August 3, 2021

Summary of Consolidated Financial and Business Results
for the First Quarter of the Year Ending March 2022
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)

Company Name:
URL:
Representative:
Contact:
Telephone:(All yen figures are rounded down to the nearest one million yen)

1. Results for the First Quarter of the Year Ending March 31, 2022 (April 1, 2021 - June 30, 2021)(Unaudited)(1) Consolidated Business Results(Figures shown in percentage are ratios compared to the same period of the previous year)

Net sales
Millions of yen

First Quarter of FY2021
First Quarter of FY2020
Note: Comprehensive income

Operating income% Millions of yen

Profit attributable toowners of parent

Ordinary income% Millions of yen% Millions of yen%

342,7216.5

28,054155.4

34,569482.6

20,610860.0

321,869(14.3)

10,984(54.5)

5,933(74.8)

2,146(82.1)First Quarter of FY2021
First Quarter of FY2020

45,125 million yen(11,065) million yen

Profit per share

Diluted profit per
share

Yen

Yen

20.81

20.80

First Quarter of FY2021

2.17
2.17
First Quarter of FY2020
Note: Oji Holdings has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31,2020), etc. effective from the beginning of the first quarter of the current consolidated fiscal year. The Accounting Standard for
Revenue Recognition has been accounted for in the consolidated financial results for the fiscal year ending in March 2022.
(2) Consolidated Financial Condition

First Quarter of FY2021

Total assets

Net assets

Shareholders'equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

2,011,192

827,01038.6

783.63865,60637.9

758.28Year ended March 2021

1,981,438

Note: Shareholders' equity

First Quarter of FY2021
FY2020776,092 million yen
750,981 million yen

End of 1Q

End of 2Q

Dividend per share
End of 3Q

End of FY

Annual

Yen

Yen

Yen

Yen

Yen

FY2020

－

7.00

－

7.00

14.00

FY2021

－
7.00

－

7.00

14.00

2. Cash Dividends

FY2021 (Forecast)
Note : Change in forecast of dividend … None

3. Consolidated 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 Second Quarter are ratios compared to the same period of the previous year)

Net sales

Operating income

Millions of yen% Millions of yen

Profit attributable toowners of parent

Ordinary income% Millions of yen% Millions of yen

Profit per share%

Yen

Second Quarter(cumulative)

700,000

7.3

50,00070.6

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

Note : Change in consolidated forecasts … No

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4. Notes(1) Changes in important subsidiaries(changes regarding specified subsidiaries accompanying changes in the scope of consolidation) : None
(2) Application of simple accounting methods and quarterly peculiar accounting methods : None
(3) Changes in accounting methods compared with recent consolidated accounting periods(i) Changes due to accounting standard changes :Yes(ii) Changes besides (i) :None(iii) Accounting estimate change :None(iv) Restatement :None(4) Outstanding balance of issued shares (common stock)(i) Outstanding balance of issued shares at the end of fiscal year (Including treasury shares)
First Quarter of FY2021
1,014,381,817
FY2020(ii) Outstanding balance of treasury shares at the end of fiscal year
First Quarter of FY2021
24,001,338
FY2020(iii) Weighted average number of shares during fiscal year
First Quarter of FY2021
990,380,364
First Quarter of FY2020

1,014,381,817
24,002,558
990,012,407

NOTICE・ This document is exempt from audit procedures required by Financial Instruments and Exchange Act.
・ 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.

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1. Qualitative Information Concerning Business Performance and Financial Situation(1) Qualitative Information Concerning Business Performance
Business Performance for the First Quarter of FY2021 (April 1, 2021 - June 30, 2021)

Net Sales

Operating Profit

Billions of yen

Billions of yen

Ordinary Profit
Billions of yen

Profit Attributableto Owners of Parent
Billions of yen

Profit Per ShareYen

1st Quarter of
FY2021

342.7

28.1

34.6

20.6

20.81

1st Quarter of
FY2020

321.9

11.0

5.9

2.1

2.17

Increase (Decrease)

20.9

17.1

28.6

18.5

Increase (Decrease)

