Japan Asia Investment Co., Ltd.
3rd Quarter of FY Mar. 2024

This document has been translated from a part of the Japanese original for reference
purposes only. In the event of any discrepancy between this translated document and theJapanese original, the original shall prevail. JAIC assumes no responsibility for thistranslation or for direct, indirect or any other forms of damages arising from thetranslation.

Consolidated Financial Results
for the Third Quarter Ended December 31, 2023
[Japanese Standards](Summary of Japanese announcement)
February 14, 2024
Company name:

Japan Asia Investment Co., Ltd.

Listed on:

Tokyo Stock Exchange, Standard Market (Stock code: 8518)

Head office:Tokyo

Representative:

Tetsuro Shimomura, President and CEO

Contact:

Kenji Kishimoto, Senior Executive Officer

URL: https://www.jaic-vc.co.jp/

Tel: +81-3-3221-8518 (main)
Scheduled date for submission of quarterly report: February 14, 2024
Scheduled date for start of payment of dividends: —The additional materials of the Financial Results: Yes
The briefing session of the Financial Results: None
(Throughout this report, fractional amounts have been rounded down to the nearest one million yen.)
1.

Consolidated business results for the third quarter ended December 31, 2023 (April 1, 2023 to December 31, 2023)(1) Consolidated results of operations (cumulative total)(Percentages indicate year-on-year increase or decrease)
Operating revenue

Operating income

Ordinary income

Millions of yen % change

Millions of yen % change

Millions of yen % change

Profit attributable toowners of parent
Millions of yen % change

For nine months ended
December 31, 2023

1,728

（48.8）

(829)

－

(942)

－

(1,273)－For nine months ended
December 31, 2022

3,377

22.0

233

275.3

127

－

(103)

－

(Note) Comprehensive Income
For nine months ended December 31, 2023: (1,936) millions of yen (－%)
For nine months ended December 31, 2022: 1,003 millions of yen [521.2%]

Yen

Diluted net income
per shareYen(71.92)－(5.82)－

Total assets
Millions of yen

Net assets
Millions of yen

Net income per share
For nine months ended
December 31.2023
For nine months ended
December 31.2022(2) Consolidated financial position
Equity ratio%

Net assets per share
Yen

As of December 31,2023

16,847

6,759

35.7

340.15

As of March 31, 2023

18,775

9,101

40.4

428.22(Reference) Total shareholders' equity
As of December 31, 2023: 6,021 millions of yen, As of March 31, 2023: 7,581 millions of yen

1

Japan Asia Investment Co., Ltd.
3rd Quarter of FY Mar. 2024

2. Dividends(Base date)Year ended March 31,
2023
Year ending March 31,2024
Year ending March 31,
2024 (forecast)End of first quarter
Yen

