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Presentation of Takaaki Nishii, President

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Presentation of Takaaki Nishii, President Ajinomoto Co., Inc.（2802） Forecast for the Fiscal Year Ending March 31, 2017 (FY2016) and Outlook May 10, 2016 Takaaki Nishii President & CEO Contents I. Overview of FY2016 Forecast FY2016 Forecast ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P2 Factors in Changes in FY2016 Operating Income Forecast ・・・・・・・・・ P3 FY2016 Forecast by Segment・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P4 FY2016 Forecast - Ordinary Income and Net Income ・・・・・・・・・・・・・・ ・ P5 Targeted Composition of Operating Income・・・・・・・・・・・・・・・・・・・・・・・・ P6 Share of Specialty Products in Operating Income FY2013～FY2016 ・・ P7 Roadmap to a Genuine Global Specialty Company・・・・・・・・・・・・・・・・・ P8 Ⅱ. GROW: Accelerate Growth Momentum・・・・・・・・・・・・・・・・・・・・・・・・・・ P9-29 Ⅲ. FIT: Further Business Structure Reinforcement ・・・・・・・・・・・・・・・・・ P30-35 Ⅳ. Evolution of the Management Foundation ・・・・・・・・・・・・・・・・・・・・・・ P36-40 Ⅴ. FY2016 Financial Strategy ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・ P41-43 Reference Assumptions of FY2016 Forecast Appendix FY2016 Forecast by Segment I. Overview of FY2016 Forecast FY2016 Forecast In the final fiscal year of the FY2014-2016 Medium-Term Management Plan, even though both net sales and operating income are expected to be basically unchanged year on year (YoY), we aim to achieve operating income in line with our initial plan. Net sales(left scale) Operating income (right scale) FY2016 FY2015 YoY Profit attributable to owners of parent(right scale) （¥ Billion） （¥ Billion） (￥Billion) Forecast Results Change FY2014-2016 Medium-Term 100 Management Plan Net sales 1,186.0 1,185.9 0.0% Operating Income FY2016 target: ¥91.0 billion 1,000 Operating income 91.0 91.0 -0.0% 80 Net income* 51.0 63.5 -19.8% Net income per share (¥) 89.08 108.14 -17.6% 60 Ref.: Excluding impact of amortization of goodwill. 500 40 Amortization of goodwill 6.8 7.0 -3.1% Operating income before amortization of goodwill 97.8 98.1 -0.3% 20 * “Net income refers to “profit (loss) attributable to owners of the parent” throughout this presentation. Net sales ▲： Impact of exchange rates 0 0 ▲： Change to recording of pharmaceutical business under equity in FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 earnings of nonconsolidated subsidiaries and affiliates due to forecast integration into EA Pharma Co., Ltd. Operating income ▲： Impact of exchange rates and higher raw material and fuel prices Note: From FY2011, sales promotion discounts are deducted Net income from net sales under a new accounting treatment. ▲： Decrease in net non-operating income, and net extraordinary gains Copyright © 2016 Ajinomoto Co., Inc. All rights reserved. 2 Factors in Changes in FY2016 Operating Income Forecast Negative impact on exchange rates from the appreciation of the yen. Increases forecast in both fermentation raw materials and fuel and food product raw materials. We will promote measures to further raise profitability to achieve the targets for the three-year plan. Assumed exchange rate (vs. JPY) (¥ Billion) FY2016 FY2015 OP * Forecast Results 1,050105.0 USD 110.0 120.2 EUR 123.0 132.6 THB 3.2 3.4 1,000100.0 BRL 30.3 33.5 ‐4.7 * Average rate during the period 95.0950 9.8 ‐5.6 0.5 90090.0 3.5 3.5 85.0850 ‐1.5 80.0800 11.0 91.0 91.0 75075.0 74.5 70070.0 Raw Raw FY14 Effect of Effect of Effect of Effect of 2014 Business事業 原燃料material & 換算 exchange貿易 2015FY15 Business事業 原燃料material & 換算 貿易 2016FY16 results currency currency exchange factors fuel prices, rate for results factors fuel prices, rate for 実績 translation trade 実績 translation forecast予算 由来 others 為替 為替 由来 others 為替 為替trade Copyright © 2016 Ajinomoto Co., Inc. All rights reserved. 3 FY2016 Forecast by Segment (¥ Billion) YoY Change FY2016 Y o Y O.P.%FY2015 O.P.% Forecast Amount % Change* Net sales 1,186.0 1,185.9 0.0 0% 3% Japan Food Products 411.8 397.0 14.7 3% 3% International Food Products 466.8 463.9 2.8 0% 7% Life Support 145.2 142.4 2.7 2% 7% Healthcare 98.0 89.5 8.4 9% 14% Other 64.2 92.9 -28.7 -31% -30% Operating income 91.0 7.7% 91.0 7.7% 0.0 -0% 5% Japan Food Products 35.2 8.5% 30.6 7.7% 4.5 14% 9% International Food Products 41.4 8.9% 41.9 9.0% -0.5 -1% 10% Life Support 11.7 8.1% 11.8 8.2% -0.1 -0% 7% Healthcare 5.8 5.9% 5.6 6.2% 0.1 3% 16% Other -3.1 -4.8% 1.0 1.0% -4.1 -209% -426% Ordinary income 91.6 94.3 -2.7 -2% Profit attributable to owners of parent 51.0 63.5 -12.5 -19% Exchange rate JPY/USD 110.0 120.2 JPY/EUR 123.0 132.6 * Excluding impact of exchange rate. Changes as of FY2016 (Figures for FY2015 and subsequent fiscal years have been restated.) 