Consolidated Financial Results
for the First Quarter of the Fiscal Year Ending March 31, 2011
(J-GAAP)
August 5, 2010

Company Name:
Dai Nippon Printing Co., Ltd.
Stock exchange listings:
Tokyo, Osaka
Ticker code:
7912
URL: http://www.dnp.co.jp/
Representative:
Yoshitoshi Kitajima, President
Contact person:
Yoshio Kanbe, General Manager, Press and Public Relations
Telephone:+81-3-5225-8220
Securities report issuing date:August 6, 2010
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, 2010
(April 1-June 30, 2010)(1) Consolidated financial results(Percentages show change from corresponding year-ago period.)
Net Sales

Three months ended
June 30, 2010
Three months ended
June 30, 2009

Operating Income

Million yen%

Million yen%

Million yen%

396,109

4.1

21,543

128.4

22,568106.8

380,418

(2.4)

9,430

(50.0)

10,912(48.2)Net Income

Three months ended
June 30, 2010
Three months ended
June 30, 2009

Ordinary Income

Diluted Net Income
per Share

Net Income per Share

Million yen

%

Yen

8,797

337.8

13.66

2,009

(79.8)

3.12

Yen

‐
‐

(2) Consolidated financial position
Total Assets

Net Assets

Net Assets
Per Share

Equity Ratio

Million yen

Million yen%

Yen

As of June 30, 2010

1,600,114

950,83556.6

1,407.05

As of March 31, 2010

1,618,853

956,86356.6

1,422.34

Note: Stockholdersʼ equity as of June 30, 2010: ¥906,458 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

32.00

‐

16.00

32.00

Year-end

Total‐

Year ending March 31, 2011
16.00
(Forecast)
Note: Revisions of projected dividends during the current quarter: None

3. Consolidated forecasts for the fiscal year ending March 31, 2011 (April 1 – March 31, 2011)(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%

Yen

First half

800,000

3.7

36,00040.6

35,00040.4

15,500

95.6

24.06

Full year

1,640,000

3.6

75,00012.8

73,0006.0

32,500

39.6

50.45

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

4. Other information (For more detail, refer to the attached “2. Other information.”)(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 June 30, 2010

700,480,693
shares

As of March 31, 2010

700,480,693
shares

As of June 30, 2010

56,252,390
shares

As of March 31, 2010

56,241,763
sharesThree months ended
June 30, 2010

644,232,682
sharesThree months ended
June 30, 2009

644,349,623
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 results forecast .................................... 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 three months of the fiscal year, Japanʼs economy rebounded with help fromgovernment economic stimulus measures and economic growth in emerging countries, butconditions were challenging, with lingering fiscal concerns in Europe and unemployment stillhigh.
Conditions continued to be challenging in the printing industry. Competition intensified
because consumer spending was weak and companies cut advertising spending. In addition,
unit prices declined.
Under such conditions, the DNP (Dai Nippon Printing Co., Ltd.) Group has been aggressively
developing its business and providing products, services, and solutions that meet customer
needs, based on its business vision of P&I Solutions (P&I stands for “printing technology” and“information technology”). In addition, the DNP Group has made groupwide efforts through its
Production 21 activities to establish a solid production structure in terms of all aspects, such as
quality, cost, and turnaround times, and has worked hard to maintain positive performance.
As a result, consolidated net sales for the first three months increased 4.1% year on year to¥396.1 billion, consolidated operating income rose 128.4% to ¥21.5 billion, consolidated
ordinary income increased 106.8% to ¥22.5 billion, and net income climbed 337.8% to ¥8.7
billion.
The results by segment are as follows.
[PRINTING]
Information Communication
In the Books and Magazines business, printing sales declined year on year as a result of a
prolonged slump in the publications market.
In the Commercial Printing business, sales were lower year on year because of a decline insales of printing of flyers, pamphlets, and point of purchase displays, stemming fromcompaniesʼ cutbacks in advertising spending.
In the Business Forms business, sales from information processing services (ranging fromdata entry to printing and shipment of personal mail) increased, but overall sales were lower
year on year because of a decline in sales from printing of smart cards and ledger forms forcomputerized accounting.
In the Educational Publications Distribution business, sales increased year on year thanks tosales promotions at bookstores, the opening of new stores, and expanded retail floor space.
As a result of the above, overall segment sales totaled ¥179.6 billion and operating income¥5.1 billion.
Lifestyle and Industrial Supplies
In the Packaging business, sales declined year on year because of a decline in sales of flexible
packaging and paper containers, and despite an increase in sales of preformed bottles (primary
products for making PET bottles) and paper cups.
In the Lifestyle Materials business, sales increased year on year. Housing starts were weak,
but sales of eco-friendly products that use DNPʼs proprietary electron beam coating technology
increased.
In the Industrial Supplies business, sales rose year on year. Sales of anti-reflection film usedin flat-panel displays, dye sublimation materials for photo printers (color ink ribbons and receiverpaper), and back sheets for photovoltaic modules increased.
As a result of the above, overall segment sales totaled ¥135.2 billion and operating income¥14.1 billion.
Electronics
In the LCD color filter business, amid continued growth in demand for LCD panels, sales
increased year on year thanks to the October 2009 start of production at a 10th-generation color

