Consolidated Financial Statements for the Fiscal Year
Ended March 31, 2020 (Japanese accounting standards)
April 28, 2020
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 26, 2020
Planned Date for Submission of Securities Report (Yuka shoken hokokusho): June 26, 2020
Planned Date for Start of Dividend Payment: June 29, 2020
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, 2020 (April 1, 2019 - March 31, 2020)
(1) Consolidated Operating Results
(Percentages represent change compared with the previous fiscal year.)
Net sales | Year-on-year | Operating | Year-on-year | Ordinary | Year-on-year | |||||||||||||||
profit | profit | |||||||||||||||||||
(¥ million) | change (%) | change (%) | change (%) | |||||||||||||||||
(¥ million) | (¥ million) | |||||||||||||||||||
Fiscal Year ended | 464,450 | (11.6) | 96,862 | (25.1) | 98,062 | (24.2) | ||||||||||||||
March 31, 2020 | ||||||||||||||||||||
Fiscal Year ended | 525,622 | 9.7 | 129,278 | 17.2 | 129,439 | 15.9 | ||||||||||||||
March 31, 2019 | ||||||||||||||||||||
Note: Comprehensive income: | ||||||||||||||||||||
Fiscal year ended March 31, 2020: ¥51,649 million ((44.9%)) | ||||||||||||||||||||
Fiscal year ended March 31, 2019: ¥93,754 million (10.3%) | ||||||||||||||||||||
Profit | Operating | |||||||||||||||||||
attributable | Year-on- | Earnings per | Earnings per | Return on | Ordinary | |||||||||||||||
profit/total | ||||||||||||||||||||
to owners of | year change | share | share | equity | profit/total | |||||||||||||||
net sales | ||||||||||||||||||||
parent | (%) | (¥) | (diluted) (¥) | (%) | assets (%) | |||||||||||||||
(%) | ||||||||||||||||||||
(¥ million) | ||||||||||||||||||||
Fiscal Year ended | 62,217 | (31.1) | 189.23 | 183.31 | 7.7 | 9.5 | 20.9 | |||||||||||||
March 31, 2020 | ||||||||||||||||||||
Fiscal Year ended | 90,286 | 11.2 | 274.65 | 267.59 | 11.8 | 13.2 | 24.6 | |||||||||||||
March 31, 2019 | ||||||||||||||||||||
Reference: Equity in earnings of affiliates: | ||||||||||||||||||||
Fiscal year ended March 31, 2020: ¥(183 million) | ||||||||||||||||||||
Fiscal year ended March 31, 2019: ¥(349 million) | ||||||||||||||||||||
(2) Consolidated Financial Position | ||||||||||||||||||||
Total assets | Net assets | Shareholders' equity | Net assets | |||||||||||||||||
(¥ million) | (¥ million) | ratio(%) | per share (¥) | |||||||||||||||||
As of March 31, 2020 | 1,010,651 | 820,257 | 81.2% | 2,505.55 | ||||||||||||||||
As of March 31, 2019 | 1,051,455 | 803,201 | 76.4% | 2,442.97 | ||||||||||||||||
Reference: Shareholders' equity: | ||||||||||||||||||||
As of March 31, 2020: ¥820,257 million | ||||||||||||||||||||
As of March 31, 2019: ¥803,201 million | ||||||||||||||||||||
(3) Consolidated Cash Flows | ||||||||||||||||||||
Net cash provided by | Net cash provided by | Net cash provided by | Cash and cash | |||||||||||||||||
(used in) | (used in) | (used in) | ||||||||||||||||||
equivalents at end of | ||||||||||||||||||||
operating activities | investing activities | financing activities | ||||||||||||||||||
period (¥ million) | ||||||||||||||||||||
(¥ million) | (¥ million) | (¥ million) | ||||||||||||||||||
Fiscal Year ended | 73,336 | 20,534 | (55,257) | 261,164 | ||||||||||||||||
March 31, 2020 | ||||||||||||||||||||
Fiscal Year ended | 134,974 | (135,360) | 36,601 | 222,551 | ||||||||||||||||
March 31, 2019 | ||||||||||||||||||||
2. Dividends
Annual dividends (¥) | Total | Dividends/ | ||||||||||
dividends | Payout ratio | |||||||||||
First | Second | Third | Net assets | |||||||||
Year- | paid | (consolidated) | ||||||||||
quarter- | quarter- | quarter- | Total | (consolidated) | ||||||||
end | (total) | (%) | ||||||||||
end | end | end | (%) | |||||||||
(¥ million) | ||||||||||||
Fiscal Year ended | - | 20.00 | - | 22.00 | 42.00 | 13,825 | 15.3 | 1.8 | ||||
March 31, 2019 | ||||||||||||
Fiscal Year ended | - | 22.00 | - | 22.00 | 44.00 | 14,451 | 23.2 | 1.8 | ||||
March 31, 2020 | ||||||||||||
Fiscal Year ending | - | - | - | - | - | - | ||||||
March 31, 2021 (Est.) | ||||||||||||
Notes |
- Total dividends paid include dividends paid to the trust to the employee stock plan (Fiscal year ended March 31, 2019 ¥17 million, Fiscal year ended March 31, 2020 ¥14 million).
