MIRA INFORM REPORT

Report Date :

17.12.2013

IDENTIFICATION DETAILS

Name :	ASAHI GLASS CO LTD
Registered Office :	1F, Shin-Marunouchi Bldg., 1-5-1, Marunouchi, Chiyoda-Ku, 100-8405
Country :	Japan
Financials (as on) :	31.12.2012
Date of Incorporation :	01.06.1950
Legal Form :	Public Parent
Line of Business :	The Company has three business segments. The Glass segment manufactures and sells float plate glass, figured glass, low-E glass, processed glass for construction use, hardened glass and laminated glass for automobiles, industrial processed glass and decorating glass.
No. of Employees :	49,961

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Japan	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

JAPAN - ECONOMIC OVERVIEW

In the years following World War II, government-industry cooperation, a strong work ethic, mastery of high technology, and a comparatively small defense allocation (1% of GDP) helped Japan develop a technologically advanced economy. Two notable characteristics of the post-war economy were the close interlocking structures of manufacturers, suppliers, and distributors, known as keiretsu, and the guarantee of lifetime employment for a substantial portion of the urban labor force. Both features are now eroding under the dual pressures of global competition and domestic demographic change. Japan's industrial sector is heavily dependent on imported raw materials and fuels. A small agricultural sector is highly subsidized and protected, with crop yields among the highest in the world. While self-sufficient in rice production, Japan imports about 60% of its food on a caloric basis. For three decades, overall real economic growth had been spectacular - a 10% average in the 1960s, a 5% average in the 1970s, and a 4% average in the 1980s. Growth slowed markedly in the 1990s, averaging just 1.7%, largely because of the after effects of inefficient investment and an asset price bubble in the late 1980s that required a protracted period of time for firms to reduce excess debt, capital, and labor. Modest economic growth continued after 2000, but the economy has fallen into recession three times since 2008. A sharp downturn in business investment and global demand for Japan's exports in late 2008 pushed Japan into recession. Government stimulus spending helped the economy recover in late 2009 and 2010, but the economy contracted again in 2011 as the massive 9.0 magnitude earthquake and the ensuing tsunami in March disrupted manufacturing. The economy has largely recovered in the two years since the disaster, but reconstruction in the Tohoku region has been uneven. Newly-elected Prime Minister Shinzo ABE has declared the economy his government's top priority; he has pledged to reconsider his predecessor's plan to permanently close nuclear power plants and is pursuing an economic revitalization agenda of fiscal stimulus and regulatory reform and has said he will press the Bank of Japan to loosen monetary policy. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, Japan in 2012 stood as the fourth-largest economy in the world after second-place China, which surpassed Japan in 2001, and third-place India, which edged out Japan in 2012. The new government will continue a longstanding debate on restructuring the economy and reining in Japan's huge government debt, which exceeds 200% of GDP. Persistent deflation, reliance on exports to drive growth, and an aging and shrinking population are other major long-term challenges for the economy

Source : CIA

Company name and address

Asahi Glass Co Ltd

1F, Shin-Marunouchi Bldg.
1-5-1, Marunouchi
Chiyoda-Ku, 100-8405
Japan
Tel:	81-3-32185741
Fax:	81-3-32187815
www.agc.com

Employees:

49,961

Company Type:

Public Parent

Corporate Family:

209 Companies

Traded:

Tokyo Stock Exchange:

5201

Incorporation Date:

01-Jun-1950

Auditor:

KPMG AZSA LLC

Fiscal Year End:	31-Dec-2012
Reporting Currency:	Japanese Yen
Annual Sales:	14,912.2 ^1
Net Income:	548.8
Total Assets:	22,119.2 ^2
Market Value:	7,465.3
	(22-Nov-2013)

Business Description

Asahi Glass Company, Limited is a glass manufacturer. The Company has three business segments. The Glass segment manufactures and sells float plate glass, figured glass, low-E glass, processed glass for construction use, hardened glass and laminated glass for automobiles, industrial processed glass and decorating glass, among others. The Electronics segment is engaged in the manufacture and sale of glass substrates for display devices, special glass and peripheral components for display, optical thin film products, optoelectronics parts and synthetic silica products, among others. The Chemical segment offers chloride vinyl monomers, sodium hydroxide, urethane raw materials, fluorine resins and glass, battery materials and iodine products, among others. Additionally, the Company is also engaged in the manufacture and sale of ceramic products, and the provision of logistics and financial services. As of December 31, 2012, the Company had 235 subsidiaries and 50 associated companies. For the nine months ended 30 September 2013, Asahi Glass Co Ltd revenues increased 11% to Y971.88B. Net income applicable to common stockholders decreased 65% to Y15.73B. Revenues reflect Glass segment increase of 75% to Y486.52B, Chemicals segment increase of 64% to Y208.59B, E-Business segment increase of 47% to Y252.99B. Net income was offset by Glass segment loss increase from Y1.42B to Y12.63

Industry

Industry	Non-Metallic Mineral Product Manufacturing
ANZSIC 2006:	2010 - Glass and Glass Product Manufacturing
ISIC Rev 4:	2310 - Manufacture of glass and glass products
NACE Rev 2:	2311 - Manufacture of flat glass
NAICS 2012:	327211 - Flat Glass Manufacturing
UK SIC 2007:	2311 - Manufacture of flat glass
US SIC 1987:	3211 - Flat Glass

Key Executives

Name	Title
Jean-Francois Heris	Managing Executive Officer, Building & Industrial Business, Glass Company; President & CEO of AGC Glass Europe
Marehisa Ishiko	Managing Executive Officer, President of Glass Company, Chief Director of Automotive Business in Glass Company
Yoshinori Kobayashi	Executive Officer
Tetsuo Tatsuno	Executive Officer, Manager of Accounting and Finance Office
Hiroyuki Watanabe	Executive Officer, Manager of Technology Planning Office in Main Technology Unit

Significant Developments

Topic	#*	Most Recent Headline	Date
Mergers & Acquisitions	1	Petronas Chemicals Group Bhd Divests Stake In Phu My Plastics And Chemical Company Ltd To Asahi Glass Co. Ltd and Mitsubishi Corporation	6-Nov-2013
Other Earnings Pre-Announcement	1	Asahi Glass Co Ltd Amends Consolidated Full-year Outlook and Lowers Year-end Dividend Forecast for FY 2013	31-Jul-2013
Debt Ratings	2	Moody's Changes Asahi Glass Co Ltd's Outlook to Negative; Affirms A2-Moody's Investors Service Press Release	19-Aug-2013

* number of significant developments within the last 12 months

News

Title	Date
Patent Issued for Diffractive Optical Element and Measuring Device Journal of Engineering (977 Words)	11-Dec-2013
Patent Application Titled "Method for Producing Silica Glass Body Containing Titania, and Silica Glass Body Containing Titania" Published Online Electronics Newsweekly (2825 Words)	11-Dec-2013
Calysta Completes $3 Million Series A Financing Business Wire (439 Words)	11-Dec-2013
Professors named Fellows of academy of inventors Norman Transcript (OK) (258 Words)	11-Dec-2013
Tokyo Stock Exchange: closing price list -1- Japan Economic Newswire (246 Words)	11-Dec-2013
Tokyo Stock Exchange: morning price list -1- Japan Economic Newswire (242 Words)	10-Dec-2013

Financial Summary

As of 30-Sep-2013

Key Ratios	Company	Industry
Current Ratio (MRQ)	1.66	2.87
Quick Ratio (MRQ)	1.09	1.37
Debt to Equity (MRQ)	0.55	0.76
Sales 5 Year Growth	-6.68	1.49
Net Profit Margin (TTM) %	1.35	3.92
Return on Assets (TTM) %	0.91	2.89
Return on Equity (TTM) %	1.56	4.01

Stock Snapshot

Traded: Tokyo Stock Exchange: 5201

As of 22-Nov-2013

   Financials in: JPY

Recent Price	635.00	EPS	46.42
52 Week High	832.00	Price/Sales	0.63
52 Week Low	569.00	Dividend Rate	26.00
Avg. Volume (mil)	5.86	Price/Earnings	48.03
Market Value (mil)	753,558.30	Price/Book	0.78
		Beta	1.37

	Price % Change	Rel S&P 500%
4 Week	8.36%	2.26%
13 Week	7.99%	-1.26%
52 Week	4.61%	-34.95%
Year to Date	1.44%	-30.15%

Source: Reuters

1 - Profit & Loss Item Exchange Rate: USD 1 = JPY 79.79749

2 - Balance Sheet Item Exchange Rate: USD 1 = JPY 85.87

Corporate Overview

Asahi Glass Co Ltd

Location
1F, Shin-Marunouchi Bldg.
1-5-1, Marunouchi
Chiyoda-Ku, 100-8405
Japan

Tel:	81-3-32185741
Fax:	81-3-32187815

www.agc.com

Quote Symbol - Exchange
5201 - Tokyo Stock Exchange
Sales JPY(mil):	1,189,956.0
Assets JPY(mil):	1,899,373.0
Employees:	49,961
Fiscal Year End:	31-Dec-2012

Industry:	Construction - Supplies and Fixtures

Incorporation Date:	01-Jun-1950
Company Type:	Public Parent
Quoted Status:	Quoted

Managing Executive Officer, Building & Industrial Business, Glass Company; President & CEO of AGC Glass Europe:	Jean-Francois Heris

Industry Codes

ANZSIC 2006 Codes:
2010	-	Glass and Glass Product Manufacturing
1813	-	Basic Inorganic Chemical Manufacturing
2029	-	Other Ceramic Product Manufacturing
1811	-	Industrial Gas Manufacturing
2439	-	Other Electrical Equipment Manufacturing

ISIC Rev 4 Codes:
2310	-	Manufacture of glass and glass products
2790	-	Manufacture of other electrical equipment
2011	-	Manufacture of basic chemicals
2391	-	Manufacture of refractory products

NACE Rev 2 Codes:
2311	-	Manufacture of flat glass
2320	-	Manufacture of refractory products
2013	-	Manufacture of other inorganic basic chemicals
2790	-	Manufacture of other electrical equipment

NAICS 2012 Codes:
327211	-	Flat Glass Manufacturing
335999	-	All Other Miscellaneous Electrical Equipment and Component Manufacturing
327120	-	Clay Building Material and Refractories Manufacturing
325180	-	Other Basic Inorganic Chemical Manufacturing

US SIC 1987:
3211	-	Flat Glass
2819	-	Industrial Inorganic Chemicals, Not Elsewhere Classified
3255	-	Clay Refractories
2812	-	Alkalies and Chlorine
3699	-	Electrical Machinery, Equipment, and Supplies, Not Elsewhere Classified

UK SIC 2007:
2311	-	Manufacture of flat glass
2320	-	Manufacture of refractory products
2013	-	Manufacture of other inorganic basic chemicals
2790	-	Manufacture of other electrical equipment

Business Description

Asahi Glass Company, Limited is a glass manufacturer. The Company has three business segments. The Glass segment manufactures and sells float plate glass, figured glass, low-E glass, processed glass for construction use, hardened glass and laminated glass for automobiles, industrial processed glass and decorating glass, among others. The Electronics segment is engaged in the manufacture and sale of glass substrates for display devices, special glass and peripheral components for display, optical thin film products, optoelectronics parts and synthetic silica products, among others. The Chemical segment offers chloride vinyl monomers, sodium hydroxide, urethane raw materials, fluorine resins and glass, battery materials and iodine products, among others. Additionally, the Company is also engaged in the manufacture and sale of ceramic products, and the provision of logistics and financial services. As of December 31, 2012, the Company had 235 subsidiaries and 50 associated companies. For the nine months ended 30 September 2013, Asahi Glass Co Ltd revenues increased 11% to Y971.88B. Net income applicable to common stockholders decreased 65% to Y15.73B. Revenues reflect Glass segment increase of 75% to Y486.52B, Chemicals segment increase of 64% to Y208.59B, E-Business segment increase of 47% to Y252.99B. Net income was offset by Glass segment loss increase from Y1.42B to Y12.63B.

More Business Descriptions

Manufacture of glass for construction materials and automobiles and display glass for cathode ray tubes, liquid crystal displays, plasma display panels and other applications; chemicals

Glass Products, Chemicals, Silica Products & Plastics Mfr

Asahi Glass Co., Ltd. (Asahi Glass) is among the leading provider of glass materials such as flat glass, automotive glass and displays. The company is principally involved in the selling of glass, chemicals, ceramics and electronic components across the world. The company's manufacturing facilities are located in Japan, North America, Europe, and Asia. The company operates through its 300 subsidiaries and affiliated companies in 30 countries across the world. The company has a research and development facility in Japan. Asahi Glass operates through three business segments, namely, Glass Products; Electronics and Display Operations; and Chemicals Operations.The company's Glass Products segment consists of automotive glass and flat glass businesses. The automotive glass business of the segment is engaged in the manufacture of glass for trains, cars and other mass transport systems. The key products of automotive glass include Laminated glass, having safety and crime prevention features;Tempered glass, they have a unique characteristic of shattering instantly in case of breakage; IR- cut glass, having characteristic of blocking the harmful infra red waves; UV cut glass, blocks the ultra violet waves of sun; Acoustic glass, special sound proofing glass. The other products of the automotive glass product include Water repellent door glass, Glass antennae, Privacy glass and Electro thermal defogging glass. The flat glass division is engaged in producing ordinary sheet glass and a range of glass that reflects heat or possesses insulating properties that meets specific building construction needs. The key products of the flat glass products include Float glass, ordinary glass; Insulating glass unit, useful in insulation and for energy conservation;Figured glass, provides privacy through moderate opacity. The other products include laminated glass, mirrors, and tempered glass. The segment's industry related processed glass products include, heater glass, to prevent condensation of the glass;Double glazed glass, used for effective heat insulation, Heat absorbing glass, absorbs the solar heat. The other products include freezing showcase glass, high transmissivity figured glass, TCO substrate glass. This segment is also engaged in the processing, manufacture and sale of glass fiber products, chemicals and medical products. It operates through subsidiaries namely, Asahi Fiber Glass, Flat Glass, Automotive Glass and Asahi Techno Glass. During the fiscal year ended December 2011, the Glass Products segment of the company generated sales of JPY554,423bn, which accounted for 46%, of total revenue of the company. The automotive glass business contributed JPY325,400mn to the total sales of the segment, followed by flat glass business(JPY229,000mn).Asahi Glass's Electronics and Display segment can be divided into two categories, namely, Display segment and Electronics Segment. In the Display segment the company provides glass for PDP displays, TFT displays and Optical membranes, Optoelectronics materials. The Electronics segment offers electronic materials including semiconductor process materials, display materials, photonic components, storage materials, and energy materials. For the electronics segment the company's products include a wide array of products like Lithography process materials, Optical filters, Glass powders and pastes, Laboratory glass wares and tissue culture plastic wares, CMP slurry and high purity silicon carbide components, photo sensitive dielectric materials, and synthetic quartz glass. In May 2011, the company the company succeeded in developing a ultra thin glass which can be used for to make thinner LCD displays for phones and other devices. During the fiscal year ended December 2011, the Electronics and Display segment of the company generated sales of JPY386,512mn, which accounted for 32%, of total revenue of the company.The Chemicals Operations segment of Asahi Glass consists of chlor-alkali and urethane business and the fluorochemicals and specialty chemicals business. The company's chlor-alkali and urethane business offers products such as caustic soda and sodium bicarbonate. The Urethane based products have usage in heat insulating materials for walls and seats of automobile. The fluorochemicals and specialty chemicals business comprises fluorinated resins, fluorinated oil and water repellents, liquid crystal materials and iodine-related products. The products have excellent heat resistance, chemical resistance and weather resistance. The fluropolymers and fluroestomers have usage in automotive industry, aerospace industry, and architectural applications, where they use them as weather resistance coatings. The key brands of the segment include Fluon, Asahi Guard, Lumiflon.The other products of the segments comprise battery material for Li-ion batteries, intermediates and active ingredients for Pharmaceutical and agrochemical industries During the fiscal year ended December 2011, the Electronics and Display segment of the company generated sales of JPY248,573mn, which accounted for 20%, of total revenue of the company. Apart from the three reportable segment the company also operates a others segment which carries out ceramics business; and logistics and engineering services business.The company's Other Operations segment consists of ceramics and a range of service related businesses including logistics and engineering services. The AGC ceramics division is involved in creating innovation in two platforms: Glass ceramic innovation and Green ceramic innovation. In the glass ceramic innovation the company delivers highly functional fused and highly durable cast bricks which extend the life of the furnace and reduced the production of Co2 in the process. In the green ceramic innovation the company strives to provide products and technologies which will contribute towards environmental conservation, help in saving energy, and reduce the impact of the refractories on the environment. During the fiscal year ended December 2011, the Electronics and Display segment of the company generated sales of JPY83,915mn, which accounted for 2%, of total revenue of the company. The company’s research and development function focuses on Glass Materials Technology, Coating Materials Technology, and Fuorre & Chemistry Technology. The company maintains a research and development facility in Kanagawa-ku Yokohama. In the year ended December 2011, the company spent JPY46,442m, as research and development expenses.Geographically, the company operates in Asia, North America and Europe. During the fiscal year the Asian market accounted for 75% of the total sales followed by Europe with 20.06% and North America with 6.67%. In the year 2011, the company introduced new products like Sunmirror, environment friendly copper free glass and a ultra thin glass for LCD displays of phones and other devices. The company also launched Dragontrail, a high performance specialty glass for smart phones and other devices.

