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    5201   JP3112000009

AGC INC.

(5201)
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AGC : Notice regarding Revision to Full Year Consolidated Financial Forecasts, Dividend Forecasts and Interim Dividends from Surplus for FY2021

08/02/2021 | 02:02am EDT

August 2, 2021

Corporate Name: AGC Inc. President & CEO: Yoshinori Hirai (Code Number: 5201; TSE 1st section)

Contact: Kazumi Tamaki, General Manager, Corporate Communications & Investor Relations Division (Tel: +81-3-3218-5603)

Notice regarding Revision to Full Year Consolidated Financial Forecasts, Dividend Forecasts and

Interim Dividends from Surplus for Fiscal Year Ending December 31, 2021

In the light of recent business performance, AGC Inc. ("the Company") has revised its full year consolidated financial forecasts and dividend forecasts for the fiscal year ending December 31, 2021, which were announced on April 12, 2021. In addition, the Company resolved the distribution of interim dividends from surplus at the Board of Directors meeting held on August 2, 2021.

1. Revision to the consolidated financial results forecast

  1. Revision to the FY2021 consolidated financial results forecast
    [January 1 through December 31, 2021]

(Unit: Millions of yen; %)

Profit for the

Profit for the

period

Basic earnings

Net sales

Operating profit

Profit before tax

attributable to

period

per share (Yen)

owners of the

parent

Previous forecast announced

1,650,000

160,000

142,000

105,000

83,000

375.02

on April 12, 2021 (A)

Revised forecast (B)

1,670,000

180,000

187,000

145,000

117,000

528.41

Change (B - A)

20,000

20,000

45,000

40,000

34,000

153.39

Change (%) (B - A)/A

1.2

12.5

31.7

38.1

41.0

40.9

(Reference)

1,412,306

75,780

57,121

41,164

32,715

147.84

Actual results for FY2020

(2) Reasons for the Revision of Consolidated Earnings Forecasts

The AGC Group's net sales, operating profit, profit before tax, profit for the period and profit for the period attributable to owners of the parent for the full year ending December 31, 2021 are expected to exceed the forecast which was announced on April 12, 2021.This exceed is due to factors such as the sales prices of polyvinyl chloride (PVC) in Southeast Asia are expected to be higher than the initial forecast in the Chemicals segment, and the Company expects to record a gain of approximately 25.0 billion yen from the transfer of its architectural glass business in North America, which was announced on June 15, 2012.

2. Revision to the dividend forecasts

(1) Revision to dividend forecasts for the FY2021

Dividend per share (yen)

Interim

Year-End

Year-total

Previous forecast

70.00

70.00

140.00

(Announced on April 12, 2021)

Revised forecast

130.00

210.00

Ordinary dividend

80.00

Ordinary dividend

160.00

Special dividend

50.00

Special dividend

50.00

Actual payment for FY2021

80.00

Actual payment for FY2020

60.00

60.00

120.00

(2) Reason for revision of dividend forecasts

With regards to the return of profit to shareholders, the Company will maintain stable dividends with a target consolidated dividend payout ratio of 40% while comprehensively considering such factors as consolidated business performance in the fiscal year under review and future demand for funds.

As stated in "1. Revision to the consolidated financial results forecast", there was an upward revision to the consolidated forecasts for the fiscal year ending December 2021, the Company has decided to upwardly revise the interim ordinary dividend and year-end ordinary dividend forecasts to 80 yen per share. As for the year-end dividend forecast, the Company has decided to add a special dividend of 50 yen per share as a return for the temporary earnings from the transfer of the architectural glass business in North America, bringing the total dividend to 130 yen per share. As a result, the annual dividend forecast is 210 yen per share, with a consolidated dividend payout ratio of 39.8%.

The year-end dividend will be formally determined by a resolution of the general meeting of shareholders to be held in March 2022.

3. Interim dividends from surplus

At the Board of Directors meeting held on August 2, 2021, the Company decided to distribute interim dividends from surplus with a record date of June 30, 2021 as follows.

Interim dividend for

Forecast as of

Interim dividend for

FY2021

April 12, 2021

FY2020

Record date

June 30, 2021

June 30, 2021

June 30, 2020

Dividends per share

80.00 yen

70.00 yen

60.00 yen

Total dividends

17,747 million yen

-

13,296 million yen

Effective date

September 8, 2021

-

September 8, 2020

Source of dividends

Retained earnings

-

Retained earnings

Disclaimer

AGC - Asahi Glass Co. Ltd. published this content on 02 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 August 2021 06:01:06 UTC.


© Publicnow 2021
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Sales 2021 1 653 B 14 562 M 14 562 M
Net income 2021 118 B 1 041 M 1 041 M
Net Debt 2021 526 B 4 636 M 4 636 M
P/E ratio 2021 10,7x
Yield 2021 3,71%
Capitalization 1 293 B 11 371 M 11 391 M
EV / Sales 2021 1,10x
EV / Sales 2022 1,04x
Nbr of Employees 56 179
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Number of Analysts 10
Last Close Price 5 700,00 JPY
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Takuya Shimamura President, CEO & Representative Director
Shinji Miyaji CFO, Representative Director & Executive VP
Yoshinori Hirai Director, CTO & Senior Managing Executive Officer
Yasuchika Hasegawa Independent Outside Director
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