Ajinomoto

(RM)
Years 2001 2002 2003 2004
Average Share Price
Market Cap of common
Avg 0
Revenue 142647670 151009244 164125822
Avg 124930385.8
Gross Profit Margin (%) 51.93 55.97 54.37
Avg 42.182
Operating Profit Magrin (%0 8.81 9.02 8.65
Avg 6.714
Gain/(loss) on Plant Disposal 257076 283740 318990
Currency hit / (earn)
Net Profit 10350140 12173130 13145351
Avg 9637611
Net Profit Margin (%) #DIV/0! 7.26 8.06 8.01
Avg #DIV/0!
Taxes 3276888 2721318 2087240
Interest Coverage Ratio
Avg 0
Administration Exp Margin (%) 13.97 14.38 14.91
Avg 11.73
Shares Outstading (dilute) 40532356 60798534 60798534
Avg 44585591.6
Earnings Per Share (EPS)sen 17 20 21.6
Avg 15.84
P/E ratio #DIV/0! 0 0 0
Book Value 0 117078573 123117679 132323285
Avg 101788108.8
Return On Book Value (ROB) ( #DIV/0! 8.84 9.89 9.93
Avg #DIV/0!
Revenur per share #DIV/0! 3.519353032427 2.483764559192 2.699502951831
Avg #DIV/0!
Book Value Per Share #DIV/0! 2.89 2.03 2.18
Avg #DIV/0!
Cash Asset Per Share #DIV/0! 1.08 0.81 0.55
Avg #DIV/0!
R.Earning per share #DIV/0! 1.29 0.95 1.10
Avg #DIV/0!
Working Cap Per Share #DIV/0! 1.57 1.20 1.08
Avg #DIV/0!
Debt per share #DIV/0! 0.00 0.00 0.00
Avg #DIV/0!
FCF per share #DIV/0! 0.29 0.12 -0.20
Avg #DIV/0!
FCF to Sales #DIV/0! 0.29 0.12 -0.20
Avg #DIV/0!
Operating Cash per share #DIV/0! 0.41 0.29 0.22
Avg #DIV/0!
Net Current Assets per share #DIV/0! 1.43 1.07 0.95
Avg #DIV/0!
Net PPE per share #DIV/0! 1.38 0.91 1.16
Avg #DIV/0!
Total Debt / Net Profit #DIV/0! 0.00 0.00 0.00
Avg #DIV/0!
Inventoreis per share #DIV/0! 0.40 0.39 0.44
Avg #DIV/0!
Inventories / Total Assets #DIV/0! 0.11 0.16 0.17
Total Assets 140181447 151640009 159551078
Avg 122943781
Return On Assets (ROA) (%) #DIV/0! 7.38 8.03 8.24
Avg #DIV/0!
Intangible Assets(goodwil)
Avg 0
Total Liabilities 23102874 28522330 27227793
Avg 21155672.2
Current Assets 81038961 93338715 84819534
Avg 68807876.2
Current Liabilities 17409885 20275131 18891092
Avg 15242476.6
Inventories 16033277 24005014 26921432
Working Capital 0 63629076 73063584 65928442
Avg 53565399.6
Current Ratio/Working Captital Ratio #DIV/0! 4.65 4.60 4.49
Avg #DIV/0!
Working Capital / Total Debt #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Avg #DIV/0!
Net Current Assets 0 57936087 64816385 57591741
Avg 47652204
Total Equitty 117078573 123117679 132323285
Avg 101788108.8
Accumulated R. Earnings 52420000 57888000 66618000.0
Avg 48196082.4
Total Liabilities in Assets Based #DIV/0! 0.16 0.19 0.17
Avg #DIV/0!
Return On Equity (ROE) (%) #DIV/0! 8.84 9.89 9.93
Avg #DIV/0!
Total Cash & Short Term Invest 43674252 49257903 33578317
Avg 31572364.4
Total Cash / Total Debt #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Avg #DIV/0!
Marketable Securities
Avg 0
Total Debt 0 0 0
Avg 0
Debt / Equity ratio #DIV/0! 0.00 0.00 0.00
Avg #DIV/0!
Total Capital Structure 0 117078573 123117679 132323285
Avg 101788108.8
Return On Capital (ROC) (%) #DIV/0! 8.84 9.89 9.93
Avg #DIV/0!
warrants and preferred stock
bonds
Total capitalization 0 0 0 0
Avg 0
Return on Total Cap #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Avg #DIV/0!
Operating Cash Flow 16713555 17764678 13206550
Avg 12111790.4
Capex / Exp on new or old plant 4898477.0 10734848 25344311.0
Avg 11452842.2
Net Property, Plant & Equipment 56032179 55232487 70611668
Avg 51252113.6
Depreciation on PPE 10236537 10665453 9604863
Avg 8207684.2
Loss On Impairment 0 0 0
Avg 0
Free Cash Flow 0 11815078 7029830 -12137761
Avg 658948.2
Free Cash Flow Yield #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Avg #DIV/0!
Free Cash Flow Margins #DIV/0! 8.282699605258 4.655231569797 -7.395399975514
Avg #DIV/0!
Dividends 3210163 3939745 4790924
Avg 3346351.8
Dividends per share (sen) 7.92 6.5 7.9
Avg 6.044
Dividends payout ratio (%) #DIV/0! 31.02 32.36 36.45
Avg #DIV/0!
Dividends Yield (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Avg #DIV/0!
Stock Repurchased (value)
Avg 0
Stock Repurc Payout Ratio (%) #DIV/0! 0 0 0
Avg #DIV/0!
Stock Repurchased (shares)
Avg 0
Stock Repurchased Price
Cash Conversion Cycle (CCC)
Avg 0
Write offs 227713 768972 360232
Avg 455129.8
Goodwill 0 0 0
Avg 0
Executive Cash Compensation 2201636 2192415 2959146
Avg 2015388.4
Executive {ayout Ratio (%) #DIV/0! 21.27155767941 18.01028166133 22.51096984782
Avg #DIV/0!
Executive Stock Option (shares)
Avg 0
Stock Option Price
Stock Option Price/Market Price #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Stock Option/Shares Outst (%) #DIV/0! 0 0 0
Avg #DIV/0!
Stock Option/Shares Repur (%) #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Avg #DIV/0!
Exe Stock Option/Cash Compensation #DIV/0! 9.66170506E-06 8.2148141E-06 7.60725218E-06
Avg #DIV/0!
o
2005 2006 2007 2008 2009

