Japan Asia Investment Co., Ltd.
Fund Consolidation

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

Consolidated Financial Results
for the First Quarter Ended June 30, 2020
[Japanese Standards](Summary of Japanese announcement)
August 14, 2020
Company name:

Japan Asia Investment Co., Ltd.

Listed on:First Section of the Tokyo Stock Exchange (Stock code: 8518)

Head office:Tokyo

Representative:

Tetsuro Shimomura, President and CEO

Contact:

Kenji Kishimoto, Executive Officer

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

Tel: +81-3-3259-8518 (main)
Scheduled date for submission of quarterly report: August 14, 2020
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 first quarter ended June 30, 2020 (April 1, 2020 to June 30, 2020)(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 three months ended
June 30, 2020

617

27.8

(185)

－

(232)

－

(245)

－

For three months ended
June 30, 2019

483

14.3

(57)

－

(126)

－

(143)

－

(Note) Comprehensive Income
For three months ended June 30, 2020: (274) millions of yen (－%)
For three months ended June 30, 2019: (244) millions of yen (－%)

Yen

Diluted net income
per share
Yen(13.85)－(8.09)－Net income per share
For three months ended
June 30, 2020
For three months ended
June 30, 2019(2) Consolidated financial position
Equity ratio

Net assets per share

Total assets

Net assets

Millions of yen

Millions of yen%

Yen

As of June 30, 2020

30,459

8,538

22.7

390.93As of March 31, 2020

28,548

8,716

25.3

407.79(Reference) Total shareholders' equity As of June 30, 2020: 6,920 millions of yen

1

As of March 31, 2020: 7,219 millions of yen

Japan Asia Investment Co., Ltd.
Fund Consolidation

2. Dividends(Base date)Year ended March 31,
2020
Year ending March 31,
2021
Year ending March 31,
2021 (forecast)End of first quarter
Yen－

End of second quarter
Yen

Dividends per share
End of third quarter
Yen

End of year
Yen

Year
Yen

0.00

－

0.00

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, 2021 (from April 1, 2020 to March 31, 2021)
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 doesn’t have enough rationality.
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. Various factors could cause actual results to differ materially from these result forecasts.
For details, please refer to “2. Outlook for the fiscal year ending March 31, 2021 (April 1, 2020 to March 31, 2021)” on page 17 inthis report, “2. Outlook for the fiscal year ending March 31, 2021 (April 1, 2020 to March 31, 2021)” on page 21 in “Consolidated
Financial Results for the Year Ended March 31, 2020 [Japanese Standards] (Summary of Japanese announcement)” disclosed on
May 15, 2020 and “Notice of Revision on “Result Forecast Consolidated Under the Previous Accounting Standard” for the First
Half of FY March 2021” disclosed on August 14, 2020.
4. Other matters(1) Changes among significant subsidiaries (Changes among specific subsidiaries resulting in changes in the scope of
consolidation): None
[New - company (company name: -)Excluded - company (company name: -)](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
Three months ended
the end of each period (including
June 30, 2020:
treasury stock)(ii) Shares of treasury stock at theThree months ended
end of each period
June 30, 2020:(ii) Average number of shares
Three months ended
during the period (cumulative
June 30, 2020:
quarterly consolidated period)

17,884,392
shares181,009
shares17,703,383
sharesYear ended March
31, 2020:
Year ended
31, 2020:

17,884,392
sharesMarch

181,009
sharesThree months ended
June 30, 201917,703,383
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 first quarter ended June 30, 2020 will be released on our website
by August 14, 2020.
The “result forecast consolidated under the Previous Accounting Standard” and any other forward-looking statements inthis document are based upon the information currently available to the Group at the time of writing and certain
assumptions. The achievement is not promised. Various factors could cause actual results to differ materially from these2

Japan Asia Investment Co., Ltd.
Fund Consolidation

result forecasts. For details, please refer to “2. Outlook for the fiscal year ending March 31, 2021 (April 1, 2020 to March
31, 2021)” on page 17 in this report, “2. Outlook for the fiscal year ending March 31, 2021 (April 1, 2020 to March 31,2021)” on page 21 in “Consolidated Financial Results for the Year Ended March 31, 2020 [Japanese Standards] (Summaryof Japanese announcement)” disclosed on May 15, 2020 and “Notice of Revision on “Result Forecast Consolidated Under
the Previous Accounting Standard” for the First Half of FY March 2021” disclosed on August 14, 2020.

