October 29, 2020

Supplementary Materials: Results for the Second Quarterof the Fiscal Year Ending March 31, 2021
(April 1, 2020 through September 30, 2020)■Results for the Second Quarter of the Fiscal Year Ending March 31, 2021
1. Quarterly Consolidated Balance Sheets

1(Actual Second Quarter/Previous Fiscal Year)

2. Quarterly Consolidated Statements of Income

3(Actual Results/Previous Cumulative Second Quarter)0

3. Quarterly Consolidated Statements of Income

5(Actual/Previous Results for the First Quarter)

4. Quarterly Consolidated Statements of Income

7(Actual/Previous Results for the Second Quarter)■Forecast for the Fiscal Year Ending March 31, 2021
5. Forecast: Consolidated Statements of Income

9(Forecast for the Full Fiscal Year/Results for Previous Fiscal Year)

6. Forecast: Consolidated Statements of Income

11(Forecast for the Second Half Year/Results for Same Period of Previous Year)■Capital Expenditures / Depreciation and Amortization

13■Fact Data14

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1. Quarterly Consolidated Balance Sheets(Actual Second Quarter/Previous Fiscal Year)(Millions of yen)
Items

3/20

9/20

(As of March 31, 2020)(As of September 30, 2020)

AmountASSETS
Current assets
Cash and deposits
Notes and accounts receivable-trade
Securities
Inventories
Other
Total current assets
II. Non-current assets
Property, plant and equipment%

Amount%Change (decrease)
Amount%I.

261,164
7,225
19,99920,088
8,262
316,74131.3

253,054
14,402
13,48825,501
12,390318,83730.3(8,110)
7,176(6,511)
5,413
4,128
2,096

0.7

61.3

34,576
16,348(27,745)
10,26133,440

5.5

1.6

151
151

0.9

6.8
69.7
100.0

(4,165)
(176)
9,354
5,011
38,60440,7007.7(7,005)(691)
538(12,709)(19,868)①②

Buildings and structures, net
Machinery, equipment and vehicles, net
LandConstruction in progress
Other, net
Total property, plant and equipment
Intangible assets

291,01234,557
117,653
152,165
15,197
610,586

60.4

325,588
50,906
117,653
124,419
25,459644,027

Other
Total intangible assets
Investments and other assets

16,334
16,334

1.6

16,486
16,486

6.7
68.7
100.0

42,7601,312
27,92872,001
732,514
1,051,352

9.9

6,916
3,888
8,530
61,29180,62780,000
2,488
3,537
3,873
89,898190,3948.9
18.8

180,000
2,427
3,191
3,809
189,428
270,05618.0
25.7

100,000
(61)
(345)
(63)
99,52979,661

63,201111,970
744,452(109,325)
810,298

6.2
11.1
73.7
(10.8)
80.2

63,201
112,001
707,147(109,036)
773,312

6.0
10.7
67.3
(10.4)
73.6

30(37,304)288(36,985)

(4.6)

9,623
74
261
9,958
820,257

1.0
0.0
0.0
1.0
81.2

7,743
8
230
7,983
781,296

0.7
0.0
0.0
0.7
74.3

(1,879)(65)(30)(1,975)(38,961)(19.8)(4.7) C

1,010,651

100.0

1,051,352

100.0

40,7004.0

Investment securities
Long-term prepaid expenses
Other
Total investments and other assets
Total non-current assets
Total assets

46,925
1,489
18,574
66,989693,9101,010,651

③
7.5
5.6
4.0 Ａ

LIABILITIESI.

Current liabilities
Notes and accounts payable-trade
Current portion of long-term loans borrowings
Income taxes payable
Other
Total current liabilities
II. Non-current liabilities
Bonds payable
Long-term loans payable
Net defined benefit liability
Other
Total non-current liabilities
Total liabilities

13,921
4,580
7,991
74,001
100,495④⑤(19.8)⑥

110.7
41.8 BNET ASSETS
I.

Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
II. Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

1⑦

【A. ¥40.7 Billion (4.0%) Increase in Assets】
I. ¥2.0 Billion Increase in Current Assets

II. ¥38.6 Billion Increase in Non-current Assets¥7.1 billion …①¥5.4 billion …②(1) Increase in notes and accounts receivable - trade(2) Increase in inventories(1) Increase due to capital expenditures(2) Decrease due to depreciation and amortization(3) Increase due to deferred tax【Amount of Increase/Decrease in Non-current assets】¥53.8 billion¥(20.2 billion)¥9.2 billion …③(Millions of yen)

Items

Amount33,415

Amount of increase/decrease in facilities

53,866

Capital expenditures
Theme Park Segment

42,142

Hotel Business Segment

9,979

Other Business Segment

1,745
-

Removal from consolidation(237)

Eliminations, etc.

(20,213)

Depreciation and amortization

5,188

Amount of increase/decrease in investment securities and other assets

Total

38,604【B. ¥79.6 Billion (41.8%) Increase in Liabilities】
I. ¥19.8 Billion Decrease in Current Liabilities(1) Decrease in accounts payable(2) Decrease in notes and accounts payable-tradeII. ¥99.5 Billion Increase in Non-current Liabilities¥(18.0 billion) …⑤¥(7.0 billion) …④(1) Increase in bonds payable【Breakdown of Interest-Bearing Debt】
Items(Millions of yen)

3/20

9/20

ChangeCurrent portion of long-term borrowings

4,580

3,888

(691)

Bonds payable

80,000180,000

100,000

Long-term loans borrowings
Total

2,488

2,427

(61)

87,069186,315

99,246【C. ¥38.9 Billion (4.7%) Decrease in Net Assets】¥(37.3 billion) …⑦(1) Decrease in retained earnings
・Decrease in profit attributable to owners of parent¥(30.0 billion)

・Decrease due to cash dividends¥(7.2 billion)

2¥(100.0 billion) …⑥

2. Quarterly Consolidated Statements of Income(Actual Results/Previous Cumulative Second Quarter)(Millions of yen)
Items

9/19

9/20

(Six months ended Sept. 30, 2019)(Six months ended Sept. 30, 2020)

