Financial Results Overview
for the 3rd Quarter Ended
December 31, 2021
Japan Asia Investment Co., Ltd. (JAIC)(TSE 8518)
Announcement date : February 14, 2022

Financial Results Overview for the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022-1-

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 the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

-2-

Contents
1 SummaryP4

2 Results for 3Q of FY Mar. 2022 (year-on-year)

P5

3 Result forecasts for FY 2022

P10

4 Business report

P13

5 Appendix

P16

Financial Results Overview for the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

-3-

1. Summary
 Results for 3Q of FY Mar. 2022 (year-on-year)• Operating revenue of ¥ 1,752 million (down, 11.4 % year on year) and deficit of ¥ 207 million(decreased by ¥154 million year on year).
• Operating revenue decreased due to a decrease in proceeds of sales of unlisted shares and adecrease in revenue from selling electricity.
• The deficit decreased due to an increase in capital gains from listed shares and a decrease ininvestment write-offs and provision for allowance for possible investment loss.
 Result forecasts for FY 2022
• Full-year earnings forecasts remain unchanged.
• Capital gains are expected in the 4th Q from sale of 1 mega solar project, sale of listed sharesin Japan and sale of unlisted shares through M&A.
 Business report• 3 investee companies newly listed.
• Renewable Japan Co., Ltd. achieved IPO in Dec. 2021. We have proactively supported
Renewable Japan as one of our partner companies in project investment business.
• Group home for the handicapped has increased to a total of 10 projects.
We have promoted these projects in collaboration with local financial institutions.
The increase in the number of projects is contributing to the growth of Social Inclu CO., LTD.,
our partner company in group home for the handicapped business.
Financial Results Overview for the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

-4-

2. Results for 3Q of FY Mar. 2022
Outline of results

P6

Break down of operating revenue & operating cost

P9

Financial Results Overview for the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

-5-

2. Results for 3Q of FY Mar. 2022 - Outline of results - I/S(million yen)

FY 2021 (3Q)
AmountFY 2022 (3Q)
AmountChangeOperating revenue

1,978

1,752 (11.4%)

Operating cost

1,470

1,030 (30.0%)

Operating gross profit

507

722

42.3%

SG&A expenses

819

838

2.4%

Operating income

(311)

(116)

-

Ordinary income

(335)

(116)

-

(361)

(207)

-

Profit attributable to ownersof parent Factors for decrease in revenue:• Proceeds of sales of unlisted shares decreased due to smaller deal size
• Revenue from selling electricity decreased due to the sale of some mega solar projects in theprevious fiscal year Factors for increase in profit:• Capital gains increased due to an increase of sale of listed shares with high profit margins• Investment write-offs and provision for allowance for possible investment loss decreased due toa decrease in the balance of investment in investees subject to provision.
Financial Results Overview for the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

-6-

2. Results for 3Q of FY Mar. 2022 - Outline of results - B/S
As of Mar 2021

Total assets

FY 2022 (3Q)

AmountAmount(million yen)(million yen)

14,657

14,124

Changefluctuation factors(billion yen)

(3.6%)
repayments of loan (1.0), execution

3,699

2,423

Project oriented investment securities & loans

5,583

6,179

10.7% +1.4, distribution & collection (0.8)

Strategic investment securities in partner

1,155

1,810

56.7% unrealized gain +0.3

3,111

3,007

(3.4%) distribution & collection (0.2)

Loans payable

6,950

5,943

(14.5%) repayments of loan (1.0)

Total shareholders' equity

7,338

7,449

1.5% unrealized gain +0.3

Cash and deposits

companies
Financial investment securities after deducting
allowance for possible investment loss

(34.5%) of investments & loans (2.0),

expenses etc.(0.7), collection +2.5
execution of investments & loans
execution of investments +0.3,
execution of investments +0.1,

loss (0.2)

 Asset replacement is in progress from financial investment to project oriented investment andstrategic investment.
 After securing investment funds for future growth, we repay the debt and steadily reduce the balance.
Financial Results Overview for the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

