Risk of performance volatility due to the timing and prices of capital-gain sales
First written in FY2018. 8 of 30 entries say "Worsened", first in FY2021-Q1. Latest entry: 2026-09-30.
Japan Asia Investment moved to the "Worse" side of this theme in 2018, 1 year before the typical company in this theme (2019).
2 other companies' latest entry also says "Materialised".
- FY2026Realized capital gains increased despite lower salesAnnual report
「Although sales proceeds declined, higher profit margins resulted in realized capital gains, calculated as sales proceeds less cost of sales, increasing to ¥435 million, up 3.6% from the previous consolidated fiscal year.」
Sales proceeds from operating investment securities declined from ¥1,258 million to ¥908 million, while realized capital gains increased from ¥420 million to ¥435 million due to sales of listed shares and other investments. Performance volatility driven by the assets sold has continued. - FY2026-H1Realized capital gains increased despite lower salesAnnual report
「As a result, sales proceeds declined to ¥161 million, down 41.7% year on year, but cost of sales declined by more, causing realized capital gains, calculated as sales proceeds less cost of sales, to increase to ¥126 million, up 6.4% year on year.」
During the interim period, sales proceeds declined, while realized capital gains increased to ¥126 million due to sales of highly profitable domestic listed shares. Performance volatility driven by the assets sold and the timing of sales has continued. - FY2025Sales proceeds broadly flat, realized capital gains downAnnual report
「As a result, overall profit margins declined, and realized capital gains, calculated as sales proceeds less cost of sales, declined to ¥420 million, down 32.5% from the previous consolidated fiscal year.」
Although sales proceeds of ¥1,258 million were broadly in line with the previous fiscal year, realized capital gains declined to ¥420 million due to fewer sales of highly profitable listed shares. - FY2025-H1WorsenedAnnual report
「Accordingly, sales proceeds declined to ¥277 million, down 56.9% year on year, while realized capital gains, calculated as sales proceeds less cost of sales, also declined to ¥118 million, down 70.9% year on year.」
Sales were concentrated in unlisted shares, resulting in substantial year-on-year declines in sales proceeds and realized capital gains. Performance volatility driven by the timing and assets sold has continued. - FY2024-Q3WorsenedAnnual report
「Sales proceeds from operating investment securities declined to ¥816 million, down 59.1% year on year. Accordingly, realized capital gains, calculated as sales proceeds less cost of sales, also declined to ¥479 million, down 50.7% year on year.」
Sales proceeds and realized capital gains declined substantially year on year because there were no relatively large share sales or project sales. - FY2024-Q2Increase in sales proceeds and realized capital gainsAnnual report
「As a result, sales proceeds from operating investment securities increased to ¥644 million, up 45.2% year on year, while realized capital gains, calculated as sales proceeds less cost of sales, also increased to ¥407 million, up 234.2% year on year.」
Progress in the sale of highly profitable domestic listed and unlisted shares increased sales proceeds to ¥644 million and realized capital gains to ¥407 million. - FY2024-Q1Recovery in sales proceeds and realized capital gainsAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, sales of highly profitable domestic listed and unlisted shares progressed in funds managed by the Group. As a result, sales proceeds increased to ¥600 million, up 250.8% year on year, while realized capital gains, calculated as sales proceeds less cost of sales, also increased to ¥532 million, up 830.3% year on year.」
Progress in sales of domestic listed and unlisted shares led to substantial year-on-year increases in sales proceeds and realized capital gains. Volatility due to the timing and prices of sales remains, but results for the quarter showed a recovery. - FY2023-Q3Increase in sales proceeds and realized capital gainsAnnual report
「Sales proceeds from operating investment securities increased to ¥1,996 million, up 20.2% year on year. Accordingly, realized capital gains, calculated as sales proceeds less cost of sales, also increased to ¥972 million, up 20.3% year on year.」
Progress in the sale of unlisted shares and other investments, together with the sale of a mega-solar project, led to year-on-year increases in sales proceeds and realized capital gains. - FY2023-Q2Increase in sales proceeds and realized capital gainsAnnual report
「Sales of operating investment securities increased to ¥444 million, up 108.0% year on year. Accordingly, realized capital gains, calculated as sales proceeds less cost of sales, also increased to ¥121 million, up 170.9% year on year.」
