Slide 1: Presentation on Results for FY2022
Presentation on Results for FY2022 May 9, 2023 Idemitsu Kosan Co.,Ltd.
Slide 2: Table of Contents
Table of Contents ◼ Highlights ◼ Results for FY2022 ◼ Results for the medium-term management plan(FY2020-22) ◼ Forecasts for FY2023 ◼ Market valuation, cost of capital, return on capital, etc. ◼ Reference ✓ Progress in the mid-term management plan ✓ Financial results ✓ Volume ✓ Crude/product price a
Slide 3: Highlights
€& idemitsu B Highlights # © Idemitsu Kosan Co, Ltd. All Rights Fi
Slide 4: Results for FY2022
Results for FY2022 ◼ Summary ✓ Operating + equity income (segment income) decreased sharply, by ¥141.1 billion y- o-y, due to a large decrease in inventory impact following the downtrend in crude oil prices ✓ Segment income excluding inventory impact increased by ¥36.4 billion y-o-y, as soaring coal
Slide 5: Forecasts for FY2023 and Shareholder Returns
Forecasts for FY2023 and Shareholder Returns ◼ Summary ✓ While trends in the business environment remain unclear amid concerns of an economic slowdown due to global inflation and fiscal tightening by various countries in response, this has not affected our new medium-term plan (FY23-25) and operatin
Slide 6: Results for FY2022
€& idemitsu @Results for FY2022 # © Idemitsu Kosan Co, Ltd. All Rights Fi
Slide 7: Key Topics
Key Topics ◼ Trends in Petroleum Demand and Sales ✓ Demand for both core products and jet fuel recovered in FY22 due to easing of COVID-related activity restrictions ✓ Total fuel demand will remain flat y-o-y in FY23, as the structural decrease in demand for gasoline will be offset by a diesel oil r
Slide 8: Operating Environment
Operating Environment Dubai Crude Australian Coal Exchange Rate [USD/bbl] Oil Price [USD/ton] Spot Price [JPY/USD] (USD) 120.0 450.0 150.0 420.7 420.0 145.0 110.0 108.1 390.0 376.8 379.5 141.6 360.0 140.0 138.4 330.0 100.0 135.0 96.9 95.6 300.0 130.0 129.6 132.3 270.0 90.0 263.7 240.0 84.8 125.0 80.
Slide 9: Overview
Overview ◼ Crude Oil/Coal/Exchange Rate [USD/bbl, USD/ton, JPY/USD] FY2021 FY2022 Change Crude Oil (Dubai) 78.1 92.5 +14.4 +18.4% Crude Oil (Brent)* 70.7 101.2 +30.5 +43.1% Australian Coal Spot Price* 137.3 360.2 +222.9 +162.3% Exchange Rate (TTM) 112.4 135.5 +23.1 +20.5% *Brent prices and Australia
Slide 10: Segment Information
Segment Information ◼ Operating ＋ Equity Income [¥ billions] FY2021 FY2022 Change Petroleum 369.7 73.0 (296.7) (80.2%) Excluding inventory impact 136.5 17.3 (119.2) (87.3%) Basic Chemicals 8.2 10.1 +1.9 +23.2% Functional Materials 17.1 17.0 (0.2) (1.0%) Power and Renewable Energy (9.9) 0.5 +10.4 － R
Slide 11: Segment Information
Segment Information ◼ Factors Affecting Operating + Equity Income (excluding inventory impact, y-o-y) [￥billions] Exchange rate, etc. Consolidated adjustment, core products Price etc. margin (time-lag) non-core products margin Shift to Performance equity Chemicals Power, fuel cost, method etc. etc.
