March, 2016
March
Oriental Land Co., Ltd.
This material has been specifically prepared for institutional investors who are not familiar with our Company,
and is not presentation material for the earnings presentation.
Contents
I. Business Overview
II. OLC in 2023
III The Progress of 2016 Medium
III.
Medium-Term
Term Plan
[Reference]
Cautionary
y Statement
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.
y of business measures to constantly
y strive to increase its net sales and management
g
Oriental Land uses a variety
efficiency. However, Oriental Land recognizes that there are certain risks and uncertainties that should be considered
which could cause 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 rounded. Financial figures have been truncated.
All rights reserved.
Contacts
ᾞ῁Ᾰᾴ᾽ῃᾰΆ ᾛᾰ᾽ᾳ ᾒι., ᾛῃᾳ. Investor Relations Group, Finance/Accounting Department
URL: www.olc.co.jp/en
www olc co jp/en
Corporate Profile
I. Business Overview
Corporate Data
Established
July 11, 1960
Stock Information
Stock Listing
Code No.
Tokyo Stock Exchange,
Exchange
First Section
4661
Total Assets
[consolidated]
¥746.6 billion
[As of March 31, 2015]
Investment Unit
Stockholders’ Equity
[consolidated]
¥564.1 billion
[As of March 31, 2015]
Stock Price
¥7,729
[As of February 29, 2016]
Aggregate Market Price
¥2,582.7 billion
[As of February 29, 2016]
Bond Ratings
JCR : AA [Stable]
R&I : AA- [Stable]
100 shares
Corporate Mission
Business Domain
Our mission is to create happiness and
“We
We pursue businesses that fill your heart
with energy and happiness”
contentment by offering wonderful dreams
and moving experiences created with
original, imaginative ideas
We strive to create new value in a high-value business
f enriching
for
i hi and
d nourishing
i hi people’s
l ’ h
hearts
t and
d
appealing to abundant humanity and happiness
4
History and Business Description
I. Business Overview
Tokyo Disney Resort
From a theme parkk
to a ttheme resort
Reclamation, then
the agreement w
with Disney
History
Disney Hotels
[under direct management]
3hotels Approx.1,700rooms
1960
Oriental
O e a Land
a d Co.,
Co , Ltd.
d [OLC]
[O C] was
as
established [Capital: 250 million yen]
1962
OLC and Chiba Prefecture concluded
the Urayasu District Land Reclamation
Agreement
g
1964
Reclamation work began off the coast of
Urayasu [completed in 1975]
1979
OLC and Walt Disney Productions
[currently,
Enterprises, Inc
Inc.]] concluded
[currently Disney Enterprises
an agreement on the licensing, design,
construction and operation of Tokyo Disneyland
1983
Tokyo Disneyland opened
1996
Listed on the first section of the Tokyo
Stock Exchange
2000
Ikspiari and Disney Ambassador Hotel opened
2001
Disney Resort Line, Tokyo DisneySea, and
Tokyo DisneySea Hotel MiraCosta opened
2005
Palm & Fountain Terrace Hotel opened
2008
Tokyo Disneyland Hotel opened
䞉Shops and Restaurants
䞉Cinema complex, etc
Ikspiari
Disney
Ambassador
Hotel
Tokyo
Disneyland Hotel
Tokyo DisneySea
Hotel MiraCosta
y Disneyland
y
Tokyo
Tokyo DisneySea
Tokyo Disney Resort
Official Hotels
Tokyo Bay
The first Disney Theme
Park outside of the U.S.
