Financial Results Overview
for the 3rd Quarter Ended
December 31, 2020
Japan Asia Investment Co., Ltd. (JAIC)( TSE 8518 )Announcement: February 12, 2021

The contents of this document are based on materials available at the time of its compilation and no guarantee can be made as to the continued
accuracy and reliability of the material. The contents may be changed without prior notice. Risks and uncertainties including changes to economic
circumstances may cause results and projections to differ materially from those presented in the document.
The information in this document is for presentational purposes only and is not an inducement to invest in securities issued by JAIC.
The figures in this document are based on consolidated financial statements prepared in accordance with the previous accounting standards.

https://www.jaic-vc.co.jp-1-

Contents

1 SummaryP3

2 Results for 3Q of FY2021

P4

3 Result forecasts for FY2021

P9

4 Business report for 3Q of FY2021

P12

5 New medium-term management plan

P16

6 Appendix

P17

Note: The figures in this document are based on consolidated financial statements
prepared in accordance with the previous accounting standards.
https://www.jaic-vc.co.jp-2-

1. Summary
 Cumulative results for 3Q of FY2021••

Operating revenue of ¥1,978 million (up, 111.1% year on year) and deficit of ¥361 million (decreased about¥0.4 billion year on year).
Revenues increased due to sales of shares and a mega solar project, making up for losses from a third-party
operated fund and reducing the deficit.

 Result forecasts for FY2021••

No changes in forecasts. Profitability is expected due to gains on sales of shares and a mega solar project.
COVID-19’s impact on the JAIC Group continues to be expected to limited.

 Business report for 3Q of FY2021••

Project oriented investment:– Healthcare: Began development of 1 facility for the elderly and 1 group home for the handicapped– Distribution center: Began development of 2 facilities
Private equity investment:– JAIC concluded business cooperation agreements in Chengdu, China in December 2020 and in
Shenyang, China in January 2021 to expand business network in Asia.

 New medium-term management plan
JAIC formulated new three-year medium-term management plan from the FY ending March 2022 to the
FY ending March 2024.
https://www.jaic-vc.co.jp-3-2. Cumulative results for 3Q FY2021

Outline of results

P5

Break down of operating revenue & operating cost

P8

https://www.jaic-vc.co.jp-4-2. Cumulative results for 3Q FY2021 - Outline of results - I/S(million yen)

FY 2020 (3Q)
AmountFY 2021 (3Q)
AmountChangeOperating revenue

937

1,978 111.1%

Operating cost

815

1,470

Operating gross profit

121

507 317.9%

SG&A expenses

780

819

5.0%

Operating income

(658)

(311)

-

Ordinary income

(753)

(335)

-

(752)

(361)

-

Profit attributable to ownersof parent

80.3%

 Factors for increase in revenue:• A large-scale sale of unlisted shares abroad• The sale of a mega solar project that has commenced the sale of electricity
 Factors for deficit reduction:• The contribution of an increase in gains on sales made up for losses from a third-party operatedfund.
https://www.jaic-vc.co.jp-5-2. Cumulative results for 3Q FY2021 - Outline of results - B/S
As of Mar 2020

Total assets(a) Cash and deposits(b) Project oriented investment securities &loans
Strategic investment securities in partnercompanies
Financial investment securities after
deducting allowance for possible investment
loss

FY 2021 (3Q)

AmountAmount(million yen)(million yen)

15,800Change14,028 (11.2%)

fluctuation factors(billion yen)

repayments of loan (1.2), execution

3,920

4,103

5,437

4,551 (16.3%) +0.6, distribution & collection (1.5)

1,005

1,190

4.7% of investments & loans (0.9),

expenses etc.(0.8), collection +3.1
execution of investments & loans

18.4% execution of investments +0.19
dexecution of investments +0.1,

4,282

distribution & collection (1),3,133 (26.8%) realized & unlrearized loss fromfunds (0.2)（c） Loans payable

