Consolidated Financial Results
for the First Quarter of the Fiscal Year 2024
Ending March 31, 2025
[Japanese GAAP]
August 9, 2024
Company name: JAMCO Corporation
Stock exchange listing: Tokyo Stock Exchange
Stock Exchange Code: 7408
URL: https://www.jamco.co.jp/
Representative: Koichi Tsunematsu, President & CEO
Contact: Takayuki Natsui, Executive Officer
Phone: +81-42-503-9145
The start date of payout of dividend: —Availability of supplementary briefing material on financial results: None
Schedule of financial results briefing session: None
(Amounts are rounded down to the nearest million yen.)
1. Consolidated Operating Results for the First Quarter of the Fiscal Year 2024 (from April 1, 2024 to June 30,2024)(1) Consolidated Operating Results(%: Changes from the previous corresponding period)
Net sales

Operating income

Net income attributable
to shareholders ofparent company

Ordinary income

For the first quarter
Million yen%
Million yen%
Million yen%
ofFiscal year 2024
16,433
12.4
707 201.2
435 155.5
Fiscal year 2023
14,617 105.5
234
95.8
170 (19.4)(Note) Comprehensive income: The first quarter of fiscal year 2024: ¥84 million [(84.7)%]
The first quarter of fiscal year 2023: ¥554 million [(5.5)%]

For the first quarterof
Fiscal year 2024
Fiscal year 2023

Net income per share

Diluted net income
per share

Yen

Yen

9.65
14.57

-

(2) Consolidated Financial Position
Total assets
Million yen

Net assets

Equity ratio

Million yen%

112,976
15,156
As of June 30, 2024
As of March 31, 2024
108,216
15,071(Reference) Equity: As of June 30, 2024: ¥15,156 million
As of March 31, 2024: ¥15,071 million

13.4
13.9

Million yen

%

259
390

(33.7)
4.1

2. Dividend distribution

Dividend distribution per share
1stquarter-end

2ndquarter-end
Yen

3rd
quarter-end
Yen

Year-end
Yen

Total
Yen

Fiscal year 2023
0.00
Fiscal year 2024
Fiscal year 2024
0.00
(Planned)(Note) Revision to the plan of dividend distribution announced most recently: None

Yen

0.00

0.00

25.00

25.00

3. Consolidated Financial Results Forecast for the Fiscal Year 2024 (from April 1, 2024 to March 31, 2025)(%: Changes from the previous fiscal year)
Net income
attributable to
Net income
Net sales
Operating income Ordinary income
shareholders ofper share
parent company
Full year

Million yen%

Million yen

86,900

35.8

7,810

% Million yen

227.7

5,280

%

Million yen

%

Yen

428.1

3,490

104.0

130.03(Note) Revision to the forecast of consolidated financial results announced most recently: None
* Notes:(1) Significant changes in the scope of consolidation during the period: None
(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None
(4) Number of common shares issued
1) Number of common shares issued (including the number of treasury stock):
As of June 30, 2024: 26,863,974 shares
As of March 31, 2024: 26,863,974 shares
2) Number of treasury stock:
As of June 30, 2024: 24,852 shares
As of March 31, 2024: 24,852 shares
3) Average number of common shares outstanding:
1st quarter of FY 2024: 26,839,122 shares
1st quarter of FY 2023: 26,824,885 shares

*Notes:*1. This document is an English translation of a statement written initially in Japanese. The Japanese original
document should be considered as the primary version.
*2. Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified
public accountants or an audit firm: None
*3. Explanation of the proper use of financial results forecast and other notes
The earnings forecasts and other statements herein are based on information currently available to the Company
and certain premises that the Company deems to be reasonable. Actual results may differ significantly from these
forecasts due to a wide range of factors.

