August 4, 2020

Summary of Consolidated Financial and Business Results
for the First Quarter of the Year Ending March 2021
Oji Holdings Corporation (Code No. 3861 Tokyo Stock Exchange)
https://www.ojiholdings.co.jp/
Masatoshi Kaku, President & Chief Executive Officer
Ryuichi Kisaka, Director of the Board, Senior Executive Officer
03-3563-1111+81-3-3563-1111(overseas)

Company Name:
URL:
Representative:
Contact:
Telephone:(All yen figures are rounded down to the nearest one million yen)

1. Results for the First Quarter of the Year Ending March 31, 2021 (April 1, 2020 - June 30, 2020)(Unaudited)(1) Consolidated Business Results(Figures shown in percentage are ratios compared to the same period of the previous year)

Net sales

Operating profit

Millions of yen

First Quarter of FY2020
First Quarter of FY2019
Note: Comprehensive income% Millions of yen

Profit attributable toowners of parent

Ordinary profit% Millions of yen% Millions of yen%

321,869(14.3)

10,984(54.5)

5,933(74.8)

2,146(82.1)

375,510(1.0)

24,147(12.5)

23,516(15.7)

12,003(30.6)First Quarter of FY2020
First Quarter of FY2019(11,065) million yen
13,786 million yen

Profit per share

Diluted profit per
share

Yen

Yen

First Quarter of FY2020

2.17

2.17

First Quarter of FY2019

12.13

12.12

Total assets

Net assets

Shareholders'equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

1,877,969

815,000

36.1

685.51

831,65736.7

699.12(2) Consolidated Financial Condition

First Quarter of FY2020
Year ended March 2020

1,885,280

Note: Shareholders' equity

First Quarter of FY2020
FY2019678,665 million yen
692,135 million yen

2. Cash Dividends
End of 1Q

End of 2Q

Dividend per share
End of 3Q

End of FY

Annual

Yen

Yen

Yen

Yen

Yen

FY2019

－

7.00

－

7.00

14.00

FY2020

－

7.00

－

7.00

－

7.00

14.00

FY2020 (Forecast)
Note : Change in forecast of dividend … None

3. Consolidated Forecasts for the Year Ending March 2021 (April 1, 2020-March 31, 2021)(Figures shown in percentage for the full year are ratios compared to the previous year,
Figures shown in percentage for the first half are ratios compared to the same period of the previous year)

Net sales
Millions of yen

Operating profit% Millions of yen

Profit attributableto owners of parent

Ordinary profit% Millions of yen% Millions of yen

Profit per share%

YenFirst half

682,000(10.3)

34,000(38.8)

25,000(51.3)

16,000(44.5)

16.16

Full year

1,400,000(7.1)

90,000(15.2)

80,000(21.0)

50,000(14.1)

50.50

Note : Change in consolidated forecasts … No

1 / 104. Notes(1) Changes in important subsidiaries(changes regarding specified subsidiaries accompanying changes in the scope of consolidation) : None
(2) Application of simple accounting methods and quarterly peculiar accounting methods : None
(3) Changes in accounting methods compared with recent consolidated accounting periods(i) Changes due to accounting standard changes :None(ii) Changes besides (i) :None(iii) Accounting estimate change :None(iv) Restatement :None(4) Outstanding balance of issued shares (common stock)(i) Outstanding balance of issued shares at the end of fiscal year (Including treasury shares)
First Quarter of FY2020
1,014,381,817
FY2019(ii) Outstanding balance of treasury shares at the end of fiscal year
First Quarter of FY2020
24,369,659
FY2019(iii) Weighted average number of shares during fiscal year
First Quarter of FY2020
990,012,407
First Quarter of FY2019

1,014,381,817
24,368,163
989,618,899

NOTICE・ This document is exempt from audit procedures required by Financial Instruments and Exchange Act.
・ Forecasts released are based on expectations of future economic conditions as of the date of publication. The actual results may differ
drastically from these forecasts due to various factors that may arise in the future.
・ This document is an excerpt translation of the Japanese original and is only for reference purposes. In the event of any discrepancy
between this translation and the Japanese original, the latter shall prevail.

