Japan Asia Investment Co., Ltd.
Fund Consolidation

This document has been translated from a part of the Japanese original for reference
purposes only. In the event of any discrepancy between this translated document and theJapanese original, the original shall prevail. JAIC assumes no responsibility for thistranslation or for direct, indirect or any other forms of damages arising from thetranslation.

Consolidated Financial Results
for the Second Quarter Ended September 30, 2023
[Japanese Standards](Summary of Japanese announcement)
November 14, 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, Senior Executive Officer

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

Tel: +81-3-3221-8518 (main)
Scheduled date for submission of quarterly report: November 14, 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 second quarter ended September 30, 2023 (April 1, 2023 to September 30, 2023)(1) Consolidated results of operations (cumulative total)(Percentages indicate year-on-year increase or decrease)
Operating revenue

Operating income

Ordinary income

Millions of yen % change

Millions of yen % change

Millions of yen % change

Profit attributable toowners of parent
Millions of yen % change

For six months ended
September 30, 2023

1,269

14.1

(239)

－

(312)

－

(543)

－

For six months ended
September 30, 2022

1,112

9.3

(488)

－

(579)

－

(671)

－

(Note) Comprehensive Income
For six months ended September 30, 2023: (1,079) millions of yen (－%)
For six months ended September 30, 2022: (738) millions of yen (－%)

Yen

Diluted net income
per shareYen(30.72)－(37.95)－

Total assets
Millions of yen

Net assets
Millions of yen

Net income per share
For six months ended
September 30, 2023
For six months ended
September 30, 2022

(2) Consolidated financial position
Equity ratio%

Net assets per share
Yen

As of September 30, 2023

17,780

7,621

38.5

386.43As of March 31, 2023

18,775

9,101

40.4

428.22(Reference) Total shareholders' equity
As of September 30, 2023: 6,841 millions of yen, As of March 31, 2023: 7,581 millions of yen

1

Japan Asia Investment Co., Ltd.
Fund Consolidation

2. Dividends(Base date)Year ended March 31,
2023
Year ending March 31,2024
Year ending March 31,
2024 (forecast)End of first quarter
Yen

End of second quarter
Yen

－

0.00

－

0.00

Dividends per share
End of third quarter
Yen

End of year
Yen

Year
Yen

－

0.00

0.00

－

0.00

0.00

(Note) Revision of dividends forecast during the current quarterly period: None
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 18 in this report.
The “result forecast consolidated under the Previous Accounting Standard” and any other forward-looking statements in thisdocument are based upon the information currently available to JAIC at the time of writing and certain assumptions. The
achievement is not promised. Numerous factors could cause actual results to differ materially from these result forecasts. For details,
please refer to “3. Business Performance and Financial Condition (3) Cautionary Statements with Respect to Forward-looking
Statements such as Consolidated Earnings Forecast under the Previous Accounting Standard” on page 20 in this report, “3. Business
Performance and Financial Condition (4) Result forecast consolidated under the Previous Accounting Standard” on page 25 in“Consolidated Financial Results for the Year Ended March 31, 2023 [Japanese Standards]” disclosed on May 15, 2023.
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) Adoption of specific accounting methods for the preparation of quarterly consolidated financial statements: None
(3) Changes in accounting principles, accounting estimates and correction of prior period errors(i) Changes in accounting principles due to revisions to accounting standards: None(ii) Changes other than shown in (i) above: None(iii) Changes in accounting estimates: None(iv) Correction of prior period errors: None
(4) No. of shares issued and outstanding (common stock)(i) Shares issued and outstanding at
Six months ended
the end of each period (including
September 30,2023:
treasury stock)(ii) Shares of treasury stock at theSix months ended
end of each period
September 30,2023:(ii) Average number of shares
Six months ended
during the period (cumulative
September 30,2023:
quarterly consolidated period)

17,884,392
sharesYear ended March
31, 2023:

17,884,392
shares181,009
sharesYear ended March
31, 2023:

181,009
shares17,703,383
sharesSix months ended
September 30,2022:

17,703,383
shares*The above quarterly financial results are not subject to a quarterly review required under the Financial Instruments andExchange Act.
*Cautionary Statements with Respect to Forward-looking Statements and Other Notes
The additional materials of the financial results for the second quarter ended September 30, 2023 will be released on our
website on November 14, 2023.
The “result forecast consolidated under the Previous Accounting Standard” and any other forward-looking statements in this2Japan Asia Investment Co., Ltd.
Fund Consolidation

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 these result forecasts. For
details, please refer to “3. Business Performance and Financial Condition (3) Cautionary Statements with Respect to
Forward-looking Statements such as Consolidated Earnings Forecast under the Previous Accounting Standard” on page 20 inthis report, “3. Business Performance and Financial Condition (4) Result forecast consolidated under the Previous AccountingStandard” on page 25 in “Consolidated Financial Results for the Year Ended March 31, 2023 [Japanese Standards]” disclosed
on May 15, 2023.

3

Japan Asia Investment Co., Ltd.
Fund Consolidation

1. Business Performance and Financial Condition(1) Breakdown of operating revenue and operating cost
(Millions of yen)
For six months ended
September 30, 2022
(from April 1, 2022
to September 30, 2022)

For six months ended
September 30, 2023
(from April 1, 2023
to September 30, 2023)

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

1,112

1,269

3,872

58

60

113

444

644

2,071

599

544

1,668

9

18

18

Total operating cost

965

834

2,453

Cost of securities sold

322

237

1,316

287

218

316

348

371

806

Other operating cost

6

7

12

Operating gross profit

146

434

1,419

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

For six months ended
September 30, 2023
(from April 1, 2023
to September 30, 2023)

Cash flow from operating activities

126

385

157

Cash flow from investing activities

(0)

1

0

Cash flow from financing activities

(494)

(509)

(806)

2,055

1,646

1,762

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 & Provisionforallowanceforpossibleinvestment losses
Fund interests losses etc.

(2) Cash flows

Cash and cash equivalents at the endof period

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

Japan Asia Investment Co., Ltd.
Fund Consolidation(3) Breakdown of total assets(Millions of yen)
As of September 30, 2022
Amount(B)/(A)(%)

As of September 30, 2023
Amount(B)/(A)(%)

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

Total assets

18,405－

17,780－18,775－

Cash and deposits

3,857

－

3,099

－

3,130

－

Property, plant and equipment

4,584

－

5,711

－

5,432

－

Operational Investment
Securities (A)

9,142

－

8,131

－

9,375

－

Allowance for Possible
Investment Loss (B)(1,626)17.8(1,763)21.7(1,588)16.9(4) Breakdown of Loans payable and bonds(Millions of yen）
As of September 30, 2022

As of September 30, 2023

As of March 31, 2023

Total of loans payable and bonds

9,291

9,271

8,993

Loans payable;
Non-consolidated base

5,448

4,633

5,137

Loans payable by project
finance and bonds;
Consolidated projects

3,842

4,638

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

For six months ended
September 30, 2023
(from April 1, 2023
to September 30, 2023)
AmountNumber of (Millionsofcompaniesyen)

For the year ended
March 31, 2023
(from April 1, 2022
to March 31, 2023)
AmountNumber of (Millionsofcompanies
yen)1) Area
Project investment subtotal

8

600

12

563

18

2,152

Japan

8

600

11

543

16

2,107

Southeast Asia etc.

-

-

1

19

2

45

6

724

7

555

10

1,408

Japan

6

724

7

555

10

1,408

China, Hong Kong, Taiwan
etc.

-

-

-

-

-

-

8

600

12

563

18

2,152

Renewable energy

2

308

4

287

6

1,034

Healthcare

1

29

5

137

2

58

Smart agriculture

1

105

-

-

1

170

Distribution center

-

-

-

-

2

620

Other

4

158

3

139

7

269

6

724

7

555

10

1,408

Strategic investment

2

170

2

30

3

200

Financial investment

4

554

5

525

7

1,208

14

1,324

19

1,118

28

3,561

Privatesubtotal

equityinvestment

2) Investment program
Project investment subtotal

Privatesubtotal

Total

equityinvestment(Note) Strategic investment is investment in partner companies in the projects for which the Group makes investment orprovides loans. Financial investment is investment in companies other than strategic investment.