3

Japan Asia Investment Co., Ltd.
Fund Consolidation

1. Business Performance and Financial Condition(1) Breakdown of operating revenue and operating cost
(Millions of yen)
For three months ended
June 30, 2019(from April 1, 2019
to June 30, 2019)

For three months ended
June 30, 2020
(from April 1, 2020
to June 30, 2020)

For the year ended
March 31, 2020
(from April 1, 2019
to March 31, 2020)

Total operating revenue (A)

483

617

3,950

Management fees

35

33

134

113

75

2,768

328

502

1,028

Other operating revenue

5

6

19

Total operating cost (C)

190

464

1,956

55

20

1,051

15

0

283

118

441

617

1

1

5

Operating gross profit (A) - (C)

292

153

1,993

Realized capital gains (B) - (D)

58

54

1,717

Investment income

43

54

1,434

For three months ended
June 30, 2019(from April 1, 2019
to June 30, 2019)

For three months ended
June 30, 2020
(from April 1, 2020
to June 30, 2020)

Cash flow from operating activities

(187)

28

124

Cash flow from investing activities

43

39

147

Cash flow from financing activities

(896)

(513)

(1,617)

3,048

2,274

2,723

Proceeds of sales of operational
investment securities (B)Fund interests income and Income
gains etc.

Cost of securities sold(D)

Investment write-offs & Provision
for allowance for possible
investment losses (E)Fund interests losses etc.
Other operating cost(B) - (D) – (E)(2) Cash flows

Cash and cash equivalents at the endof period

4(Millions of yen)
For the year ended
March 31, 2020
(from April 1, 2019
to March 31, 2020)

Japan Asia Investment Co., Ltd.
Fund Consolidation(3) Breakdown of total assets(Millions of yen)
As of June 30, 2019
Amount(B)/(A)(%)

As of June 30, 2020
Amount(B)/(A)(%)

As of March 31, 2020
Amount(B)/(A)(%)

Total assets

28,974－30,459－28,548－Cash and deposits

5,426

－

4,592

－

4,520

－

Property, plant and equipment

12,278－13,527－

12,119－Operational Investment Securities(A)

10,317

－

9,786

－

9,848

－

Allowance for Possible
Investment Loss (B)(1,514)14.7(1,568)16.0(1,574)

16.0(4) Breakdown of Loans payable(Millions of yen）
As of June 30, 2019

As of June 30, 2020

As of March 31, 2020

Total of loans payable and bonds

19,984

20,715

17,334Loans payable;
Non-consolidated base

8,887

7,653

8,166

Loans payable by Project financeand bonds ;Consolidated projects

11,096

13,062

9,167

5

Japan Asia Investment Co., Ltd.
Fund Consolidation

2. Business Position(1) Investment activities (JAIC+Funds)i) Breakdown of new investment
For three months ended
June 30, 2019(from April 1, 2019
to June 30, 2019)
AmountNumber ofcompanies (Millions ofyen)or projects

For three months ended
June 30, 2020
(from April 1, 2020
to June 30, 2020)
Number ofAmountcompanies or (Millions ofprojects
yen)

For the year ended
March 31, 2020
(from April 1, 2019 toMarch 31, 2020)
Number ofAmountcompanies (Millions ofor projects
yen)

Area
Japan

9

1,144

4

464

22

3,374

China, Hong Kong, Taiwan etc.

－

－

－

－

－

－

4

380

3

280

10

2,150

5

764

1

184

12

1,224

1

152

Industry
Project Oriented Investment
Private Equity Investment
Sub total
QOL(Quality of Life)
IT/Internet
Machinery/ Precision machine
Service
Others
Total

52

－

－

2

1

77

－

－

2

112

1

260

－

－

2

379

1

25

－

－

3

117

1

350

1

184

3

461

9

1,144

4

464

22

3,374

ii) Balance of investment
As of June 30, 2019

As of June 30, 2020

As of March 31, 2020

AmountNumber ofAmountNumber ofAmountNumber of(Millionsofcompanies
or(Millionsofcompanies
or(Millionsofcompanies
yen)projectsyen)projectsyen)or projects
Area
Japan
China, Hong Kong, Taiwan etc.

