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

Company Name:
Dai Nippon Printing Co., Ltd.
Stock exchange listings:
Tokyo
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:February 13, 2012
Dividend payment date:–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 nine months ended December 31, 2011
(April 1, 2011 – December 31, 2011)(1) Consolidated financial results(Percentages show change from corresponding year-ago period.)
Net Sales

Nine months ended
December 31, 2011
Nine months ended
December 31, 2010

Operating Income

Ordinary Income

Million yen%

Million yen%

Million yen%

1,135,977(5.4)

22,887(58.5)

25,991(52.5)

1,200,454

2.2

55,113

20.4

54,76922.7

Note: Comprehensive income (loss):
For the first nine months ended December 31, 2011: ¥(7,480) million (–%)
For the first nine months ended December 31, 2010: ¥14,697 million (–%)
Net Income

Nine months ended
December 31, 2011
Nine months ended
December 31, 2010

Diluted Net Income
per Share

Net Income per Share

Million yen

%

Yen

Yen

4,066

(84.3)

6.31

6.30

25,820

31.6

40.08

–

(2) Consolidated financial position
Total Assets

Net Assets

Equity Ratio

Million yen

Million yen%

As of December 31, 2011

1,607,972

924,124

54.7

As of March 31, 2011

1,649,784

952,44055.1

Note: Stockholders’ equity as of December 31, 2011: ¥880,240 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

1,540,000 (3.1)
38,000(44.0)
38,000 (39.5)
8,000 (68.0)
Note: Revisions to the most recently announced earnings forecasts during the current quarter: Yes

12.42

Full year

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 December 31,
2011

700,480,693
shares

As of March 31, 2011

700,480,693
shares

As of December 31,
2011

56,400,603
shares

As of March 31, 2011

56,338,163
sharesNine months ended
December 31, 2011

644,112,868
sharesNine months ended
December 31, 2010

644,200,740
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 has been completed 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) Note on assumptions for going concern(4) Segment information, etc.
(5) Significant changes in shareholders’ equity(6) Additional information

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1. Qualitative information on the consolidated results for the current quarter(1) Qualitative information on the consolidated financial results
In the first nine months of the fiscal year, Japan’s economy showed some signs of recoveringfrom the impact of the Tohoku – Pacific Ocean Earthquake, but uncertain conditions persisted,
due partly to overseas economic slowdowns, rapid yen appreciation, and worsening
employment conditions.
The printing industry faced a tough business environment. Competition grew more intense
due to a slow recovery in corporate advertising expenditures, which fell sharply after theearthquake, and to sluggish consumer spending.
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 nine months fell
5.4% year on year to ¥1,135.9 billion, consolidated operating income fell 58.5% to ¥22.8 billion,
consolidated ordinary income fell 52.5% to ¥25.9 billion, and consolidated net income fell 84.3%
to ¥4.0 billion.
Business segment results are presented below.
[PRINTING]
Information Communication
In the Books and Magazines business, the publications market slumped, and although booksales increased, magazines declined.
In the Commercial Printing business, sales decreased year on year as a slow recovery incorporate advertising expenditures, which decreased after the earthquake, resulted in generally
weak sales of flyers, pamphlets, catalogs, and other products.
In the Business Forms business, smart card sales were strong, including transportation
cards and electronic money, but overall sales decreased year on year on a decline for
information processing services (ranging from data entry to printing and shipment of personal
mail and other items).
In the Educational Publications Distribution business, sales rose above year-ago levels, duepartly to an increase in the number of consolidated subsidiaries.
As a result of the above, overall segment sales fell 2.1% year on year to ¥530.1 billion andoperating income fell 34.5% to ¥8.4 billion.
Lifestyle and Industrial Supplies
In the Packaging business, sales increased year on year, driven by growth for 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 energy-related products, including
lithium ion rechargeable battery soft packages and photovoltaic module back sheets, and for
dye-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.

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As a result of the above, overall segment sales fell 2.5% year on year to ¥391.4 billion andoperating income fell 34.0% to ¥23.7 billion.

Electronics
In the LCD color filter business, sales of small and medium-sized filters for smartphones were
firm, but overall sales decreased year on year because global LCD TV sales were sluggish.
In the electronic devices business, sales decreased for etched products, including
photomasks and hard drive suspensions, amid tough conditions in the global semiconductor
market.
As a result of the above, overall segment sales fell 18.6% year on year to ¥178.7 billion andoperating losses totaled ¥3.1 billion, versus operating income of ¥12.9 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
9.2% year on year to ¥43.6 billion and operating income rose 12.2% to ¥1.4 billion.
(2) Qualitative information on the consolidated financial position
Total assets at the end of the third quarter decreased by ¥41.8 billion from the end of theprevious fiscal year to ¥1,607.9 billion, due partly to decreases in cash and time deposits and inmachinery and equipment.
Total liabilities decreased by ¥13.4 billion from the end of the previous fiscal year to ¥683.8
billion, due partly to a decline in the reserve for bonuses.
Net assets decreased by ¥28.3 billion from the end of the previous fiscal year to ¥924.1
billion, due partly to a decline in retained earnings from the payment of dividends.
As a result of the above, the equity ratio declined from 55.1% at the end of the previous fiscal
year to 54.7%.
(3) Qualitative information on the consolidated earnings forecasts
We have revised our earnings forecasts for the fiscal year ending March 2012, originallypublished on August 11, 2011. For details, see our press release titled, Revision of Consolidated
Earnings Forecasts for the Fiscal Year Ending March 31, 2012, published on February 10, 2012.

