NTN Group Information

Consolidated Financial Indicators (Past 11 Years) (Fiscal years ended March 31)
2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

539,594
7,278
1.3(13,897)(14,195)
48,97934,841
16,174

638,970
33,003
5.2(2,451)(14,648)
33,16239,315
17,820701,900
43,8506.2
37,062
23,352
31,26640,391
18,088716,996
47,7706.7
26,942
15,03736,30038,27718,480683,636
35,9295.3
14,8892,830
35,39836,62919,196744,699
39,935
5.4
26,905
20,37337,58937,50521,007

733,846
27,222
3.7
2,938(6,958)45,172
38,926
21,661

651,956
7,517
1.2(33,949)(43,992)
57,67537,306
19,961

562,847(3,138)(0.6)(1,256)(11,641)
23,81735,47817,485642,023
6,880
1.1
17,6197,341
19,80937,89817,444

773,960
17,1452.2
10,807
10,36722,25342,04818,678768,461
211,742
163,287
360,801

848,037
213,368
166,484
381,767

856,121262,559
184,128
359,105

794,000
248,504
178,220
325,173

797,038
245,050
171,481
320,169

839,427
269,759
179,738
320,833

840,750
246,404
194,505
350,344757,822
168,378
182,923
362,416

836,563
183,751
176,847
422,803855,483
216,425
214,843
394,031869,827
237,425
239,385
371,292

3.3
1.37
(1.9)
(7.2)
26.0
1.0

3.8
1.27
(1.8)
(7.3)
23.5
4.0

3.8
1.11
2.7
10.5
28.6
5.2

4.0
1.11
1.8
6.3
29.3
5.8

4.0
1.05
0.4
1.2
28.8
4.5

4.1
0.93
2.5
8.4
30.2
5.0

3.8
1.16
(0.8)
(2.9)
27.4
3.3

3.6
1.87
(5.5)
(22.8)
20.6
1.0

3.2
1.62
(1.5)
(7.1)
20.4
(0.4)

3.0
1.38
0.9
4.0
23.1
0.8

3.2
1.2
1.2
5.0
25.4
2.0

(Millions of yen)

20,505(56,604)
69,586(36,099)

69,058(34,132)
6,595
34,92625,120(31,293)(37,492)(6,173)

46,247(33,770)(27,958)
12,47762,387(41,218)(8,218)21,16961,799(48,358)(7,520)13,441

43,224(65,614)
20,745(22,390)

43,749(61,807)
7,413(18,058)

36,473(17,938)
54,671
18,5358,956
2,512(41,300)
11,46834,219(13,858)(33,258)
20,361(Yen)

375.84374.68461.21436.97431.66477.17433.32294.00321.04372.70415.64(Yen)(26.69)–0(27.54)
–
2.00

43.91
–
6.00

28.28
–
10.00

5.33
–
10.00

38.36
–
15.00

(13.10)–15.00(82.83)–
5.00(21.92)
–
0.00

13.83
–
0.00

19.53
–
5.00

21,398
63
9
18.5
12
2
56.7
6,134
210.9
14.1

22,156
64
9
17.7
11
2
59.3
6,331
201.8
15.0

23,360
66
9
17.6
11
2
61.7
6,463
197.3
15.4

24,109
66
10
17.5
14
2
60.5
6,336
319.7
15.9

24,665
66
10
17.5
14
2
62.0
6,493
323.0
16.3

25,493
66
10
18.6
14
2
65.3
6,849
326.4
17.7

24,988
65
10
19.0
14
2
72.8
6,978
349.3
18.1

24,199
64
10
19.3
11
5
62.0
6,326
281.1
15.5

23,292
62
10
19.5
11
5
54.9
5,783
243.0
13.1

23,383
63
11
19.9
12
6
59.2
6,623
271.5
15.4

23,027
63.4
10
20
12
5
56.4
6,456
284.1
16.3

USD Average
EUR Average

82.91
106.78100.17134.21109.76
138.69120.15132.60108.39118.80110.85129.64110.88128.41108.73120.84106.01
123.66112.34130.53135.45140.91

USD at fiscal year end
EUR at fiscal year end

94.05
109.80102.92120.73120.17141.65112.68130.32111.85127.70106.49119.48110.64131.00107.85124.21110.36129.32121.89136.01132.68144.70

