Contents
Message
Corporate Principle
Key Management Policies
Basic Position
Group Dynamism
Overview of Nisshin Seifun Group
To Shareholders
A Guide for Foreign Investors
Summary of Financial Statements
Securities Report
English Financial Statements
Business Report
Nisshin Seifun Group
Nisshin Seifun Group Inc. (Holding Company)
Nisshin Flour Milling Inc.
Nisshin Foods Inc.
Initio Foods Inc.
Nisshin Pharma Inc.
Nisshin Petfood Inc.
Nisshin Engineering Inc.
Oriental Yeast Co., Ltd.
NBC Inc.
Overseas Companies & Offices
Social Responsibility
Social and Environment Report
left:
Osamu Shoda
Representative Director
Chairman of the Board

right:
Ippei Murakami
Representative Director
President
The Japanese economy still remains on road to recovery, but with the advance of globalization, coupled with an aging population and declining birthrate in Japan, the changes happening to the business environment and markets surrounding us are becoming increasingly complex, and the speed of changes is accelerating.
Since the time of founding in 1900, Nisshin has creatively carried out many reforms. While keeping our guiding philosophies "the basis of business is built on trust" and "being in tune with the changing climate" firmly unchanged, we have continuously changed ourselves with the belief that companies can only survive and expect growth by effectively modifying themselves to better adapt to changes in the business environment.
To mark the centenary of our establishment, in July 2001, we implemented a major reform eyeing the next 100 years. That is, we moved into a new group structure where each of our major business units became separate, autonomous operating company, sharing the same operating principle "Self-Sufficiency and Alliance".
Each of the groupÅfs major businesses, namely flour milling, processed foods, health foods, biotechnology, pet food, engineering and mesh cloth now operates as a self-directing entity able to respond to customers' needs more quickly. Each company is now devoted to becoming a more flexible and stronger organization, to being more than just market-oriented, and to expanding into overseas markets.
From now on we will focus on realizing "growth", by tackling head on this 21st century of fast-paced global change; we will promote our business activities while sticking to complying with laws and regulations; we will fulfill our social responsibility such as protecting the environment, contributing to society and respecting human rights; we will be constantly diligent in delivering "reliability", "safety" and "good health". Being as sincere as possible in doing all of these, we will serve all of our stakeholders. Expect great things of the new Nisshin Seifun Group.