[Translation for reference only]
ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is a translation of the original Japanese-language document and is provided for convenience only. In all cases, theJapanese-language original shall take precedence.

May 8, 2015
Consolidated Financial Flash Report for theYear Ended March 31, 2015
Name of Listed Company ZEON CORPORATION
Ticker Code 4205
(URL http://www.zeon.co.jp)
Representative
President
Contact
Managing Director and Corporate Officer
Scheduled Date of theGeneral Shareholders
Meeting
Scheduled Date of theSubmission of the
Securities Report

Listed Stock
Exchanges
Name
Name
TEL
Scheduled Date ofDividend Payments

June 26, 2015

Tokyo Stock Exchange
Kimiaki Tanaka
Tadayuki Minami+81-3-3216-2747
From June 29, 2015

June 26, 2015

Note: Figures are rounded down to the nearest million yen.

1. Consolidated Performance for the Year Ended March 31, 2015 (From April 1, 2014 to March 31, 2015)(1) Consolidated operating results(Percentage figures respectively indicate year-over-year changes from the same period of the previous fiscal year.)Net salesYear ended March
31, 2015
Year ended March
31, 2014
Notes:

Operating income

Ordinary income

Millions of yen

Millions of yen%

Net income

Millions of yen%%

Millions of yen

307,524

3.7

28,245 (5.5)

31,098 (4.5)

19,080 (2.9)

296,427

18.2

29,901

26.2

32,561

19,650Net income per
share

Fully diluted net
income per share

Return on
equityOrdinary
income tototal assets

Operatingincome to
sales

Yen

Yen

%

%

%

29.1

%

33.2

Comprehensive income:Year ended March 31, 2015: 37,573 million yen (32.8%);
Year ended March 31, 2014: 28,291 million yen (−3.8%)

Year ended March
31, 2015
Year ended March
31, 2014

84.13

83.98

9.8

8.1

9.2

85.15

85.01

11.7

9.0

10.1

Reference: Equity in earnings (losses) of unconsolidated subsidiaries and affiliates, net:
Year ended March 31, 2015: - million yen
Year ended March 31, 2014: - million yen(2) Consolidated financial position
Total assets
As of March 31,
2015
As of March 31,
2014

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen

399,512215,63152.9

931.34

370,872

181,41447.9

783.11

Reference: Equity:
As of March 31, 2015: 211,217 million yen%

As of March 31, 2014: 177,604 million yen

-1-

Yen

[Translation for reference only]
ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is a translation of the original Japanese-language document and is provided for convenience only. In all cases, theJapanese-language original shall take precedence.

(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at theend of the year

Millions of yen

Millions of yen

Millions of yen

Millions of yen

34,006(26,767)(12,019)

3,491

36,396(31,513)(10,105)

8,117

Year ended March
31, 2015
Year ended March
31, 2015

2. Cash Dividends
Cash dividend per share

Record date

Dividend
Total annual
payout ratio
Year-end Full year cash dividends (Consolidated)

Ratio ofdividends to
net assets

1Q endInterim3Q end

Yen

Yen

Yen

Yen

Yen

Millions of yen%(Consolidated)
%

—

7.00

—

6.00

13.00

2,982

15.3

1.8

—

7.00

—

7.00

14.00

3,175

16.6

1.6

—

7.00

—

8.00

15.00

Year ended March
31, 2014
Year ended March
31, 2015
Year ending March
31, 2016 (Forecast)

14.8

3. Projected Consolidated Performance for the Year Ending March 31, 2016
(From April 1, 2015 to March 31, 2016)(Percentage figures respectively indicate changes from the previous year.)Net salesInterimperiodendingSeptember
30, 2015
Year ending
March 31,2016 (Fullyear)

Operating income

Ordinary income

Net
incomepershare

Net income

Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%Yen

155,000

1.1

15,0003.4

15,000(3.6)

11,000

21.9

48.50

320,000

4.1

32,00013.3

32,0002.9

23,00020.5

101.42-2-

[Translation for reference only]
ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is a translation of the original Japanese-language document and is provided for convenience only. In all cases, theJapanese-language original shall take precedence.

