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 4, 2021

Summary of Consolidated Financial Results for the Nine Months Ended
December 31, 2020 (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:
Nobuki Nishikawa, General Manager, CSR & IR DivisionTEL:+81-3-3283-5041
Scheduled date to file quarterly securities report:
February 10, 2021
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, 2020 (from April 1, 2020
to December 31, 2020)(1) Summary of consolidated income statement (cumulative) (Percentages indicate year-on-year changes.)
Net sales
Nine months ended
December 31, 2020
December 31, 2019

Millions of yen% Millions of yen

428,181463,971

Note: Comprehensive income

(7.7)
(7.1)

% Millions of yen

29,33526,409Profit attributable toowners of parent

Ordinary profit

11.1(31.2)

33,311
22,584% Millions of yen

47.5(64.0)

Nine months ended December 31, 2020 ¥31,857 million
Nine months ended December 31, 2019 ¥17,223 million

Basic earnings per
share
Nine months ended
December 31, 2020
December 31, 2019

Operating profit[85.0%][(65.0)%]

Diluted earnings
per shareYen

125.16
69.93

Yen

–
–

(2) Consolidated financial position
Total assets
As ofDecember 31, 2020
March 31, 2020
Reference:

Net assets

Equity ratio

Millions of yen

Millions of yen%

814,657
771,733

560,165
548,14161.9
63.8

EquityDecember 31, 2020
March 31, 2020

¥504,456 million¥492,521 million-1-

26,033
14,778%76.2(70.5)

2. Dividends
Annual dividend
First quarter-end

Second quarterend

Yen

Yen

Third quarterend

Fiscal year-end

Yen

Fiscal year ended
March 31, 2020

–

35.00

–

Fiscal year ending
March 31, 2021

–

35.00

–

Fiscal year ending
March 31, 2021 (Forecast)(Note) Revisions to the forecast most recently announced: None

Total

Yen

Yen

35.00

70.00

35.00

70.00

3. Consolidated business forecasts for the fiscal year ending March 31, 2021 (from April 1, 2020 toMarch 31, 2021)
Net sales

Fiscal year ending
March 31, 2021

(Percentages indicate year-on-year changes.)
Basic
Profit attributable toOrdinary profit
earnings perowners of parent
share

Operating profit

Millions ofyen%

590,000(3.8)

Millions ofyen

36,000%5.1(Note) Revisions to the forecast most recently announced: Yes-2-

Millions ofyen

40,000%28.5

Millions ofyen

30,000

%

Yen

41.8

144.23

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in thechange in scope of consolidation): Yes
Excluded: 2 companies (Company names: MGC MONTNEY HOLDINGS LTD., Tokyo Shokai, Ltd.)(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:None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(4) Number of shares outstanding (common stock)(i) Number of shares outstanding at term end (including treasury stock)
As of December 31, 2020

225,739,199

As of March 31, 2020

225,739,199(ii) Number of shares of treasury stock at term-end
As of December 31, 2020

17,725,409

As of March 31, 2020

17,758,765(iii) Average number of shares (cumulative from the beginning of the fiscal year)
Nine months ended December 31, 2020

208,001,258

Nine months ended December 31, 2019

211,335,469* 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)
FY2019Full Year
ResultFY 2020
Full Year
Forecast(35.7)

613.3

590.0

229.4

(47.4)

363.8

314.3

192.2

194.9

2.7

255.9

269.3

(5.0)

3.8

8.8

(6.4)

6.3

26.4

29.3

2.9

34.2

36.0

Basic Chemicals

11.1

6.3

(4.7)

11.2

6.1

Specialty Chemicals

17.1

24.5

7.3

25.5

32.2

Other and Adjustment

(1.9)

(1.5)

0.3

(2.5)

(2.4)

Non-operating profit

(3.8)

3.9

7.8

(3.1)

4.0

Ordinary profit

FY20191-3Q

FY2020
1-3Q

463.9

428.1

Basic Chemicals

276.8

Specialty Chemicals
Other and Adjustment

Net sales

Operating profit

Change

22.5

33.3

10.7

31.1

40.0

Basic Chemicals

4.0

8.2

4.2

4.7

8.6

Specialty Chemicals

19.3

25.7

6.3

28.1

33.1

Other and Adjustment

(0.8)

(0.7)

0.0

(1.8)

(1.7)

Extoraordinary income and loss, net

2.5

1.2

(1.2)

3.2

(2.0)

Income before income taxes, etc.