Table of Contents
1. Qualitative Information on Quarterly Financial Results for the Period under Review ......................... 2(1) Explanation of Operating Results...................................................................................................... 2(2) Explanation of Financial Position ..................................................................................................... 4(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information . 4
2. Quarterly Consolidated Financial Statements and Primary Notes ........................................................ 5(1) Quarterly Consolidated Balance Sheets ............................................................................................ 5(2) Quarterly Consolidated Statements of Income and Comprehensive Income .................................... 7
Quarterly Consolidated Statements of Income.................................................................................. 7
Quarterly Consolidated Statements of Comprehensive Income........................................................ 8(3) Notes to Quarterly Consolidated Financial Statements ..................................................................... 9(Notes on going concern assumption) .......................................................................................... 9(Notes in the case of significant changes in shareholders’ equity) ............................................... 9(Segment information, etc.) .......................................................................................................... 9(Notes to Statements of Cash Flows) ......................................................................................... 10

1

1. Qualitative Information on Quarterly Financial Results for the Period under Review(1) Explanation of Operating Results
During the first quarter of FY 2024, while the global economy continued to be on a recovery track, thesituation remained uncertain due to factors such as the risk of rising interest rates caused by global inflation
resulting mainly from increasing resource prices and raw material prices and growing tension around the world.
Under these circumstances, the dollar-yen exchange rate moved within the range of ¥151 to ¥161 per US$1.
In the air transportation industry, air passenger demand as of February 2024 recovered from the decline causedby the COVID-19 pandemic for international flights in addition to domestic flights, exceeding the levels of 2019.
Also, demand is expected to continue to show steady growth in FY 2024 and thereafter. On the other hand, theglobal supply chain which was damaged by a sharp decline in demand during the spread of the COVID-19 is stillon the way to recovery, confronted with the major challenges of difficulty in supplying materials and parts aswell as securing personnel for the industry as a whole. In addition, cost control is further growing in importanceas a measure to deal with the surge in administrative expenses and parts costs resulting from inflation.
Under these circumstances, JAMCO Corporation and its subsidiaries (collectively, the “Group”) worked toenhance the capability to respond to demand in coping with a rapid recovery of air passenger demand while
making an effort to “improve profitability and strengthen business fundamentals based on selection andconcentration” with a view to achieving a recovery of the business fundamentals which was damaged by the
COVID-19 pandemic.
In the aircraft interiors business, we worked on strengthening our capacity to increase production in response
to increased production by aircraft manufacturers and increased demand for spare parts from airlines. We alsopressed ahead with strengthening the capability to respond to demand and the supply chain, enhancing quality,
and optimizing domestic manufacturing bases.
In the aircraft seat business, we temporarily suspended accepting orders involving development of the aircraft
seat business in line with our “selection and concentration” strategy because of the rapid expansion of demandin the aircraft interiors business, and concentrated our development personnel and production capacity in the
Company’s mainstay aircraft interiors business.
In the aircraft components business, we took initiatives to improve yield and the production process in
preparation for increased production of CFRP structure parts and expansion of defense projects.
In the aircraft maintenance business, we continued with initiatives to ensure flight safety and improve quality,
while also endeavoring to automate wheel maintenance and expand defense projects.
As a result, on a consolidated basis, during the first quarter of FY 2024, the Company posted net sales of¥16,433 million (up ¥1,816 million compared to the same period of the previous fiscal year), operating incomeof ¥707 million (up ¥472 million compared to the same period of the previous fiscal year), ordinary income of¥435 million (up ¥265 million compared to the same period of the previous fiscal year), and net income
attributable to shareholders of parent company of ¥259 million (down ¥131 million compared to the same periodof the previous fiscal year).
Provision for loss on construction contracts of ¥5,191 million for construction to be completed in or after thesecond quarter of FY 2024 was recognized as of June 30, 2024. The impact of this provision for loss on
construction contracts on income (loss) for the first quarter of FY 2024 was a decrease of ¥17 million in cost of
sales (provision for loss on construction contracts as of March 31, 2024 was ¥5,209 million).