Payout ratio has been calculated by dividing total dividends paid by profit attributable to owners of parent.
- Dividends for the first half and full fiscal year ending March 2021 are not indicated as it is difficult to reasonably calculate our forecast of operating results at this point in time.
3. Projected Consolidated Results for the Fiscal Year Ending March 31, 2021 (April 1, 2020- March 31, 2021)
Projection of consolidated results for the fiscal year ending March 31, 2021 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
- Changes in Major Subsidiaries during the Period (Changes in specified subsidiaries due to changes in the scope of consolidation): None
- Changes in Accounting Policies, Changes in Accounting Estimates, or Restatement
- Changes in accounting policies due to changes in accounting standards: None
- Changes other than (a) above: None
- Changes in accounting estimates: None
- Restatement: None
- Number of Shares Issued and Outstanding (Common stock)
- Number of shares issued at end of period (including treasury stock)
(b)Number of treasury stock at end of period
- Average number of shares outstanding (quarterly cumulative period)
Year ended March 31, 2020: | 363,690,160 | Year ended March 31, 2019: | 363,690,160 |
shares | shares | ||
Year ended March 31, 2020: | 36,313,892 | Year ended March 31, 2019: | 34,908,727 |
shares | shares | ||
Year ended March 31, 2020: | 328,800,343 | Year ended March 31, 2019: | 328,734,918 |
shares | shares | ||
Note: Number of treasury stock includes dividends paid to the trust to the employee stock plan.
[Reference] | Non-consolidated Results | |||||||||||
Non-consolidated Results for the Fiscal Year Ended March 31, 2020 | (April 1, 2019 | -March 31, 2020) | ||||||||||
(1) Non-consolidated Operating Results | ||||||||||||
(Percentages represent change compared with the previous fiscal year.) | ||||||||||||
Net sales | Year-on-year | Operating | Year-on-year | Ordinary | Year-on-year | |||||||
profit | profit | |||||||||||
(¥ million) | change (%) | change (%) | change (%) | |||||||||
(¥ million) | (¥ million) | |||||||||||
Fiscal Year ended | 396,308 | (11.9) | 82,968 | (24.3) | 94,432 | (20.5) | ||||||
March 31, 2020 | ||||||||||||
Fiscal Year ended | 449,784 | 10.2 | 109,658 | 15.8 | 118,726 | 14.1 | ||||||
March 31, 2019 | ||||||||||||
Net profit | Year-on- | Earnings per | Earnings per | |||||||||
year change | share | share | ||||||||||
(¥ million) | ||||||||||||
(%) | (¥) | (diluted) (¥) | ||||||||||
Fiscal Year ended | 62,977 | (26.5) | 191.54 | 185.54 | ||||||||
March 31, 2020 | ||||||||||||
Fiscal Year ended | 85,662 | 13.5 | 260.58 | 253.92 | ||||||||
March 31, 2019 | ||||||||||||
- Non-consolidatedFinancial Position
Total assets | Net assets | Shareholders' equity | Net assets | |
(¥ million) | (¥ million) | ratio(%) | per share (¥) | |
As of March 31, 2020 | 959,056 | 760,688 | 79.3 | 2,323.59 |
As of March 31, 2019 | 996,342 | 741,812 | 74.5 | 2,256.25 |
Reference: Shareholders' equity:
As of March 31, 2020: ¥760,688 million
As of March 31, 2019: ¥741,812 million
- 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 showed a gradual recovery sustained by an improvement trajectory in the employment and income environment, with consumer spending also displaying signs of picking up. However, due to the impact of the new coronavirus (COVID-19) pandemic, Japanese economy deteriorated rapidly, and is in tough situation.
