May 10, 2018

Summary of Consolidated Financial Results
for the Fiscal year Ended March 31, 2018 (unaudited)
Company name: Mitsubishi Paper Mills Limited
Stock exchange listing: Tokyo Stock Exchange
Code number: 3864
URL: http://www.mpm.co.jp/
Representative: Kunio Suzuki, President and Chief Executive Officer
Contact: Hironori Oikawa,General Manager, Finance & Accounting Dept.
Phone: +81-3-5600-1407(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Fiscal year Ended March 31, 2018 (April 1, 2017 to March 31,2018)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating income
Ordinary income
owners of parent
Fiscal year ended
Million yen%
Million yen%
Million yen%
Million yen%March 31, 2018
201,492(0.2)
1,790 (58.5)
652 (75.8)
3,198
177.5
March 31, 2017
201,955
(6.6)
4,313
11.4
2,703
22.0
1,152 (48.0)(Note) Comprehensive income: Fiscal year ended March 31, 2018: ¥ 5,493 million [(1.9)%]
Fiscal year ended March 31, 2017: ¥ 5,597 million [-%]
Diluted earnings
Earnings per shareper share
Fiscal year ended
YenYenMarch 31, 2018
93.57
March 31, 2017
33.72
* The Company conducted a reverse stock split to consolidate every ten shares of common stock into one share on October 1, 2016.
Earnings per share has been calculated assuming that the reverse stock split was conducted at the beginning of the previous
consolidated fiscal year.

(2) Consolidated Financial Condition
Total assets

Net assets

Million yen%

61,07756,631

25.2
23.1

As of March 31, 2018237,426
As of March 31, 2017
235,869(Reference) Equity: As of March 31, 2018: ¥59,731 million
As of March 31, 2017: ¥54,383 million(3) Consolidated Cash Flow
Cash flows fromoperating activities
Million yen
Fiscal year ended
March 31, 2018
12,809March 31, 201719,839Equity ratio

Million yen

Cash flows frominvesting activities

Cash flows fromfinancing activities

Million yen

Million yen

Cash and cash equivalents
at end of period
Million yen(5,994)(7,070)(8,107)(13,112)

9,744
10,8401

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Year-end

Amount oftotal dividends(Annual)

Yen

Yen

Yen

Yen

Million yen

Dividend
payout(Consolidated)%

Ratio ofdividends tonet assets(Consolidated)
%

--

5.3

0.3

Fiscal year ended
0.00
0.00
March 31, 2017
Fiscal year ended
0.00
5.00
170
March 31, 2018
Fiscal year ending
0.00
March 31, 2019
(Forecast)(Note) Year-end dividend for Fiscal year ending March 31, 2019 has yet to be determined.

-3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2019 (April 1, 2018 toMarch 31, 2019)(% indicates changes from the previous corresponding period.)
Profitattributable toEarnings per share
Net sales
Operating income
Ordinary income
owners of parent
Full year

Million yen%

205,000

1.7

Million yen%

Million yen

1,500 (16.2)%

500 (23.4)

Million yen%

Yen

500 (84.4)

14.63* Notes:(1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting
in changes in scope of consolidation): None
New: - (Company name);
Excluded: - (Company name)(2) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: Yes
4) Retrospective restatement: None
(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
March 31, 2018: 34,258,433 shares
March 31, 2017: 34,258,433 shares2) Total number of treasury shares at the end of the period:
March 31, 2018: 77,847 shares
March 31, 2017: 76,185 shares
3) Average number of shares during the period:
Fiscal year ended March 31, 2018: 34,181,231 sharesFiscal year ended March 31, 2017: 34,183,946 shares* The Company conducted a reverse stock split to consolidate every ten shares of common stock into one share on October 1, 2016.
Number of issued shares at the end of the period, number of treasury shares at the end of the period and average number of shares
during the period have been calculated assuming that the reverse stock split was conducted at the beginning of the previous
consolidated fiscal year.

* Financial results reports are not required to be audited.
* Explanation of the proper use of financial results forecast and other notes
The earnings forecasts and other forward-looking statements herein are based on information currently
acquired by the Company and certain assumptions assessed to be reasonable. Actual results may differ
significantly from these forecasts due to a wide range of factors.
2

Consolidated Financial Statements(1) Consolidated Balance Sheets(Million yen)
As of March 31, 2017
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise and finished goods
Work in processRaw materials and supplies
Deferred tax assets
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, netMachinery, equipment and vehicles, net
Land
Leased assets, net
Construction in progress
Other, net
Total property, plant and equipment
Intangible assets
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Net defined benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3

