Consolidated Financial Statements for the Fiscal Year
Ended March 31, 2021 (Japanese accounting standards)
April 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: Kyoichiro Uenishi, Representative Director and President
Contact: Kenji Horikawa, Officer and Director of Finance/Accounting Department
Planned Date for Annual General Meeting of Stockholders: June 29, 2021
Planned Date for Submission of Securities Report (Yuka shoken hokokusho): June 29, 2021
Planned Date for Start of Dividend Payment: June 30, 2021
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, 2021
(April 1, 2020 – March 31, 2021)(1) Consolidated Operating Results
Net sales(¥ million)

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

Fiscal Year ended
170,581(63.3)(45,989)—
March 31, 2021
Fiscal Year ended
464,450(11.6)
96,862(25.1)March 31, 2020
Note: Comprehensive income:Fiscal year ended March 31, 2021: ¥(49,424 million) (—%)
Fiscal year ended March 31, 2020: ¥51,649 million ((44.9)%)
ProfitattributableYear-onEarnings per Earnings per
Return on
to owners of year change
share
share
equityparent(%)(¥)(diluted) (¥)(%)(¥ million)
Fiscal Year ended(54,190)—(165.51)—(6.9)
March 31, 2021
Fiscal Year ended
62,217(31.1)
189.23
183.31
7.7
March 31, 2020
Reference: Equity in earnings of affiliates:
Fiscal year ended March 31, 2021: ¥(485 million)
Fiscal year ended March 31, 2020: ¥(183 million)(2) Consolidated Financial Position
Total assets(¥ million)
As of March 31, 2021
1,040,465
As of March 31, 2020
1,010,651
Reference: Shareholders’ equity:
As of March 31, 2021: ¥759,948 million
As of March 31, 2020: ¥820,257 million(49,205)—

98,062(24.2)

Ordinary
profit/total
assets (%)

Operatingprofit/total
net sales
(%)

(4.8)

(27.0)

9.5

20.9

Net assets(¥ million)
759,948820,257

Shareholders’ equity
ratio(%)
73.0
81.2

Net assets
per share (¥)
2,320.71
2,505.55

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)(23,834)(160,738)

88,724

165,31773,336

20,534(55,257)

261,164(3) Consolidated Cash Flows

Fiscal Year ended
March 31, 2021
Fiscal Year ended
March 31, 2020

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
—
22.00
—
22.00
44.00
14,45123.2
1.8
March 31, 2020
Fiscal Year ended
—
13.00
—
13.00
26.00
8,519
—
1.1
March 31, 2021
Fiscal Year ending
—
—
—
—
—
—
March 31, 2022 (Est.)
Notes(1) Total dividends paid include dividends paid to the trust to the employee stock plan (Fiscal year ended March 31, 2020 ¥14 million,
Fiscal year ended March 31, 2021 ¥6 million).
Payout ratio has been calculated by dividing total dividends paid by profit attributable to owners of parent.
(2) Dividends for the first half and full fiscal year ending March 2022 are not indicated as it is difficult to reasonably calculate ourforecast of operating results at this point in time.

3. Projected Consolidated Results for the Fiscal Year Ending March 31, 2022
(April 1, 2021– March 31, 2022)
Projection of consolidated results for the fiscal year ending March 31, 2022 is not indicated as it is difficult to reasonably calculate
our forecast of operating results at this point in time. For specific reasons, please refer to Future Outlook on page 2.

*Notes(1) Changes in Major Subsidiaries during the Period (Changes in specified subsidiaries due to changes in the scope of
consolidation): None
(2) Changes in Accounting Policies, Changes in Accounting Estimates, or Restatement(a) Changes in accounting policies due to changes in accounting standards: None(b) Changes other than (a) above: None(c) Changes in accounting estimates: None(d) Restatement: None
(3) Number of Shares Issued and Outstanding (Common stock)(a) Number of shares issued at end of period Year ended March 31, 2021:(including treasury stock)(b) Number of treasury stock at end of period

Year ended March 31, 2021:(c) Average number of shares outstanding

Year ended March 31, 2021:(quarterly cumulative period)

363,690,160
shares36,226,898
shares327,421,164
sharesYear ended March 31, 2020:
Year ended March 31, 2020:
Year ended March 31, 2020:

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

363,690,160
shares36,313,892
shares328,800,343
shares[Reference]Non-consolidated Results
Non-consolidated Results for the Fiscal Year Ended March 31, 2021 (April 1, 2020 － March 31, 2021)(1)

Non-consolidated Operating Results

Fiscal Year ended
March 31, 2021
Fiscal Year ended
March 31, 2020

Net sales(¥ million)

Year-on-yearchange (%)

146,015(63.2)(36,405)—(39,184)—

396,308(11.9)

82,968(24.3)

94,432(20.5)

