Summary of Consolidated Full Year Results for 2011

(English Translation)
Summary of Consolidated Full Year Results for 2011 14 January 2012
Listed Company Name: Showa Shell Sekiyu K.K. Listed Stock Exchange: Tokyo Stock Exchange 1st Section
Code number: 5002 (URL http://www.showa-shell.co.jp/)
Delegate: Title: President, Representative Director Name: Jun Arai
Contact: Title: Controller, Executive Officer Name: Tsutomu Yoshioka Phone:(03) 5531-5591
Date of annual shareholders meeting : 29 March 2012 Expected date of dividend payment: 30 March 2012
Expected date of security report submission: 29 March 2012
Supporting material for full year results: Applicable
Full year results briefing: Applicable (For analysts and institutional investors)
(Note) Fractions of one million yen are rounded off.
1. Consolidated Financial Results for Full Year 2011 (From 1 January 2011 to 31 December 2011)
(1) Consolidated Business Results (Note) Percentages represent changes from previous year.
Sales Operating income Ordinary income Net income
Million Yen % Million Yen % Million Yen % Million Yen %
Full year 2011 2,771,418 18.1 60,288 64.3 61,807 46.6 23,110 44.8
Full year 2010 2,346,081 16.0 36,701 - 42,148 - 15,956 -
(Note) Comprehensive income: Dec. 2011 ¥23,562M(44.4%) Dec. 2010 ¥16,322M(-%)
Earnings per share
Yen
Diluted earnings per
Share
Yen
Net income to net assets
(excl. minority interests)
%
Ordinary income
to total assets
%
Operating income
to sales
%
Full year 2011 61.36 - 9.3 5.1 2.2
Full year 2010 42.37 - 6.7 3.6 1.6
(Note) Equity in net earnings of affiliates: Dec. 2011 ¥1,804M Dec. 2010 ¥711M
(2) Consolidated Financial Position
Total assets Net assets
Net assets(excl. minority
interests) to total assets
Net assets (excl. minority
interests) per share
Million Yen Million Yen % Yen
Full year 2011 1,208,442 279,152 21.2 679.37
Full year 2010 1,193,149 263,006 20.1 637.78
(Note) Net assets (excl. minority interests) : Dec. 2011 ¥255,865M Dec. 2010 ¥240,204M
(3) Consolidated Cash Flow Position
Cash flow from
operating activities
Cash flow from
Cash flow from
investing activities financing activities
Million Yen Million Yen Million Yen Million Yen
Full year 2011 50,551 (24,560) (31,159) 14,466
Full year 2010 89,836 (82,510) (8,671) 19,746
2. Dividends
As of 31
Mar.
Cash dividend per share
As of 30
Jun.
As of 30
Sep.
As of 31
Dec.
Total
Total
dividends
paid
Cash and cash equivalents
at end of period
Dividends
payout ratio
(Consolidated)
Dividends
on net assets
(Consolidated)
Yen Yen Million Yen % %
Full year 2010 - 9.00 - 9.00 18.00 6,780 42.5 2.9
Full year 2011 - 9.00 - 9.00 18.00 6,780 29.3 2.7
Full year 2012
(Forecast)
- 9.00 - 9.00 18.00 61.6
3. Forecast of Consolidated Financial Results for Full Year 2012 (from 1 January 2012 to 31 December 2012)
(Note) Percentages represent changes from previous year.
Sales Operating income Ordinary income Net income
Earnings per
Share
Million Yen % Million Yen % Million Yen % Million Yen % Yen
Interim 2012 1,300,000 (5.9) 13,000 (80.8) 13,000 (81.1) 4,000 (89.3) 10.62
Full year 2012 2,630,000 (5.1) 31,000 (48.6) 30,000 (51.5) 11,000 (52.4) 29.21

4. Others
(1) Important changes in scope of consolidated subsidiaries during the period : None
(2) Changes in accounting principles and procedures used in the preparation or in the presentation
of consolidated financial statements
(Items contained in “Changes in the basis of presenting consolidated financial statements”)
( I ) by new accounting standard : Applicable
( II ) by others : None
(Note) Please refer to “Changes in the basis of presenting consolidated financial statements” on page 23 for details.
(3) Number of shares issued (Common shares)
( I ) Number of shares issued
(Inc. treasury shares)
As of 31 Dec. 2011 : 376,850,400 As of 31 Dec. 2010 : 376,850,400
( II ) Number of treasury shares As of 31 Dec. 2011 : 226,299 As of 31 Dec. 2010 : 225,209
(III) Average number of shares As of 31 Dec. 2011 : 376,624,751 As of 31 Dec. 2010 : 376,626,724
【Reference】Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for Full Year 2011 (from 1 January 2011 to 31 December 2011)
(1) Non-consolidated Business Results (Note) Percentages represent changes from previous year.
Sales Operating income Ordinary income Net income
Million Yen % Million Yen % Million Yen % Million Yen %
Full Year 2011 2,631,231 18.6 79,557 117.1 83,227 108.2 2,184 (90.2)
Full Year 2010 2,203,807 16.2 36,650 - 39,977 - 22,399 -
Earnings per share Diluted earnings per share
Yen Yen
Full Year 2011 5.80 -
Full Year 2010 59.46 -
(2) Non-consolidated Financial Position
Total assets Net assets
Net assets(excl. minority
interests) to total assets
Net assets (excl. minority
interests) per share
Million Yen Million Yen % Yen
Full Year 2011 1,080,445 218,171 20.2 579.18
Full Year 2010 1,086,829 223,222 20.5 592.59
(Note) Net Assets (excl. minority interests) Dec. 2011 ¥218,171M Dec. 2010 ¥223,222M
2. Forecast of Non-consolidated Financial Results for Full Year 2012 (from 1 January 2012 to 31 December 2012)
(Note) Percentages represent changes from previous year.
Sales Ordinary income Net income
Earnings per
Share
Million Yen % Million Yen % Million Yen % Yen
Interim 2012 1,220,000 (6.8) 21,000 (72.1) 13,000 (72.9) 34.51
Full Year 2012 2,450,000 (6.2) 41,000 (50.7) 24,000 998.9 63.71
* Explanation regarding appropriate use of the forecast, other special instructions
Figures in the above forecast are based on currently available information, and includes various risks and uncertainty. Actual results could
differ from this forecast due to changes in economic conditions, market trends, exchange rate and other factors. Please refer to “Outlook for
2011” on page 4 for the details of this forecast of business performance.

〔 Supporting material 〕
Contents
1.Business results P.2
(1) Analysis of business results P.2
(2) Analysis of financial conditions P.5
(3) Basic policy for distributions of profits and dividend payments for the current period P.6
and next period
2. Scope of consolidation and equity associates P.7
3. Management policy P.8
4. Consolidated financial statements P.9
(1) Consolidated balance sheets P.9
(2) Consolidated statement of income and Consolidated statement of comprehensive P.11
income
(3) Consolidated statement of changes in shareholder’s equity P.14
(4) Consolidated statement of cash flows P.16
(5) Notes for premises of going concern P.18
(6) Basis of presenting consolidated financial statements P.18
(7) Changes in the basis of presenting consolidated financial statements P.23
(8) Notes to consolidated financial statements P.24
Notes to consolidated balance sheet P.24
Notes to consolidated statement of comprehensive income P.25
Notes to consolidated statement of changes in stockholder’s equity P.25
Notes to consolidated statement of cash flows P.26
Segment Information P.27
Information on per share data P.29
Significant subsequent event P.29
5. Non-consolidated financial statements P.30
(1) Non-consolidated balance sheets P.30
(2) Non-consolidated statement of income P.34
(3) Non-consolidated statement of changes in shareholder’s equity P.36
(4) Notes for premises of going concern P.39
6. Others P.39
(1) Appointment and retirement of directors P.39
(2) Others P.39
- 1 -

1.Business Results
(1) Analysis of business results
A. Business results for the current period
[Analysis of consolidated business results]
For the current fiscal year, the Japanese economy suffered from the continued uncertain outlook as it experienced a rapid
downturn due to effects of the Great East Japan Earthquake and, despite production and consumer spending recovery at the
midpoint of the year, saw slowing production and export growth in the second half mainly due to the overseas slowdown,
the higher yen, and floods in Thailand.
Dubai crude oil prices started at the 91-dollar per barrel level for the current fiscal year. It rose to around 120 dollars at end
of April before sharply declining to the 101-dollar level in May, however it returned to the 110-dollar level in July.
Subsequently, after temporally falling below 100 dollars in October, it turned to an upward trend again and closed at the
105-dollar-per-barrel level for the current fiscal year.
The exchange rate for Japanese yen to the U.S. dollar started at the 81-yen level for the current fiscal year and rapidly rose to
the 76-yen level immediately after the Great East Japan Earthquake. However, it sharply fell into the 85-yen level in April
through coordinated G7 intervention, etc. Then, the yen remained high due to weaker business sentiment in the U.S. and a
resumption of the European debt problem, and the rate hit a record high of 75.32 yen at the end of October. However, it
slightly declined through interventions of the government and the BOJ closing at the higher part of the 77-yen level for the
current fiscal year.
Under such a business environment, our group recorded consolidated sales of 2,771.4 billion yen, up 18.1% from the
previous year, mainly due to the effects of the higher prices of oil products. Looking at profit and loss, the group posted
consolidated operating income of 60.2 billion yen (an increase of 23.5 billion yen over the previous year) and consolidated
ordinary profit of 61.8 billion (an increase of 19.6 billion yen over the previous year). Contributors to this include increased
demand for heating fuels resulting from a cold wave at beginning of the year and a recovery in the oil product markets. The
elimination of the effects of inventory valuation, etc., would result in consolidated ordinary profit standing at 30.0 billion
yen (a decrease of 4.2 million yen over the previous year).
As for extraordinary profit and loss, the group recorded net loss of 5.0 billion yen partially because an impairment loss was
recognized for some production facilities of the solar cell business though a gain on disposal of real estate for property
letting business was posted. Consolidated net income before taxes stood at 56.7 billion yen (an increase of 20.4 billion yen
over the previous year). As a result, consolidated net income after income taxes, income tax adjustments, and minority
interest increased to 23.1 billion yen, an increase of 7.1 billion yen over the previous year.
The business results by segment are as follows.
(Billion Yen)
Petroleum Energy
Solution
Others * Consolidated
Sales 2,695.2 65.7 10.3 2,771.4
Oper ting income/(loss) 87.2 (28.8) 1.9 60.2
*Operating income in “Others” includes the other segment and internal trade.
Income by business segments reported are calculated based on operating income.
- 2 -

