Consolidated Financial Statements for the First Quarter of
the Fiscal Year Ending March 31, 2021 (Japanese accounting standards)
July 30, 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 Submission of the Quarterly Report: August 13, 2020
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, 2021 (April 1, 2020 to June 30, 2020)
(1) Consolidated Operating Results (Cumulative total)
(Percentages represent change compared with the same period of 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) | |||||||||
Three months ended June 30, 2020 | 6,164 | (94.9) | (15,641) | - | (15,283) | - | ||||
Three months ended June 30, 2019 | 120,552 | (0.2) | 31,936 | 7.1 | 32,762 | 7.6 | ||||
Note: Comprehensive income: | ||||||||||
Three months ended June 30, 2020: ¥ (24,261) million (-%) | ||||||||||
Three months ended June 30, 2019: ¥20,364 million ((17.2)%) | ||||||||||
Profit attributable to | Year-on-year | Earnings per share | Earnings per share | |||||||
owners of parent | ||||||||||
change (%) | (¥) | (diluted) (¥) | ||||||||
(¥ million) | ||||||||||
Three months ended June 30, 2020 | (24,871) | - | (75.97) | - | ||||||
Three months ended June 30, 2019 | 22,923 | 8.4 | 69.72 | 67.46 |
Note: Earnings per share (diluted) for three months ended June 30, 2020, 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, 2020 | 963,336 | 788,848 | 81.9 | 2,409.54 | |
As of March 31, 2020 | 1,010,651 | 820,257 | 81.2 | 2,505.55 | |
Reference: Shareholders' equity: | |||||
As of June 30, 2020: ¥788,848 million | |||||
As of March 31, 2020: ¥820,257 million |
2. Dividends
Annual dividends (¥) | ||||||||||||
First quarter-end | Second quarter-end | Third quarter-end | Year-end | Total | ||||||||
Fiscal Year ended March 31, 2020 | - | 22.00 | - | 22.00 | 44.00 | |||||||
Fiscal Year ending March 31, | 2021 | - | ||||||||||
Fiscal Year ending March 31, | 2021 (Est.) | - | - | - | - | |||||||
Note: Dividends for the second quarter-end and the year-end of the fiscal year ending March 31, 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 to 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. We will calculate reasonable financial forecast considering our Theme Park attendance and the situation of the spread of COVID-19 during the second quarter, and disclose with the financial results for the second quarter.
*Notes
- Changes in Major Subsidiaries during the Three Months Ended June 30, 2020: None
- Application of Special Accounting Methods for Quarterly Consolidated Financial Statements: 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)
(a) Number of shares issued at end of period | Three months ended | 363,690,160 | Year ended | 363,690,160 |
(including treasury stock) | June 30, 2020: | shares | March 31, 2020: | shares |
(b) Number of treasury stock at end of | Three months ended | 36,304,332 | Year ended | 36,313,892 |
period | June 30, 2020: | shares | March 31, 2020: | shares |
(c) Average number of shares outstanding | Three months ended | 327,381,087 | Three months ended | 328,790,148 |
(quarterly cumulative period) | June 30, 2020: | shares | June 30, 2019: | shares |
Note: 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 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, 2020) | (June 30, 2020) | |
ASSETS | ||
Current assets | ||
Cash and deposits | 261,164 | 178,083 |
Notes and accounts receivable-trade | 7,225 | 5,431 |
Securities | 19,999 | 7,485 |
Merchandise and finished goods | 11,679 | 16,931 |
Work in process | 172 | 105 |
Raw materials and supplies | 8,236 | 9,068 |
Other | 8,263 | 17,379 |
Allowance for doubtful accounts | (0) | (0) |
Total current assets | 316,741 | 234,485 |
Non-current assets | ||
Property, plant and equipment | ||
Buildings and structures, net | 291,012 | 286,932 |
Machinery, equipment and vehicles, net | 34,557 | 32,916 |
Land | 117,653 | 117,653 |
Construction in progress | 152,165 | 183,553 |
Other, net | 15,197 | 13,883 |
Total property, plant and equipment | 610,586 | 634,938 |
Intangible assets | ||
Other | 16,334 | 16,274 |
Total intangible assets | 16,334 | 16,274 |
Investments and other assets | ||
Other | 67,078 | 77,728 |
Allowance for doubtful accounts | (88) | (89) |
