Consolidated Financial Results
for the Fiscal Year 2017
Ended March 31, 2018
[Japanese GAAP]May 8, 2018

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 27, 2018
The start date of payout of dividend: June 28, 2018
Submission date of securities report scheduled: June 27, 2018
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 2017 (from April 1, 2017 to March 31, 2018)(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, 2018
77,791
(4.9)
4,466
109.5
3,504
172.5
March 31, 201781,834 (10.6)
2,132(75.8)
1,285(84.4)(Note) Comprehensive income: Year ended March 31, 2018: ¥1,890 million [103.7 %]Year ended March 31, 2017: ¥927 million [(80.1)%]
Net income per
share

Diluted net
income per
share

Rate of returnon equity

Net income attributable
to shareholders ofparent company
Million yen%

Ordinary
income to total
assets

1,681
1,014

65.8
(80.4)

Operatingincome to net
sales

For the year ended
Yen
Yen
%
%
%
March 31, 2018
62.69
6.0
3.7
5.7
March 31, 2017
37.82
3.7
1.4
2.6
(Reference) Equity in earnings (losses) of affiliates: Year ended March 31, 2018: ¥37 million
Year ended March 31, 2017: ¥37 million(2) Consolidated Financial Position
Total assets
Net assets
Equity ratio
Net assets per share
Million yen%

Yen

As of March 31, 2018
94,45629,553As of March 31, 201792,55928,003(Reference) Equity: As of March 31, 2018: ¥28,752 million
As of March 31, 2017: ¥27,189 million(3) Consolidated Cash Flows
Cash flows
Cash flows fromfrom operating
investing activities
activities
Million yen
Million yen
For the year ended
March 31, 2018
3,971
(2,810)March 31, 2017
2,128
(3,176)

Million yen

30.4
29.4

1,071.84
1,013.58

Cash flows fromfinancing activities

Cash and cash
equivalents at theend of period

Million yen

Million yen

(460)
(587)

2,399
1,772

2. Dividend distribution
Dividend distribution per share
1stquarter-end
Yen

2nd
quarter-end
Yen

3rd
quarter-end
Yen

Yen

Yen

-

0.00
0.00

-

10.00
20.00

10.00
20.00

-

0.00

-

20.00

20.00

Fiscal year 2016
Fiscal year 2017
Fiscal year 2018
(Planned)Year-end

Total

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

268
536

26.4
31.9

1.0
1.9

29.8

3. Consolidated Financial Results Forecast for the Fiscal Year 2018 (from April 1, 2018 to March 31, 2019)(%: indicates changes from the previous corresponding period.)
Net sales
Million yen

2ndquarter-end
Full year

Operating income% Million yen

Ordinary income% Million yen

Net income
attributable toshareholders ofparent company

Net income
per share%

Million yen%

Yen

40,3005.91,550 (18.7)

1,400(25.3)

930(10.1)

34.66

81,9005.3

3,110 (30.4)

2,680(23.5)

1,800

7.0

67.10

* Notes:(1) Changes in significant subsidiaries during the fiscal year 2017 (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, 2018: 26,863,974 shares
As of March 31, 2017: 26,863,974 shares
2) Number of treasury stock:
As of March 31, 2018: 38,762 shares
As of March 31, 2017: 38,730 shares
3) Average number of common shares outstanding:
For the year ended March 31, 2018: 26,825,217 shares
For the year ended March 31, 2017: 26,825,267 shares

(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year 2017 (April 1, 2017 to March 31, 2018)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Operating income
Ordinary income
Net income
For the year ended
Million yen%
Million yen%
Million yen%
Million yen%
March 31, 2018
66,183
(3.1)
2,979
33.6
2,309
38.0
1,576
22.6
March 31, 2017
68,271 (13.5)
2,231(69.2)
1,673(74.4)
1,285(68.9)Net income
per share
For the year ended
March 31, 2018
March 31, 2017

Diluted net income
per share
Yen

Yen

58.77
47.92

-

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

Net assets

Equity ratio

Net assets per share

Million yen%

Yen

82,016
27,836
As of March 31, 2018
As of March 31, 201777,83526,312(Reference) Equity: As of March 31, 2018: ¥27,836 million
As of March 31, 2017: ¥26,312 million

33.9
33.8

1,037.68
980.87*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.

