May 13, 2021

Summary of Consolidated Financial and Business Results
for the Year Ended March 2021 （Japanese GAAP )Company Name:
URL:
Representative:
Contact:
Telephone:
General meeting of stockholders to be held:
Statutory annual report to be presented:

Oji Holdings Corporation (Code No. 3861 Tokyo Stock Exchange)
https://www.ojiholdings.co.jp/
Masatoshi Kaku, President & Chief Executive Officer
Hiroyuki Isono, Director of the Board, Senior Executive Officer
03-3563-1111+81-3-3563-1111(overseas)
June 29, 2021
Start of dividend payout:
June 7, 2021
June 29, 2021
(All yen figures are rounded down to the nearest one million yen)

1. Results for the Year Ended March 31, 2021 (April 1, 2020 - March 31, 2021)(Unaudited)(1) Consolidated Business Results(Figures shown in percentage are ratios compared to the same period of the previous year)

Net sales

Operating income

Millions of yen% Millions of yen

1,358,985(9.9)

FY20191,507,607(2.8)

Note: Comprehensive income

FY2020

FY2020(20.1)

106,125(3.7)

72,179 million yen

Diluted profit per
share

Profit per share% Millions of yen

84,793

Profit attributable toowners of parent

Ordinary income% Millions of yen

83,061(18.0)

101,289(14.4)FY2019%49,635(14.7)

58,181

11.9

33,351 million yen

Ratio of profit to
Ratio of ordinary
shareholders' equity income to total assets

Ratio of operating
income to net sales

Yen

Yen

%

%

%

FY2020

50.13

50.09

6.9

4.3

6.2

FY2019

58.78

58.74

Note: Equity in earning of affiliates

8.5

FY20205.3

142 million yen

7.0

FY20192,889 million yen(2) Consolidated Financial Condition
Total assets

Net assets

Shareholders'equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

FY20201,981,438

865,60637.9

758.28FY20191,885,280

831,657

36.7

Note: Shareholders' equity

FY2020750,981 million yen

699.12FY2019692,135 million yen(3) Consolidated Cash Flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents

Millions of yen

Millions of yen

Millions of yen

Millions of yen

FY2020127,107(91,559)

19,932

135,669

FY2019124,491(64,801)(58,148)

82,390at the end of period

2. Cash Dividends(Annual)Dividend
payout ratio(Consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of yen%%

FY2019

-

7.00

-

7.00

14.00

13,88123.8

2.0

FY2020

-

7.00

-

7.00

14.00

13,88927.9

1.9

FY2021 (Forecast)

-

7.00

-

7.00

14.00

Dividend per share

Total dividend

End of 1Q End of 2Q End of 3Q End of FY Annual

Dividend
on net assets(Consolidated)

19.8

3. Consolidated Financial Forecasts for the Year Ending March 2022 (April 1, 2021-March 31, 2022)(Figures shown in percentage for the full year are ratios compared to the previous year,
Figures shown in percentage for the first half are ratios compared to the same period of the previous year)

Net sales

Operating income

Millions of yen% Millions of yen

Profit attributable to
Net income per shareowners of parent

Ordinary income%

YenFirst half

700,000

7.3

50,00070.6% Millions of yen

50,000126.3

30,000

191.6

30.29

Full year

1,450,000

6.7

120,000

41.5

120,000

44.5

70,000

41.0

70.68

1 / 13% Millions of yen

4. Notes(1) Changes in important subsidiaries(changes regarding specified subsidiaries accompanying changes in the scope of consolidation) : None
(2) Changes in accounting methods compared with recent consolidated accounting periods(i) Changes due to accounting standard changes :None(ii) Changes besides (i) :None(iii) Accounting estimate change :None(iv) Restatement :None(3) Outstanding balance of issued shares (common stock)(i) Outstanding balance of issued shares at the end of fiscal year (Including treasury shares)
FY20201,014,381,817
FY2019(ii) Outstanding balance of treasury shares at the end of fiscal year
FY202024,002,558
FY2019(iii) Weighted average number of shares during fiscal year
FY2020990,221,801
FY2019

1,014,381,817
24,368,163
989,857,587(Reference)
1. Results for the Year Ended March 31, 2021 (April 1, 2020 - March 31, 2021)(1) Non-consolidated Business Results(Figures shown in percentage are ratios compared to the previous year)

