Consolidated Financial Results
for the Six Months Ended June 30, 2020
[IFRS]
August 14, 2020
Company name: NIPPON PAINT HOLDINGS CO., LTD.
Stock exchange listing: Tokyo Stock Exchange
Code number: 4612
URL: https://www.nipponpaint-holdings.com/
Representative: Masaaki Tanaka, Chairman of the Board, Representative Executive Officer, President & CEO
Contact: Ryosuke Tanaka, General Manager of Investor Relations
Phone: +81-50-3131-7419
Scheduled date of filing the quarterly securities report: August 14, 2020
Scheduled date of commencing dividend payments: September 9, 2020
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, 2020 (January 1, 2020 to June 30, 2020)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period)
Revenue

Operating profit

Six months ended
June 30, 2020
June 30, 2019

Million yen
345,440
312,424

%
10.6
(0.3)

Six months ended
June 30, 2020
June 30, 2019

Profit attributable toowners of parent
Million yen%
16,890(19.3)
20,939(12.1)

Six months ended
June 30, 2020
June 30, 2019

Basic earnings per
share
Yen
52.65
65.29

Million yen
34,66941,945

Profit before tax%(17.3)(6.5)

Million yen
33,99142,409%(19.8)(7.2)

ProfitMillion yen
26,31030,744%(14.4)(8.5)

Comprehensive income
Million yen(9,847)(3,628)%－－

Diluted earnings per
share
Yen
52.63
65.27

(2) Consolidated Financial Position
Total assets

As of June 30, 2020
As of December 31, 2019

Million yen
1,466,471
1,478,646

Total equity
Million yen
668,541
687,979

Equity attributable toowners of parent
Million yen
531,292
552,922Equity attributable toowners of parent tototal assets
%
36.2
37.4

2. Dividends
Annual dividends

Fiscal year ended
December 31, 2019
Fiscal year ending
December 31, 2020
Fiscal year ending
December 31, 2020 (Forecast)

1stquarter-end
Yen

2nd
quarter-end
Yen

3rd
quarter-end
Yen

－

22.00

－

22.00

Year-end

Total

Yen

Yen

－

23.00

45.00

－

23.00

45.00

Note: Revision to the dividends forecast announced most recently: Yes
3. Consolidated Financial Results Forecast for the Fiscal Year Ending December 31, 2020 (January 1, 2020 to December 31,
2020)

Revenue
Full year

Million yen
730,000

Operating profit%
5.5

Million yen
66,000%(15.5)(% indicates changes from the previous corresponding period)
Profit attributable to
Basic earnings
Profit before tax
owners of parent
per share
Million yen% Million yen%
Yen
65,000 (18.3)
28,000(23.7)
87.28

Note: Revision to the financial results forecast announced most recently: Yes

* Notes:(1) Changes in significant subsidiaries during the period under review: No(Changes in specified subsidiaries resulting in changes in the scope of consolidation)
Newly consolidated- Excluded(2) Changes in accounting policies and changes in accounting estimates
1) Changes in accounting policies required by IFRS: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: Yes(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
June 30, 2020: 325,402,443 shares
December 31, 2019: 325,402,443 shares2) Total number of treasury shares at the end of the period:
June 30, 2020: 4,592,936 shares
December 31, 2019: 4,635,484 shares
3) Average number of shares during the period:
Six months ended June 30, 2020: 320,787,568 shares
Six months ended June 30, 2019: 320,717,506 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 andcontain risks and uncertainties. Actual results, etc. may differ greatly from the forecast figures depending 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 ............................................... 8(3) Condensed Quarterly Consolidated Statement of Changes in Equity ............................................ 10(4) Condensed Quarterly Consolidated Statement of Cash Flows ....................................................... 11(5) Notes to Condensed Quarterly Consolidated Financial Statements ............................................... 12(Notes on going concern assumption) ....................................................................................... 12(Changes in accounting estimates) ............................................................................................ 12(Segment information) .............................................................................................................. 12(Significant subsequent events) ................................................................................................. 141

