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

August 1, 2014

Consolidated Results for 1st Quarter Fiscal 2014:
April 1, 2014 – June 30, 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 2014447,146 [+4.0%]
26,642 [−5.9%]
27,345 [−0.5%]
16,997 [−13.3%]
12.16—

Q1 2013
Net sales
429,963 [+17.8%]
Operating income
28,300 [+160.9%]
Ordinary income
27,486 [+238.1%]
Net income
19,607 [+521.5%]
Net income per share*
14.03
Diluted net income per share*—* Yen
Note: Comprehensive income was ¥24,611 million during Q1 2014, and ¥39,248 million during
Q1 2013.
2. Financial position
At end ofTotal assets
Net assets
Net worth/total assets
Net worth per share*

June 2014
1,901,175
920,84647.8%
649.72

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 June 30, 2014, was ¥907,891 million; as of March 31, 2014, ¥912,699 million.
II. Cash Dividends
Fiscal year
2013
2014
2014 (forecast)

Q1
—
—

Q2
7.00

Cash dividends per share*
Q3
Q4
—
10.00
—

8.00

9.00

Total annual
17.00
17.00
* Yen

Asahi Kasei
Consolidated Results

August 1, 2014
1/13

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*

For Q1–Q2
976,000 [+6.2%]
67,000 [−9.7%]
67,000 [−8.0%]
41,500 [−10.9%]
29.70

For the fiscal year
2,016,000 [+6.2%]
150,000 [+4.6%]
151,000 [+5.7%]
90,000 [−11.2%]
64.41
* Yen

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 May 9, 2014, will be revised at the end of the 2nd quarterof fiscal 2014.

Asahi Kasei
Consolidated Results

August 1, 2014
2/13

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 is multipliedby 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 first quarter of the fiscal year ending March 31, 2015.
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 firstquarter 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 first quarter of the fiscal year ending
March 31, 2015, 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 2014
1,402,616,332
5,261,259
1,397,372,385

FY 2013
1,402,616,332
5,230,736
1,397,579,922** Q1 2013

Asahi Kasei
Consolidated Results

August 1, 2014
3/13

V. Overview of Consolidated Results
1. Consolidated group results
Although the US economy continued to recover and there were signs of improvement in Europe
during the April–June quarter of fiscal 2014, slower growth was seen in China and other emerging
economies, while geopolitical risks were heightened by political instability in certain regions. The
Japanese economy continued on a path of gradual recovery with increased employment, but
consumer spending softened due to factors such as a fall in demand following a surge before theconsumption tax increase.
Consolidated net sales of Asahi Kasei Corp. and its consolidated subsidiaries and equitymethod affiliates (the Asahi Kasei Group) increased by ¥17.2 billion (4.0%) from a year ago to¥447.1 billion with increased deliveries of order-built homes in homes operations. Operating
income decreased by ¥1.7 billion (5.9%) to ¥26.6 billion with the impact of higher feedstock prices
in chemicals operations. Ordinary income decreased by ¥0.1 billion (0.5%) to ¥27.3 billion. Net
income decreased by ¥2.6 billion (13.3%) to ¥17.0 billion.
Results for the first quarter of fiscal 2013 have been revised retroactively to reflect theconsolidation of one subsidiary in the third quarter of fiscal 2013.
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 ¥5.7 billion (2.6%) from a year ago to ¥227.7 billion, and operating income
decreased by ¥3.1 billion (25.1%) to ¥9.3 billion.
Among chemicals operations, in petrochemicals, market prices for acrylonitrile improved,
but petrochemical products overall were impacted by high feedstock prices in addition to theimpact of major plant maintenance turnarounds. In performance polymers, sales of engineering
plastics and of synthetic rubber for fuel-efficient tires were firm, but synthetic rubber for otherapplications were impacted by low overseas market prices. In specialty products, sales of ionexchange membranes were firm, but advertising expenses increased for Saran Wrap™ cling film
and other consumables.
In fibers operations, sales of Roica™ elastic polyurethane filament and of Bemliese™
continuous-filament cellulosic nonwoven for facial masks etc. were firm, but spunbond andLeona™ nylon 66 filament were impacted by high costs for naphtha-derived feedstocks, andBemberg™ cupro fiber was impacted by increased depreciation expenses for a new production
facility.
HOMES & CONSTRUCTION MATERIALS
Sales increased by ¥6.4 billion (5.7%) from a year ago to ¥117.8 billion, and operating income
increased by ¥1.0 billion (13.2%) to ¥8.9 billion.
Among homes operations, in order-built homes, deliveries of both Hebel Haus™ unit homes
and Hebel Maison™ apartment buildings increased based on strong orders in the previous fiscal
year. In remodeling, orders decreased in reaction to the surge in demand prior to the consumption
tax increase. In real estate, rental management performed well.
In construction materials operations, shipments of Hebel™ autoclaved aerated concrete(AAC) panels increased, but shipments of Neoma™ high-performance phenolic foam panels
decreased in reaction to the surge in demand prior to the consumption tax increase and the business
was impacted by increased depreciation expenses for a new production line.