[Petroleum business]
In crude oil acquisition, we maintained the relationship with Saudi Aramco as the main supplier, coordinating other Middle
East oil producers and the Shell Group to carry out flexible crude oil acquisition in order to optimize the crude oil mix for
our refineries.
As for production and supply, we ensured safe and stable operations of the group refineries while striving for further cost
reductions and a higher ratio of high-value-added products in production volumes.
For the current fiscal year, we also closed the Ogimachi factory at the Keihin Refinery in September as scheduled in order to
deal with shrinking domestic demand. In relation to this, a terminal was newly constructed in Yokohama for the stable
supply of asphalt in August. Oil products were flexibly exported to improve utilization rates of oil refineries despite a
year-on-year decline resulting from responses to the Great East Japan Earthquake and the closing of the Ogimachi factory at
the Keihin Refinery.
As for domestic sales, we offered various products and services suited to customer needs in order to attract new customers
and increase repeat customers. For the current fiscal year, RAI-TEN, a coupon delivery service informing customers of
useful information on gas stations, was launched and the Shell multi-pad, a tablet terminal giving customers simple
explanations of products and services optimal to their cars with video, etc., was introduced. We also strived to increase
utilization of Ponta, a common point program customers can use at affiliated stores. This resulted in numbers of members
and partner companies of the point program increasing to about 39 million and 45 at the end of December, respectively.
Additionally, the public wireless LAN service SoftBank Wi-Fi Spot was further introduced so that customers can spend
waiting time more comfortably with the number of supported gas stations increasing to 1,428 at the end of December.
For the current fiscal year, the special kerosene for kerosene fan heaters produced with the Gas to Liquids (GTL)
technology, which permits us to compound liquidity fuels from natural gas, has been renamed “Shell heat clean.” The
product is sold online across the country through home delivery as well as at the counter of gas stations. The
over-the-counter sales network has been expanded to about 400 gas stations in 37 prefectures. In the effort to utilize biomass
fuels, we mix bio ethyl tertiary butyl ether (ETBE) and regular gasoline at the Keihin Refinery of TOA Oil Co., Ltd., to ship
the mixed products. It was decided that the mixing would also start at Yokkaichi Refinery of Showa Yokkaichi Sekiyu Co.,
Ltd., in 2013.
As a result, with regard to the oil business, sales amounted to 2,695.2 billion yen, an increase of 17.0% versus a year ago. As
for profit and loss, we posted an operating income of 87.2 billion yen, an increase of 41.6 billion yen versus a year ago. The
relevant consolidated ordinary income excluding the effects of inventory valuation was 55.4 billion yen, an increase of 17.7
billion yen versus a year ago. This figure is the highest ever since 2000, as we adopted current stock valuation method.
[Energy solution businesses]
In the solar cell business, the third Miyazaki plant (Kunitomi plant), which has the largest production capacity in Japan and
one of the largest production capacities in the world, started commercial production as scheduled, and all production lines
were launched in July. A system to supply high quality products worldwide has been constructed as the 150-watt CIS thin
film solar cell manufactured at the plant is proud of the highest conversion efficiency rate in the world as mass-produced
CIS solar cells.
With regard to sales, we aimed at further penetrating the Solar Frontier brand and actively conducted sales activities in
- 3 -

Japan and abroad with bases being located in Japan, Germany, and the U.S. In Japan, our products were installed in a solar
power generating facility in Tokyo Soramachi®, a commercial facility in Tokyo Sky Tree Town®, a power generating
facility for electric vehicles at Nissan global headquarters, and our products were also adopted by the project for the
diffusion and promotion of solar power generation in Ota City, Gunma Prefecture. Abroad, we have completed several
projects in Europe with Belectric (German-based), the world’s largest system integrator for solar power generation, and
expanded sales in the U.S., India, Thailand, and South Africa where demand is growing. At Farasan Island in Saudi Arabia,
the first national commercial solar power plant, which is operated by Saudi Electricity Company, has been constructed and
started generating electricity in July.
As for R&D, we promote further technology innovation at the Atsugi Research Center by renewing the world record for
energy conversion efficiency with a 30 cm square CIS solar cell sub-module.
With regard to the electric power business, Ogimachi Power Station, a high-efficiency natural gas-fired large power station
in which we have equity, ensured continued stable operations by meeting retail electricity demand as well as contributing to
a bridge for the gap between electricity supply and demand in the East Japan area by urgently supplying electricity to
general electric utilities.
The Energy Solution business segment, including the above-mentioned activities, reported sales of 65.7 billion yen (an
increase of 128.0% versus a year ago) and an operating loss of 28.8 billion yen (a decrease of 17.3 billion yen versus a year
ago).
[Other businesses]
Other business segment, which includes construction, sale of automobile accessories, office building lease business and
other various businesses, reported sales of 10.3 billion yen (a decrease of 21.7% versus a year ago) and an operating income
of 1.9 billion yen (a decrease of 0.7 billion yen versus a year ago) for the period.
B. Outlook for 2012
As for the outlook for 2012, we expect that the business environment will remain unchanged from the previous year while
anticipating another decrease in demand for oil products in Japan. We therefore estimate that consolidated net sales will be
2,630.0 billion yen.
Turning to profit and loss, while we estimate the streamlining effects of the Keihin Refinery Ohgimachi Factory closure, we
will encounter the severe market compared to previous year. In the solar cell business in energy solution segment, we
estimate product price will continue to fall, although we will enhance our sales network in Japan, as the introduction of
“purchase-all program of renewable energy” is expected to increase demand, and we will continue stable and efficient
production in our Miyazaki Third (Kunitomi) Plant, which started commercial production last year.
In consideration of the above, we estimate that consolidated ordinary income for the period will be 30.0 billion yen (41.0
billion yen on a nonconsolidated basis) and consolidated net income for the period will be 11.0 billion yen (24.0 billion yen
on a nonconsolidated basis). The above forecast is calculated on the assumption that crude oil price will be 100 dollars per
barrel and that the exchange rate will be 80 yen per dollar, and we will not calculate the effects of inventory valuation.
- 4 -

(2) Analysis of financial conditions
A. Balance sheet analysis
Consolidated total assets as of the end of the year were 1,280.4 billion yen, an increase of 15.2 billion yen compared with the
end of the previous year. This was mainly attributable to the increase in accounts receivables and inventories, which were
caused by the hike in crude oil prices. Consolidated net assets as of the end of the year were 279.1 billion yen, an increase of
16.1 billion yen compared with the end of the previous year. This was mainly attributable to positive factors, such as net
income for the current year exceeding negative factors like the interim and final dividend.
Consolidated total liabilities were 929.2 billion yen, a decrease of 0.8 billion yen compared with the end of the previous
year. This was chiefly due to decreases in interest-bearing liabilities. Short and long-term interest-bearing liabilities
(borrowings, CP, and bonds) were 278.3 billion yen, a decrease of 22.6 billion yen from the end of the previous year.
As a result, equity ratio at the end of the year was 21.2%. The net assets (excl. minority interests) per share based on the total
number of shares issued as of the end of the year were 679.37 yen, up from 637.78 yen for the previous year.
B. Cash flow analysis
The cash and cash equivalents (hereinafter referred to as funds) as of the end of the year was 14.4 billion yen, a decrease of
5.2 billion yen from the end of the previous year. The details are as follows:
a) Cash flows from operating activities
As a result of operating activities, 50.5 billion yen was generated, chiefly attributable to positive factors such as net income
before income tax (56.7 billion yen).
b) Cash flows from investing activities
As a result of investing activities, 24.5 billion yen was used, mainly due to capital investment in fixed assets for construction
of the Kunitomi Plant (third plant) of solar cell business in Energy Solution Businesses.
c) Cash flows from financing activities
As a result of financing activities, 31.1 billion yen was used, mainly because negative factors such as decrease in
interest-bearing liabilities and dividend payment.
The Showa Shell Sekiyu Group’s cash flow indicators are summarised as follows.
2007 Year end 2008 Year end 2009 Year end 2010 Year end 2011 Year end
Equity ratio (%) 25.3 25.4 20.1 20.1 21.2
Market value equity
ratio
Interest-bearing debts /
(%) 34.9 27.3 24.3 23.5 16.2
Cash flow from
operating activities
(Times) 4.1 10.5 - 3.4 5.5
Interest coverage ratio 11.5 5.5 - 24.7 12.4
(Note) Equity ratio: (Net assets – Minority interest) / Total assets
Market value equity ratio: Gross market capitalisation (*1) / Total assets
Interest-bearing debts / Cash flow from operating activities: (*2) / (*3)
Interest coverage ratio: Cash flow from operating activities / Interest payment (*3)
- 5 -