End of second quarter
Yen

Dividends per share
End of third quarter
Yen

－

0.00

－

－

0.00

－

End of year
Yen

Year
Yen

0.00

0.00

0.00

0.00

(Note) Revision of dividends forecast during the current quarterly period: None
3. Outlook for the fiscal year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
The overall private equity investment business conducted by the Group (including investment partnerships) is significantly affectedby changing factors such as stock markets, given the characteristics of the business. In addition, it has been difficult to forecast
results reasonably in the rapidly changing environment. Therefore, we do not disclose the results forecast. For the convenience ofinvestors and shareholders, however, we disclose “result forecast consolidated under the Previous Accounting Standard” eventhough it does not have enough rationality. For details, please refer to “2. Outlook for the fiscal year ending March 31, 2024 (April 1,
2023 to March 31, 2024)” on page 18 in this report.
The “result forecast consolidated under the Previous Accounting Standard” and any other forward-looking statements in thisdocument are based upon the information currently available to JAIC at the time of writing and certain assumptions. The
achievement is not promised. Numerous factors could cause actual results to differ materially from these forward-looking statements.
For details, please refer to “3. Business Performance and Financial Condition (3) Cautionary Statements with Respect to
Forward-looking Statements such as Consolidated Earnings Forecast under the Previous Accounting Standard” on page 20 in thisreport and “Notice of Revision on ‘Result Forecast Consolidated under the Previous Accounting Standard’ ” disclosed on Feb. 14,2024.
4. Other matters(1) Changes among significant subsidiaries (Changes among specific subsidiaries resulting in changes in the scope of
consolidation): Yes[New 1 company (company name: 1 Investment Fund), Excluded 1 company (company name: 1 Investment Fund)](2) Adoption of specific accounting methods for the preparation of quarterly consolidated financial statements: None
(3) Changes in accounting principles, accounting estimates and correction of prior period errors(i) Changes in accounting principles due to revisions to accounting standards: None(ii) Changes other than shown in (i) above: None(iii) Changes in accounting estimates: None(iv) Correction of prior period errors: None
(4) No. of shares issued and outstanding (common stock)(i) Shares issued and outstanding at
Nine months ended
the end of each period (including
December 31,2023:
treasury stock)(ii) Shares of treasury stock at theNine months ended
end of each period
December 31,2023:(ii) Average number of shares
Nine months ended
during the period (cumulative
December 31,2023:
quarterly consolidated period)

17,884,392
sharesYear ended March
31, 2023:

17,884,392
shares181,009
sharesYear ended March
31, 2023:

181,009
shares17,703,383
sharesNine months ended
December 31,2022:

17,703,383
shares*The above quarterly financial results are not subject to a quarterly review required under the Financial Instruments andExchange Act.
*Cautionary Statements with Respect to Forward-looking Statements and Other Notes
The additional materials of the financial results for the third quarter ended December 31, 2023 will be released on our website
on February 14, 2023.
The “result forecast consolidated under the Previous Accounting Standard” and any other forward-looking statements in this2Japan Asia Investment Co., Ltd.
3rd Quarter of FY Mar. 2024

document are based upon the information currently available to the Group at the time of writing and certain assumptions. The
achievement is not promised. Numerous factors could cause actual results to differ materially from these forward-looking
statements.
For details, please refer to “3. Business Performance and Financial Condition (3) Cautionary Statements with Respect to
Forward-looking Statements such as Consolidated Earnings Forecast under the Previous Accounting Standard” on page 20 inthis report and “Notice of Revision on ‘Result Forecast Consolidated under the Previous Accounting Standard’ ” disclosed on
Feb. 14, 2024.

3

Japan Asia Investment Co., Ltd.
3rd Quarter of FY Mar. 2024

1. Business Performance and Financial Condition(1) Breakdown of operating revenue and operating cost
(Millions of yen)
For nine months ended
December 31, 2022
(from April 1, 2022
to December 31, 2022)

For nine months ended
December 31, 2023
(from April 1, 2023
to December 31, 2023)

For the year ended
March 31, 2023
(from April 1, 2022
to March 31, 2023)

3,377

1,728

3,872

87

92

113

1,996

816

2,071

1,278

790

1,668

15

28

18

Total operating cost

2,053

1,586

2,453

Cost of securities sold

1,024

337

1,316

463

607

316

555

629

806

Other operating cost

9

11

12

Operating gross profit

1,324

142

1,419

For nine months ended
December 31, 2022
(from April 1, 2022
to December 31, 2022)

For nine months ended
December 31, 2023
(from April 1, 2023
to December 31, 2023)

Cash flow from operating activities

517

234

157

Cash flow from investing activities

(2)

1

0

Cash flow from financing activities

(806)

(828)

(806)

2,134

1,181

1,762

Total operating revenue
Management fees
Proceeds of sales of operational
investment securities
Fund interests income and Income
gains etc.
Other operating revenue

Investment write-offs & Provisionforallowanceforpossibleinvestment losses
Fund interests losses etc.

