ファConsolidated Financial Results for the Three Months ended June 30, 2008
August 8, 2008
Note: The following report is an English translation of the Japanese-language original.
Company name

: INPEX Holdings Inc.

Stock Exchange on which the Company is listed

Code number: 1605

URL http://www.inpexhd.co.jp/

Representative: Naoki Kuroda, President

Contact person: Shuhei Miyamoto, General Manager, Corporate Communications Unit

: Tokyo Stock Exchange

TEL+81-3-5448-0205
Scheduled date of filing Quarterly financial report: August 8, 2008
(Amounts less than one million yen are rounded off)

1. Consolidated Financial Results for the Three Months ended June 30, 2008 (April 1, 2008-June 30, 2008)(1) Consolidated operating results(The percentage expressions represent the changes from the corresponding period of the previous fiscal year)

Net sales
For the three months ended
June 30, 2008
June 30, 2007

Operating income

Million yen

%

―
21.0

381,338
269,844260,700
160,464

Net income pershare—basic
For the three months ended
June 30, 2008
June 30, 2007

Million yen

Ordinary income
%

―
23.1

Net income

Million yen

%

―
18.4

245,357
157,257

Million yen

49,77338,545%―49.6

Net income pershare—diluted
Yen

Yen

―
―

21,123.86
16,352.49(2) Consolidated financial position

Million yen

Net assets excluding minority interests
Net assets excluding
as a percentage of total assets
minority interests per share
Million yen%
Yen

1,929,404
1,807,900

1,288,996
1,238,812

Total assets
As of June 30, 2008
As of March 31, 2008

Net assets

62.2
64.0

509,248.23
491,168.09(Reference): Net assets excluding minority interests: As of June 30, 2008, ¥ 1,199,881 million
As of March 31, 2008, ¥ 1,157,370 million

2. Dividends
Cash dividends per share
At 1st quarter end At 2nd quarter end At 3rd quarter end At fiscal year end
Yen
Yen
Yen
Yen
For the year ended
March 31, 2008
3,500.00
4,000.00――
For the year ending―
March 31, 2009
For the year ending
4,000.00
4,000.00―
March 31, 2009 (estimated)(Reference): Changes in estimated dividends for the year ending March 31, 2009 as of June 30, 2008: No

Total
Yen

7,500.00
8,000.00

3. Estimated Consolidated Operating Results for the year ending March 31, 2009 (April 1, 2008-March 31, 2009)(The percentage expressions represent the changes from the previous fiscal year)

Net sales

Operating income

Ordinary income

Net income

Net income pershare

Million yen%
Million yen% Million yen%
Million yen%
Yen
For the six months ending
738,000
33.2
491,000
50.6
470,000
46.1
97,00019.7
41,168.31
September 30, 2008
For the year ending
1,314,000
9.2
850,000
19.0
819,000
19.4
177,000
2.2
75,121.56
March 31, 2009
(Reference): Changes in estimated consolidated operating results for the six months ending September 30, 2008 and for the year ending March 31,
2009 as of June 30, 2008: Yes

― 1 ―

ファ

4. Others(1) Significant changes in scope of consolidation: No(2) Adoption of simplified accounting method or special accounting treatment for preparationof quarterly consolidated financial statements:: No(3) Changes in accounting principles, procedures, presentations, etc., pertaining to preparation of quarterly consolidated financial
statements (those to be stated as “Changes to the Basis of Presenting Consolidated Financial Statements”):
1. Changes associated with revision in accounting standards:Yes
2. Other changes::No
Note: For more details, refer to “Other information” (page 4).
(4) Number of shares issued (Common stock)
1. Number of shares issued at the end of the period (including treasury
stocks):
2. Number of treasury stock at the end of the period:
3. Number of average shares:

as of June 30, 2008; 2,358,410 shares
as of March 31, 2008; 2,358,410 shares
as of June 30, 2008: 2,228 shares
as of March 31, 2008; 2,047 sharesfor the three months ended June 30, 2008: 2,356,269 sharesfor the three months ended June 30, 2007: 2,357,179 shares

Note: Since shareholder of the special class share is entitled to the same rights as that for shareholders of common stock regarding dividends andthe distribution of residual property, the special class share is classified as common stock equivalent share.