Each indicator is calculated by the numbers in the consolidated financial statements.
(*1) Gross market capitalisation is calculated by multiplying the closing price of the Company's shares at the
year-end by the number of shares issued and outstanding (excluding treasury shares) at the year-end.
(*2) Debts include all the interest-bearing liabilities in the consolidated balance sheets.
(*3) Cash flow from operating activities is the "cash flow from operating activities" in the consolidated cash flow
statement. Interest payments equate with the amount of interest paid in the consolidated cash flow statements.
C. Commitment-line contract
In order to finance working capital efficiently, we concluded commitment-line contracts (credit line amount: 140,000
million yen) with a banking syndicate group and a commitment-line contract (overdraft agreement for the current
account/credit line amount: 10,000 million yen) with Mizuho Corporate Bank, Ltd. As of the end of this year, there is no
outstanding loan balance for the contracts above mentioned.
(3) Basic policy for distribution of profits and dividend payments for the current period and next period
In consideration of our business performance and financial position, as well as of the financial market conditions, we make
it a basic policy to realise distribution of profits that are lucrative and stable enough to satisfy shareholders. At the same
time, we strive to attain sufficient retained earnings in order to accomplish our mid-and-long-term growth strategy for the
purpose of maximising corporate value. In order to do this, our policy is to distribute profits twice a year, a year-end
dividend (base date: 31 December) based on resolutions approved at meetings of the general shareholders and an interim
dividend (base date: 30 June) based on resolutions approved by the board in accordance with the provisions of Article 454-5
of the Corporate Law.
- 6 -

2. Scope of Consolidation and Equity Associates
Consolidated subsidiaries of Showa Shell Sekiyu (SSSKK) are 34, and equity associates are 13. Our core business is oil business. In
addition we also run energy solution (solar cell and electricity), and other businesses such as property letting, construction, sales of
motorcar parts and distributed power supply. The following shows the subsidiaries' segment and positioning.
Kinds of Business Detail of Business Consolidated Subsidiaries Equity Associates
Oil Business Exploration & Production (E&P) Shoseki Overseas Oil Development (SODEC)
Oil refining, manufacturing of oil products (SSSKK) Nippon Grease Seibu Oil
Toa Oil Shoseki Kako
Showa Yokkaichi Sekiyu (SYS)
Crude & oil products transportation, (SSSKK) Heiwa Kisen Niigata Joint Oil Stockpiling
Stockpiling & Loading Showa Shell Sempaku Japan Oil Network (JONET)
Sale of oil products
(SSSKK) Tokyo Shell Pack Marubeni Energy
(gasoline, LPG, kerosene, gas oil, fuel oil, Nippon Grease Sun Road Central Sekiyu Gas
asphalt, lubricants, chemical products etc.) Shoseki Kako Shinyo Sekiyu Shell Sekiyu Osaka Hatsubaisho
Petro Star Kansai Wakamatsu Gas Dia Shoseki
Chuo Shell Sekiyu Hanbai Nissho Koyu Toyotsu Sekiyu Hanbai
Leef Energy Nagase Sekiyu Jyoyo Shell Sekiyu Hanbai
Nakagawa Sekiyu Jonen Mie-seki Shoji
Enessance Holdings Enessance Hokkaido Shell Tokuhatsu
Enessance Touhoku Enessance Niigata
Enessance Kanto Enessance Chubu
Enessance Kyushu Enessance Sapporo
Hakodate Gas
Enessance Service
Enessance Hokkaido Butsuryu
Sales of Petrochemicals TS Aromatics
Energy solution Solar cell and electricity (SSSKK) Genex Ogishima Power
Business Solar Frontier
Property letting, Construction, sales of (SSSKK) Rising Sun
Other Businesses motor car parts and distributed power
supply, etc.
Shoseki Engineering On-Site Power
- 7(1) -

Petroleum Business
Showa Yokkaichi Sekiyu (SYS)
Toa Oil *1
Seibu Oil
Nippon Grease
Shoseki Kako
Showa Shell Sempaku
Heiwa Kisen
Niigata Joint Oil Stockpiling
Japan Oil Network (JONET)
Energy Solution Businesses
Solar Frontier
Genex *2
Ogishima Power
Other Businesses
Rising Sun
Shoseki Engineering
Onsite Power
*1・・・Listed on Tokyo Stock Exchange (second section)
*2・・・Consolidated subsidiary of Toa
Shoseki Kako
Leef Energy
Sun Road
Nakagawa Sekiyu
Wakamatsu Gas
Tokyo Shell Pack
Nagase Sekiyu
Enessance Hokkaido
Enessance Touhoku
Enessance Kanto
Enessance Sapporo
Enessance Hokkaido Butsuryu
Dia Shoseki
Central Sekiyu Gas
Jyoyo Shell Sekiyu Hanbai
Marubeni Energy
S S S K K
Crude &oil products
supply
Shell Eastern Trading (PTE) Limited
Saudi Arabian Oil Company
means other related companies and corporate shareholders, in the related parties.
- 7(2) -
Nippon Grease
Petro Star Kansai
Chuo Shell Sekiyu Hanbai
Shinyo Sekiyu
Nissho Koyu
Jonen
Enessance Holdings
Enessance Niigata
Enessance Chubu
Enessance Kyushu
Hakodate Gas
Enessance Service
Shell Sekiyu Osaka Hatsubaisho
Shell Tokuhatsu
Mie-seki Shoji
Toyotsu Sekiyu Hanbai
TS Aromatics, Shell Chemicals Japan
E & P
Shoseki Overseas Oil Development (SODEC)

3. Management policy
(1) Fundamental policy of management, (2) Targeted corporate index and (3) Medium- and long-term
strategies
Disclosure is omitted for these items because there isn’t any important change from the Management Policy in
the flash report of the previous year released on 16 February 2010.
You can see the flash report of the previous year if you click the following URL.
(Showa Shell Sekiyu)
http://www.showa-shell.co.jp/english/ir/index.html
(Tokyo Stock Exchange)
http://www.tse.or.jp/listing/compsearch/index.html
(4) Action measures
In the petroleum business, in order to strengthen our competitiveness in the concentration of refining facilities
and achieve optimal operation, we closed our Ogimachi Factory in the Keihin Refinery. By this initiative, we
will boost the capacity utilization rate in our group refineries, and make more efficient production plan. We will
also carry out stable as well as flexible product supply, corresponding supply-demand balance, by utilizing our
domestic sales network and the international trading network of the Shell Group. In marketing, in order to
survive in the demand-shrinking domestic market, we must obtain “unparalleled customer satisfaction No. 1”
and we together with our dealers will open the way to the future. We therefore, seeing our business through the
eyes of customers, will offer differentiated products and services, facilities, training programs and other
measures with a concept stated as “For your Smile & Smart Drive – All is for thanks from customers”, pursuing
with our dealers ability to offer value to customers in a timely manner.
In the solar business, future demand is expected to increase continuously, although product price has been
falling globally due to oversupply. We will continue stable and efficient production in our Miyazaki Third
(Kunitomi) Plant, and strengthen our competitiveness by advancing our manufacturing technology further. We
will also enhance our sales network in Japan, as the introduction of “purchase-all program of renewable energy”
is expected to increase demand.
- 8 -

4. Consolidated financial statements
(1) Consolidated balance sheet
Previous year end
As of 31 Dec. 2010
(Unit:Million Yen)
Current year end
As of 31 Dec. 2011
Assets
Current assets
Cash and deposits 20,943 15,562
Notes and accounts receivable-trade 291,104 325,622
Merchandise and finished goods 108,200 143,721
Work in process 1,158 943
Raw materials and supplies 127,032 129,280
Deferred tax assets 18,258 7,322
Other 36,526 37,107
Allowance for doubtful accounts (249) (856)
Total current assets 602,975 658,704
Noncurrent assets
Property, plant and equipment
Buildings and structures 320,756 314,271
Accumulated depreciation and impairment loss (214,431) (204,785)
Buildings and structures, net 106,324 109,486
Oil tanks 89,861 84,071
Accumulated depreciation and impairment loss (78,432) (73,179)
Oil tanks, net 11,429 10,892
Machinery, equipment and vehicles 535,602 570,366
Accumulated depreciation and impairment loss (424,600) (403,119)
Machinery, equipment and vehicles, net 111,001 167,247
Land 162,795 158,856
Construction in progress 75,858 1,843
Other 26,354 26,006
Accumulated depreciation and impairment loss (20,044) (19,761)
Other, net 6,310 6,245
Total property, plant and equipment 473,719 454,571
Intangible assets
Goodwill 2,065 1,731
Leasehold right 4,109 4,057
Software 6,385 4,983
Other 276 259
Total intangible assets 12,836 11,031
Investments and other assets
Investment securities 38,913 38,701
Long-term loans receivable 8,006 6,159
Deferred tax assets 41,129 22,977
Other 16,459 17,047
Allowance for doubtful accounts (892) (750)
Total investments and other assets 103,617 84,135
Total noncurrent assets 590,173 549,737
Total assets 1,193,149 1,208,442
- 9 -