Asahi Glass Co., Ltd. (Asahi Glass) is a glass manufacturer company. Asahi is involved in manufacturing of flat glass, automotive glass, displays and chemicals. The company offers glass for construction, automotive, electronic displays. It also offers electronic materials for semiconductor processing, photonics components and display materials etc. The company through its chemicals business offers chloralkali products, urethane products, fluorochemicals & specialty chemicals etc. Asahi Glass has its operations in around 30 countries located in Asia, the Americas, and Europe. Asahi Glass Co., Ltd. is headquartered at Tokyo, Japan.The company focuses on achieving its objectives through entering new markets and enhancing its customer base to this end, recently the company started the construction of a manufacturing plant in Guaratinguetá, São Paulo State, Brazil. The plant will manufacture architectural and automotive glass.The company reported revenues of (Yen) JPY 1,189,956.00 million during the fiscal year ended December 2012, a decrease of 2.03% from 2011. The operating profit of the company was JPY 73,594.00 million during the fiscal year 2012, a decrease of 47.18% from 2011. The net profit of the company was JPY 43,790.00 million during the fiscal year 2012, a decrease of 54.05% from 2011.

Glass and Glass Product Manufacturing

Financial Data

Financials in:	JPY(mil)
Revenue:	1,189,956.0
Net Income:	43,790.0
Assets:	1,899,373.0
Long Term Debt:	431,977.0
Total Liabilities:	955,667.0
Working Capital:	222.9
Date of Financial Data:	31-Dec-2012

1 Year Growth

-2.0%

-54.0%

12.3%

Market Data

Quote Symbol:	5201
Exchange:	Tokyo Stock Exchange
Currency:	JPY
Stock Price:	635.0
Stock Price Date:	11-22-2013
52 Week Price Change %:	4.6
Market Value (mil):	753,558,272.0
SEDOL:	6055208
ISIN:	JP3112000009
Equity and Dept Distribution:
FY'99-02 and FY'04 Q2 all WAS were estimated. The Company changed FYE from March to December during FY'03. FY'04 1Q & FY'05-06 1Q&3Q, 12/05 DWAS&DPS estimated. FY'06 Semi-annual 2 DWAS & DEPS were adjusted.FY'07 3Q WAS & DWAS were estimated and WAS=O/S. FY'08 Q1&Q3 WAS&DWAS estimated and BWAS=O/S.

Subsidiaries

Company	Percentage Owned	Country
AGC Glass Kenzai Co Ltd	100%	JAPAN
AGC Okinawa Glass Kenzai Co Ltd	100%	JAPAN
AGC Glass Products Co Ltd	100%	JAPAN
AGC Fabritech Co Ltd	100%	JAPAN
AGC Automotive AMC Co Ltd	100%	JAPAN
AGC Automotive ACC Co Ltd	100%	JAPAN
AGC Automotive Takahashi Co Ltd	100%	JAPAN
AGC Display Glass Yonezawa Co Ltd	100%	JAPAN
AGC Coat-Tech Co Ltd	100%	JAPAN
AGC Polymer Material Co Ltd	100%	JAPAN
AGC Electronics Co Ltd	100%	JAPAN
AGC Techno Glass Co Ltd	100%	JAPAN
AGC Micro Glass Co Ltd	100%	JAPAN
AGC Research Institute Co Ltd	100%	JAPAN
AGC Insurance Management Co Ltd	100%	JAPAN
AGC Logistics Co Ltd	100%	JAPAN
AGC Technology Solutions Co Ltd	100%	JAPAN
AGC Flat Glass (Thailand) Public Co Ltd	100%	THAILAND
AGC Automotive (Thailand) Co Ltd	100%	THAILAND
AGC Chemicals (Thailand) Co Ltd	100%	THAILAND
AGC Electronics (Thailand) Co Ltd	100%	THAILAND
AGC Micro Glass (Thailand) Co Ltd	100%	THAILAND
AGC Technology Solutions (Thailand) Co Ltd	100%	THAILAND
AGC Chemicals Asia Pacific Pte Ltd	100%	SINGAPORE
AGC Electronics Singapore Pte Ltd	100%	SINGAPORE
AGC Singapore Services Pte Ltd	100%	SINGAPORE
AGC Flat Glass (Malaysia) Sdn Bhd	100%	MALAYSIA
MCIS Safety Glass Sdn Bhd	100%	MALAYSIA
AGC Flat Glass Philippines Inc	100%	PHILIPPINES
AGC Automotive Philippines Inc	100%	PHILIPPINES
AGC Display Glass Taiwan Co Ltd	100%	TAIWAN
AGC Electronics Taiwan Co Ltd	100%	TAIWAN
AGC Flat Glass (Suzhou) Co Ltd	60%	PEOPLE'S REPUBLIC OF CHINA
AGC Flat Glass Protech (Shenzhen) Co Ltd	60%	PEOPLE'S REPUBLIC OF CHINA
AGC Automotive China Co Ltd	60%	PEOPLE'S REPUBLIC OF CHINA
AGC Automotive Foshan Co Ltd	60%	PEOPLE'S REPUBLIC OF CHINA
AGC Chemicals Trading (Shanghai) Co Ltd	60%	PEOPLE'S REPUBLIC OF CHINA
Plibrico (Dalian) Industries Co Ltd	60%	PEOPLE'S REPUBLIC OF CHINA
Asahi Glass Fine Techno Korea Co Ltd	60%	SOUTH KOREA
Asahi PD Glass Korea Co Ltd	60%	SOUTH KOREA
AGC Soda Corporation	60%	USA
AGC Automotive Americas Co	60%	USA
AGC Automotive Americas R&D Inc	60%	USA
AGC Chemicals Americas Inc	60%	USA
AGC Electronics Americas Inc	60%	USA
AGC Flat Glass North America Ltd	60%	CANADA
AGC Automotive Canada Inc	60%	CANADA
AGC Automotive Glass Mexico SA de CV	60%	MEXICO
AGC Automotive Belgium SA	60%	BELGIUM
AGC Europe SA	60%	BELGIUM
AGC Flat Glass Netherlands BV	60%	NETHERLANDS
AGC Chemicals Europe Ltd	60%	UK
AGC Flat Glass Czech as	60%	CZECH REPUBLIC
AGC Automotive Czech as	60%	CZECH REPUBLIC
AGC Flat Glass Klin LLC	60%	RUSSIA
AGC France SA	60%	FRANCE
AGC Flat Glass Italy Srl	60%	ITALY
AGC Automotive Italy Srl	60%	ITALY
AGC Flat Glass Iberica SA	60%	SPAIN
AGC Automotive Germany GmbH	60%	GERMANY
AGC Automotive Hungary Ltd	60%	HUNGARY
AGC Gdansk Sp zoo	60%	POLAND
AGC Otomotiv Adapazari üretim san ve tic AS	60%	TURKEY
Asahimas Chemical, PT	52%	INDONESIA
Asahi Kasei Plastics Europe SA/NV		BELGIUM
AGC Flat Glass Asia Pacific Pte Ltd	100%	SINGAPORE
AGC Amenitec Co Ltd	100%	JAPAN
AGC Engineering Co Ltd	100%	JAPAN
Zibo GT Industrial Ceramics Co Ltd	51%	PEOPLE'S REPUBLIC OF CHINA
Zibo Asahi Glass Alumina Materials Co Ltd	51%	PEOPLE'S REPUBLIC OF CHINA
AGC America Inc	100%	USA
AGC Capital Inc	100%	USA
AGC Flat Glass (Dalian) Co Ltd	60%	PEOPLE'S REPUBLIC OF CHINA
AGC Techno Glass (Thailand) Co Ltd	63%	THAILAND
AGC Seimi Chemical Co Ltd	100%	JAPAN
AGC Wakasa Chemicals Co Ltd	100%	JAPAN
AGC Green-Tech Co Ltd	100%	JAPAN
AGC Matex Co Ltd	100%	JAPAN
AGC Ceramics Co Ltd	100%	JAPAN
AGC Finance Co Ltd	100%	JAPAN
AGC Glass Europe SA/NV		BELGIUM
Ise Chemicals Corporation	52.4%	JAPAN
Korea Autoglass Corporation	60%	SOUTH KOREA
Asahi India Glass Limited	100%	INDIA
AGC Bor Glassworks Joint Stock Company	100%	RUSSIA

Shareholders

Major Shareholders

Master Trust Bank of Japan (5.7%)

Key Corporate Relationships

Auditor:	KPMG AZSA LLC
Auditor:	KPMG AZSA LLC

Asahi Glass Co Ltd

The Strategic Initiatives report is created using technology to extract meaningful insights from analyst reports about a company's strategic projects and investments. More about Strategic Initiatives

Strategic Initiatives

Sales and Distribution

in Guangzhou, China, to begin operation, which enhance the AGC Group’s sales and marketing capabilities in South China in a bid to boost sales of functional chemicals in the country. Earlier, AGC and TOSTEM CORPORATION (TOSTEM) formed a business alliance to develop, manufacture, and sell a new high-performance window in the glass industry market domain. In accordance with the alliance the company established a joint-venture company in October 2010 and also entered in plans to set up two more joint businesses with start-up targeted for February 2011. In 2009, the company formed a joint development partnership with SEMATECH, a global consortium of the world’s leading chip manufacturers to accelerate mask blank commercialization. The company partnered up with SEMATECH on methods for improving extreme ultraviolet (EUV) mask blank yield to accelerate commercial manufacturing readiness.

Asahi Glass Co Ltd

Strengths/Weaknesses (SWOT)

	Helpful to achieving the objective	Harmful to achieving the objective
Internal Origin (attributes of the organization)	Strengths · Robust Research & Development Capabilities · Wide Geographical Presence · Diversified Product Portfolio	Weaknesses · Declining Operational Efficiency
External Origin (attributes of the environment)	Opportunities · Growing Demand for Ceramic Products · Positive Outlook for Solar PV Market · Strategic Growth Initiatives	Threats · Highly Competitive Markets · Stringent Regulations · Currency Fluctuations and Operational Risk

Overview

Asahi Glass Company Ltd., (Asahi Glass) is engaged in the manufacturing and marketing of glass, chemicals, ceramics and electronic components. Strong product portfolio and geographic diversification are the key strengths of the company over its peers. Though the company has a risk associated with competition and currency fluctuations and operational risk, its strategic growth initiatives and photovoltaic power generation could ensure a strong future.

Strengths

Robust Research & Development Capabilities

Asahi Glass has robust research and development (R&D) capabilities. The R&D activities of the company focus on improving the performance of products and developing new technologies. The company focuses on research and development activities to develop new glass manufacturer solutions, and enhances and maintains its technological advantages. Its R&D capabilities enable the company to overcome technical barriers encountered in the commercialization of flat glass, automotive glass, displays and chemicals. In the three two years, the company invested an aggregate of JPY130,799m in company-sponsored research and development. The R&D team of the company has undertaken several projects to enhance and develop various products and technologies. The strong R&D capabilities of the company enable it to deploy innovative technology and deliver advanced products, and services that meet its customers' critical needs.

Wide Geographical Presence

A wide geographical presence helps the company mitigate the various risks associated with the over dependence on a particular market. The company’s operations are spanned across various geographic regions which include Asia, Japan, Europe and North America. Geographically the company’s operations are divided in four segments, namely, Japan, Asia, the Americas and Europe. During fiscal year ended December 2011, the Japan/Asia segment contributed 74% to the total sales followed by Europe with 20%, and the North America contributed 6% to the total sales of the company. A wide geographic presence decreases the business risk of the company. This also acts as an easy route for the expansion plans of the company, as a wider reach in terms of geography would mean reaping more benefits eventually improving the profit margins, attaining economies of scale and recognition on a worldwide basis.

Diversified Product Portfolio

Asahi Glass boasts of a strong product portfolio that helps it cater to the needs of a diversified customer base. Although it is a glass manufacturing company, it has diversified its operations into various industries. It engages in the manufacturing and marketing of chemicals, ceramics and electronic components. It operates through four business segments, namely, Electronics and Display operations, Glass Products, Chemicals Operations, and Other Operations. The Electronics and Display segment is engaged in the manufacture and sale of glass for flat-panel displays (FPDs) and cathode-ray tubes (CRTs), glass frits, parts for semiconductor manufacturing equipment, synthetic silica products, optoelectronics parts and printed circuit boards (PCBs). The Glass Products segment is engaged in the processing, manufacture and sale of glass fiber products, chemicals and medical products and it consists of automotive glass and flat glass businesses. The automotive glass business is engaged in the manufacture of glass for trains, cars and other mass transport systems. The flat glass business is engaged in the manufacture of ordinary sheet glass and also develops a range of glass that reflects heat or possesses insulating properties that meets specific building construction needs. The Chemicals Operations segment consists of chlor-alkali and urethane and the fluoro-chemicals and the specialty chemicals businesses. Through its ceramics product segment the company is involved in the development and manufacturing of ceramics and others.

Weaknesses

Declining Operational Efficiency

The company reported declining margins and profitability, with increased cost structure, which reflects its declining operational efficiency. The company’s revenue decreased by 5.8% from JPY12,88,947m in 2010 to JPY12,14,672m in 2011. Its operating income decreased by 27.2% from JPY191,456m in 2010 to JPY139,335m in 2011. The company reported challenges in maintaining its profitability due to increased cost structure, delayed in investment by its customers, and economic regression in Japan. The company’s operating cost as percentage of sales increased from 85.14% in 2010 to 88.52% in 2011. The company reported drastic decline in EBITDA growth in 2011. The EBITDA growth of the company declined to (25.39%) in 2011 as compared to 278% growth in 2010. Asahi Glass’s operating margin decreased to 11.47% in 2011 from 14.85% in 2010. The net profit margin of the company declined to 7.84% in 2011 as compared to 9.55% in 2010.

Opportunities

Growing Demand for Ceramic Products

The company has an opportunity to capitalize on the growing demand for ceramic products. The demand for advanced ceramic products is expected to be high in the coming years. Demand for advanced ceramics in the US is forecasted to grow 3.8% annually through 2012. Growth in the key electronic component market will be based on materials substitution, as ceramics gain use over alternatives. The medical product market is expected to grow the fastest, benefiting from the increasing use of ceramics in joint implants and dental procedures. Demand for ceramic types, such as alumina, titanate, ferrite, zirconate, and silicon products, is expected to be high. Increasing demand for ceramic products could increase the sales of the company.

