Overview of Results for the Fiscal Year Ended March 31, 2007

May 11, 2007 - Ajinomoto Co., Inc. (Ajinomoto; President & CEO: Norio Yamaguchi; Headquarters: Tokyo, Japan) today announced its results for the fiscal year ended March 31, 2007, as outlined in the following tables. On a consolidated basis, net sales were 1,158.5 billion yen (a 5% increase from the previous fiscal year), operating income was 63.8 billion yen (a 6% increase), ordinary income was 61.5 billion yen (a 0% increase) and net income was 30.2 billion yen (a 13% decrease).

　Sales in the Domestic Food Products business increased compared with the previous fiscal year, due to factors including the contribution of coffees and the inclusion of the frozen food business of the Amoy Food Group in the scope of consolidation. However, operating income decreased as a result of higher raw material costs and initial investments in the health and nutrition business. Sales of
HON-DASHI and consommé were maintained at the same level as the previous fiscal year, and Chinese dashi product range performed strongly, but sales of umami seasoning AJI-NO-MOTO decreased. Among soups, which were impacted by the warm winter, Knorr Cup Soup secured results unchanged from the previous fiscal year, although sales of Knorr Soup Pasta and others declined substantially. Sales of Cook Do were maintained at the same level as the previous fiscal year, but sales of mayonnaise and mayonnaise-type dressings decreased slightly.
　In the Overseas Food Products business, sales and income increased substantially with significant growth of flavor seasonings in Asia and South America, price increases for seasoning products, and a favorable currency exchange effect. The inclusion of the seasonings business of the Amoy Food Group in the scope of consolidation also contributed to the increase in sales.
　In the Amino Acids business, although sales volume of feed-use amino acids increased, a decline in the sales price of Threonine, and higher costs for energy and raw materials resulted in an increase in sales but a decrease in income. However, electronic materials and other products contributed to increases in both sales and income for the segment as a whole. Sales of sweeteners for processed food manufacturers grew substantially, centered on demand from major customers, and the amino acid-based cosmetic Jino continued their sharp year-on-year growth.
　In the Pharmaceuticals business, although medical foods and peripheral nutrition infusion product TWINPAL contributed to sales, sales of other infusion products decreased. However, the segment achieved increases in sales and income, due to the contribution from the receipt of one-off payment related to a diabetes drug.
　For the fiscal year ending March 31, 2008, Ajinomoto forecasts consolidated net sales of 1,210.0 billion yen, operating income of 75.0-80.0 billion yen, ordinary income of 70.0-75.0 billion yen and net income of 33.5-36.5 billion yen. These forecasts assume a U.S. dollar/yen exchange rate of 115 yen for the period.
　Ajinomoto plans to pay cash dividends for the fiscal year ending March 31, 2008 of 16 yen per share, including an interim dividend of 8 yen per share, which will be a 1 yen per share increase from fiscal year ended March 31, 2007.

For further information please contact:
Ajinomoto Co., Inc. CSR & Public Communications Department; Tel: +81-3- 5250-8180