To oUr ShareholderS - NSG/media/NSG/Site Content/ir/Uploaded...NSG01_009 | To our shareholders March...


01 NSG Group To our shareholders June2011

CoNTeNTS CoNSolidaTed fiNaNCial hiGhliGhTS

01 Consolidatedfinancialhighlights 02 MessagefromtheChairman,andPresidentandCEO 03 InterviewwiththePresidentandCEO 06 Businesssummarybysegment 07 Reviewofoperations 09 Consolidatedfinancialstatements 12 Unconsolidatedfinancialstatements 13 Management 14 Stockinformation obc Shareholderinformation/Corporatedata

Millionsofyen Fiscal2009 Fiscal2010 Fiscal 2011

Netsales 739,365 588,394 577,212Operatingincome/(loss) 1,908 (17,183) 14,352Ordinaryincome/(loss) (12,259) (28,552) 7,730Netincome/(loss) (28,392) (41,313) 1,661Netincome/(loss)pershare(yen) (42.49) (65.61) 0.13

Net salesMillionsofyen

02007 2008 2009 2010 2011

1,000,000

800,000

600,000

400,000

200,000

Operating income/(loss)Millionsofyen

(20,000)2007 2008 2009 2010 2011

50,000

40,000

30,000

20,000

10,000

0

(10,000)

Net income/(loss)Millionsofyen

(60,000)2007 2008 2009 2010 2011

60,000

40,000

20,000

0

(20,000)

(40,000)


NSG Group To our shareholders June2011 02

MeSSaGe froM The ChairMaN, aNd PreSideNT aNd Ceo

WecommentinthisReportontheeffectsontheGroupoftheMarchearthquakeandtsunami.Thankfully,therewasnolossoflifeamongourimmediateemployeesandnoseriousdamagetoouroperations.TheeffectonourbusinessesinJapanhasbeenmixed,withheavydemandforglassforreconstruction,butcontinuinguncertaintyinthedomesticautomotiveindustryassupplychainsarerebuilt.TheSpecialtysectorhasexperiencedsomeeffectsofcomponentshortages.

InNovember2010,wepublishedourStrategicManagementPlan,settingthecoursefortheGrouptotheendofFY2014.Weaimtoleverageourglobalfootprint,reducedcostbase,technologyandbrandstomeetthegrowingdemandforenvironmentalandothervalue-addedproductsandhavealreadymadekeyinvestments.

WemadefurtherprogressinembeddingtheprinciplesofSustainabilitywithintheGroup,withtheappointmentofaDirectorofSustainabilityanddefinedSustainabilitytargets.OurrevisedMission,VisionandValuesandPrinciplesreflectthese.

Welookforwardtoyourcontinuingunderstandingandsupportofouractivities.

On behalf of the NSG Group, we thank you for your continued support and are pleased to report on the period ended 31 March 2011. First, we would like to extend our deepest condolences for those who lost their lives in the Tohoku Pacific offshore earthquake in Japan and convey our sincere sympathies to those affected in the disaster areas.Our results for FY2011 reflect relative stability in our major markets. Building Products’ results reflect higher volumes and realization of costs savings. Strong demand across our Automotive markets improved revenue and profits ahead of last year. Specialty Glass benefited from robust consumer electronics markets. The profitability of our major joint ventures and associates increased from the previous financial year.

Katsuji Fujimoto ChairmanofNSGGroupDirectorNipponSheetGlassCo.,Ltd.

29June2011

Craig Naylor PresidentandCEORepresentativeExecutiveDirectorNipponSheetGlassCo.,Ltd.



iNTervieW WiTh The PreSideNT aNd Ceo

WereiterateourexpressionsofsympathyandsolidarityatthischallengingtimeinthehistoryofthecountryinwhichourGroupisbased,andinwhich25percentofoursalesbydestinationaregenerated.

Wewereabletoreportnocasualtiesamongourimmediateemployeesandminimalimmediatedamagetoouroperations.

NoneofourthreeglassfurnacesatChibasustainedanysignificantdamage.Productiontherewassuspendedimmediatelyaftertheearthquake,buthassinceresumed.Elsewhere,noneofourfacilitiesandequipmentsustainedanysignificantdamage,althoughtherewasdamagetoglassstocksinwarehousesandatsitesintheaffectedarea.

WewereallimpressedbytheprofessionalandefficientwayourpeopleandoperationsinJapancopedwiththeemergency,againstabackdropofnationalmourningandmajordisruptions.TheGroupdonated¥100milliontothereliefeffortandouremployeesmadepersonalcontributions.

