Ajinomoto Group Integrated Report 2018

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Ajinomoto Group Integrated Report 2018Front CoverInquiriesThe history of life on earth began with the birth of amino acids, while theAjinomoto Group has been developing its business based on amino acidssince its founding. The front cover of this report expresses the connectionbetween the Ajinomoto Group and life on earth through an image of 20kinds of amino acids that are essential to the human body.Ajinomoto Co., Inc.Address : 15-1, Kyobashi 1-chome, Chuo-ku,Tokyo 104- 8315, JapanGlobal Communications DepartmentE-mai l : csr info@ajinomoto.comURL : https : //www.ajinomoto.com/en/aboutus/Investor Relations, Global Finance DepartmentE-mai l : investor relations@ ajinomoto.comURL : https://www.ajinomoto.com/en/ir/Unauthorized copying or reproduction of this document is prohibited. Ajinomoto Co., Inc. 2018AjiPanda isthe characterof Ajinomoto Co., Inc.

We have introduced a“Global Brand Logo”In October 2017, the Ajinomoto Group introduced the Ajinomoto GroupGlobal Brand Logo (“AGB”) for use throughout the Group.The meaning of “Ajinomoto” is the “Essence of Umami,” which has evolved from its literal meaning,the “Essence of Taste.”Combining the infinity symbol with the letter “A” incorporates three ambitions: the investigation,mastery and spread of “taste (Aji)”; the evolution and development of the value of “Amino acids” withleading-edge bioscience and fine chemical technologies; and the promotion of global sustainability.The line flowing from “A” to “j” depicts a person, suggesting people Join together and take Joyin the cooking, eating and comfortable lifestyles provided by the taste (Aji) and Amino acids.The line extending from the bottom of “j” upward to the right expresses the growth and developmentof the Ajinomoto Group into the future.By aggregating and accruing the value created through ASV (The Ajinomoto Group Creating SharedValue) in AGB, the Group aims to grow into a group with greater trust from consumers around the world.AGB ロEditorial PolicyThis Integrated Report provides a roadmap of theAjinomoto Group (“the Group”) for enhancingcorporate value through ASV (The Ajinomoto GroupCreating Shared Value) with the aim of becoming a“Genuine Global Specialty Company” in an easy-to-readnarrative format.Through this report, the Group hopes to deepen theunderstanding of all of its stakeholders, starting withshareholders and other investors, regarding itsapproach to realizing sustainable growth.Organizational ScopeThis report covers the activities of the Group, comprising, unless otherwise noted,Ajinomoto Co., Inc. (“the Company”) and its Group companies (as of March 31,2018), including consolidated subsidiaries and other Group companies subject toreporting under the equity method. Where sufficient information for the entireGroup was unavailable, the limitation in scope is explicitly defined.Period Covered by This ReportFiscal 2017 (FY2017: April 1, 2017–March 31, 2018)When appropriate, however, exceptions to this general rule are made, as when citingpast circumstances and data or using recent examples for illustration purposes.Precautions Related to Forward-Looking StatementsForward-looking statements, such as business performance forecasts, made inthis report are based on management’s estimates, assumptions and projections atthe time of publication and do not represent a commitment from the Company thatthey will be achieved. A number of factors could cause actual results to differmaterially from expectations.CONTENTSSustainable Growth of the Ajinomoto Group through ASV Message from the President and CEO 212Enhancing Corporate Value through ASV 21The Ajinomoto Group’s Management Foundation 40Performance and Information 61 Ajinomoto Group Integrated Report 20181

