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
May 12, 2009

Consolidated Results for Fiscal Year 2008:
April 1, 2008 – March 31, 2009
(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 profit
Ordinary profit
Net income
Net income per share*
Diluted net income per share*
Net income/shareholders’ equity
Ordinary profit/total assets
Operating profit/net sales

FY 2008
1,553,108 [−8.5%]
34,959 [−72.6%]
32,500 [−73.0%]
4,745 [−93.2%]
3.39
—
0.7%
2.3%
2.3%

FY 2007
1,696,789 [+4.5%]
127,656 [−0.1%]
120,456 [−4.8%]
69,945 [+2.0%]
50.01
—
10.7%
8.3%
7.5%
* Yen

Note:
Equity in profit of unconsolidated subsidiaries and affiliates: ¥831 million; during previous
fiscal year, ¥3,757 million.
2. Financial position
At fiscal year end, March
Total assets
Net assets
Net worth/total assets
Net worth per share*2009
1,379,337
611,35143.8%
431.772008
1,425,367
674,15646.7%
476.39* Yen

Note:・ Net worth consists of shareholders’ equity and valuation, translation adjustments andothers.
・ Net worth as of March 31, 2009, was ¥603,846 million; as of March 31, 2008, ¥666,244
million.
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 2008
68,812(135,707)
87,31498,092

FY 2007
72,947(69,135)(22,330)
83,033

May 12, 2009
p. 1/16

II. Cash Dividends
Fiscalyear

Cash dividends per share*
Q1

Q2

Q3

Q4

Total
annual

2007

—

6.00

—

7.00

13.00

2008

—

7.00

—

3.00

10.00

2009
(forecast)

—

5.00

—

5.00

10.00

Total
Dividends/
annualconsolidated
dividend
net income
amount18,18426.0%
13,986

Dividends/
consolidated
net worth295.0%

2.8%
2.2%

93.2%
* Yen

III. Forecast for Fiscal 2009 (April 1, 2009 – March 31, 2010)(percent change from same period of previous year in brackets)
For Q1–Q2
For the fiscal year
Net sales
619,000 [−26.6%]
1,355,000 [−12.8%]
Operating profit
5,000 [−87.5%]
41,000 [+17.3%]
Ordinary profit
4,000 [−90.2%]
39,000 [+20.0%]
Net income
0 [−100.0%]
15,000 [+216.1%]
Net income per share*
0.00
10.73
*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 fiscal
year: None
2. Significant changes in the basis for preparation of consolidated financial statements: Yes.
1) Application of Accounting Standard for Measurement of Inventories.
Accounting Standard for Measurement of Inventories (ASBJ Statement No. 9) is applied
beginning with the fiscal year ended March 31, 2009. Previously, inventories werestated at the lower of cost or market value (residential lots and dwellings of sale werestated at specifically identified costs). Now, inventories held for sale in the ordinary
course of business are stated at the lower of cost or net sales value. The effect is that
operating profit is lower by ¥12,923 million and ordinary profit and income before
income taxes and minority interests are lower by ¥2,536 million than they would havebeen using the previous method.
Further, loss on devaluation of inventories using the previous method were recorded
under non-operating expenses, whereas loss on devaluation of inventories are now
recorded under cost of sales. The effect is that operating profit is lower by ¥10,386 than
it would have been using the previous method.
In addition, whereas loss on disposal of inventories was previously classified under nonoperating expenses, it is now classified under cost of sales with the application of thisaccounting standard. The effect is that operating profit is lower by ¥3,933 than it
would have been using the previous method.
The effect by industry segment is shown in VIII. Segment Information.

