Asahi Kasei Reports Consolidated Third Quarter Results; Net Sales Rise 8.8%, Net Profit Rises 22%.Tokyo, Japan, Feb 1, 2007 - (JCN JCN Japan Corporate News JCN Journal of Cognitive Neuroscience JCN Journal of Cardiovascular Nursing JCN Journal of Christian Nursing JCN Job Control Number JCN Journal of Child Neurology JCN joint communications network (US DoD) Newswire) - Asahi Kasei (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : 3407; ADR ADR - Astra Digital Radio : AHKSY) has announced consolidated results for the third quarter ending December 31, 2006. Consolidated net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight grew by JPY JPY In currencies, this is the abbreviation for the Japanese Yen. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 96.3 billion from a year ago to JPY 1,187.1 billion, an 8.8% increase. Sales growth was greatest in chemicals operations, with product prices rising to compensate for increased feedstock feed·stock n. Raw material required for an industrial process. Noun 1. feedstock - the raw material that is required for some industrial process raw material, staple - material suitable for manufacture or use or finishing costs. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. grew by JPY 12.6 billion to JPY 94.2 billion, a 15.4% increase. Ordinary profit grew by JPY 12.7 billion to JPY 93.5 billion, a 15.8% increase. Net income grew by JPY 10.3 billion to JPY 56.9 billion, a 22.0% increase. I. Summary of Consolidated Results
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1. Operating results (% change from previous year in brackets)
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Q1 - Q3 2006 Q1 - Q3 2005
Net sales 1,187,059 [+8.8%] 1,090,749 [+7.8%]
Operating profit 94,187 [+15.4%] 81,630 [−8.9%]
Ordinary profit 93,528 [+15.8%] 80,785 [−8.5%]
Net income 56,851 [+22.0%] 46,581 [−0.3%]
Net income per share(y) 40.62 33.25
Diluted net income
per share(y) - -
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2. Financial position
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At end of Dec. 2006 Dec. 2005
Total assets 1,485,102 1,412,554
Net assets 644,113 574,098
Net worth/total assets 42.9% 40.6%
Net worth per share(y) 454.88 410.09
Note: Net assets at end of December 2005 does not include minority
interests. Net worth at end of December 2005 is the same as
shareholders' equity. Net worth at end of December 2006 comprises
shareholders' equity and valuation, translation adjustment & others.
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3. Cash flows
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Nine months ended December 2006 2005
Cash flows from
operating activities 70,306 37,198
Cash flows from
investing activities (69,601) (41,466)
Cash flows from
financing activities (4,207) 12,148
Cash and cash equivalents
at end of period 85,417 76,712
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II. Results by Operating Segment Chemicals Sales for the segment grew by JPY 66.1 billion to JPY 556.2 billion, a 13.5% increase. Operating profit grew by JPY 2.6 billion to JPY 37.0 billion, a 7.6% increase. Sales and operating profit in volume products, comprising chemicals/derivative products and polymer products, increased. Higher feedstock costs were overcome by product price increases and by increased profitability in the nylon-related operations of adipic acid a·dip·ic acid n. A white crystalline dicarboxylic acid, C6H11O4, that is derived from oxidation of various fats, slightly soluble in water and soluble in alcohol and acetone, and used especially in the manufacture of and Leona(TM) nylon 66 resin and filament filament, in astronomy: see chromosphere. . Sales and operating profit in specialty products grew with increased shipments of Hipore(TM) Li-ion rechargeable battery A rechargeable battery, also known as a storage battery, is a group of two or more secondary cells. These batteries can be restored to full charge by the application of electrical energy. membrane separators, export of membrane-process chlor-alkali electrolyzers to China, and increased shipments of ion-exchange membranes for chlor-alkali. Homes Sales for the segment grew by JPY 0.1 billion to JPY 275.7 billion, a 0.1% increase. Operating profit decreased by JPY 0.1 billion to JPY 14.3 billion, a 0.7% decline. New orders worth JPY 222.0 billion were received during the period for order-built homes, JPY 4.2 billion less than a year ago. Sales increased slightly, with growth in housing-related operations such as remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling and real estate offsetting a sales decrease from fewer deliveries of order-built unit homes. Operating profit decreased slightly, as profit growth from large condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. construction projects and in housing-related operations such as remodeling and real estate was insufficient to overcome the effect of fewer deliveries of order-built unit homes. Pharma Sales for the segment decreased by JPY 0.1 billion to JPY 80.9 billion, a 0.2% decline. Operating profit grew by JPY 4.4 billion to JPY 14.4 billion, a 43.8% increase. Sales decreased with reimbursement price cuts throughout pharmaceutical and medical device operations. Operating profit grew with increased shipments of Flivas(TM) therapy for benign prostatic hyperplasia benign prostatic hyperplasia n. Abbr. BPH A nonmalignant enlargement of the prostate