Consolidated Financial Statements for the Fiscal Year
Ended March 31, 2022 (Japanese accounting standards)
April 27, 2022
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,Prime Market of the Tokyo Stock Exchange
URL: http://www.olc.co.jp/en/
Representative: Kenji Yoshida, Representative Director and President
Contact: Yutaka Yokoyama, Director of Finance/Accounting Department
Planned Date for Annual General Meeting of Stockholders: June 29, 2022
Planned Date for Submission of Securities Report (Yuka shoken hokokusho): June 29, 2022
Planned Date for Start of Dividend Payment: June 30, 2022
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, 2022
(April 1, 2021 – March 31, 2022)(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
profit (loss)
profit (loss)change (%)
change (%)(¥ million)(¥ million)

Fiscal Year ended
275,728
61.6
7,733
—
11,278—March 31, 2022
Fiscal Year ended
170,581(63.3)(45,989)—(49,205)—
March 31, 2021
Note: Comprehensive income:Fiscal year ended March 31, 2022: ¥6,144 million (—%)
Fiscal year ended March 31, 2021: ¥(49,424 million) (—%)
Profit (Loss)
OperatingattributableYear-onEarnings per Earnings per
Return on
Ordinary
profit/total
to owners of year change
share
share
equityprofit/total
net sales
parent(%)(¥)(diluted) (¥)(%)
assets (%)(%)(¥ million)
Fiscal Year ended
8,067
—
24.63
24.60
1.1
1.1
2.8
March 31, 2022
Fiscal Year ended(54,190)—(165.51)
—
(6.9)
(4.8)
(27.0)March 31, 2021
Reference: Equity in earnings of affiliates:
Fiscal year ended March 31, 2022: ¥(480 million)
Fiscal year ended March 31, 2021: ¥(485 million)
Notes(1) Earnings per share (diluted) for fiscal year ended March 31, 2021, is not indicated because net loss per share is indicated, although
there are potential common shares with dilutive effects.
(2) The “Accounting Standards for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), etc. has been applied since thebeginning of the current consolidated fiscal year. Figures for the fiscal year ended March 2022 are stated after the application of thesaid accounting standard, etc.
(2) Consolidated Financial Position
Total assets
Net assets
Shareholders’ equity
Net assets
per share (¥)(¥ million)(¥ million)
ratio(%)
As of March 31, 2022
1,086,884
756,31769.6
2,309.12
As of March 31, 2021
1,040,465
759,94873.0
2,320.71
Reference: Shareholders’ equity:
As of March 31, 2022: ¥756,317 million
As of March 31, 2021: ¥759,948 million
Note: The “Accounting Standards for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), etc. has been applied since thebeginning of the current consolidated fiscal year. Figures for the fiscal year ended March 2022 are stated after the application of thesaid accounting standard, etc.

(3) Consolidated Cash Flows

Fiscal Year ended
March 31, 2022
Fiscal Year ended
March 31, 2021

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)

54,602(138,984)

48,933

129,868(23,834)(160,738)

88,724

165,317

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
—
13.00
—
13.00
26.00
8,519
—
1.1
March 31, 2021
Fiscal Year ended
—
13.00
—
15.00
28.00
9,178
113.8
1.2
March 31, 2022
Fiscal Year ending
27.9
—
15.00
—
15.00
30.00
March 31, 2023 (Est.)
Note：Total dividends paid include dividends paid to the trust to the employee stock plan (Fiscal year ended March 31, 2021 ¥6 million,
Fiscal year ended March 31, 2022 ¥7 million).
Payout ratio has been calculated by dividing total dividends paid by profit attributable to owners of parent.

3. Projected Consolidated Results for the Fiscal Year Ending March 31, 2023
(April 1, 2022 – March 31, 2023)(Percentages represent change compared with the previous fiscal year or the same quarter of the previous fiscal year, as applicable.)
Profit attributable toEarnings
Net sales
Operating profit
Ordinary profit
owners of parent
per share(¥ million)(%)(¥ million)(%)(¥ million)(%)(¥ million)(%)(¥)
Six months ending
192,881
97.7
21,86522,196
15,33446.82———
September 30, 2022
Fiscal Year ending
407,92247.9
50,25150,60135,244107.61
549.8
348.7
336.8
March 31, 2023

*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: Yes(b) Changes other than (a) above: Yes(c) Changes in accounting estimates: Yes(d) Restatement: None
Note: For details, please refer to Change in Accounting Policy and Changes in Accounting Policies That Are Difficult toDistinguish from Changes in Accounting Estimates in (5) Notes Regarding the Consolidated Financial Statements on page10.