Theimmediateeffectsonourcommercialoperationsaremixed.BuildingProductsJapanhasaroletoplayintherepairandrebuildingprogram,andisworkinghardtokeepupwithdomesticdemand.

AlthoughourownmajorAutomotiveOEfacilitieswerenotdirectlyaffected,itwilltaketheindustryasawholesometimetorebuildsupplychainsandresumefullproduction.

SpecialtyGlasshasfacedsimilarissues,withashortageofkeycomponentsleadingtodisruptioninsomesectors.

Itisstilltooearlytoassessthelonger-termimpactonthewidereconomy,ourcustomersandsuppliers.Ican,however,reassureourshareholdersthatweareworkingtoensurethatallourfacilitiesinJapanresumefullnormaloperationsassoonaspossible.WealsointendtoplayourpartinhelpingtheJapanesepeopleandeconomyrecoverfromthistragedy.

InNovember2010,weannouncedournewStrategicManagementPlan(SMP),coveringFY2012toFY2014.Itsummarizesthekeyelementsofourstrategytoachieveprofitablegrowthandtorealizeourvisionof‘makingadifferencetoourworldthroughglasstechnology’.

Theannouncementfollowedamajorstrategicreviewconducted,withtopmanagement,sincemyappointment.Itidentifiedandconfirmedsomeimportantgrowthopportunities,particularlyinemergingmarketsandvalue-addedproductsaddressingclimatechange.

Weidentifiedearlyinvestmentopportunitiesinanumberofkeyprojectswith12to24-monthdevelopmenttimescales.WetookquickactiontosecurefundingforthesethroughtheShareOfferinglaunchedinAugust2010.Thefundingallowsustoseizeimportantinvestmentopportunities,leverageourcompetitiveposition,andstrengthenourbalancesheet.

AlthoughthePlandidnotformallycomeintooperationuntil1 April2011,wehavealreadyannouncedanumberofkeyinvestmentssupportingtheSMP.

TheobjectiveistotaketheGrouptothenextlevelinitsdevelopment,bymaximizingprofitablegrowthwhilereducingournetdebt/earnings(EBITDA)ratio,ensuringthehigheststandardsofethics,safety,environmentalresponsibility,andSustainabilityinallouractivitiesandbeinginnovativeineverythingwedo.

InBuildingProducts,growthprioritiesareexpansioninSouthAmerica,SolarEnergyandlow-eenergy-efficientglass.InAutomotive,weareexpandinginSouthAmerica,EasternEurope,andMexico.SpecialtyGlassprioritiesareultra-thinglassfordisplays,lensarraysforofficemachinery,andbatteryseparatortechnology.

Wehavesetattainabletargetswemustmeetifwearetomoveforward.WeregardthePlanasadynamicdocument,onwhichwewillupdateourshareholdersannually.

Q1. What is your assessment of the impact on the NSG Group of the Tohoku Pacific Earthquake and tsunami?

Q2. Could you please describe progress in preparing for implementation of the NSG Group’s new Strategic Management Plan?

NSG01_009 | To our shareholders March 2011 | Proof 4 | 27 May 2011



WearefullycommittedtoSustainability.Ourstrategyandpoliciesunderlinetheuniquecontributionourproductscanmakeinaddressingclimatechangeandthechallengeswefaceinimprovingourownenergyusageandresourcemanagement.

Ouraimistosupplyhigh-qualityglassproductsthatmakeanimportantcontributiontoimprovinglivingstandards,topeople’ssafetyandwell-beingandtoenergyconservationandgeneration,workingsafelyandethically.

Overthepastyear,wehavefurtherstrengthenedourSustainabilitygovernance,withtheappointmentofNickShoreasourfirstDirectorofSustainability.Nickisagraduateengineer,with27years’experienceintheCompanyandtheinternationalglassindustry.Priortohisappointment,NickmanagedourSolarEnergybusiness.HechairstheGroupSustainabilityCommittee,whichreportstotheExecutiveCommitteeandtheBoard.

Withinthereportingperiod,theBoardhasapprovedclearSustainabilitytargetsfortheCompany,tobeachievedby2015.Wehavecontinuedinoureffortstostrengthenourcorporategovernanceandincreasetransparency.InNovember2010,weannouncedourintentiontobeoneofthefirstmajorcompaniesbasedinJapanvoluntarilytoadoptInternationalFinancialReportingStandards(IFRS)forourconsolidatedfinancialstatements,witheffectfrom1April2011.

OurobjectiveoverthecomingyearistocontinuetheprocessofaligningallouractivitiesmorecloselytotheprinciplesofSustainabilityandembeddingtheseprinciplesintoallouractivities.WewillreportonprogressonourtargetsinournextSustainabilityReportandonourwebsite.