Slide 12: Segment Information: Petroleum
Segment Information [Petroleum] YoY-¥119.2bn (FY21：¥136.5bn ➡ FY22：¥17.3bn) [Y-o-y change in Petroleum [Trends in Domestic Petroleum Product Margin*] sales volume (core products)] *Average margin of gasoline, diesel oil, kerosene, and heavy oil A (domestic spot –crude oil) (YoY) 101.2% 106.5% 100.6%
Slide 13: Segment Information: Chemicals, Materials, Power
Segment Information [Basic Chemicals] YoY＋¥1.9bn (FY21: ¥8.2bn ➡ FY22: ¥10.1bn) ✓ PX and MX: Product margins improved due to tighter supply/demand balance ✓ Partially offset by reduced sales volume and increased fuel costs [USD/ton] Product FY2021 FY2022 Change Price Margin Price Margin Price Margin
Slide 14: Segment Information: Oil E&P and Coal
Segment Information [Oil E&P] YoY -¥5.9 bn [Coal] YoY +¥155.8 bn (FY21：¥38.7bn ➡ FY22：¥32.8 bn) (FY21：¥42.3bn ➡ FY22：¥198.1 bn) <Crude Oil Production Volume <Coal Production Volume and Brent Crude Oil Price Trends> and Australian Coal Spot Price Trends> [Thousand BOE] [USD/bbl] [Thousand tons] [USD/
Slide 15: Balance Sheet
Balance Sheet [¥ billions] 3/31/2022 3/31/2023 Change 3/31/2022 3/31/2023 Change Total Current Cash and Deposits 140.3 105.2 (35.1) Liabilities 2,061.3 2,164.0 +102.7 Receivables, Total Fixed Inventory, etc. 2,227.8 2,626.9 +399.1 Liabilities 1,103.4 1,072.1 (31.3) Total Current Assets 2,368.1 2,732
Slide 16: Statement of Cash Flows
Statement of Cash Flows [¥ billions] Cash Flows from Operating Activities (32.8) Net Income before tax 348.3 Depreciation Expense 113.9 Change in Working Capital (209.4) Other (285.6) Cash Flows from Investing Activities 70.1 Purchase of tangible fixed assets (85.6) Other 155.7 Cash Flows from Finan
Slide 17: Results for the mid-term management plan (FY2020-22)
◼Results for the mid-term management plan (FY2020-22) 17
Slide 18: Profits, Capital Efficiency, Total Return Ratio (FY2020-22)
Profits, Capital Efficiency, Total Return Ratio (FY2020-22) ✓ For FY2020-22, profits, ROIC, and ROE all exceeded medium-term plan targets FY2020-22 FY2020-22 [¥ billions] Change Medium-term Plan Actual Operating + Equity Income*1 410.0 561.8 +151.8 Net Income*1 220.0 362.4 +142.4 ROIC*1 (FY2022) 4.2
Slide 19: Cash Flows (FY2020-22)
Cash Flows（FY2020-22） ✓ Cash inflows increased to ¥1.1 trillion due to steady growth in net income and asset sales ✓ 3-year free cash flows increased to ¥690 bn, which was allocated to working capital, increased with soaring price of crude oil and depreciation of the yen, and shareholder returns The
Slide 20: Forecasts for FY2023
€& idemitsu @Forecasts for FY2023 # © Idemitsu Kosan Co, Ltd. All Rights Fi 20
Slide 21: Forecasts for FY2023
Forecasts for FY2023 ◼ Crude Oil/Coal/Exchange Rate [USD/bbl, USD/ton, JPY/USD] FY2022 FY2023 Change Crude Oil (Dubai) 92.5 80.0 (12.5) (13.5%) Crude Oil (Brent)* 101.2 85.0 (16.2) (16.0%) Australian Coal Spot Price* 360.2 170.0 (190.3) (52.8%) Exchange Rate (TTM) 135.5 130.0 (5.5) (4.0%) *Brent pri
Slide 22: Segment Information
Segment Information ◼ Operating ＋ Equity Income [¥ billions] medium- FY2023 FY2022 Change term plan (Forecast) FY2023 Petroleum 73.0 43.0 (30.0) (41.1%) 73.0 Excluding inventory impact 17.3 73.0 +55.7 +322.4% 73.0 Basic Chemicals 10.1 21.0 +10.9 +108.6% 21.0 Functional Materials 17.0 19.0 +2.0 +12.1
Slide 23: Segment Information
Segment Information ◼ Factors Affecting Operating + Equity Income [¥ billions] (excluding inventory impact, y-o-y) fuel cost, etc. Cost, etc. Vietnam Lubricants, Export etc. non-core Volume Power, products etc. Norway, margin etc. Volume core products margin Price Exchange rate, etc. Oil E＆P Coal (1
Slide 24: Segment Information: Petroleum, Chemicals
Segment Information [Petroleum] +¥55.7 bn (FY22: ¥17.3 bn ➡ FY23: ¥73.0 bn) ✓ Income will increase due to improved margins on non-core products and reduced fuel costs resulting from decreased oil prices ✓ Margins of core fuel products will remain flat y-o-y ✓ Export margins (particularly for jet and
Slide 25: Segment Information: Power, Oil E&P, Coal
Segment Information [Power/Renewable Energy] -¥0.5 bn (FY22: ¥0.5 bn ➡ FY23: ¥0.0 bn) ✓ Power business: will decrease in response to the one-time factor observed in the previous FY, despite profit contributions from initiatives done in the previous FY towards supply/sale of internally generated powe
Slide 26: Financial forecasts (Balance Sheet, Cash Flows)
Financial forecasts（Balance Sheet, Cash Flows) [¥billions] 3/31/2024 3/31/2024 Operating Cash Flows 396 Net Income 142 Current Assets 2,570 Liabilities 3,170 Depreciation Expense 135 Other 119 Fixed Assets 2,240 Net Assets 1,640 Investing Cash Flows (216) Strategic Investments (140) Total Liabilitie
Slide 27: Market valuation, cost of capital, return on capital, etc.
