IR Presentation Material
August, 2021 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 Outline II. Growth Investments beyond FY3/22 I-I. Theme Park Business III. For Long-term Sustainable Growth I-II. Hotel Business IV. Appendix I-III. Overview
Cautionary 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. 2
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.
2 I. Business Outline Corporate Profile I. Business Outline
Corporate Data Stock Information
Established July 11, 1960 Tokyo Stock Stock Listing Code Exchange, First No. Total Assets Section 4661 ¥1,040.4 billion [consolidated] Shareholders’ Investment Unit 100 shares Equity ¥759.9 billion [consolidated] Stock Price ¥15,400 JCR : AA [Stable] Aggregate Market Bond Ratings 4 ¥5,600.8 billion R&I : AA- [Stable] Price
[As of March 31, 2021] [As of July 28, 2021] Corporate Mission Business Domain
Our mission is to create happiness and “We pursue businesses that fill your contentment by offering wonderful heart with energy and happiness” We strive to create new value in a high-value dreams and moving experiences created business for enriching and nourishing people’s hearts with original, imaginative ideas and appealing to abundant humanity and happiness
4 History and Business Description I. Business Outline
History Tokyo Disney Resort
Disney Hotels Shops and restaurants, Monorail service 1960 Oriental Land Co., Ltd. [OLC] was established [under direct provided around management] cinema complex, etc. the resort OLC and Chiba Prefecture concluded the Urayasu 1962 District Land Reclamation Agreement Disney Ambassador Reclamation work began off the coast of Urayasu Ikspiari Hotel 1964 [completed in 1975]
OLC and Walt Disney Productions [currently, Disney Tokyo Enterprises, Inc.] concluded an agreement on the Disneyland Tokyo DisneySea 1979 Hotel licensing, design, construction and operation of Tokyo Disneyland Hotel MiraCosta Tokyo Disneyland 1983 Tokyo Disneyland opened Listed on the first section of the Tokyo 1996 5 Tokyo DisneySea Stock Exchange 2000 Ikspiari and Disney Ambassador Hotel opened Disney Resort Line, Tokyo DisneySea, and Tokyo 2001 DisneySea Hotel MiraCosta opened Tokyo Disney Resort 2008 Tokyo Disneyland Hotel opened Official Hotels Milial Resort Hotels Co., Ltd. (MRH) acquired all 2013 stocks of Brighton Corporation Co., Ltd. 2016 Tokyo Disney Celebration Hotel opened The first Disney Theme The only “Sea”-themed Disney Park outside of the U.S. Theme Park in the world
Managing and operating a large scale theme resort offering versatile Entertainment facilities 5 Unique Competitive Advantage to Support Our Earnings I. Business Outline
1. Prime Locations 2. License Agreement with Disney 2046 at maximum Vast Land Holdings Period Note: When facilities open as planned, the agreement period can be extended to 2 Own approx. 2,000,000 m 2076 at maximum [approx. 500 acres] of land easily accessible from central Tokyo Activities Management and operation of Tokyo Covered Disney Resort, etc. Huge Market Payment of royalties fees based on net Consideration sales [yen basis] Approx. 30 million of high income households living within 50km [30 miles] Relationship No capital or personnel relationship radius Only OLC operates Disney Theme Parks in Japan 6 3. Human Resources with Magnificent Hospitality Ibaraki Saitama 東京 Raise the level of Raise the level of 千葉 Tokyo Guest Satisfaction Employee Satisfaction 神奈川 Chiba Kanagawa Diverse measures and education/training programs are implemented with as much focus on employee satisfaction as on Guest satisfaction Establish stable earnings base by implementing structural/non-structural strategies that capitalize on the advantageous location 6 Mechanism of Value Creation I. Business Outline
Unique competitive Value Business model advantage provided
New Hotel investment Business Segment
←Enhanced appeal increases cash flow Increasing (1) Prime Locations corporate value (2) License Agreement with “Creating Disney Theme Park 7 Enhance appeal by Happiness” (3) Human Resources Segment making additional investments on an ongoing basis →
Attract more Other Guests/Increase Business sales per Guest Segment
