Consolidated Financial Statements for the Fiscal Year
Ended March 31, 2020 (Japanese accounting standards)
April 28, 2020
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 Annual General Meeting of Stockholders: June 26, 2020
Planned Date for Submission of Securities Report (Yuka shoken hokokusho): June 26, 2020
Planned Date for Start of Dividend Payment: June 29, 2020
Supplementary materials for the financial statements: Yes
Briefing session on financial results:
Yes (for institutional investors)
Note: All amounts are rounded down to the nearest million yen.

1. Consolidated Results for the Fiscal Year Ended March 31, 2020
(April 1, 2019 – March 31, 2020)(1) Consolidated Operating Results
Net sales(¥ million)

Year-on-yearchange (%)(Percentages represent change compared with the previous fiscal year.)
Operating
Ordinary
Year-on-year
Year-on-year
profitprofitchange (%)
change (%)(¥ million)(¥ million)

Fiscal Year ended
464,450(11.6)
96,862(25.1)March 31, 2020
Fiscal Year ended
525,6229.7
129,278
17.2
March 31, 2019
Note: Comprehensive income:Fiscal year ended March 31, 2020: ¥51,649 million ((44.9%))
Fiscal year ended March 31, 2019: ¥93,754 million (10.3%)
ProfitattributableYear-onEarnings per Earnings per
Return on
to owners of year change
share
share
equityparent(%)(¥)(diluted) (¥)(%)(¥ million)
Fiscal Year ended
62,217(31.1)
189.23
183.31
7.7
March 31, 2020
Fiscal Year ended
90,286
11.2
274.65267.59
11.8
March 31, 2019
Reference: Equity in earnings of affiliates:
Fiscal year ended March 31, 2020: ¥(183 million)
Fiscal year ended March 31, 2019: ¥(349 million)(2) Consolidated Financial Position
Total assets(¥ million)
As of March 31, 2020
1,010,651
As of March 31, 2019
1,051,455
Reference: Shareholders’ equity:
As of March 31, 2020: ¥820,257 million
As of March 31, 2019: ¥803,201 million

98,062(24.2)

129,439

15.9

Ordinary
profit/total
assets (%)

Operatingprofit/total
net sales
(%)

9.5

20.9

13.2

24.6

Net assets(¥ million)
820,257
803,201

Shareholders’ equity
ratio(%)
81.2%
76.4%

Net assets
per share (¥)
2,505.55
2,442.97

Net cash provided by(used in)operating activities(¥ million)

Net cash provided by(used in)investing activities(¥ million)

Net cash provided by(used in)financing activities(¥ million)

Cash and cash
equivalents at end of
period (¥ million)

73,336

20,534(55,257)

261,164

134,974(135,360)

36,601

222,551(3) Consolidated Cash Flows

Fiscal Year ended
March 31, 2020
Fiscal Year ended
March 31, 2019

2. Dividends
Annual dividends (¥)
Firstquarterend

Secondquarterend

Third
quarterend

Yearend

Total

Total
dividends
paid(total)(¥ million)

Payout ratio(consolidated)(%)

Dividends/
Net assets(consolidated)(%)

Fiscal Year ended
—
20.00
—
22.00
42.00
13,82515.3
1.8
March 31, 2019
Fiscal Year ended
—
22.00
—
22.00
44.00
14,45123.2
1.8
March 31, 2020
Fiscal Year ending
—
—
—
—
—
—
March 31, 2021 (Est.)
Notes(1) Total dividends paid include dividends paid to the trust to the employee stock plan (Fiscal year ended March 31, 2019 ¥17 million,
Fiscal year ended March 31, 2020 ¥14 million).
Payout ratio has been calculated by dividing total dividends paid by profit attributable to owners of parent.
(2) Dividends for the first half and full fiscal year ending March 2021 are not indicated as it is difficult to reasonably calculate ourforecast of operating results at this point in time.

3. Projected Consolidated Results for the Fiscal Year Ending March 31, 2021
(April 1, 2020– March 31, 2021)
Projection of consolidated results for the fiscal year ending March 31, 2021 is not indicated as it is difficult to reasonably calculate
our forecast of operating results at this point in time. For specific reasons, please refer to Future Outlook on page 2.

