Nippon Sheet Glass Company, Limited

Equities

5202

JP3686800008

Construction Supplies & Fixtures

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
519 ^JPY	+0.97%		+4.22%	-9.58%

Apr. 23	Nippon Sheet Glass' Unit Issues 41 Billion Yen Worth of Notes	MT
Feb. 09	Nippon Sheet Glass Company, Limited Provides Earnings Guidance for the Full Year Ending March 31, 2024	CI

Nippon Sheet Glass : FY2016 3rd Quarter Financial Results Presentation

January 29, 2016 at 01:28 am EST

ed9ec2ff-7902-4b0b-b590-1325ff9051b6.pdf

GROUP

NSG Group FY2016 Quarter 3 Results

(from 1 April 2015 to 31 December 2015)

Nippon Sheet Glass Co., Ltd.

29 January 2016

Shigeki Mori Chief Executive Officer

Mark Lyons Chief Financial Officer

Iain Smith Head of Accounting and Taxation

29 January 2016 FY2016 Quarter 3 Results 3

FY2016 Q3 Results (from 1 April 2015 to 31 December 2015)

Key Points Financial Results Business Update

Agenda

Forecast and Summary

29 January 2016 FY2016 Quarter 3 Results 4

Key Points - April to December 2015

Trading profit improving from previous quarters
Challenging competitive environment in Display business
Indications of improving outlook in Europe
Improved performance in Japan
Performance in North America and South East Asia remains strong
Difficult market conditions persist in South America

29 January 2016 FY2016 Quarter 3 Results 5

FY2016 Q3 Results (from 1 April 2015 to 31 December 2015)

Key Points Financial Results Business Update

Agenda

Forecast and Summary

29 January 2016 FY2016 Quarter 3 Results 6

Cum Q3 FY2016 479.6	Cum Q3 FY2015 466.6
16.6	16.7
(6.0)	(6.3)
10.6	10.4
(3.2)	10.7
(13.7)	(13.4)
(1.0)	(0.4)
(7.3)	7.3
(12.3)	5.4
(14.1)	4.7
41.9	41.2

Consolidated Income Statement

(JPY bn)

Revenue

Trading profit

Amortization* Operating profit Exceptional items Finance expenses (net)

Share of JVs and associates Profit/(loss) before taxation Profit/(loss) for the period

Profit/(loss) attributable to owners of the parent

EBITDA

* Amortization arising from the acquisition of Pilkington plc only

29 January 2016 FY2016 Quarter 3 Results 7

Change Analysis

Trading profit

20 FY2015

Q3 FY2016

JPY bn

Total

16.7

Sales Vol/Mix

(4.9)

Selling Prices

0.8

Input Costs

4.7

Other

(0.7)

Total

16.6

29 January 2016 FY2016 Quarter 3 Results 8

Cum Q3	Cum Q3
FY2016	FY2015
(12.3)	5.4
31.3	31.2
(10.7)	(10.5)
(2.9)	(3.3)
-	(13.3)
9.5	(4.0)
14.9	5.5
(13.7)	(7.9)
1.2	(2.4)
(23.0)	(21.8)
(0.4)	4.9
(23.4)	(16.9)

(22.2)	(19.3)

Consolidated Cash Flow Summary

(JPY bn)

Profit/(loss) for the period Depreciation and amortization Net interest paid

Tax paid

Gain on reclassification of investment Others

Net operating cash flows before movement in working capital

Net change in working capital

Net cash inflow/(outflow) from operating activities

Purchase of property, plant and equipment Others

Net cash outflow from investing activities Cash flow before financing activities

29 January 2016 FY2016 Quarter 3 Results 9

Key Performance Indicators

31-Dec-15 31-Dec-14

Net Debt (JPY bn)	399	406
Net Debt/EBITDA	6.8x	7.0x
Net Debt/Equity Ratio	2.3	1.8

Q3 FY2016 Q3 FY2015

EBITDA Interest Cover

Operating Return* on Sales

3.4x

3.5%

3.5x

3.6%

* trading profit

29 January 2016 FY2016 Quarter 3 Results 10

FY2016 Q3 Results (from 1 April 2015 to 31 December 2015)

Key Points Financial Results Business Update

Agenda

Forecast and Summary

29 January 2016 FY2016 Quarter 3 Results 11

External Revenue - Group Businesses

¥ 479.6 billion

Auto

North America 14%

Auto Japan

Auto - ROW 5%

Technical

Architectural Europe

15%

Architectural Japan 11%

Architectural North America 6%

Auto Europe

22%

Architectural - ROW 10%

Cumulative Q3 FY2016

29 January 2016 FY2016 Quarter 3 Results 12

Europe Q3 FY2015 v Q3 FY2016

€m €m

1,400

1,200

Q3 FY2015

Q3 FY2016

Architectural

Benefits from lower input costs, offset by negative impact of a cold repair

1,000

800

600

400

200

0
515 525 30

21 21
20

752 778 10

0
Arch Auto Trading profit
Clear signs of market improvement in some regions

Automotive
Local currency revenues and profits improved slightly from previous year
Growth in Western Europe indicating a sustainable market recovery

29 January 2016 FY2016 Quarter 3 Results 13

Japan Q3 FY2015 v Q3 FY2016

JPY bn JPY bn

100

Q3 FY2015

Q3 FY2016

8.0

Architectural

Profitability improved with increased prices and lower input costs
5254
5.2
60
2.7
40

20 3942

0
Arch Auto Trading profit
6.0

4.0

2.0

0.0

Automotive
Revenues and profits ahead of previous year, despite the fall of light-vehicles sales after the revised eco-car incentives