Asahi Kasei
Consolidated Results

May 12, 2009
p. 2/16

2) Application of Practical Solution on Unification of Accounting Policies Applied to Foreign
Subsidiaries for Consolidated Financial Statements.
Practical Solution on Unification of Accounting Policies Applied to Foreign Subsidiaries
for Consolidated Financial Statements (ASBJ Practical Issues Task Force No. 18) isapplied beginning with the fiscal year ended March 31, 2009, and necessary
modifications have been made for consolidation. The impact of this change isimmaterial.
3) Application of Accounting Standard for Lease Transactions and related guidance.
Financial lease transactions without title transfer were formerly accounted for as
operating leases. Accounting Standard for Lease Transactions (ASBJ Statement No.
13) and Guidance on Accounting Standard for Lease Transaction (ASBJ Guidance No.
16) are applied beginning with the fiscal year ended March 31, 2009. The accounting
standard requires that all financial leases be capitalized. Leased assets related tofinancial lease transactions without title transfer are depreciated on a straight-line basis,
with their useful lives as the lease periods and no residual value. For financial leasetransactions without title transfer whose transaction date precedes the application of the
new standard and guidance, the previous method of accounting for lease transactions
continues to be applied. The impact of this change is immaterial.
4) Change of standard for conversion of sales and costs at foreign subsidiaries, etc.
Beginning with the fiscal year ended March 31, 2009, the standard for conversion ofsales and costs at foreign subsidiaries, etc. to yen was changed from conversion at the
spot foreign exchange value at the date of closing to conversion at the average market
value during the fiscal period. This change was applied so that operating performance
shown in yen more closely matches actual operating performance. The effect is that net
sales are higher by ¥21,505 million, operating profit is higher by ¥1,235 million,
ordinary profit is higher by ¥1,559 million, income before income taxes and minority
interests is higher by ¥1,330 million, and net income is higher by ¥921 million than theywould have been using the previous method.
The effect by industry segment is shown in VIII. Segment Information.
5) Change of evaluation standard and method of evaluation for other securities whose fairvalues are readily determinable.
Beginning with the fiscal year ended March 31, 2009, the evaluation standard andmethod of evaluation for other securities whose fair values are readily determinable waschanged from a method based on the average market value during the month preceding
the date of closing to the conventional method based on the market value as of the dateof closing. This change was applied so that the financial condition be shown moreaccurately. As a result, investment securities are higher by ¥1,758 million, deferredincome tax liabilities are higher by ¥714 million, net unrealized gain on securities ishigher by ¥1,040 million, and income before income taxes and minority interests ishigher by ¥4 million than they would have been using the previous standard andmethod.

Asahi Kasei
Consolidated Results

May 12, 2009
p. 3/16

6) Consolidated statements of income
Beginning with the fiscal year ended March 31, 2009, insurance recoveries are shown ina separate entry under non-operating income when they exceed one tenth of total nonoperating income. Insurance recoveries in the year ended March 31, 2008, were ¥941
million, included in “other” under non-operating income.
3. Additional information
With regard to the cost of remediation work to restore deficient eave assembly specifications
for certain order-built homes delivered by consolidated subsidiary Asahi Kasei Homes Corp.
other than that attributable to the company, a memorandum has been concluded with the
supplier of soffit panels, and expenses forecast to be incurred are seen to be recoverable.
Expenses forecast for remediation work including that attributable to the company areincluded in allowance for after-care of products in the consolidated balance sheets, and theamount to be recovered from the supplier is included in other under current assets and inother under investments and other assets in the consolidated balance sheets.
4. Number of shares outstanding
Fiscal year ended March
Number of shares outstanding at end of period
Number of treasury stocks at end of period

2009
1,402,616,332
4,070,731

2008
1,402,616,332
4,080,805

V. Summary of Non-Consolidated Results
1. Results for fiscal 2008 (April 1, 2008 – March 31, 2009)(1) Operating results (percent change from previous year in brackets)
FY 2008
31,470 [−37.0%]
16,745 [−50.5%]
18,213 [−47.5%]
17,237 [−54.8%]
12.32—

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

FY 2007
49,923 [+16.8%]
33,801 [+19.8%]
34,696 [+19.4%]
38,105 [+32.0%]
27.24
—
* Yen

