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Press Release

Information about Differences between the Forecast and Actual Results for the Fiscal Year Ending March 31, 2014

May 13, 2014
Cosmo Oil Co., Ltd.



The Company reports that differences were recorded between the forecast announced on March 11, 2014 and actual results for FY2013 (ending March 31, 2014).

1. Differences recorded between the forecast and actual results for FY2013 (April 1, 2013- March 31, 2014).

(Consolidated)

(Unit: million, %)
  Net sales Operating
income
Ordinary
income
Net income Net income
per share
Forecast previously announced (A)
(on March 11, 2014)
3,560,000 42,000 44,000 2,500 yen sen
2.95
Revised forecast (B) 3,537,782 39,715 41,847 4,348 5.13
Change (B-A) -22,218 -2,285 -2,153 1,848  
Change -0.6% -5.4% -4.9% 73.9%  
(Reference)Last year results
(Ending March. 31, 2014)
3,166,689 52,422 48,439 -85,882 -101.39

2. Reasons for Differences

Compared with the previous forecast (announced on March 11, 2014), operating income and ordinary income were decreased mainly because of a drop in crude oil prices which caused inventory valuation loss under lower-of-cost-or-market method in petroleum business.
On the other hand, net income was increased chiefly because of upward revision of profits of consolidated subsidiaries. The revision was attributed to a consolidated taxation system which was introduced this fiscal year.

(Assumptions at the previous forecast: a crude oil price of US$104.7/bbl and an exchange rate of JPY100.1/US$ )



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