Financial Results Overview
for the Year Ended
March 31, 2022
Japan Asia Investment Co., Ltd. (JAIC)(TSE 8518)
Announcement date : May 13, 2022

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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Contents
1 SummaryP3

2 Results for FY Mar. 2022 (year-on-year)

P4

3 Business plan progress report

P9

4 Result forecasts for FY Mar. 2023

P19

5 Appendix

P23

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

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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1. Summary

Results for FY Mar. 2022 (year-on-year)•

Operating revenue of ¥ 2,409 million (down, 22.0 % year on year) and profit attributable to owners of parent of ¥ 49
million (down, 66.0 % year on year).

•Proceeds of sales of unlisted shares and profit from project oriented investments decreased.

Business plan progress report•

Progression ratio of the numerical plan remained at a low level due to the downturn in capital gains. The progression
ratio of operating revenue was 81.7% and that of profit attributable to owners of parent was 14.5%.

•

It is steady that the progress of the action plan such as the first IPO from strategic investment companies, a strong
development of distribution center projects, an expansion of the vegetable plant, an increase in new projects of grouphome for the handicapped and the investment in entertainment contents as a development in new investment area.



Result forecasts for FY 2023•

Reflecting a recovery of capital gains from private equity investments in Japan, expecting operating revenue increased to¥ 3,000 million (up, 24.5 % year on year) and expecting profit attributable to owners of parent increased to ¥ 550
million (up, 1,017.2 % year on year).

•

Unlike FY Mar. 2022, in addition to IPOs during the fiscal year, capital gains from the shares that have already achieved
IPO are expected due to sales of the shares when their lockup period will end. Therefore, compared to FY Mar. 2022, it isexpected that an increase in capital gains on the sale of shares and a reduction in downside risk of the capital gains.

•

Capital gains are expected from sales of 4 projects such as distribution center project, health care project and otherproject.

•

Most of the profits are expected to be generated in the second quarter.

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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2. Results for FY Mar. 2022
Outline of results

P5

Break down of operating revenue & operating cost

P8

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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2. Results for FY Mar. 2022 - Outline of results - I/S(million yen)

FY 2021

FY 2022AmountAmount Change

Operating revenue

3,089

2,409 (22.0%)

Operating cost

1,788

1,133 (36.6%)

Operating gross profit

1,301

1,276

(1.9%)

SG&A expenses

1,086

1,189

9.5%

Operating income

214

86 (59.7%)

Ordinary income

173

61 (64.6%)

Profit attributable toowners of parent

144

49 (66.0%)

Proceeds of sales of shares and capital gains of shares decreased due to smaller deal size of unlisted shares sold.



Capital gains from projects decreased due to the sale of a project was limited to a partial sale.
Revenue from selling electricity also decreased due to the sale of some mega solar projects those are selling electricity
in the previous fiscal year.

The reduction in losses contributed to profits. Investment write-offs and provision, and losses from funds operated bythird decreased.

Other items contributed to profits in total of ¥56 million. SG&A increased due to provision of allowance for doubtful
accounts and increase of labor costs. In other hand, foreign exchange gains and gain on sale of investment securities
increased.

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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2. Results for FY Mar. 2022 - Outline of results - B/S

FY 2021
Amount(million yen)
Total assets

Cash and deposits

14,6573,699

FY 2022Amounq(million yen)

14,972

Changefluctuation factors(billion yen)

2.1%

2,740

repayments of loan (1.0),
execution of investments &(25.9%) loans (2.6), expenses
etc.(0.9), collection +3.6

Project oriented investment securities& loans

5,583

6,781

execution of investments &loans +2.0, fund interests
21.5% income +0.3, distribution &collection (1.1)

Strategic investment securities inpartner companies
Financial investment securities after
deducting allowance for possible
investment loss

1,155

1,783

54.4% unrealized gain +0.3

3,111

3,029

(2.7%) distribution & collection (0.5)

Loans payable

6,950

5,943

(14.5%) repayments of loan (1.0)

Total shareholders' equity

7,338

7,779

6.0% unrealized gain +0.4

execution of investments +0.3,
execution of investments +0.4,

profit (0.04)

Asset replacement is in progress from financial investment to project oriented investment and strategic
investment.



