COSMO OIL CO LTD August 4, 2015
Shares traded：TSE
Name of Person to contact： Seiko Takagi
(Title) General Manager of Corporate Communication Dept.
Corporate Planning Unit
Phone：03-3798-3180
Scheduled date to file quarterly report： August 4, 2015 Dividend payment is to be started on： ― Availability of the Quarterly Financial Result Supplementary Information： Yes
Execution of the Quarterly Financial Result Presentation Meeting： Yes (for analysts and institutional investors)
Note：Figures less than 1 million are rounded down.
1. Consolidated Financial Results for the First Quarter of Fiscal Year Ending March 2016 (For the period from April 1, 2015 to June 30, 2015)
(1) Consolidated operating results (cumulative total) (Figures in % refer to changes from the same quarter a year earlier)
Profit attributable to owners of
Net sales Operating income Ordinary income
parent for the First Quarter
million yen | % | million yen | % | million yen | % | million yen | % | |
First Quarter , FY2015 | 595,382 | -20.0 | 22,877 | 372.1 | 22,163 | 966.4 | 13,671 | - |
First Quarter , FY2014 | 744,400 | -9.5 | 4,846 | 325.0 | 2,078 | -46.4 | -6,478 | - |
Note：Comprehensive income First Quarter, FY2015：16,902 million yen (－%) First Quarter, FY2014：-5,554 million yen (－%)
Net income per share
for the First Quarter
Diluted net income per share
for the First Quarter
yen sen yen sen
First Quarter , FY2015 16.14 - First Quarter , FY2014 -7.65 -
(2) Consolidated Financial Position
Total assets Net assets Net Worth ratio
million yen million yen %
First Quarter , FY2015 1,418,619 224,018 13.0
FY2014 1,428,628 207,520 11.7
[Reference] Net worth First Quarter, FY2015：183,860 million yen FY2014：167,194 million yen
2. Dividend Payment Results and Outlook
Annual dividend per share total
As of Q1-end As of Q2-end As of Q3-end As of Fiscal Year-end Full Year
FY2014
FY2015
FY2015 (outlook) 0.00 - 40.00 40.00
Note：Revision made in the forecast dividend as of the end of the current quarter from the previous announcement： No
The company is planning for the transformation to the Holding Company-Structure through the solo share transfer method whose effective date on October
1, 2015.
As for expected dividends on March 2016, the holding company's dividends per share is listed in the case of the Holding Company's dividends 0.1 share are allocated to the company's dividends per share.
3. Consolidated Business Outlook for FY2015 (April 1, 2015 to March 31, 2016)
(% indicates for FY2015 change from the corresponding period of FY 2014, while for 1H FY2015 change from 1H FY2014)
Profit attributable to
Net sales Operating income Ordinary income
owners of parent
Net income per share
million yen | % | million yen | % | million yen | % | million yen | % | yen sen | |
1H FY2015 | 1,236,000 | -20.4 | 26,000 | 104.7 | 20,500 | 319.6 | 8,000 | - | 9.44 |
FY2015 | 2,621,000 | -13.7 | 58,500 | - | 49,000 | - | 21,000 | - | 247.92 |
Note：Change made in figures of the consolidated business outlook as of the end of the current quarter from the previous announcement： No
The company is planning for the transformation to the Holding Company-Structure through the solo share transfer method whose effective date on October
1, 2015.
As for consolidated business outlook on March 2016, the holding company's net income per share is listed in the case of the Holding Company's net income 0.1 share are allocated to the company's net income per share.
