Consolidated Financial Results
for the Third Cumulative Quarter of the Fiscal Year 2023
Ending March 31, 2024
[Japanese GAAP]
February 9, 2024
Company name: JAMCO Corporation
Stock exchange listing: Tokyo Stock Exchange
Stock Exchange Code: 7408
URL: https://www.jamco.co.jp/
Representative: Toshiyuki Abe, President & CEO
Contact: Kentaro Goto, Managing Executive Officer
Phone: +81-42-503-9145
The date of filing quarterly securities report: February 13, 2024
The start date of payout of dividend: —Availability of supplementary briefing material on quarterly financial results: None
Schedule of quarterly financial results briefing session: None
(Amounts are rounded down to the nearest million yen.)
1. Consolidated Operating Results for the Third Cumulative Quarter of the Fiscal Year 2023 (from April 1,
2023 to December 31, 2023)(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 third
Million yen%
Million yen%
Million yen%
Million yen
cumulative quarter of
Fiscal year 2023
44,39239.3
1,404(11.0)
526 (60.4)
1,267
Fiscal year 2022
31,873
18.7
1,577
1,328
1,231
(Note) Comprehensive income: The third cumulative quarter of fiscal year 2023: ¥1,472 million [(0.8)%]
The third cumulative quarter of fiscal year 2022: ¥1,484 million [-%]Net income per share
For the third
cumulative quarter of
Fiscal year 2023
Fiscal year 2022

Diluted net income
per share

Yen

Yen

47.25
45.90

-

(2) Consolidated Financial Position
Total assets
Million yen

Net assets

Equity ratio

Million yen%

As of December 31, 2023
102,964
14,492As of March 31, 2023
100,794
13,383(Reference) Equity: As of December 31, 2023: ¥14,466 million
As of March 31, 2023: ¥13,019 million

14.0
12.9

%

3.0
-

2. Dividend distribution

Dividend distribution per share
1stquarter-end

2ndquarter-end
Yen

3rd
quarter-end
Yen

Year-end
Yen

Fiscal year 2022
0.00
Fiscal year 2023
0.00
Fiscal year 2023
(Planned)(Note) Revision to the plan of dividend distribution announced most recently: None

Total
Yen

Yen

0.00

0.00

15.00

15.00

3. Consolidated Financial Results Forecast for the Fiscal Year 2023 (from April 1, 2023 to March 31, 2024)(%: 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

71,800

52.0

5,000

% Million yen

188.4

3,200

%

Million yen

%

Yen

183.9

2,280

4.9

85.00

(Note) Revision to the forecast of consolidated financial results announced most recently: None
* Notes:(1) Changes in significant subsidiaries during this cumulative quarter of the fiscal year 2023: 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 December 31, 2023: 26,863,974 shares
As of March 31, 2023: 26,863,974 shares
2) Number of treasury stock:
As of December 31, 2023: 24,852 shares
As of March 31, 2023: 39,089 shares
3) Average number of common shares outstanding:
3rd cumulative quarter of FY 2023: 26,833,427 shares
3rd cumulative quarter of FY 2022: 26,824,989 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. These quarterly financial results are outside the scope of quarterly review by certified public accountants or audit
firms.
*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

