May 15, 2024
Company name

Nitta Gelatin Inc.
Koichi Ogata,
Representative
Executive Officer,
Representative Director and President(Stock code: 4977; Standard Market of Tokyo Stock Exchange)
Kazuya Hayashi,
Director and Executive Officer
Contact
General Manager of General Management
Division
Phone Number+81-72-949-5381

Nitta Gelatin Announces Medium-Term Management Plan
Nitta Gelatin Inc. (hereinafter “Nitta Gelatin”) hereby announces the new medium-term management plan (April 1,
2024–March 31, 2027) formulated to position the three-year period as “a time to fundamentally strengthen profitability
and cash generation capability,” in order to transform into a highly profitable company and achieve sustainable growthunder its long-term vision of “Helping to improve people’s quality of life with collagen.”1. Review of Previous Medium-Term Management Plan
Nitta Gelattin Group positioned the previous medium-term management plan (April 1, 2021–March 31, 2024) as atime for “strengthening the foundation for a future leap forward,” identifying focus markets in the three core areas ofFood Solutions, Health Support, and Biomedical and working to expand sales of high-value-added products. As aresult, although it did not make progress as planned in certain key markets, in fiscal 2023, ended March 31, 2023,
Nitta Gelatin did achieve its targets for net sales and operating income ahead of schedule due to increased demand forgummy candies in Japan and increased sales of gelatin for capsules in Japan and overseas. However, in fiscal 2024,
due to the poor performance of consolidated subsidiary, Nitta Gelatin USA, Inc., Nitta Gelatin fell short of achieving
its operating income target for the final fiscal year of the plan.
2. Basic Policy of the New Medium-Term Management Plan
(1) Fundamental improvement of profitability
1) Enhance cost competitiveness and expand supply capacity by restructuring production systems.
By closing Nitta Gelatin USA, Inc. and expanding the supply capacity of our cost-competitive sites in India, Nitta
Gelatin will strengthen the earnings structure of its gelatin and collagen peptide businesses.
2) Return the biomedical business to profitability
Nitta Gelatin will utilize our expert network in Japan to further expand use in the medical field. In addition, Nitta
Gelatin will aim to achieve operating income in the business by expanding sales in China and other overseas
markets.
(*) Previously, Nitta Gelatin has presented business strategies by sales category (Food Solutions, Health Support, Specialties). In order toachieve faster-paced performance management, Nitta Gelatin will change its policy to disclose information by product category (gelatinbusiness, collagen peptides business, food ingredients business, and biomedical business) from fiscal 2025.

(2) Financial strategy
1) Capital investment
During the period of the medium-term management plan, Nitta Gelatin intends to make capital investments totaling¥10,000 million, including ¥5,500 million in strategic investments and ¥4,500 million in upgrading existing
facilities to maintain and improve production efficiency.
2) Dividend policy
Nitta Gelatin aims to maintain a stable level of dividend on equity (DOE) of 1.5% or higher, and then raise it to
2.0% or more in the final fiscal year of the plan.
3) Improve PBR
By “fundamentally strengthening profitability and cash generation capabilities,” Nitta Gelatin will improve our
PBR to more than 1.0 times during the period of the plan, with the aim of further improvement.
4) Enhance cash generation capability
Nitta Gelatin will improve the efficiency of working capital and shorten the cash conversion cycle (CCC).
(3) Strengthen management foundation for stable profits
1) Rebuild business foundation
Nitta Gelatin will stabilize the earnings of each business and rebuild its business foundation to achieve sustainablegrowth.
2) Strengthen global governance
Nitta Gelatin will work to curtail risks for the entire Group by strengthening monitoring of subsidiaries by the head
office and disseminating Group-wide policies and regulations. In addition, Nitta Gelatin will evaluate and makeinvestment decisions based on the introduction of ROIC for each business, aiming to build an optimal businessportfolio.
3) Enhance value of human capital
Nitta Gelatin will share the Group’s values as well as revitalize and achieve sustainable growth of employees andthe organization.
3. Management Targets

