Consolidated Financial Results
for the First Three Months of the Fiscal Year Ending March 31, 2010
August 6, 2009

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: August 7, 2009
Dividend payment date: *Amounts under one million yen have been rounded down.

1. Consolidated financial results for the three months ended June 30, 2009
(1) Consolidated financial results(Percentages show change from corresponding year-ago period.)
Net Sales
Millions of yen

Three months ended
June 30, 2009
Three months ended
June 30, 2008

Operating Income%

Millions of yen%

Millions of yen%

380,418

(2.4)

9,430

(50.0)

10,912(48.2)

389,829-

18,848-21,084-Net Income
Millions of yen

Three months ended
June 30, 2009
Three months ended
June 30, 2008

Ordinary Income

Net Income per Share

Diluted Net Income
per Share

Yen

Yen

%

2,009

(79.8)

3.12

-

9,972

-

15.27

-

(2) Consolidated financial position
Total Assets

Net Assets

Equity Ratio

Net Assets
per Share

Millions of yen

Millions of yen%

Yen

As of June 30, 2009

1,507,512

943,478

As of March 31, 2009

1,536,556

940,085

Note: Stockholders’ Equity as of June 30, 2009: ¥903,245 million

59.9

1,401.81

58.5

1,393.91

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

Year-end

Annual

-

14.00

32.00

-

16.00

32.00

-

Year ending March 31, 2010
16.00
(Forecast)
Note: Revisions of projected dividends during the current quarter: None1

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

Ordinary Income

Millions ofyenMillions of
yen

%

%

Net Income
per Share

Net Income
Millions of
yen

%

Yen

Six months
endingSeptember 30,
2009812,000

1.0

15,000(62.5)

15,000(63.9)

7,500(54.7)

11.64

Full year

1,677,000

5.8

40,000(13.4)

40,000(15.6)

20,000-31.04

Note: Revisions of consolidated forecasts during the current quarter: None
No changes have been made to the consolidated earnings forecasts announced on May 15, 2009, for the first half
and the full fiscal year.

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 6, “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 June 30, 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 June 30, 2009: 56,139,229 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):Three months ended June 30, 2009: 644,349,623 shares
Three months ended June 30, 2008: 653,081,582 shares* Explanation regarding appropriate use of earnings forecasts and other special notes
The above-noted forecasts were prepared on the basis of information available to the Company and certain
assumptions that the Company deems to be reasonable as of the date of the announcement of this material.
A number of factors, including but not limited to risks and uncertainties related to changes in economic
conditions affecting the Company’s operations, market trends, and fluctuations in exchange rates, could
cause actual results to differ from these forecasts.
Regarding earnings forecasts, please refer to page 5, “3. Qualitative information on the consolidated
results forecast” of “Qualitative Information and Financial Statements.”2