The only “Sea”-themed
Di
Disney
Th
Theme P
Park
k
in the World
Monorail service
provided
id d around
d
the resort
Managing and operating a large scale theme resort offering versatile entertainment facilities
5
Segment Information
I. Business Overview
Breakdown by Segment and Content of Segments
Results for FY ended 3/15
Consolidated
net sales:
¥466 2 billion
¥466.2
Consolidated
Operating income:
¥110 6 billion
¥110.6
Theme Park
Segment
g
83.1%
Tokyo Disneyland
Tokyo DisneySea
86.5%
Tokyo Disneyland Hotel
Hotel Business Tokyo DisneySea Hotel MiraCosta
Disney Ambassador Hotel
Segment
and others
13.1%
3 8%
3.8%
11.9%
1.4%
Other
Business
Segment
Ikspiari
Disney Resort Line
More than 80% comes from the Theme Parks
and others
6
Advantage in the Market
I. Business Overview
Annual Attendance at our Theme Park
Oriental Land’s Share in Domestic Market
50%
Approximately
Over
30 00 million guests
30.00
guests, No.1
No 1 in the ranking
Amusement and leisure parks:
Market size and Oriental Land’s share
Annual attendance ranking
among Japanese theme parks
Oriental
O
i t l Land’s
L d’
market shares
Market size [¥ billion]
630.0
630
0 648.0 643.0 640.0 623.0
623 0
40 3% 40.2%
40 2%
39.6%
39
6% 40.3%
655.0
48.3% 47.6%
[thousand]
Tokyo Disneyland
Tokyo DisneySea
31 377
31,377
ᵐ Universal Studios Japan
12,700
ᵏ
599.0 585.0
44.5% 43.6% 45.9%
Attendance
Name of Facility
724.0 741.0
50.9% 49.5%
ᵑ HUIS TEN BOSCH
2,794
y y
ᵒ RyukyuMura
1,480
,
ᵓ
1,339
Shima Spain Village “PARQUE ESPANA”
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 [CY]
Source: Japan Amusement & Recreation Park Data Book 2016
Note: Ranking based on the fiscal year ended March 31, 2015.
Source: White Paper of Leisure 2015
Note: Data used to calculate Oriental Land’s market share is based on figures for the fiscal year.
No.1 in domestic market and theme park attendance
7
I. Business Overview
Annual theme park attendance
Tokyo Disney Resort 30th Anniversary
By fiscal year
Tokyo DisneySea 10th Anniversary
Three-year
Three
year moving average
Tokyo Disney Resort 25th Anniversary
Tokyo DisneySea 5th Anniversary
[million people]
Tokyo Disneyland 20th Anniversary
Opening of Tokyo DisneySea
Tokyo Disneyland 15th Anniversary
31.30
31.38
3/14
3/15
27.50
25.35
25.82
25.37
25.42
25.82
24.77
25.47
25.02
24.82
22.05
17.3
30
51
16.5
17.46
69
16.6
17.37
16.9
99
16.03
1
15.51
16.14
2
15.82
13.38
3/89
15.88
11.98
3/88
5
14.75
10.68
10.67
3/87
3/16
3/13
3/12
3/11
3/10
3/09
3/08
3/07
3/06
3/05
3/04
3/03
3/02
3/01
3/00
3/99
3/98
3/97
3/96
3/95
3/94
3/93
3/92
3/91
Impact of
earthquake
disaster
3/90
3/85
3/86
9.93
10.01
3/84
27.22
Tokyo
y Disneyland
y
5th Anniversaryy
Opening of Tokyo Disneyland
ast]
30.40 [Foreca
Tokyo Disneyland 10th Anniversary
[FY]
Ticket prices
3,900 4,200
(¥)
4,400
4,800
5,100 5,200
5,500
5,800
6,200
6,400 6,900
Price revision
dates
Jul. 20
Jul
20,
1989
Nov. 1
Nov
1,
1992
Apr. 1
Apr
1, Apr.
Apr 1
1,
1996 1997
Sep. 1,
Sep
1
2000
Sep. 1
Sep
1,
2006
Apr. 23
Apr
23,
2011
Apr. 1
Apr
1, Apr.
Apr 1,
1
2014 2015
Mar. 1
Mar
1,
1985
While attendance fluctuates on a year-by-year basis,
theme park attendance level has been enhanced by leveraging anniversary events
8
Trend in Theme Park Attendance
I. Business Overview
Breakdown of theme park guests by region
Breakdown of Guests by Region
Guests from Tokyo Metropolitan area make up about
65% of the entire theme park attendance
Others [Japan] 7.0%
Tohoku 3.8%
Possibility of even more concentration of the population
into Tokyo Metropolitan area while a population decline
is in prospect
Kinki 7.0% Annual Attendance
31.38 million people
Chubu/Koshinetsu
11.0%
Kanto
[Tokyo
[FY ended March 2015] Metropolitan
Area]
66.2%
Projected population of Japan [by region]
[million people]
ϻ̊ဇ
120
120
Others
[Japan]
Ẹỉ˂‫׎‬ϋ
Tohoku
ி҅
80
80
Kinki
ᡈဴ
40
40
Chubu/Koshinetsu
ɶᢿὉဍ̮ឭ
0
0
2010
2015
2020
2025
2030
2035
2040
[CY]
᧙ி ίᬍᣃ‫ח‬ὸ
Kanto
[Tokyo
Metropolitan area]
Source: “Future Projected Population of Japan” [March 2013 estimate] issued by the National Institute of Population and Social Security Research
Population in Tokyo metropolitan area is stable
Trend in Theme Park Attendance
9
I. Business Overview
Breakdown of Guests by Age
Family Guests
