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, 2016
[Japanese GAAP]
November 9, 2016
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: Yukiko Mochida, General Manager of Corporate Communication
Phone: +81-6-6455-9140
Scheduled date of filing quarterly securities report: November 14, 2016
Scheduled date of commencing dividend payments: December 7, 2016
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, 2016 (April 1, 2016 to September 30,
2016)(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, 2016
254,444(3.4)
37,95918.4
35,611
5.7
16,60725.1
September 30, 2015
263,270
106.9
32,053104.3
33,68947.6
13,279 (14.9)
Note: Comprehensive income: Six months ended September 30, 2016: ¥(36,637) million [-%]
Six months ended September 30, 2015: ¥25,103 million [62.3%]
Basic earnings
Diluted earnings
per shareper share
Six months ended
Yen
Yen
September 30, 2016
51.79
51.78
September 30, 2015
41.41
41.41
(2) Consolidated Financial Position
Total assets

Net assets

Million yen

Equity ratio

Million yen%

58.8
As of September 30, 2016
735,720
525,558
59.3
As of March 31, 2016
791,459
567,748
Reference: Equity: As of September 30, 2016: ¥432,268 million
As of March 31, 2016: ¥469,533 million
2. Dividends
Annual dividends
1st
2nd
3rd
Year-endquarterquarterquarter
-end
-end
-end
Yen

Yen

Fiscal year ended March 31, 2016
15.00
Fiscal year ending December 31,
20.00
2016
Fiscal year ending December 31,
2016(Forecast)
Note:
Revision to the forecast for dividends announced most recently: No

Total

Yen

Yen

Yen

-

20.00

35.00

-

20.00

40.00

3. Consolidated Financial Results Forecast for the Fiscal Year Ending December 31, 2016 (April 1, 2016 to
December 31, 2016)(% indicates changes from the previous corresponding period.)
Profit attributable
Basic earnings
Net sales
Operating income
Ordinary income
to owners ofper share
parentMillion yen%

Million yen%

Million yen%

Million yen%

Yen

Full year
467,000
70,00069,00030,00093.54
Note:
Revision to the financial results forecast announced most recently: Yes
The Company has changed its fiscal year-end from March 31 to December 31 from the fiscal year ending
December 31, 2016, receiving approval of Partial Amendments of the Articles of Incorporation at the 191st Annual
General Meeting of Shareholders held on June 28, 2016. Accordingly, for the Company and its subsidiaries withthe fiscal year-end of March 31, the consolidation period for the fiscal year ending December 31, 2016, which willbe the transition period, will be the nine months starting on April 1, 2016 and ending on December 31, 2016. For
subsidiaries with fiscal year ending December 31, the consolidation period is the 12 months starting on January 1,
2016 and ending on December 31, 2016, as before.
As a result, full-year changes from the previous corresponding period have not been provided.

* 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 restatement
1) Changes in accounting policies due to the revision of accounting standards: No
2) Changes in accounting policies other than 1) above: Yes
3) Changes in accounting estimates: Yes
4) 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, 2016: 325,402,443 shares
March 31, 2016: 325,402,443 shares2) Total number of treasury shares at the end of the period:
September 30, 2016: 4,697,534 shares
March 31, 2016: 4,696,460 shares
3) Average number of shares during the period:
Six months ended September 30, 2016: 320,705,506 shares
Six months ended September 30, 2015: 320,707,337 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 fromthe forecast figures depending on various factors. For the assumptions underlying the forecasts and precautions
when using the forecasts, please refer to “Explanation of Consolidated Financial Results Forecast and Other
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, 2016............................. 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 Restatement................................ 5(4) Additional information ................................................................................................................................. 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.)................................................................................................................... 121

