JAFCO : Summary of Financial Results For the Year Ended March 31, 2017（PDF：423KB）

1

Index

1. Financial Performance ・・・・・・・・・・ ・ ・ ・ 03 - 13

2. Investment Activity ・・・・・・・・・・・・・・ 14 - 20

3. Assets under Management ・・・・・・・・・・・・ 21 - 23 4. Management Focus ・・・・・・・・・・・・・・・ 24

5. Appendix ・・・・・・・・・・・・・・・・・・・ 25 - 33

6. Disclaimer ・・・・・・・・・・・・・・・・・・・ 34

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 for the Year Ended March 31, 2017

Operating Environment

► Financial markets continued to move sideways and remained uncertain ► Domestic IPOs fell slightly but remained mostly unchanged; overheated pricing cooled down ► Expectations for start-up ventures remained high; abundant capital inflows

Performance

► IPO of a buyout portfolio company contributed to capital gains ► Sale of SV3 portfolio companies led to steady distributions and buoyant success fees

Funds

► Final closing of new flagship fund SV5 (¥65 billion in total fund size)

Investment/ Exits

► Investment: ¥20.9 billion on a global basis (¥21.4 billion for the previous year) ► First IPO by a China-based portfolio company on the Shanghai Stock Exchange

Dividend Policy

► Approx. 3% of shareholders' equity (initial and term-end average value) from FY2017/3

Financial Results for the Year Ended March 31, 2017 (JAFCO's interests)

Year ended

Year ended

Year ended

(¥ Million)

March 31, 2015 Total	March 31, 2016 Total A	March 31, 2017 Total B	B/A
Total net sales	61,945	41,155	27,857	68%
Capital gains	34,566	15,689	8,800	56%
Income from fund management	5,218	8,688	7,062	81%
Management fees	4,598	3,812	3,494	92%
Success fees	619	4,875	3,567	73%
Additions to investment loss reserves	3,443	3,098	1,905	61%
Reversal of investment loss reserves	6,531	3,673	4,741	129%
SG&A expenses	5,710	5,689	5,476	96%
Operating income	38,419	19,226	12,324	64%
Ordinary income Profit attributable to JAFCO Co., Ltd.	40,132	19,808	13,666	69%

Comparison

stockholders

27,707 17,018 11,073 65%