Consolidated Financial Results
for the Three Months Ended March 31, 2019
[IFRS]
May 15, 2019
Company name: NIPPON PAINT HOLDINGS CO., LTD.
Stock exchange listing: Tokyo Stock Exchange
Code number: 4612
URL: https://www.nipponpaint-holdings.com/
Representative: Tetsushi Tado, President & CEO, Representative Director of the Board
Contact: Yukiko Mochida, Manager of Investor Relations Office
Phone: +81-6-6455-9140
Scheduled date of filing the quarterly securities report: May 15, 2019
Scheduled date of commencing dividend payments: 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 Three Months Ended March 31, 2019 (January 1, 2019 to March
31, 2019)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Revenue
Operating profit
Profit before tax
ProfitThree months ended Million yen%
Million yen%
Million yen%
Million yen%
147,359(1.2)
March 31, 201920,129(8.2)
20,378(6.8)
15,079 (6.3)
March 31, 2018
149,170－
21,926－
21,853－16,096－

Three months ended
March 31, 2019
March 31, 2018

Profit attributable toowners of parent

Comprehensive
incomeMillion yen%

Million yen%

10,648
11,679(8.8)－

21,101(7,264)－－

Basic earnings per
share

Three months ended
March 31, 2019
March 31, 2018

Diluted earnings per
share

Yen

Yen

33.20
36.42

33.20
36.41

The Group has adopted IFRS starting from the fiscal year ended December 31, 2018. Accordingly, changes from the previous
corresponding period for the three months ended March 31, 2018 have not been provided.

(2) Consolidated Financial Position
Total assets
As of March 31, 2019
As of December 31, 2018

Total equity

Equity attributable
Equity attributableto owners of parent
to owners of parent
to total assets

Million yen

Million yen

Million yen%

991,932
953,988662,297
647,618

527,185
520,047

53.1
54.5

1

2. Dividends

Fiscal year ended
December 31, 2018
Fiscal year ending
December 31, 2019
Fiscal year ending
December 31, 2019 (Forecast)

Annual dividends
3rdquarter-end

1stquarter-end

2ndquarter-end

Yen

Yen

Yen

Yen

Yen

－

22.00

－

23.00

45.00

22.00

－

23.00

45.00

Year-end

Total－

Note: Revision to the dividends forecast announced most recently: No
3. Consolidated Financial Results Forecast for the Fiscal Year Ending December 31, 2019 (January 1, 2019 to
December 31, 2019)(% indicates changes from the previous corresponding period.)
Basic
Profit attributable
Revenue
Operating profit
Profit before tax
earnings
to owners of parent
per share
Million yen%

Million yen%

Million yen%

First half
310,000－
39,500－40,000－
Full year
640,000
2.0
77,000 (11.0)
78,000 (12.4)
Note: Revision to the financial results forecast announced most recently: No

Million yen

20,00039,000%－(14.0)

Yen

62.36
121.60* Notes:(1) Changes in significant subsidiaries during the period under review: No(2) Changes in accounting policies and changes in accounting estimates
1) Changes in accounting policies required by IFRS: Yes
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
March 31, 2019: 325,402,443 shares
December 31, 2018: 325,402,443 shares2) Total number of treasury shares at the end of the period:
March 31, 2019: 4,690,077 shares
December 31, 2018: 4,689,703 shares
3) Average number of shares during the period:
Three months ended March 31, 2019: 320,712,604 shares
Three months ended March 31, 2018: 320,701,961 shares*These consolidated financial results are outside the scope of audit by Certified Public Accountants or auditing
corporations.
*Explanation of the proper use of financial results forecast and other notes(Caution concerning forward-looking statements)
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, and the Company does not in any way
guarantee the achievement of the projections. Actual results, etc. may differ greatly from the forecast figuresdepending on various factors.

