Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2011 (Japanese accounting standards)

Transcription

1 Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2011 (Japanese accounting standards) February 3, 2011 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: Representative: Kyoichiro Uenishi, Representative Director and President Contact: Kenji Yoshida, Director of Finance/Accounting Department Planned Date for Submission of the Quarterly Report: February 14, 2011 Supplementary materials for the quarterly financial statements: Yes Briefing session on quarterly financial results: Yes (for institutional investors) 1. Consolidated Results for the Third Quarter of the Fiscal Year Ending March 31, 2011 (April 1, 2010 to December 31, 2010) Note: All amounts are rounded down to the nearest million yen. (1) Consolidated Operating Results (Cumulative total) (Percentages represent change compared with the same period of the previous fiscal year.) Operating Ordinary Net sales income income Dec. 31, 2010 Dec. 31, , , (4.8) 58,382 39, (6.0) 57,961 39, (6.7) Dec. 31, 2010 Dec. 31, 2009 Net income 33,272 25, Net income per share ( ) Diluted net income per share ( ) (2) Consolidated Financial Position Total assets As of December 31, ,805 As of March 31, ,090 (Reference) Shareholders equity: As of December 31, 2010: 389,255 million As of March 31, 2010: 366,454 million Net assets 389, ,473 Shareholders equity ratio (%) Net assets per share ( ) 4, , Dividends Fiscal year ended March 31, 2010 Fiscal year ending March 31, 2011 Annual dividends ( ) First quarter-end Second quarter-end Third quarter-end Year-end Total Fiscal year ending March 31, 2011 (Est.) Note: Revisions to the projected dividend in the nine months ended December 31, 2010: None Projected Consolidated Results for the Fiscal Year Ending March 31, 2011 (April 1, 2010 to March 31, 2011) (Percentages represent change compared with the previous fiscal year, as applicable.) Net sales Operating income Ordinary income Fiscal year ending March 31, , , , Net income Net income per share ( ) Fiscal year ending March 31, , Note: Revisions to the projected results in the nine months ended December 31, 2010: Yes

2 4. Other (1) Changes in Major Subsidiaries during the Nine Months Ended December 31, 2010: None New: companies (Company name: ) Eliminated: companies (Company name: ) Note: This refers to whether or not there were changes in specified subsidiaries due to changes in the scope of consolidation during the nine months ended December 31, (2) Use of Simplified Accounting Methods or Special Accounting Methods: Yes Note: This refers to whether or not simplified accounting methods or accounting methods specific to the preparation of quarterly financial statements were used. (3) Changes in Accounting Rules, Procedures, Presentation Method, etc. (a) Changes in consolidated accounting methods: Yes (b) Changes other than (a) above: None Note: This refers to whether or not there were changes in consolidated accounting rules, procedures, presentation method, etc. used in the quarterly consolidated financial statements (presented in changes to important items fundamental to the preparation of quarterly financial statements ). (4) Number of Shares Issued and Outstanding (Common stock) (a) Number of issued at end of period (including treasury stock) (b) Number of treasury stock at end of period (c) Average number of outstanding (quarterly cumulative period) December 31, 2010: December 31, 2010: December 31, 2010: 90,922,540 4,506,574 86,416,020 Year ended March 31, 2010: Year ended March 31, 2010: December 31, 2009: 90,922,540 4,506,474 90,917,020 * Statement concerning the Status of Quarterly Financial Review Procedures These Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2011 are not subject to quarterly financial review under the Financial Instruments and Exchange Act. At the time of disclosing these Consolidated Financial Statements, financial review procedures specified in the Financial Instruments and Exchange Act have not been completed with respect to the quarterly financial statements. * 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. Due to various factors, cases may occur where the actual results and other situations differ materially from the projections.

3 2. Quarterly Consolidated Financial Statements (1) Quarterly Consolidated Balance Sheets Items At the end of the third quarter (December 31, 2010) Amount Condensed consolidated balance sheet at the end of the previous fiscal year (March 31, 2010) Amount ASSETS Current assets Cash and deposits 41,333 34,233 Notes and accounts receivabletrade 15,977 16,942 Short-term investment securities 26,998 17,000 Merchandise and finished goods 8,961 7,378 Work in process Raw materials and supplies 4,113 3,719 Other 19,994 9,204 Allowance for doubtful accounts (3) (3) Total current assets 117,754 88,616 Noncurrent assets Property, plant and equipment Buildings and structures, net 317, ,848 Machinery, equipment and vehicles, net 39,648 45,324 Land 93,301 93,301 Construction in progress 12,779 5,429 Other, net 8,968 10,966 Total property, plant and equipment 472, ,870 Intangible assets Other 8,000 9,202 Total intangible assets 8,000 9,202 Investments and other assets Investment securities 17,364 16,632 Other 12,411 12,855 Allowance for doubtful accounts (85) (87) Total investments and other assets 29,690 29,400 Total noncurrent assets 510, ,473 Total assets 627, ,090 1

