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Summary of Consolidated Financial Statements for the First Quarter of the Fiscal Year Ending March 31, 2007
August 3, 2006
ORIENTAL LAND CO., LTD.
Code number: 4661, Tokyo Stock Exchange, First Section URL: www.olc.co.jp Representative: Yoshiro Fukushima, President 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: None

B. Results for the First Quarter of Fiscal 2007 (April 1, 2006 to June 30, 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 (%)
Three months ended Jun. 30, 2006 Three months ended Jun. 30, 2005
73,375 69,647
5.4
(1.0)
4,277 2,301
85.8
(28.9)
3,297 1,438
129.2
(59.3)
(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)
(¥)
Three months ended Jun. 30, 2006 Three months ended Jun. 30, 2005
1,598
528
202.6
(63.5)
16.80
5.32
— —
(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 first quarter of the previous
fiscal year.

Qualitative Information on Progress of Consolidated Operating Results
The Oriental Land Group conducted special events and other measures that took advantage of the unique features of the
two theme parks, which constitute its core business. In addition, we offered “theme resort” appeal through aggressive implementation of business initiatives at the two Disney Hotels, IKSPIARI and other facilities.
As a result, the total number of guests at the two theme parks increased compared with the first quarter of the previous
fiscal year, although revenues per guest decreased slightly. Consequently, revenues increased 5.4 percent compared with the first quarter of the previous fiscal year to ¥73,375 million.
On the other hand, although expenses rose in tandem with the increase in revenues, we were able to contain expenses by
improving the cost ratio and reducing entertainment show production and other expenses. As a result, operating income increased 85.8 percent compared with the first quarter of the previous fiscal year to ¥4,277 million.
Consequently, ordinary income increased 129.2 percent compared with the first quarter of the previous fiscal year to
¥3,297 million and net income for the first quarter increased 202.6 percent compared with the first quarter of the previous fiscal year to ¥1,598 million.

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[Theme Park Segment]
At Tokyo Disneyland, in April 2006 we began offering “Lilo & Stitch’s Big Panic – ‘Find Stitch!’,” a special event
featuring Stitch from the Disney movie Lilo & Stitch and other Disney characters. At Tokyo DisneySea, “Raging Spirits,” a new attraction introduced in July 2005, continued to gain popularity. As a result, the total number of guests at the two theme parks increased compared with the first quarter of the previous fiscal year.
Revenues per guest at the theme parks decreased slightly compared with the first quarter of the previous fiscal year, as the
timing of special events to accommodate Tokyo DisneySea 5th Anniversary led to a decrease in revenues from special event-related products and food and beverage menus.
At Tokyo DisneySea Hotel MiraCosta, we remodeled some existing rooms to add balconies from which guests can enjoy
the view of Tokyo DisneySea. In addition, the occupancy rate increased compared with the first quarter of the previous fiscal year as a result of measures including events at its restaurants based on Tokyo DisneySea Hotel MiraCosta’s unique appeal and offering special menus linked to “Porto Paradiso Water Carnival ‘Eterno’,” a special presentation at Tokyo DisneySea.

As a result, revenues for the Theme Park segment increased 6.7 percent compared with the first quarter of the previous
fiscal year to ¥61,500 million. [Commercial Facilities Segment]
At IKSPIARI, “Cinema IKSPIARI,” which we acquired the business rights to and began operating in September 2005,
contributed to results throughout the period. In addition, during the Golden Week holidays we held a Hawaii-themed event in tandem with special events at Tokyo Disneyland.
At the Disney Ambassador Hotel, we implemented programs limited to overnight guests and offered special menus at the
restaurants linked to special events at Tokyo Disneyland. The occupancy rate decreased somewhat compared with the first quarter of the previous fiscal year due to renovation work in all rooms.
As a result, revenues for the Commercial Facilities segment increased 5.6 percent compared with the first quarter of the
previous fiscal year to ¥5,079 million. [Retail Business Segment]
Concerning the Disney Store Japan, in addition to opening the Kinshicho Olinas Store in April, we conducted aggressive
implementation of business initiatives including introduction of the “JUST 50’s,” a series of Disney character T-shirts with 50 different designs.
However, revenues for the Retail Business segment decreased 13.7 percent compared with the first quarter of the previous
fiscal year to ¥4,027 million. [Other Business Segment]
In the hotel business, the occupancy rate at the Palm & Fountain Terrace Hotel increased compared with the first quarter of
the previous fiscal year as the result of efforts to further expand awareness, detailed marketing activities to promote use by more guests, and intensive strengthening of sales activities in areas such as group tours.
In the monorail business, Disney Resort Line continued to draw many guests visiting Tokyo Disney Resort. As a result, revenues for the Other Business segment increased 8.6 percent compared with the first quarter of the previous
fiscal year to ¥2,766 million.