Year-onyear change(%)

Earnings per
share
(¥)

Earnings per
share(diluted) (¥)(37,226)—(113.70)—

62,977(26.5)

191.54185.54

Net profit(¥ million)
Fiscal Year ended
March 31, 2021
Fiscal Year ended
March 31, 2020

(Percentages represent change compared with the previous fiscal year.)
Operating
Ordinary
Year-on-year
Year-on-year
profitprofitchange (%)
change (%)(¥ million)(¥ million)(2)

Non-consolidated Financial Position
Total assets(¥ million)
As of March 31, 2021
1,001,469
As of March 31, 2020
959,056
Reference: Shareholders’ equity:
As of March 31, 2021: ¥715,398 million
As of March 31, 2020: ¥760,688 million

Net assets(¥ million)
715,398
760,688

Shareholders’ equity
ratio(%)
71.4
79.3

Net assets
per share (¥)
2,184.67
2,323.59* The Company’s consolidated financial statements are not subject to financial review by certified public accountants
or an auditing firm.
* Explanation on the Appropriate Usage of Performance Projections and Other Specific Matters
The projections and other statements with respect to the future included in this material are based on currently available
information and certain assumptions that are judged reasonable by the Company. Please be advised that the Company does
not guarantee in any way the achievement of the projections and other goals in this material and that cases may occur
where the actual results and other situations differ materially from the projections due to various factors.

1. Operating Results(1) Overview of Operating Results
During the fiscal year under review, the Japanese economy continued to face a challenging situation due to theimpact of the coronavirus disease 2019 (COVID-19) pandemic, although consumer spending temporarily displayedsigns of picking up, driven by various government policies.
In consideration of the status of the pandemic and requests from the national and local governments, we closed
Tokyo Disneyland and Tokyo DisneySea, the Theme Parks operated by the OLC Group, from February 29 to June30, 2020. As a result, we recorded a loss of ¥12,965 million on the temporary closure, which was recorded as an
extraordinary loss.
Both Theme Parks were reopened on July 1, 2020, but to prevent the spread of COVID-19 they were operated inline with the Amusement Park and Theme Park New Coronavirus Infection Containment Guidelines and inconsideration of requests from the national and local governments in conjunction with the declaration of a state of
emergency.
Although net sales per Guest increased, driven by such measures as limiting Park ticket types and revising ticket
prices, due to the temporary closure of both Parks until June 30 and limits set on attendance after their reopening,
total attendance decreased year on year. As a result, the Group recorded net sales, operating loss, and ordinary lossof ¥170,581 million (down 63.3% from the previous fiscal year), ¥45,989 million (down from an operating profit of¥96,862 million), and ¥49,205 million (down from an ordinary profit of ¥98,062 million), respectively. Loss
attributable to owners of parent of ¥54,190 million (down from a profit attributable to owners of parent of ¥62,217
million) was registered due to the recording of a loss on temporary Park closure and an impairment loss on property,
plant and equipment pertaining to the Brighton Hotel business in the Hotel Business Segment.
The following is the results of each segment.
Summary of Results by Segment for the Fiscal Year Ended March 31, 2021
(Millions of yen)
Fiscal year ended
March 31, 2020

Fiscal year ended
March 31, 2021

464,450
384,03164,375
16,04396,862
79,66014,7692,161
271
98,062

170,581
134,293
28,627
7,660(45,989)(41,982)(1,954)(2,312)
260(49,205)

Change(decrease)(293,869)(249,737)(35,747)(8,383)(142,852)(121,643)(16,723)(4,474)(11)(147,268)

62,217(54,190)(116,408)

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
ParentChange (%)(63.3)(65.0)(55.5)(52.3)
—
—
—
—

(4.2)
—
—

(2) Analysis of Consolidated Financial Position[Assets]
Total assets as of March 31, 2021 were ¥1,040,465 million (up 2.9% compared with the end of the previous fiscal year).
Current assets decreased to ¥274,134 million (down 13.5%) due mainly to a drop in cash and deposits, etc.
Non-current assets climbed to ¥766,331 million (up 10.4%) due to an increase in property, plant and equipment, etc.
[Liabilities]
Total liabilities as of March 31, 2021 were ¥280,517 million (up 47.3%).
Current liabilities increased to ¥121,370 million (up 20.8%) as a result of a rise in current portion of bonds, etc.
Non-current liabilities grew to ¥159,147 million (up 77.0%) as a result of an increase in bonds payable, etc.
1

[Net Assets]
Total net assets as of March 31, 2021 were ¥759,948 million (down 7.4%) due to various factors, including a decline inretained earnings. Shareholders’ equity ratio stood at 73.0% (down 8.2 points).

