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 5, 2013

Consolidated Results for 1st to 3rd Quarters Fiscal 2012:
April 1, 2012 – December 31, 2012(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 2012
1,202,612 [+2.8%]
62,515 [−28.2%]
62,717 [−28.7%]
35,610 [−25.9%]
25.48—

Q1−Q3 2011
Net sales
1,169,772 [+4.2%]
Operating income
87,102 [−7.9%]
Ordinary income
88,001 [−2.0%]
Net income
48,059 [−4.4%]
Net income per share*
34.38
Diluted net income per share*—* Yen
Note: Comprehensive income was ¥55,967 million during Q1−Q3 2012, and ¥45,569 million
during Q1−Q3 2011.
2. Financial position
At end ofTotal assets
Net assets
Net worth/total assets
Net worth per share*

December 2012
1,737,917
762,900
43.2%
537.03

March 2012
1,410,568
719,28550.1%
505.72* Yen
Notes:
 Net worth consists of shareholders’ equity and accumulated other comprehensive income.
 Net worth as of December 31, 2012, was ¥750,575 million; as of March 31, 2012, ¥706,846 million.
II. Cash Dividends
Fiscal year
2011
2012
2012 (forecast)

Q1
—
—

Q2
7.00
7.00

Cash dividends per share*
Q3
Q4
—
7.00
—
7.00

Total annual
14.00
14.00
* Yen

Note: No revision of cash dividend forecast was made subsequent to the latest announced forecast.

Asahi Kasei
Consolidated Results

February 5, 2013
1/12

III. Forecasts for Fiscal 2012 (April 1, 2012 – March 31, 2013)
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*

1,669,000 [+6.1%]
90,000 [−13.7%]
88,000 [−18.2%]
50,000 [−10.3%]
35.77
* Yen

2. Comparison of previous and revised fiscal 2012 forecasts

Net sales
Operating income
Ordinary income
Net income

Previous
forecast
1,685.0
96.0
93.0
50.5

Revisedforecast
1,669.0
90.0
88.0
50.0

Increase(decrease)(16.0)
(6.0)
(5.0)
(0.5)

(billions of yen)cf. fiscal 2011
results
1,573.2
104.3
107.6
55.8

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 2012 announced on November 1, 2012, has been revised.
IV. Other Information
1. Changes in significant subsidiaries which affected scope of consolidation during the period
Addition of two new subsidiaries:

ZOLL Medical Corporation and Asahi Kasei Holdings US, Inc.

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
1) Change in accounting policy for naphtha resale transactions
Asahi Kasei Chemicals Corp., a consolidated subsidiary of Asahi Kasei Corp., resells a
portion of the naphtha it has originally purchased and subsequently purchases other naphtha
for use, in order to improve raw material quality as well as save production costs. Throughthe third quarter of the fiscal year ended March 31, 2012, the naphtha resale amount was
included in net sales, and the cost for purchased naphtha was included in cost of sales.
During the fourth quarter of the fiscal year ended March 31, 2012, the Company changed its
accounting policy for naphtha resale transactions to charging or crediting to cost of sales thenet difference between sales and cost of sales for resold naphtha.
This new accounting policy has also been applied to results for the first and second
quarter of fiscal 2011 in the consolidated financial statements of this report. Results for the
first to third quarters of fiscal 2011 shown herein therefore differ from those previously
announced.

Asahi Kasei
Consolidated Results

February 5, 2013
2/122) Change in accounting policy related to depreciation method
In accordance with an amendment to the Corporation Tax Act, Asahi Kasei Corp. and its
consolidated subsidiaries located in Japan changed the method of depreciation of property,
plant and equipment acquired on April 1, 2012, or later. This change took effect beginningwith the first quarter of fiscal 2012. The impact of this change on operating income, ordinary
income, and income before income taxes in the first to third quarters of fiscal 2012 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 2012
1,402,616,332
4,986,388
1,397,663,351

