Asahi Kasei Corporation
Head Office: 1-2-6 Dojimahama, Kita-ku, Osaka, JapanTokyo Head Office: 1-1-2 Yurakucho, Chiyoda-ku, Tokyo, Japan
Security code: 3407
Contact: Corporate Communications, Phone +81-3-3507-2060, Fax +81-3-3507-2495
December 12, 2007
Revision of Consolidated Results for 1st Half Fiscal Year 2007
Consolidated Results for 1st Half Fiscal Year 2007 announced on October 31, 2007, have beenrevised as follows:
Reasons for revision
As an effect of the situation as described in the October 30, 2007 news release Improper
Acquisition of Ministerial Certification by Nichias Corp., the forecast for consolidated results
for fiscal 2007 has been revised. Certain entries recorded in Consolidated Results for 1st
Half Fiscal Year 2007 were revised in accordance with the new forecast and to effect othercorrections.
Although costs associated with remediation work to restore original performance
specifications to the homes will be incurred subsequent to the closing date, no effect on
consolidated results for the first half of fiscal 2007 is anticipated as these costs will beclaimed from Nichias Corp.
Revised portions
Portions of Consolidated Results for 1st Half Fiscal Year 2007 which have been revised are
displayed in underlined form. Those arising in connection with the situation as described in
the October 30, 2007 news release Improper Acquisition of Ministerial Certification by
Nichias Corp. are shown in the following locations:• Page 2, Part III• Page 4, Part VI., Section 2, HOMESAsahi Kasei Corporation
Head Office: 1-2-6 Dojimahama, Kita-ku, Osaka, JapanTokyo Head Office: 1-1-2 Yurakucho, Chiyoda-ku, Tokyo, Japan
Security code: 3407
Contact: Corporate Communications, Phone +81-3-3507-2060, Fax +81-3-3507-2495
December 12, 2007

Consolidated Results for 1st Half Fiscal Year 2007
April 1, 2007 – September 30, 2007
(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 profit
Ordinary profit
Net income
Net income per share*
Diluted net income per share*

H1 2007
830,757 [+8.0%]
63,689 [+25.6%]
63,145 [+29.5%]
38,019 [+31.3%]
27.18—

H1 2006
768,878 [+7.0%]
50,690 [+6.8%]
48,765 [+3.2%]
28,958 [+13.9%]
20.69
—
* Yen

Note:
Equity in profit of unconsolidated subsidiaries and affiliates: ¥2,236 million; during
first half of previous fiscal year, ¥517 million.
2. Financial position
At end ofTotal assets
Net assets
Net worth/total assets
Net worth per share*

September 2007
1,445,084
669,18845.8%
473.43September 2006
1,459,818
620,11842.0%
438.06* Yen
Note: Net worth consists of shareholders’ equity and valuation,translation adjustment and others.
3. Cash flows
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities
Cash and cash equivalents at end of period

Asahi Kasei
Consolidated Results

H1 200743,538(32,026)(37,644)
76,000H1 2006
47,660(40,913)(2,104)93,362

December 12, 2007
p. 1/11

II. Cash Dividends
Fiscal year
2006
2007
2007 (forecast)

Cash dividends per share*
Q2
Q3
Q4
Total annual
5.00
—
7.00
12.00
6.00
13.00
—
7.00
* Yen

Q1
—
—

III. Forecast for Fiscal 2007 (April 1, 2007 – March 31, 2008)
Net sales
Operating profit
Ordinary profit
Net income
Net income per share*

1,714,000
130,000
129,000
76,000
54.34
*Yen

Note:
• 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.
• Effects associated with the situation as described in the October 30, 2007 news release
Improper Acquisition of Ministerial Certification by Nichias Corp. are reflected inforecast financial results.

