Japan Asia Investment Co., Ltd.
Fund Consolidation

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 Second Quarter Ended September 30, 2022
[Japanese Standards](Summary of Japanese announcement)
November 14, 2022
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, Executive Officer

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

Tel: +81-3-3221-8518 (main)
Scheduled date for submission of quarterly report: November 14, 2022
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 Second quarter ended September 30, 2022 (April 1, 2022 to September 30, 2022)(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 six months ended
September 30, 2022

1,112

9.3

(488)

－

(579)

－

(671)

－

For six months ended
September 30, 2021

1,018

(19.0)

(413)

－

(529)

－

(651)

－

(Note) Comprehensive Income
For six months ended September 30, 2022: (738) millions of yen (－%)
For six months ended September 30, 2021: (640) millions of yen (－%)

Yen

Diluted net income
per shareYen(37.95)－(36.77)－

Total assets
Millions of yen

Net assets
Millions of yen

Net income per share
For six months ended
September 30, 2022
For six months ended
September 30, 2021

(2) Consolidated financial position
Equity ratio%

Net assets per share
Yen

As of September 30, 2022

18,405

7,886

38.6

401.01

As of March 31, 2022

20,231

9,443

38.4

438.69(Reference) Total shareholders' equity As of September 30, 2022: 7,099 millions of yen/As of March 31, 2022: 7,766 millions ofyen

1Japan Asia Investment Co., Ltd.
Fund Consolidation

2. Dividends(Base date)Year ended March 31,
2022
Year ending March 31,
2023
Year ending March 31,2023(forecast)End of first quarter
Yen

End of second quarter
Yen

－

0.00

－

0.00

Dividends per share
End of third quarter
Yen

End of year
Yen

Year
Yen

－

0.00

0.00

－

－

－

(Note) Revision of dividends forecast during the current quarterly period: None
3. Outlook for the fiscal year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
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. For details, please refer to “2. Outlook for the fiscal year ending March 31, 2023 (April 1,
2022 to March 31, 2023)” 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. Various factors could cause actual results to differ materially from these result forecasts. For details,
please refer to “3. Business Performance and Financial Condition (4) Result forecast consolidated under the Previous AccountingStandard” on page 19 in this report, “3. Business Performance and Financial Condition (4) Result forecast consolidated under thePrevious Accounting Standard” on page 26 in “Consolidated Financial Results for the Year Ended March 31, 2022 [JapaneseStandards]” disclosed on May 13, 2022 and “Differences between the “Result Forecast Consolidated under the Previous AccountingStandard” and the Results for First Half of Fiscal Year ending March 2023 and Notice of Revision on “Result Forecast Consolidated
under the Previous Accounting Standard” for Full Year of Fiscal Year ending March 2023” disclosed on November 14, 2022.

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
Six months ended
the end of each period (including
September 30,2022:
treasury stock)(ii) Shares of treasury stock at theSix months ended
end of each period
September 30,2022:(ii) Average number of shares
Six months ended
during the period (cumulative
September 30,2022:
quarterly consolidated period)

17,884,392
sharesYear ended March
31, 2022:

17,884,392
shares181,009
sharesYear ended March
31, 2022:

181,009
shares17,703,383
sharesSix months ended
September 30,2021:

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 second quarter ended September 30, 2022 will be released on our

2Japan Asia Investment Co., Ltd.
Fund Consolidation

website on November 14, 2022.
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 theseresult forecasts. For details, please refer to “3. Business Performance and Financial Condition (4) Result forecast
consolidated under the Previous Accounting Standard” on page 19 in this report, “3. Business Performance and Financial
Condition (4) Result forecast consolidated under the Previous Accounting Standard” on page 26 in “Consolidated Financial
Results for the Year Ended March 31, 2022 [Japanese Standards]” disclosed on May 13, 2022 and “Differences between
the “Result Forecast Consolidated under the Previous Accounting Standard” and the Results for First Half of Fiscal Yearending March 2023 and Notice of Revision on “Result Forecast Consolidated under the Previous Accounting Standard” forFull Year of Fiscal Year ending March 2023” disclosed on November 14, 2022.