(3) Cash Flows
Despite an increase in net cash from financing, the balance of cash and cash equivalents at the end of the fiscal year
under review was ¥165,317 million (balance at the end of the previous fiscal year was ¥261,164 million) owing to adecrease in net cash from operating and investing activities.
[Net Cash from Operating Activities]
Net cash used in operating activities was ¥23,834 million (a net cash inflow of ¥73,336 million for the same period in
the previous year) due to factors including posting of loss before income taxes.
[Net Cash from Investing Activities]
Net cash used in investing activities was ¥160,738 million (a net cash inflow of ¥20,534 million for the same period in
the previous year) due to factors including a decrease in proceeds from withdrawal of time deposits.
[Net Cash from Financing Activities]
Net cash provided by financing activities was ¥88,724 million (a net cash outflow of ¥55,257 million for the same
period in the previous year) due to factors including an increase in proceeds from issuance of bonds.

(4) Future Outlook
Currently, the government’s “priority measures to prevent the spread of disease” are applied to Urayasu City,
Chiba Prefecture, and it may take some time to restore the usual level of operations, depending on the external
environment including consumer sentiment toward leisure activities.
As it is difficult to present a forecast of the Group’s financial performance in such circumstances, we will disclose
our consolidated forecast of results when a reasonable projection becomes possible.

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

2

3. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
At the end of the previous
fiscal year
(March 31, 2020)

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

261,164

197,317

Notes and accounts receivable—trade

7,225

12,040

Securities

19,99933,495Merchandise and finished goods

11,67912,511

172

118

Items
ASSETS
Current assets
Cash and deposits

Work in process
Raw materials and supplies

8,236

8,901

Other

8,263

9,757

(0)

(8)

316,741

274,134

723,221760,158(432,208)(444,747)

Buildings and structures, net

291,012315,411

Machinery, equipment and vehicles

283,504

303,330(248,946)(255,481)

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

Accumulated depreciation

34,557

47,849Land

Machinery, equipment and vehicles, net

117,653

115,890

Construction in progress

152,165

165,344

Other

94,914

106,873

Accumulated depreciation(79,716)(85,810)

Other, net

15,19721,063

610,586

665,557

Other

16,334

17,111

Total intangible assets

16,334

17,111

46,92549,601

Total property, plant and equipment
Intangible assets

Investments and other assets
Investment securities
Retirement benefit asset

5,492

8,857

Deferred tax assets

5,524

17,639

Other

9,134

7,660

Allowance for doubtful accounts

(88)

(97)

Total investments and other assets

66,98983,662

693,910766,3311,010,651

1,040,465

Total non-current assets
Total assets3

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

Items

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

LIABILITIESCurrent liabilities
Notes and accounts payable—trade
Current portion of bonds payable
Current portion of long-term borrowings

13,921

9,072—

30,000

4,580

3,859

Income taxes payable

7,991

9,023

Other

74,001

69,414

Total current liabilities

100,495

121,370

Bonds payable

80,000150,000

Non-current liabilities
Long-term borrowings

2,488

2,364

Retirement benefit liability

3,537

3,030

Other

3,873

3,752

Total non-current liabilities
Total liabilities

89,898159,147

190,394

280,517

63,201

63,201

NET ASSETS
Shareholders’ equity
Share capital
Capital surplus

111,970

112,001

Retained earnings

744,452

678,792

Treasury shares(109,325)(108,771)

Total shareholders’ equity

810,298

745,223

9,623

12,44974

137

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

4

261

2,137

9,958

14,724820,257

759,948

1,010,651

1,040,465

(2) Consolidated Statements of Income
Fiscal Year ended
March 31, 2020
(April 1, 2019
to March 31, 2020)

Items(Millions of yen)
Fiscal Year ended
March 31, 2021
(April 1, 2020
to March 31, 2021)

Net sales

464,450

170,581

Cost of sales

300,601*1 169,678

Gross profit

163,849

902

Selling, general and administrative expenses

66,986*1 46,891

Operating profit (loss)

96,862(45,989)

Interest income

162

67

Dividend income

758

542

Insurance received and insurance dividends

437

347

Other

1,224

876

Total non-operating income

2,582

1,833

Interest expenses

291

353

Share of loss of entities accounted for using equity method

183

485

Commission expenses

582

821

Depreciation

—

1,026

Extra retirement payments

37

1,813

Other

287

548

1,382

5,049

98,062(49,205)

Gain on sales of investment securities

341—

Total extraordinary income

341—

Non-operating income

Non-operating expenses

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

Extraordinary losses
Loss on temporary closure*1, *2

9,270—

Impairment losses*1, *2

12,965
5,633

Total extraordinary losses

9,270

18,598

Profit (loss) before income taxes

89,133(67,804)

Income taxes—current

25,048479

Income taxes—deferred

1,868(14,092)

Total income taxes

26,916(13,613)