(2) Cash flows

Cash and cash equivalents at the endof period

4(Millions of yen)
For the year ended
March 31, 2023
(from April 1, 2022
to March 31, 2023)

Japan Asia Investment Co., Ltd.
3rd Quarter of FY Mar. 2024

(3) Breakdown of total assets(Millions of yen)
As of December 31, 2022
Amount(B)/(A)(%)

As of December 31, 2023
Amount(B)/(A)(%)

As of March 31, 2023
Amount(B)/(A)(%)

Total assets

19,393－

16,847－

18,775－

Cash and deposits

4,044

－

2,415

－

3,130

－

Property, plant and equipment

4,974

－

6,072

－

5,432

－

Operational Investment
Securities (A)

9,732

－

6,798

－

9,375

－

Allowance for Possible
Investment Loss (B)(1,743)

17.9

(965)

14.2

(1,588)16.9(4) Breakdown of Loans payable and bonds(Millions of yen）
As of December 31, 2022

As of December 31, 2023

As of March 31, 2023

Total of loans payable and bonds

9,048

9,114

8,993

Loans payable;
Non-consolidated base

5,137

4,314

5,137

Loans payable by project
finance and bonds;
Consolidated projects

3,911

4,799

3,856

5

Japan Asia Investment Co., Ltd.
3rd Quarter of FY Mar. 2024

2. Business Position(1) Investment activities (JAIC+Funds)i) Breakdown of new investment and new loan
For nine months ended
December 31, 2022
(from April 1, 2022
to December 31, 2022)
AmountNumber of (Millionsofcompanies
yen)

For nine months ended
December 31, 2023
(from April 1, 2023
to December 31, 2023)
AmountNumber of (Millionsofcompaniesyen)

For the year ended
March 31, 2023
(from April 1, 2022
to March 31, 2023)
AmountNumber of (Millionsofcompanies
yen)1) Area
Project investment subtotal

15

1,132

16

826

18

2,152

Japan

14

1,120

15

806

16

2,107

Southeast Asia etc.

1

12

1

19

2

45

8

1,198

9

1,105

10

1,408

Japan

8

1,198

9

1,105

10

1,408

China, Hong Kong, Taiwan
etc.

-

-

-

-

-

-

15

1,132

16

826

18

2,152

Renewable energy

6

668

4

287

6

1,034

Healthcare

2

58

7

197

2

58

Smart agriculture

1

105

-

-

1

170

Distribution center

1

130

1

200

2

620

Other

5

170

4

142

7

269

8

1,198

9

1,105

10

1,408

Strategic investment

2

170

3

130

3

200

Financial investment

6

1,028

6

975

7

1,208

23

2,330

25

1,932

28

3,561

Privatesubtotal

equityinvestment

2) Investment program
Project investment subtotal

Privatesubtotal

Total

equityinvestment(Note) Strategic investment is investment in partner companies in the projects for which the Group makes investment orprovides loans. Financial investment is investment in companies other than strategic investment.

6

Japan Asia Investment Co., Ltd.
3rd Quarter of FY Mar. 2024ii) Balance of investment and loan
As of December 31, 2022

As of December 31, 2023

Number ofcompanies

Amount(Millions ofyen)

Number ofcompanies

50

6,584

56

Japan

49

6,572

Southeast Asia etc.

1

Private equity investment
subtotal

Amount(Millions of
yen)

As of March 31, 2023
Number ofcompanies

Amount(Millions of
yen)

6,968

50

7,123

55

6,914

48

7,087

12

1

54

2

36

82

7,113

69

5,983

81

7,010

Japan

50

5,018

49

4,886

49

4,915

China, Hong Kong,
Taiwan etc.

