NOTICE: For the convenience of capital market participants, NIPPON PAINT HOLDINGS CO., LTD.
makes efforts to provide English translations of the information disclosed in Japanese, provided thatthe original Japanese version prevails over its English translation version in the case of any
discrepancy found between the original and translation.

Consolidated Financial Results
for the Six Months Ended September 30, 2015
[Japanese GAAP]
November 6, 2015
Company name: NIPPON PAINT HOLDINGS CO., LTD.
Stock exchange listing: Tokyo Stock Exchange
Code number: 4612
URL: http://www.nipponpaint-holdings.com/
Representative: Tetsushi Tado, Representative Director and President
Contact: Hiroshi Hanaoka, General Manager of Corporate Administration
Phone: +81-6-6455-9141
Scheduled date of filing quarterly securities report: November 11, 2015
Scheduled date of commencing dividend payments: December 2, 2015
Availability of supplementary briefing material on quarterly financial results: Yes
Schedule of quarterly financial results briefing session: Yes(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Six Months Ended September 30, 2015 (April 1, 2015 to September 30,
2015)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating income
Ordinary income
owners of parent
Six months ended
Million yen%
Million yen%
Million yen%
Million yen%
September 30, 2015
263,270 106.9
32,053 104.3
33,68947.6
13,279 (14.9)
September 30, 2014
127,2460.3
15,690(5.2)
22,8320.6
15,6032.0
Note: Comprehensive income: Six months ended September 30, 2015: ¥25,103 million [62.3%]
Six months ended September 30, 2014: ¥15,464 million [-43.9%]
Diluted profit per
Profit per share
share
Six months ended
Yen
Yen
September 30, 2015
41.41
41.41
September 30, 2014
59.85
(2) Consolidated Financial Position
Total assets

Net assets

Million yen

Equity ratio

Million yen%

As of September 30, 2015
822,809584,344
As of March 31, 2015
810,727
589,923
Reference: Equity: As of September 30, 2015: ¥478,636 million
As of March 31, 2015: ¥479,829 million

58.2
59.2

2. Dividends
1stquarter-end
Yen

Annual dividends
2nd
3rd
quarter-end
quarter-end
Yen

Fiscal year ended March 31, 2015
10.00
Fiscal year ending March 31, 2016
15.00
Fiscal year ending March 31, 2016
(Forecast)
Note: Revision to the forecast for dividends announced most recently: Yes

Year-end

Total

Yen

Yen

Yen

-

12.00

22.00

-

15.00

30.00

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2016 (April 1, 2015 to March
31, 2016)(% indicates changes from the previous corresponding period.)
Profit attributable
Net sales
Operating income
Ordinary income
to owners ofProfit per shareparentMillion yen%

Million yen%

Million yen%

Full year
530,000 103.4
70,000 107.4
73,000 48.2
Note: Revision to the financial results forecast announced most recently: Yes

Million yen%

Yen

32,000(82.4)

99.78* Notes:(1) Changes in significant subsidiaries during the period under review: No(2) Accounting treatments adopted specially for the preparation of quarterly consolidated financial statements: Yes(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: Yes
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
September 30, 2015: 325,402,443 shares
March 31, 2015: 325,402,443 shares2) Total number of treasury shares at the end of the period:
September 30, 2015: 4,695,764 shares
March 31, 2015: 4,694,319 shares
3) Average number of shares during the period:
Six months ended September 30, 2015: 320,707,337 shares
Six months ended September 30, 2014: 260,720,450 shares* Presentation regarding the implementation status of the quarterly review procedures
These quarterly financial results are outside the scope of quarterly review procedures under the Financial
Instruments and Exchange Act, and quarterly review procedures for the quarterly consolidated financial statements
are performed separately.
* Explanation of the proper use of financial results forecast and other notes
The earnings forecasts and other forward-looking statements herein are based on information currently available
to the Company and certain assumptions that are judged to be reasonable. Actual results, etc. may differ greatly
from the forecast figures depending on various factors. For the assumptions underlying the forecasts andprecautions when using the forecasts, please refer to “Explanation of Consolidated Financial Results Forecast andOther Forward-Looking Information” on page 4 of the Attachment.