FY 2011
1,402,616,332
4,925,730
1,397,926,305** Q1−Q3 2011

V. Overview of Consolidated Results
1. Consolidated group results
The global economy during the April–December period of 2012 continued to present a challenging
operating climate with persistent sluggishness due to slowing growth in China and other emerging
economies and the European sovereign debt crisis. Although underpinned by reconstruction
demand following the Great East Japan Earthquake, the Japanese economy remained lethargic.
However, new economic policies gave rise to guarded optimism for economic recovery with the
yen value beginning to decline, stock prices beginning to rise, and housing starts increasing at theend of 2012.
Consolidated net sales of Asahi Kasei Corp. and its consolidated subsidiaries and equitymethod affiliates (the Asahi Kasei Group) increased by ¥32.8 billion (2.8%) from a year ago to¥1,202.6 billion, with strong performance in the Homes and Health Care segments as well as the
addition of the Critical Care segment. Operating income, however, decreased by ¥24.6 billion(28.2%) to ¥62.5 billion with deteriorating market conditions in the Chemicals and Electronics
segments. Ordinary income decreased by ¥25.3 billion (28.7%) to ¥62.7 billion. Net income
decreased by ¥12.4 billion (25.9%) to ¥35.6 billion.
2. Results by operating segment
The Asahi Kasei Group’s operations are described by major business classification: sevenreportable segments of Chemicals, Homes, Health Care, Fibers, Electronics, Construction Materials,
and Critical Care, together with an “Others” category. Critical Care is a new segment added
beginning with the first quarter of fiscal 2012, in which results of ZOLL Medical Corporation of
the US and its subsidiaries, acquired on April 26, 2012, US Eastern time, are reported.
CHEMICALS
Sales decreased by ¥24.3 billion (4.6%) from a year ago to ¥501.4 billion, and operating income
decreased by ¥25.9 billion (59.7%) to ¥17.4 billion.
In chemicals and derivative products operations, terms of trade deteriorated significantly asmarket prices for acrylonitrile and other monomers declined as demand stagnated in China andother countries due to an economic slowdown. In polymer products operations, synthetic rubber
for fuel-efficient tires performed well, but polyethylene was affected by competition from imported
products. In specialty products operations, coating materials and functional chemicals forpharmaceutical manufacture performed well.

Asahi Kasei
Consolidated Results

February 5, 2013
3/12

HOMES
Sales increased by ¥21.4 billion (6.9%) from a year ago to ¥330.4 billion, and operating income
increased by ¥3.0 billion (10.4%) to ¥31.8 billion. Orders for order-built homes increased by¥26.0 billion (9.7%) to ¥295.5 billion.
In order-built homes operations, deliveries of both Hebel Haus™ unit homes and Hebel
Maison™ apartment buildings increased. In real-estate operations, deliveries of condominiums
increased, and rental management performed well. Remodeling operations performed well withsolar panel installation and other renovation work.
HEALTH CARE
Sales increased by ¥10.2 billion (11.3%) from a year ago to ¥100.9 billion, and operating income
increased by ¥5.1 billion (54.6%) to ¥14.5 billion.
Pharmaceuticals operations were impacted by reduced reimbursement prices, and R&D
expenses increased, but solid sales growth continued for Teribone™ osteoporosis drug andRecomodulin™ recombinant thrombomodulin. Devices-related operations were impacted by thestrong yen, but sales of polysulfone-membrane artificial kidneys and other blood purification
products were firm.
FIBERS
Sales decreased by ¥2.0 billion (2.4%) from a year ago to ¥81.4 billion, but operating income
increased by ¥0.3 billion (12.9%) to ¥3.0 billion.
Roica™ elastic polyurethane filament was impacted by decreased exports and the strong yen.
Sales of Bemberg™ regenerated cellulose were strong in markets for outerwear and ethnic
garments. Leona™ nylon 66 filament for airbag applications performed well, as did nonwoven
products.
ELECTRONICS
Sales decreased by ¥13.0 billion (11.5%) from a year ago to ¥100.2 billion, and operating income
decreased by ¥5.2 billion (78.4%) to ¥1.4 billion.
Shipments of mixed-signal LSIs for smartphones increased, but a general deterioration inmarket conditions across the electronics industry resulted in sluggish shipments and declining sales
prices of other electronic devices and of electronic materials such as Hipore™ Li-ion battery
separator.
CONSTRUCTION MATERIALS
Sales increased by ¥4.2 billion (11.9%) from a year ago to ¥39.2 billion, and operating income
increased by ¥1.6 billion (91.3%) to ¥3.3 billion.
Sales of Hebel™ autoclaved aerated concrete panels remained strong. Shipments ofinsulation materials such as Neoma™ high-performance phenolic foam insulation panels increased.
In foundation systems, new applications expanded smoothly for Eazet™ piling systems for smallscale construction. Structural materials also performed well.
CRITICAL CARE
Sales were ¥36.2 billion, and an operating loss of ¥2.3 billion was recorded.
Operating income from LifeVest™ wearable defibrillators increased steadily, while
defibrillators for professional use and other products performed well. An operating loss resulted
as an effect of amortization of goodwill and other intangible assets.
OTHERS
Sales increased by ¥0.2 billion (1.3%) from a year ago to ¥13.1 billion, but operating income
decreased by ¥0.5 billion (22.0%) to ¥1.6 billion.

