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Keiei 20101116e

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Keiei 20101116e

  1. 1. First Half of Year-Ended March 31,2011 Business ReportPart-1: Financial Review, 2011 First HalfPart-2: Enhanced Countermeasures November 16, 2010 2010年11月16日 Mitsubishi Paper Mills Ltd. 三菱製紙株式会社
  2. 2. PART – 1 Financial Review for the First Half of The Fiscal Year-ended March 31. 2011 1
  3. 3. Key Figures <Consolidated> (unit:100million yen) FY2009First-Half FY2010First-Half Increment Sales Ratio Sales Ratio Amount Amount Amount % (%) (%) Sales 1,083 - 1,067 - ▲16 ▲1.5 Operating Income 12 1.1 19 1.7 7 53.9 Ordinary Income 2 0.2 9 0.8 7 254.6 Net Income ▲16 ▲1.5 ▲ 9 ▲0.9 7 - Sales Operating Income Ordinary Income Net income3,000 FY First-Half 120 FY First-Half 100 FY First-Half FY First-Half 2,585 2,531 90 2,4432,500 2,197 2,180 100 93 80 73 71 70 612,000 80 73 71 60 53 50 601,500 1,264 1,343 60 45 37 1,185 40 32 1,083 1,067 39 43 40 301,000 33 31 40 31 27 24 10 6 12 7 19 20 21 12 500 20 12 9 △16 △9 2 -10 07.3 08.3 09.3 0 0 0 △16 07.3 08.3 09.3 10.3 11.3 07.3 08.3 09.3 10.3 11.3 07.3 08.3 09.3 10.3 11.3 -30 10.3 11.3 2
  4. 4. Segment Information by Product <Consolidated> (Unit:100 million yen/%) FY2009First-Half FY2010First-Half Increment % Pulp&Paper 889 894 5 0.6 Imaging & Development 247 247 ▲0 ▲0.3 Company Sales Others 103 92 ▲11 ▲10.8 Internal Transfer ▲156 ▲166 ▲10 - 合計 1,083 1,067 ▲16 ▲1.5 Pulp&Paper 17 15 ▲ 2 ▲14.4 Operating Income Imaging & Development ▲8 1 9 - Company Others 3 3 0 ▲8.2 Internal Transfer 0 0 0 - 合計 12 19 7 53.9 Note : The segment figures for the second quarter of the previous fiscal year were estimated by referencing this quarter’s segment figures. 3
  5. 5. Segment Information by Area <Consolidated> (Unit:100 million yen/%) FY2009First-Half FY2010First-Half Increment % Japan 893 889 ▲4 ▲0.5 Europe 175 192 17 9.4 Sales U.S.A. 37 36 ▲1 ▲3.2 Internal Transfer ▲22 ▲50 ▲28 - Total 1,083 1,067 ▲16 ▲1.5 Operating Income Japan 9 12 3 34.6 Europe 1 4 3 365.0 U.S.A. 1 1 0 ▲37.9 Internal Transfer 1 2 1 - Total 12 19 7 53.9 Note : This quarter’s segment figures were estimated by referencing the previous segment information by area.2,500 Sales (Unit:100 million yen/) Operating Income (Unit:100 million yen/) Japan 90 82 1,950 2,051 2,037 802,000 1,841 First-Half FY 70 63 66 Japan 601,500 Europe 50 Japan 942 1,001 1,068 40 35 341,000 Europe 893 889 25 30 Europe 27 477 526 475 500 20 359 12 9 262 269 192 10 4 6 4 4 233 3 0 175 3 1 0 0 1 07.3 08.3 09.3 10.3 11.3 07.3 08.3 09.3 10.3 11.3 4
  6. 6. Breakdown of Increase/Decrease of Consolidated Ordinary (Unit:100 million yen) First-Half of FY2010 First-Half of FY2010 9 First-Half of FY2009 2 Cost Sales(Price) Reduction ▲29 +28 Sales Raw Material (Quantity・ & Energy Cost Product mix) ▲6 +14 5
  7. 7. Balance Sheet <Consolidated> (unit:100million yen) Ended of March 31,2010 Ended of Sept. 30, 2010 Increment Amount % Amount % AmountAssets 2,821 100.0 2,668 100.0 ▲153 Current Assets 1,105 39.2 1,094 41.0 ▲11 Fixed Assets 1,716 60.8 1,574 59.0 ▲142 Tangibles 1,294 45.9 1,230 46.1 ▲64 Intangibles 10 0.3 7 0.3 ▲3 Investment and Others 412 14.6 337 12.6 ▲75Liabilities 2,134 75.6 2,022 75.8 ▲112 Current Liabilities 1,442 51.1 1,374 51.5 ▲ 68 Long-Term Liabilities 692 24.5 648 24.3 ▲ 44Net Assets 687 24.4 646 24.2 ▲ 41Interest Bearing Debts 1,616 - 1,514 - ▲102 6
