更新日時：2/8/2007 5:47:00 PM 印刷日時： 最終印刷日時：2/9/2007 9:09:00 AM

ファイル名：

Consolidated Financial Results for the nine months ended December 31, 2006
February 9, 2007
Note: The following report is an English translation of the Japanese-language original.
Listed company’s name
INPEX Holdings Inc.
(URL http://www.inpexhd.co.jp/)
Code number
1605: 1st Section of the Tokyo Stock Exchange
Representative
Contact person

Naoki Kuroda, President
Shuhei Miyamoto, General Manager, Corporate Communications Unit
TEL +81-3-5448-0205

1. Preparation of the Financial Results①Application of simplified accounting method②Changes in scope of consolidation and equity method of accounting
Number of consolidated subsidiaries:(Newly included) 4(Excluded) Number of affiliates accounted for by the equity method(Newly included) 1(Excluded) 1

: No
: Yes

Note: The Company was established on April 3, 2006 as the sole parent company of INPEX CORPORATION and Teikoku OilCo., Ltd. Since the Company started to compile the consolidated financial results from this period, ‘‘changes inaccounting policies from the latest fiscal year’’ is not disclosed.

2. Consolidated Financial Results for the nine months ended December 31, 2006 (April 1, 2006-December 31, 2006)
Note: Amounts less than one million yen are rounded off.
(1) Consolidated operating results
Net sales

For the nine months
ended December
31, 2006

Operating income

Million yen

729,234%－

430,885

Net income

For the nine months
ended December
31, 2006

Million yen

107,006

Ordinary income

Million yen%－

Million yen%－

427,429

Net income per share—basic

Net income per share—diluted

Yen

Yen

%

－

45,701.26－

Notes: 1. Since consolidated financial results are prepared for the first time for the nine months ended December 31, 2006, noconsolidated financial results of the corresponding period of the previous year nor percentage expressions for the change
from the corresponding period of the preceding year are not disclosed.
2. Average number of shares issued and outstanding in this period (consolidated): for the nine months ended December 31,
2006, 2,341,437 shares― 1 ―更新日時：2/8/2007 5:47:00 PM 印刷日時： 最終印刷日時：2/9/2007 9:09:00 AM

ファイル名：(Qualitative Information on Consolidated Financial Results)
During the nine months ended December 31, 2006, consolidated net sales were ¥729,234 million. Consolidated net
sales of crude oil were ¥452,291 million. Consolidated net sales of natural gas were ¥256,269 million. The average
crude oil price for the nine months ended December 31, 2006 was US$64.19 per bbl. The average yen against the
U.S. dollar for the nine months ended December 31, 2006 was ¥116.13 per U.S. dollar.
Cost of sales for the nine months ended December 31, 2006 was ¥250,935 million. Exploration expenses were
¥11,866 million. Selling, general and administrative expenses were ¥35,547 million. As a result, operating income
was ¥430,885 million.
Other income for the nine months ended December 31, 2006 was ¥18,808 million. Other expenses were ¥22,265
million. As a result, ordinary income for the nine months ended December 31, 2006 was ¥427,429 million.
Income taxes - current for the nine months ended December 31, 2006 were ¥325,266 million. Income taxes –deferred for the nine months ended December 31, 2006 were ¥ (10,372) million. Minority interests were ¥5,528
million. As a result of above effects, consolidated net income for the nine months ended December 31, 2006 was¥107,006 million.
(2) Consolidated financial position
Total assets

As of December 31,
2006
Notes:

Million yen

1,548,763

Net assets
Million yen

995,971

%

61.3

Yen

404,351.68

1. Since consolidated financial results are prepared for the first time for the nine month ended December 31, 2006, theconsolidated financial position at the end of the previous period is not disclosed.
2. Number of shares at the end of this period (consolidated):
as of December 31, 2006, 2,346,488 shares[Consolidated cash flows]
Cash flows fromoperating activities
Million yen
For the nine months
ended December
191,548
31, 2006
Notes:

