May 13,2021

Summary of Consolidated Financial Results
for the Fiscal year Ended March 31, 2021 (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, Executive Officer 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 Fiscal year Ended March 31, 2021
(April 1, 2020 to March 31, 2021)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating income
Ordinary income
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%
Fiscal year ended
March 31, 2021
162,325 (16.6)(1,770)(636)(2,532)
March 31, 2020
194,575 (4.6)
1,976
2,696801 128.3(Note) Comprehensive income:Fiscal year ended March 31, 2021:¥2,594 million [-%]
Fiscal year ended March 31, 2020:¥(4,510) million [-%]
Diluted earnings
per share

Earnings per share

Fiscal year ended
March 31, 2021
March 31, 2020

YenYen(56.72)
17.96-(2) Consolidated Financial Condition
Total assets

Net assets

Million yen

As of March 31, 2021
As of March 31, 2020
(Reference) Equity:
As of March 31, 2021:
As of March 31, 2020:(3) Consolidated Cash Flow
Cash flows fromoperating activities
Fiscal year ended
Million yen
March 31, 2021
13,014
March 31, 2020
9,976

Equity ratio

Million yen%

209,438
62,902
212,21760,527¥62,898 million¥60,525 million

30.0
28.5

Cash flows frominvesting activities
Million yen(2,098)(6,571)

Cash flows fromfinancing activities
Million yen(4,512)(5,655)

Cash and cash
equivalents
Million yen
15,7019,260

2. Dividends
Annual dividends

Amount ofDividend
1st2nd3rd
total dividends
payoutYear-endquarter-end quarter-end quarter-end(Annual)(Consolidated)
Fiscal year ended
March 31, 2020
Fiscal year ended
March 31, 2021
Fiscal year ending
March 31, 2022
(Forecast)

Ratio ofdividends tonet assets(Consolidated)

Yen

YenYenYenMillion yen%%-0.00

-5.00

223

27.8

0.4-

0.00-0.00----

0.00

-

5.00

18.9

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2022
(April 1, 2021 to March 31, 2022)(% indicates changes from the previous corresponding period.)
Net sales

Operating income

Million yen

Full year

175,000%

7.8

Million yen

3,000Profit attributable toowners of parent

Ordinary income%-Million yen

4,000%

Million yen

-

2,500

Earnings
per share%

-Yen

55.98

* 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:
None2) Changes in accounting policies other than 1) above:None3) 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):
March 31, 2021:
44,741,433 shares
March 31, 2020:
44,741,433 shares2) Total number of treasury shares at the end of the period:
March 31, 2021:
83,756 shares
March 31, 2020:
82,401 shares
3) Average number of shares during the period:
Fiscal year ended March 31, 2021:
Fiscal year ended March 31, 2020:

44,658,368 shares
44,660,027 shares* This quarterly financial results report is exempt from quarterly review by Certified Public Accountants or anAudit 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, 2020

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, netMachinery, equipment and vehicles, netLand
Leased assets, net
Construction in progress
Other, net
Total property, plant and equipment
Intangible assets
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Net defined benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

3

As of March 31, 2021

9,260
31,35830,138
7,066
11,2783,629(157)
92,576

15,701
28,79723,433
6,758
10,2304,123(430)88,61424,45943,816
21,898
1,568
467
1,498
93,70822,814
41,137
21,619
1,411
465
1,485
88,934

409
409

1,590
1,590

15,763
2,115
962
4,318
2,437
(74)
25,523
119,641
212,217

20,231
1,665
4,687
2,548
1,240
(74)
30,298120,823
209,438(Million yen)
As of March 31, 2020

Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations
Short-term loans payable
Commercial paper
Lease obligations
Accrued expenses
Income taxes payable
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Lease obligations
Deferred tax liabilities
Provision for directors' retirement benefits
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 March 31, 2021

