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  • 1. November 4, 2011 Ajinomoto Co., Inc. 1H-FY2011 Consolidated ResultsNote: All the following estimates are forward-looking statements based on a number of assumptions. Actual results may diffe substantially depending on a number of factors including but not limited to economic trends and exchange rates Unaudited figures are included in this material for reference. Amounts presented in this material are rounded off.1. Financial Statement Overview FY ending 6 Months 6 Months Mar/12 ended FY ended ended FY ended FY ended FY ended FY ended (projected) Sept/11 Mar/11 Sept/10 Mar/10 Mar/09 Mar/08 Mar/07(1) Operating Results Net Sales M. JPY 1,220,000 604,110 1,207,695 615,801 1,170,876 1,190,371 1,216,572 1,158,510 Gross profit M. JPY 412,000 206,823 402,978 209,220 385,298 357,247 359,597 330,459 Operating income M. JPY 71,000 42,594 69,374 41,762 64,034 40,827 60,523 63,800 Ordinary profit M. JPY 72,000 44,132 70,499 42,159 67,621 25,926 55,736 61,589 Net income M. JPY 38,000 25,715 30,400 17,632 16,646 -10,227 28,229 30,229 Earnings per share JPY 55.77 37.52 43.56 25.27 23.85 -14.65 41.94 46.70 Return on equity (ROE) 6.4% 5.0% 2.8% -1.7% 4.7% 5.5% Ratio of net income to total assets 3.6% 2.8% 1.6% -0.9% 2.6% 2.9% Ratio of operating income to net sales 5.8% 7.1% 5.7% 6.8% 5.5% 3.4% 5.0% 5.5% Ratio of ordinary income to net sales 5.9% 7.3% 5.8% 6.8% 5.8% 2.2% 4.6% 5.3%(2) Statement of Changes in Financial Position Total assets M. JPY 1,043,000 1,028,210 1,077,418 1,053,750 1,082,238 1,057,786 1,100,709 1,061,688 Net assets M. JPY 623,500 614,349 650,291 637,422 643,179 618,654 667,717 607,584 Shareholders equity M. JPY 578,000 574,883 608,191 597,458 602,769 585,234 628,325 563,446 Shareholders equity ratio 55.4% 55.9% 56.4% 56.7% 55.7% 55.3% 57.1% 53.1% Book value per share JPY 854.14 849.54 871.61 856.15 863.72 838.51 899.41 870.02(3) Summary of Cash Flow Statement Net cash provided by operating activities M. JPY 37,165 112,716 53,543 105,924 51,699 51,436 75,764 Net cash used in investing activities M. JPY -21,230 -45,882 -20,367 -63,327 -62,487 -28,292 -67,911 Net cash used in financing activities M. JPY -30,160 -25,893 -23,303 -18,011 -2,119 -17,592 -5,504 Cash and cash equivalents at end of period M. JPY 113,291 133,744 102,835 95,063 67,790 83,164 81,4862. Number of Consolidated Subsidiaries/Affiliates FY ending 6 Months 6 Months Mar/12 ended FY ended ended FY ended FY ended FY ended FY ended (projected) Sept/11 Mar/11 Sept/10 Mar/10 Mar/09 Mar/08 Mar/07Consolidated domestic subsidiaries 42 41 41 41 42 45 44 40Consolidated overseas subsidiaries 51 53 54 57 58 58 58 62 Sub-Total 93 94 95 98 100 103 102 102Domestic affiliates subject to equity method 4 4 4 4 4 4 4 5Overseas affiliates subject to equity method 6 6 6 6 6 6 6 8 Sub-Total 10 10 10 10 10 10 10 13Parent company 1 1 1 1 1 1 1 1 Total 104 105 106 109 111 114 113 1163. Foreign Exchange Information FY ending 6 Months 6 Months Mar/12 ended FY ended ended FY ended FY ended FY ended FY ended (projected) Sept/11 Mar/11 Sept/10 Mar/10 Mar/09 Mar/08 Mar/07JPY/US