Consolidated Financial Results
for the First Quarter of the Fiscal Year Ending March 31, 2016
[J-GAAP]
August 6, 2015

Company Name:
Dai Nippon Printing Co., Ltd.
Stock exchange listing:Tokyo
Stock code:
7912
URL: http://www.dnp.co.jp/
Representative:
Yoshitoshi Kitajima, President
Contact person:
Takaaki Tamura, General Manager, Press and Public Relations
Telephone:+81-3-5225-8220
Securities report issuing date:August 6, 2015
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 three months ended June 30, 2015
(April 1, 2015 – June 30, 2015)(1) Consolidated financial results(Percentages show change from corresponding year-ago period.)
Net Income
Operating Income
Ordinary Income
Attributable to
Owners of Parent

Net Sales

Three months ended
June 30, 2015
Three months ended
June 30, 2014

Million yen%

Million yen%

Million yen%

Million yen%

358,975

1.1

11,419(2.4)

15,332

4.7

8,113

7.7

355,193

1.7

11,7001.9

14,643

2.5

7,534

6.7

Note: Comprehensive income: For the first three months ended June 30, 2015: ¥12,787 million (48.8%)
For the first three months ended June 30, 2014: ¥8,592 million (-60.9%)
Diluted Net Income
per Share

Net Income per ShareThree months ended
June 30, 2015
Three months ended
June 30, 2014

Yen

Yen

12.65

12.51

11.70

11.53

(2) Consolidated financial position
Total Assets

Net Assets

Equity Ratio

Million yen

Million yen%

As of June 30, 2015

1,782,101

1,115,910

60.0

As of March 31, 2015

1,809,462

1,124,093

59.6

Note: Stockholders’ equity as of June 30, 2015: ¥1,069,570 million

As of March 31, 2015: ¥1,078,828 million

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

Year ended
March 31, 2015
Year ending
March 31, 2016–

SecondQuarter-end

Third
Quarter-end

16.00

–

Year-end

16.00

Total

32.00

–

Year ending March 31, 2016
16.00
–
16.00
(Forecasts)
Note: Revisions to the most recently announced dividend forecasts during the current quarter: No

32.00

3. Consolidated earnings forecasts for the year ending March 31, 2016
(April 1, 2015 – March 31, 2016)(Percentages show change from corresponding year-ago period.)
Net Income
Net Income
Operating Income
Ordinary Income
Attributable toper Share
Owners of Parent

Net Sales%Yen

1,510,000
3.3
52,0007.9
55,0002.3
30,00011.4
Note: Revisions to the most recently announced earnings forecasts during the current quarter: No

47.42

Full year

Million yen%

Million yen%

Million yen%

Million yen

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: Yes
2) Changes in accounting policies other than the 1) above:No3) Changes in accounting estimates:
No4) Restatement of revisions:No
Note: For further details, see the section titled, “2. Summary information (notes), Changes in accounting
policies, changes in accounting estimates, and restatement of revisions,” on page 4.
(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 June 30, 2015

680,480,693
shares

As of March 31, 2015

700,480,693
shares

As of June 30, 2015

44,755,868
shares

As of March 31, 2015

56,647,614
sharesThree months ended
June 30, 2015

641,278,967
sharesThree months ended
June 30, 2014

643,892,261
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 was 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 “1. Qualitative information on the consolidated results for the current quarter, (3) Explanation of
the consolidated earnings forecasts” on page 3 for information about earnings forecasts.

Contents
1. Qualitative information on the consolidated results for the current quarter .................. 2(1) Explanation of the consolidated financial results ........................................................ 2(2) Explanation of the consolidated financial position ...................................................... 3(3) Explanation of the consolidated earnings forecasts ................................................... 3
2. Summary information (notes) .............................................................................................. 4
Changes in accounting policies, changes in accounting estimates, andrestatement of revisions ................................................................................................. 4
3. Quarterly consolidated financial statements ..................................................................... 5(1) Quarterly consolidated balance sheets ......................................................................... 5(2) Quarterly consolidated statements of income and quarterly consolidated
statements of comprehensive income .......................................................................... 7
Quarterly consolidated statements of income
First three months of the fiscal years ........................................................................ 7
Quarterly consolidated statements of comprehensive income
First three months of the fiscal years ........................................................................ 8(3) Notes regarding quarterly consolidated financial statements .................................... 9[Notes on premise of a going concern] ......................................................................... 9[Significant changes in shareholders’ equity] .............................................................. 9[Segment information, etc.] ............................................................................................ 9