Regarding the OLC Group, Theme Park attendance was strong despite the fiscal year following on the heels of the Tokyo Disney Resort 35th Anniversary, driven by "Soaring: Fantastic Flight," a new attraction that opened at Tokyo DisneySea in July 2019, and the successful seasonal special events rolled out at both Theme Parks.
However, to prevent the spread of the new coronavirus(COVID-19), we decided to close both Tokyo Disneyland and Tokyo DisneySea from February 29, 2020. Also, we operated directly managed Disney Hotels, changing part of operation contents.
Due to the temporary closure of both Parks, Theme Park attendance and net sales per Guest for the entire fiscal year under review decreased, resulting in net sales, operating profit, ordinary profit, and profit attributable to owners of parent for the fiscal year falling to ¥464,450 million (down 11.6% from the previous fiscal year), ¥96,862 million (down 25.1%), ¥98,062 million (down 24.2%), and ¥62,217 million (down 31.1%), respectively.
The following is the results of each segment.
Summary of Results by Segment for the Fiscal Year Ended March 31, 2020
(Millions of yen) | |||||
Fiscal year ended | Fiscal year ended | Change | Change (%) | ||
March 31, 2019 | March 31, 2020 | (decrease) | |||
Net Sales | 525,622 | 464,450 | (61,172) | (11.6) | |
Theme Park | 437,495 | 384,031 | (53,464) | (12.2) | |
Hotel | 72,427 | 64,375 | (8,051) | (11.1) | |
Other | 15,699 | 16,043 | 344 | 2.2 | |
Operating Profit | 129,278 | 96,862 | (32,415) | (25.1) | |
Theme Park | 107,278 | 79,660 | (27,618) | (25.7) | |
Hotel | 19,218 | 14,769 | (4,449) | (23.2) | |
Other | 2,527 | 2,161 | (365) | (14.5) | |
Elimination and Corporate | 253 | 271 | 18 | 7.1 | |
Ordinary Profit | 129,439 | 98,062 | (31,376) | (24.2) | |
Profit Attributable to Owners of Parent | 90,286 | 62,217 | (28,068) | (31.1) |
(2) Analysis of Consolidated Financial Position
[Assets]
Total assets as of March 31, 2020 were ¥1,010,651 million (down 3.9%) compared with the end of the previous fiscal year).
Current assets decreased to ¥316,741million (down 28.3%) due mainly to a decrease in cash and deposits, etc. Non-current assets climbed to ¥693,910 million (up 13.8%) due to an increase in property, plant and equipment, etc.
[Liabilities]
Total liabilities as of March 31, 2020 were ¥190,394 million (down 23.3%).
Current liabilities decreased to ¥100,495 million (down 35.0%) as a result of a drop in current portion of bonds, etc. Non-current liabilities decreased to ¥89,898 million (down 4.0%) as a result of a drop in other non-current liabilities, etc.
[Net Assets]
Total net assets as of March 31, 2020 were ¥820,257 million (up 2.1%) due to various factors, including a growth in retained earnings. Shareholders' equity ratio stood at 81.2% (up 4.8 points).
1
(3) Cash Flows
Despite decreases in net cash from finiancing, the balance of cash and cash equivalents at the end of the fiscal year under review was ¥261,164 million (balance at the end of the previous fiscal year was ¥222,551 million) owing to an increase in net cash from operating and investing activities.
[Net Cash Provided by Operating Activities]
Net cash from operating activities decreased to ¥73,336 million (a net cash inflow of ¥134,974 million for the same period in the previous year) due to factors including a decrease in profit before income taxes.
