Financial Results Overview
for Year Ended
March 31, 2024
Japan Asia Investment Co., Ltd.
(JAIC) (TSE 8518)
Announcement date : May. 15, 2024

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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Contents
1

Summary

P3

2 Results for the current fiscal year (year-on-year)

P4

3 Review of the Medium-Term Management Plan

P8

4 Result forecast

P12

5 Appendix

P15

The figures in this document are based on consolidated financial statements prepared inaccordance with the previous accounting standards.
Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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1. Summary
 Results for the current fiscal year (year-on-year)•

Operating revenue decreased to ¥ ９６４ million (down, 68.0 %).

•Net loss attributable to owners of parent was ¥ (1,５７４) million (widened, ¥1,３０５ million).

•

Operating revenue decreased due to sluggish sales of private equity investments and project-oriented
investments. Valuation losses from portfolio companies in Greater China widened the deficit.

 Review of the Medium-Term Management Plan•

Investment balance of financial investments decreased, but asset replacement was not completed•

Investment assets in group homes for people with disabilities increased•

Invested in new projects to diversify investment projects, but the contribution to profits is still small•

Sold two of strategic investment companies. On the other hand, some strategic investment companies
experienced a significant deterioration in their performance.

•

Unable to achieve numerical targets and in the red for 2 consecutive years

 Result Forecast•

Operating revenue is expected to ¥1,600～2,650 million and net profit attributable to owners of parent is
expected to ¥250～950 million.

•

Expecting to make a profit at the lower end through project sales, and aiming to reach the upper end
through proceeds from the sale of unlisted stocks

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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2. Results for the current fiscal year
Outline of results

Financial Results Overview for Year end of FY Mar. 2024

P5

© Japan Asia Investment Co., Ltd. 2024

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2. Results for the current fiscal year
- Outline of results - I/S(million yen)

FY 2023 FY 2024

ChangeOperating revenue

3,017

964

(68.0%)

Operating cost

2,056

1,392

(32.3%)

Operating gross profit

961

(427)

-

SG&A expenses

1,147

1,094

(4.6%)

Operating income(185)(1,522)-

Ordinary income(224)(1,569)-Profit attributable to owners ofparent(269)(1,574)-



Factors for decreased operating revenue and widened deficit• Private equity investment
Although sales of listed stocks progressed, there was no sale of unlisted stocks with relatively large investment amounts.
Due to the liquidation of funds in Greater China, valuation losses and provisions are recorded for stocks whose expected
recovery amount has decreased.

• Project-oriented investment
Gains from sales decreased; only one mega solar project was sold during the current fiscal year (Number of sales: 5 in theprevious fiscal year, 1 in the current fiscal year)

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024-5-

2. Results for the current fiscal year
- Outline of results - B/S(million yen)
Total assets

FY 2023

FY 2024

13,413fluctuation factors(billion yen)

Change10,438(22.2%)Cash and deposits

2,464

1,750

repayments of loan (0.8),
execution of investments & loans(28.9%) (1.8), expenses etc.(0.7),
collection +2.6

Project oriented investment securities & loans
after deducting allowance for possible
investment loss

6,053

5,248

(13.3%) +1.5, distribution & collection

Strategic investment securities in partnercompanies after deducting allowance forpossible investment loss

execution of investments & loans(2.1), interests income/loss(0.2)

782

913

16.7% execution of investments +0.13

Financial investment securities after
deducting allowance for possible investment
loss

3,301

2,090

execution of investments +0.3,
distribution &(36.7%) collection (0.6), unrealized gain
(0.3), write-off & allowance (0.6)

Loans payable

5,142

4,314

(16.1%) repayments of loan (0.8)

Total shareholders' equity

7,518

5,633

(25.1%) loss (1.5), unrealized gain (0.3)



Total assets decreased mainly due to investment collection, provision and writ-off of financial investments.

Cash and deposits decreased due to repayments of loan and execution of investments & loans.



Loans payable decreased due to repayments in accordance with agreement.



Total shareholders’ equity decreased due to loss and a decrease of unrealized gains.

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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2. Results for the current fiscal year
- Outline of results - C/F(JPY million)

FY 2023

FY 2024

Operating cash flow

157

456

Investing cash flow

0

(2)

Financing cash flow

(806)

(828)

Change in net cash flow

(635)

(365)

Cash & cash equivalents at end of period

1,762

1,396

Operating cash flow increased year-on-year. Distribution from investment funds increased and payment forinvestment funds decreased.

