Asahi Glass Company Overview January 2015 0 0 All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. Contents 1. Company Overview P.2 2. AGC’s goal P.7 3. AGC Group’s MTP “Grow Beyond-2015” P.10 4. Strategies by business segment P.19 5. Outlook for FY2014 P.37 6. Appendix P.44 1 (1) Financial Results for the Nine Months ended September 30, 2014 P.45 (2) Supplementary information P.66 All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 1 1. Company Overview All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 2 1. Company Overview Business Overview For the fiscal year ended December 31, 2013 AGC Group (Net sales 1,320.0 billion yen, Operating profit 79.9 billion yen) Glass Electronics Chemicals Ceramics/Other Sales 667.3 bn yen (50%) Sales 346.0 bn yen (25%) Sales 290.7 bn yen (22%) Sales 78.6 bn yen (3%) Flat Glass Sales 367.7 bn yen -Float flat glass -Figured glass, Polished wired glass -Low-E glass -Fabricated glass for architectural use (Heat Insulating/shielding glass, Safety glass, Fire-resistant glass, Security glass) -Glass for solar power system -Fabricated glass for industrial use -Decorative glass, etc. Automotive Glass Sales 299.6 bn yen -Tempered glass -Laminated glass Display Sales 288.2 bn yen Fluorochemicals & specialty chemicals Sales 104.4 bn yen -Glass substrate for display devices -Specialty glass for display applications -Display related materials -Ceramic products -Logistics and financial services, etc. -Fluorinated resins -Water and oil repellents -Pharmaceutical and agrochemical intermediates and active ingredients -Iodine-related materials Electronic Materials Sales 57.8 bn yen -Optical (thin) film -Optoelectronics materials -Synthetic quartz glass -Glass frit and paste -Materials for semiconductor manufacturing equipment -Lighting glass products, etc. Chlor-alkali & urethane Sales 196.0 bn yen -Raw materials for vinyl chloride polymer -Caustic soda -Urethane -Gases -Solvents, etc. ※Sales composition is calculated without inter-segment sales/transfers. ※Sales and operating income by segment are before eliminations; therefore, the total amounts of sales and operating income for geographic areas do not agree with total sales and operating income of the AGC Group. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. ※Sales and OP of FY2013 are based on IFRS. 3 1. Company Overview Global Operation Results of FY2013 Net sales:1,320.0 billion yen OP:79.9 billion yen Group Employees: 51,500 The Americas Europe Japan / Asia Sales: 111.8 bn yen (8%) Employees:4,400 Sales: 291.4 bn yen (22%) Employees:14,700 Sales:956.9 bn yen (71%) Employees:32,400 -Flat Glass -Automotive Glass -Electronic Materials -Chemicals -Flat Glass -Automotive Glass -Chemicals -Flat Glass -Automotive Glass -Display Glass -Electronic Materials -Chemicals -Ceramics ※Sales composition is calculated without inter-segment sales/transfers. ※Sales and operating income by region are before eliminations and cross regional expenses, therefore, the total amounts of sales and operating income for business segments do not agree with total sales and operating income of the AGC Group. ※Sales and OP of FY2013 are based on IFRS All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 4 1. Company Overview Market Position in Global ※FY2013 company estimates Flat Glass No.1 No.1 No.1 No.1 No.1 No.1 No.4 No.4: : Automotive Glass 当社 Group AGCAGC Group サンゴバン + セントラル硝子 Saint-Gobain + Central Glass Saint-Gobain + Central Glass 日本板硝子グループ Nippon Sheet Glass Group Nippon Sheet Glass Group Guardian ガーディアン 65% No.1 No.1 No.1 AGC Group Saint-Gobain + Central Glass Nippon Sheet Glass Group 65% : Guardian *Exclude China Glass Substrate for TFT-LCD No.1 Corning No.2 AGC Group No.3 Nippon Electric Glass : All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 5 1. Company Overview Changes in Financial Results 億円(100million yen) 15,000 2,500 12,000 2,000 9,000 1,500 6,000 1,000 3,000 500 0 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2012 FY2014 FY2013 Forecast 売上高 Net sales 16,812 14,443 11,482 12,889 12,147 11,900 11,900 13,200 13,500 営業利益 Operating profit 1,975 1,540 867 2,292 1,657 929 1,018 799 650 696 392 200 1,232 953 438 484 161 150 11.7% 10.7% 7.5% 17.8% 13.6% 7.8% 8.6% 6.1% 4.8% ¥20 ¥24 ¥16 ¥26 ¥26 ¥26 ¥26 ¥18 ¥18 親会社の所有者に帰属する当期純利益 Profit for the year attributable to owners of the parent 営業利益率 Operating profit margin 一株当たり配当金 Cash dividends per share (yen) * Net income in J-GAAP. 0 All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 6 営業利益・ 親会社の所有者に帰属する当期純利益 [Net sales] 3,000 [OP , Profit for the year attributable to owners of the parent] 売上高 18,000 2. AGC’s goal All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 7 2. AGC's Goal AGC’s Aspirations for 2020 AGC Group aspires to excel as a highly profitable and fast-growing global enterprise making contributions to a sustainable society by: Having strong and differentiated technologies Incorporating environmental friendliness not only in our products but also in our production processes and business activities Contributing to the development of fast-growing regions 8 All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 2. AGC's Goal “Grow Beyond” Conceptual Diagram and Business Outline in 2020 AGC's Aspirations for 2020 Three Strategies AGC Group aspires to excel as a highly profitable and fast-growing global enterprise making contributions to a sustainable society by: ◍ Having strong and differentiated technologies ◍ Incorporating environmental friendliness not only in our products but also in our production processes and business activities ◍ Contributing to the development of fast-growing regions Second Round of Globalization Technology Solutions for Environment and Energy Glass-technology-driven Company Customer AGC's Businesses Safe, Sound & Comfortable Living Space & Materials Higher Quality Display Devices & Communication Clean & Green Energy Technology (Glass/Chemicals/Ceramics) Basic Tenets Sales target in 2020 Ratio of sales to fast-growing markets 30% Ratio of environmentrelated sales 30% Ratio of sales of new products 30% Our people are our strength No production without safety All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 9 3. AGC Group’s MTP “Grow Beyond-2015” 2008 2009 2010 2011 2012 2013 2014 2015 ・・・ 2020 New mid-term plan “Grow Beyond2015” “Grow Beyond2012” “Grow Beyond2010” All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 10 3. AGC's Mid-term Management plan Grow Beyond-2015 Ⅱ.The Past & ongoing efforts The AGC’s Mid-term Management Plan Grow Beyond-2015 2010 2011 2012 2013 2014 2015 ・・・ 2020 Highly profitable and fast-growing global enterprise “Grow Beyond2015” “Grow Beyond2012” Action items Bring our business back on an upward trend Strengthen/generate substantial results from growth foundations All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 