◼Market valuation, cost of capital, return on capital, etc. 27
Slide 28: Market Valuation
Market Valuation ■Market Valuation (1): 5-year Stock Performance [Indexed to April 2018] +70% +20% ▲30% Stock Price TOPIX Crude Oil ▲80% 2018年4月 April 2018 2019年4月 April 2019 2020年4月 April 2020 2021年4月 April 2021 2022年4月 April 2022 2023年4月 April 2023 2.0 2,500 ■Market Valuation (2): 5-year PBR Trend
Slide 29: Return on capital, cost of capital and Our Strategy
Return on capital, cost of capital and Our Strategy ■Return on Capital FY21 FY22 FY23 Forecast FY25 Target*1 FY30 Target*1 ROIC*2 6.8% 5.9% 4.6% 5.0% 7.0% ROE*3 9.2% 14.2% 7.4% 8.0% 10.0% 17 ■Cost 16 15 of Capital 14 FY22 ROE 13 12 11 10 9 FY21 ROE 8 FY21 ROIC 7 6 5 FY22 ROIC ~6% 4 3 ~4% 2 1 0 当社認識
Slide 30: Towards Achieving 7% ROIC in 2030
Towards Achieving 7% ROIC in 2030 ■Policy 1) Enhance return on capital 2) Expand new businesses from existing businesses that contribute to CN Maximize profits and Create new FY2030 target from existing NOPAT income businesses ROIC 7％ = Invested Business structure Reduce fossil capital fuel assets r
Slide 31: Key Initiatives towards Achieving FY25 Targets
Key Initiatives towards Achieving FY25 Targets (Operating + Equity Income) ◼ Summary ✓ FY2022 operating + equity income after adjustments for time-lag, coal prices, etc. was ¥155 billion ✓ Achieve ¥190 billion in the final FY of the medium-term plan through cost reductions in line with reduced petro
Slide 32: Reference
◼Reference *The icons on topics (from next page) related to progress in the medium-term plan shows business areas below Energy Diverse resource conservation Smart Yorozuya one step ahead /circulation solutions 32
Slide 33: Topics related to Progress in the Medium-term Plan (1/7)
Progress in the Medium-term Plan Topics related to Progress in the Medium-term Plan (1/7) ◼ Building of a SAF Supply Chain starting from plantation of non-edible oil feedstock trees (Pongamia pinnata) in Australia ✓ Secure raw materials for sustainable aviation fuel (SAF) that are less competitive w
Slide 34: Topics related to Progress in the Medium-term Plan (2/7)
Progress in the Medium-term Plan Topics related to Progress in the Medium-term Plan (2/7) ◼ MOU for strategic partnership with HIF Global, which manufactures synthetic fuels (e-fuels) in South America, North America, Australia, etc. ✓ Jointly consider procurement from overseas and domestic supply of
Slide 35: Topics related to Progress in the Medium-term Plan (3/7)
Progress in the Medium-term Plan Topics related to Progress in the Medium-term Plan (3/7) ◼ Recycling of used plastics as a raw material ~Decision to invest in a chemical recycling commercial production facility in Chiba~ ✓ Plastic processing capacity of 20,000 tons/year ✓ To be refined, degraded, a
Slide 36: Topics related to Progress in the Medium-term Plan (4/7)
Progress in the Medium-term Plan Topics related to Progress in the Medium-term Plan (4/7) ◼ Launched a feasibility study for manufacturing of Japanese clean hydrogen from waste, including municipal waste ✓ Collaboration with a North American fund* in which Idemitsu invests ✓ Contributes to reduction
Slide 37: Topics related to Progress in the Medium-term Plan (5/7)