8,166

6,950 (14.9%) repayments of loan (1.2)

Total shareholders' equity

7,223

6,785

(6.1%) unrealized gain (0.07)(a) + (b) - （c）

1,191

1,704

43.0%

cumulative loss for 3Q (0.36)

 Project oriented investment: The balance decreased due to distribution and collection.
 Financial investment: The balance decreased due to progress of collection.
 Financial balance(*) : Loans repayment progressed and financial balance improved.
(*Note: Financial balance = Cash & deposits + project oriented investment – loans payable)

https://www.jaic-vc.co.jp-6-2. Cumulative results for 3Q FY2021 - Outline of results - C/F(JPY million)

FY 2020 (3Q)

FY 2021 (3Q)

Operating CF

(950)

1,591

Investing CF

64

18

Financing CF(1,617)(1,216)

Change in Net CF(2,524)

383

1,557

3,107

Cash & cash equivalents at endof period Operating CF: Returned to the black as a result of the progress in investment recovery.
 Investing CF: Net cash generated from was decreased due to expenditures related to the acquisitionof property, plant and equipment in line with the relocation of the head office.
 Financing CF: The extent of negative cash flow improved year on year due to the reduction of therepayment amount.
https://www.jaic-vc.co.jp-7-

2. Cumulative results for 3Q FY2021 –Break down of operating revenue & operating cost
Total

（JPY million）

Private equity investment

Project oriented investment

FY 2020(3Q)

FY 2021(3Q)

FY 2020(3Q)

FY 2021(3Q)

FY 2020(3Q)

FY 2021(3Q)

937

1,978

798

1,271

138

707

Fund management fees etc.

153

126

151

120

2

5

Proceeds of sales of securities

566

1,615

566

1,059

0

556

Fund interests income etc.

187

198

71

84

116

113

Other operating reveue

29

38

9

6

19

32

815

1,470

700

959

115

511

436

937

436

519

0

418

237

218

237

218

-

-

Fund interests losses etc.

137

308

22

217

115

90

Other operating costs

4

5

4

3

-

2

121

507

98

312

23

195

Operating revenue

Operating cost
Cost of securities soldInvestment write-offs and Provision forallowance for possible investment losses

Operating gross profitPrivate equity investment - Increase in revenues and increase in operating gross profit.
•
Of operating revenue, proceeds of sales of securities, increased due to a large-scale sale of unlisted sharesabroad.
•Of operating cost, fund interests losses etc., increased due to losses from a third-party operated fund in 1Q.

Project oriented investment - Increase in revenues and increase in operating gross profit.
•
Of operating revenues, proceeds of sales of securities, increased due to the sale of a mega solar project.
•
Of operating cost, fund interests losses etc., decreased due to a drop in advance expenditure following an
increase in sales from the vegetable plant.

https://www.jaic-vc.co.jp-8-

3. Result forecasts for FY2021

Breakdown of result forecast

P10

Cautionary statements

P11

https://www.jaic-vc.co.jp-9-

3. Result forecasts for FY2021- Breakdown of result forecast(million yen)

Result forcast

Actual
FY 2021 (3Q)
AmountFY. 2021(No revision)
AmountProgression
ratio

Operating revenue

1,978

3,250

60.9%

Operating cost

1,470

1,800

81.7%

Operating gross profit

507

1,450

35.0%

SG&A expenses

819

1,100

74.5%

Operating income

(311)

350

-

Ordinary income

(335)

200

-

(361)

180

-

Profit attributable toowners of parent

Full-year forecasts: No change• Progress of the first nine months is proceeding as planned.
• We expect to see profits due to gains on sales of shares and six mega solar projects (including partialsale) in 4Q.

