May 11, 2017
Summary of Consolidated Financial Results for the Fiscal year Ended March 31, 2017 (unaudited)Company name: Mitsubishi Paper Mills Limited Stock exchange listing: Tokyo Stock Exchange Code number: 3864
URL: http://www.mpm.co.jp/
Representative: Kunio Suzuki, President and Chief Executive Officer Contact: Hironori Oikawa,General Manager, Finance & Accounting Dept.
Phone: +81-3-5600-1407
(Amounts of less than one million yen are rounded down.)
- Consolidated Financial Results for the Fiscal year Ended March 31, 2017 (April 1, 2016 to March 31, 2017)
Consolidated Operating Results (% indicates changes from the previous corresponding period.)
Net sales
Operating income
Ordinary income
Profit attributable to owners of parent
Fiscal year ended
Million yen
%
Million yen
%
Million yen
%
Million yen
%
March 31, 2017
201,955
(6.6)
4,313
11.4
2,703
22.0
1,152
(48.0)
March 31, 2016
216,340
0.6
3,872
272.8
2,216
-
2,217
-
(Note) Comprehensive income: Fiscal year ended March 31, 2017: ¥ 5,597 million [-%]
Fiscal year ended March 31, 2016: ¥ (3,310) million [-%]
Earnings per share
Diluted earnings per share
Fiscal year ended
Yen
Yen
March 31, 2017
33.72
-
March 31, 2016
64.85
-
* The Company conducted a reverse stock split to consolidate every ten shares of common stock into one share on October 1, 2016. Earnings per share has been calculated assuming that the reverse stock split was conducted at the beginning of the previous consolidated fiscal year.
Consolidated Financial Condition
Total assets
Net assets
Equity ratio
As of March 31, 2017
Million yen
Million yen
%
235,869
56,631
23.1
As of March 31, 2016
241,155
51,492
20.4
(Reference) Equity: As of March 31, 2017: ¥54,383 million
As of March 31, 2016: ¥49,241 million
Consolidated Cash Flow
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Cash and cash equivalents at end of period
Fiscal year ended
Million yen
Million yen
Million yen
Million yen
March 31, 2017
19,839
(7,070)
(13,112)
10,840
March 31, 2016
12,626
(2,145)
(5,737)
11,381
-
Dividends
Annual dividends
Amount of total dividends (Annual)
Dividend payout (Consolidated)
Ratio of dividends to net assets (Consolidated)
1st quarter-end
2nd quarter-end
3rd quarter-end
Year-end
Fiscal year ended March 31, 2016
Yen
Yen
Yen
Yen
Million yen
%
%
-
0.00
-
0.00
-
-
-
Fiscal year ended March 31, 2017
-
0.00
-
0.00
-
-
-
Fiscal year ending March 31, 2018 (Forecast)
-
0.00
-
-
-
(Note) Year-end dividend for Fiscal year ending March 31, 2018 has yet to be determined.
- Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2018 (April 1, 2017 to March 31, 2018)
(% indicates changes from the previous corresponding period.)
* Notes:Net sales
Operating income
Ordinary income
Profit attributable to owners of parent
Earnings per share
Full year
Million yen
%
Million yen
%
Million yen
%
Million yen
%
Yen
205,000
1.5
4,000
(7.3)
2,500
(7.5)
1,500
30.1
43.88
Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes in scope of consolidation): None
New: - (Company name); Excluded: - (Company name)
Changes in accounting policies, changes in accounting estimates and retrospective restatement
Changes in accounting policies due to the revision of accounting standards: Yes
Changes in accounting policies other than 1) above: None
Changes in accounting estimates: Yes
Retrospective restatement: None
Total number of issued shares (common shares)
Total number of issued shares at the end of the period (including treasury shares):
March 31, 2017: 34,258,433 shares
March 31, 2016: 34,258,433 shares
Total number of treasury shares at the end of the period:
March 31, 2017: 76,185 shares
March 31, 2016: 73,388 shares
Average number of shares during the period:
Fiscal year ended March 31, 2017: 34,183,946 shares
Fiscal year ended March 31, 2016: 34,186,107 shares
The Company conducted a reverse stock split to consolidate every ten shares of common stock into one share on October 1, 2016. Number of issued shares at the end of the period, number of treasury shares at the end of the period and average number of shares during the period have been calculated assuming that the reverse stock split was conducted at the beginning of the previous consolidated fiscal year.
