Idemitsu Kosan : Consolidated Financial Statements with Independent Auditor’s Report (cfs 2024)

Consolidated Financial Statements

Year ended March 31, 2025 with Independent Auditor's Report

CONSOLIDATED BALANCE SHEET

Idemitsu Kosan Co., Ltd. and Consolidated Subsidiaries March 31, 2025

Millions of Yen

Millions of

U.S. Dollars (Note 1)

		2024	2025	2025
ASSETS
Current assets:
Cash and cash equivalents (Note 19)		¥136,900	¥164,251	$1,098
Notes and accounts receivable, trade (Note 19)		919,011	817,349	5,466
Inventories (Note 5)		1,377,865	1,266,953	8,473
Accounts receivable, other (Note 19)		308,130	298,776	1,998
Other (Notes 19 and 20)		181,532	106,155	709
Less: Allowance for doubtful accounts		(6,595)	(3,628)	(24)
Total current assets		2,916,843	2,649,858	17,722
Property, plant and equipment (Notes 6, 8, and 18):
Buildings and structures		239,549	237,092	1,585
Machinery and equipment		260,317	258,139	1,726
Land (Note 7)		751,345	736,655	4,926
Construction in progress		23,150	55,220	369
Other		88,217	86,916	581
Total property, plant and equipment		1,362,581	1,374,024	9,189
Intangible fixed assets:
Goodwill		131,228	124,348	831
Other		140,798	130,231	870
	Total intangible fixed assets	272,027	254,580	1,702
Investments and other assets:
Investments in securities (Notes 4 and 19)		23,863	19,666	131

Investments in nonconsolidated subsidiaries and affiliates (Notes 4 and 19)

242,451 286,097 1,913

Long-term loans receivable(Note 19)	43,524	56,490	377
Guarantee deposits	20,374	19,254	128
Long-term prepaid expenses	16,415	16,229	108
Exploration and development expenditures	2,953	2,972	19
Deferred tax assets (Note 16)	14,410	15,946	106
Other	132,084	134,594	900
Less: Allowance for doubtful accounts	(35,234)	(54,130)	(362)
Total investments and other assets	460,844	497,122	3,324

Total assets ¥5,012,295 ¥4,775,586 $31,939

	Millions of Yen		Millions of U.S. Dollars (Note 1)
	2024	2025	2025
LIABILITIES AND EQUITY
Current liabilities:
Notes and accounts payable, trade (Note 19)	¥793,760	¥824,413	$5,513
Short-term borrowings (Notes 9 and 19)	356,159	392,384	2,624
Commercial paper (Notes 9 and 19)	225,971	166,853	1,115
Current portion of long-term debt (Notes 9 and 19)	97,255	117,258	784
Accounts payable, other (Note 9)	479,783	426,313	2,851
Income taxes payable	56,942	9,793	65
Accrued bonuses to employees	16,677	16,706	111
Other (Notes 9, 19, and 20)	165,948	143,684	960
Total current liabilities	2,192,498	2,097,407	14,027
Long-term liabilities:
Long-term debt (Notes 9 and 19)	619,056	519,879	3,476
Deferred tax liabilities (Note 16)	39,412	53,175	355
Deferred tax liability related to land revaluation (Notes 7 and 16)	84,840	92,878	621
Liability for employees' retirement benefits (Notes 2(U) and 10)	51,793	49,064	328
Reserve for repair work	81,997	91,117	609
Provision for losses related to contracts	-	10,106	67
Asset retirement obligations (Note 11)	26,815	40,013	267
Other (Notes 19 and 20)	103,348	84,242	563
Total long-term liabilities	1,007,265	940,478	6,289
Total liabilities	3,199,763	3,037,886	20,317
Contingent liabilities (Note 12)
Equity (Note 13):
Shareholders' equity:
Common stock:	168,351	168,351	1,125
Authorized, 2,180,000,000 shares and issued, 1,392,642,290 shares in 2024
Authorized, 2,180,000,000 shares and issued, 1,358,078,690 shares in 2025
Capital surplus	390,341	354,693	2,372
Retained earnings	1,037,716	1,111,225	7,431
Treasury stock-at cost, 13,602,310 shares in 2024 and 133,441,170 shares in 2025	(11,006)	(139,690)	(934)
Total shareholders' equity	1,585,403	1,494,580	9,995
Accumulated other comprehensive income (loss):
Surplus from land revaluation (Note 7)	155,282	137,848	921
Deferred losses on hedges (Notes 17 and 20)	(4,255)	(1,014)	(6)
Unrealized gains on available-for-sale securities	5,918	4,184	27
Foreign currency translation adjustments	31,652	51,873	346
Defined retirement benefit plans	25,895	32,896	220
Total accumulated other comprehensive income	214,492	225,788	1,510
Noncontrolling interests in consolidated subsidiaries	12,636	17,330	115
Total equity	1,812,531	1,737,699	11,621
Total liabilities and equity	¥5,012,295	¥4,775,586	$31,939
See notes to consolidated financial statements.