Net sales

Operating income

Ordinary income

ProfitMillions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

FY202053,05540.9

35,932

71.0

34,23550.6

35,108139.1

FY201937,66521.5

21,01741.1

22,73860.6

14,682

37.5

Profit per share

Diluted profit per share

Yen

Yen

FY2020

35.45

35.43

FY2019

14.83

14.82

(2) Non-consolidated Financial Condition
Total assets

Net assets

Shareholders'equity ratio

Net assets per share

Millions of yen

Millions of yen

Millions of yen

Millions of yen

FY20201,092,092

392,13035.9

395.65FY20191,012,719

Note: Shareholders' equity

FY2020363,918
391,931 million yen

35.9
FY2019367.29363,702 million yen

NOTICE・ This document is out of the scope of the audit procedures required by Financial Instruments and Exchange Act, and audit procedures forconsolidated financial statement haven't been finished as of the date of publication.
・ Forecasts released are based on expectations of future economic conditions as of the date of publication. The actual results may differ
drastically from these forecasts due to various factors that may arise in the future.
・ This document is an excerpt translation of the Japanese original and is only for reference purposes. In the event of any discrepancy
between this translation and the Japanese original, the latter shall prevail.

2 / 13

1. Qualitative Information Concerning Business Performance and Financial Situation(1) Qualitative Information Concerning Business Performance
Business Performance for the Year Ended March 31, 2021 (April 1, 2020 - March 31, 2021. "FY2020")
Net Sales
Billions of yen

Operating Profit
Billions of yen

Ordinary Profit
Billions of yen

Profit Attributable to
Owners of Parent
Billions of yen

Profit Per ShareYen

FY20201,359.0

84.8

83.1

49.6

50.13

FY20191,507.6

106.1

101.3

58.2

58.78

Increase (Decrease)(148.6)(21.3)(18.2)(8.5)

Increase (Decrease)(9.9%)(20.1%)(18.0%)(14.7%)The Oji Group has set "Profitability Improvement of Domestic Business", "Expansion of Overseas Business" and"Promotion of Innovation" as the fundamental policies of its FY2019-2021 Medium-term Management Plan. Through"Contribution to a Sustainable Society", we aim to become a global corporate group which stably maintains consolidated
operating profit of more than ¥100.0 billion.
Based on the fundamental policies, in the domestic business, we have focused on restructuring our production system torespond to the structural changes in demand, and worked to improve capital efficiency while concentrating management
resources on promising businesses to strengthen our ability to generate cash flow. In regard to overseas business, we haveorganically expanded the existing operations by expanding the number of overseas operations as well as developing new
businesses utilizing existing infrastructure. We have also worked to create synergies among our businesses as well as
operations. In regard to promoting innovation, we have promoted the development and the early commercialization of new
businesses and products that meet the needs of the environment and society, in order to actualize "Contribution to a
Sustainable Society".
Consolidated net sales for FY2020 decreased by ¥148.6 billion to ¥1,359.0 billion (year-on year decrease of 9.9%) due toa decline in demand, particularly for printing paper and communication paper, caused by the worldwide spread of theCoronavirus Disease 2019 (COVID-19) and the accompanying economic stagnation, as well as effects of weakening
overseas pulp market. Overseas sales ratio decreased by 0.6 points from the previous year to 29.3%.
Consolidated operating profit decreased by ¥21.3 billion to ¥84.8 billion (year-on-year decrease of 20.1%) in both
domestic and overseas businesses, despite our efforts to reduce cost and lower raw material and fuel prices. Ordinary
profit decreased by ¥18.2 billion to ¥83.1 billion (year-on-year decrease of 18.0%), although foreign exchange gains wererecorded in non-operating income.Profit before taxes decreased by ¥17.3 billion to ¥80.9 billion (year-on-year decrease of
17.6%), and profit attributable to owners of parent decreased by ¥8.5 billion to ¥49.6 billion (year-on-year decrease of
14.7%).

