Asahi Kasei Corporation
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 5, 2015

Consolidated Results for 1st to 3rd Quarter Fiscal 2014:
April 1, 2014 – December 31, 2014
(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)
Q1−Q3 2014
1,470,070 [+5.8%]
118,719 [+8.1%]
127,250 [+16.2%]
88,372 [+33.7%]
63.25—

Q1−Q3 2013
Net sales
1,389,648 [+15.6%]
Operating income
109,807 [+75.6%]
Ordinary income
109,530 [+74.6%]
Net income
66,078 [+85.6%]
Net income per share*
47.28
Diluted net income per share*—* Yen
Note: Comprehensive income was ¥173,385 million during Q1−Q3 2014, and ¥130,338 million
during Q1−Q3 2013.
2. Financial position
At end ofTotal assets
Net assets
Net worth/total assets
Net worth per share*

December 2014
2,077,234
1,056,81750.2%
746.05

March 2014
1,915,089
925,76647.7%
653.15* Yen
Notes:
 Net worth consists of shareholders’ equity and accumulated other comprehensive income.
 Net worth as of December 31, 2014, was ¥1,042,185 million; as of March 31, 2014, ¥912,699
million.
II. Cash Dividends
Fiscal year
2013
2014
2014 (forecast)

Q1
—
—

Q2
7.00
9.00

Cash dividends per share*
Q3
Q4
—
10.00
—
9.00

Total annual
17.00
18.00
* Yen

Asahi Kasei
Consolidated Results

February 5, 2015
1/12

III. Forecasts for Fiscal 2014 (April 1, 2014 – March 31, 2015)
1. Latest forecasts (percent change from results in year-ago period in brackets)
Net sales
Operating income
Ordinary income
Net income
Net income per share*

1,991,000 [+4.9%]
158,000 [+10.2%]
164,000 [+14.8%]
103,000 [+1.7%]
73.73
* Yen

2. Comparison of previous and revised fiscal 2014 forecasts

Net sales
Operating income
Ordinary income
Net income

Previous
forecast
2,006.0
154.0
157.0
100.0

Revisedforecast
1,991.0
158.0
164.0
103.0

Increase(decrease)(15.0)
4.0
7.0
3.0(billions of yen)cf. fiscal 2013
results
1,897.8
143.3
142.9
101.3

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 which cannot be foreseen.
 The forecast for fiscal 2014 announced on November 5, 2014, has been revised.
IV. Other Information
1. Changes in significant subsidiaries which affected scope of consolidation during the period: None.
2. Special accounting methods for preparation of the consolidated financial statements
Income tax expenses: A reasonable estimate of the effective tax rate after applying tax-effectaccounting for the current fiscal year is made, and quarterly income before income taxes andminority interests is multiplied by the corresponding effective tax rate.
3. Changes in accounting policies, changes in accounting estimates, and retroactive restatement
Changes in accounting policy
The provisions of Article 35 of the Accounting Standard for Retirement Benefits (ASBJ Statement
No. 26) and the provisions of Article 67 of the Guidance on Accounting Standard for Retirement
Benefits (ASBJ Guidance No. 25) are applied from the first quarter of the fiscal year ending March
31, 2015. The calculation method for present value of retirement benefit obligations and current
service costs has been revised. The method of attributing retirement benefit obligations to eachperiod has been changed from the straight-line method to a method of calculating present value of
retirement benefit obligations for each period. The method of determining the discount rate used in
calculation has been changed from one where the number of years approximately equal to theaverage remaining service period of employees is used as the basis for determining the discount rate
to one using a single weighted average discount rate which reflects each forecasted period of
payment of retirement benefit obligations and the amount of payment forecasted for each period.
In accordance with the interim measures stipulated in Article 37 of the Accounting Standard for
Retirement Benefits, the effect of the change in the calculation method for present value of retirement
benefit obligations and current service costs is reflected in retained earnings as of the beginning of
the fiscal year ending March 31, 2015.
Asahi Kasei
Consolidated Results

February 5, 20152/12

As a result, net defined benefit liability increased by ¥23,336 million, investment securities decreasedby ¥127 million, and retained earnings decreased by ¥15,741 million as of the beginning of the fiscal
year ending March 31, 2015. The effect on operating income, ordinary income, and income before
income taxes and minority interests in the April–December period of 2014 is immaterial.
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 2014
1,402,616,332
5,678,080
1,397,156,506

