2012 0510e 1

0

Financial Results for FY2012 First Quarter

(January 1 through March 31, 2012)

May 10, 2012

All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd.

目次 Contents

Financial Results for FY2012 First Quarter P.２

１．Highlights of FY2012 First Quarter Financial Results Ｐ.３

２．Information by Business & Geographic Segment Ｐ.１３

Outlook for FY2012 P.２５

Appendix P.３０


Financial Results for FY2012 First Quarter


1. Highlights of FY2012 First Quarter Financial Results


Highlights of FY2012 First Quarter Financial Results

4

FY2011 FY2012

第１四半期First Quarter

第１四半期First Quarter

前年同期比vs FY2011 1Q

前年同期比％vs FY2011 1Q %

売上高 Net sales 3,086 2,854 -232 -7.5%営業利益 Operating income 541 242 -300 -55.3%経常利益 Ordinary income 580 236 -344 -59.3%当期純利益 Net income 384 177 -207 -53.8%

億円（100million yen）

売上高営業利益率 Operating profit margin 17.5% 8.5%ROE* Return on equity 18.5% 8.4%

* ROE（自己資本当期純利益率）＝当期純利益/自己資本（期中平均）Return on Equity = Net Income / (Shareholders' Equity (average) + (Valuation and translation adjustments (average))

為替レート（期中平均） JPY/USD 82.34 79.28FOREX Average JPY/EUR 112.57 103.99原油 Crude Oil ＄/BBL (Dubai) 100.5 116.2

All Rights Reserved, Copyright(C)旭硝子株式会社 Asahi Glass Co., Ltd. 5

Highlights of FY2012 First Quarter Financial Results

Net Sales 285.4 bil. yen (down 23.2 billion yen YoY)

Operating Income 24.2 bil. yen (down 30.0 billion yen YoY ）

While shipments in the glass and chemicals business

segments increased mainly in Japan and Asia, the

Group’s sales and profits fell, affected by price decline in

electronics-related products.

Rising energy prices gave pressure on the Group’s profit

and loss.


Consolidated Statements of Income

1QFY2011 FY2012 増減 Change

売上高Net sales

3,086 2,854 -232*(-7.5%)

営業利益Operating income

541 242 -300*(-55.3%)

営業外損益Non-Operating income (Losses)

38 -6 金融収支Interest & Dividend

-10 -11 持分法損益Equity in earnings of unconsolidated companies

6 7

その他Others

42 -2

経常利益Ordinary income

580 236 -344(-59.3%)

特別損益Extraordinary gains (losses)

-58 10

税引前利益Income before tax

522 246 -276(-52.8%)

法人税等Income taxes

128 56 尐数株主損益Minority interest in earnings (losses) of consolidated subsidiaries

10 13

当期純利益Net income

384 177 -207(-53.8%)


6

＊うち、為替差影響は売上高 -74億円、営業利益 -2.6億円。Foreign exchange fluctuation resulted in –7.4billion yen in Net Sales and -0.26 billion yen in Operating Income.


0

100

200

300

400

500

600

700

7

売値SellingPrice

原燃材料価格

Purchase PriceFuels/Raw Materials

コストその他

Cost Reduction/Others

販売数量品種構成

Sales Volume/Quantity,Product Mix

＋14

-42


242

前年同期比 300億円減益¥ 30.0bn down from same period last yr

1Q.FY20121Q.FY2011

-217

-54

Variance Analysis on Operating Income (1Q.FY2012 vs 1Q.FY2011)

541


0

100

200

300

400

500

8

売値SellingPrice 原燃材料

価格Purchase Price

Fuels/Raw Materials

コストその他

Cost Reduction/Others

販売数量品種構成

Sales Volume/Quantity,Product Mix

+16


前四半期比 52億円減益¥ 5.2 bn down from last quarter

1Q.FY20124Q.FY2011

-77

Variance Analysis on Operating Income (1Q.FY2012 vs 4Q.FY2011)

294

-18

+27 242


Consolidated Balance Sheets

11/12 12/3 増減 11/12 12/3 増減

Dec. 31 2011 Mar. 31 2012 Change Dec. 31 2011 Mar. 31 2012 Change

資産の部 Assets 16,916 18,659 +1,743 負債の部 Liabilities 8,411 9,415 +1,004

流動資産 Current assets 6,068 7,012 +944 仕入債務 Payables 1,124 1,185 +61

現金及び預金 Cash on hand & in banks 988 1,017 +29 借入金

（含むCP、社債）Loans (include CP & Bonds) 4,775 5,514 +739

受取手形及び売掛金

Trade notes & accounts receivable 2,337 2,305 -32 その他 Other liabilities 2,511 2,716 +205

