Annual Report 2013
83/182

Management’s Discussion and AnalysisOperating EnvironmentIn fi scal 2012, ended March 31, 2013, Japan’s economy staged a gradual recovery onthe strength of demand from reconstruction projects in the wake of the Great EastJapan Earthquake and the introduction of the emergency stimulus package by thegovernment. Nonetheless, the economy continued to deal with challenges thatincluded weaker exports, refl ecting the sluggish global economy.In these circumstances, domestic demand for the petroleum products gasoline andkerosene remained level with the previous term, given an increase in the demand forthe heavy fuel oil used to generate electricity at thermal power plants as a result oftheir increased capacity ratios. Accordingly, overall demand exceeded levels recordedin the previous period.Looking at crude oil prices, the Dubai crude oil price stood at US$119/barrel at thebeginning of fi scal 2012, but it temporarily dropped below US$90/barrel, mainlyrefl ecting the European debt crisis. However, with rising tensions in the Middle East,the average price throughout the year was at the level of US$106/barrel.As for exchange rates, the Japanese yen was at the level of ?83 per U.S. dollar atthe beginning of fi scal 2012. Coupled with the monetary easing policy adopted by theU.S. government and the reemergence of the debt crisis in Europe, the Japanese yencontinued to appreciate to the ?77 range in September 2012. However, it then beganto depreciate, mainly refl ecting rising anticipation that the Japanese governmentwould adopt an extensive monetary relaxation policy. As a result, the yen stood at thelevel of ?96 per U.S. dollar in March 2013.Looking at the petroleum product market conditions in Japan, the retail prices ofmass market products and industrial fuels, which are tied to crude oil prices,experienced a downturn from the beginning of the fi scal year under review butgradually rose after summer.Results of OperationsOverviewAgainst the backdrop of this operating environment, consolidated net sales for thefi scal year under review amounted to ?3,166.7 billion, up ?57.0 billion comparedwith the previous fi scal year. From a profi t perspective, operating income declined?11.1 billion, to ?52.4 billion. After accounting for extraordinary items and deductingincome taxes, the Group posted a net loss of ?85.9 billion, compared with the netloss of ?9.1 billion in fi scal 2011. Due to the impact of the weak yen, the Groupreported an inventory valuation gain of ?15.3 billion. Excluding the impact of thisinventory valuation, operating income was ?37.1 billion.Operating IncomeOperating income in fi scal 2012 declined ?11.1 billion compared with the previous03,0002,0001,0004,000(FY)0959085(Billions of yen) (%) 100‘08 ‘09 ‘10 ‘11 ‘12015010050200(FY)06.04.02.0(Billions of yen) (%) 8.0‘08 ‘09 ‘10 ‘11 ‘12Net sales Cost of sales, Cost of sales ratio SG&A expenses, SG&A expenses ratio03,0002,0001,0004,000(FY)(Billions of yen)‘08 ‘09 ‘10 ‘11 ‘12 Cost of sales (left) Cost of sales ratio (right) SG&A expenses (left) SG&A expenses ratio (right)

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