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 3, 2012

Consolidated Results for 1st to 3rd Quarters Fiscal 2011:
April 1, 2011 – December 31, 2011
(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 2011
1,203,902 [+3.9%]
87,102 [−7.9%]
88,001 [−2.0%]
48,059 [−4.4%]
34.38—

Q1–Q3 2010
Net sales
1,158,739 [+13.3%]
Operating income
94,528 [+136.5%]
Ordinary income
89,830 [+136.1%]
Net income
50,250 [+143.9%]
Net income per share*
35.94
Diluted net income per share*—* Yen
Notes: Comprehensive income was ¥45,569 million (+16.2%) during Q1–Q3 2011, and ¥39,222
million during Q1–Q3 2010.
2. Financial position
At end ofTotal assets
Net assets
Net worth/total assets
Net worth per share*

December 2011
1,437,772
702,45448.0%
493.71March 2011
1,425,879
675,60246.5%
474.59* Yen
Notes:• Net worth consists of shareholders’ equity and accumulated other comprehensive income.
• Net worth as of December 31, 2011, was ¥690,065 million; as of March 31, 2011, ¥663,566 million.
II. Cash Dividends
Fiscal year
2010
2011
2011 (forecast)
Note:

Q1
—
—

Q2
5.00
7.00

Cash dividends per share*
Q3
Q4
—
6.00
7.00

Total annual
11.00
14.00

* Yen
No revision of cash dividend forecast was made subsequent to the latest announced forecast.

Asahi Kasei
Consolidated Results

February 3, 2012
1/12

III. Forecasts for Fiscal 2011 (April 1, 2011 – March 31, 2012)
1. Latest forecast (percent change from results in year-ago period in brackets)
Net sales
Operating income
Ordinary income
Net income
Net income per share*

1,624,000 [+1.6%]
104,000 [−15.4%]
104,000 [−12.0%]
53,000 [−12.1%]
37.92
* Yen

2. Comparison of previous and revised fiscal 2011 forecasts

Net sales
Operating income
Ordinary income
Net income

Previous
forecast
1,684.0
124.0
125.5
74.5

Revisedforecast
1,624.0
104.0
104.0
53.0

Increase(decrease)(60.0)(20.0)(21.5)(21.5)(billions of yen)cf. fiscal
2010 results
1,598.4
122.9
118.2
60.3

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 2011 announced on November 2, 2011, has been revised.
IV. Other Information
1. Changes in significant subsidiaries which affected scope of consolidation during the period:None.

2. Special accounting methods for preparation of the consolidated 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:

None.

