Asahi Kasei Corporation
Head Office: 3-3-23 Nakanoshima, Kita-ku, Osaka, JapanTokyo Head Office: 1-105 Kanda Jinbocho, Chiyoda-ku, Tokyo, Japan
Security code: 3407
Contact: Corporate Communications, Phone +81-3-3296-3008, Fax +81-3-3296-3162

February 5, 2014

Consolidated Results for 1st to 3rd Quarter Fiscal 2013:
April 1, 2013 – December 31, 2013
(All figures in millions of yen, rounded to the nearest million, unless otherwise specified)

I. Summary of Consolidated Results
1. Operating results (percent change from previous year in brackets)
Q1−Q3 2013
1,389,648 [+15.6%]
109,807 [+75.6%]
109,530 [+74.6%]
66,078 [+85.6%]
47.28—

Q1−Q3 2012
Net sales
1,202,612 [+2.8%]
Operating income
62,515 [−28.2%]
Ordinary income
62,717 [−28.7%]
Net income
35,610 [−25.9%]
Net income per share*
25.48
Diluted net income per share*—* Yen
Note: Comprehensive income was ¥130,338 million during Q1−Q3 2013, and ¥55,967 million
during Q1−Q3 2012.
2. Financial position
At end ofTotal assets
Net assets
Net worth/total assets
Net worth per share*

December 2013
1,959,415
935,16647.1%
659.83

March 2013
1,800,170
824,45145.1%
581.05* Yen
Notes:
 Net worth consists of shareholders’ equity and accumulated other comprehensive income.
 Net worth as of December 31, 2013, was ¥922,060 million; as of March 31, 2013, ¥812,080 million.
II. Cash Dividends
Fiscal year
2012
2013
2013 (forecast)

Q1
—
—

Q2
7.00
7.00

Cash dividends per share*
Q3
Q4
—
7.00
—
8.00

Total annual
14.00
15.00

* Yen
Note: The Q4 cash dividend was increased by ¥1 per share from the most recent forecast, to ¥8
per share. The total annual dividend forecast has thus been revised to ¥15 per share.

Asahi Kasei
Consolidated Results

February 5, 2014
1/12

III. Forecasts for Fiscal 2013 (April 1, 2013 – March 31, 2014)
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*

1,896,000 [+13.8%]
140,000 [+52.2%]
138,500 [+45.6%]
77,000 [+43.4%]
55.10
* Yen

2. Comparison of previous and revised fiscal 2013 forecasts

Net sales
Operating income
Ordinary income
Net income

Previous
forecast
1,904.0
145.0
143.0
86.0

Revisedforecast
1,896.0
140.0
138.5
77.0

Increase(decrease)
(8.0)
(5.0)
(4.5)
(9.0)

(billions of yen)cf. fiscal 2012
results
1,666.6
92.0
95.1
53.7

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 which cannot be foreseen.
 The forecast for fiscal 2013 announced on October 31, 2013, has been revised.
IV. Other Information
1. Changes in significant subsidiaries which affected scope of consolidation during the period: None.
2. Special accounting methods for preparation of the consolidated financial statements
Income tax expenses: A reasonable estimate of the effective tax rate after applying tax-effectaccounting for the current fiscal year is made, and quarterly income before income taxes is multipliedby the corresponding effective tax rate.
3. 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−Q3 2013
1,402,616,332
5,187,722
1,397,533,757