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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3. Review of the Medium-Term Management Plan
Review for 3 fiscal years from FY 2022 to FY 2024

Financial Results Overview for Year end of FY Mar. 2024

P9

© Japan Asia Investment Co., Ltd. 2024

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3. Review of the Medium-Term Management Plan
- Business Policy
Business policy

Initiatives/Results/Current status• Secure profits and funds by selling existing
financial investment assets• Liquidated financial investment assets as early as possible andreduced the investment balance, however, asset replacement was
not completed due to delays in IPOs and trade sales.
• The amount collected was lower than expected, and both profitsand funds were insufficient.
• Business performance of some large-scale investees has worsened,
resulting in provisions. Valuation losses and provisions are still
factors causing downtune in our business performance.
• In Greater China, posting all losses on fund investment assets
ahead of schedule due to the liquidation of investment funds.

• Increase the balance of project investment
based on the new investment policy/Diversify
investment target projects• Investment in distribution centers took longer than expected todevelop new projects, so the increase in investment balance wasalso lower than expected.
• Investment assets in group homes for people with disabilities
increased due to significant progress in new transactions with
regional financial institutions.
• Invested in new projects to diversify our investment targets, but
the contribution to profits is still small and investments remain
sporadic.

• Establish a hands-on investment stylethrough collaboration in project investment
and increase capital gains from strategic
investees• Two of our strategic investment companies achieved IPO and M&A.
• Some strategic investment companies experienced a significant
deterioration in their performance.
• Some sales of shares in strategic investment companies did notproceed as planned.

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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3. Review of the Medium-Term Management Plan
- Action Plan
Action Plan
Private equity
investment

Renewableenergy• Originate 3 new investment funds• Increase investments in rooftop solar
power generation project in Vietnam
and biogas project in Japan.
• Sell mega solar projects in Japan after
the completion to post gain on sale.

Distribution
center(logistics
warehouse)• Increase investments as a priority area.
• Invest in early stages of projects andachieve high returns by attracting laterstage investors looking for middle-risk

Smartagriculture(vegetablefactory)• Support to develop customer base suchas major convenience store and expand
business size by constructing additional
plant up to No.4

Healthcare(group home fordisabled people)• Invest in 50 projects by originating
funds from major banks and leasing
companies

Healthcare(facility for theelderly)• Continue to invest in carefully selected
projects

Financial Results Overview for Year end of FY Mar. 2024

Initiatives/Results/Current status••

AJ Capital, one of affiliated companies, has originated 2 investment funds.
The second fund for business succession support has expanded its size to 5.1
billion yen and completed its origination.

•

Rooftop solar power generation project in Vietnam has not been realized due totravel restrictions with COVID19.
Invested in solar power generation systems with storage batteries on the rooftopsof domestic logistics facilities.
Domestic biogas power generation is taking time to become profitable, so
additional investment has not been realized.
Invested in NON-FIT type biomass power generation in Mie Prefecture
5 domestic mega solar plants have been completed and 4 have been sold.

•
•
•
•

•
•

Invested in 4 new projects and sold 3 projects.
It took longer than expected to develop new projects, and the increase ininvestment balance was also lower than expected.

••

Expanding sales channels mainly to major restaurant companies.
Expanding the business scale by expanding the Sasayama factory and acquiring
the Yabu factory through a strategic investment company
Sales at the Sasayama factory have increased, and will reach a monthly profit in
the near future

•

•
•
•

•

Investment asset balance increased due to significant progress in newtransactions with regional financial institutions
Invested in 24 buildings including investments from funds (28 buildings in total)
Realizing a scheme to acquire multiple buildings at once through collaboration
with construction companies

No new investment was executed, but 1 existing investment project was
sold and high profitability was achieved© Japan Asia Investment Co., Ltd. 2024

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3. Review of the Medium-Term Management Plan
- Numerical Plan
Profit attributable to owners of parent
Unit: ¥M
Unit: ¥M

Breakdown of cumulative gross operating profit over three
years

850
Three-year cumulative plan

550
340

Three-year cumulative actual
(269)

49
Plan

Actual

FY 2022

Plan

Actual

FY 2023(1,574)
Plan

Actual

FY 2024

3,490

compared tothe plan
18%

93％

37％

1,620
640

592

Private equity investment Project oriented investment



Actual profit attributable to owners of parent fell short of plan in all three years.