1

1. Qualitative information on the consolidated results for the current quarter(1) Explanation of the consolidated financial results
Japan’s economy maintained a gradual recovery trend during the first three months of the fiscal
year, aided by the economic and monetary policies of the Japanese government and Bank ofJapan. However, the economy has still not reached a full-fledge recovery, due partly to sluggish
consumer spending and higher prices for imported products due to the weak yen.
The printing industry continued to face a tough business environment, due partly to a decline
in order prices on account of weak printing demand and stiffer competition, and higher raw
material prices.
In this environment, the DNP Group (DNP), based on its P&I Solutions business vision,
worked to expand its business by creating products and services that respond to societal
changes from consumer and global perspectives under the slogan, “Today’s Innovation isTomorrow’s Basic.”
As a result of these efforts, consolidated net sales for the first three months grew 1.1% year
on year to ¥358.9 billion, consolidated operating income fell 2.4% to ¥11.4 billion, consolidated
ordinary income grew 4.7% to ¥15.3 billion, and net income attributable to parent company
shareholders grew 7.7% to ¥8.1 billion.
Business segment results are presented below.
DNP changed its reportable business segments effective from the first quarter of the current
fiscal year, and comparison and analysis of first quarter performance are based on the newreportable business segments.
[PRINTING]
Information Communication
In the Books and Magazines business, amid a continued slump in the publications market, salesof both books and magazines decreased year on year, despite aggressive sales promotion
activities.
In the Commercial Printing business, sales were on par with the previous year, despitesluggish sales of flyers, pamphlets, and other printed materials, due to growth for POP andother sales promotion-related tools.
In the Business Forms business, sales increased year on year on firm sales for smart cards
for financial institutions and electronic money, and for Information Processing Services (IPS;
ranging from data entry to printing and shipment of personalized mail and other items).
In the Imaging Communication business, which transferred to this segment from the Lifestyleand Industrial Supplies segment in April 2015, sales rose sharply from the previous year due tostrong sales in North American and European markets for dye-sublimation thermal transfer
printing media for photo printers (color ink ribbons and receiver paper), and to a focus on
cultivating demand in Southeast Asian markets.
In the Education and Publications Distribution business, sales increased over last year
thanks to efforts to expand the library support business and the “honto” hybrid bookstore
network that combines physical bookstores, online bookstores, and e-book sales services.
As a result of the above, overall segment sales grew 2.8% year on year to ¥199.8 billion andoperating income grew 24.6% to ¥7.3 billion.
Lifestyle and Industrial Supplies
In the Packaging business, paper packaging fell below year-ago levels, but overall sales
increased from the previous year on firm sales for plastic film packaging and paper cups, andsales growth for PET bottle aseptic filling systems.
In the Lifestyle Materials business, DNP focused on sales of eco-friendly products and otherproducts that use its proprietary Electron Beam coating technology, but sales decreased year2

on year, affected by a reaction to front-loaded demand resulting from the consumption tax hike.
In the Industrial Supplies business, sales increased from the previous year on strong sales
for photovoltaic module components and lithium-ion battery components.
As a result of the above, overall segment sales grew 3.3% year on year to ¥95.1 billion andoperating income grew 7.2% to ¥3.2 billion.
Electronics
In the LCD Color Filter business, DNP worked to acquire demand for small- and medium-sized
filters for smartphones and tablets, but sales fell below year-ago levels on sluggish sales for TV
filters.
Semiconductor photomask sales decreased from last year, despite tapping into firm
overseas demand, as a result of sluggish sales in Japan.
In the Optical Films business, sales increased for LCD polarizing plate films, but overall sales
decreased year on year on declines for films used in other applications.
As a result of the above, overall segment sales fell 8.2% year on year to ¥52.9 billion andoperating income fell 15.9% to ¥5.4 billion.
[BEVERAGES]
Beverages
The soft drink industry continued to face a tough market environment, due partly to pricecompetition among manufacturers. However, DNP worked to expand sales by releasing new
products and stepping up efforts in the vending machine business.
As a result of the above, sales increased for tea beverages and I LOHAS, a brand of mineralwater that uses a lightweight PET bottle, and overall segment sales grew 2.9% year on year to¥12.4 billion and operating losses totaled ¥0.1 billion, versus a loss of ¥0.2 billion a year earlier.
(2) Explanation of the consolidated financial position
Total assets at the end of the first quarter decreased by ¥27.3 billion from the end of theprevious fiscal year to ¥1,782.1 billion, due mainly to a decrease for cash and time deposits.
Total liabilities decreased by ¥19.1 billion from the end of the previous fiscal year to ¥666.1
billion, due mainly to decreases in short-term bank loans and reserve for bonuses.
Net assets decreased by ¥8.1 billion from the end of the previous fiscal year to ¥1,115.9
billion, due mainly to a decrease in retained earnings.
As a result of the above, the equity ratio rose from 59.6% at the end of the previous fiscal
year to 60.0%.
(3) Explanation of the consolidated earnings forecasts
Our earnings forecasts for the fiscal year ending March 2016 are unchanged from the forecasts
announced on May 14, 2015.