[Net Cash Provided in Investing Activities]
Net cash provided in investing activities was ¥20,534 million (a net cash outflow of ¥135,360 million for the same period in the previous year) due to factors including an increase in proceeds from withdrawal of time deposits.
[Net Cash Used in Financing Activities]
Net cash used in financing activities was ¥55,257 million (a net cash outflow of ¥36,601 million for the same period in the previous year) due to factors including an increase in purchases of treasury shares.
(4) Risk information concerning the new coronavirus(COVID-19) infection
In consideration of the increasing spread of the new coronavirus(COVID-19) and requests from the national and local governments, we closed Tokyo Disneyland and Tokyo DisneySea, and also suspended business operations of directly managed Disney Hotels and Ikspiari, among others. (Ikspiari is closed except for medical institution, pharmacy and some stores offering food products.) We are planning to decide on the reopening date in mid May. Based on the Act on Special Measures for Pandemic Influenza and New Infectious Diseases Preparedness and Response, the Japanese government declared a state of emergency on April 7, 2020. In response, the governor of Chiba Prefecture asked us to suspend operation until May 6. We will keep our Parks closed after May 7 in case the declaration of a state of emergency remains in place.
Although it is difficult to foresee the outlook of such risks, the OLC Group will continue to gather information on the new coronavirus(COVID-19) infection and take necessary measures to minimize the impact of the pandemic. In this kind of situation, risks and approach, which we think is important are as follow;
(Risks related to deterioration of financial condition and of cash flow)
During the temporary closure, net sales have decreased significantly, and operating expenses including personnel expenses and losses on abandonment of inventories including merchandise have been incurred. For the time being, we are coping by leveraging our internal reserve, but in the event that the temporary closure is prolonged, we may need to procure working capital. Therefore, we are considering securing a new line of credit.
Even when our Parks reopen, our business performance maybe influenced by deterioration of consumer sentiment for leisure activities due to an economic slowdown, or by measures taken against infection, among other factors, resulting in temporary decrease in Theme Park attendance and net sales.
Our Tokyo DisneySea Large-scale Expansion Project and construction of a new Disney Hotel inspired by the Disney/Pixar Toy StoryFilm Series are currently underway, for which we intend to use our operating cash flow. However, if the tempoary closure is prolonged, we may need to procure additional funds for these construction projects.
(Approach into employees' infection risk)
Considering prevention of infection spread and for safety of the employees, OLC Group took action such as wearing masks, measuring temperature before coming to work and prohibiting domestic and overseas business trip. Furthermore, in respond to a state of emergency, declared by the Japanese government on April 7, 2020, we decided to limit the employees coming to work, to those who are engaged in operation necessary for business continuity. For the other employees we are requiring them to work from home or to stay at home.
(5) Future Outlook
We are currently suspending operation of our Theme Parks, the OLC Group's core business, as well as our hotels, and reopening is not decided at this point. In case of reopening, it may take time until the operation return to normal level, due todeterioration of consumer sentiment for leisure activities and changes in external environment.