85

9,645

84

10,93084

10,512

52

5,305

45

4,581

46

4,589

29

5,923

32

6,951

32

6,696

108

9,026

97

8,560

98

8,405

29

3,593

24

3,123

24

3,123

46

2,060

40

1,846

40

1,854

7

684

6

748

7

748

14

1,179

14

1,049

15

1,070

12

1,508

13

1,792

12

1,608

137

14,950129

15,512130

15,101

Industry
Project Oriented Investment
Private Equity Investment
Sub total
QOL(Quality of Life)
IT/Internet
Machinery/ Precision machine
Service
OthersTotal

Note:
1. QOL (Quality of Life); Biotechnology, Medical Service, Welfare Service, Medical Device, Drug Medicine, etc.
2. The aggregation method has been changed from the 3rd quarter of FY Mar 2020 to better reflect JAIC’s investment
performance. In the past, investments in funds managed by third parties other than JAIC, for which the JAIC Groupis not involved in fund management, had not been included. However, from the 3rd quarter of FY Mar 2020,
investments in such funds for which the investment targets are specified etc. have been included. As a result, theamount of new investments in project oriented investment for FY Mar 2020 and balance of project oriented
investments as of March 31, 2020 increased by 823 million yen respectively compared with the amount aggregatedby using the previous method. The balance of project oriented investments as of June 30, 2020 also increased by 822
million yen compared with the amount aggregated by using the previous method. On the other hand, there are noeffect on the figures of the 1st quarter of FY 2020 from this change in the aggregation method.
6

Japan Asia Investment Co., Ltd.
Fund Consolidation(2)JAIC-Backed IPOs (JAIC+Funds)i)Number of IPOs

Japan
Overseas
Total

For three months ended
June 30, 2019(from April 1, 2019
to June 30, 2019)－－－

For three months ended
June 30, 2020
(from April 1, 2020
to June 30, 2020)－－－

For the year ended
March 31, 2020
(from April 1, 2019
to March 31, 2020)
3 companies
1 company
4 companiesii) First price multiple
For three months ended
For three months ended
For the year ended
June 30, 2019
June 30, 2020
March 31, 2020
(from April 1, 2019(from April 1, 2020
(from April 1, 2019
to June 30, 2019)
to June 30, 2020)
to March 31, 2020)
Japan
－
－
5.2 times
Overseas－－
8.6 times
Note: First price multiple = Gross market capitalization at first price/Total our acquisition cost. However, the calculationof the first price multiple does not include the number of companies whose listed shares the group acquired as aresult of equity swaps.
iii) JAIC-Backed IPOs
Fiscal year ended March 31, 2020 (from April 1, 2019 to March 31, 2020)
Company
Date ofMarketBusiness
Name
IPO
Research, development, manufactureand sales of pharmaceuticals andmedical devices that promote
regeneration of damaged tissues by
StemRIM
9-Aug-19
TSE Mothers
activating and utilizing patient’s own
stem cells in the body, and genetherapy products for intractablediseases'"Secure Cloud Systems Business"
which provides an enterprise's Core
Systems as cloud computing
PBsystems, Inc.
12-Sep-19
FSE Q-Board
systems, and "Emotional Systems
Business" which manufactures andsells VR-theater "4D king"
NASDAQ
Operator of "房多多", china's largest
Fangdd Network Group Ltd. 1-Nov-19
Globalonline real estate marketplace
Consulting for Judo therapy
establishments，Insurance agency，Ligua Inc.
13-Mar-20
TSE Mothers
Financial adviser and Independent
contractor management
For three months ended June 30, 2020 (from April 1, 2020 to June 30, 2020)
No applicable items

7

Headquarters

Japan

Japan

China
Japan

Japan Asia Investment Co., Ltd.
Fund Consolidation(3) Management of Investment Funds (Funds for which JAIC and its Group are responsible formanagement and provision of essential information)i) Balance of funds under management
As of June 30, 2019
As of June 30, 2020
Total commitment amount in investment
16,150
16,480funds (Millions of yen)
(5,216)(4,887)(Total commitment amount of JAIC group)
No. of funds
1011
Note: Funds being wound up after their maturity are not included in the data above.

