Consolidated Financial Results
for the First Quarter of the Fiscal Year Ending March 31, 2012
[J-GAAP]
August 11, 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:August 11, 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 three months ended June 30, 2011
(April 1, 2011 – June 30, 2011)(1) Consolidated financial results(Percentages show change from corresponding year-ago period.)
Net Sales

Three months ended
June 30, 2011
Three months ended
June 30, 2010

Operating Income

Ordinary Income

Million yen%

Million yen%

Million yen%

370,309

(6.5)

7,427

(65.5)

11,067(51.0)

396,109

4.1

21,543

128.4

22,568106.8

Note: Comprehensive income: For the first three months ended June 30, 2011: ¥6,944 million (429.3%)
For the first three months ended June 30, 2010: ¥1,311 million (‐%)
Net Income

Three months ended
June 30, 2011
Three months ended
June 30, 2010

Diluted Net Income
per Share

Net Income per Share

Million yen

%

Yen

Yen

4,374

(50.3)

6.79

‐

8,797

337.8

13.66

‐

(2) Consolidated financial position
Total Assets

Net Assets

Equity Ratio

Million yen

Million yen%

As of June 30, 2011

1,627,354

949,251

55.6

As of March 31, 2011

1,649,784

952,44055.1

Note: Stockholdersʼ equity as of June 30, 2011: ¥904,725 million

As of March 31, 2011: ¥908,521 million

2. Dividends
Annual Dividends (Yen)Year ended
March 31, 2011
Year ending
March 31, 2012

First
Quarter-end

SecondQuarter-end

Third
Quarter-end

‐

16.00

‐

Year-end

16.00

Total

32.00

‐

Year ending March 31, 2012
16.00
‐
16.00
(Forecasts)
Note: Revisions to the most recently announced dividend forecasts during the current quarter: Yes

32.00

3. Consolidated earnings forecasts for the year ending March 31, 2012 (April 1, 2011 – March 31,
2012)(Percentages show change from corresponding year-ago period.)
Net Sales

Operating Income

Ordinary Income

Net Income
per Share

Net Income

Million yen%

Million yen%

Million yen%

Million yen%

Yen764,000(4.0)

16,000(59.2)

18,000(54.0)

6,500(62.3)

10.09

1,576,000 (0.8)
50,000(26.3)
52,000 (17.2)
19,000 (24.1)
Note: Revisions to the most recently announced earnings forecasts during the current quarter: Yes

29.5

First half
Full year

4. Other information(1) Changes in significant subsidiaries during the current quarter (changes in specified subsidiaries
resulting in change of scope of consolidation): No(2) Application of accounting procedures peculiar to quarterly consolidated financial statement
preparation: No(3) Changes in accounting policies, changes in accounting estimates, and restatement of revisions
1) Changes in accounting policies with revision of accounting standards: No
2) Changes in accounting policies other than the 1) above:No3) Changes in accounting estimates:
No4) Restatement of revisions:No(4) Number of common shares issued and outstanding
1) Number of common shares
outstanding at end of each period(including treasury shares)
2) Number of treasury shares at endof each period
3) Average number of shares
outstanding during the period(cumulative from the start of the
fiscal year)

As of June 30, 2011

700,480,693
shares

As of March 31, 2011

700,480,693
shares

As of June 30, 2011

56,344,819
shares

As of March 31, 2011

56,338,163
sharesThree months ended
June 30, 2011

644,139,284
sharesThree months ended
June 30, 2010

644,232,682
sharesPresentation of implementation status for quarterly review procedures
The quarterly review procedure based on the Financial Instruments and Exchange Act does not apply tothese Consolidated Financial Results, and the quarterly review procedure based on the Financial
Instruments and Exchange Act was completed as of the release of these Consolidated Financial Results.
Explanation regarding appropriate use of earnings forecasts and other special notes
Forward-looking statements in this report, including earnings forecasts, are based on assumptions about
economic conditions, market trends, and other factors at the time the report was prepared. Actual results
may differ significantly due to a variety of factors.
See the “(3) Qualitative information on the consolidated earnings forecasts” on page 3 for information
about earnings forecasts.

Contents
1. Qualitative information on the consolidated results for the current quarter ..... 2(1) Qualitative information on the consolidated financial results .................................... 2(2) Qualitative information on the consolidated financial position.................................. 3(3) Qualitative information on the consolidated earnings forecasts ............................... 3

2. Quarterly consolidated financial statements......................................................... 4(1) Quarterly consolidated balance sheets ........................................................................ 4(2) Quarterly consolidated statements of income and quarterly consolidated
statements of comprehensive income ............................................................................... 6
Quarterly consolidated statements of income
First three months of the fiscal years ....................................................................... 6
Quarterly consolidated statements of comprehensive income
First three months of the fiscal years ....................................................................... 7(3) Note on assumptions for going concern ...................................................................... 8(4) Segment information etc. ............................................................................................... 8(5) Significant changes in shareholdersʼ equity ................................................................ 9(6) Additional information..................................................................................................... 9

