更新日時：2005/02/11 1:11 印刷日時： 最終印刷日時：2005/02/11 1:14

ファイル名：

Consolidated Financial Results for the First Nine Months ended December 31, 2004
February 10, 2005
Note: The following report is an English translation of the Japanese-language original.
Listed company’s name
INPEX Corporation(URL http://www.inpex.co.jp/)
Code number
1604: 1st Section of the Tokyo
Stock Exchange
Representative
Contact person

Kunihiko Matsuo, President
Seiya Ito, Director & General Manager, Corporate Planning & Management Dept.
TEL +81-3-5448-1238

1. Preparation of Nine-Month Financial Results①Application of a simple accounting procedure②Any changes in accounting procedure from the latest fiscal year
③Any changes in scope of consolidation and equity method of accounting

: No
: No
: Yes

Number of consolidated subsidiaries:(Newly included) 1(Excluded) 2
Number of affiliates accounted for by the equity method(Newly included) 4(Excluded) 1
2. Financial and Operating Results for the First Nine Months ended December 31, 2004 (April 1, 2004 throughDecember 31, 2004)(1) Consolidated operating results
Note: Amounts less than one million yen are rounded off.
Net sales
Operating income
Ordinary income
Net income
For the nine months ended Millions of yen% Millions of yen% Millions of yen% Millions of yen%
December 31, 2004
339,865
109.6
191,143
166.2 175,359
147.3
54,967111.8
December 31, 2003
162,172
71,80470,922
25,958−−−−For the year ended March
218,831
93,876
94,77334,781
31, 2004
Net income per share—basic
For the nine months ended
December 31, 2004
December 31, 2003
For the year ended March
31, 2004
Notes:Net income per share—diluted

Yen

Yen

29,092.97
44,057.63(14,685.88)−−

58,838.76(19,612.92)−

1. The percentage expressions for net sales, operating income, ordinary income and net income represent the change fromthe corresponding nine-month period of the previous year.
2. Average number of shares issued and outstanding in each period (consolidated): First nine months ended December 31,
2004 1,889,386 shares; First nine months ended December 31, 2004 589,200 shares; year ended March 31, 2004
589,200 shares
On May 18, 2004, there was a 3-for-1 stock split of common stock. Net income per share for the first nine months ended
December 31, 2004 and the year ended 2004 restated for the effect of the stock split is presented in parentheses.

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ファイル名：

During the nine-month period ended December 31, 2004, consolidated net sales increased ¥177,692 million, or
109.6%, to ¥339,865 million from the corresponding nine-month period a year before. Net sales of crude oil were
¥205,508 million, a remarkable rise of ¥155,136 million, or 308.0%. Consolidated net sales of natural gas
increased ¥22,556 million, or 20.2%, to ¥134,356 million.
As for net sales of crude oil, the average price of our crude oil for the nine-month period ended December 31, 2004
increased US$10.05 per barrel, or 36.0%, to US$37.96 per barrel from the nine-month period a year before. The
sales volume increased 34.03 million barrels, or 221.5%, to 49.39 million barrels, mainly due to the consolidationof Japan Oil Development Co., Ltd. and the increase in sales volume at INPEX Southwest Caspian Sea, Ltd. The
average exchange rate for crude oil sales was ¥108.58 per U.S. dollar for the nine-month period ended December
31,2004 representing an appreciation of the yen in the amount of ¥6.79 per U.S. dollar, or 5.9%, from the ninemonth period a year before.
The increase in net sales of natural gas was attributable to a rise in sales prices accompanied by a rise in crude oil
prices despite the appreciation of the yen.
Cost of sales for the nine-month period ended December 31, 2004 increased ¥61,476 million, or 78.8%, to¥139,467 million from the nine-month period a year before. Exploration expenses decreased ¥6,510 million, or
81.9%, to ¥1,436 million. Selling, general and administrative expenses increased ¥3,388 million, or 76.5%, to¥7,817 million. As a result, operating income increased ¥119,338 million, or 166.2%, to ¥191,143 million.
Other income for the nine-month period ended December 31, 2004 decreased ¥7,305 million, or 65.6%, to ¥3,830
million. This decrease was primarily due to the foreign exchange gain recognized in the corresponding nine-month
period a year before, which was not recognized in the nine-month ended December 31, 2004 with the appreciationof the yen against the dollar.
Other expenses increased ¥7,596 million, or 63.2%, to ¥19,614 million. Large increase of foreign exchange loss of¥11,332 million more than offsets a decrease of ¥8,479 million in the provision for allowance for recoverable
accounts under production sharing. As a consequence, ordinary income for the nine-month ended December 31,
2004, increased ¥104,436 million, or 147.3%, to ¥175,359 million.
Income taxes - current for the nine-month ended December 31, 2004 were ¥133,381 million, showing an increaseof ¥90,658 million, or 212.2%, from the nine-month period a year before, primarily due to the consolidation ofJapan Oil Development Co., Ltd. As a result, consolidated net income for the nine-month period ended December
31, 2004, increased ¥29,009 million, or 111.8%, to ¥54,967 million.
Reference: Non-consolidated operating results
Net sales
For the nine months ended Millions of yen%
December 31, 2004
146,467
17.7
December 31, 2003
124,491−
For the year ended March
168,23931, 2004