Financial results reports are not required to be audited.
Explanation of the proper use of financial results forecast and other notes
The earnings forecasts and other forward-looking statements herein are based on information currently acquired by the Company and certain assumptions assessed to be reasonable. Actual results may differ significantly from these forecasts due to a wide range of factors.
Consolidated Financial Statements
Consolidated Balance Sheets
(Million yen)
As of March 31, 2016
As of March 31, 2017
Assets
Current assets
Cash and deposits
11,381
10,840
Notes and accounts receivable - trade
48,338
46,291
Merchandise and finished goods
27,458
24,756
Work in process
7,646
6,541
Raw materials and supplies
10,399
10,108
Deferred tax assets
945
1,027
Other
3,925
4,447
Allowance for doubtful accounts
(188)
(216)
Total current assets
109,907
103,797
Non-current assets
Property, plant and equipment
Buildings and structures, net
28,350
27,089
Machinery, equipment and vehicles, net
55,571
51,642
Land
22,518
22,068
Leased assets, net
1,428
1,194
Construction in progress
535
676
Other, net
1,471
1,391
Total property, plant and equipment
109,875
104,064
Intangible assets
Other
225
291
Total intangible assets
225
291
Investments and other assets
Investment securities
18,554
23,001
Long-term loans receivable
82
599
Net defined benefit asset
8
2,005
Deferred tax assets
198
184
Other
2,642
2,024
Allowance for doubtful accounts
(338)
(99)
Total investments and other assets
21,147
27,716
Total non-current assets
131,248
132,071
Total assets
241,155
235,869
(Million yen)
As of March 31, 2016
As of March 31, 2017
Liabilities
Current liabilities
Notes and accounts payable - trade
23,245
24,556
Short-term loans payable
81,176
68,264
Lease obligations
363
346
Accrued expenses
7,081
7,135
Income taxes payable
345
399
Other
6,465
6,673
Total current liabilities
118,677
107,376
Non-current liabilities
Long-term loans payable
57,443
57,570
Lease obligations
1,240
907
Deferred tax liabilities
1,213
2,442
Provision for directors' retirement benefits
48
66
Reserve for loss on dissolution of employee's fund
121
143
Net defined benefit liability
9,165
8,949
Asset retirement obligations
884
888
Other
866
893
Total non-current liabilities
70,985
71,862
Total liabilities
189,663
179,238
Net assets
Shareholders' equity
Capital stock
32,756
32,756
Capital surplus
7,456
7,438
Retained earnings
7,447
8,599
Treasury shares
(145)
(147)
Total shareholders' equity
47,514
48,647
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
3,014
5,506
Foreign currency translation adjustment
1,577
1,245
Remeasurements of defined benefit plans
(2,864)
(1,015)
Total accumulated other comprehensive income
1,727
5,736
Non-controlling interests
2,250
2,247
Total net assets
51,492
56,631
Total liabilities and net assets
241,155
235,869
Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income
(Million yen)
Fiscal year ended March 31, 2016
Fiscal year ended March 31, 2017
Net sales
216,340
201,955
Cost of sales
181,117
166,817
Gross profit
35,223
35,137
Selling, general and administrative expenses
31,350
30,824
Operating income
3,872
4,313
Non-operating income
Interest income
47
46
Dividend income
425
438
Royalty income
188
149
Insurance income
365
196
Compensation income
37
228
Other
283
310
Total non-operating income
1,347
1,371
Non-operating expenses
Interest expenses
2,320
2,075
Foreign exchange losses
242
287
Other
441
618
Total non-operating expenses
3,004
2,981
Ordinary income
2,216
2,703
Extraordinary income
Gain on disposal of non-current assets
1,459
17
Gain on sales of investment securities
38
233
Reversal of allowance for doubtful accounts for subsidiaries and affiliates
277
-
Insurance income
-
58
Other
67
88
Total extraordinary income
1,843
397
Extraordinary losses
Loss on disposal of non-current assets
441
530
Special retirement expenses
302
348
Business restructuring cost
227
276
Impairment loss
18
287
Other
50
71
Total extraordinary losses
1,040
1,514
Income before income taxes and non-controlling interests
3,018
1,585
Income taxes
995
256
Profit
