Financial Results for the Six Months dd J 30 2012 - Asahi Glass

Financial Results for the Six Months
ended
d d JJune 30
30, 2012
August 3, 2012
0
目次 Contents
Financial Results for the Six Months ended June 30
30, 2012
P 2
P.
１．Highlights of the Financial Results
P. 3
I f
ti by
b Business
B i
& Geographic
G
hi S
Segmentt
２．Information
２
P 13
P.13
Outlook for FY2012
P 25
P.25
AGC’s
AGC
s Measures toward Earnings Recovery
P 31
P.31
Appendix
P 41
P.41
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
1
Financial Results for the Six Months
ended June 30
30, 2012
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
2
1. Highlights of the Financial Results
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
3
Summary of the Financial Results
億円（
億円（100million
yen））
2Q
FY2011
売上高
Net sales
営業利益
Operating income
経常利益
Ordinary income
当期純利益
Net income
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
JPY/USD
JPY/EUR
原油 Crude Oil
＄/BBL (Dubai)
FY2012
3,051 2,979
451
238
450
240
185
133
1-2Q 累計
増減
Change
-72
% 増減
Change %
FY2011
FY2012
6,137 5,833
993
480
1,029
476
570
311
-2.4%
-213 -47.3%
-210 -46.7%
-52 -28.1%
14.8%
8.0%
16.2%
8.2%
8.6%
6.2%
13.6%
7.5%
81.74
80.20
82.04
79.74
117.40 102.91
110.7
(1-2Q Total)
増減
Change
-304
% 増減
Change %
-5.0%
-513 -51.7%
-553 -53.8%
-259 -45.5%
114.99 103.45
106.4
105.6
111.3
* ROE（自己資本当期純利益率）＝当期純利益/自己資本（期中平均）
R t
Return
on Equity
E it = Net
N t Income
I
/ (Shareholders'
(Sh h ld ' Equity
E it (average)
(
) + Valuation
V l ti andd translation
t
l ti adjustments
dj t
t (average))
(
))
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4
Highlights of the Financial Results
【For the six months ended June 30, 2012 】
Net Sales 583.3 billion yen (down 30.4 bn yen YoY)
Operating
p
g Income 48.0 billion yyen ((down 51.3 bn yyen YoY))
While shipments in the glass and chemicals business segments
increased, the Group’s sales and profits fell, affected by price
decline in electronics-related products.
Rising energy prices gave pressure on the Group’s profit and loss.
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5
Consolidated Statements of Income
2Q
FY2012
FY2011
売上高
Net Sales
営業利益
Operating Income
営業外損益
Non-Operating Income (Losses)
金融収支
Interest & Dividend
3,051
2,979
451
238
-2
増減 Change
-72*
(-2.4%)
-213*
213
(-47.3%)
億円（100million yen）
(1-2Q
2Q Total)
1 2Q 累計 (1
1-2Q
FY2011 FY2012 増減 Change
6,137
5,833
993
480
2
37
-4
4
3
-6
-7
5
3
11
10
-10
-4
32
-6
-304*
(-5.0%)
-513*
13
(-51.7%)
持分法損益
Equity in earnings of
unconsolidated companies
その他
Others
経常利益
Ordinary Income
特別損益
Extraordinary gains (losses)
税引前利益
Income before tax
法人税等
Income taxes
450
240
-144
-23
306
217
110
10
-210
(-46.7%)
-89
(-29.0%)
1,029
476
-202
-13
828
463
74
238
130
10
20
23
-553
(-53.8%)
-364
(-44.0%)
少数株主損益
Minority interest in earnings (losses) of
consolidated subsidiaries
当期純利益
Net Income
185
133
-52
(-28.1%)
570
311
-259
(-45.5%)
＊うち、為替差影響は、2Q 売上高 -103億円、営業利益 -0億円、1-2Q累計売上高 -177億円、営業利益 -3億円
Foreign exchange fluctuation resulted in -10.3 billion yen in Net Sales and -0.0 billion yen in Operating Income in 2Q,
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and -17.7 billion yen in Net Sales and -0.3 billion yen in Operating Income in 1-2Q total.
