November 9, 2021
Consolidated Financial Results for the Second Quarter of
Fiscal Year 2021 (From April 1, 2021 to September 30, 2021) [Japan GAAP]
Company Name: Idemitsu Kosan Co.,Ltd. (URL https://www.idemitsu.com)
Company Code: 5019, Shares listed on: Tokyo Stock Exchange
Name of Representative: Shunichi Kito, Representative Director & Chief Executive Officer
Contact Person: Munehiro Sekine, General Manager, Investor Relations Office, Finance & Accounting Department
Telephone: +81-3-3213-9307
Scheduled date of filing of quarterly securities report: November 10, 2021
Scheduled date of commencement of dividend payments: December 7, 2021
Supplementary materials for the quarterly financial results: Yes
Quarterly financial results presentation: Yes (for institutional investors and analysts)
(Figures less than ¥1 million are rounded off)
1. Consolidated Financial Results for the Second Quarter of FY2021 (From April 1, 2021 to September 30, 2021)
(1) Consolidated operating results
(Percentage figures represent changes from the corresponding previous period)
Net income | |||||||||||
Net sales | Operating income | Ordinary income | attributable to owners | ||||||||
of the parent | |||||||||||
¥million | % | ¥million | % | ¥million | % | ¥million | % | ||||
2Q FY2021 | 2,867,008 | 42.2 | 179,297 | - | 197,069 | - | 142,702 | - | |||
2Q FY2020 | 2,015,717 | (32.8) | 3,129 | (94.8) | (25,823) | - | (32,115) | - |
Note: Comprehensive income | 2Q FY2021 | ¥ 164,206 million -% | 2Q FY2020 ¥(36,795) million -% | |||
Net income per share | Diluted net income | |||||
per share | ||||||
¥ | ¥ | |||||
2Q FY2021 | 480.03 | - | ||||
2Q FY2020 | (108.04) | - |
(2) Consolidated financial position
Total assets | Net assets | Equity ratio | |||||
¥million | ¥million | % | |||||
2Q FY2021 | 4,173,960 | 1,356,813 | 31.0 | ||||
FY2020 | 3,954,443 | 1,215,136 | 29.1 | ||||
Reference: Total equity | 2Q FY2021 | ¥1,295,486 million | FY2020 ¥1,150,930 million |
2. Dividends
Cash dividends per share | ||||||||
As of Jun.30 | As of Sep.30 | As of Dec.31 | As of Mar.31 | Total | ||||
¥ | ¥ | ¥ | ¥ | ¥ | ||||
FY2020 | - | 60.00 | - | 60.00 | 120.00 | |||
FY2021 | - | 60.00 | ||||||
FY2021 | - | 60.00 | 120.00 | |||||
(Forecasts) | ||||||||
Note: Revisions of the forecasts of cash dividends since the latest announcement: None |
3. Forecasts of Consolidated Financial Results for FY2021 (From April 1, 2021 to March 31, 2022)
(Percentage | figures represent changes from the | previous | fiscal year) | |||||||||||
Net income | Net income | |||||||||||||
Net sales | Operating income | Ordinary income | attributable to | |||||||||||
per share | ||||||||||||||
owners of the parent | ||||||||||||||
¥million | % | ¥million | % | ¥million | % | ¥million | % | ¥ | ||||||
FY2021 | 6,580,000 | 44.4 | 300,000 | 114.2 | 330,000 | 204.5 | 220,000 | 530.0 | 739.97 |
Note: Revisions of the forecasts of consolidated financial results since the latest announcement: Yes
* Notes
- Changes of number of material consolidated subsidiaries during the six months ended September 30, 2021: None
- Application of the accounting method peculiar to the preparation of the quarterly financial statements: Yes
- Changes in accounting policies, accounting estimates and restatement
- Changes in accounting policies arising from revision of accounting standards: Yes
- Changes arising from other factors: None
- Changes in accounting estimates: None
- Restatement: None
- Number of shares issued (common stock)
- Number of shares issued (including treasury stock)
As of September 30, 2021: | 297,864,718 | As of March 31, 2021: | 297,864,718 |
b) Number of shares of treasury stock | |||
As of September 30, 2021: | 554,119 | As of March 31, 2021: | 596,197 |
- Weighted average number of shares outstanding during the period Six months ended September 30, 2021: 297,274,818
Six months ended September 30, 2020: 297,266,948
*1 This document is out of the scope of quarterly review by certified public accountants or audit firms.
*2 The financial forecasts above are based on information available and assumptions as of the date of publication of this document. Actual operating results may differ from the forecasts due to various factors. Additionally, for the assumptions used for the forecasts of the above, please refer to page 6 "Explanation of Forecasts of Consolidated Financial Results for FY2021" of the Appendix.
