Consolidated Financial Statements for the Fiscal Year Ended March 31, 2006
Mitsubishi Gas Chemical Co., Inc.
Head office location:
Tokyo
Representative: Hideki Odaka, President
Contact:
Yasuhiro Sato, General Manager
Corporate Communications Division(03)-3283-5041

May 15, 2006
Tokyo, Osaka, Nagoya
4182
http://www.mgc.co.jp/
May 15, 2006
Not applied

Stock exchange listings:
Code number:
URL:
Board of Directors meeting:
American Accounting Standard:

1. Results for Fiscal 2005 (April 1, 2005 to March 31, 2006)(1)

Sales and Income
Net sales(¥ million)
439,829
388,589

Ended Mar. 2006
Ended Mar. 2005Net income(¥ million)

Note: All amounts are rounded down to the nearest million yen.
Operating income
Year-on-year
Ordinary income
Year-on-year(¥ million)change (%)(¥ million)change (%)
38,97026.2
50,41033.6
30,868106.7
37,726
99.8

Year-on-yearchange (%)
13.2
14.1
Year-on-yearchange (%)

Ended Mar. 2006
32,94441.1
Ended Mar. 2005
23,348119.8
Notes:
1. Equity method investment profit or loss:
2. Average number of shares outstanding:Earnings per
share (¥)
70.98
50.41

Dilutedearnings per
share (¥)
-Return onequity (%)
14.5
12.2

Ordinary
income on total
assets (%)
9.5
7.8

Ordinary
income to netsales (%)
11.5
9.7

Year ended March 2006: ¥15,122 million
Year ended March 2005: ¥11,834 million
Year ended March 2006 462,355,096 sharesYear ended March 2005: 462,495,163 shares

3. Changes in accounting methods:
Yes
4. Year-on-year changes for net sales, operating income, ordinary income, and net income are based on the previous fiscal year.

(2)

Financial Position

Total assets
Shareholders’ equity
Shareholders’ equity ratio
Shareholders’ equity per(%)
share (¥)(¥ million)(¥ million)
Ended Mar. 2006
564,483
251,20244.5
543.12Ended Mar. 2005
494,577
203,306
41.1
439.60Notes: Number of shares outstanding at end of period:
Year ended March 2006:
462,291,001 sharesYear ended March 2005:
462,403,064 shares(3)

Cash Flow

Ended Mar. 2006
Ended Mar. 2005

(4)

Net cash provided byoperating activities(¥ million)
36,055
29,119Net cash used in investing
activities(¥ million)(15,195)(15,629)

Net cash used in financing
activities(¥ million)(9,924)(16,536)

Scope of Consolidation and Equity Method Application
Number of consolidated subsidiaries:
Number of unconsolidated subsidiaries accounted for by the equity method:
Number of affiliated companies accounted for by the equity method:(5)

Cash and cash equivalents at
end of period(¥ million)
40,59028,69630
11

Changes in Scope of Consolidation and Equity Method Application
Consolidation
Equity method

(New)
(New)

2-

(Eliminated)(Eliminated)-

2. Projected Results for Fiscal 2006 (April 1, 2006 to March 31, 2007)
Net sales(¥ million)
220,000
449,000

Ordinary income(¥ million)23,500
50,000Net income(¥ million)
17,00033,000Interim period
Fiscal 2006
Reference:
1. Estimated earnings per share for fiscal 2006: ¥71.38
2. Operating income for interim period: ¥16,500 million
Operating income for fiscal 2006: ¥39,000 million* The projected results are estimated by the company based on information currently available and, therefore, may be different from theactual results.

Non-consolidated Financial Statements for the Fiscal Year Ended March 31, 2006
Mitsubishi Gas Chemical Co., Inc.
Head office location:
Tokyo
Representative: Hideki Odaka, President
Contact:
Yasuhiro Sato, General Manager
Corporate Communications Division(03)-3283-5041

May 15, 2006
Tokyo, Osaka, Nagoya4182
http://www.mgc.co.jp/
May 15, 2006
June 29, 2006
Yes
Yes (1,000 stocks)

Stock exchange listings:
Code number:
URL:
Board of Directors meeting:General Meeting of Shareholders:Interim dividend system:
Unit stock system:

1. Results for Fiscal 2005 (April 1, 2005 to March 31, 2006)(1)

Sales and Income

Ended Mar. 2006
Ended Mar. 2005

Net sales(¥ million)
326,523
281,679
Net income(¥ million)

Note: All amounts are rounded down to the nearest million yen.
Operating income
Year-on-year
Ordinary income
Year-on-year(¥ million)change (%)(¥ million)change (%)
22,212
20.8
25,77728.1
18,393231.3
20,125
236.9

Year-on-yearchange (%)
15.9
17.1
Year-on-yearchange (%)

Earnings per
share (¥)

Return on
equity (%)

Dilutedearnings per
share (¥)-

Ordinary
income on total
assets (%)
7.3
6.2

Ordinary
income to net
sales (%)
7.9
7.1

Ended Mar. 2006
14,738
41.1
31.66
9.7
Ended Mar. 2005
10,448
283.7
22.59
7.7
Notes:
1. Average number of shares outstanding: Year ended March 2006: 462,355,096 sharesYear ended March 2005: 462,495,163 shares
3. Changes in accounting methods:
Yes
4. Year-on-year changes for net sales, operating income, ordinary income, and net income are based on the previous fiscal year.

(2)

Dividends
Annual cash dividends per share (¥)

Ended Mar. 2006
Ended Mar. 2005

(3)

10.00
6.00

Interim4.00
2.50

Year-end
6.00
3.50

Total annual cash
dividends (¥ million)

Payout ratio (%)

Dividends on equity (%)

4,623
2,774

31.6
26.6

2.8
2.0

Financial Position
Total assets(¥ million)
379,102
330,197Shareholders’ equity(¥ million)
165,082
140,006

Shareholders’ equity ratio
(%)
43.5
42.4

Ended Mar. 2006
Ended Mar. 2005
Notes:
1. Number of shares outstanding at end of period: Year ended March 2006: 462,291,001 sharesYear ended March 2005: 462,403,064 shares
2. Number of own shares at end of period:
Year ended March 2006: 21,187,397 sharesYear ended March 2005: 21,075,334 shares

Shareholders’ equity pershare (¥)
357.10302.78

2. Projected Results for Fiscal 2006 (April 1, 2006 to March 31, 2007)
Net sales(¥ million)
160,000
326,000Ordinary income(¥ million)
13,00030,000Net income(¥ million)
9,600
20,000

Annual cash dividends per share (¥)
InterimYear-end
5.00
5.00
10.00

Interim period
Fiscal 2006
Reference:
1. Estimated earnings per share for fiscal 2006: ¥43.26
2. Operating income for interim period: ¥9,100 million
Operating income for fiscal 2006:¥22,000 million* The projected results are estimated by the company based on information currently available and, therefore, may be different from theactual results.