Nippon Sheet Glass Company, Limited · TSE:5202
Nippon Sheet Glass — Q3 FY2011 Earnings Presentation
33 slides from Nippon Sheet Glass's earnings presentation, Feb 3, 2011
Slide 1: GROUP
GROUP
Slide 2: NSG Group Cumulative Quarter 3 Results
NSG Group Cumulative Quarter 3 Results (from 1 April 2010 to 31 December 2010) Nippon Sheet Glass Co., Ltd. 3 February 2011 2
Slide 3: Agenda
NSG Group Cumulative Quarter 3 Results (from 1 April 2010 to 31 December 2010) Agenda • Financial Results • Business Update • Summary 3
Slide 4: Key Points - April to December 2010
Key Points - April to December 2010 • Cumulative results reflect challenging but stable market conditions • Joint venture and associates’ performance continues to strengthen • Building Products results reflect improving volumes from previous year • Automotive revenue and profits ahead of last year,
Slide 5: Agenda
NSG Group Cumulative Quarter 3 Results (from 1 April 2010 to 31 December 2010) Agenda • Financial Results • Business Update • Summary 5
Slide 6: Consolidated Income Statement
Consolidated Income Statement Change Cum Q3 Cum Q3 (JPY bn) from Cum FY11 FY10 Q3 FY10 Revenue 435.7 443.9 - 2%** Op.Income before amortization* 24.4 (2.9) Amortization* (12.0) (13.7) Operating income 12.4 (16.6) Non-operating items (5.0) (9.1) Ordinary income 7.4 (25.7) Extraordinary items (1.0) (6
Slide 7: Quarterly Profit Results
Quarterly Profit Results Operating Income Before Amortization* 20 Insurance claims 10 JPY billions 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY09 FY10 FY11 (10) * Amortization arising from the acquisition of Pilkington plc only Results stable , but reflect Q3 seasonality 7
Slide 8: Operating Income Change Analysis
Operating Income Change Analysis Cum Q3 Cum Q3 30 FY10 FY11 25 20 15 10 5 0 (5) Total Sales Selling Input Cost Insurance Total Vol/Mix Prices Costs Savings Claims JPY bn (2.9) 12.7 0.0 0.9 8.9 4.8 24.4 Volumes improved, cost savings continue to be realized 8
Slide 9: Non-operating Items
Non-operating Items Cum Q3 FY11 Cum Q3 FY10 (JPY bn) (JPY bn) Joint ventures and associates 6.3 1.1 Net interest expense (8.2) (9.8) Other income and expenses (3.1) (0.4) (5.0) (9.1) JVs and associates’ performance continues to strengthen 9
Slide 10: Consolidated Cash Flow Summary
Consolidated Cash Flow Summary Cum Q3 FY11 (JPY bn) Income before income taxes 6.4 Depreciation and amortization 36.0 Increase in working capital (6.3) Tax paid (7.0) Others (12.1) Net cash provided by operating activities 17.0 Purchase of fixed assets (18.8) Others 1.8 Net cash used in investing ac
Slide 11: Key Performance Indicators
Key Performance Indicators Key Performance Indicators 31-Dec-10 31-Mar-10 Net Debt (JPY bil) 286 315 Net Debt/EBITDA 4.7x 7.7x Net Debt/Equity Ratio 1.3 1.3 Cum Q3 FY11 Cum Q3 FY10 EBITDA Interest Cover 5.7x 2.6x Operating Return* on Sales 5.6% -0.7% * Before amortization arising from acquisition of
Slide 12: Agenda
NSG Group Cumulative Quarter 3 Results (from 1 April 2010 to 31 December 2010) Agenda • Financial Results • Business Update – Building Products – Automotive – Specialty Glass • Summary 12
Slide 13: External Sales – Group Businesses
External Sales – Group Businesses ¥ 436 billion Specialty 11% Auto - ROW 7% BP Europe 19% Auto Japan 8% BP Auto North America North America 4% 10% BP Japan 14% Auto Europe BP - ROW 21% 6% 13
Slide 14: Building Products
Building Products Cum Q3 FY11 v Cum Q3 FY10 Europe Japan Cum Q3 FY11 Cum Q3 FY11 Cum Q3 FY10 Cum Q3 FY10 €m €m JPY bn JPY bn 800 723 709 20 80 4.0 15 63 58 600 60 2.5 3.0 400 10 40 2.0 200 20 1.0 0 0 0 0.0 -200 -20 (1.0) -400 (9) (10) -40 (1.8) (2.0) Sales Operating Income Sales Operating Income • S
Slide 15: Building Products
Building Products Cum Q3 FY11 v Cum Q3 FY10 North America Rest of World Cum Q3 FY11 Cum Q3 FY11 Cum Q3 FY10 Cum Q3 FY10 $m $m $m $m 200 183 189 30 350 100 26 299 300 80 150 241 250 37 20 200 60 100 150 40 10 10 100 52 50 21 20 50 0 0 0 0 Sales Operating Income Sales Operating Income • Sales revenue
Slide 16: Automotive
Automotive Cum Q3 FY11 v Cum Q3 FY10 Europe Japan Cum Q3 FY11 Cum Q3 FY11 Cum Q3 FY10 Cum Q3 FY10 €m €m JPY bn JPY bn 1,000 60 40 35 4.0 49 32 804 741 44 30 3.0 750 45 20 1.6 2.0 500 30 10 1.0 250 15 0 0.0 0 0 -10 (1.0) (0.9) Sales Operating Income Sales Operating Income • Export led OE sales growth
