Dai Nippon Printing Co., Ltd.
Briefing (Online Conference) for Institutional Investors and Analysts on FY 3/2024 Results
May 15, 2024

Event Summary[Company Name]

Dai Nippon Printing Co., Ltd.

[Company ID]

7912-QCODE[Event Language]

JPN[Event Type]Earnings Announcement[Event Name]

Briefing (Online Conference) for Institutional Investors and Analysts on FY
3/2024 Results[Fiscal Period]

FY2024 Annual[Date]

May 15, 2024

[Number of Pages]

33[Time]

13:00 – 14:04(Total: 64 minutes, Presentation: 39 minutes, Q&A: 25 minutes)[Venue]Webcast[Venue Size][Participants][Number of Speakers][Analyst Names]*

4
Yoshinari Kitajima
Masafumi Kuroyanagi
Mitsuru Tsuchiya
Naoki Wakabayashi

Takaomi Kono
Takeru Hanaya
Ayaka Inomata
Satoru Kubota

President
Managing Director
Senior Executive Corporate Officer
General Manager, IR and Public Relations
Division
Nomura Securities
SMBC Nikko Securities
Daiwa Securities
Sumitomo Mitsui Trust Asset Management*Analysts that SCRIPTS Asia was able to identify from the audio who spoke during Q&A or
whose questions were read by moderator/company representatives.

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Presentation
Wakabayashi: Since it is now the scheduled time, we will begin the Dai Nippon Printing briefing for
institutional investors and analysts on the financial results for the fiscal year ended March 2024. I am
Wakabayashi from the IR and Public Relations Division, and I will be your host today. Thank you for joining us.
We greatly appreciate your participation in our online briefing today despite your busy schedules. We willproceed according to the briefing materials. Both the Japanese and English versions of the materials areavailable on the DNP website.
Now, I would like to introduce today’s attendees. We have Yoshinari Kitajima, President; Masafumi
Kuroyanagi, Managing Director; and Mitsuru Tsuchiya, Senior Executive Corporate Officer.
As for today’s agenda, after the presentations by the three speakers, we will have a Q&A session. The session
is scheduled to conclude by 2:00 PM.
Let’s move on to the presentations.
First, President Kitajima will explain the results for FY2023 and the forecasts for FY2024. President Kitajima,please proceed.
Kitajima: Hello everyone. I am Yoshinari Kitajima, President of Dai Nippon Printing. Thank you very much forattending our financial results briefing today despite your busy schedules.

Let’s get started. Please take a look at the second page of the materials.
Since April of last year, we have begun a new three-year medium-term management plan. In today’s briefing,
I will first report on the full-year financial results for FY2023, the first year of this medium-term management
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plan. In the latter part, I will explain DNP’s initiatives aimed at enhancing corporate value and the progress of
our medium-term management plan.

Please take a look at page four.
First, I will report on the results for FY2023 and the performance forecast for FY2024.
For FY2023, through the steady implementation of various measures aimed at enhancing corporate value as
outlined in our medium-term management plan, we were able to secure high levels for operating income, net
income attributable to parent company shareholders, and ROE.
Operating income was JPY75.4 billion, an increase of 23.2% YoY, and 12.6% above our initial plan. This JPY75.4
billion operating income is the highest in the past 10 years.
Net income attributable to parent company shareholders was JPY110.9 billion, an increase of 29.5% YoY, and26.1% above our initial plan. This JPY110.9 billion net income is the highest in DNP’s history.
ROE was 9.8%, up 1.9 percentage points from the previous year and 1.5 percentage points above our initialplan. The ROE is approaching the medium- to long-term target level of 10% set in our medium-term
management plan.
Although the results for FY2023 exceeded our targets, the increase in ROE includes temporary factors such as
gains from asset sales. We will accelerate our efforts under the medium-term management plan to further
accumulate business profits in the future.
As for the performance forecast for FY2024, I will focus on operating income.
We expect operating income for FY2024 to be JPY80 billion, exceeding the initial plan of JPY75 billion set in
the medium-term management plan. The digital interfaces business is expected to outperform the plan,
resulting in a 6% increase YoY and a 6.7% increase compared to the initial plan.
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The forecasted operating income for FY2024 is close to the operating income target of JPY85 billion set for
the final year of the medium-term management plan. The DNP Group will work together to achieve this target.
Now, for the details of the year-end financial results, Managing Director Kuroyanagi will provide the report.
Wakabayashi: Thank you very much. Next, Managing Director Kuroyanagi will explain the full-year financial
results for FY2023. Mr. Kuroyanagi, please.
Kuroyanagi: I am Masafumi Kuroyanagi, Managing Director. Following the materials disclosed today, I will
provide supplementary explanations on the financial results for FY2023 and the performance forecast for
FY2024. Due to time constraints, I will focus on the most important points.