11 3. AGC's Mid-term Management plan Grow Beyond-2015 Ⅱ.The Past & ongoing efforts AGC’s action Items ―Part 1― Action items Priority issues Bring our business back on an upward trend Turn around the performance of the architectural glass business Minimize the profitability decline in the display business Group-wide efforts to enhance efficiency across the Group Strengthen/generate substantial results from growth foundations All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 12 3. AGC's Mid-term Management plan Grow Beyond-2015 Ⅱ.The Past & ongoing efforts Bring our business back on an upward trend (1) -Profitability improved in architectural glass business; however, display prices declined more than expectedPriority issues Turn around the performance of the architectural glass business Minimize the profitability decline in the display business Measures taken Current progress Structural reform in Europe ・20% reduction in manufacturing capacity ・15% downsizing in back-office section ・Withdrawal from PV cover glass business Profitability improvement in North America ・Sales reinforcement ・Integration of fabrication plants ・Productivity improvement 1.Focusing on growth markets (China/mid-to-small sizes) 2. Building an optimal production framework ・Concluding long-term sales contracts ・Converting to high-efficient furnaces ・Long-term suspension of a furnace in Japan Architectural glass business in Europe will return to a surplus in 2015. North America paved the way for business recovery. Despite more-than-expected price decline, the electronics segment maintained a double-digit operating margin. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 13 3. AGC's Mid-term Management plan Grow Beyond-2015 Ⅱ.The Past & ongoing efforts Bring our business back on an upward trend (2) -AGC’s business strength has been steadily enhancedPriority issues Measures taken Current progress Efficiency-improvement project across the AGC Group In 2015, efficiency is expected to improve by 45 billion-yen from the 2013 level. But total cost reduction will be around 20 billion yen due to the 25 billion-yen impact from foreign exchange and high raw materials & fuel prices Cut down on R&D expenses In 2015, R&D expenses will be reduced by 2 billion yen from the 2013 level. Downsizing on a consolidated basis In 2015, fixed expenses will be reduced by 8 billion yen from the 2013 level. Group-wide efforts to enhance efficiency across the Group All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 14 3. AGC's Mid-term Management plan Grow Beyond-2015 Ⅱ.The Past & ongoing efforts AGC’s action Items ―Part 2― Action items Priority issues Bring our business back on an upward trend Strengthen/generate substantial results from growth foundations Enhance business in fast-growing countries Accelerate new product launches and promote sales expansion Growth in Chemicals business All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 15 3. AGC's Mid-term Management plan Grow Beyond-2015 Ⅱ.The Past & ongoing efforts Enhance business in fast-growing countries -Measures taken since the collapse of Lehman Brothers will generate solid profits in 2016 onward【Grow Beyond measures】 ★Start commercial production of float glass Brazil ★Start commercial production of Auto glass ★Start commercial production of Auto glass ★Start commercial production of Auto glass Mexico Glass China ★Start commercial production of thin float glass in Thailand Thai ★Increase float production capacity ★Start commercial production of coating glass Indonesia Saudi Arabia Electro nics ★Start commercial production in Kunshan ★Start commercial production in Shenzhen China ★Increased production capacity of caustic soda Indonesia ★Double PVC capacity Vietnam Others ★Acquired a PVC company in Vietnam ★ Establish the chief representative position for China business 2010 ★Complete line increase in Shenzhen ★Open a technical center in Shanghai China Chemi cals In 2016 onward, investment in emerging markets will start generating profits ‘11 ‘12 ★Set up SE RHQ in Singapore ‘13 ‘14 ‘15 ‘16 Incremental sales volume in 2016 will be 130 billion yen (from the 2013 level) ’17~ All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 16 3. AGC's Mid-term Management plan Grow Beyond-2015 Ⅱ.The Past & ongoing efforts Accelerate new product launches and promote sales -Make them profitable at a faster paceSafe, sound & comfortable living spaces & materials ★Launch sales of “UV Verre Premium™”, 99% UV blocking tempered glass ★Establish a new production site for pharmaceutical & agrochemical intermediates and active ingredients ★Boost production capacity for Tafluprost, active pharmaceutical ingredients for glaucoma treatment ★ Schedule to release “Wonderlite™”, lightcontrol glass for vehicle use ★Release “Clearsight™, anti-reflective glass ideal for outdoor use ★Launch sales of “Dragontrail™”, specialty glass for chemical strengthening ★Unveil 0.1mm thin glass ★Unveil carrier glass technology for ultra thin glass ★Unveil “AN Wizus™”, ultra low thermal shrinkage glass Higher quality display devices & communication Clean & green energy Some products have already become profit sources. Their further growth is expected. ★Unveil 0.05mm thin glass ★Double the production capacity of energy saving Low-e glass in Japan ★Set up window JV with Lixil ★Chemically strengthened specialty glass “Leoflex” to be applied for Solar panels ★Announce the supply of new generation Automobile refrigerant HFO-1234yf ★Develop “AMOLEA™”, new refrigerant for air-condioners ★Start sales of “lightjoule™” ultra Lightweight solar panels Incremental sales volume in 2016 will be 150 billion yen (from the 2013 level) ★Develop “AFLIC™” Thin-sheet glass for Architectural use 2010 ‘11 ‘12 ‘13 ’14 All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 17 3. AGC's Mid-term Management plan Grow Beyond-2015 Ⅱ.The Past & ongoing efforts Growth in Chemicals Business -Ensure that these businesses will be a stable source of profitsChlor-Alkali in Japan Streamline & increase efficiency of electrolysis business in Japan Reduction in electricity cost Chlor-Alkali outside Japan Expanded a caustic soda plant in Indonesia Acquired a PVC company in Vietnam Fluorochemials Expanded ETFE manufacturing capacity Newly build production base for pharmaceutical & agrochemical intermediates and active ingredients Expanded manufacturing capacity for active ingredients for glaucoma treatment Currently under way Conducted on a continuous basis Operation started in 2Q, 2013 Consolidation started from 3Q, 2014 Operation started in 3Q, 2012 Operation started in 4Q, 2012 Operation started in 1Q, 2013 Operating profit (100 mil. Yen) 200 100 0 2008 '09 '10 '11 '12 '13 -100 All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 18 4. Strategies by business segment All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 19 4. by business Ⅲ. What next? Ⅱ.Strategies Past &comes ongoing effortssegment AGC will aggressively invest in growth areas -Through strict portfolio managementGrowth -Automotive glass -Architectural glass (fast-growing countries) -Electronic materials -LCD glass Glass Electronics Cash generator -Chlor-Alkali (Outside Japan) Chemicals - Fluorochemicals - Life science -Parts and materials relating to smart New business community Strength building area -Architectural glass (Developed countries) -Chlor-Alkali (Japan) -Applied glass materials, etc. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 20 4. by business Ⅲ. What next? Ⅱ.Strategies Past &comes ongoing effortssegment Glass Business -Improve earnings by increasing asset efficiency- Growth - Automotive glass Cash generator Strength building area -Architectural glass -Architectural glass (fast-growing countries) (Developed countries) AGC aims to achieve ROS 5% in 2017. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 21 4. by business Ⅲ. What next? Ⅱ.Strategies Past &comes ongoing effortssegment Glass business: Strategic Direction (1) -Improve earnings in architectural glass & Expand automotive glass businessArchitectural glass (Fast-growing countries) Automotive glass 【Market share】 Architectural glass (Developed countries) 【Demand for float glass】 AGC, approx. 30% Architectural glass (fast-growing countries) 13’-16’e -Fast-growing countries CAGR: 5% -Developed countries CAGR:3% Mil. t Develop businesses with an eye on asset efficiency through business alliance and optimal procurement of raw glass on a global scale 【Global auto production】 Mil. Car set 81 87 88 90 94 97 50,000 Fast-growing countries 13’-17’e Share CAGR: 3% '12 '13 '14e '15e Architectural glass (developed countries) '16e '17e Source: AGC Retain stable earnings by actively responding to market growth Developed countries 0 '12 '13 '14e '15e '16e Structural reform on unprofitable operations Source: AGC All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 22 4. by business Ⅲ. What next? Ⅱ.Strategies Past &comes ongoing effortssegment Glass business: Strategic Direction (2) -Put a focus on asset efficiencyStrategic direction Achieve the clear No.1 position in the automotive glass market Improve the asset efficiency by optimizing global raw glass procurement -Not invest in new furnaces in developed countries -Shift from the do-on-our-own policy: use joint ventures, etc. Build an optimal business model & manufacturing scheme to meet the market environment Actual measures Make active investments in automotive glass business in fast-growing countries Implement a drastic structural reform in North America’s architectural glass business and turn the business a surplus in 2016 Suspend a furnace in respond to the current business environment in Eastern Europe (December 2014) Business expansion in Saudi Arabia through the joint venture with Obeikan Achieve cost reduction by leveraging ceramics technology All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 23 4. by business Ⅲ. What next? Ⅱ.Strategies Past &comes ongoing effortssegment Electronics Business -Pursue quality/cost/asset efficiency - Growth - Electronic materials Cash generator Strength building area - LCD glass AGC aims to maintain ROS at 10% or above for the mid & long term. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 24 4. by business Ⅲ. What next? Ⅱ.Strategies Past &comes ongoing effortssegment Electronics Business: LCD glass business -Pursue cost reduction & maintain profits at a stable levelAGC’s action LCD Glass market Mil. m2 500 ’13-’17e Market CAGR:6% China market CAGR:25% Promote conversion to high-efficiency furnaces 400 Increase the efficiency of polishing processes 300 200 100 0 2,012 Source: AGC '13 '14e Others '15e '16e '17e China Continue to achieve an average 6% annual market growth with a focus on the Chinese market Maintain the competitive position of float glass in the rapidly growing mid- & smallsized display market Surpass the market growth by taking advantage of AGC’s presence in China All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 25 4. by business Ⅲ. What next? Ⅱ.Strategies Past &comes ongoing effortssegment Chemicals Business -Aggressively invest in growth areas- Growth Cash generator -Chlor-Alkali (outside Japan) - Fluorochemicals - Life science Strength building area -Chlor-Alkali (Japan) AGC aims to achieve ROS 10% in 2017. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 26 4. by business Ⅲ. What next? Ⅱ.Strategies Past &comes ongoing effortssegment Chemicals Business : Chlor-Alkali (outside Japan) -Take in the growing Southeast Asian marketAGC’s Chlor-Alkali business outside Japan (100 mil. Yen) [ Revenue trend ] 2,000 1,500 1,000 500 0 '12 '13 '14e '15e '16e '17e [ Market share of caustic soda in SE ASIA ] AGC Approx. 35% AGC Approx. 45% 2013 actual 2016e Take in the growth of the entire Southeast Asian market by leveraging the business bases in Indonesia, Thailand and Vietnam All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. Source: AGC 27 4. by business Ⅲ. What next? Ⅱ.Strategies Past &comes ongoing effortssegment Chemicals Business: Fluorochemicals -Market differentiated chemical products to respond to globally growing demand for high-performance materialsAGC’s fluorochemicals bases Fluorochemicals & Specialty Chemicals Revenue trend (100 mil. Yen) 1,500 1,000 500 Fluorochemicals bases Set up more technical service centers to explore and market new applications Demand by industry Building materials, Electronics, 10% Aero Transportation, 21% space, 15% 6% ※2013 actual figure Petrochemicals, Solar cell, 5% 3% Others, 40% 0 2012 '13 '14e '15e '16e '17e We will capture all possible demand for fluorochemicals which are making a high growth worldwide. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 28 4. by business Ⅲ. What next? Ⅱ.Strategies Past &comes ongoing effortssegment Chemicals Business: Life Science -Focus on the expanding agrochemicals market- Market ・ Agrochemicals market will continue to expand. ・ Percentage of fluorochemical-containing pharmaceutical/agrochemicals products are increasing. AGC’s action ・ Enhanced capacity of contract commissioned services for pharmaceutical and agrochemical intermediates ・ Expand manufacturing capacity for pharmaceutical and agrochemical active ingredients. Future direction Expand commissioned business from customers around the world by leveraging AGC’s organic synthesis technology and fluorination technology. 