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Notes to Consolidated Financial Statements
(1) Change in significant subsidiaries during the first quarter ： Yes
Newly ― (Name of Company) ― Exception 1 (Name of Company) GYXIS CORPORATION (Cosmo Petroleum Gas
Co., Ltd changed its corporate name to GYXIS CORPORATION on April 1, 2015)
(2) Adoption of accounting method uniquely adopted to prepare consolidated financial statements for the current quarter： Yes
(3) Changes in Accounting Policies, Accounting Estimates and Restatements：
1. Changes in accounting policies due to revisions of accounting standards, etc.： Yes
2. Changes in accounting policies for reasons other than the Item 1： No
3. Changes in accounting estimates： No
4. Restatements： No
(4) Total Number of Outstanding Shares (Ordinary shares)
1. Number of outstanding shares as of end of the period
(including treasure stock)
2. Number of shares of treasury stock as of end of the period
3. Average Number of shares outstanding during the period (or the cumulative consolidated accounting period as of the end of the current quarter)
First Quarter , FY2015 | 847,705,087 shares FY2014 | 847,705,087 shares |
First Quarter , FY2015 | 670,596 shares FY2014 | 669,281 shares |
First Quarter , FY2015 847,035,207 shares First Quarter , FY2014 847,047,720 shares
Note：Information about quarterly review procedure execution：
This release on the overview of quarterly business results is outside the scope of the quarterly report review procedures under the Financial Instruments and Exchange Act in Japan but as of the day of the disclosure of this release, the quarterly report review procedures under the Financial Instruments and Exchange Act have been completed.
Note：Request for appropriate use of the business outlook and other special remarks：
The consolidated business outlook for the first half of FY2015 and FY2015 is not updated from the previous announcement made on May 12, 2015.
It is based on information available as of the published date of this release and actual results may differ from the forecast subject to various factors that may arise in the future. As for details, please refer to the "(3) Explanation Concerning Information regarding Consolidated Business Outlook" of the "1.Qualitative information about results for and at the end of the current quarter" on Page 2 of the Supporting data.
Supplementary information will be uploaded on the COSMO OIL website on August 4, 2015.
Cosmo Oil Co.,Ltd(5007)-Overview of Business Results for The First Quarter of Fiscal Year Ending March 2016
Contents of Supporting data
1. Qualitative information about results for and at the end of the current quarter
Page
(1) Explanation Concerning Information regarding Consolidated Operating Results ……………………………………… 2 (2) Explanation Concerning Information regarding Consolidated Financial Position ……………………………………… 2 (3) Explanation Concerning Information regarding Consolidated Business Outlook ………………………………………… 2
2. Information about the summary of business results (Notes to Consolidated Financial Statements)
(1) Change in significant subsidiaries during the current accounting period ………………………………………………… 2 (2) Adoption of accounting method uniquely adopted to prepare consolidated financial statements
for the current quarter ………………… 2
(3) Changes in Accounting Policies, Accounting Estimates and Restatements ……………………………………………… 2-3
3. Consolidated Financial Statements
(1) Consolidated Balance Sheet ……………………………………………………………………………………………… 4-5 (2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income
Consolidated the first three months of FY2015 statements of income………………………………………………… 6
Consolidated Statements of Comprehensive Income
Consolidated the first three months of FY2015 statements of comprehensive income ……………………………… 7 (3)Notes to Quarterly Consolidated Financial Statements
(Notes to going concern assumption) ……………………………………………………………………………………… 8 (Notes to remarkable changes in Shareholders' Equity) …………………………………………………………………… 8 (Segment Information)……………………………………………………………………………………………………… 8 (Significant Subsequent Events) …………………………………………………………………………………………… 9
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Cosmo Oil Co.,Ltd(5007)-Overview of Business Results for The First Quarter of Fiscal Year Ending March 2016
1. Qualitative information about results for and at the end of the current quarter
(1) Explanation Concerning Information regarding Consolidated Operating Results
Consolidated net sales for the first quarter of FY2015 were 595.4 billion (down 149.0 billion from the same period of FY2014), operating income 22.9 billion (up 18.1 billion from the same period of FY2014), ordinary income 22.2 billion (up 20.1 billion from the same period of FY2014) and profit attributable to owners of parent for the period 13.7 billion (loss 6.5 billion in the
same period of FY2014).
The operating results for the first quarter of FY2015 by business segment are as follows：
1) In the petroleum business segment, the net sales decreased due to the decline in the sales price of oil products. However, the earnings were improved significantly since products markets were strong. As a result, the segment reported net sales of 588.1 billion for the first quarter of FY2015 (down 145.3 billion from the same period of FY2014) and segment income of 18.0 billion (segment loss 6.1 billion in the same period of FY2014).
2) In the petrochemical business segment, the petrochemical products sales volume increased and the markets showed a recovery trend. As a result, the segment reported net sales of 8.6 billion for the first quarter of FY2015 (up 1.0 billion from the same period FY2014) and segment income of 1.4 billion (segment loss 1.8 billion in the same period of FY2014).