Amount%Amount%Change (decrease)
Amount%Net sales

248,428100.0

59,149100.0(189,279)(76.2) A

Theme Park Segment

205,395

82.7

47,84880.9(157,546)(76.7) ①

Hotel Business Segment

34,724

14.0

8,174

13.8

(26,550)(76.5) ②

Other Business Segment

8,308

3.3

3,125

5.3

(5,183)(62.4) ③

Cost of sales

153,287

61.7

62,604105.8(90,683)(59.2)

Personnel expenses

39,876

17,874(22,001)

Other expenses

97,42135,059(62,361)

Depreciation and amortization

15,9909,669(6,320)Gross profit

95,14038.3(3,455)(5.8)(98,596)-

Selling, general and administrative expenses

34,201

13.8

20,723

35.1(13,478)(39.4)

Personnel expenses

13,507

8,111(5,395)

Other expenses

18,05910,652(7,406)

Depreciation and amortization

2,634

1,958

(675)

Operating profit

60,93924.5(24,178)(40.9)(85,118)- Ｂ

Theme Park Segment

49,92920.1(19,321)(32.7)(69,251)- ④

Hotel Business Segment

9,077

3.7

(3,668)(6.2)(12,746)- ⑤

Other Business Segment

1,807

0.7

(1,305)(2.2)(3,113)- ⑥(Elimination and Corporate)

123

0.0

117

0.2

(6)

(5.4)

Non-operating income

1,623

0.7

1,165

2.0

(458)

(28.3)

Non-operating expenses

485

0.2

1,731

2.9

1,246

256.8

62,07825.0(24,745)(41.8)(86,823)-

Loss on temporary closure--

13,33322.6

13,333-

Total extraordinary loss--

13,33322.6

13,333- ⑦

Profit before income taxes

62,07825.0(38,078)(64.4)(100,156)-

Income taxes-current

17,422

7.0

319

0.5

(17,102)(98.2)

Income taxes-deferred

1,571

0.7

(8,301)(14.0)(9,873)-

Total income taxes

18,993

7.7(7,982)(13.5)(26,976)-

Profit43,08417.3(30,095)(50.9)(73,180)-

Profit attributable to owners of parent

43,08417.3(30,095)(50.9)(73,180)-

Ordinary profit

Extraordinary loss

3C

【A. ¥189.2 Billion (76.2%) Decrease in Net Sales】
Items① Theme Park Segment
Attractions and shows
Merchandise
Food and beverages
Others② Hotel Business Segment
Disney Hoteｌs*
Other Hotels③ Other Business Segment
Ikspiari
Monorail
Others

9/19
205,395
96,10767,70738,335
3,244
34,72430,796
3,928
8,308
3,467
2,541
2,299

9/20
47,84825,365
14,323
7,366
793
8,174
7,281
892
3,125
1,739
367
1,019

(Millions of yen)Primary reasons for change
ChangeChange(%)(157,546)(76.7)(70,742)(73.6)
・Decrease due to the temporarily closure of both Parks(53,383)(78.8)
・Decrease by limited Theme Park attendance(30,969)(80.8)(2,450)(75.5)(26,550)(76.5)
・Decrease due to the temporarily closure of hotels(23,514)(76.4)
・Decrease in accommodation revenue due to limited number of sales of hotel rooms(3,035)(77.3)(5,183)(62.4)
・Decrease due to the temporary closure of Ikspiari Business(1,728)(49.8)
・Decrease due to the temporary closure of Monorail Business(2,173)(85.5)･Decrease in the Monorail business due to limited Theme Park attendance(1,280)(55.7)*1 Including Disney Ambassador Hotel, Tokyo DisneySea Hotel MiraCosta, Tokyo Disneyland Hotel and Tokyo Disney Celebration Hotel.

【Theme Park Information】
Items

9/19

9/20

ChangePrimary reasons for change

Change (%)

・Decrease due to the temporarily closure of both Parks(82.9)
・Decrease by limited Theme Park attendance

Attendance (thousand people)

15,7352,685(13,050)

Net sales per Guest (yen)11,504

13,125

1,621

14.1

Ticket receipts

5,252

6,278

1,026

19.5

Merchandise

3,821

4,113

292

7.7 ・Temporary increase due to growth in demand after reopening

Food and beverages

2,432

2,733

301

12.4 ・Temporary increase due to ample dining opportunities

・Increase due to ticket price revision・Temporary increase due to restriction on ticket types【B. ¥85.1 Billion Decrease in Operating Profit】
Items④ Theme Park Segment

9/19

9/20

49,929(19,321)(Millions of yen)

ChangePrimary reasons for change

Change (%)(69,251)

・Decrease in net sales
・Increase in merchandise and food/beverages cost ratio [¥(10.2 billion)]*2
・Decrease in personnel expenses [¥22.9 billion]-Transfer to extraordinary loss [¥10.6 billion]-Decrease due to employment adjustment subsidy [¥3.9 billion]*3-Decrease in personnel expenses for part-time employees [¥3.9 billion]-Decrease in personnel expenses for full-time employees [¥3.6 billion]-Other [¥0.7 billion]- ・Decrease in miscellaneous costs [¥12.0 billion]-Transfer to extaordinary loss [¥3.2 billion]-Decrease in sales promotion costs[¥2.4 billion]-Decrease in costs related to costs of special events [¥2.0 billion]-Decrease in in maintenance costs[¥1.5 billion]-Other [¥2.7 billion]
・Decrease in depreciation and amortization expenses [¥6.2 billion]-Transfer to extraordinary loss [¥7.2 billion]-Other [¥(1.0 billion)]⑤ Hotel Business Segment

9,077(3,668)(12,746)

・Decrease in net sales
・Decrease in personnel expenses [¥3.8 billion]-Transfer to extaordinary loss, decrease due to reduction of bonus, etc.
- ・Decrease in miscellaneous costs [¥0.9 billion]-Decrease in costs during closure, transfer to extaordinary loss, etc.
・Decrease in depreciation and amortization expenses [¥0.8 billion]-Transfer to extaordinary loss, etc.

⑥ Other Busines Segment

1,807(1,305)(3,113)- ・Decrease in net sales, etc.

