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, 2023
[Japanese Standards](Summary of Japanese announcement)
May 15, 2023
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 ordinary general meeting of shareholders: June 28, 2023
Scheduled date for submission of annual report: June 29, 2023
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, 2023 (from April 1, 2022 to March 31, 2023)(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, 2023

3,872

20.9

11

—

(126)

—

(295)

―

For the year ended
March 31, 2022

3,204(13.6)

(237)

—

(412)

—

19

(42.5)(Note) Comprehensive Income
For the year ended March 31, 2023: 563 millions of yen (29.4%)
For the year ended March 31, 2022: 798 millions of yen 358.4%

For the year ended
March 31, 2023
For the year ended
March 31, 2022

Operating income
to operating
revenues%

Net income per share

Diluted net income
per share

Return on equity

Ordinary income tototal assets

Yen

Yen

%

%

(16.69)

―

(3.8)

(0.7)

0.3

1.09

1.08

0.3

(1.8)

(7.4)

(Reference)Equity in earnings (loss) of affiliates
For the year ended March 31 2023: ― millions of yen
For the year ended March 31 2022: ― millions of yen

1

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

Net assets

Net assets per share

Equity ratio

Millions of yen

Millions of yen%

Yen

As of March 31, 2023

18,775

9,101

40.4

428.22As of March 31, 2022

20,231

9,443

38.4

438.69(Reference) Total shareholders' equity;
As of March 31, 2023: 7,581 millions of yen / As of March 31, 2022: 7,766 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

157

0

(806)

1,762

(145)

212

(1,007)2,397

For the year ended March 31,2023
For the year ended March 31,
2022

2. Dividends(Base date)Year ended March
31, 2022
Year ended March
31, 2023
Year ending March
31, 2024 (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, 2024 (from April 1, 2023 to March 31, 2024)
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, 2024 (April 1,
2023 to March 31, 2024)” on page 23.
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 - company (company name: - ) 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, 2023:
stock)(ii) Shares of treasury stock at the end of
The year ended Marcheach period
31, 2023:(ii) Average number of shares during the
The year ended March
period31, 2023:

17,884,392
sharesThe year ended March
31, 2022:

17,884,392
shares181,009
shares17,703,383
sharesThe year ended March
31, 2022:
The year ended March
31, 2022:

181,009
shares17,703,383
sharesReference: Non-consolidated results
Business results for the year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(1) Results of operations(Percentages indicate year-on-year increase or decrease)

Operating revenues
Millions of yen% change
For the year ended
March 31, 2023
For the year ended
March 31, 2022

Ordinary income
Millions of yen% change

Net income
Millions of yen% change

2,876

28.1

(99)

―

(126)

―

(170)

―

2,244

(22.8)

132(32.4)

118(22.3)

106(20.9)Net income per share
Yen
For the year ended
March 31, 2023
For the year ended
March 31, 2022

Operating income
Millions of yen% change

Diluted net income
per shareYen(9.61)

―

6.02

5.99

(2) Financial position

As of March 31, 2023
As of March 31, 2022

Total assets
Millions of yen
12,967
14,571

Net assets
Millions of yen
7,267
7,454

Equity ratio
%
55.8
50.9

Net assets per shareYen
408.61
419.29(Reference) Total shareholders' equity As of March 31, 2023: 7,233 millions of yen / As of March 31, 2022: 7,422 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, 2023 will be released on our website on May
15, 2023.
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, 2022
(from April 1, 2021
to March 31, 2022)

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

3,204

3,872

117

113

1,732

2,071

1,330

1,668

24

18

Total operating cost

1,971

2,453

Cost of securities sold

887

1,316

160

316

Fund interests losses etc.