Note: Amounts less than one million yen are rounded off.
Net assets excluding
Net assets excluding
minority interests as aminority interests per sharepercentage of total assets

Note: Amounts less than one million yen are rounded off.
Cash flows from
Cash flows from Cash and cash equivalents
investing activities
financing activities
at end of the period
Million yen(162,962)

Million yen

9,573

Million yen

192,006

Since consolidated financial results are prepared for the first time for the nine month ended December 31, 2006, theconsolidated financial position at the end of the previous period is not disclosed.

(Qualitative Information on Consolidated Financial Position)
Consolidated total assets were ¥1,548,763 million as of December 31, 2006. Current assets were ¥422,986 million.
Fixed assets were ¥1,125,776 million.
Total liabilities were ¥552,791 million and total net assets were ¥995,971 million. Minority interests included in
total net assets were ¥47,165 million.
As for cash flows during the nine months ended December 31, 2006, net cash provided by operating activities was¥191,548 million. Net cash used in investing activities was ¥162,962 million. Net cash provided by financing
activities was ¥9,573 million. After adding ¥2,703 million for the effect of exchange rate changes on cash and cash
equivalents, the increase in cash and cash equivalents during the nine months ended December 31, 2006 amounted
to ¥40,863 million. Cash and cash equivalents at the end of the nine months ended December 31, 2006 totaled¥192,006 million by adding ¥40,863 million which was an increase in cash and cash equivalents during the periodand ¥151,143 million at beginning of the period.
[Accompanied materials]
1. Condensed Consolidated Balance Sheet
2. Condensed Consolidated Statement of Income
3. Condensed Consolidated Statement of Cash Flows
4. Production, Orders Received and Sales Performance[Supplemental materials]
1. Condensed Consolidated Balance Sheets of INPEX CORPORATION and Teikoku Oil Co., Ltd.
2. Condensed Consolidated Statements of Income of INPEX CORPORATION and Teikoku Oil Co., Ltd.

― 2 ―

更新日時：2/8/2007 5:47:00 PM 印刷日時： 最終印刷日時：2/9/2007 9:09:00 AM

ファイル名：[Reference]
Estimated Consolidated Operating Results for the year ending March 31, 2007
(April 1, 2006-March 31, 2007)
Net sales
Ordinary income
Net income
Previous Forecasts: A
Revised Forecasts: B
Increase: B-A
Rate of increase (%)

Million yen

Million yen

Million yen

951,000
951,0000
0.0%

541,000
545,000
4,000
0.7%

124,000
136,000
12,0009.7%

Reference:
The forecasts of ¥57,958.95 of net income per share for the year ending March 31, 2007 is calculated
based on the expected number of shares issued and outstanding of 2,346,488 shares at March 31, 2007.
The Company has revised its consolidated financial forecasts for the year ending March 31, 2007,
which were previously announced in November 15, 2006, considering the consolidated financial
results for the nine months ended December 31, 2006.
The Company does not revise its non-consolidated financial forecasts for the year ended March 31,
2007, which were previously announced in November 15, 2006.
The above forecasts are calculated based on the following assumptions:
Crude oil price (Brent)
4th Quarter:
US$ 55.00/bbl（Full Year US$ 64.17/bbl）
Foreign currency exchange rates 4th Quarter:¥110/US$Our crude oil prices are different for each crude oil, and there are also price difference between ourcrude oil price and price of Brent. Price differential are caused by its quality and its pricing range is notconstant due to the market conditions. Most of our crude oil prices are lower than Brent price.
* The aforementioned forecasts are based on currently available information and contain many
uncertainties. Changing business conditions including oil and gas price levels, production and sales
plans, projects development schedules, government regulations, financial conditions and regulationshipwith oil and gas producing countries may cause actual results to differ from the above forecasts.