32

2,094

20

1,096

32

2,094

50

6,584

56

6,968

50

7,123

Renewable energy

22

3,775

23

3,641

22

4,078

Healthcare

15

709

21

866

15

707

Smart agriculture

1

762

1

706

1

741

Distribution center

5

810

4

1,387

5

1,237

Other

7

526

7

366

7

358

Private equity investment
subtotal

82

7,113

69

5,983

81

7,010

Strategic investment

8

1,140

7

1,093

7

962

Financial investment

74

5,972

62

4,890

74

6,047

132

13,697125

12,951

131

14,133

1) Area
Project investment subtotal

2) Investment program
Project investment subtotal

Total(Note) Strategic investment is investment in partner companies in the projects for which the Group makes investment orprovides loans. Financial investment is investment in companies other than strategic investment.

7

Japan Asia Investment Co., Ltd.
3rd Quarter of FY Mar. 2024

(2) JAIC-Backed IPOs (JAIC+Funds)i) Number of IPOs
For nine months ended
December 31, 2022
(from April 1, 2022
to December 31, 2022)

For nine months ended
December 31, 2023
(from April 1, 2023
to December 31, 2023)

For the year ended
March 31, 2023
(from April 1, 2022
to March 31, 2023)

Number of IPOs (totalof Japan & overseas)

1 company

1 company

1 company

First price multiple(average of Japan &overseas)30.0 times

1.4 times

30.0 times

Note: First price multiple = Market value of shares held by the Group calculated at first price/Total our acquisition cost.
We do not include listed shares those we acquired by equity swaps when we calculate the first price multiple.
ii) JAIC-Backed IPOs
For nine months ended December 31, 2023 (from April 1, 2023 to December 31, 2023)
Company
Date ofMarketBusiness
Name
IPO
Operation of coin-operated parking
JAPAN SYSTEMBANK
14-Apr-23
NSE Mainlots, sales and maintenance of
CORPORATION
parking equipment
Fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)
Date ofCompany
MarketBusiness
Name
IPO
Research and development of drug
products, quasi-drugs, (an official
drug classification approved by
TMS Co., Ltd.
22-Nov-22
TSE Growth
Japanese MHLW for compoundswith mild pharmacological activity),
drug substances, medical devices,and medical commodities

8

Headquarters
Japan

Head
quartersJapan

Japan Asia Investment Co., Ltd.
3rd Quarter of FY Mar. 2024

(3) Management of Investment Funds(Funds for which JAIC and its Group are responsible for management and provision of essential information)i) Balance of funds under management
For nine months ended
December 31, 2022
(from April 1, 2022
to December 31, 2022)
Commitment Net asset
value ofamount of investment
Number of investment
funds
funds
funds

For nine months ended
December 31, 2023
(from April 1, 2023
to December 31, 2023)
Commitment Net asset
value ofamount of investment
Number of investment
funds
funds
funds

For the year ended
March 31, 2023
(from April 1, 2022
to March 31, 2023)
Commitment Net asset
value ofamount ofinvestment
Number of investment
funds
funds
funds

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

yen)

6

11,212

3,804

-

-

-

-

1,014

3

4,638

2,380

5,016

9

yen)

yen)

6

12,612

4,002

-

-

-

2,602

2

2,804

6,414

8

yen)

yen)

6

10,212

3,812

-

-

3

4,601

Duringoperation
periodMaturity is
being
extended
Duringliquidation
procedure
Total[Totalcommitment

9amount of

14,813[3,378]15,416[2,404]15,850[3,389]

6,185

JAIC group]ii) Funds during operation period (as of December 31, 2023)
Name of fund

Inception

Total
commitment
amount(Millions of yen)

Maturity

Features

Secondary investment fund targeting
JAIC Venture Capital
Investment L.P.

Feb. 2016

Feb. 2026

2,000

mainly venture companies in Japan.
Domestic leading financial institution
invested in this fund.
General partner of the Fund is a joint
venture between JAIC and Aozora Bank,

Succession Investment
Limited Partnership, I

Jun. 2017

Jun. 2027

3,000

Ltd. an affiliated company not covered by
the equity method.
Supporting the business succession needs of
SMEs in Japan.

JAIC-Solar Fund, L.P., II

Mar. 2020

Dec. 2039

1,359

Investment target of the Fund is mega solar
projects in operation.
JAIC and Asian Market Planning Co., Ltd.