3 / 13

Overview of Business Performance for FY2020 by Segment(I) Business Performance by Segment(Unit: Billions of yen)
Net Sales
FY2019

ReportingSegment

Operating Profit(Loss)
Increase(Decrease)

FY2020FY2019

Increase(Decrease)

FY2020Household &Industrial Materials

686.1

647.5

(5.6%)

40.9

38.1(7.0%)

Functional Materials

214.7

182.3

(15.1%)

15.4

11.5

(25.2%)

Forest Resources &Environment Marketing

285.6

245.3

(14.1%)

28.8

16.7

(42.3%)

Printing &Communications Media

292.7

244.0

(16.6%)

11.3

11.2

(1.5%)

1,478.9

1,319.1(10.8%)

96.5

77.4

(19.8%)

Others

Total

289.4

270.2

(6.6%)

9.0

6.8(24.8%)

Total

1,768.3

1,589.3(10.1%)

105.4

84.1

(20.2%)

Adjustment (*)(260.7)(230.3)0.7

0.7

Consolidated total

1,507.6

1,359.0

106.1

84.8

(9.9%)(20.1%)*Adjustment is mainly those concerning internal transactions.
(ii) Overview of Business Performance by Segment
The Oji Group's four reporting segments are: "Household and Industrial Materials", "Functional Materials", "Forest
Resources and Environment Marketing", and "Printing and Communications Media". Each of the reporting segment
consists of those that are recognized to be similar in terms of economic characteristics, manufacturing methods orprocesses of products, markets in which products are sold, and types of customers, among the constituent units of the Oji
Group.
Business segments that are not included in the reporting segments are classified as "Others".
Major business lineup for the segments are as follows.
- Household and Industrial Materials:
Containerboard/corrugated containers, boxboard/folding cartons, packing paper/paper bags, household paper,
disposable diapers, etc.
- Functional Materials:
Specialty paper, thermal paper, adhesive materials, film, etc.
- Forest Resources and Environment Marketing:Pulp, energy, forest plantation/lumber processing, etc.
- Printing and Communications Media:
Newsprint, printing/publication/communication paper, etc.
- Others:
Real estate, engineering, trading business, logistics, etc.

4 / 13

○Household and Industrial Materials
In FY2020, net sales amounted to ¥647.5 billion (year-on-year decrease of 5.6%), and operating profit was ¥38.1billion(year-on-year decrease of 7.0%).
Regarding domestic business, domestic sales volume of containerboard and corrugated containers decreased from theprevious year due to the restriction on economic activity caused by the spread of COVID-19, whereas sales for processedfood packaging and e-commerce industry performed steadily as a result of a trend of staying home. Export sales volume
of containerboard increased from the previous year. As for boxboard, domestic sales volume decreased from the previous
year due in part to a decrease in demand for souvenirs and gifts on account of the trends of staying home and refraining
from holding events. As for packing paper, domestic sales volume decreased from the previous year as a demand for
paper bags and heavy-duty paper sacks for industrial products declined due in part to the trend of staying home and therestriction on economic activity. As for disposable diapers for babies, domestic sales volume decreased, but export sales
volume increased. As a result, overall sales volume remained static from the previous year. As for household paper
which comprises tissue paper and toilet rolls, sales volume decreased from the previous year as sales for professional-use
products declined due to the economic stagnation, while sales of kitchen towels increased as the use of disposable wipes
has diversified due to a greater hygiene awareness accompanying the spread of COVID-19. As for processed goods, suchas wet wipes and face masks, both sales volume and sales amount increased significantly from the previous year.
Regarding overseas business, in containerboard business, sales volume in Southeast Asia decreased from the previous
year as lockdowns restricted our customer’s production activities. In Oceania, sales volume decreased from the previous
year as a result of a decrease in exports to Asian countries due to the economic stagnation caused by the spread of
COVID-19. As for corrugated container business, in Southeast Asia, sales volume increased from the previous year
mainly for hygiene products such as medical rubber gloves and for e-commerce use. In Oceania, sales volume increased
from the previous year as sales for processed food packaging and e-commerce industry performed steadily both in New
Zealand and Australia. As for disposable diapers for babies, sales volume increased significantly from the previous year,
due to the introduction of the new packaging design of Doraemon and strong sales on EC sites in China, and ourcontinual efforts for sales expansion to convenience stores in Indonesia, although sales volume decreased from theprevious year in Malaysia, due to sluggish sales at retail stores as a result of implementation of stay-at-home order.

