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 2, 2012

Consolidated Results for 1st Quarter Fiscal 2012:
April 1, 2012 – June 30, 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 2012
365,001[−0.8%]
10,846[−64.1%]
8,129[−73.2%]
3,155[−83.7%]
2.26—

Q1 2011Net sales
367,970 [+8.2%]
Operating income
30,243 [+32.4%]
Ordinary income
30,361 [+46.4%]
Net income
19,384 [+109.3%]
Net income per share*
13.86
Diluted net income per share*—* Yen
Note: Comprehensive income (loss) was ¥(11,650) million during Q1 2012, and ¥26,401
million during Q1 2011.
2. Financial position
At end ofTotal assets
Net assets
Net worth/total assets
Net worth per share*

June 2012
1,655,659
705,41741.9%
496.49March 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 June 30, 2012, was ¥693,935 million; as of March 31, 2012, ¥706,846 million.
II. Cash Dividends
Fiscal year
2011
2012
2012 (forecast)

Q1
—
—

Q2
7.00

Cash dividends per share*
Q3
Q4
—
7.00
—

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

August 2, 2012
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*First half
794,000 [+1.2%]
35,500 [−44.3%]
32,500 [−47.7%]
18,500 [−51.6%]
13.24

Full year
1,781,000 [+13.2%]
112,000 [+7.4%]
115,000 [+6.9%]
66,500 [+19.2%]
47.58
* Yen

2. Comparison of previous and revised H1 2012 forecasts

Net sales
Operating income
Ordinary income
Net income

Previous H12012 forecast
847.0
45.0
46.0
25.5

Revised H1
2012 forecast
794.0
35.5
32.5
18.5

Increase(decrease)(53.0)(9.5)(13.5)(7.0)(billions of yen)cf. H1 2011
results
784.4
63.8
62.1
38.2

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 the first half of fiscal 2012 announced on May 9, 2012, has been revised.
 The forecast for the full year shown above is that which was announced on May 9, 2012.
A revision will be made when first half results are announced.
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 balance sheets
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 quarter offiscal 2011 in the consolidated financial statements of this report. Results for the first quarterof fiscal 2011 shown herein therefore differ from those previously announced.
Asahi Kasei
Consolidated Results

August 2, 2012
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 takes 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 quarter of fiscal 2012 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 2012
1,402,616,332
4,936,619
1,397,683,505

FY 2011
1,402,616,332
4,925,730
1,398,191,137** Q1 2011

V. Overview of Consolidated Results
1. Consolidated group results
The global economy entered a broad downturn during the April–June quarter of 2012 as the effectsof the sovereign debt crisis in Europe spread to emerging economies. Although reconstruction
demand following the Great East Japan Earthquake was a positive factor for the Japanese economy,
the overall outlook remained challenging due to the effects of the sluggish global economy and thepersistent strength of the yen.
The consolidated quarterly results of Asahi Kasei Corp. and its consolidated subsidiaries andequity-method affiliates (the Asahi Kasei Group) largely reflected the effects of decreased export
demand and lower sales prices in the Chemicals and Electronics segments, although the impact wasalleviated somewhat by continuing favorable performance in the Homes and Health Care segments.
Net sales for the quarter were ¥365.0 billion, a decrease of ¥3.0 billion (0.8%) from a year ago.
Operating income decreased by ¥19.4 billion (64.1%) from the first quarter a year ago to ¥10.8
billion. Ordinary income decreased by ¥22.2 billion (73.2%) from a year ago to ¥8.1 billion.
Net income decreased by ¥16.2 billion (83.7%) to ¥3.2 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, and Construction
Materials, and Critical Care, and 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, are reported.
CHEMICALS
Sales decreased by ¥16.8 billion (9.4%) from the first quarter a year ago to ¥161.1 billion, andoperating income decreased by ¥15.1 billion (77.7%) to ¥4.3 billion.
Chemicals and derivative products operations were impacted by a major plant maintenanceturnaround, decreased exports of acrylonitrile and adipic acid due to an economic slowdown in
China, and deteriorating terms of trade. In polymer products operations, shipments of engineering
plastics for automotive applications and synthetic rubber for tires were firm. In specialty products
operations, solid performance was maintained in coating materials for the domestic Japanesemarket, home-use products such as Saran Wrap™, and functional additives for pharmaceuticals.
HOMES
Sales increased by ¥7.1 billion (9.0%) from the first quarter a year ago to ¥86.3 billion, andoperating income was largely unchanged at ¥3.6 billion. Orders for order-built homes increasedby ¥6.3 billion (6.6%) to ¥100.9 billion
Asahi Kasei
Consolidated Results

