Asahi Kasei Corporation
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, 2015

Consolidated Results for 1st Quarter Fiscal 2015:
April 1, 2015 – June 30, 2015
(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 2015
462,372 [+3.4%]
35,547 [+33.4%]
36,485 [+33.4%]
20,691 [+21.7%]
14.81—

Q1 2014
Net sales
447,146 [+4.0%]
Operating income
26,642 [−5.9%]
Ordinary income
27,345 [−0.5%]
Net income attributable to owners of the parent
16,997 [−13.3%]
Net income per share*
12.16
Diluted net income per share*—* Yen
Note: Comprehensive income was ¥33,021 million during Q1 2015, and ¥24,611 million during
Q1 2014.
2. Financial position
At end ofTotal assets
Net assets
Net worth/total assets
Net worth per share*

June 2015
2,036,531
1,116,356
54.1%
788.55

March 2015
2,014,531
1,097,722
53.7%
775.05* Yen
Notes:
 Net worth consists of shareholders’ equity and accumulated other comprehensive income.
 Net worth as of June 30, 2015, was ¥1,101,477 million; as of March 31, 2015, ¥1,082,654 million.
II. Cash Dividends
Fiscal year
2014
2015
2015 (forecast)

Q1
—
—

Q2
9.00

Cash dividends per share*
Q3
Q4
—
10.00
—

10.00

10.00

Total annual
19.00
20.00
* Yen

Asahi Kasei
Consolidated Results

August 4, 2015
1/12

III. Forecasts for Fiscal 2015 (April 1, 2015 – March 31, 2016)
1. Latest forecasts (percent change from results in year-ago period in brackets)
Net sales
Operating income
Ordinary income
Net income attributable to owners of the parent
Net income per share*

For Q1–Q2
955,000 [−1.2%]
77,000 [+8.6%]
77,000 [+3.8%]
47,500 [−4.1%]
34.01

For the fiscal year
2,000,000 [+0.7%]
164,000 [+3.8%]
166,500 [−0.0%]
106,000 [+0.3%]
75.88
* Yen

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 2015 announced on May 12, 2015, will be revised at the end of the 2nd
quarter of fiscal 2015.
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. Changes in accounting policies, changes in accounting estimates, and retroactive restatement
Changes in accounting policy
The Accounting Standards Board of Japan (ASBJ) issued ASBJ Statement No. 21 “Revised
Accounting Standard for Business Combinations,” ASBJ Statement No. 22 “Revised AccountingStandard for Consolidated Financial Statements,” and ASBJ Statement No. 7 “Revised AccountingStandard for Business Divestitures.” These revised accounting standards are applied from the firstquarter of the fiscal year ending March 31, 2016. Accordingly, differences resulting from changes
in ownership interest in a subsidiary when control over the subsidiary is retained are recorded undercapital surplus, and costs related to acquisition of increased ownership interest are recognized in the
period in which they arise. Also, transitional accounting is applied to business combinations
performed on or after the beginning of the first quarter of the fiscal year ending March 31, 2016, withrevision of purchase price allocation applied to the quarterly consolidated financial statements during
the quarter in which the date of the business combination occurs. The presentation method of net
income was amended, and “minority interests” were changed to “non-controlling interests.” Forcomparison purposes, information for the first quarter of the fiscal year ended March 31, 2015, andfor the fiscal year ended March 31, 2015, is shown in accordance with the new standards in theaccompanying consolidated financial statements.
Transitional accounting in accordance with Article 58, Paragraph 2, Item 4, of ASBJ Statement No.
21, Article 44, Paragraph 5, Item 4, of ASBJ Statement No. 22, and Article 57, Paragraph 4, Item 4,of ASBJ Statement No. 7 is applied from the beginning of the first quarter of the fiscal year ending
March 31, 2016.
These changes have no effect on the consolidated financial statements for the first quarter of the
fiscal year ending March 31, 2016.

Asahi Kasei
Consolidated Results

August 4, 2015
2/12

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 2015
1,402,616,332
5,773,278
1,396,858,929