(3) Number of Shares Issued and Outstanding (Common stock)(a) Number of shares issued at end of period Year ended March 31, 2022:(including treasury shares)(b) Number of treasury shares at end of
period(c) Average number of shares outstanding(quarterly cumulative period)

Year ended March 31, 2022:
Year ended March 31, 2022:

363,690,160
shares36,154,941
shares327,500,931
sharesYear ended March 31, 2021:
Year ended March 31, 2021:
Year ended March 31, 2021:

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

363,690,160
shares36,226,898
shares327,421,164
shares[Reference] Non-consolidated Results
Non-consolidated Results for the Fiscal Year Ended March 31, 2022 (April 1, 2021 – March 31, 2022)(1)

Non-consolidated Operating Results

Fiscal Year ended
March 31, 2022
Fiscal Year ended
March 31, 2021

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

Net sales(¥ million)

Year-on-yearchange (%)

230,902

58.1

8,071

—

11,725—

146,015(63.2)(36,405)—(39,184)—

Net profit(loss)(¥ million)

Year-onyear change(%)

Earnings per
share
(¥)

Earnings per
share(diluted) (¥)

Fiscal Year ended
9,945
—
30.37
30.18
March 31, 2022
Fiscal Year ended(37,226)—(113.70)—
March 31, 2021
Notes
(1) Earnings per share (diluted) for fiscal year ended March 31, 2021, is not indicated because net loss per share is indicated, although
there are potential common shares with dilutive effects.
(2) The “Accounting Standards for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), etc. has been applied since thebeginning of the current fiscal year. Figures for the fiscal year ended March 2022 are stated after the application of the said
accounting standard, etc.
(2)

Non-consolidated Financial Position
Shareholders’ equity
Net assets
Total assets
Net assets
ratio(%)(¥ million)(¥ million)
per share (¥)
As of March 31, 2022
1,048,404
713,70368.1
2,179.01
As of March 31, 2021
1,001,469
715,398
71.4
2,184.67
Reference: Shareholders’ equity:
As of March 31, 2022: ¥713,703 million
As of March 31, 2021: ¥715,398 million
Note: The “Accounting Standards for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), etc. has been applied since thebeginning of the current fiscal year. Figures for the fiscal year ended March 2022 are stated after the application of the said
accounting standard, etc.

* 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, although the Japanese economy continued to be challenged by thecoronavirus disease 2019 (COVID-19) pandemic, there have been some signs of recovery, partly due to the progressin vaccination, but the pickup in consumer spending has seen a stall.
As in the previous fiscal year, the OLC Group operated its Tokyo Disneyland and Tokyo DisneySea Theme Parksby limiting their attendance numbers in line with the Amusement Park and Theme Park New Coronavirus Infection
Containment Guidelines and requests from the national and local governments. However, based on an individual
discussion with the Chiba Prefectural Government, an approval was granted to ease the limits in and after March 1,
2022. As a result, the Parks were operated by increasing their attendance numbers in phases.
Although ongoing limits had been set on attendance at the Parks, attendance increased from the previous fiscal
year when both Parks were temporarily closed in the first quarter, and net sales per Guest also grew year on year,
owing in part to the positive effect of the Tokyo DisneySea 20th Anniversary events. As a result, the Group
recorded net sales, operating profit, ordinary profit, and profit attributable to owners of parent of ¥275,728 million(up 61.6% from the previous fiscal year), ¥7,733 million (up from an operating loss of ¥45,989 million), ¥11,278
million (up from an ordinary loss of ¥49,205 million), and ¥8,067 million (up from a loss attributable to owners ofparent of ¥54,190 million), respectively.
As a side note, the “Accounting Standards for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020),
etc. has been applied since the beginning of the current consolidated fiscal year. Figures for the fiscal year ended
March 2022 are stated after the application of the said accounting standard, etc. For details, please refer to “Notes
Regarding Consolidated Financial Statements (Change in Accounting Policy).”
The following is the results of each segment.
Summary of Results by Segment for the Fiscal Year Ended March 31, 2022
(Millions of yen)
Fiscal year ended Fiscal year ended
March 31, 2021 March 31, 2022
Net Sales
Theme Park
Hotel
Other
Operating Profit (Loss)
Theme Park
Hotel
Other
Elimination and Corporate
Ordinary Profit (Loss)
Profit (Loss) Attributable to Owners of
Parent170,581
134,293
28,627
7,660(45,989)(41,982)(1,954)(2,312)
260(49,205)