FY 2013
1,402,616,332
5,230,736
1,397,533,757** Q1−Q3 2013

V. Overview of Consolidated Results
1. Consolidated group results
Although the US economy continued to recover during the April–December period of fiscal 2014,
the outlook for the global economy became obscure due to heightened geopolitical risks as well as
growing concern of financial crisis rekindling in Europe, while slower growth was seen in China
and other emerging economies. The Japanese economy continued on a path of gradual recovery
with the weaker yen and lower oil prices leading to improved corporate performance, while theslump in consumer spending after the consumption tax increase showed signs of bottoming out.
Consolidated net sales of Asahi Kasei Corp. and its consolidated subsidiaries and equitymethod affiliates (the Asahi Kasei Group) increased by ¥80.4 billion (5.8%) from a year ago to¥1,470.1 billion with lower volumes in pharmaceuticals operations and constructions materials
operations but strong performance in chemicals operations and critical care operations. Operating
income increased by ¥8.9 billion (8.1%) to ¥118.7 billion. Ordinary income increased by ¥17.7
billion (16.2%) to ¥127.3 billion. Net income increased by ¥22.3 billion (33.7%) to ¥88.4 billion.
2. Results by operating segment
Beginning with the first quarter of fiscal 2014, the Asahi Kasei Group’s previous seven reportablesegments of Chemicals, Fibers, Homes, Construction Materials, Electronics, Health Care, andCritical Care, together with an “Others” category, have been changed to the four reportablesegments of Chemicals & Fibers, Homes & Construction Materials, Electronics, and Health Care,
together with an “Others” category, in accordance with a change in the governance configuration.
The figures for the year-ago period have been recalculated in accordance with the new segment
configuration for comparison purposes.
CHEMICALS & FIBERS
Sales increased by ¥40.0 billion (5.8%) from a year ago to ¥728.3 billion, and operating income
increased by ¥7.3 billion (18.4%) to ¥47.2 billion.
Among chemicals operations, in petrochemicals, market prices declined for styrene
monomer while market prices improved for acrylonitrile, and the positive effects of strengtheningof petrochemical operations in Japan contributed to performance. Performance polymers
benefitted from the weaker yen and sales of engineering plastics were firm, but synthetic rubber
was impacted by low market prices for general-purpose products. In specialty products, sales ofion-exchange membranes were firm, but Saran Wrap™ cling film and other consumables were
impacted by the consumption tax increase.
In fibers operations, spunbond and Leona™ nylon 66 filament were impacted by high costs
for feedstocks, and Bemberg™ cupro fiber was impacted by increased depreciation expenses for a
new production facility. Sales of Bemliese™ continuous-filament cellulosic nonwoven for facialmasks etc. and of Roica™ elastic polyurethane filament were firm.

Asahi Kasei
Consolidated Results

February 5, 2015
3/12

HOMES & CONSTRUCTION MATERIALS
Sales increased by ¥17.8 billion (4.4%) from a year ago to ¥420.8 billion, and operating income
decreased by ¥1.8 billion (4.2%) to ¥41.9 billion.
Among homes operations, in order-built homes, deliveries increased mainly for Hebel
Maison™ apartment buildings based on strong orders in the previous fiscal year, but advertisingexpenses increased. In remodeling, orders decreased in reaction to the surge in demand prior tothe consumption tax increase. In real estate, management of rental units was firm.
In construction materials operations, shipments of Hebel™ autoclaved aerated concrete(AAC) panels increased, but shipments of Neoma™ high-performance phenolic foam panels
decreased as an effect of the consumption tax increase and the business was impacted by increased
depreciation expenses for a new production line.
ELECTRONICS
Sales increased by ¥2.5 billion (2.3%) from a year ago to ¥113.9 billion, and operating income
increased by ¥0.4 billion (3.4%) to ¥13.3 billion.
Electronic devices operations benefitted from the weaker yen and shipments of electronic
compasses and other electronic devices for smartphones increased, but shipments of crystal
oscillator ICs decreased.
Electronic materials operations benefitted from the weaker yen and sales of high-end
products in each product category increased, but sales prices decreased mainly for Hipore™ Li-ion
battery separator.
HEALTH CARE
Sales increased by ¥16.4 billion (9.4%) from a year ago to ¥191.0 billion, and operating income
increased by ¥3.1 billion (13.0%) to ¥26.8 billion.
In pharmaceuticals operations, pharmaceutical products excluding new drugs were impacted
by reduced reimbursement prices, and shipments of Teribone™ osteoporosis drug andRecomodulin™ recombinant thrombomodulin decreased in reaction to the surge in demand prior tothe consumption tax increase.
In medical devices operations, sales of dialysis products and of therapeutic apheresis devices
were firm and shipments of Planova™ virus removal filters increased, while the weaker yen
contributed to performance.
In critical care operations, the LifeVest™ wearable defibrillator business continues toexpand smoothly, and sales of other products such as defibrillators and related accessories
increased, but selling, general and administrative expenses grew with reinforced sales activity.
OTHERS
Sales in “Others” increased by ¥3.7 billion (29.6%) from a year ago to ¥16.2 billion, and operating
income decreased by ¥0.1 billion (8.9%) to ¥0.9 billion.

