Consolidated Financial Results
for the Fiscal Year 2020
Ended March 31, 2021
[Japanese GAAP]May 11, 2021

Company name: JAMCO Corporation
Stock exchange listing: Tokyo Stock Exchange
Stock Exchange Code: 7408
URL: https://www.jamco.co.jp/
Representative: Harutoshi Okita, President & CEO
Contact: Kentaro Goto, Director & Managing Executive Officer
Phone: +81-42-503-9145
Scheduled date of general meeting of shareholders held: June 25, 2021
The start date of payout of dividend: —Submission date of securities report scheduled: June 25, 2021
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 2020 (from April 1, 2020 to March 31, 2021)(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, 2021
50,058(45.3)(10,902)(11,756)
March 31, 2020
91,5358.9
1,807(58.2)
1,178(64.2)(Note) Comprehensive income: Year ended March 31, 2021: ¥(13,064) million [-%]
Year ended March 31, 2020: ¥219 million [(89.4)%]
Net income per
share

Diluted net
income per
share

Rate of returnon equity

Net income attributable
to shareholders ofparent company
Million yen%(13,585)605

Ordinary
income to total
assetsFor the year ended
Yen
Yen
%
%
March 31, 2021
(506.46)(59.0)(10.6)March 31, 2020
22.58
2.0
1.1
(Reference) Equity in earnings (losses) of affiliates: Year ended March 31, 2021: ¥ 52 million
Year ended March 31, 2020: ¥(11) million(2) Consolidated Financial Position
Total assets
Million yen

Net assets

Equity ratio(68.3)

Operatingincome to net
sales%(21.8)
2.0

Net assets per share

Million yen%

Yen

As of March 31, 2021
101,236
16,517
As of March 31, 2020
120,184
30,373(Reference) Equity: As of March 31, 2021: ¥16,218 million
As of March 31, 2020: ¥29,844 million

16.0
24.8

604.601,112.58

(3) Consolidated Cash Flows

For the year ended
March 31, 2021
March 31, 2020

Cash flows
from operating
activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Million yen

Million yen

Million yen

Million yen(11,615)(11,285)(1,104)(2,570)9,581
16,953

3,946
7,167

2. Dividend distribution

Fiscal year 2019
Fiscal year 2020
Fiscal year 2021
(Planned)

Dividend distribution per share

1stquarter-end
Yen

2nd
quarter-end
Yen

-

0.00
0.00

-

0.00

3rd
quarter-end
Yen

Year-end
Yen

Total
Yen

-

20.00
0.00

20.00
0.00

-

0.00

0.00

Cash and cash
equivalents at theend of period

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

536
0

88.6
0.0

1.8
0.0

0.0

3. Consolidated Financial Results Forecast for the Fiscal Year 2021 (from April 1, 2021 to March 31, 2022)(%: indicates changes from the previous corresponding period.)
Net sales
Million yen

Full year

Operating income% Million yen

43,500 (13.1)(3,980)Net income
attributable toshareholders ofparent company

Ordinary income

Net income
per share% Million yen%

Million yen%

Yen(4,360)-(3,120)-(116.31)-* Notes:(1) Changes in significant subsidiaries during the fiscal year 2020 (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, 2021: 26,863,974 shares
As of March 31, 2020: 26,863,974 shares
2) Number of treasury stock:
As of March 31, 2021: 38,964 shares
As of March 31, 2020: 38,932 shares
3) Average number of common shares outstanding:
For the year ended March 31, 2021: 26,825,040 shares
For the year ended March 31, 2020: 26,825,073 shares

(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year 2020 (April 1, 2020 to March 31, 2021)(1) Non-consolidated Operating Results(%: Changes from the previous fiscal year)
Net sales
Operating income
Ordinary income
Net income
For the year ended
Million yen%
Million yen%
Million yen%
Million yen%
March 31, 2021
46,724 (44.1)(9,446)(10,009)(11,582)
March 31, 2020
83,5289.3
1,707(45.0)
1,580(37.7)
1,039(48.9)For the year ended
March 31, 2021
March 31, 2020

Net income
per share

Diluted net income
per share
Yen

Yen(431.76)38.73(2) Non-consolidated Financial Position
Total assets
Million yen-

Net assets

Equity ratio

Net assets per share

Million yen%

Yen

92,594
17,623As of March 31, 2021
As of March 31, 2020
106,949
29,690(Reference) Equity: As of March 31, 2021: ¥17,623 million
As of March 31, 2020: ¥29,690 million

19.0
27.8

656.991,106.82*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 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 theforecasts, please refer to “Future Outlook” on page 5 of the Attachment.
The Company intends to hold a briefing session for institutional investors on May 25, 2021. The materials
distributed at 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(5) Significant Events Regarding Going Concern Assumption ....................................................................... 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(Additional information) ..................................................................................................................... 15(Consolidated Statements of Income) ................................................................................................. 15(Segment information, etc.) ................................................................................................................. 16(Per share information) .......................................................................................................................... 23(Significant subsequent events) ............................................................................................................. 23

