ASAHI KASEI CORP Annual Report 2014

FY2014 Annual Report · ASAHI KASEI CORP
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Asahi Kasei Report 2014

Creating for Tomorrow

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Group
Mission

We, the Asahi Kasei Group, 
contribute to life and living for people 
around the world.

Group
Vision

Providing new value to society by enabling “living in health and 
comfort” and “harmony with the natural environment.”

Group
Values

Sincerity—Being sincere with everyone.
Challenge—Boldly taking challenges, continuously seeking change.
Creativity—Creating new value through unity and synergy.

Group
Slogan

Creating for Tomorrow

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Editorial policy

Contents

For greater ease of understanding among our stakeholders, 

beginning in ﬁ scal 2014 we are integrating information 

regarding our business strategy and ﬁ nancial performance, 

which had been published in our Annual Report, with 

information regarding our CSR activities, which had been 

published in our CSR Report, in a single Asahi Kasei Report. 

  We hope that this report will help you gain a clear 

perception of the Asahi Kasei Group’s efforts toward 

sustainability in society in addition to our management 

strategy, business conditions, and management 

conﬁ guration. We will continue to strive for clear and 

appropriate information disclosure that facilitates 

communication with our stakeholders.

Period under review

The period under review is ﬁ scal 2013 (April 2013 – March 

2014). Some qualitative information pertaining to April to 

July 2014 has also been included.

Organizational scope

The scope of the report is Asahi Kasei Corp. and its 

consolidated subsidiaries, except with respect to Responsible 

Care, in which case the scope is operations in Japan that 
implement Asahi Kasei Group’s Responsible Care program. 

  Asahi Kasei has nine core operating companies, with 

seven operating segments in ﬁ scal 2013 corresponding to 

our main ﬁ elds of business and an “others” category for the 

remainder of operations. Unless otherwise speciﬁ ed, the 

titles and positions of corporate ofﬁ cers and other personnel 

as shown in this report are current as of September 2014.

Guidelines consulted

The Global Reporting Initiative’s Sustainability Reporting 

Guidelines 3.1, ISO 26000, and other guidelines were 

consulted during the preparation of this report.

Disclaimer
The forecasts and estimates shown in this report are dependent on a variety of 
assumptions and economic conditions. Plans and ﬁ gures depicting the future 
do not imply a guarantee of actual outcome.

2

3

4

8

9

To our Stakeholders

Asahi Kasei Group Management and CSR

Feature 1

Challenge and Creativity to Produce 
Value for Society

Consolidated Performance Indexes

Interview with the President

16

Enhanced Sector Management and Business Expansion 
through Combined Strength

17

At a Glance

18 Operating Segments

18  Chemicals

20  Fibers

22  Homes

32

34

38

40

48

50

54

55

24  Construction Materials

26  Electronics

28  Health Care

30  Critical Care

Research & Development

Feature 2: Roundtable discussion

Achieving Results through Synergy

Respect for Employee Individuality

Responsible Care

Corporate Citizenship

Corporate Governance

Directors, Corporate Auditors, Executive Ofﬁ cers

Financial Section

56  Consolidated Eleven-Year Summary

58  Management’s Discussion and Analysis

64  Risk Analysis

66  Consolidated Financial Statements

72  Notes to Consolidated Financial Statements

96 Major Subsidiaries and Afﬁ liates

98

99

Company Information

Investors Information

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Asahi Kasei Report 2014

1

To Our Stakeholders

Thank you for reading the Asahi Kasei Report 2014. In 

consider our business activities themselves to be the ultimate 

accordance with our Group Mission of contributing to life 

expression of our corporate social responsibility, which we 

and living for people around the world, and our Group Vision 

advance through a two-pronged effort of CSR Fundamentals 

of enabling living in health and comfort and harmony with 

that support our operations and CSR in Action that is 

the natural environment, we continue to increase corporate 

manifested through our operations. Beginning this year we 

value through our diverse business operations.

integrated the description of our management strategy, 

The Asahi Kasei Group is now executing “For Tomorrow 

business operations, and ﬁ nancial performance, which had 

2015,” a ﬁ ve-year strategic management initiative ending in 

been published in our Annual Report, with the description of 

ﬁ scal 2015, to expand and grow in our four business sectors 

our CSR activities, which had been published in our CSR 

of Chemicals & Fibers, Homes & Construction Materials, 

Report, in a single Asahi Kasei Report for greater ease of 

Electronics, and Health Care. In ﬁ scal 2014 we enhanced our 

understanding by our various stakeholders.

governance conﬁ guration to have a Representative Director 

  Although our operating climate continues to change 

of the holding company with responsibility for each of the 

dramatically, we will continue to grow by acting with 

business sectors. This not only enables swifter decision-

sincerity, taking challenges, and creating new value with our 

making in each sector, but also facilitates deeper synergy 

Group Mission and Group Vision as our unchanging guide.

among the sectors with a greater sense of unity in 

management. Under the new conﬁ guration, we are aiming 

September 2014

for even greater earnings growth as we complete our current 

plans, while accelerating innovation and preparing our next 

steps beginning in ﬁ scal 2016.

The Asahi Kasei Group is committed to contributing to 

the sustainability of society by creating new products and 

services that beneﬁ t life and living for people around the 

world, continuously increasing corporate value, and providing 

solutions to various environmental and social challenges. We 

Toshio Asano
President

2

Asahi Kasei Report 2014

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Asahi Kasei Group Management and CSR

We believe that corporate social responsibility (CSR) is achieved by addressing a wide range of social challenges 
through the advancement of our diversiﬁ ed businesses based on our Group Mission of contributing to life and living 
for people around the world. Under our “For Tomorrow 2015” management initiative, we are now expanding 
operations that provide new value to society by enabling living in health and comfort and harmony with the natural 
environment in accordance with our Group Vision.

Living in health
and comfort

Creating for Tomorrow

The
community
Community
outreach

The
employee
Employee
fulfillment

The
environment
Environmental
protection

The
customer
Customer
satisfaction

Sustainable Increase
in Corporate Value

The
supplier
Fair business
dealings

The local
economy
Local economic
participation

The
shareholder
Shareholder
returns

Business
operations

Expansion of
world-leading
businesses

“For Tomorrow 2015”
strategic management initiative

CSR in Action

Creation of
new value
for society

CSR Fundamentals
Compliance, Responsible Care, Corporate Citizenship,
Respect for Employee Individuality

Group Mission
Contributing to life and living for people around the world

Harmony with
 the natural
environment

CSR Fundamentals

CSR in Action

Based on a clear understanding of the effects of our operations 
on the global environment and local communities, our efforts 
and actions related to CSR are focused on four CSR 
Fundamentals: Compliance, Responsible Care, Corporate 
Citizenship, and Respect for Employee Individuality.

We believe that CSR is achieved by raising corporate value for 
our various stakeholders through our business operations in 
accordance with our Group Mission of contributing to life and 
living for people around the world.

Structure and organization for CSR

In April 2014, we simpliﬁ ed our structure by eliminating the CSR 
Council as the overarching organ for the committees under our 
CSR framework. Under the direct supervision of the holding 
company President, each committee now functions more 
efﬁ ciently and decisively. We also limited the framework to cross-
organizational activities. Although the Market Compliance 
Committee and Export Control Committee have as a result been 
removed from the diagram at right, they continue to perform 
their functions in the ordinary course of duties at relevant 
organizations.

President of
holding company

Corporate Ethics Committee

(cid:115)(cid:0)(cid:48)(cid:82)(cid:69)(cid:80)(cid:65)(cid:82)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:79)(cid:70)(cid:0)(cid:34)(cid:65)(cid:83)(cid:73)(cid:67)(cid:0)(cid:48)(cid:79)(cid:76)(cid:73)(cid:67)(cid:89)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:35)(cid:79)(cid:68)(cid:69)(cid:0)(cid:79)(cid:70)(cid:0)(cid:35)(cid:79)(cid:78)(cid:68)(cid:85)(cid:67)(cid:84)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:67)(cid:79)(cid:82)(cid:80)(cid:79)(cid:82)(cid:65)(cid:84)(cid:69)(cid:0)(cid:69)(cid:84)(cid:72)(cid:73)(cid:67)(cid:83)
(cid:115)(cid:0)(cid:33)(cid:68)(cid:86)(cid:65)(cid:78)(cid:67)(cid:69)(cid:77)(cid:69)(cid:78)(cid:84)(cid:0)(cid:79)(cid:70)(cid:0)(cid:69)(cid:84)(cid:72)(cid:73)(cid:67)(cid:83)(cid:0)(cid:69)(cid:68)(cid:85)(cid:67)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:79)(cid:80)(cid:69)(cid:82)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:79)(cid:70)(cid:0)(cid:67)(cid:79)(cid:77)(cid:80)(cid:76)(cid:73)(cid:65)(cid:78)(cid:67)(cid:69)(cid:0)(cid:72)(cid:79)(cid:84)(cid:76)(cid:73)(cid:78)(cid:69)

Responsible Care Committee

(cid:115)(cid:0)(cid:36)(cid:69)(cid:76)(cid:73)(cid:66)(cid:69)(cid:82)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:79)(cid:70)(cid:0)(cid:80)(cid:76)(cid:65)(cid:78)(cid:83)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:82)(cid:69)(cid:83)(cid:85)(cid:76)(cid:84)(cid:83)(cid:0)(cid:73)(cid:78)(cid:0)(cid:82)(cid:69)(cid:71)(cid:65)(cid:82)(cid:68)(cid:0)(cid:84)(cid:79)(cid:0)(cid:69)(cid:78)(cid:86)(cid:73)(cid:82)(cid:79)(cid:78)(cid:77)(cid:69)(cid:78)(cid:84)(cid:65)(cid:76)(cid:0)(cid:80)(cid:82)(cid:79)(cid:84)(cid:69)(cid:67)(cid:84)(cid:73)(cid:79)(cid:78)(cid:12)(cid:0)
(cid:0)(cid:0)(cid:0)(cid:80)(cid:82)(cid:79)(cid:68)(cid:85)(cid:67)(cid:84)(cid:0)(cid:83)(cid:65)(cid:70)(cid:69)(cid:84)(cid:89)(cid:12)(cid:0)(cid:79)(cid:80)(cid:69)(cid:82)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:65)(cid:76)(cid:0)(cid:83)(cid:65)(cid:70)(cid:69)(cid:84)(cid:89)(cid:12)(cid:0)(cid:69)(cid:84)(cid:67)(cid:14)

Global Environment Committee

(cid:115)(cid:0)(cid:36)(cid:69)(cid:76)(cid:73)(cid:66)(cid:69)(cid:82)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:65)(cid:68)(cid:79)(cid:80)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:79)(cid:70)(cid:0)(cid:71)(cid:82)(cid:79)(cid:85)(cid:80)(cid:13)(cid:87)(cid:73)(cid:68)(cid:69)(cid:0)(cid:77)(cid:69)(cid:65)(cid:83)(cid:85)(cid:82)(cid:69)(cid:83)(cid:0)(cid:84)(cid:79)(cid:0)(cid:67)(cid:79)(cid:85)(cid:78)(cid:84)(cid:69)(cid:82)(cid:0)(cid:71)(cid:76)(cid:79)(cid:66)(cid:65)(cid:76)(cid:0)(cid:87)(cid:65)(cid:82)(cid:77)(cid:73)(cid:78)(cid:71)

Risk Management Committee

(cid:115)(cid:0)(cid:38)(cid:79)(cid:82)(cid:77)(cid:85)(cid:76)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:79)(cid:70)(cid:0)(cid:80)(cid:76)(cid:65)(cid:78)(cid:83)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:77)(cid:69)(cid:65)(cid:83)(cid:85)(cid:82)(cid:69)(cid:83)(cid:0)(cid:84)(cid:79)(cid:0)(cid:82)(cid:69)(cid:83)(cid:80)(cid:79)(cid:78)(cid:68)(cid:0)(cid:84)(cid:79)(cid:0)(cid:65)(cid:67)(cid:84)(cid:85)(cid:65)(cid:76)(cid:0)(cid:79)(cid:82)(cid:0)(cid:80)(cid:79)(cid:84)(cid:69)(cid:78)(cid:84)(cid:73)(cid:65)(cid:76)(cid:0)(cid:67)(cid:82)(cid:73)(cid:83)(cid:69)(cid:83)

Community Fellowship Committee

(cid:115)(cid:0)(cid:38)(cid:79)(cid:82)(cid:77)(cid:85)(cid:76)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:79)(cid:70)(cid:0)(cid:80)(cid:79)(cid:76)(cid:73)(cid:67)(cid:89)(cid:12)(cid:0)(cid:80)(cid:76)(cid:65)(cid:78)(cid:83)(cid:12)(cid:0)(cid:65)(cid:78)(cid:68)(cid:0)(cid:67)(cid:79)(cid:85)(cid:82)(cid:83)(cid:69)(cid:83)(cid:0)(cid:79)(cid:70)(cid:0)(cid:65)(cid:67)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:73)(cid:78)(cid:0)(cid:82)(cid:69)(cid:71)(cid:65)(cid:82)(cid:68)(cid:0)(cid:84)(cid:79)(cid:0)(cid:67)(cid:79)(cid:77)(cid:77)(cid:85)(cid:78)(cid:73)(cid:84)(cid:89)(cid:0)
(cid:0)(cid:0)(cid:0)(cid:70)(cid:69)(cid:76)(cid:76)(cid:79)(cid:87)(cid:83)(cid:72)(cid:73)(cid:80)(cid:0)(cid:65)(cid:67)(cid:84)(cid:73)(cid:86)(cid:73)(cid:84)(cid:73)(cid:69)(cid:83)

(as of July 1, 2014)

Asahi Kasei Report 2014

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Feature 1: Challenge and Creativity to Produce Value for Society

Portfolio realignment meeting changing needs in every age

The Asahi Kasei Group has consistently grown through proactive transformation of its business portfolio to meet the 
evolving needs of every age. We have constantly provided products and services that form solutions to various 
environmental and social challenges. As society undergoes further changes, we will continue to contribute to life 
and living for people around the world by Creating for Tomorrow.

From 1922

Shitagau Noguchi

Shitagau Noguchi, the founder of Asahi Kasei, 
succeeded in Japan’s ﬁ rst industrial production 
of ammonia by chemical synthesis in Nobeoka, 
Miyazaki, in 1923 using technology licensed 
from Italy. The ammonia was used in the 
production of Bemberg™ regenerated cellulose 
ﬁ ber, part of a diverse range of business 
operations that included chemical fertilizer and 
viscose rayon. As industry modernized and the 
economy of Japan achieved self-sustainable 
growth, our operations made important 
contributions to the stability of people’s lives.

From 1950

In 1957 we began production of polystyrene, 
and in 1959 entered the synthetic ﬁ ber 
business. These were followed by the three 
new businesses of nylon ﬁ ber, synthetic 
rubber, and construction materials. In 1968 
we began construction of a petrochemical 
complex in the Mizushima area of Kurashiki, 
Okayama, Japan, paving the way for our full-
scale development of petrochemical 
operations. Our products during this period 
supported improvements in the quality of life 
during Japan’s high-growth period.

From 1970

In 1972 we entered the homes business 
with the launch of the Hebel Haus™, 
and in 1974 we entered the medical 
device business with hollow-ﬁ ber 
membrane artiﬁ cial kidneys. Our entry 
to the electronics business began with 
our launch of Hall elements (magnetic 
sensors) in 1980 and start of LSI 
manufacture in 1987. Our products 
continued to help make life more 
comfortable and convenient as society’s 
needs diversiﬁ ed.

The ﬁ rst Hebel Haus™ (Kamata model home park)

Part of the ammonia plant completed in 1923 
(Nobeoka, Miyazaki, Japan)

Saran Wrap™ launched in Japan in 1960

Naphtha cracker (Kurashiki, Okayama, Japan)

Hollow-ﬁ ber membrane 
artiﬁ cial kidneys

LSIs

The Bemberg™ plant which started operation in 1931 
(Nobeoka, Miyazaki, Japan)

Portfolio transformation

Fiscal 1940
Net sales
¥56 million

Fiscal 1960
Net sales
¥44.9 billion

Fibers

Chemicals

Foods

Fiscal 1980
Net sales
¥800.1 billion

Fibers

Chemicals

Homes

Construction Materials

Foods and fermentation chemistry

Backdrop in Japanese society and economy

Establishing the basis for 
modern life

Sufﬁ ciency of daily necessities, improvement in quality of homes, 
development of public infrastructure

(cid:129) Development of chemical industry and 

(cid:129) Post-war recovery and modernization of industry 

(cid:129) Stable economic growth 

modern agriculture 

(cid:129) Interbellum economic downturn and 

World War II 

4

Asahi Kasei Report 2014

(cid:129) Period of high economic growth 

(cid:129) Economic bubble 

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From 2010

In 2011 we launched our “For Tomorrow 
2015” management initiative focused on 
the two business strategies of expanding 
world-leading businesses and creating 
new value for society. In 2012 we 
entered the acute critical care business 
by acquiring ZOLL Medical Corporation. 
We continue to proactively expand and 
develop operations.

From 1990

In 1992 we acquired Toyo Jozo Co., Ltd. to 
reinforce pharmaceutical operations. From 
1999, we executed a program to heighten 
selectivity and focus in operations, 
divesting our food business and closing 
some ﬁ ber businesses, achieving selective 
diversiﬁ cation. From 2000 onward, we also 
established many overseas operations, 
mainly in Asia, establishing the foundation 
for global management.

We are Creating for Tomorrow, 
providing new value to society 
by enabling living in health and 
comfort and harmony with the 
natural environment

Pharmaceutical products after the Toyo Jozo merger

Propane-process acrylonitrile (AN) plant in Thailand

Asahi Kasei Electronics Materials (Suzhou) Co., Ltd., a 
major manufacturing base for photosensitive dry ﬁ lm

The LifeVest™ wearable deﬁ brillator

Fiscal 2000
Net sales
¥1,269.4 billion

Fiscal 2013
Net sales
¥1,897.8 billion

Fibers

Chemicals

Homes

Construction Materials

Fibers

Chemicals

Homes

Construction Materials

Electronics

Health Care

Others

Electronics

Health Care

Critical Care

Others

Increased comfort and convenience

Heightened environmental consciousness

(cid:129) Two decades of meager growth after collapse of bubble 

(cid:129) Changing values after the Great East Japan Earthquake 

(cid:129) Effect of global economic crisis

(cid:129) Emergence from period of slow economic growth

Asahi Kasei Report 2014

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Feature 1: Challenge and Creativity to Produce Value for Society

Continuing to create solutions to social challenges

The Asahi Kasei Group continues to create new value for society by meeting needs in the three ﬁ elds of the 
Environment & Energy, Residential Living, and Health Care.

Providing value to society today

Social challenge

Asahi Kasei solution

Environment
&
Energy

• Global warming

•  Resources and 

energy

 Synthetic rubber
Solution-polymerized styrene-
butadiene rubber (S-SBR) for tires 
that provide greater fuel efﬁ ciency 
while maintaining superior safety

 Hipore™
Lithium-ion battery separator that 
contributed to the spread of cell 
phones and other mobile electronics

 Neoma™
Phenolic foam insulation panels that 
provide the world’s highest level of 
thermal insulation performance

S-SBR

Hipore™

Residential
Living

•  Declining birthrate 

and aging 
population

•  Diversiﬁ cation of 
residential needs

 Hebel Haus™
“Long Life Homes” that enable long-
term comfort with superior 
resistance to earthquakes and ﬁ re

  Two-generation and 
three-story homes
Various lifestyle proposals for 
comfort in urban living

Hebel Haus™

Health Care

•  Meeting unmet 
medical needs

•  Therapy for the 

elderly

 Teribone™
Osteoporosis therapy that facilitates 
bone formation

Teribone™

 LifeVest™
The world’s ﬁ rst wearable 
deﬁ brillator

6

Asahi Kasei Report 2014

LifeVest™

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Creating new value for tomorrow

Developing a variety of solutions to preserve resources and the environment, 
securing the energy we need for life and economic activity, reducing 
consumption, reducing CO2 emissions, and diversifying energy sources

 Ultraviolet light-
emitting diodes 
(UV LEDs)

Development of UV LEDs that conserve 
energy and provide superior disinfection 
performance

 Lithium ion 
capacitors (LICs)

Development of LICs that provide power 
storage with quick charging and discharging 
for higher efﬁ ciency

 Phosphorus 
adsorbent

 Water 
electrolysis

Development of a high-speed phosphorus 
adsorbent and phosphorus recovery systems that 
can help overcome water resource problems

Development of technology to extract pure 
hydrogen as a renewable source of energy

UV LED

LIC

Making new proposals for residential conﬁ gurations and lifestyles that 
enable active living as the birthrate declines and the population ages, 
and lives become more diverse

 Homes for 
seniors

Proposals that meet the residential needs of 
the senior generation

 At-home therapy Research on at-home dialysis systems, 

monitoring systems, etc.

HH2015 demonstration home for 
new business research

Contributing to greater health and comfort with products and services for 
advanced therapy as long-term needs for health care rise with increasing 
populations in developing countries and aging populations in developed 
countries

 Electronic 
stethoscope system

 Cell therapy and 
regenerative 
medicine

Development of an electronic stethoscope system utilizing our speech recognition 
algorithm technology

Development of equipment to culture and process cells, providing cells to hospitals for 
use in regenerative medicine

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Asahi Kasei Report 2014

7

Consolidated Performance Indexes

Asahi Kasei Corporation and consolidated subsidiaries

Net sales1

(¥ billion)

2,000

1,555.9

1,573.2

1,666.6

1,392.2

1,500

1,000

500

0

1,897.8

Others
Critical Care2

Health Care

Electronics

Construction
Materials
Homes

Fibers

Chemicals

Operating income

(¥ billion)

122.9

104.3

92.0

57.6

200

150

100

50

0

(50)

’09

’10

’11

’12

’13

FY

’09

’10

’11

’12

’13

FY

Net income, ROE

(¥ billion)

9.3

60.3

8.1

7.1

55.8

53.7

120

100

80

60

40

20

0

4.1

25.3

Net income 
(left scale)

ROE 
(right scale)

(%)

12

10

11.7

101.3

8

6

4

2

0

Total assets, ROA

(¥ billion)

2,000

1,915.1

1,800.2

1,368.9

1,425.9

1,410.6

5.5

4.3

3.9

3.3

1.8

1,500

1,000

500

0

’09

’10

’11

’12

’13

FY

’09

’10

’11

’12

’13

Net worth3, net worth/total assets

Interest-bearing debt, D/E ratio

(¥ billion)

1,000

633.3

663.6

46.3

46.5

706.8

50.1

912.7

812.1

45.1

47.7

800

600

400

200

0

’09

’10

’11

’12

’13

Free cash ﬂ ows

(¥ billion)

Net worth 
(left scale)

Net worth/
total assets 
(right scale)

(%)

70

60

50

40

30

20

FY
 (end)

150

100

50

0

(50)

(100)

(150)

(200)

69.1

69.3

51.8

140.4

(152.5)

0.33

303.9

0.3

(¥ billion)

0.47

381.4

0.42

0.38

264.6

253.9

0.26

184.1

500

400

300

200

100

0

’09

’10

’11

’12

’13

Net income per share

(¥)

80

60

40

20

0

72.48

43.11

39.89

38.43

18.08

143.3

Corporate expenses
and eliminations
Others
Critical Care2

Health Care

Electronics

Construction
Materials
Homes

Fibers

Chemicals

Total assets 
(left scale)

ROA 
(right scale)

Interest-bearing
debt (left scale)

D/E ratio 
(right scale)

(%)

8

6

4

2

0

FY
 (end)

(%)

0.5

0.4

0.2

0.1

0

FY
 (end)

’09

’10

’11

’12

’13

FY

’09

’10

’11

’12

’13

FY

Environmental and safety investment
(¥ billion)

Greenhouse gas emissions from production processes
(million tons CO2 equivalent)

11.98

Environmental
investment
Safety investment

7.54

8.07

5.59

4.26

12

10

8

6

4

2

0

6

5

4

3

2

1

0

5.65

5.26

5.05

4.11

4.17

Sulfur hexafluoride

PFCs

HFCs

Methane

Nitrous oxide

Carbon dioxide

’09

’10

’11

’12

’13

FY

’09

’10

’11

’12

’13

FY

1  Beginning with ﬁ scal year 2011, the accounting policy for naphtha resale in the Chemicals segment was changed. This change is applied retroactively to net sales for ﬁ scal 2009 and 2010. 
2  The Critical Care segment, in which results of ZOLL Medical Corporation are reported, was added in ﬁ scal 2012. Critical Care segment results were included beginning on April 27, 2012.
3  Net assets less minority interests.

8

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Interview with the President

In ﬁ scal 2013 
we achieved our best 
ﬁ nancial performance ever. 
We’re aiming for further 
growth in ﬁ scal 2014.

By advancing the business strategy under our 
medium-term management initiative “For 
Tomorrow 2015,” the Asahi Kasei Group achieved 
record-high consolidated results in ﬁ scal 2013. 
Fiscal 2014 will be a year of further growth, as we 
reap the fruit of the strategic investments which 
we made during the past three years. We will 
continue to accelerate our growth strategy as we 
approach completion of our ﬁ ve-year plan.

Toshio Asano
President

Q1.  What kind of company would you like Asahi 

Kasei to be?

Q2.  How is your progress under “For Tomorrow 

2015”?

Q3.  What is the status of your strategic 

investment?

Q4.  What is your strategy for Health Care?
Q5.  What was behind the change in your 

governance conﬁ guration?

Q6.  How do you view R&D?
Q7.  What is your policy on return to shareholders?

Brief Proﬁ le

March 1975
April 1975
June 2001

October 2003
April 2008

April 2010

April 2011

April 2014
June 2014

B.S., Pharmaceutical Sciences, University of Tokyo
Joined Asahi Kasei
General Manager, Institute for Life Science Research, 
Asahi Kasei Corp.
Executive Ofﬁ cer, Asahi Kasei Pharma Corp.
Director and Senior Executive Ofﬁ cer, Asahi Kasei Pharma 
Corp. (executive for R&D)
President and Representative Director, Presidential 
Executive Ofﬁ cer, Asahi Kasei Pharma Corp.
President and Representative Director, Presidential 
Executive Ofﬁ cer, Asahi Kasei Pharma Corp.
Executive Ofﬁ cer, Asahi Kasei Corp.
Presidential Executive Ofﬁ cer, Asahi Kasei Corp.
President and Representative Director, Presidential 
Executive Ofﬁ cer, Asahi Kasei Corp.

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Q1

What kind of company would you like Asahi Kasei to be?

A1

I want us to be a company that contributes even more to life and 
living for people around the world through innovation.

Our Group Vision is to provide new value to society by 
enabling living in health and comfort and harmony 
with the natural environment based on our Group 
Mission of contributing to life and living for people 
around the world. I believe we can achieve these 
objectives through innovation.
  Consider each of our business sectors. In 
Chemicals & Fibers, the shale gas revolution is 
dramatically changing the feedstock supply chain that 
has been based on petroleum for the past century. In 
Homes & Construction Materials, while we have thus 
far supplied products that met the needs of society, 
demands are becoming increasingly diverse. In 
Electronics, although the rise of information 
technology has already brought remarkable changes, 
further technological advances promise to transform 
our lives even more. In Health Care, aging populations 
in developed countries and growing populations in 
developing countries will pose various challenges that 

necessitate new solutions. Changes afoot in every one 
of these ﬁ elds provide many opportunities for us to 
contribute to society through innovation.

Innovation does not only mean technological 
development; it but can also happen in other ways, 
such as marketing. Anything is possible when all of 
our personnel pull together as one. By combining the 
accumulated technology and information from 
different businesses together—both within the Asahi 
Kasei Group and with other companies—we can 
obtain many new synergies. This will spark innovation 
that contributes to the people of the world, which is 
our mission. I think this is how we will foster new 
businesses for the future of Asahi Kasei.

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Q2

A2

How is your progress under “For Tomorrow 2015”?

Our strategic initiative is progressing on track. We are aiming for 
further earnings growth in ﬁ scal 2014 by reaping the fruit of the 
strategic investments made thus far.

Our “For Tomorrow 2015” management initiative is 
making good progress. As we approach the ﬁ nal year 
of the plan, we are advancing our business strategies to 
obtain our objectives.
  Under our ﬁ rst business strategy of expanding 
world-leading businesses, we started up several new 
facilities during 2012 and 2013. These included 
acrylonitrile (AN) plants in Thailand and Korea, a plant 
for solution-polymerized styrene-butadiene rubber 
(S-SBR) for fuel-efﬁ cient tires in Singapore, a spunbond 
plant in Thailand, and new lines for Hipore™ lithium-
ion battery separators in Hyuga, Miyazaki, Japan. In 
June 2014 we started up a new production facility for 
Bemberg™ regenerated cellulose ﬁ ber in Nobeoka, 
Miyazaki, Japan. Full-ﬂ edged operation of these new 
facilities will enable expanded earnings in ﬁ scal 2014.
  Under our second business strategy of creating new 
value for society, we accelerated the expansion of 
established businesses and the creation of new 

Net sales under “For Tomorrow 2015”

businesses. In the ﬁ eld of the environment and energy, 
we are advancing the development of lithium ion 
capacitors (LICs) at our joint venture with FDK Corp. We 
are also nearing the commercialization of ultraviolet 
light-emitting diodes (UV LEDs) based on aluminum 
nitride (AlN) substrates. We are now constructing a 
pilot line in Fuji, Shizuoka, Japan, and plan to begin 
product shipments in ﬁ scal 2014.

In ﬁ scal 2014 our homes business faces increased 

costs for materials and construction work, and our 
pharmaceuticals business will be impacted by reduced 
reimbursement prices and higher R&D expenses. Our 
chemicals business, on the other hand, will beneﬁ t 
from improved market prices and increased volume 
with the full operation of new plants. We are 
forecasting consolidated net sales of ¥2,016 billion and 
operating income of ¥150 billion, well on the path to 
our ﬁ scal 2015 targets under “For Tomorrow 2015.”

1,573.2

1,666.6

1,897.8

2,016.0

2,000.0

(¥ billion)
2,000

1,500

1,000

500

0

’11

’12

’13

’14
 latest forecast

’15
 target

FY

Operating income under “For Tomorrow 2015”

(¥ billion)
200

150

100

50

0

143.3

150.0

160.0

104.3

92.0

’11

’12

’13

’14
 latest forecast

’15
 target

FY

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Q3

What is the status of your strategic investment?

A3

From ﬁ scal 2014 onward, we will continue to make strategic 
investments for further growth.

investment is undiminished. We are studying 
investment opportunities to heighten growth in all 
four of our business sectors.

Our plan provides for ¥1 trillion in strategic investment 
over the 5-year period of “For Tomorrow 2015.” In 
addition to investments in established businesses, we 
made several investments in new operations and M&A 
in high-growth ﬁ elds, including the acquisition of 
Crystal IS, Inc., a US venture developing UV LEDs, and 
the acquisition of ZOLL, a leading manufacturer of 
acute critical care devices. We still have ¥250 billion to 
invest in new operations and M&A through the end of 
ﬁ scal 2015. Our appetite for further proactive 

Strategic investment for growth (decision-adopted basis)

Concept for ¥1 trillion of investment during “For Tomorrow 2015” (total for 5 years)

Decisions adopted in FY 2011– FY 2013
Decisions adopted in FY 2011– FY 2013

(cid:115) Acquisition of Crystal IS
(cid:115)(cid:0)(cid:33)(cid:67)(cid:81)(cid:85)(cid:73)(cid:83)(cid:73)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:79)(cid:70)(cid:0)(cid:58)(cid:47)(cid:44)(cid:44)
(cid:115)(cid:0)(cid:35)(cid:79)(cid:78)(cid:83)(cid:84)(cid:82)(cid:85)(cid:67)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:79)(cid:70)(cid:0)(cid:73)(cid:78)(cid:73)(cid:84)(cid:73)(cid:65)(cid:76)(cid:0)(cid:80)(cid:82)(cid:79)(cid:68)(cid:85)(cid:67)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)

(cid:80)(cid:76)(cid:65)(cid:78)(cid:84)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:53)(cid:54)(cid:0)(cid:44)(cid:37)(cid:36)(cid:83)

(cid:115)(cid:0)(cid:37)(cid:83)(cid:84)(cid:65)(cid:66)(cid:76)(cid:73)(cid:83)(cid:72)(cid:77)(cid:69)(cid:78)(cid:84)(cid:0)(cid:79)(cid:70)(cid:0)(cid:74)(cid:79)(cid:73)(cid:78)(cid:84)(cid:0)(cid:86)(cid:69)(cid:78)(cid:84)(cid:85)(cid:82)(cid:69)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)

(cid:76)(cid:73)(cid:84)(cid:72)(cid:73)(cid:85)(cid:77)(cid:0)(cid:73)(cid:79)(cid:78)(cid:0)(cid:67)(cid:65)(cid:80)(cid:65)(cid:67)(cid:73)(cid:84)(cid:79)(cid:82)(cid:83)(cid:0)(cid:8)(cid:44)(cid:41)(cid:35)(cid:83)(cid:9)

Total approx. ¥200 billion

Further growth
(new operations, M&A)
¥250 billion

Non-linear
growth measures
(FY 2011–FY 2013)

FY 2011

FY 2012

FY 2013

FY 2014
plan

Decisions adopted in FY 2011

(cid:115)(cid:0)(cid:35)(cid:65)(cid:80)(cid:65)(cid:67)(cid:73)(cid:84)(cid:89)(cid:0)(cid:73)(cid:78)(cid:67)(cid:82)(cid:69)(cid:65)(cid:83)(cid:69)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:51)(cid:13)(cid:51)(cid:34)(cid:50)(cid:0)(cid:73)(cid:78)(cid:0)(cid:51)(cid:73)(cid:78)(cid:71)(cid:65)(cid:80)(cid:79)(cid:82)(cid:69)
(cid:115)(cid:0)(cid:35)(cid:65)(cid:80)(cid:65)(cid:67)(cid:73)(cid:84)(cid:89)(cid:0)(cid:73)(cid:78)(cid:67)(cid:82)(cid:69)(cid:65)(cid:83)(cid:69)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:65)(cid:67)(cid:69)(cid:84)(cid:79)(cid:78)(cid:73)(cid:84)(cid:82)(cid:73)(cid:76)(cid:69)(cid:0)(cid:73)(cid:78)(cid:0)

Korea

(cid:115)(cid:0)(cid:35)(cid:65)(cid:80)(cid:65)(cid:67)(cid:73)(cid:84)(cid:89)(cid:0)(cid:73)(cid:78)(cid:67)(cid:82)(cid:69)(cid:65)(cid:83)(cid:69)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:73)(cid:78)(cid:83)(cid:85)(cid:76)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:80)(cid:65)(cid:78)(cid:69)(cid:76)(cid:83)
(cid:115)(cid:0)(cid:50)(cid:69)(cid:83)(cid:69)(cid:65)(cid:82)(cid:67)(cid:72)(cid:0)(cid:67)(cid:79)(cid:77)(cid:80)(cid:76)(cid:69)(cid:88)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:80)(cid:72)(cid:65)(cid:82)(cid:77)(cid:65)(cid:67)(cid:69)(cid:85)(cid:84)(cid:73)(cid:67)(cid:65)(cid:76)(cid:83)

Decisions adopted in FY 2012

(cid:115)(cid:0)(cid:33)(cid:67)(cid:81)(cid:85)(cid:73)(cid:83)(cid:73)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:79)(cid:70)(cid:0)(cid:83)(cid:65)(cid:76)(cid:69)(cid:83)(cid:0)(cid:82)(cid:73)(cid:71)(cid:72)(cid:84)(cid:83)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:79)(cid:86)(cid:69)(cid:82)(cid:65)(cid:67)(cid:84)(cid:73)(cid:86)(cid:69)(cid:0)

(cid:66)(cid:76)(cid:65)(cid:68)(cid:68)(cid:69)(cid:82)(cid:0)(cid:84)(cid:72)(cid:69)(cid:82)(cid:65)(cid:80)(cid:69)(cid:85)(cid:84)(cid:73)(cid:67)(cid:0)(cid:68)(cid:82)(cid:85)(cid:71)

(cid:115)(cid:0)(cid:35)(cid:65)(cid:80)(cid:65)(cid:67)(cid:73)(cid:84)(cid:89)(cid:0)(cid:73)(cid:78)(cid:67)(cid:82)(cid:69)(cid:65)(cid:83)(cid:69)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:34)(cid:69)(cid:77)(cid:66)(cid:69)(cid:82)(cid:71)(cid:152)
(cid:115)(cid:0)(cid:47)(cid:86)(cid:69)(cid:82)(cid:83)(cid:69)(cid:65)(cid:83)(cid:0)(cid:69)(cid:88)(cid:80)(cid:65)(cid:78)(cid:83)(cid:73)(cid:79)(cid:78)(cid:0)(cid:79)(cid:70)(cid:0)(cid:40)(cid:73)(cid:80)(cid:79)(cid:82)(cid:69)(cid:152)

Decisions adopted in FY 2013

(cid:115)(cid:0)(cid:33)(cid:67)(cid:81)(cid:85)(cid:73)(cid:83)(cid:73)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:79)(cid:70)(cid:0)(cid:70)(cid:85)(cid:76)(cid:76)(cid:0)(cid:79)(cid:87)(cid:78)(cid:69)(cid:82)(cid:83)(cid:72)(cid:73)(cid:80)(cid:0)(cid:79)(cid:70)(cid:0)(cid:52)(cid:69)(cid:78)(cid:65)(cid:67)(cid:152)(cid:0)

(cid:42)(cid:54)(cid:0)(cid:73)(cid:78)(cid:0)(cid:35)(cid:72)(cid:73)(cid:78)(cid:65)

(cid:115)(cid:0)(cid:35)(cid:65)(cid:80)(cid:65)(cid:67)(cid:73)(cid:84)(cid:89)(cid:0)(cid:73)(cid:78)(cid:67)(cid:82)(cid:69)(cid:65)(cid:83)(cid:69)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)(cid:80)(cid:79)(cid:76)(cid:89)(cid:67)(cid:65)(cid:82)(cid:66)(cid:79)(cid:78)(cid:65)(cid:84)(cid:69)(cid:68)(cid:73)(cid:79)(cid:76)(cid:0)

(cid:8)(cid:78)(cid:69)(cid:87)(cid:0)(cid:80)(cid:76)(cid:65)(cid:78)(cid:84)(cid:0)(cid:73)(cid:78)(cid:0)(cid:35)(cid:72)(cid:73)(cid:78)(cid:65)(cid:9)

(cid:115)(cid:0)(cid:47)(cid:86)(cid:69)(cid:82)(cid:83)(cid:69)(cid:65)(cid:83)(cid:0)(cid:69)(cid:88)(cid:80)(cid:65)(cid:78)(cid:83)(cid:73)(cid:79)(cid:78)(cid:0)(cid:79)(cid:70)(cid:0)(cid:40)(cid:73)(cid:80)(cid:79)(cid:82)(cid:69)(cid:152)

¥450 billion

Investment in
existing businesses
¥550 billion

FY 2014 budget
approx. ¥120 billion

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Q4

A4

What is your strategy for Health Care?

We will expand each business in this sector while pursuing synergies 
among them, growing Health Care into a third major pillar of 
operations alongside chemicals and homes.

We are strengthening Health Care as a growth engine 
which will form our third major pillar of operations 
alongside chemicals and homes.

In pharmaceuticals we are accelerating both post-
marketing developments and new drug discovery. We 
will continue to expand business for the Teribone™ 
osteoporosis drug, and are now performing global 
clinical development of Recomodulin™ recombinant 
thrombomodulin in the US and some 20 other 
countries, advancing toward approval in overseas 
markets.

Expansion of Health Care sector

¥79.8
billion

¥152.5
billion

¥52.1
billion

¥133.5
billion

Critical Care

Health
Care

Pharmaceuticals / 
medical devices

Net sales

¥119.5
billion

’11

’12

’13

’15
forecast

’20
  target

FY

In blood-puriﬁ cation devices we are expanding 
worldwide by focusing on the speciﬁ c needs of each 
country and region, and we are accelerating the 
expansion of our bioprocess business centered on 
Planova™ virus removal ﬁ lters.

In acute critical care, we obtained approval in 
Japan for ZOLL’s main products, including the high-
growth LifeVest™ wearable deﬁ brillator, 
Thermogard™ intravascular temperature management 
system, and X Series™ deﬁ brillator for emergency 
medical services. The acute critical care business 
continues to grow steadily, and in ﬁ scal 2014 we 
forecast positive consolidated operating income even 
after amortization of goodwill, etc., related to our 
acquisition of ZOLL.
  Our Health Care Council, comprising 
representatives of Asahi Kasei Pharma, Asahi Kasei 
Medical, ZOLL, and the holding company, is sharing 
technology, know-how, and product information to 
identify new synergies within the Health Care sector.

From a longer-term perspective, we are performing 

R&D at the holding company for cell therapy, medical 
IT, and related ﬁ elds in our Healthcare R&D Center, 
part of Corporate Research & Development, and 
at-home therapy is being studied as part of our 
Residential Synergy Initiative.

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Q5

What was behind the change in your governance conﬁ guration?

A5

Having a Representative Director responsible for each of our business 
sectors will enable swifter, more closely coordinated management.

Q6

A6

Enhanced governance conﬁ guration

Chemicals & Fibers

y
g
r
e
n
y
S

Electronics

Synergy

Synergy

Homes &
Construction
Materials

y
g
r
e
n
y
S

Health Care

Increasing earnings
Accelerating innovation

In ﬁ scal 2014 we adopted an enhanced governance 
conﬁ guration having a holding company 
Representative Director with responsibility for each of 
our four business sectors: Chemicals & Fibers, Homes 
& Construction Materials, Electronics, and Health 
Care. Management decisions that concern the Asahi 
Kasei Group overall and other important strategic 
matters are now determined through discussion 
among the four Representative Directors, each of 
whom is an experienced specialist in their respective 
business sectors. The new conﬁ guration enables 
greater speed and agility by drawing on our collective 
expertise, and also facilitates deeper synergy among 
the different sectors with a stronger sense of unity in 
the Asahi Kasei Group.

How do you view R&D?

While emphasizing R&D in the core operating companies, we 
reorganized the holding company R&D conﬁ guration to accelerate 
commercialization and advance longer-term projects.

efforts to be commercialized by core operating 
companies.

R&D for UV LEDs and LICs are advanced as “Group 
Synergy” projects, and an Energy & Environment R&D 
Center, Residential Synergy Initiative, and Healthcare 
R&D Center were established within Corporate 
Research & Development to carry out exploratory and 
basic research from a medium- to long-term 
perspective.