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 3
2. Condensed Quarterly Consolidated Financial Statements and Primary Notes ................................... 4(1) Condensed Quarterly Consolidated Statements of Profit or Loss and Comprehensive Income ...... 4(2) Condensed Quarterly Consolidated Statement of Financial Position ............................................ 6(3) Condensed Quarterly Consolidated Statement of Changes in Equity ............................................ 8(4) Condensed Quarterly Consolidated Statement of Cash Flows ...................................................... 9(5) Notes to Condensed Quarterly Consolidated Financial Statements ............................................. 10(Notes on going concern assumption) ................................................................................... 10(Segment information) ......................................................................................................... 10(Significant subsequent events) ............................................................................................ 121

1. Qualitative Information on Quarterly Financial Results for the Period under Review(1) Explanation of Operating Results
The period of consolidation for the three months ended March 31, 2019 is the three months from January to
March 2019.
During the three months ended March 31, 2019, consolidated revenue of the Company and its groupcompanies (collectively, the “Group”) decreased by 1.2% from the corresponding period of the previous year(the “previous year”) to ¥147,359 million. Consolidated operating profit decreased by 8.2% from the previous
year to ¥20,129 million due to a decrease in the subsidy income related to the removal of factories resulting froman environmental regulation in China compared to the previous year. Consolidated profit before tax decreased by
6.8% from the previous year to ¥20,378 million, and profit attributable to owners of parent decreased by 8.8%
from the previous year to ¥10,648 million.
Results by business segment are as follows.
Japan
In this region, in an environment where the number of automobiles manufactured was slightly higher thanthe previous year, net sales for automotive coatings were higher than the previous year due to factors such asfavorable shipments of premium design and high value-added coatings. As for industrial coatings, net sales werehigher than the previous year due to factors such as a higher number of new housing starts than the previous year
and increased demand in line with restoration works following the natural disasters that occurred in the previous
year. As for trade-use paints, under solid market conditions, net sales were higher than the previous year due tofactors such as efforts to expand sales in the retail sector.
As a result of these factors, consolidated revenue for the Japan segment increased by 2.1% from the previous
year to ¥43,843 million. Consolidated operating profit decreased by 20.7% from the previous year to ¥9,623
million. ¥1,558 million of dividend income from overseas group companies (¥3,390 million in the previous year)
is included in consolidated operating profit. All of this dividend income is eliminated as an internal transaction
under “intersegment eliminations and other adjustments.”
Asia
In this region, the market for automotive coatings was sluggish due to factors including a decrease in thenumber of automobiles manufactured in China from the previous year, and a fall in product unit prices resulting
from a change in the product mix in Thailand, despite an increase in the number of automobiles manufactured in
Thailand from the previous year. As a result, net sales for automotive coatings were lower than the previous year.
As for trade-use paints, which account for the highest ratio of business, net sales were lower than the previous
year due to stagnant market conditions in Singapore and Malaysia and the effects of exchange rate, although salesof mainstay interior residential paints and decorative paints for exterior were favorable in spite of lackluster
housing-related market conditions caused by the strengthening of regulations in China.
As a result of these factors, consolidated revenue for the Asia segment decreased by 2.3% from the previous
year to ¥82,484 million. Consolidated operating profit decreased by 4.8% from the previous year to ¥11,494
million.
Americas
In this region, net sales for automotive coatings decreased from the previous year due to factors such as the
sluggish production of automobiles in the United States, a core region. In trade-use paints, net sales decreased
from the previous year mainly due to the effects of bad weather.
As a result of these factors, consolidated revenue for the Americas segment decreased by 2.3% from theprevious year to ¥17,514 million. Consolidated operating profit decreased by 32.3% from the previous year to¥629 million.
2

OtherIn this segment, regarding automotive coatings, consolidated revenue decreased by 9.2% from the previous
year to ¥3,517 million due to the effects of exchange rate in addition to the sluggish production of automobilesin the region, and consolidated operating loss was ¥92 million, compared to an operating profit of ¥132 million
in the previous year.