6.5%

155.4%

482.6%

860.0%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".
As the business environment has changed drastically due to the spread of COVID-19 and consumption structure, lifestyles,
and working styles have diversified, many opportunities and risks are expected to expand. Meanwhile, we will continue to
steadily implement strategic measures to improve our corporate value in line with our fundamental policies of management
strategies in Medium-term Management Plan. We will also promptly and appropriately implement business structurereforms in light of environmental changes caused by COVID-19.
Consolidated net sales for the first quarter of FY2021 increased by ¥20.9 billion to ¥342.7 billion (year-on-year increaseof 6.5%) due to a gradual recovery in market conditions and an increase in pulp sales prices. Overseas sales ratio
increased by 3.7 points from the previous year to 32.4%.
Consolidated operating profit increased by ¥17.1 billion to ¥28.1 billion (year-on-year increase of 155.4%) due toincreased profit in each segment. Ordinary profit increased by ¥28.6 billion to ¥34.6 billion (year-on-year increase of
482.6%) due in part to an increase in operating profit and foreign exchange gains. Profit before taxes increased by ¥27.3
billion to ¥33.9 billion (year-on-year increase of 411.9%), and profit attributable to owners of parent increased by ¥18.5
billion to ¥20.6 billion (year-on-year increase of 860.0%). Oji Holdings has applied “Accounting Standard for Revenue
Recognition (ASBJ Statement No. 29, March 31, 2020)” from the beginning of the first quarter of FY2021 and changed
the accounting method for revenue recognition. Please refer to “Notes of Consolidated Quarterly Financial Statement(Changes in accounting policies)” on page 11 of the attached document for more details.

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Overview of Business Performance for the First Quarter of FY2021 by Segment(i) Business Performance by Segment(Unit: Billions of yen)
Net Sales
1st Quarter of
FY2020

ReportingSegment

Operating Profit(Loss)

1st Quarter of
FY2021

Increase(Decrease)

1st Quarter of
FY2020

1st Quarter of
FY2021

Increase(Decrease)

Household &Industrial Materials

152.2

167.3

9.9%

5.3

8.6

61.4%

Functional Materials

48.6

45.1

(7.2%)

3.3

3.4

2.2%

Forest Resources &Environment Marketing

58.5

66.8

14.3%

1.3

9.7

666.9%

Printing &Communications Media

56.2

57.8

2.8%

(1.0)

4.8

－

Total

315.6

337.1

6.8%

8.9

26.5

199.0%

Others

63.1

71.4

13.1%

1.2

2.0

59.9%

Total

378.7

408.5

7.9%

10.1

28.5

182.0%

Adjustment (*)(56.8)(65.8)

0.9(0.4)

Consolidated total

321.9

342.7

11.0

28.1

6.5%

155.4%*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.
As stated in “Changes in accounting policies”, “Accounting Standard for Revenue Recognition (ASBJ Statement No. 29,
March 31, 2020)” has been adopted from the beginning of the current first quarter and the accounting method forrevenue recognition and the method used to calculate profit and loss for business segments have been changed. As aresult of this change, compared to the previous method, net sales in the current first quarter decreased by ¥0.6 billion forHousehold and Industrial Materials segment, ¥3.4 billion for Functional Materials segment, ¥0.1 billion for Forest
Resources and Environment Marketing segment, ¥6.8 billion for Printing and Communications Media segment, and ¥2.0 billion for Others. The effects on each segment's profit or loss is immaterial.

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○Household and Industrial Materials
In the first quarter of FY2021, net sales amounted to ¥167.3 billion (year-on-year increase of 9.9%), and operating profit
was ¥8.6 billion (year-on-year increase of 61.4%).
Regarding domestic business, domestic sales volume of containerboard and corrugated containers increased from theprevious year, due to continued steady sales for e-commerce industry as a result of a trend of staying home to prevent the
spread of COVID-19, in addition to the overall recovery in demand. As for boxboard, domestic sales volume increased
from the previous year due to a recovery in demand for souvenirs and gifts, which had declined in the previous year on
account of the trends of staying home and refraining from holding events. Export sales volume of boxboard increased
from the previous year. As for packing paper, domestic sales volume increased from the previous year due in part to arecovery of economic activities in the automotive industry despite a continual decline in demand due to the trend ofstaying home and the restriction on economic activities. Export sales volume increased from the previous year. As for
disposable diapers for babies, domestic sales volume decreased, but export sales volume remained static from theprevious year. As for disposable diapers for adults, sales volume decreased from the previous year. As for household
paper, sales volume remained static from the previous year.
Regarding overseas business, in Southeast Asia, in containerboard business, both sales volume and sales amountincreased from the previous year due to strong demand from converting companies. As for corrugated containers, sales
volume and sales amount increased from the previous year due to strong sales since the end of last year and penetrationof a price increase. As for disposable diapers, in Malaysia, sales volume decreased from the previous year due tosluggish sales at retail stores on account of the impact of COVID-19. In Indonesia, sales volume increased significantly
from the previous year due to our continual efforts for sales expansion at convenience stores. In Oceania, as forcontainerboard, export sales volume decreased from the previous year due in part to a disruption of marine transportschedules accompanying the worldwide shortage of containers. As for corrugated containers, sales volume increased
from the previous year both in New Zealand and Australia.
○Functional Materials
In the first quarter of FY2021, net sales amounted to ¥45.1 billion (year-on-year decrease of 7.2%), and operating profit
was ¥3.4 billion (year-on-year increase of 2.2%).
Regarding domestic business, overall sales volume and sale amount increased from the previous year due to an increasein demands for films for condensers used in electric vehicles (electric vehicles, hybrid vehicles, plug-in hybrid vehicles
and fuel cell vehicles) , film separate for manufacturing electronic components for smartphones, and paper for
manufacturing electronic components, although demands for tickets and luxury packages have continued to decrease due
to a decline in the number of tourists visiting Japan and decrease in events held accompanying the spread of COVID-19.
As for thermal paper, sales volume remained static but sales amount decreased from the previous year on account of adecline in demand for high-priced products for medical applications.
Regarding overseas business, sales volume increased from the previous year in Southeast Asia, and remained static in
South America. However, sales volume decreased in Europe from the previous year in reaction to customers' trends tosecure inventories in the previous year.