The most important R&D is that which directly 
connects to the businesses of the core operating 
companies. This includes not only short-term efforts 
focused on quick results, but also ongoing efforts to 
develop new products and technology for the future.
  When we launched the “For Tomorrow 2015” 
management initiative, we established “For 
Tomorrow” projects to create new businesses that 
extend across different business units in the three 
strategic ﬁ elds of the environment & energy, 
residential living, and health care.
  After three years of progress, the “For Tomorrow” 
projects were replaced by “Group Synergy” projects in 
ﬁ scal 2014. Research subjects were divided between 
longer-term efforts at the holding company and 

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Reorganized R&D conﬁ guration

New
fields

CVC Office

Energy & Environment
R&D Center

Residential Synergy
Initiative

Healthcare R&D Center

“Group Synergy”
projects

New
fields

“For Tomorrow”
projects

Advanced
research
laboratories

Core operating
company R&D

Peripheral to
established
business

Peripheral to
established
business

Core operating
company R&D

Near-term

Future

Near-term Degree of certainty of market growth Future

From FY 2011

“For Tomorrow” projects
(cid:115)(cid:0)(cid:37)(cid:78)(cid:86)(cid:73)(cid:82)(cid:79)(cid:78)(cid:77)(cid:69)(cid:78)(cid:84)(cid:0)(cid:6)(cid:0)(cid:37)(cid:78)(cid:69)(cid:82)(cid:71)(cid:89)
(cid:115)(cid:0)(cid:50)(cid:69)(cid:83)(cid:73)(cid:68)(cid:69)(cid:78)(cid:84)(cid:73)(cid:65)(cid:76)(cid:0)(cid:44)(cid:73)(cid:86)(cid:73)(cid:78)(cid:71)
(cid:115)(cid:0)(cid:40)(cid:69)(cid:65)(cid:76)(cid:84)(cid:72)(cid:0)(cid:35)(cid:65)(cid:82)(cid:69)

From FY 2014

(cid:115)(cid:0)(cid:104)(cid:46)(cid:69)(cid:87)(cid:0)(cid:34)(cid:85)(cid:83)(cid:73)(cid:78)(cid:69)(cid:83)(cid:83)(cid:0)(cid:36)(cid:69)(cid:86)(cid:69)(cid:76)(cid:79)(cid:80)(cid:77)(cid:69)(cid:78)(cid:84)(cid:118)(cid:0)(cid:67)(cid:72)(cid:65)(cid:78)(cid:71)(cid:69)(cid:68)(cid:0)(cid:84)(cid:79)(cid:0)

(cid:104)(cid:35)(cid:79)(cid:82)(cid:80)(cid:79)(cid:82)(cid:65)(cid:84)(cid:69)(cid:0)(cid:50)(cid:69)(cid:83)(cid:69)(cid:65)(cid:82)(cid:67)(cid:72)(cid:0)(cid:6)(cid:0)(cid:36)(cid:69)(cid:86)(cid:69)(cid:76)(cid:79)(cid:80)(cid:77)(cid:69)(cid:78)(cid:84)(cid:118)

(cid:115)(cid:0)(cid:104)(cid:39)(cid:82)(cid:79)(cid:85)(cid:80)(cid:0)(cid:51)(cid:89)(cid:78)(cid:69)(cid:82)(cid:71)(cid:89)(cid:118)(cid:0)(cid:80)(cid:82)(cid:79)(cid:74)(cid:69)(cid:67)(cid:84)(cid:83)
(cid:115)(cid:0)(cid:50)(cid:6)(cid:36)(cid:0)(cid:65)(cid:84)(cid:0)(cid:67)(cid:79)(cid:82)(cid:69)(cid:0)(cid:79)(cid:80)(cid:69)(cid:82)(cid:65)(cid:84)(cid:73)(cid:78)(cid:71)(cid:0)(cid:67)(cid:79)(cid:77)(cid:80)(cid:65)(cid:78)(cid:73)(cid:69)(cid:83)

Q7

What is your policy on return to shareholders?

A7

We strive to continuously increase dividends through continuous 
earnings growth, with a payout ratio of 30% as our basic standard.

Our basic policy is to strive to continuously increase 
dividends with a payout ratio of 30% as our basic 
standard, through continuous earnings growth while 
maintaining an appropriate cash reserve based on 
consolidated ﬁ nancial results. Our cash reserve will be 
used as a source of funds required to achieve future 
earnings growth by expanding operations, both 
through investments in established businesses and 
through strategic investments, including M&A, and 
new business development expenditures in the 
environment & energy, residential living, and health 
care as ﬁ elds of strategic focus.

In accordance with this policy and considering our 

recording of extraordinary income, the annual 
dividend for ﬁ scal 2013 was increased by ¥3 per share 
from the previous year to ¥17 per share. We plan to 
maintain this dividend for ﬁ scal 2014 reﬂ ecting 
forecasted consolidated ﬁ nancial results. We will 
continue to strive for greater corporate value by 

executing our “For Tomorrow 2015” strategy, 
providing appropriate returns to our shareholders.

Dividends per share, payout ratio
(¥)
20

17

17

15

55.3

14

14

10

10

11

36.4

35.1

25.5

23.5

26.4

5

0

’09

’10

’11

’12

’13

’14
  plan

Dividends per share (left scale)

Payout ratio (right scale)

(%)
80

60

40

20

0

FY

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Enhanced Sector Management and 
Business Expansion through Combined Strength

The Asahi Kasei Group operates in the four business sectors of Chemicals & Fibers, Homes & Construction Materials, 
Electronics, and Health Care under the organization of a holding company and core operating companies. In ﬁ scal 
2014 we enhanced our governance conﬁ guration by installing four holding company Representative Directors, each 
with responsibility for one of the business sectors, facilitating swifter management judgment and advancement of 
business strategy, with deeper coordination to achieve greater synergy among the business sectors.

Hideki Kobori
Representative Director
Primary Executive Ofﬁ cer
Responsibility for Electronics 
business sector

Masahito Hirai
Representative Director
Vice-Presidential Executive Ofﬁ cer
Responsibility for Homes & 
Construction Materials business sector

Toshio Asano
President & Representative Director
Presidential Executive Ofﬁ cer
Responsibility for Health Care 
business sector

Yuji Kobayashi
Representative Director
Primary Executive Ofﬁ cer
Responsibility for Chemicals & 
Fibers business sector

Holding
company

Asahi Kasei Corporation

Core operating
companies

Chemicals & Fibers
business sector

Homes & Construction
Materials business sector

Electronics business sector

Health Care
business sector

Asahi Kasei Chemicals

Asahi Kasei Homes

Asahi Kasei Microdevices

Asahi Kasei Pharma

Asahi Kasei Fibers

Asahi Kasei
Construction Materials

Asahi Kasei E-materials

Asahi Kasei Medical

ZOLL Medical

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At a Glance

Segment1

Chemicals

Fiscal 2013 sales composition, 
operating income composition2

Sales composition

Operating income composition

41.7 %
24.5 %

Net sales

(¥ billion)
800

680.1

684.6 

600

400

200

0

Operating income, operating margin

791.6

(¥ billion)
50

40

30

20

10

0

44.5

6.5

(%)
10

8

6

4

2

0
FY

38.9

4.9

’13

22.9

3.3

’12

’11

’12

’13

FY

’11

Fibers

Sales composition

(¥ billion)
150

Operating income composition

6.4 %
5.4 %

100

50

0

110.8

109.6

120.9

’11

’12

’13

FY

Operating income (left scale)

Operating margin (right scale)

(¥ billion)
10

8

6

4

2

0

3.1

2.8

’11

4.0

3.6

’12

(%)
10

8

6

4

2

0
FY

8.6

7.1

’13

Operating income (left scale)

Operating margin (right scale)

Homes

Sales composition

Operating income composition

28.2 %
39.7 %

Construction Materials

Sales composition

Operating income composition

2.9 %
3.5 %

Electronics

Sales composition

Health Care

Operating income composition

7.6 %
9.0 %

Sales composition

Operating income composition

8.0 %
19.1 %

Critical Care3

Sales composition

Operating income composition

4.2 %
-2.2 %

Others

Sales composition

Operating income composition

1.0 %
1.1 %

(¥ billion)
600

452.0

486.2

400

200

0

534.4

(¥ billion)
80

60

40

20

0

46.3

10.3

54.3

11.2

63.0

11.8

’11

’12

’13

FY

’11

’12

’13

(%)
20

15

10

5

0
FY

46.1

51.5

55.0

(¥ billion)
60

40

20

0

’11

’12

’13

FY

(¥ billion)
150

146.1

131.1

145.0

100

50

0

(¥ billion)
200

’11

’12

’13

FY

119.5

133.5

152.5

150

100

50

0

’11

’12

’13

FY

Operating income (left scale)

Operating margin (right scale)

(¥ billion)
6

4

2

0

1.8

4.0

’11

5.5

10.0

4.0

7.7

’12

’13

(%)
15

10

5

0
FY

Operating income (left scale)

Operating margin (right scale)

(¥ billion)
15

12

9

6

3

0

6.4

4.4

’11

2.8

2.2
’12

(%)
15

12

9

6

3

0
FY

14.2

9.8

’13

Operating income (left scale)

Operating margin (right scale)

(¥ billion)
40

30

20

10

0

8.8

7.4
’11

15.9

11.9

’12

(%)
40

30

20

10

0
FY

30.3

19.9

’13

Operating income (left scale)

Operating margin (right scale)

(¥ billion)
80

79.8

(¥ billion)
0

52.1

60

40

20

0

(2)

(4)

(6)

(3.7)

(3.5)

’11

’12

’13

FY

’11

’12

’13

FY

(¥ billion)
20

18.6

18.0

18.5

15

10

5

0

’11

’12

’13

FY

Operating loss

(¥ billion)
4

3

2

1

0

3.0

16.0

’11

(%)
40

30

20

10

0
FY

2.2

12.2

’12

1.7

9.2
’13

Operating income (left scale)

Operating margin (right scale)

1  Please refer to pp. 59–61 for information on performance by segment. 
2  Not including corporate expenses and eliminations.
3  The Critical Care segment, in which results of ZOLL Medical Corporation are reported, was added in ﬁ scal 2012. Critical Care segment results were included beginning on April 27, 2012.

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Operating Segments

Chemicals

Yuji Kobayashi
President, 
Asahi Kasei Chemicals 

We are pursuing global growth opportunities and 
realigning our operating portfolio in line with the 
changing management climate, with a focus on 
enabling “living in health and comfort” and 
“harmony with the natural environment” through 
the creation of new businesses and new 
technologies.

 Financial Highlights

(¥ billion)

Fiscal year

Net sales

Overseas sales ratio

Operating income

Operating margin

R&D expenditure

R&D expenditure as % of net sales

Capital expenditure

Depreciation and amortization

2011

680.1

41.3%

44.5 

6.5%

16.2 

2.4%

39.1 

29.6

2012

684.6

42.4%

22.9 

3.3%

15.9 

2.3%

47.3 

30.0

2013

791.6

44.8%

38.9 

4.9%

15.2 

1.9%

30.8 

31.1

 Major Projects under Construction

(cid:129) Capacity expansion for S-SBR in Singapore
(cid:129) Capacity expansion for Duranate™ HDI-based polyisocianate in 

China

(cid:129) New polycarbonatediol (PCD) plant in China

“For Tomorrow 2015” Strategies

Through ﬂ exible investment of management resources, we are 
building a business portfolio that will meet society’s future needs.

1. Aiming for leading position in globally competitive businesses

(cid:129)   AN: Securing stable earnings with an optimum production 

conﬁ guration based on the competitiveness of each plant and demand 
in each region

(cid:129)   S-SBR: Proactive capacity expansion to meet strong demand growth in 

the fuel-efﬁ cient tire market

2. Business expansion in growing markets, particularly in Asia

(cid:129)   Performance plastics: Expanding established position in Asian markets 
through enhanced application development capability and global 
production infrastructure

(cid:129)   Water treatment/membrane business: Further reinforcing membrane 

business, expanding operations in China

(cid:129)   Duranate™ HDI-based polyisocyanate: Expanding business in the 

rapidly growing Chinese market

(cid:129)   Health care materials: Major expansion of Ceolus™ microcrystalline 
cellulose in emerging markets, reinforcement of acetonitrile supply 
infrastructure

3. Creation of new businesses and business ﬁ elds as next 

strategic pillars

(cid:129)   Establishment and expansion of new businesses in promising markets

4. Optimization of petrochemical operations in Japan for stable 

Major businesses/products

proﬁ tability

Chemicals and derivative products
Nitric acid, caustic soda, acrylonitrile (AN), styrene, adipic acid, methyl 
methacrylate (MMA), acrylic resin
Polymer products
Stylac™-AS styrene-acrylonitrile, Stylac™-ABS acrylonitrile-butadiene-
styrene, Tenac™ polyacetal, Xyron™ modiﬁ ed polyphenylene ether 
(mPPE), Leona™ nylon 66, Suntec™ polyethylene (PE), synthetic 
rubber and elastomer, polystyrene
Specialty products
Coating materials, latex, Ceolus™ microcrystalline cellulose, explosives, 
explosion-bonded metal clad, Microza™ UF and MF membranes and 
systems, ion-exchange membranes and electrolysis systems, Saran 
Wrap™ cling ﬁ lm, Ziploc™ storage bags, Frosch™ detergent, plastic 
ﬁ lm, sheet, and foam

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Electrolysis plant

Synthetic rubber for fuel-efﬁ cient tires (S-SBR)

Ion-exchange membranes and electrolysis systems

Saran Wrap™ cling ﬁ lm

S-SBR is enjoying rapid demand growth as a 
material for fuel-efﬁ cient tires. Leveraging our 
continuous polymerization process and 
technology to enable both safety and lower 
fuel consumption, we will capture global 
demand growth by proactively expanding 
production capacity in Singapore and other 
overseas locations.

Asahi Kasei is the world’s only manufacturer of both ion-
exchange membranes and electrolysis systems, which are 
used to produce caustic soda and chlorine by electrolyzing 
brine. With advantages over the conventional process 
including lower energy consumption and elimination of 
the need to use harmful mercury, our world-leading 
membrane-process technology has been adopted at over 
120 plants in 24 countries around the world.

Originally used to protect ammunition from 
moisture, polyvinylidene chloride ﬁ lm was 
reborn in the mid-20th century as Saran 
Wrap™ cling ﬁ lm for wrapping food at 
home. It features outstanding barrier 
performance, moisture retention, and 
transparency. A new box design was 
launched in Japan in June 2014.

Highlights

Opening ceremony for new S-SBR plant in Singapore
An opening ceremony for a new S-SBR plant in Singapore was 

Opening ceremony for new acetonitrile plant in Korea
An opening ceremony for a new acetonitrile plant at Korean 

held in July 2013. Especially in Asia, demand for S-SBR for fuel-

subsidiary Tongsuh Petrochemical was held in March 2014. 

efﬁ cient tires is expected to grow rapidly with tightening 

Acetonitrile is mainly used as a solvent in the manufacture of 

environmental regulations and increasing production of tires in line 

active pharmaceutical ingredients and pharmaceutical 

with greater motorization in emerging countries. To meet further 

intermediates, with other notable uses including as an analytical 

growth, a second line at the new plant is currently under 

reagent and in the ﬁ eld of agrichemicals. The start-up of the new 

construction with start-up scheduled for the ﬁ rst half of 2015, and 

plant provides Asahi Kasei Chemicals with a second production 

the addition of other overseas plants is also being studied.

base for acetonitrile in addition to its plant in Kawasaki, 

Kanagawa, Japan, enhancing its ability to assure reliable supply as 

Asia’s leading supplier, and enabling it to meet growing demand 

for acetonitrile in line with the expanding pharmaceutical industry 

in India and other countries.

S-SBR plant in Singapore

The opening ceremony

CSR
Topics

S-SBR (synthetic rubber for fuel-efﬁ cient tires)

(cid:129) Material for tread of fuel-efﬁ cient tires

(cid:129)  Manufacturing value-added products with advanced performance 

through continuous polymerization process utilizing unique technology

(cid:129)  Expanding overseas to meet growing demand due to labeling 

requirements

fuel-
efficiency

continuous
polymerization

abrasion
resistance

good 
wet grip

batch
polymerization

handling
stability

Four essential characteristics of fuel-efﬁ cient tires

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 Financial Highlights

(¥ billion)

Fiscal year

Net sales

Overseas sales ratio

Operating income

Operating margin

R&D expenditure

R&D expenditure as % of net sales

Capital expenditure

Depreciation and amortization

2011

110.8

31.9%

3.1 

2.8%

2.8 

2.6%

5.7 

6.4

2012

109.6

35.2%

4.0 

3.6%

2.8 

2.6%

6.8 

6.1

2013

120.9

39.9%

8.6 

7.1%

3.1 

2.6%

8.0 

5.9

 Major Projects under Construction

(cid:129) Capacity expansion for Bemberg™ cupro ﬁ ber in Nobeoka, 

Miyazaki, Japan (commercial operation started in June 2014)

“For Tomorrow 2015” Strategies

Enhancing the stable proﬁ t base in our unique established 
businesses with expansion and growth in world-leading ﬁ elds, in 
accordance with the two perspectives of “harmony with the 
natural environment” and “living in health and comfort.” 
  Creating new businesses and markets by enhancing basic and 
applied technologies with technology collaboration both inside 
and outside the company.   

1. Bemberg™ cupro ﬁ ber

(cid:129)   Expansion in global markets for functional apparel, traditional 

garments, and especially in Europe and China, linings and outerwear

(cid:129) Production processes innovation

2. Roica™ elastic polyurethane ﬁ lament

(cid:129)   Establishment of the world-leading brand in ﬁ elds where we have 
superiority in quality and function, in collaboration with customers

(cid:129)    Securing a presence in growing Asian markets and globally, with the 

plant in Thailand as a key manufacturing base

3. Nonwovens

(cid:129)   Spunbond: Earnings growth in Asia with polypropylene spunbond for 
hygienic products produced at a new plant in Thailand, expansion of 
original differentiated products such as Precisé™ 

(cid:129)  Bemliese™ cupro cellulosic nonwoven: Expansion in facial masks, 

securing stable earnings in the IT and medical ﬁ elds in Asia

(cid:129)  Lamous™ artiﬁ cial suede: Steady expansion in Japanese, European, and 
US markets for automotive interior applications, development of new 
applications in industrial ﬁ elds

(cid:129)  Eutec™ oil-water separation ﬁ lter: Establishing niche market leadership 
in oil-water separation, expansion in ﬁ elds peripheral to microﬁ ltration

4.  Leona™ nylon 66 ﬁ lament

(cid:129)  Expansion in air-bag applications

(cid:129) Stable earnings in tire cord applications

Fibers

Toshio Takanashi
President, 
Asahi Kasei Fibers 

Together with our customers, we are contributing to 
life and living for people around the world by 
securing the presence of our unique technologies 
and high-performance products with growth 
potential in world-leading ﬁ elds.

Major businesses/products

Bemberg™ cupro ﬁ ber,
Roica™ elastic polyurethane ﬁ lament, 
Eltas™ spunbond, 
Lamous™ artiﬁ cial suede, and other nonwovens, 
Leona™ nylon 66 ﬁ lament

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An Indian sari made with Bemberg™

Bemberg™ cupro ﬁ ber

Nonwovens

Bemberg™ is a regenerated cellulose ﬁ ber made from cotton linter, the 
short ﬁ bers on cotton seeds. The world’s only manufacturer, we have 
been producing Bemberg™ for over 80 years. Featuring a silk-like smooth 
feel and attractive luster, it is used in applications ranging from high-
quality suit linings to outerwear, innerwear, sportswear, and beddings. The 
use of Bemberg™ for traditional garments is growing in India and 
Pakistan.

We have wide range of highly functional nonwoven products made with 
advanced and innovative production technology. Demand for Eltas™ 
spunbond is rising in diapers and other hygienic product applications, most 
notably in Asia. Precisé™ is a multifunctional nonwoven fabric with high 
barrier efﬁ ciency used in electronic applications. Bemliese™ is the world’s 
only 100% cellulose continuous-ﬁ lament nonwoven. Lamous™ artiﬁ cial 
suede is used for upholstery and automotive interiors.

Highlights

Expansion of spunbond business in Thailand
An opening ceremony for a new spunbond plant in Thailand was 

Completion of new production facility for Bemberg™
The construction of a new production facility for Bemberg™ cupro 

held in February 2013. To meet growing demand in the ﬁ eld of 

ﬁ ber in Nobeoka, Miyazaki, Japan, was completed and commercial 

hygienic products such as disposable diapers in Asian countries, in 

operation began in June 2014, increasing production capacity by 

May 2014 we made a decision to expand the new plant. A second 

approximately 10%. Bemberg™ is increasingly used for functional 

production line is scheduled to begin commercial operation in 

innerwear and Indian traditional garments, and demand is forecasted 

November 2015. This will further expand our presence in Asian 

to continue growing especially in emerging countries. We will 

markets with swift response to customer needs and stable supply 

continue to expand production capacity and enhance the production 

to hygienic product manufacturers from Japan and other countries 

infrastructure in order to strengthen the Bemberg™ supply 

that are expanding operations in Asia.

conﬁ guration in line with additional growth in the global market. 

The opening ceremony

The new production facility

CSR
Topics

Bemberg™ cupro ﬁ ber

Bemberg™ is regenerated cellulose ﬁ ber made from cotton linter. Being 
naturally biodegradable, it is harmless to the environment. With a soft 
and smooth feel, its function of absorbing and releasing moisture 
provides year-around comfort, feeling cool to wear in warm weather 
and warm to wear in cool weather.

Cotton linter

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 Financial Highlights

Fiscal year

Net sales

Overseas sales ratio

Operating income

Operating margin

R&D expenditure

R&D expenditure as % of net sales

Capital expenditure

Depreciation and amortization

2011

452.0

—

46.3 

2012

486.2

—

54.3 

(¥ billion)

2013

534.4

—

63.0 

10.3%

11.2%

11.8%

2.1 

0.5%

6.3 

4.8

2.2 

0.5%

9.5 

5.3

2.2 

0.4%

8.7 

5.9

“For Tomorrow 2015” Strategies

Our focus is on enhancing three-story houses and other products 
which incorporate innovative lifestyle proposals in order to secure 
the leading position in the urban homes market. We aim to 
provide comfortable living to as many customers as possible, as 
quickly as possible, based on our commitment to providing 
fulﬁ llment in living in a mature urban setting. 

1. Order-built homes (houses and apartment buildings)

(cid:129)    Establishment of the leading brand for urban homes with new 
residential lifestyle proposals that meet emerging social needs

(cid:129)    Promotion of community-speciﬁ c proposals to increase market share, 
and reinforcing marketing capabilities in selected urban areas of Japan

(cid:129)   Expansion of multi-dwelling homes business

2. Real estate

(cid:129)   Reinforcing condominium business based on obtaining accord among 
owners regarding exchange of equivalent value and the rebuilding of 
older condominiums

(cid:129)   Maximizing utilization of land value through brokerage-related 

operations

(cid:129)   Heightening capability to secure tenants for rental units

3. Expansion of housing-related operations

(cid:129)   Expansion of remodeling and renovation work

(cid:129)   Enhancement of the energy-conservation product lineup

Homes

Eisuke Ikeda
President, 
Asahi Kasei Homes  

We are focused on expansion by securing a high 
market share in urban areas with products that 
provide security and comfort. Housing-related 
operations will be developed as a unique array of 
businesses that build and leverage new strengths in 
residential-related services.

Major businesses/products

Order-built homes operations
(unit homes and apartment buildings)
Hebel Haus™ unit homes, Hebel Maison™ apartments
Real estate–related operations
Management of Hebel Maison™ rental units, Atlas™ condominiums, 
Hebel Town™ housing developments, brokerage of used Hebel 
Haus™ homes
Remodeling
Exterior wall refurbishing, rerooﬁ ng, redesign, interior renovation, solar 
panel installation
Financial and other services
Mortgage ﬁ nancing, etc.

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Hebel Haus™

Hebel Maison™

Hebel Haus™, Hebel Maison™

Our “Long Life Homes” provide long-lasting safety, security, and comfort 
for over 60 years, through a combination of Hebel™ autoclaved aerated 
concrete (AAC) panels with our original steel-frame structural systems. 
We offer order-built homes featuring outstanding strength and 
durability which can withstand earthquake, ﬁ re, and typhoon.

Highlights

Hebel Haus™ FREX RESIDENCE
The Hebel Haus™ FREX RESIDENCE series of two-story houses was 

launched in May 2013. Built with a heavy steel-frame structural 

system previously employed in three- and four-story houses, FREX 

RESIDENCE features added ﬂ exibility in designing broad open 

spaces. With its massive horizontal line formed of Hebel™ AAC 

panels, elegant ﬂ at roof, and protruding canopy, it presents a truly 

stately appearance.

NEXT Hebel Haus™
NEXT Hebel Haus™ series was launched in November 2013. It 

features an original steel-frame structural system with added 

reinforcement which enables an intermediate ﬂ oor to be placed 

between the ﬁ rst and second ﬂ oors. The intermediate ﬂ oor is 80 

cm lower than the second ﬂ oor, providing added ﬂ exibility in 

design and high-level utilization 

of land area.

Atlas™ condominiums

Our residential development business is centered on 
Atlas™ series condominium buildings, with a focus on 
exchange of equivalent value and replacing older 
housing complexes in urban areas with new 
condominiums together with comprehensive plans for 
urban renewal. The exceptional negotiating skills we 
have accumulated through experience in the order-built 
homes business has proved to be effective as we 
advance the process of consensus-building and 
planning, providing full support for customers from the 
ﬁ rst step of consideration through ﬁ nal completion.

Net Sales (Asahi Kasei Homes consolidated)
(¥ billion)
600

534.4
1.9
52.6

85.8

486.2
1.9
46.3

70.6

452.0

88.7

23.7

551.0
1.5

58.0

92.5

339.6

367.3 

394.1

399.0

Others
Remodeling
Real estate–
related
Order-built
homes

Others
Pre-built
homes
Order-built
homes

389.7

409.2

75.3

32.1

79.3

27.8

282.3

302.1

500

400

300

200

100

0

’09

’10

’11

’12*

’13

’14
 plan

FY

*  Product categories are revised from FY 2012. A portion of sales previously 

included in pre-built homes is now included in order-built homes. Otherwise, sales 
in the previous pre-built homes category are now included in real estate–related.

Orders Received
(¥ billion)
500

412.4

421.3

406.0

354.5

371.9

306.9

400

300

200

100

0

’09

’10

’11

’12

’13

’14
 plan

FY

CSR
Topics

“Long Life Homes”

Featuring long-term durability for lasting comfort, Hebel Haus™ unit homes provide exceptional security even in the 
event of a disaster. Backed by a full range of after-sale services including an original 60-year maintenance and 
inspection system, Hebel Haus™ homes enable long-lasting comfort, satisfaction and asset value retention.

Asahi Kasei Report 2014

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 Financial Highlights

(¥ billion)

Fiscal year

Net sales

Overseas sales ratio

Operating income

Operating margin

R&D expenditure

R&D expenditure as % of net sales

Capital expenditure

Depreciation and amortization

2011

46.1

—

1.8 

4.0%

1.1 

2.4%

1.6 

2.4

2012

51.5

—

4.0 

7.8%

1.0 

1.9%

2.2 

2.3

2013

55.0

—

5.5 

10.0%

0.9 

1.6%

6.4 

2.2

“For Tomorrow 2015” Strategies

Pursuing business expansion in ﬁ elds of competitive superiority 
while transforming the business to be more solution oriented.

We are focusing management resources on businesses where we can 
exert our strengths in markets which are growing in step with ongoing 
changes, such as heightening environmental awareness and a society-
wide transformation to longer-lasting, more sustainable infrastructure. 
We are also advancing a transformation of business to achieve a shift 
from simply selling products to a more solution-oriented conﬁ guration 
encompassing peripheral ﬁ elds and including systems and combination 
products based on the customer’s perspective.

1. AAC-related

Enhancing cost competitiveness with measures to gain further efﬁ ciency 
and maintain stable proﬁ tability. Strengthening business for Hebel 
Powerboard™ AAC panels for wood-frame houses by extending 
peripheral operations, including with broader lineup of specialty coatings 
for greater durability and longer service life. Leveraging our superior 
technology to strengthen the exterior renovation business targeting the 
extensive number of houses built with our AAC panels.

2. Insulation materials

Expanding business centered on our two phenolic foam insulation panel 
products, Neoma™ and Jupii™, whose competitiveness is further 
increasing with the growing adoption of next-generation standards for 
insulation performance in energy-efﬁ cient homes.

3. Foundation systems

Expanding business by further development of ﬁ elds that make the most 
of our product features, including mobile phone masts, transportation 
infrastructure, and seismic retroﬁ tting, centered on competitive Eazet™ 
and ATT Column™ small-diameter steel-pipe piling systems.

4. Structural materials

Increasing sales of BasePack™ column base attachment systems by 
raising awareness of its superior earthquake resistance. Expanding the 
overall structural materials business by reinforcing the product lineup with 
both new products and new variations of current products.

Construction 
Materials

Tomihiro Maeda
President, 
Asahi Kasei
Construction Materials  

We are focused on the development and provision 
of products that provide safety, security, and 
comfort, based on constant innovation in our core 
areas of AAC-related products, insulation materials, 
foundation systems, and structural components.

Major businesses/products

Hebel™ and Hebel Powerboard™ autoclaved aerated concrete 
(AAC) panels, Neoma™ and Jupii™ phenolic foam insulation panels,  
Eazet™, ATT Column™, and other piling systems, 
BasePack™ column base attachment systems

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Hebel™ autoclaved aerated concrete (AAC) panels

Neoma™ phenolic foam insulation panels

Featuring light weight which enables easy installation as well as excellent 
durability, thermal insulation, and ﬂ ame resistance, Hebel™ panels are 
used in various applications ranging from unit homes to skyscrapers. 
Hebel™ panels have maintained the leading position in Japan since their 
market launch in 1967, with continuous R&D and quality improvements. 

Neoma™ phenolic foam insulation panels featuring world-leading 
insulation performance are used not only in construction applications but 
also for insulation in transportation vehicles. Further demand growth is 
expected due to the Japanese government’s announcement of a roadmap 
toward mandatory energy conservation standards for homes.

Highlights

Completion of new production line for Neoma™ 
phenolic foam insulation panels
In March 2014, an opening ceremony was held for a new 
production line for Neoma™ phenolic foam insulation panels in 
Sashima, Ibaraki, Japan. The market for high-performance insulation 
panels is anticipated to grow dramatically against a background of 
heightened demand for energy conservation and better insulated 
homes, with renewed consumer interest in “smart” and “zero-
energy” homes after the Great East Japan Earthquake, as well as 
the Japanese government’s roadmap toward mandatory energy 
conservation standards for homes in 2020.

Adoption of Eazet™ screw-tip piles for platform barriers
The Eazet™ piling system was adopted by East Japan Railway Co. 

in a project to install platform barriers at Yamanote Line stations 

beginning in 2008. Eazet™ met the demanding conditions for 

platform reinforcement work within railroad stations, including 

constrained spaces, high safety standards, and the need to 

complete work within narrow time frames. Adoption of Eazet™ 

began in 2009 at Meguro Station, and has proceeded at a pace of 

3 to 4 stations per year since then. After installation on the 

Yamanote Line is completed in 2014, Eazet™ is expected to be 

adopted for similar installations on other lines and by other railway 

companies in the Tokyo area and around Japan.

The new production line

Installing Eazet™

CSR
Topics

Neoma™ phenolic foam insulation panels

With its world’s top-class insulation performance, Neoma™ is used in 
various applications, mainly for exterior insulation of wood-frame houses. 
Made from phenolic resin, Neoma™ features outstanding ﬂ ame resistance. 
Although it will become charred and scorched when exposed to ﬂ ame, 
Neoma™ itself does not burn. Its insulation performance is maintained over 
the long term, for comfortable and energy-conserving homes.

Wood-frame houses with Neoma™

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 Financial Highlights

Fiscal year

Net sales

Overseas sales ratio

Operating income

Operating margin

R&D expenditure

2011

146.1

50.8%

6.4 

4.4%

19.2 

2012

131.1

57.1%

2.8 

2.1%

17.6 

(¥ billion)

2013

145.0

62.4%

14.2 

9.8%

16.4 

R&D expenditure as % of net sales

13.1%

13.4%

11.3%

Capital expenditure

Depreciation and amortization

13.4 

21.0

17.0 

15.0

14.6 

14.3

“For Tomorrow 2015” Strategies

Electronic devices
We are continuing to develop and supply category-leading 
products to the global electronic devices market, with a 
strategic product lineup that makes the most of our unique 
strength in having both silicon semiconductor technology 
and compound semiconductor technology. 

We are advancing business expansion through the development of 
new electronic devices such as infrared sensors and current sensors 
with the potential to establish market leadership in their respective 
categories, as exempliﬁ ed in our electronic compass which has a 
dominant market share as an essential component of portable 
devices. In each application we are developing new high-quality 
products that keenly match customer’s needs, further building 
relationships of mutual trust and reliance, in a wide range of ﬁ elds 
including infrastructure, industrial, and automotive, in addition to 
consumer electronics. 

Electronic materials
We are expanding business and enhancing supply 
capabilities for our leading businesses such as 
semiconductor process materials and circuit board materials, 
with a focus on high-performance, green electronic 
materials that reduce environmental burdens.  

For Hipore™ LIB separator, by leveraging our superior technology 
and marketing platform gained as the market leader in consumer 
electronics applications, we will proactively increase production 
capacity and develop new membranes that match individual 
customer needs to expand sales in rapidly emerging automotive 
applications. We will also continue expanding production capacity 
for Sunfort™ photosensitive dry ﬁ lm in China to meet growing 
demand, in accordance with our focus on expanding business in 
growth markets based on our technological advantage.

Electronics

Shinsuke Kido
President, 
Asahi Kasei Microdevices

With original mixed-signal LSIs such as our electronic 
compass for portable appliances, and sensing devices 
such as magnetic sensors, current sensors, and infrared 
sensors that make the most of our unique technology, 
we are building our position as a leading supplier of 
electronic components, continuing to develop and supply 
category-leading products to the global market, and 
expanding business as an electronic device manufacturer 
that customers throughout the world can rely on.

Shigeki Takayama
President, 
Asahi Kasei E-materials

We contribute to life and living for people around the 
world by providing high-performance materials for 
energy and electronics, and related materials that 
enable energy conservation, including Hipore™ Li-ion 
battery (LIB) separator for mobile electronics and 
electric vehicles, photosensitive dry ﬁ lm for printed 
wiring boards, and other products produced with our 
exceptional chemical technology and product 
development capability.

Major businesses/products

Electronic devices
Mixed-signal LSIs, Hall elements
Electronic materials
Hipore™ Li-ion battery separator, photomask pellicles, 
APR™ photosensitive resin and printing plate making systems, 
Pimel™ photosensitive polyimide/PBO precursor, 
Sunfort™ photosensitive dry ﬁ lm, glass fabric for printed wiring boards

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LSIs

Hipore™ LIB separator

Our semiconductors are deﬁ ned by high-value added features for the next 
generation, such as low-energy consumption, high speed, and high 
precision. Working as a bridge between the analog information of the 
natural world and the digital information of electronic systems, mixed-
signal LSIs are widely used for smartphones, mobile devices, in-car 
navigation systems, and other electronics devices. We are also advancing 
development of new products combining magnetic sensors and LSIs, such 
as the electronic compass.

A ﬂ at microporous sheet of polyoleﬁ n, Hipore™ is the world’s leading 
separator membrane for LIBs used in smartphones, tablet PCs, and other 
electronic applications. Available pore sizes range from 0.05 µm to 0.5 µm. 
Demand is forecasted to increase notably in electric vehicle applications. 
Ongoing technological innovation and product development are advancing 
as part of our commitment as the market leader to maintain stable product 
supply in accordance with emerging market needs.

Highlights

Start-up of new line for Hipore™ 
A new production line was added to our plant for Hipore™ in 
Hyuga, Miyazaki, Japan, with commercial operation beginning in 
July 2013. The new line has a capacity of 50 million m2 per year, 
the world’s highest for a single line, raising our total production 
capacity for Hipore™ to 250 million m2 per year including our 
plant in Moriyama, Shiga, Japan.

Launch of AK09911C 3-axis electronic compass for 
portable appliances
The AK09911C, a new 3-axis electronic compass for portable 

appliances, was launched in October 2013. It features a package 

size of 1.2 mm × 1.2 mm × 1.5 mm, which in terms of area makes 

it the world’s smallest at the time of its launch. This reduced size 

enables further miniaturization of portable appliances. The 

electronic compass is used for electronic map applications such as 

pedestrian navigation systems to rotate the map to match the 

direction the users are facing. 

In April 2014, Asahi Kasei Group Fellow Masaya Yamashita was 

awarded The Commendation for Science and Technology by the 

Minister of Education, Culture, Sports, Science and Technology 

(Development Category) in recognition of his development of the 

electronic compass and the function of automatically 

compensating for magnetic offset.

CSR
Topics Hipore™ Li-ion battery separator

Hipore™ is the world’s leading LIB separator, a microporous membrane 
that insulates the electrodes electrically while allowing lithium ions to 
pass through. Notable demand growth for Hipore™ is forecasted in 
automotive applications in accordance with heightening environmental 
awareness, and we continue to focus on technological developments for 
Hipore™ as a high-performance and eco-friendly material.

A close-up of Hipore™

Asahi Kasei Report 2014

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 Financial Highlights

(¥ billion)

Fiscal year

Net sales

Overseas sales ratio

Operating income

Operating margin

R&D expenditure

2011

119.5

23.9%

8.8 

7.4%

17.5 

2012

133.5

21.4%

2013

152.5

23.1%

15.9 

30.3 

11.9%

19.9%

20.0 

19.7 

Health Care

R&D expenditure as % of net sales

14.6%

15.0%

12.9%

Capital expenditure

Depreciation and amortization

10.7 

11.5

14.3 

10.5

9.5 

10.0

“For Tomorrow 2015” Strategies

Pharmaceutical-related
We are growing business with our new high-selling drugs 
as major pillars of earnings, and focusing on the 
development of novel drugs in the ﬁ elds of orthopedics and 
urology for worldwide markets.

1. Japanese operations

We will continue to increase earnings by advancing the growth of 
Recomodulin™ and Teribone™ as high-selling drugs. R&D-related 
investments will be increased to further reinforce the new drug 
pipeline, and clinical development will be accelerated. In our main 
therapeutic ﬁ eld of orthopedics, we are advancing the development 
of drugs related to locomotive syndrome, including drugs for 
osteoporosis and rheumatoid arthritis, in order to build a world-
leading position in this area. In diagnostics, we are working to 
expand use of the Lucica™ GA-L glycated albumin assay kit, while 
advancing the development of infectious disease diagnostic kits.

2. Overseas operations

We are entering a new phase as a specialized global 
pharmaceutical company through the advancement of the clinical 
development of Recomodulin™ worldwide,  as well as 
reinforcement of our capabilities for clinical development and 
marketing in East Asia. In diagnostics, we are reinforcing efforts to 
obtain approval for Lucica™ GA-L overseas.

Kazuyoshi Hori
President, 
Asahi Kasei Pharma

We are focused on the discovery and development of 
new drugs in the ﬁ elds of orthopedics and urology for 
the worldwide market, as a specialized global 
pharmaceutical company. In our diagnostic reagent 
business, we are concentrating management resources 
on products with growth potential.

Yutaka Shibata
President, 
Asahi Kasei Medical

We are advancing as a leading company in blood-
related healthcare through the creation, establishment, 
and improvement of therapies, with both innovative 
therapeutic devices and products which enhance safety 
in the production of pharmaceuticals, developed by a 
combination of our core technologies of ﬁ ltration and 
adsorption with broad insight in science, mechanical 
engineering, and pharmacology.

Major businesses/products

Pharmaceutical-related
Teribone™, Recomodulin™, Elcitonin™, Flivas™, Toledomin™,
Bredinin™, and other pharmaceuticals, Lucica™ GA-L glycated albumin assay kit, 
L-series enriched liquid diets
Medical device–related
APS™ polysulfone-membrane artiﬁ cial kidneys (dialyzers), 
therapeutic apheresis devices, Planova™ virus removal ﬁ lters,
Sepacell™ leukocyte reduction ﬁ lters

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Teribone™ osteoporosis drug

APS™ polysulfone-membrane artiﬁ cial kidneys

Teribone™ is a human parathyroid hormone preparation that facilitates 
bone formation, for the indication of osteoporosis with high risk of 
fracture. With weekly subcutaneous injections, Teribone™ decreases the 
risk of developing new vertebral fracture.

APS™ polysulfone-membrane artiﬁ cial kidneys, sold in over 70 countries, 
are used for the clinical puriﬁ cation of blood as a substitute for normal 
kidney function. We are advancing further product development to meet 
the different needs of various patients, while expanding local production in 
cooperation with other companies.

Medical device–related
Leveraging our technological strengths in membrane 
separation and selective absorption, we are expanding our 
dialysis-related business and developing new applications 
that meet therapeutic needs as we reinforce our global 
presence.

1. Blood puriﬁ cation

We are committed to contributing to the efﬁ ciency of treatment 
at medical institutions as a global leader in blood puriﬁ cation. 
We are strengthening our hemodialysis business by developing 
safe and reliable new technologies and products that enable 
improved quality of life for patients and meet the needs of 
medical professionals. For therapeutic apheresis devices that 
enable new possibilities for the treatment of intractable diseases 
and for the prevention of illnesses, we are enhancing our 
manufacturing process technology and heightening 
competitiveness as we continue to grow as the world leader in 
this ﬁ eld. 

2. Blood transfusion

We will continue to meet expanding global needs for our world 
leading Sepacell™ leukocyte reduction ﬁ lters by enhancing the 
product lineup and reinforcing our supply capability.

3. Bioprocess products

As the manufacturer of Planova™, a hollow-ﬁ ber membrane ﬁ lter 
that is the world’s leading virus removal ﬁ lter for enhancing safety 
in the production of biotherapeutics, we will maintain the stable 
supply of high-quality products to meet growing demand.

Highlights

Completion of the second manufacturing facility at the 
Nagoya Pharmaceuticals Plant
In February 2014, Asahi Kasei Pharma completed the construction 
of the second manufacturing facility at its Nagoya Pharmaceuticals 
Plant in Miyoshi, Aichi, 
Japan. The new facility is 
used to manufacture Asahi 
Kasei Pharma’s ﬂ agship 
products Teribone™ 
osteoporosis drug and 
Recomodulin™ 
anticoagulant.

The second manufacturing facility at the 
Nagoya Pharmaceuticals Plant

Receipt of the 60th Okochi Memorial Technology Prize
Asahi Kasei Medical received the 60th Okochi Memorial Technology 
Prize in March 2014, for the development of production technology 
for virus removal ﬁ lters and establishment of a market for them. This 
prize was awarded in recognition of the contribution to enhanced 
safety in the manufacture of biotherapeutic products through the 
establishment of production 
technology for Planova™ virus 
removal ﬁ lters and obtaining 
their widespread use by 
manufacturers of plasma 
derivatives and 
biopharmaceuticals worldwide.

CSR
Topics

Teribone™ osteoporosis drug

Teribone™ is a human parathyroid hormone preparation that facilitates bone formation with weekly subcutaneous 
injections. The efﬁ cacy in inhibiting fracture is obtained by increasing bone strength with both improved bone quality 
and increased bone density. In Japan, the number of osteoporosis patients is increasing as the population ages. Since 
osteoporosis carries an increased risk of a fracture which results in conﬁ nement to bed, the implementation of 
effective measures against osteoporosis is an important social issue. Asahi Kasei Pharma believes that, with its efﬁ cacy 
in inhibiting fracture, Teribone™ will make a signiﬁ cant contribution to the treatment of osteoporosis.

