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 4, 2009

Consolidated Results for 1st Quarter Fiscal 2009:
April 1, 2009 – June 30, 2009
(Unaudited; 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 income (loss)
Ordinary income (loss)
Net income (loss)
Net income (loss) per share*
Diluted net income (loss) per share*

Q1 2009289,344 [−25.0%](338) [—]
(1,750) [—](1,746) [—](1.25)—

Q1 2008
385,992
19,401
21,24913,465
9.63
—
* Yen

2. Financial position
At end ofTotal assets
Net assets
Net worth/total assets
Net worth per share*

June 2009
1,399,747
618,10843.6%
436.56

March 2009
1,379,337
611,35143.8%
431.77* Yen

Notes:• Net worth consists of shareholders’ equity and valuation and translation adjustments.
• Net worth as of June 30, 2009, was ¥610,525 million; as of March 31, 2009, ¥603,846
million.
II. Cash Dividends
Fiscal year
2008

Q1
—

2009

—

2009 (forecast)

Cash dividends per share*
Q2
Q3
Q4
Total annual
7.00
—
3.00
10.00
5.00

—

5.00

10.00
* Yen

Note: No revision of cash dividend forecast during the period.

Asahi Kasei
Consolidated Results

August 4, 2009
p. 1/12

III. Forecasts for Fiscal 2009 (April 1, 2009 – March 31, 2010)
1. Latest forecasts (percent change from results in year-ago period in brackets)
Net sales
Operating income
Ordinary income
Net income
Net income per share*First half
651,000 [−22.8%]
5,000 [−87.5%]
3,500 [−91.4%]
0 [−100.0%]
0.00

Full year
1,355,000 [−12.8%]
41,000 [+17.3%]
39,000 [+20.0%]
15,000 [+216.1%]
10.73
* Yen

2. Comparison of previous and revised H1 2008 forecasts

Net sales
Operating income
Ordinary income
Net income

Previous H12009 forecast
619.0
5.0
4.0
0.0

Revised H12009 forecast
651.0
5.0
3.5
0.0

3. Annual forecast

Net sales
Operating income
Ordinary income
Net income

Increase(decrease)
32.0
—
(0.5)
—

(billions of yen)cf. H1 2008
results
843.2
40.1
40.7
23.4

(billions of yen)
FY 2009 forecast
1,355.0
41.0
39.0
15.0

cf. FY 2008 results
1,553.1
35.0
32.5
4.7

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 whichcannot be foreseen.
• The forecast for the first half of fiscal 2009 announced on May 12, 2009, has beenrevised.
• A revision of the forecast for the full year will be made when first half results areannounced.
IV. Other Information
1. Changes in significant subsidiaries which affected scope of consolidation during the
fiscal quarter ended June 30, 2009: None.
2. Adoption of simplified accounting methods and special accounting methods for
preparation of quarterly consolidated financial statements.
1) Simplified accounting methods
Method of calculating allowance for doubtful accounts: Because the rate of
unrecoverable receivables as of June 30, 2009, was not significantly different thanthat estimated at the end of the previous fiscal year, the rate of unrecoverable
receivables as of the end of the previous fiscal year was used as a basis for
Asahi Kasei
Consolidated Results

