Consolidated Financial Results
for the First Quarter of the Fiscal Year Ending March 31, 2025 [J-GAAP]
August 8, 2024

Company Name:
Stock exchange listing:Stock code:
Representative:
Contact person:

Dai Nippon Printing Co., Ltd.
Tokyo
7912
URL: https://www.global.dnp
Yoshinari Kitajima, President
Naoki Wakabayashi,
General Manager, IR and Public Relations Division
Telephone:+81-3-6735-0124
Dividend payment date:–Preparation of quarterly earnings presentation material: Yes
Holding of quarterly results briefing:No(Amounts under one million yen have been rounded down.)
1. Consolidated financial results for the first three months ended June 30, 2024
(April 1, 2024 – June 30, 2024)(1) Consolidated financial results(Percentages show change from corresponding year-ago period.)
Net Income
Attributable toOperating Income
Ordinary Income
Parent Company
Shareholders

Net Sales

Three months ended
June 30, 2024
Three months ended
June 30, 2023

Million yen%

Million yen%

Million yen%

Million yen%

356,654

3.3

18,44438.9

25,60832.1

63,2939.0

345,098

3.2

13,282(21.5)

19,385(14.3)

58,056268.8

Note: Comprehensive income: For the first three months ended June 30, 2024: ¥42,007 million (21.4%)
For the first three months ended June 30, 2023: ¥34,595 million (-%)
Diluted Net Income
per Share

Net Income per ShareThree months ended
June 30, 2024
Three months ended
June 30, 2023

Yen

Yen

267.35267.34225.12225.11(2) Consolidated financial position
Total Assets

Net Assets

Equity Ratio

Million yen

Million yen%

As of June 30, 2024

1,948,093

1,249,118

60.4

As of March 31, 2024

1,955,629

1,236,687

59.6

Note: Stockholders’ equity: As of June 30, 2024: ¥1,177,614 million

As of March 31, 2024: ¥1,165,927 million

2. Dividends
Annual Dividends (Yen)First
Quarter-end

Year ended
March 31, 2024
Year ending
March 31, 2025

SecondQuarter-end

Third
Quarter-end

32.00

–

–

Year-end

Total

32.00

64.00

–

Year ending March 31, 2025
32.00
–
16.00
–
(Forecasts)
Note: Revisions to the most recently announced dividend forecasts during the first quarter: Yes※ As Dai Nippon Printing Co., Ltd. plans to conduct a 2-for-1 stock split of shares of common stock, effective
October 1, 2024, the year-end dividend per share for the fiscal year ending March 31, 2025 (forecasts) is statedafter taking into account the effect of this stock split, and the total annual dividend per share is “ –.”The year-end dividend per share for the fiscal year ending March 31, 2025 (forecasts) without considering thestock split is 32.00 yen. For details, please refer to “Explanation regarding appropriate use of earnings forecasts
and other special notes.”

3. Consolidated earnings forecasts for the year ending March 31, 2025
(April 1, 2024 – March 31, 2025)(Percentages show change from corresponding year-ago period.)
Net Income
Attributable to
Net Income
Operating Income
Ordinary Income
Parent Company
per Share
Shareholders

Net Sales

Full year

Million yen%

Million yen%

Million yen%

Million yen%

Yen

1,455,000

2.1

80,0006.0

100,000

1.3

90,000(18.9)

191.40Note: Revisions to the most recently announced earnings forecasts during the first quarter: No*“Net income per share” in the consolidated forecasts takes into account the effect of the stock split. Without
considering the stock split, net income per share in the consolidated earnings forecasts for the fiscal year ending
March 31, 2025 (full year) would be 382.80 yen. For details, please refer to “Explanation regarding appropriate
use of earnings forecasts and other special notes.”*At a meeting of the Board of Directors held on March 8, 2024, the Company resolved to repurchase its own shares.
In the calculation of “net income per share” in the consolidated earnings forecasts, the impact of the share
repurchase after July 1, 2024 based on this resolution is not taken into account.

