Nov 2, 2023

Corporate Name: AGC Inc.

(Code Number: 5201; TSE Prime Market)

(URL: https://www.agc.com)

President & CEO: Yoshinori Hirai

Contact: Chikako Ogawa, General Manager,

Corporate Communications & Investor Relations Division

(Tel: +81-3-3218-5603)

Consolidated Financial Results for the Nine Months ended September 30, 2023 (IFRS basis)

(Figures are rounded down to the nearest million)

1. Financial Results for the Nine months ended September 30, 2023 (January 1 through September 30, 2023)

(1) Consolidated operating results

(% represents the change from the same period in the previous fiscal year)

For the Nine months ended

For the Nine months ended

September 30, 2023

September 30, 2022

Millions of yen

%

Millions of yen

%

Net sales

1,483,817

(1.0)

1,498,850

21.5

Operating profit

95,534

(37.2)

152,094

2.5

Profit before tax

99,212

(40.0)

165,227

(10.7)

Profit for the period

72,295

(44.0)

129,117

(16.0)

Profit for the period attributable to owners of the parent

57,540

(41.7)

98,754

(23.7)

Total comprehensive income for the period

203,024

(36.9)

321,984

38.1

Basic earnings per share (yen)

264.97

445.56

Diluted earnings per share (yen)

264.33

444.28

(2) Consolidated financial position

FY2023 third quarter

FY2022

(as of September 30, 2023)

(as of December 31, 2022)

Total assets (millions of yen)

2,987,645

2,814,029

Total equity (millions of yen)

1,675,688

1,585,590

Equity attributable to owners of the parent

1,464,775

1,390,254

(millions of yen)

Equity attributable to owners of the parent ratio (%)

49.0

49.4

2. Dividends

(Unit: yen)

FY2022

FY2023

FY2023 (forecast)

End of first quarter

-

-

――――

End of second quarter

105.00

105.00

――――

End of third quarter

-

-

――――

End of fiscal year

105.00

――――

105.00

Total

210.00

――――

210.00

Note: Revision of the dividends forecast from the latest official forecast: No

3. Forecast for FY2023 (January 1 through December 31, 2023)

(% represents the change from the same period in the previous fiscal year)

Full year

Millions of yen

%

Net sales

2,050,000

0.7

Operating profit

150,000

(18.5)

Profit before tax

107,000

82.9

Profit for the period

78,000

246.6

Profit for the period attributable to owners of the parent

59,000

-

Basic earnings per share (yen)

273.15

Note: Revision of the forecast for FY2023 consolidated operating results from the latest official forecast: No

*Notes

(1) Changes in significant subsidiaries during the period

(Changes in specified subsidiaries resulting in changes in scope of consolidation): Yes

Exclusion: 1 (Company name:AGC Flat Glass (Dalian) Inc. )

(2) Changes in Accounting Policies and Changes in Accounting Estimates

  1. Changes in accounting policies required by IFRS: Yes
  2. Changes in accounting policies other than "i" above: No
  3. Changes in accounting estimates: No

Note: For details, please refer to "1. Condensed Interim Consolidated Financial Statements (IFRS) and major notes (5) Notes to the Condensed Interim Consolidated Financial Statements, (Changes in Accounting Policies)" on page 10.

(3) Number of shares issued (common share)

  1. Number of shares issued (including treasury share) at the end of the period

-FY2023 third quarter (as of September 30, 2023):

227,441,381

-FY2022 (as of December 31, 2022):

227,441,381

ii.

Number of treasury share at the end of the period

-FY2023 third quarter (as of September 30, 2023):

15,281,766

-FY2022 (as of December 31, 2022):

5,383,924

  1. Average number of shares issued during the period

-For the nine months ended September 30, 2023:

217,159,133

-For the nine months ended September 30, 2022:

221,640,317

*This interim consolidated financial statement is outside the scope of quarterly review procedures.