棚卸資産 Inventories 1,943 2,136 +193 純資産の部 Net assets 8,505 9,244 +739

その他 Other current assets 800 1,554 +754 株主資本 Shareholders’ Equity 9,705 9,732 +27

固定資産 Fixed assets 10,848 11,647 +799 資本金 Common stock 909 909 -

有形・無形固定資産

Tangible-Intangible fixed assets 8,797 9,351 +554 資本剰余金 Additional paid–in capital 970 970 -

投資有価証券 Investments in securities 1,484 1,822 +338 利益剰余金 Retained earnings 8,125 8,153 +27

その他 Other fixed assets 568 474 -94 自己株式 Treasury stock -299 -299 -0

その他の包括利益累計額

Accumulated other comprehensive income -1,630 -944 +686

新株予約権 Share Subscription Rights 16 16 +0

尐数株主持分 Minority Interests in Consolidated Subsidiaries 414 440 +26

資産合計 Total Assets 16,916 18,659 +1,743* 負債・純資産合計Total Liabilities & Net Assets 16,916 18,659 +1,743


＊うち、為替差影響は、+764億円Foreign exchange fluctuation resulted in +76.4billion yen.


Consolidated Statements of Cash Flows

1QFY2011 FY2012

営業活動によるキャッシュ・フロー (a)Cash flows from operating activities (a)

400 462税金等調整前純利益Income before income taxes & minority interests 522 246 減価償却費・のれん償却・固定資産減損Depreciation/Amortization/Impairment 279 303 運転資金増減Increase (decrease) in working capital -30 15 その他Others -371 -103

投資活動によるキャッシュ・フロー (b)Cash flows from investing activities (b)

-236 -278 固定資産取得Purchase of property, plant & equipment -270 -333 その他Others 34 54

フリー・キャッシュ・フロー (a)+(b)Free cash flow (a)+(b)

164 183 財務活動によるキャッシュ・フローCash flows from financing activities

-219 490 借入金増減Increase (decrease) in bank loans, bonds & CP -51 650 支払配当Dividends paid -163 -150 その他Others -4 -10

現金等に係る換算差額Effect of exchange rate changes on cash & cash equivalents

26 46 現金等の増加額Changes in cash & cash equivalents

-28 719


10


CAPEX, Depreciation & Others

1QFY2011 FY2012

設備投資額 CAPEX 315 417減価償却費 Depreciation 275 287

研究開発費 R&D 99 122


11/12 12/3Dec. 31 2011 Mar. 31 2012

有利子負債残高 * Interest-bearing debts * 4,833 5,582Ｄ/Ｅ比率 D/E ratio 0.57 0.60

* 有利子負債残高はリース債務を含む（11/12末 58億円, 12/3末 68億円）

Interest-bearing debts includes lease obligations. （Dec.31 2011 5.8 billion yen, Mar.31 2012 6.8 billion yen)


BLANK PAGE


２．Information by Business & Geographic Segment


Glass Business Segment(1)

14

売上高Sales


FY2011 FY2012 FY2011 FY2012

１QFirst Quarter

1,371 1,392（+21)

64 8（-57)


FY2012 1Q 売上高の内訳Breakdown of Sales

小計Ｓｕｂ total

日本・アジアJapan & Asia

アメリカAmericas

ヨーロッパEurope

消去Elimination

ガラスGlass

1,392 754 161 502 -25

板ガラス（建築用、ソーラー）

Flat Glass : Architectural & Solar706 331 72 322 -18

自動車用ガラスAutomotive Glass

686 424 89 181 -7

四半期推移Performance Trend

＊（）内数字は前年同期比

（） vs FY2011

1,371 1,3561,436

1,381 1,392

64

3

1814

8

0

20

40

60

80

100

0

200

400

600

800

1,000

1,200

1,400

1,600

1Q.11 2Q.11 3Q.11 4Q.11 1Q.12

Sales O.P.


Glass Business Segment(2)

〔Architectural Glass〕 Japan ：Shipments grew from 1Q FY2011 which was affected by the Great East

Japan Earthquake.

Asia ：Shipments remained strong despite the flooding in Thailand and

economic slowdown in China.

