Consolidated Results forthe Fiscal Year Ended March 31, 2012 (FY2011)             1. Overview             2. Financial Pos...
1. (1) Overview of Results                                                                                                ...
1. (2) Comments on Results for FY2011                       Although net sales decreased, operating income rose to record ...
1. (3) Comments on Results for FY2011                                                                                     ...
2. Financial Position                        (¥ Billion)              ¥19.6 billion increase in total assets from March 31...
3. (1) Change by Business Segment   Net sales                                                                             ...
3. (2) Domestic Food Products                                                                                             ...
3. (3) Overseas Food Products                                                                                             ...
3. (4) Bioscience Products & Fine Chemicals                                                                               ...
3. (5) Pharmaceuticals                                                                                                    ...
3. (6) Business Tie-Ups and Other Business                                                                                ...
3. (7) Net Sales by Business &                             Geographical AreaUpper row: FY2011; Lower row: FY2010.Figures i...
3. (8) Operating Income by Business &                             Geographical Area                                       ...
3. (9) Comments on Operating Income by                         Business & Geographical AreaFY2011 Change Compared with FY2...
Forward-looking statements, such as business performance forecasts,made in these materials are based on management’s estim...
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Ajinomoto fy11 results_e

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Ajinomoto fy11 results_e

  1. 1. Consolidated Results forthe Fiscal Year Ended March 31, 2012 (FY2011) 1. Overview 2. Financial Position 3. Segment Information May 9, 2012 Ajinomoto Co., Inc. Hiromichi Ohno Member of the Board and Corporate Vice President Ajinomoto Co., Inc. Copyright © 2012 Ajinomoto Co., Inc. All rights reserved.
  2. 2. 1. (1) Overview of Results (¥ Billion) FY2011 vs. Jan.-Mar. Jan.-Mar. FY2011 YoY Change (Nov. 4 Revised YoY Change FY2010 Forecast 2012 2011 Forecast) (A) Amount % (B) (A)/(B) Amount %Net sales 1,197.3 1,207.7 -10.4 -1% 1,220.0 98% 283.4 277.9 5.5 2% Domestic Food Products 438.4 437.8 0.6 0% 444.6 99% 98.8 96.3 2.5 3% Overseas Food Products 230.5 232.0 -1.4 -1% 235.0 98% 57.9 56.5 1.4 2% Bioscience Products & 198.0 198.3 -0.3 - 0% 201.8 98% 52.2 50.1 2.1 4% Fine Chemicals Pharmaceuticals 77.9 82.6 -4.7 -6% 83.7 93% 16.9 19.2 -2.3 -12% Business Tie-Ups 182.8 184.6 -1.7 -1% 183.0 100% 41.8 40.1 1.7 4% Other Business 69.6 72.4 -2.8 -4% 71.9 97% 15.9 15.7 0.2 1%Operating income 72.6 69.4 3.2 5% 71.0 102% 5.7 3.7 2.1 56% Domestic Food Products 31.7 26.5 5.2 20% 29.9 106% 0.4 -0.1 0.5 - Overseas Food Products 21.5 26.8 -5.3 -20% 21.6 100% 3.5 4.0 -0.4 -11% Bioscience Products & 12.2 8.7 3.5 40% 11.6 105% 2.8 0.3 2.5 815% Fine Chemicals Note: Pharmaceuticals 6.5 7.9 -1.5 -18% 8.1 80% -0.5 0.1 -0.6 - From the year ended March 31, 2012, product Business Tie-Ups 1.6 1.6 0.0 1% 1.6 101% 0.4 0.4 0.0 -5% classifications to business segments have been Other Business -0.9 -2.2 1.3 - -1.8 52% -0.9 -1.0 0.1 - reclassified as follows.Ordinary income 75.9 70.5 5.4 8% 72.0 105% 6.0 3.6 2.3 65%Net income 41.8 30.4 11.4 37% 38.0 110% -0.2 -2.2 2.0 - * Domestic sweeteners retail: From “SeasoningsExchange rate JPY/USD 79.08 85.74 78.5 and processed foods” in Domestic Food JPY/EUR 109.02 113.13 110.0 Products ” to “Amino acids” in BioscienceNote: Jan.