Myaimistocreateathriving,innovativeglobalenterprise,basedontheprinciplesofSustainability.IbelievetheNSGGroupiswellplacedtoleverageitsglobalfootprint,reducedcostbase,technologyandbrandstomeetgrowingdemandforenvironmentalandothervalue-addedproducts.

Q3. What progress has been made over the past year in embedding the principles of Sustainability within the Group?

10c 17y

BP Europe 19%BP Japan 14%BP North America 4%BP Rest of World 6%Automotive Europe 21%Automotive Japan 8%Automotive North America 10%Automotive Rest of World 7%Specialty Glass 11%

Europe 41%Japan 29%North America 14%Rest of World 16%

¥577.2 billion

¥577.2 billion

Consolidated net salesBy business

By region



iNTervieW WiTh The PreSideNT CoNTiNUed

AftertheacquisitionofPilkingtonplcin2006,ourValuesandPrinciplesessentiallycombinedthoseoftheformerentities,whoseapproacheswereverysimilar.

Sincethattime,wehavedevelopedfurtherasacompany.Wehaveachievedasuccessfulintegration,withtheformationofthreeglobalbusinesslines.WehavecommittedourselvestoSustainabilityandbeguntoembedtheprinciplesofsustainabledevelopmentintoallouractivities.InNovember2010,wepublishedtheSMP,whichsetoutthecoursefortheGroupoverthenextthreeyears.

Toreflectthesedevelopments,overthepastyear,wereviewedandrevisedourMission,ValuesandPrinciples.WealsodefinedaVisionfortheNSGGroup.

OurVisionsummarizesourcommitmenttomakeapositivecontributiontosustainability,throughourexpertiseinglasstechnology,manufacturingandproductdevelopment.

OurrevisedMissionstatement‘Weaimtobethegloballeaderininnovativehigh-performanceglassandglazingsolutions,contributingtoenergyconservationandgeneration,workingsafelyandethically’,buildsonthis,definingouraimtobeaworldleaderinsupplyinghighqualityvalue-addedproductsthathelpaddressclimatechangeissues.Ourmissionstatementalsoreiteratesourcommitmenttooperatinginasafeandethicalway.

Inlistingourkeystakeholders,wehaveaddedreferencetoourSuppliersandtotheCommunitiesinwhichweoperate.Weaimtoachieveoursustainabilityobjectivesbybalancingtheneedsofallourstakeholders,managingtheenvironmentalimpactsofouractivities,developingeveryindividualworkingintheGroup,fosteringinnovationinprocessesandproducts,workinginharmonywiththecommunitiesinwhichweoperateandencouragingourcustomers,contractorsandsupplierstodothesame.

Q4. Can you please explain the reasons behind the changes you have made to the NSG Group’s Vision and Mission and Values & Principles over the past year?

Our VisionMaking a difference to our world through glass technology.

Our MissionWe aim to be the global leader in innovative high-performance glass and glazing solutions, contributing to energy conservation and generation, working safely and ethically.




BUSiNeSS SUMMarY BY SeGMeNT

Building productsGroup sales and operating incomeMillionsofyen

Group sales and operating incomeMillionsofyen

Group sales and operating incomeMillionsofyen

Group sales and operating (loss)/incomeMillionsofyen

Automotive

Specialty Glass Other

43%

46%

11%

<1%

43%

46%

11%

<1%

43%

46%

11%

<1%

43%

46%

11%

<1%

02010 2011

250,000

200,000

150,000

100,000

50,000Sales Operating income

02010 2011

300,000

250,000

200,000

150,000

100,000

50,000Sales Operating income

02010 2011

70,000

60,000

40,000

50,000

30,000

20,000

10,000 Sales Operating income

(40,000)2010 2011

10,000

0

(10,000)

(20,000)

(30,000)Sales Operating income



revieW of oPeraTioNS

Building Products Automotive

CumulativeresultsforBuildingProductsshowedimprovementonthepreviousyear.Profitabilityimproved,duemainlytohighervolumesandcostsavingsfrompreviousrestructuringactions.

InEurope,revenuesinlocalcurrencywereabove2010,withimprovedprofitability.Priceshelduprelativelywellinthefinalquarter,mitigatingincreasingenergycosts.

RevenuesinJapanwerehigherthanin2010,withgradualmarketimprovementsfromalowbase.Profitabilityimproved,withreducedpricesmorethanoffsetbyvolumeincreases,andcostsavings.Thebusinesssufferedsomeearthquakedisruption,buthassinceoperatedatmaximumcapacity.