As of March 31, 2018

10,84046,291
24,756
6,541
10,1081,027
4,447(216)103,797

9,744
46,33027,552
6,707
9,729
1,103
4,476
(224)
105,419

27,08951,642
22,068
1,194
676
1,391
104,064

25,41347,291
22,147
1,142
2,310
1,427
99,732

291
291

1,719
1,719

23,001
599
2,005
184
2,024
(99)
27,716132,071
235,869

21,672
1,448
5,263
252
1,986
(68)
30,554132,006
237,426

(Million yen)
As of March 31, 2017
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term loans payable
Commercial paper
Lease obligations
Accrued expenses
Income taxes payable
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Lease obligations
Deferred tax liabilities
Provision for directors' retirement benefits
Reserve for loss on dissolution of employee's fundNet defined benefit liability
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equityAccumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

4

As of March 31, 2018

24,556
68,264
－346
7,135
399
6,673
107,376

26,81870,828
3,000
375
7,358
397
8,430
117,208

57,570
907
2,442
66
143
8,949
888
893
71,862
179,238

45,656
691
1,198
56
143
9,328
888
1,175
59,139176,348

32,756
7,438
8,599
(147)
48,64732,756
6,132
12,965(148)
51,706

5,506
1,245(1,015)
5,736
2,247
56,631
235,869

5,204
1,511
1,309
8,025
1,345
61,077
237,426

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Million yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Royalty income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on disposal of non-current assets
Gain on sales of investment securities
Other
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Special retirement expenses
Business restructuring cost
Enviromental expenses
Impairment loss
Other
Total extraordinary losses
Income before income taxes and non-controlling interests
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

5

Fiscal year ended
March 31, 2017
201,955
166,817
35,13730,824
4,313Fiscal year ended
March 31, 2018
201,492
169,22132,27030,4801,790

46438－
149
736
1,371

58
501
59
175
457
1,252

2,075
287
618
2,981
2,703

1,767－
622
2,390
652

17
233
146
397

1,545
847
71
2,465

530
348
276－
287
71
1,514
1,585
256
1,329
176
1,152

400
375－
295
209
87
1,368
1,749
(1,530)
3,280
81
3,198

Consolidated Statements of Comprehensive Income(Million yen)

Fiscal year ended
March 31, 2017
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

6

1,329

Fiscal year ended
March 31, 2018
3,280

2,813
(313)
1,821

(450)
301
2,386

(53)

(24)

4,268
5,597

2,213
5,493

5,161

5,487

435

6

(3) Consolidated Statements of Cash Flow
(Million yen)

Fiscal year ended
March 31, 2017
Cash flows from operating activities
Income before income taxes and non-controllinginterests
Depreciation
Impairment loss
Decrease (increase) in net defined benefit asset
Increase (decrease) in net defined benefit liability
Increase (decrease) in provision for directors' retirement
benefits
Interest and dividend income
Interest expense
Loss (gain) on sales of short-term and long-term
investment securities
Loss (gain) on disposal of non-current assets
Business restructuring cost
Decrease (increase) in notes and accounts receivable trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable trade
Other, net
Subtotal
Payments for business restructuring cost
Interest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment andintangible assets
Proceeds from sales of property, plant and equipment
and intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Purchase of shares of subsidiaries and associates
Payments of loans receivableCollection of loans receivable
Other, net
Net cash provided by (used in) investing activities

7

Fiscal year ended
March 31, 2018
1,585

1,749

10,454287
2(120)

10,474
209
(149)
312

17(9)

(485)
2,075

(560)
1,767

(207)

(846)

513
276

(1,144)－2,182(29)3,432(1,935)

1,547

2,041

592
22,155(144)
489(2,155)(506)
19,8392,710
14,589(131)566(1,771)(442)
12,809(6,120)(7,822)

50

1,872

(142)
269(355)(570)
53(256)(7,070)(25)
1,136(0)(902)
23(276)(5,994)

Fiscal year ended
March 31, 2017
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Net increase (decrease) in commercial paper
Proceeds from long-term loans payable
Repayments of long-term loans payable
Repayments of lease obligations
Proceeds from share issuance to non-controllingshareholders
Purchase of treasury shares
Proceeds from sales of treasury shares
Dividends paid to non-controlling interests
Payments from changes in ownership interests in
subsidiaries that do not result in change in scope ofconsolidation
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

8

Fiscal year ended
March 31, 2018

(2,112)－
17,899(28,090)
(348)

1
3,000
7,740
(17,441)
(362)

－

48

(2)
0
(188)

(1)
－
(237)

(269)

(854)

(13,112)(8,107)

(196)

196

(540)
11,381
10,840(1,096)
10,8409,744