Table of Contents
1. Qualitative Information on Quarterly Financial Results for the Period under Review .................................... 2(1) Explanation of Operating Results................................................................................................................. 2(2) Explanation of Financial Position ................................................................................................................ 3(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Information........... 4
2. Matters Concerning Summary Information (Notes)...................................................................................... ...5
(1) Changes in Significant Subsidiaries during the Six Months ended September 30, 2015............................. 5(2) Accounting Treatments Adopted Specially for the Preparation of Quarterly Consolidated Financial
Statements .................................................................................................................................................... 5(3) Changes in Accounting Policies, Changes in Accounting Estimates and Retrospective Restatement ........ 5
3. Quarterly Consolidated Financial Statements .................................................................................................. 6(1) Quarterly Consolidated Balance Sheets ....................................................................................................... 6(2) Quarterly Consolidated Statements of Income and Comprehensive Income ............................................... 8(3) Quarterly Consolidated Statements of Cash Flows .................................................................................... 10(4) Notes to Quarterly Consolidated Financial Statements.............................................................................. 11(Notes on going concern assumption) ................................................................................................... 11(Notes in the case of significant changes in shareholders’ equity)........................................................ 11(Segment information, etc.)................................................................................................................... 111

1. Qualitative Information on Quarterly Financial Results for the Period under Review(1) Explanation of Operating Results
During the six months ended September 30, 2015, consolidated net sales of NIPPON PAINT HOLDINGS
CO., LTD. (the “Company”) and its group companies (collectively, the “Group”) increased by 106.9% from thecorresponding period of the previous year (the “previous year”), to ¥263,270 million due to the acquisition ofequity of joint venture companies in the Asian region (making them into subsidiaries). Consolidated operating
income increased by 104.3% from the previous year, to ¥32,053 million as a result of the effects of acquiring
equity in the joint venture companies and the recording of related amortization expenses for goodwill andintangible assets in selling and administrative expenses, and consolidated ordinary income increased by 47.6%
from the previous year, to ¥33,689 million. Profit attributable to owners of parent decreased by 14.9% from theprevious year, to ¥13,279 million as a result of the elimination of profit attributable to non-controlling interests.
Results by business segment are as follows. Overseas group companies, with the exception of some companies,
adopt a December fiscal year-end, and a corresponding period for the period under review is from January toJune 2015.
Japan
In this region, as a result of the effects of a decrease in the number of automobiles manufactured, net salesof automotive coatings decreased from the previous year. As for industrial coatings, in line with a decline inmarket conditions, decreased sales of coatings for construction materials and construction machinery and otherfactors led to lower net sales compared to the previous year. With respect to trade-use paints, while
performance has been weak in the overall market, owing to efforts in sales promotion activities, net sales
remained at the same level as the previous year.
As a result of these factors, consolidated net sales for the Japan segment decreased by 5.9% from theprevious year, to ¥86,265 million. Consolidated operating income increased by 143.4% from the previous year,to ¥29,732 million due to the transition to a holding company that occurred on October 1, 2014 leading to therecording of dividend income from overseas group companies (recording ¥16,243 million for the six months
ended September 30, 2015).
Additionally, such amount is eliminated as an internal transaction under “Inter-segment transaction
eliminations and other adjustments.”
Asia
In this region, net sales and operating income increased substantially due to the acquisition of equity ofjoint venture companies in the Asian region (making them into subsidiaries). Particularly, in China, the coreregion of the Asia segment, net sales were robust for trade-use paints such as paints for housing interiors.
However, due to making the companies into subsidiaries, share of profit of entities accounted for using equity
method decreased.
As a result of these factors, consolidated net sales for the Asia segment increased by 622.9% from theprevious year, to ¥156,461 million, consolidated operating income increased by 658.5% from the previous year,to ¥16,048 million, and share of profit of entities accounted for using equity method decreased by 90.7% fromthe previous year, to ¥582 million.
North America
In this region, net sales increased due to an increase in the number of automobiles manufactured.
Furthermore, in addition to reduced expenses for the import of raw materials due to a strong dollar (a weakeryen), continued activities to reduce costs led to a significant improvement in profitability.
As a result, consolidated net sales for the North America segment increased by 35.7% from the previous
year, to ¥16,313 million, and consolidated operating income increased by 111.1% from the previous year, to¥2,495 million.
2