Positive Outlook for Solar PV Market

The company could leverage on the rising demand for photovoltaic power generation to drive its top line growth. The company is engaged in producing glass for solar cells. The solar PV market has been rapidly evolving. The worldwide market for solar energy is growing rapidly at an annual growth rate exceeding 30%. The key drivers for growth include the increasing importance of renewable sources of energy and climate change, incentives provided by local governments and increasing electricity consumption. The global solar PV installed capacity has increased year-over-year during the last decade. From a mere 1,268 MW in the year 2001, the global solar PV installed capacity reached over 22 GW as of 2010, at a CAGR of 42.62%. Further, the solar power industry revenue are expected to increase to USD 53.6 billion by 2013, respectively. In the long run, the solar PV market in Europe is expected to reach a cumulative installed capacity of 158 GW by 2020, growing at a CAGR of 30.7% during the period 2016-20. North America's solar PV market is expected to grow at a higher CAGR of 47.7% during the period 2015-20 and reach an aggregate capacity of 76,744 MW by 2020. To leverage this growing opportunity the company established a new furnace for the cover glass of solar cells (production capacity: 240 tons/day; 7 million m²/year) and an AR coating line at subsidiary AGC Flat Glass (Suzhou) Co., Ltd. The long-term growth potential for the solar PV industry opens several avenues of growth and development for AGC.

Strategic Growth Initiatives

The company expands its boundaries of operations and increases its customer base with strategic growth initiatives. In August 2012, the company announced to establish the Guangzhou Branch Office of AGC Chemicals Trading (Shanghai) Co., Ltd. in Guangzhou, China, to begin operation, which enhance the AGC Group’s sales and marketing capabilities in South China in a bid to boost sales of functional chemicals in the country. Earlier, AGC and TOSTEM CORPORATION (TOSTEM) formed a business alliance to develop, manufacture, and sell a new high-performance window in the glass industry market domain. In accordance with the alliance the company established a joint-venture company in October 2010 and also entered in plans to set up two more joint businesses with start-up targeted for February 2011. In 2009, the company formed a joint development partnership with SEMATECH, a global consortium of the world’s leading chip manufacturers to accelerate mask blank commercialization. The company partnered up with SEMATECH on methods for improving extreme ultraviolet (EUV) mask blank yield to accelerate commercial manufacturing readiness. Further, Tokyo Institute of Technology AGC launched AGC Collaborative Research Division for Glass and Inorganic Materials in the materials and structures laboratory of Tokyo Tech. The partnership would allow the industry to have access to high quality EUV mask blanks in order to stay on its time line for EUV lithography introduction. In addition this would serve the needs of industrial partners of chip manufacturers thus increasing the demand for the company’s products.

Threats

Highly Competitive Markets

The company could be impacted due to the growing competition in the market. Asahi Glass faces competition from large multi-national corporations and offshore product providers in low-cost locations. The company also expects additional competition as they are planning to address new markets. To survive the intense competition, companies may be forced to lower their prices or if demand for services decreases, the business and financial condition would be adversely affected. In addition, the company has to frequently compete with the client’s own internal business process and information technology capabilities. Hence, Asahi Glass should be well equipped to face such competition and still maintain its market position.

Stringent Regulations

The operations of the company are subject to several rules and regulations. The company is required to comply with various commercial and environmental regulations in terms of manufacturing and finished products. It needs to meet different guidelines such as the European Union Directive for the Restriction on the Use of Hazardous Substances (RoHS), REACH (Registration Evaluation and Authorization of Chemicals) and Waste Electrical and Electronic Equipment (WEEE). The RoHS directive restricts the use of certain substances and chemicals in products. REACH regulates the chemical products manufactured and marketed in Europe and may require phasing out many existing chemicals from the market which may be regarded as toxic and hazardous. The WEEE directive requires the producers of electrical goods, including computers and printers to collect, recycle, treat and dispose its products in an ecologically-friendly manner. The failure of the company to comply with such regulations will have an adverse impact on the operations of the company.

Currency Fluctuations and Operational Risk

The company has worldwide operations, which expose it to currency and operational risk. Due to its operations in various geographies, the company faces increased risk from currency fluctuations. The international operations of the company expose it to several risks including unfavorable economic, market, political, and social conditions; fluctuation in foreign currency exchange rates, adverse changes in tax laws, and natural or man-made disasters. If the business conditions of a particular country in which the company operates turn adverse, then the performance of the company could be severely affected. Moreover, any unfavorable fluctuations in currency could also increase its costs associated with operations outside its domestic country.

Corporate Family	Corporate Structure News:
	Asahi Glass Co Ltd
Asahi Glass Co Ltd Total Corporate Family Members: 209

