Consolidated Financial Results
for the First Nine Months of the Fiscal Year Ending March 31, 2009
February 6, 2009

Company Name:
Dai Nippon Printing Co., Ltd.
Stock exchange listings:
The 1st Section of Tokyo and Osaka Stock Exchanges
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
Scheduled filing of quarterly report: February 10, 2009
*Amounts under one million yen have been rounded down..

1. Consolidated financial results for the nine months ended December 31, 2008
(1) Consolidated financial results(Percentages show change from corresponding year-ago period.)
Net Sales
Millions of yen

Nine months ended
December 31, 2008
Nine months ended
December 31, 2007

Operating Income%

Millions of yen

Ordinary Income%

Millions of yen%

1,210,487−

44,011−45,227−1,206,298

4.8

65,270(11.3)

66,046(14.8)Net Income
Millions of yen

Nine months ended
December 31, 2008
Nine months ended
December 31, 2007

Net Income per Share

Diluted Net Income
per Share

Yen

Yen

%

11,655

−

17.99

−

35,228(13.4)

52.14−(2) Consolidated financial position
Total Assets

Net Assets

Equity Ratio

Net Assets
Per Share

Millions of yen

Millions of yen%

Yen

As of December 31, 2008

1,592,498

986,602

As of March 31, 2008

1,601,192

1,040,135

Note: Stockholders’ Equity as of December 31, 2008: ¥944,704 million

59.3

1,466.09

62.6

1,516.35

As of March 31, 2008: ¥1,002,860 million

2. Dividends
Dividends per Share (Yen)Record date

First Quarter

Second Quarter

Third Quarter

Year ended March 31, 2008

−

16.00

−

20.00

36.00

Year ending March 31, 2009

−

18.00

−

−

−

−

18.00

36.00

Year ending March 31, 2009−−
(Forecast)
Note: Revisions of projected dividends during the current quarter: None

Year-end

Annual

3. Consolidated forecasts for the year ending March 31, 2009
(Percentages show change from corresponding year-ago period.)
Net Sales
Millions ofyen%Operating Income

Ordinary Income

Millions ofyenMillions ofyen%Full year
1,620,000
0.2
46,000 (47.2)
46,500Note: Revisions of consolidated forecasts during the current quarter: Yes

1%(46.2)Net Income
Millions of
yen

9,500

%

(79.0)Net Income
per Share
Yen

14.68

4. Other information(1) Changes in significant subsidiaries during the period (Changes in specified subsidiaries resulting in achange 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” forfurther details.
(3) Changes in accounting policies, procedures and methods of presentation for preparing the quarterly
consolidated financial statements.
1) Changes due to revision of accounting standard, etc.: Yes
2) Changes due to other reasons: Yes
Note: Please refer to Page 5, “4. Other information” of “Qualitative Information and Financial Statements” forfurther details.
(4) Number of common stocks issued and outstanding
1) Number of common stocks outstanding at end of each period (including treasury stocks)
As of December 31, 2008: 700,480,693 shares
As of March 31, 2008: 700,480,693 shares
2) Number of treasury stocks at end of each period
As of December 31, 2008: 56,110,737 shares
As of March 31, 2008: 39,114,316 shares
3) Average number of shares outstanding during the period (cumulative from the start of the fiscal year):Nine months ended December 31, 2008: 647,824,543 shares
Nine months ended December 31, 2007: 675,614,103 shares* Explanation regarding appropriate use of earnings forecasts and other special notes
1. The above-noted forecasts are revisions of the figures announced on November 14, 2008. For details, see “DaiNippon Printing Revises Consolidated and Non-consolidated Earnings Forecasts for the Fiscal Year Ending March2009” issued on February 6, 2009.
2. 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 todiffer from these forecasts.
3. The Accounting Standard for Quarterly Financial Reporting (ASBJ [Accounting Standards Board of Japan]
Statement No. 12) and the Guidance on Accounting Standard for Quarterly Financial Reporting (ASBJ Guidance No.
14) apply effective from the current fiscal year. The quarterly consolidated financial statements are also prepared inaccordance with the Regulations for Quarterly Consolidated Financial Statements.

