Japan Asia Investment Co., Ltd.

Fund Consolidation

This document has been translated from Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. The Company assumes no responsibility for this translation or for direct, indirect or any other forms of damages arising from the translation.

Consolidated Financial Results

for the Year Ended March 31, 2023

[Japanese Standards]

(Summary of Japanese announcement)

May 15, 2023

Company name:

Japan Asia Investment Co., Ltd.

Listed on:

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

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

Head office:

Tokyo

Representative:

Tetsuro Shimomura, President and CEO

Contact:

Kenji Kishimoto, Executive Officer

Tel: +81-3-3221-8518 (main)

Scheduled date for ordinary general meeting of shareholders: June 28, 2023

Scheduled date for submission of annual report: June 29, 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 *We will distribute a video explaining financial results in Japanese on our website.

(Throughout this report, fractional amounts have been rounded down to the nearest one million yen.)

1. Consolidated business results for the year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)

(1) Consolidated results of operations

(Percentages indicate year-on-year increase or decrease)

Operating revenue

Operating income

Ordinary income

Profit attributable to

owners of parent

Millions of yen

% change

Millions of yen % change

Millions of yen % change

Millions of yen % change

For the year ended

3,872

20.9

11

-

(126)

-

(295)

―

March 31, 2023

For the year ended

3,204

(13.6)

(237)

-

(412)

-

19

(42.5)

March 31, 2022

(Note) Comprehensive Income

For the year ended March 31, 2023: 563 millions of yen (29.4%)

For the year ended March 31, 2022: 798 millions of yen 358.4%

Diluted net income

Ordinary income to

Operating income

Net income per share

Return on equity

to operating

per share

total assets

revenues

For the year ended

Yen

Yen

%

%

%

(16.69)

―

(3.8)

(0.7)

0.3

March 31, 2023

For the year ended

1.09

1.08

0.3

(1.8)

(7.4)

March 31, 2022

(Reference)Equity in earnings (loss) of affiliates

For the year ended March 31 2023: ― millions of yen

For the year ended March 31 2022: ― millions of yen

1

Japan Asia Investment Co., Ltd.

Fund Consolidation

(2) Consolidated financial position

Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen

%

Yen

As of March 31, 2023

18,775

9,101

40.4

428.22

As of March 31, 2022

20,231

9,443

38.4

438.69

(Reference) Total shareholders' equity;

As of March 31, 2023: 7,581 millions of yen / As of March 31, 2022: 7,766 millions of yen

(3) Cash flows

Cash flow from operating

Cash flow from investing

Cash flow from financing

Cash and cash equivalents

activities

activities

activities

at year-end

Millions of yen

Millions of yen

Millions of yen

Millions of yen

For the year ended March 31,

157

0

(806)

1,762

2023

For the year ended March 31,

(145)

212

(1,007)

2,397

2022

2. Dividends

Dividends per share

(Base date)

End of first quarter

End of second quarter

End of third quarter

End of year

Year

Year ended March

Yen

Yen

Yen

Yen

Yen

-

0.00

-

0.00

0.00

31, 2022

Year ended March

-

0.00

-

0.00

0.00

31, 2023

Year ending March

-

0.00

-

0.00

0.00

31, 2024 (forecast)

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 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. Therefore we do not disclose the results forecast. For the convenience of investors and shareholders, however, we disclose "result forecast consolidated under the Previous Accounting Standard" even though it does not 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 23.

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.

4. Other matters

  1. Changes among significant subsidiaries (Changes among specific subsidiaries resulting in changes in the scope of consolidation): Yes

[New - company (company name: - ) Excluded 1 company (company name: 1 Investment Fund)]

  1. Changes in accounting principles, accounting estimates and correction of prior period errors
    1. Changes in accounting principles due to revisions to accounting standards: None
    2. Changes other than shown in (i) above: None
    3. Changes in accounting estimates: None
    4. Correction of prior period errors: None

2

Japan Asia Investment Co., Ltd.