FY 2014
1,402,616,332
5,742,862
1,397,372,385** Q1 2014

V. Overview of Consolidated Results
1. Consolidated group results
Although signs of economic slowdown strengthened in China and other emerging economies
during the April–June quarter of fiscal 2015, the economy in Europe continued to improve and the
US economy remained firm. The Japanese economy continued on a path of gradual recovery with
consumer spending picking up and corporate earnings and capital investment generally improving,
but uncertainty remained regarding instability of the overseas situation.
Consolidated net sales of Asahi Kasei Corp. and its consolidated subsidiaries and equitymethod affiliates (the Asahi Kasei Group) increased by ¥15.2 billion (3.4%) from a year ago to¥462.4 billion with firm sales in chemicals and critical care operations, although deliveries oforder-built homes decreased in homes operations. Operating income increased by ¥8.9 billion(33.4%) to ¥35.5 billion, and ordinary income increased by ¥9.1 billion (33.4%) to ¥36.5 billion.
Net income attributable to owners of the parent increased by ¥3.7 billion (21.7%) to ¥20.7 billion.
2. Results by operating segment
The Asahi Kasei Group’s operations are described by major business classification: four reportablesegments of Chemicals & Fibers, Homes & Construction Materials, Electronics, and Health Care,
together with an “Others” category.
CHEMICALS & FIBERS
Sales decreased by ¥0.6 billion (0.3%) from a year ago to ¥227.1 billion, and operating income
increased by ¥8.1 billion (87.2%) to ¥17.4 billion.
Among chemicals operations, market prices for petrochemicals were pulled down by falling
oil and naphtha prices, although terms of trade for styrene monomer improved substantially as thefeedstock price fall exceeded the product price decline. In performance polymers, sales ofengineering plastics and of synthetic rubber for fuel-efficient tires increased. In specialty products,
ion-exchange membranes especially benefitted from the weaker yen, and sales of Saran Wrap™
increased.
In fibers operations, sales of Bemberg™ cupro fiber increased with a new production facility
which began operation in the previous fiscal year, and sales of Lamous™ artificial suede and of
Bemliese™ continuous-filament cellulose nonwoven were firm.
HOMES & CONSTRUCTION MATERIALS
Sales increased by ¥4.3 billion (3.6%) from a year ago to ¥122.1 billion, and operating income
decreased by ¥2.2 billion (24.1%) to ¥6.8 billion.
Among homes operations, in remodeling, orders increased centering on renovation work andequipment installation. In real estate, the number of condominium units delivered increased, but
in order-built homes, deliveries of both Hebel Haus™ unit homes and Hebel Maison™ apartmentbuildings decreased.
In construction materials operations, sales of Hebel™ autoclaved aerated concrete (AAC)
panels and of Neoma™ high-performance phenolic foam insulation panels were firm.
ELECTRONICS
Sales increased by ¥3.3 billion (9.2%) from a year ago to ¥39.1 billion, and operating income
increased ¥1.1 billion (27.4%) to ¥5.1 billion.
In electronic devices operations, sales of crystal oscillator ICs decreased, but operations
benefitted from the weaker yen, and sales of audio devices and camera module devices for
Asahi Kasei
Consolidated Results

August 4, 20153/12

smartphones were firm.
In electronic materials operations, sales prices for Hipore™ Li-ion battery separator
decreased, but operations benefitted from the weaker yen, and sales of high-end products in eachproduct category were firm.
HEALTH CARE
Sales increased by ¥12.3 billion (20.8%) from a year ago to ¥71.3 billion, and operating income
increased by ¥2.9 billion (36.7%) to ¥10.7 billion.
In pharmaceuticals operations, selling, general and administrative expenses related mainly toresearch and development rose, while sales of Teribone™ osteoporosis drug and Recomodulin™
recombinant thrombomodulin increased.
Medical devices operations benefitted from the weaker yen, and sales of dialysis products
and of therapeutic apheresis devices were firm, but selling, general and administrative expenses atoverseas sales subsidiaries increased.
In critical care operations, the LifeVest™ wearable defibrillator business continues toexpand smoothly, and sales of other products such as defibrillators and related accessories
increased, but selling, general and administrative expenses grew with reinforced sales activity.
OTHERS
Sales in “Others” decreased by ¥4.0 billion (58.8%) from a year ago to ¥2.8 billion, and an
operating loss of ¥0.1 billion was recorded with a ¥0.5 billion decrease in profitability.

Asahi Kasei
Consolidated Results

August 4, 20154/12

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
Net defined benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Subtotal
Total noncurrent assets
Total assets

Asahi Kasei
Consolidated Results

At end ofMarch 2015

At end ofJune 2015

123,821
325,568
1,802
161,554
112,81365,311
21,70780,520(1,517)
891,579

140,619
310,178
2,898
160,622
130,61172,337
21,601
74,918(1,772)912,011

471,033(261,352)
209,681
1,345,790(1,170,771)
175,019
59,287
13,054(10,232)
2,822
37,566
143,593(125,461)
18,133
502,507481,274(264,768)
216,506
1,364,084(1,183,233)
180,851
59,635
12,904(10,413)2,490
28,188146,396(126,579)
19,817507,487

153,835
132,241
286,076

154,329
132,143
286,472

289,393
9,952
2,929
11,35121,016(273)
334,368
1,122,952
2,014,531

285,575
10,1043,000
10,995
21,157(272)
330,561
1,124,520
2,036,531

August 4, 2015
5/12

Liabilities
Current liabilities
Notes and accounts payable–trade
Short-term loans payable
Commercial paper
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 periodic repairs
Provision for removal cost of property, plant andequipment
Provision for loss on litigation
Net defined benefit liability
Asset retirement obligations
Long-term guarantee deposits
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 adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