2

Qualitative Information and Financial Statements
1. Qualitative information on consolidated financial results
During the first nine months of the current fiscal year (April 1, 2008 to December 31, 2008), Japan’s
economy went into a serious downturn, with corporate earnings and employment conditions worsening
drastically, partly because of the yen’s sharp appreciation and the global financial instability that originatedwith the US financial crisis.
The business environment surrounding the printing industry remained harsh, due to such factors as weak
demand, material cost increases, and unit price declines stemming from intensified competition.
Under such conditions, the DNP (Dai Nippon Printing Co., Ltd.) Group has been developing its businessand providing products, services, and solutions that meet customer needs, based on a corporate vision of P&I
Solutions (P&I stands for “printing technology” and “information technology”). In addition, DNP has madegroupwide efforts through its “Monozukuri 21” activities to establish a solid production structure in terms of
quality, cost, and turnaround times, and has worked hard to maintain positive performance.
As a result, consolidated net sales for the first nine months increased 0.3% over the same period of theprevious year to ¥1,210.4 billion, though consolidated operating income decreased 32.6% to ¥44 billion,
consolidated ordinary income fell 31.5% to ¥45.2 billion, and consolidated net income declined 66.9% to¥11.6 billion.
The results by segment are as follows.
PRINTING
Information Communication
In the books and magazines business, book printing sales rose but magazine printing sales declined and freenewspaper and magazines printing sales, mainly for papers related to housing, were weak because thepublications market was sluggish.
In the commercial printing business, demand remained strong for store design and construction, but sales
were lower year-on-year because of a decline in sales of flyers and pamphlets.
In the business forms sector, sales were lower than in the comparable year-ago period because of declines
in sales of printing of smart cards and continuous ledger forms for computerized accounting, and demand
related to information processing services (ranging from data entry to printing and shipment of personalmail).
An educational publications distribution business that DNP acquired contributed to the increase in sales inthis segment.
As a result, overall sales in the information communication segment increased 4.1% year-on-year to ¥524
billion, but operating income declined 30.9% to ¥21.6 billion.
Lifestyle and Industrial Supplies
In the packaging business, sales were higher than in the comparable year-ago period because of increases insales of flexible packaging, paper containers, paper cups, and aseptic filling systems for PET bottles, anddespite a decline in sales of preformed bottles (primary products for making PET bottles).
In the lifestyle materials business, sales were weak overall because of a slump in housing demand anddespite efforts to increase sales of eco-friendly “Safmare” decorative sheets.
In the industrial supplies business, sales grew year-on-year because of increased sales of ink ribbons andreceiver paper for photo printers as well as back sheet film for solar power systems, offsetting the decline insales of anti-glare film and other opto-materials used in flat-panel displays.
As a result, overall sales in the lifestyle and industrial supplies segment increased 3.6% year-on-year to¥428.6 billion, but operating income declined 28.7% to ¥18 billion.
Electronics
In the LCD color filter business, sales were lower than in the comparable year-ago period. They were strong
in the first six months, but then demand declined sharply starting around September because of LCD panel
manufacturers’ production cutbacks.
Sales of high-density build-up circuit boards rose, but sales of photomasks and etched products for hard
drive suspensions and other applications contracted.
As a result, overall sales in the electronics segment decreased 12.7% year-on-year to ¥213.5 billion, andoperating income declined 28.4% to ¥10.1 billion.

3

BEVERAGES
Beverages
Carbonated beverage sales increased partly because of the introduction of new drinks, including Fanta
FuruFuru Shaker and a version of Minute Maid for Hokkaido, called Otona no Zeitaku Budo. Sales of coretea drinks, however, declined because of intense competition.
As a result, overall sales in the beverages segment decreased 1.8% year-on-year to ¥54.5 billion, andoperating income declined 55.3% to ¥500 million.
Note: Percent changes over the comparable year-ago period are provided for reference purposes only.

