Consolidated Financial Results
for the Fiscal Year 2022
Ended March 31, 2023
[Japanese GAAP]May 12, 2023
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
Scheduled date of general meeting of shareholders held: June 28, 2023
The start date of payout of dividend: —Submission date of securities report scheduled: June 28, 2023
Availability of supplementary briefing material on financial results: Yes
Schedule of financial results briefing session: Yes (for institutional investors)(Amounts are rounded down to the nearest million yen.)
1. Consolidated Operating Results for the Fiscal Year 2022 (from April 1, 2022 to March 31, 2023)(1) Consolidated Operating Results(%: Changes from the previous fiscal year)
Net sales

Operating income

Ordinary income

For the year ended
Million yen%
Million yen%
Million yen
March 31, 2023
47,225
20.8
1,733
1,127
March 31, 2022
39,078(21.9)(3,174)(3,512)(Note) Comprehensive income: Year ended March 31, 2023: ¥2,319 million [-%]
Year ended March 31, 2022: ¥(3,788) million [-%]Net income per
share

Diluted net
income per share

For the year ended
Yen
March 31, 2023
81.05
March 31, 2022
(152.15)(Reference) Equity in earnings (losses) of affiliates:

Rate of returnon equity

Yen

%

-

Net income attributable
to shareholders ofparent company
Million yen%

Ordinary
income to total
assets%-2,174(4,081)

%

18.3
1.2
(30.3)(3.6)
Year ended March 31, 2023: ¥30 million
Year ended March 31, 2022: ¥50 million

Operatingincome to net
sales
%

3.7
(8.1)

(2) Consolidated Financial Position
Total assets
Million yen

Net assets

Equity ratio

Net assets per share

Million yen%

Yen

As of March 31, 2023
100,794
13,383As of March 31, 2022
93,651
11,095(Reference) Equity:
As of March 31, 2023: ¥13,019 million
As of March 31, 2022: ¥10,763 million

12.9
11.5

485.37401.26

(3) Consolidated Cash Flows

Million yen

Million yen

Million yen

Cash and cash
equivalents at the end of
periodMillion yen

87
6,801

(1,025)
(646)

(705)
(2,570)

6,958
8,174

Cash flows fromoperating activities

For the year ended
March 31, 2023
March 31, 2022

Cash flows frominvesting activities

Cash flows fromfinancing activities

2. Dividend distribution

Fiscal year 2021
Fiscal year 2022
Fiscal year 2023
(Planned)

1stquarter-end
Yen-

Dividend distribution per share
2nd
3rd
Year-endquarter-end
quarter-end
Yen
Yen
Yen

-

Dividend
Dividends to
net assets
payout ratio(consolidated) (consolidated)
Million yen
%
%
Total
dividends

Total
Yen

0.00
0.00

-

0.00
0.00

0.00
0.00

0.00

-

15.00

15.00

0
0

0.0
0.0

0.0
0.0

17.7

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 sales

Full year

Net income attributable
to shareholders ofparent company%
Million yen%

Operating income

Ordinary income

Million yen%

Million yen%

Million yen

71,800

52.0

5,000

188.4

3,200

183.9

2,280

Net income
per share

4.9* Notes:(1) Changes in significant subsidiaries during the fiscal year 2022 (Changes in specified subsidiaries resulting inchange in scope of consolidation): None
(2) 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
(3) Number of common shares issued
1) Number of common shares outstanding (including the number of treasury stock):
As of March 31, 2023: 26,863,974 shares
As of March 31, 2022: 26,863,974 shares
2) Number of treasury stock:
As of March 31, 2023: 39,089 shares
As of March 31, 2022: 38,964 shares
3) Average number of common shares outstanding:
For the year ended March 31, 2023: 26,824,969 shares
For the year ended March 31, 2022: 26,825,010 shares

Yen

85.00

(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year 2022 (April 1, 2022 to March 31, 2023)(1) Non-consolidated Operating Results(%: Changes from the previous fiscal year)
Net sales

For the year ended
March 31, 2023
March 31, 2022

For the year ended
March 31, 2023
March 31, 2022

Million yen

42,35436,592

Operating income%

15.7(21.7)

Million yen

2,340(1,845)

Ordinary income%-

Million yen

2,739(2,099)Net income per share

Diluted net income per share

Yen

Yen

106.21(201.80)

