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Amendment to Financial Forecast for Full Fiscal Year ending March 31, 2013 / Reporting on Extraordinary Loss / Amendment on Dividend Forecast (Zero Dividend) / and Reporting on Reduction of Director's Remunerationk

November 1, 2012
Cosmo Oil Co., Ltd.
Corporate Communication Dept. Public Relations Office

The financial forecast and the dividend forecast made on May 8, 2012 for the full fiscal year ending March 31, 2013 is to be amended as below reflecting the latest financial results. Reporting is also made on the reduction of director's remuneration.

  • Amendment to Financial Forecast

    (Unit:million yen)

      Net sales Operating
    Income
    Ordinary
    Income
    Net income Net income
    Per share
    Previously announced forecast(A)
    (announced May 8, 2012)
    3,350,000 96,000 94,000 35,000 yen sen
    41.32
    Revised Forecast(B) 3,040,000 28,000 25,000 - 74,000 - 87.36
    Change(B-A) -310,000 - 68,000 - 69,000 - 109,000 -
    Percentage Change (%) - 9.3% - 70.8% - 73.4% - -
    (reference)last year results
    (March 31, 2012)
    3,109,746 63,570 61,420 - 9,084 - 10.72
  • Amendment to non-consolidated accounts ending March 31, 2013 (April 1, 2012 - March 31, 2013)

    (Unit:million yen)

      Net sales Operating
    Income
    Ordinary
    Income
    Net income Net income
    Per share
    Previously announced forecast(A)
    (on May 9, 2011)
    3,050,000 28,000 23,000 13,000 yen sen
    15.34
    Revised Forecast(B) 2,700,000 - 32,000 - 37,000 - 93,000 - 109.75
    Change(B-A) - 350,000 - 60,000 - 60,000 - 106,000 -
    Percentage Change(%) - 11.5 - - - -
    (reference)last year results
    (March 31, 2012)
    2,757,889 5,006 19,566 9,672 - 11.41
  • Reasons for Amendment
    1. Extraordinary Loss
      Loss from the asphalt leakage which occurred on June 28, 2012 and the costs incurred as a result of Chiba Refinery not operating during this period is expected to reach 16 billion JPY.
    2. Reasons for Amendment
      The main reasons for the amendment are, expectations of decrease in operating income and ordinary income due to the Chiba Refinery not operating, reversal of the deferred tax asset taking into account the current conditions, incurrence of extraordinary loss as stated above, which results in drop in net income.
      The above forecast is based on following assumptions: crude oil 108.2$/bbl, foreign exchange 78.7 USD/JPY
      (Previous assumption (made on May 8, 2012): crude oil 115.0$/bbl, foreign exchange 80.0 USD/JPY)

The above forecast is based on following assumptions: crude oil 108.2$/bbl, foreign exchange 78.7 USD/JPY (Previous assumption (made on May 8, 2012): crude oil 115.0$/bbl, foreign exchange 80.0 USD/JPY)

(Note)The above forecast is made using the best available information at the time of making this amendment and may not necessarily be the same as the actual results.

  • Amendment to Dividend Forecast
      Annual Dividends
      1 Qtr 2 Qtr 3 Qtr 4 Qtr Total
    Previously Forecast(A)
    (announced May 8, 2012)
    - 0.00 - 8.00 8.00
    Revised Forecast(B) - 0.00 - 8.00 0.00
    Dividend Payment          
    (reference)Results last year
    (March 31, 2012)
    - 0.00 - 8.00 8.00
  • Reasons for Amendment
    Stable dividend payment has long been a priority policy for the company. However, after a careful and comprehensive consideration including the recent revision to the financial forecast, we regret but announce zero dividend for this fiscal year. The company will take all actions, including stable re-start of Chiba Refinery, for recovery in profits and dividends next term and asks all shareholders for their continuous support and understanding.
  • Reduction of Director's Remuneration
    Remuneration of full-time directors and executive officers will be reduced to take reponsibility on the revision of the financial forecast and the dividend forecast.
    1. Monthly Remuneration
      Depending on the title and position, remuneration of full-time directors and executive officers will be reduced by 15% to 30%.
      Director's remuneration is already reduced reflecting the recent financial results but further reduction has beendecided to take responsibility.
    2. Bonus
      No bonus is paid.
    3. Period of Reduction
      For the forseeable time beginning November 2012.

There will also be a 20% reduction in monthly remuneration for the full-time internal corporate auditors.


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