Operating income
Millions of yen

80,897
70,842
92,648

Ordinary income% Millions of yen

14.2−

78,81658,437

Net income% Millions of yen

34.9−

76,20535,00922,493%55.6−

28,349Note:
The percentage expressions for net sales, operating income, ordinary income and net income represent the change from thecorresponding nine-month period of the previous year.

(2) Consolidated financial position
Total assets
As of December 31,2004
As of December 31,2003
As of March 31, 2004

Note: Amounts less than one million yen are rounded off.
Shareholders’Shareholders’Shareholders’ equity per shareequityequity ratio

Millions of yen

Millions of yen

738,087
510,369
525,298

390,588269,637
278,113

%

52.9
52.9
52.9

Yen

203,449.37
457,632.97
471,826.00(152,544.32)(157,275.33)

Note:
Number of shares issued and outstanding at the end of each period (consolidated):First nine months of FY2005 1,919,833 shares; First nine months of FY2004 589,200 shares;FY2004 589,200 shares
On May 18, 2004, there was a 3-for-1 stock split of common stock. Shareholders’ equity per share as of December 31,2003 and March
31,2004 restated for the effect of the stock split are presented in parentheses.

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ファイル名：(Consolidated cash flows)
Operating activities

For the nine months ended
December 31, 2004
December 31, 2003
For the year ended March
31, 2004

Note: Amounts less than one million yen are rounded off.
Cash and cash
Investing activities Financing activities equivalents at the endof the period

Millions of yen

Millions of yen

Millions of yen

Millions of yen

94,22139,003(93,377)(213,285)

7,544
126,608

114,154
29,73744,464(218,121)

151,120

54,582

Consolidated total assets increased ¥212,789 million to ¥738,087 million as of December 31, 2004 from¥525,298 million as of March 31, 2004. Current assets increased ¥91,893 million to ¥198,846 million, mainly due
to increases in cash and deposits and accounts receivable-trade. Fixed assets increased ¥120,896 million to¥539,241 million, due to increases in tangible fixed assets, investment securities and recoverable accounts under
production sharing.
Total liabilities increased ¥100,183 million to ¥314,489 million, minority interests in consolidated subsidiaries
increased ¥130 million to ¥33,009 million and shareholders’ equity increased ¥112,475 million to ¥390,588
million.
As for cash flows during the nine-month period ended December 31, 2004, net cash provided by operating
activities increased ¥55,217 million to ¥94,221 million from the nine-month period a year before, mainly due tothe increased sales volume of crude oil and price rises of crude oil and natural gas. Meanwhile, net cash used forinvesting activities amounted to ¥93,377 million. After adding ¥7,544 million in net cash provided by financing
activities and deducting ¥4,709 million for the effect of foreign exchange rate changes on cash and cash
equivalents, the net increase in cash and cash equivalents during the nine-month period ended December 31, 2004
totaled ¥3,678 million.
Cash and cash equivalents at the end of the nine-month period ended December 31, 2004, totaled ¥114,154 million
by adding ¥55,894 million of increase in cash and cash equivalents due to a share exchange transaction and¥54,582 million at the end of the previous fiscal year.
Reference: Non-consolidated financial position
Note: Amounts less than one million yen are rounded off.
Total assets
Shareholders’ equity Shareholders’ equity ratio
As of December 31,2004
As of December 31,2003
As of March 31, 2004

