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. The Company assumes no responsibility for this translation orfor direct, indirect or any other forms of damages arising from the translation.

Consolidated Financial Results
for the Year Ended March 31, 2024
[Japanese Standards](Summary of Japanese announcement)
May 15, 2024
Company name:

Japan Asia Investment Co., Ltd.

Listed on:

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

Head office:Tokyo

Representative:

Tetsuro Shimomura, President and CEO

Contact:

Kenji Kishimoto, Senior Executive Officer

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

Tel: +81-3-3221-8518 (main)
Scheduled date for ordinary general meeting of shareholders: June 26, 2024
Scheduled date for submission of annual report: June 27, 2024
Scheduled date for start of payment of dividends: —The additional materials of the Financial Results: Yes
The briefing session of the Financial Results: None *We will distribute a video explaining financial results in Japanese on our
website.

(Throughout this report, fractional amounts have been rounded down to the nearest one million yen.)
1.

Consolidated business results for the year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Consolidated results of operations(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 the year ended
March 31, 2024

2,444(36.9)(1,150)—(1,302)—(1,700)―For the year ended
March 31, 2023

3,872

20.9

11

—

(126)

—

(295)

―

(Note) Comprehensive Income
For the year ended March 31, 2024: (2,415) millions of yen (―%)
For the year ended March 31, 2023: 563 millions of yen (29.4%)

For the year ended
March 31, 2024
For the year ended
March 31, 2023

Operating income
to operating
revenues%

Net income per share

Diluted net income
per share

Return on equity

Ordinary income tototal assets

Yen

Yen

%

%

(96.03)―(25.9)(7.3)(47.1)(16.69)

―

(3.8)

(0.7)

0.3

(Reference)Equity in earnings (loss) of affiliates
For the year ended March 31 2024: ― millions of yen
For the year ended March 31 2023: ― millions of yen

1

Japan Asia Investment Co., Ltd.
Fund Consolidation(2) Consolidated financial position
Net assets per share

Total assets

Net assets

Millions of yen

Millions of yen

Equity ratio%

Yen

As of March 31, 2024

16,796

6,132

33.0

312.71

As of March 31, 2023

18,775

9,101

40.4

428.22(Reference) Total shareholders' equity;
As of March 31, 2024: 5,536 millions of yen / As of March 31, 2023:7,581 millions of yen(3) Cash flows
Cash flow from operating

Cash flow from investing

Cash flow from financing

Cash and cash equivalents

activities
Millions of yen

activities
Millions of yen

activities
Millions of yen

at year-end
Millions of yen

456

(2)

(828)

1,396

157

0

(806)

1,762

For the year ended March 31,2024
For the year ended March 31,
2023

2. Dividends(Base date)Year ended March
31, 2023
Year ended March
31, 2024
Year ending March
31, 2025 (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

—

0.00

—

0.00

0.00

3. Outlook for the fiscal year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
The overall private equity investment business conducted by the Group (including investment partnerships) is significantly affectedby changing factors such as stock markets, given the characteristics of the business. In addition, it has been difficult to forecast
results reasonably in the rapidly changing environment. Therefore we do not disclose the results forecast. For the convenience ofinvestors and shareholders, however, we disclose “result forecast consolidated under the Previous Accounting Standard” eventhough it does not have enough rationality. For details, please refer to “2. Outlook for the fiscal year ending March 31, 2025 (April 1,
2024 to March 31, 2025)” on page 22.
The “result forecast consolidated under the Previous Accounting Standard” and any other forward-looking statements in thisdocument are based upon the information currently available to JAIC at the time of writing and certain assumptions. The
achievement is not promised. Numerous factors could cause actual results to differ materially from these result forecasts.
4. Other matters(1) Changes among significant subsidiaries (Changes among specific subsidiaries resulting in changes in the scope of
consolidation): Yes[New 1 company (company name: 1 Investment Fund), Excluded 1 company (company name: 1 Investment Fund)](2) 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: None2