― 3 ―更新日時:2/6/2007 8:09:00 PM

ファイル名:②H19.3第3四半期_要約BS(英文)印刷日時:07/02/09 9:10

1. Condensed consolidated balance sheet(Millions of yen)
As of December 31,
2006

Accounts

Amounts

Ratio％(Assets)
ⅠCurrent assets
1 Cash and deposits
2 Accounts receivable-trade
3 Marketable securities
4 Other
Total current assets
ⅡFixed assets
1 Tangible fixed assets
2 Intangible assets
3 Investments and other assets(1) Investment securities(2) Recoverable accounts under production sharing(3) OtherLess allowance for recoverable accounts
under production sharing

207,618
76,47542,86896,024422,98627.3

217,725
269,22214.1
17.4

341,329
318,223
36,355(48,806)

Less allowance for investments in exploration
Total investments and other assets
Total fixed assets
Total assets(Liabilities)
ⅠCurrent liabilities
1 Accounts payable
2 Short-term loans
3 Income taxes payable
4 Other
Total current liabilities
ⅡLong-term liabilities
1 Long-term debt
2 Other
Total long-term liabilities
Total liabilities(Net assets)
ⅠShareholders’ equity
1 Common stock
2 Capital surplus
3 Retained earnings
4 Treasury stock
Total shareholders’ equity
ⅡValuation, translation adjustments and others
1 Unrealized holding loss on securities
2 Unrealized gain from hedging instruments
3 Translation adjustments
Total valuation, translation adjustments and others
ⅢMinority interests
Total net assets
Total liabilities and net assets― 4 ―(8,274)
638,82741.2

1,125,776
1,548,763

72.7
100.0

23,041
41,95895,437
101,935
262,37216.9

227,338
63,079290,418552,791

18.8
35.7

30,000417,500
512,036(10,765)
948,770

1.9
27.0
33.1
(0.7)
61.3

(1,296)20
1,312
35
47,165995,971
1,548,763

(0.1)
0.0
0.1
0.0
3.0
64.3
100.0

更新日時:2/6/2007 8:09:00 PM

ファイル名:③H19.3第3四半期_要約PL(英文)2. Condensed consolidated statement of income(Millions of yen)Accounts

For the nine months ended
December 31, 2006
Amounts

Ratio％

ⅠNet sales
ⅡCost of sales
Gross profit
ⅢExploration expenses
ⅣSelling, general and administrative expenses
Operating income
ⅤOther income
1 Interest income
2 Equity in earnings of affiliates
3 Foreign exchange gain
4 Other
ⅥOther expenses
1 Interest expense
2 Provision for allowance for recoverable accounts
under production sharing
3 OtherOrdinary income
Income before income taxes and minority interests
Income taxes-current
Income taxes-deferred
Minority interests
Net income

729,234
250,935
478,298
11,86635,547
430,885
18,808
9,440
1,526
2,582
5,259
22,265
9,230

100.0
34.4
65.6
1.6
4.9
59.1
2.6

3.1

3,165
9,869
427,429
427,429
325,266(10,372)
5,528
107,006

― 5 ―

58.6
58.6
44.6
(1.4)
0.8
14.7

印刷日時:07/02/09 9:10

更新日時:2/8/2007 5:47:00 PM

ファイル名:④H19.3第3四半期_要約CF(英文)3. Condensed consolidated statement of cash flows(Millions of yen)
For the nine months
ended December 31,
2006

Accounts

Amounts
ⅠCash flows from operating activities
Income before income taxes and minority interests