Reliably attract guests from the large-volume family segment
40-and-above
guests
t
Given the situation of declining birthrate and an aging
population, focus on increasing the volume of guests aged 40
and over
Breakdown of theme park guests by age
100%
13.7 15.6 15.2 15.3 15.4 16.2 17.0 17.9 17.7 19.1 18.6 19.9
21.1 20.4
56.0 53.4 53.0 52.0 52.2 52.0 51.8 52.2 53.1
52.4 51.2 49.6 49.5 49.5
12.2 12.6 13.1 13.0 12.5 11.8
11.3
10.7 11.1 10.1
11.9 12.6 12.7 13.5
Adults [[40+]]
‫ٻ‬ʴᵒᵎ
‫ٻ‬ʴᵒᵎᵋ
Adults [18-39]
‫ٻ‬ʴᵋᵑᵗ
Junior [12-17]
ɶʴ
Children [4-11]
‫ݱ‬ʴ
18.1 18.4 18.7 19.7 19.9 20.0 19.9 19.2 18.1 18.4 18.3 17.9 16.7 16.6
0%
3/02 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 [FY]
Increased numbers within certain guest segments
10
Strength Supporting Our Earnings
I. Business Overview
1. Prime Locations
2. Alliance with The Walt Disney Company
Vast Land Holdings
License Agreements in Japan
Approximately 2,000,000m2 [Approx. 500acre] of
land, only 10km [6 miles] away from central Tokyo
Huge Market
Activities Covered
Management and operation of Tokyo Disney
etc.
Resort Operation
etc.
Period
Approximately 30 million of high income
households living within 50km [30 miles] radius
Convenient Access
Tokyo Disney Resort: 45 years from 2001
[Extended with
ίExtended
with the
the opening
opening of
of Tokyo
Tokyo DisneySea]
DisneySeaὸ
Royalties
Incentive scheme: fees based on net sales
[yen basis]
(yen
basis)
About 15 minutes
from Tokyo
y Station byy train
Relationship with
The Walt Disney Company
About 30-60 minutes
from 2 International Airports
[[Narita and Haneda]] byy bus
No capital or
personnel
relationships
between
and
personnel
relationships
between
Oriental Land and The Walt Disney Company
Only Oriental Land operates
Disney theme parks in Japan
Own vast land in the superb location
11
Strength Supporting Our Earnings
3. Accumulated Theme Park Management Expertise
I. Business Overview
4. Ability to Generate Stable Cash Flow
Operating
p
g cash flow
Intangibles: Outstanding Service Quality
The source of our strength is human resources;
the Cast Members provide magnificent hospitality
Profit [¥billion]
Depreciation and amortization [¥billion]
107.5
87.6
72.1
71.9
62.8
Tangibles: Ongoing Investment
Creating a place of dreams where guests will gain
a whole new experience of happiness and wonder
with every visit
46.6
39.9
106.7
36 9
36.9
34 6
34.6
70.5
72.0
3/14
3/15 [FY]
36.1
39.8
25.4
22.9
32.1
3/10
3/11
3/12
51.4
3/13
*Operating
p
g cash flow=Profit + Depreciation
p
and amortization
Higher attendance
figures
Liabilities
Strengthened appeal
Increased cash flow
Investment
As of March 31, 2015
Interest-bearing debt
¥57.8 billion
Debt/equity ratio
0.10 times
*Debt/equity
q y ratio=Interest-bearing
g debt/Stockholder’s equity
q y
Boasts a great number of guests and high rate of
repeat visits through effective utilization of its expertise
in terms of both tangibles and intangibles
Generation of stable cash flow that enables
continuous investment
and steadfast financial strength
12
I. Business Overview
Operating income and operating margin
Single park era
Operating margin: approx. 20%
Income margin improves
Operating margin: approx. 20%
Burdened with high depreciation and amortization expenses
/increase in costs
Operating margin: approx. 10%
114.4
Unconsolidated operating income [¥ billion]
110.6
Consolidated operating income [¥ billion]
81.4
24.2% 23.7%
66.9 20.6%
53.6 18.6%
22 5%
22.5%
[Forecast]
15.1%
Opening of Tokyo DisneySea
19.8%
16 8% 18.4%
16.8%
35.8
29.5
[¥billion]
14.6%
34.5
106.0
[Forecast]
Operating margin
11.1% 33.6 38.0 38.7
40.0 41.9
34.5 30.6 34.1
31.1
12.0%11.5% 11.5%
11.3%
10.4%
25.4
0 3%
9 2% 9.9% 9.1%
9.2%
9 1% 10.3%
22 1
22.1
[FY] 3/97 3/98 3/99 3/00 3/01 3/02 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/11 3/12 3/13 3/14 3/15 3/16
EBITDA
47.7
40.7
46.1
37.9
40.5
71.6
85.9
84.7
79.1
73.9
77.0
74.7
89.8
88.6
142 9
93.6 106.7 117.5 151.4 145.2 142.9
Depreciation
and
amortization
11.9
11.2
11.6
12.4
18.4
37.9
47.9
45.9
44.5
43.3
42.9
43.6
49.7
46.6
39.9
39.8
36.1
36.9
34.6
Capital
expenditures
38.4
44.1
59.8 130.4 182.2 109.7 14.8
29.2
46.8
43.1
54.8
52.6
40.1
19.4
27.9
23.2
28.7
20.3
37.0
* The results before 3/99 are unconsolidated.