-Mar. results are the difference between Apr.-Mar. results and Apr.-Dec. results (for this and all following slides). Products & Fine Chemicals* All-company adjustment<Reference> (¥ Billion) * Domestic amino VITAL: From “Seasonings and FY2011 vs. processed foods” in Domestic Food Products toOperating income FY2011 FY2010 YoY Change Jan.-Mar. Jan.-Mar. YoY Change (Nov. 4 Revised Forecast Other Business Forecast) (A) Amount % (A)/(B) 2012 2011 Amount % (B) * Adjustments allocated to each businessNet sales segment Feed-Use Amino Acids 86.5 80.9 5.6 7% 83.1 104% 21.5 20.6 0.9 4% Others 1,110.8 1,126.8 -16.0 -1% 1,136.9 98% 261.9 257.3 4.6 2%Operating income Results for the year ended March 31, 2011 have Feed-Use Amino Acids 11.3 9.9 1.4 14% 10.1 112% 2.5 2.1 0.4 20% been restated to reflect these changes (for this Others 61.3 59.4 1.8 3% 60.9 101% 3.2 1.6 1.6 103% and all following slides). Copyright © 2012 Ajinomoto Co., Inc. All rights reserved. 1
  3. 3. 1. (2) Comments on Results for FY2011 Although net sales decreased, operating income rose to record high due to improved cost of sales ratio, reduced SG&A expenses, etc. Primarily, Domestic Food Products exceeded expectations, and operating income surpassed revised forecast. Net income also surpassed revised forecast, with insurance income for Thailand floods, etc.Net sales / Operating income (¥ Billion) vs. YoY Jan.-Mar. YoY FY2011 Forecast Change 2012 Change 1,197.3 98% -1% Net sales 283.4 2% 793.5 - -1% Cost of sales 192.2 1% 331.2 - -1% SG&A 85.4 1% 72.6 102% 5% Operating income 5.7 56%1. Impact of Exchange rate for currency translation exchange rate Full year: Sales -¥25.2 billion; operating income -¥3.2 billion (YoY) Q4: Sales -¥5.7 billion; operating income -¥0.6 billion Exchange rate for trade of main overseas subsidiaries Full year: Sales approx. -¥4.0 billion; operating income approx. -¥1.5 billion Q4: Sales approx. ¥0.0 billion; operating income approx. ¥0.5 billion2. Impact of Full year: Fermentation raw materials and fuel prices approx. -¥13.8 billion raw material & Domestic food products raw materials approx. -¥3.2 billion fuel prices Q4: Fermentation raw materials and fuel prices approx. -¥1.2 billion (YoY) Domestic food products raw materials approx. -¥0.7 billion3. Cost reductions Full year: Fermentation ingredients approx. -¥0.3 billion (YoY) Domestic food products approx. ¥2.6 billion Pharmaceuticals approx. ¥0.4 billion Q4: Domestic food products approx. ¥0.4 billion Pharmaceuticals approx. -¥0.2 billion (-: Cost increase) Copyright © 2012 Ajinomoto Co., Inc. All rights reserved. 2