Qualitative Information and Financial Statements
1. Qualitative information on consolidated financial results
During the first three months of the current fiscal year (April 1, 2009 to June 30, 2009), economic
conditions in Japan remained very weak, with consumer spending down sharply and corporate
earnings and employment conditions much worse than before because of the global recession thatoriginated with the US financial crisis.
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 group wide 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, consolidated net sales for the first three months decreased 2.4% year on year to¥380.4 billion, consolidated operating income declined 50.0% to ¥9.4 billion, consolidated ordinary
income fell 48.2% to ¥10.9 billion, and net income dropped 79.8% to ¥2.0 billion.
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. Free newspaper printing sales, mainly for papers
related to jobs and housing, were weak.
In the Commercial Printing business, sales were lower year on year because of a decline in salesof printing of flyers, pamphlets, and point of purchase displays, stemming from a deterioration incorporate earnings.
In the Business Forms business, sales of printing of smart cards increased, but overall sales were
down year on year because of declines in sales of printing of continuous ledger forms forcomputerized accounting, and demand related to information processing services (ranging from data
entry to printing and shipment of personal mail).
The Educational Publications Distribution business, which grew as a result of an acquisition,
contributed to the increase in sales in this segment.
As a result, overall sales in the Information Communication segment increased 17.2% year on
year to ¥191.5 billion, but operating income declined 32.7% to ¥5.5 billion.
Lifestyle and Industrial Supplies
In the Packaging business, sales of flexible packaging, paper containers, paper cups, preformed
bottles (primary products for making PET bottles), and other molded plastic products increased, but
sales were down year on year because of a decline in sales of aseptic filling systems for PET
bottles.
In the Lifestyle Materials business, sales were weak overall because of a slump in housing
demand and despite efforts to increase sales of eco-friendly “Safmare” decorative sheets.
In the Industrial Supplies business, sales of anti-glare film used in flat-panel displays increased,but overall sales fell year on year because of declines in sales of ink ribbons and receiver paper forphoto printers as well as back sheet film for solar power systems.
As a result, overall sales in the Lifestyle and Industrial Supplies segment decreased 8.3% year on
year to ¥126.8 billion, but operating income rose 6.2% to ¥8.0 billion.
Electronics
In the LCD color filter business, demand for LCD panels rebounded somewhat, but sales fell year on
year because prices remained very weak.
In addition, the semiconductor-related market showed no signs of change. Sales of photomasks,
etched products for hard drive suspensions and other applications, and high-density build-up circuitboards contracted.
As a result, overall sales in the Electronics segment decreased 32.1% year on year to ¥51.9 billion

3and operating losses totaled ¥1.1 billion (versus the year-ago operating income of ¥5.6 billion).
BEVERAGES
Beverages
DNP worked hard to increase sales with marketing campaigns for core products, namely Coca-Cola
Zero and Georgia Emerald Mountain Blend. Sales of carbonated beverages increased, but sales oftea and coffee drinks decreased because of a slump in consumer spending and more intensecompetition.
As a result, overall sales in the Beverages segment decreased 12.2% year on year to ¥13.5 billion
and operating losses totaled ¥700 million (versus the year-ago operating losses of ¥300 million).

2. Qualitative information on the consolidated financial position
Total assets at the end of the first quarter were down ¥29.0 billion from the end of the previous fiscal
year to ¥1,507.5 billion primarily because of a decline in cash and time deposits.
Total liabilities were down ¥32.4 billion from the end of the previous fiscal year to ¥564.0 billion
primarily because of a decrease in short-term bank loans.
Net assets rose ¥3.3 billion compared with the end of the previous fiscal year to ¥943.4 billion
primarily because of an increase in net unrealized gains on marketable securities.
As a result, the equity ratio increased 1.4 percentage points from the end of the previous fiscal
year to 59.9%.
Consolidated cash flow provided by operating activities in the first quarter totaled ¥33.2 billion
primarily because of ¥8.7 billion in income before income taxes and minority interests and ¥20.9
billion in depreciation. Cash flow used in investing activities totaled ¥35.5 billion, mainly because of
the acquisition of ¥34.0 billion of property, plant and equipment, and cash flow used in financing
activities totaled ¥20.6 billion, due to a ¥10.3 billion decline in short-term bank loans and ¥8.8 billionof dividend payments.
Because of these activities, DNP’s cash and cash equivalents at the end of the first quarterdecreased by ¥21.5 billion from the end of the previous fiscal year to ¥95.6 billion.

