Consolidated Financial Results
for the First Nine Months of the Fiscal Year Ending March 31, 2015
[J-GAAP]
February 5, 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:February 10, 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 nine months ended December 31, 2014
(April 1, 2014 – December 31, 2014)(1) Consolidated financial results(Percentages show change from corresponding year-ago period.)
Net Sales

Nine months ended
December 31, 2014
Nine months ended
December 31, 2013

Operating Income

Ordinary Income

Net Income

Million yen%

Million yen%

Million yen%

Million yen%

1,091,782

1.6

35,827(0.8)

40,972

0.9

24,57711.7

1,075,027(1.2)

36,12747.6

40,60741.3

22,002

122.3

Note: Comprehensive income: For the first nine months ended December 31, 2014: ¥116,226 million (112.6%)
For the first nine months ended December 31, 2013: ¥54,676 million (325.1%)
Diluted Net Incomeper ShareNet Income per Share

Nine months ended
December 31, 2014
Nine months ended
December 31, 2013

Yen

Yen

38.17

37.89

34.17

34.02

(2) Consolidated financial position
Total Assets

Net Assets

Equity Ratio

Million yen

Million yen%

As of December 31, 2014

1,725,752

1,074,742

59.7

As of March 31, 2014

1,574,753

976,386

59.2Note: Stockholders’ equity: As of December 31, 2014: ¥1,030,459 million As of March 31, 2014: ¥932,329 million

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

Year ended
March 31, 2014
Year ending
March 31, 2015

SecondQuarter-end

Third
Quarter-end

–

16.00

––

16.00

–Year-end

16.00

Year ending March 31, 2015
16.00
(Forecasts)
Note: Revisions to the most recently announced dividend forecasts during the current quarter: NoTotal

32.00

32.00

3. Consolidated earnings forecasts for the year ending March 31, 2015
(April 1, 2014 – March 31, 2015)(Percentages show change from corresponding year-ago period.)
Net Sales
Million yen%

Operating Income

Ordinary Income

Million yen

Million yen%%

Net Incomeper ShareNet Income
Million yen%

Yen

Full year
1,500,000
3.6
52,0003.8
54,0001.3
26,0001.4
Note: Revisions to the most recently announced earnings forecasts during the current quarter: No40.38

Other information(1) Changes in significant subsidiaries during the first nine months (changes in specified subsidiaries
resulting in change of scope of consolidation): Yes
Newly included: –Excluded: 1 DNP Photomask Technology Taiwan Co., Ltd.
Note: For further details, see the section titled, “2. Summary information (notes), (1) Changes in status ofmaterial subsidiaries during the first nine months,” on page 4.

(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), (2) Changes inaccounting 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 thefiscal year)

As of December 31,
2014

700,480,693
shares

As of March 31, 2014

700,480,693
shares

As of December 31,2014

56,632,044
shares

As of March 31, 2014

56,586,830
sharesNine months ended
December 31, 2014

643,876,811
sharesNine months ended
December 31, 2013

643,959,913
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 “1. Qualitative information on the consolidated results for the current quarter, (3) Explanation of theconsolidated 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 ................................................... 32. Summary information (notes).............................................................................................. 4(1) Changes in status of material subsidiaries during the first nine months ................. 4(2) Changes in accounting policies, changes in accounting estimates, andrestatement of revisions................................................................................................. 43. 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 nine months of the fiscal years ......................................................................... 7Quarterly consolidated statements of comprehensive income
First nine 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.] ........................................................................................... 91