(2) Explanation of Financial Position
Total assets at the end of the first quarter of the fiscal year under review increased by ¥37,943 million fromthe end of the previous fiscal year to ¥991,932 million. Current assets increased by ¥7,824 million from the endof the previous fiscal year mainly due to factors such as an increase in trade and other receivables, despite adecrease in cash and cash equivalents. Additionally, non-current assets increased by ¥30,119 million from theend of the previous fiscal year. The increase was primarily attributable to factors such as an increase in property,
plant and equipment in line with the application of IFRS 16.
Liabilities increased by ¥23,264 million from the end of the previous fiscal year to ¥329,635 million mainly
due to factors such as an increase in other financial liabilities in line with the application of IFRS 16.
Equity increased by ¥14,678 million from the end of the previous fiscal year to ¥662,297 million. This was
mainly attributable to factors such as an increase in foreign currency translation adjustment and an increase inretained earnings due to the recording of profit attributable to owners of parent.
As a result, equity attributable to owners of parent to total assets fell from 54.5% at the end of the previous
fiscal year to 53.1%.
(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Information
There are no revisions from consolidated financial results forecast for the six months ending June 30, 2019and for the full year ending December 31, 2019 announced on February 13, 2019.

3

2. Condensed Quarterly Consolidated Financial Statements and Primary Notes(1) Condensed Quarterly Consolidated Statements of Profit or Loss and Comprehensive Income
Condensed Quarterly Consolidated Statement of Profit or Loss
Three Months Ended March 31, 2019
(Million yen)
For the three months ended
March 31, 2018

For the three months ended
March 31, 2019

149,170(90,610)58,559(40,593)
4,467
(505)
21,926614(934)

147,359(89,460)
57,898(40,007)
2,588
(350)
20,129
946
(976)

246

278

21,853(5,757)
16,096

20,378(5,298)15,07911,6794,416
16,096

10,6484,430
15,079

36.42
36.41

33.20
33.20

Revenue
Cost of sales
Gross profit
Selling, general and administrative expenses
Other income
Other expenses
Operating profit
Finance income
Finance costs
Share of profit of investments accounted forusing equity method
Profit before tax
Income taxes
ProfitProfit attributable to
Owners of parent
Non-controlling interests
ProfitEarnings per share
Basic earnings per share (yen)Diluted earnings per share (yen)4Condensed Quarterly Consolidated Statement of Comprehensive Income
Three Months Ended March 31, 2019
(Million yen)
For the three months ended
March 31, 2018

For the three months ended
March 31, 201916,096

15,079(1,656)491

9

3(1,646)495(21,018)

5,516

(695)

9

(21,714)

5,526

Comprehensive income(23,360)(7,264)

6,022
21,101

Comprehensive income attributable to
Owners of parent
Non-controlling interests
Comprehensive income(8,080)816(7,264)

14,507
6,594
21,101

ProfitOther comprehensive income
Items that will not be reclassified subsequently to profit
or loss
Financial assets measured at fair value through othercomprehensive income
Remeasurements of defined benefit plans
Total of items that will not be reclassified subsequently
to profit or loss
Items that may be reclassified subsequently to profit orloss
Exchange differences on translation of foreign
operations
Share of other comprehensive income of entities
accounted for using equity method
Total of items that may be reclassified subsequently to
profit or loss
Total other comprehensive income5(2) Condensed Quarterly Consolidated Statement of Financial Position
As ofDecember 31, 2018
AssetsCurrent assets
Cash and cash equivalents
Inventories
Trade and other receivables
Other financial assets
Other current assets
Subtotal
Assets held for sale
Total current assets
Non-current assets
Property, plant and equipment
Goodwill
Other intangible assets
Investments accounted for using equity method
Other financial assets
Other non-current assets
Deferred tax assets
Total non-current assets
Total assets

6(Million yen)
As ofMarch 31, 2019

129,633
65,807179,269
59,7759,456
443,941272
444,214120,220
66,382
192,192
64,8528,119
451,766
271
452,038

140,550
203,722
95,496
11,61240,942
14,374
3,075
509,774
953,988

178,608
205,020
94,774
11,18245,336
1,891
3,080
539,893991,932

As ofDecember 31, 2018

(Million yen)
As ofMarch 31, 2019

Liabilities and equity
Liabilities
Current liabilities
Trade and other payables
Bonds and borrowings
Other financial liabilities
Income taxes payable
Provisions
Other current liabilities
Total current liabilities

