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, 2019
[Japanese Standards](Summary of Japanese announcement)
August 13, 2019
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: http://www.jaic-vc.co.jp/

Tel: +81-3-3259-8518 (main)
Scheduled date for submission of quarterly report: August 13, 2019
Scheduled date for start of payment of dividends: —The additional materials of the Financial Results: Yes
The briefing session of the Financial Results: No(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, 2019 (April 1, 2019 to June 30, 2019)(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, 2019

483

14.3

(57)

－

(126)

－

(143)

－

For three months ended
June 30, 2018422

(37.2)

(516)

－

(561)

－

(540)

－

(Note) Comprehensive Income
For three months ended June 30, 2019: (244) millions of yen (－%)
For three months ended June 30, 2018: (546) millions of yen (－%)

Yen

Diluted net income
per shareYen(8.09)－(30.51)－

Net income per share
For three months ended
June 30, 2019
For three months ended
June 30, 2018

(2) Consolidated financial position

As of June 30, 2019
As of March 31, 2019

Total assets

Net assets

Millions of yen
28,974

Millions of yen
8,236

Equity ratio

28,845

8,400(Reference) Total shareholders' equity As of June 30, 2019: 6,571 millions of yen

1

Net assets per share
%

Yen

22.7

371.1723.6

383.89As of March 31, 2019: 6,796 millions of yen

Japan Asia Investment Co., Ltd.
Fund Consolidation

2. Dividends(Base date)Year ended March
31, 2019
Year ending March
31, 2020
Year ending March
31, 2020 (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, 2020 (April 1, 2019 to March 31, 2020)
The private equity investment business conducted by the Group (including investment partnerships) is significantly affected bychanging 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, 2020 (April 1,
2019 to March 31, 2020)” on page 16.
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.
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, 2019:
treasury stock)(ii) Shares of treasury stock at theThree months ended
end of each period
June 30, 2019:(ii) Average number of shares
Three months ended
during the period (cumulative
June 30, 2019:
quarterly consolidated period)

17,884,392
sharesYear ended March
31, 2019:

17,884,392
shares181,009
sharesYear ended March
31, 2019:

181,009
shares17,703,383
sharesThree months ended
June 30, 2018

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 first quarter ended June 30, 2019 will be released on our website
by August 13, 2019.
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.

2

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, 2018(from April 1, 2018
to June 30, 2018)

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

For the year ended
March 31, 2019(from April 1, 2018
to March 31, 2019)

Total operating revenue (A)

422

483

3,503

Management fees

42

35

152

81

113

1,897

Fund interests income etc.

297

328

1,419

Other operating revenue

2

5

33

Total operating cost (C)

610

190

1,895

67

55

616

415

15

710

126

118

562

1

1

6

Operating gross profit (A) - (C)

(187)

292

1,608

Realized capital gains (B) - (D)

13

58

1,281

(402)

43

570

For three months ended
June 30, 2018(from April 1, 2018
to June 30, 2018)

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

Cash flow from operating activities

(172)

(187)

299

Cash flow from investing activities

(25)

43

1,224

Cash flow from financing activities(1,468)(896)(2,173)

3,078

3,048

4,082

Proceeds of sales of operational
investment securities (B)Cost of securities sold(D)

Investment write-offs & Provision
for allowance for possible
investment losses(E)

Fund interests losses etc.
Other operating cost

Investment income(B) - (D) – (E)(2) Cash flows

Cash and cash equivalents at the endof period

3(Millions of yen)
For the year ended
March 31, 2019(from April 1, 2018
to March 31, 2019)

Japan Asia Investment Co., Ltd.
Fund Consolidation(3) Operational Investment Securities and Allowance for Possible Investment Loss
(Millions of yen)
As of June 30, 2018
Amount(B)/(A) (%)

As of June 30, 2019
Amount(B)/(A)(%)

As of March 31, 2019
Amount(B)/(A)(%)

Operational Investment Securities
(A)

9,819

-

10,317-

10,242－

Allowance for Possible
Investment Loss (B)(1,493)

15.2(1,514)

14.7(1,538)15.0(4) Breakdown of Loans payable(Millions of yen）
As of June 30, 2018

As of June 30, 2019

As of March 31, 2019

Total of loans payable

19,14519,984

19,552

Non-consolidated base loans
payable10,486

8,887

9,784

Loans payable of SPC etc.
by project finance

8,659

11,096

9,768

4

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, 2018(from April 1, 2018
to June 30, 2018)
AmountNumber ofcompanies (Millions ofyen)or projects

For three months ended
June 30, 2019(from April 1, 2019
to June 30, 2019)
Number ofAmountcompanies or (Millions ofprojects
yen)

