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Consolidated Financial Statements for the Fiscal Year Ended March 31, 2004

May 10, 2004
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
Board of Directors meeting:
May 10, 2004
Representative: Toshio Kagami, President and Representative Director
Use of U.S. accounting standards:
No
Contact: Kenjiro Mizushima, Director, Finance / Accounting Division
1. Results for Fiscal 2004 (April 1, 2003-March 31, 2004)
(1) Sales and Income
Note: All amounts are rounded down to the nearest million yen.
Net
sales
(¥ million)
Year-on-year
change (%)
Operating income
(¥ million)
Year-on-year
change (%)
Ordinary income
(¥ million)
Year-on-year
change (%)
Fiscal 2004 Fiscal 2003
336,516 331,753
1.4
18.0
38,765 38,028
1.9
13.0
34,372 33,908
1.4
42.6

Net
income
(¥ million)
Year-on-year
change (%)
Earnings
per share (¥)
Earnings
per share
(diluted) (¥)
Return on
equity (%)
Ordinary
income/total
assets (%)
Ordinary
income/net
sales (%)
Fiscal 2004 Fiscal 2003
18,530 18,931
(2.1)
48.8
184.23 188.24
— —
5.1 5.5
5.1 4.9
10.2 10.2
Notes: 1. Equity in earnings of affiliates: loss of ¥226 million (Fiscal 2003: ¥92 million) 2. Average number of shares outstanding (consolidated): 100,121,481 shares (Fiscal 2003: 100,121,970 shares) 3. Changes in accounting methods: None 4. Year-on-year change for net sales, operating income, ordinary income and net income is based on the previous fiscal year. (2) Financial Position
Total
assets

(¥ million)
Shareholders’ equity
(¥ million)
Shareholders’ equity/total
assets (%)
Shareholders’ equity
per share (¥)
Fiscal 2004 Fiscal 2003
654,424 691,882
373,759 354,908
57.1 51.3
3,732.22 3,543.92
Notes: 1. Number of shares outstanding at end of period (consolidated): 100,121,324 shares (Fiscal 2003: 100,121,864 shares) (3) Cash Flows
Net cash provided by
operating activities
(¥ million)
Net cash used in investing
activities
(¥ million)
Net cash used in
financing activities
(¥ million)
Cash and cash equivalents
at end of period
(¥ million)
Fiscal 2004 Fiscal 2003
61,213 84,591
(34,540) (27,807)
(59,226) (33,453)
29,619 62,181
(
4) Scope of consolidation and application of the equity method

Consolidated subsidiaries: 16 companies Unconsolidated subsidiaries accounted for by the equity method: None Affiliated companies accounted for by the equity method: 4 companies
(5) Changes in scope of consolidation and application of the equity method
Consolidation: (New) 1 company (Eliminated) None Equity method: (New) 1 company (Eliminated) None
2. Projected Results for Fiscal 2005 (April 1, 2004-March 31, 2005)

Net sales (¥ million)
Ordinary income (¥ million)
Net income (¥ million)
Interim period Fiscal 2005
163,300 340,500
14,800 34,900
8,100
19,500
Reference: Estimated earnings per share (fiscal 2005): ¥193.91
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.

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1. Outline of Oriental Land Group
Our group includes Oriental Land, 16 consolidated subsidiaries, 4 affiliated companies which are accounted for
by the equity method and 2 other affiliates, with the main business being the management and operation of theme parks, entertainment and commercial facilities.
The business segments and the subsidiaries and affiliates that fall into each segment, and their relationships with
Oriental Land are as follows. The retail business, which was previously included in the Other Business Segment, has been reclassified as the Retail Segment from the year ended March 31, 2004 due to the increase in its proportionate share of income, which is expected to continue in the future.:
【Subsidiaries】
Theme Park Segment
Relationship with Oriental Land
Company Name
Main Operations
−
Oriental Land Co., Ltd.
Management and operation of theme parks
Consolidated subsidiary
Maihama Resort Hotels Co., Ltd.
Management and operation of Tokyo DisneySea Hotel MiraCosta
Entertainment and Commercial Facilities Segment
Relationship with Oriental Land
Company Name
Main Operations
−
Oriental Land Co., Ltd.
Management of Camp Nepos
1

Consolidated subsidiary
IKSPIARI Co., Ltd.
Management and operation of IKSPIARI
2

Consolidated subsidiary
Maihama Resort Hotels Co., Ltd.
Management and operation of Disney Ambassador Hotel
(Notes) 1.Camp Nepos is a facility that provides original programs to nurture children’s imaginations.
2. IKSPIARI is a complex that consists of shops, restaurants, a cinema complex, Camp Nepos and other facilities.
Retail Segment
Relationship with Oriental Land
Company Name
Main Operations
Consolidated subsidiary
Retail Networks Co., Ltd.
Management and operation of Disney Stores in Japan
Other Business Segment
Relationship with Oriental Land
Company Name
Main Operations
Consolidated subsidiary
Maihama Corporation Co., Ltd.
Mamagement and operation of shopping centers
*