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 six months ended
September 30, 2021
(from April 1, 2021
to September 30, 2021)
Total operating revenue

For six months ended
September 30, 2022
(from April 1, 2022
to September 30, 2022)

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

1,018

1,112

3,204

59

58

117

213

444

1,732

730

599

1,330

Other operating revenue

14

9

24

Total operating cost

724

965

1,971

Cost of securities sold

168

322

887

152

287

160

398

348

914

Other operating cost

4

6

10

Operating gross profit

293

146

1,232

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

Investment write-offs & Provision
for allowance for possible
investment losses
Fund interests losses etc.

(2) Cash flows
For six months ended
September 30, 2021
(from April 1, 2021
to September 30, 2021)

For six months ended
September 30, 2022
(from April 1, 2022
to September 30, 2022)(Millions of yen)
For the year ended
March 31, 2022
(from April 1, 2021
to March 31, 2022)

Cash flow from operating activities(1,232)

126

(145)

Cash flow from investing activities

55

(0)

212

Cash flow from financing activities

(697)

(494)

(1,007)

1,445

2,055

2,397

Cash and cash equivalents at the endof period

4Japan Asia Investment Co., Ltd.
Fund Consolidation(3) Breakdown of total assets(Millions of yen)
As of September 30, 2021
AmountAs of September 30, 2022

(B)/(A)(%)

Amount(B)/(A)(%)

As of March 31, 2022
Amount(B)/(A)(%)

Total assets

23,743－

18,405－

20,231－

Cash and deposits

5,035

－

3,857

－

5,666

－

Property, plant and equipment

8,184

－

4,584

－

4,148

－

Operational Investment
Securities (A)

9,070

－

9,142

－

9,538

－

Allowance for Possible
Investment Loss (B)(1,439)15.9(1,626)17.8(1,492)

15.6(4) Breakdown of Loans payable and bonds(Millions of yen）
As of September 30, 2021

As of September 30, 2022

As of March 31, 2022

Total of loans payable and bonds

14,155

9,291

9,521

Loans payable;
Non-consolidated base

6,253

5,448

5,943

Loans payable by project financeand bonds;
Consolidated projects

7,902

3,842

3,578

5

Japan Asia Investment Co., Ltd.
Fund Consolidation

2. Business Position(1) Investment activities (JAIC+Funds)i) Execution of investment and loan
For six months ended
September 30, 2021
(from April 1, 2021
to September 30, 2021)
AmountNumber of (Millionsofcompaniesyen)

For six months ended
September 30, 2022
(from April 1, 2022
to September 30, 2022)
AmountNumber of (Millionsofcompaniesyen)

For the year ended
March 31, 2022
(from April 1, 2021 toMarch 31, 2022)
AmountNumber of (Millionsofcompanies
yen)1) Area
Project investment (Japan)

10

932

8

600

19

1,938

5

1,282

6

724

8

1,482

5

1,282

6

724

8

1,482

-

-

-

-

-

-

10

932

8

600

19

1,938

4

382

2

308

4

497

Healthcare

3

87

1

29

8

219

Smart agriculture

1

350

1

105

1

415

Distribution center

2

112

-

-

4

632

Other

-

-

4

158

2

174

5

1,282

6

724

8

1,482

3

359

2

170

3

359

2

922

4

554

5

1,122

15

2,214

14

1,324

27

3,420

Private equity investment
subtotal
Japan
China, Hong Kong, Taiwan
etc.
2) Investment program
Project oriented investment
subtotal
Renewable energy

Private equity investment
subtotal
Strategic investment
Financial investment
Total

Note: Strategic investment is investment in partner companies in the projects for which the JAIC Group makes
investment or provides loans. Financial investment is investment in companies other than strategic investment.

6

Japan Asia Investment Co., Ltd.
Fund Consolidationii) Balance of investment and loan
As of September 30, 2021 As of September 30, 2022
Number ofcompanies

Amount(Millions of
yen)

37

6,986

44

87

7,754

48

As of March 31, 2022

AmountNumber of (Millionsof Number ofcompanies
companiesyen)

Amount(Millions of
yen)

6,191

43

6,344

84

7,427

86

7,440

4,824

49

4,996

47

4,510

39

2,929

35

2,430

39

2,929

37

6,986

44

6,191

43

6,344

21

4,408

18

3,444

19

3,286

Healthcare

9

825

14

679

14

952

Smart agriculture

1

850

1

830

1

879

Distribution center

5

652

5

680

6

801

1

250

6

555

3

424

87

7,754

84

7,427

86

7,440

7

1,483

9

1,590

7

1,432

80

6,270

75

5,836

79

6,007

124

14,741

128

13,618129

13,784

1) Area
Project investment (Japan)
Private equity investment sub
total
Japan
China, Hong Kong, Taiwan
etc.
2) Investment program
Project oriented investment s
ubtotalRenewable energy

Other
Private equity investment sub
total
Strategic investment
Financial investment
Total

Note: Strategic investment is investment in partner companies in the projects for which the JAIC Group makes
investment or provides loans. Financial investment is investment in companies other than strategic investment.