Net sales
Operating income
Operating income/Net sales
Net income (loss) attributable to owners of
the parent
ROE
ROIC
CCC

Fiscal 2024
(Results)¥40,420 million¥1,836 million
4.5%¥(1,850) million

Fiscal 2027
(Final fiscal year)¥43,000 million¥3,500 million
8.1%¥2,000 million(9.9)%
4.4%
5.9 months

9.0%
7.0%
5.0 months

Medium-Term Management Plan
(April 1, 2024–March 31, 2027)
May 15, 2024

Securities code: 4977

Contents
1. Overview of the New Medium-Term Management Plan
(April 1, 2024–March 31, 2027)
2. Review of the Previous Medium-Term Management Plan
(April 1, 2022–March 31, 2024)
3. Basic Policies of the New Medium-Term Management Plan
(1) Fundamental improvement of profitability(2) Financial strategy(3) Strengthen management foundation for stable profits
Reference Materials
Note: For the purpose of this document, the 2024–2026 Medium-Term Management Plan (fiscal 2025 to fiscal 2027) is referred to as the “New Medium-Term Management Plan” and the2021–2023 Medium-Term Management Plan (fiscal 2022 to fiscal 2024) is referred to as the “Previous Medium-Term Management Plan.”© Nitta Gelatin Inc. All rights reserved21. Overview of the New Medium-Term Management Plan: (1) Positioning⚫ To achieve the Vision for 2030*, Nitta Gelatin will launch the new medium-term management
plan in order to transform into a highly profitable company and achieve sustainable growth.
*This represents an update of the 10-year vision announced in the business strategy in June 2022. For details, see page 23.

Vision for 2030
Fundamental improvement of
profitability and strengtheningof cash generation capability

Selection andconcentration

Strengthen thefoundation for a future
leap forward
Fiscal 2024

Fiscal 2021
¥30.5bn
Net sales
Operating income ¥1.3bn
Operating margin 4.4%

Net sales¥40.4bn
Operating income ¥1.8bn
Operating margin 4.5%

Helping to
improve
people’s qualityof life withcollagenFiscal 2027
¥43.0bn
Net sales
Operating income ¥3.5bn
Operating margin 8.1%
9.0%
ROE
7.0%
ROIC

Transform into a highly
profitable company andachieve sustainable growthFiscal 2019–2021

Fiscal 2022–2024

Fiscal 2025–2027

Fiscal 2028–2030

MTMP before previous MTMP

Previous MTMP

New MTMP

Next MTMP© Nitta Gelatin Inc. All rights reserved¥50.0bn
Net sales
Operating income ¥5.0bn
Operating margin 10.0%
10.0%
ROE
ROIC
10.0%

Fiscal 2030

3

1. Overview of the New Medium-Term Management Plan: (2) Themes

Fundamental improvement of profitability andstrengthening of cash generation capability(1) Fundamental improvement of profitability
1) Enhance cost competitiveness and expand supply capacity by restructuring production systems
2) Return the biomedical business to profitability(2) Financial strategy
1) Capital investment: ¥5.5 billion for strategic investment and ¥4.5 billion for upgrading of existing facilities during
the three-year period

2) Dividend policy: aim to raise DOE to 2.0% or higher by the final fiscal year of the plan3) Improve PBR: improve PBR to 1.0 times or higher during the plan4) Enhance cash generation capability: shorten the cash conversion cycle (CCC).

(3) Strengthen management foundation for stable profits
1) Rebuild business foundation
2) Strengthen global governance3) Enhance value of human capital© Nitta Gelatin Inc. All rights reserved41. Overview of the New Medium-Term Management Plan: (3) KPI⚫Fundamental improvement of profitability and strengthening of cash generation
capability to achieve the Vision for 2030
(Millions of yen)Previous MTMP
Fiscal 2024
Results

Total for New MTMP
Fiscal 2027
Targets

Vision for 2030

Vs. Fiscal 2024

Fiscal 2030
Targets

Vs. Fiscal 2024

Net sales

40,42043,000+6.4%

50,000+23.7%

Operating income[Operating margin]

