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 Nine Months Ended December 31, 2015
[Japanese GAAP]
February 5, 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: Hiroshi Hanaoka, General Manager of Corporate Administration
Phone: +81-6-6455-9141
Scheduled date of filing quarterly securities report: February 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 Nine Months Ended December 31, 2015 (April 1, 2015 to December 31,
2015)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating income
Ordinary income
owners of parent
Nine months ended
Million yen%
Million yen%
Million yen%
Million yen%
December 31, 2015
405,104 111.8
52,599 119.2
55,451
55.5
23,748 (86.3)
December 31, 2014
191,254(0.5)
23,992(2.5)
35,653(0.8)
173,088 601.6
Note: Comprehensive income: Nine months ended December 31, 2015: ¥22,000 million [(87.7%)]
Nine months ended December 31, 2014: ¥179,013 million [338.2%]
Diluted profit per
Profit per share
share
Nine months ended
Yen
Yen
December 31, 2015
74.05
74.05
December 31, 2014
648.96(2) Consolidated Financial Position
Total assets

Net assets

Million yen

Equity ratio

Million yen%

As of December 31, 2015
802,551
576,384
As of March 31, 2015
810,727
589,923
Reference: Equity: As of December 31, 2015: ¥471,234 million
As of March 31, 2015: ¥479,829 million

58.7
59.2

2. Dividends
1stquarter-end
Yen

Annual dividends
2nd
3rd
quarter-end
quarter-end
Yen

Fiscal year ended March 31, 2015
10.00
Fiscal year ending March 31, 2016
15.00
Fiscal year ending March 31, 2016
(Forecast)
Note: Revision to the forecast for dividends announced most recently: No

Year-end

Total

Yen

Yen

Yen

-

12.00

22.00

15.00

30.00

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2016 (April 1, 2015 to March
31, 2016)(% indicates changes from the previous corresponding period.)
Profit attributable
Net sales
Operating income
Ordinary income
to owners ofProfit per shareparent%Million yen%

Yen

Full year
530,000 103.4
70,000 107.4
73,000 48.2
Note: Revision to the financial results forecast announced most recently: No

Million yen%

Million yen%

Million yen

32,000(82.4)

99.78* 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: Yes
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) 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):December 31, 2015: 325,402,443 shares
March 31, 2015: 325,402,443 shares2) Total number of treasury shares at the end of the period:
December 31, 2015: 4,696,181 shares
March 31, 2015: 4,694,319 shares
3) Average number of shares during the period:
Nine months ended December 31, 2015: 320,707,085 shares
Nine months ended December 31, 2014: 266,717,938 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
from the forecast figures depending on various factors. For the assumptions underlying the forecasts andprecautions when using the forecasts, please refer to “Explanation of Consolidated Financial Results Forecast andOther 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 Nine Months ended December 31, 2015........................... 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 Retrospective Restatement ........ 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 nine months ended December 31, 2015, consolidated net sales of NIPPON PAINT
HOLDINGS CO., LTD. (the “Company”) and its group companies (collectively, the “Group”) increased by
111.8% from the corresponding period of the previous year (the “previous year”), to ¥405,104 million due tothe acquisition of equity of joint venture companies in the Asian region (making them into subsidiaries).
Consolidated operating income increased by 119.2% from the previous year, to ¥52,599 million as a result of
the effects of acquiring equity in the joint venture companies and the recording of related amortization expenses
for goodwill and intangible assets in selling and administrative expenses, and consolidated ordinary income
increased by 55.5% from the previous year, to ¥55,451 million. Profit attributable to owners of parent
decreased by 86.3% from the previous year, to ¥23,748 million partly due to posting of gain on step
acquisitions of ¥148.8 billion as extraordinary income during the previous year, following the conversion of theaforementioned companies into subsidiaries.
Results by business segment are as follows. Overseas group companies, with the exception of somecompanies, adopt a December fiscal year-end, and a corresponding period for the period under review is fromJanuary to September 2015.
Japan
In this region, as a result of efforts to expand market share amid the decreasing number of automobiles
manufactured, net sales of automotive coatings remained at the same level as the previous year. As forindustrial coatings, in line with a decline in market conditions, decreased sales of coatings for construction
materials and construction machinery and other factors led to lower net sales compared to the previous year.
With respect to trade-use paints, while performance has been weak in the overall market, owing to efforts insales promotion activities including new products, net sales increased compared to the previous year.
As a result of these factors, consolidated net sales for the Japan segment decreased by 5.3% from theprevious year, to ¥130,594 million. Consolidated operating income increased by 94.7% from the previous year,to ¥37,733 million due to the transition to a holding company that occurred on October 1, 2014 leading to therecording of dividend income from overseas group companies (¥16,444 million), and continued activities toreduce costs.
Additionally, such amount is eliminated as an internal transaction under “Inter-segment transaction
eliminations and other adjustments.”
Asia
In this region, net sales and operating income increased substantially due to the acquisition of equity ofjoint venture companies in the Asian region (making them into subsidiaries) during the previous year.
Particularly, in China, the core region of the Asia segment, net sales were robust for trade-use paints such as
paints for housing interiors. However, due to making the companies into subsidiaries, share of profit of entities
accounted for using equity method decreased.
As a result of these factors, consolidated net sales for the Asia segment increased by 651.9% from theprevious year, to ¥242,349 million, consolidated operating income increased by 747.4% from the previous year,to ¥27,630 million, and share of profit of entities accounted for using equity method decreased by 92.1% fromthe previous year, to ¥792 million.
North America
In this region, net sales increased due to an increase in the number of automobiles manufactured.
Furthermore, in addition to reduced expenses for the import of raw materials due to a strong dollar (a weakeryen), continued activities to reduce costs led to a significant improvement in profitability.
As a result, consolidated net sales for the North America segment increased by 33.5% from the previous
2year, to ¥24,558 million, and consolidated operating income increased by 104.6% from the previous year, to¥3,790 million.
Other
Consolidated net sales for this geographic segment increased by 175.6% from the previous year to ¥7,602
million due to the consolidation of a German paint manufacturer, and consolidated operating income or loss
amounted to a loss of ¥150 million (income of ¥72 million in the previous year) partly due to an increase inamortization of goodwill.

