May 12, 2016

Summary of Consolidated Financial Results
for the Fiscal year Ended March 31, 2016 (unaudited)
Company name: Mitsubishi Paper Mills Limited
Stock exchange listing: Tokyo Stock Exchange
Code number: 3864
URL: http://www.mpm.co.jp/
Representative: Kunio Suzuki, 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 Fiscal year Ended March 31, 2016 (April 1, 2015 to March 31,2016)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating income
Ordinary income
owners of parent
Fiscal year ended
Million yen%
Million yen%
Million yen%
Million yen%March 31, 2016
216,340
0.6
3,872
272.8
2,216
2,217
March 31, 2015
214,944
3.6
1,038
119.2
135117.4(4,272)(Note) Comprehensive income: Fiscal year ended March 31, 2016: ¥ (3,310) million [-%]
Fiscal year ended March 31, 2015: ¥ (734) million [-%]
Diluted earnings
Earnings per shareper share
Fiscal year ended
Yen
Yen
March 31, 2016
6.49
March 31, 2015(12.50)(2) Consolidated Financial Condition
Total assets

Net assets

Million yen%

51,49255,09420.4
20.5

As of March 31, 2016
241,155
As of March 31, 2015
253,482(Reference) Equity: As of March 31, 2016: ¥49,241 million
As of March 31, 2015: ¥52,017 million(3) Consolidated Cash Flow
Cash flows fromoperating activities
Million yen
Fiscal year ended
March 31, 2016
12,626
March 31, 2015
3,907

Equity ratio

Million yen

Cash flows frominvesting activities

Cash flows fromfinancing activities

Million yen

Million yen

Cash and cash equivalents
at end of period
Million yen(2,145)(1,168)(5,737)(4,576)

11,3816,505

1

2. Dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Year-end

Amount of
total dividends(Annual)

Yen

Yen

Yen

Yen

Million yen%

Ratio ofdividends tonet assets(Consolidated)
%

-

0.00

-

0.00

----

0.00

-

0.00

----

0.00

-

0.00

Annual dividends

Fiscal year ended
March 31, 2015
Fiscal year ended
March 31, 2016
Fiscal year ending
March 31, 2017
(Forecast)

Dividendpayout(Consolidated)-

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2017 (April 1, 2016 toMarch 31, 2017)(% indicates changes from the previous corresponding period.)
Profitattributable toNet sales
Operating income
Ordinary income
Earnings per shareowners of parent
1st half year
Full year

Million yen%

108,000
220,000

0.9
1.7

Million yen%

Million yen

1,500 152.3
4,500 16.2%

500 309.8
2,500 12.8

Million yen%

Yen

(500)
1,000 (54.9)(1.46)
2.93* 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: Yes
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
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, 2016: 342,584,332 shares
March 31, 2015: 342,584,332 shares2) Total number of treasury shares at the end of the period:
March 31, 2016: 733,884 shares
March 31, 2015: 713,667 shares
3) Average number of shares during the period:
Fiscal year ended March 31, 2016: 341,861,077 sharesFiscal year ended March 31, 2015: 341,885,838 shares* Presentation regarding the implementation status of the quarterly review procedures
These quarterly financial results are outside the scope of quarterly review procedures under the Financial
Instruments and Exchange Act. At the time of disclosure of these quarterly financial results, review proceduresfor the quarterly financial statements have not been completed.

2

* 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.

3

Consolidated Financial Statements(1) Consolidated Balance Sheets(Million yen)
As of March 31, 2015
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Deferred tax assets
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Machinery, 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

4

As of March 31, 2016

6,505
47,04530,901
8,155
10,481
892
5,385
(149)
109,217

11,381
48,33827,458
7,646
10,399
945
3,925
(188)
109,907

29,83560,072
22,950
1,713
516
1,567
116,656

28,35055,571
22,518
1,428
535
1,471
109,875

284
284

225
225

21,468
772
2,638
247
3,224(1,027)
27,324
144,265
253,482

18,55482
8198
2,642(338)21,147
131,248
241,155

(Million yen)
As of March 31, 2015
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term loans payable
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
Reserve for loss on dissolution of employee's fundNet 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