August 2, 20123/12

In order-built homes operations, deliveries of both Hebel Haus™ unit homes and Hebel
Maison™ apartment buildings increased. In housing-related operations, deliveries ofcondominiums in pre-built homes operations decreased, but remodeling operations performed well.
HEALTH CARE
Sales increased by ¥3.0 billion (10.2%) from the first quarter a year ago to ¥32.4 billion, andoperating income increased by ¥2.2 billion (83.8%) to ¥4.7 billion.
Pharmaceuticals operations were impacted by reduced reimbursement prices, but sales ofRecomodulin™ recombinant thrombomodulin and Teribone™, a new osteoporosis drug launchedin November 2011, grew firmly. Devices-related operations were impacted by the strong yen, but
shipments of APS™ polysulfone-membrane artificial kidneys increased.
FIBERS
Sales decreased by ¥1.5 billion (5.3%) from the first quarter a year ago to ¥26.3 billion, andoperating income decreased by ¥0.9 billion (58.6%) to ¥0.6 billion.
Exports to China and other Asian countries of Bemberg™ regenerated cellulose andLeona™ nylon 66 filament for airbag applications remained firm. Shipments of Roica™ elastic
polyurethane filament decreased.
ELECTRONICS
Sales decreased by ¥5.8 billion (14.7%) from the first quarter a year ago to ¥34.0 billion, andoperating profitability decreased ¥5.2 billion resulting in an operating loss of ¥0.4 billion.
In electronic devices operations, shipments of mixed-signal LSIs for smartphones increased,
but each product category was impacted by a general deterioration in market conditions across theelectronics industry. In electronic materials operations, although shipments of Hipore™ Li-ion
battery separator failed to exceed the level of a year ago, volumes have been recovering since theprevious quarter. Sales prices in electronic materials also declined.
CONSTRUCTION MATERIALS
Sales increased by ¥1.5 billion (14.8%) from the first quarter a year ago to ¥11.5 billion, andoperating income increased by ¥0.3 billion (120.4%) to ¥0.5 billion.
Sales of Hebel™ autoclaved aerated concrete panels were strong, and shipments of both
Neoma™ high-performance phenolic foam insulation panels and foundation systems increased.
CRITICAL CARE
Sales were ¥9.1 billion, and an operating loss of ¥ 0.5 billion was recorded.
Operating income from LifeVest™ wearable defibrillators and other products increased
steadily, but an operating loss resulted as an effect of amortization of goodwill and other intangible
assets.
OTHERS
Sales in ―Others‖ increased by ¥0.4 billion (11.3%) from the first quarter a year ago to ¥4.4 billion,
and operating income increased by ¥0.4 billion (112.4%) to ¥0.8 billion.

Asahi Kasei
Consolidated Results

August 2, 2012
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 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
Deferred tax assets
Other
Allowance for doubtful accounts
Subtotal
Total noncurrent assets
Total assets

Asahi Kasei
Consolidated Results

At end ofMarch 2012

At end ofJune 2012

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

111,305
270,128
1,121
142,847
108,161
53,532
25,276
66,480(1,049)777,801

410,057(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
416,119

414,199(237,244)
176,955
1,217,239(1,083,493)
133,746
55,74812,761(5,339)7,422
45,512
124,441(110,579)
13,862433,245

8,502
36,68745,189117,981
101,107
219,089

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

176,700
4,210
19,60425,253(242)
225,524
877,858
1,655,659

August 2, 2012
5/12

Liabilities
Current liabilities
Notes and accounts payable—trade
Short-term loans payable
Commercial paper
Lease obligations
Accrued expenses
Income taxes payable
Advances received
Provision for periodic repairs
Provision for product warranties
Provision for removal cost of property, plant andequipment
Asset retirement obligations
Other
Total current liabilities
Noncurrent liabilities
Bonds payable
Long-term loans payable
Lease obligations
Deferred tax liabilities
Provision for 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 ofJune 2012

143,194
74,49015,0002,207
92,6638,380
49,9506,045
2,151

157,689
253,240
51,0002,335
81,8704,910
65,027
1,918
2,058

1,818

1,715

460
53,242449,600

456
61,005683,223

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

25,00063,1894,690
35,447
106,719
700
2,607

4,204

3,658

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

3,311
18,2073,490
267,019
950,242

103,389
79,404516,401(2,388)696,805

103,389
79,403
512,783(2,393)
693,182

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

37,005(249)(36,004)752
11,482705,417
1,655,659

August 2, 2012
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
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 noncurrent assets
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
Total income taxes
Income before minority interests
Minority interests in income
Net income

Asahi Kasei
Consolidated Results

Q1 2011367,970
268,407
99,562
69,31930,243Q1 2012
365,001
274,374
90,627
79,781
10,846

313
1,145
716
994
3,168

373
1,007
—
814
2,193

715
—
1,207
1,128
3,050
30,361

792
524
1,500
2,095
4,911
8,129

—
—

33
33

35
539
27
600
611
1,813
28,548
8,886
19,662278
19,384

22
1,128
27
—
18
1,194
6,967
3,750
3,217
62
3,155

August 2, 20127/12

(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 income (loss)
Comprehensive income (loss)
Comprehensive income (loss) attributable to:
Owners of the parent
Minority interests

Asahi Kasei
Consolidated Results

Q1 2011
19,662Q1 2012
3,217

3,156

(3,086)

134
2,808

1,428
(11,684)642(1,526)