1

1. Overview of Business Results, etc.
(1) Overview of Business Results for the Fiscal Year Under Review
During FY 2020, economies around the world were severely impacted by restrictions on movement ofpeople and sluggish economic activities due to the global spread of COVID-19. Although COVID-19
vaccination has started, there is no sign of an end to the infection and economic recovery remains challenging.
Under these circumstances, the dollar-yen exchange rate moved in the direction of yen appreciation within therange of ¥110 to ¥102 per US$1.
In the air transportation industry, the business environment has deteriorated significantly due tounprecedented flight reductions and cancellations as a result of the global COVID-19 pandemic, and airlines
have been forced to reduce their workforce drastically. While demand for domestic flights is slowly recovering
along with the resumption of economic activities with various COVID-19 countermeasures taken by airlines,
demand for international flights continues to face a challenging situation. As for aircraft manufacturers too,both Boeing and Airbus are substantially reducing production due to the sharp decline in demand for airtransportation.
Under this situation, in which the end of the infection remains unclear, the Group has promoted businessprocess reforms and measures to enhance the efficiency of its production system on a company-wide level in
preparation for a future recovery in demand for air transportation, aiming to improve quality and profitability
while enhancing the efficiency of its management by reducing workforce and cost, limiting investment,
reorganizing production bases, and reducing inventory, under the assumption that the current harsh businessenvironment will continue for some time. In addition, we thoroughly enforced COVID-19 countermeasureswhile working to reduce physical contact between employees by adopting remote work, shift work, and thedispersion of work areas at the workplace, and flexibly responded to the sudden drop in workload throughmeasures such as temporary leave of employees and secondment to companies outside the Group.
In the aircraft interiors business and the aircraft seat business, we carried out an urgent review of the
production plan and reorganized production bases, in response to the sudden drop in air transportation demand.
We also worked to develop products to ensure a clean and hygienic cabin in order to relieve the anxiety felt bypassengers onboard. The amount of orders received decreased significantly compared to the previous fiscal
year due to drastic production cuts by aircraft manufacturers as a result of a sharp drop in air transportation
demand and partial postponement and cancellation of orders from airlines. However, inquiries and orders fromairlines have increased from January onward with the expectation that the spread of COVID-19 will subside, as
the effectiveness of vaccination has been confirmed.
In the aircraft components business, we took initiatives to improve productivity, while proceeding with inhouse production of interiors-related and other parts by applying the processing technologies we haveaccumulated over the years. We are also proceeding with the development of lightweight aircraft components
using thermoplastic CFRP.
In the aircraft maintenance business, we aimed to establish a business base capable of generating stableprofits by continuing with initiatives to ensure flight safety and enhance quality, while also endeavoring toacquire orders for aircraft maintenance for airlines and government and municipal offices.
As a result, on a consolidated basis, during FY 2020, the Company posted net sales of ¥50,058 million(down ¥41,477 million compared to the previous fiscal year), operating loss of ¥10,902 million (an operating
income of ¥1,807 million in the previous fiscal year), ordinary loss of ¥11,756 million (an ordinary income of¥1,178 million in the previous fiscal year), and net loss attributable to shareholders of parent company of¥13,585 million (a net income attributable to shareholders of parent company of ¥605 million in the previous
fiscal year).
Provision for loss on construction contracts of ¥4,102 million for construction to be completed in or after
the next fiscal year was recognized at the end of FY 2020. The impact of this provision for loss on construction
contracts on income (loss) for the quarterly fourth quarter of FY 2020 was a decrease of ¥778 million in cost of
sales (provision for loss on construction contracts as of December 31, 2020 was ¥4,881 million) and, for FY
2020, an increase of ¥494 million in cost of sales (provision for loss on construction contracts at the end of2

