Consolidated Financial Results for the Fiscal Year Ended March 31, 2009
May 15, 2009

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
General meeting of shareholders: June 26, 2009
Dividend payment date: June 29, 2009
Securities report issuing date: June 26, 2009
*Amounts under one million yen have been rounded down.

1. Consolidated financial results for the year ended March 31, 2009
(1) Consolidated financial results(Percentages show change from corresponding year-ago period.)
Net Sales

Operating Income
Millions of yen

Ordinary Income%

Millions of yen

Net Income (Loss)

Millions of yen%%

Millions of yen

Year ended March 31, 2009

1,584,844(1.9)

46,177(47.0)

47,390(45.2)(20,933)%-

Year ended March 31, 2008

1,616,053

3.7

87,104(9.4)

86,502(14.6)

45,171(17.6)Net Income (Loss)
per Share

Diluted Net Income
per Share

ROE

Ordinary
Income toTotal Assets

Operating
Income to
Net Sales

Yen

Yen

%

%

%

Year ended March 31, 2009(32.35)

-

(2.2)

3.0

2.9

Year ended March 31, 2008

67.08

-

4.4

5.2

5.4

Reference: Equity in earnings or losses of affiliates:

Year ended March 31, 2009: ¥(1,247) million
Year ended March 31, 2008: ¥(1,440) million(2) Consolidated financial position
Total Assets

Net Assets

Equity Ratio

Net Assets
per Share

Millions of yen

Millions of yen%

Yen

As of March 31, 2009

1,536,556

940,08558.5

1,393.91

As of March 31, 2008

1,601,192

1,040,135

62.6

1,516.35

Reference: Stockholders’ Equity as of March 31, 2009: ¥898,174 million

As of March 31, 2008: ¥1,002,860 million(3) Consolidated cash flows
Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

Cash Flows from
Financing Activities

Cash and Cash
Equivalents at Endof the Year

Millions of yen

Millions of yen

Millions of yen

Millions of yen

As of March 31, 2009

131,569(100,726)(33,951)

117,200

As of March 31, 2008

157,282(122,522)(73,727)

130,695

1

2. Dividends
Dividends per Share (Yen)
1st-quarter 2nd-quarter 3rd-quarter
-end
-end
-end

Record dateYear-end

AnnualTotal Dividends(Annual)(Millions ofyen)

Dividends
Payout Ratio(Consolidated)(%)

Dividends to
Net Assets
Ratio(Consolidated)(%)

Year ended March 31, 2008

-

16.00

-

20.00

36.00

23,96953.7

2.4

Year ended March 31, 2009

-

18.00

-

14.00

32.00

20,636-

2.2

Year ending March 31, 2010
(Forecast)

-

16.00

-

16.00

32.00

103.1

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

Operating Income

Ordinary Income

Millions ofyenMillions ofyen

Net Income
per Share

Net Income

Millions ofyen%

Six months
endingSeptember 30,
2009812,000

1.0

15,000(62.5)

15,000(63.9)

7,500(54.7)

11.64

Full year

1,677,000

5.8

40,000(13.4)

40,000(15.6)

20,000

-

31.04

%

%

Millions of
yen

%

Yen

4. Other information(1) Changes in significant subsidiaries during the period (Changes in specified subsidiaries resulting in achange in the scope of consolidation): None
(2) Changes in accounting policies, procedures and methods of presentation for preparing theconsolidated financial statements. (Notes on Changes in significant accounting policies applied in the
preparation of the consolidated financial statements)
1) Changes due to revision of accounting standard, etc.: Yes
2) Changes due to other reasons: None
Note: Please refer to Page 27, “Changes in significant accounting policies applied in the preparation of theconsolidated financial statements” for further details.
(3) Number of common stocks issued and outstanding
1) Number of common stocks outstanding at end of each period (including treasury stocks)
As of March 31, 2009: 700,480,693 shares
As of March 31, 2008: 700,480,693 shares
2) Number of treasury stocks at end of each period
As of March 31, 2009: 56,123,617 shares
As of March 31, 2008: 39,114,316 shares
Note: Please refer to Page 33, “Per share information” for “Number of common stock at fiscal year-end used forthe calculation of consolidated net income (loss) per share.”2

(Reference) Non-consolidated financial results
1. Non-consolidated financial results for the year ended March 31, 2009
(1) Non-consolidated financial results(Percentages show change from corresponding year-ago period.)
Net Sales

Operating Income
Millions of yen

Ordinary Income

Millions of yen%%

Year ended March 31, 2009

1,105,429(6.3)

11,968(57.5)

Year ended March 31, 2008

1,180,188

1.5

28,186(31.4)Net Income (Loss)
per Share

Diluted Net Income
per Share

Yen

Yen

Millions of yen

Year ended March 31, 2009(30.84)-

Year ended March 31, 2008

45.02

-

Net Income (Loss)%

Millions of yen%

37,772(16.3)(19,973)-

45,105(22.0)

30,343(10.0)(2) Non-consolidated financial position
Total Assets

Net Assets

Equity Ratio

Net Assets per Share

Millions of yen

Millions of yen%

Yen

As of March 31, 2009

1,205,056

694,92757.7

1,077.61

As of March 31, 2008

1,329,905

781,49858.8

1,180.41

Reference: Stockholders’ Equity as of March 31, 2009: ¥694,927 million

As of March 31, 2008: ¥781,498 million

2. Non-consolidated forecasts for the year ending March 31, 2010
(Percentages show change from corresponding year-ago period.)
Net Sales

Operating Income

Ordinary Income

Millions ofyenMillions ofyen

Net Income
per Share

Net Income

Millions ofyen%

Six months
endingSeptember 30,
2009542,000

(7.9)

2,500

(74.8)

9,500(50.8)

4,500(48.8)

6.98

Full year

1,106,000

0.1

10,000(16.4)

21,500(43.1)

10,000

-

15.51

%

%

Millions of
yen

%

Yen

* Explanation regarding appropriate use of earnings forecasts and other special notes
The forecasts shown above include forecasts based on assumptions, projections, and plans at the time this report was
prepared. Actual results may differ from the forecasts owing to risks and uncertainties related to economic conditions
that affect the Company’s businesses, market trends, and changes in foreign currency exchange rates, for example.

3

1. Operating results(1) Analysis of operating results1) Operating results for the year ended March 31, 2009
Japan’s economy went into a serious downturn in the fiscal year ended March 2009, with corporate
earnings and employment conditions worsening drastically, partly because of the global financial
instability that originated with the US financial crisis, a sharp decline in consumer spending, and the yen’s
sharp appreciation in the latter half of the fiscal year.
The business environment surrounding the printing industry remained harsh, due to such factors as
weak demand, material cost increases, and unit price declines stemming from intensified competition.
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, basedon a business vision of P&I Solutions (P&I stands for “printing technology” and “information
technology”). In addition, DNP has made groupwide efforts through its “Monozukuri 21” activities toestablish 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 decreased 1.9% over the previous fiscal year to ¥1,584.8 billion,
consolidated operating income decreased 47.0% to ¥46.1 billion, consolidated ordinary income fell 45.2%
to ¥47.3 billion, and consolidated net losses totaled ¥20.9 billion (versus the previous fiscal year's net
income of ¥45.1 billion).
The results by segment are as follows.
PRINTING
Information Communication
In the books and magazines business, book printing sales rose slightly but magazine printing sales
declined and free newspaper and magazine printing sales, mainly for papers related to housing, wereweak because the publications market was sluggish.
In the commercial printing business, demand remained strong for store design and construction, but
sales were lower year-on-year because of a decline in sales of flyers and pamphlets.
In the business forms sector, sales were lower than in the comparable year-ago period because of
declines in sales of printing of smart cards and continuous ledger forms for computerized accounting, anddemand related to information processing services (ranging from data entry to printing and shipment of
personal mail and other items).
An educational publications distribution business that DNP acquired contributed to the increase in sales
in this segment.
As a result, overall sales in the Information Communication segment increased 5.7% year-on-year to¥718.4 billion, but operating income declined 26.4% to ¥31.6 billion.

Lifestyle and Industrial Supplies
In the packaging business, sales were higher than in the comparable year-ago period because of increases
in sales of flexible packaging, paper containers, paper cups, and aseptic filling systems for PET bottles,
and despite a decline in sales of preformed bottles (primary products for making PET bottles).
In the lifestyle materials business, sales were weak overall because of a slump in housing demand anddespite efforts to increase sales of eco-friendly “Safmare” decorative sheets.
In the industrial supplies business, sales grew year-on-year because of increased sales of ink ribbons
and receiver paper for photo printers as well as back sheet film for solar power systems, offsetting thedecline in sales of anti-glare film and other materials used in flat-panel displays.

4As a result, overall sales in the Lifestyle and Industrial Supplies segment decreased 0.7% year-on-yearto ¥551.8 billion and operating income declined 37.5% to ¥19.9 billion.

Electronics
In the LCD color filter business, sales were lower than in the comparable year-ago period. They werestrong in the first six months, but then demand declined sharply starting around September because of
substantial production cutbacks by LCD panel manufacturers.
Sales of photomasks, etched products for hard drive suspensions and other applications, andhigh-density build-up circuit boards contracted.
As a result, overall sales in the Electronics segment decreased 20.6% year-on-year to ¥255.9 billion,
and operating income declined 87.0% to ¥2.5 billion.