About Us

2013
Financial Data *1
Profit and Loss Statement(Millions of yen)
(Millions of yen)(%)
(Millions of yen)
(Millions of yen)
(Millions of yen)
(Millions of yen)
(Millions of yen)

Value Creation StoryNet Sales *2
Operating Income
Operating Margin
Income (loss) before Income Taxes
Net Income (Loss) Attributable to Shareholders (parent company)
Capital Expenditures
Depreciation and Amortization
R&D expenditures

Balance Sheet(Millions of yen)
(Millions of yen)
(Millions of yen)
(Millions of yen)

Sustainability Management

Total Assets
Net Assets
Inventories
Interest-bearing Debt

Various Indicators(Times)(Times)
(%)
(%)
(%)
(%)

NTN Group Information

Inventory Turnover Ratio
Net D/E Ratio
Net Income (loss)/Average Total Assets (ROA)
Net Income (loss)/ Average Shareholders’ Equity (ROE)
Equity to Capital Ratio
Return on Invested Capital (ROIC)

Cash FlowsNet cash provided by operating activities
Net cash used in investing activities
Net cash provided by financing activities
Ner cashu flow

(Millions of yen)
(Millions of yen)
(Millions of yen)

Per-share Data

(Yen)
(Yen)

SASB Index

Net Assets
Net Income (Loss)Net Income (Loss)
Diluted net income
Cash Dividends

Non-Financial Data
Number of employees (consolidated)
Percentage of employees overseas
Percentage of female employees (non-consolidated)
Average years of continuous employment
Number of Directors
Number of Independent Outside Directors
CO2 emissions*3
Energy consumption*4
Water consumption*5
Waste generation(%)(%)(Years)(10,000 tons)
TJ/year(10,000 m3)(10,000 tons)

Exchange Rate Data

*1 Effective from the fiscal year ended March 31, 2019, the Company has adopted the “Partial Revision of the Accounting Standard for Tax Effect Accounting”, etc. The figures forthe period from the fiscal year ended March 31, 2015 to the fiscal year ended March 31, 2018 have also been reclassified to reflect the above accounting standards. In
addition, from NTN Rerpot 2022, we use the financial data listed in the Annual Securities Report.
*2 “Loyalty,” which was previously included in “non-operating income,” has been changed to be included in “net sales” from the fiscal year ended March 31, 2021. The figures forthe period from the fiscal year ended March 31, 2017 to the fiscal year ended March 31, 2020 have also been reclassified.

93 NTN Report 2023

*3 Scope 2 CO2 emissions since the fiscal year ended March 31, 2019 (Carbon neutral benchmark year) are calculated using emission factors sourced from “Electric Utility
Emission Factors” (Ministry of the Environment and the Ministry of Economy, Trade and Industry) in Japanese sites and calculated using emission factors sourced from
“Emissions Factors 2022” (IEA) in overseas sites.
*4 The energy of electric power is calculated using physical quantity (3.6 MJ/kWh), and the energy of fuel is calculated using the emission factor sourced from “Emission intensity
database for calculation of greenhouse gas emissions of organizations through the supply chain (Ver.3.3)” (Ministry of the Environment).
*5 Water consumption (10,000 m3) is collected from Japanese sites until the fiscal year ended March 31, 2015, and from Japanese and overseas sites from the fiscal year ended
March 31, 2016 onward.
NTN Report 2023

94

NTN Group Information

Consolidated Financial Statements (March 31, 2023)
Consolidated Statement of Operation(In million yen)

(In million yen)