Profit (loss)

62,217(54,190)

Profit (loss) attributable to owners of parent

62,217(54,190)5

(Consolidated Statements of Comprehensive Income)Fiscal Year ended
March 31, 2020
(April 1, 2019
to March 31, 2020)

Items
Profit (loss)(Millions of yen)
Fiscal Year ended
March 31, 2021
(April 1, 2020
to March 31, 2021)

62,217(54,190)(9,697)

2,826

Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Remeasurements of defined benefit plans, net of tax
Total other comprehensive income
Comprehensive income

74

63

(944)

1,876

(10,568)

4,766

51,649(49,424)

51,649(49,424)——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, 2020 (April 1, 2019 to March 31, 2020)(Millions of yen)
Shareholders’ equity

Balance at beginning of period

Share capital

Capital surplus

Retained earnings

Treasury shares

Total
shareholders’equity63,201111,938

696,718(89,183)

782,674

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

Loss attributable to owners ofparent62,21762,217Purchase of treasury shares
31

Disposal of treasury shares(20,745)(20,745)603

635

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

31

47,733(20,141)

27,62363,201111,970

744,452(109,325)

810,298

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-for-salesecurities
19,320

Deferred gains orlosses on hedges

Remeasurementsof defined benefit
plans

Total
accumulated
othercomprehensive
income—1,206

20,526

Total net assets

803,201

Changes during period
Dividends of surplus(14,484)

Loss attributable to ownersof parent

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

Disposal of treasury shares

635

Net changes in items otherthan shareholders’ equity(9,697)74(944)(10,568)(10,568)

Total changes during period(9,697)74(944)(10,568)

17,055

Balance at end of period

9,623

74

261

9,958

820,257

7

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

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

Loss attributable to owners ofparent(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

Total net assets

820,257

Changes during period
Dividends of surplus(11,469)

Loss attributable to ownersof 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

12,499137

2,137

14,724759,9488

(4) Consolidated Statements of Cash Flows
Fiscal Year ended
March 31, 2020
(April 1, 2019
to March 31, 2020)
Cash flows from operating activities
Profit (loss) before income taxes
Depreciation
Impairment losses
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)Shares of loss (profit) of entities accounted for using equity method
Loss (gain) on sales of investment securities
Decrease (increase) in 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
Purchases of treasury shares
Proceeds from sales of treasury shares
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

9(Millions of yen)
Fiscal Year ended
March 31, 2021
(April 1, 2020
to March 31, 2021)

89,13339,447
—
(814)
(920)
291
2
183
(341)
14,742(2,764)(7,384)(8,748)(11,176)(67,804)
45,899
5,633
(304)
(610)
353
0
485
(0)
(5,008)(1,441)(5,260)
1,608
2,678

111,653
991(291)(39,016)
73,336(23,770)
672
(347)
(389)
(23,834)(340,000)
500,000(67,996)
63,997(126,974)(7,358)(1,499)1,854(1,489)20,534(70,000)
31,000(40,997)
36,999(111,607)(5,342)
(455)
—
(334)
(160,738)

5,000(6,354)—(20,000)(14,444)(20,745)1,309(22)(55,257)
038,613
222,551
261,164

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

(5) Notes Regarding Consolidated Financial Statements
Notes Regarding Going Concern Assumption: None
Additional Information
Impact of COVID-19
The OLC Group’s Theme Parks, which constitute its core business, were temporarily closed along with its
hotels. Our Theme Parks resumed operations on July 1, 2020 while taking measures primarily based on the
sector-wide guidelines for preventing the spread of COVID-19 at amusement and Theme Parks and limiting
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 first 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 2021, 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, 2020, 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 have recorded an impairment loss onproperty, plant and equipment pertaining to the Brighton Hotel business in the Hotel Business Segment. Also, we
revised our assessment on the realizability of deferred tax assets and have recorded a partial reversal of ourdeferred tax assets.
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,
such as unemployed treatment by closing facilities to prevent the spread of the COVID-19 pandemic. As aresult, the employment adjustment subsidy expected to be received from the government has been
deducted from extraordinary loss in the fiscal year ended March 31, 2019; furthermore, the employment
adjustment subsidy received or expected to be received from the government has been registered bydeducting ¥7,987 million, ¥1,212 million, and ¥13,109 million from the cost of sales, selling, general andadministrative expenses, and extraordinary loss, respectively in the fiscal year under review.
*2 Loss on temporary closure
In view of the spread of COVID-19 and requests from the national and local governments, the OLC
Group temporarily closed Tokyo Disneyland® and Tokyo DisneySea® from February 29 to June 30, 2020.
As a result, we primarily registered the fixed expenses, including personnel expenses and depreciation andamortization expenses, incurred for the Theme Park Segment during the temporary closure as an
extraordinary loss.

10