1,836[4.5%]

3,500[8.1%]+90.5%

5,000[10.0%]+172.2%

Net income (loss)
attributable toowners of the parent(1,850)

2,000

ー

3,000

ー

ROE

(9.9%)

9.0%

ー

10.0%

ー

ROIC

4.4%

7.0%

+2.6pt10.0%+5.6ptCCC

5.9 months

5.0 months–0.9 months

4.8 months–1.1 months

Note: ROE = Net income attributable to owners of the parent / (Net assets - Non-controlling interests)
ROIC = Operating income after tax / (Shareholders’ equity + Interest-bearing debt + Cumulative total comprehensive income + Non-controlling interests)
CCC = Inventory turnover + accounts receivable trade turnover - accounts payable trade turnover© Nitta Gelatin Inc. All rights reserved52. Review of Previous Medium-Term Management Plan: (1) Overview
Previous Medium-Term Management Plan (Fiscal 2022 to Fiscal 2024)
10-year vision
Management Policy

Helping to improve people’s quality of life with collagen
1. Strategic allocation of management resources to key markets* to create ahigh-profit enterprise
2. Strengthening of the organizational foundation to face challenges
positively
3. Strengthening ties with stakeholders to be a company of value*Key markets: (1) Industrial-use market, (2) New needs in food market, (3) Overseas collagen peptide market, (4) Direct sales business,(5) Biomedical market

Targets

1. Consolidated net sales of ¥33.5 billion, consolidated operating income of ¥2.0 billion
2. Key markets: 10% or more of consolidated net sales
20 % or more of consolidated operating income

3. Design and operate a new assessment and remuneration system
4. Dividend policy: DOE of 1.5% or higher
5. Improve employee engagement© Nitta Gelatin Inc. All rights reserved

62. Review of Previous Medium-Term Management Plan:(2) Consolidated performance⚫ Net sales reached the target thanks to growth in gummy candies in Japan and gelatin for
capsules in Japan and overseas. Operating income fell short of the target for the final
fiscal year due to poor performance of Nitta Gelatin USA, Inc.
Operating income / Net sales
Net sales(Millions of yen)
Net sales target:
40,000¥33,500 million

40,42039,186
31,7833,000

30,00020,00010,000Operating income(Millions of yen)
4,000

2,000

2,259

1,836

1,560

1,000

0

Operatingincome target:¥2,000 million

0
Fiscal 2022

Net sales

Fiscal 2023

Fiscal 2024

Operating income© Nitta Gelatin Inc. All rights reserved

72. Review of Previous Medium-Term Management Plan: (3) Key markets⚫In key markets, Nitta Gelatin fell short of its targets for both net sales andoperating income
Net sales and operating income in key markets
Operating income(Millions of yen)

Net sales(Millions of yen)
4,000
3,000
Net sales target:¥3,350 million

800
2,323

2,291

2,351

600

2,000

400

1,000

200 Operating
income target:
0 ¥400 million

0124
Fiscal 2022

Fiscal 2023

Fiscal 2024

▲ 1,000▲ 2,000

Net sales in key markets

–200
–203
–293

–400

Operating income in key markets

BtoC market remains challenging⚫ “Industrial-use market” and “New food needs”
Need to improve product and development capability⚫ Direct sales business
Need to invest in advertising to increase awarenessAchieved certain results in the
BtoB market⚫ Overseas collagen peptide market
Improving awareness of Wellnex brand⚫ Biomedical business
Steady increase in number of projects© Nitta Gelatin Inc. All rights reserved
82. Review of Previous Medium-Term Management Plan:(4) Discontinuing production at Nitta Gelatin USA, Inc.
⚫ After determining that concentrating resources in growth areas would contribute to
the enhancement of the Group’s corporate value, Nitta Gelatin decided to
discontinue production at Nitta Gelatin USA, Inc. in January 2024.