FY2019 was ¥3,607 million).
Selling, general and administrative expenses, non-operating income (expenses), and extraordinary income(loss) are as follows:
Selling, general and administrative expenses were ¥6,801 million (a decrease of ¥1,835 million compared tothe previous fiscal year), due mainly to decreases in personnel expenses, warranty expenses, experimentation
and research expenses, and sales commissions.
In terms of non-operating income (expenses), an expense of ¥853 million was reported due mainly to anincrease in foreign exchange losses resulting from the appreciation of the yen in the foreign exchange market
from the end of the previous fiscal year (an expense of ¥629 million in the previous fiscal year).
As for extraordinary income (loss), in the aircraft interiors business, the aircraft seat business, and theaircraft maintenance business, compensation for damages of ¥2,612 million was recognized as a result ofmultiple discussions based on indemnification clauses under contracts with customers. In addition, provision
for product warranties of ¥1,166 million was recognized in the aircraft interiors business as expenses related to
repairs and replacements of some products. Furthermore, in relation to COVID-19, although subsidy income,such as subsidies for employment adjustment due to the temporary leave of employees, of ¥1,094 million wasrecognized, a loss of ¥1,771 million related to COVID-19 was recognized which consists of running costs
including fixed costs resulting from the temporary leave of employees. Moreover, due mainly to recognizing
extra retirement payments of ¥461 million for employees who retired in connection with the consolidation of
production bases in order to optimize the scale of business due to sluggish air transportation demand resulting
from the spread of COVID-19, a loss of ¥4,980 million was reported (a loss of ¥279 million in the previous
fiscal year).
Total income taxes amounted to ¥(3,188) million (¥265 million in the previous fiscal year), as a result ofcarefully considering the recoverability of deferred tax assets in light of future outlook.
Business performance by segment is as follows.
[Aircraft Interiors Business]
In the aircraft interiors business, net sales decreased from the previous fiscal year, as sales of cabin retrofit
kits and spare parts for airlines decreased due to a decrease in aircraft operations, in addition to a decrease in
shipments of galleys and lavatories, as a result of aircraft manufacturers being forced to reduce production andchange production schedules due to the impact of the spread of COVID-19. Meanwhile, an ordinary loss wasreported due mainly to the decrease in net sales.
As a result, the aircraft interiors business posted net sales of ¥31,108 million (down ¥29,970 million
compared to the previous fiscal year) and ordinary loss of ¥8,073 million (ordinary income of ¥3,107 million in
the previous fiscal year).
[Aircraft Seat Business]
In the aircraft seat business, net sales decreased from the previous fiscal year due to shipments of some
programs being postponed to the next fiscal year and some cancellations by customers as a result of the impactof the spread of COVID-19. Meanwhile, an ordinary loss was reported due mainly to a decrease in net sales.
As a result, the aircraft seat business posted net sales of ¥8,090 million (down ¥7,903 million compared tothe previous fiscal year) and ordinary loss of ¥3,593 million (ordinary loss of ¥ 2,499 million in the previous
fiscal year).
[Aircraft Components Business]
In the aircraft components business, net sales decreased from the previous fiscal year due to a decrease in
shipments of CFRP structure parts and aircraft engine parts for commercial aircraft products, resulting fromaircraft manufacturers being forced to reduce production and change production schedules as a result of the3

impact of the spread of COVID-19. Meanwhile, an ordinary loss was reported due mainly to the decrease in net
sales.
As a result, the aircraft components business posted net sales of ¥4,330 million (down ¥2,002 million
compared to the previous fiscal year) and ordinary loss of ¥394 million (ordinary income of ¥6 million in theprevious fiscal year).
[Aircraft Maintenance Business]
In the aircraft maintenance business, net sales decreased from the previous fiscal year due to thepostponement of shipments of some programs to the next fiscal year in aircraft maintenance, as well as adecrease in orders received from airlines for wheels, brakes, and other items in equipment maintenance due tothe impact of the spread of COVID-19. Meanwhile, ordinary income decreased from the previous fiscal year
due mainly to the decrease in net sales.
As a result, the aircraft maintenance business posted net sales of ¥6,528 million (down ¥1,600 million
compared to the previous fiscal year) and ordinary income of ¥304 million (down ¥ 263 million compared tothe previous fiscal year).
[Others]
The Others segment includes the businesses of the consolidated subsidiary Orange JAMCO Corporation,
and we were able to make steady progress mainly in inter-segment transactions, including assistance work in
the aircraft interiors business.
As a result, the Others segment posted net sales of ¥0 million (down ¥0 million compared to the previous
fiscal year) and ordinary income of ¥0 million (ordinary loss of ¥4 million in the previous fiscal year).
(2) Overview of Financial Position for the Fiscal Year Under Review
Total assets as of March 31, 2021 amounted to ¥101,236 million, down ¥18,947 million from the end of theprevious fiscal year. Of such, total current assets decreased by ¥ 20,799 million from the end of the previous
fiscal year, due mainly to a decrease in notes and accounts receivable – trade (down ¥10,806 million comparedto the end of the previous fiscal year), a decrease in work in process (down ¥4,448 million compared to theend of the previous fiscal year), and a decrease in cash and deposits (down ¥3,415 million compared to the endof the previous fiscal year). Total non-current assets increased by ¥1,851 million from the end of the previous
fiscal year due to an increase in investments and other assets (up ¥3,142 million compared to the end of theprevious fiscal year), despite a decrease in property, plant and equipment (down ¥983 million compared to theend of the previous fiscal year) and a decrease in intangible assets (down ¥306 million compared to the end of
the previous fiscal year) as a result of relatively limited investment for the FY 2020.
Total liabilities amounted to ¥84,719 million, down ¥5,091 million from the end of the previous fiscal year.
This was attributable primarily to a decrease in notes and accounts payable – trade (down ¥7,667 million
compared to the end of the previous fiscal year), a decrease in electronically recorded obligations – operating(down ¥6,068 million compared to the end of the previous fiscal year), a decrease in advances received (down¥3,127 million compared to the end of the previous fiscal year), and a decrease in accrued expense–salary(down ¥1,366 million compared to the end of the previous fiscal year), which offset the increase in short-termloans payable (up ¥11,731 million compared to the end of the previous fiscal year).
Total net assets amounted to ¥16,517 million, down ¥13,856 million from the end of the previous fiscal year.
This was due primarily to a decrease in retained earnings (down ¥14,122 million compared to the end of theprevious fiscal year) as a result of reporting a net loss attributable to shareholders of parent company and cash
dividend payment. As a result, the equity ratio stood at16.0%.
(3) Overview of Cash Flows for the Fiscal Year Under Review
Cash and cash equivalents as of March 31, 2021 decreased by ¥ 3,220 million compared to the end of theprevious fiscal year, as a result of the cash flows described below.