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
- Consolidated Balance Sheets
(Millions of yen)
At the end of the previous | At the end of the fiscal year | |
Items | fiscal year | |
(March 31, 2020) | ||
(March 31, 2019) | ||
ASSETS | ||
Current assets | ||
Cash and deposits | 377,551 | 261,164 |
Notes and accounts receivable-trade | 22,083 | 7,225 |
Securities | 20,999 | 19,999 |
Merchandise and finished goods | 9,256 | 11,679 |
Work in process | 477 | 172 |
Raw materials and supplies | 7,590 | 8,236 |
Other | 3,882 | 8,263 |
Allowance for doubtful accounts | (5) | (0) |
Total current assets | 441,835 | 316,741 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures | 686,623 | 723,221 |
Accumulated depreciation | (415,651) | (432,208) |
Buildings and structures, net | 270,971 | 291,012 |
Machinery, equipment and vehicles | 270,947 | 283,504 |
Accumulated depreciation | (242,821) | (248,946) |
Machinery, equipment and vehicles, net | 28,125 | 34,557 |
Land | 117,653 | 117,653 |
Construction in progress | 82,342 | 152,165 |
Other | 90,917 | 94,914 |
Accumulated depreciation | (75,689) | (79,716) |
Other, net | 15,228 | 15,197 |
Total property, plant and equipment | 514,322 | 610,586 |
Intangible assets | ||
Other | 13,770 | 16,334 |
Total intangible assets | 13,770 | 16,334 |
Investments and other assets | ||
Investment securities | 60,810 | 46,925 |
Retirement benefit asset | 5,666 | 5,492 |
Other | 15,140 | 14,659 |
Allowance for doubtful accounts | (88) | (88) |
Total investments and other assets | 81,527 | 66,989 |
Total non-current assets | 609,619 | 693,910 |
Total assets | 1,051,455 | 1,010,651 |
3
(Millions of yen)
At the end of the previous | At the end of the fiscal year | |
Items | fiscal year | |
(March 31, 2020) | ||
(March 31, 2019) | ||
LIABILITIES | ||
Current liabilities | ||
Notes and accounts payable-trade | 19,907 | 13,921 |
Current portion of bonds | 20,000 | - |
Current portion of long-term loans payable | 6,119 | 4,580 |
Income taxes payable | 22,470 | 7,991 |
Other | 86,154 | 74,001 |
Total current liabilities | 154,652 | 100,495 |
Non-current liabilities | ||
Bonds payable | 80,000 | 80,000 |
Long-term loans payable | 2,304 | 2,488 |
Retirement benefit liability | 4,483 | 3,537 |
Other | 6,813 | 3,873 |
Total non-current liabilities | 93,601 | 89,898 |
Total liabilities | 248,253 | 190,394 |
NET ASSETS | ||
Shareholders' equity | ||
Capital stock | 63,201 | 63,201 |
Capital surplus | 111,938 | 111,970 |
Retained earnings | 696,718 | 744,452 |
Treasury shares | (89,183) | (109,325) |
Total shareholders' equity | 782,674 | 810,298 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 19,320 | 9,623 |
Deferred gains or losses on hedges | - | 74 |
Remeasurements of defined benefit plans | 1,206 | 261 |
Total accumulated other comprehensive income | 20,526 | 9,958 |
Total net assets | 803,201 | 820,257 |
Total liabilities and net assets | 1,051,455 | 1,010,651 |
4
(2) Consolidated Statements of Income
(Millions of yen) | ||
Fiscal Year ended | Fiscal Year ended | |
Items | March 31, 2019 | March 31, 2020 |
(April 1, 2018 | (April 1, 2019 | |
to March 31, 2019) | to March 31, 2020) | |
Net sales | 525,622 | 464,450 |
Cost of sales | 326,283 | 300,601 |
Gross profit | 199,339 | 163,849 |
Selling, general and administrative expenses | 70,061 | 66,986 |
Operating profit | 129,278 | 96,862 |
Non-operating income | ||
Interest income | 146 | 162 |
Dividend income | 707 | 758 |
Insurance received and insurance dividends | 508 | 437 |
Other | 837 | 1,224 |
Total non-operating income | 2,198 | 2,582 |
Non-operating expenses | ||
Interest expenses | 222 | 291 |
Share of loss of entities accounted for using equity method | 349 | 183 |
Commission expenses | 754 | 582 |
Other | 710 | 324 |
Total non-operating expenses | 2,037 | 1,382 |
Ordinary profit | 129,439 | 98,062 |
Extraordinary income | ||
Gain on sales of investment securities | - | 341 |
Total extraordinary income | - | 341 |
Extraordinary loss | ||
Loss on temporary closure | - | 9,270 |
Total extraordinary loss | - | 9,270 |
Profit before income taxes | 129,439 | 89,133 |
