Note: This document has been translated from the Japanese original for reference purposes only. In the event of any
discrepancy between this translated document and the Japanese original, the original shall prevail.

August 8, 2024

Consolidated Financial Results
for the Three Months Ended June 30, 2024
(Under Japanese GAAP)
Company name:
Listing:
Securities code:
URL:
Representative:
Inquiries:

Dai Nippon Toryo Co., Ltd.
Tokyo Stock Exchange4611
https://www.dnt.co.jp/english/
Takayuki Sato, Representative Director and President
Tatsuhiko Nagano, Director, Managing Executive Officer
General Manager, Administrative Division
Telephone:+81-6-6266-3102
Scheduled date to commence dividend payments:–
Preparation of supplementary material on financial results:
Yes
Holding of financial results briefing:
None(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the three months ended June 30, 2024 (from April 1, 2024 toJune 30, 2024)(1) Consolidated operating results (cumulative)
Net sales
Three months ended(Percentages indicate year-on-year changes.)

Operating profit

Profit attributable toowners of parent

Ordinary profit

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

June 30, 2024

17,483

(1.9)

1,091

(9.2)

1,382

1.4

1,162

27.7

June 30, 2023

17,814

4.2

1,201

71.0

1,362

47.8

910

53.1

Note: Comprehensive income

For the three months ended June 30, 2024:
For the three months ended June 30, 2023:

Basic earnings
per share
Three months ended¥1,114 million¥2,008 million[(44.5)%][138.6%]

Diluted earnings
per share
Yen

Yen

June 30, 2024

40.85

40.62

June 30, 2023

32.02

31.83

(2) Consolidated financial position
Total assets
As of

Net assets

Equity-to-asset ratio

Net assets per share

Millions of yen

Millions of yen

June 30, 2024

101,00962,60759.0

2,092.83

March 31, 2024

101,618

62,49058.6

2,092.10

Reference:

EquityAs of June 30, 2024:
As of March 31, 2024:¥59,570 million¥59,550 million%

Yen2. Cash dividends
Annual dividends per shareFirst quarter-end

Second quarter-end

Third quarter-end

Yen

Yen

Yen

Fiscal year ended
March 31, 2024
Fiscal year ending
March 31, 2025–

Fiscal year-end

Total

Yen

Yen

0.00

–

35.00

35.00

0.00

–

40.00

40.00

–

Fiscal year ending
March 31, 2025
(Forecast)

Note: Revisions to the forecast of cash dividends most recently announced: None

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2025 (from April 1, 2024 toMarch 31, 2025)
Net sales

Six months ending
September 30,
2024(Cumulative)
Fiscal year ending
March 31, 2025

Operating profit(Percentages indicate year-on-year changes.)
Profit attributable to Basic earnings perowners of parent
share

Ordinary profit%

Millions ofyen%Millions of
yen

%

(1.0)

1,900 (30.0)

2,050(30.8)

1,800

(8.0)

63.24

2.9

4,250 (13.3)

4,500(15.7)

3,800 (17.4)

133.50Millions ofyen%

36,00074,000Millions ofyen

Note: Revisions to the consolidated earnings forecasts most recently announced: NoneYen

* Notes(1) Significant changes in the scope of consolidation during the period: Yes
Excluded:
2 companies (Japan Powder Coatings Manufacturing Co., Ltd.
and DNT (Shanghai) Co., Ltd.)
Note: For details, see “2. Quarterly Consolidated Financial Statements and Major Notes, (3) Notes on quarterly
consolidated financial statements (Significant changes in the scope of consolidation during the period)” on page
8 of the attached materials.

