July 30, 2021

Ajinomoto Co., Inc. Consolidated Results First Quarter Ended June 30, 2022 (Page 1)

■ Consolidated Financial Statements

(Billion yen)

Apr.- Jun.

Apr.- Jun.

YoY Change

FY21

Amount

%

Progress

FY21

FY20

Forecast

Sales

276.3

247.9

28.4

11%

1,113.0

24%

Share of profit of associates and

1.9

1.0

0.9

88%

-

-

joint ventures

Business profit1

38.9

33.8

5.1

15%

115.0

33%

Gain on sale of fixed assets

0.3

0.2

0.0

35%

-

-

Other

1.4

3.8

-2.4

-62%

-

-

Other operating income

1.7

4.0

-2.3

-57%

-

-

Loss on disposal of fixed assets

1.3

0.6

0.7

110%

-

-

Other

2.9

1.7

1.2

68%

-

-

Other operating expenses

4.3

2.4

1.9

79%

-

-

Operating profit

36.3

35.4

0.8

2%

101.0

36%

Interest income

0.3

0.4

-0.1

-26%

-

-

Other

0.6

0.7

-0.0

-7%

-

-

Financial income

1.0

1.1

-0.1

-14%

-

-

Interest expenses

0.8

0.8

-0.0

-9%

-

-

Other

1.5

0.9

0.5

60%

-

-

Financial expenses

2.4

1.8

0.5

27%

-

-

Profit before income taxes

34.9

34.7

0.1

0%

97.5

35%

Income taxes

11.0

9.8

1.1

11%

32.6

33%

Tax rate

31.5%

28.3%

33.5%

Continuing operations

23.9

24.9

-0.9

-3%

-

-

Discontinued operations

-

-

-

-

-

-

Profit

23.9

24.9

-0.9

-3%

64.8

36%

Attributable to owners of

22.0

22.3

-0.2

-1%

60.0

36%

the parent company

Non-controlling interests

1.8

2.5

-0.6

-27%

4.8

37%

1. A profit indicator defined by Ajinomoto for administrative purposes.

(Sales - Cost of sales - Selling expenses, Research & development expenses and General & administrative expenses + Share of profit of associates and joint ventures)

■ Business Effects of Foreign Exchange

Foreign Exchange Information

Apr. - Jun.

Apr. - Jun.

FY21

FY21

FY20

Forecast

JPY/USD

109.52

107.63

105.00

JPY/EUR

131.94

118.59

125.00

JPY/THB

3.49

3.37

3.39

JPY/BRL

20.71

20.06

20.59

(Billion yen)

Apr.- Jun. FY21

Effect of

Effect of

Effect of Foreign Exchange

currency

trade*

translation

Sales

+6.1

Approx.+0.0

Business profit

+1.1

Approx.+1.0

* Approximations to nearest ¥0.5 billion

(Billion yen)

Excluding the Effect of

Apr. - Jun.

Apr. - Jun.

YoY Change

Currency Translation

FY21

FY20

Amount

%

Sales

270.1

247.9

22.2

9%

Seasonings and Foods

154.4

142.3

12.1

8%

Frozen Foods

51.7

48.2

3.4

7%

Healthcare and Others

61.2

54.0

7.2

13%

Other

2.7

3.3

-0.5

-17%

Business profit

37.7

33.8

3.9

11%

Seasonings and Foods

23.5

23.8

-0.2

-1%

Frozen Foods

0.9

1.8

-0.9

-50%

Healthcare and Others

12.2

7.4

4.8

64%

Other

0.9

0.5

0.3

65%

■ Impacts of Raw Materials

(Billion yen)

Apr.- Jun. FY21

Raw

Fermentation raw materials

materials

and fuel prices

(Domestic)

Seasonings and Foods

-0.2

Main raw materials：

-2.4

Frozen Foods

+0.1

Sub raw materials:

-0.3

Healthcare and Others

Energy:

-0.1

Total

-0.0

-2.8

1

Ajinomoto Co., Inc. Consolidated Results First Quarter Ended June 30, 2022 (Page 2)

July 30, 2021

Revised November 18, 2021

■ Consolidated Results by Segment

(Billion yen)

Factors leading to year-on-year increases and decreases are listed in order, from the largest to the smallest.

