NOTICE: For the convenience of capital market participants, NIPPON PAINT HOLDINGS CO., LTD. makes efforts toprovide English translations of the information disclosed in Japanese, provided that the 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 June 30, 2017
[Japanese GAAP]
August 8, 2017
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 filing quarterly securities report: August 10, 2017
Scheduled date of commencing dividend payments: September 5, 2017
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 June 30, 2017 (January 1, 2017 to June 30,
2017)(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%
June 30, 2017291,748
35,49336,557
15,445September 30, 2016
254,444(3.4)
37,95918.4
35,611
5.7
16,60725.1
Note: Comprehensive income: Six months ended June 30, 2017: ¥14,383 million [ - %]Six months ended September 30, 2016: ¥(36,637) million [ - %]Basic earnings
per share

Six months ended
June 30, 2017
September 30, 2016

Diluted earnings
per share

Yen

Yen

48.16
51.79

48.15
51.78

The Company has changed its fiscal year-end from March 31 to December 31 from the fiscal year ended
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, because the consolidation period
for the six months ended June 30, 2017 (from January 1, 2017 to June 30, 2017) differs with the previous
consolidation period for the six months ended September 30, 2016 (from April 1, 2016 to September 30, 2016),
changes from the previous corresponding period have not been provided.
Additionally, for the six months ended September 30, 2016 for the Company and subsidiaries with fiscal year
ended March 31, the consolidation period was the six months from April 1, 2016 to September 30, 2016 and forsubsidiaries with fiscal year ended December 31, the consolidation period was the six months from January 1,
2016 to June 30, 2016.
(2) Consolidated Financial Position
Total assets
Million yen

Net assets

Equity ratio

Million yen%

As of June 30, 2017883,724
582,837
As of December 31, 2016
827,996585,757
Reference: Equity: As of June 30, 2017: ¥474,174 million
As of December 31, 2016: ¥473,337 million

53.7
57.2

2. Dividends
1stquarter-end

2ndquarter-end
Yen

Annual dividends
3rdquarterYear-end-end

Yen

Fiscal year ended December 31, 2016
20.00
Fiscal year ending December 31, 2017
20.00
Fiscal year ending December 31, 2017
(Forecast)
Note: Revision to the forecast for dividends announced most recently: No

Total

Yen

Yen

Yen

-

20.00

40.00

-

22.00

42.00

3. Consolidated Financial Results Forecast for the Fiscal Year Ending December 31, 2017 (January 1, 2017
to December 31, 2017)(% indicates changes from the previous corresponding period.)
Net sales
Million yen%

Operating income

Ordinary income

Profit attributableto owners ofparentMillion yen

Million yen

Million yen

%

%

%

Basic earnings
per share
Yen

Full year
577,000
81,00084,00037,000115.37
Note: Revision to the financial results forecast announced most recently: No
Due to a change in the fiscal year, the previous consolidated fiscal year was the nine months starting on April 1,2016 and ending on December 31, 2016.
As a result, 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: No
3) Changes in accounting estimates: No4) 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):
June 30, 2017: 325,402,443 shares
December 31, 2016: 325,402,443 shares2) Total number of treasury shares at the end of the period:
June 30, 2017: 4,699,606 shares
December 31, 2016: 4,698,228 shares
3) Average number of shares during the period:
Six months ended June 30, 2017: 320,703,476 shares
Six months ended September 30, 2016: 320,705,506 shares*These consolidated financial results are outside the scope of audit.
*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. For the assumptions underlying the forecasts and precautions when using theforecasts, please refer to “1. Qualitative Information on Quarterly Financial Results for the Period under Review(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Information” on page 4of 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. Quarterly Consolidated Financial Statements and Primary Notes ........................................................ 5(1) Quarterly Consolidated Balance Sheets ....................................................................................................... 5(2) Quarterly Consolidated Statements of Income and Comprehensive Income ............................................... 7(3) Quarterly Consolidated Statements of Cash Flows ...................................................................................... 9(4) Notes to Quarterly Consolidated Financial Statements .............................................................................. 10(Notes on going concern assumption) ...................................................................................... 10(Notes in the case of significant changes in shareholders’ equity) ............................................. 10(Accounting treatments adopted specially for the preparation of quarterly consolidated financial
statements)................................................................................................................................. 10(Segment information, etc.) ........................................................................................................ 10

