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Ajinomoto Co., Inc. Forecast for the Fiscal Year Ending March 31, 2014 (FY2013) and Outlook

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Ajinomoto Co., Inc. Forecast for the Fiscal Year Ending March 31, 2014 (FY2013) and Outlook Ajinomoto Co., Inc. Forecast for the Fiscal Year Ending March 31, 2014 (FY2013) and Outlook November 8, 2013 Masatoshi Ito President & CEO Contents I. Summary of FY2013 FY2013 Forecast ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・P2 FY2013 Operating Income Forecast (Factors in Changes and Breakdown) ・・・・・・・・・・・・・・・・・・・・・・・ P3-4 FY2013 Forecast by Segment ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・P5 FY2013 Forecast - Ordinary Income and Net Income ・・・・・・・・・・・ P6 Process of Management Indicators ・・・・・・・・・・・・・・・・・・・・・・・・・・・P7 II. Main Policy for Genuine Global Company in FY2013 Growth Driver Development ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P8-13 III. Main Policy for Genuine Global Company in FY2013 Business Structure Reinforcement ・・・・・・・・・・・・・・・・・・・・・・・・P14-16 IV. FY2013 Financial Strategy ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P17 V. Strategy of Animal Nutrition Business in FY2013 ・・・・・・・・・・・・ P18-20 VI. Strategy of Pharmaceutical Business in FY2013 ・・・・・・・・・・・・ P21-23 Reference Appendix FY2013 Forecast by Segments I. Summary of FY2013 FY2013 Forecast Net sales: Upward revision of sales forecast because of positive effect of currency translation and expansion of high-value added business despite decrease in unit price of feed-use amino acids. Operating income: Downward revision of operating income forecast because of worsening profitability in feed-use amino acids despite positive effect of currency translation. FY2013 FY2013 Net sales* (left scale) FY2012 Revised Initial Difference Operating income (right scale) Results Net income (right scale) (\ Billion) Forecast Forecast ¥ Billion Net sales* 1,032.0 1,019.0 13.0 985.0 ¥ Billion Operating income 68.0 75.0 -7.0 71.2 Net income 48.0 49.0 -1.0 48.4 Net income per share (¥) 77.93 79.52 -1.59 74.35 Net sales (Difference from FY13 Initial Forecast) +: Positive effect of currency translation in overseas food products Expansion of sales of amino acids for pharmaceuticals and foods and pharmaceutical custom manufacturing - : Decrease in unit price of feed-use amino acids Decrease in sales of pharmaceutical products sold through business tie-ups Operating income +: Positive effect of currency translation in overseas food products business Improvement of profitability of amino acids for pharmaceuticals and foods and specialty chemicals FY2009 FY2010 FY2011 FY2012 FY2013 -: Decrease in unit price of feed-use amino acids Revised Net income Forecast +: Increase in extraordinary gains (Increase of asset efficiency through disposal of idle fixed assets) *Net sales are based on new standards. -: Decrease in operating income 3 Copyright 2012 Ajinomoto Co., Inc. All rights reserved. CopyrightCopyright ©© 2012 © 2013 Ajinomoto Ajinomoto Co., Co., Inc. Inc.All rightsAll rights reserved. reserved. 2 Factors in Changes in FY2013 Operating Income Forecast Downward revision of operating income due to effect of decrease in unit price of feed-use amino acids despite expansion of positive effect of currency translation and stabilization in price of fermentation raw materials Factors in Changes in FY2013 Operating Income Forecast (¥ Billion) Impact of exchange rates (¥ Billion) FY2012 Results 71.2 Translation Initial forecast +4.6 Exchange rates +3.6 Revised forecast +6.4 Raw materials and fuel prices -4.7 Trade Initial forecast -1.0 Factors of Calpis business -4.8 Revised forecast +0.0 FY2013 Initial Forecast 75.0 Business factors* +9.7 Total Initial forecast +3.6 Revised forecast +6.4 Exchange rates +2.8 Raw material and fuel prices +0.7 * Business factors: Decrease in unit price of feed-use amino acids -10.8 Sales volume increases, unit price adjustments, cost reductions, FY2013 Revised Forecast 68.0 Business factors* +0.3 etc. Exchange rate vs. JPY (ave.) Effect of raw material and fuel price changes (YoY) (-: Cost increase; ¥ Billion) FY2013 FY2013 FY2013 FY2013 Revised 1H-FY2013 1H-2013 2012 Initial Revised Initial Forecast Forecast Results Results Results Forecast Forecast Fermentation main raw materials 0.0 1.7 -1.1 USD 98.0 90.0 98.86 82.91 Fermentation sub raw materials 0.0 -2.4 0.2 EUR 131.0 118.0 129.98 106.78 Energy 0.0 -2.3 -0.1 THB 3.1 3.0 3.23 2.70 Raw materials for domestic food products -4.0 -1.7 -2.2 BRL 44.0 45.0 45.34 41.19 Total -4.0 -4.7 -3.2 CopyrightCopyright © 2012 © Ajinomoto2013 Ajinomoto Co., Inc. Co., All Inc.rights All reserved.rights reserved. 