1

1. Qualitative information on the consolidated results for the current quarter(1) Qualitative information on the consolidated financial results
In the first three months of the fiscal year, Japanʼs economy continued to face difficult conditions,
including a slowdown in production and decline in exports caused by the Tohoku – Pacific
Ocean Earthquake, higher raw material prices, and concerns about worsening employment
conditions.
The printing industry continued to face a tough business environment. Competition grew
more intense as a result of sluggish consumer spending and lower corporate advertisingexpenditures. The earthquake also caused demand to weaken further.
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.
In spite of these efforts, the DNP Groupʼs consolidated net sales for the first three months fell
6.5% year on year to ¥370.3 billion, consolidated operating income fell 65.5% to ¥7.4 billion,
consolidated ordinary income fell 51.0% to ¥11.0 billion, and net income fell 50.3% to ¥4.3
billion.
Business segment results are presented below.
[PRINTING]
Information Communication
In the Books and Magazines business, sales of books increased, but magazines declined.
In the Commercial Printing business, sales decreased year on year as cutbacks in corporate
advertising expenditures prompted by a prevailing mood of self-restraint in the wake of theearthquake resulted in weak sales of 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 well above year-ago levels
on an increase in the number of newly consolidated subsidiaries.
As a result of the above, overall segment sales fell 3.9% year on year to ¥172.5 billion andoperating income fell 65.1% to ¥1.8 billion.
Lifestyle and Industrial Supplies
In the Packaging business, sales increased year on year as a result of higher sales of flexible
packaging and growth for PET bottle aseptic filling systems and PET bottle preforms.
In the Lifestyle Materials business, sales increased year on year on growth for eco-friendly
products that use DNP's proprietary Electron Beam coating technology.
In the Industrial Supplies business, despite growth for photovoltaic module back sheets andother products, overall sales decreased year on year on declines for anti-reflection films used inflat-panel displays and for dye-sublimation thermal transfer recording media for photo printers(color ink ribbons and receiver paper).
As a result of the above, overall segment sales fell 3.1% year on year to ¥131.1 billion andoperating income fell 39.3% to ¥8.6 billion.
Electronics
In the LCD color filter business, despite a contribution from production at the 8G plant in Himeji
City, Hyogo Prefecture, sales decreased year on year because demand fell sharply as a resultof domestic LCD panel manufacturers halting production due to the earthquake.
In the electronic devices business, sales decreased for etched products, including
photomasks and hard drive suspensions, and for high-density build-up circuit boards, due partly2

to a downturn in production at domestic manufacturers as a result of the earthquake.
As a result of the above, overall segment sales fell 20.3% year on year to ¥57.4 billion andoperating losses totaled ¥200 million, versus operating income of ¥5.2 billion during the same
period last year.

[BEVERAGES]
Beverages
Amid tough market conditions, characterized by weak consumer spending and intense sales
competition, the DNP Group worked to expand sales of Coca-Cola and Georgia, both coreproducts, and I LOHAS, a brand of mineral water that uses "ecoru Bottle Shiboru," Japan’slightest bottle.
As a result, although coffee sales decreased, mineral waters and sports drinks increased.
Overall segment sales fell 9.3% year on year to ¥11.6 billion and operating losses totaled ¥200
million, versus losses of ¥400 million during the same period last year.
(2) Qualitative information on the consolidated financial position
Total assets at the end of the first quarter decreased by ¥22.4 billion from the end of theprevious fiscal year to ¥1,627.3 billion, due partly to a decrease in notes and trade receivables.
Total liabilities decreased by ¥19.2 billion from the end of the previous fiscal year to ¥678.1
billion, due partly to a decline in short-term bank loans.
Net assets decreased by ¥3.1 billion from the end of the previous fiscal year to ¥949.2 billion,
due partly to a decline in retained earnings.
As a result of the above, the equity ratio was 55.6%, up 0.5 percentage points from 55.1% at
the end of the previous fiscal year.

(3) Qualitative information on the consolidated earnings forecasts
Our consolidated earnings forecasts for the fiscal year ending March 31, 2012 were previously
undecided because the earnings impact of the Tohoku – Pacific Ocean Earthquake was difficult
to rationally estimate. However, we now disclose forecasts based on recent conditions andearnings trends.
Our dividend forecasts for the fiscal year ending March 31, 2012 were also previously
undecided, but in conjunction with the disclosure of consolidated earnings forecasts, we now
forecast an interim dividend and year-end dividend of ¥16 per share, unchanged from theprevious fiscal year, resulting in a full-year dividend of ¥32 per share, unchanged from theprevious fiscal year.
Our consolidated earnings forecasts and dividend forecasts are also disclosed in our press
release titled, “Dai Nippon Printing Announces Earnings and Dividend Forecasts,” published on
August 11, 2011.

