February 10, 2020

Consolidated Financial Reportfor the Nine Months Ended December 31, 2019
(Japanese Accounting Standards)
Name of the Listed Company:
Listing:
Stock code:
URL:
Representative:
Contact Person:

Nitta Gelatin Inc.

First Section of Tokyo Stock Exchange4977
http://www.nitta-gelatin.co.jp
Koichi Ogata, Representative Director and President
Norifumi Nagaoka, Director and Executive Officer;
General Manager of General Management Division
Tel: +81-72-949-5381
Scheduled date to file Quarterly Financial Report: February 12, 2020
Scheduled date to commence dividend payments: Supplementary explanatory materials prepared:
None
Explanatory meeting:
None(Millions of yen with fractional amounts discarded, unless otherwise noted.)

1. Consolidated financial results for the nine months ended December 31, 2019(from April 1, 2019 to December 31, 2019)(1) Consolidated operating results(Percentages indicate year-on-year changes.)
Net sales
Nine months ended
December 31, 2019
December 31, 2018

Millions of yen%

Operating income

Ordinary income

Net income
attributable toowners of the parent

Millions of yen

Millions of yen%

Millions of yen

234.2(52.4)

(733)
976

%

26,594
(1.8)
1,393
166.5
1,588
27,075(4.2)
522(38.4)
475
Note: Comprehensive income
For the nine months ended December 31, 2019: ¥708 million [(7.6)%]
For the nine months ended December 31, 2018: ¥766 million [(32.9)%]

Net income
per share
Nine months ended
December 31, 2019
December 31, 2018

Diluted net income
per share

Yen

Yen

(39.90)53.14
Note: Diluted net income per share is not disclosed due to the absence of latent shares with dilution effect.

(2) Consolidated financial position
As ofDecember 31, 2019
March 31, 2019

Total assets

Net assets

Millions of yen

Millions of yen

34,33737,715

18,10517,708Reference: Equity
As of December 31, 2019:
As of March 31, 2019:¥16,167 million¥15,843 million

Equity ratio
%

47.1
42.0

%

－
84.7

2. Cash dividends
Cash dividends per shareFirst quarter

Second quarter

Yen

Third quarter

Yen

Fiscal year-end

Yen

Fiscal year ended
6.00
March 31, 2019
Fiscal year ending
6.00
March 31, 2020
Fiscal year ending
March 31, 2020 (Forecasts)
Note: Changes to most recent dividend forecasts: None-

Annual

Yen

Yen

10.00

16.00

6.00

12.00

-

3. Consolidated financial forecasts for the fiscal year ending March 31, 2020
(from April 1, 2019 to March 31, 2020)(Percentages indicate year-on-year changes.)
OperatingincomeNet sales

Fiscal year ending
March 31, 2020

Net income
attributable toowners of theparentOrdinary
incomeMillionsof yen%Millionsof yen%Millionsof yen%Millionsof yen34,000

(6.8)

1,500

67.0

1,600

93.2

(900)

Net income
per share
%

－

Yen

(48.98)

Note: Changes to most recent consolidated financial forecasts: Yes
For details on changes to the consolidated financial forecasts, please see the “Notice Concerning Revision of Full-Year
Consolidated Financial Forecasts for the Fiscal Year Ending March 31, 2020” announced today.