Seasonings and Foods

Apr.- Jun.

Apr.- Jun.

Change

FY21

Progress

Sauce & Seasonings：

FY21

FY20

Forecast

Large increase in revenue due to strong sales of home-use products and recovery of foodservice-use

products in some channels, both overseas, despite being level with the previous year in Japan.

In Japan, revenue was level with the previous year due to the fall back in at-home demand after the

Sales

276.3

247.9

28.4

1,113.0

24%

rapid rise in the previous year, despite effective sales promotion activities.

Overseas, revenue increased significantly due to strong sales of home-use products accompanying

Seasonings and Foods

157.5

142.3

15.1

654.7

24%

strong at-home demand and recovery of sales of foodservice-use products in some channels.

Quick Nourishment：

Increase in revenue due to increased sales of soup products in Japan as well as instant noodles and

Sauce & Seasonings

75.8

65.7

10.0

308.8

24%

beverages overseas.

In Japan, revenue increased due to increased sales of soup products against the backdrop of

continued growing demand.

Reference: sales of coffee products (Japan): ¥20.0 billion

Quick Nourishment

44.5

41.0

3.4

197.5

22%

Overseas, revenue increased significantly due to increased sales of instant noodles and beverages.

Solution & Ingredients：

Solution & Ingredients (S&I)

37.1

35.5

1.6

148.4

25%

Increase in revenue due to increased sales of umami seasonings for processed food manufacturers

worldwide and foodservice-use products in Japan.

Reference: sales of umami seasonings for processed food mfrs.: ¥14.3 billion

Frozen Foods

52.4

48.2

4.2

208.2

25%

Frozen Foods

Increase in revenue overall due to significantly increased revenue in North America and Europe

Healthcare and Others

63.5

54.0

9.5

231.3

27%

because of increased sales, despite decreased revenue in Japan due to the impact of structural

reform.

In Japan, revenue decreased due to the impact of ceasing sales accompanying structural reform,

despite increased sales of high-value-added products.

Bio-Pharma Services & Ingredients

25.8

20.0

5.8

101.0

25%

Overseas, revenue increased significantly due to the rapid recovery of restaurant-use products and

continued steady demand for home-use products in North America as well as increased sales

centered on mainstay products in Europe.

Amino acids for

Approx.12.5

Approx.11.0

1.1

-

-

pharmaceuticals and foods 1

Healthcare and Others

Bio-Pharma Services & Ingredients：

Bio-Pharma Services 2

Approx.13.5

Approx.9.0

4.7

-

-

Overall large increase in revenue due to increased sales of amino acids for pharmaceuticals and

foods and Bio-Pharma Services.

Functional Materials：

Functional Materials

13.4

10.7

2.6

48.9

27%

Large increase in revenue primarily due to strong sales of electronic materials.

Others：

Others

24.2

23.2

1.0

81.4

29%

Increase in revenue due to increased sales of personal care ingredients and sports nutrition, despite

large decrease in revenue for animal nutrition due to the impact of structural reform.

Other

2.7

3.3

-0.5

18.6

14%

Business Profit

38.9

33.8

5.1

115.0

33%

Seasonings and Foods

24.2

23.8

0.4

85.8

28%

Seasonings and Foods

Sauce & Seasonings

18.1

17.3

0.8

65.9

27%

Sauce & Seasonings：

Increase in profit due to increased revenue overseas, despite strategic use of marketing expenses

and the effect of rising raw material prices in Japan.

Quick Nourishment

5.4

4.7

0.6

20.6

26%

In Japan, large decrease in profit due to strategic use of marketing expenses and the effect of rising

raw material prices, despite sales being level with the previous year.