OtherConsolidated net sales for this geographic segment increased by 117.6% from the previous year to ¥4,230
million due to the consolidation of a German paint manufacturer, and consolidated operating income decreasedby 54.5% from the previous year to ¥41 million due to an increase in amortization of goodwill.

(2) Explanation of Financial Position
Total assets at the end of the second quarter of the fiscal year under review increased by ¥12.08 billion
from the end of the previous fiscal year to ¥822,809 million. Of these, current assets increased by ¥26.01
billion from the end of the previous fiscal year, primarily caused by strong performance in sales of coatings in
the Asian region, and an increase in notes and accounts receivable - trade.
Non-current assets decreased by ¥13.93 billion from the end of the previous fiscal year, primarily caused
by factors such as the application of the Accounting Standard for Business Combinations etc. which led to adecrease in goodwill, and a decrease in investment securities due to falling stock prices.
Liabilities increased by ¥17.66 billion from the end of the previous fiscal year to ¥238,464 million. The
increase was mainly attributable to increases in notes and accounts payable - trade and short-term loans payable.
Net assets including non-controlling interests decreased by ¥5.58 billion from the end of the previous
fiscal year to ¥584,344 million. This was mainly attributable to a decrease in capital surplus due to theapplication of the Accounting Standard for Business Combinations, etc., despite an increase in retained
earnings stemming from the recording of profit attributable to owners of parent.
As a result, equity ratio fell from 59.2% at the end of the previous fiscal year to 58.2%.
(Status of Cash Flows)
During the six months ended September 30, 2015, net cash provided by operating activities was ¥13,711
million, net cash used in investing activities was ¥7,264 million, and net cash used in financing activities was¥4,393 million. As a result, cash and cash equivalents (hereinafter “cash”) amounted to ¥80,955 million, an
increase of ¥2.25 billion from the end of the previous fiscal year.
(Cash flows from operating activities)
Net cash provided by operating activities for the six months ended September 30, 2015 was ¥13,711
million (a decrease of ¥0.87 billion from the previous year). This was mainly attributable to a cash inflow of¥49,303 million owing to income before income taxes after taking into account non-cash expenses such as
depreciation and other items (excluding increases and decreases in working capital), offset by factors such as asignificant increase in notes and accounts receivable – trade at the end of the second quarter under review inline with the early collection of notes and accounts receivable – trade at the end of the previous fiscal year at aconsolidated subsidiary in China leading to a decrease of ¥20,602 million in cash stemming from an increase inworking capital, and income taxes paid of ¥14,989 million.
(Cash flows from investing activities)
Net cash used in investing activities for the six months ended September 30, 2015 was ¥7,264 million (anincrease of ¥5.2 billion from the previous year). This was mainly attributable to purchase of property, plant andequipment of ¥9,133 million, offset by an increase of ¥2,782 million in cash stemming from net decrease in
short-term investment securities.
(Cash flows from financing activities)
Net cash used in financing activities for the six months ended September 30, 2015 was ¥4,393 million (adecrease of ¥6.84 billion from the previous year). This was mainly attributable to ¥11,186 million in cash
dividends paid, offset by cash inflows of ¥7,035 million as a result of an increase in loans payable.