275,728
218,564
47,437
9,726
7,733
2,512
6,202
(1,305)324
11,278Change(decrease)105,146
84,27018,8092,066
53,72244,495
8,156
1,006
64
60,483(54,190)

8,067

62,258Change (%)
61.6
62.8
65.7
27.0
—
—
—
—

24.7
—
—

(2) Analysis of Consolidated Financial Position[Assets]
Total assets as of March 31, 2022 were ¥1,086,884 million (up 4.5% compared with the end of the previous fiscal year).
Current assets decreased to ¥271,410 million (down 1.0%) due mainly to a drop in merchandise and finished goods, etc.
Non-current assets climbed to ¥815,474 million (up 6.4%) due to an increase in property, plant and equipment, etc.
[Liabilities]
Total liabilities as of March 31, 2022 were ¥330,567 million (up 17.8%).
Current liabilities decreased to ¥85,247 million (down 29.8%) as a result of a decline in current portion of bonds
payable, etc.
Non-current liabilities grew to ¥245,320 million (up 54.1%) as a result of an increase in bonds payable, etc.
1

[Net Assets]
Total net assets as of March 31, 2022 were ¥756,317 million (down 0.5%) due to various factors, including an increasein treasury shares. Shareholders’ equity ratio stood at 69.6% (down 3.4 points).

(3) Cash Flows
Despite an increase in net cash from operating and financing activities, the balance of cash and cash equivalents at theend of the fiscal year under review was ¥129,868 million (balance at the end of the previous fiscal year was ¥165,317
million) owing to a decrease in net cash from investing activities.
[Net Cash from Operating Activities]
Net cash provided by operating activities was ¥54,602 million (up from a net cash outflow of ¥23,834 million for thesame period in the previous fiscal year) due to factors that included the posting of a profit before income taxes.
[Net Cash from Investing Activities]
Net cash used in investing activities was ¥138,984 million (down from a net cash outflow of ¥160,738 million for thesame period in the previous fiscal year) due to factors that included an increase in proceeds from the withdrawal of time
deposits.
[Net Cash from Financing Activities]
Net cash provided by financing activities was ¥48,933 million (down from a net cash inflow of ¥88,724 million for thesame period in the previous fiscal year) due to factors that included an increase in payment for redemption of bonds.

(4) Future Outlook
Net sales and profits are projected to increase in the fiscal year ending March 31, 2023, owing primarily to anincrease in Theme Park attendance on the back of improvements in the external environment. However, with due
consideration for the unclear outlook, net sales, operating profit, ordinary profit, and profit attributable to owners ofparent for the fiscal year are projected to be ¥407,922 million (up 47.9% year on year), ¥50,251 million (up 549.8%
year on year), ¥50,601 million (up 348.7% year on year), and ¥35,244 million (up 336.8% year on year),respectively.
The following is the forecast of each segment.
(Millions of yen)

Net Sales
Theme Park
Hotel
Other
Operating Profit (Loss)
Theme Park
Hotel
Other
Elimination and Corporate
Ordinary Profit (Loss)
Profit (Loss) Attributable to Owners of
ParentResults for the
Forecast for the
fiscal year ended fiscal year ending
March 31, 2022 March 31, 2023
275,728
407,922
218,564
327,785
47,437
68,125
9,726
12,011
7,733
50,2512,512
37,2986,202
13,144(1,305)
(419)
324
227
11,27850,601
8,067

35,244

Change(decrease)

Change (%)

132,193109,221
20,6872,284
42,51834,785
6,942
886
(96)
39,322

47.9
50.0
43.6
23.5
549.8

(29.8)
348.7

27,176

336.8

—

111.9
—

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
statements 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, 2021)

At the end of the fiscal year
(March 31, 2022)

Cash and deposits

197,317

199,870

Notes and accounts receivable—trade

Items
ASSETS
Current assets

12,040—Notes receivable—trade—2

Accounts receivable—trade—

15,373Contract assets—

205

Securities

33,49534,997

Merchandise and finished goods

12,511

6,062

Work in process

118

109

Raw materials and supplies

8,901

8,783

Other

9,757

6,016

(8)

(10)

274,134

271,410

Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures

760,158

788,176

Accumulated depreciation(444,747)(465,346)

Buildings and structures, net

315,411

322,830

Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net

303,330

310,129(255,481)(265,298)