0
166869193 170592741 190628976 215462459 243838799
221027971
48.64 42.49 42.79 44.52 36.87
41.23
7.09 3.62 8.08 12.38 10.53
9.092
3900672 245500 66648 602296 371808

12519434 6009557 14992847 20940045 19072212

16990750.4
7.50 3.52 7.86 9.72 7.82
7.47
69805 841246 2359750 6332786 6605826

0
15.39 14.13 24.7 34.4 11.91
19.216
60798534 60798534 60798534 60798534 60798534
60798534
20.6 9.9 24.7 34.4 31.4
27.96
0 0 0 0 0
136421007 137639637 158838576 174355390 189296997
172849381.6
9.18 4.37 9.44 12.01 10.08
9.52372496981634
2.744625273366 2.805869315862 3.135420600766 3.543875893455 4.010603265533
18.1770806348719
2.24 2.26 2.61 2.87 3.11
2.8429860101561
0.52 0.50 1.06 1.09 0.71
0.86
1.05 1.08 1.15 1.32 1.93
1.53
1.07 1.14 1.44 1.58 1.58
1.51
 0.00 0.00 0.00 0.00 0.00
0
-0.06 0.03 0.50 0.18 -0.28
0.15
-0.06 0.03 0.50 0.18 -0.28
0.15
0.21 0.21 0.61 0.34 0.08
0.36
0.95 1.01 1.31 1.44 1.42
1.37
1.22 1.21 0.76 0.76 1.00
0.95
0.00 0.00 0.00 0.00 0.00
0
0.46 0.49 0.41 0.53 0.76
0.61
0.17 0.18 0.13 0.15 0.21
163346371 161478877 193097374 213181838 222460060
205960879.2
7.66 3.72 7.76 9.82 8.57
7.97

