Inpex : Consolidated Financial Results for the Three Months ended June 30, 2019 (PDF 904KB)

Consolidated Financial Results for the Three Months ended June 30, 2019 [Japanese GAAP]

August 8, 2019

Note: The following report is an English translation of the Japanese-language original.

Company name	: INPEX CORPORATION	Stock Exchange on which the Company is listed : Tokyo Stock Exchange
Code number	: 1605	URL https://www.inpex.co.jp
Representative	: Takayuki Ueda, President
Contact person	: Munehiro Hosono, General Manager, Corporate Communications Unit
	TEL[phone]
Scheduled date of filing Quarterly Financial Report	: August 9, 2019
Scheduled date of payment of cash dividends	: ―
Preparation of supplementary explanatory materials	: Yes
Meeting of quarterly financial results presentation	: No

(Amounts less than one million yen are rounded off)

1. Consolidated Financial Results for the Three Months ended June 30, 2019 (April 1, 2019-June 30, 2019)

1. Consolidated operating results

(Figures in % represent the changes from the corresponding period of the previous fiscal year)

	Net sales		Operating income	Ordinary income
For the three months ended
Millions of Yen		%	Millions of Yen	%	Millions of Yen	%
June 30, 2019	287,401		42.0	146,277	40.7	130,968	12.7
June 30, 2018	202,351		(7.1)	103,956	19.2	116,222	21.7
(Note): Consolidated comprehensive income: for the three months ended June 30, 2019, ¥(31,884) million; (			%)
	for the three months ended June 30, 2018, ¥42,376 million; (			%)

Net income attributable

to owners of parent

Millions of Yen	%
29,696	76.6
16,812	(16.0)

		Net income per		Net income per
		share-basic		share-diluted
For the three months ended				Yen		Yen
June 30, 2019		20.34
June 30, 2018		11.51
(2) Consolidated financial position
		Total assets			Net assets	Net assets excluding non-controlling
				interests as a percentage of total assets
		Millions of Yen			Millions of Yen	%
As of June 30, 2019	4,750,930			3,205,893	62.1
As of March 31, 2019	4,793,545			3,257,584	62.7

(Reference): Net assets excluding non-controlling interests: as of June 30, 2019, ¥2,952,091 million as of March 31, 2019, ¥3,006,480 million

2. Dividends

Cash dividends per share

At 1st quarter end

At 2nd quarter end

At 3rd quarter end

At fiscal year end

Total

Yen

Yen

Yen

Yen

Yen

For the year ended

9.00

15.00

24.00

March 31, 2019

For the year ending

December 31, 2019

For the year ending

12.00

12.00

24.00

December 31, 2019 (forecast)

(Note): 1. Changes in projected dividends for the year ending December 31, 2019 from the previous forecast: None

2. Breakdown of year-end dividend for the year ended March 31, 2019: Ordinary dividend of 9.00 yen

Commemorative dividend of 6.00 yen

1. "Dividends" as stated above refer to common stock. For information regarding Class A stock (not listed), please refer to Exhibit "Dividends of Class A stock".
2. At the Annual General Meeting of Shareholders held on June 25, 2019, "Partial Amendments to the Articles of Incorporation" were approved, changing the fiscal year-end from March 31 to December 31, effective fiscal 2019. The consolidated accounting period for the fiscal year ending December 2019 will therefore be the nine-month period from April 1 to December 31, 2019.

3. Forecasted Consolidated Financial Results for the year ending December 31, 2019 (April 1, 2019-December 31, 2019)

		(Figures in % represent the changes from the previous fiscal year)
			Net income	Net income per
Net sales	Operating income	Ordinary income	attributable to
share
			owners of parent

For the six months ending

September 30, 2019 For the year ending December 31, 2019

Millions of Yen	%	Millions of Yen	%	Millions of Yen	%	Millions of Yen	%	Yen
581,000	32.6	276,000	21.9	260,000	5.3	49,000	44.0	33.56
988,000				472,000				460,000				90,000				61.64

(Note): Changes in forecasted consolidated financial results for the year ending December 31, 2019 from the previous forecast: Yes

At the Annual General Meeting of Shareholders held on June 25, 2019, "Partial Amendments to the Articles of Incorporation" were approved, changing the fiscal year-end from March 31 to December 31, effective fiscal 2019. The consolidated accounting period of the Company and its subsidiaries with provisional settlements of accounts* for the fiscal year ending December 2019 will therefore be the nine-month period from April 1 to December 31, 2019, while the accounting periods of subsidiaries with a December 31 fiscal year-end will remain unchanged (January 1 - December 31, 2019).

*Subsidiaries with a December 31 fiscal year-end that provisionally settled their accounts on March 31 due to the relatively large impact of their performance on the Company's consolidated financial accounts.