2For the entire Group, selling, general and administrative expenses, non-operating income (expenses), andextraordinary income (loss) are as follows:
Selling, general and administrative expenses were ¥2,663 million (an increase of ¥419 million compared tothe same period of the previous fiscal year), due mainly to increases in personnel expenses and warranty repair
costs.
The result for non-operating income (expenses) was a loss of ¥271 million (a loss of ¥64 million in the same
period of the previous fiscal year), due to factors such as an increase in dollar-denominated interest expenses
reflecting a weaker yen and a decrease in foreign exchange gains.
The result for extraordinary income (loss) was income of ¥27 million (a loss of ¥1 million in the same periodof the previous fiscal year) as a result of recognizing gain on sales of investment securities of ¥221 million due
to the sale of a portion of investment securities while recognizing an increase in employee retirement benefit
obligations of ¥195 million as retirement benefit expenses as a result of changing the accounting method for
retirement benefit obligations at consolidated subsidiaries that integrated management from the simplified
method to the principle method.
Business performance by segment is as follows.
[Aircraft Interiors Business]
In the aircraft interiors business, net sales increased from the same period of the previous fiscal year mainly
due to the increased sales of spare parts to airlines as the number of aircraft in operation grew. On the other hand,ordinary income decreased from the same period of the previous fiscal year in reaction to additional sales
resulting from changes in customer specifications recognized in the same period of the previous fiscal year aswell as due to the increase in selling, general and administrative expenses mainly reflecting increased personnel
expenses.
As a result, the aircraft interiors business posted net sales of ¥10,123 million (up ¥366 million compared tothe same period of the previous fiscal year) and ordinary income of ¥928 million (down ¥1,001 million comparedto the same period of the previous fiscal year).
[Aircraft Seat Business]
In the aircraft seat business, net sales remained flat over the same period of the previous fiscal year. On theother hand, although an ordinary loss was posted due mainly to the increase in dollar-denominated costs causedby the depreciation of the yen, an improvement was seen mainly as a result of the decrease in provision ofallowance for loss on construction contracts caused by the decrease in unprofitable programs and reduction ofdevelopment costs due to the temporary suspension of accepting orders involving new development.
As a result, the aircraft seat business posted net sales of ¥1,851 million (down ¥20 million compared to thesame period of the previous fiscal year) and ordinary loss of ¥538 million (ordinary loss of ¥1,765 million in thesame period of the previous fiscal year).
[Aircraft Components Business]
In the aircraft components business, net sales remained flat over the same period of the previous fiscal year.
On the other hand, ordinary loss was posted but results improved due mainly to initiatives taken to improve
profitability.
As a result, the aircraft components business posted net sales of ¥1,176 million (down ¥9 million comparedto the same period of the previous fiscal year) and ordinary loss of ¥27 million (ordinary loss of ¥40 million in
the same period of the previous fiscal year).

3

[Aircraft Maintenance Business]
In the aircraft maintenance business, net sales increased from the same period of the previous fiscal year, due
mainly to shipments of programs that were carried over from the previous fiscal year in parts maintenance.
Meanwhile, ordinary income increased from the same period of the previous fiscal year due mainly to increased
net sales.
As a result, the aircraft maintenance business posted net sales of ¥3,281 million (up ¥1,480 million comparedto the same period of the previous fiscal year) and ordinary income of ¥73 million (up ¥26 million compared tothe same period of the previous fiscal year).
[Others]
The Others segment includes the businesses of consolidated subsidiary Orange JAMCO Corporation. The
focus is on inter-segment transactions, including cleaning and assistance work in the Company’s facilities.
As a result, the Others segment posted net sales of ¥0 million (up ¥0 million compared to the same period of
the previous fiscal year) and ordinary income of ¥0 million (ordinary loss of ¥0 million in the same period of theprevious fiscal year).
(2) Explanation of Financial Position(Assets, Liabilities, and Equity)
Total assets as of June 30, 2024 amounted to ¥112,976 million, up ¥4,759 million from the end of the previous
fiscal year. Of this amount, total current assets increased by ¥3,756 million from the end of the previous fiscal
year, as cash and deposits increased by ¥1,742 million, and raw materials and supplies increased by ¥1,797
million, despite the decline in notes and accounts receivable - trade, and contract assets by ¥938 million from theend of the previous fiscal year. Total non-current assets increased by ¥1,003 million from the end of the previous
fiscal year, as property, plant and equipment increased by ¥495 million and intangible assets increased by ¥490
million from the end of the previous fiscal year. Total liabilities amounted to ¥97,819 million, up ¥4,674 million
from the end of the previous fiscal year. The main factors were a rise in short-term loans payable of ¥1,022
million resulting from the depreciation of the yen, an increase in accrued expense-salary by ¥833 million, and anincrease in electronically recorded obligations - operating by ¥644 million from the end of the previous fiscal
year.
Total net assets amounted to ¥15,156 million, up ¥84 million from the end of the previous fiscal year. As aresult, the equity ratio stood at 13.4%.
(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information
Profits for the first quarter of FY 2024 exceeded the consolidated financial results forecast announced on May
10, 2024 due mainly to the yen trending weaker in the foreign exchange market.
The exchange rate assumed for the consolidated financial results forecast remains unchanged at ¥140 per
US$1 at this time, and the consolidated financial results forecast for FY 2024 remains the same.