1. Qualitative Information on Quarterly Financial Results for the Period under Review(1) Explanation of Operating Results
During the six months ended June 30, 2020, consolidated revenue of the Company and its group companies (collectively, the“Group”) increased by 10.6% from the corresponding period of the previous year (the “previous year”) to ¥345,440 million, due tothe conversion of Australian Paint Manufacturer DuluxGroup Limited and Turkish Paint Manufacturer Betek Boya ve Kimya Sanayi
Anonim Sirketi into subsidiaries. Consolidated operating profit decreased by 17.3% from the previous year to ¥34,669 million due
to the absence of insurance income recorded for the Japan segment in the previous year and the impact of COVID-19 pandemic (the“COVID impact”) on all Group businesses. Consolidated profit before tax decreased by 19.8% from the previous year to ¥33,991
million, and profit attributable to owners of the parent company decreased by 19.3% from the previous year to ¥16,890 million.
Results by business segment are as follows.
Japan
In this region, revenue for automotive coatings was lower than the previous year due to a lower number of automobiles
manufactured than the previous year. As for industrial coatings, revenue was lower than the previous year due to factors such as
fewer new housing starts compared to the previous year and delays in recovery from production cuts following the natural disasters
that occurred in the previous fiscal year, and continuously reduced production due to the COVID impact. As for decorative paints,
revenue was lower than the previous year due to the COVID impact.
As a result, consolidated revenue for the Japan segment decreased by 15.9% from the previous year to ¥75,772 million.
Consolidated operating profit decreased by 80.5% from the previous year to ¥5,337 million. Consolidated operating profit includes¥2,394 million of dividend income from overseas group companies (¥13,409 million in the previous year). All of this dividend
income is eliminated as an internal transaction under “intersegment eliminations and adjustments.”
Asia
In this region, revenue for automotive coatings was lower than the previous year reflecting sluggish market due to factors
including a decrease in the number of automobiles manufactured in China and Thailand from the previous year. As for decorative
paints, the mainstay business in Asia, revenue was lower than the previous year due to the deterioration of market conditions in
Asian nations including China, Malaysia, and Singapore, as a result of the COVID impact.
As a result, consolidated revenue decreased by 15.3% from the previous year to ¥150,471 million. Consolidated operating
profit decreased by 17.1% from the previous year to ¥21,298 million.
Oceania
In this region, the profit and/or loss of DuluxGroup Limited since September 2019 has been reflected in the Group’s
consolidated financial results. As for decorative paints, performance was strong as demand for home renovation occurred following
the imposition of outing restrictions, which was part of the COVID-19 containment measures. On the other hand, performance inindustrial coatings was sluggish due to the weak new housing market and impact from bushfires in Australia.
As a result, consolidated revenue stood at ¥66,844 million, and consolidated operating profit was ¥8,307 million.
Americas
In this region, revenue for automotive coatings decreased from the previous year reflecting the sluggish production of
automobiles in the United States, a core region, due to the COVID impact. Revenue for decorative paints increased from the previous
year due to a brisk demand for housing accompanied by favorable weather.
As a result, consolidated revenue decreased by 13.4% from the previous year to ¥32,718 million. Consolidated operating profit
decreased by 55.9% from the previous year to ¥1,185 million.
Other
In this segment, the profit and/or loss of Betek Boya ve Kimya Sanayi Anonim Sirketi since July 2019 has been reflected in
the Group’s consolidated financial results. Revenue for automotive coatings decreased from the previous year due to a sharp decrease2

in the number of automobiles manufactured in this region as a result of the COVID impact. Revenue for decorative paints increased
from the previous year due to a brisk market demand.
As a result, consolidated revenue increased by 189.0% from the previous year to ¥19,633 million, and consolidated operating
profit stood at ¥921 million (operating loss of ¥430 million for the previous year).