Asahi Kasei Report 2014

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 Financial Highlights

(¥ billion)

Fiscal year

Net sales

Overseas sales ratio

Operating income (loss)

Operating margin

R&D expenditure

R&D expenditure as % of net sales

Capital expenditure

Depreciation and amortization

2012*

52.1

99.5%

(3.7)

—

3.9 

7.5%

5.4 

6.9

2013

79.8

99.3%

(3.5) 

—

6.2 

7.8%

8.7 

10.0

Results for ﬁ scal 2012 were included beginning on April 27, 2012.

“For Tomorrow 2015” Strategies

In order to expand from a focus primarily on resuscitation to the 
broader acute critical care market, we have two key areas of 
concentration over the next several years. 

1. Rapidly expand today’s businesses

•    Dramatically increase the LifeVest™ salesforce to bring this one-of-a-

kind product to more patients globally 

•   Accelerate the clinical trial program for Intravascular Temperature 

Management (IVTM™) in an effort to expand the approved indications 
for use worldwide, including in Japan where this type of technology 
was the ﬁ rst to receive regulatory approval in 2012

•   Extend the reach of our core deﬁ brillator and data segments to include 

signiﬁ cantly more international customers

•  Having achieved approval in Japan for all major products, rapidly build 
our commercial operations to penetrate the market

2. Leverage ZOLL’s strength in resuscitation to capture the 

broader acute critical care market

•   Identify products, technologies and services that are synergistic with 

our existing resuscitation platform, including those that can predict or 
monitor symptoms of acute fatal risks, or treat such high-risk patients

•  Expand geographically, with greater focus on areas outside the US and 

Europe

Critical Care

Richard A. Packer
CEO, ZOLL Medical 
Corporation 

ZOLL became a member of the Asahi Kasei Group 
in April 2012. While sales continue to grow in the 
U.S. as our principal market, we are building a 
global presence in the ﬁ eld of acute critical care by 
expanding our reach throughout Europe and Asia. 
We are focused on business expansion in Japan 
through our subsidiary Asahi Kasei ZOLL Medical, 
established in 2012.

Major businesses/products

Deﬁ brillators 
R Series™, X Series™ and other deﬁ brillators; AED Plus™ and AED 
Pro™ automated external deﬁ brillators
Wearable deﬁ brillator 
LifeVest™
Automated CPR
AutoPulse™ 
Temperature management system
Intravascular Temperature Management (IVTM™): Thermogard XP™ 
Data solutions 
RescueNet™ Software

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LifeVest™ wearable deﬁ brillator

Intravascular Temperature Management (IVTM™)—Thermogard XP™

It is worn by patients at risk of sudden cardiac arrest (SCA), which is 
responsible for more than 350,000 deaths every year in the US alone. 
Over 100,000 patients have used LifeVest™ in the US, Europe, and Japan 
to date.

A system to adjust body temperature using intravascular catheters, it is 
used at leading medical centers. It enables effective management of body 
temperature with reduced workload for nursing staff. Clinical studies to 
expand indications for use are planned.

Highlights

Approval in Japan for manufacturing and marketing of 
the X Series™ deﬁ brillator for emergency medical and 
hospital use
In November 2013, Asahi Kasei ZOLL Medical received approval to 
manufacture and market the X Series™ deﬁ brillator from Japan’s 
Ministry of Health, Labor and Welfare, and is advancing sales in 
Japan. The X Series™, a portable deﬁ brillator that includes 
monitoring functions, is suited for use in a wide range of 
circumstances at the scene of an emergency, during patient 
transport, and within medical facilities. It features light weight and 
a compact form 
without compromising 
high functionality and 
large display size.

ZOLL Foundation established
In November 2013, ZOLL established the ZOLL Foundation, an 
independent entity organized for scientiﬁ c and educational 
purposes. The ZOLL Foundation will provide grants to support 
research, education, and public awareness related to improving 
resuscitation practices, preventing patient deterioration associated 
with cardiac arrest and morbidity, and enhancing the care of acute 
patients to reduce mortality and morbidity. The Foundation website 
has a full description of the Foundation, the process for submitting 
grant applications, and will provide a report on awarded grants.

The ZOLL Foundation website
www.zollfoundation.org

CSR
Topics

LifeVest™ wearable deﬁ brillator

LifeVest™ wearable deﬁ brillator provides protection for patients at risk of 
SCA by constantly monitoring the patient’s heart and, if a life-threatening 
heart rhythm is detected, delivering a treatment shock to restore normal 
heart rhythm. The LifeVest™ has one set of electrodes to measure 
electrocardiogram data, and another set of electrodes to deliver the 
treatment shock. As the detection of life-threatening heart rhythm and 
delivery of the deﬁ brillation shock are performed automatically, a patient’s 
life can be saved without the assistance of any other person. Furthermore, as 
the LifeVest™ is wearable, its use can be easily initiated or discontinued in 
accordance with changes in the patient’s condition, enabling use to be 
limited to the period when a patient is at high risk of SCA.

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Asahi Kasei Report 2014

31

Research & Development

The holding company and core operating companies of the Asahi Kasei Group each have their own R&D 
organization, with R&D at the holding company focused on the creation of new businesses that will drive the future 
growth of the Asahi Kasei Group, and R&D at the core operating companies focused on heightening existing 
operations and expanding in peripheral areas.

In ﬁ scal 2014, the “For Tomorrow” projects established for the creation of new businesses were replaced by 
“Group Synergy” projects to advance commercialization, with Corporate Research & Development carrying out R&D 
from a medium- to long-term perspective.

 Breakdown of R&D expenses

 R&D expenses

Others 0.1%

Critical Care 8.7%

Corporate expenses
10.5%

Health Care
27.7%

FY 2013
¥71.1 billion

Electronics
23.1%

Construction
Materials
1.5%

Chemicals
21.3%

Fibers
4.4%

Homes
3.1%

(¥ billion)
80

60

40

20

0

62.9

62.3

66.3

71.1

71.1

’09

’10

’11

’12

’13

FY

R&D strategies

Holding Company

Group-wide strategic projects in the ﬁ elds of the environment & 
energy, residential living, and health care are established in the 
holding company, with proactive investment of resources for R&D 
and the creation of new businesses, including M&A and alliances 
with other companies.

In the environment & energy, we are advancing the 

development of high-efﬁ ciency, long-life ultraviolet light emitting 
diodes (UV LEDs) using high-quality aluminum nitride (AlN) 
substrates, and the lithium ion capacitor (LIC) as a next-generation 
energy storage device. In residential living, we are advancing the 
development of new lifestyle proposals through the “HH2015” 
demonstration house which incorporates the latest products and 
services related to the environment and home health care. In 
health care, we are advancing R&D in the ﬁ eld of cell therapy and 
regenerative medicine, including cell processing equipment for 
cancer treatment. In addition, we are working on creating new 
businesses through synergy between our established health care 
businesses and the acute critical care businesses of ZOLL.

Chemicals

Throughout the Chemicals segment, R&D focused on the 
environment, resources, and energy is advanced to create new 
value for society through the enhancement of our established core 
technologies and the acquisition of new technologies.

In chemicals and derivative products, we are advancing the 
veriﬁ cation of two new process technologies to enable feedstock 
diversiﬁ cation: the “E-ﬂ ex” process for highly efﬁ cient production 
of propylene using C2 fractions or bioethanol as feedstock, and 
the “BB-ﬂ ex” process to produce butadiene from butene, with 
studies on their commercialization in progress. Industrial 
technology to produce diphenyl carbonate from carbon dioxide 
feedstock has been completed, and studies on its 
commercialization are in progress.

32 Asahi Kasei Report 2014

In polymer products, we are advancing the development of a 

number of innovative products including polyamide with ultra-
high heat resistance, high rigidity, and excellent moldability using 
novel molecular design; S-SBR for next-generation fuel-efﬁ cient 
tires; and AZP™ as a new optical polymer featuring zero 
birefringence achieved through novel molecular design. We are 
also heightening our own advanced computer aided engineering 
technology, and accelerating the development of new business 
and overseas expansion in performance polymers.

Projects in specialty products include the development of LED 

encapsulants based on our silicone modiﬁ cation technology, and 
the development of low-cost, safe, and low-waste processes to 
manufacture active pharmaceutical ingredients (APIs) through a 
combination of our organic synthesis technology and process 
technology, with studies for commercialization advancing. In the 
ﬁ eld of membrane separation we have developed a phosphorus 
adsorbent with a porous structure to enable the world’s fastest 
selective, high-level removal and high-purity recovery of 
phosphorus from treated water, and trials at large-scale water 
treatment facilities have been completed.

Fibers

In cooperation with other companies within the Asahi Kasei Group 
as well as with outside companies, we are enriching and 
enhancing our R&D functions to achieve results more quickly. 
While developing products with new value marked by originality, 
we are advancing manufacturing process innovation for 
Bemberg™ cupro, Roica™ polyurethane, various nonwovens, and 
Leona™ nylon 66. In addition, the commercialization of new 
cellulose materials and the development of new functional textiles 
and novel nonwovens are advancing in accordance with the 
concepts of “living in health and comfort” and “harmony with the 
natural environment.”

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 Pharmaceutical Product Pipeline  (as of May 2014)

Code name, form, generic name

Classiﬁ cations

Indication

Remarks

AK-156, injection, zoledronic acid

Bisphosphonate

Osteoporosis

New efﬁ cacy, new dose; once-yearly 
administration

AK-160, injection

Collagenase clostridium 
histolyticum

Dupuytren’s contracture

New biologic

AT-877, oral, fasudil hydrochloride 
hydrate

Rho-kinase inhibitor

Pulmonary arterial hypertension

Additional indication, new dosage 
form

HC-58, injection, elcatonin

Calcitonin

Shoulder-hand syndrome 

Additional indication

ART-123, injection, recombinant 
thrombomodulin alpha

Recombinant human 
thrombomodulin

Sepsis with coagulopathy

New biologic

AK106

Anti-inﬂ ammatory

Rheumatoid arthritis

New chemical entity

Origin

Licensed

Licensed

In-house

In-house

In-house

In-house

Phase III

Phase II

Phase III
(overseas)

Phase II
(overseas)

Homes

R&D is focused on enhancing core technologies. Shelter 
technology brings greater safety and security through earthquake 
resistance, seismic damping, base isolation, and ﬁ re resistance; 
greater long-term usability through physical durability/evaluation, 
systematic maintenance, and ease of remodeling; enhanced 
livability through thermal insulation, air circulation, and sound 
barrier; and enhanced ecology through energy conservation and 
reduced CO2 emissions.

Lifestyle technology brings greater comfort, convenience, 

and satisfaction. Evaluation/simulation technology is being 
enhanced to enable customers to more intuitively appreciate the 
real-world effects of variations and modiﬁ cations, ensuring that 
the design of each home is optimized to match each customer’s 
preferences.

Additional research is focused on the physiological and 
psychological aspects of comfort, and how these can be utilized 
through technological development to achieve greater energy 
efﬁ ciency and environmental compatibility in homes optimized for 
health and comfort.

Construction Materials

R&D guided by our vision of “the development and provision of 
products that provide safety, security, and comfort” is focused on 
heightening basic technology in our four businesses of AAC, 
phenolic foam insulation materials, high-function foundation 
systems, and steel-frame structural materials. We are also 
proactively advancing R&D to establish new solution-oriented 
businesses by creating services and products in ﬁ elds peripheral to 
existing businesses, such as remodeling services for exterior AAC 
walls and non-construction applications for steel-pipe piling 
systems.

Electronics

With a wealth of design assets and an organically integrated 
organization of design engineers, we develop unique electronic 
devices in a timely fashion to keep pace with the rapid technology 
innovation of the electronics industry. Advanced development of 
high-performance products is based on both compound 
semiconductor process technology gained through development 
of high-sensitivity magnetic sensors and mixed-signal LSI 
technology.

Development of new electronic materials which contribute 

to energy and resource conservation, reduced environmental 
burdens, and living in health and comfort is advancing based on 

our core technologies for polymer design and synthesis, 
membrane formation, and precision surface processing. 
Environment and energy–related materials such as high-
performance lithium-ion battery materials for both portable 
electronics and automotive applications, and materials for solar 
cells are currently under development, as are new materials which 
correspond to leading technological trends for ﬁ ner patterning in 
both semiconductors and printed wiring boards.

Health Care

In pharmaceuticals, we are focused on contributing to “living in 
health and comfort” by addressing unmet medical needs which 
are increasing together with maturing markets and the aging 
population, particularly in the ﬁ elds of orthopedics and urology. 
We are not only searching for new subjects for R&D, but also 
pursuing continuous proprietary technological innovation and 
enhanced collaboration with world-leading technologies.

In medical devices and related systems, we are utilizing our 

comprehensive strength to advance R&D to provide products, 
technology, and services that extend the potential of medical 
treatment as well as heighten medical standards. We are further 
advancing technological developments in established ﬁ elds of 
hemodialysis, therapeutic apheresis, leukocyte reduction, and virus 
removal, while also focusing on next-generation ﬁ elds of research 
including regenerative medicine utilizing autohemotherapy.

Critical Care

With sudden cardiac arrest still a major cause of death around the 
world, the importance of research and development in both the 
resuscitation and acute critical care areas cannot be 
underestimated. New therapies, technologies, and solutions that 
are designed to improve patient care are paramount to reducing 
the hundreds of thousands of lives senselessly lost each year. 
Whether assisting lay rescuers or clinicians to deliver high-quality 
chest compressions, delivering a necessary deﬁ brillating shock that 
doesn’t require bystander intervention, or cooling the body to 
preserve heart and brain tissue, the research and development 
efforts in the Critical Care segment are undeniably lifesaving. 
Integration of medical devices that work together to get the job 
done rely on a backbone supported by data solutions. The 
combination of hardware or capital equipment with supporting 
software, which enables consistent performance, enhances 
functionality, and helps to document progress and outcomes, is 
what makes the work of this segment universally important.

Asahi Kasei Report 2014

33

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Feature 2: Roundtable discussion

Achieving results through synergy

Four female researchers, one from each of our four business sectors, discuss ways of research, working as a woman, 
and support for working while raising children

Ryoko Takao
Team Leader
Laboratory for Pharmacology, 
Musculoskeletal Disorders
Asahi Kasei Pharma

M.S., Pharmacology. Joined Asahi 
Kasei in 1992. Worked on evaluating 
the efﬁ cacy and elucidating the 
mechanism of an osteoporosis drug. 
In 2011 the Teribone™ osteoporosis 
drug, which she worked on since 
joining the company, was approved. 
Currently working as the leader of a 
team focused on investigation of new 
osteoporosis therapies and research 
for post-marketing developments. In a 
family of three with her husband and 
8th grade daughter.

Eiko Tanaka
Performance Coating Materials 
R&D Dept.
Asahi Kasei Chemicals

M.S., Bioagricultural Sciences. Joined 
Asahi Kasei in 2011. Working on 
R&D for polycarbonate diol (PCD), a 
material for paint and synthetic 
leather. Mainly focused on analysis to 
achieve greater productivity at the 
PCD plant. Currently involved as a 
researcher in the start-up of a new 
plant in China.

Naomi Morito
Researcher
Housing R&D Center
Asahi Kasei Homes

Master of Engineering. Joined Asahi 
Kasei in 2002. Worked on research in 
ﬁ bers before transferring to Asahi 
Kasei Homes. Currently working on 
R&D related to Hebel Haus™ heating 
and ventilation. Performing 
experiments and veriﬁ cations 
regarding the thermal environment 
and conditions of air circulation in 
residential spaces; creating proposals 
focused on health, comfort, and 
environmental friendliness.

Yoko Tanizaki
General Manager
Electronic Materials Technology 
Development Dept.
Asahi Kasei E-materials

B.S., Synthetic Chemistry. Joined 
Asahi Kasei in 1986. Worked on 
development of new grades of 
Sunfort™ photosensitive dry ﬁ lm 
and Pimel™ photosensitive 
polyimide precursor, and provided 
technical support to customers. 
Currently serving in a leadership 
position with responsibility for 
development of electronic materials 
technology. In a family of three with 
her husband and 7th grade son.

Attitude as a researcher
Tanaka: Corporate research requires experimental results to be 
reproducible. We also need to be swift. It’s important to 
provide good things to our customers as quickly as possible. I 
think that’s a big difference from university research. At 
university, my motivation for research was curiosity to elucidate 
phenomena with chemistry. Now I’m always focused on how 
to provide good products that meet the needs of our 
customers. It’s important to meet deadlines, and prioritize 
things.

Takao: Pharmaceutical research aims to provide research 
results to patients in the form of medicine. Developing a drug 
is a long process that takes years. Teribone™, which I was 
involved in, took over twenty years before it was available to 
patients.

Tanaka: How do you stay motivated over such a long period 
of research?

Takao: We just steadily perform each experiment, moving 
from one stage to the next. As a leader, I have to look ahead 
to the next hurdle, and discuss with the team how we can 
overcome it. I try to stay focused on the quality of our 
research. We do a lot of joint research with universities. It’s a 
win-win situation where the university researchers get to 
satisfy their scientiﬁ c curiosity, and we get the quality results 
we need as a corporation. I also think it stimulates the 
imagination of our younger researchers to observe the depth 
of research at universities.

Morito: My research closely affects the lives of our customers 
who live in Hebel Haus™ homes. In addition to carefully 
verifying experimental data, I think it’s important to consider 

34 Asahi Kasei Report 2014

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Working as a researcher, working as a woman in the Asahi Kasei Group

the perspective of the residents when making proposals. And 
since my research results are conveyed to the customers 
through the salespeople, I have to describe things in a way 
that the salespeople can clearly understand. If I used the 
specialist words and phrases that we researchers use among 
ourselves, the salespeople would be overwhelmed. I’m always 
thinking about how to describe things in a way that is easily 
understood. This is probably because of my own experience. 
When I ﬁ rst transferred to Asahi Kasei Homes after researching 
ﬁ bers, I was dumbfounded by the technical jargon in this ﬁ eld.

Asahi Kasei Fibers and Asahi Kasei Homes. It was a good 
experience that provided many examples of solutions from 
ﬁ bers that matched needs in homes. It’s exciting to discover 
new things. I’m doing research focused on comfort. Both 
ﬁ bers and homes are concerned with comfort. It would be 
great if we could establish technology to evaluate comfort in 
its entirety. The Asahi Kasei Group is now seeking synergy. If 
we had more opportunities for casual interaction, and not just 
ofﬁ cial interaction, I think we could achieve even more synergy 
in our R&D departments.

Tanizaki: In contrast to a consumer-oriented business like that, 
my customers are other manufacturers. Their requirements are 
becoming more and more demanding. While achieving the 
necessary performance characteristics, we also need to balance 
the cost, development period, and timing of product launch.

Interaction among personnel within the 
Asahi Kasei Group, and “synergy”

Tanizaki: Since the Asahi Kasei Group has four business 
sectors, I think we should do more to leverage internal 
connections. I try to maintain active interaction with 
researchers in ﬁ elds related to mine. It’s easy for the R&D 
organizations of different businesses to become secluded. But 
when you’re hitting a dead end, it’s often possible to ﬁ nd a 
breakthrough by talking to someone in a different ﬁ eld. 
Greater interaction among different sectors will increase the 
likelihood that you will know someone who can help when 
you get stuck. I think it’s a great advantage to be able to 
discuss things with researchers from different core operating 
companies.

Tanaka: There is a networking initiative among young 
researchers of the Asahi Kasei Group. Even if it doesn’t bear 
fruit immediately, I think having various acquaintances will be 
useful across the course of one’s career.

Takao: Various training sessions are held by rank and function, 
which provides periodic opportunities to make connections 
across different ﬁ elds. It should be possible to make use of 
such connections. Within health care, there has also been 
personnel interchange between Asahi Kasei Pharma and Asahi 
Kasei Medical. I hope we will have more interaction with ZOLL 
as well.

Morito: I once took part in a collaboration project between 

Advantages of being a female researcher, 
satisfaction in research

Takao: In both daily life and in the research lab, I think women 
are better at coming up with incisive little ideas. For example, I 
know a woman researcher who, upon learning about the 
technical collaboration between Asahi Kasei Homes and Asahi 
Kasei Medical in the HH2015 demonstration house, thought 
“Why not develop a system in the home to enable 
consultation with a pediatrician?” But when working in 
research there’s a tendency to take costs and proﬁ ts too lightly. 
We need to be good at ﬁ nancial numbers, too.

For me, in long-term research as a team with each 
individual working in a professional manner, the greatest 
satisfaction is when we obtain reliable data that enable clear 
judgment. It really was a great feeling when Teribone™ was 
approved after a twenty-year effort. We were not only 
congratulated within the company, but researchers at other 
companies said “Good work!” when we met at scientiﬁ c 
conferences. There is a camaraderie among researchers, even 
those working for different companies, because we have all 
experienced similar challenges. It’s a special feeling when even 
your competitors offer a kind comment like that.

Tanaka: I’m only in my fourth year, and still have many 
experiences to look forward to, but the most rewarding 
moment for me so far was when a production process I 
experimented on and studied was adopted in a commercial 
plant. The process I worked on provided greater productivity, 
enabling us to overcome a slight supply shortage without 
expanding the plant. It felt great to know that this directly 
contributed to increased proﬁ ts.

Morito: Since my research focuses on the residential 
environment, I feel a close connection between my work and 
my daily life. Sometimes I can’t help thinking about my 

Asahi Kasei Report 2014

35

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research when I’m at home. Sometimes I even try little 
experiments! I have applied my personal experience to my 
research on hanging laundry to dry inside a room. I’d like to 
continue to apply a woman’s perspective to my research work. 
It’s rewarding to know that the results of my research are 
provided directly to Hebel Haus™ customers.

Tanizaki: I think the feeling I get from knowing that a product 
I developed is being used around the world is something that 
only a researcher can understand. Another satisfying 
experience I had was when I traveled alone to a customer’s 
facility to help start up a production line. It gave me the chance 
to apply my technical knowledge without anybody’s help. My 
most memorable experience, though, has to be a difﬁ cult 
customer complaint we got when I was section chief in 
technical service. A solution required close coordination among 
sales, production, QA, and R&D. In the end the customer was 
satisﬁ ed, and we maintained our supply relationship. 
Everybody involved with the product pulled together and 
worked with a single purpose to solve that problem. We were 
all relying on each other. That case really showed me what 
great teamwork can do, and gave me a deeper appreciation of 
the value of the trust that customers place in us. As General 
Manager, I try to constantly keep these lessons in mind, and 
instill them in my people.

An atmosphere that allows different ways of 
working, maintaining a career while raising 
children

Tanaka: I think it must be difﬁ cult to keep working as a 
researcher when you have a small child. If you reduce your 
working hours, it must be hard to continue research. What’s it 
really like?

Takao: For me, the hardest thing was to come to a 
compromise with myself that I couldn’t do everything. One 
part of me wanted to keep trying harder and harder in order 
to do everything by myself. But I learned that it’s better not to 
try too hard, and instead let yourself ask other people for help. 
Once I realized that, things became better for me, and better 
for my daughter, too. Every day is still trial and error, but I think 
my daughter is more understanding than anyone else.

First of all I think we need to change preconceptions 
about how women should be, how mothers should be. When 
I had my daughter, I only took maternity leave. I didn’t take 
any parental leave afterward. The workplace atmosphere at 
that time was not conducive to taking parental leave. 
Nowadays, there are various provisions and beneﬁ ts available, 
and it’s considered normal for a woman to return to work after 
having a child. Ideally, one can efﬁ ciently achieve results while 
adjusting the pace of work.

36 Asahi Kasei Report 2014

Tanizaki: To accommodate diverse working styles, I think male 
personnel also need to make adjustments. Many years ago, my 
supervisor told me “We don’t discriminate against women, but 
we do make distinctions.” I took this to mean that they would 
provide a fair workplace while giving due consideration to our 
needs, which I thought was reasonable. When I was pregnant, 
I hesitated to tell the overseas customer whose account I was 
responsible for. I was afraid they would resent being 
inconvenienced by my leave of absence. But when I met them 
later after returning to work, they were very supportive.

I think we do tend to try to do too much as working 
mothers, but when raising a child it’s okay to slow down a 
little. It takes persistence to ﬁ nd the best way.

Tanaka: I always feel it’s regrettable when I see women 
researchers quit working when they get married or when they 
have a child. I’m afraid if this happens too often, our male 
colleagues and supervisors will get the impression that women 
won’t continue working for long. Women need to have a 
certain will to keep working, I think it requires determination 
and resolve.

Tanizaki: In my case, each time I rose up another rank, the 
scope of my work broadened and broadened. It’s not easy to 
take on more responsibility, but it also deepened my sense of 
satisfaction. Everyone has different individual circumstances 
when it comes to raising children or caring for elderly family 
members. Different people value work differently. But our 
company provides an environment that makes it possible for 

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Takao: “Sincerity” is listed ﬁ rst among our Group Values, and I 
feel that we are organizationally very thorough about 
compliance. I think that “Challenge” means we not only 
respect personnel who try new things, but also encourage 
them to do so.

Tanizaki: I feel that we are an enterprise that manufactures 
things with sincerity. And not content with the status quo, the 
company has continued to uphold “Creativity” as part of its 
culture.

Prospects for the future as a researcher

Tanaka: My task at hand is to help start up a new plant, and 
I’m completely focused on this now. As a next step, I want to 
develop new chemical products with higher added value. I feel 
that Asahi Kasei is an appealing place to do research because 
we operate in various different business ﬁ elds. Someday I hope 
that my research will enable the launch of a whole new 
business. It would be fantastic to be able to create the kind of 
new product that opens a whole new avenue of business for 
the company. Working in the ﬁ eld of chemicals, I feel that 
there are endless possibilities. I will continue to hold this 
ambition in the years ahead.

Tanizaki: As I am now in a position of responsibility for R&D in 
electronic materials, I need to keep looking toward future 
business needs even as I continually try to provide the best 
possible research environment for the personnel I supervise. By 
drawing together the respective strengths of each member, 
and continuing to take on new challenges, I believe we can 
accomplish both the expansion of our established operations 
and the launch of new operations. I want to achieve 
technology management that beneﬁ ts the people of the 
world.

Morito: I’m now focused on the thermal environment in 
homes. I study effective ways of heating and how to utilize 
wind. Ultimately my results are useful for residents. Surveys of 
Hebel Haus™ owners indicate increasing satisfaction with the 
comfort of the homes in the summer and winter. It’s 
encouraging to feel that I have contributed to this 
improvement. As I continue to go deeper into my current 
subject of research, I am always looking for new approaches. I 
want to continue to help people achieve greater comfort in 
their homes.

Takao: I always feel invigorated when I look at new 
experimental data. I try to share this feeling with my colleagues 
and subordinates, encouraging new discoveries. Our efforts 
every day are bolstered by the sense of purpose to create drugs 
that contribute to the health of people around the world.

Asahi Kasei Report 2014

37

women to continue working. I hope more women will choose 
to do so, believing in their own possibilities.

Tanaka: After hearing about your experiences, I think I could 
continue working as a researcher even if I get married and 
have children.

Morito: Asahi Kasei Homes still has few female researchers, 
but I hope the number of women in leadership positions will 
increase.

What kind of company is Asahi Kasei?

Morito: I think we have an atmosphere of easy 
communication irrespective of gender or position in the 
hierarchy. People aren’t called by their titles, but by their 
names. Personal connections are highly valued. Collaboration 
among different business sectors can be difﬁ cult sometimes, 
but I think it’s extraordinary that they launch initiatives like the 
Residential Living for Tomorrow project to advance synergy by 
utilizing the diverse strengths of the Asahi Kasei Group to 
address the needs of society.

Tanaka: You get to meet many different people, which is 
stimulating. We have many different kinds of people in the 
research department where I work, and diversity is appreciated. 
To be able to talk to people in different research ﬁ elds, people 
with different ways of thinking, helps to broaden one’s own 
horizons. I think the way that people listen to ideas from young 
researchers is another positive aspect of the organization.

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Respect for employee individuality

The Asahi Kasei Group considers fulﬁ lling and satisfying working conditions and workplace culture, in which 
personnel feel motivated to achieve and take pride in their career, to be key to business performance.

Our human resources policies are focused on the maintenance and reinforcement of a corporate culture emphasizing 
Asahi Kasei characteristics, the personal growth of each employee, and the creation and expansion of business through 
superior people and organizations, based on the understanding that the exceptional power of our people and 
organizations is the source of our competitive strength.

Human Resources Principles

The Human Resources Principles of the Asahi Kasei Group are a distillation of the values and beliefs held in common 
by all employees, a key aspect of a corporate culture where personal growth and corporate development are 
mutually reinforcing.

Corporate Commitment

Basic Expectations

Expectations of Leaders

The basic commitment to human resources 
is to provide the venue for a dynamic and 
fulﬁ lling career as a part of a lively and 
growing corporate group.

•  Enterprise and growth through challenge 

and change

• Integrity and responsibility in action
• Respect for diversity

•  Building the team, heightening 
performance and achievement

•  Going beyond conventional boundaries, in 

thought and action

•  Contributing to mutual development and 

growth

Human resource development
Group Masters
The Asahi Kasei Group employs a “Group Masters” program to 
recognize employees who have developed and exercised 
extraordinary expertise and skills that hold universal value, and to 
facilitate their application throughout the Group. As of April 2014, 
110 Group Masters are designated: two as Group Fellows, 28 as 
Senior Group Experts, and 80 as Group Experts, with rank and 
remuneration commensurate with division general manager, 
department general manager, and section manager, respectively.

Development of global human resources
To support the expansion of world-leading businesses under our 
medium-term management initiative “For Tomorrow 2015” from 
the perspective of human resources, we are implementing 

Valuing human rights and diversity

Basic policy
Corporate HR & Labor Relations leads the effort to ensure that 
there will be no discrimination on the basis of gender, nationality, 
age, or otherwise, to maintain a lively workplace culture which 
enables personnel to perform at their best, to advance 
employment of persons with disability, and to rehire personnel 
after mandatory retirement.

Fiscal 2014 hiring
In April 2014, 288 new graduates were hired: 228 men and 60 
women. In addition, 80 persons were hired in mid-career 
between April 2013 and March 2014.

Expansion of opportunities for women
We established a dedicated corporate organ to promote equal 
opportunity, and have proactively increased the proportion of 
women hired and expanded the distribution of job assignments 
for women. In 1993, only ﬁ ve employees at the rank of manager 
or above were women. This has risen to 410 in June 2014, and 
the variety of posts where women are assigned continues to 
expand.

38 Asahi Kasei Report 2014

measures such as internship programs for young personnel, 
expanding overseas study programs, appointing new personnel 
and managers at overseas subsidiaries and afﬁ liates, and holding 
“One Asahi Kasei Area Meet” training sessions for managers at 
overseas subsidiaries in Europe, the US, and China.

Development of engineers and technical specialists
Under “For Tomorrow 2015,” we are accelerating the creation of 
new businesses which provide new value for society. Engineers 
and technical specialists in R&D and manufacturing are essential 
human resources for successful business development, and 
therefore we are reinforcing measures to create better, more 
vibrant workplaces for them as well as examining programs that 
provide a wide range of career opportunities to enable their 
personal and professional growth.

 Number of women as managers*

317

344

281

410

370

500

400

300

200

100

0

‘10/6

‘11/6

‘12/6

‘13/6

‘14/6

*  Results as of June 30 each year for personnel employed by Asahi Kasei Corp., Asahi 
Kasei Chemicals Corp., Asahi Kasei Fibers Corp., Asahi Kasei Homes Corp., Asahi 
Kasei Construction Materials Corp., Asahi Kasei Microdevices Corp., Asahi Kasei 
E-materials Corp., Asahi Kasei Pharma Corp., and Asahi Kasei Medical Co., Ltd.

Preventing harassment
Sexual harassment is clearly prohibited in the Asahi Kasei Group 
by our Corporate Ethics – Code of Conduct and by our corporate 
employment regulations. Prevention is reinforced through 
training at each level of promotion in rank, and through periodic 

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For more information, please refer to the Asahi Kasei Group CSR Website.

CSR
http://www.asahi-kasei.co.jp/asahi/en/csr/

company-wide training within each core operating company for 
conformance with corporate ethics. A central point of contact is 
established for consultation about related issues and concerns in 
the Asahi Kasei Group.

Employment of persons with disabilities
Asahi Kasei Ability Corp. was established in 1985 for the 
employment of disabled persons, performing a wide range of 
services for the Asahi Kasei Group, including data entry, 
digitizing documents, website design, printing of business cards, 
document printing and binding, dispatch of sample products, 
cleaning, copying, and planter box gardening.

Balancing work and family life

Basic policy
We provide various forms of support for personnel to work with 
security and vitality in accordance with their individual 
circumstances and values from the perspective of balancing work 
and family life.

Parental leave
Our parental leave is available through the ﬁ scal year in which 
the child turns three years old. In ﬁ scal 2013, 468 personnel 
utilized parental leave. This is included 233 men, 40% of those 
who were qualiﬁ ed, and 235 women.

 Employees using parental leave*

250

157

226

179

240

190

242

235

233

212

300

200

100

0

‘09

‘10

‘11

‘12

‘13

FY

Women

Men

*  Results for personnel employed by Asahi Kasei Corp., Asahi Kasei Chemicals Corp., 

Asahi Kasei Fibers Corp., Asahi Kasei Homes Corp., Asahi Kasei Construction 
Materials Corp., Asahi Kasei Microdevices Corp., Asahi Kasei E-materials Corp., 
Asahi Kasei Pharma Corp., and Asahi Kasei Medical Co., Ltd.

 Main provisions to support balance in work and family life

  Rate of employment of disabled persons at applicable 
Group companies*

1.97

1.94

1.98

2.12

2.08

2.00

(%)
2.2

2.1

2.0

1.9

1.8

1.7

‘10/6

‘11/6

‘12/6

‘13/6

‘14/6

Asahi Kasei Group

Legal minimum

*  Results as of June 1 each year at applicable Group companies. Calculation based on 
total employment of 23,579.5 persons in the 17 applicable companies. As of June 1, 
2014, the number of disabled persons employed by Asahi Kasei Ability Corp. stood 
at 308.5 of the total 491.5 disabled employees. Calculated in accordance with the 
Act on Employment Promotion etc. of Persons with Disabilities.

Support for family care
Our personnel are allowed to take leave of up to one year for the 
purpose of attending to any family member who requires care. 
Enhanced provisions for days off and ﬂ exible working hours are 
also available to help personnel continue working while 
providing care for family members. In ﬁ scal 2013, seven 
personnel utilized leave of absence for family care.

Leave of absence to accompany spouse on 
overseas assignment
As globalization continues to advance, an increasing number of 
personnel have a spouse who is transferred to an overseas 
assignment. In ﬁ scal 2013 we adopted a provision for such 
personnel to take a leave of absence to accompany their spouses 
living overseas.

Employee survey
Management and labor work in concert to resolve people-related 
issues based on mutual understanding and awareness. We 
regularly perform a survey of employees to gauge improvements 
to previously identiﬁ ed problems and track changes in employee 
perceptions over time. Survey results are also utilized in the 
evaluation of various measures and the consideration of new 
measures.

e
v
a
e
l
/
f
f
o
e
m
T

i

s
r
e
h
t
O

Pregnancy

Delivery

Child-rearing

One
year old

Two
years old

Three
years  old

Entry to
elementary
school

End of
third grade

Family care

Time off for
morning sickness

42 days

Maternity leave

56 days

Plus 14 days off
before/after delivery

Up to April 1
after child reaches
three years of age

Expanded application of unused paid days off to care for family members (up to 40 days)

Parental leave

Leave of absence for
family care
(one year in total)

Time off for family care

Time off for family illness

Shortened working hours for child-rearing

Women only

Financial assistance for employing babysitters/caretakers

“Kids Support”
shortened working
hours for
child-rearing

Shortened working
hours for family care
(one year in total)

Flexible working
hours for family care

Asahi Kasei Report 2014

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Responsible Care

Safety is a fundamental prerequisite for the continuation of operations as a corporate member of society. To 
ensure that every aspect of safety is maintained, the Asahi Kasei Group implements a Responsible Care (RC) 
program comprising the six pillars of operational safety, workplace safety and hygiene, environmental 
protection, health maintenance, product safety, and community outreach.

Message from the Executive for Technology

The spirit of RC is autonomy, responsibility, and open disclosure. At the Asahi Kasei Group, we go 
beyond mere compliance with laws and regulations as we operate our businesses with due 
consideration for all matters related to the environment, health, and safety. In ﬁ scal 2013, we 
established our Global Environment Action Committee to further deepen and expedite our efforts to 
achieve a low-carbon and recycling-oriented society, to protect water resources, and to coexist in 
harmony with nature. We are integrating global environmental measures together with business 
activities to fulﬁ ll our social responsibility in accordance with our Group Vision of enabling harmony 
with the natural environment. In addition, we advanced a wide range of RC efforts including training 
and education at all organizational levels. In certain areas where we can perform better, we are 
redoubling our efforts to raise results in line with our commitment to prevent accidents and disasters, 
maintain product safety, and promote employee health, for complete achievement of all RC objectives.

Hiroshi Kobayashi
Director
Senior Executive Ofﬁ cer 
Asahi Kasei Corp.

Responsible Care at Asahi Kasei

RC represents the commitment and initiative to secure and improve safety and environmental protection at every 
step of the product life cycle through the individual determination and responsibility of each ﬁ rm producing and 
handling chemical products, together with measures to gain greater public trust through disclosure and 
communication. RC was conceived in Canada in 1985, and was strengthened on a global scale with the establishment 
of the International Council of Chemical Associations (ICCA) in 1990. In 1995, the chemical industry in Japan began 
implementing RC with the establishment of the Japan Responsible Care Council (JRCC*). Asahi Kasei was among the 
founding members of the JRCC, and played a leading role in the expansion and development of RC in Japan.

RC at the Asahi Kasei Group is not limited to chemicals-related operations but encompass operations in all ﬁ elds, 

including ﬁ bers, homes, construction materials, electronics, and health care.
* JRCC: Operated as the Japan Chemical Industry Association’s RC Committee since April 2011.

 Responsible Care at the Asahi Kasei Group

 Asahi Kasei Group RC Principles

Environmental
Protection

Community
Outreach

Fibers

Chemicals

Operational
Safety

Electronics

Asahi Kasei
Group

Health
Care

Product
Safety

Construction
Materials

Homes

Health
Maintenance

Workplace
Safety and
Hygiene

Throughout the product life cycle from R&D to disposal, utmost consideration is given to 
environmental preservation, product safety, operational safety, and workplace hygiene 
and health as preeminent management tasks in all operations worldwide.

 • Environmental preservation is achieved by ameliorating the environmental burden of 
operations while giving full consideration to the environment in the development of 
new technologies and products.

 • Efforts are made to design and develop products which contribute to the sustainability 

of the global environment, and to disseminate such products worldwide.

 • Product safety is ensured by evaluating the safety of products and providing safety 

information.

 • The safety of personnel and members of the community is secured through endeavors to 
maintain stable operation and improve technologies for safety and disaster prevention.

 • Workplace accidents are prevented through improvements to the workplace 

environment and plant modiﬁ cations to achieve inherent safety.

 • Maintenance and promotion of employee health is supported by efforts to achieve a 

comfortable workplace environment.

In addition to maintaining legal compliance, continuous improvement is pursued through 
attainment of self-imposed targets based on results of risk assessment. Public understanding 
and trust is gained through proactive communication and information disclosure.

July 7, 2014

RC Management System
The efﬁ ciency and effectiveness of Asahi Kasei Group RC is 
maintained in accordance with our Group RC Management 
Guidelines and other internal standards, with the President of the 
holding company serving as chair of our RC Committee. 
Continuous reevaluation and improvement are systematically 
pursued with “plan-do-check-act” (PDCA) cycles—for the Asahi 
Kasei Group as a whole, within each core operating company and 
Region*, and within individual plants and facilities.

Certiﬁ ed compliance with internationally standardized 

management systems is obtained for the RC Management System 
of the Asahi Kasei Group. We have obtained ISO 14001 
environmental management system certiﬁ cation for 
environmental protection and ISO 9001 quality management 
system certiﬁ cation for product safety. An Occupational Health & 
Safety Management System (OHSMS) is adopted for workplace 
safety, hygiene, and health.
*  A site or group of sites consisting of several plants and facilities of various core 

operating companies. Each Region General Manager is responsible for the uniﬁ ed 
implementation of RC in the respective Region.

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For more information, please refer to the Asahi Kasei Group CSR Website.

CSR
http://www.asahi-kasei.co.jp/asahi/en/csr/

 RC objectives and results

★★★Complete  ★★Satisfactory  ★Unsatisfactory

FY 2013 RC Objectives

FY 2013 Results

Attainment

FY 2014 RC Objectives

Enhance RC compliance

Improved

RC compliance

Advance RC education and training

Enhance RC at afﬁ liates

Enhance dialog with the public

RC training course for section managers and assistant chiefs revised
Supplement for assistant chiefs created
Follow-up enhanced
Expanded range of afﬁ liates implementing RC 
RC at afﬁ liates enhanced through instructions and support by core 
operating companies
RC reports of 4 core operating companies and 8 plant complex sites 
were used in community outreach 

★★

★★

★★★

★★★ Review RC framework

Enhance RC compliance
Advance RC education and training
Enhance RC at afﬁ liates
Enhance dialog with the public

Avoid all polluting accidents and minor incidents

No polluting accidents, two intermediate incidents

Promote recycling-oriented society:

• Final disposal of 0.3% or less of generated industrial waste

Goal not reached with ﬁ nal disposal rate of 0.5% 

• Recycling rate of at least 85%

Goal reached with recycling rate of 91% 

Curtail greenhouse gas (GHG) emissions:

• Reduce CO2 emissions in Japan by 3.0% from FY 2005 level

23.5% reduction from FY 2005 level

• No increase of global CO2 emissions

15.3% reduction from FY 2010 level

• Reduce GHG emissions in Japan by 4.5% from FY 2005 level

29.2% reduction from FY 2005 level

• LCA/CO2 contribution ratio1 of 4.7

LCA/CO2 contribution ratio of 7.0

Environmental
protection

Protect water resources:

• Water resource contribution ratio2 of 1.8

Water resource contribution ratio of 6.6

Control emissions of chemical substances:

• Control emissions of PRTR-speciﬁ ed substances 

• Control emissions of air and water pollutants 

Release of PRTR-speciﬁ ed substances and emission of VOCs reduced by 
90% and 87%, respectively, from FY 2000 level

★★★

Preserve biodiversity when procuring biological resources

Investigated impact of our business activities on biodiversity, including 
use of new materials; no problem found

Advance CSR procurement

Avoid all industrial accidents

Implemented CSR procurement

No industrial accidents

Control changes to equipment and operating conditions

Some inadequacy in control was conﬁ rmed after approval for change

Operational 
safety

Enhance risk assessment, prevent abnormal reactions, conﬁ rm 
interlock functions on-site
Monitor for hazards of ﬁ re, explosion, and leaks; implement 
remediation

Enhance emergency response systems

Monitor for items in need of replacement and uninspected items, 
implement remediation:
•  Implement seismic retroﬁ tting for speciﬁ c buildings as planned 

for FY 2013

•  Completion of the evaluation of seismic capacity for non-speciﬁ c 

buildings and implement retroﬁ tting as planned for FY 2013

Avoid all workplace injuries:

• Achieve frequency rate3 of 0.1 or less

• Achieve severity rate4 of 0.005 or less

Deepen utilization of OHSMS:

On-site conﬁ rmation related to preventing abnormal reactions and securing 
interlock functions indicated no major problems (39 departments)
Review performed at time of on-site conﬁ rmation for preventing 
abnormal reactions
Conﬁ rmed enhanced disaster response capabilities (two disaster 
response trucks deployed in Mizushima) 

Completed according to the plan 

Evaluation completed on schedule

0.40

0.013

• Reduce latent risks at workplaces

Review of risk assessment conﬁ rmed at audit

• Enhance internal audits

Improvement conﬁ rmed at audit with reference to internal audit records

★★★

• Make the effects of OHSMS more visible

Conﬁ rmed at audit with reference to risk level changes

• Ensure thorough compliance with safe working standards

Compliance records conﬁ rmed at audit

Workplace 
safety and 
hygiene

Health 
maintenance

Product safety 
and 
management of 
chemical 
substances

Living in health 
and comfort

Avoid all accidents in “caught in/between” category:

• No lost-time injury due to “caught in/between” accidents

Enhance safety management guidance of on-site contractors:

•  Enhance safety management structure as the contracting 

manufacturer

• Enhance safety management of on-site contractors

Reinforce management of safety on equipment work:

One lost time injury (one in FY 2012); continued comprehensive 
equipment inspection at plants

Satisfactory improvement conﬁ rmed in audit with reference to check 
sheets at each site
Self-evaluation results and safety management guidance at each site 
conﬁ rmed at audit

• Enhance implementation of safety management standards

Conﬁ rmed issues at audit with reference to work management records

Promote health maintenance and improvement among personnel:
•  Promote the prevention of and countermeasures to lifestyle-

related diseases

• Prevent falls
Promote countermeasures to mental health issues and enhance 
support system

Proportion of personnel health warning signs generally unchanged, 
BMI and ratio of employees who smoke gradually decreasing
Fall prevention measures tested and manual prepared

Stress survey and follow-up implemented

Develop the health management system

Specialist industrial physicians supporting independent plants and 
smaller ofﬁ ces
Start of guidance using video conferencing systems, etc.