The downside is occurring at the gross operating income.
•

620

578
Fees

Private equity investment; due to the short of capital gains and the excess of provisions and valuation losses,
cumulative gross operating profit for the three years was 18% of the plan•

Project oriented investment; capital gains for FY 2024 was lower than planned and some projects are undermonetized. Cumulative gross operating profit for the three years was 37% of the plan.

•

Fund management fees and consulting fees generally achieved the plan. Cumulative gross operating profit for thethree years was 93% of the plan.

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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4. Result forecast
Details of result forecast

P13

Cautionary statements

P14

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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4. Result forecast - Details of result forecast(million yen)
Operating revenue
Operating income
Ordinary income
Profit attributable to owners ofparentActual
FY 2024

Result forcast
FY2025

Change964 1,600～2,650 65.9%～174.7%(1,522)150～ 850(1,569) 300～1,000(1,574) 250～ 950

The difference between the upper and lower limits is the sales of shares.



The upper limit is expected when we succeed to sell 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 those
we have been negotiating since the previous fiscal year.

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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4. Result forecast - Cautionary statements

 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 beendifficult 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 doesn’t have enough rationality.
 The “result forecast consolidated under the Previous AccountingStandard” and any other forward-looking statements in this document
are based upon the information currently available to JAIC and certain
assumptions. The achievement is not promised. Various factors could
cause actual results to differ materially from these result forecasts.

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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5. Appendix
Break down of operating revenue & operating cost

P16

Cases of business progress

P17

Renewable energy projects

P20

Health care projects (group home for disabled people)

P21

List of project-oriented investments

P22

Strategic investment

P27

Asia network

P28

Funds & investment activities

P29

Business results & financial position

P30

Breakdown of operating revenue & operating cost

P31

Business field

P32

Profit structure

P33Core competence

P35

Efforts for SDGs

P36

Company data

P37

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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5. Appendix- Break down of operating revenue & operating cost
Total

（JPY million）

FY 2023

Project oriented investment

FY 2023

FY 2023

FY 2024

FY 2024

3,017

964

2,076

624

941

340

Fund management fees etc.

134

149

126

142

7

7

Proceeds of sales of securities

2,057

654

1,907

391

149

263

Fund interests income etc.

781

74

35

51

746

23

Other operating reveue

44

85

5

39

38

46

2,056

1,392

1,503

848

552

543

Cost of securities sold

1,311

451

1,221

189

90

262

Investment write-offs and Provision forallowance for possible investment losses

304

645

229

645

75

-

Fund interests losses etc.

426

279

49

10

377

269

Other operating costs

12

16

3

3

9

12

961

(427)

572

(224)

389

(203)

Operating revenue

Operating cost

Operating gross profit

FY 2024

Private equity investment

Private equity investment – Revenue decreased, and operating gross profit went into the red• Of operating revenue, proceeds of sales of securities decreased. Sales of shares with relatively large investment amount
has not been executed.
• Of operating cost, write-offs & provisions increased. We posted provisions and write-offs for portfolio companies inGreater China through liquidation process of investment funds.



Project oriented investment – Revenue decreased, and operating gross profit went into the red• Of operating revenue, fund interests income etc. decreased since no project was sold.
• Of operating cost, fund interests losses etc. decreased. Operating costs and losses from projects have decreased sincevegetable factory has improved its profitability.

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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5. Appendix - Cases of business progress
Succession Investment Limited Partnership, Ⅱ
completed the final closingwith a total amount of ¥5,101 million
Name

Succession Investment Limited Partnership, Ⅱ

Date of establishment

16, August 2022

General Partner

AJ Capital Co., Ltd. [JV as a 50% stake in JAIC and Aozora Bank, Ltd.]

Total commitment amount

5,101 million yen
Aozora Bank, Awa Bank, Ikeda Senshu Bank, Ehime Bank, Kagoshima Bank, Gifu

Limited Partners

Shoko Shinkumi Bank, Keiyo Bank, Shonai Bank, Towa Bank, Tottori Bank, Bank ofToyama, Japan Asia Investment, Fukui Bank, Hokuto Bank, Japan Post Bank

Investment target

SMEs in Japan with business succession needs



AJ Capital, JV as a 50% stake in JAIC and Aozora Bank, manages the fund which supporting thebusiness succession needs.



The fund was funded by 15 companies, including regional financial institutions, and wascompleted the final closing in October 2023 with a total commitment amount of 5,101 million yen.

The Fund mainly invests in small cap zone (enterprise value is less than 1 billion yen).

The Fund collaborates with regional financial institutions nationwide to ensure smooth businesssuccession of SMEs.