42. Quarterly Consolidated Financial Statements and Primary Notes(1) Quarterly Consolidated Balance Sheets(Thousand yen)
As of March 31, 2024
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsMerchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term loans payable
Current portion of long-term loans payable
Income taxes payable
Advances received
Accrued expense-salary
Provision for loss on construction contracts
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Liability for employee retirement benefits
Provision for loss on compensation
Provision for product warranties
Other
Total non-current liabilities
Total liabilities

5

As of June 30, 2024

6,766,761

8,509,301

20,317,566

19,378,652

3,041,281
28,476,150
20,348,479
3,953,664(18,921)82,884,980

3,626,315
29,299,345
22,145,913
3,696,976(15,418)
86,641,086

11,437,090
2,106,641
11,788,239
25,331,970
108,216,951

11,932,910
2,596,760
11,805,920
26,335,591
112,976,677

6,951,860
5,036,497
52,697,000
660,000
183,670
7,735,063
1,348,913
5,209,396
4,301,144
84,123,546

6,866,048
5,680,586
53,719,700
660,000
381,224
7,503,915
2,182,618
5,191,742
5,142,553
87,328,389

590,000
6,295,078
1,130,485
572,073433,784
9,021,421
93,144,967

590,000
6,459,987
1,203,212
495,503
1,742,666
10,491,371
97,819,761

(Thousand yen)
As of March 31, 2024
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Accumulated adjustment for employee retirement
benefits
Total accumulated other comprehensive income
Total net assets
Total liabilities and net assets

6

As of June 30, 2024

5,359,893
4,328,358
4,530,558(19,966)
14,198,844

5,359,893
4,328,358
4,789,591(19,966)
14,457,877

194,339536,216

33,610(119,359)
643,107

142,583

141,680

873,139
15,071,983
108,216,951

699,039
15,156,916
112,976,677

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
First Quarter of the Fiscal Year (from April 1 to June 30)(Thousand yen)First quarter of FY 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Share of profit of entities accounted for using equity
methodInsurance income
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodLoss on transfer of accounts receivable
Compensation expenses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of non-current assets
Gain on sales of investment securities
Total extraordinary income
Extraordinary loss
Loss on disposal of non-current assets
Retirement benefit expenses
Total extraordinary loss
Income before taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Net income
Net income attributable to non-controlling interests
Net income attributable to shareholders of parent company

7First quarter of FY 2024

14,617,264
12,138,311
2,478,953
2,243,974
234,978

16,433,483
13,062,323
3,371,160
2,663,473
707,687

16,013
1,980
281,875

22,094
4,220
226,892

47,213-

14,49332,866
6,161
400,605

28,756
5,255
287,219

383,955449,367-

19,11743,49626,991
10,543464,987
170,596

68,565
21,767242
559,060
435,846-

1,223
221,582
222,806

1,034
1,034
169,561
178,703(402,516)(223,813)
393,374
2,448
390,926

195,678
195,678
462,974
320,321(116,379)
203,941
259,033
259,033

Quarterly Consolidated Statements of Comprehensive Income
First Quarter of the Fiscal Year (from April 1 to June 30)(Thousand yen)First quarter of FY 2023
Net income
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Adjustment for employee retirement benefits
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to shareholders ofparent company
Comprehensive income attributable to non-controllinginterests