BEVERAGES
Beverages
Carbonated beverage sales increased partly because of the introduction of new drinks, including Fanta
FuruFuru Shaker and a version of Minute Maid for Hokkaido, called Otona no Zeitaku Budo. Sales ofcore tea drinks, however, declined because of intense competition.
As a result, overall sales in the Beverages segment decreased 2.4% year-on-year to ¥71.7 billion, andoperating income declined 75.7% to ¥300 million.

2) Forecast for the year ending March 31, 2010
Given the uncertain outlook in light of the global economic slowdown stemming from the financial crisis,
Japan’s economy is likely to be weak and show no signs of a rebound for some time to come.
Conditions are likely to remain challenging for the printing industry because of sluggish demand andthe decline in unit prices due to intensified competition.
Confronting these difficult conditions, DNP intends to adapt to changes in market conditions anddemand trends, aggressively expand its marketing activities, and strive to maintain earnings.

PRINTING
Information Communication
In the books and magazines business, DNP expects the market to remain weak but intends to increase
sales by focusing on new-magazine orders and books. In the commercial printing and business forms
business, covering flyers, pamphlets, IPS, and smart cards, demand is likely to decline due todeteriorating corporate earnings, but DNP aims to win more orders by focusing on its unique P&I
Solutions.

Lifestyle and Industrial Supplies
In the packaging business, consumer spending is likely to remain weak, but DNP aims to obtain moreorders for its innovative barrier film, which features outstanding barrier qualities, and other types ofhigh-performance materials. In the lifestyle materials business, the housing markets in Japan and othercountries will probably remain weak, but DNP expects to see more orders for eco-friendly products. In
the industrial supplies business, the market for flat-panel displays is likely to remain weak, but DNP
intends to continue to obtain more orders for anti-glare film, color ink ribbons and battery materials.

5Electronics
In the LCD color filter business, changes in demand, declines in unit prices, and other changes in industry
conditions are likely, but DNP plans to win more orders for filters for PC monitors and consumer TVs aswell as strengthen its production operations to meet market demand. Conditions in the photomask
business are likely to remain unfavorable because of a deterioration in semiconductor market conditions,but DNP aims to become more competitive by developing the most advanced technologies and adapting
its production lines.

BEVERAGES
Beverages
Market conditions will probably remain challenging owing to a market slump and intense sales
competition, but DNP intends to forcefully move forward with its new medium-term plan launched in
January 2009 titled “Restart 2009: New Beginnings in the North,” as well as to further improve its
earnings structure and generate sales and earnings by introducing new products and developing marketing
campaigns.
By aggressively developing business in the above ways, DNP presently forecasts for the fiscal year
ending March 31, 2010 consolidated net sales of ¥1,677 billion, operating income of ¥40 billion, ordinary
income of ¥40 billion, and net income of ¥20 billion.

(2) Analysis of financial position
Total assets at the end of the current fiscal year declined ¥64.6 billion from the end of the previous fiscal
year to ¥1,536.5 billion primarily because of declines in notes and trade receivables and investment
securities.
Total liabilities increased ¥35.4 billion from the end of the previous fiscal year to ¥596.4 billion
primarily because of a rise in short-term bank loans.
Net assets decreased ¥100.0 billion from the end of the previous fiscal year to ¥940 billion primarily
because of repurchases of shares and a decrease in foreign currency translation adjustments.
As a result, the equity ratio declined 4.1 percentage points from the end of the previous fiscal year to58.5%.
Consolidated cash flow provided by operating activities in the current fiscal year totaled ¥131.5 billion(¥157.2 billion in the previous fiscal year) primarily because of ¥27.8 billion in net losses before income
taxes and minority interests, ¥106.8 billion in depreciation, and a ¥56.8 billion decrease in tradereceivables. Cash flow used in investing activities totaled ¥100.7 billion (¥122.5 billion in the previous
fiscal year), mainly because of the acquisition of ¥95.5 billion of property, plant and equipment, andcash flow used in financing activities totaled ¥33.9 billion (¥73.7 billion in the previous fiscal year) due
to the buyback of ¥27.4 billion of shares.
Because of these activities, DNP’s cash and cash equivalents at the end of the current fiscal year
decreased by ¥13.4 billion from the end of the previous fiscal year to ¥117.2 billion.

6

The trends in the DNP Group’s cash flow indicators are shown below.

Equity ratio (%)
Market value-based equity
ratio (%)
Debt-to-cash flow ratio(year)
Interest coverage ratio(times)Year ended
March 2005

Year ended
March 2006

Year ended
March 2007

Year ended
March 2008

Year ended
March 2009

63.0

64.0

63.0

62.6

58.5

78.2

90.3

75.7

65.5

37.7

0.4

0.5

0.6

0.5

0.9

144.7

106.2

93.8

120.1

79.7

Note: The following indicators are calculated based on consolidated financial figures.
*Equity ratio:

Total stockholders’ equity / Total assets*Market value-based equity ratio: Market capitalization / Total assets
Market capitalization:

Fiscal year-end share price x fiscal year-end number of shares outstanding(excluding treasury stock)*Debt-to-cash flow ratio:

Interest-bearing debt / Cash flow

Interest-bearing debt:

All liabilities on the consolidated balance sheet that accrue interest charges

Cash flow:

Cash flow provided/used by operating activities on the consolidated statementsof cash flows*Interest coverage ratio:
Cash flow:

Cash flow / Interest expenses
Cash flow provided/used by operating activities on the consolidated statementsof cash flows

Interest expenses:

Interest expenses on the consolidated statements of cash flows(3) Basic policies regarding the allocation of profits and dividends for the year ended March 31,
2009 and year ending March 31, 2010
An important policy of the Company is to pass on profits to shareholders.
Profits are allocated based on a policy of paying stable dividends to shareholders and withconsideration for financial results and the dividend payout ratio. For future business expansion, theCompany strives to retain profits and strengthen its financial constitution and management base.
Retained earnings are used to invest in research and development related to new products andtechnologies, to invest in equipment needed for developing new businesses, and to implement strategic
alliances, including mergers and acquisitions. At the same time, as part of its efforts to pass on profits toshareholders, the Company considers repurchases of its shares while also taking into consideration its
need for capital and market trends. The Company believes that these efforts will contribute to higher
profits that can then be passed on its shareholders in the future.
Based on this policy, the Company increased dividends per share for six consecutive fiscal years, fromthe year ended March 31, 2003 through the year ended March 31, 2008. In light of the weak financial
results for the current fiscal year, however, the Company regrettably intends to pay a year-end dividendof ¥14 per share, which together with the interim dividend of ¥18 per share brings the full-year dividend
to ¥32 per share, down ¥4 from the previous fiscal year. It also acquired 16.65 million of its own sharesfor ¥26.5 billion during the fiscal year. As a result, the Company has bought back shares for sevenconsecutive fiscal years, starting with the year ended March 31, 2003.

7

The forecast dividend for the fiscal year ending March 31, 2010 is ¥32 per share, the total of a ¥16interim dividend and a ¥16 year-end dividend.

(4) Business risks
The performance and the results of DNP could be significantly affected by a variety of factors andcircumstances that might arise in the future. Because DNP is aware of these risk factors, its policy is to
strive to minimize their potential effects.
The followings are the major factors that the DNP management views as risks.
1) The Japanese economy and consumption trends
DNP engages in a wide range of businesses with an extremely large number of customers. We conduct
our business so as not to be overly dependent on specific customers. The primary market where we dobusiness is centered on the Japanese domestic market, whereas our overseas sales constitute about 13%of net sales. Nevertheless, if consumer spending and other components of domestic demand slump,owing to domestic economic weakness in sympathy with global economic trends, declines in ordervolume and unit prices may affect earnings.
2) Changes in the electronics market
We expect our Electronics segment to be highly profitable and we believe it has good growth potential.
We position it as a strategic sector which we aim to expand in the future. We intend to secure steadyprofits from it by focusing on building business strategies based on a careful compilation of informationand the development of highly competitive, high-added-value products. However, the market for display
components and semiconductor products is subject to sudden changes. It is possible that the segment’s
performance could be affected by sudden changes affecting products that we handle, such as dramaticfluctuations in demand or a plunge in unit prices.
3) Fluctuations in raw material procurement
We procure raw materials such as printing paper and film from multiple suppliers in Japan and overseas.
We work hard to secure stable supplies and maintain optimal prices. However, there is some potential
for temporary imbalances between supply and demand due to factors like spikes in petroleum prices orsudden surges in demand from emerging markets. We intend to cope with such instances by negotiatingwith our customers. However, if it should become extremely difficult to secure supplies, or if prices risemarkedly, it is possible that DNP’s corporate performance could be affected.
4) Development of new products and technologies and services
The DNP Group uses its printing and information technologies to develop and provide to a broad range
of industries products, technologies, and services that meet the needs of companies and consumers.
In recent years, the pace of technological innovation in these areas has become faster than ever, andcustomers’ needs have been rapidly diversifying. We believe that in the future, competition in the area of
product development will become more intense than ever before, and it is possible that DNP’sperformance could fluctuate significantly due to unforeseeable changes in market trends or a shorteningof product life cycles.
5) Currency fluctuations
Particularly in fields as Electronics, and Lifestyle and Industrial Supplies, we are expanding our dealingsin products and services with customers, suppliers and others overseas. Because we expect the effects of8

