Consolidated Financial Results
for the First Quarter of the Fiscal Year 2020
Ending March 31, 2021
[Japanese GAAP]
August 7, 2020
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
The date of filing quarterly securities report: August 11, 2020
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 2020 (from April 1, 2020 to June 30,
2020)(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 first quarter
Million yen%
Million yen%
Million yen%
ofFiscal year 2020
12,475(33.5)(2,099)(2,433)Fiscal year 201918,762(15.2)
394(72.9)
110(93.1)(Note) Comprehensive income: The first quarter of fiscal year 2020: ¥(1,872) million [-%]
The first quarter of fiscal year 2019: ¥(24) million [-%]For the first quarterof
Fiscal year 2020
Fiscal year 2019

Net income per share

Diluted net income
per share

Yen

Yen

(68.29)2.20-(2) Consolidated Financial Position
Total assets
Million yen

Net assets
Million yen

As of June 30, 2020
120,603
As of March 31, 2020
120,184(Reference) Equity: As of June 30, 2020: ¥27,462 million
As of March 31, 2020: ¥29,844 million

27,96430,373Equity ratio
%

22.8
24.8

Million yen%(1,831)58(94.0)

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

2ndquarter-end
Yen

3rd
quarter-end
Yen

Year-end
Yen

Total
Yen

Fiscal year 2019
0.00
20.00
Fiscal year 2020
Fiscal year 2020
(Planned)(Note) Revision to the plan of dividend distribution announced most recently: None
The plan of dividend distribution for FY 2020 has not been determined at this time. We will disclose theconsolidated financial results forecast as soon as it becomes possible.

Yen

20.00
-

3. Consolidated Financial Results Forecast for the Fiscal Year 2020 (from April 1, 2020 to March 31, 2021)
The consolidated financial results forecast for FY 2020 has not been determined as it is difficult to reasonably estimate
the impact of COVID-19 at this time. We will disclose the consolidated financial results forecast as soon as it becomes
possible.
* Notes:(1) Changes in significant subsidiaries during this quarter of the fiscal year 2020: 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, 2020: 26,863,974 shares
As of March 31, 2020: 26,863,974 shares
2) Number of treasury stock:
As of June 30, 2020: 38,932 shares
As of March 31, 2020: 38,932 shares
3) Average number of common shares outstanding:
1st quarter of FY 2020: 26,825,042 shares
1st quarter of FY 2019: 26,825,142 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................................................................................................. 5(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information. 5
2. Quarterly Consolidated Financial Statements and Primary Notes...................................................... 6(1) Quarterly Consolidated Balance Sheets ........................................................................................ 6(2) Quarterly Consolidated Statements of Income and Comprehensive Income .................................. 8
Quarterly Consolidated Statements of Income.............................................................................. 8
Quarterly Consolidated Statements of Comprehensive Income ..................................................... 9(3) Notes to Quarterly Consolidated Financial Statements................................................................ 10(Notes on going concern assumption) .................................................................................... 10(Notes in the case of significant changes in shareholders’ equity)........................................... 10(Quarterly Consolidated Statements of Income) ..................................................................... 10(Segment information, etc.) ....................................................................................................11