7

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

Number of IPOs (totalof Japan & overseas)
First price multiple(average of Japan &overseas)

For six months ended
September 30, 2021
(from April 1, 2021
to September 30, 2021)

For six months ended
September 30, 2022
(from April 1, 2022
to September 30, 2022)

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

1 company-

4 companies

1.6 times-

3.7 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 six months ended September 30, 2022 (from April 1, 2022 to September 30, 2022)
No applicable items
Fiscal year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)
Company
Date ofMarket*Business
Name
IPO
WonderPlanet Inc.
10-Jun-21
TSE Mothers
Entertainment Services BusinessSelling new electronic power, newgas and internet connections etc. as a
Last One Mile Co., Ltd.
24-Nov-21 TSE Mothers
sales agency utilizing inside sales
etc., and providing our original
service “Marutto Series”
Development and operation of
Renewable Japan Co., Ltd.
22-Dec-21
TSE Mothers
renewable energy power plants
Operation of Comic EC“MANGAZENKAN.COM” andplanning, development, marketing,
TORICO Co., Ltd.
23-Mar-22
TSE Mothers
sales of Manga/Japanese animation
goods and various Manga based
services*Note: Listed markets indicate the markets as of the date of IPO.

8

Headquarters
Japan
Japan

Japan

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 September 30, 2021

As of September 30, 2022

As of March 31, 2022

Commitment Net asset
Commitment Net asset
Commitment Net asset
value of
value
of
value
of
amount ofamount ofamount ofinvestment
investment
investment
Number of investment
Number of investment
Number of investment
funds
funds
funds
funds
funds
funds
funds
funds
funds
(Millions of (Millions of(Millions of (Millions of(Millions of (Millions of
yen)
yen)
yen)
yen)
yen)
yen)
Duringoperation

5

7,511

3,745

6

9,312

3,644

5

7,511

3,349

3

5,805

998

1

2,751

171

2

4,328

818

2

2,568

1,083

3

4,724

1,307

3

4,624

1,237

5,826

10

5,124

10

periodExtendingmaturity
Duringliquidation
procedure
Total[Totalcommitment
amount10

of15,884[4,716]

16,787[3,849]16,463[4,953]

5,404

JAIC group]ii) Funds during operation period (as of September 30, 2022)
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.
Fund Consolidation

Name of fund

Inception

Maturity

Total commitment
amountFeatures(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.
General partner of the Fund is a joint
venture between JAIC and Aozora Bank,

Succession Investment
Limited Partnership, II

Aug. 2022

Aug. 2032

1,801

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

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.
Fund Consolidation
3. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2022
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
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 September 30, 2022

5,666
9,538
(1,492)
204
411
(51)
14,2773,857
9,142(1,626)
204
488
(51)
12,016

394
(24)
370
3,181
(327)
2,854
150
(50)
100
172
651
4,148

880
(45)
834
3,198
(421)
2,777
156
(60)
96
189
686
4,584

1,112
215
1,327

1,101
191
1,293

59
7
418
(7)
477
5,954
20,231

59
1
451
(1)
510
6,388
18,405

Japan Asia Investment Co., Ltd.
Fund Consolidation(Millions of yen)
As of March 31, 2022
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 September 30, 2022

654
7
662
61
75
38
1,500

844
7
83
59
47
599
1,641

177
8,681
53
143
230
9,287
10,787

174
8,264
56
151
230
8,877
10,5195,426
3,515(1,571)
(353)
7,017

5,426
3,631
(2,243)
(353)
6,459

470

258

278
749
31
1,646
9,443
20,231

381
639
32
754
7,886
18,405

Japan Asia Investment Co., Ltd.
Fund Consolidation(2) Consolidated Statements of Income

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

13

For six months ended
September 30, 2021
(from April 1, 2021
to September 30, 2021)
1,018
724
293
707
(413)