*2 Since the impact of the increase in the merchandise and food/beverage cost ratio in the first quarter (April to June) cannot be calculated due to the temporary closure of the Parks, it is not stated on the primaryreasons for change in operating profit in the first quarter on page 6.
*3 The change amount deducted the received amount, including the estimated, after the reopening of the Parks (July to September) as an employment adjustment subsidy due to the impact of the COVID-19*3 pandemic.

【C. ¥73.1 Billion Decrease in Profit Attributable to Owners of Parent】⑦ Increase in extraordinary loss
Items

Theme Park Segment(Millions of yen)

9/19

9/20

-

12,168Change12,168

Primary reasons for change

Change (%)

・Transfer to personnel expenses [¥0.9 billion]*4-Part of personnel expenses incurred during the temporary closure of both Parks
・Transfer to miscellaneous costs [¥3.2 billion]-Outsourcing, fixed asset tax during the temporary closure of both Parks, etc.
・Transfer to depreciation and amortization expenses [¥7.2 billion]-Depreciation and amortization expenses during the temporary closure of both Parks
・Personnel expenses in costs of food and beverages*2, disposal of merchandise and・raw material, etc. [¥0.6 billion]

Hotel Business Segment

-

953

953

・Transfer to personnel expenses [¥(0.1 billion)]*4-Decrease due to employment adjustment subsidy, etc.
・Transfer to miscellaneous costs [¥0.3 billion]-Fixed asset tax during the temporary closure of hotels, etc.
・Transfer to depreciation and amortization expenses [¥0.7 billion]-Depreciation and amortization expenses during the temporary closure of hotels

Other Busines Segment

-

210

210

-

・Transfer to depreciation and amortization expenses [¥0.1 billion]-Depreciation and amortization expenses of Ikspiari business during the temporary closure-of Ikspiari, etc.

*4 The amount of personnel expenses transferred to the extraordinary loss in each business deducted the received amount during the temporary closure period as an employment adjustment subsidy*4 due to the impact of the COVID-19 pandemic.

43. Quarterly Consolidated Statements of Income(Actual /Previous Results for the First Quarter)(Millions of yen)

Items

Three months
ended June 30, 2019
(April 1, 2019 to June 30, 2019)
AmountThree months
ended June 30, 2020
(April 1, 2020 to June 30, 2020)

Change(Decrease)%

Amount%AmountNet sales

120,552

100.0

6,164

100.0

(114,387)%(94.9) A

Theme Park Segment

100,179

83.1

5,123

83.1

(95,055)(94.9) ①

Hotel Business Segment

16,420

13.6

147

2.4

(16,273)(99.1) ②

Other Business Segment

3,952

3.3

893

14.5

(3,059)(77.4) ③

Cost of sales

72,26959.9

12,963210.3(59,306)(82.1)

Personnel expenses

18,975

4,176(14,799)

Other expenses

45,656

8,184(37,472)

Depreciation and amortization

7,637

602

(7,034)Gross profit

48,282

40.1(6,798)(110.3)(55,081)-

Selling, general and administrative expenses

16,345

13.6

8,843

143.4

(7,502)(45.9)

Personnel expenses

6,299

3,883

(2,416)

Other expenses

8,733

4,380

(4,352)

Depreciation and amortization

1,312

579

(733)

Operating profit

31,93626.5(15,641)(253.7)(47,578)- B

Theme Park Segment

27,182

22.6(11,439)(185.6)(38,622)- ④

Hotel Business Segment

3,784

3.1

(3,198)(51.9)(6,982)- ⑤

Other Business Segment

911

0.8

(1,035)(16.8)(1,947)- ⑥(Elimination and corporate)

57

0.0

31

0.6

(25)

(44.9)

Non-operating income

1,086

0.9

753

12.2

(332)

(30.6)

Non-operating expenses

260

0.2

395

6.4

134

51.8

32,76227.2(15,283)(247.9)(48,045)---

21,198343.9

21,198- ⑦

Profit before income taxes

32,76227.2(36,481)(591.8)(69,244)-

Income taxes

9,838

8.2

(11,610)(188.3)(21,449)-

Profit22,92319.0(24,871)(403.5)(47,794)-

Profit attributable to owners of parent

22,92319.0(24,871)(403.5)(47,794)- C

Ordinary profit
Extraordinary loss

5

【A. 114.3 Billion (94.9%) Decrease in Net Sales】(1) Net Sales(Millions of yen)

Items
① Theme Park Segment

Three months Three months
ended June 30, ended June 30,
2019
2020
100,179
5,123

ChangePrimary reasons for change

Change(%)(95,055)(94.9)

46,8483,844(43,004)(91.8)

Merchandise

33,478959(32,519)(97.1) ・Decrease due to the temporary closure of both Parks

Food and beverages

18,475

1(18,474)(100.0)(76.8)

Attractions and shows

Others② Hotel Business Segment
Disney Hoteｌs*1
Others③ Other Business Segment

1,375

319

(1,056)

16,420147(16,273)(99.1)

14,353

26(14,326)(99.8) ・Decrease due to the temporary closure of hotels

2,067

120

(1,946)(94.2)

3,952

893(3,059)(77.4)(74.8) ・Decrease due to the temporary closure of Ikspiari Business(97.3) ・Decrease due to the temporary closure of Monorail Business

Ikspiari

1,661

419

(1,242)

Monorail

1,177

32

(1,144)

Others

1,113

441

(671)

(60.3)*1 Including Disney Ambassador Hotel, Tokyo DisneySea Hotel MiraCosta, Tokyo Disneyland Hotel and Tokyo Disney Celebration Hotel.
(2) Theme Park Information (Year-on-year comparison)
As both Parks were temporarily closed during the first quarter under review, there are no actual figures for attendance or net sales per Guest.

【B. 47.5 Billion Decrease in Operating Profit】
Items④ Theme Park Segment

Three months Three months
ended June 30, ended June 30,
2019
2020

27,182(11,439)(Millions of yen)

ChangePrimary reasons for change

Change(%)(38,622)

・Decrease in net sales
・Decrease in personnel expenses [¥14.5 billion]-Transfer to extaordinary loss, decrease in personnel expenses for part-time employees, etc.
- ・Decrease in miscellaneous costs [¥6.9 billion]-Transfer to extaordinary loss, decrease in marketing expenses, costs related to special events, etc.
・Decrease in depreciation and amortization expenses [¥6.8 billion]-Transfer to extaordinary loss, etc.