47,84944,831

Land

115,890

115,890

Construction in progress

165,344

218,731

Other

106,873

108,307(85,810)(90,348)

Accumulated depreciation
Other, net

21,063

17,958665,557

720,241

Other

17,111

18,329Total intangible assets

17,111

18,329Total property, plant and equipment
Intangible assets

Investments and other assets
Investment securities

49,601

46,334Retirement benefit asset

8,857

9,628

Deferred tax assets

17,63916,580

Other

7,660

4,455

(97)

(95)

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

383,662

76,903766,331

815,474

1,040,465

1,086,884

(Millions of yen)
At the end of the previous
fiscal year
(March 31, 2021)

Items

At the end of the fiscal year
(March 31, 2022)

LIABILITIESCurrent liabilities
Notes and accounts payable—trade

9,072

12,164Current portion of bonds payable

30,000—Current portion of long-term borrowings

3,859

5,246

Income taxes payable

9,023

2,578

Contract liabilities—

24,830Other

69,41440,427

Total current liabilities

121,370

85,247150,000

230,000

2,364

7,401

Non-current liabilities
Bonds payable
Long-term borrowings
Retirement benefit liability

3,030

3,641

Other

3,752

4,276

159,147

245,320

280,517330,567

Total non-current liabilities
Total liabilities
NET ASSETS
Shareholders’ equity
Share capital

63,201

63,201

Capital surplus

112,001

115,005

Retained earnings

678,792

678,566

Treasury shares(108,771)(113,257)

Total shareholders’ equity

745,223

743,515

12,44910,741

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

137

172

Remeasurements of defined benefit plans

2,137

1,886

Total accumulated other comprehensive income

14,724

12,801

Total net assets
Total liabilities and net assets

4759,948756,317

1,040,465

1,086,884

(2) Consolidated Statements of Income
Fiscal Year ended
March 31, 2021
(April 1, 2020
to March 31, 2021)

Items

170,581

275,728*1 169,678*1 209,983

Net sales
Cost of sales

902

65,744*1 46,891*1 58,011(45,989)

7,733

67

130

Gross profit
Selling, general and administrative expenses(Millions of yen)
Fiscal Year ended
March 31, 2022
(April 1, 2021
to March 31, 2022)

Operating profit (loss)
Non-operating income
Interest income
Dividend income

542

523

Insurance received and insurance dividends

347

424
2,340

Subsidy income—

Surrender value of insurance policies

165

2,166

Other

710

1,029

1,833

6,614

Interest expenses

353

455

Share of loss of entities accounted for using equity method

485

480

Commission expenses

821

841

Total non-operating income*2Non-operating expenses

Depreciation

1,026

807

Other

2,362

484

5,049

3,069

(49,205)

11,278Gain on sales of investment securities—

421

Total extraordinary income—

421

Total non-operating expenses
Ordinary profit (loss)
Extraordinary income

Extraordinary losses
12,965—

Impairment losses

5,633

—

Total extraordinary losses

18,598—

Profit (loss) before income taxes(67,804)

11,699Loss on temporary closure*1

Income taxes—current

479

1,804

Income taxes—deferred(14,092)

1,826

Total income taxes(13,613)

3,631

Profit (loss)(54,190)

8,067

Profit (loss) attributable to owners of parent(54,190)

8,067

5

(Consolidated Statements of Comprehensive Income)Fiscal Year ended
March 31, 2021
(April 1, 2020
to March 31, 2021)

Items
Profit (loss)(Millions of yen)
Fiscal Year ended
March 31, 2022
(April 1, 2021
to March 31, 2022)(54,190)

8,067

2,826

(1,707)

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

63

34

Remeasurements of defined benefit plans, net of tax

1,876

(251)

Total other comprehensive income

4,766(1,923)(49,424)

6,144(49,424)

6,144

—

—

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, 2021 (April 1, 2020 to March 31, 2021)(Millions of yen)
Shareholders’ equity

Balance at beginning of period

Share capital

Capital surplus

Retained earnings

Treasury shares

Total
shareholders’equity63,201111,970

744,452(109,325)

810,298

Cumulative effects of changes
in accounting policies
Restated balance—
63,201111,970

744,452(109,325)

810,298

Changes during period
Dividends of surplus(11,469)(11,469)

Profit (Loss) attributable toowners of parent(54,190)(54,190)

Purchase of treasury shares
Disposal of treasury shares

30

(1)

(1)

555

586

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period—

30(65,660)553(65,075)

63,201

112,001

678,792(108,771)

