CEO Message

On behalf of the NSG Group, I would sincerely like to thank you all for your continued support.

First, I would like to extend prayers to those who succumbed to COVID-19. At the same time, I would like to express the hope for a fast recovery of all who are infected with the disease and the well-being of all the shareholders and their family members.

FY2022 was the first year of the Group's Medium Term Plan, "Revival Plan 24 (RP24)". As a result of the group-wide efforts to execute RP24, we delivered for FY2022 on a full-year basis, revenues of 600.6 billion yen, up 20% from FY2021 (FY2021: 499.2 billion yen), operating profits of 20 billion yen, up 53% from FY2021 (FY2021: 13.1 billion yen), profits before taxation of 11.9 billion yen (FY2021: loss of 17.2 billion yen), the profit for the period of 6.8 billion yen (FY2021: loss of 16.3 billion yen), and the profit attributable to owners of the parent of 4.1 billion yen (FY2021: loss of 16.9 billion yen). FY2023 is the middle year of RP24. The global economy is becoming increasingly uncertain due to Russia's invasion of Ukraine, and we anticipate that the Group will continue to be affected by the serious impact of rising input costs, particularly energy costs.

Despite such challenging business environment, we are determined to enhance risk management, work toward accomplishing RP24 as we did in the first year, and execute "Three Reforms" (Cost Structure Reform, Business Structure Reform, and Corporate Culture Reform) and "Two Key Initiatives" (Restoration of Financial Stability and Transformation into More Profitable Business Portfolio) so as to build business strength to sustain the cycle of growth.

Regrettably, the Group has decided not to declare dividends for ordinary shares for the fiscal year to 31 March 2022, considering factors such as the Group's current financial position and its level of profitability. The Group recognizes the great importance of dividends to shareholders and therefore will focus on improving its financial performance and strengthen its financial base, with a view to resuming dividend payments as soon as possible.

We look forward to the continuing support and encouragement of our shareholders.

Issues to be addressed

Early recovery of profitability and acceleration of business structure reform

Major issues to be addressed by the Group include early recovery of profitability and acceleration of business structure reform amongst all.

In the process of economic recovery from the corona pandemic, the business environment has been changing with the confusion of supply chains and the surging prices of fuels and materials. We must adjust to such changes and recover profitability quickly. We will continue to drive forward the essential "Cost structure reform" by streamlining the workforce, reducing fixed cost and procurement cost etc. as the first of Three Reforms set forth in RP24. Digital Transformation (DX) is seen as an integral part of this drive and will be pursued across the entire Group. Restoring the profitability of Automotive business is an urgent issue and we will work to improve asset utilization efficiency.

In order for the Group to keep growing sustainably, it is necessary to accelerate the second reform set forth in RP24, i.e. "Business structure reform". To this end, in the Architectural Glass business, Group is shifting its focus from the commodity window glass to VA glass business by expanding the sales of PV panels for mega solar application and developing BPIV (Building Integrated Photovoltaic Module) for buildings and housings. In the Technical Glass business, efforts are made to promote the application of SELFOC® Lens Array for use in contact image sensors to industrial inspection machine. Also, as a new type of solution for the growing composite market driven by the decarbonization of society, the Group released a high-modulus and high-strength glass fiber called MAGNAVI, aiming to capture the application to such areas as electronics and renewable energy. We continue to work on such new initiatives further into the future.

The third reform specified in RP24 is "Corporate culture reform", which focuses on changing employees' mindset and talent development to facilitate the cost structure reform and the business structure reform mentioned above. We will expedite business transformation through open communication and talent diversification.

By implementing these reforms, the Group strives to transform into a business structure equipped with robust earnings power capable of achieving net profit and generating free cash flow in a stable manner.

The Group consider that the calls for businesses to tackle climate change and other environmental issues proactively will continue to gather momentum. The Group is committed to reducing CO2 emissions within the Group while also contributing to the reduction of CO2 emissions in society at large through the expanded sales of energy-saving and energy-creating glass products so as to attain the ultimate goal of carbon neutrality.

The NSG Group's actions against climate change

Declaration to achieve Carbon Neutrality by 2050

CO2 emission reduction target for 2030 raised from 21% to 30% compared to 2018

The NSG Group aims to contribute to the materialization of a sustainable society and achieve sustainable growth over the medium to long term at the same time and as such, addressing environmental issues is one of the most important tasks for the Group.

As part of its efforts to combat climate change, a challenge common to all mankind, the Group has declared that it will reduce its greenhouse gas emissions by 30% by 2030 compared to 2018 (up from the previous target of 21%) and achieve Carbon Neutrality by 2050.

In order to achieve this, we will work on optimising the glass manufacturing process, developing energy-saving technologies, introducing alternative fuels and renewable energy, and developing supply chains, while contributing to the reduction of CO2 emissions from society through the development and sales expansion of energy-saving and energy-creating products.

June 2022
Shigeki Mori
Representative Executive Officer
President and CEO
Nippon Sheet Glass Co., Ltd.

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