1

1. Qualitative Information on Quarterly Financial Results for the Period under Review(1) Explanation of Operating Results
During the third cumulative quarter of FY 2023, the global economy remained on a recovery track thanks to
the normalization of economic and social activities. Meanwhile, the situation remained uncertain due to volatileenergy prices and rising raw material prices stemming from the prolonged situation in Ukraine, as well as theimpacts of global monetary tightening and the economic slowdown in China. Under these circumstances, thedollar-yen exchange rate moved within the range of ¥131 to ¥151 per US$1.
In the air transportation industry, air passenger demand recovered as the COVID-19 pandemic quietened, andsome airlines have begun to place a large order of new aircraft. Following this move, aircraft manufacturers areworking on increasing aircraft production. Meanwhile, there is a shortage of human resources in the operation of
aircraft and airport facilities, as well as the entire supply chain for aircraft manufacturing. As such, there is anurgent need to secure human resources.
Under these circumstances, JAMCO Corporation and its subsidiaries (collectively, the “Group”) establishedtask teams to drive the three pillars for realizing JAMCO Vision 2030 that clarifies the ideals of the JAMCOGroup in 2030, namely, JX: JAMCO Transformation (business reform), SX: Sustainability Transformation, andHRX: Human Resource Transformation. By doing so, we strengthened the promotion framework to resolve thefundamental challenges that face the Company’s business.
In the aircraft interiors business, the recovery in airline passenger demand has led to increased production by
aircraft manufacturers and increased demand for spare parts from airlines. In response to these trends, we worked
on strengthening our capacity to increase production. In the production process, to utilize the management
resources of the entire Group effectively and to reinforce our business foundation by improving efficiency andstreamlining, we decided to integrate domestic subsidiaries and began preparations for the integration. We also
worked on plans to expand the production capacity and functions of a factory in Philippines and strengthened our
supply chain both in Japan and overseas.
In the aircraft seat business, the Venture business class seat, which we have been promoting for aircraft typesother than Boeing 787, was adopted for the first time by KLM’s World Business Class in Boeing 777, and theaircraft with the Venture seat model is now in operation. In response to inflation in the U.S., we reduced costs
through initiatives such as relocating some of our assembly operations to Mexico.
In the aircraft components business, we took initiatives to improve productivity, and continued with
development of lightweight aircraft components using thermoplastic carbon-fiber reinforced plastics (CFRP) andexpansion in application of CFRP components into fields other than the aircraft sector.
In the aircraft maintenance business, we aimed to strengthen the business base capable of generating stableprofits by continuing with initiatives to ensure flight safety and enhance quality, while also endeavoring to acquireorders for aircraft maintenance for airlines and for government and municipal offices. Further, we launchedinitiatives in new business fields such as supporting the operation of drones.
As a result, on a consolidated basis, during the third cumulative quarter of FY 2023, the Company posted net
sales of ¥44,392 million (up ¥12,519 million compared to the same period of the previous fiscal year), operating
income of ¥1,404 million (down ¥173 million compared to the same period of the previous fiscal year), ordinary
income of ¥526 million (down ¥802 million compared to the same period of the previous fiscal year), and net
income attributable to shareholders of parent company of ¥1,267 million (up ¥36 million compared to the same
period of the previous fiscal year).
Provision for loss on construction contracts of ¥4,308 million for construction to be completed in or after the
fourth quarter of FY 2023 was recognized as of December 31, 2023. The impact of this provision for loss on
construction contracts on income (loss) was a decrease of ¥373 million in cost of sales for the third quarter of FY
2023 (provision for loss on construction contracts as of September 30, 2023 was ¥4,682 million) and an increaseof ¥28 million in cost of sales for the third cumulative quarter of FY 2023 (provision for loss on construction
contracts as of March 31, 2023 was ¥4,280 million).

