Consolidated Financial Results
for the Second Quarter of the Fiscal Year Ending March 31, 2010
November 13, 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:November 13, 2009
Dividend payment date:
December 10, 2009
*Amounts under one million yen have been rounded down.

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

Six months ended
September 30, 2009
Six months ended
September 30, 2008

Operating Income%

Millions of yen%

Millions of yen%

771,276(4.1)

25,610(35.9)

24,932(40.0)

804,322-39,948-41,569-Net Income
Millions of yen

Six months ended
September 30, 2009
Six months ended
September 30, 2008

Ordinary Income

Net Income per Share

Diluted Net Income
per Share

Yen

Yen

%

7,924

(52.2)

12.30-

16,567

-

25.52

-

(2) Consolidated financial position
Total Assets

Net Assets

Equity Ratio

Net Assets
per Share

Millions of yen

Millions of yen%

Yen

As of September 30, 2009

1,564,918

950,07158.2

1,413.14

As of March 31, 2009

1,536,556

940,08558.5

1,393.91

Note: Stockholdersʼ Equity as of September 30, 2009: ¥910,535 million

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

-

16.00

Year ending March 31, 2010
(Forecast)
Note: Revisions of projected dividends during the current quarter: None1Year-end

Annual

-

14.00

32.00

-

16.00

32.00

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

Full year

Millions ofyen%

1,600,000

1.0Operating Income

Ordinary Income

Millions ofyenMillions ofyen

40,000%(13.4)

40,000%(15.6)Net Income
per Share

Net Income
Millions ofyen
20,000

%

Yen
-

31.04

Note: Revisions of consolidated forecasts during the current quarter: Yes

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 5, “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 September 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 September 30, 2009: 56,147,424 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):Six months ended September 30, 2009: 644,343,707 shares
Six months ended September 30, 2008: 649,303,540 shares* Explanation regarding appropriate use of earnings forecasts and other special notes
1. We have revised the above forecasts, which were announced on May 15, 2009. For details, please refer
to “Differences between Consolidated Results and Forecasts for the First Six Months and Revised
Consolidated Earnings Forecasts for the Fiscal Year Ending March 2010” announced on November 13,
2009.
2. The above-noted forecasts were prepared on the basis of information available to the Company andcertain assumptions that the Company deems to be reasonable as of the date of the announcement of thismaterial.
A number of factors, including but not limited to risks and uncertainties related to changes in economic
conditions affecting the Companyʼs operations, market trends, and fluctuations in exchange rates, could
cause actual results to differ from these forecasts.

2

Qualitative Information and Financial Statements
1. Qualitative information on consolidated financial results
During the first six months of the current fiscal year (April 1, 2009–September 30, 2009), economic
conditions in Japan remained considerably weak, with corporate earnings, business investment, andemployment conditions still in a slump because of the global recession that originated 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 groupwide 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 six months decreased 4.1% year on year to ¥771.2
billion, consolidated operating income declined 35.9% to ¥25.6 billion, consolidated ordinary income
fell 40.0% to ¥24.9 billion, and consolidated net income dropped 52.2% to ¥7.9 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. Sales from the printing of free newspapers andmagazines 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 and other marketing/advertisingproducts, stemming from a deterioration in corporate earnings.
In the Business Forms business, sales from information processing services (ranging from data
entry to printing and shipment of personal mail) and from the printing of smart cards increased, but
overall sales were lower year on year because of a decline in sales from printing of continuous
ledger forms for computerized accounting.
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 12.7% year on
year to ¥375.2 billion, but operating income declined 31.9% to ¥10.6 billion.
Lifestyle and Industrial Supplies
In the Packaging business, sales were lower year on year because of a decline in sales of flexible
packaging, paper containers, and aseptic filling systems for PET bottles.
In the Lifestyle Materials business, DNP made efforts to increase sales of eco-friendly productsthat use its proprietary electron beam coating technology, but overall sales were weak because of a
prolonged slump in housing demand.
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 10.1% year
on year to ¥259.7 billion, but operating income rose 24.2% to ¥18.8 billion.
Electronics
In the LCD color filter business, the volume of orders increased thanks to a rebound in demand for
LCD panels, but sales fell year on year because prices remained considerably weak.
In addition, the semiconductor-related market remained weak. Sales of photomasks, etched
products for hard drive suspensions and other applications, and high-density build-up circuit boards