43. Qualitative information on the consolidated results forecast
Given the uncertain outlook in light of the global economic slowdown, Japan’s economy is likely to
be weak for some time.
Conditions are likely to remain challenging for the printing industry because of sluggish demand
and the decline in unit prices due to intensified competition.
Confronting these difficult conditions, the DNP Group intends to adapt to changes in market
conditions and demand trends, aggressively expand its marketing activities, and strive to maintainearnings.
PRINTING
Information Communication
In the Books and Magazines business, the Company expects the market to remain weak but intends
to increase sales by focusing on orders for new magazines and books. In the Commercial Printing
and Business Forms businesses, covering flyers, pamphlets, IPS, and smart cards, demand is likely
to decline due to deteriorating corporate earnings, but DNP aims to win more orders by focusing
even more on its unique P&I Solutions.
Lifestyle and Industrial Supplies
In the Packaging business, consumer spending is likely to remain weak, but the Company aims to
obtain more orders for its innovative barrier film, which features outstanding barrier qualities, andother types of high-performance materials.
In the Lifestyle Materials business, the housing markets in Japan and other countries will probably
remain weak, but DNP intends to increase sales of its eco-friendly products that use its
well-regarded proprietary EB (electron beam) coating technology.
In the Industrial Supplies business, DNP intends to work hard to increase sales of anti-glare film,in light of some signs of a rebound in demand for flat-panel displays, and win more orders for color
ink ribbons and various types of battery materials.
Electronics
In the LCD color filter business, changes in demand, declines in unit prices, and other changes inbusiness conditions are likely, but the Company plans to win more orders for filters for PC monitorsand consumer TVs as well as strengthen its production operations to meet market demand.
Conditions in the photomask business are likely to remain unfavorable because of a deteriorationin semiconductor market conditions, but DNP aims to become more competitive by further
developing products based on the latest technologies and by changing its production lines.
BEVERAGES
Beverages
Market conditions will probably remain challenging owing to a market slump and intense sales
competition, but the Company intends to move forward with its new medium-term plan, titled “Restart
2009: New Beginnings in the North,” as well as to further improve its earnings structure andgenerate sales and earnings by introducing new products and developing marketing campaigns.
In light of all the foregoing, for the first two quarters half of the current fiscal year, DNP presently
forecasts consolidated net sales of ¥812.0 billion, operating income of ¥15.0 billion, ordinary incomeof ¥15.0 billion, and net income of ¥7.5 billion. For the current fiscal year, DNP presently forecasts
consolidated net sales of ¥1,677.0 billion, operating income of ¥40.0 billion, ordinary income of¥40.0 billion, and net income of ¥20.0 billion.

5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 first quarter, DNP eliminated theprocess of taking physical inventory of stock and instead adopted a streamlined calculation 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 is
calculated 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 financial statements
None6

5. Quarterly consolidated financial statements(1) Quarterly consolidated balance sheets(Millions of yen)First quarter ended
June 30, 2009
(As of June 30, 2009)

Year ended
March 31, 2009
(As of March 31, 2009)ASSETS
Current assets
Cash and time deposits
Notes and trade 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, net
LandConstruction in progress
Other, net
Total property, plant and equipment
Intangible fixed assets
Goodwill
Software
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

7

104,103388,250
72,762
31,214
18,521
5,765
21,513(5,638)636,494

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

201,373
178,113133,065
66,97830,833
610,365

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

24,09019,194
4,575
47,86024,09920,053
4,696
48,850129,819
3,463
47,42443,308(12,651)
211,362
869,588

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

1,429
1,429
1,507,512

735
735
1,536,556

(Millions of yen)First quarter ended
June 30, 2009
(As of June 30, 2009)

Year ended
March 31, 2009
(As of March 31, 2009)

LIABILITIESCurrent liabilities
Notes and trade payable
Short-term bank loans

285,757
49,472
2,959
3,127

290,871
59,875
2,898
7,891

Other

6,559
90,215

16,186
92,075

Total current liabilities

438,092

469,799

Bonds

51,00051,000Long-term debt
Other

10,082
41,83023,028

10,49041,451
23,729Total long-term liabilities

125,941

126,671

TOTAL LIABILITIES

564,033

596,471

Common stock

114,464

114,464

Capital surplus
Treasury stock

144,898
744,916(93,897)

144,898
751,869(93,884)

Total stockholders’ equity

910,381

917,348

5,276(3,882)Foreign currency translation adjustments

0(12,414)(4)(15,285)