⑤ Hotel Business Segment

3,784(3,198)(6,982)

・Decrease in net sales
・Decrease in personnel expenses [¥2.3 billion]-Transfer to extaordinary loss, decrease due to reduction of working hours, etc.
- ・Decrease in miscellaneous costs [¥0.9 billion]-Decrease in maintenance costs, transfer to extaordinary loss, etc.
・Decrease in depreciation and amortization expenses [¥0.7 billion]-Transfer to extaordinary loss, etc.

⑥ Other Business Segment

911(1,035)(1,947)- ・Decrease in net sales, etc.

【C. 47.7 Billion Decrease in Profit attributable to Owners of Parent】⑦ Increase in extraordinary loss

Items

Theme Park Segment(Millions of yen)Three months Three months
ended June 30, ended June 30,
2019
2020

-

19,715

ChangePrimary reasons for change

Change(%)

19,715・Transfer to personnel expenses [¥7.7 billion]*2-Part of personnel expenses incurred during the temporary closure of both Parks
・Transfer to miscellaneous costs [¥3.2 billion]-Outsourcing, fixed asset tax during the temporary closure of both Parks, etc.
・Transfer to depreciation and amortization expenses [¥7.2 billion]-Depreciation and amortization expenses during the temporary closure of both Parks
・Personnel expenses in costs of food and beverages*2, disposal of merchandise and raw material, etc.
・[¥1.4 billion]

・Transfer to personnel expenses [¥0.1 billion]*2-Part of personnel expenses incurred during the temporary closure of hotels
・Transfer to miscellaneous costs [¥0.3 billion]-Fixed asset tax during the temporary closure of hotels, etc.
・Transfer to depreciation and amortization expenses [¥0.7 billion]-Depreciation and amortization expenses during the temporary closure of hotels

Hotel Business Segment

-

1,262

1,262

Other Business Segment

-

219

219

-

・Transfer to depreciation and amortization expenses [¥0.1 billion]-Depreciation and amortization expenses of Ikspiari business during the temporary closure-of Ikspiari, etc.

*2 As the employment adjustment subsidy to be received from the government as a special measure to address the impact of COVID-19, highly accurate amount to be receivedis reasonably calculated,*2 and has been deducted from the extraordinary loss.

64. Quarterly Consolidated Statements of Income(Actual /Previous Results for the Second Quarter)(Millions of yen)

Items

Three months
ended September 30, 2019
(July 1, 2019 to Sep 30, 2019)
AmountThree months
ended September 30, 2020
(July 1, 2020 to Sep 30, 2020)%

Amount%Change(Decrease)
Amount%Net sales

127,876

100.0

52,984100.0(74,891)(58.6) A

Theme Park Segment

105,21582.3

42,725

80.6(62,490)(59.4) ①

Hotel Business Segment

18,304

14.3

8,026

15.2

(10,277)(56.1) ②

Other Business Segment

4,356

3.4

2,232

4.2

(2,123)(48.8) ③

Cost of sales

81,01863.4

49,641

93.7(31,377)(38.7)

Personnel expenses

20,90013,698(7,202)Other expenses

51,764

26,875(24,888)

Depreciation and amortization

8,352

9,067

714

Gross profit

46,858

36.6

3,343

6.3

(43,514)(92.9)

Selling, general and administrative expenses

17,855

13.9

11,88022.4(5,975)(33.5)

Personnel expenses

7,207

4,228

(2,979)Other expenses

9,325

6,271

(3,054)

Depreciation and amortization

1,321

1,379

57

Operating profit

29,002

22.7(8,536)(16.1)(37,539)- B

Theme Park Segment

22,74717.8(7,882)(14.9)(30,629)- ④

Hotel Business Segment

5,293

4.1

(470)

(0.9)

(5,763)- ⑤

Other Business Segment

896

0.7

(269)

(0.5)

(1,165)(Elimination and corporate)

66

0.1

85

0.2

19

29.1

Non-operating income

537

0.4

411

0.7

(126)

(23.6)

Non-operating expenses

224

0.2

1,336

2.5

1,111

494.4

29,31522.9(9,461)(17.9)(38,777)---(7,865)(14.9)(7,865)- ⑦

Profit before income taxes

29,31522.9(1,596)(3.0)(30,912)-

Income taxes

9,154

7.1

3,627

6.9

(5,526)(60.4)

Profit20,16015.8(5,224)(9.9)(25,385)-

Profit attributable to owners of parent

20,16015.8(5,224)(9.9)(25,385)- C

Ordinary profit
Extraordinary loss

7

- ⑥

【A. 74.8 Billion (58.6%) Decrease in Net Sales】(1) Net Sales
Items(Millions of yen)Three months
Three months
ended September ended September
30, 2019
30, 2020

Primary reasons for change

Change(%)

Change① Theme Park Segment

105,215

42,725(62,490)(59.4)

Attractions and shows

49,25821,520(27,737)(56.3)

Merchandise

34,22813,364(20,864)(61.0) ・Decrease by limited Theme Park attendance

Food and beverages

19,8607,364(12,495)(62.9)

Others

1,868

474(1,393)(74.6)

18,304

8,026(10,277)(56.1)

Disney Hoteｌs*1

16,442

7,254(9,187)(55.9) ・Decrease in accommodation revenue due to limited number of rooms sold

Other Hotels

1,861

771

(1,089)(58.5)

4,356

2,232

(2,123)(48.8)

Ikspiari

1,805

1,320

(485)

(26.9)

Monorail

1,364

335

(1,028)(75.4)

Others

1,186

577

(609)

(51.4)② Hotel Business Segment③ Other Business Segment･Decrease in the Monorail business due to limited Theme Park attendance*1 Including Disney Ambassador Hotel, Tokyo DisneySea Hotel MiraCosta, Tokyo Disneyland Hotel and Tokyo Disney Celebration Hotel.