121,999
51,583
5,050
4,735
992
31,415
215,776

119,778
57,663
8,816
6,338
1,043
34,572
228,213

Non-current liabilities
Bonds and borrowings
Other financial liabilities
Retirement benefit liability
Provisions
Other non-current liabilities
Deferred tax liabilities
Total non-current liabilities

37,881
5,558
19,572385
1,209
25,98690,59330,82823,985
19,339419
1,316
25,533
101,421

Total liabilities

306,370329,635

EquityShare capital
Capital surplus
Treasury shares
Retained earnings
Other components of equity
Total equity attributable to owners of parent
Non-controlling interests
Total equity
Total liabilities and equity

78,862
63,247(6,444)
390,287(5,905)520,047
127,570647,618
953,988

78,862
63,247(6,446)
393,562(2,040)527,185
135,112662,297
991,932－7

(3) Condensed Quarterly Consolidated Statement of Changes in Equity
For the Three Months Ended March 31, 2018 (From January 1, 2018 to March 31, 2018)(Million yen)
Equity attributable to owners of parent

Share capital

Balance as of January 1, 2018

CapitalsurplusTreasurysharesRetainedearnings

Other
components ofequityTotal

Noncontrollinginterests

Total equity

78,862

63,262(6,454)360,249

15,471

511,392

125,549

636,941

Profit－－－11,679－11,6794,416

16,096

Other comprehensive income

－

－

－

－

(19,760)(19,760)(3,600)(23,360)

Comprehensive income

－

－

－

11,679(19,760)(8,080)816(7,264)Purchase of treasury shares

－

－

(1)

－

－

(1)

－

(1)

Dividends－－－(7,055)－(7,055)(2,445)(9,501)

Share-based payment transactions

－

－

－

－

17

17

－

17

Transfer from other componentsof equity to retained earnings

－

－

－

4

(4)

－

－

－

Capital increase of subsidiaries

－

－

－

－

－

－

－

－

Other

－

－

－

－

－

－

(151)

(151)

Total transactions with owners

－

－

(1)

(7,050)12(7,039)(2,597)(9,636)78,862

63,262(6,455)364,878(4,275)496,272

123,768

620,040

Balance as of March 31, 2018

For the Three Months Ended March 31, 2019 (From January 1, 2019 to March 31, 2019)(Million yen)
Equity attributable to owners of parent

Share capital

Balance as of January 1, 2019

CapitalsurplusTreasurysharesRetainedearnings

Other
components ofequityTotal

Noncontrollinginterests

Total equity

78,862

63,247(6,444)

390,287(5,905)520,047

127,570647,618

Profit－－－10,648－

10,6484,430

15,079Other comprehensive income

－

－

－

－

3,858

3,858

2,164

6,022

Comprehensive income

－

－

－

10,6483,858

14,507

6,594

21,101

Purchase of treasury shares

－

－

(1)

－

－

(1)

－

(1)

Dividends－－－(7,376)－(7,376)(661)(8,038)

Share-based payment transactions

－

－

－

－

8

8

－

8

Transfer from other componentsof equity to retained earnings

－

－

－

1

(1)

－

－

－

Capital increase of subsidiaries

－

－

－

－

－

－

1,600

1,600

Other

－

－

－

－

－

－

9

9

Total transactions with owners

－

－

(1)

(7,374)

6(7,369)947(6,422)

78,862

63,247(6,446)

393,562(2,040)527,185

135,112662,297

Balance as of March 31, 20198

(4) Condensed Quarterly Consolidated Statement of Cash Flows(Million yen)
For the three months ended
March 31, 2018

For the three months ended
March 31, 2019

21,853
4,808
(306)
287

20,378
5,644
(643)
837

(246)

(278)

(2,198)49(1,928)(12,145)435
117(1,918)
1,329
10,089222
72(327)(4,950)
5,105

(137)
(11,813)(1,732)
(226)
83
5,169
17,329619
84(601)(4,025)
13,406

5,644

(569)

(4,585)
1,776
(456)
(219)
－
(215)
(477)
1,466

(5,258)
67
(426)
(47)
(57)
(5,779)(2,014)(14,086)(415)(7,027)－(7,055)(298)(156)(14,953)9,536(11,471)
1,600(7,376)(448)(1,351)(9,511)(1,790)778(10,171)
101,876
91,704(9,413)
129,633
120,220

