1
Consolidated Financial Statements for the Fiscal Year Ended March 31, 2008

May 8, 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.





Stock exchange listing:
Tokyo

1-1 Maihama, Urayasu, Chiba 279-8511, Japan

Code number:

4661
http://www.olc.co.jp
Representative: Yoshiro Fukushima, Representative Director, President and COO

Contact: Akiyoshi Yokota, Officer and Director, Finance/Accounting Department Annual General Meeting of Stockholders (scheduled):

June 27, 2008
Start of distribution of dividends (scheduled):

June 30, 2008
Filing of Securities Report (Yuka shoken hokokusho) (scheduled):
June 27, 2008

Note: All amounts are rounded down to the nearest million yen.
1. Consolidated Results for the Fiscal Year Ended March 31, 2008 (April 1, 2007 - March 31, 2008)
(1
)
Revenues and Income
(Percentages represent change compared with the previous fiscal year.)
Revenues
(¥ million)
Year-on-year
change
(%)
Operating
income
(¥ million)
Year-on-year
change
(%)
Ordinary income
(¥ million)
Year-on-year
change
(%)
Fiscal 2008 Fiscal 2007
342,421 344,082
(0.5)
3.4
31,144 34,110
(8.7)
11.5
27,510 30,187
(8.9)
13.1

Net
income
(¥ million)
Year-on-year
change
(%)
Earnings
per share
(¥)
Earnings per
share
(diluted) (¥)
Return on
equity
(%)
Ordinary
income/total
assets (%)
Operating
income/ total revenues (%)
Fiscal 2008 Fiscal 2007
14,730 16,309
(9.7)
3.9
154.86 171.46
— —
3.8 4.3
3.8 4.3
9.1 9.9
(Reference) Equity in earnings (loss) of affiliates: Fiscal 2008: ¥33 million (Fiscal 2007: ¥(1) million) (2) Financial Position

Total assets
(¥ million)
Net assets
(¥ million)
Net worth ratio
(%)
Net assets
per share (¥)
Fiscal 2008 Fiscal 2007
757,542 699,772
388,180 385,000
51.2 55.0
4,079.44 4,046.03
(Reference) Equity capital: Fiscal 2008: ¥388,036 million (Fiscal 2007: ¥384,859 million)

(3) Cash Flows

Cash flows from
operating activities
(¥ million)
Cash flows from
investing activities
(¥ million)
Cash flows from
financing activities
(¥ million)
Cash and cash
equivalents at end of
period (¥ million)
Fiscal 2008 Fiscal 2007
57,718 66,503
(59,575) (67,919)
52,874
(36,038)
97,901 46,878


2. Dividends

Dividends per share (¥)

Interim Year-end Full
year
Total dividends
paid (full year)
(¥ million)
Payout ratio
(consolidated)
(%)
Dividends/net
assets
(consolidated)
(%)
Fiscal 2007 Fiscal 2008
25.00 30.00
30.00 30.00
55.00 60.00
5,231 5,707
32.1 38.7
1.4 1.5
Fiscal 2009 (est.)
30.00 35.00 65.00
— 38.1
—
3. Projected Consolidated Results for the Fiscal Year Ending March 31, 2009 (April 1, 2008 – March
31, 2009)
(Percentages represent change compared to the previous cumulative consolidated second quarter or fiscal year, as applicable.)

Revenues
Operating income
Ordinary income
Net income
Earnings
per share

(¥ million)
(%)
(¥ million)
(%)
(¥ million)
(%)
(¥ million)
(%)
(¥)
Cumulative consolidated second quarter Fiscal 2009 (Full year)

169,730 364,240

4.1 6.4

9,180
28,400
(43.8)
(8.8)

8,470
26,680

(43.7)
(3.0)

4,930
16,220

(41.5)
10.1

51.83
170.52

2

4. Other

(1)

Changes in Scope of Consolidation and Application of Equity Method: No

(2)

