Asahi Kasei Corporation
Head Office: 3-3-23 Nakanoshima, Kita-ku, Osaka, JapanTokyo Head Office: 1-105 Kanda Jinbocho, Chiyoda-ku, Tokyo, Japan
Security code: 3407
Contact: Corporate Communications, Phone +81-3-3296-3008, Fax +81-3-3296-3162
February 3, 2010

Consolidated Results for 1st to 3rd Quarters Fiscal 2009:
April 1, 2009 – December 31, 2009

(Unaudited; all figures in millions of yen, rounded to the nearest million, unless otherwise specified)

I. Summary of Consolidated Results
1. Operating results (percent change from previous year in brackets)
Net sales
Operating income (loss)
Ordinary income (loss)
Net income (loss)
Net income (loss) per share*
Diluted net income (loss) per share*

Q1–Q3 2009
1,022,701 [−16.4%]
39,968 [−20.2%]
38,046 [−17.9%]
20,599 [−17.6%]
14.73—

Q1–Q3 2008
1,223,002 [—]50,055 [—]46,342 [—]24,995 [—]
17.87
—
* Yen

2. Financial position
At end ofTotal assets
Net assets
Net worth/total assets
Net worth per share*

December 2009
1,425,089
633,79343.7%
445.32

March 2009
1,379,337
611,35143.8%
431.77* Yen

Notes:• Net worth consists of shareholders’ equity and valuation and translation adjustments.
• Net worth as of December 31, 2009, was ¥622,741 million; as of March 31, 2009,¥603,846 million.
II. Cash Dividends

2008

Q1
—

Cash dividends per share*
Q2
Q3
Q4
Total annual
7.00
—
3.00
10.00

2009

—

5.00

Fiscal year

2009 (forecast)
Note:

—

5.00

10.00
* Yen

No revision of cash dividend forecast during the period.

Asahi Kasei
Consolidated Results

February 3, 2010
p. 1/12

III. Forecast for Fiscal 2009 (April 1, 2009 – March 31, 2010)
1. Latest forecast (percent change from results in year-ago period in brackets)
Net sales
Operating income
Ordinary income
Net income
Net income per share*

1,432,000 [−7.8%]
53,000 [+51.6%]
51,500 [+58.5%]
23,000 [+384.8%]
16.45
* Yen

2. Comparison of previous and revised fiscal 2009 forecasts

Net sales
Operating income
Ordinary income
Net income

Previous
forecast
1,437.0
50.0
47.0
16.0

Revisedforecast
1,432.0
53.0
51.5
23.0

Increase(decrease)
(5.0)
3.0
4.5
7.0

(billions of yen)cf. fiscal
2008 results
1,553.1
35.0
32.5
4.7

Notes:• Performance forecasts are based on the best information available at this time, but
actual results may diverge from these forecasts due to a variety of factors whichcannot be foreseen.
• The forecast for fiscal 2009 announced on November 2, 2009, has been revised.
IV. Other Information
1. Changes in significant subsidiaries which affected scope of consolidation during thenine-month period ended December 31, 2009: None.
2. Adoption of simplified accounting methods and special accounting methods for
preparation of quarterly consolidated financial statements.
1) Simplified accounting methods
Method of calculating allowance for doubtful accounts: Because the rate of
unrecoverable receivables as of December 31, 2009, was not significantly different
than that estimated at the end of the previous fiscal year, the rate of
unrecoverable receivables as of the end of the previous fiscal year was used as abasis for estimating allowance for doubtful accounts.
Valuation of inventories: No physical inventory as of December 31, 2009, wasperformed. Rather, the value of inventories is calculated using a reasonable
method based on the physical inventory performed at the end of the previous fiscal
year. The carrying amount of inventories is reduced to the estimated net saleprice only where a decrease in profitability is apparent.
Method of calculating depreciation of noncurrent assets: For assets depreciatedusing the declining-balance method, depreciation expenses for the fiscal year are
calculated in proportion to the fiscal period.