Overseas, large increase in profit due to the effect of increased revenue.

Solution & Ingredients (S&I)

5.1

6.5

-1.4

19.6

26%

Quick Nourishment：

Increase in profit due to the effect of increased revenue overseas, despite the launch of a new

factory and the effect of strategic use of marketing expenses, both in Japan.

Shared companywide expenses

-4.3

-4.4

0.0

-20.3

21%

In Japan, decrease in profit due to the effect of launching a new factory and strategic use of

marketing expenses.

Reference: profit of coffee products (Japan): ¥2.7 billion

Frozen Foods

0.9

1.8

-0.9

2.4

39%

Overseas, large increase in profit due to large increase in revenue.

Solutions & Ingredients：

Frozen Foods

2.3

3.3

-0.9

8.6

27%

Large decrease in profit due to the impact of rising raw material and fuel costs for umami seasonings

for processed food manufacturers, despite increased revenue.

Reference: profit of umami seasonings for processed food mfrs.: decreased ¥1.5 billion YoY

Shared companywide expenses

-1.3

-1.3

0.0

-6.1

22%

Frozen Foods

Large decrease in profit due to strategic use of marketing expenses in Japan and increased costs in

North America, despite increased revenue.

Healthcare and Others

12.7

7.4

5.2

29.2

43%

In Japan, decrease in profit due to strategic use of marketing expenses.

Overseas, large decrease in profit due to rising labor costs, raw material prices, and logistics costs in

North America, despite significantly increased revenue.

Bio-Pharma Services & Ingredients

5.3

2.9

2.3

13.8

38%

Healthcare and Others

Bio-Pharma Services & Ingredients：

Large increase in profit accompanying large increase in revenue.

Functional Materials

6.0

4.5

1.4

20.4

29%

Reference: profit of amino acids for pharmaceuticals and foods: increased ¥0.3 billion YoY,

Bio-Pharma Services: increased ¥2.0 billion YoY

Others

3.0

1.6

1.3

2.3

131%

Functional Materials：

Large increase in profit accompanying large increase in revenue.

Others：

Shared companywide expenses

-1.6

-1.6

-0.0

-7.2

23%

Large increase in profit due to the effects of increased revenue.

Other

0.9

0.5

0.3

-2.6

-

Shared companywide expenses

-0.3

-0.3

-0.0

-1.6

20%

1

From FY2021, the medical food business, which was included in amino acids for pharmaceuticals and foods, is included in the Others section of Healthcare and Others

2

From FY2021, the crop services business, which was included in Bio-Pharma Services, is included in the Others section of Healthcare and Others

2

Ajinomoto Co., Inc. Consolidated Results First Quarter Ended June 30, 2022 (Page 3)

■ Business and Geographical Area

July 30, 2021 Revised November 18, 2021

(1) Results by business & geographical area

(Billion yen)

Japan

Asia

Americas

EMEA

Other

Total

Apr.-Jun.

Apr.-Jun.

Change

Apr.-Jun.

Apr.-Jun.

Change

Apr.-Jun.

Apr.-Jun.

Change

Apr.-Jun.

Apr.-Jun.

Change

Apr.-Jun.

Apr.-Jun.

Change

Apr.-Jun.

Apr.-Jun.

Change

FY21

FY20

（%）

FY21

FY20

（%）

FY21

FY20

（%）

FY21

FY20

（%）

FY21

FY20

（%）

FY21

FY20

（%）

Sales

114.7

109.4

5.2

68.2

60.3

7.9

62.6

53.0

9.6

30.7

25.1

5.6

-

-

-

276.3

247.9

28.4

(4%)

(13%)

(18%)

(22%)

-

(11%)

Seasonings and

63.6

62.6

1.0

65.3

56.5

8.8

19.4

15.9

3.4

9.0

7.2

1.8

-

-

-

157.5

142.3

15.1

Foods

(1%)