4

(Cash flows from operating activities)
During FY 2020, net cash used in operating activities increased by ¥329 million compared to the previous
fiscal year, to a cash outflow of ¥11,615 million. This was due mainly to a decrease in income before taxes,
despite an increase from collecting notes and accounts receivable – trade.
(Cash flows from investing activities)
During FY 2020, net cash used in investing activities decreased by ¥1,466 million compared to the previous
fiscal year, to a cash outflow of ¥1,104 million. This was due mainly to a decrease in purchase of property,
plant and equipment.
(Cash flows from financing activities)
During FY 2020, net cash provided by financing activities decreased by ¥7,372 million compared to theprevious fiscal year, to a cash inflow of ¥9,581 million.
(4) Future Outlook
It remains unclear when COVID-19 will come to an end at this time. In the air transportation industry inwhich the Group is involved, following the sharp decline in passenger demand mainly as a result of the spreadof COVID-19, the global business environment for airlines has deteriorated significantly. Although the steep
decline in demand for air transportation has forced aircraft manufacturers to substantially reduce production,
the Company estimates demand for air transportation will recover from FY2021 gradually because of the
COVID-19 vaccination.
Under these circumstances, the Group will promote business process reforms and measures to enhance theefficiency of its production system on a company-wide level in preparation for a future recovery in demand for
air transportation, aiming to improve quality and profitability, while striving to establish a solid businessstructure and improve profitability by working to reduce cost and limit investment, under the assumption thatthe current harsh business environment will continue through FY 2021
In light of these circumstances, our outlook of consolidated operating results for FY 2021 calls for net salesof ¥43,500 million, operating loss of ¥3,980 million, ordinary loss of ¥4,360 million, and net loss attributable toshareholders of parent company of ¥3,120 million. The exchange rate assumed for the outlook is ¥103 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% as for the immediate future. However, the Group’s
results have deteriorated significantly due to the spread of COVID-19, and we regret to inform shareholders
that we will not pay any dividends for this fiscal year. We would like to express our sincere apologies and ask
our shareholders for their continued support as we will try to resume dividend payments as soon as practicallypossible.
(5) Significant Events Regarding Going Concern Assumption
The Group has suffered a significant impact from the spread of COVID-19, including a drop in net sales.
Under such an unprecedented situation, the Group has carried out an urgent review of the production plan andreorganized production bases in response to the sudden drop in air transportation demand and is making efforts
to reduce costs through reductions in the workforce and limiting investment while striving to enhance theefficiency of its management by reducing inventories. The Group has also flexibly responded to the sudden
drop in workload through measures such as temporary leave of employees and secondment to companies
outside the Group.
In addition, by enhancing the relationships of close coordination with partner financial institutions including
the main bank, the Group has secured their ongoing support such as increases in borrowing limits andcontinuation of loans. As the Group has no issues with financing for the immediate future, it has determinedthat there are no material uncertainties regarding going concern assumption.

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, 2020
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Consumption taxes receivable
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
SoftwareLeased assets
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term prepaid expenses
Guarantee deposits
Deferred tax assets
Other
Total investments and other assets
Total non-current assets
Total assets

7

As of March 31, 2021

8,690,990
31,898,770
1,422,398
30,328,978
20,500,595
520,946
4,378,388(8,504)
97,732,564

5,275,305
21,092,693
657,983
25,880,634
20,869,999
262,304
3,005,708(111,660)
76,932,968

19,283,085(12,519,980)
6,763,105
10,358,913(8,367,749)
1,991,164
3,440,275
1,060,811(454,797)
606,013130,138
7,991,862(7,156,519)
835,343
13,766,040

19,381,099(12,991,292)
6,389,807
10,243,111(8,370,600)
1,872,511
3,417,211
1,097,980(606,365)
491,615
158,261
7,846,307(7,393,410)
452,896
12,782,303

1,245,678
605,706
147,736
1,999,120

1,126,256
509,997
56,111
1,692,365

453,439
45,79885,597
6,063,002
38,982
6,686,819
22,451,980
120,184,545

580,71433,32481,0159,103,337
30,8399,829,231
24,303,899
101,236,868

(Thousand yen)
As of March 31, 2020
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term loans payable
Current portion of long-term loans payable
Lease obligations
Accrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Accrued expense-salary
Provision for loss on construction contracts
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Lease obligations
Liability for employee retirement benefits
Long-term accounts payable - other
Provision for loss on compensation
Provision for product warranties
Deferred tax liabilities
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
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

8

As of March 31, 2021

11,394,529
9,551,128
36,386,966
1,200,000
380,126
1,306,804
302,208
155,7628,644,784
1,642,946
3,607,749
2,376,776
76,949,782

3,726,562
3,482,624
48,118,560
1,000,000
297,701
888,178
54,034
47,1325,516,822
276,135
4,102,485
3,862,881
71,373,119

3,500,000
794,172
7,282,672
253,902
987,196
43,32012,861,263
89,811,045

3,000,000
614,000
6,919,824
173,788
1,452,434
1,166,789
19,431
13,346,268
84,719,388

