Consolidated Financial Results
for the Second Quarter of the Fiscal Year Ending March 31, 2012
[J-GAAP]
November 10, 2011

Company Name:
Dai Nippon Printing Co., Ltd.
Stock exchange listings:
Tokyo, Osaka
Stock 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:November 11, 2011
Dividend payment date:
December 9, 2011
Preparation of quarterly earnings presentation material: No
Holding of quarterly earnings announcement:
No(Amounts under one million yen have been rounded down.)
1. Consolidated financial results for the first six months ended September 30, 2011
(April 1, 2011 – September 30, 2011)(1) Consolidated financial results(Percentages show change from corresponding year-ago period.)
Net Sales

Six months ended
September 30, 2011
Six months ended
September 30, 2010

Operating Income

Ordinary Income

Million yen%

Million yen%

Million yen%

754,921(5.2)

16,481(58.0)

19,829(49.4)

796,177

3.2

39,24253.2

39,15157.0

Note: Comprehensive income: For the first six months ended September 30, 2011: ¥5,356 million (63.4%)
For the first six months ended September 30, 2010: ¥3,277 million (–%)
Net Income

Six months ended
September 30, 2011
Six months ended
September 30, 2010

Diluted Net Income
per Share

Net Income per Share

Million yen

%

Yen

Yen

8,422

(51.1)

13.08

13.07

17,233

117.5

26.75

–

(2) Consolidated financial position
Total Assets

Net Assets

Equity Ratio

Million yen

Million yen%

As of September 30, 2011

1,621,289

947,287

55.7

As of March 31, 2011

1,649,784

952,44055.1

Note: Stockholders’ equity as of September 30, 2011: ¥903,007 million

As of March 31, 2011: ¥908,521 million

2. Dividends
Annual Dividends (Yen)First
Quarter-end

Year ended
March 31, 2011
Year ending
March 31, 2012

SecondQuarter-end

Third
Quarter-end

–

16.00

–

–

16.00

Year-end

16.00

Year ending March 31, 2012–
16.00
(Forecasts)
Note: Revisions to the most recently announced dividend forecasts during the current quarter: No

Total

32.00

32.00

3. Consolidated earnings forecasts for the year ending March 31, 2012
(April 1, 2011 – March 31, 2012)(Percentages show change from corresponding year-ago period.)
Net Sales
Million yen%

Operating Income

Ordinary Income

Million yen

Million yen%%

Net Income
per Share

Net Income
Million yen%

Yen

Full year
1,576,000 (0.8)
50,000(26.3)
52,000 (17.2)
19,000 (24.1)
Note: Revisions to the most recently announced earnings forecasts during the current quarter: No

29.50

4. Other information(1) Changes in significant subsidiaries during the current quarter (changes in specified subsidiaries
resulting in change of scope of consolidation): No(2) Application of accounting procedures peculiar to quarterly consolidated financial statement
preparation: No(3) Changes in accounting policies, changes in accounting estimates, and restatement of revisions
1) Changes in accounting policies with revision of accounting standards: No
2) Changes in accounting policies other than the 1) above:No3) Changes in accounting estimates:
No4) Restatement of revisions:No(4) Number of common shares issued and outstanding
1) Number of common shares
outstanding at end of each period(including treasury shares)
2) Number of treasury shares at endof each period
3) Average number of shares
outstanding during the period(cumulative from the start of the
fiscal year)

As of September 30,
2011

700,480,693
shares

As of March 31, 2011

700,480,693
shares

As of September 30,
2011

56,384,633
shares

As of March 31, 2011

56,338,163
sharesSix months ended
September 30, 2011

644,122,822
sharesSix months ended
September 30, 2010

644,214,161
sharesPresentation of implementation status for quarterly review procedures
The quarterly review procedure based on the Financial Instruments and Exchange Act does not apply tothese Consolidated Financial Results, and the quarterly review procedure based on the Financial
Instruments and Exchange Act is underway as of the release of these Consolidated Financial Results.
Explanation regarding appropriate use of earnings forecasts and other special notes
Forward-looking statements in this report, including earnings forecasts, are based on assumptions about
economic conditions, market trends, and other factors at the time the report was prepared. Actual results
may differ significantly due to a variety of factors.
See the “(3) Qualitative information on the consolidated earnings forecasts” on page 3 for information
about earnings forecasts.

