May 15, 2024

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
(Japanese Accounting Standards)
Name of the Listed Company: Nitta Gelatin Inc.
Listing:Standard Market of Tokyo Stock Exchange
Stock code:
4977
URL:
http://www.nitta-gelatin.co.jp
Representative:
Koichi Ogata, Representative Director and President
Contact Person:
Kazuya Hayashi, Director and Executive Officer;
General Manager of General Management Division
Tel: +81-72-949-5381
Scheduled date of General Shareholders’ Meeting: June 26, 2024
Scheduled date to file Securities Report:
June 26, 2024
Scheduled date to commence dividend payments: June 27, 2024
Supplementary explanatory materials prepared:
Yes
Explanatory meeting:
No(Millions of yen with fractional amounts discarded, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended March 31, 2024
(April 1, 2023 to March 31, 2024)(1) Consolidated operating results
Net sales
Fiscal year ended
March 31, 2024
March 31, 2023

Millions of yen

40,42039,186

%

3.1
23.3

Operating income

Ordinary income

Net income (loss)
attributable toowners of the parent

Millions of yen

Millions of yen%

Millions of yen

2,382
2,248

5.9
29.7

(1,850)
1,558

1,836
2,259

%

(18.7)
44.8

%

－
114.4

Note: Comprehensive income
For the fiscal year ended March 31, 2024 ¥377 million (–80.9%)
For the fiscal year ended March 31, 2023 ¥1,979 million (1.9%)

Fiscal year ended
March 31, 2024
March 31, 2023

Earnings (loss)
per share

Dilutedearnings per
share

Yen

Yen

Return on
equity (ROE)%

Ordinary
income / Total
assetsOperatingincome / Net
sales

%

(101.98)
－
(9.9)
5.8
85.98
－
8.4
5.7
Reference: Equity in earnings of affiliates
For the fiscal year ended March 31, 2024 –¥51 million
For the fiscal year ended March 31, 2023 –¥83 million
Note: Diluted earnings per share is not disclosed due to the absence of latent shares with dilution effect.

%

4.5
5.8

(2) Consolidated financial position
Total assets

Net assets

Millions of yen

Millions of yen

39,962
41,614

22,26922,25645.5
45.9

1,001.56
1,053.16

Net cash providedby (used in)operating activities

Net cash used ininvesting activities

Net cash providedby (used in)financing activities

Cash and cash
equivalents at endof yearMillions of yen

Millions of yen

Millions of yen

Millions of yen

4,911
(540)

(3,022)(1,498)(1,610)
1,824

3,297
2,846

As of
March 31, 2024
March 31, 2023

Equity ratio

Net assets per share%

Yen

Reference: Equity
As of March 31, 2024: ¥18,188 million
As of March 31, 2023: ¥19,097 million(3) Consolidated cash flows

Fiscal year ended
March 31, 2024
March 31, 2023

2. Cash dividends
Cash dividends per share
SecondThird
Fiscalquarterquarter
year-endFirst
quarter
Fiscal year ended
March 31, 2023
Fiscal year ended
March 31, 2024
Fiscal year ending
March 31, 2025
(Forecasts)

Total
amount ofdividends(consolidated)

Yen Millions of yen%

AnnualPayoutratio

Dividends
on netassets(consolidated)
%

Yen

Yen

Yen

Yen

－

7.00

－

9.00

16.00

290

18.6

1.6

－

8.00

－

8.00

16.00

290

－

1.6

－

9.00

－

9.00

18.00

20.4

3. Forecast of consolidated financial results for the fiscal year ending March 31, 2025
(April 1, 2024 to March 31, 2025)(Percentages indicate year-on-year changes.)

Net sales

Six months ending
September 30, 2024
Fiscal year ending
March 31, 2025

Operating income Ordinary income

Net income
attributable toowners of theparentEarnings per
share

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

19,500

(1.1)

1,500

11.6

1,500

(13.8)

800

15.8

44.05

39,000

(3.5)

3,000

63.3

3,000

25.9

1,600

－

88.11

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) 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: Noneb. Changes in accounting policies due to reasons other than a. above: Nonec. Changes in accounting estimates: None
d. Restatement of revisions: None(3) Number of common shares issued
a. Total number of issued shares at the end of the period (including treasury stock)
As of March 31, 2024:
18,373,974 shares
As of March 31, 2023:
18,373,974 sharesb. Number of shares of treasury stock at the end of the period
As of March 31, 2024:
213,988 shares
As of March 31, 2023:
240,939 sharesc. Average number of shares
For the fiscal year ended March 31, 2024:
For the fiscal year ended March 31, 2023:

