Annual Report 2013
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fi scal year, to ?52.4 billion.Excluding the impact of inventory valuation, operating income declined ?1.3 billioncompared with the previous fi scal year, to ?37.1 billion. While the partial resumptionof operations at the Chiba Refi nery helped drive up earnings thanks to the year-on-yeardrop in costs incurred to fi nd alternative supplies, profi t in the Petroleum Businessdecreased owing largely to the slump in market conditions for the segment’s fourmainstay products and the downturn in sales volume. On a positive note, earningsincreased in the Oil Exploration and Production Business due primarily to the increasein crude oil prices. Earnings also improved in other businesses following theintroduction of the Feed-in-Tariff (FIT) scheme, which entails the purchase ofrenewable energy sources at a fi xed price.Ordinary IncomeAfter adding/deducting non-operating items incurred in regular business activities,ordinary income declined ?13.0 billion, to ?48.4 billion. During the fi scal year underreview, an extraordinary loss totaling ?11.6 billion was recorded for fi xed costsassociated with the suspension of operations at the Chiba Refi nery to December2012. Despite the year-on-year improvement of ?4.6 billion in these expenses, theimpact on ordinary income remained negative. Excluding the impact of the inventoryvaluation, ordinary income declined ?3.1 billion, to ?33.1 billion.Ordinary income by segment (including the impact of inventory valuation) ispresented as follows.Net IncomeIn the fi scal year under review, the Group reported an extraordinary loss of ?52.2billion. This extraordinary loss was mainly comprised of business structureimprovement expenses, which came to ?20.3 billion and represented provisions madefor removal expenses in connection with the closure of the Sakaide Refi nery andmaintenance and repair expenses incurred at the Chiba Refi nery, and extraordinaryloss totaling ?11.6 billion representing fi xed costs at the Chiba Refi nery. In addition,steps were taken to reverse deferred tax assets following a review of realizability. Thiscontributed to an increase in income taxes-deferred to ?44.7 billion, up ?43.8 billion.As a result, total income taxes surged ?37.3 billion year on year to ?76.2 billion. OnOperating income (loss), Operating margin Net income (loss) Earnings (loss) per share, ROA, ROE-150500-100150(FY)-6.02.0100 4.00-4.0-50 -2.0(Billions of yen) (%) 6.0‘08 ‘09 ‘10 ‘11 ‘12-2000-50-150100(FY)-40050 10-10-30-100 -20(Yen) (%) 20‘08 ‘09 ‘10 ‘11 ‘12-100500-50100(FY)(Billions of yen)‘08 ‘09 ‘10 ‘11 ‘12 Operating income (loss) (left) Operating margin (right) Earnings (loss) per share (left) ROA (right) ROE (right)(Billions of yen)FY2012 FY2011 ChangePetroleum -23.7 8.0 -31.7Petrochemical 3.3 2.1 +1.2Oil Exploration and Production 60.7 52.0 +8.7Other 4.9 2.9 +2.0Adjustments 3.2 -3.6 +6.8Consolidated ordinary income 48.4 61.4 -13.0Purchase price of crude oil US109.90$/bbl US110.87$/bbl -US$0.97/bblJPY/USD Exchange rate ?82.70/US$ ?79.02/US$ +?3.68/US$

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