4. Other Matters(1) Significant changes of specified subsidiaries (Changes of Specified Subsidiaries Accompanied by Change in
Scope of Consolidation): None
(2) Changes in accounting principle, procedures and presentation on preparation of consolidated financial
statements(i) Changes in policy due to amendment in accounting standards: Yes(ii) Changes in policy other than above (i): No(iii) Changes in accounting estimates: No(iv) Restatements: No(3) Number of shares outstanding (Common stock)(i) Number of shares outstanding at the end of the year (Including treasury stock)
As of March 31, 2015: 242,075,556 shares
As of March 31, 2014: 242,075,556 shares(ii) Number of treasury stock
As of March 31, 2015: 15,286,593 shares
As of March 31, 2014: 15,283,615 shares(iii) Average number of shares outstanding in each year
Year ended March 31, 2015: 226,790,078 sharesYear ended March 31, 2014: 230,763,417 shares
Reference: Summary of Non-consolidated PerformanceNon-consolidated Performance for the Year ended March 31, 2015
(From April 1, 2014 to March 31, 2015)(Percentage figures respectively indicate changes from the previous year.)(1) Non-consolidated operating results
Net salesYear ended March
31, 2015
Year ended March
31, 2014

Operating income

Ordinary income%

Millionsof yen%Millionsof yen214,224

4.6

23,705(6.9)

204,738

13.2

25,44944.5

Millionsof yenNet income per share
Year ended March 31, 2015
Year ended March 31, 2014

Year ended March 31, 2015
Year ended March 31, 2014%%

26,729(5.5)

17,768(3.3)

28,27547.0

18,36759.0

Fully diluted net income per share

Yen

Yen

78.35
79.59

78.21
79.46

(2) Non-consolidated financial position
Total assets

Net income
Millionsof yenNet Assets

Equity ratio

Millions of yen

Millions of yen%

Yen

330,472
307,315

175,070
147,80552.9
48.0

770.61650.55

Reference: Equity
As of March 31, 2015: 174,766 million yen

Net assets per share

As of March 31, 2014: 147,539 million yen

Note regarding indication of status of implementation of the review procedure
The review of consolidated financial statements based on the Financial Instruments and Exchange Act had notbeen completed as of the date of disclosure of this financial report.
Note concerning appropriate use of performance forecasts, etc.
The projected performance figures in this report are based on information available to Zeon’s management at
the time this report was prepared and are not intended to be interpreted as goals the company will achieve.
Accordingly, users should be aware that actual results may differ materially from any expressed future
performance herein due to various factors.
-3-

[Translation for reference only]
ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is a translation of the original Japanese-language document and is provided for convenience only. In all cases, theJapanese-language original shall take precedence.

5. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)Previous fiscal year (As of
March 31, 2014)

Current fiscal year (As of
March 31, 2015)

9,105
70,602457
44,6594,099
12,20130,303
3,721
3,294
(45)
178,396

4,151
70,970720
43,2994,393
13,54332,284
3,231
4,115
(95)
176,609

38,95345,31918,192
14,1096,148
122,72142,45555,187
18,371
11,965
6,249
134,227

5,943
5,943

5,262
5,262

56,030
293
536
7,247
(295)
63,812
192,476
370,872

75,972
44
618
7,177
(397)
83,414
222,903399,512(Assets)
Current assets
Cash and bank deposits
Notes and accounts receivable—trade
Electronically recorded monetary claims
Merchandise and products
Work in process
Raw materials and supplies
Accounts receivable—other
Deferred tax assets
Other current assets
Allowance for doubtful accounts
Total current assets
Fixed assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
LandConstruction in progress
Other property, plant and equipment, net
Total property, plant and equipment
Intangible assets
Other intangible assets
Total intangible assets
Investments and other assets
Investment securities
Net defined benefit asset
Deferred tax assets
Other investments and assets
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total assets-4-[Translation for reference only]
ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is a translation of the original Japanese-language document and is provided for convenience only. In all cases, theJapanese-language original shall take precedence.