8

First quarter of FY 2024

393,374

259,033

30,623(60,349)
190,037
628(160,728)(119,359)
81,192(903)-

25,698160,939554,314(174,100)
84,933521,099

84,93333,215-

(3) Notes to Quarterly Consolidated Financial Statements(Notes on going concern assumption)
There is no relevant information.
(Notes in the case of significant changes in shareholders’ equity)
There is no relevant information.

(Segment information, etc.)[Segment information]
I. For the first quarter of FY 2023 (from April 1, 2023 to June 30, 2023)
1. Information on net sales and income (loss) by reportable segment(Thousand yen)
Aircraft
Interiors
Business
Net sales
Net sales to outside
customers
Inter-segment net sales ortransfers
Total
Segment income (loss)

Reportable segment
Aircraft
Aircraft
Aircraft Seat
Components MaintenanceBusiness
Business
Business

Total

Others(Note)

Total

9,757,615

1,871,990

1,185,507

1,801,489

14,616,602

662

14,617,264

86,586-307

12,177

99,071

32,055

131,127

9,844,201
1,929,835

1,871,990(1,765,084)

1,185,815(40,668)

1,813,667
46,975

14,715,674
171,057

32,717 14,748,392(460)
170,596(Note) The Others segment includes the businesses of affiliate Orange JAMCO Corporation. Orange JAMCO
Corporation is a special-purpose subsidiary, dedicated to promoting the employment of people withdisabilities as part of our corporate social responsibilities, and mainly provides cleaning and assistancework in the Company’s facilities.
2. Differences between the total amount of income (loss) of reportable segments and the amounts in the Quarterly
Consolidated Statement of Income and the major details of such differences(Matters relating to adjustment of differences)(Thousand yen)
IncomeReportable segments total
Income of Others
Ordinary income in the Quarterly Consolidated Statement of
IncomeAmount3. Information on impairment loss on non-current assets and goodwill by reportable segment
There is no relevant information.

9

171,057(460)
170,596

II. For the first quarter of FY 2024 (from April 1, 2024 to June 30, 2024)
1. Information on net sales and income (loss) by reportable segment(Thousand yen)
Aircraft
Interiors
Business
Net sales
Net sales to outside
customers
Inter-segment net sales ortransfers
Total
Segment income (loss)

Reportable segment
Aircraft
Aircraft
Aircraft Seat
Components MaintenanceBusiness
Business
Business

Total

Others(Note)

Total

10,123,813

1,851,183

1,176,114

3,281,556

16,432,668

815

16,433,483

42,912-

4,327

13,73160,971

37,12398,095

10,166,725
928,004

1,851,183(538,164)

1,180,442(27,732)

3,295,288
73,14816,493,639
435,256

37,938590

16,531,578
435,846(Note) The Others segment includes the businesses of affiliate Orange JAMCO Corporation. Orange JAMCO
Corporation is a special-purpose subsidiary, dedicated to promoting the employment of people withdisabilities as part of our corporate social responsibilities, and mainly provides cleaning and assistancework in the Company’s facilities.
2. Differences between the total amount of income (loss) of reportable segments and the amounts in the Quarterly
Consolidated Statement of Income and the major details of such differences(Matters relating to adjustment of differences)(Thousand yen)
IncomeReportable segments total
Income of Others
Ordinary income in the Quarterly Consolidated Statement of
IncomeAmount435,256590
435,846

3. Information on impairment loss on non-current assets and goodwill by reportable segment
There is no relevant information.
(Notes to Statements of Cash Flows)
Quarterly Consolidated Statements of Cash Flows for the first quarter of FY 2024 have not been prepared.
Depreciation for the first quarter of the fiscal year (including amortization of intangible assets excluding goodwill)
is as follows.
(Thousand yen)First quarter of FY 2023
Depreciation

433,172

10First quarter of FY 2024
502,543