Dollar End of Period 77.0 76.65 83.15 83.82 93.04 98.23 100.19 118.05 Average 78.5 79.75 85.74 88.91 92.89 100.71 114.44 116.97JPY/Euro End of Period 106.0 104.11 117.57 114.24 124.92 129.84 158.19 157.33 Average 110.0 113.74 113.13 113.82 131.18 144.07 161.59 150.02JPY/THB End of Period 2.50 2.46 2.75 2.76 2.87 2.76 3.18 3.67 Average 2.60 2.64 2.75 2.78 2.75 2.96 3.64 3.21JPY/100IDR End of Period 0.9 0.88 0.96 0.95 1.03 0.86 1.09 1.30 Average 0.9 0.94 0.96 0.99 0.96 1.01 1.26 1.30JPY/BRL End of Period 43.0 41.65 51.05 49.28 52.47 42.61 56.65 57.23 Average 46.0 49.40 49.65 50.19 49.61 50.82 61.57 54.28JPY/RMB End of Period 12.0 12.00 12.68 12.52 13.69 14.48 14.22 15.25 Average 12.0 12.35 12.78 13.08 13.60 14.63 15.32 14.80 -1-
  • 2. November 4, 2011 Ajinomoto Co., Inc. 1H-FY2011 Consolidated Results4. Number of Employees FY ending 6 Months 6 Months Mar/12 ended FY ended ended FY ended FY ended FY ended FY ended (projected) Sept/11 Mar/11 Sept/10 Mar/10 Mar/09 Mar/08 Mar/07Parent Company 3,310 3,353 3,755 3,733 3,636 3,531(including expatriates) 4,186 4,206 4,175 4,181 4,088 4,027Consolidated Basis 28,084 27,799 27,215 26,869 25,893 24,7335. Interest-bearing Debts (in millions of JPY) As of Mar/12 As of As of As of As of As of As of As of (projected) Sept/11 Mar/11 Sept/10 Mar/10 Mar/09 Mar/08 Mar/07Short-term borrowings and debt 21,031 22,407 16,297 31,529 30,036 54,333 43,135Commercial paper - - - - - 5,000 -Bonds 69,990 69,989 69,989 69,988 84,987 50,000 70,000Long-term debt 38,376 40,994 43,178 46,384 34,378 34,996 38,088 Total 129,398 133,391 129,465 147,902 149,402 144,330 151,223Cash and deposits with bank 117,494 141,801 105,212 97,866 69,569 80,816 81,958 Net 11,904 -8,410 24,253 50,035 79,832 63,514 69,2656. Depreciation (in 100 mil of JPY) FY ending 6 Months 6 Months Mar/12* ended FY ended ended FY ended FY ended FY ended FY ended (projected) Sept/11* Mar/11 Sept/10 Mar/10 Mar/09 Mar/08 Mar/07(1) Parent company 142 67 156 77 183 172 173 143 Subsidiaries 357 155 356 181 376 383 390 317 Adjustment - -5 -14 -1 -5 -3 -11 -9 Total 499 218 498 257 554 552 552 451(2) By business segment Domestic Food Products 136 64 137 68 150 160 120 88 Overseas Food Products 109 40 100 52 104 32 34 33 Bioscience Products & Fine Chemicals 123 57 138 76 182 254 303 230 Pharmaceuticals 38 18 36 17 37 36 34 35 Business Tie-Ups - - - 0 - - - - Other Business 22 10 24 12 21 21 21 21 All Company 70 29 64 32 60 49 40 44 Total 499 218 498 257 554 552 552 451 *Post-reclassification basis.7. Capital Expenditure/Investment (in 100 mil of JPY) FY ending 6 Months 6 Months Mar/12* ended FY ended ended FY ended FY ended FY ended FY ended (projected) Sept/11* Mar/11 Sept/10 Mar/10 Mar/09 Mar/08 Mar/07(1) Parent company 114 32 78 38 106 174 174 207 Subsidiaries 506 177 394 135 336 413 461 571 Adjustment - 4 -13 -8 0 -4 -8 -14 Total 620 213 458 165 441 583 628 764(2) By business segment Domestic Food Products 139 34 108 34 101 151 210 213 Overseas Food Products 242 98 173 53 134 65 73 34 Bioscience Products & Fine Chemicals 151 52 101 47 115 278 270 446 Pharmaceuticals 36 11 30 9 37 33 