First, please look at page five. I will provide two supplementary explanations for this page.
First, regarding net sales, we achieved a 3.8% increase. Previously, despite our efforts to expand our focus
areas, we struggled to increase sales due to the shrinking market for our existing printing business, particularly
paper media, resulting in sales remaining roughly flat YoY.
However, recently, the outcomes of our efforts to expand our focus areas have started to materialize. In
FY2022, we saw a 2.2% increase in sales, and for this fiscal year, we achieved a 3.8% increase, showing that
we are now able to grow our net sales.
The overview of sales in our focus areas is detailed on page seven of the materials.
Additionally, I would like to provide a second supplementary explanation regarding capital investment.
The initial plan was JPY76 billion, but the actual amount was JPY68.3 billion, slightly below the target. I will
explain the reasons for this.

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4The first reason is the postponement of operation start dates to respond to market changes. The second
reason is delays in equipment delivery due to a shortage of parts from suppliers. These two factors caused
the actual investment to fall short of the planned amount.
Taking these situations into account, the investment plan for FY2024 is outlined on page 11 of the materials.

Next, please look at page six.
This page explains the fluctuations in operating income using a waterfall chart. Here, I will explain the impactof foreign exchange rates.
In the current situation of historically weak yen, the depreciation of the yen has had a positive effect.
Specifically, with the yen weakening by approximately JPY9, there was a positive impact of JPY5.1 billion due
to foreign exchange rates.
Out of the JPY14.2 billion increase in operating income, JPY5.1 billion was due to the exchange rate,accounting for about 1/3 of the total increase. Even excluding this foreign exchange impact, operating income
increased by 15%, indicating that the effect of our focus areas was significant.

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Next, please look at page seven.
Earlier, I explained that we achieved a 3.8% increase in sales and that the performance of our focus areas has
been very favorable. As indicated here, within each segment, although lead frames in the semiconductorrelated segment decreased due to market slowdown, sales in other fields and divisions have increased.
For details, please refer to the explanation of this overview.

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Next, let’s move on to the situation by segment.
First, on page eight, we have the Smart Communication segment.
Here, operating income was JPY26.1 billion, a decrease of JPY600 million or 2.1% compared to the previous
year.
However, at the time of the Q3 results three months ago, we reported an 11.2% decrease in profit. In thismost recent Q4, we achieved a 16.3% increase in profit, thereby narrowing the annual decrease.
This improvement was mainly due to the effects of cost reductions, including structural reforms in our existing
printing-related business, as detailed on page 20.

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Next, on page nine, we have the Life and Healthcare segment.
The operating income for this segment was JPY13.3 billion, an increase of JPY5.4 billion or 67.2% comparedto the previous fiscal year.
As mentioned here, in the latter half of the fiscal year, the demand for EVs declined, leading to a stagnation
in battery pouch orders, which hindered the results in our focus areas.
However, we achieved solid results through price adjustments for raw materials and cost reductions, leading
to an increase in profit.

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8Next, on page 10, we have the Electronics segment.
The operating income for this segment was JPY58.1 billion, an increase of JPY11.2 billion or 23.9% comparedto the previous fiscal year.
Despite a decrease in lead frames due to the slowdown in the semiconductor market, we achieved asignificant increase in profit thanks to the strong performance of our focus areas such as metal masks andoptical films.

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9Next, please look at page 11. This page explains the performance forecast for FY2024.
As President Kitajima mentioned earlier, we have raised our operating income forecast from JPY75 billion, as
announced in the medium-term management plan last year, to JPY80 billion, an increase of JPY5 billion.
The breakdown by segment is listed on the right side of the page. We will continue to expand our focus areasand proceed with structural reforms in our existing printing-related businesses.
Looking at each segment, the Electronics segment is forecasted to have a decrease in profit. This is due to theburden of depreciation from the capital investments made in FY2023 and the significant impact of yen
depreciation in FY2023. For FY2024, we are projecting an exchange rate of approximately JPY140, which leads
to the current forecast of a profit decrease.
On the left side of the page, net income is expected to be JPY90 billion, which includes the JPY58.6 billion gainon the sale of investment securities announced in April. The corresponding ROE is expected to be 8%.