For the year ended
March 31, 2019(from April 1, 2018 toMarch 31, 2019)
Number ofAmountcompanies (Millions ofor projects
yen)

Area
Japan
China, Hong Kong, Taiwan
Southeast Asia
Others

5

1,343

9

1,144

14

3,662

1

86

-

-

1

86

-

-

-

-

-

-

-

-

-

-

1

0

4

1,323

4

380

12

3,612

2

106

5

764

4

136

1

86

1

52

1

86

-

-

1

77

1

0

-

-

1

260

-

-

1

20

1

25

2

50

-

-

1

350

-

-

6

1,429

9

1,144

16

3,749

Industry
Project Oriented Investment
Private Equity Investment
Sub total
QOL(Quality of Life)
IT/Internet
Machinery/ Precision machine
Service
OthersTotalii) Balance of investment
As of June 30, 2018
Number ofcompanies
or projects

Amount(Millions of
yen)

As of June 30, 2019

As of March 31, 2019

Number ofAmountcompanies or (Millions ofprojectsyen)

Number ofAmountcompanies (Millions ofor projects
yen)

Area
Japan
China, Hong Kong, Taiwan
Southeast Asia
Others

95

8,697

85

9,645

81

8,485

43

4,864

41

5,004

42

5,164

5

189

5

189

5

189

7

61

6

111

6

111

26

4,660

29

5,923

26

5,514

124

9,153

108

9,026

108

8,437

30

3,555

29

3,593

29

3,540

56

2,439

46

2,060

48

2,119

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

7

549

7

684

6

462

16

1,262

14

1,179

14

1,173

15

1,346

12

1,508

11

1,141

150

13,813

137

14,950134

13,951Note:
1. QOL (Quality of Life); Biotechnology, Medical Service, Welfare Service, Medical Device, Drug Medicine, etc.
2. Investments in funds managed by third parties other than JAIC Group in which the JAIC Group is not involved in the
management, are not included.

5

Japan Asia Investment Co., Ltd.
Fund Consolidation(2)JAIC-Backed IPOs (JAIC+Funds)i)Number of IPOs
For three months ended
June 30, 2018(from April 1, 2018
to June 30, 2018)-

Japan
Overseas
Total

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

For the year ended
March 31, 2019(from April 1, 2018
to March 31, 2019)2 companies
2 companiesii) First price multiple
For three months ended
For three months ended
For the year ended
June 30, 2018
June 30, 2019
March 31, 2019(from April 1, 2018(from April 1, 2019(from April 1, 2018
to June 30, 2018)
to June 30, 2019)
to March 31, 2019)Japan
9.7 times
Overseas
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, 2019 (from April 1, 2018 to March 31, 2019)
Company
Date ofMarketBusiness
Name
IPO
Providing ASP licensing services
for big data analytics of patents(TechRadar) and documents
VALUENEX Inc.
30-Oct-18
TSE Mothers(DocRadar), and offering
consulting services utilizing thesetools and unique methodologies
Financial media business andinformational fintech solution
MINKABU THE
business, utilizing content generating
19-Mar-19
TSE Mothers
INFONOID,Inc.
technology with its proprietary
artificial intelligence and crowd
inputsHeadquarters

Japan

Japan

For three months ended June 30, 2019 (from April 1, 2019 to June 30, 2019)No applicable items(Reference)
For the period from July 1, 2019 to August 13, 2019.
Company
Date ofMarketName
IPO

StemRIM

9-Aug-19

TSE Mothers

6

Business

Head
quarters

Research, development, manufactureand sales of pharmaceuticals andmedical devices that promote
regeneration of damaged tissues byactivating and utilizing patient’s own
stem cells in the body, and genetherapy products for intractablediseasesJapan

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, 2018
As of June 30, 2019
Total commitment amount in investment
17,601
16,150funds (Millions of yen)
[5,801][5,216][Total commitment amount of JAIC group]
No. of funds
1110
Note: Funds being wound up after their maturity are not included in the data above.