745,223

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-for-salesecurities
9,623

Deferred gains orlosses on hedges

Remeasurementsof defined benefit
plans

Total
accumulated
othercomprehensive
income

74

261

9,958

Cumulative effects of changes
in accounting policies
Restated balance

Total net assets

820,257
—

9,623

74

261

9,958

820,257

Changes during period
Dividends of surplus(11,469)

Profit (Loss) attributable toowners of parent(54,190)

Purchase of treasury shares(1)

Disposal of treasury shares586

Net changes in items otherthan shareholders’ equity

2,826

63

1,876

4,766

4,766

Total changes during period

2,826

63

1,876

4,766

(60,308)

Balance at end of period

12,449137

2,137

14,724759,948

7

Fiscal Year ended March 31, 2022 (April 1, 2021 to March 31, 2022)(Millions of yen)
Shareholders’ equity

Balance at beginning of period

Share capital

Capital surplus

Retained earnings

Treasury shares

Total
shareholders’equity63,201

112,001

678,792(108,771)

745,223

Cumulative effects of changes
in accounting policies
Restated balance

226
63,201

112,001

679,018

226(108,771)

745,449

Changes during period
Dividends of surplus(8,519)(8,519)Profit (Loss) attributable toowners of parent

8,067

8,067

Purchase of treasury shares
Disposal of treasury shares

3,004(6,772)(6,772)

2,285

5,290

Net changes in items otherthan shareholders’ equity
Total changes during period
Balance at end of period

—

3,004

(452)

(4,486)(1,934)

63,201

115,005

678,566(113,257)

743,515

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-for-salesecurities
12,449Deferred gains orlosses on hedges

Remeasurementsof defined benefit
plans

Total
accumulated
othercomprehensive
income137

2,137

14,724

Cumulative effects of changes
in accounting policies
Restated balance

Total net assets

759,948
226

12,449137

2,137

14,724760,174

Changes during period
Dividends of surplus(8,519)Profit (Loss) attributable toowners of parent

8,067

Purchase of treasury shares(6,772)

Disposal of treasury shares

5,290

Net changes in items otherthan shareholders’ equity(1,707)34(251)(1,923)(1,923)

Total changes during period(1,707)34(251)(1,923)(3,857)

Balance at end of period

10,741172

1,886

12,801

756,3178

(4) Consolidated Statements of Cash Flows
Fiscal Year ended
March 31, 2021
(April 1, 2020
to March 31, 2021)
Cash flows from operating activities
Profit (loss) before income taxes
Depreciation
Impairment losses
Increase (decrease) in retirement benefit liability
Interest and dividend income
Surrender value of insurance policies
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 trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Increase (decrease) in accrued consumption taxes
Other, net
SubtotalInterest and dividends received
Interest 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 borrowings
Repayments of long-term borrowings
Proceeds from issuance of bonds
Redemption of bonds
Dividends paid
Purchase 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, 2022
(April 1, 2021
to March 31, 2022)(67,804)
45,899
5,633
(304)
(610)
—
353
0
485
(0)
(5,008)(1,441)(5,260)
1,608
2,678

11,69944,103—482(653)(2,166)
455
(0)
480
(429)
(2,119)
5,363
970
9,161
(5,537)(23,770)
672
(347)
(389)
(23,834)

61,810629(455)(7,383)54,602(70,000)
31,000(40,997)
36,999(111,607)(5,342)
(455)
—
(334)
(160,738)(310,000)
260,000(32,997)
43,499(98,838)(6,363)
(551)
1,876
4,391
(138,984)

