Consolidated Financial Results
for the Third Quarter of the Fiscal Year 2022
Ending March 31, 2023
[Japanese GAAP]
February 9, 2023
Company name: JAMCO Corporation
Stock exchange listing: Tokyo Stock Exchange
Stock Exchange Code: 7408
URL: https://www.jamco.co.jp/
Representative: Toshiyuki Abe, President & CEO
Contact: Kentaro Goto, Managing Executive Officer
Phone: +81-42-503-9145
The date of filing quarterly securities report: February 10, 2023
The start date of payout of dividend: —Availability of supplementary briefing material on quarterly financial results: None
Schedule of quarterly financial results briefing session: None

(Amounts are rounded down to the nearest million yen.)
1. Consolidated Operating Results for the Third Quarter of the Fiscal Year 2022 (from April 1, 2022 to
December 31, 2022)(1) Consolidated Operating Results(%: Changes from the previous corresponding period)
Net sales

Operating income

Net income attributable
to shareholders ofparent company

Ordinary income

For the third quarter
Million yen%
Million yen%
Million yen%
ofFiscal year 2022
31,873
18.7
1,577
1,328
Fiscal year 2021
26,842(29.6)(1,520)(1,812)(Note) Comprehensive income: The third quarter of fiscal year 2022: ¥1,484 million [-%]The third quarter of fiscal year 2021: ¥(718) million [-%]Net income per share
For the third quarterof
Fiscal year 2022
Fiscal year 2021

Diluted net income
per share

Yen

Yen

45.90
(31.78)-(2) Consolidated Financial Position
Total assets
Million yen

Net assets

Equity ratio

Million yen%

As of December 31, 2022
97,567
12,579As of March 31, 2022
93,651
11,095(Reference) Equity: As of December 31, 2022: ¥12,189 million
As of March 31, 2022: ¥10,763 million

12.5
11.5

Million yen

%

1,231
(852)

-

2. Dividend distribution

Dividend distribution per share
1stquarter-end

2ndquarter-end
Yen

3rd
quarter-end
Yen

Year-end
Yen

Total
Yen

Fiscal year 2021
0.00
Fiscal year 2022
0.00
Fiscal year 2022
(Planned)(Note) Revision to the plan of dividend distribution announced most recently: None

Yen

0.00

0.00

0.00

0.00

3. Consolidated Financial Results Forecast for the Fiscal Year 2022 (from April 1, 2022 to March 31, 2023)(%: Changes from the previous fiscal year)
Net income
attributable to
Net income
Net sales
Operating income Ordinary income
shareholders ofper share
parent company
Full year

Million yen%

Million yen%

Million yen%

Million yen%

Yen

49,800

27.4

2,780

-

1,860

-

2,160

-

80.52

(Note) Revision to the forecast of consolidated financial results announced most recently: None
* Notes:(1) Changes in significant subsidiaries during this quarter of the fiscal year 2022: None
(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements: None
(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None
(4) Number of common shares issued
1) Number of common shares outstanding (including the number of treasury stock):
As of December 31, 2022: 26,863,974 shares
As of March 31, 2022: 26,863,974 shares
2) Number of treasury stock:
As of December 31, 2022: 39,041 shares
As of March 31, 2022: 38,964 shares
3) Average number of common shares outstanding:
3rd quarter of FY 2022: 26,824,989 shares
3rd quarter of FY 2021: 26,825,010 shares

*Notes:*1. This document is an English translation of a statement written initially in Japanese. The Japanese original
document should be considered as the primary version.
*2. These quarterly financial results are outside the scope of quarterly review by certified public accountants or audit
firms.
*3. Explanation of the proper use of financial results forecast and other notes
The earnings forecasts and other statements herein are based on information currently available to the Company
and certain premises that the Company deems to be reasonable. Actual results may differ significantly from these
forecasts due to a wide range of factors.