After securing investment funds for future growth, we repay the debt and steadily reduce the balance.

Cash and deposits decreased due to progress in execution of investments and loans.

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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2. Results for FY Mar. 2022 - Outline of results - C/F(JPY million)

FY 2021

FY 2022

Operating CF

1,728

(145)

Investing CF

61

212

Financing CF(1,216)(1,007)

577

(903)

3,301

2,397

Change in Net CF
Cash & cash equivalents at
end of period

 Operating CF turned negative as investment and loan execution progressed.

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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2. Results for FY Mar. 2022
- Break down of operating revenue & operating cost
Total

（JPY million）

Project oriented investment

FY 2022

FY 2021

FY 2022

FY 2021

3,089

2,409

1,638

1,235

1,451

1,174

Fund management fees etc.

169

154

162

146

7

7

Proceeds of sales of securities

2,221

1,573

1,341

915

880

657

Fund interests income etc.

648

631

126

162

522

469

Other operating reveue

49

50

8

10

41

40

1,788

1,133

1,090

483

697

650

1,249

810

662

300

587

509

194

145

194

145

-

-

Fund interests losses etc.

336

167

229

33

106

134

Other operating costs

7

10

4

3

3

7

1,301

1,276

547

752

753

523

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

Operating gross profit

FY 2022

FY 2021

Operating revenuePrivate equity investment

Private equity investment – Revenue decreased and operating gross profit increased•
Of operating revenue, proceeds of sales of securities decreased due to smaller deal size of unlisted shares sold•Of operating cost, cost of securities sold decreased due to higher profit margins of listed shares sold•Of operating cost, fund interests losses etc. decreased due to a decrease in losses from funds operated by third
parties
Project oriented investment – Revenue decreased and operating gross profit decreased•
Of operating revenue, proceeds of sales of securities decreased due to the sale of a project was limited to a partial
sale. 1 mega solar project and part of 1 distribution warehouse project were sold in FY Mar. 2022 compared to 2
mega solar projects were sold in last year.
•
Of operating revenue, fund interests income etc., decreased due to the sale of some mega solar projects those areselling electricity in the previous fiscal year

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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3. Business plan progress report
Numerical plan

P10

Action plan

P11

IPOs

P12

Distribution warehouse

P13

Smart agriculture

P15Group home for the handicapped

P16

New investment area

P18

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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3. Business plan progress report - Numerical plan
(million yen)

Actual
FY 2022AmountResult forcast
FY. 2022(disclosed on 14 May 2021)

AmountProgression
ratio

Operating revenue

2,409

2,950

81.7%

Operating cost

1,133

1,320

85.9%

Operating grossprofit

1,276

1,630

78.3%

SG&A expenses

1,189

1,120

106.2%

Operating income

86

510

16.9%

Ordinary income

61

430

14.3%

Profit attributable toowners of parent

49

340

14.5%





Progression ratio of the numerical plan remained at a low level due to the downturn incapital gains from private equity investments.
Sales of listed shares didn’t reach the target because share prices of some shares werelower than expected and couldn’t reach the conditions for unlocking lockup.
Sales of unlisted shares also didn’t reach the target because some sale negotiations lasted
longer than expected and didn’t reach the agreement by the end of the term.

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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3. Business plan progress report - Action plan
Businessstrategy

JAIC’s strength

Discover venture firms with a competitive edge to expand our business portfolio and develop them into a major
business in the future“Leverage the accumulated experience as a VC to discover promising venture companies”“Partnerstrategy”

Action plan for 3 years

PE
Investment

PE
Strategic
investment

Fee Business
Project
Investment

PE
Financialinvestment

Administration
servicesfor funds

Liquidate existing assets and complete asset replacement.
Originate three new funds.
Support strategic partners to go on public. Cultivate new investment areasand promote strategic investment.

FA businesssuch as M&A
advisorybusiness

Distribution
center(logistics
warehouse)

Increase investments as a priority area.
Invest in early stages of PJs and achieve high returns by attracting later stage
investors looking for middle-risk & middle returns.