(2) Explanation of Financial Position
Total assets at the end of the third quarter of the fiscal year under review decreased by ¥8.18 billion fromthe end of the previous fiscal year to ¥802,551 million. Of these, current assets increased by ¥21.46 billion
from the end of the previous fiscal year, primarily caused by strong performance in sales of coatings in the
Asian region, and an increase in accounts receivable - trade.
Non-current assets decreased by ¥29.63 billion from the end of the previous fiscal year, primarily caused
by factors such as the application of the Accounting Standard for Business Combinations, etc. and amortization
which led to a decrease in goodwill.
Liabilities increased by ¥5.36 billion from the end of the previous fiscal year to ¥226,166 million. The
increase was mainly attributable to increases in accounts payable - trade and loans payable.
Net assets including non-controlling interests decreased by ¥13.54 billion from the end of the previous
fiscal year to ¥576,384 million. This was mainly attributable to decreases in capital surplus and foreign
currency translation adjustment due to the application of the Accounting Standard for Business Combinations,etc., and yen appreciation, despite an increase in retained earnings stemming from the recording of profit
attributable to owners of parent.
As a result, equity ratio fell from 59.2% at the end of the previous fiscal year to 58.7%.

(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 November 6, 2015.

3

2. Matters Concerning Summary Information (Notes)(1) Changes in Significant Subsidiaries during the Nine Months ended December 31, 2015
There is no relevant information.
(2) Accounting Treatments Adopted Specially for the Preparation of Quarterly Consolidated Financial Statements(Special Accounting Treatments)
Calculation of tax expenses
Tax expenses have been calculated by multiplying income before income taxes by an effective tax rate,
which is reasonably estimated after the application of tax effect accounting to income before income taxes forthe consolidated fiscal year including the third quarter of the fiscal year under review.