Deliver more happiness by making tangible and intangible investments
to increase corporate value 7 Changes in Business Results I. Business Outline
Net Sales and Operating Margin Operating Profit and Profit
Consolidated net sales [¥ billion] Consolidated operating profit [¥ billion]
Operating margin Consolidated profit attributable to owners of parent [¥ billion] 525.6 129.2 477.7 479.2 464.4 113.1 110.2 23.7% 24.6% 23.0% 96.8 20.9% 90.2 82.3 81.1 62.2
170.5 8
Influence of Influence of COVID-19 pandemic COVID-19 pandemic
3/17 3/18 3/19 3/20 3/21 [FY] 3/17 3/18 3/19 3/20 3/21 [FY]
(45.9) (27.0)% (54.1)
Our business result decreased as a result of temporary closure of 4 months
and giving utmost priority to safety and peace of mind in Park operations 8 Segment Information I. Business Outline
Breakdown by Segment and Content of Segments
Results for FY ended 3/21 Consolidated net sales ¥170.5 billion
Tokyo Disneyland Theme Park Tokyo DisneySea Segment
78.7% Tokyo Disneyland Hotel Tokyo9 DinsneySea Hotel MiraCosta Disney Ambassador Hotel Hotel Business Tokyo Disney Celebration Hotel Segment and others
Ikspiari Disney Resort Line Other Business 16.8% and others Segment 4.5%
About 80% comes from the Theme Park Segment 9 I-I. Theme Park Business Trend in Theme Park Attendance I-I. Theme Park Business
Annual Theme Park Attendance [million people] Tokyo Disney Resort Tokyo Disney Resort %: year on year Tokyo Disney Resort 25th Anniversary 30th Anniversary 35th Anniversary
Opening of Tokyo DisneySea Tokyo DisneySea Tokyo DisneySea Tokyo DisneySea 5th Anniversary 10th Anniversary 15th Anniversary
Tokyo Disneyland Tokyo Disneyland 32.56 15th Anniversary 20th Anniversary 31.30 [+8.2%] [+13.8%] 30.00 [(0.6)%] 27.22 [+7.1%] Opening of 25.47 25.82 25.35 [+2.6%] [+4.2%] [(0.1)%] Tokyo Disneyland 22.05 [+27.4%] 11
17.46 [+4.6%]
7.56 [(73.9)%] 9.93
3/84 3/99 3/02 3/04 3/07 3/093/12 3/14 3/17 3/19 3/21 [FY] Note: Attendance figures for FY 3/12 and 3/17 decreased from the previous fiscal years respectively because of the influence of earthquakes. Attendance figure for FY 3/21 decreased from the previous fiscal year due to the spread of COVID-19.
Theme Park attendance has increased driven by each anniversary event,
exceeding 30 million on a stable basis 11 Trend in Theme Park Attendance I-I. Theme Park Business
Breakdown of Guests by Region Number of Overseas Guests Overseas [million people]
6.0% 8.5% 9.8% 9.6% 10.0% 3.13 15.0% 2.95 areas in 2.90 Japan Other 27.3% 26.8% 2.55 26.6% 29.6% 27.1%
1.81 Metropolitan 85.0%
Area 66.7% 64.7% 63.6% 60.8% 62.9%
12
0
3/16 3/17 3/18 3/19 3/20 3/21 [FY] 3/16 3/17 3/18 3/19 3/20 3/21 [FY]
Metropolitan ・Largest number of Guests accounting ・Increases in tandem with the Area for approx.60% growing number of tourists visiting Overseas Japan Other areas ・Mainly Chubu and Koshinetsu regions ・More guests can be attracted from in Japan ・Tends to grow in anniversary years this category
Guests from overseas and areas other than metropolitan area
decreased due to COVID-19 12 Net Sales per Guest I-I. Theme Park Business
Net Sales per Guest and Breakdown
Ticket price revision policy [¥] Increase in Theme × Price sensitivity 13,642 Park value survey result 6,538 +Trends in demand 11,815 Ticket 11,594 11,614 11,606 Note: Take external environment including 11,257 Receipts tax hike into consideration 5,352 5,292 5,264 5,339 5,007 • Ticket receipts per Guest increase over two years since ticket price revision • Introduction of variable pricing since March 20, 2021 4,122 13 3,964 4,074 3,989 4,122 3,877 • Tend to increase in anniversary event Merchandise* years • Development of contents, such as Duffy & Friends series, lead to increase in 2,982 earnings 2,286 2,256 2,286 2,341 2,437 Food and • Stable net sales maintained regardless of Beverages 3/16 3/17 3/18 3/19 3/20 3/21 [FY] whether or not events are hold • Create more dining opportunities
Note: Each figure for net sales per Guest in FY3/21 grew for the reasons including restriction on ticket types under the limit of COVID-19 pandemic, temporary demand for merchandise, and increased dining opportunities with less waiting time for attractions.