32 23 Business Tie-Ups - - - 0 - - - - Other Business 17 9 17 7 22 12 12 18 All Company 35 9 29 15 33 45 31 30 Total 620 213 458 165 441 583 628 764 *Post-reclassification basis.8. R&D Expenditure (in 100 mil of JPY) FY ending 6 Months 6 Months Mar/12* ended FY ended ended FY ended FY ended FY ended FY ended (projected) Sept/11* Mar/11 Sept/10 Mar/10 Mar/09 Mar/08 Mar/07(1) Parent company 274 125 270 139 298 280 268 260 Subsidiaries 104 48 99 47 59 58 61 58 Total 379 173 369 186 356 338 329 318(2) By business segment Domestic Food Products 52 24 60 22 64 61 55 47 Overseas Food Products 33 15 28 13 22 4 3 3 Bioscience Products & Fine Chemicals 82 38 87 48 100 117 117 114 Pharmaceuticals 118 52 112 53 97 96 86 95 Business Tie-Ups - - - 0 - - - - Other Business 12 4 12 6 0 0 0 0 All Company 82 40 72 45 73 60 67 57 Total 379 173 369 186 356 338 328 318 *Post-reclassification basis. -2-
  • 3. November 4, 2011 Ajinomoto Co., Inc. 1H-FY2011 Consolidated Results9. Selling, G&A Expenses (in millions of JPY) FY ending 6 Months 6 Months Mar/12 ended FY ended ended FY ended FY ended FY ended FY ended (projected) Sept/11 Mar/11 Sept/10 Mar/10 Mar/09 Mar/08 Mar/07(1) Selling Expense Transportation 17,871 33,450 17,189 31,675 34,246 32,230 26,355 Advertisement 15,824 33,628 17,353 34,213 31,276 33,301 31,157 Sales commission 30,938 62,089 31,664 58,560 59,974 52,559 43,629 Miscellaneous 10,866 23,809 11,357 23,607 21,814 22,289 18,589 Total 75,502 152,978 77,566 148,056 147,311 140,381 119,731(2) General and Administrative Expenses Salaries 22,289 42,981 21,333 42,847 41,580 38,018 34,905 Bonuses and other allowances 9,270 17,898 9,071 16,938 15,625 15,456 13,533 Periodic pension and severance cost 4,021 9,484 5,145 8,365 7,022 5,130 5,101 Depreciation expense 4,888 10,543 4,963 9,583 8,400 7,440 7,235 Amortization of goodwill 4,500 2,251 4,505 2,253 5,000 5,497 4,902 4,650 Other 46,006 95,212 47,124 90,472 90,983 87,744 81,502 Total 88,727 180,625 89,891 173,208 169,108 158,693 146,927 Total Selling, G&A expenses 341,000 164,229 333,604 167,457 321,264 316,420 299,074 266,65910. Non-Operating Income & Loss (in millions of JPY) FY ending 6 Months 6 Months Mar/12 ended FY ended ended FY ended FY ended FY ended FY ended (projected) Sept/11 Mar/11 Sept/10 Mar/10 Mar/09 Mar/08 Mar/07(1) Non-Operating Income Interest income 904 1,232 485 1,162 1,046 1,326 1,784 Dividend income 562 939 573 1,012 953 1,359 825 Equity in earnings of affiliates 1,048 2,990 1,473 3,461 2,524 3,541 3,920 Exchange gains - - - 2,639 - - - Other 1,494 2,250 1,985 2,656 2,706 5,736 4,606 Total 4,010 7,411 4,519 10,931 7,230 11,962 11,137(2) Non-Operating Expense Interest expense 1,087 2,440 1,308 3,468 4,774 4,751 5,008 Exchange losses - 205 853 - 12,429 - - Other 1,385 3,639 1,959 3,876 4,927 11,998 8,340 Total 2,472 6,286 4,122 7,344 22,131 16,750 13,34811. Extraordinary Items (in millions of JPY) FY ending 6 Months 6 Months Mar/12 ended FY ended ended FY ended FY ended FY ended FY ended (projected) Sept/11 Mar/11 Sept/10 Mar/10 Mar/09 Mar/08 Mar/07(1) Extraordinary Gains Gain on prior period adjustment - - - 