Japan Asia Investment Co., Ltd.
Fund Consolidation

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

Consolidated Financial Results
for the First Quarter Ended June 30, 2023
[Japanese Standards](Summary of Japanese announcement)
August 14, 2023
Company name:

Japan Asia Investment Co., Ltd.

Listed on:

Tokyo Stock Exchange, Standard Market (Stock code: 8518)

Head office:Tokyo

Representative:

Tetsuro Shimomura, President and CEO

Contact:

Kenji Kishimoto, Senior Executive Officer

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

Tel: +81-3-3221-8518 (main)
Scheduled date for submission of quarterly report: August 14, 2023
Scheduled date for start of payment of dividends: —The additional materials of the Financial Results: Yes
The briefing session of the Financial Results: None
(Throughout this report, fractional amounts have been rounded down to the nearest one million yen.)
1.

Consolidated business results for the first quarter ended June 30, 2023 (April 1, 2023 to June 30, 2023)(1) Consolidated results of operations (cumulative total)(Percentages indicate year-on-year increase or decrease)
Operating revenue

Operating income

Ordinary income

Millions of yen % change

Millions of yen % change

Millions of yen % change

Profit attributable toowners of parent
Millions of yen % change

For three months ended
June 30, 2023

882

125.0

160

－

129

－

(100)

－

For three months ended
June 30, 2022

392

(22.3)

(213)

－

(257)

－

(272)

－

(Note) Comprehensive Income
For three months ended June 30, 2023: (468) millions of yen (－%)
For three months ended June 30, 2022: (267) millions of yen (－%)

Yen

Diluted net income
per shareYen(5.70)－(15.40)－Total assets
Millions of yen

Net assets
Millions of yen

Net income per share
For three months ended
June 30, 2023
For three months ended
June 30, 2022

(2) Consolidated financial position
Equity ratio%

Net assets per share
Yen

As of June 30, 2023

18,193

8,570

40.3

414.00

As of March 31, 2023

18,775

9,101

40.4

428.22(Reference) Total shareholders' equity As of June 30, 2023: 7,329 millions of yen As of March 31, 2023: 7,581 millions of yen

1

Japan Asia Investment Co., Ltd.
Fund Consolidation

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

End of second quarter
Yen

Dividends per share
End of third quarter
Yen

End of year
Yen

Year
Yen

0.00

－

0.00

0.00

0.00

－

0.00

0.00

－

(Note) Revision of dividends forecast during the current quarterly period: None
3. Outlook for the fiscal year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
The overall private equity investment business conducted by the Group (including investment partnerships) is significantly affectedby changing factors such as stock markets, given the characteristics of the business. In addition, it has been difficult to forecast
results reasonably in the rapidly changing environment. Therefore, we do not disclose the results forecast. For the convenience ofinvestors and shareholders, however, we disclose “result forecast consolidated under the Previous Accounting Standard” eventhough it doesn’t have enough rationality. For details, please refer to “2. Outlook for the fiscal year ending March 31, 2024 (April 1,
2023 to March 31, 2024)” on page 18 in this report.
The “result forecast consolidated under the Previous Accounting Standard” and any other forward-looking statements in thisdocument are based upon the information currently available to JAIC at the time of writing and certain assumptions. The
achievement is not promised. Numerous factors could cause actual results to differ materially from these result forecasts. For details,
please refer to “3. Business Performance and Financial Condition (3) Cautionary Statements with Respect to Forward-looking
Statements such as Consolidated Earnings Forecast under the Previous Accounting Standard” on page 19 in this report, “3. Business
Performance and Financial Condition (4) Result forecast consolidated under the Previous Accounting Standard” on page 25 in“Consolidated Financial Results for the Year Ended March 31, 2023 [Japanese Standards]” disclosed on May 15, 2023.
4. Other matters(1) Changes among significant subsidiaries (Changes among specific subsidiaries resulting in changes in the scope of
consolidation): None
[New - company (company name: -) Excluded - company (company name: -)](2) Adoption of specific accounting methods for the preparation of quarterly consolidated financial statements: None
(3) Changes in accounting principles, accounting estimates and correction of prior period errors(i) Changes in accounting principles due to revisions to accounting standards: None(ii) Changes other than shown in (i) above: None(iii) Changes in accounting estimates: None(iv) Correction of prior period errors: None
(4) No. of shares issued and outstanding (common stock)(i) Shares issued and outstanding at
Three months ended
the end of each period (including
June 30, 2023:
treasury stock)(ii) Shares of treasury stock at theThree months ended
end of each period
June 30, 2023:(ii) Average number of shares
Three months ended
during the period (cumulative
June 30, 2023:
quarterly consolidated period)