Asahi Kasei
Consolidated Results

February 3, 2010
p. 2/12

Method of calculating deferred tax assets and liabilities: When there is no
significant change in the operating environment or in the occurrence of temporary
differences after the end of the previous fiscal year, collectibility of deferred tax
assets is calculated based on the performance forecasts and tax planning used in
the previous fiscal year. However, when there is significant change in theoperating environment or in the occurrence of temporary differences after the endof the previous fiscal year, collectibility of deferred tax assets is calculated basedon the performance forecasts and tax planning used in the previous fiscal year
together with the effect of such significant change.
2) Special accounting methods for presentation of quarterly consolidated financial
statements.
Income tax expenses: A reasonable estimate of the effective tax rate after
applying tax-effect accounting for the current fiscal year is made, and quarterly
income before income taxes is multiplied by the corresponding effective tax rate.
The amount shown as “income taxes” includes both “income taxes – current” and“income taxes – deferred.”
3. Changes in accounting principles/procedures, changes in methods of presentation in
preparation of quarterly consolidated financial statements.
1) Change in standards for recording amount of completed work and cost ofcompleted work.
Accounting Standard for Construction Contracts (ASBJ Statement No. 15) and
Guidance on Accounting Standard for Construction Contracts (ASBJ Guidance No.
18) are applied beginning with the quarter ended June 30, 2009. For
construction contracts commencing during the quarter ended June 30, 2009, andthereafter, the percentage-of-completion method is applied to the portion
completed by December 31, 2009, for which the outcome of the construction
activity is deemed certain (progress of work estimated by percentage of cost
incurred) and the completed-contract method is applied to other work. The
impact of this change on the consolidated quarterly financial statements isimmaterial.
4. Number of shares outstanding

Number of shares outstanding at end of period
Number of shares of treasury stock at end of period
Average number of shares outstanding during period

Q1–Q3 2009
FY 2008
1,402,616,332 1,402,616,332
4,188,645
4,070,731
1,398,482,508 1,398,443,738** Q1–Q3 2008

V. Overview of Consolidated Results
1. Consolidated group results
The global economy was on a recovery trend during the April to December period, as
economic stimulus packages in response to the financial crisis were effective, mostnotably in China, and the economic climate in Asia improved. Although increased
exports to Asian countries brought signs of improvement in corporate earnings, theJapanese economy continued to be marked by curtailed capital investment, sluggish
consumer spending, and an appreciating yen value. As such, the operating
Asahi Kasei
Consolidated Results

February 3, 2010
p. 3/12environment for Asahi Kasei and its consolidated subsidiaries (the Asahi Kasei
Group) remained challenging.
Asahi Kasei’s consolidated net sales for the period were ¥1,022.7 billion, adecrease of ¥200.3 billion (16.4%) from a year ago, with lower market prices in theChemicals segment as an effect of declining feedstock prices. While operating income
increased in the Chemicals segment with improved terms of trade and in the Homes
segment with the achievement of operating cost reductions, overall operating income
decreased by ¥10.1 billion (20.2%) to ¥40.0 billion as the Electronics and Fibers
segments were impacted by sluggish recovery of market conditions and the HealthCare segment had decreased licensing income. Ordinary income decreased by ¥8.3
billion (17.9%) to ¥38.0 billion, and net income decreased by ¥4.4 billion (17.6%) to¥20.6 billion.
2. Results by operating segment
Six operating segments correspond to the main fields of business, and the Services,
Engineering and Others segment comprises the remainder of operations. The
following segment names have been revised beginning with the first quarter of fiscal
2009 for greater clarity and correspondence with the fields of businesses underoperation.
Previously
Changed toElectronics Materials & Devices segment
Electronics segment
Pharma segment
Health Care segment
The electronic materials operations of Asahi Kasei Corp., Asahi Kasei
Chemicals, and Asahi Kasei EMD (renamed Asahi Kasei Microdevices on April 1,
2009) were transferred to Asahi Kasei E-materials on April 1, 2009. In considerationof the similarity of product types and characteristics to those of electronics operations,the operations of Asahi Kasei E-materials are reported in the Electronics segment.
For comparison purposes, results for the year-ago period have been revised to reflect
the transfer of the corresponding operations from the Chemicals segment andCorporate Expenses to the Electronics segment.
The Leona™ nylon 66 filament business of Asahi Kasei Chemicals wastransferred to Asahi Kasei Fibers on April 1, 2009. For comparison purposes, results
for the year-ago period in the Chemicals and Fibers segments have been revised toreflect this transfer.
CHEMICALS
Sales decreased by ¥126.6 billion (21.9%) from a year ago to ¥452.3 billion andoperating income increased by ¥11.1 billion (103.0%) to ¥21.8 billion.
Although prices for chemicals and derivative products decreased as an effect of
declining feedstock prices, operating income increased with improved terms of trade
and a recovery of demand in Asian markets. In polymer products operations,operating income decreased due to slow-recovering demand in automobile andelectronics applications. In specialty products operations, performance was good in
home-use products such as Saran Wrap™ and firm in functional additives and coating
materials, but recovery was sluggish in water-treatment and ion-exchange membranebusinesses.