○Functional Materials
In FY2020, net sales amounted to ¥182.3 billion (year-on-year decrease of 15.1%), and operating profit was ¥11.5
billion (year-on-year decrease of 25.2%).
Regarding domestic business, as for specialty paper, sales volume for tickets and souvenirs decreased due to a decline in
the number of tourists visiting Japan and decrease in events amid the continuing impact of COVID-19, although demand
for some products, including films for condensers used in electric vehicles (electric vehicles, hybrid vehicles, plug-in
hybrid vehicles and fuel cell vehicles) and paper for manufacturing electronic components for smartphones, have shown
signs of recovery. As a result, overall sales volume decreased from the previous year. Sales volume of thermal paper
decreased from the previous year as sales for POS decreased due in part to the trend of staying home.
Regarding overseas business, our sales of products were affected by implementation of stay-at-home order and theeconomic stagnation. As for thermal paper, sales volume decreased in North America, South America, Europe andSoutheast Asia from the previous year due in part to a decrease in demand for POS and tickets.

5 / 13

○Forest Resources and Environment Marketing
In FY2020, net sales amounted to ¥245.3 billion (year-on-year decrease of 14.1%), and operating profit was ¥16.7
billion (year-on-year decrease of 42.3%).
Regarding domestic business, sales volume of pulp business decreased from the previous year mainly because of adecrease in the export volume of dissolving pulp to China due to the economic stagnation caused by the spread of
COVID-19. Sales volume of energy business increased from the previous year since MPM Oji Eco-Energy Co., Ltd, abiomass power generation facility which started operation in September 2019, contributed to the increase throughout theperiod.
Regarding overseas business, sales volume of pulp business decreased from the previous year, due to a worldwide
decrease in demand caused by the economic stagnation caused by the spread of COVID-19.

○Printing and Communications MediaIn FY2020, net sales amounted to ¥244.0 billion (year-on-year decrease of 16.6%), and operating profit was ¥11.2
billion (year on-year decrease of 1.5%).
Regarding domestic business, sales volume of newsprint decreased from the previous year due to the reduced circulationand total pagination as a result of the economic stagnation caused by the spread of COVID-19. As for printing paper,
sales volume decreased from the previous year due to the economic stagnation caused by the spread of COVID-19. In
regard to those for publication use, sales volume decreased mainly due to reduced circulation and total number of pagesof women's magazines, travel magazines, sports magazines, etc., though there was an increase in demand for comic
books accompanying the release of hit series and the trend of staying home. In regard to those for commercial printing
use, sales volume decreased due to a decline in demand for catalogs, posters, flyers, etc. as a result of the trend ofrefraining from attracting customers and holding events. As for communication paper, sales volume decreased from theprevious year due to a decrease in demand in offices as a result of the spread of working from home.
Regarding overseas businesses, at Jiangsu Oji Paper Co., Ltd., sales volume of printing paper decreased from theprevious year mainly as the demand for commercial printing, including advertising, decreased both in China and abroad
because of the economic stagnation caused by the spread of COVID-19.

Forecast for the Year Ending March 31, 2022 (April 1, 2021 - March 31, 2022, "FY2021")
Net sales

Operating income

Billions of yen

Billions of yen

Ordinary income
Billions of yen

Profit attributableto owners of parent
Billions of yen

Profit per share
YenFirst Half of FY2021

700.0

50.0

50.0

30.0

30.29

First Half of FY2020

652.4

29.3

22.1

10.3

10.39

Increase (Decrease)

47.6

20.7

27.9

19.7

Increase (Decrease)

7.3%

70.6%

126.3%

191.6%FY20211,450.0

120.0

120.0

70.0

70.68

FY20201,359.0

84.8

83.1

49.6

50.13

Increase (Decrease)

91.0

35.2

36.9

20.4

Increase (Decrease)

6.7%

41.5%

44.5%

41.0%

6 / 13

<FY2021 Forecast and Future Outlook >FY2021 is the final year of the three-year medium-term management plan launched in FY2019. The global businessenvironment is undergoing major changes due to the spread of COVID-19, and many opportunities and risks are expected
to expand, including diversification of consumption structures, lifestyles, and working styles. Meanwhile, we will continue
to steadily implement strategic measures to improve our corporate value in line with our three fundamental policies of“Profitability Improvement of Domestic Business”, “Expansion of Overseas Business”, and “Promotion of Innovation”.We
will also promptly and appropriately implement business structure reforms in light of environmental changes caused by
COVID-19.
The forecast for the next fiscal year is based on net sales of ¥1450.0 billion, operating income of ¥120.0 billion, ordinary
income of ¥120.0 billion, and net income attributable to owners of parent of ¥70.0 billion, reflecting a moderate recovery
in market conditions and rising pulp sales prices.

