- 1 -

2004 Annual Results15 March 2005

2004 Annual Results15 March 2005

2004 Annual Results15 March 2005

Highlights

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Highlights

This is the third consecutive year it recorded double-digit growth in both turnover and net profit.

Dominant position in Vietnam further enhanced; also deeper penetration in the PRC, ASEAN and European markets

Significant sales growth in major products including MSG, lysine and cassava starch-based products

Completed acquisition of Shanghai Vedan Foods’ MSG business; started to bring in revenue

Research and development capability enhanced through establishment of a technology research and development centre

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Summary of Final Results

* 2003 Weighted average of ordinary shares in issue was 1,264,508,000 while it is 1,514,746,000 in 2004.

2003 2004 Change

Turnover

Gross Profit

Net Profit

EPS (US cents)

Gross profit margin

Net profit margin

225.0

64.8

24.3

1.61*

28.8%

10.8%

+10.4%

+18.6%

+10.2%

-6%

N/A

N/A

203.8

54.6

22.1

1.72

26.8%

10.8%

Twelve months ended 31 December, USD million

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Factors Undermined Growth (I)

Short Term Influences Undermined Robust Growth:

Temporary suspension of the co-generation power plant, the rise in prices of raw materials, packaging materials and transportation costs affected overall production cost

Some of the plants expansion works delayed due to shortage of building materials

These influences, however, are seen as temporary; the Group is confident in its long term growth and profit margin is expected to improve

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• Production Cost (2H 2004 compared with 2H 2003):

Change

Raw materials 21%~40% (such as Molasses, Cassava, etc.)

Packing materials 20%~25%

Transportation 10%

Admin. & Sales Expenses 12%

2H 2003 2H 2004

Gross Profit Margin 28.1% 23.7%

Factors Undermined Growth (II)

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Strong Balance Sheet

Cash

Short-term Debt

Long-term Debt

Total Debt

Shareholders’ Equity

Debt to Equity Ratio

As of 31 Dec 2003 (USD million)

35.4

31.5

24.3

55.8

225.1

24.8%

As of 31 Dec 2004 (USD million)

33.2

41.2

25.7

66.9

234.5

28.5%

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Key Financial Figures

* net debt / equity

31 Dec 2003 31 Dec 2004

Current Ratio (Times)

Net Gearing Ratio* (%)

ROE Ratio (%)

1.79

14.4%

10.6%

2.09

9.0%

11.2%

Business

Review

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Market Analysis

Taiwan & others 3.8%

Vietnam58.4%

Japan22.9%

PRC10.6%

2003 For the year ended 31 December

Europe1.5% ASEAN

Countries2.8%

Taiwan & others 2.2%

Vietnam56.3%

Japan21.9%

PRC13.1%

2004

Europe2.4%

ASEAN Countries

4.1

Revenue Growth Across all Markets

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Market Analysis

2003

2004

0.0

20.0

40.0

60.0

80.0

100.0

120.0

140.0

Vietnam Japan PRC ASEAN

USD Million

119.0126.7

46.6 49.3

21.629.5

5.79.2

3.2 5.3

Europe

For the year ended 31 December

+6.4%

+5.7%

+36.4%

+61.1% +67.8%

Revenue Growth Across all Markets

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Major Market Analysis

Vietnam Growth in sales volume and turnover; driven by higher MSG

sales

Higher sales due to effective nationwide promotional activities and deeper market penetration into rural areas