currency rates to gradually become more important, we use such means as foreign exchange forward
contracts to hedge the risks of currency fluctuations. Nevertheless, it is possible that radical swings incurrency values could have a more serious effect on our corporate performance.
6) Legal regulations, etc.
We conduct our business based on strict compliance with the law and social ethics. Wherever we operate,in Japan or overseas, we are subject to a wide variety of legal regulations and restrictions, including laws
related to product liability, environmental protection and recycling, monopoly prohibitions, theprotection of personal information, patents, taxes, imports and exports, etc. We can imagine that in the
future such regulations could become even more restrictive. If that should occur, it is possible that
DNP’s business performance could be affected by limitations on its business activities or increased
costs.
7) Information system security
With computer networks and information systems playing an ever-greater role, protecting data andpersonal information has become crucial for keeping business activity going. The risks of information
system malfunctions, breaches of personal information, and other events, owing to software andhardware problems and viruses, have risen in recent years. The DNP Group regards the protection ofdata and personal information as a top priority. It is doing all it can to protect and maintain systems anddata by strengthening its organization and training employees, but if problems arise in these areas, thenbusiness activity could be affected.
8) Disasters
We take steps to protect our production equipment and other major facilities from being damaged bydisasters such as fires or earthquakes. In addition, we divide our work among multiple production bases
and make every effort to prevent disasters from causing production stoppages or disturbances in ourability to supply products. We also use various types of insurance to transfer risk. Nevertheless, if major
earthquakes, terrorist attacks, communicable diseases such as new types of influenza, or otherunexpected developments arise and lead to production stoppages or major damage or interference withthe social infrastructure, then earnings could be substantially affected.

92. Information on the Dai Nippon Printing Group (DNP Group)
The DNP Group includes 157 subsidiaries and 12 affiliated companies. Its two main businesses are
Printing and Beverages. The former encompasses Information Communication, Lifestyle and Industrial
Supplies, and Electronics.
The businesses and segments of the DNP Group are outlined below.
PRINTING
Information Communication
Production of textbooks, books, weekly/monthly/quarterly magazines, advertisements, stock and othersecurities certificates, business forms, and cards; manufacture/sale of business equipment and systems;
and planning/design/construction/management of stores and advertising media
Major companies
Production
DNP AV Center Co., Ltd., DNP SP Tech Co., Ltd.
DNP Offset Co., Ltd., DNP Graphica Co., Ltd.
DNP Seihon Co., Ltd., DNP Techtas Ichigaya Co., Ltd.
DNP Techtas Warabi Co., Ltd., DNP Digitalcom Co., Ltd.
DNP Data Techno Co., Ltd., DNP Data Techno Kansai Co., Ltd.
DNP Total Process Nagaoka Co., Ltd., DNP Total Process Maebashi Co.,Ltd.
DNP Total Process Warabi Co., Ltd., DNP Corporate History Center Co.,Ltd.
DNP Butsuryu Systems Ichigaya Co., Ltd.
DNP Butsuryu Systems Shouin Co., Ltd.
DNP Multi Print Co., Ltd., DNP Media Art Co., Ltd.
DNP Media Create Co., Ltd., DNP Media Create Kansai Co., Ltd.
DNP Uniprocess Co., Ltd.,
Production andTien Wah Press (Pte.) Ltd.
sales
Sales and services
Junkudo Co., Ltd., Direc Co., Ltd.
DNP Archives.com Co., Ltd. DNP Art Communications Co., Ltd.
TRC, Inc., MyPoint.com Japan Co., Ltd., Maruzen Co., Ltd.
Waseda Management Publishing Co., Ltd., Kyoiku Shuppan Co., Ltd.*
Maruzen Co., Ltd. is a publicly traded company whose shares trade on the Tokyo Stock Exchange.

Lifestyle and Industrial Supplies
Manufacture/sale of containers and packaging products, packaging equipment and systems, interior andexterior construction materials, photographic materials, and industrial supplies
Major companies
Production
Sagami Yoki Co., Ltd., DNP IMS Co., Ltd., DNP IMS Odawara Co., Ltd.
DNP Ellio Co., Ltd., DNP OptoMaterials Co., Ltd.
DNP Lifestyle Materials Co., Ltd., DNP Technopack Co., Ltd.
DNP Technopack Kansai Co., Ltd., DNP Technopack Tokai Co., Ltd.
DNP Technopack Yokohama Co., Ltd., DNP Techno Film Co., Ltd.
DNP Techno Polymer Co., Ltd.

10

Production andsales

Sales and services

Aseptic Systems Co., Ltd., DNP Fine Chemical Co., Ltd.
DNP Hoso Co., Ltd., PT DNP Indonesia, DNP Electronics America, LLC
DNP IMS America Corporation, DNP Photo Imaging America Corporation
DNP Denmark A/S, DNP IMS Netherlands B.V.
DNP Plastic Molding (Shanghai) Co., Ltd.
DNP ID System Co., Ltd., DNP Lifestyle Materials Marketing Co., Ltd.
DNP Photo Imaging Co., Ltd., DNP Fotolusio Co., Ltd.
DNP Photo Imaging Corporation SAS, DNP Photo Imaging Europe SAS

Electronics
Manufacture/sale of precision electronic components and other products
Major companies
Production

Production andsales
Sales and services

DNP LSI Design Co., Ltd., DNP Color Techno Sakai Co., Ltd.
DNP Fine Electronics Co., Ltd., DNP Fine Electronics Sagamihara Co., Ltd.
DNP Precision Devices Co., Ltd., DNP Micro Technica Co., Ltd.
DNP Color Techno Kameyama Co., Ltd., DAP Technology Co., Ltd.
DT Fine Electronics Co., Ltd., DNP Photomask Europe S.p.A.
DNP Photomask Technology Taiwan Co., Ltd.
DNP Taiwan Co., Ltd., DNP Display Technology Taiwan Co., Ltd.

Other companies with multiple types of businesses
Production and
DNP Hokkaido Co., Ltd., DNP Tohoku Co., Ltd.
sales
DNP Tokai Co., Ltd., DNP Shikoku Co., Ltd.
DNP Nishinippon Co., Ltd., The Inctec Inc., D.N.K. Co., Ltd.
Sales and services
DNP Trading Co., Ltd., DNP Logistics Co., Ltd.
DNP Accounting Services Co., Ltd., DNP Facility Services Co., Ltd.
DNP Information Systems Co., Ltd., DNP Human Services Co., Ltd.
DNP Corporation USA, DNP America, LLC
DNP Holding USA Corporation
BEVERAGES
Beverages
Centered on Hokkaido Coca-Cola Bottling Co., Ltd. (a publicly traded company whose shares trade on
the Tokyo Stock Exchange and the Sapporo Securities Exchange); manufacture/sale of soft drinks andjuices* Equity-method affiliated companies

11

12

3. Management policies(1) Core policies
The DNP (Dai Nippon Printing Co., Ltd.) Group has been striving to contribute to society by providing
new value-added products and services based on a management concept of contributing to theemergently evolving society of the 21st century.
With a business vision of P&I Solutions (P&I stands for “printing technology” and “information
technology”), the DNP Group aims to expand and contribute to an emergently evolving society bybringing together printing technology and information technology and finding and solving various
problems for customers and consumers.
The DNP Group Code of Conduct calls for compliance with the laws and social ethics. It hasestablished and implemented a system of internal controls to promote fair and appropriate corporate
activity and fulfill its responsibilities to society as a corporation. The group strives to conduct business ingood faith so as to earn the high trust of shareholders, customers, consumers, employees and otherstakeholders.

(2) Medium- and long-term management strategy and key issues
The DNP Group aims to steadily expand over the long term, based on its P&I Solutions business vision,and strives to conduct business in good faith, in recognition of its responsibilities to society as acorporation.
To further promote its P&I Solutions business vision and enhance its future prospects, DNP has beenstrengthening its organization through various means such as redeveloping the Ichigaya plant, forexample.
In the 123 years since the Ichigaya plant was built in the Shinjuku district of Tokyo in 1886, 10 years
after the Company’s founding in 1876 as Shueisha, DNP has stayed based in this area and expanded into
various businesses.
Under a redevelopment plan, the Company aims to consolidate in the Ichigaya area the planning anddevelopment, sales, and head office functions of different divisions that are located in nearby areas;develop new businesses; and reorganize manufacturing and logistics and integrate manufacturing
facilities to achieve optimization from an overall perspective. The plan is scheduled to be completed by
2017.

Initiatives in the different businesses and segments
Information Communication
This segment provides various products and services and is engaged in a broad range of media
development initiatives, such as searches for optimal expressions that meet customers’ needs andelectronic publishing for the Internet and mobile phones.
In the educational publications distribution business this fiscal year, DNP made Maruzen Co., Ltd.
and Junkudo Co., Ltd. consolidated subsidiaries and strengthened its partnership with TRC Inc., whichbecame a consolidated subsidiary in the previous fiscal year. DNP has thereby combined the expertise of
the companies with the Group’s product and services, expanded sales promotions at bookstores,
promoted the adoption of smart cards and tags among college and public libraries, and contributed to theoverall educational publications market. These initiatives are expected to stimulate the educational

13

publications market and lead to a stronger printing business, which is a core business of the Group.
In established business areas, DNP continues to make efforts to improve the quality of earning
structure through such measures as consolidating and strengthening the management of manufacturing,
linking a broad range of processes ranging from prepress to printing and processing, establishing a lean
production structure, and improving the efficiency of logistics.

