Oriental Land : Consolidated Financial Statements for the First Quarter of the Fiscal Year Ending March 31, 2023 (Japanese accounting standards)

Consolidated Financial Statements for the First Quarter of

the Fiscal Year Ending March 31, 2023 (Japanese accounting standards)

July 28, 2022

These financial statements have been prepared for reference only in accordance with accounting principles and practices generally accepted in Japan.

Oriental Land Co., Ltd.

Stock exchange listing: Tokyo

Stock code: 4661

URL: http://www.olc.co.jp/en/

Representative: Kenji Yoshida, Representative Director and President

Contact: Yutaka Yokoyama, Director of Finance/Accounting Department

Planned Date for Submission of the Quarterly Report: August 15, 2022

Planned Date for Start of Dividend Payment: -

Supplementary materials for the quarterly financial statements: Yes

Briefing session on quarterly financial results:

Yes (for institutional investors)

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

1. Consolidated Results for the First Quarter of the Fiscal Year Ending March 31, 2023 (April 1, 2022 to June 30, 2022)

(1) Consolidated Operating Results (Cumulative total)

(Percentages represent change compared with the same period of the previous fiscal year.)

		Net sales			Operating profit (loss)		Ordinary profit (loss)
		(¥ million)		(%)	(¥ million)	(%)	(¥ million)	(%)
	Three months ended June 30, 2022	98,166		97.0	17,062	-		17,501	-
	Three months ended June 30, 2021	49,821		708.2	(8,832)	-		(8,271)	-
Note: Comprehensive income:
	Three months ended June 30, 2022: ¥ 13,154million (-%)
	Three months ended June 30, 2021: ¥ (6,424) million (-%)
		Profit (Loss) attributable to owners of parent	Earnings per share		Earnings per share
				(diluted)
		(¥ million)			(%)	(¥)				(¥)
	Three months ended June 30, 2022	12,105				-	36.96				36.42
	Three months ended June 30, 2021	(6,059)				-	(18.50)				-

Note: Earnings per share (diluted) for three months ended June 30, 2021, is not indicated because net loss per share is indicated, although there are potential common shares with dilutive effects.

(2) Consolidated Financial Position

	Total assets	Net assets	Shareholders' equity	Net assets per share
	(¥ million)	(¥ million)	ratio (%)	(¥)
As of June 30, 2022	1,099,391	764,700	69.6	2,334.66
As of March 31, 2022	1,086,884	756,317	69.6	2,309.12

Reference: Shareholders' equity:

As of June 30, 2022: ¥764,700 million

As of March 31, 2022: ¥756,317 million

2. Dividends

							Annual dividends (¥)
			First quarter-		Second quarter-				Third quarter-	Year-end			Total
			end		end				end
Fiscal Year ended March 31, 2022			-	13.00				-	15.00		28.00
Fiscal Year ending March 31, 2023			-
Fiscal Year ending March 31, 2023 (Est.)					15.00				-	15.00		30.00

Note: Revisions to the latest announcement regarding dividend projection: None

3. Projected Consolidated Results for the Fiscal Year Ending March 31, 2023 (April 1, 2022 to March 31, 2023)

(Percentages represent change compared with the previous fiscal year or the same quarter of the previous fiscal year, as applicable.)

		Net sales		Operating profit	Ordinary profit	Profit attributable to	Earnings per
			owners of parent	share
		(¥ million)		(%)	(¥ million)	(%)	(¥ million)	(%)	(¥ million)	(%)	(¥)
	Six months ending	192,881		97.7	21,865	-	22,196	-	15,334	-	46.82
	September 30, 2022
	Fiscal Year ending	407,922		47.9	50,251	549.8	50,601	348.7	35,244	336.8	107.60
	March 31, 2023
Note: Revisions to the latest announcement regarding result projection: None

*Notes

1. Changes in Major Subsidiaries during the Three Months Ended June 30, 2022 (Changes in specified subsidiaries due to changes in the scope of consolidation): None
2. Application of Special Accounting Methods for Quarterly Consolidated Financial Statements: None
3. Changes in Accounting Policies, Changes in Accounting Estimates, or Restatement
4. 1. Changes in accounting policies due to changes in accounting standards: Yes
   2. Changes other than (a) above: None
   3. Changes in accounting estimates: None
   4. Restatement: None

Note: For details, please refer to Change in Accounting Policy in (3) Notes Regarding the Consolidated Financial Statements for the First Quarter Under Review on page 5.