2filter plant in Sakai, Osaka Prefecture, and the April 2010 start of production at an
8th-generation color filter plant in Himeji, Hyogo Prefecture.
Sales of semiconductor-related products increased year on year. The DNP Group met
overseas demand for photomasks with a new plant that started up in Taiwan. Sales ofhigh-density build-up circuit boards and etched products for hard drive suspensions and otherapplications increased. As a result of the above, overall segment sales totaled ¥72.1 billion andoperating income ¥5.2 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 new brand of water that uses “ecoru Bottle Shiboru,”
Japanʼs lightest bottle.
Sales of mineral water increased, but sales of tea and coffee drinks decreased. As a result,overall segment sales totaled ¥12.8 billion and operating losses ¥400 million.
(2) Qualitative information on the consolidated financial position
Total assets at the end of the first quarter were down ¥18.7 billion from the end of the previous
fiscal year to ¥1,600.1 billion because of decreases in notes and trade receivable andinvestment securities.
Total liabilities decreased ¥12.7 billion from the end of the previous fiscal year to ¥649.2
billion because of a decrease in notes and trade payable.
Net assets decreased ¥6.0 billion from the end of the previous fiscal year to ¥950.8 billion
because of a decline in net unrealized gains 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 three months totaled ¥31.9
billion primarily because of ¥20.9 billion in income before income taxes and minority interestsand ¥23.0 billion in depreciation.
Cash flow used in investing activities totaled ¥12.9 billion, mainly because of the acquisitionof ¥16.0 billion of property, plant and equipment, and cash flow used in financing activities
totaled ¥21.6 billion, owing to an ¥8.6 billion decrease in short-term bank loans and ¥10.0 billionof dividends paid.
Because of these activities, the DNP Groupʼs cash and cash equivalents at the end of thefirst quarter decreased by ¥2.7 billion from the end of the previous fiscal year to ¥149.0 billion.
(3) Qualitative information on the consolidated results forecast
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
For the calculation of the value of inventory at the end of the first quarter, DNP eliminated theprocess of 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
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 has declined by ¥54 million, ordinary income by ¥67 million,
and income before income taxes and minority interests by ¥574 million. The change in asset
retirement obligations owing to the application of the accounting 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, March 10, 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 June 30, 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
Total deferred assets
TOTAL ASSETS

5

150,603

152,416

420,589
82,89533,195
18,545
4,227
17,505(4,652)722,910449,020
71,34029,722
17,756
9,775
14,246(4,327)739,951

223,881
186,066
138,497
28,042
43,936620,425

207,256
179,127
135,485
51,43343,544
616,847

12,86520,786
3,959
37,611

10,281
20,4893,945
34,717

134,598
2,104
44,316
48,975(12,340)
217,654875,691

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

1,512
1,512
1,600,114

1,605
1,605
1,618,853

(Million yen)
As of June 30, 2010

As of March 31, 2010

LIABILITIESCurrent liabilities
Notes and trade payable
Short-term bank loans

298,356

308,630

53,65850,547

Current portion of long-term debt

6,137

4,019

Income taxes payable

4,679

15,623

Reserve for bonuses

6,108

16,341Other

85,75476,783

Total current liabilities

454,695

471,945

Bonds

100,210

101,167

Long-term debt

12,24811,018Provision for retirement benefits

42,91943,229Other

39,204

34,628

Total long-term liabilities

194,583

190,045TOTAL LIABILITIES

649,279

661,990

Long-term liabilities

NET ASSETSStockholdersʼ equity
Common stock

114,464

114,464

Capital surplus

144,898

144,898

Retained earnings

754,540

756,428

Treasury stock(94,029)(94,016)

Total stockholdersʼ equity

919,873

921,774

310

8,059

46

(10)

Foreign currency translation adjustments(13,771)(13,498)