3) In the oil exploration and production business segment, due to the decline in the sales price of crude oil, the segment reported net sales of 11.0 billion for the first quarter of FY2015 (down 7.5 billion from the same period of FY2014) and segment income of 2.6 billion (down 7.0 billion from the same period of FY2014).
(2) Explanation Concerning Information regarding Consolidated Financial Position
As for the Company's financial position on a consolidated basis as of the end of the first quarter of FY2015, total assets as of June
30, 2015 amounted to 1,418.6 billion, down 10.0 billion from March 31, 2015, the end of FY2014, mainly reflecting decreased accounts receivable-trade and accounts payable-trade due to the seasonal decline in sales volume.
Net assets as of June 30, 2015 amounted to 224.0 billion with a net worth ratio of 13.0%.
(3) Explanation Concerning Information regarding Consolidated Business Outlook
The consolidated business outlook for the first half of FY2015 and FY2015 is not updated from the previous announcement made on May 12, 2015.
2. Information about the summary of business results (Notes to Consolidated Financial Statements) (1) Change in significant subsidiaries during the current accounting period：
For the reason that GYXIS CORPORATION (Cosmo Petroleum Gas Co., Ltd changed its corporate name to GYXIS
CORPORATION on April 1, 2015) correspond to the jointly controlled entities, the company is not included in the scope of consolidation, but applied Equity Method from the first quarter of fiscal year ending March 2016.
(2) Adoption of accounting method uniquely adopted to prepare consolidated financial statements for the current quarter：
The Company calculates tax expenses for the Company and some of its consolidated subsidiaries by multiplying a reasonably estimated effective tax rate by net income before taxes for the current quarter.
Income tax adjustments are included in the "income taxes" account stated in the Consolidated Statements of Income.
(3) Changes in Accounting Policies, Accounting Estimates and Restatements：
Changes in Accounting Policies
(Application of Accounting Standard for Business Combinations）
The Accounting Standard for Business Combinations (ASBJ Statement No.21 of September 13, 2013, hereinafter referred to as the "Accounting Standard for Business Combinations"), the Accounting Standard for Consolidated Financial Statements (ASBJ Statement No.22 of September 13, 2013, hereinafter referred to as the "Accounting Standard for Consolidated Financial Statements"), and the Accounting Standard for Business Divestitures (ASBJ Statement No.7 of September 13, 2013, hereinafter referred to as the "Accounting Standard for Business Divestitures") and others have been applied from the first three months of the consolidated fiscal year under review. Differences caused by changes in the company's holdings in subsidiaries that continue to be under its control are recorded as capital surplus, and expenses related to acquisition are now recorded as expenses for the consolidated fiscal year in which they were incurred. In addition, regarding business combinations conducted after the beginning
of the first three months of the consolidated fiscal year under review, revisions to the purchase price allocation following the determination of the provisional accounting methods are now reflected in the quarterly financial statements for the three-month period of the consolidated fiscal term in which the business combination occurred. In addition, the three-month net income and other statements have been changed accordingly, and minority interest has been changed to non-controlling interest. To reflect
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Cosmo Oil Co.,Ltd(5007)-0verview ofBusiness Results for The First Quarter ofFiscal Year Ending March 2016
these changes, the cornpany has revised the financial staternents for the first three rnonths ofthe previous consolidated fiscal term and the previous consolidated fiscal year.
The Accmmti.ng Standard for Business Cornbinati.ons and other standards are applied in accordance with the transiti.onal treatrnent sti.pulated in Paragraph 58-2 (4) ofthe Accmmti.ng Standard for Business Cornbinati.ons, Paragraph 44-5 (4) ofthe Accmmti.ng Standard for Consolidated Financial Staternents and Paragraph 57-4 (4) ofthe Account:ing Standard for Business Divest:itures, and are applied frorn the beginning ofthe first three rnonths ofthe consolidated fiscal term llllder review onwards.
This change in policy has no rnonetary effect on the quarterly consolidated financial staternents.