*Explanation regarding the appropriate use of estimated consolidated operating results
Effective the fiscal year ending March 2009, the Company applies “Accounting Standard for Quarterly Financial Statements” (ASBJ
Statement No. 12) and “Implementation Guidance for Accounting Standard for Quarterly Financial Statements” (ASBJ Guidance No.
14). The Company also prepares quarterly consolidated financial statements according to “Regulations for Quarterly Consolidated

Financial Statements.”
The aforementioned forecasts of “3. Estimated Consolidated Operating Results for the year ending March 31, 2009” are based on
currently available information and contain many uncertainties. The final results might be significantly different from theaforementioned forecasts due to change in business conditions including oil and gas price levels, production and sales plans, projects
development schedules, government regulations and financial and tax schemes.

― 2 ―

ファ

【Qualitative Information / Financial Statements】
1. Qualitative Information on Consolidated Financial Results
During the three months ended June 30, 2008, consolidated net sales increased by ¥111,493 million, or 41.3%, to ¥381,338 million
from the corresponding period of the previous fiscal year mainly due to increase in sales price of crude oil and natural gas. Net salesof crude oil increased by ¥79,364 million, or 44.8%, to ¥256,685 million, and net sales of natural gas increased by ¥30,885 million, or
35.6% to ¥117,652 million, respectively. Sales volume of crude oil decreased by 1,420 Mbbls, or 6.5%, to 20,504 Mbbls. Sales
volume of natural gas decreased by 801 MMcf, or 0.8%, to 97,854 MMcf. Sales volume of natural gas produced overseas decreased
by 1,077 MMcf, or 1.3%, to 84,025 MMcf, and sales volume of natural gas produced domestically increased by 7 MM㎥, or 2.0%, to371 MM㎥ (13,829 MMcf) mainly due to increase in sales volume for major clients. The average sales price of crude oil produced
overseas increased by US$52.03 per bbl, or 78.1 %, to US$118.65 per bbl, and the average sales price of natural gas produced
overseas increased by US$4.36 per Mcf, or 62.9%, to US$11.29 per Mcf. In addition, the average sales price of natural gas produced
domestically increased by ¥1.45, or 4.1%, to ¥36.81 per ㎥. The average exchange rate of Japanese yen against U.S. dollar
appreciated for sales ¥16.23, or 13.4%, to ¥104.69 per U.S. dollar from the corresponding period of the previous fiscal year.
The increase of ¥111.4 billion in net sales was derived mainly from the following factors: a decrease in sales volume of crude oil andnatural gas adversely affected ¥10.9 billion, an increase in unit sales price contributed ¥176.8 billion, the appreciation of Japanese yen
against U.S. dollar affected adversely ¥55.6 billion and net sales excluding crude oil and natural gas increased by ¥1.2 billion.
Cost of sales for the three months ended June 30, 2008 increased by ¥4,699 million, or 5.2%, to ¥95,834 million mainly due toincrease in royalty at ADMA Block owing to increase in sales. Exploration expenses increased by ¥4,417 million, or 149.3%, to¥7,375 million mainly due to exploration activities in Oceania. Selling, general and administrative expense increased by ¥2,139
million, or 14.0%, to ¥17,427 million. As a result, operating income increased by ¥100,236 million, or 62.5%, to ¥260,700 million.
Other income decreased by ¥3,730 million, or 39.7 %, to ¥5,660 million mainly due to absence of gain on taking effect of explorationand production agreement which recorded at Venezuela project in corresponding period of the previous fiscal year. Other expenses
increased by ¥8,406 million, or 66.7%, to ¥21,003 million mainly due to increase in foreign exchange loss and provision forallowance for recoverable accounts under production sharing resulting from exploration activities at Masela Block. As a result,ordinary income increased by ¥88,100 million, or 56.0%, to ¥245,357 million.
Total amount of current income taxes and deferred income taxes increased by ¥79,524 million, or 70.4%, to ¥192,557 million, andminority interests were ¥3,026 million. As a result of above effects, net income for the three months ended June 30, 2008 increased by¥11,227 million, or 29.1%, to ¥49,773 million from the corresponding period of the previous fiscal year.
Financial results of geographical segment are as follows:(1) Japan
Net sales were ¥22,574 million and operating income was ¥7,620 million, respectively mainly due to steady domestic sales ofnatural gas.
(2) Asia - Oceania
Net sales were ¥137,567 million and operating income was ¥98,746 million, respectively mainly due to increase in sales price of
crude oil and natural gas despite of decrease in sales volume.
(3) Eurasia (Europe - NIS)
Net sales were 39,205 and operating income was ¥24,763 million, respectively mainly due to increase in sales price of crude oil.
(4) Middle East - Africa
Net sales were ¥180,054 million and operating income was ¥131,271 million, respectively mainly due to increase in sales priceof crude oil and increase in sales volume at ADMA Block.
(5) Americas
Net sales were ¥1,935 million and operating income was ¥10 million.
2. Qualitative Information on Consolidated Financial Position
Consolidated total assets as of June 30, 2008 increased by ¥121,503 million to ¥1,929,404 million from ¥1,807,900 million as ofMarch 31, 2008. This is mainly due to increase in recoverable accounts under production sharing by ¥26,275 million at Kashagan Oil
Field, Offshore Mahakam Block, Masela Block and others, increase in accounts receivable-trade owing to increase in sales price of
crude oil and increase in investment securities and marketable securities.
Meanwhile, total liabilities increased by ¥71,320 million to ¥640,408 million from ¥569,088 million as of March 31, 2008. Current
liabilities increased by ¥54,821 million to ¥380,107 million, and long-term liabilities increased by ¥16,498 million to ¥260,300
million.
Net assets increased by ¥50,183 million to ¥1,288,996 million, of which minority interests in net assets increased by ¥7,672 million to¥89,115 million.
Cash and cash equivalents at the end of the three months ended June 30, 2008 totaled ¥251,393 million reflecting net increase of¥29,123 million from ¥222,269 million at the end of the previous fiscal year.
Cash flows from operating activities, investing activities and financial activities and those factors are as follows:(1) Cash flows from operating activities
Net cash provided by operating activities was ¥108,648 million (increased by ¥25,224 million from the corresponding period of