(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial
statements: None
(3) Changes in accounting policies, changes in accounting estimates, and restatement(i) Changes in accounting policies due to revisions to accounting standards and other regulations:None(ii) Changes in accounting policies due to other reasons: None(iii) Changes in accounting estimates: None(iv) Restatement: None
(4) Number of issued shares (common shares)(i)

Total number of issued shares at the end of the period (including treasury shares)
As of June 30, 2024

29,710,678 shares

As of March 31, 2024

29,710,678 shares(ii) Number of treasury shares at the end of the period
As of June 30, 2024

1,246,453 shares

As of March 31, 2024

1,246,411 shares(iii) Average number of shares outstanding during the period (cumulative from the beginning of the
fiscal year)
Three months ended June 30, 2024

28,464,245 shares

Three months ended June 30, 2023

28,437,539 shares* Review of the Japanese-language originals of the attached quarterly consolidated financial statements bycertified public accountants or an audit corporation: None
* Proper use of earnings forecasts, and other special matters
The earnings forecasts and other forward-looking statements in these materials are based on information
currently available to the Company and on certain assumptions deemed reasonable, and the Company
does not intend to guarantee their achievement. Furthermore, actual results, etc. may differ significantly
due to various factors. Please refer to “1. Summary of Business Results, Etc., (3) Explanation of
forward-looking information such as consolidated earnings forecasts” on page 3 of the attached materials
for the suppositions that form the assumptions for earnings forecasts and cautions concerning the use
thereof.

○ Table of Contents of Attached Materials
Index
1. Summary of Business Results, Etc. .......................................................................................................... 2(1) Summary of business results for current period ................................................................................. 2(2) Summary of financial position for current period .............................................................................. 3(3) Explanation of forward-looking information such as consolidated earnings forecasts ...................... 3
2. Quarterly Consolidated Financial Statements and Major Notes ............................................................... 4(1) Quarterly consolidated balance sheet ................................................................................................. 4(2) Quarterly consolidated statement of income and consolidated statement of comprehensive income 6
Quarterly consolidated statement of income (cumulative) ................................................................. 6
Quarterly consolidated statement of comprehensive income (cumulative) ........................................ 7(3) Notes on quarterly consolidated financial statements ........................................................................ 8(Significant changes in the scope of consolidation during the period) ............................................... 8(Notes on segment information, etc.) ................................................................................................. 8(Note when there is a significant change in the amount of shareholders’ equity) ............................ 10(Notes on the premise of a going concern) ....................................................................................... 10(Notes on quarterly consolidated statement of cash flows) .............................................................. 10(Significant subsequent events) ........................................................................................................ 10-1-

1. Summary of Business Results, Etc.
(1) Summary of business results for current period
In the first three months of the fiscal year ending March 31, 2025, the Japanese economy was on a
gradual recovery trend, backed by firm corporate earnings and expanding demand from inboundtourism. On the other hand, due to the impact of soaring resource prices and rising prices caused by the
prolonged yen depreciation, the economic outlook is expected to remain uncertain.
In response to the inappropriate act related to some products, the Group has been working to regain thetrust by promoting measures to prevent recurrence of such act and by ensuring thorough compliance.
As for the business results, net sales were ¥17,483 million (a 1.9% year-on-year decrease) due tosluggish demand in the domestic coatings business as the business is still recovering from the issue ofthe inappropriate act. Operating profit was ¥1,091 million (a ¥110 million year-on-year decrease) due
to a decrease in revenue, despite efforts to implement price adjustments and reduce losses in the China
business. Ordinary profit was ¥1,382 million (a ¥19 million year-on-year increase) due to the recordingof foreign exchange gains, and profit attributable to owners of parent was ¥1,162 million (a ¥252
million year-on-year increase).
The business results by segment were as follows.
[Domestic coatings business]
In the general-use sector, although the sales volume of some general-purpose products increased as
market conditions recovered, overall net sales decreased year on year as the business is still
recovering from the issue of the inappropriate act. In the industrial-use sector, net sales were only
slightly higher year on year as there was continuing stagnant demand for coatings for building
materials, despite a partial recovery in market conditions and progress in acquiring new orders in
powder coatings.
As a result, net sales were ¥12,404 million (a 2.3% year-on-year decrease). Operating profit was¥436 million (a ¥150 million year-on-year decrease) due to an increase in personnel expenses andother costs, despite efforts to implement price adjustments.
[Overseas coatings business]
In Southeast Asia, net sales decreased year on year due to decreases in automobile production
volume and in demand for coatings for building materials. In Mexico, net sales increased year on
year due to an increase in automobile production volume and the acquisition of new transactions. In
China, net sales decreased year on year due to the continued impact of the slowdown among
Japanese automobile manufacturers.
As a result, net sales were ¥1,965 million (a 7.6% year-on-year decrease). Operating profit was ¥75
million (a ¥29 million year-on-year decrease) due to a decrease in revenue, despite efforts to reduce
losses in the China business.
[Lighting business]
In the commercial LED lighting field, net sales increased year on year due to firm demand,
primarily for commercial facilities and accommodation facilities against the backdrop of strong
demand from inbound tourism and urban redevelopment. In the UV lamp field, net sales decreased
year on year due to demand for some products declined, despite a firm demand for UV disinfection
applications. In the fluorescent lamp field, net sales increased year on year due to efforts toimprove selling prices, despite a decline in demand caused by market contraction.
As a result, net sales were ¥2,366 million (a 5.0% year-on-year increase), and operating profit was¥467 million (a ¥44 million year-on-year increase).

