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| Notice for change of the FY 2004 1st half forecasts |
| 27/07/2004 |
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Based on the recent business trend, Showa Shell announces the changes of the 1st half forecasts publicized on 14th May 2004 when the 1st quarter 2004 results were released. |
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Note
1. Change of the FY 2004 1st half forecasts (1st Jan 2004 to 30th Jun 2004)
| | Sales Proceeds | Ordinary Profit | 1H NIAT |
|---|
| Previous Estimation (A) | 850,000 | 12,000 | 6,000 |
| Latest Estimation (B) | 877,000 | 21,000 | 12,000 |
| Difference (B-A) | 27,000 | 9,000 | 6,000 |
| Difference by ratio | 3.2% | 75.0% | 100.0% |
| (Reference) Results of the last period (1st half 2003) | 876,673 | 17,800 | 9,301 |
(2) Change of the unconsolidated forecasts
| | Sales Proceeds | Ordinary Profit | 1H NIAT |
|---|
| Previous Estimation | 820,000 | 11,000 | 6,000 |
| Latest Estimation | 846,000 | 20,000 | 12,000 |
| Difference (B-A) | 26,000 | 9,000 | 6,000 |
| Difference by ratio | 3.2% | 81.8% | 100.0% |
| (Reference) Results of the last period (1st half 2003) | 846,962 | 16,999 | 9,347 |
(The reason of the change)
The consolidated ordinary profit of the 1st half 2004 is expected to be around ¥21billion which is ¥9 billion higher than the previous forecast publicized on 14th May 2004.
During the 1st half of 2004, in particular the 2nd quarter, SSSKK suffered the time-lag effect in reflecting rapidly increasing crude oil prices on to the product sales prices, though the weighted average stock valuation largely restricted the increase in cost of oil.
As a result, the consolidated net income after tax of the 1st half 2004 is expected to be ¥12 billion, which is ¥6 billion higher than the previous forecast.
The consolidated ordinary profit based on the current cost of supply calculation, excluding the stock evaluation effect, is expected to be ¥9 billion.
The projected unconsolidated ordinary profit is expected to be around ¥20 billion, which is ¥9 billion higher than the previous forecast, and the corresponding 1st half of NIAT ¥12 billion, ¥6 billion higher than the previous forecast.
2. Forecasts for FY2004 (consolidated and unconsolidated)
Annual forecasts for 2004 are under review both for consolidated and unconsolidated bases.
| Reference for 1st half 2004 |
| | Previous | Latest | Difference |
Results of 1st half 2003 |
|---|
| Exchange Rate (Yen/$) | 110.0 | 108.3 | -1.7 |
119.1 |
| Crude FOB ($/BBL) | 27.1 | 31.5 | 4.4 |
27.4 |
| Crude FOB (Yen/KL) | 18,738 | 21,477 | 2,739 | 20,495 |
(Note)
These forecasts possibly differ from actual results because they are estimated based on the information available at present with variable uncertainties.
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