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    8518   JP3686150008

JAPAN ASIA INVESTMENT CO., LTD.

(8518)
  Report
Delayed Japan Exchange  -  02:00 2022-09-30 am EDT
204.00 JPY   -2.86%
08/31366 Co., Ltd. announced that it has received funding from Japan Asia Investment Co., Ltd.
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08/12Japan Asia Investment : Qualitative Information on Consolidated Operating Results for the three months Ended June 30, 2022
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08/12Japan Asia Investment : Presentation Material for the 1st Quarter Ended June 30, 2022
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Japan Asia Investment : Qualitative Information on Consolidated Operating Results for the three months Ended June 30, 2022

08/12/2022 | 02:19am EDT

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 the Japanese original, the original shall prevail. JAIC assumes no responsibility for this translation or for direct, indirect or any other forms of damages arising from the translation.

Qualitative Information on Consolidated Operating

Results for the three months Ended June 30, 2022

(1) Outline of consolidated operating results

The consolidated operating results of the JAIC Group for the first quarter of the current fiscal year under review (from April 1, 2022 to June 30, 2022) recorded operating revenue of 392 million yen (down 22.3% year-on-year), operating gross profit of 101 million yen (down 27.7 % year-on-year), operating loss of 213 million yen (compared to operating loss of 223 million yen for the first quarter of the previous fiscal year), ordinary loss of 257 million yen (compared to ordinary loss of 276 million yen for the first quarter of the previous fiscal year) and loss attributable to owners of parent of 272 million yen (compared to loss attributable to owners of parent of 288 million yen for the the first quarter of the previous fiscal year). The breakdown of operating results are as follows.

  1. Breakdown of operating revenue and operating cost (Fund management fees)
    Fund management fees etc. consist of management fees and administrative fees from investment funds. Fund management fees etc. were 29 million yen (down 0.8% year-on-year), about the same as year-on-year. The management fees from funds in liquidation process decreased.

(Investment income)

JAIC sold only private equity investments for the first quarter of the current fiscal year under review and the same period of the previous fiscal year. For the first quarter of the current fiscal year under review, JAIC sold listed shares in Japan and unlisted shares in Greater China. Proceeds of sale of listed shares increased year- on-year. Capital gains from unlisted shares in Greater China increased year-on-year. As a result, the proceeds of sale of operational investment securities increased to 171 million yen (up 20.9 % year-on-year). Realized capital gain, which is calculated

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by deducting cost of securities sold from proceeds of sales of operational investment securities, also increased to 57 million yen (up 240.9% year-on-year).

The total amount of investment write-offs and provision for allowance for possible investment losses decreased to 1 million yen (down 94.9 % year-on-year).

For the first quarter of the previous fiscal year, JAIC posted investment write-off because the business progress of an investee had been slower than planned and the amount of investment collection from the investee decreased.

For the first quarter of the current fiscal year under review, there were no investment write-offs.

As a result, investment income, which is calculated by deducting investment write- offs and provision for allowance for possible investment losses from realized capital gains, amounted to 55 million yen (compared to investment loss of 11 million yen for the first quarter of the previous fiscal year).

(Fund interests income, etc.)

Fund interests income, etc. consist of revenue from electricity sales, revenue from vegetable sales and other revenues of the projects operated by the JAIC Group, interests income from the projects operated by other companies (such as net profits of the projects sourced from electricity sales and gains from the sale of projects), interests income from private equity funds operated by other companies, interest and dividend income and other income.

The total amount of fund interests income, etc. for the first quarter of the current fiscal year under review decreased to 186 million yen (down 42.9 % year-on-year). Out of this, revenue from electricity sales, revenue from vegetable sales and other revenues of the projects operated by the JAIC Group accounted for 184 million yen (down 42.7 % year-on-year). The main factor of the decrease was the sale of some mega solar projects that were selling electricity in the previous fiscal year.

(Fund interests losses, etc.)

Fund interests losses, etc. consist of cost of electricity sales, cost of producing vegetables and other costs of the projects operated by the JAIC Group, interests losses (such as costs, etc. of projects under construction) of the projects operated by other companies and interests losses, etc. of the private equity funds operated by other companies.

The total amount of fund interests losses etc. for the current fiscal year under review decreased to 171 million yen (down 17.6 % year-on-year). Out of this, cost of

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electricity sales, cost of producing vegetables and other costs of the projects operated by the JAIC Group accounted for 155 million yen (down 14.3 % year-on- year). The main factor of the decrease was the sale of some mega solar projects that are selling electricity in the previous fiscal year.

As a result, operating revenue decreased by 22.3 % year-on-year to 392 million yen, operating cost decreased by 20.3 % year-on-year to 290 million yen and operating gross profit decreased by 27.7 % year-on-year to 101 million yen.

(b) Selling, general and administrative expenses and operating income

The total amount of selling, general and administrative expenses decreased to 315 million yen (down 13.6 % year-on-year). Administrative expenses from projects decreased due to the sale of some mega solar projects that are selling electricity in the previous fiscal year.