* Notes(1) Changes in significant subsidiaries during the quarterly period (changes in specified subsidiaries
resulting in a change in the scope of consolidation): Yes
New:
None
Excluded: Two (Nitta Casings Inc., Package Hongkong Limited)(2) Adoption of special accounting methods for the preparation of quarterly consolidated financial
statements: None
(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: Nonec. Changes in accounting estimates: None
d. Restatement of revisions: None
Note: For details, please refer to “(3) Notes to Consolidated Financial Statements (Changes in Accounting Policies) in“2. Quarterly Consolidated Financial Statements and Key Notes” on page 9 of the Attachment 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 December 31, 2019 18,373,974 shares
As of March 31, 201918,373,974 sharesb. Number of shares of treasury stock at the end of the period
As of December 31, 2019 167 shares
As of March 31, 2019163 sharesc. Average number of shares
For the nine months ended December 31, 2019 18,373,811 shares
For the nine months ended December 31, 2018 18,373,812 shares* This financial report falls outside the scope of quarterly review procedures by Certified Public Accountants or the
independent auditor.
* 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. Thesestatements do not guarantee that the Company will achieve its earnings forecasts. In addition, actual business andother 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 “(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 to this report.
Other
The Company passed a resolution at its Board of Directors’ meeting held on November 8, 2018 to approve amerger between the Company’s consolidated subsidiary, Nitta Gelatin India Ltd., and the latter’s subsidiary Reva
Proteins Ltd., and the two companies have merged effective from April 1, 2017. The merger reference date is set
retrospectively as the beginning of the fiscal year in which the merger application was filed, in accordance withthe merger system in India. Accordingly, consolidated financial results for the nine months ended December 31,
2018 have been retrospectively adjusted to reflect this merger.

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

2. Quarterly Consolidated Financial Statements and Key Notes ············································· 5(1) Consolidated Balance Sheets ····················································································· 5(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income ········· 7
Consolidated Statements of Income(Nine months ended December 31) ·············································································· 7
Consolidated Statements of Comprehensive Income(Nine months ended December 31) ·············································································· 8(3) Notes to Consolidated Financial Statements···································································· 9(Note Concerning Going Concern Assumption) ······························································· 9(Note Concerning Significant Changes in Shareholders’ Equity) ··········································· 9(Changes in Significant Subsidiaries during the Nine Months ended December 31, 2019)·············· 9(Changes in Accounting Policies) ·············································································· 9(Segment Information) ·························································································· 10(Business Combination) ·························································································1111. Qualitative Information Concerning Quarterly Financial Statements
In the nine months ended December 31, 2019, retrospective accounting treatment has been
applied as described below, and analysis and comparison with the previous fiscal year are
based on figures that reflect this retrospective accounting treatment.
The Company passed a resolution at its Board of Directors’ meeting held on November 8,2018 to approve a merger between the Company’s consolidated subsidiary, Nitta Gelatin India
Ltd., and the latter’s subsidiary Reva Proteins Ltd., and the two companies have merged
effective from April 1, 2017.
The merger reference date is set retrospectively as the beginning of the fiscal year in which
the merger application was filed, in accordance with the merger system in India.