  4. 4. 1. (3) Comments on Results for FY2011 < FY2011 > ( )= YoY change < FY2011 > ( )= YoY changeOrdinary income * Interest received * Interest received (¥ Billion) ¥1.8 billion (¥0.6 billion increase) ¥1.8 billion (¥0.6 billion increase) * Equity in earnings of affiliates vs. YoY Jan.-Mar. YoY * Equity in earnings of affiliates ¥2.4 billion (¥0.6 billion decrease)FY2011 ¥2.4 billion (¥0.6 billion decrease) Forecast Change 2012 Change * Interest expense * Interest expense Non-operating ¥2.2 billion (¥0.3 billion decrease) 3.3 - 196% 0.2 - ¥2.2 billion (¥0.3 billion decrease) income (net) < Q4 > ( )=YoY change < Q4 > ( )=YoY change * None 75.9 105% 8% Ordinary income 6.0 65% * None < FY2011 > ( )= YoY change < FY2011 > ( )= YoY change * Insurance income * Insurance income ¥6.0 billion (¥5.8 billion increase) ¥6.0 billion (¥5.8 billion increase) * Loss on disposal of fixed assets * Loss on disposal of fixed assetsNet income (¥ Billion) ¥3.3 billion (¥2.0 billion increase) ¥3.3 billion (¥2.0 billion increase) * Impairment losses * Impairment losses vs. YoY Jan.-Mar. YoY ¥1.1 billion (¥7.4 billion decrease)FY2011 ¥1.1 billion (¥7.4 billion decrease) Forecast Change 2012 Change * Loss on devaluation of securities * Loss on devaluation of securities ¥0.6 billion (¥6.8 billion decrease) 7.1 - 120% Extraordinary gains 3.0 134% ¥0.6 billion (¥6.8 billion decrease) * Loss from natural disaster 10.9 - -57% Extraordinary losses 3.8 -75% * Loss from natural disaster ¥3.8 billion (¥0.5 billion increase) ¥3.8 billion (¥0.5 billion increase) 24.5 - 95% Income taxes etc. 4.1 - < Q4> ( )=YoY change < Q4> ( )=YoY change 5.8 - 6% Minority interests 1.3 46% * Insurance income * Insurance income 41.8 110% 37% Net income -0.2 - ¥2.9 billion (¥2.7 billion increase) ¥2.9 billion (¥2.7 billion increase) * Restatement of loss on devaluation of securities * Restatement of loss on devaluation of securities ¥0.2 billion ¥0.2 billion (FY10 Q4: Loss on devaluation of securities (FY10 Q4: Loss on devaluation of securities ¥1.0 billion) ¥1.0 billion) * Loss from natural disaster * Loss from natural disaster ¥0.4 billion (¥2.8 billion decrease) ¥0.4 billion (¥2.8 billion decrease) Copyright © 2012 Ajinomoto Co., Inc. All rights reserved. 3
  5. 5. 2. Financial Position (¥ Billion) ¥19.6 billion increase in total assets from March 31, 2011:Mar. 31, 2012: Total assets 1,097.1 * Increase in inventories, notes and accounts receivable and cash on hand and in banks Current Liabilities * Decrease due to translation of overseas subsidiaries’ balance assets 446.9 sheets into yen 542.4 Cash Flow (¥ Billion) Net Fixed assets FY2011 FY2010 Change assets 650.2 1. CF from operating activities 93.3 112.7 -19.4 554.7 2. CF from investing activities -41.7 -45.9 4.2 Incl. Minority 44.8 3. CF from financing activities -37.5 -25.9 -11.6 interests 4. Cash and cash equivalents 146.6 133.7 12.9Mar. 31, 2011: Total assets 1,077.4 FCF(1+2) 51.6 66.8 -15.2 *Cash out is shown with -. Current Liabilitie Liabilities Capital expenditures 56.8 45.8 11.0 assets s 427.1 427.1 Depreciation and amortization 43.7 49.8 -6.1 516.4 Interest-bearing Debt Net (¥ Billion) Fixed assets assets M ar. 2012 M ar. 2011 Change 650.3 561.0 130.0 133.4 -3.4 Incl. Minority 42.1 interests Copyright © 2012 Ajinomoto Co., Inc. All rights reserved. 4
  6. 6. 3. (1) Change by Business Segment Net sales (¥ Billion) 1,207.7 CurrencyFY2010 +0.6 translationDomestic Food Products Effect of Currency Translation -1.4Overseas Food ProductsBioscience Products & Fine Chemicals Overseas Food Products: -15.7 -0.3 Bioscience Products &Pharmaceuticals Fine Chemicals: -8.0 -4.7Business Tie-Ups -1.7Other Business -2.8FY2011 1,197.3 (-10.4) -25.2 Operating incomeFY2010 69.4Domestic Food Products +5.2 Effect of Currency Translation -5.3Overseas Food Products Overseas Food Products: -2.2 +3.5Bioscience Products & Fine Chemicals Bioscience Products &Pharmaceuticals Fine Chemicals: -0.8 -1.5Business Tie-Ups +0.0Other Business +1.3FY2011 72.6 (+3.2) -3.2 Copyright © 2012 Ajinomoto Co., Inc. All rights reserved. 5
