2011.06.13
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
- Koichi Shiraishi (Executive Officer) is scheduled to resign on June 21, 2011 and to be appointed Executive Vice President, Director of Japan Underground Oil Storage Co., Ltd. on June 21, 2011.
- Toshiki Tobe (Member of the Board), and Akinori Ninomiya (Corporate Auditor) are scheduled to retire on June 28, 2011.