-7-

2. Results for 3Q of FY Mar. 2022 - Outline of results - C/F(JPY million)

FY 2021 (3Q)

FY 2022 (3Q)

Operating CF

1,591

(542)

Investing CF

18

117

Financing CF(1,216)(1,007)383(1,409)

3,107

1,891

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 the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

-8-

2. Results for 3Q of FY Mar. 2022
- Break down of operating revenue & operating cost
Total

（JPY million）

FY 2022(3Q)

FY 2021(3Q)

FY 2022(3Q)

FY 2021(3Q)

FY 2022(3Q)

1,978

1,752

1,271

1,008

707

744

Fund management fees etc.

126

119

120

113

5

5

Proceeds of sales of securities

1,615

1,501

1,059

844

556

657

Fund interests income etc.

198

91

84

40

113

51

Other operating reveue

38

39

6

9

32

29

1,470

1,030

959

444

511

585

937

776

519

266

418

509

218

139

218

139

-

-

Fund interests losses etc.

308

107

217

35

90

71

Other operating costs

5

7

3

2

2

4

507

722

312

563

195

159

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

Operating gross profitProject oriented investment

FY 2021(3Q)

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 an increase of sales of listed shares with high profit margins•
Of operating cost, investment write-offs and provision for allowance for possible investment loss decreased due to a decrease in
the balance of investment in investees subject to provision
Project oriented investment – Revenue increased and operating gross profit decreased•
Of operating revenue, proceeds of sales of securities increased due to an increase in the number of sales. 1 mega solar projectand part of 1 distribution warehouse project were sold in this 3Q compared to 1 mega solar project was sold in last year.
•
Of operating revenue, fund interests income etc., decreased due to the sale of some mega solar projects that are sellingelectricity in the previous fiscal year

Financial Results Overview for the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

-9-

3. Result forecasts for FY Mar. 2022
Breakdown of result forecast

P11

Cautionary statements

P12

Financial Results Overview for the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

- 10 -

3. Result forecasts for FY Mar. 2022- Breakdown of result forecast(million yen)

Result forcast

Actual
FY 2022(3Q)

Amount(disclosed on 14 May 2021)

AmountProgression
ratio

Operating revenue

1,752

2,950

59.4%

Operating cost

1,030

1,320

78.0%

Operating gross profit

722

1,630

44.3%

SG&A expenses

838

1,120

74.9%

Operating income

(116)

510

-

Ordinary income

(116)

430

-

(207)

340

-

Profit attributable toowners of parent••

FY. 2022

Full-year earnings forecasts remain unchanged.
Capital gains are expected in the 4th Q from sale of 1 mega solar project, sale of listed shares in Japanand sale of unlisted shares through M&A.
Financial Results Overview for the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

- 11 -

3. Result forecasts for FY Mar. 2022- 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 the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

- 12 -

4. Business report
IPOs

P14

Group home for the handicapped

P15

Financial Results Overview for the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

- 13 -

４. Business report－IPOs

Name

Last One Mile Co., Ltd.

Renewable Japan Co., Ltd.

Selling new electronic power, newgas and internet connections etc.
as a sales agency utilizing insidesales etc., and providing ouroriginal service “Marutto Series”

・Development and operation ofrenewable energy power plants
・One of our partner companies
in mega solar project investment
business

WonderPlanet Inc.

Business

Entertainment Services
Business

IPO date

10 Jun. 2021

24 Nov. 2021

22 Dec. 2021

Stockmarket

TSE Mothers

TSE Mothers

TSE Mothers

URL

https://wonderpla.net/en/

https://lomgrp.co.jp/

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



3 investee companies newly listed

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

Financial Results Overview for the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

- 14 -

４. Business report－Group home for the handicapped
Fund Scheme
ShizuokaPartnercompany:
Social
Inclu






Group home for the handicapped has increased to a total of 10 projects.
By strengthening cooperation with regional financial institutions, the speed of project development has
accelerated and the target area has expanded.
In August 2021, we invested in “GK GH Property”, a fund that develops and operates group homes for thehandicapped.
Showa Leasing Co., Ltd. and Uni-Asia Investment Co., Ltd. also invested in the fund, and in November
2021, The Shoko Chukin Bank, Ltd. opened a loan facility for real estate non-recourse loan.
Social Inclue, our partner company of group home for the handicapped business, operates these grouphomes. We have also invested in Social Inclu and have proactively supported its growth throughdeveloping projects.

