Nippon Sheet Glass : FY2016 Full-Year Results Presentation

ec5aedc9-f783-4f49-90ed-858ec1bc4b4f.pdf

GROUP

NSG Group FY2016 Annual Results

(from 1 April 2015 to 31 March 2016)

Nippon Sheet Glass Co., Ltd.

13 May 2016

Shigeki Mori

Chief Executive Officer

Clemens Miller

Chief Operating Officer

Kenichi Morooka

Chief Financial Officer

13 May 2016 FY2016 Annual Results 3

FY2016 Annual Results

(from 1 April 2015 to 31 March 2016)

Financial Results Business Update FY2017 Forecast

Agenda

Medium-term Plan Update

Summary

13 May 2016 FY2016 Annual Results 4

FY2016 Annual Results

(from 1 April 2015 to 31 March 2016)

Financial Results Business Update FY2017 Forecast

Agenda

Medium-term Plan Update

Summary

13 May 2016 FY2016 Annual Results 5

Key Points - April 2015 to March 2016

• Trading profit continues to improve, as improved Architectural results covered reduction in profitability in Display

• Exceptional losses reflect market conditions in Display and demand downturns in emerging markets

• Improving market outlook in Europe

• Performance improved in Japan

• Architectural maintained its strong performance in North

  America and South East Asia

• Automotive continues to suffer from difficult market conditions in South America

13 May 2016 FY2016 Annual Results 6

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

** 1.7% based on constant exchange rates

FY2016 629.2	FY2015 626.7
27.2 (7.8)	25.2 (8.4)
19.4	16.8
(35.1) (18.2) (3.5)	5.5 (17.9) 0.4
(37.4)	4.8
(47.5)	2.9
(49.8)	1.7
60.3	57.9

Change from FY2015

0%**

8%

4%

Trading profit showing steady improvement

13 May 2016 FY2016 Annual Results 7

Change Analysis

Trading profit

30 FY2015

25

20

15

10

5

Total	Sales Vol/Mix	Selling Prices	Input Costs	Other	Total
JPY bn	25.2	(5.1)	1.6	6.2	(0.7)	27.2

0

FY2016

Improvement in Architectural and lower input costs covered Display

13 May 2016 FY2016 Annual Results 8

FY2016	FY2015
0.2	5.1
-	13.3
(12.7)	(0.6)
(6.9)	-
(5.2)	(2.1)
(4.7)	(1.3)
(4.3)	(8.9)
(1.5)	-
(35.1)	5.5

Exceptional Items

(JPY bn)

Gain on disposal of non-current assets Gain on reclassification of investments Impairments of non-current assets Impairments of goodwill

Impairments of investment in affiliates Settlement of litigation matters Restructuring costs

Other items

Exceptional losses due to emerging markets and Display business

13 May 2016 FY2016 Annual Results 9

Consolidated Cash Flow Summary

(JPY bn)	FY2016	FY2015	FY2014	FY2013
Profit/(loss) for the period	(47.5)	2.9	(15.5)	(33.5)
Depreciation and amortization	40.9	41.7	40.4	36.6
Impairment	24.9	3.5	3.6	9.1
Tax paid	(3.8)	(4.2)	(3.7)	(6.0)
Gain on sale of property, plant and equipment	(0.3)	(5.2)	(0.6)	(0.9)
Gain on reclassification of investment	-	(13.3)	-	-
Others	10.5	(14.7)	(21.5)	(12.8)
Net operating cash flows before movement in working capital	24.7	10.7	2.7	(7.5)
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	(2.9)	13.9	15.2	21.7
	21.8	24.6	17.9	14.2
	(28.2)	(32.6)	(25.7)	(25.6)
	1.8	9.4	8.6	18.6
	(26.4)	(23.2)	(17.1)	(7.0)
	(4.6)	1.4	0.8	7.2

Improvement in sustainable operating cash flow continues

13 May 2016 FY2016 Annual Results 10

Key Performance Indicators

31-Mar-16 31-Mar-15 31-Mar-14

Net Debt (JPY bn) 381 374 379

Net Debt/EBITDA 6.3x 6.5x 7.0x

Net Debt/Equity Ratio 3.4 2.0 2.0

FY2016 FY2015 FY2014

EBITDA Interest Cover 3.6x 3.7x 3.7x Operating Return* on Sales 4.3% 4.0% 3.7%

* trading profit

Steady improvement in key Net Debt/EBITA ratio

13 May 2016 FY2016 Annual Results 11

FY2016 Annual Results

(from 1 April 2015 to 31 March 2016)

