1 - Asahi Glass

Company Overview
February 2016
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. “Vision 2025” and growth strategy
P.7
3. Progress towards FY2017 management targets
P.17
4. Shareholder Return
P.26
5. Outlook for FY2016
P.30
6. Appendix
P.36
1
(1) Financial Results for FY2015
P.37
(2) Supplementary information
P.60
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1
1. Company Overview
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2
1. Company Overview
Business OverviewFor the fiscal year ended December 31, 2015
AGC Group (Net sales 1,326.3 billion yen, Operating profit 71.2 billion yen)
Glass
Electronics
Sales 692.9 bn yen (52%)
OP 13.0 bn yen
Sales 288.6 bn yen (22%)
OP 29.0 bn yen
Flat Glass
Sales 338.1 bn yen
-Float flat glass
-Figured glass
-Polished wired glass
-Low-E glass
-Decorative glass
-Fabricated glass for architectural use
（Heat Insulating/shielding glass,
Disaster-resistant/Security glass,
Fire-resistant glass, etc.)
Display
Sales 224.0 bn yen
Chemicals
Ceramics/Other
Sales 318.5 bn yen (24%)
OP 30.5 bn yen
Sales 68.2 bn yen (2%)
OP ▲1.6 bn yen
Fluorochemicals
& specialty chemicals
Sales 122.5 bn yen
-LCD glass substrates
-Specialty glass for display applications
-Display related materials
-Glass for solar power system
-Fabricated glass for
industrial use
-Ceramic products
-Logistics and financial
services, etc.
-Fluorinated resins
-Water and oil repellents
-Gases
-Solvents
-Pharmaceutical and agrochemical
intermediates and
active ingredients
-Iodine-related products
Electronic Materials
Automotive Glass
Sales 355.6 bn yen
-Tempered glass
-Laminated glass
Sales 64.6 bn yen
-Semiconductor process materials
-Optoelectronics materials
-Lighting glass products
-Laboratory glass, etc.
Chlor-alkali & urethane
Sales 202.5 bn yen
-Raw materials for vinyl chloride
polymer
-Caustic soda
-Urethane
※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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3
1. Company Overview
Global Operation
Results of FY2015
Net sales：1,326.3 billion yen OP：71.2 billion yen Group Employees： 50,900
The Americas
Europe
Japan / Asia
Sales： 154.8 bn yen (11%)
OP:
▲4.5 bn yen
Employees：4,100
Sales： 301.8 bn yen (22%)
OP: ▲1.8 bn yen
Employees：16,200
Sales：916.3 bn yen (67%)
OP: 98 bn yen
Employees：30,600
-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.
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4
1. Company Overview
Market Position in Global
※FY2015 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 the Financial Results
（100 million yen）
J-GAAP
18,000
IFRS
3,000
2,500
12,000
2,000
9,000
1,500
6,000
1,000
3,000
500
0
FY2016
FY2009
FY2010
FY2011
FY2012
FY2012
FY2013
FY2014
FY2015
11,482
12,889
12,147
11,900
11,900
13,200
13,483
13,263
14,000
Operating profit
867
2,292
1,657
929
1,018
799
621
712
750
Profit for the year attributable to owners of the parent
200
1,232
953
438
484
161
159
429
250
7.5%
17.8%
13.6%
7.8%
8.6%
6.1%
4.6%
5.4%
5.4%
¥16
¥26
¥26
¥26
¥26
¥18
¥18
¥18
¥18
Net sales
Operating profit margin
Dividend per share
0
Forecast
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[OP , Profit for the year attributable to owners of the parent]
[Net sales]
15,000
6
2. “Vision 2025” and growth strategy
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2. “Vision 2025” and growth strategy
The AGC Group’s “Vision 2025”
By 2025, the AGC Group’s Core Businesses will
serve as solid sources of earnings, and
Strategic Businesses will become growth
drivers and lead further earnings growth.
In 2025, the AGC Group will continue being a
highly profitable, leading global material and
solution provider.
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8
2. “Vision 2025” and growth strategy
Toward realization of the “Vision 2025” (1)
Basic concept for the “Vision 2025”
Strengths
Core strategies
“Vision 2025”
Core businesses
Strategic businesses
Establishing long-term, stable sources of
earnings through the portfolio management
Establishing highly profitable businesses
through expansion of high value-added
businesses
・Architectural glass
・Automotive glass (existing)
・Essential chemicals
・Performance chemicals
・Display glass
・Ceramics
Wide-ranging customer
base
・Mobility
・Electronics
・Life science
Varieties of material
technologies in the field of
glass, electronics, chemicals
and ceramics
Production technology
development capability and
operational excellence
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2. “Vision 2025” and growth strategy
Toward realization of the “Vision 2025” (2)
Milestones toward 2025
Present
2017
2025
2020
OP: JPY 100 billion or more
ROE: 5％ or more
(aiming at 8% in 2017 onward)
Approx. 20％
Over 30％
Over 40％
OP from
Strategic
Businesses
“OP from Strategic
Businesses will
double from 2015”
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2. “Vision 2025” and growth strategy
Toward realization of the “Vision 2025” (3)
Basic policy to achieve our goals under the “Vision 2025”
１
Always look from market perspective, respond to customers’
needs, and continue building trust with them
２
Achieve sustainable growth in both Core and Strategic Businesses
by boldly pursuing strategic M&A opportunities
along with the organic growth approach
３
Take advantage of high growth in Asia by leveraging regional
operations and strategic actions in the geographical area covering
from Southeast Asia through the Middle East
４
Concentrate the Group’s management resources into the
business fields that have high earnings/growth potential and
achieve the business structure with improved asset efficiency.