914

806

Other operating cost

10

12

Operating gross profit

1,232

1,419

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) Investment income(Millions of yen)
For the year ended
March 31, 2023
(from April 1, 2022
to March 31, 2023)

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

Proceeds of sales of operational

Privateequitytotal

investment

Project
investment

Privateequitytotal

investment

669

1,062

1,732

149

1,921

2,071

Cost of securities sold (B)

521

365

887

90

1,226

1,316

Realized capital gains (A)-(B)

147

697

845

59

695

754

―

160

160

75

241

316

147

537

685

(15)

453

437

investment securities (A)Investment write-offs & Provision forallowance for possible investment losses(C)
Investment income (A)-(B)-(C)4

Japan Asia Investment Co., Ltd.
Fund Consolidation(3) Cash flows(Millions of yen)
For the year ended
March 31, 2023
(from April 1, 2022
to March 31, 2023)

For the year ended
March 31, 2022
(from April 1, 2021
to March 31, 2022)
Cash flow from operating activities

ሺ145)

157

Cash flow from investing activities

212

0

Cash flow from financing activities

ሺ1,007)

ሺ806)

Cash and cash equivalents at theend of period

2,397

1,762

(4) Breakdown of total assets(Millions of yen)
As of March 31, 2022
Amount(B)/(A) (%)

As of March 31, 2023
Amount(B)/(A) (%)

Total assets

20,231－

18,775－

Cash and deposits

5,666

－

3,130

－

Property, plant and equipment

4,148

－

5,432

－

9,538

－

9,375

－

ሺ1,492)

15.6(1,588)

16.9

Operational Investment
Securities (A)Allowance for Possible
Investment Loss (B)(5) Breakdown of loans payable and bonds(Millions of yen)
As of March 31, 2022

As of March 31, 2023

Total of loans payable and bonds

9,521

8,993

Loans payable;
Non-consolidated base

5,943

5,137

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

3,578

3,856

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, 2022
(from April 1, 2021 toMarch 31, 2022)
Number ofAmountcompanies(Millions of yen)

For the year ended
March 31, 2023
(from April 1, 2022 toMarch 31, 2023)
Number ofAmountcompanies(Millions of yen)

1) Area
Project investment subtotal

19

1,938

18

2,152

Japan

19

1,938

16

2,107

Southeast Asia

-

-

2

45

8

1,482

10

1,408

Japan

8

1,482

10

1,408

China, Hong Kong, Taiwan etc.

-

-

-

-

19

1,938

18

2,152

Renewable energy

4

497

6

1,034

Healthcare

8

219

2

58

Smart agriculture

1

415

1

170

Distribution center

4

632

2

620

Other

2

174

7

269

8

1,482

10

1,408

Strategic investment

3

359

3

200

Financial investment

5

1,122

7

1,208

27

3,420

28

3,561

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, 2022
Number ofAmountcompanies(Millions of yen)

As of March 31, 2023
Number ofAmountcompanies(Millions of yen)

1) Area
Project investment subtotal

43

6,344

50

7,123

Japan

43

6,344

48

7,087

Southeast Asia

-

-

2

36

86

7,440

81

7,010

Japan

47

4,510

49

4,915

China, Hong Kong, Taiwan etc.

39

2,929

32

2,094

43

6,344

50

7,123

Renewable energy

19

3,286

22

4,078

Healthcare

14

952

15

707

Smart agriculture

1

879

1

741

Distribution center

6

801

5

1,237

Other

3

424

7

358

86

7,440

81

7,010

Strategic investment

7

1,432

7

962

Financial investment

79

6,007

74

6,047

129

13,784131

14,133

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.

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, 2022
March 31, 2023
(from April 1, 2021
(from April 1, 2022
to March 31, 2022)
to March 31, 2023)
Number of IPOs (total of Japan & overseas)
4 companies
1 company
First price multiple (average of Japan & overseas)
3.7 times
30.0 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, 2023 (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
From April 1, 2023 to May 15, 2023
Company
Date of
Name
IPO
JAPAN SYSTEMBANKCORPORATION

14-Apr-23

Headquarters

Japan

MarketBusiness

Head
quarters

NSE MainOperation of coin-operated parking
lots, sales and maintenance ofparking equipment