18,150,278 shares
18,122,343 shares(Reference) Summary of non-consolidated operating results
1. Non-consolidated financial results for the fiscal year ended March 31, 2024
(April 1, 2023 to March 31, 2024)(1) Non-consolidated operating results(Percentages indicate year-on-year changes.)
Net sales

Operating income

Ordinary income

Net income (loss)

Fiscal year ended

Millions of yen

March 31, 2024

24,846

9.6

907

201.8

1,968

133.2

(2,408)－March 31, 2023

22,676

12.8

300

83.3

843

15.6

761

67.9

% Millions of yen% Millions of yen% Millions of yen%

Earnings (loss) per share Diluted earnings per share
Fiscal year ended

Yen

Yen

March 31, 2024

(132.69)－

March 31, 2023

42.02

－

Note: Diluted earnings per share is not disclosed due to the absence of latent shares with dilution effect.

(2) Non-consolidated financial position
Total assets

Net assets

Equity ratio

Net assets per share

As ofMillions of yen

Millions of yen

March 31, 2024

25,432

11,31644.5

623.16

March 31, 2023

28,60813,75848.1

758.73%

Yen

Reference: Equity
As of March 31, 2024: ¥11,316 million
As of March 31, 2023: ¥13,758 million* This financial report is not subject to audits by Certified Public Accountants or the independent auditor.
* Proper use of earnings forecasts, and other special matters

(Note concerning forward-looking statements)
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. Thesestatements do not guarantee that the Company will achieve its earnings forecasts. In addition, actual businessand other results may differ substantially due to various factors. For details on the conditions assumed and thecautionary notes and items in the financial forecasts, please refer to “(4) Outlook” under “1. Overview ofBusiness Results” on page 5 of the Attachment to this report.
(Method for obtaining supplementary financial results explanatory materials)
Supplementary financial results explanatory materials are disclosed on TDnet on the same day and posted to
the Company’s website.

Contents
1. Overview of Business Results ···························································································2(1)Operating Results for the fiscal year ended March 31, 2023··················································2(2)Financial Position ··································································································· 3(3)Cash Flows ·········································································································· 4(4)Outlook ·············································································································· 5

2. Basic Approach to Selection of Accounting Standard ·····························································7
3. Consolidated Financial Statements and Key Notes ································································ 8(1)Consolidated Balance Sheets······················································································8(2)Consolidated Statements of Income and Consolidated Statements of Comprehensive Income········ 10(Consolidated Statements of Income) ·········································································· 10(Consolidated Statements of Comprehensive Income) ······················································ 11(3)Consolidated Statements of Changes in Net Assets ·························································· 12(4)Consolidated Statements of Cash Flows······································································· 14(5)Notes to Consolidated Financial Statements ·································································· 16(Note Concerning Going Concern Assumption) ····························································· 16(Note Concerning Significant Changes in Shareholders’ Equity) ·········································· 16(Additional Information)························································································· 16(Revenue Recognition) ·························································································· 16(Segment Information) ··························································································· 17(Per Share Information) ·························································································· 19(Subsequent Events)······························································································ 19