IV. Other Information
1. Changes in significant subsidiaries which affected scope of consolidation during theperiod ended September 30, 2007: None
2. Changes in method of accounting: Yes(1) Change in depreciation method for tangible fixed assets:
Beginning on April 1, 2007, tangible fixed assets are depreciated in accordancewith the amended Corporation Tax Law.
(2) Change in industry segments:
With the April 1, 2007, merger of Asahi Kasei Life & Living with Asahi Kasei
Chemicals, the Life & Living segment was combined with the Chemicals segment.
3. Number of shares outstanding
Fiscal half year ended September
Number of shares outstanding at end of period
Number of treasury stocks at end of period

Asahi Kasei
Consolidated Results

2007
1,402,616,332
3,932,133

2006
1,442,616,332
43,210,080

December 12, 2007
p. 2/11

V. Summary of Non-Consolidated Results
1. Results for fiscal half year ended September 30, 2007
(1) Operating results (percent change from previous year in brackets)
H1 2007
24,064 [+4.7%]
15,851 [+0.8%]
16,469 [+1.8%]
18,131 [+8.2%]
12.96—

Net sales
Operating profit
Ordinary profit
Net income
Net income per share*
Diluted net income per share*

H1 2006
22,984 [−7.8%]
15,720 [−12.3%]
16,178 [−13.2%]
16,755 [−4.4%]
11.97
—
* Yen

(2) Financial position
At end of September March
Total assets
Net assets
Net worth/total assets
Net worth per share*

2007
663,192
407,83661.5
291.55

2006
726,969
409,308
56.3
292.44* Yen

2. Forecast for Fiscal 2007 (April 1, 2007 – March 31, 2008)
Net sales
Operating profit
Ordinary profit
Net income
Net income per share*

46,00029,00030,00032,500
23.24
* Yen

Note:
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.

Asahi Kasei
Consolidated Results

December 12, 2007
p. 3/11

VI. Overview of Consolidated Results
1. Consolidated group results
Despite concerns about the outlook for the US economy and weak domestic consumer
spending, the Japanese economy continued to grow during the six-month period, withstrong corporate earnings and an improved employment situation. The operating
environment nevertheless remained challenging as crude oil and feedstock prices
remained high.
With strong overseas demand in the Chemicals and Fibers segments,
consolidated net sales for the period increased by ¥61.9 billion (8.0%) from a year ago
to ¥830.8 billion and operating profit increased by ¥13.0 billion (25.6%) to ¥63.7 billion.
Ordinary profit was ¥63.1 billion, an increase of ¥14.4 billion (29.5%). Net income
was ¥38.0 billion, an increase of ¥9.1 billion (31.3%). Each of these results was arecord high for the period.
2. Results by operating segment
With the April 1, 2007, merger of Asahi Kasei Life & Living with Asahi Kasei
Chemicals, the Life & Living segment was combined with the Chemicals segment.
For comparison purposes, results for the year-ago period in the Chemicals segment
have been revised to include those in the Life & Living segment.
CHEMICALS
Sales increased by ¥52.2 billion (13.2%) from a year ago to ¥446.4 billion andoperating profit increased by ¥13.4 billion (59.0%) to ¥36.2 billion.
Operating profit from volume products increased with strong overseas demand
for acrylonitrile, styrene, and other chemicals and derivative products, and withpolymer products performing well. Operating profit from specialty products grewwith increased sales of ion-exchange membranes and systems for chlor-alkali and of
Hipore Li-ion rechargeable battery separator membranes.
HOMES
Sales decreased by ¥2.2 billion (1.3%) from a year ago to ¥166.9 billion and operating
profit decreased by ¥0.6 billion (10.2%) to ¥4.8 billion. Orders for order-built homes
decreased by ¥2.4 billion (1.5%) to ¥153.6 billion.
Hebel Maison multi-dwelling home operations performed well, but operating
profit in housing operations decreased with fewer deliveries of Hebel Haus unit
homes. Operating profit in housing-related operations increased with remodeling
operations performing well.
In relation to improper acquisition by Nichias Corp. of ministerial certification
for soffit panels used in certain Hebel Haus and Hebel Maison homes which havebeen completed and delivered, no effect on consolidated results for the first half offiscal 2007 is anticipated as costs occurring subsequent to the closing date associatedwith remediation work to restore original performance specifications to the homes will
be claimed from Nichias Corp.
PHARMA
Sales increased by ¥3.7 billion (7.3%) from a year ago to ¥54.9 billion and operating
profit increased by ¥0.5 billion (7.4%) to ¥7.7 billion.
Elcitonin calcitonin formulation and Flivas treatment for benign prostatic
hyperplasia performed well, but operating profit in pharmaceutical operations
decreased with lower licensing income and higher R&D expenditures. Operating
profit in devices operations grew with increased shipments centered on APS™
polysulfone-membrane artificial kidneys and with a foreign currency transaction gain.
Asahi Kasei
Consolidated Results