As of March 31, 201916,494[5,344]10ii) Funds newly established or those commitment amount increased
For three months ended June 30, 2018 (from April 1, 2018 to June 30, 2018)
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

600
1

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 the year ended March 31, 2019 (from April 1, 2018 to March 31, 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

2,0001iii) Details of funds newly established or those commitment amount increased
For three months ended June 30, 2018 (from April 1, 2018 to June 30, 2018)
Date of
Total commitment amountcommitment
Name of fundincreased
Main investment targets
amount(Millions of yen)increased
Succession Investment
Jun 2018
600
SMEs in Japan which has successor problem
Limited Partnership, I
For three months ended June 30, 2019 (from April 1, 2019 to June 30, 2019)No applicable items
For the year ended March 31, 2019 (from April 1, 2018 to March 31, 2019)
Date of
Total commitment amountcommitment
Name of fundincreased
Main investment targets
amount(Millions of yen)increased
June &
Succession Investment
October
2,000
SMEs in Japan which has successor problem
Limited Partnership, I
2018

7

Japan Asia Investment Co., Ltd.
Fund Consolidationiv) Funds to reach maturity within three years of the fiscal year-end
For the year ending
March 31, 2020
(from April 1, 2019
to March 31, 2020)
Total commitment amount in investment
5,558
funds (Millions of yen)
No. of funds

4

For the year ending
March 31, 2021
(from April 1, 2020
to March 31, 2021)

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

5,091

500

3

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.

8

Japan Asia Investment Co., Ltd.
Fund Consolidation
3. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2019

As of June 30, 2019

AssetsCurrent assets
Cash and deposits

7,108

5,426

Operational investment securities

10,242

10,317

Allowance for possible investment loss

(1,538)(1,514)

Operating loans

204

204

Other

347

517

Allowance for doubtful accounts
Total current assets(0)－

16,363

14,952

Non-current assets
Property, plant and equipment
Buildings and structures29

29

Accumulated depreciation

(16)

(16)

Buildings and structures, net

13

13

7,207

7,608

Machinery and equipment
Accumulated depreciation

(547)

(653)

Machinery and equipment, net

6,659

6,954

Vehicles, tools, furniture and fixtures

70

71

Accumulated depreciation

(60)

(61)

Vehicles, tools, furniture and fixtures, net

10

10

Land

22

82

Construction in progress

3,949

5,217

Total property, plant and equipment

10,656

12,278

Other

783

768

Total intangible assets

783

768

Investment securities

514

460

Claims provable in bankruptcy, claims provable inrehabilitation and other

82

74

Other

470

459

Allowance for doubtful accounts

(24)

(19)

Total investments and other assets

1,042

975

Total non-current assets

12,481

14,022

Total assets

28,84528,974

Intangible assets

Investments and other assets

9Japan Asia Investment Co., Ltd.
Fund Consolidation(Millions of yen)
As of March 31, 2019

As of June 30, 2019

Liabilities
Current liabilities
Short-term borrowings

1,250

1,621

Accrued expenses

219

197

Income taxes payable

67

31

Provision for bonuses

62

22

Provision for loss on liquidation of subsidiaries andassociates

63

－

Other

48

79

1,711

1,952

Long-term borrowings

18,302

18,363

Deferred tax liabilities

120

Retirement benefit liability

116

119

Asset retirement obligations

301

301

Total current liabilities
Non-current liabilities

Total non-current liabilities

18,733

18,785

Total liabilities

20,444

20,738

Net assets
Shareholders' equity
Share capital

5,426

5,426

Capital surplus

3,408

3,408

Retained earnings(1,952)(2,095)

Treasury shares

(353)

(353)

Total shareholders' equity

6,528

6,385

Valuation difference on available-for-sale securities

71

(11)

Foreign currency translation adjustment

195

196

Accumulated other comprehensive income

Total accumulated other comprehensive income

267

185

Share acquisition rights

21

22

Non-controlling interests

1,583

1,642

Total net assets

8,400

8,236

Total liabilities and net assets

28,84528,97410

Japan Asia Investment Co., Ltd.
Fund Consolidation(2) Consolidated Statements of Income(Millions of yen)
For three months ended
June 30, 2019(from April 1, 2019
to June 30, 2019)

For three months ended
June 30, 2018(from April 1, 2018
to June 30, 2018)
Operating revenue

422

483

Operating cost

610

190

Operating gross profit (loss)

(187)

292

Selling, general and administrative expenses

328

350

Operating loss

(516)

(57)

Interest income

51

Dividend income

163Foreign exchange gains

240Gain on investments in investment partnerships－

6

Miscellaneous income

51

Total non-operating income

5212Interest expenses

95

82

Miscellaneous loss

20

Non-operating income

Non-operating expenses

Total non-operating expenses

98

82

(561)

(126)

Gain on liquidation of subsidiaries and associates－

3

Gain on sales of shares of subsidiaries and associates－

4

Insurance claim income

34

0

Other

－

0

Ordinary loss
Extraordinary income

34

7Loss before income taxes

Total extraordinary income

(527)

(119)

Income taxes - current

2

3

Total income taxes
Loss
Profit attributable to non-controlling interests
Loss attributable to owners of parent

11

2

3

(529)

(123)

