Note: This document has been translated from the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

August 6, 2021

Summary of Consolidated Financial Results for the Three Months Ended
June 30, 2021 (Under Japanese GAAP)
Company name:
Mitsubishi Gas Chemical Company, Inc.
Listing:
Tokyo Stock Exchange
Securities code:
4182
URL:
https://www.mgc.co.jp/eng/
Representative:
Masashi Fujii, Representative Director, President
Inquiries:
Satoshi Takizawa, General Manager, Investor Relations Department
TEL:+81-3-3283-5041
Scheduled date to file quarterly securities report:
August 12, 2021
Scheduled date to commence dividend payments:–(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the three months ended June 30, 2021 (from April 1, 2021 toJune 30, 2021)(1) Summary of consolidated income statement (cumulative)
Net sales
Three months ended

Operating profit

Millions of yen% Millions of yen% Millions of yen% Millions of yen%

18,505–

14,352–

10,149

97.4

6,831

90.5

160,036–

14,616–

June 30, 2020

133,515(11.7)

7,948

(9.6)

Three months ended June 30, 2021
Three months ended June 30, 2020

Basic earnings per
share
Three months ended
June 30, 2021
June 30, 2020
Note:

Profit attributable toowners of parent

Ordinary profit

June 30, 2021

Note: Comprehensive income(Percentages indicate year-on-year changes.)¥16,915 million [–%]
¥9,383 million [252.4%]

Diluted earnings per
share

Yen

Yen

69.00
32.85

–
–

The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March
31, 2020) and relevant revised ASBJ regulations from the beginning of the first quarter of the current fiscal year,
and each figure for the first three months of the fiscal year ending March 31, 2022, is the figure after applying theaccounting standard and relevant revised ASBJ regulations. The percentage of year-on-year change is not shown.

-1-(2) Consolidated financial position
Total assets
As ofJune 30, 2021
March 31, 2021

Net assets

Equity ratio

Millions of yen

Millions of yen%

843,522836,364592,399
581,41163.2
62.7

Reference:

Note:

EquityJune 30, 2021
¥533,147 million
March 31, 2021
¥524,264 million
The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March
31, 2020) and relevant revised ASBJ regulations from the beginning of the first quarter of the current fiscal year,
and each figure for the first three months of the fiscal year ending March 31, 2022, is the figure after applying theaccounting standard and relevant revised ASBJ regulations.

2. Dividends
Annual dividend

Fiscal year ended
March 31, 2021
Fiscal year
ending March 31,
2022

First quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

–

Total

Yen

Yen

35.00

–

35.00

70.00

45.00

–

35.00

80.00

–

Fiscal year
ending March 31,
2022 (Forecast)
Note:

Fiscal year-end

Revisions to the forecast most recently announced: Yes

Breakdown of interim dividend for the fiscal year ending March 31, 2022: Ordinary dividend: 35.00 yen,
Commemorative dividend: 10.00 yen

3. Consolidated business forecasts for the fiscal year ending March 31, 2022 (from April 1, 2021 toMarch 31, 2022)
Operating profit

Net sales
Millions ofyen

Six months ending
September 30,
2021 (cumulative)
Fiscal year ending
March 31, 2022
Note:
Note:

(Percentages indicate year-on-year changes.)
Basic
Profit attributable toOrdinary profit
earnings perowners of parent
share

%

Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

330,000–

24,000–31,000–23,000–110.56

660,000–

50,000–61,000–45,000–216.31

Revisions to the forecast most recently announced: Yes
The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March
31, 2020) and relevant revised ASBJ regulations from the beginning of the first quarter of the current fiscal year,
and the above consolidated business forecasts are the figures after applying the accounting standard and relevant
revised ASBJ regulations. The percentage of year-on-year change is not shown.