(2) Explanation of Financial Position
Total assets at the end of the second quarter of the fiscal year under review decreased by ¥12,175 million from the end of theprevious fiscal year to ¥1,466,471 million. Current assets increased by ¥16,049 million from the end of the previous fiscal year.
This was mainly attributable to an increase in cash and cash equivalents as a result of an increase in liquidity on hand to prepare forthe worst in view of the spread of COVID-19 infection. Non-current assets decreased by ¥28,225 million from the end of theprevious fiscal year. The decrease was mainly attributable to a decrease in goodwill and other intangible assets due to changes inexchange rates.
Liabilities increased by ¥7,262 million from the end of the previous fiscal year to ¥797,929 million mainly due to factors suchas an increase in bonds and borrowings.
Equity decreased by ¥19,437 million from the end of the previous fiscal year to ¥668,541 million. This was mainly attributableto factors such as a decrease in foreign currency translation adjustment.
As a result, equity attributable to owners of the parent company to total assets fell from 37.4% at the end of the previous fiscal
year to 36.2%.

(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Information
In response to the outbreak of COVID-19, the Group is implementing appropriate measures based on the business continuity
plan (BCP), with the highest priority placed on the safety of its employees, in accordance with the guidelines established by thegovernments of various countries and organizations concerned. The Group will fulfill its social responsibility of continuously
supplying Nippon Paint products that serve a critical role in supporting the maintenance of social infrastructure and industries.
The COVID impact varies across regions and industries at this time and thus it is difficult to reasonably estimate the global
final demand and market conditions due to uncertain factors such as the impact of the second wave of COVID infection and when
governments are going to end economic stimulus programs. We have revised our consolidated earnings forecast for the fiscal year
ending December 31, 2020 in view of our financial results for the six months ended June 30, 2020 and near-term performancetrends. During the six months period ended June 30, 2020, each Group business achieved growth that exceeds our initialassumptions: as for the decorative paints business in the Asia segment, resumption of work at construction sites gained in pacefollowing the lifting of the lockdown in China; as for the decorative paints business in the U.S., earnings grew steadily following
the relaxation of COVID-19 related restrictions; and as for the decorative paints business in Other segment, sales promotion
measures such as implementing new brand strategy proved effective, combined with the positive impact from a firm demand in
Turkey. Accordingly, we have upwardly revised the full-year consolidated earnings forecast.

Revision of the Consolidated Performance Forecast for the Fiscal Year Ending December 31, 2020
(January 1, 2020 – December 31, 2020)
Revenue
Previously announced

Operating profit

Profitbefore tax

Profit attributable toowners of parent

Profit per share

Million yen

Million yen

Million yen

Million yen

yen

forecast (A)720,000

63,00060,00025,00077.93

Revised forecast (B)730,000

66,00065,00028,00087.28

Amount of change (B-A)

10,000

3,000

5,000

3,000

Percentage change (%)

1.4%

4.8%

8.3%

12.0%

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
Six Months Ended June 30, 2020
(Million yen)
For the six months ended
June 30, 2019

For the six months ended
June 30, 2020

Revenue

312,424

345,440

Cost of sales(188,837)(202,886)

Gross profit

123,587

142,554(84,479)
3,716(108,610)
2,016

Selling, general and administrative expenses
Other income
Other expenses(879)(1,291)

Operating profit
Finance income

41,945
2,349

34,6692,091

Finance costs
Share of profit of investments accounted forusing equity method
Profit before tax
Income taxes(2,342)(3,080)456

310

42,409(11,664)

33,991(7,680)

Profit30,744

26,310

Profit attributable to
Owners of parent

20,93916,890Non-controlling interests

9,805

9,419

Profit30,744

26,310

65.29
65.27

52.65
52.63

Earnings per share
Basic earnings per share (yen)Diluted earnings per share (yen)4Second Quarter Ended June 30, 2020
(Million yen)
Second quarter ended
June 30, 2019
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
ProfitSecond quarter ended
June 30, 2020

165,065(99,376)
65,688(44,471)
1,127
(529)
21,815
1,403(1,365)

182,524(108,016)
74,508(55,836)
1,427
(664)
19,434
1,127
(485)

178

(78)