3

2. Summary information (notes)
Changes in accounting policies, changes in accounting estimates, and restatement ofrevisions(Changes in accounting policies)
Starting in the first quarter of the current fiscal year, DNP is applying the “Accounting Standard
for Business Combinations” (ASBJ Statement No. 21, September 13, 2013), the “AccountingStandard for Consolidated Financial Statements” (ASBJ Statement No. 22, September 13,2013), the “Accounting Standard for Business Divestitures” (ASBJ Statement No. 7, September
13, 2013), and other accounting standards. As a result, DNP now records any differences
resulting from changes in its ownership interests in subsidiaries subject to ongoing control undercapital surplus, and records acquisition-related costs as expenses in the fiscal year in which
they are incurred. Furthermore, for business combinations carried out on or after the beginningof the first quarter of the current fiscal year, DNP now reflects the updated acquisition costallocation based on finalization of the provisional accounting treatment in the quarterly
consolidated financial statements for the fiscal quarter in which the business combination
occurs. In addition, DNP has made changes in the presentation of quarterly net income andother items and has changed from presenting minority interests to presenting non-controllinginterests. To reflect these changes in presentation, DNP has restated the quarterly consolidated
financial statements and full-year consolidated financial statements for the first quarter of theprevious fiscal year and for the full previous fiscal year.
DNP is applying the Accounting Standard for Business Combinations and other accounting
standards in line with transitional measures stipulated in Paragraph 58-2 (4) of the AccountingStandard for Business Combinations, Paragraph 44-5 (4) of the Accounting Standard forConsolidated Financial Statements, and Paragraph 57-4 (4) of the Accounting Standard forBusiness Divestitures, and this application is effective from the start of the first quarter of thecurrent fiscal year and into the future.
These changes have an immaterial impact on the quarterly financial statements for the firstquarter of the current fiscal year.

43. Quarterly consolidated financial statements(1) Quarterly consolidated balance sheets(Million yen)
As of March 31, 2015

As of June 30, 2015

ASSETS
Current assets
Cash and time deposits
Notes and trade receivables
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
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
TOTAL ASSETS

5210,979
366,068
97,231
28,27822,39538,990(822)
763,122

179,793
347,682
100,486
29,32324,194
37,164(1,012)
717,631

184,639
98,913
154,093
41,45733,686
512,790

182,708
95,958154,082
46,78533,174
512,71030,58330,58331,687
31,687397,116
114,364(8,514)502,966
1,046,340
1,809,462

411,319
117,165(8,413)520,072
1,064,470
1,782,101

(Million yen)
As of March 31, 2015

As of June 30, 2015

LIABILITIESCurrent liabilities
Notes and trade payables
Short-term bank loans

258,887
53,370259,984
43,111

Reserve for bonuses

17,428

6,566

Other

105,717

104,106

Total current liabilities

435,404

413,769

Bonds

103,750

103,625

Long-term debt

20,585

18,884

Net defined benefit liability

32,34833,342

Deferred tax liabilities

65,86069,366

Other

27,41927,203

Total long-term liabilities

249,964

252,421685,368

66,190Common stock

114,464

114,464

Capital surplus

144,898

144,359Retained earnings

737,241

701,622

Treasury stock(94,386)(71,561)

Total stockholders’ equity

902,217888,885

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

147,914156,106(0)5Foreign currency translation adjustments

7,247

5,711

Remeasurements of defined benefit plans
Total accumulated other comprehensive
income21,44918,861