1. Qualitative information on the consolidated results for the current quarter(1) Explanation of the consolidated financial results
Employment conditions in Japan improved during the first nine months of the fiscal year,
benefitting from government economic policies and monetary easing by the Bank of Japan.
However, the economy has still not reached a full-fledged recovery, due partly to a reaction to
front-loaded demand prior to the consumption tax hike, sluggish consumer spending,unfavorable weather conditions, and overseas economic slowdowns.
The printing industry continued to face a tough business environment, due partly to a decline
in order prices on account of weak demand and stiffer competition, and higher raw materialprices.
In this environment, the DNP Group (DNP), based on its P&I Solutions business vision,
worked to develop a global business from consumer and social perspectives under thecatchphrase “Today’s Innovation is Tomorrow’s Basic.” It also endeavored to secure earnings bypursuing structural reforms, including the reorganization of domestic and overseas businessstructures from the standpoint of overall optimization.
As a result of these efforts, consolidated net sales for the first nine months grew 1.6% year
on year to ¥1,091.7 billion, consolidated operating income fell 0.8% to ¥35.8 billion,
consolidated ordinary income grew 0.9% to ¥40.9 billion, and net income grew 11.7% to ¥24.5billion.
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 the first nine-month performance are based on thenew reportable business segments.
[PRINTING]
Information Communication
In the Books and Magazines business, DNP aggressively pursued sales activities, especially forbooks, but sales of both books and magazines decreased year on year amid a continued slump
in the publication market.
In the Commercial Printing business, sales increased for pamphlets, but overall sales
decreased from the previous year on weak sales of flyers, catalogs, and other products.
In the Business Forms business, smart card sales increased for financial institutions andelectronic money, and settlement services expanded favorably, including international brandprepaid card systems. However, Information Processing Services (IPS; ranging from data entry
to printing and shipment of personalized mail and other items) were sluggish, and overall sales
fell below year-ago levels.
In the Education and Publications Distribution business, DNP worked to expand business inthe “honto” hybrid bookstore network that combines physical bookstores, online bookstores,
and e-book sales services, including by releasing “honto pocket” as an e-reader pre-loaded withe-book content in December. Moreover, the library support, publishing, and other businesses
also performed well, and overall sales increased from the previous year.
As a result of the above, overall segment sales grew 0.2% year on year to ¥519.7 billion butoperating income fell 34.9% to ¥4.8 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 worked to expand sales of eco-friendly products andother products that use its proprietary Electron Beam coating technology, but sales decreased
year on year amid a continued decline in domestic housing starts in reaction to previous

2front-loaded demand.
In the Industrial Supplies business, despite a decline for battery components, sales
increased over last year on growth for dye-sublimation thermal transfer printing media for photo
printers (color ink ribbons and receiver paper), driven largely by the full operation of a new plantin Malaysia and uptake of firm demand in North America and Southeast Asia.
As a result of the above, overall segment sales grew 3.7% year on year to ¥355.5 billion andoperating income grew 12.3% to ¥17.4 billion.
Electronics
In the LCD Color Filter business, TV filters were firm, but sales fell below year-ago levels ondeclines for PC and mobile device 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, overall sales increased year on year as growth for LCD
polarizing plate films offset declines for other products.
As a result of the above, overall segment sales fell 0.8% year on year to ¥175.1 billion andoperating income fell 0.7% to ¥19.1 billion.
[BEVERAGES]
Beverages
The soft drink industry faces a tough market environment as a result of market sharecompetition. Under these circumstances, DNP worked to increase sales by focusing on
expanding market share and acquiring new customers through the release of new products andenhancement of mainstay brands.
As a result of the above, sales rose sharply for I LOHAS, a brand of mineral water that uses alightweight PET bottle, and overall segment sales grew 9.5% year on year to ¥45.7 billion while
operating income grew 38.9% to ¥1.1 billion.
(2) Explanation of the consolidated financial position
Total assets at the end of the third quarter increased by ¥150.9 billion from the end of theprevious fiscal year to ¥1,725.7 billion, due mainly to an increase in investment securities.
Total liabilities increased by ¥52.6 billion from the end of the previous fiscal year to ¥651.0
billion, due mainly to an increase in deferred tax liabilities.
Net assets increased by ¥98.3 billion from the end of the previous fiscal year to ¥1,074.7
billion, due mainly to an increase in valuation difference on available-for-sale securities.
As a result of the above, the equity ratio rose from 59.2% at the end of the previous fiscal
year to 59.7%.
(3) Explanation of the consolidated earnings forecasts
Our earnings forecasts for the fiscal year ending March 2015 are unchanged from the forecasts
announced on May 13, 2014.

