At the Board of Directors meeting of June 8, 2012, the Board approved the financial results for the 75th fiscal year (April 1, 2011, to March 31, 2012) and tentatively confirmed assignments of executive officers.
Formal confirmation of the assignments of executive officers is scheduled to be made at the Annual Shareholders Meeting and Board of Directors meeting to be held on June 27.

Summary of Financial Statements for the 75th fiscal year

　

Sales for the 75th fiscal year increased following an increase in production quantity as a result of stable operation of the majority of facilities throughout the year, including operation of the Residue Fluid Catalytic Cracking (RFCC) unit and the small amount of periodic maintenance work that was required for facilities. The sales price also increased as crude oil prices remained high, with the highest ever recorded sales at JPY 752 billion (an increase of JPY 184.6 billion compared to the previous year). Meanwhile, as the rise in crude oil price has affected sales prices, and depreciation costs for the RFCC unit were incurred throughout the year, the sales price has increased which in turn has reduced gross profit. While there was a JPY 300 million improvement to selling costs and general administrative costs following initiatives to reduce overall costs, there was JPY 5.5 billion of ordinary loss recorded (a JPY 15.1 billion reduction in profit compared to the previous year). There was a JPY 500 million improvement to extraordinary income and loss compared to the previous year following profits from the sale of the former company housing land in Nishifunabashi, and no asset retirement obligations required reporting. As a result of the above developments, current net earnings stood at JPY 5.8 billion (an increase of JPY 13.6 billion compared to the previous year).

(unit: JPY 1 million)

Executive Officers (as of June 28, 2012)

・	Takeshi Wada (Member of the Board) is scheduled to retire on June 27, 2012.
・	Kunishi Kawai (Senior Advisor, former President) is scheduled to retire on June 27, 2012.