*Appropriate Use of Forecast and Other Information and Other Matters

The above forecast is the assumptions of the Group's management on the basis of currently available information and, as such, contain risks and uncertainties. For this reason, investors are advised not to base investment decisions solely on these prospective results. Please note that actual results may materially differ from the projection due to such various factors as business and market environment the Group is active in, currency exchange rate fluctuations, and others.

*Supplementary Material for the Quarterly Financial Results

Supplementary material (Financial Results for the Nine months ended September 30, FY2023) will be published today on TD-net for viewing in Japan, and on our Website.

(Attached Documents)

INDEX

1. Condensed Interim Consolidated Financial Statements (IFRS) and major notes

2

(1)

Condensed Interim Consolidated Statements of Financial Position

2

(2)

Condensed Interim Consolidated Statements of Profit or Loss and Consolidated Statements of

3

Comprehensive Income

(Condensed Interim Consolidated Statements of Profit or Loss)

3

(Condensed Interim Consolidated Statements of Comprehensive Income)

4

(3)

Condensed Interim Consolidated Statements of Changes in Equity

5

(4)

Condensed Interim Consolidated Statements of Cash Flows

9

(5)

Notes to the Condensed Interim Consolidated Financial Statements

10

(Notes regarding assumption of a going concern)

10

(Changes in Accounting Policies)

10

(Significant Accounting Policies)

10

(Changes in Accounting Estimates)

10

(Segment Information)

11

(Other Income and Other Expenses)

13

(Significant Subsequent Events)

13

- 1 -

1. Condensed Interim Consolidated Financial Statements (IFRS) and major notes

(1) Condensed Interim Consolidated Statements of Financial Position

(Unit: millions of yen)

FY2022

FY2023 third quarter

(as of December 31, 2022)

(as of September 30, 2023)

Assets

Current assets

Cash and cash equivalents

209,716

163,850

Trade receivables

315,808

350,461

Inventories

436,516

473,624

Other receivables

60,614

49,884

Income tax receivables

5,094

12,987

Other current assets

35,260

38,014

Total current assets

1,063,009

1,088,824

Non-current assets

Property, plant and equipment

1,350,769

1,453,135

Goodwill

92,768

102,196

Intangible assets

71,290

73,173

Investments accounted for using equity method

24,609

27,113

Other financial assets

94,075

94,720

Deferred tax assets

40,778

42,133

Other non-current assets

76,728

106,348

Total non-current assets

1,751,019

1,898,821

Total assets

2,814,029

2,987,645

Liabilities and equity

Liabilities

Current liabilities

Trade payables

214,332

207,202

Short-terminterest-bearing debt

69,750

173,802

Long-terminterest-bearing debt due within one year

122,254

124,594

Other payables

211,855

226,812

Income tax payables

27,283

13,426

Provisions

1,310

2,491

Other current liabilities

23,211

24,986

Total current liabilities

669,999

773,315

Non-current liabilities

Long-terminterest-bearing debt

458,237

434,638

Deferred tax liabilities

28,851

34,164

Post-employment benefit liabilities

45,578

49,209

Provisions

17,783

12,370

Other non-current liabilities

7,989

8,259

Total non-current liabilities

558,439

538,641

Total liabilities

1,228,439

1,311,957

Equity

Share capital

90,873

90,873

Capital surplus

97,094

97,085

Retained earnings

889,827

908,911

Treasury shares

(26,586)

(76,038)

Other components of equity

339,046

443,942

Total equity attributable to owners of the parent

1,390,254

1,464,775

Non-controlling interests

195,335

210,913

Total equity

1,585,590

1,675,688

Total liabilities and equity

2,814,029

2,987,645

- 2 -

  1. Condensed Interim Consolidated Statements of Profit or Loss and Consolidated Statements of Comprehensive Income
    (Condensed Interim Consolidated Statements of Profit or Loss)

(Unit: millions of yen)

For the nine months

For the nine months

ended September 30, 2022

ended September 30, 2023

(Jan. 1 through Sep. 30, 2022)

(Jan. 1 through Sep. 30, 2023)

Net sales

1,498,850

1,483,817

Cost of sales

(1,093,791)

(1,128,518)

