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, 2011

Consolidated Results for 1st Quarter Fiscal 2011:
April 1, 2011 – June 30, 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 2011376,124 [+6.4%]
30,243 [+32.4%]
30,361 [+46.4%]
19,384 [+109.3%]
13.86—

Q1 2010
Net sales
353,508 [+22.2%]
Operating income
22,845 [—]Ordinary income
20,735 [—]Net income
9,262 [—]Net income per share*
6.62
Diluted net income (loss) per share*—* Yen
Note: Comprehensive income was ¥26,401 million during Q1 2011, and ¥2,077 million during
Q1 2010.
2. Financial position
At end ofTotal assets
Net assets
Net worth/total assets
Net worth per share*

June 2011
1,411,664
693,45548.3%
487.40March 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 June 30, 2011, was ¥681,472 million; as of March 31, 2011, ¥663,566 million.
II. Cash Dividends
Fiscal year
2010
2011
2011 (forecast)

Q1
—
—

Q2
5.00

Cash dividends per share*
Q3
Q4
—
6.00

6.00

—

7.00

Total annual
11.00
13.00
* Yen

Note:

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

Asahi Kasei
Consolidated Results

August 2, 2011
1/12

III. Forecasts for Fiscal 2011 (April 1, 2011 – March 31, 2012)
1. Latest forecasts (percent change from results in year-ago period in brackets)
First half
810,000 [+5.9%]
60,500 [−4.8%]
60,000 [+0.7%]
35,000 [+23.0%]
25.03

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

Full year
1,724,000 [+7.9%]
120,000 [−2.4%]
122,500 [+3.6%]
69,000 [+14.5%]
49.35
* Yen

2. Comparison of previous and revised H1 2011 forecasts

Net sales
Operating income
Ordinary income
Net income

Previous H12011 forecast
827.0
50.5
50.5
28.5

Revised H1
2011 forecast
810.0
60.5
60.0
35.0

Increase(decrease)(17.0)
10.0
9.5
6.5

(billions of yen)cf. H1 2010
results
764.8
63.5
59.6
28.5

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 2011 announced on May 11, 2011, has been revised.
• The forecast for the full year shown above is that which was announced on May 11, 2011.
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: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. The amount shown as “income taxes” includes both“income taxes – current” and “income taxes – deferred.”
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 2011
1,402,616,332
4,435,690
1,398,191,137

FY 2010
1,402,616,332
4,420,688
1,398,370,776** Q1 2010

August 2, 2011
2/12

5. Additional information
Application of Accounting Standard for Accounting Changes and Error Corrections and related
matters: Application of Accounting Standard for Accounting Changes and Error Corrections (ASBJ
Statement No. 24) and Guidance on Accounting Standard for Accounting Changes and Error
Corrections (ASBJ Guidance No. 24) have been applied beginning from the quarter ended June 30,
2011, as accounting changes and corrections of past errors were made.
V. Overview of Consolidated Results
1. Consolidated group results
The recovery of the global economy began slowing down during the April–June quarter due to highfeedstock prices and the resurgence of financial uncertainty triggered by the European sovereign
debt crisis. The Japanese economy showed some signs of recovery, with exports increasing after
manufacturing activity bounced back following a temporary decline due to the Great East Japan
Earthquake. The ongoing appreciation of the yen and power supply shortages, however, resulted
in uncertainty regarding the economic outlook.
The consolidated quarterly results of Asahi Kasei Corp. and its consolidated subsidiaries andequity-method affiliates (the Asahi Kasei Group) reflected strong performance buoyed by increased
deliveries of Hebel Haus™ unit homes in the Homes segment as well as high market prices
supported by robust overseas demand in the Chemicals segment. Net sales for the quarter were¥376.1 billion, an increase of ¥22.6 billion (6.4%) from a year ago. Operating income increasedby ¥7.4 billion (32.4%) from the first quarter a year ago to ¥30.2 billion. Ordinary income
increased by ¥9.6 billion (46.4%) from a year ago to ¥30.4 billion. Net income increased by ¥10.1
billion (109.3%) to ¥19.4 billion.
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 andan “Others” category.
CHEMICALS
Sales increased by ¥7.6 billion (4.3%) from the first quarter a year ago to ¥186.0 billion andoperating income increased by ¥4.1 billion (26.9%) to ¥19.4 billion.
Operating income in chemicals and derivative products operations increased as market prices,
especially for acrylonitrile, remained high, buoyed by favorable demand in Asia. In polymer
products operations, shipments of engineering plastics for domestic automotive applications
decreased due to the impact of the Great East Japan Earthquake, but synthetic rubber for tires
performed well thanks to robust demand in Asia. In specialty products operations, shipments ofion-exchange membranes increased, and home-use products such as Saran Wrap™ as well asfunctional additives for pharmaceuticals also performed well.
HOMES
Sales increased by ¥14.7 billion (22.8%) from the first quarter a year ago to ¥79.2 billion andoperating income increased by ¥4.6 billion to ¥3.6 billion. Orders for order-built homes increasedby ¥5.3 billion (5.9%) to ¥94.6 billion
In order-built homes operations, deliveries of both Hebel Haus™ unit homes and Hebel
Maison™ apartment buildings increased. In pre-built homes operations, deliveries ofcondominiums increased. Housing-related operations also performed well.
HEALTH CARE
Sales increased by ¥0.6 billion (2.2%) from the first quarter a year ago to ¥29.4 billion andoperating income decreased by ¥0.8 billion (23.2%) to ¥2.6 billion.
In pharmaceuticals operations, shipments of Recomodulin™ recombinant thrombomodulin
increased steadily, but R&D expenditure increased. In devices-related operations, shipments of
Planova™ virus removal filters increased substantially, but the strong yen had an impact on
performance in each product category.
Asahi Kasei
Consolidated Results