0
26925364 23839240 34258798 38826448 33163063
33111497.6
84842171 85160118 113887784 126440582 119678045
116181446
19636275 16126683 26558374 30276302 23623487
24364144.8
28221311 29511903 25104026 32383255 46356553
65205896 69033435 87329410 96164280 96054558
91817301.2
4.32 5.28 4.29 4.18 5.07
4.83801298513772
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0!
57916807 61320878 79628986 87614134 86514982
83069948.4
136421007 137639637 158838576 174355390 189296997
172849381.6
64054412 65394913 70061000 79996000 117417886
93045773.4
0.16 0.15 0.18 0.18 0.15
 0.16
9.18 4.37 9.44 12.01 10.08
9.52
31351350 30450944 64193072 66193647 43221990
52082924
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0!
0 0 0
0
0 0 0 0 0
0
0.00 0.00 0.00 0.00 0.00
0
136421007 137639637 158838576 174355390 189296997
172849381.6
9.18 4.37 9.44 12.01 10.08
9.52

0 0 0 0 0
0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0!
12874169 12830205 36893505 20829843 4994009
21599264.2
16286575 10936878 6236432 9883647 22069660
12438009.4
74384234 73405024 46324751 46402364 60798913
57918569.4
10531568 10148276 8261996 8242387 8837454
9306276.4
0 1145779 850543 -164220 224686
416070.4
-3412406 1893327 30657073 10946196 -17075651
9161254.8
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0!
-2.044958652134 1.109852030574 16.08206351588 5.080326313365 -7.0028441208
4.41608469881329
4790927 4790927 4790927 5423231 7855171
6396007.2
7.9 7.9 7.9 8.92 12.92
10.528
 38.27 79.72 31.95 25.90 41.19
43.37
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0!

0
0 0 0 0 0
0

0
918732 4089032 1114859 1340810 1040317
1679948
0 0 0 0 0
0
2723745 3116404 3180702 3189963 3220405
3182658.4
21.75613530132 51.85746636566 21.21479662935 15.23379247752 16.8853251002
23.7165883361768

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

0 0 0 0 0
0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0!
0.00 0.00 0.00 0.00 0.00
7.50120924828449E-06
 2010 2011 2012 2013 2014

0
284616880 316165220 324651542 332908276 345350917
331890378.2
39.48 38.18 37.21 40.43 42.55
40.698
10.85 10.11 10.33 8.44 10.89
10.34
121029 19242 99781 9990 37866

23939091 25870244 25621897 19508703 28219856

25582993.8
8.41 8.18 7.89 5.86 8.17
7.71
6936987 6071978 7919823 8681869 9554980

0
10.94 10.59 10.94 10.95 11.66
11.258
60798534 60798534 60798534 60798534 60798534
60798534
39.4 42.6 42.1 31.9 46.1
42.32
0 0 0 0 0
204116308 220188740 235322890 244343846 262075955
248290785.2
11.73 11.75 10.89 7.98 10.77
10.3308982432421
4.681311559256 5.200211241936 5.339792271965 5.475597092522 5.680250727756
27.2942747435325
3.36 3.62 3.87 4.02 4.31
4.08382848836454
0.93 1.13 1.10 1.31 1.73
1.46
2.18 2.44 2.69 2.95 3.23
2.97
1.82 2.04 2.24 2.46 2.74
2.50
 0.00 0.00 0.00 0.00 0.00
0
0.32 0.34 0.12 0.35 0.55
0.35
0.32 0.34 0.12 0.35 0.55
0.35
0.53 0.58 0.39 0.50 0.74
0.57
1.65 1.88 2.08 2.30 2.57
2.33
1.03 0.00 0.00 0.00 0.00
0.00
0.00 0.00 0.00 0.00 0.00
0
0.86 1.03 1.04 1.17 0.98
1.05
0.22 0.23 0.23 0.24 0.19
239586247 270172280 273851710 294403603 308019111
295878449.6
9.99 9.58 9.36 6.63 9.16
8.67

