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Consortium Inc.

（ＵＲＬ http://www.dac.co.jp/ ）Financial Highlights of Fiscal Year 2011 (December 1, 2009 to March 31, 2011)
Fiscal Year 2009 (December 1,2008 to November 30,2009)(1) Consolidated operating results
Net sales

Operating income

Mil.¥％
77,943(‑)
47,915 ( 4.6)

Fiscal Year 2011
Fiscal Year 2009

andOrdinary income

Mil.¥％2,908(‑)
943 ( ‑32.9)

Net income

Mil.¥％
3,018(‑)
881 ( ‑34.5)

Mil.¥％
1,745( ‑)296 ( ‑64.9 )Earnings

Diluted earnings

ReturnReturn

Operatingper shareper shareon equity

On asset

marginYen
3,318.52
573.92

Fiscal Year 2011
Fiscal Year 2009

Yen
3,300.80
571.65％
17.4
3.5％
15.2
5.9％
3.7
2.0

*DAC has decided to change its fiscal year end from November 30 to March 31 of each year.
No comparison is made because of the change in accounting periods.
(2)

Consolidated financial position
Book value
Total assets

Net assets

Mil.¥
Fiscal Year 2011
(As of Mar 31,2011)
Fiscal Year 2009
(As of Nov 30,2009)(3)

Equity ratio

Mil.¥％

Yen

24,107

12,792

45.3

20,792.68

15,499

9,924

58.6

17,284.08Consolidated cash flows
Net cash provided

Net cash providedby(used in) operating by(used in) investing
activities

activities

Mil.¥
Fiscal Year 2011
Fiscal Year 2009(4)

per share

Net cash provided

Cash and cashby(used in) financing

Equivalents

activities

at end of period

Mil.¥

2,321
871

Mil.¥
‑
312
870

164
‑
1,393

Mil.¥
7,841
5,671

Dividend per share

Record date

End of 1st

End of 2nd

End of 3rd

End of 4th

End ofAnnual

Dividendquarterquarterquarterquarter

perioddividend

Payout ratio

Yen

Yen

Yen

Yen

Yen

Yen％

Fiscal Year 2009―

0.00――

200.00200.00

34.8

Fiscal Year 2011

―

0.00

―

―

700.00700.00

21.1

Fiscal Year 2012
(expected)

TBD

TBD

TBD

TBD

TBD

TBD

TBD

1

DAC Consolidated Financial Statements(1)DAC Consolidated balance sheets(Unit:Thousand Yen)
Items of an account

FY2009(As of Nov 30, 2009)

FY2011(As of Mar 31,2011)

AmountAmountAssetsCurrent assets
Cash and deposits

5,678,796

7,849,895

Notes and accounts receivable-trade

5,047,038

10,568,054

Short-term investment securities

100,963

5,013

Other881,451

1,273,816

Allowance for doubtful accounts-3,732-18,900

11,704,516

19,677,880

Buildings

293,511

333,803

Total current assets
Noncurrent assets
Property, plant and equipment

Accumulated depreciation-142,316-181,052

Buildings, net

151,195

152,750

Tools, furniture and fixtures

632,243654,687

Accumulated depreciation-414,717-491,007Tools, furniture and fixtures, net

217,525

163,679

Lease assets

3,848

12,499

Accumulated depreciation-855-4,016

Lease assets, net

2,993

8,482

371,714324,913

Goodwill

673,826

1,043,118

Patent right2,520‐Total property, plant and equipment
Intangible assets

Software549,442

539,487

Software in progress

50,08642,925

Other

8,323

12,9991,284,200

1,638,531

1,634,851

Total intangible assets
Investments and other assets
Investment securities

1,369,207

Deferred tax assets

172,823‐

Other725,680

839,005

Allowance for doubtful accounts-128,309-8,173

Total investments and other assets

2,139,402

2,465,683

Total noncurrent assets
Total assets

2

3,795,316

4,429,127

15,499,833

24,107,007

(Unit:Thousand Yen)
Items of an accountFY2009(As of Nov 30, 2009)