Japan Asia Investment Co., Ltd.
Fund Consolidation(3) No. of shares issued and outstanding (common stock)(i) Shares issued and outstanding at the
The year ended Marchend of each period (including treasury
31, 2024:
stock)(ii) Shares of treasury stock at the end of
The year ended Marcheach period
31, 2024:(ii) Average number of shares during the
The year ended March
period31, 2024:

17,884,392
sharesThe year ended March
31, 2023:

17,884,392
shares181,009
shares17,703,383
sharesThe year ended March
31, 2023:
The year ended March
31, 2023:

181,009
shares17,703,383
sharesReference: Non-consolidated results
Business results for the year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Results of operations(Percentages indicate year-on-year increase or decrease)

Operating revenues
Millions of yen% change
For the year ended
March 31, 2024
For the year ended
March 31, 2023

Ordinary income
Millions of yen% change

Net income
Millions of yen% change780(72.9)(1,379)―(1,359)―(1,381)

―

2,876

28.1

(99)

―

(126)

―

(170)

―

Yen

Diluted net income
per shareYen(78.04)―(9.61)―Net income per share
For the year ended
March 31, 2024
For the year ended
March 31, 2023

Operating income
Millions of yen% change(2) Financial position

As of March 31, 2024
As of March 31, 2023

Total assets
Millions of yen
10,176
12,967

Net assets
Millions of yen
5,575
7,267

Equity ratio
%
54.4
55.8

Net assets per share
Yen
312.86408.61(Reference) Total shareholders' equity As of March 31, 2024: 5,538 millions of yen / As of March 31, 2023: 7,233 millions of yen*This report is not subject to audit procedures.
*Cautionary Statements with Respect to Forward-looking Statements and Other Notes
The additional materials of the financial results for the year ended March 31, 2024 will be released on our website on May
15, 2024.
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. Numerous factors could cause actual results to differ materially from theseresult forecasts.

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

For the year ended
March 31, 2024
(from April 1, 2023
to March 31, 2024)

3,872

2,444

113

123

2,071

1,244

1,668

1,023

18

53

Total operating cost

2,453

2,279

Cost of securities sold

1,316

621

316

777

Fund interests losses etc.

806

863

Other operating cost

12

16

Operating gross profit

1,419

165

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

Investment write-offs & Provision
for allowance for possible
investment losses(2) Cash flows(Millions of yen)
For the year ended
March 31, 2024
(from April 1, 2023
to March 31, 2024)

For the year ended
March 31, 2023
(from April 1, 2022
to March 31, 2023)
Cash flow from operating activities

157

456

Cash flow from investing activities

0(2)

Cash flow from financing activities

ሺ806)

(828)

Cash and cash equivalents at theend of period

1,762

1,396

4

Japan Asia Investment Co., Ltd.
Fund Consolidation(3) Breakdown of total assets(Millions of yen)
As of March 31, 2023
Amount(B)/(A) (%)

As of March 31, 2024
Amount(B)/(A) (%)

Total assets

18,775－

16,796－

Cash and deposits

3,130

－

2,544

－

Property, plant and equipment

5,432

－

5,977

－

9,375

－

7,067

－

(1,588)16.9(1,136)

16.1

Operational Investment
Securities (A)Allowance for Possible
Investment Loss (B)(4) Breakdown of loans payable and bonds(Millions of yen)
As of March 31, 2023

As of March 31, 2024

Total of loans payable and bonds

8,993

9,833

Loans payable;
Non-consolidated base

5,137

4,314

Loans payable by project financeand bonds and others;
Consolidated projects and others

3,856

5,519

5

Japan Asia Investment Co., Ltd.
Fund Consolidation

2. Business Position(1) Investment activities (JAIC+Funds)i) Breakdown of new investment and new loan
For the year ended
March 31, 2023
(from April 1, 2022 toMarch 31, 2023)
Number ofAmountcompanies(Millions of yen)

For the year ended
March 31, 2024
(from April 1, 2023 toMarch 31, 2024)
Number ofAmountcompanies(Millions of yen)

1) Area
Project investment subtotal

18

2,152

20

1,322

Japan

16

2,107

19

1,302

Southeast Asia etc.