CONSOLIDATED STATEMENT OF INCOME

Idemitsu Kosan Co., Ltd. and Consolidated Subsidiaries Year ended March 31, 2025

Millions of Yen

Millions of

U.S. Dollars (Note 1)

	2024	2025 2025
Net sales (Note 23)	¥8,719,201	¥9,190,225 $61,464
Cost of sales (Note 5)	7,872,080	8,500,812	56,854
Gross profit	847,121	689,412	4,610
Selling, general, and administrative expenses (Note 14)	500,804	527,226	3,526
Operating income	346,316	162,185	1,084
Non-operating income (expenses): Interest income	16,032	17,085	114

Equity in earnings of nonconsolidated subsidiaries and affiliates, net

16,720 22,604 151

Gain on foreign exchange, net	17,019	20,120	134
Dividend income	4,233	4,922	32
Interest expense	(20,253)	(16,731)	(111)
Subsidy income	2,156	2,075	13
Gain on sales of fixed assets	7,655	7,664	51
Gain on sales of investments in securities	3,746	70	-

Gain on reversal of loss on valuation of shares of subsidiaries and affiliates

- 3,239 21

Gain on sales of shares of subsidiaries and affiliates	379	-	-
Impairment loss on fixed assets (Note 8)	(10,619)	(27,219)	(182)
Loss on sales of fixed assets	(514)	(3,464)	(23)
Loss on disposals of fixed assets	(6,842)	(10,292)	(68)
Loss on valuation of investments in nonconsolidated subsidiaries and affiliates	(3,285)	(804)	(5)
Loss on transfer of business	(4,818)	-	-
Provision of allowance for doubtful accounts	(41,095)	(12,870)	(86)
Provision for losses related to contracts	-	(10,328)	(69)
Other, net (Note 2(Y))	(77)	105	0
Non-operating income (expenses), net	(19,562)	(3,824)	(25)
Income before income taxes	326,754	158,361	1,059
Income taxes - Current (Note 16)	102,420	51,234	342
- Deferred (Note 16)	(2,509)	5,114	34
Total income taxes	99,911	56,349	376
Net income	226,843	102,011	682
Net loss attributable to noncontrolling interests	(1,675)	(2,043)	(13)
Net income attributable to owners of the parent	¥228,518	¥104,055	$695
Basic net income per share (in yen and dollars) (Notes 2(V) and 21)	¥161.32	¥77.83	$0.52

See notes to consolidated financial statements.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Idemitsu Kosan Co., Ltd. and Consolidated Subsidiaries Year ended March 31, 2025

Millions of Yen

Millions of

U.S. Dollars (Note 1)

	2024	2025	2025
Net income	¥226,843	¥102,011		$682
Other comprehensive income (Note 17)
Unrealized gains (losses) on available-for-sale securities	2,282	(2,055)	(13)
Deferred gains on hedges	38	1,996	13
Surplus from land revaluation	940	(10,915)	(73)
Foreign currency translation adjustments	34,109	7,008	46
Defined retirement benefit plans	13,229	6,977	46
Share of other comprehensive income in associates	4,101	3,295	22
Total other comprehensive income	54,701	6,307	42
Comprehensive income (Note 17)	¥281,544	¥108,319	$724
Total comprehensive income attributable to (Note 17):
Owners of the parent	¥282,899	¥110,281	$737
Noncontrolling interests	(1,354)	(1,962)	(13)

See notes to consolidated financial statements.