https://www.jaic-vc.co.jp- 10 -

3. Result forecasts for FY2021- Cautionary statements

 The private equity investment business conducted by the Groupwill 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 rapidlychanging environment.
 For the convenience of investors and shareholders, however, we
disclose “result forecast consolidated under the Previous
Accounting Standard” even though it doesnʼt have enoughrationality.
 The “result forecast consolidated under the Previous AccountingStandard” and any other forward-looking statements in thisdocument are based upon the information currently available to
JAIC and certain assumptions. The achievement is notpromised. Various factors could cause actual results to differ
materially from these result forecasts.
https://www.jaic-vc.co.jp- 11 -

4. Business report for 3Q of FY2021

Project oriented investment

P13

Private equity investment

P15

https://www.jaic-vc.co.jp- 12 -

4. Business report for 3Q of FY2021 – Project oriented investment - Healthcare

Developing 1 facility for the elderly and 1 group home for the handicapped
Facility for the elderly︓Minato-ku
Minatoyama 7-chome Project

JAICʼs third project developed by AIP Healthcare
Japan GKGroup home for the handicapped
JAICʼs fourth project by social inclu Co., Ltd., JAICʼsstrategic investment target

Rendering

AccessTokyo Metro Hibiya Line Hiroo Station
12 minutes on footTokyo Metro Chiyoda Line Omotesando
Station 13 minutes on footOutline of
the facility

Site area 1,691.52㎡, Reinforced
concrete construction, 5 floors above
groundPaid nursing home for the elderly（Capacity 61 people）

Completion

May 2022 (scheduled)https://www.jaic-vc.co.jp

Photos: Existing grouphomes for thehandicapped operated
by social inclu Co., Ltd.
with loans from JAIC

Location

Kazo City, Saitama

Outline of
the facility

Daytime service support type grouphome
20 rooms for residents
2 rooms for short-term stayCompletion

March 2021 (scheduled)- 13 -

4. Business report report for 3Q of FY2021 – Project oriented investment –Distribution center

Developing 2 facilities with KIC Holdings, JAIC’s partner company
KIC Ebina Distribution Center 1

Rendering

KIC Ebina Distribution Center 2

Rendering

Location

Ebina City, Kanagawa

Location

Ebina City, Kanagawa

AccessApproximately 2.12km from the
Ken-O Expressway "Ken-O
Ebina IC"

AccessApproximately 2.12km from the
Ken-O Expressway "Ken-O
Ebina IC"

Outline of the
facility

Total floor space 18,808㎡,
Steel flame, 2 floors above
ground (scheduled)

Outline of
the facility

Total floor space 11,074㎡,
Steel flame, 2 floors above
ground (scheduled)Completion

March 2023 (scheduled)Completion

Undecided

https://www.jaic-vc.co.jp- 14 -

4. Business report report for 3Q of FY2021 – Private equity investment – Asia network

Concluded business cooperation agreements in Chengdu, China and in
Shenyang, China to expand business network in Asia.
The business cooperationagreement in Shenyang
City
Upon the construction of
Shenyang Vanke ChinaJapan Industrial Park by
Vanke Group, Chinaʼs major
real estate developer group,
we entered into a
cooperation agreement inJan. 2021 to establish a
joint fund and support
companies expanding into
the park.
The business cooperationagreement in Chengdu
City
In Dec. 2020, we enteredinto a cooperationagreement to support
mutual business expansion
by companies in Japan andChengdu City.
https://www.jaic-vc.co.jp- 15 -

5. New medium-term management plan
In December 2020, JAIC formulated new three-year medium-term management planfrom the FY ending March 2022 to the FY ending March 2024.
••

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.
For details, please check our website.（https://www.jaic-vc.co.jp/eng/investorrelations/l3/Vcms3_00000283.html）

https://www.jaic-vc.co.jp- 16 -

6. Appendix

Renewable energy projects

P18

List of project oriented investments

P19

Break down of private equity investment balance

P21

AUM of Funds, Investment balance & balance of operational
investment securities

P22

Funds & investment activities

P23

Business results & financial position

P24

Break down of operating revenue & operating cost

P25

Business field

P26

Core competence

P27

Profit structure

P28

Company data

P30

https://www.jaic-vc.co.jp- 17 -

6. Appendix - Renewable energy projects as of December 31, 2020

Mega solar projects
Started electricity sales 15 projects (17 power plants)
Under construction or under planning
6 projects
Total
21 projects (23 power plants)
attributable to JAIC