3

2. Summary information (notes)(1) Changes in status of material subsidiaries during the first nine months
DNP specified subsidiary DNP Photomask Technology Taiwan Co., Ltd. (DPTT) was absorbed
in a merger by Photronics, Inc. subsidiary Photronics Semiconductor Mask Corp. (namechanged to Photronics DNP Mask Corporation; PDMC) during the first quarter.
As a result of this merger, DNP has removed DPTT from consolidation due to its eliminationand has added PDMC as an equity method affiliate.
(2) Changes in accounting policies, changes in accounting estimates, and restatementof revisions(Changes in accounting policies)
DNP adopted the provisions of the main clauses in Paragraph 35 of the Accounting Standard forRetirement Benefits (ASBJ Statement No. 26, May 17, 2012) and in Paragraph 67 of theGuidance on Accounting Standard for Retirement Benefits (ASBJ Guidance No. 25, May 17,2012) starting in the first quarter of the current fiscal year.
Accordingly, DNP has revised the method of calculating retirement benefit obligations andservice costs; changed the method of attributing expected retirement benefits to periods from astraight line-basis to a benefit formula basis; and changed the method of determining a discountrate from a method in which bond duration as the basis for determining the discount rate isdetermined based on a number of years similar to the average remaining service period ofemployees to a method that mainly uses multiple discount rates established for each period ofexpected retirement benefit payments.
With the adoption of the Accounting Standard for Retirement Benefits, in accordance with thetransitional treatment stipulated in Paragraph 37, DNP reflected in retained earnings the amountof the impact of the change in the method of calculating retirement benefit obligations andservice costs at the start of the current fiscal year.
As a result, net defined benefit liability at the start of the current fiscal year increased by¥2,392 million, net defined benefit asset increased by ¥9,190 million, and retained earnings
increased by ¥4,000 million.
Additionally, operating income increased by ¥1,175 million, and both ordinary income andincome before income taxes and minority interests increased by ¥1,216 million in the first ninemonths of the current fiscal year.

43. Quarterly consolidated financial statements(1) Quarterly consolidated balance sheets(Million yen)
As of March 31, 2014ASSETS
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
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
TOTAL ASSETS

5

As of December 31, 2014

203,212356,981
91,681
28,50919,46435,996(2,791)
733,054

183,898
378,342
97,92530,95322,89728,054(1,109)740,963

195,326
118,903
153,159
27,57733,571
528,538

185,428
100,044
153,444
35,67432,517507,108

31,751
31,75130,30830,308217,059
70,198(5,848)281,409841,699
1,574,753

368,183
87,391(8,202)447,371984,788
1,725,752

(Million yen)
As of March 31, 2014

As of December 31, 2014

LIABILITIESCurrent liabilities
Notes and trade payable
Short-term bank loans

249,604
48,961

266,956
42,722

Reserve for bonuses

17,310

6,716

Other

102,544

106,851

Total current liabilities

418,422423,246

Bonds

101,800

103,530

Long-term debt

17,505

17,137

Net defined benefit liability

29,55032,727

Deferred tax liabilities

2,231

49,508Other

28,857

24,859Total long-term liabilities

179,945

227,763598,367

651,009

Common stock

114,464

114,464

Capital surplus

144,898

144,898

Retained earnings

727,070

734,895

Treasury stock(94,322)(94,369)

Total stockholders’ equity

892,110

899,889

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

34,597

122,6663

16

Foreign currency translation adjustments

144

3,022

Remeasurements of defined benefit plans
Total accumulated other comprehensive
income