― 3 ―

ファ

the previous fiscal year). This is mainly due to cash provided by net income after taxes and recovery of recoverable accounts
under production sharing (capital expenditures).
(2) Cash flows from investing activities
Net cash used in investing activities was ¥84,979 million (increased by ¥21,448 million from the corresponding period of theprevious fiscal year). This is mainly due to increase in payments for purchases of investment securities, investment inrecoverable accounts under production sharing (capital expenditures) and payments for purchases of tangible fixed assets.
(3) Cash flows from financial activities
Net cash used in financial activities was ¥434 million (decreased by ¥15,855 million from the corresponding period of theprevious fiscal year). This is mainly due to decrease in repayments of long-term debt.
3. Qualitative Information on Estimated Consolidated Operating Results
We have revised our consolidated financial forecasts for the six months ending September 30, 2008 and for the year ending March 31,
2009, which were previously announced on May 14, 2008, due to increase in the price of crude oil and other factors.
Forecasts for consolidated financial results for the six months ending September 30, 2008
(Millions of yen)
Operating
Ordinary
Net sales
Net income
incomeincome541,000
320,000
302,000
56,000Previous Forecasts: Ａ
Revised Forecasts: Ｂ

738,000

491,000

470,000

97,000

Increase:Ｂ－Ａ

197,000

171,000

168,000

41,000

36.4

53.4

55.6

73.2

Rate of increase (%)

Forecasts for consolidated financial results for the year ending March 31, 2009
Operating
Net sales
income1,040,000
616,000
Previous Forecasts: Ａ
Revised Forecasts: Ｂ
Increase:Ｂ－Ａ
Rate of increase (%)(Millions of yen)
Ordinary
incomeNet income

589,000

120,000

1,314,000

850,000

819,000

177,000

274,000

234,000

230,000

57,000

26.3

38.0

39.0

47.5

The above forecasts are calculated based on the following assumptions:
Previous Forecasts
Crude Oil Price(Brent)First-Half (April 1, 2008- September 30, 2008) :US$ 90/bbl

Second-Half (October 1, 2008- March 31, 2009) :US$ 80/bbl
Full Year (April 1, 2008- March 31, 2009) :¥100/US$1
Exchange rates