Europe ：Shipments fell, affected by economic deterioration in the region,

particularly Western Europe.

North America ：Shipments fell due to continuing downturn in demand.

〔Automotive Glass〕 In Europe, the Group’s shipments remained strong despite a decrease in auto

production in the region.

In Japan, Asia and North America, shipments were strong due to an increase in

auto production in these regions.

〔Glass for solar power system〕 Shipments fell due to factors such as slowdown in the market growth.


売上高Sales


FY2011 FY2012 FY2011 FY2012

1QFirst Quarter

1,063 780（-283)

426 180（-246)

16

Electronics Business Segment(1)


ディスプレイ Display 659

電子部材 Electronic Materials 122




（） vs FY2011

1,063 1,043

888 871

780

426397

287

226180

0

200

400

600

800

0

200

400

600

800

1,000

1,200

1Q.11 2Q.11 3Q.11 4Q.11 1Q.12

Sales O.P.


Electronics Business Segment(2)

〔Display〕Shipments of TFT-LCD glass substrates stayed on the

recovery track from 4Q FY2011, and yet decreased

from 1Q FY2011.

Falling product prices caused adverse impacts.

〔Electronics〕Weak demand for semiconductor-related products.

Shipments of products for digital cameras were strong.


売上高Sales


FY2011 FY2012 FY2011 FY2012

1QFirst Quarter

601 628（＋27）

47 53（＋6)

18

Chemicals Business Segment(1)


クロールアルカリ・ウレタンChlor-alkali & Urethane 399

フッ素化学・スペシャリティFluorochemicals & Specialty Chemicals 252

消去Elimination -22




（） vs FY2011

601 595631

659628

47

40

4944

53

0

10

20

30

40

50

60

70

80

90

100

0

100

200

300

400

500

600

700

800

1Q.11 2Q.11 3Q.11 4Q.11 1Q.12

Sales O.P.


Chemicals Business Segment(2)

〔Chlor-alkali & urethane〕

Japan rebounded from the impact of the earthquake,

and shipments recovered from 1Q FY2011.

Asia continued to show strong performance.

〔Fluorochemicals & specialty chemicals〕

Strong shipments of high-function fluorine resin and

pharmaceutical and agrochemical intermediaries and

active ingredients.


売上高 Sales 1Q.FY2011 1Q.FY2012 増減Change

%増減Change %

ガラス Glass 1,371 1,392 21 +1.5%

電子 Electronics 1,063 780 -283 -26.6%

化学品 Chemicals 601 628 27 +4.5%

その他 Other 180 250 70 +39.0%

消去 Elimination -129 -197 -68 -

全社計 Consolidated total 3,086 2,854 -232 -7.5%

営業利益 Operating income 1Q.FY2011 1Q.FY2012 増減Change

%増減Change %

ガラス Glass 64 8 -57 -88.2%

電子 Electronics 426 180 -246 -57.8%

化学品 Chemicals 47 53 6 +12.4%

その他 Other 3 3 -0 -14.8%

消去 Elimination 1 -1 -2 -

全社計 Consolidated total 541 242 -300 -55.3%


20

Performance by Business Segment Compared with 1Q.FY2011


Performance by Business Segment Compared with 4Q.FY2011



% 増減Change %

ガラス Glass 1,381 1,392 12 +0.8%

電子 Electronics 871 780 -90 -10.4%

化学品 Chemicals 659 628 -31 -4.8%その他 Other 245 250 5 +2.2%消去 Elimination -166 -197 -31 -



% 増減Change %

ガラス Glass 14 8 -6 -44.7%

電子 Electronics 226 180 -46 -20.4%

化学品 Chemicals 44 53 9 +19.5%その他 Other 9 3 -6 -68.9%消去 Elimination 1 -1 -2 -




%増減Change %

日本・アジア Japan & Asia 2,342 2,177 -165 -7.1%アメリカ Americas 219 208 -11 -5.1%ヨーロッパ Europe 609 545 -64 -10.6%消去 Elimination -85 -76 9 -全社計 Consolidated total 3,086 2,854 -232 -7.5%

営業利益 Operating income 1Q.FY2011 1Q.FY2012 増減 Change増減 %

% Change

日本・アジア Japan & Asia 566 329 -237 -41.9%アメリカ Americas -1 -9 -8 -ヨーロッパ Europe 37 -5 -41 -消去 Elimination -6 -2 5 -