  7. 7. 3. (2) Domestic Food Products (¥ Billion) <Reference> vs. YoY Jan.-Mar. Jan.-Mar. YoYFY2011 FY2010 Forecast Change 2012 2011 Change 438.4 99% 437.8 0.6 Net sales 98.8 96.3 2.5 221.5 - 219.9 1.6*1 Seasonings & processed foods 50.6 47.6 3.0 111.7 - 109.5 2.2*2 Froze n foods 27.1 26.7 0.4 105.2 - 108.4 -3.2*3 Be ve ra ge s ("Ca lpis") 21.0 21.9 -0.9 31.7 106% 26.5 5.2*4 Operating income 0.4 -0.1 0.5 7.4 - 7.1 0.3 Froze n foods 0.7 1.3 -0.5 5.6 - 4.8 0.8 Be ve ra ge s ("Ca lpis") -1.3 -0.8 -0.5 Sha re d com panyw ide -8.9 97% -8.5 -0.4 e xpe nse s -2.2 -1.9 -0.2*1 Increase in total sales as sales of home-use and restaurant-use seasonings and processed foods increased *1 Increase in total sales as sales of home-use and restaurant-use seasonings and processed foods increased year on year, despite lower sales of seasonings for processed food mfrs. and gift business, etc. year on year, despite lower sales of seasonings for processed food mfrs. and gift business, etc.*2 Increase in sales due to sales volume growth of home-use products from market expansion and strengthened *2 Increase in sales due to sales volume growth of home-use products from market expansion and strengthened promotions, higher unit prices, sales growth in North America, etc. promotions, higher unit prices, sales growth in North America, etc.*3 Decrease in sales due to the end of aa certain contract manufacturing business, despite growth in sales of *3 Decrease in sales due to the end of certain contract manufacturing business, despite growth in sales of functional foods and drinks and core Calpis products. functional foods and drinks and core Calpis products.*4 Increase in income due to lower sales overhead as aa result of post-earthquake reduction in promotional *4 Increase in income due to lower sales overhead as result of post-earthquake reduction in promotional activities, increase in sales of core products, cost reductions, etc. activities, increase in sales of core products, cost reductions, etc. Copyright © 2012 Ajinomoto Co., Inc. All rights reserved. 6
  8. 8. 3. (3) Overseas Food Products (¥ Billion) <Reference> vs. YoY Jan.-Mar. Jan.-Mar. YoY FY2011 FY2010 Forecast Change 2012 2011 Change 230.5 98% 232.0 -1.4 Net sales 57.9 56.5 1.4 183.5 - 177.6 5.9 *1 Consumer foods 46.1 43.4 2.7 Umami seasonings for 47.1 - 54.4 -7.3 *2 processed food mfrs. 11.8 13.1 -1.3 21.5 100% 26.8 -5.3 *3 Operating income 3.5 4.0 -0.4 Shared companywide -6.7 96% -6.3 -0.4 expenses -1.7 -1.7 - 0.0[Effect of currency translation] (FY2011): Net sales -¥15.7 billion; operating income -¥2.2 billion (Q4): Net sales -¥3.0 billion; operating income -¥0.3 billion*1 Increase in sales due to higher sales volume in flavor seasonings and processed foods, price increases *1 Increase in sales due to higher sales volume in flavor seasonings and processed foods, price increases for umami seasoning AJI-NO-MOTO and other products, etc., despite negative effect of currency for umami seasoning AJI-NO-MOTO and other products, etc., despite negative effect of currency translation. translation.*2 Decrease in sales due to factors including lower sales volume of AJI-NO-MOTO and aa weakening market *2 Decrease in sales due to factors including lower sales volume of AJI-NO-MOTO and weakening market price for nucleotides, as well as negative effect of currency translation, etc. price for nucleotides, as well as negative effect of currency translation, etc.