Takara Leben Infrastructure Fund : Summary of Financial Results for Fiscal Period Ended May 31, 2022 (Infrastructure Fund)

Summary of Financial Results for Fiscal Period Ended May 31, 2022 (Infrastructure Fund)

July 13, 2022

Infrastructure fund issuer:

Takara Leben Infrastructure Fund, Inc.

Stock listing: TSE

Securities code:

9281

URL: https://tif9281.co.jp/

Representative:

Masahide Kikuchi, Executive Director

Management company:

Takara Asset Management Co., Ltd.

Representative:

Mamoru Takahashi, President & CEO

Contact:

Masahide Kikuchi, Vice President

Phone:

[phone]

Scheduled date for filing of securities report: August 30, 2022

Scheduled start date of distribution payments: August 22, 2022

Supplementary documents for financial results: Yes

Financial results briefing: Yes

(Amounts rounded down to the nearest million yen)

1. Operating results and assets for the fiscal period ended May 31, 2022 (December 1, 2021 to May 31, 2022)

(1) Operating results

(% indicates change from the previous fiscal period)

Operating revenue

Operating income

Ordinary income

Net income

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Fiscal period ended

3,545

35.2

1,169

43.3

961

43.3

960

43.3

May31, 2022

Fiscal period ended

2,622

−2.0

816

−10.0

671

−11.3

670

−11.3

November 30, 2021

Net income per unit

Ratio of net income to equity

Ratio of ordinary income to total

Ratio of ordinary income to

capital (ROE)

assets (ROA)

operating revenue

Yen

%

%

%

Fiscal period ended

3,224

3.6

1.6

27.1

May31, 2022

Fiscal period ended

3,039

2.9

1.3

25.6

November 30, 2021

(2) Distributions

Distribution per

Total distribution

Surplus

Distribution

Total

Ratio of

unit

Total surplus

per unit

distribution

(excl. surplus

earnings

Payout

distributions to

(excl. surplus

earnings

(incl. surplus

(incl. surplus

earnings

distribution

ratio

net assets

earnings

distribution

earnings

earnings

distribution)

per unit

(DOE)

distribution)

distribution)

distribution)

Yen

Million yen

Yen

Million yen

Yen

Million yen

%

%

Fiscal period ended

3,221

961

435

129

3,656

1,090

100.0

3.1

May31, 2022

Fiscal period ended

3,039

670

411

90

3,450

761

100.0

2.9

November 30, 2021

Note 1 The payout ratio is calculated according to the following formula.

Payout ratio = distributions per unit (excluding distributions in excess of earnings) / profit per unit x 100

Note 2: The payout ratio and the ratio of distributions to net assets are calculated based on figures that do not include surplus earnings distribution.

Note 3: From a Japanese taxation standpoint, total of SCD for the fiscal period ended May 31, 2022 consists of 9 million yen of allowance of temporary difference adjustments

and another distribution which falls under the distributions through the reduction in unit holders' capital. Similarly from a Japanese taxation standpoint, and the total SCD for the fiscal period ended Nov. 2021 entirely falls under the distributions through the reduction in unit holders' capital.

Note 4: The ratio of surplus that decreases on surplus earnings distribution (refund of investments corresponding to distributions on the decrease of capital contributions undertax laws) is 0.004 for the fiscal period ended November 30, 2021 and 0.004 for the fiscal period ended May 31, 2022. The ratio of surplus that decreases is calculated in accordance with item 5, paragraph 1 of Article 23 of the Order for the Enforcement of the Corporation Tax Act.

(3) Financial position

	Total assets	Net assets	Equity ratio	Net assets per unit
	Million yen	Million yen	%	Yen
As of May 31, 2022	68,498	31,026	45.3	103,989
As of November 30, 2021	49,493	22,734	45.9	103,053

(4) Cash flows

	Cash flows from operating	Cash flows from investing activities	Cash flows from financing activities	Cash and cash equivalents at the end
	activities			of the period
	Million yen	Million yen	Million yen	Million yen
Fiscal period ended	23	−18,746	18,192	3,314
May31, 2022
Fiscal period ended	2,643	−27	−1,772	3,844
November 30, 2021

2. Operating results forecasts for the fiscal periods ending November 30, 2022 (June 1, 2022 to November 30, 2022), May 31, 2023 (December 1, 2022 to May 31, 2023), and November 30, 2023 (June 1, 2023 to November 30, 2023)

(% indicates change from the previous fiscal period)

									Distribution per unit		Distribution per unit
	Operating	Operating					Surplus earnings	(incl. surplus
	Ordinary income	Net income	(excl. surplus earnings
	revenue	income	distribution per unit	earnings
					distribution)
										distribution)
	Million	%	Million	%	Million	%	Million	%	Yen	Yen	Yen
	yen	yen	yen	yen
Fiscal period ending	3,469	−2.1	1,097	−6.2	875	−9.0	874	−9.0	2,931	370	3,301
November 30, 2022
Fiscal period ending	3,469	0.0	1,123	2.3	911	4.1	910	4.1	3,052	273	3,325
May 31, 2023
Fiscal period ending	3,452	−0.5	1,090	−2.9	879	−3.5	878	−3.5	2,945	375	3,320
November 30, 2023

Reference: Net income per unit forecasts

2,931 yen for the fiscal period ending November 30, 2022 3,052 yen for the fiscal period ending May 31, 2023

2,945 yen for the fiscal period ending November 30, 2023

Estimated total number of issued investment units at the end of the fiscal period: 298,357

*Other

(1) Changes in accounting policies and changes or restatement of accounting estimates

(i) Changes in accounting policies due to amendments of accounting standards, etc.: None

(ii) Changes in accounting polices other than changes in (i) above: None

(iii) Changes in accounting estimates: None

(iv) Restatements: None

(2) Total number of issued investment units
(i) Total number of issued investment units at the end of the	As of May 31,		As of
298,357	November	220,605
fiscal period (incl. treasury investment units)	2022
	30, 2021
(ii) Number of treasury investment units at the end of the	As of May 31,		As of
-	November	-
fiscal period	2022
	30, 2021

*Summaries of financial results are not subject to reviews by a certified public accountant or audit firm.

*Explanations about the proper use of operating results forecasts and other remarks

The statements about operating results forecasts and other future situations in this summary are based on information currently available to the Fund and certain assumptions it considers reasonable. Actual operating results may differ substantially due to various factors. In addition, the forecasts offer no guarantee of distribution amounts.