Healthcare(facilities forthe elderly)
Renewableenergy(group homes forthe handicapped)

New BusinessContinue to invest in carefully selected projects

Support to develop customer base such as major convenience store
and expand business size by constructing additional plant up to No.4

Invest in 50 projects by originating funds from major banks and leasing
companiesNew
investment
area

•
•

Develop new investment area that will become a core revenue
generator from businesses related to existing investment themes andother business themes which may arise from corona crisis

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

1 fund has been established by the joint
venture with Aozora Bank
Renewable Japan newly listed in Dec. 2021

Formed a business alliance with AIS CAPITAL
LIMITED, a group of experts in cross-borderinvestment between Japan and China.
••••

Increase investments in rooftop solar power generation PJ in Vietnam andbiogas PJ in Japan.
Sell mega solar projects in Japan after the completion to post gain on sale.

Smartagriculture(vegetable
plant)
Healthcare

Accumulate pipelines and increase profits of advisory business by coworking with partners at home and abroad

Progress in the first year

Invested in 4 new distribution center
projects
KIC Koshigaya Distribution Center was built
up and soldProjects invested in previous years aredeveloped on schedule
Started sale negotiations in one project

Under negotiation to sell domestic mega solar
projects
Expanding the vegetable plant to expand
production capacity••

Invested in a fund with Showa Leasing Co., Ltd. andothers
Project development progressed in collaboration
with regional financial institutions

Supporting domestic contents to expand globallyin collaboration with PIA Global Entertainment
Corporation- 11 -

3. Business plan progress report - IPOs

The 1st IPO
fromstrategic
investees.



WonderPlanet Inc.

Last One Mile Co., Ltd.

10 Jun. 2021

24 Nov. 2021

TSE Mothers（4199）

TSE Mothers（9252）

https://wonderpla.net/en/

https://lomgrp.co.jp/

Renewable Japan Co., Ltd.

TORICO Co., Ltd.

22 Dec. 2021

23 Mar. 2022

TSE Mothers（9522）

TSE Mothers（7138）

https://www.rn-j.com/en/

https://www.torico-corp.com/

4 investee companies newly listed
Renewable Japan is the first newly listed company from among the seven strategic investees.
This is the result of “strategic investment,” which we have been focusing on in recent years toactively support project investment partner companies through collaboration in projects.

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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3. Business plan progress report - Distribution warehouse - New investment
Strategic investee: KIC Holdings Inc.

KIC Sayamahidaka Distribution Center

KIC Akiruno Distribution Center

Rendering
Location

Akiruno City, Tokyo

Accessapproximately 4.6km from the Chuo
Expressway “Hachiouji IC", approximately
3.8km from the Kin-O Express way “Akiruno
IC” , approximately 1.5km from National
highway No. 16 “Musashinohashi MinamiIntersection”, approximately 1.7km from JR
East and Seibu Line “Haijima" Station

Outline of warehouse(Scheduled)

Total floor space: 25,804㎡,
4 floors above ground

Location

Hidaka City, Saitama

Accessapproximately 0.5km from the Ken-O Expressway"Sayamahidaka IC", approximately 4.8km from Seibu
Shinjuku Line "Sayama City" Station

Outline ofwarehouse

Total floor space: 15,113㎡,
4 floors above ground

Investment

Jan. 2021

Investment

Mar. 2022

Completion

Apr. 2022

Completion(Scheduled)Dec. 2023



Invested in 4 projects in FY Mar. 2022 and “Sayamhidaka” project has been built up in Apr. 2022.

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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3. Business plan progress report - Distribution warehouse – Capital gains
KIC Koshigaya Distribution Center
was built up in Oct. 2021 and was sold in Mar. 2022




KIC Holdings has improved the land with poor roads by its development capabilities
and remade the distribution center into a convenient location with convenienttransportation.
This facility is a low environmental load distribution center equipped with a combined
power supply system, and 60% of the power used by the facility is covered bysunlight.

