August 9, 2012

Consolidated Financial Results
for the Three Months Ended June 30, 2012
(Japanese Accounting Standards)
Name of the Listed Company: Nitta Gelatin Inc.
Listing:
Second Section of Tokyo Stock Exchange
Stock code:
4977
URL:
http://www.nitta-gelatin.co.jp
Representative:
Norimichi Soga, Representative Director and President
Contact Person:
Tsuneo Sasaki, Director and Senior Managing Executive Officer;
General Manager of the General Affairs Division
Tel: +81-72-949-5381
Scheduled date to file Quarterly Securities Report: August 9, 2012
Scheduled date to commence dividend payments: Supplementary explanatory materials prepared:No
Explanatory meeting:
No(Millions of yen with fractional amounts discarded, unless otherwise noted.)

1. Consolidated financial results for the three months ended June 30, 2012
(from April 1, 2012 to June 30, 2012)(1) Consolidated operating results(Percentages indicate year-on-year changes.)
Net sales
Three months ended
June 30, 2012
June 30, 2011

Operating income

Ordinary income

Net income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen

%

7,071
－

－
－

592
－

－
－

619
－

－
－

462
－

－
－

Note: Comprehensive income
For the three months ended June 30, 2012: ¥127 million (-%)
For the three months ended June 30, 2011: ¥- million (-%)

Net income
per share
Three months ended
June 30, 2012
June 30, 2011

Diluted net income
per share

Yen

Yen

29.30
－
－
－
Note: The Company has not prepared consolidated financial statements for the three months ended June 30, 2011. Accordingly,
the Company has not disclosed results for the three months ended June 30, 2011, or year-on-year comparisons between results
for the three months ended June 30, 2012 and 2011.

(2) Consolidated financial position
Total assets
As ofJune 30, 2012
March 31, 2012

Net assets

Equity ratio

Millions of yen

Millions of yen%

22,96423,371

8,101
8,108

35.0
34.4

Reference: Equity
As of June 30, 2012: ¥8,031 million
As of March 31, 2012: ¥8,033 million

2. Cash dividends
Cash dividends per shareFirst quarter
Fiscal year ended March 31,
2012
Fiscal year ending March
31, 2013
Fiscal year ending March
31, 2013 (Forecasts)

Second quarter

Third quarter

Fiscal year-end

Annual

Yen

Yen

Yen

Yen

Yen

–

2.00

–

8.00

10.00

6.00

–

6.00

12.00

–

Note: Changes to most recent dividend forecasts: None

3. Consolidated financial forecasts for the fiscal year ending March 31, 2013
(from April 1, 2012 to March 31, 2013)
OperatingincomeNet sales

Six months ending
September 30, 2012
Fiscal year ending
March 31, 2013

(Percentages indicate year-on-year changes.)
Ordinary
Net income
Net income
incomeper share

Millionsof yen%Millionsof yen%Millionsof yen%Millionsof yen%Yen

14,000

(2.2)

1,000

(21.0)

1,020(14.0)

660(15.1)

41.85

28,900

4.1

2,070

2.7

2,100

4.9

1,370

(0.4)