427,429
22,000Depreciation and amortization
Amortization of goodwill
Provision for allowance for recoverable accounts under
production sharing
Interest and dividend income
Interest expense
Foreign exchange gain
Equity in earnings of affiliates
Accounts receivable
Recovery of recoverable accounts under production
sharing (capital expenditures)
Recoverable accounts under production
sharing (operating expenditures)
Other
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by operating activities
ⅡCash flows from investing activities
Proceeds from sales of marketable securities
Purchase of tangible fixed assets
Proceeds from sales of tangible fixed assets
Purchase of investment securities
Proceeds from sales of investment securities
Investment in recoverable accounts under production
sharing (capital expenditures)
Other
Net cash used in investing activities
ⅢCash flows from financing activities
Proceeds from long-term debt
Repayment of long-term debt
Cash dividends paid
Stock transfer payment
Other
Net cash provided by financing activities
ⅣEffect of exchange rate changes on cash and cash
equivalents
ⅤNet increase in cash and cash equivalents
ⅥCash and cash equivalents at beginning of the period
ⅦCash and cash equivalents at end of the period

― 6 ―

5,239
3,713
(11,402)
9,230
(263)
(1,526)(4,919)80,502(16,459)(7,915)505,628
15,527(8,099)(321,508)
191,548
15,643(27,237)
944(76,661)
26,704(87,222)(15,132)(162,962)
24,325(14,238)(10,789)(867)
11,144
9,573
2,703
40,863
151,143
192,006

印刷日時:07/02/09 9:11

2ファイル名:

更新日時:2/8/2007 5:49:00 PM

印刷日時:07/02/09 9:11

4. Production, orders received and sales performance(1) Actual production
The following table shows actual production by business segment in each period.
For the nine months
Business segment
Category
ended December 31, 2006
65 millions barrels
Crude oil
(237 thousands barrels per day)Natural gas
Crude oil and natural gas

Sub total

281 billions CF(1,021 millions CF per day)
112 millions BOE(407 thousands BOE per day)Petroleum
185 thousands kl
Products
Iodine395 tons
Notes: 1. The amount of LPG produced abroad is included in ‘Crude oil.’ On the other hand, the amount of
LPG produced in the domestic refinery is included in ‘Petroleum Products.’
2. A portion of crude oil production volume is consumed as fuel for petroleum products.
3. The production by the Company’s affiliates accounted for by the equity method is included in the
figures above. Also, the production is a result for the nine months ended December 31 regardless ofa closing date on the basis of fiscal periods of its subsidiaries or affiliates.
4. The production volume of crude oil and natural gas under the production sharing contracts enteredby INPEX Holdings Group corresponds to the net economic take of our group.
Figures calculated by multiplying the gross production volume by our company’s interest share are
79 millions barrels (288 thousands barrels per day) of crude oil, 498 billions CF (1,809 millions CF
per day) of natural gas, and in total 162 millions BOE (590 thousands BOE per day).
5. BOE means barrels of oil equivalent.
6. Iodine is refined on consignment by another company.
7. 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.

― 7 ―2ファイル名:

更新日時:2/8/2007 5:49:00 PM

印刷日時:07/02/09 9:11

(3) Actual salesa) We take back the full amount of crude oil allocated to us under production sharing contracts andproduced under concession agreements, and primarily sell it to Japanese refineries. We sell natural gas
produced in Indonesia in the form of LNG to Japanese power companies and city gas companies through
PERTAMINA and also sell a part to customers in South Korea, Taiwan and other countries. In addition,
we sell natural gas produced in Japan to customers using our pipeline.
b) Sales by classification during each period were as follows:Business segment
Category
For the nine months ended December 31, 2006
Sales volume ofSales volume of
Net sales
oversea production
domestic production (Millions of yen)
Crude oil
60 millions barrels
10 thousands kl
452,2913
247 billions CF
852 millions m
Crude oil and natural gas
Natural gas
256,269
LPG: 955 thousands
LPG: 14 thousands
barrels
tons
Others19,312
Subtotal
727,873
Other
1,360
Total
729,234
Notes: 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 principallyconsolidated their operating result for the nine months ended September 30 except thosesubsidiaries prepared their financial statement for consolidation 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.