Revised Forecastsnd

2 Quarter (July 1, 2008- September 30, 2008) :US$115/bbl
First-Half (April 1, 2008- September 30, 2008) :US$119.0/bbl
Second-half (October 1, 2008- March 31, 2009) :US$95/bbl
2nd Quarter (July 1, 2008- September 30, 2008) :¥105/US$1
First-Half (April 1, 2008-September 30, 2008) :¥104.8/US$1
Second-half (October 1, 2008-March 31, 2009) :¥100/US$1

Crude oil prices which the Company sells depend on the type of crude oil, and there are also price differences between our crude oil
price and Brent price. Price differences are caused by its quality and its pricing range which is affected by the market conditions. Mostof our crude oil prices are lower than Brent price.
4. Others
Changes in accounting principles, procedures, presentations, etc., pertaining to preparation of quarterly consolidated financial
statements
Effective the fiscal year ending March 2009, the Company applies “Accounting Standard for Quarterly Financial Statements”(ASBJ Statement No. 12) and “Implementation Guidance for Accounting Standard for Quarterly Financial Statements” (ASBJ
Guidance No. 14). The Company also prepares quarterly consolidated financial statements according to “Regulations for
Quarterly Consolidated Financial Statements.”― 4 ―更新日時:8/7/2008 1:59:00 PM

ァイル名:②H21.3_第1四半期BS

印刷日時:08/08/08 14:17

5. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)Accounts

Condensed balance sheet as ofMarch 31, 2008

As of June 30, 2008

(Assets)
Current assets
Cash and deposits

215,874

204,596

Accounts receivable-trade137,648

120,948

Marketable securities

135,091

115,730

Inventories

18,793

19,716

Other

111,628

104,176

(60)

(58)

618,976

565,110259,656

254,481Goodwill

119,954

121,644

Other

142,200

143,836

Total intangible assets

262,154

265,480

Investment securities

402,430

360,726

Recoverable accounts under
production sharing

409,438

383,162

Other

66,55961,258

Allowance for doubtful accounts

(918)

(911)

(78,718)(71,445)(10,175)(9,963)788,616

722,827

1,310,428

1,242,789

1,929,404

1,807,900

Allowance for doubtful accounts
Total current assets
Fixed assets
Tangible fixed assets
Intangible assets

Investments and other assets

Allowance for recoverable accounts
under production sharing
Allowance for investments in
exploration
Total investments and other assets
Total fixed assets
Total assets― 5 ―更新日時:8/7/2008 1:59:00 PM

ァイル名:②H21.3_第1四半期BS

印刷日時:08/08/08 14:17(Millions of yen)Accounts

Condensed balance sheet as ofMarch 31, 2008

As of June 30, 2008

(Liabilities)
Current liabilities
Accounts payable-trade27,656

22,582

Short-term loans

20,034

19,274

Income taxes payable

180,427

131,523

Provision for exploration projects

10,296

10,786

48

208

Other

141,644

140,909

Total current liabilities

380,107

325,285

187,454

174,813

Accrued retirement benefits to employees

8,782

8,645

Accrued retirement benefits to officers

263

475

14,07912,728

1,964

1,964

401

229

Other

47,35444,945

Total long-term liabilities

260,300

243,802

Total liabilities

640,408

569,088

Common stock

30,00030,000Capital surplus

418,494

418,493

Retained earnings

758,964

718,616

Treasury stock(2,449)(2,215)

1,205,009

1,164,894

1,179(7,468)(1)

3

Translation adjustments(6,306)(60)

Total valuation, translation adjustments
and others(5,128)(7,524)

Minority interests

89,11581,442

Total net assets

1,288,996

1,238,812

Total liabilities and net assets

1,929,404

1,807,900

Accrued bonuses to officers

Long-term liabilities
Long-term debt

Liabilities for site restoration anddecommissioning costs
Liabilities for losses on development
activities
Accrued special repair and maintenance(Net assets)
Shareholders’ equity

Total shareholders’ equity
Valuation, translation adjustments andothers
Unrealized holding gain (loss) on
securities
Unrealized gain (loss) from hedging
instruments― 6 ―ァイル名:③H21.3第1四半期_PL

更新日時(2) Consolidated Statement of Income(Millions of yen)
For the three months ended
June 30, 2008