Other information(1) Significant changes in scope of consolidation during the first quarter: 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: Yes
2) Changes in accounting policies other than the 1) above:No3) Changes in accounting estimates:
No4) Restatement of revisions:No
Note: For more information, see the section titled, “2. Quarterly consolidated financial statements andnotes (3) Notes regarding quarterly consolidated financial statements [Changes in accounting
policies],” on page 9.
(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
end of each period
3) Average number of shares
outstanding during the period(cumulative from the start of the
fiscal year)

As of June 30, 2024

277,240,346
shares

As of March 31, 2024

277,240,346
shares

As of June 30, 2024

42,855,164
shares

As of March 31, 2024

37,642,211
sharesThree months ended
June 30, 2024

236,741,420
sharesThree months ended
June 30, 2023

257,887,269
shares*Review of the accompanying quarterly consolidated financial statements by a certified public
accountant or an auditing firm: Yes (optional)*Explanation regarding appropriate use of earnings forecasts and other special notes
1. 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 published. Actual results
may differ significantly due to a variety of factors.
For information about earnings forecasts, see the section titled, “1. Overview of operating results, etc. (3)Explanation of the consolidated earnings forecasts and other projections,” on page 4.
2. At a meeting of the Board of Directors held on August 8, 2024, the Company resolved to conduct a stock
split, whereby each share of common stock will be divided into 2 shares effective October 1, 2024. The
Company’s dividend forecasts and consolidated earnings forecasts for the fiscal year ending March 31, 2025,
without taking the stock split into consideration, are as follows.
(1) Dividend forecasts for the fiscal year ending March 31, 2025
Year-end dividend per share: 32.00 yen(2) Consolidated earnings forecasts for the year ending March 31, 2025
Net income per share Full year: 382.80 yen
3. Supplementary briefing materials for financial results will be posted on TDnet and the Company’s website.