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

Asahi Kasei
Consolidated Results

2009
775,811385,19749.6%
275.43

2008
699,054
410,44858.7%
293.44* Yen

May 12, 2009
p. 4/16

2. Forecast for fiscal 2009 (April 1, 2009 – March 31, 2010)(percent change from same period of previous year in brackets)
For Q1–Q2
For the fiscal year
Net sales
11,000 [−29.8%]
16,500 [−47.6%]
Operating profit
3,500 [−54.2%]
1,000 [−94.0%]
Ordinary profit
3,500 [−60.0%]
1,000 [−94.5%]
Net income
4,500 [−53.8%]
3,000 [−82.6%]
Net income per share*
3.22
2.15
* 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.
VI. Overview of Consolidated Results
1. Consolidated group results
The global economy entered a severe economic downturn beginning in the second half of the
fiscal year as the financial crisis triggered by the rise in subprime mortgage defaults in the
US spread into the real economy worldwide. Sharply impacted by the global economic
slump, the Japanese economy fell into an economic recession of historic proportions with abroad decline in exports and a rapid appreciation of the exchange value of the yen led todeteriorating corporate earnings, cuts in private sector capital investment, and curtailmentof production, resulting in reduced employment and the emergence of related social
problems.
The Asahi Kasei Group faced an extremely challenging operating climate, with highfeedstock and fuel costs continuing through the first half of the fiscal year before falling
sharply in the second half, and with the sharp rise in the value of the yen, steep declines in
product demand, and inventory adjustments among customers necessitating cutbacks in
production for many products.
Consolidated net sales for the fiscal year decreased by ¥143.7 billion (8.5%) from ayear ago to ¥1,553.1 billion with steep declines in product shipments in chemicals andelectronics operations. Although profits in housing operations and in pharmaceuticals andmedical devices operations remained firm, overall operating profit decreased by ¥92.7 billion(72.6%) to ¥35.0 billion with lower profits in chemicals, fibers, and electronics operations.
Ordinary profit was ¥32.5 billion, decreasing by ¥88.0 billion (73.0%), and net income was¥4.7 billion, decreasing by ¥65.2 billion (93.2%).
2. Results by operating segment
CHEMICALS
Sales decreased by ¥137.7 billion (15.7%) from a year ago to ¥741.5 billion and an operating
loss of ¥0.4 billion resulted with a ¥65.6 billion decline in profitability.
In volume products operations, both chemicals and derivative products and polymer
products, profitability fell with the sharp impact of high feedstock prices in the first half ofthe fiscal year and with a steep decline in shipment volumes due to deteriorating market
conditions both in Japan and worldwide, the sharp impact of the appreciation of the yen,and the impact of devaluation of inventories in the second half of the fiscal year.
Although specialty products operations performed well during the first half of the
fiscal year, shipments of Hipore Li-ion rechargeable battery separator membranes and ofion-exchange membranes for chlor-alkali electrolysis decreased with the sudden
deterioration of market conditions in the second half of the fiscal year, and operating profit
decreased.

Asahi Kasei
Consolidated Results

May 12, 2009
p. 5/16

HOMES
Sales increased by ¥23.7 billion (6.1%) from a year ago to ¥409.9 billion and operating profit
increased by ¥0.5 billion (2.3%) to ¥21.9 billion.
Although deliveries of Hebel Haus™ unit homes recovered from the decline a year ago
due to falsification of the performance of certain components as came to light in late October
2007, and there were deliveries of condominium units with the completion of a large
construction project, operating profit in order-built and pre-built homes operations
decreased with the impact of high costs for materials and a devaluation of real estate held as
inventory for sale.
Although real estate operations struggled, operating profit from housing-related
operations increased with remodeling and financing operations performing well.
New orders for order-built homes decreased by ¥15.0 billion from a year ago to ¥291.1
billion as an effect of a sharp decline in market conditions beginning in the second half of the
fiscal year.
PHARMA
Sales increased by ¥8.4 billion (7.5%) from a year ago to ¥119.6 billion and operating profit
decreased by ¥0.6 billion (5.0%) to ¥12.0 billion.
Although reimbursement prices decreased and R&D expenses increased, operating
profit from pharmaceutical operations increased with licensing income for the anti-herpes
agent Famvir™.
Although shipments of APS™ polysulfone-membrane artificial kidneys and Planova™
virus removal filters increased, particularly exports, operating profit in devices operations
decreased with increased depreciation expenses following production capacity expansion andwith the effect of the appreciating yen.
FIBERS
Sales decreased by ¥11.9 billion (10.4%) from a year ago to ¥102.2 billion and an operating
loss of ¥0.9 billion resulted with a ¥8.1 billion decline in profitability.
Operating profit in elastic polyurethane filament operations decreased asdeteriorating overseas market conditions resulted in lower product prices and shipment
volumes, and with the effect of the appreciating yen.
Although shipments to overseas markets remained firm, operating profit inBemberg™ regenerated cellulose fiber operations decreased with high feedstock and fuelcosts and with the effect of the appreciating yen.
Profitability of nonwovens operations fell with high feedstock and fuel costs anddecreased shipment volumes as an effect of deteriorating market conditions.
ELECTRONICS MATERIALS & DEVICES
Sales decreased by ¥21.5 billion (19.0%) from a year ago to ¥91.7 billion and operating profit
decreased by ¥18.9 billion (85.0%) to ¥3.3 billion.
Operating profit in electronics materials and electronics devices operations decreased
as a broad and rapid deterioration of market conditions occurred throughout all productsectors including cell phones, notebook PCs, and other IT and home electronics products,
resulting in decreased shipment volumes, and with a sharp impact of the appreciating yen.