29 January 2016 FY2016 Quarter 3 Results 14
North America Q3 FY2015 v Q3 FY2016

$m $m
Q3 FY2015
800
Q3 FY2016
Architectural
80 • Strong performance sustained, as architectural markets continue

600

400

200

0
225242
60
4651

40

559 543
20

0
Arch Auto Trading profit
to show growth

Automotive
• Local currency revenues were slightly below the previous year, despite the growth in market volumes

29 January 2016 FY2016 Quarter 3 Results 15
Rest of World Q3 FY2015 v Q3 FY2016

$m $m

800

600

400
Q3 FY2015

391
43
Q3 FY2016

387
61

100

80

60

40
Architectural
Robust demand in South East Asia
Profits in Argentina affected by impact of a cold repair

Automotive

Revenue and profit affected by weak market conditions in South America

200

260 217

Arch Auto Trading profit

29 January 2016 FY2016 Quarter 3 Results 16

Technical Glass Q3 FY2015 v Q3 FY2016

JPY bn JPY bn

Q3 FY2015

20 44

4.1

0.3

Q3 FY2016

6.0

4.0

2.0

Technical Glass

Revenues and profits fell due to challenging competitive environment and production issues in Display
Demand for components used in office printers softened during the third quarter

Volumes of glass cord used in engine timing belts were similar to the previous year

Revenue Trading profit

0.0

29 January 2016 FY2016 Quarter 3 Results 17

FY2016 Q3 Results (from 1 April 2015 to 31 December 2015)

Key Points Financial Results Business Update

Agenda

Forecast and Summary

29 January 2016 FY2016 Quarter 3 Results 18

Revised FY16 Forecast

Original Forecast 655	Previous Forecast 650	New Forecast 650
24	19	19
8	-	1
4	-	(6)
2	-	(8)

(JPY bn)

Revenue Operating profit

Profit before taxation Profit/(loss) for the period

Profit/(loss) attributable to owners of the parent

29 January 2016 FY2016 Quarter 3 Results 19

Revised FY16 Forecast

Trading profit forecast as announced at Q2
- Challenging market conditions expected to persist in display glass business
Difficult market conditions being experienced by Chinese joint ventures and associates
Increased tax charges in Europe, North America and South East Asia resulting from improving Architectural performance

29 January 2016 FY2016 Quarter 3 Results 20
Summary
Trading profit improving from previous quarters
Challenging competitive environment in Display business
Indications of improving outlook in Europe
Improved performance in Japan
Performance in North America and South East Asia remains strong
Difficult market conditions persist in South America
Update of FY16 forecast of profit before taxation, loss for the period, and loss attributable to shareholders

29 January 2016 FY2016 Quarter 3 Results 21

Notice

The projections contained in this document are based on information currently

available to us and certain assumptions that we consider to be reasonable. Hence the actual results may differ. The major factors that may affect the results are the economic environment in major markets (such as Europe, Japan, the U.S. and Asia), product supply/demand shifts, and currency exchange fluctuations.

Nippon Sheet Glass Co., Ltd.

29 January 2016 FY2016 Quarter 3 Results 22

Appendices

29 January 2016 FY2016 Quarter 3 Results 23

Revenue by Business Q3 FY2016

(JPY bn)	Europe	Japan	North America	Rest of World	Total
Architectural	70.7	53.9	29.6	47.3	201.5
Automotive	104.7	42.2	66.3	26.5	239.7
Technical Glass	6.0	17.8	0.9	13.1	37.8
Others	0.1	0.5	0.0	0.0	0.6
Total	181.5	114.4	96.8	86.9	479.6

29 January 2016 FY2016 Quarter 3 Results 24

Trading profit Q3 FY2016

(JPY bn)	Architectural	Automotive	Technical Glass	Other	Total
Trading profit	16.7	5.0	0.3	(5.4)	16.6

(JPY bn)	Europe	Japan	North America	Rest of World	Total
Trading profit	1.9	1.0	6.1	7.6	16.6

29 January 2016 FY2016 Quarter 3 Results 25

Assumptions

Q3 FY2015 Average rates used:	Q3 FY2016
JPY/GBP 176	187
JPY/EUR 141	135
JPY/USD 107	122
Closing rates used: JPY/GBP 187	179
JPY/EUR 145	133
JPY/USD 121	121
29 January 2016 FY2016 Quarter 3 Results	26

GROUP

NSG - Nippon Sheet Glass Co. Ltd. issued this content on 29 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 29 January 2016 06:27:22 UTC

Original Document: http://www.nsg.com/~/media/NSG/Site Content/ir/IR Presentations/3rdQuarterPresentations2016_E01.ashx

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Company Profile

Nippon Sheet Glass Company, Limited is mainly engaged in the manufacture and sale of glass products. The Company operates in four business segments. The Construction Glass segment provides sheet glass for construction material market and processed glass for interior and exterior uses. The Automobile Glass segment offers glass products for new automobile assembly and repair uses. The Functional Glass segment offers thin sheet glass for small displays, printer lens and optical components, as well as glass fiber products, such as battery separators and engine timing belt materials. The Other segment is involved in corporate management and other small businesses.

Sector

Construction Supplies & Fixtures

Calendar

2024-05-09 - Q4 2023 Earnings Release

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Income Statement Evolution

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Ratings for Nippon Sheet Glass Company, Limited

Trading Rating

Investor Rating

ESG Refinitiv

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Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

514 JPY

Average target price

622.5 JPY

Spread / Average Target

+21.11%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Construction Supplies & Fixtures

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