-2-

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in thechange in scope of consolidation): None
(2) Application of special accounting for preparing quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(4) Number of shares outstanding (common stock)(i) Number of shares outstanding at term end (including treasury stock)
As of June 30, 2021

225,739,199

As of March 31, 2021

225,739,199(ii) Number of shares of treasury stock at term-end
As of June 30, 2021

17,726,802

As of March 31, 2021

17,726,057(iii) Average number of shares (cumulative from the beginning of the fiscal year)
Three months ended June 30, 2021

208,012,787

Three months ended June 30, 2020

207,980,412* Quarterly financial results reports are exempt from audit conducted by certified public accountants or an
audit corporation.
* Proper use of earnings forecasts, and other special matters(Caution concerning forward-looking statements)
Forecasts, etc., recorded in this document contain forward-looking statements that are based on
management’s estimates, assumptions and projections at the time of publication. A number of factors could
cause actual results to differ materially from expectations.

-3-

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Segment Information(Billions of yen, rounded down)
FY20201Q*

FY2021
1Q

ChangeFY2020
Full Year
Result*

133.5

160.0

26.5

595.7

330.0

660.0

Basic Chemicals

76.9

94.5

17.6

337.8

194.5

390.2

Specialty Chemicals

62.3

66.7

4.3

267.8

137.9

274.5

Other and Adjustment

(5.7)

(1.2)

4.5

(9.9)

(2.4)

(4.7)

Net sales

Operating profit

FY 2021First half
Forecast

FY 2021
Full Year
Forecast

7.9

14.6

6.6

44.5

24.0

50.0

Basic Chemicals

0.8

8.1

7.2

12.8

11.4

20.3

Specialty Chemicals

7.6

7.4

(0.2)

34.8

14.5

33.5

Other and Adjustment

(0.5)

(0.9)

(0.3)

(3.1)

(2.0)

(3.9)

Non-operating profit

2.2

3.8

1.6

5.7

7.0

11.0

Ordinary profit

10.1

18.5

8.3

50.2

31.0

61.0

Basic Chemicals

1.7

9.4

7.6

14.2

13.9

25.7

Specialty Chemicals

8.4

9.6

1.2

37.5

18.6

38.7

Other and Adjustment

(0.0)

(0.5)

(0.5)

(1.5)

(1.6)

(3.4)

Extoraordinary income and loss, net

0.1

1.8

1.7

(1.2)

0.0

(1.0)

Income before income taxes, etc.

10.2

20.3

10.0

48.9

31.0

60.0

Profit attributable to owners of parent

6.8

14.3

7.5

36.0

23.0

45.0

FY20201Q*

FY2021
1Q

ChangeFY2020
Full Year
Result*FY 2021First half
Forecast

FY 2021
Full Year
Forecast

133.5

160.0

26.5

595.7

330.0

660.0

Natural Gas Chemicals

33.5

47.1

13.6

158.5

97.3

195.3

Aromatic Chemicals

43.4

48.2

4.7

183.4

98.7

198.0

Specialty Chemicals
Information andAdvanced Materials
Other and Adjustment

47.1

49.1

2.0

207.4

102.8

208.9

15.2

17.6

2.4

62.3

35.1

65.7

䛆reference: former segments 䛇Net sales

(5.7)

(2.1)

3.6

(16.0)

(4.1)

(8.1)

7.9

14.6

6.6

44.5

24.0

50.0

Natural Gas Chemicals

(1.5)

2.5

4.1

0.9

2.9

5.5

Aromatic Chemicals

2.4

5.5

3.1

11.7

8.5

14.7

Specialty Chemicals
Information andAdvanced Materials
Other and Adjustment

5.1

3.0

(2.0)

22.8

6.4

19.3

2.5

4.4

1.8

11.9

8.1

14.2

(0.5)

(0.9)

(0.3)

(3.0)

(1.9)

(3.8)

Operating profit

Non-operating profit

2.2

3.8

1.6

5.7

7.0

11.0

Ordinary profit

10.1

18.5

8.3

50.2

31.0

61.0

Natural Gas Chemicals

(0.6)

3.7

4.3

2.6

5.3

10.9

Aromatic Chemicals

2.3

5.6

3.3

11.6

8.6

14.7

Specialty Chemicals
Information andAdvanced Materials
Other and Adjustment

5.7

4.9

(0.8)

