Consolidated Financial Results
for the Third Quarter of the Fiscal Year Ending March 31, 2010
February 3, 2010

Company Name:
Dai Nippon Printing Co., Ltd.
Stock exchange listings:
Tokyo, Osaka
Ticker code:
7912
URL: http://www.dnp.co.jp/
Representative:
Yoshitoshi Kitajima, President
Contact person:
Yoshio Kanbe, General Manager, Press and Public Relations
Telephone:+81-3-5225-8220
Securities report issuing date:February 12, 2010
Dividend payment date:Amounts under one million yen have been rounded down.

1. Consolidated financial results for the nine months ended December 31, 2009
(1) Consolidated financial results(Percentages show change from corresponding year-ago period.)
Net Sales

Nine months ended
December 31, 2009
Nine months ended
December 31, 2008

Operating Income

Million yen%

Million yen%

Million yen%

1,175,073(2.9)

45,7584.0

44,627(1.3)

1,210,487―

44,011―45,227―Net Income

Nine months ended
December 31, 2009
Nine months ended
December 31, 2008

Ordinary Income

Diluted Net Incomeper ShareNet Income per Share

Million yen%

YenYen19,620

68.3

30.45

―

11,655―17.99―(2) Consolidated financial position
Total Assets

Net Assets

Net Assets
Per Share

Equity Ratio

Million yen

Million yen%Yen

As of December 31, 2009

1,583,914

948,22657.4

1,410.08

As of March 31, 2009

1,536,556

940,08558.5

1,393.91

Note: Stockholdersʼ equity as of December 31, 2009: ¥908,493 million

As of March 31, 2009: ¥898,174 million

2. Dividends
Dividends per Share (Yen)Record dateYear ended
March 31, 2009
Year ending
March 31, 2010

First Quarter Second Quarter Third Quarter-18.00-16.00Year ending March 31, 2010
(Forecast)
Note: Revisions of projected dividends during the current quarter: None

1-Year-end

Annual

14.00

32.00

16.00

32.00

3. Consolidated forecasts for the year ending March 31, 2010
(Percentages show change from corresponding year-ago period.)
Net Sales

Full year

Operating Income

Ordinary Income

Net Income
per Share

Net Income

Million yen%

Million yen%

Million yen%

Million yen%¥

1,600,000

1.0

57,00023.4

54,00013.9

23,000-35.70Note: Revisions of consolidated forecasts during the current quarter: Yes

4. Other information(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting ina change in the scope of consolidation): None
(2) Application of simplified accounting and special accounting procedures for preparing the quarterly
consolidated financial statements: Yes
Note: Please refer to Page 5, “4. Other information” of “Qualitative Information and Financial Statements”
for further details.
(3) Changes in accounting policies, procedures and methods of presentation for preparing the quarterly
consolidated financial statements (changes described in the section titled “Changes in significant
matters forming the basis of preparing the quarterly consolidated financial statements”)
1) Changes due to revision of accounting standard, etc.: None
2) Changes due to other reasons: None
(4) Number of common shares issued and outstanding
1) Number of common shares outstanding at end of each period (including treasury shares)
As of December 31, 2009: 700,480,693 shares
As of March 31, 2009: 700,480,693 shares
2) Number of treasury shares at end of each period
As of December 31, 2009: 56,197,889 shares
As of March 31, 2009: 56,123,617 shares
3) Average number of shares outstanding during the period (cumulative from the start of the fiscal year):Nine months ended December 31, 2009: 644,334,590 shares
Nine months ended December 31, 2008: 647,824,543 shares
Explanation regarding appropriate use of earnings forecasts and other special notes
1. We have revised the above forecasts, which were announced on November 13, 2009. For details, pleaserefer to “Revisions of Consolidated Earnings Forecasts for the Fiscal Year Ending March 2010” announced
on February 3, 2010.
2. The above-noted forecasts were prepared on the basis of information available to the Company andcertain assumptions that the Company deemed to be reasonable as of the date of the announcement of thismaterial.
A number of factors, including but not limited to risks and uncertainties related to changes in economic
conditions affecting the Companyʼs operations, market trends, and fluctuations in exchange rates, could
cause actual results to differ from these forecasts.

