オリエンタルランド（4661） – Results for the Third Quarter of the Fiscal Year Ending March 2022

Results for the Third Quarter ofthe Fiscal Year Ending March 2022January 28, 2022Oriental Land Co., Ltd.Contents of Presentation for Financial Result BriefingI. Financial ResultsII. Upward Revision of Forecast22I. Financial Results1. Park Operations during the Third Quarter of FY3/22Oct.Nov.Dec.Limit on attendanceSocial distancing secured in line with the Amusement Park and Theme Park New Coronavirus Infection Containment Guidelines** Hereafter “Guidelines”Oct. 1‒24Limit based on Chiba prefectural government’s phased mitigation measuresOct. 25‒Dec. 31Gradually increased attendance levels to the extent possible while ensuring social distancing in line with the GuidelinesSep. 15‒Oct. 31Halloween atTokyo Disney ResortNov. 9‒Dec. 25Christmas at Tokyo Disney ResortEvents/ProgramsSep. 4, 2021‒Sep. 3, 2022 Anniversary eventTokyo DisneySea 20th: “Time to Shine!”4TopicsResumed programs“Tokyo Disneyland Electrical Parade Dreamlights” at Tokyo Disneyland“Disney Light the Night” fireworks at Tokyo Disneyland and Tokyo DisneySeaNew initiativesTicket pricing was changed from two-tiered to four-tiered pricingTokyo Disneyland “Halloween Morning Passport” [13,000 yen]Resumed sales of Early Entry Tickets [3,000 yen] on a trial basisGradually resumed initiatives that contributed to increasing experience value and net sales in line with eased limits on attendance42. Results for First Nine Months of FY3/22 vs. FY3/21[¥ billion]5Net sales increased and operating loss decreased, primarily due to the temporary closure of our Parks in the 1Q of FY3/215FY3/21 Results[Cumulative 3Q]FY3/22 Results[Cumulative 3Q]ChangeChange137.1 190.3 53.1 38.8% Theme Park Segment109.1 149.0 39.8 36.5% Hotel Business Segment22.1 34.3 12.1 55.0% Other Business Segment5.7 6.9 1.1 19.9% (19.8) (1.6) 18.2 – Theme Park Segment(18.3) (5.1) 13.2 – Hotel Business Segment(0.3) 4.3 4.6 – Other Business Segment(1.2) (1.0) 0.1 -(21.8) (0.0) 21.8 -13.3 – (13.3) -(35.1) (0.0) 35.1 -(28.7) (1.1) 27.5 -Consolidated Statement of Income Net Sales Operating Profit (Loss) Ordinary Profit (Loss) Extraordinary Losses Profit (Loss) before Income Taxes Profit (Loss) Attributable to Owners of Parent3. Results for 3Q of FY3/22 vs. FY3/21[¥ billion]6Net sales and operating profit increased for the third quarter6FY3/21 Results[3Q]FY3/22 Results[3Q]ChangeChange77.9 92.7 14.7 19.0% Theme Park Segment61.3 73.8 12.5 20.5% Hotel Business Segment13.9 16.3 2.3 16.6% Other Business Segment2.6 2.5 (0.0) (3.0%) 4.3 17.7 13.4 309.4% Theme Park Segment0.9 12.9 12.0 – Hotel Business Segment3.2 4.8 1.5 46.3% Other Business Segment0.0 (0.0) (0.1) -2.8 18.5 15.6 542.1% 2.8 18.5 15.6 542.2% 1.3 13.0 11.6 853.8% Consolidated Statement of Income Net Sales Operating Profit (Loss) Ordinary Profit (Loss) Profit (Loss) before Income Taxes Profit (Loss) Attributable to Owners of Parent3. Results for 3Q of FY3/22 vs. FY3/21 － Main Reasons for Change[¥ billion][¥ billion](0.6)1.7Increase in net salesIncrease in attendance and net sales per GuestIncrease in operating profitIncrease in net salesDecrease in merchandise andfood/beverages cost ratioDecrease in personnel expensesYoY difference in receipt of employment adjustment subsidy*Decrease in personnel expenses for part-time employeesOther costs1.01.20.70.7(0.2)Increase in miscellaneous costsDecrease in depreciation and amortization expenses7Decrease due to change in depreciation method, etc.Note: Increase in costs is expressed by figures in parentheses, which show by how much operating profit decreased.