The Walt Disney Company 2004 Annual Report
---
IntroductionKey BusinessesFinancialsSite Map
---

Financial Review Financial Review

Overview
2004 Performance
Earnings & Operating Income
Free Cash Flow
Returns on Capital
Capital Spending
Shareholder Returns
Total Returns
Outlook
Reconciliations
Parks and Resorts Operating Income
Free Cash Flow
Net Borrowings
Capital Expenditures

RECONCILIATIONS (All figures in millions)
PARKS AND RESORTS OPERATIONS INCOME

Beginning April 1, 2004, FIN 46R requires us to include the results of Euro Disney and Hong Kong Disneyland in our financial results, and this affects the comparability of Parks and Resorts Operating Income to Parks and Resorts Operating Income of earlier periods. Parks and Resorts Operating Income excluding Euro Disney and Hong Kong Disneyland is a non-GAAP financial metric. The following table reconciles Parks and Resorts Operating Income to Parks and Resorts Operating Income excluding Euro Disney and Hong Kong Disneyland.

Fiscal year ended September 30 2004
---
Parks and Resorts Operating Income
Less: Operating Income of Euro Disney and
    Hong Kong Disneyland

Parks and Resorts Operating Income excluding
    Euro Disney and Hong Kong Disneyland 		$1,123

(64)
----

$1,059