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2. “Vision 2025” and growth strategy
Set strategic investment budget and
accelerate growth by M&A
JPY 1 trillion in investments and R&D for the next
5 years.
In addition, allocate JPY 300 billion mainly for M&A in
both Core and Strategic Businesses
Strategic investment
budget
JPY 300 billion
R&D
JPY 1 trillion
Investm
ent
2016～2020
Investment／R&D ＋
“Strategic investment
budget”
→ JPY 1.3 trillion
for the next 5 years
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2. “Vision 2025” and growth strategy
Core Businesses :
Long-term, stable sources of earnings
Business
Architectural glass
Basic strategy
・Select and concentrate on high growth countries & countries that the
Group has a competitive advantage
・Innovative business models to enhance the asset efficiency
Automotive glass
・Respond to needs for more advanced functions and performance amid the
expansion of the Eco-friendly vehicles and automated driving systems
・Further global expansion by M&A etc.
Display glass
・Optimize the allocation of production bases to respond to the demand shift
in the LCD glass market
・Cultivate markets for new display applications
Chemicals
Ceramics
・Further strengthen the business foundation of Chlor-Alkali business in
Southeast Asia
・Take advantage of the global demand increase in high performance
materials for the growth of the fluorochemicals business
・Deliver new value propositions with a mix of materials, engineering &
services
・Establish business bases in Southeast Asia and expand the global sales
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13
2. “Vision 2025” and growth strategy
Strategic Businesses :
Highly profitable businesses with growth potential(1)
The AGC Group’s targets for Strategic Businesses: “Mobility”,
“Electronics”, “Life science”
【Changes in the macroscopic environment】
Evolution of transportation infrastructure
Everything can be connected
Anyone can be connected anytime
Mobility
Integration of automobiles
and ICT
Innovation of
transportation ecosystem
Aging society
Increase of global population
Greater safety, security, comfort
Life science
Electronics
Diversification of
input/output devices
Bipolarization of needs for
advanced medicals and low
cost medicals
Greater speed of
communication/Greater
density for data storage
Food shortage/Greater
awareness for food safety
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2. “Vision 2025” and growth strategy
Strategic Businesses :
Highly profitable businesses with growth potential (2)
 Capitalizing on its business foundation, unique materials and solutions in each
domain, the AGC Group will capture new business opportunities arising from
structural changes in markets.
【AGC’s materials and solutions】
Mobility
Electronics
High-quality and
reliable
pharmaceutical/ag
rochemical
intermediate
Evolution of
input devices
Advancing
automotive ICT
New
ecosystem in
mobility
Innovation in
transportation
infrastructure
Life science
Innovation in
output devices
Supplying
advanced
medicinal
technology
Big data
society
Development of
advanced
medical
technology
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15
2. “Vision 2025” and growth strategy
Take advantage of high growth in Asia
Take advantage of high growth in Asia by leveraging regional operations
and strategic action in the geographical area covering from Southeast
Asia through the Middle East
Middle East
(West Asia)
Asahi India Glass
(India)
South Asia
AGC Flat Glass Thailand
(Thailand)
Southeast
Asia
JV with Obeikan
(Saudi Arabia)
Asahimas Chemical
(Indonesia)
Phu My Plastics
and Chemicals
(Vietnam)
Asahimas Flat Glass
(Indonesia)
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16
3. Progress towards FY2017
management targets
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3. Progress towards FY2017 management targets
Management target for 2017
Management
Policy
Target
for
2017
The AGC Group adds a “plus” by:
• Providing safety, security and comfort to society;
• Creating new value and functions for customers and
business partners and building trust with them;
• Enhancing job satisfaction among employees; and
• Increasing the Group’s corporate value for investors.
Sales
¥ 1,600 bn.
Operating
income
more than ¥ 100 bn.
ROE
5% or above
D/E
0.5 or less
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3. Progress towards FY2017 management targets
To enhance the Group’s corporate value
 The AGC Group aims to increase both sales and asset efficiency.
Enhance the Group’s
corporate value
Task 1
By increasing the
Group’s sales
Task 2
By increasing the
Group’s asset
efficiency
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3. Progress towards FY2017 management targets
Task 1: Increase the Group’s sales
 Based on a market-centered perspective, we will make full use of our
diverse resources and opportunities, which are one of the strengths of
the AGC Group.
New
New products,
technologies,
services
New products, technologies, services
New markets, applications
Approach 3
Approach 2
Existing
Products, technologies, services
【Different approaches to increase sales】
AGC’s
current
position
Approach 1
New markets,
applications
Existing
Markets, applications
By fully utilizing the
available assets, we will
Increase both:
・Sales
・Asset efficiency
New
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3. Progress towards FY2017 management targets
Task 2: To increase the Group’s asset efficiency
We clarified the policy and strategy for asset allocation within each
business portfolio that has been created based on the profitability and
growth potential of each business.