Japan Main boost came from growing lysine sales at higher price

ASEAN Sales growth through aggressive and effective market

expansion activities

5.7% to US$49.3 million

6.4% to US$126.7 million

61.1% to US$9.2 million

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Major Market Analysis

PRC Contribution from Shanghai Vedan; MSG sales grew at an

average rate of 28% per month since July

Sales of modified starch enjoyed significant growth

Overall prospects remain promising

Europe MSG and modified starch sales up significantly

36.4% to US$29.5 million

67.8% to US$5.3 million

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Product Analysis

Turnover by Products

2003 2004For the year ended 31 December

MSG69.0%Lysine

13.5%

G.A.6.3%

Cassava starch based products

6.4%

Specialty chemicals

2.7%Others2.2%

MSG69.5%

Lysine14.4%

G.A.4.2%

Cassava starch based products

6.6%

Others2.3%

Specialty chemicals

3.0%

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Product Analysis

0

20

40

60

80

100

120

140

160

Turnover by Products

2003

2004

MSG G.A.Lysine Cassava starchbased products

USDMillion

140.6

156.3

12.8 9.5

27.432.5

13.1 14.76.85.5

Specialty Chemicals

For the year ended 31 December

+11.2%

+18.6%

-25.4% +12.9%+25.2%

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Major Product Analysis

MSG Rising living standard in Vietnam boosted food processing industry resulting in

even stronger eemand

Lysine Strong demand from PRC drove prices up significantly in the first half

Starch : Native Starch : Modified Starch

Strategically reduced sales of native starch to focus on the modified starch market that enjoys a higher margin

Specialty Chemicals Industrialization and modernization of Vietnam prompted market demand

11.2% to US$156.3 million

18.6% to US$32.5 million

25.4% to US$6.8 million

12.9% to US$14.7 million44.4% to US$4.9 million

132.2% to US$9.8 million

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Establishment of a Technology R&D Centre

- Hired a new R & D director

- Equipped with new laboratory and facilities

- To enhance technical expertise and boost research and development capabilities

- Responsible for the development of new products and new production processes

- Initial focus on starch and food related areas

- Diversify source of carbohydrates

Research and Development

Prospects For 2005

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Major Growth Drivers

Continual capacity expansion to capture rising market demand

Further expansion into new markets especially in ASEAN countries and PRC

Excellent market potential of new products: r-PGA and high value-added seasonings

Enhance cost structure by reducing production and raw material costs

Growth Drivers

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Enhance Cost Structure

- Expanded GA production facilities: to enhance the scale of production efficiency

- To set up 2 more starch raw material processing plants in central and central northern part of Vietnam

- Explore an alternative source of carbohydrates

- Improve existing processing technology

Cost Reduction Measures:

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- Expanded GA production facilities: increasing annual production capacity from 140,000 tons to 180,000 tons (Dec. 2004)

- Expanded specialty chemicals production facilities: increase annual production capacity of 100% Caustic Soda from 60,000 tons to 80,000 tons (Dec. 2004)

- Increased annual production capacity of modified starch from 40,000 tons to 60,000 tons (Mar. 2005)

Expansion works, completed in 2004, increases production capacity for 2005:

Capacity Expansion

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New Product Launch

• Plant construction delayed due to material storage. Estimated completion is 4th quarter 2005

• Work underway on application for Sales permit

• Cooperate with potential sales agent to develop sales and marketing plan

• Continue to work with clients and research institutions on various industrial applications

r-PGA

• Versatile flavor enhancers made from MSG and

various natural seasonings

• Enjoys strong demand due to diverse tastes of

Asian dishes

• Product launch expected in second quarter of

2005

High Value-addedSeasonings

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New Market Expansion

I) PRC: growth by mergers, acquisitions and strategic alliances

- Shanghai Vedan as base in the central region and Xiamen Mao Tai plant as base in the south to support future expansion into second and third-tier cities

- M & A strategy remained; several targets identified, discussion underway

- Strategic alliance with local GA suppliers to secure raw material supplies

II) ASEAN: a major growth market with total population over 500 million;

comprised of some of Asia’s fastest growing economies

- Explore opportunities for M & A and strategic alliances

III) Europe: a largely unexplored market with high growth potential

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“To be Asia’s leading manufacturer of

fermentation-based amino acids,

food additive products and

cassava starch based products”

Mission

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2004 Annual Results15 March 2005

2004 Annual Results15 March 2005

2004 Annual Results15 March 2005