Accounts

Net sales

381,338

Cost of sales

95,834Gross profit

285,503

Exploration expenses

7,375

Selling, general and administrative expenses

17,427

Operating income

260,700

Other income
Interest income

1,658

Dividend income

1,945
933

Equity in earnings of affiliates
Other

1,122

Total other income

5,660

Other expenses
Interest expense

2,001

Provision for allowance for recoverable accounts under
production sharing

6,684

Provision for exploration projects

1,752

Foreign exchange loss

7,596

Other

2,968

Total other expenses

21,003

Ordinary income

245,357

Income before income taxes and minority interests

245,357

Income taxes-current

196,884

Income taxes-deferred(4,327)

Total income taxes

192,557

Minority interests

3,026

Net income

49,773― 7 ―ファイル名:④H21.3_CF第1四半期

更(3) Consolidated Statement of Cash Flows(Millions of yen)Accounts

For the three months ended
June 30, 2008

Cash flows from operating activities
245,357
9,821
1,690

Income before income taxes and minority interests
Depreciation and amortization
Amortization of goodwill
Provision for allowance for recoverable accounts
under production sharing
Provision for exploration projects

7,521
(283)

Provision for accrued retirement benefits to employees

136

Provision for site restoration and decommissioning costs

1,441
20

Other provisions
Interest and dividend income(3,603)

Interest expense

2,001

Foreign exchange loss

2,430

Equity in earnings of affiliates
Recovery of recoverable accounts under production
sharing (capital expenditures)
Recoverable accounts under production sharing(operating expenditures)
Accounts receivable-trade(933)
13,251(8,395)(18,273)
835

Inventories
Accounts payable-trade

5,123

Other

(6,260)251,880

SubtotalInterest and dividends received

3,078Interest paid

(2,519)(143,790)

Income taxes paid

108,648

Net cash provided by operating activities― 8 ―ファイル名:④H21.3_CF第1四半期

更(Millions of yen)Accounts

For the three months ended
June 30, 2008

Cash flows from investing activities
Increase in time deposits(2,639)Decrease in time deposits

368

Payments for purchases of tangible fixed assets(16,728)

Proceeds from sales of tangible fixed assets

21

Payments for purchases of intangible assets(473)

Proceeds from sales of marketable securities

19,171

Payments for purchases of investment securities(54,771)

Proceeds from sales of investment securities
Investment in recoverable accounts under production
sharing (capital expenditures)
Increase in short-term loans receivable

1,010(31,627)(39)

Long-term loans made(587)

Collection of long-term loans receivable

411

Other

906

Net cash used in investing activities(84,979)

Cash flows from financing activities
Decrease in short-term loans(79)

Proceeds from long-term debt
Repayments of long-term debt

6,635
(2,284)

Proceeds from minority interests for additional shares

5,060

Purchase of treasury stock(232)

Cash dividends paid

(9,427)

Dividends paid to minority shareholders

(80)

Other

(26)
(434)

Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents

5,889

Net increase in cash and cash equivalents

29,123

Cash and cash equivalents at beginning of the period

222,269

Cash and cash equivalents at end of the period

251,393― 9 ―ファイル名:⑤H21.3fセグメント-海外売上高-継続企業

更新日時:8/7/2008 7:53:00 PM

印刷日時:08/08/08 14:18

Effective the fiscal year ending March 2009, the Company applies “Accounting Standard for Quarterly Financial Statements” (ASBJ
Statement No. 12) and “Implementation Guidance for Accounting Standard for Quarterly Financial Statements” (ASBJ Guidance No. 14).
The Company also prepares quarterly consolidated financial statements according to “Regulations for Quarterly Consolidated Financial
Statements.”(4) Note on assumptions for going concern
For the three months ended June 30, 2008
None

―10―

ファイル名:⑤H21.3fセグメント-海外売上高-継続企業

更新日時:8/7/2008 7:53:00 PM

印刷日時:08/08/08 14:18(5) Segment information【Business segment information】
For the three months ended June 30, 2008
Segment information by business has been omitted because the crude oil and natural gas business accounts for more than 90% of
total sales, operating income and asset.

