| A message to stockholders and investors from Kyoichiro Uenishi, Representative Director, President and COO of Oriental Land Co., Ltd. |
With some attractive developments, results for the first half of the current fiscal year ending March 31, 2010 showed strong performance in line with our plans
Greetings to all stockholders and investors of the OLC Group.
I am pleased to report that our results for the first six months of the fiscal year ending March 2010 were strong, in line with our projections. I would like to express our sincere appreciation to our guests, stockholders, investors and other stakeholders for their continued support.
Although results fell short of projections in the first quarter due to unfavorable weather conditions and the influenza A (H1N1) virus, in the second quarter we showed robust performance that exceeded our targets, mainly due to the high popularity of the "Disney's Halloween" event at Tokyo Disneyland and Tokyo DisneySea.
To add fresh appeal to our offerings, we have unveiled new attractions at our two theme parks this fiscal year. Further new attractions are planned to be added during and after the next fiscal year. Going forward, we will continue to generate "New Value," not only in terms of attractions and other tangible aspects, but also in more subtle ways, such as enhanced hospitality by our cast.
Looking ahead to the next 10 to 20 years
This fiscal year marks the third year in our medium-term management plan, "Innovate OLC 2010." To date, we have made solid progress in achieving steady growth for Tokyo Disney Resort, thereby substantially increasing our free cash flows. In terms of stockholder returns, in line with our target dividend payout ratio of 35% or higher, we plan to increase this year's annual dividend.
Although we revised our forecasts for net sales and operating income by segment for the current fiscal year ending March 31, 2010, our forecasts for operating income, ordinary income and net income have not changed. In addition, our forecasts for the next fiscal year (ending March 31, 2011) remain unchanged from our forecasts announced in May 2009 and operating income is expected to increase.
While continuing to generate "New Value," we will be looking 10 to 20 years down the road as we continue to grow Tokyo Disney Resort and establish new businesses. In May 2010, we will announce our next medium-term management plan targeting the period through to the fiscal year ending March 2014.
We look forward to exceeding your expectations of the OLC Group.
November 2009
Kyoichiro Uenishi
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