0
35469939 49983540 38528820 50059757 45943156
47587664.4
135740701 164016975 164978783 189779586 202186975
189235259.4
25235878 40175870 29023688 39974819 35429982
37258926.8
52255273 62802628 63212136 70907069 59391807
110504823 123841105 135955095 149804767 166756993
151976332.6
5.38 4.08 5.68 4.75 5.71
5.12459428137648
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0!
100270762 114033435 126449963 139719829 156243819
141647595
204116308 220188740 235322890 244343846 262075955
248290785.2
132359068 148553371 163788371 179115484 196668910
180656139.2
0.15 0.19 0.14 0.17 0.15
 0.16
11.73 11.75 10.89 7.98 10.77
10.33
56354967 68767151 67100425 79499805 105410566
88780454.2
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0!
0 0 0 0 0
0
0 0 0 0 0
0
0.00 0.00 0.00 0.00 0.00
0
204116308 220188740 235322890 244343846 262075955
248290785.2
11.73 11.75 10.89 7.98 10.77
10.33

0 0 0 0 0
0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0!
32448759 35094825 23582675 30182316 45014389
34407796
13063430 14679539 16515909 9126239 11660270
13002638.2
62661795
0
11041269 12749890 13728750 13445231 10198593
12149807.2
23564 -24902 -3064 85586 64884
21432.4
19385329 20415286 7066766 21056077 33354119
21405157.8
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0!
6.811025755043 6.457157431801 2.17672337438 6.324888420617 9.658036900478
6.40017191280074
9119780 9575771 10487747 10487747 10487747
10457348.2
15 15.75 17.25 17.25 17.25
17.2
 38.10 37.01 40.93 53.76 37.16
41.61
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0!

0
0 0 0 0 0
0

0
814722 532025 477312 235858 478590
489653
0 0 0 0 0
0
3205818 3253051 3463155 3768528 3633191
3596652.2
13.39156110815 12.57448905391 13.51638795519 19.31716321685 12.87459085546
14.3506781390931

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

0 0 0 0 0
0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
#DIV/0!
0.00 0.00 0.00 0.00 0.00
3.98457889678578E-06
 2015 2016

340375936 400200539

45.12 44.38

11.93 13.48

5459 0

28694269 40450697

8.43 10.11

10863078 13154438

12.15 10.85

60798534 60798534

48.9 67.1

0 0
279522495 307813485

10.27 13.14

5.598423409354 6.582404421133

4.60 5.06

2.03 2.67

3.54 4.01

3.02 3.50
 0.00 0

0.41 0.76

0.41 0.76

0.63 0.97

2.83 3.30

0.00 0

0.00 0

1.04 0.88

0.19 0.15
332945544 367053498

8.62 11.02

53423049 59240013

225213978 259596499

41690275 46764061

63181733 53309443
183523703 212832438

5.40 5.55

#DIV/0! #DIV/0!

171790929 200356486

279522495 307813485

215154560 243781862

0.16 0.161393402659
 10.27 13.14130113565

123124324 162252623

#DIV/0! #DIV/0!

0 0

0 0

0.00 0

279522495 307813485

10.27 13.14

0 0

#DIV/0! #DIV/0!

38164775 58728869

13031234 12719326

10626572 11536922

-15342 32257

25133541 46009543

#DIV/0! #DIV/0!

7.384053436727 11.49662194733

11247729 12159707

18.5 20
 39.20 30.06

#DIV/0! #DIV/0!

0 0

724480 2193125

0 0

3865336 3914335

13.47075961405 9.676804827368

#DIV/0! #DIV/0!
0 0

#DIV/0! #DIV/0!

0.00 2.47214529E-06
 *Book Value=total assets - intangible assets - total liabilities
*Interest Coverage Ratio=Operating Profit / Interest Expense
*free cash flow yield=FCF/Market Cap
*CCC=DIO+DSO-DPO
DIO = [Average Inventory(beginning inven+ending inven)/2] / Cost of Goods per day(COGS/3
DSO = [Average Account Receivables(beginning AR+ending AR)/2] / Revenue per day(Reven
DPO = [Average Account Payables(beginning AP+ending AP)/2] / Cost of Goods per day(COG
*Total Capitalization=market value in common+warrant+preferred stock+debt+bond

*Remarks:
dilute shares outstanding is adjusted by adding convertible AD21Stock Options, Warrants and Debentures.
Cost of Goods per day(COGS/365days)
R)/2] / Revenue per day(Revenue/365days)
2] / Cost of Goods per day(COGS/365days)
ed stock+debt+bond

ions, Warrants and Debentures.