Net income%-

Million yen

2,849(5,413)%--(2) Non-consolidated Financial Position
Total assets
Million yen

Net assets

Equity ratio

Net assets per share

Million yen%

Yen

As of March 31, 2023
93,75813,445
As of March 31, 2022
85,835
10,590(Reference) Equity:
As of March 31, 2023: ¥13,445 million
As of March 31, 2022: ¥10,590 million*Notes:14.3
12.3

501.24394.78*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 consolidated financial results are outside the scope of audit 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 forward-looking 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. For the conditions that form the premises of the forecasts, pleaserefer to “1.(4) Future Outlook” on page 6 of the Attachment.
The Company intends to hold a briefing session for institutional investors on May 24, 2023. The materials distributedat the briefing session are scheduled to be posted on the Company’s corporate website.

Table of Contents
1. Overview of Business Results, etc. ..................................................................................................... 2(1) Overview of Business Results for the Fiscal Year Under Review..................................................... 2(2) Overview of Financial Position for the Fiscal Year Under Review ................................................ 4(3) Overview of Cash Flows for the Fiscal Year Under Review ........................................................... 4(4) Future Outlook .................................................................................................................................. 5
2. Basic Approach to the Selection of Accounting Standards ................................................................... 6
3. Consolidated Financial Statements and Primary Notes ......................................................................... 7(1) Consolidated Balance Sheets ........................................................................................................... 7(2) Consolidated Statements of Income and Comprehensive Income .................................................. 9(3) Consolidated Statements of Changes in Equity ............................................................................. 11(4) Consolidated Statements of Cash Flows ......................................................................................... 13(5) Notes to Consolidated Financial Statements ................................................................................. 15(Notes on going concern assumption) ...................................................................................... 15(Segment information, etc.) ...................................................................................................... 15(Per share information) ............................................................................................................... 17(Significant subsequent events) .................................................................................................. 171

1. Overview of Business Results, etc.
(1) Overview of Business Results for the Fiscal Year Under Review
During FY 2022, while the global economy showed signs of recovery from the effects of the COVID-19
pandemic, the situation remained uncertain due to concerns about a recession resulting from global inflation,
including soaring crude oil prices and rising raw material prices caused by the prolonged crisis in Ukraine. Under
these circumstances, the dollar-yen exchange rate moved within the range of ¥122 to ¥150 per US$1.
In the air transportation industry, in addition to recovery in domestic flight demand, a gradual recovery is seen
in demand for international flights as countries do away with entry restrictions, and some airlines have begun toreturn out-of-service aircraft to service and place a large order of new aircrafts. Aircraft manufacturers, as well,
are working on increasing production of aircrafts with the recovery of air passenger demand.
As air passenger demand shows recovery in these ways, the Group has sought to achieve readiness for therebound in demand by transferring back employees seconded to companies outside the Group and beginning torecruit new graduates. In the production process, we continued activities to improve operational efficiency inpreparation for further demand rebound, initiated plans to expand the production capacity and functions of
JAMCO PHILIPPINES, and to strengthen our supply chain both in Japan and overseas. In addition, we actively
worked on sustainability initiatives.
In the aircraft interiors business, the recovery in airline passenger demand has led to an increase in demand
for maintenance parts and cabin modification in order to utilize aircraft owned by airlines, and we strengthened
efforts toward a stronger production organization to meet the demand. To ease the anxiety of passengers onboard,
we carried out product development for ensuring a clean and hygienic cabin and conducted research and proposals
with a view to expanding into galleys, lavatories, and seats.
In the aircraft seat business, we devoted efforts to readying versions of the highly profitable Venture businessclass seat for additional aircraft types, as well as to the development of the next generation Quest for Elegancebusiness class seat.
In the aircraft components business, we took initiatives to improve productivity, and continued with
development of lightweight aircraft components using thermoplastic CFRP and expansion in application of CFRP
components into fields other than the aircraft sector.
In the aircraft maintenance business, we aimed to strengthen a 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.
As a result, on a consolidated basis, during FY 2022, the Company posted net sales of ¥47,225 million (up¥8,146 million compared to the previous fiscal year), operating income of ¥1,733 million (an operating loss of¥3,174 million in the previous fiscal year), ordinary income of ¥1,127 million (an ordinary loss of ¥3,512 million
in the previous fiscal year), and net income attributable to shareholders of parent company of ¥2,174 million (anet loss attributable to shareholders of parent company of ¥4,081 million in the previous fiscal year).
Provision for loss on construction contracts of ¥4,280 million for construction to be completed in or after the
next fiscal year was recognized at the end of FY 2022. The impact of this provision for loss on construction
contracts on income (loss) for the quarterly fourth quarter of FY 2022 was a decrease of ¥134 million in cost of
sales (provision for loss on construction contracts as of December 31, 2022 was ¥4,414 million) and, for FY 2022,
an increase of ¥451 million in cost of sales (provision for loss on construction contracts at the end of the previous
fiscal year was ¥3,828 million).