Table of Contents
1. Qualitative Information on Quarterly Financial Results for the Period under Review ......................... 2(1) Explanation of Operating Results...................................................................................................... 2(2) Explanation of Financial Position ..................................................................................................... 4(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information . 4
2. Quarterly Consolidated Financial Statements and Primary Notes ........................................................ 5(1) Quarterly Consolidated Balance Sheets ............................................................................................ 5(2) Quarterly Consolidated Statements of Income and Comprehensive Income .................................... 7
Quarterly Consolidated Statements of Income.................................................................................. 7
Quarterly Consolidated Statements of Comprehensive Income........................................................ 8(3) Notes to Quarterly Consolidated Financial Statements ..................................................................... 9(Notes on going concern assumption) .......................................................................................... 9(Notes in the case of significant changes in shareholders’ equity)............................................... 9(Segment information, etc.) .......................................................................................................... 9
3. Others .................................................................................................................................................. 111

1. Qualitative Information on Quarterly Financial Results for the Period under Review(1) Explanation of Operating Results
During the third quarter of FY 2022, while the global economy showed signs of recovery from the effects of
the COVID-19 pandemic, the situation remained uncertain due to concerns about a recession resulting fromglobal inflation, including soaring crude oil prices and rising raw material prices caused by the prolonged crisisin Ukraine. Under these circumstances, the dollar-yen exchange rate moved within the range of ¥122 to ¥150 per
US$1.
In the air transportation industry, in addition to recovery in domestic flight demand, a gradual recovery is seen
in demand for international flights as countries ease or do away with entry restrictions, and some airlines havebegun to return out-of-service aircraft to service and place a large order of new aircrafts. Aircraft manufacturers,
as well, are working on increasing production of aircrafts with the recovery of air passenger demand.
As air passenger demand shows recovery in these ways, the Group has sought to achieve readiness for therebound in demand by transferring back employees seconded to companies outside the Group and beginning torecruit new graduates. In the production process, we continued activities to improve operational efficiency inpreparation for further demand rebound, initiated plans to expand the capacity and functions of a factory in thePhilippines, and to strengthen our supply chain both in Japan and overseas. In addition, we actively worked onsustainability initiatives.
In the aircraft interiors business, the recovery in airline passenger demand has led to an increase in demand
for maintenance parts and cabin modification in order to utilize aircraft owned by airlines, and we strengthened
efforts toward a stronger production organization to meet the demand. To ease the anxiety of passengers onboard,
we carried out product development for ensuring a clean and hygienic cabin and conducted research and proposals
with a view to expanding into galleys, lavatories, and seats.
In the aircraft seat business, we devoted efforts to readying versions of the highly profitable Venture businessclass seat for additional aircraft types, as well as to the development of the next generation Quest for Elegancebusiness class seat.
In the aircraft components business, we took initiatives to improve productivity, and continued with
development of lightweight aircraft components using thermoplastic CFRP and expansion in application of CFRP
components into fields other than the aircraft sector.
In the aircraft maintenance business, we aimed to strengthen a business base capable of generating stableprofits by continuing with initiatives to ensure flight safety and enhance quality, while also endeavoring to acquireorders for aircraft maintenance for airlines and for government and municipal offices.
As a result, on a consolidated basis, during the third quarter of FY 2022, the Company posted net sales of¥31,873 million (up ¥5,030 million compared to the same period of the previous fiscal year), operating incomeof ¥1,577 million (an operating loss of ¥1,520 million in the same period of the previous fiscal year), ordinary
income of ¥1,328 million (an ordinary loss of ¥1,812 million in the same period of the previous fiscal year), andnet income attributable to shareholders of parent company of ¥1,231 million (a net loss attributable toshareholders of parent company of ¥852 million in the same period of the previous fiscal year).
Provision for loss on construction contracts of ¥4,414 million for construction to be completed in or after thequarterly fourth quarter of FY 2022 was recognized as of December 31, 2022. The impact of this provision forloss on construction contracts on income (loss) for the quarterly third quarter of FY 2022 was an increase of ¥581
million in cost of sales (provision for loss on construction contracts as of September 30, 2022 was ¥3,833 million)
and, for the cumulative third quarter of FY 2022, an increase of ¥585 million in cost of sales (provision for loss
on construction contracts as of March 31, 2022 was ¥3,828 million).