* The employment adjustment subsidy received [or expected to be received] is deducted from operating expenses.Net sales and operating profit grew year on year due toincreases in attendance and net sales per Guest7FY3/21 Results[3Q]FY3/22 Results[3Q]ChangeChange61.3 73.8 12.5 20.5% 0.9 12.9 12.0 -Theme Park Segment Net Sales Operating Profit (Loss)3. Results for 3Q of FY3/22 vs. FY3/21 － Main Reasons for Change[¥ billion][¥ billion]Increase in net sales・Increase in accommodation revenue resulting from a rise in the number of rooms soldIncrease in operating profit・Increase in net salesNet sales and operating profit increased due to a rise in accommodation revenue resulting from an increase in the number of rooms sold8Decrease in net sales・Net sales for the Ikspiari business decreased due to a fall in cinema-related revenue.・Net sales for the Monorail business increased due to a rise in the number of passengers.Operating loss was incurred・Decrease in net sales, etc.Results remained roughly the same due to a decrease in net sales for the Ikspiari business, which offset a rise in net sales for the Monorail business8FY3/21 Results[3Q]FY3/22 Results[3Q]ChangeChange2.6 2.5 (0.0) (3.0%) 0.0 (0.0) (0.1) – Net Sales Operating Profit (Loss)Other Business SegmentFY3/21 Results[3Q]FY3/22 Results[3Q]ChangeChange13.9 16.3 2.3 16.6% Disney Hotels12.5 14.8 2.3 18.9% Other Hotels1.4 1.4 (0.0) (3.1%) 3.2 4.8 1.5 46.3% Operating Profit (Loss) Net SalesHotel Business Segment4. Results for First Nine Months of FY3/22 vs. Forecast Announced in Oct. 2021Limits on AttendancePrecondition for forecast of financial resultsOct.Nov.Oct. 1‒Nov. 30Dec.Dec. 1‒Daily attendance of 10,000 per ParkGradually eased the limits on attendanceOct. 1‒24Oct. 25‒Actual operationsDaily attendance of 10,000 per ParkThe limits on attendance were gradually eased from Oct. 25Net sales and operating profit exceeded their forecasts due to Theme Park attendance significantly exceeding the projected level9II. Upward Revision of Forecast1. Upward Revision to Forecast for Full FY3/22 － PreconditionThe full FY3/22 forecast has been revised upward as a result of the significantly better-than-expected 3Q results in comparison with the original forecast announced in October 2021The revision is preconditioned on ongoing measures being taken in line with the Guidelines below during the 4QAmusement Park and Theme Park New Coronavirus Infection Containment Guidelines[Revised October 5, 2021]Precondition for original forecast announced in October 2021• Certain restrictions will be continued, including social distancing based on the GuidelinesPrecondition for revised forecast• Certain restrictions will be continued, 11including social distancing based on the Guidelines• Attendance will be limited in response to the quasi-state of emergency declared on January 21, 2022 and the request for cooperation from the Chiba prefectural governmentDue to the change in the precondition as shown above, attendance in the 4Q is expected to fall short of the original forecast announced in October 2021Despite the declaration of a quasi-state of emergency, the full fiscal year forecast has been revised upward due to the significantly better-than-expected 3Q results compared with the October forecast112. Revised Forecast for Full FY3/22 vs. Results for FY3/21 vs. Original Forecast Announced in Oct. 2021[¥ billion]Net sales are expected to increase and operating loss to decreasefor the full FY3/2212FY3/22Revised ForecastFY3/21 ResultsChangeChangeFY3/22Original ForecastChangeChange261.9 170.5 91.3 53.6% 239.0 22.9 9.6% Theme Park Segment206.0 134.2 71.7 53.4% 185.4 20.6 11.1% Hotel Business Segment46.3 28.6 17.7 62.0% 43.8 2.5 5.8% Other Business Segment9.4 7.6 1.8 23.8% 9.7 (0.2) (2.6%) (7.6) (45.9) 38.3 -(24.2) 16.6 – Theme Park Segment(11.4) (41.9) 30.5 -(25.1) 13.6 – Hotel Business Segment4.9 (1.9) 6.9 -2.4 2.5 104.7% Other Business