  8. 8. Statement of Cash Flow <Consolidated> (unit:100million yen) FY2009 FY2010 Increment First-Half First-Half Amount Amount AmountCash Flow from Operating Activities 42 78 36Cash Flow from Investing Activities ▲66 ▲0 66Cash Flow from Financing Activities 22 ▲82 ▲104Effect of Exchange Rate Fluctuation on Cash & Cash 0 ▲2 ▲2EquivalentsNet Increase/Decrease in Cash and Cash Equivalents ▲2 ▲6 ▲4Cash and Cash Equivalents at the Beginning of the Year 35 70 35Cash and Cash Equivalents at the End of the Year 33 64 31 7
  9. 9. 通期業績予想Forecast for FY2010 8
  10. 10. Forecast < Increase/Decrease Factors > (unit:100million yen) FY2009 Forecast of FY2010 Increment 1ST 2nd 2nd Half 1ST 2nd 1ST Half FY (Forecast) FY2009 FY2010 (Forecast) Half Half Half (Forecast) Half (Actual) (Forecast) Amt % Amt % Amt % Sales 1,083 1,114 2,197 1,067 1,113 2,180 ▲16 ▲1.5 ▲1 ▲0.1 ▲17 ▲0.8 Pulp & paper 889 926 1,815 894 936 1,830 5 0.6 10 1.1 15 0.8 I&DCompany 247 251 498 247 253 500 ▲0 ▲0.3 2 1.2 2 0.5 ▲10. Others 103 88 191 92 88 180 ▲11 0 0.0 ▲11 ▲5.8 8 Internal Transfer ▲156 ▲151 ▲307 ▲166 ▲164 ▲330 ▲10 - ▲13 - ▲23 -Operating 12 31 43 19 41 60 7 53.9 10 36.0 17 41.1IncomeOrdinary 2 25 27 9 31 40 7 254.6 6 30.0 13 50.4IncomeNet Income ▲16 0 ▲16 ▲ 9 16 7 7 - 16 - 23 -Note : The segment figures for first half, second half and full-year earnings were estimated by referencing this quarter’s segment figures. Forecast of the 2nd Half: ¥85/$、Dubai crude oil $75/barrel 9
  11. 11. Breakdown of Increase/Decrease of Consolidated Ordinary IncomeComparison of the 1ST Half (Actual) Comparison of the 2ND Half (Forecast) (Unit:100 million yen) 2ND Half of FY2010 2nd Half of FY2009 +31 +25 1ST Half of FY2010 Others 1ST Half of FY2009 +9 Sales(Price) ▲4 +2 ▲16 Cost Reduction +34 Sales(Price) Cost Reduction ▲29 +28 Raw Material Sales Sales & Energy Cost (Quantity・ Raw Material (Quantity・ ▲15 Product mix) & Energy Cost Product mix) +7 ▲6 +14Comparison of FY2009 and FY2010(Forecast) FY2010 Others FY2009 ▲4 +40 +27 Cost Reduction Sales(Price) +62 ▲45 Sales Raw Material (Quantity・ Others: Extraordinary expenses/income and others & Energy Cost Product mix) ▲21 +21 10
  12. 12. Key Indices <Consolidated> (unit:100million yen) FY2009 FY2010 FY2010(Forecast) First-Half First-HalfInterest Bearing Debts 1,675 1,514 1,500Depreciation 65 62 122Investment 55 19 35Number of Employees 4,632 4,389 4,350 11
  13. 13. Key Indices <Non-consolidated> (unit:100million yen/%) FY2009 FY2010 Sales Data 1STHalf Fiscal Year 1STHalf Fiscal Year Sales Qty. Sales Amt. Sales Qty. Sales Amt. Sales Qty. Sales Amt. Sales Qty. Sales Amt.Uncoated (Wood-free, etc) 79 98 164 198 85 97 175 198Coated (Coated, etc) 246 328 527 683 267 332 550 682Business CommunicationPaper (Thermal, 40 93 80 186 41 93 81 183Carbonless Paper, etc)White Card Board 22 27 46 55 23 27 48 57Others (Leaf paper, Hygiene 8 43 16 93 8 46 17 100Paper, etc) 1ST Half of FY2009 1ST Half of FY2010Exchange Rate ¥95.27/US$ ¥88.85/US$Annual Usage of Woodchips 500Tt 572Tt(Import Ratio) (67%) (67%)Annual Usage of Purchased 23Tt 21TtPulp (Purchase Ratio) (7%) (6%)Annual Usage of Oil 19Tkl 18TklAnnual Usage of Coal 131Tt 139TtPurchase Electric Power 130MWH 127MWH(Self-Generation Ratio) (79%) (80%)RE:The raw materials & energy usage quantities include that of Kitakami HiTec Paper 12
  14. 14. PART - 2 Enhanced Countermeasures: Status of Progress November 16, 2010 Kunio Suzuki President and CEO