Financial Results Business Update FY2017 Forecast

Agenda

Medium-term plan Update

Summary

13 May 2016 FY2016 Annual Results 12

External Revenue - Group Businesses

¥ 629.2 billion

Auto

North America 14%

Auto Japan

Auto - ROW 5%

Technical 8%

Architectural

Europe

15%

Architectural Japan 11%

9%

Auto Europe 22%

Architectural North America 6%

Architectural - ROW 10%

FY2016

Diversified geographical coverage

13 May 2016 FY2016 Annual Results 13

Europe

FY2015 v FY2016

2,000

1,500

1,000

500

0

€m €m

FY2015 FY2016

678698

51 49

1,0291,056

Arch Auto Trading profit

100

80

60

40

20

0

Architectural

• Increased demand leading to an

  improved pricing environment

• Profits benefitted from lower input costs, but negatively affected by a cold repair

  Automotive

• Western Europe light-vehicle sales indicating a sustainable market recovery

• Robust volumes in AGR

  Improving market outlook

  13 May 2016 FY2016 Annual Results 14

  Japan

  FY2015 v FY2016

  JPY bn JPY bn

  FY2015 FY2016

  150 10.0

  Architectural

• Results improved with increased prices and lower input costs

  100

  50

  68 4.6

  7.3

  71

  8.0

  6.0

  4.0

  Automotive

  • Revenues and profits above previous year, despite the fall of light-vehicles sales following revised eco-car incentives

    5456

    2.0

    0

    Arch Auto Trading profit

    0.0

    Performance improved despite modest market conditions

    13 May 2016 FY2016 Annual Results 15

    North America

    FY2015 v FY2016

    1,200

    1,000

    800

    600

    400

    200

    0

    $m $m

    FY2015 FY2016

    302328

    6379

    730 726

    Arch Auto Trading profit

    120

    100

    80

    60

    40

    20

    0

    Architectural

  • Revenues and profits improved, as volumes increased with strong domestic demand

    Automotive

  • OE revenues in local currency ahead of previous year as market continues to strengthen, but AGR revenues fell

    Markets maintaining their strength

    13 May 2016 FY2016 Annual Results 16

    Rest of World

    FY2015 v FY2016

    1,000

    800

    600

    400

    200

    0

    $m $m

    FY2015 FY2016

    516 506

    93

    70

    335 278

    Arch Auto Trading profit

    150

    100

    50

    0

    Architectural

  • Profits in South America improved despite a challenging economic environment and a cold repair

  • Robust demand in South East Asia

    Automotive

  • Profits affected by significant decrease in Brazilian light-vehicle sales, as weak market conditions persist

    Improvement in profitability

    13 May 2016 FY2016 Annual Results 17

    Technical Glass

    FY2015 v FY2016

    JPY bn JPY bn

    FY2015 FY2016

    Technical Glass

    60

    50

    59

    40

    304.9

    20

    10

    50

    0.3

    8.0

    6.0

    4.0

    2.0

    • Display revenues and profits deteriorated due to challenging competitive environment

    • Demand for components used in office printers softened

    • Volumes of glass cord used in engine timing belts were robust, as European automotive markets strengthened

      0

      Revenue Trading profit

      0.0

      Extremely difficult market conditions in Display

      13 May 2016 FY2016 Annual Results 18

      Joint Ventures and Associates

      FY2016 v FY2015

      (JPY bn)

      FY2016 FY2015

      Share of post-tax profits/(losses) (3.5) 0.4

      • Profits stable at Cebrace, the Group's joint venture in Brazil

      • Improved performance, but continued losses in the Group's Russian joint venture

      • Group's Chinese affiliates suffered with deteriorating results

Demand downturns in Russia and China

13 May 2016 FY2016 Annual Results 19

FY2016 Annual Results

(from 1 April 2015 to 31 March 2016)

Financial Results Business Update FY2017 Forecast

Agenda

Medium-term Plan Update

Summary

13 May 2016 FY2016 Annual Results 20

FY2016 Management Review

FY2016:

• Posted a significant amount of one-off losses, reflecting intensified competitive market situation in Display, and demand downturns in emerging markets

• Continued to improve trading profit of core businesses

  following recent restructuring and cost reduction measures

• Made steady progress in the shift to "VA Glass Company" as described in the Medium-term Plan, (MTP) with increased ratio of value-added products

  FY2017:

• To maintain the strategic approach to increase profit through business improvement and shift to value-added products and services and to focus on accelerating growth strategies.