6

Japan Asia Investment Co., Ltd.
Fund Consolidationii) Balance of investment and loan
As of September 30, 2022 As of September 30, 2023
Number ofcompanies

Amount(Millions ofyen)

Number ofcompanies

44

6,191

55

Japan

44

6,191

Southeast Asia etc.

-

Private equity investment
subtotal

Amount(Millions of
yen)

As of March 31, 2023
Number ofcompanies

Amount(Millions of
yen)

6,980

50

7,123

54

6,926

48

7,087

-

1

54

2

36

84

7,427

72

6,478

81

7,010

Japan

49

4,996

50

4,459

49

4,915

China, Hong Kong,
Taiwan etc.

35

2,430

22

2,019

32

2,094

44

6,191

55

6,980

50

7,123

Renewable energy

18

3,444

23

3,732

22

4,078

Healthcare

14

679

19

826

15

707

Smart agriculture

1

830

1

711

1

741

Distribution center

5

680

5

1,237

5

1,237

Other

6

555

7

472

7

358

Private equity investment
subtotal

84

7,427

72

6,478

81

7,010

Strategic investment

9

1,590

7

992

7

962

Financial investment

75

5,836

65

5,485

74

6,047

128

13,618127

13,458131

14,133

1) Area
Project investment subtotal

2) Investment program
Project investment subtotal

Total(Note) Strategic investment is investment in partner companies in the projects for which the Group makes investment orprovides 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 six months ended
September 30, 2022
(from April 1, 2022
to September 30, 2022)

For six months ended
September 30, 2023
(from April 1, 2023
to September 30, 2023)

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

Number of IPOs (totalof Japan & overseas)-

1 company

1 company

First price multiple(average of Japan &overseas)-

1.4 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 six months ended September 30, 2023 (from April 1, 2023 to September 30, 2023)
Company
Date ofMarketBusiness
Name
IPO
Operation of coin-operated parking
JAPAN SYSTEMBANK
14-Apr-23
NSE Mainlots, sales and maintenance of
CORPORATION
parking equipment
Fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)
Date ofCompany
MarketBusiness
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

8

Headquarters
Japan

Head
quartersJapan

Japan Asia Investment Co., Ltd.
Fund Consolidation(3) Management of Investment Funds(Funds for which JAIC and its Group are responsible for management and provision of essential information)i) Balance of funds under management
For six months ended
September 30, 2022
(from April 1, 2022
to September 30, 2022)
Commitment Net asset
value ofamount of investment
Number of investment
funds
funds
funds

For six months ended
September 30, 2023
(from April 1, 2023
to September 30, 2023)
Commitment Net asset
value ofamount of investment
Number of investment
funds
funds
funds

For the year ended
March 31, 2023
(from April 1, 2022
to March 31, 2023)
Commitment Net asset
value ofamount ofinvestment
Number of investment
funds
funds
funds

(Millions of (Millions of(Millions of (Millions of(Millions of (Millions of
yen)

yen)

6

11,212

3,804

-

-

-

-

1,432

3

4,638

2,380

5,037

9

yen)

yen)

6

11,812

3,605

171

-

-

1,307

2

2,852

5,124

8

yen)

yen)

6

9,312

3,644

1

2,751

3

4,724

Duringoperation
periodMaturity is
being
extended
Duringliquidation
procedure
Total[Totalcommitment

10

amount of

16,787[3,849]14,664[2,418]15,850[3,389]

6,185

JAIC group]ii) Funds during operation period (as of September 30, 2023)
Name of fund

Inception

Total
commitment
amount(Millions of yen)

Maturity

Features

Secondary investment fund targeting
JAIC Venture Capital
Investment L.P.

Feb. 2016

Feb. 2026

2,000

mainly venture companies in Japan.
Domestic leading financial institution
invested in this fund.
General partner of the Fund is a joint
venture between JAIC and Aozora Bank,

Succession Investment
Limited Partnership, I

Jun. 2017

Jun. 2027

3,000

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

JAIC-Solar Fund, L.P., II

Mar. 2020

Dec. 2039

1,359

Investment target of the Fund is mega solar
projects in operation.
JAIC and Asian Market Planning Co., Ltd.