Contents
1. Overview of operating results, etc..........................................................................................2(1) Overview of operating results ...........................................................................................2(2) Overview of financial position ...........................................................................................4(3) Explanation of the consolidated earnings forecasts and other projections ........................4
2. Quarterly consolidated financial statements and notes ..........................................................5(1) Quarterly consolidated balance sheets .............................................................................5(2) Quarterly consolidated statements of income and quarterly consolidated statements ofcomprehensive income ....................................................................................................7(3) Notes regarding quarterly consolidated financial statements ............................................9[Notes on premise of a going concern] .............................................................................9[Changes in accounting policies] ......................................................................................9[Consolidated balance sheets] ..........................................................................................9[Consolidated statements of cash flows] ...........................................................................9[Shareholders’ equity] .....................................................................................................10[Segment information, etc.]............................................................................................. 11[Revenue recognition] .................................................................................................... 11[Per share information] ...................................................................................................12[Significant subsequent events] ......................................................................................12
3. Other ...................................................................................................................................13
Independent Auditor’s Interim Review Report- 1 -1. Overview of operating results, etc.
(1) Overview of operating results
The environment surrounding the DNP Group during the first three months of the fiscal year
ending March 31, 2025 showed signs of gradual economic recovery due to such factors as a
pickup in personal consumption resulting from improvement in the domestic employment/
income situation and recovery in inbound tourism-related demand. However, the future remains
difficult to predict, largely because of prolonged geopolitical risks, persistently high costs for raw
materials and fuel, rising domestic prices, and labor shortages. Concerns also remain regarding
the effects of climate change and natural disasters such as earthquakes.
Even amidst rapid changes in the surrounding environment, society, and economy, the DNPGroup does not merely respond to changes and risks, but rather takes the initiative to instigatechange that is based on a long-term perspective, and to engage in business activities aimed atcreating a better future. The DNP Group works to expand its business domain by combining its
unique strengths in “P&I” (printing and information) while increasing collaboration with diverse
external partners.
The year through March 2025 is the second year covered by our current Medium-Term
Management Plan for the three years from April 2023 to March 2026. By implementing concrete
initiatives based on business strategies, financial strategies and non-financial strategies, we
intend to continue to focus on continuously generating business value and shareholder value.
In terms of business strategies, we are building a business portfolio that allows us to leverage
our strengths over the medium to long term as we also accelerate value creation primarily infocus business areas. Regarding financial strategies, we appropriately allocate the cash flowthat we generate between investment in further business growth and shareholder returns. As to
non-financial strategies, we are strengthening the business base that supports DNP’ssustainable growth, mainly by increasing investment in human capital, enhancing intellectual
capital, and addressing environmental concerns.
In addition, we will prepare for natural disasters and other unpredictable circumstances byimplementing thorough business continuity management (BCM) and by promoting various
ongoing, Group-wide corporate activities.
As a result of the above, consolidated net sales for the first three months grew 3.3% year on
year to ¥356.6 billion, consolidated operating income grew 38.9% to ¥18.4 billion, consolidated
ordinary income grew 32.1% to ¥25.6 billion, and net income attributable to parent company
shareholders grew 9.0% to ¥63.2 billion due partly to the recording of extraordinary gains on thesale of investment securities.
Smart Communication
In Imaging Communications, photo printing materials performed well in the U.S., European andAsian markets. A recovery in the European market for thermal transfer printing media used forprinting barcodes, etc., and an increase in Japanese ID photo services also contributed to yearon-year growth in sales.
Regarding information security, dual-interface cards that support both contact and contactlessstandards on a single IC chip contributed to sales. However, due to a decrease in large-scalebusiness process outsourcing (BPO) projects, overall sales in this sector fell below the previous
year's level.
In marketing, we faced a shrinking market for paper media and sought to provide value by
combining our strength in digital technologies with experience and knowledge of marketingmeasures that we have cultivated over many years, but sales fell below the previous year due- 2 -to the impact of the shrinking market for catalogs, pamphlets, and other paper media as well asa decrease in orders for in-store promotional materials.
Our Publishing business enjoyed solid sales of library management services, but declined
year-on-year due to shrinkage in the market for magazines and other paper media.
As a result of the above, overall segment sales fell 3.0% year on year to ¥174.6 billion, but
operating income grew 18.1% to ¥5.8 billion thanks to the positive effect of foreign exchange
rates and business restructuring, including optimization of human capital and fixed assets,
despite the impact of revenue decline due to market contraction mainly in paper media.
Life & Healthcare
The Mobility and High-Performance Industrial Supplies businesses saw growth in sales of battery
pouches for lithium-ion batteries for IT applications, thanks especially to increased adoption of
DNP products in new smartphone models, but pouches for automotive use were affected bystagnation in demand for electric vehicles (EVs). Thanks to rising global demand for photovoltaic
cell-related products, there was a particularly notable increase in sales of encapsulants.
Concerning decorative films for automotive use, we have been focusing on selling exterior-use
films that boast superior aesthetic appeal, shorten painting times, and reduce environmental
impact, in addition to films for interior use.
Our Packaging business was affected by rising raw materials costs and the public’s reluctanceto buy things amid soaring consumer prices. On the other hand, we made progress in passing
on price increases, received solid orders for some snacks and household items, and increased
sales of aseptic PET bottle filling systems. In addition, we focused on development and sales offunctional packaging materials, including environmentally friendly DNP GREEN PACKAGING®,
and overall packaging sales exceeded the previous year’s level.
In the Medical and Healthcare field, we focused on the development and sales of medical
packaging. In May 2023, CMIC CMO Co., Ltd. became a consolidated subsidiary of the Company,
and in the current fiscal year through March 2025, the Company entered into a technical alliancewith NEXEL Co., Ltd. of South Korea concerning cultivation of cardiomyocytes to support drug
discovery and development.
The Living Spaces business enjoyed solid sales of ARTTEC®, an exterior material thatcombines high durability and strong aesthetic appeal, both in Japan and overseas. However,sales of interior materials for residential use decreased, largely due to a decline in new owneroccupied housing starts in Japan, resulting in a year-on-year decline in overall sales.
DNP’s Beverages business increased its sales relative to a year earlier. In addition to strong
sales through vending machines, convenience stores and online channels, price revisions inmajor sales channels also helped to boost sales.
As a result of the above, overall segment sales grew 13.1% year on year to ¥ 123.5 billion.
Thanks to a slowing in the pace of raw materials and logistics cost increases, as well as progressin passing on price hikes and growth in packaging sales, operating income jumped by 214.9%
to ¥ 4.7 billion.