Previous year end
As of 31 Dec. 2010
(Unit:Million Yen)
Current year end
As of 31 Dec. 2011
Liabilities
Current liabilities
Notes and accounts payable-trade 273,531 294,276
Short-term loans payable 40,381 58,340
Current portion of bonds 200 ―
Accounts payable-other 185,000 177,452
Income taxes payable 2,151 3,725
Accrued expenses 9,846 10,341
Provision for bonuses 2,173 2,359
Provision for directors' bonuses 40 32
Commercial papers 115,000 52,000
Other 40,191 39,824
Total current liabilities 668,517 638,351
Noncurrent liabilities
Bonds payable 35,000 35,000
Long-term loans payable 110,470 133,022
Deferred tax liabilities 4,444 3,711
Provision for retirement benefits 72,426 75,335
Provision for directors' retirement benefits 475 479
Provision for special repairs 11,687 16,308
Other 27,122 27,080
Total noncurrent liabilities 261,626 290,938
Total liabilities 930,143 929,290
Net assets
Shareholders' equity
Capital stock 34,197 34,197
Capital surplus 22,113 22,113
Retained earnings 182,959 199,182
Treasury stock (183) (184)
Total shareholders' equity 239,087 255,308
Valuation and translation adjustments
Valuation difference on available-for-sale securities 1,117 557
Total valuation and translation adjustments 1,117 557
Minority interests 22,801 23,286
Total net assets 263,006 279,152
Total liabilities and net assets 1,193,149 1,208,442
- 10 -

(2) Consolidated statement of income and Consolidated statement of comprehensive income
Consolidated statement of income
Previous year
(Unit:Million Yen)
Current year
From 1 Jan. 2010
From 1 Jan. 2011
To 31 Dec. 2010
To 31 Dec. 2011
Net sales 2,346,081 2,771,418
Cost of sales 2,183,535 2,582,339
Gross profit
Selling, general and administrative expenses
162,545 189,078
Freightage related expenses 36,007 37,521
Personal expenses 36,595 35,990
Rent expenses 6,392 6,013
Depreciation 6,475 7,274
Other 40,371 41,990
Total selling, general and administrative expenses 125,844 128,790
Operating income
Non-operating income
36,701 60,288
Interest income 230 213
Dividends income 3,628 258
Foreign exchange gains 913 1,507
Amortization of negative goodwill 1,363 ―
Equity in earnings of affiliates 711 1,804
Gain on investments in silent partnership 1,374 1,472
Other 1,692 1,385
Total non-operating income
Non-operating expenses
9,913 6,642
Interest expenses 2,206 2,423
Sales discounts 1,428 1,700
Other 832 998
Total non-operating expenses 4,467 5,123
Ordinary income
Extraordinary income
42,148 61,807
Gain on sales of noncurrent assets 2,488 8,951
Gain on sales of investment securities 2,050 284
Reversal of provision for special repairs 785 62
Subsidy 1,017 3,546
Other 282 1,251
Total extraordinary income 6,624 14,094
- 11 -

Previous year
(Unit:Million Yen)
Current year
From 1 Jan. 2010
From 1 Jan. 2011
To 31 Dec. 2010
To 31 Dec. 2011
Extraordinary loss
Loss on disposal of noncurrent assets 3,203 3,210
Loss on sales of investment securities 398 ―
Loss on valuation of investment securities 156 53
Impairment loss 5,280 11,423
Loss on litigation 1,920 ―
Other 1,555 4,504
Total extraordinary losses 12,515 19,191
Income before income taxes and minority interests 36,256 56,710
Income taxes-current 2,736 4,136
Income taxes-deferred 16,305 28,445
Total income taxes 19,042 32,581
Income before minority interests ― 24,129
Minority interests in income 1,257 1,018
Net income 15,956 23,110
- 12 -

Consolidated statement of comprehensive income
Previous year
From 1 Jan. 2010
To 31 Dec. 2010
(Unit:Million Yen)
Current year
From 1 Jan. 2011
To 31 Dec. 2011
Income before minority interests
Other comprehensive income
― 24,129
Valuation difference on available-for-sale securities ― (477)
Share of other comprehensive income of associates accounted
for using equity method
― (89)
Total other comprehensive income ― (566)
Comprehensive income
Comprehensive income attributable to
― 23,562
Comprehensive income attributable to owners of the parent ― 22,549
Comprehensive income attributable to minority interests ― 1,012
- 13 -

(3) Consolidated statement of changes in shareholders’ equity
Previous year
(Unit:Million Yen)
Current year
From 1 Jan. 2010
From 1 Jan. 2011
To 31 Dec. 2010
To 31 Dec. 2011
Shareholders' equity
Capital stock
Balance at the end of previous period
Changes of items during the period
34,197 34,197
Total changes of items during the period ― ―
Balance at the end of current period
Capital surplus
34,197 34,197
Balance at the end of previous period
Changes of items during the period
22,113 22,113
Disposal of treasury stock (0) (0)
Total changes of items during the period (0) (0)
Balance at the end of current period
Retained earnings
22,113 22,113
Balance at the end of previous period
Changes of items during the period
177,408 182,959
Dividends from surplus (10,170) (6,780)
Net income 15,956 23,110
Change of scope of equity method (234) ―
Change of scope of consolidation ― (107)
Total changes of items during the period 5,551 16,222
Balance at the end of current period
Treasury stock
182,959 199,182
Balance at the end of previous period
Changes of items during the period
(181) (183)
Purchase of treasury stock (1) (0)
Disposal of treasury stock 0 0
Total changes of items during the period (1) (0)
Balance at the end of current period
Total shareholders' equity
(183) (184)
Balance at the end of previous period
Changes of items during the period
233,537 239,087
Dividends from surplus (10,170) (6,780)
Net income 15,956 23,110
Purchase of treasury stock (1) (0)
Disposal of treasury stock 0 0
Change of scope of equity method (234) ―
Change of scope of consolidation ― (107)
Total changes of items during the period 5,549 16,221
Balance at the end of current period 239,087 255,308
- 14 -

Previous year
(Unit:Million Yen)
Current year
From 1 Jan. 2010
From 1 Jan. 2011
To 31 Dec. 2010
To 31 Dec. 2011
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Balance at the end of previous period
Changes of items during the period
1,979 1,117
Net changes of items other than shareholders' equity (861) (560)
Total changes of items during the period (861) (560)
Balance at the end of current period
Total accumulated other comprehensive income
1,117 557
Balance at the end of previous period
Changes of items during the period
1,979 1,117
Net changes of items other than shareholders' equity (861) (560)
Total changes of items during the period (861) (560)
Balance at the end of current period
Minority interests
1,117 557
Balance at the end of previous period
Changes of items during the period
22,206 22,801
Net changes of items other than shareholders' equity 594 485
Total changes of items during the period 594 485
Balance at the end of current period
Total net assets
22,801 23,286
Balance at the end of previous period
Changes of items during the period
257,723 263,006
Dividends from surplus (10,170) (6,780)
Net income 15,956 23,110
Purchase of treasury stock (1) (0)
Disposal of treasury stock 0 0
Change of scope of equity method (234) ―
Change of scope of consolidation ― (107)
Net changes of items other than shareholders' equity (267) (74)
Total changes of items during the period 5,282 16,146
Balance at the end of current period 263,006 279,152
- 15 -

(4) Consolidated statement of cash flows
Previous year
(Unit:Million Yen)
Current year
From 1 Jan. 2010
From 1 Jan. 2011
To 31 Dec. 2010
To 31 Dec. 2011
Net cash provided by (used in) operating activities
Income before income taxes and minority interests 36,256 56,710
Depreciation and amortization 33,949 43,329
Impairment loss 5,280 11,423
Loss (gain) on disposal of noncurrent assets 3,203 3,210
Loss (gain) on sales of noncurrent assets (2,488) (8,951)
Loss (gain) on valuation of investment securities 156 53
Increase (decrease) in allowance for doubtful accounts (537) 476
Increase (decrease) in provision for retirement benefits 3,509 2,943
Increase (decrease) in provision for special repairs (3,935) 4,621
Interest and dividends income (3,859) (472)
Interest expense and sales discount 3,634 4,124
Decrease (increase) in notes and accounts receivable-trade (3,434) (34,817)
Decrease (increase) in inventories 4,421 (37,663)
Increase (decrease) in notes and accounts payable-trade 6,167 22,406
Other, net 10,003 (9,697)
Subtotal 92,327 57,698
Interest and dividends income received 3,849 480
Interest expenses paid (3,635) (4,061)
Income taxes (paid) refund (2,705) (3,565)
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
89,836 50,551
Purchase of property, plant and equipment (82,569) (42,900)
Purchase of intangible assets (3,320) (2,193)
Proceeds from sales of property, plant and equipment 4,020 15,886
Purchase of investment securities (380) (8)
Proceeds from sales of investment securities 3,325 14
Net decrease (increase) in short-term loans receivable (556) 4,091
Payments of long-term loans receivable (2,328) (4)
Collection of long-term loans receivable 9 4
Other, net (712) 550
Net cash provided by (used in) investing activities (82,510) (24,560)
- 16 -

Previous year
(Unit:Million Yen)
Current year
From 1 Jan. 2010
From 1 Jan. 2011
To 31 Dec. 2010
To 31 Dec. 2011
Net cash provided by (used in) financing activities
Net increase (decrease) in short-term loans payable (54,539) 8,471
Net increase (decrease) in commercial papers 11,000 (63,000)
Proceeds from long-term loans payable 51,650 35,300
Repayment of long-term loans payable (10,131) (3,260)
Proceeds from issuance of bonds 20,000 ―
Redemption of bonds (15,000) (200)
Purchase of treasury stock (1) (0)
Repayments of lease obligations (853) (1,165)
Cash dividends paid (10,170) (6,780)
Cash dividends paid to minority shareholders (623) (544)
Other, net 0 20
Net cash provided by (used in) financing activities (8,671) (31,159)
Net increase (decrease) in cash and cash equivalents (1,346) (5,168)
Cash and cash equivalents at beginning of period 21,030 19,746
Increase (decrease) in cash and cash equivalents resulting from
merger of subsidiaries
62 ―
Decrease in cash and cash equivalents resulting from exclusion of
subsidiaries from consolidation
― (111)
Cash and cash equivalents at end of period 19,746 14,466
- 17 -