(15%)

(21%)

(26%)

-

(10%)

Frozen Foods

22.3

22.5

-0.2

0.8

0.8

-0.0

26.5

23.3

3.2

2.7

1.4

1.2

-

-

-

52.4

48.2

4.2

(-1%)

(-6%)

(13%)

(88%)

-

(8%)

Healthcare and

26.0

20.9

5.1

1.9

2.9

-0.9

16.6

13.6

2.9

18.9

16.4

2.4

-

-

-

63.5

54.0

9.5

Others

(24%)

(-31%)

(21%)

(14%)

-

(17%)

Other

2.6

3.3

-0.6

0.0

0.0

0.0

-

-

-

0.0

0.0

0.0

-

-

-

2.7

3.3

-0.5

(-18%)

(8212%)

-

-

-

(-17%)

Business profit

15.3

14.1

1.2

14.8

12.7

2.1

5.5

5.5

0.0

3.0

1.4

1.6

-

-

-

38.9

33.8

5.1

(8%)

(16%)

(1%)

(119%)

-

(15%)

Seasonings and

8.7

9.7

-1.0

15.9

14.1

1.7

3.0

3.3

-0.2

0.8

0.5

0.3

-4.2

-3.9

-0.3

24.2

23.8

0.4

Foods

(-10%)

(12%)

(-8%)

(52%)

(8%)

(1%)

Frozen Foods

1.4

1.7

-0.3

0.3

0.4

-0.0

0.3

1.2

-0.9

0.0

-0.2

0.3

-1.2

-1.3

0.0

0.9

1.8

-0.9

(-20%)

(-18%)

(-73%)

(-130%)

(-5%)

(-48%)

Healthcare and

6.7

4.5

2.2

0.6

0.2

0.3

3.7

2.5

1.2

2.7

1.6

1.0

-1.1

-1.4

0.2

12.7

7.4

5.2

Others

(48%)

(149%)

(49%)

(66%)

(-19%)

(70%)

Other

1.2

0.7

0.4

-0.0

-0.0

-0.0

-

-

-

0.0

0.1

-0.0

-0.3

-0.3

-0.0

0.9

0.5

0.3

(58%)

(747%)

-

(-42%)

(1%)

(65%)

Shared

-2.7

-2.7

0.0

-2.0

-2.1

0.0

-1.5

-1.5

-0.0

-0.6

-0.6

-0.0

7.0

7.0

-0.0

-

-

-

companywide

(0%)

(-2%)

(0%)

(0%)

(-0%)

-

expenses

(2) Overseas sales growth rate on LC basis by country (selected)

Seasonings and Foods

Apr.-Jun.

(Sauce & Seasonings and

FY21

Quick Nourishment)*

Thailand

+9%

Asia

Indonesia

+8%

Vietnam

+13%

Phillippines

+19%

Americas

Brazil

+29%

*Overseas consumer products

(3) Sales progress by business & geographical area

(Billion yen)

Japan

Asia

Americas

EMEA

Total

Apr.-Jun.

FY21

Progress

Apr.-Jun.

FY21

Progress

Apr.-Jun.

FY21

Progress

Apr.-Jun.

FY21

Progress

Apr.-Jun.

