Asahi Kasei Corporation
Head Office: 1-1-2 Yurakucho, Chiyoda-ku, Tokyo, Japan
Security code: 3407
Contact: Corporate Communications, Phone +81-3-6699-3008, Fax +81-3-6699-3187

May 13, 2021

Consolidated Results for Fiscal 2020:
April 1, 2020 – March 31, 2021
(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
Ordinary income
Net income attributable to owners of the parent
Net income per share*
Diluted net income per share*
Net income/shareholders’ equity
Ordinary income/total assets
Operating income/net sales

FY 2020
2,106,051 [−2.1%]
171,808 [−3.1%]
178,036 [−3.2%]
79,768 [−23.2%]
57.49
—
5.6%
6.2%
8.2%

FY 2019
2,151,646 [−0.9%]
177,264 [−15.4%]
184,008 [−16.4%]
103,931 [−29.5%]
74.85
—
7.6%
6.8%
8.2%
* Yen

Notes:• Comprehensive income was ¥157,941 million during fiscal 2020, and ¥37,167 million during fiscal 2019.
• Equity in earnings of affiliates was ¥3,451 million during fiscal 2020, and ¥7,138 million during fiscal 2019.

2. Financial position
At fiscal year end March
Total assets
Net assets
Net worth/total assets
Net worth per share*

2021
2,918,941
1,494,535
50.3%
1,057.61

2020
2,822,277
1,383,460
48.2%
979.69* Yen

Notes:• Net worth consists of shareholders’ equity and accumulated other comprehensive income.
• Net worth was ¥1,467,476 million as of March 31, 2021, and ¥1,359,314 million as of March 31, 2020.
• Calculation of total assets as of March 31, 2020, previously based on provisional accounting treatment related
to business combinations, has been finalized.

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

FY 2020
253,676(157,751)(95,869)
216,235

FY 2019
124,460(318,156)
221,923
204,771

May 13, 2021
1/17

II. Cash Dividends

Fiscal year
2019
2020
2021
(forecast)

Cash dividends per share*
Total
Q1
Q2
Q3
Q4
annual— 18.00 — 16.00 34.00— 17.00 — 17.00 34.00
—

—

—

—

Total annual
dividend
amount47,18847,187

Dividends/
consolidated
net income
45.4%
59.1%

34.00

Dividends/
consolidated
net worth
3.5%
3.3%

30.4%
* Yen

III. Forecast for Fiscal 2021 (April 1, 2021 – March 31, 2022)(percent change from same period of previous year in brackets)

Net sales
Operating income
Ordinary income
Net income attributable to owners of the parent
Net income per share*

For Q1–Q2
1,149,000 [+16.1%]
88,500 [+15.3%]
91,500 [+18.1%]
87,000 [+86.0%]
62.70

For the fiscal year
2,375,000 [+12.8%]
190,000 [+10.6%]
196,000 [+10.1%]
155,000 [+94.3%]
111.71* 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.

IV. Other Information
1. Changes in significant subsidiaries which affected scope of consolidation during the period:
Addition of one new subsidiary:
Sage Automotive Interiors Germany GmbH
2. Changes in accounting policies, changes in accounting estimates, and retroactive restatement: None
3. 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

Asahi Kasei
Consolidated Results

2021
1,393,932,032
6,396,867
1,387,525,767

2020
1,393,932,032
6,440,327
1,388,564,157

May 13, 2021
2/17

V. Summary of Non-Consolidated Results
1. Results for fiscal 2020 (April 1, 2020 – March 31, 2021)(1) Operating results (percent change from previous year in brackets)
FY 2020
548,149 [−8.6%]
6,374 [−69.1%]
64,546 [−15.9%]
67,717 [+17.0%]
48.80—

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

FY 2019599,972 [−9.9%]
20,648 [−59.6%]
76,768 [−28.0%]
57,873 [−35.2%]
41.68
—
* Yen

(2) Financial position
At fiscal year end, March
Total assets
Net assets
Net worth/total assets
Net worth per share*2021
2,289,241
790,31234.5%
569.582020
1,919,199
744,19938.8%
536.36* Yen