6
Variance Analysis on Operating Income
(2Q.FY2012 vs 2Q.FY2011)
億円（100 illi yen））
億円（100million
前年同期比 213億円減益
¥ 21.3
21 3 bn down from same period last yr
700
600
500
+65
451
販売数量
品種構成
400
300
Sales Volume/Quantity,
Product Mix
200
+40
-289
売値
100
Selling Price
0
2Q.FY2011
-29
原燃材料価格
Purchase Price
Fuels/Raw Materials
238
コスト
その他
Cost Reduction
/Others
2Q.FY20122
2Q.FY20
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7
Variance Analysis on Operating Income
(2Q.FY2012 vs 1Q.FY2012)
億円（100 illi yen））
億円（100million
前四半期比 4億円減益
¥ 0.4
0 4 bn down from last quarter
500
400
300
242
+25
+61
61
販売数量
品種構成
200
Sales Volume/Quantity,
Product Mix
100
-61
売値
Sellingg Price
原燃材料価格
コスト
その他
Purchase Price
Fuels/Raw Materials
Cost Reduction
/Others
-29
238
0
1Q.FY2012
2Q.FY20122
2Q.FY20
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8
Variance Analysis on Operating Income
(1-2Q.FY2012 vs 1-2Q.FY2011)
億円（100 illi yen））
億円（100million
前年同期比 513億円減益
¥ 51.3 bn down from same period last yr
1,100
1,000
993
+79
900
販売数量
品種構成
800
Sales Volume/Quantity,
Product Mix
700
600
480
-506
500
400
売値
-71
Selling Price
原燃材料価格
料格
Purchase Price
Fuels/Raw Materials
300
-15
15
コスト
その他
Cost Reduction
/Others
200
100
0
11-2Q.FY2011
2Q.FY2011
1-2Q.FY2012
1
2Q.FY2012
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9
Consolidated Balance Sheets
億円（100 illi yen））
億円（100million
資産の部
Assets
流動資産
Current assets
現金及び預金
Cash on hand & in banks
受取手形及び
売掛金
T d notes
Trade
t & accounts
t
receivable
棚卸資産
Inventories
その他
Other current assets
固定資産
Fixed assets
有形・無形
固定資産
Tangible-Intangible fixed
assets
投資有価証券
I
Investments
iin securities
ii
その他
Other fixed assets
資産合計
Total Assets
11/12
12/6
増減
11/12
12/6
増減
Dec. 31, 2011
Jun. 31, 2012
Change
Dec. 31, 2011
Jun. 30, 2012
Change
16,916
,
17,911
,
+996
Liabilities
8,411
,
9,033
,
+622
6,068
6,871
+803
仕入債務
Payables
1,124
1,094
-31
988
963
-25
借入金
（含むCP、社債）
Loans
(include CP & Bonds)
4,775
5,423
+648
2,337
2,287
-50
その他
Other liabilities
2,511
2,516
+5
1,943
2,024
+81
純資産の部
Net assets
8,505
8,878
+373
800
1,597
+797
株主資本
Shareholders’ Equity
9,705
9,865
+160
10,848
11,040
+193
資本金
Common stock
909
909
-
8,797
8,912
+115
資本剰余金
Additional paid–in capital
970
970
-
1 484
1,484
1 621
1,621
+138
138
利益剰余金
R i d earnings
Retained
i
8 125
8,125
8 286
8,286
+160
160
568
507
-61
自己株式
Treasury stock
-299
-299
+0
-1,630
-1,448
+182
16,916
17,911
＊うち、為替差影響は、+92億円
Foreign exchange fluctuation resulted in +9.2 billion yen.
