Supporting Material for Third Quarter Results 2012

Transcription

1 Supporting Material for Third Quarter Results October

2 Notes This document contains forward-looking statements concerning the results of operations and businesses of. Forward-looking statements are statements of future expectations that are based on management s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. 2

3 Highlights of Financial Results, Jan-Sep 2012 Crude Oil Price & Exchange Rate Results 2012 Results Results Jan - Sep Jan - Sep Dubai crude oil price (USD/bbl) Exchange Rate (\/USD) (\/EUR) Highlights of Financial Results (million yen) 2011 Results 2012 Results Jan - Sep Jan - Sep Changes vs (%) Sales 2,077,636 1,922, , % Operating income 63, ,880 - Non-Operating income 1,791-2,140-3,931 - Ordinary income 65,380-2,431-67,812 - Inventory valuation 27,895-4,991-32,887 - CCS ordinary income 37,484 2,559-34, % Extraordinary income 3, ,663 - Net income 32,514-9,098-41,613 - Notes CCS ordinary income(ordinary income on Current Cost of Supply basis) :Ordinary income based on the cost excluding inventory valuation effects. 3

4 Information by Business Segment, Jan-Sep 2012 Jan-Sep 2012 Oil Energy Solution (million yen) Business Business Others Adjustment Consolidated Sales 1,867,758 47,425 6,820-1,922,004 Operating Income 14,114-15,631 1, Jan-Sep 2011 Oil Energy Solution (million yen) Business Business Others Adjustment Consolidated Sales 2,032,037 38,244 7,354-2,077,636 Operating Income 81,734-19,601 1, ,589 Oil Business: manufacturing and sales of oil products, such as gasoline, naphtha, kerosene, diesel oil, fuel oil, lubricants, LPG, bitumen, and chemicals Energy Solution Business: manufacturing and sales of solar cell modules and electricity Others: Leasing and administration of properties, construction works, sale and lease of auto accessories, etc. 4

5 Key Points of Financial Results (Jan-Sep) Consolidated sales during this nine-month period (Jan-Sep) in 2012 amounted to 1,922.0 billion yen (7.5% down vs. Jan-Sep 2011) and ordinary income was 2.4 billion yen (down by 67.8 billion yen vs. Jan-Sep 2011). Consolidated CCS ordinary income, excluding inventory valuation impact, was 2.5 billion yen (down by 34.9 billion yen vs. Jan-Sep 2011) Oil Business Sales was 1,867.7 billion yen (8.1% down vs Jan-Sep 2011) and operating income marked 14.1 billion yen (down by 67.6 billion yen). Compared with Jan-Sep 2011, oil product margins were particularly low during Jan-Jun in 2012, and CCS operating income of the oil business decreased from Jan-Sep Energy Solution Business Sales was 47.4 billion yen (24.0% up vs. Jan-Sep 2011) and operating income marked 15.6 billion yen (up by 3.9 billion yen). As to Solar Business, a major part of Energy Solution Business, the deficit narrowed from last year by making solid progress of domestic sales expansion, production efficiency improvement, and cost reduction. Power Business ran with stable profitability, backed by brisk demand. 5

6 Business Overview (3Q, Jul-Sep) Oil Business Total domestic sales volume increased year on year, especially in middle distillates such as gas oil. Export, as a function to balance domestic supply/demand, decreased in terms of volume due to our supply/demand balance improved by the closure of Ohgimachi Factory last year. Oil product margins largely improved from the low of 2Q2012, reflecting the sustained domestic gasoline demand due to lingering hot summer and the strong overseas markets. Energy Solution Business (Solar Business) In the Third Miyazaki Plant(Kunitomi Plant), the flagship factory, ran in line with sales progress. The miner line change was also conducted as planed mainly to improve its product output. Sales was focused mainly to reinforce marketing for the ballooning domestic demand driven up by new feed-in-tariff scheme. Though module shipments for domestic delivery tend to be delayed as the delayed determination of the scheme resulted in the deferred groundbreaking of some solar power projects, the expected demand for our modules to be shipped in 4Q2012 onwards, including 2013, is certainly mounting in line with our expectation. Module prices were in declining trend, but the pace has kept slow compared with Under the tough competitive situations, cost reduction program, such as parts/materials procurement costs, was continuously implemented, based on our plan. 6

7 Ordinary Profit 2011/Jan-Sep vs. 2012/Jan-Sep (Unit: Billion Yen) **Stock Effect etc Oil Business 39.4 Ordinary Income 65.3 *CCS Ordinary Income 37.4 Oil Business Subsidiaries Refinery cost and M&A Energy solution Business +3.9 Others etc. 0.2 Non-ope **Stock Effect etc. Ordinary Income * CCS: Current Cost of Supply ** Including the effect of Lower of cost or market value method 7

8 Crude oil refined and Sales volume Crude oil refined & Utilization rate Results 2012Results Results Jan-Sep Jan-Sep Crude oil refined (thousand KL) 26,212 20,444 15,302 Refinery utilization rate (%) 93.2% 92.2% 88.9% Sales volume by products (thousand KL) 2011 Results Jan-Sep 2012 Results Jan-Sep vs (%) Gasoline 7,110 6, % Jet Fuel 1,544 1, % Kerosines 1,911 1, % Diesel Oil 3,682 3, % Fuel Oil A 1,168 1, % Fuel Oil C 1,278 1, % Others 3,140 2, % Total Domestic Sales 19,831 19, % Export 2, % Grand Total 22,809 19, % 8