2For the entire Group, selling, general and administrative expenses, non-operating income (expenses), andincome taxes - deferred are as follows:
Selling, general and administrative expenses were ¥6,903 million (an increase of ¥861 million compared tothe same period of the previous fiscal year), due mainly to increases in personnel expenses, testing and researchexpenses, and sales commissions.
The result for non-operating income (expenses) was a loss of ¥877 million (a loss of ¥248 million in the same
period of the previous fiscal year), due to factors such as a deterioration in foreign exchange losses (gains) andan increase in interest expenses mainly reflecting higher U.S. dollar interest rates.
Income taxes - deferred amounted to ¥(768) million (¥145 million in the same period of the previous fiscal
year), after recognition of deferred tax assets as a result of carefully considering their recoverability.
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 due toresumption of shipments for Boeing 787 and the increased sales of spare parts to airlines as the number of aircraftin operation grew. Meanwhile, ordinary income increased mainly due to increased sales of spare parts with highprofit margins, as well as the effect of a weaker yen on foreign currency-denominated net sales, despite the impactof higher costs.
As a result, the aircraft interiors business posted net sales of ¥28,109 million (up ¥7,852 million compared tothe same period of the previous fiscal year) and ordinary income of ¥3,548 million (up ¥741 million comparedto the same period of the previous fiscal year).
[Aircraft Seat Business]
In the aircraft seat business, net sales increased from the same period of the previous fiscal year, as shipmentsof the Venture business class seat for Boeing 777 started. On the other hand, an ordinary loss was posted due
mainly to an increase in initial costs involved in adapting the seat for other aircraft types as well as the increasein dollar-denominated costs caused by the inflation in the U.S. and the depreciation of the yen.
As a result, the aircraft seat business posted net sales of ¥6,707 million (up ¥4,427 million compared to thesame period of the previous fiscal year) and an ordinary loss of ¥2,912 million (ordinary loss of ¥1,537 million
in the same period of the previous fiscal year).
[Aircraft Components Business]
In the aircraft components business, net sales increased from the same period of the previous fiscal year due
to increased shipments of heat exchangers and other equipment. On the other hand, an ordinary loss was posted
due mainly to the impact of higher costs.
As a result, the aircraft components business posted net sales of ¥3,808 million (up ¥698 million compared tothe same period of the previous fiscal year) and an ordinary loss of ¥252 million (ordinary loss of ¥68 million in
the same period of the previous fiscal year).
[Aircraft Maintenance Business]
In the aircraft maintenance business, net sales decreased from the same period of the previous fiscal year due
to a reduction in shipments in parts maintenance. Meanwhile, ordinary income increased due to improved
profitability as aircraft maintenance progressed steadily.
As a result, the aircraft maintenance business posted net sales of ¥5,766 million (down ¥458 million comparedto the same period of the previous fiscal year) and an ordinary income of ¥146 million (up ¥18 million comparedto the same period of the previous fiscal year).

3

[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 ¥1 million (up ¥0 million compared to the same period of
the previous fiscal year) and ordinary loss of ¥2 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 December 31, 2023 amounted to ¥102,964 million, up ¥2,169 million from the end of theprevious fiscal year. Of this amount, total current assets increased by ¥1,254 million from the end of the previous
fiscal year, as work in process increased by ¥2,250 million, merchandise and finished goods increased by ¥1,018
million, and raw materials and supplies increased by ¥901 million, despite the decline in cash and deposits by¥3,304 million from the end of the previous fiscal year. Total non-current assets increased by ¥915 million fromthe end of the previous fiscal year, as investments and other assets increased by ¥1,130 million, and intangible
assets increased by ¥222 million from the end of the previous fiscal year. Total liabilities amounted to ¥88,471
million, up ¥1,060 million from the end of the previous fiscal year. The main factors were a rise in notes andaccounts payable - trade of ¥1,637 million from the end of the previous fiscal year, and an increase inelectronically recorded obligations - operating by ¥1,606 million from the end of the previous fiscal year, despite
the decline in advances received by ¥1,517 million from the end of the previous fiscal year.
Total net assets amounted to ¥14,492 million, up ¥1,109 million from the end of the previous fiscal year. The
main factor was an increase in retained earnings resulting from net income attributable to shareholders of parent
company. As a result, the equity ratio stood at 14.0%.
(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information
The consolidated financial results forecast announced on May 12, 2023 remains unchanged.
The exchange rate assumed for the consolidated financial results forecast for the fourth quarter of FY 2023 is¥140 per US$1.