*Notes(1) Changes in Major Subsidiaries during the Period (Changes in specified subsidiaries due to changes in the scope of
consolidation): None
(2) 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
(3) Number of Shares Issued and Outstanding (Common stock)(a) Number of shares issued at end of period Year ended March 31, 2020: 363,690,160 Year ended March 31, 2019:
shares(including treasury stock)(b) Number of treasury stock at end of period

Year ended March 31, 2020:(c) Average number of shares outstanding

Year ended March 31, 2020:(quarterly cumulative period)

36,313,892
shares328,800,343
sharesYear ended March 31, 2019:Year ended March 31, 2019:

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

363,690,160
shares34,908,727
shares328,734,918
shares[Reference]Non-consolidated Results
Non-consolidated Results for the Fiscal Year Ended March 31, 2020

(April 1, 2019 － March 31, 2020)(1) Non-consolidated Operating Results

Fiscal Year ended
March 31, 2020
Fiscal Year ended
March 31, 2019

Fiscal Year ended
March 31, 2020
Fiscal Year ended
March 31, 2019

(Percentages represent change compared with the previous fiscal year.)
Operating
Ordinary
Year-on-year
Year-on-year
profitprofitchange (%)
change (%)(¥ million)(¥ million)

Net sales(¥ million)

Year-on-yearchange (%)

396,308(11.9)

82,968(24.3)

94,432(20.5)

449,784

10.2

109,658

15.8

118,726

14.1

Net profit(¥ million)

Year-onyear change(%)

Earnings per
share
(¥)

Earnings per
share(diluted) (¥)

62,977(26.5)

191.54185.5485,66213.5

260.58253.92(2)

Non-consolidated Financial Position
Total assets(¥ million)
As of March 31, 2020
959,056
As of March 31, 2019
996,342
Reference: Shareholders’ equity:
As of March 31, 2020: ¥760,688 million
As of March 31, 2019: ¥741,812 million

Net assets(¥ million)
760,688741,812

Shareholders’ equity
ratio(%)
79.3
74.5

Net assets
per share (¥)
2,323.59
2,256.25* The Company’s consolidated financial statements are not subject to financial review by certified 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.

1. Operating Results(1) Overview of Operating Results
During the fiscal year under review, the Japanese economy showed a gradual recovery sustained by an
improvement trajectory in the employment and income environment, with consumer spending also displaying signsof picking up. However, due to the impact of the new coronavirus (COVID-19) pandemic, Japanese economy
deteriorated rapidly, and is in tough situation.
Regarding the OLC Group, Theme Park attendance was strong despite the fiscal year following on the heels of
the Tokyo Disney Resort 35th Anniversary, driven by “Soaring: Fantastic Flight,” a new attraction that opened at
Tokyo DisneySea in July 2019, and the successful seasonal special events rolled out at both Theme Parks.
However, to prevent the spread of the new coronavirus(COVID-19), we decided to close both Tokyo Disneyland
and Tokyo DisneySea from February 29, 2020. Also, we operated directly managed Disney Hotels, changing partof operation contents.
Due to the temporary closure of both Parks, Theme Park attendance and net sales per Guest for the entire fiscal
year under review decreased, resulting in net sales, operating profit, ordinary profit, and profit attributable to ownersof parent for the fiscal year falling to ¥464,450 million (down 11.6% from the previous fiscal year), ¥96,862 million(down 25.1%), ¥98,062 million (down 24.2%), and ¥62,217 million (down 31.1%), respectively.
The following is the results of each segment.

Summary of Results by Segment for the Fiscal Year Ended March 31, 2020
(Millions of yen)
Fiscal year ended
March 31, 2019

Fiscal year ended
March 31, 2020

525,622464,450

437,495

384,031

72,42764,375

15,69916,043

129,278

96,862

107,278

79,66019,21814,769

2,527

2,161

253

271

129,439

98,06290,286

62,217

Net Sales
Theme Park
Hotel
Other
Operating Profit
Theme Park
Hotel
Other
Elimination and Corporate
Ordinary Profit
Profit Attributable to Owners of Parent

Change(decrease)(61,172)(53,464)(8,051)
344(32,415)(27,618)(4,449)(365)
18(31,376)(28,068)

Change (%)(11.6)(12.2)(11.1)
2.2(25.1)(25.7)(23.2)(14.5)
7.1(24.2)(31.1)(2) Analysis of Consolidated Financial Position[Assets]
Total assets as of March 31, 2020 were ¥1,010,651 million (down 3.9%) compared with the end of the previous fiscal
year).
Current assets decreased to ¥316,741million (down 28.3%) due mainly to a decrease in cash and deposits, etc.
Non-current assets climbed to ¥693,910 million (up 13.8%) due to an increase in property, plant and equipment, etc.
[Liabilities]
Total liabilities as of March 31, 2020 were ¥190,394 million (down 23.3%).
Current liabilities decreased to ¥100,495 million (down 35.0%) as a result of a drop in current portion of bonds, etc.
Non-current liabilities decreased to ¥89,898 million (down 4.0%) as a result of a drop in other non-current liabilities,
etc.
[Net Assets]
Total net assets as of March 31, 2020 were ¥820,257 million (up 2.1%) due to various factors, including a growth inretained earnings. Shareholders’ equity ratio stood at 81.2% (up 4.8 points).

