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'Making a Difference to Our World Through Glass Technology' to Our Shareholders

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'Making a Difference to Our World Through Glass Technology' to Our Shareholders ‘Making a difference to our world through glass technology’ Nippon Sheet Glass Co., Ltd. Head Office: Sumitomo Fudosan Mita Twin Building West Wing, 5-27, Mita 3-chome, Minato-ku, Tokyo 108-6321 Japan To our shareholders Telephone: +81-3-5443-9500 Contact: www.nsggroup.net/contact Nippon Sheet Glass Co., Ltd. 145th Fiscal Period Interim Report www.nsg.com 1 April 2010 – 30 September 2010 01 NSG GROUP To our shareholders NSG GROUP To our shareholders 02 Contents Consolidated financial highlights Message from the President and CEO Fiscal 2010 Fiscal 2011 01 Consolidated financial highlights On behalf of the NSG Group, I thank you for your continued support. Millions of yen Fiscal 2009 Fiscal 2010 interim period interim period 02 Message from the President and CEO I am pleased to present the interim report for the period ended 03 Interview with the President Net sales 739,365 588,394 292,989 293,689 30 September 2010. 06 Business summary by segment Operating income 1,908 (17,183) (16,222) 10,473 07 Review of operations The results for the first half of the financial year FY2011 reflect 09­ Consolidated financial statements Ordinary income (12,259) (28,552) (24,743) 6,543 improving volumes, and in some cases prices, in our major 11 Management Net income (28,392) (41,313) (26,248) 15 markets. In addition, they reflect the benefits of the Group’s 12 Stock information Net income per share (yen) (42.49) (65.61) (41.00) (1.31) restructuring programs, which have helped to reduce overheads 13 Shareholder information and to improve operational efficiencies, together with important 14 Corporate data contributions by our joint ventures and associate companies. In our Automotive business, revenues and profits were significantly NET SALES Millions of yen ahead of last year, due principally to strong demand across our main markets. In Building Products, profitability was strengthened Fiscal 2011 interim by cost savings from the restructuring and improved pricing in all Fiscal 2010 interim regions except Japan and North America. Revenues and profits in Craig Naylor President and CEO Fiscal 2009 interim Specialty Glass were above the prior year, with improved demand, 0 100,000 200,000 300,000 400,000 500,000 particularly in sectors such as LCDs for mobile applications. On 4 November 2010, we published our Strategic Management OPERATING INCOME Millions of yen Plan, which sets the course for the NSG Group over the next three Fiscal 2011 interim years. This followed a major strategic review designed to sharpen Fiscal 2010 interim our operational focus and ensure that we add value in everything Fiscal 2009 interim we do. The Review identified important growth opportunities, (20,000) (15,000) (10,000) (5,000) 0 5,000 10,000 15,000 20,000 particularly in emerging markets and value-added products addressing climate change. Our recent share issuance will allow us to seize immediate NET INCOME Millions of yen investment opportunities and to leverage our competitive position. Fiscal 2011 interim The management team is committed to delivering the Plan results Fiscal 2010 interim and we look forward to your continuing understanding and support Fiscal 2009 interim of our activities. (50,000) (40,000) (30,000) (20,000) (10,000) 0 10,000 20,000 30,000 Craig Naylor President and CEO Representative Executive Director Nippon Sheet Glass Co., Ltd. 2 December 2010 Front cover image San Rafael, California, USA (9kW); Solar City 03 NSG GROUP To our shareholders NSG GROUP To our shareholders 04 Interview with the President Strategic Management Plan CONSOLIDATED NET SALES BY BUSINESS Q1 Please can you provide more detail on Q2 You have announced the adoption by the KEY ELEMENTS BP Europe 19% the Group’s new Strategic Management Plan, Group of International Financial Reporting BP Japan 14% BP North America 4% announced in November? Strengthen existing portfolio Standards (IFRS). What is the thinking behind BP Rest of World 6% Access new geographies Extend portfolio this decision? Automotive Europe 21% M&A Automotive North America 10% Our Strategic Management Plan sets the course for the NSG Group Automotive Japan 8% over the next three years. It replaces the Medium-term Plan issued New glass applications, e.g. OLED lighting We have announced the intention of the NSG Group to voluntarily Automotive Rest of World 7% in November 2006, which is now coming to the end of its term. Beyond Flat Glass e.g. battery separator BEYOND adopt International Financial Reporting Standards (IFRS) for our Specialty Glass 11% The new Plan covers FY2012 to FY2014, but we are beginning TRADITIONAL consolidated financial statements with effect from 1 April 2011. implementation immediately. FLAT GLASS ¥293.7 billion This means that our consolidated financial results for the financial Key The objective is to take the NSG Group to the next level of its Winning value chains year FY2012 and thereafter will be presented in IFRS. Selective moves toward consumer development, building