Growth
Glass
Electronics
Cash generator
Strength-building area
-Automotive glass
-Architectural glass
-Architectural glass
(Fast growing countries) (Developed countries)
-Electronic materials
-Glass for chemical
strengthening
-Ultra thin glass
-LCD glass
Chemicals
-Chlor-Alkali
(Outside Japan)
-Fluorochemicals
-Life science
-Specialty glass
-Chlor-Alkali (Japan)
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3. Progress towards FY2017 management targets
Strategic direction by business
Strategic direction
Glass
[Architectural glass]
-Increase asset efficiency & improve earnings
-Continue with strength building and structural reform
-Stop doing all on our own and use joint venture & outsourcing
opportunities
FY2017
Target
ROS 5%
Or more
[Automotive glass]
-Solidify the No.1 position in the market through the growth of high
performance products and geographical expansion of its business bases
Electronics
[LCD glass]
-Reduce costs and keep the profitability level
-Shift the production capacity to growing China
[Electronic materials]
-Concentrate the management resources in areas with growth potential
ROS 10%
or more
[Applied glass materials]
-”thin, light and strong glass” in various markets
(in Electronics, building , automotive and solar applications)
Chemicals
[Chlor-Alkali (Outside Japan)]
-Capture business opportunities in the growing Southeast Asian market
[Fluorochemicals]
-Grow with globally increasing demand for high-performance materials
ROS 10%
or more
[Life science]
-Focus on the expanding pharmaceutical & agrochemical market
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3. Progress towards FY2017 management targets
Growth drivers in 2016 and 2017 (1)
Growth investments in the past few years will start to bear fruit.
Automotive glass
（Poland）
2015.4Q
Acquisition of NordGlass
Architectural glass
（Saudi Arabia）
Coating glass plant S.O.P.
in 2016.2Q
Architectural glass
（Thailand）
Increase Low-E
production capacity by
50% in 2016.1Q
Display
（China）
Relocate LCD glass facility
from Japan to China in
2016.4Q
Chemicals
（Vietnam）
Increase PVC capacity
by 50% in 2016.1Q
Chemicals
（Indonesia）
Double PVC capacity in
2016.1Q
S.O.P.: Start Operation
Automotive glass
（Mexico）
New plant S.O.P in
2015.4Q
With these growth
investments, sales in
FY2017 will increase
¥130 bn. from FY2015
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3. Progress towards FY2017 management targets
Growth drivers in 2016 and 2017 (2)
Growth from new businesses and new products.
[Environmental friendly refrigerant]
[Optical components]
[Cover glass for
Automotive interior]
[Fluorinated resin]
[Low-E glass]
[Life science]
[UV cut glass]
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3. Progress towards FY2017 management targets
Way to achieve FY2017 management targets
The AGC Group will move on with the management plan and achieve the
management target of operating profit exceeding ¥100 bn.
[Operating profit outlook]
1,000
(Unit:
¥100 mil.)
712
621
620
2014
result
’15
Initial
forecast
’15
results
750
’16
forecast
- Growth of existing
business
- Proceeds from growth
investments
+100 to 150
- Structural reform
- Cost reduction
+100 to 150
’17
Target
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4. Shareholder Return
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4. Shareholder Return
Revision of the shareholder return policy
Background of the
revision
Enhance the Group’s
corporate value
Set the AGC Group’s
long term strategy
Set the “Basic Policy for
Corporate Governance”
Improve the ROE
Revise the shareholder return policy
Current
- Stable dividend
- Target dividend payout : 30％
(as a rough guide)
New
- Maintain the current dividend
amount per share
- Consolidated total shareholder
return ratio: 50% or more (as a
rough guide)
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4. Shareholder Return
New shareholder return policy
New policy
Aiming at the consolidated total shareholders return of 50% or more including the annual
dividend payment per share maintained at the current levels or more and the purchase of
treasury stock , the AGC Group strives to proactively return profits to shareholders while
giving comprehensive consideration to the Group’s consolidated business results and future
investment plans, among others.
Dividend
Maintain the current level of the
annual dividend payment per
share (18 yen) or more
＋
Share buyback
Consolidated
Total shareholders return
＝ 50% or more
Buyback the share by utilizing
retained earnings and proceeds
from unwinding of cross
shareholdings
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4. Shareholder Return
Changes in Dividend
（yen/share)
26
13
18
18
18
18
9
9
9
9
9
9
'14
'15
'16e
5
13
'12
13
'13
Interim
Year end
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5. Outlook for FY2016
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4. Outlook for FY2016
FY2016 Forecast (1)
Net sales
1,400.0 billion yen (up 73.7 billion yen YoY)
Operating profit
75.0 billion yen (up 3.8 billion yen YoY)
Profit for the year
25.0 billion yen (down 17.9 billion yen YoY)
attributable for the owners of the parent,
 Net sales is forecast to increase thanks to increased shipments of glass and
chemicals.
 Operating profit is forecast to increase thanks to increased shipments despite
the impact of price decline in certain products.
 Profit for the year attributable for the owners of the parent is forecast to
decrease because the AGC Group posted “Income from revision of the
defined benefit plan” for FY2015.