Location

Koshigaya City, Saitama

Access• approximately 6km from TOHOKU Expressway
Urawa IC• approximately 10 minutes on foot from TOBUSKYTREE Line Oobukuro station

Total floor
space

11,212m², 4 floors above ground

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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3. Business plan progress report - Smart agriculture - Expansion of vegetable plant

Expanding Tamba Sasayama Plant, which
grows leaf lettuce, aiming to expand
production capacity 2.3 times

Strategic
investee:
MorihisaEngineering
Front: 2nd plant (expansion part), back: 1st plant (existing part)
Outline of the first plant (existing part)

Outline of the second plant (expansion part)
Operation

Started in Dec. 2021
Full-scale operation is scheduled for June 2022

Completely closed

Plant type

Completely closed

Crops

Leaf lettuce

Crops

Leaf lettuce

Production

Approx. 200 tons p.a.

Production

Approx. 270 tons p.a.

Operation

Started in Mar. 2019

Plant type

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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3. Business report－Group home for the handicapped – Investment Fund
Shizuoka“GK GH
Property”, a fund that develops and operates
group homes for the handicapped

Strategic
investee:SocialInclu

In August 2021, we invested in “GK GH Property”, a fund that develops andoperates group homes for the handicapped. Showa Leasing Co., Ltd. and Uni-Asia
Investment Co., Ltd. also invested in the fund.
In November 2021, The Shoko Chukin Bank, Ltd. opened a loan facility for realestate non-recourse loan.

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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3. Business plan progress report - Group home for the handicapped – Built up Project
Project development has accelerated by strengthening
cooperation with regional financial institutions

Utsunomiya City, Tochigi

Kazo City, Saitama
Koga City, Ibaragi

Tatebayashi City, Gunma

Sano City, Tochigi

By strengthening cooperation with regional financial institutions, the speed of project development has
accelerated and the target area has expanded. 5 group homes were built up in FY Mar. 2022.

Social Inclue, our partner company of group home for the handicapped business, operates these group homes.



We have also invested in Social Inclu and have proactively supported its growth through developing projects.

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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3. Business plan progress report – New investment area
Collaboration with PIA Global Entertainment Corporation, we
support domestic contents those are expanding globally,
mainly in Asia.
Through PIA Corporation, participated in theinvestment in "NAKED FLOWERS FOR YOU", anexperiential art exhibition that goes around with all
five senses, which is the first permanent installationin Tokyo.

Financial Results Overview for FY Mar. 2022

Going forward, we plan to collaborate with PIA
Global Entertainment Corporation, a wholly owned
subsidiary of PIA Corporation, which is
responsible for overseas business of PIA Group,
to support domestic contents those are expanding
globally, mainly in Asia.

Company name

PIA Global Entertainment
Corporation

CEO

President & CEO
Mamoru SHIRAIURL

https://pge.jp/en/#about

Shareholder

PIA Corporation（100％）© Japan Asia Investment Co., Ltd. 2022

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4. Result forecasts for FY Mar. 2023
Business policy for the FY Mar. 2023

P20

Breakdown of result forecast

P21

Cautionary statements

P22

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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4. Result forecasts for FY Mar. 2023 - Business policy
Business
PolicySecure profits and funds by selling existing financial investment assets
Increase the balance of project investment based on the new investment policy
Establish a hands-on investment style through collaboration in project investment andincrease capital gains from strategic investees

Basic
policyincrease capitalgains fromstrategic
investees

Liquidatefinancialinvestment
assets early

Priority
measures

Basic
policy• Increase thebalance of project
investment• Diversify
investment target
projects

Financial Results Overview for FY Mar. 2022

Priority
measures

・Keep the balance of financial investment within the range ofequity capital
・Increase capital gains by providing hands-on support tostrategic investees•

Liquidate financial investment assets early and promote asset
replacement•

Liquidate a maturity fund early•

Reduce the risk of financial investment by forming investment
funds in collaboration with partners and investing from these
funds

•

Provide hands-on support to strategic investees and realize
their IPO early・Increase the balance of project investment
・Diversify investment target projects and invest in the partnercompanies of new investment area•

Accelerate investment in logistics warehouses and grouphomes for the handicapped as the next pillar of earnings for
the Mega Solar Project, and realize the sale of existing
logistics warehouses.