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10Next, on page 12, we have a comparison of the performance forecast for FY2024, with the medium-term
management plan announced last year.
I will provide supplementary information on operating income. Considering the current uncertainties in the
EV demand, we have made a downward revision of JPY3 billion for the Life and Healthcare segment. On theother hand, we have increased the forecast by JPY7 billion for the Electronics segment and by JPY1 billion for
the Smart Communication segment.
That concludes my brief explanation regarding the actual and forecasted financial results.
Wakabayashi: Thank you. Next, President Kitajima will explain our initiatives aimed at enhancing corporate
value. President Kitajima, please.

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Kitajima: I will now explain DNP’s initiatives aimed at enhancing corporate value. Please look at page 14.
DNP is committed to the brand statement “Creating future standards.” We focus on solving social issues,
creating new values that meet people’s expectations, and transforming them into indispensable elements ofsociety—things that are always present and considered a given.
In February of last year, we consolidated the DNP Group’s Basic Management Policy. Based on this policy, we
have been working to secure capital profitability that exceeds capital costs and ensure DNP’s sustainablegrowth.
To meet the expectations of various stakeholders, including investors, we are pursuing specific initiatives inour business strategy, financial strategy, and non-financial strategy. Our goal is to achieve an ROE of 10% anda P/B ratio exceeding 1.0x as early as possible, thereby ensuring DNP’s sustainable growth and enhancing
corporate value over the medium to long term.

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Please look at page 15. This page shows DNP’s current analysis regarding efforts to enhance corporate value.
As shown in the graph at the top left, DNP’s steady execution of the medium-term management plan, whichstarted last year, has been well-received by the market, with the P/B ratio rising to around 1.0x recently.
Regarding ROE, it has improved to levels exceeding the target value of 8% set for FY2025, and we are making
steady progress towards our goal of 10%.
The bottom left of the page shows a graph comparing DNP’s stock price to TOPIX. The top right graph shows
the P/E ratio over the past two years. While DNP’s recent stock price growth rate exceeds that of TOPIX, theP/E ratio has remained flat. This indicates that the stock market’s evaluation of our strong performance is stillinsufficient.
To address this situation, DNP recognizes the need to focus investments on key business areas and expand
profits through business structural reforms based on the medium-term management plan. It is also essential
to deepen investors’ and analysts’ understanding of DNP’s businesses and to increase future earnings
expectations.
We will continue to reform our business portfolio, including a review of restructured businesses, and advanceour business, financial, and non-financial strategies to ensure the sustainable enhancement of corporate value.

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Please look at page 16. Based on the analysis, DNP will work on raising the P/B ratio further by implementing
measures aimed at increasing the P/E ratio and ROE.
First, let me explain our initiatives to increase the P/E ratio.
Please look at the top left box. To become a more attractive investment, DNP will work on improving stock
liquidity, making our stock easier to buy for a wider range of investors. Additionally, we will strengthenshareholder returns, creating an environment where long-term investments feel more secure.
We also recognize the importance of ESG initiatives. On April 25, we raised targets for GHG emissions
reduction and set new, challenging environmental goals. We will explain DNP’s sustainable management
approach, policies, and initiatives in detail at a separately scheduled sustainability briefing.
Please look at the top right box. DNP will aim to eliminate information gaps and enhance market credibility
by timely and appropriate information dissemination and dialogue with investors and analysts.
As a specific initiative, to promote investor understanding of our business strategies, which cannot be fully
detailed in financial results briefings, we plan to hold an “IR Day” in July this year to expand our information
disclosure.
Through these efforts, we aim to deepen understanding of DNP’s business and increase expectations for
future earnings, thereby raising the P/E ratio.
Next, let me explain our initiatives to increase ROE.
Please look at the bottom left box. To expand profits, a critical element of capital profitability, we willconcentrate investments in key business areas and undertake business structural reforms. We see growth
opportunities in areas like digital interfaces, semiconductors, and high-performance materials for mobility
and industrial applications, and we plan to focus investments in these fields.