  15. 15. Seven Enhanced Countermeasures (Announced October 30, 2009) FY2010, FY2011 Move from “Scale” to Initiative begun in the “Cost Competitiveness” second half of FY2009 and “Value Added” 1 2 Thorough cost Efficient production system minimization Relocation of business  Maximized low-cost structure 7 communication paper production bases  for I&D Company Cost reductions at Hachinohe 3 Drastic reductions ofRealize effect of alliances Shut down No. 12 Paper Machine at and Takasago mills overhead cost Takasago Mill (Transfer production of base paper,  Trim logistic costs for printing Alliance with FUJIFILM  Streamline R&D system decrease pulp purchases) & communication paper Alliance with OJI Paper in  Reduce costs at the Shut down KHP No. 5 RC Machine business communication headquarters and subsidiaries Transfer personnel of I&D paper Company 6 Stabilize and capitalize on 5 4 Shift to high value added overseas operations products Launch new products  Restructuring of German  New paper for digital printing operations  Expand sales of Thermal  Expand development of  Capitalize on and expand Digiplate various types of art paper business base in China  Expand sales of new ink jet  FSC certified paper and use of media on a global scale thinnings  Expand development of functional non-woven fabic 1
  16. 16. Enhanced Countermeasures: Effects Effects: ¥ 100 million Production system Cost Overseas Personnel Other (energy, rebuilding reductions operations streamlining depreciation, etc.) Total FY2010(Year 146 ending March 2011) Initial Target 5 11 6 11 10 43 1H results 2 8 6 9 3 28 2H forecast 5 17 2 3 7 34 Full-year outlook 7 25 8 12 10 62Benefits of measures are steadily emerging, with cost reductions offsetting factorsthat depress earnings. Pushing on next year with original targets. FY2011(Year 147 ending March 2012) 4 12 3 6 25 Initial Target 2
  17. 17. Pulp & Paper Business:Progress in MeasuresProduction System Rebuilding & Alliances  Transfer of business communication base paper production progressing well, with No. 12 Paper Machine in the Takasago Mill shut down to schedule  Hachinohe Mill: Reduce energy costs through improved capacity utilization  Takasago Mill: Reduce business communication base paper costs  Developing business communication paper alliance with Oji PaperHachinohe Mill- Capacity Utilization Trend - 1,000 tons 900 850,000t 800,000t 100% 800 750,000t 90% 94% 700,000t 700 85% 90% 80% 600 78% 70% 500 60% FY2008 FY2009 FY2010 FY2011 Increase to 90% capacity utilization after transfer of business communication base paper and expansion of environmental value-added product sales 3
  18. 18. I&D Business:Progress in MeasuresProduction System Rebuilding & Alliances  Kitakami Hitec Paper Add new No. 8 RC Machine and shut down No. 5 RC Machine (May 2010) to concentrate operations on three multi-function resin coaters  MP Juarez LLC (MPJ / Mexico) As well as inkjet paper, expand local finishing of photo-sensitive print material products  Alliance with FUJIFILM on photographic base paper, now underwayPersonnel Reassignment, Cost Reductions  I&D Company personnel reductions: Reduction of approx. 160 staff since year ended March 2009, generating ¥1 billion in cost savingsExpansion of Functional Material Development Business  Sales expansion into emerging markets, focused on Asia Approx. 10% sales growth in filters, non-woven fabric business  Full production at filter processing subsidiary in Zhuhai, China 4
  19. 19. Restructuring in Germany Restructuring to 2009: ・Close/merge paper machines (partial shutdown of paper machines / complete shutdown of all cast coaters) ・Personnel cuts affecting 120 people ・Review product portfolio, improve product mix Business Results for European Segment Unit: ¥ 100million <Forecast> Operating Income 5 500 <Results> 4 3 300 100 1 -100 Jan-Jun Jul-Dec Jan-Jun Jul-Dec Jan-Jun Jul-Dec 2008 2009 2010 年 年 年 Establishing profitability through positive effects of measures Margin improvement: Approx. ¥500mn (vs. 2009) 5
