Consolidated Financial Statements for the First Quarter of
the Fiscal Year Ending March 31, 2022 (Japanese accounting standards)
July 29, 2021
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: Kenji Yoshida, Representative Director and President
Contact: Kenji Horikawa, Officer and Director of Finance/Accounting Department
Planned Date for Submission of the Quarterly Report: August 13, 2021
Planned Date for Start of Dividend Payment: —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 First Quarter of the Fiscal Year Ending March 31, 2022
(April 1, 2021 to June 30, 2021)(1) Consolidated Operating Results (Cumulative total)(Percentages represent change compared with the same period of the previous fiscal year.)
Operating
Ordinary
Net sales
Year-on-year
Year-on-year
Year-on-year
profit (loss)
profit (loss)(¥ million)change (%)
change (%)
change (%)(¥ million)(¥ million)
49,821708.2(8,832)—(8,271)—6,164(94.9)(15,641)—(15,283)—

Three months ended June 30, 2021
Three months ended June 30, 2020
Note: Comprehensive income:Three months ended June 30, 2021: ¥ (6,424) million (—%)
Three months ended June 30, 2020: ¥ (24,261) million (—%)
Profit (Loss)
Year-on-year
Earnings per share
Earnings per share
attributable to owners
change (%)(¥)(diluted) (¥)
of parent (¥ million)
Three months ended June 30, 2021
(6,059)—(18.50)—Three months ended June 30, 2020
(24,871)—(75.97)—Notes(1) Earnings per share (diluted) for three months ended June 30, 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 first quarter of the current consolidated fiscal year. Figures for the first quarter of the fiscal year ending March2022 are stated after the application of the said accounting standard, etc.

(2) Consolidated Financial Position

As of June 30, 2021
As of March 31, 2021
Reference: Shareholders’ equity:

Total assets(¥ million)
1,021,586
1,040,465

Net assets(¥ million)
749,566
759,948

Shareholders’ equity
ratio(%)
73.4
73.0

Net assets per share(¥)
2,288.94
2,320.71

As of June 30, 2021: ¥749,566 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 first quarter of the current consolidated fiscal year. Figures for the first quarter of the fiscal year ending March2022 are stated after the application of the said accounting standard, etc.

2. Dividends
Annual dividends (¥)
First quarter-end

Second quarter-end

Third quarter-end

Year-end

Total

Fiscal Year ended March 31, 2021

—

13.00

—

13.00

26.00

Fiscal Year ending March 31, 2022

—
—

—

—

—

Fiscal Year ending March 31, 2022 (Est.)

Note: Dividends for the second quarter-end and the year-end of the fiscal year ending March 31, 2022 are not indicated as it is difficult toreasonably calculate our forecast of operating results at this point in time.

3. Projected Consolidated Results for the Fiscal Year Ending March 31, 2022
(April 1, 2021 to March 31, 2022)
As it is difficult to present a forecast of the Group’s financial performance at this point in time, we will disclose our consolidated
forecast of results when a reasonable projection becomes possible.

*Notes(1) Changes in Major Subsidiaries during the Three Months Ended June 30, 2021: 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: 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 (3) Notes Regarding the Consolidated Financial Statements for theFirst Quarter Under Review on page 5.

(4) Number of Shares Issued and Outstanding (Common stock)(a) Number of shares issued at end of period Three months ended
June 30, 2021:(including treasury stock)(b) Number of treasury stock at end ofThree months ended
June 30, 2021:
period(c) Average number of shares outstanding
Three months ended
June 30, 2021:(quarterly cumulative period)

363,690,160
sharesYear ended
March 31, 2021:

363,690,160
shares36,217,698
sharesYear ended
March 31, 2021:

36,226,898
shares327,467,609
sharesThree months ended
June 30, 2020:

327,381,087
sharesNote: 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.

Quarterly Consolidated Financial Statements and Key Notes(1) Quarterly Consolidated Balance Sheets
At the end of
the previous fiscal year
(March 31, 2021)

Items(Millions of yen)
At the end of
the first quarter(June 30, 2021)

ASSETS
Current assets
Cash and deposits

197,317

185,555

Notes and accounts receivable—trade

12,04010,986

Securities

33,495

5,999

Merchandise and finished goods

12,511

9,396

Work in process

118

165

Raw materials and supplies

8,901

8,850

Other

9,757

9,662

(8)

(5)

274,134

230,611

Buildings and structures, net

315,411334,269

Machinery, equipment and vehicles, net

47,84948,746

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

Land

115,890

115,890

Construction in progress

165,344

166,849

Other, net

21,063

21,681

Total property, plant and equipment

665,557

687,436

Other

17,111

17,456

Total intangible assets

17,111

17,456

Intangible assets

Investments and other assets
83,75986,177

Allowance for doubtful accounts

Other

(97)

(95)

Total investments and other assets

83,662

86,082

766,331790,975

1,040,465

1,021,586

Total non-current assets
Total assets

1

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

Items(Millions of yen)
At the end of
the first quarter(June 30, 2021)

