Consolidated Financial Results
for the Third Quarter of the Fiscal Year Ending March 31, 2011
(J-GAAP)
February 3, 2011

Company Name:
Dai Nippon Printing Co., Ltd.
Stock exchange listings:
Tokyo, Osaka
Stock 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:February 8, 2011
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, 2010
(April 1, 2010 – December 31, 2010)(1) Consolidated financial results(Percentages show change from corresponding year-ago period.)
Net Sales

Nine months ended
December 31, 2010
Nine months ended
December 31, 2009

Operating Income

Million yen%

Million yen%

Million yen%

1,200,454

2.2

55,113

20.4

54,76922.7

1,175,073(2.9)

45,7584.0

44,627(1.3)

Net Income

Nine months ended
December 31, 2010
Nine months ended
December 31, 2009

Ordinary Income

Diluted Net Income
per Share

Net Income per Share

Million yen%

Yen25,820

31.6

40.08

19,620

68.3

30.45

Yen

‐
‐

(2) Consolidated financial position
Total Assets

Net Assets

Net Assets
Per Share

Equity Ratio

Million yen

Million yen%

Yen

As of December 31, 2010

1,607,129

954,66456.6

1,412.91

As of March 31, 2010

1,618,853

956,86356.6

1,422.34

Note: Stockholdersʼ equity as of December 31, 2010: ¥910,127 million

As of March 31, 2010: ¥916,324 million

2. Dividends
Annual Dividends (Yen)Year ended
March 31, 2010
Year ending
March 31, 2011

First
Quarter-end

SecondQuarter-end

Third
Quarter-end

‐

16.00

‐

‐

16.00

‐

Year ending March 31, 2011
(Forecast)
Note: Revisions of projected dividends during the current quarter: None

Year-end

Total

16.00

32.00

16.00

32.00

3. Consolidated earnings forecasts for the year ending March 31, 2011 (April 1, 2010 – March 31,
2011)(Percentages show change from corresponding year-ago period.)
Net Sales

Full year

Operating Income

Ordinary Income

Net Income
per Share

Net Income

Million yen%

Million yen%

Million yen%

Million yen%

Yen

1,640,000

3.6

75,00012.8

73,0006.0

32,500

39.6

50.45

Note: Revisions of consolidated earnings forecasts during the current quarter: None

4. Other information (For more detail, refer to the attached “2. Other information” on page 3.)(1) Changes in significant subsidiaries during the current quarter: None
Note: This refers to changes in specified subsidiaries resulting in change of scope of consolidation during
the current quarter.
(2) Application of simplified accounting and special accounting procedures: Yes
Note: This refers to simplified accounting and accounting procedures peculiar to quarterly consolidated
financial statement preparation.
(3) Changes in accounting policies, procedures and methods of presentation
1) Changes due to revision of accounting standard, etc.: Yes
2) Changes due to other reasons: None
Note: This refers to changes in accounting policies, procedures and methods of presentation related toquarterly consolidated financial statement preparation (entries of changes in significant matters thatare basic to preparation of quarterly consolidated financial statements)(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 December 31,
2010

700,480,693
shares

As of March 31, 2010

700,480,693
shares

As of December 31,
2010

56,328,274
shares

As of March 31, 2010

56,241,763
sharesNine months ended
December 31, 2010

644,200,740
sharesNine months ended
December 31, 2009

644,334,590
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
The above-noted forecasts were prepared on the basis of information available to the Company and certain
assumptions that the Company deemed 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.

Contents
1. Qualitative information on the consolidated results for the current quarter.................. 2(1) Qualitative information on consolidated financial results .......................................... 2(2) Qualitative information on the consolidated financial position.................................. 3(3) Qualitative information on the consolidated earnings forecasts ............................... 3
2. Other information.................................................................................................................. 3(1) Changes in significant subsidiaries .............................................................................. 3(2) Application of simplified accounting and special accounting procedures ............... 4(3) Changes in accounting policies, procedures and method of presentation .............. 4
3. Quarterly consolidated financial statements ..................................................................... 5(1) Quarterly consolidated balance sheets ........................................................................ 5(2) Quarterly consolidated statements of income ............................................................. 7(3) Quarterly consolidated statements of cash flows ....................................................... 8(4) Note on assumptions for going concern .................................................................... 10(5) Segment information..................................................................................................... 10(6) Significant changes in shareholdersʼ equity .............................................................. 111