48.8 MW32.6 MW
81.4 MW33.8 MWTransfers to buyers other than the funds operated by the JAIC Group

25 projects

138.2 MW

*Underlined projects are invested from
JAIC Solar Fund L.P., Ⅱ

Aomori, Bio gas,
1project 0.03MW
Iwate, Solar,
1 project 2.4MW
2 projects 5.3MW
Miyagi, Solar,
1 project 2.4MW

Fukuoka, Solar
1 project, 3
power plants
3.0MW in total

Kumamoto, Solar
1 project 3.1MW

Hokkaido, Solar,
3 projects 20.0MW

Fukushima, Solar,
2 projects 3.9MW
1 project 2.4MW
Tokyo, Bio gas,
1 project 1.1MW
Kagawa, Solar Mie,
4 projects 8.7MW Woody biomass, 1 project 2.0MW
Mega solar,
1 project 21.8MW
Wind power,
1 project at most 25.2MW

Tochigi, Solar,
3 projects 6.0MW
Kanagawa, Solar,
1 project 2.4MW* 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 notnecessarily linked to the MW figure of the project.
https://www.jaic-vc.co.jp- 18 -

6. Appendix - List of project oriented investments (as of December 2020)
Type ofproject
Solar

No.

Name of power plant or Location

Generation
Capacity [MW]Current status

FIT[tax excluded, ¥]Total amount ofproject [¥ bn.]1

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

3.1

Started electricity sales in Dec. 201540

approx. 1.05

2

Nomaike solar power plant(*)

2.4

Started electricity sales in May. 201736

approx. 0.8

3

Fukushima Inawashiro solar power plant

1.2

Started electricity sales in Sep. 201736

approx. 0.34

4Mitakabeike solar power plant(*)

1.5

Started electricity sales in Sep. 201732

approx. 0.5

5Iwate Ichinoseki solar park(*)

2.4

Started electricity sales in Jan. 201836

approx. 0.8

6

Nakaoudaike solar power plant(*)

2.4

Started electricity sales in Apr. 201836

approx. 0.86

7

Ichinoseki-shi Yoshitaka solar power plant

2.6

Started electricity sales in Jun. 2018

36

－

8

Higashioudaike solar power plant(*)

2.4

Started electricity sales in Jul. 201836

approx. 0.86

9

Ichinosekishi Suzugasawa solar power plant

2.7

Started electricity sales in Oct.. 2018

36

－

10

Kami solar park

2.4

Started electricity sales in Oct. 201836

approx. 0.96

11

Mombetsu-shi Kodo solar power plant

15.7

Started electricity sales in Feb. 202040

approx. 6.6

12

Yokotsunooka solar power plant

2.0

Started electricity sales in Mar. 2020

36

－

13

Mie

21.8

Under construction or Under planning

24

－

14

Fukushima

2.4

Under construction or Under planning

32

－

15

Hirono solar park

2.7

Started electricity sales in Feb. 2020

40

－

16

Akkeshi Luke Supor Solar Power Plant

2.3

Started electricity sales in May 2020

40

－

17

Kanagawa

2.4

Under construction or Under planning

32

－

18

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

Started electricity sales in Mar.-May 2020

36

－

19

Tochigi

2.0

Under construction or Under planning

36

－

20

Tochigi

2.0

Under construction or Under planning

32

－

21

Tochigi

2.0

Under construction or Under planning32－

3.0 in total

Total 81.4MW [attributable to JAIC 33.8MW]*Projects that are invested from JAIC Solar Fund L.P., Ⅱ

https://www.jaic-vc.co.jp- 19 -

6. Appendix - List of project oriented investments (as of December 2020)
Type of project

No.