5,473

4,864

40,218130,570

1616

Minority interests

44,04044,266TOTAL NET ASSETS

976,386

1,074,742

1,574,753

1,725,752

Long-term liabilities

TOTAL LIABILITIESNET ASSETSStockholders’ equity

Stock acquisition rightsTOTAL LIABILITIES AND NET ASSETS

6

(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, 2013

Nine months ended
December 31, 2014

1,075,027

1,091,782

Cost of sales

871,923

883,184

Gross profit

203,103

208,598

Selling, general and administrative expenses

166,975

172,770

Operating income

36,12735,827

3,362
973
5,624
9,960

3,762
1,437
4,904
10,104

2,297
3,183
5,480

1,802
3,157
4,959

40,60740,972

985
286
297
38
1,609

232
3,951
–
81
4,265

3,287
154–
436
3,878
38,338
8,691
6,588
15,28023,0581,056
22,002

1,309
55
4,342
821
6,529
38,7098,286
4,795
13,081
25,6281,050
24,577

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
Compensation income
Other
Total extraordinary gains
Extraordinary losses
Loss on sale or disposal of fixed assets
Loss on evaluation of investment securities
Loss on business integration
Other
Total extraordinary losses
Income before income taxes and minority interests
Current income taxes
Deferred income taxes
Total income taxes
Income before minority interests
Minority interests
Net income7

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

Income before minority income
Other comprehensive income
Valuation difference on available-for-salesecurities
Net deferred gains (losses) 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
Minority interests

8

Nine months ended
December 31, 2013

Nine months ended
December 31, 2014

23,05825,62822,97387,964

(15)
8,170
–

16
3,065
(1,729)

489

1,281

31,61854,67690,598116,226

53,576
1,100

114,9291,297(3) Notes regarding quarterly consolidated financial statements[Notes on premise of a going concern]
None[Significant changes in shareholders’ equity]
None[Segment information, etc.]
I. First nine months of previous fiscal year (April 1, 2013 – December 31, 2013)
Information on sales and income/loss by reporting segment
Reporting segment
Information
Communication

Lifestyle andIndustrial
Supplies

Electronics

514,481342,243

176,478

Beverages

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

41,8241,075,027–

1,075,027

Inter-segment

4,135

605

0

2

4,744(4,744)

–

Total

518,617342,849

176,478

41,827

1,079,772(4,744)

1,075,027

Segment income

7,401

15,566

19,312807

43,087(6,959)

36,127

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 quarterly consolidated
statements of income.

II. First nine months of current fiscal year (April 1, 2014 – December 31, 2014)
1. Information on sales and income/loss by reporting segment
Reporting segment
Information
Communication

Lifestyle andIndustrial
Supplies

Electronics

515,933

354,930

175,124

Beverages

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

45,794

1,091,782–

1,091,782

Inter-segment

3,781

635

7

5

4,430

(4,430)–

Total

519,715355,565

175,13145,799

1,096,212(4,430)1,091,782

Segment income

4,815

17,477

19,174

1,121

42,588(6,760)35,827

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 quarterly consolidated
statements of income.

92. Changes in reportable business segments, etc.
(1) Changes in reportable business segments
DNP changed its reportable business segments effective from the first quarter of the current
fiscal year.
DNP shifted the Optical Films business from the Lifestyle and Industrial Supplies segment tothe Electronics segment as a result of integrating the business unit responsible for display
products and semiconductor photomasks and the business unit responsible for optical films
including LCD surface films in April 2014.
Segment information for the first nine months of the previous fiscal year has been preparedbased on the new reportable business segments.
(2) Application of Accounting Standard for Retirement Benefits
As noted in the section on changes in accounting policies, DNP changed the method of
calculating retirement benefit obligations and service costs effective from the first quarter of thecurrent fiscal year, and has accordingly made a similar change in the method of calculating
retirement benefit obligations and service costs for business segments.
As a result of this change, compared with the previous method, segment profits increased by¥555 million for Information Communication, by ¥281 million for Lifestyle and Industrial Supplies,by ¥162 million for Electronics, and by ¥106 million for Beverages.

10