February 10, 2020

Summary of Consolidated Financial Results
for the Nine Months Ended December 31, 2019 (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 Nine Months Ended December 31, 2019 (April 1, 2019 toDecember 31, 2019)(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, 2019
146,012(4.3)
737
1,108(600)
December 31, 2018
152,536
1.3(1,268)(1,657)(2,949)(Note) Comprehensive income: Nine months ended December 31, 2019: ¥(134) million [-%]
Nine months ended December 31, 2018: ¥(5,035) million [-%]
Earnings per share

Nine months endedDecember 31, 2019
December 31, 2018

Diluted earnings
per shareYenYen(13.45)(86.30)-(2) Consolidated Financial Condition
Total assets

Net assets

Million yen

Equity ratio

Million yen

As of December 31, 2019
232,218
As of March 31, 2019
232,758(Reference) Equity: As of December 31, 2019: ¥64,898 million
As of March 31, 2019: ¥66,350 million%

64,90267,00427.9
28.5

2. Dividends
1stquarter-end

Annual dividends
2nd
3rd
quarter-end
quarter-endYenYen

Fiscal year ended March 31, 2019
0.00
0.00
Fiscal year ending March 31, 2020
Fiscal year ending March 31, 2020
(Forecast)(Note) Revision to the forecast for dividends announced most recently: None

1Year-end

TotalYenYenYen-

5.00

5.00

5.00

5.00

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.)
Net sales

Full year

Operating income

Ordinary income

Profitattributable toowners of parent
Million yen

Million yen%

Million yen%

Million yen%

195,000(4.4)

1,500-

2,000-

Earnings per share%

Yen0 (100.0)

0.00(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 resultingin 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: Yes
2) Changes in accounting policies other than 1) above: None
3) 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):December 31, 2019: 44,741,433 shares
March 31, 2019: 44,741,433 shares2) Total number of treasury shares at the end of the period:
December 31, 2019: 81,793 shares
March 31, 2019: 80,398 shares
3) Average number of shares during the period:Nine months ended December 31, 2019: 44,660,238 shares
Nine months ended December 31, 2018: 34,179,624 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, 2019
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 December 31, 201911,617
37,68626,021
7,301
11,233
6,003(175)
99,68913,00737,886
29,611
7,636
12,107
4,663(178)
104,734

23,94543,465
21,9139,446
2,420
101,191

25,46645,613
21,818630
2,978
96,507

1,744
1,744

424
424

17,741
12,447(54)
30,133133,069
232,758

18,82011,780(48)
30,552
127,484
232,218

(Million yen)
As of March 31, 2019
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 December 31, 201925,347
5,390
65,1757,000
366
17,580120,860

24,8895,226
66,397
11,000224
14,034
121,772

32,855
8,718
882
2,436
44,893
165,754

33,220
8,363
883
3,076
45,543
167,316

36,561
9,682
13,145(150)
59,24036,561
8,552
12,316(150)
57,280

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

3,895
824
2,898
7,618
364,902232,218

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income
Nine Months Ended December 31(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
methodForeign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Other
Total non-operating expenses
Ordinary income(loss)
Extraordinary income
Gain on disposal of non-current assets
Gain on sales of investment securities
Other
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Special retirement expenses
Loss on disaster
Impairment loss
Other
Total extraordinary losses
Loss before income taxes
Income taxes
Loss
Loss attributable to non-controlling interests
Loss attributable to owners of parent

For the nine months ended
December 31, 2018
152,536
131,371
21,164
22,432(1,268)For the nine months ended
December 31, 2019
146,012124,282
21,73020,993
737

44536

40
454−

659

148
498
1,227−
3901,545

1,068−
548
1,617(1,657)

756
79
337
1,173
1,108

7
501
2511

7
116
67
191

442
579
642
41
178
1,885(3,031)
66(3,098)(148)(2,949)

585
−
−
1,159
135
1,880(580)
79(659)(58)(600)

5Consolidated Statements of Comprehensive Income
Nine Months Ended December 30(Million yen)

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

For the nine months ended
December 31, 2018
(3,098)For the nine months ended
December 31, 2019(659)

(2,104)
(95)
258

262
(385)
671

3(23)

(1,936)(5,035)524(134)(4,820)

(92)

(214)

(42)

6