonably predictable.

Net Sales• Consider Park reopening schedule and operation method,giving top priority to the safety and security of Guests andCast Members.

Forecast for
FY ending 3/21

To be
T
b
announced
when ready fordisclosureɦҞ஖

Fixed Expenses• Cost control commensurate with net sales

Funding Plan

• Cash on hand
• Considering direct and indirect way of securing of a stable line of credit• Alreadyy Issued funds from corporatepbond of ¥50 billion and alreadyy set Earthquakeq
Risk
Countermeasure Financing worth ¥150 billion

Timing of reopening Theme Parks is undetermined. Concerning restart of operation,
we regard safety and security for our Guests and Cast Members as the top priority

19

Kyoichiroy
Uenishi
Representative Director,
President and COO

IV. Progress of 2020 Medium-Term Plan

Strengthen business foundation toward long-term sustainable growthTargetsg
Ὁ To consistently provide a highly satisfying Theme Park experienceὉ To
T achieve
hirecordd highhi h Th
Theme PPark
k attendancett dandd operatingti cashh flflow** ini FY3/21

Under consideration
along with FY3/21
financial forecast

Note: Operating cash flow ᵛ Profit attributable to owners of parent + Depreciation and amortization expenses
Operating cash flow [¥billion]

120.6

Pre-closure projection ofoperating cash flow [¥ billion]

118.5

Attendance [million people]

Pre-closure projection of
attendance [million people]

128.5
Impact of
temporary closure≍
101.6
Impact ofttemporaryclosure
l
32.56

30.00
3/17

30.10

29.01

3/21
[FY]
3/19
3/20
3/18
Note: Depreciation and amortization expenses of FY2019 include depreciation and amortization recorded as extraordinary loss

Details of 2020 Medium-Term Plan are currently under consideration
21

IV. Progress of 2020 Medium-Term Plan

Background
External environment

Internal environment• Declining birth rate and aging population• Increase in inbound tourists• Reduction in labor force• Theme Park attendance increasing at a fasterthan-expected pace

Strategies

1. CoreB i
Business
StrategyStrengthen structural aspects toprovide “novelty” and “comfort”• Strengthen “novelty” and “comfort” by introducing
new products• Utilize digital technology (e.g., official apps, emoney) to enhance Guests’ convenience• Strengthen acceptance mechanism and marketingfor overseas Guests• Enhance “comfort” by renovating service facilities

Strengthen non-structural aspects(h(humanresources capacity)it ) on along-term sustainable basis• Strengthen non-structural aspects (humanresources capacity)it ) on a llong-termtsustainablet i blbasis

2. Financial Policyy• Allocate operating cash flow to growth investment
and aim to enhance corporate value

Enhance satisfaction and capacity to attract Guests based on strategies
22

IV. Progress of 2020 Medium-Term Plan

Measures implemented in FY 3/20

New contents• Introduced new attraction “Soaring: Fantastic Flight”• Implemented new events and programs

Digitalg
technology
gy• Expanded functions offered by Tokyo Disney Resort App• MoreM
Di
Disney H
Hotelst l offering
ff i online
li check-in
h k i servicei

Overseas Guests

E t bli h d acceptancetmechanisms
h iandd strengthenedtthd• Establishedmarketing to attract more overseas Guests

Service facilities• Constructed multistory parking structure• Renovated Tokyo Disneyland main entrance

Steady progress made in measures to enhance “novelty” and “comfort”
23

IV. Progress of 2020 Medium-Term Plan

Introduction of “Soaring: Fantastic Flight”
Theme ParkTime of introduction/
Investment value

Project

July 23, 2019

Tokyo DisneySea

Major attraction “Soaring: Fantastic Flight”
Approx. ¥18.0 billion

Effect“Novelty”

Introduced Soarin’, a popular attraction at
Disney Theme Parks abroad, adding themes and scenes
exclusive to Tokyo DisneySea

With novel themes and a realistic sensation, the attraction achieved
a higher-than-expected level of satisfaction, attracting more Guests©Disney24

IV. Progress of 2020 Medium-Term Plan

Introduction of “Soaring: Fantastic Flight”• Increase in attraction capacity

Effect“Novelty”

Duration of experience: Approx. 5 min.
Maximum capacity: 87 persons per theater
Number of theaters: 2• Guest retention time better balanced out within the park

After entering the main entrance, many Guests
tended to first proceed to the left side of the Park,
then moved clockwise
clockwise.