*3 Decrease in income due to worsening profitability resulting from higher raw material and fuel prices and *3 Decrease in income due to worsening profitability resulting from higher raw material and fuel prices and lower sales of umami seasonings for processed food mfrs., etc. lower sales of umami seasonings for processed food mfrs., etc. Reference (vs. previous year): Reference (vs. previous year): Consumer foods +¥0.6 billion; umami seasonings for processed food mfrs. -¥6.1 billion Consumer foods +¥0.6 billion; umami seasonings for processed food mfrs. -¥6.1 billion Copyright © 2012 Ajinomoto Co., Inc. All rights reserved. 7
  9. 9. 3. (4) Bioscience Products & Fine Chemicals <R eference> (¥ Billion) vs. YoY Jan.-Mar. Jan.-Mar. YoY FY2011 FY2010 Forecast Change 2012 2011 Change 198.0 98% 198.3 -0.3 Ne t sale s 52.2 50.1 2.1 86.5 104% 80.9 5.6 *1 Fe e d-use a m ino a cids 21.5 20.6 0.9 66.2 - 69.6 -3.4 *2 Am ino a cids 19.3 17.8 1.4 39.7 - 42.4 -2.7 *3 Spe cia lty che m ica ls 9.9 10.0 -0.1 12.2 105% 8.7 3.5 *4 O pe rating income 2.8 0.3 2.5 11.3 112% 9.9 1.4 Fe e d-use a m ino a cids 2.5 2.1 0.4 2.5 - 0.8 1.8 Am ino a cids 1.1 -0.5 1.6 7.3 - 9.7 -2.4 Spe cia lty che m ica ls 1.8 2.0 -0.2 Sha re d com pa nyw ide -5.1 97% -4.8 -0.2 e x pe nse s -1.5 -1.2 -0.2[Effect of currency translation] (FY2011): Net sales -¥8.0 billion; operating income -¥0.8 billion (Q4): Net sales -¥2.4 billion; operating income -¥0.2 billion*1 Increase in sales as higher sales volume and unit prices of Lysine, etc. offset negative effect of currency translation. *1 Increase in sales as higher sales volume and unit prices of Lysine, etc. offset negative effect of currency translation.*2 Overall negative effect of currency translation. Amino acids for pharmaceuticals and foods -¥2.3 billion; *2 Overall negative effect of currency translation. Amino acids for pharmaceuticals and foods -¥2.3 billion; pharmaceutical fine chemicals +¥1.2 billion; sweeteners -¥2.4 billion. Increase in sales in Q4 due to concentration of pharmaceutical fine chemicals +¥1.2 billion; sweeteners -¥2.4 billion. Increase in sales in Q4 due to concentration of shipments of pharmaceutical fine chemicals. shipments of pharmaceutical fine chemicals.*3 Increase in sales of cosmetics and cosmetic ingredients, but decrease in sales of chemicals. Electronic materials sales *3 Increase in sales of cosmetics and cosmetic ingredients, but decrease in sales of chemicals. Electronic materials sales decreased year on year due to a slowdown in PC market growth and market inventory adjustments, but Q4 sales decreased year on year due to a slowdown in PC market growth and market inventory adjustments, but Q4 sales remained at level of same period of previous year. remained at level of same period of previous year.*4 Increase in income as factors including improved cost of sales ratio for amino acids for pharmaceuticals and foods, *4 Increase in income as factors including improved cost of sales ratio for amino acids for pharmaceuticals and foods, transfer of research expenses related to companywide strategic themes to another department and increased income transfer of research expenses related to companywide strategic themes to another department and increased income from feed-use amino acids offset lower income from specialty chemicals, etc. from feed-use amino acids offset lower income from specialty chemicals, etc. Reference (vs. previous year): Within amino acids, amino acids for pharmaceuticals and foods +¥2.3 billion; Reference (vs. previous year): Within amino acids, amino acids for pharmaceuticals and foods +¥2.3 billion; pharmaceutical fine chemicals +¥0.6 billion; sweeteners -¥1.2 billion pharmaceutical fine chemicals +¥0.6 billion; sweeteners -¥1.2 billion Copyright © 2012 Ajinomoto Co., Inc. All rights reserved. 8