1. Qualitative information on the consolidated results for the current quarter(1) Qualitative information on consolidated financial results
In the first nine months of the fiscal year, Japanʼs economy faced increasingly severe conditions,
including a stronger yen, overseas financial crisis, continued high unemployment, and weakdomestic demand with the end of government economic stimulus measures.
The printing industry continued to face a difficult business environment. Competition
intensified as a result of weak consumer spending and corporate advertising spending. Unit
prices also declined.
In this environment, the DNP (Dai Nippon Printing Co., Ltd.) Group sought to aggressively
develop its business and deliver products, services, and solutions tailored to the needs of its
customers, based on its P&I Solutions business vision (P&I stands for “printing technology” and“information technology”). The Group also pursued Production 21 activities to establish a robust
production structure in all facets of production, including quality, cost, and delivery time, and it
worked to secure earnings.
As a result, consolidated net sales for the first nine months grew 2.2% year on year to¥1,200.4 billion, consolidated operating income grew 20.4% to ¥55.1 billion, consolidated
ordinary income grew 22.7% to ¥54.7 billion, and net income grew 31.6% to ¥25.8 billion.
Business segment results are presented below.
[PRINTING]
Information Communication
In the Books and Magazines business, sales decreased year on year on a prolonged slump in
the publications market, including a decline in magazine circulation.
In the Commercial Printing business, sales decreased year on year as cutbacks in corporate
advertising spending resulted in declines for flyers, pamphlets, catalogs, and other products.
In the Business Forms business, sales decreased year on year as a result of declines forboth information processing services (ranging from data entry to printing and shipment of
personal mail and other items) and smart cards.
In the Educational Publications Distribution business, sales rose sharply year on year as aresult of sales promotions at bookstores and an increase in the number of consolidated
subsidiaries.
As a result of the above, overall segment sales totaled ¥541.5 billion and operating income¥12.9 billion.
Lifestyle and Industrial Supplies
In the Packaging business, despite higher sales of PET bottle preforms and paper cups, overallsales decreased year on year on a decline in liquid paper containers.
In the Lifestyle Materials business, although housing starts remained weak, sales increased
year on year on growth for eco-friendly products that use DNP's proprietary electron beamcoating technology.
In the Industrial Supplies business, despite a slowdown during the third quarter foranti-reflection films used in flat-panel displays, overall sales increased year on year on growthfor dye-sublimation materials for photo printers (color ink ribbons and receiver paper) and backsheets for photovoltaic modules.
As a result of the above, overall segment sales totaled ¥401.6 billion and operating income¥35.9 billion.
Electronics
In the LCD color filter business, despite some production cutbacks, sales increased year on
year on contributions from production at the Sakai Plant in Osaka Prefecture and the Himeji
Plant in Hyogo Prefecture and greater demand for small and medium-sized LCD displays.
In the semiconductor-related products business, photomask sales decreased year on year.
The DNP Group worked to acquire overseas demand, primarily at its plant in Taiwan, but

2domestic demand remained weak. Additionally, sales of etched products for hard drive
suspensions and other applications increased, but sales of high-density build-up circuit boards
decreased.
As a result of the above, overall segment sales totaled ¥219.4 billion and operating income¥12.9 billion.