6,739
26,401(14,867)(11,650)

26,065336(11,447)(203)

August 2, 2012
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
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
Interest and dividend income
Interest expense
Equity in (earnings) losses of affiliates
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(Decrease) 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 2011

Q1 201228,54818,361
27
269
(58)
(360)
(346)

6,967
17,895
27
1,397
(58)
(3,497)
(230)

(506)

(649)

284
(1,458)
715
(716)
35
—
539
15,357(28,214)(1,340)(15,851)
7,349
8,975
31,612
2,274(786)(20,206)
12,894538(1,379)
792
524
22
(33)
1,128
6,573
(22,685)
12,965(15,054)
13,660(10,511)
8,391
2,112
(983)
(4,827)
4,692(6,504)
2,804(12,604)—(1,572)(457)
196(3,828)2,784(16,652)
99(2,732)(1,128)500—(174,308)

—
(711)
749
(696)
(18,795)(1,310)(3,123)2,018
706(196,973)

August 2, 2012
9/12

Cash flows from financing activities
Increase in short-term loans payable(Decrease) 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 (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 2011

Q1 2012448(4,000)831(14,036)
(427)
(9)
1
(8,389)(470)(198)(26,251)
1,065(31,087)
134,450

185,425
36,000812(5,243)(625)(8)
2(9,784)(403)(60)
206,117(5,329)8,507
96,351

1,528

102

469

(5,327)

105,360

99,634

VII. 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, are reported.

1) Consolidated net sales by segment

Chemicals*
Homes
Health Care
FibersElectronics
Construction Materials
Critical Care
OthersTotal

Q1 2011

Q1 2012

177.9
79.2
29.4
27.7
39.8
10.1
—
4.0
368.0

161.1
86.3
32.4
26.3
34.0
11.5
9.1
4.4
365.0

Increase(decrease)(16.8)
7.1
3.0
(1.5)
(5.8)
1.5
9.1
0.4
(3.0)

(billions of yen)First half FY
2012 forecast
334.0
213.0
65.0
54.0
69.0
26.0
23.0
10.0
794.0

* Q1 2011 sales in the Chemicals segment are ¥8.2 billion lower than previously reported due to a change in theaccounting policy for naphtha resale.

Asahi Kasei
Consolidated Results

August 2, 2012
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 2011

Q1 2012

19.4
3.6
2.6
1.4
4.8
0.2
—
0.4
32.5
(2.2)
30.2

4.3
3.6
4.7
0.6
(0.4)
0.5
(0.5)
0.8
13.8
(2.9)
10.8

Increase(decrease)(15.1)
0.0
2.2
(0.9)
(5.2)
0.3
(0.5)
0.4
(18.7)(0.7)(19.4)(billions of yen)First half FY
2012 forecast
14.5
18.0
6.0
1.5
1.0
1.5
(1.5)
1.0
42.0
(6.5)
35.5

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

Chemicals
Homes
Health Care
FibersElectronics
Construction Materials
Critical Care
OthersCorporate expenses andeliminations
Consolidated

Net
increase(decrease)

(2.0)
4.8
3.7
(0.3)
(2.0)
0.3
—
0.4

(5.3)
(1.4)
(1.1)
(0.5)
(2.8)
0.1
—
—

(0.7)
—
(0.4)
(0.3)
(0.2)
—
—
—

Operatingcosts andothers
(7.7)
(3.4)
(0.5)
(0.1)
(0.3)
(0.1)
(0.5)
0.0

—

—

—

(0.7)

(0.7)

4.9

(11.0)(1.6)(13.2)(19.4)

Sales
volumeSales prices [of which, due
to foreign exchange](15.1)
0.0
2.2
(0.9)
(5.2)
0.3
(0.5)
0.4

3. Major financial metrics (consolidated)(billions of yen, except employees and D/E ratio)
Q1 2011
Q1 2012
Capital expenditure (tangible)
13.6
22.0
Capital expenditure (intangible)
1.1
3.6
Depreciation and amortization
18.4
17.9
Balance of payments
0.7
0.6
of which, dividends received
1.1
1.0
Employees at end of period
25,37828,401
D/E ratio
0.34
0.57

Asahi Kasei
Consolidated Results

August 2, 2012
11/12

4. Contract trends for home construction operations
Q1 2011

Q1 2012

4,066
94.6
403.1
2,061
51.0

4,553
100.9
433.1
2,379
59.7

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

Increase(decrease)
487
6.3
30.0
318
8.7

First half FY
2012 forecast
8,850
200.0
434.3
6,560
157.5

5. Key operating factors

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

Yen/US$Yen/€

Q1 2011

Q1 2012

Increase(decrease)

First half FY
2012 forecast

59,00060,6001,600

54,800

82
117

80
103

(2)
(15)

79
100

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 2012
74.5
15.0
62.7
25.0
6.9
184.1

At end ofJune 2012
253.2
51.0
63.2
25.0
7.0
399.5

(billions of yen)
Increase(decrease)
178.7
36.0
0.5
—
0.1
215.3

August 2, 201212/12