Lifestyle and Industrial Supplies
The segment faces weak demand for packaging because of the slump in consumer spending, but focuseson various types of functional materials, such as innovative barrier film, which provides a very strong
barrier against vapor and oxygen and is optimal for food, medical/pharmaceutical, and electronicmaterial packaging applications. The segment is also working on universal design initiatives anddeveloping packaging that is easier to use.
The lifestyle materials business, which faces a continuing slump in housing markets in Japan andother countries, focuses on comfortable and healthy living and strives to increase sales of eco-friendly
products with outstanding design, durability, and practicality. The products use DNP's own electron
beam coating technology, which is well regarded in the industry.
In the industrial supplies business, anti-glare film and other optical films face contracting output in themarket for flat-panel displays but have strong longer-term growth potential. With demand likely to growfor color ink ribbons, as digital photography becomes even more widespread, and ink ribbons forbarcodes, the DNP Group is making efforts to increase production capacity, improve product quality,and become more cost competitive.

Electronics
In this segment, the priority in resource allocation is on output capacity increases and the development of
new technologies and products so as to be able to quickly adapt to drastic changes in market demand.
In the LCD color filter business, changes in demand, declines in unit prices, and other changes inindustry conditions are likely, but the DNP Group aims to win more orders for filters for PC monitorsand consumer TVs as well as make its production operations more flexible to meet market demand. Ties
with customers are being strengthened to expand business. For example, a 10th-generation color filter
plant is being built in Sakai, Osaka, and an 8th-generation plant is being built in Himeji, Hyogo
Prefecture.
In the semiconductor photomask business, semiconductor prices may worsen and other conditions arelikely to remain very difficult, but efforts are being made to develop the most advanced technologies,
reorganize the production structure to include a new plant in Taiwan, and become more competitive.

New businesses
In new business areas, DNP is working on developing businesses to generate new added value, such asservices and products with outstanding functionality to address the problems of companies andconsumers.
In the energy area, the Company finished building a plant in Izumizaki, Fukushima Prefecture in
January 2009 to manufacture back sheet film and filling materials for solar power systems to meet thegrowing worldwide demand for solar cells. The Energy System division with centralized sales,development, and manufacturing has been formed to strengthen and expand the solar cell business.
In the medical, pharmaceutical, health care, and other life science areas, DNP is using its printing
technologies to develop advanced and distinctive technologies and products. In this fiscal year, DNP

14

began selling the CytoGraph, Japan’s first commercialized cell pattern culture substrate, and together
with Tokyo Women’s Medical University and CellSeed Inc., it developed techniques for efficiently
producing cell sheet culture film used in regenerative medicine. In March 2009, DNP formed a research
unit within Tokyo Women’s Medical University’s research and educational facilities to promoteadvanced research on regenerative medicine.

Strengthened organization
Along with enhancing the DNP Group’s overall strengths by strengthening collaboration acrossdivisions in the group even further, DNP is striving to promote broad solutions, including proposals forcustomers’ business strategies and marketing plans, through dialogue and collaboration.
In order to reinforce established businesses and quickly develop new ones, the DNP Group recognizes
that it cannot rely only on its own technologies but needs to work with other companies with their own
strengths. DNP has strategically partnered with other companies and merged with or acquired others in
the electronic product and photo businesses, among others, and intends to aggressively look for similar
opportunities in Japan and other countries based on this strategy.
To restructure costs, DNP is improving productivity by revamping its business processes andstreamlining production processes, cutting material costs, and establishing a strong production structurewith a continual focus on profitability. Since 2002, DNP has made groupwide efforts through its“Monozukuri 21” activities and generated solid results in terms of becoming stronger. Under the themeof overall optimization, the DNP Group regards the flow from orders to delivery as an integrated wholeand strives to smooth out flows between processes and across divisions, make the production system
more efficient by eliminating as much waste as possible, improve product quality, and become more costcompetitive.

Contributions to a sustainable society
DNP’s environment-related initiatives to contribute to the establishment of a sustainable society include
the establishment of a distinctive Eco-Report System for environmental management, a strengthening of
the Environmental Committee, and environmental protection activities, including efforts to stem global
warming. In addition to developing eco-friendly products, DNP is making efforts in terms of promoting
green purchasing, reducing the environmental impact of its manufacturing, and achieving zero emissionsof industrial waste.
As part of its efforts in the current fiscal year to reduce CO2 emissions, DNP switched from heavy fueloil to municipal gas as a fuel source for its Odawara plant and purchased Renewable Energy Certificates(RECs). It intends to increasingly use renewable energy sources by installing solar power systems at newplants, for example.

15

4. Consolidated financial statements(1) Consolidated balance sheets(Millions of yen)

Year ended March 31, 2008
(As of March 31, 2008)

Year ended March 31, 2009
(As of March 31, 2009)

131,058
456,932
11,102
96,392
12,992
11,781(5,283)714,976

123,569
405,8768
73,372
29,707
17,566
10,27821,048(5,280)676,149484,577(275,033)
209,544949,931(712,938)
236,993
130,655
35,413
112,567(85,830)
26,736
639,343

491,602(292,336)
199,265
907,428(723,538)
183,890132,888
57,756
119,167(88,064)
31,103604,904

12,684
19,473
3,246
35,40424,09920,053
4,696
48,850150,057
4,436
18,60149,041(10,668)
211,468
886,216

113,448
3,015
50,01551,923(12,484)
205,917859,672

1,601,192

735
735
1,536,556

ASSETS
Current assets
Cash and time deposits
Notes and trades receivables
Marketable securities
Inventories
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
Accumulated depreciation
Buildings and structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
LandConstruction in progress
Other
Accumulated depreciation
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

16

(Millions of yen)

Year ended March 31, 2008
(As of March 31, 2008)

Year ended March 31, 2009
(As of March 31, 2009)

317,855
21,9693,185
16,911
18,232
76,212454,367

290,871
59,875
2,898
7,891
16,186
92,075
469,799

50,1004,850
2,798
40,3498,591
106,690561,057

51,00010,4903,352
41,451
20,377
126,671596,471

114,464
144,898
797,316(66,556)
990,122

114,464
144,898
751,869(93,884)
917,348

10,610(3,882)

7

(4)

2,120

(15,285)

12,738(19,173)

37,274
1,040,135

41,910940,085

1,601,192

1,536,556

LIABILITIESCurrent liabilities
Notes and trade payable
Short-term bank loans
Current portion of long-term debt
Income taxes payable
Reserve for bonuses
Other
Total current liabilities
Long-term liabilities
Bonds
Long-term debt
Deferred tax liabilities
Provision for retirement benefits
Other
Total long-term liabilities
TOTAL LIABILITIESNET ASSETSStockholders’ equity
Common stock
Capital surplus
Retained earnings
Treasury stock
Total stockholders’ equity
Valuation and translation adjustments
Net unrealized gains (losses) onmarketable securities
Net deferred gains (losses) on
derivatives
Foreign currency translation
adjustments
Total valuation and translation
adjustments
Minority interests
TOTAL NET ASSETSTOTAL LIABILITIESAND NET ASSETS

17

(2) Consolidated statements of income(Millions of yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Subsidies
Other
Total non-operating income
Non-operating expenses
Interest expense
Equity in losses of affiliates
Foreign exchange losses
Other
Total non-operating expenses
Ordinary income
Extraordinary gains
Gain on sale of fixed assets
Gain on sale of investment securities
Gain on contribution of investment
securities to pension trust
Gain on revision of retirement benefits plan
Change of equity interest
Other
Total extraordinary gains
Extraordinary losses
Loss on sale or disposal of fixed assets
Impairment loss on fixed assets
Loss on devaluation of investment securities
Loss on sale of securities in affiliates
Loss on devaluation of securities in affiliates
Provision for accrued directors’ retirement
benefits
Directors’ retirement benefits
Loss on revision of retirement benefits plan
Amortization of goodwill
Other
Total extraordinary losses
Income (Loss) before income taxes and minority
interests
Current income taxes
Deferred income taxes
Income and other taxes
Minority interests
Net income (loss)

18

Year ended
March 31, 2008
1,616,053
1,327,871
288,181
201,077
87,104

Year ended
March 31, 2009
1,584,844
1,324,522
260,322
214,144
46,177

2,032
2,613
1,185
4,174
10,005

1,393
2,770
2,326
5,137
11,626

1,309
1,440
1,528
6,329
10,60886,502

1,666
1,247
2,003
5,496
10,41347,390

285
8,736
7,310

214
373
-

2,787
564
19,684

531
4
1,124

3,703
3,300
1,745
12

6,954
50,69013,615
58
330

1,396

-

6,553
1,005
17,717

144
1,859
2,703
76,35788,469(27,842)