1,322 - - - Gain on sales of fixed assets - - 179 - 799 4,489 373 Gain on sales of investment securities 332 912 220 - 23 804 4,093 Gain on sales of investments in affiliates - - - - 437 3,290 1,199 Reversal of accrued expense on contract - - - 1,437 - - - Cancellation money - - - - 560 - - Other 182 2,308 332 609 2,868 1,216 1,324 Total 515 3,220 731 3,368 4,688 9,801 6,990(2) Extraordinary Losses Loss on disposal of fixed assets - - - 4,536 3,401 2,544 7,725 Impairment losses - 8,503 - 14,325 18,838 125 1,769 Loss on sales of fixed assets 723 - 49 - - - - Loss on devaluation of securities 9 7,416 8,028 - 799 84 121 Retirement benefit expenses - - - - 343 1,427 303 Loss on devaluation of investments in affiliates - - - - 257 905 251 Loss on liquidation of affiliates - - - - - 4,137 22 Loss from natural disaster 1,313 3,231 - - - - Other 1,406 6,123 2,636 7,337 3,718 4,462 2,665 Total 3,452 25,275 10,714 26,198 27,359 13,687 12,859 -3-
  • 4. November 4, 2011 Ajinomoto Co., Inc. 1H-FY2011 Consolidated Results12. Information by Business segmentBusiness Segment from FY ending Mar/12 (Post-reclassification of products*) (in millions of JPY) FY ending 6 Months 6 Months Mar/12 ended FY ended ended FY ended FY ended (projected) Sept/11 Mar/11 Sept/10 Mar/10 Mar/09Domestic Food Products Sales to external customers 444,600 221,539 437,838 224,713 436,021 453,436 Y/Y % 102% 99% 100% - 96% - Operating income 29,900 18,327 26,506 14,581 24,311 14,407 Y/Y % 113% 126% 109% - 169% -Overseas Food Products Sales to external customers 235,000 114,976 231,990 115,293 214,613 199,038 Y/Y % 101% 100% 108% - 108% - Operating income 21,600 11,591 26,837 15,144 25,465 11,197 Y/Y % 80% 77% 105% - 227% -Bioscience Products & Fine Chemicals Sales to external customers 201,800 98,630 198,291 100,271 193,553 199,734 Y/Y % 102% 98% 102% - 97% - Operating income 11,600 6,309 8,685 6,545 5,252 5,072 Y/Y % 134% 96% 165% - 104% -Pharmaceuticals Sales to external customers 83,700 41,344 82,645 41,932 82,594 85,751 Y/Y % 101% 99% 100% - 96% - Operating income 8,100 5,494 7,940 5,133 12,353 14,526 Y/Y % 102% 107% 64% - 85% -Business Tie-Ups Sales to external customers 183,000 90,808 184,574 94,585 180,435 189,520 Y/Y % 99% 96% 102% - 95% - Operating income 1,600 810 1,594 828 1,648 1,784 Y/Y % 100% 98% 97% - 92% -Other Business Sales to external customers 71,900 36,811 72,354 39,004 63,657 62,890 Y/Y % 99% 94% 114% - 101% - Operating income -1,800 61 -2,190 -469 -4,996 -6,160 Y/Y % 82% - 44% - 81% -Consolidated, Total Net Sales 1,220,000 604,110 1,207,695 615,801 1,170,876 1,190,371 Y/Y % 101% 98% 103% 105% 98% 98% Operating income 71,000 42,594 69,374 41,762 64,034 40,827 Y/Y % 102% 102% 108% 126% 157% 67%* Change of product classification: Domestic retail sweetner: from Domestic Food Products to Bioscience Products & Fine Chemicals amino VITAL : from Domestic Food Products to Other Business "Adjustments": allocated to each business segmen -4-