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Asahi Glass Co Ltd	Parent	Chiyoda-Ku	Japan	Non-Metallic Mineral Product Manufacturing	14,912.2	49,961
AGC Flat Glass Czech a.s., clen AGC Group	Subsidiary	Teplice	Czech Republic	Non-Metallic Mineral Product Manufacturing	665.0	3,948
Agc Processing Teplice A.S., Clen Agc Group	Subsidiary	Teplice - Retenice	Czech Republic	Non-Metallic Mineral Product Manufacturing	61.6	355
Agc Fenestra A.S., Clen Agc Group	Subsidiary	Zlin	Czech Republic	Non-Metallic Mineral Product Manufacturing	24.3	187
Agc Opatow Sp Z O O	Subsidiary	Opatow	Poland	Non-Metallic Mineral Product Manufacturing	15.1	140
Agc Silesia Sp Z O O	Subsidiary	Walbrzych	Poland	Non-Metallic Mineral Product Manufacturing	6.0	80
AGC Olomouc s.r.o., clen AGC Group	Subsidiary	Olomouc	Czech Republic	Construction and Hardware Materials Wholesale	6.6	45
Agc Flat Glass Polska Sp Z O O	Subsidiary	Warszawa	Poland	Construction and Hardware Materials Wholesale	0.7	5
Agc Automotive Czech A.S.	Subsidiary	Bilina - Chuderice	Czech Republic	Non-Metallic Mineral Product Manufacturing	213.9
Agc Automotive Replacement Glass Czech S.R.O.	Subsidiary	Teplice	Czech Republic	Motor Vehicle Wholesale	14.0	60
Agc Glass Europe	Subsidiary	Bruxelles	Belgium	Non-Metallic Mineral Product Manufacturing	741.6	2,176
AGC France SAS	Subsidiary	Boussois	France	Non-Metallic Mineral Product Manufacturing	282.4	749
Agc A I V	Subsidiary	Fougeres	France	Semiconductor and Other Electronic Component Manufacturing	20.4	149
Agc Mirest	Subsidiary	Laneuveville Devant Nancy	France	Semiconductor and Other Electronic Component Manufacturing	14.4	74
Agc Siglaver	Subsidiary	Niort	France	Semiconductor and Other Electronic Component Manufacturing	11.2	74
Agc Glacisol	Subsidiary	Nantes	France	Semiconductor and Other Electronic Component Manufacturing	10.3	74
Agc Soverso	Subsidiary	Bon Encontre	France	Semiconductor and Other Electronic Component Manufacturing	16.0	34
Agc Daver	Subsidiary	Voreppe	France	Semiconductor and Other Electronic Component Manufacturing	7.9	34
Agc Kempenglas	Subsidiary	Mol	Belgium	Non-Metallic Mineral Product Manufacturing	37.6	210
Agc Glass UK Ltd	Subsidiary	Northampton	United Kingdom	Non-Metallic Mineral Product Manufacturing	19.2	201
Agc Pedragosa Sa	Subsidiary	Barcelona	Spain	Non-Metallic Mineral Product Manufacturing	40.4	177
Agc Pedragosa, LDA	Subsidiary	Venda Do Pinheiro, Mafra	Portugal	Construction and Hardware Materials Wholesale	3.9	11
Agc Ivb	Subsidiary	Mery Sur Seine	France	Semiconductor and Other Electronic Component Manufacturing	27.7	149
AGC Glass Germany GmbH	Subsidiary	Wegberg, Nordrhein-Westfalen	Germany	Professional and Commercial Equipment Wholesale	15.1	97
Agc Seapane	Subsidiary	Lissewege	Belgium	Non-Metallic Mineral Product Manufacturing	25.9	90
Agc Mirodan	Subsidiary	Heule	Belgium	Non-Metallic Mineral Product Manufacturing	13.9	80
Agc Vertal Ile-De-France	Subsidiary	Collegien	France	Semiconductor and Other Electronic Component Manufacturing	17.9	78
Moustier 4 SA/NV	Subsidiary	Jemeppe-sur-Sambre	Belgium	Non-Metallic Mineral Product Manufacturing	107.7	60
Agc Processing Belgium	Subsidiary	Sint-Pieters-Leeuw	Belgium	Non-Metallic Mineral Product Manufacturing	16.2	50
Agc Mirodan Bouwglas	Subsidiary	Heule	Belgium	Non-Metallic Mineral Product Manufacturing	15.7	47
Agc Energypane	Subsidiary	Grand-Hallet	Belgium	Non-Metallic Mineral Product Manufacturing	5.3	36
Agc Gedopt	Subsidiary	Wijnegem	Belgium	Miscellaneous Wholesale	10.0	24
Agc Serviglass	Subsidiary	Mol	Belgium	Construction and Hardware Materials Wholesale	8.1	11
Agc Glass Europe Sales	Subsidiary	Bruxelles	Belgium	Architecture and Engineering	291.2
Agc Nederland Holding B.V.	Subsidiary	Tiel, Gelderland	Netherlands	Holding Companies	193.4
Agc Eijkelkamp B.V.	Subsidiary	Goor, Overijssel	Netherlands	Paint, Coating, and Adhesive Manufacturing		147
Agc Westland B.V.	Subsidiary	Maasdijk, Zuid-Holland	Netherlands	Semiconductor and Other Electronic Component Manufacturing		105
Agc Krug Portegies B.V.	Subsidiary	Zaandam, Noord-Holland	Netherlands	Home Furnishings Wholesale		8
Agc Bgw Ojsc	Subsidiary	Bor	Russian Federation	Non-Metallic Mineral Product Manufacturing	169.8
A G Eksperts Rus Ooo	Subsidiary	S Bykovo	Russian Federation	Home Furnishings Wholesale	12.3	84
Glaverpane	Subsidiary	Moustier-Sur-Sambre	Belgium	Non-Metallic Mineral Product Manufacturing	76.6
Agc Flat Glass UK Ltd.	Subsidiary	Rugby	United Kingdom
AGC Bor Glassworks Joint Stock Company	Subsidiary	Bor, Nizhegorodskaya Oblast	Russian Federation	Non-Metallic Mineral Product Manufacturing	190.6	1,476
Siam Asahi Technoglass Co., Ltd.	Subsidiary	Si Racha, Chon Buri	Thailand	Electrical Equipment and Appliances Manufacturing		1,400
Asahimas Chemical, Pt	Subsidiary	Jakarta, Jakarta	Indonesia	Basic Chemical Manufacturing	750.0	1,060
Asahi Glass Co., Ltd. - Aichi Plant (Taketoyo)	Facility	Chita, Aichi	Japan	Non-Metallic Mineral Product Manufacturing		1,055
Asahi India Glass Ltd	Subsidiary	Gurgaon	India	Non-Metallic Mineral Product Manufacturing	359.5	1,042
Asahi India Glass Limited	Branch	Panchmahal, Gujarat	India	Non-Metallic Mineral Product Manufacturing		1,500
Ais Glass Solutions Limited	Subsidiary	New Delhi, Delhi	India	Non-Metallic Mineral Product Manufacturing	9.4	600
Asahi India Glass, Ltd. - AIS (Float) Works	Unit	Chennai, Tamilnadu	India	Non-Metallic Mineral Product Manufacturing
Asahi India Glass, Ltd. - AIS (Auto) Haryana Works.	Unit	Rewari, Haryana	India	Non-Metallic Mineral Product Manufacturing
Asahimas Chemical, PT	Subsidiary	Jakarta	Indonesia	Synthetic Chemical Manufacturing		1,000
P.T. Asahimas Chemical - Cilegon Factory	Facility	Cilegon, Baten	Indonesia	Miscellaneous Chemical Manufacturing
Asahi Glass Co., Ltd. - Chiba Plant	Facility	Ichihara, Chiba	Japan	Miscellaneous Chemical Manufacturing		883
Asahi Glass Co., Ltd. - Keihin Plant	Facility	Yokohama	Japan	Non-Metallic Mineral Product Manufacturing		831
AGC Flat Glass (Dalian) Co., Ltd.	Subsidiary	Dalian	China	Motor Vehicle Repair and Maintenance		700
Agc Flat Glass (Dalian) Co., Ltd.	Subsidiary	Dalian, Liaoning	China	Non-Metallic Mineral Product Manufacturing		650
AGC Display Glass Yonezawa Co., Ltd.	Subsidiary	Yonezawa, Yamagata	Japan	Non-Metallic Mineral Product Manufacturing		520
Asahi Glass Co., Ltd. - Kashima Plant	Facility	Kamisu, Ibaraki	Japan	Non-Metallic Mineral Product Manufacturing		499
Asahi Glass Co., Ltd. - Sagami Plant	Facility	Koza, Kanagawa	Japan	Non-Metallic Mineral Product Manufacturing		474
Asahi Glass Co., Ltd. - Takasago Plant	Facility	Takasago, Hyogo	Japan	Non-Metallic Mineral Product Manufacturing		444
AGC Singapore Services Pte. Ltd.	Subsidiary	Singapore	Singapore	Investment Services		435
Agc Display Glass Taiwan Co., Ltd.	Subsidiary	Touliu City, Yunlin	Taiwan	Non-Metallic Mineral Product Manufacturing		1,750
AGC Engineering Co., Ltd.	Subsidiary	Chiba	Japan	Architecture and Engineering		420
Korea Autoglass Corporation	Subsidiary	Chungcheongnam-Do	Korea, Republic of	Non-Metallic Mineral Product Manufacturing	241.2	415
MCIS Safety Glass Sdn. Bhd.	Subsidiary	Seremban, Negeri Sembilan	Malaysia	Motor Vehicle Wholesale	21.3	400
AGC Flat Glass Italy Srl	Subsidiary	Cuneo	Italy	Non-Metallic Mineral Product Manufacturing	192.5	378
Agc Automotive Italia SRL	Subsidiary	Cuneo	Italy	Semiconductor and Other Electronic Component Manufacturing	77.8	293
AGC Seimi Chemical Co., Ltd.	Subsidiary	Chigasaki, Kanagawa	Japan	Semiconductor and Other Electronic Component Manufacturing	155.4	348
Asahi Glass Co., Ltd. - Kansai Plant	Facility	Amagasaki, Hyogo	Japan	Non-Metallic Mineral Product Manufacturing		314
Hanwook Techno Glass Co., Ltd.	Subsidiary	Kumi, Kyongsangbuk-Do	Korea, Republic of	Non-Metallic Mineral Product Manufacturing	303.2	304
ISE CHEMICALS CORPORATION	Subsidiary	Chuo-Ku	Japan	Basic Chemical Manufacturing	169.2	302
Woodward Iodine Corporation (USA)	Subsidiary	Woodward, OK	United States	Petroleum and Natural Gas Extraction	14.6	28
Hanwook Techno Glass Co., Ltd.	Subsidiary	Gumi-si	Korea, Republic of	Non-Metallic Mineral Product Manufacturing	354.5	275
AGC Ceramics Co., Ltd.	Subsidiary	Tokyo	Japan	Construction and Hardware Materials Wholesale		230
Zibo Xuxiaozi Electric Melting Materials Co., Ltd.	Subsidiary	Zibo, Shandong	China	Non-Metallic Mineral Product Manufacturing		500
Agc Ceramics Co.,Ltd. Singapore Branch	Subsidiary	Singapore	Singapore	Machinery Wholesale	2.6	4
Agc Plibrico Co.,Ltd.	Subsidiary	Minato-Ku, Tokyo	Japan	Specialty Construction Trade Contractors	102.5
AGC Flat Glass Nederland BV	Subsidiary	Tiel	Netherlands	Non-Metallic Mineral Product Manufacturing		190
Agc Oosterwolde B.V.	Subsidiary	Oosterwolde Fr, Friesland	Netherlands	Semiconductor and Other Electronic Component Manufacturing		75
AGC Technology Solutions Co., Ltd.	Subsidiary	Kawasaki, Kanagawa	Japan	Architecture and Engineering	282.7	188
Agc Flat Glass Iberica Sa	Subsidiary	Barcelona	Spain	Construction and Hardware Materials Wholesale	72.6	181
Agc Chemicals Europe, Ltd.	Subsidiary	Thornton Cleveleys	United Kingdom	Synthetic Chemical Manufacturing	191.0	163
Agc Vertal Sud-Est	Subsidiary	St Priest	France	Semiconductor and Other Electronic Component Manufacturing	17.9	149
Agc Automotive Europe	Subsidiary	Louvain-La-Neuve	Belgium	Non-Metallic Mineral Product Manufacturing	684.3	137
Agc Automotive Belgium	Subsidiary	Fleurus	Belgium	Non-Metallic Mineral Product Manufacturing	36.4	149
Agc Glass Hungary Korlatolt Felelossegu Tarsasag	Subsidiary	Kornye	Hungary	Non-Metallic Mineral Product Manufacturing	109.5
Agc Autoipari Magyarorszag Korlatolt Felelossegu Tarsasag	Subsidiary	Kornye	Hungary	Nonclassifiable Establishments
Agc Display Glass Ochang Co., Ltd.	Subsidiary	Chungwon, Chungchongbuk-Do	Korea, Republic of	Non-Metallic Mineral Product Manufacturing	226.9	134
Optical Coatings Japan	Subsidiary	Tokyo	Japan	Machinery and Equipment Manufacturing		127
AGC Electronics America, Inc.	Subsidiary	Hillsboro, OR	United States	Semiconductor and Other Electronic Component Manufacturing		115
AGC Si-Tech Co., Ltd.	Subsidiary	Kitakyushu, Fukuoka	Japan	Basic Chemical Manufacturing		114
AGC Automotive U.K. Ltd.	Subsidiary	Northampton	United Kingdom	Non-Metallic Mineral Product Manufacturing		100
Agc Vertal Nord-Est	Subsidiary	Wisches	France	Semiconductor and Other Electronic Component Manufacturing	11.0	71
Kashima Chemical Co., Ltd.	Subsidiary	Kamisu, Ibaraki	Japan	Miscellaneous Chemical Manufacturing		60
Tokai Kogyo Co., Ltd.	Subsidiary	Tokyo	Japan	Residential and Commercial Building Construction		50
AGC Fabritech Co., Ltd.	Subsidiary	Tokyo	Japan	Miscellaneous Wholesale		50
Agc Flat Glass Asia Pacific Pte. Ltd.	Subsidiary	Singapore	Singapore	Construction and Hardware Materials Wholesale	190.4	35
AGC Chemicals Asia Pacific Pte. Ltd.	Subsidiary	Singapore	Singapore	Chemical Wholesale	35.7	30
AGC Chemicals Trading (Shanghai) Co., Ltd.	Subsidiary	Shanghai	China	Chemical Wholesale		30
AGC Automotive Americas R&D, Inc.	Subsidiary	Ypsilanti, MI	United States	Non-Metallic Mineral Product Manufacturing	7.7	25
AGC America, Inc.	Subsidiary	Alpharetta, GA	United States	Holding Companies	1,000.0	23
AGC Flat Glass North America, Inc.	Subsidiary	Alpharetta, GA	United States	Non-Metallic Mineral Product Manufacturing		4,300
AGC Flat Glass North America, Inc. - Blue Ridge Plant	Facility	Kingsport, TN	United States	Non-Metallic Mineral Product Manufacturing	1,000.0	380
AGC Interedge Technologies Inc	Branch	Sausalito, CA	United States	Construction and Hardware Materials Wholesale	5.3	4
AGC Flat Glass North America, Inc. - Spring Hill Plant	Facility	Spring Hill, KS	United States	Non-Metallic Mineral Product Manufacturing	84.4	275
AGC Flat Glass North America, Inc. - Richmond Plant	Facility	Richmond, KY	United States	Non-Metallic Mineral Product Manufacturing	74.9	175
AGC Flat Glass North America	Branch	Youngstown, OH	United States	Non-Metallic Mineral Product Manufacturing	45.6	120
AGC Flat Glass North America	Branch	Opelousas, LA	United States	Home Furnishings Retail	18.9	117
AGC Flat Glass North America, Inc. - AGC-Salt Lake City Plant	Facility	Salt Lake City, UT	United States	Non-Metallic Mineral Product Manufacturing	34.2	100
AGC Flat Glass North America, Inc. - Marietta	Facility	Marietta, GA	United States	Non-Metallic Mineral Product Manufacturing	42.8	80
AGC Automotive Americas Co.	Subsidiary	Hebron, KY	United States	Non-Metallic Mineral Product Manufacturing	21.9	75
AGC Automotive	Facility	Bellefontaine, OH	United States	Non-Metallic Mineral Product Manufacturing		600
AGC Automotive Americas	Branch	Elizabethtown, KY	United States	Non-Metallic Mineral Product Manufacturing	113.6	400
AGC Automotive Americas	Branch	Alabaster, AL	United States	Home and Garden Retail	63.9	200
AGC Automotive Americas	Branch	Bellefontaine, OH	United States	Home and Garden Retail	18.7	60
AGC Automotive Americas	Branch	Gahanna, OH	United States	Home and Garden Retail	2.2	7
AGC Automotive Americas	Branch	Livonia, MI	United States	Home and Garden Retail	1.5	5
AGC Automotive	Branch	Harrisonville, MO	United States	Home and Garden Retail	1.0	3
AGC Flat Glass North America, Inc. - AGC-Hebron Plant	Facility	Hebron, OH	United States	Non-Metallic Mineral Product Manufacturing	22.2	71
AGC Flat Glass North America	Branch	Fall River, MA	United States	Non-Metallic Mineral Product Manufacturing	17.5	60
AGC Flat Glass North America, Inc. - AGC-Winnipeg Plant	Facility	Winnipeg, MB	Canada	Non-Metallic Mineral Product Manufacturing	14.7	60
AGC Flat Glass North America, Inc. - Boardman Plant	Facility	Boardman, OH	United States	Non-Metallic Mineral Product Manufacturing		60
AGC Flat Glass North America	Branch	San Antonio, TX	United States	Non-Metallic Mineral Product Manufacturing	37.6	58
AGC Flat Glass North America, Inc. - AGC-Jacksonville Plant	Facility	Jacksonville, FL	United States	Non-Metallic Mineral Product Manufacturing	134.6	55
AGC Flat Glass North America, Inc. - Abingdon Plant	Facility	Abingdon, VA	United States	Non-Metallic Mineral Product Manufacturing	16.3	50
AGC Flat Glass North America, Inc. - Quakertown Plant	Facility	Quakertown, PA	United States	Non-Metallic Mineral Product Manufacturing	117.7	40
AGC Flat Glass North America, Inc. - AGC-Edmonton Plant	Facility	Edmonton, AB	Canada	Non-Metallic Mineral Product Manufacturing	52.3	40
AGC Flat Glass North America	Branch	Richmond, VA	United States	Home and Garden Retail	13.0	40
AGC Flat Glass North America, Inc. - AGC-Knoxville Plant	Facility	Knoxville, TN	United States	Non-Metallic Mineral Product Manufacturing		40
AGC Flat Glass North America, Inc. - AGC-Regina Plant	Facility	Regina, SK	Canada	Non-Metallic Mineral Product Manufacturing	13.4	37
AGC Flat Glass North America, Inc. - AGC-Alvarado Plant	Facility	Alvarado, TX	United States	Non-Metallic Mineral Product Manufacturing	22.1	34
AGC Flat Glass North America, Inc. - Carbondale	Facility	Carbondale, PA	United States	Non-Metallic Mineral Product Manufacturing	12.2	26
AGC Flat Glass North America, Inc. - AGC-Calgary Plant	Facility	Calgary, AB	Canada	Non-Metallic Mineral Product Manufacturing	10.9	21
AGC Flat Glass North America, Inc. - AGC-Houston Plant	Facility	Houston, TX	United States	Non-Metallic Mineral Product Manufacturing	12.2	9
AGC Flat Glass North America	Branch	Baton Rouge, LA	United States	Home and Garden Retail	2.6	8
AGC Flat Glass North America	Branch	Church Hill, TN	United States	Home and Garden Retail	1.0	3
AGC Flat Glass North America, Inc. - Greenland Plant	Facility	Church Hill, TN	United States	Non-Metallic Mineral Product Manufacturing	1.0	3
AGC Flat Glass North America	Branch	Knoxville, TN	United States	Home and Garden Retail	1.0	3
AGC Flat Glass North America	Branch	Petaluma, CA	United States	Non-Metallic Mineral Product Manufacturing	0.7	2
AGC Flat Glass North America, Inc. - AGC-Opelousas Plant	Facility	Opelousas, LA	United States	Non-Metallic Mineral Product Manufacturing
AGC Flat Glass North America, Inc. - AGC-Richmond Plant	Facility	Richmond, VA	United States	Non-Metallic Mineral Product Manufacturing
AGC Flat Glass North America, Inc. - AGC-Baton Rouge Plant	Facility	Baton Rouge, LA	United States	Non-Metallic Mineral Product Manufacturing
AGC Flat Glass North America, Inc. - AGC-Fall River Plant	Facility	Fall River, MA	United States	Non-Metallic Mineral Product Manufacturing
AGC Flat Glass North America, Inc. - AGC-San Antonio Plant	Facility	San Antonio, TX	United States	Non-Metallic Mineral Product Manufacturing
AGC Flat Glass North America, Inc. - AGC-Carbondale Plant	Facility	Carbondale, PA	United States	Non-Metallic Mineral Product Manufacturing
AGC Chemicals Americas, Inc.	Subsidiary	Exton, PA	United States	Non-Metallic Mineral Product Manufacturing		120
AGC Chemicals Americas, Inc. - Thorndale Manufacturing Plant	Facility	Downingtown, PA	United States	Miscellaneous Chemical Manufacturing	45.6	20
AGC Chemicals	Branch	Exton, PA	United States	Chemical Wholesale	13.7	6
AGC Chemicals Americas Inc	Branch	Bayonne, NJ	United States	Chemical Wholesale	15.8	5
Agc Automotive Glass México, S.A. De C.V.	Subsidiary	El Salto, Jalisco	Mexico	Motor Vehicle Parts Manufacturing	6.0	33
A G C Glass Co North America	Branch	Lithia Springs, GA	United States	Home and Garden Retail	1.0	3
Asahi Glass Europe B.V.	Subsidiary	Amsterdam	Netherlands	Non-Metallic Mineral Product Manufacturing		20
AGC Automotive Canada, Inc.	Subsidiary	Bradford, ON	Canada	Non-Metallic Mineral Product Manufacturing	6.5	13
AGC (China) Holdings Co., Ltd.	Subsidiary	Beijing	China	Investment Services		9
La Foret Engineering Co., Ltd.	Subsidiary	Tokyo	Japan	Electricity Generation and Distribution		9
AGC Electronics Singapore Pte. Ltd.	Subsidiary	Singapore	Singapore	Electronics Wholesale		8
AGC Capital, Inc.	Subsidiary	Alpharetta, GA	United States	Investment Services		4
AGC Finance Co., Ltd.	Subsidiary	Tokyo	Japan	Investment Services		4
AGC Automotive California, Inc.	Subsidiary	Torrance, CA	United States	Motor Vehicle Wholesale	1.1	3
AGC Flat Glass (Thailand) Public Co., Ltd.	Subsidiary	Samut Prakan	Thailand	Non-Metallic Mineral Product Manufacturing	252.8
AGC Flat Glass (Thailand) Public Co., Ltd. - Chon Buri Factory	Facility	Chon Buri	Thailand	Motor Vehicle Parts Manufacturing
Auto Glass Co.,Ltd.	Subsidiary	Minato-Ku, Tokyo	Japan	Motor Vehicle Wholesale	212.0
Agc Automotive Window Systems Co.,Ltd.	Subsidiary	Minato-Ku, Tokyo	Japan	Non-Metallic Mineral Product Manufacturing	73.8
AGC Techno Glass Corporation	Subsidiary	Funabashi	Japan	Non-Metallic Mineral Product Manufacturing
Hankuk Electric Glass Co., Ltd.	Subsidiary	Gumi, Kyung-Buk	Korea, Republic of	Non-Metallic Mineral Product Manufacturing
AGC Techno Glass Co., Ltd.	Subsidiary	Haibara, Shizuoka	Japan	Non-Metallic Mineral Product Manufacturing
Iwaki Houseware Co.,Ltd.	Subsidiary	Funabashi, Chiba	Japan	Home Furnishings Wholesale	51.2
Zibo Asahi Glass Alumina Materials Co., Ltd.	Subsidiary	Zibo, Shandong	China	Specialty Construction Trade Contractors
Kyoei Shoji Co., Ltd.	Subsidiary	Tokyo	Japan	Commercial Real Estate Leasing
AGC Automotive (Thailand) Co., Ltd.	Subsidiary	Chon Buri	Thailand	Motor Vehicle Wholesale
AGC Seimi Chemical Co., Ltd. - Kashima Plant	Facility	Kashima, Ibaraki	Japan	Semiconductor and Other Electronic Component Manufacturing
Asahi Glass Co., Ltd. - Kitakyushu Plant	Facility	Kitakyushu	Japan	Non-Metallic Mineral Product Manufacturing
Asahi Glass Co., Ltd. - Aichi Plant (Toyota)	Facility	Toyota, Aichi	Japan	Non-Metallic Mineral Product Manufacturing
AGC Amenitech Co., Ltd.	Subsidiary	Tokyo	Japan	Computer System Design Services
AGC Coat-Tech Co., Ltd.	Subsidiary	Tokyo	Japan	Paint, Coating, and Adhesive Manufacturing
AGC Electronics Co., Ltd.	Subsidiary	Koriyama, Fukushima	Japan	Semiconductor and Other Electronic Component Manufacturing
AGC Glass Kenzai Co., Ltd.	Subsidiary	Tokyo	Japan	Specialty Construction Trade Contractors
AGC Glass Products Co., Ltd	Subsidiary	Tokyo	Japan	Non-Metallic Mineral Product Manufacturing
AGC Green-Tech Co., Ltd.	Subsidiary	Tokyo	Japan	Chemical Wholesale
AGC Insurance Management Co., Ltd.	Subsidiary	Tokyo	Japan	Insurance Agents
AGC Logistics Co., Ltd.	Subsidiary	Tokyo	Japan	Consulting Services
AGC Matex Co., Ltd.	Subsidiary	Sagamihara, Kanagawa	Japan	Rubber and Plastic Product Manufacturing
AGC Micro Glass Co., Ltd.	Subsidiary	Fukuoka	Japan	Non-Metallic Mineral Product Manufacturing
AGC Polymer Material Co., Ltd.	Subsidiary	Tokyo	Japan	Paint, Coating, and Adhesive Manufacturing
AGC Flat Glass (Suzhou) Co., Ltd.	Subsidiary	Suzhou	China	Non-Metallic Mineral Product Manufacturing
AGC Flat Glass Protech (Shenzhen) Co., Ltd.	Subsidiary	Shenzhen	China	Non-Metallic Mineral Product Manufacturing
AGC Research Institute, Inc.	Subsidiary	Tokyo	Japan	Research and Development Services
AGC Sunsmile, Inc.	Subsidiary	Yokohama, Kanagawa	Japan	Waste Management
AGC Flat Glass (Hong Kong) Co., Ltd.	Subsidiary	Sheung Wan	Hong Kong	Construction and Hardware Materials Wholesale
AGC Wakasa Chemicals Co., Ltd.	Subsidiary	Obama, Fukui	Japan	Pharmaceutical Manufacturing
Hokkaido Soda Co., Ltd.	Subsidiary	Tomakomai	Japan	Basic Chemical Manufacturing
AGC Chemicals (Thailand) Co., Ltd. - Rayong Plant	Facility	Rayong	Thailand	Miscellaneous Chemical Manufacturing
AGC Micro Glass (Thailand) Co., Ltd	Subsidiary	Lamphun	Thailand	Non-Metallic Mineral Product Manufacturing
AGC Technology Solutions (Thailand) Co., Ltd.	Subsidiary	Samut Prakan	Thailand	Architecture and Engineering
AGC Polycarbonate Co., Ltd.	Subsidiary	Chita, Aichi	Japan	Paper Product Manufacturing
Kashima Chlorine and Alkali Co., Ltd.	Subsidiary	Kamisu, Ibaraki	Japan	Miscellaneous Chemical Manufacturing
Keiyo Monomer Co., Ltd.	Subsidiary	Ichihara, Chiba	Japan	Basic Chemical Manufacturing
AGC Automotive Philippines Inc.	Subsidiary	Santa Rosa, Laguna	Philippines	Motor Vehicle Repair and Maintenance
AGC Shanghai Co., Ltd.	Subsidiary	Shanghai	China	Miscellaneous Professional Services
AGC Automotive Italy S.r.l	Subsidiary	Cuneo	Italy	Non-Metallic Mineral Product Manufacturing
AGC Techno Glass (Thailand) Co., Ltd.	Subsidiary	Chon Buri	Thailand	Non-Metallic Mineral Product Manufacturing
AGC Flat Glass Philippines Inc.	Subsidiary	Pasig	Philippines	Non-Metallic Mineral Product Manufacturing
Asahi PD Glass Korea Co., Ltd.	Subsidiary	Gumi, Kyung-Buk	Korea, Republic of	Non-Metallic Mineral Product Manufacturing
Kashima South Joint Power Corp.	Subsidiary	Kamisu, Ibaraki	Japan	Electricity Generation and Distribution
AGC Automotive Foshan Co., Ltd	Subsidiary	Foshan, Guangdong	China	Motor Vehicle Wholesale
AGC Chemicals (Thailand) Co., Ltd. - Phrapradaeng Plant	Facility	Samut Prakan	Thailand	Miscellaneous Chemical Manufacturing
AGC Technology Solutions (Kunshan) Co., LTD.	Subsidiary	Kunshan, Jiangsu	China	Architecture and Engineering
AGC Europe S.A.	Subsidiary	Brussels	Belgium	Non-Metallic Mineral Product Manufacturing

