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Financial results for the 76th fiscal year and change in assignments of Executive Officers

At the Board of Directors meeting of June 7, 2013, the Board approved the financial results for the 76th fiscal year (April 1, 2012, to March 31, 2013) 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 26.

Summary of Financial Statements for the 76th fiscal year

Sales for the 76th fiscal year were at JPY 731.6 billion (a decrease of JPY 20.4 billion compared to the previous year). In spite of a second half increase in demand for heating oil, periodic maintenance work undertaken in the first half had led to a decline in sales volume, resulting in an overall decrease in income. On the other hand, in terms of earnings, a fall in crude oil prices during the first half of the year saw a decline in gross profits, offset however by a decline in the cost of crude oil procurement as well as a reduction in depreciation costs due to a change in how depreciation of tangible fixed assets was calculated and to a revision of the estimated service life of some equipment. In addition to this, the second half upswing in the petrochemical market and the depreciation of the yen led to an increase in export income. As a result of the above developments, we achieved an operating income of 15.6 billion yen (an increase of JPY 18.6 billion compared to the previous year) and ordinary income stood at JPY 12.3 billion (an increase of JPY 17.9 billion compared to the previous year). Furthermore, the 76th Fiscal year net income stood at JPY 10.3 billion (an increase of JPY 16.1 billion compared to the previous year).

(unit: JPY 1 million)

75th Fiscal Year 76th Fiscal year year-on-year
Sales volume (thousand KL) 9,267 8,646 -621
Sales 752,059 731,656 -20,403
Operating income -2,948 15,676 18,624
Ordinary income -5,565 12,347 17,912
Net income -5,866 10,307 16,450
(Consolidated financial statements for reference)
Consolidated sales volume 762,446 738,162 -24,284
Consolidated ordinary income -5,536 12,806 18,342
Consolidated net income -5,694 10,851 16,545

Executive Officers (as of June 26, 2013)

New Department Managed 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
Senior Executive Officer Kyong Jun, Kim
Senior Executive Officer Mitsuharu Sasaki
Executive Officer Takeyuki Ohta
Executive Officer Takashi Ishii
Executive Officer Koichiro Sakamoto
Executive Officer Atsushi Ogino
Executive Officer Akihiro Takasuka Newly Appointed
Corporate Auditor Kazuyuki Namikawa
Corporate Auditor Fujio Kuroiwa
Corporate Auditor Reiko Ando