1
Consolidated Financial Statements for the First Quarter of the Fiscal Year Ending March 31, 2009

August 5, 2008
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 Tokyo Stock Exchange URL: http://www.olc.co.jp Representative: Yoshiro Fukushima, Representative Director, President and COO Contact: Akiyoshi Yokota, Officer and Director, Finance/Accounting Department

1. Consolidated Results for the First Quarter of the Fiscal Year Ending March 31, 2009 (April 1, 2008 to June 30, 2008)

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.)

Revenues
(¥ million)
Year-on-year
change (%)
Operating
income
(¥ million)
Year-on-year
change (%)
Ordinary
income
(¥ million)
Year-on-year
change (%)
Three months ended June 30, 2008 Three months ended June 30, 2007
80,680 75,737
—
3.2
4,339 6,471
— 51.3
4,009 5,747
— 74.3
Net income
(¥ million)
Year-on-year
change (%)
Earnings per share
(¥)
Earnings per share (diluted)
(¥)
Three months ended June 30, 2008 Three months ended June 30, 2007
2,055 3,236
—
102.5
21.67 34.03
— —

(2)

Consolidated Financial Position

Total assets
(¥ million)
Net assets
(¥ million)
Net worth ratio
(%)
Net assets
per share (¥)
As of June 30, 2008 As of March 31, 2008
645,599 757,542
363,800 388,180
56.3 51.2
3,999.87 4,079.44
(Reference) Equity capital: As of June 30, 2008: ¥363,667 million; As of March 31, 2008: ¥388,036 million
2. Dividends
Dividends per share (¥)

First quarter
Second quarter
Third quarter
Year-end
Full-year
Fiscal year ended March 31, 2008 Fiscal year ending March 31, 2009
— —
30.00
————
—
————
30.00
————
60.00
————
Fiscal year ending March 31, 2009 (Est.)
————
30.00
—
35.00
65.00
Note: Revisions to the projected dividend for the first quarter of the fiscal year ending March 31, 2009: No
3. Projected Consolidated Results for the Fiscal Year Ending March 31, 2009
(April 1, 2008 to March 31, 2009)
(Percentages represent change compared with the previous cumulative second quarter or fiscal year, as applicable.)


Revenues
(¥ million)
Year-on-year
change (%)
Operating
income
(¥ million)
Year-on-year
change (%)
Ordinary
income
(¥ million)
Year-on-year
change (%)
Cumulative second quarter ending Sept. 30, 2008 Fiscal year ending March 31, 2009

169,730 364,240

—
6.4

9,180
28,400

—
(8.8)

8,470
26,680

—
(3.0)
Net income
(¥ million)
Year-on-year
change (%)
Earnings per share
(¥)
Cumulative second quarter ending Sept. 30, 2008 Fiscal year ending March 31, 2009

4,930
16,220

— 10.1

53.08
176.50
Note: Changes in the three months ended June 30, 2008 to projected consolidated results: No

2
4. Other
(1)

Changes in Major Subsidiaries During the Period (Changes in specified subsidiaries due to changes in the scope of consolidation): No
New:
—
companies (Company name: )

Eliminated:
—
companies (Company name: )

(2)

Use of Simplified Accounting Methods or Special Accounting Methods for Preparation of Quarterly Financial Statements: Yes

For details, please see “Qualitative Information and Financial Statements, 4. Other” on pages 5-6.
(3)

Changes in Consolidated Accounting Rules, Procedures, Presentation Method, etc. for the Quarterly Consolidated Financial Statements (Presented in changes to important items basic to the preparation of quarterly financial statements): (a)

Changes in consolidated accounting methods: Yes
(b)

Changes other than (a) above: Yes
For details, please see “Qualitative Information and Financial Statements, 4. Other” on pages 5-6.
(4)

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

Number of shares at end of period (including treasury stock): Three months ended June 30, 2008: 95,122,540 shares; Year ended March 31, 2008: 95,122,540 shares
(b)

Treasury stock at end of period: Three months ended June 30, 2008: 4,202,701 shares; Year ended March 31, 2008: 2,558 shares
(c)

Average number of shares during the period: Three months ended June 30, 2008: 94,843,016 shares; Three months ended June 30, 2007: 95,120,222 shares
Note: Cautionary Remark Regarding Forward-Looking Statements 1.

The projected consolidated results for the fiscal year ending March 31, 2009 have not been revised from projections announced on May 8, 2008. However, projected earnings per share increased following the acquisition of treasury stock in the three months ended June 30, 2008.
2.

The projected consolidated results for the fiscal year contained in this document are based on information currently available to the Company and certain assumptions it considers reasonable. Due to various factors, actual results may differ materially from the forecast. For cautionary remarks and other issues concerning use of the projected results, please see “3. Qualitative Information on Projected Consolidated Results” on page 5.
3.

Effective from the fiscal year ending March 31, 2009, the Company applies the “Accounting Standard for Quarterly Financial Reporting” (ASBJ Statement No. 12) and its Implementation Guidance, “Guidance on Accounting Standard for Quarterly Financial Reporting” (ASBJ Guidance No. 14). Quarterly consolidated financial statements have been prepared in accordance with the “Regulation for Quarterly Consolidated Financial Reporting.”


