1. No category

Asahi
A
hi Glass
Gl
Company
y Overview
February 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. The AGC Group’s New management policy
P.7
3. Strategies by business segment
P.22
4. Outlook for FY2015
P.32
5. Appendix
P.38
1
(1) Financial Results for FY2014
P.39
(2) Supplementary information
P.60
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1
1. Company
p y Overview
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2
1. Company Overview
Business Overview
For the fiscal yyear ended December 31,, 2014
AGC Group (Net sales 1,348.3 billion yen, Operating profit 62.1 billion yen)
Glass
Electronics
Chemicals
Ceramics/Other
Sales 712.7 bn yen (53%)
OP 0.6 bn yen
Sales 297.7 bn yen (22%)
OP 36.2 bn yen
Sales 317.2 bn yen (23%)
OP 24.1 bn yen
Sales 80.8 bn yen (2%)
OP 1.1 bn yen
Flat Glass
Sales 373.1 bn yen
-Float flat glass
-Figured glass, Polished wired glass
-Low-E g
glass
-Fabricated glass for architectural use
（Heat Insulating/shielding glass,
Safety glass, Fire-resistant glass,
Security glass)
-Glass for solar power system
-Fabricated
Fabricated glass for industrial use
-Decorative glass, etc.
Automotive Glass
Sales 339.6 bn yen
-Tempered glass
-Laminated glass
Display
Sales 233.9 bn yen
Fluorochemicals
& specialty chemicals
Sales 114.6 bn yen
-Glass substrate for display devices
-Specialty glass for display applications
-Display
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 63.8 bn yen
-Optical (thin) film
-Optoelectronics materials
-Synthetic quartz glass
-Glass frit and paste
-Materials for semiconductor
manufacturing equipment
-Lighting glass products, etc.
※Sales composition is calculated without inter-segment sales/transfers.
Chlor-alkali & urethane
Sales 212.4 bn yen
-Raw
R
materials
t i l ffor vinyl
i l chloride
hl id
polymer
-Caustic soda
-Urethane
-Gases
-Solvents,, etc.
※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 FY2014
Net sales：1,348.3 billion yen OP：62.1 billion yen Group Employees： 51,100
The Americas
Europe
Japan / Asia
Sales： 133.9 bn yen (10%)
OP
OP:
▲4 9 bn
▲4.9
b yen
Employees：4,000
Sales： 313.0 bn yen (23%)
OP ▲3.8
OP:
▲3 8 bn
b yen
Employees：14,600
Sales：939.8 bn yen (67%)
OP
OP:
103.6
103 6 bn
b yen
Employees：32,500
-Flat Glass
-Automotive
Automotive Glass
-Electronic Materials
-Chemicals
-Flat Glass
Automotive Glass
-Automotive
-Chemicals
-Flat Glass
Automotive Glass
-Automotive
-Display Glass
-Electronic Materials
-Chemicals
-Ceramics
Ceramics
※Sales composition is calculated without inter-segment sales/transfers.
※Sales and operating income by region are before eliminations and cross regional expenses
expenses, therefore
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
※FY2014 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
65%
日本板硝子グループ
Nippon
pp Sheet Glass Group
p
Nippon Sheet Glass Group
Guardian
ガーディアン
No.1
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.2
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
2,500
12,000
2,000
9,000
1,500
6,000
1,000
3,000
,
500
Operating profit
FY2008
FY2009
FY2010
FY2011
FY2012
FY2012
FY2013
FY2014
14,443
11,482
12,889
12,147
11,900
11,900
13,200
13,483
14,200
1,540
867
2,292
1,657
929
1,018
799
621
620
200
1,232
953
438
484
161
159
350
10.7%
7.5%
17.8%
13.6%
7.8%
8.6%
6.1%
4.6%
4.4%
¥24
¥16
¥26
¥26
¥26
¥26
¥18
¥18
¥18
Profit for the year attributable to owners of the parent ＊ 392
Operating profit margin
Dividend per share
* Net income in J-GAAP.
FY2015
0
Forecast
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[OP
P , Profit for the
t year attriibutable to o
owners of the parent]
[Net sa
ales]
15,000
0
Net sales
3,000
6
2. The AGC Group’s
2
Group s
New management policy
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7
2. AGC plus
New management policy under the new management
2010
Group vision
Management
policy
2011
2012 2013 2014 2015 2016 2017 2018 2019 2020
“Look Beyond”
Grow Beyond
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8
2. AGC plus
AGC Group
Group’ss new management policy
The AGC Group adds a “plus” by:
• Providing
P idi safety,
f t security
it and
d comfort
f t to
t society;
i t
• 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
Group s corporate value for investors
investors.
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9
2. AGC plus
To enhance the Group’s
p corporate
p
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
y
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10
2. AGC plus
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.
