Idemitsu Kosan : Announcement on Revisions to Consolidated Earnings Forecasts for the Fiscal Year Ending March 2021（PDF：229KB）
February 15, 2021 at 07:09 pm EST
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February 9, 2021
Press Release
Company Name: Idemitsu Kosan Co., Ltd. Representative Director & Chief Executive Officer: Shunichi Kito
(Company Code: 5019, TSE, First Sect.) Contact person:
Munehiro Sekine, General Manager,
Investor Relations Office, Finance Department (TEL: +81-3-3213-9307)
Announcement on Revisions to Consolidated Earnings Forecasts for the Fiscal Year Ending March 2021
Idemitsu Kosan Co., Ltd. (hereinafter, "Idemitsu") hereby announces that it has revised its consolidated earnings forecasts for the fiscal year ending March 31, 2021 (April 1, 2020-March 31, 2021), previously announced on November 10, 2020, in light of recent operating performance and other factors, as follows:
1. Revisions to Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2021 (April 1, 2020-March 31, 2021)
Net Sales
(JPY millions)
Operating Income (JPY millions)
Ordinary Income (JPY millions)
Net Income Attributable to Owners of the Parent (JPY millions)
Net Income per Share
(JPY)
Previous Forecast (A)
4,300,000
35,000
(2,000)
(20,000)
(67.28)
Revised Forecast (B)
4,500,000
95,000
57,000
15,000
50.46
Change (B - A)
+200,000
+60,000
+59,000
+35,000
+117.74
Change (%)
+4.7%
+171.4%
(Reference)
Previous FY Results (FY 3/2020)
6,045,850
(3,860)
(13,975)
(22,935)
(76.31)
2. Reasons for the Revisions in Earnings Forecasts
Idemitsu revised its net sales forecast upward by 200 billion yen, to 4.5 trillion yen, due to an increase in its Dubai crude oil price assumption.
Operating income and ordinary income forecasts have been revised upward due to expected reductions in losses on inventory impact and in expenses in the Petroleum segment.
Net income attributable to owners of the parent has been revised upward by 35 billion yen, to 15 billion yen, due to the above factors, which will be partially offset by anticipated extraordinary losses in the resources business, etc.
(Assumptions)
(Units: USD/bbl, JPY/USD)
Previous Forecast
Revised Forecast
Change
Crude Oil Price (Dubai)
38.4
42.4
+4.0
Exchange Rate
106.0
105.7
▲0.2
Note) Assumptions for January 2021 and beyond: crude oil price of $51.5/bbl, exchange rate of 105 JPY/USD
3. Dividend Forecast
The fiscal year-end dividend forecast remains unchanged at ¥60/share (total annual dividend forecast: ¥120/share).
*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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Disclaimer
Idemitsu Kosan Co. Ltd. published this content on 09 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 February 2021 00:08:01 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%).
IDEMITSU KOSAN CO., LTD. 