Consolidated subsidiary
Maihama Resort Line Co., Ltd.
Management and operation of monorail
Consolidated subsidiary
Green and Arts Co., Ltd.
Landscaping and groundskeeping
Consolidated subsidiary
Photo Works Co., Ltd.
Photofinishing
Consolidated subsidiary
Design Factory Co., Ltd.
Production of publications
Consolidated subsidiary
Bay Food Services Co., Ltd.
Operation of employee cafeterias
Consolidated subsidiary
Maihama Business Services Co., Ltd.
Business services for Oriental Land Group
Consolidated subsidiary
RC Japan Co., Ltd.
Management and operation of themed restaurant
Consolidated subsidiary
Resort Cleaning Services Co., Ltd.
Costume laundry services
Consolidated subsidiary
Maihama Building Maintenance Co., Ltd.
Cleaning and security services
Consolidated subsidiary
OLC Kitchen Techno Co., Ltd.
Sales and maintenance of kitchen equipment
Consolidated subsidiary
E Production Co., Ltd.
Entertainment production
Consolidated subsidiary
OLC/Rights Entertainment (Japan) Inc.
Management of intellectual property rights
(Note) Maihama Corporation Co., Ltd. manages and operates “Park Square” and “Unimall,” shopping centers
in Urayasu, Chiba, Japan.
【Affiliates】
Relationship with Oriental Land
Company Name
Main Operations
Equity method-applied affiliate
Tokyo Bay City Bus Co., Ltd.
Bus and chartered bus services
Equity method-applied affiliate
Maihama Resort Cab Co., Ltd. Automobile business
Equity method-applied affiliate
Keisei Transit Bus Co., Ltd.
Bus and chartered bus services
Equity method-applied affiliate
D Wonderland Inc.
Provision of information using communications network
Other affiliate
Keisei Electric Railway Co., Ltd. Railroad business and real estate business
Other affiliate
Mitsui Fudosan Co., Ltd.
Real estate business

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2. Management Policies
(1) Corporate mission and policies
Our corporate mission is to “provide enjoyment and create magic, inspired by imagination and a sense of adventure, and guided by a desire to fulfill dreams.” This mission is intended to offer today’s individuals the dreams that may be dwelling at the bottom of their hearts, refreshing impressions, and enjoyment and real peace of mind that rejuvenates people. In order to realize the above corporate mission, our group is united and committed to act in compliance with the following six management policies:
1. Management that communicates 2. Providing the public with original, high-quality value 3. Respect for the individuality of employees, and extension of support to maintain high morale 4. Continuous innovation and evolution in management 5. Profitable growth and contribution to society 6. Harmony and coexistence with society
Based on these corporate policies, the Oriental Land Group will work with stockholders to target growth and further development by fully deploying all of our resources.
(2) Policy on distribution of profit
We believe that higher corporate value and stable dividends are important ways of returning profits to our
stockholders. For the time being, we will use net cash generated from each business segment to make additional investments in Tokyo Disney Resort and invest in new businesses for further growth, and to pay down interest-bearing debt, thereby enhancing our corporate value.
For the year ended March 2004, the year-end dividend was ¥15 per share. The full-year dividend, including
an interim dividend of ¥14, was ¥29 per share, up ¥5 from the year ended March 2003. For the year ending March 2005, we plan to pay total dividends of ¥30 per share.
In order to fulfill our stockholders’ expectations, we will continue to provide returns on profit in line with
our business results.
(3) Reasons and policy for reduction of investment unit
To attract more individual investors and improve the liquidity of our stocks, we changed the investment unit of 1,000 shares to 100 shares when we went public.
We will carefully study the possibility of further reduction of the investment unit, considering the
composition and number of our stockholders and other factors.
(4) Basic policy and implementation status regarding corporate governance

A. Basic policy regarding corporate governance
Enhancing corporate governance is an important management issue for Oriental Land. In addition to working to ensure efficient management, such as speedy decision-making, we are making continuous efforts to strengthen our compliance structure, through measures including thorough maintenance of legal standards and enhancement of legality oversight through corporate and internal auditing departments. Moreover, we will raise management transparency and fairness through comprehensive information disclosure.
B. Corporate governance measures and implementation status [Status of corporate governance in the management systems regarding decision-making, execution and supervision in the company’s management.]
•
We are a company that uses the auditor system.
•
We appoint two outside directors, and three out of four auditors are appointed from outside.
•
Board of Directors meetings are held regularly once a month, and are attended by both standing and non-standing auditors. The directors conduct discussions in line with the corporate mission and policies and without breaching any laws or the Articles of Incorporation. Directors and auditors, who have different responsibilities, provide checks and balances from their respective points of view.
•
Regarding our compliance system, we have established a Compliance Committee to organize our system for legal compliance in business activities, as well as to draw up and publicize a code of ethics for the behavior of managers and employees, with the aim of maintaining and improving compliance awareness among managers and employees. In addition to committee members, we receive counsel from our corporate lawyers, who have specialized knowledge. Furthermore, we have established a contact for receiving direct inquiries from employees concerning compliance.