Income taxes-current | 39,193 | 25,048 |
Income taxes-deferred | (40) | 1,868 |
Total income taxes | 39,153 | 26,916 |
Profit | 90,286 | 62,217 |
Profit attributable to owners of parent | 90,286 | 62,217 |
5
(Consolidated Statements of Comprehensive Income)
(Millions of yen) | ||
Fiscal Year ended | Fiscal Year ended | |
Items | March 31, 2019 | March 31, 2020 |
(April 1, 2018 | (April 1, 2019 | |
to March 31, 2019) | to March 31, 2020) | |
Profit | 90,286 | 62,217 |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | 3,735 | (9,697) |
Deferred gains or losses on hedges | 314 | 74 |
Remeasurements of defined benefit plans, net of tax | (580) | (944) |
Total other comprehensive income | 3,468 | (10,568) |
Comprehensive income | 93,754 | 51,649 |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of parent | 93,754 | 51,649 |
Comprehensive income attributable to non-controlling interests | - | - |
6
(3) Consolidated Statements of Changes in Net Assets Fiscal Year ended March 31, 2019 (April 1, 2018 to March 31, 2019)
(Millions of yen) | |||||
Shareholders' equity | |||||
Total | |||||
Capital stock | Capital surplus | Retained earnings | Treasury shares | shareholders' | |
equity | |||||
Balance at beginning of current | 63,201 | 111,911 | 619,599 | (89,794) | 704,918 |
period | |||||
Changes of items during period | |||||
Dividends of surplus | (13,167) | (13,167) | |||
Profit attributable to owners | 90,286 | 90,286 | |||
of parent | |||||
Purchase of treasury shares | (0) | (0) | |||
Disposal of treasury shares | 26 | 611 | 638 | ||
Net changes of items other | |||||
than shareholders' equity | |||||
Total changes of items during | - | 26 | 77,118 | 611 | 77,756 |
period | |||||
Balance at end of current | 63,201 | 111,938 | 696,718 | (89,183) | 782,674 |
period | |||||
Accumulated other comprehensive income | |||||
Valuation | Total | ||||
Remeasurements | accumulated | Total net assets | |||
difference on | Deferred gains or | ||||
of defined benefit | other | ||||
available-for-sale | losses on hedges | ||||
plans | comprehensive | ||||
securities | |||||
income | |||||
Balance at beginning of current | 15,585 | (314) | 1,787 | 17,058 | 721,976 |
period | |||||
Changes of items during period | |||||
Dividends of surplus | (13,167) | ||||
Profit attributable to owners | 90,286 | ||||
of parent | |||||
Purchase of treasury shares | (0) | ||||
Disposal of treasury shares | 638 | ||||
Net changes of items other | 3,735 | 314 | (580) | 3,468 | 3,468 |
than shareholders' equity | |||||
Total changes of items during | 3,735 | 314 | (580) | 3,468 | 81,224 |
period | |||||
Balance at end of current | 19,320 | - | 1,206 | 20,526 | 803,201 |
period | |||||
7
Fiscal Year ended March 31, 2020 (April 1, 2019 to March 31, 2020)
(Millions of yen) | |||||
Shareholders' equity | |||||
Total | |||||
Capital stock | Capital surplus | Retained earnings | Treasury shares | shareholders' | |
equity | |||||
Balance at beginning of current | 63,201 | 111,938 | 696,718 | (89,183) | 782,674 |
period | |||||
Changes of items during period | |||||
Dividends of surplus | (14,484) | (14,484) | |||
Profit attributable to owners | 62,217 | 62,217 | |||
of parent | |||||
Purchase of treasury shares | (20,745) | (20,745) | |||
Disposal of treasury shares | 31 | 603 | 635 | ||
Net changes of items other | |||||
than shareholders' equity | |||||
Total changes of items during | - | 31 | 47,733 | (20,141) | 27,623 |
period | |||||
Balance at end of current | 63,201 | 111,970 | 744,452 | (109,325) | 810,298 |
period | |||||
Accumulated other comprehensive income | |||||
Valuation | Total | ||||
Remeasurements | accumulated | Total net assets | |||
difference on | Deferred gains or | ||||
of defined benefit | other | ||||
available-for-sale | losses on hedges | ||||
plans | comprehensive | ||||
securities | |||||
income | |||||
Balance at beginning of current | 19,320 | - | 1,206 | 20,526 | 803,201 |
period | |||||
Changes of items during period | |||||
Dividends of surplus | (14,484) | ||||
Profit attributable to owners | 62,217 | ||||
of parent | |||||
Purchase of treasury shares | (20,745) | ||||