Hokkaido SME Global
Fund, L.P.

jointly manage the Fund as Co-GP.
Apr. 2020

Dec. 2026

151

Investing in SMEs in Hokkaido that operateor aim to operate in oversea market and that
promote business to meet inbound demand9

Japan Asia Investment Co., Ltd.
3rd Quarter of FY Mar. 2024

Name of fund

Inception

Total
commitment
amountMaturity

Features(Millions ofyen)
Secondary investment fund targeting
mainly venture companies in Japan.

AJC Venture Capital
Investment Limited

Jun. 2021

Jun. 2031

1,001

Partnership

General partner of the Fund is a joint
venture between JAIC and Aozora Bank,
Ltd. an affiliated company not covered by
the equity method.
Supporting the business succession needs ofSuccession Investment
Limited Partnership, Ⅱ

Aug. 2022

Aug. 2032

5,101

SMEs in Japan. Managed by AJ CapitalCo., Ltd, a joint venture between JAIC and
Aozora Bank, Ltd.

Notes:
1. The amounts stated for funds denominated in foreign currencies are calculated based on the exchange rate prevailingon the final day of the fiscal year-end. Therefore, changes in assets under management include the amount affectedby exchange rates.
2. The total amount of fund is listed as the amount of commitment base.

10Japan Asia Investment Co., Ltd.
3rd Quarter of FY Mar. 2024
3. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Operational investment securities
Allowance for possible investment loss
Operating loans
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Vehicles, tools, furniture and fixtures
Accumulated depreciation
Vehicles, tools, furniture and fixtures, net
LandConstruction in progress
Total property, plant and equipment
Intangible assets
Power production facilities concessions
Other
Total intangible assets
Investments and other assets
Investment securities
Distressed receivables
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

11

As of December 31, 2023

3,130
9,375
(1,588)
204
515
(51)
11,587

2,415
6,798
(965)
204
392
(51)
8,794

980
(73)
906
3,421
(516)
2,904
175
(68)
106
201
1,313
5,432

1,275
(120)
1,155
3,995
(691)
3,303
230
(72)
158
428
1,027
6,072

1,080
168
1,248

1,124
139
1,264

61
104
445
(104)
506
7,188
18,775

68
103
647
(103)
715
8,052
16,847

Japan Asia Investment Co., Ltd.
3rd Quarter of FY Mar. 2024

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Short-term borrowings
Current portion of bonds payable
Accrued expenses
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Deferred tax liabilities
Retirement benefit liability
Asset retirement obligations
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

12

As of December 31, 2023

555
7
64
70
81
33
812

1,395
7
254
26
23
245
1,952

170
8,260
32
158
238
8,861
9,673

166
7,544
21
142
261
8,136
10,0885,426
3,631(1,867)
(353)
6,836

5,426
3,631
(3,150)
(353)
5,553

464

131

280
744
33
1,487
9,101
18,775

337
468
35
701
6,759
16,847

Japan Asia Investment Co., Ltd.
3rd Quarter of FY Mar. 2024
(2) Consolidated Statements of Income

Operating revenue
Operating costs
Operating gross profit
Selling, general and administrative expenses
Operating profit (loss)
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Rental income from facilities
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Miscellaneous losses
Total non-operating expenses
Ordinary profit (loss)
Extraordinary income
Gain on reversal of share acquisition rights
Insurance claim income
Subsidy income
Total extraordinary income
Extraordinary losses
Loss on tax purpose reduction entry of non-current
assetsLoss on valuation of investment securities
Other
Total extraordinary losses
Profit (loss) before income taxes
Income taxes - current
Total income taxes
Profit (loss)
Profit attributable to non-controlling interests
Loss attributable to owners of parent

13

For nine months ended
December 31, 2022
(from April 1, 2022 to
December 31, 2022)
3,377
2,053
1,324
1,091
233

