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Financial results for the 78th fiscal year and change in assignments of Executive Officers

At the Board of Directors meeting of June 10, 2015, the Board approved the financial results for the 78th fiscal year (April 1, 2014, to March 31, 2015) 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 78th fiscal year

Sales in this period declined considerably, to 651.2 billion yen (a decrease of 203.8 billion compared to the previous year) due to the reduction in production caused by the periodic repair work in both Shikoku Operations and Yamaguchi Operations. In addition, a sudden fall in crude oil prices meant lower prices for petroleum and petrochemical products, leading to a significant decrease in sales volume (7.56 million KL, a decrease of 1.69 million KL compared to the previous year).
In addition, while we have carried out foundation-strengthening initiatives for our oil and petrochemical businesses, such as enhancing the capabilities of our Residual Fluid Catalytic Cracking (RFCC) Unit and the operation of our new TransAlkylation Unit (TAU), in terms of earnings, the loss of inventory valuation caused by the large drop in crude oil prices led to a loss of operating income of 20.6 billion yen (a decrease of 31.0 billion compared to the previous year) and a loss of ordinary income of 20 billion yen (a decrease of 27.2 billion compared to the previous year). In addition, the net losses for this period were 12.6 billion yen (a decrease of 17.2 billion compared to the previous year), a decrease in both income and profit.

Profit and Loss

(unit: JPY 100 million)

  77th fiscal year 78th fiscal year year-on-year
Sales 8,550 6,512 -2,038
Operating income 104 -206 -310
Ordinary income
(Ordinary income excluding stock-related factors)
72
(68)
-200
(80)
-272
(-12)
Net income 46 -126 -172
(On a consolidated basis)      
Consolidated sales volume 8,617 6,592 -2,025
Consolidated ordinary income 77 -203 -281
Consolidated net income 47 -130 -177

Assignments of Executive Officers

Executive Officers (as of June 26, 2015)

Member of the Board
New Department Managed Name Note
President and CEO
Member of the Board
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  
Executive Vice President
Member of the Board
Hiroshi Morohara  
(Corporate Auditor)
Corporate Auditor Fujio Kuroiwa  
Corporate Auditor Hiroshi Ohashi  
Corporate Auditor Reiko Ando  
(Executive Officer
Senior Executive Officer Kyong Jun, Kim  
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 (Senior Advisor) is scheduled to retire on June 26, 2015.