Ajinomoto : Financial Statements for the First Quarter Ended June 30, 2023

Ajinomoto Co., Inc.

Consolidated Results

IFRS

Three Months Ended June 30, 2023

This document has been translated from the original Japanese as a guide for non-Japanese investors. It contains forward-looking statements based on a number of assumptions and judgements made by management considering information currently available. Actual financial results may differ depending on a number of factors, including changing economic conditions, legislative and regulatory developments, delay in new product launches, and pricing and product initiatives of competitors.

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SUMMARY OF FINANCIAL STATEMENTS [IFRS] (Consolidated)

The three-month results for the fiscal year ending March 31, 2024

Ajinomoto Co., Inc.		August 4, 2023
Stock Code:	2802	Stock exchange listing:	Tokyo Stock Exchange
URL:	https://www.ajinomoto.co.jp/company/
Representative:	Taro Fujie
	Representative Executive Officer & President
For inquiries:	Itoomi Watanabe	Telephone:	[phone]
	Corporate Executive & General Manager
	Global Finance Department

Scheduled date of submission of statutory quarterly financial report:	August 8, 2023
Scheduled date of starting payment of dividend:	-
Preparation of supplementary materials:	Yes
Results briefing:	Yes

1. Consolidated Financial Results for the Three Months Ended June 30, 2023

(1) Consolidated Operating Results

				(Millions of yen)
	Three months ended		Three months ended
	June 30, 2023		June 30, 2022
		Change %		Change %
Sales	339,521		5.6	321,619	16.4
Business profit	42,852		5.7	40,524	4.1
Profit before income taxes	39,596		3.8	38,147	9.2
Profit	29,632		1.3	29,248	22.3
Profit attributable to owners of the parent company	27,220		(1.9)	27,738	25.7
Basic earnings per share (yen)	¥51.77		-	¥51.71	-
Diluted earnings per share (yen)	¥51.75		-	¥51.71	-

"Change %" indicates the percentage change compared to the same period of the previous fiscal year.

Note: Upon the adoption of IFRS, the Ajinomoto Group has introduced "business profit" as a new profit level that will better enable investors, the Board of Directors, and the Management Committee to grasp the core business results and future outlook of each business while also facilitating continual evaluation of the Group's business portfolio by the Board of Directors and the Management Committee. "Business profit" is defined as sales and share of profit of associates and joint ventures minus cost of sales, selling expenses, research and development expenses, and general and administrative expenses. Business profit does not include other operating income or other operating expenses.

(2) Consolidated Financial Position

		(Millions of yen)
	As of	As of
	June 30, 2023	March 31, 2023
Total assets	1,650,527	1,511,734
Total equity	849,479	822,968
Equity attributable to owners of the parent company	791,072	768,676
Ownership ratio attributable to owners of the parent
company (%)	47.9%	50.8%

2. Dividends

	Fiscal year ended		Fiscal year ending		Fiscal year ending
			March 31, 2024
	March 31, 2023		March 31, 2024
			(forecast)
Dividend per share
Interim (yen)	¥31.00				¥37.00
Year-end (yen)	¥37.00				¥37.00
Annual (yen)	¥68.00				¥74.00

Note: Revisions from the last forecast released: None

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3. Forecast for the Fiscal Year Ending March 31, 2024

		(Millions of yen)
	Fiscal year ending March 31, 2024
		Change %
Sales	1,465,000	7.8
Business profit	150,000	10.8
Profit attributable to owners of the parent company	95,000	1.0
Basic earnings per share (yen)	¥182.10	-

"Change %" indicates the percentage change compared to the previous fiscal year. Note: Revisions from the last forecast released: None

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Notes:

1. Changes in significant subsidiaries during the period (Changes in specified subsidiaries resulting in a change in consolidation scope): None
2. Changes in accounting policies and accounting estimates
3. 1. Changes in accounting policies as required by IFRS: None
   2. Other changes in accounting policies: None
   3. Changes in accounting estimates: None
4. Number of shares outstanding (ordinary shares)

					Shares
		As of June 30, 2023			As of March 31, 2023
Number of shares outstanding at end of period	529,798,154		529,798,154
(including treasury stock)
Number of shares in treasury stock at end of	8,411,140		495,714
period
		April 1, 2023 to June 30, 2023			April 1, 2022 to June 30, 2022
Average number of shares during period	525,780,448		536,435,145

Note: The number of shares in treasury stock at the end of the period includes the Company's shares held by the

director's remuneration BIP trust (As of June 30, 2023: 373,400 shares. As of March 31, 2023: 373,400 shares), which was adopted along with the introduction of stock-based remuneration of executive officers based on the Company's medium-term earnings performance for the directors and others. In addition, these Company's shares are included in the treasury stock which is deducted from the number of shares outstanding at the end of the period when calculating the average number of shares during the period.

The summary of quarterly financial statements is not subject to quarterly review by certified public accountants or an audit firm.

Appropriate use of forecasts and other notes

Disclaimer regarding forward-looking statements and other information

Forward-looking statements, such as business forecasts, included in this document are based on management's estimates, assumptions, and projections at the time of release. These statements do not promise nor represent a commitment by the Company to achieve these forecasts. Actual operating results may differ significantly due to various factors. For more information regarding earnings forecasts, see page 6, "1. Qualitative Information on the Three-monthConsolidated Results, (1) Overview of Operating Results."

Where to obtain supplementary materials

Supplementary materials will be posted on the Company's website on Friday, August 4, 2023.

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Table of contents
1 Qualitative Information on the Three-month Consolidated Results	6
(1)	Overview of Operating Results	6
(2)	Overview of Financial Position	10
2 Condensed Consolidated Financial Statements and Notes	11
(1)	Condensed Consolidated Statements of Financial Position	11
(2)	Condensed Consolidated Statements of Income	13
	For the Three Months	13
(3)	Notes to Condensed Consolidated Financial Statements	14
	Going Concern Assumption	14
	Material Accounting Policies	14
	Segment Information	15
	Significant Subsequent Events	18

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