Asahi Kasei
Consolidated Results

February 5, 20154/12

VI. Consolidated Financial Statements
1. Balance sheets

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable–trade
Short-term investment securities
Merchandise and finished goods
Work in progress
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 loans receivable
Net defined benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Subtotal
Total noncurrent assets
Total assets

Asahi Kasei
Consolidated Results

At end ofMarch 2014

At end ofDec. 2014

151,474
316,705—
151,156
112,243
65,141
27,46968,106(1,894)890,401

122,182
360,419671
168,963131,251
70,69727,99482,191(1,324)
963,045

453,498(250,633)
202,866
1,290,526(1,127,452)
163,074
58,067
13,567(9,095)
4,472
35,216
137,897(121,056)
16,841
480,535

469,489(259,127)
210,362
1,342,117(1,166,950)
175,167
59,322
13,137(9,862)
3,274
35,323
142,753(124,249)
18,504501,953

137,679
120,740
258,419

155,460
131,692
287,152

238,419
9,173
2,369
16,27819,751(256)
285,735
1,024,689
1,915,089

279,280
10,513—
13,991
21,574(275)
325,085
1,114,189
2,077,234

February 5, 2015
5/12

Liabilities
Current liabilities
Notes and accounts payable–trade
Short-term loans payable
Commercial paper
Lease obligations
Accrued expenses
Income taxes payable
Advances received
Provision for periodic repairs
Provision for product warranties
Provision for removal cost of property, plant andequipment
Asset retirement obligations
Other
Total current liabilities
Noncurrent liabilities
Bonds payable
Long-term loans payable
Lease obligations
Deferred tax liabilities
Provision for directors’ retirement benefits
Provision for periodic repairs
Provision for removal cost of property, plant andequipment
Net defined benefit liability
Asset retirement obligations
Long-term guarantee deposits
Other
Total noncurrent liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Net unrealized gain on other securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Minority interests
Total net assets
Total liabilities and net assets

Asahi Kasei
Consolidated Results

At end ofMarch 2014

At end ofDec. 2014

159,925
103,605
10,0001,784
93,31348,52080,164
7,964
2,503

194,011
91,15770,0001,463
84,373
1,727
81,738
2,336
2,657

2,893

1,502

806
65,305
576,782522
61,643593,130

40,000146,037
2,445
43,441
818
173

40,000133,593
1,500
52,869
—
782

9,526

8,737

143,523
3,244
18,8994,434
412,541
989,323

162,190
3,402
18,8995,317
427,287
1,020,417

103,389
79,404635,403(2,591)
815,605

103,389
79,407
681,980(2,965)
861,81175,626(171)
46,734(25,094)
97,095
13,067925,766
1,915,089

100,672(124)
102,185(22,359)
180,374
14,632
1,056,817
2,077,234

February 5, 2015
6/12

2. Statements of income and statements of comprehensive income(1) 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
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expense
Equity in losses of affiliates
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of investment securities
Gain on sales of noncurrent assets
Total extraordinary income
Extraordinary loss
Loss on sales of investment securities
Loss on valuation of investment securities
Loss on disposal of noncurrent assets
Impairment loss
Business structure improvement expenses
Loss on discontinuation of development project
Total extraordinary loss
Income before income taxes and minority interests
Total income taxes
Income before minority interests
Minority interests in income
Net income

Asahi Kasei
Consolidated Results

Q1−Q3 2013
1,389,648
1,008,346
381,302271,495
109,807

Q1−Q3 2014
1,470,070
1,066,289
403,781285,062
118,719

879
2,743
—
2,256
3,321
9,200

1,032
3,094
1,683
5,991
3,086
14,886

2,580
3,097
3,800
9,477
109,530

2,314
—
4,040
6,354
127,250

319
1,500
1,818

2,274
361
2,636

—
586
2,522
283
2,047
4,493
9,930
101,419
34,69766,721643
66,078

112
510
1,748
708
575
—
3,652
126,234
37,032
89,202829
88,372February 5, 20157/12

