NSK Ltd. today announced that it has decided to transfer ownership of a fixed asset.

Transfer Purpose

The Company has decided to transfer the asset in question in order to improve asset efficiency through the effective use of management resources.

Outline of the asset to be transferred

Location

4-1, Saginuma, Miyamae Ward, Kawasaki City, Kanagawa Prefecture    

Name and description of the asset

Land 36,861 m2, building 371 m2    

Current status

Used as a sports ground    

The transfer price and book value will not be disclosed in detail according to our contractual agreement with the transferee. The transfer price and book value are appropriate and reflect the market price.

Outline of the Transferee

The transferee is an educational entity, but we will refrain from disclosing further details according to our contractual agreement with the transferee. In addition to continuing to contribute to the local community by allowing use of the facilities, etc., the transferee will take into account the requests of Kawasaki City, such as requests regarding operational considerations and to meet the needs of the surrounding urban area.

Website: Schedule of the transfer

Date of decision by Company Representative： April 28, 2021

Contract execution date： April 28, 2021

Handover date (planned)： October 29, 2021

Effects on NSK's Business Performance

As a result of the transfer of the fixed asset, we expect to record approximately 9.7 billion yen in operating income in our consolidated financial results for the fiscal year ending March 31, 2022. On a non-consolidated basis, approximately 9.5 billion yen is expected to be recorded as extraordinary income.