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 ...................................................................... 5(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) .......................................................................................................................... 21(Significant subsequent events) ............................................................................................................. 22

1

1. Overview of Business Results, etc.
(1) Overview of Business Results for the Fiscal Year Under Review
During FY 2017, the overall global economy remained firm, as the U.S. economy steadily improved, andthe economies in Japan and the euro-zone also continued to recover moderately, while China and the emerging
countries also showed signs of economic rebound. Meanwhile, uncertainties about the future heightened due tomounting geopolitical risks stemming from factors such as (i) changes in the financial capital markets and tradeissues by the policies of each country and (ii) the situation concerning North Korea. The foreign exchange
market generally remained stable owing to the expectation that the dollar would further strengthen toward theend of the third quarter. However, speculation of tapering of monetary easing toward the end of FY 2017,
inflationary concerns in the U.S., and risk aversion resulting from the chain of global stock sell-off led to an
accelerated appreciation of the yen and a depreciation of the dollar.
In the air transportation industry, growing global demand for air transportation and low crude oil prices haveresulted in improved earnings for airlines. However, fierce competition continues due to aggressive efforts of
low-cost carriers (LCCs), and major airlines are launching various strategies such as securing flight routes withhigh demand, enhancing passenger cabin services, and forging business alliance with LCCs. As for aircraft
manufacturers, while production is increasing of small- and mid-size passenger aircraft such as Boeing 787 andAirbus A350, production is declining of Boeing 777 which is transitioning to a new model and large passenger
aircraft such as Airbus A380. Nevertheless, demand for Boeing 777X which is to replace Boeing 777 is
expected to increase in the future.
Under such circumstances, in the aircraft interiors business, we promoted initiatives to improve production
efficiency and reduce cost, while promoting the development and manufacture of new products such aslavatories for Boeing 777X and rear galleys for Airbus A350.
In the aircraft seat business, we promoted initiatives to improve production efficiency and reduce cost, while
promoting the development and manufacture of new seats such as next-generation standard seats.
In the aircraft components business, we worked to improve productivity for carbon fiber reinforced plastic(CFRP) structure parts and aircraft engine parts.
In the aircraft maintenance business, we continued with initiatives to ensure flight safety and enhancequality, while also taking initiatives to expand the range of services and improve earnings, in addition topromoting order receipt of new products.
During FY 2017, net sales decreased from the previous fiscal year owing largely to the impact of a decreasein shipments of galleys and lavatories for the current Boeing 777 which are making a transition to Boeing 777X
under development by Boeing. Meanwhile, income increased from the previous fiscal year due mainly to anincrease in sales of highly profitable spare parts and additional sales resulting from changes in customer
specifications.
As a result, on a consolidated basis, during FY 2017, the Company posted net sales of ¥77,791 million(down ¥4,042 million compared to the previous fiscal year), operating income of ¥4,466 million (up ¥2,334
million compared to the previous fiscal year), ordinary income of ¥3,504 million (up ¥2,218 million comparedto the previous fiscal year) and net income attributable to shareholders of parent company of ¥1,681 million (up¥667 million compared to the previous fiscal year).
Provision for loss on construction contracts of ¥2,066 million for construction to be completed in or after
the next fiscal year was recognized at the end of FY 2017. The impact of this provision for loss on construction
contracts on income (loss) for the fourth quarter of FY 2017 was a decrease of ¥638 million in cost of sales(provision for loss on construction contracts as of December 31, 2017 was ¥2,705 million) and, for FY 2017, adecrease of ¥1,367 million in cost of sales (provision for loss on construction contracts at the end of FY 2016was ¥3,434 million).
Selling, general and administrative expenses, non-operating income (expenses), and extraordinary income(loss) are as follows:2