3
Qualitative Information and Financial Statements

1. Qualitative Information on Consolidated Operating Results
In the three months ended June 30, 2008, the severe operating environment continued, with global financial uncertainty triggered by the subprime mortgage crisis, rising commodity prices due to increases in the price of crude oil, and worsening consumer sentiment. In these conditions, the strong performance of the Theme Park Segment resulted in revenues of ¥80,680 million, a 6.5 percent increase compared with the same period of the previous fiscal year. However, due to factors including increases in depreciation expenses following a tax code revision and in preparation expenses before opening two new facilities, operating income was ¥4,339 million, a 32.9 percent decrease compared with the same period of the previous fiscal year. Summary of Results by Segment
(Millions of yen)
Three months
ended
June 30, 2007
Three months
ended
June 30, 2008

Increase
(decrease)

Change from
previous period
(%)

Revenues 75,737
80,680
4,942
6.5
Theme
Park
Segment
60,155
64,891
4,736
7.9

Hotel Business Segment
7,629
7,899
269
3.5

Retail Business Segment
3,684
3,460
(223)
(6.1)

Other Business Segment
4,268
4,429
160
3.8
Operating Income (Operating Loss)
6,471
4,339
(2,132)
(32.9)
Theme
Park
Segment
5,361
4,837
(523)
(9.8)

Hotel Business Segment
1,388
304
(1,084)
(78.1)

Retail Business Segment
(212)
(343)
(130)
—

Other Business Segment
80
(394)
(475)
—

Eliminations and Corporate
(147)
(65)
81
—
Ordinary Income
5,747
4,009
(1,738)
(30.2)
Net Income
3,236
2,055
(1,180)
(36.5)
Note: From the fiscal year ending March 31, 2009, together with the opening of Tokyo Disneyland Hotel and Cirque du Soleil Theatre
Tokyo, the Company’s business segments have been reclassified, with the new establishment of the “Hotel Business Segment” and the elimination of the “Commercial Facilities Segment.” Results for the three months ended June 30, 2007 have been reclassified to reflect the change in segments.
[Theme Park Segment]: Tokyo Disneyland, Tokyo DisneySea and others
Revenues increased compared with the same period of the previous fiscal year as a result of increases in theme park
attendance and revenues per guest due to holding Tokyo Disney Resort 25th Anniversary. However, operating income decreased due to an increase in depreciation expenses following a tax code revision, an increase in fixed expenses and other factors.
Revenues ¥64,891 million (up 7.9% from the same period of the previous fiscal year)
We are conducting a variety of events throughout the year for Tokyo Disney Resort 25th Anniversary, which started on
April 15, not only at the two theme parks, but throughout the entire resort at Disney hotels, IKSPIARI, Disney Resort Line and Tokyo Disney Resort Official Hotels. In the first quarter, a new daytime parade “Jubilation!” began at Tokyo Disneyland in conjunction with the start of the 25th Anniversary. At Tokyo DisneySea, we held the Spring-filled “Tokyo DisneySea Spring Carnival.” As a result, total attendance at the two theme parks surpassed that of the same period of the previous fiscal year to reach a record high.
Revenues per guest at the theme parks increased slightly compared with the same period of the previous fiscal year.
Ticket receipts decreased due to an increase in guests using Annual Passports. Merchandise sales revenues were higher as a result of strong sales of items for Tokyo Disney Resort 25th Anniversary. Revenues from food and beverage sales increased slightly due to factors including strong sales of one-hand menu items.

Operating Income ¥4,837 million (down 9.8%)
Although revenues increased, operating income decreased due to increases in depreciation expenses following a tax
code revision and other factors, in fixed expenses including expenses for facility renovation and sales promotion, and in personnel expenses for part-time employees following an hourly wage revision OLC implemented in March 2008.

4
[Hotel Business Segment]: Tokyo Disneyland Hotel, Tokyo DisneySea Hotel MiraCosta and others
Although each hotel performed well and revenues increased, operating income decreased due to factors including an
increase in preparation expenses before opening Tokyo Disneyland Hotel.
Revenues ¥7,899 million (up 3.5%)
At Tokyo DisneySea Hotel MiraCosta, we held “Tokyo DisneySea Hotel MiraCosta Spring Carnival” and other events
linked with special events at Tokyo DisneySea. As a result, the occupancy rate was essentially unchanged from the same period of the previous fiscal year.
At Disney Ambassador Hotel, we held events linked with Tokyo Disney Resort 25th Anniversary such as “Disney Art
Festival.” As a result, the occupancy rate increased slightly compared with the same period of the previous fiscal year.
At Palm & Fountain Terrace Hotel, we implemented various measures including sales of original packages. As a result,
the occupancy rate increased compared with the same period of the previous fiscal year.

