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 Three Months Ended June 30, 2016
[Japanese GAAP]
August 10, 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 filing quarterly securities report: August 10, 2016
Scheduled date of commencing dividend payments: Availability of supplementary briefing material on quarterly financial results: Yes
Schedule of quarterly financial results briefing session: Yes(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Three Months Ended June 30, 2016 (April 1, 2016 to June 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
Three months ended Million yen%
Million yen%
Million yen%
Million yen%
June 30, 2016
121,4101.0
17,00731.0
14,547
(0.6)
6,142
31.4
June 30, 2015
120,168
92.1
12,98060.6
14,63640.7
4,675 (23.3)
Note: Comprehensive income: Three months ended June 30, 2016: ¥(13,745) million [-%]
Three months ended June 30, 2015: ¥5,582 million [13.2%]
Basic earnings
Diluted earnings
per shareper share
Three months ended
Yen
Yen
June 30, 2016
19.15
19.15
June 30, 2015
14.58
(2) Consolidated Financial Position
Total assets

Net assets

Million yen

Equity ratio

Million yen%

59.0
As of June 30, 2016
762,458
548,539
59.3
As of March 31, 2016
791,459
567,748
Reference: Equity: As of June 30, 2016: ¥450,179 million
As of March 31, 2016: ¥469,533 million
2. Dividends
Annual dividends
1st
2nd
3rd
quarterquarterquarterYear-end
-end
-end
-end
Yen

Yen

Fiscal year ended March 31, 2016
15.00
Fiscal year ending December 31,
2016
Fiscal year ending December 31,
2016
20.00
(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

First half
260,000 (1.2)
34,000
6.1
36,0006.9
17,000 28.0
53.01
Full year
500,000
71,00074,00034,000106.02
Note:
Revision to the financial results forecast announced most recently: No
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 with the fiscal year end of March 31, the consolidation period for the fiscal year ending December 31,
2016, which will be 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 12months 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 retrospective 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) Retrospective restatement: No(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
June 30, 2016: 325,402,443 shares
March 31, 2016: 325,402,443 shares2) Total number of treasury shares at the end of the period:
June 30, 2016: 4,696,905 shares
March 31, 2016: 4,696,460 shares
3) Average number of shares during the period:
Three months ended June 30, 2016: 320,705,807shares
Three months ended June 30, 2015: 320,707,726 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 3 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........... 3
2. Matters Concerning Summary Information (Notes)...................................................................................... ...4
(1) Changes in Significant Subsidiaries during the Three Months ended June 30, 2016................................... 4(2) Accounting Treatments Adopted Specially for the Preparation of Quarterly Consolidated Financial
Statements..................................................................................................................................................... 4(3) Changes in Accounting Policies, Changes in Accounting Estimates and Retrospect Restatement.............. 4(4) Additional information ................................................................................................................................. 4
3. Quarterly Consolidated Financial Statements ............................................................................................... ...5
(1) Quarterly Consolidated Balance Sheets ....................................................................................................... 5(2) Quarterly Consolidated Statements of Income and Comprehensive Income ............................................... 7(3) Notes to Quarterly Consolidated Financial Statements................................................................................ 9(Notes on going concern assumption) ................................................................................................... 9(Notes in the case of significant changes in shareholders’ equity).......................................................... 9(Segment information, etc.)................................................................................................................... 10