5,359,893
4,309,484
20,483,085(31,175)
30,121,288

5,359,893
4,318,925
6,360,683(31,205)
16,008,296

104,663

156,385(41,674)

17,776(339,306)

36,052(276,318)
528,529
30,373,500
120,184,545

210,214
298,969
16,517,480
101,236,868

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income
FY 2019(From April 1, 2019 toMarch 31, 2020)

Net sales
Cost of sales
Gross profit (loss)
Selling, general and administrative expenses
Operating income (loss)
Non-operating income
Interest income
Dividend income
Share of gain of entities accounted for using equity
methodInsurance income
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Share of loss of entities accounted for using equity
methodLoss on transfer of accounts receivable
Compensation expenses
Other
Total non-operating expenses
Ordinary income (loss)
Extraordinary income
Gain on sales of non-current assets
Insurance income
Subsidy income
Total extraordinary income
Extraordinary loss
Loss on disposal of non-current assets
Impairment loss
Loss on disaster
Loss related to quality
Loss related to COVID-19
Extra retirement payments
Provision for product warranties
Compensation for damage
Total extraordinary loss
Income (loss) before taxes
Income taxes – current
Income taxes – deferred
Total income taxes
Net income (loss)
Net income attributable to non-controlling interests
Net income (loss) attributable to shareholders of parent
company

9(Thousand yen)
FY 2020(From April 1, 2020 toMarch 31, 2021)

91,535,360
81,090,903
10,444,456
8,636,882
1,807,573

50,058,297
54,159,277(4,100,980)
6,801,402(10,902,382)

47,071
5,300-

12,064
1,949
52,01952,110195,41384,886
384,782

87,09087,356
109,781350,263421,684
111,896

394,100
486,877

11,396-

126,958
266,108
76,242
1,014,287
1,178,069

20,481
131,954
170,550
1,203,965(11,756,084)

60,00060,00014,454
1,094,284
1,108,738

67,165
15,125
13,306244,243
339,841
898,227
360,986(95,911)265,075
633,152
27,319605,832

44,501
32,551
1,771,431
461,668
1,166,789
2,612,737
6,089,679(16,737,025)
22,324(3,210,667)(3,188,343)(13,548,682)
37,218(13,585,900)

Consolidated Statements of Comprehensive Income
FY 2019(From April 1, 2019 toMarch 31, 2020)
Net income (loss)
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
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to shareholders ofparent company
Comprehensive income attributable to non-controllinginterests

10(Thousand yen)
FY 2020(From April 1, 2020 toMarch 31, 2021)

633,152(13,548,682)(61,344)(50,597)(179,580)(122,215)(413,738)
219,41451,721
56,848375,359
483,929(13,064,752)

208,155(13,099,368)

11,25834,615

(3) Consolidated Statements of Changes in Equity
For fiscal year 2019 (from April 1, 2019 to March 31, 2020)(Thousand yen)
Shareholders’ equity
Capital stock
Balance at the beginning of
periodChanges in items during period
Dividends of surplus
Net income (loss) attributable
to shareholders of parent
company
Purchase of treasury stock
Change in ownership interestof parent due to transactions
with non-controllinginterests
Tax effect adjustment
regarding changes in equity
Net changes of items otherthan shareholders’ equity
Total changes of items during
periodBalance at the end of period

Capital surplus

5,359,893

4,309,484

Retainedearnings
20,413,755

166,007(30,968)

30,052,165(536,502)(536,502)

605,832

605,832
(207)

(207)

-

-

69,329(207)

69,1225,359,893

4,309,484

20,483,085(31,175)

30,121,288

Accumulated other comprehensive income
Accumulated
Valuation
Foreign
Deferred gains
adjustment fordifference on
currency
or losses on
employeeavailable-fortranslation
hedgesretirement
sale securities
adjustment
benefits
Balance at the
beginning of period

Totalshareholders’equityTreasury stock

50,597

121,844(217,091)

Total
accumulated
othercomprehensive
incomeNoncontrollinginterests

Total net
assets121,358

541,951

30,715,475

Changes in items
during period(536,502)

Dividends of surplus
Net income (loss)
attributable toshareholders ofparent company
Purchase of treasury
stock
Change in ownershipinterest of parent
due to transactions
with noncontrolling interests
Tax effect adjustment
regarding changes
in equity
Net changes of items
other thanshareholders’ equity

605,832

(207)

-

-

(61,344)(50,597)(163,519)(122,215)(397,676)(13,422)(411,098)

Total changes of items
during period(61,344)(50,597)(163,519)(122,215)(397,676)(13,422)(341,975)

Balance at the end of
period104,663-(41,674)(339,306)(276,318)

528,529

30,373,500

11

For fiscal year 2020 (from April 1, 2020 to March 31, 2021)(Thousand yen)
Shareholders’ equity
Capital stock
Balance at the beginning of
periodChanges in items during period
Dividends of surplus
Net income (loss) attributable
to shareholders of parent
company
Purchase of treasury stock
Change in ownership interestof parent due to transactions
with non-controllinginterests
Tax effect adjustment
regarding changes in equity
Net changes of items otherthan shareholders’ equity
Total changes of items during
periodBalance at the end of period