Selling, general and administrative expenses were ¥8,687 million (a decrease of ¥182 million compared tothe previous fiscal year) due mainly to decreases in personnel expenses, sales commissions, and warranty
expenses.
In terms of non-operating income (expenses), an expense of ¥962 million was reported due mainly torecognition of compensation expenses of ¥416 million resulting from the early cancellation of contracts withcustomers, despite an improvement in foreign exchange gains (losses) from the previous fiscal year which wasaffected by the sharp appreciation of the yen (an expense of ¥846 million in the previous fiscal year). Foreignexchange gains of ¥12 million were recognized during the third quarter of FY 2017 (April 1, 2017 to December
31, 2017); however, foreign exchange losses of ¥416 million were recorded in non-operating expenses during
FY 2017 (April 1, 2017 to March 31, 2018) due to foreign exchange losses of ¥429 million during the fourth
quarter of FY 2017 (January 1, 2018 to March 31, 2018) primarily as a result of fluctuations in the foreignexchange market.
As for extraordinary income (loss), a loss of ¥49 million was reported due mainly to loss on disposal of noncurrent assets (a loss of ¥23 million in the previous fiscal year).
Total income taxes were ¥1,690 million (up ¥1,491 million compared to the previous fiscal year) primarily
due to the recording of ¥421 million in the impact of revisions from the recalculation of a U.S. subsidiary’sdeferred tax assets following the enactment of the tax reform act, which includes a reduction of the U.S. federal
income tax rate from 35% to 21% on December 22, 2017 (local time).
Business performance by segment is as follows.
[Aircraft Interiors Business]
In the aircraft interiors business, we continued various initiatives to expand order receipt of new products
and aftermarket products in line with the business strategy of aiming at becoming a total interior integrator of
cabin interiors and equipment, while working to improve the efficiency of the development and manufacture
and production system for interior products for newly-built aircraft.
During the fiscal year under review, we began shipment of rear galleys for Airbus A350.
Net sales for the fiscal year under review decreased from the previous fiscal year owing mainly to adecrease in shipments of galleys and lavatories for the current Boeing 777 that are being replaced by Boeing
777X.
Meanwhile, although ordinary income was somewhat impacted by the decrease in net sales, it increased
from the previous fiscal year, owing to increased sales of spare parts, additional sales resulting from changes incustomer specifications, lower costs achieved through cost reduction measures and a decline in provision forloss on construction contracts.
As a result, the aircraft interiors business posted net sales of ¥50,992 million (down ¥4,319 million
compared to the previous fiscal year) and ordinary income of ¥6,793 million (up ¥2,117 million compared tothe previous fiscal year).
[Aircraft Seat Business]
In the aircraft seat business, we promoted sales through the development of attractive products, whilestrengthening cost management and the supply chain in order to realize a stable business base and improve
productivity.
During the fiscal year under review, we started delivery of business class seats for Airbus A380s for
Singapore Airlines. We also pushed forward the development and sales of next-generation standard seats as
exemplified in the announcement of the premium seats for Boeing 787.
Net sales for the fiscal year under review decreased from the previous fiscal year due to changes in thedelivery dates for some programs, despite product shipments from new programs and increased sales of spareparts for seats.
With regard to ordinary income (loss), although we worked to improve production efficiency, an increase in
the initial costs of development and manufacturing of new programs and other factors resulted in an ordinary3