1

1. Qualitative Information on Quarterly Financial Results for the Period under Review(1) Explanation of Operating Results
The period of consolidation for the six months ended June 30, 2017 is the six months from January to June
2017.
Additionally, NIPPON PAINT HOLDINGS CO., LTD. (the “Company”) has changed its fiscal year-end
from March 31 to December 31 from the fiscal year ended 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.
As a result, comparisons in each segment are compared with reference figures calculated with the six months
from January to June 2016 as the “corresponding period of the previous year.”During the six months ended June 30, 2017, consolidated net sales of the Company and its group companies(collectively, the “Group”) increased by 14.5% from the corresponding period of the previous year (the “previous
year”), to ¥291,748 million. Consolidated operating income decreased by 5.4% from the previous year, to¥35,493 million partly due to the effects of an increase in raw material prices, and recording expenses related tothe acquisition of stock in DUNN-EDWARDS CORPORATION during the three months ended March 31, 2017,and consolidated ordinary income increased by 7.1% from the previous year, to ¥36,557 million. Profit
attributable to owners of parent increased by 19.4% from the previous year, to ¥15,445 million.
(Million yen)

For the six months ended
June 30, 2016 (Reference)

For the six months ended
June 30, 2017

Change(%)

Net sales

254,889

291,748

14.5

Operating income

37,51935,493(5.4)

Ordinary income

34,12936,557

7.1

Profit attributable to owners of parent

12,93915,445

19.4

Note: For comparison with the six months ended June 30, 2017, figures for the previous year are unaudited
reference figures for the period between January and June 2016.
Results by business segment are as follows.
Japan
In this region, net sales of automotive coatings were higher than the previous year due to factors such asfavorable shipments of premium design and high value-added coatings and efforts to expand market share. As
for industrial coatings, due to solid performance in new housing starts and higher production volume of
construction machineries and machine tools, net sales were higher than the previous year. As for trade-use paints,
net sales decreased from the previous year due to factors such as the effects of a decline in personal consumption
in the retail sector. Regarding other coatings, net sales were higher than the previous year due to efforts to expand
market share of marine coatings.
As a result of these factors, consolidated net sales for the Japan segment increased by 2.7% from the previous
year, to ¥87,134 million. Consolidated operating income increased by 2.5% from the previous year, to ¥27,828
million. ¥12,353 million of dividend income from overseas group companies (¥11,930 million in thecorresponding period of the previous year) is included in consolidated operating income. All of this dividend
income is eliminated as an internal transaction under “Inter-segment transaction eliminations and otheradjustments.”2

Asia
In China, a core region, net sales for automotive coatings were higher than the previous year due to factors
such as an increase in the number of automobiles manufactured in addition to advancing the expansion of sales
to Chinese manufacturers. As for trade-use paints, net sales were significantly higher than in the previous year,
owing to factors such as making a Chinese coatings manufacturer a subsidiary in January 2017, sales promotion
activities, and focusing on expansion of recoating services. In industrial coatings, net sales were significantly
higher than the previous year owing to strong shipments of coatings for construction machinery and construction
materials.
In the Asia region excluding China, in India, in line with an expansion in the partnership with BERGERPAINTS INDIA LIMITED, net sales increased for automotive coatings. In trade-use paints, net sales were strong,particularly in Vietnam and Sri Lanka. Additionally, in marine coatings, net sales grew, primarily in South Korea.
As a result of these factors, consolidated net sales for the Asia segment increased by 13.2% from the previous
year, to ¥165,804 million. Consolidated operating income decreased by 8.9% from the previous year, to ¥17,570
million due to the effects of an increase in raw material prices.
Americas
In this region, net sales for automotive coatings decreased from the previous year as the number of
automobiles manufactured declined in the United States, a core region, and on an existing business basis, both
net sales and income decreased.
Furthermore, as business results for DUNN-EDWARDS CORPORATION, consolidated in March 2017, areincluded, consolidated net sales for this geographic segment were ¥31,633 million, an increase of 87.6% fromthe previous year. Consolidated operating income was ¥1,917 million, a decrease of 36.4% from the previous
year, owing to factors such as the recording of expenses related to the acquisition of stock in DUNN-EDWARDSCORPORATION during the three months ended March 31, 2017.
Other
In this geographic segment, regarding automotive coatings, shipments to Japanese manufacturer were strong.
Furthermore, consolidated net sales for this geographic segment were ¥7,176 million, an increase of 6.8% fromthe previous year due to efforts for expansion of business toward European manufacturers, and consolidated
operating income was ¥458 million, compared to an operating loss of ¥129 million during the previous year.