Asahi Kasei
Consolidated Results

May 12, 2009
p. 6/16

CONSTRUCTION MATERIALS
Sales increased by ¥5.2 billion (9.3%) from a year ago to ¥60.9 billion and operating profit
decreased by ¥1.1 billion (39.5%) to ¥1.7 billion.
Although the BasePack™ earthquake-resistant column base attachment system
performed well and shipments of Hebel™ autoclaved aerated concrete panels weremaintained, operating profit in building materials and housing materials operations
decreased with increased costs for fuel and materials.
Operating profit in foundation systems operations increased as shipments of theEazet and ATT Column™ piling systems for small-scale construction, and of the
DynaWing™ pre-cast concrete piling system featuring minimal soil disposal and high loadbearing capacity, increased.
Despite increased costs for fuel and materials, profitability of insulation materials
operations improved with higher product prices.
SERVICES, ENGINEERING AND OTHERS
Sales decreased by ¥9.7 billion (26.3%) from a year ago to ¥27.3 billion and operating profit
increased by ¥0.5 billion (9.2%) to ¥5.6 billion.
Although overseas plant engineering decreased with the completion of a major phaseof work, operating profit in engineering operations increased with business related to theprovision of services for Asahi Kasei Group operations performing well.

Asahi Kasei
Consolidated Results

May 12, 2009
p. 7/16

VII. Consolidated Financial Statements
1. Balance sheets

AssetsCurrent assets:
Cash on hand and in banks
Notes and accounts receivable, tradeMarketable securities
Merchandise and finished goods
Work in progress
Raw materials and supplies
Deferred income taxes
Other
Allowance for doubtful accounts
Total current assets
Fixed assets:
Property, plant and equipment, netof accumulated depreciation –Buildings
Less: Accumulated depreciation
Buildings – net
Machinery and equipment
Less: Accumulated depreciation
Machinery and equipment – net
Land
Leased assets
Less: Accumulated depreciation
Leased assets – net
Construction in progress
Other
Less: Accumulated depreciation
Other – net
Subtotal
Intangible fixed assets –Goodwill
Other
Subtotal
Investments and other assets –Investment securities
Long-term receivables
Deferred income taxes
Other
Allowance for doubtful accounts
Subtotal
Total fixed assets
Total assets

Asahi Kasei
Consolidated Results

At end ofMarch 2008

At end ofMarch 2009

82,903298,788303
131,505
93,59747,26926,13061,239(1,660)740,075

97,969208,868406
138,098
82,83252,60918,44485,626(2,648)682,205

377,385(217,434)
159,951
1,123,378(958,159)
165,220
54,096———29,339103,908(88,320)
15,588424,193381,725(217,710)
164,014
1,138,427(977,646)
160,781
53,740
2,540
(227)
2,313
44,140109,437(93,155)
16,282441,271

