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.
April 7, 2023
Company name:

Japan Asia Investment Co., Ltd. (JAIC)

Listed on:

Tokyo Stock Exchange Standard Market (Securities code: 8518)

Representative:

Tetsuro Shimomura, President and CEO

Contact:

Kenji Kishimoto, Executive OfficerTel:+81-3-3221-8518Notice of Revision on “Result Forecast Consolidated under thePrevious Accounting Standard”
Japan Asia Investment Co., Ltd. (JAIC) hereby announces that, based on therecent business performance etc., JAIC has revised its “result forecast
consolidated under the Previous Accounting Standard” for the fiscal year
ended March 31, 2023 (from April 1, 2022 to March 31, 2023), previously
announced on November 14, 2022.
The “result forecast consolidated under the Previous Accounting Standard” isbased upon the information currently available to JAIC and certain
assumptions. In the process of settlement procedure, numerous factors could
cause actual results to differ from this result forecasts.

11. Revision on the “ result forecast consolidated under the Previous
Accounting Standard” for the fiscal year ended March 31, 2023 (from April
1, 2022 to March 31, 2023)

Previousforecast（A）
Revisedforecast（B）
Change（B-A）
Percentage
Change(％)

Consolidated

Consolidated

Consolidated

ProfitConsolidated

operatingoperatingordinary

attributablenet income

revenueincomeincometo owners

per shareof parent（*Note）（Millions of（Millions of（Millions of（Millions ofyen）

yen）yen）

yen）

（Yen）

3,150

320280160

9.04

2,970

(180)

(230)

(260)

(14.69)

(180)

(500)

(510)

(420)

(5.7)

－－－

2,409

86

61

49

（Reference）
Consolidated
financial results
under the Previous

2.78

AccountingStandards for thefiscal year ended
March 31, 2022

*Note: Consolidated net income per share in the table above is calculated based on thenumber of shares issued excluding the number of treasury stock as of March 31, 2023.

2. Reasons for revision
In the fourth quarter of the term, expected sale of unlisted shares were
postponed to the next fiscal year. As a result, operating revenue is expected tobe 5.7% less than the previous forecast.
As for profits, in the third quarter, JAIC posted provisions for investee companies
which were relatively large investment amounts. Losses were incurred fromproject oriented investments in the third quarter. In the fourth quarter, JAIC
posted provisions for other investee companies and loss from the private equity
fund operated by the third party was incurred outside the forecast. JAIC had
planned to increase sales of unlisted shares in Japan and overseas in the fourthquarter to achieve the previous forecast. JAIC strived to conclude negotiations
on the sale of unlisted shares. However, negotiations on the terms of the sale
took longer than expected, and JAIC could not increase capital gains.
As a result, operating income, ordinary income and net income attributable toowners of parent are expected to decrease from the previous forecast and be in
the red.
Please be noticed that the “result forecast consolidated under the Previous
Accounting Standard” is based upon the information currently available to JAIC
and certain assumptions. In the process of settlement procedure, numerous
factors could cause actual results to differ from this result forecasts.

2

3. Consolidated result forecast and significant difference from “ ResultForecast Consolidated Under the Previous Accounting Standard”
3-1. Result forecast
The private equity investment business conducted by the JAIC Group issignificantly 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 in recent years. Therefore
JAIC does not disclose the results forecast. For the convenience of investors andshareholders, however, JAIC discloses “result forecast consolidated under thePrevious Accounting Standard” even though it doesn’t have enough rationality.
3-2. “Result forecast consolidated under the Previous Accounting Standard”
There is a difference between current accounting standards and those applied
to the “Result forecast consolidated under the Previous Accounting Standard”.
As of Fiscal year ended March 31, 2007 the JAIC Group has adopted “PracticalSolution 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 theoperational investment funds managed by the JAIC Group.
On the other hand, the operational investment funds managed by the JAIC Groupare excluded from the scope of consolidations in the financial statements etc.,
prepared in accordance with the previous accounting standards. Assets,
liabilities, revenues and expenses for investment funds are reported based on
the investment portion by JAIC and its subsidiaries and by excluding the portion
held by external investors. In addition, company-type funds are excluded fromthe scope of consolidations.
To enable investors and shareholders to have an accurate understanding of theJAIC Group’s business results and financial position, JAIC considers it essential
also to disclose financial statements, etc., prepared in accordance with theprevious accounting standards. Therefore, for reference purposes, JAIC willcontinue to disclose financial statements, etc., in accordance with the previous
accounting standards.
(End)3