Hokkaido SME Global
Fund, L.P.

jointly manage the Fund as Co-GP.
Apr. 2020

Dec. 2026

151

Investing in SMEs in Hokkaido that operateor aim to operate in oversea market and that
promote business to meet inbound demand9

Japan Asia Investment Co., Ltd.
Fund Consolidation

Name of fund

Inception

Total
commitment
amountMaturity

Features(Millions ofyen)
Secondary investment fund targeting
mainly venture companies in Japan.

AJC Venture Capital
Investment Limited

Jun. 2021

Jun. 2031

1,001

Partnership

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

Aug. 2022

Aug. 2032

4,301

SMEs in Japan. Managed by AJ Capital(Note 3)

Co., 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 affectedby exchange rates.
2. The total amount of fund is listed as the amount of commitment base.
3. On October 31, 2023, Succession Investment Limited Partnership, Ⅱ increased its total commitment amount andcompleted the final closing with a total amount 5,101 million yen.

10

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 investment losses
Operating loans
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery and equipment
Accumulated depreciation
Machinery and equipment, net
Vehicles, tools, furniture and fixtures
Accumulated depreciation
Vehicles, tools, furniture and fixtures, net
LandConstruction in progress
Total property, plant and equipment
Intangible assets
Power production facilities concessions
Other
Total intangible assets
Investments and other assets
Investment securities
Distressed receivables
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

11

As of September 30, 2023

3,130
9,375
(1,588)
204
515
(51)
11,5873,099
8,131(1,763)
204
430
(51)
10,051

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

1,180
(103)
1,076
4,000
(633)
3,366
213
(68)
144
365
758
5,711

1,080
168
1,248

1,135
150
1,285

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

65
103
665
(103)
731
7,728
17,780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
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

12

As of September 30, 2023

555
7
64
70
81
33
812

1,636
7
109
59
56
221
2,091

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

166
7,460
22
157
261
8,067
10,1585,426
3,631(1,867)
(353)
6,836

5,426
3,631
(2,420)
(353)
6,283

464

207

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

350
558
35
744
7,621
17,780Japan Asia Investment Co., Ltd.
Fund Consolidation(2) Consolidated Statements of Income

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

13

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

(Millions of yen)
For six months ended
September 30, 2023
(from April 1, 2023
to September 30, 2023)
1,269
834
434
674
(239)

2
0
－
1
0
5

2
0
11
2
0
17

95
0
0
95
(579)

88
－
1
90
(312)

－
0
0

34
－
34

－

34

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

－
0
34
(312)
2
2
(315)
228
(543)

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

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

For six months ended
September 30, 2022
(from April 1, 2022
to September 30, 2022)(594)(Millions of yen)
For six months ended
September 30, 2023
(from April 1, 2023
to September 30, 2023)
(315)

(207)
42

(834)
59

20

11

(144)
(738)

(763)
(1,079)

(781)

(730)

43

(348)

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

14

Japan Asia Investment Co., Ltd.
Fund Consolidation(4) Consolidated Statements of Cash Flows(Millions of yen)
For six months ended
September 30, 2023
(from April 1, 2023
to September 30, 2023)

For six months ended
September 30, 2022
(from April 1, 2022
to September 30, 2022)
Cash flows from operating activities
Loss before income taxes
Depreciation
Increase (decrease) in allowance for investment loss

(591)
28
260

(312)
23
－

Increase (decrease) in allowance for doubtful accounts(0)0Increase (decrease) in provision for bonuses
Increase (decrease) in retirement benefit liability
Interest and dividend income
Interest expenses
Loss (gain) on valuation of investment securities

(28)
7
(1)
46
13

(25)
(1)
(2)
38
－

Loss on devaluation of operational investment
securities

－

22

(215)

156

(27)
0
(618)
768

(135)
0
(811)
1,620

(61)

(245)