Financial Results Overview for the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

- 15 -

5. Appendix
Renewable energy projects

P17

List of project oriented investments

P18

Strategic investment

P21

Asia network

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

Efforts for SDGs

P30

Company data

P31

Financial Results Overview for the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

- 16 -

5. Appendix - Renewable energy projects as of December 31, 2021
Mega solar projects
Started electricity sales 10 projects (12 power plants) 37.9 MW
Under construction or under planning
5 projects 10.8 MW
Total
15 projects (17 power plants) 48.7 MW
attributable to JAIC
23.6 MWTransfers to buyers other than the funds operated by the JAIC Group

31 projects

Aomori, Bio gas,
1project 0.03MW

170.9 MW
Iwate, Solar,
1 project 2.4MW*Underlined projects are invested from JAIC
Solar Fund L.P., Ⅱ

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,
2 projects 18.0MW

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 the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

- 17 -

5. Appendix - List of project oriented investments (as of Dec. 2021)
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. 201836

7

Mombetsu-shi Kodo solar power plant

15.7

Started electricity sales in Feb. 2020

40

8

Fukushima

2.4

Under construction or Under planning32

9Hirono solar park

2.7

Started electricity sales in Feb. 2020

40

10

Akkeshi Luke Supor Solar Power Plant

2.3

Started electricity sales in May 202040

11

Kanagawa

2.4

Under construction or Under planning

32

12

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

13

Tochigi

2.0

Under construction or Under planning36

14

Tochigi

2.0

Under construction or Under planning

32

15

Tochigi

2.0

Under construction or Under planning32

3.0 in total

Total 48.7MW [attributable to JAIC 23.6MW]*Projects that are invested from JAIC Solar Fund L.P., Ⅱ

Financial Results Overview for the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

- 18 -

5. Appendix - List of project oriented investments (as of Dec. 2021)
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.

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 May 2022

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

Vegetable plant

Facilities for theelderly

Touhoku Town, Aomori

Financial Results Overview for the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

- 19 -

5. Appendix - List of project oriented investments (as of Dec. 2021)
Type of projectGroup home forthehandicapped

Logistics
warehouse

Commercial
building

No.

Location

Project scale

Current status1

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

5

Koga City, Ibaragi

6

Tatebayashi City, Gunma

7

Kawagoe City, Saitama

8

Sano City, Tochigi

9

Oota City, Gunma

10

Takamatsu City, Kagawa

1

Koshigaya City, Saitama

Total floor area 11,250 m², 4 stories above ground

Under construction or Under planning[completed in Oct. 2021]

2

Atsugi City, Kanagawa

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

Under construction or Under planning3

Ebina City, Kanagawa

Undecided

Under construction or Under planning

4

Hidaka City, Saitama

Total floor area 15,123 m², 4 stories above ground

Under construction or Under planning5

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

20 rooms for residents, 2 rooms for short stay
Under construction or Under planning

Other 1 project

Financial Results Overview for the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

- 20 -

5. Appendix – Strategic investment

Renewable Japan Co., Ltd.
Partner company in mega solar
projects
Year of first investment: 2015
IPO date : 22 Dec. 2021
Stock market : TSE Mothers

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

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 the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

- 21 -

5. Appendix - Asia network

Financial Results Overview for the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

- 22 -

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

17/3

18/3

19/3

20/3

21/3

21/3(3Q)

22/3(3Q)