VI. Overview of Consolidated Results
1. Consolidated group results
Operating income increased in the Health Care segment with firm performance of operations
related to the treatment of COVID-19, while the Material segment was impacted by the global
economic deterioration caused by the coronavirus pandemic and the Homes segment was impacted
by a consumption tax increase in Japan and by the pandemic. Consolidated net sales decreased by¥45.6 billion from a year ago to ¥2,106.1 billion, operating income decreased by ¥5.5 billion from ayear ago to ¥171.8 billion, and ordinary income decreased by ¥6.0 billion from a year ago to ¥178.0
billion. Net income attributable to owners of the parent decreased by ¥24.2 billion to ¥79.8 billion
with extraordinary loss incurred due to a semiconductor plant fire and income tax expenses
temporary elevated due to reconfiguration of organizations related to Veloxis Pharmaceuticals, Inc.
2. Results by operating segment
The Asahi Kasei Group’s operations are described by major business classification: three reportablesegments of Material, Homes, and Health Care, together with an “Others” category.
MATERIAL
Sales decreased by ¥101.9 billion from a year ago to ¥991.2 billion, and operating income
decreased by ¥25.9 billion from a year ago to ¥66.5 billion.
Performance recovered from the second quarter with recovery of automotive-related markets
and recovery of petrochemical market prices, but there was a significant impact from the pandemic
especially in the first quarter.
HOMES
Sales decreased by ¥11.8 billion from a year ago to ¥692.6 billion, and operating income decreasedby ¥9.2 billion from a year ago to ¥63.5 billion.
Although real estate operations performed well, order-built homes operations andremodeling operations were impacted by a consumption tax increase in Japan and COVID-19
restrictions.

Asahi Kasei
Consolidated Results

May 13, 2021
3/17

HEALTH CARE
Sales increased by ¥70.1 billion from a year ago to ¥407.9 billion, and operating income increasedby ¥24.1 billion from a year ago to ¥67.6 billion.
Although sales activities were restricted due to COVID-19, critical care operations had alarge-scale increase in demand for ventilators and pharmaceutical and medical device operations
performed well.
OTHERS
Sales decreased by ¥2.0 billion from a year ago to ¥14.3 billion, and operating income increased by¥0.6 billion from a year ago to ¥3.8 billion.

Asahi Kasei
Consolidated Results

May 13, 2021
4/17

VII. Consolidated Financial Statements
1. Balance sheets

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable–trade
Merchandise and finished goods
Work in process
Raw materials and supplies
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
Long-term advance payments–trade
Deferred tax assets
Other
Allowance for doubtful accounts
Subtotal
Total noncurrent assets
Total assets

Asahi Kasei
Consolidated Results

At end ofMarch 2020

At end ofMarch 2021

207,957
330,999
216,463
160,064
101,313
92,153(1,519)1,107,430

221,779
338,640
203,159
166,494
111,798
97,131(2,225)
1,136,776

563,110(305,259)
257,851
1,466,958(1,243,780)
223,179
67,024
9,645(8,964)681
75,487
172,674(143,210)
29,464
653,686

598,675(319,144)
279,531
1,535,326(1,286,057)
249,269
70,577
8,615(7,687)928
84,463
182,414(149,920)
32,495717,262

365,680
349,566
715,246

351,921342,454694,374

244,581
7,951
20,46744,46628,883(435)
345,914
1,714,846
2,822,277

286,517
1,241
29,39021,11632,709(445)
370,529
1,782,165
2,918,941

May 13, 2021
5/17

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 grant of shares
Provision for periodic repairs
Provision for product warranties
Provision for removal cost of property, plant andequipment
Other
Total current liabilities
Noncurrent liabilities
Bonds payable
Long-term loans payable
Lease obligations
Deferred tax liabilities
Provision for grant of shares
Provision for periodic repairs
Provision for removal cost of property, plant andequipment
Net defined benefit liability
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
Non-controlling interests
Total net assets
Total liabilities and net assets