Fund Consolidation

(3) No. of shares issued and outstanding (common stock)

(i) Shares issued and outstanding at the

The year ended March

17,884,392

The year ended March

17,884,392

end of each period (including treasury

31, 2023:

shares

31, 2022:

shares

stock)

(ii) Shares of treasury stock at the end of

The year ended March

181,009

The year ended March

181,009

each period

31, 2023:

shares

31, 2022:

shares

(ii) Average number of shares during the

The year ended March

17,703,383

The year ended March

17,703,383

period

31, 2023:

shares

31, 2022:

shares

Reference: Non-consolidated results

Business results for the year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)

(1) Results of operations

(Percentages indicate year-on-year increase or decrease)

Operating revenues

Operating income

Ordinary income

Net income

For the year ended

Millions of yen

% change

Millions of yen

% change

Millions of yen

% change

Millions of yen

% change

2,876

28.1

(99)

―

(126)

―

(170)

―

March 31, 2023

For the year ended

2,244

(22.8)

132

(32.4)

118

(22.3)

106

(20.9)

March 31, 2022

Net income per share

Diluted net income

per share

Yen

Yen

For the year ended

(9.61)

―

March 31, 2023

For the year ended

6.02

5.99

March 31, 2022

(2) Financial position

Total assets

Net assets

Equity ratio

Net assets per share

Millions of yen

Millions of yen

%

Yen

As of March 31, 2023

12,967

7,267

55.8

408.61

As of March 31, 2022

14,571

7,454

50.9

419.29

(Reference) Total shareholders' equity As of March 31, 2023: 7,233 millions of yen / As of March 31, 2022: 7,422 millions of yen

*This report is not subject to audit procedures.

*Cautionary Statements with Respect to Forward-looking Statements and Other Notes

The additional materials of the financial results for the year ended March 31, 2023 will be released on our website on May 15, 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 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 these result forecasts.

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 the year ended

For the year ended

March 31, 2022

March 31, 2023

(from April 1, 2021

(from April 1, 2022

to March 31, 2022)

to March 31, 2023)

Total operating revenue

3,204

3,872

Management fees

117

113

Proceeds of

sales of

operational

1,732

2,071

investment securities

Fund interests

income

and Income

1,330

1,668

gains etc.

Other operating revenue

24

18

Total operating cost

1,971

2,453

Cost of securities sold

887

1,316

Investment write-offs & Provision

for allowance for possible

160

316

investment losses

Fund interests losses etc.

914

806

Other operating cost

10

12

Operating gross profit

1,232

(2) Investment income

1,419

(Millions of yen)

For the year ended

For the year ended

March 31, 2022

March 31, 2023

(from April 1, 2021

(from April 1, 2022

to March 31, 2022)

to March 31, 2023)

Project

Private

Project

Private

equity

total

equity

total

investment

investment

investment

investment

Proceeds of sales of operational

669

1,062

1,732

149

1,921

2,071

investment securities (A)

Cost of securities sold (B)

521

365

887

90

1,226

1,316

Realized capital gains (A)-(B)

147

697

845

59

695

754

Investment write-offs & Provision for

allowance for possible investment losses

―

160

160

75

241

316

(C)

Investment income (A)-(B)-(C)

147

537

685

(15)

453

437

4

Japan Asia Investment Co., Ltd.

Fund Consolidation

(3) Cash flows

(Millions of yen)

For the year ended

For the year ended

March 31, 2022

March 31, 2023

(from April 1, 2021

(from April 1, 2022

to March 31, 2022)

to March 31, 2023)

Cash flow from operating activities

ሺ145)

157

Cash flow from investing activities

212

0

Cash flow from financing activities

1,007)

806)

ሺ

ሺ

Cash and cash equivalents at the

end of period

2,397

1,762

(4) Breakdown of total assets

(Millions of yen)

As of March 31, 2022

As of March 31, 2023

Amount

(B)/(A) (%)

Amount

(B)/(A) (%)

Total assets

20,231

－

18,775

－

Cash and deposits

5,666

－

3,130

－

Property, plant and equipment

4,148

－

5,432

－

Operational Investment

9,538

－

9,375

－

Securities (A)

Allowance for Possible

ሺ1,492)

15.6

(1,588)

16.9

Investment Loss (B)

(5) Breakdown of loans payable and bonds

(Millions of yen)

As of March 31, 2022

As of March 31, 2023

Total of loans payable and bonds

9,521

8,993

Loans payable;

5,943

5,137

Non-consolidated base

Loans payable by project finance

and bonds and others;

3,578

3,856

Consolidated projects and others

5

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Disclaimer

JAIC - Japan Asia Investment Co. Ltd. published this content on 15 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 May 2023 09:27:03 UTC.