Asahi Glass Co Ltd

Competitors Report

CompanyName	Location	Employees	Ownership
Apogee Enterprises Inc	Minneapolis, Minnesota, United States	3,871	Public
Corning Incorporated	Corning, New York, United States	28,700	Public
FMC Corp	Philadelphia, Pennsylvania, United States	5,700	Public
Guardian Industries	Auburn Hills, Michigan, United States	18,000	Private
Nippon Sheet Glass Company, Limited	Minato-Ku, Japan	27,932	Public
Pilkington Group Ltd.	St Helens, United Kingdom	239	Private
PPG Industries, Inc.	Pittsburgh, Pennsylvania, United States	39,200	Public
Tosoh Corporation	Minato-Ku, Japan	11,268	Public
Vesuvius PLC	London, United Kingdom	14,767	Public
Vitro S.A.	San Pedro Garza Garcia, Mexico	16,248	Public

Asahi Glass Co Ltd Chiyoda-Ku, , Japan, Tel: 81-3-32185741, URL: http://www.agc.com

Executives Report

Board of Directors

Name	Title	Function
Hiroshi Kimura	Independent Director	Director/Board Member
Biography: Mr. Hiroshi Kimura has been serving as Independent Director of Asahi Glass Company Limited since March 2013. He is also serving as Chairman of the Board in Japan Tobacco Inc. Age: 60 Education: Kyoto University, B (Law)
Kunihiro Matsuo	Director	Director/Board Member
Age: 69
Masahiro Sakane	Independent Director	Director/Board Member
Biography: Mr. Masahiro Sakane has been serving as Independent Director in Asahi Glass Company, Limited since March 2011. He is also serving as Chairman of the Board of Komatsu Ltd. Mr. Sakane used to serve as Vice President, President, Chief Executive Officer and Director in Komatsu Ltd. Age: 72
Hajime Sawabe	Independent Director	Director/Board Member
Biography: Mr. Hajime Sawabe has been serving as Independent Director in Asahi Glass Company, Limited, since March 2008. He is also working for a company that is now called TDK Corporation. Mr. Sawabe used to serve as Chairman of the Board and President in TDK Corporation. Age: 71

Executives

Name

Title

Function

Jean-Francois Heris

Managing Executive Officer, Building & Industrial Business, Glass Company; President & CEO of AGC Glass Europe

Chief Executive Officer

Kazuhiko Ishimura

Chief Executive Officer, Executive President, Representative Director

Chief Executive Officer

Biography:

Mr. Kazuhiko Ishimura has been serving as Chief Executive Officer, Executive President and Representative Director in Asahi Glass Company, Limited since March 2010. He joined the Company in April 1979. His previous titles include Senior Executive Officer, Kansai Plant Manager, Executive Officer and Chief Operating Officer in the Company.

Age: 58

Marehisa Ishiko

Managing Executive Officer, President of Glass Company, Chief Director of Automotive Business in Glass Company

President

Age: 55

Education:

Yokohama National University, M (Chemical Engineering)

Masao Nemoto

Executive Officer, President of Chemicals Company

President

Takuya Shimamura

Managing Executive Officer, President of Electronics Company, Chief Director of Electronics Business in Electronics Company

President

Age: 56

Takashi Fujino

SVP- Business Management (Finance); GM- Office of the President & Group Leader of Corporate Planning Group.

Division Head Executive

Biography:

Mr. Takashi Fujino has been serving as Managing Executive Officer, Manager of President's Office and Director in Asahi Glass Company, Limited since November 25, 2012. He joined the Company in April 1979. His previous titles include Executive Officer and Manager of Business Planning Office in the Company.

Age: 57

Motoichi Iga

GM - Technology Development General Division, Electronics Company

Division Head Executive

Shinji Miyaji

Executive Officer/General Manager - Display General Division Electronics Company.

Division Head Executive

Akinobu Shimao

Executive Officer, President of Subsidiary

Division Head Executive

Yoshiaki Tamura

Senior Executive Officer and President - Electronics

Division Head Executive

Biography:

Mr. Yoshiaki Tamura was named Senior Managing Executive Officer, President of Glass Company and Representative Director in Asahi Glass Company, Limited effective January 1, 2014. He joined the Company in April 1979. He used to serve as Managing Executive Officer, Executive Officer and Chief Director of Electronic Company Display Business in the Company. He graduated from Tokyo Institute of Technology with a master of Engineering in Organic Materials in March 1979.

Age: 59

Education:

Tokyo Institute of Technology, ME (Organic Chemistry)

Shukichi Umemoto

Senior Executive Officer and General Manager of Corporate Finance

Division Head Executive

Kazuyoshi Watanabe

Executive Officer, General Manager - Display General Division Electronics Company

Division Head Executive

Social:

Yasumasa Nakao

Managing Executive Officer, Chief Director of Technology in Glass Company

Managing Director

Kei Yonamoto

Senior Managing Executive Officer, Leader of Brazil Global Project Team

Managing Director

Hiroshi Akagi

Chief Senior Director of Technology in Chemical Company, Executive Officer

Senior Management (General)

Social:

Akio Endo

Senior Executive Vice President

Senior Management (General)

Age: 63

Masayuki Kamiya

Senior Executive Officer

Senior Management (General)

Katsuhisa Kato

Executive Vice President and Chief Technology Officer

Senior Management (General)

Biography:

Mr. Katsuhisa Kato has been chief technical officer of company since 2012. He has been serving as senior managing executive officer and representative director in Asahi Glass Company, Limited., since March 30, 2010. He joined the Company in April 1974. His previous titles include Executive Officer, chief senior director of Chemical Company Business, senior executive officer, manager of Central Reaserch Institue, chief technology officer, managing executive officer. He obtained his Masters' Degree of in Chemical Engineering March 1974.

Age: 63

Yoshinori Kobayashi

Executive Officer

Senior Management (General)

Takashi Shimbo

Executive Officer

Senior Management (General)

Tetsuo Tatsuno

Executive Officer, Manager of Accounting and Finance Office

Finance Executive

Age: 55

Kenji Haga

Corporate Auditor

Accounting Executive

Shigeru Hikuma

Corporate Auditor

Accounting Executive

Izumi Tamai

Corporate Auditor

Accounting Executive

Takashi Terashima

Corporate Auditor

Accounting Executive

Shinichi Kawakami

Executive Officer, Manager of Human Resources & General Affairs Office

Human Resources Executive

Shigekuni Inoue

Executive Officer, Chief Director of Electronic Glass Business in Electronics Company

E-Commerce Executive

Yoshihiro Ueda

Manager of Public Relations & IR Office

Public Relations Executive

Takayasu Ide

Executive Officer, Chief Senior Director of Technology in Chemicals Company

Engineering/Technical Executive

Tadayuki Ohi

Executive Officer, Manager of Production Technology Center

Engineering/Technical Executive

Hiroyuki Watanabe

Executive Officer, Manager of Technology Planning Office in Main Technology Unit

Engineering/Technical Executive

Tomoya Takigawa

Executive Officer, Director of Central Research Institute

Research & Development Executive

Eisuke Yanagisawa

Executive Officer, Manager of Legal Affairs Office

Legal Executive

Yoshinori Hirai

Executive Officer, Manager of Business Expansion Office

Other

Kimikazu Ichikawa

Executive Officer, Deputy Chief Director of Industrial Business in Glass Company, Director of Japan & Asian Business of Main Industrial Business in Glass Company

Other

Age: 55

Education:

Waseda University

Tokio Matsuo

Executive Officer, Manager of CSR Office

Other

Yuji Nishimi

Executive Vice President, Representative Director

Other

Biography:

Mr. Yuji Nishimi has been serving as Executive Vice President and Representative Director in Asahi Glass Company, Limited since March 30, 2011. He joined the Company in April 1970. His previous titles include Executive Officer, Chief Director of Display Company CRT Glass, Senior Executive Officer, Senior Managing Executive Officer, Manager of Electronic Center and President of Electronic Company.

Age: 66

Kihachiro Okamoto

Executive Officer, Deputy Chief Director of Automotive Business in Glass Company

Other

Reuters 

Asahi Glass Co Ltd

Significant Developments

Petronas Chemicals Group Bhd Divests Stake In Phu My Plastics And Chemical Company Ltd To Asahi Glass Co. Ltd and Mitsubishi Corporation

Nov 06, 2013

Petronas Chemicals Group Bhd announced that it has entered into an agreement to divest all its interest in Phu My Plastics and Chemical Company Ltd. (PMPC) to Asahi Glass Co. Ltd. and Mitsubishi Corporation. PCG holds 93.11% interest in PMPC, a company located in Vietnam with a production capacity of 100,000 metric tonnes per annum of polyvinyl chloride (PVC). The divestment is part of PCG's plan to discontinue its vinyl business as announced last year, in line with its portfolio optimisation strategy. Completion of the divestment is expected by Q2 2014, subject to conditions in the agreement being met. Deutsche Bank acted as financial adviser to PCG in relation to the transaction.

Moody's Changes Asahi Glass Co Ltd's Outlook to Negative; Affirms A2-Moody's Investors Service Press Release

Aug 19, 2013

Moody's Investors Service Press Release disclosed that Moody's Japan K. K. has changed Asahi Glass Co Ltd's outlook to negative from stable and affirmed all existing ratings including the A2 long term issuer rating and the P-1 commercial paper rating.

Asahi Glass Co Ltd Amends Consolidated Full-year Outlook and Lowers Year-end Dividend Forecast for FY 2013

Jul 31, 2013

Asahi Glass Co Ltd announced that it has raised its consolidated full-year outlook for revenue from JPY 1,300,000 million to JPY 1,350,000 million, but lowered the outlook for operating profit from JPY 100,000 million to JPY 70,000 million, ordinary profit from JPY 90,000 million to JPY 65,000 million, net profit from JPY 50,000 million to JPY 10,000 million and earning per share from JPY 43.26 to JPY 8.65 , for the fiscal year ending December 2013. The Company lowered the outlook due to the decreased demands, the lower selling price, the increased cost in overseas subsidiaries, as well as the record of extraordinary loss on the glass business restructuring, among others. In addition, the Company has lowered its year-end dividend forecast from JPY 13 per share, which was announced on February 7, 2013, to JPY 5 per share, for the fiscal year ending December 2013.

R&I Downgrades Rating on Asahi Glass Co Ltd to "AA-"; Rating Outlook Stable

Apr 15, 2013

Rating and Investment Information, Inc. (R&I) announced that it has downgraded the rating on Asahi Glass Co Ltd from "AA" to "AA-". The rating outlook is stable.

News
	Patent Issued for Diffractive Optical Element and Measuring Device Journal of Engineering (977 Words)	11-Dec-2013
	Patent Application Titled "Method for Producing Silica Glass Body Containing Titania, and Silica Glass Body Containing Titania" Published Online Electronics Newsweekly (2825 Words)	11-Dec-2013
	Calysta Completes $3 Million Series A Financing Business Wire (439 Words)	11-Dec-2013
	Professors named Fellows of academy of inventors Norman Transcript (OK) (258 Words)	11-Dec-2013
	Tokyo Stock Exchange: closing price list -1- Japan Economic Newswire (246 Words)	11-Dec-2013
	Tokyo Stock Exchange: morning price list -1- Japan Economic Newswire (242 Words)	10-Dec-2013
	Research and Markets: Fluorochemicals - Global Strategic Business Report 2013 Profiles Players such as Asahi Glass Company Ltd. and Solvay SA Reuters (270 Words)	10-Dec-2013
	AGC Named a Top 100 Global Innovator Ceramic Industry (218 Words)	10-Dec-2013
	Pelican Introduces Pelican ProGear Vault Series Cases for Apple iPad Air, iPad mini with Retina Display and Samsung Galaxy S® 4 Business Wire (702 Words)	09-Dec-2013
	Tokyo Stock Exchange: closing price list -1- Japan Economic Newswire (246 Words)	09-Dec-2013
	Tokyo Stock Exchange: morning price list -1- Japan Economic Newswire (246 Words)	08-Dec-2013

Asahi Glass Co Ltd Chiyoda-Ku, Japan, Tel: 81-3-32185741, URL: http://www.agc.com