2,023
1,329
Profit (loss) attributable to non-controlling interests
(193)
176
Profit attributable to owners of parent
2,217
1,152
Consolidated Statements of Comprehensive Income
(Million yen)
Fiscal year ended March 31, 2016
Fiscal year ended March 31, 2017
Profit
2,023
1,329
Other comprehensive income
Valuation difference on available-for-sale securities
(1,918)
2,813
Foreign currency translation adjustment
(438)
(313)
Remeasurements of defined benefit plans, net of tax
(2,979)
1,821
Share of other comprehensive income of entities accounted for using equity method
3
(53)
Total other comprehensive income
(5,333)
4,268
Comprehensive income
(3,310)
5,597
Comprehensive income attributable to
Comprehensive income attributable to owners of parent
(2,946)
5,161
Comprehensive income attributable to non-controlling interests
(364)
435
Consolidated Statements of Cash Flow
(Million yen)
Fiscal year ended March 31, 2016 | Fiscal year ended March 31, 2017 | |
Cash flows from operating activities | ||
Income before income taxes and non-controlling interests | 3,018 | 1,585 |
Depreciation | 10,662 | 10,454 |
Impairment loss | 18 | 287 |
Increase (decrease) in net defined benefit liability | 291 | (120) |
Decrease (increase) in net defined benefit asset | (669) | 2 |
Increase (decrease) in provision for directors' retirement benefits | 14 | 17 |
Interest and dividend income | (473) | (485) |
Interest expense | 2,320 | 2,075 |
Loss (gain) on sales of short-term and long-term investment securities | (38) | (207) |
Loss (gain) on disposal of non-current assets | (1,017) | 513 |
Business restructuring cost | 227 | 276 |
Decrease (increase) in notes and accounts receivable - trade | (1,530) | 2,182 |
Decrease (increase) in inventories | 3,210 | 3,432 |
Increase (decrease) in notes and accounts payable - trade | (384) | 1,547 |
Other, net | (117) | 592 |
Subtotal | 15,532 | 22,155 |
Payments for business restructuring cost | (227) | (144) |
Interest and dividend income received | 470 | 489 |
Interest expenses paid | (2,387) | (2,155) |
Income taxes paid | (761) | (506) |
Net cash provided by (used in) operating activities | 12,626 | 19,839 |
Cash flows from investing activities | ||
Purchase of property, plant and equipment and intangible assets | (4,196) | (6,120) |
Proceeds from sales of property, plant and equipment and intangible assets | 1,682 | 50 |
Purchase of investment securities | (28) | (142) |
Proceeds from sales of investment securities | 40 | 269 |
Purchase of shares of subsidiaries and associates | (4) | (355) |
Proceeds from sales of shares of subsidiaries and associates | 4 | - |
Payments of loans receivable | (2) | (570) |
Collection of loans receivable | 325 | 53 |
Other, net | 34 | (256) |
Net cash provided by (used in) investing activities | (2,145) | (7,070) |
Fiscal year ended March 31, 2016 | Fiscal year ended March 31, 2017 | |
Cash flows from financing activities | ||
Net increase (decrease) in short-term loans payable | (2,343) | (2,112) |
Proceeds from long-term loans payable | 18,175 | 17,899 |
Repayments of long-term loans payable | (20,653) | (28,090) |
Repayments of lease obligations | (383) | (348) |
Purchase of treasury shares | (1) | (2) |
Proceeds from sales of treasury shares | - | 0 |
Dividends paid to non-controlling interests | (240) | (188) |
Payments from changes in ownership interests in subsidiaries that do not result in change in scope of consolidation | (290) | (269) |
Net cash provided by (used in) financing activities | (5,737) | (13,112) |
Effect of exchange rate change on cash and cash equivalents | (109) | (196) |
Net increase (decrease) in cash and cash equivalents | 4,633 | (540) |
Cash and cash equivalents at beginning of period | 6,505 | 11,381 |
Increase in cash and cash equivalents from newly consolidated subsidiaries | 242 | - |
Cash and cash equivalents at end of period | 11,381 | 10,840 |
Mitsubishi Paper Mills Ltd. published this content on 11 May 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 11 May 2017 05:41:12 UTC.
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