[BEVERAGES]
Beverages
Amid tough market conditions, characterized by a slump in consumer spending and intensified
sales competition, the DNP Group worked hard to increase sales of Coca-Cola and Georgia,
both core products, and I LOHAS, a brand of mineral water that uses "ecoru Bottle Shiboru,"
Japanʼs lightest bottle.
Sales of Coca-Cola and mineral water increased, but sales of tea and coffee drinks
decreased. As a result, overall segment sales totaled ¥48.0 billion and operating income ¥1.2
billion.
(2) Qualitative information on the consolidated financial position
Total assets at the end of the third quarter were down ¥11.7 billion from the end of the previous
fiscal year to ¥1,607.1 billion because of declines in notes and trade receivable and investment
securities.
Total liabilities decreased ¥9.5 billion from the end of the previous fiscal year to ¥652.4 billion
because of a decline in notes and trade payable.
Net assets decreased ¥2.1 billion from the end of the previous fiscal year to ¥954.6 billion
because of a deterioration in net unrealized gains/losses on available-for-sale securities.
As a result of the above, the equity ratio was 56.6%, unchanged from the end of the previous
fiscal year.
Consolidated cash flow provided by operating activities in the first nine months totaled ¥94.4
billion primarily because of ¥50.6 billion in income before income taxes and minority interestsand ¥71.9 billion in depreciation.
Cash flow used in investing activities totaled ¥59.8 billion, mainly because of the acquisitionof ¥66.0 billion of property, plant and equipment, and cash flow used in financing activities
totaled ¥33.6 billion, owing mainly to a ¥12.4 billion decrease in short-term bank loans and¥20.5 billion of dividends paid.
Because of these activities, DNPʼs cash and cash equivalents at the end of the third quarterdecreased by ¥1.4 billion from the end of the previous fiscal year to ¥150.3 billion.
(3) Qualitative information on the consolidated earnings forecasts
DNP has not changed its May 14, 2010 forecasts for the full fiscal year ending March 2011.

2. Other information(1) Changes in significant subsidiaries
None3

(2) Application of simplified accounting and special accounting procedures
Simplified accounting
1) Valuation of inventory
To calculate the value of inventory at the end of the third quarter, DNP eliminated the processof taking physical inventory of stock and instead adopted a rational computation 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.
2) 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.
Accounting procedures peculiar to quarterly consolidated financial statement preparation
None(3) Changes in accounting policies, procedures and method of presentation
Changes in matters related to accounting standards
1) Application of accounting standards for asset retirement obligations
Starting from the first quarter of the current fiscal year, DNP and its domestic consolidated
subsidiaries have applied the “Accounting Standards for Asset Retirement Obligations”(Accounting Standards Board of Japan [ASBJ] Statement No. 18, March 31, 2008) and the“Guidance on Accounting Standards for Asset Retirement Obligations” (ASBJ
Implementation Guidance No. 21, March 31, 2008).
As a result, operating income for the first nine months has declined by ¥199 million,
ordinary income by ¥362 million, and income before income taxes and minority interests by¥866 million. The change in asset retirement obligations owing to the application of theaccounting standards is ¥3,093 million.
2) Application of “Accounting Standard for Equity Method of Accounting for Investments” and“Practical Solution on Unification of Accounting Policies Applied to Associates Accounted for
Using the Equity Method”
Starting from the first quarter of the current fiscal year, DNP and its domestic consolidated
subsidiaries have applied the “Accounting Standard for Equity Method of Accounting forInvestments” (ASBJ Statement No. 16, March 10, 2008) and “Practical Solution on
Unification of Accounting Policies Applied to Associates Accounted for Using the Equity
Method” (ASBJ Practical Issue Task Force [PITF] No. 24, March 10, 2008).
There is no impact on profits and losses as a result.
3) Application of “Accounting Standard for Business Combinations” and other accounting
standards
Starting from the first quarter of the current fiscal year, DNP and its domestic consolidated
subsidiaries have applied the “Accounting Standard for Business Combinations” (ASBJ
Statement No. 21, December 26, 2008), “Accounting Standard for Consolidated Financial
Statements” (ASBJ Statement No. 22, December 26, 2008), “Partial Amendments toʻAccounting Standard for Research and Development Costsʼ” (ASBJ Statement No. 23,
December 26, 2008), “Accounting Standard for Business Divestitures” (ASBJ Statement No.
7, December 26, 2008), “Accounting Standard for Equity Method of Accounting forInvestments” (ASBJ Statement No. 16, December 26, 2008), and “Revised Guidance on
Accounting Standard for Business Combinations and Accounting Standard for Business
Divestitures” (ASBJ Guidance No. 10, December 26, 2008).