Contents of the Appendix
1. Qualitative Information on the Consolidated Operating Results for the Second Quarter of FY2021….…. 2
- Explanation of Operating Results.………………………………………………………………………………... 2
(2) Explanation of Financial Position………………………………………………………………………………… 5
- Explanation of Forecasts of Consolidated Financial Results for FY2021 …………………………………... 6
2. Consolidated Financial Statements for the Second Quarter of FY2021 and Major Notes……..……………. 7
- Consolidated Quarterly Balance Sheets ………………………………………………………………………….. 7
- Consolidated Quarterly Statements of Income and Comprehensive Income ………………………………….. 9
1) Consolidated Quarterly Statements of Income ……………………………………………………………… 9
- Consolidated Quarterly Statements of Comprehensive Income …………………………………………… 10
- Consolidated Quarterly Statements of Cash Flows……………………………………………..…………… 11
- Notes to the Consolidated Quarterly Financial Statements………………………………………………….…. 13
- Notes on the Assumption of a Going Concern…………………………………………………………… 13
- Notes on Significant Changes in Shareholders' Equity…………………………………………………... 13
3) Application of the Accounting Method Peculiar to the Preparation of | ………………………………… 13 |
the Quarterly Financial Statements | |
- Changes in accounting policies……………………………………………………………..………..……… 13
- Consolidated Segment Information ……………………………………………………………………..…… 15
- Significant Subsequent Events….….….….….….….….….….….….….….….….….….….….….….….…. 17
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1. Qualitative Information on the Consolidated Operating Results for the Second Quarter of FY2021
(1) Explanation of Operating Results
The overall domestic demand for main petroleum products during the six months ended September 30, 2021 continued to recover from the slump caused by the spread of COVID-19 last year and increased mainly for aircraft.
Dubai crude oil prices continued to increase until the end of September as the supply-demand balance remained tight because of increased oil demand due to the progress of economic recovery as a result of more and more people vaccinated mainly in Europe and the U.S., and in terms of supply, OPEC PLUS continued cooperative production cutbacks. As a result, the average price from April to September increased by $32.6/bbl from the same period last year to $69.3/bbl.
(Crude oil price and exchange rate)
Six months ended | Six months ended | Change | ||
September 30, 2020 | September 30, 2021 | |||
Dubai Crude Oil ($/bbl) | 36.7 | 69.3 | +32.6 | +88.6% |
Exchange Rate (¥/$) | 106.9 | 109.8 | +2.9 | +2.7% |
The Idemitsu Group's net sales for the six months ended September 30, 2021 were
¥2,867.0 billion, up 42.2% year on year, owing to factors including an increase in crude oil prices.
Operating income was ¥179.3 billion, up ¥176.2 billion year on year, owing to factors including the effect of inventory valuation caused by surging crude oil prices in the petroleum segment and improvement in product margins in the basic chemicals segment.
Net non-operating income was ¥17.8 billion, up ¥46.7 billion year on year, owing to factors including an improvement in equity in earnings of non-consolidated subsidiaries and affiliates. As a result, ordinary income was ¥197.1 billion, up ¥222.9 billion year on year.
Net extraordinary income was ¥6.3 billion, up ¥13.5 billion year on year, mainly owing to gain on sales of fixed assets.
Income tax expenses, which consist of income taxes-current and income taxes-deferred, amounted to ¥61.5 billion, up ¥63.7 billion year on year, due to an increase in net income before income taxes.
Consequently, net income attributable to owners of the parent was ¥142.7 billion, up ¥174.8 billion year on year.
2
The performance of our business by segment for the six months ended September 30, 2021 is as follows:
As to quarterly reporting periods, domestic subsidiaries use September 30 as their balance sheet date whereas overseas subsidiaries use June 30 as their balance sheet date, except for certain subsidiaries. As such, the following performance of the business segments includes the operating results of overseas subsidiaries for the six months ended June 30, 2021, and those of domestic subsidiaries for the six months ended September 30, 2021.
Net sales by segment
(Unit: ¥Billion) | ||||||||
Segment | 2nd Quarter of | 2nd Quarter of | Change | |||||
FY2020 | FY2021 | Amount | % | |||||
Petroleum | 1,570.7 | 2,230.1 | +659.5 | +42.0 % | ||||
Basic chemicals | 144.0 | 250.5 | +106.6 | +74.0 % | ||||
Functional materials | 155.4 | 194.0 | +38.6 | +24.8 % | ||||
Power and renewable | 62.2 | 57.0 | (5.2) | (8.3) % | ||||
energy | ||||||||
Resources | 82.3 | 133.9 | +51.5 | +62.6 % | ||||
Other | 1.2 | 1.5 | +0.3 | +27.9 % | ||||
Total | 2,015.7 | 2,867.0 | +851.3 | +42.2 % | ||||
Segment income or loss | ||||||||
(Unit: ¥Billion) | ||||||||
2nd Quarter of | 2nd Quarter of | Change | ||||||
FY2020 | FY2021 | Amount | % | |||||
Petroleum | (30.3) | 155.7 | +186.0 | - | ||||
: excluding effect of | ||||||||
inventory valuation | 27.3 | 45.1 | +17.7 | +64.8 % | ||||
Basic chemicals | (2.0) | 10.9 | +13.0 | - | ||||
Functional materials | 6.2 | 10.2 | +4.0 | +64.5 % | ||||
Power and renewable | (0.5) | (2.8) | (2.3) | - | ||||
energy | ||||||||
Resources | 3.6 | 21.5 | +17.9 | +493.4 % | ||||
Other | 0.5 | 0.6 | +0.0 | +8.2 % | ||||
Reconciliation | (2.6) | (4.2) | (1.6) | - | ||||
Total | (25.1) | 191.9 | +217.1 | - | ||||
: excluding effect of | ||||||||
inventory valuation | 32.6 | 81.3 | +48.8 | +149.9 % |
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Idemitsu Kosan Co. Ltd. published this content on 09 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2021 06:12:12 UTC.