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Financial results for the 77th fiscal year and change in assignments of Executive Officers

At the Board of Directors meeting of June 10, 2014, the Board approved the financial results for the 77th fiscal year (April 1, 2013, to March 31, 2014) 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 30.

Summary of Financial Statements for the 77th fiscal year

Sales in this period were greatly expanded, at JPY 855 billion (an increase of JPY 123.3 billion compared to the previous year). This was a result of no periodic maintenance work, an increase in sales volume (9.25 million KL, an increase of 600,000 KL compared to the previous year), and an increase in the unit price.
 
In terms of earnings, a profit was secured thanks to such factors as a favorable petrochemical market during the first half of the year; however, the market declined in the second half and product margins worsened due to, among other things, an increase in unit price, making for a significant shrinking of margins for petrochemical products. The company strove to cut delivery costs, flexibly operate facilities with regard to market conditions and engage in profitable marketing, but operating income was JPY 10.4 billion (a decrease of JPY 5.2 billion compared to the previous year) and ordinary income was JPY 7.2 billion (a decrease of JPY 5.1 billion compared to the previous year). The 77th fiscal year net income was JPY 4.6 billion (a decrease of JPY 5.6 billion compared to the previous year), marking an increase in sales but a decrease in income.

Profit and Loss

(unit: JPY 100 million)

  76th fiscal year 77th fiscal year year-on-year
Sales 7,316 8,550 1,233
Operating income 156 104 -52
Ordinary income
(Ordinary income excluding stock-related factors)
123
(152)
72
(68)
-51
(-84)
Net income 103 46 -56
(On a consolidated basis)      
Consolidated sales volume 7,381 8,617 1,236
Consolidated ordinary income 128 77 -50
Consolidated net income 108 47 -61

Assignments of Executive Officers

Executive Officers (as of June 30, 2014)

Member of the Board
New Department Managed Name Note
President & CEO Yutaka Oka  
Executive Vice President
Member of the Board
Toru Matsuki  
Executive Vice President
Member of the Board
Yuzo Kawakami  
Executive Vice President
Member of the Board
Hiroyuki Kato  
Senior Vice President
Member of the Board
Hiroshi Morohara  
(Corporate Auditor)
Corporate Auditor Fujio Kuroiwa  
Corporate Auditor Hiroshi Ohashi Newly Appointed
Corporate Auditor Reiko Ando  
(Executive Officer
Senior Executive Officer Kyong Jun, Kim  
Senior Executive Officer Mitsuharu Sasaki  
Senior Executive Officer Takeyuki Ohta  
Senior Executive Officer Koichiro Sakamoto  
Executive Officer Takashi Ishii  
Executive Officer Atsushi Ogino  
Executive Officer Akihiro Takasuka  
Executive Officer Shingo Yoshii  
Executive Officer Yasuyuki Ogasawara  
Executive Officer Ichiro Isooka  
Executive officers scheduled for retirement

*Kazumi Shiozaki (Member of the board) is scheduled to resign on June 30, 2014 and to be appointed Senior Advisor on June 30, 2014.
*Kazuyuki Namikawa (Corporate Auditor) is scheduled to retire on June 30, 2014.