Achieved increase in net sales per Guest based on meticulous pricing strategy 13 I-II. Hotel Business Facilities of Hotel Business I-II. Hotel Business
Disney Hotels
Disney Ambassador Tokyo DisneySea Tokyo Disneyland Tokyo Disney Hotel Hotel MiraCosta Hotel Celebration Hotel
Deluxe-type Deluxe-type Deluxe-type Value-type
504 rooms 502 rooms 706 rooms 702 rooms
・ Own four Disney Hotels [about 2,400 rooms] ・ Tokyo Disney Resort Toy Story Hotel is scheduled to launch in the 2nd half of FY3/22
・ New Disney Hotel located inside Tokyo DisneySea15 is scheduled to launch in FY3/24
Other Hotels
・ Own Brighton-brand hotels [about 600 rooms] ・ Hyatt Regency Seragaki Island Okinawa opened in August, 2018 [joint project of three companies]
Strengthen Hotel business with the growth and expansion of
Tokyo Disney Resort 15 Results for Hotel Business I-II. Hotel Business
Net sales and operating margin for Hotel Business Net sales [¥ million] Operating margin
Opening of Tokyo Disney Celebration Hotel
72,427 66,144 66,447 64,375
26.5% 24.5% 22.9% 22.1% 16 28,627
3/17 3/18 3/19 3/20 3/21 [FY]
(6.8)%
Net sales and operating profit dropped due to the temporary closure of
hotels and limited number of rooms sold 16 I-III. Overview Changes in Results I-III. Overview
Operating profit and operating margin Burdened with high depreciation and Single park era Operating margin improves Operating margin: amortization expenses/increase in costs Operating margin: approx. 20% approx. 20% Operating margin: approx. 10% [¥ billion] 24.6% 24.2% 23.7% 23.1% 23.7% 23.0% Opening of Tokyo DisneySea 20.6% 20.9% 18.4% 18.6% 14.6% 15.1% 12.0% 11.1% 11.5% 11.5% 10.4% 11.3% 9.2% 9.9% 9.1% 10.3%
129.2 114.4 110.6 113.1 107.3 110.2 96.8 81.4 66.9 Influence of 53.6 38.7 40.0 41.9 COVID-19 34.5 33.6 38.0 34.5 30.6 34.1 31.1 25.4 22.1 pandemic
3/99 3/00 3/01 3/02 3/03 3/04 3/05 3/06 3/07 3/08 3/09 3/10 3/1118 3/12 3/13 3/14 3/15 3/16 3/17 3/18 3/19 3/20 3/21 [FY]
Operating profit [¥ billion] (27.0)% Operating margin (45.9) Operating cash 26.7 22.2 23.1 50.6 66.8 64.5 61.7 59.0 59.2 58.3 67.8 72.1 65.1 74.0 87.6 107.5 106.7 109.9 120.6 118.5 128.5 101.6 (8.2) flow*1 Depreciation and 11.6 12.4 18.4 37.9 47.9 45.9 44.5 43.3 42.9 43.6 49.7 46.6 42.2 41.9 36.1 36.9 34.6 35.9 38.2 37.3 38.2 39.4 45.8 amortization*2 Capital 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 39.7 50.9 59.8 86.0 139.6 108.3 expenditures Note: The 3/99 results are unconsolidated. *1 Operating cash flow = Profit attributable to owners of parent + Depreciation and amortization *2 Depreciation and amortization costs include that of which have been transferred to non-operating expenses and extraordinary losses. Operating margin is expected to rise to a higher level after pulling through the phase of high burden of depreciation and amortization expenses 18 Results for the First Quarter of the FY Ending March 2022 I-III. Overview
FY3/21 FY3/22 Changes Changes Year-on-year comparison [¥ billion] [¥ billion] [¥ billion] [%]
Net Sales 6.1 49.8 43.6 708.2 Net sales Theme Park 5.1 39.6 34.5 674.5 Segment While Theme Park attendance and the number Hotel Business of hotel Guests were limited in order to prevent 0.1 7.9 7.8 - Segment the spread of COVID-19 during 1Q, net sales increased year on year since Tokyo Disneyland, Other Business 0.8 2.1 1.2 141.9 Tokyo DisneySea and Disney Hotels had been Segment closed temporarily during the same period of the previous fiscal year. Operating Profit (Loss) (15.6) (8.8) 6.8 - Theme Park (11.4) (7.5) 3.9 - 19 Segment Operating profit (loss) Hotel Business (3.1) (0.8) 2.3 - Segment Compared with the same period of the previous Other Business (1.0) (0.4) 0.5 - fiscal year when the Parks had been closed Segment temporarily, operating expenses increased year Ordinary Profit (Loss) (15.2) (8.2) 7.0 - on year but operating loss improved due to an increase in sales. Profit (Loss) Attributable (24.8) (6.0) 18.8 - to Owners of Parent Despite limits set on attendance, net sales grew and operating loss decreased year on year, primarily due to the low base of comparison resulting from the temporary closure of both Park in the same period of the previous fiscal year 19 Outlook for FY3/22 I-III. Overview
