Consolidated Financial Statements for the Fiscal Year Ended March 31, 2003
May 16, 2003
Stock exchange listings:
Code number:
URL:
Interim Board of Directors meeting:
American Accounting Standard:

Mitsubishi Gas Chemical Co., Inc.
Head office location:
Tokyo
Representative: Hideki Odaka, President
Contact:
Jin Hata, General Manager
Public & Investor Relations Division(03)-3283-5041

Tokyo, Osaka, Nagoya
4182
http://www.mgc.co.jp/
May 16, 2003
Not applied

1. Results for Fiscal 2002 (April 1, 2002 to March 31, 2003)(1)

Sales and Income

Ended Mar. 2003
Ended Mar. 2002

Net sales(¥ million)
312,119275,709
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 (%)
1,907
2,901
-6,786-3,775-Year-on-yearchange (%)
13.2
-14.7
Year-on-yearchange (%)

Ended Mar. 2003
-474
Ended Mar. 2002
-4,234
Notes:
1. Equity method investment profit or loss:
2. Average number of shares outstanding:Earnings per
share (¥)
-1.05
-8.79

Return onequity (%)

Dilutedearnings per
share (¥)--0.3
-2.4Ordinary
income on total
assets (%)
0.6-0.8

Ordinary
income to netsales (%)
0.9-1.4

Year ended March 2003: ¥5,697 million
Year ended March 2002: ¥6,603 million
Year ended March 2003: 469,793,553 sharesYear ended March 2002: 481,821,996 shares

3. Changes in accounting methods:
No
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(¥ million)(¥ million)(%)
share (¥)
Ended Mar. 2003
458,137
161,85835.3
349.93
Ended Mar. 2002
466,762
174,74237.4
367.69Notes: Number of shares outstanding at end of period:
Year ended March 2003: 462,498,215 sharesYear ended March 2002: 475,247,107 shares(3)

Cash Flow

Ended Mar. 2003
Ended Mar. 2002

(4)

Net cash provided byoperating activities(¥ million)
24,50913,718Net cash used in investing
activities(¥ million)-16,360-15,396

Net cash used in financing
activities(¥ million)-3,154-2,596

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)
33,66728,18828
11

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

(New)
(New)

31(Eliminated) 3(Eliminated) 0

2. Projected Results for Fiscal 2003 (April 1, 2003 to March 31, 2004)
Net sales(¥ million)
159,000
328,000

Ordinary income(¥ million)
5,000
11,500Net income(¥ million)
3,500
7,500

Interim period
Fiscal 2003
Reference:
1. Estimated earnings per share for fiscal 2003:¥16.22
2. Operating income for interim period: ¥2,500 million
Operating income for fiscal 2003: ¥9,000 million* The projected results are estimated by the company based on information currently available and, therefore, may be different from theactual results. For details of the above projected results, please refer to the consolidated financial statement shown on page 7.

Unconsolidated Financial Statements for the Fiscal Year Ended March 31, 2003
May 16, 2003
Stock exchange listings:
Code number:
URL
Board of Directors meeting:General Meeting of Shareholders:Interim dividend system:
Unit stock system:

Mitsubishi Gas Chemical Co., Inc.
Head office location: Tokyo
Contact:
Jin Hata
General Manager
Public & Investor Relations Division(03)-3283-5041

Tokyo, Osaka, Nagoya
4182
http://www.mgc.co.jp/
May 16, 2003
June 27, 2003
Yes
Yes (1,000 stocks)

1. Results for Fiscal 2002 (April 1, 2002 to March 31, 2003)(1)

Sales and Income

Ended Mar. 2003
Ended Mar. 2002

Net sales(¥ million)

Year-on-yearchange (%)

214,604
193,840

10.7
-15.3

Net income(¥ million)

Year-on-yearchange (%)

Ended Mar. 2003
-2,086
Ended Mar. 2002
-3,363
Notes:
1. Average number of shares outstanding:Note: All amounts are rounded down to the nearest million yen.
Year-on-year
Ordinary income
Year-on-year
Operatingchange (%)(¥ million)change (%)
income(¥ million)-1,149-202-4,112-2,678
Earnings per
share (¥)-

Dilutedearnings per
share (¥)--4.44-6.98

Return on
equity (%)
-1.7
-2.6

Ordinary
income on total
assets (%)
-0.1
-0.8

Ordinary
income to netsales (%)
-0.1
-1.4

Year ended March 2003: 469,793,553 sharesYear ended March 2002: 481,821,996 shares

2. Changes in accounting methods: No
3. Year-on-year changes for net sales, operating income, ordinary income, and net income are based on the previous fiscal year.

(2)

Dividends

Ended Mar. 2003
Ended Mar. 2002

(3)

Annual cash dividends per share (¥)
InterimYear-end
3.00
0.00
3.00
3.00
1.50
1.50

Total annual cash
dividends (¥ million)
1,387
1,438

Payout ratio(%)-Dividends on equity (%)
1.2
1.1

Financial Position
Total assets(¥ million)
306,797
318,573

Ended Mar. 2003
Ended Mar. 2002
Notes:
1. Number of shares outstanding at end of period:
2. Number of own shares at end of period:

Shareholders’ equity(¥ million)
117,030
128,989

Shareholders’ equity ratio
(%)
38.1
40.5

Shareholders’ equity pershare (¥)
253.04271.42

Year ended March 2003: 462,498,215 sharesYear ended March 2002: 475,247,107 sharesYear ended March 2003: 20,980,183 sharesYear ended March 2002: 8,231,291 shares

2. Projected Results for Fiscal 2003 (April 1, 2003 to March 31, 2004)
Net sales(¥ million)
112,000
230,000

Ordinary income(¥ million)
500
3,500

Net income(¥ million)
300
2,000

Annual cash dividends per share (¥)
InterimYear-end
3.00
3.00

Interim period
Fiscal 2003
Reference:
1. Estimated earnings per share for fiscal 2003: ¥4.32
2. Operating income for interim period: ¥500 million
Operating income for fiscal 2003: ¥3,500 million* The projected results are estimated by the company based on information currently available and, therefore, may be different from theactual results. For details of the above projected results, please refer to the consolidated financial statement shown on page 7.