【B. 37.5 Billion Decrease in Operating Profit】
Items(Millions of yen)Three months
Three months
ended September ended September
30, 2019
30, 2020

Primary reasons for change

Change(%)

Change④ Theme Park Segment

22,747(7,882)(30,629)

・Decrease in net sales
・Increase in merchandise and food/beverages sales cost ratio [about ¥(2.5 billion)]・Decrease in personnel expenses [¥8.3 billion]*2-Decrease due to receipt of employment adjustment subsidy, decrease in personnel-expenses for full-time employees, etc.
・Decrease in miscellaneous costs [¥5.0 billion]-Decrease in marketing expenses, costs related to special events, etc.
・Increase in depreciation and amortization expenses [¥(0.6 billion)]⑤ Hotel Business Segment

5,293

(470)

(5,763)

・Decrease in net sales- ・Decrease in personnel expenses [¥1.5 billion]*2-Decrease due to reduction of bonus, etc.

⑥ Other Business Segment

896

(269)

(1,165)- ・Decrease in net sales, etc.

*2 The change amount deducted the received amount, including the estimated, after the reopening of the Parks (July to September) as an employment adjustment subsidy due to the impact of*3 the COVID-19 pandemic.

【C. 25.3 Billion Decrease in Profit attributable to Owners of Parent】⑦ Decrease in extraordinary loss
Items

(Millions of yen)Three months
Three months
ended September ended September
30, 2019
30, 2020

Primary reasons for change

Change(%)

ChangeTheme Park Segment-(7,546)(7,546)-

・Decrease in extraordinary loss [¥(7.5 billion)]-Decrease due to receipt of employment adjustment subsidy*3-Decrease due to reduction of winter bonus payments to full-time employees

Hotel Business Segment

-

(309)

(309)

-

・Decrease in extraordinary loss [¥(0.3 billion)]-Decrease due to receipt of employment adjustment subsidy*3-Decrease due to reduction of winter bonus payments to full-time employees

Other Business Segment

-

(9)

(9)

-

・Decrease in extraordinary loss [¥(0.0 billion)]-Decrease due to receipt of employment adjustment subsidy*3-Decrease due to reduction of winter bonus payments to full-time employees*3 The recorded amount were decreased from extraordinary loss in each business because receipt of employment adjustment subsidy due to the impact of the COVID-19 pandemic exceeded*3 the expected amount at the time of the first quarter settlement.

8

5. Forecast: Consolidated Statements of Income(Forecast for the Full Fiscal Year/Results for Previous Fiscal Year)(Millions of yen)
Items

Results for FY ended 3/20

Forecast for FY ending 3/21

(Apr. 1, 2019 - Mar. 31, 2020)(Apr. 1, 2020 - Mar. 31, 2021)

Amount%AmountChange (decrease)%

Amount%Net sales

464,450

100.0

185,460

100.0(278,990)(60.1) A

Theme Park Segment

384,03182.7

152,440

82.2(231,591)(60.3) ①

Hotel Business Segment

64,37513.9

25,13013.5(39,245)(61.0) ②

Other Business Segment

16,043

3.4

7,890

4.3

(8,153)(50.8) ③

Cost of sales

300,601

64.7

188,510101.6(112,091)(37.3)

Gross profit

163,849

35.3(3,050)(1.6)(166,899)-

Selling, general and administrative
expenses

66,986

14.4

48,35026.1(18,636)(27.8)

Operating profit

96,862

20.9(51,400)(27.7)(148,262)- B

Theme Park Segment

79,66017.1(43,110)(23.2)(122,770)- ④

Hotel Business Segment

14,7693.2(5,970)(3.2)(20,739)- ⑤

Other Business Segment

2,161

0.5

(2,580)(1.4)(4,741)- ⑥(Elimination and Corporate)

271

0.1

260

0.1

(11)

(4.2)

Non-operating income

2,582

0.5

1,970

1.0

(612)

(23.7)

Non-operating expenses

1,382

0.3

4,460

2.4

3,077

222.5

Ordinary profit

98,062

21.1(53,890)(29.1)(151,952)-

Gain on sales of investment securities

341

0.1

-

-

(341)

-

Total extraordinary income

341

0.1

-

-

(341)

-

Loss on temporary closure

9,270

2.0

13,333

7.2

4,062

43.8

Total extraordinary loss

9,270

2.0

13,3337.2

4,062

43.8 ⑦

Profit before income taxes

89,13319.2(67,230)(36.3)(156,363)-

Income taxes

26,916

5.8(16,120)(8.7)(43,036)-

Profit62,217

13.4(51,110)(27.6)(113,327)-

Profit attributable to owners of parent

62,217

13.4(51,110)(27.6)(113,327)- C

Extraordinary income

Extraordinary loss

*Although the forecast for the fiscal year ending March 2021 is disclosed in units of 10 million yen, the extraordinary loss shows the actual results for the first half.

9【A. ¥278.9 Billion (60.1%) Decrease in Net Sales】(Millions of yen)

Items
① Theme Park Segment
Attractions and shows
Merchandise
Food and beverages
Others② Hotel Business Segment
Disney Hotels*1
Other Hotels③ Other Business Segment
Ikspiari
Monorail
OthersFY 3/20
Results
384,031
179,965
126,82270,815
6,428
64,37556,7997,575
16,043
6,175
4,767
5,100

FY 3/21
Forecast
152,440
77,80044,70027,0602,880
25,13022,320
2,810
7,890
4,360
1,260
2,270

ChangePrimary reasons for change

Change (%)(231,591)(102,165)(82,122)(43,755)(3,548)(39,245)(34,479)(4,765)(8,153)(1,815)(3,507)(2,830)(60.3)(56.8)
・Decrease due to the temporarily closure of both Parks(64.8)
・Decrease by limited Theme Park attendance(61.8)(55.2)(61.0)
・Decrease due to the temporarily closure of hotels(60.7)
・Decrease in accommodation revenue due to limited number of rooms sold
(62.9)(50.8)
・Decrease due to the temporary closure of Ikspiari Business(29.4)
・Decrease due to the temporary closure of Monorail Business(73.6) ・Decrease due to influence of limitation of Theme Park attendance in the monorail business(55.5)*1 Including Disney Ambassador Hotel, Tokyo DisneySea Hotel MiraCosta, Tokyo Disneyland Hotel and Tokyo Disney Celebration Hotel.