5,707
20,51926,226

7,449
29,93537,384

190,991
4,703
12,777
26,514(113)
234,873685,292
1,425,367

157,091
2,670
28,87429,993(151)
218,477
697,132
1,379,337

May 12, 2009
p. 8/16

Liabilities:
Current liabilities –Notes and accounts payable, trade
Short-term borrowings
Commercial paper
Current portion of corporate bonds
Short-term lease obligations
Accrued income taxes
Deferred tax liabilities
Accrued expenses
Advances received
Allowance for repairs
Allowance for after-care of products
Other current liabilities
Total current liabilities
Long-term liabilities –Corporate bonds
Long-term borrowings
Long-term lease obligations
Deferred tax liabilities
Retirement benefits for employees
Retirement benefits for directors
and corporate auditors
Allowance for repairs
Customers’ guarantee deposits
Other long-term liabilities
Total long-term liabilities
Total liabilities
Net assets:
Stockholders’ equity:
Common stock
Capital surplus
Retained earnings
Treasury stock, at cost
Total stockholders’ equity
Valuation, translation adjustments
and others:
Net unrealized gain on securities
Net deferred profit on hedges
Revaluation surplus
Cumulative translation adjustments
Total valuation, translation
adjustments and others
Minority interest in consolidated
subsidiaries
Total net assets
Total liabilities and net assets

Asahi Kasei
Consolidated Results

At end ofMarch 2008

At end ofMarch 2009

155,120
43,22055,00025,000—9,730
58108,947
49,7184,716
6,018
55,885
513,413

113,378
100,786
55,00020,000489
4,097—
86,94740,203
1,674
9,396
55,951
487,92125,00063,187—9,155
116,133

5,000
132,474
1,845
4,257
109,864

997

1,046

2,078
18,935
2,314
237,798
751,211

4,499
19,1491,931
280,065
767,986

103,389
79,427432,246(2,019)613,042

103,389
79,404418,292(1,946)599,139

51,091
11
873
1,226

23,301(178)—(18,416)

53,201

4,708

7,912

7,504

674,156
1,425,367

611,351
1,379,337

May 12, 2009
p. 9/16

2. Statements of income
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income:Interest income
Dividend income
Equity in net earnings of unconsolidated
subsidiaries and affiliates
Insurance recoveries
Other
Total non-operating income
Non-operating expenses:
Interest expense
Loss on disposal of inventories
Foreign exchange loss, net
Other
Total non-operating expenses
Ordinary profit
Special gains:
Gain on sale of investment securities
Gain on sale of property, plant and equipment
Gain on change in equity
Total special gains
Special losses:
Loss on sale of investment securities
Loss on devaluation of investment securities
Loss on disposal of property, plant andequipment
Impairment loss
Charge for environmental countermeasures
Charge for remediation of homes delivered inprevious years
Restructuring charges
Total special losses
Income before income taxes and minority interests
Income taxes – currently payable
Income taxes – deferred
Total income taxes
Minority interest in income of consolidated
subsidiaries
Net income

