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Financial results for the 75th fiscal year and change in assignments of Executive Officers

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)

  previous fiscal year current fiscal year year-on-year
Sales volume (thousand KL) 7,905 9,267 1,362
Sales 567,445 752,059 184,614
Operating income 12,137 - 2,948 - 15,085
Ordinary income 9,621 - 5,565 - 15,186
Current year net income 7,815 - 5,866 - 13,681
Consolidated financial statements for reference
Consolidated sales volume 590,053 762,446 172,393
Consolidated ordinary income 9,319 - 5,536 - 14,855
Consolidated current year net income 8,021 - 5,694 - 13,715

Executive Officers (as of June 28, 2012)

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 Yuzo Kawakami  
Senior Vice President Member of the Board Toru Matsuki  
Senior Vice President Member of the Board Hiroyuki Kato  
Senior Vice President Member of the Board Hiroshi Morohara Promoted
Senior Executive Officer Kyong Jun, Kim  
Senior Executive Officer Mitsuharu Sasaki  
Executive Officer Masayuki Akutsu  
Executive Officer Takeyuki Ohta  
Executive Officer Takashi Ishii  
Executive Officer Koichiro Sakamoto  
Executive Officer Atsushi Ogino  
Corporate Auditor Kazuyuki Namikawa  
Corporate Auditor Fujio Kuroiwa  
Corporate Auditor Reiko Ando  

The underlined section represent change to assignments.