(1) Description of Business Results
In the first nine months of the fiscal year ending March 31, 2020, concerns about a possible
further slowdown in the global economy weakened, due to factors such as gradual economic
expansion in the U.S. and a bottoming out of economic deceleration in Europe and China. The
Japanese economy was mostly flat due to sluggish growth in external demand and a downturnin consumer spending following a consumption tax hike. However, there were heightened
expectations for buoyant economic conditions based on the easing of U.S.-China trade tensions
and the 2020 Summer Olympics.
In this environment, the Nitta Gelatin Group will implement the following management
policies under the Medium-Term Management Plan running through the fiscal year ending
March 31, 2021:
1. Our three core areas will be food solutions, health support, and biomedical.
2. We will globally optimize our production system in Japan, Asia, and North America in
response to an era of completely free trade.
3. We will promote selection and concentration and create high-value-added products andservices to recreate the Company as a higher-profit enterprise.
Guided by these management policies, the Group actively worked on research anddevelopment of high-value-added products, sales of new products and development of newmarkets in its three core areas. The Group strove to enhance productivity and reduce costs ateach of its manufacturing sites. Based on a policy of selection and concentration, all shares of
Nitta Casings Inc., a former specified subsidiary of the Company, and Nitta Casings(CANADA) Inc., a former consolidated subsidiary of the Company, were transferred in
December 2019.
As a result, for the nine months ended December 31, 2019, net sales decreased 1.8% year on
year to ¥26,594 million. However, operating income rose 166.5% to ¥1,393 million mainly due
2to improved productivity and cost reductions. Ordinary income increased 234.2% to ¥1,588
million, mainly due to the recording of equity in earnings of affiliates. Meanwhile, the Group
recorded a net loss attributable to owners of the parent of ¥733 million (compared with net
income attributable to owners of the parent of ¥976 million in the same period of the previous
fiscal year). The net loss reflected the recording of items such as a loss on sales of stocks ofsubsidiaries and associates of ¥2,752 million in connection with the transfer of shares.
The Nitta Gelatin Group’s collagen business has become the Company’s only reporting
segment, but an overview of the performance of each sales category is as follows:(Food solutions)
In Japan, sales for use in confectionery rose as the market for gummy candy remained firm.
Sales of delicatessen items for convenience stores increased owing to firm demand forready-made meals among double-income households and the elderly. In products for the
HORECA market, expanded sales of new products to address personnel shortages were a main
contributor to sales.
Overseas, sales to the markets for gummy candy and other applications rose in the North
American region. Meanwhile, sales of collagen casings decreased due to the exclusion of Nitta
Casings Inc. and Nitta Casings (CANADA) Inc. from the scope of consolidation in nine months
ended December 31, 2019, in connection with the transfer of shares of these companies.
As a result, overall sales in the food solutions category decreased 1.9% year on year to¥11,327 million.
(Health support)
In Japan, sales of collagen peptide products for beauty supplement applications increased,
supported by firm demand from main customers.
Overseas, the North America region saw increased sales of gelatin and collagen peptide
products, due in part to an increase in sales driven by growth in the collagen peptide markets forhealth and beauty applications, as well as firm demand for capsules for health foods. In the
Asian region, net sales increased owing to proactive efforts to expand sales in the collagen
peptide market, as well as solid demand for capsules for pharmaceutical and health foodapplications in India.
As a result, overall sales in the health support category increased 3.0% year on year to¥10,869 million.
(Specialties)
In adhesives, overall sales decreased 11.7% year on year to ¥4,397 million, influenced by asales price change accompanying a company split and declining sales in adhesives for hygiene
products.
3

(2) Description of Financial Position
Changes in assets, liabilities and net assets at December 31, 2019 mainly include the impact of
the exclusion of Nitta Casings Inc. and Nitta Casings (CANADA) Inc. from the scope of
consolidation.
(Assets)
Total assets amounted to ¥34,337 million at December 31, 2019, ¥3,378 million lower than at
March 31, 2019. This was mainly attributable to decreases in notes and accounts
receivable-trade of ¥1,358 million and machinery, equipment and vehicles of ¥1,751 million.
(Liabilities)
Total liabilities stood at ¥16,232 million at December 31, 2019, ¥3,774 million lower than at
March 31, 2019. This was mainly attributable to decreases in notes and accounts payable-tradeof ¥1,145 million and net defined benefit liability of ¥1,051 million.
(Net assets)
Net assets amounted to ¥18,105 million at December 31, 2019, ¥396 million higher than at
March 31, 2019. This was mainly due to an increase in remeasurements of defined benefit
plans of ¥1,817 million, which was partly offset by a decrease in retained earnings of ¥1,028
million.
As a result, the equity ratio stood at 47.1% at December 31, 2019 compared with 42.0% at
March 31, 2019.

(3) Description of Consolidated Business Forecasts and Other Forward-Looking
Information
The consolidated business forecasts for the fiscal year ending March 31, 2020 have beenrevised from those announced on December 25, 2019 in the “Notice Concerning Recording ofExtraordinary Loss and Revision of Full-Year Consolidated Financial Forecasts for the Fiscal
Year Ending March 31, 2020.”
For details, please see the “Notice Concerning Revision of Full-Year Consolidated
Financial Forecasts for the Fiscal Year Ending March 31, 2020” announced today (February 10,2020).
Actual business and other results may differ substantially from projections due to various
factors.