- 3 -Electronics
In our Digital Interface business, sales of optical films remained strong, partly because of a shift
to larger TV panels that resulted in an increase in display area shipped. Sales of metal masks
used for manufacturing organic electroluminescent displays (OLEDs) increased thanks to
growing use of OLEDs in smartphones, and overall sales in this business exceeded the previous
year’s level. In May 2024, we started operation of a new metal mask production line at our
Kurosaki Plant in Kitakyushu City, Fukuoka Prefecture, in response to the increasing adoption of
OLEDs for tablets, notebook PCs, and in-vehicle devices.
Concerning semiconductors, in addition to a market recovery, progress was made throughout
the supply chain toward adjusting inventories of lead frames used in semiconductor packages.
As a result, overall sales for this business were little changed from a year earlier.
As a result of the above, overall segment sales grew 4.7% year on year to ¥58.9 billion, andoperating income grew 9.7% to ¥13.6 billion due to the positive effect of foreign exchange rates
and an increase in digital interface-related sales despite the impact of increase in equipment
costs because of the expansion of new metal mask production line.
(2) Overview of financial position
Total assets at the end of the first quarter decreased by ¥7.5 billion from the end of theprevious fiscal year to ¥ 1,948.0 billion, due mainly to increases in cash and deposits alongwith decreases in notes, trade receivables, and contract assets, and investment securities.
Total liabilities decreased by ¥19.9 billion from the end of the previous fiscal year to ¥ 698.9
billion, due mainly to a decrease in bonus reserves.
Net assets increased by ¥12.4 billion from the end of the previous fiscal year to ¥1,249.1
billion, due mainly to an increase in net income, repurchase of treasury stock and a decline invaluation difference on available-for-sale securities.
(3) Explanation of the consolidated earnings forecasts and other projections
Our earnings forecasts for the fiscal year ending March 2025 are unchanged from the forecasts
announced on May 13, 2024.

- 4 -2. Quarterly consolidated financial statements and notes(1) Quarterly consolidated balance sheets(Million yen)

As of March 31, 2024

As of June 30, 2024

ASSETS
Current assets
Cash and time deposits
Notes, trade receivables, and contract
assetsMarketable securities
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
Investment securities
Net defined benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
TOTAL ASSETS- 5 -228,765

278,288348,430

328,250

7,500
88,30136,60739,58850,789(664)
799,318

3,000
90,10736,316
41,69839,235(657)
816,239

178,61176,614142,404
23,751
31,758453,139

177,937
75,023
142,106
29,68832,073456,829

30,69730,69732,71832,718374,659
248,389
52,311(2,885)
672,474
1,156,310
1,955,629

340,640
250,258
54,033(2,625)642,307
1,131,854
1,948,093

(Million yen)

As of March 31, 2024

As of June 30, 2024

LIABILITIESCurrent liabilities
Notes and trade payables
Short-term bank loans

223,873
38,261

221,61231,984

Reserve for bonuses

21,2908,509

Repair reserve

7,157

6,940

Other

118,345

126,465

Total current liabilities

408,928

395,513

Bonds

100,000

100,000

Long-term debt

23,40323,008Net defined benefit liability

56,19056,666

Deferred tax liabilities

111,654

105,446

Other

18,765

18,337

Total long-term liabilities

310,013

303,460

718,941

698,974

Common stock

114,464

114,464

Capital surplus

145,118

145,118

Retained earnings

782,000

839,680

Treasury stock(126,367)(151,066)

Total stockholders’ equity

915,215

948,195

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Net deferred gains on hedges

161,863

135,934

26

26

Foreign currency translation adjustments

20,85028,175Remeasurements of defined benefit plans

67,971

65,281

250,711229,418

70,76071,504TOTAL NET ASSETS

1,236,687

1,249,118

TOTAL LIABILITIES AND NET ASSETS

1,955,629

1,948,093

Long-term liabilities

TOTAL LIABILITIESNET ASSETSStockholders’ equity

Total accumulated other comprehensive
incomeNon-controlling interests- 6 -(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, 2023