In view of the continued opacity of the external environment, we will disclose our forecast of results for FY3/22 when a rational forecast becomes possible.
Policy for FY3/22
Operate Parks in accordance with requests from the national and local governments Attendance Implement rigorous infection countermeasures and set limits on attendance in consideration of the health and safety of Guests and Cast Members
Continue examining ticket strategy and initiatives to turn Guest experiences into new sources of Net sales per earnings Guest Capitalize on “Tokyo DisneySea 20th: Time to Shine!” to the extent possible by rolling out related products and menu items
Personnel Review operation hours, personnel deployment, and workload in accordance with the level of expenses attendance, while ensuring Guest satisfaction
Costs required for increasing Guests’ experience 20value and net sales are expected to rise from the same period of the previous fiscal year Miscellaneous e.g., costs related to sales promotion activities, special events, and entertainment programs costs Maintain costs at the same level as in the same period of the previous fiscal year for activities other than the above
Capital expenditure and depreciation and amortization expenses are projected to be around ¥130 billion Capex and ¥45 billion, respectively DP Keep investments under rigorous control and minimize the increase
Our policy to aim for steady cash dividends remains unchanged, but our annual dividend per share is Dividend yet to be determined
While continuing to keep a close eye on the external environment, we will swiftly implement a number of measures in preparation for every eventuality we may face 20 State of Financing I-III. Overview
Changes in capital resources*1 and liquidity Line of credit Corporate bonds [unissued] Cash and securities [include corporate bonds of ¥30 billion issued in Mar. 2015 and ¥100 billion issued in Sep. 2020] Cash and securities [corporate bonds issued in Jan. 2019] Rough plan of [¥ billion] capital allocation Earthquake risk financing 716 736 Complementary working 680 capital for use until 641 recovery 200 200 535 200 Continued growth 200 investments 431 100 100 ・ Tokyo Disney Resort Toy 200 100 Story Hotel [approx. ¥31.5 216 100 billion] ・ Tokyo DisneySea Large- 231 Issuance of corporate 236 180 135 bonds [¥100 billion] 141 Scale Expansion Project [approx. ¥250 billion] 50 50 50 50 5021 50 Working capital 150 150 150 150 150 150 Capital set aside for End of 3/20 End of 6/20 End of 9/20 End of 12/20 End of 3/21 End of 6/21 earthquake risks
Amount registered on consolidated 281 185 266 286 230 191 balance sheet*2 Issue of corporate bond Issued 50billion yen of 100billion unissued corporate bond for continued *1 Include corporate bonds [unissued] growth investments and complementary working capital and line of credit *2 Total of cash and deposits and securities Secured necessary capital resources to acquire immediately available working capital and funds for medium- and long-term growth 21 II. Growth Investments beyond FY3/22 Tokyo Disney Resort Toy Story Hotel II. Growth Investments beyond FY3/22
Owner: Oriental Land Co., Ltd. Management Management/Operations: Milial Resort Form Hotels Co., Ltd. [100% subsidiary of Oriental Land Co., Ltd.] Start of 2nd half of FY3/22 [scheduled] Business 23 Floor Space About 40,000㎡ [hotel building only]
Number of 595 Rooms [11 floors above ground, 1 basement] Tokyo Disney Resort Toy Story Hotel FY 3/22, Approx. ¥31.5 billion ・Restaurant Facilities ・Disney shop ・Flat and multistory parking lots, etc.