43. Quarterly consolidated financial statements(1) Quarterly consolidated balance sheets(Million yen)
As of December 31, 2010

As of March 31, 2010ASSETS
Current assets
Cash and time deposits
Notes and trade receivable
Merchandise and finished products
Work in progress
Raw materials and supplies
Deferred income taxes
Other
Allowance for doubtful accounts
Total current assets
Fixed assets
Property, plant and equipment
Buildings and structures, net
Machinery and equipment, net
LandConstruction in progress
Other, net
Total property, plant and equipment
Intangible fixed assets
Goodwill
Software
Other
Total intangible fixed assets
Investments and other assets
Investment securities
Long-term loans
Deferred income taxes
Other
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Deferred assets
Business startup costs
Other
Total deferred assets
TOTAL ASSETS

5

152,171424,816
87,03835,58019,8403,534
15,875(4,129)734,727

152,416
449,020
71,34029,722
17,756
9,775
14,246(4,327)739,951

217,325
180,496
138,675
45,51041,402
623,410207,256
179,127
135,485
51,43343,544
616,847

11,44921,811
3,058
36,32010,281
20,4893,945
34,717

132,532
2,014
39,87350,162(13,258)
211,324
871,056

142,381
1,741
40,57454,702(13,668)
225,731
877,296

1,327
18
1,345
1,607,129

1,605
‐
1,605
1,618,853

(Million yen)
As of December 31, 2010

As of March 31, 2010

LIABILITIESCurrent liabilities
Notes and trade payable
Short-term bank loans

293,031308,630

51,44250,547

Current portion of long-term debt

5,847

4,019

Income taxes payable

4,383

15,623

Reserve for bonuses

6,426

16,341

Other

91,24576,783

Total current liabilities

452,377

471,945

Bonds

102,540

101,167

Long-term debt

17,154

11,018Provision for retirement benefits

40,49643,229Other

39,89534,628

Total long-term liabilities

200,086

190,045

652,464

661,990

Long-term liabilities

TOTAL LIABILITIESNET ASSETSStockholdersʼ equity
Common stock

114,464

114,464

Capital surplus

144,898

144,898

Retained earnings

761,240

756,428

Treasury stock(94,102)(94,016)

Total stockholdersʼ equity

926,500

921,774

1,927

8,059

17

(10)

Foreign currency translation adjustments(18,317)(13,498)

Total valuation and translation adjustments(16,373)(5,449)16‐

Minority interests

44,521

40,538TOTAL NET ASSETS

954,664

956,863

1,607,129

1,618,853

Valuation and translation adjustments
Net unrealized gains on available-for-salesecurities
Net deferred gains on hedges

Stock acquisition rights

TOTAL LIABILITIES AND NET ASSETS

6

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

Nine months ended
December 31, 2009

Nine months ended
December 31, 2010

1,175,073

1,200,454

Cost of sales

954,643

970,342

Gross profit

220,429

230,111

Selling, general and administrative expenses

174,671

174,997

Operating income

45,75855,113Non-operating income
Interest income
Dividend income
Other
Total non-operating income

623
2,373
3,864
6,861

355
2,769
5,087
8,212

1,845

2,057

201
5,945
7,993

210
6,288
8,556

44,62754,769

921
36
204
1,161

258
31
35
325

4,747
1,189
914
6,851
38,937
13,501
5,755
19,256‐59
19,620

2,863
438
1,097
4,399
50,695
12,898
11,74524,644
26,050230
25,820Net sales

Non-operating expense
Interest expense
Equity in losses of associated companies
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
Income before minority interests
Minority interests
Net income7(3) Quarterly consolidated statements of cash flows(Million 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 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(Increase) Decrease in trade receivables
Increase in inventories
Increase (Decrease) in trade payables
Other
Sub-total
Payment of income taxes
Net cash provided by operating activities
Cash flows from investing activities(Increase) Decrease in time deposits
Payments for purchases of property, plant andequipment
Proceeds from sales of property, plant andequipment
Payments for purchases of investment
securities
Proceeds from sales and redemption of
investment securities
Payments for purchases of subsidiary stocks
Proceeds from purchases of newly
consolidated subsidiary stocks
Payments for business transfer
Interest and dividends received
Other
Net cash used in investing activities

8

Nine months ended
December 31, 2009

Nine months ended
December 31, 2010

38,937
66,7002,125

50,69571,920
137

1,718
201
3,993
(2,997)
1,845(30)(3,110)210
1,966(3,124)
2,057
(29)