1. Japan Food Products segment: The nutrition care business that was included in other in the Healthcare segment has been transferred to the seasonings & processed foods business. 2. International Food Products segment: Transfer within the segment. The international household sweeteners business has been transferred from sweeteners to international seasonings and processed foods. 3. Healthcare segment: The method for recording the former pharmaceuticals business was changed due to the inauguration of EA Pharma Co., Ltd. 4. Other: Recorded expenses related to the pharmaceuticals business. * YoY change excluding the effect of exchange rates Copyright © 2016 Ajinomoto Co., Inc. All rights reserved. 4 FY2016 Forecast - Ordinary Income and Net Income Ordinary income and net income will decrease substantially. Excluding non-recurring items, they will be on par with the previous fiscal year. FY2016 FY2015 (¥ Billion) (¥ Billion) Difference Main Factors Forecast Results Net sales 1,186.0 1,185.9 0.1 Operating income 91.0 91.0 0.0 Non-operating income (-:losses) 0.6 3.2 -2.6 Interest income 2.3 2.8 -0.5 Dividend income 1.0 1.3 -0.3 Equity in earnings of nonconsolidated Net income subsidiaries and affiliates 1.5 1.5 0.0 Interest expense -2.6 -2.2 -0.4 before Other (net) -1.7 -0.1 -1.6 income taxes: Ordinary income 91.6 94.3 -2.7 Non-recurring items Extraordinary gains (-:losses) -3.2 5.9 -9.1 Approx. 12.0 Gain on step acquisitions 0.0 18.0 -18.0 FY2015 Ajinomoto General Foods, Inc. ・AGF: +18.0 Gain on sales of shares in affiliated ・ companies 0.0 24.8 -24.8 FY2015 NISSIN-AJINOMOTO ALIMENTOS LTDA. Brazil: Impairment losses 0.0 -7.4 7.4 FY2015 Ajinomoto Co., (Thailand) Ltd., Shanghai Ajinomoto Seasoning Co., Ltd., approx. +25.0 Pharmaceutical business structural reform ・Thailand, expenses 0.0 -16.6 16.6 FY2015 Pharmaceuticals business China, etc.: Other (net) -3.2 -12.8 9.6 Net income before income taxes 88.4 100.3 -11.9 approx. -7.5 Income taxes 27.3 27.0 0.3 Effective tax rate FY2015：26.9%、FY2016 forecast：30.8% ・Pharma- Profit for the period 61.1 73.3 -12.2 ceuticals: -16.6 Profit attributable to non-controlling interests 10.1 9.7 0.4 ・Sweeteners: Net income 51.0 63.5 -12.5 approx. -7.0 Net income (excluding non-recurring items) 51.0 51.0 0.0 Copyright © 2016 Ajinomoto Co., Inc. All rights reserved. 5 Targeted Composition of Operating Income Raise earnings quality by controlling the ratio of bulk businesses and pursuing specialty groupwide. 150.0 (¥ Billion) 150 Amortization of goodwill 10.0 (¥6.8 billion) 90 （97.8） Animal nutrition 91.0 91.0 91.0 5.5 6.5 8.0 74.5 1.6 72.6 71.2 4.6 Pharmaceuticals 69.4 64.0 8.9 11.3 61.8 9.9 13.5 3.5 1.7 0.2 5.3 11.6 8.3 9.8 5.1 Calpis 3.2 5.6 4.8 (until FY2012) 50 4.8 1310 40.8 140.0 1.5 83.9 84.5769 83.0 13.7 62.1 Food Products, 44.9 56.3 AminoScience (excluding animal 2.3 47.5 47.4 47.8 nutrition) 23.3 Bulk businesses 000 0 0 FY2020 Target Bulk business* Around profit ratio 12 17 32 23 19 ー 15 16 15 10 (%) 10 • Bulk businesses: Umami seasonings for processed food manufacturers, animal nutrition, sweeteners Copyright © 2016 Ajinomoto Co., Inc. All rights reserved. 6 Share of Specialty Products in Operating Income FY2013～FY2016 Share of specialty products in operating income is steadily growing. (¥1200 Billion) 84.5 83.9 7% 9% 80.0 8% 1000 7% ﾗｲﾌｻﾎﾟｰﾄLife Support 62.1 （除く動物栄養）(excluding Animal Nutrition) 56.3 11% 800 4% 9500 50.0 10% 47% ﾍﾙｽｹｱHealthcare 5% 49% （除く医薬）(excluding Pharmaceuticals) 600 49% 46% 海外食品International Food Products 400 200 36% 38% 日本食品Japan Food Products 39% 36% * excluding shared companywide expenses. 00 FY2016 7 FY2013 FY2014 FY2015 FY2016予想(Forecast) Copyright © 2016 Ajinomoto Co., Inc. All rights reserved. Roadmap to a Genuine Global Specialty Company Accelerate growth to take aim at becoming one of the global top 10 companies. Achieve stable profit growth with a shift to specialty EPS growth of around 10%/year Transition to a global food Accelerate company growth momentum Build foundation for Accelerate with the a global company aim of becoming one of the top 10 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2020～ Actual Actual Actual Actual Actual Forecast (Target) (Vision) Operating income (¥ Bil.) 72.6 71.2 61.8 74.5 91.0 91.0 91.0 150.0 OP margin (%) 7.5 7.5 6.5 7.4 7.7 7.7 8 10 ROE 6.9% 7.8% 7.1% 7.4% 9.8% 8.1% 9% 10%~ EPS (¥) 61.3 74.4 68.7 78.5 108.14 89.08 100.0 150 Operating income excl.
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