Asahi Kasei
Consolidated Results

February 3, 2010
p. 4/12HOMES
Sales decreased by ¥28.6 billion (10.1%) from a year ago to ¥253.7 billion andoperating income increased slightly by ¥0.1 billion (0.5%) to ¥10.8 billion. Orders fororder-built homes increased by ¥6.2 billion to ¥223.1 billion.
Although deliveries of order-built Hebel Haus™ unit homes decreased
substantially, performance improved slightly with operating cost reductions and withfirm results in remodeling and other housing-related operations.
HEALTH CARE
Sales decreased by ¥6.5 billion (7.0%) from a year ago to ¥85.9 billion and operating
income decreased by ¥6.7 billion (51.6%) to ¥6.3 billion.
In pharmaceuticals operations, shipments of the Flivas™ agent for treatment ofbenign prostatic hyperplasia and the Elcitonin™ calcitonin formulation increased, but
licensing income decreased substantially. Performance in APS™ polysulfonemembrane artificial kidneys and throughout device-related operations was sharply
impacted by the strong yen and increased capital depreciation.
FIBERS
Sales decreased by ¥17.6 billion (19.1%) from a year ago to ¥74.6 billion and an
operating loss of ¥2.9 billion resulted with a ¥3.6 billion decrease in profitability.
Performance in Roica™ elastic polyurethane filament was significantly
impacted by a decline in market prices. Bemberg™ regenerated cellulose was
impacted by the appreciation of the yen and a decrease in shipments. In nonwoven
operations, shipments of spunbond decreased. Shipments of Leona™ nylon 66
filament increased in air-bag applications but decreased in tire cord applications.
ELECTRONICS
Sales decreased by ¥4.0 billion (3.6%) from a year ago to ¥105.9 billion and operating
income decreased by ¥8.4 billion (60.6%) to ¥5.5 billion.
In electronic devices operations, shipments of LSIs in new applications increased,
but recovery in shipments of LSIs for conventional applications was sluggish,
shipments of magnetic sensors decreased, and performance was impacted by thestrong yen. Shipments of electronic materials, most notably Hipore™ Li-ion
rechargeable battery separator, were on a recovery trend, but performance was
impacted by declining sales prices.
CONSTRUCTION MATERIALS
Sales decreased by ¥11.1 billion (23.1%) from a year ago to ¥36.9 billion andoperating income decreased by ¥0.2 billion (11.2%) to ¥1.7 billion.
Development of new applications and reduction of operating costs continued toadvance, but shipments of building materials and housing materials such as Hebel™
autoclaved aerated concrete (AAC) panels and other AAC-related products, piles andother foundation systems, and thermal insulation panels decreased with a decline in
new construction starts.
SERVICES, ENGINEERING AND OTHERS
Sales decreased by ¥5.9 billion (30.7%) from a year ago to ¥13.4 billion and operating
income decreased by ¥2.9 billion (71.9%) to ¥1.2 billion.
Decreased orders were received in engineering operations due to a curtailmentof capital investments.