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

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

181,009
shares17,703,383
sharesThree months ended
June 30, 2022:

17,703,383
shares*The above quarterly financial results are not subject to a quarterly review required under the Financial Instruments andExchange Act.
*Cautionary Statements with Respect to Forward-looking Statements and Other Notes
The additional materials of the financial results for the first quarter ended June 30, 2023 will be released on our website on
August 14, 2023.
The “result forecast consolidated under the Previous Accounting Standard” and any other forward-looking statements inthis document are based upon the information currently available to the Group at the time of writing and certain
assumptions. The achievement is not promised. Numerous factors could cause actual results to differ materially from these2

Japan Asia Investment Co., Ltd.
Fund Consolidation

result forecasts. For details, please refer to “3. Business Performance and Financial Condition (3) Cautionary Statementswith Respect to Forward-looking Statements such as Consolidated Earnings Forecast under the Previous AccountingStandard ” on page 19 in this report, “3. Business Performance and Financial Condition (4) Result forecast consolidated
under the Previous Accounting Standard” on page 25 in “Consolidated Financial Results for the Year Ended March 31,
2023 [Japanese Standards]” disclosed on May 15, 2023.

3

Japan Asia Investment Co., Ltd.
Fund Consolidation

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

For three months ended
June 30, 2023
(from April 1, 2023
to June 30, 2023)

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

Total operating revenue

392

882

3,872

Management fees

29

30

113

171

600

2,071

186

243

1,668

4

7

18

Total operating cost

290

411

2,453

Cost of securities sold

113

67

1,316

1

161

316

171

179

806

Other operating cost

3

3

12

Operating gross profit

101

470

1,419

For three months ended
June 30, 2022
(from April 1, 2022
to June 30, 2022)

For three months ended
June 30, 2023
(from April 1, 2023
to June 30, 2023)

Cash flow from operating activities

(265)

349

157

Cash flow from investing activities

(0)

1

0

Cash flow from financing activities

(309)

(316)

(806)

1,836

1,799

1,762

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

Investment write-offs & Provision
for allowance for possible
investment losses
Fund interests losses etc.

(2) Cash flows

Cash and cash equivalents at the endof period

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

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

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

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

Total assets

19,672－

18,193－

18,775－

Cash and deposits

4,483

－

2,988

－

3,130

－

Property, plant and equipment

4,249

－

5,355

－

5,432

－

Operational Investment
Securities (A)

9,620

－

8,810

－

9,375

－

Allowance for Possible
Investment Loss (B)(1,523)15.8

ሺ1,723)

19.6(1,588)16.9(4) Breakdown of Loans payable and bonds(Millions of yen）
As of June 30, 2022

As of June 30, 2023

As of March 31, 2023

Total of loans payable and bonds

9,324

8,682

8,993

Loans payable;
Non-consolidated base

5,633

4,825

5,137

Loans payable by project financeand bonds;
Consolidated projects

3,690

3,857

3,856

5

Japan Asia Investment Co., Ltd.
Fund Consolidation

2. Business Position(1) Investment activities (JAIC+Funds)i) Breakdown of new investment and new loan
For three months ended
June 30, 2022
(from April 1, 2022
to June 30, 2022)
AmountNumber of (Millionsofcompaniesyen)

For three months ended
June 30, 2023
(from April 1, 2023
to June 30, 2023)
AmountNumber of (Millionsofcompaniesyen)

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

2

81

5

319

18

2,152

Japan

2

81

4

312

16

2,107

Southeast Asia etc.