(Millions of yen)
For nine months ended
December 31, 2023
(from April 1, 2023 to
December 31, 2023)
1,728
1,586
142
972
(829)

3
1
28
2
0
36

3
1
12
3
0
21

142
0
142
127

132
1
134
(942)

0
0
－
1

－
－
34
34

－

34

9
0
9
119
90
90
29
132
(103)

－
0
34
(943)
4
4
(947)
326
(1,273)

Japan Asia Investment Co., Ltd.
3rd Quarter of FY Mar. 2024
(3) Consolidated Statements of Comprehensive Income

29(Millions of yen)
For nine months ended
December 31, 2023
(from April 1, 2023 to
December 31, 2023)
(947)

996
(3)

(1,046)
51

(18)

5

973
1,003

(989)
(1,936)Comprehensive income attributable to owners ofparent(36)(1,549)Comprehensive income attributable to non-controllinginterests

1,040

(386)

For nine months ended
December 31, 2022
(from April 1, 2022 to
December 31, 2022)
Profit (loss)
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to14

Japan Asia Investment Co., Ltd.
3rd Quarter of FY Mar. 2024

(4) Consolidated Statements of Cash Flows(Millions of yen)
For nine months ended
December 31, 2023
(from April 1, 2023 to
December 31, 2023)

For nine months ended
December 31, 2022
(from April 1, 2022 to
December 31, 2022)
Cash flows from operating activities
Profit (loss) before income taxes
Depreciation
Increase (decrease) in allowance for investment loss

119
42
435

(943)
35
(10)

Increase (decrease) in allowance for doubtful accounts(0)1

Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Loss (gain) on valuation of investment securities

(34)
11
(2)
68
9

(57)
(16)
(3)
55
－

Loss on valuation of operational investment securities

－

23

52

623

(57)
0
(1,387)
1,435

(195)
0
(1,033)
2,018

(110)

(208)

(14)
567
2
(86)
(27)
61
517

(240)
49
3
(71)
(21)
274
234

(2)
(2)

1
1

(806)
(806)

(828)
(828)

27

12

(263)
2,397
2,134

(580)
1,762
1,181

Decrease (increase) in operational investment
securities
Decrease (increase) in operating loans receivable
Decrease (increase) in distressed receivables
Payment for purchase of investment funds
Dividends from investment funds
Increase (decrease) in investment funds of minority
interest
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities
Cash flows from investing activities
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Repayments of long-term borrowings
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

15

Japan Asia Investment Co., Ltd.
3rd Quarter of FY Mar. 2024

(5) Notes on Quarterly Consolidated Financial Statements(Notice Concerning Notes on Matters Regarding the Assumption of Going Concern)
No applicable items(Notice Concerning Notes on Significant Changes in Shareholder’s Equity)
No applicable items

16

Japan Asia Investment Co., Ltd.
3rd Quarter of FY Mar. 2024

Information for Reference Purposes:
Consolidated Financial Results
for the Third Quarter December 31, 2023
February 14, 2024

Consolidated Financial Statements, etc., under the Previous Accounting Standards
for the Third Quarter Ended December 31, 2023 (As of December 31, 2023)

Disclosure of consolidated financial statements, etc., under the Previous accounting standards
As of Fiscal year ended March 31, 2007 the JAIC Group has adopted “Practical Solution on Application of Control Criteria and Influence
Criteria to Investment Associations” (Accounting Standards Board of Japan Practical Issues Task Force No. 20 issued on September 8, 2006),
and consolidated financial statements, etc., are being prepared with the inclusion in the consolidation of some of the operational investment
funds managed by the Group.
Nevertheless, to enable investors and shareholders to have an accurate understanding of the JAIC Group’s business results and financial position,
we consider it essential also to disclose financial statements, etc., prepared in accordance with the previous accounting standards. Therefore,
for reference purposes, the Group will continue to disclose financial statements, etc., in accordance with the previous accounting standards.

