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TOKYO, November 6, 2014 - Ajinomoto Co., Inc. (Ajinomoto Co.) today announced its results for the interim period of the fiscal year ending March 31, 2015 (April 1, 2014 - September 30, 2014), as outlined in the following table.
(JPY billions unless otherwise noted; figures rounded down)
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Consolidated Results |
Change from Previous Interim Period (%) |
| Net sales |
467.6 |
[468.9] |
-0.3% |
| Operating income |
28.5 |
[29.7] |
-3.9% |
| Ordinary income |
31.9 |
[33.1] |
-3.6% |
| Net income |
20.7 |
[22.3] |
-7.1% |
Note: Figures in brackets are the results of the previous interim period.
Despite growth in the consumer foods business of overseas food products and in domestic food products, net sales for the interim period ended September 30, 2014 decreased JPY 1.2 billion compared with the previous interim period to JPY 467.6 billion due to factors including the absence of sales of the infusion and dialysis business units, which were spun off on July 1, 2013 as AY PHARMACEUTICALS Co., Ltd., an equity-method affiliate. Operating income decreased JPY 1.1 billion to JPY 28.5 billion with the substantial impact of a decrease in feed-use amino acids, although the income level has been gradually improving.
Consolidated segment information is summarized below.
(JPY billions unless otherwise noted; figures rounded down)
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Net Sales |
Change from Previous Interim Period |
Change from Previous Interim Period (%) |
Operating Income (Loss) |
Change from Previous Interim Period |
Change from Previous Interim Period (%) |
| Domestic Food Products |
147.2 |
+3.0 |
+2.1% |
10.1 |
-1.2 |
-11.1% |
| Overseas Food Products |
153.1 |
+9.0 |
+6.3% |
16.4 |
+3.6 |
+28.3% |
| Bioscience Products & Fine Chemicals |
108.2 |
-3.3 |
-3.0% |
2.5 |
-1.3 |
-33.7% |
| Pharmaceuticals |
18.7 |
-9.1 |
-32.6% |
0.2 |
-1.2 |
-84.6% |
| Other Businesses |
40.1 |
-0.8 |
-2.2% |
(0.7) |
-0.9 |
- |
| Total |
467.6 |
-1.2 |
-0.3% |
28.5 |
-1.1 |
-3.9% |
In the domestic food products segment, sales increased due to factors including a shift to growth in sales of seasonings and processed foods from July, with the end of the impact of the last-minute surge in demand before the consumption tax rate increase, as well as growth in sales of frozen food. Operating income decreased due to higher selling expenses, increased costs associated with a rise in raw material prices for frozen foods and other factors.
In the overseas food products segment, sales increased due to factors including growth in sales of umami seasoning AJI-NO-MOTO® in Vietnam, Indonesia and Thailand, flavor seasoning Masako® in Indonesia, and flavor seasoning RosDee® and instant noodles in Thailand. Operating income increased substantially due to increased sales of consumer foods, among other factors.
In the bioscience products and fine chemicals segment, overall sales decreased because of a decline in sales of feed-use amino acids, despite growth in sales of pharmaceutical custom manufacturing, sweeteners, and amino acids for pharmaceuticals and foods. Operating income decreased overall because of a substantial decline in income from the impact of lower selling prices for feed-use amino acids, despite increases in income from amino acids for pharmaceuticals and foods and specialty chemicals.
In the pharmaceuticals segment, sales and income decreased due to the spin-off of the infusion and dialysis business units on July 1, 2013 as AY PHARMACEUTICALS Co., Ltd., an equity-method affiliate, which resulted in the absence of sales of those business units, as well as the impact of National Health Insurance (NHI) drug price revisions and generics, despite an increase in royalty income from products sold though business tie-ups.
Taking the consolidated performance forecast and other factors into consideration, the forecast for the year-end dividend for the fiscal year ending March 31, 2015 has been increased by JPY 2 from the previous forecast to JPY 12 per share. Dividends per share for the fiscal year ending March 31, 2015, including the interim dividend, are scheduled to be JPY 22 per share (including an interim dividend of JPY 10 per share).
The assumed average exchange rate for the fiscal year is JPY 100.0 to USD 1.
| Note: The performance forecast above is based on information available to Ajinomoto Co. as of the date of this news release. Various factors could cause actual results to differ materially from the above forecast. |
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 26 countries and regions, Ajinomoto Co. had consolidated net sales of JPY 991.3 billion (USD 11.0 billion) in fiscal 2013. For more about Ajinomoto Co. (TYO: 2802),
visit www.ajinomoto.com.
For further information, please contact here.
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