31,791
10,102
41,893
1,403
45,171

15,374(20,857)(5,482)(1,427)(20,933)

(3) Consolidated statements of changes in stockholders’ equity(Millions of yen)

Year ended
March 31, 2008
Stockholders’ equity
Common stock
Balance at March 31, 2008
Balance at March 31, 2009
Capital surplus
Balance at March 31, 2008
Balance at March 31, 2009
Retained earnings
Balance at March 31, 2008
Changes in retained earnings resulting fromchanges of accounting policies of foreign
consolidated subsidiaries

Changes of items during the period
Cash dividends paid
Net income (loss)
Changes in retained earnings
resulting from changes of fiscal year
end of consolidated subsidiaries

Disposal of treasury stock
Retirement of treasury stock
Total changes during the period
Balance at March 31, 2009
Treasury stock
Balance at March 31, 2008
Changes of items during the period
Purchase of treasury stock
Disposal of treasury stock
Retirement of treasury stock
Other
Total changes during the period
Balance at March 31, 2009
Total stockholders’ equity
Balance at March 31, 2008
Changes in retained earnings resulting fromchanges of accounting policies of foreign
consolidated subsidiaries

Changes of items during the period
Cash dividends paid
Net income (loss)
Changes in retained earnings
resulting from changes of fiscal year
end of consolidated subsidiaries

Purchase of treasury stock
Disposal of treasury stock
Other
Total changes during the period
Balance at March 31, 200919

Year ended
March 31, 2009

114,464
114,464

114,464
114,464

144,898
144,898

144,898
144,898

828,707797,316-363(23,931)45,171(24,849)(20,933)

16

-

(1)
(52,646)(31,391)
797,316(27)(45,809)751,869(60,594)(66,556)(58,642)34
52,646(5,962)(66,556)(27,424)89
7(27,327)(93,884)

1,027,475

990,122-363(23,931)45,171(24,849)(20,933)

16-(58,642)32(37,353)
990,122(27,424)62
7(73,137)
917,348

(Millions of yen)

Year ended
March 31, 2008
Valuation and translation adjustments
Net unrealized gains (losses) on marketablesecurities
Balance at March 31, 2008

Year ended
March 31, 2009

41,331

10,610Changes of items during the period
Net changes in items other thanstockholders’ equity
Total changes during the period(30,721)(14,492)(30,721)(14,492)

Balance at March 31, 2009

10,610(3,882)

(3)

7

10

(11)

10
7

(11)
(4)

3,093

2,120

(972)

(17,406)

(972)
2,120

(17,406)(15,285)

44,421

12,738(31,683)(31,911)(31,683)
12,738(31,911)(19,173)

Net deferred gains (losses) on derivatives
Balance at March 31, 2008
Changes of items during the period
Net changes in items other thanstockholders’ equity
Total changes during the period
Balance at March 31, 2009
Foreign currency translation adjustments
Balance at March 31, 2008
Changes of items during the period
Net changes in items other thanstockholders’ equity
Total changes during the period
Balance at March 31, 2009
Total valuation and translation adjustments
Balance at March 31, 2008
Changes of items during the period
Net changes in items other thanstockholders’ equity
Total changes during the period
Balance at March 31, 2009
Minority interests
Balance at March 31, 2008

27,54237,274

Changes of items during the period
Net changes in items other thanstockholders’ equity
Total changes during the period

9,732

4,635

9,732

4,635

Balance at March 31, 2009

37,274

41,91020

(Millions of yen)

Year ended
March 31, 2008

Year ended
March 31, 2009

Total net assets
Balance at March 31, 2008

1,099,439

1,040,135-

363

Cash dividends paid

(23,931)(24,849)

Net income (loss)

45,171(20,933)

16-

Purchase of treasury stock(58,642)(27,424)

Disposal of treasury stock

32

62

Other
Net changes in items other thanstockholders’ equity
Total changes during the period-

7(21,950)(27,275)(59,304)(100,412)

1,040,135

940,085

Changes in retained earnings resulting fromchanges of accounting policies of foreign
consolidated subsidiaries

Changes of items during the period

Changes in retained earnings resulting fromchanges of fiscal year end of consolidated
subsidiaries

Balance at March 31, 200921

(4) Consolidated statements of cash flows(Millions of yen)

Year ended
March 31, 2008
Cash flows from operating activities
Income (loss) before income taxes and minority interests
Depreciation
Impairment loss on fixed assets
Decrease of doubtful receivables, net
Decrease of provision for retirement benefits,
net
Equity in losses of affiliates
Amortization of 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
Decrease in inventories
Decrease in trade payables
Other
Sub-total
Payment of income taxes
Net cash provided by operating activities
Cash flows from investing activities
Decrease (Increase) in time deposits
Proceeds from sales of marketable securities
Payments for purchases of property, plant and equipment
Proceeds from sales of property, plant and equipment
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

22

Year ended
March 31, 2009

88,469109,9023,300(69)(27,842)
106,882
50,690(522)(16,823)(3,111)

1,440
2,049
(4,645)
1,309(8,537)

1,247
6,406
(4,163)
1,666
(373)

1,745

13,946

3,418
26,965
2,989(27,495)
6,929
190,948(33,665)
157,282

6,739
56,8274,370(42,200)(4,037)
166,526(34,957)
131,569

24,90410,000(124,127)
1,900(32,706)
18,411(7,920)(5,708)
4,678(11,955)(122,522)(14)
10,980(95,555)
3,307(8,200)1,387(2,082)(6,528)4,173(8,193)(100,726)

(Millions of yen)

Year ended
March 31, 2008
Cash flows from financing activities
Increase in short-term bank loans
Proceeds from long-term debt
Repayments of long-term debt
Payments for redemption of bonds
Interest paid
Dividends paid
Dividends paid to minority interests
Payments for purchases of treasury stock
Payments for purchases of treasury stock of subsidiaries
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
Cash and cash equivalents at end of period

23

12,535
1,253(3,479)(1,309)(23,927)(418)(58,642)(3)
264(73,727)(825)(39,793)
170,488
130,695

Year ended
March 31, 2009
23,323
4,961(6,563)(100)(1,650)(24,831)(421)(27,424)(10)(1,234)(33,951)(10,386)(13,495)
130,695
117,200

Notes on premise of a regarding going concern
None

Significant matters concerning the preparation of the consolidated financial statements
1. Scope of consolidation and application of the equity method of accounting(1) Number of consolidated subsidiaries: 108
Major companies:

Maruzen Co., Ltd., Hokkaido Coca-Cola Bottling Co., Ltd., The Inctec Inc.
DNP Trading Co., Ltd., DNP Color Techno Kameyama Co., Ltd.
DNP Technopack Co., Ltd., DNP Nishinippon Co., Ltd.
DNP Photo Imaging Co., Ltd., DNP Logistics Co., Ltd.
DAP Technology Co., Ltd.

(2) Number of equity-method affiliated companies: 10
Major company:
Kyoiku Shuppan Co., Ltd.

2. Changes in scope of consolidation and application of the equity method of accounting(1) Scope of consolidation
Newly included:

15

DNP Fotolusio Co., Ltd. and 14 other companies

Excluded:

6

DNP Photo Marketing Co., Ltd. and five other companies(2) Application of equity method
Newly included:2

UD Alliance Technology Limited and one other company

Excluded:3

Maruzen Co., Ltd. and two other companies

3. Matters concerning the fiscal years of consolidated subsidiaries
Of the consolidated subsidiaries, Hokkaido Coca-Cola Bottling Co., Ltd. and 29 others have fiscal years that end
on December 31, while Maruzen Co., Ltd. and five others have fiscal years that end on January 31. Their financial
statements as of the same date are used in the preparation of these consolidated financial statements, and any
material transactions in the time until the consolidated fiscal year-end date are adjusted for on a consolidated basis.

4. Summary of significant accounting policies(1) Criteria and methods for valuing significant assets
・Marketable securities
Held-to-maturity debt securities

Mainly amortized cost

Other securitiesThose with market prices

Fair market value based on market prices as of the balance sheet dateavailable(The related valuation differences are directly included in net assets
and the sale prices computed by the moving-average method.)Those without market
prices available

Mainly cost based on the moving-average method

・Derivatives

Mainly fair market value

・Inventories

For figures shown on the balance sheet, the book value write-down
method based on the decrease in profitability is used.

Merchandise

Mainly cost based on the specific identification method

24

Finished products, work in

Mainly cost based on the retail inventory cost method

progreessRaw materials

Mainly cost based on the moving-average method

Supplies

Mainly cost based on the most recent purchase method(2) Depreciation and amortization of significant assets
・Property, plant and equipment
The Company and its domestic consolidated subsidiaries use the(except for lease assets)
declining balance method.
However, depreciation of machinery and equipment at the Kurosaki
Plant No. 1 (2nd-Stage plant) and Plant No. 3 is computed by thestraight-line method.
Depreciation of buildings (excluding building fixtures) acquired after
April 1, 1998, is computed by the straight-line method.
Assets with an acquisition cost of at least ¥100,000 and less than¥200,000 are depreciated mainly over three years by the straight-line
method.
Foreign consolidated subsidiaries mainly use the straight-line
method.
・Intangible fixed assets

Mainly the straight-line method(except for lease assets)

Software used internally is amortized using the straight-line method
over the Company’s estimate of the useful life of the assets (not morethan five years).