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	79.797487	79.698224	87.789317	93.619712	103.395546
Auditor	KPMG AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Net Sales	14,912.2	15,240.9	14,682.3	12,264.5	13,968.9
Revenue	14,912.2	15,240.9	14,682.3	12,264.5	13,968.9
Total Revenue	14,912.2	15,240.9	14,682.3	12,264.5	13,968.9
Cost of Revenue	10,918.7	10,338.4	9,545.8	8,833.6	9,912.2
Cost of Revenue, Total	10,918.7	10,338.4	9,545.8	8,833.6	9,912.2
Gross Profit	3,993.5	4,902.5	5,136.4	3,430.9	4,056.7
Selling/General/Administrative Expense	1,321.7	1,466.5	1,353.0	1,151.0	1,384.2
Labor & Related Expense	901.0	774.5	723.8	763.5	723.1
Total Selling/General/Administrative Expenses	2,222.7	2,241.1	2,076.8	1,914.5	2,107.3
Research & Development	606.0	582.7	448.8	480.2	364.6
Depreciation	-	-	-	94.6	76.1
Amortization of Acquisition Costs	-	-	-	15.6	19.1
Depreciation/Amortization	-	-	-	110.3	95.1
Restructuring Charge	172.2	111.5	175.4	266.4	225.1
Impairment-Assets Held for Use	168.4	71.2	197.8	267.3	187.0
Other Unusual Expense (Income)	-98.2	147.6	56.9	-0.9	24.1
Unusual Expense (Income)	242.5	330.4	430.0	532.8	436.2
Total Operating Expense	13,989.9	13,492.6	12,501.4	11,871.4	12,915.4
Operating Income	922.3	1,748.3	2,180.9	393.1	1,053.4
Interest Expense - Non-Operating	-74.2	-75.6	-71.5	-108.4	-139.9
Interest Expense, Net Non-Operating	-74.2	-75.6	-71.5	-108.4	-139.9
Interest Income - Non-Operating	17.3	18.6	14.5	18.5	31.8
Investment Income - Non-Operating	-5.8	91.8	39.7	131.7	-256.6
Interest/Investment Income - Non-Operating	11.5	110.4	54.2	150.2	-224.7
Interest Income (Expense) - Net Non-Operating Total	-62.8	34.8	-17.3	41.8	-364.7
Gain (Loss) on Sale of Assets	21.3	36.3	18.2	30.8	48.3
Other Non-Operating Income (Expense)	-16.5	-20.7	7.1	-33.0	-59.3
Other, Net	-16.5	-20.7	7.1	-33.0	-59.3
Income Before Tax	864.3	1,798.8	2,188.8	432.6	677.8
Total Income Tax	265.6	542.4	719.6	211.8	241.0
Income After Tax	598.7	1,256.4	1,469.3	220.8	436.9
Minority Interest	-50.0	-60.7	-66.1	-7.3	-57.9
Net Income Before Extraord Items	548.8	1,195.6	1,403.2	213.5	379.0
Net Income	548.8	1,195.6	1,403.2	213.5	379.0
Miscellaneous Earnings Adjustment	-	-	-	0.0	-0.1
Total Adjustments to Net Income	-	-	-	0.0	-0.1
Income Available to Common Excl Extraord Items	548.8	1,195.6	1,403.2	213.5	378.9
Income Available to Common Incl Extraord Items	548.8	1,195.6	1,403.2	213.5	378.9
Basic/Primary Weighted Average Shares	1,155.9	1,163.5	1,167.4	1,167.6	1,168.4
Basic EPS Excl Extraord Items	0.47	1.03	1.20	0.18	0.32
Basic/Primary EPS Incl Extraord Items	0.47	1.03	1.20	0.18	0.32
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	548.8	1,195.6	1,403.2	213.5	378.9
Diluted Weighted Average Shares	1,247.0	1,255.8	1,259.0	1,173.1	1,169.0
Diluted EPS Excl Extraord Items	0.44	0.95	1.11	0.18	0.32
Diluted EPS Incl Extraord Items	0.44	0.95	1.11	0.18	0.32
Dividends per Share - Common Stock Primary Issue	0.33	0.33	0.30	0.17	0.23
Gross Dividends - Common Stock	376.6	378.9	345.7	199.5	271.0
Interest Expense, Supplemental	74.2	75.6	71.5	108.4	139.9
Depreciation, Supplemental	1,476.9	1,380.9	1,252.6	1,459.9	1,308.7
Total Special Items	244.6	313.8	427.9	517.7	406.9
Normalized Income Before Tax	1,108.9	2,112.5	2,616.7	950.3	1,084.7
Effect of Special Items on Income Taxes	68.0	88.7	135.4	245.8	137.9
Inc Tax Ex Impact of Sp Items	333.6	631.0	855.0	457.7	378.8
Normalized Income After Tax	775.3	1,481.5	1,761.7	492.6	705.9
Normalized Inc. Avail to Com.	725.3	1,420.7	1,695.7	485.3	647.9
Basic Normalized EPS	0.63	1.22	1.45	0.42	0.55
Diluted Normalized EPS	0.58	1.13	1.35	0.41	0.55
Amort of Acquisition Costs, Supplemental	23.3	19.7	16.0	15.6	19.1
Research & Development Exp, Supplemental	606.0	582.7	448.8	480.2	364.6
Reported Operating Profit	1,164.8	2,078.6	2,610.9	925.9	1,489.6
Reported Ordinary Profit	1,085.5	2,092.1	2,583.5	931.5	1,061.5
Normalized EBIT	1,164.8	2,078.6	2,610.9	925.9	1,489.6
Normalized EBITDA	2,665.1	3,479.3	3,879.5	2,401.4	2,817.4
Current Tax - Total	278.8	-	-	-	-
Current Tax - Total	278.8	-	-	-	-
Deferred Tax - Total	-13.2	-	-	-	-
Deferred Tax - Total	-13.2	-	-	-	-
Income Tax - Total	265.6	-	-	-	-
Interest Cost - Domestic	91.2	106.6	98.3	96.8	91.2
Service Cost - Domestic	126.4	102.5	95.1	80.9	107.2
Prior Service Cost - Domestic	-18.1	-17.9	-16.4	-17.5	-16.4
Expected Return on Assets - Domestic	-71.5	-67.8	-57.4	-54.9	-69.1
Actuarial Gains and Losses - Domestic	129.0	80.2	65.2	84.0	12.2
Domestic Pension Plan Expense	257.0	203.6	184.9	189.2	125.1
Total Pension Expense	257.0	203.6	184.9	189.2	125.1
Discount Rate - Domestic	1.70%	1.70%	2.50%	2.50%	2.50%
Expected Rate of Return - Domestic	2.80%	2.80%	2.80%	3.50%	3.50%
Total Plan Interest Cost	91.2	106.6	98.3	96.8	91.2
Total Plan Service Cost	126.4	102.5	95.1	80.9	107.2
Total Plan Expected Return	-71.5	-67.8	-57.4	-54.9	-69.1

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	85.870003	76.94	81.105	93.095	90.65
Auditor	KPMG AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Cash & Equivalents	1,169.9	1,284.0	1,128.1	901.8	924.1
Short Term Investments	236.4	324.9	838.4	214.8	0.0
Cash and Short Term Investments	1,406.3	1,608.9	1,966.5	1,116.6	924.1
Accounts Receivable - Trade, Gross	2,906.4	3,037.1	2,934.0	2,422.0	2,301.1
Provision for Doubtful Accounts	-60.2	-64.9	-62.4	-60.6	-57.1
Trade Accounts Receivable - Net	2,846.2	2,972.2	2,871.6	2,361.5	2,244.1
Total Receivables, Net	2,846.2	2,972.2	2,871.6	2,361.5	2,244.1
Inventories - Finished Goods	1,082.1	1,063.9	913.9	834.1	1,178.2
Inventories - Work In Progress	484.3	552.9	477.6	371.7	546.9
Inventories - Raw Materials	859.9	908.8	782.8	690.6	780.3
Total Inventory	2,426.3	2,525.6	2,174.4	1,896.4	2,505.3
Prepaid Expenses	-	-	-	56.9	101.1
Deferred Income Tax - Current Asset	140.4	176.9	264.5	176.4	218.8
Other Current Assets	764.9	602.6	452.6	391.6	544.9
Other Current Assets, Total	905.3	779.5	717.1	567.9	763.8
Total Current Assets	7,584.1	7,886.3	7,729.6	5,999.3	6,538.4
Buildings	6,690.1	6,809.4	6,558.6	5,875.6	5,790.8
Land/Improvements	911.0	992.7	994.6	898.0	1,045.4
Machinery/Equipment	20,858.3	20,051.6	19,402.5	17,183.7	16,667.9
Construction in Progress	947.2	1,142.0	800.9	1,162.1	1,453.8
Other Property/Plant/Equipment	150.3	127.1	55.1	60.3	0.0
Property/Plant/Equipment - Gross	29,557.0	29,122.8	27,811.6	25,179.6	24,957.9
Accumulated Depreciation	-18,404.5	-18,171.9	-17,190.9	-15,208.3	-14,383.3
Property/Plant/Equipment - Net	11,152.5	10,950.9	10,620.7	9,971.4	10,574.6
Goodwill, Net	313.5	204.3	214.2	169.2	214.8
Intangibles, Net	291.0	278.0	272.6	219.8	239.4
LT Investment - Affiliate Companies	425.4	416.6	445.2	429.8	-
LT Investments - Other	1,855.9	1,511.5	1,864.3	1,716.6	1,906.1
Long Term Investments	2,281.3	1,928.1	2,309.5	2,146.4	1,906.1
Note Receivable - Long Term	70.3	66.6	67.7	72.9	74.0
Deferred Charges	-	-	-	-	0.0
Deferred Income Tax - Long Term Asset	286.8	551.6	383.9	396.9	508.9
Other Long Term Assets	139.7	119.4	151.7	164.4	162.5
Other Long Term Assets, Total	426.4	671.0	535.6	561.4	671.5
Total Assets	22,119.2	21,985.2	21,749.9	19,140.3	20,218.7
Accounts Payable	1,384.6	1,461.5	1,533.2	1,388.2	1,824.5
Accrued Expenses	357.2	351.2	350.6	272.4	408.9
Notes Payable/Short Term Debt	943.3	549.3	424.9	397.1	2,585.8
Current Portion - Long Term Debt/Capital Leases	232.9	1,413.3	816.2	341.0	617.8
Security Deposits	256.7	315.1	358.5	293.3	345.2
Income Taxes Payable	178.5	119.8	596.9	191.1	116.6
Other Payables	645.4	842.3	540.3	441.3	609.7
Deferred Income Tax - Current Liability	-	-	-	13.1	13.2
Other Current Liabilities	343.1	398.5	338.7	267.2	444.7
Other Current liabilities, Total	1,423.7	1,675.8	1,834.4	1,206.0	1,529.4
Total Current Liabilities	4,341.6	5,451.0	4,959.4	3,604.7	6,966.5
Long Term Debt	5,030.6	4,243.6	4,988.7	5,678.4	3,388.8
Total Long Term Debt	5,030.6	4,243.6	4,988.7	5,678.4	3,388.8
Total Debt	6,206.8	6,206.1	6,229.9	6,416.5	6,592.5
Deferred Income Tax - LT Liability	132.3	134.9	186.1	143.0	148.4
Deferred Income Tax	132.3	134.9	186.1	143.0	148.4
Minority Interest	620.0	538.7	496.8	563.3	549.5
Reserves	102.2	128.4	208.5	150.0	262.1
Pension Benefits - Underfunded	698.6	765.6	734.6	694.6	664.2
Other Long Term Liabilities	204.0	208.2	194.6	186.8	174.6
Other Liabilities, Total	1,004.7	1,102.1	1,137.7	1,031.5	1,100.9
Total Liabilities	11,129.2	11,470.3	11,768.8	11,020.9	12,154.3
Common Stock	1,058.3	1,181.1	1,120.4	976.1	1,002.5
Common Stock	1,058.3	1,181.1	1,120.4	976.1	1,002.5
Additional Paid-In Capital	1,150.8	1,280.8	1,211.2	1,052.2	1,077.0
Retained Earnings (Accumulated Deficit)	9,622.3	10,560.6	9,231.9	6,970.7	7,283.4
Treasury Stock - Common	-350.3	-388.5	-267.1	-227.2	-233.2
Unrealized Gain (Loss)	566.1	258.8	475.4	457.5	280.1
Translation Adjustment	-1,059.4	-2,378.5	-1,791.7	-1,106.7	-1,303.3
Other Equity	0.0	-	-	-	-
Other Comprehensive Income	2.0	0.6	1.0	-3.2	-42.0
Other Equity, Total	-1,057.3	-2,377.9	-1,790.7	-1,110.0	-1,345.3
Total Equity	10,989.9	10,514.9	9,981.1	8,119.4	8,064.5
Total Liabilities & Shareholders’ Equity	22,119.2	21,985.2	21,749.9	19,140.3	20,218.8
Shares Outstanding - Common Stock Primary Issue	1,155.6	1,155.9	1,167.0	1,167.6	1,167.7
Total Common Shares Outstanding	1,155.6	1,155.9	1,167.0	1,167.6	1,167.7
Treasury Shares - Common Stock Primary Issue	31.1	30.8	19.7	19.1	19.0
Employees	49,961	50,957	50,399	47,618	47,770
Number of Common Shareholders	58,359	51,823	49,042	49,302	53,395
Total Long Term Debt, Supplemental	5,484.3	5,656.8	5,899.2	6,035.5	4,006.7
Long Term Debt Maturing within 1 Year	803.1	1,413.3	910.5	357.1	617.8
Long Term Debt Maturing in Year 2	1,263.7	666.6	1,730.9	962.1	517.7
Long Term Debt Maturing in Year 3	435.5	1,369.2	635.8	1,791.3	703.7
Long Term Debt Maturing in Year 4	214.7	261.2	1,225.2	627.2	667.0
Long Term Debt Maturing in Year 5	572.5	320.3	249.7	1,051.0	437.2
Long Term Debt Maturing in 2-3 Years	1,699.2	2,035.8	2,366.7	2,753.4	1,221.4
Long Term Debt Maturing in 4-5 Years	787.2	581.5	1,474.9	1,678.3	1,104.2
Long Term Debt Matur. in Year 6 & Beyond	2,194.8	1,626.2	1,147.1	1,246.8	1,063.3
Total Capital Leases, Supplemental	91.6	75.3	39.8	35.8	-
Capital Lease Payments Due in Year 1	28.1	11.5	3.0	2.6	-
Capital Lease Payments Due in Year 2	11.6	10.3	4.7	3.5	-
Capital Lease Payments Due in Year 3	9.4	6.2	2.9	2.1	-
Capital Lease Payments Due in Year 4	8.9	5.3	2.3	2.1	-
Capital Lease Payments Due in Year 5	5.6	5.0	2.1	2.0	-
Capital Lease Payments Due in 2-3 Years	20.9	16.6	7.6	5.7	-
Capital Lease Payments Due in 4-5 Years	14.6	10.3	4.4	4.1	-
Cap. Lease Pymts. Due in Year 6 & Beyond	27.9	37.0	24.7	23.4	-
Pension Obligation - Domestic	4,228.0	4,303.0	3,650.3	3,247.8	3,294.4
Plan Assets - Domestic	2,755.9	2,457.4	2,459.2	2,141.4	1,953.1
Funded Status - Domestic	-1,472.1	-1,845.6	-1,191.1	-1,106.4	-1,341.3
Total Funded Status	-1,472.1	-1,845.6	-1,191.1	-1,106.4	-1,341.3
Discount Rate - Domestic	1.70%	1.70%	2.50%	2.50%	2.50%
Expected Rate of Return - Domestic	2.80%	2.80%	2.80%	3.50%	3.50%
Prepaid Benefits - Domestic	9.1	6.1	5.3	3.3	3.6
Accrued Liabilities - Domestic	-695.0	-761.5	-730.9	-690.3	-659.5
Other Assets, Net - Domestic	-786.2	-1,090.2	-465.5	-419.4	-685.4
Net Assets Recognized on Balance Sheet	-1,472.1	-1,845.6	-1,191.1	-1,106.4	-1,341.3
Total Plan Obligations	4,228.0	4,303.0	3,650.3	3,247.8	3,294.4
Total Plan Assets	2,755.9	2,457.4	2,459.2	2,141.4	1,953.1

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	79.797487	79.698224	87.789317	93.619712	103.395546
Auditor	KPMG AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Net Income/Starting Line	864.3	1,798.8	2,188.9	432.6	677.8
Depreciation	1,476.9	1,380.9	1,252.6	1,459.9	1,308.7
Depreciation/Depletion	1,476.9	1,380.9	1,252.6	1,459.9	1,308.7
Amortization of Acquisition Costs	23.3	19.7	16.0	15.6	19.1
Amortization	23.3	19.7	16.0	15.6	19.1
Unusual Items	143.9	37.8	164.3	240.2	134.8
Equity in Net Earnings (Loss)	-15.8	-18.9	-24.9	4.8	6.1
Other Non-Cash Items	-96.3	-19.2	111.9	-168.3	81.8
Non-Cash Items	31.8	-0.3	251.2	76.8	222.7
Accounts Receivable	76.1	-48.0	-278.6	-151.0	440.9
Inventories	63.8	-289.6	-140.3	568.5	-221.0
Accounts Payable	-66.2	-10.6	40.8	-418.6	53.5
Other Operating Cash Flow	-337.7	-940.9	-76.6	-53.8	-521.0
Changes in Working Capital	-264.0	-1,289.1	-454.7	-54.9	-247.6
Cash from Operating Activities	2,132.5	1,910.0	3,254.0	1,930.0	1,980.6
Purchase of Fixed Assets	-1,954.7	-1,750.6	-1,301.1	-1,423.4	-2,458.6
Capital Expenditures	-1,954.7	-1,750.6	-1,301.1	-1,423.4	-2,458.6
Acquisition of Business	-152.8	0.0	-28.6	0.0	-
Sale of Business	10.4	0.0	1.3	7.8	0.0
Sale of Fixed Assets	80.4	205.0	41.7	73.6	84.4
Sale/Maturity of Investment	189.1	431.8	412.3	537.8	490.4
Purchase of Investments	-91.3	-419.5	-546.7	-376.8	-625.7
Other Investing Cash Flow	-53.6	-17.3	1.2	-53.3	-10.3
Other Investing Cash Flow Items, Total	-17.8	200.0	-118.7	189.0	-61.1
Cash from Investing Activities	-1,972.6	-1,550.6	-1,419.8	-1,234.4	-2,519.7
Other Financing Cash Flow	-33.0	-18.6	-47.4	-21.2	-23.5
Financing Cash Flow Items	-33.0	-18.6	-47.4	-21.2	-23.5
Cash Dividends Paid - Common	-376.6	-395.3	-266.0	-249.4	-249.0
Total Cash Dividends Paid	-376.6	-395.3	-266.0	-249.4	-249.0
Repurchase/Retirement of Common	-0.3	-103.7	-6.9	-1.0	-72.4
Common Stock, Net	-0.3	-103.7	-6.9	-1.0	-72.4
Issuance (Retirement) of Stock, Net	-0.3	-103.7	-6.9	-1.0	-72.4
Short Term Debt, Net	-88.4	109.7	14.9	-2,140.7	1,408.1
Long Term Debt Issued	1,818.7	868.7	5.4	3,334.5	860.7
Long Term Debt Reduction	-1,386.8	-1,224.1	-848.1	-1,243.5	-1,212.4
Long Term Debt, Net	431.9	-355.4	-842.7	2,091.0	-351.7
Issuance (Retirement) of Debt, Net	343.5	-245.7	-827.9	-49.8	1,056.4
Cash from Financing Activities	-66.5	-763.3	-1,148.1	-321.4	711.4
Foreign Exchange Effects	110.4	-38.1	-37.6	11.4	-99.9
Net Change in Cash	203.8	-442.1	648.4	385.6	72.5
Net Cash - Beginning Balance	1,473.2	1,917.1	1,092.0	638.5	505.6
Net Cash - Ending Balance	1,677.0	1,475.0	1,740.4	1,024.0	578.1
Cash Interest Paid	74.5	75.7	73.3	111.2	141.9
Cash Taxes Paid	314.7	908.0	297.2	84.2	539.1

