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Annual Report 2015 PETROCHEMICAL BUSINESS WIND POWER GENERATION BUSINESS

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Annual Report 2015 PETROCHEMICAL BUSINESS WIND POWER GENERATION BUSINESS What sets COSMO Energy Group apart? OIL EXPLORATION AND PRODUCTION BUSINESS PETROLEUM BUSINESS • The Cosmo Oil Company spun off its oil E&P business • Crude oil production volume: 38,031 barrels/day Total Refi ning Capacity (Barrels/day) Marketing Structure by Petroleum Products Features and established Cosmo Energy Exploration & • Crude Reserves Estimate: Total proved and probable • Chiba Refi nery 220,000 Petroleum Product SSs Companies Overseas in Japan in Japan Export Production Co., Ltd. reserves: 167.6 million barrels • Yokkaichi Refi nery 132,000 LP gas © • Announced details of an oil reserves assessment • Reserves-to-production ratio of total proved and • Sakai Refi nery 100,000 • Signed a memorandum of agreement in relation to probable reserves: Approx. 26 years Gasoline © v Total 452,000 strategic comprehensive cooperation with Compañía • New Hail Oil Field: Production scheduled to com- Naphtha © Española de Petróleos, S.A.U. (CEPSA), a major mence from the second half of fi scal 2016. The • Established a joint organization called Keiyo Seisei JV G.K. Kerosene © © integrated oil company based in Spain new Hail Oil Field is expected to produce roughly with TonenGeneral Sekiyu K.K. in January 2015 in order to Jet fuel © v • Cosmo Energy Exploration & Production sold part of the same amount as the other current existing oil increase effi ciency and optimize operations at respective Diesel fuel © © refi neries in Chiba. its stake in the newly established Cosmo Abu Dhabi fi elds of Abu Dhabi Oil Company. Heavy fuel oil A © • Took steps to strengthen competitiveness and decided to Energy Exploration & Production Co., Ltd. Heavy fuel oil C © enter into a business alliance with the Showa Shell Sekiyu to CEPSA as a part of efforts to Asphalt © 1 100% IPIC* Group with respect to the Yokkaichi Refi nery. reinforce and expand strategic Strategic Comprehensive Please see of * Companies in Japan: major electric companies, airlines, and Cooperation 20.7% ̈ • Jointly established Gyxis Corporation as a leading LP partnerships and to acquire new share held page 18 other companies concession areas CEPSA Cosmo Oil gas distributor in Japan in April 2015 with three other 100% companies by combining LP gas businesses. 20% Cosmo Energy Exploration & Production Refi nery Capacity Utilization Rates (%) 80% 75% 45% 53% Cosmo Abu Dhabi Energy QPD*2 UPD*3 Cosmo Oil Ashmore Fiscal 2013 Fiscal 2014 Fiscal 2015 Exploration & Production 70% 84% 83% (estimate) *1 Principal shareholder 64.1% *2 Qatar Petroleum Development Co., Ltd. *3 United Petroleum Development Co., LTD. ADOC*4 *4 Abu Dhabi Oil Co., Ltd. Crude Oil CIF Prices (April 2005 – March 2015) Outlook for Global Demand for Petroleum Products Outlook for Demand for Petroleum Products in Japan (US$/barrel) OECD countries Non-OECD countries (Million barrels/day) (Million barrels/day) 150 120 International marine bunkers 6 120 80 4 90 40 2 60 30 0 0 Market Environment Market (CY) 1990 ’13 ’20 ’25 ’30 ’35 ’40 (CY) 1990 ’13 ’20 ’25’30 ’35 ’40 0 ‘05 ‘15 (CY) Apr.–Dec. ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 Jan–Mar Source: IEA “World Energy Outlook 2014” Source: IEA “World Energy Outlook 2014” Ordinary Income (Loss) Excluding the Impact of Inventory Valuation Net Sales Net Sales Ordinary Income (Loss) Excluding the Impact of • Both demand and the prices of petroleum products slumped in Japan Inventory Valuation, Net Income (Loss) • When excluding the loss on inventory valuation attributable to the (Billion of yen) • The price of crude oil suddenly dropped due to the relaxation of (Billions of yen) drop in crude oil prices of ¥116.1 billion, ordinary income improved 4,000 supply and demand 100 substantially compared with the previous year • Turning to foreign currency exchange markets, the yen ended the 66.5 Net Income (loss) 3,000 3,035.8 50 fi scal year at around ¥120 per U.S. dollar. The U.S. dollar remained • The Company recorded a net loss due to such factors as the loss on 2,000 strong and the yen weak due mainly to the implementation of 0 inventory valuation additional monetary easing policies by the Bank of Japan and signs 1,000 of an increase in interest rates triggered by the economic recovery in -50 the U.S. 0 -100 -77.7 Consolidated Financial Highlights Consolidated Financial (FY) ’09 ’10 ’11 ’12 ’13 ’14 (FY) ’09 ’10 ’11 ’12 ’13 ’14 { { Ordinary income (loss) excluding the impact of inventory valuation { { Net income (loss) 02 Cosmo Oil Co., Ltd. Annual Report 2015 PETROCHEMICAL BUSINESS WIND POWER GENERATION BUSINESS Fiscal 2014 Composition of Petroleum Product Sales Manufactured Chemicals