FY21

Progress

FY21

Forecast

FY21

Forecast

FY21

Forecast

FY21

Forecast

FY21

Forecast

Sales

114.7

489.1

23%

68.2

279.9

24%

62.6

242.8

25%

30.7

101.0

30%

276.3

1,113.0

24%

Seasonings and

63.6

280.1

22%

65.3

268.5

24%

19.4

73.7

26%

9.0

32.2

28%

157.5

654.7

24%

Foods

Frozen Foods

22.3

89.3

25%

0.8

3.5

23%

26.5

104.1

25%

2.7

11.1

24%

52.4

208.2

25%

Healthcare and

26.0

101.4

25%

1.9

7.3

27%

16.6

64.9

25%

18.9

57.6

32%

63.5

231.3

27%

Others

Other

2.6

17.9

15%

0.0

0.4

6%

-

-

-

0.0

0.0

0%

2.7

18.6

14%

3

July 30, 2021

Ajinomoto Co., Inc. Supplementary Materials First Quarter Ended March 31, 2022

Revised

■ Seasonings and Foods

1. Sauce & Seasonings and Quick Nourishment (Domestic and Overseas)

(1) Percentage of sales for product categories

(2) Percentage of sales for Geographical Areas

Others

EMEA

0%

Americas 3%

Packaged food

9%

products

15%

Umami seasonings

Bevarage (Overseas)

Japan

23%

6%

37%

Apr.- Jun. FY21

Apr.- Jun. FY21

120.3

Coffee products

120.3

billion yen

billion yen

(Japan)

17%

Asia

Flavor seasonings, etc

51%

39%

(3) Coffee products

Percentage of sales for home-use products and restaurant and industrial-use products in Japanese market*

(Billion yen)

FY19

FY20

Apr.-Jun.

Apr.-Jun.

FY20

FY21

Sales

88.7

85.5

20.7

20.7

Home-use products

73%

78%

78%

77%

Restaurant and industrial-

27%

22%

22%

23%

use products

*Figures are for Ajinomoto AGF, Inc. only.

(4) Share and position of main brands in the home-use products market (Ajinomoto Group estimates, consumer purchase basis)

Sauce & Seasonings (Japan)

(Billion yen)

FY19

FY20

FY21

Category

Brands

Market

Market share

Market

Market share

Apr.- Jun.

Market

Apr.- Jun.

size

(rank)

size

(rank)

Market share(rank)

size

Market share(rank)

Umami seasonings

AJI-NO-MOTO®,

5.2

92%(1)

5.4

93%(1)

93%(1)

5.4

93%(1)

Hi-Me®

Japanese flavor

HONDASHI®

36.4

57%(1)

38.3

56%(1)

54%(1)

38.3

56%(1)

seasonings

Consomme

Ajinomoto KK

12.0

80%(1)

13.3

82%(1)

81%(1)

13.0

81%(1)

Consomme

Mayonnaise

Pure Select®

54.9

26%(2)

58.3

24%(2)

22%(2)

58.3

24%(2)

Menu-specific

Cook Do®

79.5

30%(1)

81.8

30%(1)

30%(1)

81.8

30%(1)

Cook Do® Kyo-no

seasonings

Ohzara®

Sauce & Seasonings (Overseas)

FY20

Area

Country

Category

Brands

Market share

(rank)

Umami seasonings

AJI-NO-MOTO®,

Approx.90%(1)

Thailand

AJI-NO-MOTO PLUS

Flavor seasonings

RosDee®

Approx.80%(1)

Asia

Indonesia

Umami seasonings

AJI-NO-MOTO®

Approx.40%(1)

Flavor seasonings

Masako®

Approx.50%(1)

Vietnam

Umami seasonings

AJI-NO-MOTO®

Approx.60%(1)

Phillippines

Umami seasonings

AJI-NO-MOTO®

Approx.100%(1)

Americas

Brazil

Flavor seasonings

Tempero Sazon®

Approx.70%(1)

Quick Nourishment (Japan)

(Billion yen)

FY19

FY20

FY21

Category

Brands

Market

Market share

Market

Market share

Apr.- Jun.