+996*
負債の部
その他の包括利益
累計額
Accumulated other
comprehensive income
新株予約権
Share Subscription Rights
16
16
+0
少数株主持分
Minority Interests in
Consolidated Subsidiaries
414
445
+31
16,916
17,911
+996
負債・純資産合計
Total
T
t l Liabilities
Li biliti & Net
N t
Assets
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10
Consolidated Statements of Cash Flows
億円（100million yen）
2Q
FY2011
営業活動によるキャッシュ・フロー (a)
Cash flows from operating activities (a)
税金等調整前純利益
Income before income taxes & minority interests
減価償却費・のれん償却・固定資産減損
Depreciation/Amortization/Impairment
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 & equipment
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
借入金増減
Increase (decrease) in bank loans, bonds & CP
支払配当
支払
Dividends paid
その他
Others
現金等に係る換算差額
Effect of exchange
g rate changes
g on cash & cash equivalents
q
現金等の増加額
Changes in cash & cash equivalents
FY2012
1 2Q 累計
1-2Q
FY2011
(1-2Q
(1
2Q Total)
FY2012
513
460
913
922
306
283
-112
37
217
285
-80
38
828
562
-143
-333
463
589
-65
-65
-403
-306
-639
-584
-386
386
-18
-367
367
61
-656
656
16
-700
700
115
110
-43
154
9
274
-262
337
500
-36
0
-7
13
0
-3
-87
-163
163
-11
663
-150
150
-13
-8
59
-30
134
18
31
16
853
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11
CAPEX, Depreciation & Others
億円（100million yen）
2Q
FY2011
設備投資額
減価償却費
研究開発費
有利子負債残高*
Ｄ/Ｅ比率
FY2012
403
279
119
CAPEX
Depreciation
R&D
285
281
117
11/12
12/06
Dec. 31, 2011
Jun. 30, 2012
I t
Interest-bearing
t b i ddebts*
bt *
D/E ratio
4,833
4
833
0.57
1-2Q 累計(1-2Q Total)
FY2011 FY2012
719
554
218
702
569
238
5,489
5
489
0.62
* 有利子負債残高はリース債務を含む（11/12末 58億円, 12/6末 66億円）
Interest-bearing debts includes lease obligations. （Dec. 31, 2011 5.8 billion yen, Jun. 30, 2012 6.6 billion yen)
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12
2. Information by Business and
Geographic Segment
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13
Glass Business Segment(1)
売上高
営業利益
Sales
Operating Income
FY2011
２Q
FY2012
1,390
1,356
１－２Q累計
Q累計
2,782
,
Automotive Glass
Flat Glass
O.P.
1,600
1,400
-17
596
60
-9
1,000
（-77）
40
800
（） vs FY2011
843
840
18
600
売上高の内訳
Ｓｕｂ total
Breakdown of Sales
ガラス
Glass
２Q
１－２Q累計
1-2Q Total
板ガラス
２Q
（建築用、ソーラー）
Flat Glass : Building & Solar
１－２Q累計
Q累計
自動車用ガラス
Automotive Glass
小計
1-2Q Total
２Q
１－２Q累計
1-2Q Total
1,390
日本・アジア
Japan & Asia
744
80
660
1,200
＊（）内数字は前年同期比
FY2012.2Q
100
686
593
512
（-20）
67
（55）
四半期推移
Performance Trend
FY2012
3
（34）
2 727
2,727
1-2Q Total
FY2011
億円（100million yen）
アメリカ
Americas
177
ヨーロッパ
消去
Europe
Elimination
513
788
14 706
3
8
0
400
-17
-44
2,782
1,499
338
1,015
-70
730
344
82
339
-36
1 436
1,436
675
154
660
-54
660
400
95
174
-9
1,347
824
184
355
-16
20
730
200
-20
20
0
-40
2Q.11
3Q.11
4Q.11
1Q.12
2Q.12
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14
Glass Business Segment(2)
【【YoY comparison
p
for the first six months】
】
〔Architectural Glass〕
 Japan
：Shipments grew from the first six months of FY2011, which was
affected by the Great East Japan Earthquake
Earthquake.
 Asia
：Shipments remained strong despite the flooding in Thailand and
economic slowdown in China.
 Europe
：Shipments fell, affected by economic deterioration in the region,
particularly in Western Europe.
 North
N th A
America
i ：Shipments
Shi
t ffellll d
due tto continuing
ti i d
downturn
t
iin d
demand.
d
〔Automotive Glass〕
 In Europe
Europe, the Group’s
Group s shipments were on the same level as the previous year
despite a decrease in auto production in the region.
 In Japan, Asia and North America, shipments were strong due to an increase
in auto production in these regions.
〔Glass for solar power systems〕
 Shipments fell due to factors such as slowing market growth and intensified
competitive environment.
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15
Electronics Business Segment(1)
億円（100million yen）
四半期推移
Performance Trend
売上高
営業利益
Sales
Operating income
FY2011
2Q
1,043
1-2Q累計
2,106
1-2Q Total
FY2012
831
（（-212）
212）
1,611
（-495）
FY2011
397
823
1,200
FY2012
1,000
202
（（-195）
195）
800
Electronic Materials
Display
O.P.