2

Qualitative Information and Financial Statements
1. Qualitative information on consolidated financial results
Economic conditions in Japan were very challenging in the first nine months of the current fiscal year(April 1, 2009 – December 31, 2009). Although there were some signs of recovery from government
economic stimulus measures and a rebound in demand in some emerging countries, corporate
earnings, business investment, and employment conditions remained sluggish because of thedelayed recovery of the global economy.
Business conditions worsened further for the printing industry because of sluggish demand andthe decline in unit prices due to intensified competition.
Despite these conditions, the DNP (Dai Nippon Printing Co., Ltd.) Group has continued toaggressively develop its business and provide products, services, and solutions that meet customer
needs, based on its business vision of P&I Solutions (P&I stands for “printing technology” and“information technology”). In addition, DNP has made groupwide efforts through its “Production 21”
Activities to establish a solid production structure in terms of quality, cost, turnaround times, andother factors, and has worked hard to maintain positive performance.
As a result of the factors listed above, consolidated net sales for the first nine months decreased
2.9% year on year to ¥1,175 billion, consolidated operating income rose 4.0% to ¥45.7 billion,
consolidated ordinary income fell 1.3% to ¥44.6 billion, and net income increased 68.3% to ¥19.6billion.
The results by segment are as follows.
PRINTING
Information Communication
In the Books and Magazines business, book and magazine printing sales declined as a result of a
prolonged slump in the publications market.
In the Commercial Printing business, sales decreased year on year because the printing of flyers,
pamphlets, and point of purchase displays and other marketing/advertising products declined as aresult of advertising budget cuts stemming from deteriorating corporate earnings.
In the Business Forms business, sales from information processing services (ranging from data
entry to printing and shipment of personal mail) and from the printing of smart cards increased, but
overall sales were weak because of a decline in sales from printing of ledger forms for computerizedaccounting.
Overall sales in the segment increased with help from acquisition-driven growth in the
Educational Publications Distribution business.
As a result of the above, overall sales in the Information Communication segment increased 6.2%
year on year to ¥556.5 billion, but operating income declined 25.5% to ¥16.1 billion.

Lifestyle and Industrial Supplies
In the Packaging business, sales were lower year on year because of a decline in sales of flexible
packaging, paper containers, and aseptic filling systems for PET bottles.
In the Lifestyle Materials business, DNP made efforts to increase sales of eco-friendly productsthat use its proprietary electron beam coating technology, but overall sales were weak because of a
prolonged slump in housing demand.
In the Industrial Supplies business, sales of ink ribbons and receiver paper for photo printers aswell as back sheet film for solar power systems declined, but overall sales rose year on year
because sales of anti-glare film used in flat-panel displays increased.
As a result of the above, overall sales in the Lifestyle and Industrial Supplies segment decreased
7.7% year on year to ¥395.8 billion, but operating income rose 74.3% to ¥31.4 billion.
Electronics
In the LCD color filter business, a rebound in demand for LCD panels boosted volume and a
10th-generation color filter plant in Sakai, Osaka Prefecture started up, but sales fell year on year as3

prices remained weak.
In addition, the semiconductor-related market showed signs of a rebound, albeit a weak one.
Sales of photomasks, etched products for hard drive suspensions and other applications, andhigh-density build-up circuit boards contracted.
As a result of the above, overall sales in the Electronics segment decreased 13.4% year on yearto ¥184.8 billion, and operating income declined 52.7% to ¥4.7 billion.

BEVERAGESBeverages
Amid tough market conditions, characterized by a slump in consumer spending and intensified
sales competition, DNP worked hard to increase sales of Coca-Cola Zero and Georgia, both coreproducts, and I LOHAS, a new brand of water that uses “ecoru Bottle Shiboru,” Japanʼs lightest
bottle. Sales of carbonated beverages and mineral water increased, but sales of tea and coffee
drinks decreased.
As a result, overall sales in the Beverages segment decreased 12.3% year on year to ¥47.8
billion and operating losses totaled ¥200 million (versus the year-ago operating profit of ¥500million).

2. Qualitative information on the consolidated financial position
Total assets at the end of the third quarter were up ¥47.3 billion from the end of the previous fiscal
year to ¥1,583.9 billion because of increases in notes and accounts receivable and investment
securities.
Total liabilities increased ¥39.2 billion from the end of the previous fiscal year to ¥635.6 billion
because of a rise in bonds.
Net assets increased ¥8.1 billion from the end of the previous fiscal year to ¥948.2 billion
because of an increase in net unrealized gains on marketable securities.
As a result of the above, the equity ratio declined 1.1 percentage points from the end of theprevious fiscal year to 57.4%.
Consolidated cash flow provided by operating activities in the first nine months
totaled ¥78.5 billion primarily because of ¥38.9 billion in income before income taxes and minority
interests and ¥66.7 billion in depreciation. Cash flow used in investing activities totaled ¥83.3 billion,
mainly because of the acquisition of ¥83.2 billion of property, plant and equipment, and cash flow
provided by financing activities totaled ¥3.9 billion mainly due to ¥50 billion of proceeds from a bondissuance, a ¥21.6 billion decrease in short-term bank loans and ¥19.5 billion of dividend payments.
As a result of these activities, DNPʼs cash and cash equivalents at the end of the third quarterdecreased by ¥300 million from the end of the previous fiscal year to ¥116.8 billion.