[Forecast]
36.8
[Forecast]
69 7
69.7
[Forecast]
*EBITDA=Operating Income + Depreciation and Amortization
Operating income grew remarkably, and operating margin stands at the highest level
13
I. Business Overview
Net sales and Operating Margin
Operating Income and Profit
Consolidated net sales [¥ billion]
Consolidated operating income [¥ billion]
Operating margin [%]
Consolidated profit [¥ billion]
473 5
473.5
466 2
466.2
114 4
114.4
470 3
470.3
[Forecast]
110.6
106.0
[Forecast]
395.5
356 1
356.1
360.0
81.4
24.2% 23.7%
18.6%
22.5%
20.6%
%
[Forecast]
70.5
66.9
53.6
72.0
72.2
[Forecast]
51.4
15.1%
32.1
22.9
Impact of
earthquake
disaster
3/11
3/12
3/13
3/14
3/15
3/16
3/11
3/12
3/13
3/14
3/15
3/16
Maintaining strong performance trend
14
I. Business Overview
Results for
FY Ended 3/15
[¥ billion]
Forecast for
FY Ending 3/16
[¥ billion]
466.2
470.3
4.0
0.9%
387.6
390.6
3.0
0.8%
Hotel Business Segment
61.0
62.2
1.1
1.9%
Other Business Segment
17 6
17.6
17 4
17.4
(0 2)
(0.2)
(1 2)%
(1.2)%
Operating Income
110.6
106.0
(4.5)
(4.1)%
Theme Park Segment
95.6
92.0
(3.6)
(3.8)%
Hotel Business Segment
13.1
12.5
(0.5)
(4.2)%
Other Business Segment
1.6
1.3
(0.2)
(18.3)%
Ordinary Income
Profit Attributable to
Owners of Parent
110.4
107.3
(3.1)
(2.9)%
72.0
72.2
0.1
0.2%
Attendance [million people]
31.38
30.40
((0.98))
((3.1)%
)
Consolidated
Statements of Income
Net Sales
Theme Park Segment
Change
[¥ billion]
Change
10,955
11,360
405
3.7%
Ticket Receipts
4,660
4,980
320
6.9%
Merchandise
4,043
4,090
47
1.2%
Food and Beverages
2,252
2,290
38
1.7%
Net Sales per Guest [¥]
Although net sales grow, operating income is projected to fall
15
I. Business Overview
Quarterly Operating Income
Results for the Cumulative 3rd Quarter of FY 3/16
Consolidated Results
Net Sales
3Q Ended
12/14
[¥ billion]
352.1
3Q Ended
12/15
[¥ billion]
354.4
Change
[¥ billion]
Change
[%]
58.3
2.3
30.6
14.6
13 0
13.0
292.9
0.5
0.2%
Hotel Business
Segment
46.5
48.1
1.5
3.4%
Other Business
Segment
13.2
13.4
0.2
1.5%
Operating Income
91.3
92.1
0.7
0.9%
Theme Park Segment
78.2
78.3
0.0
0.1%
Hotel Business
Segment
11.5
11.8
0.3
3.3%
Other Business
Segment
g
1.4
1.7
0.2
20.2%
Ordinary Income
92.6
93.6
1.0
1.1%
Profit Attributable to
Owners of Parent
60.8
63.3
2.4
4.0%
101.0
73 3
73.3
56.8
42 6
42.6
91.3
92.1
37.3
40.0
34.2
0.7%
292.3
Theme Park Segment
[¥billion]
3Q
2Q
1Q
12/10
32.5
22.2
16.8
29.1
29.5
25.8
24.7
22.5
12/12
12/13
12/14
12/15
36.4
23.4
(3.0)
12/11
Year-on-year comparison
ὉNet sales and each income increased. Despite a decrease in
theme park attendance
attendance, net sales in Theme park segment
grew thanks to an increase in net sales per guest, resulting
from the ticket price revision.