FY2011(As of Mar 31,2011)

AmountAmountLiabilities
Current liabilities
Accounts payable-trade

4,168,747

Short-term loans payable−

20,00062,220129,254944,999

Current portion of long-term loans payable

8,416,399

Accounts payable-other446,330

Income taxes payable

256,257

531,737

Provision for bonuses

113,147

231,573
63,000

Provision for directors' bonuses

19,587

Provision for point card certificates

13,70923,352

Other

192,794543,534

5,272,794

10,903,851

Total current liabilities
Noncurrent liabilities
Long-term loans payable

60,01442,532

Provision for retirement benefits

121,752

173,897

Provision for point card certificates

16,213

41,146

Other

105,042

153,057

Total noncurrent liabilities
Total liabilities

303,021410,632

5,575,816

11,314,484

Net assets
Shareholders' equity
Capital stock

4,031,837

4,031,837

Capital surplus

3,369,621

3,184,465

Retained earnings

2,193,472

3,833,905

Treasury stock-448,094-326,980

Total shareholders' equity

9,146,836

10,723,228-47,948

217,784

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment-10,244-12,527

Total accumulated other comprehensive income-58,192

205,256

127,886

154,752

Subscription rights to shares
Minority interests

707,486

1,709,285

Total net assets

9,924,016

12,792,523

15,499,833

24,107,007

Total liabilities and net assets3

(2)DAC Consolidated Statements of Income(Unit:Thousand Yen)
Items of an account

FY2009(December 1,2008
to November 30,2009)

FY2011(December 1,2009
to March 31,2011)

AmountAmount

Net sales

47,915,379

77,943,070

Cost of sales

40,436,373

65,638,250

Gross profit

7,479,005

12,304,820

Selling, general and administrative expenses

6,535,481

9,396,463

943,524

2,908,356

Operating income
Non-operating income
Interest income

7,815

5,948

Dividends income

4,731

5,515−

103,539

Foreign exchange gains

8,812

1,802

ReversalOfProvisionForPointCardCertificates

3,775−

Other

9,171

11,100Total non-operating income

34,306

127,907

6,473

5,909

Equity in earnings of affiliates

Non-operating expenses
Interest expenses
Commission fee

25,000−Equity in losses of affiliates

39,319−Rent expenses on real estates

13,022−

Provision of allowance for doubtful accounts

−

3,000

Loss on investments in partnership

−

5,038

Amortization of deferred organization expenses

−

2,155

Other

12,184

1,987

Total non-operating expenses

96,001

18,089881,829

3,018,175

49

125,252

Ordinary income
Extraordinary income
Gain on sales of investment securities
Gain on change in equity
Gain on sales of noncurrent assets
Gain on step acquisitions

93,827−

13−−

158,201

Other

4,628

33,856

Total extraordinary income98,519

317,309

Extraordinary loss
Loss on retirement of noncurrent assets

48,452

8,043

Loss on sales of noncurrent assets

13,643759

Impairment loss

56,550−Loss on valuation of investment securities

275,428

113,244

252−

Loss on sales of investment securities

26,608−Loss on sales of stocks of subsidiaries and affiliates

−

1,314

Loss on valuation of membership

−

2,127

Special retirement expenses

Other

11,52323,155

Total extraordinary losses

432,459

148,645

Income before income taxes and minority interests

547,890

3,186,839

Income taxes-current

426,510

1,261,379

Income taxes-deferred-7,949-107,908

418,561

1,153,470

Total income taxes
Income before minority interests−

2,033,369

Minority interests in income(loss)-166,774

287,767

Net income

296,102

1,745,601

4

(3)DAC Consolidated statements of comprehensive income(Unit:Thousand Yen)
Items of an account

FY2009(December 1,2008
to November 30,2009)

FY2011(December 1,2009
to March 31,2011)

AmountAmount
−2,033,369

Valuation difference on available-for-sale securities−

264,050

Foreign currency translation adjustment−-4,552

Share of other comprehensive income of associates accounted for using
equity method