(4) Number of Shares Issued and Outstanding (Common stock)

(a) Number of shares issued at end of period	Three months ended	363,690,160	Year ended	363,690,160
(including treasury shares)	June 30, 2022:	shares	March 31, 2022:	shares
(b) Number of treasury shares at end of	Three months ended	36,147,453	Year ended	36,154,941
period	June 30, 2022:	shares	March 31, 2022:	shares
(c) Average number of shares outstanding	Three months ended	327,538,729	Three months ended	327,467,609
(quarterly cumulative period)	June 30, 2022:	shares	June 30, 2021:	shares

Note: Number of treasury shares includes shares owned by the ESOP trust account of the employee stock plan.

• The Company's quarterly consolidated financial statements are not subject to quarterly 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.

Quarterly Consolidated Financial Statements and Key Notes

(1) Quarterly Consolidated Balance Sheets

		(Millions of yen)
	At the end of	At the end of
Items	the previous fiscal year	the first quarter
	(March 31, 2022)	(June 30, 2022)
ASSETS
Current assets
Cash and deposits	199,870	199,102
Notes and accounts receivable-trade, and	15,581	19,513
contract assets
Securities	34,997	36,995
Merchandise and finished goods	6,062	7,537
Work in process	109	233
Raw materials and supplies	8,783	8,858
Other	6,016	6,697
Allowance for doubtful accounts	10)	9)
	ሺ	ሺ
Total current assets	271,410	278,929
Non-current assets
Property, plant and equipment
Buildings and structures, net	322,830	344,767
Machinery, equipment and vehicles, net	44,831	42,345
Land	115,890	115,890
Construction in progress	218,731	206,675
Other, net	17,958	16,780
Total property, plant and equipment	720,241	726,459
Intangible assets
Other	18,329	18,047
Total intangible assets	18,329	18,047
Investments and other assets
Other	76,998	76,051
Allowance for doubtful accounts	95)	95)
	ሺ	ሺ
Total investments and other assets	76,903	75,956
Total non-current assets	815,474	820,462
Total assets	1,086,884	1,099,391

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		(Millions of yen)
	At the end of	At the end of
Items	the previous fiscal year	the first quarter
	(March 31, 2022)	(June 30, 2022)
LIABILITIES
Current liabilities
Notes and accounts payable-trade	12,164	11,380
Current portion of long-term borrowings	5,246	5,353
Income taxes payable	2,578	3,681
Other	65,258	69,263
Total current liabilities	85,247	89,679
Non-current liabilities
Bonds payable	230,000	230,000
Long-term borrowings	7,401	7,029
Retirement benefit liability	3,641	3,774
Other	4,276	4,206
Total non-current liabilities	245,320	245,012
Total liabilities	330,567	334,691
NET ASSETS
Shareholders' equity
Share capital	63,201	63,201
Capital surplus	115,005	115,005
Retained earnings	678,566	685,754
Treasury shares	(113,257)	113,111)
Total shareholders' equity	743,515	ሺ750,849
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	10,741	11,808
Deferred gains or losses on hedges	172	211
Remeasurements of defined benefit plans	1,886	1,830
Total accumulated other comprehensive income	12,801	13,850
Total net assets	756,317	764,700
Total liabilities and net assets	1,086,884	1,099,391

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1. Quarterly Consolidated Statements of (Comprehensive) Income (Quarterly Consolidated Statements of Income)
   Three months ended June 30, 2022

		(Millions of yen)
	Three months ended	Three months ended
Items	June 30, 2021	June 30, 2022
(April 1, 2021	(April 1, 2022
	to June 30, 2021)	to June 30, 2022)
Net sales	49,821	98,166
Cost of sales	*1 45,650	*1 63,070
Gross profit (loss)	4,171	35,095
Selling, general and administrative expenses	*1 13,004	*1 18,032
Operating profit (loss)	(8,832)	17,062
Non-operating income
Interest income	23	36
Dividend income	313	286
Share of profit of entities accounted for using equity method	－	1
Insurance received and insurance dividends	46	49
Subsidy income	*2 291	*2 208
Other	553	200
Total non-operating income	1,227	782
Non-operating expenses
Interest expenses	111	90
Share of losses of entities accounted for using equity method	95	－
Commission expenses	208	133
Depreciation	225	－
Other	24	118
Total non-operating expenses	666	342
Ordinary profit (loss)	(8,271)	17,501
(Loss) before income taxes	8,271)	17,501
Profit Income taxes-current	ሺ 164	3,307
Income taxes-deferred	(2,376)	2,088
Total income taxes	(2,212)	5,396
Profit (Loss)	(6,059)	12,105
Profit (Loss) attributable to owners of parent	(6,059)	12,105

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