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Let me briefly introduce some key investment areas.
In digital interfaces, we plan to start mass production of metal masks for organic light-emitting diode displays(OLEDs) in FY2024, which is expected to steadily contribute to our performance.
In semiconductors, as announced in March, we are participating as a subcontractor in the New Energy andIndustrial Technology Development Organization (NEDO) project to strengthen the post-5G information
communication system infrastructure, aiming for mass production of photomasks for cutting-edge
semiconductors in collaboration with Rapidus Corporation.
Along with focused investments in key business areas, we will continue with business structural reforms.
While we have already been working on this, we will further optimize our production systems according tomarket trends and reallocate management resources, including human resources.
Next, for improving asset efficiency, we have been reducing cross-shareholdings and will accelerate these
efforts to maximize asset efficiency.
Please look at the bottom right box. DNP is working to improve capital efficiency through proactive
shareholder returns, including share buybacks.
We have already completed JPY100 billion in share buybacks and announced an additional JPY50 billion
buybacks in March 2024. We have been steadily implementing share buybacks. Based on our cash allocation
strategy, we will continue to work on improving capital efficiency, including considering appropriate financing
methods such as utilizing interest-bearing debt.
Through these initiatives, DNP aims to improve the P/E ratio and ROE, raise the P/B ratio, and strive forsustainable enhancement of corporate value.
That concludes my explanation. Thank you.
Wakabayashi: Thank you very much. Next, Senior Executive Corporate Officer Tsuchiya will explain the
progress of the medium-term management plan. Mr. Tsuchiya, please.

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Tsuchiya: I am Tsuchiya, Senior Executive Corporate Officer. I will explain the progress of the medium-term
management plan.
First, regarding investments in key business areas and other focus areas:
In our medium-term management plan announced last year, we set a target of investing over JPY390 billion
from FY2023 to FY2027. Of this, over JPY260 billion is allocated to focus business areas and growthinvestments, and over JPY130 billion to infrastructure investments.
Notable achievements last year include a strategic business partnership in the medical healthcare field withCMIC Holdings Co., Ltd., the acquisition of CMIC CMO Co., Ltd. as a subsidiary, and making HACOSCO INC.,
which develops XR (Extended Reality) and Brain-tech businesses, a group company.
Regarding capital investments, we have made significant investments in large-scale etching production lines
for metal masks, as previously mentioned. Additionally, we have made investments in photomask-relatedareas. As a result, we achieved JPY50.3 billion in investments over the year, which we believe is on track with
our five-year plan.
In terms of infrastructure investments, we have invested JPY34 billion. We believe this is progressing well
above plan as we are still in the early stages of the five-year period.

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Please look at page 19. This page outlines the progress of business structural reforms within each quadrant ofour business portfolio.
Regarding new businesses, as mentioned earlier, we have made HACOSCO INC., a group company. We havealso made CMIC CMO Co., Ltd. and UBE Scientific Analysis Laboratory, INC., which handles material analysis,
into consolidated subsidiaries. We aim to leverage synergies with these companies to steadily expand ourbusiness domains.
For growth-driving businesses, in addition to expanding large-scale metal mask production lines andincreasing photomask production capacity as previously mentioned, a significant event was the decision toinvest in Shinko Electric Industry Co., Ltd. at the end of last year. We will continue to invest in expanding
production capacity and business domains.
In Stable businesses, last year, we strengthened our Business Process Outsourcing services with the launch of
DNP CoArise Co., Ltd. Additionally, we expanded our global sales site for photo business to Spain. We aim toenhance profitability by reviewing our structure and expanding our sites.
Finally, regarding restructuring businesses:
In the restructuring businesses, we optimized manufacturing sites in the commercial printing and publishingprinting sectors. As paper media unfortunately continues to shrink, we have been promoting the optimal
allocation of personnel by reskilling from paper media businesses to new service business areas such as BPO
and XR programming.
In the packaging-related business, we have also implemented the closure of manufacturing sites. We arefocusing on improving profitability through the reorganization of manufacturing sites and optimal personnel
allocation.
Today, I would like to explain the restructuring businesses in more detail.