地域共通費用 Cross-regional common expenses -54 -72 -18 -



22

Performance by Geographic Segment Compared with 1Q.FY2011


Performance by Geographic Segment Compared with 4Q.FY2011

23


% 増減Change %

日本・アジア Japan & Asia 2,324 2,177 -147 -6.3%

アメリカ Americas 202 208 6 +3.0%

ヨーロッパ Europe 558 545 -13 -2.3%

消去 Elimination -93 -76 17 -



% 増減Change %

日本・アジア Japan & Asia 381 329 -52 -13.6%アメリカ Americas -3 -9 -5 -ヨーロッパ Europe -13 -5 9 -消去 Elimination 14 -2 -15 -

地域共通費用 Cross-regional common expenses -84 -72 12 -




The Impact of FOREX and Change in the Scope of Consolidation(Compared with 1Q.2011)

区分全社計* ガラス電子化学品

Consolidated total Glass Electronics Chemicals

Segment売上高

営業利益

売上高営業利益



Sales OP Sales OP Sales OP Sales OP

1Q. 2012 2,854 242 1,392 8 780 180 628 53

前年同期比Change vs. 1Q FY2011

-232 -300 +21 -57 -283 -246 +27 +6

[以下影響を除く前期比]Change like-for-like vs. 1Q FY2011

-158 -294 78 -57 -277 -245 +38 +8

為替換算の影響Impact of FOREX

-74 -3 -57 -0 -6 -1 -11 -1

連結範囲変更の影響Impact of Consolidated Scope Change

+0 -3 - - -0 0 0 -0


＊全社計には、その他、および消去の数値が含まれる為、各セグメントの合計とは一致しないThe sum of the segment amounts may not equal the amount of consolidated total, because it includes the amount of Other Segment and elimination.


Outlook for FY2012


Business Outlook for FY2012 (1)

〔 Business environment 〕

The global economic growth will become slower.

There is concern that the continued economic stagnation in

Western Europe might affect Central/Eastern Europe.

The pace of economic recovery is expected to remain weak

in North America.

Growth rates of China and Asian countries will slow down.

In Japan, active demand created by restoration efforts is

expected to boost the country’s economic recovery, although

within a narrow range.

Energy prices will remain high.



〔Glass〕

Architectural glass

Japan/Asia ：Remain strong

North America ：Moderate recovery

Europe ： Weak due to economic downturn

Automotive glass

Shipments will increase driven by strong demand

in fast-growing markets.

Glass for solar power systems

Weak shipments due to contractions/cancellations

of installation-promotion plans in some countries.



〔Electronics〕Shipments of TFT-LCD glass substrates will continue to be on

a recovery track since 4Q FY2011.

With regard to electronic materials, optoelectronics materials

will be favorable, and semiconductor-related products are

expected to recover in the latter half of the year.

The HDD glass substrates business in Thailand has been

suspended due to the flooding, and the Group decided to

resume the business in China.

〔Chemicals〕Shipments will be generally strong.


為替レート（期中平均） JPY/USD 82.04 79.84 75.0FOREXAverage

JPY/EUR 114.99 111.12 100.0原油 Crude Oil ＄/BBL (Dubai) 105.6 106.2 110.0

FY2012 Forecast

29

FY2011 FY2012見通しFY2012 Forecast

1-2Q累計First Half

通期Fiscal Year

1-2Q累計First Half

通期Fiscal Year 前期比

vs FY2011前期比％vs FY2011 %

売上高 Net sales 6,137 12,147 6,000 12,500 +353 +2.9%

営業利益 Operating income 993 1,657 600 1,400 -257 -15.5%経常利益 Ordinary income 1,029 1,667 600 1,350 -317 -19.0%当期純利益 Net income 570 953 350 800 -153 -16.0%一株当たり配当金

Dividend (Yen/Share) 13 26 13 26


売上高営業利益率Operating profit margin 16.2% 13.6% 11.2%

ROE*1 Return on equity 13.6% 11.8% 9.9%

*2

*1 ROE（自己資本当期純利益率）＝当期純利益/自己資本（期中平均）FY2012 ForecastのROEは、FY2011末時点の自己資本等を使用Return on Equity = Net Income / (Shareholders' Equity (average) + Valuation and translation adjustments (average)) ROE of FY20１2 Forecast is calculated by using the Shareholders’ equity, etc. as of Dec.31, 2011.

