Thank you very much for joining us today for our fiscal year 2021 Q3 financial results presentation. I would like to start with today's summary on page three . In the Q3 , both on Tanshin and non-GAAP basis, revenue increased but profit decreased in China and in other regions. Basically, decorative paints revenue increased, but all in all, raw material price impact was huge and the price increase in other measures are not catching up with it. The situation, unfortunately, has not changed so much from the one that I communicated in October. As to the gap between Tanshin and non-GAAP, a new consolidation and effects are the major reasons. As to the provisionings of about JPY 2.7 billion in China, which is a little bit smaller from the amount that we expected in October, is included in Tanshin but excluded from non-GAAP basis.
At the bottom of this page illustrates the accounting treatment of business transfer of Europe and India businesses. As to the details, please go to page four . On August 10, this business transfer was announced. On IFRS basis, these businesses are classified as discontinued operations, the retrospective adjustments going back to 2020 are made. The point here is that the net profit remains unchanged, but those businesses are excluded from revenue and operating profit. First, at the bottom of this page, FY 2021 shows the results of seven months worth of results of the three businesses. They were running in the red. Once they excluded, the revenue decreased, but it is an increase for the OP profit. The one-off factors of OP profit include sales proceeds, but even with that, losses remain.
As to the net profit, there is JPY 1 billion contribution from the transfer due to currency translation, which is non-operating factor. In the middle, we have FY 2020. Back then, the NIPSEA, the decorative paints in India, was the 50/50 joint venture with Wuthelam, and it was not consolidated. It was not included in the consolidated revenue nor OP, the profit. This is just the sum of Nippon-related businesses in Europe and India. Let me repeat that the net profit, which is the sum of continuing operations and discontinued operations, remains unchanged. The guidance change in August was announced on the same day as the announcement of this deal. In October, another revision of the other guidance.
At that time, the numbers are not finalized yet, so those numbers, they were included, the seven months worth of provision of these transferred businesses. All in all, the impact was judged ignorable. We have not changed the guidance considering other factors as well. Page five. As to raw material, continuous oil price increase and raw material increase and disrupted supply chain giving negative impact on the demand and the price hikes and cost reduction efforts are not catching up with it. Of course, it is our important short-term challenge to make a catch-up. Page six, please. I'd like to move on to major topics. We have worked hard to improve our integrated report and issued it as of the end of September, but we are still in the process of improvement and we'd appreciate your feedback.
We also announced our endorsement to the recommendations by TCFD at the end of September. Page seven. About Cromology, although we already had investor review, and I'm happy to take any questions. The deal is going very well.
Moving on to page eight. JUB is JUB. JUB has very long history, and it has broad footprint in former Yugoslavia. It has high market share and talented management, and they are in total agreement to joining our group. In terms of the acquisition price, it's multiple of 14 times this term's EBITDA. Completion is expected to be in the first half of next year, but it will be completed once approval by the relevant authorities is made, and we don't see anything that would hinder this process. For this transaction, DGL team had invested and DuluxGroup will be acquiring. After the acquisition, just like Cromology, we would like to have them utilize the brand presence and utilize our platform so that they can accelerate autonomous growth. As for JUB, they are close to the Betek Boya more than Cromology.
That's why they participated in the deliberation of acquisition. After the completion of the transaction, there will be more synergy because they will be working together. DuluxGroup, Betek Boya, they have joined the group in 2019. They would not have been able to do a lot of the things if they were standing alone. With synergy, they would be able to do more. We can have higher expectations. As for these acquisitions in Europe, it's not bundled together. They can each contribute to our improvement in the MSV through increase in the EPS. It coincidentally was announced around the same time, but we would like to continue this kind of M&A in region.
Even after the announcement, the credit rating companies maintained our A rating, and as we have already announced, there is no financing that accompanies a new share issuance. Next, page nine . This is the reorganization of Chinese business for automotive. In the past, the body was handled by NIPSEA, and plastic and parts was Nippon Bee Chemical. So these were separate. For NIPSEA, we had a 60/40 joint venture with Wuthelam. As for the chemical, it was 60/40 joint venture with Taiwan's TTY Group. In January, we have acquired 100% stake in NIPSEA in January. In order to have more efficient operation of the Chinese business, with the understanding of TTY Group, we decided to dissolve the joint venture.
We have another joint venture in Taiwan, but there is no change in that, and we continue to have friendly partnership with TTY Group. Please move on to page 10. At the end of these topics, I would like to talk about the FY 2022 structure, which we have announced on October 28. Nippon Paint Corporate Solutions establishment deliberation had already been announced in September. Towards the start of January, first, we conducted the resolution for a company split. There are two points. One is through the establishment of Nippon Paint Corporate Solutions, we would like to separate the functions which are handled by Nippon Paint Holdings, which are the Japanese business, the global business, and the functions of the listed company. We will clarify the accountability, and we will present the self-propagating organization of the centrally managed organizations.
We would like to improve the expertise and efficiency. Also, we would like to minimize the functions of Nippon Paint Holdings so that people would be able to make on-site decisions. Now, we are viewing the world in a centralized manner, but we would like to maximize autonomy of our excellent partners. Nippon Paint Group is an aggregation of excellent companies. We would like to reduce the intervention of the headquarters as much as possible. Through this, we believe that we can eliminate waste and bureaucratic thinking, which often happens in big companies. While becoming robust and pursuing the growth at the same time, we would like to realize the MSV. That's our management hope. We would like to now move on to Q&A. Thank you very much for your kind attention.