loss.
As a result, the aircraft seat business posted net sales of ¥12,484 million (down ¥71 million compared to theprevious fiscal year) and ordinary loss of ¥3,641 million (ordinary loss of ¥3,547 million in the previous fiscal
year).
[Aircraft Components Business]
In the aircraft components business, we endeavored to expand order receipt of products such as heatexchangers mainly for defense-related use, as well as worked to improve the efficiency of the production
system mainly for CFRP structure parts and aircraft engine parts.
During the fiscal year under review, net sales decreased from the previous fiscal year. This was because,
although the production of aircraft engine parts rose, there was a decline in shipments of CFRP structure parts
owing mainly to the impact of the decrease in production of Airbus A380.
Meanwhile, ordinary income increased from the previous fiscal year due mainly to an improvement in
profitability of CFRP structure parts for Airbus A350 and an improvement in production efficiency for aircraft
engine parts.
As a result, the aircraft components business posted net sales of ¥6,312 million (down ¥36 million
compared to the previous fiscal year) and ordinary income of ¥216 million (up ¥119 million compared to theprevious fiscal year).
[Aircraft Maintenance Business]
In the aircraft maintenance business, we made efforts to ensure flight safety and persistently reinforce thequality assurance system, as well as strengthen initiatives for new high-value-added businesses.
During the fiscal year under review, we promoted initiatives for the airline business that included theconclusion of an agreement for maintenance of regional jets, as well as pursued activities for new businessdevelopment including the commencement of maintenance business for new products in equipment
maintenance.
Although net sales of aircraft maintenance were weak as a result of a decrease in completed construction
due to factors such as the termination of our contract for regular inspection and maintenance of Civil Aviation
Bureau flight inspection aircraft and changes in the delivery dates for a portion of government agency-related
aircraft maintenance, net sales for the fiscal year under review increased from the previous fiscal year due tocontinued strong production for equipment maintenance.
Ordinary income increased from the previous fiscal year as a result of the promotion of measures to review
the contract for existing equipment maintenance and activities to win orders for new products.
As a result, the aircraft maintenance business posted net sales of ¥8,002 million (up ¥385 million comparedto the previous fiscal year) and ordinary income of ¥139 million (up ¥75 million compared to the 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 loss of ¥4 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, 2018 amounted to ¥94,456 million, up ¥1,897 million from the end of theprevious fiscal year. Of such, total current assets increased by ¥2,203 million from the end of the previous fiscal
year, due mainly to an increase in cash and deposits (up ¥1,556 million compared to the end of the previous
fiscal year) and an increase in work in process (up ¥3,911 million compared to the end of the previous fiscal
year), despite a decrease in notes and accounts receivable - trade (down ¥706 million compared to the end of4the previous fiscal year) and a decrease in raw materials and supplies (down ¥2,726 million compared to theend of the previous fiscal year). Total non-current assets decreased by ¥306 million from the end of theprevious fiscal year as a result of relatively limited investment for the fourth quarter of FY 2017.
Total liabilities amounted to ¥64,903 million, up ¥346 million from the end of the previous fiscal year. This
was attributable primarily to an increase in electronically recorded obligations - operating (up ¥1,090 million
compared to the end of the previous fiscal year) and an increase in advances received (up ¥2,346 million
compared to the end of the previous fiscal year), which offset the decrease in notes and accounts payable - trade(down ¥2,089 million compared to the end of the previous fiscal year), a decrease in loans payable (down ¥502
million compared to the end of the previous fiscal year) and a decrease in provision for loss on construction
contracts (down ¥1,367 million compared to the end of the previous fiscal year).
Total net assets amounted to ¥29,553 million, up ¥1,550 million from the end of the previous fiscal year.
This was due primarily to an increase in retained earnings (up ¥1,413 million compared to the end of theprevious fiscal year). As a result, the equity ratio stood at 30.4%.
(3) Overview of Cash Flows for the Fiscal Year Under Review
Cash and cash equivalents as of March 31, 2018 increased by ¥626 million compared to the end of theprevious fiscal year, as a result of the cash flows described below.
(Cash flows from operating activities)
During FY 2017, net cash provided by operating activities increased by ¥1,842 million compared to theprevious fiscal year, to a cash inflow of ¥3,971 million. This was mainly due to an increase in inflows resulting
from a decrease in income before taxes and a decrease in notes and accounts receivable - trade.
(Cash flows from investing activities)
During FY 2017, net cash used in investing activities decreased by ¥365 million compared to the previous
fiscal year, to a cash outflow of ¥2,810 million. This was mainly due to the postponement of non-essential, nonurgent capital expenditure projects in an effort to cut back on expenses.
(Cash flows from financing activities)
During FY 2017, net cash used in financing activities decreased by ¥126 million compared to the previous
fiscal year, to a cash outflow of ¥460 million. The cash outflow was mainly because outflows from cash
dividends paid and repayments of loans payable to financial institutions exceeded the proceeds from loans
payable from financial institutions.
(4) Future Outlook
The global economy is expected to remain firm as the economic recovery trend continues in the U.S. andthe euro-zone as well as Japan. Meanwhile, as geopolitical risks grow in the Middle East and Southeast Asia,
uncertainties are increasing about the outlook for the financial markets. Also, there were concerns about adeterioration of corporate earnings mainly for export-oriented companies due to the appreciation of the yenfrom the beginning of the year.
In such a business environment, we will enhance the business base to secure stable earnings, continue
strengthening experiment and research, and conduct capital expenditure to improve productivity.
In the aircraft interiors business, although order receipt for the current Boeing 777 is expected to decline dueto the impact of the transition to Boeing 777X, the appreciation of the yen, and a drop in order prices, we willcontinue initiatives to expand order receipt of aftermarket products, respond to the increase in monthly aircraft
production to 14 with regard to products for Boeing 787, promote development of products for Boeing 777X,
and reduce cost.
In the aircraft seat business, we will strive to improve profitability through expanding order receipt ofstandard seats, responding to increased production, optimizing the supply chain, and improving production
efficiency.
In the aircraft components business, although production of CFRP structure parts for Airbus A380 is
expected to decrease, an increase in those for other Airbus aircraft and an increase in order receipt of aircraft
engine parts are expected. We will work to expand order receipt of various products, while pushing ahead with5