New & increased funds

500

1,000

2,000

1,359

151

151

1,001

AUM of funds - total *1

28,753

19,15016,494

17,39016,45016,05916,091

AUM of funds - JAIC *1

9,427

5,867

5,344

5,163

5,434

5,268

4,805

New investnemts (Total)*2

4,315

3,887

3,749

3,374

1,767

877

2,909

Balance of investments (Total)*2

16,55813,981

13,951

15,101

12,855

12,944

14,623New investnemts (project oriented investment)*2

3,184

2,681

3,612

2,150

1,445

635

1,427

Balance of investments (project oriented investment)*2

4,576

3,582

5,514

6,696

6,088

5,742

6,787

New investnemts (private equity)*2

1,131

1,205

136

1,224

322

242

1,482

Balance of investments (private Equity)*2

11,981

10,398

8,437

8,405

6,767

7,201

7,836

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 the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

- 23 -

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

17/3

18/3

19/3

20/3

21/3

21/3(3Q)

22/3(3Q)

Business results
Operating revenues

3,926

5,403

2,475

2,760

3,089

1,978

1,752

Operating gross profit

2,176

2,328

1,286

1,359

1,301

507

722

SG&A expenses

1,339

1,311

1,109

1,094

1,086

819

838

Operating income

836

1,017

177

265

214

(311)

(116)

Ordinary income

726

954

83

140

173

(335)

(116)

Net income

553

874

578

302

144

(361)

(207)

6,213

7,308

5,564

3,920

3,699

4,103

2,423

4,081

3,582

5,514

5,437

5,583

4,551

6,179

100

373

373

1,005

1,155

1,190

1,810

7,256

5,657

4,765

4,282

3,111

3,133

3,007

14,128

11,954

9,784

8,166

6,950

6,950

5,943

Total shareholders' equity

5,686

6,545

6,840

7,223

7,338

6,785

7,449

Total assets

20,305

19,22017,30515,80014,657

14,02814,124

Financial 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

Financial Results Overview for the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

- 24 -

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

17/3

18/3

19/3

20/3

21/3

21/3(3Q)

22/3(3Q)

Change(%)

１． Fund management operation
Fund management fees and others

364

277

241

199

169

126

119

(5.4%)

Success Fees

101

86

-

-

-

-

-

-

Operating revenue

466

364

241

199

169

126

119

(5.4%)

-

-

-

-

-

-

-

-

466

364

241

199

169

126

119

(5.4%)

Proceeds of sales of securities (A)

2,275

3,219

1,746

2,349

2,221

1,615

1,501

(7.0%)

Fund interests income etc.

1,159

1,677

429

172

648

198

91

(53.6%)

3,434

4,897

2,176

2,521

2,870

1,813

1,593

(12.1%)

1,423

2,469

554

965

1,249

937

776

(17.2%)

274

562

579

245

194

218

139

(36.4%)

46

36

49

184

336

308

107

(65.2%)

Operating cost

1,744

3,069

1,182

1,395

1,780

1,465

1,022

(30.2%)

Operating gross profit

1,690

1,827

993

1,125

1,090

348

571

63.8%

Operating revenue

25

142

57

40

49

38

39

1.8%

Operating cost

6

5

6

5

7

5

7

25.4%

Operating gross profit

19

136

51

34

41

32

32

(2.4%)

Operating revenues

3,926

5,403

2,475

2,760

3,089

1,978

1,752

(11.4%)

Operating cost

1,750

3,074

1,188

1,401

1,788

1,470

1,030

(30.0%)

Operating gross profit

2,176

2,328

1,286

1,359

1,301

507

722

42.3%

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

Total

Financial Results Overview for the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

- 25 -

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 the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

- 26 -

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 the 3rd Q of 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

- 27 -

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 (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.
Financial Results Overview for the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

- 28 -

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 the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

- 29 -

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 the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

- 30 -

5. Appendix - Company data (as of December 31, 2021)
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 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]

Financial Results Overview for the 3rd Q of FY Mar. 2022

Abbreviation; JAIC

© Japan Asia Investment Co., Ltd. 2022

- 31 -

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 the 3rd Q of FY Mar. 2022

© Japan Asia Investment Co., Ltd. 2022

- 32 -