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Latest Results and Forecast

Latest Results

Consolidated Financial Results for the Three Months Ended March 31, 2023 (January 1, 2023 to March 31, 2023)

During the three months ended March 31, 2023, consolidated revenue of the Nippon Paint Group increased by 15.8% from the corresponding period of the previous year to ¥330,213 million. Growth was mainly attributable to the acquisition on May 31, 2022 of European paint manufacturer DP JUB delniška družba pooblaščenka d.d. (JUB), the weaker yen, and the volume growth in the decorative paints business in China, which is a core business of the Nippon Paint Group.
Consolidated operating profit increased by 59.4% to ¥34,909 million. Consolidated profit before tax increased by 56.5% to ¥33,441 million, and profit attributable to owners of parent increased by 91.6% to ¥25,340 million.

Japan

Automotive coatings revenue increased due mainly to a rebound in the number of automobiles manufactured from the downturn a year ago caused by semiconductor chip shortage and other problems. Industrial coatings revenue increased due to price increases despite weaker market conditions than a year ago. Decorative paints revenue increased driven by flow through of price increases on stronger market conditions than a year ago.
As a result, consolidated revenue increased by 12.4% from the previous year to ¥46,989 million, and consolidated operating profit increased by 810.5% to ¥2,635 million.

NIPSEA

Automotive coatings revenue increased due to flow through of price increases in all areas of the NIPSEA Group segment including Thailand. However, there was a decline in the number of automobiles manufactured in China, notably at Japanese OEM manufacturers which have a slower traction in the growing electric vehicle (EV) market. Revenue from decorative paints was higher due to the progress of normalization of economic activities following the lifting of lockdowns and other COVID restrictions in China, the continuing strength of paint demand for repainting interiors of existing homes in China, and flow through of price increases in major markets including Malaysia, Indonesia, and Tϋrkiye.
As a result, consolidated revenue increased by 15.9% from the previous year to ¥178,028 million, and consolidated operating profit increased by 48.8% to ¥24,559 million.

DuluxGroup

Revenue from decorative paints increased due to flow through of price increases in Oceania and Europe. Revenue in the adjacencies business was higher than a year ago due to flow through of price increases in every brand in Oceania and Europe.
As a result, consolidated revenue increased by 20.2% from the previous year to ¥81,745 million, and consolidated operating profit increased by 38.2% to ¥7,289 million.

Americas

Automotive coatings revenue increased, driven by a rebound in production of automobiles in the United States, a core region in the automotive coatings business, from the downturn caused by semiconductor chip shortages and other difficulties. Decorative paints revenue decreased due to the slowdown of the US economy and housing market and periods of heavy rainfall in California.
As a result, consolidated revenue increased by 8.3% from the previous year to ¥23,449 million, and consolidated operating profit decreased by 13.7% to ¥744 million.

Revenue composition

Revenue composition by region
(Million yen)
Revenue composition by region
Japan: 46,989
NIPSEA: 178,028
DuluxGroup: 81,745
Americas: 23,449
Revenue composition by business
(Million yen)
Revenue composition by business
Automotive coatings: 41,458
Decorative paints: 210,405
Industrial coatings: 20,941
Fine chemicals: 4,509
Other paints: 17,852
Paint related business: 35,046

Revenue (cumulative results)

Nippon Paint Group revenue has grown steadily through the acquisitions of paint manufacturers in the United States in FY2017 and in Australia and Türkiye in FY2019 along with the successful growth of the decorative paints business in China and other Asian countries. In FY2021, we achieved revenue growth driven by the acquisition of the Indonesia business, flow through of selling price increases in every region, and the weaker yen. In FY2022, we delivered revenue growth for six consecutive years and a record revenue due to continuous selling price increases and new consolidations mainly in the decorative paints business, as well as FX.