43. Qualitative information on the consolidated results forecast
DNP has revised its forecasts for the full fiscal year as of November 13, 2009. For details, pleaserefer to “Revisions of Consolidated Earnings Forecasts for the Fiscal Year Ending March 2010” dated onFebruary 3.

4. Other information(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting
in a change in the scope of consolidation)
None(2) Application of simplified accounting and special accounting procedures for preparing thequarterly consolidated financial statements
Simplified accounting
Valuation of inventory
For the calculation of the value of inventory at the end of the third quarter, DNP eliminated theprocess of taking physical inventory of stock and instead adopted a rational computation method
based on the actual inventory at the end of the previous fiscal year.
Write-downs of the book value of inventory are based on the estimated net sale amount of
inventories whose profitability has clearly worsened.
Calculation of depreciation of fixed assets
For assets depreciated using the declining-balance method, depreciation for the fiscal year iscalculated by dividing the amount proportionately over the period.

*Application of special accounting procedures for preparing the quarterly consolidated financial
statements
None(3) Changes in accounting principles, procedures and presentation methods for preparing thequarterly consolidated financial statements
None55. Consolidated financial statements(1) Consolidated balance sheets(Million yen)
As of December 31, 2009

As of March 31, 2009ASSETS
Current assets
Cash and time deposits
Notes and trades receivable
Merchandise and finished products
Work in progress
Raw materials and supplies
Deferred income taxes
Other
Allowance for doubtful accounts
Total current assets
Fixed assets
Property, plant and equipment
Buildings and structures, net
Machinery and equipment, netLandConstruction in progress
Other, net
Total property, plant and equipment
Intangible fixed assets
GoodwillSoftware
Other
Total intangible fixed assets
Investments and other assets
Investment securities
Long-term loans
Deferred income taxes
Other
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Deferred assets
Business startup costs
Total deferred assets
TOTAL ASSETS

6

119,109454,309
68,84233,801
17,860
5,903
15,505(5,578)
709,752

123,569
405,876
73,372
29,707
17,566
10,27821,057(5,280)676,149

207,680
169,682
132,90260,66741,094
612,028

199,265
183,890132,888
57,756
31,103604,904

22,445
19,274
4,213
45,93324,09920,053
4,696
48,850138,470
1,530
44,79744,049(14,346)
214,501
872,463

113,448
3,015
50,01551,923(12,484)
205,917859,672

1,698
1,698
1,583,914

735
735
1,536,556

(Million yen)
As of December 31, 2009

As of March 31, 2009

LIABILITIESCurrent liabilities
Notes and trade payable
Short-term bank loans

38,513

290,871
59,875Current portion of long-term debt

3,413

2,898

Income taxes payable

7,712

7,891

Reserve for bonuses

5,778

16,186

Other

85,66992,075

Total current liabilities

449,382

469,799

Bonds

101,207

51,000Long-term debt

10,171

10,490

Provision for retirement benefits

42,68741,451

Other

32,23823,729Total long-term liabilities

186,305
635,688

126,671

Common stock

114,464

114,464

Capital surplus

144,898

144,898

Retained earnings

752,249

751,869

Treasury stock(93,964)(93,884)

Total stockholdersʼ equity

917,647

917,348308,295

Long-term liabilities

TOTAL LIABILITIES

596,471

NET ASSETSStockholdersʼ equity

Valuation and translation adjustments
Net unrealized gains (losses) on marketablesecurities
Net deferred losses on derivatives

5,365(3,882)(8)(4)

Foreign currency translation adjustments(14,511)(15,285)

Total valuation and translation adjustments(9,154)(19,173)

39,732

41,910948,226

940,085

1,583,914

1,536,556

Minority interests
TOTAL NET ASSETSTOTAL LIABILITIES AND NET ASSETS

7(2) Consolidated statements of income(Million yen)