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31
4. Outlook for FY2016
FY2016 Forecast (2)
FY2015
FY2016
Forecast
Change
Change%
13,263
(6,586)
14,000
(6,800)
+737
(+214)
+5.6%
(+3.3%)
Operating profit
712
(342)
750
(300)
+38
(-42)
+5.4%
(-12.3%)
Profit before tax
845
450
-395
-46.8%
Profit for the year attributable
to owners of the parent
429
250
-179
-41.7%
18
18
Operating profit margin
5.4%
5.4%
ROE
3.9%
2.3%
JPY/USD
121.05
120.0
JPY/EUR
134.31
130.0
$/BBL(Dubai)
50.9
45.0
Net sales
Dividend (yen/share)
Forex (Average)
Crude oil
* （）shows First-half
* ROE of FY2016 Forecast is calculated by using the Total equity attributable to owners of the parent as of Dec.31, 2015.
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4. Outlook for FY2016
Business Outlook for FY2016 (1)
〔Glass〕
 Architectural Glass
Japan/Asia
Americas
Europe
：Shipments are expected to remain strong.
：Shipments are expected to remain strong.
：Shipments are expected to remain strong as a whole,
although there are concerns that shipments might
continue to be sluggish in Eastern Europe.
 Automotive Glass
Shipments are expected to increase driven by strong auto production.
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4. Outlook for FY2016
Business Outlook for FY2016 (2)
〔Electronics〕
 Shipments of LCD glass substrates are expected to increase on a full-year
basis, although shipments of LCD glass substrates are likely to decrease
during the first half of the fiscal year from the previous year due to
customers’ production adjustment. The price decline of LCD glass
substrates is expected to be continuously moderate.
 Shipments of specialty glass for display applications are expected to remain
strong. The business for automotive display applications will be posted in
the Electronics segment from FY2016
 Shipments of electronic materials are expected to remain strong.
〔Chemicals〕
 Shipments of chlor-alkali products in Asia are expected to increase thanks
to the production start of new plants in Indonesia.
 The biopharmaceutical contract business will be posted in the Chemicals
segment from FY2016
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4. Outlook for FY2016
CAPEX / Depreciation / R&D
（100 million yen）
CAPEX
Depreciation
2,000
2,000
1,500
1,500
1,182
1,000
446
1,500
1,251
700
1,400
1,372
483
423
R&D
1,374
600
500
483
448
400
389
425
1,000
300
294
500
430
301
0
FY2014
Glass
500
527
FY2015
FY2016
Forecast
Electronics
0
Chemicals
659
647
207
220
FY2014
FY2015
200
100
FY2016
Forecast
0
FY2014
FY2015
FY2016
Forecast
Ceramics / Other
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6. Appendix
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36
(1) Financial Results for FY2015
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5. Appendix (Financial Results for FY2015)
Highlights of the Financial Results (1)
Net sales
1,326.3 billion yen (down 22.0 billion yen YoY)
Operating profit
71.2 billion yen (up 9.0 billion yen YoY)
Profit for the year
42.9 billion yen (up 27.0 billion yen YoY)
attributable to owners of the parent
00,
 In spite of the weak yen and other positive aspects, net sales kept at the
same level year on year due to lower sales in the display business
 OP up thanks to the effect of structural reforms of the architectural glass
business and decline of raw materials and fuel prices
 Profit for the period attributed to owners of the parent up due to the posting
of “Income from revision of the defined benefit corporate pension plan”
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5. Appendix (Financial Results for FY2015)
Highlights of the Financial Results (2)
[Operating profit of Fiscal Year]
(100 million yen)
712
621
FY2014
OP up 15 %
on YOY
FY2015
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5. Appendix (Financial Results for FY2015)
Highlights of the Financial Results (3)
【Operating Profit in each business segment】
FY2014
FY2015
Glass
0%
Glass
18%
Chemicals
39%
621 Electronic
(100 million yen)
s
61%
Chemicals
42%
712
(100 million yen)
Electronics
40%
Becoming a well-balanced
profit structure
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5. Appendix (Financial Results for FY2015)
Summary of the Financial Results
（100 million yen）
FY2014
FY2015
Change
Change %
13,483
13,263
-220
-1.6%
Operating profit
621
712
+90
+14.6%
Profit before tax
412
845
+434
+105.3%
Profit for the year attributable to
owners of the parent
159
429
+270
+169.6%
18
18
Operating profit margin
4.6%
5.4%
ROE
1.4%
3.9%
JPY/USD
105.85
121.05
JPY/EUR
140.42
134.31
$/BBL(Dubai)
96.5
50.9
Net sales
Dividend (yen/share)
Forex (Average)
Crude oil
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41
5. Appendix (Financial Results for FY2015)
Consolidated Statements of Profit or Loss （100 million yen）
4Q
Full-year
FY2014
FY2015
Change
FY2014
FY2015
Change
3,541
3,367
-174＊
13,483
13,263
-220＊
197
202
+5
621
712
+90
-59
-58
-181
148
138
143
440
859
6
-1
-29
-14
144
143
412
845
56
126
207
382
88
17
-71
205
463
+258
attributable to owners
of the parent
75
2
-73
159
429
+270
attributable to noncontrolling interests
13
15
46
34
Net sales
Operating profit
Other income/expenses
Business profit
Finance income/costs
Profit before tax
Income tax expenses
Profit for the year
+5
-2
+419
+434
＊ Foreign exchange fluctuation resulted in -3.6 billion yen in Net sales in 4Q, and +35.0 billion yen in Net sales in full-year.