Asahi Glass Co Ltd Chiyoda-Ku, Japan, Tel: 81-3-32185741, URL: http://www.agc.com

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	79.797487	79.698224	87.789317	93.619712	103.395546
Auditor	KPMG AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Net sales	14,912.2	15,240.9	14,682.3	12,264.5	13,968.9
Total Revenue	14,912.2	15,240.9	14,682.3	12,264.5	13,968.9
Cost of Sales	10,918.7	10,338.4	9,545.8	8,833.6	9,912.2
Transportation And Warehousing Expenses	706.9	-	-	-	-
Other Selling/General/Admin. Expense	614.8	-	-	-	-
Shipping Cost	-	687.9	642.1	534.5	613.5
Salaries And Allowances	764.5	-	-	-	-
Provision For Bonuses	50.1	-	-	-	-
Provision For Retirement Benefits	86.5	-	-	-	-
Salary	-	648.7	601.7	660.1	636.7
Provision for bonuses	-	54.0	56.8	39.5	40.8
Res/Accr.Retirement	-	71.9	65.3	64.0	45.6
Travel Expenses	-	-	-	72.6	83.1
Depreciation	-	-	-	94.6	76.1
Research And Development Expenses	606.0	-	-	-	-
R&D Expenses	-	582.7	448.8	480.2	364.6
Amort. of Goodwill	-	-	-	15.6	19.1
Other SGA	-	778.6	710.9	543.9	687.7
Other Unusual Expense (Income)	0.0	-	-	-	-
Insurance income	-133.5	-	-	-	-
SP Gain on negative goodwill	-	0.0	-11.9	0.0	-
SP Rev.Allow. for repairment	0.0	-56.7	0.0	-9.0	0.0
SP Rev. EU Antitrust Allow.	-	-	-	0.0	-31.6
SP Other Special Gain	-22.2	-9.4	-9.5	-4.6	-3.9
SP L on retirment fixed assets	95.9	62.1	56.4	71.4	71.7
SP Impairment Loss	72.5	9.1	141.4	195.9	115.3
SP Restructuring	172.2	111.5	175.4	266.4	225.1
SP Reserve for EU Antitrust Related	0.0	45.2	0.0	-	0.0
SP Loss on disaster	0.0	115.5	0.0	-	-
SP Other Special Loss	57.5	53.0	78.3	12.7	59.7
Total Operating Expense	13,989.9	13,492.6	12,501.4	11,871.4	12,915.4
NOP Interest Income	17.3	18.6	14.5	18.5	31.8
NOP Dividend Income	38.0	38.4	29.9	29.9	38.5
NOP Equity G in Earnings	15.8	18.9	24.9	0.0	0.0
NOP Exchange Gain	0.0	33.9	0.0	103.4	0.0
Other Non-Operating Income (Expense)	0.0	-	-	-	-
NOP Other Non-Op. Income	21.2	17.4	29.0	75.3	91.5
NOP Interest Expense	-74.2	-75.2	-71.3	-107.2	-135.4
NOP Commercial Paper Interest Expense	0.0	-0.4	-0.2	-1.2	-4.5
NOP Bond Issue Cost	-	-	0.0	-30.3	0.0
NOP Exchange Loss	-59.6	0.0	-32.3	0.0	-293.1
NOP Equity Loss	-	-	0.0	-4.8	-6.1
NOP Other Non-Op. Exp.	-37.7	-38.0	-21.9	-78.0	-150.7
SP Gain/Fix. Asset Sale	21.3	36.3	18.2	30.8	48.3
SP Gain/Inv. Secs. Sale	0.0	0.7	16.0	0.0	6.4
SP Gain Sale Sub.Stock	-	0.0	1.2	3.1	0.0
SP Loss Sale Sub.Stock	-	-	-	0.0	-2.3
Net Income Before Taxes	864.3	1,798.8	2,188.8	432.6	677.8
Provision for Income Taxes	265.6	542.4	719.6	211.8	241.0
Net Income After Taxes	598.7	1,256.4	1,469.3	220.8	436.9
Minority interests in income	-50.0	-60.7	-66.1	-7.3	-57.9
Net Income Before Extra. Items	548.8	1,195.6	1,403.2	213.5	379.0
Net Income	548.8	1,195.6	1,403.2	213.5	379.0
Earning Adjustment	-	-	-	0.0	-0.1
Income Available to Com Excl ExtraOrd	548.8	1,195.6	1,403.2	213.5	378.9
Income Available to Com Incl ExtraOrd	548.8	1,195.6	1,403.2	213.5	378.9
Basic Weighted Average Shares	1,155.9	1,163.5	1,167.4	1,167.6	1,168.4
Basic EPS Excluding ExtraOrdinary Items	0.47	1.03	1.20	0.18	0.32
Basic EPS Including ExtraOrdinary Items	0.47	1.03	1.20	0.18	0.32
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	548.8	1,195.6	1,403.2	213.5	378.9
Diluted Weighted Average Shares	1,247.0	1,255.8	1,259.0	1,173.1	1,169.0
Diluted EPS Excluding ExtraOrd Items	0.44	0.95	1.11	0.18	0.32
Diluted EPS Including ExtraOrd Items	0.44	0.95	1.11	0.18	0.32
DPS-Ordinary Shares	0.33	0.33	0.30	0.17	0.23
Gross Dividends - Common Stock	376.6	378.9	345.7	199.5	271.0
Normalized Income Before Taxes	1,108.9	2,112.5	2,616.7	950.3	1,084.7
Inc Tax Ex Impact of Sp Items	333.6	631.0	855.0	457.7	378.8
Normalized Income After Taxes	775.3	1,481.5	1,761.7	492.6	705.9
Normalized Inc. Avail to Com.	725.3	1,420.7	1,695.7	485.3	647.9
Basic Normalized EPS	0.63	1.22	1.45	0.42	0.55
Diluted Normalized EPS	0.58	1.13	1.35	0.41	0.55
R&D Expense	606.0	582.7	448.8	480.2	364.6
Interest Expense, Supplemental	74.2	-	-	-	-
Interest Expense	-	75.2	71.3	107.2	135.4
Commercial Paper Interest Expense	-	0.4	0.2	1.2	4.5
BC - Depreciation of Fixed Assets	1,476.9	-	-	-	-
Depreciation	-	1,380.9	1,252.6	1,459.9	1,308.7
BC - Depreciation of Goodwill	23.3	-	-	-	-
Amort of goodwill	-	19.7	16.0	15.6	19.1
Current Tax - Total	278.8	-	-	-	-
Current Tax - Total	278.8	-	-	-	-
Deferred Tax - Total	-13.2	-	-	-	-
Deferred Tax - Total	-13.2	-	-	-	-
Income Tax - Total	265.6	-	-	-	-
Reported Operating Profit	1,164.8	2,078.6	2,610.9	925.9	1,489.6
Reported Ordinary Profit	1,085.5	2,092.1	2,583.5	931.5	1,061.5
Service Cost	126.4	102.5	95.1	80.9	107.2
Interest Cost	91.2	106.6	98.3	96.8	91.2
Expected Return on Plan Assets	-71.5	-67.8	-57.4	-54.9	-69.1
Actuarial Gains and Losses	129.0	80.2	65.2	84.0	12.2
Prior Service Cost	-18.1	-17.9	-16.4	-17.5	-16.4
Domestic Pension Plan Expense	257.0	203.6	184.9	189.2	125.1
Total Pension Expense	257.0	203.6	184.9	189.2	125.1
Discount Rate(MIN)-Domestic	1.70%	-	-	-	-
Discount Rate	-	1.70%	2.50%	2.50%	2.50%
Expected return on assets(MIN)-Domestic	2.80%	-	-	-	-
Plan asset expected rate of return	-	2.80%	2.80%	3.50%	3.50%

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate	85.870003	76.94	81.105	93.095	90.65
Auditor	KPMG AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Cash& Deposit	1,169.9	1,284.0	1,128.1	901.8	924.1
Notes and accounts receivable-trade	2,906.4	3,037.1	2,934.0	2,422.0	2,301.1
Short-term investment securities	236.4	324.9	838.4	214.8	0.0
Inventories-merchandise&finished goods	1,082.1	1,063.9	913.9	834.1	1,178.2
Inventories-work in process	484.3	552.9	477.6	371.7	546.9
Inventories-raw material&supplies	859.9	908.8	782.8	690.6	780.3
Advance	-	-	-	8.8	12.8
Prepaid Expenses	-	-	-	48.1	88.3
Deferred Taxes	140.4	176.9	264.5	176.4	218.8
Rounding adjustment Assets	0.0	-	-	-	-
Other Current	764.9	602.6	452.6	391.6	544.9
Bad Debt Allow.	-60.2	-64.9	-62.4	-60.6	-57.1
Total Current Assets	7,584.1	7,886.3	7,729.6	5,999.3	6,538.4
Buildings & structures, gross	6,690.1	6,809.4	6,558.6	5,875.6	5,790.8
Accum. depr - bldg&struc	-3,628.8	-3,746.7	-3,571.6	-3,132.4	-3,049.5
Machinery, equipment and vehicles	19,611.1	18,763.2	18,213.5	16,134.9	15,600.6
Acc. Depre&Impair-Machine,Equip&Vehicle	-13,663.9	-13,268.0	-12,583.8	-11,167.9	-10,443.4
Tools, furniture and fixtures	1,247.2	1,288.4	1,188.9	1,048.7	1,067.4
Acc. Depre&Impair-Tool,Furniture&Fixture	-1,065.2	-1,109.4	-1,022.5	-895.6	-890.4
Land	911.0	992.7	994.6	898.0	1,045.4
Lease, gross	150.3	127.1	55.1	60.3	0.0
Accumulated depreciation of Lease Assets	-46.6	-47.9	-13.0	-12.3	0.0
Constr.-in-Prog.	947.2	1,142.0	800.9	1,162.1	1,453.8
Goodwill	313.5	204.3	214.2	169.2	214.8
Other Total intangible assets	0.0	-	-	-	-
Other Intangible	291.0	278.0	272.6	219.8	239.4
Other Investment Securities	1,855.9	-	-	-	-
Investment Secs.	-	1,511.5	1,864.3	1,716.6	1,906.1
Invt Secs Noncons, Asc, Affd Cos	425.4	-	-	-	-
Equity secs.-nonconsol affil.&sub.	-	416.6	445.2	429.8	-
Long-term loans receivable	70.3	66.6	67.7	72.9	74.0
Other Long Term Assets	0.0	-	-	-	-
Other Total investments and other assets	0.0	-	-	-	-
Long-term prepaid expenses	37.1	15.8	24.1	24.6	46.7
Deferred tax assets	286.8	551.6	383.9	396.9	508.9
Other Asset	141.6	137.4	160.7	162.3	135.9
Bad Debt Allow.	-39.1	-33.7	-33.0	-22.5	-19.9
Deferred share issue expenses	-	-	-	-	0.0
Deferred bond issue expenses	-	-	-	-	0.0
Adjustment	-	-0.1	-0.1	-	-0.1
Property/Plant/Equipment, Total - Net	0.0	-	-	-	-
Total Assets	22,119.2	21,985.2	21,749.9	19,140.3	20,218.7
Notes and accounts payable-trade	1,384.6	1,461.5	1,533.2	1,388.2	1,824.5
Short-term loans payable	805.2	375.5	330.7	381.0	2,193.5
Current LT Debt	-	242.5	413.9	307.0	132.5
Commercial Paper	138.1	173.8	94.2	16.1	392.3
Bonds w/stock warrants (current)	0.0	649.9	0.0	-	-
Curr.Port. Bond	232.9	520.9	402.4	34.0	485.3
Convertible bonds (current)	-	-	-	-	0.0
Accounts payable-other	645.4	842.3	540.3	441.3	609.7
Accrued Expenses	244.6	236.0	252.8	203.0	325.5
Income Tax Pybl.	178.5	119.8	596.9	191.1	116.6
Deposits received	256.7	315.1	358.5	291.9	342.8
Employee Deposit	-	-	-	1.4	2.5
Deferred Taxes	-	-	-	13.1	13.2
Res. Accrued Bonus	111.3	113.7	96.0	68.0	81.5
Provision for directors'' bonuses	1.3	1.5	1.8	1.4	1.9
Rounding adjustment Liability	0.1	-	-	-	-
Reserve for scheduled repairs	28.5	42.6	38.9	30.2	26.2
Res.Restruct.	15.2	34.9	22.1	50.7	12.6
Reserve for EU Antitrust realted	-	-	-	0.0	160.2
Other	299.4	321.0	277.7	186.4	245.7
Total Current Liabilities	4,341.6	5,451.0	4,959.4	3,604.7	6,966.5
Corporate Bond	1,074.8	1,195.9	1,630.6	1,774.0	1,054.5
Bond with stock purchase warrants	582.3	649.9	1,233.0	1,074.2	0.0
Long-term loans payable	3,373.5	2,397.8	2,125.2	2,830.3	2,334.3
Total Long Term Debt	5,030.6	4,243.6	4,988.7	5,678.4	3,388.8
Deferred Taxes	132.3	134.9	186.1	143.0	148.4
Res.Retire.Benef	695.0	761.5	730.9	690.3	659.5
Provision for directors'' retirement ben	3.5	4.1	3.7	4.3	4.7
Repair Reserve	-	0.0	59.0	77.7	206.8
Restruct. Rsrv.	102.2	128.4	149.5	72.4	55.3
Other Long Term Liabilities	0.1	-	-	-	-
Other Fix Liab.	203.9	208.2	194.6	186.8	174.6
Minority Int.	620.0	538.7	496.8	563.3	549.5
Total Liabilities	11,129.2	11,470.3	11,768.8	11,020.9	12,154.3
Other Equity	0.0	-	-	-	-
Common Stock	1,058.3	1,181.1	1,120.4	976.1	1,002.5
Capital surplus	1,129.2	1,260.2	1,195.5	1,041.5	1,069.6
Retained earnings	9,622.3	10,560.6	9,231.9	6,970.7	7,283.4
Treasury Shares	-350.3	-388.5	-267.1	-227.2	-233.2
Valuation difference on available-for-sa	566.1	258.8	475.4	457.5	279.4
Deferred hedge gain/loss	2.0	0.6	1.0	-3.2	-42.0
Val. Excess Land	-	-	-	0.0	0.7
Foreign Currency	-1,059.4	-2,378.5	-1,791.7	-1,106.7	-1,303.3
New Stock Subscription Right	21.7	20.6	15.7	10.7	7.4
Total Equity	10,989.9	10,514.9	9,981.1	8,119.4	8,064.5
Total Liabilities & Shareholders' Equity	22,119.2	21,985.2	21,749.9	19,140.3	20,218.8
S/O-Ordinary Shares	1,155.6	1,155.9	1,167.0	1,167.6	1,167.7
Total Common Shares Outstanding	1,155.6	1,155.9	1,167.0	1,167.6	1,167.7
T/S-Ordinary Shares	31.1	30.8	19.7	19.1	19.0
Full-Time Employees	49,961	50,957	50,399	47,618	47,770
Total Number of Shareholders	58,359	-	-	-	-
Number of Common Shareholders	-	51,823	49,042	49,302	53,395
Within One Year	232.9	-	-	-	-
Division And End Of Current Period Remai	432.0	-	-	-	-
Division And End Of Current Period Remai	138.1	-	-	-	-
LT debt maturing within 1yr	-	1,413.3	910.5	357.1	617.8
Over One Year And Within Two Years	1,074.8	-	-	-	-
Lns Pble Maturing over a Yr within 2 Yrs	188.9	-	-	-	-
LT debt maturing within 2yr	-	666.6	1,730.9	962.1	517.7
Lns Pble Maturg over 2 Yrs within 3 Yrs	435.5	-	-	-	-
LT debt maturing within 3yr	-	1,369.2	635.8	1,791.3	703.7
Lns Pble Maturg over 3 Yrs within 4 Yrs	214.7	-	-	-	-
LT debt maturing within 4yr	-	261.2	1,225.2	627.2	667.0
Over Four Years And Within Five Years	232.9	-	-	-	-
Lns Pble Maturg over 4 Yrs within 5 Yrs	339.6	-	-	-	-
LT debt maturing within 5yr	-	320.3	249.7	1,051.0	437.2
Other LT Borrowing	2,194.8	-	-	-	-
LT debt maturing thereafter	-	1,626.2	1,147.1	1,246.8	1,063.3
Total Long Term Debt, Supplemental	5,484.3	5,656.8	5,899.2	6,035.5	4,006.7
Capital lease maturing within 1yr	28.1	11.5	3.0	2.6	-
Cap Lease Maturg over a Yr within 2 Yrs	11.6	-	-	-	-
Capital lease maturing within 2yr	-	10.3	4.7	3.5	-
Cap Lease Maturg over 2 Yr within 3 Yrs	9.4	-	-	-	-
Capital lease maturing within 3yr	-	6.2	2.9	2.1	-
Cap Lease Maturg over 3 Yr within 4 Yrs	8.9	-	-	-	-
Capital lease maturing within 4yr	-	5.3	2.3	2.1	-
Cap Lease Maturg over 4 Yr within 5 Yrs	5.6	-	-	-	-
Capital lease maturing within 5yr	-	5.0	2.1	2.0	-
Other capital lease	27.9	-	-	-	-
Capital lease remaining	-	37.0	24.7	23.4	-
Total Capital Leases, Supplemental	91.6	75.3	39.8	35.8	-
Pension Obligation	4,228.0	4,303.0	3,650.3	3,247.8	3,294.4
Fair Value of Plan Assets	2,755.9	2,457.4	2,459.2	2,141.4	1,953.1
Funded Status - Total/No Break-down	-1,472.1	-	-	-	-
Funded Status	-	-1,845.6	-1,191.1	-1,106.4	-1,341.3
Total Funded Status	-1,472.1	-1,845.6	-1,191.1	-1,106.4	-1,341.3
Discount Rate	1.70%	1.70%	2.50%	2.50%	2.50%
Expected Rate of Return	2.80%	2.80%	2.80%	3.50%	3.50%
Reserve for Accrued Retirement Benefits	-695.0	-761.5	-730.9	-690.3	-659.5
Prepaid Pension Benefits	9.1	6.1	5.3	3.3	3.6
Unrecognized Actuarial Gains and Losses	-948.8	-1,295.2	-689.1	-628.7	-896.2
Unrecognized Prior Service Cost	162.6	205.0	223.6	209.3	210.8
Net Assets Recognized on Balance Sheet	-1,472.1	-1,845.6	-1,191.1	-1,106.4	-1,341.3