ὉOperating income for Theme park segment climbed due to
an increase in net sales in the face of a rise in merchandise
sales cost ratio and food/beverages sales cost ratio and a
growth in miscellaneous costs.
ὉNet sales and operating income for Hotel segment climbed
mainly because of a growth in average charge per room in
spite of a rise in costs for renovation of guest rooms.
Comparison with the forecast
ὉNet sales fell short of our projection mainly because theme
park attendance was below our forecast.
ὉOperating income exceeded our initial forecast mainly owing
to a decline in miscellaneous costs for Theme park segment
and an increase in profit for Hotel business segment.
Net sales, operating income exceeded the result of the previous fiscal year, reaching
the second highest figures after the year of Tokyo Disney Resort 30th Anniversary. 16
II. OLC in 2023
A. Sustainable growth of the core business
OLC in 2023
M
Maximize
i i th
theme park
k value
l b
by making
ki ffullll use off lland
d iin M
Maihama
ih
Aim to increase “attendance
along with guest satisfaction”
Product strategy Expand products catered to family guests
and create a more comfortable environment
Theme park attendance
Over 30.00 million level*
by 2023
31.30 31.38
25.82 25.37 25.35
Impact of
earthquake
20.00 million
[FY]
3/03
3/04
3/05
3/06
3/07
3/08
*Average of each fiscal year
excluding anniversary years
27.50
27.22
25.82 25.42
24.82 25.47 25.02 24.77
30.40
[Forecast]
3/09
3/10
3/11
3/12
3/13
3/14
3/15
3/16
3/24
B. Further growth through new business
OLC in 2023
Establish a new pillar for growth outside the Maihama area
A business that can bring dreams, moving
Description of
experiences, happiness, and contentment by offering
our new business unprecedented value and experiences
Size of new business
in 2023
About the size of
1 segmentt
Aim to be a company that is still continuing to grow in 10 years time
18
II. OLC in 2023
Investment to actualize the greatest value of the theme park
OLC continues to raise the level of hospitality provided by Cast Members
following
and will implement
p
g investment.
Amount of investment in the Theme Park Segment
¥500 billion level [Total amount from FY ending 3/15 to FY ending 3/24]
Orientation of investment
Tokyo
y
Disneyland
ὉRedevelopment of Fantasyland [renovation and expansion]
products
ὉInvestment in other new p
Tokyo
DisneySea
ὉDevelopment of new themed port in an area south of Lost
River Delta
ὉInvestment in other new products
Both Parks
ὉDevelopment of special events
ὉPreparations for creating a comfortable environment
ὉVarious improvements [including maintenance and
preparation of infrastructure]
Backstage
ὉStrengthen the operations base, including support functions,
etc
etc.
Investment in
On-Stage
About ¥400 billion
Investment for
enhancing value
About ¥250 billion
Investment for renewal
p
and improvement
About ¥150 billion
Investment in Backstage
About ¥100 billion
Review of large-scale investment projects is being carried out at the moment
Note: For previously announced information on our large-scale development projects, please refer to page 29 and onwards. 19
III. The Progress of 2016 Medium-Term Plan
Quantitative Target:
Operating cash flow* of over ¥280.0 billion in a three-year period
Toward OLC
O C in 2023
2023, we will endeavor to maximize operating cash fflow
to make large-scale investments in our core business and fund investments in new business.