(5) Notes for premises of going concern
Not applicable
(6) Basis of presenting consolidated financial statements
Previous Year Current Year
Item
(From 1 Jan. 2010 (From 1 Jan. 2011
To 31 Dec. 2010) To 31 Dec. 2011)
1. Scope of consolidation
1. Consolidated Subsidiaries 36 1. Consolidated Subsidiaries 34
Showa Yokkaichi Sekiyu, Toa Oil,
Showa Shell Sempaku, Heiwa Kisen,
Shoseki Overseas Oil Development,
Shoseki Engineering, Nippon Grease,
Shoseki Kako, Rising Sun, Sun Road,
Chuo Shell Sekiyu Hanbai, Leef
Energy, Shinyo Sekiyu, Tokyo Shell
Pack, Nakagawa Sekiyu, Petro Star
Kansai, Wakamatsu Gas, Genex,
Marushin, On-Site Power, Nissho
Koyu, Solar Frontier, Nagase Sekiyu,
Jonen, Enessance Holdings,
Other 11 companies
Central Energy was merged with
Petrostar Kansai. Petro Star Kanto and
Hayawa, non-consolidated subsidiary,
were merged with Chuo Shell Sekiyu
Hanbai. Showa Shell Solar has
changed its name to Solar Frontier, and
Kanto Koyu Energy has changed its
name to Leef Energy.
Showa Yokkaichi Sekiyu, Toa Oil,
Showa Shell Sempaku, Heiwa Kisen,
Shoseki Overseas Oil Development,
Shoseki Engineering, Nippon Grease,
Shoseki Kako, Rising Sun, Sun Road,
Chuo Shell Sekiyu Hanbai, Leef
Energy, Shinyo Sekiyu, Tokyo Shell
Pack, Nakagawa Sekiyu, Petro Star
Kansai, Wakamatsu Gas, Genex, On-
Site Power, Nissho Koyu, Solar
Frontier, Nagase Sekiyu, Jonen,
Enessance Holdings,
Other 10 companies
The number of consolidated
subsidiaries has decreased because
Marushin disposed of its main
business, and Marushin became to
have no importance.
The stock of Enessance Toyama was
transferred to the third party and
Enessance Toyama became not to be
the affiliated company.
2. Primary Nonconsolidated
2. Primary Nonconsolidated
Subsidiaries
Subsidiaries
Watani Energy Watani Energy
(Reasons for removing the scope) (Reasons for removing the scope)
These companies are excluded from
consolidation because their influence is
immaterial to the consolidated financial
statements.
Ditto
2. Scope of equity
1. Equity-method Affiliates 13 1. Equity-method Affiliates 13
associates Seibu Oil, Dia Shoseki, Shell Sekiyu Seibu Oil, Dia Shoseki, Shell Sekiyu
Osaka Hatsubaisho, Central Sekiyu Osaka Hatsubaisho, Central Sekiyu
Gas, Mie-seki shoji, Niigata Joint Oil Gas, Mie-seki shoji, Niigata Joint Oil
Stockpiling, Shell Tokuhatsu, JONET, Stockpiling, Shell Tokuhatsu, JONET,
Jyoyo Shell Sekiyu hanbai, Marubeni Jyoyo Shell Sekiyu hanbai, Marubeni
Energy, Toyotsu Sekihan, TS
Energy, Toyotsu Sekihan, TS
Aromatics , Ogishima Power
Ogishima Power has included in the
scope of equity-method affiliates as of
this financial year because of increased
materiality.
Aromatics , Ogishima Power
2. Other Main Affiliates 2. Other Main Affiliates
Kyoudou Gas
Kyoudou Gas
Those companies are excluded from
the consolidated financial statements
because their influence is immaterial.
Ditto
- 18 -

Item
3. Account closing date of
consolidated subsidiaries
4. Important accounting
standards
1) Valuation method for
major assets
Securities Other Securities
Previous Year Current Year
(From 1 Jan. 2010 (From 1 Jan. 2011
To 31 Dec. 2010) To 31 Dec. 2011)
3. When the account closing dates of
the equity-method affiliates are
different from SSSKK account closing
date, the financial statements of those
companies of their own account
closing date are adopted.
3. Ditto
(Change in accounting policy)
From current fiscal year, the Group
applies the “Accounting Standard for
Equity Method of Accounting for
Investment” (ASBJ Statement No. 16
of March 10, 2008) and the “Practical
Solution on Unification of Accounting
Policies Applied to Associates
Accounted for Using the Equity
Method” (ASBJ PITF No. 24 of March
10, 2008).There is no impact on the
Group’s consolidated financial
statements for the year as a result of
this change.
Account closing dates of the
consolidated subsidiaries are as
follows.
30 September 8 subsidiary
31 October 1
31 December 27
The consolidated financial statements
incorporated its accounts and the other
subsidiaries accounts of their accounts
closing dates, with adjustments for
significant trades occurring after the
accounts closed.
Securities with market value
Stated at market value as of account
closing
(Any valuation differences are
directly charged or credited to
shareholders’ equity, and cost of
securities sold is calculated primarily
by the moving average method.)
Account closing dates of the
consolidated subsidiaries are as
follows.
30 September 7 subsidiary
31 October 1
31 December 26
The consolidated financial statements
incorporated its accounts and the other
subsidiaries accounts of their accounts
closing dates, with adjustments for
significant trades occurring after the
accounts closed.
Other Securities
Securities with market value
Ditto
Securities with no market value Securities with no market value
Stated at historical cost based on the
moving average method
Ditto
Derivatives Stated at market value
Ditto
- 19 -

Previous Year Current Year
Item
(From 1 Jan. 2010 (From 1 Jan. 2011
To 31 Dec. 2010) To 31 Dec. 2011)
Inventories Stated at historical cost mainly based
on the weighted average method
(Values on the balance sheet are subject
to the book value reduction method
based on decreased profitability.)
Ditto
2) Depreciation 1. Tangible Fixed Assets
1. Tangible Fixed Assets
(Excluding lease asset)
(Excluding lease asset)
Straight-line method
The same standard as stipulated in the
Corporate Tax Law is applied to the
useful economic lives and the residual
values.
The main refining facilities at the
Ogimachi Factory of the Keihin
Refinery of SSSKK and the
Yokkaichi Refinery of Showa
Yokkaichi Sekiyu are depreciated
with an estimated useful economic
life of 20 years.
Ditto
2. Intangible Fixed Assets
2. Intangible Fixed Assets
(Excluding lease asset)
(Excluding lease asset)
Straight-line method
Software for own use is amortised
based on the straight-line method over
an expected useful economic life of 5
years.
Ditto
3. Lease Assets
3. Lease Assets
Finance lease transaction for which
ownership of the leased assets is not
considered to transfer to leasees
(hereinafter “ownership non-transfer
finance lease”)
With regard to the depreciation method
of leased assets, the straight-line
method is applied where the lease
period is taken as useful economic life
and the residual value is zero.
Ownership non-transfer finance lease
transactions, where the start-up dates
are prior to the beginning of the current
financial year (prior to 31 December
2009), continue to be accounted by the
accounting method in conformity with
the method of operating lease
transactions.
Ditto
3) Basis of provisions
Doubtful debts For doubtful debts, provisions are
calculated individually based on the
estimated uncollectible amounts. For
other debts, provisions are calculated
based on the actual ratio of the past
doubtful debt losses.
Ditto
- 20 -

Previous Year Current Year
Item
(From 1 Jan. 2010 (From 1 Jan. 2011
To 31 Dec. 2010) To 31 Dec. 2011)
Employees’ bonuses Accrued bonuses for the current
financial year are provided based on
the estimated bonuses to be paid in the
following year.
Ditto
Directors’ bonuses For directors’ bonuses, provisions are
calculated based on the estimated
bonuses to be paid in the following
year.
Ditto
Retirement benefits Accrued retirement benefits are
provided based on the estimated PBO
and pension assets as at the current
financial year-end. Actuarial
differences are amortised evenly
within the following 10-14 years,
which is the average number of
remaining service years of employees.
The past service liabilities are
amortised evenly within 10-14 years,
which was the average number of
remaining service years of employees
at the time the liabilities arise.
Differences due to changes in the
accounting standards are amortised
evenly over the following 15 years,
which was the average number of
remaining service years of employees
at that time.
Ditto
Directors’ retirement Estimated retirement benefits for
Ditto
benefits
directors for the current financial year
are provided based on the internal
rules of some consolidated
subsidiaries.
Special maintenance The company is required to have
periodical inspections and repairs for
oil tanks under the Fire Defense Law.
The company is also carrying out
periodical repairs of machinery at oil
refineries. Estimated accrued expenses
for these inspections and repairs are
provided for.
Ditto
4) Hedge accounting Hedge accounting is not adopted. Ditto
5) Amortisation of goodwill
Goodwill are amortised over a period
and negative goodwill
not exceeding 20 years, determined in
consideration of the source of
goodwill. When the amount of
goodwill is small, they are expensed in
the year it arises.
6) Scope of funds in the
The funds (cash or cash equivalents) in
consolidated cash flow
the consolidated cash flow statement
statement
consists of cash-in-hand, deposits
readily convertible into cash, and
short-term investments with low risk
of price fluctuations and with a
maturity of 3 months or less at the
time of acquisition.
- 21 -