Millions of yen

Millions of yen

399,199
299,381
301,376

361,502
263,941
269,813[Accompanying materials]
1. 3rd Quarter Condensed Consolidated Balance Sheets
2. 3rd Quarter Condensed Consolidated Statements of Income
3. 3rd Quarter Condensed Consolidated Statements of Cash Flows
4. Production, Orders Received and Sales Performance

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%

90.6
88.2
89.5

更新日時：2005/02/11 1:11 印刷日時： 最終印刷日時：2005/02/11 1:14

ファイル名：[Reference]
Projected Operating Results for FY2005 (April 1, 2004 through March 31, 2005)
Net sales
Ordinary income
Net income
Millions of yen

Millions of yen

Millions of yen

Net income per share
Yen

Consolidated
441,100
235,000
66,50034,638.41
Non-consolidated
189,800
104,100
46,80024,377.11
Reference:
1. The predicted net income per share for FY2005, the year ending March 31, 2005, is calculated basedon the expected number of shares issued and outstanding of 1,919,833 at March 31, 2005.
2. The above forecasts are calculated based on the following assumptions:thSecond-Half(October 1, 20044 Quarter(January 1, 2005March 31, 2005)
March 31, 2005)
Crude oil price(Brent)
US$41.49/bbl
US$43.11/bbl
Exchange rates(for crude oil¥100/US$1¥103.05/US$1
price)
Our sales crude oil prices are different in each crude and there are also price difference between oursales crude oil price and Brent price. Price differential are caused by its quality and its pricing range
is not constant due to the market conditions. The price difference between our sales crude oil and
Brent have spread in the recent market. Most of our sales crude oil prices are lower than Brent price.
*

The aforementioned projections are based on currently available information and contain many
uncertainties. Changing business conditions may cause actual results to differ from the above
forecasts.

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ファイル名:H17.3第3四半期②_要約連結BS_version2

印刷日時:05/02/11 1:15

1.3rd Quarter Condensed Consolidated Balance Sheets(Millions of yen)Accounts

As of March 31,
2004
(A)

As of December 31,
2004
(B)

Amounts

Amounts

Ratio％(Assets)
Current assets
Cash and deposits
Accounts receivable-tradeMarketable securities
Other
Total current assets
Fixed assets
Tangible fixed assets
Intangible assets
Investments and other assets
Investment securities
Recoverable accounts
under production sharing
Ohter

63,722
19,265
18,9794,986
106,952
35,141
137,908

Ratio

Fluctuation(B)-(A)As of December 31,
2003
Amounts％

20.4

122,714
43,165
16,941
16,025
198,846

6.7
26.2

68,843139,041

Ratio
％

27.0

58,992
23,900(2,038)
11,03891,893

46,237
15,996
20,572
4,032
86,839

17.0

9.3
18.8

33,701
1,133

33,715
138,341

6.6
27.1

79,371

116,162

36,79189,607208,768

237,922

29,153211,836

7,541

26,46718,925

8,898

Less allowance forrecoverable accounts
under production sharing(44,676)(45,030)(354)(52,778)

Less allowance forinvestments in exploration(5,710)(4,166)

1,544(6,091)

Total investments and otherassets245,295

46.7

331,35644.9

86,061

251,472

49.3

Total fixed assets
Total assets(Liabilities)
Current liabilities
Accounts payable
Current portion of long-term
debt
Income taxes payable
Other
Total current liabilities
Long-term liabilities
Long-term debt
Other
Total long-term liabilities
Total liabilities

418,345525,298

79.6
100.0

539,241
738,087

73.0
100.0

120,896
212,789

423,530
510,369

83.0
100.0

(Minority interests)
Minority interests in consolidated
subsidiaries(Shareholders’ equity)
Common stock
Additional paid-in capital
Retained earnings
Unrealized holding gain on
securities
Translation adjustments
Total shareholders’ equity
Total liabilities, minority
interests and shareholders’equity3,272