Contents
1. Qualitative information on the consolidated results for the current quarter(1) Qualitative information on the consolidated financial results(2) Qualitative information on the consolidated financial position(3) Qualitative information on the consolidated earnings forecasts

2. Quarterly consolidated financial statements(1) Quarterly consolidated balance sheets(2) Quarterly consolidated statements of income and quarterly consolidated
statements of comprehensive income
Quarterly consolidated statements of income
Quarterly consolidated statements of comprehensive income(3) Quarterly consolidated statements of cash flows(4) Note on assumptions for going concern(5) Segment information etc.
(6) Significant changes in shareholders’ equity(7) Additional information

1

2
2
3
3

4
4
6
6
7
8
10
10
11
11

1. Qualitative information on the consolidated results for the current quarter(1) Qualitative information on the consolidated financial results
In the first six months of the fiscal year, Japan’s economy recovered somewhat, but conditions
remained uncertain, due partly to the Tohoku – Pacific Ocean Earthquake, overseas economic
slowdowns, declining exports, higher raw material prices, and worsening employment
conditions.
The printing industry faced a tough business environment. Competition grew more intense asa result of sluggish consumer spending and lower corporate advertising expenditures due to theearthquake.
In this environment, the DNP (Dai Nippon Printing Co., Ltd.) Group sought to aggressively
develop its business and deliver products, services, and solutions tailored to the needs of its
customers, based on its P&I Solutions business vision (P&I stands for “printing technology” and“information technology”). The Group also pursued Production 21 Activities to establish a robust
production structure in all facets of production, including quality, cost, and delivery time, and it
worked to secure earnings. Especially in the information communication segment, the businessenvironment has changed significantly as a result of changes in consumer behavior, advance ofsocial media, and greater information security needs. In light of these conditions, DNP is
pursuing groupwide efforts to leverage the advantages it has developed to build a new businessmodel. In an effort to optimize the production structure, the Group is working hard to enhance
efficiency through the integration of group companies and reorganization of the nationwide
production management structure.
In spite of these efforts, the DNP Group’s consolidated net sales for the first six months fell
5.2% year on year to ¥754.9 billion, consolidated operating income fell 58.0% to ¥16.4 billion,
consolidated ordinary income fell 49.4% to ¥19.8 billion, and net income fell 51.1% to ¥8.4
billion.
Business segment results are presented below.
[PRINTING]
Information Communication
In the Books and Magazines business, the publications market continued to slump, andalthough book sales increased, magazines declined.
In the Commercial Printing business, sales decreased year on year as cutbacks in corporate
advertising expenditures, due in part to self-restraint in the wake of the earthquake, resulted in
weak sales of flyers, pamphlets, catalogs, and other products.
In the Business Forms business, smart card sales increased, but overall sales decreased
year on year on a decline for information processing services (ranging from data entry toprinting and shipment of personal mail and other items).
In the Educational Publications Distribution business, sales rose above year-ago levels on an
increase in the number of consolidated subsidiaries and boost from in-store sales promotions.
As a result of the above, overall segment sales fell 3.0% year on year to ¥347.5 billion andoperating income fell 53.7% to ¥4.5 billion.
Lifestyle and Industrial Supplies
In the Packaging business, sales increased year on year, driven by growth for flexible
packaging on firm sales of packaging for foods, beverages, and daily goods and by higher salesof PET bottle aseptic filling systems and PET bottle preforms.
In the Lifestyle Materials business, sales increased year on year on growth for eco-friendly
products that use DNP's proprietary Electron Beam coating technology.
In the Industrial Supplies business, despite growth for photovoltaic module back sheets anddye-sublimation thermal transfer recording media for photo printers (color ink ribbons andreceiver paper), overall sales decreased year on year on a decline for anti-reflection films usedin flat-panel displays.
As a result of the above, overall segment sales fell 2.3% year on year to ¥263.4 billion and2operating income fell 35.2% to ¥16.5 billion.
Electronics
In the LCD color filter business, sales of small and medium-sized filters for smartphones were
firm. For large filters, production at the 8G plant in Himeji City, Hyogo Prefecture was favorable,
but worldwide LCD TV sales were sluggish. As a result, overall LCD color filter sales decreased
year on year.
In the electronic devices business, sales decreased for etched products, including
photomasks and hard drive suspensions, and for high-density build-up circuit boards, due partly
to supply chain disruptions at domestic semiconductor manufacturers.
As a result of the above, overall segment sales fell 16.4% year on year to ¥122.3 billion andoperating losses totaled ¥70 million, versus operating income of ¥9.1 billion during the same
period last year.