InNorthAmerica,revenuesinlocalcurrencywerehigherthan2010.Reductionsindomesticvolumeswereoffsetbyincreasedexportsandsalesofvalue-addedproducts.Profitsimprovedbecauseofbetterassetutilization,costsavings,andanimprovingproductmix.

Intherestoftheworld,revenuesandprofitsimprovedstronglyfromthepreviousyearduemainlytohighermarketprices,andtheconsolidationoftheGroup’srolledglassfacilityinChinafromthestartofthecurrentfinancialyear.InJanuary2011,theGroupannouncedthere-commissioningofitsVGIVietnamfloatglassfacilitytomanufacturesolarenergyproducts.InMarch2011,anannouncementwasmadethatproductionhadresumedattheGroup’sjointventurefloatglasslineinChile,followingtheearthquakethatstrucktheregioninFebruary2010.

TheBuildingProductsbusinessachievedsalesof¥ 244,792 millionandanoperatingprofitof¥16,515million.

InAutomotive,cumulativeresultsweresignificantlyaheadofthepreviousyear,dueprincipallytostrongdemandacrosseachoftheGroup’smainautomotivemarkets.

InEurope,localcurrencyrevenuesintheOriginalEquipment(OE)sectorincreasedstronglyfromlastyear’slevels,duetorobustvolumes,withaconsequentimprovementinprofits.Resultsinthefourthquarterweremixed,withimprovedvolumesinthestrongerNorthernEuropeanmarketsoffsetbyweaknessinSouthernregions.LocalcurrencyresultsintheAutomotiveGlassReplacement(AGR)businessweresimilartothelevelsofthepreviousyear.

InJapan,revenueswereslightlyabovethepreviousyear.Improveddemandinthefirsttwoquarterswasoffsetbyreductionsinvolumesfollowingthesubsequentcessationofgovernmentincentivesandtheearthquakeof11March.Profitsbenefitedfromfurthercostsavingsandefficiencyimprovements.

InNorthAmerica,OErevenuesweresignificantlyabovethepreviousyear,duetoincreasedvolumes.Profitsalsobenefitedfromcontinuedcostsavingsandefficiencygains.Fourthquarterresultswerepositive,withincreaseddemandfromallmajorcustomers.AGRprofitabilityimprovedfurtheroverthepreviousyear.

Intherestoftheworld,cumulativerevenuesandprofitsincreasedstronglyfromthepreviousyear,withstrongdemandacrossallregions.

TheAutomotivebusinessrecordedsalesof¥264,042millionandanoperatingprofitof¥18,672million.




Specialty Glass Other

RevenuesinSpecialtyGlasswerebelowthepreviousyear,asrobustmarketconditionsweremorethanoffsetbythepreviousyear’sdisposals.However,profitswereabove2010,asmostoftheGroups’SpecialtyGlassbusinessescontinuedtoexperiencerobustdemand,particularlyinsectorssuchastouchpaneltechnologyformobiledevices.Demandcontinuedatsatisfactorylevelsthroughthefourthquarter.

DemandfortheGroup’sSELFOCLensArray(SLA™)equipment,usedinmulti-functionprinters,startedtorecoverfromthemiddleofthepreviousfinancialyearandthishascontinuedthroughthecurrentyear.

SalesofglasscordforenginetimingbeltsweresupportedbyrobustvehicleproductioninEurope.

ProductionatsomeoftheGroup’sfacilitieswasdisruptedfollowingthe11Marchearthquake,buthassinceresumedwithrelativelylittleimpactontheFY2011results.

TheSpecialtyGlassbusinessrecordedsalesof¥62,955millionandanoperatingprofitof¥7,523million.

Thissegmentcoverscorporatecosts,consolidationadjustments,certainsmallbusinessesnotincludedinthesegmentscoveredabove,andtheamortizationofgoodwillandotherintangibleassetsrelatedtotheacquisitionofPilkingtonplc.

OperatinglossesincurredinOtherwerebelowthepreviousyear,duetoareductioningeneralcorporateexpensesandthetranslationaleffectofastrongJapaneseyen.

Consequently,thissegmentrecordedsalesof¥5,423millionandanoperatinglossof¥28,358million.