554
133
1
(65)
(6)
61
126

(143)
182
2
(54)
(19)
274
385

(0)
(0)

1
1

(494)
(494)

(509)
(509)

26

7

(342)
2,397
2,055

(115)
1,762
1,646

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 noncontrolling interest
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities
Cash flows from investing activities
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

15

Japan Asia Investment Co., Ltd.
Fund Consolidation(5) Notes on Quarterly Consolidated Financial Statements(Notice Concerning Notes on Matters Regarding the Assumption of Going Concern)
No applicable items(Notice Concerning Notes on Significant Changes in Shareholder’s Equity)
No applicable items

16

Japan Asia Investment Co., Ltd.
Previous Accounting Standard

Information for Reference Purposes:
Consolidated Financial Results
for the Second Quarter Ended September 30, 2023
November 14, 2023

Consolidated Financial Statements, etc., under the Previous Accounting Standards
for the Second Quarter Ended September 30, 2023 (As of September 30, 2023)

Disclosure of consolidated financial statements, etc., under the Previous accounting standards
As of Fiscal year ended March 31, 2007 the JAIC Group has adopted “Practical Solution on Application of Control Criteria and Influence
Criteria to Investment Associations” (Accounting Standards Board of Japan Practical Issues Task Force No. 20 issued on September 8, 2006),
and consolidated financial statements, etc., are being prepared with the inclusion in the consolidation of some of the operational investment
funds managed by the Group.
Nevertheless, to enable investors and shareholders to have an accurate understanding of the JAIC Group’s business results and financial position,
we consider it essential also to disclose financial statements, etc., prepared in accordance with the previous accounting standards. Therefore,
for reference purposes, the Group will continue to disclose financial statements, etc., in accordance with the previous accounting standards.

(Throughout this report, fractional amounts have been rounded down to the nearest one million yen.)
1. Consolidated business results for the Second quarter ended September 30, 2023 (April 1, 2023 to September 30, 2023)(1) Consolidated results of operations (cumulative total)(Percentages indicate year-on-year increase or decrease)
Operating revenue

Operating income

Ordinary income

Millions of yen % change

Millions of yen % change

Millions of yen % change

Profit attributable toowners of parent
Millions of yen % change

For six months ended
September 30, 2023
For six months ended
September 30, 2022

426

(36.3)

(535)

－

(558)

－

(560)

－

669

75.8

(598)

－

(640)

－

(655)

－

Yen

Diluted net income
per shareYen(31.67)－(37.01)－

Net income per share
For six months ended
September 30, 2023
For six months ended
September 30, 2022

(2) Consolidated financial position
Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen%

Yen

As of September 30, 2023

12,147

6,835

56.0

384.13As of March 31, 2023

13,413

7,552

56.1

424.68(Reference) Total shareholders' equity:
As of September 30, 2023: 6,800 millions of yen
As of March 31, 2023: 7,518 millions of yen

17

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 theconvenience of investors and shareholders, however, we disclose “result forecast consolidated under the Previous Accounting Standard” eventhough 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, 2024

Operating income

Ordinary income

Millions of yen% change

Millions of yen% change

Millions of yen% change

2,300(23.8)

200

―

120

―

Profit attributable to ownersof parent
Millions of yen% change120―

Net income per share
Yen
For the year ending
March 31, 2024

6.78

(Note) Revision from the latest earnings forecast: None
Net income per share in above chart is calculated by the number of shares issued and outstanding excluding the number of shares of treasury
stock as of September 30, 2023.
The “result forecast consolidated under the Previous Accounting Standard” and any other forward-looking statements in this document are
based upon the information currently available to JAIC at the time of writing and certain assumptions. The achievement is not promised.
Numerous factors could cause actual results to differ materially from these result forecasts.
For details, please refer to “3. Business Performance and Financial Condition (3) Cautionary Statements with Respect to Forward-looking
Statements such as Consolidated Earnings Forecast under the Previous Accounting Standard” on page 20 in this report, and “3. Business
Performance and Financial Condition (4) Result forecast consolidated under the Previous Accounting Standard” on page 25 in “Consolidated
Financial Results for the Year Ended March 31, 2023 [Japanese Standards]” disclosed on May 15, 2023.