Existtin
g
Ne
e
w
Produccts, technolo
ogies, service
es 【Different approaches to increase sales】
New products,
technologies,
services
i
New products, technologies, services
New markets, applications
New markets, applications
Approach 3
Approach 2
AGC s
AGC’s
current
position
Approach 1
New markets
markets,
applications
Existing
Markets, applications
By fully utilizing the
available assets, we will
Increase both:
・Sales
・Asset efficiency
New
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11
2. AGC plus
Approach 1:
Explore new markets with existing products
Obeikan
Chlor-Alkali (outside Japan)
Having shifted from do-our-own policy, we
formed a joint venture and strengthened the
Group’s business in Saudi Arabia.
We developed a supply system to meet the
strong demand in Southeast Asia and expand
the market in the region.
Plant of PMPC (Vietnam)
Planned construction site
Planned construction site
Plant of PT Asahimas Chemical (Indonesia)
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12
2. AGC plus
Approach 2:
Explore existing markets with new products
WONDERLITE™
AMOLEA™
Three-times bigger glass roof with special
coating provides greater comfort and energy
saving.
New refrigerant with low environmental
impact of about one-sixth that of
conventional products
WONDERLITE in
i “Magic
“M i Sk
t l”
Sky C
Control”
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13
2. AGC plus
Approach 3:
Explore new markets with new products
Life science
infoverreTM
High-quality pharmaceutical & agrochemical
intermediates and active agents based on the
Group’s advanced manufacturing technology
Everything around us can be an Information
interface.
bio-pharmaceutical
manufacturing facility
Infoverre™
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14
2. AGC plus
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
th potential
t ti l off each
h business.
b i
Growth
-Automotive glass
Glass
-Electronic materials
-Glass for chemical
Electronics
strengthening
- Ultra thin glass
-Chlor-Alkali
(Outside Japan)
Chemicals
-Fluorichemicals
- Life science
Cash generator
-Architectural glass
(fast growing
countries)
Strength building
area
-Architectural glass
(Developed
countries)
- LCD glass
-Chlor-Alkali (Japan)
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15
2. AGC plus
Resource allocation
 Focus on asset efficiency and concentrate resources into growth areas
 Keep CAPEX less than depreciation cost
CAPEX by business segment
【2012-2014】
【2015e-2017e】
Chemicals
21%
Total
¥423 bn.
Electronics
36%
Glass
43%
Chemicals
30%
Total
¥400 bn.
Glass
35%
Electronics
35%
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16
2. AGC plus
Growth p
path to meet the 2017 management
g
goal
g
(1)
( )
[ Sales ]
Unit :
100 mil. Yen
15,000
10,000
Achieved by
increasing
・Sales
・Asset
Asset efficiency
5,000
0
'11
'12
'13
'14
'15e
'16e
'17e
* The actual results in 2011 and 2012 are based on J-GAAP. The figures in 2012 onward are based on IFRS
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17
2. AGC plus
Growth p
path to meet the 2017 management
g
goal
g
(2)
( )
 We will achieve operating profit of more than ¥100 bn. even
if the p
possible down side risk materializes in the course of
implementing additional measures.
[ Operating
p
g profit
p
outlook ]
Unit :
100 mil
mil.
1 000
1,000
Yen
Growth driver
- Improvement in architectural
glass
- Growth in Auto glass & Chemicals
- Sales increase in fast growing
countries & new products
New elements that boost up OP
- Additional structural reform
- M&A, business alliance, etc
Possible down side risk
-Business
Business environment of
European architectural glass
-Profitability of LCD glass
500
0
'15e
'17e
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18
2. AGC plus
Growth path to meet the 2017 management goal (3)
 We will ensure a well-balanced earnings structure by achieving a business
recovery in the Glass segment & growth in the Chemicals segment
Chemicals
Gl
Glass
Electronics
[Breakdown of FY2017 operating income (estimate)]
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19
2. AGC plus
Dividend policy
Based on its policy to maintain stable dividends, the
C
Company
iis d
doing
i itits utmost
t
t tto proactively
ti l return
t
profits to its shareholders, while giving
comprehensive consideration to its business results
and future investment plans, among others.
Target dividend payout ratio: 30%
(only as a guide)
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20
2. AGC plus
Management target under new management
Management
Policy
o cy
Target
for
2017
The AGC Group adds a “plus” by:
• Providing safety, security and comfort to society;
• Creating
g 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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21
3. Strategies
g
by
y business segment
g
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22
3. Strategies by business segment
Glass Business
-Improve earnings by increasing asset efficiency-
Growth
- Automotive glass
Cash generator
Strength building area
-Architectural glass
-Architectural glass
((fast-growing
g
g countries)) ((Developed
p countries))
AGC aims
i
tto achieve
hi
ROS 5% iin 2017
2017.
