Ajinomoto : FY2021 Revised Forecast by Segments (Revised on January 14, 2022)

FY21 Revised Forecast by Segment

Sales

Seasonings and Foods

Sauce & Seasonings

Quick Nourishment

Solution & Ingredients (S&I)

Frozen Foods

Frozen Foods

Healthcare and Others Bio-Pharma Services & Ingredients

Amino acids for pharmaceuticals and foods 2

Bio-Pharma Services 3

Functional Materials Others

Others

Business Profit1

Seasonings and Foods

Sauce & Seasonings

Quick Nourishment

Solution & Ingredients (S&I)

Shared companywide expenses Frozen Foods

Frozen Foods

Shared companywide expenses Healthcare and Others

Bio-Pharma Services & Ingredients

Functional Materials Others

Shared companywide expenses

Others

Shared companywide expenses

														November 4, 2021
FY21	FY21									(Billion yen)			Revised on January 14, 2022
Differrenc	FY20	Y on Y		FY21/1H	FY20/1H	Y on Y	FY21/2H	FY20/2H	Y on Y	Reasons for Forecast Revision
Revised	Initial
e	Results	Change		Results	Results	Change	Forecast	Results	Change
Forecast	Forecast
1,148.0	1,113.0	35.0	1,071.4	76.5	550.2	511.3	38.8	597.7	560.0	37.6	Seasonings and Foods
												Sauce & Seasonings: Upward revision of revenue based on strong
665.1	654.7	10.3	620.5	44.6	316.0	295.3	20.6	349.1	325.1	23.9	sales, and the impact of rising unit prices, both overseas, the impact of
												currency translation, etc.
317.4	308.8	8.6	288.9	28.4	151.6	140.3	11.3	165.7	148.6	17.1	Quick Nourishment: No significant revisions.
196.8	197.5	-0.6	186.3	10.5	88.7	83.5	5.1	108.1	102.7	5.3	Solution & Ingredients: Upward revision of revenue overall based
150.7	148.4	2.3	145.1	5.5	75.6	71.4	4.1	75.1	73.7	1.4	primarily on strong sales and rising unit prices of umami seasonings
												for processed food mfrs. and the impact of currency translation,
217.0	208.2	8.7	198.2	18.7	106.3	98.8	7.5	110.6	99.4	11.2	despite downward revision of revenue based on the most recent state
												of sales of foodservice-use products in Japan.
217.0	208.2	8.7	198.2	18.7	106.3	98.8	7.5	110.6	99.4	11.2	Frozen Foods
247.7	231.3	16.3	239.5	8.1	121.9	110.6	11.3	125.7	128.8	-3.1	Upward revision of revenue based primarily on the impact of rising unit
prices in North America and the impact of currency translation.
106.3	101.0	5.2	91.4	14.8	49.5	41.6	7.9	56.7	49.8	6.9	Healthcare and Others
												Bio-Pharma Services & Ingredients: Upward revision of revenue based
			42.5			24.5	21.5	2.7		21.0
							primarily on strong sales of amino acids for pharmaceuticals and foods
			49.0		25.0	20.0	5.1		29.0		and the impact of currency translation.
												Functional Materials: Upward revision of revenue based primarily on
56.7	48.9	7.8	45.1	11.6	28.5	21.6	6.9	28.2	23.5	4.7	strong sales of electronic materials.
84.5	81.4	3.1	102.8	-18.2	43.8	47.3	-3.4	40.7	55.5	-14.7	Others: Upward revision of revenue based primarily on strong sales of
												personal care ingredients and the impact of currency translation.
18.1	18.6	-0.4	13.1	4.9	5.9	6.5	-0.6	12.2	6.6	5.6
120.0	115.0	5.0	113.1	6.8	69.3	61.9	7.3	50.6	51.1	-0.5	Seasonings and Foods
												Sauce & Seasonings: Downward revision of profit primarily based on
80.7	85.8	-5.1	86.7	-6.0	45.0	47.0	-2.0	35.6	39.7	-4.0	the impact of rising raw material prices in the first half of the year
despite upward revision of revenue.
63.6	65.9	-2.2	64.0	-0.3	33.9	35.7	-1.7	29.7	28.3	1.4	Quick Nourishment: No significant revisions.
20.4	20.6	-0.1	20.9	-0.4	10.6	9.7	0.9	9.8	11.2	-1.3	Solution & Ingredients: Downward revision of profit based primarily on
17.5	19.6	-2.1	21.0	-3.5	9.4	11.0	-1.6	8.0	9.9	-1.8	the impact of rising raw material prices for foodservice-use products in
Japan, despite upward revision of revenue.
-20.9	-20.3	-0.5	-19.2	-1.6	-8.9	-9.1	0.1	-12.0	-10.1	-1.8	Frozen Foods
												Profit remains unchanged based primarily on the impact of rising raw
2.3	2.4	-0.1	2.3	0.0	1.0	2.6	-1.6	1.2	-0.3	1.6	material prices and logistics costs in North America being countered by
												rising unit prices.
8.6	8.6	0.0	8.2	0.3	3.8	5.5	-1.6	4.7	2.7	2.0	Healthcare and Others
-6.3	-6.1	-0.1	-5.8	-0.4	-2.8	-2.8	0.0	-3.5	-3.0	-0.4	Bio-Pharma Services & Ingredients: Upward revision of profit
												accompanying upward revision of revenue.
39.6	29.2	10.3	26.2	13.3	22.8	11.9	10.9	16.7	14.3	2.4	Functional Materials: Upward revision of profit accompanying upward
15.7	13.8	1.9	11.9	3.8	9.9	5.0	4.9	5.8	6.9	-1.0	revision of revenue.
												Others: Upward revision of profit based primarily on the impact of
25.6	20.4	5.2	18.9	6.7	13.3	9.3	3.9	12.3	9.6	2.7
upward revision of revenue and decreased expenses due to the
5.6	2.3	3.2	2.8	2.7	3.0	1.0	2.0	2.5	1.8	0.7	structural reform of animal nutrition.
-7.4	-7.2	-0.2	-7.4	-0.0	-3.4	-3.3	-0.0	-4.0	-4.0	0.0
-2.6	-2.6	-0.0	-2.2	-0.4	0.3	0.2	0.0	-3.0	-2.4	-0.5
-1.7	-1.6	-0.0	-1.5	-0.2	-0.7	-0.7	-0.0	-1.0	-0.8	-0.1