2For the entire Group, selling, general and administrative expenses, non-operating income (expenses),
extraordinary income (loss), and income taxes - deferred are as follows:
Despite a decrease in testing and research expenses, etc., selling, general and administrative expenses were
¥8,339 million (an increase of ¥805 million compared to the previous fiscal year), due mainly to increases insales commissions and personnel expenses.
The result for non-operating income (expenses) was a loss of ¥606 million (a loss of ¥337 million in theprevious fiscal year), due to factors such as an increase in interest expenses mainly reflecting higher U.S. dollar
interest rates, despite an increase in foreign exchange gains as the yen value dropped on the foreign exchange
market from the end of the previous fiscal year.
The result for extraordinary income (loss) was a gain of ¥467 million (a gain of ¥530 million in the previous
fiscal year), which consisted mainly of ¥463 million of gain on transfer from sales of non-current assets held by
JAMCO SINGAPORE PTE LTD., the Company’s consolidated subsidiary.
Income taxes - deferred amounted to ¥(1,186) million (¥1,070 million in 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 previous fiscal year mainly due to increased
sales of spare parts to airlines as the number of aircraft in operation grew and resumption of shipments for the
Boeing 787 aircraft. Meanwhile, ordinary income increased thanks to improvement in operational efficiency, andforeign exchange gains resulting from the depreciation of the yen, as well as the increase in net sales.
As a result, the aircraft interiors business posted net sales of ¥29,614 million (up ¥8,729 million compared tothe previous fiscal year) and ordinary income of ¥3,586 million (ordinary loss of ¥342 million in the previous
fiscal year).
[Aircraft Seat Business]
In the aircraft seat business, net sales decreased from the previous fiscal year due mainly to delivery schedulechanges by customers, although shipments of the Venture business class seat were started. Meanwhile, anordinary loss was posted due mainly to the increase in dollar-denominated costs caused by the depreciation of
the yen, in addition to the decrease in net sales.
As a result, the aircraft seat business posted net sales of ¥3,869 million (down ¥2,113 million compared to theprevious fiscal year) and an ordinary loss of ¥2,708 million (ordinary loss of ¥3,109 million in the previous fiscal
year).
[Aircraft Components Business]
In the aircraft components business, net sales increased from the previous fiscal year, due mainly to increased
shipments of CFRP structure parts despite shipments of aerospace equipment and products including heatexchangers, and aircraft engine parts decreased from the previous fiscal year. Meanwhile, ordinary income wasposted due to the increase in net sales and initiatives taken to improve profitability.
As a result, the aircraft components business posted net sales of ¥5,075 million (up ¥162 million compared tothe previous fiscal year) and an ordinary income of ¥85 million (ordinary loss of ¥204 million in the previous
fiscal year).
[Aircraft Maintenance Business]
In the aircraft maintenance business, net sales increased from the previous fiscal year due to an increase of
construction to be completed for some programs in parts maintenance. On the other hand, ordinary income
decreased from the previous fiscal year, due mainly to an increase in selling, general and administrative expenses,
3