CoNSolidaTed fiNaNCial STaTeMeNTS

Millionsofyen

31 March 31March 2011 2010

LIABILITIES Current liabilities Tradenotesandaccountspayable 73,927 68,898Short-termloanspayable 14,925 25,619Currentportionoflong-termloanspayable 13,932 41,533Currentportionofbondspayable 25,000 10,000Leaseobligations 1,694 1,984Incometaxespayable 2,172 6,023Provisions 13,876 17,107Othercurrentliabilities 55,924 63,970Totalcurrentliabilities 201,450 235,134

Non-current liabilities Bondspayable 49,000 50,000Long-termloanspayable 264,342 262,326Leaseobligations 1,179 2,980Provisionforretirementbenefits 52,065 59,319Provisionforrebuildingfurnaces 10,961 10,560Otherprovisions 6,071 7,401Othernon-currentliabilities 56,646 66,070Total non-current liabilities 440,264 458,656Totalliabilities 641,714 693,790

NET ASSETS Shareholders’ equity Commonstock 116,449 96,147Capitalsurplus 125,587 135,290Retainedearnings 66,132 71,696Treasurystock,atcost (563) (589)Totalshareholders’equity 307,605 302,544Valuation and translation adjustments Unrealizedholdinggainonsecurities 660 836Netunrealizedholdinglossonhedges (894) (5,026)Translationadjustments (91,395) (68,049)Totalvaluationandtranslationadjustments (91,629) (72,239)Stock options 681 684Minority interests in consolidated subsidiaries 10,217 8,942Total net assets 226,874 239,931Total liabilities and net assets 868,588 933,721

Consolidated balance sheets31 March 2011 and 2010 Millionsofyen

31 March 31March 2011 2010

ASSETS Current assets Cashanddeposits 60,906 79,796Tradenotesandaccountsreceivable 95,640 97,680Merchandiseandfinishedgoods 55,183 56,107Workinprocess 14,019 10,375Rawmaterials 31,574 32,309Othercurrentassets 21,988 25,325Allowancefordoubtfulaccounts (4,444) (4,146)Totalcurrentassets 274,866 297,446

Fixed assets Land 36,922 39,774Buildingsandstructures 59,643 62,938Machinery,equipmentandvehicles 170,168 174,583Leasedassets 3,349 4,359Constructioninprogress 1,205 1,486Totalproperty,plantandequipment,net 271,287 283,140

Intangible assets Goodwill 107,690 122,653Otherintangibleassets 95,283 113,381Totalintangibleassets 202,973 236,034

Investments and other assets Jointventures,associatesandotherinvestments 62,712 59,225Otherassets 56,750 57,876Totalinvestmentsandotherassets 119,462 117,101Totalnon-currentassets 593,722 636,275Total assets 868,588 933,721

Notesaboutpershareinformation1. Netassetspershare239.40yen.2. Netincomepershare0.13yen.




Consolidated statements of cash flowsFor the Fiscal Years ended 31 March 2011 and 2010 Millionsofyen

2011 2010

Cashflowsfromoperatingactivities 31,203 (2,768)Cashflowsfrominvestingactivities (27,842) (5,887)Cashflowsfromfinancingactivities (10,357) (11,130)Effectofforeignexchangerateoncashand cashequivalents (2,867) 182Netdecreaseincashandcashequivalents (9,863) (19,603)Openingcashandcashequivalentsat1April 55,995 75,598Increaseduetochangeinscopeofconsolidation 359 —Closingcashandcashequivalentsat31March 46,491 55,995

NotesaboutitemsrelatedtotheconsolidatedstatementofchangesinnetassetsTypeandvolumeofissuedsharesandtreasuryshares.

31March2010 Increase Decrease 31 March 2011

Issuedshares Ordinaryshares(Note1) 669,550,999 234,000,000 — 903,550,999Preferredshares(Note2) 3,000,000 — (3,000,000) —Total 672,550,999 234,000,000 (3,000,000) 903,550,999Treasuryshares Ordinaryshares(Note3) 1,427,080 90,453 (113,446) 1,404,087Total 1,427,080 90,453 (113,446) 1,404,087

Note1:Theincreaseinordinarysharesisaresultoftheissuanceofnewsharesannouncedon24August2010.

Note2:ThepreferredshareswereacquiredandcancelledbytheCompanyduringthefiscalyearunderreview,asannouncedon16September2010and3February2011.

Note3:Thenetdecreaseintreasurysharesof22,993isduemainlytotheexerciseofstockoptionsintheyear.

Consolidated statements of incomeFor the Fiscal Years ended 31 March 2011 and 2010 Millionsofyen

2011 2010

Netsales 577,212 588,394Costofsales 420,931 440,055Grossincome 156,281 148,339Selling,generalandadministrativeexpenses 141,929 165,522Operatingincome/(loss) 14,352 (17,183)Non-operatingincome 11,322 6,440Non-operatingexpense 17,944 17,809Ordinaryincome/(loss) 7,730 (28,552)Extraordinaryincome 3,969 9,314Extraordinaryloss 8,339 23,176Netincome/(loss)beforetaxationandminorityinterest 3,360 (42,414)Incometax–current (5,130) (5,538)Incometax–deferred 6,812 8,014Minorityinterestinnetincomeofsubsidiaries 3,381 1,375Netincome/(loss) 1,661 (41,313)