Asahi Kasei
Consolidated Results

At end ofMarch 2020

At end ofMarch 2021

131,207275,671
139,000
1,006
121,520
18,14573,623
78
4,043
3,738

142,087
144,571
84,000880
126,705
21,26878,601
124
7,222
3,522

2,640

5,651

71,863
842,531

88,533
703,163

60,000229,172
3,506
70,600412
4,560

110,000
320,404
3,921
58,669
513
3,415

5,771

12,652

174,365
21,613
26,287596,286
1,438,817

158,832
21,93930,899721,243
1,424,406

103,389
79,641
1,125,738(5,990)1,302,777

103,389
79,641
1,158,792(5,932)
1,335,890

67,027(241)
13,027(23,275)
56,53824,145
1,383,460
2,822,277

91,887(347)
50,462(10,416)
131,586
27,0581,494,535
2,918,941

May 13, 2021
6/17

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
Insurance income
Other
Total non-operating income
Non-operating expenses
Interest expense
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 valuation of investment securities
Loss on disposal of noncurrent assets
Impairment losses
Loss on disaster
Loss on fire at plant facilities
Loss on product compensation
Business structure improvement expenses
Total extraordinary loss
Income before income taxes
Income taxes–current
Income taxes–deferred
Total income taxes
Net income
Net income attributable to non-controlling interests
Net income attributable to owners of the parent

Asahi Kasei
Consolidated Results

FY 2019
2,151,646
1,476,606
675,040
497,776
177,264

FY 2020
2,106,051
1,425,342
680,709508,901
171,808

2,769
5,251
7,138
1,724
3,596
20,479

1,895
4,308
3,451
2,618
5,059
17,331

4,016
9,720
13,735
184,008

3,209
7,893
11,102
178,036

13,6794,268
17,94817,312353
17,665

1,953
9,668
21,949
2,437
—
5,173
4,840
46,022
155,934
54,173(3,967)50,206
105,728
1,797
103,93166
10,637
1,937—
22,2872,118
7,750
44,795150,906
73,273(4,465)68,80882,0982,330
79,768May 13, 2021
7/17

(2) Statements of comprehensive income

Net income
Other comprehensive income
Net increase (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
Non-controlling interests

Asahi Kasei
Consolidated Results

FY 2019
105,728

FY 2020
82,098(34,895)

24,806(201)(26,115)(3,867)(106)
35,491
12,631(3,482)

3,020(68,561)
37,16775,842
157,941

35,7301,437

154,8173,124

May 13, 2021
8/17

3. Statements of changes in net assets
FY 2019

FY 2020

Shareholders’ equity
Capital stock
Balance at beginning of fiscal year

103,389

103,389

Balance at end of fiscal year

103,389

103,389

79,70879,6410(7,878)
7,856
(46)

(0)
—
0
0

(67)
79,641079,641

1,077,586

1,125,738(48,723)
103,931(7,856)
801
48,152(45,800)
79,768(0)(914)
33,054

1,125,738

1,158,792(3,936)(5,990)(10,016)
83
7,878(2,055)(5,990)

(10)
69
—
59
(5,932)

1,256,747

1,302,777(48,723)
103,931(10,016)
84
801
(46)
46,0301,302,777(45,800)
79,768
(10)
69
(914)
0
33,113
1,335,890

Capital surplus
Balance at beginning of fiscal year
Changes during the fiscal year
Disposal of treasury stock
Cancellation of treasury stock
Transfer from retained earnings to capital surplus
Capital increase of consolidated subsidiaries
Total changes of items during the period
Balance at end of fiscal year
Retained earnings
Balance at beginning of fiscal year
Changes during the fiscal year
Dividends from surplus
Net income attributable to owners of the parent
Transfer from retained earnings to capital surplus
Change of scope of consolidation
Total changes of items during the period
Balance at end of fiscal year
Treasury stock
Balance at beginning of fiscal year
Changes during the fiscal year
Purchase of treasury stock
Disposal of treasury stock
Cancellation of treasury stock
Total changes of items during the period
Balance at end of fiscal year
Total shareholders’ equity
Balance at beginning of fiscal year
Changes during the fiscal year
Dividends from surplus
Net income attributable to owners of the parent
Purchase of treasury stock
Disposal of treasury stock
Change of scope of consolidation
Capital increase of consolidated subsidiaries
Total changes of items during the period
Balance at end of fiscal year

