Summary of Consolidated Financial Statements for the Third Quarter of the Fiscal Year Ending March 31, 2007
February 9, 2007
ORIENTAL LAND CO., LTD.
Code number: 4661, Tokyo Stock Exchange, First Section URL: http://www.olc.co.jp Representative: Yoshiro Fukushima, President and Representative Director Contact: Akiyoshi Yokota, Director of Finance/Accounting Division
George Yasuoka, Director of Publicity Division
A. Preparation of Summary of Quarterly Results
1．

Use of simplified accounting method: No
2．

Changes from accounting methods used in most recent consolidated fiscal year: None
3．

Changes in scope of consolidation and application of equity method: Yes (Consolidated subsidiaries: 1 new company, Affiliated companies accounted for by the equity method: 1 new company)

B. Results for the Nine Months Ended December 31, 2006 (April 1, 2006 to December 31, 2006)
(1)

Consolidated Operating Results
Note: Amounts in this quarterly report are presented after rounding off numbers less than one million yen.
Revenues
(¥ million)
Year-on-year
change (%)
Operating
income
(¥ million)
Year-on-year
change (%)
Ordinary
income
(¥ million)
Year-on-year
change (%)
Nine months ended Dec. 31, 2006 Nine months ended Dec. 31, 2005
266,028 257,850
3.2 0.6
34,863 31,047
12.3
(9.9)
31,955 28,277
13.0
(12.5)
(Ref.) Year ended Mar. 31, 2006
332,885
30,604

26,686
Net income
(¥ million)
Year-on-year
change (%)
Earnings per share
(¥)
Earnings per share (diluted)
(¥)
Nine months ended Dec. 31, 2006 Nine months ended Dec. 31, 2005
18,507 16,537
11.9
(9.1)
194.57 171.44
— —
(Ref.) Year ended Mar. 31, 2006
15,703

162.73
—

Note: Year-on-year change for revenues, operating income, ordinary income and net income is based on the nine-month period of the
previous fiscal year.

Qualitative Information on Progress of Consolidated Operating Results
At the two theme parks that constitute the Oriental Land Group’s core business, we held the Tokyo DisneySea 5th
Anniversary and introduced the new attraction “Tower of Terror,” in addition to conducting special events and other measures that took advantage of the unique features of each park. We also offered “theme resort” appeal through implementation of aggressive business initiatives at the two Disney hotels, IKSPIARI and other facilities.
As a result, both attendance and revenues per guest at the two theme parks were higher than in the same period of the
previous fiscal year. Revenues totaled ¥266,028 million (up 3.2 percent compared with the same period of the previous fiscal year), operating income was ¥34,863 million (up 12.3 percent), ordinary income was ¥31,955 million (up 13.0 percent) and net income totaled ¥18,507 million (up 11.9 percent).

[Theme Park Segment]
At Tokyo Disneyland, in April 2006 we began offering “Lilo & Stitch’s Big Panic – ‘Find Stitch!’,” a special event
based on the Disney movie Lilo & Stitch. Starting in September we offered “Disney’s Halloween,” to which we added, for the first time, a night program presented in front of Cinderella castle, and from November we held “Christmas Fantasy,” a popular annual event. At Tokyo DisneySea, in July we started the Tokyo DisneySea 5th Anniversary, and in September we opened the new attraction “Tower of Terror.” From November we held “Harborside Christmas,” which was popular among many guests. As a result of these and other measures, attendance increased over the same period of the previous fiscal year. In November, cumulative attendance for the two theme parks combined passed the 400 million mark.
Revenues per guest increased over the same period of the previous fiscal year, mainly because ticket revenues
increased due to a ticket price revision in September, although in food and beverage sales, beverage revenues decreased because of lower temperatures during the summer period.
1

At Tokyo DisneySea Hotel MiraCosta, we built new “balcony rooms” from which guests can enjoy the view of
Tokyo DisneySea. Restaurants in the hotel offered special menus to commemorate the 5th anniversary of the opening of the hotel together with Tokyo DisneySea. In addition, various programs were vigorously implemented at the hotel, including providing limited-edition 5th Anniversary room amenities, and the occupancy rate was higher than in the same period of the previous fiscal year.
As a result, revenues for the Theme Park segment were ¥224,716 million (up 4.5 percent compared with the same
period of the previous fiscal year).
[Commercial Facilities Segment]
At IKSPIARI, we enhanced efforts to attract customers to Cinema IKSPIARI, for which we acquired the business
rights in the previous fiscal year, including offering events aimed at generating synergy between the movies playing in the theater and the shops and restaurants in IKSPIARI. In addition, we held events unique to IKSPIARI, such as the popular “IKSPIARI Halloween” and “Piari Christmas,” a special event based on the theme “Pure White Christmas.”
At the Disney Ambassador Hotel, renovation of guest rooms and banquet halls was carried out from April through
August. However, we aggressively conducted unique hotel events tied to special events at Tokyo Disneyland and exclusive programs for overnight guests, and the occupancy rate was near the level of the same period of the previous fiscal year.
As a result, revenues for the Commercial Facilities segment were ¥17,769 million (up 3.1 percent compared with the
same period of the previous fiscal year).
[Retail Business Segment]
At Disney Stores throughout Japan, we aggressively marketed “Halloween 2006” merchandise from September and
“Twinkling Fun Christmas 2006” merchandise from November.
In view of the factors causing deteriorating business results, we started a sweeping improvement aimed at returning to
the basics of the brand business and improving and strengthening the quality of operations in the retail business.
As part of that effort, we focused on “creation of products that sell” by restructuring the product development process
to incorporate guest needs and feedback from the marketing division, and on improving and enhancing stores’ “ability to sell out of products” by reforming store operations to reach sales targets and restructuring the head office support system. In addition, we launched a drastic overhaul of the cost structure.
We will carry out these improvement and reinforcement measures expeditiously, beginning with those that can be
implemented, in order to restore results as soon as possible. However, we do not expect major improvement in the short term. Revenues for the Retail Business segment were ¥13,424 million (down 17.8 percent compared with the same period of the previous fiscal year).