【 Pharmaceutical/agrochemicals production bases】 Expansion will complete in fall 2015 All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 29 4. by business Ⅲ. What next? Ⅱ.Strategies Past &comes ongoing effortssegment Creation of new businesses -Connect our wide-ranging glass & materials with various markets【Markets related to Smart Communities】 Next-generation mobility Heat management (Insulation/ shielding) New energy & new green AGC Group Security & Safety Next-generation communication (signage, etc.) Life science Leveraging wide-ranging products and materials, AGC offers solutions for an affluent, safe and secure “smart” society. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 30 4. by business Ⅲ. What next? Ⅱ.Strategies Past &comes ongoing effortssegment Creation of new businesses (1)Applied glass materials -Sets up new division to achieve dramatic business expansionMarket AGC’s strength Building materials Vehicles Solar modules Electronics related products Applications Various glass materials based on - Alumino silicate - Soda lime Having accumulated technological expertise, AGC is the only company that can manufacture large-sized thin float glass. AFLICTM Specialty thin sheet glass for architectural use Dragontrail™ for Electronic devices Vehicles Leoflex™ ultra-lightweight glass AGC focuses on thin, light-weight and strong glass. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 31 4. by business Ⅲ. What next? Ⅱ.Strategies Past &comes ongoing effortssegment Creation of new businesses (2) Heat Management -Offer solutions for a wide temperature range: from 1700℃ to below-freezing temperatures- 【AGC’s target market】 Ultra-high temperature insulation materials Environmentally responsive new refrigerant Top-class insulation performance in the industry Reduce environmental burden without sacrificing the refrigerant performance Next-generation mobility New energy & New green AGC Group Heat management (insulation/ shielding) Next-generation Communication (Signage, etc.) Security & safety Life Science All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 32 4. by business Ⅲ. What next? Ⅱ.Strategies Past &comes ongoing effortssegment Creation of new businesses (3) Next Generation Communication -Offer various solutions using “glass” interface- 【AGC’s target market】 Information window Glass screen Everything around us can be an information interface (will be released in 1Q 2015) Glass screen remains transparent during use as a display screen, offering stylish design and effective use of the background. (will be released in the 2nd half of 2015) Next-generation mobility Heat management (insulation/ shielding) New energy & New green AGC Group Next-generation Communication (Signage, etc.) Security & safety Life Science All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 33 4. by business Ⅲ. What next? Ⅱ.Strategies Past &comes ongoing effortssegment Resource allocation -Concentrated into growth areasCAPEX by business segment Chemicals 19% Glass 40% Chemicals 30% Glass 35% Electronics 41% Electronics 35% 【2011-2014e】 【2015e-2017e】 All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 34 4. by business Ⅲ. What next? Ⅱ.Strategies Past &comes ongoing effortssegment Expected Profit Structure in 2017 -Aim to achieve a well-balanced structure based on new growthBreakdown of operating profit in 2017 (estimate) Operating results (actual & projection) Operating income Sales (100 mil. yen) (100 mil. yen) 20,000 2,000 15,000 1,500 10,000 1,000 5,000 Chemicals Electronics 500 0 Glass 0 '11 '12 Glass '13 Electronics '14e '15e Chemicals '16e '17e Operating income ※Above sales volumes do not include elimination. The actual results in 2011 are based on J-GAAP. The figures in 2012 onward are based on IFRS. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 35 4. by business Ⅲ. What comes next? Ⅱ. Past ongoing effortssegment 3.Strategies MTP & “Grow Beyond-2015” Shareholders return - Return to shareholders through dividend payment AGC’s dividend policy Based on its policy to maintain stable dividends, the Company is doing its utmost to proactively return profits to its shareholders, while giving comprehensive consideration to its business results and future investment plans, among others. Target dividend payout ration:30% (only as a guide) Dividend per share Unit: Yen All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 36 5. Outlook for FY2014 All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 37 5. for Ⅲ. What next? Ⅱ. Past &comes ongoing efforts 4.Outlook Outlook forFY2014 FY2014 FY2014 Forecast 億円(100million yen) FY2014 見通し FY2013 FY2014 Forecast 通期 通期 対前年比 対前年比% Full-Year Full-Year vs. FY2013 vs. FY2013 % 13,200 13,500 +300 +2.3% Operating profit 799 650 -149 -18.6% 税引前利益 Profit before tax 444 350 -94 -21.1% 親会社の所有者に 帰属する当期純利益 Profit for the year attributable to owners of the parent 161 150 -11 -7.1% 売上高営業利益率 Operating profit margin ROE*1 Return on equity 6.1% 1.6% 4.8% 1.4% JPY/USD 97.65 105.0 *2 FOREX Average JPY/EUR 129.68 2 140.0 * 原油 $/BBL (Dubai) 105.5 2 100.0 * 売上高 Net sales 営業利益 為替レート(期中平均) Crude Oil 一株当たり配当金 Dividend (Yen/Share) 18 18 *2 Assumption for FY2014 *1Return on equity = Profit for the year attributable to owners of the parent / Total equity attributable to owners of the parent (average) ROE of FY2014 Forecast is calculated by using the Total equity attributable to owners of the parent as of Dec.31, 2013. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 38 5. for FY2014 Ⅱ.Outlook Past & ongoing efforts Business Outlook for FY2014 (1) 〔Glass〕 Architectural Glass Japan/Asia Americas Europe :Shipments are expected to remain strong. :Shipments are expected to remain strong. :Shipments have not recovered in full scale, but earnings will improve through restructuring measures. Automotive Glass Shipments are expected to increase driven by strong demand in fastgrowing markets. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 39 5. for Ⅱ. Past & ongoing efforts 4.Outlook Outlook forFY2014 FY2014 Business Outlook for FY2014 (2) 〔Electronics〕 Shipments of TFT-LCD glass substrates are expected to remain stable for the full year. Meanwhile, the sales prices are expected to decline compared to the previous fiscal year. Shipments of PDP related products are expected to fall significantly because a major customer is scheduled to stop production. Shipments of electronic materials are expected to remain strong. 〔Chemicals〕 Shipments of chlor-alkali products in Asia and shipments of fluorochemicals related products are expected to remain strong. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 40 5. for Ⅱ. Past & ongoing efforts 4.Outlook Outlook forFY2014 FY2014 CAPEX / Depreciation / R&D 億円(100million yen) 設備投資 CAPEX 減価償却費 Depreciation 2,000 2,000 1,000 900 1,553 1,385 1,500 1,500 1,200 584 738 1,000 1,000 0 FY2012 425 1,400 800 700 485 600 500 471 469 450 FY2012 FY2013 FY2014 Forecast 400 500 434 329 1,358 1,179 626 500 研究開発費 R&D 207 FY2013 FY2014 Forecast 0 666 565 300 200 179 194 FY2012 FY2013 100 FY2014 Forecast ガラス 電子 化学品 セラミックス・その他 Glass Electronics Chemicals Ceramics/Other 0 All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 41 BLANK PAGE All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 42 6. Appendix All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 43 (1) Financial Results for the Nine Months ended September 30, 2014 All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 44 6. 