As a result, operating loss was 213 million yen (compared to operating loss of 223 million yen for the first quarter of the previous fiscal year).

(c) Non-operating income, non-operating expenses and ordinary income Non-operating income decreased to 3 million yen (down 71.9 % year-on-year) due mainly to a decrease of foreign exchange gains.

Non-operating expenses decreased to 48 million yen (down 27.1 % year-on-year) due to a decrease of interest expenses. On the non-consolidated basis, interest expenses decreased with the reduction of loans payable. On the consolidated basis, interest expenses also decreased with the reduction of loans payable by project finance due to the sale of some mega solar projects in the previous fiscal year.

As a result, ordinary loss was 257 million yen (compared to ordinary loss of 276 million yen for the first quarter of the previous fiscal year).

(d) Extraordinary income/loss and Profit/Loss attributable to owners of parent

For the first quarter of the previous fiscal year, no extraordinary income or loss were posted. For the first quarter of the current fiscal year under review, loss on valuation of investment securities of 13 million yen was posted.

As a result of deducting extraordinary loss, income taxes and profit attributable to non-controlling interests from ordinary loss, loss attributable to owners of parent amounted to 272 million yen (compared to loss attributable to owners of parent of

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288 million yen for the first quarter of the previous fiscal year). JAIC properly estimated tax effect accounting and did not recognize deferred tax assets for both the first quarter of the previous fiscal year and the first quarter of the current fiscal year under review.

(2) Cash flows

(Cash flow from operating activities)

Net cash used in operating activities amounted to 265 million yen (compared to 533 million yen used in for the first quarter of the previous fiscal year). Operational investment securities decreased due to the progress of investment collection.

(Cash flow from investing activities)

Net cash used in investing activities was 0 million yen (compared to 0 million yen used in for the first quarter of the previous fiscal year).There were no significant proceeds or expenditures with non-operational investment securities and fixed assets.

(Cash flow from financing activities)

Net cash used in financing activities with repayments of long-term borrowings decreased year-on-year to 309 million yen (compared to 507 million yen for the first quarter of the previous fiscal year).

Cash and cash equivalents as of June 30, 2022 decreased by 561 million yen from March 31, 2022 to 1,836 million yen, after adding effect of exchange rate change on cash and cash equivalents of 13 million yen.

  1. Financial position (Assets)
    Total assets as of June 30, 2022 decreased to 19,672 million yen (compared to 20,231 million yen as of March 31, 2022).
    Cash and deposits decreased to 4,483 million yen (compared to 5,666 million yen as of March 31, 2022) due to repayment of loans payable, and payment of expenses and interests.
    Meanwhile, the amount of the cash and deposits included deposits attributable to the investment funds operated by the JAIC Group. Those deposits must be managed in accordance with each fundʼs partnership agreement. The JAIC Group

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clearly separates and manages those deposits from cash and deposits belonging to the JAIC Group. Cash and deposits belonging to the JAIC Group were cash and cash equivalents of 1,836 million yen as of June 30, 2022 (compared to 2,397 million yen as of March 31, 2022) in the consolidated statements of cash flows.

In addition, private equity investments conducted by the JAIC Group are highly affected by factors such as stock market fluctuations due to the nature of their business. It is difficult to make a reasonable forecast of business results in the current volatile environment. As a result, the amount of funds recovered from private equity investments could decline significantly. Under these circumstances, the JAIC Group must maintain a certain balance of cash and deposits at all times to ensure not only the payment of expenses and interests and the repayment of loans payable but also the investment for future growth.

Property, plant and equipment mainly consists of assets of projects operated by the JAIC Group, such as renewable energy power plant facilities, vegetable plant facilities and group homes for the handicapped. Since group homes for the handicapped were newly constructed during the first quarter of the current fiscal year under review, the amount increased to 4,249 million yen (compared to 4,148 million yen as of March 31, 2022).

Operational investment securities consist of private equity investments, the projects those are operated by the JAIC Group and are in the early stages of development, and the projects operated by other companies.

Operational investment securities as of June 30, 2022 increased to 9,620 million yen (compared to 9,538 million yen as of March 31, 2022), due mainly to new investment executions of project oriented investment.

Allowance for possible investment losses as of June 30, 2022 increased to 1,523 million yen (compared to 1,492 million yen as of March 31, 2022), due mainly to foreign exchange.

As a result, the investment loss provision ratio (ratio of allowance for possible investment losses to operational investment securities) as of June 30, 2022 was 15.8 %, up 0.2 points from March 31, 2022.

(Liabilities)

Total liabilities decreased to 10,491 million yen as of June 30, 2022 (compared to

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This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

JAIC - Japan Asia Investment Co. Ltd. published this content on 12 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2022 06:18:06 UTC.


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Managers and Directors
Tetsuro Shimomura Director, Head-Finance & Portfolio Management
Yoshiaki Kawamata Chairman
Masafumi Hatta Executive Officer & Head-New Energy Investments
Kenji Kishimoto Executive Officer & Head-Group Administration
Hitoshi Yasukawa Independent Outside Director