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.
November 13, 2023
To whom it may concern,
Company name: Mitsubishi Paper Mills Limited
Representative:

Ryuichi Kisaka, President and CEO(Code No.3864, TSE Prime）

Contact:

Hiroyuki Ino,
General Manager, Accounting Department(TEL．+81-3-5600-1488)

Notice of Differences between Financial Forecasts for the First Six Months of Fiscal Year Ending March 31, 2024
and Actual Results and Revisions to Full-Year Financial Forecasts
Mitsubishi Paper Mills Limited (the “Company”) hereby announces differences between consolidated financial
forecasts for the first six months of the fiscal year ending March 31, 2024, announced on May 11, 2023, and theactual results announced today, as described below. The Company also announces revisions to full-year
consolidated results forecasts for the fiscal year ending March 31, 2024, as described below.
Details:
1. Differences between consolidated financial forecasts for the first six months of the fiscal year ending March 31,2024 and actual results
Operating profit

Ordinary profit

Profitattributable toowners of parent

Million yen

Million yen

Million yen

Million yen

Yen

Previously announced
forecast (A)110,000

1,000

1,000

00.00

Actual results (B)96,703

1,995

3,526

1,638

37.45

Difference (B-A)(13,297)+995+2,526+1,638

Difference (%)(12.1)+99.5+252.6‒

100,364(435)

1,504(288)

Net sales(For reference) Results
for the first six monthsof FY Mar. 31, 2023

Earnings pershare(6.51)

2. Revisions to full-year consolidated results forecasts for the fiscal year ending March 31, 2024
Operating profit

Ordinary profit

Profitattributable toowners of parent

Million yen

Million yen

Million yen

Million yen

Yen

Previously announced
forecast (A)220,000

6,000

6,500

4,000

91.44

Revised forecast (B)200,000

6,000

7,500

4,000

91.44

Difference (B-A)(20,000)‒+1,000

‒

(9.1)

‒

+15.4

‒

209,542968

3,089(571)

Net sales

Difference (%)(Reference) Results for
FY Mar. 31, 2023

Earnings pershare(12.97)

3. Reasons for differences between financial forecasts and actual results and revisions to financial forecasts(1) Reason for differences between financial forecasts for the first six months of the fiscal year ending March 31,
2024 and actual results
Net sales were below the forecast, due to a decrease in sales volume caused by a decline in demand for printing
and communication paper in and outside Japan and adjustment in inventory.
Operating profit exceeded the forecast, mainly attributable to effects of cost reduction and lower-than expected
prices of raw materials and fuels, despite a decline in sales volume.
Ordinary profit exceeded the forecast, mainly owing to gains from the revaluation of foreign currencydenominated assets and liabilities on the back of a weak yen, in addition to the increase in operating profit.
Profit attributable to owners of parent exceeded the forecast, mainly attributable to increases in operating
profit and ordinary profit.
(2) Reason for revisions to financial forecasts for the fiscal year ending March 31, 2024
Net sales and ordinary profit have been revised, taking into the actual results of the first six months underreview and future trends. Although we have to expect a negative effect of the restoration expenses after theincident related to a boiler, which was announced on August 30, 2023, are currently being carefully examined
and are yet to be confirmed. there has been no revision to the initial projection for profit attributable to ownersof parent, because of a positive effect of the higher-than expected ordinary profit.
(Note) Because the forecasts above are prepared based on information available as of the date of thisannouncement, actual results may differ from the forecasts due to various factors in the future.