149
600
800
894
126
381
133
763
738
（-441）
600
127
122
703
659
397
400
＊（）内数字は前年同期比
（） vs FY2011
287
400
202
226
180
FY2012.2Q 売上高の内訳
200
Breakdown of Sales
２Q
ディスプレイ Display
１－２Q累計
1-2Q Total
電子部材
Electronic Materials
200
703
1,362
２Q
127
１－２Q累計
249
1-2Q Total
0
0
2Q.11
3Q.11
4Q.11
1Q.12
2Q.12
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16
Electronics Business Segment(2)
【 YoY comparison for the first six months 】
〔Display〕
 Shipments of TFT-LCD glass substrates had been on the recovery track
since 4Q FY2011
FY2011, and increased from the first six months of FY2011
FY2011.
 Falling product prices caused adverse impacts; however, the rate of decline
became much smaller in 2Q FY2012
FY2012.
〔Electronics〕
 Weak demand for semiconductor-related products.
 Shipments
p
of optoelectronics
p
materials for digital
g
cameras and
other applications were strong.
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17
Chemicals Business Segment(1)
2Q
営業利益
Sales
Operating income
FY2012
1,195
,
1 2Q Total
1-2Q
T l
FY2011
652
595
1-2Q
四半期推移
Performance Trend
売上高
FY2011
（+57）
1,280
（ 84）
（+84）
40
87
800
FY2012
47
（+7）
100
（ 13）
（+13）
Fluorochemicals & Specialty Chemicals
Chlor-alkali & Urethane
O.P.
80
500
200
Chlor-alkali
Chlor
alkali & Urethane
２Q
432
100
１２Q累計
１－２Q累計
831
0
1-2Q Total
フッ素化学・スペシャリティ
Fluorochemicals & Specialty Chemicals
２Q
242
１－２Q累計
493
1 2Q Total
1-2Q
T t l
消去
Elimination
２Q
-22
１－２Q累計
-44
1-2Q Total
254
236
70
242
251
243
60
53
49
375
47
44
40
300
Breakdown of Sales
90
600
（） vs FY2011
FY2012.2Q 売上高の内訳
100
*excluding Elimination
700
400
＊（）内数字は前年同期比
クロールアルカリ・ウレタン
億円（100million yen）
416
428
50
40
399
432
30
20
10
0
2Q.11
3Q.11
4Q.11
1Q.12
2Q.12
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18
Chemicals Business Segment(2)
【 YoY comparison for the first six months 】
〔Chlor-alkali & Urethane〕
 Japan rebounded from the impact of the earthquake, and shipments
recovered from
f
the first
f
six months off FY2011.
 Asia continued to show strong performance.
〔Fluorochemicals & Specialty chemicals〕
 St
Strong shipments
hi
t off high-function
hi h f
ti fluorine
fl i resin
i and
d pharmaceutical
h
ti l and
d
agrochemical intermediaries and active ingredients.
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19
Performance by Business Segment Compared with 2Q. FY2011
億円（100million yen）
2Q
売上高
ガラス
電子
化学品
その他
消去
Sales
Gl
Glass
Electronics
Chemicals
Other
Elimination
全社計
Consolidated total
営業利益
Operating income
FY2011
1-2Q累計
FY2012
1 390
1,390
831
652
230
-123
2,979
,
増減 Change
FY2012
-17
17
3
202
397
増減 Change
11,356
356
1,043
595
202
-144
3,051
FY2011
+34
-212
+57
+28
+21
-72
FY2011
(1-2Q Total)
FY2012
2 782
2,782
1,611
1,280
480
-320
5,833
,
増減 Change
FY2012
-99
67
381
823
増減 Change
22,727
727
2,106
1,195
382
-273
6,137
FY2011
+55
-495
+84
+99
-47
-304
ガラス
Glass
電子
Electronics
化学品
その他
Chemicals
40
47
+7
87
100
+13
Other
11
6
-5
15
9
-6
消去
Elimination
0
0
+0
1
-1
-2
451
238
-213
213
993
480
-513
513
全社計
Consolidated total
-20
20
-195
-77
77