despite an increase in net sales.
As a result, the aircraft maintenance business posted net sales of ¥8,663 million (up ¥1,366 million comparedto the previous fiscal year) and an ordinary income of ¥170 million (down ¥9 million compared to 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.
The Others segment posted net sales of ¥2 million (up ¥1 million compared to the previous fiscal year) andordinary loss of ¥6 million (ordinary loss of ¥35 million in the previous fiscal year).
(2) Overview of Financial Position for the Fiscal Year Under Review(Assets, Liabilities, and Equity)
Total assets as of March 31, 2023 amounted to ¥100,794 million, up ¥7,143 million from the end of theprevious fiscal year. Of this amount, total current assets increased by ¥6,050 million from the end of the previous
fiscal year, as despite the decline in notes and accounts receivable - trade, and contract assets by ¥1,584 million,
work in process increased by ¥6,068 million, and raw materials and supplies increased by ¥2,737 million fromthe end of the previous fiscal year. Total non-current assets increased by ¥1,092 million from the end of theprevious fiscal year, as deferred tax assets increased by ¥1,262 million from the end of the previous fiscal year.
Total liabilities amounted to ¥87,411 million, up ¥4,855 million from the end of the previous fiscal year. The
main factors were increases in advances received by ¥2,133 million and in short-term loans payable by ¥1,866
million from the end of the previous fiscal year.
Total net assets amounted to ¥13,383 million, up ¥2,288 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 12.9%.
(3) Overview of Cash Flows for the Fiscal Year Under Review
Cash and cash equivalents as of March 31, 2023, as a result of the cash flows described below, saw a cash
outflow of ¥1,215 million.
[Cash flows from operating activities]
Operating activities during FY 2022 saw a cash inflow of ¥87 million. The main factor was increases in
depreciation and income before taxes, despite an increase in inventories.
[Cash flows from investing activities]
Investing activities during FY 2022 saw a cash outflow of ¥1,025 million, due mainly to expenditures forpurchase of property, plant and equipment.
[Cash flows from financing activities]
Financing activities during FY 2022 saw a cash outflow of ¥705 million. The main factor was long-termloan repayments to financial institutions.

4(4) Future Outlook
In the air transportation industry in which the Group is involved, in addition to recovery in domestic flightdemand, a recovery is seen in demand for international flights as countries do away with entry restrictions. As
the number of existing aircraft going into operation increases, the production volume of new medium- to largescale aircraft is expected to recover steadily.
For the Group, an increase in the number of operating aircraft has resulted in the recovery of demand byairlines for spare parts to pre-COVID-19 levels. We will therefore strengthen our spare parts supply capability toensure capturing income. To achieve readiness for the resumption of new aircraft production, we will continue tocarry out business process reforms and measures to enhance the efficiency of our production system on acompany-wide level, aiming to improve quality and profitability, while continuing also with cost-cutting
measures and building a solid business structure for further improvement of profitability.
In light of these circumstances, the outlook for consolidated operating results in FY 2023 is for net sales of¥71,800 million, operating income of ¥5,000 million, ordinary income of ¥3,200 million, and net income
attributable to shareholders of parent company of ¥2,280 million. The exchange rate assumed for the outlook is¥130 to US$1.
The Company’s basic policy for dividends to shareholders is to provide stable and continuous returns toshareholders by striving for efficient management and improving profits, and to determine the amount ofdividends with a target consolidated payout ratio of 20-30%. On the other hand, the Group’s results having been
impacted significantly by COVID-19, and with strengthening of our business fundamentals being the priority
issue for now, based on comprehensive consideration of such factors as our financial results forecast and finances,
we plan to pay dividends of ¥15 per share for FY 2023 (resumption of dividend payments).

5

2. Basic Approach to the Selection of Accounting Standards
Taking into consideration the comparability of consolidated financial statements by term and thecomparability between companies, the Group’s policy is to prepare consolidated financial statements based onJapanese GAAP.
The Group plans to carefully consider the adoption of IFRS (International Financial Reporting Standards),
taking into account the circumstances in Japan and overseas.

6

3. Consolidated Financial Statements and Primary Notes(1) Consolidated Balance Sheets(Thousand yen)
As of March 31, 2022

As of March 31, 2023

AssetsCurrent assets
Cash and deposits

9,276,034

8,334,303

Notes and accounts receivable - trade, and contract assets
Merchandise and finished goods

19,199,303
2,431,164

17,615,106
1,611,483

Work in process
Raw materials and supplies

20,162,684
18,152,211

26,231,269
20,890,021

Consumption taxes receivable
Other

265,309
1,904,669

497,136
2,184,707

Allowance for doubtful accounts(120,235)(42,366)

71,271,141

77,321,661

19,619,717(13,564,296)

18,484,994(13,000,213)