(Millions of yen)Previous fiscal year (As of
March 31, 2014)

Current fiscal year (As of
March 31, 2015)

64,769—30,302
5,000
8,929
1,813
2,632
20,223
133,668

60,466796
18,22010,000
3,902
1,977
531
23,282
119,174

10,00020,2638,290
12,368507
4,361
55,789189,457

10,00020,66912,908
14,2091,461
5,460
64,707
183,881

24,211
18,514132,476(12,734)
162,467

24,211
18,514
148,285(12,737)
178,273

15,081

28,350(1)
2,261(2,205)(0)
7,666(3,072)

15,13632,943266
3,545
181,414370,872304
4,111
215,631399,512(Liabilities)
Current liabilities
Notes and accounts payable—trade
Electronically recorded monetary claims
Short-term loans payable
Commercial paper
Income taxes payable
Reserve for bonuses
Other reserves
Other current liabilities
Total current liabilities
Long-term liabilities
Bonds payable
Long-term loans payable
Deferred tax liabilities
Net defined benefit liability
Other reserves
Other long-term liabilities
Total long-term liabilities
Total Liabilities(Net Assets)
Shareholders’ equity
Common stock
Capital surplus
Retained earnings
Treasury stock, at cost
Total shareholders’ equity
Accumulated other comprehensive income
Net unrealized holding gain on
available-for-sale securities
Deferred gains on hedges
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeStock acquisition rights
Minority interests
Total net assets
Total liabilities and net assets-5-[Translation for reference only]
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This is a translation of the original Japanese-language document and is provided for convenience only. In all cases, theJapanese-language original shall take precedence.

(2) Consolidated Statements of Income
Previous fiscal year
(From April 1, 2013 toMarch 31, 2014)
296,427
213,307
83,12053,21929,901

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Nonoperating income
Interest income
Dividend income
Foreign exchange gain
Gain on sale of goods
Subsidy income
Miscellaneous income
Total nonoperating income
Nonoperating expenses
Interest expense
Depreciation from idle assets
Miscellaneous loss
Total nonoperating expenses
Ordinary income
Extraordinary gains
Gain on sale of fixed assets
Gain on sale of available-for-sale securities
Other
Total extraordinary gains
Extraordinary losses
Loss on disposal of fixed assets
Impairment loss
Other
Total extraordinary losses
Income before income taxes and minority interests
Income taxes—current
Income taxes—deferred
Total taxes
Income before minority interests in net income of
consolidated subsidiaries
Minority interests in net income of consolidated
subsidiaries
Net income-6-(Millions of yen)
Current fiscal year
(From April 1, 2014 toMarch 31, 2015)
307,524
224,887
82,63654,391
28,245

100
1,268
1,991
490
178
403
4,430

131
1,610
457
477
986
636
4,297

724
630
416
1,770
32,561

721
539
183
1,443
31,098

42
334
168
544

892
136
98
1,126

479
8
91
577
32,52812,752(217)
12,535

1,027
1,263
144
2,434
29,791
10,093282
10,37519,992

19,416343

337

19,65019,080[Translation for reference only]
ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is a translation of the original Japanese-language document and is provided for convenience only. In all cases, theJapanese-language original shall take precedence.

(3) Statement of Comprehensive Income(Millions of yen)

Income before minority interests in net income of
consolidated subsidiaries
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains (losses) on hedges
Foreign currency translation adjustments
Pension liabilities adjustments
Remeasurements of defined benefit plans
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:
Owners of the parent
Minority interests-7-

Previous fiscal year
(From April 1, 2013
to March 31, 2014)
19,992Previous fiscal year
(From April 1, 2014
to March 31, 2015)
19,416

(741)
(1)
7,929
1,111
—
8,298
28,291

13,439
1
5,583
—
(867)
18,157
37,57327,707583

36,881692

[Translation for reference only]
ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is a translation of the original Japanese-language document and is provided for convenience only. In all cases, theJapanese-language original shall take precedence.

(4) Consolidated Statements of Changes in Net Assets
Previous fiscal year (From April 1, 2013 to March 31, 2014)(Millions of yen)
Shareholders’ equity
Capital stock

Capital surplus

24,211

Balance at the beginning of current period

Retained earnings

18,372

Total shareholders’ equity

Treasury stock

115,836(8,108)150,312

Cumulative effects of changes inaccounting policies—
24,211

Restated balance

18,372

115,836(8,108)150,312

Changes of items during the period
Dividends from surplus(3,009)(3,009)Net income

19,65019,650(7)

