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Financial results for the 73rd fiscal term and change in assignments of Executive Officers

At the Board of Directors meeting on 11 June 2010, the financial statements for the 73rd fiscal term (1 April 2009 through 31 March 2010) were approved and the assignments of executive officers were tentatively confirmed.

Assignment of the executive officer will be officially confirmed at the regular Shareholders Meeting and the Board of Directors meeting scheduled for 25 June.

Summary of Financial Statements for the 73rd fiscal term

The sales volume for this term was JPY 492.5 billion (year-on-year decrease of JPY 116.6 billion) as a result of sales prices suffering a steep fall from the corresponding period in the previous year. Due to a drop in domestic demand for fuel oils, market conditions for oil products had remained challenging. However, as a result of efforts to keep the price competitive, and with an upturn in demand for petrochemical products, operating income was JPY 11 billion (year-on-year increase of JPY 28.9 billion). There was a loss of JPY 2.1 billion in non-operating income and expenses (year-on-year increase in the amount of losses of JPY 700 million) due to certain factors, including a reduction in dividends.

As a result, ordinary income was JPY 8.9 billion (year-on-year increase of JPY 28.2 billion). Extraordinary gain or loss was a gain of JPY 100 million, resulting from a gain on disposal of marketable securities and a decrease in loss on retirement of fixed assets.

As a result of the above noted factors, current term net income was JPY 6 billion (year-on-year increase of JPY 25.8 billion).

(unit: JPY 1 million)

Itemcurrent
fiscal term
previous
fiscal term
year-on-year
Sales volume (thousand KL) 7,641 7,633 8
Sales 492,538 609,154 (-)116,616
Operating income 11,011 (-)17,930 28,941
Ordinary income 8,870 (-)19,338 28,208
Current term net income 5,988 (-)19,787 25,775
(Consolidated financial statements for reference)
Consolidated sales volume 518,098 643,777 (-)125,679
Consolidated ordinary income 9,716 (-)20,973 30,689
Consolidated current term net income 6,426 (-)20,964 27,390

New Board Members

PositionnameNote
PRESIDENT (CEO) Yutaka Oka
SENIOR EXECUTIVE VICE
PRESIDENT (COO )
Kazumi Shiozaki promoted
EXECUTIVE VICE PRESIDENT
MEMBER OF THE BOARD
In charge of the Auditing Department
Taking charge of the Financial
Department, Human Resources
Department and Information Systems
Department
Toshiki Tobe
EXECUTIVE VICE PRESIDENT
MEMBER OF THE BOARD
Taking charge of the Corporate
Planning Department, Technology´╝î
Environment & Safety Department,
Petrochemical Department, Sales
Coordination & Promotion Department,
branches and Yamaguchi Operations
Takeshi Wada Promoted
SENIOR VICE PRESIDENT
MEMBER OF THE BOARD
GENERAL MANAGER, SHIKOKU
OPERATIONS
GENERAL MANAGER of the Shikoku
Operations RFCC Project
Yuzo Kawakami Promoted
SENIOR VICE PRESIDENT
MEMBER OF THE BOARD
In charge of the General Affairs
Department, Legal & Credit
Department, International Trading &
Shipping Department, and Supply &
Demand Coordination Department
Toru Matsuki Promoted
EXECUTIVE OFFICER
In charge of the Corporate Planning
Department and Technology´╝î
Environment & Safety Department
Hiroyuki Kato
EXECUTIVE OFFICER
In charge of the Financial Department,
Human Resources Department and
Information Systems Department
Hiroshi Morohara
EXECUTIVE OFFICER
General Manager of the Petrochemical
Department
Kyong Jung, Kim
EXECUTIVE OFFICER
In charge of the Sales Coordination &
Promotion Department and Branches
Mitsuharu Sasaki Newly appointed
EXECUTIVE OFFICER
GENERAL MANAGER,
YAMAGUCHI OPERATIONS
Masayuki Akutsu Newly appointed
EXECUTIVE OFFICER Takeyuki Ohta Newly appointed
CORPORATE AUDITOR Kazuyuki Namikawa
CORPORATE AUDITOR Akinori Ninomiya
CORPORATE AUDITOR Reiko Ando

Six (6) of these officers, Yutaka Oka, Kazumi Shiozaki, Toshiki Tobe, Takeshi Wada, Yuzo Kawakami and Toru Matsuki, are members of the board.

Expected date of each scheduled appointment

June 25, 2010 (scheduled)

Officers due to resign as of 25 June 2010

Kunishi Kawai To resign from the position of EXECUTIVE CHAIRMAN
(expected to become an advisor)

Masami Tashiro To resign from the position of EXECUTIVE OFFICER

*( ): Current position