Capital Approx. ¥31.5 billion Investment
Note: This is not an exact representation of the development site. Category Moderate type
©Disney/Pixar 23 II. Growth Investments beyond FY3/22 Tokyo DisneySea Large-Scale Expansion Project
Tokyo Disneyland
Tokyo DisneySea
Tokyo DisneySea Large-Scale Expansion Project Development Site FY 3/24, Approx. ¥250 billion
Note: This is not an exact representation of the development site
Area About 100,000m2 [about 140,000m2 including24 backstage area]
Opening FY 3/24 [scheduled] Themes of the Frozen 1 attraction, 1 restaurant areas and the Tangled 1 attraction, 1 restaurant number of facilities Peter Pan 2 attractions, 1 restaurant Investment effect Effectiveness of Investment amount ・Boost-up effect on net sales by ¥50 billion annually investment Approx. ¥250 billion ・Consolidated net sales are expected to reach the range of mid-¥500 billion to the high-¥500 billion ©Disney
Composed of three areas, four attractions, and a hotel 24 Disney Hotel Categories II. Growth Investments beyond FY3/22
Tokyo Disneyland Hotel
25 Tokyo DisneySea Tokyo Disney Hotel MiraCosta New Disney Hotel located Celebration Hotel Tokyo Disney Resort Toy Story Hotel inside the Park Note: Artist concept only [475 rooms, 2 restaurants, etc.] Note: Artist concept only
Disney Ambassador Hotel
Value Type Moderate Type Deluxe Type Luxury Type
©Disney/Pixar
Provide more options for Guest demands 25 Policy for Long-term Growth II. Growth Investments beyond FY3/22
Further boost the level of net sales with contin26 ued large-scale investment
・ Establishment of Oriental Land Innovations ・ Regardless of the establishment of new company, we will continue on the research on the business field expected to grow, and widely consider to New Business contribute to persistent growth of the OLC group ・ Plans for the new business aimed at growing it into single business segment will be considered in ways that are not by specific timeframe
Broader investigation for further development
Formulate policy from a long-term perspective and realize plans
by taking the internal/external environment into consideration 26 III. For Long-term Sustainable Growth III. For Long-term Sustainable Growth For Long-term Sustainable Growth [e.g., ESG]
Strategy Roadmap
Address global environmental and social issues as an integral part of our management and business strategies to aim for more sustainable management
ESG project team launched [Nov. 2020] Contribute to achieving the SDGs
28
2020 Medium-term Preparation Next Medium-term Plan period Plan
Apr. 2017 Apr. 2021 Apr. 2022 [tentative]
Establish strategies to contribute to a sustainable society and achieve profit
growth as a corporation, and plan to announce them in the spring of 2022 28 III. For Long-term Sustainable Growth For Long-term Sustainable Growth [e.g., ESG] Recognition of Environmental Change Issues recognized prior to the COVID-19 pandemic Strategies so far Risks [1] Continuously make large-scale investments to generate value to motivate Surging development/construction costs Park visits [2] Secure a large volume of Guests to sustain the apparatus industry Decrease in total population [3] Secure a sufficient number of employees to attend to the large volume of Decrease in working-age population Guests [4] Make concentrated investments in the Maihama area Climate change/natural disasters + Recognition gained through COVID-19 pandemic
・Value of happiness brought about by person-to-person interactions ・Diversified perspectives on leisure activities resulting from altered awareness of the 3 Cs [Closed spaces; Crowded places; Close-contact settings] 29 Future Direction of Businesses
Evolve business operations to offer options that more closely cater to Guest needs; Improve our capacity to Existing address fluctuations in demand to enhance the added value of the Tokyo Disney Resort as a whole
businesses E.g., Enhance Guest E.g., Leverage innovation engagement
Take on the challenge of establishing new businesses that help us resolve issues and enhance values in our New core business, and provide us with growth opportunities
businesses E.g., Help children gain E.g., Labor saving; flexible E.g., Measures against heat and experience staffing; manpower saving cold; energy consumption