Progress in the Medium-term Plan Topics related to Progress in the Medium-term Plan (5/7) ◼ Collaboration on the Establishment of a Blue/ Carbon-free Ammonia Supply Chain with KEPCO, Korea’s largest power generator ✓ Engaging in discussions on procurement, marine transport, supply ✓ Idemitsu is plan
Slide 38: Topics related to Progress in the Medium-term Plan (6/7)
Progress in the Medium-term Plan Topics related to Progress in the Medium-term Plan (6/7) ◼ The Katatsumuri Yama Power Plant (Yuzawa City, Akita Prefecture), under construction, was designated as an Important Power Development Site to be the first geothermal power plant by the Ministry of Economy, T
Slide 39: Topics related to Progress in the Medium-term Plan (7/7)
Progress in the Medium-term Plan Topics related to Progress in the Medium-term Plan (7/7) ◼ Recognized as a company that encourages women’s success and selected as a Nadeshiko Brand for the first time ✓ 17 companies including Idemitsu were selected by the Ministry of Economy, Trading and Industry (M
Slide 40: Financial Results: Net Sales by segment
Financial Results Financial Results ◼ Net Sales by segment [¥ billions] FY2021 FY2022 Change Petroleum 5,219.4 7,403.9 +2,184.4 +41.9% Basic Chemicals 563.5 666.9 +103.4 +18.3% Functional Materials 421.4 511.0 +89.6 +21.3% Power and Renewable Energy 138.3 197.1 +58.8 +42.5% Resources* 338.8 672.1 +3
Slide 41: Financial Results: Quarterly segment income (cumulative)
Financial Results Financial Results ◼ Quarterly segment income (cumulative, exc. inventory impact) [¥ billions] FY2021 FY2022 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Petroleum 29.6 45.1 73.7 136.5 57.4 61.1 1.2 17.3 Equity income 6.0 8.6 12.4 9.2 7.0 12.4 12.8 12.9 Basic Chemicals 6.7 10.9 7.6 8.2 8.1 14.2 11.4 10.
Slide 42: Financial Results: Quarterly segment income (Q on Q)
Financial Results Financial Results ◼ Quarterly segment income (Q on Q, exc. inventory impact) [¥ billions] FY2021 FY2022 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Petroleum 29.6 15.4 28.6 62.8 57.4 3.7 (59.9) 16.1 Equity income 6.0 2.6 3.8 (3.2) 7.0 5.4 0.4 0.1 Basic Chemicals 6.7 4.2 (3.3) 0.5 8.1 6.1 (2.8) (1.3) E
Slide 43: Sensitivity
Financial Results Sensitivity ◼ Major items affecting performance by changes in assumptions (FY2023) Revised Income Assumption Range of assumption Segment impact Major Factors Items fluctuation （FY2023） (¥ billions) Fuel cost, Crude oil price 80.0$/bbl ±10$/bbl ±12.0 time-lag Singapore ー ±5$/bbl Pet
Slide 44: Investments
Supplementary Investments Material [¥ billions] FY22 Results FY23 Forecast Strategic Maintenance Total Strategic Maintenance Total Existing Businesses 53.0 76.8 129.9 53.0 102.0 155.0 Business Structure ー ー ー 87.0 0.0 87.0 Reforms Total 53.0 76.8 129.9 140.0 102.0 242.0 * Amounts based on expenditur
Slide 45: Sales Volume: Petroleum
Volume Sales Volume ◼ Petroleum [thousand KL,％] FY 2021 FY 2022 Change Gasoline 12,711 12,870 +159 +1.3% Naphtha 266 374 +108 +40.7% Jet Fuel 1,729 2,366 +637 +36.8% Kerosene 3,920 3,701 (219) (5.6%) Diesel Oil 9,926 10,227 +302 +3.0% Heavy Fuel Oil A 3,267 3,286 +18 +0.6% Heavy Fuel Oil C 2,551 2,7
Slide 46: Sales Volume
Volume Sales Volume ◼ Basic Chemicals [kt,%] FY 2021 FY 2022 Change Basic Chemicals 3,744 3,428 (315) (8.4%) ◼ Functional Materials [KKL,kt,%] FY 2021 FY 2022 Change Lubricants 1,183 1,152 (31) (2.6%) Performance Chemicals 759 643 (116) (15.3%) *Lubricants include sales overseas ◼ Power/Renewable En