1

1. Qualitative Information on Quarterly Financial Results for the Period under Review(1) Explanation of Operating Results
During the three months ended June 30, 2016, consolidated net sales of NIPPON PAINT HOLDINGS CO.,LTD. (the “Company”) and its group companies (collectively, the “Group”) increased by 1.0% from thecorresponding period of the previous year (the “previous year”), to ¥121,410 million. Consolidated operating
income increased by 31.0% from the previous year, to ¥17,007 million partly due to continued activities toreduce costs, and consolidated ordinary income decreased by 0.6% from the previous year, to ¥14,547 million
as a result of foreign exchange losses due to yen appreciation being recognized for assets denominated inforeign currencies. Profit attributable to owners of parent increased by 31.4% from the previous year, to ¥6,142
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 three months ended June 30, 2016 is the three months from April toJune 2016 for the Company and consolidated subsidiaries that had a fiscal year-end in March, and the threemonths from January to March 2016 for overseas consolidated subsidiaries with a fiscal year-end in December.
Results by business segment are as follows.
Japan
In this region, as a result of efforts to expand market share amid the decreasing number of automobiles
manufactured due to factors such as the Kumamoto Earthquake, net sales of automotive coatings remained at
the same level as the previous year. As for industrial coatings, in line with a recovery in market conditions,increased sales of coatings for construction materials and other factors led to higher net sales compared to theprevious year. With respect to trade-use paints, while performance has been weak in the overall market, owing
to efforts in sales promotion activities, net sales were on par with the previous year. Meanwhile, net sales forother coatings, centered on marine coatings that were affected by a downturn in market conditions, were lower
compared to the previous year.
As a result of these factors, consolidated net sales for the Japan segment decreased by 1.8% from theprevious year, to ¥41,169 million. Consolidated operating income decreased by 65.6% from the previous year,
during which dividend income from overseas group companies of ¥16,243 (compared to ¥247 million for theperiod under review) was recorded, to ¥7,762 million.
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 on a local currency
basis. With respect to trade-use paints, net sales were higher compared to the previous year on a local currency
basis, owing to factors such as strong performance in paints for housing interiors.
Although consolidated net sales for the Asia segment decreased by 2.0% from the previous year, to¥68,175 million due to an adverse effect of foreign exchange rate fluctuations, consolidated operating income
increased by 44.4% from the previous year, to ¥7,920 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 12.2% from the previous year, to¥8,721 million, and consolidated operating income increased by 36.4% from the previous year, to ¥1,523
million.
Other
Consolidated net sales for this geographic segment increased by 267.2% from the previous year, to ¥3,343
million due to the consolidation of a German paint manufacturer, and consolidated operating income or loss
amounted to a loss of ¥21 million (income of ¥70 million in the previous year) partly due to amortization of
goodwill.

(2) Explanation of Financial Position
Total assets at the end of the first quarter of the fiscal year under review decreased by ¥29.00 billion fromthe end of the previous fiscal year to ¥762,458 million. Current assets decreased by ¥7.03 billion from the endof the previous fiscal year, mainly due to an increase in accounts receivable – trade, offset by a decrease in
securities. Non-current assets decreased by ¥21.97 billion from the end of the previous fiscal year, primarily
caused by factors such as amortization which led to a decrease in goodwill.
Liabilities decreased by ¥9.79 billion from the end of the previous year to ¥213,919 million. The decrease
was mainly attributable to decreases in accounts payable-trade and income taxes payable.
Net assets decreased by ¥19.21 billion from the end of the previous fiscal year to ¥548,539 million. Thiswas mainly attributable to decreases in valuation differences on available-for-sale securities and foreign
currency translation adjustment.
As a result, equity ratio fell from 59.3% at the end of the previous fiscal year to 59.0%.

(3) Explanation of Consolidated Financial Results Forecast and Other Forward-Looking Information
There are no changes to the full-year financial results forecast announced on May 12, 2016.

3

2. Matters Concerning Summary Information (Notes)(1) Changes in Significant Subsidiaries during the Three Months ended June 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 first quarter of the fiscal year under review.
(3) Changes in Accounting Policies, Changes in Accounting Estimates and Retrospective 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 mid-term management plan “Survival Challenges Stage III” during the last
fiscal year in line with our recent active efforts on business expansion in overseas market (e.g., acquisition ofsome joint venture companies in Asia at the end of 2014). In the process of its development, the Company
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 realities.
Due to this change, operating income, ordinary income, profit before income taxes for the three months
ended June 30, 2016 increased by ¥125 million, ¥126 million, and ¥126 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.