Strategic approach to remain unchanged to improve profit in FY2017

13 May 2016 FY2016 Annual Results 21

Forecast FY2017 620.0	A ctuals FY2016 629.2
34.0 (3.0)	27.2 (7.8)
31.0	19.4
1.0 (18.0) 1.0	(35.1) (18.2) (3.5)
15.0	(37.4)
7.0	(47.5)
5.0	(49.8)

FY2017 Forecast

(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

• Amortization arising from the acquisition of Pilkington plc only

  Bottom line profit expected to be positive in FY2017

  13 May 2016

  FY2016 Annual Results 22

  FY2017 Forecast and Actions

  • Europe: Gradual recovery in both Architectural and Automotive markets

    • Further reduction of cost base and operational improvement in low-profit facilities, and drive an increase in the VA ratio

  • Japan: Architectural markets stable, and Automotive markets to

    be slightly weaker

    • Increased sales of VA products

  • North America: Robust Architectural and Automotive markets

    • Automotive to focus on operational improvement and AGR

      recovery

  • South America: Architectural markets remain at same level, Automotive markets expected to be at a low level

    • Effect of restructuring in Automotive to be realized

  • South East Asia: VA products to remain strong

  • Technical Glass: Display continues to be sluggish, lenses expected to be impacted by strong Japanese Yen, while other businesses expected to increase sales

  • Joint ventures and Associates: Brazilian market to remain at same level

Necessary actions to be taken for each market

13 May 2016

FY2016 Annual Results 23

Plans and Approaches Going Forward

• Operating Profit: JPY 12 billion improvement (yoy)

  • Benefits from reducing loss making activities

  • Continued profitability recovery in core businesses

  • Reduction in amortization

• Exceptional Items and JVs & Associates

  • Gain on assets liquidation and efficiency improvement costs anticipated

  • Profits of JVs & Associates to improve JPY 4 billion (yoy)

• Aim to establish more stable and robust business

  • To generate free cash flow more than JPY 10 billion

  • To continuously review the Group's cost base

  • To reinforce R&D by "selection and focus"

    Aim for stable profitability with operating profit and other improvements

    13 May 2016

    FY2016 Annual Results 24

    FY2016 Annual Results

    (from 1 April 2015 to 31 March 2016)

    Financial Results Business Update FY2017 Forecast

    Agenda

    Medium-term Plan Update

    Summary

    13 May 2016 FY2016 Annual Results 25

    MTP - Target and Action Plan

    • Target

      • Achieve financial sustainability

      • Start transformation into a VA Glass Company

    • Financial Target (FY2018)

      • Net debt / EBITDA : 3x

         ROS: 8%*

    • Action Plans to achieve targets

      • Increase in value-added product share

      • Maximize utilization of existing assets

    • Approach

      • Architectural + Automotive : improve profitability

      • Technical Glass: grow with existing businesses and new products, focus on R&D

*Operating Profit before amortization and exceptionals

Establish financial sustainability and start transformation into

VA Glass Company

13 May 2016 FY2016 Annual Results 26

MTP - Progress

Trading profit (JPY bn)

ROS (Target 8%)

Net Debt (JPY bn)

Net Debt/EBITDA

(Target x3)

30

25 3.7%

20

15 22.4

10

5

4.0%

25.2

4.3% 5%

4%

27.2

3%

2%

1%

400

300

200

100

7.0

6.5

379 374

381

6.3

8.0

6.0

4.0

2.0

0

FY14 FY15 FY16

0% 0

FY14 FY15 FY16

0.0

• Trading profit improved in two consecutive years (FY2015 and FY2016)

  • Trading profit is showing an improving trend

• Net debt/EBITDA and ROS ratios show improvement, while net debt

flat

Financial KPIs showing modest improvement

13 May 2016 FY2016 Annual Results 27

Upsides and Downsides against MTP

Down sides

• Market Assumptions：

  • Lower volume & prices in Europe and South America

  • More challenging Display glass market with new entrants

• Cost: Slower operational efficiency improvement in Automotive North America and Europe