[BEVERAGES]
Beverages
Amid tough market conditions, characterized by weak consumer spending and stiffer sales
competition, the DNP Group worked to expand sales of Coca-Cola and Georgia, both coreproducts, and I LOHAS, a brand of mineral water that uses “ecoru Bottle Shiboru,” Japanʼslightest bottle.
As a result, coffee sales decreased, but mineral waters increased. Overall segment sales fell
4.6% year on year to ¥26.8 billion and operating income totaled ¥400 million, versus losses of¥60 million during the same period last year.
(2) Qualitative information on the consolidated financial position
Total assets at the end of the second quarter decreased by ¥28.4 billion from the end of theprevious fiscal year to ¥1,621.2 billion, due partly to a decrease in notes and trade receivables.
Total liabilities decreased by ¥23.3 billion from the end of the previous fiscal year to ¥674.0
billion, due partly to a decline in short-term bank loans.
Net assets decreased by ¥5.1 billion from the end of the previous fiscal year to ¥947.2 billion,
due partly to a decline in valuation difference on available-for-sale securities.
As a result of the above, the equity ratio was 55.7%, up 0.6 percentage points from 55.1% at
the end of the previous fiscal year
Consolidated cash flow provided by operating activities in the first six months totaled ¥66.7
billion, due mainly to ¥15.9 billion in income before income taxes and minority interests and¥46.5 billion in depreciation.
Cash flow used in investing activities totaled ¥38.4 billion, due mainly to ¥34.7 billion in
payments for purchases of property, plant and equipment, and cash flow used in financing
activities totaled ¥25.0 billion, due mainly to a ¥7.8 billion decrease in short-term bank loans and¥10.6 billion in dividends paid.
As a result, cash and cash equivalents at the end of the second quarter totaled ¥225.8 billion,
an increase of ¥3.7 billion from the end of the previous fiscal year.
(3) Qualitative information on the consolidated earnings forecasts
Our earnings forecasts for the fiscal year ending March 2012 are unchanged from the forecasts
announced on August 11, 2011.

3

2. Quarterly consolidated financial statements(1) Quarterly consolidated balance sheets(Million yen)
As of March 31, 2011

As of September 30, 2011ASSETS
Current assets
Cash and time deposits
Notes and trade receivable
Merchandise and finished products
Work in progress
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Fixed assets
Property, plant and equipment
Buildings and structures, net
Machinery and equipment, net
LandConstruction in progress
Other, net
Total property, plant and equipment
Intangible fixed assets
Other
Total intangible fixed assets
Investments and other assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Deferred assets
TOTAL ASSETS