―11―

更新日時:8/7/2008 7:53:00 PM

ファイル名:⑤H21.3fセグメント-海外売上高-継続企業

印刷日時:08/08/08 14:18【Geographical segment information】
For the three months ended June 30, 2008 (April 1, 2008 through June 30, 2008)(Millions of yen)Japan

Asia Oceania

Eurasia(EuropeNIS)

22,574

137,567

39,205

180,054

1,935

―

―

―

―

Total

22,574

137,567

39,205

Operating income

7,620

98,746

24,763

Middle East Africa

AmericasEliminations
and other

Consolidated

381,338―

381,338

―

―

―

―

180,054

1,935

381,338―

381,338

131,27110

262,412(1,711)

260,700

Total

I Net sales and operating income
Net sales(1) Sales to third parties(2) Intercompany sales andtransfers between
segments

Notes:

1. Countries and areas are segmented based on their geographic proximity and their mutual operational relationships.
2. Major countries and areas that belong to segments other than Japan are as follows:(1) Asia - Oceania･････････Indonesia, Australia, East Timor, Vietnam(2) Eurasia (Europe - NIS)･･Azerbaijan, Kazakhstan, UK(3) Middle East - Africa････UAE, D.R. Congo, Iran, Libya, Egypt, Algeria, Angora(4) Americas･････････････Venezuela, Ecuador, USA, Canada, Suriname―12―

更新日時:8/7/2008 7:53:00 PM

ファイル名:⑤H21.3fセグメント-海外売上高-継続企業

印刷日時:08/08/08 14:18【Overseas sales】
For the three months ended June 30, 2008 (April 1, 2008 through June 30, 2008)
Asia - Oceania
I.

Overseas sales (Millions of yen)

106,450

Other

Total

35,836

II. Consolidated sales (Millions of yen)

381,338

III. Overseas sales as a percentage of consolidated sales (%)
Notes:

142,286

27.9

9.4

37.3

1. Countries and areas are segmented based on their geographic proximity.
2. Major countries and areas that belong to segments other than Japan are as follows:(1) Asia - Oceania････････South Korea, Taiwan, Indonesia, Singapore, Thailand, Philippines, Australia, New Zealand(2) Other･･･････････････USA, Italy, Netherland
3. Overseas sales consist of export sales of the Company and its domestic consolidated companies and sales (other thanexports to Japan) of its foreign consolidated subsidiaries. Overseas sales are totaled up based on final destination.

―13―

ファイル名:⑤H21.3fセグメント-海外売上高-継続企業

更新日時:8/7/2008 7:53:00 PM(6) Note on significant changes in shareholders’ equity

For the three months ended June 30, 2008 (April 1, 2008 through June 30, 2008)
None

―14―

印刷日時:08/08/08 14:18

ァイル名:⑥a参考情報H20.3期第1四半期_要約PL

更新日時[Reference]
Condensed Consolidated Statement of Income for the three months ended June 30, 2007
(Millions of yen)Accounts

For the three months ended
June 30, 2007
Amounts

Ⅰ Net sales

269,844

Ⅱ Cost of sales

91,134Gross profit

178,709

Ⅲ Exploration expenses

2,958

Ⅳ Selling, general andadministrative expenses

15,287
160,464

Operating income
Ⅴ Other income

9,390

1 Interest income

2,688

2 Equity in earnings of affiliates648

3 Foreign exchange gain―

4 Other

6,053

Ⅵ Other expenses

12,597

1 Interest expense

3,192

2 Provision for allowance forrecoverable accounts under
production sharing

1,826

3 Foreign exchange loss

2,692

4 Other

4,885

Ordinary income

157,257

Income before income taxes andminority interests

157,257

Income taxes-current

116,448

Income taxes-deferred(3,415)

Minority interests

5,678

Net income

38,545― 15 ―

ファイル名:⑥b参考H20.3第1四半期_要約CF更Condensed Consolidated Statement of Cash Flows for the three months ended June 30, 2007
(Millions of yen)Accounts

For the three months ended
June 30, 2007
Amounts

Ⅰ Cash flows from operating activities
157,257
8,652
1,541

Income before income taxes and minority interests
Depreciation and amortization
Amortization of goodwill
Provision for allowance for recoverable accounts
under production sharing
Interest and dividend income

2,384(3,903)

Interest expense

3,192

Foreign exchange loss

3,323

Equity in earnings of affiliates(648)(18,809)