-

-

1

7

2

45

2

11

4

173

10

1,408

2

11

4

173

10

1,408

-

-

-

-

-

-

2

81

5

319

18

2,152

Renewable energy

-

-

1

190

6

1,034

Healthcare

-

-

2

72

2

58

Smart agriculture

1

60

-

-

1

170

Distribution center

-

-

-

-

2

620

Other

1

21

2

57

7

269

2

11

4

173

10

1,408

-

-

2

30

3

200

2

11

2

143

7

1,208

4

93

9

493

28

3,561

Private equity investment
subtotal
Japan
China, Hong Kong, Taiwan
etc.
2) Investment program
Project investment subtotal

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

6

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

As of June 30, 2023

Amount(Millions of Number ofcompaniesyen)

Amount(Millions of
yen)

As of March 31, 2023
AmountNumber of (Millionsofcompanies
yen)1) Area
Project investment subtotal

42

5,879

51

6,854

50

7,123

42

5,879

50

6,813

48

7,087

-

-

1

40

2

36

84

7,248

71

6,398

81

7,010

47

4,467

48

4,303

49

4,915

37

2,781

23

2,094

32

2,094

42

5,879

51

6,854

50

7,123

Renewable energy

19

3,268

22

3,720

22

4,078

Healthcare

13

652

17

768

15

707

Smart agriculture

1

823

1

725

1

741

Distribution center

5

695

5

1,237

5

1,237

Other
Private equity investment
subtotal
Strategic investment

4

440

6

402

7

358

84

7,248

71

6,398

81

7,010

7

1,428

7

992

7

962

Financial investment

77

5,819

64

5,405

74

6,047

126

13,128122

13,252

131

14,133

Japan
Southeast Asia etc.
Private equity investment
subtotal
Japan
China, Hong Kong,
Taiwan etc.
2) Investment program
Project investment subtotal

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

7

Japan Asia Investment Co., Ltd.
Fund Consolidation(2) JAIC-Backed IPOs (JAIC+Funds)i)Number of IPOs

Number of IPOs (totalof Japan & overseas)
First price multiple(average of Japan &overseas)

For three months ended
June 30, 2022
(from April 1, 2022
to June 30, 2022)

For three months ended
June 30, 2023
(from April 1, 2023
to June 30, 2023)

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

1 company

1 company-

1.4 times

30.0 times

Note: First price multiple = Market value of shares held by the Group calculated at first price/Total our acquisition cost.
We do not include listed shares those we acquired by equity swaps when we calculate the first price multiple.
ii) JAIC-Backed IPOs
For three months ended June 30, 2023 (from April 1, 2023 to June 30, 2023)
Company
Date ofMarketBusiness
Name
IPO
Operation of coin-operated parking
JAPAN SYSTEMBANK
14-Apr-23
NSE Mainlots, sales and maintenance of
CORPORATION
parking equipment
Fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)
Company
Date ofMarketBusiness
Name
IPO
Research and development of drug
products, quasi-drugs, (an official
drug classification approved by
TMS Co., Ltd.
22-Nov-22
TSE Growth
Japanese MHLW for compoundswith mild pharmacological activity),
drug substances, medical devices,and medical commodities

8

Headquarters
Japan

Head
quartersJapan

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

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

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

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

yen)

6

11,212

3,804

-

-

-

-

2,238

3

4,638

2,380

6,195

9

yen)

yen)

6

11,712

3,957

876

-

-

1,305

3

4,685

5,550

9

yen)

yen)

5

7,511

3,368

2

4,716

3

4,725

Duringoperation
periodMaturity is
being extended
Duringliquidation
procedure
Total[Totalcommitment
amount10

of16,952[5,113]

16,397[3,404]15,850[3,389]

6,185

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

Inception

Total commitment
amount(Millions of yen)

Maturity

Features
Secondary investment fund targeting

JAIC Venture Capital
Investment L.P.