Balance at the
beginning of period

Capital surplus

5,359,893

4,309,484

Retainedearnings

Total
shareholders’equityTreasury stock

20,483,085(31,175)

30,121,288(536,500)(536,500)(13,585,900)(13,585,900)
(30)

(30)

(8,474)(8,474)

17,915

17,915-9,440(14,122,401)(30)(14,112,991)

5,359,893

4,318,925

6,360,683(31,205)

16,008,296

Accumulated other comprehensive income
Accumulated
Valuation
Foreign
Deferred gains
adjustment fordifference on
currency
or losses on
employeeavailable-fortranslation
hedgesretirement
sale securities
adjustment
benefits

Total
accumulated
othercomprehensive
incomeNoncontrollinginterests(339,306)(276,318)

528,529

104,663-(41,674)

Total net
assets30,373,500

Changes in items
during period
Dividends of surplus
Net income (loss)
attributable toshareholders ofparent company
Purchase of treasury
stock
Change in ownershipinterest of parent
due to transactions
with noncontrolling interests
Tax effect adjustment
regarding changes
in equity
Net changes of items
other thanshareholders’equityTotal changes of items
during period
Balance at the end of
period(536,500)(13,585,900)(30)(8,474)

17,91551,721-59,451

375,359

486,532(229,560)

256,971

51,721-59,451

375,359

486,532(229,560)(13,856,019)

156,385-

17,77636,052

210,214

298,969

16,517,480

12

(4) Consolidated Statements of Cash Flows(Thousand yen)

Cash flows from operating activities
Income (loss) before taxes
Depreciation
Impairment loss
Increase (decrease) in allowance for doubtful accounts
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
Increase (decrease) in provision for productwarranties
Increase (decrease) in provision for loss related toquality
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on disposal of non-current assets
Loss related to COVID-19
Extra retirement payments
Subsidy income
Other non-operating expenses (income)Decrease (increase) in notes and accounts receivable trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable trade
Decrease (increase) in advances paid
Increase (decrease) in advances received
Other
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities

13

FY 2019

FY 2020(From April 1, 2019 toMarch 31, 2020)(From April 1, 2020 toMarch 31, 2021)

898,227
2,821,169
15,125
5,170(53,699)(16,737,025)
2,468,082
32,551
102,365(1,366,811)(173,441)

494,736(32,182)

96,46965,654465,238-

1,166,789(67,817)-(52,371)421,684(148,061)(14,014)394,100
201,494

11,396(52,019)

67,165
128,340

30,046
1,771,431
461,668(1,094,284)
38,757(9,428,402)

10,821,328(3,657,149)

4,953,045

3,270,353(13,742,501)(287,682)(2,260,409)(961,384)(9,418,313)
52,372(421,005)(1,498,599)(11,285,545)(442,301)(3,114,553)
2,034,065(11,031,338)
14,014(397,159)(200,527)(11,615,010)

(Thousand yen)

Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of investment securities
Collection of loans receivable
Decrease (increase) in time deposits
Other payments
Other proceeds
Net cash provided by (used in) investing activities
Cash flows from financing activities
Increase in short-term loans payable
Decrease in short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Payments from changes in ownership interests in
subsidiaries that do not result in change in scope of
consolidation
Repayments of lease obligations
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
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents, beginning of period
Cash and cash equivalents, end of period14

FY 2019

FY 2020(From April 1, 2019 toMarch 31, 2020)(From April 1, 2020 toMarch 31, 2021)(2,080,690)
6,358
(952)
2,427
217,480(724,160)
8,681(2,570,856)(1,038,912)
62,991(706)
1,166
212,120(352,883)
11,607(1,104,616)

80,002,386(60,860,423)
1,000,000(2,300,000)

57,480,864(45,978,836)
500,000(1,200,000)-(248,070)(327,624)(207)(535,919)(24,680)
16,953,530(408,648)(30)(539,209)(24,580)
9,581,488

24,071(82,567)

3,121,200
4,046,170
7,167,370(3,220,705)
7,167,370
3,946,665

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

(Additional information)
The accounting estimation related to the COVID-19 pandemic
The Group makes accounting estimates for items including impairment loss on non-current assets andrecoverability of deferred tax assets, based on information available at the time of preparation of the quarterly
consolidated financial statements.
In making accounting estimates, the Group has formulated its sales plan with the assumption that air passenger
demand will recover to levels before the COVID-19 pandemic in or around 2024. As for income, the Group has
made accounting estimates based on the expectation that its income will recover to the level of FY 2019, which
was before the COVID-19 pandemic, in FY 2022 due in part to the effects of optimizing the scale of business.
Because estimates on the spread and the timing of the end of COVID-19 contain uncertainties, actual results may
differ from these assumptions.
(Consolidated Statements of Income)Subsidy income¥1,094,284 thousand in subsidy income, such as subsidies for employment adjustment due to the temporary
leave of employees, has been recognized under extraordinary income.
Loss related to COVID-19¥1,771,431 thousand in loss related to COVID-19 has been recognized under extraordinary loss for runningcosts including fixed costs resulting from the temporary leave of employees, as operations significantly declined
due to the global spread of COVID-19 and a declaration of a state of emergency issued by the government.
Extra retirement payments¥461,668 thousand in extra retirement payments for employees who retired in connection with theconsolidation of overseas production bases in order to optimize the scale of business due to sluggish passenger
demand resulting from the spread of COVID-19 has been recognized under extraordinary loss.