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23
3. Strategies by business segment
Glass business: Strategic Direction (1)
-Improve
I
earnings
i
in
i architectural
hit t
l glass
l
&
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%
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
g
【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
p countries))
'16e
'17e
Source: AGC
Retain stable earnings
g byy activelyy
responding to market growth
Structural reform on
unprofitable operations
Developed countries
0 '12
'13
'14e
'15e
'16e
Source: AGC
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24
3. Strategies by business segment
Glass business: Strategic
g 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
y leveraging
g g ceramics technology
gy
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25
3. Strategies by business segment
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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26
3. Strategies by business segment
Electronics Business: LCD g
glass business
-Pursue cost reduction & maintain profits at a stable levelAGC’s action
LCD Glass market
Mil m2
Mil.
500
’13
13-’17e
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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27
3. Strategies by business segment
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
i
to achieve
hi
ROS 10% iin 201
2017.
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28
3. Strategies by business segment
Chemicals Business : Chlor-Alkali ((outside Japan)
p )
-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
29
3. Strategies by business segment
Chemicals Business: Fluorochemicals
-Market differentiated chemical products to respond to
globally
g
yg
growing
g demand for high-performance
g p
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 byy
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
worldwide.
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30
3. Strategies by business segment
Chemicals Business: Life Science
-Focus on the expanding agrochemicals marketMarket
・A
Agrochemicals
h i l market
k t will
ill continue
ti
tto
expand.
・ Percentage of fluorochemical-containing
pharmaceutical/agrochemicals products are
increasing.
AGC’s
AGC
s action
・ Enhanced capacity of contract commissioned
services for pharmaceutical and
g
intermediates
agrochemical
・ Expand manufacturing capacity for
pharmaceutical and agrochemical active
g
ingredients.
Future direction
Expand commissioned business from
customers around the world by leveraging
AGC’s organic synthesis technology and
fl i ti ttechnology.
fluorination
h l
【 Pharmaceutical/agrochemicals
production bases】
Expansion
p
will complete
p
in fall 2015
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31
4. Outlook for FY2015
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32
4. Outlook for FY2015
FY2015 Forecast
（100 million yyen）
FY2014
FY2015
Forecast
Change
Change%
13,483
(6,592)
14,200
(7,000)
+717
(+408)
+5.3%
(+6.2%)
Operating profit
621
(259)
620
(260)
-1
((+1)
1)
-0.2%
((+0.3%)
0.3%)
Profit before tax
412
650
+238
+57.9%
Profit for the y
year attributable
to owners of the parent
159
350
+191
+119 9%
+119.9%
18
18
Operating profit margin
4.6%
4.4%
ROE
1.4%
3.1%
JPY/USD
105.85
120.0
JPY/EUR
140.42
140.0
$/BBL(Dubai)
96.5
70.0
Net sales
Dividend (yen/share)
Forex (Average)
Crude oil
* （）shows First-half
* ROE of FY2015 Forecast is calculated by using the Total equity attributable to owners of the parent as of Dec.31, 2014.
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33
4. Outlook for FY2015
Business Outlook for FY2015 (1)
〔
〔Glass〕
〕
 Architectural Glass
Japan/Asia
：Shipments are expected to remain strong
strong.
Americas
：Shipments are expected to remain strong.
Europe
：Shipments are expected to remain strong as a whole,
although there are concerns that shipments would
continue to be sluggish in Eastern Europe.
 Automotive Glass
Shipments are expected to increase driven by strong auto production.
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34
4. Outlook for FY2015
Business Outlook for FY2015 (2)
〔Electronics〕
 Shipments of TFT-LCD glass substrates are expected to remain strong.
Though there are concerns over possible selling price decline, the rate of
the decline is expected to be much smaller than the previous year.
 Shipments of specialty glass for display applications are expected to remain
strong.
 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
strong.
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35
4. Outlook for FY2015
CAPEX / Depreciation
D
i ti / R&D
CAPEX
Depreciation
2,000
1,500
1 500
1,500
1,500
R&D
700
2,000
1,385
1,358
1,372
485
505
1 500
1,500
600
500
1,182
1,000
,
500
0
738
434
446
1,000
,000
430
500
207
301
FY2013
FY2014
Glass
（100 million yen）
469
448
450
FY2014
FY2015
Forecast
400
300
666
637
200
100
FY2015
Forecast
Electronics
0
Chemicals
194
207
FY2013
FY2014
FY2015
Forecast
0
FY2013
Ceramics / Other
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36
BLANK PAGE
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37
5. Appendix
pp
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38
((1)) Financial Results for FY2014
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39
5. Appendix（Financial Results for FY2014）
Highlights of the Financial Results
Net sales
1,348.3 billion yen (up 28.3 billion yen YoY)
Operating profit 62.1 billion yen (down 17.8 billion yen YoY)
Profit for the year
15.9 billion yen (down 0.2 billion yen YoY)
attributable
tt ib t bl to
t owners off the
th parentt
00
00,
 Net sales increased thanks to increased shipments of glass and
 chemicals, as well as the continued depreciation of the yen.