4

2. Quarterly Consolidated Financial Statements and Primary Notes(1) Quarterly Consolidated Balance Sheets(Thousand yen)
As of March 31, 2023
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 December 31, 2023

8,334,303

5,029,657

17,615,106

17,569,558

1,611,483
26,231,269
20,890,021
2,681,843(42,366)
77,321,661

2,629,697
28,481,859
21,791,606
3,112,933(39,597)
78,575,715

11,590,565
1,807,682
10,074,709
23,472,956
100,794,618

11,153,304
2,030,012
11,205,387
24,388,704
102,964,419

4,719,765
2,997,441
50,022,940
1,060,000
700,808
8,374,234
1,237,674
4,280,336
3,638,895
77,032,097

6,357,690
4,603,818
51,691,100
60,00074,951
6,857,156
969,373
4,308,965
3,934,232
78,857,288

1,250,000
6,702,461
972,797
1,166,789
286,896
10,378,944
87,411,041

1,220,000
6,601,918
773,562
771,891
247,028
9,614,401
88,471,690

(Thousand yen)
As of March 31, 2023
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
Non-controlling interests
Total net assets
Total liabilities and net assets

6

As of December 31, 2023

5,359,893
4,318,925
2,819,869(31,405)
12,467,283

5,359,893
4,328,358
4,087,810(19,966)
13,756,096

176,474
424,767

169,929
33,674553,280(48,564)(46,678)

552,677
363,616
13,383,576
100,794,618

710,205
26,427
14,492,729
102,964,419

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Third Cumulative Quarter of the Fiscal Year (from April 1 to December 31)(Thousand yen)
Third cumulative quarterof FY 2022

Third cumulative quarterof FY 2023

31,873,038
24,253,723
7,619,315
6,041,967
1,577,348

44,392,984
36,084,862
8,308,121
6,903,876
1,404,245

29,7173,664
704,078

51,2464,220
257,991-

47,934

11,91153,75031,176834,299

30,521
78,21229,541
499,670

827,556

1,190,365

17,132-

122,756
9,550
105,809
1,082,804
1,328,842

145,377
13,744
27,634
1,377,120
526,794

461,890
120,041
581,931

2,642
75,53878,181

6,086
96,935103,022
1,807,751
400,519
145,375
545,894
1,261,856
30,6771,231,178

14,474
14,474
590,501
86,928(768,778)(681,850)
1,272,352
4,410
1,267,941

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
Subsidy income
Gain on sales of investment securities
Total extraordinary income
Extraordinary loss
Loss on disposal of non-current assets
Loss related to COVID-19
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

7

Quarterly Consolidated Statements of Comprehensive Income
Third Cumulative Quarter of the Fiscal Year (from April 1 to December 31)(Thousand yen)
Third cumulative quarterof FY 2022

Third cumulative quarterof FY 2023

1,261,856

1,272,352(8,756)
31,348220,522(20,127)(6,545)33,674
191,096
1,886-(19,975)

222,987
1,484,844

200,136
1,472,489

1,426,193

1,425,469

58,65047,019Net 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-controllinginterests8

(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 third cumulative quarter of FY 2022 (from April 1, 2022 to December 31, 2022)
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

20,256,837

2,279,785

3,109,531

6,225,083

31,871,237

1,800

31,873,038

293,838-

2,887

27,889324,615

89,067

413,682

20,550,675
2,807,530

2,279,785(1,537,452)

3,112,418(68,138)

6,252,972
127,406

32,195,853
1,329,346

90,867 32,286,721(504) 1,328,842(Note) The Others segment includes the businesses of affiliate Orange JAMCO Corporation. The affiliate is a
special-purpose subsidiary, dedicated to promoting the employment of people with disabilities as part ofour corporate social responsibilities, and mainly provides cleaning and assistance work 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

1,329,346(504)
1,328,842

II. For the third cumulative quarter of FY 2023 (from April 1, 2023 to December 31, 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

28,109,328

6,707,433

3,808,062

5,766,180

44,391,005

1,979

44,392,984

195,430-499

29,982225,912100,120

326,033

28,304,759
3,548,546

6,707,433(2,912,935)

3,808,561(252,395)

5,796,163
146,064

44,616,918
529,280

102,099 44,719,017(2,485)
526,794(Note) The Others segment includes the businesses of affiliate Orange JAMCO Corporation. The affiliate is a
special-purpose subsidiary, dedicated to promoting the employment of people with disabilities as part ofour corporate social responsibilities, and mainly provides cleaning and assistance work 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.

10529,280(2,485)
526,794