FY 2012
1,402,616,332
5,016,645
1,397,663,351** Q1−Q3 2012

Asahi Kasei
Consolidated Results

February 5, 2014
2/12

V. Overview of Consolidated Results
1. Consolidated group results
The global economy during the April–December period of 2013 was increasingly firm with a
gradual recovery in the US and signs of improvement in Europe, but the outlook became obscure aswith destabilizing factors including slower growth in China and other emerging economies as well
as a tapering of monetary easing in the US. Although the Japanese economy recovered graduallywith improved corporate earnings backed by a lower yen exchange rate and higher stock prices andwith revived consumer spending, the economic outlook remained unpredictable due to downside
risks in the global economy and the impact of the upcoming consumption tax increase.
Consolidated net sales of Asahi Kasei Corp. and its consolidated subsidiaries and equitymethod affiliates (the Asahi Kasei Group) increased by ¥187.0 billion (15.6%) from a year ago to¥1,389.6 billion, with increased deliveries in the Homes segment, and increased sales volume in theChemicals segment and of pharmaceutical products in the Health Care segment, as well as
improved overall performance of exports due to the progressive weakening of the yen. Operating
income increased by ¥47.3 billion (75.6%) to ¥109.8 billion, ordinary income increased by ¥46.8
billion (74.6%) to ¥109.5 billion, and net income increased by ¥30.5 billion (85.6%) to ¥66.1billion.
2. Results by operating segment
The Asahi Kasei Group’s operations are described by major business classification: sevenreportable segments of Chemicals, Fibers, Homes, Construction Materials, Health Care, andCritical Care, together with an “Others” category. Beginning with the April–June quarter of 2013,
the sequence of reportable segments has been changed to correspond with the classification of ourfour business sectors: Chemicals & Fibers, Homes & Construction Materials, Electronics, andHealth Care. In the Critical Care segment, results for the year-ago period were included
beginning on April 27, 2012, while results were subject to consolidation throughout the entire
period beginning with the April–December period of 2013.
CHEMICALS
Sales increased by ¥97.0 billion (19.4%) from a year ago to ¥598.4 billion, and operating income
increased by ¥15.7 billion (90.0%) to ¥33.1 billion.
Chemicals and derivative products operations were impacted by low market prices foracrylonitrile and high feedstock prices, but the depreciation of the yen and improved market prices
for styrene monomer contributed to performance. Polyethylene was impacted by high feedstock
prices, but the depreciation of the yen contributed to performance in polymer products operations,and shipments of engineering plastics and of synthetic rubber for fuel-efficient tires were firm. In
specialty products operations, the effect of the depreciation of the yen was most notable for ionexchange membranes, and shipments of functional chemicals for pharmaceutical manufacture andof coating materials were firm.
FIBERS
Sales increased by ¥8.5 billion (10.4%) from a year ago to ¥89.9 billion, and operating income
increased by ¥3.7 billion (122.7%) to ¥6.7 billion.
Although the cost of naphtha-derived feedstocks rose, operating income in fibers increased
with the effect of the weaker yen and increased shipments of nonwovens such as Lamous™
artificial suede for automotive interiors and of Roica™ elastic polyurethane filament.

Asahi Kasei
Consolidated Results

February 5, 2014
3/12

HOMES
Sales increased by ¥29.8 billion (9.0%) from a year ago to ¥360.2 billion, and operating income
increased by ¥7.0 billion (21.9%) to ¥38.8 billion. Orders for order-built homes increased by¥25.6 billion (8.7%) to ¥321.1 billion.
In order-built homes operations, deliveries of both Hebel Haus™ unit homes and Hebel
Maison™ apartment buildings increased based on strong orders in the previous year. In realestate operations, rental management performed well. Remodeling operations enjoyed strong
orders for major remodeling work and other renovation work.
CONSTRUCTION MATERIALS
Sales increased by ¥3.6 billion (9.2%) from a year ago to ¥42.8 billion, and operating income
increased by ¥1.8 billion (55.0%) to ¥5.1 billion.
Shipments of Hebel™ autoclaved aerated concrete panels increased. In foundation systems,
orders for Eazet™ and ATT Column™ piling systems for small-scale construction expanded withthe development of new applications. Sales of Neoma™ high-performance phenolic foam
insulation panels and structural materials were firm.
ELECTRONICS
Sales increased by ¥11.2 billion (11.1%) from a year ago to ¥111.3 billion, and operating income
increased ¥11.4 billion (803.8%) to ¥12.8 billion.
Although electronic devices operations were impacted by reduced sales prices in eachproduct category, the weaker yen contributed to performance, and shipments of electronic
compasses and magnetic sensors for smartphones and other mobile applications increased.
Electronic materials operations were impacted by reduced sales prices, especially for Hipore™ Liion battery separator, while the weaker yen contributed to performance, and sales grew for high-end
products in each product category.
HEALTH CARE
Sales increased by ¥16.1 billion (15.9%) from a year ago to ¥117.0 billion, and operating income
increased by ¥11.9 billion (82.4%) to ¥26.4 billion.
Pharmaceuticals operations were impacted by higher selling, general and administrative
expenses, but shipments of Teribone™ osteoporosis drug and Recomodulin™ recombinant
thrombomodulin increased. In devices-related operations, the weaker yen contributed toperformance of blood-purification products, and shipments of Planova™ virus removal filters
increased.
CRITICAL CARE
Sales increased by ¥21.5 billion (59.4%) from a year ago to ¥57.6 billion, gross operating income*increased by ¥1.5 billion (26.5%) to ¥7.1 billion, and the consolidated operating loss increased by¥0.4 billion to ¥2.7 billion. The effect of amortization of goodwill and other intangible assets, etc.,
related to acquisition of ZOLL Medical Corporation increased by ¥1.9 billion to ¥9.8 billion.
LifeVest™ wearable defibrillator operations expanded smoothly, and other products such asdefibrillators for use by medical professionals performed well, but selling, general andadministrative expenses grew with reinforced sales activity. The increase in sales and increase inoperating loss were enlarged by the difference in the period subject to consolidation.
* Operating income before amortization of goodwill and other intangible assets, etc., related toacquisition of ZOLL by Asahi Kasei.
OTHERS
Sales in “Others” decreased by ¥0.6 billion (4.6%) from a year ago to ¥12.5 billion, and operating
income decreased by ¥0.7 billion (41.0%) to ¥1.0 billion.

