May 15, 2019

Summary of Consolidated Financial Results
for the Fiscal year Ended March 31, 2019 (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 Fiscal year Ended March 31, 2019 (April 1, 2018 to March 31,2019)(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, 2019
203,997
1.2(40)(914)351 (89.0)
March 31, 2018
201,492(0.2)
1,790 (58.5)
652 (75.8)
3,198
177.5(Note) Comprehensive income: Fiscal year ended March 31, 2019: ¥ (474) million [-%]
Fiscal year ended March 31, 2018: ¥ 5,493 million [(1.9)%]
Diluted earnings
Earnings per shareper share
Fiscal year ended
Yen
Yen
March 31, 2019
10.04
March 31, 2018
93.57
(2) Consolidated Financial Condition
Total assets

Net assets

Million yen%

67,004
61,07728.5
25.2

As of March 31, 2019
232,758
As of March 31, 2018237,379(Reference) Equity: As of March 31, 2019: ¥66,350 million
As of March 31, 2018: ¥59,731 million(3) Consolidated Cash Flow
Cash flows fromoperating activities
Million yen
Fiscal year ended
March 31, 201919,066
March 31, 2018
12,809Equity ratio

Million yen

Cash flows frominvesting activities

Cash flows fromfinancing activities

Million yen

Million yen

Cash and cash equivalents
at end of period
Million yen(8,979)(5,994)(8,185)(8,107)

11,617
9,744

2. Dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Year-end

Amount of
total dividends(Annual)

Yen

Yen

Yen

Yen

Million yen%

Ratio ofdividends tonet assets(Consolidated)
%

-0.00

-

5.00

170

5.3

0.3

-

0.00

-

5.00

223

49.8

0.3

-

0.00

-

5.00

Annual dividends

Fiscal year ended
March 31, 2018
Fiscal year ended
March 31, 2019
Fiscal year ending
March 31, 2020
(Forecast)1

Dividend
payout(Consolidated)

14.9

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2020 (April 1, 2019 toMarch 31, 2020)(% indicates changes from the previous corresponding period.)
ProfitNet sales
Operating income
Ordinary income
attributable toEarnings per shareowners of parent
Full year

Million yen%

Million yen%

Million yen%

210,000

2.9

2,500-

2,500-

Million yen%

Yen

1,500 327.0

33.59* 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: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
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, 2019: 44,741,433 shares
March 31, 2018: 34,258,433 shares2) Total number of treasury shares at the end of the period:
March 31, 2019: 80,398 shares
March 31, 2018: 77,847 shares
3) Average number of shares during the period:
Fiscal year ended March 31, 2019: 34,985,677 sharesFiscal year ended March 31, 2018: 34,181,231 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, 2018
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, netMachinery, 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
OtherAllowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3

As of March 31, 2019

9,744
46,33027,552
6,707
9,729
4,476
(224)
104,316

11,617
37,68626,0217,30111,233
6,003
(175)
99,68925,41347,291
22,147
1,142
2,310
1,427
99,732

23,94543,465
21,913
997
9,446
1,423
101,191

1,719
1,719

1,744
1,744

21,672
1,448
5,263
1,309
1,986
(68)
31,611133,063
237,379

17,741
2,118
5,331
2,965
2,031
(54)
30,133133,069
232,758(Million yen)
As of March 31, 2018
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations
Short-term loans payable
Commercial paper
Lease obligations
Accrued expenses
Income taxes payableOther
Total current liabilities
Non-current liabilities
Long-term loans payable
Lease obligations
Deferred tax liabilities
Provision for directors' retirement benefits
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 March 31, 2019

26,818－70,828
3,000
375
7,358
397
8,430
117,208

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

45,656
691
1,152
56
143
9,328
888
1,175
59,093
176,30232,855
424
696
60
－
8,718
882
1,254
44,893
165,754

32,756
6,132
12,965(148)
51,70636,561
9,682
13,145(150)
59,240

5,204
1,511
1,309
8,025
1,34561,077
237,379

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

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

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income(loss)
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Royalty income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Advisory fee
Other
Total non-operating expenses
Ordinary income(loss)
Extraordinary income
Gain on disposal of non-current assets
Gain on sales of investment securities
Insurance income
OtherTotal extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Special retirement expenses
Loss on disaster
Impairment loss
Enviromental expenses
Other
Total extraordinary losses
Profit(Loss) before income taxes and non-controllinginterests
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

5

Fiscal year ended
March 31, 2018
201,492
169,22132,27030,480
1,790

Fiscal year ended
March 31, 2019
203,997
174,602
29,39429,435(40)

58
501
59
175
457
1,25254567
89
168
424
1,305

1,767
64
557
2,390
652

1,372
275
530
2,178(914)

1,545
847
60
11
2,465

9
1,562
408
147
2,127

400
375
－
209
295
87
1,368

472
576
697
124－
187
2,058

1,749(845)(1,530)
3,280
81
3,198

(1,315)
470
118
351

Consolidated Statements of Comprehensive Income(Million yen)

Fiscal year ended
March 31, 2018
3,280

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, 2019
470(450)301
2,386(1,673)
(307)
1,052

(24)

(15)

2,213
5,493(944)
(474)

5,487

(564)

689

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

Fiscal year ended
March 31, 2018
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
Interest expense
Loss (gain) on sales of short-term and long-term
investment securities
Loss (gain) on disposal of non-current assets
Decrease (increase) in notes and accounts receivable trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable trade
Other, net
Subtotal
Payments for business restructuring cost
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
Purchase of shares of subsidiaries and associates
Payments of loans receivableCollection of loans receivable
Other, net
Net cash provided by (used in) investing activities

7

Fiscal year ended
March 31, 2019
1,749

(845)

10,474
－
209
(149)
312

10,116
697
124
632
238

(9)

4(560)
1,767(622)
1,372(846)(1,562)(1,144)

463

(29)

8,533

(1,935)(1,469)

2,041

4,190

2,710
14,589(131)－566(1,771)(442)
12,809(1,795)20,080－(84)
619(1,378)(171)
19,066(7,822)(10,223)

1,872

12(25)
1,136
(0)
(902)
23(276)(5,994)

(22)
2,633
－
(1,035)14(359)(8,979)Fiscal year ended
March 31, 2018
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
Proceeds from share issuance to non-controllingshareholders
Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests
Payments from changes in ownership interests in
subsidiaries 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, 2019

1
3,000
7,740
(17,441)(362)－(1,370)4,000
2,775(19,618)
(374)
7,610

48

－

(1)
－
(237)

(1)
(170)
(112)

(854)

(922)

(8,107)(8,185)196(28)(1,096)
10,840
9,744

1,873
9,744
11,617