• 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

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

Notes: Nondisclosure

(Italic) Approximation

(Reference) Sales Forecast by Business & Geographical Area						(Billion yen)
Sales		Japan		Asia		Americas	EMEA		Total
	Seasonings and Foods	277.8	(-2.3)	272.8	(4.3)	78.5	(4.7)	35.8	(3.5)	665.1	(10.3)
		280.1		268.5		73.7		32.2		654.7
	Frozen Foods	89.4	(0.0)	4.3	(0.7)	111.4	(7.3)	11.8	(0.6)	217.0	(8.7)
		89.3		3.5		104.1		11.1		208.2
	Healthcare and Others	108.7	(7.2)	9.3	(1.9)	66.9	(2.0)	62.7	(5.0)	247.7	(16.3)
		101.4		7.3		64.9		57.6		231.3
	Others	17.5	(-0.4)	0.4	(0.0)	-	-	0.0	(0.0)	18.1	(-0.4)
		17.9		0.4		-		0.0		18.6
	Total	493.7	(4.5)	287.0	(7.0)	256.8	(14.0)	110.3	(9.3)	1,148.0	(35.0)
		489.1		279.9		242.8		101.0		1,113.0

Upper row: FY21 Revised forecast, lower row: FY21 Initial forecast. Figures in parentheses represent difference.

・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 not represent a commitment from Ajinomoto Co., Inc. that they will be achieved. A number of factors could cause actual results to differ materially from expectations.

・Unaudited figures are included in these materials for reference. ・Amounts presented in these materials are rounded down.