Consolidated Financial Statements for the Six Months Ended September 30, 2003

November 6, 2003
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:
November 6, 2003
Representative: Toshio Kagami, President
Use of U.S. accounting standards:
No
Contact: Kenjiro Mizushima, Director, Finance/Accounting Division
1. Results for the Six Months Ended September 30, 2003 (April 1, 2003-September 30, 2003)
(1) Revenues and Income
Note: All amounts are rounded down to the nearest million yen.
Revenues
(¥ million)
Year-on-year
change (%)
Operating income
(¥ million)
Year-on-year
change (%)
Ordinary income
(¥ million)
Year-on-yea
r
change (%)
6 months ended 9/2003 6 months ended 9/2002
163,327 160,394
1.8
40.6
19,886 18,204
9.2
41.2
17,875 15,941
12.1
190.7
Fiscal 2003
331,753

38,028

33,908
Net
income
(¥ million)
Year-on-year
change (%)
Earnings
per share (¥)
Earnings per share
(diluted) (¥)
6 months ended 9/2003 6 months ended 9/2002
10,023
9,185
9.1
386.6
100.11
91.74
— —
Fiscal 2003
18,931

188.24
—
Notes: 1. Equity in earnings of affiliates: Six months ended Sept. 30, 2003: ¥54 million;
Six months ended Sept. 30, 2002: ¥33 million; Year ended March 31, 2003: ¥92 million
2. Average number of shares outstanding (consolidated): Six months ended Sept. 30, 2003: 100,121,627 shares;
Six months ended Sept. 30, 2002: 100,122,002 shares; Year ended March 31, 2003: 100,121,970 shares
3. Changes in accounting methods: None 4. Year-on-year change for revenues, operating income, ordinary income and net income is based on the interim period in the
previous fiscal year.

(2) Financial Position
Total
assets

(¥ million)
Stockholders’ equity
(¥ million)
Stockholders’ equity/total
assets (%)
Stockholders’
equity per share (¥)
6 months ended 9/2003 6 months ended 9/2002
650,640 680,260
365,483 346,790
56.2 51.0
3,650.41 3,463.68
Fiscal 2003
691,882
354,908
51.3
3,543.92
Note: Number of shares outstanding at end of period (consolidated): Six months ended Sept. 30, 2003: 100,121,379; Six months ended Sept. 30, 2002: 100,122,000; Year ended March 31, 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)
6 months ended 9/2003 6 months ended 9/2002
23,808 40,276
(17,332)(30,709)
(44,257) (23,787)
24,405 24,623
Fiscal 2003
84,591
(27,807)
(33,453)
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 2004 (April 1, 2003-March 31, 2004)

Revenues (¥ million)
Ordinary income (¥ million)
Net income (¥ million)
Fiscal 2004
334,800
34,100
19,000
Reference: Estimated earnings per share (full year): ¥189.77
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:

【
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
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.
Other Business Segment
Relationship with Oriental
Company Name
Main Operations
Consolidated subsidiary
Maihama Corporation Co., Ltd.
Management 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
Retail Networks Co., Ltd.
Management and operation of The Disney Stores in Japan
Consolidated subsidiary
E Production Co., Ltd.
Entertainment production
Consolidated subsidiary
OLC Rights Entertainment Inc.
Intellectual property rights business
(Note) Maihama Corporation Co., Ltd. manages and operates “Park Square” and “Unimall,” shopping centers in Urayasu, Chiba, Japan.
【
Affiliates】
Relationship with Oriental
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, automobile and real estate business
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Other affiliate
Mitsui Fudosan Co., Ltd.
Real estate business
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 internally retain net cash generated from each business segment to pay down interest-bearing debt, make additional investments in Tokyo Disney Resort and invest in new businesses for further growth, thereby enhancing our corporate value.
The interim dividend for the year ending March 31, 2004 was initially scheduled to be ¥12 per
share, but we have raised it by ¥2 to ¥14 per share to reflect interim results and projections for the full year. We also plan to raise the year-end dividend by ¥2 to ¥14 per share for a full-year dividend raised ¥4 to ¥28 per share, including the ¥14 interim dividend. 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 Oriental Land is aware of the importance of corporate governance. In addition to working to ensure speedy decision-making by management, we are making efforts to strengthen our corporate structure, such as providing timely, appropriate information disclosure to raise management transparency and fairness. 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.
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Furthermore, we have established a contact for receiving direct inquiries from employees concerning compliance.
[Summary of personal and equity relationships, transaction relationships and other concerns between the company and the company’s 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 Keisei Electric and Mitsui Fudosan 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, although a recovery in corporate strength is anticipated, consumer spending is expected to be restrained due to the long-term continuation of deflation. As before, dramatic improvement in the market environment cannot be expected, and the uncertain outlook is forecast to continue. On the other hand, in the leisure industry, in an annual survey that asks people whether their priority is work or leisure, 36.5 percent of respondents chose the latter in 2002 (White Paper on Leisure 2003, published by the Japan Productivity Center for Socio-Economic Development). That was the highest percentage since the survey began and suggests that even amid unstable economic conditions, the demand for lifestyles that ensure personal fulfillment is firmly entrenched. In addition, the rise of new types of leisure facilities such as food-themed parks and large-scale spa facilities represent the further diversification of consumer preferences in the leisure activities. Under these conditions, the Oriental Land Group will focus on the following three medium- and long-term strategies aimed at further growth:
(a) Improve Tokyo Disney Resort

(b) Expand businesses outside Tokyo Disney Resort

(c) Strengthen management
For (a), in addition to introducing new attractions, we will continue to offer new entertainment and shows as we work to create a more enjoyable environment in the parks. We plan to introduce one new attraction at Tokyo Disneyland and two at Tokyo DisneySea. To further develop Tokyo Disney Resort, we will actively build an infrastructure to become a resort for overnight guests through measures such as opening a new hotel. The schedule of major additional future investments in Tokyo Disney Resort is as follows.
Year ending
March 31
Tokyo Disneyland
Tokyo DisneySea
Other
2005
Introduction of new attraction “Buzz Lightyear Astro Blasters”
Introduction of nighttime
entertainment “BraviSEAmo!”
—
2006
Additional events and shows
Introduction of new attraction
New roller coaster-type attraction
Palm and Fountain
Terrace Hotel
2007
Additional events and shows
Introduction of new attraction
“Tower of Terror”
—
For (b), while placing priority on repayment of the debt incurred for the construction of Tokyo Disney Resort facilities and capital investment in the core Theme Park Segment, we will consider expansion into “Power Your Heart with Happiness” business domains in line with our corporate philosophy, “Inspired by imagination and a sense of adventure, and guided by a desire to fulfill dreams, provide enjoyment and create magic.” We aim to strengthen our earnings base and further grow and develop by broadening operations outside the Maihama area to reduce our heavy concentration there. For (c), we will reinforce the management structure of our Group by reviewing the supervisory
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function and instituting a management system based on results evaluation standards. In addition, we will maintain and improve services and promote efficiency in our operations to ensure a strong profit structure that can endure any business environment. We will also strengthen and thoroughly implement risk management to prevent business risk before it occurs.
Through these strategies, we will endeavor to generate a high level of cash flow and maximize the
value of the Oriental Land Group to meet the expectations of our stockholders.
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