As of March 31, As of March 31,
2022
2023

As of March 31, As of March 31,
2022
2023

Assets

Net sales

642,023

773,960

Cost of sales

536,070648,047

Current liabilities

Gross profit

105,953

125,912Selling, general and administrative expenses

99,072

108,766

Operating income

6,880

17,145Interest income

866

1,146

Dividend income

605

278

1,099

1,459

128,644

111,658

Notes and accounts payable-trade

Notes and accounts receivable-trade125,507

129,760

Electronically-recorded monetary claims

60,881

68,340Electronically-recorded monetary claims

6,491

6,902

Short-term loans

134,229

161,943

116,695

55,93962,256

Raw materials and supplies

53,38960,434

Short-term loans receivable

57

21

Other

37,53342,086

Alowance for doubtful accounts-1,045-790

512,031529,024

Total current assets

Accrued bonuses for directors andstatutory auditors

237,099

247,774

Accumulated depreciation-149,144-159,103

Buildings and structures, net

87,95588,671

Machinery, equipment and vehicles

753,597

778,061

Accumulated depreciation-630,990-659,788

Machinery, equipment and vehicles, net

122,607

Land

29

117
67,083

Total current liabilities

321,205

369,074

80,000179,802129,349408

251

Liabilities for retirement benefits

36,852

34,862

Other

20,79018,863
263,327

118,272

Total liabilities

639,058

632,40233,56333,452

Net assets

Construction in progress

15,557

17,424

Shareholders’ equity

Other

65,498

67,107

Accumulated depreciation-59,385-60,815

6,113

6,291

265,797

264,113

Common stock

54,34654,346

Additional paid-in capital

67,97067,970Retained earnings

60,127

69,166-866-856

181,578

190,626

Net unrealized holding gain on othersecurities

1,044

1,255

Translation adjustments

16,02528,079Treasury stock

Intangible fixed assets
Goodwill

1,983

1,768

Total shareholders’ equity

Other

42,04638,121

Accumulated other comprehensive income

Total intagible fixed assets

44,02939,890Investments and other assets
Investment securities

24,67925,434

Deferred tax assets

3,495

4,219

Assets for retirement benefits

1,555

3,312

Accured retirement benefits adjustments

-797

697

16,27230,032

Other

4,094

4,049

Alowance for doubtful accounts

-200

-217

Non-controlling shareholders’ equity

18,574

16,765

Total investments and other assets

33,62436,799Total fixed assets

343,451

Total net assets

216,425

340,802

237,425

855,483

869,827

Total liabilities and net assets* Please refer to our website for Management Performance and Financial Analysis, and Risk Factors.
https://www.ntnglobal.com/en/investors/finance.html* Consolidated Financial Statements are available on our website from the fiscal year ended March 31, 2022.
https://www.ntnglobal.com/en/investors/finstatement.html

95 NTN Report 2023

2,035

2,591

—

Gain on reversal of product defect compensation

1,213

—

Other

1,090

2,499

Total non-operating income

7,467

7,419

4,277

5,910

Foreign exchange losses

—

3,378

Derivative transaction losses

812

—

2,441

3,228

Other
Total non-operating expenses

7,532

12,517

6,815

12,047

Gain on sale of tangible fixed assets

3,850

1,716

Gain on sales of investment securities

10,483—

Total extraordinary income

14,333

1,716

Ordinary income
Extraordinary income

Extraordinary losses
Impairment loss

601

1,609

Business restructuring loss

—

1,348

Loss related to Anti-Monopoly Act

2,928

—

Total extraordinary losses

3,529

2,957

Net income before income taxes and equity in earnings of affiliated companies

17,61910,807

Income and other taxes

5,071

7,253

Income and other taxes adjustment

3,451-8,307

Total income and other taxes

8,522-1,054

Net income

9,096

11,861

Profit attributable to non-controlling shareholders

1,755

1,493

Profit attributable to owners of parent

7,341

10,367

Year ended March 31, 2022
(April 1, 2021 – March 31, 2022)

Year ended March 31, 2023
(April 1, 2022– March 31, 2023)

9,096

11,861

Consolidated Statement of Comprehensive Income(In million yen)

Net income

Total accumulated other comprehensive
incomeTotal assets

Derivative transaction gains

855,483

869,827

SASB Index

317,853

Total property, plant and equipment—

Foreign exchange gains

Interest expenses
80,000Total long-term liabilities

Other, net

Equity in earnings of unconsolidated subsidiaries

Non-operating expenses

Long-term liabilities

Reserve for product defect compensation

Non-operating income

NTN Group Information

Buildings and structures

4,307

60,486Long-term loans

Property, plant and equipment

4,544

Other

Bonds

Fixed assets

67,283

Sustainability Management

Work in process

Accrued income taxes

61,033

Value Creation Story

Year ended March 31, 2023
(April 1, 2022– March 31, 2023)

Cash and bank deposits

105,514(In million yen)

Year ended March 31, 2022
(April 1, 2021 – March 31, 2022)

Liabilities

Current assets

Finished goods & purchased goods

About Us

Consolidated Balance Sheet

Other comprehensive income
Net unrealized holding gain on other securities-7,615210