Nine months ended
December 31, 2008

Nine months ended
December 31, 2009

Net sales

1,210,487

1,175,073

Cost of sales

1,004,563

954,643

Gross profit

205,924

220,429

Selling, general and administrative expenses

161,913

174,671

Operating income

44,01145,758

1,089
2,670
5,287
9,046

623
2,373
3,864
6,861

1,282

1,845

1,169
5,377
7,829

201
5,945
7,993

45,22744,627

114
363
125
603

921
36
204
1,161

4,061
9,773
2,540
16,37529,455
12,664
4,442
17,107693
11,655

4,747
1,189
914
6,851
38,937
13,501
5,755
19,25659
19,620Non-operating income
Interest income
Dividend income
Other
Total non-operating income
Non-operating expenses
Interest expense
Equity in losses of affiliates
Other
Total non-operating expenses
Ordinary income
Extraordinary gains
Gain on sale of fixed assets
Gain on sale of investment securities
Other
Total extraordinary gains
Extraordinary losses
Loss on sale or disposal of fixed assets
Loss on devaluation of investment securities
Other
Total extraordinary losses
Income before income taxes and minority interests
Current income taxes
Deferred income taxes
Income and other taxesMinority interests
Net income

8(3) Consolidated statements of cash flows(Million yen)

Cash flows from operating activities
Income before income taxes and minority
interests
Depreciation
Increase of doubtful receivables, net
Increase (Decrease) of provision for retirement
benefits, net
Equity in losses of affiliates
Amortization of goodwill, net
Interest and dividend income
Interest expense
Net gains on sales of investment securities
Net losses on devaluation of investment
securities
Net losses on sale or disposal of fixed assets(Increase) Decrease in trade receivables
Increase in inventories
Increase (Decrease) in trade payables
OtherSub-total
Payment of income taxes
Net cash provided by operating activities
Cash flows from investing activities(Increase) Decrease in time deposits
Proceeds from sales of marketable securities
Payments for purchases of property, plant andequipment
Proceeds from sales of property, plant andequipment
Payments for purchases of investment
securities
Proceeds from sales of investment securities
Payments for purchases of subsidiary stocks
Payments for business transfer
Interest and dividends received
OtherNet cash used in investing activities

9

Nine months ended
December 31, 2008

Nine months ended
December 31, 2009

29,45578,588
1,686

38,937
66,7002,125(2,594)
1,169
3,125
(3,759)
1,282
(363)

1,718
201
3,993
(2,997)
1,845
(30)

9,775
3,946
6,621
(3,502)(8,803)(2,578)114,051(33,987)
80,064

1,189
3,826(47,415)(2,925)18,440(1,037)
84,572(6,054)78,517(48)
11,004

4,255‐(72,922)(83,245)

2,534

2,368

(6,944)
1,316(2,280)(6,589)3,765(6,351)(76,515)(8,679)2,661(5,566)(49)
2,980
1,932(83,340)

Cash flows from financing activities
Increase (Decrease) in short-term bank loans
Proceeds from long-term debt
Repayments of long-term debt
Proceeds from issue of bonds
Redemption of bonds
Payments for purchases of treasury stocks
Interest paid
Dividends paid
Dividends paid to minority interests
OtherNet cash provided by (used in) financing
activities
Effect of exchange rate changes on cash and cash
equivalents
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Increase in cash and cash equivalents from newly
consolidated subsidiary
Cash and cash equivalents at end of period

10

Nine months ended
December 31, 2008

Nine months ended
December 31, 2009

22,4991,220(2,636)‐(100)(27,411)(1,063)(24,792)
(283)
(741)

(21,609)2,240(2,807)50,000(62)(96)(1,272)(19,298)(232)(2,933)(33,309)

3,928(5,112)(34,874)
130,695

415(480)
117,200‐
95,821

97
116,817

(4) Notes on premise of a going concern
None(5) Segment information
Business segment information
Nine months ended December 31, 2008
(Million yen)
Information
Communication

Lifestyle andIndustrial
Supplies

Electronics

Beverages

Elimination
and/orcorporate

Consolidated

518,658

423,803

213,506

54,5201,210,487‐

1,210,487

5,365
524,023

4,823
428,6262
213,50834
54,554

10,224
1,220,712(10,224)(10,224)‐
1,210,487

21,611

18,036

10,139538

50,325(6,314)44,011Total

Net sales(1) Outside
customers(2) Intersegment
Total
Operatingincome(loss)

Nine months ended December 31, 2009
(Million yen)
Information
Communication

Lifestyle andIndustrialSupplies

Electronics

Beverages

Elimination
and/orcorporate

Consolidated

551,203391,219

184,82047,8301,175,073‐

1,175,073

5,364
556,568

4,588
395,80716
184,83634
47,86410,003
1,185,076(10,003)(10,003)‐
1,175,073

16,101

31,446

4,791

(299)

52,040(6,281)45,758Total

Net sales(1) Outside
customers(2) Intersegment
Total
Operatingincome(loss)(6) Notes on significant changes in the amount of stockholdersʼ equity
None

11