Asahi Kasei
Consolidated Results

May 13, 2021
9/17

Accumulated other comprehensive income
Net unrealized gain on other securities
Balance at beginning of fiscal year
Changes during the fiscal year
Net changes of items other than shareholders’ equity
Total changes of items during the period
Balance at end of fiscal year
Deferred gains or losses on hedges
Balance at beginning of fiscal year
Changes during the fiscal year
Net changes of items other than shareholders’ equity
Total changes of items during the period
Balance at end of fiscal year
Foreign currency translation adjustment
Balance at beginning of fiscal year
Changes during the fiscal year
Net changes of items other than shareholders’ equity
Total changes of items during the period
Balance at end of fiscal year
Remeasurements of defined benefit plans
Balance at beginning of fiscal year
Changes during the fiscal year
Net changes of items other than shareholders’ equity
Total changes of items during the period
Balance at end of fiscal year
Total accumulated other comprehensive income
Balance at beginning of fiscal year
Changes during the fiscal year
Net changes of items other than shareholders’ equity
Total changes of items during the period
Balance at end of fiscal year
Non-controlling interests
Balance at beginning of fiscal year
Changes during the fiscal year
Net changes of items other than shareholders’ equity
Total changes of items during the period
Balance at end of fiscal year
Total net assets
Balance at beginning of fiscal year
Changes during the fiscal year
Dividends from surplus
Net income attributable to owners of the parent
Purchase of treasury stock
Disposal of treasury stock
Change of scope of consolidation
Capital increase of consolidated subsidiaries
Net changes of items other than shareholders’ equity
Total changes of items during the period
Balance at end of fiscal year

Asahi Kasei
Consolidated Results

FY 2019

FY 2020

101,971

67,027(34,945)(34,945)
67,027

24,86024,86091,887

(40)

(241)

(201)
(201)
(241)

(106)
(106)
(347)

42,02013,027(28,993)(28,993)
13,02737,43437,43450,462(19,213)(23,275)(4,062)(4,062)(23,275)

12,85912,859(10,416)

124,738

56,538(68,200)(68,200)
56,53875,04975,049131,586

21,22524,1452,920
2,920
24,145

2,913
2,913
27,0581,402,710

1,383,460(48,723)
103,931(10,016)
84
801
(46)
(65,280)(19,250)
1,383,460(45,800)
79,768
(10)
69
(914)
0
77,962
111,075
1,494,535

May 13, 2021
10/17

4. Statements of cash flows

Cash flows from operating activities
Income before income taxes
Depreciation and amortization
Impairment loss
Amortization of goodwill
Amortization of negative goodwill
Increase in provision for grant of shares
Increase in provision for periodic repairs
Increase (decrease) in provision for product warranties
Increase in provision for removal cost of property, plant andequipment
Decrease in net defined benefit liability
Interest and dividend income
Interest expense
Equity in 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
Decrease in notes and accounts receivable–trade(Increase) decrease in inventories(Decrease) increase in notes and accounts payable–trade
Increase in accrued expenses(Decrease) 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 scopeof consolidation
Payments for transfer of business
Payments of loans receivableCollection of loans receivable
Other, net
Net cash used in investing activities

Asahi Kasei
Consolidated Results

FY 2019

FY 2020

155,934
96,016
21,94922,288
(79)
119
332
640

150,906
108,369
1,937
24,903
—
148
2,033
(221)

3,141

9,891

(4,069)(8,021)
4,016(7,138)(13,679)
1,953(4,268)
9,668
16,919(51,950)(45,562)2,624(1,925)(20,688)
178,218
10,834(4,203)(60,388)
124,460(4,303)(6,202)
3,209(3,451)(17,312)66(353)
10,637
5,214
6,110
1,706
1,371
8,190
15,896
318,744
8,690(3,086)(70,672)
253,676(4,195)
13,343(138,354)
5,693(16,096)(10,820)
23,543(6,262)
4,333(133,347)
656(16,945)(8,061)
20,264(175,759)(4,811)(1,964)(23,170)
9,253
369(318,156)(17,566)(6,144)
10,428(297)(157,751)