  10. 10. 3. (5) Pharmaceuticals <Reference> (¥ Billion) vs. YoY Jan.-Mar. Jan.-Mar. YoY FY2011 FY2010 Forecast Change 2012 2011 Change 77.9 93% 82.6 -4.7 *1 Net sales 16.9 19.2 -2.3 6.5 80% 7.9 -1.5 *2 Operating income -0.5 0.1 -0.6 Shared companywide -1.8 95% -1.8 0.0 expenses -0.4 -0.4 0.0*1 Decrease in sales of self-distributed products due to effect of reduced purchasing in Q4 ahead of NHI drug *1 Decrease in sales of self-distributed products due to effect of reduced purchasing in Q4 ahead of NHI drug price revisions, etc. Sales of products sold through business tie-ups were flat due to tough sales price revisions, etc. Sales of products sold through business tie-ups were flat due to tough sales conditions, although royalty income increased. conditions, although royalty income increased. Sales based on AJINOMOTO PHARMACEUTICALS CO., LTD. estimated drug prices Sales based on AJINOMOTO PHARMACEUTICALS CO., LTD. estimated drug prices (% == YoY change from previous year): (% YoY change from previous year): LIVACT ¥15.6 billion (-1%) ATELEC ¥17.0 billion (-3%) LIVACT ¥15.6 billion (-1%) ATELEC ¥17.0 billion (-3%) ELENTAL ¥¥ 7.8 billion (-2%) 7.8 billion ACTONEL ¥14.1 billion (-3%) ELENTAL (-2%) ACTONEL ¥14.1 billion (-3%) CARBOSTAR ¥¥ 5.2 billion (+23%) 5.2 billion (+23%) FASTIC ¥¥ 3.9 billion (-25%) CARBOSTAR FASTIC 3.9 billion (-25%) SOLITA-T SOLITA-T ¥¥ 4.3 billion (-5%) 4.3 billion (-5%)*2 Decrease in income as cost reductions, lower overhead, etc. did not offset decrease in sales. *2 Decrease in income as cost reductions, lower overhead, etc. did not offset decrease in sales. Copyright © 2012 Ajinomoto Co., Inc. All rights reserved. 9
  11. 11. 3. (6) Business Tie-Ups and Other Business <Reference> (¥ Billion) vs. YoY Jan.-Mar. Jan.-Mar. YoY FY2011 FY2010 Forecast Change Business Tie-Ups 2012 2011 Change 182.8 100% 184.6 -1.7 Net sales 41.8 40.1 1.7 43.5 - 46.0 -2.5 *1 Edible oils 10.1 9.0 1.1 139.3 - 138.6 0.8 *2 Coffee products 31.7 31.1 0.6 1.6 101% 1.6 0.0 Operating income 0.4 0.4 - 0.0 Shared companyw ide -0.5 91% -0.4 - 0.0 expenses -0.1 -0.1 - 0.0*1 Decrease in sales due to lower sales volume. Increase in Q4 sales due to rebound from reduced sales *1 Decrease in sales due to lower sales volume. Increase in Q4 sales due to rebound from reduced sales resulting from price increases in previous year and low post-earthquake sales in same period of previous year. resulting from price increases in previous year and low post-earthquake sales in same period of previous year.*2 Increase in sales due to higher sales volume of stick-type mixed coffee, etc., despite curtailed production of *2 Increase in sales due to higher sales volume of stick-type mixed coffee, etc., despite curtailed production of liquid coffee, etc. after the earthquake. liquid coffee, etc. after the earthquake. <Reference> (¥ Billion) vs. YoY Jan.-Mar. Jan.-Mar. YoY FY2011 FY2010 Forecast Change Other Business 2012 2011 Change 69.6 97% 72.4 -2.8 *1 Net sales 15.9 15.7 0.2 -0.9 52% -2.2 1.3 *2 Operating income -0.9 -1.0 0.1 Shared companyw ide -2.1 98% -2.0 -0.1 ex penses -0.5 -0.5 -0.1*1 Decrease in sales reflecting surge in orders in engineering business in same period of previous year, despite *1 Decrease in sales reflecting surge in orders in engineering business in same period of previous year, despite increase in sales of wellness business. increase in sales of wellness business.*2 Increase in income due to improved profitability of wellness business. *2 Increase in income due to improved profitability of wellness business. Copyright © 2012 Ajinomoto Co., Inc. All rights reserved. 10