•

Aiming for early profitability of the vegetable plant•

Diversify investment target projects and increase the balanceof project investment•

Invest in in the partner companies of new investment area

© Japan Asia Investment Co., Ltd. 2022

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4. Result forecasts for FY Mar. 2023 - Breakdown of result forecast(million yen)
Operating revenue
Operating cost
Operating gross profit

SG&A expenses
Operating income
Ordinary income
Profit attributable to owners ofparentROE

Result forcast
FY2023(2Q)

Actual FY 2022

Result forcast
ChangeFY2023

2,409
1,133
1,276
1,189
86
61
49
0.7%

3,000
1,050 (7.4%)
1,950 52.8%
0.9%
1,200
750 768.7%
650 954.8%
550 1017.2%
6.3% 24.5%

1,950
600
1,350
570
780
730
600
-

Break down of operating revenue
Proceeds of sales of IPOs & listed shares

1,470

Proceeds of sales of unlisted shares

550

Gains from project oriented investments

610

Gains from funds operated by third parties

１３０

Management fees

１３０

Others110

Break down of operating cost
Cost of IPOs & listed shares sold270

Cost of unlisted shares sold410

Write-offs & Provision260

Cost from project oriented investments

１00

Others

•
•
•

•
•

10

Reflecting a recovery of capital gains from private equity investments in Japan, we aim to achieve the profit plan forthe second year of the medium-term management plan.
Expecting operating revenue increased to ¥ 3,000 million (up, 24.5 % year on year) and expecting profit attributable toowners of parent increased to ¥ 550 million (up, 1,017.2 % year on year).
Unlike FY Mar. 2022, in addition to IPOs during the fiscal year, capital gains from the shares that have alreadyachieved IPO are expected due to sales of the shares when their lockup period will end. Therefore, compared to FY
Mar. 2022, it is expected that an increase in capital gains on the sale of shares and a reduction in downside risk of thecapital gains.
Capital gains are expected from sales of 4 projects such as distribution warehouse, health care and other project.
Most of the profits are expected to be generated in the second quarter.
Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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4. Result forecasts for FY Mar. 2023 - Cautionary statements
 The private equity investment business conducted by the Group will besignificantly affected by changing factors such as stock markets, given
the characteristics of the business. In addition, it has been difficult toforecast 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 FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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5. Appendix
Renewable energy projects

P24

List of project oriented investments

P25

Strategic investment

P28

Asia network

P29

Funds & investment activities

P30

Business results & financial position

P31

Break down of operating revenue & operating cost

P32

Business field

P33

Core competence

P34

Profit structure

P35

Efforts for SDGs

P37

Company data

P38

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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5. Appendix - Renewable energy projects as of Mar. 31, 2022
Mega solar projects

Started electricity sales 9 projects (11 power plants) 22.2 MW
Under construction or under planning
5 projects 10.8 MW
Total
14 projects (16 power plants) 33.0 MW
attributable to JAIC
14.2 MWTransfers to buyers other than the funds operated by the JAIC Group

32 projects

186.6 MW

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

Aomori, Bio gas,
1project 0.03MW
Iwate, Solar,
1 project 2.4MW
Fukushima, Solar,
1 project 2.7MW
1 project 2.4MW

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

Kumamoto, Solar
1 project 3.1MW

Hokkaido, Solar,
1 projects 2.3MW

Tochigi, Solar,
3 projects 6.0MW

Mie,
Kagawa, Solar
4 projects 8.7MW Woody biomass, 1 project 2.0MW
Wind power,
1 project at most 25.2MW

Tokyo, Bio gas,
1 project 1.1MW
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 not necessarily linked
to the MW figure of the project.

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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5. Appendix - List of project oriented investments (as of Mar. 2022)
Type ofproject
Solar

No.