-2-

[Fluorescent color material business]
In the pigments segment, net sales increased year on year due to continued recovery in demand
from the EU region. In the processed products segment, net sales decreased year on year due todemand for tape products declined, despite an increase in demand for safety applications.
As a result, net sales were ¥292 million (a 4.3% year-on-year increase). Operating profit was ¥13
million (a ¥6 million year-on-year increase) partly due to cost containment efforts.
[Other businesses]
In the logistics business, net sales increased year on year due to efforts to improve unit prices in
response to various cost increases in the logistics industry. In the painting business, net sales
increased year on year as orders for work were strong.
As a result, net sales were ¥454 million (a 0.7% year-on-year increase). Operating profit was ¥16
million (a ¥2 million year-on-year decrease) due to a sharp rise in construction costs.
(2) Summary of financial position for current period
Total assets at the end of the first quarter of the fiscal year ending March 31, 2025 were ¥101,009
million, a decrease of ¥608 million from the end of the previous fiscal year. Current assets totaled¥40,136 million, a decrease of ¥62 million from the end of the previous fiscal year, mainly due to anincrease in cash and deposits of ¥448 million, a decrease in notes and accounts receivable - trade, andcontract assets of ¥375 million, a decrease in electronically recorded monetary claims - operating of¥687 million, an increase in inventories of ¥419 million, and an increase in other of ¥133 million. Noncurrent assets totaled ¥60,873 million, a decrease of ¥546 million from the end of the previous fiscal
year, mainly due to a decrease in investments and other assets of ¥446 million.
Liabilities totaled ¥38,402 million, a decrease of ¥725 million from the end of the previous fiscal year.
Current liabilities totaled ¥28,095 million, a decrease of ¥597 million from the end of the previous
fiscal year, mainly due to a decrease in notes and accounts payable - trade of ¥321 million, an increasein short-term borrowings of ¥800 million, a decrease in income taxes payable of ¥700 million, and adecrease in other of ¥284 million. Non-current liabilities were ¥10,306 million, a decrease of ¥128
million from the end of the previous fiscal year.
Net assets were ¥62,607 million, an increase of ¥116 million from the end of the previous fiscal year.
The main reasons for this were an increase in retained earnings of ¥166 million, a decrease in valuationdifference on available-for-sale securities of ¥300 million, an increase in foreign currency translation
adjustment of ¥374 million, and a decrease in remeasurements of defined benefit plans of ¥219 million.
(3) Explanation of forward-looking information such as consolidated earnings forecasts
The consolidated earnings forecasts for the first six months of the fiscal year ending March 31, 2025,
and the full year are unchanged from the forecasts provided in the “Consolidated Financial Results for
the Fiscal Year Ended March 31, 2024” announced on May 10, 2024.