Consider addressing ESG issues as an integral part of management
and business strategies 29 III. For Long-term Sustainable Growth E Environmental Materiality [Updates on Discussions]
Quantitative target/ Target SDG to Materiality Direction of measures What we aim to be Indicator (KPI) Target status FY contribute to
change and natural disasterschange and climate address Measures to 40% reduction from Contribute to achieving 2030 Contribute to achieving a decarbonized society by Amount of FY 3/19 level a decarbonized society reducing greenhouse gas greenhouse gas [Mitigate climate change] emissions and mitigating emissions climate change Net zero emissions 2050
What we aim to be Strengthen resilience [Adaptation to climate Identify risks posed by natural disasters and rising temperatures stemming from change] climate change and consider measures to strengthen the resilience of facilities and manuals
・Adopt resource-saving products/services and easily reusable/recyclable resources, engineering Adopt resource-saving and design with the aim of contributing to achieving a circulation-type society products/services and ・While pursuing conventional recycling projects, focus on new solutions to help increase the reduce waste 30 circulation-type society promote Measures to recycling rate and achieve resource sustainability Use sustainable Give preference to resources that promote sustainability with the aim of contributing to resource resources sustainability Make effective use of Strive to reduce water intake and promote wastewater recycling with the aim of contributing to water water resources resource sustainability ・Strive to reduce the amount of chemical substances used and implement proper management thereof to alleviate environmental impact, thereby contributing to forming symbiotic relations Contribute to forming with nature symbiotic relations with ・Strive to reduce the amount of air pollutant emissions to alleviate environmental impact, thereby nature contributing to forming symbiotic relations with nature ・Strive to preserve biodiversity in the local communities in which we engage in business, thereby contributing to forming symbiotic relations with nature
Promptly strengthen measures to address environmental issues
that exert prominent impacts on society at large 30 III. For Long-term Sustainable Growth S G Social and Governance Materiality [Updates on Discussions]
S Society Materiality Direction of measures Foster HR with spontaneous creativity Employees Promote HR diversity Provide a fulfilling workplace environment
Children Help children achieve their hopes and dreams
Respond to changes in social and Guest needs based on Diversity & Inclusion employees’ diverse values Implement systematic measures to respect human rights
Supply chain management Promote sustainability31 and collaboration across supply chains
G Governance
Materiality Direction of measures Fairness in business Fair decision-making management Achieve relationships of trust and collaboration with stakeholders Stakeholder engagement based on open dialogues
To be determined based on stakeholder engagement and further discussions 31 IV. Appendix Using Digital Technology to Enjoy the Park IV. Appendix
Before visiting • Purchase Park ticket • Make restaurant booking if venue accepts reservations [reservations Tokyo Disney Resort App can also be made on day of visit and at restaurant] 12 million downloads • Check digital Park map/waiting times/facility information achieved • Check products sold at Parks (as of May 2021) • Online hotel check-in
After entry • Obtain Disney FASTPASS* • Online shopping [transactions can be made until 23:30 on day of visit] • Show/parade-viewing lottery* 33 Digital Park map • View/purchase photos taken at Parks [“Disney Photo”] • Electronic money accepted *Services currently suspended due to COVID-19 pandemic
Measures currently taken against COVID-19 pandemic
• Expanded shopping service via official app Tokyo Disney Resort • Introduced Standby Pass and Entry Request system Shopping service ©Disney Promote utilization of digital technology to enrich
Park experience of each Guest 33 Oriental Land Co., Ltd. Investor Relations Group, Finance/Accounting Department URL: www.olc.co.jp/en