initiatives such as applying CFRP molding technology to interior products and seat products.
In the aircraft maintenance business, we will pursue new business initiatives for aircraft maintenance andactivities to win orders for equipment maintenance by setting our sights on foreign customers as well on thebasis of ensuring flight safety and enhancing quality. By doing so, we will aim at creating a new businessmodel as an MRO (Maintenance, Repair and Overhaul) provider.
In light of these circumstances, our outlook of consolidated operating results for FY 2018 calls for net salesof ¥81,900 million, operating income of ¥3,110 million, ordinary income of ¥2,680 million, and net income
attributable to shareholders of parent company of ¥1,800 million. The exchange rate assumed for the outlook is¥105 to US$1.

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, 2017
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Consumption taxes receivable
Deferred tax assets
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
Leased 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, 2018

2,277,428
23,158,092
602,859
23,098,314
17,659,592
331,927
3,158,569
2,468,037(6,161)72,748,660

3,833,880
22,451,904
715,123
27,009,919
14,933,273
228,0052,240,936
3,542,048(2,944)74,952,147

18,679,687(10,865,272)
7,814,415
9,993,799(7,988,486)
2,005,312
3,484,134
406,446(305,066)
101,379
115,934
6,402,945(5,567,921)
835,023
14,356,198

18,640,039(11,413,692)
7,226,347
9,915,596(8,067,128)
1,848,468
3,460,331
545,644(345,167)
200,476
381,764
6,577,176(5,854,146)
723,029
13,840,417

427,970
1,134,254
1,562,225

658,060
1,285,614
1,943,674

480,806
98,574
98,1453,181,907
33,253
3,892,687
19,811,111
92,559,772

604,018
75,72787,222
2,921,601
32,1183,720,689
19,504,781
94,456,929

(Thousand yen)
As of March 31, 2017
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
Provision for directors’ and auditors’ retirement
benefits
Provision for executive officers’ retirement benefits
Liability for employee retirement benefits
Provision for loss on compensation
Deferred tax liabilities
Other
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-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

8

As of March 31, 2018

9,608,011
6,371,831
22,741,823
700,000
150,780
993,272
965,269
146,550
3,704,268
1,302,943
3,434,215
2,126,893
52,245,859

7,518,512
7,462,195
22,239,114
900,000
220,798
1,327,751
611,221117,085
6,051,066
1,604,173
2,066,719
2,183,620
52,302,258

4,700,000
384,983

4,500,000
613,308

175,420

184,006

119,7026,808,585
67,38754,293
12,310,373
64,556,232

129,501
6,876,571
203,751
66,457
27,20912,600,807
64,903,066

5,359,893
4,367,993
17,626,220(30,689)
27,323,417

5,359,893
4,367,993
19,039,542(30,772)
28,736,656

106,871(72,280)
135,690

177,595
72,818(46,134)(304,154)(188,623)(133,873)
813,996
28,003,540
92,559,772

15,656
801,550
29,553,862
94,456,929

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Thousand yen)
FY 2017

FY 2016(From April 1, 2016 to
March 31, 2017)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodInsurance income
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Compensation expenses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of non-current assets
Gain on sales of investment securities
Total extraordinary income
Extraordinary loss
Loss on disposal of non-current assets
Head office transfer expenses
Total extraordinary loss
Income before taxes
Income taxes – current
Income taxes – deferred
Total income taxes
Net income
Net income attributable to non-controlling shareholders
Net income attributable to shareholders of parent company

9(From April 1, 2017 toMarch 31, 2018)

81,834,495
70,832,154
11,002,340
8,870,335
2,132,004

77,791,842
64,637,686
13,154,156
8,687,995
4,466,160

7,567
4,445

16,872
4,599

37,40037,43476,541
91,347217,302

33,000113,344
80,473285,724

309,176555,387
128,00270,797
1,063,364
1,285,942

325,221416,227
416,291
90,032
1,247,773
3,504,111

961
4,062
5,024

5,560
5,560

15,664
13,32028,985
1,261,982
839,058(639,641)
199,416
1,062,565
48,0601,014,504

54,581
54,581
3,455,090
743,993
946,682
1,690,676
1,764,413
82,8391,681,574

Consolidated Statements of Comprehensive Income(Thousand yen)
FY 2017

FY 2016(From April 1, 2016 to
March 31, 2017)