Reason for discontinuing of production
Internal factors• Worsening productivity

External
environment• Soaring energy costs and personnel expenses, etc.
• Rapid worsening of market conditions in North America© Nitta Gelatin Inc. All rights reserved

92. Review of Previous Medium-Term Management Plan:(5) Increasing interest-bearing debt
⚫ In addition to rising inventory levels due to supply chain disruptions, interest-bearing
debt increased at Nitta Gelatin due to its support for Nitta Gelatin USA, Inc.
Trend in interest-bearing debt
(consolidated and non-consolidated)(Millions of yen)

10,000

9,797

9,583

8,735
5,000

5,865

Consolidated

Non-consolidated

0
Fiscal 2019 Fiscal 2020 Fiscal 2021 Fiscal 2022 Fiscal 2023 Fiscal 2024
© Nitta Gelatin Inc. All rights reserved

10Fundamental improvement of profitability andstrengthening of cash generation capability

3. Basic Policies of the New
Medium-Term Management Plan

⚫ Nitta Gelatin will address the profitability and efficiency issues of each business, and aim
for capital efficiency that exceeds WACC (estimated to be around 5%) except for thebiomedical business.
Business portfolio
Medium- to long-term growth potential

Changes in disclosure categories

Return the business to
profitability by growing
sales

Biomedical

Collagen
peptidesGrow cost competitivenessthrough strategic
investments

In order to achieve fasterpaced performance
management, we willchanged disclosures to
By sales category (in and before fiscal 2024)

Improve profitability
by optimizing
production systems

Gelatin• Food Solutions• Health Support• Specialties
By product area (fiscal 2025 onward)

Food
ingredients

Scale of operating
incomeROIC = 5%

Business profitability and efficiency

Improve profitability
by increasing
efficiency

7%© Nitta Gelatin Inc. All rights reserved• Gelatin• Collagen peptides• Food ingredients• Biomedical
111) Enhance cost competitiveness and expand supply 3. Basic Policies of the New Medium-Term Management
Plan: (1) Fundamental improvement of profitability
capacity by restructuring production systems⚫ Nitta Gelatin will expand the supply capacity of its cost-competitive sites in India andstrengthen the earnings structure of its gelatin and collagen peptide businesses.
High quality products
Halal-certified products

Expand sales toSoutheast Asia andNorth America
Discontinue production of
Nitta Gelatin USA, Inc. due
to low profitability

Expand sales of high-value-added gelatin to markets
where “high quality” or “high level of Halalcertification” are required⚫ Expand sales from bases in India to the Halal market in North
America and Southeast Asia, as well as global customers in India⚫ Expand sales of bovine bone gelatin in Japan

Expand sales of collagen peptide in overseas markets

Expand production capacityof Nitta Gelatin India, Ltd.

• Collagen peptide: currently 600t/year, increase by 550t/year(Completion slated for June 2025)⚫ Work closely with distributors in Asia and Oceania (10 countries)
to further penetrate our Wellnex brand of functional collagen
peptides⚫ Develop next-generation high performance products
Number of co-brandings* with overseas companies
18 (co-brandings)• Gelatin: Currently planned

8* Co-branding is where overseas retailers display
the Wellnex logo on their packaging to highlight the0brand and sell products© Nitta Gelatin Inc. All rights reserved

Fiscal2021

Fiscal2024

122) Return the biomedical businessto profitability

3. Basic Policies of the New Medium-Term Management Plan: (1)Fundamental improvement of profitability⚫ Nitta Gelatin will turn an operating income by further expanding its use in medical careutilizing its network of experts in Japan and expanding sales in China and other countries
Trend in net sales

Main pipelines
Commence
R&D(Billions of yen)
1.5

1.0

Japan
Overseas
New products

Start full-scale
operation of Mirai-can
Expand production
capacity

Expand sales foroverseas markets

1.2

PoC1

Clinical trials2

Launch sales

Artificial bone applications
Wound healing applications
Cardio-vascular treatment
applications

0.8

Aesthetic medicine applications
Dental and medical applications

0.5

Tissue regeneration applications

0.2

Topical administration and virus
stabilization applications
Decellularization applications