Avoid serious product safety incidents

No product safety incidents

Enhance management of chemical substances:

•  Promote compliance with laws and regulations on management 

of chemical substances in Japan and overseas

Compliance maintained and system enhanced

• Encourage JIPS activities

• Promote JAMP tools

Continued risk assessment and public disclosure of safety documents 

Provided and received information via MSDSplus and AIS, cooperated 
with dissemination of JAMP-IT

Number of people our health care business contributed to:

• 18% increase over FY 2010

24% increase over FY 2010

Number of residents in Hebel Haus™ homes:

• 12% increase over FY 2010

12% increase over FY 2010

★★ Avoid all polluting accidents and minor 

incidents
Promote recycling-oriented society:
•  Maintain rate of ﬁ nal disposal at 0.3% of 

generated industrial waste or less

• Maintain recycling rate of at least 85% 
Curtail GHG emissions:
•  Reduce CO2 emissions in Japan by 12% 

from FY 2005 level

•  Reduce CO2 emissions in Japan and 
overseas by 2% from FY 2010 level 

•  Reduce GHG emissions in Japan by 14% 

from FY 2005 level

•  Achieve LCA/CO2 contribution ratio of 5.9
Protect water resources:
•  Water resource contribution ratio of 5.6
Control emissions of chemical substances:
•  Control emissions of PRTR speciﬁ ed 

substances

•  Control emissions of air and water 

pollutants

Preserve biodiversity when procuring 
biological resources
Advance CSR procurement

★★★ Avoid all industrial accidents

Continue to monitor for hazards of ﬁ re, 
explosion, and leaks:
•  Ongoing review to prevent abnormal 

reactions and conﬁ rm interlock functions
Review earthquake response and enhance 
emergency response systems
Control changes to equipment and 
operating conditions
Enhance risk assessment
Monitor for items in need of replacement 
and uninspected items, implement 
remediation: 
•  Advance seismic retroﬁ tting of speciﬁ c 

and non-speciﬁ c buildings

Avoid all workplace injuries:
•  Achieve frequency rate of 0.1 or less
•  Achieve severity rate of 0.005 or less
Deepen utilization of OHSMS:
•  Reduce latent risks at workplaces
•  Enhance internal audits
•  Make the effects of OHSMS more visible
•  Ensure thorough compliance with safe 

working standards

Avoid all accidents in “caught in/between” 
category:
•  No lost-time injury due to ”caught in/

between” accidents

Enhance safety management guidance of 
on-site contractors:
•  Enhance safety management structure as 

the contracting manufacturer

•  Enhance safety management of on-site 

contractors

Reinforce management of safety on 
equipment work:
•  Enhance implementation of safety 

management standards

Promote health maintenance and 
improvement among personnel: 
•  Promote the prevention of and counter-
measures to lifestyle-related diseases 

•  Prevent falls 
Promote countermeasures to mental health 
issues and enhance support system
•  Stress survey and follow-up implemented 
Develop the health management system
•  Resolve critical tasks in each region with 

lateral extension

•  Establish the health management system 

★★

★★★

★★★

★★★

★★★

★★

★★★

★★★

★★★

★★★

★

★

★★★

★★

★★★

★★★

★★★

at afﬁ liates and independent plants
★★★ Avoid serious product safety incidents

Enhance management of chemical 
substances:
•  Promote compliance with laws and 

★★★

regulations on management of chemical 
substances in Japan and overseas

•  Encourage JIPS activities
•  Promote JAMP tools

★★★

★★★

Number of people our health care business 
contributed to:
•  24% increase over FY 2010
Number of residents in Hebel Haus™ 
homes:
•  16% increase over FY 2010

1    LCA is used to determine the amount of reduction in CO2 emissions enabled by Asahi Kasei products and technologies in comparison with conventional products and technologies. The ratio is calculated by dividing this 

amount by the global CO2 emissions of the entire Asahi Group.

2    The water resource contribution ratio is calculated by adding up the total quantity of water clariﬁ ed and recycled using Asahi Kasei ﬁ ltration technology and dividing this by the quantity of the Asahi Kasei Group’s water intake.
3   Number of accidental deaths and injuries resulting in the loss of one or more workdays, per million man-hours worked. 
4   Lost workdays, severity-weighted, per thousand man-hours worked.

Asahi Kasei Report 2014

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Environmental protection

The Asahi Kasei Group’s environmental protection measures include efforts for the achievement of a low-carbon 
society, the establishment of a recycling-oriented society, and the preservation of biodiversity. As our operations 
involve the use of large volumes of chemical substances, we implement measures under our ISO14001 environmental 
management system to prevent pollution-causing accidents.

Quantitative indicators and targets to curtail 
global warming
In June 2012, we established our Global Environment Committee 
to oversee an expanded scope of activities related to global 
warming. At its second meeting, the Global Environment 

 The Asahi Kasei Group’s global environmental policy

Committee formulated policy on environmental initiatives that 
apply to the entire Asahi Kasei Group. Quantitative indicators and 
targets were revised in order to clearly visualize and conﬁ rm 
ongoing progress of these environmental initiatives.

1. Contributing to a low-carbon society
(1) Sharing the international goal of cutting worldwide greenhouse gas 

emissions in half by the year 2050, the Asahi Kasei Group will establish 
targets for reduction of emissions from its business activities by 2020.
(2) The Asahi Kasei Group will contribute to the establishment of a low-

carbon society by providing the world with products, technologies, and 
services that enable reduced greenhouse-gas emissions through our 
proprietary technology.

(3) The Asahi Kasei Group will monitor and clearly visualize the amount of 

CO2 emissions from its supply chain.

2. Preserving water resources
The Asahi Kasei Group will help preserve water resources around the world 
through its domestic and international water supply ﬁ ltration membrane 
module business and industrial water recycling service business. The Asahi 
Kasei Group will measure the quantity of its water intake while striving to 
maintain and improve the efﬁ ciency of its water usage.
3. Promoting a recycling-oriented society
The Asahi Kasei Group will promote the reduction of environmental impacts 

and the efﬁ cient utilization of resources and energy throughout the entire life 
cycle in its business activities in order to contribute to a recycling-oriented 
society. Speciﬁ cally, we will raise the percentage of reduction, reuse, and 
recycling (3Rs), and increase the usage of resources and energy with lower 
environmental impacts as well as renewable resources and energy.
4. Achieving harmony with nature
The Asahi Kasei Group will monitor and carefully manage its business 
activities to preserve natural capital, maintain consciousness of biodiversity, 
and ensure the environmental impacts of its business activities are within 
acceptable ranges. First, we will study the current situation pertaining to our 
use of land and biological resources.
5. Overseas locations (factories)
The Asahi Kasei Group will create systematic monitoring items that will 
enable environmental management practices equivalent to those at its 
factories in Japan.
6. Supply chain
The Asahi Kasei Group will proactively collaborate with members of its 
supply chain to undertake the abovementioned activities.

Contributing to a low-carbon society
As a participant in the Commitment to a Low Carbon Society 
launched in April 2013 by the Japan Chemical Industry 
Association and Nippon Keidanren, the Asahi Kasei Group is 
implementing activities in line with this commitment. We will 
also pursue activities under global indicators and targets set for 
our overseas manufacturing sites as well.

In July 2014 we established a Global Environment Action 

Committee and changed the membership of the Global 
Environment Committee from the Presidents of the core 
operating companies to the Executives for the Environment.

The Asahi Kasei Group’s activities for building a low-
carbon society
1.  Reducing greenhouse gas (GHG) emissions of the Asahi Kasei 

Group
(1) CO2 and GHG emissions in Japan
(2) Global CO2 emissions
(3) Scope 3 emissions*

2.  Helping reduce CO2 emissions throughout the entire lifecycle of 

products

3. Making international contributions
4. Developing innovative new technologies

*  Scope 3 emissions: Greenhouse gases emitted indirectly by a company throughout 

its supply chain.

 The Asahi Kasei Group’s environmental initiative framework

  Quantitative indicators and targets of environmental 
initiatives

1. Contributing to a low-carbon society

Reducing CO2 emissions
(cid:129) Reduce CO2 emissions in Japan to 30% below the FY 2005 level 

by FY 2020

(cid:129) Hold total CO2 emissions in Japan and overseas in FY 2020 to 5% 

below the FY 2010 level

GHG emissions
(cid:129) Reduce GHG emissions in Japan to 35% below the FY 2005 level 

by FY 2020 

LCA/CO2 contribution ratio*
(cid:129) Achieve ratio of 10.0 by FY 2020 (7.0 in FY 2013 and 3.2 in FY 2010)

*  LCA is used to determine the amount of reduction in CO2 emissions enabled by 

Asahi Kasei products and technologies in comparison with conventional 
products and technologies. The ratio is calculated by dividing this amount by the 
global CO2 emissions of the entire Asahi Group.

2. Preserving water resources

Water resource contribution ratio*
(cid:129) Achieve ratio of 7.0 in FY 2015 (1.2 in FY 2011)

*  The water resource contribution ratio is calculated by adding up the total 

quantity of water clariﬁ ed and recycled using Asahi Kasei ﬁ ltration technology 
and dividing this by the quantity of the Asahi Kasei Group’s water intake.

Global Environment 
Committee

This committee deliberates and adopts group-wide environmental measures. It is chaired by the holding company Executive for RC, vice-chaired by the 
General Manager of Corporate Research & Development, and has the Executives for the Environment of the core operating companies as members. It meets 
twice per year.

Global Environment 
Action Committee

This committee is chaired by the General Manager of Corporate ESH & QA, and has the RC Promoters of the core operating companies and Corporate 
Research & Development as members. Based on decisions of the Global Environment Committee, it develops concrete measures. It meets twice per year.

LCA Committee

This committee consists of the chair from the holding company and members from the core operating companies and from Corporate Research & 
Development. It promotes LCA throughout the Asahi Kasei Group and performs LCA for the Group’s products and technologies, including those under 
development. It meets ﬁ ve to six times per year, and reports results of its activities to the Global Environment Committee.

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Reducing GHG emissions from production processes
The Asahi Kasei Group’s GHG emissions from production 
processes in ﬁ scal 2013 were equivalent to 4.17 million tons of 
CO2, which represents a reduction of 29.2% compared to the 
5.92 million tons from our baseline year of ﬁ scal 2005. 
Signiﬁ cant factors that contributed to this reduction include the 
suspension of ammonia and benzene production, and the start 
of biomass power generation. Compared to the emissions level 
in 1990, the index year set under the Kyoto Protocol, we 
continue to maintain a reduction of GHG emissions by more than 
50%, most notably through the development of technology for 
thermal decomposition nitrous oxide (N2O) byproduct.

 GHG emissions from production processes

(Million tons CO2 equivalent)
15

12

12.06

Baseline emissions

5.92

5.65

5.26

5.05

4.11

4.17

9

6

3

0

This reduction can be attributed to the launch and growing 

sales of Hebel Haus™ products with power generation, 
efﬁ ciency, and conservation functions which reduced Category 
11 emissions (use of sold products), and to the reduced use of 
fossil resources and fossil fuels which reduced Category 12 
emissions (end-of-life disposal of sold products).

Life cycle assessment of reduced CO2 emission
Although CO2 is generated during the manufacture of materials 
and intermediate products in the Asahi Kasei Group, there are 
also many examples of products which contribute to reduced 
CO2 emissions during use. LCA calculation takes such 
contribution into account and determines the amount of CO2 
reduction achieved over the product life cycle. By expanding sales 
of such products and commercializing new products and 
technologies that enable signiﬁ cant reduction of CO2 emission 
based on LCA, we contribute to the overall reduction of 
greenhouse gas emission throughout the supply chain.

Global warming conscious products
In April 2012, we formulated guidelines on global warming 
conscious products. Having formulated a similar set of guidelines 
in 2003 for eco-friendly products, the Asahi Kasei Group decided 
to formulate a new set of guidelines for global warming 
conscious products given recent demand both in Japan and 
overseas.

‘09

‘10

‘11

‘12

‘13

FY

In accordance with these guidelines, we have certiﬁ ed the 

‘05
Baseline

1990
Index set
at Kyoto
Protocol

 CO2

 N2O

 CH4　 HFCs

PFCs

 SF6

Scope 3 emissions
The domestic Japanese portion of Scope 3 emissions over time 
has been calculated for all operations except Asahi Kasei Pharma, 
yielding data on 99% of such emissions for the entire Asahi 
Kasei Group.
  Our Scope 3 emissions have steadily declined from ﬁ scal 
2005 to ﬁ scal 2013, with some ﬂ uctuation due to the global 
ﬁ nancial crisis, and in ﬁ scal 2013 they were some 22% lower 
than in ﬁ scal 2005.

 Scope 3 emissions in Japan

(Million tons CO2 equivalent)
8

7.20

7.22

7.00

6.82

6.90

6.70

6.03

5.91

5.63

22%

7

6

5

4

3

2

1

0

’05

’06

’07

’08

’09

’10

’11

’12

’13

FY

Purchased products and services

Capital goods

Fuel and energy related activities not included in Scope 1 or Scope 2

Upstream transport/distribution

Waste emitted from businesses

Business travel

Employees’ commuting

Upstream leased assets

Use of sold products

End-of-life disposal of sold products

products in the following chart as global warming conscious 
products.

 List of global warming conscious products

Rank 

Product name 

A Hall ICs and Hall elements for DC motors used in air conditioners

A 

A 

A 

A 

Ion-exchange membrane electrolysis system for caustic soda

Synthetic rubber for fuel-efﬁ cient tires

Phosgene-free polycarbonate production process

Fusion™ 3D woven fabric for energy saving humidiﬁ er ﬁ lters

B  Hebel Haus™ with power generating, efﬁ ciency, and conservation 

functions

B  Hebel Haus™ with next-generation insulation

B 

Sunfort™ photosensitive dry ﬁ lm

B  Hipore™ lithium-ion battery separator for electric and hybrid 

electric vehicles

B  Asaclean™ plastic molding machine purging agent

C  Neoma™ foam insulation panels for homes

Rank A: LCA/CO2 reduction of at least 500,000 t-CO2/y
Rank B: LCA/CO2 reduction of at least 100,000 t-CO2/y
Rank C: LCA/CO2 reduction of at least 10,000 t-CO2/y

Asahi Kasei Report 2014

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Overview of environmental impacts

The diagram below describes the environmental impacts of business activities at Asahi Kasei Group plants. As in our 
Group Vision of “harmony with the natural environment,” the Asahi Kasei Group considers environmental preservation 
as one of the most important tasks. Our major focuses are on 1) prevention of global warming, 2) promotion of a 
recycling-oriented society, 3) management of chemical substances, and 4) preservation of biodiversity. 

For prevention of global warming, we have established new indexes and targets to curtail greenhouse gas 
emissions to be achieved by ﬁ scal 2020. Regarding promotion of a recycling-oriented society, we achieved zero 
emissions of industrial wastes in ﬁ scal 2010 and are working to maintain this. Furthermore, as a chemical company, 
we are working to promote safe handling of chemical substances and actively provide safety information. We are 
also making efforts to reduce the impact of our business activities on biodiversity.

 Asahi Kasei Group Main Environmental Impacts (FY 2013)

Water

271 million m3

Asahi Kasei Group plants

Energy

5.3×1016 J
Including hydroelectric power
(converted in accordance with Japan’s
Act on the Rational Use of Energy)

INPUT

Materials

Including 3.98 million tons
PRTR-specified
substances

OUTPUT

Atmospheric emissions
6,600  tons
SSOx: 
3,700  tons
NOx: 
Soot and dust: 
150  tons
PRTR-specified substances:

400 tons
1,300  tons

Regulated VOCs: 
Greenhouse gas emissions:
  4.11 million tons CO2 equivalent

Release to soil

PRTR-specified substances:

0 tons

Industrial waste

Effluent water

Effluent waste: 
267,000   tons
Of which, landfilled:  1,200   tons

Volume: 
COD of effluent:  
Nitrogen: 
Phosphorus: 
PRTR-specified substances:

210  million m3
800  tons
6,000  tons
26  tons

86 tons

Products

Preservation of biodiversity
Basic policy
To ensure the sustainable utilization of living resources, due 
consideration is given to reducing the impact of our business 
activities on biodiversity, and we have established guidelines for the 
preservation of biodiversity. Based on this guideline, the Asahi Kasei 
Group began examining the impact of our business activities on 
biodiversity. In order to promote business activity with due concern 
for biodiversity, we are working to raise awareness among 
personnel by various means including our RC education program.

Notable actions in ﬁ scal 2013
Through the examination of the impact of our business activities 
on biodiversity, we came to realize the extreme importance of 
biological resources and ecosystem services for our operations. In 
any case of ecosystem services being newly used or a change in 
use of biological resources, we conﬁ rm that no problem will be 
caused. Our plants and ofﬁ ces are undertaking a variety of 
initiatives to preserve biodiversity in each location. 

Nobeoka:
In Nobeoka, we are studying the impact of forest thinning as part of 
the Nobeoka City Satoyama Preservation Initiative. Our study is 
focused on the impact on the forest environment of our use of forest 
thinnings as biomass fuel for power generation, depending on the 
method of thinning. In ﬁ scal 2012 we studied the forest prior to 
thinning, and in ﬁ scal 2013 we performed thinning and studied the 
forest immediately afterward. In ﬁ scal 2014 we will evaluate effect 
on the forest one year after thinning.

Fuji:
In Fuji, we created a local biotope called the Asahi Woods of Life at 
our plant and laboratory complex, recreating the ecosystem of the 
local area. Many of our employees and local residents participate in 
biodiversity-related activities such as planting trees, planting and 
harvesting rice, and watching ﬁ reﬂ ies.

44 Asahi Kasei Report 2014

Moriyama:
In Moriyama, we are working to remove foreign species and protect 
native species of ﬁ sh based on a vision of being the world’s best 
factory site located near freshwater ﬁ sh, as part of a program to 
protect the natural water environment of Lake Biwa. When efﬂ uent 
water ﬂ ow was suspended during a plant shut-down for maintenance 
in ﬁ scal 2013, we removed some 1,400 ﬁ sh of foreign species, totaling 
95 kg. We also initiated a program to utilize green space within the 
plant grounds as a place for personnel to relax and enjoy the natural 
biodiversity of the area.

Promoting a recycling-oriented society
The Asahi Kasei Group is working to reduce the amount of industrial 
waste for ﬁ nal disposal through the “3-Rs” of reduction, reuse, and 
recycling in order to help build a recycling-oriented society.

In ﬁ scal 2013, we adopted more challenging targets of a ﬁ nal 
disposal rate of 0.3% or less and a recycling rate of 85% or more of 
the total amount of industrial waste generated. Although we 
achieved a recycling rate of 91%, we missed our target ﬁ nal disposal 
rate by achieving 0.5%, the same as the previous year. We are 
working to gain further improvements through increased separation 
and greater selectivity in disposal contractors.
  Waste containing PCBs* is stored under strict control in stainless 
steel vessels. Plans for disposal are advancing, including for waste 
with minimal amounts of PCBs.
  We enhanced our management of off-site treatment of 
industrial waste by expanding the use of electronic manifests. We 
also performed periodic on-site inspections of consigned ﬁ rms to 
ensure that proper disposal is performed in accordance with sound 
systems of control.
*  PCBs (polychlorinated biphenyls) are persistent and pose a risk to the living 
environment and human health. Their manufacture and use is essentially 
prohibited in Japan.

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 Flow of industrial waste, FY 2013*

(thousand tons)

On-site treatment

Off-site treatment

Waste generated
267.0 (100%)

Recycling
105.4 (39.5%)

Volume reduction by
incineration, dehydration, etc
18.2 (6.8%)

On-site landfill
0.0 (0.0%)

Effluent waste
142.7 (53.4%)

Recycling
136.5 (51.1%)

Volume reduction by
incineration, dehydration, etc
4.9 (1.8%)

Final disposal
1.2 (0.5%)

* Excluding industrial waste generated at the construction sites of Asahi Kasei Homes.

1  PRTR: Pollutant release and transfer register. Under the PRTR Law, releases to the 

environment and off-site transfers of speciﬁ c hazardous chemical substances must 
be monitored and recorded for each production facility and operating site. 
Results are reported to the government, which publishes aggregate results.

2  VOC: Volatile organic compound. Although the term generally applies to any 

organic compound which is in gaseous state at the time of release, regulations for 
the control of their release exclude methane and some ﬂ uorocarbons which do 
not form oxidants.

Reduction of chemical substances
The Asahi Kasei Group makes an effort to reduce the release of 
chemical substances. These chemicals include substances 
speciﬁ ed in the Air Pollution Control Act, Water Pollution Control 
Act, and the PRTR1 Law, and other substances which we have 
voluntarily designated for reduction. Priority for reduction is based 
on the degree of hazardousness and amount of release. Release 
of PRTR-speciﬁ ed substances and VOC2 emission were reduced by 
90% and 87%, respectively from ﬁ scal 2000.

Product safety

To ensure the provision of products that the customer can use safely and reliably, the Asahi Kasei Group constantly 
strives to improve product safety and product quality, while maintaining consistent production control. In ﬁ scal 2013, 
we once again met our target of no serious product safety incidents.

Prevention of product safety incidents
Consumer satisfaction and safety
Products sold by the Asahi Kasei Group range from industrial 
materials to consumer products. Many of the materials we sell are 
used in products which are purchased by ordinary consumers. 
Consumer satisfaction is therefore the ultimate measure of our 
success in the provision of safe, high-quality products. We strive 
to maintain product quality and safety through continual 
attention to production control to ensure that the products used 
by consumers are completely free of safety defects.

Product safety guidelines
Group-wide product safety guidelines have been prepared to 
secure product safety and prevent the occurrence of product 
safety incidents. The guidelines specify matters to be controlled 
throughout the process from material purchase through use and 
disposal. The guidelines are centered on risk assessment during 
the development stage to ensure product safety prior to 
marketing. Speciﬁ c product safety measures for individual 
products are applied by each core operating company in 
accordance with the guidelines.

Managing chemical substances

To ensure the safety of products and production processes in the Asahi Kasei Group, we maintain awareness of the 
properties of the chemical substances we use, and manage them strictly and appropriately throughout each phase 
from materials procurement to production, use, and disposal.

Outline of efforts for product safety and chemical 
substance management
The Asahi Kasei Group routinely performs employee education on 
product liability, chemical product safety, and equipment safety, 
along with risk assessment. We examine the substance of 
complaints about our products and apply lessons learned to our 
quality assurance systems (QMS and GMP) as part of the 
continuing effort to ensure product safety and avoid complaints.
  With regard to the safety of chemical products, the Global 
Harmonized System of Classiﬁ cation and Labeling of Chemicals 

(GHS) has been introduced in Japan in accordance with a United 
Nations advisory. We have revised our SDSs for compatibility with 
GHS and have labeled our chemical products to make safety 
information more visible.

In addition to their useful properties, many of our products 

are potentially hazardous if handled improperly. We therefore 
provide a range of information for safe use and handling of our 
products, continuously review the safety of our products, and 
strive to ensure that the safety information that we provide is easy 
to understand and apply.

Asahi Kasei Report 2014

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Operational safety

To achieve safe operations, it is essential to build highly safe plants based on process hazard assessment prior to 
construction, to perform sound plant maintenance, and to operate facilities in a stable and safe manner. The Asahi 
Kasei Group avoids industrial accidents through risk assessments prior to the construction of new plants, periodic 
inspections of existing plants performed by auditors specialized in ﬁ re and explosion prevention, process reviews from 
the perspective of preventing abnormal reactions and ensuring interlock functions, and process reviews corresponding 
to the age of facilities. In ﬁ scal 2013, we completed a program of on-site conﬁ rmation from the perspective of 
preventing abnormal reactions and ensuring interlock functions. There were no industrial accidents during ﬁ scal 2013.

Management of operational safety
Our ongoing, autonomous program to ensure operational safety 
includes safety assessment and hazard identiﬁ cation in 
accordance with a basic safety management policy, and speciﬁ c 
plans are implemented on both annual and multi-year cycles.

Safe, stable plant operation
Given our diverse range of operations that include Chemicals & 
Fibers, Homes & Construction Materials, Electronics, and Health 
Care, the Asahi Kasei Group has plants with a wide variety of 
different characteristics. No single approach to safety would be 
appropriate for all plants.
  We employ a systematic process to tailor the safety effort to 
each plant’s speciﬁ c requirements. This includes the use of PDCA 
cycles to ensure the appropriateness of the maintenance 
standards for each individual unit of equipment.

In addition, safety information and know-how are shared 

across the Asahi Kasei Group through group-wide plant 
engineering conferences with four specialist panels: Formulation 
of optimum systematic maintenance programs, establishment of 
standards and criteria, formulation of training systems for 
maintenance engineers, and sharing engineering information.

Training for operational safety
At our petrochemical sites in Mizushima and Kawasaki, the Asahi 
Operation Academy (AOA) serves as the training center to 
cultivate the skills necessary to operate petrochemical plants. 
AOA teaches the principles and structures of equipment, 
heightening the ability to identify the cause of equipment failure 
and to respond it. Miniature plants and simulators are used at 
AOA to provide hands-on experience with controls and 
instrumentation.

Workplace safety and hygiene

The effort to prevent workplace accidents is integrated in a comprehensive OHSMS* program that combines 
conventional safety initiatives—such as tidiness/orderliness/cleanliness, reporting of near-accidents and potential 
hazards, hazard prediction analysis, safety patrols, and case studies—with risk assessments and a prevention-oriented 
plan-do-check-act (PDCA) system.

*  Occupational Health and Safety Management System. A standardized management system used to conﬁ rm that continuous improvement is being applied to measures to 

minimize the risks of workplace injuries and to prevent the emergence of future risks.

Occurrence of workplace injuries
Of the 20 workplace injuries that occurred during ﬁ scal 2013, 
10% fell into the “caught in/between” category, which can easily 
result in severe injury. Although the proportion is lower than the 
22%, average of ﬁ scal 2003 to 2012, we continue to strive to 
reduce accidents in the “caught in/between” category by 
eliminating sources of danger and enhancing safeguards. In ﬁ scal 
2012, we began an ongoing program of comprehensive plant 

inspections that incorporates fresh perspectives from outside 
experts and from our personnel of different sites and different 
core operating companies. We also formulated a set of guidelines 
on machinery safety in accordance with ISO12100* and in ﬁ scal 
2014 began machinery risk assessments by designers in the case 
of building new equipment or modifying existing equipment, with 
deliberation among related parties as part of the equipment 
inspection. The four categories of fall on the same level, fall from 

  Incidence of workplace injury by event category, 
FY 2013 in Japan

  Incidence of workplace injury by event category, 
FY 2003–2012 in Japan

Caught in/between machinery 5%

Caught in something else 5%

Traffic accident 14%

Fall on same level 10%

Others

Hit by flying/
falling object

8%

2%

Total
20 cases

Fall from height   10%

Kickback/overexertion 10%

Fire  5%

Contact with
high-temperature
substance/object

4%

Explosion or
rupture

4%

Total
111 cases

Caught in/
between machinery

20%

Caught in
something else

3%

Fall on 
same level 19%

Fall from height 13%

Kickback/overexertion 13%

Traffic accident 40%

Hit by
flying/falling
object

10%

Contact with
high-temperature
substance/object 5%

46 Asahi Kasei Report 2014

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height, kickback/overexertion, and trafﬁ c accident accounted for 
70% of all workplace injuries in ﬁ scal 2013. To prevent these 
common accidents that could occur even in non-factory 
workplaces such as sales ofﬁ ces or headquarters, we are 

promoting safety activities in all workplaces and renewing our 
emphasis on a culture of safety.
*  ISO12100 speciﬁ es principles for achieving safety in machinery design and 

principles of risk assessment and risk reduction.

 Frequency rate*

 Severity rate*

（%）
1.2

1.0

0.8

0.6

0.4

0.2

0.0

0.99

0.98

0.72

0.72

0.22

0.21

1.05

0.88

0.36

0.94

0.82

0.40

1.0

0.85

0.16

（%）
0.20

0.16

0.12

0.08

0.04

0.00

0.169

0.153

0.12

0.12

0.08

0.10

0.10

0.13

0.08

0.09

0.05

0.008

0.005

0.04

0.013

‘13

FY

‘09

‘10

‘11

‘12

‘13

FY

‘09

‘10

‘11

‘12

Asahi Kasei Group

Chemical industry, Japan

Manufacturing industries, Japan

Asahi Kasei Group

Chemical industry, Japan

Manufacturing industries, Japan

Note:  Fiscal years for the Asahi Kasei Group, calendar years for the chemical 

industry and manufacturing industries in Japan.

Notes: 
1.  Fiscal years for the Asahi Kasei Group, calendar years for the chemical industry 

*  Frequency rate: Number of accidental deaths and injuries resulting in the loss of 
one or more workdays, per million man-hours worked. Our goal of 0.1 or less is 
extremely ambitious. At a plant with 100 workers, it would mean only one 
worker in 50 years suffered from a workplace injury which resulted in a day off.

and manufacturing industries in Japan.

2.  The severity rate increased in ﬁ scal 2011 because of one fatal “caught in 

machinery” accident and in ﬁ scal 2012 because of one “fall on same level” 
accident that caused lasting injury (Level 2 Disability).

* Lost workdays, severity-weighted, per thousand man-hours worked.

Health maintenance

The Asahi Kasei Group implements various activities to help employees maintain and advance their mental and 
physical well-being in accordance with its health management guidelines, including screening for lifestyle-related 
diseases and mental health checkups.

Enhanced health management framework
In ﬁ scal 2013 we enhanced the health maintenance system for 
independent plants and smaller ofﬁ ces by establishing a 
framework for them to receive the support of specialist industrial 
physicians as necessary in the main regions. We also began 
providing health guidance to salespeople stationed throughout 
Japan and to personnel stationed overseas using video 
conferencing systems, etc.

Health maintenance and promotion for employees
The Asahi Kasei Group has provided personnel with health 
guidance and exercise guidance by outside experts and health 
maintenance staff in each location.

In April 2013, with a revision of the standards applied to 
indicate health warning signs based on the results of annual 
checkups, we reevaluated past results to identify trends based on 
the new standards. This indicated that the proportion of 
employees with health warning signs is remaining generally 
unchanged, while BMI and the ratio of employees who smoke are 
gradually decreasing.

Beginning in ﬁ scal 2013 our employee health insurance 
association revised its speciﬁ ed health guidance in accordance 
with the Act of Assurance of Medical Care for Elderly People, 
utilizing a health improvement program that enables exercise 
guidance to be selected in addition to health guidance.

Mental health and care
The Asahi Kasei Group is working to improve the workplace 
environment by enhancing its four complimentary approaches to 
care in accordance with its mental health care guidelines. For 
self-care by individual employees and care by industrial medical 
staff, in ﬁ scal 2013 we began full implementation of an intranet-
based electronic diagnosis system developed by Fujitsu Software 
Technologies Ltd. The system has been used to survey stress at 20 
locations, with appropriate follow-up implemented. Ongoing 
stress surveys will be performed annually at each location. In 
addition to surveying the stress level of individual employees, this 
system analyzes workplace stress to help improve the workplace 
environment as part of our effort for care by line of authority.

 Ratio of employees with health warning signs

60

50

40

30

20

59

59

42.2

29

24
‘11

42.3

27

24
‘12

59

42.4

27

24
‘13

FY

 Average age

 Ratio of employees with health warning signs (%)

 BMI　

Ratio of employees who smoke (%)

Asahi Kasei Report 2014

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Corporate citizenship

We are committed to advancing in harmony with society from a global perspective through fair information 
disclosure and the proactive employment of management resources for corporate responsibility and citizenship.

Stakeholder dialog

Different corporate organs hold responsibility for fair and open dialog with each of our different groups of stakeholders.

Stakeholders

Customers

Shareholders,
investors

Suppliers

Local
communities

Corporate
Communications at 
Asahi Kasei Corp.

Communications
sections at core
operating
companies

Marketing and sales 
departments, 
consumer contact 
offices

Investor Relations at 
Asahi Kasei Corp.

Purchasing and 
logistics sections, 
environment and 
safety sections at 
production sites

General affairs and 
administration 
sections at 
production sites

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(cid:80)(cid:69)(cid:82)(cid:83)(cid:79)(cid:78)(cid:78)(cid:69)(cid:76)

(cid:115)(cid:0)(cid:52)(cid:65)(cid:75)(cid:73)(cid:78)(cid:71)(cid:0)(cid:73)(cid:78)(cid:81)(cid:85)(cid:73)(cid:82)(cid:73)(cid:69)(cid:83)(cid:0)(cid:86)(cid:73)(cid:65)(cid:0)
(cid:84)(cid:69)(cid:76)(cid:69)(cid:80)(cid:72)(cid:79)(cid:78)(cid:69)(cid:12)(cid:0)(cid:87)(cid:69)(cid:66)(cid:83)(cid:73)(cid:84)(cid:69)(cid:12)(cid:0)
(cid:69)(cid:84)(cid:67)(cid:14)

(cid:115)(cid:0)(cid:41)(cid:83)(cid:83)(cid:85)(cid:73)(cid:78)(cid:71)(cid:0)(cid:78)(cid:69)(cid:87)(cid:83)(cid:0)(cid:82)(cid:69)(cid:76)(cid:69)(cid:65)(cid:83)(cid:69)(cid:83)
(cid:115)(cid:0)(cid:40)(cid:79)(cid:76)(cid:68)(cid:73)(cid:78)(cid:71)(cid:0)(cid:78)(cid:69)(cid:87)(cid:83)(cid:0)
(cid:67)(cid:79)(cid:78)(cid:70)(cid:69)(cid:82)(cid:69)(cid:78)(cid:67)(cid:69)(cid:83)

(cid:115)(cid:0)(cid:41)(cid:83)(cid:83)(cid:85)(cid:73)(cid:78)(cid:71)(cid:0)(cid:68)(cid:79)(cid:67)(cid:85)(cid:77)(cid:69)(cid:78)(cid:84)(cid:83)(cid:0)(cid:70)(cid:79)(cid:82)(cid:0)
(cid:73)(cid:78)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:68)(cid:73)(cid:83)(cid:67)(cid:76)(cid:79)(cid:83)(cid:85)(cid:82)(cid:69)
(cid:115)(cid:0)(cid:55)(cid:69)(cid:66)(cid:83)(cid:73)(cid:84)(cid:69)(cid:0)(cid:68)(cid:73)(cid:83)(cid:67)(cid:76)(cid:79)(cid:83)(cid:85)(cid:82)(cid:69)(cid:0)(cid:79)(cid:70)(cid:0)

(cid:73)(cid:78)(cid:70)(cid:79)(cid:82)(cid:77)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)
(cid:115)(cid:0)(cid:50)(cid:69)(cid:83)(cid:80)(cid:79)(cid:78)(cid:68)(cid:73)(cid:78)(cid:71)(cid:0)(cid:84)(cid:79)(cid:0)
(cid:35)(cid:51)(cid:50)(cid:13)(cid:82)(cid:69)(cid:76)(cid:65)(cid:84)(cid:69)(cid:68)(cid:0)
(cid:81)(cid:85)(cid:69)(cid:83)(cid:84)(cid:73)(cid:79)(cid:78)(cid:78)(cid:65)(cid:73)(cid:82)(cid:69)(cid:83)
(cid:115)(cid:0)(cid:48)(cid:82)(cid:79)(cid:77)(cid:79)(cid:84)(cid:73)(cid:78)(cid:71)(cid:0)(cid:83)(cid:79)(cid:67)(cid:73)(cid:65)(cid:76)(cid:0)

(cid:67)(cid:79)(cid:78)(cid:84)(cid:82)(cid:73)(cid:66)(cid:85)(cid:84)(cid:73)(cid:79)(cid:78)(cid:0)(cid:65)(cid:67)(cid:84)(cid:73)(cid:86)(cid:73)(cid:84)(cid:73)(cid:69)(cid:83)

Asahi Kasei Group

Customer relations

For materials, intermediates, and devices, communication with our customers is handled by sales departments and 
R&D departments. For consumer products such as Saran Wrap™ and Frosch™, pharmaceuticals, and Hebel Haus™, 
communication with our customers is handled by the customer support center of each product.

Principled supplier relationships

A relationship of mutual trust with our suppliers is fostered through fair and principled purchasing practices based 
on regulatory compliance and respect for the environment and human rights.

The Asahi Kasei Group Purchasing and 
Procurement Policy
Purchasing departments throughout the Asahi Kasei Group 
regard suppliers as important partners and work to build 
relationships with them based on sincerity in accordance with 
our Group Philosophy. To this end, we are placing greater 
emphasis on CSR in accordance with our Procurement Policy 
which was revised in ﬁ scal 2011.

  The Asahi Kasei Group Purchasing and 
Procurement Policy—Basic Policy

1 Compliance

2 Fairness and 
impartiality

3 Open door 
principle

4 CSR-focused 
procurement

We uphold all laws relevant to purchasing 
transactions as well as the Asahi Kasei Group’s 
internal regulations.

Selection of bids and conclusion of contracts are 
performed in a fair and impartial manner.

We provide fair opportunities to any potential 
supplier, both domestic and overseas.

We perform purchasing in close coordination 
with our group-wide activities for CSR.

5 Partnership

We strive to deepen mutual understanding and 
build relationships of trust with our suppliers.

48 Asahi Kasei Report 2014

Focus on CSR in purchasing and procurement
In ﬁ scal 2013, Asahi Kasei Group asked major suppliers of 
materials and construction services to participate in a CSR 
survey. Items covered included CSR promotion systems, 
compliance, environmental safety, risk management, product 
safety, human rights and labor, and information security 
management. The survey helped to promote understanding of 
our efforts for CSR, and we are encouraging suppliers to 
consider CSR issues in their dealings with the Asahi Kasei Group.

Supplier relations at production sites
Safety seminars are periodically held at our principal production 
sites to discuss accident prevention 
and exchange information with 
suppliers.

Safety seminar in Kawasaki, 
Kanagawa

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For more information, please refer to the Asahi Kasei Group CSR Website.

CSR
http://www.asahi-kasei.co.jp/asahi/en/csr/

Public outreach

We work to honor and respect the local culture of each community where our operations are based, and to maintain 
effective dialog and communication with community members.

Openness to the community
Measures for community dialog and interaction include regularly 
held forums and meetings with representatives of local 
governments and members of local residents associations, and 
the hosting a variety of events. We also offer plant tours to 
provide better understanding of our operations and the 
measures we implement for the environment and safety. In the 

Nobeoka/Hyuga region of Miyazaki, Japan, we have advanced a 
comprehensive review of the vulnerability of operations to 
possible earthquakes and tsunamis, and in ﬁ scal 2013 we 
constructed two evacuation towers to enable people to quickly 
reach a safe height in the event of a tsunami. The evacuation 
towers are available for use not only by our personnel, but also 
by nearby community members.

Neighborhood clean-up 
(Izunokuni, Shizuoka)

Local residents at a cherry 
blossom event (Suzuka, Mie)

Community dialog meeting 
(Kurashiki, Okayama)

Plant tour (Moriyama, Shiga)

Evacuation tower (Nobeoka, 
Miyazaki)

Community fellowship

The Asahi Kasei Group is involved in a wide range of community-focused activities in accordance with its Basic 
Framework focused on the three themes of Nurturing the Next Generation, Coexistence with the Environment, and 
Promotion of Culture, Art, and Sports, under our Community Fellowship Policy.

 Community Fellowship Policy 

1

2

3

Effective utilization of our human resources and 
technologies to advance community fellowship based on 
the unique characteristics of the Asahi Kasei Group.

Striving for meaningful community fellowship actions 
with a constant awareness of our objectives and 
effectiveness.

Supporting and nurturing participation in community 
fellowship by employees, encouraging volunteerism and 
individual initiative.

Basic Framework

Nurturing the Next 
Generation

Coexistence with the 
Environment

Promotion of Culture, 
Art, and Sports

Community fellowship activities
Nurturing the Next Generation
To promote understanding and heighten interest in science and 
technology among elementary, junior high, and high school 
students, we visit schools and host visits by students to factories 
to give explanations and demonstrations of science and 
technology and on environmental issues. We also support career 
development with occupational lectures and problem-solving 
training. In ﬁ scal 2013, a total of some 3,100 students of 90 
schools participated.

The Asahi Kasei Group provides sponsorship for chemistry 

experiment shows and other science-related events that give 
children an opportunity to learn about science and chemistry in a 
fun way. We also sponsor educational events organized by 
newspaper companies that provide opportunities for children to 

learn about science and the environment.

Coexistence with the Environment
In addition to our afforestation activities in Miyazaki and 
Shizuoka, Japan, since June 2011 we have participated in an 
afforestation project in the Horqin Desert of Inner Mongolia, 
China. In ﬁ scal 2013, trees were planted on April 18.

Promotion of Culture, Art, and Sports
The Asahi Kasei Himuka Cultural Foundation was established in 
1985 to enrich the environment of day-to-day life and culture in 
Miyazaki Prefecture, with a wide range of cultural activities being 
held. We also contribute to community fellowship through our 
corporate distance running and judo teams.

Science class (Fuji, Shizuoka)

Children’s chemistry experiment 
show (Chiyoda-ku, Tokyo)

Japan Student Science 
Award (Koto-ku, Tokyo)

Tree planting (Inner Mongolia, 
China)

Judo lesson for students 
(Nobeoka, Miyazaki)

Asahi Kasei Report 2014

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Corporate Governance

Basic Concept for Corporate Governance

We believe that constant effort to increase the efﬁ ciency and 
transparency of management is essential for continuous 
enhancement of the corporate value of the Asahi Kasei Group.
  One major reform for this purpose was the adoption of the 
structure of a holding company and core operating companies, 
since which time the Asahi Kasei Group has exercised corporate 
governance for the Group based on the following two principles.