4. Other······················································································································· 20-1-1. Overview of Business Results(1) Operating Results for the fiscal year ended March 31, 2024
During the fiscal year under review (April 1, 2023 to March 31, 2024), Japan’s economy continued amoderate recovery, as the situation steadily normalized following the lifting of various COVID-19
pandemic related restrictions and in-bound tourism demand also grew. On the other hand, theenvironment surrounding the Group remains uncertain because the recovery in personal consumption
has come to a standstill due to inflation caused by surging energy and raw material prices, along withthe slowdown in the global economy caused by monetary tightening of countries and the impacts of
exchange rate volatility and logistics delays.
Under this situation, the Group worked to expand sales in the Food Solutions, Health Support, andSpecialties domains, and continued to take steps to revise product prices as appropriate in response torising raw material prices, all in an effort to achieve its long-term vision of “Helping to improve people'squality of life with collagen.” Additionally, as noted in the Company’s news release dated January 25,
2024, “Notice Regarding Discontinuation of Production at a Consolidated Subsidiary,” a decision wasmade to close the plant of Nitta Gelatin USA, Inc. based on the assessment that streamlining North
American operations and focusing resources on future growth areas would contribute to the overallenhancement of the Group’s corporate value. Furthermore, as noted in the Company’s news releaseannounced today, “Temporary Suspension of Production Facility Operations at Consolidated
Subsidiary in India (Progress of Previously Disclosed Matter),” Bamni Proteins Ltd., a consolidated
subsidiary of the Company, was ordered by the Maharashtra State Pollution Control Board totemporarily suspend operation of its production facilities.
As a result of the above, net sales increased 3.1% year on year to ¥40,420 million. Operating income
decreased 18.7% to ¥1,836 million mainly due to deterioration in productivity at Nitta Gelatin USA,
while ordinary income increased 5.9% to ¥2,382 million. In addition, due to the recording of
impairment losses by Nitta Gelatin USA and Bamni Proteins Ltd., net loss attributable to owners of theparent was ¥1,850 million, compared to net income attributable to owners of parent of ¥1,558 million
in the previous fiscal year.
The Nitta Gelatin Group's collagen business is the Company’s only reporting segment. An overview
of the performance of each sales category is as follows:
Food Solutions
In the food solutions category, sales in Japan remained robust, and progress was made with revisingproduct prices as appropriate, leading to an increase in net sales overall.
In Japan, customers’ sales of gummy candies remained positive, leading to increased net sales.
Additionally, sales for ready-to-eat meals for convenience stores and for yogurt, etc., were strong,and efforts to expand the sales of new small-portion products for professional use proved successful,which resulted in higher net sales.
Overseas, net sales declined due to lower sales for food applications resulting from inflation andtougher price competition, despite firm demand for gummy candies in North America.
-2-

As a result, overall sales in the food solutions category increased 5.7% year on year to ¥16,253
million.
Health Support
In the health support category, overall net sales rose amid the increase in sales of gelatin for capsulesand price revisions.
In Japan, net sales of collagen peptide for beauty applications were down due to sluggish sales ofcollagen products by customers, but net sales of gelatin for capsules increased.
Overseas, sales of gelatin for capsules grew in North America, but demand for collagen peptides
weakened, resulting in decreased net sales. Asian markets were weak due to inflation and tougher pricecompetition, so sales of collagen peptide for beauty applications declined. However, sales of gelatinfor capsules and collagen peptides remained strong in India, resulting in an increase in net sales.
As a result, overall sales in the health support category increased 4.5% year on year to ¥19,652
million.
Specialties
In the specialties category, net sales decreased by 10.0% year on year to ¥4,514 million amid decreased
sales of calcium phosphate for feed and fertilizer applications resulting from lower market prices,
despite a continuation of strong sales of gelatin for photography applications in Japan and overseas.

(2) Financial Position(Assets)
Total assets amounted to ¥39,962 million at March 31, 2024, ¥1,652 million lower than at March 31,
2023. This was mainly attributable to decreases in inventories of ¥678 million and in property, plantand equipment of ¥2,089 million, despite an increase in cash and deposits of ¥1,223 million.
(Liabilities)
Total liabilities amounted to ¥17,692 million at March 31, 2024, ¥1,665 million lower than at March
31, 2023. This was mainly attributable to decreases in short-term loans payable of ¥917 million, in
accounts payable-other of ¥866 million, and in net defined benefit liability of ¥175 million, despite anincrease in deferred tax liabilities of ¥277 million.
(Net assets)
Net assets amounted to ¥22,269 million at March 31, 2024, ¥12 million higher than at March 31, 2023.
This was mainly attributable to a decrease of ¥2,159 million in retained earnings, compared to increases
in valuation difference on other available-for-sale securities of ¥272 million, in foreign currencytranslation adjustment of ¥608 million, in remeasurements of defined benefit plans of ¥365 million,
and in non-controlling interests of ¥921 million.
-3-

As a result, the equity ratio stood at 45.5% at March 31, 2024 compared with 45.9% at March 31,
2023.

(3) Cash Flows
Cash and cash equivalents (“cash”) as of March 31, 2024 was ¥3,297 million, up ¥450 million fromMarch 31, 2023.
Cash flows for each activity and reasons are as follows.
(Cash flows from operating activities)
Operating activities provided net cash of ¥4,911 million. The main components were impairment lossesof ¥2,210 million, depreciation and amortization of ¥1,663 million, and a net decrease in inventoriesof ¥1,253 million.
(Cash flows from investing activities)
Investing activities used net cash of ¥3,022 million. The main components were ¥2,170 million inpurchase of property, plant and equipment and payments into time deposits of ¥756 million.
(Cash flows from financing activities)
Financing activities used net cash of ¥1,610 million. The main components were proceeds from longterm loans payable of ¥2,500 million, repayment of long-term loans payable of ¥2,480 million, net
decrease in short-term loans payable of ¥1,108 million, and cash dividends paid of ¥308 million.
Trends in the Group’s cash flow indicators are presented below.
(Reference)
Trends in cash flow indicators:
Fiscal year
ended March
31, 2020