2. Qualitative information on the consolidated financial position
Total assets at the end of the third quarter declined ¥8.6 billion from the end of the previous fiscal year to¥1,592.4 billion primarily because of a decline in cash and time deposits.
Total liabilities increased ¥44.8 billion from the end of the previous fiscal year to ¥605.8 billion primarily
because of a rise in short-term bank loans.
Net assets decreased ¥53.5 billion from the end of the previous fiscal year to ¥986.6 billion primarily
because of an increase in stockholders’ equity.
As a result, the equity ratio declined 3.3 percentage points from the end of the previous fiscal year to59.3%.
Consolidated cash flow provided by operating activities in the first three quarters totaled ¥80 billion
primarily because of ¥29.4 billion in income before income taxes and minority interests in the previous
quarter, ¥78.5 billion in depreciation, an ¥8.8 billion decrease in trade payables, and a ¥3.5 billion increase ininventories. Cash flow used in investing activities totaled ¥76.5 billion, mainly because of the acquisition of¥72.9 billion of property, plant and equipment, and cash flow used in financing activities totaled ¥33.3 billion,
due to the buyback of ¥27.4 billion of shares.
Because of these activities, DNP’s cash and cash equivalents at the end of the third quarter decreased by¥34.8 billion from the end of the previous fiscal year to ¥95.8 billion.

3. Qualitative information on the consolidated results forecast
Given the uncertain outlook in light of the global economic slowdown stemming from the financial crisis,
Japan’s economy is likely to be weak for some time to come.
Conditions are likely to remain challenging for the printing industry because of sluggish demand and thedecline in unit prices due to intensified competition.
Confronting these difficult conditions, DNP intends to adapt to changes in market conditions and demand
trends, aggressively expand its marketing activities, and strive to maintain earnings.
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 new-magazine orders and books. In the commercial printing and business forms business,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 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 moreorders for its innovative barrier film, which features outstanding barrier qualities, and other types ofhigh-performance materials. In the lifestyle materials business, the housing markets in Japan and othercountries will probably remain weak, but DNP expects to see more orders for eco-friendly products. In theindustrial supplies business, the market for flat-panel displays is likely to contract even further, but DNP
intends to continue to obtain more orders for anti-glare film and battery materials.
Electronics
In the LCD color filter business, weak demand is likely to lead to production cutbacks and declines in unit
prices, but the Company plans to win more orders for filters for PC monitors and consumer TVs as well as

4

strengthen its production operations to meet market demand. Conditions in the photomask business are likely
to remain unfavorable because of a deterioration in semiconductor market conditions, but DNP aims tobecome more competitive by adapting its production lines for photomasks for the latest 45nm line widths.
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 launched in January 2009 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 current full fiscal year, DNP presently forecasts consolidated net sales of¥1.62 trillion, operating income of ¥46 billion, ordinary income of ¥46.5 billion, and net income of ¥9.5
billion.

4. Other information(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in achange in the scope of consolidation)
None(2) Application of simplified accounting and special accounting procedures for preparing the quarterly
consolidated financial statements* Simplified accounting
Valuation of inventory
For the calculation of the value of inventory at the end of the third quarter, DNP eliminated the process oftaking 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 the quarterly
financial statements
Application of accounting standards for quarterly financial reporting
Starting from the fiscal year ending March 31, 2009, the Company and its domestic consolidated subsidiaries
have applied the Accounting Standard for Quarterly Financial Reporting (ASBJ Statement No. 12) and the
Guidance on Accounting Standard for Quarterly Financial Reporting (ASBJ Guidance No. 14). The quarterly
consolidated financial statements are also prepared in accordance with the Regulations for Quarterly
Consolidated Financial Statements.
Application of accounting standards for valuation of inventory
Starting from the three months ended June 30, 2008, the Company and its domestic consolidated subsidiaries
have applied the Accounting Standard for Measurement of Inventories (ASBJ Statement No. 9, issued by the
ASBJ on July 5, 2006) and have adopted the retail inventory cost method (for the book value of inventory on
the balance sheets, by writing inventory down based on the decrease in profitability of the inventory) for
inventory held for the usual objective of sales.
This change had an immaterial impact on income.

