What comes next?

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.
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※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
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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
ｻﾝｺﾞﾊﾞﾝ + 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
：
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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
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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
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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
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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
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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
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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.
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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
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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
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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～
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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
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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
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18
4. Strategies by business segment
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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.
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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.
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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
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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
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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.
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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
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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.
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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
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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.
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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
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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.
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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.
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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.
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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
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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
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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.
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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.
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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%
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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.
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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.
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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）
$/ﾊﾞﾚﾙ（Dubai)
Crude Oil $/BBL
93.6
61.7
78.1
106.2
109.1
(Average)
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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）
$/ﾊﾞﾚﾙ（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
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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
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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”
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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
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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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