The assumed exchange rates for FY2021 forecast are as follows:
Exchange rates(Reference) Sensitivity for operating income

JPY/USD

110.0 Approx. ¥130 million with a fluctuation of USD by 1% (strong USD: ‐)BRL/USD

5.20 Approx. ¥230 million with a fluctuation of USD by 1% (strong USD: +)NZD/USD

1.40 Approx. ¥740 million with a fluctuation of USD by 1% (strong USD: +)7 / 13

2. Outline of Business Performance and Financial Situation
Billions of yen

Business Performance
FY2020

Forecasts for FY2021

Increase(Decrease)

Net Sales

1,359.0(148.6)

Domestic

961.3(96.0)

Overseas397.6(52.7)

29.3%(0.6%)

Operating Profit

84.8

Ordinary Profit
Profit attributable to owners of parent

ratio

Increase(Decrease)1,450.0

91.0(21.3)

120.0

35.2

83.1

(18.2)

120.0

36.9

49.6

(8.5)

70.0

20.4

Depreciation

62.8

(0.6)

62.0

Billions of yen(0.8)

Capital expenditure

93.5

5.1

107.5

14.0

Average foreign exchange rate
FY2020

Forecasts for FY2021

Increase(Decrease)

Increase(Decrease)

JPY ／ USD April to March

106.1

(2.7)

110.0

3.9

BRL ／ USD January to December

5.16

1.22

5.20

0.04

NZD ／ USD January to December

1.54

0.02

1.40

(0.14)

CNY／ USD January to December

6.90(0.01)

6.40(0.50)

Financial situation

Billions of yen
Mar 31,2021
Increase(Decrease)from Mar 31,2020

Total assets

1,981.4

96.2

Net assets

865.6

33.9

Interest bearing debts

647.7

66.0

Net debts

511.4

14.1

Consolidated Statements of Cash Flows

Billions of yen
FY2020
Increase(Decrease)

Cash flows from operating activities

127.1

2.6

Cash flows from investing activities(91.6)(26.8)Cash flows from financing activities

19.9

78.1

Number of employees

personMar 31,2021
Increase(Decrease)from Mar 31,2020

Number of employees

36,034(776)

Domestic

16,578(409)

Overseas

19,456(367)

8 / 13

Consolidated balance sheets(Unit : Millions of yen)

FY2019Mar 31,2020
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Short-term loans receivable
Accounts receivable - other
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Tools, furniture and fixtures
Accumulated depreciation
Tools, furniture and fixtures, net
Land
Forests
Standing Timber
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Long-term prepaid expenses
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

9 / 13

FY2020Mar 31,2021

73,943
301,682
10,381
98,483
23,467
94,946
3,749
20,232
15,407(1,811)
640,484

130,529297,718
5,725
86,44019,27389,0904,324
19,60817,734(1,675)
668,770

670,400(482,113)
188,286
2,376,088(2,078,455)
297,632
60,765(55,205)
5,560
235,700
109,664
85,85850,587(15,738)
34,84958,241
1,015,794

685,779(494,548)
191,2312,389,121(2,090,184)
298,937
60,791(55,099)
5,691
239,052
105,560
85,58455,844(19,767)
36,077
79,2791,041,413

4,672
8,388
13,0603,122
9,049
12,171150,831
7,558
3,998
32,0197,184
15,258(910)
215,941
1,244,796
1,885,280

163,961
6,933
3,692
60,993
7,074
17,379(952)
259,083
1,312,668
1,981,438

(Unit : Millions of yen)

FY2019Mar 31,2020
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Commercial papers
Current portion of bonds payable
Accounts payable - otherAccrued expenses
Income taxes payable
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Retirement benefit liability
Long-term deposits received
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

10 / 13

FY2020Mar 31,2021

209,669
172,027
14,00020,00016,33048,48522,98429,479532,976

197,950
129,963－－
20,741
48,874
11,52632,657441,71380,000295,647
48,412
7,803
54,213
7,492
27,078520,647
1,053,623

155,000
362,718
59,892
7,739
54,0107,305
27,450674,117
1,115,831

103,880
110,750
457,568(13,577)
658,623

103,880
109,100
493,224(13,400)
692,805

21,004
(957)
5,813
2,390
5,261
33,512
216
139,305
831,657
1,885,280

31,654
2,721
5,684(6,418)24,53358,176
199
114,426
865,606
1,981,438

Consolidated statements of income(Unit : Millions of yen)