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•
We have no standing outside management.
•
We have established an Auditing Department for internal oversight of strict adherence to the law and to company regulations and of efficient execution, and are working to enhance internal regulation.
•
In order to ensure the accuracy of the corporate audit, we receive a report on our financial statements from independent auditors for a third-party viewpoint.
[Summary of personal and equity relationships, transaction relationships and other concerns between the company and the companies of outside directors and outside auditors] Regarding the two outside directors and three outside auditors, one director and two former directors are from Keisei Electric Railway Co., Ltd., and two directors are from Mitsui Fudosan Co., Ltd., both of which companies are other affiliates of Oriental Land. Regarding main transaction relationships, Keisei Electric Railway rents a dormitory for single employees, and Mitsui Fudosan is an official sponsor of Tokyo Disneyland. [Implementation of measures to strengthen the company’s corporate governance in the most recent year (the year leading up to the end of the most recent business year)] The Compliance Committee implemented compliance seminars for all employees to further enhance general understanding of the spirit of compliance and to improve our legal compliance system.
Among other measures, to increase management transparency, in addition to the annual stockholders’
meeting and the announcements of operating results, we accurately and fully disclosed information in a timely manner when major events occurred that were judged to have a significant impact on stockholders’ interests.

(5) Medium-and long-term strategies and issues
Looking at future business conditions, movement toward economic recovery can be seen against the backdrop of expansion in exports, increase in capital investment and improvements in corporate profitability. Overall conditions, however, are expected to remain uncertain, as severe trends persist in consumer spending and the employment market. In the amusement park and leisure land industry, factors including the ongoing economic slump and the diversification of the leisure market leave the operating environment with little cause for optimism. Under these conditions, the Oriental Land Group will focus on the following three medium- and long-term strategies aimed at further growth.
(a) Develop Tokyo Disney Resort into a “destination resort” (b) Expand businesses outside Tokyo Disney Resort (c) Strengthen management
We will work to make Tokyo Disney Resort a “destination resort” by enhancing its appeal as a destination
all guests will wish to visit again and again, whether on day trips to the theme parks, on visits to the movies or restaurants, or on multiple-day trips to enjoy all the resort while staying at hotels. In the theme parks, we will aim to further improve the two parks’ ability to attract guests by providing new appeal at Tokyo Disneyland through aggressive replacements and renewals of existing facilities, and by improving the appeal and capacity of Tokyo DisneySea through the introduction of new attractions and other measures. Moreover, for hotels, we are introducing new banquet programs and improving services linked with the theme parks for overnight guests at the two Disney Hotels. In addition, we will also consider a new hotel alliance system including the Palm and Fountain Terrace Hotel scheduled to open in spring 2005, in order to strengthen our ability to attract guests.
In businesses outside the Tokyo Disney Resort, we are actively opening new Disney Stores. We will
consider the possibility of new store openings mainly in metropolitan areas where the demand for new stores still exists, and aim for more efficient store expansion while also taking store closures into consideration.
Through aggressive promotion of each business centered on these measures, we aim to achieve consolidated
revenues of ¥360 billion or above and consolidated operating income of ¥45 billion or above by the year ending March 31, 2007.
In addition, in order to become a “destination resort,” we will consider the introduction of a third Disney
Hotel to join the Disney Ambassador Hotel and Tokyo DisneySea Hotel MiraCosta, and of multi-use facilities within Tokyo Disney Resort.
We will consider expansion into “Power Your Heart with Happiness” business domains in line with the
Oriental Land Group’s corporate philosophy, “Inspired by imagination and a sense of adventure, and guided by a desire to fulfill dreams, provide enjoyment and create magic.” In particular, we are considering expansion into the business domains of leisure facilities, hotels, restaurants, retail businesses, intellectual property rights, media, education and theater entertainment. Through development of these businesses, we will alleviate the concentration of business in the Maihama area, and aim for further growth and expansion.
In order to implement the above strategies with greater precision, we will also conduct organizational and

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personnel reforms. As part of the new organizational strategy, we would like to divide the current organizational structure into a Corporate Division that concentrates on the formulation of strategies for maximizing the corporate value of the entire Oriental Land Group, and a Park Division that will substantially delegate authority to enable speedy decision-making and problem solving. In personnel strategy, we will reform the employee system from the current fiscal year with the aim of maximizing personnel performance, and will take other measures including promoting further strengthening of employee training, mid-career employment of exceptional personnel and use of contract employees. Through these strategies, we will endeavor to maximize the value of the Oriental Land Group and generate high cash flow to meet the expectations of our stockholders.