Gross profit

405,059

355,298

Selling, general and administrative expenses

(254,893)

(261,334)

Share of profit (loss) of associates and joint ventures

1,928

1,570

accounted for using equity method

Operating profit

152,094

95,534

Other income

25,560

20,229

Other expenses

(13,928)

(14,800)

Business profit

163,726

100,964

Finance income

7,329

13,087

Finance costs

(5,828)

(14,839)

Net finance income (costs)

1,501

(1,752)

Profit before tax

165,227

99,212

Income tax expenses

(36,110)

(26,916)

Profit for the period

129,117

72,295

Attributable to:

Owners of the parent

98,754

57,540

Non-controlling interests

30,362

14,754

Earnings per share

Basic earnings per share (yen)

445.56

264.97

Diluted earnings per share (yen)

444.28

264.33

- 3 -

(Condensed Interim Consolidated Statements of Comprehensive Income)

(Unit: millions of yen)

For the nine months

For the nine months

ended September 30, 2022

ended September 30, 2023

(Jan. 1 through Sep. 30, 2022)

(Jan. 1 through Sep. 30, 2023)

Profit for the period

129,117

72,295

Other comprehensive income

Components of other comprehensive income that

will not be reclassified to profit or loss, net of tax

Remeasurements of defined benefit plans

(10,771)

17,092

Net change in revaluation of financial assets

3,072

10,807

measured at FVTOCI (Note)

Share of other comprehensive income of

associates and joint ventures accounted for using

11

(9)

equity method

Total

(7,687)

27,890

Components of other comprehensive income that

will be reclassified to profit or loss, net of tax

Cash flow hedges

7,795

(3,468)

Exchange differences on translation of foreign

192,758

106,307

operations

Total

200,553

102,838

Other comprehensive income, net of tax

192,866

130,729

Total comprehensive income for the period

321,984

203,024

Attributable to:

Owners of the parent

262,181

170,179

Non-controlling interests

59,802

32,844

(Note) FVTOCI: Fair Value Through Other Comprehensive Income

- 4 -

  1. Condensed Interim Consolidated Statements of Changes in Equity For the nine months ended September 30, 2022

(Unit: millions of yen)

Equity attributable to owners of the parent

Other components of equity

Net change in

Share

Capital

Retained

Treasury

Remeasureme

revaluation of

capital

surplus

earnings

shares

financial

nts of defined

assets

benefit plans

measured at

FVTOCI (Note)

Balance as of January 1, 2022

90,873

81,621

927,830

(26,933)

(6,927)

43,896

Changes in equity

Comprehensive income

Profit for the period

-

-

98,754

-

-

-

Other comprehensive income

-

-

-

-

(11,049)

3,089

Total comprehensive income for

-

-

98,754

-

(11,049)

3,089

the period

Transactions with owners

Dividends

-

-

(52,162)

-

-

-

Acquisition of treasury shares

-

-

-

(338)

-

-

Disposal of treasury shares

-

-

(181)

574

-

-

Changes in ownership interests

in subsidiaries that do not

-

7,702

-

-

96

(0)

result in loss of control

Transfer from other

components of equity to

-

-

13,644

-

-

(13,644)

retained earnings

Share-based payment

-

(34)

-

-

-

-

transactions

Others (business combinations

-

(1,730)

-

-

-

-

and others)

Total transactions with owners

-

5,937

(38,699)

235

96

(13,644)

Balance as of September 30, 2022

90,873

87,559

987,885

(26,697)

(17,879)

33,342

(Note) FVTOCI: Fair Value Through Other Comprehensive Income

- 5 -

For the nine months ended September 30, 2022

(Unit: millions of yen)

Equity attributable to owners of the parent

Other components of equity

Non-

Exchange

controlling

Total equity

Cash flow

differences on

Total

Total

interests

hedges

translation of

foreign

operations

Balance as of January 1, 2022

4,952

198,847

240,769

1,314,161

167,219

1,481,380

Changes in equity

Comprehensive income

Profit for the period

-

-

-

98,754

30,362

129,117

Other comprehensive income

7,373

164,012

163,426

163,426

29,439

192,866

Total comprehensive income for

7,373

164,012

163,426

262,181

59,802

321,984

the period

Transactions with owners

Dividends

-

-

-

(52,162)