Asahi Kasei
Consolidated Results

February 5, 2013
4/12

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
Deferred tax assets
Other
Allowance for doubtful accounts
Subtotal
Total noncurrent assets
Total assets

Asahi Kasei
Consolidated Results

At end ofMarch 2012

At end ofDec. 2012

102,875
266,056360
138,133
87,45053,623
19,45454,835(1,017)
721,770

101,145
292,436
1,490
142,750
115,064
61,70827,12373,890(1,836)
813,770410,057(235,060)
174,997
1,203,905(1,075,668)
128,237
55,667
11,694(4,804)
6,890
37,787
122,426(109,884)
12,542
416,119425,055(240,855)
184,199
1,258,647(1,108,926)
149,72155,89914,083(6,617)
7,466
42,143
128,088(114,178)
13,910453,338

8,502
36,68745,189124,997
109,102
234,099

177,513
5,559
18,96525,692(240)
227,489
688,798
1,410,568

189,926
5,584
16,39625,056(251)236,710924,147
1,737,917

February 5, 2013
5/12

Liabilities
Current liabilities
Notes and accounts payable—trade
Short-term loans payable
Commercial paper
Current portion of bonds
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 retirement benefits
Provision for directors’ retirement benefits
Provision for periodic repairs
Provision for removal cost of property, plant andequipment
Asset retirement obligations
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
Accumulated other comprehensive income
Net unrealized gain on other securities
Deferred gains or losses on hedges
Foreign currency translation adjustments
Total accumulated other comprehensive income
Minority interests
Total net assets
Total liabilities and net assets

Asahi Kasei
Consolidated Results

At end ofMarch 2012

At end ofDec. 2012

143,194
74,49015,000—2,207
92,6638,380
49,9506,045
2,151

160,033
132,240
112,000
5,000
2,509
74,767
7,426
68,352
1,749
2,084

1,818

1,255

460
53,242449,600

893
63,244
631,552

25,00062,7104,707
11,402
106,277806
1,977

40,000123,549
4,605
34,744
107,797
713
4,165

4,204

3,165

3,242
18,286
3,072
241,683
691,283

2,653
18,2293,845
343,465
975,017103,389
79,404516,401(2,388)696,805

103,389
79,403
535,456(2,414)
715,833

40,148(1,734)(28,374)
10,04012,439719,285
1,410,568

42,354(668)(6,945)34,742
12,325762,900
1,737,917

February 5, 2013
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
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 step acquisitions
Total extraordinary income
Extraordinary loss
Loss on valuation of investment securities
Loss on disposal of noncurrent assets
Impairment loss
Loss on disaster
Business structure improvement expenses
Total extraordinary loss
Income before income taxes and minority interests
Income taxes
Income before minority interests
Minority interests in income
Net income