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

Asahi Kasei
Consolidated Results

Q1–Q3 2011
1,402,616,332
4,892,750
1,397,926,305

FY 2010
1,402,616,332
4,420,688
1,398,344,507** Q1–Q3 2010

February 3, 2012
2/12

V. Overview of Consolidated Results
1. Consolidated group results
The global economy followed a path of obscurity during the April–December period, with a decline
due to the sovereign debt crisis in Europe and slowing growth in China and other emerging markets
which had maintained solid growth through the early part of the period. In Japan, althoughmanufacturing activity recovered from the stagnant period following the Great East Japan
Earthquake, economic circumstances were challenging due to flooding in Thailand and theexceptional strength of the yen.
Consolidated net sales of Asahi Kasei Corp. and its consolidated subsidiaries and equitymethod affiliates (the Asahi Kasei Group) increased by ¥45.2 billion (3.9%) to ¥1,203.9 billion
with increased deliveries in the Homes segment reflecting strong orders. However, operating
income decreased by ¥7.4 billion (7.9%) to ¥87.1 billion and ordinary income decreased by ¥1.8
billion (2.0%) to ¥88.0 billion with the effect of high feedstock costs and the strong yen in theChemicals segment and the effect of declining product prices in the Electronics segment. Net
income decreased by ¥2.2 billion (4.4%) to ¥48.1 billion with the effect of reversal of deferred tax
assets due to amendment to the Japanese tax system.
2. Results by operating segment
The Asahi Kasei Group’s operations are described by major business classification: six reportablesegments of Chemicals, Homes, Health Care, Fibers, Electronics, and Construction Materials,
together with an “Others” category.
CHEMICALS
Sales increased by ¥4.9 billion (0.9%) from a year ago to ¥559.8 billion, but operating income
decreased by ¥10.6 billion (19.6%) to ¥43.3 billion.
In chemicals and derivative products operations, overseas market prices for monomer
products such as acrylonitrile rose during the early part of the period, but terms of trade
deteriorated with a significant impact from rising costs for naphtha and other feedstocks and fromthe strong yen. In polymer products operations, synthetic rubber for tires performed well, but
shipments of engineering plastics decreased as an effect of the Great East Japan Earthquake, andproducts throughout the category were impacted by high feedstock costs and the strong yen. In
specialty products operations, shipments of ion-exchange membranes increased, and home-use
products such as Saran Wrap™ performed well.
HOMES
Sales increased by ¥45.0 billion (17.0%) from a year ago to ¥309.0 billion, and operating income
increased by ¥10.8 billion (60.4%) to ¥28.8 billion. Orders for order-built homes increased by¥9.5 billion (3.6%) to ¥269.4 billion.
In order-built homes operations, deliveries of both Hebel Haus™ unit homes and Hebel
Maison™ apartment buildings increased. In pre-built homes operations, sales of condominiums
increased. Housing-related operations also performed well.
HEALTH CARE
Sales increased by ¥2.4 billion (2.7%) from a year ago to ¥90.7 billion, and operating income
increased by ¥1.7 billion (22.4%) to ¥9.4 billion.
In pharmaceuticals operations, an increase in medical representatives resulted in higher
selling, general and administrative expenses. Shipments of Recomodulin™ recombinant
thrombomodulin and Flivas™ agent for benign prostatic hyperplasia increased, and the launch ofsales of Teribone™, a new osteoporosis drug, contributed to increased shipments. In devicesrelated operations, performance was impacted by the strong yen, but shipments of Planova™ virus
removal filters increased.

Asahi Kasei
Consolidated Results

February 3, 2012
3/12

FIBERSSales increased by ¥1.7 billion (2.0%) from a year ago to ¥83.4 billion, but operating income
decreased by ¥0.9 billion (25.4%) to ¥2.7 billion.
Bemberg™ regenerated cellulose performed well and shipments of Leona™ nylon 66
filament in airbag applications and of nonwovens such as spunbond increased, but performance was
impacted by high feedstock costs and the strong yen.
ELECTRONICS
Sales decreased by ¥8.4 billion (6.9%) from a year ago to ¥113.2 billion, and operating income
decreased by ¥7.3 billion (52.6%) to ¥6.6 billion.
In electronic devices operations, sales of mixed-signal LSIs for smartphones were especially
firm, as were sales of Hipore™ Li-ion battery separator in electronic materials operations.
However, performance throughout the segment was impacted by a general deterioration in theoperating climate which resulted in sluggish growth in shipment volumes, and by declining productprices and the strong yen.
CONSTRUCTION MATERIALS
Sales decreased by ¥2.1 billion (5.7%) from a year ago to ¥35.0 billion, and operating income
decreased by ¥0.7 billion (28.3%) to ¥1.7 billion.
Both shipment volumes and product prices of Hebel™ autoclaved aerated concrete panels
were recovering, but performance in foundation systems and insulation materials operations was
sluggish.
OTHERS
Sales in “Others,” comprising engineering operations and employment agency/staffing operations,increased by ¥1.8 billion (15.9%) from a year ago to ¥12.9 billion, and operating income increasedby ¥1.1 billion (115.4%) to ¥2.1 billion.

Asahi Kasei
Consolidated Results

February 3, 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 2011

At end ofDec. 2011

140,319
273,414371
129,898
76,55149,79923,131
63,240(1,072)755,651

115,439
266,60963
142,468
102,361
53,53424,85560,646(1,112)764,863409,263(231,474)
177,789
1,192,132(1,047,912)
144,220
55,2438,581(3,118)
5,463
22,173
118,718(105,252)
13,466418,354

411,174(233,721)
177,454
1,198,245(1,064,656)
133,589
54,90910,769(4,359)6,411
27,316
121,898(108,467)
13,431
413,109

5,087
26,015
31,101

10,32931,08141,410166,317
5,181
22,00527,507(237)
220,773
670,228
1,425,879

165,905
5,780
20,794
26,137(225)
218,391
672,910
1,437,772

February 3, 2012
5/12

Liabilities
Current liabilities
Notes and accounts payable, trade
Short-term loans payable
Commercial paper
Lease obligations
Income taxes payable
Accrued expenses
Advances received
Provision for repairs
Provision for product warranties
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 repairs
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
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Total accumulated other comprehensive income
Minority interests
Total net assets
Total liabilities and net assets