Net income
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Adjustment for employee retirement benefits
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to shareholders ofparent company
Comprehensive income attributable to non-controllingshareholders

10(From April 1, 2017 toMarch 31, 2018)

1,062,565

1,764,413

19,387(72,280)(92,534)
16,57970,724145,099(207,101)
115,530(5,963)

1,353(134,812)
927,752

125,606
1,890,020

898,909

1,831,102

28,84358,917

(3) Consolidated Statements of Changes in Equity
For fiscal year 2016 (from April 1, 2016 to March 31, 2017)(Thousand yen)
Shareholders’ equity
Capital stock
Balance at the beginning of
periodChanges in items during period
Dividends of surplus
Net income attributable toshareholders 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

Balance at the
beginning of period

Capital surplus

5,359,893

4,367,993

Retainedearnings
17,684,729

Total
shareholders’equityTreasury stock(30,452)

27,382,163(1,073,013)(1,073,013)

1,014,504

1,014,504
(236)

(236)

-

-

(58,509)(236)(58,745)

5,359,893

4,367,993

17,626,220(30,689)

27,323,417

Accumulated other comprehensive income
Accumulated
Total
Valuation
Foreign
Deferred gains
adjustment for accumulateddifference on
currency
or losses on
employeeotheravailable-fortranslation
hedgesretirement
comprehensive
sale securities
adjustment
benefits
incomeNoncontrollinginterests

Total net
assets(18,278)

838,434

28,202,319

87,484-

214,971(320,734)

Changes in items
during period(1,073,013)

Dividends of surplus
Net income
attributable toshareholders ofparent company
Purchase of treasurystock
Net changes of items
other thanshareholders’equityTotal changes of items
during period
Balance at the end of
period

1,014,504(236)

19,387(72,280)(79,280)

16,579(115,594)(24,438)(140,032)

19,387(72,280)(79,280)

16,579(115,594)(24,438)(198,778)

106,871(72,280)

135,690(304,154)(133,873)

813,996

28,003,540

11

For fiscal year 2017 (from April 1, 2017 to March 31, 2018)(Thousand yen)
Shareholders’ equity
Capital stock
Balance at the beginning of
periodChanges in items during period
Dividends of surplus
Net income attributable toshareholders 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

Capital surplus

5,359,893

4,367,993

Retainedearnings
17,626,220(30,689)

27,323,417(268,252)(268,252)
1,681,574

1,681,574

106,871

(83)

(83)

-

-

1,413,321(83)

1,413,238

5,359,893

4,367,993

19,039,542(30,772)

28,736,656

Accumulated other comprehensive income
Accumulated
Total
Valuation
Foreign
Deferred gains
adjustment for accumulateddifference on
currency
or losses on
employeeotheravailable-fortranslation
hedgesretirement
comprehensive
sale securities
adjustment
benefits
incomeBalance at the
beginning of period

Totalshareholders’equityTreasury stock(72,280)

135,690(304,154)(133,873)

Noncontrollinginterests

Total net
assets813,996

28,003,540

Changes in items
during period(268,252)

Dividends of surplus
Net income
attributable toshareholders ofparent company
Purchase of treasurystock
Net changes of items
other thanshareholders’equityTotal changes of items
during period
Balance at the end of
period

1,681,574(83)

70,724145,099(181,825)

115,530

149,529(12,445)

137,083

70,724145,099(181,825)

115,530

149,529(12,445)

1,550,322

177,595

72,818(46,134)(188,623)

15,656

801,550

29,553,862

12

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

Cash flows from operating activities
Income before taxes
Depreciation
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in accrued expense-salary
Increase (decrease) in liability for employee retirement
benefits
Increase (decrease) in provision for loss oncompensation
Increase (decrease) in provision for loss on construction
contracts
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on sales of non-current assets
Loss (gain) on disposal of non-current assets
Loss (gain) on sales of investment securities
Other non-operating expenses (income)
Other extraordinary loss (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
Other proceeds
Other payments
Income taxes paid
Net cash provided by (used in) operating activities