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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5. Appendix - Cases of business progressCompleted 5 group homes for people with disabilities
Social Increw Home Asakura Minagi(Asakura City, Fukuoka Prefecture)

Social Inclusion Home Kumamoto Hanazono(Hanazono, Nishi-ku, Kumamoto City, Kumamoto
Prefecture)

Social Increw Home Kukikurihashi Higashi(Kurihashi Higashi, Kuki City, Saitama
Prefecture)

Social Increw Home Higashikagawa Ochiai(Ochiai, Higashikagawa City, Kagawa
Prefecture)

Social Increw Home Saga Morotomi(Morotomi Town, Saga City, Saga Prefecture)

Partner company：social inclu CO., LTD.

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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5. Appendix - Cases of business progress
3 mega solar projects with 6.2 MW in total have procured 2,027 million yen in project
finance from Ashikaga Bank and have started electricity sales in Tochigi Prefecture

Kanuma City Kamiishikawa Solar Power Plant

Otawara City Kamehisa Solar Power Plant

Karasuyama Nakayama Solar Power Plant

Name

Kanuma City Kamiishikawa Solar
Power Plant

Otawara City Kamehisa Solar Power
Plant

Karasuyama Nakayama Solar Power
Plant

Location

Kanuma City

Otawara City

Nasu-Karasuyama City

Maximum output※1

Around 2.0 MW

Around 2.1 MW

Around 2.1 MW

Expected annual power generation[Equivalent to annual power
consumption of average households※2]

Around 2,500 MWｈ[approx. 530 households]

Around 2,500 MWｈ[approx. 530 households]

Around 2,630 MWｈ[approx. 560 households]

FIT（excl. tax）

¥32/kWh¥32/kWh¥36/kWh

Started electricity sales

December 2023

May 2024

March 2024

※1：Solar panel installation capacity base

※2：Converted at 4,716 kWh per annum based on the Photovoltaic Power Generation Association “Disclosure Guidelines (FY 2023)“

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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5. Appendix - Renewable energy projects(as of March 2024)
Mega solar projects
Started electricity sales 11 projects (13 power plants) 26.3 MW
Under construction or under planning
1 projects
2.1 MWTotal
12 projects (14 power plants) 28.4 MW
attributable to JAIC
10.8 MWTransfers to buyers other than the funds operated by the JAIC Group34 projects

Aomori, Biogas,
1project 0.03MW

191.5 MW

*1: Underlined projects are invested from JAIC Solar Fund L.P., Ⅱ*2: solar power systems with storage batteries installed on the rooftops
Fukuoka, Mega Solar
1 project, 3 power
plants 3.0 MW
in total

Hokkaido, Mega Solar,
1 project 2.3MW

Saitama, Solar Power System*2,
1 project 0.2 MW
1 project 0.3 MW

Iwate, Mega Solar,
1 project 2.4MW
Fukushima, Mega Solar,
1 project 2.7MW
Tochigi, Mega Solar,
2 projects 4.1MW
1 project 2.1MW
Tokyo, Biogas,
1 project 1.1MW

Kumamoto, Mega Solar
1 project 3.1MW

Kagawa, Mega Solar Mie,
4 projects 8.7MW Biomass, 1 project 2.0MW / 1 project 2.0MW
Wind power, 1 project at most 25.2MW

Kanagawa
Solar Power System*2,
1 project 0.7MW* Since our investment ratio differs in each project, the amount of JAIC’s investment or revenues from mega solar projects that are attributable to JAIC are not necessarily linked
to the MW figure of the project.

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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5. Appendix – Health care projects, group home fordisabled people (as of Mach 2024)
Number ofgroup homes
invested

23

Chugoku1

Chubu
Tohoku1

1

Kyushu6

Kanto
11

Shikoku
3

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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5. Appendix - List of project-oriented investments(as of March 2024)
Type ofproject
Solar

No.