August 2, 2011
3/12

FIBERSSales increased by ¥1.3 billion (4.7%) from the first quarter a year ago to ¥27.7 billion andoperating income increased by ¥0.2 billion (17.2%) to ¥1.4 billion.
Operations were impacted by the strong yen and high feedstock costs throughout thesegment. Shipments of spunbond and other nonwovens increased, and those of Bemberg™
regenerated cellulose and Leona™ nylon 66 filament were favorable. Roica™ elastic
polyurethane filament also performed well.
ELECTRONICS
Sales decreased by ¥1.1 billion (2.8%) from the first quarter a year ago to ¥39.8 billion andoperating income decreased by ¥0.4 billion (8.5%) to ¥4.8 billion.
In electronic devices operations, shipments increased steadily, especially of mixed-signal
LSIs for smartphones, but operating income was impacted by a decline in product prices and thestrong appreciation of the yen. In electronic materials operations, shipments of Hipore™ Li-ion
battery separator increased, but operating income was impacted by a decline in product prices andhigh feedstock costs.
CONSTRUCTION MATERIALS
Sales decreased by ¥0.9 billion (8.4%) from the first quarter a year ago to ¥10.1 billion andoperating income decreased by ¥0.1 billion (29.1%) to ¥0.2 billion.
Although structural materials operations performed well, other operations throughout thesegment were impacted by the Great East Japan Earthquake. Effects of the earthquake included
temporary suspension of operation at the Neoma Foam Plant, which manufactures phenolic foam
insulation panels, and the Sakai Plant, which manufactures Hebel™ autoclaved aerated concrete
panels, both in Ibaraki Prefecture, as well as suspension or postponement of work on many
construction projects, which impacted foundation systems operations in particular.
OTHERS
Sales in “Others” comprising engineering operations and employment agency/staffing operations
increased by ¥0.4 billion (12.6%) from the first quarter a year ago to ¥4.0 billion, and operating
income increased by ¥0.1 billion (18.6%) to ¥0.4 billion.

Asahi Kasei
Consolidated Results

August 2, 20114/12

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 ofJune 2011

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

115,648257,50893
136,607
98,69551,34925,90058,366(1,077)743,090409,263(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

410,187(232,847)
177,340
1,201,107(1,056,959)
144,149
55,456
9,179(3,501)
5,678
21,665
119,229(105,808)
13,422417,709

5,087
26,015
31,101

4,932
25,12830,060166,317
5,181
22,00527,507(237)
220,773
670,228
1,425,879

170,959
4,870
17,793
27,412(229)
220,805
668,574
1,411,664

August 2, 2011
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 ofJune 2011

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

136,693
100,569
19,000
1,656
11,93281,35359,682
3,418
2,123
508
45,096
462,029

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

25,00087,547
4,015
6,868
107,634
763
1,592
3,363
18,173
1,227
256,180
718,209103,389
79,402478,681(2,115)659,357

103,389
79,403489,915(2,123)
670,583

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

32,785(6)(21,889)
10,88911,983
693,455
1,411,664

August 2, 2011
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 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 2010353,508
262,490
91,01968,173
22,845

Q1 2011376,124
276,562
99,562
69,31930,243

206
1,049
443
961
2,658

313
1,145
716
994
3,168

871
2,296
1,601
4,768
20,735

715
1,207
1,128
3,050
30,361

136
1,051
18
604

35
539
27
—

1,240

—

—
3,873
6,923
13,813
4,130
9,683
421
9,262

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

August 2, 20117/12

(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 2010
9,683

Q1 2011
19,662(8,219)
110
724

3,156
134
2,808

(221)

