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Financial results for the 74th fiscal year and change in assignments of Executive Officers

At the Board of Directors meeting of June 10, 2011, the Board approved the financial results for the 74th fiscal year (April 1, 2010, to March 31, 2011) and tentatively confirmed assignments of executive officers.
Formal confirmation of the assignments of executive officers is scheduled to be made at the regular Shareholders Meeting and Board of Directors meeting to be held on June 28.

Summary of Financial Statements for the 74th fiscal year

Sales for the 74th fiscal year reached JPY 567.4 billion (an increase of JPY 74.9 billion compared to the previous year). This result was due to a shift toward sales of high value-added products produced by the Residue Fluid Catalytic Cracking (RFCC) unit, which came on line during the second half of the fiscal year, and an increase in sales prices compared to the same year of the previous year. Operating income reached JPY 12.1 billion (an increase of JPY 1.1 billion compared to the previous year). This was a result of the fact that a certain amount of gross income could be secured on the back of rising crude oil prices and recovery in the petroleum products market as well as of continuing efforts to reduce basic material costs. Non-operating income and loss suffered a loss of JPY 2.5 billion (decrease of JPY 300 million compared to the previous year) due to an increase in interest expense among other factors. Consequently, ordinary income stood at JPY 9.6 billion (an increase of JPY 700 million compared to the previous year). And extraordinary income and loss suffered a loss of JPY 800 million, due partly to the effect of applying accounting standards pertaining to asset retirement obligations. As a result of the above developments, current net earnings stood at JPY 7.8 billion (an increase of JPY 1.8 billion compared to the previous year).

(unit: JPY 1 million)

  previous fiscal year current fiscal year year-on-year
Sales volume (thousand KL) 7,641 7,905 264
Sales 492,538 567,445 74,907
Operating income 11,011 12,137 1,126
Ordinary income 8,870 9,621 751
Current year net income 5,988 7,815 1,827
(Consolidated financial statements for reference)
Consolidated sales volume 518,098 590,053 71,955
Consolidated ordinary income 9,716 9,319 -397
Consolidated current year net income 6,426 8,021 1,595

Executive Officers (as of June 28, 2011)

Position name Note
President (CEO) Member of the Board Yutaka Oka
Senior Executive Vice President (COO) Member of the Board Kazumi Shiozaki
Executive Vice President Member of the Board Takeshi Wada
Executive Vice President Member of the Board Yuzo Kawakami
Senior Vice President Member of the Board Toru Matsuki
Senior Vice President Member of the Board Hiroyuki Kato Promoted
Senior Executive Officer Hiroshi Morohara
Senior Executive Officer Kyong Jun, Kim
Executive Officer Mitsuharu Sasaki
Executive Officer General Manager, Yamaguchi Operations Masayuki Akutsu
Executive Officer Takeyuki Ohta
Executive Officer Takashi Ishii
Executive Officer Koichiro Sakamoto Newly appointed
Corporate Auditor Kazuyuki Namikawa
Corporate Auditor Fujio Kuroiwa Newly appointed
Corporate Auditor Reiko Ando

Executive officers scheduled for retirement