Feb. 2016

Feb. 2026

2,000

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

Succession Investment
Limited Partnership, I

Jun. 2017

Jun. 2027

3,000

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

JAIC-Solar Fund, L.P., II

Mar. 2020

Dec. 2039

1,359

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

Hokkaido SME Global
Fund, L.P.

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

Dec. 2026

151

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

Japan Asia Investment Co., Ltd.
Fund Consolidation

Name of fund

Inception

Maturity

Total commitment
amount(Millions of

Featuresyen)
Secondary investment fund targeting
mainly venture companies in Japan.

AJC Venture Capital
Investment Limited

Jun. 2021

Jun. 2031

1,001

Partnership

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

Aug. 2022

Aug. 2032

4,201

SMEs in Japan. Managed by AJ CapitalCo., Ltd, a joint venture between JAIC and
Aozora Bank, Ltd.

Notes:
1. The amounts stated for funds denominated in foreign currencies are calculated based on the exchange rate prevailingon the final day of the fiscal year-end. Therefore, changes in assets under management include the amount affectedby exchange rates.
2. The total amount of fund is listed as the amount of commitment base.

10Japan Asia Investment Co., Ltd.
Fund Consolidation
3. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023

As of June 30, 2023

AssetsCurrent assets
Cash and deposits

3,130

2,988

Operational investment securities

9,375

8,810

Allowance for possible investment loss

(1,588)(1,723)Operating loans

204

204

Other

515

681

Allowance for doubtful accounts

(51)

(51)

11,587

10,909Buildings and structures

980

1,180

Accumulated depreciation

(73)

(87)

Buildings and structures, net

906

1,093

3,421

3,995

Total current assets
Non-current assets
Property, plant and equipment

Machinery and equipment
Accumulated depreciation

(516)

(575)

Machinery and equipment, net

2,904

3,420

Vehicles, tools, furniture and fixtures

175

198

Accumulated depreciation

(68)

(70)

Vehicles, tools, furniture and fixtures, net

106

127

Land

201

314

Construction in progress

1,313

398

Total property, plant and equipment

5,432

5,355

1,080

1,069

168

159

1,248

1,228

Investment securities

61

61

Distressed receivables

104

104

Other

445

638

Allowance for doubtful accounts

(104)

(104)

Intangible assets
Power production facilities concessions
Other
Total intangible assets
Investments and other assets

Total investments and other assets
Total non-current assets
Total assets

11

506

700

7,188

7,283

18,77518,193

Japan Asia Investment Co., Ltd.
Fund Consolidation(Millions of yen)
As of March 31, 2023

As of June 30, 2023

Liabilities
Current liabilities
Short-term borrowings

555

1,104

Current portion of bonds payable77

Accrued expenses

64

197

Income taxes payable

70

30

Provision for bonuses

81

33

Other

33

221

Total current liabilities

812

1,593

170

170

Long-term borrowings

8,260

7,400

Deferred tax liabilities

32

35

Non-current liabilities
Bonds payable

Retirement benefit liability

158

162

Asset retirement obligations

238

261

Total non-current liabilities

8,861

8,028

9,673

9,622

Share capital

5,426

5,426

Capital surplus

3,631

3,631

Retained earnings(1,867)(1,968)Treasury shares

(353)

(353)