3contracted.
As a result, overall sales in the Electronics segment decreased 27.4% year on year to ¥113.3
billion and operating income declined 91.3% to ¥1.1 billion.
BEVERAGES
Beverages
Amid tough market conditions, characterized by a slump in consumer spending and intensified sales
competition, DNP worked hard to increase sales. It launched marketing campaigns for Coca-Cola
Zero, a core product, and introduced a new brand of water, I LOHAS, which uses “eco-ru bottle
shiboru,” Japanʼs lightest bottle. As a result, sales of carbonated beverages increased, but sales oftea and coffee drinks decreased.
Overall sales in the Beverages segment decreased 12.2% year on year to ¥29.7 billion andoperating losses totaled ¥800 million (versus the year-ago operating profit of ¥29 million).

2. Qualitative information on the consolidated financial position
Total assets at the end of the second quarter were up ¥28.3 billion from the end of the previous fiscal
year to ¥1,564.9 billion because of increases in investment securities and cash and time deposits.
Total liabilities were up ¥18.3 billion from the end of the previous fiscal year to ¥614.8 billion
because of a rise in bonds.
Net assets rose ¥9.9 billion from the end of the previous fiscal year to ¥950 billion because of anincrease in net unrealized gains on marketable securities.
As a result, the equity ratio declined 0.3 percentage point from the end of the previous fiscal year
to 58.2%.
Consolidated cash flow provided by operating activities in the first six months totaled ¥64 billion
primarily because of ¥20.6 billion in income before income taxes and minority interests and ¥43.4
billion in depreciation. Cash flow used in investing activities totaled ¥58.6 billion, mainly because of
the acquisition of ¥59.9 billion of property, plant and equipment, and cash flow provided by financing
activities totaled ¥13.0 billion mainly due to ¥50.0 billion of proceeds from the issuance of bonds, a¥23.9 billion decrease in short-term bank loans and ¥9.2 billion of dividend payments.
Because of these activities, DNPʼs cash and cash equivalents at the end of the second quarter
increased by ¥20.1 billion yen from the end of the previous fiscal year to ¥137.3 billion yen.

4

3. Qualitative information on the consolidated results forecast
DNP has revised its forecasts for the full fiscal year as of May 15, 2009. For details, see theNovember 13, 2009, press release titled “Differences between Consolidated Results and Forecasts
for the First Six Months and Revised Consolidated Earnings Forecasts for the Fiscal Year Ending
March 2010.”

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
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 consolidated financial statements
None55. Consolidated financial statements(1) Consolidated balance sheets(Millions of yen)
As of September 30, 2009

As of March 31, 2009ASSETS
Current assets
Cash and time deposits
Notes and trades 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

6

140,691
413,847
68,13732,042
18,182
10,68813,371(5,357)
691,604

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

211,765
175,329
133,02957,51540,075
617,715

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

22,906
19,161
4,387
46,45524,09920,053
4,696
48,850132,151
1,626
42,94144,788(14,154)
207,352
871,523

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

1,790
1,790
1,564,918

735
735
1,536,556

(Millions of yen)
As of September 30, 2009

As of March 31, 2009

LIABILITIESCurrent liabilities
Notes and trade payable
Short-term bank loans

36,135

290,871
59,875Current portion of long-term debt

3,139

2,898

Income taxes payable

10,2407,891

Reserve for bonuses

16,213

16,186

Other

78,787

92,075

Total current liabilities

430,796

469,799

Bonds

101,000

51,000Long-term debt

10,490

Provision for retirement benefits

9,069
42,077

Other

31,90323,729Total long-term liabilities

184,050
614,847

126,671

Common stock

114,464

114,464

Capital surplus

144,898

144,898

Retained earnings

750,872

751,869

Treasury stock(93,908)(93,884)

