Financial results for the 84th fiscal year and change in assignments of Executive Officers

2021.06.09

 At the Board of Directors meeting of June 8, 2021, the Board approved the financial results for the 84th fiscal year (April 1, 2020 to March 31, 2021) 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 23.

Summary of Financial Statements for the 84th fiscal year

 During the term under review, due to the spread of COVID-19, there was a drop in demand for petroleum products such as aircraft fuel, and market conditions regarding overseas products and petrochemical products were sluggish. As a result of this, production and sales volume decreased (7.33 million kl, down 1.26 million kl from the previous year), and net sales amounted to 457.6 billion yen (down 175.7 billion yen from the previous year).

 As for earnings, the following two factors greatly contributed to revenue. In response to the drop in demand, optimal operations and flexible sales were implemented in accordance with market conditions, and there was an improvement regarding petroleum product margins resulting from a rise in crude oil prices against the backdrop of cooperative production cuts by OPEC Plus, anticipation of a market recovery accompanying the distribution of vaccines, and other developments. Furthermore, partly due to carrying out a large cut-down of inventory asset book value at the end of the previous term, operating income amounted to 37.6 billion yen (up 59.3 billion yen from the previous year), ordinary income amounted to 37.4 billion yen (up 58.9 billion yen from the previous year), and current net earnings amounted to 26 billion yen (up 46 billion yen from the previous year), so income fell while profits rose.

Profit and loss

(Unit: JPY 100 million)  

 

83rd fiscal year

84th fiscal year

Year-on-year

Sales

6,334

4,576

-1,757

Operating income

-217

376

593

Ordinary income

(Ordinary income excluding inventory valuation factors)

-215

(142)

374

(104)

589

(-38)

Current net earnings

-199

260

460

(Reference) On a consolidated basis

Consolidated sales volume

6,421

4,656

-1,765

Consolidated ordinary income

-204

381

586

Consolidated net income

-195

264

459

Assignments of Executive Officers