May 13, 2021
11/17

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 payable
Redemption of bonds
Repayments of lease obligations
Purchase of treasury stock
Proceeds from disposal of treasury stock
Proceeds from share issuance to non-controlling interests
Cash dividends paid
Cash dividends paid to non-controlling interests
Purchase of shares in subsidiaries not resulting in change inscope of consolidation
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents resulting from changes inscope of consolidation
Cash and cash equivalents at end of period

FY 2019

FY 2020

172,02262,00045,816(17,586)
40,000(20,000)(1,276)(10,016)
84
849(48,723)(1,052)(168,641)(55,000)
143,467(16,936)
50,000—(1,226)(10)
69—(45,800)(1,198)

—

(307)

(194)
221,923(4,060)24,167
180,520(287)(95,869)
9,639
9,695
204,77185

1,769

204,771

216,235

VIII. Business combination
Business combination by purchase
Sage Automotive Interiors, Inc. (Sage), a subsidiary of Asahi Kasei, concluded an agreement with
Adient, plc on March 5, 2020, to acquire Adient’s automotive fabrics business, and the acquisition wascompleted on September 30, 2020 (U.S. Eastern time). In connection with the acquisition, shares in 11
companies related to the said business were acquired from Adient, with 6 companies becoming
consolidated subsidiaries and 5 companies becoming equity-method affiliates.

1. Outline of business combination(1) Name and nature of business of counterparty
Name of acquired company: Adient, plc
Nature of business: Development, manufacture, and sale of fabrics for automotive interiors(2) Main reasons for the acquisition
By combining the automotive fabrics business acquired from Adient, having marketing,manufacturing, and development centered in Europe, together with its own established business,
Sage will be able to further expand in Europe, the largest market for automotive interior fabric andthe source of innovative automotive trends. Sage plans to achieve the following synergies throughthis acquisition.
• Optimum global manufacturing• Mutually complementary relationships with NA/EU OEMs
• Full product lineup (fabric, artificial suede, synthetic leather)
By advancing its regional strategy and product strategy around the world to reinforce its position
as one of the leading suppliers of vehicle seat fabric and strengthen its relationships with
Asahi Kasei
Consolidated Results

May 13, 2021
12/17

automotive OEMs in each region, Sage is expected to make a growing contribution to the Asahi
Kasei Group’s overall expansion of business in the automotive field. Sage also expects that
expansion in Europe will enable it to maintain its leading position in the global market for
automotive interior materials.
(3) Acquisition date
September 30, 2020
(4) Statutory form of business combination
Asset and stock purchase for cash as consideration(5) Grounds for determining acquiring company
Asset and stock purchase for cash as consideration by a consolidated subsidiary
2. The period of acquired business’s results included in the consolidated financial statements
From October 1, 2020, to March 31, 2021
3. Cost of acquisition and details
Asset and stock purchase price: ¥18,025 million
Purchase price: ¥18,025 million
4. Major acquisition related costs
Advisory fees and others: ¥1,732 million
5. Amount of goodwill, measurement principle, amortization method, and useful lifea) Amount of goodwill: ¥4,799 millionb) Measurement principle:
Goodwill is measured as the excess of the purchase price over the fair value of identifiable assets
acquired and liabilities assumedc) Amortization method and useful life:
Straight-line method over 20 years
6. Details of assets acquired and liabilities assumed as of the acquisition dateCurrent assets¥6,012 million
Noncurrent assets¥11,956 million
Total assets¥17,968 million
Current liabilities¥4,291 million
Noncurrent liabilities¥451 million
Total liabilities¥4,741 million
7. Amount of identifiable intangible assets other than goodwill, its details and major weighted average
useful lifea) Purchased price allocated to intangible assets and its major items
Customer relationships¥2,586 millionb) Major weighted average useful life
Customer relationships
19 years
8. Pro forma effects on the consolidated statements of income assuming the business combination
had been completed at the beginning of fiscal year, and method of calculation thereofInformation is omitted due to immateriality. This note is not subject to audit.