3(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Information
Concerning the financial results forecast for the full year, due to factors such as the effects of adeceleration in the economic conditions in the Asia segment, centered on China, results are expected to belower than the full-year financial results forecast announced on May 12, 2015.
In light of the above, the previously announced financial results forecast has been revised as follows.
Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2016 (April 1, 2015 to March 31,
2016)(Million yen)
Profit attributable to
Net sales
Operating income
Ordinary income
owners of parent
Previous forecast (A)560,000
74,00076,50033,000
Revised forecast (B)530,000
70,00073,00032,000Difference (B – A)
(30,000)(4,000)(3,500)(1,000)Rate of change (%)
(5.4)
(5.4)
(4.6)
(3.0)

4

2. Matters Concerning Summary Information (Notes)(1) Changes in Significant Subsidiaries during the Six Months ended September 30, 2015
There is no relevant information.
(2) Accounting Treatments Adopted Specially for the Preparation of Quarterly Consolidated Financial Statements(Special Accounting Treatments)
Calculation of tax expenses
Tax expenses have been calculated by multiplying income before income taxes by an effective tax rate,
which is reasonably estimated after the application of tax effect accounting to income before income taxes forthe consolidated fiscal year including the second quarter of the fiscal year under review.

(3) Changes in Accounting Policies, Changes in Accounting Estimates and Retrospective Restatement(Changes in Accounting Policies)
Effective from the first quarter of the fiscal year under review, the Company has applied the “AccountingStandard for Business Combinations” (Accounting Standards Board of Japan (ASBJ) Statement No. 21,
September 13, 2013; hereinafter the “Business Combination Accounting Standard”), “Accounting Standard forConsolidated Financial Statements” (ASBJ Statement No. 22, September 13, 2013; hereinafter the“Consolidated Financial Statement Accounting Standard”), and “Accounting Standard for Business
Divestitures” (ASBJ Statement No. 7, September 13, 2013; hereinafter the “Business Divestiture AccountingStandard”), and along with recording differences in the Company’s holding value for subsidiaries for which
control continues as capital surplus, the method for recording expenses related to acquisition has been changed
to the consolidated fiscal year in which the expenses were incurred. Furthermore, concerning businesscombinations which occur at or after the beginning of the first quarter of the fiscal year under review, themethod has been changed to reflect revisions to distribution amounts for acquisition costs resulting fromsettlement of provisional accounting treatment to the quarterly consolidated financial statements for the
consolidated accounting period to which the business combination applies. As a result, changes in presentationin net income, etc. as well as a change in presentation from “minority interests” to “non-controlling interests”
have been made. In order to reflect these changes in presentation, reclassifications have been made in thequarterly consolidated financial statements and the consolidated financial statements for the six months ended
September 30, 2014 and the previous consolidated fiscal year.
In the quarterly consolidated statements of cash flows for the six months ended September 30, 2015, cash
flows relating to purchase or sales of shares of subsidiaries not resulting in change in scope of consolidation areclassified as “cash flows from financing activities,” and cash flows relating to expenses arising from purchaseof shares of subsidiaries resulting in change in scope of consolidation, or cash flows relating to expenses arisingfrom purchase or sales of shares of subsidiaries not resulting in change in scope of consolidation, are nowclassified in “cash flows from operating activities.”
The application of Business Combination Accounting Standard, etc., have been adopted in accordancewith transitional treatments stipulated in Business Combination Accounting Standard, Paragraph 58-2 (3),Consolidated Financial Statement Accounting Standard, Paragraph 44-5 (3), and Business Divestiture
Accounting Standard, Paragraph 57-4 (3), and the amount of the cumulative effect as of the beginning of thefirst quarter of the fiscal year under review when the new accounting standards are retroactively applied to all
previous periods has been added to or subtracted from capital surplus and retained earnings.
As a result, as of the beginning of the first quarter of the fiscal year under review, goodwill and capital surplus
decreased by ¥11,753 million and ¥14,886 million, respectively, while retained earnings increased by ¥3,008 million.
In addition, during the six months ended September 30, 2015, operating income increased by ¥520 million, andordinary income and income before income taxes each increased by ¥530 million.
53. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Million yen)
As of March 31, 2015
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Securities
Inventories
Deferred tax assets
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Trademark right
Other
Total intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