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42
5. Appendix (Financial Results for FY2015)
Variance Analysis on OP(4Q.FY2015 vs. 4Q.FY2014)
¥ 0.5 bn up from same period last year
（100 million yen）
197
202
+5
+87
Cost Reduction
/Others
-22
Sales
Volume/Quantity,
Product Mix
Purchase Price
Fuels/Raw Materials
Selling Price
-66
4Q.FY2014
4Q.FY2015
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5. Appendix (Financial Results for FY2015)
Variance Analysis on OP(4Q.FY2014 vs. 3Q.FY2014)
¥ 3.4 bn up from last quarter
（100 million yen）
+19
202
+31
168
Purchase Price
-12
Fuels/Raw Materials
Selling Price
Cost Reduction
Sales
/Others
Volume/Quantity,
Product Mix
3Q.FY2015
-4
4Q.FY2015
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44
5. Appendix (Financial Results for FY2015)
Variance Analysis on OP(FY2015 vs. FY2014)
¥ 9.0 bn up from last year
（100 million yen）
712
+115
+0
621
+175
Sales
Volume/Quantity,
Product Mix
Cost Reduction
/Others
Purchase Price
Fuels/Raw Materials
Selling Price
-199
FY2014
FY2015
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45
5. Appendix (Financial Results for FY2015)
Consolidated Statement of Financial Position
（100 million yen）
FY2014
FY2015
Change
697
1,048
+352
2,395
2,354
-41
11,283
10,440
-843
6,399
6,071
-328
20,773
19,913
-861＊
Interest-bearing debt
4,993
4,687
-305
Other liabilities
3,976
3,588
-388
8,968
8,275
-694
11,131
10,942
-190
674
696
+22
Equity
11,805
11,638
-167
Total liabilities and equity
20,773
19,913
-861＊
0.42
0.40
Cash and cash equivalents
Inventories
Property, plant and equipment,
Goodwill and Intangible assets
Other assets
Total assets
Liabilities
Total equity attributable to
owners of the parent
Non-controlling interests
D/E ratio
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46
5. Appendix (Financial Results for FY2015)
Consolidated Statement of Cash Flow
FY2014
FY2015
412
845
1,372
1,374
36
110
-461
-457
Cash flows from operating activities
1,358
1,872
Cash flows from investing activities
-1,088
-1,160
270
712
Changes in interest-bearing debt
-789
-151
Dividends paid
-162
-208
4
5
-947
-354
Effect of exchange rate changes on cash
and cash equivalents
46
-6
Net increase(decrease) in cash and cash
equivalents
-630
352
Profit before tax
Depreciation and amortization expense
Increase(decrease) in working capital
Others
Free cash flow
Others
Cash flows from financing activities
（100 million yen）
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47
5. Appendix (Financial Results for FY2015)
CAPEX, Depreciation and R&D
（100 million yen）
FY2014
FY2015
CAPEX
1,182
1,251
Glass
419
423
Electronics
457
294
Chemicals
301
527
5
8
1,372
1,374
Glass
483
483
Electronics
659
647
Chemicals
207
220
Ceramics/Other
25
25
Elimination
-2
-1 ＊ The figures are different from the
Ceramics/Other
Depreciation
R&D
448
389
results for the previous fiscal year
disclosed previously because CAPEX
and Depreciation for 2014 have been
adjusted to reflect the reorganization.
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48
5. Appendix (Financial Results for FY2015)
Glass Segment (1)
4Q
FY2014
Net sales
FY2015
1,775
（100 million yen）
Full-year
FY2014
Change
1,781
+6
FY2015
6,863
6,929
Performance trend
Sales
Change
2,000
+66
1,800
851
Operating
profit
2
53
-2
+51
130
100
911
879
884
882
1,600
+133
OP
Automotive Glass
Flat Glass
O.P.
80
1,400
Sub
total
Breakdown of sales
4Q
1,781
Japan &
Asia
799
America
s
307
Europe
710
Elimination
-35
Glass
1,200
4Q
53
1,000
800
Full-year
60
924
6,929
3,006
1,272
2,824
-174
879
345
108
443
-24
400
3,381
1,227
480
1,789
-115
200
0
879
850
843
809
40
33
600
24
20
20
Flat glass
Full-year
911
457
200
269
-15
3,556
1,783
793
1,036
-57
4Q
-9
-3
-0
-2
-4
Full-year
-7
-4
-0
-2
-2
4Q
Automotive glass
Full-year
Adjustment inside
segment
2
0
4Q.14 1Q.15 2Q.15 3Q.15 4Q.15
＊ The figures are different from the results for the
previous fiscal year disclosed previously
because net sales and operating profit for 2014
have been adjusted to reflect the
reorganization.
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49
5. Appendix (Financial Results for FY2015)
Glass Segment (2)
【YoY comparison for full-year】
[Architectural Glass]
●Japan/Asia : Shipments decreased due to a backlash against last-minute
● Americas
●Europe
demand before the consumption tax increase in Japan.
: Shipments remained strong.
: Shipments remained strong in Western and Central
Europe. In Eastern Europe shipments declined due to
its sluggish demand.