5

Application of Practical Solution on Unification of Accounting Policies Applied to Foreign Subsidiaries
for Consolidated Financial Statements
Starting from the three months ended June 30, 2008, the Company has applied the Practical Solution on
Unification of Accounting Policies Applied to Foreign Subsidiaries for Consolidated Financial Statements(ASBJ PITF No. 18, issued by the ASBJ on May 17, 2006) and made revisions required for consolidated
accounting.
This change had an immaterial impact on income.
Application of accounting standards for lease transactions
Previously, lease payments under finance leases that do not transfer ownership of the leased property to thelessee had been recognized as expenses. However, in accordance with the Accounting Standard for Lease
Transactions (ASBJ Statement No. 13, revised on March 30, 2007 (originally issued by the First Committeeof the Business Accounting Deliberation Council on June 17, 1993)) and the Guidance on AccountingStandard for Lease Transactions (ASBJ Guidance No. 16, revised on March 30, 2007 (originally issued by
the Accounting Committee of the Japanese Institute of Certified Public Accountants on January 18, 1994))
becoming applicable beginning with quarterly financial statements for consolidated fiscal years beginning on
or after April 1, 2008, the Company and its domestic consolidated subsidiaries have applied these accounting
standards, etc., starting from the three months ended June 30, 2008, and are following accounting procedures
for normal sales transactions. In addition, regarding methods for depreciation of lease assets for finance leases
that do not transfer ownership, the Company and its domestic consolidated subsidiaries have adopted thestraight-line method based on the lease period as the useful life and a residual value of zero. Further,regarding finance leases that do not transfer ownership for which the starting date for the lease transaction isprior to the initial fiscal year in which these new accounting standards apply, the Company and its domestic
consolidated subsidiaries have continued to recognize lease payments as expenses.
This change had an immaterial impact on income.

65. Quarterly consolidated financial statements(1) Quarterly consolidated balance sheets(Millions of yen)

Third quarter ended
December 31, 2008
(As of December 31, 2008)

Year ended
March 31, 2008
(As of March 31, 2008)

96,218457,965858,44934,18021,3796,133
22,429(5,966)
690,798

131,058
456,932
11,10240,49836,66919,224
12,992
11,781(5,283)714,976

210,582
216,711
131,940
64,60429,989653,828

209,544236,993
130,655
35,413
26,736
639,343

26,50420,304
4,531
51,34012,684
19,473
3,246
35,404

121,387
5,937
28,131
55,292(14,218)
196,530
901,699
1,592,498

150,057
4,436
18,60149,041(10,668)
211,468
886,216
1,601,192

ASSETS
Current assets
Cash and time deposits
Notes and trades receivable
Marketable securities
Merchandise and products
Work in progress
Raw materials and inventories
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
TOTAL ASSETS

7

(Millions of yen)

Third quarter ended
December 31, 2008
(As of December 31, 2008)

Year ended
March 31, 2008
(As of March 31, 2008)

320,128
56,493317,855
21,969

2,075
3,027

3,185
16,911

Other

6,267
104,673

18,232
76,212

Total current liabilities

492,667

454,367

Bonds

50,10050,100Long-term debt
Other

4,551
42,116
16,4604,850
40,34911,390Total long-term liabilities

113,228

106,690

TOTAL LIABILITIES

605,895

561,057

114,464
144,898

114,464
144,898

Treasury stock

784,458(93,876)

797,316(66,556)

Total stockholders’ equity

949,945

990,122

1,109

10,61007Foreign currency translation adjustments(6,351)

2,120

Total valuation and translation adjustments(5,241)

12,73841,89837,274

986,6021,040,135

1,592,498

1,601,192

LIABILITIESCurrent liabilities
Notes and trade payable
Short-term bank loans
Current portion of long-term debt
Income taxes payable
Reserve for bonus

Long-term liabilities

Liability for retirement benefits

NET ASSETSStockholders’ equity
Common stock
Capital surplus
Retained earnings

Valuation and translation adjustments
Net unrealized gain on marketable securities
Net deferred gain on derivatives

Minority interests
TOTAL NET ASSETSTOTAL LIABILITIES AND NET ASSETS

8

(2) Quarterly consolidated statements of income(Millions of yen)

Nine months ended December 31, 2008
Net sales

1,210,487

Cost of sales

1,004,563

Gross profit

205,924

Selling, general and administrative expenses

161,913

Operating income

44,011Non-operating income
Interest income
Dividend income
Subsidies
Other
Total non-operating income
Non-operating expenses
Interest expense
Equity in losses of affiliates
Foreign exchange losses
Other
Total non-operating expenses

1,089
2,670
2,270
3,017
9,046
1,282
1,169
1,880
3,497
7,829
45,227

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
Income and other taxes
Income and other taxes
Minority interests
Net income