Translation adjustments

22,947

11,307

Accrued retirement benefits adjustments

4,795

1,417

Equity in equity-method affiliates

1,759

918

Total other comprehensive income

21,886

13,85330,98325,715Comprehensive income attributable to owners of parent company

27,407

24,128Comprehensive income attributable to non-controlling shareholders

3,575

1,587

Comprehensive income(breakdown)

NTN Report 2023

96

NTN Group Information Consolidated Financial Statements (March 31, 2023)
About Us

Statements of Changes in Shareholders’ Equity

Statements of Cash Flows(In million yen)

(In million yen

Year ended March 31, 2022
(April 1, 2021 – March 31, 2022)

Year ended March 31, 2023
(April 1, 2022– March 31, 2023)

Net income before income taxes and equity in earnings of affiliated companies

17,61910,807

Depreciation and amortization

37,89842,048

Impairment loss

601

1,609

Goodwill depreciation

160

214

Business restructuring loss

—

1,348

2022
Shareholders’ equity

Balance on April 1, 2021

54,346

Additional
paid-in
capital

67,970Retainedearnings

Treasurystock

52,786-782

Valuation
Total
andTranslation
shareholders’translation adjustments
equityadjustment

174,3218,646-6,865

Accumulated
Total
accruedaccumulated
retirement
other
benefits
comprehensive
adjustments
income-5,575-3,794

Net cash provided by operating activities
Minority
interest

13,224

Total net
assets183,751

Loss related to Anti-Monopoly Act
Increase/decrease (-) in allowance for doubtful accounts

Changes during
the current period

Profit attributable to ownersof parent

7,341

7,341

Purchase of treasury stock
Sales of treasury stock

7,341

-92

-92

-92

8

8

8

-7,601

22,8904,777

20,066

5,350

25,416

Increase/decrease (-) in accrued retirement benefits for Officers-788Increase/decrease (-) in reserve for product defect compensation

-684

-157

Increase/decrease (-) in liabilities in retirement benefits

1,605-1,228Decrease/increase (-) in assets for retirement benefits-1,555-1,756

Interest and dividend income-1,472-1,424

Interest expenses

4,277

5,910

Foreign currency translation adjustments / foreign exchange loses/gains (-)-1,067-3,519Loss or gain (-) on derivative transactions

812-2,035Equity in earnings (-) /loss of non-consolidated subsidiaries-1,099-1,459Gain (-) or loss on sale of tangible fixed assets-3,850-1,716

Gain (-) or loss on sales of investment securities-10,483—

Decrease/increase (-) in trade receivables-2,165

1,210

Decrease/increase (-) in inventories-25,300-15,044

691

11,443

Increase/decrease (-) in trade payables
Total changes during the period
Balance on March 31, 2022—
54,346—
67,9707,341-83

60,127

-866

7,257

-7,601

181,578

1,044

22,89016,025

4,777-797

20,066
16,272

5,350
18,57432,674
216,425

Other-2,445-1,949Subtotal

16,41044,079Interest and dividend income received

1,717

2,575

Interest paid

-4,342-5,165898—

Subsidies received(In million yen)

2023

Commonstock

Balance on April 1, 2022

54,346

Additional
paid-in
capital

67,970Retainedearnings

60,127

Accumulated other comprehensive income

Treasury
stock

-866

Total
shareholders’equity181,578

ValuationandTranslationtranslation adjustments
adjustment

1,044

16,025

Accumulated
Total
accruedaccumulated
retirement
other
benefits
comprehensive
adjustments
income-797

16,272

Loss related to Anti-Monopoly Act-3,125—

Income taxes paid

-2,601-7,271

Net cash provided by operating activities

8,956

34,219

Increase in time deposits-1,339-2,314

Decrease in time deposits

2,780

8,709

-16,336-19,705

Net cash used in investing activities
Minority
interest

Total net
assetsPurchases of property, plant and equipment

18,574

216,425

Proceeds from sale of property, plant and equipment

4,740

2,210

Purchase of intangible fixed assets-5,534-4,020

Proceeds from sales of investment securities

17,052——-26

Loss on purchase of stock of the consolidated subsidiary
Changes during
the current period

Proceeds from purchase of subsidiaries’ stock resulting in change in scope of consolidation
Decrease/increase (-) in short-term loans receivable, net

Distribution ofretained earnings-1,329-1,329-1,329Profit attributable to ownersof parent