25.5

9.9

24.0

2.6

4.7

2.0

11.9

8.6

14.7

(0.0)

(0.6)

(0.5)

(1.5)

(1.6)

(3.4)

The breakdown by former segments is for reference only, calculated in accordance with past segments for convenience.
*Effective from the fiscal year ending March 31, 2022, the Company has changed the segments of some of its products.
Segment information for the previous fiscal year has also been prepared based on the classification method after the change㻤Other Information 1
Investments(Billions of yen)

Full year

30.9

39.2

42.3

FY2021
Forecast
40.2
70.0

1Q

6.1

9.1

11.5

8.7

11.5

Depreciation &amortization(Billions of yen)

Full year

27.0

27.4

29.5

30.6

33.0

1Q

6.4

6.7

7.1

7.5

7.8

R&D expenditures(Billions of yen)

Full year

18.9

18.6

19.6

19.9

22.5

Number of Staff

FY2017FY2018FY2019FY2020

1Q

4.5

4.5

4.5

4.7

4.9

Year-end

8,009

8,276

8,954

8,998

10,091

ROA

10.6%

8.7%

3.9%

6.2%

7.2%

ROE

13.6%

11.3%

4.3%

7.1%

8.5%

ROIC
(Ordinary income/invested capital)

13.2%

10.9%

4.9%

7.7%

8.8%

Other Information 2
FY2017
Result

FY2019Result

FY2018ResultFY2020ResultFY2021
Forecast

First half Second half First half Second half First half Second half First half Second half First half Second half
Exchange Rate
(JPY/USD, Average)

111

111

110

112

109

109

107

105

109

108

Exchange Rate
(JPY/EUR, Average)

126

133

130

127

121

120

121

126

131

130

crude oil (Dubai)(USD/BBL)

50

62

73

65

64

56

37

52

71

75

Methanol(USD/MT, Asian
average spot price)

296

381

408

335

277

245

194

319

349

320

Mixed Xylene(USD/MT)

650

725

845

730

705

640

420

560

780

785

Bisphenol A(USD/MT)*

1,100
㹼1,3001,200
㹼1,7001,600
㹼1,9001,200
㹼1,8001,000
㹼1,4501,050
㹼1,350900
㹼1,4501,400
㹼3,3002,000
㹼3,7001,700
㹼3,700Polycarbonate(USD/MT)*2,500
㹼2,9002,900
㹼3,9002,700
㹼3,8002,100
㹼2,8001,900
㹼2,2501,650
㹼2,0001,500
㹼2,1502,100
㹼4,0002,500
㹼4,1002,200
㹼4,000*Describe the minimum and maximum values during the period㻥Qualitative Information
From the first quarter of the fiscal year ending March 31, 2022, the MGC Group adopted the AccountingStandard for Revenue Recognition (Accounting Standards Board of Japan (ASBJ) Statement No. 29, March 31,2020). Accordingly, the following descriptions regarding operating results for the first quarter of said fiscal year
omit year-on-year changes in terms of amount and percentage comparisons with operating results for the same
period of the previous fiscal year.

Consolidated Business Results for This Period
Overview of Results(Billions of yen)

