November 14, 2022
Company name
Representative

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

Notice Regarding Differences between Forecast and Actual Consolidated Financial Results for
the First Half of FY2023, Revisions to Full-Year Forecast of Consolidated Financial Results andRevisions to Dividend Forecast

Nitta Gelatin Inc. hereby announces as follows differences between its forecast announced on May 13, 2022 and actual
consolidated financial results for the six months ended September 30, 2022. In addition, taking into account the latest
business performance figures, the Company has also decided to revise the dividend forecast and the full-year forecast of
consolidated financial results released on May 13, 2022.

1. Differences between Forecast and Actual Consolidated Financial Results for the First Half of FY2023(1) Differences between Forecast and Actual Consolidated Financial Results for the First Half of FY2023(April 1, 2022 to September 30, 2022)
Net salesOperating
incomeOrdinary
incomeNet income
attributable toowners of theparent

Earnings pershare

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Previous forecast (A)17,500

700

700

400

22.09

Results for the first half (six months
ended September 30, 2022) (B)

19,179

1,360

1,625

911

50.33

Difference (B–A)

1,679

660

925

511

94.3

132.3

127.9

593

696

374

Change (%)
Reference:
Results for the previous first half(six months ended September 30, 2021)

9.6
14,863Yen

20.69(2) Reason for the Difference between Actual Results
Net sales exceeded the forecast because of robust demand for gelatin for capsules in North America and India driven by
consumers’ rising awareness of health and prevention during the COVID-19 pandemic as well as strong demand forgummy candies in Japan.
Each profit indicator also exceeded the forecast because of sales growth overseas and the booking of foreign exchange
gains, among other factors.

12. Revisions to the Full-Year Forecast of Consolidated Financial Results for FY2023(1) Revisions to the Full-Year Forecast of Consolidated Financial Results for FY2023 (April 1, 2022 to March 31, 2023)
Net sales

Operatingincome

Ordinary
incomeNet income
attributable toowners of theparent

Earnings pershare

Millions of yen

Millions of yen

Millions of yen

Millions of yen

Previous forecast (A)36,000

1,600

1,500

900

49.71

Current forecast (B)39,000

2,600

2,900

1,400

77.21

Difference (B–A)

3,000

1,000

1,400

500

Change (%)
Reference:
Results for the previous fiscal year
(fiscal year ended March 31, 2022)

8.3
31,783

62.5

93.3

1,560

Yen

55.6

1,734

726

40.16

(2) Reasons for the Revisions to the Forecast of Financial Results
In terms of net sales, demand in North America, India and Japan is expected to remain robust. In addition, the yen
depreciated from the initial forecast rate, and sales of overseas subsidiaries denominated in yen are expected to exceedexpectations.
Although the future is uncertain due to soaring raw material costs and rising utility costs, profits are expected toexceed expectations along with sales growth overseas.
Accordingly, we have revised our full-year forecast of financial results upward for both net sales and profits per above.
3. Revisions to Dividend Forecast(1) Revisions to Dividend Forecast
Cash dividends per shareFirst half-end

Fiscal year-end

Yen

Yen

AnnualYen

Previous forecast

7.00

7.00

14.00

Current forecast

7.00

9.00

16.00

Previous fiscal year dividend(fiscal year ended March 31, 2022)

7.00

7.00

14.00

(2) Reasons for Revisions to Dividend Forecast
Nitta Gelatin’s basic approach on shareholder returns is to provide a dividend on equity ratio of 1.5% or higher while atthe same time ensuring adequate internal reserves to strengthen corporate systems with a view to medium- to long-termbusiness development.
In accordance with the upward revisions made to our full-year forecasts of financial results, we have decided toincrease our year-end dividend forecast for the fiscal year under review by ¥2 per share, from ¥7 per share to ¥9, inaccordance with the above basic approach. As a result, the annual dividend per share will be ¥16, an increase of ¥2 fromthe previously announced forecast.
Note: The forecasts in this document are based on information available as of the date of announcement. Actual businessand other results may differ substantially from projections due to various factors.

2