176,610

180,685

Stock acquisition rights

16

16

Non-controlling interests

45,24846,324TOTAL NET ASSETS

1,124,093

1,115,910

TOTAL LIABILITIES AND NET ASSETS

1,809,462

1,782,101

Long-term liabilities

TOTAL LIABILITIESNET ASSETSStockholders’ equity6(2) Quarterly consolidated statements of income and quarterly consolidated statementsof comprehensive income
Quarterly consolidated statements of income
First three months of the fiscal years(Million yen)Three months ended
June 30, 2014
355,193Three months ended
June 30, 2015
358,975

Cost of sales

286,573

289,489

Gross profit

68,62069,485

Selling, general and administrative expenses

56,91958,066

Operating income

11,70011,419

2,498
1,114
1,351
4,965

3,357
1,120
1,088
5,566

612
1,410
2,022

634
1,019
1,653

14,643

15,332

25
3,665
1
3,692

40
–
83
123

427
4,342
232
5,002

234
–
71
305

13,33215,150

1,902
3,022
4,925
8,407

1,564
4,688
6,252
8,897

873

784

7,534

8,113

Net sales

Non-operating income
Interest and dividend income
Equity in earnings of affiliates
Other
Total non-operating income
Non-operating expense
Interest expense
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 business integration
Other
Total extraordinary losses
Income before income taxes and non-controllinginterests
Current income taxes
Deferred income taxes
Total income taxes
Net income
Net income attributable to non-controllingshareholders
Net income attributable to parent company
shareholders

7

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

Net income
Other comprehensive income
Valuation difference on available-for-salesecurities
Net deferred gains on hedges
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Share of other comprehensive income ofaffiliates accounted for using equity method
Total other comprehensive income
Comprehensive income
Attributable to：Shareholders of parent company
Non-controlling shareholders

8

Three months ended
June 30, 2014

Three months ended
June 30, 2015

8,407

8,897

786

8,033

6
(581)
(925)

40
(2,285)(3,552)

898

1,654

184
8,592

3,890
12,787

7,528
1,063

12,187600

(3) Notes regarding quarterly consolidated financial statements[Notes on premise of a going concern]
None[Significant changes in shareholders’ equity]
Treasury stock increased by ¥10,597 million during the first quarter of the current fiscal year,
due mainly to share repurchases based on a resolution passed by the Board of Directors on
May 14, 2015.
Additionally, retained earnings decreased by ¥33,422 million and treasury stock decreasedby ¥33,422 million during the first quarter of the current fiscal year due to the cancellation oftreasury stock on May 28, 2015 based on a resolution passed by the Board of Directors on May
14, 2015.
[Segment information, etc.]
I. First three months of previous fiscal year (April 1, 2014 – June 30, 2014)
Information on sales and income/loss by reporting segment
Reporting segment
Information
Communication

Lifestyle andIndustrial
Supplies

Electronics

Beverages

Total(Million yen)Amounts
reported on
Adjustment
quarterly
Note 1
consolidated
statements ofNote 2incomeNet sales
193,570

91,87757,64812,095355,193–355,193

Inter-segment

898

251

–

2

1,152

(1,152)–

Total

194,469

92,12957,64812,097356,345(1,152)355,193

Segment income (loss)

5,864

3,018

6,444

(275)

15,051(3,351)

11,700Outside customers

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 quarterly consolidated
statements of income.

II. First three months of current fiscal year (April 1, 2015 – June 30, 2015)
1. Information on sales and income/loss by reporting segment
Reporting segment
Information
Communication

Lifestyle andIndustrial
Supplies

Electronics

Beverages

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

198,617

94,97752,934

12,445358,975–

358,975

Inter-segment

1,277

196

–

8

1,482

(1,482)–

Total

199,895

95,17452,934

12,454360,457(1,482)358,975

Segment income (loss)

7,307

3,235

5,420

(180)

15,782(4,363)

11,419Notes: 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 quarterly consolidated
statements of income.

92. Changes in reportable business segments, etc.
DNP changed its reportable business segments effective from the first quarter of the current fiscal
year.
DNP transferred the Imaging Communication business (includes photo printing) from the Lifestyleand Industrial Supplies segment to the Information Communication segment in April 2015.
Segment information for the first three months of the previous fiscal year has been preparedbased on the new reportable business segments.

10