Total valuation and translation adjustments(13,415)(5,449)14‐

Minority interests

44,36240,538TOTAL NET ASSETS

950,835

956,863

1,600,114

1,618,853

Valuation and translation adjustments
Net unrealized gains on available-for-salesecurities
Net deferred gains (losses) on derivatives

Stock acquisition rights

TOTAL LIABILITIES AND NET ASSETS

6

(2) Quarterly consolidated statements of income(Million yen)Three months ended
June 30, 2009

Three months ended
June 30, 2010

Net sales

380,418

396,109

Cost of sales

313,564

318,760

Gross profit

66,85377,349Selling, general and administrative expenses

57,42355,805

Operating income

9,430

21,543

204
1,791
30
1,708
3,734

128
2,045
‐
2,067
4,241

448

651

‐
‐
1,805
2,253

159
668
1,738
3,217

10,912

22,568

81
1
100
183

38
19
371
429

1,464
855

991
160

‐
13
2,334
8,761
2,830
3,568
6,398
‐

507
383
2,042
20,955
3,676
8,013
11,689
9,265
468
8,797

Non-operating income
Interest income
Dividend income
Equity in earnings of associated companies
Other
Total non-operating income
Non-operating expense
Interest expense
Equity in losses of associate companies
Foreign exchange transaction losses
Other
Total non-operating expenses
Ordinary income
Extraordinary gains
Gain on sale of fixed assets
Gain on sale of investment securities
Reversal of allowance for doubtful accounts
Total extraordinary gains
Extraordinary losses
Loss on sale or disposal of fixed assets
Loss on devaluation of investment securities
Effect of application of accounting standards
for asset retirement obligations
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

7

354
2,009

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

Cash flows from operating activities
Income before income taxes and minority
interests
Depreciation
Effect of application of accounting standards
for asset retirement obligations
Increase (Decrease) of doubtful receivables,net
Increase (Decrease) of provision for retirement
benefits, net
Equity in (gains) losses of associatedcompanies
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
Payments for purchases of property, plant andequipment
Proceeds from sales of property, plant andequipment
Payments for purchases of investment
securities
Proceeds from sales of investment securities
Payments for purchases of subsidiary stocks
Payments for business transfer
Interest and dividends received
Other
Net cash used in investing activities

8

Three months ended
June 30, 2009

Three months ended
June 30, 2010

8,761
20,903

20,95523,004

‐

507

462

(444)

587

(1,041)(30)
1,277(1,996)
448
(1)

159
551
(2,174)
651
(19)

855
1,382
19,035(1,035)(5,079)(4,920)40,652(7,418)33,233

160
952
33,058(4,007)(19,721)(4,902)
47,689(15,718)
31,971

(54)

(452)

(34,059)(16,083)427

247(6,477)
2,063(3,329)
‐
2,003
3,864
(35,563)(1,375)
5,147
‐
271
2,357
(3,040)(12,928)

(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 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
Increase in cash and cash equivalents from newly
consolidated subsidiaries
Cash and cash equivalents at end of period

9

Three months ended
June 30, 2009

Three months ended
June 30, 2010

(10,391)
800(1,095)
‐
(23)
(227)
(8,753)(56)(878)(20,625)(8,674)680(1,641)
(62)
(14)
(215)
(10,043)(8)(1,692)(21,672)

1,421(21,532)
117,200(199)(2,828)
151,709‐
95,667

128
149,009(4) Note on assumptions for going concern
None(5) Segment information[Segment information by type of business]
First three months of previous fiscal year (April 1-June 30, 2009)(Million yen)
Information
Communication

Lifestyle andIndustrial
Supplies

Electronics

Beverages

Elimination
and/orcorporate

Consolidated

189,569

125,320

51,96013,568

380,418‐

380,418

1,967
191,536

1,550
126,870

4
51,964

9
13,577

3,530
383,949(3,530)(3,530)380,418

5,526

8,000

(1,141)(785)

11,599(2,168)

9,430

Total

Net sales(1) Outside
customers(2) Intersegment
Total
Operatingincome(loss)‐[Segment information](Supplementary information)
Starting from the first three months 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 three months of current fiscal year (April 1-June 30, 2010)*1(Million yen)Amounts
reported onquarterly
consolidated
statements of*2
income396,109‐396,109

1

3,743(3,743)‐

72,112

12,801

399,852(3,743)396,109

5,228

(432)

24,168(2,625)

21,543

Reporting segment
Information
Communication

Lifestyle andIndustrial
Supplies

Electronics

Beverages

177,717

133,484

72,106

12,799

1,957

1,779

5

179,675

135,263

5,181

14,191

Total

Adjustment

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

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

(6) Significant changes in shareholders’ equityNone11