13

FY 2016

FY 2017(From April 1, 2016 to
March 31, 2017)(From April 1, 2017 toMarch 31, 2018)

1,261,982
2,473,749
1,643(591,772)

3,455,090
2,228,371(3,050)301,229

153,812

253,642-

203,751

1,606,777(1,367,045)(12,012)309,176
88,916(21,472)
325,221(212,480)(37,400)(37,434)(961)
15,664(4,062)30,91013,320(5,560)54,581(136,785)-(2,948,967)

391,671

614,946(1,550,071)

811,962(881,202)

591,859(1,685,532)
1,196,188
3,890,202
31,451(282,316)
122,438(170,129)(1,462,832)
2,128,814(192,787)
2,458,009(258,907)
5,004,771
40,885(331,627)
215,829(4,167)(954,321)
3,971,369

(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
Proceeds from sales of investment securities
Payments of loans receivableCollection 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
Repayments of lease obligations
Purchase of treasury stock
Cash dividends paid
Cash dividends paid to non-controlling shareholders
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 2016

FY 2017(From April 1, 2016 to
March 31, 2017)(From April 1, 2017 toMarch 31, 2018)(2,229,298)
1,550(2,214)24,276(3,864)
3,982(487,710)(500,776)
17,970(3,176,083)(1,283,136)
6,754(1,889)(2,147)
1,348(997,650)(549,201)
15,009(2,810,912)

59,985,227(59,389,134)
600,000(442,248)(217,374)(236)(1,070,742)(53,281)(587,789)

57,236,380(57,177,170)
700,000(700,000)(179,797)(83)(268,870)(71,362)(460,904)(71,415)(72,846)(1,706,475)
3,479,003
1,772,528

626,706
1,772,528
2,399,235

(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 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 four divisions, each of which conducts business activities bydeveloping independent management strategies for products and services it handles. The Group therefore consistsof segments organized by product and service based on divisions, and the reportable segments comprise “AircraftInteriors Business,” “Aircraft Seat Business,” “Aircraft Components Business” and “Aircraft MaintenanceBusiness.”“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.

15

3. Information on net sales, income (loss), assets, liabilities and others by reportable segment
For fiscal year 2016 (from April 1, 2016 to March 31, 2017)(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 of entities
accounted for using
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

55,311,603

12,556,148

6,349,189

7,617,480

81,834,422

72

81,834,495

1,141,323

-

3,621

85,5881,230,533

90,697

1,321,230

56,452,927
4,676,748
55,286,010

12,556,148(3,547,501)
18,894,582

6,352,811
96,98010,098,031

7,703,068
64,0408,269,261

83,064,956
1,290,267
92,547,887

90,769(4,324)
11,885

83,155,725
1,285,942
92,559,772

1,506,980
4,851
172,747

136,925
1,929
93,451

516,016416
23,707

313,826
369
19,2702,473,749
7,567
309,176-

2,473,749
7,567
309,176

37,400---37,400-37,4001,384,814

254,432

650,880

154,2362,444,364-

2,444,364

Total

Others(Note)

Total(Note) The Others segment includes the businesses of affiliates Orange JAMCO Corporation and JAMCOTECHNICAL CENTER Co., Ltd. During FY 2016, JAMCO TECHNICAL CENTER Co., Ltd., which
was a consolidated subsidiary, was excluded from the scope of consolidation due to completion ofliquidation. Orange JAMCO Corporation is a special-purpose subsidiary, dedicated to promoting theemployment of people with disabilities and provides assistance work in the Company’s factories,
which is one of the corporate social responsibilities.

16

For fiscal year 2017 (from April 1, 2017 to March 31, 2018)(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 of entities
accounted for using
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

50,992,198

12,484,309

6,312,464

8,002,851

77,791,825

17

77,791,842

1,904,719-

15,786202,132

2,122,638

103,765

2,226,404

52,896,918
6,793,890
56,631,960

12,484,309(3,641,005)
18,577,657

6,328,251
216,470
10,418,878

8,204,984
139,268
8,778,871

79,914,463
3,508,624
94,407,368

103,782(4,513)49,56080,018,246
3,504,111
94,456,929

1,310,361
14,717
178,068

109,130
985
98,594501,157
630
26,366

307,722539
22,1922,228,371
16,872
325,221-2,228,371
16,872
325,22137,434---37,434-37,434