9 Forecast full year results for 2012 Crude oil price & Exchange rate Results Forecast Dubai crude oil pr ($/B) Exchange rate (Yen/$) (Yen/EUR) Forecast of consolidated full year results 2012 million yen Results Forecast Net sales 2,771,418 2,620,000 Operating income 60,288 8,000 Ordinary income 61,807 5,000 Inventory valuation 31,787-5,000 CCS ordinary income 30,020 10,000 Net income 23,110-4,000 There is no change in the forecast which was published on Jul 31,

10 Data Book 10

11 Billion yen 50 Quarterly trend of Ordinary income Ordinary Income CCS Ordinary Income Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

12 Highlights of Financial Results, Jul-Sep 2012 Crude Oil Price & Exchange Rate Results 2012 Results Results Jul- Sep Jul - Sep Dubai crude oil price (USD/bbl) Exchange Rate (\/USD) (\/EUR) Highlights of Financial Results (million yen) 2011 Results 2012 Results Jul - Sep Jul - Sep Changes vs (%) Sales 696, ,116-85, % Operating income -4,052 10,583 14,636 - Non-Operating income ,128 - Ordinary income -3,438 10,069 13,507 - Inventory valuation -10,596 1,295 11,891 - CCS ordinary income 7,157 8,774 1, % Extraordinary income 202-1,769-1,972 - Net income -4,729 3,492 8,221 - Notes CCS ordinary income(ordinary income on Current Cost of Supply basis) :Ordinary income based on the cost excluding inventory valuation effects. 12

13 Information by Business Segment, Jul-Sep 2012 Jul-Sep 2012 Oil Energy Solution (million yen) Business Business Others Adjustment Consolidated Sales 590,887 18,008 2, ,116 Operating Income 13,644-3, ,583 Jul-Sep 2011 Oil Energy Solution (million yen) Business Business Others Adjustment Consolidated Sales 676,785 17,330 2, ,700 Operating Income 4,161-8, ,052 Oil Business: manufacturing and sales of oil products, such as gasoline, naphtha, kerosene, diesel oil, fuel oil, lubricants, LPG, bitumen, and chemicals Energy Solution Business: manufacturing and sales of solar cell modules and electricity Others: Leasing and administration of properties, construction works, sale and lease of auto accessories, etc. 13

14 Crude oil refined and Sales volume Crude oil refined & Utilization rate Results 2012Results Results Jul-Sep Jul-Sep Crude oil refined (thousand KL) 26,212 6,634 4,960 Refinery utilization rate (%) 93.2% 90.4% 85.9% Sales volume by products (thousand KL) 2011 Results Jul-Sep 2012 Results Jul-Sep vs (%) Gasoline 2,595 2, % Jet Fuel % Kerosines % Diesel Oil 1,192 1, % Fuel Oil A % Fuel Oil C % Others 1, % Total Domestic sales 6,358 6, % Export 1, % Grand Total 7,447 6, % 14

15 Crude oil price (Platt s Dubai) (USD/bbl) Jan-Sep USD/bbl Average 78.1 USD/bbl 2011 Average USD/bbl

16 (JPY/USD) 100 Exchange rates (JPY/USD TTM) Jan-Sep Average 79.4 JPY/USD Average 87.8 JPY/USD 2011 Average 79.8 JPY/USD

17 (JPY/EUR) 140 Exchange rates (JPY/EUR TTM) Jan-Sep Average JPY/EUR Average JPY/EUR 2011 Average JPY/EUR

18 国内マーケットの状況 Domestic Market (1) : 1( Regular ガソリン Gasoline ) Crude & Product price /L Regular-Gasoline (Domestic Spot Price) 60 Spread /L Crude JCC Spread (Spot price-cif)

19 Domestic Market (2) : Diesel Oil Crude & Product price /L Diesel-Oil (Domestic Spot Price) 80 Spread /L Crude JCC Spread (Spot price-cif)

20 Global Market (1) : Diesel Oil $/bbl Spread$/ bbl 45 Diesel-Oil (Asian Spot Price) 100 Dubai Spread (Spot price Dubai)

21 $/MT 1500 Global Market (2) : Mixed Xylene Mixed Xylene (Asian Spot Price) Spread$/MT Dubai Spread (Spot price Dubai)

22 3Q Topics- Solar Frontier, small-scale power generation system package launched Jul Small-scale power generation system package which consists of CIS solar panels, power conditioners, mounting systems, etc. is offered for non-residential installation as large as 10-50kW range. This package enables the system installation to be completed in such a short period of time as about 1 month, by shortening system engineering time as an example. (Available only in Japan) Solar Frontier and Yano Industry enter solar utility business Sep The two companies have agreed to develop two MW-scale solar power plants in Miyazaki Prefecture, Japan, which amount to about 3.3 MW in total. CIS solar panels supplied by Solar Frontier are installed onto the lands Yano Industry owns and each company will be the operator of each plant. This project is the first entry to utility business for both companies after the new feed-in-tariff for renewable energy was introduced in Japan. Plant overview Kunitomi No.1 Megasolar Kunitomi No.2 Megasolar Operator Solar Frontier K.K. Yano Industry Co.,Ltd. Total output(dc) Approx. 2,247kWp Approx. 1,088kWp No. of modules Approx. 14,000 Approx. 7,000 Shell Alexia S4 launched Sep Shell Alexia S4, which is an all-purpose marine cylinder oil, has started on sale for Keihin region, subsequently for all Japan. It is applicable to various types of vessels, engines, and fuels, various engine loads, and various climate conditions. Hence, there is no need to change oil according to the sea where vessels sail. Yet, it will raise the durability of engines and reduce maintenance duties. With such an epoch-making product, we will continue to offer highly sustainable marine oil solutions with excellence in economic and environmental functions, employing Shell Group s high technology. 22

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