Asahi Kasei
Consolidated Results

At end ofMarch 2015

At end ofJune 2015

151,867
96,015—
1,383
101,164
10,20374,6752,396
2,562

150,783
79,73427,0001,263
81,208
10,13287,271
2,019
2,468

2,832

1,830

533
63,817507,449

533
58,208502,448

40,000130,400
1,219
57,943
1,248

40,000133,259
947
59,819
595

7,865

7,465

2,316
142,035
3,506
19,146
3,683
409,360
916,809

5,198
141,284
3,597
19,081
6,481
417,727
920,176

103,389
79,408699,259(3,041)
879,014103,389
79,408705,981(3,075)885,703

113,562(1,697)
99,531(7,757)
203,639
15,0681,097,722
2,014,531

117,253(76)
105,797(7,200)215,774
14,879
1,116,356
2,036,531

August 4, 2015
6/12

2. Statements of income and statements of comprehensive income
1) Statements of income

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Equity in earnings of affiliates
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expense
Equity in losses of affiliates
Foreign exchange loss
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of noncurrent assets
Total extraordinary income
Extraordinary loss
Loss on sales of investment securities
Loss on valuation of investment securities
Loss on disposal of noncurrent assets
Impairment losses
Business structure improvement expenses
Provision for loss on litigation
Total extraordinary loss
Income before income taxes
Total income taxes
Net income
Net income attributable to non-controlling interests
Net income attributable to owners of the parent

Asahi Kasei
Consolidated Results

Q1 2014447,146
328,351
118,794
92,152
26,642Q1 2015
462,372
327,120
135,252
99,70535,547

317
1,306
811
—
750
3,184

339
1,910
—
484
885
3,617

764
—
749
968
2,481
27,345

830
253
—
1,597
2,680
36,485

236
236

15
15

112
465
502
—
201
—
1,281
26,3009,043
17,258261
16,997

—
—
471
75
196
2,813
3,555
32,945
12,064
20,881
190
20,691

August 4, 2015
7/12

2) Statements of comprehensive income

Net income
Other comprehensive income
Net increase in unrealized gain on other securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Share of other comprehensive income of affiliates
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to:
Owners of the Parent
Non-controlling interests

Asahi Kasei
Consolidated Results

Q1 2014
17,258Q1 2015
20,8818,611
30(1,957)
913

3,609
1,621
6,556
578

(243)

(223)

7,353
24,611

12,14033,021

24,399212

32,826
195

August 4, 20158/12

3. Statements of cash flows

Cash flows from operating activities
Income before income taxes
Depreciation and amortization
Impairment losses
Amortization of goodwill
Amortization of negative goodwill
Decrease 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 loss on litigation
Decrease in net defined benefit liability
Interest and dividend income
Interest expense
Equity in (earnings) losses of affiliates
Loss 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
Decrease in notes and accounts receivable–trade
Increase in inventories
Increase (decrease) 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 (used in) 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
Payments for transfer of business
Payments of loans receivableCollection of loans receivable
Other, net
Net cash used in investing activities

Asahi Kasei
Consolidated Results

Q1 2014

Q1 2015

26,30019,698—2,156(40)(4,727)(488)

32,94521,355
75
2,618
(40)
(1,030)
(99)

(541)

(1,402)—(575)(1,623)
764
(811)
112
465
(236)
502
13,372(23,808)
12,848(15,429)
9,451(4,456)32,9332,608(526)(46,188)(11,173)

2,813
(820)
(2,248)
830
253
—
—
(15)
471
15,973(17,585)(3,641)(20,691)
12,469
(1,485)40,7453,274(594)(8,648)34,778(1,951)
4,929(19,463)
126(3,660)
(204)
2,516
—
(460)
660
(449)
(17,956)(1,205)
7,945(19,477)
167(2,882)
(405)
125
(200)
(20)
366
445
(15,142)

August 4, 2015
9/12

Cash flows from financing activities
Net decrease in short-term loans payable
Increase in commercial paper
Proceeds from long-term loans payable
Repayment of long-term loans payable
Repayments of lease obligations
Purchase of treasury stock
Proceeds from disposal of treasury stock
Cash dividends paid
Cash dividends paid to non-controlling interests
Other, net
Net cash used in financing activities
Effect of exchange rate change on cash and cash equivalents
Net (decrease) increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents resulting from changes in scopeof consolidation
Cash and cash equivalents at end of period

Q1 2014

Q1 2015(31,326)
42,000
3,123
(361)
(564)
(23)
0
(13,974)(177)
212(1,090)(100)(30,318)
143,139(18,492)
27,000
2,961
(362)
(420)
(34)
—
(13,969)(328)
354(3,290)1,162
17,507112,297