Changes in Accounting Rules, Procedures, Presentation Method, etc. for the Consolidated Financial Statements (a) Changes in consolidated accounting methods: Yes (b) Changes other than (a) above: No

(3)

Number of shares issued and outstanding (common stock) (a) Number of shares at end of period (including treasury stock): Fiscal 2008: 95,122,540 shares, Fiscal 2007:
100,122,540 shares
(b) Treasury stock at end of period: Fiscal 2008: 2,558 shares, Fiscal 2007: 5,002,303 shares

(Reference) Summary of Nonconsolidated Results

1. Nonconsolidated Results for the Fiscal Year Ended March 31, 2008 (April 1, 2007 – March 31, 2008)

(1) Revenues and Income
(Percentages represent change compared with the previous fiscal year.)
Revenues
(¥ million)
Year-on-year
change
(%)
Operating
income
(¥ million)
Year-on-year
change
(%)
Ordinary
income
(¥ million)
Year-on-year
change
(%)
Fiscal 2008 Fiscal 2007
282,525 284,528
(0.7)
4.6
26,772 29,005
(7.7)
22.1
23,538 26,675
(11.8)
6.9
Net income
(¥ million)
Year-on-year
change
(%)
Earnings per
share
(¥)
Earnings per
share (diluted)
(¥)
Fiscal 2008 Fiscal 2007
12,187 14,790
(17.6) (11.3)
128.13 155.50
— —
(2) Financial Position

Total assets
(¥ million)
Net assets
(¥ million)
Net worth ratio
(%)
Net assets
per share (¥)
Fiscal 2008 Fiscal 2007
751,530 694,918
388,151 387,144
51.6 55.7
4,080.65 4,070.05
(Reference) Equity capital: Fiscal 2008: ¥388,151 million (Fiscal 2007: ¥387,144 million)
2. Projected Nonconsolidated Results for the Fiscal Year Ending March 31, 2009 (April 1, 2008 –
March 31, 2009)
(Percentages represent change compared to the previous fiscal year, as applicable.)

Revenues
Operating income
Ordinary income
Net income
Earnings
per share

(¥ million)
(%)
(¥ million)
(%)
(¥ million)
(%)
(¥ million)
(%)
(¥)
Fiscal 2009 (Full year)
294,350
4.2
25,650 (4.2)
24,310 3.3
14,630 20.0
153.81
Note: Cautionary Remark Regarding Forward-Looking Statements Statements made in this document with respect to Oriental Land’s plans, strategies, beliefs and other statements that are not historical facts are forward-looking statements based on the assumptions and beliefs of the Company’s management in light of the information currently available to it and involve risks and uncertainties which may affect the Company’s future performance.