○Forest Resources and Environment Marketing
In the first quarter of FY2021, net sales amounted to ¥66.8 billion (year-on-year increase of 14.3%), and operating profit
was ¥9.7 billion (year-on-year increase of 666.9%).
Regarding domestic business, sales volume of pulp business increased from the previous year mainly because of anincrease in the export volume of dissolving pulp to China due to a recovery from the economic stagnation caused by the
spread of COVID-19. Sales volume of energy business decreased from the previous year due to suspension of facilities
at MPM Oji Eco-Energy Co., Ltd. following regular inspections.
Regarding overseas business, sales volume of pulp business decreased from the previous year, while sales amountincreased due to an increase in pulp sales prices. As for lumber business, sales volume increased from the previous year.

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○Printing and Communications MediaIn the first quarter of FY2021, net sales amounted to ¥57.8 billion (year-on-year increase of 2.8%), and operating profit
was ¥4.8 billion (year-on-year increase of ¥5.8 billion).
Regarding domestic business, sales volume of newsprint slightly increased from the previous year partly because wepartially supplemented the industry-wide supply shortage caused by the suspension of facilities at other companies due toa disaster, despite a continual trend of demand decline. As for printing paper, sales volume increased from the previous
year in a reaction to the economic stagnation caused by the spread of COVID-19 in the previous year. In regard to thosefor publication use, sales volume decreased due in part to reduced circulation of women's magazines, travel magazines,
sports magazines, etc. In regard to those for commercial printing use, sales volume increased from the previous year due
in part to a recovery from a significant decline in demand for catalogs, posters, flyers, etc. as a result of the trend ofrefraining from holding events in the previous year. As for communication paper, sales volume increased from theprevious year due to a recovery from a significant decrease in demand in offices as a result of the spread of working fromhome in the previous year.
Regarding overseas business, at Jiangsu Oji Paper Co., Ltd., sales volume of printing paper increased from the previous
year as the outbreak of COVID-19 in China has subsided and the economic activity has begun to show signs of recovery.

6 / 11

Consolidated quarterly balance sheets(Unit : Millions of yen)

FY2020Mar 31,2021
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Notes and accounts receivable - trade, and contract assets
Securities
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, net
Machinery, equipment and vehicles, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

7 / 11First Quarter /FY2021
Jun 30,2021

130,529297,718－
5,725
86,44019,27389,09041,667(1,675)
668,770

100,822－
307,508
8,393
92,21321,92794,00839,894(1,574)
663,195

191,231
298,937
239,052
312,192
1,041,413

191,938
306,525
239,374
337,062
1,074,900

3,122
9,049
12,171

2,986
9,287
12,274

163,961
96,073(952)
259,083
1,312,668
1,981,438

163,063
98,696(938)
260,822
1,347,997
2,011,192

(Unit : Millions of yen)

FY2020Mar 31,2021
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Commercial papers
Income taxes payable
Provisions
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Provisions
Retirement benefit liability
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

8 / 11First Quarter /FY2021
Jun 30,2021

197,950
129,963－
11,526
4,874
97,399441,713207,547
138,230
38,0008,529
4,406
90,737487,452

155,000
362,718
4,991
54,01097,397674,117
1,115,831

155,000
381,928
4,515
54,221
101,064
696,729
1,184,181

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

103,880
104,819507,266(13,400)
702,566

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

29,753
1,823
5,684
12,451
23,811
73,525
199
50,719827,0102,011,192

Consolidated quarterly statements of income(Unit : Millions of yen)First Quarter /FY2020
Apr '20 - Jun'20
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Freight and incidental costs
Employees' salaries
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
Gain on valuation of derivatives
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity method
Foreign exchange losses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of non-current assets
Other
Total extraordinary income
Extraordinary losses
Extra retirement payments
Loss on retirement of non-current assets
Other
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit (loss) attributable to non-controlling interests
Profit attributable to owners of parent

