NTN Notice of Changes in Specified Subsidiary
NTN Corporation (hereafter, the Company) hereby announces the following change in specified subsidiary.
1. Reasons for Change
As the Company no longer effectively controls NTN-LYC (Luoyang) Bearing Corp. (hereafter the Subsidiary), which was one of the Company's consolidated subsidiaries, from the view of control approach, the Company has excluded the Subsidiary from the consolidation scope and regards it as the equity-method affiliated company.
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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