2For the entire Group, selling, general and administrative expenses, non-operating income (expenses), andextraordinary income (loss) are as follows:
Selling, general and administrative expenses were ¥6,041 million (an increase of ¥531 million compared tothe same period of the previous fiscal year), due mainly to increases in personnel expenses and sales commissions.
The result for non-operating income (expenses) was a loss of ¥248 million (a loss of ¥292 million in the same
period of the previous fiscal year), due to factors such as an increase in interest expenses mainly reflecting higher
U.S. interest rates, despite an increase in foreign exchange gains as the yen value dropped on the foreign exchange
market from the end of the previous fiscal year.
The result for extraordinary income (loss) was a gain of ¥478 million (a gain of ¥417 million in the same
period of the previous fiscal year), which consisted mainly of ¥461 million of gain on transfer from sales of noncurrent assets held by JAMCO SINGAPORE PTE LTD., the Company’s consolidated subsidiary.

Business performance by segment is as follows.
[Aircraft Interiors Business]
In the aircraft interiors business, net sales increased from the same period of the previous fiscal year due toincreased sales of spare parts to airlines as the number of aircraft in operation grew. Meanwhile, ordinary income
increased thanks to improvement in operational efficiency, and foreign exchange gains resulting from thedepreciation of the yen, as well as the increase in net sales.
As a result, the aircraft interiors business posted net sales of ¥20,256 million (up ¥4,291 million compared tothe same period of the previous fiscal year) and ordinary income of ¥2,807 million (up ¥2,741 million comparedto the same period of the previous fiscal year).
[Aircraft Seat Business]
In the aircraft seat business, net sales increased from the same period of the previous fiscal year, as shipmentsof the Venture business class seat were started. On the other hand, an ordinary loss was posted due mainly to theincrease in dollar-denominated costs caused by the depreciation of the yen.
As a result, the aircraft seat business posted net sales of ¥2,279 million (up ¥127 million compared to thesame period of the previous fiscal year) and an ordinary loss of ¥1,537 million (ordinary loss of ¥1,705 million
in the same period of the previous fiscal year).
[Aircraft Components Business]
In the aircraft components business, net sales decreased from the same period of the previous fiscal year as
shipments of heat exchangers or other equipment, chiefly defense-related ones, were postponed to the fourth
quarter of FY 2022 or later, despite an increase in shipments of CFRP structure parts for commercial aircraft
products. On the other hand, despite the decrease in net sales, ordinary loss improved thanks to initiatives taken
to improve profitability.
As a result, the aircraft components business posted net sales of ¥3,109 million (down ¥74 million comparedto the same period of the previous fiscal year) and an ordinary loss of ¥68 million (ordinary loss of ¥273 million
in the same period of the previous fiscal year).

3

[Aircraft Maintenance Business]
In the aircraft maintenance business, net sales increased from the same period of the previous fiscal year due
to an increase of construction to be completed for some programs in parts maintenance. Meanwhile, ordinary
income increased due to an increase in net sales.
As a result, the aircraft maintenance business posted net sales of ¥6,225 million (up ¥684 million comparedto the same period of the previous fiscal year) and an ordinary income of ¥127 million (up ¥8 million comparedto the same period of the previous fiscal year).
[Others]
The Others segment includes the businesses of consolidated subsidiary Orange JAMCO Corporation. The
focus is on inter-segment transactions, including cleaning and assistance work in the Company’s facilities.
As a result, the Others segment posted net sales of ¥1 million (up ¥1 million compared to the same period of
the previous fiscal year) and ordinary loss of ¥0 million (ordinary loss of ¥19 million in the same period of theprevious fiscal year).
(2) Explanation of Financial Position(Assets, Liabilities, and Equity)
Total assets as of December 31, 2022 amounted to ¥ 97,567 million, up ¥3,916 million from the end of theprevious fiscal year. Of this amount, total current assets increased by ¥4,235 million from the end of the previous
fiscal year, as despite the decline in notes and accounts receivable - trade, and contract assets by ¥4,155 million,
work in process increased by ¥6,495 million, and raw materials and supplies increased by ¥2,910 million fromthe end of the previous fiscal year. Total non-current assets decreased by ¥319 million from the end of the previous
fiscal year, as property, plant and equipment decreased by ¥588 million and intangible assets increased by ¥313
million from the end of the previous fiscal year. Total liabilities amounted to ¥84,987 million, up ¥2,431 million
from the end of the previous fiscal year. The main factor was a rise in short-term loans payable by ¥1,773 million
and an increase in advances received by ¥1,689 million from the end of the previous fiscal year.
Total net assets amounted to ¥12,579 million, up ¥1,484 million from the end of the previous fiscal year. The
main factor was an increase in retained earnings resulting from net income attributable to shareholders of parent
company. As a result, the equity ratio stood at 12.5%.
(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information
The consolidated financial results forecast for FY 2022 remains unchanged from the revised forecast
announced on November 8, 2022.
The exchange rate assumed for the consolidated financial results forecast for the quarterly fourth quarter of
FY 2022 remains unchanged at ¥130 per US$1.