2.

Consolidated Financial Position
Total assets
(¥ million)
Net assets
(¥ million)
Capital adequacy ratio
(%)
Net assets per share
(¥)
As of Jun. 30, 2006
665,548 372,410 55.9 3,913.92
As of Jun. 30, 2005
632,647 357,966 56.6 3,763.29
(Ref.) Year ended Mar. 31, 2006
718,865 375,832 52.3 3,950.49

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Qualitative Information on Change of Consolidated Financial Position

[Assets]
Total assets at the end of the first quarter were ¥665,548 million, a decrease of 7.4 percent compared with the end of the
previous fiscal year.
Current assets decreased 33.6 percent compared with the end of the previous fiscal year to ¥89,672 million, due to factors
including a decrease in cash and time deposits and working capital associated with the redemption of the second issue of unsecured bonds (¥30,000 million) in June.
In addition, fixed assets decreased 1.4 percent compared with the end of the previous fiscal year to ¥575,858 million
despite making capital expenditures due to factors including depreciation and amortization at all Tokyo Disney Resort facilities.
[Liabilities]
Total liabilities at the end of the first quarter were ¥293,173 million, a decrease of 14.5 percent from the end of the
previous fiscal year.
Current liabilities decreased 49.0 percent compared with the end of the previous fiscal year to ¥49,419 million, as factors
including the redemption of the second issue of unsecured bonds.
Long-term liabilities decreased 1.0 percent compared with the end of the previous fiscal year to ¥243,717 million, as a
result of factors including a decrease in deferred tax liabilities due to a decline in the market value of investment securities held by the Company.

[Net Assets]
Total net assets at the end of the first quarter decreased 0.9 percent compared with the end of the previous fiscal year to
¥372,410 million due to factors including a decline in the market value of investment securities held by the Company.
In addition, the capital adequacy ratio increased 3.6 percentage points to 55.9 percent.

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

(¥ million)
Operating income
(¥ million)
Ordinary income
(¥ million)
Net income
(¥ million)
Interim period ending Sep. 30, 2006 Year ending Mar. 31, 2007
160,740 347,140
9,520 30,930
7,700 26,970
4,390 15,790
Reference: Estimated earnings per share (full year): ¥165.37
Qualitative Information on Projected Consolidated Results
As of the end of the first quarter, ordinary income and net income reached 12.2 percent and 10.1 percent of their respective
projected levels for the full fiscal year. This is largely due to the notable seasonal effect in the theme park segment, where the second and third quarters, which include the summer vacation and Christmas, account for the majority of revenues and income for the year.
Although results for the first quarter were slightly above projections in the Theme Park segment, we expect the impact on
full-year performance to be immaterial due to delays in expenses into the second quarter and thereafter. For this reason, the projections for interim and full year performance announced on May 9, 2006 remain unchanged.
Note: The above projections were made based on information available to the Company at the time of release of these materials. Actual
results may differ from the projected figures depending on various factors.

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（
Attachment）

1. Consolidated Balance Sheets (Summary)

(Millions of yen)

As of
June 30, 2006
As of
June 30, 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
23,566
8,786
27,481
9,589
20,249
(0)

38,522
8,375 1,599 8,906
13,015
(0)

(14,956)
411
25,881
682
7,234
(0)

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

Total current assets
89,672
13.5
70,419
11.1
19,253
27.3
135,061
18.8
II. Fixed assets
(1) Property and equipment 1. Buildings, structures and others 2. Construction in progress
491,960
23,700

500,119
14,083
(8,159)
9,616
500,063
18,872
Total property and equipment

(2) Intangible fixed assets (3) Investments and other assets
1. Others 2. Allowance for doubtful receivables
515,660
13,119