Asahi Kasei
Consolidated Results

February 5, 2014
4/12

VI. Consolidated Financial Statements
1. Balance sheets

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable–trade
Short-term investment securities
Merchandise and finished goods
Work in process
Raw materials and supplies
Deferred tax assets
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Land
Lease assets
Accumulated depreciation
Lease assets, net
Construction in progress
Other
Accumulated depreciation
Other, net
Subtotal
Intangible assets
Goodwill
Other
Subtotal
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts
Subtotal
Total noncurrent assets
Total assets

Asahi Kasei
Consolidated Results

At end ofMarch 2013

At end ofDec. 2013

109,513306,222124
145,470
100,513
63,69521,94573,619(1,631)
819,469

115,620334,524
66
157,627
133,267
67,77023,57679,993(1,871)
910,572428,616(241,191)
187,425
1,236,111(1,082,480)
153,631
58,176
13,980(7,173)
6,806
41,482
129,716(115,656)
14,060461,581451,803(249,174)
202,629
1,293,763(1,125,286)
168,477
58,245
13,787(8,729)5,059
30,953
137,976(120,650)
17,326482,688

134,303
121,114
255,417

144,502123,669
268,170

224,903
5,248
8,487
25,311(245)
263,704
980,7021,800,170

253,742
9,617
9,399
25,459(232)
297,985
1,048,843
1,959,415

February 5, 20145/12

Liabilities
Current liabilities
Notes and accounts payable–trade
Short-term loans payable
Commercial paper
Current portion of bonds payable
Lease obligations
Accrued expenses
Income taxes payable
Advances received
Provision for periodic repairs
Provision for product warranties
Provision for removal cost of property, plant andequipment
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 periodic repairs
Provision for removal cost of property, plant andequipment
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
Net unrealized gain on other securities
Deferred gains or losses on hedges
Foreign currency translation adjustments
Total accumulated other comprehensive income
Minority interests
Total net assets
Total liabilities and net assets

Asahi Kasei
Consolidated Results

At end ofMarch 2013

At end ofDec. 2013

172,630
113,043
70,0005,000
2,415
91,646
13,97861,9532,359
2,143

189,964
103,374
86,000—
1,932
77,093
18,46385,526
7,496
2,115

1,910

2,936

722
65,064602,864548
59,166634,61340,000146,929
4,051
39,985
107,776
767
4,255

40,000152,4142,767
56,309109,559
794
258

2,960

983

2,834
18,396
4,902
372,855
975,719

3,745
18,3094,498
389,636
1,024,249

103,389
79,403
553,557(2,431)
733,918

103,389
79,404600,184(2,558)780,419

62,622(900)
16,44078,162
12,371
824,451
1,800,170

85,505(488)
56,624
141,640
13,106935,166
1,959,415

February 5, 2014
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
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
Extraordinary income
Gain on sales of investment securities
Gain on sales of noncurrent assets
Total extraordinary income
Extraordinary loss
Loss on valuation of investment securities
Loss on disposal of noncurrent assets
Impairment loss
Business structure improvement expenses
Loss on discontinuation of development project
Total extraordinary loss
Income before income taxes and minority interests
Total income taxes
Income before minority interests
Minority interests in income
Net income