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Please look at page 20. This page shows the achievements of structural reforms in our existing printing-related
business.
First, regarding the reallocation of management resources, these results are for the cumulative period fromFY2020 to FY2023.
We have reallocated over 1,000 employees from existing printing-related businesses to new business areas,
growth-driving businesses such as digital interfaces, semiconductors, and high-performance industrial
materials, as well as stable businesses like imaging communication and secure information.
Regarding manufacturing sites, we have reduced approximately 15% over the four years. By selling theseassets, we generated over JPY20 billion in cash, which we plan to invest in new areas.
Looking ahead, we aim to combine our expertise and achievements in communication strategies, developed
through printing with our latest digital technologies, to provide optimal information to customers in various
forms, both real and digital.
Additionally, for packaging-related products, we plan to expand globally by combining our core technologies
in converting, film forming, and vapor deposition to create new products that meet environmental and highperformance needs.
That concludes my explanation of the progress in our business strategies.
Wakabayashi: Thank you very much. Next, Managing Director Kuroyanagi will explain the progress of thefinancial strategies in our medium-term management plan. Mr. Kuroyanagi, please.

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Kuroyanagi: Now, I will explain the progress of our financial strategies and capital policies.
Page 21 shows the cash allocation plan we announced last year, along with the actual results for FY2023.

Our focus on the sale of cross-shareholdings and the acquisition of treasury stock will be explained here on
page 22. Regarding the sale of cross-shareholdings, we executed sales amounting to JPY80.8 billion in FY2023.

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Additionally, in the current fiscal year, we have already completed further sales totaling JPY58.6 billion in April.
Against our five-year plan to sell JPY220 billion worth of shares, we have achieved over 60% of this target.
The second point is the acquisition of treasury stock. From March of last year to February this year, we
executed the first round of treasury stock acquisition, totaling JPY100 billion. Additionally, we are currently
executing the second round, acquiring JPY50 billion worth of treasury stock from March this year to
September this year.
Over the span of a year and a half, we plan to acquire a total of JPY150 billion in treasury stock, aiming tocomplete half of our initial plan by the end of September.

Next, on page 23, I will explain the balance trends of cross-shareholdings.
On the far left, as of the end of March 2023, the balance was JPY304.8 billion, representing 26.5% of net assets.
During FY2023, we aimed to reduce the ratio to below 20% by the end of March 2024 through continued sales,
and we executed sales amounting to JPY80.8 billion.
However, due to the rise in Japanese stock prices since the end of last year, the balance as of the end of March2024 ultimately reached JPY342.6 billion, representing 27.7% of net assets, as shown in the third column fromthe right.
Given this situation, we have continued our efforts to sell additional cross-shareholdings and executed sales
amounting to JPY58.6 billion in April last month. We will continue to steadily reduce the balance of crossshareholdings.

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On page 24, we show the reduction in the number of cross-shareholding stocks.
At the end of FY2014, just before the application of the Corporate Governance Code, we had 269 stocks. By
the end of fiscal year 2023, as of March 2024, we reduced this number to 96 stocks, a cumulative reductionof 173 stocks, approximately 2/3.
That concludes the progress report on our financial strategies and capital policies.
Wakabayashi: Thank you. Finally, Senior Executive Corporate Officer Tsuchiya will explain the progress of ournon-financial strategies. Mr. Tsuchiya, please.

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Tsuchiya: I will explain the progress of our non-financial strategies.
We have mainly focused on three areas: strengthening of human capital, enhancement of intellectual capital,and environmental initiatives.
For strengthening of human capital, we have implemented wage increases of over 5% for two consecutive
years. We are also focusing on shifting personnel from areas undergoing structural reforms to focus businessareas through reskilling.
Regarding the enhancement of intellectual capital, we are promoting the use of generative AI. Last year, weestablished “the DNP Generative AI Lab Tokyo”. Additionally, we have formulated “the DNP Group AI Ethics
Policy”.
In terms of digital transformation (DX), we were selected as a “DX Stock 2023”.
Concerning our environmental initiatives, we announced updates to raise our major environmental targets,
including reducing GHG emissions, on April 25. I will explain this in more detail later.

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Page 26 shows the progress of the KPIs for our non-financial strategies. For the first year of the three-year
period, we believe that we have achieved satisfactory results in most areas.

This explains the establishment of new, ambitious environmental targets.
Our current goal, which follows the well below 2°C guideline, aims for a 40% reduction by 2030 compared to
FY2015. By FY2022, we have successfully achieved a 36.5% reduction.

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For our new ambitious target, we have updated our goals to align with the 1.5°C standard. Based on this, ournew target is to achieve a 46.2% reduction by 2030 compared to FY2019.

In addition to reducing GHG emissions, we have also updated our ambitious targets for improving resource
recycling rates, reducing water usage, and expanding sales of environmentally friendly products and services.
That concludes my explanation. Thank you.

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support@scriptsasia.com

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