−

1,690

Income before minority interests
Other comprehensive income

Total other comprehensive income−

261,188

Comprehensive income−

2,294,557

Comprehensive income attributable to owners of the parent−

2,009,050

Comprehensive income attributable to minority interests−

285,507

Comprehensive income attributable to5

(4)DAC Consolidated statements of cash flows(Unit:Thousand Yen)
Items of an account

FY2009(December 1,2008
to November 30,2009)

FY2011(December 1,2009
to March 31,2011)

ammount

ammount

Net cash provided by (used in) operating activities
Income before income taxes and minority interests

547,890

3,186,839

Depreciation and amortization

278,910422,168

Amortization of goodwill

94,119159,449

Increase (decrease) in allowance for doubtful accounts-1,050-114,495

Increase (decrease) in provision for directors' bonuses-15,41243,412

Increase (decrease) in provision for point card certificates

7,633

34,57552,145

Increase (decrease) in provision for retirement benefits

29,484

Increase (decrease) in provision for directors' retirement benefits-94,397−

Interest and dividends income-12,547-11,464

Interest expenses

6,473

5,909

Equity in (earnings) losses of affiliates

39,319-103,539

Loss (gain) on sales and retirement of noncurrent assets

62,0828,803-49-125,252

Gain on sales of investment securities
Loss on sales of investment securities
Loss (gain) on valuation of investment securities

252

66

275,428

113,244

Loss (gain) on sales of stocks of subsidiaries and affiliates

−

1,314

Loss (gain) on step acquisitions−-158,201

Loss (gain) on change in equity-93,827-19,227

Decrease (increase) in notes and accounts receivable-trade

610,918-3,859,296

46,53536,602

Increase (decrease) in notes and accounts payable-trade

Decrease (increase) in inventories-370,627

3,058,187

Increase (decrease) in accounts payable-other-13,462

440,487

Increase (decrease) in accrued consumption taxes-28,381

134,219

Other, net

24,202-30,033

1,393,495

3,275,913

Interest and dividends income received

12,96822,879Interest expenses paid

-6,473-5,909

Income taxes paid

-528,329-971,214

Net cash provided by (used in) operating activities

871,661

2,321,668

Subtotal

Net cash provided by (used in) investing activities−104,446-2,700-165,162

Proceeds from sales and redemption of investment securities

200,000

302,819

Purchase of property, plant and equipment-113,598-63,244

Purchase of intangible assets-252,762-283,013

Purchase of stocks of subsidiaries and affiliates-372,643-50,000

Proceeds from sales of short-term investment securities
Purchase of investment securities

Proceeds from sales of stocks of subsidiaries and affiliates
Proceeds from purchase of investments in subsidiaries resulting in change in scope of consolidation−

63,2508,704

366,588-878,262−−-248,657

Payments for guarantee deposits-82,307-30,191

Proceeds from collection of guarantee deposits

102,355−−

50,000Purchase of investments in subsidiaries resulting in change in scope of consolidation
Payments for sales of investments in subsidiaries resulting in change in scope of consolidation

Collection of loans receivable
Proceeds from maturity of insurance funds

12,729−Other, net-14,557

117,441-1,393,042

164,276-50,000-30,000

Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable−

50,000

Repayment of long-term loans payable-173,328-116,611

Proceeds from issuance of common stock

1,283,130−-33,498-132,208

Purchase of treasury stock
Proceeds from sales of treasury stock

16,222−

Proceeds from issuance of common stock to minority shareholders

26,280−−70,460Cash dividends paid

-158,327-101,229

Cash dividends paid to minority shareholders-38,800-50,400

Proceeds from exercise of stock option

Other, net
Net cash provided by (used in) financing activities-897-2,536

870,781-312,526

Effect of exchange rate change on cash and cash equivalents-14,878-3,329Net increase (decrease) in cash and cash equivalents

334,521

2,170,089

Cash and cash equivalents at beginning of period

5,337,297

5,671,819

Cash and cash equivalents at end of period

5,671,819

7,841,908

6