25.1

34.5

9.4

34.3

38.0

Profit attributable to owners of parent

14.7

26.0

11.2

21.1

30.0

FY20191-3Q

FY2020
1-3Q

ChangeFY2019Full Year
ResultFY 2020
Full Year
Forecast

463.9

428.1

(35.7)

613.3

590.0

Natural Gas Chemicals

126.7

106.3

(20.3)

163.7

151.2

Aromatic Chemicals

153.9

127.1

(26.7)

201.1

167.5

Specialty Chemicals
Information andAdvanced Materials
Other and Adjustment

152.5

149.9

(2.5)

202.0

206.2

40.8

46.9

6.0

54.8

65.0

䛆reference䛇*Net sales(10.1)

(2.3)

7.8

(8.4)

(0.1)

26.4

29.3

2.9

34.2

36.0

Natural Gas Chemicals

(0.0)

(2.6)

(2.6)

0.1

(2.8)

Aromatic Chemicals

11.2

9.0

(2.2)

11.1

9.0

Specialty Chemicals
Information andAdvanced Materials
Other and Adjustment

13.1

16.3

3.1

19.9

20.8

3.9

8.1

4.1

5.6

11.3

(1.9)

(1.5)

0.4

(2.5)

(2.4)

Non-operating profit

(3.8)

3.9

7.8

(3.1)

4.0

Ordinary profit

22.5

33.3

10.7

31.1

40.0

Natural Gas Chemicals

(6.5)

(0.4)

6.1

(5.7)

0.2

Aromatic Chemicals

10.6

8.7

(1.8)

10.4

8.3

Specialty Chemicals
Information andAdvanced Materials
Other and Adjustment

15.0

17.3

2.2

22.3

21.5

4.2

8.3

4.1

5.8

11.5

(0.8)

(0.7)

0.0

(1.8)

(1.7)

Operating profit*The figures for FY2020 are reference figures that have been simply rearranged for comparison
䚷with the new segment.

㻤Other Information 1
Investments(Billions of yen)

Full year

35.0

30.9

39.2

FY2020
Forecast
42.3
45.0

1-3Q

24.1

23.2

28.7

32.1

26.7

Depreciation &amortization(Billions of yen)

Full year

25.6

27.0

27.4

29.5

31.0

1-3Q

18.8

20.0

20.3

21.9

22.6

R&D expenditures(Billions of yen)

Full year

19.2

18.9

18.6

19.6

20.5

1-3Q

14.2

14.2

13.8

14.0

14.9

Year-end

Number of Staff

FY2016FY2017FY2018FY2019

8,034

8,009

8,276

8,954

9,252

ROA (Ordinary income)

8.4%

10.6%

8.7%

3.9%

5.0%

ROE (Net income)

12.0%

13.6%

11.3%

4.3%

6.0%

Other Information 2
FY2016
Result

FY2017
Result

FY2019Result

FY2018ResultFirst half Second half First half Second half First half Second half

1-3Q

FY2020ResultForecast
4Q

1-3Q

4Q

Exchange Rate
(JPY/USD, Average)

105

112

111

111

110

112

109

109

106

105

Exchange Rate
(JPY/EUR, Average)

118

119

126

133

130

127

121

120

122

125

crude oil (Dubai)(USD/BBL)

43

51

50

62

73

65

64

51

40

50

Methanol(USD/MT, Asian
average spot price)

230

327

296

381

408

335

265

249

222

330

Mixed Xylene(USD/MT)

660

680

650

725

845

730

700

590

430

500

Bisphenol A(USD/MT)*

1,000
㹼1,2001,000
㹼1,4001,100
㹼1,3001,200
㹼1,7001,600
㹼1,9001,200
㹼1,8001,000
㹼1,5001,000
㹼1,400900
㹼2,4001,500
㹼2,400Polycarbonate(USD/MT)*

2,200
㹼2,5002,400
㹼2,8002,500
㹼2,9002,900
㹼3,9002,700
㹼3,8002,100
㹼2,8001,800
㹼2,3001,600
㹼1,9001,500
㹼3,2002,200
㹼3,000*Describe the minimum and maximum values during the period㻥Qualitative Information
Consolidated Business Results for This Period
Overview of Results          (Billions of yen)

Apr.1-Dec.31,

Apr.1-Dec.31,

2019

2020

Net sales

463.9

428.1

(35.7)