2

45

1

19

10

1,408

12

1,398

Japan

10

1,408

12

1,398

China, Hong Kong, Taiwan etc.

-

-

-

-

18

2,152

20

1,322

Renewable energy

6

1,034

4

287

Healthcare

2

58

10

312

Smart agriculture

1

170

-

-

Distribution center

2

620

2

570

Other

7

269

4

153

10

1,408

12

1,398

Strategic investment

3

200

3

130

Financial investment

7

1,208

9

1,268

28

3,561

32

2,721

Private equity investment subtotal

2) Investment program
Project oriented investment subtotal

Private equity investment subtotal

Total(Note) Strategic investment is investment in partner companies in the projects for which the 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 March 31, 2023
Number ofAmountcompanies(Millions of yen)

As of March 31, 2024
Number ofAmountcompanies(Millions of yen)

1) Area
Project investment subtotal

50

7,123

57

5,982

Japan

48

7,087

57

5,982

Southeast Asia etc.

2

36

-

-

60

7,010

56

6,169

Japan

47

4,915

47

5,075

China, Hong Kong, Taiwan etc.

13

2,094

9

1,094

50

7,123

57

5,982

Renewable energy

22

4,078

22

2,498

Healthcare

15

707

24

972

Smart agriculture

1

741

1

696

Distribution center

5

1,237

4

1,516

Other

7

358

6

299

60

7,010

56

6,169

Strategic investment

6

962

6

1,093

Financial investment

54

6,047

50

5,076

110

14,133113

12,152

Private equity investment subtotal

2) Investment program
Project oriented investment subtotal

Private equity investment subtotal

Total(Note 1) Strategic investment is investment in partner companies in the projects for which the Group makes investment or provides
loans. Financial investment is investment in companies other than strategic investment.
(Note 2) In order to disclose the number of companies more appropriately, from the end of the current consolidated fiscal year,
JAIC has changed the method of aggregating the number of companies, excluding stocks with a memorandum price. As a result,the number of companies of private equity investment subtotal at the end of the current consolidated fiscal year decreased by 13
compared to the conventional method. The breakdown of the 13 companies with area is 2 in Japan and 11 in China, Hong Kong,
Taiwan etc. Of the 13 companies, 1 is from strategic investment and 12 are from financial investment.
JAIC also aggregated the the number of companies as of the end of the last consolidated fiscal year, excluding stocks with amemorandum price. As a result, the number of companies of private equity investment subtotal at the end of the last consolidated
fiscal year decreased by 21 compared to the conventional method. The breakdown of the 21 companies with area is 2 in Japan and
19 in China, Hong Kong, Taiwan etc. Of the 21 companies, 1 is from strategic investment and 20 are from financial investment.

7

Japan Asia Investment Co., Ltd.
Fund Consolidation(2) JAIC-Backed IPOs (JAIC+Funds)i) Number of IPOs
For the year ended
For the year ended
March 31, 2023
March 31, 2024
(from April 1, 2022
(from April 1, 2023
to March 31, 2023)
to March 31, 2024)
Number of IPOs (total of Japan & overseas)
1 company
1 company
First price multiple (average of Japan & overseas)
30.0 times
1.4 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 the year ended March 31, 2024 (April 1, 2023 to March 31, 2024)
Company
Date ofMarketBusiness
Name
IPO
Operation of coin-operated parking
JAPAN SYSTEMBANK
14-Apr-23
NSE Mainlots, sales and maintenance of
CORPORATION
parking equipment
For the year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)
Company
Date ofMarketBusiness
Name
IPO
Research and development of drug
products, quasi-drugs, (an official
drug classification approved by
TMS Co., Ltd.
22-Nov-22
TSE Growth
Japanese MHLW for compoundswith mild pharmacological activity),
drug substances, medical devices,and medical commodities

Headquarters
Japan

Head
quarters

Japan(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 March 31, 2023

As of March 31, 2024

Commitment

Commitment

amount of
Number offunds

investment

Net asset valueof investment
funds

funds

(Millions ofyen)(Millions ofamount of
Number offunds

Maturity is being
extended
During liquidation
procedure

yen)

of JAIC group](Millions ofyen)

6

11,2123,804

612,612

3,928

-

-

-

-

-

-

3

4,638

2,380

2

2,885

881

6,185

8

Total
[Total commitment amountfunds(Millions ofyen)
During operation period

investment

Net asset
value ofinvestment
funds

9

15,850[3,389]15,497[2,428]4,809

Note: Since the number of funds in the course of being wound up while possessing investment assets has increased, funds during
the liquidation procedure are included in the scope of disclosure from the current fiscal year under review.