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net

6,055,421

5,484,781

Machinery, equipment and vehicles
Accumulated depreciation

10,326,511(8,576,563)

10,759,684(9,001,505)

1,749,948

1,758,179

3,464,134
1,141,894

3,508,809
974,643

Accumulated depreciation(653,715)(728,506)

Leased assets, net

488,178

246,136

Construction in progress
Other

205,311
7,984,101

215,615
8,155,165(7,521,304)(7,778,123)

Machinery, equipment and vehicles, net
Land
Leased assets

Accumulated depreciation
Other, net

462,797

377,042

12,425,792

11,590,565

Intangible assets
Software838,044

751,128

Leased assets
Other314,531
129,982

162,631
893,921

Total intangible assets

1,282,559

1,807,682

Investments and other assets
Investment securities

651,266

692,694

18,457
79,693

118,100
76,147

Deferred tax assets
Other

7,868,506
53,6899,130,937
56,829Total investments and other assets

8,671,614

10,074,709

Total property, plant and equipment

Long-term prepaid expenses
Guarantee deposits

Total non-current assets
Total assets

7

22,379,965

23,472,956

93,651,107

100,794,618

(Thousand yen)
As of March 31, 2022

As of March 31, 2023

Liabilities
Current liabilities
Notes and accounts payable - trade

4,248,801

4,719,765

2,665,270
48,156,430

2,997,441
50,022,940

Current portion of long-term loans payable
Lease obligations

960,000
318,158

1,060,000
258,437

Accrued expenses
Income taxes payable

957,971
117,705

1,014,295
700,808

Accrued consumption taxes
Advances received

51,626
6,241,231

150,762
8,374,234

Accrued expense - salary
Provision for loss on construction contracts

852,915
3,828,854

1,237,674
4,280,336

Electronically recorded obligations - operating
Short-term loans payable

Other

2,509,221

2,215,399

Total current liabilities

70,908,187

77,032,097

Long-term loans payable
Lease obligations

2,310,000
530,9111,250,000
184,913

Liability for employee retirement benefits
Long-term accounts payable - other

6,540,444
172,088

6,702,461
98,694

Provision for loss on compensation
Provision for product warranties

912,645
1,166,789

972,797
1,166,789

14,953

3,289

Non-current liabilities

Deferred tax liabilities
Total non-current liabilities

11,647,831

10,378,944

82,556,019

87,411,041

Capital stock
Capital surplus

5,359,893
4,318,925

5,359,893
4,318,925

Retained earnings
Treasury stock

645,664(31,205)

2,819,869(31,405)

10,293,277

12,467,283

Total liabilities
Net assets
Shareholders’ equity

Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities

169,773

176,474

Foreign currency translation adjustment
Accumulated adjustment for employee retirement
benefits
Total accumulated other comprehensive income

198,082

424,767

102,624(48,564)

470,480

552,677

Non-controlling interests

331,330

363,616

Total net assets

11,095,088

13,383,576

Total liabilities and net assets

93,651,107

100,794,618

8

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Thousand yen)
FY 2021
From April 1, 2021 toMarch 31, 2022
39,078,732

FY 2022
From April 1, 2022 toMarch 31, 2023
47,225,426

Cost of sales

34,719,935

37,152,464

Gross profit

4,358,796

10,072,961

Selling, general and administrative expenses

7,533,651

8,339,293

Operating income (loss)(3,174,854)

1,733,668

Interest income
Dividend income

15,6992,580

55,141
3,664

Foreign exchange gains
Share of profit of entities accounted for using equity
methodInsurance income
Subsidy income

241,639654,236

50,48130,68847,48030,962

16,24575,980Net sales

Non-operating income

Other

86,99756,422

Total non-operating income

475,842892,377

Interest expenses
Loss on transfer of accounts receivable

569,497
4,737

1,194,589
152,989

Compensation expenses
Other

170,11068,712

32,837
118,300

Non-operating expenses

Total non-operating expenses

813,057

1,498,717(3,512,068)

1,127,327

Gain on sales of non-current assets
Subsidy income

2,581
905,846

463,111
120,106

Reversal of extra retirement payments
Reversal of provision for loss on compensation

1,444
140,616-

1,050,489

583,217

Ordinary income (loss)
Extraordinary income

Total extraordinary income
Extraordinary loss
Loss on disposal of non-current assets