Up sides

• VA Ratio: Architectural Glass on plan but delayed in Display. Overall on plan

  • FY14: about 33% => FY16: slightly below 40%

• Market: North America Architectural markets robust

• Input cost: Significantly lower energy cost

Downturns in some markets and delays in efficiency improvement but VA shift on schedule; benefits from lower energy cost

13 May 2016 FY2016 Annual Results 28

Actions Taken

Actions taken in key issue areas

• Display:

  • Mothballing of thin glass float line in Vietnam

    Aimed for inventory and fixed cost reduction and better

    utilization of the line in Japan

  • Sales expansion of value-added new composition glass, glanovaTM

• Automotive Glass in South America:

  • Consolidation of two Automotive sites in Brazil Aimed for fixed cost reduction

  • Aftermarket development

• Automotive Glass in Europe and North America:

  • Focused on operational efficiency and productivity recovery

    and VA products sales expansion

    Expansion of VA (value-added) Products (Rf. Appendices)

    Actions taken and VA shift leading to certain progress

    13 May 2016 FY2016 Annual Results 29

    MTP - Strategic Direction

• Preparing for the growth phase by VA shift acceleration and reinforced R&D by "selection and focus"

• Expediting productivity improvement

• Overhead cost reduction in coming two years

• Steady reduction of net debt and finance cost with asset liquidation, solid management of working capital and capital expenditure, and operating cash flow increase.

  No change to strategic direction

  13 May 2016 FY2016 Annual Results 30

  Key Approaches by Business

  Architectural Provide value through

  glass expertise to meet expanding market needs

  Shift from commodity to VA

  Automotive

  (OE) Expand VA products adapting to car technology evolution

  (AGR) Create new growth by

  providing good services

  Excellent Gemba + VA shift

  Unique

  service values

  Technical Create new growth in Glass ICT and various

  industrial fields

  R&D

  Marketing

  13 May 2016 FY2016 Annual Results 31

  MTP - Next Steps

• Financial KPIs showing modest improvement

• Acceleration is necessary

• The Group will perform an assessment of its performance against its MTP and consider any actions that now need to be taken to ensure that the Group continues to move towards achievement of its MTP objectives

• The results of this assessment are expected to be communicated alongside the Group's second quarter results for FY2017

More specific explanation at FY2017 Q2 announcement

13 May 2016 FY2016 Annual Results 32

FY2016 Annual Results

(from 1 April 2015 to 31 March 2016)

Financial Results Business Update FY2017 Forecast

Agenda

Medium-term Plan Update

Summary

13 May 2016 FY2016 Annual Results 33

Summary

• Trading profit continues to improve, as improved Architectural results covered reduction in profitability in Display

• Exceptional losses reflect market conditions in Display and demand downturns in emerging markets

• Forecast FY2017 operating profit to improve by 12 billion yen, reflecting the exit from loss-making activities, profitability improvements in core businesses, and

  a reduction in amortization of intangible assets

• Comprehensive update of the Medium-term Plan (MTP) to be communicated alongside the FY2017 Q2 results

  13 May 2016 FY2016 Annual Results 34

  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.

  13 May 2016 FY2016 Annual Results 35

  Appendices

  13 May 2016 FY2016 Annual Results 36

  Revenue by Business

  FY2016 v FY2015

  (JPY bn)	FY 2016	FY 2015	Change from FY 2015
  Architectural	262.6	252.9	9.7
  Europe	92.2	94.5	(2.3)
  Japan	70.5	68.4	2.1
  North America	39.3	33.2	6.1
  Rest of World	60.6	56.8	3.8
  Automotive	316.3	314.0	2.3
  Europe	139.5	143.4	(3.9)
  Japan	56.4	53.5	2.9
  North America	87.0	80.3	6.7
  Rest of World	33.4	36.8	(3.4)
  Technical	49.5	58.7	(9.2)
  Europe	8.0	8.0	0.0
  Japan	24.5	31.5	(7.0)
  North America	1.2	1.2	0.0
  Rest of World	15.8	18.0	(2.2)
  Other Operations	0.8	1.1	(0.3)
  Europe	0.1	0.1	0.0
  Japan	0.7	1.0	(0.3)
  North America	0.0	0.0	0.0
  Rest of World	0.0	0.0	0.0
  Total	629.2	626.7	2.5