Asahi Kasei
Consolidated Results

FY 2007
FY 2008
1,696,789 1,553,108
1,288,965 1,237,815
407,824
315,293
280,168
280,333
127,656
34,959
879
3,188

1,021
2,594

3,757

831

—
4,276
12,100

1,131
2,963
8,540

4,202
2,658
5,428
7,012
19,300120,456

4,284
—
1,359
5,356
10,99932,500

3,432
309
559
4,300

17
524
—
540

—
1,027

70
721

6,821

5,943

4,802
2,239

343
1,932

3,000

—

1,269
19,157
105,599
34,555450
35,0055,001
14,00919,031
8,521
5,174
13,695649

592

69,945

4,745

May 12, 2009p. 10/16

3. Statements of changes in net assets
Shareholders’ equity
Common stock
Balance at end of previous fiscal year
Balance at end of fiscal year
Capital surplus
Balance at end of previous fiscal year
Changes during the fiscal year
Disposal of treasury stock
Total changes during the fiscal year
Balance at end of fiscal year
Retained earnings
Balance at end of previous fiscal year
Reversal of revaluation reserve due to unification of
accounting standards at overseas subsidiaries
Changes during the fiscal year
Dividends
Net income
Decrease due to merger
Change in scope of application of equity method
Total changes during the fiscal year
Balance at end of fiscal year
Treasury stock, at cost
Balance at end of previous fiscal year
Changes during the fiscal year
Purchase of treasury stock
Disposal of treasury stock
Total changes during the fiscal year
Balance at end of fiscal year
Total shareholders’ equity
Balance at end of previous fiscal year
Reversal of revaluation reserve due to unification of
accounting standards at overseas subsidiaries
Changes during the fiscal year
Dividends
Net income
Purchase of treasury stock
Disposal of treasury stock
Decrease due to merger
Change in scope of application of equity method
Total changes during the fiscal year
Balance at end of fiscal year
Valuation, translation adjustments, and others
Net unrealized gain on securities
Balance at end of previous fiscal year
Changes during the fiscal year
Net increase (decrease) in net assets other thanshareholders’ equity
Total changes during the fiscal year
Balance at end of fiscal year
Net deferred profit on hedges
Balance at end of previous fiscal year
Changes during the fiscal year
Net increase (decrease) in net assets other thanshareholders’ equity
Total changes during the fiscal year
Balance at end of fiscal year
Asahi Kasei
Consolidated Results

FY 2007

FY 2008

103,389
103,389

103,389
103,389

79,39679,42731
31
79,427(23)(23)
79,404

380,515432,246—873(18,188)
69,945(26)—
51,731
432,246(19,581)4,745—
10(14,826)
418,292(1,544)(2,019)

(542)
67
(475)
(2,019)

(241)
314
73
(1,946)

561,755

613,042—873(18,188)
69,945
(542)
98
(26)
—
51,287613,042(19,581)
4,745
(241)
291
—
10
(14,777)
599,139

79,82351,091(28,732)(27,790)(28,732)
51,091(27,790)
23,301

58

11

(47)

(189)

(47)
11

(189)
(178)

May 12, 2009p. 11/16

Revaluation surplus
Balance at end of previous fiscal year
Reversal of revaluation reserve due to unification of
accounting standards at overseas subsidiaries
Changes during the fiscal year
Net increase (decrease) in net assets other thanshareholders’ equity
Total changes during the fiscal year
Balance at end of fiscal year
Cumulative translation adjustments
Balance at end of previous fiscal year
Changes during the fiscal year
Net increase (decrease) in net assets other thanshareholders’ equity
Total changes during the fiscal year
Balance at end of fiscal year
Total valuation, translation adjustments, and others
Balance at end of previous fiscal year
Reversal of revaluation reserve due to unification of
accounting standards at overseas subsidiaries
Changes during the fiscal year
Net increase (decrease) in net assets other thanshareholders’ equity
Total changes during the fiscal year
Balance at end of fiscal year
Minority interest in consolidated subsidiaries
Balance at end of previous fiscal year
Changes during the fiscal year
Net increase (decrease) in net assets other thanshareholders’ equity
Total changes during the fiscal year
Balance at end of fiscal year
Total net assets
Balance at end of previous fiscal year
Changes during the fiscal year
Dividends
Net income
Purchase of treasury stock
Disposal of treasury stock
Decrease due to merger
Change in scope of application of equity method
Net increase (decrease) in net assets other thanshareholders’ equity
Total changes during the fiscal year
Balance at end of fiscal year

Asahi Kasei
Consolidated Results

FY 2007

FY 2008

1,106

873

—

(873)

(233)

—

(233)
873

—
—

2,913

1,226

(1,687)(19,642)(1,687)
1,226(19,642)(18,416)

83,90053,201—(873)(30,699)(47,621)(30,699)
53,201(47,621)
4,708

7,855

7,912

57

(408)

57
7,912

(408)
7,504

653,510674,156(18,188)
69,945
(542)
98
(26)
—

(19,581)
4,745
(241)
291
—
10

(30,642)(48,029)