1

1. Qualitative Information on Quarterly Financial Results for the Period under Review(1) Explanation of Operating Results
During the first quarter of FY 2020, economies around the world were severely impacted as corporate
activities were drastically restricted due to the global spread of COVID-19. While the economic activities in eachcountry have subsequently resumed in stages, there has been a marked increase in the number of COVID-19
cases since the resumption of economic activities, and an extremely uncertain outlook continues to prevail. Under
these circumstances, the dollar-yen exchange rate moved within the range of ¥106 to ¥109 per US$1.
In the air transportation industry, the business environment has deteriorated significantly due to unprecedented
flight reductions and cancellations as a result of the global COVID-19 pandemic. While flights are slowly
resuming along with the resumption of economic activities, airlines are being forced to resume flights after taking
various COVID-19 countermeasures to alleviate passenger anxiety. As for aircraft manufacturers too, bothBoeing and Airbus are substantially reducing production due to the sharp decline in demand for air transportation.
Under this situation, in which the end of the infection remains unclear, the Group has promoted businessprocess reforms and measures to enhance the efficiency of its production system on a company-wide level in
preparation for a future recovery in demand for air transportation, and with the aim of improving both quality
and profitability, under the assumption that the current harsh business environment will continue for some time.
In addition, we thoroughly enforced COVID-19 countermeasures, while working to reduce physical contact
between our employees by adopting remote work, shift work and the dispersion of work areas at the workplace,and flexibly responded to the sudden drop in workload through measures such as temporary leave of employees.
In the aircraft interiors business and the aircraft seat business, we carried out an urgent review of the
production plan and took measures to cut back costs, in response to the sudden drop in air transportation demand.
We also worked to develop products to ensure a clean and hygienic cabin in order to relieve the anxiety felt bypassengers onboard.
In the aircraft components business, we pursued initiatives to improve productivity, while proceeding with inhouse production of interiors and seat parts by applying the metal processing technologies we have accumulated
over the years. Furthermore, we are pressing on with the development of new products using the ADP method(automated continuous manufacturing process of carbon-fiber reinforced plastic), collaboration with othercompanies, and entry into new areas.
In the aircraft maintenance business, we aimed to establish a business base capable of generating stable profits
by continuing with initiatives to ensure flight safety and enhance quality, while also endeavoring to expand
aircraft maintenance for airlines.
As a result, on a consolidated basis, during the first quarter of FY 2020, the Company posted net sales of¥12,475 million (down ¥6,286 million compared to the same period of the previous fiscal year), operating lossof ¥2,099 million (an operating income of ¥394 million in the same period of the previous fiscal year), ordinary
loss of ¥2,433 million (an ordinary income of ¥110 million in the same period of the previous fiscal year), andnet loss attributable to shareholders of parent company of ¥1,831 million (a net income attributable toshareholders of parent company of ¥58 million in the same period of the previous fiscal year).
Provision for loss on construction contracts of ¥3,806 million for construction to be completed in or after thequarterly second quarter of FY 2020 was recognized as of June 30, 2020. The impact of this provision for loss
on construction contracts on income (loss) for the first quarter of FY 2020 was an increase of ¥198 million incost of sales (provision for loss on construction contracts as of March 31, 2020 was ¥3,607 million).
Selling, general and administrative expenses, non-operating income (expenses), and extraordinary income(loss) are as follows:
Selling, general and administrative expenses were ¥1,793 million (a decrease of ¥308 million compared tothe same period of the previous fiscal year), due mainly to decreases in warranty expenses, experimentation andresearch expenses and sales commissions.
In terms of non-operating income (expenses), an expense of ¥333 million was reported due mainly to an2increase in interest expenses resulting from the increase in loans payable (an expense of ¥283 million in the same
period of the previous fiscal year).
As for extraordinary income (loss), although subsidy income of ¥16 million was recognized due to COVID19, a loss of ¥315 million was reported due mainly to recognizing loss related to COVID-19, which consists ofrunning costs including fixed costs resulting from the temporary leave of employees (a loss of ¥41 million in thesame period of the previous fiscal year).

3

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, as salesof cabin retrofit kits for airlines and spare parts decreased, in addition to a decrease in shipments of galleys andlavatories, as a result of aircraft manufacturers being forced to reduce production due to the impact of the spreadof COVID-19. Meanwhile, an ordinary loss was reported due mainly to the decrease in net sales.
As a result, the aircraft interiors business posted net sales of ¥8,633 million (down ¥5,181 million comparedto the same period of the previous fiscal year) and ordinary loss of ¥1,367 million (ordinary income of ¥112
million in 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 due to changes
to the delivery dates made by customers as a result of the impact of the spread of COVID-19. Meanwhile, anordinary loss was reported due mainly to a decrease in net sales and an increase in costs, including an increase inprovision for loss on construction contracts for custom-made products.
As a result, the aircraft seat business posted net sales of ¥1,911 million (down ¥202 million compared to thesame period of the previous fiscal year) and ordinary loss of ¥927 million (ordinary loss of ¥28 million in thesame period of the previous fiscal year).
[Aircraft Components Business]
In the aircraft components business, despite robust shipments of heat exchangers and other equipment mainly
related to defense contracts, net sales decreased from the same period of the previous fiscal year, due to a
postponement of shipments of some CFRP structure parts and aircraft engine parts for commercial aircraft
products to the second quarter and thereafter, resulting from changes to delivery dates made by the customers as
a result of the impact of the spread of COVID-19. Meanwhile, an ordinary loss was reported due mainly to thedecrease in net sales.
As a result, the aircraft components business posted net sales of ¥824 million (down ¥522 million comparedto the same period of the previous fiscal year) and ordinary loss of ¥68 million (ordinary loss of ¥48 million in
the same period of the previous fiscal year).
[Aircraft Maintenance Business]
In the aircraft maintenance business, net sales decreased from the same period of the previous fiscal year
reflecting a decline in the number of shipments of some programs compared to the favorable increase in aircraft
maintenance during the same period of the previous fiscal year, as well as a decrease in orders received fromairlines for wheels, brakes, and other items in equipment maintenance due to the impact of the spread of COVID19. Meanwhile, an ordinary loss was reported due mainly to the decrease in net sales.
As a result, the aircraft maintenance business posted net sales of ¥1,105 million (down ¥380 million comparedto the same period of the previous fiscal year) and ordinary loss of ¥69 million (ordinary income of ¥76 million
in the same period of the previous fiscal year).
[Others]
The Others segment includes the businesses of the consolidated subsidiary Orange JAMCO Corporation, andwe were able to make steady progress mainly in inter-segment transactions, including assistance work in theaircraft interiors business.
As a result, the Others segment posted net sales of ¥0 million (down ¥0 million compared to the same periodof the previous fiscal year) and ordinary loss of ¥0 million (ordinary income of ¥0 million in the same period of
the previous fiscal year).