Item
7) Accounting for
consumption tax
5. Valuation method for
assets and liabilities of
subsidiaries
6. Amortisation of goodwill
and negative goodwill
7. Scope of funds in the
consolidated cash flow
statement
Previous Year Current Year
(From 1 Jan. 2010 (From 1 Jan. 2011
To 31 Dec. 2010) To 31 Dec. 2011)
The net of tax method is adopted for
the Consumption Tax treatment
Mark-to-market valuation method is
applied to all the assets and liabilities
of consolidated subsidiaries.
Goodwill and negative goodwill are
amortised over a period not exceeding
20 years, determined in consideration
of the source of goodwill. When the
amount of goodwill or negative
goodwill is small, they are expensed in
the year it arises.
(Additional information)
A consolidated subsidiary has been
proceeding preparation for its business
disposal. Negative goodwill regarding
the business, which has been amortized
evenly, was amortized at once in this
year because the disposal was deemed
to complete substantially.
The funds (cash or cash equivalents) in
the consolidated cash flow statement
consists of cash-in-hand, deposits
readily convertible into cash, and shortterm
investments with low risk of price
fluctuations and with a maturity of 3
months or less at the time of
acquisition.
Ditto
- 22 -

(7) Changes in the basis of presenting consolidated financial statements
Previous Year Current Year
(From 1 Jan. 2010 (From 1 Jan. 2011
To 31 Dec. 2010) To 31 Dec. 2011)
(Change of accounting policy)
Regarding the standard for recording income from
contract work, the percentage of the completion
method had been applied to construction projects
worth 5 billion yen or more with a construction period
of more than one year and the completed contract
method had been applied to other construction
projects. The Group applied the Accounting Standards
for Construction Contracts (Accounting Standards
Board of Japan (ASBJ) Statement No. 15, December
27, 2007) and the Implementation Guidance on
Accounting Standards for Construction Contracts
(Implementation Guidance of ASBJ Statement No. 18,
December 27, 2007) in the current consolidated
financial year. From construction contracts started
during the current consolidated financial year, the
percentage of the completion method (cost related
method for estimation of complete percentage) is
applied to construction projects recognized to hold
certainty of outcomes for the portion completed by the
end of the period and the completed contract method is
applied to other construction projects. The change
caused an increase of 441 million yen in net sales, and
an increase of 44 million yen in operating income,
ordinary income, and net income before taxes,
compared with the previous method. The effects on
segment information are described in the
corresponding areas.
(Change of accounting policy)
Some consolidated subsidiaries, which had adopted the
declining balance method for tangible fixed assets,
changed the depreciation method to the straight-line
method in the current consolidated financial year. The
change was implemented because the straight-line
method is a more rational depreciation method to further
improve the appropriateness of periodical accounting of
profit and loss. It was a result of re-examination
regarding the investment purposes and the use of
refineries held by the consolidated subsidiaries, given
the change in economic environment for the oil
industry. The change caused an increase of 1,995
million yen in operating income and ordinary income,
and an increase of 1,990 million yen in net income
before taxes, compared with the previous method. The
effects on segment information are described in the
corresponding areas.
- 23 -
(Change of accounting policy)
From the current consolidated financial year,
“Accounting Standards for Asset Retirement
Obligations” (Accounting Standards Board of Japan
[ASBJ] Statement No. 18, March 31, 2008) and
“Guidance on Accounting Standards for Asset
Retirement Obligations” (ASBJ Guidance No. 21,
March 31, 2008) have been applied. As a result,
operating income and ordinary income each declined
by 141 million yen, and income before income taxes
and minority interests declined by 1,922 million yen.
(Additional information)
Based on the “Accounting Standard for Consolidated
Financial Statements” (ASBJ Statement No. 22 of
December 26, 2008), the Group applies the “Cabinet
Office Ordinance Partially Revising Regulation on
Terminology, Forms and Preparation of Financial
Statements” (Cabinet Office Ordinance No.5, March
24, 2009). As a result, “Income before minority
interests” is included in the consolidated financial
statements in the current consolidated financial year.

(8) Notes to consolidated financial statements
(Notes to the consolidated balance sheet)
Previous Year End
(As of 31 Dec. 2010)
1. Collateral assets&Secured debts
Details of collateral assets are as follows.
(Unit : Million Yen)
Current Year End
(As of 31 Dec. 2011)
1. Collateral assets&Secured debts
Details of collateral assets are as follows.
Cash & Deposits 3,608 [-] Cash & Deposits 4,751 [-]
Notes & Account
receivable
1,320 [-]
Notes & Account
receivable
1,314 [-]
Inventories 78 [-] Inventories 75 [-]
Buildings & Structures 19,724 [19,173] Buildings & Structures 14,917 [14,557]
Tanks 5,562 [5,562] Tanks 4,442 [4,442]
Machinery & Equipment 81,540 [81,540]
Machinery &
Equipment
60,447 [60,447]
Lands 42,766 [33,802] Lands 21,597 [ 6,081]
Others 1 [1] Others 0 [0]
Total 154,604 [140,080] Total 107,547 [ 85,530]
Details of secured debts are as follows. Details of secured debts are as follows.
Long-term debts 7,360 [6,607] Long-term debts 6,872 [6,607]
Short-term debts 3,798 [1,563] Short-term debts 1,604 [-]
Accounts payable 59,102 [-] Accounts payable 68,962 [27,414]
Total 70,261 [ 8,170] Total 77,440 [34,201]
In addition, assets below listed are pledged as
collateral for the borrowing of Genex, which is a
consolidated subsidiary.
In addition, assets below listed are pledged as
collateral for the borrowing of Genex, which is
a consolidated subsidiary.
Shares of Genex 1,680 Shares of Genex 1,680
Long-term loans to Genex 2,520 Long-term loans to Genex 2,520
2. Contingent liabilities 2. Contingent liabilities
1) Guarantees for borrowings of companies that are 1) Guarantees for borrowings of companies that are
not consolidated subsidiaries
not consolidated subsidiaries
Japan Biofuels Supply LLP 2,824 Japan Biofuels Supply LLP 3,482
JONET 250 JLS etc. 13
JLS etc. 16 Total 3,495
Total 3,090
2) Guarantees for employees housing loan 2) Guarantees for employees housing loan
821 748
- 24 -

(Notes to the consolidated statement of comprehensive income)
(Unit: Million Yen)
Current year (From 1 January 2011 to 31 December 2011)
1. Comprehensive income for the year ended 31 December 2010
Comprehensive income attributable to parent company 15,094
Comprehensive income attributable to minority interest 1,227
Total 16,322
2. Other comprehensive income for the year ended 31 December 2010
Valuation difference for available-for-sale securities (856)
Share of other comprehensive income of associates
accountedfor using equity method
(35)
Total (892)
(Note to the consolidated statement of changes in shareholders’ equity)
Previous year (From 1 January 2010 to 31 December 2010)
(A) Issued shares
End of Dec. 2009 Increase Decrease End of Dec. 2010
Common shares 376,850,400 - - 376,850,400
(Note)
Number of shares has not been changed.
(B) Treasury shares
End of Dec. 2009 Increase Decrease End of Dec. 2010
Common shares
(Note)
222,736 2,703 230 225,209
Increase in purchase of odd shares, etc. 2,703 shares
Decrease in sales of odd shares 230 shares
(C) Dividends
1. Dividends paid
Resolution
The annual
shareholders’
meeting on
30 March 2010
The directors’
meeting on
5 August 2010
Class of
shares
Common
shares
Common
shares
Total amount of
dividends (Million Yen)
2. Dividends planned to be paid after this period end
Resolution
The annual
shareholders’
meeting on
30 March 2011
Class of
shares
Common
shares
Resource of
dividend
Retained
earnings
Dividend per
share (Yen)
Record date Payment date
6,780 18.00 31 December 2009 31 March 2010
3,390 9.00 30 June 2010
Total amount of
dividends
(Million Yen)
Dividend per
share
(Yen)
8 September
2010
Record date Payment date
3,390 9.00 31 December 2010 31 March 2011
- 25 -

Current year (From 1 January 2011 to 31 December 2011)
(A) Issued shares
End of Dec. 2010 Increase Decrease End of Dec. 2011
Common shares 376,850,400 - - 376,850,400
(Note)
Number of shares has not been changed.
(B) Treasury shares
End of Dec. 2010 Increase Decrease End of Dec. 2011
Common shares
(Note)
225,209 1,184 94 226,299
Increase in purchase of odd shares, etc. 1,184 shares
Decrease in sales of odd shares 94 shares
(C) Dividends
1. Dividends paid
Resolution
The annual
shareholders’
meeting on
30 March 2011
The directors’
meeting on
4 August 2011
Class of
shares
Common
shares
Common
shares
Total amount of
dividends (Million Yen)
2. Dividends planned to be paid after this period end
Resolution
The annual
shareholders’
meeting on
29 March 2012
Class of
shares
Common
shares
Resource of
dividend
Retained
earnings
Dividend per
share (Yen)
Record date Payment date
3,390 9.00 31 December 2010 31 March 2011
3,390 9.00 30 June 2011
Total amount of
dividends
(Million Yen)
Dividend per
share
(Yen)
7 September
2011
Record date Payment date
3,390 9.00 31 December 2011 30 March 2012
(Note to the consolidated cash flows)
Previous Year
(Unit: Million Yen)
Current Year
(From 1 Jan. 2010 (From 1 Jan. 2011
To 31 Dec. 2010) To 31 Dec. 2011)
1. Reconciliation between “Cash & cash equivalent” in 1. Reconciliation between “Cash & cash equivalent” in
the consolidated cash flow statement and those in the the consolidated cash flow statement and those in the
consolidated balance sheet
consolidated balance sheet
(31 Dec. 2010) (31 Dec. 2011)
1 Cash and Deposit 20,943 1 Cash and Deposit 15,562
2 Time deposit exceeding 3
months
(1,197)
2 Time deposit exceeding 3
months
(1,095)
Cash & cash equivalent 19,746 Cash & cash equivalent 14,466
- 26 -