Sustainable Growth of the AjinomotoGroup through ASVSustainable Growth of the Ajinomoto Group through ASVEnhancing Corporate Valuethrough ASVThe Ajinomoto Group’s ManagementFoundationCourse of the Ajinomoto Group’s GrowthPerformance and InformationSales The history of the Ajinomoto Group (“the Group”) began in 1909, when its founder Saburosuke Suzuki II startedmarketing an umami seasoning AJI-NO-MOTO . Umami was discovered a year earlier by Professor Kikunae Ikeda,who was driven by a strong desire to “improve the nutrition of the Japanese people.” Carrying on the desire of thefounding, the Group has continued to expand its business while contributing to the resolution of social issuesthrough food and wellness. Looking ahead, the Group will strive to become a “Genuine Global Specialty Company(“GGSC”)” that can grow sustainably and contribute to a healthy future for humanity and the earth through its“Food” and “AminoScience” businesses.1,150.2 billionOverseas SalesFY1990 Overseas Sales Overview of the Ajinomoto Group (As of March 31, 2018)Sales AreasBusiness SitesOvercountries and regionscountries and regions13058.6 billion627.8(10%)billion(55%)Number of Factories35123Domestic Sales Number of EmployeesSales34,4521,150.2 (45%)For the coffee and edible oilsbusiness as well as someother businesses, the grossfigures for sales and cost ofgoods sold were recordedin the accounts, but sinceFY2013 this method has beenchanged by netting off salesand cost of goods sold andrecording the net figure in theaccounts. Post-reclassificationbasis from FY2009.Sales Performance (Sales Ratio)(FY)522.32017Evolution of the Ajinomoto Group19091910 Launch of AJI-NO-MOTO ,world’s first umamiseasoning1909Expansion of AJI-NO-MOTO production and sales andstart of exports1910Industry-academiacollaboration betweenProfessor Kikunae Ikeda andSaburosuke Suzuki IIEstablished agent in Taiwan1950 Recommencement ofoverseas expansion1950Commenced exports toEuropean processed foodmanufacturers1956Established subsidiary in BrazilSole agent in Tainan, Taiwan(as of 1936)Dr. Kikunae Ikeda Saburosuke Suzuki IIDiscoverer of the Founder of theumami tasteAjinomoto GroupCommercialized monosodiumglutamate (MSG)1917Opened New Yorkpurchasing and sales officeLaunched amino acids forpharmaceutical use,contributing to world’s firstamino acid infusion19581927Opened Singapore sales officeDescription of MSG as arepresentative GRAS*1 substance in the U.S. CFR*21960 1960 Commenced localproduction of MSG(Thailand, the Philippines,Malaysia, Peru,Indonesia, Brazil)1962Alliance with U.S. KelloggCompany (Corn Flakes)1963Alliance with U.S. CPCInternational Inc. (Soup)1965Commenced production offeed-use lysine1930sExpanded sales channels forprocessed foods in the U.S.1990 Commencement of localproduction and diversificationof businesses19702010 Application of aminoacid functions andtechnologies1972Launched Ajinomoto KK FrozenFoodsLaunched amino acid-basedpersonal care ingredient, Amisoft 19902011MSG categorized as a safe foodadditive unnecessary to specifyAcceptable Daily Intake byEC/SCF*419911973 lliance with U.S. General FoodsACorporation (Coffee)1982Launched amino acid sweetener,aspartame1987MSG categorized as a safe foodadditive unnecessary to specifyAcceptable Daily Intake byJECFA*3Quest to become a GGSCthrough ASVEstablished subsidiary in Nigeria1995Launched amino acid sportssupplement, amino VITAL 1999Launched interlayer insulatingmaterial for semiconductor packages, Ajinomoto Build-up Film 2015Commenced the AminoIndex illness risk diagnosis business2013Acquired U.S.–based biopharmaceutical CDMO,*5 AltheaTechnologies, Inc. (currentlyAjinomoto Althea, Inc.)2014Alliance with T. HASEGAWACO., LTD. (Fermented naturalflavors)2018Established Ajinomoto KohjinBio Co., Ltd. (Contractmanufacturing of clinical-usecell culture media forregenerative medicineapplications)Joint development of cellculture medium forregenerative medicine with theCenter for iPS Cell Research andApplication, Kyoto UniversityAcquired U.S.–based frozenfood manufacturer, WindsorQuality Holdings, LP (currentlyAjinomoto Foods NorthAmerica, Inc.)Launched HON-DASHIThe originalAJI-NO-MOTO (1909)2Ajinomoto Group Integrated Report 2018*1 G enerally Recognized As Safe*2 Code of Federal Regulations*3 Joint FAO/WHO Expert Committee on Food Additives*4 European Commission/Scientific Committee on Food*5 Contract Development and Manufacturing OrganizationAjinomoto Group Integrated Report 20183