3
1. Business Results
(1) Analysis of Business Results A. Summary of Consolidated Results for the Fiscal Year E
nded March 31, 2008
（
Millions of yen)
Fiscal year ended
March 31, 2008
Fiscal year ended
March 31, 2007
Increase
(decrease)
Change from
previous period (%)
Revenues 342,421
344,082
(1,660)
(0.5)
Operating Income
31,144
34,110
(2,966)
(8.7)
Ordinary Income
27,510
30,187
(2,676)
(8.9)
Net Income
14,730
16,309
(1,578)
(9.7)
In the fiscal year ended March 31, 2008, the Japanese economy was solid at the beginning of the fiscal year, with steady
exports and capital investment. However, consumer sentiment worsened thereafter as unstable conditions continued, including global financial uncertainty triggered by the subprime mortgage crisis in the United States, rising commodity prices due to increases in the price of crude oil, and foreign exchange fluctuations.
The range of services in the leisure industry expanded, despite the effect of economic uncertainty and the severe
environment for consumer sentiment. Sensory and experiential leisure facilities and games were well received due to high interest in lifestyles in which people enjoy leisure time and especially the expansion of needs for study and the enjoyment of connecting with others through leisure.
In these conditions, the OLC Group held various events throughout the year and carried out new initiatives to respond to
the diversifying values of its guests in the core Theme Park Segment. As a result, although attendance declined because it was the year following the Tokyo DisneySea 5th Anniversary, it was essentially in line with our forecast. Revenues per guest increased compared with the previous fiscal year in both the first and second halves, with no apparent effect from worsening consumer sentiment.
However, we recorded special costs from an increase in depreciation expenses following a tax code revision enacted in
the year ended March 31, 2008 that involved the elimination of residual value and accelerated depreciation, and preparation expenses before opening two new facilities.
As a result, revenues for the fiscal year were ¥342,421 million (down 0.5 percent compared with the previous fiscal
year), operating income was ¥31,144 million (down 8.7 percent), ordinary income was ¥27,510 million (down 8.9 percent), and net income was ¥14,730 million (down 9.7 percent).
B. Analysis of Consolidated Results for the Fiscal Year Ended March 31, 2008
[Revenues]
Revenues decreased slightly due to a decline in attendance in the Theme Park Segment. In the Theme Park Segment, despite an increase in revenues per guest, attendance declined because it was the year
following the Tokyo DisneySea 5th Anniversary. Although Retail Business Segment revenues decreased, Other Business Segment revenues increased. As a result, total revenues were ¥342,421 million (down 0.5 percent compared with the previous fiscal year). [Operating Income]
Operating income decreased due to factors including a decrease in revenues and an increase in depreciation expenses
following a tax code revision.
In addition to the decrease in revenues, there were increased depreciation expenses in the Theme Park Segment
following a tax code revision, as well as increases in preparation expenses before opening two new facilities and expenses including expenses preceding the Tokyo Disney Resort 25th Anniversary. As a result, operating income was ¥31,144 million (down 8.7 percent). [Ordinary Income]
Although non-operating income increased due to factors including an increase in interest income, operating income
decreased. As a result, ordinary income was ¥27,510 million (down 8.9 percent). [Net Income]
In addition to the decrease in ordinary income, extraordinary loss included an impairment loss following the decision to
terminate operations at Camp Nepos, as well as a loss on doubtful receivables and an impairment loss due to the bankruptcy of a contracting company for a hydroponic culture facility. As a result, net income was ¥14,730 million (down 9.7 percent).

4
C. Summary of Results by Segment

(Millions of yen)
Fiscal year ended
March 31, 2008

Fiscal year ended
March 31, 2007

Increase
(decrease)

Change from
previous period
(%)

Revenues
342,421
344,082 (1,660) (0.5)

Theme Park Segment
286,842
289,148
(2,306)
(0.8)

Commercial Facilities Segment
23,279
23,177
102
0.4

Retail Business Segment
16,903
17,858
(954)
(5.3)

Other Business Segment
15,396
13,898
1,497
10.8
Operating Income (Operating Loss)
31,144
34,110
(2,966)
(8.7)

Theme Park Segment
28,198
31,496
(3,298)
(10.5)

Commercial Facilities Segment
1,151
1,036
115
11.1

Retail Business Segment
(301)
(1,019)
717
－
Other Business Segment
1,653
2,323
(669)
(28.8)
Eliminations,
etc.
442
274
167
61.1
Ordinary Income
27,510
30,187
(2,676)
(8.9)
Net Income
14,730
16,309
(1,578)
(9.7)
[Theme Park Segment]: Tokyo Disneyland, Tokyo DisneySea, Tokyo DisneySea Hotel MiraCosta and others
In addition to decreased revenues from a decline in attendance, an increase in depreciation expenses following a tax
code revision and an increase in expenses including expenses preceding the Tokyo Disney Resort 25th Anniversary resulted in a decrease in operating income.
Revenues ¥286,842 million (down 0.8% compared with the previous fiscal year)
At Tokyo Disneyland, we opened the renovated “Pirates of the Caribbean” attraction along with water programs in the
first half of the fiscal year, and held the popular annual events “Disney’s Halloween” and “Christmas Fantasy,” as well as the final performance of “Cinderellabration: Lights of Romance” and other events in the second half. At Tokyo DisneySea, “Tower of Terror,” a new attraction that opened in the previous fiscal year, continued to be popular, and we held various special events including “Harborside Christmas” in the second half. However, because it was the year following the Tokyo DisneySea 5th Anniversary, total attendance at the two theme parks was 25,424 thousand (down 1.5 percent).
Revenues per guest at the theme parks were ¥9,370 (up 0.7 percent). Ticket receipts were ¥4,226 (up 1.8 percent) due to
a ticket price revision in September 2006. Merchandise sales revenues were ¥3,096 (down 1.5 percent) due in part to renovation work at Tokyo Disneyland merchandise shops. Revenues from food and beverage sales were ¥2,048 (up 1.7 percent) due to factors including strong sales of one-hand menu items.
At Tokyo DisneySea Hotel MiraCosta, the hotel implemented programs linked with Tokyo DisneySea special events
and carried out a full renovation of guest rooms and other areas from January to March 2008. As a result, the occupancy rate was about 90 percent.