on progress on our ‘Phase 1’ priorities Defend strong market position STRONG CHANNELS Systems & Processes CONSOLIDATED NET SALES BY REGION NSG GROUP FLOAT PLANT TO MARKET IFRS is becoming the global standard for the preparation of public and leveraging our technology into growth opportunities. Sustainable growth culture company financial statements. Some 120 countries and reporting Europe 41% Managed by NSG Group Japan 28% Since my appointment, I have been working with the senior team Organizational jurisdictions require or permit IFRS for domestic listed companies. Managed by associates Solar TEC Glass capability North America 14% on a major strategic review, designed to sharpen the Group’s Ultra thin float for displays Around 90 countries have fully conformed with IFRS and others are NEW VALUE-ADDED Rest of World 17% operational focus and ensure we capture all available synergies Low-e PRODUCTS/APPLICATIONS expected to transition to IFRS by 2011. Japan has introduced a Auto solar control/switchable glazing etc. AUTOMOTIVE GLOBAL PRESENCE across the Group. We identified important growth opportunities, SLA® lens arrays roadmap for adoption on which a decision will be taken in 2012 (with a proposed adoption date of 2015 or 2016). In the meantime particularly in emerging markets and value-added products Expand in key emerging markets AGR AUTOMOTIVE GLASS REPLACEMENT addressing climate change. Early investment opportunities were Leverage global position/ the authorities in Japan have permitted certain qualifying domestic brand/patents etc. EXPANSION INTO EMERGING MARKETS companies to apply IFRS from fiscal years ending on or after identified in a number of key projects with 12 to 24-month Build organizational capability 31 March 2010. Cumulative Quarter 2 results development timescales. to 30 September 2010 ¥293.7 billion We took quick action to secure funding for these through the Address underperforming Behind our decision to be an early adopter is our determination to build business segments recent Share Offering. Funding from the share issuance will allow Energy usage IMPROVE BUSINESS COMPETITIVENESS a truly international company headquartered in Japan. We believe us to seize these important investment opportunities, leverage Strategic sourcing that the use of IFRS in the preparation of our consolidated financial R&D effectiveness our competitive position and strengthen our balance sheet. statements is consistent with our international spread of operations and shareholder base. The move builds on progress we have made In Building Products, our growth priorities are expansion in in the appointment of an international board and the adoption of Solar Energy, low-e glass and South America. In Automotive, the ‘Company with Committees’ corporate governance structure. we will expand in South America, Eastern Europe and Mexico. The priorities for Specialty Glass are ultra-thin glass for displays, On a practical level, the acquisition of Pilkington plc in 2006 has lens arrays for office machinery and battery separator technology. meant that around two thirds of the Group already reports in IFRS. I have no doubt that more new growth opportunities will come Having the whole Group use IFRS will remove the need to convert from our R&D technology pipeline. some figures from IFRS to JGAAP for consolidated reporting purposes. Enabling the whole Group to use the same accounting My aim is to create a thriving, innovative global enterprise. The language will have clear benefits for the Group’s internal decision- Group is particularly well placed to leverage its global footprint, making processes. reduced cost base, technology and brands to meet growing demand for environmental and other value-added products. We regard the Strategic Management Plan as a ‘dynamic document’ and we will update our shareholders annually on progress. 05 NSG GROUP To our shareholders NSG GROUP To our shareholders 06 Interview with the President continued Business summary by segment NET sales and Operating income Millions of yen Glass has a unique role to play in helping to reduce greenhouse Q3 Can you please describe recent progress gas emissions and mitigating the effects of climate change. The Building Products ‘energy balance’ between manufacture of high-performance glazing Fiscal 2011 by the NSG Group in embracing the principles interim period of Sustainability? products and their use means that the energy used and CO2 emitted in manufacture are quickly paid back through the lifetime 43% Fiscal 2010 of the products. interim period We continue to make good progress on Sustainability and our (30,000) 0 30,000 60,000 90,000 120,000 150,000 new Group Vision statement, ‘Making a difference to our world The Board have recently approved clear Sustainability targets through Glass Technology’, reflects the role our products can have for the Company, to be achieved by 2015, in the following areas: Net sales Operating income in conserving and generating energy. Over the past year, we have Economic, Health & Safety, Energy, Product development, Recycling further strengthened our Sustainability governance, with the and Waste, Supply Chain and People.
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