-3-

2. Quarterly Consolidated Financial Statements and Major Notes(1) Quarterly consolidated balance sheet(Millions of yen)
As of March 31, 2024
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsElectronically recorded monetary claims - operating
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Leased assets
Other
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Retirement benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets-4-

As of June 30, 2024

8,429

8,877

12,137

11,762

6,701
6,262
991
4,038
1,649
(12)
40,198

6,014
6,314
1,027
4,370
1,783
(14)
40,13623,509(15,686)
7,823
24,302(20,668)
3,633
11,1001,592(1,183)
408
1,766
7,612
(6,022)
1,589
26,321

23,441(15,685)
7,755
24,225(20,702)
3,523
11,116
1,580(1,226)
354
1,906
7,730
(6,149)1,580
26,236

32
865
898

24
858
882

10,216
1,549
21,798659(24)
34,20061,419101,618

9,707
1,412
22,031625(24)
33,75360,873101,009(Millions of yen)
As of March 31, 2024
Liabilities
Current liabilities
Notes and accounts payable - trade
Short-term borrowings
Lease liabilities
Income taxes payable
Provision for bonuses for directors (and otherofficers)
Provision for product warranties
Other
Total current liabilities
Non-current liabilities
Lease liabilities
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets-5-

As of June 30, 2024

16,651
5,100
452
959

16,329
5,900
433
259

58

–

164
5,306
28,693150
5,022
28,095

544
7,652
1,189
982
66
10,434
39,128

494
7,558
1,189
1,001
62
10,30638,4028,827
2,440
36,191(1,431)
46,0268,827
2,440
36,357(1,431)
46,193

5,279
1,717
1,346
5,179
13,523155
2,784
62,490101,618

4,978
1,717
1,720
4,960
13,377155
2,880
62,607101,009(2) Quarterly consolidated statement of income and consolidated statement of comprehensive income
Quarterly consolidated statement of income (cumulative)(Millions of yen)Three months ended
June 30, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sale of investment securities
Gain on sale of shares of subsidiaries
Other
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent-6-

Three months ended
June 30, 2024

17,814
12,342
5,471
4,269
1,201

17,48312,082
5,400
4,309
1,091

7
124
28
50
210

25
134
121
64
346

22
26
48
1,362

25
30
55
1,382

173
–
–
173

16
271
1
289

4
4
1,531
174
407
582
949
38
910

10
10
1,661
173
276
449
1,211
48
1,162

Quarterly consolidated statement of comprehensive income (cumulative)(Millions of yen)Three months ended
June 30, 2023
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests-7-

Three months ended
June 30, 2024

949

1,211

988
287
(216)

(300)
424
(219)

0

(0)

1,059
2,008

(96)
1,114

1,888

1,017

120

97

(3) Notes on quarterly consolidated financial statements(Significant changes in the scope of consolidation during the period)
During the first quarter of the fiscal year ending March 31, 2025, Japan Powder Coatings
Manufacturing Co., Ltd., a consolidated subsidiary of the Company, conducted an absorption-typemerger on April 1, 2024, with the Company as the surviving company and Japan Powder Coatings
Manufacturing Co., Ltd. as the dissolved company, and the Company excluded the dissolved company
Japan Powder Coatings Manufacturing Co., Ltd. from the scope of consolidation.
In addition, DNT (Shanghai) Co., Ltd., a consolidated subsidiary, was excluded from the scope of
consolidation because all shares were sold during the first quarter of the fiscal year ending March 31,2025.
(Notes on segment information, etc.)[Segment information]
I

First three months of the fiscal year ended March 31, 2024 (April 1, 2023 to June 30, 2023)
1. Information on net sales and the amount of profit or loss by reportable segment(Millions of yen)
Reportable segments
Domestic
coatings

Net sales
Net sales to external customers
Intersegment internal net sales
or transfers
Total
Segment profit

Total
Segment profit(Notes) 1.
2.
3.

Fluorescentcolor materials

Lighting

Total

12,701

2,127

2,253

280

17,363

280

–

16

24

321

12,982

2,127

2,269

304

17,684

586

105

423

7

1,124

Amount ofadjustment2

Quarterly
consolidated
statement ofincome3

Other1
Net sales
Net sales to external customers
Intersegment internal net sales
or transfers

Overseascoatings

Total

451

17,814–

17,814

574

895

(895)

–

1,025

18,710(895)

17,814

18

1,142

58

1,201

“Other” refers to business segments not included in the reportable segments, such as thepainting business and logistics business.
The adjustment of segment profit of ¥58 million refers to the elimination of intersegment
transactions.
Segment profit is adjusted to be consistent with operating profit shown on the quarterly
consolidated statement of income.