15,65912,387

2,821

117

1,164

1,046

122

8,371
17,132
28,894

5.5

47,71734,34398,88413.4

39,345
17,211
69,9909,347
24,18736,4787.1

169,307
16,103
185,410214,305

35.3
40.8

182,218
33,386215,604
314,489

29.2
42.6

12,911
17,28230,193
100,183

159,514
14,981
174,495
210,973

34.2
41.3

32,8786.3

33,0094.5

13029,7585.8

29,460―249,628

5.6

4.0
8.4
40.5

0
62,402
48,951

29,460―240,805

5.8

47.5

29,46062,402
298,579

47.2

154

0.0

409

0.0

255

139

0.0

(1,128)278,113

(0.2)
52.9

(263)
390,588

(0.0)
52.9

865
112,475(767)
269,637

(0.1)
52.9

525,298100.0

738,087

100.0

212,789

510,369

100.0

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ファイル名:H17.3第3四半期③_要約連結PL(英語）ver2

印刷日時:05/02/11 1:16

2. 3rd Quarter Condensed Consolidated Statements of Income

Accounts

Net sales
Cost of sales
Gross profit
Exploration expenses
Selling, general andadministrative expenses
Operating income
Other income
Interest income
Equity in earnings ofaffiliates
Foreign exchange gain
Other
Other expenses
Interest expense
Provision for allowance forrecoverable accounts under
production sharing
Amortization of explorationand development rights
Foreign exchange loss
Other
Ordinary income
Income before income taxes
and minority interests
Income taxes-current
Income taxes-deferred
Minority interests
Net income(Millions of yen)
For the nine months For the nine months
Fluctuation For the year ended
ended December 31, ended December 31,(B) - (A)March 31, 2004
2004 (B)2003 (A)Amounts Ratio
Amounts Ratio Amounts
Amounts Ratio％％％
162,172 100.0
339,865 100.0
177,692
218,831 100.0
77,991
48.1
139,467 41.0
61,476
105,758 48.3
84,18151.9
200,397 59.0
116,216
113,072 51.7
7,947
4.9
1,436
0.4
(6,510)11,552
5.3
4,429

2.7

7,817

2.3

3,388

7,644

3.5

71,804
11,136
1,047

44.3
6.8

191,143
3,830
2,709

56.3
1.1

119,338(7,305)
1,662

93,876
15,503
1,574

42.9
7.1

526

22

(503)

452

7,471
2,091
12,018
1,260

―
1,098
19,614
2,053(7,471)
(992)
7,596
793

10,761
2,714
14,606
1,816

7.4

5.8

6.7

8,817

337

(8,479)10,056

553

1,333

779

746

―
1,387
70,922

43.7

11,332
4,557
175,359

51.6

11,332
3,170
104,436―
1,986
94,773

43.3

70,922

43.7

175,359

51.6

104,436

94,77343.3

42,723
2,581(341)
25,958

26.3
1.6
(0.2)
16.0

133,381(10,337)(2,652)54,967

39.2
(3.0)
(0.8)
16.2

90,658(12,919)(2,310)29,00955,081
5,237(326)
34,781

25.1
2.4
(0.1)
15.9

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ファイル名:H17.3第3四半期④_要約CF（英語）ver2

印刷日時:05/02/11 1:16

3. 3rd Quarter Condensed Consolidated Statements of Cash Flows(Millions of yen)Accounts

Cash flows from operating activities
Income before income taxes andminority interests
Depreciation and amortization
Provision for allowance forrecoverable accounts under production
sharing
Interest and dividend income
Interest expense
Foreign exchange (gain) loss
Equity in earnings of affiliates
Recovery of recoverable accounts
under production sharing (capital
expenditure)
Recoverable accounts under production
sharing (operating expenditures)
Other
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by operating
activities
Cash flows from investing activities
Proceeds from sales of marketablesecurities
Purchase of tangible fixed assets
Proceeds from sales of tangible fixed
assetsPurchase of investment securities
Proceeds from sales of investment
securities
Investment in recoverable accounts
under production sharing (capital
expenditures)
Purchase of mining rights
Proceeds from sales of mining rights
Other
Net cash used in investing activities

For the ninemonths ended
December 31,
2003 (A)For the ninemonths ended
December 31,
2004 (B)

Amounts

Amounts

Amounts

Amounts

70,922

175,359

104,436

94,773

1,800

8,335

6,535

4,049

9,940

354

(9,586)

11,284(1,079)1,260(6,139)(526)(2,797)
2,053
9,260
(22)

(1,717)793
15,399503(1,711)
1,816(11,980)(452)

13,995

26,177

12,182

21,744(12,822)(5,775)

7,047(13,827)

2,786
80,138
1,675(1,141)(41,669)(3,841)
209,104
3,131(1,986)(116,028)(6,628)
128,9651,456(844)(74,359)(7,349)98,3482,471(1,322)(55,033)

