Group Full-Year Results show increase in sales & profits
02 June 2008The Group has announced results for FY08 (year ending 31 March 2008). Group COO Stuart Chambers said “These are good results, reflecting a particularly strong performance in Europe. We have made further progress on our strategic objectives. Debt has been reduced further and ahead of schedule”.
Stuart told a meeting of 200 analysts in Tokyo “Continuing high input costs, particularly in energy and commodities, are depressing our margins and we expect profits to be hit in FY09.
Despite this, our strong underlying business performance and continuing annual growth in the global Flat Glass industry growth provide confidence that results will improve in FY10 & FY11.
Glass for Solar Energy/Photovoltaics will provide profit growth from this year, but further efficiency improvements and cost reduction will be needed and we have programmes in place. We remain on track to achieve our Medium-term Plan targets in FY11".
Figures at a Glance
Group results: Group sales JPY 866 billion - up 27% year on year (4% on a like for like basis). Group Operating Profit (before amortization) JPY 71 billion. (63% year on year or 25% on a like for like basis).
Building Products: Sales JPY402 billion and operating profit (before amortization) JPY 43 billion.
Automotive: Sales JPY 365 billion and operating profit (before amortization) JPY 37 billion. Specialty Glass: Sales JPY 84 billion and operating profit JPY 9 billion.
Cash flow from operating activities was JPY 49 billion, facilitating a further reduction of net debt. Across the Group, cost reduction initiatives are boosting performance.