Three months ended
June 30, 2024

Net sales

345,098

356,654

Cost of sales

271,577

277,185

Gross profit

73,521

79,469Selling, general and administrative expenses

60,23861,024

Operating income

13,282

18,444

2,493
3,706
1,214
7,414

2,624
3,875
2,025
8,526

180
1,130
1,311

235
1,127
1,362

19,38525,608153
60,048–60,202

10,487
58,69922
69,209

355
223
579

328
168
496

79,007

94,322

9,215
10,88320,09858,90923,023
7,136
30,16064,161852

868

58,056

63,293Non-operating income
Interest and dividend income
Equity in earnings of affiliates
Other
Total non-operating income
Non-operating expense
Interest expense
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
Other
Total extraordinary losses
Income before income taxes and non-controllinginterests
Current income taxes
Deferred income taxes
Total income taxes
Net income
Net income attributable to non-controllingshareholders
Net income attributable to parent company
shareholders- 7 -Quarterly consolidated statements of comprehensive income
First three months of the fiscal years(Million yen)

Net income
Other comprehensive income
Valuation difference on available-for-salesecurities
Net deferred gains (losses) on hedges
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Share of other comprehensive income (loss) ofaffiliates accounted for using equity method
Total other comprehensive income
Comprehensive income
Attributable to：Parent company shareholders
Non-controlling shareholders- 8 -Three months ended
June 30, 2023

Three months ended
June 30, 2024

58,90964,161(23,687)(26,142)73
1,978(1,639)(8)
4,808(3,932)(1,039)3,120(24,314)
34,595(22,153)
42,00733,443
1,152

41,132875

(3) Notes regarding quarterly consolidated financial statements[Notes on premise of a going concern]
None[Changes in accounting policies]
As of the beginning of the first quarter of the fiscal year through March 2025, the Company
adopted the Accounting Standard for Current Income Taxes (ASBJ Statement No. 27, October28, 2022), Accounting Standard for Presentation of Comprehensive Income (ASBJ Statement
No. 25, October 28, 2022), and Guidance on Accounting Standard for Tax Effect Accounting(ASBJ Guidance No. 28, October 28, 2022). This change had no impact on the quarterly
consolidated financial statements.
[Consolidated balance sheets]
Discounts on notes receivables

As of March 31, 2024
¥89 million

As of June 30, 2024
¥175 million[Consolidated statements of cash flows]
We did not prepare a quarterly consolidated statements of cash flows for the first three monthsof the fiscal year through March 2025. However, depreciation and amortization (including
amortization related to intangible fixed assets excluding goodwill) and amortization of goodwill
for the first three months of the fiscal year through March 2025 are as follows:
Three months ended
Three months ended
June 30, 2023
June 30, 2024
Depreciation and amortization¥12,350 million¥12,689 million
Amortization of goodwill¥135 million¥162 million- 9 -[Shareholders’ equity]
I. First three months of previous fiscal year (April 1, 2023 - June 30, 2023)
1. Dividends paid
Resolution

Stock type

Total
dividends(Million yen)

Dividend
per share(Yen)

Dividend
record date

Effective
date

Source ofdividends

General meeting ofshareholders on
June 29, 2023

Common
stock

8,368

32

March 31,2023

June 30,2023

Retainedearnings

2. Dividends for which the record date falls within the first quarter of the fiscal year throughMarch 2024, but the effective date is after the end of that same first quarter
None
3.

II.

Significant changes in shareholders’ equity
Treasury stock increased by ¥24,901 million during the first three months of the fiscal year
ending March 2024, due mainly to share repurchases based on a resolution passed by the
Board of Directors on March 9, 2023.

First three months of current fiscal year (April 1, 2024 - June 30, 2024)
1. Dividends paid
Resolution

Stock type

Total
dividends(Million yen)

Dividend
per share(Yen)

Dividend
record date

Effective
date

Source ofdividends

General meeting ofshareholders on
June 27, 2024

Common
stock

7,667

32

March 31,2024

June 28,2024

Retainedearnings

2.

Dividends for which the record date falls within the first quarter of the fiscal year throughMarch 2025, but the effective date is after the end of that same first quarter
None

3.

Significant changes in shareholders’ equity
Treasury stock increased by ¥24,699 million during the first three months of the fiscal year
ending March 2025, due mainly to share repurchases based on a resolution passed by the
Board of Directors on March 8, 2024.