As of March 31, 2020
17,390(5,163)11ii) Funds newly established or those commitment amount increased
For three months ended June 30, 2019 (from April 1, 2019 to June 30, 2019)
Newly established
Total commitment amount in investment
funds (Millions of yen)
No. of funds

Commitment amount increased
Total commitment(Millions of yen )No. of funds－－

amountincreased－－

For three months ended June 30, 2020 (from April 1, 2020 to June 30, 2020)
Newly established
Total commitment amount in investment
funds (Millions of yen)
No. of funds

Commitment amount increased
Total commitment(Millions of yen)
No. of funds

151
1

amountincreased－－

For the year ended March 31, 2020 (from April 1, 2019 to March 31, 2020)
Newly established
Total commitment amount in investment
funds (Millions of yen)
No. of funds

Commitment amount increased
Total commitment(Millions of yen)
No. of funds

1,359
1

amountincreased－－iii) Details of funds newly established or those commitment amount increased
For three months ended June 30, 2019 (from April 1, 2019 to June 30, 2019)No applicable items
For three months ended June 30, 2020 (from April 1, 2020 to June 30, 2020)
Date of
Total commitment amount
Name of fundMain investment targets
establishment(Millions of yen)
SMEs in Hokkaido those intend to grow the
Hokkaido SME Global
business through overseas expansion and
April 2020
151
Fund, L.P.
incorporation of demand related to inboundtourism
For the year ended March 31, 2020 (from April 1, 2019 to March 31, 2020)
Date of
Total commitment amountcommitment
Name of fundincreased
Main investment targets
amount(Millions of yen)increased
JAIC-Solar Fund, L.P.,
March 2020
1,359
Mega solar projects in operation
Ⅱ

8

Japan Asia Investment Co., Ltd.
Fund Consolidationiv) Funds to reach maturity within three years from the fiscal year-end
For the year ending
March 31, 2021
(from April 1, 2020
to March 31, 2021)
Total commitment amount in investment
9,470
funds (Millions of yen)
No. of funds

6

For the year ending
March 31, 2022
(from April 1, 2021
to March 31, 2022)

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

500

－

1

－

Notes to tables i) to ⅳ) above:
1. The amounts stated for funds denominated in foreign currencies are calculated on the basis of the exchange rate
prevailing on the final day of the fiscal year-end. Therefore, changes in assets under management include the amountaffected by exchange rates.
2. The total amount of fund is listed as the amount of commitment base.

9Japan Asia Investment Co., Ltd.
Fund Consolidation
3. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of June 30, 2020

As of March 31, 2020
AssetsCurrent assets
Cash and deposits

4,520

Operational investment securities

4,592

9,848

9,786

(1,574)(1,568)Operating loans

204

204

Other

767

1,229

13,767

14,244

Buildings and structures

29

204

Accumulated depreciation

(17)

(23)

Buildings and structures, net

12

180

Machinery and equipment

8,826

11,335

Accumulated depreciation

(373)

(533)

Machinery and equipment, net

Allowance for possible investment loss

Total current assets
Non-current assets
Property, plant and equipment

8,452

10,802

Vehicles, tools, furniture and fixtures

71

72

Accumulated depreciation

(63)

(64)

7

8

Vehicles, tools, furniture and fixtures, net
Land

87

100

Construction in progress

3,559

2,435

Total property, plant and equipment

12,11913,527

1,491

1,426

228

241

1,719

1,667

Investment securities

386

377

Distressed receivables

64

61

Other

509

597

Allowance for doubtful accounts

(18)

(16)

Total investments and other assets

941

1,019

Total non-current assets

14,78016,214

Total assets

28,54830,459Intangible assets
Power production facilities concessions
Other
Total intangible assets
Investments and other assets

10Japan Asia Investment Co., Ltd.
Fund Consolidation(Millions of yen)
As of March 31, 2020

As of June 30, 2020

Liabilities
Current liabilities
Short-term borrowings
Current portion of bonds payable
Accrued expenses