(2) Statements of comprehensive income

Income before minority interests
Other comprehensive income
Net increase or decrease in unrealized gain on othersecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Share of other comprehensive income of affiliates
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:
Owners of the parent
Minority interests

Asahi Kasei
Consolidated Results

Q1−Q3 2013
66,721

Q1−Q3 2014
89,202

22,813

24,979412
38,625—47
51,895
2,769

1,767

4,493

63,617130,338

84,184
173,385

129,189
1,149

171,614
1,771

February 5, 20158/12

3. Statements of cash flows

Cash flows from operating activities
Income before income taxes and minority interests
Depreciation and amortization
Impairment loss
Amortization of goodwill
Amortization of negative goodwill
Increase (decrease) in provision for periodic repairs(Decrease) increase in provision for product warranties
Decrease in provision for removal cost of property, plant andequipment
Increase in provision for retirement benefits
Decrease in net defined benefit liability
Interest and dividend income
Interest expense
Equity in losses (earnings) of affiliates
Gain on sales of investment securities
Loss on valuation of investment securities
Gain on sale of property, plant and equipment
Loss on disposal of noncurrent assets
Increase in notes and accounts receivable–trade
Increase in inventories
Increase in notes and accounts payable–trade
Decrease in accrued expenses
Increase in advances received
Other, net
SubtotalInterest and dividend income, received
Interest expense paid
Income taxes paid
Net cash provided by operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
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
Purchase of shares in subsidiaries resulting in change in scope of
consolidation
Additional purchase of investments in consolidated subsidiaries
Payments for transfer of business
Payments of loans receivableCollection of loans receivable
Other, net
Net cash used in investing activities

Asahi Kasei
Consolidated Results

Q1−Q3 2013

Q1−Q3 2014

101,419
63,315
283
6,620
(173)
1,136
(50)

126,234
62,810
708
6,755
(119)
(5,020)116(951)(2,181)

1,640—(3,623)
2,580
3,097
(319)
586
(1,500)2,522(20,215)(41,254)
10,849(16,271)
23,160(5,792)
127,059
4,412(2,426)(28,176)
100,869—(2,427)(4,125)2,314(1,683)(2,162)
510
(361)
1,748
(33,082)(33,185)
26,649(11,399)885(13,127)
119,856
5,596(2,145)(82,154)
41,153(5,927)
5,520(59,781)2,295(12,630)(2,168)971(16,925)
9,156(61,770)406(8,273)
(854)
4,961

(1,697)—(152)—(9,784)6,433(700)(77,622)—(3,763)(4,989)5,340(2,315)(79,029)

February 5, 2015
9/12

Cash flows from financing activities
Increase (decrease) in short-term loans payable
Increase in commercial paper
Proceeds from long-term loans payable
Repayment of long-term loans payable
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
Net cash 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 in cash and cash equivalents resulting from changes in scopeof consolidation
Cash and cash equivalents at end of period

Q1−Q3 2013

Q1−Q3 2014

2,982
16,00011,864(27,685)(5,000)(1,946)(130)
2(19,566)(553)
108(23,924)
4,768
4,091
104,008(30,177)
60,0006,463(13,710)—(1,447)(384)
7(26,547)(586)(24)(6,406)
5,567(38,714)143,139498

581

108,597

105,007

VII. Additional Information
1. Consolidated net sales and operating income (loss) by segment
Note: Beginning with the first quarter of fiscal 2014, the Asahi Kasei Group’s previous seven reportable segments ofChemicals, Fibers, Homes, Construction Materials, Electronics, Health Care, and Critical Care, together with an“Others” category, have been changed to the four reportable segments of Chemicals & Fibers, Homes & Construction
Materials, Electronics, and Health Care, together with an “Others” category, in accordance with a change in thegovernance configuration.