Provision for product warranties¥1,166,789 thousand in provision for product warranties has been recognized under extraordinary loss as
expenses related to repairs and replacements of some products.

Compensation for damage¥2,612,737 thousand in compensation for damage has been recognized under extraordinary loss as a result ofmultiple discussions based on indemnification clauses under contracts with customers.

15

(Segment information, etc.)[Segment information]
1. Overview of reportable segments
Reportable segments of the Group are determined from those which can provide separate financial information,
and are regularly reviewed by the Board of Directors to determine the allocation of management resources and toevaluate achievements among the constituent units of the Group.
The Group is composed of a single group and three divisions (Aircraft Interiors and Seat Manufacturing
Division, Aircraft Components Manufacturing Division and Aircraft Maintenance Group), each of which conducts
business activities by developing independent management strategies for products and services it handles. The
Group consists of segments organized by product and 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 the 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 heat exchangers, aircraft equipment including aircraft engine parts, and CFRP structure parts.
“Aircraft Maintenance Business” conducts operations such as maintenance and alteration of regional jets, mediumand 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.

16

3. Information on net sales, income (loss), assets, liabilities and others by reportable segment
For fiscal year 2019 (from April 1, 2019 to March 31, 2020)(Thousand yen)

Net sales
Net sales to outside
customers
Inter-segment net sales ortransfers
Total
Segment income (loss)
Segment assets
Other items
Depreciation
Interest income
Interest expenses
Share of profit (loss) ofentities accounted forusing equity method
Increase in property, plantand equipment, intangible
assets and long-term
prepaid expenses

Aircraft
Interiors
Business

Reportable segment
Aircraft
Aircraft
Aircraft Seat
Components MaintenanceBusiness
Business
Business

61,078,579

15,994,367

6,333,087

8,129,269

91,535,304

56

91,535,360

478,062

196,273

28,636

41,761

744,733

109,492854,226

61,556,642
3,107,854
79,648,928

16,190,640(2,499,623)
20,453,910

6,361,723
6,623
10,360,913

8,171,031
567,616
9,683,719

92,280,038
1,182,471
120,147,471

1,823,373
44,986262,123

235,737970
102,336

438,488598
31,202

323,569515
26,021

2,821,169
47,071
421,684-

2,821,169
47,071
421,684---(11,396)(11,396)-(11,396)

1,715,880

62,513389,361

219,299

2,387,054-

2,387,054

Total

Others(Note)

Total

109,548 92,389,586(4,402)
1,178,069
37,074 120,184,545(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 assistance work in the Company’s factories, which is one of the corporatesocial responsibilities.

17

For fiscal year 2020 (from April 1, 2020 to March 31, 2021)(Thousand yen)
Reportable segment
Aircraft
Aircraft
Aircraft Seat
Components MaintenanceBusiness
Business
Business

Aircraft
Interiors
Business
Net sales
Net sales to outside
customers
Inter-segment net sales ortransfers
Total
Segment income (loss)
Segment assets
Other items
Depreciation
Interest income
Interest expenses
Share of profit (loss) ofentities accounted forusing equity method
Increase in property, plantand equipment, intangible
assets and long-term
prepaid expenses

Total

Others(Note)

Total

31,108,073

8,090,920

4,330,379

6,528,918

50,058,292

550,058,297

475,708

201,209

2,448

13,413

692,778

107,175

799,954

31,583,782(8,073,893)
66,892,026

8,292,129(3,593,268)
14,862,708

4,332,827(394,159)
8,851,291

6,542,331
304,307
10,592,118

50,751,070(11,757,013)
101,198,145

107,181929
38,72250,858,251(11,756,084)
101,236,868

1,605,734
11,642
250,243

110,177
179
92,378419,697120
25,143

332,472
122
26,3352,468,082
12,064394,100-

2,468,082
12,064394,100---

52,01952,019-52,019582,284

10,126

238,440

259,858

1,090,710-

1,090,710(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 assistance work in the Company’s factories, which is one of the corporatesocial responsibilities.

18

4. Differences between the total amount of reportable segments and the amounts in the Consolidated Financial
Statements and the major details of such differences(Matters relating to adjustment of differences)(Thousand yen)
Net sales
Reportable segments total
Net sales of Others
Eliminations of inter-segment transactions
Net sales in the Consolidated Financial Statements

Fiscal year 201992,280,038
109,548(854,226)
91,535,360

Fiscal year 2020
50,751,070
107,181(799,954)
50,058,297(Thousand yen)

Income (Loss)
Reportable segments total
Income (Loss) of Others
Ordinary income (loss) in the Consolidated Financial
Statements

Fiscal year 2019
1,182,471(4,402)

Fiscal year 2020
(11,757,013)
929

1,178,069(11,756,084)(Thousand yen)
AssetsReportable segments total
Assets of Others
Total assets in the Consolidated Financial Statements