4

223,847
403,986
87,446
31,585
19,57531,496(6,994)790,942

226,797
381,028
90,95836,33019,94627,447(6,211)
776,295

212,984
173,849
138,650
47,03642,306
614,827

206,997
161,893
138,80753,84240,641
602,182

35,89135,891

37,65937,659218,119(11,250)
206,868
857,587
1,253
1,649,784

214,911(10,825)
204,085
843,927
1,066
1,621,289

(Million yen)
As of March 31, 2011

As of September 30, 2011

LIABILITIESCurrent liabilities
Notes and trade payable
Short-term bank loans

275,525
51,403275,960
43,682

Reserve for bonuses

16,65016,272

Reserve for disaster losses

4,648

2,666

Other

99,541

88,778

Total current liabilities

447,768

427,360

Bonds

153,520

153,310Long-term debt

14,802

16,190

Provision for retirement benefits

39,26036,299Other

41,99140,842

Total long-term liabilities

249,574

246,642

697,343674,002

Common stock

114,464

114,464

Capital surplus

144,898

144,898

Retained earnings

760,452

758,555

Treasury stock(94,113)(94,150)

Total stockholders’ equity

925,702923,767832(2,995)(12)

8(18,000)(17,772)(17,180)(20,759)

16

16

Minority interests

43,90244,263TOTAL NET ASSETS

952,440

947,287

1,649,784

1,621,289

Long-term liabilities

TOTAL LIABILITIESNET ASSETSStockholders’ equity

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Net deferred gains (losses) on hedges
Foreign currency translation adjustments
Total accumulated other comprehensive
incomeStock acquisition rights

TOTAL LIABILITIES AND NET ASSETS

5

(2) Quarterly consolidated statements of income and quarterly consolidated statementsof comprehensive income
Quarterly consolidated statements of income
First six months of the fiscal years(Million yen)Six months ended
September 30, 2010
796,177

Six months ended
September 30, 2011
754,921

Cost of sales

642,220

623,712Gross profit

153,957

131,208

Selling, general and administrative expenses

114,715

114,726

Operating income

39,242

16,481

2,419
–
4,001
6,420

2,365
261
5,041
7,668

1,360
437

1,705
–

4,713
6,511

2,614
4,320

39,151

19,829

87
26
–
113

60
65
57
183

1,892
1,169
1,016
4,079
35,185
10,824
6,527
17,352
17,833599
17,233

2,081
1,120
860
4,062
15,951
8,263(1,217)
7,045
8,905
483
8,422

Net sales

Non-operating income
Interest and dividend income
Equity in earnings of associated companies
Other
Total non-operating income
Non-operating expense
Interest expense
Equity in losses of associated companies
Other
Total non-operating expenses
Ordinary income
Extraordinary gains
Gain on sale of fixed assets
Gain on sale of investment securities
Gain on revision of retirement benefit plan
Total extraordinary gains
Extraordinary losses
Loss on sale 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 taxes
Income before minority interests
Minority interests
Net income

6Quarterly consolidated statements of comprehensive income
First six months of the fiscal years(Million yen)

Income before minority interests
Other comprehensive income
Valuation difference on available-for-salesecurities
Net deferred gains on hedges
Foreign currency translation adjustments
Share of other comprehensive income ofassociates accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of
the parent
Comprehensive income attributable to minority
interests

7

Six months ended
September 30, 2010

Six months ended
September 30, 2011

17,833

8,905(10,930)(3,835)

13(3,579)

21
255

(59)

9

(14,555)
3,277(3,549)
5,356

2,948

4,842

328

513

(3) Quarterly consolidated statements of cash flows(Million yen)

Cash flows from operating activities
Income before income taxes and minority interests
Depreciation
Decrease of doubtful receivables, net
Decrease of provision for retirement benefits, net
Equity in losses (gains) of associated companies
Amortization of consolidation 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 sales or retirement of fixed assets
Net decrease in trade receivables
Net increase in inventories
Increase (Decrease) in trade payables
Other
Sub-total
Payment of income taxes
Net cash provided by operating activities
Cash flows from investing activities
Net (increase) decrease in time deposits
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
Proceeds from purchase of newly consolidated
subsidiary stocks
Interest and dividends received
Other
Net cash used in investing activities