4(2) Explanation of Financial Position[Assets, liabilities and net assets]
Total assets as of June 30, 2020 amounted to ¥120,603 million, up ¥419 million from the end of the previous
fiscal year. Of such, total current assets decreased by ¥132 million from the end of the previous fiscal year, due
mainly to a decrease in cash and deposits (down ¥1,952 million compared to the end of the previous fiscal year)
and a decrease in notes and accounts receivable – trade (down ¥3,507 million compared to the end of the previous
fiscal year), despite an increase in work in process (up ¥2,802 million compared to the end of the previous fiscal
year) and an increase in raw materials and supplies (up ¥3,313 million compared to the end of the previous fiscal
year). Total non-current assets increased by ¥551 million from the end of the previous fiscal year due to anincrease in investments and other assets (up ¥888 million compared to the end of the previous fiscal year), despitea decrease in property, plant and equipment (down ¥243 million compared to the end of the previous fiscal year)
and a decrease in intangible assets (down ¥93 million compared to the end of the previous fiscal year) as a resultof relatively limited investment for the first quarter of FY 2020.
Total liabilities amounted to ¥92,639 million, up ¥2,828 million from the end of the previous fiscal year. This
was attributable primarily to an increase in short-term loans payable (up ¥4,614 million compared to the end of
the previous fiscal year) and an increase in accrued expense–salary (up ¥813 million compared to the end of theprevious fiscal year), which offset the decrease in notes and accounts payable – trade (down ¥1,974 million
compared to the end of the previous fiscal year).
Total net assets amounted to ¥27,964 million, down ¥2,409 million from the end of the previous fiscal year.
This was due primarily to a decrease in retained earnings (down ¥2,368 million compared to the end of theprevious fiscal year) as a result of reporting a net loss attributable to shareholders of parent company, cash
dividend payment, and other factors. As a result, the equity ratio stood at 22.8%.
(3) Explanation of Consolidated Financial Results Forecast and Other Forward-looking Information
As for the impact of the spread of COVID-19, while a gradual recovery is forecasted given that the economic
activities of each country have resumed in stages, at present, it is not possible to predict the future spread of
COVID-19, or when it will come to an end.
In the air transportation industry in which the Group is involved, following the sharp decline in passenger
demand mainly as a result of travel bans imposed by each country considering the impact of the virus infection,
the global business environment for airlines has deteriorated significantly. Also, the steep decline in demand for
air transportation has forced aircraft manufacturers to substantially reduce production.
Trends in the air transportation industry directly impact the Group. Since it is unclear when the infection will
come to an end at this time, it is difficult to rationally make a financial results forecast. As such, the consolidated
financial results forecast for FY 2020 has not been determined. We will disclose the consolidated financial results
forecast as soon as it becomes possible.
Dividend for FY 2020 too has not yet been determined at this time. We will disclose the dividend promptly,
together with the financial results forecast, when disclosure of such forecast becomes possible.

