FUJI OIL CO., LTD. | News Release

2000 09.25

Non-consolidated ordinary income First Estimate of 10
billion Yen Revisions to the March 2001 period's business forecast (consolidated and non-consolidated)

On September 25, we announced the revisions given below to our forecasts (consolidated and non-consolidated) up to the March 2001 period made public at the time of our announcement of our account settlements on May 18, 2000.

1. Revisions to the consolidated business performance forecast

1-1. Mid-term period revisions (April 1, 2000 to September 30, 2000)

(Monetary unit: millions of yen)

	Net sales	Ordinary income	Net income
Current revised forecast	67,000	4,600	1,400
Previously announced forecast	70,000	3,700	800
Comparative difference	95.7%	124.3%	175.0%

1-2. Yearly term revisions (April 1, 2000 to March 31, 2001)

(Monetary unit: Millions of yen)

	Net sales	Ordinary income	Net income
Current revised forecast	142,000	10,800	3,700
Previously announced forecast	144,000	10,000	3,300
Comparative difference	98.6%	108.0%	112.1%

(Reference) Performance of previous term (term 3, 2000)	141,748	8,590	4,319
Comparative difference	100.2%	125.7%	85.7%

The comparative fall in net income is caused by the transference of 3.8 billion yen written off for retirement pay obligations in line with the new retirement fund standard to be introduced in March 2001.

2. Revisions to the non-consolidated business performance forecast

2-1. Mid-term period revisions (April 1 2000 to September 30, 2000)

(Monetary unit: millions of yen)

	Net sales	Ordinary income	Net income
Current revised forecast	45,300	4,300	1,400
Previously announced forecast	45,500	3,200	800
Comparative difference	99.6%	134.4%	42.9%

(Reference) Performance of previous mid-terms (term 9, 2000)	45,267	2,906	1,767

2-2. Yearly term revisions (April 1, 2000 to March 31, 2001)

(Monetary unit: millions of yen)

	Net sales	Ordinary income	Net income
Current revised forecast	95,000	10,000	2,200
Previously announced forecast	96,000	9,600	3,100
Comparative difference	99.0%	104.2%	71.0%

(Reference) Performance of previous period (term 3, 2000)	94,951	8,797	3,013
Comparative difference	100.1%	113.7%	73.1%

The comparative fall in net income is caused by the transference of 3.4 billion yen written off for retirement pay obligations in line with the new retirement fund standard to be introduced in March 2001.

3. Reasons for the revisions in business performance

(1) Settlement of Consolidated Accounts
Net sales, ordinary income and net income were largely influenced by the non-consolidated business. In the September mid-term period, increased profit margins for ordinary income dropped more than the non-consolidated, but this is because the increased profit margin for the consolidated companies was less than the previous period's forecast.

For net income, the special losses concerning the parent company's appropriation of the consolidated companies' accumulated losses have already been written off as consolidated losses so that the estimate is for a large profit.

For the yearly period, considering the mid-term estimates, the revised figures are 142 billion yen for net sales, 10.8 billion yen for ordinary income and 3.7 billion yen for net income.

(2) Settlement of Non-consolidated Accounts
At the mid-term period, ingredient chocolate for confectioneries and frozen sweets, confectionery and bread ingredients, and water-soluble soy polysaccharides, and so on, generally showed positive changes. Furthermore, even though a drop in sale prices lowered the net sales, the stronger yen and the reduction in the market price of raw materials allow us to estimate a new all-time high with operating income at 4.6 billion yen and ordinary income at 4.3 billion yen, exceeding the previous forecast.

For net income, the accumulated loss of 2.1 billion yen for financial improvements has been dealt as a special loss, so the estimate is lower than the previous forecast.

For the yearly period, considering the mid-term estimates, the revised figures are 95 billion yen for net sales, 10 billion yen for ordinary income, and 2.2 billion yen for net income.