20,646674,156(62,805)
611,351

May 12, 2009p. 12/16

4. Statements of cash flows
Cash flows from operating activities:
Income before income taxes and minority interest
Depreciation and amortization
Impairment loss
Amortization of goodwill
Amortization of negative goodwill
Increase (decrease) in allowance for repairs
Increase (decrease) in allowance for after-care of
products
Increase (decrease) in accrued pension and severance
costsInterest and dividend income
Interest expense
Decrease (increase) in equity in net earnings ofunconsolidated subsidiaries and affiliates
Loss (gain) on sale of investment securities
Loss (gain) on devaluation of investment securities
Loss (gain) on sale of property, plant and equipment
Loss (gain) on disposal of property, plant andequipment
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
SubtotalInterest and dividend income, received
Interest expense, paid
Income taxes, paid
Net cash provided by operating activities
Cash flows from investing activities:
Payments for acquisition of property, plant andequipment
Proceeds from sale of property, plant and equipment
Payments for acquisition of intangible fixed assets
Payments for purchase of investment securities
Proceeds from sale of investment securities
Proceeds from sales of consolidated subsidiaries
Payments for loan receivables
Collections of loan receivables
Other
Net cash used in investing activities

Asahi Kasei
Consolidated Results

FY 2007

FY 2008

105,599
73,983
4,802
478
(171)
2,287

19,031
79,436
343
619
(90)
(621)

2,617

3,380

(9,211)(6,011)(4,067)4,202(3,615)
4,284(3,757)(831)(3,432)
1,027
(309)

53
721
(524)

6,821

5,943

(104)

83,714(33,295)(6,737)(30,571)(37,272)

6,120
553(6,168)117,403
5,613(4,497)(45,572)
72,947(21,530)(9,498)(18,728)
92,068
5,925(4,185)(24,996)
68,812(68,822)(97,214)

1,026(7,384)(2,115)
10,231998(9,748)
8,333(1,654)(69,135)

1,948(22,016)(17,518)516—(6,374)
5,791(839)(135,707)

May 12, 2009p. 13/16

Cash flows from financing activities:
Proceeds from short-term borrowings
Repayment of short-term borrowings
Proceeds from issuance of commercial paper
Repayment of commercial paper
Proceeds from long-term loans
Repayment of long-term loans
Repayment of bonds
Repayment of lease obligations
Payments for purchase of treasury stock
Proceeds from sale of treasury stock
Dividends paid
Dividends paid to minority interests in consolidated
subsidiaries
Other
Net cash used provided by financing activities
Effect of exchange rate changes on cash and cash
equivalents
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents held by newly consolidated
subsidiaries
Cash and cash equivalents at end of period

FY 2007

FY 2008

27,057(45,147)
75,000(20,000)
2,585(9,258)(34,000)—(551)
89(18,174)

81,230(34,439)
135,000(135,000)
97,131(11,947)(25,000)
(206)
(249)
147
(19,581)

(145)

(352)

213
(22,330)

581
87,314(219)(5,360)(18,736)
101,719

15,05983,03350—

83,03398,092

VIII. Segment Information
1. Industry segments

Consolidated

Corporate
Expenses,
Assets, andEliminations*

Combined

Services,
Engineeringand Others

Construction
Materials

Electronics
Materials &DevicesFibersPharmaHomes

Chemicals(1) Fiscal 2007

Sales
Customers
879,235 386,227 111,232 114,072 113,267 55,732 37,024 1,696,789— 1,696,789
Intersegment
14,08186
6
2,120
1,045 11,742 27,534
56,613 (56,613)—
Total
893,316 386,313 111,238 116,192 114,312 67,474 64,559 1,753,402 (56,613) 1,696,789
Operating
828,098 364,933
98,560 108,972 92,081 64,690 59,407 1,616,741 (47,608) 1,569,133
expenses
Operating profit
65,21821,38012,6787,220 22,230 2,784
5,151
136,661(9,005)
127,656
Identifiable assets, depreciation and amortization, impairment loss, and capital expenditure
Identifiable assets 618,877 213,846 142,774 113,251 122,310 44,993 332,164 1,588,214 (162,847) 1,425,367
Depreciation and
37,122
2,690
6,102
5,727 13,902 3,138
792
69,474
4,509
73,983amortization
Impairment loss
—
—
—
3,753
1,049
—
—
4,802
—
4,802
Capital34,344
7,451
10,0079,255 17,018 2,507
793
81,375
1,536
82,911
expenditure* Includes corporate operating expenses of ¥16,149 million (mainly expenses for basic research and groupmanagement), and corporate assets of ¥413,689 million, such as surplus funds (cash on hand and inbanks), long-term-investment funds (investment securities, etc.), and land, etc.