Asahi Kasei
Consolidated Results

February 3, 2010
p. 5/12

VI. Consolidated Balance Sheets

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable, trade
Short-term investment securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Deferred tax assets
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Land
Lease assets
Accumulated depreciation
Lease assets, net
Construction in progress
Other
Accumulated depreciation
Other, net
Subtotal
Intangible assets
Goodwill
Other
Subtotal
Investments and other assets
Investment securities
Long-term receivables
Deferred tax assets
Other
Allowance for doubtful accounts
Subtotal
Total noncurrent assets
Total assets

Asahi Kasei
Consolidated Results

At end ofDec. 2009

At end ofMarch 2009

83,396257,694609
133,373
101,344
52,453
19,45566,311(1,632)713,003

97,969208,868406
138,098
82,83252,60918,44485,626(2,648)682,205

408,725(228,474)
180,251
1,179,757(1,009,125)
170,632
54,797
5,274
(858)
4,416
26,497
115,318(99,308)
16,009452,604

381,725(217,710)
164,014
1,138,427(977,646)
160,781
53,740
2,540
(227)
2,313
44,140109,437(93,155)
16,282441,271

6,589
29,53836,127

7,449
29,93537,384

163,445
6,392
23,94429,727(152)
223,355
712,087
1,425,089

157,091
2,670
28,87429,993(151)
218,477
697,132
1,379,337

February 3, 2010
p. 6/12

Liabilities
Current liabilities
Notes and accounts payable, trade
Short-term loans payable
Commercial paper
Current portion of bonds
Lease obligations
Income taxes payable
Accrued expenses
Advances received
Provision for repairs
Provision for product warranties
Other
Total current liabilities
Noncurrent liabilities
Bonds payable
Long-term loans payable
Lease obligations
Deferred tax liabilities
Provision for retirement benefits
Provision for directors’ retirement benefits
Provision for repairs
Long-term guarantee deposited
Other
Total noncurrent liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Valuation and translation adjustments
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Total valuation and translation adjustments
Minority interests
Total net assets
Total liabilities and net assets

Asahi Kasei
Consolidated Results

At end ofDec. 2009

At end ofMarch 2009

138,258
93,13665,000—1,014
14,70972,98755,064
7,595
4,908
48,099500,770

113,378
100,786
55,00020,000489
4,097
86,94740,203
1,674
9,396
55,951
487,92125,000123,5023,440
6,220
110,852
1,202
106
18,176
2,029
290,527
791,2965,000
132,474
1,845
4,257
109,864
1,046
4,499
19,1491,931
280,065
767,986

103,389
79,403
427,426(1,998)608,219

103,389
79,404418,292(1,946)599,139

32,16023,301

0(17,638)
14,522
11,052633,793
1,425,089(178)(18,416)
4,708
7,504
611,351
1,379,337

February 3, 2010
p. 7/12

VII. Consolidated Statements of Income

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Equity in earnings of affiliates
Other
Total non-operating income
Non-operating expenses
Interest expense
Foreign exchange loss
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of investment securities
Gain on sales of noncurrent assets
Gain on change in equity
Gain on arbitration award
Total extraordinary income
Extraordinary loss
Loss on valuation of investment securities
Loss on disposal of noncurrent assets
Impairment loss
Environmental expenses
Business structure improvement expenses
Total extraordinary loss
Income before income taxes
Income taxes
Minority interests in income
Net income