Asahi Kasei
Consolidated Results

Q1−Q3 2011
1,169,772
867,687
302,085
214,984
87,102

Q1−Q3 2012
1,202,612
893,171309,442
246,927
62,515

1,065
2,169
954
—
3,835
8,022

1,037
2,368
—
1,568
3,331
8,303

2,072
—
1,781
3,270
7,123
88,001

2,443
1,005
—
4,653
8,101
62,717

98
409
2,277
2,784

66
154
—
219

3,606
2,237
179
997
648
7,667
83,11833,76849,3501,291
48,059

32
2,560
1,081
—
4,146
7,818
55,11818,871
36,247637
35,610February 5, 20137/12

(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
Share of other comprehensive income of affiliates
accounted for using equity method
Total other comprehensive (loss) income
Comprehensive income
Comprehensive income attributable to:
Owners of the parent
Minority interests

Asahi Kasei
Consolidated Results

Q1−Q3 2011
49,350Q1−Q3 2012
36,247

4,759

2,187

126
(5,932)

1,018
14,433(2,734)

2,082(3,781)45,56919,72055,96744,689880

55,006961

February 5, 2013
8/12

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 in provision for product warranties
Decrease in provision for removal cost of property, plant andequipment(Decrease) increase in provision for retirement benefits
Interest and dividend income
Interest expense
Equity in (earnings) loss of affiliates
Gain on sales of investment securities
Loss on valuation of investment securities
Gain on sales of property, plant and equipment
Loss on disposal of noncurrent assets
Gain on step acquisition
Decrease (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 investments in subsidiaries resulting in change in scopeof consolidation
Additional purchase of investments in consolidated subsidiaries
Payments of loans receivableCollection of loans receivable
Other, net
Net cash used in investing activities

Asahi Kasei
Consolidated Results

Q1−Q3 2011

Q1−Q3 2012

83,11857,906
179
804
(173)
1,383
(345)

55,11858,184
1,081
4,930
(201)
(2,108)(217)(2,287)(1,602)(322)(3,233)
2,072
(954)
(98)
3,606
(409)
2,237
(2,277)
3,464(42,429)
22,665(14,187)
8,988
10,223
129,930
4,122(2,157)(46,287)
85,6081,523(3,405)
2,443
1,005
(66)
32
(154)
2,560
—
(11,180)(34,045)
11,245(23,106)
16,745(12,002)66,7804,346(2,440)(20,413)
48,273(11,762)
9,986(43,431)
1,021(5,468)(4,309)483(5,696)
9,256(64,115)383(11,994)(3,081)571(7,080)(174,432)—(4,006)
3,739(1,234)(62,061)(1,332)(9,183)
6,944(1,574)(254,254)

February 5, 2013
9/12

Cash flows from financing activities(Decrease) increase in short-term loans payable
Increase in commercial paper
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance 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) provided by financing activities
Effect of exchange rate change on cash and cash equivalents
Net (decrease) increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents resulting from changes of scopeof consolidation
Effect of change in the reporting period of consolidated
subsidiaries and affiliates
Cash and cash equivalents at end of period

Q1−Q3 2011

Q1−Q3 2012

(32,173)
21,0001,355(19,630)—(1,346)(281)
18(18,173)(772)
295(49,707)(2,075)(28,235)
134,450

34,93897,00088,117(8,340)20,000(1,874)(32)
4(19,567)
(665)
(110)
209,471(1,809)1,681
96,351

1,528

102

469

(5,327)108,21292,808VII. Additional Information
1. Consolidated net sales and operating income (loss) by segment
Note: Beginning with the first quarter of fiscal 2012, Critical Care is added as a new operating segment, in which resultsof ZOLL Medical Corporation of the US, acquired on April 26, 2012, US Eastern time, are reported.

1) Consolidated net sales by segment

Chemicals*
Homes
Health Care
FibersElectronics
Construction Materials
Critical Care
Others
Total

Q1−Q3
2011
525.7
309.0
90.7
83.4
113.2
35.0
—
12.9
1,169.8

Q1−Q3
2012
501.4
330.4
100.9
81.4
100.2
39.2
36.2
13.1
1,202.6

Increase(decrease)(24.3)
21.4
10.2
(2.0)
(13.0)
4.2
36.2
0.2
32.8

(billions of yen)
Fiscal 2012
forecast
689.0
486.0
133.0
109.0
131.0
52.0
51.0
18.0
1,669.0* Q1−Q3 2011 sales in the Chemicals segment are ¥34.1 billion lower than previously reported due to a change in
the accounting policy for naphtha resale.