1) Consolidated net sales by segment

Chemicals
FibersChemicals & Fibers
Homes
Construction Materials
Homes & Construction Materials
Electronics
Health Care
Critical Care
Health Care
Others
Total

Asahi Kasei
Consolidated Results

Q1–Q3
2013
598.4
89.9
688.2
360.2
42.8
403.0
111.3
117.0
57.6
174.6
12.5
1,389.6

Q1–Q3
2014
631.0
97.3
728.3
380.2
40.6
420.8
113.9
113.0
78.0
191.0
16.2
1,470.1

Increase(decrease)
32.6
7.4
40.0
20.0
(2.2)
17.8
2.5
(4.0)
20.3
16.4
3.7
80.4

(billions of yen)
Fiscal 2014
forecast
827.0
131.0
958.0
551.0
53.0
604.0
152.0
147.0
109.0
256.0
21.0
1,991.0

February 5, 2015
10/12

2) Consolidated operating income (loss) by segment

Chemicals
FibersChemicals & Fibers
Homes
Construction Materials
Homes & Construction Materials
Electronics
Health Care
Critical Care
Health Care
OthersCombined
Corporate expenses and eliminations
Consolidated

Q1–Q3
2013
33.1
6.7
39.9
38.8
5.1
43.7
12.8
26.4
(2.7)
23.7
1.0
121.1
(11.2)
109.8

Q1–Q3
2014
40.0
7.3
47.2
38.8
3.5
41.9
13.3
24.0
2.7
26.8
0.9
130.0
(11.2)
118.7

Increase(decrease)
6.9
0.6
7.3
0.0
(1.6)
(1.8)
0.4
(2.4)
5.4
3.1
(0.1)
8.9
(0.0)
8.9

(billions of yen)
Fiscal 2014
forecast
54.0
9.5
63.5
58.5
4.0
62.5
16.0
26.5
4.0
30.5
1.5
174.0
(16.0)
158.0

Note: Figures for operating income by business category within segments include intrasegment transactions which
are eliminated from the segment totals.

2. Operating income increases/decreases by segment(billions of yen)
Increase (decrease) due to:SalesvolumeChemicals
FibersChemicals & Fibers
Homes
Construction
Materials
Homes &
Construction Materials
Electronics
Health Care
Critical Care
Health Care
OthersCombined
Corporate expenses andeliminations
Consolidated

Asahi Kasei
Consolidated Results

Sales prices [of which, due
to foreign exchange]

Operating costs
and others

Net increase(decrease)

1.1
1.1
2.2
1.0

10.7
1.9
12.6
13.2

15.2
1.4
16.6
—

(4.9)
(2.5)
(7.5)
(14.2)

6.9
0.6
7.3
0.0

(0.6)

0.5

—

(1.5)

(1.6)

0.4

13.7

—

(15.9)

(1.8)

6.0
(1.6)
11.9
10.3
0.4
19.3

(6.2)
(2.7)
(0.2)
(2.9)
—
17.2

4.3
1.6
(0.0)
1.5
—
22.4

0.6
1.9
(6.3)
(4.3)
(0.5)
(27.6)

0.4
(2.4)
5.4
3.1
(0.1)
8.9

—

—

—

(0.0)

(0.0)

19.3

17.2

22.4

(27.6)

8.9

February 5, 201511/12

3. Major financial metrics (consolidated)(billions of yen, except employees and D/E ratio)
Q1−Q3
Q1−Q3
Fiscal 2014
2013
2014
forecast
56.1
55.5
86.0
6.5
8.2
8.5
63.3
62.8
86.0
51.9
54.2
82.0
1.0
1.8
(2.7)
(3.1)
29,14630,1200.42
0.32

Capital expenditure (tangible)
Capital expenditure (intangible)
Depreciation and amortization*
R&D expenses
Balance of paymentsof which, dividends received
Employees at end of period
D/E ratio* Excluding amortization of goodwill.

4. Contract trends for home construction operations
Q1−Q3
2013
14,109321.1
505.9
10,486259.7

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
2014
14,745314.1
524.8
11,582
270.8

Increase(decrease)
636
(7.0)
18.9
1,096
11.1

Fiscal 2014
forecast
21,100442.0
531.5
17,360392.0

5. Key operating factors

Naphtha price(yen/kL, domestic)
Exchange rates(market average)

Yen/US$
Yen/€

Q1−Q3
2013

Q1−Q3
2014

Increase(decrease)

Fiscal 2014
forecast

65,767

68,933

3,166

62,950

99
132

107
140

7
8

109
140

6. Interest-bearing debt (consolidated)

Short-term loans payable
Commercial paper
Long-term loans payable
Bonds payable
Lease obligations
Total

Asahi Kasei
Consolidated Results

At end ofMarch 2014
103.6
10.0
146.0
40.0
4.2
303.9

At end ofDec. 2014
91.2
70.0
133.6
40.0
3.0
337.7

(billions of yen)
Increase(decrease)(12.4)
60.0(12.4)
—
(1.3)
33.8

February 5, 201512/12