1. Qualitative Information on Quarterly Financial Results for the Period under Review(1) Explanation of Operating Results
During the six months ended September 30, 2016, consolidated net sales of NIPPON PAINT HOLDINGS
CO., LTD. (the “Company”) and its group companies (collectively, the “Group”) decreased by 3.4% from thecorresponding period of the previous year (the “previous year”) to ¥254,444 million due to the effects ofchanges in foreign exchange levels. On the other hand, consolidated operating income increased by 18.4% fromthe previous year to ¥37,959 million as a result of the continued activities to reduce costs and other factors thatabsorbed the effects of a strong yen. Consolidated ordinary income increased by 5.7% from the previous year to¥35,611 million, despite the recording of foreign exchange losses due to the effect of a strong yen on foreign
currency denominated assets. Profit attributable to owners of parent increased by 25.1% from the previous yearto ¥16,607 million.
The Company has changed its fiscal year-end from March 31 to December 31, given a resolution on
Partial Amendments of the Articles of Incorporation at the 191st Annual General Meeting of Shareholders heldon June 28, 2016.
As a result of this change, the fiscal year under review will be the nine months starting on April 1, 2016
and ending on December 31, 2016.
The period of consolidation for the six months ended September 30, 2016 is the six months from April to
September 2016 for the Company and consolidated subsidiaries that had a fiscal year-end in March, and the six
months from January to June 2016 for overseas consolidated subsidiaries with a fiscal year-end in December.
Results by business segment are as follows.
Japan
In this region, net sales of automotive coatings were higher compared to the previous year as a result of
the efforts to expand market share, while the number of automobiles manufactured decreased due to factors
such as the Kumamoto Earthquake. As for industrial coatings, net sales were higher than the previous year due
to increased sales of coatings for construction materials and other factors in line with a recovery in market
conditions. With respect to trade-use paints, while the market remained sluggish, net sales were on par with theprevious year owing to efforts in sales promotion activities. Meanwhile, net sales for other coatings, centeredon marine coatings that were affected by a downturn in market conditions, were significantly lower comparedto the previous year.
As a result of these factors, consolidated net sales for the Japan segment decreased by 2.4% from theprevious year to ¥84,201 million. Consolidated operating income decreased by 45.6% from the previous year to¥16,185 million, due to the recording of extraordinary dividends from overseas group companies of ¥15,896
million in the previous year.
All of this dividend income is eliminated as an internal transaction under “Inter-segment transaction
eliminations and other adjustments.”
Asia
In this region, an increase in the number of automobiles manufactured in China, the core region of the
Asia segment, led to higher net sales of automotive coatings compared to the previous year. With respect totrade-use paints, net sales were lower compared to the previous year due to the effects of foreign exchanges,
whereas sales were robust for paints for housing interiors primarily in China. Additionally, net sales ofautomotive coatings in Thailand were higher compared to the previous year as a result of the efforts to expand
market share.
Although consolidated net sales for the Asia segment decreased by 6.3% from the previous year to¥146,661 million, consolidated operating income increased by 19.8% from the previous year to ¥19,227 million
partly due to continued activities to reduce costs.

2

Americas
In this region, net sales increased compared to the previous year due to factors such as an increase in thenumber of automobiles manufactured in North America and a ramping up of operations in Latin America.
Additionally, continued activities to reduce costs led to a significant improvement in profitability.
As a result, consolidated net sales for the Americas segment increased by 3.4% from the previous year to¥16,864 million, and consolidated operating income increased by 20.9% from the previous year to ¥3,016
million.
Other
Consolidated net sales for this geographic segment increased by 58.8% from the previous year to ¥6,716
million due to the consolidation of a German paint manufacturer, and consolidated operating loss was ¥129
million (consolidated operating income of ¥41 million in the previous year) partly due to amortization of
goodwill.