45,698

9,076

Loss related to COVID-19
Extra retirement payments

350,298
21,166

107,089-

Loss on liquidation of business

102,544-

Total extraordinary loss

519,708

116,165

Income (loss) before taxes(2,981,287)

1,594,379

Income taxes - current
Income taxes - refund

82,310(53,208)

573,461-

Income taxes - deferred

1,070,091(1,186,103)

Total income taxes

1,099,193(612,641)

Net income (loss)(4,080,480)

2,207,020

888

32,815(4,081,368)

2,174,205

Net income attributable to non-controlling interests
Net income (loss) attributable to shareholders of parent
company9Consolidated Statements of Comprehensive Income(Thousand yen)
FY 2021
From April 1, 2021 toMarch 31, 2022
(4,080,480)

FY 2022
From April 1, 2022 toMarch 31, 2023
2,207,020

13,388211,777

6,701
257,446

Adjustment for employee retirement benefits

66,572(151,189)

Total other comprehensive income

291,738

112,957(3,788,741)

2,319,978(3,821,102)

2,256,401

32,361

63,577

Net income (loss)
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment

Comprehensive income
Comprehensive income attributable to shareholders ofparent company
Comprehensive income attributable to non-controllinginterests10

(3) Consolidated Statements of Changes in Equity
For fiscal year 2021 (from April 1, 2021 to March 31, 2022)(Thousand yen)
Shareholders’ equity
Capital stock
Balance at the beginning of
periodCumulative effects of changes
in accounting policies
Restated balance

Capital surplus

5,359,893

Retained earnings

4,318,925

Total
shareholders’equityTreasury stock(31,205)

6,360,683(1,633,650)

5,359,893

4,318,925

16,008,296(1,633,650)(31,205)

4,727,033

14,374,646

Changes in items during period
Dividends of surplus
Net income (loss) attributable
to shareholders of parent
company
Purchase of treasury stock
Net changes of items otherthan shareholders’ equity
Total changes of items during
periodBalance at the end of period--(4,081,368)(4,081,368)
-

-

-

-

(4,081,368)-(4,081,368)

5,359,893

4,318,925

645,664(31,205)

10,293,277

Accumulated other comprehensive income
Valuationdifference on
Foreign currency
available-for-sale translation adjustment
securities

Balance at the beginningof period
Cumulative effects ofchanges in accounting
policies
Restated balance
Changes in items during
periodDividends of surplus
Net income (loss)
attributable toshareholders of parent
company
Purchase of treasurystock
Net changes of items
other thanshareholders’ equity
Total changes of items
during period
Balance at the end of
period156,385

Accumulated
adjustment for
employee retirement
benefits

17,77636,052

Total accumulated Non-controlling Total net assetsinterests
other comprehensive
income210,214

298,969

16,517,480(1,633,650)

156,385

17,77636,052

210,214

298,969

14,883,830(4,081,368)
13,388180,305

66,572

260,266

32,361

292,627

13,388180,305

66,572

260,266

32,361(3,788,741)

169,773

198,082

102,624

470,480

331,330

11,095,088

11

For fiscal year 2022 (from April 1, 2022 to March 31, 2023)(Thousand yen)
Shareholders’ equity
Capital stock
Balance at the beginning of
periodCumulative effects of changes
in accounting policies
Restated balance

Totalshareholders’equityCapital surplus

Retained earnings

Treasury stock

5,359,893

4,318,925

645,664(31,205)

10,293,277

5,359,893

4,318,925

645,664(31,205)

10,293,277

Changes in items during period
Dividends of surplus
Net income (loss) attributable
to shareholders of parent
company
Purchase of treasury stock
Net changes of items otherthan shareholders’ equity
Total changes of items during
periodBalance at the end of period--

2,174,205

2,174,205
(199)

(199)

-

-

2,174,205(199)

2,174,005

5,359,893

4,318,925

2,819,869(31,405)

12,467,283

Accumulated other comprehensive income
Valuationdifference on
Foreign currency
available-for-sale translation adjustment
securities

Balance at the beginningof period
Cumulative effects ofchanges in accounting
policies
Restated balance
Changes in items during
periodDividends of surplus
Net income (loss)
attributable toshareholders of parent
company
Purchase of treasurystock
Net changes of items
other thanshareholders’ equity
Total changes of items
during period
Balance at the end of
periodAccumulated
adjustment for
Total accumulated other
employee retirement comprehensive income
benefits