1
Sustainable growth
of
the core business
2
Further growth
through new
business
3
Financial policies
ὉWhile seeking to build a business foundation in line with upcoming
changes in the market, we will strive to maximize operating cash flow
ὉToward OLC in 2023, we will decide on and sequentially launch largescale investment projects that help us maximize the value of our theme
parks
ὉToward
T
d OLC in
i 2023,
2023 we will
ill move forward
f
d our research
h and
d
development of a business with the potential to contribute to our future
earnings outside the Maihama area
ὉWe will use operating cash flow to enhance our corporate value
* Operating cash flow=Profit + Depreciation and amortization
21
III. The Progress of 2016 Medium-Term Plan
Operating cash flow and capital expenditure
Opening of Tokyo DisneySea
2013
Medium-term Plan
182.2
2016
Medium-term Plan
OLC
in 2023
Operating cash flow [¥ billion]
+ about 5%
Capital expenditure [¥ billion]
¥ 267 billi
billion
for 3 years
More than
¥ 280 billion
for 3 years
109.7
130.4
109.1
107.5 106.7 [Forecast]
87.6
67.8
66.8 64.5
61.7 59.0
59 0 59.2 58
58.3
3
72.1
71.9
62.8
50.6
69.7
46.8
[Forecast]
54.8 52.6
43.1
40.1
22.3 23.1
29 2
29.2
27 9
27.9
19.4
14.8
[FY] 3/00
3/01
3/02
3/03
3/04
3/05
3/06
3/07
E panded the core b
Expanded
business
siness
3/08
3/09
3/10
3/11
23.2
3/12
37.0
28 7
28.7
20.3
3/13
Growth of operating
cash flow
3/14
3/15
3/16
3/17
2023
( ) Sustainable g
(1)
growth of the core business
(2) Further growth through new business
Exceeding the plan thanks to the favorable performance of the core business
22
III. The Progress of 2016 Medium-Term Plan
Outline of strategy for the core business
Target
OLC in 2023 Build a business foundation in line with upcoming changes in the market
All kinds of families including parents and children, couples,
and multigenerational
g
extended families
Aging society
Focus on attracting
Growing inbound
Be more prepared
to welcome
New-Aging
New
Aging
Families with children
[middle-aged couples whose
children have grown up]
Overseas guests
St t i
Strategies
Enhancing products targeting families and preparing for further comfortable environment
Enhance capacity to
attract guests
ᶣ
Attendance
Enhance
earning power
Net sales
per guest
эP.24
[1] Enhance theme park value
[2] Increase theme park attendance by stabilizing attendance levels эP.25
[3] Pricing
P i i strategy that
h reflects
fl
experience
i
value
l
эP.25
[4] Be more prepared to welcome overseas guests
эP.26
23
III. The Progress of 2016 Medium-Term Plan
[1] Enhance theme park value
Main new products
Once Upon a Time [Investment
[I
t
t amountt Approx.
A
¥2 0 billi
¥2.0
billion]]
Started on May 29, 2014 [New night entertainment using projection mapping]
Jungle Cruise: Wildlife Expedition [Investment amount Approx. ¥1.6 billion]
Opened on September 8, 2014 [With new effects and music]
New show viewing area in Mediterranean Harbor [Investment amount Approx. ¥2.5 billion]
Opened on March 1,
1 2015
King Triton’s Concert at Mermaid Lagoon Theater
[Investment amount Approx. ¥4.0 billion]
Started on April 24, 2015 [New musical show based on the film The Little Mermaid]
Renewed Tokyo Disneyland Electrical Parade Dreamlights
[Investment amount Approx. ¥2.0 billion]
Started on July 9, 2015 [New float based on the film Tangled will be added
added, etc
etc.]]
Stitch Encounter [Investment amount Approx. ¥2.0 billion]
Opened on July 17, 2015 [Theater-type attraction offering interactive communication with Stitch]
Out of Shadowland at Hangar Stage [Investment amount Approx ¥3.5 billion]
Scheduled to start on July 9, 2016 [New musical show based on the original story]
New at
Tokyo Disneyland
New Di
N
Disney Ch
Character
t G
Greeting
ti F
Facility
ilit and
d
Adjoining Restaurant in Westernland
[Investment amount Approx. ¥3.0 billion, including new restaurant]
Scheduled to open in Autumn-Winter 2016
New at
Tokyo DisneySea
New attraction themed to Finding Nemo series
[InvestmentamountApprox ¥50billion]ScheduledtoopeninSpring 2017
[InvestmentamountApprox.¥5.0billion]Schedul
We will decide on and sequentially launch large-scale investment projects to maximize the value of our theme parks
*Plans announced as of February 29, 2016
[FY]
3/15
3/16
Tokyo DisneySea
15th Anniversary
3/17
3/18
Tokyo Disney Resort
35th Anniversary
3/19
2016 Medium-term Plan
Further enhance value of theme park toward OLC in 2023