5.Appendix Appendix (Financial (FinancialResults Resultsforfor 3Q.FY2014) 3Q.FY2014) Summary of the Financial Results 3Q FY2013 売上高 Net sales 営業利益 Operating profit 税引前四半期利益 Profit before tax Profit for the period 親会社の所有者に attributable to 帰属する四半期純利益 owners of the parent 売上高営業利益率 Operating profit margin ROE* Return on equity 為替レート(期中平均) FOREX Average 原油 Crude Oil FY2014 3,334 3,350 212 166 63 87 -1 47 6.4% - 1-3Q累計 (1-3Q Total) 増減 % 増減 Change Change % +16 FY2013 +0.5% -47 -21.9% +24 +38.9% FY2014 9,719 9,942 597 425 376 267 196 84 4.9% 6.1% 4.3% 1.8% 2.7% 1.0% +48 - JPY/USD 98.95 103.92 96.71 102.95 JPY/EUR 131.05 137.76 127.35 139.54 $/BBL (Dubai) 106.3 101.3 億円(100million yen) 105.1 増減 % 増減 Change Change % +223 +2.3% -173 -28.9% -108 -28.8% -112 -57.1% 104.0 *Return on Equity = Profit for the period attributable to owners of the parent / Total equity attributable to owners of the parent (average) 45 45 All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 6. (FinancialResults Results 3Q.FY2014) 5. Appendix Appendix (Financial forfor 3Q.FY2014) Highlights of the Financial Results 【For the nine months ended September 30, 2014】 Net sales Operating profit 994.2 billion yen (up 22.3 billion yen YoY) 42.5 billion yen (down 17.3 billion yen YoY) The Group’s sales increased thanks to increased shipments of glass products, centering on automotive glass, and chemicals, as well as the continued depreciation of the yen. On the other hand, the Group’s profits fell, affected by sales price declines in the LCD glass substrate business and the architectural glass business in Eastern Europe, price increases of fuels and raw materials, and reduced profitability of foreign subsidiaries due to the weak yen. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 46 6. (FinancialResults Results 3Q.FY2014) 5. Appendix Appendix (Financial forfor 3Q.FY2014) Consolidated Statements of Profit or Loss 億円(100million yen) FY2013 売上高 Net sales 営業利益 Operating profit その他収支 Other income (expenses) 事業利益 Business profit 金融収支 Finance income (costs) 税引前四半期利益 Profit before tax 法人税等 Income tax expenses 四半期純利益 Profit for the period 親会社の所有者に 帰属する四半期純利益 3Q FY2014 3,334 3,350 212 166 -136 -62 76 103 -13 -16 63 87 59 32 4 55 -1 47 4 8 Profit for the period attributable to owners of the parent 非支配持分に 帰属する四半期純利益 増減 Change +16* (+0.5%) -47 (-21.9%) 1-3Q累計 (1-3Q Total) 増減 FY2013 FY2014 Change +223* (+2.3%) -173 (-28.9%) 9,719 9,942 597 425 -209 -122 388 302 -13 -35 376 267 162 151 +52 (-) 214 117 -97 (-45.5%) +48 (-) 196 84 -112 (-57.1%) 18 32 +27 (+35.6%) +24 (+38.9%) -86 (-22.2%) -108 (-28.8%) Profit for the period attributable to non-controlling interests * Foreign exchange fluctuation resulted in +8.4 billion yen in Net sales in 3Q, and +33.8 billion yen in Net sales in 1-3Q total. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 47 6. (FinancialResults Results 3Q.FY2014) 5. Appendix Appendix (Financial forfor 3Q.FY2014) Variance Analysis on Operating Profit (3Q.FY2014 vs. 3Q.FY2013) 前年同期比 47 億円減益 ¥ 4.7 bn down from same period last year 億円(100million yen) 300 +43 250 212 200 販売数量 品種構成 150 Sales Volume/Quantity, Product Mix 100 50 +61 -113 売値 -37 Selling Price 原燃材料価格 Purchase Price Fuels/Raw Materials 0 3Q.FY2013 166 コスト・その他 Cost Reduction /Others 3Q.FY2014 All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 48 6. (FinancialResults Results 3Q.FY2014) 5. Appendix Appendix (Financial forfor 3Q.FY2014) Variance Analysis on Operating Profit (3Q.FY2014 vs. 2Q.FY2014) 前四半期比 35 億円増益 ¥ 3.5 bn up from last quarter 億円(100million yen) 180 +33 +26 150 131 -13 販売数量 品種構成 120 Sales Volume/Quantity, Product Mix 90 166 売値 Selling Price -11 原燃材料価格 Purchase Price Fuels/Raw Materials コスト・その他 Cost Reduction /Others 60 30 0 2Q.FY2014 3Q.FY2014 All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 49 6. (FinancialResults Results 3Q.FY2014) 5. Appendix Appendix (Financial forfor 3Q.FY2014) Variance Analysis on Operating Profit (1-3Q.FY2014 vs. 1-3Q.FY2013) 前年同期比 173 億円減益 ¥ 17.3 bn down from same period last year 億円(100million yen) 800 700 600 +91 597 500 販売数量 品種構成 400 Sales Volume/Quantity, Product Mix +166 300 -335 200 売値 -94 Selling Price 原燃材料価格 100 Purchase Price Fuels/Raw Materials 0 1-3Q.FY2013 425 コスト・その他 Cost Reduction /Others 1-3Q.FY2014 All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 50 6. (FinancialResults Results 3Q.FY2014) 5. Appendix Appendix (Financial forfor 3Q.FY2014) Consolidated Statement of Financial Position 億円(100million yen) 2013/12 2014/9 増減 2013/12 2014/9 増減 Dec. 31, 2013 Sep. 30, 2014 Change Dec. 31, 2013 Sep. 30, 2014 Change 21,206 20,566 -640 資産の部 Assets 流動資産 Current assets 6,822 6,451 -370 現金及び現金 同等物 Cash and cash equivalents 1,326 995 営業債権 Trade receivables 2,609 棚卸資産 Inventories その他 Other current assets 非流動資産 負債の部 Liabilities 9,755 9,111 -644 営業債務 Trade payables 1,356 1,289 -66 -332 有利子負債 Interest-bearing debt 5,750 5,236 -514 2,500 -109 その他 Other liabilities 2,649 2,585 -64 2,366 2,441 +75 520 516 -5 Non-current assets 14,385 14,115 -270 資本金 Share capital 有形固定 ・ 無形資産及び のれん Property, plant and equipment, Goodwill and Intangible assets 11,222 11,018 -204 資本剰余金 金融資産 Financial assets 2,824 2,740 -84 その他 Other non-current assets 339 357 +18 資本の部 Equity 11,451 11,455 +4 親会社の所有者に 帰属する持分合計 Total equity attributable to owners of the parent 10,872 10,824 -48 909 909 - Capital surplus 1,007 1,006 -0 利益剰余金 Retained earnings 6,417 6,344 -74 自己株式 Treasury stock -299 -298 +1 その他の資本の 構成要素 Other components of equity 2,838 2,863 +25 579 631 +52 21,206 20,566 -640* 非支配持分 資産合計 Total Assets 21,206 20,566 -640* 負債及び資本 合計 Non-controlling interests Total Liabilities and Equity * +2.4 billion yen due to foreign exchange fluctuation. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 51 6. (FinancialResults Results 3Q.FY2014) 5. Appendix Appendix (Financial forfor 3Q.FY2014) Consolidated Statements of Cash Flows 億円(100million yen) 3Q FY2013 営業活動によるキャッシュ・フロー (a) Cash flows from operating activities (a) 税引前利益 Profit before tax 減価償却費及び償却費 Depreciation and amortization expense 運転資金増減 Increase (decrease) in working capital その他 Others 投資活動によるキャッシュ・フロー (b) Cash flows from investing activities (b) 固定資産取得 Purchase of property, plant and equipment and intangible assets その他 Others フリー・キャッシュ・フロー (a)+(b) Free cash flow (a)+(b) 財務活動によるキャッシュ・フロー Cash flows from financing activities 有利子負債の増減 Changes in interest-bearing debt 支払配当 Dividends paid その他 Others 現金等に係る換算差額 Effect of exchange rate changes on cash and cash equivalents 現金等の増加額 Net increase(decrease) in cash and cash equivalents FY2014 1-3Q累計 FY2013 (1-3Q Total) FY2014 290 225 1,167 985 63 335 -51 -57 87 338 -26 -174 376 1,009 -59 -159 267 1,021 -28 -276 -366 -272 -1,122 -721 -374 8 -271 -0 -1,148 26 -763 42 -76 -91 -47 -398 45 -166 264 -620 70 -150 -10 -292 -104 -3 183 -300 -49 -465 -162 7 -12 -178 45 -399 100 -22 24 -332 All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 52 6. (FinancialResults Results 3Q.FY2014) 5. Appendix Appendix (Financial forfor 3Q.FY2014) CAPEX, Depreciation & Others 億円(100million yen) 3Q FY2013 1-3Q累計 (1-3Q Total) FY2014 FY2013 FY2014 設備投資額 CAPEX 354 314 1,091 850 減価償却費 Depreciation 335 338 1,009 1,021 研究開発費 R&D 120 109 348 340 有利子負債残高 Interest-bearing debts D/E比率 D/E ratio 2013/12 2014/9 Dec. 31, 2013 Sep. 30, 2014 5,750 5,236 0.50 0.46 All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 53 6. (FinancialResults Results 3Q.FY2014) 5. Appendix Appendix (Financial forfor 3Q.FY2014) Glass Segment (1) 売上高 営業利益 Sales Operating profit FY2013 3Q FY2014 1,756 1,685 1-3Q累計 -14 (+71) 5,290 4,892 1-3Q Total FY2013 -98 (+399) 億円(100million yen) 四半期推移 Performance Trend 2,000 FY2014 1,800 7 1,600 (+21) 1,400 -7 1,200 (+91) 売上高の内訳 小計 日本・アジア アメリカ ヨーロッパ 消去 Breakdown of Sales Sub total Japan & Asia Americas Europe Elimination Glass 756 60 40 1,756 799 283 713 -39 929 400 0 -14 1-3Q累計 5,290 2,411 819 2,192 -131 3Q 926 363 118 471 -33 0 -40 Automotive Glass 4Q.13 1Q.14 2Q.14 3Q.14 -26 (建築用、ソーラー) 自動車用ガラス -20 -20 3Q.13 Flat Glass : Architectural & Solar 7 6 600 20 926 920 900 200 1-3Q Total 板ガラス 80 830 1,003 800 ガラス 855 1,000 * () shows change from FY2013. 3Q 100 Automotve Glass Flat Glass O.P. 779 860 * Results for 4Q 2013 are unaudited. 1-3Q累計 1-3Q Total 3Q 1-3Q累計 1-3Q Total 2,745 1,082 335 1,420 -92 830 436 166 242 -14 2,545 1,329 483 772 -39 All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 54 6. (FinancialResults Results 3Q.FY2014) 5. Appendix Appendix (Financial forfor 3Q.FY2014) Glass Segment (2) 【YoY comparison for the first nine months 】 〔Architectural Glass〕 Japan/Asia :Shipments remained strong. Americas :Shipments remained strong. Europe :Shipments remained strong. Prices have been improving since 2Q, but the price levels in Eastern Europe remained below the level of the same period of the previous year. 〔Automotive Glass〕 Shipments increased thanks to robust auto production. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 55 6. (FinancialResults Results 3Q.FY2014) 5. Appendix Appendix (Financial forfor 3Q.FY2014) Electronics Segment (1) 億円(100million yen) 売上高 営業利益 Sales Operating profit FY2013 3Q FY2014 750 872 1-3Q累計 (-122) 2,220 2,612 1-3Q Total (-392) FY2013 四半期推移 Performance Trend FY2014 92 180 571 Electronic Materials Display O.P. 1,000 (-87) 269 (-302) 900 800 700 160 800 176 600 712 672 600 137 141 162 590 602 588 400 500 * () shows change from FY2013. 400 300 180 売上高の内訳 Breakdown of Sales ディスプレイ Display 3Q 1-3Q累計 1-3Q Total 電子部材 Electronic Materials 200 170 200 588 1,780 3Q 162 1-3Q累計 439 1-3Q Total 102 100 75 92 0 0 3Q.13 4Q.13 1Q.14 2Q.14 3Q.14 * Results for 4Q 2013 are unaudited. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 56 6. (FinancialResults Results 3Q.FY2014) 5. Appendix Appendix (Financial forfor 3Q.FY2014) Electronics Segment (2) 【YoY comparison for the first nine months 】 〔Display〕 Shipments of TFT-LCD glass substrates increased, but a decline in the sales prices affected the operating results. Shipments of PDP related products decreased due to weakening demand. 〔Electronic Materials〕 Shipments of semiconductor-related products and optoelectronics materials increased. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 57 6. (FinancialResults Results 3Q.FY2014) 5. Appendix Appendix (Financial forfor 3Q.FY2014) Chemicals Segment (1) 億円(100million yen) 四半期推移 Performance Trend 売上高 営業利益 Sales Operating profit FY2013 3Q FY2014 724 1-3Q累計 1-3Q Total 2,107 788 (+64) 2,297 (+191) FY2013 FY2014 56 42 120 Fluorochemicals & Specialty Chemicals Chlor-alkali & Urethane O.P. * excluding Elimination 900 800 600 157 500 (+37) 287 Elimination 56 50 51 50 40 536 519 492 525 200 3Q 1-3Q累計 1-3Q Total 消去 60 57 486 Breakdown of Sales Fluorochemicals & Specialty Chemicals 70 278 42 売上高の内訳 フッ素化学・スペシャリティ 266 263 300 Chlor-alkali & Urethane 290 400 * () shows change from FY2013. クロールアルカリ・ウレタン 90 80 700 (+14) 100 525 100 1,536 0 3Q 290 1-3Q累計 1-3Q Total 834 3Q -27 1-3Q累計 -73 1-3Q Total 30 20 10 0 3Q.13 4Q.13 1Q.14 2Q.14 3Q.14 * Results for 4Q 2013 are unaudited. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 58 6. (FinancialResults Results 3Q.FY2014) 5. Appendix Appendix (Financial forfor 3Q.FY2014) Chemicals Segment (2) 【YoY comparison for the first nine months 】 〔Chlor-alkali & Urethane〕 Japan & Asia continued to show strong performance. 〔Fluorochemicals & Specialty Chemicals〕 Shipments of fluorinated resin and pharmaceutical and agrochemical intermediates and active ingredients remained buoyant. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 59 6. (FinancialResults Results 3Q.FY2014) 5. Appendix Appendix (Financial forfor 3Q.FY2014) YoY Performance Comparison by Business Segment 億円(100million yen) 3Q 売上高 ガラス 電子 化学品 セラミックス・その他 消去 Sales Glass Electronics Chemicals Ceramics/Other Elimination 全社計 Consolidated total 営業利益 Operating profit ガラス Glass 電子 化学品 セラミックス・その他 消去 Electronics 全社計 Chemicals Ceramics/Other Elimination Consolidated total 1-3Q累計 (1-3Q Total) FY2013 FY2014 1,685 1,756 872 750 724 788 193 223 -139 -166 3,334 3,350 増減 Change FY2013 FY2014 -14 7 180 92 42 56 4 10 0 0 212 166 増減 Change +71 -122 +64 +29 -26 +16 +21 -87 +14 +5 -0 -47 FY2013 FY2014 4,892 5,290 2,612 2,220 2,107 2,297 570 603 -462 -468 9,719 9,942 増減 Change FY2013 FY2014 -98 -7 571 269 120 157 7 4 -3 2 597 425 増減 Change +399 -392 +191 +33 -6 +223 All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. +91 -302 +37 -4 +5 -173 60 6. (FinancialResults Results 3Q.FY2014) 5. Appendix Appendix (Financial forfor 3Q.FY2014) Quarterly Performance Comparison by Business Segment 億円(100million yen) 売上高 全社計 Consolidated total 2Q.FY2014 3Q.FY2014 1,774 1,756 743 750 747 788 225 223 -188 -166 3,300 3,350 営業利益 Operating profit 2Q.FY2014 ガラス 電子 化学品 セラミックス・その他 消去 ガラス 電子 化学品 セラミックス・その他 消去 全社計 Sales Glass Electronics Chemicals Ceramics/Other Elimination Glass Electronics Chemicals Ceramics/Other Elimination Consolidated total 6 75 50 0 -0 131 3Q.FY2014 7 92 56 10 0 166 増減 % 増減 Change Change % -19 +7 +42 -2 +22 +50 -1.0% +0.9% +5.6% -1.0% +1.5% 増減 % 増減 Change Change % +2 +17 +6 +10 +0 +35 +30.2% +22.9% +11.7% +26.4% All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 61 6. (FinancialResults Results 3Q.FY2014) 5. Appendix Appendix (Financial forfor 3Q.FY2014) YoY Performance Comparison by Geographic Segment 億円(100million yen) 3Q 売上高 Sales 日本・アジア Japan & Asia アメリカ FY2013 FY2014 1-3Q累計 (1-3Q Total) 増減 Change FY2013 FY2014 増減 Change 2,407 2,340 -67 7,058 6,910 -147 