1)  Based on the structure of a holding company and core 
operating companies, the core operating companies are 
responsible for business execution and the holding company is 
responsible for oversight.

2)  The Group Approval Authority Regulations are positioned as 

the highest ranking among all the regulations governing the 
overall Group for decision-making in executing business. 
Authority is distributed to each organ of the holding company 
and the core operating companies in accordance with the 
degree of inﬂ uence on management.

In this context, corporate governance is further enhanced by 
implementing various measures, including the election of multiple 
Outside Directors and the institutionalization of an Internal Audit 
Dept. We will continue to advance measures to heighten 
corporate governance for the further enhancement of corporate 
value.

Structures Related to Management Decision-Making, Execution, and Oversight

Management Conﬁ guration (as of June 27, 2014)

Holding company

Board of Corporate Auditors

Shareholders

Board of Directors

Group Advisory Committee

Chairman

President

Internal Audit Dept.

Strategic Management Council

Group staff functions
(cid:115)(cid:0)(cid:51)(cid:84)(cid:82)(cid:65)(cid:84)(cid:69)(cid:71)(cid:73)(cid:67)(cid:0)(cid:80)(cid:76)(cid:65)(cid:78)(cid:78)(cid:73)(cid:78)(cid:71)(cid:0)(cid:6)(cid:0)(cid:65)(cid:78)(cid:65)(cid:76)(cid:89)(cid:83)(cid:73)(cid:83)

(cid:115)(cid:0)(cid:35)(cid:79)(cid:77)(cid:80)(cid:76)(cid:73)(cid:65)(cid:78)(cid:67)(cid:69)(cid:0)(cid:6)(cid:0)(cid:82)(cid:73)(cid:83)(cid:75)(cid:0)(cid:77)(cid:65)(cid:78)(cid:65)(cid:71)(cid:69)(cid:77)(cid:69)(cid:78)(cid:84)

(cid:115)(cid:0)(cid:50)(cid:69)(cid:83)(cid:79)(cid:85)(cid:82)(cid:67)(cid:69)(cid:83)(cid:0)(cid:65)(cid:68)(cid:77)(cid:73)(cid:78)(cid:73)(cid:83)(cid:84)(cid:82)(cid:65)(cid:84)(cid:73)(cid:79)(cid:78)

Corporate Research & Development

Core operating
companies

 Asahi Kasei
 Chemicals

 Asahi Kasei
 Fibers

 Asahi Kasei
Homes

Chemicals

Fibers, textiles

Housing

 Asahi Kasei
Construction
Materials

Construction
materials

 Asahi Kasei
Microdevices

 Asahi Kasei
 E-materials

 Asahi Kasei
 Pharma

 Asahi Kasei
Medical

 ZOLL
Medical

Electronic
devices

Electronic
materials

Pharmaceuticals

Medical devices
and systems

Critical care
devices
and systems

Chemicals & Fibers
business sector

Homes & Construction
Materials business sector

Electronics 
business sector

Health Care 
business sector

Board of Directors
Oversees group management, and deliberates and decides on 
basic group policy and strategy, and on substantive proposals by 
the Strategic Management Council. The Chairman of the holding 
company chairs meetings of the Board of Directors. Meets once 
or twice per month.

Strategic Management Council
Deliberates and decides on substantive matters relating to the 

operation of the holding company and of the group. Its decisions 
are made by the President of the holding company, who chairs 
meetings of the council, after deliberation by the attending 
constituent members. Meets twice per month.

Group Advisory Committee
The advisory body to the holding company’s Board of Directors. 
Meets twice per year.

50 Asahi Kasei Report 2014

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Board of Corporate Auditors
Comprises ﬁ ve Corporate Auditors, three of whom are Outside 
Corporate Auditors. Corporate Auditors exchange views, 
deliberate, and decide on substantive matters relating to auditing. 
Meets at least once per quarter.

We employ an Executive Ofﬁ cer system, under which we have 
nine Directors, including three Outside Directors, and thirteen 
Executive Ofﬁ cers, including ﬁ ve who concurrently serve as 
Director, as well as a Corporate Auditor system, under which we 
have ﬁ ve Corporate Auditors, including three Outside Corporate 

Corporate Governance System

An outline of the corporate governance system of the Asahi Kasei 
Group is as follows.
1) Asahi Kasei Corporation is a holding company and has elected 
to take the form of a company with a Board of Corporate 
Auditors.

2) Two Outside Directors were elected in June 2007 to enable 

oversight of the management of the Asahi Kasei Group based 
on their wealth of experience and broad range of insight, for 
the further strengthening of the management oversight 
function of the Board of Directors. Furthermore, an additional 
Outside Director was installed in June 2008 and the Company 
currently has three Outside Directors out of nine Directors.
3) The company has a Group Advisory Committee as an advisory 
body to the Board of Directors, enabling the receipt of various 
advice and recommendations of knowledgeable persons from 
outside the Company for the beneﬁ t of the overall 
management of the Asahi Kasei Group.

4) The Internal Audit Dept. serves as the corporate organ for 

internal audits of the execution of duties in the Asahi Kasei 
Group in accordance with basic corporate regulations for 
internal audits. Results of the internal audits conducted by 
each group staff function are also reported to the Internal 
Audit Dept., so that all information regarding results of internal 
audits in the Asahi Kasei Group are centralized at the Internal 
Audit Dept.

Outside Directors and Corporate Auditors

Auditors (as of June 27, 2014).

To help ensure that Directors and Corporate Auditors may 

perform their duties to the fullest extent, in accordance with 
Article 426 Paragraph 1 of the Corporation Law our Articles of 
Incorporation provide for the indemniﬁ cation of Directors 
(including former Directors) and Corporate Auditors (including 
former Corporate Auditors) from liability stipulated in Article 423 
Paragraph 1 of the Corporation Law, through resolution of the 
Board of Directors, within limitations set forth by law or ordinance.

5) In accordance with the audit policy adopted by the Board of 

Corporate Auditors, each Corporate Auditor audits Directors in 
the discharge of their duties by attending Board of Directors’ 
meetings and examining business performance. Corporate 
Auditors of the Company and Corporate Auditors of the core 
operating companies exchange information on a regular basis. 
Our Corporate Auditors Ofﬁ ce has multiple dedicated 
personnel who, independently from Directors, support the 
Corporate Auditors in their duties.

6) PricewaterhouseCoopers Aarata performs ﬁ nancial audits of 

the Company and the core operating companies in accordance 
with the Corporation Law and the Financial Instruments and 
Exchange Act.

7) Company standards stipulate that as a general rule a Director is 
not to concurrently serve as Director at four or more other 
companies whose shares are stock-market listed.

8) The Company has a performance-linked remuneration system, 
and remuneration of Directors is determined by the Board of 
Directors within the range stipulated therein.

Given the above, the current corporate governance system of the 
Asahi Kasei Group is considered to be optimum within the 
formulation of a holding company/core operating company 
conﬁ guration and a company with a Board of Corporate Auditors.

We have three Outside Directors and three Outside Corporate 
Auditors. The function of Outside Directors is to conﬁ rm that 
management decisions are made appropriately from an 
independent perspective based on their wealth of experience and 
broad range of insight. The function of Outside Corporate 
Auditors is to audit based on their wealth of experience, broad 
range of insight, and specialized knowledge of corporate law, 
ﬁ nance, and accounting.

Although we do not have speciﬁ c standards for judging the 
independence of Outside Directors and Corporate Auditors, in the 
selection of candidates for election as Outside Director and 
Outside Corporate Auditor, we investigate their independence in 

accordance with the standards for “Independent Director/
Auditor” established by relevant ﬁ nancial instruments exchanges 
to conﬁ rm if they have ever been employed by the company, ever 
been an important counterparty, and ever been employed by an 
important counterparty, and furthermore if they have ever 
received a large amount of money or other property from the 
company. We then make a comprehensive judgment as to 
whether or not any conﬂ ict with the interests of ordinary 
shareholders would arise. The relevant ﬁ nancial instruments 
exchanges have been notiﬁ ed that all of our Outside Directors 
and Outside Corporate Auditors are designated as Independent 
Director/Auditor.

Asahi Kasei Report 2014

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Audits

The Internal Audit Dept. (16 personnel as of March 31, 2014) is a 
corporate organ under the direct authority of the President of the 
holding company. Each year, the Internal Audit Dept. prepares 
plans for an internal audit in accordance with basic corporate 
regulations for internal audits, obtains the President’s approval for 
these plans, and then performs the internal audit.

In accordance with the audit policy adopted by the Board of 
Corporate Auditors, each Corporate Auditor attends meetings of 
the Board of Directors and audits Directors in the discharge of 
their duties through examination of business performance. The 
Corporate Auditors Ofﬁ ce provides staff to support Corporate 
Auditors in their duties.

PricewaterhouseCoopers Aarata is contracted as the 

Independent Auditors to perform ﬁ nancial audits in accordance 
with the Companies Act and Financial Instruments and Exchange 
Act. Partners of the Independent Auditors designated to perform 

Withdrawal of Shareholder Rights Plan

The Company adopted measures to respond to large acquisitions 
of shares (takeover defense measures) based on a resolution at 
the 117th Ordinary General Meeting of Shareholders held on 
June 27, 2008, and after partial revision the takeover defense 
measures were renewed through a resolution at the 120th 
Ordinary General Meeting of Shareholders held on June 29, 2011 
(the revised takeover defense measures hereinafter referred to as 
the Shareholder Rights Plan).

Subsequently, the Company has concentrated on achieving its 
“For Tomorrow 2015” strategic management initiative in order to 
increase corporate value and the common interest of 
shareholders, and the Company is striving to enhance corporate 
governance including by increasing the number of Outside 
Corporate Auditors.

Under these circumstances, with the duration of the 
Shareholder Rights Plan approaching its end, and with the 
Company’s operating climate having changed since the time of 
the renewal of the Shareholder Rights Plan, the Company 
carefully considered the necessity of the Shareholder Rights Plan. 
The Company determined that the importance of continuation of 

Compliance

the audit for ﬁ scal 2012 were Mr. Keiichi Ohtsuka, Mr. Takahiro 
Nakazawa, and Mr. Taisuke Shiino. The Independent Auditors form 
a team of assistants for performance of the audit in accordance 
with its audit plan. The team mainly comprises certiﬁ ed public 
accountants and junior accountants, and also includes certiﬁ ed 
information systems accountants and other specialist 
accountants.

The Internal Audit Dept., the Board of Corporate Auditors, 
and the Corporate Auditors of core operating companies and 
other subsidiaries regularly meet to conﬁ rm the effectiveness of 
internal governance systems for legal compliance and risk 
management. The Board of Corporate Auditors provides counsel 
to the Independent Auditors with respect to its audit plan, and 
receives the results of the consolidated ﬁ nancial audit of Asahi 
Kasei each quarter and each ﬁ scal year.

the Shareholder Rights Plan has declined in relative terms for the 
further enhancement of the corporate value of the Asahi Kasei 
Group, and on May 9, 2014, the Company’s Board of Directors 
adopted a resolution not to renew the Shareholder Rights Plan 
but to withdraw it at the close of the 123rd Ordinary General 
Meeting of Shareholders.

Irrespective of whether or not the Shareholder Rights Plan 
exists, the Company will continue to strive to secure and enhance 
corporate value and the common interest of shareholders from a 
medium-to-long term perspective.

Even after the withdrawal of the Shareholder Rights Plan, 
with respect to parties who would make large acquisitions of the 
Company’s shares, the Company will seek to obtain information 
as necessary and sufﬁ cient for all shareholders to make an 
appropriate judgment regarding such large acquisitions of shares, 
disclose the opinion of the Company’s Board of Directors, work to 
secure a time period for all shareholders to consider the matter, 
and otherwise take appropriate measures within the scope 
permitted by the Financial Instruments and Exchange Act, the 
Companies Act, and other relevant laws and ordinances.

Corporate Ethics
Our Corporate Ethics – Basic Policy and Code of Conduct is the 
standard and guide for ethical conduct throughout the day-to-day 
work of each and every member of the Asahi Kasei Group. It has 
been translated into English and Chinese, and it or an equivalent 
standard applies to all majority-held subsidiaries the world over. 

Protection of Personal Information
Asahi Kasei is committed to the proper handling and use of 
personal information, in accordance with our basic policy. 
Education and training for all employees, including the 
distribution of an information security handbook which covers 
issues related to personal information protection, is monitored by 
the Corporate Ethics Committee.

52 Asahi Kasei Report 2014

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Information Disclosure Policy

The Asahi Kasei Group has established an Information Disclosure 
Policy, enhancing the management and disclosure of corporate 
information to obtain greater corporate value. Corporate 
regulations for information disclosure based on this policy were 
adopted on July 1, 2008. The basic principles of the Information 
Disclosure Policy are shown below.

• With our Group Mission of “contributing to life and living for 
people around the world,” we hold “progressing in concert 
with society, and honoring the laws and standards of society as 
a good corporate citizen” as a Guiding Precept. “Ensuring 
transparency” is a fundamental element of our Corporate Ethics 

– Basic Policy. We proactively engage in information disclosure 
and communication based on these basic concepts.

• Corporate information is disclosed fairly, impartially, accurately, 
and as swiftly as possible to stakeholders such as customers, 
suppliers, shareholders, investors, employees, and local 
communities, and to the general public.

• In our communication with stakeholders and with the general 

public, we strive for dialog which fosters a relationship of trust, 
promoting greater understanding of the Asahi Kasei Group and 
its operations, to increase brand strength and heighten 
corporate value.

Compliance Monitoring by the Corporate Ethics Committee

Monitoring of compliance and oversight of education and training 
for compliance throughout the Asahi Kasei Group are performed 
by the Corporate Ethics Committee, which was formed in July 
1998. Where shortcomings are discovered, the committee 
formulates and implements measures for improvement.

The committee discusses the training programs implemented at 
each group company, measures for prevention of sexual harassment, 
environmental countermeasures, the state of compliance with laws 
and regulations including personal information protection law, and 
operation of the Compliance Hotline.

Risk Management

The Asahi Kasei Group has a Risk Management Committee to 
enhance the risk management system for prevention of 
operational crises and minimization of the effects should a crisis 
occur. Our Basic Risk Management Regulations, which were 
established by the Board of Directors in March 2007 (effective 
April 1, 2007), provide clear guidelines to heighten the capability 
and effectiveness for risk management and emergency response 
throughout the Asahi Kasei Group.

As part of the effort for preparedness for the possibility of a 

major earthquake in the Greater Tokyo Metropolitan area, we 
held drills of the initial actions of our emergency response 

headquarters four times during ﬁ scal 2013. We also advanced 
preparations for an alternative emergency response headquarters 
to use if it becomes impossible to use the head ofﬁ ce in Tokyo, 
including by specifying the functions and duties of the alternative 
emergency response headquarters. To enhance the ability of local 
operating sites to deal with emergencies, we held media training 
workshops including mock press conferences.

In addition, we began studying the adoption of a system to 
efﬁ ciently conﬁ rm the well-being of personnel stationed overseas 
and travelling on business overseas in the event of an emergency.

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Asahi Kasei Report 2014

53

 
 
 
Directors, Corporate Auditors, Executive Ofﬁ cers

(As of June 27, 2014)

Ichiro Itoh
Chairman & Director

Toshio Asano
President & Representative Director
Presidential Executive Ofﬁ cer

Masahito Hirai
Representative Director
Vice-Presidential Executive Ofﬁ cer

Yuji Kobayashi
Representative Director
Primary Executive Ofﬁ cer

Hideki Kobori
Representative Director
Primary Executive Ofﬁ cer

Hiroshi Kobayashi
Director
Senior Executive Ofﬁ cer

Norio Ichino
Outside Director

Masumi Shiraishi
Outside Director

Kenyu Adachi
Outside Director

Toshiyuki Kawasaki
Corporate Auditor 

Kazuo Tezuka
Outside Corporate Auditor 

Katsuhiko Yamazoe
Senior Executive Ofﬁ cer 

Naoki Okada
Executive Ofﬁ cer 

Hajime Nagahara
Corporate Auditor 

Koji Kobayashi
Outside Corporate Auditor 

Shinichiro Nei
Lead Executive Ofﬁ cer 

Atsushi Nakamura
Executive Ofﬁ cer 

Akio Makabe
Outside Corporate Auditor

Masafumi Nakao
Lead Executive Ofﬁ cer 

Shigehiro Horimoto
Executive Ofﬁ cer 

Hiroshi Sawayama
Lead Executive Ofﬁ cer 

Yoshihiro Wada
Lead Executive Ofﬁ cer 

54 Asahi Kasei Report 2014

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Financial Section

Contents

56

58

64

66

Consolidated Eleven-Year Summary

Management’s Discussion and Analysis

Risk Analysis

Consolidated Financial Statements

66  Consolidated Balance Sheets

68  Consolidated Statements of Income

69  Consolidated Statements of Comprehensive Income

70  Consolidated Statements of Changes in Net Assets

71  Consolidated Statements of Cash Flows

72  Notes to Consolidated Financial Statements

72  1. Major policies for preparing the consolidated ﬁ nancial statements

72  2. Signiﬁ cant accounting policies 

73  3. Changes in signiﬁ cant accounting policies 

73  4. Notes to Consolidated Balance Sheets 

74  5. Notes to Consolidated Statements of Income 

76  6. Notes to Consolidated Statements of Comprehensive Income 

77  7. Notes to Consolidated Statements of Changes in Net Assets 

78  8. Note to Consolidated Statements of Cash Flows 

79  9. Leases 

80  10. Financial instruments 

83  11. Marketable securities and investment securities 

84  12. Derivative ﬁ nancial instruments 

86  13. Provision for retirement beneﬁ ts 

88  14. Taxes 

89  15. Asset retirement obligations 

90  16. Business segment information 

92  17. Information on related parties 

93  18. Per share information 

93  19. Subsequent events 

94  20. Borrowings 

Asahi Kasei Report 2014

55

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Consolidated Eleven-Year Summary

Asahi Kasei Corporation and Consolidated Subsidiaries

For the years ended March 31
Net salesa

Chemicals

Life & Living

Fibers

  Homes

Construction Materials

Electronics

  Health Care

Critical Care

  Others

  Domestic sales

  Overseas sales

Operating income

Ordinary income

Income before income taxes

Net income

Comprehensive income

Net income per share, yen

Capital expenditure

Depreciation and amortization

R&D expenditures

Cash dividends per share, yen

2014

2013c

2012

2011d, e

2010d, f

¥1,897,766 

¥1,666,640

¥1,573,230

¥1,555,945

¥1,392,212

791,615 

684,582 

680,112

699,801

580,709

—

120,890 

534,377 

55,003 

144,995 

152,546 

79,840 

18,499 

—

109,613 

486,182 

51,504 

131,148 

133,450 

52,131 

18,031 

—

110,849

451,965

46,146

146,113

119,483

—

18,562

—

108,761

409,224

47,418

158,337

116,387

—

16,017

—

101,201

389,728

47,024

142,700

113,207

—

17,642

1,289,054 

1,181,429 

1,151,705

1,106,656

1,021,803

608,712 

143,347 

142,865 

163,860 

101,296 

146,102 

72.48 

92,397 

86,052 

71,101 

17.00 

485,211 

91,960 

95,125 

82,302 

53,712 

117,515 

38.43 

113,785 

80,050 

71,120

14.00 

421,525

104,258

107,567

94,866

55,766

62,561

39.89

85,124

78,440

66,269

14.00 

449,289

122,927

118,219

98,342

60,288

45,088

43.11

66,014

84,092

62,320

11.00

370,409

57,622

56,367

46,056

25,286

—

18.08

83,990

86,166

62,924

10.00

As of March 31

Total assets

Inventories

Property, plant and equipment

Investments and other assets

Net worthb

Net worth per share, yen

Net worth/total assets, %

Number of employees

2014

2013

2012

2011

2010

¥1,915,089 

¥1,800,170

¥1,410,568

¥1,425,879

¥1,368,892

328,540 

480,535 

285,735 

912,699 

653.15 

47.7 

29,127 

309,677

461,581 

263,704 

812,080 

581.05 

45.1 

28,363 

279,206

416,119

227,489

706,846

505.72

50.1

25,409

256,248

418,354

220,773

663,566

474.59

46.5

25,016

251,084

447,497

226,331

633,343

452.91

 46.3 

25,085

a.Beginning with the year ended March 31, 2014, the sequence of segments has been changed to correspond with the classiﬁ cation of our four business sectors: Chemicals & 

Fibers, Homes & Construction Materials, Electronics, and Health Care.

b. Net assets less minority interests. Through the year ended March 31, 2006, ﬁ gures for shareholders’ equity shown.
c. Beginning with the year ended March 31, 2013, Critical Care was added as a new segment in which results of ZOLL Medical Corporation of the US are reported. Critical Care 

segment results were included beginning on April 27, 2012.

d. Beginning with the year ended March 31, 2012, the accounting policy for naphtha resale in the Chemicals segment was changed. This change is applied retroactively to net 

sales for the years ended March 31, 2008, through March 31, 2011.

e. In the year ended March 31, 2011, the Services, Engineering and Others segment was replaced with the Others category.
f. In the year ended March 31, 2010, the following segment name changes and intersegment transfers were made. For comparison purposes, results for the year ended March 31, 

2009, are recalculated to reﬂ ect these intersegment transfers.
(cid:129) The Pharma segment was renamed the Health Care segment, and the Electronics Materials & Devices segment was renamed the Electronics segment. Figures under the 

previous classiﬁ cations are shown on the same line.

(cid:129) Electronic materials operations were transferred from the Chemicals segment and from corporate expenses to the Electronics segment.
(cid:129) Leona™ nylon 66 ﬁ lament operations were transferred from the Chemicals segment to the Fibers segment.

g. In the year ended March 31, 2008, the Life & Living segment was combined with the Chemicals segment.
h. In the year ended March 31, 2006, Leona™ nylon 66 ﬁ lament operations were transferred from the Fibers segment to the Chemicals segment.

56 Asahi Kasei Report 2014

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Millions of yen, except where noted

2009d, f

2009d

2008d, g

2007

2006h

2005

2004

¥1,521,178

¥1,521,178

¥1,663,778

¥1,623,791

¥1,498,620

¥1,377,697

¥1,253,534

657,393

709,556

846,224

—

116,405

409,882

60,927

129,655

119,619

—

27,297

—

102,176

409,882

60,927

91,721

119,619

—

27,297

—

114,072

386,227

55,732

113,267

111,232

—

37,024

752,632

52,558

106,639

405,695

60,818

112,094

104,474

—

28,881

660,402

51,942

89,704

404,539

56,512

102,859

105,842

—

26,821

557,439

59,149

104,261

375,755

59,908

93,025

103,933

—

24,228

453,707

59,813

101,514

361,273

60,622

82,484

105,965

—

28,156

1,127,213

1,127,213

1,176,441

1,195,751

1,125,454

1,067,893

1,011,366

393,965

393,965

34,959

32,500

19,031

4,745

—

3.39

34,959

32,500

19,031

4,745

—

3.39

126,725

126,725

79,436

60,849

10.00

79,436

60,849

10.00

487,337

127,656

120,456

105,599

69,945

—

50.01

82,911

73,983

56,170

13.00

428,040

127,801

126,507

114,883

68,575

—

49.00

84,413

71,646

52,426

12.00

373,166

108,726

104,166

94,481

59,668

—

42.46

66,310

69,399

51,467

10.00

309,804

115,809

112,876

91,141

56,454

—

40.16

68,479

71,531

50,715

8.00

242,168

60,932

53,643

54,820

27,672

—

19.62

86,387

64,408

48,420

6.00

2009

2009

2008

2007

2006

2005

2004

¥1,379,337

¥1,379,337

¥1,425,367

¥1,459,922

¥1,376,044

¥1,270,057

¥1,249,206

273,539

441,271

218,477

603,846

431.77

43.8

24,244

273,539

441,271

218,477

603,846

431.77

43.8

24,244

272,372

424,193

234,873

666,244

476.39

46.7

23,854

240,006

426,959

281,502

645,655

461.50

44.2

23,715

214,062

414,368

284,390

594,211

424.34

43.2

23,030

202,521

419,969

223,958

511,726

365.43

40.3

23,820

181,609

428,302

226,825

450,451

321.41

36.1

25,011

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Asahi Kasei Report 2014

57

Management’s Discussion and Analysis

Fiscal year 2013 (April 1, 2013 – March 31, 2014)

Operating Environment

The global economy during the ﬁ scal year was on a path of 

Non-operating income and expenses, ordinary 
income
Net non-operating expenses were ¥0.5 billion, a ¥3.6 billion 

gradual recovery with continuing growth in the US and signs 

decline from the ¥3.2 billion net non-operating income of a 

of improvement in Europe, but the management climate was 

year earlier. Equity in losses of afﬁ liates increased, and foreign 

obscured by slower growth in China and other emerging 

exchange gains decreased. As a result, ordinary income 

economies. Although the Japanese economy was on a path of 

increased by ¥47.7 billion (50.2%) to ¥142.9 billion.

recovery with a correction of the overvalued yen and a wealth 

effect from higher stock prices resulting in improved corporate 

earnings and revived consumer spending, the effect of 

Extraordinary income and loss
Extraordinary income of ¥55.5 billion included ¥53.5 billion in 

instability in the global economy remained a concern.

income from compensation for damage. Extraordinary loss of 

Overview of Consolidated Results

Net sales, operating income
Consolidated net sales for the ﬁ scal year increased by ¥231.1 

billion (13.9%) to ¥1,897.8 billion. Overseas sales increased by 

¥123.5 billion (25.5%) to ¥608.7 billion, largely in the 

¥34.5 billion included ¥22.5 billion in business structure 

improvement expenses and ¥5.6 billion in loss on disposal of 

noncurrent assets. The net extraordinary income of ¥21.0 

billion was a ¥33.8 billion improvement from a year ago.

Net income
With ordinary income of ¥142.9 billion and net extraordinary 

Chemicals segment, and increased by 3.0 percentage points as 

income of ¥21.0 billion, income before income taxes and 

a portion of consolidated net sales from 29.1% to 32.1%. 

Domestic sales increased by ¥107.6 billion (9.1%) to ¥1,289.1 

minority interests was ¥163.9 billion. Income tax expense was 
¥61.8 billion (current income taxes of ¥68.2 billion less 

billion with strong performance in the Homes segment.

deferred income taxes of ¥6.4 billion). Minority interests in 

Operating income increased by ¥51.4 billion (55.9%) to 

income of consolidated subsidiaries were ¥0.8 billion. As a 

¥143.3 billion. As a percentage of net sales, cost of sales 

result, net income increased by ¥47.6 billion (88.6%) to 

decreased by 1.4 percentage points to 73.0%. SG&A 

¥101.3 billion, and net income per share increased by ¥34.05 

increased by ¥33.5 billion, but decreased as a portion of net 

to ¥72.48 from the ¥38.43 of the previous year.

sales by 0.7 percentage points to 19.4% due to the increase in 

net sales. Operating margin increased by 2.0 percentage 

points to 7.6%.

Net Sales,
Overseas Sales Ratio

Operating Income,
Operating Margin

SG&A, SG&A Ratio

Net Income, 
Net Income per Share

(¥ billion) 
2,000

(%)
40

(¥ billion) 
150

(%)
15

(¥ billion) 
400

(%)
40

(¥ billion) 
100

1,500

1,000

500

0

’09

’10

’11

’12

’13

120

90

60

30

0

30

20

10

0

FY

12

9

6

3

0

300

200

100

0

’09

’10

’11

’12

’13

FY

’09

’10

’11

’12

’13

30

75

20

50

10

25

0

0

FY

’09

’10

’11

’12

’13

Net sales (left scale)

Operating income (left scale)

SG&A (left scale)

Net income (left scale)

Overseas sales ratio (right scale)

Operating margin (right scale)

SG&A ratio (right scale)

Net income per share (right scale)

58 Asahi Kasei Report 2014

(¥)
80

60

40

20

0

FY

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Results by Operating Segment

with the effect of the depreciation of the yen, most notably 

for ion-exchange membranes, and ﬁ rm shipments of coating 

The Asahi Kasei Group’s operations are described by major 

materials and of functional chemicals for pharmaceutical 

business classiﬁ cation: seven reportable segments of 

manufacture.

Chemicals, Fibers, Homes, Construction Materials, Health 

Care, and Critical Care, together with an “Others” category. 

Beginning with ﬁ scal 2013, the sequence of reportable 

Fibers 
Sales increased by ¥11.3 billion (10.3%) from a year ago to 

segments has been changed to correspond with the 

¥120.9 billion, and operating income increased by ¥4.5 billion 

classiﬁ cation of our four business sectors: Chemicals & Fibers, 

(112.5%) to ¥8.6 billion.

Homes & Construction Materials, Electronics, and Health Care. 

Although the cost of various feedstocks rose, operating 

In the Critical Care segment, results for the year-ago period 

income in Fibers increased with the effect of the weaker yen 

were included beginning on April 27, 2012, while results were 

and ﬁ rm shipments of nonwovens such as Lamous™ artiﬁ cial 

subject to consolidation throughout the entire period 

suede for automotive upholstery and of Roica™ elastic 

beginning with ﬁ scal 2013.

polyurethane ﬁ lament. 

Chemicals 
Sales increased by ¥107.0 billion (15.6%) from a year ago to 

Homes 
Sales increased by ¥48.2 billion (9.9%) from a year ago to 

¥791.6 billion, and operating income increased by ¥16.0 

¥534.4 billion, and operating income increased by ¥8.7 billion 

billion (69.6%) to ¥38.9 billion.

(16.1%) to ¥63.0 billion. Orders for order-built homes 

Chemicals and derivative products operations were 

increased by ¥8.9 billion (2.2%) to ¥421.3 billion.

impacted by low market prices for acrylonitrile and high 

In order-built homes operations, deliveries of both Hebel 

feedstock prices, but operating income increased with the 

Haus™ unit homes and Hebel Maison™ apartment buildings 

effect of the depreciation of the yen and improved market 

increased based on strong orders in the previous ﬁ scal year. 

prices for styrene monomer. Polymer products operations were 

Operating income rose in real estate operations, with ﬁ rm 

impacted by high feedstock prices for polyethylene and other 

rental management, and in remodeling operations, which 

products, but operating income increased with the effect of 

enjoyed strong orders for exterior wall painting work.

the depreciation of the yen and ﬁ rm shipments of engineering 

plastics and of synthetic rubber for fuel-efﬁ cient tires. 

Operating income in specialty products operations increased 

Chemicals segment operating income
increases/decreases

Fibers segment operating income
increases/decreases

Homes segment operating income
increases/decreases

(¥ billion)
80

Foreign exchange2
+49.5

(¥ billion)
12

Foreign exchange2
+6.0

(¥ billion)
75.0

60

40

20

Sales
volume
+3.7

Sales
prices1
+0.2

22.9

38.9

Operating
costs 
and others
-37.4

0

’12

1 Excluding impact of foreign exchange
2 Impact of foreign exchange on sales prices

8.6

Operating
costs 
and others
-3.4

Sales
prices1
+1.0

Sales
volume
+0.9

4.0

10

8

6

4

2

0

54.3

62.5

50.0

37.5

25.0

12.5

’13

FY

’12

’13

FY

Sales prices
+7.5

Sales volume
+9.5

63.0

Operating
costs 
and others
-8.3

0

’12

’13

FY

Asahi Kasei Report 2014

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Construction Materials
Sales increased by ¥3.5 billion (6.8%) from a year ago to 

¥152.5 billion, and operating income increased by ¥14.3 

billion (90.0%) to ¥30.3 billion.

¥55.0 billion, and operating income increased by ¥1.5 billion 

Although pharmaceuticals operations were impacted by 

(39.0%) to ¥5.5 billion.

higher selling, general and administrative expenses such as 

In autoclaved aerated concrete (AAC) operations, sales of 

R&D expenses, operating income grew with increased 

Hebel™ AAC panels increased. In insulation materials, 

shipments of Teribone™ osteoporosis drug and 

shipments of Neoma™ high-performance phenolic foam 

Recomodulin™ recombinant thrombomodulin. In devices-

panels increased. In foundation systems, orders for Eazet™ 

related operations, operating income increased with the effect 

and ATT Column™ piling systems for small-scale construction 

of the depreciation of the yen, increased sales of dialysis 

expanded with the development of new applications. Sales of 

products and of therapeutic apheresis devices, and increased 

structural materials increased. 

shipments of Planova™ virus removal ﬁ lters. 

Electronics 
Sales increased by ¥13.8 billion (10.6%) from a year ago to 

Critical Care 
Sales increased by ¥27.7 billion (53.2%) from a year ago to 

¥145.0 billion, and operating income increased ¥11.4 billion 

¥79.8 billion, gross operating income* increased by ¥2.2 

(404.1%) to ¥14.2 billion.

billion (29.4%) to ¥9.5 billion, and the consolidated operating 

Although electronic devices operations were impacted by 

loss decreased by ¥0.1 billion to ¥3.5 billion. The effect of 

reduced sales prices in each product category, operating 

amortization of goodwill and other intangible assets, etc., 

income increased with the effect of the depreciation of the 

related to acquisition of ZOLL Medical Corporation increased 

yen and increased shipments of electronic compasses and 
magnetic sensors for smartphones and other mobile 

by ¥2.0 billion to ¥13.0 billion.

LifeVest™ wearable deﬁ brillator operations expanded 

applications. Although electronic materials operations were 

smoothly, and sales of other products such as deﬁ brillators for 

impacted by reduced sales prices, especially for Hipore™ Li-ion 

use by medical professionals increased, but selling, general 

battery separator, operating income increased with the effect 

and administrative expenses grew with reinforced sales activity. 

of the depreciation of the yen and increased sales of high-end 

The increase in sales and the operating loss were enlarged by 

products in each product category.

the difference in the period subject to consolidation.

Health Care 
Sales increased by ¥19.1 billion (14.3%) from a year ago to 

*  Operating income before amortization of goodwill and other 

intangible assets, etc., related to acquisition of ZOLL by Asahi Kasei.

Construction Materials segment
operating income increases/decreases

Electronics segment operating income
increases/decreases

Health Care segment operating 
income increases/decreases

(¥ billion)
6

4.0

5

4

3

2

1

0

(¥ billion)
16

5.5

Sales prices
+0.5

Sales volume
+1.1

Operating costs 
and others
-0.1

Foreign exchange2
+15.4

14.2

Sales volume
+6.3

Operating
costs 
and others
+0.5

Sales prices1
-10.8

(¥ billion)
35

Foreign exchange2
+5.8

Sales volume
+11.9

Sales prices1
-0.1

30.3

Operating
costs 
and others
3.3

15.9

30

25

20

15

10

5

0

’13

FY

’12

’13

FY

8

0

2.8

(8)

’12

’12

’13

FY

1 Excluding impact of foreign exchange
2 Impact of foreign exchange on sales prices

60 Asahi Kasei Report 2014

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Others 
Sales in “Others” increased by ¥0.5 billion (2.6%) from a year 

Net assets increased by ¥101.3 billion (12.3%) from 

¥824.5 billion to ¥925.8 billion. Net income was ¥101.3 

ago to ¥18.5 billion, and operating income decreased by ¥0.5 

billion, foreign currency translation adjustments increased by 

billion (20.5%) to ¥1.7 billion.

Liquidity and Capital Resources

¥30.3 billion, and net unrealized gain on other securities 

increased by ¥13.0 billion, while negative ¥25.1 billion was 

recorded as remeasurements of deﬁ ned beneﬁ t plans, and 

dividend payments were ¥19.6 billion. As a result, net worth 

Financial position
Total assets at ﬁ scal year end were ¥1,915.1 billion, ¥114.9 

per share increased by ¥72.09 to ¥653.15, net worth/total 

assets increased from 45.1% to 47.7%, and debt-to-equity 

billion (6.4%) higher than a year earlier.

ratio decreased by 0.14 points to 0.33.

Current assets increased by ¥70.9 billion (8.7%) to 

¥890.4 billion, mainly as cash and deposits increased by ¥42.0 

billion, inventories increased by ¥18.9 billion, and notes and 

accounts receivable–trade increased by ¥10.5 billion.

Noncurrent assets increased by ¥44.0 billion (4.5%) to 

¥1,024.7 billion, notably with a ¥19.0 billion increase in 

property, plant and equipment and a ¥13.5 billion increase in 

investment securities largely due to higher fair market value.

While income taxes payable increased by ¥34.5 billion, 

current liabilities decreased by ¥26.1 billion (4.3%) to ¥576.8 
billion, mainly as a result of a ¥60.0 billion decrease in 

commercial paper and a ¥9.4 billion decrease in short-term 

loans payable.

Noncurrent liabilities increased by ¥39.7 billion (10.6%) 

to ¥412.5 billion, largely as ¥107.8 billion in provision for 

retirement beneﬁ ts was replaced by ¥143.5 billion in net 

deﬁ ned beneﬁ t liability due to a new accounting standard.

Interest-bearing debt decreased by ¥77.6 billion (20.3%) 

to ¥303.9 billion.

Critical Care segment operating income
increases/decreases

Others operating income
increases/decreases

Sales volume
+8.1

Foreign exchange2
+0.1

Sales prices1
-0.4

(¥ billion)
2.5

Sales volume
+0.1

2.2

2.0

1.5

1.0

0.5

1.7

Operating costs 
and others
-0.6

(¥ billion)
5.0

2.5

0

(2.5)

(5.0)

(3.7)

’12

Operating costs 
and others
-7.7

(3.5)

’13

FY

0

’12

1 Excluding impact of foreign exchange
2 Impact of foreign exchange on sales prices

Total Assets, Net Worth

(¥ billion)
2,000

1,500

1,000

500

0

’13

FY

’09

’10

’11

’12

’13

FY

Total assets

Net worth

Asahi Kasei Report 2014

61

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Capital expenditure
Capital expenditure (capex) was primarily for new and 

expanded production plant and equipment in long-term 

growth ﬁ elds. Investments were also made for rationalization, 

labor-saving, maintenance, and IT systems to bring greater 

product reliability and cost reductions.

Notable capex by operating segment was as follows.

Chemicals
Construction of facilities for solution-polymerized styrene-

butadiene rubber (S-SBR) in Singapore, construction of 

Capex by operating segment shown below is for 

facilities for acetonitrile in Korea, rationalization, labor-saving, 

property, plant and equipment and intangible assets (other 

and maintenance.

than goodwill), combined, excluding consumption tax.

A total of ¥92.4 billion was invested during the ﬁ scal year 

for the expansion of businesses with competitive superiority, 

particularly in the Chemicals and Electronics segments, as well 

as for modiﬁ cation and rationalization.

Fibers
Rationalization, labor-saving, and maintenance.

Homes
Rationalization, labor-saving, and maintenance.

Chemicals

Fibers

Homes

Construction Materials

Electronics

Health Care

Critical Care

Others

Combined

Corporate assets and eliminations

Consolidated

Totals for the year 
(¥ million)

Compared to 
previous year (%)

30,754

8,008

8,666

6,371

14,583

9,457

8,697

1,395

87,930

4,466

92,397

63.0

117.2

91.0

291.5

85.7

66.2

160.6

122.4

84.8

44.2

81.2

Construction Materials
Capacity expansion for Neoma™ high-performance phenolic 

foam insulation panels, rationalization, labor-saving, and 

maintenance.

Electronics
Construction of facilities for Sunfort™ photosensitive dry ﬁ lm in 

Changshu, China, capacity expansion for Hipore™ Li-ion battery 

separator, rationalization, labor-saving, and maintenance.

Health Care
Construction of new research complex in the Pharmaceuticals 

Research Center, construction of second manufacturing facility 

at the Nagoya Pharmaceuticals Plant, rationalization, labor-

saving, and maintenance.

Critical Care
Rationalization, labor-saving, and maintenance.

Others
Rationalization, labor-saving, and maintenance.

Net Worth to Total Assets

Interest-Bearing Debt, 
D/E Ratio

Capex, Depreciation 
and Amortization

(%)
60

50

40

30

20

10

0

(¥ billion)
400

0.8

(¥ billion)
120

300

200

100

0

’09

’10

’11

’12

’13

FY

’09

’10

’11

’12

’13

0.6

90

0.4

60

0.2

30

0.0

FY

0

’09

’10

’11

’12

’13

FY

Interest-bearing debt (left scale)

Capex

D/E ratio (right scale)

Depreciation and amortization

62 Asahi Kasei Report 2014

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Corporate assets
R&D equipment, IT systems, and maintenance.

payments. Net cash used in ﬁ nancing activities was ¥105.1 

billion, ¥271.3 billion more than a year earlier.

Cash ﬂ ows
Free cash ﬂ ows* were a positive ¥140.4 billion, as cash generated, 

principally from income before income taxes and minority interests 

and from depreciation and amortization, exceeded cash used, 

*  Total of net cash provided by (used in) operating activities and net 

cash provided by (used in) investment activities.

Financial Policy

principally for purchase of property, plant and equipment, purchase 

We aim to increase free cash ﬂ ows with increased earnings 

of intangible assets, and purchase of investment securities. Cash 

through enhanced cost efﬁ ciency, greater product 

ﬂ ows from ﬁ nancing activities were a net ¥105.1 billion used, 

competitiveness, and business structure improvements, and 

principally due to redemptions of commercial paper. As a result, 

with greater capital efﬁ ciency through utilization of group 

cash and cash equivalents at ﬁ scal year end were ¥143.1 billion, 

ﬁ nance and maintenance of optimum inventory levels.

¥39.1 billion more than a year earlier.

A wide range of fund-raising methods including bank 

borrowings, bonds, and commercial paper will be utilized 

Cash ﬂ ows from operating activities
Cash used included ¥29.5 billion for income taxes paid and a 

dynamically in accordance with the ﬁ nancial circumstances of 

the Asahi Kasei Group in order to obtain stable ﬁ nancing at 

¥17.8 billion decrease in notes and accounts payable–trade. 

low cost.

Income before income taxes and minority interests generated 

These resources will be used to fund strategic 

¥163.9 billion and depreciation and amortization generated 

investments under the “For Tomorrow 2015” strategic 

¥86.1 billion. Net cash provided by operating activities was 
¥244.2 billion, ¥118.1 billion more than a year earlier.

Cash ﬂ ows from investing activities
Cash used included ¥80.9 billion for purchase of property, plant 

management initiative focused on the expansion of world-

leading businesses and the creation of new value for society 

by expanding operations in the ﬁ elds of the environment & 

energy, residential living, and health care, as well as dividends 

for shareholders.

and equipment for continuing expansion of competitively 

Advancing these measures will enable us to further 

superior operations and enhancement of overall competitiveness, 

enhance corporate value and provide an appropriate return to 

¥15.6 billion for purchase of intangible assets, and ¥2.7 billion for 

shareholders while maintaining discipline for a sound ﬁ nancial 

purchase of investment securities. Net cash used in investing 
activities was ¥103.8 billion, ¥174.8 billion less than a year earlier.

constitution.