9 / 11First Quarter /FY2021
Apr '21 - Jun'21

321,869
251,319
70,550342,721259,71383,007

31,915
12,92014,72959,565
10,984

26,40013,064
15,48854,95328,054

386
1,439
－
－
－
1,909
3,735

174
1,256
444
2,844
3,380
1,553
9,654

1,498
1,635
3,364
2,289
8,787
5,933

1,646
－
－
1,492
3,139
34,569

0
2,875
2,875

43
12
56

279
428
1,479
2,187
6,621
3,693
1,886
5,580
1,041
(1,105)
2,146

309
276
144
731
33,894
7,365
2,901
10,267
23,627
3,016
20,610Consolidated quarterly statements of comprehensive income(Unit : Millions of yen)First Quarter /FY2020
Apr '20 - Jun'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

10 / 11First Quarter /FY2021
Apr '21 - Jun'21

1,041

23,627

3,344
962(15,421)
(433)
(557)

(2,096)(896)
24,610(720)
600(12,107)(11,065)

21,49745,125(6,509)(4,556)36,0699,055

(Changes in accounting policies)（Application of Accounting Standard for Revenue Recognition, etc.）“Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020. Hereinafter “Revenue
Recognition Standard”) and related guidelines have been adopted from the beginning of the current first quarter. In linewith this adoption, revenue is recognized at the time of the transfer of controls for promised goods or services tocustomers in the amount that reflects the consideration to which they expect to be entitled in exchange for those goods
or services.
The main changes due to the adoption of the new accounting standard are in the accounting treatment of consideration
paid to customers, such as sales incentives, and in the accounting treatment of transactions in which purchased goods
are sold to customers. With respect to sales incentives and other consideration paid to customers, a portion of theexpenses that were previously recorded in selling, general and administrative expenses are now reduced from sales. In
addition, as for transactions in which purchased goods are sold to customers, revenue was previously recognized at the
total amount of consideration received from the customer, but has partly changed to be recognized at the net amountreceived from the customer less the amount paid to the supplier.
In adopting the Revenue Recognition Standard, in accordance with the transitional treatment set forth in the proviso of
Article 84 of the Revenue Recognition Standard, the cumulative effect of retrospective application of the standards prior
to the beginning of the current first quarter was added to or subtracted from retained earnings at the beginning of thecurrent first quarter. The new accounting policy was applied from the beginning balance of the current first quarter.
However, Oji Holdings has applied the method prescribed in Article 86 of the Revenue Recognition Standard and has
not retrospectively applied the new accounting policy to contracts in which almost all the revenue amounts wererecognized in accordance with the previous treatment prior to the beginning of the current first quarter. In addition, Oji
Holdings has applied the method prescribed in Article 86, Paragraph (1) of the Revenue Recognition Standard, andaccounted for contract changes made prior to the beginning of the current first quarter based on the contract terms afterreflecting all contract changes, and added or subtracted the cumulative effect of such changes to retained earnings at the
beginning of the current first quarter.
As a result, for the period of current first quarter, net sales decreased by ¥12,911 million, cost of sales decreased by ¥5,469 million, selling, general and administrative expenses decreased by ¥7,376 million, non-operating expenses
decreased by ¥27 million, operating profit decreased by ¥65 million, and ordinary profit and profit before income taxes
respectively decreased by ¥37 million, . In addition, the balance of retained earnings at the beginning of the current firstquarter increased by ¥110 million. The impact on information per share is immaterial.
Due to the adoption of the Revenue Recognition Standard, "Trade notes and accounts receivable" which was presented
in "Current assets" of the consolidated balance sheet for the previous fiscal year, is included in "Trade notes andaccounts receivable, and contract assets" from the first quarter of the current fiscal year. In accordance with thetransitional treatment set forth in Article 89-2 of the Revenue Recognition Standard, consolidated financial statementsfor past periods have not been reclassified using the new presentation method. Furthermore, in accordance with thetransitional treatment prescribed in Article 28-15 of the "Accounting Standard for Quarterly Financial Reporting"(ASBJ Statement No. 12, March 31, 2020), information on revenue generated from contracts with customers broken
down for the first quarter of the previous fiscal year has not been presented.

（Application of Accounting Standard for Fair Value Measurement, etc.）“Accounting Standard for Fair Value Measurement” (ASBJ Statement No. 30, July 4, 2019. Hereinafter “Fair Value
Measurement Standard”) and other standards have been adopted from the beginning of the current first quarter, and inaccordance with the transitional treatment set forth in Article 19 of Fair Value Measurement Standard and Article 44-2
of “Accounting Standard for Financial Instruments” (ASBJ Statement No. 10, July 4, 2019), Oji Holdings will continue
to apply new accounting policies prescribed by Fair Value Measurement Standard and other standards into the future.
The effects of this adoption on the quarterly consolidated financial statements are immaterial.

11 / 11