Asahi Kasei
Consolidated Results

May 13, 2021
13/17

IX. Segment Information
1. Reporting segments(1) Fiscal 2019704,423
123

337,78811

2,135,356
5,240

16,29036,6452,151,646
41,884

1,098,249
92,365
1,481,133

704,546
72,711
551,515

337,799
43,506
703,773

2,140,595
208,582
2,736,421

52,935
3,177
84,093

2,193,530
211,758
2,820,515

Subtotal

1,093,145
5,105

HealthCare3

Total3

AssetsOthers1

Total
Operating income

Homes

Sales
Customers
Intersegment

Material

Reporting segments

Other items
Depreciation and
58,561
10,545
19,26888,374
1,472
89,845amortization2
Amortization of goodwill
12,072
60
10,15622,288—22,288Investments in associates
accounted for using
56,9029,543
1,500
67,945
18,38886,333equity method
Increase in property, plantand equipment, and104,466
18,20815,943
138,616
2,175
140,792
intangible assets
1 Plant and environmental engineering, research and analysis, employment agency/staffing operations, etc.
2 Excluding amortization of goodwill.
3 Calculation of total assets as of March 31, 2020, previously based on provisional accounting treatment related tobusiness combinations, has been finalized.

(2) Fiscal 2020

692,639

407,904

2,091,770

14,2812,106,051

5,515
996,74322
692,66124
407,928

5,561
2,097,331

41,01055,292

46,572
2,152,623

66,461
1,567,831

63,548568,563

67,603734,658

197,6122,871,052

3,800
92,878201,413
2,963,930

Subtotal

991,227

HealthCare

Total

AssetsOthers1

Intersegment
Total
Operating income

Homes

Sales
Customers

Material

Reporting segments

Other items
Depreciation and
59,01911,18031,106
101,305
1,538
102,843
amortization2
Amortization of goodwill—
11,93491
12,87824,90324,903
Investments in associates
accounted for using
62,204
14,121
2,192
78,517
19,08597,602equity method
Increase in property, plantand equipment, and100,458
18,65815,934135,050809
135,859
intangible assets
1 Plant and environmental engineering, research and analysis, employment agency/staffing operations, etc.
2 Excluding amortization of goodwill

Asahi Kasei
Consolidated Results

May 13, 2021
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2. Differences between total amounts of reporting segments and recorded amounts on consolidated
financial statements
Sales
Total of reporting segments
Net sales in “Others” category
Elimination of intersegment transactions
Net sales on consolidated statements of income

Fiscal 2019
2,140,595
52,935(41,884)
2,151,646

Fiscal 2020
2,097,331
55,292(46,572)
2,106,051

Operating income
Total of reporting segments
Operating income in “Others” category
Elimination of intersegment transactions
Corporate expenses, etc.1
Operating income on consolidated statements of income

Fiscal 2019
208,582
3,177
303(34,797)
177,264

Fiscal 2020
197,6123,800
551(30,156)
171,808

1

Corporate expenses, etc. include corporate revenue, basic research expense, and group management
expense, etc. which are not allocated to reporting segments.

AssetsTotal of reporting segments2
Assets in “Others” category
Elimination of intersegment transactions
Corporate assets1
Total assets on consolidated balance sheets2

Fiscal 2019
2,736,421
84,093(589,354)
591,115
2,822,277

Fiscal 2020
2,871,052
92,878(602,842)
557,853
2,918,941

1

Corporate assets include assets of Asahi Kasei Corp.—surplus operating funds (cash and deposits), longterm investment capital (investment securities, etc.), and land, etc.
2
Calculation of total assets as of March 31, 2020, previously based on provisional accounting treatment
related to business combinations, has been finalized.

X. Geographic information
1. Fiscal 2019(1) Net salesJapan
1,290,077

United States
269,481(2) Property, plant and equipment
Japan
United States
477,359
105,925

China
188,553

Other regions
403,535

Other regions
70,403

Total
653,686

China
198,903

Other regions
393,206

Other regions
91,489Total
717,262

Total
2,151,646

2. Fiscal 2020
(1) Net salesJapan
1,204,218

United States309,723(2) Property, plant and equipment
Japan
United States
518,408
107,365

Asahi Kasei
Consolidated Results

Total
2,106,051

May 13, 2021
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XI. Important Subsequent Events
Business combinations by purchase1) Acquisition of Respicardia, Inc.
ZOLL Medical Corporation (ZOLL), a consolidated subsidiary of Asahi Kasei, has acquired Respicardia,
Inc.* (Respicardia), a U.S. medical equipment company which develops, manufactures, and sells theremedē® System, an implantable neurostimulator device for the treatment of central sleep apnea (CSA).
The acquisition process was completed on April 9, 2021 (U.S. Eastern time).
* Registered in Delaware with head office functions in Minnesota.