6

As of September 30, 2015

89,007
136,694
43,752
53,2797,218
14,962(3,179)341,736

90,339157,441
41,97456,337
6,834
18,746(3,923)367,750

43,57057,360100,930

44,50062,653
107,153

210,538
54,01753,518318,073

196,528
53,07653,251
302,856

47,284
917
1,958
(174)
49,987
468,991
810,727

41,971
739
2,549
(211)
45,048455,058
822,809(Million yen)
As of March 31, 2015
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term loans payable
Income taxes payable
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Deferred tax liabilities
Provision for directors’ retirement benefits
Provision for environmental measures
Net defined benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Subscription rights to shares
Non-controlling interests
Total net assets
Total liabilities and net assets

7

As of September 30, 201582,272
11,456
11,1099,931
52,208
166,977

85,822
10,23019,776
7,489
63,488186,807

2,612
27,404172
304
16,763
6,568
53,826
220,804

2,243
25,491
109
335
16,1807,297
51,657
238,464

78,86278,338314,743(6,432)465,51378,86263,451
327,183(6,437)463,061

12,21813
4,307(2,224)
14,316–
110,094
589,923
810,727

9,289
8
8,379
(2,100)15,575
13
105,694
584,344822,809(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Six Months Ended September 30(Million yen)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity method
Foreign exchange gains
Gain on investment of securities
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of non-current assets
Other
Total extraordinary income
Extraordinary losses
Loss on sales and retirement of non-current assets
Other
Total extraordinary losses
Income before income taxes
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

8

For the six months ended
September 30, 2014
127,246
81,62945,61729,927
15,690For the six months ended
September 30, 2015
263,270
155,896
107,374
75,32032,053

63
442
6,267
632
–
554
7,960

463
461
431
–
690
1,208
3,256

100
–
718
818
22,832

153
487
978
1,619
33,689

12
3
15

8
0
8

80
23
104
22,743
6,021
16,722
1,119
15,603154
9164
33,533
11,10622,426
9,147
13,279

Quarterly Consolidated Statements of Comprehensive Income
Six Months Ended September 30(Million yen)

ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted
for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

9

For the six months ended
September 30, 2014
16,722For the six months ended
September 30, 2015
22,4261,863
17(1,735)423(2,938)
(9)
5,280
123

(1,827)219(1,258)15,464

2,676
25,103

14,771

14,539693

10,563

(3) Quarterly Consolidated Statements of Cash Flows(Million yen)
For the six months ended
September 30, 2014

For the six months ended
September 30, 2015

22,743
2,939
478
(505)
100

33,533
7,913
5,110
(925)
153

(6,267)

(431)

68

146

998
931
(2,570)1,240(2,483)
17,673
4,624(112)(7,605)
14,579(19,395)
(834)
(372)
(724)
3,690
27,862991(152)(14,989)
13,71137(1,999)
76
(21)

2,782
(9,133)
116
(189)

–

(301)

(160)
(2,067)(539)(7,264)(214)
40(7,205)(139)(3,128)(570)(19)(11,236)
(190)
1,085
43,787

10,561308(3,833)(230)(3,848)(7,338)(11)(4,393)200
2,253
78,702346–

45,21880,955

Cash flows from operating activities
Income before income taxes
Depreciation
Amortization of goodwill
Interest and dividend income
Interest expenses
Share of (profit) loss of entities accounted for using equity
methodLoss (gain) on sales and retirement of property, plant andequipment
Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade
Increase (decrease) in net defined benefit liability
Other, net
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Net decrease (increase) in short-term investment securities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of investment securities
Purchase of shares of subsidiaries resulting in change inscope of consolidation
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Repayments of lease obligations
Cash dividends paid
Dividends paid to non-controlling interests
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents from newly consolidated
subsidiary
Cash and cash equivalents at end of period10(4) Notes to Quarterly Consolidated Financial Statements(Notes on going concern assumption)
There is no relevant information.