 Operating profit decreased d
due
e to sales price declines in the LCD glass ssubstrate
bstrate
business and the architectural glass business in Eastern Europe, price increases
of fuels and raw materials, and cost increase at some of the overseas subsidiaries
due to the weak yen.
 Operating profit recovered to the previous year’s level in 4Q.
 Glass business moved into the black on the annual basis.
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40
5. Appendix（Financial Results for FY2014）
Summary
y of the Financial Results
（100 million yen）
FY2013
FY2014
Change
Change %
13,200
13,483
+283
+2.1%
Operating profit
799
621
-178
-22.2%
Profit before tax
444
412
-32
-7.3%
Profit for the year attributable
to owners of the parent
161
159
-2
-1.4%
18
18
Operating profit margin
6 1%
6.1%
4 6%
4.6%
ROE
1.6%
1.4%
JPY/USD
97 65
97.65
105 85
105.85
JPY/EUR
129.68
140.42
$/BBL(Dubai)
105 5
105.5
96
5
96.5
Net sales
Dividend (yen/share)
Forex (Average)
Crude oil
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41
5. Appendix（Financial Results for FY2014）
Consolidated Statements of Profit or Loss
4Q
Net sales
Operating profit
Other income/expenses
Business profit
Finance income/costs
Profit before tax
Income tax expenses
P fit for
Profit
f th
the year
attributable to owners
of the parent
attributable to noncontrolling interests
Full-year
Full
year
（100 million yyen）
（億円）
FY2013
FY2014
Change
FY2013
FY2014
3 481
3,481
3 541
3,541
+60＊
13 200
13,200
13 483 +283＊
13,483
202
197
-5
799
621
-132
-59
-341
-181
70
138
458
440
-2
6
-15
-29
68
144
444
412
92
56
254
207
-24
24
88
+112
112
190
205
+15
15
-35
75
+110
161
159
-2
11
13
29
46
+68
+76
6
Change
-178
-18
-32
3
＊ Foreign exchange fluctuation resulted in +17.1 billion yen in Net sales in 4Q, and +50.9 billion yen in Net sales in full-year.
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42
5. Appendix（Financial Results for FY2014）
Variance Analysis on OP(4Q.FY2014 vs. 4Q.FY2013)
¥ 0.5 bn down from same period last year
（100 million yen）
+35
202
197
+59
Sales
Volume/Quantity
Volume/Quantity,
Product Mix
-74
Selling Price
-25
Cost Reduction
Purchase Price /Others
Fuels/Raw Materials
4Q.FY2013
4Q.FY2014
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43
5. Appendix（Financial Results for FY2014）
Variance Analysis
y
on OP(4Q.FY2014
( Q
vs. 3Q.FY2014)
Q
)
¥ 3.1 bn up from last quarter
（100 million yen）
+39
166
+9
-6
Selling Price
-11
Purchase Price
Fuels/Raw
/
Materials
Sales
Cost Reduction
Volume/Quantity,
/Others
Product Mix
3Q.FY2014
197
4Q.FY2014
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
44
5. Appendix（Financial Results for FY2014）
Variance Analysis
y
on OP(FY2014
(
vs. FY2013))
¥ 17.8 bn down from last year
（100 million yen）
+126
799
Sales
Volume/Quantity
Volume/Quantity,
Product Mix
621
+224
224
-409
Selling Price
-119
Cost Reduction
/Others
Purchase Price
Fuels/Raw Materials
FY2013
FY2014
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45
5. Appendix（Financial Results for FY2014）
Consolidated Statement of Financial Position（100 million yen）
FY2013
FY2014
Change
Cash and cash equivalents
1,326
697
-630
Inventories
2,366
2,395
+29
11,222
11,283
+61
6 292
6,292
6 399
6,399
+107
21,206
20,773
-433＊
Interest-bearing debt
5,750
4,993
-758
Other liabilities
4,005
3,975
-29
9,755
8,968
-786
10,872
11,131
+259
579
674
+94
Equity
11 451
11,451
11 805
11,805
+353
Total liabilities and equity
21,206
20,773
-433＊
0.50
0.42
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
＊ +71.2 billion yen due to foreign exchange fluctuation
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46
5. Appendix（Financial Results for FY2014）
Consolidated Statement of Cash Flow （100 million yen）
FY2013
FY2014
444
412
1,358
1,372
70
36
-198
-461
Cash flows from operating activities
1,674
1,358
Cash flows from investing activities
-1,460
-1,088
214
270
17
-789
-300
-162
-53
4
-336
-947
Effect of exchange rate changes on cash
and cash equivalents
q
110
46
Net increase(decrease) in cash and cash
equivalents
-12
-630
Profit before tax
Depreciation and amortization expense
Increase(decrease) in working capital
Others
Free cash flow
Changes in interest-bearing debt
Dividends paid
Others
Cash flows from financing activities
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47
5. Appendix（Financial Results for FY2014）
CAPEX, Depreciation and R&D
FY2013
（100 million yen）
FY2014
CAPEX
1,385
1,182
Glass
738
446
Electronics
434
430
Chemicals
207
301
5
4
1,358
1,372
Glass
485
505
Electronics
666
637
Chemicals
194
207
Ceramics/Other
15
25
Elimination
-2
-2
469
448
Ceramics/Other
Depreciation
R&D
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48
5. Appendix（Financial Results for FY2014）
Glass Segment
g
(1)
( )
（100 million yen）
4Q
FY201 FY201
3
4
Net
sales
Operati
ng
profit
Performance trend
Full-year
Chan
C
a
ge
FY201 FY201
3
4
Automotve Glass
Flat Glass
O.P.