Sustainable Growth of the AjinomotoGroup through ASVSustainable Growth of the Ajinomoto Group through ASVEnhancing Corporate Valuethrough ASVThe Ajinomoto Group’s ManagementFoundationPerformance and InformationASV to be Pursued over the Next CenturySince its founding, the Ajinomoto Group has been consistently engaging in initiatives to resolve social issuesthrough its business. Through shared value with society and local communities, the Group has improved e conomicvalue, thus leading to its growth. These kinds of initiatives have been named ASV (The Ajinomoto Group CreatingShared Value). ASV has been positioned at the core of the Group’s corporate philosophy, “Our Philosophy,” to realize the mission and vision adopted under this philosophy.Our PhilosophyASV Value Creation Model ASV creates a virtuous cycle (the ASV cycle) that reinvests the economic valuecreated by resolving social issues through the Group’s business activities infuture business activities, which in turn contributes to the further resolutionof social issues. In this way, ASV represents a strategic initiative for realizingsustainable growth. Through the ongoing implementation of the ASV cycle,the Group will enhance corporate value by accumulating value into itscorporate brand.Resolution ofsocial issues“21st-century issues of humansociety” to be resolved throughthe Ajinomoto Group’s business Health and well-being Food resources Global sustainabilityCorporate MessageEat Well, Live Well.CorpCorporateoratevaluebrandvalueOur raison d’être, mission, and desireas a company that we will pursuepersistentlyAjinomoto Group Mission(Mission)Our mission is to contribute tothe world’s food and wellness, andto better lives for the future“Food” and “AminoScience”What we aim to be as we pursueour missionAjinomoto Group Vision(Vision)BusinessactivitiesOur vision is to become a genuineglobal food company group withspecialties guided by our leadingedge bioscience and fine chemicaltechnologiesEconomic valueInitiatives to create both social andeconomic value in order to realize ourmission and visionASV(The Ajinomoto Group Creating Shared Value)(Value)Social valueASV represents our unchangingcommitment:With our stakeholders and businesses, we help resolve society’sissues, leading to the creation ofeconomic valueShared values among employees inpursuing our mission and vision; basicapproach and stance in taking on our workAjinomoto Group WayAjinomoto Group Policies (AGP) Create New Value Pioneer Spirit Social Contribution Value PeopleBeliefs and behaviors to be upheld byeach Ajinomoto Group company andeach of us who works thereSales andprofit expansionAspiration offoundingEat Well,Live Well.Health andwell-beingStrong family andsocial bondsCreation ofspare timeFood tradition andnew adventureComfortablelifestyleLiving with societyand the earth(all living things)(smart cooking)(eating together)Resolution of social issues through business activitiesCreation of economic value through resolution of social issuesOngoing investment in further resolution of social issues(technologies, talent, etc.)4Ajinomoto Group Integrated Report 2018Ajinomoto Group Integrated Report 20185

Sustainable Growth of the AjinomotoGroup through ASVSustainable Growth of the Ajinomoto Group through ASVEnhancing Corporate Valuethrough ASVThe Ajinomoto Group’s ManagementFoundationPerformance and InformationASV Value Creation StoriesThe Ajinomoto Group has defined three material issues of 21st-century human society to be resolved through itsbusiness: “health and well-being,” “food resources,” and “global sustainability.” In the FY2017-2019 (for FY2020)Medium-Term Management Plan (hereinafter, “FY17-19 MTP”), ASV value creation stories have been definedbased on the Group’s core competencies to shape its approach for resolving these issues. The Group is advancingits business activities in accordance with these stories.Value That the Ajinomoto Group Aims to Create The diverse human resources of the Ajinomoto Group, who embody the Ajinomoto Group Way, seek to create social valuethrough activities in each business area by leveraging the Group’s core competencies, namely leading-edge bioscience andfine chemical technologies that also lead to deliciousness technologies, and a thorough marketing approach that adapts tolocal cultures and customers. This pursuit has been codified in ASV value creation stories.Materiality Items of the Ajinomoto Group While carefully assessing the macro environment, the Ajinomoto Group has engaged in dialogue with external experts toidentify several materiality items. In 2017, these items were