Operating Income ¥28,198 million (down 10.5%)
Operating income decreased due to an increase in expenses including expenses preceding the Tokyo Disney Resort
25th Anniversary and expenses for the full renovation of Tokyo DisneySea Hotel MiraCosta, in addition to an increase in depreciation expenses following a tax code revision. [Commercial Facilities Segment]: IKSPIARI, Disney Ambassador Hotel and others
Operating income increased due to the absence of expenses for the full renovation of Disney Ambassador Hotel made
during the previous fiscal year and other factors.
Revenues ¥23,279 million (up 0.4%)
At IKSPIARI, in addition to holding events unique to IKSPIARI such as the popular annual “IKSPIARI Halloween”
and “PIARI Christmas,” we opened new stores and carried out store renovations.
At Disney Ambassador Hotel, in addition to conducting events linked to special events at Tokyo Disneyland, the impact
of the full renovation of guest rooms and other areas that was carried out in the previous fiscal year was absent. As a result, the occupancy rate was in the lower 90 percent range.

Operating Income ¥1,151 million (up 11.1%)
Operating income increased due to the absence of expenses related to the full renovation of Disney Ambassador Hotel
that occurred during the previous fiscal year and other factors.

5
[Retail Business Segment]: The Disney Store
Despite a decline in revenues, operating loss improved as a result of efforts to improve the cost structure.

Revenues ¥16,903 million (down 5.3%)
At The Disney Store, in addition to offering items commemorating the 15th anniversary of its opening and tie-in
merchandise coinciding with the release of a Disney movie, we enhanced membership campaigns for “Fantamiliar,” our loyal customer program, to promote purchasing. Although a recovery trend was apparent in the first half, with a diminishing scale of decrease in revenues, revenues for the year decreased due to a continuing trend toward a decline in the number of customers in a changing environment of worsening consumer sentiment in the second half.

Operating Loss ¥301 million (an improvement of ¥717 million)
Cost structure reforms that have been ongoing since the previous fiscal year led to decreases in store rent, distribution
expenses, head office rent, personnel expenses and other expenses. In addition, we closed two unprofitable stores and improved store earnings structure during the fiscal year (53 stores as of March 31, 2008). As a result, operating loss improved. [Other Business Segment]: Palm & Fountain Terrace Hotel, Disney Resort Line and others
Despite an increase in revenues, operating income decreased due to preparation expenses before opening new facilities
and other factors.
Revenues ¥15,396 million (up 10.8%)
At Palm & Fountain Terrace Hotel, we implemented several measures including aggressive PR activities and sales of
original packages. As a result of these activities, the occupancy rate was in the lower 80 percent range.
Revenues of Disney Resort Line increased due to a fare revision implemented in April 2007. In addition, movie-related revenues and revenues from food and beverage sales increased.
Operating Income ¥1,653 million (down 28.8%)
While revenues increased, operating income decreased due to recording preparation expenses before the opening of
Tokyo Disneyland Hotel and Cirque du Soleil Theatre Tokyo in the fiscal year ending March 31, 2009 and movie-related costs.