8

Japan Asia Investment Co., Ltd.
Fund Consolidationii) Funds during operation period (as of March 31, 2024)
Name of fund

Inception

Total commitment
amount(Millions of yen)

Maturity

Features
Secondary investment fund targeting

JAIC Venture Capital I
nvestment 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 demand
Secondary investment fund targeting
mainly venture companies in Japan.

AJC Venture Capital
Investment Limited

Jun. 2021

Jun. 2031

1,001

Partnership

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

Aug. 2022

Aug. 2032

5,101

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

Notes:
1. The amounts stated for funds denominated in foreign currencies are calculated based on the exchange rate prevailingon the final day of the fiscal year-end. Therefore, changes in assets under management include the amount affected byexchange 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 March 31, 2023
AssetsCurrent assets
Cash and deposits
Operational investment securities
Allowance for possible investment loss
Operating loans
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Vehicles, tools, furniture and fixtures
Accumulated depreciation
Vehicles, tools, furniture and fixtures, net
LandConstruction in progress
Total property, plant and equipment
Intangible assets
Power production facilities concessions
Other
Total intangible assets
Investments and other assets
Investment securities
Distressed receivables
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

10

As of March 31, 2024

3,130
9,375
(1,588)
204
515
(51)
11,5872,544
7,067(1,136)
218
358
(103)
8,948

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

1,711
(141)
1,570
3,807
(720)
3,086
240
(76)
164
369
786
5,977

1,080
168
1,248

1,195
132
1,328

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

75
103
466
(103)
542
7,847
16,796

Japan Asia Investment Co., Ltd.
Fund Consolidation(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Short-term borrowings
Current portion of bonds payable
Accrued expenses
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term borrowings
Deferred tax liabilities
Retirement benefit liability
Asset retirement obligations
Other
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
Deferred gains or losses on hedges
Foreign currency translation adjustment
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

11

As of March 31, 2024

555
7
64
70
81
33
812

901
8
158
55
45
160
1,330

170
8,260
32
158
238
－
8,861
9,673

162
8,761
13
127
254
13
9,333
10,663

5,426
3,631(1,867)
(353)
6,836

5,426
3,631
(3,576)
(353)
5,126

464

71

－
280
744
33
1,487
9,101
18,775

(13)
351
409
36
560
6,132
16,796

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

3,872
2,453
1,419

(Millions of yen)
For the year ended
March 31, 2024
(from April 1, 2023
to March 31, 2024)
2,444
2,279
165

152
282
172
144
656
1,408
11

131
257
187
195
544
1,316
(1,150)

5
1
33
4
5
50

4
1
13
4
3
26

188
0
188
(126)

176
1
178
(1,302)

0
0
－
1

－
－
34
34

－

34

0
0
0
(125)
45
45
(171)
123
(295)

－
2
36
(1,305)5
5(1,310)389(1,700)For the year ended
March 31, 2023
(from April 1, 2022
to March 31, 2023)
Operating revenue
Operating costs
Operating gross profit
Selling, general and administrative expenses
Remuneration for directors (and other officers)
Salaries and allowances
Taxes and dues
Fund interests expenses
Other
Total selling, general and administrative expenses
Operating profit (loss)
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Rental income from facilities
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Miscellaneous losses
Total non-operating expenses
Ordinary loss
Extraordinary income
Gain on reversal of share acquisition rights
Insurance claim income
Subsidy income
Total extraordinary income
Extraordinary losses
Loss on tax purpose reduction entry of non-current
assetsLoss on redemption 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