-441
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20
Performance by Business Segment Compared with 1Q. FY2012
億円（100million yen）
売上高
Sales
ガラス
電子
化学品
その他
消去
Glass
Electronics
Chemicals
Other
Elimination
全社計
Consolidated total
営業利益
Operating income
ガラス
Glass
電子
Electronics
化学品
Chemicals
その他
Other
消去
Elimination
全社計
Consolidated total
1Q.FY2012 2Q.FY2012
1,392
1,390
780
831
628
652
250
50
230
30
-197
-123
2,854
2,979
1Q.FY2012 2Q.FY2012
8
-17
増減
% 増減
Change
Change %
-3
+50
+24
-200
+74
+125
-0.2%
+6.4%
+3.8%
-8.0%
8 0%
+4.4%
増減
% 増減
Change
Change %
-25
-
180
202
+22
+12.3%
53
47
-6
-11.4%
3
6
+3
+114 9%
+114.9%
-1
0
+1
-
242
238
-4
-1.6%
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
21
Performance by Geographic Segment Compared with 2Q. FY2011
億円（100million yen）
2Q
売上高
日本・アジア
日本
アジア
Sales
Japan & Asia
1-2Q累計
FY2011 FY2012
2 265
2,265
2 297
2,297
増減 Change
+32
(1-2Q Total)
FY2011
FY2012
4 474
4,474
44,607
607
428
413
増減 Change
-133
133
アメリカ
Americas
193
220
+26
ヨーロッパ
Europe
666
561
-105
1,275
1,106
-169
消去
Elimination
-73
-98
-26
-158
-174
-17
3,051
2,979
-72
6,137
5,833
-304
全社計
営業利益
日本・アジア
アメリカ
Consolidated total
Operating income
FY2011
FY2012
増減 Change
FY2011
FY2012
+15
増減 Change
492
339
-152
1,058
669
-390
Americas
-8
-11
-3
-9
-19
-10
ヨーロッパ
Europe
42
-17
-58
78
-21
-100
消去
Eli i i
Elimination
5
0
-44
-22
-11
+0
Cross-regional
common expenses
-79
-74
+5
-133
-147
-14
Consolidated total
451
238
-213
213
993
480
-513
513
地域共通費用
全社計
Japan & Asia
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
22
Performance by Geographic Segment Compared with 1Q. FY2012
億円（100million yen）
売上高
Sales
日本・アジア
Japan & Asia
1Q.FY2012
2Q.FY2012
増減
% 増減
Change
Change %
2,177
2,297
+120
+5.5%
アメリカ
Americas
208
220
+11
11
+5.5%
5 5%
ヨーロッパ
Europe
545
561
+16
+3.0%
消去
Elimination
-76
76
-98
98
-23
23
-
2,854
2,979
+125
+4.4%
全社計
Consolidated total
営業利益
日本・アジア
Operating income
Japan & Asia
1Q FY2012
1Q.FY2012
2Q FY2012
2Q.FY2012
増減
% 増減
Change
Change %
329
339
+10
+3.1%
アメリカ
リ
Americas
-99
-11
11
-22
-
ヨーロッパ
Europe
-5
-17
-12
-
消去
Elimination
-2
0
+2
-
地域共通費用
Cross-regional common
expenses
-72
-74
-2
-
Consolidated total
242
238
-4
-1.6%
全社計
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
23
The Impact of FOREX and Change in the Scope of Consolidation
(Compared with 1-2Q. FY2011)
億円（100million yen）
区分
Segment
全社計*
ガラス
電子
化学品
C
Consolidated
lid t d total
t t l
Gl
Glass
El t i
Electronics
Ch i l
Chemicals
売上高
営業
利益
売上高
営業
利益
売上高
営業
利益
売上高
営業
利益
S
Sales
O
OP
S
Sales
O
OP
S
Sales
O
OP
S
Sales
O
OP
1-2Q Total. FY2012
5,833
前年同期比
-304
-513
-130
130
-504
504 +200
-177
-3 -145
Change vs. 1-2Q Total. FY2011
[以下影響を除く前期比]
Change like-for-like vs. 1-2Q Total.
FY2011
為替換算の影響
Impact of FOREX
連結範囲変更の影響
Impact of Consolidated Scope
Change
+3
480 2,782
-6
+55
-
-9 1,611
381 1,280
-77 -495 -441
100
+84
+13
-77
77 -481
481 -440
440 +103
+15
+0
-14
-1
-19
-2
-
-0
+0
+0
-0
＊全社計には、その他、および消去の数値が含まれる為、各セグメントの合計とは一致しない
び
が
各グ
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.