(2) Explanation of Financial Position
Total assets at the end of the second quarter of the fiscal year under review increased by ¥55.73 billion fromthe end of the previous fiscal year to ¥883,724 million. Current assets decreased by ¥32.11 billion from the endof the previous fiscal year, mainly due to an increase in accounts receivable – trade and inventories, offset by adecrease in cash and deposits and securities. Non-current assets increased by ¥87.84 billion from the end of theprevious fiscal year, primarily caused by factors such as increases in goodwill and non-current assets in line withthe acquisition of DUNN-EDWARDS CORPORATION.
Liabilities increased by ¥58.65 billion from the end of the previous year to ¥300,886 million. The increase
was mainly attributable to an increase in loans payable and the recording of deferred tax liabilities in line withthe acquisition of DUNN-EDWARDS CORPORATION.
Net assets decreased by ¥2.92 billion from the end of the previous fiscal year to ¥582,837 million. This was
mainly attributable to an increase in retained earnings due to the recording of profit attributable to owners ofparent and a decrease in foreign currency translation adjustment due to a stronger yen.
As a result, equity ratio fell from 57.2% at the end of the previous fiscal year to 53.7%.

3

(Status of Cash Flows)
During the six months ended June 30, 2017, operating activities resulted in an inflow of ¥20,520 million,
investing activities resulted in an outflow of ¥83,671 million, and financing activities resulted in an inflow of ¥17,659
million, resulting in cash and cash equivalents (hereinafter “cash”) of ¥86,767 million, a decrease of ¥47.75 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 June 30, 2017 was ¥20,520 million. Primaryfactors include a recording of a cash inflow (excluding increases and decreases in operating capital) of ¥49,521
million, reflecting mainly non-cash expenses such as depreciation and amortization on profit before income taxes, adecrease in cash of ¥21,045 million owing to an increase in operating capital due to a significant increase in notes
and accounts receivable –trade as of the end of the six months ended June 30, 2017, the result of early collections ofnotes and accounts receivable – trade as of the end of the fiscal year ended December 31, 2016 at a consolidated
subsidiary in China, and income taxes paid of ¥7,954 million.
(Cash flows from investing activities)
Net cash used in investing activities for the six months ended June 30, 2017 was ¥83,671 million. This was
mainly attributable to an inflow of ¥11,794 million due to a decrease in securities, and an outflow of ¥95,846 million
due to purchase of property, plant and equipment and investment securities, and acquisition of DUNN-EDWARDSCORPORATION.
(Cash flows from financing activities)
Net cash provided by financing activities for the six months ended June 30, 2017 was ¥17,659 million. Primaryfactors include an inflow of ¥25,097 million due to an increase in loans payable such as funds procured for theacquisition of DUNN-EDWARDS CORPORATION and cash dividends paid of ¥7,077 million.

(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Information
There are no revisions from the full year financial results forecast announced on May 12, 2017.

4

2. Quarterly Consolidated Financial Statements and Primary Notes(1) Quarterly Consolidated Balance Sheets(Million yen)
As of December 31, 2016
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Electronically recorded monetary claims - operating
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

5

As of June 30, 2017

136,778
135,139
13,71350,78755,594
7,553
17,052(3,698)412,92089,014
158,283
12,25837,69962,3796,016
19,774(4,621)
380,805

43,692
63,977
107,669

61,40775,681137,089

166,362
44,27947,055
257,696

196,284
61,43853,032
310,755

45,418
1,210
3,250
(170)
49,709415,076
827,996

48,718
1,242
5,201
(87)
55,073502,918
883,724

(Million yen)
As of December 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
Bonds payable
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
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

6

As of June 30, 2017

70,732
21,51230,495
7,866
57,325
187,932

77,212
18,162
31,911
7,037
72,458
206,781－
3,457
23,270142294
19,124
8,016
54,306242,238

2,352
30,54335,464154
243
18,146
7,201
94,105300,886

78,86263,451
361,074(6,444)496,944

78,86263,434
370,105(6,450)505,952

10,120(28,512)(5,214)(23,606)85
112,334
585,757
827,996

8,204(36,152)(3,830)(31,777)
112
108,550
582,837
883,724

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Six Months Ended June 30, 2017
(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
Other
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

7

For the six months ended
September 30, 2016
254,444
144,075
110,368
72,40937,959For the six months ended
June 30, 2017291,748
172,155
119,592
84,09935,493

503
441
823
1,551
3,320

639
536
421
1,945
3,542

241
4,994
432
5,668
35,611

547
1,464
467
2,478
36,557

124
54
178

24
4
29

159
15
175
35,615
9,462
26,152
9,545
16,607250
525636,33011,732
24,597
9,152
15,445