FY2019Apr '19 - Mar '20
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Freight and incidental costs
Storage costs
Employees' salaries
Retirement benefit expenses
Depreciation
Other
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity method
Foreign exchange gains
Insurance claim income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on sublet of facilities
Foreign exchange losses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Insurance claim income
Gain on sale of businesses
Profit on subsidiary status change from equity method affiliate
to consolidated subsidiary
Other
Total extraordinary income
Extraordinary losses
Loss on disaster
Business restructuring expenses
Loss on retirement of non-current assets
Extra retirement payments
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

11 / 13

FY2020
Apr '20 - Mar '21

1,507,607
1,143,665
363,942

1,358,985
1,031,553
327,431

141,674
7,006
52,3601,214
5,582
49,978257,816
106,125

131,590
6,506
51,921853
6,343
45,422
242,638
84,793

2,172
3,146
2,889
－
760
5,335
14,305

1,121
3,170
142
4,616
1,894
3,630
14,576

6,948
－
4,797
7,396
19,142
101,289

6,791
2,836
－
6,680
16,30883,061

1,513
－
－

2,866
906
808

5,579
7,092

1,164
5,746

2,583
2,758
1,910
436
2,554
10,242
98,13835,018(1,380)33,63764,5006,319
58,181

2,065
1,977
1,459
995
1,425
7,923
80,883
28,830354
29,18551,6982,062
49,635

Consolidated quarterly statements of comprehensive income(Unit : Millions of yen)

FY2019Apr '19 - Mar '20
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted forusing equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

12 / 13

FY2020
Apr '20 - Mar '21

64,50051,698(11,030)(1,284)(11,565)(5,000)(2,268)

9,305
3,633
(12,937)
18,2582,221(31,149)
33,351

20,481
72,17928,0205,330

74,429(2,249)

Consolidated Statements of Cash Flows(Unit : Millions of yen)

Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Depletion of standing timber
Increase (decrease) in allowance for doubtful accounts
Decrease (increase) in retirement benefit asset
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)Share of loss (profit) of entities accounted for using equity method
Loss on retirement of non-current assets
Business restructuring expenses
Loss (gain) on sale of businesses
Loss (profit) on subsidiary status change from equity method affiliate to consolidated subsidiary
Decrease (increase) in trade receivables
Decrease (increase) in inventories
Increase (decrease) in trade payables
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Proceeds from sale and redemption of securities
Purchase of property, plant and equipment and intangible assets
Proceeds from sale of property, plant and equipment and intangible assets
Purchase of investment securities
Proceeds from sale and redemption of investment securities
Loan advances
Proceeds from collection of loans receivable
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Net increase (decrease) in commercial papers
Proceeds from long-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of bonds
Redemption of bonds
Purchase of treasury shares of subsidiaries
Repayments of lease obligations
Dividends paid
Other, net
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
Increase in cash and cash equivalents resulting from merger
Decrease in cash and cash equivalents resulting from exclusion of subsidiaries from consolidation
Cash and cash equivalents at end of period

13 / 13

FY2019Apr '19 - Mar '20

FY2020
Apr '20 - Mar '21

98,13863,379
1,898
8,656
(211)
(2,468)1,750(5,319)6,948
2,475(2,889)
1,910
2,758
－
－
31,729(1,968)(42,609)(10,176)
154,002
6,231(5,892)(29,850)
124,491

80,88362,758
1,099
6,958
(52)
(2,913)760(4,292)
6,791(3,946)
(142)
1,459
1,977
(906)
(808)
1,870
20,163(11,933)
6,807
166,535
5,397(5,623)(39,202)
127,107

2,730(92,454)594(1,190)25,543(1,113)
2,383(1,295)(64,801)－(94,674)854(1,916)
1,163(1,066)
1,396
2,682(91,559)

17,715
11,0004,203(80,650)
29,789(20,000)－(4,770)(12,883)(2,552)(58,148)(1,737)(196)
82,7949(216)
82,390(4,049)(14,000)
71,279(43,250)
74,561(20,000)(24,162)(4,786)(13,888)(1,770)19,932(2,169)53,31082,3907(39)
135,669