Management Message

Committing to achieving Maximization of Shareholder Value (MSV) through Asset Assembler model backed by autonomous and decentralized management

This is the final year of our Medium-Term Plan (FY2021-2023, “MTP”) that started two years ago. Looking back, we went through dramatic changes in our business environment, including but not limited to disruptions in supply chain, inflation-induced raw material price increases and interest rate hikes, caused by the pandemic and Russia’s invasion of Ukraine among others. Despite these challenges, our consolidated revenue in FY2022 reached a record high driven by market share gains, continual price increases and relatively small assembling of assets.
Our operating profit also rose to a record high on revenue growth and continuous cost control, despite one-off items such as credit loss provisions in China and the adoption of hyperinflationary accounting in Türkiye. In addition, we achieved growth in both revenue and operating profit on a Non-GAAP basis that excludes foreign exchange impact and other one-off items. These results reaffirm the strength of our Asset Assembler model for value creation through both organic and inorganic initiatives. We will continue to mobilize our Group’s resources for market share gains and margin improvement with the goal of exceeding MTP target of JPY140 bn operating profit in FY2023.

We have already started our work on the next MTP. We are assessing what we achieved over the current period and aiming for further growth.

As Co-Presidents, we jointly make management decisions on numerous corporate actions with our partnership, while individually fulfilling our respective roles. We will continue our autonomous and decentralized management that extracts the full talent of our leaders in our partner companies around the world, guided by the Purpose that defines the shared identity of our Group: “Enriching our living world through the power of Science + Imagination.”
Based on this framework, our partner leaders in our federation burning with desire for growth shall aim for autonomous growth while leveraging on our scale and drawing on mutual collaboration.

Further we shall continue our Asset Assembler journey with good and low risk assets.
We appreciate the continued support and guidance from our investors.

September 30, 2023


Director, Representative Executive Officer & Co-President


Director, Representative Executive Officer & Co-President

Our Co-President Structure for Pursuing MSV

Important indicators of our MSV performance are EPS (earnings per share) and PER (price-to-earnings ratio). As NIPSEA Group CEO, Wee Siew Kim has guided the group through annual profit growth of over 10% since FY2009. Wee's focus at Nippon Paint Group is on overseeing the worldwide operations and to maximize EPS by growing both revenue and profitability. Yuichiro Wakatsuki applies his wealth of experience and knowledge in the capital markets and M&A to maximize PER by raising expectations in the capital markets. Wakatsuki is in charge of overall corporate matters and seeks to leverage M&A to spur further growth for the Group. While Co-Presidents have their primary areas of responsibilities, they make all executive decisions together and are jointly responsible for the overall management of the Group.

EPS(earnings per share)

Wee Siew Kim
Director, Representative Executive Officer & Co-President

  • Primarily responsible for EPS maximization
  • Oversees global business operations
  • Extensive management experience/Proven track record as NIPSEA Group CEO

PER(price-to-earnings ratio)

Yuichiro Wakatsuki
Director, Representative Executive Officer & Co-President

  • Primarily responsible for PER maximization
  • Oversees corporate management and M&A
  • Extensive capital markets/M&A experience

Co-Presidents Message Video
(From "Press Conference: Change of Representative Executive Officer (Change of President)" on April 28, 2021)

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