12

Japan Asia Investment Co., Ltd.
Fund Consolidation(3) Consolidated Statements of Comprehensive Income(171)(Millions of yen)
For the year ended
March 31, 2024
(from April 1, 2023
to March 31, 2024)(1,310)

772
－
(22)

(1,162)
(13)
56

(14)

14

735
563

(1,104)(2,415)Comprehensive income attributable to owners ofparent(299)(2,035)Comprehensive income attributable to non-controllinginterests

863

(379)

For the year ended
March 31, 2023
(from April 1, 2022
to March 31, 2023)
Loss
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to13

Japan Asia Investment Co., Ltd.
Fund Consolidation(4) Consolidated Statements of Changes in Net Assets
For the year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(Millions of yen)

Shareholders' equity

Balance at beginning of period

Share capital

Capital surplus

5,426

3,515

Retainedearnings(1,571)

Treasury shares

Total
shareholders'equity

(353)

7,017

Changes during period
Profit (loss) attributable toowners of parent

(295)

(295)

(0)

(0)

Change in scope of consolidation
Change in ownership interest ofparent due to transactions with
non-controlling interests

115

115

Net changes in items other thanshareholders' equity
Total changes during period

Balance at end of period

－

115

(296)

－

(180)

5,426

3,631

(1,867)

(353)

6,836

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-forsale securities

Foreigncurrencytranslation
adjustment

Total
accumulated
othercomprehensive
incomeShare
acquisitionrights

470

278

749

31

Non-controlling
Total net assetsinterests

1,646

9,443

Changes during period
Profit (loss) attributable toowners of parent(295)

Change in scope of consolidation(0)

Change in ownership interest ofparent due to transactions with
non-controlling interests

115

Net changes in items other thanshareholders' equity

(5)

1

(4)

2

(159)

(161)

Total changes during period

(5)

1

(4)

2

(159)

(342)

Balance at end of period

464

280

744

33

1,487

9,101

14

Japan Asia Investment Co., Ltd.
Fund Consolidation
For the year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(Millions of yen)

Shareholders' equity

Balance at beginning of period

Share capital

Capital surplus

5,426

3,631

Retainedearnings

Treasury shares

Total
shareholders'equity

(353)

6,836

(1,867)

Changes during period
Profit (loss) attributable toowners of parent(1,700)(1,700)(9)(9)

Change in scope of consolidation
Net changes in items other thanshareholders' equity
Total changes during period

Balance at end of period－－(1,709)－(1,709)

5,426

3,631

(3,576)

(353)

5,126

Total
accumulated
othercomprehensive
incomeShare
acquisitionrights

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-forsale securities

Deferred gains
or losses onhedges464－

Foreigncurrencytranslation
adjustment
280

744

Non-controlling
Total net assetsinterests

33

1,487

9,101

Changes during period
Profit (loss) attributable toowners of parent(1,700)Change in scope of consolidation
Net changes in items other thanshareholders' equity
Total changes during period

Balance at end of period

(9)

(393)

(13)

71

(335)

2

(926)

(1,259)

(393)

(13)

71

(335)

2

(926)

(2,968)

71

(13)

351

409

36

560

6,132

15

Japan Asia Investment Co., Ltd.
Fund Consolidation(5) Consolidated Statements of Cash Flows(Millions of yen)
For the year ended
March 31, 2024
(from April 1, 2023
to March 31, 2024)

For the year ended
March 31, 2023
(from April 1, 2022
to March 31, 2023)
Cash flows from operating activities
Loss before income taxes
Depreciation
Increase (decrease) in allowance for investment loss

(125)
55
183

(1,305)46(4)

Increase (decrease) in allowance for doubtful accounts

(1)

60

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

5
15
(4)
89
－

(35)
(31)
(3)
72
26

576

684

(55)
1
(2,359)
1,826

(215)
0
(1,470)
2,853

(98)

(265)

139
247
4
(93)
(62)
61
157

(138)
276
3
(75)
(21)
274
456

0
0

(2)
(2)

(806)
(806)

(828)
(828)