・Lease assets

Lease assets with a transfer of ownership
These lease assets are depreciated using the same method as for fixed
assets owned by the Company.
Lease assets with no transfer of ownership
These lease assets are depreciated over the lease period using thestraight-line method with no residual value.
Lease assets based on lease agreements that do not involve a transferof ownership to the lessee and with lease start dates before the initial
applicable fiscal year under the Accounting Standard for Lease
Transactions (Accounting Standards Board of Japan (the “ASBJ”)
Statement No. 13) are accounted for based on the method forordinary rental transactions.

(3) Treatment of significant deferred assets
Some consolidated subsidiaries have capitalized business startup costs as deferred assets and amortize themover five years using the straight-line method.

(4) Basis for recording significant allowances
・Allowance for doubtful accounts
To cover possible losses on doubtful accounts, the allowance for
doubtful accounts is based on historical default rates for normal
accounts and on estimates of the amounts that may not be recoverable

25

for specific overdue accounts.
・Reserve for bonuses

To cover payments of employee bonuses in the following fiscal year,
the reserve for bonus is based on the estimated amount that is
attributable to the current fiscal year.

・Reserve for bonuses to directors

To cover payments of directors’ bonus in the following fiscal year,
the reserve for bonuses is based on the estimated amount that is
attributable to the current fiscal year.

・Provision for retirement benefits

To cover future payments of employee retirement benefits, provisions
for employees’ retirement benefits are based on an amount incurredby the fiscal year-end based on estimated retirement benefit liabilities
and pension plan assets at the end of the fiscal year.
Prior service costs are amortized using the straight-line method overa certain number of years that is equal to or less than the average
future service period of eligible employees at the time the costs are
incurred (generally six years).
Actuarial gains/losses are amortized beginning in the fiscal year inwhich the gains/losses are recognized and using the straight-line
method over a certain number of years that is equal to or less than the
average future service period of eligible employees at the time theactuarial gains/losses are incurred (generally nine years).
Additional information
Some domestic consolidated subsidiaries converted their qualified
retirement benefit plans to defined contribution plans in December
2008 and use Accounting for Transfers between Retirement Benefit
Plans (ASBJ No.1).
The effect of this change is a ¥144 million extraordinary loss.

・Provision for accrued directors’
retirement benefits

For payments of directors’ retirement benefits, domestic consolidated
subsidiaries record a fiscal year-end required amount based oninternal regulations.

(5) Accounting treatment of consumption taxes
National and local consumption taxes are excluded from transaction amounts.

(6) Consolidated subsidiaries’ assets and liabilities
Consolidated subsidiaries’ assets and liabilities are all valued using the fair value method.

(7) Amortization of goodwill and negative goodwill
Goodwill and negative goodwill are amortized in a straight line over a period of not more than 20 years. In thecurrent fiscal year, straight-line amortization over five years is generally used.

26

5. Scope of funds in the statements of cash flows
Cash and cash equivalents in the consolidated statements of cash flows are short-term investments with an original
maturity of three months or less, are subject to insignificant risk of changes in value, and can be easily converted
into cash and drawable funds as needed.

Changes in significant accounting policies applied in the preparation of the consolidated
financial statements
Changes in criteria and methods for valuing inventory
Starting with the current fiscal year, the Company and its domestic consolidated subsidiaries have applied the
Accounting Standard for Measurement of Inventories (ASBJ Statement No. 9, issued by the ASBJ on July 5, 2006)
and have adopted the retail inventory cost method (for the book value of inventory on the balance sheets, by
writing inventory down based on the decrease in profitability of the inventory) for inventory held for the usual
objective of sales.
This change had an immaterial impact on income.
Application of Practical Solution on Unification of Accounting Policies Applied to Foreign Subsidiaries for
Consolidated Financial Statements
Starting with the current fiscal year, the Company has applied the Practical Solution on Unification of Accounting
Policies Applied to Foreign Subsidiaries for Consolidated Financial Statements (ASBJ PITF No. 18, issued by the
ASBJ on May 17, 2006) and made revisions required for consolidated accounting.
This change had an immaterial impact on income.
Application of Accounting Standards for Lease Transactions
Previously, lease payments under finance leases that do not transfer ownership of the leased property to the lessee
had been recognized as expenses. However, starting with the current fiscal year, in accordance with the AccountingStandard for Lease Transactions (ASBJ Statement No. 13, revised on March 30, 2007 (originally issued by theFirst Committee of the Business Accounting Deliberation Council on June 17, 1993)) and the Guidance on
Accounting Standard for Lease Transactions (ASBJ Guidance No. 16, revised on March 30, 2007 (originally issued
by the Accounting Committee of the Japanese Institute of Certified Public Accountants on January 18, 1994)), theCompany and its domestic consolidated subsidiaries have applied these accounting standards, etc., and arefollowing accounting procedures for normal sales transactions.
This change had an immaterial impact on income.

27

Notes regarding consolidated financial statements
Consolidated balance sheets
1. Guarantee of debt
2. Discounts on notes receivableYear ended
March 31, 2008
¥90 million

Year ended
March 31, 2009
¥92 million¥820 million¥670 million

Year ended
March 31, 2008
¥35,556 million

Year ended
March 31, 2009
¥34,111 million

Consolidated statements of income
1. Research and development expenses(Selling, general and administrative expenses, and Cost of
sales)
2. Impairment loss on fixed assets
The impairment losses that the Group recognized in the current fiscal year are for the following assets.
AddressUse
Type
Yahata Nishi-ku, Kita-Kyushu City, Color filter production
Machinery, buildings andFukuoka Prefecture, etc.
structures, construction inprogress
Fujimino City, Saitama Prefecture,
Photomask production
Machinery, buildings andetc.
structures, construction inprogress
Tobata-ku, Kita-Kyushu City,
Idle facility for production
Machinery, construction in
Fukuoka Prefecture, etc.
of rear panels for plasma
progress, otherdisplays, etc.
Okayama City, Okayama
Premises, etc.
Buildings and structures, otherPrefecture, etc.
In calculating impairment losses, the DNP Group generally organizes them by business group, the unit for thelosses. Impairment losses are considered separately for loaned assets and idle assets. The recoverable
amounts are determined using net selling prices for idle assets and value in use for all other assets. Net selling
prices are assessed on the basis of appraised values in the case of buildings and structures, and assessed at ¥0for machinery and other assets with sale prices that are difficult to estimate. Values in use are calculated bydiscounting expected future cash flows by 10%.
As a result, the carrying values of assets with market values that declined considerably were reduced totheir recoverable amounts, and the reductions in values, i.e. impairment losses (¥50,690 million), wererecognized as extraordinary losses.
The impairment losses consisted of ¥25,242 million for machinery, ¥11,992 million for buildings andstructures, ¥10,968 million for construction in progress, and ¥2,486 million for other.

28

Consolidated statements of changes in stockholders’ equity
The year ended March 31, 2008 (April 1, 2007 – March 31, 2008)
1. Matters related to the types and number of shares outstanding and treasury stock(Shares)
Stock type

Number ofshares at theend of the year
ended March
2007

Increase in
number ofshares during
the year ended
March 2008

Decrease in
number ofshares during
the year ended
March 2008

Number ofshares at theend of the year
ended March
2008

Outstanding shares

Common stock

730,480,693-

30,000,000

700,480,693

Treasury stock
Notes:
1.
2.

Common stock

36,254,522

32,879,377

30,019,583

39,114,316

3.

The decrease of 30 million common shares outstanding is due to the retirement of treasury shares.
The increase of 32,879,377 treasury shares is due to the repurchase of 32,686,000 shares, as authorized
by the Board of Directors, the repurchase of 108,377 odd-lot shares, and the purchase of 85,000
odd-lot shares at the request of shareholders.
The decrease of 30,019,583 treasury shares is due to the retirement of 30 million treasury shares andthe sale of 19,583 odd-lot shares.

2. Detailed information regarding dividends(1) Dividends paid
Resolution
General meeting ofshareholders on
June 28, 2007
General meeting ofshareholders on
November 9, 2007

Stock type

Total dividends(Millions of yen)

Dividend pershare (Yen)Dividend record
date

Effective dateCommon stock

13,20319

March 31,2007

June 29, 2007

Common stock

10,72816

September 30,
2007

December 7,
2007(2) Of dividends for which the record date belongs to the current fiscal year, those that come into
effect in the following fiscal year
Resolution
General meeting ofshareholders on
June 27, 2008

Stock type

Common stock

Total
dividends(Millions ofyen)

13,241

Source ofdividends
Retainedearnings

29

Dividend
per share
(Yen)

20

Dividend record
date

Effective date

March 31, 2008

June 30, 2008

The year ended March 31, 2009 (April 1, 2008 – March 31, 2009)
1. Type and number of shares outstanding, type and number of treasury shares(Shares)
Stock type

Outstanding shares
Treasury stock
Notes:
1.
2.