1(3) Cash Flows
Despite decreases in net cash from finiancing, the balance of cash and cash equivalents at the end of the fiscal year
under review was ¥261,164 million (balance at the end of the previous fiscal year was ¥222,551 million) owing to anincrease in net cash from operating and investing activities.
[Net Cash Provided by Operating Activities]
Net cash from operating activities decreased to ¥73,336 million (a net cash inflow of ¥134,974 million for the same
period in the previous year) due to factors including a decrease in profit before income taxes.
[Net Cash Provided in Investing Activities]
Net cash provided in investing activities was ¥20,534 million (a net cash outflow of ¥135,360 million for the same
period in the previous year) due to factors including an increase in proceeds from withdrawal of time deposits.
[Net Cash Used in Financing Activities]
Net cash used in financing activities was ¥55,257 million (a net cash outflow of ¥36,601 million for the same period in
the previous year) due to factors including an increase in purchases of treasury shares.

(4) Risk information concerning the new coronavirus(COVID-19) infection
In consideration of the increasing spread of the new coronavirus(COVID-19) and requests from the national and local
governments, we closed Tokyo Disneyland and Tokyo DisneySea, and also suspended business operations of directly
managed Disney Hotels and Ikspiari, among others. (Ikspiari is closed except for medical institution, pharmacy and somestores offering food products.) We are planning to decide on the reopening date in mid May. Based on the Act on Special
Measures for Pandemic Influenza and New Infectious Diseases Preparedness and Response, the Japanese government
declared a state of emergency on April 7, 2020. In response, the governor of Chiba Prefecture asked us to suspend
operation until May 6. We will keep our Parks closed after May 7 in case the declaration of a state of emergency remains
in place.
Although it is difficult to foresee the outlook of such risks, the OLC Group will continue to gather information on the
new coronavirus(COVID-19) infection and take necessary measures to minimize the impact of the pandemic. In this kindof situation, risks and approach, which we think is important are as follow;(Risks related to deterioration of financial condition and of cash flow)
During the temporary closure, net sales have decreased significantly, and operating expenses including personnel
expenses and losses on abandonment of inventories including merchandise have been incurred. For the time being, we arecoping by leveraging our internal reserve, but in the event that the temporary closure is prolonged, we may need to procure
working capital. Therefore, we are considering securing a new line of credit.
Even when our Parks reopen, our business performance maybe influenced by deterioration of consumer sentiment for
leisure activities due to an economic slowdown, or by measures taken against infection, among other factors, resulting in
temporary decrease in Theme Park attendance and net sales.
Our Tokyo DisneySea Large-scale Expansion Project and construction of a new Disney Hotel inspired by the
Disney/Pixar Toy Story Film Series are currently underway, for which we intend to use our operating cash flow. However,if the tempoary closure is prolonged, we may need to procure additional funds for these construction projects.

(Approach into employees’ infection risk)
Considering prevention of infection spread and for safety of the employees, OLC Group took action such as wearing
masks, measuring temperature before coming to work and prohibiting domestic and overseas business trip. Furthermore, in
respond to a state of emergency, declared by the Japanese government on April 7, 2020, we decided to limit the employees
coming to work, to those who are engaged in operation necessary for business continuity. For the other employees we are
requiring them to work from home or to stay at home.

(5) Future Outlook
We are currently suspending operation of our Theme Parks, the OLC Group’s core business, as well as our hotels,
and reopening is not decided at this point. In case of reopening, it may take time until the operation return to normal
level, due to deterioration of consumer sentiment for leisure activities and changes in external environment.
As it is difficult to present a forecast of the Group’s financial performance in such circumstances, we will disclose
our consolidated forecast of results when a reasonable projection becomes possible.