10,367

10,367

10,367Other
Net cash used in investing activities-0

Sales of treasury stock

-0

9

-0

9

39

-66

1,248

2,512

-13,858

2,588

-377

Proceeds from long-term loans

12,17822,541

Repayment of long-term loans-52,330-52,832—

9-1,329-2,122-3,138

Repayment of lease payable
Proceeds from sale and leaseback

Net changes in items
other than shareholders’equity during the period

210

12,054

1,495

13,760-1,808

11,951

—

5,264

Other

-1,614-3,386

Net cash provided by financing activities-41,300-33,258

Effect of exchange rate changes on cash and cash equivalents

97 NTN Report 2023—

15

Increase/decrease (-) in short-term loans, net

Dividend payment

Balance on March 31, 2023

1,200

Net cash provided by financing activities

Purchase of treasury stock

Total changes during the period

SASB Index

Shareholders’ equity-308

NTN Group Information

Net changes in items
other than shareholders’equity during the period—-53

Sustainability Management

Distribution ofretained earnings

2,928

Value Creation Story

Commonstock

Accumulated other comprehensive income

—

—

9,038

9

9,048

210

12,054

1,495

13,760-1,80820,99954,346

67,97069,166-856

190,626

1,255

28,079697

30,032

16,765

237,425

4,042

2,112

Increase/decrease (-) in cash and cash equivalents-25,788-10,785

Cash and cash equivalents at beginning of the year

147,249

121,460

Cash and cash equivalents at end of the year

121,460

110,675

NTN Report 2023

98

NTN Group Information

Global Network (As of March 31, 2023)
About Us

Japan

EuropeCompany namePaid-in capital

Holdings aspercentage (%)

Company name

30 NTN Europe Holdings SAS

EUR 1,000,000

100

Industrial Business Headquarters, Kuwana Works

31 NTN Europe S.A.

EUR 322,639,919

100

Industrial Business Headquarters, Nagano Works

32 NTN TRANSMISSIONS EUROPE

EUR 124,988,315

100

Industrial Business Headquarters, Kongo Works

33 EUROPE CREZANCY

EUR 11,500,000

100

(100)

34 NTN Wälzlager (Europa) G.m.b.H.

EUR 14,500,000

100

(100)

EUR 18,500,000

100

EUR 25,000

100

NTN TRANSMISSIONS

35 36

38

37

Automotive Business Headquarters, Okayama Works
Automotive Business Headquarters Mikumo Works

33

Composite Material Product Division, Engineering Plastics Works

1 NTN SALES JAPAN CORP
12 3
11
8

E

6
13

1
5
7

10

A

B

C

2 14 D100

2 NTN MIE CORP.

JPY 3,000,000,000100

3 NTN HOUDATSU SHIMIZU CORP.

JPY 1,250,000,000100

4 NTN NOTO CORP.

JPY 1,000,000,000

100

5 NTN FUKUROI CORP.

JPY 1,500,000,000100

6 NTN AKAIWA CORP.

JPY 1,250,000,000

100

7 NTN OMAEZAKI CORP.

JPY 266,000,000

97.4

8 NTN Advanced Materials Corp.

JPY 400,000,000

99.34

9 NTN CASTING CORP.

JPY 450,000,000100

10 NTN KINAN CORP.

JPY 450,000,000100

11 NTN KAMIINA CORP.

JPY 725,000,000

80

12 Taira Forging Co.,Ltd.

JPY 30,000,000

56.67

13 NTN TECHNICAL SERVICE CORP.

JPY 200,000,000100

14 NTN LOGISTICS CO., LTD.

JPY 10,000,000

100

A

New Product Development R&D Center

B

Production Engineering R&D CenterC

CAE R&D Center

D

Advanced Technology R&D Center

E

Americas
24

20
21
22 18
23
19 28

(100)

26

25

100

16 NTN BEARING CORP. OF AMERICA

USD 24,700,000

100

(100)

USD 1

100

(100)

USD 128,800,000

100

(100)

19 NTN DRIVESHAFT

USD 119,000,000

100

(100)

20 AMERICAN NTN BEARING
MFG. CORP.

USD 54,300,000

100

(100)

SGD 36,000,000

100

40 NTN BEARING-MALAYSIA SDN.BHD.

MYR 1,000,000

100

(100)

57 50

41 NTN BEARING-THAILAND CO., LTD.

THB 780,000,000

100(99.999)

58

55 56

42 NTN MANUFACTURING

THB 1,311,000,000

100(99.999)

THB 700,000,00075(10.73)44 PT. NTN BEARING INDONESIA

USD 7,300,000

100

(100)

45 NTN BEARING INDIA PRIVATE LTD.

INR 300,000,000

100

(0.1)
(24.96)(THAILAND) CO., LTD.

