February 6, 2018

Summary of Consolidated Financial Results
for the Nine Months Ended December 31, 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 Nine Months Ended December 31, 2017 (April 1, 2017 toDecember 31, 2017)(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, 2017
150,559(0.2)
863 (73.0)
811 (63.9)(287)
December 31, 2016
150,822
(6.7)
3,200
65.4
2,250
110.0
988
1.1(Note) Comprehensive income: Nine months ended December 31, 2017: ¥1,110 million [(46.4)%]
Nine months ended December 31, 2016: ¥2,069 million [491.7%]Diluted earnings
Earnings per shareper share
Nine months ended
Yen
Yen
December 31, 2017(8.41)
December 31, 2016
28.92
* 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

Equity ratio

Million yen

As of December 31, 2017237,961
As of March 31, 2017
235,869(Reference) Equity: As of December 31, 2017: ¥55,481 million
As of March 31, 2017: ¥54,383 million%

57,71056,631

23.3
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
0.00
Fiscal year ending March 31, 2018
Fiscal year ending March 31, 2018
(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 toEarnings per share
Net sales
Operating income
Ordinary income
owners of parent
Full year

Million yen%

201,000(0.5)

Million yen%

Million yen

1,500 (65.2)%

Million yen%

Yen

1,000 (63.0)

1,50030.1

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):December 31, 2017: 34,258,433 shares
March 31, 2017: 34,258,433 shares2) Total number of treasury shares at the end of the period:
December 31, 2017: 77,689 shares
March 31, 2017: 76,185 shares
3) Average number of shares during the period:
Nine months ended December 31, 2017: 34,181,414 shares
Nine months ended December 31, 2016: 34,184,398 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 nine months ended December 31, 2016 is calculated
assuming that 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 December 31, 2017

AssetsCurrent assets
Cash and deposits

10,8408,865

Notes and accounts receivable - trade46,29147,914M erchandise and finished goods

24,756

26,457Work in process

6,541

6,610

Raw materials and supplies

10,108

10,233

Other

5,475

6,110

Allowance for doubtful accounts

(216)

(193)

103,797

105,998

Buildings and structures, net

27,08926,045

M achinery, equipment and vehicles, net

51,642

48,527Land

22,06822,141676

1,012

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

Construction in progress
Other, net

2,586

2,568

104,064

100,295

Other

291

1,720

Total intangible assets

291

1,720

Investment securities

23,00125,252

Other

4,814

4,765

(99)

(70)

Total property, plant and equipment
Intangible assets

Investments and other assets

Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

327,716

29,947132,071

131,962

235,869

237,961(Million yen)
As of March 31, 2017

As of December 31, 2017

Liabilities
Current liabilities
Notes and accounts payable - trade24,55627,281

Short-term loans payable

68,26468,544

399

245

Income taxes payable
Other

14,155

14,981

Total current liabilities

107,376

111,053

57,57053,312

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

143

143

Net defined benefit liability

8,949

9,507

Asset retirement obligations

888

888

Other

4,310

5,344

Total non-current liabilities

71,862

69,197179,238

180,251

Capital stock

32,75632,756

Capital surplus

7,438

6,271

Retained earnings

8,599

9,479

Treasury shares

(147)

(148)

48,64748,358

5,506

7,218

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

1,368

Remeasurements of defined benefit plans(1,015)(1,464)

Total accumulated other comprehensive income

5,736

7,123

Non-controlling interests2,247

2,228

Total net assets

56,631

57,710235,869

237,961

Total liabilities and net assets

4(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Nine Months Ended December 31(Million yen)
For the nine months ended
December 31, 2016

For the nine months ended
December 31, 2017

Net sales

150,822150,559

Cost of sales

124,471

126,704

Gross profit

26,35023,855

Selling, general and administrative expenses

23,14922,991

Operating income

3,200863

Non-operating income
Interest income

3241

Dividend income410467

Foreign exchange gains

－630

522

1,073

1,559

1,625

1,352

Foreign exchange losses

53

Other

344

－
259

2,023

1,611

2,250

811

Gain on disposal of non-current assets

14168

Gain on sales of investment securities

233

170

Other
Total non-operating income

527

Non-operating expenses
Interest expenses

Total non-operating expenses
Ordinary income
Extraordinary income

Other

63

65

Total extraordinary income

311

404

Loss on disposal of non-current assets

502

360

Special retirement expenses

238

218

Business restructuring cost

135－

Other873Extraordinary losses

Total extraordinary losses

963

582

1,598

633

Income taxes

571

1,128

Profit (loss)

1,026

(495)

Profit (loss) attributable to non-controlling interests

37(207)

Profit (loss) attributable to owners of parent

988

(287)

Income before income taxes

5Quarterly Consolidated Statements of Comprehensive Income
Nine Months Ended December 31(Million yen)
For the nine months ended
December 31, 2016
Profit (loss)

For the nine months ended
December 31, 2017

1,026

(495)

Valuation difference on available-for-sale securities

2,477

1,910

Foreign currency translation adjustment

(942)

156

Remeasurements of defined benefit plans, net of tax

(303)

(434)

Share of other comprehensive income of entities
accounted for using equity method

(187)

(26)

Total other comprehensive income

1,042

1,605

2,069

1,110

Comprehensive income attributable to owners of parent

1,787

1,098

Comprehensive income attributable to non-controllinginterests281

11

Other comprehensive income

Comprehensive income
Comprehensive income attributable to6