Asahi Kasei
Consolidated Results

February 5, 2013
10/12

2) Consolidated operating income (loss) by segment

Chemicals
Homes
Health Care
FibersElectronics
Construction Materials
Critical Care
OthersCombined
Corporate expenses and eliminations
Consolidated

Q1−Q3
2011
43.3
28.8
9.4
2.7
6.6
1.7
—
2.1
94.5
(7.4)
87.1

Q1−Q3
2012
17.4
31.8
14.5
3.0
1.4
3.3
(2.3)
1.6
70.7
(8.2)
62.5

(billions of yen)
Fiscal 2012
forecast
22.5
54.0
16.0
4.0
1.5
4.0
(3.5)
2.0
100.5
(10.5)
90.0

Increase(decrease)(25.9)
3.0
5.1
0.3
(5.2)
1.6
(2.3)
(0.5)
(23.8)(0.8)(24.6)

2. Operating income increases/decreases by segment(billions of yen)
Increase (decrease) due to:

Chemicals
Homes
Health Care
FibersElectronics
Construction Materials
Critical Care
OthersSubtotal
Corporate expenses andeliminations
Consolidated

Net
increase(decrease)

(4.0)
5.5
12.6
(0.3)
(2.6)
0.5
—
(0.3)
11.4

(14.0)
0.1
(3.4)
(0.8)
(5.7)
0.3
—
—
(23.4)

0.8
—
(0.6)
(0.5)
0.2
—
—
—
(0.0)

Operatingcosts andothers
(7.9)
(2.6)
(4.1)
1.5
3.1
0.7
(2.3)
(0.1)
(11.8)

—

—

—

(0.8)

(0.8)

11.4

(23.4)(0.0)(12.6)(24.6)

Sales
volumeSales prices [of which, due
to foreign exchange](25.9)
3.0
5.1
0.3
(5.2)
1.6
(2.3)
(0.5)
(23.8)

3. Major financial metrics (consolidated)

Capital expenditure (tangible)
Capital expenditure (intangible)
Depreciation and amortization*
Balance of paymentsof which, dividends received
R&D expenses
Employees at end of period
D/E ratio(billions of yen, except employees and D/E ratio)
Q1−Q3
Q1−Q3
Fiscal 2012
2011
2012
Forecast
49.3
70.6
104.0
5.4
12.2
25.0
57.9
58.2
82.0
1.1
0.9
0.6
2.2
2.4
2.5
48.1
52.6
73.0
25,47728,4350.33
0.56* Excluding amortization of goodwill.

Asahi Kasei
Consolidated Results

February 5, 2013
11/12

4. Contract trends for home construction operations
Q1−Q3
2011
11,705
269.4
400.3
9,183
228.7

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
2012
12,994
295.5
447.6
9,673
239.7

Increase(decrease)
1,289
26.0
47.3
490
11.0

Fiscal 2012
forecast
17,750403.1
437.8
15,230357.0

5. Key operating factors

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

Yen/US$
Yen/€

Q1−Q3
2011

Q1−Q3
2012

Increase(decrease)

Fiscal 2012
forecast

55,20055,400200

56,850

79
111

80
102

1
(8)

82
106

6. Interest-bearing debt (consolidated)

Short-term loans payable
Commercial paper
Current portion of bonds
Long-term loans payable
Bonds payable
Lease obligations
Total

Asahi Kasei
Consolidated Results

At end ofMarch 2012
74.5
15.0
—
62.7
25.0
6.9
184.1

At end ofDec. 2012
132.2
112.0
5.0
123.5
40.0
7.1
419.9

(billions of yen)
Increase(decrease)
57.7
97.0
5.0
60.8
15.0
0.2
235.8

February 5, 201312/12