Slide 47: Production Volume
Volume Production Volume ◼ Resources (Oil E&P) [KBOED,%] FY 2021 FY 2022 Change Vietnam 10.5 17.1 +6.6 +62.6% Norway 23.3 15.6 (7.7) (33.1%) Total('000BOED) 33.8 32.7 (1.1) (3.3%) Total('000BOE) 12,351 11,944 (407) (3.3%) *The numbers reflect our rights and ownership ratios based on our equity share
Slide 48: Sales Volume (Forecasts)
Volume Sales Volume(Forecasts) ◼ Petroleum [KKL,％] FY 2022 FY 2023 Change Gasoline 12,870 12,700 (170) (1.3%) Naphtha 374 210 (164) (43.9%) Jet Fuel 2,366 2,330 (36) (1.5%) Kerosene 3,701 3,720 +19 +0.5% Diesel Oil 10,227 10,530 +303 +3.0% Heavy Fuel Oil A 3,286 3,230 (56) (1.7%) Heavy Fuel Oil C 2,
Slide 49: Sales Volume (Forecast)
Volume Sales Volume(Forecast) ◼ Basic Chemicals [kt,%] FY 2022 FY 2023 Change Basic Chemicals 3,428 3,780 +352 +10.3% ◼ Functional Materials [KKL,kt,%] FY 2022 FY 2023 Change Lubricants 1,152 1,220 +68 +5.9% Performance Chemicals 643 720 +77 +12.0% *includes sales overseas ◼ Power/Renewable Energy [
Slide 50: Production Volume (Forecasts)
Volume Production Volume(Forecasts) ◼ Resources (Oil E&P) [KBOED,%] FY 2022 FY 2023 Change Norway 17.1 16.2 (1.0) (5.6%) Vietnam 15.6 12.8 (2.8) (18.2%) Total('000BOED) 32.7 28.9 (3.8) (11.6%) Total('000BOE) 11,944 10,555 (1,389) (11.6%) *The numbers reflect our rights and ownership ratios based on
Slide 51: Crude Oil Prices (Dubai and Brent)
Crude price Crude Oil Prices(Dubai and Brent) [USD/bbl] 130 Brent Dubai 110 90 70 50 30 10 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22 51
Slide 52: Gasoline-Crude Oil (Domestic spot price and spread)
Product market price Gasoline-Crude Oil(Domestic spot price and spread) [Price :JPY/L] [Spread：JPY/L] 140 25 120 20 100 15 80 60 10 40 Spread 5 20 Crude oil Gasoline 0 0 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22 52
Slide 53: Diesel-Crude Oil (Domestic spot price and spread)
Product market price Diesel-Crude Oil(Domestic spot price and spread) [Price :JPY/L] [Spread：JPY/L] 140 25 120 20 100 15 80 60 10 40 Spread 5 20 Crude oil Diesel oil 0 0 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22 53
Slide 54: Gasoline-Crude Oil (Singapore spot price and spread)
Product market price Gasoline-Crude Oil(Singapore spot price and spread) [Price :USD/bbl] [Spread：USD/bbl] 160 40 Spread 140 35 Dubai Gasoline 30 120 25 100 20 80 15 60 10 40 5 20 0 0 -5 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22 54
Slide 55: Diesel-Crude Oil (Singapore spot price and spread)
Product market price Diesel-Crude Oil(Singapore spot price and spread) [Price :USD/bbl] [Spread：USD/bbl] 180 70 Spread 160 Dubai 60 Diesel Oil 140 50 120 100 40 80 30 60 20 40 10 20 0 0 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22 55
Slide 56: Para-Xylene, Mixed Xylene-Naphtha
Product market price Para-Xylene, Mixed Xylene-Naphtha (price and spread) [Price :USD/ton] [Spread：USD/ton] 1,400 700 PX spread Mx spread Naptha 1,200 PX MX 600 1,000 500 800 400 600 300 400 200 200 100 0 0 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22 56
Slide 57: Styrene Monomer-Naphtha
Product market price Styrene Monomer-Naphtha (price and spread) [Price :USD/ton] [Spread：USD/ton] 1,600 900 SM spread Naptha SM 1,400 800 700 1,200 600 1,000 500 800 400 600 300 400 200 200 100 0 0 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22 57
Slide 58: Operational Data