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

As of December 31, 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

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

195,856
394,780
95,66938,483
20,39926,277(6,228)765,238

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

209,133
154,305
142,718
55,79842,231
604,186

35,89135,89137,49737,497

218,119(11,250)
206,868
857,587
1,253
1,649,784

210,801(10,724)200,077
841,760
972
1,607,972

(Million yen)
As of March 31, 2011

As of December 31, 2011

LIABILITIESCurrent liabilities
Notes and trade payable
Short-term bank loans

275,525
51,403285,168
49,358Reserve for bonuses

16,6506,217

Reserve for disaster losses

4,648

2,405

Other

99,54193,732

Total current liabilities

447,768

436,881

Bonds

153,520

153,120

Long-term debt

14,802

16,786

Provision for retirement benefits

39,26033,853

Other

41,991

43,206

Total long-term liabilities

249,574

246,965

697,343

683,847

Common stock

114,464

114,464

Capital surplus

144,898

144,898

Long-term liabilities

TOTAL LIABILITIESNET ASSETSStockholders’ equity

Retained earnings

760,452

743,882

Treasury stock(94,113)(94,160)

Total stockholders’ equity

925,702909,085

832(5,874)

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Net deferred gains (losses) on hedges

(12)

(4)

(18,000)(22,966)(17,180)(28,845)

16

16

Minority interests

43,902

43,867TOTAL NET ASSETS

952,440

924,124

1,649,784

1,607,972

Foreign currency translation adjustments
Total accumulated other comprehensive
incomeStock acquisition rights

TOTAL LIABILITIES AND NET ASSETS

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(2) Quarterly consolidated statements of income and quarterly consolidated statementsof comprehensive income
Quarterly consolidated statements of income
First nine months of the fiscal years(Million yen)

Nine months ended
December 31, 2010
1,200,454

Nine months ended
December 31, 2011
1,135,977

Cost of sales

970,342

940,860

Gross profit

230,111

195,116

Selling, general and administrative expenses

174,997

172,228

Operating income

55,113

22,887

3,124
–
5,087
8,212

3,162
564
5,970
9,698

2,057
210

2,553
–

6,288
8,556

4,040
6,593

54,76925,991

258
66
325

1,762
149
1,911

2,863
438
1,097
4,399
50,695
12,898
11,74524,644
26,050230
25,820

3,707
2,664
2,064
8,436
19,466
10,330
4,502
14,833
4,633
566
4,066

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
Other
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 nine months of the fiscal years(Million yen)

Income before minority interests
Other comprehensive income (loss)
Valuation difference on available-for-salesecurities
Net deferred gains on hedges
Foreign currency translation adjustments
Share of other comprehensive loss of associates
accounted for using equity method
Total other comprehensive loss
Comprehensive income (loss)
Comprehensive income (loss) attributable toComprehensive income (loss) attributable toowners of the parent
Comprehensive income (loss) attributable tominority interests

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Nine months ended
December 31, 2010

Nine months ended
December 31, 2011

26,050

4,633(6,060)(6,690)27(5,262)

8(5,427)(56)(4)(11,352)
14,697(12,113)(7,480)14,896(7,598)

(198)

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(3) Note on assumptions for going concern
None(4) Segment information, etc.
I. First nine months of previous fiscal year (April 1, 2010 – December 31, 2010)
Information on sales and income/loss by reporting segment
Reporting segment
Information
Communication

Lifestyle andIndustrial
Supplies

Electronics

536,484

396,430

219,458

Beverages

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

48,0801,200,454–

1,200,454

Inter-segment

5,091

5,255

9

4

10,361(10,361)–

Total

541,576

401,685

219,467

48,085

1,210,815(10,361)

1,200,454

Segment income

12,92535,993

12,9091,265

63,093(7,979)55,113

Notes: 1. Segment income 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 is adjusted to reflect operating income as reported on the consolidated statements ofincome.

II. First nine months of current fiscal year (April 1, 2011 – December 31, 2011)
Information on sales and income/loss by reporting segment
Reporting segment
Information
Communication

Lifestyle andIndustrial
Supplies

Electronics

526,016

387,576

178,733

Beverages

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

43,6501,135,977–

1,135,977

Inter-segment

4,155

3,880

1

2

8,040

(8,040)–Total

530,172

391,457

178,734

43,652

1,144,017(8,040)1,135,977

Segment income (loss)

8,462

23,747(3,173)

1,420

30,457(7,570)22,887

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.

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(5) Significant changes in shareholders’ equity
None(6) Additional information
1) Application of the “Accounting Standard for Accounting Changes and Error Corrections”
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).
2) Impact of change in corporate tax rates
Following the promulgation of the “Act for Partial Amendment of the Income Tax Act, etc. for the
Purpose of Creating a Taxation System Responding to Changes in Economic and Social
Structures” (Act No. 114, 2011) and the “Act on Special Measures for Securing Financial
Resources Necessary to Implement Measures for Reconstruction following the Tohoku –Pacific Ocean Earthquake” (Act No. 117, 2011) on December 2, 2011, corporate income tax
rates will change for consolidated fiscal years starting on or after April 1, 2012. As a result, theeffective statutory tax rates used to calculate deferred tax assets and deferred tax liabilities arelisted below according to the timing of eliminating temporary differences, etc.
Through March 31, 2012: 40.7%
April 1, 2012 to March 31, 2015: 38.0%
From April 1, 2015: 35.6%
This change in tax rates resulted in a net decrease in deferred tax assets of ¥4,035 million andan increase in income taxes – deferred of ¥4,040 million.

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