855
860
830
2,000
Chan
C
a
ge
1,800
779
1,781 1,837
+55
6,673 7,127
1,600
+454
100
851
80
60
1 400
1,400
-33
13
+45
-131
6
+136
1,200
40
1,000
1,003
Sub
total
Breakdown of sales
Japan &
Asia
America
s
Europe
Elimination
1,837
837
309
737
20
13
6
600
4Q
986
926
920
900
800
7
0
-49
400
Glass
Full-year
7,127
3,248
1,127
2,929
-20
-20
-177
200
0
-33
4Q
986
398
123
492
-28
3,731
1,480
459
1,912
-120
851
438
186
245
-18
3 396
3,396
1 767
1,767
669
1
017
1,017
57
-57
Flat glass
Full-year
4Q
-40
4Q.13 1Q.14 2Q.14 3Q.14 4Q.14
Automotive glass
Full-year
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49
5. Appendix（Financial Results for FY2014）
Glass Segment (2)
【YoY comparison for full-year】
〔Architectural Glass〕
 Japan/Asia ：Shipments remained strong.
 Americas
：Shipments remained strong.
 Europe
：Shipments remained strong. but the price levels in Eastern
Europe remained below the level of the previous year
year.
〔Automotive Glass〕
 Shipments increased thanks to robust auto production.
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50
5. Appendix（Financial Results for FY2014）
Electronics Segment (1)
（100 million yen）
4Q
FY2013
Net sales
Operating
p
g
profit
Full-year
FY2014
848
757
Change
g
-90
FY2013
3,460
Performance trend
FY2014
Change
g
Electronic Materials
900
Display
2,977
-483
O.P.
800
176
700
170
93
-77
77
741
800
362
-379
379
672
137
141
6
162
590
602
588
600
198
600
559
500
400
400
Breakdown of sales
Display
p y
Electronic
Materials
559
300
2,339
200
4Q
198
100
Full-year
638
4Q
Full-year
200
170
102
75
93
92
0
0
4Q.13
1Q.14
2Q.14
3Q.14
4Q.14
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51
5. Appendix（Financial Results for FY2014）
Electronics Segment
g
(2)
( )
【YoY comparison for full-year】
〔Display〕
 Shipments of TFT-LCD glass substrates and specialty glass for display
applications increased
increased, but a decline in the sales prices affected the
operating results.
 Shipments of PDP related products decreased due to weakening demand
demand.
〔Electronic Materials〕
 Shipments of semiconductor-related products and optoelectronics materials
increased.
increased
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52
5. Appendix（Financial Results for FY2014）
Chemicals Segment (1)
4Q
（100 million yen）
Full-year
Performance trend
* excluding Elimination
FY2013
FY2014
Change
g
FY2013
FY2014
Change
g
1000
Fluorochemicals & Specialty
p
y Chemicals 100
Chlor-alkali & Urethane
Net sales
800
875
+75
2,907
3,172
900
+266
90
O.P.
84
800
Operating
p
g
profit
57
84
+27
27
177
244
80
312
+64
64
700
287
600
Chlor-alkali &
Urethane
Fluorochemicals &
Specialty Chemicals
Elimination
4Q
588
4Q
Full-year
60
56
51
50
50
400
300
Full-year
278
57
500
Breakdown of sales
70
290
266
40
536
519
525
588
30
2,124
200
20
312
100
10
1,146
4Q
-24
Full-year
-97
492
0
0
4Q.13
1Q.14
2Q.14
3Q.14
4Q.14
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53
5. Appendix（Financial Results for FY2014）
Chemicals Segment
g
(2)
( )
【YoY comparison for full-year】
〔Chlor-alkali & Urethane〕
 Japan
p & Asia continued to show strong
gp
performance.