Slide 17: Automotive
Automotive Cum Q3 FY11 v Cum Q3 FY10 North America Rest of World* Cum Q3 FY11 Cum Q3 FY11 Cum Q3 FY10 Cum Q3 FY10 $m $m $m $m 484 500 435 30 400 80 71 338 13 58 250 15 300 269 60 0 0 200 40 -250 (15) 100 20 (23) -500 (30) 0 0 Sales Operating Income Sales Operating Income • Continued growth after low
Slide 18: Specialty Glass
Specialty Glass Cum Q3 FY11 v Cum Q3 FY10 Cum Q3 FY11 • Mobile device display products, in Cum Q3 FY10 particular touch panel, continue to be JPY bn JPY bn driven by consumer market demand 60 8.0 • Strong demand experienced for glass 49 47 6.0 cord products, particularly in Europe 6.0 and China 40 •
Slide 19: Joint Ventures and Associates
Joint Ventures and Associates JPY bn 7.0 6.3 6.0 • Cebrace result reflects strong 5.0 conditions in South America Cum Q3 FY11 4.0 Cum Q3 FY10 • Improving performance from Building 3.0 Products joint ventures and associates in China and Russia 2.0 1.1 1.0 0.0 Share of Operating Income after Tax JVs a
Slide 20: Agenda
NSG Group Cumulative Quarter 3 Results (from 1 April 2010 to 31 December 2010) Agenda • Financial Results • Business Update • Summary 20
Slide 21: Summary
Summary • Cumulative results reflect challenging but stable market conditions • Joint venture and associates’ performance continues to strengthen • Building Products results reflect improving volumes from previous year • Automotive revenue and profits ahead of last year, due to strong demand • Speci
Slide 22: Notice
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 Eu
Slide 23: Appendices
Appendices 23
Slide 24: Revenue by Business – Cum Q3 FY2011
Revenue by Business – Cum Q3 FY2011 North Rest of (JPY bn) Japan Europe America World Total Building Products 62.5 80.6 16.4 26.0 185.5 Automotive 35.5 91.3 42.1 29.4 198.3 Specialty 24.4 4.8 0.8 17.0 47.0 Others 4.7 0.2 0.0 0.0 4.9 Total 127.1 176.9 59.3 72.4 435.7 24
Slide 25: Operating Income before Amortization – Cum Q3 FY2011
Operating Income before Amortization – Cum Q3 FY2011 North Rest of Ratio on (JPY bn) Japan Europe America World Total Sales Building Products 2.5 1.7 2.3 7.8 14.3 8% Automotive 1.6 5.6 1.1 6.2 14.5 7% Specialty 4.9 0.4 0.1 0.6 6.0 13% Others (2.3) (5.9) (2.2) 0.0 (10.4) Total 6.7 1.8 1.3 14.6 24.4 6
Slide 26: Operating Income after Amortization – Cum Q3 FY2011
Operating Income after Amortization – Cum Q3 FY2011 North Rest of Ratio on (JPY bn) Japan Europe America World Total Sales Building Products 2.5 1.7 2.3 7.8 14.3 8% Automotive 1.6 5.6 1.1 6.2 14.5 7% Specialty 4.9 0.4 0.1 0.6 6.0 13% Others (2.3) (13.8) (4.4) (1.9) (22.4) Total 6.7 (6.1) (0.9) 12.7
Slide 27: Building Products
Building Products Q3 FY11 v Q2 FY11 Europe Japan Q3 FY11 Q3 FY11 Q2 FY11 Q2 FY11 €m €m JPY bn JPY bn 300 30 30 2.0 242 230 23 1.5 21 200 20 20 1.0 0.8 100 10 10 3 3 0 0 0 0.0 Sales Operating Income Sales Operating Income 27
Slide 28: Building Products
Building Products Q3 FY11 v Q2 FY11 North America Rest of World* Q3 FY11 Q3 FY11 Q2 FY11 Q2 FY11 $m $m $m $m 80 74 20 120 80 100 103 57 15 60 15 60 80 40 10 37 40 7 40 20 5 20 21 18 0 0 0 0 Sales Operating Income Sales Operating Income *: Rest of world includes Argentina, Chile, China, Malaysia and
Slide 29: Automotive
Automotive Q3 FY11 v Q2 FY11 Europe Japan Q3 FY11 Q3 FY11 Q2 FY11 Q2 FY11 €m €m JPY bn JPY bn 400 25 15 1.5 12 18 20 11 300 266 249 10 1.0 15 200 11 0.6 10 5 0.5 100 0.3 5 0 0 0 0.0 Sales Operating Income Sales Operating Income 29
Slide 30: Automotive
Automotive Q3 FY11 v Q2 FY11 North America Rest of World* Q3 FY11 Q3 FY11 Q2 FY11 Q2 FY11 $m $m $m $m 200 10 150 30 165 147 8 25 160 8 117 113 22 120 6 100 20 80 4 40 2 50 10 0 0 -40 (2) (2) -80 (4) 0 0 Sales Operating Income Sales Operating Income *:Rest of world includes Brazil, Argentina, Malaysi
Slide 31: Specialty Glass
Specialty Glass Q3 FY11 v Q2 FY11 Q3 FY11 JPY bn Q2 FY11 JPY bn 20 3.0 2.6 16 15 1.9 2.0 10 1.0 0 0.0 Sales Operating Income 31
Slide 32: Exchange Rate Assumptions
Exchange Rate Assumptions Q3 FY11 Q3 FY10 Average rates used: JPY/GBP 134 150 JPY/EUR 114 133 JPY/USD 87 93 Closing rates used: JPY/GBP 128 150 JPY/EUR 108 133 JPY/USD 83 93 32
Slide 33: GROUP
GROUP