[Reference]

Percentage figures below (percentage of increase/decrease following adjustment) represent year-on-year changes based on adjusted figures from the nine-month period (April 1 - December 31, 2018) for the Company and subsidiaries with provisional settlements of accounts, and the 12-month period (January 1 - December 31, 2018) for subsidiaries with a December 31 fiscal year-end.

							(Millions of yen)
Net Sales	Operating income	Ordinary income	Net income attributable to owners of parent
988,000	23.5%	472,000	14.1%	460,000	3.2%	90,000	72.1%

Notes
(1) Significant changes in scope of consolidation	: None

(Changes in the specified subsidiaries during the period due to change in scope of consolidation)

(2)	Adoption of accounting treatments which are exceptional for quarterly consolidated financial statements	: None
(3)	Changes in accounting policies, accounting estimates and restatement of corrections
1.	Changes in accounting policies resulting from the revision of the accounting standards and other regulations	: None
2.	Other changes in accounting policies		: None
3.	Changes in accounting estimates		: None
4.	Restatement of corrections		: None
(4) Number of shares issued (Common stock)
1.	Number of shares issued at the end of the period	1,462,323,600 shares as of June 30, 2019
	(including treasury stock):	1,462,323,600 shares as of March 31, 2019
2.	Number of treasury stock at the end of the period:	2,123,234 shares as of June 30, 2019
		2,123,800 shares as of March 31, 2019
3.	Average number of shares:	1,460,199,941 shares for the three months ended June 30, 2019
		1,460,357,100 shares for the three months ended June 30, 2018

(Note): The shares held by "the Board Incentive Plan Trust" are included in number of treasury stock at end of period. (As of June 30, 2019: 156,734 shares As of March 31, 2019: 157,300 shares)

*This quarterly earnings report is not subject to audit by certified public accountants or audit firms.

*Explanation regarding the appropriate use of estimated consolidated financial results

The aforementioned forecasts are based on the currently available information and contain many uncertainties. The final results might be significantly different from the aforementioned forecasts due to changes in business conditions including oil and natural gas price levels, production and sales plans, project development schedules, government regulations and financial and tax schemes. Please refer to "1.(3) Explanation regarding future forecast information such as Forecasts for Consolidated Financial Results" on page 4.

Exhibit:
Dividends of Class A stock
				Cash dividends per share
	At 1st quarter end		At 2nd quarter end		At 3rd quarter end		At fiscal year end		Total
	Yen			Yen		Yen		Yen		Yen
For the year ended
―			3,600.00		―		6,000.00		9,600.00
March 31, 2019
For the year ending
―
December 31, 2019
For the year ending
December 31, 2019			4,800.00		―	4,800.00	9,600.00
(forecast)

(Note): 1. Breakdown of year-end dividend for the year ended March 31, 2019: Ordinary dividend of 3,600.00 yen Commemorative dividend: 2,400.00 yen

1. The Company conducted a stock split at a ratio of 1:400 of common stock effective October 1, 2013. However, for Class A stock (not listed), no stock split was implemented. The article specifying that dividends of Class A stock are equivalent to dividends of common stock prior to the stock split is included in the Articles of Incorporation.
2. At the Annual General Meeting of Shareholders held on June 25, 2019, "Partial Amendments to the Articles of Incorporation" were approved, changing the fiscal year-end from March 31 to December 31, effective fiscal 2019. The consolidated accounting period for the fiscal year ending December 2019 will therefore be the nine-month period from April 1 to December 31, 2019.

Index of the Attachments

1. Qualitative Information / Financial Statements …………………………………………………………………………………	2
(1) Explanation on Consolidated Financial Results………………………………………………………………………………	2
(2) Explanation on Consolidated Financial Position ……………………………………………………………………………	2
(3) Explanation regarding future forecast information such as Forecasts for Consolidated Financial Results …………………	4
2. Consolidated Financial Statements and Principal Notes …………………………………………………………………………	5
(1) Consolidated Balance Sheet …………………………………………………………………………………………………	5
(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income ………………………………	7
Consolidated Statement of Income …………………………………………………………………………………………	7
Consolidated Statement of Comprehensive Income …………………………………………………………………………	8
(3) Consolidated Statement of Cash Flows ………………………………………………………………………………………	9
(4) Notes to Consolidated Financial Statements …………………………………………………………………………………	11
(Conditions or events that indicate there could be substantial doubt about
the Company's ability to continue as a going concern) ………………………………………………………………………	11
(Note on significant changes in shareholders' equity) ………………………………………………………………………	11
(Segment information) ………………………………………………………………………………………………………	12
(Subsequent events) …………………………………………………………………………………………………………	12

3. Supplementary Information ……………………………………………………………………………………………………… 13

1. Production, Orders Received and Sales Performance………………………………………………………………………… 13

1