AugustA
8, 20013

Connsolidateed Finanncial Ressults
foor the Th
hree Months Ended June 30, 20113(Japanese A
Accounting
g Standards))
Listed Comppany: Nitta Gelatinn Inc.
Naame of the L
Listing:First Section of T
Tokyo Stocck ExchangeeStoock code:
4977
UR
RL:
http:///www.nittaa-gelatin.co..jp
Reepresentativve:
Norimmichi Soga,, Representaative Directtor and Pressident
Co
ontact Persoon:
Tsun
neo Sasaki, D
Director andd Senior Maanaging Exeecutive Offficer;
Geneeral Manageer of the General Administration D
Division
Tel: +81-72-949+
9-5381
Sccheduled datte to file Quuarterly Seccurities Repoort: Augu
ust 8, 2013
Sccheduled datte to commence divideend payment
nts: Su
upplementarry explanatoory materialls prepared::NoEx
xplanatory mmeeting:
No(Milliions of yen with fractional amounts discaarded, unless otherwise notted.)

1. Consolidatted financiaal results foor the threee months ended June 30, 2013
(from Apriil 1, 2013 too June 30, 2013)2(1)) Consolidaated operatting resultss(Perccentages indiicate year-on
n-year changees.)
Net salees
ThreeTmonthss endedJu
une 30, 20133
Ju
une 30, 20122

Operating in
ncome

OrdinaryO
incoome

Net income

Millions of yen%

MMillions of yen%

MillionsMof yen%Millions of yen

%

7,992
7,071

13.0
－

451
587

(23.1)
－

562
615

(8.5)
－

375
458

(118.0)－No
ote: Compreheensive incomee
For the thhree months ennded June 30,, 2013: ¥530 m
million (283.99%)For the thhree months ennded June 30,, 2012: ¥138 m
million (-%)

Net income
per shareThreeTmonthss endedJu
une 30, 20133
Ju
une 30, 20122

Yeen

Dilutedd net income
peer share
Yeen

23.8
84
－
29.0
07
－
No
ote: The Comppany has not preparedpconso
olidated finanncial statementts for the threee months endeed June 30, 20011. Accordinngly,
the Comppany has not discloseddyearr-on-year compmparisons betw
ween results foor the three moonths ended June 30, 2012 and2011.
Noote: Consolidaated financial resultsr
for thee three monthss ended June 30,
3 2012 weree adjusted retro
roactively, appplying accountting
pollicies that werre changed in line with revisions of accouunting standarrds.

(2) Consolidated financial position
Total assets
As ofJune 30, 2013
March 31, 2013

Net assets

Equity ratio

Millions of yen

Millions of yen%

25,57425,19010,129
9,724

39.0
38.0

Reference: Equity
As of June 30, 2013: ¥9,976 million
As of March 31, 2013: ¥9,577 million
Note: The consolidated financial position as of March 31, 2013 was adjusted retroactively, applying accounting policies thatwere changed in line with revisions of accounting standards.

2. Cash dividends
Cash dividends per shareFirst quarter

Second quarter

Third quarter

Fiscal year-end

Annual

Yen

Yen

Yen

Yen

Yen

–

6.00

–

8.00

14.00

6.00

–

6.00

12.00

Fiscal year ended March 31,
2013
Fiscal year ending March
31, 2014
Fiscal year ending March
31, 2014 (Forecasts)–

Note: Changes to most recent dividend forecasts: None

3. Consolidated financial forecasts for the fiscal year ending March 31, 2014
(from April 1, 2013 to March 31, 2014)
Net sales

Six months ending
September 30, 2013
Fiscal year ending
March 31, 2014

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

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

16,20015.5

750(16.8)

840(11.4)

580(18.2)

31.30

32,700

13.7

1,700

6.5

1,890

(4.5)

1,380

(9.5)

74.47

Note: Changes to most recent consolidated financial forecasts: None
Nitta Gelatin Inc. issued 2,400,000 shares of common stock in a public subscription for payment on July 29, 2013. In addition,
the Company plans to allot 360,000 shares of common stock to SMBC Nikko Securities Inc. for payment on August 28, 2013
to cover the over-allotment of the public subscription. Consolidated net income per share forecast for the six months ending
September 30, 2013 and the fiscal year ending March 31, 2014 was restated to include the issuance of 2,400,000 shares and theplanned allotment of 360,000 shares.
Year-on-year changes to the consolidated financial forecasts for the fiscal year ended March 31, 2013 were adjusted
retroactively, applying accounting policies that were changed in line with revisions of accounting standards.

