Consolidated Financial Statements for the Second Quarter of
the Fiscal Year Ending March 31, 2020 (Japanese accounting standards)
October 30, 2019
These financial statements have been prepared for reference only in accordance with accounting principles and practices generally accepted in Japan.

Oriental Land Co., Ltd.
Code number: 4661, First Section of the Tokyo Stock Exchange
URL: http://www.olc.co.jp/en/
Representative: Kyoichiro Uenishi, Representative Director and President
Contact: Kenji Horikawa, Officer and Director of Finance/Accounting Department
Planned Date for Submission of the Quarterly Report: November 13, 2019
Planned Date for Start of Dividend Payment: December 3, 2019
Supplementary materials for the quarterly financial statements:
Yes
Briefing session on quarterly financial results:
Yes (for institutional investors)
Note: All amounts are rounded down to the nearest million yen.

1. Consolidated Results for the Second Quarter of the Fiscal Year Ending March 31, 2020
(April 1, 2019 to September 30, 2019)(1) Consolidated Operating Results (Cumulative total)(Percentages represent change compared with the same period of the previous fiscal year.)
OperatingOrdinary
Net sales
Year-on-year
Year-on-year
Year-on-year
profitprofit(¥ million)change (%)
change (%)
change (%)(¥ million)(¥ million)
248,428(0.9)
60,939(1.5)
62,078(0.8)
250,691
7.8
61,882
10.2
62,6089.5

Six months ended Sept. 30, 2019
Six months ended Sept. 30, 2018
Note: Comprehensive income:Six months ended September 30, 2019: ¥43,217 million ((9.8)%)
Six months ended September 30, 2018: ¥47,935 million (4.5%)

Six months ended Sept. 30, 2019
Six months ended Sept. 30, 2018

Profit attributable toowners of parent(¥ million)
43,08443,369Year-on-yearchange (%)

Earnings per share(¥)

Diluted earnings per share
(¥)

(0.7)
2.1

131.03131.94126.81
128.62

Net assets(¥ million)
839,495
803,201

Shareholders’ equity
ratio (%)
78.9
76.4

Net assets per share(¥)
2,553.00
2,442.97(2) Consolidated Financial Position
Total assets(¥ million)
1,064,186
1,051,455

As of September 30, 2019
As of March 31, 2019
Reference: Shareholders’ equity:
As of September 30, 2019: ¥839,495 million
As of March 31, 2019: ¥803,201 million2. Dividends
Annual dividends (¥)
First quarter-end

Second quarter-end

Third quarter-end

Year-end

Total

Fiscal year ended March 31, 2019

—

20.00

—

22.00

42.00

Fiscal year ending March 31, 2020

—

22.00
—

22.00

44.00

Fiscal year ending March 31, 2020 (Est.)
Note: Revisions to the latest announcement regarding dividend projection: None

3. Projected Consolidated Results for the Fiscal Year Ending March 31, 2020
(April 1, 2019 to March 31, 2020)
Net sales(Percentages represent change compared with the previous fiscal year.)
Earnings
Profit attributable toOperating profitOrdinary profit
per shareowners of parent(¥ million)(%)(¥ million)(%)(¥ million)(%)(¥)(¥ million)(%)
Fiscal Year ending
503,870(4.1)
108,880(15.8)March 31, 2020
Note: Revisions to the latest announcement regarding result projection: Yes

109,930(15.1)

76,240(15.6)

231.86* Notes(1) Changes in Major Subsidiaries during the Six Months Ended September 30, 2019: None
(2) Application of Special Accounting Methods for Quarterly Consolidated Financial Statements: None
(3) Changes in Accounting Policies, Changes in Accounting Estimates, or Restatement(a) Changes in accounting policies due to changes in accounting standards: None(b) Changes other than (a) above: None(c) Changes in accounting estimates: None(d) Restatement: None
(4) Number of Shares Issued and Outstanding (Common stock)(a) Number of shares issued at end of period
Six months ended(including treasury stock)
September 30, 2019(b) Number of treasury stock at end of period(c) Average number of shares outstanding(quarterly cumulative period)

363,690,160 sharesYear ended
March 31,2019

363,690,160 shares

Six months ended
September 30, 201934,862,792 sharesYear ended
March 31,2019

34,908,727 shares

Six months ended
September 30, 2019

328,805,678 shares

Six months ended
September 30, 2018328,709,170 shares

Notes: Number of treasury stock includes dividends paid to the trust to the employee stock plan.

