Note: This document has been translated from the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

February 8, 2022

Summary of Consolidated Financial Results for the Nine Months Ended
December 31, 2021 (Under Japanese GAAP)
Company name:
Mitsubishi Gas Chemical Company, Inc.
Listing:
Tokyo Stock Exchange
Securities code:
4182
URL:
https://www.mgc.co.jp/eng/
Representative:
Masashi Fujii, Representative Director, President
Inquiries:
Satoshi Takizawa, General Manager, Investor Relations Department
TEL:+81-3-3283-5041
Scheduled date to file quarterly securities report:
February 14, 2022
Scheduled date to commence dividend payments:–(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the nine months ended December 31, 2021 (from April 1, 2021
to December 31, 2021)(1) Summary of consolidated income statement (cumulative)
Net sales
Nine months ended
December 31, 2021
December 31, 2020
Note:

Operating profit

Millions of yen

525,297428,181% Millions of yen

53.0
11.1

58,31233,311

Comprehensive income Nine months ended December 31, 2021 ¥47,306 million
Nine months ended December 31, 2020 ¥31,857 million
Basic earnings per
share

Nine months ended
December 31, 2021
December 31, 2020
Note:

44,88829,335

Profit attributable toowners of parent

Ordinary profit% Millions of yen

22.7
(7.7)

(Percentages indicate year-on-year changes.)% Millions of yen

75.0
47.5

39,35026,033

%

51.2
76.2

[48.5%][85.0%]

Diluted earnings per
share

Yen

Yen

189.16125.16––The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March
31, 2020) and relevant revised ASBJ regulations from the beginning of the first quarter of the current fiscal year,
and each figure for the nine months ended December 31, 2021 is the figure after applying the accounting standard
and relevant revised ASBJ regulations.

-1-(2) Consolidated financial position
Total assets
As ofDecember 31, 2021
March 31, 2021

Net assets

Equity ratio

Millions of yen

Millions of yen%

904,904
836,364

611,967
581,41161.0
62.7

Reference:

Note:

EquityAs of December 31, 2021
¥551,788 million
As of March 31, 2021
¥524,264 million
The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March
31, 2020) and relevant revised ASBJ regulations from the beginning of the first quarter of the current fiscal year,
and each figure as of December 31, 2021 is the figure after applying the accounting standard and relevant revised
ASBJ regulations.

2. Dividends
Annual dividend
First quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year ended
March 31, 2021
Fiscal year
ending March 31,
2022

–

35.00

–

–

45.00

–

Fiscal year-end

Total

Yen

Fiscal year
ending March 31,
2022 (Forecast)

Yen

35.00

70.00

35.00

80.00

Note:
Revisions to the forecast most recently announced: None
Breakdown of interim dividend for the fiscal year ending March 31, 2022:
Ordinary dividend: 35.00 yen
Commemorative dividend: 10.00 yen

3. Consolidated business forecasts for the fiscal year ending March 31, 2022 (from April 1, 2021 toMarch 31, 2022)(Percentages indicate year-on-year changes.)
Net sales

Fiscal year ending
March 31, 2022
Notes:

Operating profit

Profit attributable toowners of parent

Ordinary profit

Basicearnings per
share

Millions ofyen%Millions ofyen%Millions ofyen%Millions of
yen

%

Yen

700,000

17.5

55,00023.6

73,00045.3

50,00038.6

240.34

1. Revisions to the forecast most recently announced: Yes
2. The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29,
March 31, 2020) and relevant revised ASBJ regulations from the beginning of the first quarter of the current
fiscal year, and each figure for the above business forecasts is the figure after applying the accounting standard
and relevant revised ASBJ regulations.