Total shareholders' equity

6,836

6,735

Valuation difference on available-for-sale securities

464

281

Foreign currency translation adjustment

280

311

Total accumulated other comprehensive income

744

593

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income

Share acquisition rights

33

34

Non-controlling interests

1,487

1,206

Total net assets

9,101

8,570

18,77518,193

Total liabilities and net assets

12Japan Asia Investment Co., Ltd.
Fund Consolidation(2) Consolidated Statements of Income(Millions of yen)
For three months ended
June 30, 2023
(from April 1, 2023
to June 30, 2023)

For three months ended
June 30, 2022
(from April 1, 2022
to June 30, 2022)
Operating revenue

392

882

Operating costs

290

411

Operating gross profit

101

470

Selling, general and administrative expenses

315

310

Operating profit (loss)

(213)

160

Interest income

1

1

Dividend income

00Foreign exchange gains

011

Miscellaneous income

1

1

Total non-operating income

315Interest expenses

48

44

Miscellaneous losses－

1

Total non-operating expenses

48

46

(257)

129

Subsidy income－

34

Total extraordinary income－

34

Loss on tax purpose reduction entry of non-current
assets－34

Loss on valuation of investment securities

13

－

Other

－

0

Total extraordinary losses

13

34

Profit (loss) before income taxes

(271)

128

1

1

Non-operating income

Non-operating expenses

Ordinary profit (loss)
Extraordinary income

Extraordinary losses

Income taxes - current
Total income taxes
Profit (loss)
Profit attributable to non-controlling interests
Loss attributable to owners of parent

13

1

1

(272)

127

0

228

(272)

(100)

Japan Asia Investment Co., Ltd.
Fund Consolidation(3) Consolidated Statements of Comprehensive Income(Millions of yen)
For three months ended
June 30, 2023
(from April 1, 2023
to June 30, 2023)

For three months ended
June 30, 2022
(from April 1, 2022
to June 30, 2022)
Profit (loss)

(272)

127

Valuation difference on available-for-sale securities

(77)

(628)

Foreign currency translation adjustment

62

26

Share of other comprehensive income of entities
accounted for using equity method

18

5

Other comprehensive income

Total other comprehensive income
Comprehensive income

4

(596)

(267)

(468)

(277)

(251)

10

(217)

Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to non-controllinginterests

14

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

For three months ended
June 30, 2022
(from April 1, 2022
to June 30, 2022)
Cash flows from operating activities
Profit (loss) before income taxes

(271)

128

Depreciation

14

11

Increase (decrease) in allowance for doubtful accounts(0)0Increase (decrease) in provision for bonuses

(55)

(48)

Increase (decrease) in retirement benefit liability

33Interest and dividend income

(1)

(1)

Interest expenses

23

20

Loss (gain) on valuation of investment securities

13－

Decrease (increase) in operational investment
securities

167

(14)

Decrease (increase) in operating loans receivable

－

(72)

Decrease (increase) in distressed receivables

0

0

(109)

(118)

Dividends from investment funds

0910

Increase (decrease) in investment funds of noncontrolling interest

9

(223)

Other, net

(21)

(193)

Subtotal

(227)

402

Payment for purchase of investment funds

Interest and dividends received
Interest paid
Income taxes paid

1

1

(36)

(35)

(3)

(19)

(265)

349

Other, net(0)1

Net cash provided by (used in) investing activities(0)1

Repayments of long-term borrowings

(309)

(316)

Net cash provided by (used in) financing activities

(309)

(316)

13

3

Net increase (decrease) in cash and cash equivalents

(561)

36

Cash and cash equivalents at beginning of period

2,397

1,762

Cash and cash equivalents at end of period

1,836

1,799

Net cash provided by (used in) operating activities
Cash flows from investing activities

Cash flows from financing activities

Effect of exchange rate change on cash and cash
equivalents

15

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

16

Japan Asia Investment Co., Ltd.
Previous Accounting Standard

Information for Reference Purposes:
Consolidated Financial Results
for the First Quarter Ended June 30, 2023
August 14, 2023