Woody biomass
Bio gas1

2

Location

Generation Capacity[MW]

Current status

FIT[tax excluded, ¥]Total amount of project[¥ bn.]

Matsusaka-shi, Mie

2.0Started electricity sales in Jan. 2018

－

－

Tokyo

1.1

Preparing to start operation

39－

Food recycle company that generates
biogas for power generation

－

－

0.03

Started electricity sales in Nov. 201839－

At most 25.2

Under construction or Under planning

22－

Aomori Touhokumachi solar power plant

Wind power

Mie

Vegetable plant

Tambasasayama-shi, Hyogo－

Started operation in Mar. 2019－

Approx. 0.7

1

Shinonome, Koto-ku, Tokyo－

Under construction or Under planning

－

－

2

Minami aoyama, Minato-ku, Tokyo－

Under construction or Under planning

－

－

1

Hamamatsu-shi, Shizuoka－

Started operation in Aug. 2020

－

－

2

Utsunomiya-shi, Tochigi－

Under construction or Under planning

－

－

3

Hiroshima-shi, Hiroshima－

Started operation in Aug. 2020

－

－

4

Kazo-shi, Saitama－

Under construction or Under planning

－

－

Aichi

－

Opened*investment in building which has alreadystarted operation

－

－

1

Koshigaya-shi, Saitama－

Under construction or Under planning

－

－

2

Atsugi-shi, Kanagawa－

Under construction or Under planning

－

－

3

Ebina-shi, Kanagawa－

Under construction or Under planning

－

－

4

Ebina-shi, Kanagawa－

Under construction or Under planning－－

Facilities for theelderly
Group home

Commercial
building
Logistics
warehouse

https://www.jaic-vc.co.jp- 20 -

6. Appendix - Break down of private equity investment balance

Investment balance : 91 companies, ¥7.2 bn.
【Breakdown by area】

China,HK,
Taiwan&others ;40co.

【Breakdown by industry】

Others;
12co.

Total
91 companies¥7.2bn.

3.3bn.

【Breakdown of QOL】

QOL;
24co.

Service; 1.6bn.
Japan; 11co.
Total
51co.

2.6bn.

0.7bn. 91 companies

Precisionmachine;3.9bn. 5co.

0.6bn.

¥7.2 bn.
1.7bn.

IT;
39co.

Average investment amount per company (unit: ¥ million):
Japan 76, China,HK&Taiwan etc. 83 / QOL 110, IT 43
https://www.jaic-vc.co.jp- 21 -

6. Appendix - AUM of Funds, Investment balance & balance of operational
investment securities

Investment by fuds
4.9

AUM of funds¥15.0 bn.

6.6

2.9

0.7

Investment balance¥12.7 bn.

Principal investment
by JAIC 7.9

1.5

Other
investors'
interests in
funds
3.3

Other than consolidated projects & PE investments
Consolidated projects

Balance of
operational investment securities(previous accounting standard)

6.4

1.5
※

1.5 0.4¥9.8 bn.
Balance of
operational investment securities(fund consolidated
accounting standard)¥9.5 bn.

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

JAIC's interests in funds
OthersCash etc. in Funds
Accumulated profits, losses & distributions

6.4

1.5 1.20.4

Uncalled commitments to Funds
Note:
Of the principal investment by JAIC, the investment portion in aconsolidated project is deemed investment in a subsidiary under
the fund consolidated accounting standards, and the investment isoffset.
On the other hand, renewable energy power generation andvegetable plant facilities held by consolidated projects are booked
as property, plant and equipment under the fund consolidated
accounting standard.