0.0
Fiscal 2024 Fiscal 2025 Fiscal 2026 Fiscal 2027
Plan
Plan
TargetFiscal 2030
Plan

Collagen artificial tendons (BM)Steady progress inthe sales phase for
medical applications

1PoC: Proof of concept
2Development and approval application stages at pharmaceutical companies and medical device manufacturers© Nitta Gelatin Inc. All rights reserved13

3. Basic Policies of the New Medium-Term Management Plan: (2)Financial strategy

1) Capital investment⚫ In order to strengthen the business foundation for future growth, Nitta Gelatin will
invest ¥10bn in strategic areas and upgrading existing facilities over three years.
Capital allocation (three-year running total)
Strategic investment
Operating cash flows:

Strategic investment:•

Expand collagen peptide production facilities in India¥5.5bn•Expand gelatin production facilities in India•

Introduction of ERP¥13.0bn(of which, cash
efficiency effect of¥2.0bn)Investment in upgrading
existing facilities:

Investment in upgrading existing facilities•¥4.5bnCapital investment for ensuring stable production,
improving efficiency, and addressing environment
issues, etc.

Repayment of interest-

bearing debt: ¥2.5bn
External procurement: ¥1.0bn

Shareholder returns: ¥1.5bn

Cash inflows

Cash outflows

Reduce interest-bearing debt•

Cash-efficient reduction of interest-bearing debt of¥1.5bn net© Nitta Gelatin Inc. All rights reserved

14

3. Basic Policies of the New Medium-Term Management Plan: (2)Financial strategy

2) Dividend policy⚫ Nitta Gelatin aims to secure a stable DOE* of 1.5% or higher first, and then raise it to
2.0% or higher in the final fiscal year of the plan.
(Dividend: yen)
20

18
16

14

15

12

DOE
1.5%

16

12

2.0%

10

1.4%

1.3%

FY2020Fiscal2020

FY2021
Fiscal
2021

5

1.5%

1.6%

1.6%

FY2022
Fiscal2022

FY2023Fiscal2023

FY2024
Fiscal2024

0* DOE (Dividend on Equity) = Total dividends / (net assets - non-controlling interests)

Cash dividends per share© Nitta Gelatin Inc. All rights reserved

FY2025
Fiscal2025
Forecast

FY2026
Fiscal2026
Plan

FY2027
Fiscal2027
TargetDOE
153) Improvement of PBR: target value

3. Basic Policies of the New Medium-Term Management Plan: (2)Financial strategy⚫ By “fundamentally strengthening profitability and cash generation capabilities” following
the new medium-term management plan, Nitta Gelatin will improve PBR to 1.0 or moreduring the current plan, with the aim of further improvement.
As of March 31, 2024

Target0.7

PBR 1.0 times or higher

PBR

times

＝

ROE
9.0%

X

PER
11 times or higher(Fiscal 2027 target)

Share price: ¥717

Share price: ¥1,100 or higher© Nitta Gelatin Inc. All rights reserved163) Improve PBR: action policies

3. Basic Policies of the New Medium-Term Management Plan: (2)Financial strategy⚫ ROE is expected to improve significantly due to the closure of Nitta Gelatin USA, Inc., andNitta Gelatin aims to improve it further. PER has fallen below the industry average, andWhere it appears
Nitta Gelatin is now implementing improvementsin this document
Increase operating
margin⚫ Restructure and expand production
systems (gelatin and collagen peptides
businesses)⚫ Return the biomedical business to
profitability

Financial leverageControl⚫ Strike optimal balance between debt
and shareholders’ equity

Increase expected
growth rate

⚫ Expand information disclosures⚫ Increase dialogue with investors

Mitigate business risks⚫ Rebuild business foundation⚫ Strengthen global governance⚫ Enhance value of human capital

Increase ROE

Enhance
corporate
value (PBR>1)

P12
P13

P14

Improve PER© Nitta Gelatin Inc. All rights reserved

P19
P20
P21
17

4) Enhance cash generation capability

3. Basic Policies of the New Medium-Term Management Plan: (2)Financial strategy⚫Improve working capital efficiency and shorten CCC
Accounts receivable—
trade turnover