Name of power plant or Location

Generation
Capacity [MW]Current status

FIT[excl. tax, ¥]1

Nishiki-cho, Kuma-gun, Kumamoto(*)

3.1

Started electricity sales in Dec. 2015

40

2

Nomaike solar power plant(*)

2.4

Started electricity sales in May. 201736

3

Mitakabeike solar power plant(*)

1.5

Started electricity sales in Sep. 201732

4

Iwate Ichinoseki solar park(*)

2.4

Started electricity sales in Jan. 2018

36

5

Nakaoudaike solar power plant(*)

2.4

Started electricity sales in Apr. 201836

6

Higashioudaike solar power plant(*)

2.4

Started electricity sales in Jul. 201836

7

Hirono solar park

2.7

Started electricity sales in Feb. 2020

40

8

Akkeshi Luke Supor Solar Power Plant

2.3

Started electricity sales in May 2020

40

9Ukiha-shi, Shirakabe Solar Power Plant
Ukiha-shi, Mizunosato Solar Power Plant
Ukiha-shi, Minou Alps Solar Power Plant

3.0 in total

Started electricity sales in Mar.-May
2020

36

10

Karasuyama Nakayama Solar Power Plant

2.1

Started electricity sales in Mar. 2024

36

11

Kanuma City Kamiishikawa Solar Power
Plant

2.0

Started electricity sales in Dec. 2023

32

12

Otawara City Kamehisa Solar Power Plant

2.1

Under construction[Started electricity sales in May 2024]

32

Total 28.4MW [attributable to JAIC 10.8MW]

In addition to the above, there is one project to hold anonymous partnership interests.
*Projects that are invested from JAIC Solar Fund L.P., Ⅱ

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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5. Appendix - List of project-oriented investments(as of March 2024)
Type ofproject

No.

Location

solar powersystems withstoragebatteries
installed on
the rooftops

1

Koshigaya City, Saitama

0.2

Started electricity sales in Dec. 2022－

2

Hidaka City, Saitama

0.3

Started electricity sales in Feb. 2023－

3

Atsugi City, Kanagawa

0.7

Started electricity sales in Feb. 2023－

Biomass1

Matsusaka City, Mie

2.0Started electricity sales in Jan. 2018－2

Matsusaka City, Mie

2.0

Under construction－

1

Hamura City, Tokyo

1.1

Started electricity sales in Mar. 2021

39

Food recycle company that generates
biogas for power generation[operator of Hamura biogas power
generation]－

Started electricity sales in Nov. 201839

Under planning

22

BiogasGeneration
Capacity [MW]23Wind power

Touhoku Town, Aomori
MieFinancial Results Overview for Year end of FY Mar. 2024

0.03
At most 25.2

Current status© Japan Asia Investment Co., Ltd. 2024

FIT
[excl. tax, ¥]- 23 -

5. Appendix - List of project-oriented investments(as of March 2024)
Type ofproject

Group homefor disabled
peopleNo.

Location

Project scale

Current status1

Hamamatsu City, Shizuoka

Started operation in Aug. 2020

2

Hiroshima City, Hiroshima

Started operation in Aug. 20203

Utsunomiya City, Tochigi

Started operation in Sep. 2021

4

Kazo City, Saitama

Started operation in May. 2023

5

Sano City, Tochigi

Started operation in Sep. 2022

6

Koga City, Ibaragi

Started operation in Oct. 2022

7

Tatebayashi City, Gunma

Started operation in June 2023

8

Takamatsu City, Kagawa

Started operation in Sep. 2022

9

Oota City, Gunma

Started operation in Oct. 2022

10

Kiryu City, Gunma

11

Kawagoe City, Saitama

12

Konosu City, Saitama

Under construction

13

Iwaki City, Fukushima

Started operation in Aug. 2023

14

Higashikagawa City, Kagawa

Preparing for operation

15

Takamatsu City, Kagawa

Under construction

16

Kumamoto City, Kumamoto

Started operation in Mar. 2024

17

Kuki City, Saitama

Preparing for operation

18

Yatsushiro City, Kumamoto

Started operation in Dec. 2023

19

Kumagaya City, Saitama

Under construction

20

Kirishima City, Kagoshima

Under construction

20-21 rooms for residents, 2-3 rooms for
short stayFinancial Results Overview for Year end of FY Mar. 2024

Started operation in Mar. 2023
Started operation in Aug. 2023

© Japan Asia Investment Co., Ltd. 2024

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5. Appendix - List of project-oriented investments(as of March 2024)
Type ofproject

No.
21

Location

Project scale

Saga City, Saga

Group homefor disabled
people22

Asakura City, Fukuoka

23

Oita City, Oita

Facility forthe elderly

1

Shinonome, Koto-ku, Tokyo

Current status
Preparing for operation

20-21 rooms for residents, 2-3 rooms for
short stayPreparing for operation
Under construction

8-story complex facility with a capacity of
100 people

Financial Results Overview for Year end of FY Mar. 2024

Started operation in Apr. 2023

© Japan Asia Investment Co., Ltd. 2024

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5. Appendix - List of project-oriented investments(as of March 2024)
Type ofproject

No.