* The Company’s quarterly consolidated financial statements are not subject to quarterly financial review bycertified public accountants or an auditing firm.
* Explanation on the Appropriate Usage of Performance Projections and Other Specific Matters
The projections and other statements with respect to the future included in this material are based on currently available
information and certain assumptions that are judged reasonable by the Company. Please be advised that the Company
does not guarantee in any way the achievement of the projections and other goals in this material and that cases may
occur where the actual results and other situations differ materially from the projections due to various factors. For details
on forecasts of operating results, please see “Qualitative Note Regarding the Second Quarter of the Fiscal Year Ending
March 31, 2020 (April 1, 2019 to September 30, 2019) Explanation Regarding Future Forecast Including Consolidated
Performance Projections.”Qualitative Note Regarding the Second Quarter of the Fiscal Year Ending March 31, 2020
(April 1, 2019 to September 30, 2019)
Explanation Regarding Future Forecast Including Consolidated Performance Projections
Revision of the Projected Consolidated Results by Reportable Segment for the Fiscal Year Ending
March 31, 2020
(April 1, 2019 to March 31, 2020)(Millions of yen)
Initial Forecast
Net Sales
Theme Park
Hotel
Other Business
Operating Profit
Theme Park
Hotel
Other BusinessElimination and Corporate
Ordinary Profit
Profit attributable to Owners of Parent

Revised Forecast

ChangeChange (%)

479,240

503,870

24,6305.1

397,550

417,410

19,8605.0

65,65069,5303,880

5.9

16,04016,930890

5.5

92,940108,880

15,94017.2

75,91089,01013,10017.3

14,67016,860

2,190

14.9

2,150

2,720

570

26.5

210

290

80

38.1

93,880109,930

16,05017.1

65,30076,24010,94016.8

In the first half of the fiscal year ending March 31, 2020, consolidated net sales and operating profit both exceeded
the initial forecasts announced on April 25, 2019, primarily due to the record high Theme Park attendance achieved
during the period.
In view of this, we have revised our forecasts for the full fiscal year with regard to net sales, operating profit,ordinary profit, and profit attributable to owners of parent.
Our forecasts for operating results are based on currently available information and certain assumptions that are
judged reasonable by the Company. Please be advised that the actual results and other situations may differ
materially from the forecasts due to various factors. With regard to the risks concerning our business, please referto the 59th Term Yukashoken Hokokusho (securities filing) submitted on June 27, 2019.

1Quarterly Consolidated Financial Statements and Key Notes(1) Quarterly Consolidated Balance Sheets
At the end of the previous
fiscal year
(March 31, 2019)

Items(Millions of yen)
At the end of the secondquarter(September 30, 2019)ASSETS
Current assets
Cash and deposits

377,551

329,328

Notes and accounts receivable—trade

22,083

21,776

Securities

20,99925,998Merchandise and finished goods

9,256

11,104477

544

Raw materials and supplies

7,590

7,874

Other

3,882

5,391

Work in process

Allowance for doubtful accounts
Total current assets

(5)

(4)

441,835

402,015

270,971

291,916

Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net

28,12533,745

Land

117,653

117,653

Construction in progress

82,342

106,732

Other, net

15,22816,248

Total property, plant and equipment

514,322566,295

Other

13,77014,717

Total intangible assets

13,77014,717

81,616

81,247

Intangible assets

Investments and other assets
Other
Allowance for doubtful accounts

(88)

(89)

Total investments and other assets

81,527

81,158609,619

662,170

1,051,455

1,064,186

Total non-current assets
Total assets

2

At the end of the previous
fiscal year
(March 31, 2019)

Items(Millions of yen)
At the end of the secondquarter(September 30, 2019)

LIABILITIESCurrent liabilities
Notes and accounts payable—trade

19,907

14,126

Current portion of bonds

20,00020,000Current portion of long-term borrowings

6,119

6,480

Income taxes payable

22,47016,664

Other

86,15474,374

Total current liabilities

154,652

131,646

80,00080,000Non-current liabilities
Bonds payable
Long-term borrowings

2,304

1,298

Retirement benefit liability

4,483

3,998

Other

6,813

7,748

Total non-current liabilities
Total liabilities

93,601

93,045248,253

224,691

63,201

63,201

NET ASSETS
Shareholders' equity
Share capital
Capital surplus

111,938

111,970

Retained earnings

696,718

732,561

Treasury shares(89,183)(88,897)