- 10 -

[Segment information, etc.](Segment information)
I. First three months of previous fiscal year (April 1, 2023 – June 30, 2023)
Information on sales and income/loss by reporting segment and income analysis information(Million yen)
Reporting segment

Amounts reported
on quarterly
consolidated
statements ofincomeNote 2

Adjustment
Note 1

Smart
Communication

Life & Healthcare

179,616

109,214

Electronics

Total

Net salesNote3
Outside customers

56,267345,098–

345,098

Inter-segment

410

37

–

447

(447)

–

Total

180,027

109,251

56,267345,546(447)

345,098

4,914

1,520

12,48718,922(5,640)13,282

Segment income

Notes:

1.
2.
3.

Segment income is adjusted for costs related to basic research not assignable to a reporting
segment or costs of research shared by different segments.
Segment income is adjusted to reflect operating income as reported on the quarterly consolidated
statements of income.
Sales include revenues generated from contracts with customers as well as other revenues, but
because almost all revenues are generated from contracts with customers, the other revenues
are insignificant and are therefore not displayed separately.

II. First three months of current fiscal year (April 1, 2024 – June 30, 2024)
Information on sales and income/loss by reporting segment and income analysis information(Million yen)
Reporting segment

Amounts reported
on quarterly
consolidated
statements ofincomeNote 2

Adjustment
Note 1

Smart
Communication

Life & Healthcare

174,247

123,500

Electronics

Total

Net salesNote3
Outside customers

58,906356,654–356,654

Inter-segment

442

50

–

493

(493)

–

Total

174,690

123,550

58,906357,147(493)

356,654

5,805

4,786

13,69924,291(5,846)

18,444

Segment income

Notes:

1.
2.
3.

Segment income is adjusted for costs related to basic research not assignable to a reporting
segment or costs of research shared by different segments.
Segment income is adjusted to reflect operating income as reported on the quarterly consolidated
statements of income.
Sales include revenues generated from contracts with customers as well as other revenues, but
because almost all revenues are generated from contracts with customers, the other revenues
are insignificant and are therefore not displayed separately.

[Revenue recognition]
Information that breaks down revenues from contracts with customers is presented in the section“Net sales” in “(3) Notes regarding quarterly consolidated financial statements [Segment
information, etc.] (Segment information).”- 11 -

[Per share information]
Net income per share and basis for calculating net income per share and diluted net income
per share and basis for calculating diluted net income per share are as follows.

(1)

Net income per share(Basis of calculation)
Net income attributable to parent company
shareholders
Amounts not attributable to commonshareholders
Net income attributable to parent company
common shareholders
Average number of common shares
outstanding during the first three months(2) Diluted net income per share(Basis of calculation)
Adjustments to net income attributable toparent company shareholders
Of which, impact of dilutive stock ofconsolidated subsidiaries and affiliates
Increase in common stockThree months
ended
June 30, 2023
(April 1, 2023 –June 30, 2023)

Three months
ended
June 30, 2024
(April 1, 2024 –June 30, 2024)(Yen)

225.12267.35(Million yen)

58,056

63,293(Million yen)––

(Million yen)

58,056

63,293(Thousand shares)

257,887

236,741225.11

267.34(Million yen)

(4)

(3)

(Million yen)

(4)

(3)

–

–

(Yen)

(Thousand shares)[Significant subsequent events](Stock split and related partial amendment to Articles of Incorporation)
At the meeting of its Board of Directors held on August 8, 2024, the Company resolved to
conduct a stock split and to partially amend its Articles of Incorporation in connection with thestock split.
I. Purpose of the stock split
By lowering the price per investment unit, the Company aims to create an environment inwhich it is easier for investors to invest in the Company, to expand the investor base, andto improve the liquidity of the Company’s shares.
II. Outline of the stock split
1. Method of the stock split
The Company will carry out a 2-for-1 stock split for shares of common stock held byshareholders who are listed or recorded in the Company’s shareholder registry as of theend of September 30, 2024.
2. Number of shares to be increased by the stock split
Total number of shares issued and outstanding
before stock split
Number of shares to be increased by this stock split
Total number of shares issued and outstanding
after stock split
Total number of authorized shares after stock split- 12 -