4 Items At the end of the third quarter (December 31, 2010) Amount Condensed consolidated balance sheet at the end of the previous fiscal year (March 31, 2010) Amount LIABILITIES Current liabilities Notes and accounts payabletrade 13,008 14,059 Current portion of bonds 19,999 19,998 Current portion of long-term loans payable 21,348 34,050 Income taxes payable 16,431 8,273 Other 47,429 45,877 Total current liabilities 118, ,258 Noncurrent liabilities Bonds payable 59,992 59,991 Long-term loans payable 41,195 47,519 Provision for retirement benefits 3,781 3,422 Other 15,353 15,425 Total noncurrent liabilities 120, ,358 Total liabilities 238, ,617 NET ASSETS Shareholders equity Capital stock 63,201 63,201 Capital surplus 111, ,403 Retained earnings 242, ,920 Treasury stock (26,095) (26,094) Total shareholders equity 391, ,430 Valuation and translation adjustments Valuation difference on available-for-sale securities (1,043) (502) Deferred gains or losses on hedges (897) (473) Total valuation and translation adjustments (1,941) (975) Minority interests Total net assets 389, ,473 Total liabilities and net assets 627, ,090 2

5 (2) Quarterly Consolidated Statements of Income December 31, 2010 Items December 31, 2009 (April 1, 2009 to December 31, 2009) December 31, 2010 (April 1, 2010 to December 31, 2010) Net sales 286, ,599 Cost of sales 203, ,546 Gross profit 82,558 95,053 Selling, general and administrative expenses 42,818 36,670 Operating income 39,739 58,382 Non-operating income Interest income Dividends income Insurance and dividends income Equity in earnings of affiliates Other Total non-operating income 1,140 1,450 Non-operating expenses Interest expenses 1,643 1,535 Other Total non-operating expenses 1,861 1,872 Ordinary income 39,018 57,961 Extraordinary loss Loss on retirement of noncurrent assets 43 - Impairment loss 137 3,326 Provision for loss on business liquidation 2,104 - Loss on adjustment for changes of accounting standard for asset retirement obligations Total extraordinary losses 2,285 3,488 Income before income taxes and minority interests 36,732 54,472 Income taxescurrent 13,450 22,146 Income taxesdeferred (2,014) (939) Total income taxes 11,435 21,207 Income before minority interests - 33,265 Minority interests in loss (0) (7) Net income 25,296 33,272 3

6 (3) Quarterly Consolidated Statements of Cash Flows December 31, 2009 December 31, 2010 Items (April 1, 2009 (April 1, 2010 to December 31, 2009) to December 31, 2010) Net cash provided by (used in) operating activities Income before income taxes and minority interests 36,732 54,472 Depreciation and amortization 35,171 31,429 Impairment loss 137 3,326 Increase (decrease) in provision 2, Interest and dividends income (303) (387) Interest expenses 1,643 1,535 Foreign exchange losses (gains) (4) (5) Equity in (earnings) losses of affiliates (52) (64) Decrease (increase) in notes and accounts receivabletrade (410) 1,034 Decrease (increase) in inventories (1,918) (2,214) Increase (decrease) in notes and accounts payabletrade (2,000) (766) Increase (decrease) in accrued consumption taxes 1,889 (733) Other, net 1,002 2,152 Subtotal 74,375 90,135 Interest and dividends income received Interest expenses paid (1,416) (1,213) Income taxes paid (15,336) (14,060) Net cash provided by (used in) operating activities 57,930 75,243 Net cash provided by (used in) investing activities Payments into time deposits (17,000) (8,000) Proceeds from withdrawal of time deposits 6,000 10,500 Proceeds from redemption of securities Purchase of property, plant and equipment (13,803) (17,070) Proceeds from sales of property, plant and equipment 0 12 Purchase of investment securities (9) (1,499) Proceeds from sales of investment securities 0 - Other, net (571) (408) Net cash provided by (used in) investing activities (24,657) (16,455) Net cash provided by (used in) financing activities Increase in short-term loans payable 10,000 - Decrease in short-term loans payable (10,000) - Proceeds from long-term loans payable - 15,000 Repayment of long-term loans payable - (34,026) Redemption of bonds (20,000) - Purchases of treasury stock (20) (0) Cash dividends paid (7,284) (9,514) Other, net (661) (660) Net cash provided by (used in) financing activities (27,966) (29,201) Effect of exchange rate change on cash and cash equivalents 5 9 Net increase (decrease) in cash and cash equivalents 5,310 29,596 Cash and cash equivalents at beginning of period 50,919 47,233 Cash and cash equivalents at end of period 56,230 76,829 4