〔Fluorochemicals & Specialty Chemicals〕
 Shipments of fluorinated resin and pharmaceutical and agrochemical
intermediates and active ingredients remained buoyant.
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54
5. Appendix（Financial Results for FY2014）
YoY Performance Comparison by Business Segment
Full-year （100 million yen）
4Q
FY2013
FY2014
Change
FY2013
FY2014
Change
Net sales
3,481
3,541
+60
13,200
13,483
+283
Glass
1,781
1,837
+55
6,673
7,127
+454
Electronics
848
757
-90
3,460
2,977
-483
Chemicals
800
875
+75
2,970
3,172
+266
Ceramics/Other
215
206
-10
786
808
+23
-163
-133
+30
-625
-602
+24
202
197
-5
799
621
-178
Gl
Glass
33
-33
13
+45
45
-131
131
6
+136
136
Electronics
170
93
-77
741
362
-379
Chemicals
57
84
+27
177
241
+64
Ceramics/Other
5
7
+2
12
11
-2
Elimination
2
0
-2
2
-1
1
2
+3
3
Elimination
Operating profit
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55
5. Appendix（Financial Results for FY2014）
Quarterly Performance Comparison by Business Segment
（100 million
illi yen）
）
3Q. FY2014
4Q. FY2014
Change
Change %
Net sales
3,350
3,541
+191
+5.7%
Glass
1,756
1,837
+81
+4.6%
Electronics
750
757
+8
+1.0%
Chemicals
788
875
+87
+11.0%
Ceramics/Other
223
206
-17
-7.6%
-166
-133
+32
-
166
197
+31
+18.8%
7
13
+5
+71.0%
Electronics
92
93
+0
+0.4%
Chemicals
56
84
+28
+50.1%
Ceramics/Other
10
7
-2
-25.8%
0
0
-0
-
Elimination
Operating profit
Glass
Elimination
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56
5. Appendix（Financial Results for FY2014）
YoY Performance Comparison by Geographic Segment
Full-year （100 million yen）
4Q
FY2013
FY2014
Change
FY2013
FY2014
Change
3 481
3,481
3 541
3,541
+60
60
13 200
13,200
13 483
13,483
+283
283
2,511
2,488
-24
9,569
9,398
-171
A
Americas
i
281
383
+103
1,118
1,399
+282
Europe
779
782
+3
2,914
3,130
+217
Eli i ti
Elimination
-89
-112
-23
-400
-445
-45
Operating profit
202
197
-5
799
621
-178
J
Japan
& Asia
A i
339
292
-47
1,327
1,036
-291
Americas
-41
-8
+33
-103
-49
+54
Europe
-12
-1
+11
-106
-38
+68
-5
-1
+3
-7
3
+9
-80
-84
-5
-312
-331
-18
N t sales
Net
l
Japan & Asia
Elimination
Cross
Cross-regional
regional
common expenses
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57
5. Appendix（Financial Results for FY2014）
Quarterly
y Performance Comparison
p
by
y Geographic
g p
Segment
g
（100 million yen）
3Q. FY2014
4Q. FY2014
Change
Change %
3 350
3,350
3 541
3,541
+191
191
+5.7%
5 7%
2,340
2,488
+148
+6.3%
Americas
349
383
+34
34
+9.7%
9 7%
Europe
769
782
+14
+1.8%
-108
108
-112
112
-4
4
-
Operating profit
166
197
+31
+18.8%
J
Japan
& Asia
A i
249
292
+43
43
+17.2%
17 2%
-4
-8
-4
-
2
-1
1
-3
3
-
-1
-1
-1
-
-81
-84
-4
-
N t sales
Net
l
Japan & Asia
Eli i ti
Elimination
Americas
E
Europe
Elimination
Cross
Cross-regional
regional
common expenses
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58
5. Appendix（Financial Results for FY2014）
The Impact
p
of FOREX and Change
g in the Scope
p of Consolidation
(Compared with FY2013)
（100 million yen）
Net sales
Consolidated
C
lid t d
total*
Glass
Electronics
Chemicals
FY2014
13 483
13,483
7 127
7,127
2 977
2,977
3 172
3,172
+283
+454
-483
+266
-271
+79
-522
+135
+509
509
+358
358
+39
39
+106
106
+45
+16
-
+25
Change vs. FY2013
Change like-for-like vs.FY2013
Impact of FOREX
Impact of Change in the
Scope
p 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)
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
経常利益
税引前利益
当期純利益
その他
Non-operating income (losses)
Interest & dividend
Equity
q y in earnings
g of
unconsolidated
subsidiaries and affiliates
Others
Ordinary income
特別損益
Extraordinary gains and losses
Income before tax
法⼈税等
少数株主損益
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
392
200
1,232
953
438
10.7%
7.5%
17.8%
13.6%
7.8%
4 7%
4.7%
2 7%
2.7%
15 8%
15.8%
11 8%
11.8%
5 0%
5.0%
-397
701
249
60
-467
405
198
7
-346
1,922
632
58
-234
1,434
432
48
-177
690
212
40
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
93.6
61 7
61.7
78
1
78.1
106 2
106.2
109
1
109.1
原油（期中平均） $/ﾊﾞﾚﾙ （Dubai)
Crude Oil $/BBL
(Average)
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61