- 22 -

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

16/3

17/3

18/3

19/3

20/3

20/3(3Q)

21/3(3Q)

New & increased funds

5,201

500

1,000

2,000

1,359

-

151

AUM of funds - total

39,33528,753

19,15016,494

17,39016,094

15,048

AUM of funds - JAIC

14,004

9,427

5,867

5,344

5,163

5,191

4,957

New investnemts (Total)

4,093

4,315

3,887

3,749

3,374

2,927

757

Balance of investments (Total)

18,783

16,55813,981

13,951

15,101

14,49012,735New investnemts (private equity)

1,304

1,131

1,205

136

1,224

977

242

Balance of investments (private Equity)

15,061

11,981

10,398

8,437

8,405

8,298

7,201

New investnemts (project oriented investment)

2,788

3,184

2,681

3,612

2,150

1,950

515

Balance of investments (project oriented investment)

3,722

4,576

3,582

5,514

6,696

6,191

5,534

https://www.jaic-vc.co.jp- 23 -

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

16/3

17/3

18/3

19/3

20/3

20/3(3Q)

21/3(3Q)

Business results
Operating revenues

4,043

3,926

5,403

2,475

2,760

937

1,978

Operating gross profit

1,554

2,176

2,328

1,286

1,359

121

507

SG&A expenses

1,472

1,339

1,311

1,109

1,094

780

819

Operating income

82

836

1,017

177

265

(658)

(311)

Ordinary income

612

726

954

83

140

(753)

(335)

Net income

597

553

874

578

302

(752)

(361)

8,202

6,213

7,308

5,564

3,920

2,125

4,103

3,722

4,081

3,582

5,514

5,437

6,281

4,551

100

100

373

373

1,005

855

1,190

8,126

7,256

5,657

4,765

4,282

4,644

3,133

16,91014,128

11,954

9,784

8,166

8,166

6,950

Total shareholders' equity

4,976

5,686

6,545

6,840

7,223

6,427

6,785

Total assets

22,68020,305

19,22017,30515,80014,972

14,028Financial position
Cash and deposits
Operational investment securities and operatingloans of project oriented investment
Operational investment securities of strategic
investment in partner companies
Operational investment securities of financial
investment after deducting allowance forpossible investment loss
Loans payable, bonds & bonds with subscription
rights to shares

https://www.jaic-vc.co.jp- 24 -

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

16/3

17/3

18/3

19/3

20/3

20/3(3Q)

21/3(3Q)

Change(%)

１． Fund management operation
Fund management fees and others

441

364

277

241

199

153

126

(17.8%)

Success Fees

288

101

86

-

-

-

-

-

Operating revenue

729

466

364

241

199

153

126

(17.8%)

-

-

-

-

-

-

-

-

729

466

364

241

199

153

126

(17.8%)

2,954

2,275

3,219

1,746

2,349

566

1,615

185.2%

345

1,159

1,677

429

172

187

198

5.7%

3,300

3,434

4,897

2,176

2,521

753

1,813

140.6%

1,863

1,423

2,469

554

965

436

937

114.9%

569

274

562

579

245

237

218

(7.9%)

47

46

36

49

184

137

308

123.9%

2,481

1,744

3,069

1,182

1,395

811

1,465

80.5%

818

1,690

1,827

993

1,125

(57)

348

-

Operating revenue

13

25

142

57

40

29

38

29.6%

Operating cost

7

6

5

6

5

4

5

42.5%

Operating gross profit

5

19

136

51

34

25

32

27.6%

Operating revenues

4,043

3,926

5,403

2,475

2,760

937

1,978

111.1%

Operating cost

2,488

1,750

3,074

1,188

1,401

815

1,470

80.3%

Operating gross profit

1,554

2,176

2,328

1,286

1,359

121

507

317.9%

Operating cost
Operating gross profit
２． Investment operation
Proceeds of sales of securities (A)Fund interests income etc.
Operating revenue
Cost of securities sold (B)Investment write-oﬀs and Provision for allowancefor possible investment losses ( C)Fund interests losses etc.
Operating cost
Operating gross profit
３． Others

Total

https://www.jaic-vc.co.jp- 25 -

6. Appendix - Business field

Private equity investment

Strategic investment

Project investment

JAIC provides growth capital in venturecompanies and small and medium sizedenterprise (“SME”) with high growth potential,
as well as to SMEs with succession 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 in partnercompanies that correspond toselected themes of JAIC.
JAIC provides “hands-on” support topartner companies to improve its
business promotion and financing
activities, etc.