Japan

For the year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)
Company
Date ofMarketBusiness
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) The listed market is the market 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 March 31, 2022
Commitment

Net asset
value ofinvestment
funds

amount of
Number ofinvestment

funds

funds

As of March 31, 2023
Commitment
Number of
funds

yen)

investment
funds(Millions ofyen)(Millions ofamount of

Net asset
value ofinvestment
funds(Millions of yen)

(Millions ofyen)

During operation period

5

7,511

3,349

6

11,212

3,804

Maturity is being extended

2

4,328

818

-

-

-

3

4,624

1,237

3

4,638

2,380

5,404

9

During liquidation
procedure
Total[Total commitment amount of

10

JAIC group]

16,463[4,953]15,850[3,389]6,185

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.

ii) Funds during operation period (as of March 31, 2023)
Name of fund

Inception

Total commitment
amount(Millions of yen)

Maturity

Features
Secondary investment fund targeting

JAIC

VentureCapitalInvestment 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.

9

Japan Asia Investment Co., Ltd.
Fund Consolidation

Name of fund

Inception

Maturity

Total commitment
amount(Millions of

Featuresyen)
Supporting the business succession needs ofSuccession Investment
Limited Partnership, Ⅱ

Aug. 2022

Aug. 2032

3,701

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.

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 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

11

As of March 31, 2023

5,666
9,538
(1,492)
204
411
(51)
14,2773,130
9,375(1,588)
204
515
(51)
11,587

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

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

1,112
215
1,327

1,080
168
1,248

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

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

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 March 31, 2023

654
7
662
61
75
38
1,500

555
7
64
70
81
33
812

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

170
8,260
32
158
238
8,861
9,673

5,426
3,515
(1,571)
(353)
7,017

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

470

464

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

280
744
33
1,487
9,101
18,775

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

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
Gain on investments in investment partnerships
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 sale of non-current assets
Gain on sale of investment securities
Gain on reversal of share acquisition rights
Insurance claim income
Total extraordinary income
Extraordinary losses
Loss on sale of investment securities
Loss on redemption of investment securities
Other
Total extraordinary losses
Profit (loss) before income taxes
Income taxes - current
Total income taxes
Profit (loss)
Profit attributable to non-controlling interests
Profit (loss) attributable to owners of parent(Millions of yen)
For the year ended
For the year ended
March 31, 2022
March 31, 2023
(from April 1, 2021 to March (from April 1, 2022 to March
31, 2022)
31, 2023)
3,204
3,872
1,971
2,453
1,232
1,419

13

154
289
160
285
579
1,470
(237)

152
282
172
144
656
1,408
11

9
1
65
1
3
0
82

5
1
33
－
4
5
50

255
0
256
(412)

188
0
188
(126)

836
99
－
1
936

－
－
0
0
1

107
－
0
107
417
4
4
412
393
19

－
0
0
0
(125)
45
45
(171)
123
(295)

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

Profit (loss)
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment(Millions of yen)
For the year ended
For the year ended
March 31, 2022
March 31, 2023
(from April 1, 2021 to March (from April 1, 2022 to March
31, 2022)
31, 2023)
412
(171)
381
17

772
(22)

(13)

(14)

385
798

735
563

Comprehensive income attributable to owners ofparent451(299)

Comprehensive income attributable to non-controllinginterests

346

863

Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to14

Japan Asia Investment Co., Ltd.
Fund Consolidation(4) Consolidated Statements of Changes in Net Assets
For the year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)(Millions of yen)

Shareholders' equity

Balance at beginning of period

Share capital

Capital surplus

5,426

3,515

Retainedearnings(1,575)

Treasury shares

Total
shareholders'equity

(353)

7,012

Changes during period
Profit (loss) attributable toowners of parent

19

19

Change in scope of consolidation

(15)

(15)

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

00

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

Balance at end of period

－

0

4

－

4

5,426

3,515

(1,571)

(353)