24
Outlook for FY2012
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
25
FY2012 Forecast
億円（100 illi yen））
億円（100million
FY2012見通し
FY2011
売上高
Net sales
営業利益
Operating income
経常利益
Ordinary income
当期純利益
Net income
一株当たり配当金
Dividend
(Yen/Share)
売上高営業利益率
Operating profit
margin
ROE*1
Return on equity
為替レート（期中平均）
JPY/USD
FOREX
Average
JPY/EUR
原油
Crude Oil
＄/BBL (Dubai)
FY2012 Forecast
1-2Q 累計
通期
期
1-2Q 累計
通期
期
1-2Q Total
Fiscal Year
1-2Q Total
Fiscal Year
6,137
993
1,029
570
13
12,147
1 657
1,657
1,667
953
26
16.2%
13 6%
13.6%
13.6%
11 8%
11.8%
82.04
114.99
105.6
79.84
111.12
106.2
5,833
480
476
311
13
12,000
1 000
1,000
950*2
500*2
26
増減
% 増減
Change
Change %
-147
-657
657
-717
-453
-1.2%
-39
39.6%
6%
-43.0%
-47.5%
8.3%
6 2%
6.2%
79.74
103.45
111.3
80.0*3
100.0*3
100.0*3
*1 ROE（自己資本当期純利益率）＝当期純利益/自己資本（期中平均）
* 2 本年2月8日決算発表時の予想から見直し
FY2012 ForecastのROEは、FY2011末時点の自己資本等を使用
Figures change from the FY2012 forecast that was announced on Feb. 8, 2012.
Return on Equity = Net Income / (Shareholders' Equity (average) + Valuation and translation adjustments (average))
ROE of FY20１2 Forecast is calculated by using the Shareholders’ equity, etc. as of Dec.31, 2011.
* 3 2012年度の前提
Assumption for FY2012
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
26
Business Outlook for FY2012 (1)
〔 Business environment 〕
 The global economic growth will become slower.
 There is concern that the continued economic stagnation
in Western Europe might affect Central/Eastern Europe
Europe.
 The pace of economic recovery is expected to remain weak
in North America.
 Growth rates of China and Asian countries will slow down.
 In Japan
Japan, active demand created by restoration efforts is expected to
boost the country’s economic recovery, although within a narrow range.
 Energy
gy p
prices will remain high.
g
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
27
Business Outlook for FY2012 (2)
〔Glass〕
 Architectural glass
Japan/Asia
J
p /
：Remain strong
g
North America
：Moderate recovery
Europe
：Weak due to economic downturn
 Automotive glass
Shipments will increase driven by strong demand in fast-growing markets.
 Glass for solar power systems
Weak shipments
p
due to factors such as slowing
g market g
growth and
intensified competitive environment.
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
28
Business Outlook for FY2012 (3)
〔Electronics〕
 Shipments of TFT-LCD glass substrates will continue to be on a
recovery track since 4Q FY2011.
 With regard
d to
t electronic
l t i materials,
t i l optoelectronics
t l t i materials
t i l will
ill b
be
favorable, and semiconductor-related products are expected to recover
in the latter half of the year.
〔Chemicals〕
 Shipments will be generally strong.
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
29
CAPEX / Depreciation / R&D
本年2月8日決算発表時の予想から変更ありません
Figures below remain unchanged from the FY2012 forecast that was announced on Feb. 8, 2012.
設備投資 CAPEX
減価償却費 Depreciation
1,900
2,000
億円（100million yen）
2,000
1,000
900
1,527
1 500
1,500
800
1 500
1,500
1,174
700
504
1,100
343
1,000
670
500
1,000
802
152
195
FY2010
FY2011
0
研究開発費 R&D
500
0
FY2012
Forecast
1,101
1,100
500
407
419
600
400
394
464
500
300
519
521
154
164
FY2010
FY2011
ガ
ガラス
電子
化学品
そ他
その他
Glass
Electronics
Chemicals
Other
200
100
0
FY2012
Forecast
FY2010
FY2011
FY2012
Forecast
* 2010年の数値は、2011年に導入したマネジメントアプローチによる開示基準に基づいて表示
The figures for FY2010 are calculated based on the management approach of IFRS 8, which the company adopted in FY2011.
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
30
AGC’s Measures toward
E i
Earnings
R
Recovery
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
31
Key Measures
K
M
to
t improve
i
AGC’s Business Performance
Profit improvement of the flat glass business
i E
in
Europe
Maintain the profitability of the TFT business
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
32
Key Measures
K
M
to
t improve
i
AGC’s Business Performance
Profit improvement of the flat glass business
i E
in
Europe
Maintain the profitability of the TFT business
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
33
Current situation of the architectural glass market in Europe
-Strong business in Eastern Europe underpins the European market
while oversupply in Western/Central Europe continues-
Supply-demand projections for the architectural
glass market in Western/Central Europe
•Over
O e 10%
0% o
oversupply
e supp y in 2011
0
•▲2% demand growth in 2012 Unit：k ton
Unit：k ton
10,000
9,000
Supply-demand projections for the
architectural glass market in Eastern Europe
Demand
需要
10,000
Supply
供給
9,000
8,000
8,000
7,000
7,000
6,000
6,000
5,000
5,000
4,000
4,000
3,000
3,000
2,000
2,000
1,000
1,000
0
0
2008
2009
2010
Source: AGC analysis
2011 2012e 2013e 2014e 2015e
Demand
需要
Supply
供給
• Well-balanced supply and
demand continues.