December 12, 2007
p. 4/11FIBERSSales increased by ¥6.3 billion (12.4%) from a year ago to ¥56.9 billion and operating
profit increased by ¥2.2 billion (a multiple of 2.7) to ¥3.5 billion.
Operating profit from elastic polyurethane filament increased as overseas
operations, especially those in Europe and the US, performed well with strong
worldwide demand growth. Operating profit from Bemberg™ regenerated cellulose
fiber grew with increased exports. Feedstock costs for nonwovens operations rose, but
operating profit increased with operating cost reductions.
ELECTRONICS MATERIALS & DEVICES
Sales increased by ¥1.3 billion (2.3%) from a year ago to ¥57.7 billion and operating
profit decreased by ¥0.9 billion (7.3%) to ¥11.5 billion.
Operating profit from electronics materials increased as shipment volumes
generally rose with strong overseas demand, especially in China. Operating profit
from electronics devices decreased with fewer shipments of LSIs and lower productprices as an effect of inventory adjustments in home electronics markets.
CONSTRUCTION MATERIALS
Sales decreased by ¥0.7 billion (2.2%) from a year ago to ¥29.9 billion and operating
profit decreased by ¥0.4 billion (16.1%) to ¥2.1 billion.
Operating profit from building materials and housing materials decreased withfewer shipments of Hebel™ autoclaved lightweight concrete (ALC) panels as an effectof the decline in construction starts following a revision of building codes in Japan.
Operating profit in foundation systems operations increased with the successful
development of new markets for Eazet piles for small-scale construction. Operating
profit from insulation materials decreased as an effect of the decline in new housing
starts, especially for wood-frame houses.
SERVICES, ENGINEERING AND OTHERS
Sales increased by ¥1.2 billion (7.0%) from a year ago to ¥18.1 billion and operating
profit increased by ¥0.4 billion (17.0%) to ¥2.7 billion.
Operating profit from engineering increased with overseas plant engineering
operations performing well.

Asahi Kasei
Consolidated Results

December 12, 2007
p. 5/11

VII. Consolidated Balance Sheets

AssetsCurrent assets
Cash on hand and in banks
Notes and accounts receivable, tradeMarketable securities
Inventories
OthersFixed assets
Property, plant and equipment
Intangible fixed assets
Investments and other assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable, trade
Short-term borrowings
Current portion of corporate bonds
OthersLong-term liabilities
Corporate bonds
Long-term borrowings
Accrued pension and severance costs
OthersTotal liabilities
Net assets
Stockholders’ equity
Common stock
Capital surplus
Retained earnings
Treasury stock, at cost
Valuation, translation adjustment andothersMinority interest in consolidated
subsidiaries
Total net assets
Total liabilities, and net assets

Asahi Kasei
Consolidated Results

At end ofMarch 2007

At end ofSep. 2007

Increase(decrease)722,995
101,514300,386400
240,006
80,689736,927
426,959
28,466
281,5021,459,922

735,573
75,868318,923327
264,389
76,067
709,511423,293
27,348258,870
1,445,084

12,578(25,646)
18,537(73)
24,383(4,622)(27,416)(3,666)(1,118)(22,632)(14,838)

503,570

514,353

10,783

186,900
63,82824,000228,842
302,843
60,00069,074125,364
48,403
806,412

185,737
57,93532,000238,681261,543
30,00069,245
120,962
41,337775,897(1,163)(5,893)8,000
9,839(41,299)(30,000)
171(4,402)(7,066)(30,515)561,755
103,389
79,396
380,515(1,544)

589,666
103,389
79,413
408,738(1,874)27,911－
17
28,223(330)

83,90072,514(11,386)

7,855

7,008

(847)

653,510
1,459,922

669,188
1,445,084

15,678(14,838)

December 12, 2007
p. 6/11

VIII. Consolidated Statements of Income

Net sales
Cost of sales
Gross profit
Selling, general and administrative
expenses
Operating profit
Non-operating income
Interest income
Dividend income
Equity in net earnings ofunconsolidated subsidiaries andaffiliates
Insurance recoveries
OthersNon-operating expenses
Interest expense
Loss on disposal of inventories
Loss of exchange
OthersOrdinary profit
Special gains
Gain on sales of investment
securities
Gain on sale of property, plant andequipment
Special losses
Loss on sales of investment securities
Loss on disposal of property, plantand equipment
Impairment loss
Restructuring charges
Income before income taxes and minority
interests
Net income