Fiscal year
ended March
31, 2021

Fiscal year
ended March
31, 2022

Fiscal year
ended March
31, 2023

Fiscal year
ended March
31, 2024

Equity ratio (%)

46.7

48.1

48.3

45.9

45.5

Market value equity ratio (%)

32.4

34.7

32.3

37.6

32.6

Interest-bearing debt to cash flow
ratio (Years)

4.1

2.4

8.0

－

2.0

Interest coverage ratio (Times)

10.4

31.7

10.7

－

24.1

Equity ratio: equity / total assets
Market value equity ratio: market capitalization / total assets
Interest-bearing debt to cash flow ratio: interest-bearing debt / cash flow
Interest coverage ratio: cash flow / paid interest
Notes: 1. All indicators are calculated using consolidated financial figures.
2. Market capitalization is calculated based on the number of issued shares, excluding treasury stock, as of theend of the fiscal year.
3. The figure used for cash flow is “net cash provided by operating activities” on the consolidated statementsof cash flows.
-4-4. Interest-bearing debt includes all liabilities recorded on the consolidated balance sheets on which interest waspaid. In addition, for interest payments, the interest payment amount in the consolidated statements of cash
flows is used.
5. The interest-bearing debt to cash flow ratio and interest coverage ratio for the fiscal year ended March 31,
2023 are not presented because operating cash flows were negative.

(4) Outlook(Outlook for Business Performance in the Fiscal Year Ending March 31, 2025)
Although the COVID-19 pandemic has ended, the business environment surrounding the Group is
expected to remain uncertain and severe, due to rising raw material prices and various other costs,
heightened geopolitical risks, worldwide inflation, and the impacts of exchange rate volatility.
Under these circumstances, the Group will launch a new Medium-Term Management Plan (fiscal
2025 to fiscal 2027) from fiscal 2025. Based on our long-term vision of “Helping to improve people'squality of life with collagen,” the Company will drastically strengthen its profitability and cash
generation capabilities in order to transform into a highly profitable company and achieve sustainablegrowth.
In addition, the Company has provided an overview of its business by sales category (Food
Solutions, Health Support, and Specialties), but in order to achieve faster paced performance
management, the Company will change its policy to disclose information by product category (gelatinbusiness, collagen peptides business, food ingredients business, and biomedical business) from fiscal
2025.
In the gelatin business, the Company aims to expand sales mainly for gummy candies, soups andseasonings, and convenience store's ready-to-eat meals, which are seeing strong sales in Japan. In North
America, the Company will focus on capturing strong demand for gummy candies and for capsules,
sales of which are trending strongly. In India, the Company will continue to expand sales of gelatin for
capsules. Additionally, the Company aims to improve profitability by endeavoring to revise selling
prices as appropriate in accordance with raw material prices and market trends.
In the collagen peptides business, the Company will strengthen cooperation with local distributors,
mainly in the growing market of Asia, to further penetrate the Group's "Wellnex" brand of functional
collagen peptide. Also, the Company will increase production capacity of collagen peptides in India,
where cost competitiveness is high. In Japan, the Company aims to expand sales in the growing market
for protein supplements and work on the development of next-generation high-performance products.
In the food ingredients business, the Company will promote product development and sales
strategies that meet the needs of customers in the confectionery, dessert, professional-use, anddelicatessen markets.
In the biomedical business, the Company will utilize the new R&D and manufacturing building
called Mirai-can for the sales expansion of medical-use collagen and gelatin in Japan and China, build
a stable production system for the future, and develop technologies and products that will be growth
drivers for the entire company.
-5-In addition to these initiatives, the Company will rebuild its business foundation to stabilize earnings
and achieve sustainable growth, such as by strengthening cash generation capabilities by optimizing
inventory levels and promoting business process reforms centered on the introduction of ERP.
Furthermore, we expect a significant improvement in profitability in fiscal 2025 due to thesuspension of production operations at Nitta Gelatin USA Inc. in North America, where productivity
has deteriorated significantly, as of January 2024, and extensive cost controls to be implemented
throughout the Group. On the other hand, the timing of the resumption of production at Bamni Proteins
Ltd. is not known at this time, and it is assumed that costs associated with sourcing alternative
production will increase during the period until production resumes. The impact on the Company’s
financial results has been incorporated into the consolidated financial results forecast for the fiscal year
ending March 31, 2025.
Based on the above, the forecast for consolidated financial results for the next fiscal year calls fornet sales of ¥39,000 million, operating income of ¥3,000 million, ordinary income of ¥3,000 million,
and net income attributable to owners of parent of ¥1,600 million.