Asahi Kasei
Consolidated Results

Q1–Q3
2008
1,223,002
959,511
263,491
213,436
50,055

Q1–Q3
2009
1,022,701
781,217
241,483
201,516
39,968

776
2,368
865
2,200
6,209

766
1,727
343
2,147
4,983

3,092
3,487
3,343
9,922
46,342

2,828
1,229
2,849
6,905
38,046

17
542
—
—
559

102
24
153
6,502
6,781

335
2,445
273
—
—
3,052
43,84818,310543
24,995

1,308
1,667
78
1,237
2,503
6,794
38,033
17,168267
20,599February 3, 2010
p. 8/12

VIII. Cash flows

Cash flows from operating activities:
Income (loss) before income taxes
Depreciation and amortization
Impairment loss
Amortization of goodwill
Amortization of negative goodwill
Increase (decrease) in provision for repairs
Increase (decrease) in provision for product warranties
Increase (decrease) in provision for retirement benefits
Interest and dividend income
Interest expense
Equity in (earnings) losses of affiliates
Loss (gain) on sales of investment securities
Loss (gain) on valuation of investment securities
Loss (gain) on sales of property, plant and equipment
Loss (gain) on disposal of noncurrent assets
Gain on arbitration award
Decrease (increase) in notes and accounts receivable, trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable, trade
Increase (decrease) in accrued expenses
Increase (decrease) in advances received
Other, net
SubtotalInterest and dividend income, received
Interest expense, paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Proceeds from purchase of investments in subsidiaries
resulting in change in scope of consolidation
Payments of loans receivableCollection of loans receivable
Other, net
Net cash provided by (used in) investing activities

Asahi Kasei
Consolidated Results

Q1–Q3
2008

Q1–Q3
2009

43,84858,330273
472(70)(1,171)
5,072(4,344)(3,144)
3,092
(865)
(17)
335
(542)
2,445
—
20,469(56,113)
21,163(23,462)
11,642(13,042)
64,371
4,790(3,333)(24,220)
41,60838,03362,417
78
858
(68)
1,529
(4,489)(585)(2,493)
2,828
(343)
(102)
1,308
(24)
1,667
(6,502)(44,331)(2,244)
18,682(15,732)
14,774
14,88380,145
3,459(2,935)5,940
86,608(68,525)
1,561(20,619)(10,623)
171(66,102)296(5,627)(6,799)
5,183

—

1,057

(3,949)3,966(1,080)(99,098)(9,337)
7,935(1,307)(74,700)

February 3, 2010
p. 9/12Cash flows from financing activities:
Net increase (decrease) in short-term loans payable
Increase (decrease) in commercial paper
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of bonds
Redemption of bonds
Repayments of lease obligations
Purchase of treasury stock
Proceeds from disposal of treasury stock
Cash dividends paid
Cash dividends paid to minority shareholders
Other
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase (decrease) in cash and cash equivalents
resulting from change of scope of consolidation
Cash and cash equivalents at end of period

Q1–Q3
2008

Q1–Q3
2009

44,37739,00048,700(1,657)—(20,000)
(104)
(220)
122
(19,581)(321)
536
90,852(1,825)
10,0004,859(27,631)
20,000(20,000)
(611)
(78)
22
(11,188)
(339)
(130)
(26,922)(3,472)274

29,88983,033(14,739)
98,092—360

112,923

83,714

IX. Operating Segment Information
Note: For comparison purposes, results by segment for the previous year are revised toreflect the April 1, 2009, transfer of electronic materials operations from the Chemicals
segment and corporate expenses to the Electronics segment and the April 1, 2009, transfer
of nylon 66 filament operations from the Chemicals segment to the Fibers segment.
1. Consolidated net sales and operating income (loss) by segment
1) Consolidated net sales

Chemicals
Homes
Health Care
FibersElectronics
Construction Materials
Services, Engineering and Others
Total

Asahi Kasei
Consolidated Results

Q1–Q3
2008
578.9
282.4
92.4
92.2
109.9
48.0
19.3
1,223.0

Q1–Q3
2009
452.3
253.7
85.9
74.6
105.9
36.9
13.4
1,022.7(billions of yen)
Increase
Fiscal 2009
(decrease)
forecast(126.6)611.0(28.6)
393.0
(6.5)
116.0
(17.6)
101.0
(4.0)
144.0
(11.1)
47.0
(5.9)
20.0
(200.3)
1,432.0