39,003

94,221

55,21744,464

17,406

15,053(2,352)

20,706(6,590)(8,356)(1,766)(8,920)

10

295

284

22

(17,179)(50,294)(33,115)(19,661)

683

―

(683)

3,685

(47,272)(49,556)(2,284)(58,997)(162,476)
3,052
(921)
(213,285)

―
―
(518)
(93,377)

162,476(3,052)402
119,907(163,511)
3,052
5,502
(218,121)― 7 ―Fluctuation For the year ended(B) - (A)March 31, 2004

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ファイル名:H17.3第3四半期④_要約CF（英語）ver2

Accounts

Cash flows from financing activities
Proceeds from long-term debt
Repayment of long-term debt
Proceeds from minority interests for
additional shares
Cash dividends paid
Other
Net cash provided by financing
activities
Effect of exchange rate changes on cash andcash equivalents
Net increase (decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of
the period
Increase in cash and cash equivalents due toa share exchange transaction
Cash and cash equivalents at end of theperiod

印刷日時:05/02/11 1:16

For the ninemonths ended
December 31,
2003 (A)For the ninemonths ended
December 31,
2004 (B)

Amounts

Amounts

Amounts

Amounts

119,911(116)

13,298(1,761)(106,613)(1,644)136,028(195)

29,205

1,398(27,807)

30,320(5,892)(16,500)(5,892)500―
17,000(5,892)(9,140)126,608

7,544(119,064)

151,120(1,003)(4,709)(3,706)(1,295)(48,676)

3,678

52,354(23,831)

78,41454,582(23,831)

78,414―55,89455,894―29,737

114,154

84,41654,582― 8 ―Fluctuation For the year ended(B) - (A)March 31, 2004

1ファイル名:

更新日時:2005/02/11 1:11

印刷日時:05/02/11 1:17

4. Production, Orders Received and Sales Performance(1) Production
The following table shows production by business segment in the Nine Months ended December 31, 2004
and the year ended March 31, 2004.
Classifica- For the Nine Months ended December 31,
For the year ended March 31, 2004
tion
2004
Millions of barrels
Millions of barrels
52.1
21.8
Crude oil(Thousands of barrels per day)(Thousands of barrels per day)
(189.4)(59.8)BCF
BCF
Crude oil and
219.0
297.3
Natural gas
natural gas(Millions of CF per day)(Millions of CF per day)
(796.2)(814.5)
Millions of BOE
Millions of BOE
88.6
71.4
Total
(Thousands of BOE per day)(Thousands of BOE per day)(322.1)(195.5)
Notes: 1. The production volume of crude oil/natural gas involved in the production sharing contracts
entered into by the INPEX Group refers to the total volume of crude oil or natural gas:
Production that corresponded to the net economic take of our group.
2. As for Japan Oil Development Co., Ltd., which was integrated by the Company in May 2004, its
production volume from April 1, 2004 is included in the figures above. The production by its
affiliates accounted for by the equity method has been also included.
3. We acquired equity in Angola Japan Oil Co., Ltd., AJOCO Exploration Co., Ltd. and AJOCO’91
Exploration Co., Ltd., in September 2004, and these three companies have become equitymethod affiliates of the Company. The above figures include their production volumes sinceApril 2004.
4.BOE means barrels of oil equivalent.

Business segment(2) Orders received
The Company has no production on order.
(3) Sales performancea) We take back the full amount of crude oil produced under production-sharing contracts, and primarilysell it domestically to Japanese power companies and refining companies. We sell natural gas in the formof LNG and LPG to Japanese power companies and urban gas companies through PERTAMINA and also
sell a part to customers in South Korea, Taiwan and other countries. In addition, we sell natural gas as
crude gas to the Indonesian market through PERTAMINA.
b) Classified sales performance for each period were as follows:(Millions of yen)
For the Nine Months For the Nine Months
ended December 31, ended December 31,
Fluctuation
For the year ended
Business
Classification(B)-(A)
March 31,2004
segment
2003
2004
(B)
(A)

Crude oil andnatural gas

Crude oil

50,372

205,508

155,136

68,783Natural gas

111,799

134,356

22,556150,047

Total

162,172

339,865

177,692

218,831

Note: The above amounts do not include consumption taxes.

― 9 ―