-6-2. Basic Approach to Selection of Accounting Standard
The Nitta Gelatin Group plans to prepare its consolidated financial statements based on Japanese
accounting standards in the near future. This is in consideration of the need to ensure that theconsolidated financial statements can be readily compared between different periods and different
companies.
Looking ahead, considering its management policies and various conditions in Japan and abroad,
Nitta Gelatin plans to examine the adoption of International Financial Reporting Standards (IFRS). In
doing so, the Group will take into account trends such as the adoption of IFRS by its peer companies.

-7-3. Consolidated Financial Statements and Key Notes(1) Consolidated Balance Sheets(Millions of yen)

Fiscal 2023
(As of March 31, 2023)
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
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Land
Lease assets
Accumulated depreciation
Lease assets, net
Construction in process
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Net defined benefit asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets-8-

Fiscal 2024
(As of March 31, 2024)

2,856
8,741
6,910
1,487
4,584
801
(6)
25,376

4,080
8,374
7,155
1,784
3,364
444
(7)
25,196

11,654(6,842)
4,812
16,467(13,726)
2,740
2,155
1,188
(559)
629
361
1,780
(1,360)419
11,11912,412(8,549)3,862
18,139(16,259)
1,879
1,889
1,002
(470)
532
528
1,880
(1,543)
337
9,029

196
308
504

157
306
463

2,730
2
532
904
571
(127)
4,614
16,23841,614

3,131
2
133
1,362
786
(143)
5,272
14,76639,962

(Millions of yen)

Fiscal 2023
(As of March 31, 2023)
Liabilities
Current liabilities
Notes and accounts payable–trade
Short-term loans payable
Current portion of long-term loans payable
Lease obligations
Accounts payable-other
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Noncurrent liabilities
Long-term loans payable
Lease obligations
Deferred tax liabilities
Net defined benefit liability
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
Valuation difference on other available-for-salesecuritiesgains on hedges
DeferredForeign currency translation adjustments
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets-9-

Fiscal 2024
(As of March 31, 2024)

2,818
3,905
2,084
246
2,536
241
256
621
12,711

2,695
2,988
2,148
232
1,670
292
211
833
11,072

4,118
439
486
1,586
17
6,646
19,358

4,078
350
763
1,410
17
6,619
17,692

3,144
2,964
11,486(160)
17,434

3,144
2,966
9,326
(143)
15,295

842
(3)
841
(17)
1,662
3,159
22,256
41,614

1,114
(19)
1,450
347
2,893
4,081
22,26939,962

(2) Consolidated Statements of Income and Consolidated Statements ofComprehensive Income(Consolidated Statements of Income)Fiscal 2023
(From April 1, 2022
to March 31, 2023)
39,186

Net sales(Millions of yen)
Fiscal 2024
(From April 1, 2023
to March 31, 2024)
40,420

Cost of sales

30,28632,131Gross profit on sales

8,900

8,289

Selling, general and administrative expenses

6,640

6,452

Operating income

2,259

1,836

Interest income

7

48

Dividend income

59

49

Rental income

58

60

Outsourcing service income

25

25

Foreign exchange gains

96

537

Other

33

79

Total non-operating income

281

802

Interest expenses

171

190

Equity in losses of affiliates

83

51

Commission paid

29

9

Other

6

5

292

257

2,248

2,382

Gain on sales of noncurrent assets

00Gain on sale of investment securities

616－

Gain on donation of noncurrent assets－

2

Subsidy income

6－Compensation for expropriation49－

Total extraordinary gains

673

3

Loss on sale of noncurrent assets

14

10

Loss on retirement of noncurrent assets

7

33

Loss on tax purpose reduction entry of non-current assets

62

Non-operating income

Non-operating expenses

Total non-operating expenses
Ordinary income
Extraordinary gains

Extraordinary losses

Expenses related to relocation

61－

Loss on business liquidation－

118

Losses associated with suspension of production－

59

Impairment loss

31

2,210

Total extraordinary losses

121

2,435

Income (loss) before provision for income taxes

2,801

(50)

Income taxes

730

686

Income taxes-deferred

(187)