Type ofproject

Others

Project scale

Current status

Tamba Sasayama City,
Hyogo

Annual production: 470 tons in total

Existing part: started operation in
Mar. 2019
Expansion part: full-scale operation
started in Aug. 2022

1

Akiruno City, Tokyo

Total floor area 25,804 m² (scheduled), 4 stories above
groundCompleted in Dec. 2023

2

Kasukabe City,
Saitama

Total floor area 18,158 m² (scheduled), 4 stories above
groundUnder construction3

Non-disclosed

Non-disclosed

Under planning4

Non-disclosed

Non-disclosed

Under planning

No.

Location

1

Kanagawa City

Shared facility for creative activities "KIKI BASE
FUJISAWA"

Started operation in Apr. 2023

2-

Electric assisted bicycle subscription service “NORUDE”

Executed first investment in Aug.
2022

3

Non-disclosed

Non-disclosed

Non-disclosed

4Non-disclosed

Non-disclosed

Non-disclosed

5

Tokyo

Tree burial project, Koenji Temple "Shiba Atago Forest TM“Started operation in May. 2023

6

Kyoto City

Tree burial project, Kaihoji Temple “Fushimi Momoyama
Forest“Started operation in Nov. 2023

Vegetable
plant

Logistics
warehouse

Location

Details of project

Financial Results Overview for Year end of FY Mar. 2024

Current status© Japan Asia Investment Co., Ltd. 2024

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5. Appendix – Strategic investment

Renewable Japan Co., Ltd.
Partner company in mega solar
projects
IPO date : 22 Dec. 2021
Stock market : TSE Mothers

Morihisa Engineering Co., Ltd.
Morvel Farm (subsidiary of Morihisa
Engineering)Partner company in smart
agriculture projects (vegetables)

Smart Solar Corporationsocial inclu CO., LTD.

Partner company in mega solar
projects

Partner company in projects forgroup homes for the handicapped
Investment Exit: Nov. 2022

MD-Farm

KIC Holdings Inc.

Partner company in smart
agriculture projects (strawberries)

Partner company in distribution
warehouse projects

366 Co., Ltd.

cycloop Co., Ltd.

Partner company in perpetual
memorial tree burial project

Partner company in electric assisted
bicycle subscription service

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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5. Appendix - Asia network

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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5. Appendix - Funds & investment activities(JPY million)

FY 2019

FY 2020

FY 2021

FY 2022

FY 2023

FY 2024

New & increased funds

2,000

1,359

151

1,001

3,701

1,400

AUM of funds - total *1

16,494

17,39016,45016,46315,85015,497

AUM of funds - JAIC *1

5,344

5,163

5,434

4,953

3,389

2,428

Execution of investnemts (Total)*2

3,749

3,374

1,767

3,420

3,561

2,721

Balance of investments (Total)*2

13,951

15,101

12,855

13,784

14,133

12,152

Execution of investnemts (project oriented investment)*2

3,612

2,150

1,445

1,938

2,152

1,322

Balance of investments (project oriented investment)*2

5,514

6,696

6,088

6,344

7,123

5,982

Execution of investnemts (private equity)*2

136

1,224

322

1,482

1,408

1,398

Balance of investments (private Equity)*2

8,437

8,405

6,767

7,440

7,010

6,169

Note 1: 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 FY March 2021.
Note 2: Due to an increase in loan execution for the projects by the JAIC Group, the aggregation method has been changed
from FY March 2021 to include loans extended to the projects (excluding distressed receivables) in the scope of aggregation.

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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5. Appendix - Business results, financial position(Previous accounting standards)(JPY million)

FY 2019

FY 2020

FY 2021

FY 2022

FY 2023

FY 2024

Business results
Operating revenues

2,475

2,760

3,089

2,409

3,017

964

Operating gross profit

1,286

1,359

1,301

1,276

961

(427)

SG&A expenses

1,109

1,094

1,086

1,189

1,147

1,094

Operating income

177

265

214

86

(185)

(1,522)

Ordinary income

83

140

173

61

(224)

(1,569)

578

302

144

49

(269)

(1,574)

5,564

3,920

3,699

2,740

2,464

1,750

5,514

5,437

5,583

6,781

6,053

5,248

373

1,005

1,155

1,783

782

913

Operational investment securities of financial investment
after deducting allowance for possible investment loss