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 policies 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: No
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 5 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, 2013
15,770,074 shares
As of March 31, 2013
15,770,074 sharesb. Number of shares of treasury stock at the end of the period
As of June 30, 2013162 shares
As of March 31, 2013162 sharesc. Average number of shares
For the three months ended June 30, 2013
For the three months ended June 30, 2012

15,769,912 shares
15,769,912 shares* Disclosure of status of quarterly review procedure
Procedures for review of the quarterly financial statements pursuant to the Financial Instruments andExchange Act were being implemented as of the time this report was released..
* 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 “(3)Description of Consolidated Business Forecasts and Other Forward-looking Information” in “1.
Qualitative Information Concerning Quarterly Financial Statements” on page 4 of the Attachment
Contents to this report.

Attachment Contents
1. Qualitative Information Concerning Quarterly Financial Statements･･･････････････････････ 2(1) Description of Business Results･････････････････････････････････････････････････････ 2(2) Description of Financial Position････････････････････････････････････････････････････ 3(3) Description of Consolidated Business Forecasts and Other Forward-looking Information････････ 4

2. Matters Concerning Summary Information (Notes)･･････････････････････････････････････ 5(1) Significant Changes in Subsidiaries During the Quarterly Period Under Review･･･････････････ 5(2) Application of Special Accounting Methods in the Preparation of Quarterly Consolidated Financial
Statements･････････････････････････････････････････････････････････････････････ 5(3) Changes in Accounting Policies and Estimates, and Restatement of Revisions････････････････ 5

3. Quarterly Consolidated Financial Statements･･･････････････････････････････････････････ 6(1) Consolidated Balance Sheets ･･･････････････････････････････････････････････････････ 6(2) Consolidated Statement of Income and Consolidated Statement of Comprehensive Income ･･････ 8
Consolidated Statement of Income
First quarter consolidated cumulative accounting period･･････････････････････････････････ 8
Consolidated Statement of Comprehensive Income
First quarter consolidated cumulative accounting period･･････････････････････････････････ 9(3) Notes to Quarterly Consolidated Financial Statements･･･････････････････････････････････10(Note Concerning Going Concern Assumption) ･･･････････････････････････････････････10(Note Concerning Significant Changes in Shareholders’ Equity)･･･････････････････････････10(Segment Information)･･･････････････････････････････････････････････････････････10(Subsequent Events)･････････････････････････････････････････････････････････････12