continues
• Around 10% growth in 2012
2008
2009
2010
2011 2012e 2013e 2014e 2015e
Source: AGC analysis
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
34
Measures to improve the profitability
of the flat g
glass business in Europe(1)
p ( )
-Over 20% reduction in AGC’s production capacity in Western EuropeOversupp
O
ply situattion
S
Suspending
di three
th
f
furnaces
in
i Western
W t
Europe
E
Beginning of 2012
Current situation
Moustier （Belgium)
Salerno（Italy)
Tiel （Netherland)
Western
Europe
Over 20% reduction
Effects
 Slashing fixed cost
効果
 Minimizing
g the supply-demand
pp y
gap
g
p
 Optimizing
O ti i i iinventory
t
llevels
l
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
35
Measures to improve the profitability
of the flat g
glass business in Europe(2)
p ( )
-Strengthening the architectural glass businessProfit improvement measures
Streamlining/consolidating the
architectural fabrication bases in
Western Europe
Effects
Greater efficiency in
production/distribution
Reducing fixed cost
Creating
C
synergy
Building business partnership
with Interpane (Germany)
Earning growth
gro th achieved
achie ed
leveraging AGC’s market
competitiveness in Eastern
Europe
 Supplement sales in the strong
German market
 Mutually complement in
production technology
and development activities
Capturing the market growth
in Eastern Europe
Underpinning
p
g the earnings
g of
the Europe business
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
36
Key Measures
K
M
to
t improve
i
AGC’s Business Performance
Profit improvement of the flat glass business
i E
in
Europe
Maintain the profitability of the TFT business
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
37
Current situation of the TFT glass market
-Following the trends for larger-sized displays,
the
h area size
i off di
display
l panels
l will
ill continue
i
to iincreaseSupply-demand projections for TFT-LCD panels for TVs
（1,000 unit）
300,000
250,000
（000㎡）
120,000
Unit
台数
Area
A
面積
100,000
200,000
80,000
150,000
60,000
100,000
40,000
50 000
50,000
20 000
20,000
0
0
20 0 9
'11 0
'11 1
'11 2e
'11 3e
' 1 4e
Source: Created based on Display Search data (as of May 18, 2012)
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
38
Measures to improve the profitability of the TFT business
- Greater production efficiency & Optimal allocation of production facilities-
 Greater p
production efficiency
y
- In line with the demand trends, we are gradually converting
existing facilities into high-efficiency production facilities.
- Productivity/yield improvement
- Higher output through producing thinner glass
For the next few years, we will respond to demand growth
without investing on new furnaces.
 O
Optimizing the location off production facilities
f
to meet actual
demand
- Stop mass production of TFT glass substrates at the Keihin plant (JP)
- Will streamline the polishing facilities in Japan (4Q)
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
39
Promptly, Quickly, Swiftly get back on a recovery track!