11

7

(635)
2,397
1,762

(365)
1,762
1,396

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

16

Japan Asia Investment Co., Ltd.
Fund Consolidation(6) Notes on Consolidated Financial Statements(Notice Concerning Notes on Matters Regarding the Assumption of Going Concern)
No applicable items(Segment Information)
Segment information is not provided as the Group has single segment; Investment business.
(Per-share Data)
For the year ended March 31, 2023
(from April 1, 2022
to March 31, 2023)

For the year ended March 31, 2024
(from April 1, 2023
to March 31, 2024)¥428.22¥312.71

Net assets per share

Net loss per share(¥16.69)(¥96.03)
Note:ⅰ) Diluted net profit per share for the year ended March 31, 2024 is not disclosed because of net loss per share.
ⅱ) The basis for the calculation of net loss per share is as follows.
For the year ended March 31, 2023
For the year ended March 31, 2024
(from April 1, 2023
(from April 1, 2022
to March 31, 2024)
to March 31, 2023)
Net loss attributable to owners(295)(1,700)of parent(Millions of yen)Amount not attributable tocommon shareholders－－(Millions of yen)
Net loss attributable to ownersof parent relating to common(295)(1,700)stock (Millions of yen)
Average no. of shares
outstanding during the term
17,703
17,703(Thousands)(Important Subsequent Events)
No applicable items

17

Japan Asia Investment Co., Ltd.
Non Consolidation
4. Non-consolidated Financial Statements(1) Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Operational investment securities
Allowance for possible investment loss
Operating loans
Accounts receivable - other
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings
Tools, furniture and fixtures
Land
Total property, plant and equipment
Intangible assets
Other
Total intangible assets
Investments and other assets
Investment securities
Shares of subsidiaries and associates
Distressed receivables
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

18

As of March 31, 2024

2,113
10,459(1,076)
716
288
81
(51)
12,531

1,356
8,423
(927)
931
50
26
(111)
9,749

30
7
0
38

28
5
0
34

10
10

10
10

28
311
0
47
(0)
387
435
12,967

41
293
－
46
－
381
427
10,176

Japan Asia Investment Co., Ltd.
Non Consolidation(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Current portion of long-term borrowings
Accrued expenses
Income taxes payable
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Provision for retirement benefits
Deferred tax liabilities
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Legal capital surplus
Other capital surplus
Total capital surplus
Retained earnings
Other retained earnings
Retained earnings brought forward
Total retained earnings
Treasury shares
Total shareholders' equity
Valuation and translation adjustments
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Total valuation and translation adjustments
Share acquisition rights
Total net assets
Total liabilities and net assets

19

As of March 31, 2024

311
41
69
71
188
683

318
41
54
35
14
463

4,825
158
32
5,016
5,700

3,996
127
13
4,137
4,601

5,426

5,426

1,426
2,081
3,507

1,426
2,081
3,507

(1,995)(1,995)
(353)
6,584

(3,377)(3,377)
(353)
5,202

649

349

－
649
33
7,267
12,967

(13)
336
36
5,575
10,176

Japan Asia Investment Co., Ltd.
Non Consolidation(2) Statements of Income(Millions of yen)

For the year ended
March 31, 2024
(from April 1, 2023
to March 31, 2024)

For the year ended
March 31, 2023
(from April 1, 2022
to March 31, 2023)
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
Rental income from facilities
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Miscellaneous losses
Total non-operating expenses
Ordinary loss
Extraordinary income
Gain on reversal of share acquisition rights
Total extraordinary income
Extraordinary losses
Loss on redemption of investment securities
Loss on valuation of shares of subsidiaries andassociates
Other
Total extraordinary losses
Loss before income taxes
Income taxes - current
Total income taxes
Loss

20

2,876
2,055
821
921
(99)

780
1,285
(505)
873
(1,379)

2
1
34
19
5
62

2
51
13
22
2
92

89
0
89
(126)

72
－
72
(1,359)

0
0

－
－

0

－

－

18

0
0
(125)
44
44
(170)

0
18
(1,377)3
3(1,381)