2. Basic Policy on the selection of accounting standards
As the OLC group is not engaged in global business operations or capital procurement, its consolidated financial
statement are formulated based on Japanese accounting standards.
2

3. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
At the end of the previous
fiscal year
(March 31, 2019)

At the end of the fiscal year
(March 31, 2020)

Cash and deposits

377,551

261,164

Notes and accounts receivable—trade

22,083

7,225

Securities

20,99919,999Merchandise and finished goods

9,256

11,679477

172

Raw materials and supplies

7,590

8,236

Other

3,882

8,263

Items
ASSETS
Current assets

Work in process

Allowance for doubtful accounts

(5)

(0)

441,835

316,741

686,623

723,221

Accumulated depreciation(415,651)(432,208)

Buildings and structures, net

270,971

291,012

Machinery, equipment and vehicles

270,947

283,504(242,821)(248,946)

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures

Accumulated depreciation

28,12534,557Land

Machinery, equipment and vehicles, net

117,653

117,653

Construction in progress

82,342

152,165

Other

90,917

94,914

Accumulated depreciation(75,689)(79,716)

Other, net

15,22815,197514,322

610,586

Other

13,77016,334

Total intangible assets

13,77016,33460,81046,925

Total property, plant and equipment
Intangible assets

Investments and other assets
Investment securities
Retirement benefit asset

5,666

5,492

Other

15,14014,659(88)(88)

Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3

81,527

66,989609,619

693,910

1,051,455

1,010,651

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

At the end of the fiscal year
(March 31, 2020)

Notes and accounts payable—trade

19,907

13,921

Current portion of bonds

20,000—Current portion of long-term loans payable

6,119

4,580

Income taxes payable

22,470

7,991

Other

86,15474,001

Total current liabilities

154,652

100,495

Bonds payable

80,00080,000Long-term loans payable

2,304

2,488

Retirement benefit liability

4,483

3,537

Other

6,813

3,873

Items
LIABILITIESCurrent liabilities

Non-current liabilities

Total non-current liabilities

93,60189,898248,253

190,394

Capital stock

63,201

63,201

Capital surplus

111,938

111,970

Retained earnings

696,718

744,452

Treasury shares(89,183)(109,325)

Total shareholders’ equity

782,674

810,298

19,320

9,623

—

74

Total liabilities
NET ASSETS
Shareholders’ equity

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

1,206

261

Total accumulated other comprehensive income

20,526

9,958

803,201

820,257

1,051,455

1,010,651

Total net assets
Total liabilities and net assets4(2) Consolidated Statements of Income
Fiscal Year ended
March 31, 2019
(April 1, 2018
to March 31, 2019)

Items(Millions of yen)
Fiscal Year ended
March 31, 2020
(April 1, 2019
to March 31, 2020)

Net sales

525,622464,450

Cost of sales

326,283

300,601

Gross profit

199,339

163,849

Selling, general and administrative expenses

70,061

66,986

Operating profit

129,278

96,862

Interest income

146

162

Dividend income

707

758

Insurance received and insurance dividends

508

437

Other

837

1,224

2,198

2,582

Interest expenses

222

291

Share of loss of entities accounted for using equity method

349

183

Commission expenses

754

582

Non-operating income

Total non-operating income
Non-operating expenses

Other

710

324

2,037

1,382

129,439

98,062Gain on sales of investment securities—

341

Total extraordinary income—

341

Loss on temporary closure

—

9,270

Total extraordinary loss

—

9,270

Profit before income taxes

129,439

89,133

Income taxes—current

39,19325,048

Income taxes—deferred

(40)

1,868

Total income taxes

39,153

26,916

Profit90,286

62,217

Profit attributable to owners of parent

90,286

62,217

Total non-operating expenses
Ordinary profit
Extraordinary income

Extraordinary loss

5

(Consolidated Statements of Comprehensive Income)Fiscal Year ended
March 31, 2019
(April 1, 2018
to March 31, 2019)

Items
Profit(Millions of yen)
Fiscal Year ended
March 31, 2020
(April 1, 2019
to March 31, 2020)

90,286

62,217

3,735(9,697)

Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

314

74

Remeasurements of defined benefit plans, net of tax

(580)

(944)

Total other comprehensive income

3,468(10,568)

93,75451,64993,75451,649——Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests6(3) Consolidated Statements of Changes in Net Assets
Fiscal Year ended March 31, 2019 (April 1, 2018 to March 31, 2019)(Millions of yen)
Shareholders’ equity
Capital stock
Balance at beginning of current
period63,201

Capital surplus

Retained earnings

Treasury shares

111,911619,599(89,794)

Total
shareholders’equity704,918

Changes of items during period
Dividends of surplus(13,167)(13,167)

Profit attributable to ownersof parent

90,28690,286

Purchase of treasury shares
Disposal of treasury shares
Net changes of items otherthan shareholders’ equity
Total changes of items during
periodBalance at end of current
period

26

(0)

(0)

611

638

—

26

77,118611

77,756

63,201111,938

696,718(89,183)