【Theme Park Information】
Items

FY 3/20
Results

FY 3/21
Forecast

ChangePrimary reasons for change

Change (%)

・Decrease due to the temporarily closure of both Parks
・Decrease by limitied Theme Park attendance

Attendance (thousand people)

29,0089,500(19,508)(67.3)Net sales per Guest (yen)11,606

12,7101,104

9.5

Ticket receipts

5,292

6,250

958

18.1

Merchandise

3,877

3,620

(257)

(6.6) ・Temporary decrease due to suspension and downsizing of special events

Food and beverages

2,437

2,840

403

16.5 ・Temporary increase due to ample dining opportunities

・Increase due to ticket price revision・Temporary increase due to restriction on ticket types【B. ¥148.2 Billion Decrease in Operating Profit】(Millions of yen)

Items

④ Theme Park Segment

FY 3/20
Results

FY 3/21
Forecast

79,660Change(43,110)

Primary reasons for change

Change (%)(122,770)

・Decrease in net sales
・Increase in merchandise and food/beverages cost ratio [about ¥(21.0 billion)]*2
・Decrease in personnel expenses [about ¥22.5 billion]-Transfer to extraordinary loss [¥10.6 billion]-Decrease due to employment adjustment subsidy [¥3.9 billion]*2-Decrease in personnel expenses for part-time employees [about ¥4.5 billion]-Decrease in personnel expenses for full-time employees [about ¥1.5 billion]- -Other [about ¥2.0 billion]
・Decrease in miscellaneous costs [about ¥20.0 billion]-Transfer to extaordinary loss [¥3.2 billion]-Decrease in sales promotion costs[about ¥4.5 billion]-Decrease in costs related to costs of special events [about ¥4.0 billion]-Decrease in in maintenance costs [about ¥1.5 billion]-Other [about ¥6.5 billion]
・Increase in depreciation and amortization expenses [¥(0.7 billion)]⑤ Hotel Business Segment

14,769(5,970)(20,739)

・Decrease in net sales
・Decrease in personnel expenses*2-Transfer to extaordinary loss, etc.
- ・Decrease in miscellaneous costs-Decrease in costs during the temporary closure, transfer to extaordinary loss, etc.
・Decrease in depreciation and amortization expenses-Transfer to extaordinary loss, etc.

⑥ Other Business Segment

2,161(2,580)(4,741)- ・Decrease in net sales, etc.

*2 The change amount deducted the received amount, including the estimated, after the reopening of the Parks (July to September) as an employment adjustment subsidy due to the impact of the COVID-19 pandemic.

【C. 113.3 Billion Decrease in Profit attributable to Owners of Parent】⑦ Increase in extraordinary loss
Items

Theme Park Segment(Millions of yen)
FY 3/20
Results

FY 3/21
Forecast

9,270

Change12,1682,898

Change (%)

Primary reasons for change

・Transfer to personnel expenses [¥(2.4 billion)]*3-Part of personnel expenses incurred during the temporary closure of both Parks
・Transfer to miscellaneous costs [¥2.4 billion]-Outsourcing, fixed asset tax during the temporary closure of both Parks, etc.
31.3
・Transfer to depreciation and amortization expenses [¥4.5 billion]-Depreciation and amortization expenses during the temporary closure of both Parks
・Personnel expenses in costs of food and beverages*3, disposal of merchandise and raw material, etc.
・[¥(1.6 billion)]

Hotel Business Segment

-

953

953

・Transfer to personnel expenses [¥(0.1 billion)]*3-Decrease due to employment adjustment subsidy, etc.
・Transfer to miscellaneous costs [¥0.3 billion]-Fixed asset tax during the temporary closure of hotels, etc.
・Transfer to depreciation and amortization expenses [¥0.7 billion]-Depreciation and amortization expenses during the temporary closure of hotels

Other Business Segment

-

210

210

-

・Transfer to depreciation and amortization expenses [¥0.1 billion]-Depreciation and amortization expenses of Ikspiari business during the temporary closure-of Ikspiari, etc.

*3 The amount of personnel expenses transferred to the extraordinary loss in each business deducted the received amount during the temporary closure period as an employment adjustment subsidy due to the impact of*3 the COVID-19 pandemic.

6. Forecast: Consolidated Statements of Income(Forecast for the Second Half Year/Results for Same Period of Previous Year)(Millions of yen)
Items

Actual Result for the second Forecast for the second half ofhalf of FY ended 3/20
FY ending 3/21
(Oct. 1, 2019 - Mar. 31, 2020)

Amount%Change (decrease)(Oct. 1, 2020 - Mar. 31, 2021)

Amount%Amount%Net sales

216,022100.0

126,310100.0(89,711)(41.5) A

Theme Park Segment

178,636

82.7

104,59182.8(74,045)(41.5) ①

Hotel Business Segment

29,65013.7

16,955

13.4(12,695)(42.8) ②

Other Business Segment

7,734

3.6

4,764

3.8

(2,970)(38.4) ③

Cost of sales

147,31368.2

125,905

99.7(21,408)(14.5)

Gross profit

68,708

31.8

405

0.3

(68,302)(99.4)

Selling, general and administrative
expenses

32,78415.2

27,62621.9(5,158)(15.7)

Operating profit

35,923

16.6(27,221)(21.6)(63,144)- B

Theme Park Segment

29,73013.7(23,788)(18.8)(53,519)- ④

Hotel Business Segment

5,691

2.6

(2,301)(1.8)(7,992)- ⑤

Other Business Segment

353

0.2

(1,274)(1.0)(1,628)- ⑥(Elimination and Corporate)

147

0.1

142

0.0

(4)

(3.2)

Non-operating income

958

0.5

804

0.6

(154)

(16.1)

Non-operating expenses

897

0.4

2,728

2.1

1,831

204.0

35,984

16.7(29,144)(23.1)(65,129)

Gain on sales of investment securities

341

0.1

-

-

(341)

-

Total extraordinary income

341

0.1

-

-

(341)

-

Loss on temporary closure

9,270

4.3

-

-

(9,270)-Total extraordinary loss

9,270

4.3

-

-

(9,270)- ⑦

Profit before income taxes

27,05512.5(29,151)(23.1)(56,207)-

Income taxes

7,922

3.6

(8,137)(6.5)(16,059)-

Profit19,1338.9(21,014)(16.6)(40,147)-

Profit attributable to owners of parent

19,1338.9(21,014)(16.6)(40,147)- C

Ordinary profit-

Extraordinary income

Extraordinary loss

11

【A. ¥89.7 Billion (41.5%) Decrease in Net Sales】(Millions of yen)