1. Outline of business combination(1) Name and nature of business of counterparty
Name of acquired company: Respicardia, Inc.
Nature of business: Development, manufacture, and sale of implantable neurostimulator device(2) Main reasons for the acquisition
With established businesses centered on cardiopulmonary resuscitation, notably defibrillators for
medical professionals, automated external defibrillators (AEDs), and LifeVest® wearable
defibrillators, ZOLL has sought to further expand in the field of acute critical care including
peripheral areas such as heart failure and respiratory dysfunction. Respicardia develops
innovative therapies for conditions with large unmet clinical needs. With this acquisition, ZOLL
will combine its expertise in cardiac and respiratory care with Respicardia’s novel remedē® System
to make a meaningful difference in the health and quality of life for many patients.
(3) Acquisition date
April 9, 2021
(4) Statutory form of business combination
Stock purchase for mainly cash as consideration(5) Name of company after transaction
Respicardia, Inc.
(6) Acquired voting right
Voting right before the acquisition:
0%
Voting right after the acquisition:
100%(7) Grounds for determining acquiring company
Stock purchase for mainly cash as consideration by a consolidated subsidiary
2. Cost of acquisition and details
Purchase consideration*

cashloans and accrued interest

Purchase price

US$122 million
US$108 million
US$229 million* Not including conditional consideration.

3. Substance of conditional consideration specified in the stock purchase agreement and policy foraccounting treatment(1) Substance of conditional consideration
The agreement provides for additional payment based on the acquired company’s achievement ofcertain performance targets(2) Policy for accounting treatment
Variable portion of conditional consideration will be treated in accordance with Generally
Accepted Accounting Principles of the United States

Asahi Kasei
Consolidated Results

May 13, 2021
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4. Amount of goodwill, measurement principle, amortization method, and useful life
Not determined at present

2) Acquisition of additional shares in McDonald Jones Homes Pty Ltd
Asahi Kasei Homes Australia Pty Ltd, a consolidated subsidiary of Asahi Kasei, concluded an agreement
on April 16, 2021, to purchase additional shares in McDonald Jones Homes Pty Ltd (McDonald Jones), an
equity-method affiliate of Asahi Kasei.
1. Reasons for the acquisition
In July 2017, Asahi Kasei acquired a 40% interest in McDonald Jones, a detached housing company
in Australia. Expertise of Asahi Kasei Homes Corp., a consolidated subsidiary of Asahi Kasei,
regarding industrialized housing provided valuable support for sales and marketing, and helped toreduce costs by shortening the construction period. The acquisition of additional shares will
accelerate such measures and enable further market expansion and growth in the Australian housing
market, contributing to sustainable growth in corporate value for Asahi Kasei.
2. Profile of McDonald Jones
Name:
McDonald Jones Homes Pty Ltd
Managing Director:
Andrew Helmers
Main office:Newcastle, New South Wales, Australia
Established:
1987
Number of home starts: 2,761 units (fiscal year ended June 2020)
Sales:
AU$891 million (fiscal year ended June 2020)
Employees:
Approximately 890 (as of March 2021)
Business:
Construction of custom-built homes and sale of pre-built homes
3. Outline of the acquisition(1) Method and procedure of acquisition
The share purchase agreement was concluded between Asahi Kasei Homes Australia Pty Ltd, a
subsidiary of Asahi Kasei Homes Corp., and a shareholder of McDonald Jones. In accordancewith the agreement, Asahi Kasei Homes Australia Pty Ltd is scheduled to acquire a 40% interest in
McDonald Jones.
(2) Change in voting right due to the acquisition
Voting right before the acquisition: 40%
Voting right after the acquisition:80%(3) Cost of acquisition and details
Purchase consideration
cash
Purchase priceAsahi Kasei
Consolidated Results

AU$113 million
AU$113 million

May 13, 2021
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