(Throughout this report, fractional amounts have been rounded down to the nearest one million yen.)
1. Consolidated business results for the third quarter ended December 31, 2023 (April 1, 2023 to December 31, 2023)(1) Consolidated results of operations (cumulative total)(Percentages indicate year-on-year increase or decrease)
Operating revenue

Operating income

Ordinary income

Millions of yen % change

Millions of yen % change

Millions of yen % change

For nine months ended
December 31, 2023
For nine months ended
December 31, 2022

Profit attributable toowners of parent
Millions of yen % change

549(79.6)(1,115)－(1,151)－(1,155)

－

2,688

53.4

49

－

17

－

(80)

－

Yen

Diluted net income
per shareYen(65.25)－(4.54)－Net income per share
For nine months ended
December 31, 2023
For nine months ended
December 31, 2022

(2) Consolidated financial position
Total assets

Net assets

Millions of yen

Millions of yen%

Yen

As of December 31, 2023

10,978

6,151

55.7

345.44As of March 31, 2023

13,413

7,552

56.1

424.68(Reference) Total shareholders' equity:
As of December 31, 2023: 6,115 millions of yen
As of March 31, 2023: 7,518 millions of yen

17

Equity ratio

Net assets per shareJapan Asia Investment Co., Ltd.
3rd Quarter of FY Mar. 2024
2. Outlook for the fiscal year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
The private equity investment business conducted by the Group will be significantly affected by changing factors such as stock markets, given
the characteristics of the business. In addition, it has been difficult to forecast results reasonably in the rapidly changing environment. For theconvenience of investors and shareholders, however, we disclose “result forecast consolidated under the Previous Accounting Standard” eventhough it does not have enough rationality.
(Percentages indicate changes from the corresponding period of the previous fiscal year)
Operating revenue

For the year ending
March 31, 2024

Operating income

Ordinary income

Millions of yen% change

Millions of yen% change

Millions of yen% change

950
～
2,300

(68.5)～(23.8)(1,450)
～
(400)

―
～
―

(1,500)
～
(450)

―
～
―

Profit attributable to ownersof parent
Millions of yen% change(1,500)
～
(450)

―
～
―

Net income per share
Yen
For the year ending
March 31, 2024

(84.7)～(25.4)(Note) Revision from the latest earnings forecast: Yes
Net income per share in the above table is calculated by the number of shares issued and outstanding (excluding treasury stock) as of December
31, 2023.
The “result forecast consolidated under the Previous Accounting Standard” and any other forward-looking statements in this document are
based upon the information currently available to JAIC at the time of writing and certain assumptions. The achievement is not promised.
Numerous factors could cause actual results to differ materially from these forward-looking statements.
For details, please refer to “3. Business Performance and Financial Condition (3) Cautionary Statements with Respect to Forward-looking
Statements such as Consolidated Earnings Forecast under the Previous Accounting Standard” on page 20 in this report and “Notice ofRevision on ‘Result Forecast Consolidated under the Previous Accounting Standard’ ” disclosed on Feb. 14, 2024.

18

Japan Asia Investment Co., Ltd.
3rd Quarter of FY Mar. 2024

3. Business Performance and Financial Condition(1) Breakdown of operating revenue and operating cost

(Millions of yen)

For nine months ended
December 31, 2022
(from April 1, 2022
to December 31, 2022)

For nine months ended
December 31, 2023
(from April 1, 2023
to December 31, 2023)

For the year ended
March 31, 2023
(from April 1, 2022
to March 31, 2023)

2,688

549

3,017

103

115

134

1,983

335

2,057

568

47

781

34

50

44

Total operating cost

1,774

879

2,056

Cost of securities sold

1,019

179

1,311

450

491

304

293

196

426

Other operating cost

9

11

12

Operating gross profit

914

(329)

961

Total operating revenue
Management fees
Proceeds of sales of operational
investment securities
Fund interests income and Income
gains etc.
Other operating revenue

Investment write-offs & Provisionforallowanceforpossibleinvestment losses
Fund interests losses etc.