-2-* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in thechange in scope of consolidation): Yes
Newly included: 1 company (company name: MGC Specialty Chemicals Netherlands B.V.)(2) Application of special accounting for preparing quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(4) Number of issued shares (common stock)(i) Number of issued shares at term end (including treasury stock)
As of December 31, 2021

225,739,199

As of March 31, 2021

225,739,199(ii) Number of shares of treasury stock at term-end
As of December 31, 2021

17,693,233

As of March 31, 2021

17,726,057(iii) Average number of outstanding shares (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2021

208,033,288

Nine months ended December 31, 2020

208,001,258* Quarterly financial results reports are exempt from audit conducted by certified public accountants or an
audit corporation.
* Proper use of earnings forecasts, and other special matters(Caution concerning forward-looking statements)
Forecasts, etc., recorded in this document contain forward-looking statements that are based on
management’s estimates, assumptions and projections at the time of publication. A number of factors
could cause actual results to differ materially from expectations.

-3-

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Segment Information(Billions of yen, rounded down)
FY20201-3Q*

FY2021
1-3Q

ChangeFY2020
Full Year
ResultFY 2021
Full Year
Forecast

428.1

525.2

97.1

595.7

700.0

Basic Chemicals

238.9

316.7

77.7

337.8

418.9

Specialty Chemicals

194.9

212.5

17.5

267.8

287.3

Other and Adjustment

(5.7)

(3.9)

1.7

(9.9)

(6.3)

Net sales

Operating profit

29.3

44.8

15.5

44.5

55.0

Basic Chemicals

6.8

23.5

16.7

12.8

25.6

Specialty Chemicals

24.5

24.4

(0.1)

34.8

33.2

Other and Adjustment

(2.0)

(3.0)

(1.0)

(3.1)

(3.8)

Non-operating profit

3.9

13.4

9.4

5.7

18.0

Ordinary profit

33.3

58.3

25.0

50.2

73.0

Basic Chemicals

8.7

28.8

20.1

14.2

33.9

Specialty Chemicals

25.7

31.2

5.4

37.5

41.8

Other and Adjustment

(1.2)

(1.8)

(0.6)

(1.5)

(2.7)

Extoraordinary income and loss, net

1.2

(2.2)

(3.4)

(1.2)

(6.0)

Income before income taxes, etc.

34.5

56.0

21.5

48.9

67.0

Profit attributable to owners of parent

26.0

39.3

13.3

36.0

50.0

FY20201-3Q*

FY2021
1-3Q

ChangeFY2020
Full Year
ResultFY 2021
Full Year
Forecast

428.1

525.2

97.1

595.7

700.0

Natural Gas Chemicals

109.8

167.8

57.9

158.5

223.2

Aromatic Chemicals

134.6

151.6

16.9

183.4

198.8

Specialty Chemicals
Information andAdvanced Materials
Other and Adjustment

149.6

158.3

8.7

207.4

216.8

47.2

54.2

6.9

62.3

70.7

䛆reference: former segments 䛇Net sales(13.1)(6.7)

6.3(16.0)

(9.7)

29.3

44.8

15.5

44.5

55.0

Natural Gas Chemicals

(3.3)

8.3

11.6

0.9

8.9

Aromatic Chemicals

10.1

15.1

5.0

11.7

16.5

Specialty Chemicals
Information andAdvanced Materials
Other and Adjustment

16.4

11.6

(4.7)

22.8

17.0

8.1

12.6

4.5

11.9

16.1

(0.9)

(3.0)

(3.7)

Operating profit

(1.9)

(2.9)

Non-operating profit

3.9

13.4

9.4

5.7

18.0

Ordinary profit

33.3

58.3

25.0

50.2

73.0

Natural Gas Chemicals

(1.1)

13.5

14.7

2.6

17.2

Aromatic Chemicals

9.9

15.3

5.4

11.6

16.6

Specialty Chemicals
Information andAdvanced Materials
Other and Adjustment

17.7

17.5

(0.2)

25.5

24.7

7.9

13.7

5.7

11.9

17.0

(1.2)

(1.7)

(0.5)

(1.5)

(2.7)

The breakdown by former segments is for reference only, calculated in accordance with past segments for convenience.
*Effective from the fiscal year ending March 31, 2022, the Company has changed the segments of some of its products.
Segment information for the previous fiscal year has also been prepared based on the classification method after the change.

