JAPAN PETROLEUM EXPLORATION CO., LTD. Note: The following is an English translation of the Japanese-language original
November 10, 2023
Company Name: | Japan Petroleum Exploration Co., Ltd. (JAPEX) |
Securities Code: | 1662 (Prime Market of the Tokyo Stock Exchange) |
Representative: | FUJITAMasahiro, Representative Director and President |
Inquiries: | Corporate Communication Office |
TEL: | +81-3-6268-7111 |
Notice of Financial Forecasts Revision,
Interim Dividend Payout, and Year-end Dividend Forecast Revision
Japan Petroleum Exploration Co., Ltd. (JAPEX) hereby revised its consolidated financial forecasts for the fiscal year ending March 31, 2024, which was disclosed on August 9, 2023, based on our recent business trends and performance.
In addition, at the meeting of the Board of Directors held today, we resolved to pay an interim dividend with a record date of September 30, 2023, and revised the year-end dividend forecast accordingly.
1. Financial Forecasts Revision | |||||||
(1) Revision to consolidated forecasts for FY2024/3 (April 1, 2023 - March 31, 2024) | |||||||
Net sales | Operating | Ordinary | Profit | Net income | |||
profit | profit | attributable | per share | ||||
to owners of | |||||||
(Millions of yen) | (Millions of yen) | (Millions of yen) | parent | (Yen) | |||
(Millions of yen) | |||||||
Previous forecasts (A) | 306,100 | 38,900 | 44,800 | 34,000 | 627.00 | ||
Revised forecasts (B) | 325,400 | 48,800 | 57,000 | 45,000 | 833.06 | ||
Difference in amount (B - A) | 19,300 | 9,900 | 12,200 | 11,000 | |||
Rate of change (%) | 6.3 | 25.4 | 27.2 | 32.4 | |||
(Reference) FY 2023/3 | 336,492 | 62,085 | 83,130 | 67,394 | 1,236.65 |
Note: FY=Fiscal Year (FY2024/3, for instance, means 12 months ending March 31, 2024)
(2) Reasons of revision
Compared with the previous forecast (August 9, 2023), net sales and operating income are expected to increase mainly due to the anticipated increase in sales prices of domestic crude oil, domestic natural gas, and LNG, etc. principally brought by higher crude oil prices and a weaker-than-expected yen exchange rate.
Ordinary profit and net profit attributable to owners of the parent are expected to increase due to an increase in foreign exchange gains, etc., in addition to the above reasons.
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(3) Reference: | |||||
[Crude Oil Price (CIF)] | (USD/bbl) | ||||
Previous | Revised | ||||
Apr. 2023 to Jun. 2023 (average of actual) | 85.17 | Apr. 2023 to Sep. 2023 (average of actual) | 83.49 | ||
Jul. 2023 to Mar. 2024 (forecast) | 75.00 | Oct. 2023 to Mar. 2024 (forecast) | 85.00 | ||
[Exchange Rate] | (JPY/USD) | ||||
Previous | Revised | ||||
Apr. 2023 to Jun. 2023 (average of actual) | 134.36 | Apr. 2023 to Sep. 2023 (average of actual) | 137.61 | ||
Jul. 2023 to Mar. 2024 (forecast) | 130.00 | Oct. 2023 to Mar. 2024 (forecast) | 140.00 |
Note) The aforementionedforecasts are based onthecurrent available informationandthe actualperformances andother results may differ materially due to various factors in the future.
2. Payment of Interim Dividend and Revision of Year-end Dividend Forecast
(1) Details of the interim dividend
Determined Dividend | Latest Dividend | Previous Interim | |
Forecast (disclosed on | Dividend (Six months | ||
May 12, 2023) | ended September 30, | ||
2022) | |||
Record Date | September 30, 2023 | September 30, 2023 | September 30, 2022 |
Dividend per Share | 125.00 yen | 100.00 yen | 150.00 yen |
Total Dividend Payment | 6,787 million yen | - | 8,144 million yen |
Effective Date | December 12, 2023 | - | December 12, 2022 |
Dividend Source | Retained Earnings | - | Retained Earnings |
(2) Details of the year-end dividend forecast revision
Dividend per Share (Yen) | |||||
2nd quarter-end | Year-end | Annual total | |||
Previous forecasts (on May 12, 2023) | 100.00 | 100.00 | 200.00 | ||
Revised forecasts | - | 125.00 | 250.00 | ||
Actual dividends for FY2024/3 | 125.00 | - | - | ||
Actual dividends for FY2023/3 | 150.00 | 220.00 | 370.00 |
(3) Reason for revision of year-end dividend forecast
Our basic policy for profit distribution is to pay dividends in line with business results for each fiscal year, with a target consolidated dividend payout ratio of 30% basically. Based on this policy, we have revised our year-end dividends forecasts to be increased to 125 yen per share and annual total dividends to 250 yen, in conjunction with the revision of the consolidated earnings forecasts for the fiscal year ending March 31, 2024 disclosed today.
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JAPEX - Japan Petroleum Exploration Co. Ltd. published this content on 10 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2023 13:46:44 UTC.