©Disney

By positioning the new attraction on the right side of
the main entrance, Guests were dispersed, which
better balanced out Guest retention time.
time

Guest retention time is now balanced out better, improving “comfort”
25

IV. Progress of 2020 Medium-Term Plan

New events and programs implemented in FY 3/20
Tokyo Disneyland
Tokyo DisneySea

April

May

June

July

AugustSeptember

Donald’s Hot Jungle Summer(July 9 to September 1)

Disney’s Easter

Duffy’s Sunny Fun

Disney(April 4 to June 2)(June 6 to August 27)(Sep. 10 to

OctoberNovember

DecemberJanuaryy

Februaryy

MarchJamboree Mickey!*ίFrom Oct. 14ὸ

Halloween

Very Very Minnie*

Oct. 31)(Jan. 10 to Mar. 19)

Temporary closureffromFebruaryF b
29

Note: We started temporary closure of both Parks on February 29, 2020 in response to the government’s request to call off events and other large gatherings

New events and programs focused on “novelty”
contributed to attracting Guests
26

IV. Progress of 2020 Medium-Term Plan

Utilization of digital technology• Jul. 2019

Started offering Disney FASTPASS® tickets through official app• Feb. 2020

Added to official app the Disney Photo function for enjoying photo services within Theme Parks*
Increased the number of Disney Hotels offering online check-in service
Note: Service currently suspended for system adjustment

Obtain Disney FASTPASS® tickets

Online check-in at Hotels

Disney Photo function

Functions offered via Tokyo Disney Resort App• Purchase Park tickets
Available before
entering Theme Parks • Check waiting time

Available after
entering
g Theme Parks©DisneyὉBook restaurantsὉ

Online check-in at Hotels• Obtain Disney FASTPASS® tickets

ὉCheck merchandise sold at ParksὉ Purchase merchandise sold at Parksgfor show/paradepviewingg lotteries• RegisterὉView and ppurchase p
photos ((Disneyy Photo))We regard digital technology as a growth potential andwill explore further developments
Note: Functions in red font were added in FY 3/20

27

IV. Progress of 2020 Medium-Term Plan

Measures to welcome overseas Guests
Acceptancepmechanism• Started offering reservation website in multiple languages and provided more information

Marketingactivities• Implemented marketing activities tailored to each country• Expanded communication tools• ExpandedEd d online
li ttravell agentst (OTA*)*Online Travel Agent which exclusively offers online service

Number of Inbound Travelers andRatio of Guests among the Travelers

29.77

Number/Ratio of Overseas Guests

31.63

2.95
27 77
27.77

24.82
1.57
8 5%
8.5%

10.3%

9.9%

9.9%

10.4%

3/18

3/19

3/20

2.90

2 55
2.55

21.36
14.67

3.13

5.0%

1.81
8.5%

9.8%

9.6%

10.0%

3/18

3/19

3/20

6 0%
6.0%

10.7%

3/15

3/16

3/17

[FY]

3/15

3/16

3/17

[FY]

Source: Prepared by the OLC Group based on materials created by the Japan National Tourist Organization (JNTO)

Strengthened acceptance mechanisms and marketing

28

IV. Progress of 2020 Medium-Term Plan

Renovated service facilities
Multistory parking structure• Started operating in July 2019
• Increased parking space near Tokyo
Disneyland main entrance• Improved Guest guidance efficiency

Tokyo Disneyland main entrance• Completed in April 2020
• Latest face authentication system installed
at gate for Annual Passport holders• Changed gate design to expedite entrance• Introduced multilingual functionality at ticket
vendingg machines

Renovated high-traffic service facilities to enhance “comfort”©Disney29

IV. Progress of 2020 Medium-Term Plan

Strengthened both hospitality skills and operational efficiency by creating a comfortable workplaceenvironment and implementing measures to encourage Cast Members to feel atangible sense of personal growth