Graph of RevenueGraph of Revenue

(Million yen)


1Q 2Q (cumulative) 3Q (cumulative) Full year
FY2023*3 330,213 - - -
FY2022*3 285,096 622,049 979,916 1,309,021
FY2021*2 222,678 481,787 736,257 998,276
FY2020*1 162,916 345,440 556,581 772,560

*1: Following the business transfer to the Wuthelam Group announced on August 10, 2021, the European automotive coatings business and the two India businesses have been classified as discontinued operations. Figures for the 3Q FY2020 cumulative period and full year FY2020 have been adjusted retrospectively to the amounts for continuing operations.
*2: Following the business transfer to the Wuthelam Group announced on August 10, 2021, the European automotive coatings business and the two India businesses have been classified as discontinued operations. Figures for the 1Q FY2021, 3Q FY2021 cumulative period, and full-year FY2021 are the amounts for continuing operations excluding discontinued operations.
*3: Hyperinflation accounting has been applied for our Turkish subsidiaries beginning with FY2022 2Q. The figures for FY2022 and FY2023 are adjusted for the application of this accounting policy.


Operating profit (cumulative results)

Group operating profit reached a record high in FY2020 due to the benefits of acquisitions and growth of the Chinese business. Group operating profit remained at the same level in FY2021 due to higher revenue and the reduction of fixed costs, despite raw material price increases and provisions for potential credit loss in China. Group operating profit increased in FY2022 to exceed the FY2020 level and reach a new record high due to higher revenue driven by the flow through of selling price increases, despite raw material price increases, an additional credit loss provision in China, and an application of hyperinflation accounting.

Graph of Operating profitGraph of Operating profit

(Million yen)


1Q 2Q (cumulative) 3Q (cumulative) Full year
FY2023*3 34,909 - - -
FY2022*3 21,898 44,202 82,428 111,882
FY2021*2 24,699 48,961 66,737 87,615
FY2020*1 15,234 34,669 64,687 87,594

*1: Following the business transfer to the Wuthelam Group announced on August 10, 2021, the European automotive coatings business and the two India businesses have been classified as discontinued operations. Figures for the 3Q FY2020 cumulative period and full year FY2020 have been adjusted retrospectively to the amounts for continuing operations. Figures for the full year FY2020 have been adjusted retrospectively to reflect a change in the accounting policy for configuration or customization costs in a cloud computing arrangement implemented beginning with the 4Q FY2021.
*2: Following the business transfer to the Wuthelam Group announced on August 10, 2021, the European automotive coatings business and the two India businesses have been classified as discontinued operations. The figures for FY2021 are amounts for continuing operations excluding discontinued operations. The figures for FY2021 have been adjusted to reflect a change in the accounting policy for configuration or customization costs in cloud computing agreements implemented beginning with 4Q FY2021.
*3: Hyperinflation accounting has been applied for our Turkish subsidiaries beginning with FY2022 2Q. The figures for FY2022 and FY2023 are adjusted for the application of this accounting policy.

Profit attributable to owners of parent (cumulative results)

Profit attributable to owners of parent rises or falls roughly in line with changes in earnings, such as operating profit. In FY2021, net profit increased significantly as a result of the full integration of the Asian JVs and the acquisition of the Indonesia business. In FY2022, net profit increased due to higher operating profit driven by the flow through of selling price increases and other factors.

Profit attributable to owners of parentProfit attributable to owners of parent

(Million yen)


1Q 2Q (cumulative) 3Q (cumulative) Full year
FY2023*3 25,340 - - -
FY2022*3 13,225 49,657 55,185 79,418
FY2021*2 16,342 33,274 50,308 67,569
FY2020*1 7,470 16,890 31,637 43,921

*1: Figures for the 1Q and full year FY2020 have been adjusted to reflect a change in the accounting policy for configuration or customization costs in a cloud computing arrangement implemented beginning with the 4Q FY2021.
*2: The figures for FY2021 have been adjusted to reflect a change in the accounting policy for configuration or customization costs in cloud computing agreements implemented beginning with 4Q FY2021.
*3: Hyperinflation accounting has been applied for our Turkish subsidiaries beginning with FY2022 2Q. The figures for FY2022 and FY2023 are adjusted for the application of this accounting policy.



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