㻤Other Information 1
Investments(Billions of yen)

Full year

30.9

39.2

42.3

FY2021
Forecast
40.2
70.0

1-3Q

23.2

28.7

32.1

26.7

41.6

Depreciation &amortization(Billions of yen)

Full year

27.0

27.4

29.5

30.6

32.0

1-3Q

20.0

20.3

21.9

22.6

23.9

R&D expenditures(Billions of yen)

Full year

18.9

18.6

19.6

19.9

21.5

FY2017

Number of Staff

FY2018FY2019FY2020

1-3Q

14.2

13.8

14.0

14.9

15.6

Year-end

8,009

8,276

8,954

8,998

10,081

ROA

10.6%

8.7%

3.9%

6.2%

8.6%

ROE

13.6%

11.3%

4.3%

7.1%

9.4%

ROIC
(Ordinary income/invested capital)

13.2%

10.9%

4.9%

7.7%

10.5%

Other Information 2
FY2017
Result

FY2019Result

FY2018ResultFY2020ResultFirst half Second half First half Second half First half Second half

1-3Q

FY2021ResultForecast
4Q

1-3Q

4Q

Exchange Rate
(JPY/USD, Average)

111

111

110

112

109

109

106

106

111

113

Exchange Rate
(JPY/EUR, Average)

126

133

130

127

121

120

122

128

131

130

crude oil (Dubai)(USD/BBL)

50

62

73

65

64

56

40

60

72

85

Methanol(USD/MT, Asian
average spot price)

296

381

408

335

277

245

222

358

394

370

Mixed Xylene(USD/MT)

650

725

845

730

705

640

430

670

780

840

Bisphenol A(USD/MT)*

1,100
㹼1,3001,200
㹼1,7001,600
㹼1,9001,200
㹼1,8001,000
㹼1,4501,050
㹼1,350900
㹼2,4001,650
㹼3,3002,100
㹼3,7002,000
㹼2,500Polycarbonate(USD/MT)*2,500
㹼2,9002,900
㹼3,9002,700
㹼3,8002,100
㹼2,8001,900
㹼2,2501,650
㹼2,0001,500
㹼3,2002,700
㹼4,0002,650
㹼4,0502,500
㹼3,200*Describe the minimum and maximum values during the period㻥Qualitative Information
From the first quarter of the fiscal year ending March 31, 2022, the MGC Group adopted the Accounting Standard
for Revenue Recognition (Accounting Standards Board of Japan (ASBJ) Statement No. 29, March 31, 2020).

Consolidated Business Results for This Period
Overview of Results(Billions of yen)

