Consolidated Financial Statements for the Fiscal Year Ended March 31, 2004
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 14, 2004
Tokyo, Osaka, Nagoya
4182
http://www.mgc.co.jp/
May 14, 2004
Not applied

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

1. Results for Fiscal 2003 (April 1, 2003 to March 31, 2004)(1)

Sales and Income
Net sales(¥ million)
340,710
312,119

Ended Mar. 2004
Ended Mar. 2003

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 (%)
14,934683.0
18,879
550.7
1,907
2,901
-

Year-on-yearchange (%)
9.2
13.2
Year-on-yearchange (%)

Earnings per
share (¥)-

22.91
(1.05)

Ended Mar. 2004
10,622Ended Mar. 2003
(474)
Notes:
1. Equity method investment profit
2. Average number of shares outstanding:

Dilutedearnings per
share (¥)-

Return onequity (%)
5.9(0.3)

Ordinaryincome on totalassets (%)
4.00.6

Ordinary
income to netsales (%)
5.50.9Year ended March 2004: ¥9,156 million
Year ended March 2003: ¥5,697 million
Year ended March 2004 462,788,325 sharesYear ended March 2003: 469,793,553 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. 2004
475,116
180,52338.0
390.23
Ended Mar. 2003
458,137
161,85835.3
349.93
Notes: Number of shares outstanding at end of period:
Year ended March 2004:
462,561,149 sharesYear ended March 2003:
462,498,215 shares(3)

Cash Flow

Ended Mar. 2004
Ended Mar. 2003

(4)

Net cash provided byoperating activities(¥ million)
19,732
24,509Net cash used in investing
activities(¥ million)(8,039)(16,360)

Net cash used in financing
activities(¥ million)(14,305)(3,154)

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 atend of period(¥ million)
30,41833,66728
11

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

(New)
(New)

11

(Eliminated)(Eliminated)

11

2. Projected Results for Fiscal 2004 (April 1, 2004 to March 31, 2005)
Net sales(¥ million)
178,000
358,000

Ordinary income(¥ million)
10,00019,500Net income(¥ million)7,500
13,000Interim period
Fiscal 2004
Reference:
1. Estimated earnings per share for fiscal 2004: ¥28.10
2. Operating income for interim period: ¥7,500 million
Operating income for fiscal 2004: ¥16,500 million* The projected results are estimated by the company based on information currently available and, therefore, may be different from theactual results.

Unconsolidated Financial Statements for the Fiscal Year Ended March 31, 2004
May 14, 2004
Tokyo, Osaka, Nagoya
4182
http://www.mgc.co.jp/May 14, 2004
June 29, 2004
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:

Mitsubishi Gas Chemical Co., Inc.
Head office location:
TokyoContact:
Yasuhiro Sato, General Manager
Corporate Communications Division(03)-3283-5041

1. Results for Fiscal 2003 (April 1, 2003 to March 31, 2004)(1)

Sales and Income

Ended Mar. 2004
Ended Mar. 2003

Net sales(¥ million)
240,575
214,604
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 (%)
5,551
5,973
(1,149)(202)-

Year-on-yearchange (%)
12.1
10.7
Year-on-yearchange (%)

Earnings pershare (¥)

Return onequity (%)

Dilutedearnings pershare (¥)-Ordinary
income on total
assets (%)
1.9(0.1)

Ordinary
income to net
sales (%)
2.5
(0.1)

Ended Mar. 2004
2,723
5.88
2.2
Ended Mar. 2003
(2,086)(4.44)(1.7)
Notes:
1. Average number of shares outstanding: Year ended March 2004: 462,788,325 sharesYear ended March 2003: 469,793,553 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)

Dividends
Annual cash dividends per share (¥)

Total annual cash
dividends (¥ million)

Payout ratio (%)

InterimYear-end
Ended Mar. 2004
4.00
0.00
4.00
1,850
68.0
Ended Mar. 2003
3.00
0.00
3.00
1,387
Notes: Number of shares outstanding at end of period: Year ended March 2004: 462,561,149 sharesYear ended March 2003: 462,498,215 shares(3)

Dividends on equity (%)
1.4
1.2

Financial Position
Total assets(¥ million)
320,790306,797

Shareholders’ equity(¥ million)
130,301
117,030

Shareholders’ equity ratio
(%)
40.6
38.1

Ended Mar. 2004
Ended Mar. 2003
Notes:
1. Number of shares outstanding at end of period: Year ended March 2004: 462,561,149 sharesYear ended March 2003: 462,498,215 shares
2. Number of own shares at end of period:
Year ended March 2004: 20,917,249 sharesYear ended March 2003: 20,980,183 shares

Shareholders’ equity pershare (¥)
281.70253.04

2. Projected Results for Fiscal 2004 (April 1, 2004 to March 31, 2005)
Net sales(¥ million)
125,000
250,000

Ordinary income(¥ million)
3,000
8,000

Net income(¥ million)
2,500
5,500

Annual cash dividends per share (¥)
InterimYear-end
2.50
2.50
5.00

Interim period
Fiscal 2004
Reference:
1. Estimated earnings per share for fiscal 2004: ¥11.89
2. Operating income for interim period: ¥3,000 million
Operating income for fiscal 2004:¥8,000 million* The projected results are estimated by the company based on information currently available and, therefore, may be different from theactual results.