Announcement of the Settlement of Consolidated Accounts for the year ended March 31, 1999

We have announced the settlement of consolidated accounts for the year ended on March 31, 1999 at the Stock Exchange Press Club. The details of which is as follows:-

Results of the fiscal year ended on March 31, 1999
(April 1, 1998 - March 31, 1999)

(1) Operating report

Expected of the fiscal year ended on March 31, 2000
(April 1, 1999 - March 31, 2000)

With regard to economic conditions around the globe over the past fiscal year, although the U.S. economy remained strong, the economies of Russia, Southeast Asia, and other areas were still stagnant.
In this harsh economic environment, Fuji Oil and the other companies of the Fuji Group focused on developing new products, pioneering new fields of business and opening up new markets, while also working to reduce costs.
For Fuji Group companies in Japan, overall results exceeded those of the previous year, partially due to the favorable performance and profitability of companies producing soy protein food products for the retail market.
Looking overseas, although the results for existing Fuji Group companies exceeded those of the previous year, due in part to start-up losses for a newly consolidated subsidiary in China, overall profits declined.
As a result, net sales for the year were 128,744 million yen (up 4.1%), operating income was 5,815 million yen (up 33.8%) and ordinary income was 4,640 million yen (up 23.9%). After figuring in a loss on a write-down of securities, allowance for doubtful receivables and other extraordinary items, net profit for the year was 1,597 million yen (down 12.1%).
Although the current sluggish economic conditions are expected to continue, through greater integration and cooperation the Fuji Group anticipates meeting the coming fiscal year's targets of 150 billion yen in sales, 6 billion yen in ordinary income, and 2 billion yen in net income.
Fuji Oil's management policy is based on the two pillars of "group management" and "global management". Although all of the main group companies have long been consolidated, this past year we newly consolidated three overseas companies, including the recently established oil and fat production company in China, as well as three wholesale distribution companies in Japan.

FUJI OIL (SINGAPORE) PTE. LTD. (SINGAPORE)
PALMAJU EDIBLE OIL. SDN. BHD. (MALAYSIA)
WOODLANDS SUNNY FOODS PTE. LTD. (SINGAPORE)
FUJI VEGETABLE OIL, INC. (U.S.A)
VAMO-FUJI SPECIALITIES N.V. (BELGIUM)
JILIN FUJI PROTEIN CO., LTD. (CHINA)
FUJI OIL (ZHANG JIA GANG) CO., LTD. (CHINA)