7,017

Accumulated other comprehensive income

Balance at beginning of period

Valuationdifference on
available-forsale securities

Foreigncurrencytranslation
adjustment

Total
accumulated
othercomprehensive
incomeShare
acquisitionrights

124

191

316

27

Non-controlling
Total net assetsinterests

1,749

9,106

Changes during period
Profit (loss) attributable toowners of parent

19

Change in scope of consolidation(15)

Change in ownership interest ofparent due to transactions with
non-controlling interests0

Net changes in items other thanshareholders' equity

345

87

432

3

(103)

332

Total changes during period

345

87

432

3

(103)

337

Balance at end of period

470

278

749

31

1,646

9,443

15

Japan Asia Investment Co., Ltd.
Fund Consolidation
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

16

Japan Asia Investment Co., Ltd.
Fund Consolidation(5) Consolidated Statements of Cash Flows
For the year ended
March 31, 2022
(from April 1, 2021 to March
31, 2022)(Millions of yen)
For the year ended
March 31, 2023
(from April 1, 2022 to March
31, 2023)

417
38
16

(125)
55
183

Increase (decrease) in allowance for doubtful accounts

46

(1)

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 on valuation of operational investment securities

26
6
(7)
106
(1)
8
29

5
15
(4)
89
－
－
－

(1,269)

576

(216)
42
(1,968)
3,037

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

(363)

(98)

16
(34)
7
(111)
(15)
8
(145)

139
247
4
(93)
(62)
61
157

(6)
219
0
212

－
－
0
0

(1,007)(0)(1,007)

(806)
－
(806)

36

11

(903)
3,301
2,397

(635)
2,397
1,762

Cash flows from operating activities
Profit (loss) before income taxes
Depreciation
Increase (decrease) in allowance for investment loss

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
Purchase of intangible assets
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

17

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, 2022
(from April 1, 2021 to March 31,2022)

For the year ended March 31, 2023
(from April 1, 2022 to March 31,
2023)¥438.69¥428.22¥1.09(¥16.69)

Net assets per share
Net profit (loss) per share

Diluted net profit per share
¥1.08
¥－
Note:
ⅰ)Diluted net profit per share for the year ended March 31, 2023 is not disclosed because of net loss.
ⅱ)The basis for the calculation of net profit (loss) per share and diluted net profit per share is as follows.
For the year ended March 31, 2022
For the year ended March 31, 2023
(from April 1, 2022 to March 31,(from April 1, 2021 to March 31,
2023)
2022)
Net profit (loss) per share
Net profit (loss) attributable to19(295)
owners of parent(Millions of yen)Amount not attributable tocommon shareholders－－(Millions of yen)
Net profit (loss) attributable to19(295)
owners of parent relating tocommon stock (Millions of yen)
Average no. of shares
outstanding during the term
17,703
17,703(Thousands)
Diluted net profit per share
Adjustment of net profit
attributable to owners of parent－－(Millions of yen)
Increase in common stock74－(Thousands)[Share acquisition rights[74][－](Thousands)]
Latent shares not included indiluted net profit per share－－calculation due to lack ofdilution effect(Important Subsequent Events)
No applicable items

18

Japan Asia Investment Co., Ltd.
Non Consolidation
4. Non-consolidated Financial Statements(1) Balance Sheets(Millions of yen)
As of March 31, 2022
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

19

As of March 31, 2023

2,367
11,956
(925)
660
66
61
(51)
14,136

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

31
8
0
40

30
7
0
38

12
12

10
10

26
307
7
48
(7)
382
435
14,571

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

Japan Asia Investment Co., Ltd.
Non Consolidation(Millions of yen)
As of March 31, 2022
Liabilities
Current liabilities
Current portion of long-term borrowings
Suspense receipt
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
Total valuation and translation adjustments
Share acquisition rights
Total net assets
Total liabilities and net assets