(3) Changes in Accounting Policies, Changes in Accounting Estimates and Retrospective Restatement(Changes in Accounting Policies)
Effective from the first quarter of the fiscal year under review, the Company has applied the “AccountingStandard for Business Combinations” (Accounting Standards Board of Japan (ASBJ) Statement No. 21,
September 13, 2013; hereinafter the “Business Combination Accounting Standard”), “Accounting Standard forConsolidated Financial Statements” (ASBJ Statement No. 22, September 13, 2013; hereinafter the“Consolidated Financial Statement Accounting Standard”), and “Accounting Standard for Business
Divestitures” (ASBJ Statement No. 7, September 13, 2013; hereinafter the “Business Divestiture AccountingStandard”), and along with recording differences in the Company’s holding value for subsidiaries for which
control continues as capital surplus, the method for recording expenses related to acquisition has been changed
to the consolidated fiscal year in which the expenses were incurred. Furthermore, concerning businesscombinations which occur at or after the beginning of the first quarter of the fiscal year under review, themethod has been changed to reflect revisions to distribution amounts for acquisition costs resulting fromsettlement of provisional accounting treatment to the quarterly consolidated financial statements for the
consolidated accounting period to which the business combination applies. As a result, changes in presentationin net income, etc. as well as a change in presentation from “minority interests” to “non-controlling interests”
have been made. In order to reflect these changes in presentation, reclassifications have been made in thequarterly consolidated financial statements and the consolidated financial statements for the nine months ended
December 31, 2014 and the previous consolidated fiscal year.
The application of Business Combination Accounting Standard, etc., have been adopted in accordancewith transitional treatments stipulated in Business Combination Accounting Standard, Paragraph 58-2 (3),Consolidated Financial Statement Accounting Standard, Paragraph 44-5 (3), and Business Divestiture
Accounting Standard, Paragraph 57-4 (3), and the amount of the cumulative effect as of the beginning of thefirst quarter of the fiscal year under review when the new accounting standards are retroactively applied to all
previous periods has been added to or subtracted from capital surplus and retained earnings.
As a result, as of the beginning of the first quarter of the fiscal year under review, goodwill and capitalsurplus decreased by ¥11,753 million and ¥14,886 million, respectively, while retained earnings increased by¥3,008 million. In addition, during the nine months ended December 31, 2015, operating income increased by¥780 million, and ordinary income and income before income taxes each increased by ¥790 million.

43. Quarterly Consolidated Financial Statements(1) Quarterly Consolidated Balance Sheets(Million yen)
As of March 31, 2015
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 December 31, 2015

89,007
136,694
43,752
53,2797,218
14,962(3,179)341,736

85,062
165,725
36,866
54,683
6,829
18,000(3,976)363,192

43,57057,360100,930

42,51561,627104,143

210,538
54,01753,518318,073

186,409
50,08750,782287,279

47,284
917
1,958
(174)
49,987
468,991
810,72744,450
945
2,749
(209)
47,936439,359
802,551

(Million yen)
As of March 31, 2015
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 December 31, 201582,272
11,456
11,1099,931
52,208
166,977

83,944
12,88818,902
7,549
51,322
174,607

2,612
27,404172
304
16,763
6,568
53,826
220,804

1,511
25,697120
334
15,567
8,326
51,559226,166

78,86278,338314,743(6,432)465,51378,86263,451
332,842(6,438)468,718

12,21813
4,307(2,224)
14,316–
110,094
589,923
810,727

11,470
4(6,986)(1,973)2,515
26
105,124
576,384
802,551

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Nine Months Ended December 31(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
Gain on investment of securities
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 transfer of business
Gain on step acquisitions
Other
Total extraordinary income
Extraordinary losses
Loss on sales and retirement of non-current assets
Other
Total extraordinary losses
Income before income taxes
Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

For the nine months ended
December 31, 2014
191,254
122,774
68,47944,48623,992For the nine months ended
December 31, 2015
405,104
237,478
167,626
115,026
52,599

97
842
9,967
1,792
－
821
13,521

750
801
645
－
912
1,638
4,748

135
－
1,725
1,860
35,653

289
419
1,187
1,896
55,451

19－
148,800
0
148,820

19
250
－
18
287

106
47
154
184,319
9,360
174,958
1,870
173,088

204
16
220
55,51916,76338,75515,00623,748

7

Quarterly Consolidated Statements of Comprehensive Income
Nine Months Ended December 31(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 nine months ended
December 31, 2014
174,958

For the nine months ended
December 31, 2015
38,755

3,900
21
5,978
632

(764)
(14)
(15,705)216(6,478)

(485)

4,054
179,013(16,754)
22,000174,654

11,9484,359

10,0528

(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 nine months ended December 31, 2014
On December 5, 2014, the Company received payment from Nipsea International Limited for a capital increase
via a third-party allotment of shares. As a result, during the nine months ended December 31, 2014, capital stockand capital surplus each increased by ¥51,150 million. As of December 31, 2014, capital stock was ¥78,862
million and capital surplus was ¥78,338 million.
Additionally, during the nine months ended December 31, 2014, the Company acquired additional equity ineight joint venture companies between the Company and Wuthelam Holdings Ltd., and added these eightcompanies and their 38 subsidiaries in the scope of consolidation. As a result, the Company recorded gain on step
acquisitions, and retained earnings increased by ¥148,800 million.
II. For the nine months ended December 31, 2015
Effective from the first quarter of the fiscal year under review, the Company has applied the Business
Combination Accounting Standard and other standards. Details regarding the effects are described in “Changes in
Accounting Policies.”9

(Segment information, etc.)[Segment information]
I. For the nine months ended December 31, 2014
1. Information on net sales and income (loss) by reportable segment(Million yen)Japan