  13 May 2016 FY2016 Annual Results 37

  Trading profit

  FY2016 v FY2015

  (JPY bn)	FY 2016	Change
  		FY 2015	from
  FY 2015
  by SBU
  Architectural	24.6	17.0	7.6
  Automotive	9.8	9.4	0.4
  Technical	0.3	4.9	(4.6)
  Other Operations	(7.5)	(6.1)	(1.4)
  Total	27.2	25.2	2.0
  by Region	5.2	6.0	(0.8)
  Europe
  Japan	1.3	5.0	(3.7)
  North America	9.2	6.5	2.7
  Rest of World	11.5	7.7	3.8
  Total	27.2	25.2	2.0

  13 May 2016 FY2016 Annual Results 38

  FY2016	FY2015	Change from FY 2015
  812.1	920.1	(108.0)
  571.4	653.0	(81.6)
  176.4	206.4	(30.0)
  258.9	293.5	(34.6)
  136.1	153.1	(17.0)
  240.7	267.1	(26.4)
  55.1	67.7	(12.6)
  185.6	199.4	(13.8)
  700.1	734.1	(34.0)
  285.9	266.9	19.0
  143.5	115.2	28.3
  142.4	151.7	(9.3)
  414.2	467.2	(53.0)
  293.4	327.5	(34.1)
  120.8	139.7	(18.9)
  112.0	186.0	(74.0)
  103.1	175.7	(72.6)
  8.9	10.3	(1.4)
  812.1	920.1	(108.0)

  Consolidated Balance Sheet

  (JPY bn)

  Assets

  Non-current assets Goodwill & intangible assets Property, plant and equipment Other

  Current assets

  Cash and cash equivalents Other

  Liabilities

  Current liabilities Financial liabilities Other

  Non-current liabilities

  Financial liabilities Other

  Equity

  Shareholders' equity Non-controlling interests

  Total liabilities and equity

  13 May 2016 FY2016 Annual Results 39

  Depreciation & Amortization, CAPEX

  (JPY bn)	FY 2012	FY 2013	FY 2014	FY 2015	FY 2016
  Depreciation and Amortization	38.7	36.6	40.4	41.7	40.9
  Capital expenditures	34.7	26.0	31.6	36.6	28.2
  R&D expenditures	8.0	7.3	7.9	8.2	9.8

  13 May 2016 FY2016 Annual Results 40

  Average rates used:	FY2015	FY2016	FY2017 Forecast
  JPY/GBP	177	181	160
  JPY/USD	110	120	110
  JPY/EUR	139	132	130
  Closing rates used: JPY/GBP	178	161
  JPY/USD	120	113
  JPY/EUR	130	127
  13 May 2016	FY2016 Annual Results

  Assumptions

  41

  EU Economic Indices - Architectural

  Production output stabilised in 2013 but at a low level; a mixed picture but

  majority EU countries seen a higher output in 2015 compared to 2014

  13 May 2016 FY2016 Annual Results 42

  EU Economic Indices - Architectural

  Production output stabilised in 2013 but at a low level; a mixed picture but

  majority EU countries seen a higher output in 2015 compared to 2014

  13 May 2016 FY2016 Annual Results 43

  EU Economic Indices - Automotive

  Western Europe Light Vehicle Build

  Millions

  16.00

  15.00

  14.00

  13.00

  12.00

  11.00

  10.00

  2007 2008 2009 2010 2011 2012 2013 2014 2015

  Calendar Year

  Source: : IHS Apr 2015, LMC Mar 2015

  13 May 2016 FY2016 Annual Results 44

  Long-term Strategic Vision

  VA Glass Company

  Our aim is to:

  • Consolidate our trusted reputation as a glass specialist

  • Work closely with our customers in a range of global industries to deliver values required by our customers through our products and services

  • Transform our flat glass business, moving from a traditional commodity business model towards one increasingly focused on value-added products and services

Pursue business with focus on value-added products and services

13 May 2016 FY2016 Annual Results 45

Medium-term Plan (MTP)

Achieved

Long-term strategic vision

MTP

• Establishing a sound financial position is the main objective of the next step

• Continue to maintain focus on profit improvement

  • Our restructuring

programs over the past two years have restored profitability

• Increase VA ratio

  Longer term

  • Financial sustainability will establish basis for top-line growth

    Profitability restored Financial SustainabilityGrowth

    FY12 - FY14 Medium Term Plan FY15-FY18

    13 May 2016 FY2016 Annual Results

    Longer term FY19 -

    FY15:Year to 31 March 2015

    46

    Actions Taken

    VA (value-added) Products

    • Architectural Glass

      • Proprietary online coating technology

        Thin film solar, low-e, digital signage, anti-reflection, etc.