52. Quarterly Consolidated Financial Statements and Primary Notes(1) Quarterly Consolidated Balance Sheets(Thousand yen)
As of March 31, 2020
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise and finished goods
Work in process
Raw materials and supplies
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
Other
Total non-current liabilities
Total liabilities

6

As of June 30, 2020

8,690,990
31,898,770
1,422,398
30,328,978
20,500,595
4,899,335(8,504)
97,732,564

6,738,079
28,391,357
1,128,904
33,131,533
23,813,689
4,416,922(20,356)
97,600,130

13,766,040
1,999,120
6,686,819
22,451,980
120,184,545

13,522,681
1,905,492
7,575,346
23,003,520
120,603,651

11,394,529
9,551,128
36,386,966
1,200,000
302,2088,644,784
1,642,946
3,607,749
4,219,469
76,949,782

9,420,171
10,041,156
41,001,273
1,200,000
129,786
7,952,355
2,456,120
3,806,419
3,829,993
79,837,275

3,500,000
7,282,672
987,196
1,091,394
12,861,263
89,811,045

3,500,000
7,320,623
977,308
1,004,145
12,802,078
92,639,354

(Thousand yen)
As of March 31, 2020
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

7

As of June 30, 2020

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

5,359,893
4,309,484
18,114,782(31,175)
27,752,985

104,663(41,674)

101,949(66,837)(339,306)(325,582)(276,318)
528,529
30,373,500
120,184,545(290,471)
501,782
27,964,296
120,603,651

(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 2019

The first quarter of FY 2020

18,762,821
16,265,199
2,497,621
2,102,782
394,839

12,475,862
12,781,694(305,832)
1,793,794(2,099,627)

11,0193,948
20,00053,437
4,187
92,592

5,293
924
6,275
19,044
16,373
47,911

99,490202,568

118,363
217,046

5,615

2,803

5,259
63,567
376,501
110,930

19,78723,543
381,544(2,433,260)-

16,953
16,953

6,103
35,33541,43869,491
118,486(136,782)(18,296)
87,78828,87025,072
307,874
332,946(2,749,253)
24,291(920,038)(895,747)(1,853,505)(21,704)

58,917(1,831,801)

Net sales
Cost of sales
Gross profit (loss)
Selling, general and administrative expenses
Operating income (loss)
Non-operating income
Interest income
Dividend income
Insurance income
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Share of loss of entities accounted for using equity
methodCompensation expenses
Other
Total non-operating expenses
Ordinary income (loss)
Extraordinary income
Subsidy income
Total extraordinary income
Extraordinary loss
Loss on disposal of non-current assets
Loss related to quality
Loss related to COVID-19
Total extraordinary loss
Income (loss) before taxes
Income taxes – current
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

8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 2019

The first quarter of FY 2020

87,788(1,853,505)(37,156)
97,722(180,348)
7,634(112,147)(24,359)(2,713)(30,206)
13,724(19,196)(1,872,702)(33,633)(1,845,954)

9,274(26,747)

Net income (loss)
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Adjustment for employee retirement benefits
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to shareholders ofparent company
Comprehensive income attributable to non-controllinginterests9(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.
(Quarterly Consolidated Statements of Income)¥16,953 thousand in subsidy income due to the spread of COVID-19 has been recognized under extraordinary
income.
Additionally, ¥307,874 thousand in loss related to COVID-19 has been recognized under extraordinary loss forrunning costs including fixed costs resulting from the temporary leave of employees, as operations significantly
declined due to the global spread of COVID-19 and a declaration of a state of emergency issued by the government.

10

(Segment information, etc.)[Segment information]
I. For the first quarter of FY 2019
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

13,815,314

2,114,458

1,347,409

1,485,636

18,762,818

2

18,762,821

167,142

35,1906,788

22,851

231,972

27,524259,496

13,982,456
112,948

2,149,648(28,865)

1,354,197(48,929)

1,508,488
76,08018,994,791
111,234

27,526(303)

19,022,318
110,930(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 corporate 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.

11

Amount111,234(303)
110,930

II. For the first quarter of FY 2020
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

8,633,879

1,911,519

824,935

1,105,527

12,475,862-

12,475,862

98,58029,47841

7,194

135,294

27,262

162,557

8,732,459(1,367,222)

1,940,998(927,983)

824,977(68,281)

1,112,722(69,564)

12,611,157(2,433,052)

27,262(207)

12,638,419(2,433,260)(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 corporate 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.

12

Amount(2,433,052)(207)(2,433,260)