Name of power plant or Location

Generation
Capacity [MW]Current status

FIT[tax excluded, ¥]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. 2018

36

7

Fukushima

2.4

Under construction or Under planning32

8Hirono solar park

2.7

Started electricity sales in Feb. 2020

40

9

Akkeshi Luke Supor Solar Power Plant

2.3

Started electricity sales in May 202040

10Kanagawa

2.4

Under construction or Under planning

32

11

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 202036

12

Tochigi

2.0

Under construction or Under planning36

13

Tochigi

2.0

Under construction or Under planning32

14

Tochigi

2.0

Under construction or Under planning32

3.0 in total

Total 33.0MW [attributable to JAIC 14.2MW]*Projects that are invested from JAIC Solar Fund L.P., Ⅱ

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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5. Appendix - List of project oriented investments (as of Mar. 2022)
Type of project

No.

Woody biomass
Bio gas1

Location

Generation Capacity[MW]

Current status

FIT[tax excluded, ¥]Matsusaka City, Mie

2.0Started electricity sales in Jan. 2018－

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]

－

0.03

Started electricity sales in Nov. 201839

At most 25.2

Under construction or Under planning

22

2

3
Wind power
Type of project

Mie
No.

Commercial
building

Location

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
scheduled for June 2022

1

Atsugi City, Kanagawa

Total floor area 10,890 m² (scheduled), 2 stories
above ground

Under construction or Under planning2

Ebina City, Kanagawa

Undecided

Under construction or Under planning

3

Hidaka City, Saitama

Total floor area 15,123 m², 4 stories above
groundUnder construction or Under planning[Built up in Apr. 2022]

4

Akiruno City, Tokyo

Total floor area 25,804 m² (scheduled), 4 stories
above ground

Under construction or Under planning5

Non-disclosed

Non-disclosed

Under construction or Under planning6

Non-disclosed

Non-disclosed

Under construction or Under planning

Aichi

Site area 1,752 m², 1 basement floor, 6 floors
above ground

Opened*investment in building which has
already started operation

Vegetable plant

Logistics
warehouse

Touhoku Town, Aomori

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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5. Appendix - List of project oriented investments (as of Mar. 2022)
Type of project

No.

Facilities for theelderly

1

Shinonome, Koto-ku, Tokyo

8-story complex facility with a capacity of 100
peopleUnder construction or Under planning

2

Minami aoyama, Minato-ku, Tokyo

5-story facility with a capacity of 61 people

Under construction or Under planning

1

Hamamatsu City, Shizuoka

Started operation in Aug. 2020

2

Utsunomiya City, Tochigi

Started operations in Sep. 2021

3

Hiroshima City, Hiroshima

Started operation in Aug. 2020

4

Kazo City, Saitama

Built up in Feb. 2022

5

Koga City, Ibaragi

Built up in Mar. 2022

6

Tatebayashi City, Gunma

7

Kawagoe City, Saitama

8

Sano City, Tochigi

Built up in Mar. 2022

9

Oota City, Gunma

Under construction or Under planning

10

Takamatsu City, Kagawa

Under construction or Under planning

11

Kiriu City, Gunma

Under construction or Under planning

12

Iwaki City, Fukushima

Under construction or Under planningGroup home forthehandicapped

Location

Project scale

20 rooms for residents, 2 rooms for short stay

Current status

Built up in Mar. 2022
Under construction or Under planning

Other 2 project

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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5. Appendix – Strategic investment

Renewable Japan Co., Ltd.

Smart Solar Corporationsocial inclu CO., LTD.

Partner company in mega solar
projects

Partner company in projects forgroup homes for the handicapped

Year of first investment: 2017

Year of first investment: 2019

MD-Farm

KIC Holdings Inc.