1,403

2,188

540

1,648

1,756

444

Income taxes payable

80

31

Provision for bonuses

64

18

Other

31

42

3,876

4,373

－

191

Long-term borrowings

15,39016,686

Deferred tax liabilities

10

18

Total current liabilities
Non-current liabilities
Bonds payable

Retirement benefit liability

123

128

Asset retirement obligations

431

521

Total non-current liabilities

15,955

17,547

Total liabilities

19,832

21,920Share capital

5,426

5,426

Capital surplus

3,408

3,408

Net assets
Shareholders' equity

Retained earnings(1,608)(1,853)

Treasury shares

(353)

(353)

Total shareholders' equity

6,871

6,626

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

194

150

Foreign currency translation adjustment

152

143

Total accumulated other comprehensive income

347

293

Share acquisition rights

25

25

Non-controlling interests

1,472

1,591

Total net assets

8,716

8,538

Total liabilities and net assets

28,54830,45911

Japan Asia Investment Co., Ltd.
Fund Consolidation(2) Consolidated Statements of Income(Millions of yen)
For three months ended
June 30, 2020
(from April 1, 2020
to June 30, 2020)

For three months ended
June 30, 2019(from April 1, 2019
to June 30, 2019)
Operating revenue

483

617

Operating costs

190

464

Operating gross profit

292

153

Selling, general and administrative expenses

350

338

Operating loss

(57)

(185)

Interest income

1

1

Dividend income

31

Foreign exchange gains

03

Gain on investments in investment partnerships

6

26

Miscellaneous income

1

1

Total non-operating income

1234Interest expenses

82

81

Miscellaneous loss

0－

Non-operating income

Non-operating expenses

Total non-operating expenses
Ordinary loss

82

81

(126)

(232)

Extraordinary income
Gain on redemption of investment securities－

8

Gain on liquidation of subsidiaries and associates

3－

Gain on sales of shares of subsidiaries and associates

4

－

Other

0

0

Total extraordinary income

7

8

－

0

Extraordinary losses
Loss on redemption of investment securities
Total extraordinary losses
Loss before income taxes

－

0

(119)

(224)

Income taxes - current

3

3

Total income taxes

3

3

(123)

(227)

20

17

(143)

(245)

Loss
Profit attributable to non-controlling interests
Loss attributable to owners of parent

12

Japan Asia Investment Co., Ltd.
Fund Consolidation(3) Consolidated Statements of Comprehensive Income
For three months ended
June 30, 2019(from April 1, 2019
to June 30, 2019)
Loss

(123)

(Millions of yen)
For three months ended
June 30, 2020
(from April 1, 2020
to June 30, 2020)(227)

Other comprehensive income
Valuation difference on available-for-sale securities

(105)

44

Foreign currency translation adjustment

(2)

(8)

Share of other comprehensive income of entities
accounted for using equity method

(12)

(81)

Total other comprehensive income

(121)

(46)

(244)

(274)

Comprehensive income attributable to owners ofparent

(225)

(298)

Comprehensive income attributable to non-controllinginterests

(19)

24

Comprehensive income
Comprehensive income attributable to13

Japan Asia Investment Co., Ltd.
Fund Consolidation(4) Consolidated Statements of Cash Flows(Millions of yen)
For three months ended
June 30, 2020
(from April 1, 2020
to June 30, 2020)

For three months ended
June 30, 2019(from April 1, 2019
to June 30, 2019)
Cash flows from operating activities
Loss before income taxes

(119)

(224)

Depreciation

3

9

Increase (decrease) in allowance for investment loss

(0)

(2)

Increase (decrease) in allowance for doubtful accounts

(5)

(1)

Increase (decrease) in provision for bonuses

(39)

(45)

Increase (decrease) in retirement benefit liability

34Interest and dividend income

(4)

(2)

Interest expenses

40

34

Loss (gain) on investments in investment partnerships

(6)

(26)

Loss on valuation of operational investment securities

0－

Decrease (increase) in investment securities for sale

(314)

122

Decrease (increase) in operating loans receivable

－

(58)

Decrease (increase) in distressed receivables

7

2

Payment for purchase of investment funds

(144)

(295)

Dividends from investment funds

492

648

Increase (decrease) in investment funds of noncontrolling interest

(19)

(13)

Other, net

(13)

(61)

Subtotal

(118)

90

Interest and dividends received

4

2

(62)

