JAFCO : Summary of Financial Results For the 2nd Quarter Ended September 30, 2017（PDF：832KB）
October 24, 2018 at 11:13 pm EDT
Share
Index
1. Financial Performance ・・・・・・・・・・ ・ ・ ・
2. Investment Activity ・・・・・・・・・・・・・・
03 - 13 14 - 21
3. Assets under Management ・・・・・・・・・・・・ 22 - 24
4. Our Mission ・・・・・・・・・・・・・・・・・・ 25
5. Appendix ・・・・・・・・・・・・・・・・・・・ 26 - 34
6. Disclaimer ・・・・・・・・・・・・・・・・・・・ 35
Consolidated financial information reflects only JAFCO's interests.
The contents of this document are based on materials available at the time of its compilation and no guarantee can be made as to the continued accuracy and reliability of the material. The contents may be changed without advance notification. Risks and uncertainties including changes to economic circumstances may cause results and projections to differ materially from those presented in the document. The information in this document is for presentational purposes only and is not an inducement to invest in securities issued by JAFCO or JAFCO-operated funds. JAFCO holds all rights to this document. With the exception of material taken from other sources, no part of the document may be used or reproduced for any purpose whatsoever without prior permission.
Summary of the six months ended September 30, 2018
Operating environment
► Large IPOs attract attention in the domestic IPO market, although investors are selective
► Large funding rounds by venture companies continue
Performance
► Capital gains totaling ¥7.8 billion on sale of listed/ unlisted shares (¥8.3 billion a year ago)
► A large IPO from JAFCO SV4 portfolio
Investment
► ¥14.6 billion on a global basis (¥14.5 billion a year ago)
► Pre-money valuations remain high and larger funding rounds continue
Change in accounting policies
► Early adoption of new revenue recognition standard for management fees and success fees
Exclusion of US subsidiary from consolidation
► Background
・ Locally-oriented since inception, US team has maintained operational independence
・ US team's larger fund sizes and own fundraising activity have led to a higher ratio of funds raised from external investors
・ Materiality of US subsidiary decreased following the adoption of the above new standards
► JAFCO will continue to commit to US investment as GP and major investor of US funds
Financial Results (JAFCO's interests)
(¥ Million)
Year ended March 2018
1H
2HTotal (A)Total net sales
Capital gains
17,763 8,264
11,706 29,470
5,356 13,621
Income from fund management
3,782 2,205 5,987
Management fees
Success fees
Additions to investment loss reserves Reversal of investment loss reserves SG&A expenses
2,011 1,770 1,344
1,539 3,551
665 2,435
938 2,283
1,929 1,218 3,148
3,157
2,859
6,017
Operating income Ordinary income
9,147 5,105 14,252
10,020 5,534 15,554
Profit attributable to JAFCO Co., Ltd. stockholders
JAFCO Co. Ltd. published this content on 25 October 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 25 October 2018 03:12:03 UTC
JAFCO Group Co Ltd, formerly JAFCO Co Ltd, is a Japan-based company engaged in venture investment and buyout investment business through fund management. The Company operates Fund Management business segment. The Funds are recruited from institutional investors and operating companies about once every three years. The Company also invests its own funds in all funds and commits itself to improving fund performance. The main sources of revenue are capital gains through fund investments, fund management fees, and performance fees. The Company operates business in Japan, the United States, Asia and other countries.
JAFCO GROUP CO., LTD. 