Partner company in smart
agriculture projects (strawberries)

Partner company in distribution
warehouse projects

Year of first investment: 2019Year of first investment: 2020

Partner company in mega solar
projects
Year of first investment: 2015
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)
Year of first investment: 2019

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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5. Appendix - Asia network

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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

17/3

18/3

19/3

20/3

21/3

22/3

New & increased funds

500

1,000

2,000

1,359

151

1,001

AUM of funds - total *1

28,753

19,15016,494

17,39016,45016,463

AUM of funds - JAIC *1

9,427

5,867

5,344

5,163

5,434

4,953

New investnemts (Total)*2

4,315

3,887

3,749

3,374

1,767

3,420

16,55813,981

13,951

15,101

12,855

13,784

New investnemts (project oriented investmen

3,184

2,681

3,612

2,150

1,445

1,938

Balance of investments (project oriented investmen

4,576

3,582

5,514

6,696

6,088

6,344

New investnemts (private equity)*2

1,131

1,205

136

1,224

322

1,482

11,981

10,398

8,437

8,405

6,767

7,440

Balance of investments (Total)*2

Balance of investments (private Equity)*2

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 FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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

17/3

18/3

19/3

20/3

21/3

22/3

Operating revenues

3,926

5,403

2,475

2,760

3,089

2,409

Operating gross profit

2,176

2,328

1,286

1,359

1,301

1,276

SG&A expenses

1,339

1,311

1,109

1,094

1,086

1,189

Operating income

836

1,017

177

265

214

86

Ordinary income

726

954

83

140

173

61

Net income

553

874

578

302

144

49

6,213

7,308

5,564

3,920

3,699

2,740

4,081

3,582

5,514

5,437

5,583

6,781

100

373

373

1,005

1,155

1,783

7,256

5,657

4,765

4,282

3,111

3,029

14,128

11,954

9,784

8,166

6,950

5,943

5,686

6,545

6,840

7,223

7,338

7,779

20,305

19,22017,30515,80014,657

14,972Business results

Financial position
Cash and deposits
Operational investment securities andoperating loans of project oriented
investment
Operational investment securities ofstrategic investment in partner companies
Operational investment securities offinancial investment after deducting
allowance for possible investment loss
Loans payable, bonds & bonds with
subscription rights to shares
Total shareholders' equity
Total assets

Financial Results Overview for FY Mar. 2022

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

18/3

19/3

20/3

21/3

22/3

Change(%)

１． Fund management operation
Fund management fees and others

277

241

199

169

154

(9.3%)

Success Fees

86

-

-

-

-

-

Operating revenue

364

241

199

169

154

(9.3%)

-

-

-

-

-

-

364

241

199

169

154

(9.3%)

Proceeds of sales of securities (A)

3,219

1,746

2,349

2,221

1,573

(29.2%)

Fund interests income etc.

1,677

429

172

648

631

(2.6%)

4,897

2,176

2,521

2,870

2,204

(23.2%)

2,469

554

965

1,249

810

(35.2%)

562

579

245

194

145

(25.0%)

36

49

184

336

167

(50.2%)

Operating cost

3,069

1,182

1,395

1,780

1,123

(36.9%)

Operating gross profit

1,827

993

1,125

1,090

1,081

(0.8%)

142

57

40

49

50

3.4%

5

6

5

7

10

29.7%

136

51

34

41

40

(1.6%)

Operating revenues

5,403

2,475

2,760

3,089

2,409

(22.0%)

Operating cost

3,074

1,188

1,401

1,788

1,133

(36.6%)

Operating gross profit

2,328

1,286

1,359

1,301

1,276

(1.9%)

Operating cost
Operating gross profit
２． Investment operation

Operating revenue
Cost of securities sold (B)Investment write-offs and Provision for allowancefor possible investment losses ( C)Fund interests losses etc.

３． Others
Operating revenue
Operating cost
Operating gross profit
Total

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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5. Appendix - Business field

Private equity investment

Strategic investment

Project oriented 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.

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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5. Appendix - Core competence
Historical background in Asian
regionSince 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.

Capability 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.

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.
Financial Results Overview for FY Mar. 2022

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.

© Japan Asia Investment Co., Ltd. 2022

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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 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 (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 with project planning and development.
Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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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 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.
Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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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.

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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5. Appendix - Company data (as of Mar. 31, 2022)
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

40 (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: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]

Financial Results Overview for FY Mar. 2022

Abbreviation; JAIC

© Japan Asia Investment Co., Ltd. 2022

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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 atthe 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 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 preparedin accordance 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 FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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

Financial Results Overview for FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

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