22,031(6,366)
15,66519,997(3,913)16,084

10,2905,375
15,665

9,420
6,663
16,084

32.08
32.07

29.37
29.36

Profit attributable to
Owners of parent
Non-controlling interests
ProfitEarnings per share
Basic earnings per share (yen)Diluted earnings per share (yen)5Condensed Quarterly Consolidated Statement of Comprehensive Income
Six Months Ended June 30(Million yen)
For the six months ended
June 30, 2019

For the six months ended
June 30, 2020

30,744

26,310291(4,347)

(12)

(35)

279

(4,382)(13,966)(31,180)(20,311)

16

(374)

(611)

(34,651)(31,775)(34,372)(3,628)(36,157)(9,847)(10,147)
6,519(3,628)(14,472)
4,625(9,847)

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
Cash flow hedges
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 income
Comprehensive income
Comprehensive income attributable to
Owners of parent
Non-controlling interests
Comprehensive income6Second Quarter Ended June 30(Million yen)
Second quarter ended
June 30, 2019
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
Cash flow hedges
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 income
Comprehensive income

Second quarter ended
June 30, 2020

15,66516,084

(200)

1,477

(15)

(2)

(216)

1,475

(19,483)

23,197(20,311)

(71)

(384)

33

(40,178)

23,160(40,394)(24,729)

24,63540,719(24,654)(74)(24,729)

34,357
6,362
40,719Comprehensive income attributable to
Owners of parent
Non-controlling interests
Comprehensive income7(2) Condensed Quarterly Consolidated Statement of Financial Position
As ofDecember 31, 2019
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

8(Million yen)
As ofJune 30, 2020

123,300
92,860212,844
65,158
12,623506,787428
507,216

153,752
89,712
220,30344,51014,611
522,890375
523,265

240,319427,091
230,986
12,68054,381
2,818
3,151
971,430
1,478,646

237,817416,545
221,589
11,642
49,216
2,485
3,908
943,205
1,466,471

As ofDecember 31, 2019

(Million yen)
As ofJune 30, 2020

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

153,277
384,049
12,4706,739
2,197
39,413598,147

133,443
76,94015,177
6,585
2,908
42,695
277,750

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

58,14744,681
24,382900
1,847
62,560
192,519

388,676
45,47823,616870
2,862
58,674
520,178

Total liabilities

790,667

797,92978,862
62,927(6,378)411,941
5,568
552,922
135,056
687,979
1,478,646

78,86263,093(6,323)
421,414(25,755)
531,292
137,249
668,541
1,466,471－

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 equity9(3) Condensed Quarterly Consolidated Statement of Changes in Equity
For the Six Months Ended June 30, 2019 (From January 1, 2019 to June 30, 2019)(Million yen)SharecapitalEquity attributable to owners of parent
Other
CapitalTreasury Retained components
surplussharesearnings
of equity

Noncontrolling Total equity
interests

Total

Balance as of January 1, 201978,862

63,247(6,444)

390,287(5,905)520,047

127,570647,618

ProfitOther comprehensive
incomeComprehensive income

－

－

－

20,939－20,9399,805

30,744－－－－(31,086)(31,086)(3,285)(34,372)－－－

20,939(31,086)(10,147)

6,519(3,628)Purchase of treasury shares

－

－

(3)

－

－

(3)

－

(3)

Disposal of treasury shares

－

52

24

－

－

76

－

76

Dividends
Share-based paymenttransactions
Changes in ownershipinterest in subsidiaries

－

－

－

(7,376)－(7,376)(12,047)(19,424)

－

－

－

－

8

8

－

8

－

(109)

－

－

－

(109)

51

(57)

Change in scope of
consolidation
Transfer from othercomponentsof equity
to retained earnings
Capital increase of
subsidiaries
Other

－

－

－

－

－

－

24

24

－

－

－

(6)

6

－

－

－

－

－

－

－

－

－

1,600

1,600

－

－

－

－

－

－

(104)

(104)

Total transactions
owners

－

(57)

21

(7,382)

14(7,404)(10,475)(17,880)

78,862

63,189(6,423)403,844(36,977)