Cash ﬂ ows from ﬁ nancing activities
Cash used included ¥82.4 billion to reduce loans payable, bonds 

payable, and commercial paper and ¥19.6 billion for dividend 

Free Cash Flows

(¥ billion)

Cash Flows

(¥ billion)

160

120

80

40

0

(40)

(80)

(120)

(160)

300

200

100

0

(100)

(200)

(300)

’09

’10

’11

’12

’13

FY

’09

’10

’11

’12

’13

FY

Net cash provided by operating activities

Net cash used in investing activities

Net cash provided by (used in) financing activities

Asahi Kasei Report 2014

63

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Risk Analysis

Operating risks and non-operating risks which may materially inﬂ uence investor decisions are described 

below. The management maintains awareness of the possibility that these scenarios may emerge and, to the 

fullest possible extent, implements measures to avoid their emergence and to minimize their impact on 

corporate performance in the event that they do emerge.

The description of risks given here includes elements which may emerge in the future, but as it is based 

on current evaluations at the time of preparation of this report, it does not include risks which could not be 

foreseen.

Crude oil and naphtha prices

Housing-related tax policy, interest rate ﬂ uctuation

Operating costs in operations based on petrochemicals are 

Operations in the Homes segment are affected by Japanese 

affected by prices for crude oil and naphtha. If crude oil 

tax policies as they relate to home acquisition and by 

and naphtha prices rise, selling prices for products derived 

ﬂ uctuations in Japanese interest rates. Changes in Japanese 

from these feedstocks must be increased in a timely 

tax policy, including consumption taxes, or ﬂ uctuations in 

manner to maintain sufﬁ cient price spreads. Price spreads 

Japanese interest rates may result in diminished housing 

may diminish, thereby affecting our consolidated 

demand, thereby affecting our consolidated performance 

performance and ﬁ nancial condition.

and ﬁ nancial condition.

Exchange rate ﬂ uctuation

Proﬁ tability of electronics-related businesses

Operations based overseas maintain accounts in the local 

The electronics industry is characterized by sharp market 

currency where they operate. The yen value of items 

cycles. The proﬁ tability of electronics-related businesses 

carried in these accounts is affected by the rate of 

may decline signiﬁ cantly in a relatively short time, thereby 

exchange at the time of conversion to yen. Although 

affecting our consolidated performance and ﬁ nancial 

measures such as currency exchange hedges are utilized to 

condition. Because products in this ﬁ eld rapidly become 

minimize the short-term effects of exchange rate 

obsolete, the timely development and commercialization of 

ﬂ uctuations, such ﬂ uctuations may exceed the foreseeable 

leading-edge devices and materials is required. New 

range over the short to long term, thereby affecting our 

product development may be delayed, or demand 

consolidated performance and ﬁ nancial condition.

ﬂ uctuations may exceed expectations, thereby affecting 

our consolidated performance and ﬁ nancial condition.

Overseas operations

Pharmaceutical, medical device, and acute critical care 

Overseas operations may face a variety of risks which 

device businesses 

cannot be foreseen, including the existence or emergence 

of economically unfavorable circumstances due to legal 

Pharmaceutical, medical device, and acute critical care 

and regulatory changes, vulnerability of infrastructure, 

device businesses may be signiﬁ cantly affected by 

difﬁ culty in hiring/retaining qualiﬁ ed employees, or other 

government measures regarding health care or other 

factors, and social or political instability due to terrorism, 

changes in government policy in various countries. 

war, or other factors. Overseas operations may be impaired 

Unforeseeable side effects or complications may emerge, 

by such scenarios, thereby affecting our consolidated 

signiﬁ cantly affecting these businesses. Product approval 

performance and business plans.

may be withdrawn as a result of reexamination, and 

64 Asahi Kasei Report 2014

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competition may intensify as a result of the market entry of 

Business and capital alliances

generics. For products under development, regulatory 

approval may be prolonged or fail to be obtained, market 

Acquisitions, business alliances, and capital alliances may 

demand may be lower than expected, and reimbursement 

bear lower results or less synergy than anticipated due to 

prices may be lower than expected. Such scenarios may 

deterioration of the operating environment, thereby 

affect our consolidated performance and ﬁ nancial 

affecting our consolidated performance and ﬁ nancial 

condition.

condition. Poor performance at companies in which we 

have invested may require the recording of an impairment 

loss for goodwill, etc., thereby affecting our consolidated 

Industrial accidents and natural disasters

performance and ﬁ nancial condition.

The occurrence of a signiﬁ cant industrial accident or 

natural disaster at a plant or elsewhere may result in a loss 

of public trust, the emergence of costs associated with 

accident response, including compensation, and 

opportunity loss due to plant shutdown caused by damage 

to plant facilities, supply chain disruptions which impede 

raw materials procurement, etc., thereby affecting our 

consolidated performance and ﬁ nancial condition.

Intellectual property, product liability, and legal 

regulation

An unfavorable ruling may emerge in a dispute relating to 

intellectual property, a product defect resulting in a large-

scale recall and compensation whose costs exceed 

insurance coverage may emerge, and detrimental legal and 

regulatory changes may emerge in any country where we 

operate. Such scenarios may affect our consolidated 

performance and ﬁ nancial condition.

Irrecoverable credits

Credits extended to customers may become irrecoverable 

to an unforeseeable extent, necessitating additional losses 

or allowances to be recorded in ﬁ nancial accounts, and 

thereby affecting our consolidated performance and 

ﬁ nancial condition.

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Asahi Kasei Report 2014

65

Consolidated Financial Statements
Consolidated Balance Sheets
Asahi Kasei Corporation and Consolidated Subsidiaries
March 31, 2014 and 2013

ASSETS
Current assets:

Cash and deposits (Notes 8 and 10)

Notes and accounts receivable–trade (Note 4(e))

Short-term investment securities (Notes 8, 10 and 11)

  Merchandise and ﬁ nished goods

  Work in progress

Raw materials and supplies 

Deferred tax assets (Note 14)

  Other

Allowance for doubtful accounts

Total current assets

Noncurrent assets:

Property, plant and equipment

Buildings and structures (Note 4(b), (d))

Accumulated depreciation

Buildings and structures, net

Millions of yen

Thousands of
U.S. dollars (Note 1)

2014

2013

2014

¥151,474

316,705 

—

151,156 

112,243 

65,141 

27,469 

68,106 

(1,894)

¥109,513

306,222 

124 

145,470 

100,513 

63,695 

21,945 

73,619 

(1,631)

$1,472,337 

3,078,392 

—

1,469,246 

1,091,009 

633,175 

267,000 

661,995 

(18,410)

890,401 

819,469 

8,654,753 

453,498 

(250,633)

202,866 

428,616 

(241,191)

187,425 

4,408,029 

(2,436,168)

1,971,870 

  Machinery, equipment and vehicles (Note 4(b), (d))

1,290,526 

1,236,111 

12,543,993 

Accumulated depreciation

(1,127,452)

(1,082,480)

(10,958,904)

  Machinery, equipment and vehicles, net

163,074 

153,631 

1,585,089 

Land (Note 4(d))

Lease assets (Note 9)

Accumulated depreciation

Lease assets, net

Construction in progress

  Other (Note 4(d))

Accumulated depreciation

  Other, net

Subtotal

Intangible assets

  Goodwill

  Other

Subtotal

Investments and other assets

Investment securities (Notes 4(a), (b), 10 and 11)

Long-term loans receivable (Note 10)

Net deﬁ ned beneﬁ t asset (Note 13)

Deferred tax assets (Note 14)

  Other

Allowance for doubtful accounts

Subtotal

58,067 

13,567 

(9,095)

4,472 

35,216 

137,897 

(121,056)

16,841 

480,535 

58,176 

13,980 

(7,173)

6,806 

41,482 

129,716 

(115,656)

14,060 

461,581 

564,415 

131,872 

(88,404)

43,468 

342,302 

1,340,367 

(1,176,672)

163,696 

4,670,830 

137,679 

120,740 

258,419 

134,303 

121,114 

255,417 

1,338,248 

1,173,600 

2,511,849 

238,419 

9,173 

2,369 

16,278 

19,751 

(256)

224,903 

5,248 

—

8,487 

25,311 

(245)

2,317,448 

89,162 

23,027 

158,223 

191,981 

(2,488)

285,735 

263,704 

2,777,362 

Total noncurrent assets

1,024,689 

980,702 

9,960,041 

Total assets

The accompanying notes are an integral part of these statements.

66 Asahi Kasei Report 2014

¥1,915,089

¥1,800,170

$18,614,784

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LIABILITIES AND NET ASSETS
Liabilities:

Current liabilities:

Notes and accounts payable–trade (Notes 4(e) and 10)

Short-term loans payable (Notes 4(b), 10 and 20)

Commercial paper (Notes 10 and 20)

Current portion of bonds payable (Notes 10 and 20)

Lease obligations (Notes 9, 10 and 20)

Accrued expenses

Income taxes payable (Note 10)

Advances received

Provision for periodic repairs

Provision for product warranties

Provision for removal cost of property, plant and equipment

Asset retirement obligations (Note 15)

  Other (Note 4(e))

Total current liabilities

  Noncurrent liabilities:

Bonds payable (Notes 10 and 20)

Long-term loans payable (Notes 4(b), 10 and 20)

Lease obligations (Notes 9, 10 and 20)

Deferred tax liabilities (Note 14)

Provision for retirement beneﬁ ts (Note 13)

Provision for directors’ retirement beneﬁ ts

Provision for periodic repairs

Provision for removal cost of property, plant and equipment

Net deﬁ ned beneﬁ t liability (Note 13)

Asset retirement obligations (Note 15)

Long-term guarantee deposits (Note 10)

  Other

Total noncurrent liabilities

Total liabilities

Net assets:

Shareholders’ equity

Capital stock

Authorized—4,000,000,000 shares

Issued and outstanding—1,402,616,332 shares

Capital surplus

Retained earnings (Note 7(b)(ii))

Treasury stock

 (2014—5,230,736 shares, 2013—5,016,645 shares)

Total shareholders’ equity

Accumulated other comprehensive income

Net unrealized gain on other securities

Deferred gains or losses on hedges

Foreign currency translation adjustments

Remeasurements of deﬁ ned beneﬁ t plans

Total accumulated other comprehensive income

  Minority interests 

Total net assets

Commitments and contingent liabilities (Notes 4(c) and 9)

Total liabilities and net assets

The accompanying notes are an integral part of these statements.

Millions of yen

Thousands of
U.S. dollars (Note 1)

2014

2013

2014

¥159,925

103,605

10,000

¥172,630

113,043

70,000

—

1,784

93,313

48,520

80,164

7,964

2,503

2,893

806

65,305

576,782

40,000

146,037

2,445

43,441

—

818

173

9,526

143,523

3,244

18,899

4,434

412,541

989,323

103,389

79,404 

635,403 

(2,591)

815,605 

75,626 

(171)

46,734 

(25,094)

97,095 

13,067 

925,766 

5,000

2,415

91,646

13,978

61,953

2,359

2,143

1,910

722

65,064

602,864

40,000

146,929

4,051

39,985

107,776

767

4,255

2,960

—

2,834

18,396

4,902

372,855

975,719

103,389

79,403 

553,557 

(2,431)

733,918 

62,622 

(900)

16,440 

—

78,162 

12,371 

824,451 

$1,554,481 

1,007,047

97,201

—

17,341

907,008

471,617

779,199

77,411

24,329

28,120

7,834

634,769

5,606,357

388,802

1,419,489

23,766

422,249

—

7,951

1,682

92,593

1,395,052

31,532

183,699

43,099

4,009,924

9,616,281

1,004,948 

771,812 

6,176,157 

(25,185)

7,927,731 

735,089 

(1,662)

454,257 

(243,915)

943,769 

127,012 

8,998,503 

¥1,915,089

¥1,800,170

$18,614,784

Asahi Kasei Report 2014

67

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Millions of yen

Thousands of
U.S. dollars (Note 1)

2014

2013

2014

¥1,897,766

¥1,666,640

$18,446,404 

1,385,704

1,239,452

13,469,129

512,062

368,715

143,347

1,183

3,681

425

1,132

4,157

427,188

335,228

91,960

1,301

2,949

4,285

1,661

3,623

4,977,274

3,583,933

1,393,342

11,499

35,780

4,131

11,003

40,406

10,578

13,821

102,819

3,375

1,756

1,366

4,563

11,060

142,865

330

1,672

53,532

55,534

1,223

5,575

441

—

22,546

4,753

34,539

163,860

68,166

(6,399)

61,767

102,093

796 

3,339

166

2,190

4,961

10,656

95,125

81

247

—

328

511

4,011

2,069

206

6,355

—

13,151

82,302

27,873

526 

28,399

53,903

191 

32,805

17,068

13,278

44,353

107,504

1,388,657

3,208

16,252

520,334

539,794

11,888

54,189

4,287

—

219,149

46,199

335,721

1,592,729

662,578

(62,199)

600,379

992,350

7,737 

¥101,296

¥53,712

$984,603

Consolidated Statements of Income
Asahi Kasei Corporation and Consolidated Subsidiaries
Years Ended March 31, 2014 and 2013

Net sales (Note 16)

Cost of sales (Note 5(b))

  Gross proﬁ t

Selling, general and administrative expenses (Note 5(a))

  Operating income (Note 16)

Non-operating income:

Interest income

Dividends income

Foreign exchange gains

Insurance income

  Other

Total non-operating income

Non-operating expenses:

Interest expense

Equity in losses of afﬁ liates

Costs associated with idle portion of facilities

  Other

Total non-operating expenses

Ordinary income

Extraordinary income:

  Gain on sales of investment securities

  Gain on sales of noncurrent assets (Note 5(c))

Income from compensation for damage (Note 5(d))

Total extraordinary income

Extraordinary loss:

Loss on valuation of investment securities

Loss on disposal of noncurrent assets (Note 5(e))

Impairment loss (Note 5(f))

Environmental expenses (Note 5(g))

Business structure improvement expenses (Note 5(h))

Loss on discontinuation of development project (Note 5(i))

Total extraordinary loss

Income before income taxes and minority interests

Income taxes (Note 14) — current

— deferred

Total income taxes

Income before minority interests

Minority interests in income

Net income

The accompanying notes are an integral part of these statements.

68 Asahi Kasei Report 2014

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Consolidated Statements of Comprehensive Income
Asahi Kasei Corporation and Consolidated Subsidiaries
Years Ended March 31, 2014 and 2013

Income before minority interests

Other comprehensive income

Net increase in unrealized gain on other securities

Deferred gains or losses on hedges

Foreign currency translation adjustment

 Share of other comprehensive income of afﬁ liates accounted for 
  using equity method

Total other comprehensive income (Note 6)

Comprehensive income (Note 6)

Comprehensive income attributable to:

  Owners of the Parent

  Minority interests

The accompanying notes are an integral part of these statements.

Millions of yen

2014

¥102,093

12,952 

729 

29,095 

1,233 

44,009 

146,102 

144,956 

¥1,145

2013

¥53,903

22,383 

786 

34,595 

5,848 

63,612 

117,515 

116,505 

¥1,010

Thousands of
U.S. dollars (Note 1)

2014

$992,350

125,894 

7,086 

282,805 

11,985 

427,770 

1,420,121 

1,408,981 

$11,129

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Asahi Kasei Report 2014

69

 
 
 
 
 
Consolidated Statements of Changes in Net Assets
Asahi Kasei Corporation and Consolidated Subsidiaries
Years Ended March 31, 2014 and 2013

Shareholders’ equity

Accumulated other comprehensive income

Millions of yen

Capital 
stock

Capital 
surplus

Retained 
earnings 
(Note 7(b))

Treasury 
stock

Total 
shareholders’ 
equity

Net 
unrealized 
gain on 
other 
securities

Deferred 
gains or 
losses on 
hedges

Foreign 
currency 
translation 
adjustment

Remeasure-
ments of 
deﬁ ned 
beneﬁ t plans

Total 
accumulated 
other 
comprehensive 
income

Minority 
interests 

Total 
net assets

Balance at March 31, 2013

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

¥62,622 

¥(900)

¥16,440 

¥— ¥78,162  ¥12,371  ¥824,451 

Changes during the ﬁ scal year

  Dividends from surplus

  Net income

  Purchase of treasury stock

  Disposal of treasury stock

  Change of scope of consolidation

  Change of scope of equity method

 Effect of change in the reporting
  period of consolidated subsidiaries
  and afﬁ liates

 Net changes of items other than
 shareholders’ equity

Total changes of items 
  during the period

(19,566)

101,296 

1 

1,323 

(1,208)

(19,566)

101,296 

(162)

(162)

2 

3 

1,323 

(1,208)

—

—

(19,566)

101,296 

(162)

3 

1,323 

(1,208)

—

—

1 

81,845 

(160)

81,687 

13,004 

729 

30,294 

(25,094)

18,932 

696 

101,315 

13,004 

729 

30,294 

(25,094)

18,932 

696 

19,628 

Balance at March 31, 2014

¥103,389  ¥79,404  ¥635,403  ¥(2,591) ¥815,605 

¥75,626 

¥(171)

¥46,734  ¥(25,094) ¥97,095  ¥13,067  ¥925,766 

Shareholders’ equity

Accumulated other comprehensive income

Millions of yen

Capital 
stock

Capital 
surplus

Retained 
earnings 
(Note 7(b))

Treasury 
stock

Total 
shareholders’ 
equity

Net 
unrealized 
gain on 
other 
securities

Deferred 
gains or 
losses on 
hedges

Foreign 
currency 
translation 
adjustment

Remeasure-
ments of 
deﬁ ned 
beneﬁ t plans

Total 
accumulated 
other 
comprehensive 
income

Minority 
interests 

Total 
net assets

Balance at March 31, 2012

¥103,389  ¥79,404  ¥516,401  ¥(2,388) ¥696,805 

¥40,148  ¥(1,734)

¥(28,374)

¥— ¥10,040  ¥12,439  ¥719,285 

Changes during the ﬁ scal year

  Dividends from surplus

  Net income

  Purchase of treasury stock

  Disposal of treasury stock

  Change of scope of consolidation

  Change of scope of equity method

 Effect of change in the reporting
  period of consolidated subsidiaries
  and afﬁ liates

 Net changes of items other than
 shareholders’ equity

Total changes of items 
  during the period

(19,567)

53,712 

(8)

—

(0)

(49)

6 

(19,567)

53,712 

(49)

6 

(8)

—

3,020 

3,020 

(19,567)

53,712 

(49)

6 

(8)

—

3,020 

—

(0)

37,156 

(43)

37,113 

22,474 

834 

44,814 

22,474 

834 

44,814 

—

—

68,122 

(68)

68,054 

68,122 

(68)

105,167 

Balance at March 31, 2013

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

¥62,622 

¥(900)

¥16,440 

¥— ¥78,162  ¥12,371  ¥824,451 

Shareholders’ equity

Accumulated other comprehensive income

Thousands of U.S. dollars (Note 1)

Capital 
stock

Capital 
surplus

Retained 
earnings 
(Note 7(b))

Treasury 
stock

Total 
shareholders’ 
equity

Net 
unrealized 
gain on 
other 
securities

Deferred 
gains or 
losses on 
hedges

Foreign 
currency 
translation 
adjustment

Remeasure-
ments of 
deﬁ ned 
beneﬁ t plans

Total 
accumulated 
other 
comprehensive 
income

Minority 
interests 

Total 
net assets

Balance at March 31, 2013

$1,004,948  $771,802  $5,380,608  $(23,629) $7,133,729 

$608,690 

$(8,748)

$159,798 

$— $759,740  $120,247  $8,013,715 

Changes during the ﬁ scal year

  Dividends from surplus

  Net income

  Purchase of treasury stock

  Disposal of treasury stock

  Change of scope of consolidation

  Change of scope of equity method

 Effect of change in the reporting
  period of consolidated subsidiaries
  and afﬁ liates

 Net changes of items other than
 shareholders’ equity

Total changes of items 
  during the period

(190,183)

984,603 

(190,183)

984,603 

10 

(1,575)

(1,575)

19 

29 

12,860 

(11,742)

12,860 

(11,742)

—

—

(190,183)

984,603 

(1,575)

29 

12,860 

(11,742)

—

—

10 

795,538 

(1,555)

794,003 

126,400 

7,086 

294,460 

(243,915)

184,020 

6,765 

984,788 

126,400 

7,086 

294,460 

(243,915)

184,020 

6,765 

190,785 

Balance at March 31, 2014

$1,004,948  $771,812  $6,176,157  $(25,185) $7,927,731 

$735,089 

$(1,662)

$454,257  $(243,915) $943,769  $127,012  $8,998,503 

The accompanying notes are an integral part of these statements.

70 Asahi Kasei Report 2014

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Consolidated Statements of Cash Flows
Asahi Kasei Corporation and Consolidated Subsidiaries
Years Ended March 31, 2014 and 2013

Cash ﬂ ows from operating activities:

Income before income taxes and minority interests 
Depreciation and amortization
Impairment loss
Amortization of goodwill
Amortization of negative goodwill
 Increase (decrease) in provision for periodic repairs
 Increase (decrease) in provision for product warranties
  Increase (decrease) in provision for removal cost of property, 
  plant and equipment
Increase in provision for retirement beneﬁ ts
Decrease in net deﬁ ned beneﬁ t liability
Interest and dividend income
Interest expense
Equity in losses of afﬁ liates
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
Income from compensation for damage
Increase in notes and accounts receivable–trade
Increase in inventories
(Decrease) increase in notes and accounts payable–trade
Increase (decrease) in accrued expenses
Increase in advances received
Other, net

Subtotal

Interest and dividend income, received
Interest expense paid
Proceeds from compensation for damage
Income taxes paid

Net cash provided by operating activities

Cash ﬂ ows 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 (Note 8(b))
Additional purchase of investments in consolidated subsidiaries
Payments for transfer of business
Payments of loans receivable
Collection of loans receivable
Other, net

Net cash used in investing activities

Cash ﬂ ows from ﬁ nancing activities:
Increase in short-term loans payable
Decrease in short-term loans payable
Proceeds from issuance of commercial paper
Redemptions of 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 (used in) provided by ﬁ nancing 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 year
Increase in cash and cash equivalents resulting from changes in scope 
  of consolidation
Effect of change in the reporting period of consolidated subsidiaries and afﬁ liates
Cash and cash equivalents at end of year (Note 8(a))
The accompanying notes are an integral part of these statements.

Millions of yen

Thousands of
U.S. dollars (Note 1)

2014

2013

2014

¥163,860
86,052 
441 
8,823 
(231)
1,519 
343 

7,549 
—
(1,648)
(4,864)
3,375 
1,756 
(330)
1,223 
(1,672)
5,575 
(53,532)
(4,082)
(12,377)
(17,831)
476 
17,811 
15,549 
217,786 
5,818 
(3,447)
53,532 
(29,538)
244,152 

(7,526)
5,685 
(80,933)
2,588 
(15,576)
(2,695)
1,018 

(1,697)
(152)
—
(10,517)
7,433 
(1,382)
(103,753)

85,603 
(81,924)
85,000 
(145,000)
13,362 
(34,426)
—
(5,000)
(2,521)
(165)
3 
(19,566)
(589)
152 
(105,070)
3,305 
38,633 
104,008 

498 
—
¥143,139 

¥82,302
80,050 
2,069 
6,989 
(231)
(1,408)
(171)

(1,152)
1,469 
—
(4,251)
3,339 
166 
(81)
511 
(247)
4,011 
—
(21,385)
(21,758)
21,423 
(6,783)
10,090 
(8,893)
146,059 
5,744 
(3,556)
—
(22,240)
126,008 

(5,977)
13,820 
(88,194)
548 
(15,789)
(3,161)
650 

(174,472)
(1,333)
(282)
(11,476)
9,417 
(2,267)
(278,518)

282,368 
(248,073)
203,000 
(148,000)
114,083 
(34,185)
20,000 
—
(2,539)
(50)
6 
(19,567)
(667)
(131)
166,244 
(853)
12,881 
96,351 

102 
(5,327)
¥104,008 

$1,592,729
836,431 
4,287 
85,760 
(2,245)
14,765 
3,334 

73,377 
—
(16,019)
(47,278)
32,805 
17,068 
(3,208)
11,888 
(16,252)
54,189 
(520,334)
(39,677)
(120,305)
(173,318)
4,627 
173,124 
151,137 
2,116,893 
56,551 
(33,505)
520,334 
(287,111)
2,373,173 

(73,153)
55,259 
(786,674)
25,156 
(151,400)
(26,196)
9,895 

(16,495)
(1,477)
—
(102,226)
72,249 
(13,433)
(1,008,486)

832,066 
(796,306)
826,205 
(1,409,409)
129,879 
(334,623)
—
(48,600)
(24,504)
(1,604)
29 
(190,183)
(5,725)
1,477 
(1,021,287)
32,125 
375,515 
1,010,964 

4,841 
—
$1,391,320 

Asahi Kasei Report 2014

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Notes to Consolidated Financial Statements
Asahi Kasei Corporation and Consolidated Subsidiaries

1. Major policies for preparing the consolidated ﬁ nancial statements

The consolidated ﬁ nancial statements, which are ﬁ led with the prime 
minister of Japan as required by the Financial Instruments and 
Exchange Act in Japan, are prepared in accordance with accounting 
principles generally accepted in Japan, which are different in certain 
respects from the application and disclosure requirements of 
International Financial Reporting Standards. The accompanying con-
solidated ﬁ nancial statements are a translation of those ﬁ led with the 
prime minister of Japan and incorporate certain modiﬁ cations to 
enhance foreign readers’ understanding of the consolidated ﬁ nancial 
statements. In addition, the notes to the consolidated ﬁ nancial state-
ments include certain ﬁ nancial information which is not required 
under the disclosure regulations in Japan, but is presented herein as 
additional information. 

The U.S. dollar amounts presented in the consolidated ﬁ nancial 
statements are included solely for the convenience of readers. These 
translations should not be construed as representations that the 
Japanese yen amounts actually represent, or have been or could be 
converted into U.S. dollars. As the amounts shown in U.S. dollars are 
for convenience only, and are not intended to be computed in accor-
dance with generally accepted translation procedures, the approxi-
mate current exchange rate of ¥102.88=US$1 prevailing on March 31, 
2014, has been used.

Consolidation and investments in afﬁ liated companies
The consolidated ﬁ nancial statements consist of the accounts of the 
parent company and 131 subsidiaries (126 subsidiaries at March 31, 
2013, hereinafter collectively referred to as the “Company”) which, 
with minor exceptions due to immateriality, are all majority and wholly 
owned companies, including 9 core operating companies (Asahi Kasei 

2. Signiﬁ cant accounting policies

(a) Cash and cash equivalents
For cash ﬂ ow statement purposes, cash and cash equivalents include 
all highly liquid investments, generally with original maturities of three 
months or less, which are readily convertible to known amounts of 
cash, and therefore present an insigniﬁ cant risk of changes in value 
due to changes in interest rates.

(b) Inventories
Inventories held for sale in the ordinary course of business are stated 
at the lower of cost or net realizable value. Residential lots and dwell-
ings for sale are stated at speciﬁ cally identiﬁ ed costs.

(c) Noncurrent assets and depreciation/amortization
Property, plant and equipment (except for lease assets) are stated at 
cost. Signiﬁ cant renewals and improvements are capitalized at cost, 
while maintenance and repairs are charged to income as incurred. 
Depreciation is provided for under the declining-balance method for 
property, plant and equipment, except for buildings which are depreci-
ated using the straight-line method, at rates based on estimated use-
ful lives of the assets, principally ranging from 5 to 60 years for 
buildings and from 4 to 22 years for machinery and equipment and 
vehicles.

Intangible ﬁ xed assets (except for lease assets), including software 

for internal use, are mainly amortized using the straight-line method 
over the estimated useful lives of the assets. The estimated useful life 
of software for internal use is mainly 5 years.

Lease assets (ﬁ nancing lease transactions without title transfer) are 

depreciated/amortized on a straight-line basis over the period of the 
lease with no residual value. For ﬁ nancing lease transactions without 
title transfer whose transaction date is before March 31, 2008, the 
previous method of accounting for lease transactions continues to be 
applied, with periodic lease charges for ﬁ nancing leases being charged 
to income as incurred. 

(d) Signiﬁ cant allowances

i)  Allowance for doubtful accounts
 Estimates of the unrecoverable portion of receivables, generally 
based on historical rates and for speciﬁ c receivables of particular 
concern based on individual estimates of recoverability, are recog-
nized as allowance for doubtful accounts.
ii)  Provision for periodic repairs
 The portion of foreseeable periodic repair expenses deemed to 

72 Asahi Kasei Report 2014

Chemicals Corp., Asahi Kasei Fibers Corp., Asahi Kasei Homes Corp., 
Asahi Kasei Construction Materials Corp., Asahi Kasei Microdevices 
Corp., Asahi Kasei E-materials Corp., Asahi Kasei Pharma Corp., Asahi 
Kasei Medical Co., Ltd., and ZOLL Medical Corporation), and Tong Suh 
Petrochemical Corp. Ltd. (Korea). Material inter-company transactions 
and accounts have been eliminated.

Investments in unconsolidated subsidiaries and 20% to 50% 
owned companies in which the Company exercises signiﬁ cant inﬂ u-
ence are accounted for, with minor exceptions due to immateriality, 
using the equity method of accounting. There were 40 such unconsoli-
dated subsidiaries and 20% to 50% owned companies to which the 
equity method is applied at March 31, 2014 (43 at March 31, 2013), 
including Asahi Kasei EIC Solutions Corp., Asahi Kasei Geotechnologies 
Co., Ltd., and Asahi Organic Chemicals Industry Co., Ltd.
  Asahi Kasei Spandex America, Inc’s result is reported in the consoli-
dated ﬁ nancial statements using a ﬁ scal year ending December 31. 
Material differences in inter-company transactions and accounts aris-
ing from the use of different ﬁ scal year-ends are appropriately adjust-
ed for through consolidation procedures.
  All assets and liabilities of acquired companies are measured at 
their fair value and any difference between the net assets and the cost 
of investment is recognized as goodwill or negative goodwill. 
  Goodwill, and negative goodwill incurred through business combi-
nations which took place before April 1, 2010, are amortized using 
the straight-line method over a reasonable period during which their 
effects would last, with the exception of minor amounts which are 
charged to income as incurred.

correspond to normal wear and tear of plant and equipment as of 
the closing date of the ﬁ scal year is recognized as provision for 
periodic repairs.
iii) Provision for product warranties
 Estimates of product warranty expenses based on historical rates 
are recognized as provision for product warranties.
iv)  Provision for removal cost of property, plant and 

equipment

 Provision for removal cost of property, plant and equipment is 
recorded based on estimated future removal cost of property, plant 
and equipment at the end of each ﬁ scal year.
v)  Provision for directors’ retirement beneﬁ ts
 Provision is made for lump-sum indemnities to directors and cor-
porate auditors equal to the estimated liability calculated under 
the internal rules of the Company.

(e) Accounting for retirement beneﬁ ts

i)   Method of attributing expected retirement beneﬁ ts
 In calculating retirement beneﬁ ts obligations, the Company applies 
the method of attributing expected retirement beneﬁ ts to the period 
up to ﬁ scal year ended March 31, 2014, as straight-line basis.
ii)   Accounting for actuarial gains/losses and prior service 

costs

 Prior service costs are amortized on a straight-line basis over a cer-
tain period (mainly 10 years) within the average remaining service 
period of employees at the time of occurence.
   Actuarial gains/losses are amortized on a straight-line basis 
over a certain period (mainly 10 years) from the following ﬁ scal 
year of their accrual within the average remaining service period of 
employees at the time of accrual.

(f)  Signiﬁ cant revenue and expense recognition

i)   Construction activities that are realizable as of ﬁ scal 

year end

 The percentage-of-completion method (progress of work is esti-
mated using the percentage of costs incurred to the total project-
ed costs) is applied.
ii)  Other construction activities 
 The completed-contract method is used.

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(g) Financial instruments

hedged assets and liabilities.

i)  Securities
 Securities are classiﬁ ed into four categories: trading securities, 
held-to-maturity debt securities, equity securities of unconsolidat-
ed subsidiaries and afﬁ liates, and other securities. At March 31, 
2014 and 2013, the Company did not have trading securities or 
held-to-maturity debt securities.

Equity securities of unconsolidated subsidiaries and afﬁ liates 

are accounted for, with minor exceptions due to immateriality, 
using the equity method of accounting.
   Other securities whose fair values are readily determinable are 
carried at fair value with net unrealized gains or losses, net of 
income taxes, being included as a component of net assets. Other 
securities whose fair values are not readily determinable are stated 
at cost. In cases where any signiﬁ cant decline in the realizable 
value is assessed to be other than temporary, the cost of other 
securities is devalued by the impaired amount and is charged to 
income. Realized gains and losses are determined using the aver-
age cost method and are reﬂ ected in the consolidated income 
statements.
ii)  Derivative ﬁ nancial instruments
 All derivatives are stated at fair value. Gains or losses arising from 
changes in fair value are recognized in the period in which they 
arise, except for derivatives that are designated as hedging instru-
ments. Gains or losses arising from changes in fair value of these 
qualifying hedges are deferred as “Deferred gains or losses on 
hedges” until being offset against gains or losses of the underlying

(h) Taxes
Accrued income taxes are stated at the estimated amount of payables 
for corporation, enterprise, and inhabitant taxes. The asset and liability 
approach is used to recognize deferred tax assets and liabilities for the 
expected future tax consequences of temporary differences between 
the carrying amounts and the tax bases of assets and liabilities.

The Company has elected to ﬁ le its return under the consolidated 

tax ﬁ ling system in Japan. The consumption tax system in Japan is 
designed so that all goods and services are taxed at a ﬂ at rate of 5% 
unless otherwise speciﬁ ed. Assets, liabilities, and proﬁ t and loss 
accounts are stated net of consumption tax. 

(i)  Translation of foreign currencies
Foreign currency receivables and payables are translated into Japanese yen 
at the exchange rates prevailing at the balance sheet date. Resulting gains 
and losses are charged to income for the period. 
  Assets and liabilities of foreign subsidiaries are translated into 
Japanese yen at ﬁ scal year-end exchange rates, and income and 
expenses of same are translated into Japanese yen at the average 
exchange rate for the ﬁ scal year. Shareholders’ equity of foreign sub-
sidiaries is translated into Japanese yen at the historical exchange 
rates. The translation differences in Japanese yen amounts arising 
from the use of different rates are recognized as foreign currency 
translation adjustments in the consolidated balance sheets. A portion 
of the foreign currency translation adjustment is allocated to minority 
interest and the Company’s portion is presented as a separate compo-
nent of net assets in the consolidated balance sheets.

3. Changes in signiﬁ cant accounting policies

(a) Changes in accounting policies 
Accounting Standards Board of Japan (ASBJ) Statement No. 26 
”Accounting Standard for Retirement Beneﬁ ts” and ASBJ Guidance 
No. 25 ”Guidance on Accounting Standard for Retirement Beneﬁ ts” 
are applied from March 31, 2014 (except the provisions of Article 35 
of the “Accounting Standard for Retirement Beneﬁ ts” and Article 67 
of the “Guidance on Accounting Standard for Retirement Beneﬁ ts”). 
As an effect of this change, net deﬁ ned beneﬁ t liability is now record-
ed as the amount of retirement beneﬁ t obligations less the fair value 
of plan assets. Unrecognized actuarial gains/losses and unrecognized 
prior service costs are recorded in net deﬁ ned beneﬁ t liability and net 
deﬁ ned beneﬁ t asset.

In accordance with the interim measures stipulated in Article 37 of 
the “Accounting Standard for Retirement Beneﬁ ts,” the effect of this 
change as of March 31, 2014, is recorded as remeasurements of 
deﬁ ned beneﬁ t plans under accumulated other comprehensive 
income.
  As of March 31, 2014, net deﬁ ned beneﬁ t asset is ¥2,369 million 
(US$23,027 thousand) and net deﬁ ned beneﬁ t liability is ¥143,523 
million (US$1,395,052 thousand).Total accumulated other comprehen-
sive income decreased by ¥25,094 million (US$243,915 thousand), 
and net assets per share decreased by ¥17.96 (US$0.17).

(b) Accounting standards issued but not yet applied
Accounting standard for retirement beneﬁ ts:
The ASBJ issued ASBJ Statement No. 26 “Accounting Standard for 
Retirement Beneﬁ ts” and ASBJ Guidance No. 25 “Guidance on 
Accounting Standard for Retirement Beneﬁ ts,” replacing the 
“Accounting Standard for Retirement Beneﬁ ts” that had been issued 
by the Business Accounting Council in 1998 and other related guid-
ance. Under these revised accounting standards, the accounting treat-
ment of unrecognized actuarial gains/losses and prior service costs, the 
calculation method for present value of retirement beneﬁ t obligations 
and current service costs, and the method of disclosure were revised. 
These revisions were made to enhance ﬁ nancial reporting and in con-
sideration of the international convergence of accounting standards.

4. Notes to Consolidated Balance Sheets

The Company will apply the revised accounting standards for cal-

culation method for present value of retirement beneﬁ t obligations 
and current service costs from the beginning of the ﬁ scal year ending 
March 31, 2015. 
  As an effect of the adoption of the accounting standard and guid-
ance, retained earnings will decrease by ¥15,621 million at the beg-
ging of the ﬁ scal year ending March 31, 2015.

The effects of the adoption on income for the ﬁ scal year ending 

March 31, 2015 will be immaterial.
Accounting standards for business combinations:
The ASBJ issued ASBJ Statement No. 21 “Revised Accounting Standard 
for Business Combinations,” ASBJ Statement No. 22 “Revised 
Accounting Standard for Consolidated Financial Statements,” ASBJ 
Statement No. 7 “Revised Accounting Standard for Business 
Divestitures,” ASBJ Statement No. 2 “Revised Accounting Standard for 
Earnings Per Share,” ASBJ Guidance No. 10 “Revised Guidance on 
Accounting Standard for Business Combinations and Accounting 
Standard for Business Divestitures,” and ASBJ Guidance No. 4 “Revised 
Guidance on Accounting Standard for Earnings Per Share.” 
  Under these revised accounting standards, various accounting 
treatments were revised regarding changes in ownership interest in a 
subsidiary when control over the subsidiary is retained. Revisions apply 
to treatment of the change in ownership interest and treatment of 
costs related to acquisition of increased ownership interest. The pre-
sentation method of net income was amended, “minority interests” 
were changed to “non-controlling interests,” and transitional provi-
sions for accounting treatments were deﬁ ned.

The Company will apply the revised accounting standards and 
guidance from the beginning of the ﬁ scal year ending March 31, 
2016. The transitional accounting will be applied from business com-
binations performed on or after the beginning of the ﬁ scal year end-
ing March 31, 2016. 

The effects of the adoption of the revised accounting standards 
and guidance are currently under assessment at the time of prepara-
tion of the accompanying consolidated ﬁ nancial statements.

(a) Investment securities 
Among investment securities, shares of unconsolidated subsidiaries and afﬁ liates as of March 31, 2014 and 2013, amounted to ¥68,399 million 
(US$664,843 thousand) and ¥73,807 million, respectively. Included in those amounts are investments in joint ventures of ¥33,878 million 
(US$329,296 thousand) and ¥37,669 million, respectively.

Asahi Kasei Report 2014

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(b) Pledged assets and secured debt
A summary of assets pledged as collateral and secured debt as of March 31, 2014 and 2013, is shown below:

Pledged assets

Buildings and structures

  Machinery, equipment and vehicles

Secured debt

Short-term loans payable
Long-term loans payable

Millions of yen

2014

¥163
2

¥166

¥3
208
¥211

2013

¥183
4

¥187

¥6
309
¥315

Thousands of
U.S. dollars
2014

$1,584
19

$1,614

$29
2,022
$2,051

Besides the above, investment securities pledged to suppliers as transaction guarantees at March 31, 2014 and 2013, were ¥53 million (US$515 
thousand) and ¥44 million, respectively.

(c)  Contingent liabilities
Contingent liabilities at March 31, 2014 and 2013, arising in the ordinary course of business were as follows:

Loans guaranteed 
Commitment for guarantees
Letters of awareness
Completion guarantees
Notes discounted

Millions of yen

2014
¥41,789
—
134
16,416
—
¥58,339

2013
¥37,542
486
236
17,341
11
¥55,616

Thousands of
U.S. dollars
2014
$406,192
—
1,302
159,565
—
$567,059

The parent company and certain of its subsidiaries and afﬁ liates are defendants in several pending lawsuits. However, based upon the infor-
mation currently available to both the Company and its legal counsel, management of the Company believes that any damages from such law-
suits will not have a material impact to the Company’s consolidated ﬁ nancial statements.

(d) Deferred gain on property, plant and equipment deducted for tax purposes
The accumulated reduced-value entries, which is directly deducted from property, plant and equipment, as of March 31, 2014 and 2013, were 
¥9,511 million (US$92,448 thousand) and ¥9,349 million, respectively. The breakdown of reduced-value entries as of March 31, 2014 and 2013, 
was as follows:

Buildings and structures
Machinery, equipment and vehicles
Land
Other

Millions of yen

2014
¥3,491
5,677
188
155
¥9,511

2013
¥3,298
5,664
230
157
¥9,349

Thousands of
U.S. dollars
2014
$33,933
55,181
1,827
1,507
$92,448

(e) Notes maturing on March 31, 2014
Although ﬁ nancial institutions in Japan were closed on March 31, 2013, and notes maturing on that date were actually settled on the following 
business day, April 1, 2013, such notes were accounted for as if settled on March 31, 2013.

The breakdown of those notes at March 31, 2013, was as follows:

Notes and accounts receivable–trade
Notes and accounts payable–trade
Other current liabilities

5. Notes to Consolidated Statements of Income

(a) Selling, general and administrative expenses
Major components of selling, general and administrative expenses were as follows:

Freight and storage
Salaries and beneﬁ ts
Research and development*

Millions of yen

2014

¥—
—
¥—

2013
¥3,117
1,793
¥529

Millions of yen

2014
¥35,277
134,442
¥53,390

2013
¥32,832
119,917
¥53,364

Thousands of
U.S. dollars
2014

$—
—
$—

Thousands of
U.S. dollars
2014
$342,895
1,306,785
$518,954

*   The aggregate amounts of research and development expenses included in manufacturing costs and selling, general and administrative expenses for the years ended March 31, 2014 and 

2013, were ¥71,101 million (US$691,106 thousand) and ¥71,120 million, respectively.

74 Asahi Kasei Report 2014

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(b) Loss on valuation of inventories 
Inventories held for sale in the ordinary course of business are stated at the lower of cost or net realizable value. Loss on valuation of inventories 
for the years ended March 31, 2014 and 2013, was as follows:

(c)  Gain on sales of noncurrent assets
Major components of gain on sales of noncurrent assets for the years ended March 31, 2014 and 2013, were as follows:

Millions of yen

2014
¥994

2013
¥173

Land
Machinery
Other

Millions of yen

2014
¥1,477
184
¥11

2013
¥107
45
¥94

Thousands of
U.S. dollars
2014
$9,662

Thousands of
U.S. dollars
2014
$14,357
1,788
$107

(d) Income from compensation for damage
With regard to litigation in the US by the Company’s subsidiary Asahi Kasei Pharma Corp. against Actelion Ltd. of Switzerland and its afﬁ liated 
companies and executives in relation to a license agreement for fasudil, a rho-kinase inhibitor discovered and owned by Asahi Kasei Pharma 
Corp., the California Superior Court entered a judgment in November 2011 ordering the defendants to pay US$415.7 million in recognition of 
the petition of Asahi Kasei Pharma Corp. The judgment was ﬁ nalized in March 2014, and Asahi Kasei Pharma Corp. received US$523.2 million 
including the legal interest rate etc. from the date of judgment to the date of payment. As a result, a total of ¥53,532 million (US$523.2 million) 
was recorded as income from compensation for damage under extraordinary income in the consolidated statements of income for the ﬁ scal year 
ended March 31, 2014.