2 / 101. Qualitative Information Concerning Business Performance and Financial Situation(1) Qualitative Information Concerning Business Performance
Business Performance for the First Quarter of FY2020 (April 1, 2020 - June 30, 2020)
Net Sales
Billions of yen

1st Quarter of
FY2020
1st Quarter of
FY2019Operating Profit
Billions of yen

Ordinary Profit
Billions of yen

Profit Attributable to
Owners of Parent
Billions of yen

Profit Per Share
Yen

321.9

11.0

5.9

2.1

2.17

375.5

24.1

23.5

12.0

12.13

Increase (Decrease)(53.6)(13.1)(17.6)(9.9)

Increase (Decrease)(14.3%)(54.5%)(74.8%)(82.1%)The Oji Group has set "Profitability Improvement of Domestic Business", "Expansion of Overseas Business" and"Promotion of Innovation" as the fundamental policies of its FY2019-2021 Medium-term Management Plan.
Through "Contribution to a Sustainable Society", we aim to become a global corporate group which stably maintains
consolidated operating profit of more than ¥100.0 billion.
Based on the fundamental policies, in the domestic business, we have focused on restructuring our production system
to respond to the structural changes in demand, and worked to improve capital efficiency while concentrating
management resources on promising businesses to strengthen our ability to generate cash flow. In regard to overseas
business, we have organically expanded the existing operations by expanding the number of overseas operations aswell as developing new businesses utilizing existing infrastructure. We have also worked to create synergies among
our businesses as well as operations.
The worldwide spread of the Coronavirus Disease 2019 (COVID-19) has slowed down the domestic and overseas
economies, and both domestic and overseas demand for our products, especially printing paper, is currently
declining. While we expect a gradual recovery in demand in the future, we will continue to steadily implement
various measures in line with our group management strategy, and strive to strengthen profitability and enhance ourcorporate value over the medium to long term.
Consolidated net sales for the first quarter of FY2020 decreased by \53.6 billion to ¥3,219 billion (year-on year
decrease of 14.3%) as both domestic and overseas businesses were affected by the spread of COVID-19. Overseas
sales ratio decreased by 2.7 points from the previous year to 28.7%.
Consolidated operating profit decreased by ¥13.2 billion to ¥11.0 billion (year-on-year decrease of 54.5%) due todecreased profit in both domestic and overseas businesses.
Non-operating profit and loss decreased by ¥4.4 billion year-on-year due in part to an increase in exchange loss, andordinary profit decreased by ¥17.6 billion to ¥5.9 billion (year-on-year decrease of 74.8%).
Extraordinary profit and loss increased by ¥3.0 billion year-on-year due in part to an increase in insurance proceeds.
As a result, profit before taxes decreased by ¥14.6 billion to ¥6.6 billion (year-on-year decrease of 68.8%), and profit
attributable to owners of parent decreased by ¥9.9 billion to ¥2.1 billion (year-on-year decrease of 82.1%).

3 / 10Overview of Business Performance for the First Quarter of FY2020 by Segment(I) Business Performance by Segment(Unit: Billions of yen)
Net Sales

1st Quarter of
FY2019
ReportingSegment

Operating Profit(Loss)

1st Quarter of
FY2020

Increase(Decrease)

1st Quarter of
FY2019

1st Quarter of
FY2020

Increase(Decrease)

Household &Industrial Materials

168.9

152.2

(9.9%)

7.4

5.3(27.7%)

Functional Materials

54.1

48.6

(10.1%)

3.4

3.3(3.9%)

Forest Resources &Environment Marketing

75.3

58.5

(22.2%)

10.9

1.3(88.4%)

Printing &Communications Media

71.6

56.2

(21.4%)

0.5

(1.0)

－

Total

369.8

315.6

(14.7%)

22.2

8.9(60.2%)

Others

72.6

63.1(13.1%)

2.3

1.2(45.8%)

Total

442.4

378.7

(14.4%)

24.5

10.1

(58.8%)

Adjustment (*)(66.9)(56.8)

Consolidated total

375.5

321.9

(14.3%)

(0.4)

0.9

24.1

11.0

(54.5%)*Adjustment is mainly those concerning internal transactions.
(ii) Overview of Business Performance by Segment
The Oji Group's four reporting segments are: "Household and Industrial Materials", "Functional Materials", "Forest
Resources and Environment Marketing", and "Printing and Communications Media". Each of the reporting segment
consists of those that are recognized to be similar in terms of economic characteristics, manufacturing methods orprocesses of products, markets in which products are sold, and types of customers, among the constituent units of theOji Group.
Business segments that are not included in the reporting segments are classified as "Others".
Major business lineup for the segments are as follows.
- Household and Industrial Materials:
Containerboard/corrugated containers, boxboard/folding cartons, packing paper/paper bags, household paper,
disposable diapers, etc.
- Functional Materials:
Specialty paper, thermal paper, adhesive materials, film, etc.
- Forest Resources and Environment Marketing:Pulp, energy, forest plantation/lumber processing, etc.
- Printing and Communications Media:
Newsprint, printing/publication/communication paper, etc.
- Others:
Real estate, engineering, trading business, logistics, etc.

