Annual Report 2013
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this basis, the Group recorded a net loss for the period of ?85.9 billion, an increase of?76.8 billion compared with the previous fi scal year.OutlookThe Cosmo Oil Group has positioned its Fifth Consolidated Medium-Term ManagementPlan, which covers the period from fi scal 2013 to fi scal 2017, as a fi ve-year roadmapby which it will establish a solid business foothold for further expansion. During thisperiod, the Group will work to regain profi tability in the Petroleum Business andsteadily recoup strategic investments made mainly in the Petrochemical and OilExploration and Production businesses under the Fourth Consolidated Medium-TermManagement Plan. As of July 31, 2013, operations at the Chiba Refi nery had fullyresumed. At the same time, the Group has completed steps aimed at developing arobust supply structure. As a result, considerable energy will be channeled towardstrengthening sales. In addition to the forecast boost to marketing capabilitiesfollowing the acquisition of Sojitz Energy Corporation in January 2013, the Group willtarget a substantial increase in earnings on the back of a full-fl edged resumption ofexport activities.For fi scal 2013, the Group anticipates a crude oil price of US$100/barrel and anexchange rate of ?100 per U.S. dollar. On this basis, consolidated net sales are forecastto reach ?3,550.0 billion, up ?383.3 billion compared with fi scal 2012, consolidatedoperating income to come in at ?64.0 billion, an increase of ?11.6 billion year onyear, consolidated ordinary income to total ?61.0 billion, up ?12.6 billion, andconsolidated net income to amount to ?16.0 billion, compared with the consolidatednet loss for fi scal 2012 of ?85.9 billion.Segment InformationPetroleumIn the Petroleum Business, sales increased ?60.6 billion compared with the previousfi scal year, to ?3,116.2 billion mainly refl ecting higher sales prices on the back of theweak yen and increased sales of heavy fuel oil C for electric power generation. On theearnings front, however, the Petroleum Business reported a segment loss of ?23.7billion compared with segment income of ?8.0 billion in fi scal 2011. This was largelyattributable to the downturn in product market conditions and the drop in sales volume.Turning to fi scal 2013, the Petroleum Business is expected to benefi t from a loweryear-on-year burden with respect to alternative supply costs. This refl ects efforts toramp up measures aimed at securing safe operations at refi neries and stable supply.The forecast substantial increase in product exports is also projected to ensure apositive operating environment. As a result, the Petroleum Business is anticipated toreport higher earnings for fi scal 2013 compared with fi scal 2012. Looking atimprovements in the margin environment, the Group is adopting a conservative0901206030150(FY)(US$/barrel)4 5 6 7 8 9 10 11 12 1 2 3‘12 ‘13Segment sales Segment operating income (loss) Crude oil price (CIF)03,0002,0001,0004,000(FY)(Billions of yen)‘08 ‘09 ‘10 ‘11 ‘12 Petroleum Business Segment Oil Exploration and Production Business Segment Petrochemical Business Segment Other Business SegmentNote: The Petrochemical Business, which had previously been included in thePetroleum Business segment, was made a separate segment from FY2010.-200501000-100-150-50150(FY)(Billions of yen)‘08 ‘09 ‘10 ‘11 ‘12 Petroleum Business Segment Oil Exploration and Production Business Segment Petrochemical Business Segment Other Business SegmentNote: The Petrochemical Business, which had previously been included in thePetroleum Business segment, was made a separate segment from FY2010.

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