Consolidated Financial Results
for the First Quarter of the Fiscal Year 2022
Ending March 31, 2023
[Japanese GAAP]
August 5, 2022
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: August 8, 2022
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 First Quarter of the Fiscal Year 2022 (from April 1, 2022 to June 30,
2022)(1) Consolidated Operating Results(%: Changes from the previous corresponding period)
Net sales

Operating income

For the first quarter
Million yen%
Million yen%
Million yen
ofFiscal year 2022
7,111
(32.5)
120
211
Fiscal year 2021
10,542(15.5)(113)(223)(Note) Comprehensive income: The first quarter of fiscal year 2022: ¥586 million [-%]
The first quarter of fiscal year 2021: ¥16 million [-%]Net income per share
For the first quarterof
Fiscal year 2022
Fiscal year 2021

Yen

14.00
(0.07)-

Million yen%

Million yen

%

-

375
(1)

-

Diluted net income
per shareYen(2) Consolidated Financial Position
Total assets

Net income attributable
to shareholders ofparent company

Ordinary income

Net assets
Million yen

As of June 30, 2022
96,555
As of March 31, 2022
93,651(Reference) Equity: As of June 30, 2022: ¥11,313 million
As of March 31, 2022: ¥10,763 million

11,681
11,095Equity ratio
%

11.7
11.5

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
Fiscal year 2022
0.00
(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

53,900

37.9

2,080

-

1,280

-

870

-

32.43

(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 June 30, 2022: 26,863,974 shares
As of March 31, 2022: 26,863,974 shares
2) Number of treasury stock:
As of June 30, 2022: 38,964 shares
As of March 31, 2022: 38,964 shares
3) Average number of common shares outstanding:
1st quarter of FY 2022: 26,825,010 shares
1st 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 .................................................................................................................................................. 11
Significant Events Regarding Going Concern Assumption .................................................................. 111

1. Qualitative Information on Quarterly Financial Results for the Period under Review(1) Explanation of Operating Results
During the first 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 the emergence of new virus
variants leading to new outbreaks in some regions, the prolonged crisis in Ukraine, soaring crude oil prices, andrising raw material prices. Under these circumstances, the dollar-yen exchange rate moved within the range of¥122 to ¥136 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 mainly in Europe and North America as countries ease or do away with entry
restrictions, and some airlines have begun to return out-of-service aircraft to service and order new aircraft in
anticipation of the post-COVID-19 era. Aircraft manufacturers, as well, are starting to see increased orders forsome models, chiefly smaller aircraft, with the recovery of air passenger demand.
As air passenger demand shows signs of gradual recovery in these ways, the Group has sought to achieve
readiness for the rebound in demand by transferring back employees seconded to companies outside the Groupand beginning to recruit new graduates for the current fiscal year. In the production process, we continued
activities to improve operational efficiency in preparation for further demand rebound, initiated plans to expand
the capacity and functions of a factory in the Philippines, and to strengthen our supply chain both in Japan andoverseas. In addition, we actively worked on sustainability initiatives.
In the aircraft interiors business, the recovery in airline passenger demand has led to an increase in demand
for maintenance parts and cabin modification in order to utilize aircraft owned by airlines, and we strengthened
efforts toward a stronger production organization to meet the demand. To ease the anxiety of passengers onboard,
we carried out product development for ensuring a clean and hygienic cabin and conducted research and proposals
with a view to expanding into galleys, lavatories, and seats.
In the aircraft seat business, we devoted efforts to readying versions of the highly profitable Venture businessclass seat for additional aircraft types, as well as to the development of the next generation Quest for Elegancebusiness class seat.
In the aircraft components business, we took initiatives to improve productivity, and continued with
development of lightweight aircraft components using thermoplastic CFRP and expansion in application of CFRP
components into fields other than the aircraft sector.
In the aircraft maintenance business, we aimed to strengthen a business base capable of generating stableprofits by continuing with initiatives to ensure flight safety and enhance quality, while also endeavoring to acquireorders for aircraft maintenance for airlines and for government and municipal offices.
As a result, on a consolidated basis, during the first quarter of FY 2022, the Company posted net sales of¥7,111 million (down ¥3,430 million compared to the same period of the previous fiscal year), operating incomeof ¥120 million (an operating loss of ¥113 million in the same period of the previous fiscal year), ordinary incomeof ¥211 million (an ordinary loss of ¥223 million in the same period of the previous fiscal year), and net income
attributable to shareholders of parent company of ¥375 million (a net loss attributable to shareholders of parent
company of ¥1 million in the same period of the previous fiscal year).
Provision for loss on construction contracts of ¥3,698 million for construction to be completed in or after thequarterly second quarter of FY 2022 was recognized as of June 30, 2022. The impact of this provision for loss
on construction contracts on income (loss) for the cumulative first quarter of FY 2022 was a decrease of ¥130
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 ¥1,895 million (an increase of ¥129 million compared tothe same period of the previous fiscal year), due mainly to increases in personnel expenses, sales commissions,and warranty expenses.
The result for non-operating income (expenses) was a gain of ¥91 million (a loss of ¥110 million in the same
period of the previous fiscal year), due to factors such as an increase in foreign exchange gains as the yen value
dropped on the foreign exchange market from the end of the previous fiscal year and a decrease in compensation
expenses, despite an increase in interest expenses mainly reflecting higher U.S. interest rates.
The result for extraordinary income (loss) was a gain of ¥64 million (a gain of ¥12 million in the same periodof the previous fiscal year). The main extraordinary loss was a COVID-19-related loss of ¥45 million consistingof running costs including fixed costs resulting from the temporary leave of employees, and extraordinary income
consisted mainly of subsidy income of ¥111 million including subsidies for employment adjustment.