100

6,273

112,921

136,078VII. Additional Information
1. Consolidated net sales and operating income (loss) by segment
1) Consolidated net sales by segment

Chemicals
FibersChemicals & Fibers
Homes
Construction Materials
Homes & Construction Materials
Electronics
Health Care
Critical Care
Health Care
Others
Total

Asahi Kasei
Consolidated Results

Q1 2014

Q1 2015

196.9
30.9
227.7
105.5
12.3
117.8
35.8
35.7
23.3
59.0
6.9
447.1

194.1
33.0
227.1
109.9
12.2
122.1
39.1
38.5
32.7
71.3
2.8
462.4

Increase(decrease)
(2.8)
2.2
(0.6)
4.4
(0.1)
4.3
3.3
2.8
9.4
12.3
(4.0)
15.2

(billions of yen)
Q1–Q2 2015
forecast
380.0
67.0
447.0
256.0
26.0
282.0
78.0
74.0
67.0
141.0
7.0
955.0

August 4, 2015
10/12

2) Consolidated operating income (loss) by segment
Q1 2014

Q1 2015

7.1
2.2
9.3
8.4
0.9
8.9
4.0
8.1
(0.3)
7.8
0.4
30.5
(3.9)
26.6

13.5
3.9
17.4
6.1
1.2
6.8
5.1
9.3
1.5
10.7
(0.1)
39.8
(4.3)
35.5

Chemicals
FibersChemicals & Fibers
Homes
Construction Materials
Homes & Construction Materials
Electronics
Health Care
Critical Care
Health Care
OthersCombined
Corporate expenses and eliminations
Total

Increase(decrease)
6.4
1.7
8.1
(2.3)
0.3
(2.2)
1.1
1.1
1.8
2.9
(0.5)
9.4
(0.4)
8.9

(billions of yen)
Q1–Q2 2015
forecast
29.0
6.0
35.0
22.0
2.5
24.0
8.5
14.0
4.0
18.0
0.0
85.5
(8.5)
77.0

Note: Figures for operating income by business category within segments include intrasegment transactions which
are eliminated from the segment totals.

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

Chemicals
FibersChemicals & Fibers
Homes
Construction
Materials
Homes &
Construction Materials
Electronics
Health Care
Critical Care
Health Care
OthersSubtotal
Corporate expenses andeliminations
Consolidated

Asahi Kasei
Consolidated Results

Operating costs
and others

Net increase(decrease)

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

1.5
0.8
2.3
(1.4)

(15.8)
0.9(14.9)
(0.1)

8.6
0.8
9.4
—

20.7
(0.0)
20.7
(0.9)

6.4
1.7
8.1
(2.3)

(0.1)

0.1

—

0.4

0.3

(1.5)

0.0

—

(0.7)

(2.2)

0.5
2.0
4.1
6.1
(0.3)
7.1

1.0
(0.1)
(0.7)
(0.8)
—
(14.6)

3.2
0.5
(0.2)
0.3
—
12.8

(0.5)
(0.8)
(1.7)
(2.5)
(0.3)
16.8

1.1
1.1
1.8
2.9
(0.5)
9.4

—

—

—

(0.4)

(0.4)

7.1

(14.6)

12.8

16.4

8.9

August 4, 201511/12

3. Major financial metrics (consolidated)(billions of yen, except employees and D/E ratio)
Q1 2014
Q1 2015
Capital expenditure (tangible)
19.2
18.8
Capital expenditure (intangible)
3.1
2.3
Depreciation and amortization*
19.7
21.4
Balance of payments
0.8
1.4
of which, dividends received
1.3
1.9
Employees at end of period
29,823
31,108D/E ratio
0.35
0.26* Excluding amortization of goodwill.

4. Contract trends for home construction operations
Q1 2014

Q1 2015

4,557
99.2
505.7
3,085
75.1

4,745
106.8
553.5
2,784
67.8

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

Increase(decrease)
188
7.6
47.8
(301)
(7.3)

Q1–Q2 2015
forecast
10,490
228.0
566.6
7,770
175.9

5. Key operating factors

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

Yen/US$Yen/€

Q1 2014

Q1 2015

Increase(decrease)

Q1–Q2 2015
forecast

69,90048,800(21,100)

49,400

102
140

121
134

19
(6)

121
135

6. Interest-bearing debt (consolidated)

Short-term loans payable
Commercial paper
Long-term loans payable
Bonds payable
Lease obligations
Total

Asahi Kasei
Consolidated Results

At end ofMarch 2015
96.0
—
130.4
40.0
2.6
269.0

At end ofJune 2015
79.7
27.0
133.3
40.0
2.2
282.2

(billions of yen)
Increase(decrease)(16.3)
27.0
2.9
—
(0.4)
13.2

August 4, 201512/12