20

As of March 31, 2023

309
749
84
61
67
13
1,286

311
175
41
69
71
12
683

5,633
143
53
5,831
7,117

4,825
158
32
5,016
5,700

5,426

5,426

1,426
2,081
3,507

1,426
2,081
3,507

(1,825)(1,825)
(353)
6,754

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

668

649

668
31
7,454
14,571

649
33
7,267
12,967

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

Operating revenue
Operating costs
Operating gross profit
Selling, general and administrative expenses
Operating profit (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
Miscellaneous losses
Total non-operating expenses
Ordinary profit (loss)
Extraordinary income
Gain on sale of investment securities
Gain on reversal of share acquisition rights
Total extraordinary income
Extraordinary losses
Loss on sale of investment securities
Loss on redemption of investment securities
Other
Total extraordinary losses
Profit (loss) before income taxes
Income taxes - current
Total income taxes
Profit (loss)

For the year ended
For the year ended
March 31, 2022
March 31, 2023
(from April 1, 2021 to March(from April 1, 2022 to March
31, 2022)
31, 2023)
2,244
2,876
1,131
2,055
1,113
821
980
921
132
(99)

21

3
1
66
1
19
0
92

2
1
34
－
19
5
62

106
－
106
118

89
0
89
(126)

99
－
99

－
0
0

107
－
0
107
109
3
3
106

－
0
0
0
(125)
44
44
(170)

Japan Asia Investment Co., Ltd.
Previous Accounting Standard

Information for Reference Purposes:
Consolidated Financial Results
for the Year Ended March 31, 2023
May 15, 2023

Consolidated Financial Statements, etc., under the Previous Accounting Standards
for the Year Ended March 31, 2023 (As of March 31, 2023)

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

3,017

25.2

(185)

―

(224)

―

(269)

―

2,409

(22.0)

86(59.7)

61(64.6)

49(66.0)

Yen

Diluted net income
per shareYen(15.22)

―

(3.5)

(1.6)

(6.1)

2.78

2.77

0.7

0.4

3.6

Net income per share
For the year ended
March 31, 2023
For the year ended
March 31, 2022

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, 2023

13,413As of March 31, 2022

14,972(Reference) Total shareholders' equity

Equity ratio%

Net assets per share
Yen

7,552

56.1

424.68

7,810

52.0

439.41

As of March 31, 2023:7,518 millions of yen / As of March 31, 2022: 7,779 millions of yen

22

Japan Asia Investment Co., Ltd.
Previous Accounting Standard
2. Outlook for the fiscal year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
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 six months ending
September 30, 2023
For the year ending
March 31, 2024

Operating income

Ordinary income

Profit attributable to ownersof parent
Millions of yen% change

Millions of yen% change

Millions of yen% change

Millions of yen% change525(21.6)

(370)

―

(410)

―

(410)

―

2,300

(23.8)

200

―

120

―

120

―

Net income per share
Yen
For six months ending
September 30, 2023
For the year ending
March 31, 2024

(22.03)
6.78

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.
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, 2023.

23

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, 2022
(from April 1, 2021
to March 31, 2022)

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

2,409

3,017

154

134

1,573

2,057

631

781

50

44

Total operating cost

1,133

2,056

Cost of securities sold

810

1,311

145

304

Fund interests losses etc.

167

426

Other operating cost

10

12

Operating gross profit

1,276

961

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) Investment income(Millions of yen)
For the year ended
March 31, 2023
(from April 1, 2022
to March 31, 2023)

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

Proceeds of sales of operational

Privateequitytotal

investment

Project
investment

Privateequitytotal

investment

657

915

1,573

149

1,907

2,057

Cost of securities sold (B)

509

300

810

90

1,221

1,311

Realized capital gains (A)-(B)

147

615

762

59

686

745

―

145

145

75

229

304

147

469

617

(15)

457

441

investment securities (A)Investment write-offs & Provision forallowance for possible investment losses(C)
Investment income (A)-(B)-(C)24

Japan Asia Investment Co., Ltd.
Previous Accounting Standard(3) Asset, Liability and Net asset(Millions of yen)
As of March 31, 2022