Asahi Kasei
Consolidated Results

830,757
627,151
203,606

Increase(decrease)61,87942,64919,231

Percentchange
8.0
7.3
10.4

133,685

139,916

6,231

4.7

50,690
3,970
216
1,644

63,689
6,099
383
2,073

12,999
2,129
167
429

25.6
—
—
—

517

2,236

1,719

—

177
1,417
5,895
1,880
1,388
142
2,486
48,765
1,160

96
1,312
6,643
2,141
666
1,102
2,734
63,145
674

(81)
(105)
748
261
(722)
960
248
14,380
(486)

—
29.5
—

826

593

(233)

—

334

81

(253)

—

3,994
185

7,021
119

3,027
(66)

—

3,809

1,674

(2,135)

—

—
—

4,442
787

4,442
787

—

45,931

56,798

10,86723.7

28,95838,019

9,061

31.3

H1 2006

H1 2007768,878584,502
184,375————

December 12, 2007
p. 7/11

IX. Cash flows

Cash flows from operating activities
Income before income taxes and minority
interests
Depreciation and amortization
Decrease (increase) in notes andaccounts receivable, trade
Increase in inventories
Increase (decrease) in notes andaccounts payable, trade
OthersCash flows from investing activities
Payments for acquisition of property,
plant and equipment
Payments for purchases of investment
securities
OthersCash flows from financing activities
Effect of exchange rate changes on cash
and cash equivalents
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning ofterm
Cash and cash equivalents held by newly
consolidated subsidiaries
Cash and cash equivalents at end of term

H1 2006

H1 200747,66043,538

Increase(decrease)(4,122)45,931

56,798

10,86733,99135,906

1,915(37,282)(19,881)

17,401(24,345)(25,235)(890)

48,455

145(48,310)(19,090)(40,913)(4,195)(32,026)

14,895
8,887(37,271)(33,038)

4,233(3,170)(2,394)776(473)(2,104)

3,406(37,644)3,879(35,540)

94

414

320

4,736

(25,719)(30,455)

86,390101,719

15,3292,236－(2,236)

93,36276,000(17,362)

X. Segment Information
1. Industry segments

Homes

PharmaFibersElectronics
Materials &Devices

Construction
Materials

Services,
Engineeringand Others

Combined

Corporate
Expenses*andEliminations

Consolidated

Customers
Intersegment
Total
Operatingexpenses
Operating profit

Chemicals(1) Fiscal half ended September 30, 2007

446,4136,135
452,548

166,933
35
166,968

54,850354,85356,9401,023
57,963

57,660 29,902
527 5,751
58,188 35,653

18,05913,16331,221

830,757
26,637857,394—(26,637)(26,637)

830,757—
830,757

416,367

162,138

47,111

54,48046,727 33,534

28,483788,839(21,772)

767,068

36,181

4,830

7,742

3,483

11,461

2,739

68,555(4,866)

63,689Asahi Kasei
Consolidated Results

2,119

December 12, 2007
p. 8/11

HomesPharmaFibersElectronics
Materials &Devices

Construction
Materials

Services,
Engineeringand Others

Combined

Corporate
Expenses*andEliminations

Consolidated

Customers
Intersegment
Total
Operatingexpenses
Operating profit

Chemicals†(2) Fiscal half ended September 30, 2006

394,204
6,202
400,406

169,102148
169,249

51,121
4
51,12550,639899
51,53856,368 30,571
615 6,097
56,984 36,668

16,873
15,43332,306

768,878
29,398798,276—(29,398)(29,398)

768,878—
768,878

377,654

163,869

43,91550,23644,625 34,141

29,964744,404(26,216)

718,188

22,752

5,380

7,211

1,303

12,3582,342

53,872(3,182)

50,6902,526* Operating expenses for which allocation to operating segments was not feasible were
¥8,213million in the fiscal half ended September 30, 2007 and ¥7,152 million in thefiscal half ended September 30, 2006.
† For comparison purposes, results in the Chemicals segment have been revised toinclude those in the Life & Living segment.
2. Geographic information(1) Fiscal half ended September 30, 2007
Segment information is not shown because over 90% of total sales were fromoperations domiciled in Japan and over 90% of total assets were located in Japan.
(2) Fiscal half ended September 30, 2006
Segment information is not shown because over 90% of total sales were fromoperations domiciled in Japan and over 90% of total assets were located in Japan.
3. Overseas sales(1) Fiscal half ended September 30, 2007
Overseas sales
Consolidated net sales
Overseas sales/
consolidated net sales