[Automotive Glass]
● Sales increased thanks to recovery of auto production in Western Europe
and robust demand in North America as well as the weak yen, although
auto production decreased in Japan, some Asian countries and Eastern
Europe.
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50
5. Appendix (Financial Results for FY2015)
Electronics Segment (1)
4Q
FY2014
Net sales
Operating
profit
Full-year
FY2015
811
687
Change
-123
FY2014
3,197
（100 million yen）
FY2015
Change
2,886
-311
Performance trend
Sales
Display
900
200
O.P.
103
36
-67
370
290
-80
800
700
199
161
151
600
612
150
164
170
579
576
567
500
Breakdown of sales
518
103
4Q
Display
518
400
87
100
89
78
300
Full-year
Electronic
Materials
OP
Electronic Materials
2,240
50
200
36
4Q
170
100
Full-year
646
0
0
4Q.14 1Q.15 2Q.15 3Q.15 4Q.15
＊ The figures are different from the results for the previous fiscal
year disclosed previously because net sales and operating profit
for 2014 have been adjusted to reflect the reorganization.
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51
5. Appendix (Financial Results for FY2015)
Electronics Segment (2)
【YoY comparison for full-year】
[Display]
 Shipments of LCD glass substrates increased, but a decline in
the sales prices affected the operating results.
 Shipments of specialty glass for display applications increased.
 Sales declined due to the end of PDP-related product shipments.
[Electronic Materials]
 Shipments of electronic materials had been favorable until the
middle of this fiscal year, but shipments of some products
declined year on year in and after the fourth quarter.
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52
5. Appendix (Financial Results for FY2015)
Chemicals Segment (1)
4Q
FY2014
Full-year
FY2015
Change
FY2014
（100 million yen）
FY2015
Change
Performance trend
* excluding Elimination
Net sales
Operating
profit
875
84
820
110
-55
+25
3,172
241
3,185
305
+12
Fluorochemicals & Speciaity
Chemicals
Chlor-alkali & Urethane
Sales
+64
1000
OP
120
O.P.
110
900
100
800
700
Fluorochemicals &
Specialty Chemicals
84
600
4Q
Full-year
4Q
Full-year
518
2,025
327
1,255
60
60
400
300
40
563
502
496
510
518
200
20
100
0
4Q
-25
Full-year
-95
Elimination
80
68
67
500
327
306
318
304
Breakdown of sales
Chlor-alkali &
Urethane
337
0
4Q.14 1Q.15 2Q.15 3Q.15 4Q.15
＊ The figures are different from the results for the previous fiscal
year disclosed previously because net sales and operating profit
for 2014 have been adjusted to reflect the reorganization.
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53
5. Appendix (Financial Results for FY2015)
Chemicals Segment (2)
【YoY comparison for full-year】
〔Chlor-alkali & Urethane〕
 Shipments remained strong.
〔Fluorochemicals & Specialty Chemicals〕
 Shipments declined in some products.
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54
5. Appendix (Financial Results for FY2015)
YoY Performance Comparison by Business Segment
4Q
Full-year
（100 million yen）
FY2014
FY2015
Change
FY2014
FY2015
Change
Net sales
3,541
3,367
-174
13,483
13,263
-220
Glass
1,775
1,781
+6
6,863
6,929
+66
Electronics
811
687
-123
3,197
2,886
-311
Chemicals
875
820
-55
3,172
3,185
+12
Ceramics/Other
206
204
-2
808
681
-127
-125
-125
-0
-557
-418
+139
197
202
+5
621
712
+90
2
53
+51
-2
130
+133
Electronics
103
36
-67
370
290
-80
Chemicals
84
110
+25
241
305
+64
Ceramics/Other
7
3
-4
11
-16
-26
Elimination
0
-1
-1
2
1
-1
Elimination
Operating profit
Glass
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55
5. Appendix (Financial Results for FY2015)
Quarterly Performance Comparison by Business Segment
（100 million yen）
3Q. FY2015
4Q. FY2015
Change
Change %
Net sales
3,310
3,367
+57
+1.7%
Glass
1,730
1,781
+51
+3.0%
Electronics
731
687
-44
-6.0%
Chemicals
791
820
+29
+3.6%
Ceramics/Other
153
204
+51
+33.7%
Elimination
-95
-125
-31
-
168
202
+34
+20.1%
Glass
24
53
+29
+120.9%
Electronics
78
36
-41
-53.2%
Chemicals
68
110
+41
+60.2%
Ceramics/Other
-4
3
+7
-
1
-1
-2
-
Operating profit
Elimination
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5. Appendix (Financial Results for FY2015)
YoY Performance Comparison by Geographic Segment
4Q
Full-year
（100 million yen）
FY2014
FY2015
Change
FY2014
FY2015
Change
3,541
3,367
-174
13,483
13,263
-220
2,488
2,350
-138
9,398
9,163
-235
Americas
383
371
-12
1,399
1,548
+149
Europe
782
755
-27
3,130
3,018
-112
-112
-109
+3
-445
-467
-22
Operating profit
197
202
+5
621
712
+90
Japan & Asia
292
258
-34
1,036
980
-56
Americas
-8
14
+22
-49
45
+94
Europe
-1
3
+4
-38
-18
+19
Elimination
-1
-1
+1
3
-5
-8
-84
-72
+12
-331
-290
+41
Net sales
Japan & Asia
Elimination
Cross-regional
common expenses
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57
5. Appendix (Financial Results for FY2015)
Quarterly Performance Comparison by Geographic Segment
（100 million yen）
3Q. FY2015
4Q. FY2015
Change
Change %
3,310
3,367
+57
+1.7%
2,275
2,350
+75
+3.3%
Americas
401
371
-30
-7.6%
Europe
738
755
+16
+2.2%
-105
-109
-4
-
Operating profit
168
202
+34
+20.1%
Japan & Asia
235
258
+23
+9.6%
Americas
13
14
+0
+1.3%
Europe
-8
3
+11
-
Elimination
-1
-1
-0
-
-73
-72
+1
-
Net sales
Japan & Asia
Elimination
Cross-regional