Cash flows from operating activities
Profit before tax
Depreciation and amortization
Interest and dividend income
Interest expenses
Share of loss (profit) of investments accounted forusing equity method
Loss (gain) on sale and retirement of property, plantand equipment, and intangible assets
Decrease (increase) in inventories
Decrease (increase) in trade and other receivables
Increase (decrease) in trade and other payables
Increase (decrease) in retirement benefit liability
Increase (decrease) in provisions
Other
SubtotalInterest received
Dividends received
Interest paid
Income taxes paid
Net cash provided by operating activities
Cash flows from investing activities
Net decrease (increase) in short-term investment
securities
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Payments for sale of investments in subsidiaries
Payments for loans receivable
Other
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of long-term borrowings
Proceeds from issuance of shares
Dividends paid
Dividends paid to non-controlling interests
Other
Net cash used in financing activities
Effect of exchange rate changes on cash and cash
equivalents
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period9(5) Notes to Condensed Quarterly Consolidated Financial Statements(Notes on going concern assumption)
There is no relevant information.

(Segment information)(1) Summary of reportable segments
The reportable segments of the Group categorize the business composition of the Group for which separate
financial information is available and are subject to periodical evaluation by the Board of Directors, which ishighest decision-making body, in order to make decisions regarding management resource allocation andperformance assessment. The Group’s primary business is the manufacture and sale of paint for automotive,
general, industrial, and other uses, and fine chemicals. The Company and separate local companies are
responsible for domestic activities, and overseas, separate local companies are responsible for the Asia, North
America, and other regions. Each company is an individual management unit, and concerning which items tocarry, comprehensive strategic proposals are made for each region to foster business growth.
As a result, the Group consists of segments divided by region with manufacture and sales structure as a base,and the three reportable segments are “Japan,” “Asia,” and “Americas.”“Other” contains business activities by overseas subsidiaries in Europe, etc. Those business activities aremanaged individually, but are not material enough to be disclosed separately as an independent segment of theGroup.
(2) Performance by reportable segment
For the Three Months Ended March 31, 2018 (From January 1, 2018 to March 31, 2018)(Million yen)
Reportable segment
Other

Total

Condensed
quarterly
Adjustment
consolidated(Note)
financialstatements

Japan

Asia

Americas

Subtotal

Revenue from external customers

42,954

84,40917,932

145,296

3,873

149,170－

149,170

Intersegment revenue

8,892

640

49

9,582

181

9,764

(9,764)－

51,84785,04917,982

154,879

4,054

158,934(9,764)

149,170

12,132

12,079930

25,142

132

25,274(3,347)

21,926

Revenue

Total
Segment profit
Finance income

614

Finance costs
Share of profit of investments
accounted for using equity method

(934)
246

Profit before tax

21,853

Note: Adjustments to “intersegment revenue” and “segment profit” are primarily due to intersegment eliminations.

10For the Three Months Ended March 31, 2019 (From January 1, 2019 to March 31, 2019)(Million yen)
Condensed
quarterly
Adjustment
consolidated(Note)
financialstatements

Reportable segment
Other

Total

Japan

Asia

Americas

Subtotal

Revenue from external customers

43,84382,484

17,514

143,842

3,517

147,359－

147,359

Intersegment revenue

6,218

859

45

7,123

207

7,330

(7,330)－50,061

83,343

17,560150,965

3,725

154,690(7,330)147,359

9,623

11,494629

21,747(92)

21,654(1,524)

20,129

Revenue

Total
Segment profit
Finance income

946

Finance costs
Share of profit of investments
accounted for using equity method

(976)
278

Profit before tax

20,378

Note: Adjustments to “intersegment revenue” and “segment profit” are primarily due to intersegment eliminations.