      • Vacuum glass (SpaciaTM), OptiwhiteTM, etc.

    • Automotive Glass:

      • Solar control and lightweight glazing, lightweight, Head-up displays, camera censors, functional antennas, etc.

    • Technical Glass:

      • Development of new composition thin glass, glanovaTM, joint development of glass flake, battery separator for Idling Stop- Start, High Tensile Strength glasscord, etc.

13 May 2016 FY2016 Annual Results 47

Brief Guide to NSG Group

13 May 2016 FY2016 Annual Results 48

NSG Today

• One of the world's largest manufacturers of glass and glazing products for the Architectural, Automotive and Technical Glass sectors

  • World leader in float glass technology and coatings

  • Supplying the world's leading vehicle manufacturers

  • Leading player in thin glass for displays, lenses and light guides for printers and glasscord, etc.

• Principal operations in 28 countries, with sales in over 130 countries

• Ownership/interests in 46 float lines worldwide

• Approximately 27,000 employees globally

(Reference) Consolidated revenue: JPY 629 billion (FY2016)

13 May 2016 FY2016 Annual Results 49

Company History

Nov 1918	Obtained the flat glass technology (Colburn process) rom Libbey-Owens-Ford Glass Corporation of the United States. Established as America Japan Sheet Glass Co., Ltd. with its head office in Osaka.
Jan 1931	Changed the company name to Nippon Sheet Glass Co., Ltd.
Feb 1965	Installed a new float glass manufacturing process at the Maizuru Plant in Kyoto, Japan.
Nov 1968	Developed "SELFOC®" (Joint Development with NEC Corporation).
Nov 1971	Established Malaysian Sheet Glass Sdn Bhd in Malaysia.
Mar 1995	Established Vietnam Float Glass Co., Ltd.
Oct 1997	Developed "Spacia™" vacuum glazing.
Oct 2001	Affiliated with Pilkington Plc. under the equity method.
Jul 2004	Changed the registered address of head office from Osaka to Kaigain, Minato-ku, Tokyo.
Jun 2006	Acquired the remaining 80% equity of Pilkington Plc. and made it a subsidiary.
Feb 2007	Changed the registered address of head office to Mita, Minato-ku, Tokyo.
Jun 2008	Changed the Board to the "Company with Committees" structure.
Apr 2011	Adopted the International Financial Reporting Standards (IFRS).

13 May 2016

FY2016 Annual Results 50

Global Float Operations

Russia 1

1 Ramenskoye

China 15

Changshu, Tianjin and 13 others

UK 1

1St Helens

Poland 1

1 Sandomierz

USA 5

2 Rossford

1. Ottawa

   Germany 4

   2 Gladbeck

2. Weiherhammer

Colombia 1

Italy 2

Japan 4

2 Chiba

2 Maizuru

Vietnam 3

2 Laurinburg

1. Bogota 2 San Salvo

   1 VFG (Bac Ninh)

2. VGI (Ba Ria Vung Tau)

Chile 1

1 Concepcion

Brazil 5

1 Caçapava

1. Barra Velha

   3 Jacarei

   Malaysia 2

2. MSG (Johore Bahru)

13 May 2016

Argentina 1

1 Llavallol

FY2016 Annual Results

Operated by NSG Group 26 Operated by Associates 20 Total 46

(Data : as at FY2015) 51

Global Automotive Operations

Tampere Laitila

Collingwood Rossford Shelbyville Versailles Mexicali

San Salvo Sagunto

Witten

Aken

Sandomierz

Chimielow

Maizuru Tochigi Kyoto

Tianjin

Caçapava

Guilin Sungai Buloh

Vizag

Munro

13 May 2016

FY2016 Annual Results 52

GROUP