1,202,402

88,501

374,748

192,309

1,857,961-

1,857,961

Total

Others(Note)

Total(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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 2016
83,064,956
90,769(1,321,230)
81,834,495

Fiscal year 2017
79,914,463
103,782(2,226,404)
77,791,842(Thousand yen)

IncomeReportable segments total
Loss of Others
Ordinary income in the Consolidated Financial Statements

Fiscal year 2016
1,290,267(4,324)
1,285,942

Fiscal year 2017
3,508,624(4,513)3,504,111(Thousand yen)

AssetsFiscal year 2016
92,547,887
11,88592,559,772

Reportable segments total
Assets of Others
Total assets in the Consolidated Financial Statements

Other items

Depreciation
Increase in property,
plant and equipment
and intangible assets

Reportablesegments total

OthersFiscal year 2017
94,407,368
49,56094,456,929(Thousand yen)Amounts in theConsolidated
Financial Statements

Adjustments

FY 2016

FY 2017

FY 2016

FY 2017

FY 2016

FY 2017

FY 2016

FY 20172,473,749

2,228,371

-

-

-

-

2,473,749

2,228,371

2,444,364

1,857,961

-

-

-

-

2,444,364

1,857,961

18

[Related information]
For fiscal year 2016 (from April 1, 2016 to March 31, 2017)
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 America

Asia & Oceania

Japan

EuropeU.S.

13,530,372

35,935,607

35,707,294

Total

Singapore
25,476,888

14,969,520

6,891,626

81,834,495(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

11,290,320

Asia & Oceania

2,017,731

1,048,146EuropeTotal-

14,356,198

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

Net sales

Related segment

MITSUBISHI INTERNATIONAL
CORP.

29,653,558

Aircraft interiors business

ITOCHU Singapore Pte, Ltd.

12,948,335

Aircraft interiors business, Aircraft seatbusiness

19

For fiscal year 2017 (from April 1, 2017 to March 31, 2018)
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 America

Asia & Oceania

Japan

EuropeU.S.

13,339,500

33,568,215

33,180,118

Total

Singapore
25,362,402

17,769,703

5,521,724

77,791,842(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

10,857,713

Asia & Oceania

2,097,818

Europe884,886

Total-

13,840,417

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

Net sales

Related segment

MITSUBISHI INTERNATIONAL
CORP.

28,553,725

Aircraft interiors business

ITOCHU Singapore Pte, Ltd.

13,948,052

Aircraft interiors business, Aircraft seatbusiness[Information on impairment loss on non-current assets by reportable segment]
For fiscal year 2016 (from April 1, 2016 to March 31, 2017)
There is no relevant information.
For fiscal year 2017 (from April 1, 2017 to March 31, 2018)
There is no relevant information.
[Information on amortization and unamortized balance of goodwill by reportable segment]
For fiscal year 2016 (from April 1, 2016 to March 31, 2017)
There is no relevant information.
For fiscal year 2017 (from April 1, 2017 to March 31, 2018)
There is no relevant information.

20

[Information on gain on bargain purchase by reportable segment]
For fiscal year 2016 (from April 1, 2016 to March 31, 2017)
There is no relevant information.

For fiscal year 2017 (from April 1, 2017 to March 31, 2018)
There is no relevant information.

(Per share information)
Fiscal year 2016
(from April 1, 2016 to March 31,
2017)

Fiscal year 2017(from April 1, 2017 to March 31,
2018)

Net assets per share

1,013.58 yen

1,071.84 yen

Net income per share

37.82 yen

62.69 yen

Not presented because there are no
latent shares.

Not presented because there are no
latent shares.

Diluted net income per share(Notes) 1. The basis for calculating net income per share is as shown below.
Fiscal year 2016
(from April 1, 2016 to March 31,
2017)
Net income attributable toshareholders of parent company(thousand yen)Amount not attributable to commonshareholders (thousand yen)
Net income attributable toshareholders of parent company
related to common shares(thousand yen)
Average number of common shares(thousand shares)

Fiscal year 2017(from April 1, 2017 to March 31,
2018)

1,014,504

1,681,574--

1,014,504

1,681,574

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 2016(as of March 31, 2017)
28,003,540

Fiscal year 2017(as of March 31, 2018)29,553,862

813,996

801,550[813,996][801,550]

27,189,544

28,752,312

26,82526,82521

(Significant subsequent events)
There is no relevant information.

22