common expenses
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58
5. Appendix (Financial Results for FY2015)
The Impact of FOREX and Change in the Scope of Consolidation
(Compared with FY2014)
（100 million yen）
Net sales
Consolidated
total*
Glass
Electronics
Chemicals
FY2015
13,263
6,929
2,886
3,185
Change vs. FY2014
-220
+66
-311
+12
Change like-for-like vs.FY2014
-663
-115
-355
-194
Impact of FOREX
+350
+140
+44
+157
+92
+42
-
+49
Impact of Change in the
Scope of Consolidation
* 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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59
(2) Supplementary information
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60
5. Appendix (Supplementary information)
Financial index
IFRS
J-GAAP
07/12
*1
08/12
09/12
10/12
11/12
12/12
12/12
13/12
14/12
15/12
％
7.5%
4.7%
2.7%
15.8%
11.8%
5.0%
5.8%
1.6%
1.4%
3.9%
Return on assets
％
9.3%
7.8%
4.8%
12.9%
9.6%
5.2%
5.6%
4.0%
3.0%
3.5%
Equity ratio
％
45%
40%
42%
46%
48%
50%
47%
51%
54%
55%
Debt/Equity ratio
times
0.52
0.77
0.74
0.60
0.57
0.54
0.56
0.50
0.42
0.40
CF from Operating Activities/Interestbearing debt
times
0.46
0.34
0.30
0.56
0.31
0.31
0.32
0.29
0.27
0.40
Yen
59.35
33.53
17.12
105.52
81.90
37.88
41.90
13.97
13.77
37.12
100 million
yen
2,555
2,199
1,873
3,084
2,594
1,928
2,000
1,866
1,859
2,284
Return on equity
*2
Earnings per share
*3
EBITDA
*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
Exchange rates
JPY / USD
JPY / EUR
FY2014
FY2015
FY2016
1Q
2Q
3Q
4Q
105.85
119.09
121.36
122.23
121.50
121.05
At quarter end
120.55
120.17
122.45
119.96
120.61
120.61
Average
140.42
134.18
134.16
135.98
132.95
134.31
At quarter end
146.54
130.32
137.23
134.97
131.77
131.77
Average
120.0*4
130.0*4
*4 Assumption for FY2016
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61
5. Appendix (Supplementary information)
Group Vision "Look Beyond"
AGC, an everyday essential part of our world
Our
Mission
Our
Shared
Values
Our
Spirit
-AGC’s unique materials and solutions make people’s
lives better around the world every day



Innovation & Operational Excellence
Diversity
Environment
Integrity
“Never take the easy way out, but confront difficulties”
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5. Appendix (Supplementary information)
Corporate Governance
※as of January 1, 2016
Conduct a corporate governance clearly separate oversight and management functions
Voluntary established two committees, namely Nominating Com. and Compensation Com.
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63
5. Appendix (Supplementary information)
Consolidated Performance Trend（J-GAAP）
億円（100million yen）
FY2008
売上高
営業利益
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
Income taxes
Minority interest in earnings (losses) of
consolidated subsidiaries
Net income
売上高営業利益率
Operating profit margin
ROE
Return on equity
FY2009
FY2010
FY2011
FY2012
14,443 11,482 12,889 12,147 11.900
1,540
867 2,292 1,657
929
-443
-72
5
-56
-24
-24
11
-15
-63
-16
-6
-5
22
15
13
-364
66
-22
11
-60
1,098
872
2,268
1,667
866
-397
701
249
60
-467
405
198
7
-346
1,922
632
58
-234
1,434
432
48
-177
690
212
40
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%
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
93.6
61.7
78.1
106.2
109.1
原油（期中平均） $/ﾊﾞﾚﾙ（Dubai)
Crude Oil $/BBL
(Average)
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5. Appendix (Supplementary information)
Consolidated Performance Trend（IFRS）
億円（100million yen）
FY2012
売上高
営業利益
Net sales
Operating profit
その他収支
事業利益
Other income (expenses)
Business profit
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
FY2014
FY2015
11,900 13,200 13,483
1,018
799
621
13,263
712
-227
FY2013
-341
-181
790
458
440
-40
750
225
-15
444
254
-29
412
207
+148
860
-14
845
382
Profit for the year
525
190
205
463
Profit for the year attributable to
owners of the parent
484
161
159
429
Profit for the year attributable to
non-controlling interests
41
29
46
34
売上高営業利益率
Operating profit margin
8.6%
6.1%
4.6%
5.4%
ROE
Return on equity
5.8%
1.6%
1.4%
3.9%
為替レート
FOREX
JPY/USD
79.8
97.7
105.9
121.1
（期中平均）
(Average)
JPY/EUR
102.6
129.7
140.4
134.3
Crude Oil $/BBL
109.1
105.5
96.5
50.9
原油（期中平均） $/ﾊﾞﾚﾙ（Dubai)
(Average)
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65
5. Appendix (Supplementary information)
Performance by Business Segment（J-GAAP）
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
5,646
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
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
66
5. Appendix (Supplementary information)
Performance by Business Segment（IFRS）
億円（100million yen）
売上高
Sales
FY2012
FY2013
FY2014
FY2015
ガラス
Glass
5,646
6,673
6,863
6,929
電子
Electronics
3,441
3,460
3,197
2,886
Chemicals
2,573
2,907
3,172
3,185
870
786
808
681
-630
-625
-602
-418
11,900
13,200
13,483
13,263
化学品
セラミックス・その
他
消去
Ceramics/Other
Elimination
全社計
Consolidated total
営業利益
Operating profit
FY2012
FY2013
FY2014
FY2015
-7
-131
-2
130
Electronics
844
741
362
290
化学品
セラミックス・その
他
消去
Chemicals
168
177
241
305
Ceramics/Others
17
12
11
-16
Elimination
-5
-1
2
1
全社計
Consolidated total
1,018
799
621
712
ガラス
Glass
電子
* Results for 4Q.of2013 are unaudited.