Asahi Kasei
Consolidated Results

Q1−Q3 2012
1,202,612
893,171309,442
246,927
62,515

Q1−Q3 2013
1,389,648
1,008,346
381,302271,495
109,807

1,037
2,368
1,568
3,331
8,303

879
2,743
2,256
3,321
9,200

2,443
1,005
4,653
8,101
62,717

2,580
3,097
3,800
9,477
109,530

66
154
219

319
1,500
1,818

32
2,560
1,081
4,146
—
7,818
55,11818,871
36,247637
35,610

586
2,522
283
2,047
4,493
9,930
101,419
34,69766,721643
66,078February 5, 20147/12

(2) Statements of comprehensive income

Income before minority interests
Other comprehensive income
Net increase or decrease in unrealized gain on othersecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Share of other comprehensive income of affiliates
accounted for using equity method
Total other comprehensive income (loss)
Comprehensive income
Comprehensive income attributable to:
Owners of the parent
Minority interests

Asahi Kasei
Consolidated Results

Q1−Q3 2012
36,247

Q1−Q3 2013
66,721

2,187

22,813

1,018
14,433412
38,625

2,082

1,767

19,72055,967

63,617130,338

55,006961

129,189
1,149

February 5, 2014
8/12

3. Statements of cash flows

Cash flows from operating activities
Income before income taxes and minority interests
Depreciation and amortization
Impairment loss
Amortization of goodwill
Amortization of negative goodwill(Decrease) increase in provision for periodic repairs
Decrease in provision for product warranties
Decrease in provision for removal cost of property, plant andequipment
Increase in provision for retirement benefits
Interest and dividend income
Interest expense
Equity in losses of affiliates
Gain on sales of investment securities
Loss on valuation of investment securities
Gain on sale of property, plant and equipment
Loss on disposal of noncurrent assets
Increase in notes and accounts receivable–trade
Increase in inventories
Increase in notes and accounts payable–trade
Decrease in accrued expenses
Increase in advances received
Other, net
SubtotalInterest and dividend income, received
Interest expense paid
Income taxes paid
Net cash provided by operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Purchase of shares in subsidiaries resulting in change in scope of
consolidation
Additional purchase of investments in consolidated subsidiaries
Payments of loans receivableCollection of loans receivable
Other, net
Net cash used in investing activities

Asahi Kasei
Consolidated Results

Q1−Q3 2012

Q1−Q3 201355,11858,184
1,081
4,930
(201)
(2,108)(217)

101,419
63,315
283
6,620
(173)
1,136
(50)

(1,602)

(951)

1,523
(3,405)
2,443
1,005
(66)
32
(154)
2,560
(11,180)(34,045)
11,245(23,106)
16,745(12,002)66,7804,346(2,440)(20,413)
48,273

1,640(3,623)
2,580
3,097
(319)
586
(1,500)2,522(20,215)(41,254)
10,849(16,271)
23,160(5,792)
127,059
4,412(2,426)(28,176)
100,869(5,696)
9,256(64,115)383(11,994)(3,081)571(5,927)
5,520(59,781)2,295(12,630)(2,168)971(174,432)(1,697)(1,332)(9,183)
6,944(1,574)(254,254)(152)(9,784)6,433(700)(77,622)

February 5, 2014
9/12

Cash flows from financing activities
Increase in short-term loans payable
Increase in commercial paper
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of bonds 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
Net cash provided(used in) by financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents resulting from changes of scopeof consolidation
Effect of change in the reporting period of consolidated
subsidiaries and affiliates
Cash and cash equivalents at end of period

Q1−Q3 2012

Q1−Q3 2013

34,93897,00088,117(8,340)20,000—(1,874)(32)
4(19,567)
(665)
(110)
209,471(1,809)1,681
96,351

2,982
16,00011,864(27,685)—(5,000)(1,946)(130)
2(19,566)(553)
108(23,924)
4,768
4,091
104,008102

498(5,327)—92,808

108,597

VII. Additional Information
1. Consolidated net sales and operating income (loss) by segment
Note: Beginning with the April–June quarter of 2013, the sequence of reportable segments has been changed tocorrespond with the classification of our four business sectors: Chemicals & Fibers, Homes & Construction Materials,
Electronics, and Health Care.

