Consolidated Financial Statements for the Second Quarter of
the Fiscal Year Ending March 31, 2022 (Japanese accounting standards)
October 28, 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: November 12, 2021
Planned Date for Start of Dividend Payment: November 30, 2021
Supplementary materials for the quarterly financial statements: Yes
Briefing session on quarterly financial results:
Yes (for institutional investors)

Note: All amounts are rounded down to the nearest million yen.

1. Consolidated Results for the Second Quarter of the Fiscal Year Ending March 31, 2022
(April 1, 2021 to September 30, 2021)(1) Consolidated Operating Results (Cumulative total)

Six months ended September 30, 2021
Six months ended September 30, 2020

(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)
97,56865.0(19,380)—(18,598)—
59,149(76.2)(24,178)—(24,745)—

Note: Comprehensive income:Six months ended September 30, 2021: ¥ (12,879) million (—%)
Six months ended September 30, 2020: ¥ (32,071) million (—%)
Profit (Loss)
attributable toYear-on-year
owners of parentchange (%)(¥ million)
Six months ended September 30, 2021
(14,191)—
Six months ended September 30, 2020
(30,095)—
Notes

Earnings per share(¥)

Earnings per share(diluted) (¥)(43.34)(91.92)——(1) Earnings per share (diluted) for six months ended September 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 second quarter of the fiscal year ending
March 2022 are stated after the application of the said accounting standard, etc.

(2) Consolidated Financial Position
Total assets(¥ million)
1,049,991
1,040,465

As of September 30, 2021
As of March 31, 2021
Reference: Shareholders’ equity:
As of September 30, 2021: ¥743,311 million

Net assets(¥ million)
743,311759,948

Shareholders’ equity
ratio(%)
70.8
73.0

Net assets per share(¥)
2,269.64
2,320.71

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 second 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

—

13.00
—

13.00

26.00

Fiscal Year ending March 31, 2022 (Est.)
Note: Revisions to the latest announcement regarding dividend projection: Yes

3. Projected Consolidated Results for the Fiscal Year Ending March 31, 2022
(April 1, 2021 to March 31, 2022)(Percentages represent change compared with the previous fiscal year or the same quarter of the previous fiscal year, as applicable.)
Profit (Loss)
Operating profit
Earnings
Net sales
Ordinary profit (loss)
attributable to(loss)
per shareowners of parent(¥ million)(%)(¥ million)(%)(¥ million)(%)(¥ million)(%)(¥)
Fiscal Year ending
March 31, 2022

239,02040.1(24,260)—(22,850)—(17,550)—(53.59)Note: Revisions to the latest announcement regarding result projection: Yes*Notes(1) Changes in Major Subsidiaries during the Six Months Ended September 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 theSecond Quarter Under Review on page 5.

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

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

363,690,160
shares36,188,041
sharesYear ended
March 31, 2021:

36,226,898
shares327,481,610
sharesSix months ended
September 30, 2020:

327,398,108
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 second quarter(September 30, 2021)

ASSETS
Current assets
Cash and deposits

197,317203,219

Notes and accounts receivable—trade

12,04011,816

Securities

33,495

5,999

Merchandise and finished goods

12,511

9,195

Work in process

118

256

Raw materials and supplies

8,901

9,163

Other

9,757

7,589

(8)

(7)

274,134

247,233

Buildings and structures, net

315,411330,100

Machinery, equipment and vehicles, net

47,84947,810Land

115,890

115,890

Construction in progress

165,344

180,547

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

Other, net

21,063

20,646

Total property, plant and equipment

665,557

694,994

Intangible assets
Other

17,111

17,852

Total intangible assets

17,111

17,852

Investments and other assets
83,75990,006

Allowance for doubtful accounts

Other

(97)

(95)

Total investments and other assets

83,662

89,911

Total non-current assets
Total assets

1

766,331

802,758

1,040,465

1,049,991

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

Items(Millions of yen)
At the end of
the second quarter(September 30, 2021)

LIABILITIESCurrent liabilities
Notes and accounts payable—trade

9,072

7,248

Current portion of bonds payable

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

3,859

3,861

Income taxes payable

9,023

692

Other

69,41455,602

Total current liabilities

121,370

97,405150,000

200,000

2,364

2,301

Retirement benefit liability

3,030

3,266

Other

3,752

3,706

159,147

209,275

280,517306,680

Non-current liabilities
Bonds payable
Long-term borrowings

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

63,201

63,201

Capital surplus

112,001

112,033

Retained earnings

678,792

660,566

Treasury shares(108,771)(108,527)