426

Total income taxes

542

1,112

Net income (loss)

2,259(1,163)

Net income attributable to non-controlling interests
Net income (loss) attributable to owners of the parent

701
1,558

687
(1,850)- 10 -

(Consolidated Statements of Comprehensive Income)(Millions of yen)

Net income (loss)
Other comprehensive income
Valuation difference on other available-for-sale securities
Deferred gains on hedges
Foreign currency translation adjustments
Pension liability adjustment
Share of other comprehensive losses of associates
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income (loss) attributable to:
Owners of the parent
Non-controlling interests- 11 -

Fiscal 2023
(From April 1, 2022
to March 31, 2023)
2,259

Fiscal 2024
(From April 1, 2023
to March 31, 2024)(1,163)

(388)
(51)
277
(168)

273
(15)
868
361

50

52

(280)
1,979

1,540
377

1,250
728

(620)
997

(3) Consolidated Statements of Changes in Net Assets
Fiscal 2023 (From April 1, 2022 to March 31, 2023)(Millions of yen)

Shareholders' equity
Capital stock

Balance at the beginningof fiscal year
Changes during the fiscal
year
Dividends from surplus
Net income attributableto owners of the parent
Disposal of treasurystock
Net changes of items
other than shareholders’equityTotal changes during
fiscal year
Balance at the end of
fiscal year

Capital surplus

Retained earnings

2,965

10,181

3,144

(179)

16,112

(253)

(253)

1,558

1,558

(1)

18

17
－

－

(1)

1,304

18

1,321

3,144

2,964

11,486(160)

17,434

Accumulated other comprehensive income
Valuation
Total
Foreigndifference on
Remeasurements accumulated
Deferred gains currency
other availableof defined benefit
otheron hedges
translation
for-saleplanscomprehensive
adjustments
securities
incomeBalance at the beginningof fiscal year
Changes during the fiscal
year
Dividends from surplus
Net income attributableto owners of the parent
Disposal of treasurystock
Net changes of items
other than shareholders’equityTotal changes during
fiscal year
Balance at the end of
fiscal year

Total shareholders’equityTreasury stock

1,231

46

540

151

1,969

Noncontrollinginterests

Total net assets

2,479

20,562

－

(253)

－

1,558

－

17

(388)

(50)

301

(169)

(307)

680

372

(388)

(50)

301

(169)

(307)

680

1,694

842

(3)

841

(17)

1,662

3,159

22,256- 12 -

Fiscal 2024 (From April 1, 2023 to March 31, 2024)(Millions of yen)

Shareholders' equity
Capital stock

Capital surplus

Retained earnings

Treasury stock

Total shareholders’equity

3,144

2,964

11,486(160)

17,434

Balance at the beginningof fiscal year
Changes during the fiscal
year
Dividends from surplus
Net loss attributable toowners of the parent
Purchase of treasury
stock
Disposal of treasurystock
Net changes of items
other than shareholders’equityTotal changes during
fiscal year
Balance at the end of
fiscal year

(308)

(308)

(1,850)(1,850)

2

(3)

20

23
－

－

2

(2,159)17(2,139)

3,144

2,966

9,326

(143)

15,295

Accumulated other comprehensive income
Valuation
Total
Foreigndifference on
Remeasurements accumulated
Deferred gains currency
other availableof defined benefit
otheron hedges
translation
for-saleplanscomprehensive
adjustments
securities
incomeBalance at the beginningof fiscal year
Changes during the fiscal
year
Dividends from surplus
Net loss attributable toowners of the parent
Purchase of treasury
stock
Disposal of treasurystock
Net changes of items
other than shareholders’equityTotal changes during
fiscal year
Balance at the end of
fiscal year

(3)

842

(3)

841

(17)

1,662

Noncontrollinginterests

Total net assets

3,159

22,256

－

(308)

－

(1,850)

－

(3)

－

23

272

(15)

608

365

1,230

921

2,152

272

(15)

608

365

1,230

921

12

1,114

(19)

1,450

347

2,893

4,081

22,269- 13 -

(4) Consolidated Statements of Cash Flows(Millions of yen)