24
III. The Progress of 2016 Medium-Term Plan
[2] Increase theme park attendance
by stabilizing attendance levels
[3] Pricing strategy that reflects
experience value
I
Increase
attendance
tt d
level
l
l in
i 1Q and
d 4Q
I
Increase
guestt spending
di iin th
the mid-long
id l
tterm
Strengthen our capacity to attract guests by
rolling out special events in combination with
marketing
k ti activities
ti iti
Increase guest spending by creating new
value and setting
gp
prices strategically
g
y
Net sales per guest
ὉAttracting guests by
Campus day Passport
Campus-day
ὉLaunched a new special
event “Anna and Elsa’s
Frozen Fantasy”
[¥ billion]
Fostering
seasonal
event “Easter”
At the time
of setting up
2016 MidTerm Plan
Ticket
receipts
80–100
70–80
1Q
2Q
¥10,022
[Yoy +2.9%]
¥10,601
,
[+2.6%]
¥10,336
¥10336
[+3.1%]
2,176
2,205
3,629
3,796
4,217
4,335
3/11
3/12
2,259
3,860
¥11,360
[[+3.7%]]
¥11,076
[+45%]
[+4.5%]
¥10,955
[(11)%]
[(1.1)%]
[Forecast]
2,292
2,252
[Forecast]
2,290
4 090
4,090
4 185
4,185
[Forecast]
4,043
4,980
90–110
70–80
Food and
F
M
Merchandise
beverages
b
Quarterly net sales in theme park segment
3Q
4Q
[FY]
4,483
4,598
3/13
3/14
4,660
[Forecast]
3/15
3/16
Aim to maximize net sales by increasing attendance level and guest spending
25
III. The Progress of 2016 Medium-Term Plan
[4] Be more prepared to welcome overseas guests
Aim to enhance experience value by improving both our tangible and intangible features
Enhance
experience value so as to be more prepared to welcome overseas guests
Strengthen
our appeal
Strengthen marketing activities focusing on Southeast Asia, where growth is expected
Launched websites in Thai and Indonesian, in addition to English, Chinese, and Korean
The number of overseas visitors to Japan and the ratio of our
parks’ overseas guests among overseas visitors to Japan
Source:
Prepared by the OLC Group based on materials created by the Japan
National Tourist Organization (JNTO) and the Japan Tourism Agency.
Overseas visitors to Japan [million people]
30.00
The ratio of overseas guests coming to our parks
among overseas visitors to Japan
[Government’s Target]
20.00
[Government’s Target]
14 67
14.67
Impactof
earthquake
disaster
7.24
[million people]
Overseas guests
attendance [Actual]
Theratioofoverseasguests
amongall attendance
9.9%
9
9%
3/10
Continue aiming to
attract overseas
guests
10.98
8.71
8.34
6.38
10 1% 5.2%
10.1%
5 2%
3/11
3/12
8 3%
8.3%
3/13
11 1%
11.1%
10 7%
10.7%
3/14
3/15
0.72
0.84
0.33
0.72
1.22
1.57
2 8%
2.8%
3.3%
3 3%
1 3%
1.3%
2 6%
2.6%
3 9%
3.9%
5 0%
5.0%
2020
2030
Tokyo Olympics
[Scheduled]
Overseas guests at our parks are
mainly from Asia such as China, Taiwan
Take advantage of the growth in foreign tourists visiting Japan
and respond appropriately
26
III. The Progress of 2016 Medium-Term Plan
Policy for new business investment
E
Execute
t iinvestment
t
t for
f new growth
th outside
t id the
th Maihama
M ih
area
Di ti
Direction
A business that can bring dreams, moving experiences,
happiness, and contentment by offering unprecedented value and
experiences
Description of
new business
Under the 2016 Medium-term Plan, leisure, entertainment, and
education businesses will be explored as candidates
Target for FY
3/17
To move forward our research and development of a business with the
potential to contribute to our future
f
earnings toward OLC
O C in 2023
ὉA wide range of investment methods will be examined including business alliances
and M&A, in addition to launching businesses from scratch
Investment
policy
ὉInterest-bearing debt may be used depending on the timing and size of investment
ὉSpecific investment projects will be announced when decided
Develop a business that will form a new pillar for growth
27
III. The Progress of 2016 Medium-Term Plan
By using operating cash flow for further growth,
strive to enhance corporate value
Policy:
ᵹʖेᵻ
[1] Cash
C h Di
Dividends
id d
35
35
Annual cash dividends per share
8.75
[FY]
3/5
30
25
[yen]
[y ]
11.25
13.75
15
25
[Forecast]
30
25
17.5
[Policy]
Aim for a steady payout of
cash dividends
3/6
3/7
3/8
3/9
3/10
3/11
3/12
3/13
3/14
3/15
3/16
Notes: Conducted a 4-for-1 stock split effective from April 1, 2015.
p to 3/15 are evaluated retrospectively
p
y for descriptive
p
p
p
purposes.
Dividend amounts up
[2] ROE
Changes in ROE
ROE is expected to be 12.2%
12 2% for the
fiscal year ending March 31, 2016.