Items
① Theme Park Segment
Attractions and shows
Merchandise
Food and beverages
Others② Hotel Business Segment
Disney Hotels*
Other Hotels③ Other Business Segment
Ikspiari
Monorail
OthersFY 3/20
Result for thesecond half

FY 3/21
Forecast for thesecond half

178,636
83,85859,11532,4793,183
29,65026,003
3,647
7,734
2,708
2,226
2,800

104,591
52,43430,376
19,693
2,086
16,95515,038
1,917
4,764
2,620
892
1,250

ChangePrimary reasons for change

Change (%)(74,045)(31,423)(28,739)(12,785)(1,097)(12,695)(10,965)(1,729)(2,970)(87)(1,333)(1,549)(41.5)(37.5)(48.6) ・Decrease by limited Theme Park attendance(39.4)(34.5)(42.8)(42.2) ・Decrease in accommodation revenue due to limited number of sales of hotel rooms(47.4)(38.4)(3.2)
・Decrease in the Monorail business due to limited Theme Park attendance(59.9)(55.3)*Including Disney Ambassador Hotel, Tokyo DisneySea Hotel MiraCosta, Tokyo Disneyland Hotel and Tokyo Disney Celebration Hotel.

【Theme Park Information】
Items

FY 3/20
Result for thesecond half

FY 3/21
Forecast for thesecond half

ChangePrimary reasons for change

Change (%)(48.7) ・Decrease by limited Theme Park attendance

Attendance (thousand people)

13,2736,815(6,458)Net sales per Guest (yen)11,727

12,549822

7.0

Ticket receipts

5,339

6,237

898

16.8

Merchandise

3,944

3,428

(516)

(13.1) ・Temporary decrease due to suspension and downsizing of special events

Food and beverages

2,444

2,884

440

18.0 ・Temporary increase due to ample dining opportunities

・Increase due to ticket price revision・Temporary increase due to growth in demand after reopening【B. ¥63.1 Billion decrease in Operating Profit 】(Millions of yen)Items

FY 3/20
Result for thesecond half

FY 3/21
Forecast for thesecond half

ChangePrimary reasons for change

Change (%)④ Theme Park Segment

29,730(23,788)(53,519)

・Decrease in net sales
・Increase in merchandise and food/beverages cost ratio [about ¥(10.0 billion)]・Increase in personnel expenses [about ¥(0.5 billion)]-Increase in personnel expenses for full-time employees [about ¥(2.0 billion)]-Decrease in personnel expenses for part-time employees [about ¥0.5 billion]-Other [about ¥1.0 billion]
・Decrease in miscellaneous costs [about ¥8.0 billion]-Decrease in costs related to costs of special events [about ¥2.0 billion]-Decrease in sales promotion costs [about ¥2.0 billion]-Other [about ¥4.0 billion]
・Increase in depreciation and amortization expenses [¥(6.9 billion)]-Increase due to acquisition of new assets, etc.

⑤ Hotel Business Segment

5,691(2,301)(7,992)-⑥ Other Business Segment353(1,274)(1,628)- ・Decrease in net sales, etc.

・Decrease in net sales
・Decrease in miscellaneous costs, etc.

【C. 40.1 Billion Decrease in Profit attributable to Owners of Parent 】⑦ Decrease in extraordinary loss
Items

Theme Park Segment(Millions of yen)

FY 3/20
Result for thesecond half

FY 3/21
Forecast for thesecond half

ChangeChange (%)

Primary reasons for change

・Transfer to personnel expenses [¥(3.3 billion)]-Decrease due to extraordinary loss for same period of previous year
・Transfer to miscellaneous costs [¥(0.8 billion)]-Decrease due to extraordinary loss for same period of previous year
- ・Transfer to depreciation and amortization expenses [¥(2.6 billion)]-Decrease due to extraordinary loss for same period of previous year
・Personnel expenses in costs of food and beverages, disposal of merchandise and raw material, etc.
・[¥(2.3 billion)]-Decrease due to extraordinary loss for same period of previous year

9,270

-

(9,270)Hotel Business Segment

-

-

-

-

Other Business Segment

-

-

-

-

12

Capital Expenditures / Depreciation and Amortization
1. Capital Expenditures (Property, plant and equipment, Intangible assets, Long-term prepaid expenses)(1) Results for the Cumulative Second Quarter of the FY Ending March 31, 2021 / Results for the Same Period of the Previous FY(Billions of yen)

3/20 Results(Six months
ended Sep. 30,
2019)3/21 Results(Six months
ended Sep. 30,
2020)

Theme Park Segment

68.9

42.1

(26.8)

Tokyo Disneyland

26.2

5.8

(20.3)

Tokyo DisneySea

25.4

25.5

0.1

Others

17.3

10.7

(6.5)

Decrease due to development of Tokyo DisneySea
Large-Scale Expansion Project

Hotel Business Segment

1.4

9.9

8.5

Increase due to development of Tokyo DisneySea
Large-Scale Expansion Project, development of new Disney Hotel

Other Business Segment

1.3

1.7

0.4

Items

(Elimination and Corporate)
Total

ChangePrimary reasons for change

-

-

-

71.6

53.8

(17.8)

Decrease due to development of Tokyo Disneyland
Large-Scale Renovation, multistory parking space(2) Forecast for the FY ending March 31, 2021 / Results for the FY ended March 31, 2020
Items

3/20 Results

3/21
Forecast(Billions of yen)

ChangePrimary reasons for change

Theme Park Segment

129.9

113.8

(16.1)

Tokyo Disneyland

56.7

18.4

(38.2)

Decrease due to development of Tokyo Disneyland
Large-Scale Renovation, multistory parking space

Tokyo DisneySea

39.2

68.0

28.8

Increase due to development of Tokyo DisneySea
Large-Scale Expansion Project

Others

33.9

27.2

(6.7)

Decrease due to development of Tokyo DisneySea
Large-Scale Expansion Project

Hotel Business Segment

5.1

29.2

24.0

Increase due to development of Tokyo DisneySea
Large-Scale Expansion Project, development of new Disney Hotel