CreateC t acomfortableworkplaceenvironment

Rectify uneven
distribution of
workforce among job
types and time slots• Expanded housing assistance program for new Cast Members residing inremote areas• Started hiring “Theme Park operations employees” under new employment
category
Addresstransformations inworkstyles• Revised systems for leave of absence and allowances• Opened a childcare center to support employees returning to work after taking
childcare leave• Expanded the scope of employees working at home, a system introduced on a
trial basis

Promote atangiblesense ofpersonal
growth• Implemented area-based initiatives for Cast Members to cooperate acrossdivisionsImprove hospitality• Implemented a new pre-OJT training program named “Debut into the Magic”
pmeasures to enhance Cast Members’ hospitalitypy in ppreparationpfor• Implemented
the opening of the Tokyo Disneyland Large-Scale development area

Strengthen career
support• Expanded programs offered at OLC Career College, which supports Cast
Members’ career development

We aim to create a more comfortable workplace environment forCast Members and offer enhanced hospitality
30

IV. Progress of 2020 Medium-Term Plan

Introduction of “Theme Park operations employees”
OutlineTheme Park operations employees
Employment status

Part-time Cast Members

Full-time employee

Part-time employee

Workstyle

Full time

Number of working days/hours can be selected

Job type

Engages in multiple types of jobs

Basically engages in one type of job

Employment plan Ὁ Plan to employ 3,000 to 4,000 by FY 3/23

EffectOriental Land
• Further increase in job retention rate of well-experienced Cast Members capable of offering superior hospitality• Stable business growth based on stabilized employment• Able to enjoy stronger operational
efficiency and enhanced service quality
Guestsbacked by bountiful hospitality• Create opportunities for growth

Cast• Broader choice of workstyles, diversified workstyles
Members • A sense of security gained due to long-term stable
employment

We aim to achieve a system where Guests, Cast Members,
and Oriental Land can all benefit

31IV. Progress of 2020 Medium-Term Plan

Strengthened human resources in preparation for opening new area

Measures to enhance Cast
Members’ hospitality
Members

Feedback from Cast
Members

Ὁ Implemented a training program to help Cast
Members understand the aspiration of Theme Park
designers/developers
Ὁ Distributed to all employees a booklet that conveys
the roles of Cast Members

Ὁ “II hope to fully take in the aspiration of the designers
and developers of such wonderful facilities, and deliver it
to our Guests.”
Ὁ “II hope to offer Guest service that exceeds theimagination so that our Guests will be fascinated not onlywith the facilities, but also with the Cast Members.”

Cast Members’ motivation has further increased
as we wait to open the new area

32

IV. Progress of 2020 Medium-Term Plan

Major new products“Nemo
Nemo & Friends SeaRider”
SeaRiderOpened on May 12, 2017 [Investment amount: Approx. ¥5.0 billion]“it’s a small world”
Opened on April 15, 2018 after remodeling

New daytime parade “Dreaming Up!”
Started on April 15, 2018 [Investment amount: Approx. ¥2.4 billion]
New nighttime spectacular“Celebrate! Tokyo Disneyland”
July 10, 2018 - April 26, 2019

“Soaring: Fantastic Flight”
Opened on July 23, 2019
[Investment amount: Approx. ¥18.0 billion]

New at Tokyo
Disneyland

Tokyo Disneyland Large-Scale development
projects
Enchanted Tale of Beauty and the Beast”
Beast“Enchanted“Fantasyland Forest Theatre”“The Happy Ride with Baymax”“Minnie’s Style Studio,” etc.

New at Tokyoy
DisneySea

Tokyo Disney Resort
35th anniversary events

Opening schedule to be decided[Investment amount: Approx. ¥75.0 billion]

Introduce products to strengthen “novelty” and “comfort”
Note: The above shows product plans disclosed as of April 28, 202033

IV. Progress of 2020 Medium-Term Plan

Large-Scale Renovation
Theme ParkTokyo Disneyland

Time of opening/
Investment value

Projects••••

Major attraction “Enchanted Tale of Beauty and the Beast”
Indoor theater “Fantasyland Forest Theatre”
Attraction “TheThe Happy Ride with Baymax”
BaymaxAttraction “Minnie’s Style Studio,” etc.