Cash flows from operating activities
Income (loss) before provision for income taxes
Depreciation and amortization
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in net defined benefit liability
Interest and dividends income
Interest expenses
Foreign exchange losses (gains)
Equity in losses of affiliates
Loss (gain) on sales of property, plant and equipment
Loss on retirement of noncurrent assets
Compensation for expropriation
Expenses related to relocation
Impairment loss
Loss (gain) on sales of investment securities
Loss on tax purpose reduction entry of non-current assets
Subsidy income
Gain on donation of noncurrent assets
Loss on business liquidation
Losses associated with suspension of production
Decrease (increase) in notes and accounts receivable-trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable-trade
Increase (decrease) in accrued consumption taxes
Other
SubtotalInterest and dividends income received
Interest paid
Proceeds from compensation for expropriation
Expenses related to relocation paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Proceeds from the sale of property, plant and equipment
Purchase of property, plant and equipment
Purchase of intangible assets
Proceeds from the sale of investment securities
Purchase of investment securities
Other
Net cash used in investing activities- 14 -

Fiscal 2023
(From April 1, 2022
to March 31, 2023)

Fiscal 2024
(From April 1, 2023
to March 31, 2024)

2,801
1,572
58
(11)
26
(96)
(66)
171
(21)
83
13
7
(49)
61
31
(616)
6
(6)
－
－
－
(1,190)(2,269)
(206)
(283)
129
145
66
(158)
50
(61)
(581)
(540)

(50)
1,663
62
(0)
(56)
(102)
(98)
190
(295)
51
9
33
－
－
2,210
(0)
2
－
(2)
118
59
869
1,253
(469)
401
(47)
5,802
97
(203)
－
－
(785)
4,911

(10)
15
0
(2,077)
(82)
663
(8)
(0)
(1,498)(756)
7
4(2,170)
(99)
0
(9)
0
(3,022)

(Millions of yen)

Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from sale-and-leaseback transactions
Repayments of lease obligations
Cash dividends paid
Purchase of treasury stock
Cash dividends paid to non-controlling interests
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period- 15 -

Fiscal 2023
(From April 1, 2022
to March 31, 2023)

Fiscal 2024
(From April 1, 2023
to March 31, 2024)

1,531
2,819
(2,118)
143
(250)
(253)
－
(48)
1,824
30
(184)
3,030
2,846

(1,108)2,500(2,480)
125
(259)
(308)
(3)
(75)
(1,610)
172
450
2,846
3,297

(5) Notes to Consolidated Financial Statements(Note Concerning Going Concern Assumption)
None(Note Concerning Significant Changes in Shareholders’ Equity)
The Company disposed of 31,200 shares of treasury stock effective August 4, 2023 as restricted sharebased remuneration based on a resolution at the Board of Directors meeting held on July 20, 2023. In
addition, in the fiscal year ended March 31, 2024, the Company acquired 4,200 restricted shares. As aresult, capital surplus increased by ¥2 million and treasury stock decreased by ¥17 million in the fiscal
year ended March 31, 2024. Capital surplus totaled ¥2,966 million and treasury stock ¥143 million asof March 31, 2024.
(Additional Information)
Bamni Proteins Ltd., a consolidated subsidiary of Nitta Gelatin, received an order from the Maharashtra
State Pollution Control Board on March 13, 2024 to cease production and suspending operations of its
production facilities on the same day.
The scope of production ordered to be ceased is all production at Bamni Proteins Ltd., and the
production cessation period is from March 13, 2024 until the relevant government authorities confirm
the status of improvements in response to the findings and permit production.
Bamni Proteins Ltd. is doing its best to complete improvements to conform to the effluent
regulations of the Maharashtra State Pollution Control Board and resume production as quickly as
possible. Additionally, as the parent company, the Company will support Bamni Proteins Ltd. during
its implementation of these improvements in response to local effluent regulations. The timing of theresumption of production is not known at this time, and it is assumed that costs associated with sourcing
alternative production will increase during the period until production resumes.
(Revenue Recognition)
Information that breaks down revenue generated from customer contracts
Net sales broken down by sales category are as follows.
(Millions of yen)
Fiscal 2023

Fiscal 2024

Food Solutions

15,370

16,253

Health Support

18,802

19,652

Specialties

5,013

4,514

Annual39,18640,420- 16 -

(Segment Information)
Segment Information
Fiscal 2023 (From April 1, 2022 to March 31, 2023)
The Nitta Gelatin Group’s collagen business has become the Company’s only reporting
segment, so information is omitted.
Fiscal 2024 (From April 1, 2023 to March 31, 2024)
The Nitta Gelatin Group’s collagen business has become the Company’s only reporting
segment, so information is omitted.
Related information
Fiscal 2023 (From April 1, 2022 to March 31, 2023)
1. Information by products and services
The Nitta Gelatin Group’s collagen business has become the Company’s only reporting
segment, so information is omitted.
2. Information by countries and regions(1) Net sales(Millions of yen)
Japan

India

17,697

Asia

5,221

U.S.

