August 4, 2017

Summary of Consolidated Financial Results
for the Three Months Ended June 30, 2017 (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 Three Months Ended June 30, 2017 (April 1, 2017 to June 30,2017)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating income
Ordinary income
owners of parent
Three months ended
Million yen%
Million yen%
Million yen%
Million yen%
June 30, 201749,283
(3.2)
(656)
(597)
(787)
June 30, 2016
50,919
(3.5)
518
(653)
(1,136)(Note) Comprehensive income: Three months ended June 30, 2017: ¥(806) million [-%]
Three months ended June 30, 2016: ¥(2,150) million [-%]
Diluted earnings
Earnings per shareper share
Three months endedYenYen
June 30, 2017(23.03)June 30, 2016(33.23)* The Company conducted a reverse stock split to consolidate every ten shares of common stock into one shareon October 1, 2016. Earnings per share are 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

As of June 30, 2017
233,881
As of March 31, 2017
235,869(Reference) Equity: As of June 30, 2017: ¥53,531 million
As of March 31, 2017: ¥54,383 million

Equity ratioMillion yen%

55,79356,63122.9
23.1

2. Dividends
1stquarter-end

Annual dividends
2nd
3rdquarter-end
quarter-end

Yen

Yen

Year-end

Yen

Fiscal year ended March 31, 2017
0.00
Fiscal year ending March 31, 2018
Fiscal year ending March 31, 2018
0.00
(Forecast)(Note) Revision to the forecast for dividends announced most recently: None
Year-end dividend for Fiscal year ending March 31, 2018 has yet to be determined.

1Total

Yen

Yen

0.00

0.00

--3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2018 (April 1, 2017 toMarch 31, 2018)(% indicates changes from the previous corresponding period.)
Profitattributable toNet sales
Operating income
Ordinary income
Earnings per shareowners of parent
Full year

Million yen%

Million yen%

Million yen%

Million yen%

Yen

205,000

1.5

4,000(7.3)

2,500

(7.5)

1,500

30.1

43.88

(Note) Revision to the financial results forecast announced most recently: None
* 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) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements: None
(3) 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: None
4) Retrospective restatement: None
(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
June 30, 2017: 34,258,433 shares
March 31, 2017: 34,258,433 shares2) Total number of treasury shares at the end of the period:
June 30, 2017: 76,798 shares
March 31, 2017: 76,185 shares
3) Average number of shares during the period:
Three months ended June 30, 2017: 34,181,933 shares
Three months ended June 30, 2016: 34,184,934 shares* The Company conducted a reverse stock split to consolidate every ten shares of common stock into one shareon October 1, 2016. Average number of shares for three months ended June 30, 2016 is calculated assumingthat the reverse stock split was conducted at the beginning of the previous consolidated fiscal year.
* This quarterly financial results report is exempt from quarterly review.
* 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

Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Million yen)
As of March 31, 2017

As of June 30, 2017

AssetsCurrent assets
Cash and deposits

10,8409,083

Notes and accounts receivable - trade46,29147,303

M erchandise and finished goods

24,756

23,604Work in process

6,541

6,627

Raw materials and supplies

10,10810,030

Other

5,475

5,704

Allowance for doubtful accounts

(216)

(214)

103,797

102,140

Buildings and structures, net

27,08926,474

M achinery, equipment and vehicles, net

51,64250,062

Land

22,06822,013676

1,266Total current assets
Non-current assets
Property, plant and equipment

Construction in progress
Other, net

2,586

2,516

104,064

102,334

Other

291

1,285

Total intangible assets

291

1,285

Investment securities

23,001

23,405

Other

4,814

4,814

(99)

(98)

Total property, plant and equipment
Intangible assets

Investments and other assets

Allowance for doubtful accounts
Total investments and other assets

27,71628,121

Total non-current assets

132,071

131,741

Total assets

235,869

233,8813

(Million yen)
As of March 31, 2017

As of June 30, 2017Liabilities
Current liabilities
Notes and accounts payable - trade24,556

22,373

Short-term loans payable

68,26469,897

399

192

Income taxes payable
Other

14,155

14,443

Total current liabilities

107,376

106,906

57,57056,990Non-current liabilities
Long-term loans payable
Reserve for loss on dissolution of employee's fund

143

143

Net defined benefit liability

8,949

8,798

Asset retirement obligations

888

888

Other

4,310

4,358

Total non-current liabilities

71,862

71,181

179,238

178,087

Capital stock

32,75632,756

Capital surplus7,438

6,271

Retained earnings

8,599

8,980

Treasury shares

(147)

(147)

48,64747,859

5,506

5,789

Total liabilities
Net assets
Shareholders’ equity

Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment

1,245

985

Remeasurements of defined benefit plans(1,015)(1,103)

Total accumulated other comprehensive income

5,736

5,672

Non-controlling interests

2,247

2,261

Total net assets

56,63155,793

Total liabilities and net assets

235,869233,881

4

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Three Months Ended June 30(Million yen)
For the three months ended
June 30, 2016

For the three months ended
June 30, 2017

Net sales

50,91949,283

Cost of sales

42,57742,332Gross profit

8,341

6,951

Selling, general and administrative expenses

7,823

7,608

518

(656)

Operating income (loss)
Non-operating income
Interest income

912

Dividend income

217

242

Foreign exchange gains

282

Other－
88

Total non-operating income

315

622

85Non-operating expenses
Interest expenses

562

457

Foreign exchange loss

827

Other95－
106

1,486

563

(653)

(597)

Gain on disposal of non-current assets

2164

Gain on sales of investment securities

233

170

Total non-operating expenses
Ordinary loss
Extraordinary income

Other
Total extraordinary income

0－

236

334

Extraordinary losses
Loss on disposal of non-current assets

221

101

Special retirement expenses

64

84

Other

104

1

Total extraordinary losses

390

186

Loss before income taxes

(807)

(449)

Income taxes

288

358

(1,095)(807)

40(20)(1,136)(787)

LossProfit (loss) attributable to non-controlling interests
Loss attributable to owners of parent5Quarterly Consolidated Statements of Comprehensive Income
Three Months Ended June 30(Million yen)
For the three months ended
June 30, 2016Loss

For the three months ended
June 30, 2017

(1,095)(807)

Valuation difference on available-for-sale securities

(700)

356

Foreign currency translation adjustment

(159)

(254)

Remeasurements of defined benefit plans, net of tax

(116)

(69)

Share of other comprehensive income of entities
accounted for using equity method(78)(31)

Other comprehensive income

Total other comprehensive income(1,054)0(2,150)(806)

Comprehensive income attributable to owners of parent(2,081)(851)

Comprehensive income attributable to non-controllinginterests

(68)

44

Comprehensive income
Comprehensive income attributable to6