Noncontrollinginterests

Total net assets

169,773

198,082

102,624

470,480

331,330

11,095,088

169,773

198,082

102,624

470,480

331,330

11,095,088

2,174,205
(199)
6,701

226,685(151,189)

82,19632,286

114,4826,701

226,685(151,189)

82,19632,2862,288,488

176,474

424,767(48,564)

552,677

363,616

13,383,576

12

(4) Consolidated Statements of Cash Flows(Thousand yen)
FY 2021
From April 1, 2021 toMarch 31, 2022
Cash flows from operating activities
Income (loss) before taxes

FY 2022
From April 1, 2022 toMarch 31, 2023

(2,981,287)

1,594,379

Depreciation
Increase (decrease) in allowance for doubtful accounts

2,208,636
6,626

2,108,602(79,791)

Increase (decrease) in accrued expense - salary
Increase (decrease) in provision for loss on construction
contracts
Increase (decrease) in liability for employee retirement
benefits
Increase (decrease) in provision for loss oncompensation
Interest and dividend income

576,780

384,759

232,380

451,482(289,335)(128,957)(539,789)

60,152(18,280)(58,805)

Interest expenses
Foreign exchange losses (gains)Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on sale and retirement of non-current assets

569,497
273,456

1,194,589
298,280(50,481)(30,688)

43,116(454,035)

Loss related to COVID-19
Extra retirement payments

350,298
21,166

107,089

Loss on liquidation of businessSubsidy income

102,544(905,846)(120,106)-

Other non-operating expenses (income)Decrease (increase) in notes and accounts receivable trade
Decrease (increase) in inventories

78,118155,480

4,100,615

1,788,454

1,349,396(7,406,462)

Increase (decrease) in notes and accounts payable - trade
Increase (decrease) in advances received(376,616)
2,384,743

729,009
1,885,080

Other149,300(1,152,105)

Subtotal

7,285,039

1,326,408

Interest and dividend income received
Interest expenses paid

18,240(541,704)

58,772(1,273,997)

Income taxes paid
Income taxes refund(46,485)
86,614(32,498)
8,585

6,801,704

87,271

Net cash provided by (used in) operating activities

13

(Thousand yen)
FY 2021
From April 1, 2021 toMarch 31, 2022

FY 2022
From April 1, 2022 toMarch 31, 2023

Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment(790,697)
8,148(885,991)
791,557

Purchase of investment securities
Payments of loans receivable(773)(12,306)(1,080)(1,990)

Collection of loans receivable
Decrease (increase) in time deposits

2,389
337,140

5,058(176,111)

Other payments
Other proceeds(196,460)
6,377(765,101)
8,189

Net cash provided by (used in) investing activities(646,182)(1,025,469)

Cash flows from financing activities
Increase in short-term loans payable

79,725,460

71,421,930

Decrease in short-term loans payable
Proceeds from long-term loans payable(81,196,960)
300,000(70,790,850)-

Repayments of long-term loans payable
Repayments of lease obligations(1,030,000)(367,473)(960,000)(345,018)(1,290)

(199)
(60)

Purchase of treasury stock
Cash dividends paid
Cash dividends paid to non-controlling interests
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents-(31,290)(2,570,264)(705,488)

642,420

428,183

Net increase (decrease) in cash and cash equivalents

4,227,679(1,215,502)

Cash and cash equivalents, beginning of period

3,946,665

8,174,344

Cash and cash equivalents, end of period

8,174,344

6,958,841

14

(5) Notes to Consolidated Financial Statements(Notes on going concern assumption)
There is no relevant information.