February 3, 2010
p. 10/12

2) Consolidated operating income (loss)

Chemicals
Homes
Health Care
FibersElectronics
Construction Materials
Services, Engineering and Others
Combined
Corporate expenses and eliminations
Consolidated

Q1–Q3
2008
10.7
10.8
13.0
0.7
13.9
1.9
4.1
55.1
(5.0)
50.1

Q1–Q3
2009
21.8
10.8
6.3
(2.9)
5.5
1.7
1.2
44.3
(4.3)
40.0

(billions of yen)
Increase
Fiscal 2009
(decrease)
forecast
11.1
23.5
0.1
23.5
(6.7)
7.0
(3.6)
(3.0)
(8.4)
6.5
(0.2)
1.0
(2.9)
1.5
(10.8)
60.0
0.7
(7.0)
(10.1)
53.0

2. Operating income increases/decreases by segment

Sales
volumeChemicals
Homes
Health Care
FibersElectronics
Construction Materials
Services, Engineeringand Others
Corporate expenses
and eliminations
Consolidated(4.3)(11.2)
2.5
(1.8)
3.6
(3.3)

(billions of yen)

Increase (decrease) due to:OperatingSales prices [of which,costs anddue to foreign exchange]others(90.8)
(7.0)
106.2
3.2
—
8.0
(1.9)
(1.5)
(7.2)
(7.4)
(1.9)
5.6
(12.9)
(2.7)
0.9
1.2
—
1.9

Net
increase(decrease)
11.1
0.1
(6.7)
(3.6)
(8.4)
(0.2)

(2.8)

0.0

0.0

(0.1)

(2.9)

—

—

—

0.7

0.7

(17.3)(108.7)(13.1)

115.9(10.1)

3. Major financial metrics (consolidated)(billions of yen, except employees and D/E ratio)
Fiscal 2009
Q1–Q3 2008 Q1–Q3 2009
forecast
Capital expenditure (tangible)
75.9
57.9
84.0
Capital expenditure (intangible)
20.2
4.7
6.0
Purchase of investment securities
10.6
6.8
12.0
Depreciation and amortization
58.8
63.3
86.0
Balance of payments
0.0
(0.4)
(0.8)
of which, dividends received
2.4
1.7
2.0
R&D expenses
44.6
45.3
62.5
Employees at end of quarter
24,42425,169D/E ratio
0.50
0.50

Asahi Kasei
Consolidated Results

February 3, 2010
p. 11/12

4. Contract trends for home construction operations

No. of orders received(home units)
Value of orders received(¥ billion)
Backlog of orders(¥ billion)
No. of sales (home units)
Value of sales (¥ billion)

Q1–Q3
2008

Q1–Q3
2009

Increase(decrease)

Fiscal 2009
forecast

8,948

9,739

791

13,280

216.9

223.1

6.2

309.0

310.7

330.8

20.1

307.5

8,152
204.9

6,980
174.8

(1,172)(30.1)

12,235284.0

5. Key operating factors

Naphtha price(yen/kL, domestic)
Exchange rates
Yen/US$(market average) Yen/€

Q1–Q3
2008

Q1–Q3
2009

Increase(decrease)

Fiscal 2009
forecast

69,60039,000(30,600)

41,500

103
151

94
133

(9)
(18)

93
133

At end ofDec. 2009
93.1
65.0
123.5
25.0
4.5
311.1

(billions of yen)
Increase(decrease)
(7.7)
10.0
(9.0)
—
2.1
(4.5)

6. Interest-bearing debt

Short-term borrowings
Commercial paper
Long-term debt
Corporate bonds
Lease obligations
Total

Asahi Kasei
Consolidated Results

At end ofMarch 2009
100.8
55.0
132.5
25.0
2.3
315.6

February 3, 2010
p. 12/12