1

1. Qualitative Information Concerning Quarterly Financial Statements
As stated in “(3) Changes in Accounting Policies and Estimates, and Restatement ofRevisions” in “2. Matters Concerning Summary Information (Notes),” certain overseas
affiliate companies started applying the revised IAS 19 in the three months ended June30, 2013. This change in accounting policy was also applied retroactively to restate thefinancial results from the same period of the previous fiscal year in year-on-yearcomparisons.
(1) Description of Business Results
In the first quarter of the year ending March 31, 2014, the global economy exhibited afirm undertone, continuing to recover gradually, despite the various issues it still faces.
Meanwhile, expectations for economic recovery in Japan mounted as the yen
depreciated and stock prices rose in line with the government’s economic policies andthe Bank of Japan’s monetary easing.
Business conditions were challenging for the Nitta Gelatin Group, for this meant
prices of raw materials for gelatin remained high, while energy costs in Japan and thecost of import procurements rose.
Against this backdrop, the Group worked to provide products and services a stepahead of customers’ expectations, develop new products, cultivate new markets andreduce costs under the slogan of “Amaze the World!” and a basic strategy to “Win out!!
in growing Asian market”.
As a result, in the first quarter of the fiscal year ending March 31, 2014, net sales
increased 13.0% year on year to ¥7,992 million. By contrast, operating income fell
23.1% to ¥451 million, ordinary income was down 8.5% to ¥562 million and net
income decreased 18.0% to ¥375 million.
Segment business performance was as follows:(a) Collagen Material BusinessIn the gelatin field, sales of edible gelatin and gelatin for capsules performed strongly inJapan. In overseas markets, sales increased due to price revisions backed by buoyant
demand.
Collagen peptide sales increased year on year mainly reflecting increases in the Asianmarket, despite stagnating sales in Japan.
Collagen casing sales were flat, as sales in Europe and China decreased in contrast to2strong North American market demand.
As a result, net sales in the segment were up 20.4% year on year to ¥5,279 million
and segment profit (operating income) was down 18.4% to ¥444 million.
(b) Formula Solution Business
Sales of food materials increased on firm trends in ingredients for confectionary anddesserts, and for ham and sausages.
In adhesives, overall sales were mostly flat due to sluggish sales of hot-meltadhesives offsetting firm sales of sealants (high-performance gaskets).
As a result, net sales in the segment were up 1.0% year on year to ¥2,713 million.
Segment profit (operating income) was down 13.1% to ¥334 million.
(2) Description of Financial Position
Assets, liabilities and net assets(Assets)
Total assets amounted to ¥25,574 million at June 30, 2013, ¥384 million higher than at
March 31, 2013. This was mainly attributable to a ¥646 million increase in inventories
including merchandise and finished goods and a ¥352 million increase in property, plantand equipment in line with a renewal of collagen casing production facilities and theconstruction of a collagen peptide plant. Those increases were partly offset by a ¥577
million decrease in cash and deposits and a ¥183 million decrease in notes and accounts
receivable-trade.
(Liabilities)
Total liabilities stood at ¥15,445 million at June 30, 2013, ¥20 million lower than at
March 31, 2013. This was because noncurrent liabilities decreased ¥380 million due
mainly to a ¥351 million decrease in long-term loans payable. That decrease was partly
offset by a ¥359 million increase in current liabilities mainly attributable to a ¥155
million increase in notes and accounts payable-trade and a ¥103 million increase inprovision for bonuses.
(Net assets)
Net assets increased ¥404 million to ¥10,129 million. This was mainly attributable to a¥173 million increase in foreign currency translation adjustments and a ¥249 million
3increase in retained earnings.
As a result, the equity ratio stood at 39.0% as of June 30, 2013, compared to 38.0% at
March 31, 2013. Net assets per share increased from ¥607.31 to ¥632.62.
(3) Description of Consolidated Business Forecasts and Other Forward-looking
Information
The Group has not revised its consolidated business forecasts for the fiscal year ending
March 31, 2014, which were announced in the “Consolidated Financial Results for the
Fiscal Year Ended March 31, 2013 (Japanese Accounting Standards)” on May 10, 2013.
Nitta Gelatin Inc. issued 2,400,000 shares of common stock in a public subscription
for payment on July 29, 2013. In addition, the Company plans to allot 360,000 shares ofcommon stock to SMBC Nikko Securities Inc. for payment on August 28, 2013 to cover
the over-allotment of the public subscription. Consolidated net income per share
forecast for the six months ending September 30, 2013 and the fiscal year ending March
31, 2014 was restated to include the issuance of 2,400,000 shares and the planned
allotment of 360,000 shares.
*Forward-looking statements
The forward-looking statements, including earnings forecasts, contained in thesematerials are based on information currently available to the Company and on certain
assumptions deemed to be reasonable. These statements do not guarantee that theCompany will achieve its earnings forecasts. In addition, actual business and otherresults may differ substantially due to various factors.

4

2. Matters Concerning Summary Information (Notes)(1) Significant Changes in Subsidiaries During the Quarterly Period Under Review
None(2) Application of Special Accounting Methods in the Preparation of Quarterly
Consolidated Financial Statements
None(3) Changes in Accounting Policies and Estimates, and Restatement of Revisions
Certain overseas affiliate companies started applying IAS 19 Employee Benefits (June16, 2011) in the three months ended June 30, 2013. This change in accounting policy
was also applied retroactively to restate results for the three months ended June 30,
2012 and the year ended March 31, 2013 in the Quarterly Consolidated Financial
Statements and the Consolidated Financial Statements.
As a result, net income for the three months ended June 30, 2012 decreased ¥3
million after restatement. Moreover, net assets as of April 1, 2012 was restated ¥153
million lower to mainly reflect the accumulative impact of this accounting policychange.