3

2. Quarterly consolidated financial statements(1) Quarterly consolidated balance sheets(Million yen)
As of March 31, 2011

As of June 30, 2011ASSETS
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
Other
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Deferred assets
TOTAL ASSETS

4

223,847
403,986
87,446
31,585
19,57531,496(6,994)790,942

214,008
382,189
94,27437,207
19,83328,945(6,150)770,308

212,984
173,849
138,650
47,03642,306
614,827

209,963
167,917
138,648
49,613
41,408607,551

35,89135,89138,30338,303

218,119(11,250)
206,868
857,587
1,253
1,649,784

220,763(10,732)
210,030
855,885
1,159
1,627,354

(Million yen)
As of March 31, 2011

As of June 30, 2011

LIABILITIESCurrent liabilities
Notes and trade payable
Short-term bank loans

275,525
51,403

283,471
38,830Reserve for bonuses

16,6506,305

Reserve for disaster losses

4,648

3,629

Other

99,541

97,021

Total current liabilities

447,768

429,258

Bonds

153,520

153,330

Long-term debt

14,802

16,979Provision for retirement benefits

39,26037,808Other

41,991

40,725

Total long-term liabilities

249,574

248,843697,343

678,102

Common stock

114,464

114,464

Capital surplus

144,898

144,898

Retained earnings

760,452

754,508

Treasury stock(94,113)(94,116)

Total stockholdersʼ equity

925,702919,755

832

1,043

(12)

4

(18,000)(16,077)(17,180)(15,029)

16

16

Minority interests

43,90244,509TOTAL NET ASSETS

952,440949,251

1,649,784

1,627,354

Long-term liabilities

TOTAL LIABILITIESNET ASSETSStockholdersʼ equity

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Net deferred gains (losses) on hedges
Foreign currency translation adjustments
Total accumulated other comprehensive
incomeStock acquisition rights

TOTAL LIABILITIES AND NET ASSETS

5

(2) Quarterly consolidated statements of income and quarterly consolidated statementsof comprehensive income
Quarterly consolidated statements of income
First three months of the fiscal years(Million yen)Three months ended
June 30, 2010
396,109

Three months ended
June 30, 2011
370,309

Cost of sales

318,760

305,717Gross profit

77,34964,592

Selling, general and administrative expenses

55,80557,165

Operating income

21,543

7,427

2,174
‐
2,067
4,241

2,068
1,419
2,411
5,899

651
159

853
600

2,406
3,217

805
2,260

22,568

11,067

38
‐
371
19
429

19
30
‐
10
59

991

1,004

‐

586

507

‐

543
2,042
20,955
3,676
8,013
11,689
9,265
468
8,797

255
1,847
9,279
2,964
1,856
4,821
4,457
83
4,374

Net sales

Non-operating income
Interest and dividend income
Reversal of allowance for doubtful accounts
Other
Total non-operating income
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 revision of retirement benefit plan
Reversal of allowance for doubtful accounts
Other
Total extraordinary gains
Extraordinary losses
Loss on sale or disposal of fixed assets
Disaster losses and provision of reserve fordisaster
Effect of application of accounting standards
for asset retirement obligation
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 income

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

Income before minority income
Other comprehensive income
Valuation difference on available-for-salesecurities
Net deferred gains on hedges
Foreign currency translation adjustments
Share of other comprehensive income ofassociates accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of
the parent
Comprehensive income attributable to minority
interests

7

Three months ended
June 30, 2010

Three months ended
June 30, 2011

9,265

4,457

(7,756)

244

57
(228)

16
2,225

(26)

0

(7,953)
1,311

2,486
6,944

832

6,524

479

420

(3) Note on assumptions for going concern
None(4) Segment information etc.
[Segment information]
I First three months of previous fiscal year (April 1, 2010 – June 30, 2010)
Information on sales and income/loss by reporting segment
Reporting segment(Million yen)Amounts
reported on
Adjustment
quarterly
Note 1
consolidated
statements ofNote 2incomeInformation
Communication

Lifestyle andIndustrial
Supplies

Electronics

177,717

133,484

72,106

12,799396,109―396,109

Inter-segment

1,957

1,779

5

1

3,743

(3,743)―

Total

179,675

135,263

72,112

12,801

399,852(3,743)396,109

Segment income (loss)

5,181

14,191

5,228

(432)

24,168(2,625)

21,543

Beverages

Total

Net sales
Outside customers

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

II First three months of current fiscal year (April 1, 2011 – June 30, 2011)
Information on sales and income/loss by reporting segment
Reporting segment(Million yen)Amounts
reported on
Adjustment
quarterly
Note 1
consolidated
statements ofNote 2incomeInformation
Communication

Lifestyle andIndustrial
Supplies

Electronics

171,533

129,71457,453

11,607370,309―

370,309

Inter-segment

1,059

1,403

0

0

2,464

(2,464)―

Total

172,593

131,118

57,453

11,607372,773(2,464)

370,309

Segment income (loss)

1,808

8,610

(229)

(295)

9,893

(2,466)

7,427

Beverages

Total

Net sales
Outside customers

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

8

(5) Significant changes in shareholders’ equity
None(6) Additional information
As a result of accounting changes and corrections of past errors since the start of the firstquarter of the fiscal year ending March 31, 2012, DNP is applying the “Accounting Standard for
Accounting Changes and Error Corrections” (ASBJ Statement No. 24, December 4, 2009) andthe “Guidance on Accounting Standard for Accounting Changes and Error Corrections” (ASBJ
Guidance No. 24, December 4, 2009).

9