Disposal of treasury shares | 635 | ||||
Net changes of items other | (9,697) | 74 | (944) | (10,568) | (10,568) |
than shareholders' equity | |||||
Total changes of items during | (9,697) | 74 | (944) | (10,568) | 17,055 |
period | |||||
Balance at end of current | 9,623 | 74 | 261 | 9,958 | 820,257 |
period | |||||
8
(4) Consolidated Statements of Cash Flows
(Millions of yen) | ||
Fiscal Year ended | Fiscal Year ended | |
March 31, 2019 | March 31, 2020 | |
(April 1, 2018 | (April 1, 2019 | |
to March 31, 2019) | to March 31, 2020) | |
Cash flows from operating activities | ||
Profit before income taxes | 129,439 | 89,133 |
Depreciation | 38,214 | 39,447 |
Increase (decrease) in retirement benefit liability | (367) | (814) |
Interest and dividend income | (853) | (920) |
Interest expenses | 222 | 291 |
Foreign exchange losses (gains) | 14 | 2 |
Shares of loss (profit) of entities accounted for using equity method | 349 | 183 |
Loss (gain) on sales of investment securities | - | (341) |
Decrease (increase) in notes and accounts receivable-trade | (2,134) | 14,742 |
Decrease (increase) in inventories | 649 | (2,764) |
Increase (decrease) in notes and accounts payable-trade | 3,421 | (7,384) |
Increase (decrease) in accrued consumption taxes | 393 | (8,748) |
Other, net | 1,690 | (11,176) |
Subtotal | 171,041 | 111,653 |
Interest and dividend income received | 908 | 991 |
Interest expenses paid | (206) | (291) |
Income taxes paid | (36,768) | (39,016) |
Net cash provided by (used in) operating activities | 134,974 | 73,336 |
Cash flows from investing activities | ||
Payments into time deposits | (290,000) | (340,000) |
Proceeds from withdrawal of time deposits | 250,000 | 500,000 |
Purchase of securities | (38,998) | (67,996) |
Proceeds from redemption of securities | 34,708 | 63,997 |
Purchase of property, plant and equipment | (78,574) | (126,974) |
Purchase of intangible assets | (5,277) | (7,358) |
Purchase of investment securities | (4,398) | (1,499) |
Proceeds from sales of investment securities | - | 1,854 |
Other, net | (2,820) | (1,489) |
Net cash provided by (used in) investing activities | (135,360) | 20,534 |
Cash flows from financing activities | ||
Proceeds from long-term loans payable | 3,850 | 5,000 |
Repayments of long-term loans payable | (5,011) | (6,354) |
Proceeds from issuance of bonds | 49,855 | - |
Redemption of bonds | - | (20,000) |
Cash dividends paid | (13,134) | (14,444) |
Purchases of treasury shares | (0) | (20,745) |
Proceeds from sales of treasury shares | 1,046 | 1,309 |
Other, net | (3) | (22) |
Net cash provided by (used in) financing activities | 36,601 | (55,257) |
Effect of exchange rate change on cash and cash equivalents | (14) | 0 |
Net increase (decrease) in cash and cash equivalents | 36,200 | 38,613 |
Cash and cash equivalents at beginning of period | 186,350 | 222,551 |
Cash and cash equivalents at end of period | 222,551 | 261,164 |
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- [Reference]Consolidated Statements of Income
* Loss on temporary closure
Under the unprecedented disaster caused by the newcoronavirus(COVID-19)pandemic, loss on temporary closure constitutes fixed expenses (e.g., personnel expenses, depreciation and amortization) and loss on abandonment of merchandise and food ingredients incurred in the Theme Park Segment. Tokyo Disneyland and Tokyo DisneySea operated by the OLC Group have been temporarily closed since February 29, 2020 in response to the Japanese government's announcement on February 26, 2020 to request organizers of national-level sports and culture events that draw large numbers of people to take such responses as cancellation, postponement or downsizing over a period of two weeks. The temporary closure has been extended to date in view of the situation in Japan and abroad, the status of the new coronavirus (COVID-19) pandemic and requests from the national and local governments.
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OLC - Oriental Land Co. Ltd. published this content on 28 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2020 13:02:06 UTC