43 NTPT CO., LTD.
45

41 42
43
40

39
44 59 60

21 NTN-BOWER CORP.

USD 167,000,000

100

(100)

22 NTK PRECISION AXLE CORP.

USD 30,000,000

60

(60)

23 NTA PRECISION AXLE CORP.

USD 40,000,000

62.5(62.5)

INR 4,808,000,000

97.4

47 NTN KOREA CO., LTD.

KRW 500,000,000

100

48 NTN (CHINA) Investment Corporation

USD 388,547,500100

49 NANJING NTN CORP.

USD 180,000,000

100

50 SHANGHAI NTN CORP

USD 166,500,000

95

(95)

51 Guangzhou NTN-Yulon Drivetrain Co., Ltd.

USD 12,500,000

60

(12)

52 Xiangyang NTN-Yulon Drivetrain Co., Ltd.

USD 34,000,000

60

(60)

53 NTN-RAB (CHANGZHOU) CORP.

USD 28,440,000

100

HKD 2,500,000

100

CAD 20,100,000

100

(100)

25 NTN-SUDAMERICANA, S.A.

USD 700,000

100

(100)

55 TUNG PEI INDUSTRIAL CO., LTD.

26 NTN MANUFACTURING DE

MXN 594,205,718

100

(99)

56 TAIWAY LTD.

27 NTN do Brasil Producão de
Semi-Eixos Ltda.

BRL 390,739,432

100(2.72)

28 ASAHI FORGE OF AMERICA CORP.

USD 10,100,000

19.8(19.8)

29 Seohan-NTN Driveshaft

USD 6,000,000

49

USA CORP.

FNTN Automotive Center

One consolidated subsidiary in addition to the Group companies above

NOTES 1. The scope of consolidation consists of NTN Corporation and 60 consolidated subsidiaries (14 domestic and 46 overseas subsidiaries). A total of 10
affiliates (8 overseas affiliates) were accounted for by the equity method.
The following changes to the scope of consolidation and application of the equity method were made during the fiscal year under review.
Consolidated subsidiaries: 1 addition/No removal
Affiliates: No additions/1 removal
2. Of the above subsidiaries, the following companies are specified subsidiaries: NTN USA CORP., NTN DRIVESHAFT,INC., NTN DRIVESHAFT
ANDERSON,INC., AMERICAN NTN BEARING MFG.CORP., NTN-BOWER CORP., NTN do Brasil Produção de Semi-Eixos Ltda., NTN Europe S.A.
(“NTN-EU”), NTN TRANSMISSIONS EUROPE, NTN NEI Manufacturing India Private LTD., NTN (CHINA) INVESTMENT Corporation, NANJING NTN
CORP., and SHANGHAI NTN CORP.

54 NTN CHINA LTD.

Sales

Production

Production and sales

R&D base

Others

(0.97)

46 NTN NEI Manufacturing India
Private LTD.

24 NTN BEARING CORP. OF

MEXICO, S.A.DE C.V.

27

52
51 54

Holdings aspercentage (%)

Paid-in capital

39 NTN BEARING-SINGAPORE (PTE) LTD.

47

49
53

USD 675,475,028

CANADA LTD.

99 NTN Report 2023

Asia and Others
48 H

15 NTN USA CORP.

ANDERSON, INC.

29

(100)

NTN-SNR R&D Center

Company namePaid-in capital

18 NTN DRIVESHAFT, INC.

100
100

Six consolidated subsidiaries in addition to the Group companies above

Holdings aspercentage (%)

17 NBCA Asset Finance LLC.

EUR 50,000
GBP 2,600,000(100)(86.67)

TWD 1,257,232,620

27.35

TWD 160,000,000

36.25

57 NTN-DONGPAI (Shanghai) Bearing Sales Co, Ltd.

USD 1,460,000

25

(25)

58 Shanghai Tung Pei Enterprise Co., Ltd.

USD 36,000,000

17.86(17.86)

USD 55,415,050

28.8(0.002)59 PT. TPI MANUFACTURING I NDONESIA
60 PT. Astra NTN Driveshaft Indonesia

IDR 120,000,000,000

SASB Index

F

38 NTN BEARINGS (UK) LTD.
G

46

15 16 1737 NTN Antriebstechnik G.m.b.H.
30 31 GNTN Next Generation Research Alliance Laboratory

Company name

NTN Mettmann

36 (Deutschland) G.m.b.H.