18

Japan Asia Investment Co., Ltd.
Previous Accounting Standard

3. Business Performance and Financial Condition(1) Breakdown of operating revenue and operating cost

(Millions of yen)

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

For six months ended
September 30, 2023
(from April 1, 2023
to September 30, 2023)

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

Total operating revenue

669

426

3,017

Management fees

69

79

134

441

281

2,057

136

32

781

Other operating revenue

22

32

44

Total operating cost

715

420

2,056

Cost of securities sold

320

132

1,311

275

183

304

113

97

426

Other operating cost

6

7

12

Operating gross profit

(46)

6

961

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

Investment write-offs & Provisionforallowanceforpossibleinvestment losses
Fund interests losses etc.

(2) Asset, Liability and Net asset(Millions of yen)
As of September 30, 2022

As of September 30, 2023

As of March 31, 2023

Total asset

13,576

12,147

13,413

Total liabilities

6,524

5,311

5,860

5,448

4,633

5,142

7,051

6,835

7,552

7,019

6,800

7,518

Loans payable
Total net asset
Total shareholders’ equity

19

Japan Asia Investment Co., Ltd.
Previous Accounting Standard(3) Cautionary Statements with Respect to Forward-looking Statements such as Consolidated Earnings Forecast under the Previous
Accounting Standard
There are no revisions on the earnings forecast disclosed on May 15, 2023 in “Consolidated Financial Results for the Year Ended
March 31, 2023 [Japanese Standards] (Summary of Japanese announcement)”.
The results for six months ended September 30, 2023 were lower than the forecast. Progression ratio of operating revenue was 81.3%
and the deficit widened by ¥150 million. Operating revenue was below the forecast because a part of the planned stock sales has been
delayed from the third quarter of FY 2024 onward. Quarterly profit attributable to owners of parent was below the forecast because an
unplanned capital loss was incurred, and cost of securities sold exceeded the forecast.
JAIC expects, however, to complete the stock sales by the end of the fiscal year. JAIC also expects to compensate for the capital loss
through a decrease of investment write-offs & provision for allowance for possible investment losses. At the beginning of the fiscal
year, JAIC conservatively assumed that write-offs & provision would increase year-on-year. The actual amount of write-offs &provision, however, has been below the forecast. If the same situation continues after the third quarter of FY 2024, the full year actual
amount is also expected to decrease from the forecast. These factors resulted in no revisions on the earnings forecast.
In the full year earning forecast at the beginning of the fiscal year, JAIC expected proceeds of sales of operational investment
securities of 1,470 million yen mainly from unlisted shares with relatively large investment amount in Japan. JAIC also expected fundinterests income of 580 million yen mainly from sales of a distribution center and group homes for disabled people.
JAIC will focus on realizing these capital gains those key factors for achieving the full-year earnings forecast.
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.

20

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 investment losses
Operating loans
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
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

21

As of September 30, 2023

2,464
10,878(1,252)
716
374
(51)
13,1292,032
10,304(1,384)
851
133
(52)
11,885

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

38
(8)
29
59
(50)
8
0
38

150
150

129
129

61
0
31
(0)
92
283
13,413

65
0
29
(0)
94
262
12,147

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
Foreign currency translation adjustment
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

22

As of September 30, 2023

316
44
70
81
330
843

636
41
58
56
342
1,135

4,825
32
158
5,016
5,860

3,996
22
157
4,175
5,311

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

5,426
3,505
(2,339)
(353)
6,238

654

463

64
719
33
0
7,552
13,413

98
561
35
0
6,835
12,147

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

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

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
Foreign exchange losses
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 valuation of investment securities
Other
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

23(Millions of yen)
For six months ended
September 30, 2023
(from April 1, 2023
to September 30, 2023)
426
420
6
542
(535)

2
0
－
1
0
5

2
0
11
2
0
17

46
0
－
47
(640)

38
－
1
39
(558)

0
0

－
－

－
13
0
13
(653)
1
1
(655)
－
(655)

0
－
－
0
(558)
2
2
(561)
(0)
(560)