Disposal of treasury stock
Purchase of treasury stock

149

Changes due to share exchanges

54

46(5,007)(5,007)327

476

Net changes of items other thanshareholders’ equity
Total changes of items during the period
Balance at the end of current period—

142

16,640(4,626)

12,15524,211

18,514132,476(12,734)

162,467

Accumulated other comprehensive income

Balance at the
beginning of current
periodValuationdifference on
available-forsale securities

Deferred
gains orlosses onhedgesForeigncurrencytranslation
adjustment

Pensionliability
adjustments

Remeasurements ofdefinedbenefit
plans

Total
accumulated
othercomprehensive income

Subscription
rights tosharesMinority
interests

Total net
assets

15,848(0)(5,468)(2,199)

—

8,182

262

3,301

162,057

Cumulative effects
of changes inaccounting policies
Restated balance—
15,848(0)(5,468)(2,199)

—

8,182

262

3,301

162,057

Changes of items
during the period
Dividends fromsurplus(3,009)Net income

19,650

Disposal of treasury
stock

46

Purchase of treasury
stock(5,007)

Changes due toshare exchanges

476

Net changes of
items other thanshareholders’ equity

(768)

(1)

7,729

2,199

(2,205)

6,955

4

244

7,202

Total changes of
items during theperiod

(768)

(1)

7,729

2,199

(2,205)

6,955

4

244

19,358

Balance at the end ofcurrent period

15,081

(1)

2,261

—

(2,205)

15,136

266

3,545

181,414-8-

[Translation for reference only]
ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is a translation of the original Japanese-language document and is provided for convenience only. In all cases, theJapanese-language original shall take precedence.

Current fiscal year (From April 1, 2014 to March 31, 2015)(Millions of yen)
Shareholders’ equity
Capital stock

Capital surplus

24,211

Balance at the beginning of current period

Retained earnings

18,514

Treasury stock

132,476

Cumulative effects of changes inaccounting policies

Total shareholders’ equity(12,734)

162,467(322)
24,211

Restated balance

18,514(322)

132,154(12,734)

162,145

Changes of items during the period
Dividends from surplus(2,948)(2,948)Net income

19,08019,080—

Disposal of treasury stock(3)

Purchase of treasury stock(3)—

Change due to share exchanges
Net changes of items other thanshareholders’ equity
Total changes of items during the period
Balance at the end of current period——

16,131(3)

16,12824,211

18,514

148,285(12,737)

178,273

Accumulated other comprehensive income

Balance at the
beginning of current
periodValuationdifference on
available-forsale securities

Deferred
gains orlosses onhedgesForeigncurrencytranslation
adjustment

Pensionliability
adjustments

Remeasurements ofdefinedbenefit
plans

Total
accumulated
othercomprehensive income

Subscription
rights tosharesMinority
interests

Total net
assets15,081

(1)

2,261

—

(2,205)

15,136

266

3,545

181,414

Cumulative effects
of changes inaccounting policies
Restated balance(322)
15,081

(1)

2,261

—

(2,205)

15,136266

3,545

181,092

Changes of items
during the period
Dividends fromsurplus(2,948)Net income

19,080

Disposal of treasury
stock

—

Purchase oftreasury stock(3)

Change due toshare exchanges—

Net changes of
items other thanshareholders’ equity

13,269

1

5,404

—

(867)

17,80738

565

18,411

Total changes of
items during theperiod13,269

1

5,404

—

(867)

17,80738

565

34,539Balance at the end ofcurrent period

28,350

(0)

7,666

—

(3,072)

32,943304

4,111

215,631-9-

[Translation for reference only]
ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is a translation of the original Japanese-language document and is provided for convenience only. In all cases, theJapanese-language original shall take precedence.

(5) Cash Flow Statement

Net cash provided by operating activities
Income before income taxes and minority interests
Depreciation and amortization
Impairment loss
Gain on goodwill
Increase (decrease) in provision for retirement benefits
Increase (decrease) in reserve for repair
Increase (decrease) in net defined benefit liability
Interest and dividends income
Interest expenses
Subsidy income
Decrease (increase) in notes and accounts
Decrease (increase) in inventories
Increase (decrease) in notes and accounts
Other, net
SubtotalInterest and dividends income received
Interest expenses paid
Proceeds from subsidy
Income taxes paid
Net cash provided by operating activities
Net cash provided by (used in) investing activities
Purchase of property, plant and equipment
Proceeds from property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
change in scope of consolidation
Payments of loans receivableCollection of loans receivable
Net increase (decrease) in time deposits
Purchase of long-term prepaid expenses
Other, net
Net cash provided by (used in) investing activities
Net cash used in financing activities
Net increase (decrease) in short-term loans payable
Increase (decrease) in commercial papers
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of bonds
Redemption of bonds
Purchase of treasury shares
Cash dividends paid shareholders
Cash dividends paid to minority shareholders
Other, net
Net cash used in financing activities
Effect of exchange rate change on cash and cash
-10-