  20. 20. Reorganization of Consolidated Subsidiary in Germany MPH (Mitsubishi Paper Holding (Europe) GmbH) MPF MPB MPG (Mitsubishi HiTec Paper Flensburg) (Mitsubishi HiTec Paper Bielefeld) (Mitsubishi Paper GmbH) Production and sale of thermosensitive Production and sale of thermosensitive Print plate sales/ recording paper (primarily high value- recording paper (primarily general-use technical services added products), other products products), carbonless copying paper, inkjet paper, other productsSweeping restructuring1. Consolidation of production facilities2. Personnel streamlining3. Review of produced brands MPH (Mitsubishi Paper Holding (Europe) GmbH) MPE MPG (Mitsubishi HiTec Paper Europe GmbH) (Mitsubishi Paper GmbH) Production and sale of thermosensitive Print plate sales/ recording paper, carbonless copying technical services paper, inkjet paper,other products 6
  21. 21. Printing and communication Paper -Expansion into growth fields -Promote shift to high value-added printing and business communication paper  Expansion of digital printing paper market Develop products targeting future expansion into industrial printing field  Develop and grow sales of value-added products (with eco-friendly, art features, etc.) FSC-certified paper, paper using forest thinnings, high-grade printing paper, etc. Example of FSC logo on printed matter Various types of digital Use of forest thinnings Example of FSC-certified paper printing paper (Forest Neighborhood Association Copying Paper) 7
  22. 22. I&D Company- Shift to high-margin structure / expand sales of new products -New business development - Bolstering production -  Strategic investment in functional non-woven fabric business, a growth area  Consider increase of filter processing in Zhuhai, China, and expansion of other operationsInkjet - Shift to high-margin structure - Growth strategy: New product development & investment  Expand sales of high value-added inkjet paper Pearlescent inkjet, display-use film inkjet, double-sided inkjet  Stimulate demand for high-grade photobooksPrint plates - New product sales expansion -  TDP sales expansion and new IDP, PDP products TDP = Thermal DigiPlate (Direct thermal digital plate making material) TDP = Inkjet DigiPlate (Inkjet digital plate making material) PDP = Polymer DigiPlate (Photopolymerization-based digital plate making material) 8
  23. 23. Future earnings assumptions<Consolidated Ordinary Income> Measures next year ¥7bn Effect of Enhanced Countermeasures (next year) ¥4bn Effect of Enhanced ¥2.7bn Countermeasures (first year) Production system rebuilding Cost reductions Strengthen Review of measures overseas ops. +α Personnel streamlining FY2009 FY2010 FY2011 9
  24. 24. These slides contain forward-looking statements with respect tofuture results, performance and achievements that are subject torisks and uncertainties, and reflect management’s views andassumptions formed based on available information. All data otherthan historical facts are data that could be considered forward-looking data. Should one or more of these risks or uncertaintiesmaterialize or should underlying assumptions prove incorrect,actual results may vary materially from those described herein.Mitsubishi Paper Mills does not intend or assume any obligation toupdate this forward-looking data.

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