A N N U A L R E P O R T 1 9 9 9

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CONSOLIDATED STATEMENTS OF INCOME Toppan Printing Co., Ltd. and Subsidiaries For the years ended March 31, 1997, 1998 and 1999 Millions of yen Thousands of dollars (Note 1) 1997 1998 1999 1999 Net Sales ¥1,274,339 ¥1,284,145 ¥1,223,439 $10,111,066 Cost of Sales 1,054,486 1,059,558 1,030,295 8,514,835 Gross Profit 219,853 224,587 193,144 1,596,231 Selling, General and Administrative Expenses 131,711 130,262 127,927 1,057,248 Operating income 88,142 94,325 65,217 538,983 Other income (expenses): Interest expense (3,350) (4,468) (4,412) (36,463) Interest and dividend income 2,781 2,667 2,884 23,835 Rental income on leased equipment 2,224 1,691 1,413 11,678 Amortization of past service costs (Note 1) (1,981) (2,201) (2,564) (21,190) Foreign currency exchange gains (losses) 780 827 (2,030) (16,777) Goodwill write-off (Note 1) (9,015) — — — Loss from valuation of marketable securities and investment securities (7,185) (5,620) (2,336) (19,306) Gain on sale of property 1,065 2,395 2,620 21,653 Gain on sale of investment in subsidiaries (Note 1) — 20,868 — — Reversal of allowance for doubtful receivables (Note 1) — — 1,496 12,364 Special retirement benefits — — (2,782) (22,992) Other, net (3,669) (4,770) (1,991) (16,454) (18,350) 11,389 (7,702) (63,652) Income before Income Taxes 69,792 105,714 57,515 475,331 Provision for Income Taxes (Notes 1 and 4): Current 49,311 54,251 26,223 216,719 Deferred — 4,938 1,724 14,249 Net Income before Minority Interests in Net Income of Consolidated Subsidiaries and Equity in Earnings of Affiliates 20,481 46,525 29,568 244,363 Minority Interests in Net Income of Consolidated Subsidiaries (882) (752) (3,128) (25,850) Equity in Earnings of Affiliates (Note 1) 2,022 1,608 260 2,148 Net Income ¥ 21,621 ¥ 47,381 ¥ 26,700 $ 220,661 Yen Dollars (Note 1) Per Share of Common Stock (Note 6): Net income ¥30.25 ¥65.50 ¥37.29 $0.31 Cash dividends, applicable to earnings for the year 14.00 15.00 15.00 0.12 The accompanying notes to the consolidated financial statements are an integral part of these statements. 26
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ INVESTMENT Toppan Printing Co., Ltd. and Subsidiaries For the years ended March 31, 1997, 1998 and 1999 Millions of yen Thousands of dollars (Note 1) 1997 1998 1999 1999 Common Stock: Beginning balance ¥104,935 ¥104,942 ¥104,985 $867,645 Conversion of convertible bonds 7 43 — — Ending balance ¥104,942 ¥104,985 ¥104,985 $867,645 Additional Paid-in Capital: Beginning balance ¥117,658 ¥117,694 ¥117,738 $973,041 Transfer by merger (Note 1) 29 — — — Conversion of convertible bonds 7 44 — — Ending balance ¥117,694 ¥117,738 ¥117,738 $973,041 Retained Earnings (Note 5): Beginning balance ¥377,831 ¥389,629 ¥444,741 $3,675,545 Net income 21,621 47,381 26,700 220,661 Cash dividends paid (9,440) (9,791) (10,841) (89,595) Directors’ bonuses (366) (354) (355) (2,933) Transfer by merger (Note 1) (29) — — — Effect of adoption of tax allocation accounting (Notes 1 and 4) — 17,811 938 7,752 Translation adjustment and other (Note 1) 12 65 — — Ending balance ¥389,629 ¥444,741 ¥461,183 $3,811,430 The accompanying notes to the consolidated financial statements are an integral part of these statements. 27
Page 1 and 2: A N N U A L R E P O R T 1 9 9 9 Top
Page 3 and 4: FINANCIAL HIGHLIGHTS Toppan Printin
Page 5 and 6: Toppan is working to establish a fo
Page 7 and 8: With only one year remaining until
Page 9 and 10: ? Japan’s printing industry has a
Page 11 and 12: ? A large number of companies offer
Page 13 and 14: ? Electronics operations already ac
Page 15 and 16: Eco- Creativity To enable us to ful
Page 17 and 18: Securities and Cards In this field,
Page 19 and 20: Industrial Materials Toppan has use
Page 21 and 22: Management’s Discussion and Analy
Page 23 and 24: Cash Dividends per Share (¥) 15 10
Page 25 and 26: Toppan Printing Co., Ltd. and Subsi
Page 27: Liabilities and Shareholders’ Inv
Page 31 and 32: NOTES TO CONSOLIDATED FINANCIAL STA
Page 33 and 34: Cash and Cash Equivalents For purpo
Page 35 and 36: The aggregate annual maturities of
Page 37 and 38: 1997 Millions of yen Printing Other
Page 39 and 40: Board of Directors and Auditors 38
Page 41 and 42: Hiromichi Fujita Kenji Ejima Naoki
Page 43 and 44: D INDUSTRIAL MATERIALS Toppan Kenza
Page 45 and 46: D Siam Printing and Packaging Co.,
Page 47 and 48: Produced and printed in Japan by To

A N N U A L R E P O R T 1 9 9 9

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