Previous fiscal year
(From April 1, 2013 toMarch 31, 2014)(Millions of yen)
Current fiscal year
(From April 1, 2014
to March 31, 2015)

32,52817,0688
629(12,103)
1,522
12,736(1,368)
724
(178)
1,266
(1,386)(12,278)
4,074
43,241
1,355
(790)
267
(7,676)36,396

29,791
19,4391,263
670—(1,104)733(1,741)
721
(986)
1,036
1,819
(4,548)208
47,301
1,745
(714)
1,075
(15,401)
34,006(24,535)
855(913)(6,520)(25,257)
1,139
(770)
(1,475)

1,421

166

(680)
354
(783)
(680)
(30)
(31,513)(1,013)
918
392
(135)
(732)
(26,767)(2,581)(2,000)7,283(4,610)10,000(10,000)(5,008)(3,005)(30)(155)(10,105)
1,223

1,710
5,000
1,619
(17,172)——(3)(2,945)(34)(195)(12,019)154

[Translation for reference only]
ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is a translation of the original Japanese-language document and is provided for convenience only. In all cases, theJapanese-language original shall take precedence.

Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period(3,999)12,1158,117-11-(4,626)
8,117
3,491

[Translation for reference only]
ENGLISH TRANSLATION OF JAPANESE-LANGUAGE DOCUMENT
This is a translation of the original Japanese-language document and is provided for convenience only. In all cases, theJapanese-language original shall take precedence.

(6) Segment Information
a. Business segments
Previous fiscal year (From April 1, 2013 to March 31, 2014)

Net sales
Sales to third parties
Intersegment sales andtransfers
Total
Operating income
AssetsOthersDepreciation andamortization
Gain on goodwill
Capital expenditures(Millions of yen)
Eliminations/
Consolidated
Corporate

Elastomer

Specialty
Materials

Sub Total

Other

Total

181,852

64,154

246,006

50,421

296,427—

296,427

2,499

—

2,499

377

2,876

(2,876)—

184,351
19,322
192,704

64,154
9,121
76,687

248,505
28,444
269,391

50,7981,488
28,021

299,303
29,932
297,412(2,876)(31)
73,460296,427
29,901
370,872

7,378

7,380

14,759324

15,083

1,985

17,068629
12,788—12,053629
24,841—386

629
25,227

—
1,884

629
27,111

Current fiscal year (From April 1, 2014 to March 31, 2015)

Net sales
Sales to third parties
Intersegment sales andtransfers
Total
Operating income
AssetsOthersDepreciation andamortization
Gain on goodwill
Capital expenditures(Millions of yen)
Eliminations/
Consolidated
Corporate

Elastomer

Specialty
Materials

Sub Total

Other

Total

187,044

70,875257,919

49,605

307,524—

307,524

1,785

—

1,785

444

2,229

(2,229)—188,829
16,818196,11570,8759,446
78,754

259,704
26,264
274,870

50,0492,017
26,919309,753
28,281
301,789(2,229)(36)
97,723

307,524
28,245399,512

8,902

8,144

17,046278

17,325

2,114

19,439670
13,906

—
9,650

670
23,556—355

670
23,911

—
4,605

670
28,516b. Sales by region
Previous fiscal year (From April 1, 2013 to March 31, 2014)
Japan
153,452

North America
25,898Europe31,130(Millions of yen)Asia
(except Japan)
83,015

Other

Total
2,932

Current fiscal year (From April 1, 2014 to March 31, 2015)
Japan
150,178

North America
28,773

Europe35,622-12-

296,427(Millions of yen)Asia
(except Japan)
89,807

Other
3,144

Total
307,524