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 |