LIABILITIESCurrent liabilities
Notes and accounts payable—trade

9,072

5,338

Current portion of bonds payable

30,00030,000Current portion of long-term borrowings

3,859

3,860

Income taxes payable

9,023

472

Other

69,414

73,164

Total current liabilities

121,370

112,836

150,000

150,000

2,364

2,333

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

3,030

3,160

Other

3,752

3,690

159,147

159,184

280,517

272,020

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

63,201

63,201

Capital surplus

112,001

112,001

Retained earnings

678,792

668,715

Treasury shares(108,771)(108,711)

Total shareholders’ equity

745,223735,206

12,44912,159

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

137

115

Remeasurements of defined benefit plans

2,137

2,084

Total accumulated other comprehensive income

14,724

14,359Total net assets
Total liabilities and net assets

2759,948

749,566

1,040,465

1,021,586

(2) Quarterly Consolidated Statements of (Comprehensive) Income(Quarterly Consolidated Statements of Income)Three months ended June 30, 2021
Three months ended
June 30, 2020
(April 1, 2020
to June 30, 2020)

Items
Net sales

6,164

Cost of sales

12,963Gross profit (loss)(6,798)
8,843

Selling, general and administrative expenses(15,641)

Operating loss

(Millions of yen)Three months ended
June 30, 2021
(April 1, 2021
to June 30, 2021)
49,821*1

45,6504,171*113,004(8,832)Non-operating income
Interest income

13

23

Dividend income

339

313

Insurance received and insurance dividends

29

Subsidy income

—

Other

371

553

Total non-operating income

753

1,227

Interest expenses

60

111

Share of losses of entities accounted for using equity method

185

95

Commission expenses

134

208

Depreciation

—

225

46
*2

291

Non-operating expenses

Other

14

24

Total non-operating expenses

395

666

(15,283)(8,271)

21,198—21,198—(36,481)(8,271)

Ordinary loss
Extraordinary losses
Loss on temporary closure*1

Total extraordinary losses
Loss before income taxes
Income taxes—current

113

164

Income taxes—deferred(11,724)(2,376)

Total income taxes(11,610)(2,212)Loss(24,871)(6,059)Loss attributable to owners of parent(24,871)(6,059)3

(Quarterly Consolidated Statements of Comprehensive Income)Three months ended June 30, 2021

Items

Three months ended
June 30, 2020
(April 1, 2020
to June 30, 2020)(Millions of yen)Three months ended
June 30, 2021
(April 1, 2021
to June 30, 2021)

Loss(24,871)(6,059)

621

(289)

Other comprehensive income
Valuation difference on available-for-sale securities

2

(22)

Remeasurements of defined benefit plans, net of tax

(13)

(53)

Total other comprehensive income

610

(365)

(24,261)(6,424)(24,261)(6,424)——

Deferred gains or losses on hedges

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests4(3) Notes Regarding the Consolidated Financial Statements for the First Quarter Under Review
Notes Regarding Going Concern Assumption: None
Notes Regarding the Occurrence of Significant Changes in Amount of Shareholders’ Equity: 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 first quarter of the current consolidated fiscal year. In accordance with this accounting standard, theCompany recognizes revenue as the amount expected to be received in exchange for the promised goods orservices when the control 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 beginningof the first quarter of the current consolidated fiscal year is added to or subtracted from the retained
earnings at the beginning of the first quarter of the current consolidated fiscal year before applying the new
accounting policy from the beginning-of-year balance.
The impact of these changes on the Company’s consolidated quarterly financial statements is minor.
Furthermore, in accordance with the transitional treatment stipulated in Paragraph 28-15 of the
Accounting Standard for Quarterly Financial Reporting (ASBJ Statement No. 12, March 31, 2020),
information on the breakdown of revenue generated from contracts with customers for the first quarter ofthe previous consolidated fiscal year is not shown.
Application of Accounting Standard for Fair Value Measurement, etc.
The “Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30, July 4, 2019), etc,
have been applied since the beginning of the first quarter of the current consolidated fiscal year. In
accordance with the transitional treatment prescribed in Paragraph 19 of the “Accounting Standard for Fair
Value Measurement” and Paragraph 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 quarterly 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
for buildings acquired on or after April 1, 1998 and facilities attached to buildings and structures acquiredon or after April 1, 2016), the method was changed to the straight-line method from the first quarter of thecurrent 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, sinceTokyo Disneyland is expected to operate stably and contribute to earnings for a long period of time
similarly to Tokyo 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 the depreciation methods.
As a result of this change, for the first three months of the current consolidated fiscal year, operating loss
decreased by 1,415 million yen, and ordinary loss and loss before income taxes decreased by 1,429 million
yen, respectively, compared with the previous method.