Operating Income ¥304 million (down 78.1%)
Despite an increase in revenues, operating income decreased due to factors including an increase in preparation
expenses before the opening of Tokyo Disneyland Hotel on July 8, 2008. [Retail Business Segment]: The Disney Store
Revenues and operating income decreased, mainly due to a decline in the number of customers in an environment of
worsening consumer sentiment.
Revenues ¥3,460 million (down 6.1%)
At The Disney Store, we aimed to increase revenues with “Ohana Village,” a program featuring Stitch, in creating
appealing sales outlets that express Disney’s world view. In addition, we opened a limited-time Gotemba Premium Outlet event store as a new sales channel in the first quarter. However, revenues decreased due mainly to a decline in the number of customers in an environment of worsening consumer sentiment.

Operating Loss ¥343 million (an increase of ¥130 million)
Despite ongoing cost structure reforms from the previous fiscal year, operating loss increased due to factors including a
decrease in revenues. [Other Business Segment]: IKSPIARI, Cirque du Soleil Theatre Tokyo and others
Although revenues increased, operating income decreased due to an increase in preparation costs before opening
Cirque du Soleil Theatre Tokyo and other factors.
Revenues ¥4,429 million (up 3.8%)
At IKSPIARI, in addition to holding “Disney Film Selection” and other events tied in with Tokyo Disney Resort 25th
Anniversary, we opened new stores and carried out store renovations. In addition, revenues increased due to revenues from food and beverage sales at external facilities, an increase in fare revenues of Disney Resort Line and other factors.
Operating Loss ¥394 million (a decrease in income of ¥475 million)
Despite an increase in revenues, the segment recorded an operating loss due to factors including an increase in
preparation expenses before opening Cirque du Soleil Theatre Tokyo on October 1, 2008, an increase in expenses for statutory rail car inspections on Disney Resort Line and other factors.

5
2. Qualitative Information on Consolidated Financial Position
[Assets]
Total assets as of June 30, 2008 were ¥645,599 million (down 14.8 percent compared with the end of the previous fiscal
year).
Current assets were ¥60,065 million (down 66.7 percent), mainly due to decreases in marketable securities as well as
cash and time deposits following the redemption of the first series of unsecured bonds.
Fixed assets were ¥585,534 million (up 1.5 percent). Property and equipment increased because of factors including
capital investment in Tokyo Disneyland Hotel and other facilities. [Liabilities]
Total liabilities as of June 30, 2008 were ¥281,798 million (down 23.7 percent compared with the end of the previous
fiscal year).
Current liabilities were ¥112,548 million (down 33.8 percent) due to factors including the redemption of the first series
of unsecured bonds (¥100,000 million).
Non-current liabilities were ¥169,250 million (down 15.1 percent) due to factors including the transfer of the sixth series
of unsecured bonds (¥20,000 million) to current liabilities. [Net Assets]
Total net assets as of June 30, 2008 were ¥363,800 million (down 6.3 percent compared with the end of the previous
fiscal year) due to factors including the acquisition of 4.2 million shares of treasury stock (4.42 percent of outstanding shares). The net worth ratio was 56.3 percent (up 5.1 percentage points).
3. Qualitative Information on Projected Consolidated Results
Results for the first quarter significantly exceeded our projections. However, taking into account the impact of factors
including weather risk on attendance at the theme parks during and after the second quarter, a period of high guest volume, we are not presently changing our forecasts for cumulative second quarter and full year performance. However, projected earnings per share increased following the acquisition of treasury stock in the three months ended June 30, 2008.
Actual results could differ materially from projections due to the influence of factors including economic conditions,
changes in customer preferences, weather and disasters. For further information on business risk, please refer to the Company’s “Consolidated Financial Statements for the Fiscal Year Ended March 31, 2008,” released on June 27, 2008.
4. Other
(1)

Changes in Major Subsidiaries during the Period (Changes in specified subsidiaries due to changes in the scope of consolidation): No
(2)

Use of Simplified Accounting Methods or Special Accounting Methods for Preparation of Quarterly Financial Statements

(a)

Method of calculating depreciation of fixed assets
For assets depreciated using the declining balance method, depreciation expenses applicable to the fiscal year are
calculated on a pro-rata basis.
(b)

Valuation of inventories
Inventories at the end of the first quarter are mainly calculated using a reasonable estimate based on actual
inventories at the end of the previous fiscal year, in lieu of an actual physical inventory.
(c)

Methods of calculating income taxes and deferred tax assets and liabilities
Judgments regarding the recoverability of deferred tax assets will be made based on methods using performance
forecasts and tax planning applied in the previous fiscal year in the event it is determined there is no significant change in the management environment from the end of the previous fiscal year or conditions resulting in temporary differences.
(3)

Changes in Accounting Rules, Procedures, Presentation Method, etc. for the Quarterly Consolidated Financial Statements

(a)

Use of accounting standards related to quarterly financial statements
Effective from the fiscal year ending March 31, 2009, the Company applies the “Accounting Standard for
Quarterly Financial Reporting” (ASBJ Statement No. 12) and its Implementation Guidance, “Guidance on