Consolidated statement of comprehensive incomeFor the Fiscal Years ended 31 March 2011 and 2010

Millionsofyen (note)

2011

Incomebeforeminorityinterests 5,042Other comprehensive income, net of tax Valuationdifferenceonavailableforsalesecurities (176)Deferredgainsonhedges 4,132Foreigncurrencytranslationadjustments (22,771)Shareofothercomprehensiveincomeofaffiliates accountedforusingtheequitymethod (1,433)Total: Other comprehensive income, net of tax (20,248)Total comprehensive income (15,206)

Total comprehensive income attributable to: Ownersoftheparent (17,729)Minorityinterest 2,523

Note:DuetothefirsttimeimplementationofaconsolidatedstatementofcomprehensiveincomeunderJGAAP,comparativesfiguresfor2010arenotrequired.



CoNSolidaTed fiNaNCial STaTeMeNTS CoNTiNUed

Consolidated statements of changes in net assetsFor the Fiscal Years ended 31 March 2011 and 2010 Millionsofyen

Shareholders’equity Valuation&translationadjustments

Net Unrealized unrealized Foreign holding holding currency Common Capital Retained Treasury Sub gainon losson translation Sub Stock Minority stock surplus earnings shares total securities derivatives adjustments total options interest Total

Balance: as at 31 March 2010 96,147 135,290 71,696 (589) 302,544 836 (5,026) (68,049) (72,239) 684 8,942 239,931Changes during the period: Issuanceofnewshares 20,302 20,302 — — 40,604 — — — — — — 40,604Changesinequityduetoexerciseofshareoptions — — — 44 44 — — — — — — 44Netincome — — 1,661 — 1,661 — — — — — — 1,661Dividendsfromsurplus — — (7,029) — (7,029) — — — — — — (7,029)Acquisitionoftreasuryshares — — (30,643) (30,643) — — — — — — (30,643)Disposaloftreasuryshares — 12 — 2 14 — — — — — — 14Cancellationoftreasuryshares — (30,623) — 30,623 — — — — — — — —Transferofretainedearningstocapitalsurplus — 606 (606) — — — — — — — — —Increaseinretainedearningsarisingoninitial inclusionofasubsidiaryinconsolidation — — 420 — 420 — — — — — — 420Other — — (10) — (10) — — — — — — (10)Netchangesduringtheyearexceptforitems undershareholders’equity — — — — — (176) 4,132 (23,346) (19,390) (3) 1,275 (18,118)Total 20,302 (9,703) (5,564) 26 5,061 (176) 4,132 (23,346) (19,390) (3) 1,275 (13,057)Balance: as at 31 March 2011 116,449 125,587 66,132 (563) 307,605 660 (894) (91,395) (91,629) 681 10,217 226,874




UNCoNSolidaTed fiNaNCial STaTeMeNTS

Unconsolidated Statements of IncomeFor the Fiscal years ended 31 March 2011 and 2010 Millionsofyen

2011 2010

Netsales 114,278 109,921Costofsales 83,773 90,523Grossincome 30,505 19,398Selling,generalandadministrativeexpenses 27,182 28,793Operatingincome/(loss) 3,323 (9,395)Non-operatingincome 5,564 14,839Non-operatingexpense 6,012 7,376Ordinaryincome/(loss) 2,875 (1,932)Extraordinaryincome 749 5,436Extraordinaryloss 4,621 8,659Netincome/(loss)beforetaxationandminorityinterest (997) (5,155)Netincome/(loss) 292 (4,832)

Unconsolidated Balance Sheets31 March 2011 and 2010 Millionsofyen

2011 2010

ASSETS Currentassets 109,071 93,923Fixedassets 497,363 504,139 Tangibleassets 49,564 52,055 Intangibleassets 5,133 5,972Investmentsandotherassets 442,666 446,112Total Assets 606,434 598,062

LIABILITIES Currentliabilities 74,453 56,636Non-currentliabilities 229,146 243,165NET ASSETS Shareholders’equity 300,919 297,637 Commonstock 116,449 96,147 Capitalsurplus 124,772 134,475 Retainedearnings 60,261 67,604 Treasurystocks,atcost (563) (589)Valuationandtranslationadjustments 1,235 (60)Stockoptions 681 684Total liabilities and net assets 606,434 598,062