7 (4) Notes Regarding Going Concern Assumption: None (5) Segment Information [Segment Information by Business] December 31, 2009 (April 1, 2009 to December 31, 2009) Theme Park Segment Hotel Business Segment Retail Business Segment Other Business Segment Total Elimination and corporation Consolidated Net sales (1) Sales to external customers 221,554 34,894 11,241 18, , ,095 (2) Intersegment sales or transfers 3, ,654 9,420 (9,420) Total 225,093 35,351 12,011 23, ,516 (9,420) 286,095 Operating income (loss) 32,031 6, , ,739 Notes: 1. Business segmentation method Based on factors including the types and nature of products as well as the similarities of the sales market, the Company s businesses are segmented into the four categories: Theme Park Segment, Hotel Business Segment, Retail Business Segment and Other Business Segment. 2. Major activities of each segment are as follows: (1) Theme Park Segment: Management and operation of theme parks (2) Hotel Business Segment: Management and operation of Disney hotels and Palm & Fountain Terrace Hotel (3) Retail Business Segment: Management and operation of the Disney Store (4) Other Business Segment: Management and operation of Ikspiari, management and operation of Cirque du Soleil Theatre Tokyo, management and operation of monorail, operation of employee cafeterias, management and operation of themed restaurants, etc. [Segment Information by Region] December 31, 2009 (April 1, 2009 to December 31, 2009) No information is available as the Company has no consolidated subsidiaries or stores in countries or regions other than Japan. [Overseas Sales] December 31, 2009 (April 1, 2009 to December 31, 2009) No information is available as the Company has no sales from countries or regions other than Japan. [Segment Information] 1. Outline of Reportable Segments The Company s reportable segments are components of the Company for which separate financial statements are available. Operating results of the reportable segments are subject to periodical review by the Board of Directors for the purpose of determining allocation of management resources and evaluating business performance. The main businesses of the Company and its subsidiaries are management and operation of theme parks and hotels. Therefore, operating results are reported for Theme Park and Hotel Business segments, based on factors that include the types and nature of products as well as the similarities of the sales market. The Theme Park segment undertakes management and operation of theme parks. The Hotel Business segment conducts management and operation of hotels. 5

8 2. Net Sales and Income (Loss) by Reportable Segment December 31, 2010 (April 1, 2010 to December 31, 2010) Theme Park Reportable Segment Hotel Business Total Other Business* 1 Total Adjustment* 2 Amount stated on the Quarterly Consolidated Statements of Income *3 Net sales (1) Sales to external customers 241,178 36, ,501 17, , ,599 (2) Intersegment sales or transfers 3, ,252 2,880 7,132 (7,132) Total 244,958 36, ,753 19, ,732 (7,132) 294,599 Segment Income (loss) 50,194 8,278 58,472 (250) 58, ,382 Notes: 1. The Other Business segment, which includes the Ikspiari, theatrical, monorail, and employee cafeteria businesses, is not a reportable segment. 2. The segment income adjustment amount of 160 million yen is the result of elimination of intersegment transactions. 3. The segment income is adjusted to be recorded as operating income in the Quarterly Consolidated Statements of Income. 4. Along with the transfer of Retail Networks Co., Ltd., the Company has discontinued the Retail Business as of the previous consolidated fiscal year. 3. Information regarding impairment loss on fixed assets and goodwill by reportable segment: None Additional information: Beginning with the three-month period ended June 30, 2010, the Company has applied the Accounting Standard for Disclosures about Segments of an Enterprise and Related Information (ASBJ Statement No. 17, issued March 27, 2009) and the Guidance on Accounting Standard for Disclosures about Segments of an Enterprise and Related Information (ASBJ Guidance No. 20, issued March 21, 2008). (6) Note Regarding the Occurrence of Significant Changes in Amount of Shareholders Equity: None 6