4

2. Quarterly Consolidated Financial Statements and Primary Notes(1) Quarterly Consolidated Balance Sheets(Thousand yen)
As of March 31, 2022
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsMerchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term loans payable
Current portion of long-term loans payable
Income taxes payable
Advances received
Accrued expense-salary
Provision for loss on construction contracts
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Liability for employee retirement benefits
Provision for loss on compensation
Provision for product warranties
Other
Total non-current liabilities
Total liabilities

5

As of December 31, 2022

9,276,034

8,847,173

19,199,303

15,044,158

2,431,164
20,162,684
18,152,211
2,169,978(120,235)
71,271,141

1,575,862
26,657,712
21,062,373
2,434,778(114,920)
75,507,138

12,425,792
1,282,559
8,671,614
22,379,965
93,651,107

11,837,782
1,596,365
8,626,085
22,060,232
97,567,371

4,248,801
2,665,270
48,156,430
960,000
117,7056,241,231
852,915
3,828,854
3,836,97870,908,187

4,220,234
2,442,790
49,929,700
1,060,000
478,864
7,930,650
634,497
4,414,425
3,572,559
74,683,722

2,310,000
6,540,444
912,645
1,166,789
717,953
11,647,831
82,556,019

1,280,000
6,537,082
989,363
1,166,789
330,594
10,303,830
84,987,552

(Thousand yen)
As of March 31, 2022
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Accumulated adjustment for employee retirement
benefits
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

6

As of December 31, 2022

5,359,893
4,318,925
645,664(31,205)
10,293,277

5,359,893
4,318,925
1,876,843(31,319)
11,524,342

169,773

161,017-

31,348198,082

390,632

102,624

82,497

470,480
331,330
11,095,088
93,651,107

665,495
389,980
12,579,818
97,567,371

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
Third Quarter of the Fiscal Year (from April 1 to December 31)(Thousand yen)
The third quarter of FY 2021

The third quarter of FY 2022

26,842,790
22,852,835
3,989,955
5,510,139(1,520,183)

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

9,803
2,580
130,189

29,7173,664
704,078

58,782-

47,292
27,991
67,568344,210

11,91153,75031,176834,299

403,079

944,558-

17,132

181,933
51,863636,876(1,812,850)

9,550
111,562
1,082,804
1,328,842

675,925
1,444
140,616
817,986

461,890
120,041
581,931

31,747
255,471
10,987
102,544
400,751(1,395,615)
56,248(52,602)(547,020)(543,374)(852,240)
344

6,086
96,935103,022
1,807,751
400,519
145,375
545,894
1,261,856
30,677(852,585)