3,736(4,580)99,707—(11,439)
(1)
1,314
(10)
88,724(0)(95,847)
261,164
165,317

6,773
(350)
79,820(30,000)(8,511)
(142)
1,345
(1)
48,933
0(35,448)
165,317
129,868(5) Notes Regarding Consolidated Financial Statements
Notes Regarding Going Concern Assumption: None
Change in Accounting Policy
Application of the Accounting Standard for Revenue Recognition, etc.
The “Accounting Standards for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020.
Hereinafter, “Accounting Standard for Revenue Recognition”), etc. has been applied since the beginning of
the current consolidated fiscal year. In accordance with this accounting standard, the Company recognizes
revenue as the amount expected to be received in exchange for the promised goods or services when thecontrol of the goods or services is transferred to the customer.
The application of the Accounting Standard for Revenue Recognition is pursuant to the transitional
treatment stipulated in the proviso of Paragraph 84 of the Accounting Standard for Revenue Recognition.
The cumulative effect when applying the new accounting policy retrospectively from before the beginning of
the current consolidated fiscal year is added to or subtracted from the retained earnings at the beginning of
the current consolidated fiscal year before applying the new accounting policy from the beginning-of-year
balance.
“Notes and accounts receivable—trade,” which was included in “current assets” in the consolidated balance
sheets for the previous fiscal year, has been included in “notes receivable-trade,” “accounts receivable-trade,” and“contract assets” from the current fiscal year, and “other,” which was included in “current liabilities,” has been
included in “contract liabilities” and “other” from the current fiscal year. However, in accordance with thetransitional treatment set forth in No. 89, Paragraph 2 of the Accounting Standard for Revenue Recognition, no
reclassifications have been made for the previous fiscal year using a new presentation method.
The effect of this change on the consolidated financial statements and per share information is immaterial.
In accordance with the transitional treatment set forth in No. 89, Paragraph 3 of the Accounting Standard for
Revenue Recognition, information on the breakdown of revenue arising from contracts with customers for theprevious fiscal year is not presented.
Application of Accounting Standard for Fair Value Measurement, etc.
The “Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30, July 4, 2019), etc, havebeen applied since the beginning of the current consolidated fiscal year. In accordance with the transitional
treatment prescribed in Paragraph 19 of the “Accounting Standard for Fair Value Measurement” andParagraph 44–2 of the “Accounting Standard for Financial Instruments” (ASBJ Statement No. 10, July 4,2019), the Company has decided to apply the new accounting policies set forth by the Accounting Standard
for Fair Value Measurement, etc. in the future.
These changes had no impact on the Company’s consolidated financial statements.
Changes in Accounting Policies That Are Difficult to Distinguish from Changes in Accounting Estimates
Changes in Depreciation Method for Property, Plant and Equipment
While the Company had previously adopted the declining-balance method mainly for depreciation ofproperty, plant and equipment of Tokyo Disneyland (however, the straight-line method had been applied forbuildings acquired on or after April 1, 1998 and facilities attached to buildings and structures acquired on orafter April 1, 2016), the method was changed to the straight-line method from the current consolidated fiscal
year.
The business environment surrounding the Company is currently undergoing major changes due to theimpact of COVID-19, in addition to demographic changes such as the declining birthrate and aging
population. Against this backdrop, we examined the effects of attracting guests to the facility during theperiod between fiscal 2020 and fiscal 2021, in the wake of the opening of large-scale development areas inTokyo Disneyland, which was the largest investment since the opening of the park. As a result, since Tokyo
Disneyland is expected to operate stably and contribute to earnings for a long period of time similarly toTokyo DisneySea, which adopts the straight-line method, we judged that it will become possible to reflect
the actual conditions of the parks more adequately on the Company’s financial statements by unifying thedepreciation methods.
As a result of this change, for the current consolidated fiscal year, operating profit increased by 6,038
million yen, and ordinary profit and profit before income taxes increased by 6,086 million yen, respectively,
compared with the previous method.