4

2. Quarterly Consolidated Financial Statements and Key Notes(1) Consolidated Balance Sheets(Millions of yen)

Fiscal 2019
(As of March 31, 2019)
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
Goodwill
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

5

3Q Fiscal 2020
(As of December 31, 2019)

2,092
8,589
5,884
1,350
2,911
558
(9)
21,378

1,461
7,230
5,863
1,334
2,853
653
(8)
19,388

3,788
4,648
3,113
11,551

3,374
2,897
3,114
9,386

353
231
585

313
216
530

3,260
1,134
(193)
4,200
16,33737,715

3,260
1,878
(105)
5,032
14,94934,337

(Millions of yen)

Fiscal 2019
(As of March 31, 2019)
Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term loans payable
Current portion of long-term loans payable
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Noncurrent liabilities
Long-term loans payable
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 (loss)
Valuation difference on other available-for-salesecurities
Deferred losses on hedges
Foreign currency translation adjustments
Remeasurements of defined benefit plans
Total accumulated other comprehensive income(loss)
Non-controlling interests
Total net assets
Total liabilities and net assets

6

3Q Fiscal 2020
(As of December 31, 2019)

4,794
2,657
2,386
237
205
2,278
12,559

3,648
2,034
2,285
108
109
2,261
10,449

4,000
2,731
714
7,447
20,007

3,666
1,680
436
5,783
16,232

3,144
2,966
10,155(0)
16,266

3,144
2,966
9,126
(0)
15,237

1,274

1,203

(8)
174
(1,863)

(8)
(218)
(46)

(423)

929

1,865
17,70837,715

1,937
18,10534,337

(2) Consolidated Statements of Income and Consolidated Statements ofComprehensive Income
Consolidated Statements of Income(Nine months ended December 31)(Millions of yen)

Nine Months Ended
December 31, 2018
(From April 1, 2018
to December 31, 2018)27,075
21,619Net sales
Cost of sales

Nine Months Ended
December 31, 2019
(From April 1, 2019
to December 31, 2019)
26,59420,904Gross profit on sales

5,455

5,689

Selling, general and administrative expenses

4,933

4,296

Operating income

522

1,393

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

4
38
109
－
114

5
42
53
150
93

Total non-operating income

267

345

Non-operating expenses
Interest expenses
Equity in losses of affiliates
Other

151
146
17

133
－
16

315

149

Ordinary income

475

1,588

Extraordinary gains
Gain on sales of noncurrent assets
Reversal of allowance for doubtful accounts
Gain on sales of stocks of subsidiaries and associates
Transfer gain on business divestiture
Gain on change in equity

79
－
－
655
416

18
29
6
－
－

1,151

54

122
0
141
－

－
－
4
2,752

265

2,757

1,362
354

(1,113)

Income taxes
Net income (loss)

1,007

(562)

Net income attributable to non-controlling interests

30

171

Net income (loss) attributable to owners of the parent

976

(733)

Total non-operating expenses

Total extraordinary gains
Extraordinary losses
Provision of allowance for doubtful accounts
Disposal costs for noncurrent assets
Loss on retirement of noncurrent assets
Loss on sales of stocks of subsidiaries and associates
Total extraordinary losses
Income (loss) before provision of income taxes

7

(551)

Consolidated Statements of Comprehensive Income(Nine months ended December 31)(Millions of yen)

Nine Months Ended
December 31, 2018
(From April 1, 2018 to
December 31, 2018
1,007

Net income (loss)
Other comprehensive income (loss)
Valuation difference on other available-for-salesecurities
Deferred gains or losses on hedges

Nine Months Ended
December 31, 2019
(From April 1, 2019 to
December 31, 2019)
(562)

(198)

(70)

40

(14)

Foreign currency translation adjustments

(9)

(440)

Pension liability adjustment
Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income (loss)

(32)

1,817

(41)

(21)

(241)

1,270

766

708

Owners of the parent

784

621

Non-controlling interests

(18)