8

Six months ended
September 30, 2010

Six months ended
September 30, 201135,18547,005(151)(2,136)437
1,264(2,419)
1,360
(26)
1,174
1,805
49,176(778)(42,689)
1,874
91,083

15,951
46,562(1,297)(2,699)(261)
1,681(2,365)
1,705
(64)
1,120
2,037
23,951(9,177)
1,094(1,964)76,274(11,886)
79,196(9,535)66,739(595)

805(45,988)(34,729)717

808(1,690)10,167

(968)
89

908

–

2,603
(4,347)(38,225)

2,892(7,327)(38,430)

(Million yen)

Cash flows from financing activities
Net decrease in short-term bank loans
Proceeds from long-term debt
Repayments of long-term debt
Payments for redemption of bonds
Payments for purchases of treasury stock
Interest paid
Dividends paid
Dividends paid to minority interests
Other
Net cash used in financing activities
Effect of exchange rate changes on cash and cash
equivalents
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Net increase in cash and cash equivalents resulting
from change of scope of consolidation
Increase in cash and cash equivalents from merger
with unconsolidated subsidiaries
Cash and cash equivalents at end of period

9

Six months ended
September 30, 2010

Six months ended
September 30, 2011

(5,497)
1,180(3,683)(117)(68)(1,346)(10,317)(373)(3,337)(23,561)(7,886)
4,170(3,503)(1,323)(47)(1,586)(10,313)(345)(4,243)(25,078)(1,733)219

15,6763,450

151,709

222,056

–

295

128

–

167,514

225,802(4) Note on assumptions for going concern
None(5) Segment information, etc.
I. First six months of previous fiscal year (April 1, 2010 – September 30, 2010)
Information on sales and income/loss by reporting segment
Reporting segment
Information
Communication

Lifestyle andIndustrial
Supplies

Electronics

355,182

266,455

146,417

Beverages

Total(Million yen)Amounts
reported on
Adjustment
quarterly
Note 1
consolidated
statements ofNote 2incomeNet salesOutside customers

28,122

796,177–

796,177

Inter-segment

3,316

3,347

5

2

6,672

(6,672)–

Total

358,498

269,802

146,422

28,125

802,849(6,672)

796,177

Segment income (loss)

9,859

25,568

9,172

(64)

44,535(5,293)39,242

Notes: 1. Segment income (loss) is adjusted for costs related to basic research not assignable to a reporting
segment or costs of research shared by different segments.
2. Segment income (loss) is adjusted to reflect operating income as reported on the consolidated
statements of income.

II. First six months of current fiscal year (April 1, 2011 – September 30, 2011)
Information on sales and income/loss by reporting segment
Reporting segment
Information
Communication

Lifestyle andIndustrial
Supplies

Electronics

345,068

260,658

122,371

Beverages

Total(Million yen)Amounts
reported on
Adjustment
quarterly
Note 1
consolidated
statements ofNote 2incomeNet salesOutside customers

26,822754,921–754,921

Inter-segment

2,525

2,826

0

1

5,353

(5,353)–

Total

347,594

263,485

122,371

26,823760,274(5,353)754,921

Segment income (loss)

4,564

16,560(75)

402

21,452(4,971)

16,481

Notes: 1. Segment income (loss) is adjusted for costs related to basic research not assignable to a reporting
segment or costs of research shared by different segments.
2. Segment income (loss) is adjusted to reflect operating income as reported on the consolidated
statements of income.

10(6) Significant changes in shareholders’ equity
None(7) Additional information
As a result of accounting changes and corrections of past errors since the start of the firstquarter of the fiscal year ending March 31, 2012, DNP is applying the “Accounting Standard for
Accounting Changes and Error Corrections” (ASBJ Statement No. 24, December 4, 2009) andthe “Guidance on Accounting Standard for Accounting Changes and Error Corrections” (ASBJ
Guidance No. 24, December 4, 2009).

11