Continue aiming to achieve ROE of 8%
or more.
15.2%
12.6%
13 6% 12.2%
13.6%
[Forecast]
8.7%
6.3%
[FY] 3/11
3/12
3/13
Provide stockholder returns steadily
3/14
3/15
3/16
28
Note: Following material is based on “Large-scale development plan for both parks” as we announced before.
Review of the plan is being carried out at the moment
29
[Reference]
Large-scale development plans for both parks
Tokyo Disneyland
Redevelopment
R
d
l
t off F
Fantasyland
t
l d
[renovation and expansion]
Overview
Overall redevelopment of
Fantasyland
y
with major
j attractions,
shops, restaurants and other
facilities
Themes
Consisting of multiple areas with
specific
ifi th
themes, such
h as th
the Di
Disney
films Beauty and the Beast and
Alice in Wonderland
Period of
Introduction
Area of
Development
After FY ending March 2018
The entire existing Fantasyland
[renovation] and parts of
Tomorrowland, parking, and
“backstage” areas [expansion of
site]
Note: This will nearly double the size of
th existing
the
i ti F
Fantasyland
t
l d
Tokyo DisneySea
Development of new themed port
in an extension area
Overview
Development of major attractions,
shops restaurants and other
shops,
facilities for a new themed port
Themes
Themed to Scandinavia
[i l d area where
[includes
h
th world
the
ld off
the Disney film Frozen will be
experienced]
Period of
Introduction
Area of
Development
After FY ending March 2018
Utilization of the expansion area to
the south of Lost River Delta
Note: The scale of the new themed port
will be about the same as Arabian Coast
30
©Disney
Note: These are concept images only and are subject to change.
31
ͤ ဒ΂ƸǤȡȸǸưƢŵʻࢸ‫୼٭‬ƱƳǔ‫ئ‬ӳƕƋǓLJƢ
Area themed to Beauty and the Beast in Fantasyland, Tokyo Disneyland
©Disney
Note: These are concept images only and are subject to change.
32
Area themed to Alice in Wonderland in Fantasyland, Tokyo Disneyland
©Disney
Note: These are concept images only and are subject to change.
33
Development of new themed port inspired by Scandinavia
©Disney
©Disney
Note: These are concept images only and are subject to change.
34
Tokyo Disneyland
Tokyo DisneySea
Redevelopment
of Fantasyland
Expansion Area
Area of
Redevelopment
New Themed Port
[Legends]
Dotted lines mark the expansion
sites for the large-scale
development of the Parks (including
“Backstage” areas).
©Disney
Note: These are concept images only and are subject to change.
35
[Reference]
Preparations for creating a comfortable environment at both parks
Direction
ὉEnhance the level of service to gain a high degree of guest satisfaction
Concrete examples
Consider and execute followings:
ὉRestructure
Restructure the show viewing area
ὉEnhance restaurants further
ὉMake service facilities more comfortable
ὉRestructure the IT environment
Strengthening the base for operations including support functions
Direction
ὉEnlarge
Enlarge support facilities aiming at the highest level of theme park attendance
and best Guest service
ὉCreate land for future business use by moving and reallocating support
facilities
Concrete examples
Consider and execute followings:
ὉMove
Move and enlarge the Logistics Center and Central Kitchen to company
company-owned
owned
property nearby
ὉMove part of the administration functions to company-owned property nearby
36
Concept image of enlargement and
enhancement of show viewing area
A moveable
bl stage
t
h
has b
been iinstalled
t ll d iin M
Mediterranean
dit
Harbor at Tokyo DisneySea to increase visibility of
shows and the areas from which shows can be viewed
will be expanded.
[St t d utilization
[Started
tili ti from
f
March
M h 1,
1 2015]
Concept image of parade viewing area set up
in a restaurant
U d consideration
Under
id ti ffor T
Tokyo
k Di
Disneyland
l d iis th
the
introduction of a restaurant situated on the parade route
so that Guests can leisurely enjoy dining while watching
a parade.
©Disney
Note: These are concept images only and are subject to change.
37
ᾞ῁Ᾰᾴ᾽ῃᾰΆ ᾛᾰ᾽ᾳ ᾒι.,
ᾒι ᾛῃᾳ.
ᾛῃᾳ
Investor Relations Group, Finance/Accounting Department
URL: www.olc.co.jp/en
This document includes statements about Oriental Land’s plans
plans, estimates
estimates, strategies and beliefs
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
actual performance results to differ from those discussed in the forward
forward-looking
looking statements
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 rounded. Financial figures have been truncated.
All rights reserved.