(Segment Information)
1. Outline of business segments reported
Segregated financial statements for the Group’s reporting segments out of our structural units are available. The board of
directors regularly reviews the statements to determine the distribution of management resources and evaluate financial
results.
The Group mainly manufactures and sells oil products and energy related products, such as solar cell products and
electricity. The Company and consolidated subsidiaries separately draft comprehensive strategies and conduct business
activities for products and services they handle as individual management units.
The Group therefore consists of segments sorted by products and services that each segment handles and thus the Group
designates two segments: the oil business and the energy solution business as reporting segments. And the businesses
which are not included in reporting segments are aggregated in Others.
The Oil business segment manufactures and sells oil products, such as gasoline, naphtha, kerosene, diesel oil, fuel oil,
lubricants, LPG, bitumen, and chemicals. The Energy solution business segment manufactures and sells solar cell
modules and electricity.
2. Method of calculating sales and income (loss), identifiable assets, and other items by business
segment reported
Accounting method for business segment reported is the same as presentations on “Basis of presenting consolidated financial
statements.”
Income by business segments reported are calculated based on operating income.
3. Information on sales and income (loss) by business segment reported
Year to date of 2010 (From 1 January to 31 December 2010)
Sales
Oil business
Energy
Solution
Business
Subtotal Others Total Adjustment
(Unit: Million Yen)
Consolidated
(1) Sales to customers 2,304,019 28,863 2,332,882 13,198 2,346,081 - 2,346,081
(2) Inter-segment sales and
transfers
2,268 4,554 6,822 3,448 10,271 (10,271) -
Total 2,306,287 33,418 2,339,705 16,647 2,356,352 (10,271) 2,346,081
Operating
Income/(loss)
45,569 (11,581) 33,987 2,718 36,705 (4) 36,701
Other items
Assets 1,031,598 133,625 1,165,223 42,917 1,208,141 (14,992) 1,193,149
Depreciation expense 28,216 4,963 33,180 768 33,949 - 33,949
Amortization of
Goodwill
Equity in net earnings
of affiliates
510 (28) 481 (1,844) (1,363) - (1,363)
720 (8) 711 - 711 - 711
Impairment loss 3,075 2,205 5,280 - 5,280 - 5,280
Unamortized amount of
Goodwill
234 (144) 90 - 90 - 90
Capital Expenditures 21,823 63,735 85,559 60 85,620 - 85,620
- 27 -

Notes: 1. The “Others” category incorporates operations not included in business segments reported, including leasing and
administration of properties, construction works, sale and lease of auto accessories etc.
2. Adjustment of operating income (loss) refers to elimination of intersegment transactions.
3. Operating income (loss) for segment is adjusted on operating income on the consolidated statements of income for
the year to date of the current consolidated financial year.
Year to date of 2011 (From 1 January to 31 December 2011)
Sales
Oil business
Energy
Solution
Business
Subtotal Others Total Adjustment
(Unit: Million Yen)
Consolidated
(1) Sales to customers 2,695,278 65,799 2,761,078 10,339 2,771,418 - 2,771,418
(2) Inter-segment sales and
transfers
2,640 4,956 7,596 3,865 11,462 (11,462) -
Total 2,697,918 70,756 2,768,674 14,205 2,782,880 (11,462) 2,771,418
Operating
Income/(loss)
87,267 (28,895) 58,371 2,056 60,427 (138) 60,288
Other items
Assets 1,029,751 156,915 1,186,666 35,283 1,221,950 (13,507) 1,208,442
Depreciation expense 27,754 14,939 42,693 636 43,329 - 43,329
Amortization of
Goodwill
Equity in net earnings
of affiliates
371 (28) 342 - 342 - 342
1,870 (66) 1,804 - 1,804 - 1,804
Impairment loss 2,841 8,581 11,423 - 11,423 - 11,423
Unamortized amount of
Goodwill
(136) (115) (251) - (251) - (251)
Capital Expenditures 14,465 27,272 41,738 177 41,915 - 41,915
Notes: 1. The “Others” category incorporates operations not included in business segments reported, including leasing and
administration of properties, construction works, sale and lease of auto accessories etc.
2. Adjustment of operating income (loss) refers to elimination of intersegment transactions.
3. Operating income (loss) for segment is adjusted on operating income on the consolidated statements of income for
the year to date of the current consolidated financial year.
(Additional information)
Effective from the current consolidated financial year, the Group applies the “Revised Accounting Standard for Disclosures
about Segments of an Enterprise and Related information” (ASBJ Statement No. 17 of March 27, 2009) and “Guidance on the
Accounting Standard for Disclosures about Segments of an Enterprise and Related Information” (ASBJ Guidance No. 20 of
March 21, 2008).
- 28 -

(Information on per share data)
Previous Year
(From 1 Jan.2010
(Unit : Yen)
Current Year
(From 1 Jan.2011
To 31 Dec.2010) To 31 Dec.2011)
Net assets per share 637.78 679.37
Net income per share 42.37 61.36
Diluted net income per share
Due to no diluted share, the
information is omitted.
Due to no diluted share, the
information is omitted.
Basis of calculation
Earnings per share / Diluted earnings per share
Previous Year
(From 1 Jan.2010
Current Year
(From 1 Jan.2011
To 31 Dec.2010) To 31 Dec.2011)
Net income/ (loss) (¥M) 15,956 23,110
Net income / (loss) related to common stock (¥M) 15,956 23,110
Amount not belonging to common shareholders (¥M) - -
Average number of common shares (1,000shares) 376,626 376,624
(Significant subsequent event)
None
(Omission of disclosure)
Disclosure is omitted for the notes to lease transaction, trade with related parties, differed taxation, financial
instruments, securities, derivatives, retirement benefit, asset retirement obligation and rental property, because those
information provided as in the flash report is less important.
- 29 -

5. Non-consolidated financial statements
(1) Non-consolidated balance sheet
Previous year end
As of 31 Dec. 2010
(Unit:Million Yen)
Current year end
As of 31 Dec. 2011
Assets
Current assets
Cash and deposits 7,837 4,777
Notes receivable-trade 106 113
Accounts receivable-trade 281,612 308,997
Lease receivables 70 73
Lease investment assets 815 804
Merchandise and finished goods 99,480 129,722
Raw materials and supplies 116,792 117,500
Advance payments-trade 36 142
Prepaid expenses 996 1,016
Deferred tax assets 15,844 5,967
Short-term loans receivable 73 63
Short-term loans receivable from subsidiaries and affiliates 143,766 183,338
Accounts receivable-other 11,333 13,862
Derivatives 834 702
Other 612 738
Allowance for doubtful accounts (1,030) (618)
Total current assets 679,184 767,203
Noncurrent assets
Property, plant and equipment
Buildings 112,580 102,263
Accumulated depreciation and impairment loss (64,438) (59,597)
Buildings, net 48,141 42,666
Structures 77,818 65,524
Accumulated depreciation and impairment loss (56,845) (45,987)
Structures, net 20,973 19,536
Oil tanks 36,060 29,939
Accumulated depreciation and impairment loss (31,326) (25,294)
OIl tanks, net 4,734 4,645
Machinery and equipment 115,041 63,232
Accumulated depreciation and impairment loss (99,727) (49,428)
Machinery and equipment, net 15,314 13,804
Vehicles 77 93
Accumulated depreciation and impairment loss (49) (63)
Vehicles, net 27 29
Tools, furniture and fixtures 15,638 14,375
Accumulated depreciation and impairment loss (13,545) (12,420)
Tools, furniture and fixtures, net 2,093 1,954
Land 108,958 105,342
- 30 -

Previous year end
As of 31 Dec. 2010
(Unit:Million Yen)
Current year end
As of 31 Dec. 2011
Lease assets 219 228
Accumulated depreciation and impairment loss (34) (70)
Lease assets, net 185 158
Construction in progress 958 941
Total property, plant and equipment
Intangible assets
201,387 189,079
Patent right 1 0
Leasehold right 3,786 3,828
Software 4,793 3,164
Right of using facilities 79 67
Total intangible assets
Investments and other assets
8,661 7,061
Investment securities 8,299 7,543
Stocks of subsidiaries and affiliates 118,706 64,996
Investments in capital 1,930 2,009
Investments in capital of subsidiaries and affiliates 1 1
Long-term loans receivable 380 322
Long-term loans receivable from subsidiaries and affiliates 20,091 12,062
Long-term prepaid expenses 1,155 893
Deferred tax assets 36,280 17,590
Lease and guarantee deposits 9,186 8,771
Claims provable in bankruptcy, claims provable in
rehabilitation and other
96 22
Other 1,809 3,095
Allowance for doubtful accounts (342) (209)
Total investments and other assets 197,596 117,100
Total noncurrent assets 407,645 313,241
Total assets 1,086,829 1,080,445
- 31 -