502,495

123,614626,110withBalance as of June 30, 2019

For the Six Months Ended June 30, 2020 (From January 1, 2020 to June 30, 2020)(Million yen)SharecapitalEquity attributable to owners of parent
Other
CapitalTreasury Retained components
surplussharesearnings
of equity

Noncontrolling Total equity
interests

Total

Balance as of January 1, 2020

78,862

62,927(6,378)411,941

5,568

552,922

135,056

687,979

ProfitOther comprehensive
incomeComprehensive income

－

－

－

16,890－16,8909,419

26,310－－－－(31,363)(31,363)(4,794)(36,157)－－－

16,890(31,363)(14,472)

4,625(9,847)Purchase of treasury shares

－

－

(5)

－

－

(5)

－

(5)

Disposal of treasury shares

－

166

59

－

－

225

－

225

Dividends
Share-based paymenttransactions
Changes in ownershipinterest in subsidiaries

－

－

－

(7,378)－(7,378)(2,397)(9,775)

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

Change in scope of
consolidation
Transfer from othercomponentsof equity
to retained earnings
Capital increase of
subsidiaries
Other

－

－

－

－

－

－

－

－

－

－

－

(39)

39

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

－

(35)

(35)

Total transactions
owners－166

54(7,417)39(7,157)(2,432)(9,590)78,86263,093(6,323)421.414(25,755)

531,292

137,249

668,541

withBalance as of June 30, 202010

(4) Condensed Quarterly Consolidated Statement of Cash Flows(Million yen)
For the six months ended
June 30, 2019
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 time deposits
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 shares of subsidiaries
Payments for sale of shares of subsidiaries
Payments for sale of investments in subsidiaries
Payments for loans receivable
Other
Net cash used in investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Proceeds from long-term borrowings
Repayments of long-term borrowings

Repayments of lease obligations
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 period

11

For the six months ended
June 30, 2020

42,40911,347(1,837)
1,615

33,991
14,368(1,665)
2,988

(456)

(310)

153

189

(892)
(20,855)
9,207
(351)
27
1,289
41,6571,312
1,293(1,356)(7,431)35,474216(14,215)(16,020)
(433)
859
6,214
26,183
1,194
1,575(3,022)(10,215)
15,716(4,082)(2,172)(8,832)

20,608(9,910)320(1,059)(3,361)(57)(5,751)－(1,519)(34,254)(11,249)917(1,429)(1,453)
－
(20)
149
168
5,518

10,014－(11,488)(2,063)
1,600(7,376)(1,005)(3)(10,323)(330,648)
371,777(14,980)(4,568)－(7,379)(629)
313,573(1,315)(4,356)(10,419)
129,633
119,21430,452
123,300
153,752

(5) Notes to Condensed Quarterly Consolidated Financial Statements(Notes on going concern assumption)
There is no relevant information.

(Changes in accounting estimates)
Trademark rights (other intangible assets) of NIPPON PAINT (H.K.) COMPANY LIMITED, etc., recognized accompanying
their conversion into consolidated subsidiaries of the Company in December 2014, were previously amortized over 20 years.
However, we have reexamined the amortization period of the trademark rights taking into consideration that those trademark rights
have maintained high brand recognition and other factors. Accordingly, the Company has changed the estimated useful life of the
trademark rights to an indefinite useful life from the beginning of the three months ended March 31, 2020.
As a result of this change, amortization of trademark rights (selling, general and administrative expenses) decreased ¥1,136
million yen in the condensed quarterly consolidated statements of profit or loss for the six months ended June 30, 2020.
The change has affected the results for the Asia segment.