Asahi Kasei
Consolidated Results

At end ofMarch 2011

At end ofDec. 2011

136,407108,889
23,000
1,522
24,08597,74552,346
3,239
2,465
512
39,668489,878

157,857
66,13144,0002,011
10,15081,03661,315
5,054
2,122
508
52,564
482,747

25,00091,722
3,802
6,374
107,309
1,119
2,131
3,316
18,3401,284
260,399
750,277

25,00083,215
4,415
8,091
106,945
753
1,699
3,165
18,073
1,214
252,571
735,318

103,389
79,402478,681(2,115)659,357

103,389
79,404
508,806(2,372)689,226

29,647(140)(25,299)
4,209
12,036675,602
1,425,879

34,302(14)(33,449)
839
12,389702,454
1,437,772

February 3, 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
Foreign exchange losses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of investment securities
Gain on sales of noncurrent assets
Reversal of allowance for doubtful accounts
Gain on transfer of business
Gain on step acquisitions
Total extraordinary income
Extraordinary loss
Loss on valuation of investment securities
Loss on disposal of noncurrent assets
Impairment loss
Environmental expenses
Loss on adjustment for changes of accounting for asset
retirement obligations
Loss on disaster
Business structure improvement expenses
Total extraordinary loss
Income before income taxes
Income taxes
Income before minority interests
Minority interests in income
Net income

Asahi Kasei
Consolidated Results

Q1–Q3
2010
1,158,739
855,679
303,059
208,532
94,528

Q1–Q3
2011
1,203,902
901,817
302,085
214,984
87,102

793
1,852
2,171
2,385
7,201

1,065
2,169
954
3,835
8,022

2,574
4,748
4,577
11,89989,830

2,072
1,781
3,270
7,123
88,001

260
417
155
781
—
1,612

98
409
—
—
2,277
2,784

422
2,962
59
706

3,606
2,237
179
—

1,240

—

—
8,725
14,114
77,32825,68151,647
1,397
50,250

997
648
7,667
83,11833,76849,3501,291
48,059February 3, 20127/12

(2) Statements of comprehensive income

Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of theparentComprehensive income attributable to minority interests

Asahi Kasei
Consolidated Results

Q1–Q3
2010
51,647

Q1–Q3
2011
49,350(5,102)165(5,441)

4,759
126(5,932)(2,047)(2,734)(12,424)
39,222(3,781)45,56938,101

44,6891,122880

February 3, 2012
8/12

3. 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 (decrease) in provision for repairs
Increase (decrease) in provision product warranties
Increase (decrease) in provision for retirement benefits
Interest and dividend income
Interest expense
Equity in (earnings) losses of affiliates
Loss (gain) on sales of investment securities
Loss (gain) on valuation of investment securities
Loss (gain) on sales of noncurrent assets
Loss (gain) on disposal of noncurrent assets
Loss (gain) on transfer of business
Loss (gain) on step acquisitions
Decrease (increase) in notes and accounts receivable, trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable, trade
Increase (decrease) in accrued expenses
Increase (decrease) in advances received
Other, net
SubtotalInterest and dividend income, received
Interest expense, paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities
Cash flows from investing activities:
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Purchase of investments in subsidiaries resulting in change inscope of consolidation
Additional purchase of investments in consolidated subsidiaries
Proceeds from transfer of business
Payments of loans receivableCollection of loans receivable
Other, net
Net cash provided by (used in) investing activities

Asahi Kasei
Consolidated Results

Q1–Q3
2010

Q1–Q3
2011

77,32861,911
59
832(199)(4,398)(1,161)(1,329)(2,645)2,574(2,171)
(260)
422
(417)
2,962
(781)
—
(42,942)(35,457)
35,803(10,062)
23,563
1,124
104,756
3,370(2,667)(24,455)
81,003

83,11857,906
179
804
(173)
1,383
(345)
(322)
(3,233)
2,071
(954)
(98)
3,606
(409)
2,237
—
(2,277)
3,464(42,429)
22,665(16,474)
8,988
10,224
129,930
4,122(2,157)(46,287)
85,608(6,322)—(44,510)709(3,026)(3,541)
723(11,762)
9,986(43,431)
1,021(5,468)(4,309)483—(7,080)

(408)
2,646
(3,747)4,172(1,021)(54,325)——(4,006)
3,739(1,234)(62,061)