2. Information on impairment losses or goodwill, etc. of non-current assets for each reportable segment
During the first three months of the fiscal year ended March 31, 2024, there was no recognition ofsignificant impairment losses on non-current assets, no significant fluctuations in the amount of
goodwill, and no recognition of significant gain on bargain purchase.

-8-II First three months of the fiscal year ending March 31, 2025 (April 1, 2024 to June 30, 2024)
1. Information on net sales and the amount of profit or loss by reportable segment(Millions of yen)
Reportable segments
Domestic
coatings
Net sales
Net sales to external customers
Intersegment internal net sales
or transfers
Total
Segment profit

Total
Segment profit(Notes) 1.
2.
3.

Fluorescentcolor materials

Lighting

Total

12,404

1,965

2,366

292

17,029

375

3

0

22

401

12,780

1,969

2,366

314

17,430

436

75

467

13

994

Amount ofadjustment2

Quarterly
consolidated
statement ofincome3

Other1
Net sales
Net sales to external customers
Intersegment internal net sales
or transfers

Overseascoatings

Total

454

17,483–

17,483

581

983

(983)

–

1,035

18,466(983)

17,483

16

1,010

80

1,091

“Other” refers to business segments not included in the reportable segments, such as thepainting business and logistics business.
The adjustment of segment profit of ¥80 million refers to the elimination of intersegment
transactions.
Segment profit is adjusted to be consistent with operating profit shown on the quarterly
consolidated statement of income.

2. Information on impairment losses or goodwill, etc. of non-current assets for each reportable segment
During the first three months of the fiscal year ending March 31, 2025, there was no recognition ofsignificant impairment losses on non-current assets, no significant fluctuations in the amount of
goodwill, and no recognition of significant gain on bargain purchase.

-9-(Note when there is a significant change in the amount of shareholders’ equity)
Not applicable.
(Notes on the premise of a going concern)
Not applicable.
(Notes on quarterly consolidated statement of cash flows)
Quarterly consolidated statement of cash flows has not been prepared for the three months ended June30, 2024. Depreciation (including amortization related to intangible assets) for the first three months of
the fiscal year, is as follows.
Three months ended June 30, 2023
Depreciation(Millions of yen)Three months ended June 30, 2024

589

598

(Significant subsequent events)
Disposal of treasury shares as restricted stock compensation
At the Board of Directors meeting held on June 27, 2024, the Company resolved to dispose of its own
treasury shares as restricted stock compensation, and the payment procedures were completed asfollows on July 19, 2024.
1. Overview of disposal(1) Payment due dateJuly 19, 2024

(2) Type and number of shares to be disposed

12,740 shares of the Company’s common stock(3) Disposal value¥1,341 per share(4) Total amount of disposal¥17,084,340(5) Planned disposal destination

Directors of the Company
6 persons 10,446 shares(Excludes Outside Directors)
Executive Officers of the Company
4 persons 2,294 shares(Excludes those who concurrently serve as Directors)(6) Other

The Company has submitted the securities notice for the
disposal of treasury shares in accordance with the Financial
Instruments and Exchange Act.

2. Purpose and reason for disposal
The purpose and reason for disposal of treasury shares as restricted stock compensation are to introduce
the compensation plan for granting restricted stock to the Company’s Directors (excluding Outside
Directors) and Executive Officers (excluding those who concurrently serve as Directors) in order toprovide an incentive to the Company’s Directors (excluding Outside Directors) and Executive Officers(excluding those who concurrently serve as Directors) to sustainably improve its medium- to long-termbusiness performance and corporate value as well as to further share the benefits and risks of stock
price fluctuations with shareholders and increase their motivation to contribute to increases in the stock
price more than ever.

- 10 -