August 4, 2009
p. 2/12estimating allowance for doubtful accounts.
Valuation of inventories: No physical inventory as of June 30, 2009, wasperformed. Rather, the value of inventories is calculated using a reasonable
method based on the physical inventory performed at the end of the previous fiscal
year. The carrying amount of inventories is reduced to the estimated net saleprice only where a decrease in profitability is apparent.
Method of calculating depreciation of noncurrent assets: For assets depreciatedusing the declining-balance method, depreciation expenses for the fiscal year are
calculated in proportion to the fiscal period.
Method of calculating deferred tax assets and liabilities: When there is no
significant change in the operating environment or in the occurrence of temporary
differences after the end of the previous fiscal year, collectibility of deferred tax
assets is calculated based on the performance forecasts and tax planning used in
the previous fiscal year. However, when there is significant change in theoperating environment or in the occurrence of temporary differences after the endof the previous fiscal year, collectibility of deferred tax assets is calculated basedon the performance forecasts and tax planning used in the previous fiscal year
together with the effect of such significant change.
2) Special accounting methods for presentation of quarterly consolidated financial
statements.
Income tax expenses: A reasonable estimate of the effective tax rate after
applying tax-effect accounting for the current fiscal year is made, and quarterly
income before income taxes is multiplied by the corresponding effective tax rate.
The amount shown as “income taxes” includes both “income taxes – current” and“income taxes – deferred.”
3. Changes in accounting principles/procedures, changes in methods of presentation in
preparation of quarterly consolidated financial statements.
1) Change in standards for recording amount of completed work and cost ofcompleted work.
Accounting Standard for Construction Contracts (ASBJ Statement No. 15) and
Guidance on Accounting Standard for Construction Contracts (ASBJ Guidance No.
18) are applied beginning with the quarter ended June 30, 2009. For
construction contracts commencing during the quarter, the percentage-ofcompletion method is applied to the portion completed by June 30, 2009, for which
the outcome of the construction activity is deemed certain (progress of work
estimated by percentage of cost incurred) and the completed-contract method isapplied to other work. The impact of this change on the consolidated quarterly
financial statements is immaterial.
4. Number of shares outstanding

Number of shares outstanding at end of period
Number of shares of treasury stock at end of period
Average number of shares outstanding during period

Q1 2009
FY 2008
1,402,616,332 1,402,616,332
4,112,037
4,070,731
1,398,523,188 1,398,515,789** Q1 2008

Asahi Kasei
Consolidated Results

August 4, 2009
p. 3/12

V. Overview of Consolidated Results
1. Consolidated group results
The global economy remained marked by uncertainty during the April to June quarter,
although there were some signs of improvement from the severe economic downturn
which began in the second half of fiscal 2008. While the Japanese economy appears
to have bottomed out owing to the effect of economic stimulus measures in China andelsewhere, consumer spending remained sluggish and corporate earnings remained
diminished. As such, the operating environment for Asahi Kasei and its consolidated
subsidiaries (the Asahi Kasei Group) was particularly challenging.
Asahi Kasei’s consolidated net sales for the quarter were ¥289.3 billion, adecrease of ¥96.6 billion (25.0%) from a year ago, with decreased product shipments
and lower market prices in the Chemicals and Electronics segments. An operating
loss of ¥0.3 billion resulted as profitability decreased by ¥19.7 billion, withdiminished performance in the Chemicals and Electronics segments and decreased
licensing income in the Health Care segment. Ordinary loss was ¥1.7 billion, adecrease in profitability of ¥23.0 billion. Net loss was ¥1.7 billion, a decrease inprofitability of ¥15.2 billion.
2. Results by operating segment
Six operating segments correspond to the main fields of business, and the Services,
Engineering and Others segment comprises the remainder of operations. The
following segment names have been revised beginning with the first quarter of fiscal
2009 for greater clarity and correspondence with the fields of businesses underoperation.
Previously
Changed toElectronics Materials & Devices segment
Electronics segment
Pharma segment
Health Care segment
The electronic materials operations of Asahi Kasei Corp., Asahi Kasei
Chemicals, and Asahi Kasei EMD (renamed Asahi Kasei Microdevices on April 1,
2009) were transferred to Asahi Kasei E-materials on April 1, 2009. In considerationof the similarity of product types and characteristics to those of electronics operations,the operations of Asahi Kasei E-materials are reported in the Electronics segment.
For comparison purposes, results for the year-ago period have been revised to reflect
the transfer of the corresponding operations from the Chemicals segment andCorporate Expenses to the Electronics segment.
The Leona nylon 66 filament business of Asahi Kasei Chemicals wastransferred to Asahi Kasei Fibers on April 1, 2009. For comparison purposes, results
for the year-ago period in the Chemicals and Fibers segments have been revised toreflect this transfer.
CHEMICALS
Sales decreased by ¥62.0 billion (31.8%) from the first quarter a year ago to ¥132.9
billion and operating income decreased by ¥4.0 billion (64.4%) to ¥2.2 billion.
Operations in both volume products (chemicals and derivative products, polymer
products) and specialty products were impacted by deteriorating market conditions(decreased product shipments, lower market prices) as an effect of the severe global
economic downturn which began in the second half of fiscal 2008 and by a higher yen
exchange value.