86.87

Note: Changes to most recent consolidated financial forecasts: None

Notes
(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in achange in the scope of consolidation): None
New: None
Excluded: None
(2) Adoption of special accounting methods for the preparation of quarterly consolidated financial
statements: No(3) Changes in accounting policies, changes in accounting estimates, and restatement of revisions
a. Changes in accounting standards due to revisions to accounting standards and other guidelines: Yes
b. Changes in accounting policies due to reasons other than a. above: No
c. Changes in accounting estimates: Yes
d. Restatement of revisions: No
Note: For details, please refer to “(2) Changes in Accounting Policies, Changes in Accounting
Estimates, and Restatement of Revisions” in “2. Matters Concerning Summary Information(Notes)” on page 3 of the Attachment Contents to this report.
(4) Number of common shares issued
a. Total number of issued shares at the end of the period (including treasury stock)
As of June 30, 2012
15,770,074 shares
As of March 31, 2012
15,770,074 sharesb. Number of shares of treasury stock at the end of the period
As of June 30, 2012162 shares
As of March 31, 2012162 sharesc. Average number of shares
For the three months ended June 30, 2012
For the three months ended June 30, 201115,769,912 shares- shares* Disclosure of status of quarterly review procedure
This report falls outside the scope of quarterly review procedures as laid out in the Financial Instruments
and Exchange Act. As of the time of the release of this report, the review of the financial statements, etc.,
outlined in the Act had not yet been concluded.
* Proper use of earnings forecasts, and other special matters
The forward-looking statements, including earnings forecasts, contained in these materials are based on
information currently available to the Company and on certain assumptions deemed to be reasonable.
These statements do not guarantee that the Company will achieve its earnings forecasts. In addition,
actual business and other results may differ substantially due to various factors. For details on theconditions assumed and the cautionary notes and items in the financial forecasts, please refer to“Qualitative Information Concerning Consolidated Business Forecasts” on page 3 of the Attachment
Contents to this report.

Attachment Contents
1. Qualitative Information Concerning Quarterly Financial Statements･･･････････････････････ 2(1) Qualitative Information Concerning Consolidated Business Results････････････････････････ 2(2) Qualitative Information Concerning Consolidated Financial Position･･･････････････････････ 3(3) Qualitative Information Concerning Consolidated Business Forecasts･･･････････････････････ 4

2. Matters Concerning Summary Information (Notes)･･････････････････････････････････････ 4(1) Changes in Accounting Policies and Estimates, and Restatement of Revisions････････････････ 4

3. Quarterly Consolidated Financial Statements･･･････････････････････････････････････････ 5(1) Consolidated Balance Sheets ･･････････････････････････････････････････････････････ 5(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income ･････ 7(3) Note Concerning Going Concern Assumption ･････････････････････････････････････････ 9(4) Note Concerning Significant Changes in Shareholders’ Equity･････････････････････････････ 9

11. Qualitative Information Concerning Quarterly Financial Statements(1) Qualitative Information Concerning Consolidated Business Results
In the first quarter of the year ending March 31, 2013, the global economy experienced
a slowdown on the whole. The U.S. economy staged a gradual recovery, despite weakpersonal consumption and other concerns. Emerging markets, led by China, saw aslower pace of economic growth, as internal demand weakened. On the other hand, theJapanese economy showed signs of picking up, mainly supported by firm internal
demand related to post-quake reconstruction and other sources of demand. The
economic outlook, however, remained uncertain due to instabilities such as an abrupt
appreciation of the yen and sluggish stock prices stemming mainly from the European
debt problem, as well as concerns about supplies of electric power in Japan.
Against this backdrop, the Group has adopted three basic management policies: (1)Customer First; (2) Global & Innovation; and (3) Selection and Concentration. Guided
by these policies, the Group has actively worked to provide products and services thatsatisfy customers, and develop new products and cultivate new markets, with the aim ofrising above the challenging business conditions. Overseas, the Group posted strong
sales atop buoyant demand for gelatin. In Japan, sales declined, reflecting the end of atemporary boost in sales from post-quake demand in the first quarter of the previous
fiscal year.
As a result, in the first quarter of the fiscal year ending March 31, 2013, net sales
were ¥7,071 million, operating income was ¥592 million, ordinary income was ¥619
million and net income was ¥462 million.
Segment business performance was as follows:(a) Collagen Material BusinessIn the gelatin field, the Group posted lower sales in Japan, reflecting the end of atemporary boost in sales from post-quake demand in the first quarter of the previous
fiscal year. However, edible gelatin performed strongly in Japan, particularly for use inconvenience store delicatessen items, dairy products, and household gelatin powder. On
the other hand, sales of gelatin capsules for the pharmaceutical and the health foodsectors both performed well. Meanwhile, photographic gelatin sales declined. In
overseas markets, sales increased due to buoyant demand for edible gelatin and gelatinfor capsules in both North America and Asia. Another contributing factor was the
positive impact of the revision of gelatin prices to the Group’s advantage.
Collagen peptide sales declined year on year, mainly reflecting falling unit prices as aresult of intensified competition and lower shipment volume in Japan, as well as delays2