Previous year end
As of 31 Dec. 2010
(Unit:Million Yen)
Current year end
As of 31 Dec. 2011
Liabilities
Current liabilities
Accounts payable-trade 260,464 281,485
Short-term loans payable 33,101 42,647
Current portion of long-term loans payable ― 9,000
Lease obligations 186 207
Accounts payable-other 122,722 119,515
Accrued taxes 40,591 41,681
Accrued consumption taxes 8,565 5,792
Income taxes payable 338 398
Accrued expenses 13,073 12,221
Advances received 16,804 19,444
Deposits received 17,551 17,430
Deposits from dealers 13,238 12,407
Provision for bonuses 759 809
Provision for directors' bonuses 32 26
Deposits received from employees 426 447
Commercial papers 115,000 52,000
Derivatives liabilities 2,403 479
Other ― 214
Total current liabilities 645,260 616,209
Noncurrent liabilities
Bonds payable 35,000 35,000
Long-term loans payable 99,000 125,000
Lease obligations 823 762
Provision for retirement benefits 60,704 63,364
Provision for special repairs 2,148 2,378
Long-term guarantee deposited 4,255 2,568
Other 16,414 16,990
Total noncurrent liabilities 218,346 246,063
Total liabilities 863,606 862,273
- 32 -

Previous year end
As of 31 Dec. 2010
(Unit:Million Yen)
Current year end
As of 31 Dec. 2011
Net assets
Shareholders' equity
Capital stock 34,197 34,197
Capital surplus
Legal capital surplus 22,045 22,045
Other capital surplus 28 28
Total capital surpluses 22,074 22,074
Retained earnings
Legal retained earnings 6,749 6,749
Other retained earnings
Reserve for advanced depreciation of noncurrent assets 13,596 14,745
General reserve 5,550 5,550
Retained earnings brought forward 140,297 134,552
Total retained earnings 166,193 161,597
Treasury stock (134) (134)
Total shareholders' equity 222,331 217,734
Valuation and translation adjustments
Valuation difference on available-for-sale securities 891 437
Total valuation and translation adjustments 891 437
Total net assets 223,222 218,171
Total liabilities and net assets 1,086,829 1,080,445
- 33 -

(2) Non-consolidated statement of income
Previous year
(Unit:Million Yen)
Current year
From 1 Jan. 2010
From 1 Jan. 2011
To 31 Dec. 2010
To 31 Dec. 2011
Net sales
Cost of sales
2,203,807 2,613,231
Beginning merchandise and finished goods 81,252 70,133
Cost of products manufactured 1,014,040 1,252,733
Gasoline tax and diesel oil tax 335,055 354,997
Cost of purchased goods 762,449 915,869
Others 21,078 26,152
Transfer to other account 58,425 76,867
Total 2,155,451 2,543,019
Ending merchandise and finished goods 70,133 93,137
Total cost of sales 2,085,317 2,449,881
Gross profit
Selling, general and administrative expenses
118,490 163,349
Haulage expenses 28,657 29,418
Warehousing expenses 7,836 7,618
Repair expenses 2,706 3,184
Provision for special repairs 175 177
Promotion expenses 5,543 5,411
Research and development expenses 3,420 4,022
Employees' salaries and bonuses 8,854 9,201
Provision for bonuses 690 739
Provision for directors' bonuses 32 26
Retirement benefit expenses 4,036 3,865
Depreciation 2,201 2,426
Rent expenses 3,460 3,266
Taxes and dues 1,139 1,309
Subcontract expenses 5,208 5,157
Commission fee 2,642 2,747
Other 8,679 8,798
Deductions △3,447 △3,580
Total selling, general and administrative expenses 81,839 83,791
Operating income
Non-operating income
36,650 79,557
Interest income 1,066 1,027
Dividends income 3,609 3,846
Foreign exchange gains 857 1,597
Gain on investments in silent partnership 1,374 1,472
Other 484 494
Total non-operating income 7,392 8,439
- 34 -

Previous year
(Unit:Million Yen)
Current year
From 1 Jan. 2010
From 1 Jan. 2011
To 31 Dec. 2010
To 31 Dec. 2011
Non-operating expenses
Interest expenses 1,525 1,765
Interest on bonds 348 398
Sales discounts 1,532 1,783
Other 659 823
Total non-operating expenses 4,065 4,770
Ordinary income
Extraordinary income
39,977 83,227
Gain on sales of noncurrent assets 2,409 8,731
Gain on sales of investment securities 1,649 10
Reversal of provisions for estimated loss on assets disposal ― 91
Reversal of provision for special repairs 785 ―
Subsidy 502 240
Other 362 1,502
Total extraordinary income
Extraordinary loss
5,710 10,576
Loss on disposal of noncurrent assets 2,244 2,707
Loss on sales of investment securities 260 1
Loss on valuation of investment securities 282 5
Loss on valuation of stocks of subsidiaries and affiliates ― 53,703
Impairment loss 2,906 2,821
Loss on litigation 1,920 ―
Other 16 3,705
Total extraordinary losses 7,630 62,944
Income before income taxes 38,056 30,858
Income taxes-current 26 29
Income taxes-deferred 15,629 28,645
Total income taxes 15,656 28,674
Net income 22,399 2,184
- 35 -

(3) Non-consolidated statement of changes in shareholders’ equity
Previous year
(Unit:Million Yen)
Current year
From 1 Jan. 2010
From 1 Jan. 2011
To 31 Dec. 2010
To 31 Dec. 2011
Shareholders' equity
Capital stock
Balance at the end of previous period
Changes of items during the period
34,197 34,197
Total changes of items during the period ― ―
Balance at the end of current period
Capital surplus
Legal capital surplus
34,197 34,197
Balance at the end of previous period
Changes of items during the period
22,045 22,045
Total changes of items during the period ― ―
Balance at the end of current period
Other capital surplus
22,045 22,045
Balance at the end of previous period
Changes of items during the period
28 28
Disposal of treasury stock (0) (0)
Total changes of items during the period (0) (0)
Balance at the end of current period
Total capital surplus
28 28
Balance at the end of previous period
Changes of items during the period
22,074 22,074
Disposal of treasury stock (0) (0)
Total changes of items during the period (0) (0)
Balance at the end of current period
Retained earnings
Legal retained earnings
22,074 22,074
Balance at the end of previous period
Changes of items during the period
6,749 6,749
Total changes of items during the period ― ―
Balance at the end of current period
Other retained earnings
Reserve for advanced depreciation of
noncurrent assets
6,749 6,749
Balance at the end of previous period
Changes of items during the period
13,206 13,596
Provision of reserve for advanced
depreciation of noncurrent assets
390 1,148
Total changes of items during the period 390 1,148
Balance at the end of current period 13,596 14,745
- 36 -

Previous year
(Unit:Million Yen)
Current year
From 1 Jan. 2010
From 1 Jan. 2011
To 31 Dec. 2010
To 31 Dec. 2011
General reserve
Balance at the end of previous period
Changes of items during the period
5,550 5,550
Total changes of items during the period ― ―
Balance at the end of current period
Retained earnings brought forward
5,550 5,550
Balance at the end of previous period
Changes of items during the period
128,458 140,297
Dividends from surplus (10,170) (6,780)
Net income 22,399 2,184
Provision of reserve for advanced
depreciation of noncurrent assets
(390) (1,148)
Total changes of items during the period 11,838 (5,744)
Balance at the end of current period
Total retained earnings
140,297 134,552
Balance at the end of previous period
Changes of items during the period
153,964 166,193
Dividends from surplus (10,170) (6,780)
Net income 22,399 2,184
Provision of reserve for advanced depreciation
of noncurrent assets
― ―
Total changes of items during the period 12,228 (4,596)
Balance at the end of current period
Treasury stock
166,193 161,597
Balance at the end of previous period
Changes of items during the period
(132) (134)
Purchase of treasury stock (1) (0)
Disposal of treasury stock 0 0
Total changes of items during the period (1) (0)
Balance at the end of current period
Total shareholders' equity
(134) (134)
Balance at the end of previous period
Changes of items during the period
210,103 222,331
Dividends from surplus (10,170) (6,780)
Net income 22,399 2,184
Purchase of treasury stock (1) (0)
Disposal of treasury stock 0 0
Total changes of items during the period 12,227 (4,596)
Balance at the end of current period 222,331 217,734
- 37 -

Previous year
(Unit:Million Yen)
Current year
From 1 Jan. 2010
From 1 Jan. 2011
To 31 Dec. 2010
To 31 Dec. 2011
Valuation and translation adjustments
Valuation difference on available-for-sale securities
Balance at the end of previous period
Changes of items during the period
1,708 891
Net changes of items other than shareholders' equity (816) (454)
Total changes of items during the period (816) (454)
Balance at the end of current period
Total valuation and translation adjustments
891 437
Balance at the end of previous period
Changes of items during the period
1,708 891
Net changes of items other than shareholders' equity (816) (454)
Total changes of items during the period (816) (454)
Balance at the end of current period
Total net assets
891 437
Balance at the end of previous period
Changes of items during the period
211,812 223,222
Dividends from surplus (10,170) (6,780)
Net income 22,399 2,184
Purchase of treasury stock (1) (0)
Disposal of treasury stock 0 0
Net changes of items other than shareholders' equity (816) (454)
Total changes of items during the period 11,410 (5,051)
Balance at the end of current period 223,222 218,171
- 38 -

(4) Notes for premises of going concern
Not applicable
6. Others
(1) Appointment and retirement of directors
Not applicable
(2) Others
Not applicable
- 39 -