Asahi Kasei
Consolidated Results

August 4, 2009
p. 4/12HOMES
Sales decreased by ¥5.2 billion (8.2%) from the first quarter a year ago to ¥58.5 billion
and the operating loss decreased by ¥0.8 billion to ¥3.0 billion. Orders for orderbuilt homes decreased by ¥0.9 billion to ¥76.4 billion.
Although deliveries of order-built Hebel Haus unit homes decreased, operating
performance improved slightly with remodeling and other housing-related operations
performing well and the effect of operating cost reductions.
HEALTH CARE
Sales decreased by ¥6.1 billion (17.7%) from the first quarter a year ago to ¥28.5
billion and operating income decreased by ¥5.9 billion (65.7%) to ¥3.1 billion.
In pharmaceuticals operations, shipments of the Flivas™ agent for thetreatment of benign prostatic hyperplasia increased, but licensing income decreased.
Devices-related operations were sharply impacted by the appreciation of the yen,although shipments of Planova™ virus removal filters to overseas markets increased.
FIBERS
Sales decreased by ¥8.3 billion (27.1%) from the first quarter a year ago to ¥22.4
billion and an operating loss of ¥1.5 billion resulted with a ¥2.6 billion decrease inprofitability.
Shipments and market prices of Roica™ elastic polyurethane filamentdecreased due to deteriorating overseas market conditions. Shipments of Bemberg™
regenerated cellulose to overseas markets and of Leona™ nylon 66 filament for tire
cord applications also decreased.
ELECTRONICS
Sales decreased by ¥8.0 billion (20.3%) from the first quarter a year ago to ¥31.5
billion and an operating loss of ¥0.6 billion resulted with a ¥7.4 billion decrease inprofitability.
Although market conditions in the electronics industry as a whole improved
from the severe deterioration which began in the second half of fiscal 2008, shipmentsof electronic devices such as LSIs and Hall elements and shipments of electronicmaterials decreased.
CONSTRUCTION MATERIALS
Sales decreased by ¥3.0 billion (20.8%) from the first quarter a year ago to ¥11.6
billion and an operating loss of ¥30 million resulted with a ¥0.4 billion decrease inprofitability.
Shipments of Hebel™ autoclaved aerated concrete (AAC) panels and other AACrelated products and of piling systems for foundations decreased with the decline in
new construction starts.
SERVICES, ENGINEERING AND OTHERS
Sales decreased by ¥3.8 billion (49.8%) from the first quarter a year ago to ¥3.9 billion
and operating income decreased by ¥0.9 billion (67.8%) to ¥0.4 billion.
Decreased orders were received in engineering operation due to a curtailment of
capital investments.

Asahi Kasei
Consolidated Results

August 4, 2009
p. 5/12

VI. Consolidated 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 receivables
Deferred tax assets
Other
Allowance for doubtful accounts
Subtotal
Total noncurrent assets
Total assets

Asahi Kasei
Consolidated Results

At end ofJune 2009

At end ofMarch 2009

75,438223,001711
125,714104,222
56,267
19,534
71,341(1,590)674,639

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

394,349(223,604)
170,745
1,171,911(1,005,787)
166,124
54,481
3,315
(377)
2,938
45,121
112,096(95,401)
16,695456,103381,725(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