Apr.1-Dec.31,

Apr.1-Dec.31,

2020

2021

Net sales

428.1

525.2

97.1

Operating income

29.3

44.8

15.5

Ordinary income

33.3

58.3

25.0

Profit attributable to owners of the parent

26.0

39.3

13.3

ChangeDuring the first nine months of the fiscal year ending March 31, 2022 (April 1, 2021 – December 31, 2021),
outlook for the world economy remained unclear. Glimmers of economic recovery from pandemic-induced
stagnation were clouded by the ongoing impact of semiconductor shortages, surging raw material and fuel prices
and the disruption of logistics networks, along with the emergence of new variants of novel coronavirus andresulting resurgences of the pandemic.
Against this backdrop, the MGC Group nevertheless benefitted from recovery in demand for automotive-related
and other products that had been heavily affected by the novel coronavirus pandemic, as well as constantly robust
demand for semiconductor-related products reflecting market growth, along with improvement in market prices formethanol, polycarbonates and other general-purpose products amid rises in raw material and fuel prices.
In addition, the MGC Group launched a new medium-term management plan in April 2021. In line with this plan,
the Group aims to shift to a profit structure resilient to changes in the business environment. To this end, the Group
is striving to:͌“Further strengthen competitively advantageous (“differentiating”) businesses,”͌“Accelerate creation and development of new businesses,” and͌“Reevaluate and rebuild unprofitable businesses.”
These efforts will help push ahead with business portfolio reforms.
The MGC Group’s net sales increased due mainly to upturns in market prices for methanol and other offerings aswell as recovery in overall sales volume.
Furthermore, operating income rose, despite increases in raw material and fuel prices, lower sales volumes of
optical polymers and other negative factors affecting profit. This was thanks primarily to recovery in demand for
products that had been affected by fallout from the novel coronavirus pandemic in addition to rising market prices
for general-purpose products and the higher sales volume of semiconductor-related products.
10Ordinary income increased due primarily to higher operating income as well as growth in equity in earnings ofaffiliates related to engineering plastics and overseas methanol producing companies.
Net income attributable to owners of the parent grew, mainly on higher ordinary income, despite an increase in
extraordinary losses reflecting such factors as a ¥3.6 billion impairment loss recorded at a polycarbonate producing
subsidiary in China.
Operating results by segment are as described below.
Please note, the MGC Group revised the definition of its reportable segments in the first quarter of the fiscal year
ending March 31, 2022. To provide comparative year-on-year segment results, the Group has restated the operating
results of the first nine months of the previous fiscal year to reflect the revised segmentation.
Results by Business Segment
Basic Chemicals(Billions of yen)

Apr.1-Dec.31,

Apr.1-Dec.31,

2020

2021

Net Sales

233.2

312.6

79.3

Operating income

6.8

23.5

16.7

Ordinary income

8.7

28.8

20.1

ChangeThe methanol business saw increases in both net sales and earnings due mainly to a significant upturn in market
prices compared with the same period of the previous fiscal year.
Methanol and ammonia-based chemicals posted increases in net sales and earnings reflecting such factors as arise in neopentyl glycol market prices, despite higher raw material prices.
High-performance products*1 posted increases in net sales and earnings thanks primarily to recovery in demand
for meta-xylenediamine (MXDA), which had been affected by fallout from the novel coronavirus pandemic in thesame period of the previous fiscal year, along with firm sales of aromatic aldehydes.
*1 MXDA, MX nylon, aromatic aldehydes and other offerings that had been previously classified as specialty aromatic chemicals

Xylene separators and derivatives*2 saw increase in net sales and earnings due mainly to upturns in purified
isophthalic acid (PIA) market prices.
*2 Meta-xylene, PIA and other offerings that had been previously classified as general-purpose aromatic chemicals

Foamed plastics posted an increase in earnings compared with the same period of the previous fiscal year,
despite higher raw material and fuel prices, thanks mainly to the higher sales volume of flat panel display shields
and automotive materials.

11

Specialty Chemicals(Billions of yen)

Apr.1-Dec.31,

Apr.1-Dec.31,

2020

2021

Net Sales

194.6

212.4

17.8

Operating income

24.5

24.4

(0.1)

Ordinary income

25.7

31.2

5.4

ChangeInorganic chemicals posted increases in net sales and earnings thanks primarily to growth in the sales volume ofchemicals for use in semiconductor manufacturing.
Engineering plastics saw increases in net sales and earnings, despite deterioration in the profitability ofpolycarbonates on the back of such negative factors as higher raw material and fuel prices, due mainly to recovery
in sales volumes in automotive-related and other fields in addition to robust sales of polyacetal.
Optical materials posted decreases in net sales and earnings, despite recovery in optical polymer demand, which
bottomed out in the first quarter. The decreases were due mainly to lower sales volume reflecting inventory
adjustment carried out by customers during the first half.
Electronic materials saw increases in net sales and earnings. This was thanks mainly to robust showings of BT
materials for IC plastic packaging, the core product category for electronic materials, reflecting higher sales
volumes for general-purpose materials for a broad range of applications including PC-related devices and home
appliances, as well as constantly robust demand for products used in memory devices and 5G smartphones.
Oxygen absorbers such as AGELESSTM posted an increase in earnings, thanks mainly to recovery in domestic
demand for products used for foodstuffs, achieving an improvement from the stagnation brought about by the novel
coronavirus pandemic in the same period of the previous fiscal year.
(End)12