Ajinomoto : FY2023 Revised Forecast by Segments

FY23 Revised Forecast by Segment

				FY23	FY23		FY22	Y on Y
				Revised	Initial	Difference
				Results	Difference
				Forecast	Forecast
Sales	1,465.0	1,465.0	0.0	1,359.1	105.8
	Seasonings and Foods	852.8	823.8	29.0	775.0	77.8
		Sauce	& Seasonings	426.2	393.8	32.4	379.7	46.4
		Quick Nourishment	233.6	230.1	3.4	209.5	24.0
		Solution & Ingredients (S&I)	192.9	199.7	-6.8	185.6	7.2
	Frozen Foods	291.4	292.3	-0.9	267.2	24.1
	Healthcare and Others	302.2	330.1	-27.9	299.6	2.5
		Bio-Pharma Services & Ingredients	139.8	140.3	-0.4	129.5	10.2
			Amino acids for				57.5
			pharmaceuticals and foods
			Bio-Pharma Services				72.0
			（CDMO services)
		Functional Materials	60.0	81.2	-21.1	70.1	-10.0
		（electronic materials and others）
		Others	102.3	108.6	-6.2	99.9	2.3
	Other	18.5	18.6	-0.0	17.1	1.3
Business Profit	150.0	150.0	0.0	135.3	14.6
	Seasonings and Foods	105.7	92.9	12.7	84.8	20.9
		Sauce	& Seasonings	79.2	67.7	11.5	62.4	16.8
		Quick Nourishment	16.6	18.5	-1.9	16.6	-0.0
		Solution & Ingredients (S&I)	26.2	24.5	1.7	23.4	2.8
		Shared companywide expenses	-16.6	-18.0	1.4	-17.1	0.4
	Frozen Foods	10.0	3.7	6.2	2.0	8.0
		Frozen Foods	14.8	9.0	5.8	7.0	7.8
		Shared companywide expenses	-4.7	-5.2	0.4	-5.0	0.2
	Healthcare and Others	35.0	54.1	-19.0	48.6	-13.5
		Bio-Pharma Services & Ingredients	16.1	20.7	-4.5	18.2	-2.0
		Functional Materials	27.0	42.0	-14.9	36.9	-9.8
		（electronic materials and others）
		Others	4.8	4.9	-0.1	5.0	-0.2
		Shared companywide expenses	-12.9	-13.5	0.5	-11.5	-1.4
	Other	-0.8	-0.8	-0.0	-0.1	-0.7
		Shared companywide expenses	-0.8	-0.9	0.0	-0.8	0.0

November 6, 2023

(Billion yen)

FY23/1H	FY22/1H	Y on Y	FY23/2H	FY22/2H	Y on Y	Reasons for Forecast Revision
Results	Results	Difference	Forecast	Results	Difference
688.0	659.8	28.1	776.9	699.2	77.7	Seasonings and Foods
Sauce & Seasonings:
						Upward revision of revenue primarily due to increased sales overseas
404.7	372.7	31.9	448.1	402.2	45.8	and the impact of currency translation.
						Quick Nourishment:
206.8	185.9	20.8	219.3	193.8	25.5	Upward revision of revenue primarily due to the impact of currency
translation overseas.
						Solution & Ingredients:
103.6	93.8	9.7	129.9	115.6	14.3
						Downward revision of revenue primarily due to decreased sales of
						umami seasonings for processed food manufacturers.
94.2	92.9	1.2	98.7	92.7	5.9
Frozen Foods
						Downward revision of revenue due to decreased sales in Japan.
136.5	128.5	7.9	154.8	138.6	16.2
Healthcare and Others
						Bio-Pharma Services & Ingredients:
139.5	151.6	-12.1	162.6	148.0	14.6	Downward revision of revenue due to decreased sales of amino acids
						for pharmaceuticals and foods.
62.2	64.2	-1.9	77.5	65.3	12.1	Functional Materials (electronic materials and others) :
						Downward revision of revenue primarily due to decreased sales of
26.5	30.0	-3.4		27.5		electronic materials.
						Others:
35.5	34.0	1.4		37.5		Overall downward revision.
28.5	37.2	-8.7	31.5	32.8	-1.3
48.7	50.1	-1.4	53.5	49.7	3.7
7.2	6.8	0.3	11.2	10.3	0.9
76.5	74.3	2.2	73.4	61.0	12.4	Seasonings and Foods
Sauce & Seasonings:
						Upward revision of profit primarily due to increased sales overseas and
57.1	44.0	13.1	48.5	40.7	7.7	the impact of currency translation.
						Quick Nourishment:
42.0	30.8	11.2	37.1	31.6	5.5	Downward revision of profit primarily due to the impact of cost increases
for coffee product raw materials in Japan.
						Solution & Ingredients:
6.7	7.9	-1.1	9.8	8.6	1.1
Upward revision of profit primarily due to the impact of improving cost
						efficiency and the impact of currency translation.
15.3	13.7	1.6	10.9	9.7	1.2
Frozen Foods
						Upward revision of profit primarily due to structural reform overseas and
-7.7	-7.3	-0.4	-8.8	-9.8	0.9	the impact of currency translation.
						Healthcare and Others
6.6	0.5	6.1	3.3	1.4	1.8	Bio-Pharma Services & Ingredients:
						Downward revision of profit primarily due to decreased sales of amino
8.8	2.5	6.3	5.9	4.4	1.5	acids for pharmaceuticals and foods.
Functional Materials (electronic materials and others) :
-2.1	-2.0	-0.1	-2.6	-2.9	0.3	Downward revision of profit primarily due to decreased sales of
electronic materials.
						Others:
10.9	28.8	-17.9	24.1	19.7	4.3
Overall on par with initial forecast.
2.0	10.3	-8.3	14.1	7.8	6.2
12.2	20.0	-7.8	14.8	16.8	-2.0
2.5	3.7	-1.2	2.2	1.2	1.0
-5.8	-5.3	-0.5	-7.0	-6.1	-0.9
1.7	0.9	0.8	-2.6	-1.0	-1.6
-0.2	-0.3	0.1	-0.6	-0.5	-0.0

Business Profit : 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

Starting in FY2023, the method for allocating shared expenses such as R&D expenses is changed in order to better evaluate the business performance of each reportable segment. The above figures, including results for FYFY2022, reflect this change.

Notes: Nondisclosure

(Italic) Approximation

(Reference) Revised Sales Forecast by Business & Geographical Area										(Billion yen)
			Japan			Asia			Americas			EMEA			Total
Sales	FY23	FY22	YoY	FY23	FY22	YoY	FY23	FY22	YoY	FY23	FY22	YoY	FY23	FY22	YoY
		Forecast	Results	Change	Forecast	Results	Change	Forecast	Results	Change	Forecast	Results	Change	Forecast	Results	Change
	Seasonings and Foods	295.3	274.0	21.2	385.2	338.2	47.0	124.5	110.4	14.1	47.6	52.2	-4.6	852.8	775.0	77.8
	Frozen Foods	92.0	89.7	2.2	5.4	4.7	0.6	171.8	155.1	16.7	22.1	17.6	4.5	291.4	267.2	24.1
	Healthcare and Others	125.0	129.0	-3.9	11.0	9.0	1.9	82.8	88.3	-5.5	83.2	73.1	10.0	302.2	299.6	2.5
	Other	17.9	17.1	0.8	0.3	0.0	0.2	-	-	-	0.0	0.0	0.0	18.5	17.1	1.3
	Total	530.6	509.9	20.6	401.9	352.0	49.9	379.2	353.9	25.3	153.0	143.1	9.9	1,465.0	1,359.1	105.8

・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.