Total shareholders' equity

782,674

818,835

19,32019,512—(1)

Accumulated other comprehensive income
Valuation difference on available-for-sale securitiesDeferred gains or losses on hedges
Remeasurements of defined benefit plans

1,206

1,148

Total accumulated other comprehensive income

20,526

20,659803,201

839,495

1,051,455

1,064,186

Total net assets
Total liabilities and net assets3(2) Quarterly Consolidated Statements of (Comprehensive) Income(Quarterly Consolidated Statements of Income)Six months ended September 30, 2019
Six months ended
September 30, 2018
(April 1, 2018
to September 30, 2018)

Items(Millions of yen)Six months ended
September 30, 2019
(April 1, 2019
to September 30, 2019)

Net sales

250,691

248,428

Cost of sales

154,518

153,287

Gross profit

96,173

95,140

Selling, general and administrative expenses

34,29034,201

Operating profit

61,88260,939Non-operating income
Interest income

71

83

Dividend income

401

444

Insurance received and insurance dividends

399

359

Other

530

737

1,403

1,623

103

146

Total non-operating income
Non-operating expenses
Interest expenses
Share of losses of entities accounted for using equity method

217

6Commission expenses

263

266

Other

94

65

Total non-operating expenses

677

485

Ordinary profit62,608

62,078

Profit before income taxes

62,60862,078

Income taxes—current

18,65017,422

Income taxes—deferred588

1,571

Total income taxes

19,23818,993

Profit43,36943,084

Profit attributable to owners of parent

43,36943,0844

(Quarterly Consolidated Statements of Comprehensive Income)Six months ended September 30, 2019
Six months ended
September 30, 2018
(April 1, 2018
to September 30, 2018)

Items
Profit(Millions of yen)Six months ended
September 30, 2019
(April 1, 2019
to September 30, 2019)

43,36943,084

4,549

192

317

(1)Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Remeasurements of defined benefit plans, net of tax

(300)

(57)

Total other comprehensive income

4,565

132

47,935

43,21747,935

43,217――

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests5(3) Notes Regarding Going Concern Assumption: None
(4) Segment Information
1. Six months ended September 30, 2018 (April 1, 2018 to September 30, 2018)
A. Net Sales and Income (Loss) by Reportable Segment(Millions of yen)
Reportable Segments
ThemeParkNet sales
Sales to externalcustomers
Intersegment sales
or transfers
TotalSegment IncomeHotel

OtherBusiness*1

Total

Total

Adjustment*2

Amount statedon the Quarterly
Consolidated
Statements ofIncome*3

207,90735,179243,086

7,604

250,691―

250,691

3,448

331

3,780

1,849

5,629

(5,629)―211,356
51,42035,5109,024

246,866
60,444

9,454
1,311

256,32161,755(5,629)126

250,691
61,882

Notes: 1. The “Other Business” segment, which includes the Ikspiari, monorail, and employee cafeteria businesses, is not
a reportable segment.
2. The segment income adjustment amount of 126 million yen is the result of elimination of intersegment
transactions.
3. The segment income is adjusted to be recorded as operating profit in the Quarterly Consolidated Statements ofIncome.

B. Information regarding impairment loss on fixed assets and goodwill by reportable segment: None
2. Six months ended September 30, 2019 (April 1, 2019 to September 30, 2019)
A. Net Sales and Income (Loss) by Reportable Segment(Millions of yen)
Reportable SegmentsThemeParkNet sales
Sales to externalcustomers
Intersegment sales
or transfers
Total
Segment IncomeHotel

OtherBusiness*1

Total

Total

Adjustment*2

Amount statedon the Quarterly
Consolidated
Statements ofIncome*3

205,395

34,724

240,119

8,308

248,428―

248,428

3,461

299

3,761

1,938

5,699

(5,699)―208,856
49,92935,024
9,077

243,881
59,007

10,246
1,807

254,128
60,815(5,699)123

248,428
60,939Notes: 1. The “Other Business” segment, which includes the Ikspiari, monorail, and employee cafeteria businesses, is not
a reportable segment.
2. The segment income adjustment amount of 123 million yen is the result of elimination of intersegment
transactions.
3. The segment income is adjusted to be recorded as operating profit in the Quarterly Consolidated Statements ofIncome.
B. Information regarding impairment loss on fixed assets and goodwill by reportable segment: None

(5) Note Regarding the Occurrence of Significant Changes in Amount of Shareholders’ Equity: None6