NTN Group Information

JPY 480,000,000

32

Sustainability Management

9

NTN Kugellagerfabrik

35 (Deutschland) G.m.b.H.

34

Value Creation Story

NTN Corporation (parent company)

Automotive Business Headquarters, Iwata Works

4

Holdings aspercentage (%)

Paid-in capital49

H NTN China Technical Center

One consolidated subsidiary in addition to the Group companies above

3. Figures in curved brackets under “Holding as a percentage” indicate the percentage of indirectly owned holdings, and are included in the total holding.
4. None of the companies has submitted a securities registration statement or securities report.
5. Of the above subsidiaries, NTN BOWER CORP. is a company with excess of debts and the amount of excess of debt is 15,728 million yen as of the end of
March, 2023.
6. Of the above subsidiaries, NTN BEARING CORP.OF AMERICA and NTN-EU have sales (excluding internal sales between consolidated companies)
accounting for more than 10% of consolidated sales. Figures for NTN-EU are consolidated figures encompassing eight NTN-EU subsidiaries.
7. Of the above subsidiaries, to are NTN Corporation business units, 1 to 27 and 30 to 54 (in symbols) are consolidated subsidiaries, and 28, 29,
and 55 to 60(in symbols) are affiliates subject to the equity method.
NTN Report 2023

100

NTN Group Information

Third-Party Opinion

Investor Information (March 31, 2023)

NTN Group Information

About UsNTN Report 2023 third-party opinion
Professor, School of Business Administration,
Kwansei Gakuin University

Chika Saka

Stock Exchange Listings
First Section of Tokyo Stock Exchange(#6472)

Common Stock
Authorized: 1,800,000,000
Issued and Outstanding: 532,463,527

Independent Audit Firm
Ernst & Young ShinNihon LLC

Number of Shareholders
60,346
Breakdown of Shareholders

Breakdown of Number of Shares Held

Financial instruments firms

2.99%

6.36%

3.63%

Sustainability Disclosure Opens the Door to Mediumand Long-Term Enhancement of Corporate Value

15.72%The sustainability-related financial information covered by
the ISSB’s Sustainability Standards can greatly assist inconnecting financial and sustainability information to achieve
true integrated thinking and integrated reporting. I believe that if
the “restructuring of the business and product portfolios” (P.30),
which is newly mentioned in “NTN Report 2023,” risks andopportunities, and measures to address them (P.56) are related
to the financial information, the report will be more persuasive
to global investors.
NTN’s steady response to sustainability, which can be readfrom the NTN’s report, will enable the company to align thevector of the “business structure transformation” mentioned in
the top message with the vector of the mission derived from
Purpose, which is “to reduce the environmental impact ofbusiness as much as possible while contributing to solving the
problem through the provision of products and services”. This
report may convince that each and every member in the various
departments of the organization is on the way to mid- to longterm value creation in the same direction. I expect it will be agreat help in achieving this goal.

11.72%

Foreign owners

Financial institutions

39.63%

532,463,000

Between 10,000
and 49,999

Less than 1,000

1.41%

8.46%

532,463,000

Between 50,000
and 99,999

2.79%

sharesshares

Between 100,000
and 499,999

1,000,000 or more

65.34%

7.38%

Individuals

29.94%

Between 500,000
and 999,999

4.77%
Recent Stock Price Range

Close
Open

Stock price (yen)

High
Low

Monthly Volume Traded

Open
Close

Nikkei Stock
Average

Nikkei Stock Average (yen)30,000600

20,000(Millions of shares)

200

SASB Index

900

150

100
300

10,00050

0

We would like to thank Professor Saka for her valuable opinions.
Through the practice of our corporate philosophy, we aim to contribute to the resolution ofsocial issues surrounding the world and realize a “NAMERAKA Society” where people can easily
lead a secure and fulfilling life. Of the 13 items of materiality that we have identified as priority
issues to be addressed, we have received high praise for our activities to set the concretemeasures and establish the new organization to achieve the goals for carbon neutrality. We havebeen confident in our efforts to date.
From the viewpoint of increasing the persuasive power of our efforts to investors, as you haveindicated, we will more specifically promote the measures for improving our activities to “climatechange”, strengthening the connections between sustainability information and financial
statement information, and promoting information disclosure, including efforts to develop thenext generation of human resources who will lead the transformation.
We will listen sincerely to the valuable opinions we have received this time and strive toimprove corporate value over the medium to long term.