10Additional Information
Impact of COVID-19
The OLC Group’s Theme Parks, which constitute its core business, take measures primarily based on the
sector-wide guidelines for preventing the spread of COVID-19, and we currently limit our daily attendance.
It may take some time before demand recovers, depending on the external environment including trends inconsumer sentiment for leisure activities. As such, the situation of the spread of COVID-19 is expected toexert a material impact on our consolidated financial results in the fiscal year ending March 31, 2023.
Significant accounting estimates and underlying assumptions
As of the end of the previous fiscal year and the end of the first quarter of the current fiscal year ended
March 2022, the OLC Group made various consolidated accounting estimates on the assumption that the
COVID-19 pandemic will linger for a certain period during the current fiscal year.
From the second quarter ended September 30, 2021, in view of the prolonged impact of the COVID-19
pandemic, we revised our assumption to deem that the impact will remain for a certain period in the next
fiscal year, based on which we have made consolidated accounting estimates on realizability of deferred tax
assets. As a result, we revised our assessment on the realizability of deferred tax assets and have recorded apartial reversal of our deferred tax assets. However, the impact of this revision on the Company’s
consolidated financial statements is minor.
We make estimates and judgments deemed to be rational in view of the current situation and available
information, but given the highly uncertain outlook of the COVID-19 pandemic including the extent of its
spread and when it will end, the pandemic may exert further impact on the consolidated financial results inand after the next fiscal year in the event that the impact is more prolonged or exacerbated than is expected.
Matters Concerning Consolidated Statements of Income*1 Employment adjustment subsidies
The OLC Group has been applied to special case of employment adjustment subsidy for paid treatments
to prevent the spread of the COVID-19 pandemic.
As a result, the employment adjustment subsidy received or expected to be received from the governmenthas been registered by deducting 7,987 million yen, 1,212 million yen, and 13,109 million yen from thecost of sales, selling, general and administrative expenses, and extraordinary loss, respectively, in theprevious fiscal year ended March 31, 2021; furthermore, in the current fiscal year under review, 8,087
million yen and 203 million yen are deducted from the cost of sales and selling, general and administrative
expenses respectively.
*2 Subsidy income
This is the income from the subsidies for cooperation paid by local governments for the reduction ofoperating hours in an effort to prevent the spread of COVID-19.
Segment Information
1. Overview of Reportable Segments
The Company's reportable segments are components of the Company for which separate financial
information is available and for which the Board of Directors conducts regular reviews to determine
allocation of management resources and assess financial performance.
Because the main business of the Company and its affiliates is the management and operation of Theme
Parks and hotels, etc., “Theme Park” and “Hotel” are designated as the Company’s reportable segments inconsideration of the types and nature of services and the similarity of sales markets.
The Theme Park Segment manages and operates Theme Parks. The Hotel Segment manages and operates
hotels.
2. Method of calculating the amounts of net sales, profit or loss, assets and other items for each reportablesegment
The method of accounting for the reported business segments is in accordance with the accounting
policies adopted for the preparation of the consolidated financial statements.
Reportable segment profit or loss, which is indicated with parentheses ( ), is based on operating profit.
Internal revenue and transfers between segments are based on prevailing market prices.

11Application of the Accounting Standard for Revenue Recognition, etc.
As described in “Notes Regarding Consolidated Financial Statements (Change in Accounting Policy),”“Accounting Standard for Revenue Recognition,” etc. has been applied since the beginning of the current
consolidated fiscal year, and the Company revised the accounting method for revenue recognition as well as
method for measuring profit or loss for its business segments. The impact of this revision on the Company’s
consolidated financial statements is minor.
Changes in Depreciation Method for Property, Plant and Equipment
As described in “Notes Regarding Consolidated Financial Statements (Changes in Accounting Policies
That Are Difficult to Distinguish from Changes in Accounting Estimates),” while the Company had
previously adopted the declining-balance method mainly for depreciation of property, plant and equipmentof Tokyo Disneyland (however, the straight-line method had been applied for buildings acquired on or after
April 1, 1998 and facilities attached to buildings and structures acquired on or after April 1, 2016), themethod was changed to the straight-line method from the current consolidated fiscal year.
As a result of this change, for the current consolidated fiscal year, segment profit of Theme Park andHotel increased by 6,024 million yen and 8 million yen, respectively, and segment loss of Other Businessdecreased by 5 million yen, compared with the previous method.

3. Net Sales, Profit (Loss), Assets and Other Items by Reportable Segment and Breakdown of Revenue
Previous Consolidated Fiscal Year (April 1, 2020 to March 31, 2021)(Millions of yen)
Reportable Segments
Theme
Hotel
Total
Park

Other
Business*1

Total

Adjustment*2

Amount stated on
the Consolidated
Statements ofIncome*3

Net sales
Sales to external—
134,293
28,627
162,921
7,660
170,581
170,581
customers
Intersegment sales or
3,682
359
4,041
3,651
7,692
(7,692)—transfers
Total
137,975
28,986
166,962
11,311
178,274(7,692)
170,581
Segment profit (loss)(41,982)(1,954)(43,937)(2,312)(46,249)260(45,989)
Segment assets
748,559
104,187
852,747
47,653
900,400
140,065
1,040,465
Other items*4
Depreciation and
30,894
3,051
33,9452,787
36,733(45)
36,687amortization
—
—
5,633
Impairment losses
5,633
5,633
5,633
—
Increase in property,
77,79526,716
104,511
3,811
108,322
108,322plant and equipment—
and intangible assets
Notes: 1. The “Other Business” segment, which includes the Ikspiari, monorail, and employee cafeteria businesses, etc., isnot a reportable segment.
2-1. The segment profit (loss) adjustment amount of 260 million yen is the result of elimination of intersegment
transactions.
2-2. Adjustments to segment assets of ¥140,065 million include intersegment eliminations of ¥(3,031 million) andunallocated corporate assets of ¥143,096 million. Corporate assets mainly consist of surplus investment funds(time deposits and securities) and long-term investment funds (investment securities) of the parent company.
3. The segment profit (loss) is adjusted to be recorded as operating profit (loss) in the Consolidated Statements ofIncome.
4. Other items include the amortization, impairment and increase in long-term prepaid expenses.