Operation Operational Data ◼ Refineries Utilization FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 Idemitsu 88% 88% Kosan 87% 78% 77% 83% Former 88% 93% Showa Shell *on BCD basis ◼ Number of Service Stations FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 Idemitsu 3,545 3,501 3,446 3,426 3,382 3,358 Kosan Form
Slide 59: Overview of the Company
Business Overview Overview of the Company FY2022, actual or as of the end of March 2023 ∎ Petroleum Segment ∎ Functional Materials Segment Refining Capacity 945 KBD *1,2) (Lubricants, Performance Chemicals, Electronic Domestic fuel oil sales volume Materials, Bitumen (High Performance Asphalt),
Slide 60: Petroleum Segment
Business Overview Petroleum Segment as of the end of March 2023 [KB/D] Operating Refining Refinery RH FCC RFCC FLG Equity Ratio Company Capacity Japan Idemitsu Hokkaido 150 42 33 Kosan Chiba 190 40 45 Aichi 160 60 50 Showa Yokkaichi Yokkaichi 255 45 61 75.0% Sekiyu Toa Oil Keihin 70 42 27 100.0% Sei
Slide 61: Basic Chemicals Segment
Business Overview Basic Chemicals Segment as of the end of March 2023 [mil tons/year] Production Capacity for core products Operating Company Complex/Factory/Refinery Styrene Equity Ratio Ethylene Para-Xylene Mixed Xylene Monomer Japan Idemitsu Kosan Chiba 0.374 0.265 0.210 Aichi 0.357 0.170 Tokuyam
Slide 62: Functional Materials Segment
Business Overview Functional Materials Segment Lubricants Performance Chemicals ◆Product categories ◆Product categories ・Automotive lubricants (engine oil, etc.) ・Engineering plastics, adhesives materials, derivative ・Grease products, solvents and functional materials ・Industrial lubricants (hydraul
Slide 63: Functional Materials Segment
Business Overview Functional Materials Segment Electronic Materials Bitumen (High Performance Asphalt) ◆Product categories ◆Asphalt manufacturer which aims to develop state-of-the-art ・Organic EL materials technologies ・Display semiconductor materials etc. ・Recycling, longer life, carbon neutrality
Slide 64: Power / Renewable Energy Segment
Business Overview Power /Renewable Energy Segment Stake Owned Power generation capacity* Power Category Power Plant Operating Company (%) (10,000 KW) Solar 34 domestic locations Idemitsu, other ー 18.7 Biomass Keihin Biomass Power Plant (Kanagawa) Keihin Biomass Power 100 4.9 Tosa Power Plant (Kochi)
Slide 65: Resources Segment (Gas and Oil E&P)
Business Overview Resources Segment (Gas and Oil E&P) Business Overview Production Oil/Gas Reserves 1. Producing and selling crude oil/gas in Vietnam and Norway ◆Reserves *2,3 [million BOE] 2. Exploration and development of gas in Vietnam and other 150 parts of Southeast Asia to shift to production
Slide 66: Resource Segment (Coal)
Business Overview Resource Segment (Coal) Business Overview Business Structure Reforms [Business Strategy] ◆Idemitsu Green Energy Pellets (black pellets) ◆Stable supply and profit maximization by leveraging the highly competitive Boggabri Mine ・CO2 emissions can be reduced by replacing coal with ◆En
Slide 67: Precaution statement about forecasts
Precaution statement about forecasts Any information about forecasts for the Company’s operating results, management strategy and management policy contained in this documents other than historical facts is prepared, according to judgments made by the top management of the Company based on informati