Business performance by segment is as follows.
[Aircraft Interiors Business]
In the aircraft interiors business, net sales decreased from the same period of the previous fiscal year due tothe absence of additional sales resulting from specification change requests from customers that were recordedin the same period of the previous fiscal year, and a drop in shipments of galleys and lavatories along with
cutbacks in production of the Boeing 787 aircraft. On the other hand, despite the decrease in net sales, ordinary
income increased thanks to improvement in operational efficiency, foreign exchange gains resulting from thedepreciation of the yen, and increased sales of spare parts to airlines as the number of aircraft in operation grew.
As a result, the aircraft interiors business posted net sales of ¥4,535 million (down ¥3,248 million comparedto the same period of the previous fiscal year) and ordinary income of ¥1,098 million (up ¥619 million comparedto the same period of the previous fiscal year).
[Aircraft Seat Business]
In the aircraft seat business, net sales decreased from the same period of the previous fiscal year, as shipmentsof the Venture business class seat were postponed to the following quarter or later, along with cutbacks in
production of the Boeing 787 aircraft. Meanwhile, an ordinary loss was posted due mainly to the decrease in net
sales.
As a result, the aircraft seat business posted net sales of ¥141 million (down ¥423 million compared to thesame period of the previous fiscal year) and an ordinary loss of ¥719 million (ordinary loss of ¥721 million in
the same period of the previous fiscal year).
[Aircraft Components Business]
In the aircraft components business, net sales increased from the same period of the previous fiscal year due
to an increase in shipments of CFRP structure parts and aircraft engine parts for commercial aircraft products.
Meanwhile, despite the increase in net sales, an ordinary loss was posted due to factors such as higher selling,
general and administrative expenses.
As a result, the aircraft components business posted net sales of ¥954 million (up ¥195 million compared tothe same period of the previous fiscal year) and an ordinary loss of ¥90 million (ordinary loss of ¥106 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 with
the increase in orders for parts maintenance. Meanwhile, despite the increase in net sales, an ordinary loss wasposted due to factors such as higher selling, general and administrative expenses.
As a result, the aircraft maintenance business posted net sales of ¥1,479 million (up ¥45 million compared tothe same period of the previous fiscal year) and an ordinary loss of ¥77 million (ordinary income of ¥135 million
in 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 assistance work in the aircraft interiors business.
As a result, the Others segment posted net sales of ¥0 million (¥0 million in the same period of the previous
fiscal year) and ordinary income of ¥0 million (ordinary loss of ¥10 million in the same period of the previous
fiscal year).
(2) Explanation of Financial Position(Assets, Liabilities, and Equity)
Total assets as of June 30, 2022 amounted to ¥96,555 million, up ¥2,904 million from the end of the previous
fiscal year. Of this amount, total current assets increased by ¥2,362 million from the end of the previous fiscal
year, as despite the decline in notes and accounts receivable - trade, and contract assets by ¥4,643 million, workin process increased by ¥3,671 million, and raw materials and supplies increased by ¥1,871 million from the endof the previous fiscal year. Total non-current assets also increased by ¥541 million from the end of the previous
fiscal year, as property, plant and equipment increased by ¥205 million and intangible assets increased by ¥57
million from the end of the previous fiscal year. Total liabilities amounted to ¥84,873 million, up ¥2,317 million
from the end of the previous fiscal year. The main factor was a rise in short-term loans payable by ¥1,316 million
from the end of the previous fiscal year.
Total net assets amounted to ¥11,681 million, up ¥586 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 11.7%.
(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information
Profits for the cumulative first quarter of FY 2022 exceeded the consolidated financial results forecast
announced on May 11, 2022. This was due to the increase in sales of spare parts in the aircraft interiors businessas the number of aircraft in operation grew and the weaker-than-expected yen in the foreign exchange market.
The consolidated financial results forecast for FY 2022 remains unchanged as the Group assumes that it willcontinue to see the spread of COVID-19 (and its virus variants) and the uncertain business environment for thetime being.
The exchange rate assumed for the consolidated financial results forecast remains unchanged at ¥115 per
US$1 at this time.