Inventory turnover

Accounts payable—
trade turnover

CCC
Fiscal 2024
results
5.9 months

Fiscal 2027
target
5.0 months

Generate ¥2.0 billion in cash
over the three years of the plan
© Nitta Gelatin Inc. All rights reserved181) Rebuild business foundation

3. Basic Policies of the New Medium-Term Management Plan: (3)Strengthen management foundation for stable profits⚫ Taking into account the results of the previous medium-term management plan,
Nitta Gelatin will stabilize earnings and rebuild its business foundation to achievesustainable growth.
Raw material
procurement

Stable procurement of raw materials and strengthening of ability to respond to
price fluctuations• Optimize raw material composition and develop new raw material sources• Strengthen relationships with suppliers of bovine hide raw materials

Production
facilities

Production
processes

Sales

Building of stable production systems by expanding capacity• Expand production capacity of bases in India• Establish system at Mirai-can for increasing production

Gelatin

PeptideLegendGelatin

Biomedical

Collagen peptides

Establishment of production system that does not rely on the skill
level of workers

Food ingredients
Biomedical• Document and visualize production processes• Standardize and streamline business processes through ERP introduction

Curtailment of legal and regulatory risks and promotion of sales strategy linked
to profitability• Stabilize profits by reviewing product mix• Further strengthen regulatory compliance in China

Gelatin

PeptideFood ingredients

Biomedical© Nitta Gelatin Inc. All rights reserved192) Strengthen global governance

3. Basic Policies of the New Medium-Term Management Plan: (3)Strengthen management foundation for stable profits⚫ Nitta Gelatin will implement measures to strengthen global governance, whichclearly was an issue in the previous medium-term management plan

Swift decision making
by management

Risk reduction
Groupwide⚫ Penetration of Group
policies and regulations⚫ Quality guidance forsubsidiaries led by thehead officeProtective
governance

Sustainable enhancementof corporate value
through concerted effort
between the head officeand subsidiaries

Proactive
governance⚫ Introduction of ROICmanagement by business
Upgrading of business assessments
and investment decisions⚫ Change of performance
management areas

Establishment of global governance system

Switch from sales category to
product area

⚫ Strengthening of head office-led monitoring⚫ Introduction of ERP© Nitta Gelatin Inc. All rights reserved203) Enhance value of human capital

3. Basic Policies of the New Medium-Term Management Plan: (3)Strengthen management foundation for stable profits⚫ Nitta Gelatin will share the Group’s values Groupwide as well as revitalize
employees and organizations and achieve sustainable growth.

◆Change to a personnel system that motivates people◆Provide opportunities to learn and take on new challenges◆Develop successors systematically
Organization

Employees• Diverse and thriving workforce• High productivity• Culture that embraces challenges• Personal growth• Motivation• Comfortable workplace© Nitta Gelatin Inc. All rights reserved21

Reference Materials© Nitta Gelatin Inc. All rights reserved

22

Vision for 2030
⚫ While following the vision set forth in business strategy, Nitta Gelatin will change thetarget fiscal year, strategy, and targets based on the results of the previous medium-term
management plan.
10-year vision(announced in business strategy in June
2022)

Vision for 2030
(announced in the new medium-term
management plan in May 2024)

Details

Helping to improve people’s quality of life
with collagen

Same as at left

Fiscal year
targetFiscal 2031

Fiscal 2030

Strategies

Shift from general purpose gelatin tohigh-value-added collagen peptide

Quantitative
targets for the
final fiscal year

Net sales
Operating income
Operating marginROE¥40.0bn¥4.0bn10.0%
10.0%

Fundamentally strengthen profitability
by transforming to a highly profitablebusiness portfolio¥50.0bn
Net sales¥5.0bnOperating income
10.0%
Operating margin
10.0%
ROE

Environmental changes during the previous MTMP
• Timeline established for bovine hide gelatin• Worsening earnings and discontinuation of production at Nitta Gelatin USA, Inc.
• Spreading trend of passing on higher costs to prices as appropriate• Weaker demand for collagen peptides© Nitta Gelatin Inc. All rights reserved