To be determined
Approx. ¥75.0 billion“Novelty”• Beauty and the Beast and other attractions unique to Japan• First indoor theater at Tokyo Disneyland“Comfort”
Co o t• Allow more Guests to experience attractions• Introduce
I t dan all-weather-typell
th t
theaterth t andd an indoor
i drestaurantttEffectConstruction work of facilities is largely complete, ready to start operation©Disney

Note: These concept images are subject to change

34

IV. Progress of 2020 Medium-Term Plan

Time-limited special rooms at Disney Hotels
Tokyo Disneyland Hotel

Disney Ambassador Hotel

Special room themed on Sophia the First(April 7 to July 8, 2019)

Special room themed on KINGDOM HEARTS series(March 26 to June 30, 2019, andJanuary 10 to March 31, 2020*)

Note: Terminated earlier than the scheduled date of April 14, 2020 due to temporary closure©Disney

Strived to maximize earnings based on revenue management
and procure new demand with novel guest rooms
35IV. Progress of 2020 Medium-Term Plan

Policy: Allocate operating cash flow to growth investment with the aim of enhancing corporate value

Cash dividends
Annual cash dividends per shareAl cashh di
id d [[yen]]
Annualdividends

25
13.75

15

17.5

3/07

3/08

3/09

25

25

30

30

35

35

37 5
37.5

40

44

42

[Policy]
Aim at steady payout of cash
dividends

3/10

3/11

3/12

3/13

3/14

3/15

3/16

3/17

3/18

3/19

3/20

[FY]

Note: Dividends are retrospectively calculated to reflect the stock split on April 1, 2015.

Share repurchase• Share repurchase by tender offer
Repurchase period
January 31 to March 2, 2020

Total number of shares
1,500,000 shares

Proportion of total shares issued
0.41% (Rounded to the second decimal place)

Total repurchase cost
¥20,745,000,000

ROE• ROE for FY ended March 2020 is expected to be 7.7%

Enhanced shareholder returns

36

V. Large-Scale Investment Plans

Tokyo Disneyland

Tokyo DisneySea

Tokyo Disneyland
Large-Scale Renovation
LargeO
Openingi dated t tot be
b decided
d id dApprox. ¥75 billion

Soaring:
g Fantastic FlightgJuly 23, 2019 Approx. ¥18 billion

Tokyo
Large
Largey DisneySeayg -Scale
Expansion Project Development Site
FY2023 Approx. ¥250 billion
New Disney Hotel
Inspired by Toy Story Film Series
Development SiteA
¥31
5 billionbilli
FY2021 Approx.
¥31.5

1RWH7KLVLVQRWDQH[DFWUHSUHVHQWDWLRQRIWKHGHYHORSPHQWVLWH

The investment amounts of FY2020 and after are under consideration.
©Disney/Pixar

38

VI. For Future Growth

Guest

Attractive
St
Structuralt l aspectt

Cast Members

Creating Happiness
W willWe
ill continueito create hhappinessiwithi h attractive
i structurall andd nonstructural assets to enhance corporate value.
©Disney

Note: These concept images are subject to change 40

We Are Together.
Together©Disney41ᾞ῁Ᾰᾴ᾽ῃᾰΆ ᾛᾰ᾽ᾳ ᾒι.,ᾒι ᾛῃᾳ.
ᾛῃᾳInvestor Relations Group, Finance/Accounting Department
URL: www.olc.co.jp/en[Disclaimer]This document includes statements about Oriental Land’s plans, estimates, strategies and beliefs. The statements made that are
not based on historical fact represent the assumptions and expectations of Oriental Land in light of the information available to it
as of the date when this document was prepared, and should be considered as forward-looking.
Oriental Land uses a variety of business measures to constantly strive to increase its net sales and management efficiency.
However Oriental Land recognizes that there are certain risks and uncertainties that should be considered which could cause
However,
actual performance results to differ from those discussed in the forward-looking statements.
Potential risks could include, but are not limited to, weather, general economic conditions, and consumer preferences.
Therefore, there is no firm assurance that the forward-looking statements in this document will prove to be accurate.
Theme park attendance figures have been roundedrounded. Financial figures have been truncatedtruncated.
All rights reserved.