Total valuation and translation adjustments(7,136)(19,173)

40,233

41,910943,478

940,085

1,507,512

1,536,556

Current portion of long-term debt
Income taxes payable
Reserve for bonuses

Long-term liabilities

Provision for retirement benefits

NET ASSETSStockholders’ equity

Retained earnings

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

Minority interests
TOTAL NET ASSETSTOTAL LIABILITIES AND NET ASSETS

8

(2) Quarterly consolidated statements of income(Millions of yen)Three months ended
June 30, 2008

Three months ended
June 30, 2009

Net sales

389,829

380,418

Cost of sales

319,532

313,564

Gross profit

70,296

66,853

Selling, general and administrative expenses

51,44757,423Operating income

18,848

9,430

380
1,949
2,402
4,732

204
1,791
30
1,708
3,734

346
335
1,815
2,497

448
1,805
2,253

21,084

10,912

46
208

81
1

-

100

121
376

183

1,346
188
62
1,597
19,863
4,016
5,806
9,823
67
9,972

1,464
855
13
2,334
8,761
2,830
3,568
6,398
354
2,009

Non-operating income
Interest income
Dividend income
Equity in gains of affiliates
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
Gain on reversal of allowance for doubtful
accounts
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 taxes
Minority interests
Net income9(3) Quarterly consolidated statements of cash flows(Millions of 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 (earnings) 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
Decrease in trade receivables
Increase in inventories
Decrease in trade payables
Other
Sub-total
Payment of income taxes
Net cash provided by operating activities
Cash flows from investing activities
Increase 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
Other
Net cash used in investing activities

10

Three months ended
June 30, 2008

Three months ended
June 30, 2009

19,8638,761

25,206745

20,903
462

(865)

587

335
830
(2,330)
346
(208)

(30)
1,277
(1,996)
448
(1)

188

855

1,299
13,796(8,414)(11,018)(3,613)36,160(15,799)
20,361

1,382
19,035(1,035)(5,079)(4,920)40,652(7,418)33,233

(49)
986

(54)
-

(22,998)(34,059)

1,053

427

(3,341)(6,477)

1,061(3,220)(3,664)
2,319(3,631)(31,485)

2,063(3,329)2,003
3,864(35,563)

Cash flows from financing activities
Increase (Decrease) in short-term bank loans
Proceeds from long-term debt
Repayments of long-term debt
Payments for purchases of treasury stocks
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 decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of period

11

Three months ended
June 30, 2008

Three months ended
June 30, 2009

8,849
1,220
(1,091)(26,589)(127)(12,852)(54)(144)(30,791)(10,391)
800(1,095)(23)(227)(8,753)(56)(878)(20,625)(3,567)

1,421(45,482)
130,695
85,212(21,532)
117,200
95,667

(4) Notes on premise of a going concern
None(5) Segment information
Business segment information
Three months ended June 30, 2008
(Millions of yen)
Information
Communication

Lifestyle andIndustrial
Supplies

Electronics

Beverages

Elimination
and/orcorporate

Consolidated

161,591

136,289

76,486

15,460389,829-

389,829

1,867

2,071

0

10

3,951

(3,951)-

163,459

138,361

76,487

15,471

393,780(3,951)

389,829

8,207

7,532

5,652

(393)

20,998(2,149)18,848Total

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

Three months ended June 30, 2009
(Millions of yen)
Information
Communication

Lifestyle andIndustrial
Supplies

Electronics

Beverages

Elimination
and/orcorporate

Consolidated

189,569

125,320

51,96013,568

380,418-

380,418

1,967

1,550

4

9

3,530

(3,530)-191,536

126,870

51,964

13,577

383,949(3,530)380,418

5,526

8,000

(1,141)(785)

11,599(2,168)

9,430

Total

Net sales(1) Outside
customers(2) Intersegment
Total
Operatingincome(loss)(6) Notes on significant changes in the amount of stockholders’ equityNone12