Quarterly Consolidated Statements of Comprehensive Income
Six Months Ended June 30, 2017
(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

8

For the six months ended
September 30, 2016
26,152For the six months ended
June 30, 2017
24,597(680)
3(61,250)510(1,833)－(9,860)1,403(1,373)

76(62,790)(36,637)(10,214)
14,383(30,847)

7,278(5,790)7,104

(3) Quarterly Consolidated Statements of Cash Flows(Million yen)

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
Purchase of shares of subsidiaries resulting in change in scopeof 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
Proceeds from share issuance to non-controlling shareholders
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 period

9

For the six months ended
September 30, 2016

For the six months ended
June 30, 201735,615
7,198
4,794
(945)
241

36,3308,502
5,618(1,176)
547

(823)

(421)

34

226

(19,103)
(906)
7,179
(177)
10,81543,923
1,580(252)(14,650)
4,565
35,166(21,220)
(911)
1,086
859
(2,201)
27,2391,671(436)(12,076)
4,122
20,5209,888(7,818)448(599)(3,096)

11,794(9,944)555(6,294)－－(79,606)(2,516)(3,692)(174)(83,671)(3,154)
3,116
(433)
(206)
(6,414)
(957)
1,514
9
(6,526)(10,663)
14,283
108,271
122,555(6,030)32,000(872)(269)(6,414)
(663)
－
(91)
17,659(2,256)(47,748)
134,515
86,767

(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.

(Accounting treatments adopted specially for the preparation of quarterly consolidated financial statements)
Calculation of tax expenses
Tax expenses have been calculated by multiplying profit before income taxes by an effective tax rate, whichis 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.

(Segment information, etc.)[Segment information]
I. For the six months ended September 30, 2016

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

Other(Note)

Total

Japan

Asia

Americas

Subtotal

84,201

146,661

16,864

247,727

6,716

254,444

10,245

1,892

120

12,258486

12,745

Total

94,447

148,554

16,985259,986

7,203

267,189

Segment income (loss)

16,185

19,227

3,016

38,429(129)

38,300Net sales
Net sales to outside
customers
Inter-segment net sales ortransfers

Note: “Other” represents business segments that are not included in the reportable segments, and contains
business activities by overseas subsidiaries in Europe, etc.

10

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 statement 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 on products and services(Million yen)Nets sales to outside customers

Change from the previous

Amountyear (%)

Paints245,530(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)

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

11II. For the six months ended June 30, 2017

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

Other

Total

(Note)

Japan

Asia

Americas

Subtotal

87,134

165,804

31,633

284,571

7,176

291,748

23,071

2,347

80

25,499452

25,951

Total

110,205

168,151

31,714

310,070

7,628

317,699

Segment income

27,82817,5701,917

47,316458

47,775Net sales
Net sales to outside
customers
Inter-segment net sales ortransfers

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

47,316

Segment income from “Other”

458

Inter-segment transaction eliminations and other(12,282)

adjustments
Operating income recorded in the quarterly

35,493

consolidated statement of income

Note: “Inter-segment transaction eliminations and other adjustments” for the six months ended June 30, 2017
includes inter-segment dividend income.

3. Information on assets by reportable segment(Significant increase in assets due to acquisition of subsidiary)
During the three months ended March 31, 2017, segment assets in the “Americas” segment increased by¥89,782 million compared to December 31, 2016 due to the inclusion of DUNN-EDWARDS CORPORATION
in the scope of consolidation.

12

4. Information regarding impairment loss on non-current assets or goodwill, etc. by reportable segment(Significant changes in amounts of goodwill)
During the three months ended March 31, 2017, the Company applied provisional accounting treatment
regarding allocation of the acquisition cost for DUNN-EDWARDS CORPORATION. However, the acquisition
cost was finalized in the six months ended June 30, 2017.
Additionally, the increase of goodwill due to this event during the six months ended June 30, 2017 is ¥34,665
million in the “Americas” segment.

5. Information on products and services(Million yen)Nets sales to outside customers

Change from the previous

Amountyear (%)

Paints282,401－

Automotive

73,035－Trade-use

145,508－

Industrial

36,460－

Other paints

27,396－

Fine chemicals

9,347

－

291,748－

Total
Notes: 1. Consumption taxes are not included in these amounts.

2. During the previous fiscal year, the fiscal year-end was changed from March 31 to December 31. As
a result, the period for comparison for the six months ended June 30, 2017 differs, and change fromthe previous year is not provided.

13