Segment(1.5) (2.3) 0.8 -(1.8) 0.3 -(6.2) (49.2) 42.9 -(22.8) 16.6 — 18.5 (18.5) — – -(6.2) (67.8) 61.5 -(22.8) 16.6 -(5.8) (54.1) 48.3 -(17.5) 11.6 -FY3/22Revised ForecastFY3/21 ResultsChangeChangeFY3/22Original ForecastChangeChange11.50 7.56 3.94 52.1% 10.50 1.00 9.5% 14,637 13,642 995 7.3% 14,205 432 3.0% Ticket Receipts [\]7,023 6,538 485 7.4% 6,974 49 0.7% Merchandise [\]4,468 4,122 346 8.4% 4,165 303 7.3% Food and Beverages [\]3,146 2,982 164 5.5% 3,066 80 2.6% Net Sales per Guest [\] Profit (Loss) before Income Taxes Profit (Loss) Attributable to Owners of Parent Attendance [million people]Theme Park Information Ordinary Profit (Loss) Extraordinary LossesConsolidated Statement of Income Net Sales Operating Profit (Loss)2. Revised Forecast for FY3/22 vs. Original Forecast Announced in Oct. 2021 — Main Reasons for ChangeUpward revision to forecast of attendanceUpward revision to forecast of net sales per Guest・3Q: Increase due to eased attendance limit・4Q: Decrease due to declaration of a quasi-state of emergency, etc.・Forecast for ticket receipts remains roughlythe same・Increase in merchandise revenueー Increased revenue from regular productsー Decreased revenue from food products, etc.・Increase in food and beverages revenueー Increase in dining opportunities due to extended Park operation hoursー Increased revenue from food souvenir itemsNet sales are expected to exceed the original forecast as a result of attendance and net sales per Guest far outperforming the projected figures13FY3/22Original ForecastFY3/22Revised ForecastChangeChange185.4 206.0 20.6 11.1% 10.50 11.50 1.00 9.5% 14,205 14,637 432 3.0% Ticket Receipts [\]6,974 7,023 49 0.7% Merchandise [\]4,165 4,468 303 7.3% Food and Beverages [\]3,066 3,146 80 2.6% Attendance [million people] Net Sales per Guest [\]Theme Park Segment [1] Net Sales [\ billion]2. Revised Forecast for FY3/22 vs. Original Forecast Announced in Oct. 2021 — Main Reasons for Change[¥ billion][¥ billion]Increase in personnel expensesApprox. (1.0)Note: The forecast of depreciation and amortization expenses remains roughly the same.Approx. 2.0Increase in miscellaneous costsApprox. (0.5)Decrease in forecast of operating loss Increase in net salesDecrease in merchandise and food/beverages cost ratioYoY difference in receipt of employment adjustment subsidy*Approx. (0.5)Increase in personnel expenses for part-time employeesApprox. (0.5)Note: Increase in costs is expressed by figures in parentheses, which show by how much operating loss increased.* The employment adjustment subsidy received [or expected to be received] is deducted from operating expenses.Operating loss is expected to decrease due to an increase in net sales14FY3/22Original ForecastFY3/22Revised ForecastChangeChange185.4 206.0 20.6 11.1% (25.1) (11.4) 13.6 – Operating Profit (Loss)Theme Park Segment [2] Net Sales2. Revised Forecast for FY3/22 vs. Original Forecast Announced in Oct. 2021 — Main Reasons for ChangeUpward revision to net salesUpward revision to operating profit・ Increase in accommodation revenue due to a ・Increase in net salesrise in the number of rooms soldThe higher-than-expected number of rooms sold resulted in an upwardrevision to net sales and operating profit from the original forecast[¥ billion][¥ billion]Net sales are expected to fall short of the original forecast, but operating loss is projected to be less as a result of cost reduction15FY3/22Original ForecastFY3/22Revised ForecastChangeChange9.7 9.4 (0.2) (2.6%) (1.8) (1.5) 0.3 – Operating Profit (Loss)Other Business Segment Net SalesFY3/22Original ForecastFY3/22Revised ForecastChangeChange43.8 46.3 2.5 5.8% Disney Hotels40.1 42.8 2.6 6.7% Other Hotels3.7 3.5 (0.1) (4.2%) 2.4 4.9 2.5 104.7% Operating Profit (Loss)Hotel Business Segment