12Current Consolidated Fiscal Year (April 1, 2021 to March 31, 2022)(Millions of yen)
Reportable Segments
Theme
Hotel
Total
Park

Other
Business*1

Total

Adjustment*2

Amount stated on
the Consolidated
Statements ofIncome*3

Net sales
Attractions and shows
107,338— 107,338—
107,338—
107,338
Merchandise
67,408—67,408—67,408—67,408
Food and beverages
39,165—
39,165—
39,165—
39,165
Other revenue
4,652
—
4,652
—
4,652
—
4,652
Hotel
—
47,43747,437—47,437—47,437
Other
—
—
—
9,726
9,726
—
9,726
Sales to external
218,564
47,437 266,001
9,726
275,728—
275,728
customers
Intersegment sales or
6,248
551
6,799
3,826
10,626(10,626)—transfers
Total
224,81247,988 272,801
13,553286,355(10,626)
275,728
Segment profit (loss)
2,512
6,202
8,714
(1,305)
7,408
324
7,733
Segment assets
719,461
140,133 859,595
45,925905,521
181,363
1,086,884
Other items*4
Depreciation and
36,5003,608
40,1083,237
43,346(50)
43,296amortization
Increase in property,
60,87137,793
98,664
1,923
100,588(319)
100,269
plant and equipment
and intangible assets
Notes: 1. The “Other Business” segment, which includes the Ikspiari, monorail, and employee cafeteria businesses, etc., isnot a reportable segment.
2-1. The segment profit (loss) adjustment amount of 324 million yen is the result of elimination of intersegment
transactions.
2-2. Adjustments to segment assets of ¥181,363 million include intersegment eliminations of ¥(4,968 million) andunallocated corporate assets of ¥186,331 million. Corporate assets mainly consist of surplus investment funds(time deposits and securities) and long-term investment funds (investment securities) of the parent company.
3. The segment profit (loss) is adjusted to be recorded as operating profit (loss) in the Consolidated Statements ofIncome.
4. Other items include the amortization and increase in long-term prepaid expenses.

13Per Share Information
Fiscal Year ended
March 31, 2021
(April 1, 2020
to March 31, 2021)

Fiscal Year ended
March 31, 2022
(April 1, 2021
to March 31, 2022)

Net assets per share

2,320.71

2,309.12

Earnings (loss) per share(165.51)

24.63

—

24.60

Earnings per share (diluted)

Notes: 1. Earnings per share (diluted) for the previous consolidated fiscal year is not stated because a net loss per
share was recorded despite the existence of dilutive shares.
2. Earnings (loss) per share and earnings per share (diluted) were calculated on the basis of the following data.

Fiscal Year ended
March 31, 2021
(April 1, 2020
to March 31, 2021)

Fiscal Year ended
March 31, 2022
(April 1, 2021
to March 31, 2022)(54,190)

8,067

—

—

(54,190)

8,067

327,421327,500

—

211

—

(211)

—
—

9,079
(9,079)——Earnings (loss) per share
Profit (loss) attributable to owners of parent (¥ million)
Amount not attributable to shareholders of common stock (¥ million)
Profit (loss) related to common stock attributable to owners of parent(¥ million)
Average number of common stock shares outstanding (quarterly
cumulative period) (thousand shares)
Earnings per share (diluted)
Adjustment to profit attributable to owners of parent (¥ million)(Of which, commission expenses (after deducting tax equivalent)(¥ million))
Number of additional common stock shares (thousand shares)(Of which, share acquisition rights (thousand shares))
Outline of dilutive shares not included in the calculation of earnings per
share (diluted) due to lack of dilutive effectNotes: The number of treasury shares, which is deducted from the total number of shares issues at end of period whencalculating net assets per share, includes the Company’s shares held by the ESOP trust account of theemployee stock plan (225 thousand shares in the previous fiscal year and 332 thousand shares in the current
fiscal year). In addition, the number of treasury shares, which is deducted from the average number ofoutstanding (quarterly cumulative period) when calculating earnings (loss) per share and earnings per share(diluted), includes the Company’s shares held by the ESOP trust account of the employee stock plan (267thousand shares in the previous fiscal year and 241 thousand shares in the current fiscal year).

Significant Subsequent Event: None14