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
67
5. Appendix (Supplementary information)
Performance by Geographic Segment（J-GAAP）
億円（100million yen）
売上高
Sales
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
FY2008 FY2009 FY2010 FY2011 FY2012
10,037
9,230
9,111
765
861
810
836
2,361
2,330
2,432
2,290
Elimination
-2,690 -2,409
-338
-326
-337
全社計
Consolidated Total
14,443 11,482 12,889 12,147 11,900
営業利益
Operating Income
FY2008 FY2009 FY2010 FY2011 FY2012
日本
Japan
777
275
アジア
Asia
569
783
アメリカ
Americas
-44
ヨーロッパ
Europe
消去
Elimination
地域共通費用
全社計
*
*
2,511
1,891
1,339
-125
-45
-19
-37
257
-65
68
82
-54
-20
-2
6
13
-3
Cross-regional
common expenses
-
-
-248
-311
-316
Consolidated Total
1,540
867
2,292
1,657
929
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
68
5. Appendix (Supplementary information)
Performance by Geographic Segment（IFRS）
億円（100million yen）
売上高
Sales
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
FY2012
FY2013
FY2014
FY2015
9,111
9,569
9,398
9,163
836
1,118
1,399
1,548
2,290
2,914
3,130
3,018
-337
-400
-445
-467
11,900
13,200
13,483
13,263
FY2012
FY2013
FY2014
FY2015
1,407
1,327
1,036
980
Americas
-45
-103
-49
45
ヨーロッパ
Europe
-41
-106
-38
-18
消去
Elimination
-4
-7
3
-5
地域共通費用
Cross-regional common
expenses
-300
-312
-331
-290
1,018
799
621
712
日本・アジア
Japan & Asia
アメリカ
全社計
Consolidated total
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
69
5. Appendix (Supplementary information)
Consolidated Statements of Cash Flows（J-GAAP）
億円（100million yen）
FY2008
営業活動によるキャッシュ・フロー (a)
Cash flows from operating activities (a)
減価償却費・固定資産減損・連調償却
Income before income taxes & minority
interest
Depreciation/Amortization/
Impairment
運転資金増減
Increase (decrease) in working capital
その他
Others
税金等調整前純利益
投資活動によるキャッシュ・フロー (b)
固定資産取得
Purchase of property, plant & equipment
その他
Others
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
Dividends paid
その他
Others
現金等に係る換算差額
Effect of exchange rate changes on
cash & cash equivalents
現金等の増加額
Changes in cash & cash equivalents
FY2010
FY2011
FY2012
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
Cash flows from investing activities (b)
フリー・キャッシュ・フロー (a)+(b)
FY2009
-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
1,092
-47
-727
-196
274
-257
-234
-234
-315
-301
-99
-21
-48
-97
-27
-103
80
11
361
-33
569
-30
-352
88
163
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
70
5. Appendix (Supplementary information)
Consolidated Statements of Cash Flows（IFRS）
億円（100million yen）
FY2012
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
Income before income taxes & minority
interest
減価償却費及び償却費
Depreciation and amortization expenses
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 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
Increase (decrease) in interest-bearing 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
FY2013
FY2014
FY2015
1,702 1,674 1,358 1,872
750
444
412
845
1,179
1,358
1,372
1,374
62
70
36
110
-289
-198
-461
-457
-1,586 -1,460 -1,088 -1,160
-1,560
-1,485
-1,140
-1,265
-27
25
52
105
115
-41
214
-336
270
-947
712
-354
274
17
-789
-151
-301
-300
-162
-208
-14
-53
4
5
88
163
110
-12
46
-630
-6
352
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
71
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.
72
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Tokyo 100-8405 Japan
Contact : Corporate Communications & Investor Relations
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E-mail : [email protected]
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F A X : +81-(0)3-3201-5390
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