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    5019   JP3142500002

IDEMITSU KOSAN CO.,LTD.

(5019)
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Idemitsu Kosan : Presentation on Results for FY2020

05/12/2021 | 06:16am EDT

Presentation on Results

for FY2020

May 11, 2021

Idemitsu Kosan Co.,Ltd.

Summary of Financial Results

  • FY2020 Financial overview
    • Operating + equity income ("segment income") turned positive in FY20, mainly as inventory impact improved following an increase in crude oil prices
    • Segment income excluding inventory impact increased by ¥29.7 billion year- on-year, supported by improved time lag in Petroleum segment
    • Net income increased by ¥57.9 billion despite reporting losses on valuation

of ¥18.1 billion on long-term loans to NSRP

[ billions]

FY2019

FY2020

Change

Operating Income

(26.2)

100.3

126.5

+ Equity Income

Inventory impact

(89.3)

7.5

96.7

Excluding inventory impact

63.1

92.8

29.7

Net Income Attributable to

(22.9)

34.9

57.9

Owners of the Parent

Excluding inventory impact

39.0

29.7

(9.3)

  • FY2020 Dividends

interim:¥60/share, year-end: ¥60/share , total: ¥120/share * No changes from the previous announcement

2

[billions]

Summary of FY2021 Forecast

FY2021 Forecast overview

Forecast a ¥39.7 billion year-on-year increase in segment income, with a recovery in resource prices and reversal of one-time losses in the power & renewable energy segment in FY20

Anticipating a ¥50.1 billion year-on-year increase in net income, in part due to significant extraordinary losses in FY20

FY2020

FY2021

Change

Operating Income

100.3

140.0

39.7

+ Equity Income

Inventory impact

7.5

0.0

(7.5)

Excluding inventory impact

92.8

140.0

47.2

Net Income Attributable to

34.9

85.0

50.1

Owners of the Parent

Excluding inventory impact

29.7

85.0

55.3

*While some inventory impact may arise if FY21 crude oil price stabilizes at $60, such impact is not included in forecasts

  • FY2021 shareholder returns policy / dividend forecast
    • Achieve payout ratio of at least 50% on cumulative FY20-22 net income excluding inventory impact
    • Anticipating stable dividends of ¥120 per share

interim:¥60/share, year end: ¥60/share , total: ¥120/share

3

Key TopicsFY2020

  • Impact of COVID 19 Pandemic
    • Decreased fuel demand as well as squeezed petrochemical margin throughout the year
  • Status of Nghi Son Refinery in Vietnam
    • Under continuous stable operation
    • No change in equity loss from the previous forecast
    • Recorded 18.1 billion valuation losses on long-term loans to NSRP
      As a result, the balance of initial capital and long-term loans provided to NSRP decreased
  • Reduction of legal capital surplus and reclassification to other capital surplus
    • Propose decrease in legal capital surplus and reclassification to other capital surplus as an agenda item for the June 23 shareholders' meeting in order to enhance flexibility in its future capital policies
    • ¥416.0 billion of the ¥458.1 billion in legal capital surplus will be reclassified

4

Operating Environment

Dubai Crude Oil

Australian Coal

Exchange Rate

[USD/bbl]

Price

[USD/ton]

Spot price

[JPY/USD]

(USD)

80.0

120.0

112.0

70.0

110.0

111.0

67.4

109.9

95.8

110.0

60.0

62.1

100.0

61.2

60.0

108.8

108.9

109.0

50.0

90.0

50.7

80.2

108.0

40.0

42.9

44.6

80.0

107.0

107.6

107.3

65.4

67.3

30.0

70.0

30.5

67.8

106.0

106.2

67.3

105.9

20.0

60.0

105.0

10.0

50.0

54.6

51.8

104.0

104.5

FY2020

FY2019

0.0

40.0

103.0

4

5

6

7

8

9

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1

2

3

1

2

3

4

5

6

7

8

9

10 11 12

4

5

6

7

8

9

10 11 12 1

2

3

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Idemitsu Kosan Co. Ltd. published this content on 11 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 10:15:11 UTC.


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Sales 2022 5 828 B 53 340 M 53 340 M
Net income 2022 111 B 1 015 M 1 015 M
Net Debt 2022 1 023 B 9 368 M 9 368 M
P/E ratio 2022 7,02x
Yield 2022 4,80%
Capitalization 780 B 7 139 M 7 137 M
EV / Sales 2022 0,31x
EV / Sales 2023 0,30x
Nbr of Employees 14 044
Free-Float 69,7%
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Technical analysis trends IDEMITSU KOSAN CO.,LTD.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 10
Last Close Price 2 623,00 JPY
Average target price 2 857,00 JPY
Spread / Average Target 8,92%
EPS Revisions
Managers and Directors
Shunichi Kito President & Representative Director
Noriaki Sakai Chief Financial Officer
Takashi Tsukioka Chairman
Takeo Kikkawa Independent Outside Director
Mackenzie Clugston Independent Outside Director