May 14, 2020

Summary of Consolidated Financial Results
for the Fiscal year Ended March 31, 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,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 Fiscal year Ended March 31, 2020 (April 1, 2019 to March 31,2020)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating income
Ordinary income
owners of parent
Fiscal year ended
Million yen%
Million yen%
Million yen%
Million yen%March 31, 2020
194,575
(4.6)
1,976
2,696
801
128.3
March 31, 2019
203,997
1.2(40)(914)351 (89.0)(Note) Comprehensive income: Fiscal year ended March 31, 2020: ¥ (4,510) million [-%]
Fiscal year ended March 31, 2019: ¥ (474) million [-%]
Diluted earnings
per share

Earnings per share

Fiscal year ended
Yen
March 31, 2020
17.96
March 31, 2019
10.04
(2) Consolidated Financial Condition
Total assets

YenNet assets

Million yen

Equity ratio

Million yen%

60,52767,00428.5
28.5

As of March 31, 2020
212,217
As of March 31, 2019
232,758(Reference) Equity: As of March 31, 2020: ¥60,525 million
As of March 31, 2019: ¥66,350 million(3) Consolidated Cash Flow
Cash flows fromoperating activities

Cash flows frominvesting activities

Million yen

Million yen

Million yen

Cash and cash equivalents
at end of period
Million yen

9,976
19,066(6,571)(8,979)(5,655)(8,185)

9,260
11,617

Fiscal year ended
March 31, 2020
March 31, 2019

Cash flows fromfinancing activities

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Year-end

Amount of
total dividends(Annual)

Yen

Yen

Yen

Yen

Million yen

Dividend
payout(Consolidated)%

Ratio ofdividends tonet assets(Consolidated)
%

49.8

0.3

27.8

0.4

Fiscal year ended
0.00
5.00
223
March 31, 2019
Fiscal year ended
0.00
5.00
223
March 31, 2020
Fiscal year ending
March 31, 2021
(Forecast)(Note) Year-end dividend for Fiscal year ending March 31, 2021 has yet to be determined.

1-3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2021 (April 1, 2020 toMarch 31, 2021)
It is not possible at this stage to accurately and reasonably calculate the impact of the coronavirus pandemic.
Therefore, the consolidated financial outlook for the fiscal year ending in March 2021 has yet to be finalized.
The financial outlook will be announced as soon as it is possible to do so.
* 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) 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: Yes
4) Retrospective restatement: None
(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
March 31, 2020: 44,741,433 shares
March 31, 2019: 44,741,433 shares2) Total number of treasury shares at the end of the period:
March 31, 2020: 82,401 shares
March 31, 2019: 80,398 shares
3) Average number of shares during the period:
Fiscal year ended March 31, 2020: 44,660,027 sharesFiscal year ended March 31, 2019: 34,985,677 shares* This financial results report is exempt from being audited 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, 2019
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
OtherAllowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Land
Leased assets, net
Construction in progress
Other, net
Total property, plant and equipment
Intangible assets
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Net defined benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3

As of March 31, 2020

11,617
37,68626,0217,301
11,233
6,003(175)
99,6899,260
31,35830,138
7,066
11,2783,629(157)
92,57623,94543,465
21,913
997
9,446
1,423
101,191

24,45943,816
21,898
1,568
467
1,498
93,708

1,744
1,744

409
409

17,741
2,118
5,331
2,965
2,031
(54)
30,133133,069
232,758

15,763
2,115
962
4,318
2,437
(74)
25,523
119,641
212,217(Million yen)
As of March 31, 2019
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations
Short-term loans payable
Commercial paper
Lease obligations
Accrued expenses
Income taxes payable
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Lease obligations
Deferred tax liabilities
Provision for directors' retirement benefits
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 incomeValuation 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 March 31, 2020

25,347
5,390
65,175
7,000
367
7,185
366
10,027
120,860

22,082
3,934
64,267
4,000
334
6,509
431
3,960
105,519

32,855
424
696
60
8,718
882
1,254
44,893
165,754

33,495
901
119
50
9,423
883
1,293
46,169151,689

36,561
9,682
13,145(150)
59,24036,561
8,555
13,719(152)
58,684

3,635
1,209
2,265
7,110
654
67,004
232,758

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

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Million yen)