1,189
3,826
(47,415)(2,925)18,440(1,037)
84,572(6,054)78,517453
2,604
25,461(10,203)(19,808)(2,960)116,269(21,851)
94,418

4,255

(241)

(83,245)(66,061)

2,368

2,521

(8,679)(1,842)

2,661(5,566)

10,294
‐

‐
(49)
2,980
1,932
(83,340)

908
‐
3,287
(8,685)(59,819)

(Million yen)

Cash flows from financing activities
Net decrease in short-term bank loans
Proceeds from long-term debt
Repayments of long-term debt
Proceeds from issuance of bonds
Payments for 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 decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Increase in cash and cash equivalents from newly
consolidated subsidiaries
Increase in cash and cash equivalents from merger
with unconsolidated subsidiaries
Cash and cash equivalents at end of period

9Nine months ended
December 31, 2009

Nine months ended
December 31, 2010

(21,609)2,240(2,807)50,000(62)(96)(1,272)(19,298)(232)(2,933)(12,472)
11,763(8,012)
2,700
(266)
(105)
(1,589)(20,589)(368)(4,701)

3,928(33,642)415(480)
117,200(2,491)(1,535)
151,70997‐‐
116,817128
150,302(4) Note on assumptions for going concern
None(5) Segment information[Segment information by type of business]
First nine months of previous fiscal year (April 1, 2009 – December 31, 2009)(Million yen)
Information
Communication

Lifestyle andIndustrial
Supplies

Electronics

Beverages

Elimination
and/orcorporate

Consolidated

551,203391,219

184,82047,8301,175,073―

1,175,073

5,364
556,568

4,588
395,80716
184,83634
47,86410,003
1,185,076(10,003)(10,003)―
1,175,073

16,101

31,446

4,791

(299)

52,040(6,281)45,758Total

Net sales(1) Outside
customers(2) Intersegment
Total
Operatingincome(loss)[Segment information](Supplementary information)
Starting from the first quarter of the current fiscal year, DNP and its domestic consolidated
subsidiaries have applied the “Accounting Standard for Disclosures about Segments of anEnterprise and Related Information” (ASBJ Statement No. 17, March 27, 2009) and “Guidanceon Accounting Standard for Disclosures about Segments of an Enterprise and RelatedInformation” (ASBJ Guidance No. 20, March 21, 2008).

1. Overview of reporting segments
DNPʼs reporting segments are regularly reviewed by the Board of Directors using thesegregated financial information available within each segment to determine the allocation ofbusiness resources and evaluate business results.
The Group bases its business divisions on the products and services provided and develops
its business activities based on a comprehensive domestic and overseas strategy for eachbusiness division. The four reporting segments are Information Communication, Lifestyle andIndustrial Supplies, Electronics, and Beverages.
The main products and services of each reporting segment are as follows:
Information Communication

Lifestyle and Industrial Supplies

Electronics
Beverages

Production and sale of publications, commercial printed
matter, and business forms; educational publications
distribution
Manufacture and sale of packaging materials, interior andexterior construction materials, photographic materials,
and industrial supplies
Manufacture and sale of precision electronic components
Manufacture and sale of carbonated and non-carbonatedbeverages10

2. Information concerning sales and income/loss by reporting segment
First nine months of current fiscal year (April 1, 2010 – December 31, 2010)*1(Million yen)Amounts
reported onquarterly
consolidated
statements of*2
income1,200,454―

1,200,454

4
48,085

10,361
1,210,815(10,361)(10,361)―
1,200,454

1,265

63,093(7,979)55,113

Reporting segment
Information
Communication

Lifestyle andIndustrial
Supplies

Electronics

Beverages

536,484

396,430

219,458

48,0805,091
541,576

5,255
401,685

9219,467

12,92535,993

12,909Total

Adjustment

Net sales(1) Outside
customers(2) Intersegment
Total
Segment
income(loss)

Notes:
1. Segment income are adjusted for costs related to basic research not assignable to a reporting
segment or costs of research shared by different segments.
2. Segment income are adjusted to reflect operating income as reported on the consolidated
statements of income.

(6) Significant changes in shareholders’ equityNone11