642

(7,606)
2,077

6,739
26,401

1,706

26,065371

336

August 2, 2011
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 valuation of investment securities
Loss (gain) on disposal of noncurrent assets
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
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Payments of loans receivableCollection of loans receivable
Other, net
Net cash provided by (used in) investing activities

Asahi Kasei
Consolidated Results

Q1 2010

Q1 2011

13,81319,80818
265(67)(4,549)(730)(291)(1,255)
871
(443)
136
1,051
(15,114)(25,075)
14,740(16,520)
13,737
12,287
12,683
1,692(931)(11,619)
1,825

28,54818,361
27
269
(58)
(360)
(346)
284
(1,458)
715
(716)
35
539
15,357(28,214)(1,340)(16,357)
7,349
8,975
31,612
2,274(786)(20,206)
12,894(238)－(14,140)(1,211)
(578)
329
(787)
829
(437)
(16,232)(6,504)
2,804(12,604)(1,572)
(457)
196
(711)
749
(696)
(18,795)

August 2, 2011
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 2010

Q1 2011822
13,000
207
(574)
(287)
(17)
3
(6,992)
(361)
98
5,898
295
(8,214)
93,125448(4,000)831(14,036)
(427)
(9)
1
(8,389)(470)(198)(26,251)
1,065(31,087)
134,450

876

1,528

—

469

85,788105,360

August 2, 2011
10/12

VII. Additional Information
1. Consolidated net sales and operating income (loss) by segment
1) Consolidated net sales

Chemicals
Homes
Health Care
FibersElectronics
Construction Materials
OthersTotal

Q1 2010

Q1 2011

178.4
64.5
28.7
26.5
40.9
11.0
3.5
353.5

186.0
79.2
29.4
27.7
39.8
10.1
4.0
376.1

Increase(decrease)
7.6
14.7
0.6
1.3
(1.1)
(0.9)
0.4
22.6

(billions of yen)First half FY
2011 forecast
389.0
192.0
60.0
55.0
81.0
24.0
9.0
810.0

Increase(decrease)
4.1
4.6
(0.8)
0.2
(0.4)
(0.1)
0.1
7.6
(0.2)
7.4

(billions of yen)First half FY
2011 forecast
35.0
15.0
4.5
2.0
7.5
1.0
1.0
66.0
(5.5)
60.5

2) Consolidated operating income (loss)

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

Q1 2010

Q1 2011

15.3
(0.9)
3.3
1.2
5.2
0.3
0.3
24.8
(2.0)
22.8

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

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

Chemicals
Homes
Health Care
FibersElectronics
Construction Materials
OthersCorporate expenses andeliminations
Consolidated

Asahi Kasei
Consolidated Results

Net
increase(decrease)

1.4
3.5
2.1
0.0
3.4
(0.1)
0.1

8.7
0.6
(0.8)
0.4
(5.2)
(0.2)
0.0

(5.0)
—
(0.2)
(0.6)
(1.3)
—
0.0

Operatingcosts andothers
(5.9)
0.5
(2.1)
(0.2)
1.4
0.2
(0.0)

—

—

—

(0.2)

(0.2)

10.3

3.6

(7.1)

(6.5)

7.4

Sales
volumeSales prices [of which, due
to foreign exchange]

4.1
4.6
(0.8)
0.2
(0.4)
(0.1)
0.1

August 2, 2011
11/12

3. Major financial metrics (consolidated)(billions of yen, except employees and D/E ratio)
Q1 2010
Q1 2011
Capital expenditure (tangible)
16.7
13.6
Capital expenditure (intangible)
1.0
1.1
Purchase of investment securities
0.6
0.5
Depreciation and amortization
20.1
18.6
Balance of payments
0.4
0.7
of which, dividends received
1.0
1.1
Employees at end of period
25,39325,378D/E ratio
0.44
0.34
4. Contract trends for home construction operations
Q1 2010

Q1 2011

3,840
89.3
355.7
1,566
40.8

4,066
94.6
403.1
2,061
51.0

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

Increase(decrease)
226
5.3
47.5
495
10.2

First half FY
2011 forecast
8,110
186.0
407.0
5,570
138.5

5. Key operating factors

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

Yen/US$Yen/€

Q1 2010

Q1 2011

Increase(decrease)

First half FY
2011 forecast

49,60059,0009,400

57,000

92
117

82
117

(10)
0

81
116

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 ofJune 2011
100.6
19.0
87.5
25.0
5.7
237.8

(billions of yen)
Increase(decrease)
(8.3)
(4.0)
(4.2)
—
0.3
(16.1)

August 2, 201112/12