47,261
(182)
77.5
1.9

514,203
11,626
36,572
(184)
81.3
1.8

1,456 1,493

10,688
1
0.3
12.8

518,936
13,172

51,860
(183)
72.2
1.8

Total Investments and other assets 47,078
7.1
36,388
5.8
10,690 29.4 51,677 7.2
Total fixed assets
575,858
86.5
562,217 88.9
13,640 2.4 583,786 81.2
III. Deferred assets
17
0.0
10 0.0
7 70.6
18 0.0
Total Assets
665,548
100.0
632,647 100.0
32,901 5.2 718,865 100.0
LIABILITIES
I. Current liabilities
1. Notes and accounts payable

2. Current portion of bonds
3. Current portion of long-term debt
4. Accrued income taxes

5. Others

9,969
- -
1,719
37,730
9,683
30,000
2,000
865
37,079
286
(30,000)
(2,000)
853 651
14,715 30,000
-
7,084
45,033

Total current liabilities
49,419
7.4
79,628 12.6
(30,208)
(37.9) 96,833 13.5
II. Long-term liabilities 1.
Bonds

2. Long-term debt

3. Others

170,000
50,000 23,717
120,000
50,000 24,953
50,000
-
(1,235)
170,000
50,000 26,086

Total long-term liabilities
243,717 36.6
194,953 30.8
48,764 25.0 246,086 34.2
Total liabilities
293,137
44.0
274,581 43.4
18,555 6.8 342,919 47.7
NET ASSETS
I. Stockholders’ equity
1. Common stock 2. Capital surplus 3. Earned Surplus 4. Treasury stock

63,201
111,403 221,599
(30,263)

9.5
16.733.3
(4.5)

- - - -

- - - -

63,201
111,403 221,599
(30,263)

- - - -

- - - -

- - - -
Total stockholders’ equity II. Adjustments for valuation, hedge gain
or loss and others
1. Net unrealized holding gains on
securities
2. Deferred hedge loss
365,939

6,684
(330)
55.0

1.0
(0.0)
-

- -
-

- -
365,939

6,684
(330)
-

- -
-

- -
-

- -
Total adjustments for valuation,
hedge gain or loss and others
III. Minority interests

6,354
116

1.00.0

- -

- -

6,354
116

- -

- -

- -
Total net assets
372,410
56.0
-
-
372,410
-
-
-
Total liabilities and total net assets
665,548
100.0
- - 665,548 -
- -
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

-

- - -

- -

-

- - -

- -

98

63,201
111,403 209,165

4,459
(30,262)

0.0

10.017.633.1

0.7
(4.8)

(98)

(63,201)
(111,403) (209,165)

(4,459)
30,262

-

- - -

- -

113

63,201
111,403 222,439

9,052
(30,263)

0.0

8.8
15.530.9

1.3
(4.2)
Total stockholder’ equity
-
-
357,966
56.6
(357,966)
-
375,832
52.3
Total liabilities, minority interests And stockholders’ equity

-

- 632,647

100.0

(632,647)

-

718,865

100.0


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2. Consolidated Statements of Income (Summary)

(Millions of yen)

April 1, 2006
to June 30, 2006
April 1, 2005
to June 30, 2005
Increase (decrease)
from previous period
Year ended
March 31, 2006

Amount % Amount
% Amount % Amount
%
I. Revenues II. Cost of revenues

73,375 61,442
100.0
83.7
69,647 59,972
100.0
86.1
3,727 1,470
5.4 2.5
332,885 269,680
100.0
81.0
Gross profit
III. Selling, general and administrative
expenses
11,932

7,655
16.3

10.5
9,675

7,373
13.9

10.6
2,257

282
23.3

3.8
63,204

32,600
19.0

9.8
Operating income IV. Non-operating income V. Non-operating expenses
4,277
519
1,498
5.8 0.7 2.0
2,301
416
1,280
3.3 0.6 1.8
1,975
102 218
85.8 24.5 17.1
30,604
1,341 5,259
9.2 0.4 1.6

Ordinary income
3,297
4.5 1,438 2.1
1,859
129.2 26,686 8.0

VI. Extraordinary income VII. Extraordinary loss
- -
- -
- -
- -
- -
- -
-
238
-
0.1

Income before income taxes

Income, residential and enterprise
taxes

Adjustment for income taxes

Minority gain (loss)
3,297

1,871
(174)
2
4.5

2.5
(0.2)
0.0
1,438

1,016
(97)
(8)
2.1

1.4
(0.1) (0.0)
1,859

854
(76)
11
129.2

84.1
- -
26,447

10,822
(85)
6
7.9

3.2
(0.0)
0.0
Net income
1,598
2.2
528 0.8
1,069
202.6 15,703 4.7