Net SalesAppendixResults for First Nine Months of FY3/22 vs. FY3/21 — Main Reasons for Change[¥ billion]Theme Park InformationYoY comparisonMain reasons for changeAttendanceNet sales per GuestIncreasedIncreasedIncrease resulting from a certain period of temporary Park closure in the same period of the previous fiscal yearTicket receiptsIncreasedMerchandiseIncreasedFood and beveragesIncreased・Increase due to price revision for Fixed Date Time Passport・Increase due to growth in the composition of high-priced tickets resulting from the introduction of variable ticket pricing・Increase in Duffy-related products・Increase in products related to Tokyo DisneySea 20thAnniversary・Increase in menus related to Tokyo DisneySea 20th Anniversary・Increase due to strong demand for food souvenir itemsNet sales increased YoY mainly due to the temporary Park closure in the 1Q of FY3/21, and both attendance and net sales per Guest increased YoY17FY3/21 Results[Cumulative 3Q]FY3/22 Results[Cumulative 3Q]ChangeChange109.1 149.0 39.8 36.5% Theme Park Segment [1] Net SalesResults for First Nine Months of FY3/22 vs. FY3/21 — Main Reasons for Change[¥ billion][¥ billion](1.6)(3.2)0.60.9(6.9)(7.2)0.2Decrease in operating lossIncrease in net salesIncrease in miscellaneous costsDecrease in merchandise and food/beverages cost ratioIncrease in personnel expensesTransfer to extraordinary loss in FY3/21YoY difference in receipt of employment adjustment subsidy*Increase in personnel expenses for full-time employeesDecrease in personnel expenses for part-time employeesOther2.4(7.5)(10.6)2.3(2.0)3.0(0.2)Transfer to extraordinary loss in FY3/21Decrease in maintenance costsIncrease in depreciation and amortization expensesTransfer to extraordinary loss in FY3/21OtherOtherNote: Increase in costs is expressed by figures in parentheses, which show by how much operating loss increased.* The employment adjustment subsidy excluding the portion received [or expected to be received] due to the temporary closure is deducted from operating expenses.Various expenses increased YoY due to a transfer of costs to extraordinary loss in FY3/21, but operating loss decreased YoY due to an rise in net sales18FY3/21 Results[Cumulative 3Q]FY3/22 Results[Cumulative 3Q]ChangeChange109.1 149.0 39.8 36.5% (18.3) (5.1) 13.2 -Theme Park Segment [2] Net Sales Operating Profit (Loss)Results for First Nine Months of FY3/22 vs. FY3/21 — Main Reasons for Change[¥ billion][¥ billion]Increase in net sales・Increase in accommodation revenue due to a certain period of temporary closure in FY3/21Increase in operating profit・Increase in net sales・Increase in personnel expenses [¥(3.2 billion)] ーTransfer to extraordinary loss in FY3/21・Increase in depreciation and amortization expenses [¥(0.6 billion)] ーTransfer to extraordinary loss in FY3/21Note: Increase in costs is expressed by figures in parentheses, which show by how much operating profit decreased.Net sales increased year on year and an operating profit was registered due to a certain period of temporary closure in the previous fiscal yearIncrease in net sales・Net sales for the Ikspiari business increased due to a certain period of temporary closure in FY3/21・Net sales for the Monorail business increased due to a certain period of temporary closure in FY3/21Decrease in operating loss・Increase in net sales, etc.Operating loss decreased due to a rise in net sales for the Ikspiari business 19FY3/21 Results[Cumulative 3Q]FY3/22 Results[Cumulative 3Q]ChangeChange5.7 6.9 1.1 19.9% (1.2) (1.0) 0.1 – Net Sales Operating Profit (Loss)Other Business SegmentFY3/21 Results[Cumulative 3Q]FY3/22 Results[Cumulative 3Q]ChangeChange22.1 34.3 12.1 55.0% Disney Hotels19.8 31.5 11.7 59.5% Other Hotels2.3 2.7 0.3 16.8% (0.3) 4.3 4.6 – Operating Profit (Loss) Net SalesHotel Business SegmentTheme Parks Event CalendarJan.Mar.2022Feb.Jan. 1‒16 ProgramJan. 