Asahi Kasei
Consolidated Results

May 12, 2009p. 14/16

Consolidated

Corporate
Expenses,
Assets, andEliminations*

Combined

Services,
Engineeringand Others

Construction
Materials

Electronics
Materials &DevicesFibersPharmaHomes

Chemicals(2) Fiscal 2008

Sales
Customers
741,486 409,882 119,619 102,176 91,721 60,927 27,297 1,553,108— 1,553,108
Intersegment
15,72871
11
1,990
654 12,676 32,567
63,697 (63,697)—
Total
757,214 409,952 119,630 104,166 92,375 73,603 59,864 1,616,804 (63,697) 1,553,108
Operating757,632 388,082 107,590 105,027 89,030 71,919 54,237 1,573,519 (55,370) 1,518,148
expenses
Operating profit(419) 21,871
12,040(861)
3,345 1,683
5,627
43,286(8,326)
34,959(loss)
Identifiable assets, depreciation and amortization, impairment loss, and capital expenditure
Identifiable assets 583,614 216,716 176,699 107,781 115,154 43,736 449,637 1,693,337 (314,000) 1,379,337
Depreciation and
36,666
3,439
10,2756,440 15,428 3,619
806
76,673
2,763
79,436amortization
Impairment loss
—
—
112
264
79
754
—
1,208
—
1,208
Capital45,667
7,037
31,56912,257 21,557 2,430
1,082
121,598
5,127
126,725
expenditure* Includes corporate operating expenses of ¥14,726 million (mainly expenses for basic research and groupmanagement), and corporate assets of ¥457,979 million, such as surplus funds (cash on hand and inbanks), long-term-investment funds (investment securities, etc.), and land, etc.

Note:・ Impairment loss of ¥112 million in Pharma and ¥754 million in Construction Materials areincluded in restructuring charges.
・ The effect by segment of the change to statement of inventories at the lower of cost or net sales
value is that operating profit is lower by ¥9,286 million in Chemicals, ¥2,536 million in Homes,¥862 million in Pharma, ¥174 million in Fibers, ¥53 million in Electronics Materials & Devices,and ¥11 million in Services, Engineering and Others than they would have been using theprevious method.
・ The effect by segment of the change to recording loss on disposal of inventories under cost of
sales is that operating profit is lower by ¥1,055 million in Chemicals, ¥15 million in Homes,¥1,008 million in Pharma, ¥183 million in Fibers, ¥1,598 million in Electronics Materials &Devices, ¥68 million in Construction Materials, and ¥6 million in Services, Engineering andOthers than they would have been using the previous method.
・ The effect by segment of the change to conversion of sales and costs at foreign subsidiaries, etc.
to yen at the average market value during the fiscal period is that net sales are higher by¥16,847 million in Chemicals, ¥3,052 million in Fibers, ¥1,542 million in Electronics Materials& Devices, and ¥64 million in Services, Engineering and Others than they would have beenusing the previous method, and that operating profit is higher by ¥877 million in Chemicals,¥27 million in Pharma, ¥57 million in Fibers, ¥270 million in Electronics Materials & Devices,and ¥3 million in Services, Engineering and Others than they would have been using theprevious method.

Asahi Kasei
Consolidated Results

May 12, 2009p. 15/16

2. Geographic information(1) Fiscal 2007
Segment information is not shown because over 90% of total sales were from operations
domiciled in Japan and over 90% of total assets were located in Japan.
(2) Fiscal 2008
Segment information is not shown because over 90% of total sales were from operations
domiciled in Japan and over 90% of total assets were located in Japan.
3. Overseas sales(1) Fiscal 2007
Overseas sales
Consolidated net sales
Overseas sales/
consolidated net sales

East Asia*
287,862—

Other regions†
199,475—

Total
487,337
1,696,789

17.0%

11.8%

28.7%

East Asia*
233,219—

Other regions†
160,746—

Total
393,965
1,553,108

15.0%

10.3%

25.4%

(2) Fiscal 2008
Overseas sales
Consolidated net sales
Overseas sales/
consolidated net sales* China, Korea, and Taiwan.
† Southeast Asia (except East Asia), US, Europe, and others.

Asahi Kasei
Consolidated Results

May 12, 2009
p. 16/16