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Cosmo Oil Co.,Ltd(5007)-Overview of Business Results for The First Quarter of Fiscal Year Ending March 2016
3. Consolidated Financial Statements
(1) Consolidated Balance Sheet
Assets
Current assets
FY2014
(As of March 31, 2015)
(Unit：million yen)
1Q FY2015
(As of June 30, 2015)
Cash and deposits 95,171 58,918
Notes and accounts receivable-trade 202,469 160,459
Merchandise and finished goods 131,430 136,205
Work in process 273 459
Raw materials and supplies 125,086 166,907
Other 67,259 67,008
Allowance for doubtful accounts -113 -103
Total current assets 621,578 589,856
Noncurrent assets
Property, plant and equipment
Land 310,040 305,211
Other, net 305,391 305,388
Total property, plant and equipment 615,432 610,599
Intangible assets 49,459 48,630
Investments and other assets
Investment securities 118,788 144,109
Other 23,448 25,515
Allowance for doubtful accounts -583 -576
Total investments and other assets 141,653 169,049
Total noncurrent assets 806,545 828,279
Deferred assets
Bond issuance cost 504 483
Total deferred assets 504 483
Total assets 1,428,628 1,418,619
Liabilities
Current liabilities
Notes and accounts payable-trade 182,417 157,143
Short-term loans payable 179,512 188,700
Accounts payable-other 198,315 144,366
Income taxes payable 11,234 7,598
Provision 2,705 2,628
Other 29,674 22,312
Total current liabilities 603,860 522,750
Noncurrent liabilities
Bonds payable 37,700 37,700
Long-term loans payable 475,659 532,065
Net defined benefit liability 8,833 8,166
Provision 14,405 14,465
Other 80,648 79,452
Total noncurrent liabilities 617,247 671,850
Total liabilities 1,221,107 1,194,600
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Cosmo Oil Co.,Ltd(5007)-Overview of Business Results for The First Quarter of Fiscal Year Ending March 2016
Net assets
Shareholders' equity
FY2014
(As of March 31, 2015)
(Unit：million yen)
1Q FY2015
(As of June 30, 2015)
Capital stock 107,246 107,246
Capital surplus 16,967 16,967
Retained earnings 7,942 21,969
Treasury shares -145 -145
Total shareholders' equity 132,010 146,038
Accumulated other comprehensive income
Valuation difference on available-for-sale securities 5,505 7,516
Deferred gains or losses on hedges 749 624
Revaluation reserve for land 21,249 21,337
Foreign currency translation adjustment 10,568 10,603
Remeasurements of defined benefit plans -2,890 -2,260
Total accumulated other comprehensive income 35,183 37,821
Non-controlling interests 40,326 40,158
Total net assets 207,520 224,018
Total liabilities and net assets 1,428,628 1,418,619
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Cosmo Oil Co.,Ltd(5007)-Overview of Business Results for The First Quarter of Fiscal Year Ending March 2016
(2) Consolidated Statements of Income and Comprehensive Income
(Consolidated Statements of Income)
(Consolidated the first three months of FY2015 statements of income)
1Q FY2014
(From April 1, 2014 to June 30, 2014)
(Unit：million yen)
1Q FY2015
(From April 1, 2015 to June 30, 2015)
Net sales 744,400 595,382
Cost of sales 708,500 543,642
Gross profit 35,900 51,739
Selling, general and administrative expenses 31,054 28,862
Operating income 4,846 22,877
Non-operating income
Interest income 83 68
Dividends income 445 1,006
Share of profit of entities accounted for using equity method ー 1,024
Other 1,473 1,064
Total non-operating income 2,003 3,164
Non-operating expenses
Interest expenses 3,182 3,223
Share of loss of entities accounted for using equity method 619 ー
Other 968 654
Total non-operating expenses 4,771 3,878
Ordinary income 2,078 22,163
Extraordinary income
Gain on sales of noncurrent assets 184 56
Gain on change in equity ー 1,565
Total extraordinary income 184 1,622
Extraordinary loss
Loss on sales of noncurrent assets 21 ー
Loss on disposal of noncurrent assets 743 748
Impairment loss 16 47
Loss on valuation of investment securities 157 10
Business structure improvement expenses 1,011 812
Total extraordinary losses 1,950 1,618
Income before income taxes 311 22,166
Income taxes 5,643 7,813
Profit (loss) -5,331 14,353
Profit attributable to non-controlling interests 1,146 682
Profit (loss) attributable to owners of parent -6,478 13,671
