November 10, 2017

Summary of Consolidated Financial Results
for the Six Months Ended September 30, 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 Six Months Ended September 30, 2017 (April 1, 2017 to September
30, 2017)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating income
Ordinary income
owners of parent
Six months ended
Million yen%
Million yen%
Million yen%
Million yen%
September 30, 201799,415(1.0)
303 (84.7)
313 (37.4)(418)
September 30, 2016
100,375
(6.2)
1,980
233.1
500
310.1(294)(Note) Comprehensive income: Six months ended September 30, 2017: ¥(20) million [-%]
Six months ended September 30, 2016: ¥(1,122) million [-%]
Diluted earningsEarnings per shareper share
Six months ended
Yen
Yen
September 30, 2017(12.23)September 30, 2016
(8.61)* The Company conducted a reverse stock split to consolidate every ten shares of common stock into one shareon October 1, 2016. Earnings per share 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 September 30, 2017237,641
56,579As of March 31, 2017
235,869
56,631(Reference) Equity: As of September 30, 2017: ¥54,395 million
As of March 31, 2017: ¥54,383 million

22.9
23.1

2. Dividends
1stquarter-end

Annual dividends
2nd
3rd
quarter-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 toNet sales
Operating income
Ordinary income
Earnings per shareowners of parent
Full year

Million yen%

203,000

0.5

Million yen%

Million yen%

Million yen%

Yen

3,000 (30.5)

2,500(7.5)

1,500

30.1

43.88

(Note) Revision to the financial results forecast announced most recently: Yes* 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):
September 30, 2017: 34,258,433 shares
March 31, 2017: 34,258,433 shares2) Total number of treasury shares at the end of the period:
September 30, 2017: 77,326 shares
March 31, 2017: 76,185 shares
3) Average number of shares during the period:
Six months ended September 30, 2017: 34,181,641 shares
Six months ended September 30, 2016: 34,184,762 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 six months ended September 30, 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 September 30, 2017

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

10,84046,291
24,756
6,541
10,1085,475(216)
103,797

11,00545,88325,760
6,793
10,3836,297(189)
105,935

27,08951,642
22,0686762,586
104,064

26,232
49,78822,083
1,104
2,565
101,774

291
291

1,521
1,521

23,001
4,814(99)
27,716132,071
235,869

23,6554,810(55)28,410131,706
237,641

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 securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets3

(Million yen)
As of March 31, 2017

As of September 30, 2017

Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term loans payable
Income taxes payable
Other
Total current liabilities

24,556
68,264399
14,155
107,376

28,43868,003365
15,202
112,00957,570
143
8,949
888
4,310
71,862
179,238

53,945
143
9,205
888
4,868
69,052
181,061

32,756
7,438
8,599
(147)
48,64732,756
6,271
9,349
(148)
48,2285,506
1,245(1,015)
5,736
2,247
56,631
235,869

6,254
1,215
(1,302)
6,167
2,184
56,579237,641

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(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Six Months Ended September 30(Million yen)
For the six months ended
September 30, 2016

For the six months ended
September 30, 2017

Net sales

100,375

99,415

Cost of sales

82,896

83,971Gross profit

17,47815,444

Selling, general and administrative expenses

15,49815,140Operating income

1,980

303

Non-operating income
Interest income

2027

Dividend income

234

267

Foreign exchange gains

－514

465

Other
Total non-operating income

769

1,134

1,111916

Foreign exchange loss

979

Other

157－
208

2,249

1,124

500

313

Gain on disposal of non-current assets

10166

Gain on sales of investment securities

233

170

374

Non-operating expenses
Interest expenses

Total non-operating expenses
Ordinary income
Extraordinary income

Other

32

65

Total extraordinary income

276

402

Loss on disposal of non-current assets

445

293

Special retirement expenses

153

218

Business restructuring cost

135－

Other

85

1

Total extraordinary losses

819512Income (loss) before income taxes

(43)

203

Extraordinary losses

Income taxes

206740

Loss

(249)

(536)

44

(118)

(294)

(418)

Profit (loss) attributable to non-controlling interests
Loss attributable to owners of parent

5Quarterly Consolidated Statements of Comprehensive Income
Six Months Ended September 30(Million yen)
For the six months ended
September 30, 2016Loss

For the six months ended
September 30, 2017
(249)

(536)

Valuation difference on available-for-sale securities

219

829

Foreign currency translation adjustment

(768)

(5)

Remeasurements of defined benefit plans, net of tax

(153)

(275)

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

(171)

(31)

Other comprehensive income

Total other comprehensive income

(873)

516

(1,122)(20)

Comprehensive income attributable to owners of parent(1,119)12

Comprehensive income attributable to non-controllinginterests

(2)

(32)

Comprehensive income
Comprehensive income attributable to6