[Other Business Segment]
In the hotel business, the Palm & Fountain Terrace Hotel worked to expand sales channels by conducting PR
activities aimed at further expanding its recognition and detailed sales activities. As a result of these activities, the occupancy rate was substantially higher than in the same period of the previous fiscal year.
In the monorail business, the Disney Resort Line continued to draw many guests visiting Tokyo Disney Resort. In
December, the 100 millionth guest used the Disney Resort Line.
As a result of the above, revenues for the Other Business segment were ¥10,118 million (up 9.3 percent compared
with the same period of the previous fiscal year).

(2)

Consolidated Financial Position
Total assets
(¥ million)
Net assets
(¥ million)
Capital adequacy
ratio (%)
Net assets per share
(¥)
As of Dec. 31, 2006
693,690 387,505
55.8
4,072.39
As of Dec. 31, 2005
665,548
374,906
56.3
3,941.38
(Ref.) As of Mar. 31, 2006
718,865 375,832
52.3
3,950.49
2

Qualitative Information on Change of Consolidated Financial Position
[Assets]
Total assets at the end of the third quarter (December 31, 2006) were ¥693,690 million (down 3.5 percent compared
with the end of the previous fiscal year).
Current assets were ¥115,018 million (down 14.8 percent), mainly because cash and time deposits decreased with the
redemption of the second series of unsecured bonds (¥30,000 million) in June.
Fixed assets were ¥578,672 million (down 0.9 percent). Despite depreciation and amortization of Tokyo Disney
Resort facilities, property and equipment was essentially unchanged because of capital investments and other factors. However, investment securities decreased with the decline in market values of securities held by the Company.

[Liabilities]

Total liabilities at the end of the third quarter were ¥306,185 million (down 10.7 percent compared with the end of
the previous fiscal year).
Current liabilities were ¥63,700 million (down 34.2 percent) due to factors including the redemption of the second
series of unsecured bonds.
Long-term liabilities were ¥242,484 million (down 1.5 percent) mainly because deferred tax liabilities decreased due
to factors including the decline in market values of securities held by the Company.
[Net Assets]
Total net assets at the end of the third quarter were ¥387,505 million (up 3.1 percent compared with the end of the
previous fiscal year) due to factors including an increase in earned surplus, despite a decrease in the market values of securities held by the Company. The capital adequacy ratio was 55.8 percent (up 3.5 percentage points compared with the end of the previous fiscal year).

C. Projected Consolidated Results for the Fiscal Year Ending March 31, 2007 (April 1, 2006 to
March 31, 2007)
Revenues

(¥ million)
Operating income
(¥ million)
Ordinary income
(¥ million)
Net income
(¥ million)
Year ending Mar. 31, 2007
341,640 31,350

27,000

14,830

Reference: Estimated earnings per share (full year): ¥155.91

Qualitative Information on Projected Consolidated Results
We have taken various sales measures, primarily in the core theme park business, to achieve the performance forecast
announced with interim results on November 13, 2006.
As a result, in the Theme Park segment, while we expect revenue from merchandise sales to be slightly below the
projected figure, overall revenues are expected to be basically in line with projections, as attendance for the fiscal year is forecast to increase to 25.6 million due to the Tokyo DisneySea 5th Anniversary and the effect of the new attraction “Tower of Terror.” At the same time, we expect an increase in profits due to reduction of fixed costs and personnel expenses. In the Retail Business segment, merchandise sales revenues at Disney Stores are expected to be slightly higher than projected.
In view of these conditions, we have revised our projected consolidated results as shown above.