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Cosmo Oil Co.,Ltd(5007)-Overview of Business Results for The First Quarter of Fiscal Year Ending March 2016
(Consolidated Statements of Comprehensive Income)
(Consolidated the first three months of FY2015 statements of comprehensive income)
1Q FY2014
(From April 1, 2014 to June 30, 2014)
(Unit：million yen)
1Q FY2015
(From April 1, 2015 to June 30, 2015)
Profit (loss) -5,331 14,353
Other comprehensive income
Valuation difference on available-for-sale securities 660 1,722
Deferred gains or losses on hedges -403 -63
Foreign currency translation adjustment -265 248
Remeasurements of defined benefit plans 463 665
Share of other comprehensive income of entities accounted for
using equity method
-678 -23
Total other comprehensive income -222 2,549
Comprehensive income -5,554 16,902 (Breakdown)
Comprehensive income attributable to owners of parent -6,696 16,221
Comprehensive income attributable to non-controlling interests 1,142 681
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Cosmo Oil Co.,Ltd(5007)-Overview of Business Results for The First Quarter of Fiscal Year Ending March 2016
(3)Notes to Quarterly Consolidated Financial Statements
(Notes to going concern assumption) None
(Notes to remarkable changes in Shareholders' Equity) None
(Segment Information)
1Q FY2014 (From April 1, 2014 to June 30, 2014)
Information about net sales and income or loss amounts by segment reported
Petroleum Petrochemical | (Unit：million yen) | |||||
Petroleum Petrochemical | Oil exploration | Other | Adjustments | Consolidated | ||
Petroleum Petrochemical | and production | Note：1 | Note：2 | Note：3 | ||
Net sales Outside customers | 723,731 | 2,887 | 12,555 | 5,225 | ― | 744,400 |
Inter-segment | 9,660 | 4,737 | 5,928 | 8,562 | -28,889 | ― |
Total | 733,392 | 7,625 | 18,484 | 13,787 | -28,889 | 744,400 |
Segment Income (Loss) | -6,106 | -1,758 | 9,575 | 500 | -132 | 2,078 |
Note 1 "Other" is segment of non-classified, including construction works, insurance agency, leasing, travel agency and wind power generation, etc.
2 Segment Income (Loss) in "Adjustments" -132 million yen includes -6 million yen for internal eliminations,
-1 million yen for inventory adjustments and -124 million yen for adjustment of fixed assets.
3 Segment Income (Loss) is adjusted to ordinary income of consolidated quarterly statements of income.
1Q FY2015 (From April 1, 2015 to June 30, 2015)
Information about net sales and income or loss amounts by segment reported
Oil exploration
Other
Adjustments
(Unit：million yen) Consolidated
Net sales
Petroleum Petrochemical
and production
Note：1
Note：2
Note：3
Outside customers 578,775 3,630 7,658 5,317 ― 595,382
Inter-segment 9,342 4,983 3,374 9,129 -26,829 ― Total 588,118 8,614 11,032 14,447 -26,829 595,382
Segment Income 18,011 1,400 2,623 541 -414 22,163
Note 1 "Other" is segment of non-classified, including construction works, insurance agency, leasing, travel agency and wind power generation, etc.
2 Segment Income in "Adjustments" -414 million yen includes 25 million yen for internal eliminations,
-101 million yen for inventory adjustments and -338 million yen for adjustment of fixed assets.
3 Segment Income is adjusted to ordinary income of consolidated quarterly statements of income.
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Cosmo Oil Co.,Ltd(5007)-Overview of Business Results for The First Quarter of Fiscal Year Ending March 2016
(Significant Subsequent Events) (Important Company Splitting)
Cosmo Oil Co., Ltd. resolved at its Board of Directors meeting held on August 4, 2015 to succeed Fuel Oil Sales Business, Car Lease Business and Asset Management Business related to Subsidiary Shares of the Company to "Cosmo Oil Marketing Co., Ltd." which is the Company's wholly owned subsidiary and Service Station Property Management Business of the Company to Cosmo Oil Property Service Co., Ltd. through this absorption-type company splitting.
As for details, please refer to our timely disclosure information "Announcement on Company Splitting (Simple Absorption- Type Company Splitting) along with Transformation of Holding Company Structure" or press release on web site.
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