November 12,2020

Summary of Consolidated Financial Results
for the Six Months Ended September 30, 2020 (unaudited)
Company name: Mitsubishi Paper Mills Limited
Stock exchange listing: Tokyo Stock Exchange
Code number: 3864
URL: https://www.mpm.co.jp/
Representative: Yukihiro Tachifuji, President and Chief Executive Officer
Contact: Hironori Oikawa, Executive Officer 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 Six Months Ended September 30, 2020
(April 1, 2020 to September 30, 2020)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating income
Ordinary income
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%Six months ended
September 30, 2020
78,672 (19.2)(2,386)(2,128)(2,365)September 30, 2019
97,333 (2.9)
51248393(Note) Comprehensive income: Six months ended September 30, 2020:¥(1,720) million [-%]
Six months ended September 30, 2019:¥(288) million [-%]
Earnings per share

Six months ended
September 30, 2020
September 30, 2019

Diluted earnings
per shareYen

Yen(52.96)
2.09-(2) Consolidated Financial Condition
Total assets

Net assets

Million yen

Equity ratio

Million yen%

As of September 30, 2020
215,91258,588
As of March 31, 2020
212,21760,527(Reference) Equity: As of September 30, 2020:¥58,573 million
As of March 31, 2020:¥60,525 million

27.1
28.5

2. Dividends
1stquarter-end

2ndquarter-end

Yen

Yen

Annual dividends
3rdquarter-end

Year-end

Yen

Fiscal year ended March 31, 2020
0.00
Fiscal year ending March 31, 2021
0.00
Fiscal year ending March 31, 2021
(Forecast)(Note) Revision to the forecast for dividends announced most recently: Yes
Year-end dividend for Fiscal year ending March 31, 2021 has yet to be determined.

1TotalYen

Yen

5.00

5.00

--3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2021
(April 1, 2020 to March 31, 2021)(% indicates changes from the previous corresponding period.)
Net sales
Million yen

Operating income%Million yen

Profit attributable toowners of parent

Ordinary income%Million yen%

Full year
165,000 (15.2)(1,000)0 (100.0)
Revisiontothefinancial
results
forecast
announced
mostrecently: Yes(Note)

Million yen(1,000)Earnings
per share%-Yen(22.39)* 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:
None2) Changes in accounting policies other than 1) above:None3) Changes in accounting estimates:
Yes
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):
September 30, 2020:
44,741,433 shares
March 31, 2020:
44,741,433 shares2) Total number of treasury shares at the end of the period:
September 30, 2020:
83,016 shares
March 31, 2020:
82,401 shares
3) Average number of shares during the period:
Six months ended September 30, 2020:
44,658,784 shares
Six months ended September 30, 2019:
44,660,452 shares* This quarterly financial results report is exempt from quarterly review by Certified Public Accountants or an
Audit Firm.
* 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, 2020

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, net
Machinery, 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 securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3

As of September 30, 2020

9,260
31,35830,138
7,066
11,2783,629(157)
92,576

10,74734,85327,455
7,048
12,0044,046(142)
96,01324,45943,816
21,898467
3,066
93,70823,796
41,95521,788817
2,879
91,238

409
409

1,651
1,651

15,7639,833(74)
25,523
119,641
212,217

17,377
9,704(74)27,008
119,898
215,912(Million yen)
As of March 31, 2020

Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations
Short-term loans payable
Commercial paper
Income taxes payable
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Net 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 September 30, 2020

22,082
3,934
64,2674,000
431
10,804
105,519

16,861
3,608
64,88014,000327
11,060110,737

33,495
9,423
883
2,366
46,169151,689

32,997
9,320
884
3,383
46,585
157,323

36,561
8,555
13,719(152)
58,68436,561
8,555
11,135(152)56,100

1,206
1,095(461)
1,840
260,527212,217

2,015910(452)2,473
1558,588215,912(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income
Six Months Ended September 30(Million yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income(loss)
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodOther
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Loss for ship lease
OtherTotal non-operating expenses
Ordinary income(loss)
Extraordinary income
Gain on disposal of non-current assets
Gain on sales of investment securities
Compensation income
Other
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Other
Total extraordinary losses
loss before income taxes
Income taxes
Profit (loss)
Profit (loss) attributable to non-controlling interests
Profit (loss) attributable to owners of parent

5

For the six months ended
September 30,2019
97,33382,816
14,516
14,004512

For the six months ended
September 30,2020
78,67268,702
9,969
12,356(2,386)

27
257

19
293

475

529

275
1,035

207
1,049

516
298
−
249
1,064
483

390
93
164
142
791
(2,128)

547
19071

116−
−
17552
61
614
(59)
(132)
73(19)
93

286
68
355
(2,465)(112)(2,353)11(2,365)

Consolidated Statements of Comprehensive Income
Six Months Ended September 30(Million yen)
For the six months ended
September 30,2019Profit (loss)
Other 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

673

For the six months ended
September 30,2020(2,353)

(657)
(113)
433

810
(172)
8

(24)

(13)

(361)
(288)

632
(1,720)(277)(1,732)(10)12