(53)

(10)
(187)

(12)
28

(3)

(9)

0

4

Proceeds from redemption of investment securities

47

38

Other, net(0)6

Net cash provided by (used in) investing activities

43

39

(896)

(513)

(0)

－

(896)

(513)

5

(3)

Net increase (decrease) in cash and cash equivalents(1,034)(449)

Cash and cash equivalents at beginning of period

4,082

2,723

Cash and cash equivalents at end of period

3,048

2,274

Interest paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of intangible assets
Proceeds from sales of investment securities

Cash flows from financing activities
Repayments of long-term borrowings
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash
equivalents

14

Japan Asia Investment Co., Ltd.
Fund Consolidation(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

15

Japan Asia Investment Co., Ltd.
Previous Accounting Standard

Information for Reference Purposes:
Consolidated Financial Results
for the First Quarter Ended June 30, 2020
August 14, 2020

Consolidated Financial Statements, etc., under the Previous Accounting Standards
for the First Quarter Ended June 30, 2020

(As of June 30, 2020)

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 first quarter ended June 30, 2020 (April 1, 2020 to June 30, 2020)(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 three months ended
June 30, 2020
For three months ended
June 30, 2019

282

43.6

(246)

－

(246)

－

(241)

－

196

3.7

(118)

－

(146)

－

(142)

－

Yen

Diluted net income
per shareYen(13.65)－(8.07)－Net income per share
For three months ended
June 30, 2020
For three months ended
June 30, 2019(2) Consolidated financial position
Total assets

Net assets

Millions of yen

Millions of yen%

Yen

As of June 30, 2020

14,877

6,954

46.6

391.39As of March 31, 2020

15,800

7,248

45.7

408.06(Reference) Total shareholders' equity

Equity ratio

Net assets per share

As of June 30, 2020: 6,928 millions of yen, As of March 31, 2020: 7,223 millions of yen

16

Japan Asia Investment Co., Ltd.
Previous Accounting Standard
2. Outlook for the fiscal year ending March 31, 2021 (from April 1, 2020 to March 31, 2021)
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 the convenience of investors and shareholders, however, we disclose “result forecast consolidated under the Previous AccountingStandard” even though it doesn’t have enough rationality.
(Percentages indicate changes from the corresponding period of the previous fiscal year)
Operating revenue
For six months ending
September 30, 2020
For the year ending
March 31, 2021

Operating income

Ordinary income

Profit attributable to ownersof parent
Millions of yen% change

Millions of yen% change

Millions of yen% change

Millions of yen% change

670

(3.1)

(390)

－

(420)

－

(440)

－

3,250

17.7

350

31.9

200

42.0

180

(40.5)Net income per share
Yen
For six months ending
September 30, 2020
For the year ending
March 31, 2021

(24.85)
10.17(Note) Revision of dividends forecast during the current quarterly period: Yes
For details, please refer to “Notice of Revision to “Result Forecast Consolidated Under the Previous Accounting Standard” disclosed on
August 14, 2020.
Net income per share in above chart is calculated by the number of shares issued and outstanding excluding the number of shares oftreasury stock as at June 30, 2020.
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.
Various factors could cause actual results to differ materially from these result forecasts.
For details, please refer to “2. Outlook for the fiscal year ending March 31, 2021 (April 1, 2020 to March 31, 2021)” on page 21 in“Consolidated Financial Results for the Year Ended March 31, 2020 [Japanese Standards] (Summary of Japanese announcement)” disclosed
on May 15, 2020 and “Notice of Revision on “Result Forecast Consolidated Under the Previous Accounting Standard” for the First Half of
FY March 2021” disclosed on August 14, 2020.

17

Japan Asia Investment Co., Ltd.
Previous Accounting Standard

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

(Millions of yen)

For three months ended
June 30, 2019(from April 1, 2019
to June 30, 2019)

For three months ended
June 30, 2020
(from April 1, 2020
to June 30, 2020)

For the year ended
March 31, 2020
(from April 1, 2019
to March 31, 2020)

Total operating revenue (A)

196

282

2,760

Management fees

55

45

199

90

73

2,349

40

150

172

Other operating revenue

10

12

40

Total operating cost (C)

59

270

1,401

Cost of securities sold (D)

50

19

965

5

0

245

Fund interests losses etc.