As of March 31, 2023

Total asset

14,972

13,413

Total liabilities

7,161

5,860

5,943

5,142

7,810

7,552

7,779

7,518

Loans payable
Total net asset
Total shareholders’ equity(4) 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.
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.
Assumptions used in the “result forecast consolidated under the Previous Accounting Standard” are as follows.
(A) Operating revenue
Consolidated operating revenue is expected to be 2,300 million yen (down 23.8% year-on-year), due to a decrease in proceeds of sales ofoperational investment securities. The breakdown is as follows.
Proceeds of sales of operational investment securities will decrease from the fiscal year ended March 2023 to 1,470 million yen. Theserevenues will attributable mainly to unlisted shares with relatively large investment amounts in Japan. We expect to only 1 IPO, JAPANSYSTEMBANK CORPORATION, which was listed in April 2023.
Of the fund interests income and income gains etc., we expect to record 580 million yen for the gains on the sale of projects. We expect tosell projects including a distribution center and group homes for the handicapped.
In addition, we expect to record 250 million yen as total of management fees, fund interest incomes for funds operated by third parties andconsulting fees.
(B) Operating income
Operating cost is expected to be 1,000 million yen (down 51.4% year-on-year). As for breakdown, we expect to record 400 million yen forcost of securities sold. Since we do not expect any capital losses but expect higher profitability for securities to be sold, cost of securities
sold is expected to decrease year-on-year. Valuation losses and provisions are expected to be 430 million yen, conservatively assuming thatthey will increase year-on-year. Fund interests losses are expected to 160 million yen due to the expenses for renewable energy projects not
yet in operation, the loss from the vegetable factory, the loss from the biogas power plant and other losses. In addition, we expect to record
10 million yen as other operating costs.
Selling, general and administrative expenses are expected to 1,100 million yen (down 4.1% year-on-year). As a result, consolidated
operating profit is expected to be 200 million yen.
(C) Ordinary income
We expect to record 80 million yen for non-operating expenses such as interest expense. As a result, consolidated ordinary profit isexpected to be 120 million yen.

25

Japan Asia Investment Co., Ltd.
Previous Accounting Standard(D) Profit attributable to owners of parent
We expect to record no extraordinary income, no extraordinary loss and no tax expenses. As a result, profit attributable to owners of parent
is expected to be 120 million yen.
We expect a cumulative deficit until the third quarter, since most of the profits are expected to be generated in the third quarter and in the
fourth quarter when securities and projects will be sold.

26

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

27

As of March 31, 2023

2,740
12,238(1,099)
660
150
(51)
14,6392,464
10,878(1,252)
716
374
(51)
13,129

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

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

199
199

150
150

59
7
31
(7)
90
332
14,972

61
0
31
(0)
92
283
13,413

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
Non-controlling interests
Total net assets
Total liabilities and net assets

28

As of March 31, 2023

309
750
87
61
75
45
1,330

316
175
44
70
81
155
843

5,633
53
143
5,831
7,161

4,825
32
158
5,016
5,860

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

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

656

654

54
710
31
－
7,810
14,972

64
719
33
0
7,552
13,413

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

Operating revenue
Operating costs
Operating gross profit
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 profit (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
Miscellaneous losses
Total non-operating expenses
Ordinary profit (loss)
Extraordinary income
Gain on sale of investment securities
Gain on reversal of share acquisition rights
Total extraordinary income
Extraordinary losses
Loss on sale of investment securities
Loss on redemption of investment securities
Other
Total extraordinary losses
Profit (loss) before income taxes
Income taxes - current
Total income taxes
Profit (loss)
Profit (loss) attributable to owners of parent

For the year ended
March 31, 2022
(from April 1, 2021 to March
31, 2022)
2,409
1,133
1,276

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

154
289
145
599
1,189
86

152
282
146
565
1,147
(185)

8
1
65
1
3
0
82

5
1
33
－
4
5
50

106
0
106
61

89
0
89
(224)

99
－
99

－
0
0

107
－
0
107
53
4
4
49
49

－
0
0
0
(224)
45
45
(269)
(269)

29