Total investments and other assets | 66,989 | 77,639 |
Total non-current assets | 693,910 | 728,851 |
Total assets | 1,010,651 | 963,336 |
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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, 2020) | (June 30, 2020) | |
LIABILITIES | ||
Current liabilities | ||
Notes and accounts payable-trade | 13,921 | 7,503 |
Current portion of long-term loans payable | 4,580 | 4,365 |
Income taxes payable | 7,991 | 8,098 |
Other | 74,001 | 64,813 |
Total current liabilities | 100,495 | 84,780 |
Non-current liabilities | ||
Bonds payable | 80,000 | 80,000 |
Long-term loans payable | 2,488 | 2,457 |
Retirement benefit liability | 3,537 | 3,394 |
Other | 3,873 | 3,855 |
Total non-current liabilities | 89,898 | 89,707 |
Total liabilities | 190,394 | 174,488 |
NET ASSETS | ||
Shareholders' equity | ||
Capital stock | 63,201 | 63,201 |
Capital surplus | 111,970 | 111,970 |
Retained earnings | 744,452 | 712,371 |
Treasury shares | (109,325) | (109,263) |
Total shareholders' equity | 810,298 | 778,280 |
Accumulated other comprehensive income | ||
Valuation difference on available-for-sale securities | 9,623 | 10,244 |
Deferred gains or losses on hedges | 74 | 76 |
Remeasurements of defined benefit plans | 261 | 247 |
Total accumulated other comprehensive income | 9,958 | 10,568 |
Total net assets | 820,257 | 788,848 |
Total liabilities and net assets | 1,010,651 | 963,336 |
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Quarterly Consolidated Statements of (Comprehensive) Income (Quarterly Consolidated Statements of Income)
Three months ended June 30, 2020
(Millions of yen) | ||
Three months ended | Three months ended | |
Items | June 30, 2019 | June 30, 2020 |
(April 1, 2019 | (April 1, 2020 | |
to June 30, 2019) | to June 30, 2020) | |
Net sales | 120,552 | 6,164 |
Cost of sales | 72,269 | 12,963 |
Gross profit (loss) | 48,282 | (6,798) |
Selling, general and administrative expenses | 16,345 | 8,843 |
Operating profit (loss) | 31,936 | (15,641) |
Non-operating income | ||
Interest income | 40 | 13 |
Dividend income | 443 | 339 |
Insurance received and insurance dividends | 88 | 29 |
Other | 514 | 371 |
Total non-operating income | 1,086 | 753 |
Non-operating expenses | ||
Interest expenses | 73 | 60 |
Share of losses of entities accounted for using equity method | 20 | 185 |
Commission expenses | 132 | 134 |
Other | 34 | 14 |
Total non-operating expenses | 260 | 395 |
Ordinary profit (loss) | 32,762 | (15,283) |
Extraordinary loss | ||
Loss on temporary closure | - | ※ 21,198 |
Total extraordinary loss | - | 21,198 |
Profit (loss) before income taxes | 32,762 | (36,481) |
Income taxes-current | 8,878 | 113 |
Income taxes-deferred | 960 | (11,724) |
Total income taxes | 9,838 | (11,610) |
Profit (loss) | 22,923 | (24,871) |
Profit (loss) attributable to owners of parent | 22,923 | (24,871) |
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(Quarterly Consolidated Statements of Comprehensive Income) Three months ended June 30, 2020
(Millions of yen) | ||
Three months ended | Three months ended | |
Items | June 30, 2019 | June 30, 2020 |
(April 1, 2019 | (April 1, 2020 | |
to June 30, 2019) | to June 30, 2020) | |
Profit (loss) | 22,923 | (24,871) |
Other comprehensive income | ||
Valuation difference on available-for-sale securities | (2,522) | 621 |
Deferred gains or losses on hedges | (6) | 2 |
Remeasurements of defined benefit plans, net of tax | (28) | (13) |
Total other comprehensive income | (2,558) | 610 |
Comprehensive income | 20,364 | (24,261) |
Comprehensive income attributable to | ||
Comprehensive income attributable to owners of parent | 20,364 | (24,261) |
Comprehensive income attributable to non-controlling interests | - | - |
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- Notes Regarding the Consolidated Financial Statements for the First Quarter Under Review Notes Regarding Going Concern Assumption: None
Notes Regarding the Occurrence of Significant Changes in Amount of Shareholders' Equity: 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 during the first quarter under review. 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 second quarter of the fiscal year ending March 31, 2021.