782,674

Accumulated other comprehensive income

Balance at beginning of current
periodValuationdifference on
available-for-salesecurities
15,585

Deferred gains orlosses on hedges

Remeasurementsof defined benefit
plans

Total
accumulated
othercomprehensive
income

(314)

1,787

17,058

Total net assets

721,976

Changes of items during period
Dividends of surplus(13,167)

Profit attributable to ownersof parent

90,286

Purchase of treasury shares(0)

Disposal of treasury shares

638

Net changes of items otherthan shareholders’ equity
Total changes of items during
periodBalance at end of current
period

3,735

314

(580)

3,468

3,468

3,735

314

(580)

3,468

81,224

19,320—1,206

20,526803,201

7

Fiscal Year ended March 31, 2020 (April 1, 2019 to March 31, 2020)(Millions of yen)
Shareholders’ equity

Balance at beginning of current
periodCapital stock

Capital surplus

Retained earnings

Treasury shares

Total
shareholders’equity63,201111,938

696,718(89,183)

782,674

Changes of items during period
Dividends of surplus(14,484)(14,484)

Profit attributable to ownersof parent

62,21762,217Purchase of treasury shares
Disposal of treasury shares
Net changes of items otherthan shareholders’ equity
Total changes of items during
periodBalance at end of current
period31(20,745)(20,745)

603

635

—

31

47,733(20,141)

27,62363,201111,970

744,452(109,325)

810,298

Accumulated other comprehensive income

Balance at beginning of current
periodValuationdifference on
available-for-salesecurities
19,320

Deferred gains orlosses on hedges

Remeasurementsof defined benefit
plans

Total
accumulated
othercomprehensive
income－1,206

20,526

Total net assets

803,201

Changes of items during period
Dividends of surplus(14,484)

Profit attributable to ownersof parent

62,217Purchase of treasury shares(20,745)

Disposal of treasury shares

635

Net changes of items otherthan shareholders’ equity
Total changes of items during
periodBalance at end of current
period(9,697)74(944)(10,568)(10,568)(9,697)74(944)(10,568)

17,055

9,623

74

261

9,958

820,2578

(4) Consolidated Statements of Cash Flows
Fiscal Year ended
March 31, 2019
(April 1, 2018
to March 31, 2019)
Cash flows from operating activities
Profit before income taxes
Depreciation
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)Shares of loss (profit) of entities accounted for using equity method
Loss (gain) on sales of investment securities
Decrease (increase) in notes and accounts receivable—trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable—trade
Increase (decrease) in accrued consumption taxes
Other, net
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of securities
Proceeds from redemption of securities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Proceeds from long-term loans payable
Repayments of long-term loans payable
Proceeds from issuance of bonds
Redemption of bonds
Cash dividends paid
Purchases of treasury shares
Proceeds from sales of treasury shares
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

9(Millions of yen)
Fiscal Year ended
March 31, 2020
(April 1, 2019
to March 31, 2020)

129,439
38,214
(367)
(853)
222
14
349
—
(2,134)
649
3,421
393
1,690

89,13339,447
(814)
(920)
291
2
183
(341)
14,742(2,764)(7,384)(8,748)(11,176)

171,041908(206)(36,768)
134,974

111,653
991(291)(39,016)
73,336(290,000)
250,000(38,998)
34,708(78,574)(5,277)(4,398)—(2,820)(135,360)(340,000)
500,000(67,996)
63,997(126,974)(7,358)(1,499)1,854(1,489)20,5343,850(5,011)49,855－(13,134)
(0)
1,046
(3)
36,601(14)
36,200186,350
222,551

5,000(6,354)－(20,000)(14,444)(20,745)1,309(22)(55,257)
038,613
222,551
261,164(5) [Reference] Consolidated Statements of Income* Loss on temporary closure
Under the unprecedented disaster caused by the new coronavirus(COVID-19) pandemic, loss on temporary closure
constitutes fixed expenses (e.g., personnel expenses, depreciation and amortization) and loss on abandonment ofmerchandise and food ingredients incurred in the Theme Park Segment. Tokyo Disneyland and Tokyo DisneySea
operated by the OLC Group have been temporarily closed since February 29, 2020 in response to the Japanese
government’s announcement on February 26, 2020 to request organizers of national-level sports and culture events
that draw large numbers of people to take such responses as cancellation, postponement or downsizing over a periodof two weeks. The temporary closure has been extended to date in view of the situation in Japan and abroad, the statusof the new coronavirus (COVID-19) pandemic and requests from the national and local governments.

10