  • 5. November 4, 2011 Ajinomoto Co., Inc. 1H-FY2011 Consolidated ResultsBusiness Segment from FY ended Mar/11 (Pre-reclassification of products**) (in millions of JPY) 6 Months FY ended ended FY ended FY ended FY ended Mar/11 Sept/10 Mar/10 Mar/09 Mar/08Domestic Food Products Sales to external customers 447,150 230,041 444,014 462,415 455,571 Y/Y % 101% 101% 96% 102% - Operating income 29,669 16,261 27,024 19,180 17,068 Y/Y % 110% 128% 141% 112% -Overseas Food Products Sales to external customers 231,990 115,293 214,613 199,038 201,602 Y/Y % 108% 111% 108% 99% - Operating income 30,223 16,738 28,376 14,937 14,189 Y/Y % 107% 103% 190% 105% -Bioscience Products & Fine Chemicals(Former amino acids) Sales to external customers 194,335 98,412 189,597 195,880 238,532 Y/Y % 102% 109% 97% 82% - Operating income 9,361 6,854 5,828 6,780 20,707 Y/Y % 161% - 86% 33% -Pharmaceuticals Sales to external customers 82,645 41,932 82,594 85,751 84,074 Y/Y % 100% 102% 96% 102% - Operating income 8,623 5,477 12,744 15,278 14,947 Y/Y % 68% 89% 83% 102% -Business Tie-Ups (New segment) Sales to external customers 184,574 94,585 180,435 189,520 176,364 Y/Y % 102% 103% 95% 107% - Operating income 2,015 1,031 2,027 2,236 2,071 Y/Y % 99% 100% 91% 108% -Other Business Sales to external customers 66,998 35,536 59,620 57,764 60,427 Y/Y % 112% 119% 103% 96% - Operating income -538 336 -3,483 -4,372 -1,407 Y/Y % 15% - 80% 311% -Adjustments(Former Corporate and eliminations) Sales - - - - - Operating income -9,981 -4,937 -8,484 -13,213 -7,054Consolidated, Total Net Sales 1,207,695 615,801 1,170,876 1,190,371 1,216,572 Y/Y % 103% 105% 98% 98% 105% Operating income 69,374 41,762 64,034 40,827 60,523 Y/Y % 108% 126% 157% 67% 95%** Change of product classification: Health and Nutrition Business: from Domestic Food Products to Other Business Edible oils and Coffee products: from Domestic Food Products to Business Tie-Ups Nutritional foods: from Amino Acids to Other Business Medical foods: from Pharmaceuticals to Other Business -5-
  • 6. November 4, 2011 Ajinomoto Co., Inc. 1H-FY2011 Consolidated ResultsBusiness Segment until FY ended Mar/10 (Pre-reclassification of products) (in millions of JPY) FY ended FY ended FY ended FY ended Mar/10 Mar/09 Mar/08 Mar/07Domestic Food Products Sales to external customers 626,890 653,921 632,719 617,172 Y/Y % 96% 103% 103% - Operating income 24,571 16,995 15,746 27,705 Y/Y % 145% 108% 57% -Overseas Food Products Sales to external customers 214,613 199,037 201,601 171,130 Y/Y % 108% 99% 118% - Operating income 28,376 14,944 14,243 14,294 Y/Y % 190% 105% 100% -Amino Acids Sales to external customers 190,163 196,632 239,950 228,010 Y/Y % 97% 82% 105% - Operating income 4,208 6,057 19,860 10,842 Y/Y % 69% 30% 183% -Pharmaceuticals Sales to external customers 82,594 85,751 84,074 83,325 Y/Y % 96% 102% 101% - Operating income 11,594 13,653 14,947 15,774 Y/Y % 85% 91% 95% -Other Sales to external customers 56,614 55,028 58,226 58,870 Y/Y % 103% 95% 99% - Operating income 3,767 2,409 2,805 2,874 Y/Y % 156% 86% 98% -Corporate and Eliminations Sales - - - - Operating income -8,484 -13,232 -7,081 -7,691Consolidated, Total Net Sales 1,170,876 1,190,371 1,216,572 1,158,510 Y/Y % 98% 98% 105% 105% Operating income 64,034 40,827 60,523 63,800 Y/Y % 157% 67% 95% 106% -6-