8,608
31,77640,384

7,449
29,93537,384

167,653
6,687
24,27930,154(152)
228,621725,109
1,399,747

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

August 4, 2009
p. 6/12

Liabilities
Current liabilities
Notes and accounts payable, trade
Short-term loans payable
Commercial paper
Current portion of bonds
Lease obligations
Income taxes payable
Accrued expenses
Advances received
Provision for repairs
Provision for product warranties
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
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
Valuation and translation adjustments
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Total valuation and translation adjustments
Minority interests
Total net assets
Total liabilities and net assets

Asahi Kasei
Consolidated Results

At end ofJune 2009

At end ofMarch 2009

109,480
96,33992,000—636
1,623
68,60354,624
5,682
7,656
61,235497,881

113,378
100,786
55,00020,000489
4,097
86,94740,203
1,674
9,396
55,951
487,9215,000
136,449
2,315
6,054
111,681
1,102
364
18,782
2,011
283,758
781,6395,000
132,474
1,845
4,257
109,864
1,046
4,499
19,1491,931
280,065
767,986

103,389
79,403412,074(1,963)592,903103,389
79,404418,292(1,946)599,139

32,84523,301(154)(15,069)
17,622
7,583
618,108
1,399,747(178)(18,416)
4,708
7,504
611,351
1,379,337

August 4, 2009
p. 7/12

VII. Consolidated 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
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expense
Equity in losses of affiliates
Other
Total non-operating expenses
Ordinary income (loss)
Extraordinary loss
Loss on valuation of investment securities
Loss on disposal of noncurrent assets
Impairment loss
Business structure improvement expenses
Total extraordinary loss
Income (loss) before income taxes
Income taxes
Minority interests in income (loss)
Net income (loss)

Asahi Kasei
Consolidated Results

Q1 2008
385,992
295,624
90,36870,966
19,401Q1 2009289,344
225,176
64,16864,506
(338)

252
1,378
431
1,513
774
4,348

167
949
—
—
590
1,706

984
—
1,516
2,500
21,249

907
604
1,607
3,118
(1,750)

—
582
—
—
582
20,667
6,934
268
13,465

36
203
58
961
1,259
(3,008)(1,160)(103)(1,746)

August 4, 2009
p. 8/12

VIII. Cash flows
Cash flows from operating activities:
Income (loss) 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
Net cash provided by (used in) operating activities
Cash flows from investing activities:
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
Proceeds from purchase of investments in subsidiaries
resulting in change in scope of consolidation
Payments of loans receivableCollection of loans receivable
Other, net
Net cash provided by (used in) investing activities

Asahi Kasei
Consolidated Results

Q1 2008

Q1 2009

20,667
17,814—136(23)(2,104)(126)(1,691)(1,630)
984
(431)
—
582

(3,008)18,479
58
292
(9)
(126)
(1,741)262(1,116)
907
604
36
203

(752)

(12,675)(26,419)(8,267)

8,902(4,620)(24,209)
17,565
(765)
8,499
2,901
(1,190)(5,426)
4,784(18,896)
14,406
15,28271
1,927(1,068)(3,735)(2,805)(21,049)788(14,672)(5,698)113(19,863)67(2,483)(5,122)
5,014

—

1,332

(978)
1,208
(226)
(40,514)(4,896)2,708(960)(24,203)

August 4, 2009
p. 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
Redemption of bonds
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 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 from change of scope of consolidation
Cash and cash equivalents at end of period

Q1 2008

Q1 2009598
55,00010,000(345)(15,000)(5)(48)
9(9,791)(20)(127)
40,272(136)
37,0003,727(12,367)(20,000)
(156)
(26)
7
(4,196)
(157)
(19)
3,678

(2,803)273

1,739
83,033(23,057)
98,092—360

84,77375,395IX. Operating Segment Information
Note: For comparison purposes, results by segment for the previous year are revised toreflect the April 1, 2009, transfer of electronic materials operations from the Chemicals
segment and corporate expenses to the Electronics segment and the April 1, 2009, transfer
of nylon 66 filament operations from the Chemicals segment to the Fibers segment.
1. Consolidated net sales and operating income (loss) by segment
1) Consolidated net sales