5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. Furthermore, in view of the COVID-19
pandemic situation, the quasi-state of emergency applied to Urayasu City, Chiba Prefecture, and otherfactors, we currently limit our daily attendance in line with requests from the national and local
governments. It may take some time before we can restore normal operations, depending on the external
environment including trends in consumer sentiment for leisure activities. As such, the situation of the
spread of COVID-19 is expected to exert a material impact on our consolidated financial results in andafter the second quarter of the fiscal year ending March 31, 2022.
Significant accounting estimates and underlying assumptions
In preparing the consolidated financial statements for the first quarter under review, there have been no
significant changes from the previous fiscal year in the highly uncertain accounting estimates and theirunderlying assumptions.
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
expected to be received from the government has been deducted from extraordinary loss in the previous
first quarter of the fiscal year ended March 31, 2021; furthermore, the employment adjustment subsidy
received or expected to be received from the government has been registered by deducting ¥2,890 millionand ¥113 million from the cost of sales and selling, general and administrative expenses respectively inthe first quarter under review.
*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.

6

Segment Information
1. Three months ended June 30, 2020 (April 1, 2020 to June 30, 2020)
A. Net Sales and Income (Loss) by Reportable Segment(Millions of yen)
Reportable Segments
Theme
Park

Hotel

Other
Business*1

Total

Total

Adjustment*2

Amount statedon the Quarterly
Consolidated
Statements ofIncome*3

Net sales
Sales to external
5,123
147
5,271
893
6,164
—
6,164
customers
Intersegment
347
62
410
675
1,085
(1,085)—sales or transfers
Total
5,471
209
5,681
1,568
7,249
(1,085)
6,164
Segment Loss
(11,439)(3,198)(14,637)(1,035)(15,673)31(15,641)
Notes: 1. The “Other Business” segment, which includes the Ikspiari, monorail, and employee cafeteria businesses, is not
a reportable segment.
2. The segment loss adjustment amount of 31 million yen is the result of elimination of intersegment transactions.
3. The segment loss is adjusted to be recorded as operating loss in the Quarterly Consolidated Statements ofIncome.

B. Information regarding impairment loss on fixed assets and goodwill by reportable segment: None

2. Three months ended June 30, 2021 (April 1, 2021 to June 30, 2021)
A. Net Sales and Income (Loss) by Reportable Segment and Breakdown of Revenue(Millions of yen)
Reportable Segments
Theme
Park

Hotel

Other
Business*1

Total

Total

Adjustment*2

Amount statedon the Quarterly
Consolidated
Statements ofIncome*3

Net sales
Attractions and18,909—18,909—18,909—18,909shows
Merchandise
13,317—
13,317—
13,317—
13,317
Food and
6,731
—
6,731
—
6,731
—
6,731
beverages
Other revenue
728
—
728
—
728
—
728
Hotel
—
7,974
7,974
—
7,974
—
7,974
Other
—
—
—
2,160
2,160
—
2,160
Sales to external
39,686
7,974
47,661
2,160
49,821—
49,821
customers
Intersegment
1,127
92
1,219
834
2,054
(2,054)—
sales or transfers
Total
40,814
8,066
48,881
2,995
51,876(2,054)
49,821
Segment Loss
(7,532)(883)(8,415)(445)(8,861)28(8,832)
Notes: 1. The “Other Business” segment, which includes the Ikspiari, monorail, and employee cafeteria businesses, is not
a reportable segment.
2. The segment loss adjustment amount of 28 million yen is the result of elimination of intersegment transactions.
3. The segment loss is adjusted to be recorded as operating loss in the Quarterly Consolidated Statements ofIncome.

B. Matters Regarding the Changes in Reportable Segment, etc.
Application of the Accounting Standard for Revenue Recognition, etc.
As stated under the “Notes Regarding the Change in Accounting Policy,” the Accounting Standards for
Revenue Recognition, etc. has been applied since the beginning of the first quarter of the current consolidated
fiscal year. As a result of a change in the method of accounting treatment for revenue recognition, the method of
measuring profit or loss in each business segment has also been changed accordingly.
The impact of these changes on the Company’s consolidated quarterly financial statements is minor.

7

Changes in Depreciation Method for Property, Plant and Equipment
As stated under the “Notes Regarding the Changes in Accounting Policies That Are Difficult to Distinguishfrom Changes in Accounting Estimates,” while the Company had previously adopted the declining-balancemethod mainly for depreciation of property, plant and equipment of Tokyo Disneyland (however, thestraight-line method had been applied for buildings acquired on or after April 1, 1998 and facilities attached tobuildings and structures acquired on or after April 1, 2016), the method was changed to the straight-line methodfrom the first quarter of the current consolidated fiscal year. As a result of this change, segment loss for the first
three months of the current consolidated fiscal year decreased by 1,412 million yen for the “Theme Park”
segment, 2 million yen for the “Hotel” segment, and 1 million yen for the “Other Business” segment, comparedwith the previous method.

C. Information regarding impairment loss on fixed assets and goodwill by reportable segment: None8