Sales: 100 million yen
Operating income: 100 million yen
4,000
800
Sales
売上高
OP
営業利益
3,500
700
3,000
600
2,500
500
Heading toward recovery
2,000
400
1,500
300
1,000
200
500
100
0
0
1Q 2010
2Q
3Q
4Q
1Q 2011
2Q
3Q
4Q
1Q 2012
2Q
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
40
Appendix
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
41
Changes in Financial Results
億円（100million yen）
15 000
15,000
2 500
2,500
12,000
2,000
9,000
1,500
6,000
1,000
3,000
500
0
FY2005
FY2006
FY2007
FY2008
FY2009
FY2010
FY2012
FY2011
Forecast
売上高 Net sales
15,267
16,205
16,812
14,443
11,482
12,889
12,147
12,000
営業利益 Operating income
1 182
1,182
1 366
1,366
1 975
1,975
1 540
1,540
867
2 292
2,292
1 657
1,657
1 000
1,000
当期純利益 Net income
600
450
696
392
200
1,232
953
500
営業利益率 Operating income/Net sales
7.7%
8.4%
11.7%
10.7%
7.5%
17.8%
13.6%
8.3%
一株当たり配当金 Cash dividends per
share (yen)
¥15
¥16
¥20
¥24
¥16
¥26
¥26
¥26
[OP , Neet income]
[Nett sales]
3,000
営業利益・
当期純利益
売上高
18,000
0
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
42
Financial Index
*1
05/12
06/12
07/12
08/12
09/12
10/12
11/12
Return on equity
％
7.7%
5.1%
7.5%
4.7%
2.7%
15.8%
11.8%
Return on assets
％
6.0%
6.5%
9.3%
7.8%
4.8%
12.9%
9.6%
自己資本比率
Equity ratio
％
41%
42%
45%
40%
42%
46%
48%
D/E（有利子負債・純資産比率）
Debt/Equity ratio
倍
times
0.56
0.58
0.52
0.77
0.74
0.60
0.57
営業CF/有利子負債
CF from Operating
p
g
Activities/Interest-bearing debt
倍
times
0 35
0.35
0 30
0.30
0 46
0.46
0 34
0.34
0 30
0.30
0 56
0.56
0 31
0.31
一株当たり当期純利益（EPS)
Earnings per share
円
Yen
51.36
38.37
59.35
33.53
17.12 105.52
81.90
億円
100mil Yen
2,178
1,809
2,555
2,199
1,873
2,594
自己資本当期純利益率（ＲＯＥ）
総資産営業利益率（ＲＯＡ）
EBITDA
*2
*3
EBITDA
3,084
*1 ROE（自己資本当期純利益率）＝当期純利益/自己資本（期中平均）
Return on Equity = Net Income / (Shareholders' Equity (average) + Valuation and translation adjustments (average))
*2 総資産営業利益率（ ROA）＝営業利益/総資産（期中平均）
Return on assets = Operating income / Total assets (average)
*3 EBITDA（支払利息・税金・減価償却費控除前利益）＝税引前当期純利益＋減価償却費＋支払利息
Earnings before interest, tax, depreciation and amortization(EBITDA) = Net Income (Loss) Before Taxes + Depreciation + Interest expenses
FY2011
為替レート
Exchange rates
円/ドル
JPY/USD
円/ユーロ
JPY/EUR
1Q
2Q
FY2012e
3Q
4Q
1Q
2Q
期中平均
Average
82.34
81.74
77.89
77.41
79.28
80.20
期末
At quarter end
83.15
80.73
76.65
77.74
82.19
79.31
期中平均
Average
112.57
117.40
110.19
104.33
103.99
102.91
期末
At quarter end
117.57
116.84
104.11
100.71
109.80
98.74
3Q
4Q
80.0*4
100.0*4
*4 2012年度の前提
Assumption for FY2012
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
43
Major Press Releases in FY2012
D t
Date
February 28
March 5
S
Summary
Hokkaido Soda becomes a subsidiary as a part of the Group’s efforts toward
reorganization
g
of its domestic Chlor-Alkali business
Succeed in developing micro hole drilling processing technology for ultra-thin glass
April 4
Decided to in
invest
est in Rolith,
Rolith Inc.,
Inc advanced
ad anced nanotechnolog
nanotechnology startup
start p in U
U.S.
S
April 16
Boost the Group’s production capacity for Tafluprost, active pharmaceutical ingredient
for glaucoma treatment
April 19
Cornerstone ― Laying ceremony held at the new glass manufacturing facility in Brazil
May 29
LeoflexTM, a chemically strengthened specialty glass for versatile applications
―Promoting the use of specialty glass that enables weight reduction across a wide
range of applications, such as solar panels, building materials, and lighting—
M 30
May
AGC s Carrier Glass Technology Enables Current Production Processes to Handle
AGC's
Ultra-thin Glass
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
44
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
i i
pertaining
t i i
t the
to
th inherent
i h
t risks
i k and
d uncertainties
t i ti
off the
th
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
A hi Gl
Asahi
Glass C
Co., Ltd
Ltd.
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
45
〒100-8405
東京都千代田区丸の内一丁目５番１号
新丸の内ビルディング
Shin-Marunouchi Bldg., 1-5-1 Marunouchi Chiyoda-ku,
Tokyo 100-8405 Japan
問合わせ先：広報・ＩＲ室
問合わせ先：広報
ＩＲ室
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
81 (0)3 3201 5390
www.agc.com
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46

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