(3) Information on products and services
For the Three Months Ended March 31, 2018 (From January 1, 2018 to March 31, 2018)(Million yen)
Japan

Asia

Americas

Other

Total

Paint business

40,75582,821

17,202

3,641

144,420

Automotive paint11,53318,487

7,151

3,561

40,733

Trade-use paint10,55754,61010,017－75,184

Industrial paint

9,521

6,449

－

78

16,050

Other paint

9,142

3,274

34

0

12,451Fine chemical business

2,199

1,587

729

231

4,749

42,954

84,40917,932

3,873

149,170

Total

For the Three Months Ended March 31, 2019 (From January 1, 2019 to March 31, 2019)(Million yen)
Japan

Asia

Americas

Other

Total

Paint business

41,67981,01816,721

3,354

142,774

Automotive paint11,933

16,490

6,741

3,249

38,414

Trade-use paint10,96654,286

9,942－

75,195

Industrial paint

9,990

6,509

－

101

16,601Other paint

8,788

3,733

36

4

12,563

Fine chemical business

2,163

1,465

793

162

4,585

43,84382,484

17,514

3,517

147,359

Total

11

(Significant subsequent events)
Based on a resolution of the board of directors, the Company has decided on April 17, 2019 to acquire 100%of the outstanding shares of DuluxGroup Limited (hereinafter referred to as “Dulux”) listed on the Australian
Securities Exchange (hereinafter referred to as the “Share Acquisition”), which is a leading marketer andmanufacturer of premium branded paint & coating and home improvement products mainly in Australia and New
Zealand (hereinafter referred to as “ANZ”), and to commence the procedures for acquisition of ownership of Dulux.
On the same date, the Company entered into a scheme implementation deed (hereinafter referred to as “SID”) with
Dulux that sets forth the content of the agreement regarding the Share Acquisition.
(1) Overview of the acquiree
Name
Description of businessTotal assets
Sales revenue
IncomeDuluxGroup Limited
Marketer and manufacturer of premium branded paint & coatings and home
improvement products
AUD 1,325 million (Fiscal year ended September 30, 2018)
AUD 1,844 million (Fiscal year ended September 30, 2018)
AUD 149 million (Fiscal year ended September 30, 2018)(2) Reason for the Share Acquisition
Although the ANZ paints market is an attractive market that continues to grow steadily even in developed
countries, Dulux has the largest share of the ANZ paints market. Dulux is a leading company in ANZ with awealth of iconic brands especially in the decorative paint segment and continues to expand its market share aheadof the No. 2 ranking player. Therefore, it is expected that the Share Acquisition will further strengthen thebusiness foundation of the Company, since the Share Acquisition enables the Company to secure a strong positionin the decorative paint business, which has a great demand for paints in the world and high potential for growth,and to balance the Company’s portfolio in both fast-growing regions and stable-growth expected regions, andwill greatly contribute to the progress of the medium-term management plan of the Company. Therefore, theCompany decided to conduct the Share Acquisition.
(3) Schedule of the Share Acquisition
Mid-August 2019 (estimated)(4) Number of shares to be acquired, acquisition price, and shareholding percentage after the acquisition
Shares acquired
389,250,252 shares
Acquisition price
JPY 300,501 million (AUD 3,756 million)
Shareholding percentage
100%
The acquisition price is the total amount expected to be paid by the Company in cash (AUD 9.65 per shareof ordinary shares) out of the expected amount to be paid to Dulux shareholders as consideration for the Share
Acquisition in the SID entered into on April 17, 2019. Apart from such acquisition price to be paid by theCompany to Dulux shareholders, Dulux is planning to pay AUD 0.15 per share as an interim dividend for the
fiscal year ending September 30, 2019 by the implementation date; therefore, Dulux shareholders will bereceiving AUD 9.80 in total as consideration for the Share Acquisition. In addition, Dulux had planned to pay
special dividends up to AUD 0.26 per share by the implementation date, but on May 15, 2019, Dulux announced
that it would pay AUD 0.28 per share. If an interim dividend of more than AUD 0.15 per share or a special
dividend is paid, such amount will be deducted from the acquisition price of AUD 9.65 payable by the Company
to Dulux shareholders as consideration for the Share Acquisition. The acquisition price of Dulux ordinary sharesis calculated by converting the amount of money in consideration of the Dulux ordinary shares into JPY 80/ AUD.
(5) Funding and payment methods
Funding method
Borrowings (planned)
Payment methodCash12