1

249

184

Other operating cost

1

1

5

Operating gross profit (A) - (C)

136

11

1,359

Realized capital gains (B) - (D)

39

54

1,383

Investment income

34

53

1,137

Proceeds of sales of operational
investment securities (B)Fund interests income and Income
gains etc.

Investment write-offs & Provision
for allowance for possible
investment losses (E)(B) - (D)-(E)(2) Asset, Liability and Net asset(Millions of yen)
As of June 30, 2019

As of June 30, 2020

As of March 31, 2020

Total asset

16,02914,87715,800Total liabilities

9,392

7,922

8,551

8,887

7,653

8,166

6,637

6,954

7,248

6,615

6,928

7,223

Loans payable
Total net asset
Total shareholders’ equity

18

Japan Asia Investment Co., Ltd.
Previous Accounting Standard
4. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2020

As of June 30, 2020

AssetsCurrent assets
Cash and deposits

3,920

2,914

Operational investment securities

11,728

11,761

Allowance for possible investment loss

(1,092)(1,089)Operating loans

294

352

Other

219

212

15,07014,151

Buildings and structures29

29

Accumulated depreciation

(17)

(22)

Buildings and structures, net

126

Vehicles, tools, furniture and fixtures

70

71

Accumulated depreciation

(63)

(64)

Total current assets
Non-current assets
Property, plant and equipment

Vehicles, tools, furniture and fixtures, net

6

6

Land

9

9

Total property, plant and equipment

28

22

Other

213

226

Total intangible assets

213

226

Investment securities

386

377

Claims provable in bankruptcy, claims provable inrehabilitation and other

64

61

Other

55

53

Allowance for doubtful accounts

(18)

(16)

Intangible assets

Investments and other assets

Total investments and other assets

488

476

Total non-current assets

730

725

15,80014,877

Total assets

19

Japan Asia Investment Co., Ltd.
Previous Accounting Standard(Millions of yen)
As of March 31, 2020

As of June 30, 2020

Liabilities
Current liabilities
Short-term borrowings

513

1,199

Accrued expenses

64

36

Income taxes payable

80

31

Provision for bonuses

64

18

Other

40

35

Total current liabilities

764

1,321

Long-term borrowings

7,653

6,453

Deferred tax liabilities

1018

Non-current liabilities

Retirement benefit liability

123

128

Total non-current liabilities

7,787

6,600

Total liabilities

8,551

7,922

Share capital

5,426

5,426

Capital surplus

3,505

3,505

Retained earnings(1,703)(1,945)

Net assets
Shareholders' equity

Treasury shares

(353)

(353)

Total shareholders' equity

6,874

6,632

353

303

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment

(3)

(7)

Total accumulated other comprehensive income

349

296

Share acquisition rights

25

25

Total net assets

7,248

6,954

Total liabilities and net assets

15,80014,87720

Japan Asia Investment Co., Ltd.
Previous Accounting Standard(2) Consolidated Statements of Income(Millions of yen)
For three months ended
June 30, 2020
(from April 1, 2020
to June 30, 2020)

For three months ended
June 30, 2019(from April 1, 2019
to June 30, 2019)
Operating revenue

196

282

Operating cost

59

270

Operating gross profit

136

11

Selling, general and administrative expenses

255

257

Operating loss

(118)

(246)

Interest income

1

1

Dividend income

31

Foreign exchange gains

03

Gain on investments in investment partnerships

6

26

Miscellaneous income

1

1

Total non-operating income

1234Interest expenses

40

34

Miscellaneous loss

0－

Non-operating income

Non-operating expenses

Total non-operating expenses
Ordinary loss

40

34

(146)

(246)

Extraordinary income
Gain on redemption of investment securities－

8

Gain on liquidation of subsidiaries and associates

3－

Gain on sales of shares of subsidiaries and associates

4

－

Other

0

－

Total extraordinary income

7

8

－

0

Extraordinary losses
Loss on redemption of investment securities
Total extraordinary losses
Loss before income taxes

－

0

(139)

(238)

Income taxes - current

3

3

Total income taxes

3

3

Loss

(142)

(241)

Loss attributable to owners of parent

(142)

(241)

21