* 2 2012年度の前提Assumption for FY2012

*2

*2


Appendix


152 195

670 802

343

504

0

500

1,000

1,500

2,000

FY2010 FY2011 FY2012

Forecast

CAPEX / Depreciation / R&D

31

154 164

519 521

419 407

0

500

1,000

1,500

2,000

FY2010 FY2011 FY2012

Forecast

設備投資 CAPEX 減価償却費 Depreciation

0

100

200

300

400

500

600

700

800

900

1,000

FY2010 FY2011 FY2012

Forecast

394

1,100

研究開発費 R&D

化学品Chemicals

電子Electronics

その他Other

ガラスGlass


1,1741,101

464

1,527

* 2010年の数値は、2011年に導入したマネジメントアプローチによる開示基準に基づいて表示The figures for FY2010 are calculated based on the management approach of IFRS 8, which the company adopted in FY2011.

1,100500

1,900


FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011FY2012

Forecast

売上高 Net sales 15,267 16,205 16,812 14,443 11,482 12,889 12,147 12,500

営業利益 Operating income 1,182 1,366 1,975 1,540 867 2,292 1,657 1,400

当期純利益 Net income 600 450 696 392 200 1,232 953 800

営業利益率 Operating income/Net sales 7.7% 8.4% 11.7% 10.7% 7.5% 17.8% 13.6% 11.2%

一株当たり配当金 Cash dividends per

share (yen)¥15 ¥16 ¥20 ¥24 ¥16 ¥26 ¥26 ¥26

0

500

1,000

1,500

2,000

2,500

3,000

0

3,000

6,000

9,000

12,000

15,000

18,000

売上高[N

et sale

s]

営業利益・当期純利益

[OP

, Net in

com

e]

32


Trend of Financial Results


Financial Index

05/12 06/12 07/12 08/12 09/12 10/12 11/12

自己資本当期純利益率（ＲＯＥ）*1

Return on equity ％ 7.7% 5.1% 7.5% 4.7% 2.7% 15.8% 11.8%

総資産営業利益率（ＲＯＡ）*2

Return on assets ％ 6.0% 6.5% 9.3% 7.8% 4.8% 12.9% 9.6%

自己資本比率 Equity ratio ％ 41% 42% 45% 40% 42% 46% 48%

D/E（有利子負債・純資産比率） Debt/Equity ratio倍

times 0.56 0.58 0.52 0.77 0.74 0.60 0.57

営業CF/有利子負債CF from Operating Activities/Interest-bearing debt

倍times 0.35 0.30 0.46 0.34 0.30 0.56 0.31

一株当たり当期純利益（EPS) Earnings per share円

Yen 51.36 38.37 59.35 33.53 17.12 105.52 81.90

EBITDA*3

EBITDA億円

100mil Yen 2,178 1,809 2,555 2,199 1,873 3,084 2,594

*1 ROE（自己資本当期純利益率）＝当期純利益/自己資本（期中平均）Return on Equity = Net Income / (Shareholders' Equity (average) + Valuation and translation adjustments (average))

*2 総資産営業利益率（ ROA）＝営業利益/総資産（期中平均）Return on assets = Operating income / Total assets (average)

*3 EBITDA（支払利息・税金・減価償却費控除前利益）＝税引前当期純利益＋減価償却費＋支払利息Earnings before interest, tax, depreciation and amortization(EBITDA) = Net Income (Loss) Before Taxes + Depreciation + Interest expenses

為替レートExchange rates

FY2011 FY2012e

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

円/ドル JPY/USD期中平均 Average 82.34 81.74 77.89 77.41 79.28

75.0期末 At quarter end 83.15 80.73 76.65 77.74 82.19

円/ユーロ JPY/EUR期中平均 Average 112.57 117.40 110.19 104.33 103.99

100.0期末 At quarter end 117.57 116.84 104.11 100.71 109.80


Major Press Releases in FY2012

34

Date Summary

February 28 Hokkaido Soda becomes a subsidiary as a part of the Group’s efforts toward

reorganization of its domestic Chlor-Alkali business

March 5 Succeed in developing micro hole drilling processing technology for ultra-thin glass

April 4 Decided to invest in Rolith, Inc., advanced nanotechnology startup in U.S.

April 16 Boost the Group’s production capacity for Tafluprost, active pharmaceutical ingredient

for glaucoma treatment

April 19 Laying of cornerstone at the new glass manufacturing facility in Brazil


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.


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2012 0510e 1

Economy & Finance