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 June 30, 2022

9,276,034

10,100,721

19,199,303

14,555,332

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

2,570,703
23,833,863
20,024,064
2,682,997(133,794)
73,633,888

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

12,631,248
1,340,342
8,950,236
22,921,826
96,555,715

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

4,754,956
2,428,682
49,472,590
1,960,000
190,749
6,559,473
1,351,209
3,698,085
3,756,407
74,172,153

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

1,310,000
6,545,336
1,019,111
1,166,789
660,591
10,701,829
84,873,982

(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
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 June 30, 2022

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

5,359,893
4,318,925
1,021,301(31,205)
10,668,914

169,773
198,082

174,103
374,439

102,624

95,915

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

644,458
368,360
11,681,733
96,555,715

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income
First Quarter of the Fiscal Year (from April 1 to June 30)(Thousand yen)
The first quarter of FY 2021

The first quarter of FY 2022

10,542,386
8,889,522
1,652,864
1,765,872(113,008)

7,111,476
5,095,759
2,015,717
1,895,680
120,036

2,525
1,140
76,213

3,501
1,728
297,418

7,478-

28,191
7,636
39,486
162,673

7,932
13,512
6,423
330,516

107,491

205,401-

18,050151,409
14,579273,480(223,815)

4,112
11,258238,822
211,730

286,284
1,444
287,729

111,628
111,628

11,980157,452
6,099
99,294
274,827(210,913)
41,106(51,840)(197,608)(208,342)(2,571)
(601)

1,720
45,72447,445275,913150,546(249,617)(99,071)374,985(651)(1,970)375,636

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
Subsidy income
Reversal of extra retirement payments
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 (loss) attributable to non-controlling interests
Net income (loss) attributable to shareholders of parent
company

7Quarterly Consolidated Statements of Comprehensive Income
First Quarter of the Fiscal Year (from April 1 to June 30)(Thousand yen)
The first 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 first quarter of FY 2022

(2,571)

374,985

15,338105(3,146)
6,673
18,971
16,3994,329
214,039(6,709)211,659
586,645

17,272549,614(873)

37,030(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 first 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

7,784,458

564,614759,326

1,433,987

10,542,386-

10,542,386

102,269

-

241

3,356

105,867

16,106

121,974

7,886,727
479,409564,614(721,672)

759,568(106,556)

1,437,344
135,729

10,648,254(213,090)

16,106 10,664,361(10,725)(223,815)(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
Income3. Matters on impairment loss on non-current assets and goodwill by reportable segment
There is no relevant information.

9

Amount(213,090)(10,725)(223,815)

II. For the first 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

4,535,826

141,306

954,592

1,479,148

7,110,874

602

7,111,476

82,055-733

15,21798,00630,426

128,433

4,617,882
1,098,854

141,306(719,663)

955,325(90,395)

1,494,365(77,841)

7,208,880
210,954

31,029776

7,239,910
211,730(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
Income3. Matters on impairment loss on non-current assets and goodwill by reportable segment
There is no relevant information.

10

Amount210,954776
211,730

3. Others
Significant Events Regarding Going Concern Assumption
The Group has suffered a significant impact from the COVID-19 pandemic, as aircraft manufacturers have
had to make production cutbacks or reschedule production, resulting in a major drop in shipments of interior
products, seats and other products, in addition to a decline in cabin modification products for airlines with thedecrease in flights. In FY 2020, we posted an operating loss, net loss attributable to shareholders of parent
company, and minus cash flows from operating activities; while in FY 2021, we continued to post an operating
loss and net loss attributable to shareholders of parent company, so that we recognize the existence of events orcircumstances raising material uncertainties regarding going concern assumption.
The Group has responded to this situation by revising production plans, reorganizing production bases,
reducing fixed costs including by temporary leave of employees and secondment to companies outside the Group,
limiting investment, and striving to enhance the efficiency of management by reducing inventories.
Moreover, with the increase in operating aircraft in and after FY 2021, inquiries and orders from airlines haveincreased for spare parts, cabin modification products, and seats, in signs that demand has bottomed out. As forcoming travel demand, based on demand forecasts by the International Air Transport Association, the Group hasdetermined that such demand will gradually recover, resulting in increased orders and shipments of our productson the way to a performance recovery.
In addition to the above, the Group, through recovery of accounts receivable - trade and other factors, wasable to achieve a plus cash flow from operating activities in the previous fiscal year, and therefore determinesthat there are no material uncertainties regarding going concern assumption.

11