5

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

Fiscal 2013
(As of March 31, 2013)

1Q Fiscal 2014
(As of June 30, 2013)

2,278,659
5,839,913
4,404,789
918,045
1,508,837
385,762(16,176)
15,319,831

1,700,747
5,656,396
4,806,323
1,059,013
1,613,066
428,573(16,326)
15,247,794

2,792,208
1,343,676
2,151,627
6,287,512

2,857,535
1,310,945
2,471,825
6,640,307

48,696
48,696

46,51346,513

2,768,381
767,704(1,809)3,534,277
9,870,486
25,190,318

2,920,429
721,330(1,528)3,640,230
10,327,051
25,574,845

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 assets

6

(Thousands of yen)

Fiscal 2013
(As of March 31, 2013)

1Q Fiscal 2014
(As of June 30, 2013)

3,736,664
1,145,432
2,068,482
200,000
81,273
220,847
2,184,378
9,637,079

3,891,818
1,194,303
2,052,192
200,000
160,344
324,048
2,174,266
9,996,973

3,142,014
2,276,795
35,422
374,3445,828,575
15,465,655

2,790,295
2,284,441
35,422
338,291
5,448,450
15,445,424

1,577,121
1,398,633
8,194,375(68)
11,170,062

1,577,121
1,398,633
8,444,180(68)
11,419,867

499,868

576,61327,858(667,634)(13,101)(493,713)(1,452,870)(1,513,272)(1,592,778)(1,443,473)

147,379
9,724,663
25,190,318

153,026
10,129,421
25,574,845

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
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

7

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income(First quarter consolidated cumulative accounting period)(Thousands of yen)

1Q Fiscal 2013
(From April 1, 2012
to June 30, 2012)
7,071,616
5,257,107

1Q Fiscal 2014
(From April 1, 2013
to June 30, 2013)
7,992,993
6,229,307

Gross profit on sales

1,814,508

1,763,686

Selling, general and administrative expenses

1,227,107

1,311,740

587,401

451,945

131
9,113

Net sales
Cost of sales

Operating income
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Equity in earnings of affiliates
Other－
63,051
21,769198
9,278
64,58453,621
25,138

Total non-operating income

94,065

152,820

38,51323,173
4,728

35,103Non-operating expenses
Interest expenses
Foreign exchange losses
Other
Total non-operating expenses

－
7,027

66,41642,131

Ordinary income

615,049

562,635

Extraordinary income
Gain on sales of noncurrent assets

10,897－

10,897

－

－
9,871
9,871

8,454
－
8,454

616,075

554,180

154,980
461,094
2,735
458,359

179,793374,386(1,578)375,964

Total extraordinary income
Extraordinary losses
Loss on retirement of noncurrent assets
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 (loss)
Net income8Consolidated Statements of Comprehensive Income(First quarter consolidated cumulative accounting period)(Thousands of yen)

1Q Fiscal 2013
(From April 1, 2012
to June 30, 2012)
461,094

1Q Fiscal 2014
(From April 1, 2013
to June 30, 2013)
374,386(82,787)

76,807(16,649)(12,754)

Foreign currency translation adjustments(175,747)

212,790

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

50,209(60,401)(97,810)(59,910)(322,786)
138,308

156,530
530,917

134,7723,536

525,270
5,647

Income before minority interests
Other comprehensive income (loss)
Valuation difference on otheravailable-for-sale securities
Deferred losses on hedges

9(4) Notes to Quarterly Consolidated Financial Statements(Note Concerning Going Concern Assumption)
None(Note Concerning Significant Changes in Shareholders’ Equity)
None(Segment Information)
I. First three months of the fiscal year ended March 31, 2013 (From April 1, 2012 toJune 30, 2012)
1. Information on net sales, income and loss by reporting segment
Reporting segment

Net sales
Sales to third parties
Inter-segment sales
and transfers
Total
Segment income(Thousands of yen)Amounts intheAdjustments*1 consolidated
financialstatements*2