(2) Explanation of Financial Position
Total assets at the end of the second quarter of the fiscal year under review decreased by ¥55.74 billion
from the end of the previous fiscal year to ¥735,720 million. Current assets decreased by ¥6.66 billion from theend of the previous fiscal year, mainly due to increases in cash and deposits and notes and accounts receivable– trade, offset by a decrease in inventories and securities. Non-current assets decreased by ¥49.08 billion fromthe end of the previous fiscal year, primarily caused by factors such as amortization which led to a decrease ingoodwill.
Liabilities decreased by ¥13.55 billion from the end of the previous year to ¥210,161 million. The
decrease was mainly attributable to decreases in notes and accounts payable – trade, interest-bearing debt anddeferred tax liabilities.
Net assets decreased by ¥42.19 billion from the end of the previous fiscal year to ¥525,558 million. Thiswas mainly attributable to a decrease in foreign currency translation adjustment due to a stronger yen, while
retained earnings increased due to the recording of profit attributable to owners of parent.
As a result, equity ratio fell from 59.3% at the end of the previous fiscal year to 58.8%.
(Status of Cash Flows)
During the six months ended September 30, 2016, operating activities resulted in an inflow of ¥35,166 million,
investing activities resulted in an outflow of ¥3,692 million, and financing activities resulted in an outflow of¥6,526 million, resulting in cash and cash equivalents (hereinafter “cash”) of ¥122,555 million, an increase of¥14.28 billion compared to 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, 2016 was ¥35,166 million(an increase of ¥21.45 billion compared to the previous fiscal year). Primary factors include a recording of a cash
inflow (excluding increases and decreases in operating capital) of ¥58,081 million, reflecting mainly the non-cash
expenses, such as depreciation and amortization, to profit before income taxes, while cash decreased by ¥12,830
million owing to an increase in operating capital due to a significant increase in notes and accounts receivable –trade at of the end of the six months ended September 30, 2016 compared to notes and accounts receivable – trade
as of the end of the fiscal year ended March 31, 2016 that were collected earlier than usual at a consolidated
subsidiary in China, and income taxes paid of ¥10,084 million.
(Cash flows from investing activities)
Net cash used in investing activities for the six months ended September 30, 2016 was ¥3,692 million (adecrease of ¥3.57 billion compared to previous fiscal year). This was mainly attributable to an inflow of ¥10,914
3

million due to purchase of property, plant and equipment and payment for the transfer of a business in India,
despite an inflow of ¥9,888 million as a result of the decrease of securities.
(Cash flows from financing activities)
Net cash used in financing activities for the six months ended September 30, 2016 was ¥6,526 million (anincrease of ¥2.13 billion compared to the previous fiscal year). Primary factors include cash dividends paid of¥7,371 million.

(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Information
Concerning the financial results forecast for the full year, both net sales and profits are expected to belower than the full-year financial results forecast announced on May 12, 2016, significantly affected by thestrong yen.
Regarding net sales, substantive net sales that exclude foreign exchange effects are projected to slip below
the forecast partly due to sales incentives aimed at expanding market share, although the Chinese business has
maintained higher growth compared to the previous year as planned.
Profits are projected to drop below the forecast affected by factors such as foreign exchange losses on
foreign currency denominated assets, whereas profitability has improved substantially due to continued cost
reductions.
In light of the above, the previously announced financial results forecast has been revised as follows.
The Company has changed its fiscal year-end from the fiscal year under review. For the Company and its
subsidiaries with the fiscal year-end of March 31, the accounting period will be nine months, but operating
income adjusted to a twelve-month basis is projected to exceed the previous forecast.
Consolidated Financial Results Forecast for the Fiscal Year Ending December 31, 2016 (April 1, 2016 to
December 31, 2016)(Million yen)
Profit attributable to
Net sales
Operating income
Ordinary income
owners of parent
Previous forecast (A)Revised forecast (B)Difference (B-A)
Rate of change (%)

500,000
467,000(33,000)(6.6)

71,00070,000(1,000)(1.4)

474,00069,000(5,000)(6.8)

34,00030,000(4,000)(11.8)

2. Matters Concerning Summary Information (Notes)(1) Changes in Significant Subsidiaries during the Six Months ended September 30, 2016
There is no relevant information.

