Latest Results and Forecast
Earnings Forecast
<FY2024 Forecast> *Announced on February 14, 2024
In the fiscal year ending December 31, 2024, the global automotive market is expected to stay relatively stable, showing no significant variation from the previous year. Meanwhile, a notable expansion is forecasted for the decorative paints market supported by solid demand.
Nippon Paint Group will aim to reinforce the growth base of our existing operations while enhancing profitability. This will be achieved by acquiring excellent talent and powerful brands through strategic M&A activities, ultimately cementing our path towards sustainable growth. To realize these objectives, we plan to intensify our marketing efforts across various regions to sustain growth in the decorative paints business and bolster the adjacencies business including adhesives. Additionally, we will strive for further market share gains in every region and business area by promoting autonomous management at our Group partner companies around the world.
Based on this outlook, we forecast consolidated revenue of ¥1,600,000 million, operating profit of ¥184,000 million, profit before tax of ¥174,000 million and profit attributable to owners of the parent of ¥124,000 million.
(Billion yen)
| Tanshin | 2020*1 Results |
2021*1 Results |
2022 Results |
2023 Results |
2024 | |
|---|---|---|---|---|---|---|
| Forecast | YoY | |||||
| Revenue | 772.6 | 998.3 | 1,309 | 1,442.6 | 1,600 | +10.9% |
| Operating profit | 87.6 | 87.6 | 111.9 | 168.7 | 184.0 | +9.0% |
| OP margin | 11.3% | 8.8% | 8.5% | 11.7% | 11.5% | -0.2pt |
| Profit before tax | 89.4 | 86.5 | 104.5 | 161.5 | 174.0 | +7.7% |
| Profit*2 | 45.7 | 66.6 | 79.4 | 118.5 | 124.0 | +4.7% |
| EPS | ¥27.38 | ¥29.41 | ¥33.82 | ¥50.45 | ¥52.80 | +4.7% |
*1: Following (1) the classification of the European automotive coatings business and two India businesses as discontinued operations as a result of the transfer of these businesses to the Wuthelam Group that was announced on August 10, 2021 and (2) a change in the accounting policy for configuration or customization costs in a cloud computing arrangement implemented beginning with the 4Q FY2021, figures for FY2020 have been adjusted retrospectively and figures for FY2021 reflect these changes.
*2: Profit in FY2020, FY2021 and FY2022 is profit attributable to owners of parent from continuing operations. Profit in FY2023 and Profit forecast for 2024 is profit attributable to owners of parent.
Assumptions for FY2024 Forecast *Announced on February 14, 2024
(Billion yen)
| Revenue | OP margin | ||||
|---|---|---|---|---|---|
| FY2023 Results (Tanshin/bn yen) |
FY2024 Forecast (In LCY*1) |
FY2023 Results (Tanshin/%) |
FY2024 Forecast*2 (In LCY*1) |
||
| Japan | Segment total | 201.5 | +0 - 5% | 9.5% |
 |
| Automotive | 42.1 | c.-5% | |||
| Decorative | 48.5 | +5 - 10% | |||
| Industrial | 39.7 | c.+5% | |||
| NIPSEA China |
Segment total | 482.7 | +5 - 10% | 12.5% |
|
| Decorative(TUC) | 408.2 | c.+15% | |||
| Decorative(TUB) | +0 - 5% | ||||
| Automotive | 50.4 | c.+5% | |||
| NIPSEA Except China |
Segment total | 288.8 | +10 - 15% | 17.4% |
|
| Malaysia Grp. Singapore Grp. Thailand Grp. |
+5 - 10% |
|
|||
| PT Nipsea (Indonesia) |
60.9 | +5 - 10% | 32.9% |
|
|
| Betek Boya (Türkiye) |
75.2 | c.+15% | 10.9% |
|
|
| DuluxGroup | Segment total | 360.4 | c.+10% | 9.6% |
|
| DGL (Pacific) |
222.5 | c.+10% | 12.8% |
|
|
| DGL (Europe) |
137.9 | c.+10% | 4.4% |
 |
|
| Americas | Segment total | 109.2 | c.+5% | 6.5% |
|
| Automotive | 40.9 | +0 - 5% | |||
| Decorative | 66.4 | +5 - 10% | |||
◆To better reflect our business evolvement, we have reorganized our China decorative business into TUC and TUB (based on distribution channels) which will be applied to FY2023 forecast and onwards
- TUC (Trade Use Consumer): B2C
Business to consumers, DIY business, sales via dealers/distributors and e-commerce to end consumers, etc.
(For reference) 2022 vs. 2021: +10%- TUB (Trade Use Business): B2B
Business to business transactions direct to Project customers and main contractors, etc.
(For reference) 2022 vs. 2021: -14%- Others: Wood coatings, China Hong Kong and China Taiwan businesses, sales of raw materials
(For reference) 2022 vs. 2021: +102%
*1 LCY: local currency
*2 
≧+2%, 
+1～2%, 
-1 - +1%, 
-1 - ｰ2%, 
≦-2%
New consolidation *Announced on February 14, 2024
*FY2022 and FY2023 results are both pro forma and unaudited figures. FY2024 forecast assumes 12-month contribution from NPI and BNPA.
Exchange rates used for both FY2022 and FY2023 figures are 1INR=1.74 JPY and 1KZT=0.31 JPY
(Billion yen)
| Revenue | OP margin | |||||
|---|---|---|---|---|---|---|
| FY2022 Results (¥ bn) |
FY2023 Results (¥ bn) |
FY2024 Forecast (In LCY*1) |
FY2022 Results (%) |
FY2023 Results (%) |
FY2024 Forecast*2 (In LCY*1) |
|
| Alina (Kazakhstan) |
18.2 | 22.9 | +5 - 10% | 22.8% | 20.2% |
|
| NPI (India) |
37.0 | 38.1 | +10 - 15% | 0.3% | 4.5% |
|
| BNPA (India) |
4.5 | 5.8 | +0 - 5% | 2.7% | 6.4% |
|
*1 LCY: local currency
*2 ≧+2%, +1～2%, -1 - +1%, -1 - ｰ2%, ≦-2%