(Segment information, etc.)[Segment information]
1. Overview of reportable segments
Reportable segments of the Group are determined from those that can provide separate financial information, andare regularly reviewed by the Board of Directors to determine the allocation of management resources and to evaluateachievements among the constituent units of the Group.
The Group is composed of three divisions (Aircraft Interiors Division, Aircraft Components Manufacturing
Division, and Aircraft Maintenance Group), each of which conducts business activities by developing independent
management strategies for the products and services it handles. The Group consists of segments organized by productand service based on divisions, and the reportable segments comprise “Aircraft Interiors Business,” “Aircraft Seat
Business,” “Aircraft Components Business” and “Aircraft Maintenance Business.”“Aircraft Interiors Business” mainly engages in manufacturing and sales of products including galleys andlavatories for passenger aircraft. “Aircraft Seat Business” primarily engages in manufacturing and sales of products
including passenger aircraft seats. “Aircraft Components Business” engages in manufacturing and sales primarily of
aerospace equipment and products including heat exchangers, aircraft equipment including aircraft engine parts, and
CFRP structure parts. “Aircraft Maintenance Business” conducts operations such as maintenance and alteration ofregional jets, medium- and small-sized aircraft and helicopters, as well as repairs of equipment for these aircraft.
2. Method of calculating net sales, income (loss), assets, liabilities and others by reportable segment
The accounting method used for reportable business segments is a method that is in compliance with theaccounting principles and procedures adopted for the preparation of consolidated financial statements. Reportablesegment income figures are based on ordinary income. Inter-segment net sales and transfers are based on market
prices.

15

3. Information on net sales and income (loss) by reportable segment
For fiscal year 2021 (from April 1, 2021 to March 31, 2022)(Thousand yen)
Reportable segment
Others(Note)

Total

Aircraft
Interiors
Business

Aircraft Seat
Business

Aircraft
Components
Business

Aircraft
MaintenanceBusiness

Total

20,884,952

5,982,429

4,913,593

7,297,036

39,078,012

449,396-

6,591

22,478478,466

21,334,349

5,982,429

4,920,184

7,319,515

39,556,479

74,495 39,630,974(342,883)(3,109,663)(204,206)

180,192(3,476,561)(35,506) (3,512,068)

Net sales
Net sales to outside
customers
Inter-segment net sales ortransfers
Total
Segment income (loss)(Note)

720 39,078,732
73,775552,242The 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 and provides cleaning and assistance work in the Company’s facilities, which is one of thecorporate social responsibilities.

For fiscal year 2022 (from April 1, 2022 to March 31, 2023)(Thousand yen)
Reportable segment
Others(Note)

Total

Aircraft
Interiors
Business

Aircraft Seat
Business

Aircraft
Components
Business

Aircraft
MaintenanceBusiness

Total

29,614,594

3,869,393

5,075,831

8,663,179

47,222,999

2,427

47,225,426

344,903-

3,184

36,522

384,610

118,292

502,903

29,959,498

3,869,393

5,079,016

8,699,701

47,607,609

120,720

47,728,329

3,586,243(2,708,451)

85,663

170,403

1,133,859(6,531)

1,127,327

Net sales
Net sales to outside
customers
Inter-segment net sales ortransfers
Total
Segment income (loss)(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 and provides cleaning and assistance work in the Company’s facilities, which is one of thecorporate social responsibilities.

16

(Per share information)
Fiscal year 2021
(from April 1, 2021 to March 31,
2022)

Fiscal year 2022
(from April 1, 2022 to March 31,
2023)

Net assets per share

401.26 yen

485.37 yen

Net income (loss) per share(152.15) yen

81.05 yen

Diluted net income per share

Not presented because there are no
latent shares.

Not presented because there are no
latent shares.

(Notes) 1. The basis for calculating net income per share is as shown below.
Fiscal year 2021
(from April 1, 2021 to March 31,
2022)
Net income (loss) attributable toshareholders of parent company(4,081,368)(thousand yen)Amount not attributable to commonshareholders (thousand yen)
Net income (loss) attributable toshareholders of parent company(4,081,368)
related to common shares(thousand yen)
Average number of common shares
26,825(thousand shares)
2. The basis for calculating net assets per share is as shown below.
Fiscal year 2021
(as of March 31, 2022)
Total net assets (thousand yen)Amount deducted from total net
assets (thousand yen)[including non-controllinginterests (thousand yen)]
Year-end net assets related tocommon shares (thousand yen)
Number of common shares at yearend used to calculate net assets
per share (thousand shares)(Significant subsequent events)
There is no relevant information

17

Fiscal year 2022
(from April 1, 2022 to March 31,
2023)
2,174,205-

2,174,205

26,824

Fiscal year 2022
(as of March 31, 2023)

11,095,088

13,383,576

331,330

363,616[331,330][363,616]

10,763,757

13,019,960

26,82526,824