  • 7. November 4, 2011 Ajinomoto Co., Inc. 1H-FY2011 Consolidated Results13. Information by Geographic segmentGeographic Segment from FY ending Mar/12 (Post-reclassification of products*) (in millions of JPY) FY ending 6 Months 6 Months Mar/12 ended FY ended ended FY ended FY ended (projected) Sept/11 Mar/11 Sept/10 Mar/10 Mar/09Japan Sales to external customers 833,800 413,106 830,810 428,304 812,456 843,395 Y/Y % 100% 96% 102% 104% 96% 101% Operating income 34,800 23,760 32,269 19,638 30,312 24,667 Y/Y % 108% 121% 106% 135% 109% 87%Asia Sales to external customers 180,500 89,207 174,836 86,878 159,795 151,063 Y/Y % 103% 103% 109% 111% 106% 95% Operating income 21,800 11,486 21,226 12,704 21,734 10,922 Y/Y % 103% 90% 98% 104% 163% 120%America Sales to external customers 116,600 57,790 113,556 57,056 105,437 106,511 Y/Y % 103% 101% 108% 114% 99% 97% Operating income 9,300 3,764 7,551 4,884 5,875 5,779 Y/Y % 123% 77% 129% 213% 98% 92%Europe Sales to external customers 89,100 44,005 88,491 43,561 93,187 89,400 Y/Y % 101% 101% 95% 99% 104% 78% Operating income 5,100 3,583 8,327 4,534 6,112 -542 Y/Y % 61% 79% 136% 176% 454% 27%Consolidated, Total Sales to external customers 1,220,000 604,110 1,207,695 615,801 1,170,876 1,190,371 Y/Y % 101% 98% 103% 105% 98% 98% Operating income 71,000 42,594 69,374 41,762 64,034 40,827 Y/Y % 102% 102% 108% 126% 157% 67%* From the fiscal year ending March 31, 2012, administrative division expenses, expenses associated with some research facilities, etc., are allocated to eachgeographic segment instead of “Other”.Geographic Segment until FY ended Mar/11 (Pre-reclassification of products**) (in millions of JPY) 6 Months FY ended ended FY ended FY ended FY ended FY ended Mar/11 Sept/10 Mar/10 Mar/09 Mar/08 Mar/07Japan** Sales to external customers 830,810 428,304 812,456 843,395 832,330 813,769 Y/Y % 102% 104% 96% 101% 102% 101% Operating income 32,522 20,162 29,353 26,913 31,027 43,130 Y/Y % 111% 135% 109% 87% 72% 99%Asia Sales to external customers 174,836 86,878 159,795 151,063 159,232 134,802 Y/Y % 109% 111% 106% 95% 118% 114% Operating income 26,371 15,308 26,164 16,042 13,390 11,024 Y/Y % 101% 104% 163% 120% 121% 199%America Sales to external customers 113,556 57,056 105,437 106,511 109,886 92,598 Y/Y % 108% 114% 99% 97% 119% 121% Operating income 10,314 6,261 8,458 8,621 9,408 5,577 Y/Y % 122% 213% 98% 92% 169% 128%Europe Sales to external customers 88,491 43,561 93,187 89,400 115,123 117,338 Y/Y % 95% 99% 104% 78% 98% 109% Operating income 10,458 5,599 8,071 1,777 6,696 4,067 Y/Y % 130% 176% 454% 27% 165% 61%Other ** Sales - - - - - - Operating income -10,293 -5,568 -8,014 -12,527 - -Consolidated, Total Sales to external customers 1,207,695 615,801 1,170,876 1,190,371 1,216,572 1,158,510 Y/Y % 103% 105% 98% 98% 105% 105% Operating income 69,374 41,762 64,034 40,827 60,523 63,800 Y/Y % 108% 126% 157% 67% 95% 106%** From the fiscal year ended March 31, 2009, administrative division expenses, expenses associated with some research facilities, etc., are included in“Other” instead of “Japan” . -7-