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

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

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

Millions of yen % change

Profit attributable toowners of parent
Millions of yen % change

339

54.5

(87)

－

(94)

－

(95)

－

219

30.2

(227)

－

(248)

－

(262)

－

Operating revenue

Operating income

Ordinary income

Millions of yen % change

Millions of yen % change

For three months ended
June 30, 2023
For three months ended
June 30, 2022

Yen

Diluted net income
per shareYen(5.41)－(14.83)－

Net income per share
For three months ended
June 30, 2023
For three months ended
June 30, 2022

(2) Consolidated financial position
Total assets

Net assets

Millions of yen

Millions of yen%

Yen

As of June 30, 2023

12,771

7,312

57.0

411.10

As of March 31, 2023

13,413

7,552

56.1

424.68(Reference) Total shareholders' equity

Equity ratio

Net assets per share

As of June 30, 2023: 7,277 millions of yen, As of March 31, 2023: 7,518 millions of yen

17

Japan Asia Investment Co., Ltd.
Previous Accounting Standard
2. Outlook for the fiscal year ending March 31, 2024 (from April 1, 2023 to March 31, 2024)
The private equity investment business conducted by the Group will be significantly affected by changing factors such as stock markets, given
the characteristics of the business. In addition, it has been difficult to forecast results reasonably in the rapidly changing environment. For theconvenience of investors and shareholders, however, we disclose “result forecast consolidated under the Previous Accounting Standard” eventhough it does not have enough rationality.
(Percentages indicate changes from the corresponding period of the previous fiscal year)
Operating revenue
For six months ending
September 30, 2023
For the year ending
March 31, 2024

Operating income

Ordinary income

Profit attributable to ownersof parent
Millions of yen% change

Millions of yen% change

Millions of yen% change

Millions of yen% change525(21.6)

(370)

―

(410)

―

(410)

―

2,300

(23.8)

200

―

120

―

120

―

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

(23.16)
6.78(Note) Revision from the latest earnings forecast: None
Net income per share in above chart is calculated by the number of shares issued and outstanding excluding the number of shares of treasury
stock as of June 30, 2023.
The “result forecast consolidated under the Previous Accounting Standard” and any other forward-looking statements in this document are
based upon the information currently available to JAIC at the time of writing and certain assumptions. The achievement is not promised.
Numerous factors could cause actual results to differ materially from these result forecasts.
For details, please refer to “3. Business Performance and Financial Condition (3) Cautionary Statements with Respect to Forward-looking
Statements such as Consolidated Earnings Forecast under the Previous Accounting Standard” on page 19 in this report, and “3. Business
Performance and Financial Condition (4) Result forecast consolidated under the Previous Accounting Standard” on page 25 in “Consolidated
Financial Results for the Year Ended March 31, 2023 [Japanese Standards]” disclosed on May 15, 2023.

18

Japan Asia Investment Co., Ltd.
Previous Accounting Standard

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

(Millions of yen)

For three months ended
June 30, 2022
(from April 1, 2022
to June 30, 2022)

For three months ended
June 30, 2023
(from April 1, 2023
to June 30, 2023)

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

Total operating revenue

219

339

3,017

Management fees

35

45

134

171

266

2,057

1

13

781

Other operating revenue

11

14

44

Total operating cost

185

149

2,056

Cost of securities sold

113

47

1,311

1

80

304

Fund interests losses etc.