Differences from projected results announced with interim results on November 13, 2006 are shown below.
(Millions of yen)
(Consolidated) Revised
forecast
Previously
announced forecast
Increase (decrease)
Percentage
increase (decrease)
Revenues
341,640 341,090 550
0.2
Theme Parks
287,670 287,540 130
0.0
Commercial Facilities
23,190 23,500 (310) (1.3)
Retail Business
17,220 16,650 570
3.4

Other Businesses
13,560 13,400 160
1.2
Operating Income
31,350 28,510 2,840 10.0
Ordinary Income
27,000 24,140 2,860 11.8
Net Income
14,830 12,740 2,090 16.4

3

As a percentage of projected results for the fiscal year, operating income for the nine months ended December 31,
2006 was 111.2 percent, ordinary income was 118.4 percent and net income was 124.8 percent. These figures result from the fact that the total attendance at the two theme parks in the fourth quarter is relatively low compared with other quarters, due to annual seasonal factors, and maintenance of attractions is concentrated in this period, when operating hours are shorter. Because of these and other factors, low revenues and high fixed costs in the fourth quarter are a characteristic of the Company’s theme park business.

Note: The above projections were made based on information available to the Company at the time of release of this material.
Actual results may differ from the projected figures depending on various factors.
4

（
Attachment）

1. Consolidated Balance Sheets (Summary)
(Millions of yen)
As of
December 31, 2006
As of
December 31, 2005
Increase (decrease)
from previous period
As of
March 31, 2006
Amount
%
Amount
%
Amount
%
Amount
%
ASSETS
I. Current assets
1. Cash and time deposits 2. Trade notes and receivables 3.
Marketable
securities
4.
Inventories
5.
Others
6. Allowance for doubtful receivables
Total current assets
25,017 13,186 49,380 11,326 16,108
(0)
115,018

16.6
41,987
13,068 16,798 9,716 16,318 (0) 97,888
14.7
(16,970)
117
32,581
1,609
(209)
(0)
17,129

17.5
47,833 12,356
40,788
9,036
25,046
(0)
135,061

18.8
II. Fixed assets
(1) Property and equipment 1.
Main
items

2. Construction in progress
Total property and equipment

(2) Intangible fixed assets (3) Investments and other assets
1. Others 2. Allowance for doubtful receivables

Total investments and other assets
Total fixed assets
III. Deferred assets

501,909
16,765
518,675
13,662
46,525
(190)
46,334
578,672
-

74.8
1.9

6.7
83.4
-

501,311
13,023
514,334
12,218
41,289
(187)
41,102
567,655
4

77.3
1.8

6.2
85.3
0.0

598
3,742 4,340 1,444

5,235
(3)
5,232
11,017
(4)

0.8
11.8

12.7
1.9
-
500,063
18,872
518,936
13,172
51,860
(183)
51,677
583,786
18
72.2
1.8

7.2
81.2
0.0
Total assets
693,690
100.0
665,548
100.0
28,142 4.2
718,865
100.0
LIABILITIES
I. Current liabilities
1. Notes and accounts payable
2. Current portion of bonds

3. Accrued income taxes
4.
Others

Total current liabilities II. Long-term liabilities 1.
Bonds

2. Long-term debt

3. Others
Total long-term liabilities Total liabilities
14,582
-
8,702
40,416 63,700

169,984
50,000 22,500
242,484 306,185

9.2

34.9 44.1

14,40330,000
7,574
42,84694,824
120,000
50,00025,708
195,708290,533

14.3

29.443.7

178
(30,000)
1,127
(2,430)
(31,124)

49,984
-
(3,208)
46,776 15,651

(32.8)

23.9
5.4

14,715
30,000
7,084
45,033
96,833
170,000
50,00026,086
246,086342,919

13.5

34.247.7
NET ASSETS
I. Stockholders’ equity
1. Common stock 2. Capital surplus 3. Retained earnings 4. Treasury stock
Total stockholders’ equity II. Adjustments for valuation, hedge gain
or loss and others
1. Net unrealized holding gains on
securities
2. Deferred hedge gain
Total adjustments for valuation,
hedge gain or loss and others
III. Minority interests Total net assets Total liabilities and total net assets
MINORITY INTERESTS
Minority interests
STOCKHOLDERS’ EQUITY
I. Common stock II. Capital surplus III. Earned surplus IV. Net unrealized holding gains on
Securities
V. Treasury stock
Total stockholders’ equity
63,201
111,403 236,130
(30,264)
380,470
6,627
269
6,896
138
387,505 693,690
-
---
---

9.1
16.1 34.0
(4.4)
54.8

1.0 0.1

1.1 0.0
55.9
100.0
-

- - -

- - -
-----
--
----
107
63,201
111,403223,273
7,292
(30,263)
374,906
- - - - -
- -
- - - -

0.0

9.5
16.733.5

1.1
(4.5)
56.3

63,201
111,403 236,130
(30,264)
380,470

6,627
269

6,896
138
387,505 693,690

(107)

(63,201) (111,403) (223,273)

(7,292)
30,263
(374,906)

- - - - -

- -

- - - -

-

- - -

- - -
-----
--
----
113
63,201
111,403222,439
9,052
(30,263)
375,832

- - - - -
- -

- - -
-
0.0

8.8
15.530.9

1.3
(4.2)
52.3
Total liabilities, minority interests
and stockholders’ equity

-

-
665,548

100.0

(665,548)

- 718,865

100.0

5