5. Appendix (Supplementary information)
Consolidated Performance Trend（IFRS）
億円（100million yen）
売上⾼
営業利益
事業利益
税引前利益
当期純利益
FY2012
FY2013
FY2014
11,900
1,018
13,200
799
13,483
621
790
458
440
Profit for the year
525
190
205
Profit for the year attributable to owners
of the parent
484
161
159
41
29
46
Net sales
Operating profit
その他収⽀
-227
Other income (expenses)
Business profit
⾦融収⽀
-40
750
225
Finance income (costs)
Profit before tax
法⼈税等
Income tax expenses
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
Profit for the year attributable to noncontrolling interests
-341
-15
444
254
-181
-29
412
207
売上⾼営業利益率
Operating profit margin
8.6%
6.1%
4.6%
ROE
Return on equity
5.8%
1.6%
1.4%
為替レート
FOREX
JPY/USD
79.8
97.7
105.9
（期中平均）
(Average)
JPY/EUR
102.6
129.7
140.4
原油（期中平均）
$/ﾊﾞﾚﾙ
Crude Oil $/BBL
109.1
105.5
96.5
（Dubai)
(Average)
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62
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
7,413
5 250
5,250
5 588
5,588
5 544
5,544
5 646
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
14,443
11 482 12,889
12 889
12 147
12,147
11 900
11,900
全社計
Consolidated Total
営業利益
Operating income
FY2008
FY2009
FY2010
FY2011
FY2012
187
-350
350
183
99
-40
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
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63
5. Appendix (Supplementary information)
Performance by Business Segment（IFRS）
億 （
億円（100million
yen）
）
売上⾼
Sales
FY2012
FY2013
FY2014
ガラス
Glass
5,646
,
6,673
,
7,127
,
電⼦
Electronics
3,441
3,460
2,977
化学品
Chemicals
2,573
2,907
3,172
セラミックス・その他
Ceramics/Other
870
786
808
消去
Elimination
-630
-625
-602
11 900
11,900
13 200
13,200
13 483
13,483
全社計
Consolidated total
営業利益
Operating profit
FY2012
FY2013
FY2014
-7
7
-131
131
6
Electronics
844
741
362
化学品
Chemicals
168
177
241
セラミックス・その他
Ceramics/Others
17
12
11
消去
Elimination
-5
-1
2
1
018
1,018
799
621
ガラス
Glass
電⼦
全社計
* Results for 4Q.of2013 are unaudited.
Consolidated total
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64
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
ヨ
ロッパ
Europe
3 553
3,553
消去
FY2008 FY2009 FY2010 FY2011 FY2012
10 037
10,037
9 230
9,230
9 111
9,111
765
861
810
836
2 361
2,361
2 330
2,330
2 432
2,432
2 290
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 ロッパ
ヨーロッパ
Europe
消去
Elimination
地域共通費⽤
全社計
*
*
2 511
2,511
1 891
1,891
1 339
1,339
-125
-45
-19
-37
257
-65
65
68
82
-54
54
-20
-2
6
13
-3
Cross-regional
common expenses
-
-
-248
8
-311
3
-316
3 6
Consolidated Total
1,540
867
2,292
1,657
929
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65
5. Appendix (Supplementary information)
Performance by Geographic Segment（IFRS）
億円（100million y
yen）
売上⾼
Sales
⽇本
Japan
アジア
Asia
アメリカ
Americas
ヨーロッパ
Europe
p
消去
Elimination
全社計
Consolidated total
営業利益
Operating profit
FY2012 FY2013 FY2014
9,111
9,569
9,398
836
1 118
1,118
1 399
1,399
2,290
2,914
3,130
-337
337
-400
400
-445
445
11,900 13,200 13,483
9,111
9,569
9,398
FY2012 FY2013 FY2014
1,407
1,327
1,036
Asia
-45
-103
-49
アメリカ
Americas
-41
-106
-38
ヨーロッパ
ヨ
ロッパ
Europe
p
-4
4
-7
7
3
消去
Elimination
-300
-312
-331
地域共通費⽤
Cross-regional common
expenses
1,018
799
621
Consolidated total
1,407
1,327
1,036
⽇本
Japan
アジア
全社計
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66
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
営業活動によるキャッシュ
フロ (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
Cash flows from operating
p
g activities ((a))
Income before income taxes & minority
interest
Depreciation/Amortization/
Impairment
運転資⾦増減
Increase (decrease) in working capital
その他
Others
投資活動によるキャッシュ・フロー (b)
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
財務活動によるキャッシュ
フロ
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
2,053
1 807 2,857
2 857 1,522
1 522 1,702
1 702
701
405
1,922
1,434
690
1,492
1,565
1,238
1,124
1,255
283
-1
1
-332
332
-278
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
-2,542
-1 333
-1,333
-1 142
-1,142
-1 395
-1,395
-1 560
-1,560
-63
177
-104
159
-14
651 1,610
-301
301 -1,008
1 008
286
-608
608
128
-53
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
