Idemitsu Kosan : Announcement on Revisions to Consolidated Earnings Forecasts for the Fiscal Year Ending March 2024
November 13, 2023
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November 14, 2023
Press Release
Company name: Idemitsu Kosan Co.,Ltd.
Representative Director & Chief Executive Officer:
Shunichi Kito
(Company Code: 5019, TSE Prime Market)
Contact person: Daisuke Mogi, General Manager, Investor Relations Office, Finance & Accounting Department
(TEL: +81-3-3213-9307)
Announcement on Revisions to Consolidated Earnings Forecasts
for the Fiscal Year Ending March 2024
Idemitsu Kosan Co., Ltd. (hereinafter, "Idemitsu") hereby announces that it has revised its consolidated earnings forecasts for the fiscal year ending March 31, 2024 (April 1, 2023-March 31, 2024), previously announced on May 9, 2023, in light of recent operating performance and other factors, as follows:
1. Revisions to Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2024 (April 1, 2023- March 31, 2024)
Operating
Ordinary
Net Income
Net Sales
Attributable to
Net Income per
Income
Income
(JPY
Owners of the
Share
(JPY
(JPY
millions)
Parent
(JPY)
millions)
millions)
(JPY millions)
Previous Forecasts (A)
8,300,000
140,000
150,000
100,000
341.29
Revised Forecasts (B)
8,650,000
250,000
270,000
180,000
125.37
(626.87)
Change (B - A)
350,000
110,000
120,000
80,000
Change (%)
4.2%
78.6%
80.0%
80.0%
(Reference) Previous FY
9,456,281
282,442
321,525
253,646
853.37
Results (FY 3/2023)
Note1) The Company will implement a stock split on January 1, 2024 at a ratio of 1 common stock to 5 shares, as described in "Announcement on Stock Split and Partial Amendment of the Articles of Incorporation, as well as Purchase of Treasury Stock and Interim Dividends, and Revision of Dividend Forecasts". Therefore, in "Basic earnings per share" of "Revised forecasts (B)", the value after the split is calculated and listed, and the converted value before the split is listed thereunder.
Note2) Forecast by segment is disclosed on presentation materials on Results for the 2nd Quarter FY2023.
2. Reasons for the Revisions in Earnings Forecasts
In line with the change of the crude oil price (Dubai crude) assumption to 85 dollars per barrel after October (80 dollars after April in the previous forecast) and the JPY's exchange rate against the USD to 140 yen per dollar after October (130 yen after April in the previous forecast), we expect inventory valuation gains on crude oil and oil products (the impact of inventory valuation on the cost of sales) to be 45 billion yen, an increase of 75 billion yen from the previous forecast, resulting in operating income of 25 billion yen, an increase of 11 billion yen from the previous forecast. As a result, forecasted net income attributable to owners of the parent has been revised upward by 80 billion yen from the previous forecast, to 180 billion yen.
The above earnings forecasts are based on information available as of the announcement date of this document. Actual results may differ from the forecasted figures due to various subsequent events.
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Idemitsu Kosan Co. Ltd. published this content on 14 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 November 2023 00:04:12 UTC.
Idemitsu Kosan Co., Ltd. is specialized in the production and refining of petroleum products. Net sales break down by category as follows:
- refining of petroleum products (78.8%): fuels, lubricants, kerosene, etc. At the end of March 2019, the group operated 6 refineries in Japan;
- manufacturing of petrochemical products (12.5%): activity carried out in 2 production sites located in Japan;
- exploration and production of oil, coal, uranium and geothermal resources (7%);
- other (1.7%).
Net sales are distributed geographically as follows: Japan (69.8%), Asia-Pacific (19.2%), North America (7.2%), Europe (2.4%) and others (1.4%).