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Asahi Glass Announces Revision of Operating Results Outlook (Consolidated)

Post Time:Dec 19,2008Classify:Company NewsView:362

Asahi Glass Co., Ltd. (the “Company”) has revised the outlook of consolidated operating results announced on October 31, 2008, for the fiscal year 2008 (January 1 through December 31, 2008), as described below.

1. Revised outlook of consolidated operating results for the fiscal year ending December 2008

[January 1 through December 31, 2008]  (Unit: Millions of yen; %)

 

Net sales

Operating income

Ordinary income

Net income

Net income per share (Yen)

Previously announced outlook (A) (announced on October 31, 2008)

1,540,000

180,000

148,000

65,000

55.63

Outlook as revised this time (B)

1,490,000

160,000

125,000

47,000

40.22

Change (B – A)

(50,000)

(20,000)

(23,000)

(18,000)

-

Change (%) (B – A)/A

(3.2)

(11.1)

(15.5)

(27.7)

-

Previous period (actual results for fiscal year ended December 31, 2007)

1,681,238

197,452

187,878

69,634

59.35

2. Reasons for revision (consolidated)

The global economic environment has deteriorated further in the fourth quarter ending December 2008 (from October 1, 2008, to December 31, 2008), and domestic and overseas demand for housing, automobile, home electronics plunged more than expected. The Company expects further negative impact on the operating results for the AGC Group as a whole, including a significant drop in shipment of glass substrates for flat panel displays.

In addition, non-operating expenses are estimated to exceed the previous forecast due to rapid fluctuations in foreign exchange markets.

As a result, the outlook for consolidated net sales, operating income, ordinary income, and net income are expected to fall short of the outlook for consolidated operating results announced on October 31, 2008.

[Supplementary information]

Outlook of consolidated operating results by business segment (consolidated)

Fiscal year ending December 31, 2008   (Unit: Billions of yen)

Business segment

Net sales

Operating income

Previously announced outlook

Outlook as announced this time

Change

Previously announced outlook

Outlook as announced this time

Change

Glass

790.0

765.0

(25.0)

28.0

26.0

(2.0)

Electronics and Display

400.0

380.0

(20.0)

137.0

124.0

(13.0)

Chemicals

320.0

315.0

(5.0)

11.0

6.0

(5.0)

Others

90.0

90.0

0

4.0

4.0

0

Corporate or Elimination

(60.0)

(60.0)

0

0

0

0

Consolidated total

1,540.0

1490.0

(50.0)

180.0

160.0

(20.0)

Outlook of exchange rate

 

Fiscal year ending December 31, 2008

Previously announced outlook

Outlook as announced this time

Yen/US Dollar

102

102

Yen/Euro

150

150

Source: Asahi Glass Co., Ltd.Author: shangyi

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