Other Business Segment

4.6

4.2

(0.4)

(Elimination and Corporate)
Total

(0.0)

-

0.0

139.6

147.2

7.5

2. Depreciation and Amortization (Property, plant and equipment, Intangible assets, Long-term prepaid expenses)(1) Results for the Cumulative Second Quarter of the FY Ending March 31, 2021 / Results for the Same Period of the Previous FY
3/20 Results(Six months
ended Sep. 30,
2019)3/21 Results(Six months
ended Sep. 30,
2020)

Theme Park Segment

15.5

9.3

(6.2)

Tokyo Disneyland

4.9

3.3

(1.5)

Tokyo DisneySea

6.7

3.2

(3.5) Transfer to extraordinary loss, Non-operating expenses

Others3.8

2.6(1.1) Transfer to extraordinary loss

Hotel Business Segment

1.9

1.1

(0.8)

Other Business Segment

1.1

1.2

0.0

(Elimination and Corporate)

(0.0)

(0.0)

(0.0)

18.6

11.6

(6.9)

Items

Total

ChangePrimary reasons for change

Transfer to extraordinary loss, Non-operating expenses
Increase due to development of Tokyo Disneyland Large-Scale Renovation(2) Forecast for the FY ending March 31, 2021/ Results for the FY ended March 31, 2020
Items

(Billions of yen)

3/20 Results

3/21 Forecast

Theme Park Segment

30.5

31.3

7.0

Tokyo Disneyland

9.8

14.1

4.2

Tokyo DisneySea

13.0

9.9

(3.1) Transfer to extraordinary loss, Non-operating expenses

Others

7.5

7.2

(0.3)

3.8

3.0

(0.8)

Hotel Business Segment

ChangePrimary reasons for change

Other Business Segment

2.3

2.7

0.3

(Elimination and Corporate)

(0.0)

(0.0)

(0.0)

36.7

37.0

0.3

Total

Increase due to development of Tokyo Disneyland Large-Scale Renovation,
Transfer to extraordinary loss, Non-operating expenses*Depreciation and amortization figures for the fiscal year ending March 31, 2020 and 2021 exclude depreciation and amortization recorded as extraordinary loss.

13(Billions of yen)Fact Data
Amusement and Leisure Park Market
Size and Oriental Land’s Share
Market size

Theme Park Attendance
1st half

Our Share in the market[Billions of yen][%][Thousands]

1,000

100

35,000

741

750

793

777

764

851

848

75

47.9

47.3

48.4

42.8

250

29,00825,00020,00050
47.7

32,55830,191 30,004 30,100

30,000500
49.5

Full year

14,372 14,329 14,775 15,518 15,735

15,0009,500

10,000

25

2,685

5,000
0
2014

2015

2016

2017

0

0
2019 [CY]2018[Forecast].

'16/3

'17/3

'18/3

'19/3

'20/3

'21/3

Source: White Paper of Leisure 2020

Net Sales per Guest (1st Half)①Ticketreceipts

Net sales per Guest (Full Year)③Food andbeverages②Merchandise①Ticketreceipts
[yen]

[yen]

13,12514,00010,50011,815 11,606
11,257 11,594 11,614
6,278 ①

5,156

4,925

5,234

6,250 ①
5,007 5,264 5,339 5,352 5,292
7,000

3,945

4,071

3,958

4,119 3,821

4,113 ②

2,315

2,288

2,281

2,314 2,432

2,733 ③

'15/9

'16/9

'17/9

'18/9

'20/9

3,500

3,964 4,074 3,989 4,122 3,877 3,620 ②
2,286 2,256 2,286 2,341 2,437 2,840 ③

0

0
'19/9

'16/3

①Kanto④Tohoku②Chubu/Koshinetsu⑤Other Areas
In Japan③Kinki①Kanto⑥Overseas④Tohoku

100%

100%

80%

80%
66.7

64.2

62.9

59.8

61.8

60%

'17/3

'18/3

'19/3

'20/3

'21/3

Breakdown of Guests by Region (Full Year)

Breakdown of Guests by Region (1st Half)②Chubu/Koshinetsu⑤Other Areas
In Japan③Kinki⑥Overseas

66.7

64.7

63.6

60.8

62.9

①

10.1

10.1

10.8

10.8

10.2

②

6.3
3.4
6.8
6.0

6.6
3.2
6.9
8.5

6.5
3.3
6.7

7.5
3.4
7.9

7.0
3.3
6.6

③
④
⑤

9.8

9.6

10.0

⑥

'16/3

'17/3

'18/3

'19/3

'20/3

60%

89.6 ①

40%

40%
10.6

0%

12,71010,5005,267 5,252

7,000

20%

[Forecast].

14,00011,700 11,504
11,185 11,514 11,473

3,500③Food andbeverages②Merchandise

10.1

10.1

10.7

6.5
3.5
6.5
6.2

6.5
3.3
6.3

6.5
3.3
6.5

7.2
3.7
7.2

9.6

10.7

11.4

'15/9

'16/9

'17/9

'18/9

10.0
7.0
3.4
6.3
11.5
'19/9

③2.9
④0.9
5.0 ② ⑤1.6
⑥0.0

'20/9

14

20%

0%

Ｏｒｉｅｎｔａｌ Ｌａｎｄ Ｃｏ., Ｌｔｄ.
Investor Relations Group, Finance/Accounting Department
URL: http://www.olc.co.jp/en

This document includes statements about Oriental Land’s plans, estimates, strategies and beliefs. The statements made thatare not based on historical fact represent the assumptions and expectations of Oriental Land in light of the information
available to it as of the date when this document was prepared, and should be considered as forward-looking.
Oriental Land uses a variety of business measures to constantly strive to increase its net sales and management efficiency.
However, Oriental Land recognizes that there are certain risks and uncertainties that should be considered which could cause
actual performance results to differ from those discussed in the forward-looking statements.
Potential risks could include, but are not limited to, weather, general economic conditions, and consumer preferences.
Therefore, there is no firm assurance that the forward-looking statements in this document will prove to be accurate.
Theme park attendance figures have been rounded. Financial figures have been truncated.
All rights reserved.