10

20

(540)

(143)

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

For three months ended
June 30, 2018(from April 1, 2018
to June 30, 2018)
Loss

(529)

(123)

Valuation difference on available-for-sale securities

39

(105)

Foreign currency translation adjustment

(53)

(2)

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

(2)

(12)

Other comprehensive income

Total other comprehensive income

(16)

(121)

Comprehensive income

(546)

(244)

Comprehensive income attributable to owners of parent

(556)

(225)

Comprehensive income attributable to non-controllinginterests

9(19)

Comprehensive income attributable to12

Japan Asia Investment Co., Ltd.
Fund Consolidation(4) Consolidated Statements of Cash Flows(Millions of yen)
For three months ended
June 30, 2019(from April 1, 2019
to June 30, 2019)

For three months ended
June 30, 2018(from April 1, 2018
to June 30, 2018)
Cash flows from operating activities
Loss before income taxes(527)

Depreciation

(119)

4

3

Increase (decrease) in allowance for investment loss

(163)

(0）

Increase (decrease) in allowance for doubtful accounts

(40)

(5)

Increase (decrease) in provision for bonuses

(30)

(39)

Increase (decrease) in retirement benefit liability

33Interest and dividend income

(17)

(4)

Interest expenses

48

40

Loss on valuation of operational investment securities

359

0

Decrease (increase) in investment securities for sale

249

(314)

Decrease (increase) in claims provable in bankruptcy,
claims provable in rehabilitation

4

7

Payment for purchase of investment funds

(251)

(144)

Dividends from investment funds

135

492

Increase (decrease) in investment funds of noncontrolling interest

(10)

(19)

Other, net

136

(19)

Subtotal

(99)

(118)

Interest and dividends received

17

4Interest paid

(76)

(62)

Income taxes paid

(13)

(10)

Net cash provided by (used in) operating activities

(172)

(187)

(9)
(15)
0

(3)
－
0

0

47

Other, net

（0）

(0)

Net cash provided by (used in) investing activities

(25)

43

(1,468)

(896)

－

(0)

(1,468)

(896)

(13)

5

(1,679)(1,034)

Cash flows from investing activities
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Proceeds from redemption 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
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period

4,757

4,082

Cash and cash equivalents at end of period

3,078

3,048

13

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

14

Japan Asia Investment Co., Ltd.
Previous Accounting Standard

Information for Reference Purposes:
Consolidated Financial Results
for the First Quarter Ended June 30, 2019
August 13, 2019

Consolidated Financial Statements, etc., under the Previous Accounting Standards
for the First Quarter Ended June 30, 2019

(As of June 30, 2019)

Disclosure of consolidated financial statements, etc., under the Previous accounting standards
As of Fiscal year ended June 30, 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, 2019 (April 1, 2019 to June 30, 2019)(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, 2019
For three months ended
June 30, 2018

196

3.7

(118)

－

(146)

－

(142)

－

189

(73.6)

(537)

－

(537)

－

(539)

－

Yen

Diluted net income
per shareYen(8.07)－(30.48)－Net income per share
For three months ended
June 30, 2019
For three months ended
June 30, 2018

(2) Consolidated financial position
Total assets

Net assets

Millions of yen

Millions of yen%

As of June 30, 201916,029

6,637

41.3

Yen
373.67

As of March 31, 201917,305

6,861

39.5

386.38(Reference) Total shareholders' equity

Equity ratio

Net assets per share

As of June 30, 2019: 6,615 millions of yen, As of March 31, 2019: 6,840 millions of yen

15

Japan Asia Investment Co., Ltd.
Previous Accounting Standard
2. Outlook for the fiscal year ending March 31, 2020 (April 1, 2019 to March 31, 2020)
The private equity investment business conducted by the Group is significantly affected by changing factors such as stock markets, given thecharacteristics 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 of investors and shareholders, however, we disclose “result forecast
consolidated under the Previous Accounting Standard” 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, 2019
For the year ending
March 31, 2020

Operating income

Ordinary income

Profit attributable to ownersof parent
Millions of yen% change

Millions of yen% change

Millions of yen% change

Millions of yen% change600(16.2)

(240)

－

(320)

－

(330)

－

3,500

41.4

800

350.9

650

674.8

500

(13.6)Net income per share
Yen
For six months ending
September 30, 2019
For the year ending
March 31, 2020

(18.64)28.24(Note) Revision of dividends forecast during the current quarterly period: None
Net income per share in above chart is calculated based on the number of shares issued and outstanding excluding the number of shares oftreasury stock as at June 30, 2019.
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 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 these result forecasts.