114
363
125
603
4,061
9,773
2,540
16,37529,455
12,664
4,442
17,107693
11,6559

(3) Quarterly consolidated statements of cash flows(Millions of yen)

Nine months ended December 31, 2008
Cash flows from operating activities
Income before income taxes and minority interests
Depreciation
Provision for doubtful receivables, net
Provision for retirement benefits, net
Equity in losses of associated companies
Amortization of consolidation 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 and equipment
Proceeds from sales of property, plant and equipment
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
Cash flows from financing activities
Increase in short-term bank loans
Proceeds from long-term debt
Repayments of long-term debt
Payments for redemption of bonds
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

1029,45578,5881,686(2,594)
1,169
3,125(3,759)
1,282
(363)
9,775
3,946
6,621
(3,502)(8,803)(2,578)114,051(33,987)
80,064(48)
11,004(72,922)2,534(6,944)
1,316(2,280)(6,589)3,765(6,351)(76,515)
22,4991,220(2,636)(100)(27,411)(1,063)(24,792)
(283)
(741)
(33,309)(5,112)(34,874)
130,695
95,821

The Accounting Standard for Quarterly Financial Reporting (ASBJ Statement No. 12) and the Guidance on
Accounting Standard for Quarterly Financial Reporting (ASBJ Guidance No. 14) apply effective from the current
fiscal year. The quarterly consolidated financial statements are also prepared in accordance with the Regulations for
Quarterly Consolidated Financial Statements.

(4) Notes on premise of a going concern
None(5) Segment information
Business segment information
Nine months ended December 31, 2008
(Millions of yen)
Information
Communication

Lifestyle andIndustrial
Supplies

Elimination
and/orcorporate

Electronics

Consolidated

518,658

423,803

213,506

54,5201,210,487

─1,210,487

5,365

4,823

2

34

10,224(10,224)─

524,023

428,626

213,508

54,554

1,220,712(10,224)

1,210,487

21,611

18,036

10,139538

50,325(6,314)44,011

Beverages

Total

Net sales(1) Outside
customers(2) Intersegment
Total
Operatingincome(6) Notes on significant changes in the amount of stockholders’ equity
The number of treasury stocks increased ¥27,319 million in the first three quarters of the fiscal year primarily
because of the acquisition of the Company’s stocks, in accordance with the resolution of the Board of Directors’
meeting held on February 8, 2008.

11

(Reference)
Financial Statements for the Nine Months of the Previous Fiscal Year
(1) Quarterly consolidated statements of income(Millions of yen)

Nine months ended
December 31, 2007
Amount1,206,298
990,576
215,722150,452
65,270
7,839
4,072
3,766
7,063
994
984
5,084
66,046
16,077232
7,135

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest and dividend income
Other
Non-operating expenses
Interest expense
Equity in losses of associated companies
Other
Ordinary income
Extraordinary income
Gain on sale of fixed assets
Gain on sale of investment securities
Gain on contribution of investment securities
to pension trust
Gain on revision of retirement benefits plan
Gain on reversal of allowance for doubtful
Accounts
Other
Extraordinary losses
Loss on sale or disposal of fixed assets
Impairment loss on fixed assets
Loss on sale of investment securities
Loss on devaluation of investment securities
Provisions for compensation for damage losses
Provisions for accrued directors’ retirement
Benefits
Directors’ retirement benefits
Other
Income before income taxes
Current income taxes
Deferred income taxes
Minority interests
Net income

5,110
2,787
735
76
15,482
2,546
2,844
60
1,143
882
1,356
6,553
94
66,642
18,411
11,993
1,007
35,22812

(2) Segment information
Business segment information
Nine months ended December 31, 2007
(Millions of yen)
Information
Communication

Lifestyle andIndustrial
Supplies

Elimination
and/orcorporate

Electronics

Consolidated

498,216

408,163244,400

55,5181,206,298

─

1,206,298

5,211

5,485

48

33

10,778(10,778)─

503,427

413,648

244,448

55,551

1,217,076(10,778)

1,206,298

472,143

388,362

230,296

54,346

1,145,148(4,120)1,141,028

31,28425,28614,152

1,205

71,928(6,657)65,270Beverages

Total

Net sales(1) Outside
customers(2) Intersegment
Total
OperatingexpenseOperatingincome13