February 7, 2017

Summary of Consolidated Financial Results
for the Nine Months Ended December 31, 2016 (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 Nine Months Ended December 31, 2016 (April 1, 2016 toDecember 31, 2016)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating income
Ordinary income
owners of parent
Nine months ended
Million yen%
Million yen%
Million yen%
Million yen%
December 31, 2016
150,822
(6.7)
3,200
65.4
2,250
110.0
988
1.1
December 31, 2015
161,722
1.7
1,935
1,071
977
(Note) Comprehensive income: Nine months ended December 31, 2016: ¥2,069 million [491.7%]
Nine months ended December 31, 2015: ¥349 million [-%]
Diluted earnings
Earnings per shareper share
Nine months ended
YenYenDecember 31, 2016
28.92
December 31, 2015
28.61
* The Company conducted a reverse stock split to consolidate every ten shares of common stock into one shareon October 1, 2016. Earnings per share has been calculated assuming that the reverse stock split was conductedat the beginning of the previous consolidated fiscal year.
(2) Consolidated Financial Condition
Total assets

Net assets

Million yen

Equity ratio

Million yen

As of December 31, 2016
240,133
As of March 31, 2016
241,155(Reference) Equity: As of December 31, 2016: ¥51,028 million
As of March 31, 2016: ¥49,241 million%

53,55151,49221.2
20.4

2. Dividends
1stquarter-end

Annual dividends
2nd
3rdquarter-end
quarter-end

Yen

Yen

Fiscal year ended March 31, 2016
0.00
0.00
Fiscal year ending March 31, 2017
Fiscal year ending March 31, 2017(Forecast)(Note) Revision to the forecast for dividends announced most recently: None

1Year-end

Total

Yen

Yen

Yen-0.00

0.00

0.00

0.00

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2017 (April 1, 2016 toMarch 31, 2017)(% indicates changes from the previous corresponding period.)
Profitattributable toEarnings per share
Net sales
Operating income
Ordinary income
owners of parent
Full year

Million yen%

Million yen%

Million yen%

Million yen%

Yen

207,000

(4.3)

4,500

16.2

2,500

12.8

1,000(54.9)

29.25(Note) Revision to the financial results forecast announced most recently: None
* The Company conducted a reverse stock split to consolidate every ten shares of common stock into one shareon October 1, 2016. Accordingly, earnings per share has been calculated factoring in this reverse stock split.
* 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: Yes
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):December 31, 2016: 34,258,433 shares
March 31, 2016: 34,258,433 shares2) Total number of treasury shares at the end of the period:
December 31, 2016: 75,496 shares
March 31, 2016: 73,388 shares
3) Average number of shares during the period:
Nine months ended December 31, 2016: 34,184,398 shares
Nine months ended December 31, 2015: 34,186,362 shares* The Company conducted a reverse stock split to consolidate every ten shares of common stock into one shareon 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.
* Presentation regarding the implementation status of the quarterly review procedures
These quarterly financial results are outside the scope of quarterly review procedures under the FinancialInstruments and Exchange Act. At the time of disclosure of these quarterly financial results, review proceduresfor the quarterly financial statements have not been completed.
* 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, 2016
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, netMachinery, equipment and vehicles, net
LandConstruction in progress
Other, net
Total property, plant and equipment
Intangible assets
Other
Total intangible assets
Investments and other assets
Investment securitiesOther
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3

As of December 31, 2016

11,381
48,33827,458
7,646
10,3994,870(188)109,907

13,34048,76824,752
6,377
10,515
6,073(233)
109,595

28,35055,571
22,518535
2,899
109,875

27,33652,345
22,106860
2,501
105,151

225
225

173
173

18,554
2,932(338)
21,147
131,248
241,155

22,537
2,777(100)
25,214
130,538
240,133

(Million yen)
As of March 31, 2016
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term loans payable
Income taxes payable
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
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’ equity
Accumulated 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 December 31, 201623,245
81,176345
13,910118,677

27,89976,223329
15,271
119,723

57,443
121
9,165
884
3,370
70,985
189,663

52,779
121
8,890
887
4,179
66,858
186,581

32,756
7,456
7,447
(145)
47,51432,756
7,456
8,436
(146)
48,5013,014
1,577(2,864)
1,727
2,250
51,492
241,1555,185
568(3,227)2,526
2,523
53,551
240,133

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Nine Months Ended December 31(Million yen)

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

For the nine months ended
December 31, 2015
161,722
136,395
25,32723,391
1,935

For the nine months ended
December 31, 2016
150,822
124,471
26,35023,149
3,200

39400
184
2067
458
1,170

32
410
149
211－2691,073

1,754－
279
2,033
1,071

1,625
53
344
2,023
2,250

1,457
0

14
233

197－

23
1,679

63
311

359
263
188
32
843
1,907
917
990
12977

502
238
135
87
963
1,598
571
1,026
37988

5Quarterly Consolidated Statements of Comprehensive Income
Nine Months Ended December 31(Million yen)

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

For the nine months ended
December 31, 2015
990

For the nine months ended
December 31, 2016
1,026

(11)
(361)
(263)

2,477
(942)
(303)

(4)

(187)

(640)
349

1,042
2,069

287

1,787

61

281

6