in developing Asian markets.
Collagen casing sales increased, buoyed by robust demand for collagen casings for
snack sausages in U.S.A. and strong exports to China.
As a result, net sales in the segment were ¥4,384 million and segment profit(operating income) was ¥550 million.
(b) Formula Solution BusinessIn food materials, the Formula Solution Business saw steady growth in sales ofstabilizers for ham, sausage and other meat products, in addition to stabilizers for use inchilled desserts sold in convenience stores. This growth was underpinned by strong
conditions in the Japanese food market.
In adhesives, overall sales declined despite firm sales of hot melt adhesives for
packaging applications for the beverage and food sectors. This decrease was mainly due
to lower sales of hot melt adhesives for bookbinding applications due to weak
conditions in the publishing sector, as well as the sale of certain product businesses.
As a result, net sales in this segment were ¥2,687 million and segment profit(operating income) was ¥384 million.
(2) Qualitative Information Concerning Consolidated Financial Position
Total assets amounted to ¥22,964 million at June 30, 2012, ¥407 million lower than at
March 31, 2012.
Current assets decreased ¥248 million from March 31, 2012 to ¥14,687 million. This
was attributable to a ¥332 million decrease in cash and deposits and a ¥139 million
decrease in notes and accounts receivable-trade, despite a ¥270 million increase ininventories.
Noncurrent assets decreased ¥158 million from March 31, 2012 to ¥8,277 million atJune 30, 2012. This was mainly due to a ¥172 million decrease in investment securities
in line with lower stock prices.
Current liabilities stood at ¥9,132 million at June 30, 2012, ¥43 million lower thanMarch 31, 2012. This was attributable to a ¥248 million decrease in income taxes
payable, despite a ¥184 million increase in notes and accounts payable-trade.
Noncurrent liabilities decreased ¥357 million to ¥5,730 million. This was mainly due
to a ¥265 million decrease in long-term loans payable and a ¥59 million decrease inprovision for retirement benefits.
Net assets decreased ¥6 million to ¥8,101 million. This decrease was mainly due to a
decline of ¥268 million in foreign currency translation adjustments in line with the yen’s
3appreciation from the previous fiscal year-end, and a decline of ¥82 million in valuationdifference on other available-for-sale securities. These factors were partly offset by anincrease of ¥335 million in retained earnings.
As a result, the equity ratio stood at 35.0% as of June 30, 2012, compared to 34.4% at
March 31, 2012.
(3) Qualitative Information Concerning Consolidated Business Forecasts
The Group’s business performance has been largely in line with consolidated business
forecasts for the fiscal year ending March 31, 2013. Accordingly, the Group has notrevised its business forecasts announced on May 11, 2012.
2. Matters Concerning Summary Information (Notes)(1) Significant Changes in Subsidiaries During the Quarterly Period Under Review(Changes in Depreciation Method)
Following the amendment of the Corporation Tax Act, effective from the first quarter ofthe year ending March 31, 2013, the Company and its domestic consolidated
subsidiaries have changed the method of depreciation for tangible fixed assets acquiredon or after April 1, 2012 to the method of depreciation stipulated by the amended
Corporation Tax Act.
This change will have only a negligible impact on operating income, ordinary income
and income before income taxes and minority interests for the first quarter of the year
ending March 31, 2013.