gland commonly occurring in men after the age of 50, and sometimes leading to compression of the urethra and obstruction of the flow of urine. and APS(TM) polysulfone-membrane artificial kidneys artificial kidney: see kidney, artificial. , and with licensing income. Fibers Sales for the segment grew by JPY 12.1 billion to JPY 77.6 billion, an 18.5% increase. Operating profit decreased by JPY 0.4 billion to JPY 2.7 billion, a 13.1% decline. Sales grew with product price increases to offset elevated feedstock costs, increased shipments of Roica(TM) elastic polyurethane filament and Bemberg(TM) cupro fiber, and favorable exchange rates. Operating profit decreased with the effect of a tornado in September in Nobeoka, Miyazaki For the harvestman genus, see . Nobeoka (延岡市 Nobeoka-shi , and with the Dorlastan(TM) elastic polyurethane filament business acquired from Lanxess operating at a loss. Electronics Materials and Devices Sales for the segment grew by JPY 9.7 billion to JPY 85.7 billion, a 12.8% increase. Operating profit grew by JPY 4.1 billion to JPY 18.5 billion, a 28.4% increase. Product prices declined with intensified competition, and shipments in some application segments decreased as consumer electronics manufacturers adjusted inventories. Sales and operating profit nevertheless grew with generally strong demand for both electronic materials and electronic devices. Construction Materials Sales for the segment grew by JPY 3.7 billion to JPY 47.6 billion, an 8.5% increase. Operating profit grew by JPY 1.2 billion to JPY 4.9 billion, a 32.3% increase. Sales and operating profit grew as demand for Hebel(TM) autoclaved lightweight concrete (ALC (Assembly Language Coding) A generic term for IBM mainframe assembly languages. 1. ALC - Assembly Language Compiler. 2. ALC - Airline Line Control. ) panels and Eazet(TM) piles for small-scale construction was generally healthy, and with increased shipments of Neoma(TM) high-performance phenolic phe·no·lic adj. Of, relating to, containing, or derived from phenol. n. Any of various synthetic thermosetting resins, obtained by the reaction of phenols with simple aldehydes and used as adhesives. foam panels. Life & Living Sales for the segment grew by JPY 0.3 billion to JPY 41.3 billion, a 0.8% increase. Operating profit decreased by JPY 0.2 billion to JPY 4.3 billion, a 5.2% decline. Sales grew with increased shipments of Saran Wrap Noun 1. Saran Wrap - a thin plastic film made of saran (trade name Saran Wrap) that sticks to itself; used for wrapping food cling film, clingfilm plastic wrap - wrapping consisting of a very thin transparent sheet of plastic (TM) cling film Noun 1. cling film - a thin plastic film made of saran (trade name Saran Wrap) that sticks to itself; used for wrapping food clingfilm, Saran Wrap plastic wrap - wrapping consisting of a very thin transparent sheet of plastic and Saran(TM) fiber. Operating profit decreased with higher advertising expenses and elevated feedstock costs. Services, Engineering and Others Sales for the segment grew by JPY 4.3 billion to JPY 22.0 billion, a 24.4% increase. Operating profit grew by JPY 1.3 billion to JPY 3.0 billion, a 71.4% increase. Engineering operations continued to perform well. III. Forecast for fiscal year ending March 31, 2007 ------------------------------------------------------------------- 1. Consolidated forecast results* ------------------------------------------------------------------- Net sales 1,617,000 Ordinary profit 121,000 Net income 68,000 Net income per share (yen) 48.60 ------------------------------------------------------------------- *Performance forecasts are based on the best information available at this time, but actual results may diverge from these forecasts due to a variety of factors which cannot be foreseen. 2. Cash dividends A JPY 7 per share year-end dividend Year-end dividend A special dividend declared at the end of a fiscal year that usually represents distribution of higher-than-expected company profits. year-end dividend See final dividend. is planned, JPY 1 per share higher than had been planned previously, making annual dividends of JPY 12 per share together with the JPY 5 per share interim dividend. About Asahi Kasei Corp. Asahi Kasei provides innovative solutions based in chemistry and materials science materials science Study of the properties of solid materials and how those properties are determined by the material's composition and structure, both macroscopic and microscopic. to a diverse range of markets including fibers, chemicals, consumer products, housing, construction, electronics, and health care. With consolidated sales of some US$10 billion, it is a Fortune Global 500 enterprise with twenty-five thousand employees and one hundred consolidated subsidiaries. The operating configuration comprises seven core operating companies as autonomous business units specialized in separate business fields. Asahi Kasei Corporation, as the parent company, functions as a holding company for group operations. An Independent Businesses Group provides group services. For more information, please visit www.asahi-kasei.co.jp. Source: JCN http://www.japancorp.net Contact: Asahi Kasei Corporation Corporate Communications Phone: +81-3-3507-2060 Fax: +81-3-3507-2495 Copyright [c] 2007 JCN Newswire. All rights reserved. A division of Japan Corporate News Network K.K. |
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