(Millions of yen)
For six months ended
September 30, 2022
(from April 1, 2022
to September 30, 2022)
1,112
965
146
635
(488)

5
1
3
1
1
0
14

2
0
－
－
1
0
5

129
－
0
130
(529)

95
0
0
95
(579)

0
－
0
0

－
0
－
0

101
－
101
(630)
4
4
(634)
16
(651)

13
0
13
(591)
2
2
(594)
77
(671)

Japan Asia Investment Co., Ltd.
Fund Consolidation(3) Consolidated Statements of Comprehensive Income

Loss
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment

For six months ended
September 30, 2021
(from April 1, 2021
to September 30, 2021)(634)(Millions of yen)
For six months ended
September 30, 2022
(from April 1, 2022
to September 30, 2022)
(594)

(15)
46

(207)
42

(36)

20

(5)
(640)

(144)
(738)

(663)

(781)

22

43

Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to non-controllinginterests

14

Japan Asia Investment Co., Ltd.
Fund Consolidation(4) Consolidated Statements of Cash Flows(Millions of yen)
For six months ended
September 30, 2022
(from April 1, 2022
to September 30, 2022)

For six months ended
September 30, 2021
(from April 1, 2021
to September 30, 2021)
Cash flows from operating activities
Loss before income taxes
Depreciation
Increase (decrease) in allowance for investment loss

(630)
9
26

(591)
28
260

Increase (decrease) in allowance for doubtful accounts

(4)

(0)

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

(12)
7
(4)
55
(1)
(0)
101

(28)
7
(1)
46
－
－
13

29

－

(254)
(86)
41
(961)
143

(215)
(27)
0
(618)
768

(9)

(61)

390
(1,159)
4
(78)
(8)
8
(1,232)

554
133
1
(65)
(6)
61
126

55
0
55

－
(0)
(0)

(697)
(0)
(697)

(494)
－
(494)

19

26

(1,855)
3,301
1,445

(342)
2,397
2,055

Loss on devaluation of operational investment
securities
Decrease (increase) in investment securities for sale
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 noncontrolling 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
Proceeds from sale of investment securities
Other, net
Net cash provided by (used in) investing activities
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
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.
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(Additional Information)
The assumptions regarding the impact of COVID-19 on the Group have not changed significantly since the endof the previous consolidated fiscal year.

16Japan Asia Investment Co., Ltd.
Previous Accounting Standard

Information for Reference Purposes:
Consolidated Financial Results
for the Second Quarter Ended September 30, 2022
November 14, 2022

Consolidated Financial Statements, etc., under the Previous Accounting Standards
for the Second Quarter Ended September 30, 2022 (As of September 30, 2022)

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 Second quarter ended September 30, 2022 (April 1, 2022 to September 30, 2022)(1) Consolidated results of operations (cumulative total)(Percentages indicate year-on-year increase or decrease)

Millions of yen % change

Millions of yen % change

Profit attributable toowners of parent
Millions of yen % change

669

75.8

(598)

－

(640)

－

(655)

－

381

(29.6)

(496)

－

(538)

－

(643)

－

Operating revenue

Operating income

Ordinary income

Millions of yen % change
For six months ended
September 30, 2022
For six months ended
September 30, 2021

Yen

Diluted net income
per shareYen(37.01)－(36.36)－

Net income per share
For six months ended
September 30, 2022
For six months ended
September 30, 2021

(2) Consolidated financial position
Total assets

Net assets

Millions of yen

Millions of yen%

Yen

As of September 30, 2022

13,576

7,051

51.7

396.51

As of March 31, 2022

14,972

7,810

52.0

439.41(Reference) Total shareholders' equity

Equity ratio

Net assets per share

As of September 30, 2022: 7,019 millions of yen/As of March 31, 2022: 7,779 millions of yen

17

Japan Asia Investment Co., Ltd.
Previous Accounting Standard
2. Outlook for the fiscal year ending March 31, 2023 (from April 1, 2022 to March 31, 2023)
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 doesn’t have enough rationality.
(Percentages indicate changes from the corresponding period of the previous fiscal year)
Operating revenue
For the year ending
March 31, 2023