Asahi Kasei
Consolidated Results

August 1, 2014
4/13

ELECTRONICS
Sales decreased by ¥0.7 billion (1.9%) from a year ago to ¥35.8 billion, and operating income
increased ¥0.2 billion (5.8%) to ¥4.0 billion.
In electronic devices operations, shipments of electronic compasses and magnetic sensors for
smartphones and other mobile applications increased, but shipments of crystal oscillator ICs
decreased.
In electronic materials operations, sales prices decreased mainly for Hipore™ Li-ion battery
separator, but sales of high-end products in each product category were firm and operating rates
improved.
HEALTH CARE
Sales increased by ¥2.9 billion (5.2%) from a year ago to ¥59.0 billion, and operating income
increased by ¥0.3 billion (4.6%) to ¥7.8 billion.
In pharmaceuticals operations, shipments of Teribone™ osteoporosis drug andRecomodulin™ recombinant thrombomodulin decreased in reaction to the surge in demand prior tothe consumption tax increase, and other pharmaceutical products were impacted by reduced
reimbursement prices.
In medical devices operations, sales of dialysis products and of therapeutic apheresis devices
were firm and shipments of Planova™ virus removal filters increased.
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 ¥2.9 billion (71.4%) from a year ago to ¥6.9 billion, and operating
income was flat at ¥0.4 billion.

Asahi Kasei
Consolidated Results

August 1, 2014
5/13

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 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 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 ofJune 2014

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

118,516
303,795
15
157,378
129,043
66,11526,744
69,195(1,829)868,972

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

458,129(253,556)
204,573
1,306,766(1,136,798)
169,967
58,607
13,378(9,432)
3,947
29,602
137,955(120,924)
17,030483,727

137,679
120,740
258,419

133,542
118,662
252,204

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

248,554
9,055—
19,47819,503(317)
296,273
1,032,204
1,901,175

August 1, 20146/13

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 adjustments
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 ofJune 2014

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

173,760
71,87452,0001,638
78,037
10,93989,590
3,028
2,011

2,893

3,012

806
65,305
576,782504
61,651
548,043

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

40,000147,730
2,051
42,596
—
382

9,526

8,867

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

163,934
3,144
18,835
4,747
432,287
980,330

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

103,389
79,404623,178(2,614)803,357

75,626(171)
46,734(25,094)
97,095
13,067925,766
1,915,089

84,296(141)
44,571(24,192)
104,534
12,954920,846
1,901,175

August 1, 2014
7/13

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
Foreign exchange loss
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
Business structure improvement expenses
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 2013429,963
313,327
116,636
88,33528,300Q1 2014447,146
328,351
118,794
92,152
26,642

280
1,088
—
720
787
2,875

317
1,306
811
—
750
3,184

852
1,872
—
966
3,690
27,486

764
—
749
968
2,481
27,345

35
1,467
1,502

—
236
236

—
—
461
357
818
28,1698,376
19,793
187
19,607

112
465
502
201
1,281
26,3009,043
17,258261
16,997

August 1, 20148/13

(2) Statements of comprehensive income

Income before minority interests
Other comprehensive income
Net increase in unrealized gain on other securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
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 2013
19,793Q1 2014
17,2586,837
211
12,030—8,611
30(1,957)
913

376

(243)

19,454
39,248

7,353
24,611

38,904343

24,399212

August 1, 20149/13

3. Statements of cash flows

Cash flows from operating activities
Income before income taxes and minority interests
Depreciation and amortization
Amortization of goodwill
Amortization of negative goodwill
Decrease in provision for periodic repairs
Decrease 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) loss 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
Decrease 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 (used in) 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
Payments of loans receivableCollection of loans receivable
Other, net
Net cash used in investing activities

Asahi Kasei
Consolidated Results

Q1 2013

Q1 2014

28,16919,953
2,190
(58)
(584)
(114)

26,30019,6982,156(40)(4,727)
(488)

(717)

(541)