(12,758)

(64,921)

Acquisition of treasury shares

-

-

-

(338)

-

(338)

Disposal of treasury shares

-

-

-

393

-

393

Changes in ownership interests

in subsidiaries that do not

-

(3,161)

(3,064)

4,637

(1,336)

3,300

result in loss of control

Transfer from other

components of equity to

-

-

(13,644)

-

-

-

retained earnings

Share-based payment

-

-

-

(34)

-

(34)

transactions

Others (business combinations

-

-

-

(1,730)

-

(1,730)

and others)

Total transactions with owners

-

(3,161)

(16,709)

(49,235)

(14,094)

(63,330)

Balance as of September 30, 2022

12,326

359,697

387,487

1,527,107

212,926

1,740,034

- 6 -

For the nine months ended September 30, 2023

(Unit: millions of yen)

Equity attributable to owners of the parent

Other components of equity

Net change in

Share

Capital

Retained

Treasury

Remeasureme

revaluation of

capital

surplus

earnings

shares

financial

nts of defined

assets

benefit plans

measured at

FVTOCI (Note)

Balance as of January 1, 2023

90,873

97,094

889,827

(26,586)

9,405

27,294

Changes in equity

Comprehensive income

Profit for the period

-

-

57,540

-

-

-

Other comprehensive income

-

-

-

-

17,448

10,788

Total comprehensive income for

-

-

57,540

-

17,448

10,788

the period

Transactions with owners

Dividends

-

-

(45,982)

-

-

-

Acquisition of treasury shares

-

-

-

(50,015)

-

-

Disposal of treasury shares

-

-

(216)

563

-

-

Changes in ownership interests

in subsidiaries that do not

-

(108)

-

-

-

-

result in loss of control

Transfer from other

components of equity to

-

-

7,743

-

-

(7,743)

retained earnings

Share-based payment

-

109

-

-

-

-

transactions

Others (business combinations

-

(9)

-

-

-

-

and others)

Total transactions with owners

-

(8)

(38,456)

(49,451)

-

(7,743)

Balance as of September 30, 2023

90,873

97,085

908,911

(76,038)

26,854

30,339

(Note) FVTOCI: Fair Value Through Other Comprehensive Income

- 7 -

For the nine months ended September 30, 2023

(Unit: millions of yen)

Equity attributable to owners of the parent

Other components of equity

Non-

Exchange

controlling

Total equity

Cash flow

differences on

Total

Total

interests

hedges

translation of

foreign

operations

Balance as of January 1, 2023

2,321

300,024

339,046

1,390,254

195,335

1,585,590

Changes in equity

Comprehensive income

Profit for the period

-

-

-

57,540

14,754

72,295

Other comprehensive income

(3,396)

87,799

112,639

112,639

18,090

130,729

Total comprehensive income for

(3,396)

87,799

112,639

170,179

32,844

203,024

the period

Transactions with owners

Dividends

-

-

-

(45,982)

(16,083)

(62,066)

Acquisition of treasury shares

-

-

-

(50,015)

-

(50,015)

Disposal of treasury shares

-

-

-

346

-

346

Changes in ownership interests

in subsidiaries that do not

-

-

-

(108)

(1,183)

(1,291)

result in loss of control

Transfer from other

components of equity to

-

-

(7,743)

-

-

-

retained earnings

Share-based payment

-

-

-

109

-

109

transactions

Others (business combinations

-

-

-

(9)

-

(9)

and others)

Total transactions with owners

-

-

(7,743)

(95,659)

(17,266)

(112,926)

Balance as of September 30, 2023

(1,075)

387,823

443,942

1,464,775

210,913

1,675,688

- 8 -

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AGC - Asahi Glass Co. Ltd. published this content on 02 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2023 06:02:50 UTC.