and Production Capacity Main Wind Power Generation Sites Operated by EcoPower Selling volume in Japan 30.0% • Electricity generated by 145 wind mills at 22 sites throughout Japan Barter deal, others 9,710 21,739 Maruzen Petrochemical Co., Ltd. (As of March 2015) Ethylene: 1,290,000 Fiscal 2014 Selling Volume 20.7% (Tonnes/year) Benzene: 600,000 • Total generation capacity: 182,510 kW Sales Volume in Japan IPIC Cosmo Oil Co., Ltd. Mixed xylene: 70,000 • Share in Japan: approximately 6% (Thousand kiloliters) (Thousand kiloliters) • Ranks 4th in terms of generation capacity Total 35,723 Total 21,739 Yokkaichi Refinery 35.0% 10.0% Export 4,273 Mixed xylene: 300,000 65.0% (Including bond sales) • Plans to further upgrade and expand capacity by CM Aromatics Co., Ltd. approximately 50,000 kW by the end of FY2017 { Gasoline { Naphtha Mixed xylene: 270,000 Number of Cosmo Smart B-Cle*1 { Kerosene { Jet fuel { Diesel fuel { Heavy fuel oil C MOU in relation to the Strategic 100.0% Contracts (Cumulative Total) { Heavy fuel oil A Cooperation of Oil Business Cosmo Matsuyama Oil Co., Ltd. (Units) 100,000 Benzene: 90,000 Mixed xylene: 30,000 80,000 Please see ̈ 50.0% 60,000 pages 21-22 Hyundai Oilbank Co., Ltd. Hyundai Cosmo Petrochemical Co., Ltd. (HCP) 40,000 50.0% Para-xylene: 1,180,000 20,000 Benzene: 250,000 0 *2 *1 Consumer car leasing business 2013 2014 (FY) Results Results 2017 Forecast *2 Revised from original forecast Number of Service Stations in Japan Number of Self-Service Gasoline Stations Global Demand for Para-xylene TrendsTrends in in Wind Wind Power Power Generation Generation Capacity Capacity (Cumulative) (Cumulative) in in Japan Japan 1,031 Cumulative Capacity (1,000 kW) 3,133 Breakdown of Asia Cosmo Energy Group Global Total Asia Total 3,000 Cosmo Energy Group China India Service Stations Self-Service Stations Self-Service Demand FY2012 31.6 24.9 12.0 2.3 2,000 Service Stations Self-Service Station Ratio in Japan Stations (Millions of tonnes) FY2018 45.8 38.2 24.0 4.5 (As of March 31, 2015) (As of March 31, 2015) Cosmo Energy 1,000 33% Increase 9,530 Group FY2012-2018 14.2 13.2 12.1 2.2 33,510 (Millions of tonnes) 0 Nationwide 28% Rate of Growth (%) FY2012-2018 6.4 7.3 12.3 11.7 (FY) ’01 ’06 ’10 ’11 ’12 ’13 ’14 Released by: The Oil Information Center of Japan’s Ministry of Economy, Trade and Industry (METI) Source: “Forecast of Global Supply and Demand Trends for Petrochemical Products” issued by Japan’s Ministry Source: Japan Wind Power Association of Economy, Trade and Industry (April 2014) Net Assets Excluding Minority Interests, ROE Total Assets , ROA Capital Expenditures, Cash Dividends per Share Depreciation and Amortization (Billions of yen) (%) (Billions of yen) (%) (Billions of yen) (Yen) 500 15 2,000 10 100 8 400 0 80 1,500 5 * Depreciation and amortization includes recovery of 6 1,428.6 70.4 recoverable accounts under production sharing. In FY2011 300 -15 60 1,000 0 and FY2012, depreciation and amortization also includes 4 200 167.2 -30 40 depreciation applicable to fi xed assets idled as a result of -39.0 32.4 the fi re at the Chiba Refi nery caused by the Great East 500 -5.0 -5 2 100 -45 20 Japan Earthquake. 0 -60 0 -10 0 0 0.0 { { Capital expenditures (FY) ’09 ’10 ’11 ’12 ’13 ’14 (FY) ’09 ’10 ’11 ’12 ’13 ’14 (FY) ’09 ’10 ’11 ’12 ’13 ’14 { { Depreciation and amortizations (FY) ’09 ’10 ’11 ’12 ’13 ’14 Cosmo Oil Co., Ltd. Annual Report 2015 03 A Roadmap for Achieving Our Long-Term Vision Actual Results 01 Actual Results 02 Overview Further Strengthening Enhancing the Competitiveness Upstream Business of the Refi nery Business b Boasting a High Level of Competitiveness b Strategic Moves to Become Top-ranked Refi neries in Japan in the Oil E&P Business ̈Cosmo Oil and TonenGeneral Sekiyu K.K. established Keiyo Seisei JV G.K., a joint organization, in ̈Cosmo Oil and Compañía Española de Petróleos, S.A.U. (CEPSA), a January 2015. Plans are in place for the construction of pipelines linking the adjacent refi neries of Spain-based integrated oil company and wholly owned subsidiary each company. This initiative is a part of efforts to integrate management and operations of both of the International Petroleum Investment Company (IPIC), signed Cosmo Oil’s and TonenGeneral Sekiyu K.K.’s oil refi ning facilities in Chiba. After integrating the a memorandum of agreement in relation to strategic comprehen- refi ning facilities of both groups, Keiyo Seisei JV G.K. will then take steps to dispose of Cosmo sive cooperation in January 2014. Later in November 2014, steps Oil’s No. 1 topping unit while working to streamline operations and increase effi ciency. Synergies were taken to establish Cosmo Abu Dhabi Energy Exploration & exceeding ¥10.0 billion are expected for both groups. Furthermore, the Group and Showa Shell Production Co., Ltd.
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