updated to reflect the United Nations’ Sustainable DevelopmentGoals (SDGs) and incorporated into the FY17-19 MTP with consideration paid to the level of importance to society and theGroup’s business in non-financial areas.ASV Value Creation Stories21st-Century Issues of Human Society to be Resolved through the Ajinomoto Group’s Business Global warming Depletion of natural resources Increase in wasteHealth and Well-being R apid expansion of fooddemand and increased foodwaste accompanying globalpopulation growth Undernutrition Overnutrition Eating alone Lack of spare timePhysical:Nutritional imbalancewith lack of information(undernutrition/overnutrition)Health and Well-beingSeasoningsFood safetyClimate changeFood shortagesWaterGender equalityReduction of operational wasteDepletion of food resourcesIncrease in food wasteicLife SupportLiving withsociety andthe earthTransparent, fair business practices4We co-create value witheach region through theperspectives of the customers,with our global, top-classand diverse talentsGlobalSustainabilityGlobal warmingDepletion of waterIncrease in wasteOvernutritionFood loss and wasteElderly nutritionSustainable consumptionReduction of environmentalimpact from containers andpackaging3We contribute to the sustainability of society andthe earth with our customersand local communities,across the value chain fromproduction to consumptionsalHealthcareSustainable procurement of agriculture,livestock, and fishery productsBiodiversityLand grabbingc e a n fi n e c hdComfortablelifestyleUndernutritionCommunity development(smart cooking)IntegratedFood Solutionsemi enFood ResourcesEducationImportance to societyscoMateriality Matrix of the Ajinomoto GroupbiFood traditionand newadventureAjinomotoGroupWaydi ng - e dg eProcessedFoodsBeveragesnLea Food resources(food shortages and food disposal) Impact of digital technologies on lifestyle and dietCreation ofspare timeinab i l it y cstaycleSul adaptatiaoocLFrozenFoodsIssues in the Macro EnvironmentMajor2We contribute to thedevelopment of a society thatenables strong family/socialbonds and diverse lifestylesthrough eating well(all living things)(eating together) P opulation increase C hanging populationdemographic1ce deliciousProdually balanceutritiond fondodanStrong family andsocial bonds Uncertainty ofeconomic policies DeflationPsychological:Eating alone & lackof spare time due tochanges in lifestyleWe l l , Li ve We l l .Eatn ol o gieFood ResourcesWe contribute to health andwell-being by utilizing ourleading-edge bioscience andfine chemical technologies,which also lead to deliciousnesstechnologies, and by deliveringgood and healthy foodt e chGlobal SustainabilityHealth and Well-beingPromotion of suppliers’ CSRChild and forced laborResponsible marketingEating togetherAnimal welfareSocial issues that the AjinomotoGroup aims to resolveEmployee health and safetyValue that the Ajinomoto Group aims to createEmployee diversityThe Ajinomoto Group Way and core competencies*Employee capacity development* Leading-edge bioscience and fine chemical technologies that also lead toModerateImportance to the Group’s businessMateriality relevant to “21st-century issues of human society”Health and Well-being6Ajinomoto Group Integrated Report 2018Food ResourcesGlobal SustainabilityMajorBusiness areasin which corecompetencies areto be demonstrateddeliciousness technologies Thorough marketing approach that adapts to local cultures and customersSocial value created by the Ajinomoto GroupBusiness FoundationAjinomoto Group Integrated Report 20187

Sustainable Growth of the AjinomotoGroup through ASVSustainable Growth of the Ajinomoto Group through ASVTarget Management IndicatorsEnhancing Corporate Valuethrough ASVThe Ajinomoto Group’s ManagementFoundationCorporate Brand ValueGenuine GlobalSpecialtyCompanyEnhance brand value through creating social/economic value,which leads to further value creation*2Based on the ASV value creation stories of the FY17-19 MTP, the Ajinomoto Group has established integrated targets for FY2020, which consolidate non-financial targets for quantifying the social value created throughour business activities and financial targets quantifying the economic value generated from this social value.Furthermore, given that corporate brand value is a value