AGC reports 2011 financials; ‘moderate recovery’ in glass shipments in 2012

Asahi Glass’ 2011 financials report for the fiscal year ended 31 December 2011 showed a slight decrease in net sales for its glass operations. The Group, however, expects shipments of architectural glass to be strong in Japan and Asia in 2012, while shipments in North America are likely to experience a moderate recovery. There is, however, concern that shipments in Europe will be weak, due to economic uncertainty

In its 2011 financials report for the fiscal year ended 31 December 2011, Asahi Glass Co., Ltd. said net sales for its glass operations for the fiscal year were JPY 554.4 billion (about USD 7.3 billion), 0.8% down from the year before.
With regards to the architectural glass business, shipments in Japan for the full year increased from the previous fiscal year due to strong demand, despite slumping temporarily in the first half of the fiscal year following the Japan earthquake. Shipments in Asia for the full year also increased from the previous fiscal year, thanks to favourable demand, despite a decline in the fourth quarter caused by the effects of floods in Thailand.
Shipments in Europe, on the other hand, underperformed in the latter half of the year, namely in Western Europe, due to the effects of deteriorating economic conditions, although demand had been recovering moderately until the middle of the year.
Shipments in North America remained sluggish.
In the automotive glass business, shipments in Russia and China expanded, but AGC Group’s shipments were affected significantly by the earthquakes and tsunami in Japan and the Thai floods, and consequently decreased from the previous fiscal year, according to the report.
The AGC Group expects shipments of architectural glass to be strong in Japan and Asia in 2012, while shipments in North America are likely to experience a moderate recovery. There is, however, concern that shipments in Europe will be weak, due to economic uncertainty.