Common stock

Number ofstocks at theend of the year
ended March
2008

Increase in
number ofstocks during
the year ended
March 2009

700,480,693

Decrease in
number ofstocks during
the year ended
March 2009-

Number ofstocks at theend of the year
ended March
2009-

700,480,693

Common stock
39,114,316
17,231,279
221,978
56,123,617
The increase of 17,231,279 treasury shares is due to the repurchase of 16,656,000 shares, as authorized
by the Board of Directors, the repurchase of 119,279 odd-lot shares, and the purchase of 456,000
odd-lot shares at the request of stockholders.
The decrease of 221,978 treasury shares (common shares) is due to the sale of 53,103 odd-lot sharesand the company’s share of 168,875 treasury shares sold by affiliated companies accounted for by theequity method.

2. Matters related to dividends(1) Dividends paid
Resolution
General meeting ofshareholders on
June 27, 2008
General meeting ofshareholders on
November 14, 2008

Stock type

Total dividends(Millions of yen)

Dividend pershare (Yen)Dividend record
date

Effective dateCommon stock

13,24120

March 31, 2008

June 30, 2008

Common stock

11,60818

September 30,
2008

December 10,
2008(2) Of dividends for which the record date belongs to the current fiscal year, those that come into
effect in the following fiscal year
Resolution
General meeting ofshareholders on
June 26, 2009

Stock type

Common stock

Total
dividends(Millions of
yen)

9,028

Source ofdividends
Retainedearnings

30

Dividend
per share
(Yen)

14

Dividend record
date

Effective date

March 31, 2009

June 29, 2009

Segment information
1. Business segment information
The year ended March 31, 2008 (April 1, 2007- March 31, 2008)(Millions of yen)
Information
Communication

Lifestyle andIndustrial
Supplies

672,772
7,125
679,897
636,820
43,076

547,5678,224
555,791
523,928
31,863322,26448
322,312302,494
19,81873,44944
73,494
72,168
1,325

557,532
23,27952
26,538532,229
28,587
1,051
31,818427,401
51,7172,153
45,98444,335
3,664
42
3,692

Electronics

Beverages

Elimination
and/or corporate

Consolidated

1,616,053
15,442
1,631,495
1,535,412
96,083(15,442)(15,442)(6,463)(8,978)1,616,053
1,616,053
1,528,948
87,104

1,561,499
107,2483,300
108,033

39,6932,653
8,105

1,601,192
109,902
3,300
116,139

Total

I Net sales andOperating income(loss)Net sales(1) Outside customers(2) Inter-segment
Total
Operating expenses
Operating income
II Assets, depreciation,
impairment loss andcapital expenditures
AssetsDepreciation
Impairment loss
Capital expenditures

The year ended March 31, 2009 (April 1, 2008- March 31, 2009)(Millions of yen)

I Net sales andOperating income(loss)Net sales(1) Outside customers(2) Inter-segment
Total
Operating expenses
Operating income
II Assets, depreciation,
impairment loss andcapital expenditures
AssetsDepreciation
Impairment loss
Capital expenditures

Information
Communication

Lifestyle andIndustrial
Supplies

711,275
7,150
718,425
686,735
31,690545,915
5,905
551,821531,905
19,916

255,9678
255,975
253,397
2,577

71,68545
71,731
71,408322

619,079
25,204
1,798
27,988513,092
29,512
48
29,718329,042
46,03948,692
34,27043,394
3,506
150
2,834

Electronics

Beverages

Elimination
and/or corporate

Consolidated

1,584,844
13,1091,597,953
1,543,447
54,506(13,109)(13,109)(4,780)(8,329)1,584,844
1,584,844
1,538,667
46,177

1,504,608
104,263
50,69094,812

31,9482,619
1,344

1,536,556
106,882
50,69096,156Total

2. Geographic segment information
In the previous and current fiscal years, geographical segment information is not stated because Japan accounts
for more than 90% of aggregate sales of all segments and of the aggregate amount of assets of all segments.

31

1. Overseas sales
The year ended March 31, 2008 (April 1, 2007 - March 31, 2008)
Ⅰ Overseas sales (a)

Asia

Other

Total

¥195,092 million¥84,445 million¥279,537 million

12.1%

5.2%

Ⅱ Consolidated net sales (b)Ⅲ Ratio: (a)/(b)¥1,616,053 million

The year ended March 31, 2009 (April 1, 2008 - March 31, 2009)
Asia
Other
Ⅰ Overseas sales (a)¥134,108 million¥76,302 million
Ⅱ Consolidated net sales (b)Ⅲ Ratio: (a)/(b)
8.5%
4.8%
Notes:

17.3%

Total
¥210,410 million¥1,584,844 million
13.3%

1.

Country and regional segments are based on geographic proximity.

2.

Main countries and regions included in each segment:
Asia: Taiwan, South Korea, China, Indonesia
Other: United States, France, Germany, United Kingdom
Overseas sales represent the total sales of the Company and its consolidated subsidiaries outside Japan.

3.

32Per share information
Year ended March 31, 2008
(April 1, 2007- March 31, 2008)

Year ended March 31, 2009
(April 1, 2008- March 31, 2009)

Net assets per share¥1,516.35

Net income per share¥67.08

No diluted net income per share is presented for the
fiscal year because there are no potentially dilutive
securities.

Net assets per share¥1,393.91

Net income (loss) per share¥(32.35)

No diluted net income per share is presented for the
fiscal year because there are net losses per share andthere are no potentially dilutive securities.

Note: Basis of calculations
1. Net assets per share
Year ended
March 31, 2008

Year ended
March 31, 2009

(As of March 31, 2008)(As of March 31, 2009)

Total net assets(Millions of yen)

1,040,135

940,085

Amount excluded from total net assets(Millions of yen)

37,274

41,910(Millions of yen)

37,274

41,910(Millions of yen)

1,002,860

898,174

Number of common shares outstanding(Thousand shares)

700,480

700,480

Number of common treasury shares(Thousand shares)

39,114

56,123

Number of common shares at fiscal year-end used
for the calculation of net assets per share(Thousand shares)

661,366

644,357

Of which, minority interests
Net assets at fiscal year-end pertaining to common
stock

2. Net income (loss) per share
Year ended
March 31, 2008
(April 1, 2007March 31, 2008)

Year ended
March 31, 2009
(April 1, 2008March 31, 2009)

Net income (loss)(Millions of yen)

45,171(20,933)

Amounts not attributable to common shareholders(Millions of yen)--

Net income (loss) pertaining to common stock(Millions of yen)

45,171(20,933)

Average number of common shares outstanding
during the fiscal year

(Thousand shares)

673,364

647,025

Disclosure omission
Disclosure of notes on such items as tax effect accounting, marketable securities, and retirement benefits is omitted
because such disclosure in the release of Financial Results is not considered to be important.

33

5. Non-consolidated financial statements(1) Non-consolidated balance sheets(Millions of yen)

Year ended
March 31, 2008
(As of March 31, 2008)ASSETS
Current assets
Cash and time deposits
Notes receivable
Trade receivable
Marketable securities
Merchandise, finished products andwork in progress
Merchandise and finished goods
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
Accumulated depreciation
Buildings, net
Structures
Accumulated depreciation
Structures, net
Machinery
Accumulated depreciation
Machinery, net
VehiclesAccumulated depreciation
Vehicles, net
Equipment
Accumulated depreciation
Equipment, net
Land
Lease asset
Accumulated depreciation
Lease asset, net
Construction in progress
Total property, plant andequipment
Intangible fixed assets
Software
Other
Total intangible fixed assets

34

Year ended
March 31, 2009
(As of March 31, 2009)

66,15451,487
310,961
10,00949,874
44,155257,183-

18,955

-

4,399
5,760
14,068(2,422)
479,374

4,994
10,317
3,924
4,781
17,853(2,309)390,775

369,107(206,634)
162,473
29,595(21,307)
8,288
719,008(549,960)
169,047
1,025
(874)
151
50,409(38,891)
11,518117,186
24,536

365,070(215,809)
149,261
30,160(21,926)
8,233
689,899(560,965)
128,933
1,047
(914)
133
48,657(39,128)
9,528
117,533
1,626
(77)
1,548
39,579493,202454,752

15,807
4,943
20,75015,598
7,998
23,597

(Millions of yen)

Year ended
March 31, 2008
(As of March 31, 2008)
Investments and other assets
Investment securities
Investments in securities inaffiliates
Long-term loans
Deferred income taxes
Other
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
TOTAL ASSETS

35

Year ended
March 31, 2009
(As of March 31, 2009)

133,550

105,254

119,646

140,356

43,61518,18232,337(10,755)
336,577
850,531
1,329,905

29,03541,35535,346(15,417)335,930
814,281
1,205,056

(Millions of yen)

Year ended
March 31, 2008
(As of March 31, 2008)
LIABILITIESCurrent liabilities
Notes payable
Trade payable
Short-term bank loans
Lease obligation
Accounts payable - otherAccrued expenses
Income taxes payable
Deposits payable
Reserve for bonuses
Reserve for bonuses to directors
Reserve for loss on liquidation ofaffiliates
Notes payable for facilities
Other
Total current liabilities
Long-term liabilities
Bonds
Lease obligation
Long-term debt
Provision for retirement benefits
Total long-term liabilities
TOTAL LIABILITIESNET ASSETSStockholders’ equity
Common stock
Capital surplus
Capital reserve
Total capital surplus
Retained earnings
Legal reserve
Other retained earnings
Reserve for loss on overseas
investment
Reserve for special
depreciation
Reserve for depreciation
reduction of fixed assets
Other reserve
Retained earnings brought
forward
Total retained earnings
Treasury stock
Total stockholders’ equity
Valuation and translation adjustments
Net unrealized gains (losses) onmarketable securities
Net deferred gains (losses) on
derivatives
Total valuation and translation
adjustments
TOTAL NET ASSETS