4 / 10

○Household and Industrial Materials
In the first quarter of FY2020, net sales amounted to ¥152.2 billion (year-on-year decrease of 9.9%), and operating
profit was ¥5.3 billion (year-on-year decrease of 27.7%) mainly due to a decrease in domestic sales of products.
Regarding domestic business, sales volume of containerboard and corrugated containers decreased from theprevious year due to the impact of economic stagnation caused by the spread of COVID-19 (hereinafter referred toas “the COVID-19 impact”), whereas sales to processed food customers performed steadily as a result of a trend ofstaying home in order to prevent the spread of COVID-19.
As for boxboard, domestic sales volume decreased from the previous year due in part to a decrease in demand forsouvenirs and gifts on account of the trend of staying home. Export sales volume decreased from the previous year
due to a decline in demand as a result of implementation of lockdowns in Southeast Asia and Oceania. As forpacking paper, domestic sales volume decreased from the previous year as a demand for paper bags declined due inpart to the trend of staying home, whereas export sales volume remained static from the previous year.
As for disposable diapers for babies, domestic sales volume decreased, but export sales volume increased. As aresult, overall sales volume increased from the previous year, but sales amount decreased due to weakening market
conditions. Sales volume of disposable diapers for adults decreased from the previous year. As for household paper
which comprises tissue paper and toilet rolls, sales volume increased from the previous year, mainly for kitchen
towels, as the use of disposable wipes has diversified due to a greater hygiene awareness accompanying the spreadof COVID-19.
Regarding overseas business, sales volume of containerboard in Southeast Asia, decreased from the previous year
due to the COVID-19 impact. In Oceania, sales volume remained static from the previous year. As for corrugatedcontainer business, in Southeast Asia, sales volume increased from the previous year as new plants started
operation in Vietnam and Cambodia, while sales amount decreased from the previous year due to weakening
market conditions. In Oceania, sales volume remained static from the previous year.
As for disposable diaper business, sales volume increased significantly from the previous year in each of the three
countries where we have business locations, due to sales expansion of disposable diapers for babies "White" andstrong sales on online shopping sites in China, penetration of our own brands in Malaysia, and our continual efforts
for sales expansion in Indonesia.
○Functional Materials
In the first quarter of FY2020, net sales amounted to ¥48.6 billion (year-on-year decrease of 10.1%), and operating
profit was ¥3.3 billion (year-on-year decrease of 3.9%).
Regarding domestic business, sales volume of specialty paper, particularly for industrial materials use, decreased
from the previous year mainly due to the COVID-19 impact despite efforts for developing new products andcultivating new customers. Export sales volume decreased from the previous year due to the slowdown of the global
economy and weakening market conditions, which led to suspension of orders. Sales volume of thermal paper
decreased from the previous year due to the COVID-19 impact.
Regarding overseas business, as for thermal paper, sales volume decreased in South America and Southeast Asia
from the previous year due in part to the COVID-19 impact but increased in Europe from the previous year as aresult of customers' trends to secure inventories. In North America, sales volume decreased from the previous year.
○Forest Resources and Environment Marketing
In the first quarter of FY2020, net sales amounted to ¥58.5 billion (year-on-year decrease of 22.2%), and operating
profit was ¥1.3 billion (year-on-year decrease of 88.4%) mainly due to effects of weakening pulp market.
Regarding domestic business, sales volume of pulp business decreased from the previous year mainly due to adecrease in the export volume of dissolving pulp to China caused by the COVID-19 impact. Sales volume of energy
business increased from the previous year due to the operation commencement of a biomass power generation
facility by MPM Oji Eco-Energy Co., Ltd. in Hachinohe City, Aomori Prefecture last year.
Regarding overseas business, sales volume of pulp business increased from the previous year, but sales amountdecreased mainly due to effects of weakening pulp market. As for lumber business, sales volume decreased from theprevious year due to the suspension of production in April following the lockdown in New Zealand .