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67
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
営業活動によるキャッシュ
フロ (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
g capital
p
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
i t
intangible
ibl assets
t
その他
Others
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
財務活動によるキャッシュ・フロ
Free cash flow (a)+(b)
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
1 702 1,674
1,702
1 674 1,358
1 358
750
444
412
1,179
1,358
1,372
62
70
36
-289
-198
-461
-1,586 -1,460 -1,088
-1
1,560
560
-1
1,485
485
-1
1,140
140
-27
25
52
115
-41
41
214
-336
336
270
-947
947
-301
-300
-162
-14
14
-53
53
4
88
163
110
-12
46
-630
274
17
-789
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68
5. Appendix (Supplementary information)
Financial Index
J-GAAP
07/12
⾃⼰資本当期純利益率(ROE)
*1
*1
IFRS
08/12
09/12
10/12
11/12
12/12
12/12
13/12
14/12
％
7.5%
4.7%
2.7%
15.8%
11.8%
5.0%
5.8%
1.6%
1.4%
Return on assets
％
9.3%
7.8%
4.8%
12.9%
9.6%
5.2%
5.6%
4.0%
3.0%
⾃⼰資本⽐率
Equity ratio
％
45%
40%
42%
46%
48%
50%
47%
51%
54%
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
0.42
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
0.27
⼀株当たり当期純利益（EPS)
株当たり当期純利益（EPS)
Earnings per share
59 35
59.35
33 53
33.53
17 12
17.12
105 52
105.52
81 90
81.90
37 88
37.88
41.90
13.97
13.77
2,000
1,866
1,535
総資産営業利益率(ROA)
Return on equity
*2
*2
*3
円
Yen
億円
2,555 2,199 1,873
3,084
2,594
100mil
Yen
*1 【J-GAAP】 Return on equity = Net Income / (Shareholders' Equity (average) + Accumulated other comprehensive income (average))
【 I F R S 】 Return on equity
q y = Profit for the year
y
attributable to owners of the parent
p
/ Total equity
q y attributable to owners of the parent
p
(average)
g
*2 Return on assets = Operating profit / Total assets (average)
*3 Earnings before interest, tax, depreciation and amortization(EBITDA) = Profit before tax + Depreciation + Interest expenses
EBITDA
*3
EBITDA
為替レート
円/ドル
円/ユーロ
FY2013
1Q
2Q
97.65
102.78
FY2014
1,928
FY2015
3Q
4Q
102.16
103.92
114.54
105.85
期中平均
Average
期末
At quarter end
105.39
102.92
101.36
109.45
120.55
120.55
期中平均
Average
129.68
140.79
140.07
137.76
143.07
140.42
期末
At quarter end
145 05
145.05
141
141.65
65
138
138.31
31
138 87
138.87
146
146.54
54
146
146.54
54
120.0*4
140.0*4
*4 Assumption for FY2015
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69
5. Appendix (Supplementary information)
Group Vision "Look Beyond"
Our
Mission
Our
Shared
Values
Our
Spirit
We, the AGC Group, “Look Beyond” to make the world a brighter place.




Innovation & Operational Excellence
Diversity
Environment
Integrity
“Never take the easy way out, but confront difficulties”
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
70
5. 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
g
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)
（i l di 1non-Japanese）
（including
1
J
）
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
up
Grou
Corporate
Co-operation
C
n
Accounting
Auditors
Nominating Committee (4)
【2 SBUs】
・AGC Ceramics
・ Applied Glass Materials General Division
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
B
Business
Operation
Oversiight
Execution
Board of Directors (7)
3 independent
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 p
prepared
p
using
g information we currentlyy 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
W askk that
h you exercise
i your own judgment
j d
i assessing
in
i this
hi material.
i l Asahi
A hi
Glass is not responsible for any losses that may arise from investment
g
contained herein.
decisions based on the forecasts and other numerical targets
Copyright Asahi Glass Co., Ltd.
No duplication
p
or distribution without p
prior consent of
Asahi Glass Co., Ltd.
All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.
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T k 100-8405
Tokyo
100 8405 JJapan
Contact :Corporate Communications & Investor Relations
E-mail : investor-relations@agc.com
T E L : +81-(0)3-3218-5096
F A X : +81-(0)3-3201-5390
www.agc.com
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