February 3, 2012
9/12

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
Repayments of lease obligations
Purchase of treasury stock
Proceeds from disposal of treasury stock
Cash dividends paid
Cash dividends paid to minority shareholders
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase (decrease) in cash and cash equivalents resulting fromchange of scope of consolidation
Effect of change in the reporting period of consolidated
subsidiaries and affiliates
Cash and cash equivalents at end of period

Asahi Kasei
Consolidated Results

Q1–Q3
2010

Q1–Q3
2011

(32,270)
25,0004,417(13,997)
(974)
(94)
15
(13,984)(387)
35(32,238)(1,738)(7,298)93,125(32,173)
21,0001,355(19,630)(1,346)(281)
18(18,173)(772)
295(49,707)(2,075)(28,235)
134,450

876

1,528

—

469

86,704

108,212February 3, 2012
10/12

VII. Additional Information
1. Consolidated net sales and operating income (loss) by segment
1) Consolidated net sales
Q1–Q3
2010
554.9
264.0
88.3
81.7
121.6
37.1
11.1
1,158.7

Chemicals
Homes
Health Care
FibersElectronics
Construction Materials
Others
Total

Q1–Q3
2011
559.8
309.0
90.7
83.4
113.2
35.0
12.9
1,203.9

Increase(decrease)
4.9
45.0
2.4
1.7
(8.4)
(2.1)
1.8
45.2

(billions of yen)
Fiscal 2011
forecast
728.0
453.0
120.0
111.0
147.0
46.0
19.0
1,624.0

Increase(decrease)(10.6)
10.8
1.7
(0.9)
(7.3)
(0.7)
1.1
(5.8)
(1.6)
(7.4)

(billions of yen)
Fiscal 2011
forecast
45.0
47.0
9.0
3.0
5.5
1.5
3.0
114.0
(10.0)
104.0

2) Consolidated operating income (loss)

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

Q1–Q3
2010
53.9
18.0
7.6
3.6
13.9
2.4
1.0
100.3
(5.8)
94.5

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

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

(1.1)
12.7
4.2
0.3
5.3
(0.7)
0.9
21.7

19.6
2.4
(2.0)
0.4
(12.7)
(0.1)
0.0
7.7

(11.5)
—
(0.6)
(1.5)
(2.6)
—
0.0
(16.2)

—

—

—

(1.6)

(1.6)

21.7

7.7

(16.2)(36.8)

(7.4)

Sales
volumeChemicals
Homes
Health Care
FibersElectronics
Construction Materials
OthersCombined
Corporate expenses andeliminations
Consolidated
Asahi Kasei
Consolidated Results

Net
increase(decrease)

Operatingcosts andothers(29.1)
(4.3)
(0.5)
(1.6)
0.0
0.0
0.3
(35.2)

Sales prices [of which, due
to foreign exchange](10.6)
10.8
1.7
(0.9)
(7.3)
(0.7)
1.1
(5.8)

February 3, 2012
11/12

3. Major financial metrics (consolidated)(billions of yen, except employees and D/E ratio)
Q1–Q3
Q1–Q3
Fiscal 2011
2010
2011
forecast
43.4
49.3
87.0
3.0
5.4
8.0
62.7
58.7
81.0
0.0
1.1
1.2
1.9
2.2
2.5
46.0
48.1
66.0
25,03825,4770.38
0.33

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

4. Contract trends for home construction operations
Q1–Q3
2010

Q1–Q3
2011

Increase(decrease)

Fiscal 2011
forecast

11,247
260.0
374.5
7,564
192.7

11,705
269.4
400.3
9,183
228.7

458
9.5
25.8
1,619
36.0

16,065363.5
384.1
14,525339.0

No. of orders received (home units)
Value of orders received (¥ billion)
Backlog of orders (¥ billion)
No. of sales (home units)
Value of sales (¥ billion)
5. Key operating factors

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

Yen/US$
Yen/€

Q1–Q3
2010

Q1–Q3
2011

Increase(decrease)

Fiscal 2011
forecast

45,80055,2009,400

54,525

87
113

79
111

(8)
(3)

79
108

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 2011
108.9
23.0
91.7
25.0
5.3
253.9

At end ofDec. 2011
66.1
44.0
83.2
25.0
6.4
224.8

(billions of yen)
Increase(decrease)(42.8)
21.0
(8.5)
—
1.1
(29.2)

February 3, 201212/12