4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

5

As of June 30, 2016

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

110,402148,363
17,812
51,783
6,042
22,082(3,871)
352,615

43,71160,589104,300

42,861
59,570102,431

183,750
49,57849,902283,231

171,277
46,35847,166
264,80239,260
1,816
3,380
(176)
44,280431,812
791,459

35,675
3,602
3,487
(156)
42,609409,843
762,458(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

6

As of June 30, 2016

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

67,671
12,487
17,085
6,641
59,793
163,678

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

4,031
22,113129
326
15,9197,719
50,240213,919

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

78,86263,451
338,841(6,440)474,7157,078(0)(9,533)(3,000)(5,455)39
98,176
567,748
791,459

4,566
1(26,400)(2,704)(24,536)
55
98,304
548,539
762,458

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Three Months Ended June 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
Foreign exchange gains
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
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

For the three months ended
June 30, 2015
120,168
72,39547,773
34,792
12,980For the three months ended
June 30, 2016
121,41069,44351,966
34,95917,007

193
421
11
566
878
2,071

195
399
304
－
863
1,762

79
－
335
415
14,636

96
3,941
185
4,223
14,547

6
6

11
11

66
－
66
14,577
6,383
8,193
3,517
4,675

57
15
73
14,485
4,296
10,188
4,046
6,142

7

Quarterly Consolidated Statements of Comprehensive Income
Three Months Ended June 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

For the three months ended
June 30, 2015
8,193

For the three months ended
June 30, 2016
10,188447
9(3,250)56(2,451)
3(21,323)
297

125

(460)

(2,610)
5,582(23,934)(13,745)

2,778(12,938)

2,804

(807)

8

(3) 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 three months ended June 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 other standards.
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 three months ended June 30, 2016
There is no relevant information.

9

(Segment information, etc.)[Segment information]
I. For the three months ended June 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
41,91569,5697,773
119,258910
120,168
Net sales to outside customers
21,3031,228
43
22,574
252
22,827
Inter-segment net sales or transfers
63,21970,797
7,816
141,833
1,163
142,996
Total
22,557
5,483
1,116
29,15770
29,227
Segment income
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

29,157

Segment income from “Other”
70
Inter-segment transaction eliminations and other(16,246)
adjustments
Operating income recorded in the quarterly
12,980consolidated statement of income
Note: “Inter-segment transaction eliminations and other adjustments” for the three months ended June 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, and Business Divestiture Accounting Standard, etc. from the first quarter of the fiscal year ended March
31, 2015 resulted in a decrease in goodwill. As a result of these changes, the amount of goodwill at the beginningof 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.

10

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

AmountPaintsChange from the previous
year (%)
116,863
98.9

Automotive

31,11740.3

Trade-use

55,285

369.2

Industrial

16,72940.0

Other paints

13,730

6.8

Fine chemicals

3,305(12.9)

120,168

92.1

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

11II. For the three months ended June 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
41,16968,175
8,721
118,067
3,343
121,410
Net sales to outside customers
5,201
1,017
87
6,306
248
6,555
Inter-segment net sales or transfers
46,371
69,193
8,809
124,374
3,591
127,966
Total
7,762
7,920
1,523
17,206(21)
17,184
Segment income
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

17,206

Segment loss from “Other”(21)
Inter-segment transaction eliminations and other(177)
adjustments
Operating income recorded in the quarterly
17,007
consolidated statement of income
Note: “Inter-segment transaction eliminations and other adjustments” for the three months ended June 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 three months ended June 30, 2016 has increased by ¥125
million in the “Japan” segment compared to the depreciation method previously used.

12

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

AmountPaintsChange from the previous
year (%)
116,928
0.1

Automotive

34,393

10.5

Trade-use

53,880(2.5)

Industrial

16,466(1.6)

Other paints

12,188(11.2)

Fine chemicals

4,481

35.6

121,4101.0

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

13