23Current PBR⚫ Nitta Gelatin’s PBR is trending below the average for the food products and chemicals
industry. ROE has long been below the cost of equity (assumed to be 6.0 to 7.5%), andconcerns about future growth potential are due to low PBR.
Trend in PBR

Trend in ROE(Times)Trend in PER(Times)
25

8.4%

10%

1.4
5%

1.2

1.0

0.4

20

4.2%
Average for foodproducts andchemicals
4.5–7.6%

Average for foodproducts and 0%
chemicals

0.9–1.2 times

0.8

0.6

4.6%

0.83
0.69
Fiscal2020

0.73

Fiscal
2021

0.72

0.68
Fiscal2022

Fiscal2023

Fiscal
2024

–-5%
5%

–-10%
10%

15

16.6 16.8

10

10.2
Average for food products
and chemicals

5

15–20 times

0

–4.4%

▲–5
5

–9.9%
Fiscal
2020

Fiscal2021

Fiscal2022

Fiscal2023

Fiscal2024© Nitta Gelatin Inc. All rights reserved

▲–20
10

-7.0
–7.0

–15.6
Fiscal
2020

Fiscal2021

Fiscal2022

Fiscal2023

Fiscal2024

24

Current PBR: breakdown of ROE⚫ Total asset turnover and financial leverage are at the same level as the average for the
food products and chemicals industry, and low profit margin is the reason for the low ROE.
Trend in net income margin

Trend in ROE

5.0%
2.5%
0.0%
–2.5%
–5.0%
–7.5%

10%

8.4%

3.98%
2.43%
-2.01%–2.01%
Fiscal 2020

5%

4.6%

Average for foodproducts andchemicals

4.2%

4.5–7.6%

0%–4.58%-4.58%
Fiscal 2021

Fiscal 2022

Fiscal 2023

Trend in asset turnover ratio
1.5

1.03

1.0

0.0

–10%

0.87

0.85

0.94

Fiscal 2020

Fiscal 2021

Fiscal 2022

Fiscal 2023

1.01
Average for food products
and chemicals
0.95–1.05
Fiscal 2024

Trend in financial leverage

–4.4%
-4.4%

(Times)–9.9%
Fiscal 2020

Fiscal 2024

(Times)0.5–5%

Average for foodproducts andchemicals
3.5–5.3%

2.29%

Fiscal 2021

Fiscal 2022

Fiscal 2023

Fiscal 2024

2.3
2.2
2.1
2.0
1.9

2.24
2.16

2.15

2.15

Fiscal 2020

Fiscal 2021

Fiscal 2022

© Nitta Gelatin Inc. All rights reserved

Average for food products
and chemicals
1.9–2.2

2.14
Fiscal 2023

Fiscal 2024

25

The Group’s production bases⚫ Nitta Gelatin Canada, Inc.
(gelatin)⚫ Nitta Gelatin Inc.
⚫ Hikone Gelatin Inc. (gelatin)⚫ Guangdong Mingyang Gelatin Co., Ltd. (gelatin)⚫ Guangdong Baiwei Bio Material Co., Ltd. (collagen peptide)⚫ Nitta Gelatin USA, Inc.
(discontinuation of production)⚫Nitta Gelatin India Ltd.
(gelatin, collagen peptide, ossein [gelatin raw material])⚫ Bamni Proteins Ltd.
(ossein [gelatin raw material]; production operations temporarily shutdown)© Nitta Gelatin Inc. All rights reserved

26

Notice
The opinions, outlooks, and forecasts contained in this material are based on the judgment of
the Company at the time of the preparation of this document. The Company does not guarantee
the accuracy of the information. Due to various factors such as market environment, etc., future
results may vary from those in this document. Thank you for your understanding.

Nitta Gelatin Inc.
IR/Public Relations Team, Corporate Planning Department[Inquiries] https://cloud.swcms.net/nitta-gelatinPublic/ja/ir/inquiry6.html© Nitta Gelatin Inc. All rights reserved