(e) Loss on disposal of noncurrent assets
Loss on disposal of noncurrent assets for the years ended March 31, 2014 and 2013, was primarily loss on abandonment and sale of buildings, 
machinery and equipment, etc. The abandonment and sale of buildings, machinery and equipment, etc. was performed under a single, all-inclusive 
contract for each facility.

(f)  Impairment loss
Major components of impairment loss for the years ended March 31, 2014 and 2013, were as follows:

Use

Asset class

Location

2014

2013

2014

Millions of yen

Thousands of
U.S. dollars

Production facility for petrochemicals, and 
goodwill related to the petrochemical 
business

Production facility for pharmaceutical 
products

Production facility for  plastic raw materials

Idle assets

Machinery and 
equipment, 
goodwill, etc.

Construction in 
progress, etc.

Machinery and 
equipment, etc.

Land and 
Buildings, etc.

Kurashiki,
Okayama

Miyoshi,
Aichi

Kawasaki,
Kanagawa

Oita, etc.

Patents for light shaping diffuser, etc.

Patents

Fuji, Shizuoka

Production facility for textiles

Production facility for semiconductors

Production facility for polystyrene

Production facility for ﬁ ne-pattern devices

Machinery and 
equipment, etc.

Machinery and 
equipment, etc.

Machinery and
equipment, etc.

Machinery and 
equipment, etc.

Amakusa, Kumamoto

Tateyama, Chiba

Ichihara, Chiba

Hyuga, Miyazaki

Production facility for electrolytic cell frame Buildings, etc.

Nobeoka, Miyazaki

¥6,776

¥   — $65,863

Item on the Consolidated 
Statements of Income

Business structure 
improvement expenses

2,601

878

367

—

—

—

—

—

—

—

—

512

486

413

270

242

166

159

25,282

Loss on discontinuation 
of development project

8,534

Business structure 
improvement expenses

3,567 Impairment loss

— Impairment loss

— Impairment loss

—

—

Business structure 
improvement expenses

Business structure 
improvement expenses

— Impairment loss

—

Business structure 
improvement expenses 
and Impairment loss

Others

Machinery and 
equipment,
structures, etc.

Nakhon Ratchasima,
Thailand, etc.

¥   127

¥453

$  1,234 Impairment loss

  Grouping of operating assets is based on managerial accounting categories, with consideration given to production process, geographic loca-
tion, and domain of authority for making investment decisions. Idle assets are recorded separately in each ﬁ xed assets class.
  With respect to buildings, etc. under idle assets, patents for light shaping diffuser, etc., and part of others, the book value was reduced to the 
recoverable amount due to disappearance of prospects for future use, and with respect to production facilities as shown in the above table and 
part of others, the book value was reduced to the recoverable amount due to diminished proﬁ tability. The recoverable amount is stated as value 
for future usage, which is calculated based on discounted future cash ﬂ ows with applicable discount rate of 6% as of March 31, 2014 and 2013.
For idle land of which the market value has signiﬁ cantly decreased in 2013, the book value was reduced to the recoverable amount. The 
recoverable amount is measured at the net selling price primarily based on the value appraised by real estate appraisers. Among the extraordinary 
losses under others, ¥122 million (US$ 1,186 thousand) and ¥53 million (US$ 564 thousand), were recorded under business structure improve-
ment expenses for the years ended March 2014 and 2013, respectively.

Asahi Kasei Report 2014

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(g) Environmental expenses
Environmental expenses for the years ended March 31, 2013, were mainly for decontamination of idle land, etc.

(h) Loss on disaster
Major components of loss on disaster were as follows:

Impairment of ﬁ xed assets
Additional payment of retirement beneﬁ ts due to application of early retirement, etc. 
Loss on disposal and devaluation of inventory and others

(i) Loss on discontinuation of development project
Loss on discontinuation of development project was as follows:

Impairment of ﬁ xed assets
Loss on disposal and devaluation of inventory and others
Compensation expenses, etc.

Millions of yen

2014
¥7,707
449
14,390
¥22,546

2013
¥634
2,812
2,910
¥6,355

Millions of yen

2014
¥2,601
1,480
673
¥4,754

2013
¥—
—
—

¥—

Thousands of
U.S. dollars
2014
$74,913
4,364
139,872
$219,149

Thousands of
U.S. dollars
2014
$25,282
14,386
6,542
$46,209

6. Notes to Consolidated Statements of Comprehensive Income

Recycling adjustment and tax effects on other comprehensive income for the years ended March 31, 2014 and 2013, were as follows:

Net unrealized gain on other securities
  Changes during the ﬁ scal year
  Recycling adjustment
Pre-tax effect
Tax effect

  Net increase in unrealized gain on other securities

Deferred gains or losses on hedges
  Changes during the ﬁ scal year
  Recycling adjustment
  Adjustment of assets acquisition costs 

Pre-tax effect
Tax effect

  Deferred gains or losses on hedges

Foreign currency translation adjustment
  Changes during the ﬁ scal year

Pre-tax effect
Tax effect
Foreign currency translation adjustment

Share of other comprehensive income of afﬁ liates accounted for using equity method
  Changes during the ﬁ scal year
  Recycling adjustment

Share of other comprehensive income of afﬁ liates accounted for using equity method
Total other comprehensive income

Millions of yen

2014

2013

¥19,995
(23)
19,972
(7,020)
12,952

(932)
2,055
—
1,122
(394)
729

29,001
29,001
94
29,095

1,232
1
1,233
¥44,009

¥34,229
486
34,715
(12,332)
22,383

(2,449)
125
3,321
997
(211)
786

34,495
34,495
100
34,595

5,847
2
5,848
¥63,612

Thousands of 
U.S. dollars
2014

$194,353 
(224)
194,129
(68,235)
125,894

(9,059)
19,975
—
10,906
(3,830)
7,086

281,892
281,892
914
282,805

11,975
10
11,985
$427,770

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7. Notes to Consolidated Statements of Changes in Net Assets

For the year ended March 31, 2014

(a) Class and total number of issued and outstanding shares and treasury stock

Issued and outstanding shares
  Common stock

Total

Treasury stock
  Common stock (Notes 1 & 2)

Total

Number of 
shares as of 
March 31, 2013

Increase in 
number of shares 
during the ﬁ scal year

Decrease in 
number of shares 
during the ﬁ scal year

Number of 
shares as of 
March 31, 2014

Thousands of shares

1,402,616
1,402,616

5,017
5,017

—
—

219
219

—
—

5
5

1,402,616
1,402,616

5,231
5,231

Notes: 1. The increase of 219 thousand shares in common stock of treasury stock was due to purchase of shares in quantities of less than one share unit.
2. The decrease of 5 thousand shares in common stock of treasury stock was due to sale of shares in quantities of less than one share unit.

(b) Dividends
i)  Cash dividends paid 

1)  The following was resolved by the Board of Directors on May 9, 2013.
  Dividends for common stock

Total dividends 
Dividend per share
Date of record
Payment date

¥9,783 million (US$95,091 thousand)
¥7.00 (US$0.07)
March 31, 2013
June 5, 2013

2)  The following was resolved by the Board of Directors on October 31, 2013.
  Dividends for common stock

Total dividends
Dividend per share
Date of record
Payment date

¥9,783 million (US$95,091 thousand)
¥7.00 (US$0.07)
September 30, 2013
December 2, 2013

ii)   Dividends for which the date of record falls within the ﬁ scal year under review but the payment date occurs in 

the following ﬁ scal year 
  The following was resolved by the Board of Directors on May 9, 2014.
  Dividends for common stock

Total dividends 
Source of dividends
Dividend per share
Date of record
Payment date

¥13,974 million (US$135,828 thousand)
Retained earnings
¥10.00 (US$0.10)*
March 31, 2014
June 5, 2014

* Including ¥8.00 (US$0.08) ordinary dividend and ¥2.00 (US$0.02) special dividend

For the year ended March 31, 2013

(a) Class and total number of issued and outstanding shares and treasury stock

Issued and outstanding shares
  Common stock

Total

Treasury stock
  Common stock (Notes 1 & 2)

Total

Number of 
shares as of 
March 31, 2012

Increase in 
number of shares 
during the ﬁ scal year

Decrease in 
number of shares 
during the ﬁ scal year

Number of 
shares as of 
March 31, 2013

Thousands of shares

1,402,616
1,402,616

4,926
4,926

—
—

103
103

—
—

12
12

1,402,616
1,402,616

5,017
5,017

Notes: 1. The increase of 103 thousand shares in common stock of treasury stock was due to purchase of shares in quantities of less than one share unit.
2. The decrease of 12 thousand shares in common stock of treasury stock was due to sale of shares in quantities of less than one share unit.

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Asahi Kasei Report 2014

77

 
 
 
 
 
 
 
 
 
 
 
 
(b) Dividends
i)  Cash dividends paid 

1)  The following was resolved by the Board of Directors on May 9, 2012.
  Dividends for common stock

Total dividends 
Dividend per share
Date of record
Payment date

¥9,784 million 
¥7.00
March 31, 2012
June 6, 2012

2)  The following was resolved by the Board of Directors on November 1, 2012.
  Dividends for common stock

Total dividends
Dividend per share
Date of record
Payment date

¥9,784 million
¥7.00
September 30, 2012
December 3, 2012

ii)   Dividends for which the date of record falls within the ﬁ scal year under review but the payment date occurs in 

the following ﬁ scal year 

 The following was resolved by the Board of Directors on May 9, 2013.

  Dividends for common stock

Total dividends 
Source of dividends
Dividend per share
Date of record
Payment date

¥9,783 million
Retained earnings
¥7.00
March 31, 2013
June 5, 2013

8. Note to Consolidated Statements of Cash Flows

(a) Cash and cash equivalents
Reconciliation of cash and cash equivalents on the consolidated statements of cash ﬂ ows to the amounts disclosed on the consolidated balance 
sheets at March 31, 2014 and 2013, was as follows:

Cash and deposits
Time deposits with deposit term of over 3 months
Money market funds and others included in short-term investment securities 

Cash and cash equivalents

Millions of yen

2014

¥151,474
(8,335)
—

¥143,139

2013

¥109,513
(5,629)
124

¥104,008

Thousands of
U.S. dollars

2014

$1,472,337
(81,017)
—

$1,391,320

(b) Assets and liabilities of newly consolidated subsidiaries through acquisition of shares
For the year ended March 31, 2014
There was no applicable acquisition.

For the year ended March 31, 2013
Assets and liabilities of acquired companies (ZOLL Medical Corporation and its subsidiaries) and net cash outﬂ ow for such acquisition were as follows:

Millions of yen

2013

¥26,833
75,336
113,439

(7,998)
(26,910)

180,700
(6,351)
¥174,349

Current assets
Noncurrent assets
Goodwill

Current liabilities
Noncurrent liabilities

Acquisition cost of shares
Cash and cash equivalents
Net cash used for acquisition

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9. Leases

(a) Financing lease transactions
Financing lease transactions without title transfer 
i)  Components of lease assets are as follows:

1)    Property, plant and equipment: Mainly model homes (buildings and structures) for housing operations.
2)   Intangible ﬁ xed assets: Software

ii)  Depreciation of lease assets:

 As stated in Note 2. Signiﬁ cant accounting policies (c) Noncurrent assets and depreciation/amortization. The ﬁ nancing lease transactions with-
out title transfer which occurred prior to March 31, 2008, were accounted for on a basis similar to an operating lease. If such lease transac-
tions accounted for as an operating lease had been accounted for as a ﬁ nancing lease, the cost and related accumulated amortization, 
computed using the straight-line method over the term of the lease, at March 31, 2014 and 2013, would have been as follows:

Machinery, equipment and vehicles
Property, plant and equipment, other
Intangible ﬁ xed assets, other

Machinery, equipment and vehicles
Property, plant and equipment, other
Intangible ﬁ xed assets, other

Machinery, equipment and vehicles
Property, plant and equipment, other
Intangible ﬁ xed assets, other

Millions of yen

2014
Accumulated 
depreciation/
amortization

¥77
5
—
¥82

Millions of yen

2013
Accumulated 
depreciation/
amortization

¥82
86
33
¥201

Thousands of U.S. dollars

2014
Accumulated 
depreciation/
amortization

$748
49
—
$797

Net amount

¥26
0
—
¥26

Net amount

¥37
7
5
¥49

Net amount

$253
0
—
$253

Cost

¥103
5
—
¥108

Cost

¥119
94
38
¥250

Cost

$1,001
49
—
$1,050

The future lease payments under the Company’s ﬁ nancing leases at March 31, 2014 and 2013, including amounts representing interest, were 

as follows:

Due within one year
Due after one year

Millions of yen

2014

¥10
15
¥26

2013

¥23
26
¥49

Thousands of
U.S. dollars

2014

$97
146
$253

Lease charges were ¥22 million (US$214 thousand) and ¥64 million for the years ended March 31, 2014 and 2013, respectively. The amortiza-

tion amounts of the leased assets, computed using the straight-line method over the term of the leases and no residual value, were ¥22 million 
(US$214 thousand) and ¥64 million for the years ended March 31, 2014 and 2013, respectively. No impairment loss is allocated to the leased assets.

(b) Operating lease transactions
Future lease payments for the non-cancelable portion of the Company’s operating leases at March 31, 2014 and 2013, were as follows:

Due within one year
Due after one year

Millions of yen

2014

¥5,095
9,387
¥14,482

2013

¥5,036
3,426
¥8,462

Thousands of
U.S. dollars

2014

$49,524
91,242
$140,766

Asahi Kasei Report 2014

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10. Financial instruments

(a) Overview of ﬁ nancial instruments
i)  Policy related to ﬁ nancial instruments

 The Company raises long-term funds as required mainly for its 
planned capital expenditures by borrowing from banks, borrowing 
from life insurance companies, issuing bonds, etc. A portion of the 
surplus funds is invested only in highly stable ﬁ nancial assets. 
Short-term working funds are raised by bank borrowings, issuance 
of commercial paper, etc. Derivative transactions are mainly 
entered into for the purpose of reducing risks related to assets and 
liabilities which are exposed to risks of ﬂ uctuations of exchange 
rate and interest rate. Derivatives are not traded for speculative 
purposes.

ii)   Components of ﬁ nancial instruments, their risks and risk 

management structure
 As operating receivables, notes and accounts receivable–trade, are 
exposed to credit risk of customers. As the business of the 
Company spans a wide range of ﬁ elds, operating receivables are 
not excessively concentrated on speciﬁ c customers, but the parent 
company and each consolidated subsidiary monitors and manages 
the credit condition for each customer.

Investment securities are exposed to the risk of ﬂ uctuations in 

market price, but they are mainly equity securities of companies 
with which the Company has business relationships. These securi-
ties are held for the purpose of maintaining the business relation-
ships. Fair value is periodically evaluated, and the ﬁ nancial 
condition of the issuing company is monitored.
   As operating liabilities, notes and accounts payable–trade gen-
erally have a payment term of 1 year or less.

Variable interest-rate borrowings are exposed to the risk of 
interest-rate ﬂ uctuations, but derivatives (interest-rate and curren-
cy swaps, interest-rate swaps) are used as hedges to ﬁ x interest 
expenses for a portion of long-term variable interest-rate borrow-
ings.

   Operating receivables and operating liabilities include those 
denominated in currencies other than Japanese yen, and are thus 
exposed to the risk of exchange-rate ﬂ uctuations. In order to mini-
mize the effects of short-term exchange-rate ﬂ uctuations, the 
Company hedges with derivative transactions (forward exchange 
contracts), in principle, within the range of the underlying receiv-
ables and liabilities amount.
   Derivative transactions are exposed to the credit risk of trans-
acting ﬁ nancial institutions, but the credit condition of those 
ﬁ nancial institutions is reviewed through periodic monitoring. Such 
transactions are performed and managed in accordance with the 
Company’s internal regulations which stipulate the related authori-
ty, procedures, limits, etc.

Borrowings are exposed to liquidity risk, but the parent compa-

ny speciﬁ es standards for required on-hand funds based on the 
Company’s funding plans, prepares and revises plans for cash 
receipts and disbursements as appropriate, and enters into com-
mitment-line agreements with transacting ﬁ nancial institutions to 
manage such risk.

Loan securitization in the housing business is exposed to the 
risk of interest-rate ﬂ uctuations between the time of origination of 
housing loans and the time of execution of their securitization, but 
derivative transactions (interest-rate swaps) are entered into to 
reduce such risk.

iii)  Supplementary explanation of fair value of ﬁ nancial 

instruments
 The fair value of ﬁ nancial instruments is based on their quoted 
market price, if available. In the case where no quoted market price 
is available, a reasonably estimated fair value is used. As variable 
factors are incorporated in its estimation, fair value may change 
due to the adoption of different assumptions, conditions, etc. 
Amount of contract regarding derivative transactions in Note 12 
“Derivative ﬁ nancial instruments” is not itself an indication of the 
market risk of the derivative transactions.

(b) Fair value of ﬁ nancial instruments
Amounts carried on the consolidated balance sheets, their fair values, and the differences between them as of March 31, 2014 and 2013, were 
as shown below.

Financial instruments whose fair values are deemed extremely difﬁ cult to determine are not included in this table (See Notes 2) and 3) below).

Cash and deposits
Notes and accounts receivable–trade
  Allowance for doubtful accounts (*1)

Investment securities
  Other securities
Long-term loans receivable
Total assets

Notes and accounts payable–trade
Short-term loans payable
Commercial paper
Income taxes payable
Bonds payable
Long-term loans payable
Lease obligations
Long-term guarantee deposits
Total liabilities

Carrying
amount

¥151,474
316,705
(1,751)

314,955

163,193
9,766
639,388

159,925
84,776
10,000
48,520
40,000
164,867
4,229
6,654
518,971

Millions of yen

2014

Fair value

¥151,474

314,955

163,193
9,770
639,392

159,925
84,776
10,000
48,520
41,278
166,661
4,233
6,632
522,025

  Derivative ﬁ nancial instruments (*2)

¥(1,161)

¥(1,161)

80 Asahi Kasei Report 2014

Difference

¥—

—

—
4
4

—
—
—
—
(1,278)
(1,794)
(4)
22
(3,054)

¥—

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Cash and deposits
Notes and accounts receivable–trade
  Allowance for doubtful accounts (*1)

Investment securities
  Other securities
Long-term loans receivable
Total assets

Notes and accounts payable–trade
Short-term loans payable
Commercial paper
Income taxes payable
Bonds payable
Long-term loans payable
Lease obligations
Long-term guarantee deposits
Total liabilities

Carrying
amount

¥109,513
306,222
(1,538)

304,684

144,149
6,103
564,449

172,630
78,725
70,000
13,978
45,000
181,248
6,466
6,335
574,382

Millions of yen

2013

Fair value

¥109,513

304,684

144,149
6,124
564,470

172,630
78,725
70,000
13,978
46,458
184,293
6,489
6,323
578,896

  Derivative ﬁ nancial instruments (*2)

¥(1,787)

¥(1,787)

Cash and deposits
Notes and accounts receivable–trade
  Allowance for doubtful accounts (*1)

Investment securities
  Other securities
Long-term loans receivable
Total assets

Notes and accounts payable–trade
Short-term loans payable
Commercial paper
Income taxes payable
Bonds payable
Long-term loans payable
Lease obligations
Long-term guarantee deposits
Total liabilities

Thousands of U.S. dollars

2014

Fair value

$1472,337

3,061,382

1,586,246
94,965
6,214,930

1,554,481
824,028
97,201
471,617
401,225
1,619,955
41,145
64,463
5,074,115

Carrying
amount

$1472,337
3,078,392
(17,020)

3,061,382

1,586,246
94,926
6,214,891

1,554,481
824,028
97,201
471,617
388,802
1,602,517
41,106
64,677
5,044,430

  Derivative ﬁ nancial instruments (*2)

$(11,285)

$(11,285)

Difference

¥—

—

—
21
21

—
—
—
—
(1,458)
(3,045)
(23)
13
(4,514)

¥—

Difference

$—

—

—
39
39

—
—
—
—
(12,422)
(17,438)
(39)
214
(29,685)

$—

(*1)   This reduction represents speciﬁ c allowance for doubtful accounts related to notes and 

accounts receivable–trade.

(*2)   The amounts represent net amount of assets and liabilities resulting from derivative 
transactions. In the case of a net liability, the amount is shown in parentheses.

Note 1)  Method to determine the estimated fair value of ﬁ nancial instruments; securities and 

derivative ﬁ nancial instruments
i)  Assets
  1)   Cash and deposits, notes and accounts receivable–trade

 As their fair value approximates book value due to their short maturity, the 
corresponding book value amount is used as fair value.

paper, income taxes payable
   As their fair values approximate book value due to their short maturity, the 
corresponding book value amounts are used as fair value.

  2)  Bonds payable

   Fair value of the bonds payable issued by the parent company is based on the 
quoted market price if available. For those without quoted market price that are 
subject to special treatment for interest-rate swaps, fair value is based on the 
present value by totaling the amount of principal and interest, together with 
related interest-rate swaps, discounted by the interest rate that would apply if 
equivalent bonds were newly issued.

  2)  Investment securities

  3)  Long-term loans payable

 The stock exchange prices are used to determine fair value of these traded 
stocks. Refer to the Note 11 “Marketable securities and investment securities” for 
information on securities classiﬁ ed by holding purpose.

  3)  Long-term loans receivable

   The carrying amounts shown include long-term loans receivable scheduled for 
repayment within one year. Their fair values are determined based on the present 
value of principal and interest, discounted using current assumed rates for similar 
long-term loans receivable. For long-term loans receivable bearing variable 
interest rates, as they are deemed to reﬂ ect market interest rates within a short 
term, book values are used as fair value.

ii) Liabilities
  1)      Notes and accounts payable–trade, short-term loans payable, commercial 

   The carrying amounts shown include long-term loans payable that are scheduled 
for repayment within one year of March 31, 2014 and 2013, amounting to 
¥18,830 million (US$183,029 thousand) and ¥34,319 million, respectively. Their 
fair values are based on present value of principal and interest discounted using 
the current assumed rates for similar long-term loans payable. For long-term 
loans payable bearing variable interest rates, fair value of those subject to special 
treatment of interest-rate swaps is based on present value by totaling the amount 
of principal and interest, together with related interest-rate swaps, discounted 
by the interest rate that would apply if equivalent long-term loans were newly 
entered. For other long-term loans payable, book value is used as fair value as 
they are deemed to reﬂ ect market interest rates within a short term.

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  4)  Lease obligations

   The carrying amounts shown are the total amount of lease obligations under 
current liabilities and lease obligations under noncurrent liabilities. Present value, 
calculated by discounting the total amount of principal and interest using the 
presumed interest rate that would apply if lease transactions were newly made, is 
used as the fair value.

  5)  Long-term guarantee deposits

   In cases where the deposit period can be estimated, the fair value of long-term 
guarantee deposits is determined using a discounted cash ﬂ ow over that period. 

iii) Derivative transactions
  Refer to Note 12 “Derivative ﬁ nancial instruments.”

Note 2) 

Note 3) 

Note 4) 

 For equity investments in nonpublic companies, with a carrying amount as of March 
31, 2014 and 2013, amounting to ¥75,226 million (US$731,201 thousand) and 
¥80,878 million, respectively, fair value is not included in investment securities, as no 
quoted market price is available and it is deemed extremely difﬁ cult to determine fair 
value due to the impossibility of estimating future cash ﬂ ows.
 For long-term guarantee deposits, the fair value of a portion having a carrying 
amount as of March 31, 2014 and 2013, amounting to ¥12,245 million (US$119,022 
thousand) and ¥12,060 million, respectively, is not included as no quoted market 
price is available and it is deemed extremely difﬁ cult to determine fair value due to 
the impossibility of estimating future cash ﬂ ows.
 For monetary credits and securities with maturity, amounts scheduled for redemption 
subsequent to the closing date are as follows.

Cash and deposits
Notes and accounts receivable–trade
Long-term loans receivable

Cash and deposits
Notes and accounts receivable–trade
Long-term loans receivable

Cash and deposits
Notes and accounts receivable–trade
Long-term loans receivable

Millions of yen
2014

Due within one year

Due after one year,
within ﬁ ve years

Due after ﬁ ve years,
within ten years

Due after more than
ten years

¥151,474
316,705
593
¥468,773

¥—
—
8,969
¥8,969

¥—
—
205
¥205

¥—
—
—
¥—

Millions of yen
2013

Due within one year

Due after one year,
within ﬁ ve years

Due after ﬁ ve years,
within ten years

Due after more than
ten years

¥109,513
306,222
854
¥416,589

¥—
—
5,181
¥5,181

¥—
—
67
¥67

¥—
—
—
¥—

Thousands of U.S. dollars
2014

Due within one year

Due after one year,
within ﬁ ve years

Due after ﬁ ve years,
within ten years

Due after more than
ten years

$1,472,337
3,078,392
5,764
$4,556,503

$—
—
87,179
$87,179

$—
—
1,993
$1,993

$—
—
—
$—

Note 5) For bonds payable, long-term loans payable, lease obligations, and other interest-bearing debt, amounts scheduled for repayment subsequent to the closing date are as follows.

Millions of yen
2014

Short-term
loans payable

Commercial paper

Bonds payable

Long-term loans 
payable

Lease
obligations

¥84,776
—
—
—
—
¥—

¥10,000
—
—
—
—
¥—

¥—
—
—
20,000
—
¥20,000

¥18,830
31,457
39,143
17,975
45,009
¥12,453

¥1,784
1,367
848
168
21
¥40

Millions of yen
2013

Short-term
loans payable

Commercial paper

Bonds payable

Long-term loans 
payable

Lease
obligations

¥78,725
—
—
—
—
¥—

¥70,000
—
—
—
—
¥—

¥5,000
—
—
—
20,000
¥20,000

¥34,319
18,747
30,217
27,470
16,288
¥54,208

¥2,415
1,778
1,342
800
119
¥13

Total

¥115,390
32,824
39,991
38,144
45,030
¥32,493

Total

¥190,458
20,525
31,559
28,269
36,407
¥74,220

Year ending March 31

2015
2016
2017
2018
2019
2020 and thereafter

Year ending March 31

2014
2015
2016
2017
2018
2019 and thereafter

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Year ending March 31

2015
2016
2017
2018
2019
2020 and thereafter

Thousands of U.S. dollars
2014

Short-term
loans payable

$824,028
—
—
—
—
$—

Commercial paper

Bonds payable

Long-term loans 
payable

Lease
obligations

$97,201
—
—
—
—
$—

$—
—
—
194,401
—
$194,401

$183,029
305,764
380,472
174,718
437,490
$121,044

$17,341
13,287
8,243
1,633
204
$389

Total

$1,121,598
319,051
388,715
370,762
437,694
$315,834

11. Marketable securities and investment securities

(a) Other securities with available fair value
The aggregate cost, carrying amount which was identical to fair value, and gross unrealized gains and losses of debt and equity securities classi-
ﬁ ed as other securities for which fair values are available at March 31, 2014 and 2013, were as follows:

Securities with unrealized gains:

Equity securities

Securities with unrealized losses:

Equity securities

Carrying
amount

Millions of yen
2014

Cost

Unrealized gains
(losses)

¥151,902

¥34,203

¥117,698

11,291
¥163,193

12,020
¥46,223

(729)
¥116,970

Note) For equity investment in nonpublic companies, with a carrying amount of ¥75,226 million, fair value is not included in short-term investment securities or in investment securities, as no 

quoted market price is available and it is deemed extremely difﬁ cult to determine fair value.

Securities with unrealized gains:

Equity securities

Securities with unrealized losses:

Equity securities

Carrying
amount

Millions of yen
2013

Cost

Unrealized gains
(losses)

¥133,234

¥34,656

¥98,578

10,915
¥144,149

12,489
¥47,145

(1,573)
¥97,005

Note) For equity investment in nonpublic companies, with a carrying amount of ¥80,878 million, fair value is not included in short-term investment securities or in investment securities, as no 

quoted market price is available and it is deemed extremely difﬁ cult to determine fair value.

Securities with unrealized gains:

Equity securities

Securities with unrealized losses:

Equity securities

Thousands of U.S. dollars
2014

Carrying
amount

Cost

Unrealized gains
(losses)

$1,476,497

$332,455

$1,144,032

109,749
$1,586,246

116,835
$449,290

(7,086)
$1,136,956

Note) For equity investment in nonpublic companies, with a carrying amount of US$731,201 thousand, fair value is not included in short-term investment securities or in investment securities, as 

no quoted market price is available and it is deemed extremely difﬁ cult to determine fair value.

(b)  Realized gains and losses on the sale of other securities 
The realized gains and losses on the sale of other securities during the years ended March 31, 2014 and 2013, were as follows:

Selling amount
Gain on sales of securities
Loss on sales of securities

Millions of yen

2014

¥990
330
¥—

2013

¥617
81
¥—

Thousands of
U.S. dollars

2014

$9,623
3,208
$—

(c)  Loss on other devaluation of investment securities whose fair values are readily determinable
Loss on other devaluation of investment securities whose fair values are readily determinable for the years ended March 31, 2014 and 2013, was 
¥1,223 million (US$11,888 thousand) and ¥511 million, respectively.

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12. Derivative ﬁ nancial instruments

(a) Derivative ﬁ nancial instruments for which hedge accounting is not applied
i)  Foreign exchange forward contracts

Classiﬁ cation

Items

Amount of contract

Amount of contract 
over 1 year

Fair value

Proﬁ t (loss) from valuation

Millions of yen
2014

Foreign exchange forward contracts
  Selling

Off-market
transactions

  U.S. dollar
  Euro
  Thai baht

  Buying

  U.S. dollar

¥19,904
6,114
1,157

3,501
¥30,676

¥—
—
—

166
¥166

¥(267)
(80)
(26)

(661)
¥(1,035)

¥(267)
(80)
(26)

(661)
¥(1,035)

Millions of yen
2013

Classiﬁ cation

Items

Amount of contract

Amount of contract 
over 1 year

Fair value

Proﬁ t (loss) from valuation

Foreign exchange forward contracts
  Selling

Off-market
transactions

  U.S. dollar
  Euro
  Thai baht

  Buying

  U.S. dollar

¥16,869
5,627
744

1,828
¥25,068

¥—
—
—

—
¥—

¥(498)
(36)
(71)

(10)
¥(615)

¥(498)
(36)
(71)

(10)
¥(615)

Thousands of U.S. dollars
2014

Classiﬁ cation

Items

Amount of contract

Amount of contract 
over 1 year

Fair value

Proﬁ t (loss) from valuation

Foreign exchange forward contracts
  Selling

Off-market
transactions

  U.S. dollar
  Euro
  Thai baht

  Buying

  U.S. dollar

$193,468
59,428
11,246

34,030
$298,182

$—
—
—

1,614
$1,614

$(2,595)
(778)
(253)

(6,425)
$(10,060)

$(2,595)
(778)
(253)

(6,425)
$(10,060)

(b) Derivative ﬁ nancial instruments for which hedge accounting is applied
i)  Foreign exchange forward contracts

Classiﬁ cation

Items

Hedged assets/liabilities

Amount of contract

Millions of yen
2014

Amount of contract 
over 1 year

Foreign exchange forward contracts
  Selling

Principle-
based 
accounting

  U.S. dollar
  Euro
  Buying

  U.S. dollar
  Thai baht

Accounts receivable–trade
Accounts receivable–trade

Accounts payable–trade
Accounts payable–trade

¥3,887
109

1,149
65
¥5,210

¥—
—

—
—
¥—

Fair value

¥(139)
(1)

13
(0)
¥(126)

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Classiﬁ cation

Items

Hedged assets/liabilities

Amount of contract

Millions of yen
2013

Amount of contract 
over 1 year

Foreign exchange forward contracts
  Selling

Principle-
based 
accounting

  U.S. dollar
  Euro
  Buying

  U.S. dollar
  Thai baht

Accounts receivable–trade
Accounts receivable–trade

Accounts payable–trade
Accounts payable–trade

¥8,870
145

827
—
¥9,841

¥382
—

—
—
¥382

Classiﬁ cation

Items

Hedged assets/liabilities

Amount of contract

Thousands of U.S. dollars
2014
Amount of contract 
over 1 year

Foreign exchange forward contracts
  Selling

Principle-
based 
accounting

  U.S. dollar
  Euro
  Buying

  U.S. dollar
  Thai baht

Accounts receivable–trade
Accounts receivable–trade

Accounts payable–trade
Accounts payable–trade

$37,782
1,059

11,168
632
$50,642

$—
—

—

$—

ii)  Interest-rate swaps, and interest-rate and currency swaps

Fair value

¥(1,200)
(1)

29
—
¥(1,172)

Fair value

$(1,351)
(10)

126
(0)
$(1,225)

Classiﬁ cation

Special treatment 
for interest-rate 
swaps

Special treatment 
for interest-rate 
and currency 
swaps

Classiﬁ cation

Special treatment 
for interest-rate 
swaps

Special treatment 
for interest-rate 
and currency 
swaps

Items

Hedged assets/liabilities

Amount of contract

Millions of yen
2014
Amount of contract 
over 1 year

Fair value

Long-term loans payable

¥88,580

¥76,317

Interest-rate swaps
  Pay ﬁ xed/receive ﬂ oating

Interest-rate and currency swaps
  U.S. dollar receive ﬁ xed/

 Japanese yen pay ﬂ oating

Bonds payable

  U.S. dollar receive ﬂ oating/

 Thai baht pay ﬁ xed

Long-term loans payable

—

321

¥88,901

—

—

¥76,317

Millions of yen
2013
Amount of contract 
over 1 year

Items

Hedged assets/liabilities

Amount of contract

Interest-rate swaps
  Pay ﬁ xed/receive ﬂ oating

Interest-rate and currency swaps
  U.S. dollar receive ﬁ xed/

Long-term loans payable

¥96,306

¥84,756

 Japanese yen pay ﬂ oating

Bonds payable

  U.S. dollar receive ﬂ oating/

 Thai baht pay ﬁ xed

Long-term loans payable

5,000

650

—

325

¥101,956

¥85,081

(*)

—

(*)

—

Fair value

(*)

(*)

(*)

—

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Classiﬁ cation

Special treatment 
for interest-rate 
swaps

Special treatment 
for interest-rate 
and currency 
swaps

Items

Hedged assets/liabilities

Amount of contract

Thousands of U.S. dollars
2014
Amount of contract 
over 1 year

Fair value

Interest-rate swaps
  Pay ﬁ xed/receive ﬂ oating

Interest-rate and currency swaps
  U.S. dollar receive ﬁ xed/

Long-term loans payable

$861,003

$741,806

(*)

 Japanese yen pay ﬂ oating

Bonds payable

—

  U.S. dollar receive ﬂ oating/

 Thai baht pay ﬁ xed

Long-term loans payable

3,120

—

—

$864,123

$741,806

—

(*)

—

(*)   Fair value of interest-rate swaps and interest currency swaps, for which special treatment is applied, is included in fair value of the corresponding long-term loans payable and bonds payable 

for which hedge accounting is applied.

13. Provision for retirement beneﬁ ts

Upon terminating employment, employees of the parent company and its major subsidiaries in Japan are entitled, under most circumstances, to 
lump-sum severance indemnities and/or pension payments determined by reference mainly to their current basic rate of pay and length of ser-
vice. Additional beneﬁ ts may be granted to employees depending on the conditions under which termination of employment occurs. Certain for-
eign subsidiaries have deﬁ ned beneﬁ t pension plans or deﬁ ned contribution plans.

The obligation for these severance indemnity beneﬁ ts is provided for through accruals, contributory funded deﬁ ned beneﬁ t pension plans, 

contributory funded deﬁ ned beneﬁ t enterprise pension plans and non-contributory funded tax-qualiﬁ ed pension plans.
For the year ended March 31, 2014
Reconciliation of beginning and ending balances of projected beneﬁ t obligations for the ﬁ scal year 2014, was as follows:

Beginning balance of the projected beneﬁ t obligations
Service cost
Interest cost
Accruals of unrecognized actuarial gains/losses
Payment of retirement beneﬁ ts
Other
Ending balance of the projected beneﬁ t obligations

Reconciliation of beginning and ending balances of plan assets for the ﬁ scal year 2014, was as follows:

Beginning balance of plan assets
Expected return
Accruals of unrecognized actuarial gains/losses
Contributions
Payment of retirement beneﬁ ts
Other
Ending balance of plan assets

Millions of yen

2014

¥331,038
12,352
4,887
1,525
(20,315)
381
¥329,869

Millions of yen

2014

¥177,112
4,368
9,237
9,873
(11,971)
97
¥188,715

Thousands of
U.S. dollars

2014

$3,217,710 
120,062
47,502
14,823
(197,463)
3,703
$3,206,347

Thousands of
U.S. dollars

2014

$1,721,540 
42,457
89,784
95,966
(116,359)
943
$1,834,322

Reconciliation of ending balance of projected beneﬁ t obligations and the plan assets, and of net deﬁ ned beneﬁ t liability and net deﬁ ned beneﬁ t 
asset, as recorded in the consolidated balance sheets at March 31, 2014, was as follows:

Projected beneﬁ t obligations of funded plans
Plan assets 

Subtotal
Projected beneﬁ t obligations of unfunded plans
Net of obligations and assets recorded in the consolidated balance sheets

Net deﬁ ned beneﬁ t liability
Net deﬁ ned beneﬁ t asset
Net of liability and asset recorded in the consolidated balance sheets

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Millions of yen

2014

¥204,264
(188,715)

15,549
125,605
141,154

143,523
(2,369)
¥141,154

Thousands of
U.S. dollars

2014

$1,985,459
(1,834,322)

151,137
1,220,888
1,372,026

1,395,052
(23,027)
$1,372,026

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Periodic retirement beneﬁ t expenses for employees and the breakdown of items for the year ended March 31, 2014, were as follows:

Service cost (net of employee contributions)
Interest cost
Expected return on plan assets
Amortization of unrecognized actuarial gains/losses
Amortization of unrecognized prior service costs
Additional retirement beneﬁ ts
Retirement beneﬁ t expenses of deﬁ ned beneﬁ t plans

Remeasurements of deﬁ ned beneﬁ t plans at March 31, 2014, were as follows:

Unrecognized actuarial gains/losses 
Unrecognized prior service costs
Total

Ratio of the major classiﬁ cations for plan assets at March 31, 2014, was as follows:

Bonds
Stock
Life insurance
Cash and deposits
Other
Total

Millions of yen

2014
¥10,713
4,887
(4,368)
6,140
(547)
903
¥17,728

Millions of yen

2014

¥644
36,659
¥37,303

Thousands of
U.S. dollars

2014
$104,131 
47,502
(42,457)
59,681
(5,317)
8,777
$172,317

Thousands of
U.S. dollars

2014
$6,260 
356,328
$362,587

2014

41%
27%
13%
3%
16%
100%

The current and future allocation of plan assets, and the current and future long-term rate of expected return from the variety of assets that 
make up the plan assets, are considered in determining the long-term rate of expected return on plan assets.

  Major actuarial assumptions (weighted average) at March 31, 2014, were as follows:

Discount rate
The long-term rate of expected return on plan assets

Required payment to deﬁ ned contribution plans at March 31, 2014, amounted to ¥578 million (US$5,618 thousand).

For the year ended March 31, 2013
Information on provision for retirement beneﬁ ts at March 31, 2013, was as follows:

(a) Projected beneﬁ t obligations
(b) Fair value of plan assets
(c) Unfunded beneﬁ t obligations [(a)+(b)]
(d) Unrecognized actuarial gains/losses 
(e) Unrecognized prior service costs
(f)  Amount shown on balance sheet [(c)+(d)+(e)]
(g) Prepaid pension cost
(h) Provision for retirement beneﬁ ts [(f)-(g)]

2014

Mainly 1.4%
Mainly 2.5%

Millions of yen

2013
¥(331,038)
177,112
(153,927)
50,634
94
(103,199)
4,577
¥(107,776)

Note: The ﬁ gures in the above table do not include additional beneﬁ t payables amounting to ¥2,747 million at March 31, 2013. The amounts were recorded as part of current liabilities on the 

consolidated balance sheets at March 31, 2013.

Periodic retirement beneﬁ t expenses for employees for the year ended March 31, 2013, included the following components:

Service cost*
Interest cost
Expected return on plan assets
Amortization of unrecognized actuarial gains/losses
Amortization of unrecognized prior service costs
Retirement beneﬁ t expenses

Millions of yen

2013
¥9,858
6,116
(3,993)
5,297
(1,403)
¥15,875

Note: In addition to the above costs, additional beneﬁ ts amounting to ¥3,180 million for the year ended March 31, 2013, and contributions to the deﬁ ned contribution plans amounting to 

¥414 million for the year ended March 31, 2013, were charged to income.

* Not including contributions made by employees.

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The assumptions used in calculation of the above information were as follows:

Discount rate
Expected rate of return on plan assets
Method of attributing the projected beneﬁ ts to periods of employee service
Amortization of unrecognized prior service costs
Amortization of unrecognized actuarial gains/losses 

2013

Mainly 1.4%
Mainly 2.5%
Straight-line basis
Mainly 10 years
Mainly 10 years

14. Taxes

Income taxes applicable to the parent company and subsidiaries in Japan include (1) corporation tax, (2) enterprise tax, and (3) inhabitants tax.
Signiﬁ cant components of deferred tax assets and liabilities at March 31, 2014 and 2013, were as follows:

Deferred tax assets:

Provision for retirement beneﬁ ts

  Net deﬁ ned beneﬁ t liability
Tax loss carry forwards

  Accrued bonuses

Loss on disposal of noncurrent assets
Impairment loss

  Unrealized gain on noncurrent assets and others
  Accrued enterprise tax 
  Depreciation

Provision for periodic repairs

  Unrealized loss on investment securities

Provision for product warranties

  Asset retirement obligations
  Devaluation of inventories
  Allowance for doubtful accounts

Environmental expenses
Experiment and research expenses
  Deferred gains or losses on hedges
  Other

Subtotal deferred tax assets
Less: Valuation allowance
Total deferred tax assets

Deferred tax liabilities: 
  Unrealized gain on other securities

Identiﬁ ed intangible assets during business combination

  Deferred gain on property, plant and equipment
  Depreciation—overseas subsidiaries
  Accelerated depreciation
  Other
Total deferred tax liabilities

Millions of yen

2014

2013

¥         —
50,379
17,045
8,593
6,331
5,096
4,342
4,187
3,403
2,830
2,412
1,284
1,234
1,190
969
409
90
54
9,922

119,771
(24,590)
95,181

(43,469)
(30,452)
(10,546)
(3,849)
(299)
(6,683)
(95,297)

¥38,003
—
21,444
8,027
2,859
3,873
3,825
1,455
3,543
2,710
2,308
1,298
1,315
1,220
990
538
2,825
456
9,736

106,426
(29,072)
77,354

(36,645)
(29,763)
(10,952)
(3,606)
(240)
(5,749)
(86,956)

Thousands of
U.S. dollars

2014

$             —
489,687
165,678
83,524
61,538
49,533
42,205
40,698
33,077
27,508
23,445
12,481
11,995
11,567
9,419
3,976
875
525
96,442

1,164,182
(239,016)
925,165

(422,521)
(295,995)
(102,508)
(37,413)
(2,906)
(64,959)
(926,293)

Net deferred tax assets (liabilities)

¥      (115)

¥(9,602)

$      (1,118)

  Net deferred tax assets (liabilities) at March 31, 2014 and 2013, were included in the following line items on the consolidated balance sheets.