East Asia*
153,533—

Other regions†
100,318—

Total
253,850
830,757

18.5%

12.1%

30.6%

East Asia*
119,972—

Other regions†
89,795—

Total
209,767
768,878

15.6%

11.7%

27.3%

(2) Fiscal half ended September 30, 2006
Overseas sales
Consolidated net sales
Overseas sales/
consolidated net sales* China, Korea, and Taiwan.
† Southeast Asia (except East Asia), US, Europe, and others.
Asahi Kasei
Consolidated Results

December 12, 2007
p. 9/11

XI. Overview of Operating Segments
1. Consolidated net sales by operating segment
H1 2007
Net sales % of total
4,464
53.7
1,669
20.1
549
6.6
569
6.9

H1 2006*
Net sales % of total
3,942
51.3
1,691
22.0
511
6.6
506
6.6

(billions of yen)
Increase
Percent(decrease) change
522
+13.2
(22)
−1.3
37
+7.3
63
+12.4

Chemicals
Homes
PharmaFibersElectronics Materials
577
6.9
564
7.3
13
+2.3
and Devices
Construction
299
3.6
306
4.0
(7)
−2.2
Materials
Services, Engineering
181
2.2
169
2.2
12
+7.0
and Others
Total
8,308
100.0
7,689
100.0
619
+8.0
* For comparison purposes, results in the Chemicals segment have been revised to include
those in the Life & Living segment.
2. Major products, by operating segment
Chemicals
Chemicals and derivative products• Ammonia• Nitric acid
• Caustic soda
• Acrylonitrile (AN)• Styrene• Adipic acid
• Methyl methacrylate (MMA)• Polymethyl methacrylate (PMMA)

Polymer products• Suntec™ polyethylene (PE)• Stylac™-AS styrene-acrylonitrile• Stylac™-ABS acrylonitrile-butadiene-styrene• Synthetic rubber and elastomer• Tenac™ polyacetal• Xyron™ modified polyphenylene ether (mPPE)• Leona™ nylon 66 polymer and filamentSpecialty products• Coating materials• Latex• Ceolus™ microcrystalline cellulose• Explosives• Explosion-bonded metal clad
• APR™ photosensitive resin, AFP™ photosensitive plates, and printing plate making
systems• Microza™ UF and MF membranes and systems• Hipore™ microporous membrane• Ion-exchange membranes and electrolysis systems

Asahi Kasei
Consolidated Results

December 12, 2007
p. 10/11

• Saran Wrap™ cling film
• Ziploc™ storage bags
• Film• Sheet• FoamHomes• Hebel Haus™ houses• Hebel Maison™ apartments• Condominiums• Remodeling• Real estate• Residential land development• Home financing

Pharma• Elcitonin™, Bredinin™, Flivas™, Toledomin™, and other pharmaceuticals• Pharmaceutical intermediates• Functional food additives• Diagnostic reagents• APS™ artificial kidneys• Sepacell™ leukocyte reduction filters• Cellsorba™ leukocyte adsorption columns• Planova™ virus removal filters• Contact lenses

Fibers• Roica™ elastic polyurethane filament• Eltas™ spunbond, Lamous™ artificial suede, and other nonwovens• Bemberg™ cuprammonium rayon (cupro)• Polyester filament

Electronics Materials and Devices• Pimel™ photosensitive polyimide precursor (PSPI)• Sunfort™ photosensitive dry film resist (DFR)• Photomask pellicles• Luminous™ plastic optical fiber (POF)• LSIs• Hall elements• Glass fabricConstruction Materials• Hebel™ autoclaved lightweight concrete (ALC) panels• Steel-frame structural components• Piles and foundation systems• Neoma™ foam insulation panels• Artificial fish reefs and marine structures

Services, Engineering and Others• Plant engineering• Environmental engineering• Personnel staffing and placement• Think tank services

Asahi Kasei
Consolidated Results

December 12, 2007
p. 11/11