4

3. Quarterly Consolidated Financial Statements(1) Consolidated Balance Sheets(Thousands of yen)

Fiscal 2012
(As of March 31, 2012)

1Q Fiscal 2013
(As of June 30, 2012)

2,098,305
6,449,185
4,011,191
651,952
1,308,008
431,247(14,013)
14,935,878

1,765,966
6,309,206
4,377,634
649,400
1,214,547
386,031(15,501)
14,687,285

2,519,511
1,160,053
1,707,611
5,387,176

2,434,763
1,074,162
1,853,029
5,361,955

18,491
18,491

21,295
21,2952,055,225
976,926(1,814)3,030,338
8,436,005
23,371,884

1,882,234
1,013,391(1,670)2,893,955
8,277,207
22,964,492

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Other, net
Total property, plant and equipment
Intangible assets
Other
Total intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets5

(Thousands of yen)

Fiscal 2012
(As of March 31, 2012)

1Q Fiscal 2013
(As of June 30, 2012)

3,476,611
925,340
1,878,380
330,000
387,141
235,319
1,943,430
9,176,223

3,661,042
867,008
1,809,021
330,000
138,793
360,493
1,966,308
9,132,668

200,000
3,261,365
2,158,327
33,772434,018
6,087,483
15,263,707

200,000
2,996,160
2,098,566
34,184
401,338
5,730,249
14,862,918

1,577,121
1,398,633
6,889,910(68)
9,865,597

1,577,121
1,398,633
7,225,821(68)
10,201,507

416,438

333,593

6,173(1,350,928)(16,608)(1,619,229)(903,985)(867,934)(1,832,302)(2,170,178)

74,881
8,108,176
23,371,884

70,2458,101,574
22,964,492

Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term loans payable
Current portion of long-term loans payable
Current portion of bonds
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Noncurrent liabilities
Bonds payable
Long-term loans payable
Provision for retirement benefits
Provision for directors' retirement benefits
Other
Total noncurrent liabilities
Total liabilities
Net Assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income(loss)
Valuation difference on otheravailable-for-sale securities
Deferred gains (losses) on hedges
Foreign currency translation adjustments
Pension liability adjustment of foreignsubsidiaries
Total accumulated other comprehensive
income (loss)
Minority interests
Total net assets
Total liabilities and net assets

6

(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income
Consolidated Statements of Income(Thousands of yen)

Net sales
Cost of sales

1Q Fiscal 2013
(From April 1, 2012
to June 30, 2012)
7,071,616
5,252,160

Gross profit on sales

1,819,455

Selling, general and administrative expenses

1,227,107

Operating income

592,348

Non-operating income
Interest income
Dividend income
Equity in earnings of affiliates
Other

131
9,113
63,051
21,769Total non-operating income

94,065Non-operating expenses
Interest expenses
Foreign exchange losses
Other38,51323,173
4,728

Total non-operating expenses

66,416

Ordinary income

619,996

Extraordinary income
Gain on sales of noncurrent assets

10,897

Total extraordinary income

10,897Extraordinary losses
Loss on valuation of investment securities
Total extraordinary losses
Income before income taxes and minority
interests
Income taxes
Income before minority interests
Minority interests in income
Net income

9,871
9,871
621,022
156,217464,805
2,735
462,0697

Consolidated Statement of Comprehensive Income(Thousands of yen)

Income before minority interests

1Q Fiscal 2013
(From April 1, 2012
to June 30, 2012)
464,805

Other comprehensive income (loss)
Valuation difference on otheravailable-for-sale securities
Deferred losses on hedges(82,787)(16,649)

Foreign currency translation adjustments(175,878)

Pension liability adjustment of foreignsubsidiaries
Share of other comprehensive loss of
associates accounted for using equity method
Total other comprehensive loss
Total comprehensive income
Comprehensive income attributable to:
Owners of the parent
Minority interests

36,050(97,810)(337,074)
127,730
124,1933,536

8

(3) Note Concerning Going Concern Assumption
None(4) Note Concerning Significant Changes in Shareholders’ EquityNone9