Significant accounting estimates and underlying assumptions
In preparing the consolidated financial statements for the first quarter under review, there have been no significant changes from the previous fiscal year in the highly uncertain accounting estimates and their underlying assumptions.
Matters Concerning Consolidated Statements of Income * 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 and amortization expenses, incurred for the Theme Park Segment during the temporary closure as an extraordinary loss.
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 received is reasonably calculated, and has been deducted from the extraordinary loss.
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Segment Information
1. Three months ended June 30, 2019 (April 1, 2019 to June 30, 2019) A. Net Sales and Income (Loss) by Reportable Segment
(Millions of yen) | |||||||||
Reportable Segments | Amount stated | ||||||||
Other | on the Quarterly | ||||||||
Total | Adjustment*2 | ||||||||
Theme | Hotel | Total | 1 | Consolidated | |||||
Park | Business* | Statements of | |||||||
Income | *3 | ||||||||
Net sales | |||||||||
Sales to external | 100,179 | 16,420 | 116,599 | 3,952 | 120,552 | - | 120,552 | ||
customers | |||||||||
Intersegment | 1,717 | 130 | 1,848 | 942 | 2,790 | (2,790) | - | ||
sales or transfers | |||||||||
Total | 101,896 | 16,551 | 118,448 | 4,894 | 123,342 | (2,790) | 120,552 | ||
Segment Income | 27,182 | 3,784 | 30,967 | 911 | 31,879 | 57 | 31,936 |
Notes: 1. The "Other Business" segment, which includes the Ikspiari, monorail, and employee cafeteria businesses, is not a reportable segment.
- The segment income adjustment amount of 57 million yen is the result of elimination of intersegment transactions.
- The segment income is adjusted to be recorded as operating profit in the Quarterly Consolidated Statements of Income.
- Information regarding impairment loss on fixed assets and goodwill by reportable segment: None
2. Three months ended June 30, 2020 (April 1, 2020 to June 30, 2020)
- Net Sales and Income (Loss) by Reportable Segment
(Millions of yen) | |||||||||
Reportable Segments | Amount stated | ||||||||
Other | on the Quarterly | ||||||||
Total | Adjustment*2 | ||||||||
Theme | Hotel | Total | 1 | Consolidated | |||||
Park | Business* | Statements of | |||||||
Income | *3 | ||||||||
Net sales | |||||||||
Sales to external | 5,123 | 147 | 5,271 | 893 | 6,164 | - | 6,164 | ||
customers | |||||||||
Intersegment | 347 | 62 | 410 | 675 | 1,085 | (1,085) | - | ||
sales or transfers | |||||||||
Total | 5,471 | 209 | 5,681 | 1,568 | 7,249 | (1,085) | 6,164 | ||
Segment Loss | (11,439) | (3,198) | (14,637) | (1,035) | (15,673) | 31 | (15,641) |
Notes: 1. The "Other Business" segment, which includes the Ikspiari, monorail, and employee cafeteria businesses, is not a reportable segment.
- The segment loss adjustment amount of 31 million yen is the result of elimination of intersegment transactions.
- The segment loss is adjusted to be recorded as operating loss in the Quarterly Consolidated Statements of Income.
- Information regarding impairment loss on fixed assets and goodwill by reportable segment: None
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OLC - Oriental Land Co. Ltd. published this content on 30 July 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2020 07:05:12 UTC