TOKYO, May 10, 2016 – A summary of the consolidated financial results of Ajinomoto Co., Inc. (“Ajinomoto Co.”) for the fiscal year ended March 31, 2016 is as follows:
1. Overview of Financial Results for the Fiscal Year Ended March 31, 2016
(JPY billions unless otherwise noted; figures rounded down)
Net sales for the fiscal year ended March 31, 2016 increased JPY 179.3 billion compared with the previous fiscal year to JPY 1,185.9 billion. In addition to growth in sales of seasonings and processed foods (International), factors in the increase included making two companies consolidated subsidiaries: Windsor Quality Holdings, LP (currently Ajinomoto Windsor, Inc.; hereafter “Windsor”), a frozen food manufacturing and sales company in the United States in which Ajinomoto Co. acquired full equity interest on November 5, 2014; and Ajinomoto General Foods, Inc. (“AGF”), shares of which Ajinomoto Co. acquired on April 23, 2015. Operating income increased JPY 16.5 billion to JPY 91.0 billion and ordinary income increased JPY 11.5 billion to JPY 94.3 billion due to factors such as making AGF a consolidated subsidiary and the increase in sales of seasonings and processed foods (Japan), in addition to the contribution from umami seasonings for processed food manufacturers.
Although Ajinomoto Co. recorded JPY 16.6 billion in pharmaceutical business structural reform expenses and a JPY 6.9 billion loss on disposal of affiliated companies in connection with the sale of shares of a sweetener production and sales subsidiary in France, which were conducted as part of business structure reinforcement, it also recorded as extraordinary gains a JPY 24.8 billion gain on sales of shares of an affiliated company in connection with the sale of its equity in NISSIN-AJINOMOTO ALIMENTOS LTDA., an instant noodle joint venture company in Brazil, and a JPY 18.0 billion gain on step acquisitions due to the revaluation of shares it had originally held in AGF to the market price as of the time of the additional acquisition in April 2015. As a result, profit attributable to owners of parent increased JPY 17.0 billion to JPY 63.5 billion.
Dividends for the fiscal year ended March 31, 2016 are scheduled to be JPY 28 per share (including an interim dividend of JPY 13 per share), an increase of JPY 4 per share from the previous fiscal year, and dividends for the fiscal year ending March 31, 2017 are scheduled to be JPY 30 per share (including an interim dividend of JPY 15 per share), an increase of JPY 2 per share from the previous fiscal year.
An overview of consolidated results by business segment is as follows:
Ajinomoto Co. has changed the classification of its reportable segments as of the fiscal year ended March 31, 2016. Figures below for the previous fiscal year have been reclassified to match the current segments.
(JPY billions unless otherwise noted; figures rounded down)
Japan Food Products segment sales increased JPY 105.3 billion due to growth in sales of seasonings and processed foods (Japan), in addition to making AGF a consolidated subsidiary. Operating income increased JPY 6.5 billion due to factors including the growth in sales of seasonings and processed foods (Japan), in addition to making AGF a consolidated subsidiary.
International Food Products segment sales increased JPY 79.8 billion due to growth in sales of seasonings and processed foods (International), in addition to making Windsor a consolidated subsidiary. Operating income increased JPY 9.9 billion due to factors including increased sales of frozen foods (International) and seasonings and processed foods (International), in addition to a substantial increase in income from umami seasonings for processed food manufacturers as a result of the positive effect of currency translation and other factors.
Life Support segment sales decreased JPY 6.7 billion as animal nutrition sales fell, although sales of specialty chemicals grew. Operating income decreased JPY 2.5 billion due to a substantial decrease in income from animal nutrition, although results for specialty chemicals were on par with the previous fiscal year.
Healthcare segment sales increased JPY 9.9 billion due to a substantial increase in sales of pharmaceutical custom manufacturing as well as growth in sales of amino acids for pharmaceuticals and foods, despite a decrease in sales of pharmaceuticals. Operating income increased JPY 2.2 billion with a substantial increase in income from pharmaceutical custom manufacturing as well as an increase in income from amino acids for pharmaceuticals and foods, despite a substantial decrease in income from pharmaceuticals.
2. Consolidated Performance Forecast for the Fiscal Year Ending March 31, 2017
(JPY billions unless otherwise noted; figures rounded down)
The assumed exchange rate for the fiscal year is JPY 110.0 to USD 1.
About Ajinomoto Co.
Ajinomoto Co. is a global manufacturer of high-quality seasonings, processed foods, beverages, amino acids, pharmaceuticals and specialty chemicals. For many decades Ajinomoto Co. has contributed to food culture and human health through wide-ranging application of amino acid technologies. Today, the company is becoming increasingly involved with solutions for improved food resources, human health and global sustainability. Founded in 1909 and now operating in 27 countries and regions, Ajinomoto Co. had net sales of JPY 1,185.9 billion (USD 9.87 billion) in fiscal 2015. For more about Ajinomoto Co. (TYO: 2802), visit www.ajinomoto.com.
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