August 9, 2022

Press Release

Company Name: Idemitsu Kosan Co., Ltd.

Representative Director & Chief Executive Officer: Shunichi Kito

(Company Code: 5019, TSE Prime Market Section) 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 2022

Idemitsu Kosan Co., Ltd. (hereinafter, "Idemitsu") hereby announces that it has revised its consolidated earnings forecasts for the fiscal year ending March 31, 2023 (April 1, 2022-March 31, 2023), previously announced on May 10, 2022, in light of recent operating performance and other factors, as follows:

1. Revisions to Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2023 (April 1, 2022- March 31, 2023)

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)

8,600,000

190,000

210,000

165,000

554.99

Revised Forecasts (B)

9,260,000

375,000

400,000

280,000

941.80

Change (B - A)

660,000

185,000

190,000

115,000

Change (%)

7.7%

97.4%

90.5%

69.7%

(Reference) Previous FY

6,686,761

434,453

459,275

279,498

940.15

Results (FY 3/2022)

2. Reasons for the Revisions in Earnings Forecasts

Idemitsu revised its net sales forecast upward to 9.26 trillion yen, reflecting an increase in its Dubai crude oil price assumption.

Operating income has been revised upward by 185 billion yen from the previous forecast to 375 billion yen, reflecting a positive inventory impact and revisions in the Australian coal spot price assumption. As a result, forecasted net income attributable to owners of the parent has been revised upward by 115 billion yen from the previous forecast, to 280 billion yen.

(Assumptions)

(Units: USD/bbl, USD/ton, JPY/USD)

Previous Forecasts

Revised Forecasts

Change

Crude Oil Price (Dubai)

100.0

102.0

+2.0

Australian Coal (spot price)

180.0

310.1

+130.1

Exchange Rate

120.0

133.6

+13.6

Note) Assumptions for July 2022 and beyond: crude oil price of $100/bbl, Australian coal (spot price) of $300/ton, exchange rate of 135 JPY/USD

  • 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 09 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2022 00:11:08 UTC.