JAIC has been investing to renewable energy
industries represented by solar energy as well as tohealthcare industry such as nursing facilities andfacilities for persons with disabilities. In addition to
above, JAIC
is determined to invest to new areas such as smartagri business represented by vegetable plant andlogistic industry such as distribution center where
JAIC’s accumulated expertise can be leveraged.

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6. Appendix - Core competence
Historical background in Asian
regionCapability to capture up-to-datebusiness information
Through the activity of exploringpromising companies and investment
opportunities, JAIC has capability tocapture highly professional and cuttingedge information on various corporates.

Since its establishment in 1981 by the Japan
Association of Corporate Executives (Keizai
Doyukai), JAIC has contributed to economic
exchange between Japan and Asian
countries over 35 years which led to highname recognition.

Expertise to structure sophisticatedfinance scheme
Wide range of network with venture companies
JAIC has track record of leading more than 300 invested venturecompanies to “Going Public”. Through the long time investment
activities, JAIC enjoys close relationship with wide range ofventure companies. Based on this intangible asset, JAIC is
utilizing the network to create value for invested companies
through business matching and cultivating new business theme
for JAIC’s own.
https://www.jaic-vc.co.jp

JAIC’s accumulated invested volume insideand outside of Japan is Japanese Yen 330
billion.
For the project oriented investment, in
addition to providing direct equity investment,
JAIC has been arranging various financing
scheme utilizing project-finance approachand leverage financing together with financial
institutions.
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6. Appendix - Profit structure – Project oriented investment

•

•
•
•

We invest in SPCs (special purpose companies) that own facilities such as power plants, factories,
residential facilities and warehouses. 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 forprofits after completion.
We invest in projects such as renewable energy, healthcare (facility for the elderly, group homes for thedisabled), smart agriculture (plant factory), 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 with project planning and development.

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6. Appendix - Profit structure – Private equity investment

•
•
•
•
•

Private equity investment is an investment in promising companies centered on venture companies and small andmedium-sized enterprises in the Asian region including Japan. We support investee companies to increase theircorporate value and obtain 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 and sales support. We utilize our experience and wide network which we have built up through many years ofinvestment activities when we support our investees. To that end, we are building a network in Asia by forming businessalliances with government agencies in China and partner companies in Asian countries.

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6. Appendix - Company data (as of December 31, 2020)
Company name

Japan Asia Investment Co., Ltd.

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, 1st Section (Securities code 8518)

Employees

37 (Consolidated) /21 (Non-consolidated)

Main businessPrivate equity investment / Project oriented investment

Directors

Chairman of the Board :Yoshiaki Kawamata [Outside/Independent]
President & CEO:Tetsuro Shimomura
Managing Executive Officer in charge of Investment Group:Masafumi Hatta
Chairman of Audit & Supervisory Committee:Kazunori Omori
Member of Audit & Supervisory Committee:Hitoshi Yasukawa [Outside/Independent]:Tadashi Nunami[Outside/Independent]:Harumi Katagiri[Outside/Independent]

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

Abbreviation; JAIC

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JAIC
Japan Asia Investment Co., Ltd.
https://www.jaic-vc.co.jp/
Contact to:
Kenji Kishimoto, Executive Officer
Miyuki Maruyama, Administration GroupIR e-mail : ir@jaic-vc.co.jp

The contents of this document are based on materials available at the time of its compilation and no guarantee can be made as to the continued
accuracy and reliability of the material. The contents may be changed without prior notice. Risks and uncertainties including changes to economic
circumstances may cause results and projections to differ materially from those presented in the document.
The information in this document is for presentational purposes only and is not an inducement to invest in securities issued by JAIC.
The figures in this document is based on consolidated financial statements.
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