22,082
3,934
64,267
4,000
334
6,509
431
3,960
105,519

18,5773,137
59,150
7,000
360
6,129
361
5,825
100,542

33,495
901
119
50
9,423
883
1,293
46,169151,689

31,772
794
469
54
9,664
884
2,352
45,993
146,535

36,561
8,555
13,719(152)
58,68436,561
8,555
10,967(152)
55,9321,206
1,095(461)
1,840
260,527212,217

3,942
910
2,112
6,965
4
62,902
209,438(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(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
Loss for ship lease
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
Insurance income
Subsidy income
Other
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Impairment loss
Provision of allowance for doubtful accounts for
subsidiaries and associates
Loss on valuation of shares of subsidiaries and associates
Loss on tax purpose reduction entry of non-current assets
Loss on disaster
Other
Total extraordinary losses
Profit (loss) before income taxes
Income taxes
Profit (loss)Profit (loss) attributable to non-controlling interests
Profit (loss) attributable to owners of parent

5

Fiscal year ended
March 31,2020
194,575
164,492
30,082
28,105
1,976

Fiscal year ended
March 31,2021
162,325
139,740
22,58424,355(1,770)

55
486

36
505

1,196

1,196

−
566
2,305

263
489
2,492

991
−
167
426
1,585
2,696

773
259
−
365
1,359
(636)

14
123
220
1,740
59
2,158

15
567
140
−
0723

629
1,159

489
987

−

285

−
1,740
168
155
3,854
1,000
256
743
(58)
801

222
−
−
79
2,065
(1,977)554(2,532)
0(2,532)

Consolidated Statements of Comprehensive Income(Million yen)
Fiscal year ended
March 31,2020

Profit (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

6

Fiscal year ended
March 31,2021
743(2,532)(2,428)(121)(2,692)

2,739
(146)
2,574

(11)

(40)

(5,254)(4,510)

5,126
2,594

(4,467)

2,592

(42)

1

(3) Consolidated Statements of Cash Flow
(Million yen)
Fiscal year ended
March 31,2020

Cash flows from operating activities
Profit (loss) before income taxes
Depreciation
Loss on disaster
Impairment loss
Decrease (increase) in net defined benefit asset
Increase (decrease) in net defined benefit liability
Increase (decrease) in provision for directors' retirement
benefits
Interest and dividend income
Share of loss (profit) of entities accounted for using equity
methodInterest expense
Loss (gain) on sales of short-term and long-term investment
securities
Loss (gain) on disposal of non-current assets
Loss on tax purpose reduction entry of non-current assets
Subsidy income
Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade
Other, net
Subtotal
Subsidies received
Payments for loss on disaster
Interest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment and intangible
assetsProceeds from sales of property, plant and equipment andintangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Payments of loans receivableCollection of loans receivable
Other, net
Net cash provided by (used in) investing activities

7

Fiscal year ended
March 31,2021
1,000
9,824
168
1,159
1,210
340

(1,977)9,031−987(625)
519

(10)

3(542)(542)(1,196)(1,196)

991

733

(123)

(551)

615
1,740
(1,740)6,229(4,273)(4,537)(1,018)
9,837
885
(213)
552
(998)
(87)
9,976

473
−−
2,470
8,175
(4,193)323
13,631
300
(8)
771
(742)
(937)
13,014(7,243)(3,931)

139

164

(33)
416
(450)
822
(222)
(6,571)

(19)
897
(0)
450
339
(2,098)(Million yen)
Fiscal year ended
March 31,2020

Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Net increase (decrease) in commercial paper
Proceeds from long-term loans payable
Repayments of long-term loans payable
Repayments of lease obligations
Dividends paid
Purchase of treasury shares
Proceeds from sales of treasury shares
Dividends paid to non-controlling interests
Payments from changes in ownership interests in subsidiaries
that do not result in change in scope of consolidation
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

8

Fiscal year ended
March 31,2021(52)(3,000)16,000(16,075)
(570)
(223)
(0)
0
(58)

(3,853)3,000
12,580(15,663)
(350)
(223)
(0)
−
(0)

(1,673)−(5,655)(106)(2,356)
11,617
9,260(4,512)
37
6,440
9,260
15,701