36

Year ended
March 31, 2009
(As of March 31, 2009)

23,438225,025
42,695
16,625
3,494
150,715
7,402
240

18,186
183,161
14,000269
44,334
13,719143,003
5,993
180

-

336

2,695
3,463
475,796

15,084
2,499
440,769

50,000
6,553
16,057
72,611
548,407

50,0001,356
6,424
11,57869,359510,128

114,464

114,464

144,898
144,898

144,898
144,898

23,30023,300

2

1

64

27

70

60

532,780

482,780

22,033

27,230578,250(66,524)
771,088533,399(93,859)
698,903

10,401(3,969)7(6)

10,409(3,975)

781,498

694,927

TOTAL LIABILITIES AND NET
ASSETS

1,329,905

1,205,056(2) Non-consolidated statements of income(Millions of yen)

Year ended
March 31, 2008
1,180,188

Year ended
March 31, 2009
1,105,429

Cost of sales

1,039,119982,377

Gross profit

141,069

123,052

Selling, general and administrative expenses

112,882

111,084

Operating income

28,186

11,9681,404
8,184
66,35275,9401,189
21,23066,256
88,677835
58,18659,021

1,264
61,60862,87345,10537,772

169
8,735

3
371

7,310

-

-

652

1,237
59
17,513

2
1,030

2,698
1,820
1,503
32
6,553
502
13,111

5,580
41,31013,461
10,5882,669
73,61049,507(34,808)

10,9008,263
19,16330,343210(15,044)(14,834)(19,973)

Net sales

Non-operating income
Interest income
Dividend income
Other
Total non-operating income
Non-operating expenses
Interest expense
Other
Total non-operating expenses
Ordinary income
Extraordinary gains
Gain on sale of fixed assets
Gain on sale of investment securities
Gain on contribution of investment
securities to pension trust
Gain on cancellation of shares due toabsorption of a subsidiary
Reversal of allowance for doubtful accounts
Other
Total extraordinary gains
Extraordinary losses
Loss on sale or disposal of fixed assets
Impairment loss on fixed assets
Loss on devaluation of investment securities
Loss on devaluation of securities in affiliates
Directors’ retirement benefits
Other
Total extraordinary losses
Income (loss) before income taxes and minority
interests
Current income taxes
Deferred income taxes
Income and other taxes
Net income (loss)37

(3) Non-consolidated statements of changes in stockholders’ equity(Millions of yen)

Year ended
March 31, 2008
Stockholders’ equity
Common stock
Balance at March 31, 2008
Balance at March 31, 2009
Capital surplus
Capital reserve
Balance at March 31, 2008
Balance at March 31, 2009
Total capital surplus
Balance at March 31, 2008
Balance at March 31, 2009
Retained earnings
Legal reserve
Balance at March 31, 2008
Balance at March 31, 2009
Other retained earnings
Reserve for loss on overseas
investment
Balance at March 31, 2008
Changes of items during theperiodReversal of reserve for loss
on overseas investment
Total changes during theperiodBalance at March 31, 2009
Reserve for special depreciation
Balance at March 31, 2008
Changes of items during theperiodReversal of reserve for
special depreciation
Total changes during theperiodBalance at March 31, 2009
Reserve for depreciation reductionof fixed assets
Balance at March 31, 2008
Changes of items during theperiodReversal of reserve fordepreciation reduction of
fixed assets
Total changes during theperiodYear ended
March 31, 2009

114,464
114,464

114,464
114,464

144,898
144,898

144,898
144,898

144,898
144,898

144,898
144,898

23,30023,30023,30023,300

3

2

(1)

(0)

(1)

(0)

2

1

139

64

(75)

(37)

(75)

(37)

64

27

81

70

(11)

(9)

(11)

(9)

Balance at March 31, 2009
Other reserve
Balance at March 31, 2008
Changes of items during theperiod70

60

582,780

532,780

Reversal of other reserve
Total changes during theperiod(50,000)(50,000)(50,000)(50,000)

Balance at March 31, 2009

532,780

482,78038

(Millions of yen)

Year ended
March 31, 2008
Retained earnings brought forward
Balance at March 31, 2008
Changes of items during theperiodReversal of reserve forlosses on overseas
investment
Reversal of reserve for
special depreciation
Reversal of reserve fordepreciation reduction of
fixed assets
Reversal of other reserve
Cash dividends paid
Net income (loss)
Disposal of treasury stock
Retirement of treasury stock
Total changes during theperiodBalance at March 31, 2009
Total retained earnings
Balance at March 31, 2008
Changes of items during the period
Cash dividends paid
Net income (loss)
Disposal of treasury stock
Retirement of treasury stock
Total changes during theperiodBalance at March 31, 2009
Treasury stock
Balance at March 31, 2008
Changes of items during the period
Purchase of treasury stock
Disposal of treasury stock
Retirement of treasury stock
Total changes during the period
Balance at March 31, 2009
Total stockholders’ equity
Balance at March 31, 2008
Changes of items during the period
Cash dividends paid
Net income (loss)
Purchase of treasury stock
Disposal of treasury stock
Total changes during the period
Balance at March 31, 200939

Year ended
March 31, 2009

18,181

22,033

1

0

75

37

11

9

50,000(23,931)
30,343(1)(52,646)

50,000(24,849)(19,973)
(27)
-

3,851

5,196

22,033

27,230624,486

578,250(23,931)
30,343(1)(52,646)(24,849)(19,973)(27)-(46,236)(44,850)

578,250

533,399(60,562)(66,524)(58,642)34
52,646(5,962)(66,524)(27,424)89(27,335)(93,859)823,287

771,088(23,931)
30,343(58,642)32(52,198)
771,088(24,849)(19,973)(27,424)62(72,185)
698,903(Millions of yen)

Year ended
March 31, 2008
Valuation and translation adjustments
Net unrealized gains (losses) on marketablesecurities
Balance at March 31, 2008

Year ended
March 31, 2009

40,871

10,401

Changes of items during the period
Net changes in items other thanstockholders’ equity
Total changes during the period(30,469)(14,371)(30,469)(14,371)

Balance at March 31, 2009

10,401(3,969)Balance at March 31, 2008
Changes of items during the period
Net changes in items other thanstockholders’ equity
Total changes during the period
Balance at March 31, 2009
Total valuation and translation adjustments

(3)

7

10

(13)

10
7

(13)
(6)

Balance at March 31, 2008
Changes of items during the period
Net changes in items other thanstockholders’ equity
Total changes during the period
Balance at March 31, 2009
Total net assets
Balance at March 31, 2008

40,868

10,409(30,458)(14,385)(30,458)
10,409(14,385)(3,975)864,155

781,498

Cash dividends paid

(23,931)(24,849)

Net income (loss)

30,343(19,973)

Purchase of treasury stock(58,642)(27,424)32

62(30,458)(14,385)(82,657)(86,570)

781,498

694,927

Net deferred gains (losses) on derivatives

Changes of items during the period

Disposal of treasury stock
Net changes in items other thanstockholders’ equity
Total changes during the period
Balance at March 31, 200940

(4) Notes on premise of a going concern
None

6. Other information(1) Changes in directors and officers (as of June 26, 2009)
a. New director candidates (to be selected at the Ordinary General Meeting of Shareholders to be heldon June 26)
Director

Sakae Hikita (currently Corporate Officer)

b. Retiring directors (at the conclusion of the Ordinary General Meeting of Shareholders to be held on June 26)
Managing Director

Tatsuya Nishimura (to be appointed

Senior Corporate Officer)

c. Directors scheduled to be promoted (at the Board of Directors’ meeting following the Ordinary General
Meeting of Shareholders to be held on June 26)
Executive Vice President(a representative director)

Yoshinari Kitajima (currently Senior Managing Director)]d. New senior and corporate officers
Senior Corporate Officer

Tatsuya Nishimura

Corporate Officer

Yasuo Takeda (currently Deputy General Manager of Packaging)

Corporate Officer

Junichi Funatsu (currently General Manager of Commercial Printing)Corporate Officer

Morihiro Muramoto (currently General Manager of IPS)e. Senior corporate officers to be promoted
Senior Corporate Officer

Tatsuro Kitayuguchi (currently Corporate Officer)

Senior Corporate Officer

Koichi Hashimoto (currently Corporate Officer)

41

Supplementary data
Net sales by segment
Term
Segment

Year ended
March 31, 2008
(A)

Year ended
March 31, 2009
(B)

Increase (Decrease)(A - B)

Millions of yen%

Millions of yen%

Millions of yen%

Information Communication

558,61447.3

532,34348.1(26,271)(4.7)

Lifestyle and Industrial Supplies

379,772

32.2

383,483

34.7

3,711

1.0

Electronics

241,802

20.5

189,603

17.2(52,199)(21.6)

1,180,188

100.0

1,105,429

100.0(74,759)

(6.3)

Total

42