crystallization generated by all corporate activitiesof the Group, this brand value has been put forth as a shared indicator that comprehensively reflects evaluationsfrom all stakeholders.Millions of USD1,500Integrated Targetfor FY20206507117782015201620171,500USD2020 (FY)Performance and InformationTo become a global top 10class food company that growssustainably through ASVmillionIntegrated Targets for FY2020ASVによる価値創造ストーリーASV Value CreationStoriesBetter nutritional balance by eating moreprotein and vegetables with umami1We contribute to health andwell-being by utilizing ourleading-edge bioscience andfine chemical technol ogies,which also lead to deliciousnesstechnologies, and by deliveringgood and healthy foodFinancial Targets under IFRS (Economic Value)Non-Financial Targets (Social Value)Meat and vegetable consumption throughthe Group’s products (Japan and Five Stars*1)6.6Business activity5019%16%3.86%201520202015Meat100K tons10% or higherFlavor seasoningsEPS growth rate (FY)Vegetable 2503Business activityProvide ingredients and productssupported by amino acid technologiesConstruct a value chain thatoptimizes the use of resourcesAjinomoto Group Integrated Report 201830 million packages*100 million servings*38Operating Income/Business Profit /Operating Income Margin/BusinessProfit Margin*63Sales*6SoupsBillions of yen4Billions of yen 2015181508.5 980010097.3 64005031,150.21,200(FY)2020Amino acids 2280K tons 4 million people0102015Contribute to the globalenvironment throughoutthe procurement,production, andconsumption processes’14’15’16’13Cost reduction– See p268010 billion*5ROE / EPS Growth Rate*6’15’16’17 (FY)Overseas Sales*6% %Higher specialty ratio through innovationBillions of yen 15609.7800627.81015.0600540000200–20%FY2020 Target’14Operating income/Business profit Operating income margin/Business profit margin (right scale)40Employees with highengagement’17 (FY)(FY)202000’13Improved employee engagementBusiness activity% 7 million hoursMillions of people20( 260 billion)20Improve working environmentssupported by IT8 Double-digit annual growth1,350 billionFrozen foods(FY)2020Contribution to comfortable lifestyles throughamino acid products (AminoScience)0Business activity43130Resolution of environmental issuesWe co-create value witheach region through theperspectives of the customers,with our global, top-classand diverse talents2015200We contribute to thesustainability of society andthe earth with our customersand local communities,across the value chain fromproduction to consumption Millions of hoursBusiness activityPeople’s comfortable lifestylesTotal sales 20 timesSpare time created through the Group’sproducts (Japan)40Provide food products that enable smartand delicious cookingInternational sales growth rate (consumer foods)(local currency basis)70400Smart and delicious cookingDouble-digit annual growthTimes/household/yearBusiness activityWe contribute to the devel opment of a society thatenables strong family/socialbonds and diverse lifestylesthrough eating well90K tonsContribution to eating together through theGroup’s products (Japan and Five Stars)80Produce menus of delicious foods to beeaten with family or colleaguesROEUmami seasonings8% % of annual consumption per personMore eating together10% 5.52020Business profit margin137.0 billion or more8.610Produce good and healthy food menuswith protein and vegetables centeredon umamiBusiness profitMillions of tonsHigher work efficiency supported by IT– 2.5 billion*–400’13’14’15’16’17 (FY)’13’14’15’16’17 (FY)5ROE (right scale)EPS growth rate (left scale)*1 Thailand, Brazil, Indonesia, Vietnam, the Philippines *2 Evaluated by Interbrand, “Japan’s Best Brand” *3 Counting only products for household consumers in Japan*4 Counting only cup soup products in Japan *5 Comparison between FY2016 and FY2019 *6 Application of IFRS from FY2015Note: Increases for umami seasonings, flavor seasonings, frozen foods, soups, and amino acids are comparisons over the period from FY2015 to FY2020. Increases in managementindicators are comparisons over the period from FY2016 to FY2020.Ajinomoto Group Integrated Report 20189