Current assets—deferred tax assets
Non-current assets—deferred tax assets
Current liabilities—other
Non-current liabilities—deferred tax liabilities

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Millions of yen

2014

¥27,469
16,278
(420)
¥(43,441)

2013

¥21,945
8,487
(49)
¥(39,985)

Thousands of
U.S. dollars

2014

$267,000
158,223
(4,082)
$ (422,249)

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Reconciliation of the difference between the statutory tax rate and the effective income tax rate for the years ended March 31, 2014 and 

2013, was as follows:

Statutory tax rate

Increase (reduction) in taxes resulting from:

  Non-deductible expenses and non-taxable income

Equalization of inhabitants taxes
R&D expenses deductible from income taxes
  Amortization of goodwill and negative goodwill

 Equity in earnings (losses) of unconsolidated subsidiaries and afﬁ liates

  Undistributed earnings of foreign subsidiaries
  Difference of tax rates for foreign subsidiaries
  Valuation allowance 

 Decrease in deferred tax asset due to the change in statutory tax rate 

  Other
Effective income tax rate

2014

38.0%

2013

38.0%

0.7
0.3
(3.4)
1.9
0.4
0.4
(0.3)
(1.2)

0.9

0.7
0.6
(5.5)
2.8
(0.2)
1.0
(1.0)
(1.8)

—

(0.1)
37.7%

(0.1)
34.5%

The “Act for Partial Revision of the Income Tax Act etc.” (Act. No. 10 of 2014), “Act for Partial Revision of the Local Tax Act, etc.” (Act No. 4 of 
2014), and “Local Tax Act on Corporations” (Act No. 11 of 2014) were issued on March 31, 2014, and accordingly the special Japanese recon-
struction corporate tax applicable to the Company and its domestic subsidiaries will no longer be applied from the ﬁ scal year beginning on or after 
April 1, 2014.

In accordance with this change, the statutory effective tax rate applied in calculating deferred tax assets and liabilities is changed from 38.0% 

to 35.6% from the ﬁ scal year beginning on or after April 1, 2014. 
  As a result of this change, net unrealized gain on other securities increased by ¥2 million (US$19 thousand) and deferred gains or losses on 
hedges decreased by ¥2 million (US$19 thousand) in the consolidated balance sheets as of March 31, 2014, income taxes-deferred increased by 
¥1,464 million (US$14,230 thousand) in the consolidated statements of income for the year then ended, and deferred tax assets, (after netting 
deferred tax liabilities) decreased by ¥1,463 million (US$14,220 thousand) in the consolidated balance sheets as of March 31, 2014.

15. Asset retirement obligations

(a) Outline of asset retirement obligations
Due to commitments pertaining to restoration to original state before vacating in accordance with land lease agreements such as for ofﬁ ces, and 
due to commitments to dismantle leased buildings upon termination of lease period, etc., in accordance with lease agreements for model home 
parks, relevant asset retirement obligations are recorded in the consolidated balance sheets.

In accordance with building lease agreements such as for the head ofﬁ ces, commitments pertaining to restoration to original state before 
vacating are recognized as asset retirement obligations. However, instead of recording them as the relevant asset retirement obligations under lia-
bilities, the amount of lease deposit that cannot ultimately be expected to be collected was estimated in a reasonable manner, and of that, the 
amount corresponding to the ﬁ scal year ended March 31, 2014, was recorded under operating expenses.

(b)  Method of calculating the amount of relevant asset retirement obligations
The calculation of asset retirement obligations is based on the following: expected term of use of 4 to 55 years, inﬂ ation rate of 0.0% to 4.1%, 
and discount rate of 0.2% to 5.4%.

(c)  Increase (decrease) in the total amount of asset retirement obligations in the ﬁ scal years ended March 31, 2014 and 2013.

Balance at beginning of year
Increase due to asset retirement obligations accrued
Adjustment due to passage of time
Increase (decrease) due to accounting estimates*
Decrease due to fulﬁ llment of asset retirement obligations
Increase (decrease) due to foreign exchange ﬂ uctuation
Balance at end of year

Millions of yen

2014

¥3,556
383
112
161
(463)
300
¥4,050

2013

¥3,701
126
124
(349)
(379)
334
¥3,556

Thousands of
U.S. dollars

2014

$34,565
3,723
1,089
1,565
(4,500)
2,916
$39,366

*  Increase or decrease in asset retirement obligations was made as it became clear that the cost of asset retirement will be different than originally estimated at the time of asset acquisition.

The amount of lease deposit, which will be written off for a certain percentage at the end of the lease period is charged to expense rather 
than recorded under asset retirement obligations. Increase (decrease) in those expensed amounts for the ﬁ scal years ended March 31, 2014 and 
2013, were as follows:

Balance at beginning of year
Increase due to new lease agreements
Decrease due to the cancelation of existing lease agreements
Balance at end of year

Millions of yen

2014

¥1,629
114
(90)
¥1,652

2013

¥1,643
56
(70)
¥1,629

Thousands of
U.S. dollars

2014

$15,834
1,108
(875)
$16,058

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16. Business segment information 

(a) Overview of reportable segments
The Company is organized under a holding company conﬁ guration with 
core operating companies performing operations in nine business ﬁ elds.
Separate ﬁ nancial information is available in these nine units, and 
the Board of Directors carries out periodic review to allocate manage-
ment resources and evaluate business performance.

The nine units are combined into seven reportable segments of 
Chemicals, Fibers, Homes, Construction Materials, Electronics, Health 
Care, and Critical Care through application of Paragraph 13 of 
“Accounting Standard for Disclosures about Segments of an Enterprise 
and Related Information.”

Beginning with the ﬁ scal year ended March 31, 2014, the disclosure 
sequence of reportable segments has been changed to correspond with 
the classiﬁ cation of the Company’s four business sectors: Chemicals & 
Fibers, Homes & Construction Materials, Electronics, and Health Care. 
In the “Critical Care” segment, results for the prior period from 

April 27, 2012, to March 31, 2013, were disclosed, while results 
throughout the entire period of the ﬁ scal year ended March 31, 2014 
were subject to consolidation.

Main products of the seven reportable segments are as follows:
Chemicals
The Company produces, processes, and sells chemicals and derivative 
products (such as nitric acid, caustic soda, acrylonitrile, styrene, adipic 
acid, methyl methacrylate (MMA), and acrylic resin), polymer products 
(such as Stylac™-AS styrene-acrylonitrile, Stylac™-ABS acrylonitrile-
butadiene-styrene, Tenac™ polyacetal, Xyron™ modiﬁ ed polyphenylene 
ether (m-PPE), Leona™ polyamide 66, Suntec™ polyethylene, synthetic 
rubber, and polystyrene), and specialty products (such as coating materi-
als, latex, Ceolus™ microcrystalline cellulose, explosives, explosion-
bonded metal clad, Microza™ UF and MF membranes and systems, 
ion-exchange membranes and electrolysis systems, Saran Wrap™ cling 
ﬁ lm, Ziploc™ storage bags, and plastic ﬁ lms, sheets, and foams).
Fibers
The Company produces, processes, and sells Roica™ elastic polyure-
thane ﬁ lament, Bemberg™ cupro ﬁ ber, nonwoven fabrics (such as 
Eltas™ spunbond and Lamous™ artiﬁ cial suede), and Leona™ nylon 66 
ﬁ lament.

Homes
The Company constructs Hebel Haus™ unit homes and Hebel Maison™ 
apartments, and operates real estate business (such as management of 
Hebel Maison™ rental units, Atlas™ condominiums, Hebel Town™ 
housing developments, and brokerage of used Hebel Haus™ homes), 
remodeling business (such as exterior wall refurbishing, rerooﬁ ng, rede-
sign, interior renovation, and solar panel installation), and ﬁ nancial and 
other services (such as mortgage ﬁ nancing, etc.).
Construction Materials
The Company produces and sells Hebel™ and Hebel Powerboard™ 
autoclaved aerated concrete (AAC) panels, Neoma™ and Jupii™ phe-
nolic foam insulation panels, Eazet™, ATT Column™, and other piling 
systems, and BasePack™ column base attachment systems.
Electronics
The Company manufactures and sells mixed-signal LSIs, Hall elements, 
Hipore™ Li-ion battery separators, photomask pellicles, APR™ photo-
sensitive resin and printing plate making systems, Pimel™ photosensi-
tive polyimide precursor, Sunfort™ photosensitive dry ﬁ lm, and glass 
fabric for printed wiring boards.
Health Care
The Company manufactures and sells pharmaceuticals (such as 
Recomodulin™, Teribone™, Elcitonin™, Flivas™, Toledomin™, and 
Bredinin™), Lucica™ GA-L assay kits, L-series enriched liquid diets, 
APS™ polysulfone-membrane artiﬁ cial kidneys, therapeutic apheresis 
devices, Planova™ virus removal ﬁ lters, and Sepacell™ leukocyte reduc-
tion ﬁ lters.
Critical Care
The Company manufactures and sells deﬁ brillators for medical profes-
sionals, LifeVest™ wearable deﬁ brillators, ZOLL AED Plus™ automated 
external deﬁ brillators, and IVTM—Thermogard XP™ intravascular tem-
perature management systems.

(b)  Methods to determine net sales, income or loss, assets, 

and other items by reportable business segment
Proﬁ t by reportable business segment is stated on an operating 
income basis. Intersegment net sales and transfers are based on the 
values of transactions undertaken between third parties.

(c) Information concerning net sales, income or loss, assets, and other items for each reportable segment

Millions of yen

2014

Chemicals

Fibers

Homes

Construction 
Materials

Electronics  Health Care Critical Care

Subtotal

Others 
(Note 1)

Total

Sales:

  External customers

¥791,615 ¥120,890 ¥534,377

¥55,003 ¥144,995 ¥152,546

¥79,840 ¥1,879,267

¥18,499 ¥1,897,766

Intersegment

  Total

33,189

1,869

85

16,758

490

39

—

52,430

23,767

76,197

824,804

122,760

534,462

71,761

145,485

152,585

79,840

1,931,698

42,266

1,973,963

Operating income (loss)

38,879

8,565

62,984

5,506

14,239

30,268

(3,526)

156,916

1,745

158,660

Assets

Other items

659,593

119,493

351,621

49,447

174,883

221,003

255,786

1,831,826

62,935

1,894,761

  Depreciation (Note 3)

31,086

5,883

5,883

2,186

14,303

10,034

  Amortization of goodwill

551

2

15

918

9,983

7,097

79,357

8,583

994

240

80,351

8,823

35,489

5,168

2,954

41

—

43,652

17,948

61,601

—

—

—

—

 Investments in afﬁ liates accounted
 for using equity method

 Increase in property, plant and
 equipment, and intangible assets

¥30,754

¥8,008

¥8,666

¥6,371

¥14,583

¥9,457

¥8,697

¥86,536

¥1,395

¥87,930

Notes: 1.  The “Others” category includes plant engineering and environmental engineering, research and analysis, and employment agency/stafﬁ ng operations.

2.  Beginning with the ﬁ scal year ended March 31, 2014, the disclosure sequence of reportable segments has been changed to correspond with the classiﬁ cation of the Company’s four 

business sectors: Chemicals & Fibers, Homes & Construction Materials, Electronics, and Health Care.

3. Amortization of goodwill is not included.

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Millions of yen

2013

Chemicals

Fibers

Homes

Construction 
Materials

Electronics  Health Care

Critical Care
(Notes 2, 3)

Subtotal

Others 
(Note 1)

Total

Sales:

  External customers

¥684,582 ¥109,613 ¥486,182

¥51,504

¥131,148 ¥133,450

¥52,131 ¥1,648,610

¥18,031 ¥1,666,640

Intersegment

  Total

20,678

1,794

215

15,948

420

66

—

39,120

23,967

63,088

705,260

111,406

486,397

67,451

131,569

133,516

52,131

1,687,730

41,998

1,729,728

Operating income (loss)

22,925

4,030

54,266

3,962

2,824

15,932

(3,667)

100,272

2,195

102,467

Assets

Other items

650,519

115,584

304,675

46,804

167,723

183,836

240,318

1,709,460

59,240

1,768,700

  Depreciation (Note 4)

29,993

6,099

5,266

2,271

15,003

10,493

  Amortization of goodwill

436

—

12

1,005

6,933

5,337

76,058

6,790

934

199

76,992

6,989

41,313

4,667

2,489

42

—

48,512

16,643

65,154

—

—

—

—

 Investments in afﬁ liates accounted
 for using equity method

 Increase in property, plant and
 equipment, and intangible assets

¥47,290

¥6,833

¥9,527

¥2,186

¥17,011

¥14,275

¥5,416

¥102,538

¥1,140

¥103,677

Notes: 1.  The “ Others” category includes plant engineering and environmental engineering, research and analysis, and employment agency/stafﬁ ng operations.

2.  The “Critical Care” segment is newly added during the ﬁ rst quarter of ﬁ scal 2012, as the result of completion of the acquisition of ZOLL Medical Corporation and its subsidiaries on 

April 26, 2012 (US Eastern standard time).

3.  In the “Critical Care” segment, results for this period were included beginning on April 27, 2012.
4.  Amortization of goodwill is not included .

Thousands of U.S. dollars

2014

Chemicals

Fibers

Homes

Construction 
Materials

Electronics  Health Care Critical Care

Subtotal

Others 
(Note 1)

Total

Sales:

  External customers

$7,694,547 $1,175,058 $5,194,178 $534,633 $1,409,360 $1,482,757 $776,050 $18,266,592 $179,811 $18,446,404

Intersegment

  Total

322,599

18,167

826

162,889

4,763

379

—

509,623 231,017

740,640

8,017,146 1,193,235 5,195,004

697,521 1,414,123 1,483,136 776,050

18,776,225 410,828

19,187,043

Operating income (loss)

377,906

83,252

612,208

53,519

138,404

294,207

(34,273)

1,525,233

16,962

1,542,185

Assets

Other items

6,411,285 1,161,479 3,417,778

480,628 1,699,874 2,148,163 2,486,256

17,805,463 611,732

18,417,195

  Depreciation (Note 3)

302,158

57,183

57,183

21,248

139,026

97,531

97,035

771,355

  Amortization of goodwill

5,356

19

146

8,923

68,983

83,427

9,662

2,333

781,017

85,760

344,955

50,233

28,713

399

—

424,300 174,456

598,766

—

—

—

—

 Investments in afﬁ liates accounted
 for using equity method

 Increase in property, plant and
 equipment, and intangible assets

$298,931

$77,838

$84,234

$61,927 $141,748

$91,923 $84,535

$841,135 $13,559

$854,685

Notes: 1.  The “Others” category includes plant engineering and environmental engineering, research and analysis, and employment agency/stafﬁ ng operations.

2.  Beginning with the ﬁ scal year ended March 31, 2014, the disclosure sequence of reportable segments has been changed to correspond with the classiﬁ cation of our four business 

sectors: Chemicals & Fibers, Homes & Construction Materials, Electronics, and Health Care.

3. Amortization of goodwill is not included.

(d)  Reconciliation of differences between total amounts of reportable segments and amounts appearing in the consolidated 

ﬁ nancial statements (adjustment of difference)

Sales

Total of reporting segments
Net sales in “Others” category
Elimination of intersegment transactions
Net sales on consolidated statements of income

Operating income

Total of reporting segments
Operating income in “Others” category
Elimination of intersegment transactions
Corporate expenses, etc.*
Operating income on consolidated statements of income

Millions of yen

2014

2013

¥1,931,698
42,266
(76,197)
¥1,897,766

¥1,687,730
41,998
(63,088)
¥1,666,640

Millions of yen

2014

¥156,916
1,745
388
(15,702)
¥143,347

2013

¥100,272
2,195
1,469
(11,975)
¥91,960

Thousands of
U.S. dollars

2014

$18,776,225
410,828
(740,640)
$18,446,404

Thousands of
U.S. dollars

2014

$1,525,233
16,962
3,771
(152,624)
$1,393,342

* Corporate expenses, etc. include corporate revenue, basic research expense, and group management expense, etc. which are not allocated to reporting segments.

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Assets

Total of reporting segments
Assets in “Others” category
Elimination of intersegment transactions
Corporate assets*
Total assets on consolidated balance sheets

Millions of yen

2014

2013

¥1,831,826
62,935
(244,286)
264,613
¥1,915,089

¥1,709,460
59,240
(200,347)
231,817
¥1,800,170

Thousands of
U.S. dollars

2014

$17,805,463
611,732
(2,374,475)
2,572,055
$18,614,784

*  Corporate assets include assets of the parent company—surplus operating funds (cash and deposits), long-term investment capital (investment securities, etc.), and land, etc.

Total of reportable segments

Others

Adjustments (Note 1)

Amounts from consolidated
ﬁ nancial statements

Millions of yen

Thousands of 
U.S. dollars

Millions of yen

Thousands 
of U.S. 
dollars

Millions of yen

Thousands 
of U.S. 
dollars

Millions of yen

Thousands
of U.S.
dollars

Other items

2014

2013

2014

2014

2013

2014

2014

2013

2014

2014

2013

2014

Depreciation (Note 2)

¥79,357 ¥76,058

$771,355

¥994

¥934

$9,662

¥5,701 ¥3,058

$55,414 ¥86,052 ¥80,050

$836,431

Amortization of goodwill
Investments in afﬁ liates
 accounted for using
 the equity method
Increase in property, plant
 and equipment, and
 intangible assets

8,583

6,790

83,427

240

199

2,333

43,652

48,512

424,300

17,948 16,643

174,456

—

—

—

—

—

8,823

6,989

85,760

— 61,601

65,154

598,766

¥86,536 ¥102,538  $841,135

¥1,395 ¥1,140

$13,559

¥4,466 ¥10,108

$43,410 ¥92,397 ¥113,785

$898,105

Notes: 1. Adjustments include elimination of intersegment transactions and corporate expenses, etc.

2. Amortization of goodwill is not included.

(e) Related Information

i)  Information on products and services

Please refer to (c) Information concerning net sales, income or loss, assets, and other items for each reportable segment.

ii)  Geographic information

1) Net sales

Japan

China

2014

Other 
regions

Total

Japan

China

2013

Other 
regions

Millions of yen

Thousands of U.S. dollars

2014

Total

Japan

China

Other regions

Total

¥1,289,054  ¥187,247

¥421,465  ¥1,897,766  ¥1,181,429  ¥155,570

¥329,641  ¥1,666,640 

$12,529,685  $1,820,052  $4,096,666

$18,446,404  

2) Property, plant and equipment

Millions of yen

Japan

2014
Other regions

Total

Japan

2013
Other regions

Total

Japan

Thousands of U.S. dollars

2014
Other regions

Total

¥363,241 

¥117,295 

¥480,535

¥369,481 

¥92,100 

¥461,581

$3,530,725

$1,140,115

$4,670,830  

3)  Information by major customer

Information by major customer is not shown because no customer accounts for 10% or more of net sales on the consolidated 
 statements of income.

17.  Information on related parties

Related party transactions
Transactions between consolidated subsidiaries of the company submitting the consolidated ﬁ nancial statements and related parties

Subsidiaries, afﬁ liates, etc. of the company submitting the consolidated ﬁ nancial statements.

An afﬁ liated company
PTT Asahi Chemical Co., Ltd.
Rayong, Thailand
14,246 million Thai baht
Chemicals

Type of related party
Name of company
Location
Paid-in capital 
Business line
Holding ratio of voting rights (of which, indirect holding ratio) 48.5% (48.5%)
Debt guarantee
Relationship with the related party
Guarantee for completion of manufacturing facilities
Nature of transaction
¥16,416 million in the year ended March 31, 2014,
¥17,341 million in the year ended March 31, 2013
—
—

Amount name
Balance at end of year

Transaction amount

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18. Per share information

Basic and diluted net assets per share and net income per share for the years ended March 31, 2014 and 2013, were as follows:

Basic net assets per share

Basic net income per share

(a) Basis for calculation of net assets per share

Total net assets

Amount deducted from total net assets

of which, minority interests

Net assets allocated to capital stock 

Yen

2014

¥653.15

¥72.48

2013

¥581.05

¥38.43

Millions of yen

2014

2013

U.S. dollars

2014

$6.35

$0.70

Thousands of
U.S. dollars

2014

¥925,766

¥824,451

$8,998,503

13,067

(13,067)

12,371

(12,371)

127,012

(127,012)

¥912,699

¥812,080

$8,871,491

Number of shares of capital stock outstanding at ﬁ scal year end used in calculation of
  net assets per share (thousand)

1,397,386

1,397,600

1,397,386

(b) Basis for calculation of net income per share

Net income

Amount not allocated to capital stock

Net income allocated to capital stock 

Millions of yen

2014

¥101,296

—

2013

¥53,712

—

Thousands of
U.S. dollars

2014

$984,603

—

¥101,296

¥53,712

$984,603

Weighted-average number of shares of capital stock used in calculation of 
  net income per share (thousand)

1,397,501

1,397,651

1,397,501

As the Company had no dilutive securities at March 31, 2014 and 2013, the Company does not disclose diluted net income per share for the 
years ended March 31, 2014 and 2013.

19. Subsequent events

Until the ﬁ scal year ended March 31, 2014, the business ﬁ elds of the nine core operating companies had been combined into seven reportable 
segments of Chemicals, Fibers, Homes, Construction Materials, Electronics, Health Care, and Critical Care through application of Paragraph 13 of 
“Accounting Standard for Disclosures about Segments of an Enterprise and Related Information.” From the ﬁ scal year ending March 31, 2015, 
the reportable segments will be based on the business areas of the four business sectors: Chemicals & Fibers, Homes & Construction Materials, 
Electronics, and Health Care, based on a change in the Company’s governance structure.

The change in the Company’s governance structure was made in April 2014 to enhance the management foundation in the business ﬁ elds 
that the Company is focused on, to obtain more transparent governance, and to enable ﬂ exible adaptation to changes in the operating environ-
ment. Recalculated segment information concerning net sales and operating income for each reportable segment for the year ended March 31, 
2014, based on the new segmentation is as follows:

Millions of yen

2014

Chemicals and 
Fibers

Homes and 
Construction 
Materials

Sales:

Electronics

Health Care

Subtotal

Others

Total

Adjustment

Consolidated

  External customers

¥912,505 

¥589,380 

¥144,995 

¥232,387 

¥1,879,267 

¥18,499 

¥1,897,766 

¥        — ¥1,897,766 

Intersegment

17,149 

84 

490 

39 

17,762 

23,767 

41,529 

(41,529)

—

  Total

929,655 

589,464 

145,485 

232,425 

1,897,029 

42,266 

1,939,295 

(41,529)

1,897,766 

Operating income (loss)

47,447 

68,517 

14,239 

26,742 

156,945 

1,745 

158,690 

(15,343)

143,347 

Note:1. The “Others” category includes plant engineering and environmental engineering, research and analysis, and employment agency/stafﬁ ng operations.

Thousands of U.S. dollars

2014

Chemicals and 
Fibers

Homes and 
Construction 
Materials

Sales:

Electronics

Health Care

Subtotal

Others

Total

Adjustment

Consolidated

  External customers

$8,869,605 

$5,728,810 

$1,409,360 

$2,258,816  $18,266,592 

$179,811  $18,446,404 

$          — $18,446,404 

Intersegment

166,689 

816 

4,763 

379 

172,648 

231,017 

403,664 

(403,664)

—

  Total

9,036,304 

5,729,627 

1,414,123 

2,259,185 

18,439,240 

410,828 

18,850,068 

(403,664)

18,446,404 

Operating income (loss)

461,188 

665,990 

138,404 

259,934 

1,525,515 

16,962 

1,542,477 

(149,135)

1,393,342 

Note:1. The “Others” category includes plant engineering and environmental engineering, research and analysis, and employment agency/stafﬁ ng operations.

Asahi Kasei Report 2014

93

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20. Borrowings

(a) Bonds payable at March 31, 2014 and 2013

Unsecured 1.90% Euro yen bonds due in 2013
(of which, current portion of bonds)

Unsecured 1.46% yen bonds due in 2019

Unsecured 0.30% yen bonds due in 2017

Total

Note  1)  The current portion of bonds payable is recorded under current liabilities on the consolidated balance sheets.

2)  The aggregate annual maturities of long-term debt after March 31, 2014, are as follows:

Year ending March 31

2015

2016

2017

2018

2019

2020 and thereafter

Millions of yen

2014

¥—

20,000

20,000

¥40,000

2013

¥5,000
(¥     —)

20,000

20,000

¥45,000

Thousands of
U.S. dollars

2014

$—

194,401

194,401

$388,802

Millions of yen

Thousands of
U.S. dollars

¥—

—

—

20,000

—

20,000

¥40,000

(b) Loans payable at March 31, 2014 and 2013

Short-term loans payable with interest rate 0.55%

Current portion of long-term loans payable with interest rate 0.64%

Current portion of lease obligations with interest rate 1.62%

Millions of yen

2014

¥84,776

18,830

1,784

Long-term loans payable (except portion due within one year) with interest rate 0.70%

146,037

Lease obligations (except portion due within one year) with interest rate 1.39%

Commercial paper with interest rate 0.08% (due within one year)

2,445

10,000

2013

¥78,725

34,319

2,415

146,929

4,051

70,000

$—

—

—

194,401

—

194,401

$388,802

Thousands of
U.S. dollars

2014

$824,028

183,029

17,341

1,419,489

23,766

97,201

Note  1)  Interest rates shown are weighted average interest rates for the balance outstanding at March 31, 2014.

2)  The aggregate annual maturities of long-term loans payable and lease obligations (except portion due within one year) after March 31, 2015, are as follows:

Long-term loans payable

Lease obligations

¥263,872

¥336,439

$2,564,852

Year ending March 31

Millions of yen

2016

2017

2018

2019

2020 and thereafter

¥31,457

39,143

17,975

45,009

¥12,453

Thousands of
U.S. dollars

$305,764

380,472

174,718

437,490

$121,044

Millions of yen

¥1,367

848

168

21

¥40

Thousands of
U.S. dollars

$13,287

8,243

1,633

204

$389

94 Asahi Kasei Report 2014

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Asahi Kasei Report 2014

95

Major Subsidiaries and Afﬁ liates

As of July 31, 2014

Main products/business line

Chemicals 
Packaging products and solutions
Specialty chemicals
Cling ﬁ lm, other household products
Aluminum paste
Sale of civil engineering materials
Shotgun cartridges
Water treatment equipment, environmental chemicals
Processed plastic products
Synthetic rubber
Polystyrene
Biaxially oriented polystyrene sheet
Silicone
Industrial explosives
Coloring and compounding of performance resin
Compounded performance resin operations
Sale of purging compound
Acrylonitrile, sodium cyanide 
Sale of adipic acid
High-performance HDI-based polyisocyanate 
Polyacetal 
Industrial ﬁ ltration membranes and systems
Sale of performance resin
Sale of performance resin
Sale of performance resin

Company
Chemicals & Fibers Segment
Asahi Kasei Chemicals Corp.*
Asahi Kasei Pax Corp.* 
Asahi Kasei Finechem Co., Ltd.* 
Asahi Kasei Home Products Corp.* 
Asahi Kasei Metals Ltd.* 
Asahi Kasei Geotechnologies Co., Ltd. 
Asahi SKB Co., Ltd.
Asahi Kasei Clean Chemical Co., Ltd.
Asahi Kasei Technoplus Co., Ltd.* 
Japan Elastomer Co., Ltd.* 
PS Japan Corp.* 
Sundic Inc. 
Wacker Asahikasei Silicone Co., Ltd. 
Kayaku Japan Co., Ltd. 
Asahi Kasei Plastics North America, Inc.* 
Asahikasei Plastics (America) Inc.* 
Sun Plastech Inc.* 
Tong Suh Petrochemical Corp., Ltd.* 
Asahi Kasei Chemicals Korea Co., Ltd. 
Asahi Kasei Performance Chemicals Corp.* 
Asahi Kasei POM (Zhangjiagang) Co., Ltd. 
Asahi Kasei Microza (Hangzhou) Co., Ltd.*
Asahikasei Plastics (Shanghai) Co., Ltd. 
Asahi Kasei Plastics (Guangzhou) Co., Ltd.
Asahi Kasei Plastics (Hong Kong) Co., Ltd.
Asahikasei (Suzhou) Plastics Compound Co., Ltd.  Coloring and compounding of performance resin 
Asahi Kasei Synthetic Rubber Singapore Pte. Ltd.*  Synthetic rubber 
Performance resin
Asahi Kasei Plastics Singapore Pte. Ltd.* 
PPE powder 
Polyxylenol Singapore Pte. Ltd.* 
Coloring and compounding of performance resin 
Asahikasei Plastics (Thailand) Co., Ltd. 
Acrylonitrile, methyl methacrylate
PTT Asahi Chemical Co., Ltd. 
Sale of compounded performance resin
Asahi Kasei Plastics Europe SA/NV* 
Fibers, textiles
Asahi Kasei Fibers Corp.* 
Processing of ﬁ bers and textiles
Asahi Kasei Intertextiles Corp.* 
Flash spun products
DuPont-Asahi Flash Spun Products Co., Ltd. 
Spandex 
Hangzhou Asahikasei Spandex Co., Ltd.* 
Warp-knit spandex textiles 
Hangzhou Asahikasei Textiles Co., Ltd.*
Spandex
Formosa Asahi Spandex Co., Ltd. 
Promotion and marketing of ﬁ bers 
Asahi Chemical (HK) Ltd.* 
Spunbond nonwovens
Asahi Kasei Spunbond (Thailand) Co., Ltd.* 
Spandex
Thai Asahi Kasei Spandex Co., Ltd.* 
Spandex
Asahi Kasei Spandex Europe GmbH* 
Sale of cupro cellulosic ﬁ ber and nonwovens
Asahi Kasei Fibers Italy SRL* 
Homes & Construction Materials Segment
Asahi Kasei Homes Corp.* 
Asahi Kasei Fudousan Residence Corp.* 
Asahi Kasei Jyuko Co., Ltd.*
Asahi Kasei Mortgage Corp.* 
Asahi Kasei Reform Co., Ltd.*
Asahi Kasei Home Construction Corp.* 
Asahi Kasei Chintai Support Corp.*
Asahi Kasei Construction Materials Corp.* 
Asahi Kasei Foundation Systems Corp.*
Asahi Kasei Extech Corp.* 

Housing
¥ 
Real estate development, brokerage, and related business ¥
¥
Steel frames
¥
Financial services
¥
Home maintenance and remodeling
¥
Construction of homes
¥
Apartment rental insurance
¥ 
Construction materials
¥ 
Installation of piles
¥ 
Exterior wall panel installation

Paid-in capital 
(million)

Equity 
interest (%)

3,000
490
325
250
250
132
100
100
160
1,000
5,000
1,500
1,050
60

¥ 
¥ 
¥ 
¥ 
¥ 
¥ 
¥
¥ 
¥
¥
¥ 
¥ 
¥
¥ 
US$ 
US$
1
US$
KRW 237,642
KRW  1,500
285
CNY 
265
CNY
69
CNY 
18
CNY 
10
CNY 
2.6
US$
50
CNY
125
US$
46
US$ 
35
US$
140
THB 
THB  14,246
A
5
3,000
80
450
154
78
1,003
65
1,185
1,350

100.0 
100.0 
100.0 
100.0 
100.0 
100.0 
100.0 
100.0 
99.4 
75.0 
62.1 
50.0 
50.0 
50.0 
21.7 **  100.0 
 17.8 **  100.0 
100.0 
100.0 
100.0 
100.0 
100.0 
100.0 
100.0 
100.0 
100.0 
51.0 
100.0 
100.0 
70.0 
100.0 
48.5 
100.0 
100.0 
100.0 
50.0 
100.0 
92.5 
50.0 
100.0 
89.5
60.0 
23.8 **  100.0 
100.0 

¥ 
¥ 
¥ 
CNY
CNY
NT$ 
HK$ 
THB
THB 
A
A

3

3,250
3,200
2,820
1,000
250
100
50
3,000
200
50

100.0 
100.0 
100.0 
100.0 
100.0 
100.0 
100.0 
100.0 
100.0 
100.0 

*  Consolidated subsidiary
  **  Including capital reserve

96 Asahi Kasei Report 2014

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Paid-in capital 
(million)

Equity 
interest (%)

3,000
¥ 
3,000
¥ 
300
¥
50
¥
50
¥ 
¥ 
50
KRW  7,962
2.9
US$ 
820
KRW 
30
¥
40
¥
181
CNY
143
CNY
14
CNY
10
NT$
1
NT$ 
49
NT$ 
326
NT$ 
A
3.0 
A
3.4 
0.3 

£ 

100.0 
100.0 
100.0 
100.0 
100.0 
100.0 
100.0 
100.0 
100.0 
100.0
100.0
100.0 
100.0 
100.0 
100.0 
100.0 
80.6 
51.0 
100.0 
100.0 
100.0 

3,000
3,000
140

100.0 
¥ 
100.0 
¥ 
100.0 
¥ 
49**  100.0 
US$ 
100.0 
30
US$ 
100.0 
US$
0.5
100.0 
KRW  1,000
100.0 
165
CNY
100.0 
5
NT$
A
100.0 
17.8
A
100.0 
0.5
100.0 
0.01
1,723 **  100.0 
100.0 
100.0 

YTL 
US$ 
¥ 
¥

230
10

Electronic devices
Electronic materials
Epoxy resin
LSIs
Glass fabric
Hall elements
Energy and electronic materials
Sale of LSIs
Electronic devices marketing and technical support
LSI design
Electronic devices and printed wiring boards

Electronic devices marketing and technical support 
Electronic devices marketing and technical support 
Sale of pellicles
Photosensitive dry ﬁ lm
Glass fabric
Electronic devices marketing and technical support
Sale of photopolymer, printing-plate making systems
Sale of photopolymer, printing-plate making systems

Pharmaceuticals
Medical devices, bioprocess products
Medical devices
Clinical trials for new drugs
Bioprocess equipment and systems
Sale of medical devices, medical systems
Sale of medical devices, medical systems 
Hemodialyzers; sale of medical devices 
Sale of medical devices, medical systems 
Sale of medical devices, medical systems
Sale of virus removal ﬁ lters
Sale of medical devices, medical systems
Acute critical care devices and systems 
Sale of acute critical care devices in Japan
Medical devices, bioprocess products

Main products/business line

Company
Electronics Segment
Asahi Kasei Microdevices Corp.* 
Asahi Kasei E-materials Corp.*
Asahi Kasei Epoxy Co., Ltd.* 
Asahi Kasei Microsystems Co., Ltd.* 
Asahi-Schwebel Co., Ltd.*
Asahi Kasei Electronics Co., Ltd.* 
Asahi Kasei E-materials Korea Inc.* 
AKM Semiconductor, Inc.* 
Asahi Kasei Microdevices Korea Corp. 
AKM Technology Corp.
Asahi Kasei Technosystem Co., Ltd.
Asahi Kasei Electronics Materials (Suzhou) Co., Ltd.*  Photosensitive dry ﬁ lm 
Asahi Kasei Electronics Materials (Changshu) Co., Ltd.* Photosensitive dry ﬁ lm 
Asahi Kasei Microdevices (Shanghai) Co., Ltd. 
Asahi Kasei Microdevices Taiwan Corp. 
Asahi Kasei EMD Taiwan Corp. 
Asahi Kasei Wah Lee Hi-Tech Corp.* 
Asahi-Schwebel (Taiwan) Co., Ltd.* 
Asahi Kasei Microdevices Europe SAS 
Asahi Photoproducts (Europe) SA/NV* 
Asahi Photoproducts (UK) Ltd.* 
Health Care Segment
Asahi Kasei Pharma Corp.* 
Asahi Kasei Medical Co., Ltd.*
Med-Tech Inc.* 
Asahi Kasei Pharma America Corp.*
Asahi Kasei Bioprocess, Inc.* 
Asahi Kasei Medical America Inc.* 
Asahi Kasei Medical Trading (Korea) Co., Ltd.* 
Asahi Kasei Medical (Hangzhou) Co., Ltd.* 
Asahi Kasei Medical Trading (Taiwan) Co., Ltd.* 
Asahi Kasei Medical Europe GmbH* 
Asahi Kasei Bioprocess Europe SA/NV* 
Asahi Kasei Medical Trading Ltd. Sti.* 
ZOLL Medical Corporation* 
Asahi Kasei ZOLL Medical Corp.* 
Asahi Kasei Medical MT Corp.
Others
Asahi Research Center Co., Ltd.* 
Asahi Kasei Engineering Corp.* 
Asahi Kasei Trading Co., Ltd.* 
Asahi Kasei Commerce Co., Ltd.*
Asahi Kasei Amidas Co., Ltd.* 
AJS Inc. 
Asahi Organic Chemicals Industry Co., Ltd. 
Asahi Kasei America, Inc.* 
Asahi Kasei Holdings US, Inc.*
Crystal IS, Inc.*
Asahi Kasei (China) Co., Ltd.* 
Asahi Kasei India Pvt. Ltd. 

¥
Information and analysis
¥ 
Plant, equipment, process engineering
¥ 
Sale of Asahi Kasei products
¥ 
Sale of Asahi Kasei products
¥ 
Employment agency, consulting
¥ 
Computer software, IT systems
¥
Synthetic resin, fabricated plastic products
US$
Business support services
Holding company of ZOLL
US$ 
Development of aluminum nitride substrates and UV LEDs US$ 
CNY
Investment and business support services 
INR
Business support services

1,000
400
98
94
80
800
5,000
0.1

100.0 
100.0 
100.0 
100.0 
100.0 
49.0 
30.1 
100.0 
1,723 **  100.0 
31.9**  100.0 
100.0 
275
100.0 
45

* Consolidated subsidiary
** Including capital reserve

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Asahi Kasei Report 2014

97

Company Information

Corporate Proﬁ le (as of March 31, 2014)

Company Name

Asahi Kasei Corporation

Date of Establishment

May 21, 1931

Paid-in Capital

¥103,389 million

Employees

29,127 (consolidated)

1,205 (non-consolidated)

Asahi Kasei Group Ofﬁ ces

Asahi Kasei Corporation

Core Operating Companies

Tokyo Head Ofﬁ ce
1-105 Kanda Jinbocho, Chiyoda-ku
Tokyo 101-8101 Japan
Phone: +81-3-3296-3000
Fax: +81-3-3296-3161

Osaka Head Ofﬁ ce
3-3-23 Nakanoshima, Kita-ku
Osaka 530-8205 Japan
Phone: +81-6-7636-3111
Fax: +81-6-7636-3077

Asahi Kasei (China) Co., Ltd.
8/F, One ICC
Shanghai International Commerce Centre
No. 999 Huai Hai Zhong Road
Shanghai 200031 China
Phone: +86-21-6391-6111
Fax: +86-21-6391-6686

Beijing Ofﬁ ce
Room 1407
New China Insurance Tower
No.12 Jian Guo Men Wai Avenue
Chao Yang District
Beijing 100022 China
Phone: +86-10-6569-3939
Fax: +86-10-6569-3938

Asahi Kasei America, Inc.
800 Third Avenue, 30th Floor
New York, NY 10022 USA
Phone: +1-212-371-9900
Fax: +1-212-371-9050

Asahi Kasei India Pvt. Ltd.
The Capital 801C, Plot No.C70, G Block,
Bandra Kurla Complex, Bandra (East),
Mumbai 400051 India
Phone: +91-22-6710-3962

98 Asahi Kasei Report 2014

Asahi Kasei Chemicals
1-105 Kanda Jinbocho, Chiyoda-ku
Tokyo 101-8101 Japan
Phone: +81-3-3296-3200

Asahi Kasei Fibers
3-3-23 Nakanoshima, Kita-ku
Osaka 530-8205 Japan
Phone: +81-6-7636-3500

Asahi Kasei Homes
1-24-1 Nishi-shinjuku, Shinjuku-ku
Tokyo 160-8345 Japan
Phone: +81-3-3344-7111

Asahi Kasei Construction Materials
1-105 Kanda Jinbocho, Chiyoda-ku
Tokyo 101-8101 Japan
Phone: +81-3-3296-3500

Asahi Kasei Microdevices
1-105 Kanda Jinbocho, Chiyoda-ku
Tokyo 101-8101 Japan
Phone: +81-3-3296-3911

Asahi Kasei E-materials
1-105 Kanda Jinbocho, Chiyoda-ku
Tokyo 101-8101 Japan
Phone: +81-3-3296-3939

Asahi Kasei Pharma
1-105 Kanda Jinbocho, Chiyoda-ku
Tokyo 101-8101 Japan
Phone: +81-3-3296-3600

Asahi Kasei Medical
1-105 Kanda Jinbocho, Chiyoda-ku
Tokyo 101-8101 Japan
Phone: +81-3-3296-3750

ZOLL Medical Corporation
269 Mill Rd., Chelmsford,
MA 01824-4105 USA
Phone: +1-978-421-9655

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Investors Information

(As of March 31, 2014)

Stock Listings

Stock Code

Tokyo

3407

Authorized Shares

4,000,000,000

Outstanding Shares

1,402,616,332

Transfer Agent

Sumitomo Mitsui Trust Bank, Ltd.

Largest Shareholders

Nippon Life Insurance Co. 

Master Trust Bank of Japan, Ltd. (trust account) 

Japan Trustee Services Bank, Ltd. (trust account)

Asahi Kasei Group Employee Stockholding Assn. 

Sumitomo Mitsui Banking Corp. 

Independent Auditors

PricewaterhouseCoopers Aarata

Mizuho Bank, Ltd.

Number of Shareholders 97,906

Tokio Marine & Nichido Fire Insurance Co., Ltd.

Sumitomo Life Insurance Co.

National Mutual Insurance Federation of Agricultural 
Cooperatives

Meiji Yasuda Life Insurance Co.

* Percentage of equity ownership after exclusion of treasury stock.

% of equity*

5.22

5.02

3.51

3.12

2.53

2.23

1.45

1.40

1.37

1.32

Distribution by Type of Shareholder

Distribution by Number of Shares Held

Japanese financial institutions

40.30%

Foreign investors

33.88%

Japanese individuals and groups 19.33%

Other Japanese companies

3.99%

Japanese securities companies

2.13%

Treasury stock

0.37%

Less than 1,000

0.28%

1,000–9,999

10.27%

10,000–99,999

6.14%

100,000 or more 

83.31%

Stock Chart

Share price

(¥)

1,000

750

500

250

0

Volume

(thousand shares)

350,000

300,000

250,000

200,000

150,000

100,000

50,000

0

’11/10 11

12 ’12/1 2

3

4

5

6

7

8

9

10

11

12 ’13/1 2

3

4

5

6

7

8

9

10

11

12 ’14/1 2

3

In this report, the TM symbol indicates a trademark or registered trademark of Asahi Kasei Corporation, 
afﬁ liated companies, or third parties granting rights to Asahi Kasei Corporation or afﬁ liated companies.

Asahi Kasei Report 2014

99

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A
s
a
h

i

K
a
s
e

i

R
e
p
o
r
t

2
0
1
4

1-105 Kanda Jinbocho, Chiyoda-ku, Tokyo 101-8101 Japan
www.asahi-kasei.co.jp/asahi/en

Corporate Communications
Tel: +81-3-3296-3008, Fax: +81-3-3296-3162

Printed in Japan
2014.10

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