(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 is the highest decision-making body, in orderto make decisions regarding management resource allocation and performance assessment. The Group’s primary businesses are thepaint and coating business which manufactures and sells automotive coatings, decorative paints, industrial coatings, fine chemicals,
and other paints, and the paint related business which manufactures and sells paint-related products such as adhesives. The Company
and separate local companies are responsible for domestic activities, and overseas, separate local companies are responsible for theAsia, Oceania, Americas, and other regions. Each company is an individual management unit, and concerning which items to carry,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 four
reportable segments are “Japan,” “Asia,” “Oceania,” and “Americas.”“Other” contains business activities by overseas subsidiaries in Europe, etc. Those business activities are managed individually,
but are not material enough to be disclosed separately as an independent segment of the Group.
(Changes in reportable segments)“Oceania” has been added to the reportable segments as a result of the acquisition of all shares in DuluxGroup Limited and theinclusion of the company and its 42 subsidiaries in the scope of consolidation in the third quarter of the previous fiscal year.
Segment information for the six months ended June 30, 2019 is presented based on the changed reportable segment categories.

12(2) Performance by reportable segment
For the Six Months Ended June 30, 2019 (From January 1, 2019 to June 30, 2019)

Reportable segment
Japan

Asia

90,136(Million yen)
Condensed
quarterly
Adjustment
consolidated(Note)
financialstatements

Other

Total

305,630

6,794

312,424－

312,424

68

25,247441

25,688(25,688)－－

37,855

330,878

7,235

338,113(25,688)

312,424－

2,685

55,787(430)

55,357(13,412)41,945

Oceania

Americas

Subtotal

177,707－37,786

23,4091,769－

113,546

179,476

27,42325,678

Revenue
Revenue from
customers

external

Intersegment revenue
Total
Segment profit (loss)
Financial income

2,349

Financial costs(2,342)Shareofprofitofinvestments accounted forusing equity method

456

Profit before tax

42,409Note: Adjustments to “intersegment revenue” and “segment profit (loss)” are primarily due to intersegment eliminations.

For the Six Months Ended June 30, 2020 (From January 1, 2020 to June 30, 2020)

Reportable segment(Million yen)
Condensed
quarterly
Adjustment
consolidated(Note)
financialstatements

Other

Total

325,807

19,633

345,440－

345,440

54

12,435391

12,827(12,827)－

66,882

32,773

338,242

20,025358,268(12,827)

345,440

8,307

1,185

36,128921

37,050(2,381)

34,669

Japan

Asia

Oceania

Americas

Subtotal

75,772

150,471

66,84432,718

10,374

1,969

37

Total

86,146

152,440

Segment profit

5,337

21,298

Revenue
Revenue from
customers

external

Intersegment revenue

Financial income

2,091

Financial costs(3,080)Shareofprofitofinvestments accounted forusing equity method

310

Profit before tax

33,991

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

13

(3) Information on products and services

Sales categories by business have been changed to the “paint and coating business” and the “paint related business” since
the third quarter ended September 30, 2019.
Revenue for the six months ended June 30, 2019 is presented based on the changed sales categories by business.

For the Six Months Ended June 30, 2019 (From January 1, 2019 to June 30, 2019)(Million yen))
Japan

Asia

Oceania

Americas

Other

Total

Paint and coating business

90,136

177,707－37,786

6,794

312,424

Automotive coatings

23,34033,736－

13,476

6,225

76,779Decorative paints

23,810119,912－

22,634－

166,358

Industrial coatings

20,196

13,357－－74

33,629Fine chemicals

4,397

3,029

－

1,587

490

9,505

Other paints

18,391

7,670

－

87

3

26,152

－

－

－

－

－

－

90,136

177,707－37,786

6,794

312,424

Paint related business
Total

For the Six Months Ended June 30, 2020 (From January 1, 2020 to June 30, 2020)(Million yen)
Japan

Asia

Oceania

Americas

Other

Total

Paint and coating business

75,772

150,471

38,46832,71815,168

312,599

Automotive coatings

15,76223,800

－

8,465

3,513

51,541

Decorative paints

21,375

106,475

35,947

22,8499,300

195,949

Industrial coatings

17,443

10,884

2,520

－

1,562

32,410Fine chemicals

3,713

2,360

－

1,301

698

8,074

Other paints

17,476

6,950

－

102

94

24,623－－28,376－

4,464

32,84175,772

150,471

66,84432,718

19,633

345,440

Paint related business
Total(Significant subsequent events)
There is no relevant information.

14