Collagenmaterial
business

Formulasolutionbusiness

Total

4,384,495

2,687,120

7,071,616－

7,071,616

307,743－

307,743(307,743)－

4,692,239
545,060

2,687,120
384,930

7,379,359
929,991(307,743)(342,590)

7,071,616
587,401(Notes) 1. Adjustment for segment income of -¥342,590 thousand comprises
elimination of intersegment transactions of ¥677 thousand and unallocatedexpenses of ¥343,267 thousand.
2. Segment income is adjusted against the operating income recorded in the
consolidated income statement.
2. Information on impairment loss on noncurrent assets and goodwill byreporting segments
No items to report10II. First three months of the fiscal year ending March 31, 2014 (From April 1, 2013
to June 30, 2013)
1. Information on net sales, income and loss by reporting segment
Reporting segment

Net sales
Sales to third parties
Inter-segment sales
and transfers
Total
Segment income(Thousands of yen)Amounts intheAdjustments*1 consolidated
financialstatements*2

Collagenmaterial
business

Formulasolutionbusiness

Total

5,279,632

2,713,360

7,992,993－

7,992,993

329,131－

329,131(329,131)－

5,608,763
444,927

2,713,360
334,641

8,322,124
779,569(329,131)(327,623)

7,992,993
451,945(Notes) 1. Adjustment for segment income of -¥327,623 thousand comprises
elimination of intersegment transactions of ¥525 thousand and unallocatedexpenses of ¥328,149 thousand.
2. Segment income is adjusted against the operating income recorded in the
consolidated income statement.
2. Information on impairment loss on noncurrent assets and goodwill byreporting segments
No items to report
3. Matters Concerning Changes in Reporting Segments
Certain overseas affiliate companies started applying IAS 19 Employee
Benefits (June 16, 2011) in the three months ended June 30, 2013. Thischange in accounting policy was also applied retroactively to restate results
for the three months ended June 30, 2012 and the year ended March 31, 2013
in the Quarterly Consolidated Financial Statements and the Consolidated
Financial Statements.
As a result, segment profit for Collagen Material Business for the threemonths ended June 30, 2012 decreased by ¥4 million after restatement.

11

(Subsequent Events)(Public subscription and third-party allotment)
The Company passed a resolution regarding the issuance of new shares and the offer ofexisting shares at a Board of Directors’ meeting held on July 10, 2013. Payment for thisissuance of new shares in a public subscription was received on July 29, 2013. Details
are as follows.
1. Issuance of New Shares in a Public Subscription (General Subscription)(1) Class and number of shares for public subscription:
2,400,000 shares of Nitta Gelatin common stock(2) Issuance price: ¥1,256 per share(3) Total issuance price: ¥3,014,400,000(4) Amount to be paid in: ¥1,204.2 per share(5) Total amount to be paid in: ¥2,890,080,000(6) Amount of increase in capital and capital reserves:
Amount of increase in capital ¥1,445,040,000
Amount of increase in capital reserves ¥1,445,040,000(7) Due date of payment: Monday, July 29, 2013
2. Shares on Offer (to Cover Over-allotment)(1) Number of shares on offer: 360,000 shares(2) Offer price: ¥1,256 per share(3) Total offer price: ¥452,160,000(4) Delivery date of shares: Tuesday, July 30, 2013
3. Issuance of New Shares for Third-Party Allotment (the “Third-Party Allotment”)(1) Class and number of shares for issue:
360,000 shares of Nitta Gelatin common stock(2) Amount to be paid in: ¥1,204.2 per share(3) Total amount to be paid in: Up to ¥433,512,000(4) Amount of increase in capital and capital reserves:
Amount of increase in capital Up to ¥216,756,000
Amount of increase in capital reserves Up to ¥216,756,000(5) Number of shares and recipient of the allotment
SMBC Nikko Securities Inc. 360,000 shares12(6) Subscription date: Tuesday, August 27, 2013
(7) Due date of payment: Wednesday, August 28, 2013
4. Use of Proceeds
Capital investment at Nitta Gelatin’s Osaka Plant and fund investment and loans to Nitta
Gelatin’s consolidated subsidiaries, etc.

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