Sustainable Growth of the AjinomotoGroup through ASVSustainable Growth of the Ajinomoto Group through ASVEnhancing Corporate Valuethrough ASVThe Ajinomoto Group’s ManagementFoundationPerformance and InformationMaximizing the Infinite Potential of Amino Acids throughLeading-Edge Bioscience and Fine Chemical TechnologiesAmino acids provide the source for life on this earth. Glutamic acid, an amino acid, represents the essenceof umami. The Ajinomoto Group has carried out research centered on amino acids, thereby cultivating andenhancing leading-edge bioscience and fine chemical technologies. The Group operates food business, whichleverages deliciousness technologies as a major strength, and AminoScience business, which utilizes functionsand technologies related to amino acids. Going forward, the Group will continue to contribute to the resolutionof social issues as a pioneer in the pursuit of the infinite p otential of amino acids.Leading-EdgeBioscience andFine c reactions,synthesis, isolationand purification)TasteKokumiCase 1Case 25 basictastesSweetAminoacidsCollaborationsinside the GroupFrozenFoodsShifting to productswith even higheradded value byintegrating technologies of the fourGroup ing/DesigningIntegrated Food SolutionsPsychologyProviding integrated “delicious”solutions(Granulation, formulation,polymerization,film formation,molecular ue KeyIngredientsCreating newfunctionsEvaluation/AnalysisReactivityAnalysis of deliciousness, nutrition andfunction, andstatistical evaluationFermented naturalflavors, Kokumisubstances, aminoacid derivatives, etc.Responding to the need for shorteningcooking timeCase 2Responding to the need for salt reduction anddelivering optimal deliciousness for Americans Unique formulation of “the root vegetable softener”that makes it easier to break down the cell walls ofroot vegetablesThe softener sufficiently permeatesvegetables’ cell walls and ingredientsbecome soft just by boiling for a shortperiod of time (Reduces cooking time byroughly 30 to 40 minutes [in-house survey])The Group providesHealthcarediverse, highly distinctivematerials, active pharmaceutical ingredients,various technologies andproducts by uniquelyevolving its leading-edgebioscience and finechemical technologies.Case 3Collaborationsoutside the GroupCreating new valueand businessestogether withbusiness partnersLife SupportCase 4Leveraging Amino Acid Functions through Leading-EdgeBioscience and Fine Chemical TechnologiesApplication Capabilities Based on Deliciousness TechnologiesSeasoningsBeveragesUmamiSaltyCase 1SeasoningsCollaboration with customersConditioningthe body anddelivering healthDiscovery/ManufacturingThe Group offers optimaldeliciousness for localpreferences by using thestrength of its applicationcapabilities based on itsdeliciousness technologies.Resolution of social hat is the Ajinomoto Group’s application capabilities?Capabilities that uniquely and optimally design, formulate, andevaluate according to consumer/business partner needsCase 3Supporting the health of the elderly Integrating the Group’s salt reduction technologies Analyzing the deliciousness preferred in theUnited StatesEasy to enjoy healthy and high-qualityAsian/ethnic dishes (Approximately 30%salt reduction compared withconventional products)Frozen Foods Uniquely formulating nine essential aminoacids*2 that help to build muscle R ealizing delicious taste and a melt-in-themouth sensation that enables elderly peopleto take easilyNote: A mino Aile hasbeen renewedsince April 2019.Case 4Establishing the Client Innovation CenterEstablished in June2018 to serve as a basefor co-creating newvalue and businesseswith business partnersSupporting muscle protein synthesis bycontinuing to take on a daily basis*1 Consolidating the food R&D departments of Ajinomoto Co., Inc., Ajinomoto Frozen Foods Co., Inc., Ajinomoto AGF, Inc., and Knorr Foods Co., Ltd. (planned for FY2020)*2 Amino acids that cannot be synthesized by the body10Ajinomoto Group Integrated Report 2018Ajinomoto Group Integrated Report 201811