4,765

4,282

3,111

3,029

3,301

2,090

Loans payable, bonds & bonds with subscription rights
to shares

9,784

8,166

6,950

5,943

5,142

4,314

Total shareholders' equity

6,840

7,223

7,338

7,779

7,518

5,633

Total assets

17,30515,80014,657

14,972

13,413

10,438Net income
Financial position
Cash and deposits
Operational investment securities and operating loans ofproject oriented investment after deducting allowancefor possible investment loss
Operational investment securities of strategic
investment in partner companies after deducting
allowance for possible investment loss

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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5. Appendix - Statement of Income- break down (Previous accounting standard)(JPY:million)

FY 2019

FY 2020

FY 2021

FY 2022

FY 2023

FY 2024

Change(%)

１． Fund management operation
Operating revenue

241

199

169

154

134

149

11.6%

-

-

-

-

-

-

-

241

199

169

154

134

149

11.6%

1,746

2,349

2,221

1,573

2,057

654

(68.2%)

429

172

648

631

781

74

(90.5%)

2,176

2,521

2,870

2,204

2,839

729

(74.3%)

554

965

1,249

810

1,311

451

(65.6%)

579

245

194

145

304

645

112.0%

49

184

336

167

426

279

(34.5%)

1,182

1,395

1,780

1,123

2,043

1,376

(32.6%)

993

1,125

1,090

1,081

796

(647)

-

57

40

49

50

44

85

94.3%

Operating cost

6

5

7

10

12

16

24.7%

Operating gross profit

51

34

41

40

31

69

123.4%

Operating revenues

2,475

2,760

3,089

2,409

3,017

964

(68.0%)

Operating cost

1,188

1,401

1,788

1,133

2,056

1,392

(32.3%)

Operating gross profit

1,286

1,359

1,301

1,276

961

(427)

-

Operating cost
Operating gross profit
２． Investment operation
Proceeds of sales of securities
Fund interests income etc.
Operating revenue
Cost of securities soldInvestment write-offs and Provision forallowance for possible investment losses
Fund interests losses etc.
Operating cost
Operating gross profit
３． Others
Operating revenue

Total

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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5. Appendix - Business field

Private equity investment
JAIC provides growth capital in venturecompanies and small and medium sizedenterprise (“SME”) with high growthpotential, as well as to SMEs withsuccession problem.
After the investment, JAIC is committed toprovide various support to achieve growthstrategies of the company by utilizing
JAIC’s resources in Japan and elsewhere in
Asia.

Strategic investment

Project oriented investment

Strategic investment in partnercompanies that correspond toselected themes of JAIC.

JAIC has been investing to renewable energy
industries represented by solar energy as well as
to healthcare industry such as nursing facilities
and facilities for persons with disabilities.

JAIC provides “hands-on”
support to partner companies
to improve its businesspromotion and financing
activities, etc.

Financial Results Overview for Year end of FY Mar. 2024

In addition to above, JAIC is determined toinvest to new areas such as smart-agri business
represented by vegetable plant and logistic
industry such as distribution center where
JAIC’s accumulated expertise can be leveraged.

© Japan Asia Investment Co., Ltd. 2024

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5. Appendix - Profit structure – Private equity investment•

Private equity investment is an investment in promising companies centered on venture companies and small and mediumsized enterprises in the Asian region including Japan. We support investee companies to increase their corporate value andobtain capital gains.

•

We also perform intermediary business as an FA based on the needs of M & A obtained through our investment activities.

•

There are two types of private equity investments. One is "strategic investments" in partners of project-oriented investment
and the other is "financial investments".

•

For investees of strategic investments, we not only support them as shareholders, but also manage projects together aspartners and support their growth.

•

For investees of financial investment, we provide not only the listing support but also provide overseas expansion support andsales support. We utilize our experience and wide network which we have built up through many years of investment activities
when we support our investees. To that end, we are building a network in Asia by forming business alliances with government
agencies in China and partner companies in Asian countries.

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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5. Appendix - Profit structure – Project oriented investment•

We invest in SPCs (special purpose companies) that own facilities such as power plants, factories, residential facilities andwarehouses. We construct these facilities and receive the profits generated by the operation of the facilities in proportion to
the investment. In some cases, these facilities are sold for profits after completion.

•

We invest in projects such as renewable energy, healthcare (facility for the elderly, group homes for the disabled), smart
agriculture (vegetable plant), and distribution center (logistics warehouse).