277,240,346 shares
277,240,346 shares
554,480,692 shares
1,490,000,000 shares3. Schedule of the stock split
Date of public notice (scheduled)
Record date
Effective date

September 13, 2024 (Friday)
September 30, 2024 (Monday)
October 1, 2024 (Tuesday)

4. Effect on per share information
The following shows per share information as if the stock split had been conducted at the
beginning of the previous fiscal year:
Three months ended
June 30, 2023
(April 1, 2023 – June 30, 2023)

Three months ended
June 30, 2024
(April 1, 2024 – June 30, 2024)

112.56 yen

133.68 yen

112.55 yen

133.67 yen

Net income per share
Diluted net income per
shareIII. Partial amendment to the Articles of Incorporation in connection with the stock split
1. Reason for the amendment to the Articles of Incorporation
In connection with this stock split and in accordance with Article 184, Paragraph 2 of theCompanies Act of Japan, the Company will amend the total number of authorized sharesas stipulated in Article 5 of the Company’s Articles of Incorporation, effective October 1,2024.
2. Details of Amendments to the Articles of Incorporation(Underlined parts have been changed.)
Current Articles of Incorporation
Amended Articles of Incorporation(Total number of shares authorized to be (Total number of shares authorized to beissued)issued)Article 5.
Article 5.
The total number of authorized shares of The total number of authorized shares of
the Company shall be 745 million.
the Company shall be 1,490 million.
3. Schedule of Amendments to the Articles of Incorporation
Date of resolution by the Board of Directors
August 8, 2024 (Thursday)
Effective date
October 1, 2024 (Tuesday)

3. OtherNone- 13 -

(TRANSLATION)
Independent Auditor’s Interim Review Reporton Quarterly Consolidated Financial Statements

August 8, 2024
To the Board of Directors of
Dai Nippon Printing, Co., Ltd.

ARK LLCTokyo office
Designated Engagement Partner
Operating Partner

Certified Public
Accountant

Hirofumi Nikaido

Designated Engagement Partner
Operating Partner

Certified Public
Accountant

Yoshimichi Nagasaki

Designated Engagement Partner
Operating Partner

Certified Public
Accountant

Hiroki Ebisawa

Auditor’s Conclusion
We have conducted an interim review of the quarterly consolidated financial statements of Dai Nippon Printing Co.,
Ltd., i.e., the quarterly consolidated balance sheets, quarterly consolidated statements of income, quarterly
consolidated statement of comprehensive income and related notes, for the first quarter consolidated accounting
period (April 1, 2024 to June 30, 2024) of the consolidated fiscal year from April 1, 2024 to March 31, 2025, and thefirst quarterly consolidated cumulative period (April 1, 2024 to June 30, 2024) which are listed in the “Attachments” tothe quarterly financial results summary.
In our interim review, we found that the quarterly consolidated financial statements referred to above were preparedin accordance with Article 4 (1) of Standards for Preparation of Quarterly Financial Statements of the Tokyo Stock
Exchange, Inc. and accounting principles generally accepted in Japan for quarterly financial statements. We foundnothing that causes us to believe that the quarterly financial statements do not represent appropriately, in all material
respects, the financial position of Dai Nippon Printing Co., Ltd. and its consolidated subsidiaries as of June 30, 2024
and the operating results for the first quarterly consolidated cumulative period, which ended on that date.
Basis for Auditor’s Conclusion
We conducted our review in accordance with review standards for interim financial statements generally accepted inJapan. Our responsibilities under those standards are described in “Auditor’s Responsibilities for Interim Review ofQuarterly Consolidated Financial Statements.” Our audit firm is independent of the Company and its consolidated
subsidiaries in accordance with the provisions of professional ethics in Japan, and has fulfilled its other ethicalresponsibilities as an auditor. We believe that we have obtained evidence to provide a basis for our conclusion.
Responsibilities of Management, Statutory Auditors, and the Board of Statutory Auditors for Quarterly Consolidated
Financial Statements
Management is responsible for the preparation and appropriate presentation of quarterly consolidated financial
statements in accordance with Article 4 (1) of Tokyo Stock Exchange, Inc.’s Standards for Preparation of Quarterly
Financial Statements and accounting principles generally accepted in Japan for quarterly financial statements. This
includes establishing and implementing internal controls that management deems necessary to prepare andappropriately publicize quarterly consolidated financial statements that are free of material misstatements due to fraud
or error.
In preparing the quarterly consolidated financial statements, management is responsible for assessing whether or
not to prepare the statements based on the assumption that the Group can continue as a going concern and fordisclosing, as required by Article 4 (1) of Tokyo Stock Exchange, Inc.’s Standards for Preparation of Quarterly Financial
Statements and accounting principles generally accepted in Japan for quarterly financial statements, any issues
related to continuity as a going concern that are required to be disclosed.
Statutory Auditors and the Board of Statutory Auditors are responsible for monitoring Directors’ performance of
their duties as they design and implement the Group’s financial reporting processes.