Market

Apr.- Jun.

size

（rank）

size

(rank)

Market share(rank)

size

Market share(rank)

Soup

Knorr®

106.9

31%(1)

113.3

31%(1)

26%(1)

116.7

28%(1)

Instant cofee

Blendy®, MAXIM®

67.5

21%(2)

68.5

22%(2)

22%(2)

68.5

22%(2)

Stick-type coffee

Blendy® Stick,

33.2

58%(1)

36.1

56%(1)

59%(1)

37.5

56%(1)

Blendy® CAFÉ

LATORY® Stick

Chyotto Zeitakuna

Regular coffee

Kohiten®

45.1

13%(3)

48.7

12%(3)

12%(3)

50.8

13%(3)

Blendy® Drip,

Chyotto Zeitakuna

Kohiten® Drip

QuickNourishment (Overseas)

FY20

Area

Country

Category

Brands

Market share

(rank)

Asia

Thailand

RTD Coffee

Birdy®

Approx.50%(1)

4

July 30, 2021

Ajinomoto Co., Inc. Supplementary Materials First Quarter Ended March 31, 2022

2. Solution & Ingredients

Demand for MSG and nucleotides (Ajinomoto Group estimates)

(Thousand tons)

FY19

FY20

China

Other

Total

Market share

China

Other

Total

Market share

MSG

1,680

1,620

3,3001

Approx. 20%

1,640

1,600

3,2402

Approx. 20%

Nucleotides

-

-

58

Approx. 25%

-

-

60

Approx. 25%

1. Home-use: a little under 60%, industrial-use: a little over 40%

2. Home-use: a little under 60%, industrial-use: a little over 40%

■

Frozen Foods

(1) Percentage of sales for home-use products and restaurant and industrial-use products

(Billion

yen)

Japan*

FY19

FY20

Apr.- Jun.

Apr.- Jun.

FY20

FY21

Sales

98.1

91.5

22.0

22.0

Home-use products

57%

65%

67%

68%

Restaurant and industrial-

43%

35%

33%

32%

use products

* Figures are for Ajinomoto

Frozen Foods Co.,

Inc. only

(2) Market share and position of main brands in the home-use products market (Ajinomoto Group estimates, consumer purchase basis)

Japan

(Billion yen)

FY19

FY20

FY21

Category

Brands

Market

Market share

Market

Market share

Apr.- Jun.

Market size

Apr.- Jun.

size

（rank）

size

(rank)

Market share(rank)

growth rate

Market share(rank)

Gyoza*

Gyoza, etc.

51.2

49%(1)

56.3

47%(1)

48%(1)

Approx.103%

44%(1)

North America

(Million USD)

FY19

FY20

FY21

Category

Brands

Market

Market share

Market

Market share

Market size

size2

（rank）

size2

(rank)

growth rate

Asian frozen food1

-

1,105

28%(1)

1,357

28%(1)

Approx.103-104%

1. Figures are for Ajinomoto Frozen Foods North America

Inc. only

2. Excluding sales to private brands. Figures include those

for warehouse clubs from FY2021. Prior periods has also been revised.

■ Information by Business Segment

(1) Depreciation and amortization*

(Billion yen)

FY19

FY20

FY21 Forecast

Seasonings and Foods

27.9

28.9

29.9

Frozen Foods

10.5

10.0

11.1

Healthcare and Others

15.5

15.1

13.3

Other

3.9

4.2

4.3

All Company

3.5

4.6

5.0

Total

61.4

63.0

63.9

* Excluding discontinued operations.

(2) Capital Expenditure/Investment

(Billion yen)

FY19

FY20

FY21 Forecast

Seasonings and Foods

50.1

52.9

33.7

Frozen Foods

9.7

13.4

13.7

Healthcare and Others

18.4

17.7

23.2

Other

0.6

0.6

0.4

All Company

4.6

7.0

3.8

Total

83.6

91.8

75.0

(3) R&D Expenses

(Billion yen)

FY19

FY20

FY21 Forecast

Seasonings and Foods

6.0

6.4

7.0

Frozen Foods

1.3

1.2

1.2

Healthcare and Others

8.3

8.2

9.0

Other

0.2

0.0

0.4

All Company

11.5

9.8

9.2

Total

27.5

25.9

27.0

5

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Ajinomoto Co. Inc. published this content on 18 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 November 2021 04:31:02 UTC.