(2) Accounting Treatments Adopted Specially for the Preparation of Quarterly Consolidated Financial
Statements(Special Accounting Treatment)
Calculation of tax expenses
Tax expenses have been calculated by multiplying profit before income taxes by an effective tax rate,
which is reasonably estimated after the application of tax effect accounting to profit before income taxes for the
consolidated fiscal year including the second quarter of the fiscal year under review.
(3) Changes in Accounting Policies, Changes in Accounting Estimates and Restatement(Changes in accounting policies that are difficult to distinguish from changes in accounting estimates)(Change in depreciation method)
The Company and its Japanese subsidiaries had adopted the declining balance method for property, plantand equipment (excluding leased assets), except for buildings (excluding facilities attached to buildings)
acquired on or after April 1, 1998, which are depreciated using the straight-line method. The Company and its
Japanese subsidiaries changed the depreciation method to the straight-line method used by overseas
consolidated subsidiaries from the first quarter of the fiscal year under review.
The Group developed a new medium-term management plan “Survival Challenges Stage III” during theprevious fiscal year in line with our recent active efforts on business expansion in overseas market (e.g.,acquisition of some joint venture companies in Asia at the end of 2014). In the process of its development, theCompany reviewed its depreciation method for non-current assets.
In order to capture domestic demand for coatings that was previously on an increasing trend, the Company
and domestic consolidated subsidiaries had been making capital investment in response to higher production
volume, but after the financial crisis, domestic demand for coatings has tended to be relatively stable while
maintaining a certain level of growth, and it is projected that existing domestic production facilities willcontinue to hold stable utilization. As a result, investment regarding new domestic production facilities has
been limited to highly versatile facilities that can be utilized with stability over the long term, and it wasdetermined that utilizing the method of depreciation with the straight-line method is the expense distribution
method that more appropriately reflects economic substance.
Due to this change, operating income, ordinary income, profit before income taxes for the six months
ended September 30, 2016 increased by ¥224 million, ¥220 million, and ¥220 million, respectively.
(4) Additional Information(Application of Implementation Guidance on Recoverability of Deferred Tax Assets)
Implementation Guidance on Recoverability of Deferred Tax Assets (Accounting Standards Board ofJapan Guidance No. 26, March 28, 2016) has been applied from the first quarter of the fiscal year under review.

53. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Million yen)
As of March 31, 2016
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, 2016

112,941
140,748
31,783
53,1196,247
18,089(3,283)359,646

127,200
143,734
17,83548,327
6,217
13,010(3,341)
352,984

43,71160,589104,300

40,13959,21699,356

183,750
49,57849,902283,231155,030
41,33542,395
238,762

39,260
1,816
3,380
(176)
44,280431,812
791,459

38,471
2,943
3,374
(172)
44,617382,735
735,720

(Million yen)
As of March 31, 2016
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, 2016

70,76912,187
20,54810,02060,043
173,568

66,485
14,315
15,463
9,661
57,026
162,952

1,684
23,836126328
16,343
7,822
50,141
223,710

3,602
20,106130292
15,373
7,703
47,209210,161

78,86263,451
339,113(6,439)474,989

78,86263,451
349,307(6,442)
485,179

7,078(0)(9,533)(3,000)(5,455)39
98,176
567,748
791,459

6,358
1(56,770)(2,500)(52,910)70
93,219525,558
735,720

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Six Months Ended September 30, 2016
(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
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
Gain on sales of investment securities
Total extraordinary income
Extraordinary losses
Loss on sales and retirement of non-current assets
Other
Total extraordinary losses
Profit 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, 2015
263,270
155,896
107,374
75,32032,053For the six months ended
September 30, 2016
254,444
144,075
110,368
72,40937,959

463
461
431
1,898
3,256

503
441
823
1,551
3,320

153
487
978
1,619
33,689

241
4,994
432
5,668
35,611

8
0
8

124
54
178

154
9
164
33,533
11,10622,426
9,147
13,279159
15
175
35,615
9,462
26,152
9,545
16,607

Quarterly Consolidated Statements of Comprehensive Income
Six Months Ended September 30, 2016
(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, 2015
22,426

For the six months ended
September 30, 2016
26,152(2,938)
(9)
5,280
123

(680)
3
(61,250)510

219(1,373)

2,676
25,103(62,790)(36,637)

14,53910,563(30,847)(5,790)(3) Quarterly Consolidated Statements of Cash Flows(Million yen)
For the six months ended
September 30, 2015

For the six months ended
September 30, 201633,533
7,913
5,110
(925)
153

35,615
7,198
4,794
(945)
241

(431)

(823)

146

34

(19,395)
(834)
(372)
(724)
1,544
25,717991(152)(14,989)
2,145
13,711(19,103)
(906)
7,179
(177)
10,81543,923
1,580(252)(14,650)
4,565
35,166

2,782(9,133)
116
(189)
－
(840)
(7,264)

9,888(7,818)448(599)(3,096)(2,516)(3,692)

10,561308(3,833)(230)(3,848)(7,338)(3,154)
3,116
(433)
(206)
(6,414)
(957)