Chemicals
Homes
Health Care
FibersElectronics
Construction Materials
Services, Engineering and Others
Total

Asahi Kasei
Consolidated Results

Q1 2008

Q1 2009

195.0
63.7
34.6
30.7
39.6
14.7
7.7
386.0

132.9
58.5
28.5
22.4
31.5
11.6
3.9
289.3

(billions of yen)
Increase
First half FY(decrease) 2009 forecast(62.0)
278.0
(5.2)
158.0
(6.1)
57.0
(8.3)
53.0
(8.0)
69.0
(3.0)
25.0
(3.8)
11.0
(96.6)
651.0

August 4, 2009p. 10/12

2) Consolidated operating income (loss)

Chemicals
Homes
Health Care
FibersElectronics
Construction Materials
Services, Engineering and Others
Combined
Corporate expenses andeliminations
Consolidated(billions of yen)
Increase
First half FY(decrease) 2009 forecast
(4.0)
5.0
0.8
1.0
(5.9)
3.5
(2.6)
(3.5)
(7.4)
2.0
(0.4)
0.0
(0.9)
1.0
(20.4)
9.0

Q1 2008

Q1 2009

6.2
(3.7)
9.0
1.1
6.8
0.3
1.3
21.0

2.2
(3.0)
3.1
(1.5)
(0.6)
(0.0)
0.4
0.6

(1.6)

(1.0)

0.6

(4.0)

19.4

(0.3)

(19.7)

5.0

2. Operating income increases/decreases by segment

Sales
volumeChemicals
Homes
Health Care
FibersElectronics
Construction Materials
Services, Engineeringand Others
Corporate expenses
and eliminations
Consolidated

(3.4)
(1.8)
1.8
(1.2)
(2.9)
(1.2)

(billions of yen)

Increase (decrease) due to:OperatingSales prices [of which,costs anddue to foreign exchange]others(30.8)
(1.8)
30.2
(0.2)
—
2.8
(1.1)
(0.9)
(6.6)
(2.4)
(0.8)
0.9
(2.7)
(0.8)
(1.8)
0.6
—
0.3

Net
increase(decrease)
(4.0)
0.8
(5.9)
(2.6)
(7.4)
(0.4)

(0.9)

0.0

0.0

0.0

(0.9)

—

—

—

0.6

0.6

(9.7)

(36.5)

(4.3)

26.5

(19.7)

3. Major financial metrics (consolidated)(billions of yen, except D/E ratio)
Q1 2008
Q1 2009
Capital expenditure (tangible)
26.3
21.9
Capital expenditure (intangible)
14.3
2.7
Purchase of investment securities
5.7
5.1
Depreciation and amortization
17.8
18.5
Balance of payments
0.6
0.2
of which, dividends received
1.4
0.9
D/E ratio
0.39
0.55

Asahi Kasei
Consolidated Results

August 4, 2009p. 11/12

4. Contract trends for home construction operations

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

Q1
2008

Q1
2009

Increase(decrease)

First half FY
2009 forecast

3,199

3,171

(28)

6,300

77.3

76.4

(0.9)

154.0

331.7

321.1

(10.6)

321.1

1,852
44.4

1,511
37.9

(341)
(6.5)

4,550
115.5

5. Key operating factors

Naphtha price(yen/kL, domestic)
Exchange rates
Yen/US$(market average) Yen/€

Q1
2008

Q1
2009

Increase(decrease)

First half FY
2009 forecast

70,90033,300(37,600)

37,650

105
163

97
133

(7)
(31)

96
129

At end ofJune 2009
96.3
92.0
136.4
5.0
3.0
332.7

(billions of yen)
Increase(decrease)
(4.4)
37.0
4.0
(20.0)
0.6
17.1

6. Interest-bearing debt

Short-term borrowings
Commercial paper
Long-term debt
Corporate bonds
Lease obligations
Total

Asahi Kasei
Consolidated Results

At end ofMarch 2009
100.8
55.0
132.5
25.0
2.3
315.6

August 4, 2009p. 12/12