Sustainable Growth of the AjinomotoGroup through ASVSustainable Growth of the Ajinomoto Group through ASVEnhancing Corporate Valuethrough ASVThe Ajinomoto Group’s ManagementFoundationPerformance and InformationMessage from the President and CEOFuture Image of the Ajinomoto Group (ASV Evolution)As a global leader working to resolvesocial issues, we will continue tocontribute to a healthy future for humanityand the earth through our “Food” and“AminoScience” businesses.By carrying on the aspiration of our founding through our “Food” and “AminoScience” businesses, we are aiming to become a “Genuine Global Specialty Company” that can growsustainably and contribute to a healthy future for humanity and the earth. As an important milestone for becoming such a company, we are taking on the challenge of becoming a “GlobalTop 10 Class Food Company” by FY2020. We recognize the following items as important elements for accomplishing this task.Elements needed to become a “Global Top 10 Class Food Company” Establish business categories that are positioned within the top threeglobally as core businesses Develop businesses on a global scale Generate business profit of 130.0 billion or more Boast a business profit margin of 10% or higher Realize ROE of 10% or higher Develop initiatives on ESG targets that meet international standardssuch as the United Nations’ Sustainable Development Goals (SDGs)The Ajinomoto Group’s Core Competencies, Uniqueness, andDriving Force for GrowthTakaaki NishiiRepresentative Director,President & Chief Executive OfficerOur core competencies for becoming a “Genuine Global Specialty Company” are the followingtwo based on our talented employees, who embody our “creativity” and “pioneering spirit.”The first is our leading-edge bioscience and fine chemical technologies, which have derivedfrom the research, development, and production of amino acids. The second is our marketingand sales capabilities that have allowed us to advance these technologies as a business in amanner that adapts to our global customers and local communities.For example, in our pursuit of umami, typified by glutamic acid, or our umami seasoningAJI-NO-MOTO , we have utilized our technological capabilities to offer products of high qualityat reasonable prices across the globe. Furthermore, with the Group’s unique deliciousnesstechnologies, we have evolved our operations to offer flavor seasonings and menu-specificseasonings tailored to the food culture of each country and region. Through our “global No. 1dry savories*” and processed foods businesses, we currently provide food products equivalentto approximately 260 billion nutritionally balanced meals that use meat and vegetables in over130 countries and regions around the world on an annual basis (in-house calculation based onumami usage amounts; 2 grams of umami per meal).Also, in addition to the function of enhancing taste, we are promoting research to clarify otherfunctions of amino acids, such as their nutritional value and their ability to assist in improvingphysical and psychological health. For example, amino acids can help improve nutritionalimbalances during the weaning period for children in developing countries. Moreover, throughsports supplements, dietary supplements, and “Foods with Functional Claims,” amino acidscan help offer greater levels of wellness in a wide variety of lifestyle settings.* Dry savories: Umami seasoning and flavor seasonings (powdered, cubes, etc.)Additionally, highly functional cell culture media with original amino acid mixtures are an essentialpart of research and development on advanced regenerative medicine, such as iPS cell culturemedia, which are progressing at a rapid pace. As such, we firmly believe that amino acids12Ajinomoto Group Integrated Report 2018Ajinomoto Group Integrated Report 201813

Sustainable Growth of the Ajinomoto Group through ASVSustainable Growth of the AjinomotoGroup through ASVEnhancing Corporate Valuethrough ASVThe Ajinomoto Group’s ManagementFoundationPerformance and InformationMessage from the President and CEOwill contribute significantly to the realization of groundbreaking pharmaceutical products andmedical treatment in the near future.In these ways, we will leverage our core competencies, comprising our leading-edge bioscience and fine chemical technologies, which

Creation of economic value through resolution of social issues Ongoing investment in further resolution of social issues (technologies, talent, etc.) Corporate brand value Corporate value Resolution of social issues "21st-century issues of human society" to be resolved through the Ajinomoto Group's business Health and well-being

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