1,231,178

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income (loss)
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Share of profit of entities accounted for using equity
methodInsurance income
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodCompensation expenses
Other
Total non-operating expenses
Ordinary income (loss)
Extraordinary income
Gain on sales of non-current assets
Subsidy income
Reversal of extra retirement payments
Reversal of provision for loss on compensation
Total extraordinary income
Extraordinary loss
Loss on disposal of non-current assets
Loss related to COVID-19
Extra retirement payments
Loss on liquidation of businessTotal extraordinary loss
Income (loss) before taxes
Income taxes – current
Income taxes – refund
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

7Quarterly Consolidated Statements of Comprehensive Income
Third Quarter of the Fiscal Year (from April 1 to December 31)(Thousand yen)
The third quarter of FY 2021
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 to shareholders ofparent company
Comprehensive income attributable to non-controllinginterests

8

The third quarter of FY 2022

(852,240)

1,261,856

31,108(21,302)104,221
20,021
134,049(718,191)(8,756)
31,348220,522(20,127)
222,987
1,484,844(730,059)

1,426,193

11,86858,650(3) Notes to Quarterly Consolidated Financial Statements(Notes on going concern assumption)
There is no relevant information.
(Notes in the case of significant changes in shareholders’ equity)
There is no relevant information.

(Segment information, etc.)[Segment information]
I. For the third quarter of FY 2021
1. Information on net sales and income (loss) by reportable segment(Thousand yen)
Aircraft
Interiors
Business
Net sales
Net sales to outside
customers
Inter-segment net sales ortransfers
Total
Segment income (loss)

Reportable segment
Aircraft
Aircraft
Aircraft Seat
Components MaintenanceBusiness
Business
Business

Total

Others(Note)

Total

15,965,633

2,152,719

3,183,706

5,540,621

26,842,679

111

26,842,790

334,193-

5,331

11,864351,390

52,761

404,152

16,299,827
66,101

2,152,719(1,705,572)

3,189,038(273,054)

5,552,485
118,867

27,194,070(1,793,657)

52,872 27,246,943(19,192) (1,812,850)(Note) The Others segment includes the businesses of affiliate Orange JAMCO Corporation. Orange JAMCO
Corporation is a special-purpose subsidiary, dedicated to promoting the employment of people withdisabilities and provides cleaning and assistance work in the Company’s facilities, which is one of thecorporate social responsibilities.
2. Differences between the total amount of income (loss) of reportable segments and the amounts in the Quarterly
Consolidated Statement of Income and the major details of such differences(Matters relating to adjustment of differences)(Thousand yen)
IncomeReportable segments total
Income of Others
Ordinary income in the Quarterly Consolidated Statement of
IncomeAmount3. Information on impairment loss on non-current assets and goodwill by reportable segment
There is no relevant information.

9(1,793,657)(19,192)(1,812,850)

II. For the third quarter of FY 2022
1. Information on net sales and income (loss) by reportable segment(Thousand yen)
Aircraft
Interiors
Business
Net sales
Net sales to outside
customers
Inter-segment net sales ortransfers
Total
Segment income (loss)

Reportable segment
Aircraft
Aircraft
Aircraft Seat
Components MaintenanceBusiness
Business
Business

Total

Others(Note)

Total

20,256,837

2,279,785

3,109,531

6,225,083

31,871,237

1,800

31,873,038

293,838-

2,887

27,889324,615

89,067

413,682

20,550,675
2,807,530

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

3,112,418(68,138)

6,252,972
127,406

32,195,853
1,329,346

90,867 32,286,721(504) 1,328,842(Note) The Others segment includes the businesses of affiliate Orange JAMCO Corporation. Orange JAMCO
Corporation is a special-purpose subsidiary, dedicated to promoting the employment of people withdisabilities and provides cleaning and assistance work in the Company’s facilities, which is one of thecorporate social responsibilities.
2. Differences between the total amount of income (loss) of reportable segments and the amounts in the Quarterly
Consolidated Statement of Income and the major details of such differences(Matters relating to adjustment of differences)(Thousand yen)
IncomeReportable segments total
Income of Others
Ordinary income in the Quarterly Consolidated Statement of
IncomeAmount3. Information on impairment loss on non-current assets and goodwill by reportable segment
There is no relevant information.

10

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

3. Others
There is no relevant information.

11