86

Total comprehensive income
Comprehensive income attributable to:8(3) Notes to Consolidated Financial Statements(Note Concerning Going Concern Assumption)
None(Note Concerning Significant Changes in Shareholders’ Equity)
None(Changes in Significant Subsidiaries during the Nine Months Ended December 31, 2019)
In the nine months ended December 31, 2019, the Group transferred all shares of Package
Hongkong Limited, a former specified subsidiary of the Company, and Beijing Qiushi
Collagen Casing Co., Ltd., a former equity-method affiliate of the Company. As a result,
Package Hongkong Limited and Beijing Qiushi Collagen Casing Co., Ltd. were excluded
from the scope of consolidation and application of the equity method, respectively.
In the nine months ended December 31, 2019, the Group transferred all shares of Nitta
Casings Inc., a former specified subsidiary of the Company, and Nitta Casings (CANADA)
Inc., a former consolidated subsidiary of the Company. As a result, Nitta Casings Inc. andNitta Casings (CANADA) Inc. were excluded from the scope of consolidation.
While the following change does not qualify as a change in specified subsidiary, Guangdong
Baiwei Bio Material Co., Ltd., an equity-method affiliate of the Company, acquired allshares of Guangdong Mingyang Gelatin Co., Ltd. on September 2, 2019. In addition, a
director of the Company has been appointed as a director of Guangdong Mingyang GelatinCo., Ltd., and the Group has transferred important technologies to Guangdong Mingyang
Gelatin Co., Ltd. Accordingly, Guangdong Mingyang Gelatin Co., Ltd. has been included in
the Company’s scope of application of the equity method.
(Changes in Accounting Policies)(Application of IFRS 16 Leases)
The Nitta Gelatin Group has adopted IFRS 16 “Leases” for all overseas subsidiaries except
those in the U.S. from the beginning of the first quarter ended June 30, 2019. As atransitional measure upon the adoption of IFRS 16, the Group applies the standard, which
recognizes the cumulative effect at the date of initial adoption.
As a result, the consolidated balance sheets for the first nine months ended December 31,
2019 show increases of ¥8 million in “Other” under property, plant and equipment, ¥6
million in “Other” under current liabilities, and ¥2 million in “Other” under noncurrent
liabilities.
The effect of this change on the Company’s consolidated profit and loss for the first ninemonths ended December 31, 2019 is negligible.
(Proposed Amendments to Practical Solution on Unification of Accounting Policies Applied
9to Foreign Subsidiaries, etc. for Consolidated Financial Statements)
The Group has adopted the revised PITF No. 18 Practical Solution on Unification of
Accounting Policies Applied to Foreign Subsidiaries, etc. for Consolidated Financial
Statements (revised June 28, 2019) and PITF No. 24 Practical Solution on Unification of
Accounting Policies Applied to Associates Accounted for Using the Equity Method (revised
September 14, 2018) from the beginning of the first quarter ended June 30, 2019. The effectof adopting these revised practical solutions on the Consolidated Financial Statements is
negligible.
(Segment Information)
Nine months ended December 31, 2018 (From April 1, 2018 to December 31, 2018)
The Nitta Gelatin Group’s collagen business has become the Company’s only reporting
segment, so information is omitted.
Nine months ended December 31, 2019 (From April 1, 2019 to December 31, 2019)
The Nitta Gelatin Group’s collagen business has become the Company’s only reporting
segment, so information is omitted.

10

(Business Combinations)(Business divestiture of Nitta Casings Inc. and Nitta Casings (CANADA) Inc.)
1. Outline of business divestiture
1) Name of company that succeeded the divested business
Viscofan USA Inc.
Viscofan Canada Inc.
2) Business description of divested businessa. Consolidated subsidiary: Nitta Casings Inc.
Business activities: Production and sales of collagen casingb. Consolidated subsidiary: Nitta Casings (Canada) Inc.
Business activities: Production and sales of collagen casing
3) Primary reason for business divestiture
Nitta Gelatin is steadily advancing business strategies and moving ahead withselection and concentration in core business areas as stated under its management
policy. As part of the policy, Nitta Gelatin will focus on its core business areas andagreed to the share transfer after deciding that it would be better for the enhancementof medium- to long-term corporate value of both companies to promote the integrationof Nitta Casings Inc. and Nitta Casings (CANADA) Inc. and Viscofan USA Inc. andViscofan Canada Inc., which have expertise in the casings business.
4) Date of business divestiture
December 19, 2019 (date of implementation for transfer of shares)
September 30, 2019 (deemed date of sale)5) Outline of the transaction including legal format
A share transfer in which consideration is received solely in assets such as cash11