Other items

Depreciation
Increase in property,
plant and equipment,
intangible assets,
and long-term
prepaid expenses

Reportablesegments total

Fiscal year 2019
120,147,471
37,074
120,184,545

OthersFiscal year 2020
101,198,145
38,722
101,236,868(Thousand yen)Amounts in theConsolidated
Financial Statements

Adjustments

FY 2019

FY 2020

FY 2019

FY 2020

FY 2019

FY 2020

FY 2019

FY 2020

2,821,169

2,468,082

-

-

-

-

2,821,169

2,468,082

2,387,054

1,090,710

-

-

-

-

2,387,054

1,090,710

19

[Related information]
For fiscal year 2019 (from April 1, 2019 to March 31, 2020)
1. Information by product and service
This is omitted as similar information is disclosed in segment information.
2. Information by geographical area
(1) Net sales(Thousand yen)
North AmericaJapan
21,963,709

Asia & Oceania

U.S.
39,906,292

EuropeTotal

14,358,190

91,535,360

Singapore

39,151,817

15,307,167

7,888,193(Note) Net sales are classified by country or area based on the locations of customers.
(2) Property, plant and equipment(Thousand yen)Japan

North America

10,685,644

Asia & Oceania

2,217,399

Europe862,995

Total-

13,766,040

3. Information by major customers(Thousand yen)
Name of customer

Net sales

Related segment

MITSUBISHI INTERNATIONAL
CORP.

35,420,279

Aircraft interiors business

ITOCHU Singapore Pte, Ltd.

5,701,707

Aircraft interiors business, Aircraft seatbusiness

20

For fiscal year 2020 (from April 1, 2020 to March 31, 2021)
1. Information by product and service
This is omitted as similar information is disclosed in segment information.
2. Information by geographical area
(1) Net sales(Thousand yen)
North AmericaJapan
13,305,131

Asia & Oceania

U.S.
18,190,328

Singapore

18,026,798

10,554,269

7,708,937

EuropeTotal

8,008,567

50,058,297(Note) Net sales are classified by country or area based on the locations of customers.
(2) Property, plant and equipment(Thousand yen)Japan

North America

9,913,451

Asia & Oceania

2,172,680

EuropeTotal

696,171

12,782,303-

3. Information by major customers(Thousand yen)
Name of customer

Net sales

Related segment

MITSUBISHI INTERNATIONAL
CORP.

16,291,120

Aircraft interiors business

ITOCHU Singapore Pte, Ltd.

7,011,973

Aircraft interiors business, Aircraft seatbusiness[Information on impairment loss on non-current assets by reportable segment]
For fiscal year 2019 (from April 1, 2019 to March 31, 2020)(Thousand yen)
Aircraft
Interiors
Business
Impairment loss-

Reportable segment
Aircraft
Aircraft
Aircraft Seat
Components MaintenanceBusiness
Business
Business
15,125-

Total
15,125

Others-Total
15,125For fiscal year 2020 (from April 1, 2020 to March 31, 2021)(Thousand yen)
Aircraft
Interiors
Business
Impairment loss-

Reportable segment
Aircraft
Aircraft
Aircraft Seat
Components MaintenanceBusiness
Business
Business
16,754
15,79721

Total
32,551Others-Total
32,551

[Information on amortization and unamortized balance of goodwill by reportable segment]
For fiscal year 2019 (from April 1, 2019 to March 31, 2020)
There is no relevant information.
For fiscal year 2020 (from April 1, 2020 to March 31, 2021)
There is no relevant information.
[Information on gain on bargain purchase by reportable segment]
For fiscal year 2019 (from April 1, 2019 to March 31, 2020)
There is no relevant information.

For fiscal year 2020 (from April 1, 2020 to March 31, 2021)
There is no relevant information.

22

(Per share information)
Fiscal year 2019(from April 1, 2019 to March 31,
2020)
1,112.58 yen

604.60 yen

22.58 yen(506.46) yen

Not presented because there are no
latent shares.

Not presented because there are no
latent shares.

Net assets per share
Net income (loss) per share
Diluted net income (loss) per share

Fiscal year 2020
(from April 1, 2020 to March 31,
2021)(Notes) 1. The basis for calculating net income per share is as shown below.
Fiscal year 2019(from April 1, 2019 to March 31,
2020)
Net income (loss) attributable toshareholders of parent company(thousand yen)Amount not attributable to commonshareholders (thousand yen)
Net income (loss) attributable toshareholders of parent company
related to common shares(thousand yen)
Average number of common shares(thousand shares)

Fiscal year 2020
(from April 1, 2020 to March 31,
2021)

605,832(13,585,900)--

605,832(13,585,900)

26,82526,825

2. The basis for calculating net assets per share is as shown below.

Total net assets (thousand yen)Amount deducted from total net
assets (thousand yen)[including non-controlling interests(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)

Fiscal year 2019(as of March 31, 2020)
30,373,500

Fiscal year 2020(as of March 31, 2021)
16,517,480

528,529

298,969[528,529][298,969]

29,844,970

16,218,511

26,82526,825(Significant subsequent events)
There is no relevant information.

23