34 Breakdown of FY2013 Operating Income Forecast Operating Income by Year and Segment (before allocation of shared companywide expenses) FY2013 FY2010 FY2011 FY2012 Revised Forecast (¥ Billion) FY2009 100.01,000 71.2 69.4 72.6 68.0 64.0 5.1 8.3 5.7 9.8 13.5 3.0 80.0800 14.1 11.3 Pharmaceuticals 9.9 3.0 Working to strengthen business structure to 60.0600 improve profitability 83.8 40.0400 77.2 70.4 71.7 74.8 Feed-use amino acids 20.0200 Decrease due to effects of outside environment such as 0.00 balance of supply and demand, etc. despite success of efforts ▲ ▲ 22.1 ▲ 21.8 23.5 ▲ 24.5 ▲ 24.5 to stabilize profitability. (20.0)(200) 右記以外Other than 飼料用ｱﾐﾉ酸Feed –use Pharmaceuticals医薬 Shared全社共通費・その他 companywide expenses/Others segments at right Pharmaceuticals (40.0)(400) amino acids CopyrightCopyright © 2012 © 2013 Ajinomoto Ajinomoto Co., Co., Inc. Inc.All rightsAll rights reserved. reserved. 45 FY2013 Forecast by Segment (¥ Billion) FY2013 FY2013 FY2012 YoY Change O.P.%Initial O.P.% Difference O.P.% Forecast Results Amount % Forecast Net sales 1,032.0 1,019.0 13.0 985.0 47.0 5% Domestic Food Products 340.5 338.5 2.0 391.6 -51.1 -13% Overseas Food Products 317.2 303.9 13.3 245.4 71.8 29% Bioscience Products & Fine 238.3 232.8 5.5204.2 34.1 17% Chemicals Pharmaceuticals 51.8 52.9 -1.1 71.5 -19.7 -28% Other Business 84.2 90.9 -6.7 72.4 11.8 16% Operating income 68.0 6.6% 75.0 7.4% -7.0 71.2 7.2% -3.2 -5% Domestic Food Products 27.6 8.1% 28.3 8.4% -0.7 32.6 8.3% -5.0 -15% Overseas Food Products 26.3 8.3% 23.1 7.6% 3.2 20.7 8.4% 5.6 27% Bioscience Products & Fine 9.4 3.9%19.2 8.2% -9.8 14.4 7.0% -5.0 -35% Chemicals Pharmaceuticals 4.3 8.3% 4.3 8.1% 0.0 3.2 4.5% 1.1 35% Other Business 0.4 0.5% 0.1 - 0.3 0.3 0.4% 0.1 23% Ordinary income 74.0 79.0 -5.0 77.2 -3.2 -4% Net income 48.0 49.0 -1.0 48.4 -0.4 -1% Exchange rate JPY/USD 98.0 90.0 82.91 JPY/EUR 131.0 118.0 106.78 (¥ Billion) FY2013 FY2013FY2013 FY2012 YoY Change O.P.%O.P.% Difference O.P.% Forecast (Initial(Initial Forecast)Forecast) Results Amount % Net sales Feed-use amino acids 99.7 0.0% 108.5 0.0% -8.9 94.1 0.0% 5.6 6% Others 932.3 910.50.0% 21.9 890.9 0.0% 41.4 5% Operating income Feed-use amino acids 3.0 3.0% 13.8 12.7% -10.8 13.5 14.3% -10.5 -78% Others 65.0 7.0% 61.2 6.7% 3.8 57.7 6.5% 7.3 13% CopyrightCopyright © 2012 © 2013 Ajinomoto Ajinomoto Co., Co., Inc. Inc.All rightsAll rights reserved. reserved. 56 FY2013 Forecast - Ordinary Income and Net Income Non-operating income (expenses): Upward revision of ¥2.0 billion due to improvement in equity in earnings of affiliates, etc. Extraordinary gains (losses): Upward revision of ¥2.0 billion in extraordinary gains due to disposal of idle fixed assets, liquidation of affiliates, etc. Net income: Downward revision of ¥1.0 billion due to decrease in tax rate (including reversal of past fiscal year, etc.) FY2013 FY2013 Revised Initial Difference Main Factors (¥ Billion) Forecast Forecast Net sales 1,032.0 1,019.0 13.0 Operating income 68.0 75.0 -7.0 Non-operating income (expenses) 6.0 4.0 2.0 Interest income 1.6 1.4 0.2 Dividend income 0.9 0.7 0.2 Equity in earnings of affiliates 4.4 3.9 0.5 Interest expense -2.3 -2.1 -0.2 Other (net) 1.4 0.2 1.2 Ordinary income 74.0 79.0 -5.0 Extraordinary gains (losses) 1.0 -1.0 2.0 Gain on sales of shares in affiliated company 2.3 0.0 2.3 Recorded in Q2-FY2013 Gain on disposal of fixed assets 1.8 0.2 1.6 Recorded in “Other (net)” in initial forecast Loss on sales of investments in affiliates -3.7 -3.8 0.1 Other (net) 0.6 2.6 -2.0 Net income before income taxes 75.0 78.0 -3.0 Net income 48.0 49.0 -1.0 Effective tax rate FY2013 Initial Forecast: 27.1% FY2013 Revised Forecast: 25.7% CopyrightCopyright © 2012 © 2013 Ajinomoto Ajinomoto Co., Co., Inc. Inc.All rightsAll rights reserved. reserved. 5567 Roadmap to a "Genuine Global Company" Achieve stable profit growth - Average annual growth rate of 10% - Become a global top 10 food company* Transition to Operating income >¥150B Operating margin >10% Build foundation a global ROE >10% for a global company Market cap. >¥1.5T Recover Overseas sales ratio>50％ earnings company momentum FY2013 *Excluding beverage companies FY2010 FY2011 FY2012 revised FY2013 FY2016 results results results forecast plan ROE 5.0% 6.9% 7.8% ~ 8.0% 8% 10% O.P. margin 6.8% 7.2% 7.2% 6.6% ~7% 8% Operating income ¥69.4 bn ¥72.6 bn ¥71.2 bn ¥68.0 bn ¥87.0 bn ¥100.0 bn+ Overseas profit ratio 53% 51% 52% 53% 56% - Overseas sales ratio 37% 38% 41% 49% - - EPS ¥43.56 ¥61.28 ¥74.35 ¥77.93 - - Note: Presented under new standards from FY2013.
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