FY2020/1Q

FY2021/1Q

Net sales

133.5

160.0

Operating income

7.9

14.6

Ordinary income

10.1

18.5

Net income attributable to owners of the parent

6.8

14.3

During the first three months of the fiscal year ending March 31, 2022 (April 1, 2021 – June 30, 2021), outlook
for the world economy remained unclear despite signs of recovery in a growing scope of regions thanks to progressin vaccination against the novel coronavirus and other positive factors.
Against this backdrop, the MGC Group nevertheless benefitted from recovery in demand for automotive-related
and other products, that had been heavily affected by the novel coronavirus pandemic, as well as constantly solid
demand for semiconductor-related products reflecting market growth, along with improvement in market prices formethanol, purified isophthalic acid and other general-purpose products.
In addition, the MGC Group launched “GrowUP 2023,” a new medium-term management plan in April 2021. Inline with this plan, the Group aims to shift to a profit structure resilient to changes in the business environment.
To this end, the Group is striving to:͌“Further strengthen competitively advantageous (“differentiating”) businesses,”͌“Accelerate creation and development of new businesses,” and͌“Reevaluate and rebuild unprofitable businesses.”
These efforts will help push ahead with business portfolio reforms.
The MGC Group’s net sales increased due mainly to upturns in market prices for methanol and other offerings aswell as recovery in overall sales volume.
Furthermore, operating income rose, despite increases in raw material and fuel prices, lower sales volumes of
optical polymers and other negative factors affecting profit. This was thanks primarily to recovery in demand for
products that had been affected by fallout from the novel coronavirus pandemic in addition to rising market prices
for general-purpose products.
Ordinary income increased due primarily to higher operating income as well as growth in equity in earnings ofaffiliates related to engineering plastics and other operations.
10Operating results by segment are as described below.
Please note, the MGC Group revised the definition of its reportable segments in the first quarter of the fiscal year
ending March 31, 2022. To provide comparative year-on-year segment results, the Group has restated the operating
results of the first three months of the previous fiscal year to reflect the revised segmentation.

Results by Business Segment
Basic Chemicals(Billions of yen)

FY2020/1Q

FY2021/1Q

Sales

72.1

93.2

Operating income

0.8

8.1

Ordinary income

1.7

9.4

The methanol business saw increases in both net sales and earnings due mainly to a significant upturn in market
prices compared with the same period of the previous fiscal year.
Methanol and ammonia-based chemicals posted increases in net sales and earnings reflecting such factors as arise in neopentyl glycol market prices, despite higher raw material prices.
High-performance products*1 posted increases in net sales and earnings thanks primarily to recovery in demand
for meta-xylenediamine (MXDA), which had been affected by fallout from the novel coronavirus pandemic, andresulting growth in sales volume of this product.
*1

MXDA, MX nylon, aromatic aldehydes and other offerings that had been previously classified as specialty

aromatic chemicals
Xylene separators and derivatives*2 saw increase in net sales and earnings due mainly to upturns in purified
isophthalic acid (PIA) market prices.
*2

Meta-xylene, PIA and other offerings that had been previously classified as general-purpose aromatic chemicals
Foamed plastics posted increases in net sales and earnings, despite higher raw material and fuel prices, thanks

mainly to recovery in sales volume of automotive materials and other offerings.

11

Specialty Chemicals(Billions of yen)     

FY2020/1Q

FY2021/1Q

Sales

61.2

66.7

Operating income

7.6

7.4

Ordinary income

8.4

9.6

Inorganic chemicals posted an increase in net sales compared with the same period of the previous fiscal year
thanks primarily to growth in the sales volume of chemicals for use in semiconductor manufacturing.
Engineering plastics saw increases in net sales and earnings, despite higher raw material and fuel prices, due
mainly to recovery in sales volumes in automotive-related and other fields in addition to an increase in sales prices.
Optical materials posted significant decreases in net sales and earnings, reflecting such factors as the lower sales
volume of optical polymers due to the prolongation of inventory adjustment carried out by customers since the endof 2020.
Electronic materials saw increases in net sales and earnings. This was thanks mainly to robust showings of BT
materials for semiconductor packaging, the core product category for electronic materials, reflecting growing
demand for general-purpose materials for a broad range of applications including PC-related devices and home
appliances, as well as constantly firm demand for products used in memory devices and 5G smartphones.
Oxygen absorbers such as AGELESSTM posted an increase in earnings, thanks mainly to recovery in domestic
demand for products used for foodstuffs, achieving an improvement from the stagnation brought about by the novel
coronavirus pandemic in the same period of the previous fiscal year.
Other

FY2020/1Q

FY2021/1Q

Sales

0.1

0.0

Operating income

0.0

(0.0)

Ordinary income

0.1

(0.0)

12