Sales of listed shares and a mega-solar project led to a recovery in sales proceeds and realized capital gains from the same period of the previous year, but there were no IPOs. - FY2023-Q1Recovery in sales proceeds and realized capital gainsAnnual report
「Sales increased 20.9% year on year to ¥171 million, as sales of listed shares and gains on the sale of unlisted shares in Greater China increased from the same period of the previous year. Realized capital gains, calculated as sales less the cost of sales, also increased 240.9% to ¥57 million.」
Sales of listed shares and unlisted shares in Greater China increased from the same period of the previous year, and sales proceeds and realized capital gains recovered. There were no IPOs during the quarter. - FY2022WorsenedAnnual report
「Sales proceeds from operating investment securities declined to ¥1,732 million, down 18.0% from the previous consolidated fiscal year. Accordingly, realized capital gains, calculated as sales proceeds less cost of sales, also declined to ¥845 million, down 7.4% from the previous consolidated fiscal year.」
Sales proceeds and realized capital gains from shares and projects declined from the previous fiscal year, confirming annual performance volatility driven by the timing and scale of sales. - FY2022-Q3Realized capital gains increased despite broadly flat sales proceedsAnnual report
「Sales proceeds from operating investment securities were broadly in line with the same period of the previous year at ¥1,661 million, up 1.5% year on year. In contrast, realized capital gains, calculated as sales proceeds less cost of sales, increased to ¥807 million, up 17.2% year on year.」
Although sales proceeds were broadly in line with the same period of the previous year, realized capital gains increased from ¥689 million to ¥807 million as sales were concentrated in highly profitable domestic listed shares. - FY2022-Q2WorsenedAnnual report
「Although some unlisted shares were liquidated with priority given to recovering funds despite generating only modest sales gains, sales proceeds from operating investment securities declined to ¥213 million, down 15.7% year on year. Realized capital gains, calculated as sales proceeds less cost of sales, also declined to ¥44 million, down 71.7% year on year.」
Liquidation of unlisted shares with priority given to recovering funds resulted in sales proceeds of ¥213 million and realized capital gains of ¥44 million, both down year on year. - FY2022-Q1Sales proceeds increased, but realized capital gains declinedAnnual report
「Although some unlisted shares were liquidated with priority given to recovering funds despite generating only modest sales gains, sales proceeds increased to ¥141 million, up 87.2% year on year. However, realized capital gains, calculated as sales proceeds less cost of sales, declined to ¥16 million, down 69.4% year on year.」
Liquidation of unlisted shares with priority given to recovering funds increased sales proceeds, while realized capital gains declined to ¥16 million. - FY2021WorsenedAnnual report
「Sales proceeds from operating investment securities declined to ¥2,112 million, down 23.7% from the previous consolidated fiscal year. Accordingly, realized capital gains, calculated as sales proceeds less cost of sales, also declined to ¥913 million, down 46.8% from the previous consolidated fiscal year.」
Sales proceeds and realized capital gains declined from the previous period, confirming performance volatility driven by the timing and scale of sales on an annual basis as well. - FY2021-Q3Recovery in sales proceeds and realized capital gainsAnnual report
「Sales proceeds from operating investment securities increased to ¥1,635 million, up 111.6% year on year. Accordingly, realized capital gains, calculated as sales proceeds less cost of sales, also increased to ¥689 million, up 134.2% year on year. The increase was attributable to the sale of unlisted shares acquired with substantial investments and the sale of one mega-solar project.」
Sales of substantial holdings of unlisted shares and one mega-solar project led to year-on-year increases in sales proceeds and realized capital gains. - FY2021-Q2WorsenedAnnual report
「Sales proceeds from operating investment securities declined to ¥253 million, down 58.6% year on year. The main reason for the decline was that sales of unlisted shares were small in both Japan and overseas. Accordingly, realized capital gains, calculated as sales proceeds less cost of sales, also declined to ¥159 million, down 25.9% year on year.」
Because sales of unlisted shares were small, sales proceeds and realized capital gains declined year on year, and performance volatility driven by the timing and scale of sales has continued. - FY2021-Q1WorsenedAnnual report
「Sales proceeds from operating investment securities declined to ¥75 million, down 33.5% year on year. Sales of listed shares declined from the same period of the previous year. Accordingly, realized capital gains, calculated as sales proceeds less cost of sales, also declined to ¥54 million, down 6.3% year on year.」