3,185

Canada

9,393

Other

3,031

Annual658

39,186

Note: Sales are classified into countries or regions based on customers’ locations.

(2) Property, plant and equipment(Millions of yen)
Japan
5,239

India

Asia
3,195

U.S.
33

Canada1,999

Annual651

3. Information by main customer
The Company has omitted disclosure because no sales to any external customer exceeded
10% of the total net sales on the consolidated statements of income.

- 17 -

11,119Fiscal 2024 (From April 1, 2023 to March 31, 2024)
1. Information by products and services
The Nitta Gelatin Group’s collagen business has become the Company’s only reporting
segment, so information is omitted.
2. Information by countries and regions(1) Net sales(Millions of yen)
Japan

India

19,498

Asia

5,552

U.S.

3,270

Canada

8,701

Other

2,959

Annual438

40,420Note: Sales are classified into countries or regions based on customers’ locations.

(2) Property, plant and equipment(Millions of yen)
Japan

India

4,956

Asia

3,023

U.S.
54

Canada271

Annual724

3. Information by main customer
The Company has omitted disclosure because no sales to any external customer exceeded
10% of the total net sales on the consolidated statements of income.
Information on impairment loss on noncurrent assets by reporting segments
Fiscal 2023 (From April 1, 2022 to March 31, 2023)
The Nitta Gelatin Group’s collagen business has become the Company’s only reporting
segment, so information is omitted.
Fiscal 2024 (From April 1, 2023 to March 31, 2024)
The Nitta Gelatin Group’s collagen business has become the Company’s only reporting
segment, so information is omitted.
Information on amortization of goodwill and unamortized amounts by reporting segments
Fiscal 2023 (From April 1, 2022 to March 31, 2023)
The Nitta Gelatin Group’s collagen business has become the Company’s only reporting
segment, so information is omitted.
Fiscal 2024 (From April 1, 2023 to March 31, 2024)
The Nitta Gelatin Group’s collagen business has become the Company’s only reporting
segment, so information is omitted.
- 18 -

9,029

Information on gain on negative goodwill by reporting segments
Fiscal 2023 (From April 1, 2022 to March 31, 2023)
None
Fiscal 2024 (From April 1, 2023 to March 31, 2024)
None(Per Share Information)
Fiscal 2023
(From April 1, 2022
to March 31, 2023)
Net assets per share
Earnings (loss) per share

Fiscal 2024
(From April 1, 2023
to March 31, 2024)¥1,053.16¥1,001.56¥85.98¥(101.98)

Notes: 1. Diluted earnings per share for the fiscal year ended March 31, 2023 is not disclosed due to the absence oflatent shares with dilution effect.
2. Diluted earnings per share for the fiscal year ended March 31, 2024 is not disclosed due to the absence oflatent shares with dilution effect because of the net loss per share.
3. The basis for calculating earnings (loss) per share data is shown below.
Fiscal 2023
(From April 1, 2022
to March 31, 2023)

Fiscal 2024
(From April 1, 2023
to March 31, 2024)

Earnings (loss) per share
Net income (loss) attributable to owners of theparent (Millions of yen)Amounts not attributable to common shareholders(Millions of yen)
Net income (loss) attributable to ordinary equity
holders of the parent (Millions of yen)
Average number of common shares during theperiod (shares)(Subsequent Events)
None- 19 -

1,558(1,850)

－

－

1,558

(1,850)18,122,343

18,150,278

4. Other(1) Changes in Directors and Audit & Supervisory Board Members
1) Change in Representative Director
・Candidate for Representative Director to be newly elected
Hidenori Takemiya, Executive Officer,
Representative Director and President (currently, Director and Executive Officer)
・Representative Director scheduled to retire
Koichi Ogata, Executive Officer,
Representative Director and President
2) Other Changes in Directors and Audit & Supervisory Board Members
・Candidates for Directors to be newly elected
Akira Ando, Director and Executive Officer (currently, General Manager of Global
Production Management Dept., Manufacturing Div.)
Hisao Takahashi, Outside Director
・Candidate for an Audit & Supervisory Board Member to be newly elected
Takashi Yoshida, Outside Audit & Supervisory Board Member
・Audit & Supervisory Board Member scheduled to retire
Junko Taki, Outside Audit & Supervisory Board Member
3) Scheduled Appointment and Retirement Date
June 26, 2024
(2) OtherNone- 20 -