(Notes in the case of significant changes in shareholders’ equity)
There is no relevant information.
(Segment information, etc.)[Segment information]
I. For the six months ended September 30, 2014
1. Information on net sales and income (loss) by reportable segment(Million yen)Japan

Reportable segment
North
Asia
America

Subtotal

Other(Note)Total

Net sales
Net sales to outside customers
91,634
21,643
12,023125,302
1,944
127,246
Inter-segment net sales or transfers
6,068
2,139
73
8,282
559
8,841
Total
97,70323,78312,097
133,584
2,504
136,088
Segment income
12,2152,115
1,182
15,51390
15,603
Share of profit (loss) of entities
–
6,279
–
6,279
(12)
6,267
accounted for using equity method
Note: “Other” represents business segments that are not included in the reportable segments, and contains businessactivities by overseas subsidiaries in Europe, etc.
2. Difference between total reportable segment income (loss) and the amount recorded in the quarterly
consolidated statements of income, and major details of said difference (matters related to adjustments ofdifferences)(Million yen)
IncomeAmountTotal reportable segment income

15,513

Segment income from “Other”

90

Inter-segment transaction eliminations and otheradjustments
Operating income recorded in the quarterly consolidated
statement of income
3. Information regarding impairment loss on non-current assets or goodwill, etc. by reportable segment
There is no relevant information.

11

86
15,6904. Information on products and services(Million yen)

Change from the previous
year (%)

AmountNet sales to outside customers
Paints119,671(0.0)

Automotive

45,093(1.4)

Trade-use

23,597(3.1)

Industrial

23,224(0.5)

Other paints

27,755

5.7

Fine chemicals

7,575

5.3

127,246

0.3

Total
Note: Consumption taxes are not included in these amounts.

II. For the six months ended September 30, 2015
1. Information on net sales and income (loss) by reportable segment(Million yen)Japan

Reportable segment
North
Asia
America

Subtotal

Other(Note)Total

Net sales
Net sales to outside customers
86,265
156,461
16,313
259,040
4,230
263,270
Inter-segment net sales or transfers
26,8122,797
87
29,697533
30,230
Total
113,078
159,258
16,400288,737
4,763
293,501
Segment income
29,732
16,0482,495
48,27641
48,317
Share of profit (loss) of entities
(4)
582
–
578
(146)
431
accounted for using equity method
Note: “Other” represents business segments that are not included in the reportable segments, and contains businessactivities by overseas subsidiaries in Europe, etc.
2. Difference between total reportable segment income (loss) and the amount recorded in the quarterly
consolidated statements of income, and major details of said difference (matters related to adjustments ofdifferences)(Million yen)

IncomeAmount48,276

Total reportable segment income
Segment income from “Other”

41

Inter-segment transaction eliminations and other(16,264)
adjustments
Operating income recorded in the quarterly
32,053
consolidated statement of income
Note: “Inter-segment transaction eliminations and other adjustments” for the six months ended September 30, 2015
includes inter-segment dividend income.

12

3. Changes to reportable segments(Application of the Accounting Standard of Business Combinations)
As described in “Changes in Accounting Policies”, effective from the first quarter of the fiscal year underreview, the Company records differences in the Company’s holding value for subsidiaries for which control
continues as capital surplus, and the method for recording expenses related to acquisition has been changed tothe consolidated fiscal year in which the expenses were incurred.
As a result of these changes, segment income for the six months ended September 30, 2015 has increased by¥487 million in the “Japan” segment and increased by ¥33 million in the “Asia” segment, compared to thatrecorded using the previous method.
4. Information regarding impairment loss on non-current assets or goodwill, etc. by reportable segment(Significant changes to goodwill amounts)
From the first quarter of the fiscal year under review, the application of the Business Combination
Accounting Standard, Consolidated Financial Statement Accounting Standard, and Business Divestiture
Accounting Standard, etc., has resulted in a decrease in goodwill. As a result of these changes, the amount of
goodwill at the beginning of the first quarter of the fiscal year under review decreased by ¥10,475 million in the“Japan” segment and decreased by ¥1,277 million in the “Asia” segment.
5. Information on products and services(Million yen)

Change from the previous
year (%)

AmountNet sales to outside customers
Paints254,418

112.6

Automotive

65,75345.8

Trade-use

125,727432.8

Industrial

33,905

46.0

Other paints

29,031

4.6

Fine chemicals

8,852

16.9

263,270

106.9

Total
Note: Consumption taxes are not included in these amounts.

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