Sales proceeds declined to ¥75 million and realized capital gains to ¥54 million due to the decrease in sales of listed shares. - FY2020-Q3Sales proceeds increased, but realized capital gains declinedAnnual report
「Sales proceeds from operating investment securities increased to ¥772 million, up 18.9% year on year, while realized capital gains, calculated as sales proceeds less cost of sales, declined to ¥294 million, down 15.2% year on year.」
Although sales proceeds increased, realized capital gains declined year on year due to fewer sales of listed shares with high investment multiples and losses on the sale of unlisted shares acquired with substantial investments, which were sold with priority given to liquidity. - FY2020-Q2Recovery in sales proceeds and realized capital gainsAnnual report
「In the same period of the previous year, sales proceeds from operating investment securities were mainly generated from the sale of unlisted shares acquired with relatively small investments. During the cumulative second quarter of the current consolidated fiscal year, sales of unlisted shares acquired with substantial investments were completed. In addition, sales of listed shares with high investment multiples progressed. As a result, sales proceeds increased to ¥611 million, up 192.3% year on year. Accordingly, realized capital gains, calculated as sales proceeds less cost of sales, also increased to ¥214 million, compared with ¥0 million in the same period of the previous year.」
Realized capital gains recovered from zero in the same period of the previous year to ¥214 million, while revenue from sales of unlisted and listed shares increased. - FY2019MaterialisedAnnual report
「Sales proceeds from operating investment securities were ¥1,897 million, down 71.9% year on year, while realized capital gains, calculated as sales proceeds less cost of sales, were ¥1,281 million, down 34.6% year on year. Both declined from the previous consolidated fiscal year.」
Sales proceeds and realized capital gains declined from the previous fiscal year, influenced by the timing and scale of IPOs and large-scale transactions. - FY2019-Q3MaterialisedAnnual report
「As a result, sales proceeds from operating investment securities declined to ¥649 million, down 86.8% year on year. Realized capital gains, calculated as sales proceeds less cost of sales, also declined to ¥347 million, down 68.6% year on year.」
The presence or absence of IPOs and large-scale project sales led to a substantial year-on-year decline in sales proceeds and realized capital gains, with performance volatility risk driven by the timing and prices of sales becoming evident in the results. - FY2019-Q2MaterialisedAnnual report
「There were no IPOs among portfolio companies or sales of large transactions during the cumulative second quarter of the current consolidated fiscal year, and share sales proceeds declined year on year. Accordingly, sales proceeds from operating investment securities declined to ¥209 million, down 95.2% year on year. Realized capital gains, calculated as sales proceeds less cost of sales, also declined to ¥0 million, down 100.0% year on year.」
The absence of IPOs and large-scale sales led to a substantial decline in sales proceeds and realized capital gains, with performance volatility risk driven by the timing and prices of sales becoming evident in the results. - FY2019-Q1MaterialisedAnnual report
「Sales proceeds from operating investment securities were ¥81 million, down 65.8% year on year. In the same period of the previous year, sales of shares in domestic companies that had already completed IPOs had progressed, but sales declined in the cumulative first quarter of the current consolidated fiscal year as the number of IPOs among portfolio companies fell. Accordingly, realized capital gains, calculated as sales proceeds less cost of sales, also declined to ¥13 million, down 91.9% year on year.」
The decline in IPOs led to a substantial decrease in share sales proceeds and realized capital gains, with performance volatility risk driven by the timing and availability of sales becoming evident in the results. - FY2018First statedAnnual report
「The timing and sale price of sales may fluctuate unexpectedly under the influence of stock market conditions, the characteristics of individual investee companies and various other factors. As a result, the amount of capital gains earned may vary significantly by fiscal year, potentially affecting the operating results and financial position of the group.」
The business structure, which relies on capital gains as a major source of revenue, was identified as a standalone risk because fluctuations in the timing and prices of sales can cause significant year-on-year volatility in performance.