5 / 10

○Printing and Communications MediaIn the first quarter of FY2020, net sales amounted to ¥56.2 billion (year-on-year decrease of 21.4%), and operating
loss was ¥1.0 billion (year on-year decrease of ¥1.5 billion) mainly due to a decrease in domestic sales .
Regarding domestic business, sales volume of newsprint decreased from the previous year due to the reduced
circulation and total number of pages caused by the COVID-19 impact.
As for printing paper, sales volume decreased significantly from the previous year due to the COVID-19 impact. In
regard to those for publication use, sales volume decreased mainly due to reduced circulation and total number ofpages of women's magazines, travel magazines, sports magazines, etc., whereas there was an increase in demandfor comic books accompanying the trend of staying home. In regard to those for commercial printing use, sales
volume decreased significantly due to a decrease in demand for catalogs, posters, flyers, etc. as a result of the trendof refraining from attracting customers and holding events.
As for communication paper, sales volume decreased from the previous year due to a decrease in demand in offices
as a result of the spread of working from home.
Regarding overseas businesses, at Jiangsu Oji Paper Co., Ltd., sales volume of printing paper decreased from theprevious year mainly due to a decreasing demand for commercial printing, including advertising, and a decrease indemand for printed materials overseas.

6 / 10Consolidated quarterly balance sheets(Unit : Millions of yen)

FY2019Mar 31,2020
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Securities
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
Land
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
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

7 / 10First Quarter /FY2020Jun 30,2020

73,943
301,682
10,381
98,483
23,467
94,94639,390(1,811)
640,484

99,201
276,901
9,597
91,76627,484
94,771
36,841(1,840)634,724

188,286
297,632
235,700
294,174
1,015,794

187,451
290,751
239,112298,619
1,015,934

4,672
8,388
13,0603,648
8,538
12,186150,831
66,020(910)
215,941
1,244,796
1,885,280

150,898
65,142(917)
215,123
1,243,244
1,877,969

(Unit : Millions of yen)

FY2019Mar 31,2020
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Commercial papers
Current portion of bonds payable
Income taxes payable
Provisions
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Provisions
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

8 / 10First Quarter /FY2020Jun 30,2020

209,669
172,027
14,00020,00022,984
3,627
90,668532,976

197,588
172,375
59,00020,000
4,925
4,041
83,346541,277

80,000295,647
5,096
54,21385,690520,647
1,053,623

80,000295,270
5,390
54,50086,530521,691
1,062,969

103,880
110,750
457,568(13,577)
658,623

103,880
110,750
452,756(13,578)
653,80921,004
(957)
5,813
2,390
5,261
33,512
216
139,305
831,657
1,885,280

24,587
5
5,813(10,426)
4,875
24,855
216
136,119
815,000
1,877,969

Consolidated quarterly statements of income(Unit : Millions of yen)First Quarter /FY2019Apr '19 - Jun '19
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Freight and incidental costs
Employees' salaries
Other
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Insurance claim income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity method
Foreign exchange losses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Insurance claim income
Profit on subsidiary status change from equity method affiliate
to consolidated subsidiary
Other
Total extraordinary income
Extraordinary losses
Loss on disaster
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit (loss) attributable to non-controlling interests
Profit attributable to owners of parent

9 / 10First Quarter /FY2020
Apr '20 - Jun'20

375,510285,751
89,758321,869
251,319
70,55036,04013,15816,411
65,61024,147

31,915
12,92014,72959,565
10,984

585
1,435
39
1,584
3,645

386
1,439
961
948
3,735

1,779
8
229
2,258
4,276
23,516

1,498
1,635
3,364
2,289
8,787
5,933

118
-

1,815
808

15
133

251
2,875

2,191
235
2,427
21,222
5,782
520
6,303
14,9182,915
12,003

1,201
985
2,187
6,621
3,693
1,886
5,580
1,041
(1,105)2,146

Consolidated quarterly statements of comprehensive income(Unit : Millions of yen)First Quarter /FY2019Apr '19 - Jun '19
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted forusing equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

10 / 10First Quarter /FY2020
Apr '20 - Jun'20

14,9181,041(1,660)
(197)
1,383
(339)
(317)

3,344
962
(15,421)
(433)
(557)

(1,132)
13,786(12,107)(11,065)

10,6183,168(6,509)(4,556)