2. Outline of accounting treatment
1) Loss on transfer of business
Loss on sales of stocks of subsidiaries and associates: ¥2,724 million
2) Appropriate book values of assets and liabilities of business transferred and major
components
Current assets
Noncurrent assets
Total assets
Current liabilities
Noncurrent liabilities
Total liabilities¥1,460 million¥1,709 million¥3,169 million¥641 million¥1,206 million¥1,847 million

3) Accounting treatment
The differences between the consolidated carrying amounts of Nitta Casings Inc. andNitta Casings (CANADA) Inc. and their respective sales prices were recorded as aloss on sales of stocks of subsidiaries and associates under extraordinary losses.
3. Reporting segment in which the divested business was included
The Nitta Gelatin Group’s collagen business has become the Company’s only
reporting segment, so there are no relevant items to disclose.
4. Estimate of profit and loss related to the divested business recorded on the consolidated
statements of income for the nine months ended December 31, 2019
Net sales¥2,226 million
Operating loss
¥106 million

12

(Business divestiture of Package Hongkong Limited and Beijing Qiushi Collagen Casing
Co., Ltd.)
1. Outline of business divestiture
1) Name of company that succeeded the divested businessCasing Hongkong Limited2) Business description of divested businessa. Consolidated subsidiary: Package Hongkong Limited
Business activities: Intermediate holding company
b. Equity-method affiliate: Beijing Qiushi Collagen Casing Co., Ltd.
Business activities: Production and sales of collagen casing
3) Primary reason for business divestiture
The joint venture Beijing Qiushi Collagen Casing Co., Ltd. was established with
Beijing Qiushi Agricultural Development Co., Ltd. and developed with the purpose of
expanding Nitta Gelatin’s collagen casing business in the China market. However,there are significant disparities between Beijing Qiushi Agricultural Development Co.,
Ltd. and Nitta Gelatin in terms of business policies going forward. Therefore, Package
Hongkong Limited, the holding company, will be transferred to Casing Hongkong
Limited.
4) Date of business divestiture
December 12, 2019 (date of implementation for transfer of shares)
September 30, 2019 (deemed date of sale)5) Outline of the transaction including legal format
A share transfer in which consideration is received solely in assets such as cash.

13

2. Outline of accounting treatment
1) Gain and loss on transfer of business
Gain on sales of stocks of subsidiaries and associates:¥6 million (Package Hongkong Limited)
Loss on sales of stocks of subsidiaries and associates:¥28 million (Beijing Qiushi Collagen Casing Co., Ltd.)2) Appropriate book values of assets and liabilities of business transferred and major
components
Current assets
Noncurrent assets
Total assets
Current liabilities
Total liabilities¥0 million¥211 million¥211 million¥6 million¥6 million

3) Accounting treatment
The differences between the consolidated carrying amounts of Package Hongkong
Limited and Beijing Qiushi Agricultural Development Co., Ltd. and their respective
sales prices were recorded as a gain on sales of stocks of subsidiaries and associates
and a loss on sales of stocks of subsidiaries and associates under extraordinary gains
and losses.
3. Reporting segment in which the divested business was included
The Nitta Gelatin Group’s collagen business has become the Company’s only
reporting segment, so there are no relevant items to disclose.
4. Estimate of profit and loss related to the divested business recorded on the consolidated
statements of income for the nine months ended December 31, 2019
Disclosure is omitted because the impact is negligible.

14