Fiscal year ended
March 31, 2019
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
methodForeign exchange gains
Royalty income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Advisory fee
Other
Total non-operating expenses
Ordinary income(loss)
Extraordinary income
Subsidy income
Gain on disposal of non-current assets
Gain on sales of investment securities
Insurance income
Other
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Loss on tax purpose reduction entry of non-currentassets
Special retirement expenses
Loss on disaster
Impairment loss
Other
Total extraordinary losses
Profit (Loss) before income taxes and non-controllinginterests
Income taxes
ProfitProfit (loss) attributable to non-controlling interests
Profit attributable to owners of parent5Fiscal year ended
March 31, 2020

203,997
174,602
29,39429,435(40)194,575
164,492
30,082
28,105
1,976

54
567

55
486

−

1,196

89
168
424
1,305

−
120
445
2,305

1,372
−
275
530
2,178(914)

991
167
0
426
1,585
2,696

146
9
1,562
408
0
2,127

1,740
14
123
220
59
2,158

472

629

−

1,740

576
697
124
187
2,058

−
168
1,159
155
3,854

(845)

1,000(1,315)
470
118
351

256
743
(58)
801

Consolidated Statements of Comprehensive Income(Million yen)

Fiscal year ended
March 31, 2019
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

6

Fiscal year ended
March 31, 2020
470

743

(1,673)
(307)
1,052

(2,428)(121)(2,692)

(15)

(11)

(944)
(474)

(5,254)(4,510)(564)(4,467)89(42)

(3) Consolidated Statements of Cash Flow(Million yen)

Fiscal year ended
March 31, 2019
Cash flows from operating activities
Profit(loss) before income taxes and non-controllinginterests
Depreciation
Loss on disaster
Impairment loss
Decrease (increase) in net defined benefit asset
Increase (decrease) in net defined benefit liability
Increase (decrease) in provision for directors' retirement
benefits
Interest and dividend income
Share of loss (profit) of entities accounted for using
equity method
Interest expense
Loss (gain) on sales of short-term and long-term
investment securities
Loss (gain) on disposal of non-current assets
Loss on tax purpose reduction entry of non-current
assets
Subsidy income
Decrease (increase) in notes and accounts receivable trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable trade
Other, net
Subtotal
Subsidies received
Payments for loss on disaster
Interest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment andintangible assets
Proceeds from sales of property, plant and equipment
and intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Payments of loans receivableCollection of loans receivable
Other, net
Net cash provided by (used in) investing activities

7

Fiscal year ended
March 31, 2020
(845)

1,000

10,116
697
124
632
238

9,824
168
1,159
1,210
340

4(10)

(622)

(542)

142

(1,196)

1,372

991

(1,562)

(123)

463

615

−

1,740

(146)

(1,740)

8,533

6,229

(1,469)(4,273)

4,190(4,537)(1,937)
19,933146(84)619(1,378)(171)
19,066(1,018)
9,837
885
(213)
552
(998)
(87)
9,976

(10,223)(7,243)

12

139

(22)
2,633
(1,035)14(359)(8,979)

(33)
416
(450)
822
(222)
(6,571)Fiscal year ended
March 31, 2019
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Net increase (decrease) in commercial paper
Proceeds from long-term loans payable
Repayments of long-term loans payable
Repayments of lease obligations
Proceeds from issuance of common stock
Dividends paid
Purchase of treasury shares
Proceeds from sales of treasury shares
Dividends paid to non-controlling interests
Payments from changes in ownership interests insubsidiaries that do not result in change in scope ofconsolidation
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

8

Fiscal year ended
March 31, 2020

(1,370)4,000
2,775(19,618)
(374)
7,610
(170)
(1)
−
(112)

(52)
(3,000)16,000(16,075)
(570)
−
(223)
(0)
0
(58)

(922)

(1,673)(8,185)(5,655)

(28)

(106)

1,873
9,744
11,617(2,356)
11,6179,260