Japan Asia Investment Co., Ltd.
Previous Accounting Standard

Information for Reference Purposes:
Consolidated Financial Results
for the Year Ended March 31, 2024
May 15, 2024

Consolidated Financial Statements, etc., under the Previous Accounting Standards
for the Year Ended March 31, 2024 (As of March 31, 2024)

Disclosure of consolidated financial statements, etc., under the previous accounting standards
As of Fiscal year ended March 31, 2007 the 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 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 year ended March 31, 2024 (from April 1, 2023 to March 31, 2024)(1) Consolidated results of operations(Percentages indicate year-on-year increase or decrease)

Operating revenue

Operating income

Ordinary income

Millions of yen % change

Millions of yen % change

Millions of yen % change

For the year ended
March 31, 2024
For the year ended
March 31, 2023

964

(68.0)(1,522)―(1,569)―(1,574)

―

3,017

25.2

(185)

―

(224)

―

(269)

―

Yen

Diluted net income
per shareYen(88.97)―(24.0)(13.2)(157.8)(15.22)

―

(3.5)

(1.6)

(6.1)

Net income per share
For the year ended
March 31, 2024
For the year ended
March 31, 2023

Profit attributable toowners of parent
Millions of yen % change％

Ordinary income tototal assets％

Operating income tooperating revenues％

Return on equity(2) Consolidated financial position
Total assets
Millions of yen

Net assets
Millions of yen

As of March 31, 2024

10,438

As of March 31, 2023

13,413(Reference) Total shareholders' equity

Equity ratio%

Net assets per share
Yen

5,670

54.0

318.21

7,552

56.1

424.68

As of March 31, 2024:5,633 millions of yen / As of March 31, 2023: 7,518 millions of yen

21

Japan Asia Investment Co., Ltd.
Previous Accounting Standard
2. Outlook for the fiscal year ending March 31, 2025 (from April 1, 2024 to March 31, 2025)
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 does not have enough rationality.
(Percentages indicate changes from the corresponding period of the previous fiscal year)
Operating revenue
For the year ending
March 31, 2025

For the year ending
March 31, 2023

Millions of yen
1,600
～
2,650

% change
65.9
～
174.7

Operating income
Millions of yen
150
～
850

% change－～－

Ordinary income
Millions of yen
300
～
1,000

% change－～－

Profit attributable to ownersof parent
Millions of yen% change
250
－
～
～
950
－

Net income per share
Yen
14.12
～
53.66

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 of March 31, 2024.
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 Company at the time of writing and certain assumptions. The achievement is notpromised. Numerous factors could cause actual results to differ materially from these result forecasts. For details, please refer to “(3) Result
forecast consolidated under the Previous Accounting Standard” on page 23.

22

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

For the year ended
March 31, 2024
(from April 1, 2023
to March 31, 2024)

3,017

964

134

149

2,057

654

781

74

44

85

Total operating cost

2,056

1,392

Cost of securities sold

1,311

451

304

645

Fund interests losses etc.

426

279

Other operating cost

12

16

Operating gross profit

961

(427)

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

Investment write-offs & Provision
for allowance for possible
investment losses(2) Asset, Liability and Net asset(Millions of yen)
As of March 31, 2023

As of March 31, 2024

Total asset

13,413

10,438

Total liabilities

5,860

4,767

5,142

4,314

7,552

5,670

7,518

5,633

Loans payable
Total net asset
Total shareholders’ equity(3) Result forecast consolidated under the Previous Accounting Standard
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 does not have enough rationality.
Assumptions used in the “result forecast consolidated under the Previous Accounting Standard” are as follows.
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 Company at the time of writing and certain assumptions. The achievement is notpromised. Numerous factors could cause actual results to differ materially from these result forecasts.
This time, we disclose result forecast in range format. The difference between the upper and lower limits is the sales of unlisted shares withrelatively large investment amount. The upper limit is expected when we succeed to sell the unlisted shares with relatively large investment
amount, and the lower limit is expected when we can not sell the shares. Even if we can not sell the shares, we will aim to make a profit by
selling project-oriented investments.