Operating income

Ordinary income

Millions of yen% change

Millions of yen% change

Millions of yen% change

3,150

30.7

320

270.6

280

354.4

Profit attributable to ownersof parent
Millions of yen% change
160

225.0

Net income per share
Yen
For the year ending
March 31, 2023

9.04

(Note) Revision of dividends forecast during the current quarterly period: Yes
Net income per share in above chart is calculated by the number of shares issued and outstanding excluding the number of shares of treasury
stock as at September 30, 2022.
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 “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 19 in this report, and “3. Business
Performance and Financial Condition (4) Result forecast consolidated under the Previous Accounting Standard” on page 26 in “Consolidated
Financial Results for the Year Ended March 31, 2022 [Japanese Standards]” disclosed on May 13, 2022 and “Differences between the“Result Forecast Consolidated under the Previous Accounting Standard” and the Results for First Half of Fiscal Year ending March 2023 andNotice of Revision on “Result Forecast Consolidated under the Previous Accounting Standard” for Full Year of Fiscal Year ending March2023” disclosed on November 14, 2022.

18

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 six months ended
September 30, 2021
(from April 1, 2021
to September 30, 2021)

For six months ended
September 30, 2022
(from April 1, 2022
to September 30, 2022)

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

Total operating revenue

381

669

2,409

Management fees

81

69

154

176

441

1,573

95

136

631

Other operating revenue

27

22

50

Total operating cost

327

715

1,133

Cost of securities sold

131

320

810

124

275

145

Fund interests losses etc.

66

113

167

Other operating cost

4

6

10

Operating gross profit

53

(46)

1,276

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

Investment write-offs & Provision
for allowance for possible
investment losses(3) Asset, Liability and Net asset(Millions of yen)
As of September 30, 2021

As of September 30, 2022

As of March 31, 2022

Total asset

13,74013,576

14,972

Total liabilities

7,070

6,524

7,161

6,253

5,448

5,943

6,669

7,051

7,810

6,640

7,019

7,779

Loans payable
Total net asset
Total shareholders’ equity(4) Cautionary Statements with Respect to Forward-looking Statements such as Consolidated Earnings Forecast under the Previous
Accounting Standard
Based on the recent business performance etc., JAIC has revised its “result forecast consolidated under the Previous AccountingStandard” for the year ending March 1, 2023 disclosed on May 13, 2022 in “Consolidated Financial Results for the Year Ended
March 31, 2022 [Japanese Standards] (Summary of Japanese announcement)”. For details, please refer to “Differences between the“Result Forecast Consolidated under the Previous Accounting Standard” and the Results for First Half of Fiscal Year ending March2023 and Notice of Revision on “Result Forecast Consolidated under the Previous Accounting Standard” for Full Year of Fiscal Yearending March 2023” disclosed on November 14, 2022.
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.

19

Japan Asia Investment Co., Ltd.
Previous Accounting Standard
4. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Operational investment securities
Allowance for 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
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

20

As of September 30, 2022

2,740
12,238(1,099)
660
150
(51)
14,6392,394
11,276(1,267)
688
231
(51)
13,271

36
(5)
31
55
(44)
10
0
42

36
(6)
30
58
(48)
10
0
40

199
199

173
173

59
7
31
(7)
90
332
14,972

59
1
31
(1)
90
304
13,576

Japan Asia Investment Co., Ltd.
Previous Accounting Standard(Millions of yen)
As of March 31, 2022
Liabilities
Current liabilities
Short-term borrowings
Suspense receipt
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
Total net assets
Total liabilities and net assets

21

As of September 30, 2022

309
750
87
61
75
45
1,330

622
577
41
58
47
143
1,491

5,633
53
143
5,831
7,161

4,825
56
151
5,033
6,524

5,426
3,505
(1,509)
(353)
7,068

5,426
3,505
(2,165)
(353)
6,413

656

500

54
710
31
7,810
14,972

105
606
32
7,051
13,576

Japan Asia Investment Co., Ltd.
Previous Accounting Standard(2) Consolidated Statements of Income

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

22

For six months ended
September 30, 2021
(from April 1, 2021
to September 30, 2021)
381
327
53
550
(496)

(Millions of yen)
For six months ended
September 30, 2022
(from April 1, 2022
to September 30, 2022)
669
715
(46)
552
(598)

4
1
3
1
1
0
14

2
0
－
－
1
0
5

55
－
0
55
(538)

46
0
－
47
(640)

0
－
0

－
0
0

101
－
101
(639)
3
3
(643)
(643)

13
0
13
(653)
1
1
(655)
(655)