Operating income

26.4

29.3

2.9

Ordinary income

22.5

33.3

10.7

Net income attributable to owners of the parent

14.7

26.0

11.2

ChangeDuring the first nine months of the fiscal year ending March 2021 (April 1 – December 31, 2020), the world
economy remained harsh due to the global fallout from the novel coronavirus pandemic. Meanwhile, the Japanese
economy saw signs of recovery in such aspects as production and exports, but the outlook for the future continues
to be unclear due to major resurgences of the virus that emerged in winter.
Against this backdrop, the MGC Group nevertheless saw consistently strong demand for its semiconductor-related
products and optical polymers. On the other hand, demand for such offerings as automotive-related products fell in
the first half due to the novel coronavirus pandemic, while, at the same time, market prices remained sluggish forgeneral-purpose products. However, the third quarter brought overall recovery in demand, along with upturns inmethanol and polycarbonate market prices.
As a result, the MGC Group’s net sales decreased year on year due primarily to a drop in the sales volume ofgeneral-purpose aromatic chemicals, foamed plastics and engineering plastics, in addition to the lower market
prices of general-purpose products.
However, group operating income rose year on year, despite increases in repair and other fixed costs, thanks
primarily to growth in the sales volume of semiconductor-related products and optical polymers, lower raw material
and fuel prices, and a decrease in selling, general and administrative expenses.
Ordinary income increased due to the higher operating income as well as improvement in equity in earnings ofaffiliates related to overseas methanol producing companies that reflected the absence of one-off costs (¥7.8 billion)
recorded in the same period of the previous fiscal year in connection with a joint venture in Saudi Arabia.
Net income attributable to owners of the parent grew significantly due mainly to the increase in ordinary income
and a decrease in tax-related expenses.
Operating results by segment are as described below.
In addition, the MGC Group revised the definition of its reportable segments in the first quarter of the fiscal year
ending March 31, 2021. 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.

10

Results by Business Segment
Basic Chemicals(Billions of yen)

Apr.1-Dec.31,

Apr.1-Dec.31,

2019

2020

Sales

271.7

223.8

(47.8)

Operating income

11.1

6.3

(4.7)

Ordinary income

4.0

8.2

4.2

ChangeThe methanol business saw a decline in net sales due to a decrease in market prices compared with the same
period of the previous fiscal year. However, the third-quarter upturn in methanol market prices caused earnings
from this business to improve.
Methanol and ammonia-based chemicals posted a decrease in earnings compared with the same period of theprevious fiscal year due mainly to a decline in market prices of MMA-based products and an increase in repair
costs.
Specialty aromatic chemical products posted a decrease in earnings compared with the same period of theprevious fiscal year, due to lower first-half demand for meta-xylenediamine for housing-related and otherapplications, despite solid sales of aromatic aldehydes.
General-purpose aromatic chemical products suffered decreases in net sales and earnings compared with the same
period of the previous fiscal year. This was, despite lower raw material and fuel prices, mainly attributable tosluggish sales volumes of purified isophthalic acid and meta-xylene, as well as lower sales prices of these offerings.
Foamed plastics posted a slight decrease in earnings compared with the same period of the previous fiscal year.
This was mainly attributable to significantly lower first-half demand in the automotive industry, despite theindustry’s third-quarter recovery in sales and growing product demand associated with food packaging and civilengineering..

11

Specialty Chemicals(Billions of yen)     

Apr.1-Dec.31,

Apr.1-Dec.31,

2019

2020

Sales

191.6

194.6

2.9

Operating income

17.1

24.5

7.3

Ordinary income

19.3

25.7

6.3

ChangeInorganic chemicals posted an increase in earnings compared with the same period of the previous fiscal year
thanks primarily to growth in the sales volume of chemicals for use in semiconductor manufacturing.
Earnings from engineering plastics edged down from the same period of the previous fiscal year. This came,despite substantial recovery in demand for polycarbonates and polyacetal for automotive and other applications in
the third quarter, due to lower first-half demand in the automotive field and other negative factors.
Optical materials posted increases in net sales and earnings due to the growing use of multiple camera lenses insmartphones and growth in optical polymer sales volume thanks to measures executed in October 2019 to enhance
production capacity.
Electronic materials saw increases in net sales and earnings. This was mainly attributable to growing demand for
products used in data centers and other ICT-related fields as well as the higher sales volume of BT materials forsemiconductor packaging, the core product category for electronic materials, reflecting the introduction of a new
product for use in antenna-in-package substrates to be installed in 5G-compatible smartphones.
Oxygen absorbers such as AGELESSTM posted an increase in earnings compared with the same period of theprevious fiscal year, despite a decline in demand for offerings used in souvenirs and other tourism-related products,
thanks mainly to a solid volume of exports.
(End)12