Investor Presentaiton
I. Financial Highlights and Business Progress
JAPEX
Capital policy, Management Goal, and Fund Allocation
Capital policy
● Building a sustainable business foundation (ROE > 8% even at 50USD/bbl oil price) is underway: our pressing issues are the further growth
of the E&P business and the raise of profit composition ratio of the non-E&P business in light of the decarbonization trend.
Focusing on the investments for increasing profits in both E&P and non-E&P businesses: to maintain the shareholder return policy of a 30%
dividend payout ratio.
Our recognition: the current PBR of below 1x is affected by the market's evaluation of the high dependency on the E&P business profit.
● Priority on stabilizing the business foundation by raising the profit levels and expanding the non-E&P businesses: for sustainably increasing
our corporate value.
Management target (quantitative target)
Item
Target
FY2022
FY2023 forecast
(Main factors)
Business profit*1
FY2026 30 billion Yen
FY2030 50 billion Yen
69.0 billion yen
41.7 billion yen
FY2022 Profit attributable to owners of parent 67.3 billion yen (JCC
102USD/bbl)
ROE
FY2026
FY2030
5%
8%
16.9%
8%
Profit composition
(E&P : non-E&P)
Fund allocation
Item
FY2026
FY2030
6:4
5:5
•
7:3
7:3
Allocation assumption*2
FY2023 forecast = Profit attributable to owners of parent of 34.0
billion yen (JCC: 75USD/bbl)
(Reference) PBR = FY2022 0.569
* Price share is calculated based on the price of March 31, 2023
(4,465 yen)
FY2022 = E&P 49.9 billion yen: Non-E&P 23.6 billion yen
FY2023 Forecast = E&P 35.7 billion yen: non-E&P 13.4 billion yen
FY2022
Growth investment
FY2026 275 billion Yen
FY2030 450 billion Yen
44.1 billion yen
Shareholders
return
FY2026 25 billion Yen
FY2030 50 billion Yen
13.8 billion yen
FY2023 forecast
55.1 billion yen + new
(cumulative total 99.3
billion yen+new)
17.3 billion yen+new
(cumulative total 311
billion yen+new)
*1: Assumption Oil price (JCC)=50USD/bbl, *2: Cumulative for 5 years from FY2022 to FY2026 and 9 years from FY2022 to FY2030
Copyright © 2023 Japan Petroleum Exploration Co., Ltd. (JAPEX) All Rights Reserved.
•
(Main factors)
Includes ongoing investments in projects under development, etc.
that will occur in the current fiscal year.
FY2023
Additional investment of tight oil development in U.S., etc.
Dividends paid at the end of the relevant fiscal year + interim
dividends for the relevant fiscal year
FY2022 include share buybacks
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