Americas 290 349 +59 837 1,016 +179 ヨーロッパ Europe 738 769 +30 2,135 2,348 +213 消去 Elimination -100 -108 -7 -311 -333 -22 3,334 3,350 +16 9,719 9,942 +223 全社計 Consolidated total 営業利益 Operating profit FY2013 FY2014 335 249 -23 -4 -17 2 3 -1 増減 Change 増減 Change 日本・アジア アメリカ ヨーロッパ 消去 Japan & Asia 地域共通費用 Cross-regional common expenses -86 -81 +6 -232 -246 -14 Consolidated total 212 166 -47 597 425 -173 全社計 Americas Europe Elimination -86 +19 +19 -4 FY2013 FY2014 988 744 -62 -41 -94 -37 -2 4 All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. -244 +21 +58 +6 62 6. (FinancialResults Results 3Q.FY2014) 5. Appendix Appendix (Financial forfor 3Q.FY2014) Quarterly Performance Comparison by Geographic Segment 億円(100million yen) 売上高 Sales 日本・アジア Japan & Asia アメリカ 2Q.FY2014 3Q.FY2014 増減 % 増減 Change Change % 2,265 2,340 +75 +3.3% Americas 343 349 +6 +1.7% ヨーロッパ Europe 803 769 -34 -4.3% 消去 Elimination -110 -108 +3 - 全社計 Consolidated total 3,300 3,350 +50 +1.5% 営業利益 Operating profit 日本・アジア アメリカ ヨーロッパ 消去 地域共通費用 全社計 Japan & Asia Americas Europe Elimination 2Q.FY2014 3Q.FY2014 239 249 -15 -4 -7 2 2 -1 増減 % 増減 Change Change % +10 +11 +9 -3 +4.2% - Cross-regional common expenses -88 -81 +7 - Consolidated total 131 166 +35 +26.4% * Results for 4Q of 2013 are unaudited. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 63 6. (FinancialResults Results 3Q.FY2014) 5. Appendix Appendix (Financial forfor 3Q.FY2014) The Impact of FOREX and Change in the Scope of Consolidation (Compared with 1-3Q.FY2013) 億円(100million yen) 売上高 Sales 区分 Segment 1-3Q.FY2014 前年同期比 Change vs. 1-3Q.FY2013 [以下影響を除く前年同期比] Change like-for-like vs. 1-3Q.FY2013 為替換算の影響 Impact of FOREX 連結範囲変更の影響 Impact of Change in the Scope of Consolidation 全社計* ガラス 電子 化学品 Consolidated total* Glass Electronics Chemicals 9,942 5,290 2,220 2,297 +223 +399 -392 +191 -138 +141 -417 +117 +338 +248 +25 +62 +24 +10 - +11 * The sum of the segment amounts may not equal the amount of consolidated total, because it includes the amount of Other Segment and elimination. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 64 (2) Supplementary information All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 65 6. Appendix (Supplementary information) J-GAAP Consolidated Performance Trend 売上高 営業利益 FY2008 FY2009 FY2010 FY2011 FY2012 14,443 1,540 11,482 867 12,889 2,292 12,147 1,657 11.900 929 -443 -72 -6 -364 5 -56 -5 66 -24 -24 22 -22 11 -15 15 11 -63 -16 13 -60 1,098 872 2,268 1,667 866 Minority interest in earnings (losses) of consolidated subsidiaries -397 701 249 60 -467 405 198 7 -346 1,922 632 58 -234 1,434 432 48 -177 690 212 40 Net income 392 200 1,232 953 438 10.7% 7.5% 17.8% 13.6% 7.8% 4.7% 2.7% 15.8% 11.8% 5.0% Net sales Operating income 営業外損益 金融収支 持分法損益 その他 経常利益 Non-operating income (losses) Interest & dividend Equity in earnings of unconsolidated subsidiaries and affiliates Others Ordinary income 特別損益 税引前利益 Extraordinary gains and losses Income before tax 法人税等 少数株主損益 当期純利益 億円(100million yen) Income taxes 売上高営業利益率 Operating profit margin ROE Return on equity 為替レート FOREX JPY/USD 102.8 93.7 87.3 79.8 79.8 (期中平均) (Average) JPY/EUR 152.1 130.6 115.1 111.1 102.6 原油(期中平均) $/バレル (Dubai) Crude Oil $/BBL 93.6 61.7 78.1 106.2 109.1 (Average) All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 66 6. Appendix (Supplementary information) IFRS Consolidated Performance Trend 億円(100million yen) 売上高 営業利益 FY2012 FY2013 11,900 1,018 13,200 799 Other income (expenses) -227 -341 Business profit 790 458 -40 750 225 -15 444 254 Profit for the year 525 190 Profit for the year attributable to owners of the parent 484 161 41 29 Net sales Operating profit その他収支 事業利益 金融収支 税引前利益 Finance income (costs) Profit before tax 法人税等 当期純利益 親会社の所有者に帰属する 当期純利益 非支配持分に帰属する 当期純利益 Income tax expenses Profit for the year attributable to noncontrolling interests 売上高営業利益率 Operating profit margin 8.6% 6.1% ROE Return on equity 5.8% 1.6% 為替レート FOREX JPY/USD 79.8 97.7 (期中平均) (Average) JPY/EUR 102.6 129.7 原油(期中平均) $/バレル (Dubai) Crude Oil $/BBL 109.1 105.5 (Average) All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 67 6. Appendix (Supplementary information) J-GAAP Performance by Business Segment 億円(100million yen) 売上高 Sales FY2008 FY2009 FY2010 FY2011 * FY2012 * ガラス Glass 7,413 5,250 5,588 5,544* 5,564* 電子 Electronics 3,727 3,693 4,474 3,865 3,441 化学品 Chemicals 3,031 2,337 2,601 2,486 2,573 セラミックス・その他 Ceramics/Other 966 689 773 839 870 消去 Elimination -694 -487 -547 -588 -630 14,443 11,482 12,889 12,147 11,900 全社計 Consolidated Total 営業利益 Operating income FY2008 FY2009 FY2010 FY2011 * FY2012 * 187 -350 183 99* -40* Electronics 1,266 1,269 1,899 1,335 813 化学品 Chemicals 39 -77 178 181 145 セラミックス・その他 Ceramics/Other 50 20 32 40 15 消去 Elimination -1 5 0 3 -4 1,540 867 2,292 1,657 929 ガラス Glass 電子 全社計 Consolidated Total * Effective from FY2011, the AGC Group revised the categorization of segment information. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 68 6. Appendix (Supplementary information) IFRS Performance by Business Segment FY2012 売上高 Sales 通期 Full-Year ガラス Glass 電子 Electronics 化学品 Chemicals セラミックス・その他 Ceramics/Other 消去 Elimination 全社計 Consolidated total 営業利益 Operating profit 1Q 2Q Glass 電子 Electronics 化学品 Chemicals セラミックス・その他 Ceramics/Others 消去 Elimination Consolidated total * Results for 4Q.of2013 are unaudited. 3Q 4Q 通期 Full-Year 5,646 3,441 2,573 870 -630 1,534 849 666 153 -139 1,674 891 716 224 -184 1,685 872 724 193 -139 1,781 848 800 215 -163 6,673 3,460 2,907 786 -625 11,900 3,064 3,321 3,334 3,481 13,200 通期 Full-Year 全社計 FY2013 FY2012 ガラス 億円(100million yen) FY2013 1Q 2Q 3Q 4Q 通期 Full-Year -7 844 168 17 -5 -53 201 38 -3 -5 -31 191 40 6 2 -14 180 42 4 0 -33 170 57 5 2 -131 741 177 12 -1 1,018 178 208 212 202 799 All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 69 6. Appendix (Supplementary information) J-GAAP Performance by Geographic Segment 億円(100million yen) 売上高 Sales FY2008 FY2009 日本 Japan 8,108 6,586 アジア Asia 4,191 4,180 アメリカ Americas 1,281 ヨーロッパ Europe 3,553 消去 Elimination 全社計 Consolidated Total 営業利益 Operating Income ヨーロッパ Europe 消去 Elimination 地域共通費用 全社計 810 836 -2,690 2,361 -2,409 2,330 -338 2,432 -326 2,290 -337 14,443 11,482 12,889 12,147 11,900 FY2008 FY2009 1,540 Americas * 861 Consolidated Total アメリカ FY2012 765 - Asia * 9,111 Cross-regional common expenses アジア FY2011 9,230 275 783 -125 -65 -2 Japan * 10,037 777 569 -44 257 -20 日本 FY2010 FY2010 * FY2011 * FY2012 * 2,511 1,891 1,339 -45 68 6 -19 82 13 -37 -54 -3 - -248 -311 -316 867 2,292 1,657 929 * From FY2010, the figure includes both Japan and Asia. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 70 6. Appendix (Supplementary information) IFRS Performance by Geographic Segment 億円(100million yen) FY2012 売上高 Sales 通期 Full-Year 日本・アジア Japan & Asia アメリカ Americas ヨーロッパ Europe 消去 Elimination 全社計 Consolidated total 営業利益 Operating profit 1Q 2Q 3Q 4Q 通期 Full-Year 9,111 2,250 2,402 2,407 2,511 9,569 836 262 285 290 281 1,118 2,290 653 743 738 779 2,914 -337 -102 -109 -100 -89 -400 11,900 3,064 3,321 3,334 3,481 13,200 FY2012 通期 Full-Year FY2013 1Q 2Q 3Q 4Q 通期 Full-Year 1,407 -45 -41 -4 319 -19 -47 -1 334 -21 -31 -4 335 -23 -17 3 339 -41 -12 -5 1,327 -103 -106 -7 Cross-regional common expenses -300 -74 -72 -86 -80 -312 Consolidated total 1,018 178 208 212 202 799 日本・アジア Japan & Asia アメリカ Americas ヨーロッパ Europe 消去 Elimination 地域共通費用 全社計 FY2013 * Results for 4Q.of2013 are unaudited. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 71 6. Appendix (Supplementary information) J-GAAP Consolidated Statements of Cash Flows 億円(100million yen) FY2008 FY2009 FY2010 FY2011 FY2012 営業活動によるキャッシュ・フロー (a) 税金等調整前純利益 減価償却費・固定資産減損・連調償却 運転資金増減 その他 投資活動によるキャッシュ・フロー (b) 固定資産取得 その他 フリー・キャッシュ・フロー (a)+(b) 財務活動によるキャッシュ・フロー Cash flows from operating activities (a) Income before income taxes & minority interest Depreciation/Amortization/ Impairment Increase (decrease) in working capital Others Cash flows from investing activities (b) Purchase of property, plant & equipment Others Free cash flow (a)+(b) Cash flows from financing activities 2,053 1,807 2,857 1,522 1,702 701 405 1,922 1,434 690 1,492 1,565 1,238 1,124 1,255 283 -1 -332 -278 59 -423 -162 29 -757 -302 -2,605 -1,156 -1,246 -1,236 -1,574 -2,542 -1,333 -1,142 -1,395 -1,560 -63 177 -104 159 -14 651 1,610 -301 -1,008 286 -608 128 -53 -553 736 借入金増減 Increase (decrease) in bank loans, bonds & CP 1,092 -47 -727 -196 274 支払配当 Dividends paid -257 -234 -234 -315 -301 その他 Others -99 -21 -48 -97 -27 -103 80 11 361 -33 569 -30 -352 88 163 現金等に係る換算差額 現金等の増加額 Effect of exchange rate changes on cash & cash equivalents Changes in cash & cash equivalents All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 72 6. Appendix (Supplementary information) IFRS Consolidated Statements of Cash Flows 億円(100million yen) FY2012 FY2013 営業活動によるキャッシュ・フロー (a) 税引前利益 減価償却費及び償却費 運転資金増減 その他 投資活動によるキャッシュ・フロー (b) 固定資産取得 その他 フリー・キャッシュ・フロー (a)+(b) 財務活動によるキャッシュ・フロー Cash flows from operating activities (a) Income before income taxes & minority interest Depreciation and amortization expenses Increase (decrease) in working capital Others Cash flows from investing activities (b) Purchase of property, plant & equipment and intangible assets Others Free cash flow (a)+(b) Cash flows from financing activities 有利子負債の増減 Increase (decrease) in interestbearing debt 支払配当 Dividends paid その他 Others 現金等に係る換算差額 現金等の増加額 Effect of exchange rate changes on cash & cash equivalents Net increase (decrease) n cash & cash equivalents 1,702 1,674 750 444 1,179 1,358 62 70 -289 -198 -1,586 -1,460 -1,560 -1,485 -27 25 115 -41 214 -336 274 17 -301 -300 -14 -53 88 163 110 -12 All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 73 6. Appendix (Supplementary information) Financial Index *1 *1 J-GAAP IFRS 07/12 08/12 09/12 10/12 11/12 12/12 12/12 13/12 % 7.5% 4.7% 2.7% 15.8% 11.8% 5.0% 5.8% 1.6% Return on assets % 9.3% 7.8% 4.8% 12.9% 9.6% 5.2% 5.6% 4.0% 自己資本比率 Equity ratio % 45% 40% 42% 46% 48% 50% 47% 51% D/E(有利子負債・純資産比率) Debt/Equity ratio 倍 times 0.52 0.77 0.74 0.60 0.57 0.54 0.56 0.50 営業CF/有利子負債 CF from Operating Activities/Interest-bearing debt 倍 times 0.46 0.34 0.30 0.56 0.31 0.31 0.32 0.29 一株当たり当期純利益(EPS) Earnings per share 円 Yen 59.35 33.53 17.12 105.52 81.90 37.88 41.90 13.97 億円 100mil Yen 2,555 2,199 1,873 2,594 1,928 2,000 1,866 自己資本当期純利益率(ROE) 総資産営業利益率(ROA) EBITDA Return on equity *2 *2 *3 *3 EBITDA 3,084 *1 【J-GAAP】 Return on equity = Net Income / (Shareholders' Equity (average) + Accumulated other comprehensive income (average)) 【 I F R S 】 Return on equity = Profit for the year attributable to owners of the parent / Total equity attributable to owners of the parent (average) *2 Return on assets = Operating profit / Total assets (average) *3 Earnings before interest, tax, depreciation and amortization(EBITDA) = Profit before tax + Depreciation + Interest expenses 為替レート Exchange rates 円/ドル JPY/USD 円/ユーロ JPY/EUR 07/12 08/12 09/12 10/12 11/12 12/12 13/12 期中平均 Average 117.71 102.81 93.72 87.32 79.84 79.82 97.65 期末 At quarter end 114.15 91.03 92.10 81.49 77.74 86.58 105.39 期中平均 Average 161.99 152.07 130.56 115.09 111.12 102.63 129.68 期末 At quarter end 166.66 127.96 132.00 107.90 100.71 114.71 145.05 All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 74 6. Appendix (Supplementary information) Group Vision "Look Beyond" Our Mission Our Shared Values Our Spirit We, the AGC Group, “Look Beyond” to make the world a brighter place. Innovation & Operational Excellence Diversity Environment Integrity “Never take the easy way out, but confront difficulties” All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 75 6. Appendix (Supplementary information) Corporate Governance ※as of January 1, 2015 Conduct a corporate governance clearly separate oversight and management functions Voluntary established two committees, namely Nominating Com. and Compensation Com. Shareholders’ Meeting Corporate Auditors (4) (3 independent) Chairman Senior Executive Vice President 2 Senior Executive Officers (3 independent) Compensation Committee (4) (3 independent) Management Committee President & CEO Executive officers (29) (including 1non-Japanese) Compliance Committee CSR Committee Fair Trade Committee Information Control Council Internal Audit Group Corporate Export Compliance Control Directorate In-house Companies / SBUs 【3 In-house Companies】 ・Glass ・Electronics ・Chemicals Group Corporate Co-operation Accounting Auditors Nominating Committee (4) 【2 SBUs】 ・AGC Ceramics ・ Applied Glass Materials General Division All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. Business Operation Oversight Execution Board of Directors (7) 3 independent 76 Disclaimer This material is solely for information purposes and should not be construed as a solicitation. Although this material (including the financial projections) has been prepared using information we currently believe reliable, Asahi Glass does not take responsibility for any errors and omissions pertaining to the inherent risks and uncertainties of the material presented. We ask that you exercise your own judgment in assessing this material. Asahi Glass is not responsible for any losses that may arise from investment decisions based on the forecasts and other numerical targets contained herein. Copyright Asahi Glass Co., Ltd. No duplication or distribution without prior consent of Asahi Glass Co., Ltd. All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. Shin-Marunouchi Bldg., 1-5-1 Marunouchi Chiyoda-ku, Tokyo 100-8405 Japan Contact :Corporate Communications & Investor Relations E-mail : [email protected] T E L : +81-(0)3-3218-5096 F A X : +81-(0)3-3201-5390 www.agc.com All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
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