Consolidated Financial Results for the Six Months ended September 30, 2019 [Japanese GAAP] November 6, 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+81-3-5572-0233

Scheduled date of filing Quarterly Financial Report

: November 8, 2019

Scheduled date of payment of cash dividends

: December 2, 2019

Preparation of supplementary explanatory materials

: Yes

Meeting of quarterly financial results presentation

: Yes (for institutional investors and analysts)

(Amounts less than one million yen are rounded off)

1. Consolidated Financial Results for the Six Months ended September 30, 2019 (April 1, 2019-September 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

Net income attributable

to owners of parent

For the six months ended

Millions of Yen

%

Millions of Yen

%

Millions of Yen

%

Millions of Yen

%

September 30, 2019

575,269

31.3

280,715

24.0

271,104

9.8

69,487

104.2

September 30, 2018

438,205

(2.2)

226,434

21.9

246,977

26.4

34,034

12.9

(Note): Consolidated comprehensive income: for the six months ended September 30, 2019, ¥(22,988) million; (%)

for the six months ended September 30, 2018, ¥129,565 million; (555.3%)

Net income per

Net income per

share-basic

share-diluted

For the six months ended

Yen

Yen

September 30, 2019

47.59

September 30, 2018

23.31

(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 September 30, 2019

4,758,080

3,212,932

62.3

As of March 31, 2019

4,793,545

3,257,584

62.7

(Reference): Net assets excluding non-controlling interests:as of September 30, 2019, ¥2,962,746 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

For the year ended

Yen

Yen

Yen

Yen

Yen

9.00

15.00

24.00

March 31, 2019

For the year ending

12.00

December 31, 2019

For the year ending

15.00

27.00

December 31, 2019 (forecast)

(Note): 1. Changes in projected dividends for the year ending December 31, 2019 from the previous forecast: Yes

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. For information regarding revision of dividend forecast, please refer to the press release "Revision of Dividend Forecast for the Year Ending December 31, 2019" issued today (November 6, 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 sales

Operating income

Ordinary income

Net income

Net income per

attributable to

share

owners of parent

For the year ending

Millions of Yen

%

Millions of Yen

%

Millions of Yen

%

Millions of Yen

%

Yen

984,000

476,000

465,000

100,000

68.48

December 31, 2019

(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

984,000

23.0%

476,000

15.1%

465,000

4.4%

100,000

91.2%

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 September 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:

2,121,916 shares as of September 30, 2019

2,123,800 shares as of March 31, 2019

3.

Average number of shares:

1,460,200,688 shares for the six months ended September 30, 2019

1,460,312,157 shares for the six months ended September 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 September 30, 2019: 155,416 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

For the year ended

Yen

Yen

Yen

Yen

Yen

3,600.00

6,000.00

9,600.00

March 31, 2019

For the year ending

4,800.00

December 31, 2019

For the year ending

6,000.00

10,800.00

December 31,

2019(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. For information regarding revision of dividend forecast, please refer to the press release "Revision of Dividend Forecast for the Year Ending December 31, 2019" issued today (November 6, 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

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Inpex Corporation published this content on 06 November 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 November 2019 06:39:02 UTC