16

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, 2018(from April 1, 2018
to June 30, 2018)

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

For the year ended
March 31, 2019(from April 1, 2018
to March 31, 2019)

Total operating revenue (A)

189

196

2,475

Management fees

65

55

241

70

90

1,746

Fund interests income etc.

44

40

429

Other operating revenue

8

10

57

Total operating cost (C)

487

59

1,188

Cost of securities sold (D)

64

50

554

415

5

579

Fund interests losses etc.

5

1

49

Other operating cost

1

1

6

Operating gross profit (A) - (C)

(297)

136

1,286

Realized capital gains (B) - (D)

5

39

1,192

(409)

34

613

Proceeds of sales of operational
investment securities (B)Investment write-offs & Provision
for allowance for possible
investment losses (E)Investment income(B) - (D)-(E)(2) Asset, Liability and Net asset(Millions of yen)
As of June 30, 2018

As of June 30, 2019

As of March 31, 2019

Total asset

17,21816,02917,305

Total liabilities

11,204

9,392

10,443

10,486

8,887

9,784

6,013

6,637

6,861

5,990

6,615

6,840

Loans payable
Total net asset
Total shareholders’ equity

17

Japan Asia Investment Co., Ltd.
Previous Accounting Standard
4. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2019

As of June 30, 2019

AssetsCurrent assets
Cash and deposits

5,564

3,724

Operational investment securities

11,671

12,281

Allowance for possible investment loss

(1,018)(994)

Operating loans

204

204

Other

140

127

Allowance for doubtful accounts
Total current assets(0)－

16,561

15,343

Non-current assets
Property, plant and equipment
Buildings and structures29

29

Accumulated depreciation

(16)

(16)

Buildings and structures, net

13

13

Vehicles, tools, furniture and fixtures

70

70

Accumulated depreciation

(60)

(61)

Vehicles, tools, furniture and fixtures, net

10

9

Land

22

22

Total property, plant and equipment

46

45

Other

94

94

Total intangible assets

94

94

Investment securities

514

460

Claims provable in bankruptcy, claims provable inrehabilitation and other

82

74

Other

30

30

Allowance for doubtful accounts

(24)

(19)

Total investments and other assets

602

545

Total non-current assets

743

686

17,30516,029Intangible assets

Investments and other assets

Total assets

18Japan Asia Investment Co., Ltd.
Previous Accounting Standard(Millions of yen)
As of March 31, 2019

As of June 30, 2019

Liabilities
Current liabilities
Short-term loans payable

896

1,214

Accrued expenses

71

47

Income taxes payable

67

31

Provision for bonuses

62

22

Provision for loss on liquidation of subsidiaries andassociates

63

－

Other

265

282

1,426

1,598

Long-term loans payable

8,887

7,673

Deferred tax liabilities

120

Net defined benefit liability

116

119

Total non-current liabilities

9,017

7,793

Total liabilities

10,443

9,392

5,426

5,426

Total current liabilities
Non-current liabilities

Net assets
Shareholders' equity
Capital stock
Capital surplus

3,505

3,505

Retained earnings(2,006)(2,149)Treasury shares

(353)

(353)

Total shareholders' equity

6,571

6,428

Valuation difference on available-for-sale securities

312

171

Foreign currency translation adjustment

(44)

14

Total accumulated other comprehensive income

268

186

Accumulated other comprehensive income

Share acquisition rights

21

22

Total net assets

6,861

6,637

Total liabilities and net assets

17,30516,02919

Japan Asia Investment Co., Ltd.
Previous Accounting Standard(2) Consolidated Statements of Income(Millions of yen)
For three months ended
June 30, 2019(from April 1, 2019
to June 30, 2019)

For three months ended
June 30, 2018(from April 1, 2018
to June 30, 2018)
Operating revenue

189

196

Operating cost

487

59

Operating gross profit (loss)

(297)

136

Selling, general and administrative expenses
Total selling, general and administrative expenses

239

255

Operating loss

(537)

(118)

Interest income

41

Non-operating income
Dividend income

163Gain on investments in partnership－

6

Foreign exchange gains

24

0

Miscellaneous income

51

Total non-operating income

51

12

48

40

Non-operating expenses
Interest expenses
Miscellaneous loss

20

Total non-operating expenses

50

40

(537)

(146)

－

3

Gain on sales of shares of subsidiaries and associates

－

4

Other

－

0

Ordinary loss
Extraordinary income
Gain on liquidation of subsidiaries and associates－

7

Loss before income taxes

Total extraordinary income

(537)

(139)

Income taxes - current

2

3

2

3

Loss

Total income taxes

(539)

(142)

Loss attributable to owners of parent

(539)

(142)

20