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NTN Notice of Changes in Specified Subsidiary

2021-04-19


2. Outline of the Specified Subsidiary

(1) Company Name

NTN-LYC (Luoyang) Bearing Corp.    

(2) Address

Luoyang Technology Park, Luoyang City, Henan Province, China    

(3) Name and Position of Representative

Hisao Saitou, President    

(4) Line of Business

Manufacture and sale of bearings    

(5) Capital

73.8 million USD    

(6) Date of establishment

January 24, 2011    

(7) Major shareholders and shareholding ratio

NTN (CHINA) Investment Corp.    50.0%    

Luoyang LYC Bearing Co., Ltd.    50.0%    

(8) Relationship between the Company and the Subsidiary

Capital relationship    The Company has 50.0% of indirect investment ratio for the Subsidiary.    

Personnel relationship    The Company dispatches officers to the Subsidiary.    

Business relationship    The Subsidiary manufactures and sells the Company's products overseas.    

(9) Financial position and operating results of the Subsidiary for the past three years(Millions of Chinese yuan)

Fiscal year end    FY2016    FY2017    FY2018    

Net assets    276.8    264.0    238.4    

Total assets    675.3    728.4    541.5    

Net sales    193.3    297.1    254.0    

Operating income    -11.8    3.9    -11.5    

Ordinary income    -26.8    -12.8    -25.6    

Income before income taxes    -31.2    -12.8    -25.6    

Net income    -31.2    -12.8    -25.6  

 

3. Date of Change

December 20, 2019


4. Future Outlook

The effect this change will have on our business are minor.

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