•

We are pursuing high profitability with a small amount of investment funds by procuring non-recourse loans from financial
institutions. Most of the funds for the construction and operation of the project is procured by these loans.

•

In addition, in order to flexibly invest in projects in various fields, we collaborate with venture companies that are familiar withproject planning and development.

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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5. Appendix - Core competence
Historical background in Asian region
Since its establishment in 1981 by the Japan
Association of Corporate Executives (Keizai

Capability to capture up-to-datebusiness information

Doyukai), JAIC has contributed to economic
exchange between Japan and Asian countries
over 35 years which led to high nameThrough the activity of exploring promising

recognition.

companies and investment opportunities,
JAIC has capability to capture highly
professional and cutting-edge information
on various corporates.

Expertise to structure sophisticatedfinance scheme
JAIC’s accumulated invested volume inside andoutside of Japan is Japanese Yen 330 billion.

Wide range of network with venture companies

For the project oriented investment, in addition
JAIC has track record of leading more than 300 invested venture

to providing direct equity investment, JAIC has

companies to “Going Public”. Through the long time investment

been arranging various financing scheme

activities, JAIC enjoys close relationship with wide range of venture

utilizing project-finance approach and leveragecompanies. Based on this intangible asset, JAIC is utilizing thefinancing together with financial institutions.

network to create value for invested companies through businessmatching and cultivating new business theme for JAIC’s own.

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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5. Appendix – Efforts for SDGs
Becoming an SDGs investment company as our core value, we will thoroughly carry out
investment activities with a strong awareness of SDGs based on our management policy.

Environment
SocialRenewableenergySmartagriculture(vegetable
plant)

We will provide solutions for the decline and aging of farming population,
climate change and food safety through investments in vegetable plants.

Distribution
center(logistics
warehouse)

Facilities forthe elderlyManagement
system

We will contribute to achieve a productive society, revitalizing
regional industries and creating employment through investments inthe distribution center projects (logistics warehouse).

Group
homes forthehandicappedＰＥ
investment

GovernanceWe contribute to reducing the burden on the environment byinvesting in renewable energy projects and partner companies of the
projects.

We will provide solutions for realizing an inclusive, safe andcomfortable society through investments in healthcare
projects (facilities for the elderly, group homes for thehandicapped).

We will improve productivity and complement labor throughinnovations by supporting investee companies which revitalize
existing businesses. We will also support to sustain basic industry byproviding funds for SMEs with succession problem.

2 out of 5 directors are independent outside directors. / A voluntary ”Evaluation Committee”
evaluates personnel matters and compensation of executive directors./ Self-assessment of theeffectiveness of the Board of Directors is conducted and its results are properly disclosed. / Audit& Supervisory Committee audits and internal audits are properly conducted.

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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5. Appendix - Company data (as of March 31, 2024)
Company name

Japan Asia Investment Co., Ltd.

Abbreviation; JAIC

Head office

2F Medical Friend Building, 3-2-4 Kudn-kita, Chiyoda-ku, Tokyo 1020073, Japan

Established

July 10, 1981

Paid-in capital

5,426 million yen

Listed market

Tokyo Stock Exchange, Standard Market (Securities code 8518)

Employees

38 (Consolidated) / 19 (Non-consolidated)

Main businessPrivate equity investment / Project oriented investment
President & CEO

Tetsuro Shimomura

Managing Executive Officer

Masafumi Hatta

Chairman of Audit & Supervisory Committee

Kazunori Omori

Directors

Harumi Katagiri[Outside/Independent]
Member of Audit & Supervisory Committee
Ken Kudo[Outside/Independent]

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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Disclaimer

The information in this document is for presentational purposes only and is not an
inducement to invest in securities issued by JAIC.



Any forward-looking statements in this document are based on materials available at thetime of its compilation and no guarantee can be made as to the continued accuracy andreliability of the material. The contents may be changed without prior notice. Risks anduncertainties including changes to economic circumstances may cause results andprojections to differ materially from those presented in the document.



JAIC owns all copyrights and other rights to all information contained in this material,and it is prohibited to copy or divert it without the permission of JAIC.



The figures in this document are based on consolidated financial statements prepared inaccordance with the previous accounting standards.

This document has been translated from 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.

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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https://www.jaic-vc.co.jp
Contact to:
Kenji Kishimoto, Senior Executive Officer
Miyuki Maruyama, Administration GroupIR e-mail : ir@jaic-vc.co.jp

Financial Results Overview for Year end of FY Mar. 2024

© Japan Asia Investment Co., Ltd. 2024

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