－

1,514

(11)
(4,393)200
2,253
78,70280,955

9(6,526)(10,663)
14,283
108,271
122,555

Cash flows from operating activities
Profit 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
Income taxes refund
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
Payments for transfer of business
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
Proceeds from share issuance to non-controllingshareholders
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
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)
I. For the six months ended September 30, 2015
Effective from the first quarter of the fiscal year ended March 31, 2016, the Company has applied the“Accounting Standard for Business Combinations” (Accounting Standards Board of Japan (ASBJ) Statement
No. 21, September 13, 2013), Accounting Standard for Consolidated Financial Statements” (ASBJ Statement
No. 22, September 13, 2013), “Accounting Standard for Business Divestitures” (ASBJ Statement No. 7,
September 13, 2013) and related implementation guidance.
As a result of these changes, the amount of goodwill and capital surplus decreased by ¥11,753 million and¥14,886 million, respectively, and retained earnings increased by ¥3,008 million at the beginning of the firstquarter of the fiscal year ended March 31, 2016.
II. For the six months ended September 30, 2016
There is no relevant information.

11

(Segment information, etc.)[Segment information]
I. For the six months ended September 30, 2015

1. Information on net sales and income (loss) by reportable segment(Million yen)Japan

Reportable segment
Asia
Americas

Subtotal

Other(Note)Total

Net sales
86,265
156,461
16,313
259,040
4,230
263,270
Net sales to outside customers
26,8122,797
87
29,697533
30,230Inter-segment net sales or transfers
113,078
159,258
16,400288,737
4,763
293,501
Total
29,732
16,0482,495
48,27641
48,317
Segment income (loss)
Note: “Other” represents business segments that are not included in the reportable segments, and contains
business activities 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

48,276

Segment income from “Other”
41
Inter-segment transaction eliminations and other(16,264)
adjustments
Operating income recorded in the quarterly
32,053
consolidated statements of income
Note: “Inter-segment transaction eliminations and other adjustments” for the six months ended September 30,
2015 includes inter-segment dividend income.
3. Information regarding impairment loss on non-current assets or goodwill, etc. by reportable segment(Significant changes in the amount of goodwill)
Applying the Business Combination Accounting Standard, Consolidated Financial Statement AccountingStandard, Business Divestiture Accounting Standard, and related implementation guidance from the first quarter ofthe fiscal year ended March 31, 2015 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 ended March 31, 2015 decreased by ¥10,475 million
in the Japan segment and decreased by ¥1,277 million in the Asia segment.

12

4. Information on products and services(Million yen)

PaintsChange from the previous
year (%)
254,418
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

Nets sales to outside customers

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

13II. For the six months ended September 30, 2016

1. Information on net sales and income (loss) by reportable segment(Million yen)Japan

Reportable segment
Asia
Americas

Subtotal

Other(Note)Total

Net sales
84,201
146,661
16,864
247,727
6,716
254,444
Net sales to outside customers
10,245
1,892
120
12,258486
12,745Inter-segment net sales or transfers
94,447
148,554
16,985259,986
7,203
267,189
Total
16,185
19,227
3,016
38,429(129)
38,300
Segment income (loss)
Note: “Other” represents business segments that are not included in the reportable segments, and contains
business activities 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

38,429Segment loss from “Other”(129)
Inter-segment transaction eliminations and other(340)
adjustments
Operating income recorded in the quarterly
37,959consolidated statements of income
Note: “Inter-segment transaction eliminations and other adjustments” for the six months ended September 30,
2016 includes inter-segment dividend income.
3. Information regarding impairment loss on non-current assets or goodwill, etc. by reportable segment(Change in depreciation method)
As described in “(Changes in accounting policies that are difficult to distinguish from changes in accounting
estimates)”, the Company and its Japanese subsidiaries have changed the depreciation method of property, plantand equipment from the first quarter of the fiscal year under review.
As a result of these changes, segment income for the six months ended September 30, 2016 has increased by¥224 million in the Japan segment compared to the depreciation method previously used.

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4. Information on products and services(Million yen)

PaintsChange from the previous
year (%)
245,530(3.5)

Automotive

70,0996.6

Trade-use

116,673(7.2)

Industrial

33,747(0.5)

Other paints

25,010(13.9)

Fine chemicals

8,914

0.7

254,444(3.4)

Nets sales to outside customers

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

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