Accounts receivable-trade
Recovery of recoverable accounts under
production sharing (capital expenditures)
Recoverable accounts under production
sharing (operating expenditures)
Other

18,593(3,027)
13,793
182,348

SubtotalInterest and dividends received

3,980Interest paid

(2,929)

Income taxes paid

(99,975)
83,424

Net cash provided by operating activities
Ⅱ Cash flows from investing activities
Proceeds from sales of marketable securities

9,156

Payments for purchases of tangible fixed assets(11,902)

Proceeds from sales of tangible fixed assets

25

Payments for purchases of investment securities(49,588)

Proceeds from sales of investment securities
Investment in recoverable accounts under
production sharing (capital expenditures)
Other

104
(28,559)
17,232

Net cash used in investing activities
Ⅲ Cash flows from financing activities(63,530)
12,405

Proceeds from long-term debt
Repayments of long-term debt

(13,606)

Cash dividends paid

(16,501)―

Stock transfer payment
Other

1,411

Net cash used in financing activities
Ⅳ Effect of exchange rate changes on cash
and cash equivalents
Ⅴ Net increase in cash and cash equivalents(16,290)

Ⅵ Cash and cash equivalents at beginning of the period

189,416

Ⅶ Cash and cash equivalents at end of the period

196,996

3,975
7,579

― 16 ―

2ファイル名:

6. Other(1) Production, orders received and sales performance1) Actual production
The following table shows actual production by business segment:
For the three months ended
Business segment
Category
June 30, 2007
Crude oil
Natural gas
Crude oil andnatural gas

Subtotal
Petroleumproducts

23 MMbbls(250 Mbbls per day)99 Bcf(1,083 MMcf per day)
39 MMboe(431 Mboe per day)
50 Mkl(314 Mbbls)

21 MMbbls(225 Mbbls per day)95 Bcf(1,049 MMcf per day)
36 MMboe(400 Mboe per day)
49 Mkl(309 Mbbls)

126 tons

126 tons

20 millions kWh

26 millions kWh

IodineElectric power
generation
Notes:For the three months ended
June 30, 2008

1. The volume of LPG produced overseas is included in ‘Crude oil.’ On the other hand, the amount of LPG produced in thedomestic refinery is included in ‘Petroleum Products.’
2. A portion of crude oil production volume is consumed as material for petroleum products.
3. A portion of crude oil and natural gas production volume is consumed as fuel to generate electricity.
4. The production by the Company’s affiliates accounted for by the equity method is included in the figures above. Also the
production volume is a result for the three months ended June 30 regardless of a closing date on the basis of fiscal periodsof its subsidiaries or affiliates.
5. The production volume of crude oil and natural gas under the production sharing contracts entered by INPEX HoldingsGroup corresponds to the net economic take of our group.
Figures calculated by multiplying the gross production volume by our company’s interest share are 31 MMbbls (342
Mbbls per day) of crude oil, 174 Bcf (1,907 MMcf per day) of natural gas, and in total 60 MMboe (659 Mboe per day).
6. Boe means barrels of oil equivalent.
7. The volume of petroleum products is converted to bbl in parenthesis. Applied coefficient is 6.29 bbls per kl.
8. Iodine is refined by another company on consignment.
9. Figures are rounded to nearest whole number.

2) Orders received
This information is not disclosed since the amount of orders received accounted for a minor portion of total sales. In
addition, there is no production for orders received in crude oil and natural gas business.

― 17 ―

2ファイル名:

3) Actual salesa) We take back the full amount of crude oil produced overseas allocated to us under production sharing contracts andproduced under concession agreements, and sell it to domestic and foreign customers. We sell natural gas producedin Indonesia in the form of LNG to Japanese power companies, city gas companies and customers in South Korea,
Taiwan and other countries through PERTAMINA. In addition, we sell natural gas produced in Japan to customers
using our pipeline.
b) Sales by business segment during each period were as follows:(Millions of yen)
For the three months ended
For the three months ended
Business segment Category
June 30, 2007
June 30, 2008
Crude Oil

21,924 Mbbls

177,32198,656 MMcf
Crude oil andnatural gas

256,685

97,854 MMcf
86,767Natural Gas
LPG: 380 Mbbls

117,652
LPG: 512 Mbbls

Others

5,301

6,612

Subtotal

269,390

380,950453

387

269,844381,338

Other
Total
Notes:

20,504 Mbbls

1. The above amounts do not include the related consumption tax.
2. The Company’s subsidiaries of which closing date for fiscal year is December 31 are principally consolidated by using theiroperating results for the three months ended March 31, 2008 except those subsidiaries prepared their financial statements forconsolidation purpose as of the consolidation closing date. However, the significant effects of the difference in fiscal periods
were properly adjusted in consolidation.
3. Sales volumes are rounded to nearest whole number.
4. Sales for major customers and sales as a percentage of total net sales are as follows. Sales amount of PERTAMINA consists
mostly of natural gas and over half of them are sold to Japanese customers in the form of LNG.

For the three months ended
June 30, 2008
Customers

Amount（Millions of yen）

Ratio
（％）

PERTAMINA

98,95525.9

Idemitsu Kosan Co., Ltd.

39,900

10.5― 18 ―

更新日時:8/7/2008 2:50:00 PM

ファイル名:⑧H21.3補足データ要約PL(INPEXサブ)

印刷日時:08/08/08 14:20[Reference]
1. Condensed Consolidated Statements of Income of INPEX CORPORATION(Millions of yen)
For the three months ended
June 30, 2007
(A)
Amounts

For the three months ended
June 30, 2008
(B)
Amounts

Ⅰ Net sales

241,562351,607110,044

Ⅱ Cost of sales

81,942

86,1094,167

Gross profit

159,620

265,497

105,876

Ⅲ Exploration expenses

1,575

5,810

4,235

Ⅳ Selling, general and administrative
expenses

7,924

8,785

860

150,120

250,900

100,780

4,170

3,923

(247)

2,532

1,456

(1,075)

308

778

470

1,330

1,688

357

Ⅵ Other expenses

11,693

17,673

5,979

1 Interest expense

2,957

1,820

(1,136)

2 Provision for allowance forrecoverable accounts under
production sharing

1,164

6,437

5,272

3 Foreign exchange loss

3,101

7,828

4,727

4 Other

4,469

1,587

(2,882)

Ordinary income

142,598

237,151

94,553

Income before income taxes andminority interests

142,598

237,151

94,553

Income taxes-current

109,876

192,018

82,142

Income taxes-deferred(3,725)(4,145)(419)

Minority interests

4,710

2,968

(1,741)

Net income

31,73746,308

14,571

Accounts

Operating income
Ⅴ Other income
1 Interest income
2 Equity in earnings of affiliates
3 Other― 19 ―

Fluctuation(B)-(A)
Amounts

更新日時:8/7/2008 2:51:00 PM

ファイル名:⑨H21.3補足データ要約PL(TOCサブ)

印刷日時:08/08/08 14:20

2. Condensed Consolidated Statements of Income of Teikoku Oil Co., Ltd.
(Millions of yen)
For the three months ended
June 30, 2007
(A)
Amounts

For the three months ended
June 30, 2008
(B)

Fluctuation(B)-(A)

Amounts

Amounts

Ⅰ Net sales

40,74344,288

3,544

Ⅱ Cost of sales

21,662

24,2722,610

Gross profit

19,081

20,015933

Ⅲ Exploration expenses

1,383

1,565

182

Ⅳ Selling, general and administrative
expenses

5,836

6,945

1,109

11,861

11,504

(357)

5,913

2,038

(3,874)

1 Interest income

133

191

57

2 Equity in earnings of affiliates

340

155

(185)

3 Foreign exchange gain

408

232

(175)

5,030

1,459

(3,571)

1,296

3,464

2,167

1 Interest expense

241

188

(52)

2 Provision for allowance for recoverable
accounts under production sharing

661

247

(413)

3 Other

392

3,027

2,634

16,47910,078(6,400)Ⅶ Special income

2

12

10

Ⅷ Special loss

15

―

(15)

Income before income taxes andminority interests

16,466

10,091(6,374)

Income taxes-current

6,558

4,838

(1,719)

Income taxes-deferred

311

(142)

(453)

Minority interests

968

58

(910)

8,628

5,336

(3,291)

Accounts

Operating income
Ⅴ Other income

4 Other
Ⅵ Other expenses

Ordinary income

Net income― 20 ―