5

As of March 31, 2016

24,01577,086
394
7,270
356
6,683
115,807

23,245
81,176
363
7,081
345
6,465
118,677

67,234
1,617
2,069
34
115
9,682
880
945
82,580198,388

57,443
1,240
1,213
48
121
9,165
884
866
70,985
189,663

32,756
7,523
5,147
(143)
45,28432,756
7,456
7,447
(145)
47,514

4,663
1,815
254
6,733
3,076
55,094
253,482

3,014
1,577
(2,864)
1,727
2,250
51,492
241,155

(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
Non-operating income
Interest income
Dividend income
Royalty income
Insurance income
Amortization of negative goodwill
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on disposal of non-current assets
Gain on sales of investment securities
Reversal of allowance for doubtful accounts for
subsidiaries and affiliates
Compensation income
Subsidy income
Other
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Special retirement expenses
Business restructuring cost
Impairment loss
Other
Total extraordinary losses
Income (loss) before income taxes and non-controllinginterests
Income taxes
Profit (loss)
Profit (loss) attributable to non-controlling interests
Profit (loss) attributable to owners of parent

6

Fiscal year ended
March 31, 2015
214,944
184,907
30,03628,997
1,038

Fiscal year ended
March 31, 2016
216,340
184,758
31,582
27,709
3,872

92
577
180
164
30
508
538
2,093

47
425
188
365
－－
320
1,347

2,519
－
476
2,996
135

2,320
242441
3,004
2,216

10
784

1,459
38－

277

405
576
1,282－
－
67
1,843

329
163
1,665
386
119
2,664

441
302
227
1850
1,040

(1,246)

3,018

3,024(4,271)
1(4,272)995
2,023(193)2,217Consolidated Statements of Comprehensive Income(Million yen)

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

7

Fiscal year ended
March 31, 2015
(4,271)

Fiscal year ended
March 31, 2016
2,023

2,217
151
1,013

(1,918)(438)(2,979)

154

3

3,536
(734)

(5,333)(3,310)(995)(2,946)

260

(364)

(3) Consolidated Statements of Cash Flow
(Million yen)

Fiscal year ended
March 31, 2015
Cash flows from operating activities
Income (loss) before income taxesand non-controllinginterests
Depreciation
Impairment loss
Increase (decrease) in net defined benefit liability
Decrease (increase) in net defined benefit asset
Increase (decrease) in provision for directors' retirement
benefits
Interest and dividend income
Interest expense
Loss (gain) on sales of short-term and long-term
investment securities
Loss (gain) on disposal of non-current assets
Business restructuring cost
Decrease (increase) in notes and accounts receivable trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable trade
Other, net
Subtotal
Payments for business restructuring cost
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 andintangible assets
Proceeds from sales of property, plant and equipment
and intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Purchase of shares of subsidiaries and associates
Proceeds from sales of shares of subsidiaries andassociates
Payments of loans receivableCollection of loans receivable
Other, netNet cash provided by (used in) investing activities

8

Fiscal year ended
March 31, 2016

(1,246)

3,018

10,955386
289(272)

10,662
18
291
(669)

3

14(670)2,519(473)
2,320

(830)

(38)

319
1,665

(1,017)227(5,165)(1,530)

2,638

3,210

(1,567)

(384)

(547)
8,476
(2,159)670(2,557)
(522)
3,907

(117)
15,532(227)
470(2,387)(761)
12,626(4,735)(4,196)

140

1,682

(29)
2,936
－

(28)
40(4)

20

4(9)
354
153
(1,168)(2)
325
34(2,145)

Fiscal year ended
March 31, 2015
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Repayments of lease obligations
Purchase of treasury shares
Proceeds from sales of treasury shares
Dividends paid to non-controlling interests
Payments from changes in ownership interests insubsidiaries that do not result in change in scope ofconsolidation
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
Increase in cash and cash equivalents from newly
consolidated subsidiaries
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

9

Fiscal year ended
March 31, 2016

2,910
14,000(21,074)
(379)
(2)
0
(30)

(2,343)
18,175(20,653)(383)(1)－(240)－(290)(4,576)(5,737)

(40)

(109)

(1,877)

4,633

－242

8,382
6,505

6,505
11,381