18‒Mar. 30 Special eventTokyo Disney Resort “Totally Minnie Mouse”New Year’s Program at Tokyo Disney ResortEvents/ProgramsSep. 4, 2021‒Sep. 3, 2022 Anniversary eventTokyo DisneySea 20th: “Time to Shine!”TopicsJan. 5‒Changed ticket sales schedule [Tickets for admissions two months ahead are now sold on a daily basis]Jan. 6‒Mar. 30Tower of Terror “Unlimited“ offered on a limited time basisSpecial events and initiatives offered while securing safety andpeace of mind at the same time20State of FinancingCapital resources*1 and liquidityLine of creditCorporate bonds [unissued]Cash and securitiesCash and securities[include corporate bonds of ¥30 billion issued in Mar. 2015, ¥100 billion issued in Sep. 2020 and ¥50 billion issued in Sep. 2021][corporate bonds issued in Jan. 2019]Earthquake risk financing[¥ billion]71620010021650150Issuance of corporate bonds[¥100 billion]736200100236501505352001355015043123150150680200100180501506412001001415015060920050159Issuance of corporate bonds[¥50 billion]501505391005018950150Amount registered on consolidatedbalance sheet*2Issuance of corporate bonds[Jan. 20, 2022]3/206/209/2012/203/216/219/2112/21281185266286230191209239and line of creditOf unissued corporate bonds in the amount of 50 billion yen, we issued 30 billion yen in corporate bonds to fund capital investmentRough plan ofcapital allocationComplementary working capital for use until recoveryContinued growth investmentsWorking capitalCapital set aside for earthquake risks*1 Include corporate bonds [unissued]*2 Total of cash and deposits andsecurities21Maximum Attendance, Park Operation Hours, and Ticket Prices during FY3/21FY3/211ＱFY3/212QFY3/213QFY3/214QApr.-Jun.Jul.Aug.Sep.Oct.Nov.Dec.Jan.Feb.Mar.Jul. 1‒Oct. 30Oct. 31‒Jan. 11Jan. 12‒Mar. 18Attendance limited in compliance with the Amusement Park and Theme Park New Coronavirus Infection Containment Guidelines[50% of capacity at maximum, social distancing of at least 2 m]Parks operated in line with the easing of the Guidelines[100% of capacity at maximum, social distancing of at least 1 m]Attendance limited to 5,000 per Park in view of the declaration of a state of emergency issued by the national government and requests from local municipalitiesJul. 1‒Aug. 318:00‒20:00Temporary closureMar. 19‒31As the state of emergency was lifted, the limit was eased to 10,000 per ParkSep. 1‒Jan. 722Jan. 12‒Feb. 12Feb. 13‒Mar. 319:00‒21:009:00‒19:0010:00‒19:00Jan. 8‒Jan. 119:00‒20:00 in view of requests from local municipalities to cooperateAdmission from Jul. 1 to Oct. 30Admission from Oct. 31 to Jan. 111 Day11:00‒14:00‒¥8,200 ¥7,300 ¥6,300 1 Day10:30‒12:00‒¥8,200 ¥7,700 ¥7,300 Admission from Jan. 12 to Mar. 191 Day¥8,200 1 DayAdmission from Mar. 20 to Apr. 19¥8,200/¥8,700¥7,700/¥8,200¥7,300/¥7,70010:30‒12:00‒★Variable pricing introduced22AttendanceOperationhours [for one adult]Ticket pricesＯｒｉｅｎｔａｌ Ｌａｎｄ Ｃｏ., Ｌｔｄ.Investor Relations Group, Finance/Accounting Department URL: www.olc.co.jp/enCautionary Statement:The purpose of this document is to provide information on the operating results and future management strategies of the OLC Group, and not to solicit investment in securities issued by the Company.The data disclosed in this document are based on the judgments and available information as of the date of publication.The OLC Group’s business is sensitive to factors such as customer preferences, and social and economic conditions, and therefore the forecasts and outlook presented in this document contain uncertainties.Theme Park attendance figures have been rounded, and financial figures have been truncated.Please refrain from reprinting this document.