66

17

426

Other operating cost

3

3

12

Operating gross profit

34

190

961

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

Investment write-offs & Provision
for allowance for possible
investment losses(2) Asset, Liability and Net asset(Millions of yen)
As of June 30, 2022

As of June 30, 2023

As of March 31, 2023

Total asset

14,294

12,771

13,413

Total liabilities

6,746

5,458

5,860

5,633

4,825

5,142

7,547

7,312

7,552

7,515

7,277

7,518

Loans payable
Total net asset
Total shareholders’ equity(3) Cautionary Statements with Respect to Forward-looking Statements such as Consolidated Earnings Forecast under the Previous
Accounting Standard
There are no revisions on the earnings forecast disclosed on May 15, 2023 in “Consolidated Financial Results for the Year Ended
March 31, 2023 [Japanese Standards] (Summary of Japanese announcement)”.
The “result forecast consolidated under the Previous Accounting Standard” and any other forward-looking statements in thisdocument are based upon the information currently available to JAIC at the time of writing and certain assumptions. The achievement
is not promised. Numerous factors could cause actual results to differ materially from these result forecasts.

19

Japan Asia Investment Co., Ltd.
Previous Accounting Standard
4. Consolidated Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023

As of June 30, 2023

AssetsCurrent assets
Cash and deposits

2,464

2,378

Operational investment securities

10,878

10,294

Allowance for possible investment loss

(1,252)(1,308)Operating loans

716

788

Other

374

401

Allowance for doubtful accounts
Total current assets

(51)

(52)

13,12912,501

Non-current assets
Property, plant and equipment
Buildings and structures

39

38

Accumulated depreciation

(8)

(8)

Buildings and structures, net

3130

Vehicles, tools, furniture and fixtures

60

58

Accumulated depreciation

(50)

(49)

Vehicles, tools, furniture and fixtures, net

9

8

Land

0

0

Total property, plant and equipment

40

39

Other

150

139

Total intangible assets

150

139

Investment securities

61

61

Distressed receivables

0

0

Other

31

29

Allowance for doubtful accounts

(0)

(0)

Intangible assets

Investments and other assets

Total investments and other assets
Total non-current assets
Total assets

20

92

90

283

269

13,413

12,771

Japan Asia Investment Co., Ltd.
Previous Accounting Standard(Millions of yen)
As of March 31, 2023

As of June 30, 2023

Liabilities
Current liabilities
Short-term borrowings

316

829

Accrued expenses

44

35

Income taxes payable70

29

Provision for bonuses

81

33

Other

330

337

Total current liabilities

843

1,265

Long-term borrowings

4,825

3,996

Deferred tax liabilities

32

35

Non-current liabilities

Retirement benefit liability

158

162

Total non-current liabilities

5,016

4,193

5,860

5,458

Share capital

5,426

5,426

Capital surplus

3,505

3,505

Retained earnings(1,779)(1,875)

Total liabilities
Net assets
Shareholders' equity

Treasury shares

(353)

(353)

Total shareholders' equity

6,799

6,703

Valuation difference on available-for-sale securities

654

496

Foreign currency translation adjustment

64

78

Total accumulated other comprehensive income

719

574

33

34

Accumulated other comprehensive income

Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

21

0

0

7,552

7,312

13,413

12,771

Japan Asia Investment Co., Ltd.
Previous Accounting Standard(2) Consolidated Statements of Income(Millions of yen)
For three months ended
June 30, 2023
(from April 1, 2023
to June 30, 2023)

For three months ended
June 30, 2022
(from April 1, 2022
to June 30, 2022)
Operating revenue

219

339

Operating costs

185

149

Operating gross profit

34

190

Selling, general and administrative expenses

262

278

Operating loss

(227)

(87)

Interest income

1

1

Dividend income

00Foreign exchange gains

011

Miscellaneous income

1

1

Total non-operating income

3

15

23

20

Non-operating income

Non-operating expenses
Interest expenses
Miscellaneous losses－

1

Total non-operating expenses

23

21

(248)

(94)

Loss on sales and retirement of non-current assets－

0Loss on valuation of investment securities

13－

Total extraordinary losses

130

Loss before income taxes

(261)

(95)

Income taxes - current

01

Ordinary loss
Extraordinary losses

Total income taxes
Loss
Loss attributable to non-controlling interests
Loss attributable to owners of parent

22

0

1

(262)

(96)

－

(0)

(262)

(95)