Unconsolidated statements of changes in net assetsFor the Fiscal Years ended 31 March 2011 and 2010 Millionsofyen Shareholders’equity Valuationandtranslation Capitalsurplus Retainedearnings Reserved Net fordeferred Retained Unrealized unrealized Other gainon earnings holding holding Common Capital capital Sub Earned fixed General carried Sub Treasury Sub gainon (loss)/gainon Sub Stock stock surplus surplus total surplus assets reserve forward total shares total securities derivatives total options Total

Balance: as at 31 March 2010 96,147 104,470 30,005 134,475 6,377 3,133 44,977 13,117 67,604 (589) 297,637 592 (652) (60) 684 298,261Changes during the period: Issuanceofnewshares 20,302 20,302 — 20,302 — — — — — — 40,604 — — — — 40,604Changesinequityduetoexercise ofshareoptions — — — — — — — — — 44 44 — — — — 44Netincome — — — — — — — 292 292 — 292 — — — — 292Dividendfromsurplus — — — — — — — (7,029) (7,029) — (7,029) — — — — (7,029)Acquisitionoftreasuryshares — — — — — — — — — (30,643) (30,643) — — — — (30,643)Disposaloftreasuryshares — — 12 12 — — — — — 2 14 — — — — 14Cancellationoftreasuryshares — — (30,623) (30,623) — — — — — 30,623 — — — — — —Transferofretainedearnings tocapitalsurplus — — 606 606 — — — (606) (606) — — — — — — —Reversalofreserveforadvance depreciationofnon-currentassets — — — — — (339) — 339 — — — — — — — —Netchangesofitemsotherthan shareholder’sequity — — — — — — — — — — — (266) 1,561 1,295 (3) 1,292Total 20,302 20,302 (30,005) (9,703) — (339) — (7,004) (7,343) 26 3,282 (266) 1,561 1,295 (3) 4,574Balance: as at 31 March 2011 116,449 124,772 — 124,772 6,377 2,794 44,977 6,113 60,261 (563) 300,919 326 909 1,235 681 302,835



MaNaGeMeNT(as at 29 June 2011)

Nomination CommitteeKatsujiFujimoto(ChairmanofNominationCommittee)TomoakiAbeGeorgeOlcottSumitakaFujitaSeiichiAsakaHiroshiKomiyaCraigNaylor

Audit CommitteeTomoakiAbe(ChairmanofAuditCommittee)KatsujiFujimotoGeorgeOlcottSumitakaFujitaSeiichiAsakaHiroshiKomiya

Compensation CommitteeGeorgeOlcott(ChairmanofCompensationCommittee)TomoakiAbeSumitakaFujitaSeiichiAsakaCraigNaylor

DirectorsDirector, Chairman of NSG GroupKatsujiFujimotoDirector, Vice ChairmanTomoakiAbeDirectorCraigNaylorDirectorMarkLyonsDirectorMikeFallonDirectorKeijiYoshikawaDirectorClemensMillerExternal DirectorGeorgeOlcottExternal DirectorSumitakaFujitaExternal DirectorSeiichiAsakaExternal DirectorHiroshiKomiya

Executive DirectorsRepresentative Executive Director, President and CEOCraigNaylorExecutive Director, CFOMarkLyonsExecutive DirectorMikeFallonExecutive DirectorKeijiYoshikawaExecutive DirectorClemensMiller

Executive OfficersSenior Executive OfficerPaulMcKeonSenior Executive OfficerCarlosHenriqueMedeirosSenior Executive OfficerPhilMillichapSenior Executive OfficerKenichiMorookaSenior Executive OfficerToshiyukiNakazawaSenior Executive OfficerTomRaeSenior Executive OfficerLuisHenriqueSouzaSenior Executive OfficerMilenaStanisciSenior Executive OfficerNaotakaTodorokiSenior Executive OfficerPhilWilkinsonExecutive OfficerKazumitsuFujiiExecutive OfficerKazuhikoFujimakiExecutive OfficerKoichiHiyoshiExecutive Officer MinoruImanishiExecutive OfficerKoichiMaedaExecutive OfficerKojiMaeharaExecutive OfficerPaulRavenscroftExecutive OfficerTonyShawExecutive OfficerIainSmith

NSGGroupadoptedaCompanywithCommitteesstructurewitheffectfrom27June2008.




SToCK iNforMaTioN(as at 31 March 2011)

Distribution of NSG Group shareholders asattheendofMar.2011

Stock prices and trading volume

Number of shares/shareholders

Authorized shares Commonshares 1,775,000,000 TypeApreferredshares 3,000,0001

Issued shares Commonshares 903,550,9992

TypeApreferredshares 03

Number of shareholders Commonshares 64,386 TypeApreferredshares 03

1. AuthorizedTypeApreferredshareswerecancelledwiththeArticlesofIncorporationamendment,whicheliminatedallprovisionsrelatedtoTypeApreferredshares,bytheresolutionofthe145thOrdinaryGeneralMeetingofShareholders,heldon29June2011.