Reportable segment
North
Asia
America

Subtotal

Other(Note)Total

Net sales
Net sales to outside customers
137,874
32,232
18,389188,496
2,758
191,254
Inter-segment net sales or transfers
10,0833,002
104
13,190805
13,996
Total
147,958
35,234
18,494
201,687
3,563
205,250
Segment income
19,3763,260
1,852
24,48972
24,562
Share of profit (loss) of entities–
10,040–10,040(73)
9,967
accounted for using equity method
Note: “Other” represents business segments that are not included in the reportable segments, and contains businessactivities by overseas subsidiaries in Europe, etc.
2. Information on assets by reportable segment(Significant increase in assets due to the acquisition of subsidiaries)
During the nine months ended December 31, 2014, the Company additionally acquired the equity of eight joint
venture companies between the Company and Wuthelam Holdings Ltd., which are located in China, Malaysia andSingapore. As a result of adding them and their 38 subsidiaries in the scope of consolidation, assets in the “Asia”
segment increased by ¥453,685 million compared to the end of the previous year.

(Significant increase in assets due to the third-party allotment)
During the nine months ended December 31, 2014, the assets in the “Japan” segment increased by ¥102,300
million compared to the end of the previous year, as a result of increases in capital stock and capital surplus by¥51,150 million each, due to the third-party allotment.
3. 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

24,489Segment income from “Other”

72

Inter-segment transaction eliminations and otheradjustments
Operating income recorded in the quarterly consolidated
statement of income

10

(569)
23,992

4. Information regarding impairment loss on non-current assets or goodwill, etc. by reportable segment(Significant changes in the amount of goodwill)In the “Asia” segment, the Company additionally acquired the equity of eight joint venture companies between
the Company and Wuthelam Holdings Ltd., and added the eight companies and their 38 subsidiaries in the scopeof consolidation.
The increase in the amount of goodwill due to the acquisition for the nine months ended December 31, 2014was ¥235,793 million.
5. Information on products and services(Million yen)

Change from the previous
year (%)

AmountNet sales to outside customers
Paints179,614(1.0)

Automotive

68,053(1.4)

Trade-use

35,300(5.9)

Industrial

35,005(1.8)

Other paints

41,254

4.9

Fine chemicals

11,6397.8

191,254

(0.5)

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

11II. For the nine months ended December 31, 2015
1. Information on net sales and income (loss) by reportable segment(Million yen)Japan

Reportable segment
North
Asia
America

Subtotal

Other(Note)Total

Net sales
Net sales to outside customers
130,594242,349
24,558397,502
7,602
405,104
Inter-segment net sales or transfers
32,4564,001
161
36,619845
37,464
Total
163,050
246,350
24,720434,1218,447
442,568
Segment income (loss)
37,733
27,6303,790
69,154(150)
69,003
Share of profit (loss) of entities
(0)
792
–
791
(146)
645
accounted for using equity method
Note: “Other” represents business segments that are not included in the reportable segments, and contains businessactivities 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

69,154

Segment loss from “Other”(150)

Inter-segment transaction eliminations and other(16,404)
adjustments
Operating income recorded in the quarterly
52,599consolidated statement of income
Note: “Inter-segment transaction eliminations and other adjustments” for the nine months ended December 31,
2015 includes inter-segment dividend income.
3. Changes to reportable segments(Application of the Accounting Standard of Business Combinations)
As described in “Changes in Accounting Policies,” effective from the first quarter of the fiscal year underreview, the Company records differences in the Company’s holding value for subsidiaries for which control
continues as capital surplus, and the method for recording expenses related to acquisition has been changed tothe consolidated fiscal year in which the expenses were incurred.
As a result of these changes, segment income for the nine months ended December 31, 2015 has increasedby ¥730 million in the “Japan” segment and increased by ¥49 million in the “Asia” segment, compared to thatrecorded using the previous method.
4. Information regarding impairment loss on non-current assets or goodwill, etc. by reportable segment(Significant changes to goodwill amounts)
From the first quarter of the fiscal year under review, the application of the Business Combination
Accounting Standard, Consolidated Financial Statement Accounting Standard, and Business Divestiture
12Accounting Standard, etc., has 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 under review decreased by ¥10,475 million in the“Japan” segment and decreased by ¥1,277 million in the “Asia” segment.
5. Information on products and services(Million yen)

Change from the previous
year (%)

AmountNet sales to outside customers
Paints392,340

118.4

Automotive

101,28748.8

Trade-use

196,517456.7

Industrial

51,475

47.1

Other paints

43,060

4.4

Fine chemicals

12,7649.7

405,104

111.8

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

13