― 8 ―更新日時:2/8/2007 5:49:00 PM

ファイル名:⑥H19.3第3四半期_補足データ要約BS(英文)印刷日時:07/02/09 9:12

[Supplemental materials]
1. Condensed consolidated balance sheets of INPEX CORPORATION and Teikoku Oil Co., Ltd.
(Millions of yen)Accounts

INPEX CORPORATION（Consolidated）
As of December 31, 2006

Teikoku Oil Co., Ltd.
（Consolidated）
As of December 31, 2006

Amounts

Amounts(Assets)
ⅠCurrent assets
1 Cash and deposits
2 Accounts receivable-trade
3 Marketable securities
4 Other
Total current assets
ⅡFixed assets
1 Tangible fixed assets
2 Intangible assets
3 Investments and other assets(1)Investment securities(2)Recoverable accounts
under production sharing(3)OtherLess allowance forrecoverable accounts
under production sharing
Less allowance forinvestments in exploration
Total investments and otherassetsTotal fixed assets
Total assets(Liabilities)
ⅠCurrent liabilities
1 Accounts payable
2 Short-term loans
3 Income taxes payable
4 Other
Total current liabilities
ⅡLong-term liabilities
1 Long-term debt
2 Other
Total long-term liabilities
Total liabilities(Net assets)
ⅠShareholders’ equity
1 Common stock
2 Capital surplus
3 Retained earnings
Total Shareholders’ equity
ⅡValuation, translation adjustments
and others
1 Unrealized holding gain on
securities
2 Unrealized gain from hedging
instruments
3 Translation adjustments
Total valuation, translation
adjustments and others
ⅢMinority interests
Total net assets
Total liabilities and net assets― 9 ―171,856
66,183
34,46375,833
348,337

19,576
12,3908,405
22,97863,351

58,176132,694

144,2392,375

236,976

98,404

316,713

1,509

27,285

12,259(47,806)(1,000)(5,296)(2,848)527,873

108,324

718,744
1,067,081

254,939318,290

20,07135,80093,39478,423
227,690

3,626
9,057
1,984
22,66037,328

197,881
16,302
214,184
441,874

29,45642,234
71,691109,020

29,46062,402
486,131577,994

19,57911,222
134,872
165,674

1,173

40,713

-

20

1,207

528

2,381

41,261

44,831
625,206
1,067,081

2,333
209,270
318,290更新日時:2/8/2007 5:49:00 PM

ファイル名:⑦H19.3第3四半期_補足データ要約PL(英文)印刷日時:07/02/09 9:12

2. Condensed Consolidated Statements of Income of INPEX CORPORATION and Teikoku Oil Co., Ltd.
(Millions of yen)
INPEX CORPORATION
Teikoku Oil Co., Ltd.
(Consolidated)(Consolidated)
For the nine months ended
Accounts
For the nine months ended
December 31, 2006
December 31, 2006
Amounts
Amounts
ⅠNet sales
ⅡCost of sales
Gross profit
ⅢExploration expenses
ⅣSelling, general andadministrative expenses
Operating income
ⅤOther income
1 Interest income
2 Equity in earnings ofaffiliates
3 Foreign exchange gain
4 Other
ⅥOther expenses
1 Interest expense
2 Provision for allowance forrecoverable accounts under
production sharing
3 OtherOrdinary income
ⅦExtraordinary income
1 Gain on sales of fixed assets
Income before income taxes andminority interests
Income taxes-current
Income taxes-deferred
Minority interests
Net income― 10 ―

664,582
224,064
440,518
10,94481,36043,54737,813921

15,147

15,377414,426
17,061
9,008

21,514
3,685
425

1,266

259

2,431
4,355
17,430
8,622

151
2,848
4,520
609

2,678

487

6,129
414,057-

3,423
20,679653
653

414,057

21,332

314,012(10,312)
5,257
105,100

11,230308
270
9,522