2. IssuedCommonsharesincreasedby234,000,000fromthelastyear-endreporting,duetotheissuanceofnewsharesasannouncedon24August2010.

3. AllissuedTypeApreferredshareswereacquiredandcancelledbytheCompanyduringthefiscalyearunderreviewasannouncedon16September2010and3February2011.

Major shareholders PercentageCommon shares Numberofshares ofshares

JapanTrusteeServicesBank,Ltd. (TrustAccount) 82,199,000 9.10TheMasterTrustBankofJapan,Ltd. (TrustAccount) 55,779,000 6.17JapanTrusteeServicesBank,Ltd. (TrustAccount9) 36,433,000 4.03Trust&CustodyServicesBank,Ltd. (SecuritiesInvestmentTrustAccount) 15,772,000 1.75TheChaseManhattanBank,N.A. LondonSecsLendingOmnibusAccount 15,583,512 1.72JapanTrusteeServicesBank,Ltd. (TrustAccount4) 15,015,000 1.66TheNomuraTrustandBankingCo.,Ltd. (InvestmentTrustAccount) 14,466,000 1.60StateStreetBankandTrustCompany505225 13,648,751 1.51JPMBLSAOffshoreLendingJASDECAccount 11,345,000 1.26BarclaysBankPlcSub-account BarclaysCapitalSecuritiesLimitedSBL/PB 10,101,908 1.12

10c 17y

Financial institutions 36.67%Securities companies 2.71%Other corporate entities 4.14%Foreign companies/individuals 36.01%Other individual investors 20.31%Treasury stock 0.16%

20112010

800

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Stock price (yen) Opening/closing price Rise Fall

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Apr

Jun

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Sep

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Dec

Jan

Feb

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Jun

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Sep

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Nov

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400

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200

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600Trading volume (million)

2009


Shareholder iNforMaTioN CorPoraTe daTa(as at 31 March 2011)

Company name NipponSheetGlassCo.,Ltd.

Head Office SumitomoFudosanMitaTwinBuilding WestWing,5-27,Mita3-chome, Minato-ku,Tokyo108-6321Japan Tel:+81-3-5443-9500

Established 22November1918

Number of employees (Consolidated) 29,340

Paid-in capital ¥116,449million

Stock listing TokyoandOsaka(Code:5202)

Contact www.nsggroup.net/contact

www.nsg.comGeneral informationVotingresultsofthe145thOrdinaryGeneralMeetingofShareholderswillbefiledandshownviaEDINET(http://info.edinet-fsa.go.jp/)intheformofanExtraordinaryReport(inJapaneseonly)andalsodisclosedontheCompany’swebsiteatwww.nsg.com(inEnglish)andatwww.nsg.co.jp(inJapanese).

Fiscal period 1Aprilto31Marchofthefollowingyear

Ordinary General Meeting of Shareholders HeldannuallyinJune

Shareholders’ Confirmation OrdinaryGeneralMeetingofStandard Dates Shareholders:31March Dividend:30Septemberand31March

Transfer agent TheSumitomoTrust&BankingCo.,Ltd. 5-33,Kitahama4chome,Chuo-ku Osaka-shi

Operating Office TheSumitomoTrust&BankingCo.,Ltd.

Stock Transfer Agency 3-1,Yaesu2chome,Chuo-ku,Department Tokyo104-0028Japan

Public Notice www.nsg.com

Independent Auditors Ernst&YoungShinNihonLLC

Ifyouneedtorecordanychangesinyouraddress,personaldetailsoranyotherrelevantmatter,pleasecontactthesecuritiescompanyadministratingyourshareholderaccount.

Ifyoudonotuseasecuritiescompany,pleasenotifyourTransferAgentasshownbelow.

Notice to shareholders holding odd-lot sharesIfyouholdanodd-lotofshares(1to999shares),whichislessthanatradingunitofshares(1,000shares),youcould:

1. sellthesesharestotheCompany,or

2. purchaseodd-lotsharesfromtheCompanytosupplementyourholdingtotheextentnecessarytoconstituteatradingunit.

Pleasecontactthesecuritiescompanyadministratingyourshareholderaccountforitsspecificprocedures.

Ifyoudonotuseasecuritiescompany,pleasecontactourtransferagentasshownbelow.

Mail address TheSumitomoTrust&BankingCo.,Ltd. StockTransferAgencyDepartment 1-10,Nikko-cho,Fuchu-shi, Tokyo183-8701,Japan

Telephone Number 0120-176-417(tollfreeinJapan)

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