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2012	Updated Normal 31-Dec-2011	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008
Filed Currency	JPY	JPY	JPY	JPY	JPY
Exchange Rate (Period Average)	79.797487	79.698224	87.789317	93.619712	103.395546
Auditor	KPMG AZSA LLC	KPMG LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation	Unqualified
Net Income Bf. Tax	864.3	1,798.8	2,188.9	432.6	677.8
Depreciation	1,476.9	1,380.9	1,252.6	1,459.9	1,308.7
Impairment Loss	72.5	9.1	141.4	195.9	115.3
Amort. of Goodwill	23.3	19.7	16.0	15.6	19.1
Increase (decrease) in provision	-72.8	-49.7	14.3	-160.1	-209.5
Int.&Div. Income	-55.3	-57.0	-44.5	-48.5	-70.3
Interest Expense	74.2	75.2	71.3	107.2	135.4
Foreign exchange losses (gains)	-42.5	12.3	70.8	-66.9	230.9
Equity in (earnings) losses of affiliate	-15.8	-18.9	-24.9	4.8	6.1
Loss (gain) on sales and valuation of in	-3.2	2.9	-15.3	3.7	-3.8
L/G on Sale&Retir. of Noncurrent Assets	74.6	25.7	38.2	40.6	23.3
Decrease (increase) in notes and account	76.1	-48.0	-278.6	-151.0	440.9
Decrease (increase) in inventories	63.8	-289.6	-140.3	568.5	-221.0
Increase (decrease) in notes and account	-66.2	-10.6	40.8	-418.6	53.5
Rounding adjustment Cash flow	0.0	-	-	-	-
Other, net	-10.6	-36.0	229.7	66.5	76.6
Int.&Div. Received	62.1	78.8	64.1	75.0	83.4
Interest Paid	-74.5	-75.7	-73.3	-111.2	-141.9
Income taxes (paid) refund	-314.7	-908.0	-297.2	-84.2	-570.8
Income tax refund	-	-	-	-	31.7
Cash Reconciliation	-	-	-	-	-4.6
Cash from Operating Activities	2,132.5	1,910.0	3,254.0	1,930.0	1,980.6
Time Depo.Made	-33.1	-395.3	-363.7	-373.9	-508.5
Time Depo.Matured	145.8	403.1	372.6	535.5	445.7
Capital Expenditures	-1,954.7	-1,750.6	-1,301.1	-1,423.4	-2,458.6
Sale of Property	80.4	205.0	41.7	73.6	84.4
Purch./Inv. Secs.	-58.2	-7.7	-19.9	-2.9	-117.2
Purchase of investments in subsidiaries	0.0	-16.5	-163.1	0.0	-
Proc./Inv. Secs.	43.3	28.7	39.7	2.3	44.7
Pay-Purch. sub's sec.(consol. change)	-152.8	0.0	-28.6	0.0	-
Proceeds from purchase of investments in	10.4	0.0	1.3	0.0	-
Sale subsidiaries' securities(con. chang	-	-	0.0	7.8	0.0
Rounding adjustment Cash flow	0.0	-	-	-	-
Outflow due to sale subsidiaries' securi	-	-	-	-	0.0
Other, net	-53.6	-17.3	1.2	-53.3	-10.3
Cash from Investing Activities	-1,972.6	-1,550.6	-1,419.8	-1,234.4	-2,519.7
Increase (decrease) in short-term bank l	-88.4	109.7	14.9	-2,140.7	1,408.1
Proceeds From Issuance Of Bonds	250.6	-	-	-	-
Proceeds from long-term loans payable	1,568.0	868.7	5.4	1,522.6	860.7
Repayment of long-term loans payable	-280.4	-867.3	-817.0	-807.3	-147.9
Bonds Issued	-	-	0.0	1,811.9	0.0
Redemption of Bonds	-1,106.4	-356.8	-31.1	-436.3	-1,064.5
Rounding adjustment Cash flow	0.0	-	-	-	-
Purch.Treas.Stock	-0.3	-103.7	-6.9	-1.0	-72.4
Proceeds stock issuance to minority	3.2	12.6	0.0	-	-
Cash Dividends	-376.6	-395.3	-266.0	-249.4	-249.0
Other, net	-36.2	-31.3	-47.4	-21.2	-23.5
Cash from Financing Activities	-66.5	-763.3	-1,148.1	-321.4	711.4
Foreign Exchange Effects	110.4	-38.1	-37.6	11.4	-99.9
Net Change in Cash	203.8	-442.1	648.4	385.6	72.5
Net Cash - Beginning Balance	1,473.2	1,917.1	1,092.0	638.5	505.6
Net Cash - Ending Balance	1,677.0	1,475.0	1,740.4	1,024.0	578.1
Cash Interest Paid	74.5	75.7	73.3	111.2	141.9
Cash Taxes Paid	314.7	908.0	297.2	84.2	539.1

Asahi Glass Co Ltd Chiyoda-Ku, Japan, Tel: 81-3-32185741, URL: http://www.agc.com

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 30-Sep-2013	Quarter Ending Yr Ago	Annual Year End 31-Dec-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	3,369.6	13.32%	14,912.2	-2.03%	1.20%	-6.68%
Research & Development1 (?)	-	-	606.0	4.13%	2.46%	7.34%
Operating Income1 (?)	74.0	-67.00%	922.3	-47.18%	25.99%	-3.54%
Income Available to Common Excl Extraord Items1 (?)	-13.2	-	548.8	-54.05%	29.88%	-8.86%
Basic EPS Excl Extraord Items1 (?)	-0.01	-	0.47	-53.74%	30.32%	-8.59%
Capital Expenditures2 (?)	-	-	1,954.7	11.80%	5.39%	-8.65%
Cash from Operating Activities2 (?)	-	-	2,132.5	11.79%	-1.98%	-7.05%
Free Cash Flow (?)	-	-	165.2	11.62%	-33.13%	175.72%
Total Assets3 (?)	20,799.3	14.62%	22,119.2	12.29%	2.15%	-2.06%
Total Liabilities3 (?)	10,245.3	7.22%	11,129.2	8.29%	-2.34%	-3.69%
Total Long Term Debt3 (?)	4,366.7	16.02%	5,030.6	32.31%	-6.51%	7.80%
Employees3 (?)	-	-	49961	-1.95%	1.61%	0.10%
Total Common Shares Outstanding3 (?)	1,155.8	-0.01%	1,155.6	-0.03%	-0.34%	-0.31%
1-ExchangeRate: JPY to USD Average for Period	98.955314	Â	79.797487	Â	Â	Â
2-ExchangeRate: JPY to USD Average for Period	Â	Â	79.797487	Â	Â	Â
3-ExchangeRate: JPY to USD Period End Date	98.230000	Â	85.870003	Â	Â	Â

Utility Industry Specific USD (mil)
Â	31-Dec-2008
Deferred Charges3 (?)	0.0
3-ExchangeRate: JPY to USD Period End Date	90.650000

Key Ratios
Â	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Profitability
Gross Margin (?)	26.78%	32.17%	34.98%	27.97%	29.04%
Operating Margin (?)	6.18%	11.47%	14.85%	3.21%	7.54%
Pretax Margin (?)	5.80%	11.80%	14.91%	3.53%	4.85%
Net Profit Margin (?)	3.68%	7.84%	9.56%	1.74%	2.71%
Financial Strength
Current Ratio (?)	1.75	1.45	1.56	1.66	0.94
Long Term Debt/Equity (?)	0.46	0.40	0.50	0.70	0.42
Total Debt/Equity (?)	0.56	0.59	0.62	0.79	0.82
Management Effectiveness
Return on Assets (?)	2.66%	5.80%	7.28%	1.14%	2.29%
Return on Equity (?)	5.00%	11.77%	15.74%	2.69%	4.65%
Efficiency
Receivables Turnover (?)	5.03	5.26	5.69	5.43	5.97
Inventory Turnover (?)	4.33	4.45	4.75	4.10	4.41
Asset Turnover (?)	0.66	0.70	0.73	0.64	0.73

Market Valuation USD (mil)
P/E (TTM) (?)	52.57	.	Enterprise Value2 (?)	12,773.9
Price/Sales (TTM) (?)	0.59	.	Enterprise Value/Revenue (TTM) (?)	0.98
Price/Book (MRQ) (?)	0.71	.	Enterprise Value/EBITDA (TTM) (?)	6.07
Market Cap as of 22-Nov-20131 (?)	7,465.3	.
1-ExchangeRate: JPY to USD on 22-Nov-2013	100.941322
2-ExchangeRate: JPY to USD on 30-Sep-2013	98.230000

Asahi Glass Co Ltd Chiyoda-Ku, Japan, Tel: 81-3-32185741, URL: http://www.agc.com

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Financial Strength
Current Ratio (?)	1.75	1.45	1.56	1.66	0.94
Quick/Acid Test Ratio (?)	0.98	0.84	0.98	0.96	0.45
Working Capital1 (?)	3,242.5	2,435.3	2,770.3	2,394.6	-428.2
Long Term Debt/Equity (?)	0.46	0.40	0.50	0.70	0.42
Total Debt/Equity (?)	0.56	0.59	0.62	0.79	0.82
Long Term Debt/Total Capital (?)	0.29	0.25	0.31	0.39	0.23
Total Debt/Total Capital (?)	0.36	0.37	0.38	0.44	0.45
Payout Ratio (?)	68.63%	31.75%	24.64%	93.48%	71.57%
Effective Tax Rate (?)	30.73%	30.15%	32.88%	48.97%	35.55%
Total Capital1 (?)	17,196.8	16,721.0	16,211.0	14,535.9	14,657.0
Efficiency
Asset Turnover (?)	0.66	0.70	0.73	0.64	0.73
Inventory Turnover (?)	4.33	4.45	4.75	4.10	4.41
Days In Inventory (?)	84.34	82.10	76.85	89.08	82.77
Receivables Turnover (?)	5.03	5.26	5.69	5.43	5.97
Days Receivables Outstanding (?)	72.56	69.35	64.10	67.28	61.13
Revenue/Employee2 (?)	277,369	309,815	315,330	259,012	333,534
Operating Income/Employee2 (?)	17,154	35,539	46,838	8,302	25,153
EBITDA/Employee2 (?)	44,625	63,610	73,740	39,133	56,401
Profitability
Gross Margin (?)	26.78%	32.17%	34.98%	27.97%	29.04%
Operating Margin (?)	6.18%	11.47%	14.85%	3.21%	7.54%
EBITDA Margin (?)	16.09%	20.53%	23.39%	15.11%	16.91%
EBIT Margin (?)	6.18%	11.47%	14.85%	3.21%	7.54%
Pretax Margin (?)	5.80%	11.80%	14.91%	3.53%	4.85%
Net Profit Margin (?)	3.68%	7.84%	9.56%	1.74%	2.71%
R&D Expense/Revenue (?)	4.06%	3.82%	3.06%	3.92%	2.61%
COGS/Revenue (?)	73.22%	67.83%	65.02%	72.03%	70.96%
SG&A Expense/Revenue (?)	14.91%	14.70%	14.14%	15.61%	15.09%
Management Effectiveness
Return on Assets (?)	2.66%	5.80%	7.28%	1.14%	2.29%
Return on Equity (?)	5.00%	11.77%	15.74%	2.69%	4.65%
Valuation
Free Cash Flow/Share2 (?)	0.14	0.14	1.81	0.44	-0.47
Operating Cash Flow/Share 2 (?)	1.71	1.71	3.02	1.66	1.93
1-ExchangeRate: JPY to USD Period End Date	85.870003	76.94	81.105	93.095	90.65
2-ExchangeRate: JPY to USD Average for Period	85.870003	76.94	81.105	93.095	90.65

Current Market Multiples
Market Cap/Earnings (TTM) (?)	53.98
Market Cap/Equity (MRQ) (?)	0.73
Market Cap/Revenue (TTM) (?)	0.59
Market Cap/EBIT (TTM) (?)	10.46
Market Cap/EBITDA (TTM) (?)	3.65
Enterprise Value/Earnings (TTM) (?)	89.88
Enterprise Value/Equity (MRQ) (?)	1.21
Enterprise Value/Revenue (TTM) (?)	0.98
Enterprise Value/EBIT (TTM) (?)	17.41
Enterprise Value/EBITDA (TTM) (?)	6.07

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.10
UK Pound	1	Rs.101.27
Euro	1	Rs.85.42

INFORMATION DETAILS

Report Prepared by :

PDT

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.