(2) Asset, Liability and Net asset(Millions of yen)
As of December 31, 2022

As of December 31, 2023

As of March 31, 2023

Total asset

13,517

10,97813,413

Total liabilities

5,711

4,826

5,860

5,137

4,314

5,142

7,805

6,151

7,552

7,772

6,115

7,518

Loans payable
Total net asset
Total shareholders’ equity

19

Japan Asia Investment Co., Ltd.
3rd Quarter of FY Mar. 2024
(3) Cautionary Statements with Respect to Forward-looking Statements such as Consolidated Earnings Forecast under the Previous
Accounting Standard
JAIC has revised its “Result Forecast Consolidated under the Previous Accounting Standard” for fiscal year ending March 31, 2024
(from April 1, 2023 to March 31, 2024), previously announced on May 15, 2023. For details, please refer to “Notice of Revision on‘Result Forecast Consolidated under the Previous Accounting Standard’ ” disclosed on Feb. 14, 2024.
The “result forecast consolidated under the Previous Accounting Standard” and any other forward-looking statements in thisdocument are based upon the information currently available to JAIC at the time of writing and certain assumptions. The achievement
is not promised. Numerous factors could cause actual results to differ materially from these forward-looking statements.

20

Japan Asia Investment Co., Ltd.
3rd Quarter of FY Mar. 2024
4. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Operational investment securities
Allowance for investment losses
Operating loans
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Vehicles, tools, furniture and fixtures
Accumulated depreciation
Vehicles, tools, furniture and fixtures, net
Land
Total property, plant and equipment
Intangible assets
Other
Total intangible assets
Investments and other assets
Investment securities
Distressed receivables
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

21

As of December 31, 2023

2,464
10,878(1,252)
716
374
(51)
13,129

1,611
9,081
(933)
911
108
(53)
10,726

39
(8)
31
60
(50)
9
0
40

38
(9)
29
59
(52)
7
0
37

150
150

118
118

61
0
31
(0)
92
283
13,413

68
－
28
－
96
252
10,978

Japan Asia Investment Co., Ltd.
3rd Quarter of FY Mar. 2024

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Short-term borrowings
Accrued expenses
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Deferred tax liabilities
Retirement benefit liability
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

22

As of December 31, 2023

316
44
70
81
330
843

318
53
25
23
246
666

4,825
32
158
5,016
5,860

3,996
21
142
4,159
4,826

5,426
3,505
(1,779)
(353)
6,799

5,426
3,505
(2,934)
(353)
5,643

654

368

64
719
33
0
7,552
13,413

103
471
35
0
6,151
10,978

Japan Asia Investment Co., Ltd.
3rd Quarter of FY Mar. 2024
(2) Consolidated Statements of Income

For nine months ended
December 31, 2022
(from April 1, 2022 to
December 31, 2022)
2,688
1,774
914
864
49

Operating revenue
Operating costs
Operating gross profit (ｌoss)
Selling, general and administrative expenses
Operating profit (loss)
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Rental income from facilities
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Miscellaneous losses
Total non-operating expenses
Ordinary profit (loss)
Extraordinary income
Gain on reversal of share acquisition rights
Total extraordinary income
Extraordinary losses
Loss on sales and retirement of non-current assets
Loss on valuation of investment securities
Other
Total extraordinary losses
Profit (loss) before income taxes
Income taxes - current
Total income taxes
Loss
Loss attributable to non-controlling interests
Loss attributable to owners of parent

23(Millions of yen)
For nine months ended
December 31, 2023
(from April 1, 2023 to
December 31, 2023)
549
879
(329)
785
(1,115)

3
1
28
2
0
36

3
1
12
3
0
21

68
0
68
17

55
1
57
(1,151)

0
0

－
－

0
9
0
9
9
89
89
(80)
－
(80)

0
－
－
0
(1,151)
3
3(1,155)(0)(1,155)