1) Consolidated net sales by segment

Chemicals
FibersHomes
Construction Materials
Electronics
Health Care
Critical Care
Others
Total

Asahi Kasei
Consolidated Results

Q1−Q3
2012
501.4
81.4
330.4
39.2
100.2
100.9
36.2
13.1
1,202.6

Q1−Q3
2013
598.4
89.9
360.2
42.8
111.3
117.0
57.6
12.5
1,389.6

Increase(decrease)
97.0
8.5
29.8
3.6
11.2
16.1
21.5
(0.6)
187.0

(billions of yen)
Fiscal 2013
forecast
790.0
122.0
534.0
56.0
145.0
152.0
79.0
18.0
1,896.0

February 5, 2014
10/12

2) Consolidated operating income (loss) by segment

Chemicals
FibersHomes
Construction Materials
Electronics
Health Care
Critical Care
OthersCombined
Corporate expenses and eliminations
Consolidated

Q1−Q3
2012
17.4
3.0
31.8
3.3
1.4
14.5
(2.3)
1.6
70.7
(8.2)
62.5

Q1−Q3
2013
33.1
6.7
38.8
5.1
12.8
26.4
(2.7)
1.0
121.2
(11.4)
109.8(billions of yen)
Fiscal 2013
forecast
38.0
8.5
62.0
6.0
14.0
28.5
(3.5)
1.5
155.0
(15.0)
140.0

Increase(decrease)
15.7
3.7
7.0
1.8
11.4
11.9
(0.4)
(0.7)
50.4
(3.1)
47.3

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

Chemicals
FibersHomes
Construction Materials
Electronics
Health Care
Critical Care*
OthersSubtotal
Corporate expenses
and eliminations
Consolidated

Net
increase(decrease)

2.1
0.7
8.0
0.9
2.7
11.5
5.0
(0.2)
30.7

41.6
4.8
4.0
0.3
4.5
5.2
0.3
—
60.8

39.8
4.9
—
—
13.6
5.1
(0.1)
—
63.3

Operatingcosts andothers(28.0)
(1.8)
(5.0)
0.6
4.3
(4.8)
(5.7)
(0.5)
(41.0)

—

—

—

(3.1)

(3.1)

30.7

60.8

63.3

(44.2)

47.3

Sales
volumeSales prices [of which, due toforeign exchange]

15.7
3.7
7.0
1.8
11.4
11.9
(0.4)
(0.7)
50.4

* Effect of difference in period subject to consolidation is included in “operating costs and others.”

3. Major financial metrics (consolidated)

Capital expenditure (tangible)
Capital expenditure (intangible)
Depreciation and amortization*
Balance of paymentsof which, dividends received
R&D expenses
Employees at end of period
D/E ratio(billions of yen, except employees and D/E ratio)
Q1−Q3
Q1−Q3
Fiscal 2013
2012
2013
forecast
70.6
56.1
89.0
12.2
6.5
14.5
58.2
63.3
89.5
0.9
1.0
0.9
2.4
2.7
3.1
52.6
51.9
72.0
28,43529,1460.56
0.42* Excluding amortization of goodwill.

Asahi Kasei
Consolidated Results

February 5, 2014
11/12

4. Contract trends for home construction operations
Q1−Q3
2012
12,994
295.5
447.6
9,673
239.7

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−Q3
2013
14,109321.1
505.9
10,486
259.7

Increase(decrease)
1,115
25.6
58.3
813
20.0

Fiscal 2013
forecast
18,780426.0
486.1
16,730384.5

5. Key operating factors

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

Yen/US$
Yen/€

Q1−Q3
2012

Q1−Q3
2013

Increase(decrease)

Fiscal 2013
forecast

55,40065,733

10,333

67,125

80
102

99
132

19
30

100
134

6. Interest-bearing debt (consolidated)

Short-term loans payable
Commercial paper
Current portion of bonds payable
Long-term loans payable
Bonds payable
Lease obligations
Total

Asahi Kasei
Consolidated Results

At end ofMarch 2013
113.0
70.0
5.0
146.9
40.0
6.5
381.4

At end ofDec. 2013
103.4
86.0
—
152.4
40.0
4.7
386.5

(billions of yen)
Increase(decrease)
(9.7)
16.0
(5.0)
5.5
—
(1.8)
5.0

February 5, 201412/12