Total stockholdersʼ equity

916,327

917,348

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

6,097(3,882)16(4)Foreign currency translation adjustments(11,905)(15,285)

Total valuation and translation adjustments(5,791)(19,173)

39,53541,910950,071940,085

1,564,918

1,536,556

286,281Long-term liabilities

TOTAL LIABILITIES

41,451

596,471

NET ASSETSStockholdersʼ equity

Minority interests
TOTAL NET ASSETSTOTAL LIABILITIES AND NET ASSETS

7

(2) Consolidated statements of income(Millions of yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Other
Total non-operating income
Non-operating expenses
Interest expense
Equity in losses of affiliates
Provision of allowance for doubtful accounts
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 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 income

8

Six months ended
September 30, 2008

Six months ended
September 30, 2009

804,322660,625
143,697771,276
629,830
141,446

103,748
39,948115,836
25,610

748
2,044
3,542
6,334

395
1,884
2,906
5,185

759
1,129
2,824
4,713

1,057
210
1,509
3,084
5,863

41,56924,932

77
363
121
561

119
16
211
347

2,872
3,099
2,380
8,351
33,77916,074605
16,679532
16,567

2,782
944
909
4,636
20,644
10,1072,490
12,598121
7,924

(3) 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 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(Increase) Decrease in trade receivables(Increase) Decrease in inventories
Decrease in trade payables
Other
Sub-total
Payment of income taxes
Net cash provided by operating activities
Cash flows from investing activities
Decrease 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

9

Six months ended
September 30, 2008

Six months ended
September 30, 2009

33,77950,995606

20,64443,421
1,636(1,614)1,129
1,838(2,792)
759
(362)

1,019
210
2,612
(2,279)
1,057
(11)

3,099
2,795
12,921(5,481)(13,516)
5,383
89,539(16,957)
72,582944
2,662(6,529)2,360(4,547)(1,450)61,752
2,312
64,065

10,997

5,099-(52,510)(59,979)

2,107

1,261

(6,235)(8,613)

1,269(1,826)(6,603)2,810(5,126)(55,117)

2,625(3,711)
(49)
2,294
2,402
(58,671)Cash flows from financing activities
Increase (Decrease) in short-term bank loans
Proceeds from long-term debt
Repayments of long-term debt
Proceeds from issue of bonds
Redemption of bonds
Payments for purchases of treasury stocks
Interest paid
Dividends paid
Dividends paid to minority interests
Other
Net cash provided by (used in) financing
activities
Effect of exchange rate changes on cash and cash
equivalents
Net increase (decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Increase in cash and cash equivalents from newly
consolidated subsidiary
Cash and cash equivalents at end of period10

Six months ended
September 30, 2008

Six months ended
September 30, 2009

8,769
1,220
(1,762)(100)(27,376)(752)(13,223)
(267)
(318)

(23,918)800(1,809)50,000(34)(917)(9,041)(235)(1,840)(33,812)13,001(1,576)

1,699(17,924)

20,095

130,695

117,200-

97

112,770

137,393

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

Lifestyle andIndustrial
Supplies

Electronics

Beverages

Elimination
and/orcorporate

Consolidated

328,965

285,368

156,153

33,834804,322-804,332

3,882
332,847

3,610
288,9781
156,15520
33,855

7,513
811,836(7,513)(7,513)804,332

15,582

15,195

13,37029

44,177(4,229)39,948Total

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

Six months ended September 30, 2009
(Millions of yen)
Information
Communication

Lifestyle andIndustrial
Supplies

Electronics

Beverages

Elimination
and/orcorporate

Consolidated

371,627

256,613

113,31729,717771,276-

771,276

3,617
375,244

3,169
259,78310
113,32819
29,737

6,817
778,094(6,817)(6,817)771,276

10,612

18,874

1,159

(839)

29,806(4,196)

25,610Total

Net sales(1) Outside
customers(2) Intersegment
Total
Operatingincome(loss)(6) Notes on significant changes in the amount of stockholdersʼ equityNone11