23

Japan Asia Investment Co., Ltd.
Previous Accounting Standard(A) Operating revenue
Consolidated operating revenue is expected to be from 1,600 to 2,650 million yen (up from 65.9% to 174.7% year-on-year).
We expect capital gains from project-oriented investments those we have been negotiating since the previous fiscal year. Among the
project-oriented investments to be sold, distribution warehouse in Atsugi City, Kanagawa Prefecture has been sold and we have alreadyreceived a portion of profit dividends in the 1st quarter of FY Mar. 2025. As for group homes for disabled people, we plan to sell 16 grouphomes to the private fund which will raise funds from institutional investors through social project bonds. We also plan to sell 1 facility forthe elderly. As for mega-solar projects, we plan to start sales negotiation for 3 projects.
As for private equity investment, we will continue sales negotiations for unlisted shares with relatively large investment amount those we
could not sell in the last fiscal year, after expanding potential buyers. We also expect capital gains from newly listed shares in Japan.
(B) Operating income
Operating cost is expected to be from 450 to 800 million yen (down from 67.7% to 42.6% year-on-year). In the previous fiscal year,
operating costs temporarily increased due to valuation losses from portfolio companies in Greater China. In this fiscal year, however,operating costs are expected to decrease because such special factors will disappear. Fund interests losses are also expected to decrease due
to lower start-up costs for new projects and improved profitability at currently operating projects. Selling, general and administrative
expenses are expected to 1,000 million yen (down 8.7% year-on-year). As a result, consolidated operating profit is expected to be from 150
to 850 million yen.
(C) Ordinary income
We expect non-operating income such as foreign exchange gains and non-operating expenses such as interest expense. As a result,consolidated ordinary profit is expected to be from 300 to 1,000 million yen.
(D) Profit attributable to owners of parent
We expect to record extraordinary losses with liquidation of a fund management company and tax expenses. As a result, profit attributableto owners of parent is expected to be from 250 to 950 million yen.

24

Japan Asia Investment Co., Ltd.
Previous Accounting Standard
4. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Operational investment securities
Allowance for possible investment loss
Operating loans
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
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

25

As of March 31, 2024

2,464
10,878(1,252)
716
374
(51)
13,1291,750
8,612(1,087)
931
91
(112)
10,187

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

38
(9)
28
59
(52)
7
0
35

150
150

110
110

61
0
31
(0)
92
283
13,413

75
－
28
－
104
250
10,438

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

26

As of March 31, 2024

316
44
70
81
330
843

318
46
54
45
164
630

4,825
32
158
5,016
5,860

3,996
13
127
4,137
4,767

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

5,426
3,505
(3,354)
(353)
5,224

654

321

－
64
719
33
0
7,552
13,413

(13)
101
409
36
0
5,670
10,438

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
Remuneration for directors(and other officers)
Salaries and allowances
Taxes and dues
Other
Total selling, general and administrative expenses
Operating loss
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Rental income from facilities
Miscellaneous income
Total non-operating income
Non-operating expenses
Interest expenses
Miscellaneous losses
Total non-operating expenses
Ordinary loss
Extraordinary income
Gain on reversal of share acquisition rights
Total extraordinary income
Extraordinary losses
Loss on sales and retirement of non-current assets
Loss on redemption of investment securities
Total extraordinary losses
Loss before income taxes
Income taxes - current
Total income taxes
Loss
Loss attributable to non-controlling interests
Loss attributable to owners of parent

27

For the year ended
March 31, 2023
(from April 1, 2022
to March 31, 2023)
3,017
2,056
961

(Millions of yen)
For the year ended
March 31, 2024
(from April 1, 2023
to March 31, 2024)
964
1,392
(427)

152
282
146
565
1,147
(185)

131
257
138
567
1,094
(1,522)

5
1
33
4
5
50

4
1
13
4
3
26

89
0
89
(224)

72
1
73
(1,569)

0
0

－
－

0
0
0
(224)
45
45
(269)
－
(269)

0
－
0
(1,570)4
4(1,575)(0)(1,574)