A message to shareholders and investors from Kenji Yoshida, Representative Director, President and COO of Oriental Land Co., Ltd.

Kenji Yoshida, President and COO

Biography

April 1984

Joined Oriental Land Co., Ltd.  

July 2006

Director of Food Purchase Department, Food Division

January 2010

Director of Finance/Accounting Department

April 2015

Officer, Director of Finance/Accounting Department

April 2017

Officer, Director of Food Division

April 2019

Executive Officer, Director of Food Division

April 2020

Executive Officer, Director of Food Division, Director of Theme Port No. 8 Enhancement Division

July 2021

Representative Director, President and COO (currently)

To Shareholders and Investors

Higher net sales and operating profit achieved due to increases in Theme Park attendance and net sales per guest

During the fiscal year ended March 2023, the OLC Group operated both Parks with the limits on attendance numbers eased in phases in response to the relaxation of the Amusement Park and Theme Park New Coronavirus Infection Containment Guidelines. While leisure demand showed a recovery trend driven by measures taken by the Japanese government and municipalities to stimulate tourism, we rolled out various special events at both Parks and the new nighttime entertainment “Believe! Sea of Dreams” at Tokyo DisneySea, which allowed us to maintain a strong level of attendance and welcome a total of 22.08 million guests.

 

In addition, in line with guests’ needs, we newly introduced Disney Premier Access, a fee-based service that allows guests to shorten their waiting time by designating in advance the time they wish to enjoy an attraction or an entertainment program. Furthermore, we also launched products related to LinaBell, a new character in the Duffy and Friends line offered at Tokyo DisneySea, which enjoyed strong demand. As a result of these factors, among others, net sales per guest increased year on year, and so did net sales and operating profit compared with the previous fiscal year.

 

I extend my heartfelt gratitude to all the stakeholders sustaining our Group, including our guests, shareholders and investors, for their support, without which we could never have achieved this successful outcome.

Progress of 2024 Medium-term Plan

We announced our 2024 Medium-term Plan in April 2022, under which we have been engaging in a process of trial and error over the past year to achieve the upheld goals of enhancing guests’ experience value and restoring financial performance.

 

In our efforts to enhance guests’ experience value, we introduced and expanded Disney Premier Access to offer experience options catered to the needs of each guest, while continuing to operate variable pricing to further even out attendance. Seeking to ensure that Tokyo Disney Resort remains a sustainable business, we intend to boost the level of annual attendance by leveling out attendance to a greater degree through variable pricing and will work hard to create a Park environment where guests’ satisfaction can be maximized.

 

With regard to our efforts on restoring our financial performance, we have been transforming our business structure so that high earnings can be achieved even with attendance lower than the pre-COVID level, which has enabled us to achieve our financial targets for the fiscal year ending March 2025 ahead of schedule. The targets, therefore, are currently being reconsidered in view of the recent business environment and our opening strategy pertaining to Tokyo DisneySea Fantasy Springs. We are doing our best to announce our revised targets at the earliest possible stage.

 

Fantasy Springs will open in the first quarter of the fiscal year ending March 2025, and construction work is progressing steadily as scheduled. I am convinced that the area will surpass your expectations, and look forward to presenting it to you when it is completed.
 

Investment in human capital

In the fiscal year ended March 2023, we started implementing a variety of measures to invest in human capital, such as making lump-sum gratitude payments, revising employee compensation and introducing a stock provision trust (J-ESOP). In addition, we are also renovating our backstage facilities to improve the working environment for our employees. People are the most important assets in our business and a source of our competitive advantage. With the aim of further elevating the virtuous cycle of employees’ job satisfaction and guests’ happiness to a higher level, we will place human capital investment at the top of our list of priorities and achieve long-term sustainable growth.

Tokyo Disney Resort 40th Anniversary “Dream-Go-Round” underway in fiscal year ending March 2024

Since April 15, 2023, Tokyo Disney Resort 40th Anniversary “Dream-Go-Round” has been underway as an anniversary event at Tokyo Disney Resort. It features the “Disney Harmony in Color” daytime parade at Tokyo Disneyland and the “Let’s Celebrate with Color” water greeting at Tokyo DisneySea, as well as a host of other fascinating contents to be rolled out throughout the celebratory year. Moreover, with more overseas guests expected to visit our Parks on the back of a recovery in the number of tourists visiting Japan, we expect the fiscal year ending March 2024 to again see year-on-year increases in net sales and operating profit.

 

The OLC Group will continue growing with the aim of delivering the greatest happiness to guests visiting Tokyo Disney Resort. We ask that you continue to support us as we endeavor to achieve long-term sustainable growth.
 

April 2023

Kenji Yoshida, President and COO