1,291
—
(1,368)
852
1,872
(35)
—
(1,467)461
3,077(30,906)
3,023(15,328)
16,494
1,693
28,498
1,927(627)(11,359)
18,439—(575)(1,623)
764
(811)
112
465
(236)
502
13,372(23,808)
12,848(15,429)
9,451(4,456)32,9332,608(526)(46,188)(11,173)(2,640)2,640(21,845)
2,030(8,955)(1,707)87(2,453)
2,565(271)(30,548)(1,951)
4,929(19,463)
126(3,660)
(204)
2,516
(460)
660
(449)
(17,956)

August 1, 2014
10/13

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
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 provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net 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 2013

Q1 20142,071
11,000
1,862
(651)
(672)
(26)
0
(9,783)
(20)
(17)
3,763
1,206
(7,139)104,008(31,326)
42,000
3,123
(361)
(564)
(23)
0
(13,974)(177)
212(1,090)(100)(30,318)
143,139498

100

97,367112,921VII. 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. Also, results for the first quarter of fiscal 2013 have been revised retroactively to reflect theconsolidation of one subsidiary in the third quarter of fiscal 2013.

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 2013

Q1 2014

193.1
28.8
222.0
98.4
13.1
111.4
36.5
38.3
17.8
56.1
4.0
430.0

196.9
30.9
227.7
105.5
12.3
117.8
35.8
35.7
23.3
59.0
6.9
447.1

Increase(decrease)
3.7
2.0
5.7
7.1
(0.8)
6.4
(0.7)
(2.6)
5.5
2.9
2.9
17.2

(billions of yen)
Q1–Q2 2014
forecast
417.0
63.0
480.0
257.0
28.0
285.0
75.0
76.0
48.0
124.0
12.0
976.0

August 1, 2014
11/13

2) Consolidated operating income (loss) by segment
Q1 2013

Q1 2014

10.2
2.2
12.4
6.6
1.3
7.9
3.8
9.0
(1.5)
7.5
0.4
32.0
(3.7)
28.3

7.1
2.2
9.3
8.4
0.9
8.9
4.0
8.1
(0.3)
7.8
0.4
30.5
(3.9)
26.6

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

Increase(decrease)
(3.1)
0.0
(3.1)
1.8
(0.4)
1.0
0.2
(0.8)
1.2
0.3
0.0
(1.5)
(0.2)
(1.7)

(billions of yen)
Q1–Q2 2014
forecast
21.5
4.0
25.5
26.5
2.0
28.5
7.5
13.0
0.0
13.0
0.5
75.0
(8.0)
67.0

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
OthersSubtotal
Corporate expenses andeliminations
Consolidated

Asahi Kasei
Consolidated Results

Sales prices [of which, due
to foreign exchange]

Operating costs
and others

Net increase(decrease)

(0.5)
0.0
(0.5)
1.7

1.6
0.6
2.2
2.4

2.6
0.2
2.8
—

(4.2)
(0.6)
(4.8)
(2.4)

(3.1)
0.0
(3.1)
1.8

(0.0)

0.1

—

(0.6)

(0.4)

1.7

2.6

—

(3.3)

1.0

(0.0)
(1.1)
4.1
3.0
0.3
4.5

(1.4)
(1.0)
(0.7)
(1.6)
—
1.7

0.7
0.5
0.1
0.6
—
4.1

1.6
1.2
(2.2)
(1.0)
(0.3)
(7.7)

0.2
(0.8)
1.2
0.3
0.0
(1.5)

0.0

—

—

(0.2)

(0.2)

4.5

1.7

4.1

(7.9)

(1.7)

August 1, 201412/13

3. Major financial metrics (consolidated)(billions of yen, except employees and D/E ratio)
Q1 2013
Q1 2014
Capital expenditure (tangible)
19.3
19.2
Capital expenditure (intangible)
2.7
3.1
Depreciation and amortization*
20.0
19.7
Balance of payments
0.5
0.8
of which, dividends received
1.1
1.3
Employees at end of period
28,987
29,823
D/E ratio
0.47
0.35* Excluding amortization of goodwill.

4. Contract trends for home construction operations
Q1 2013

Q1 2014

4,794
111.8
486.4
2,791
70.0

4,557
99.2
505.7
3,085
75.1

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

Increase(decrease)(237)(12.6)
19.3
294
5.1

Q1–Q2 2014
forecast
8,900
202.0
499.8
7,850
183.7

5. Key operating factors

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

Yen/US$Yen/€

Q1 2013

Q1 2014

Increase(decrease)

Q1–Q2 2014
forecast

65,50069,9004,400

71,050

99
129

102
140

3
11

102
139

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 ofJune 2014
71.9
52.0
147.7
40.0
3.7
315.3

(billions of yen)
Increase(decrease)(31.7)
42.0
1.7
—
(0.5)
11.4

August 1, 201413/13