Total shareholders’ equity

745,223

727,273

12,44913,880

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

137

122

Remeasurements of defined benefit plans

2,137

2,034

Total accumulated other comprehensive income

14,724

16,037

Total net assets
Total liabilities and net assets

2759,948

743,3111,040,465

1,049,991

(2) Quarterly Consolidated Statements of (Comprehensive) Income(Quarterly Consolidated Statements of Income)Six months ended September 30, 2021
Six months ended
September 30, 2020

Items

(April 1, 2020
to September 30, 2020)

Net sales(Millions of yen)Six months ended
September 30, 2021
(April 1, 2021
to September 30, 2021)

59,14997,568*1 62,604*1 90,350(3,455)

7,217

Selling, general and administrative expenses*1 20,723*1 26,598

Operating loss

(24,178)(19,380)

Cost of sales
Gross profit (loss)

Non-operating income
Interest income

28

69

Dividend income

340

313

Insurance received and insurance dividends

310

266

Subsidy income—*2 1,000

Other

486

668

1,165

2,318

Interest expenses

129

237

Share of losses of entities accounted for using equity method

282

244

Total non-operating income
Non-operating expenses

Commission expenses

399

445

Depreciation

399

438

Other

520

170

1,731

1,536

(24,745)(18,598)

Loss on temporary closure*1 13,333—

Total extraordinary losses

13,333—(38,078)(18,598)

Total non-operating expenses
Ordinary loss
Extraordinary losses

Loss before income taxes
Income taxes—current

319

154

Income taxes—deferred(8,301)(4,560)Total income taxes(7,982)(4,406)Loss(30,095)(14,191)

Loss attributable to owners of parent(30,095)(14,191)3

(Quarterly Consolidated Statements of Comprehensive Income)Six months ended September 30, 2021
Six months ended
September 30, 2020
(April 1, 2020
to September 30, 2020)

Items
Loss

(Millions of yen)Six months ended
September 30, 2021
(April 1, 2021
to September 30, 2021)(30,095)(14,191)

Other comprehensive income
Valuation difference on available-for-sale securities(1,879)

1,431

Deferred gains or losses on hedges

(65)

(15)

Remeasurements of defined benefit plans, net of tax

(30)

(103)

Total other comprehensive income
Comprehensive income(1,975)

1,312(32,071)(12,879)(32,071)(12,879)——

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 Second 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 second quarterof the 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 six months of the current consolidated fiscal year, operating loss
decreased by 2,843 million yen, and ordinary loss and loss before income taxes decreased by 2,874 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, and we currently limit our daily attendance.
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 and after the third
quarter of the fiscal year ending March 31, 2022.
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 ending
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.
With regard to 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 the impairment
of non-current assets and realizability of deferred tax assets. As a result, we revised our assessment on therealizability of deferred tax assets and have recorded a partial reversal of our deferred tax assets. However,
the impact of this revision on the Company’s consolidated quarterly 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 third quarter of the current 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 thegovernment has been registered by deducting 4,093 million yen, 783 million yen, and 12,760 million yen
from the cost of sales, selling, general and administrative expenses, and extraordinary loss, respectively,in the previous second quarter of the fiscal year ended March 31, 2021; furthermore, in the second quarter
under review, 6,313 million yen and 183 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.

6

Segment Information
1. Six months ended September 30, 2020 (April 1, 2020 to September 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—
59,149
Sales to external
47,8488,174
56,023
3,125
59,149customers—
Intersegment
1,402
157
1,559
1,718
3,278
(3,278)sales or transfers
Total
49,251
8,331
57,582
4,844
62,427(3,278)59,149Segment Loss
(19,321)(3,668)(22,990)(1,305)(24,295)
117(24,178)
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 117 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. Six months ended September 30, 2021 (April 1, 2021 to September 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
35,831
Attractions and35,831—35,831—35,831—shows
Merchandise
25,380—25,380—25,380—25,380Food and
12,299—12,299—12,299—12,299beverages
Other revenue
1,660
—
1,660
—
1,660
—
1,660
Hotel
—
18,03818,038—18,038—18,038
Other
—
—
—
4,357
4,357
—
4,357
Sales to external
75,172
18,03893,2104,357
97,568—97,568customers
Intersegment
2,628
206
2,835
1,727
4,562
(4,562)—
sales or transfers
Total
77,801
18,24596,046
6,084
102,131(4,562)
97,568Segment Loss
(18,067)(512)(18,580)(955)(19,535)
155(19,380)
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 155 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 firstsix months of the current consolidated fiscal year decreased by 2,836 million yen for the “Theme Park” segment,
4 million yen for the “Hotel” segment, and 2 million yen for the “Other Business” segment, compared with theprevious method.

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