Between 1,000
to 4,999

Between 5,000 and 9,999

Other corporations

Response to the third-party opinion

Stock Price Range in the Fiscal Year
ended March 31, 2023
High: 378 yen
Low: 195 yen

NTN Group Information

In June 2023, the International Sustainability Standards Board(ISSB) issued IFRS S1 and IFRS S2, the first sustainability
standards. In light of this, the NTN Report 2023 includes thefollowing three notable points.
First, NTN disclosure is generally in line with the general
requirements of S1: such as the same scope as theconsolidated financial statements is covered, information onsustainability-related risks and opportunities of materiality iscovered (P.21, 22), and comparative information is included.
Now, if the connections between sustainability informationand financial statement information could be reflected in value
creation stories, etc., it would be even more useful.
Second, a list of industry-specific accounting indicators
based on the SASB Standard disclosure criteria, which arerequired to be considered in S1, has been continuously
disclosed since “NTN Report 2021.” The fact that NTN has
already begun to recognize and disclose the topics in boththe “RESOURCE TRANSFORMATION SECTOR- Industrial
Machinery & Goods” and the “TRANSPORTATION SECTORAuto Parts” will certainly help NTN to reduce future financial
risks and seize opportunities.
Third, the S2 theme of “climate change” was positioned as
the first of the 13 materiality items as a contribution to solvingsocial issues. The Carbon Neutrality Strategy Promotion*Moved to the new address on the back cover inAugust 2023.

General Meeting of Shareholders
The General Meeting of Shareholders
was held on June 27, 2023 in Osaka

Sustainability Management

Noteworthy points in the NTN Report 2023

Transfer Agent for Common Stock
Mitsubishi UFJ Trust and Banking
Corporation
4-5, 1-chome, Marunouchi, Chiyoda-ku,
Tokyo 100-8212, Japan

Value Creation Story

ProfileAfter serving as a full-time lecturer and assistant(associate) professor at the School of Business
Administration, Kwansei Gakuin University, she has
been a professor since 2008. Doctor of Commercial
Science. Currently, she is a member of the
Sustainability Standards Board of Japan (SSBJ), a
member of the Business Accounting Council of the
Financial Services Agency, an affiliate member of the
Science Council of Japan, a member of theEnvironmental Council of Osaka Prefecture, amember of the Environmental Council of Osaka City,and the Executive Director of the Accounting andEconomic Association of Japan. She received theJapan Accounting Association Award. Her
publications include “Environmental Accounting”(Tokyo Keizai Publishing Co., Ltd.), etc. in the book.

Department of the Group Management Headquarters has been
established and governance has been strengthened to achieve
this goal. The addition of the “Carbon neutrality realization
image” and priority measures (P.53) for Scope 1 and 2 toward2035 strengthen the roadmap for a long-term response, whichis expected to lead to an increase in the level of future efforts.
Note that biodiversity, human capital, and human rights
are among the new project for the future proposed by the
IFRS Foundation in May 2023. These topics are also alreadydisclosed in the “NTN Report 2023.” In particular, the disclosureof human capital now specifies the “five pillars of the humanresources strategy” (P.62). The efforts to develop the next
generation of human resources who will lead the transformation
are expected to contribute to the realization of the varioustransformations described in the top message and the value
creation story.

Head Office
NTN Corporation
3-17, 1-chome, Kyomachibori, Nishi-ku,
Osaka 550-0003, Japan

4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3
2021

2022

Status of inclusion in ESG indexes
Morningstar Japan ex-REIT Gender Diversity
Tilt Index

0

2023

0

4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3
2021

2022

2023

* Inclusion status as of the end of July 2023.

S&P/JPX Carbon
Efficient Index

Inquiries
Corporate Strategy Department
E - m a i l : irmanager@ntn.co.jp

Executive Officer
ESG Promotion Department

Shumpei
Kinoshita

Sompo Sustainability Index

FTSE Blossom Japan Sector Relative Index

NTN on the Internet
NTN’s website offers a variety of corporate andproduct information, including the latest NTN
Report and financial results.
https://www.ntn.global.com

101 NTN Report 2023

NTN Report 2023

102