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(TRANSLATION)
Auditor’s Responsibilities for Interim Review of Quarterly Consolidated Financial Statements
The auditor is responsible for issuing an interim review report that states a conclusion concerning the quarterly
consolidated financial statements from an independent point of view, based on the interim review of quarterly
consolidated financial statements conducted by the auditor.
The auditor shall exercise professional judgment and maintain professional skepticism throughout the interim
review process in accordance with interim review standards generally accepted in Japan and shall carry out thefollowing:•
Make inquiries, primarily of management and others responsible for financial and accounting matters, and apply
analytical and other interim review procedures. In accordance with auditing standards generally accepted inJapan, an interim review is substantially more limited in scope compared to auditing of financial statements fora full fiscal year.
•
If the auditor determines that there is significant uncertainty regarding events or circumstances that may raisesignificant doubts regarding the going concern assumption, the auditor shall state a conclusion, based on theevidence obtained, as to whether or not there are any matters that lead the auditor to believe that the quarterly
consolidated financial statements are not presented appropriately in accordance with Article 4 (1) of Tokyo Stock
Exchange, Inc.’s Standards for Preparation of Quarterly Financial Statements and accounting principles
generally accepted in Japan for quarterly financial statements. Additionally, if the auditor concludes that amaterial uncertainty exists, the auditor is required to draw attention in its interim review report to the related
disclosures in the quarterly consolidated financial statements or, if such disclosures are inadequate, to express
a qualified conclusion or adverse conclusion. The auditor’s conclusions are based on the evidence obtained up
to the date of its interim review report. However, future events or conditions may cause the Company to cease
to continue as a going concern.
•
Evaluate whether there are any matters that lead us to believe that the presentation and notes of the quarterly
consolidated financial statements are not in accordance with Article 4 (1) of Tokyo Stock Exchange, Inc.’sStandards for Preparation of Quarterly Financial Statements and accounting principles generally accepted inJapan for quarterly financial statements, and evaluate whether there are any matters that lead us to believe thatthe presentation, structure or content of the quarterly consolidated financial statements, including their related
notes, do not appropriately represent the underlying transactions and accounting events.
•
Obtain evidence that shows financial information related to the Company and its consolidated subsidiaries as abasis for expressing a conclusion regarding the quarterly consolidated financial statements. The auditor bears
responsibility for the direction, oversight, and execution of the interim review of quarterly consolidated financial
statements and is solely responsible for its conclusion.
The auditor communicates with the Statutory Auditors and with the Board of Statutory Auditors regarding theplanned scope and timing of the interim review as well as significant review findings.
The auditor shall report to the Statutory Auditors and the Board of Statutory Auditors affirming its compliance withprofessional ethics regulations related to independence, informing of any matters that can be reasonably considered
to affect the auditor's independence, and reporting in cases where measures have been taken to remove impediments
or safeguards have been applied in order to reduce impediments to an acceptable level.
Conflict of Interest
Neither the auditing firm nor its executive officers have any interest in the Company or its consolidated subsidiaries
that is required to be disclosed pursuant to the provisions of the Certified Public Accountants Act of Japan.

Notes: This is an English translation of the independent accountant’s interim review report, originally issued inJapanese for the conveniences of the readers.

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