  12. 12. 3. (7) Net Sales by Business & Geographical AreaUpper row: FY2011; Lower row: FY2010.Figures in parentheses represent YoY change. (¥ Billion) Japan Asia Americas Europe Total Domestic Food 423.1 (0.2) 6.0 (-0.3) 7.8 (0.7) 1.5 (0.1) 438.4 (0.6) Products 423.0 6.3 7.1 1.4 437.8 Overseas Food 10.6 (-1.1) 151.1 (0.9) 44.1 (-0.5) 24.8 (-0.8) 230.5 (-1.4) Products 11.7 150.2 44.6 25.6 232.0Bioscience Products 58.5 (-5.3) 13.3 (2.1) 62.2 (0.4) 64.1 (2.6) 198.0 (-0.3) & Fine Chemicals 63.8 11.3 61.8 61.5 198.3 Pharmaceuticals 77.9 (-4.7) 77.9 (-4.7) 82.6 82.6 Business Tie-Ups 182.8 (-1.7) 182.8 (-1.7) 184.6 184.6 Other Business 62.0 (-3.2) 7.5 (0.4) 0.0 (-0.1) 69.6 (-2.8) 65.2 7.1 0.1 72.4 814.9 (-15.9) 178.0 (3.1) 114.1 (0.5) 90.3 (1.8) 1,197.3 (-10.4) Total 830.8 174.8 113.6 88.5 1,207.7 Copyright © 2012 Ajinomoto Co., Inc. All rights reserved. 11
  13. 13. 3. (8) Operating Income by Business & Geographical Area (¥ Billion)Left: FY2010; Right: FY2011 31.7 40.0 Japan 26.5 35.0 26.8 Asia 21.5 30.0 Americas 25.0 Europe 20.0 12.2 Other* 15.0 8.7 10.0 7.9 6.5 5.0 1.6 1.6 -2.2 -0.9 0.0 Domestic Overseas Bioscience Pharma- Business Other Business -5.0 Food Products Food Products Products & Fine ceuticals Tie-Ups Chemicals-10.0 * Unrealized gains and losses not reflected in any geographical area, and shared companywide expenses. Copyright © 2012 Ajinomoto Co., Inc. All rights reserved. 12
  14. 14. 3. (9) Comments on Operating Income by Business & Geographical AreaFY2011 Change Compared with FY20101. Overseas Food Products [YoY change] (¥ Billion) Japan: -¥1.9; Asia: -¥2.2; Americas: -¥0.4; Europe: -¥0.6; Other*: -¥0.1; Total: -¥5.3 Japan, Asia: Decrease due to worsening profitability resulting from higher raw material and fuel prices, lower sales of umami seasonings for processed food mfrs., etc. 2. Bioscience Products & Fine Chemicals [YoY change] (¥ Billion) Japan: +¥1.0; Asia: +¥2.5; Americas: +¥1.7; Europe: -¥1.1; Other*: -¥0.7; Total: +¥3.5 (1) Japan: Increase as other business and amino acids for pharmaceuticals and foods, etc. offset decrease in income from specialty chemicals, etc. (2) Asia, Americas: Increase due to feed-use amino acids, etc. (3) Europe: Decrease due to feed-use amino acids, etc. * Unrealized gains and losses not reflected in any geographical area, and shared companywide expenses. Copyright © 2012 Ajinomoto Co., Inc. All rights reserved. 13
  15. 15. Forward-looking statements, such as business performance forecasts,made in these materials are based on management’s estimates,assumptions and projections at the time of publication and do notrepresent a commitment from Ajinomoto Co., Inc. that they will beachieved. A number of factors could cause actual results to differmaterially from expectations.Unaudited figures are included in these materials for reference.Amounts presented in these materials are rounded off. Copyright © 2012 Ajinomoto Co., Inc. All rights reserved.

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