Consolidated Financial Results
for the Fiscal Year 2023
Ended March 31, 2024
[Japanese GAAP]May 10, 2024
Company name: JAMCO Corporation
Stock exchange listing: Tokyo Stock Exchange
Stock Exchange Code: 7408
URL: https://www.jamco.co.jp/
Representative: Toshiyuki Abe, Representative Director, Chairman
Contact: Takayuki Natsui, Executive Officer
Phone: +81-42-503-9145
Scheduled date of general meeting of shareholders held: June 26, 2024
The start date of payout of dividend: —Submission date of securities report scheduled: June 26, 2024
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 2023 (from April 1, 2023 to March 31, 2024)(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, 2024
63,999
35.5
2,383
37.5
999
(11.3)March 31, 2023
47,225
20.8
1,733
1,127
(Note) Comprehensive income: Year ended March 31, 2024: ¥2,078 million [(10.4)%]
Year ended March 31, 2023: ¥2,319 million [-%]Net income per
share

Diluted net
income per share

For the year ended
Yen
March 31, 2024
63.75
March 31, 2023
81.05
(Reference) Equity in earnings (losses) of affiliates:

Rate of returnon equity

Yen

Net income attributable
to shareholders ofparent company
Million yen
%

1,710
2,174

Ordinary
income to total
assets

%

%

12.2
1.0
18.3
1.2
Year ended March 31, 2024: ¥94 million
Year ended March 31, 2023: ¥30 million(21.3)-

Operatingincome to net
sales
%

3.7
3.7

(2) Consolidated Financial Position
Total assets
Million yen

Net assets

Equity ratio

Net assets per share

Million yen%

Yen108,216
15,071
As of March 31, 2024
As of March 31, 2023
100,794
13,383(Reference) Equity:
As of March 31, 2024: ¥15,071 million
As of March 31, 2023: ¥13,019 million

13.9
12.9

561.57485.37

(3) Consolidated Cash Flows

Million yen

Million yen

Million yen

Cash and cash
equivalents at the end of
periodMillion yen

1,403
87

(1,688)(1,025)

(555)
(705)

6,766
6,958

Cash flows fromoperating activities

For the year ended
March 31, 2024
March 31, 2023

Cash flows frominvesting activities

Cash flows fromfinancing activities

2. Dividend distribution

Fiscal year 2022
Fiscal year 2023
Fiscal year 2024
(Planned)

1stquarter-end
Yen-

Dividend distribution per share
2nd
3rd
Year-endquarter-end
quarter-end
Yen
Yen
Yen

-

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

Total
Yen

0.00
0.00

-

0.00
0.00

0.00
0.00

0.00

-

25.00

25.00

0
0

0.0
0.0

0.0
0.0

19.2

3. Consolidated Financial Results Forecast for the Fiscal Year 2024 (from April 1, 2024 to March 31, 2025)(%: Changes from the previous fiscal year)
Net sales

Full year

Net income attributable
to shareholders ofparent company%
Million yen%

Operating income

Ordinary income

Million yen%

Million yen%

Million yen

86,900

35.8

7,810

227.7

5,280

428.1

3,490

Net income
per share

104.0* Notes:(1) Changes in significant subsidiaries during the fiscal year 2023 (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 issued (including the number of treasury stock):
As of March 31, 2024: 26,863,974 shares
As of March 31, 2023: 26,863,974 shares
2) Number of treasury stock:
As of March 31, 2024: 24,852 shares
As of March 31, 2023: 39,089 shares
3) Average number of common shares outstanding:
For the year ended March 31, 2024: 26,834,741 shares
For the year ended March 31, 2023: 26,824,969 shares

Yen

130.03(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year 2023 (April 1, 2023 to March 31, 2024)(1) Non-consolidated Operating Results(%: Changes from the previous fiscal year)
Net sales

For the year ended
March 31, 2024
March 31, 2023

Million yen

57,76042,354

Operating income
%

36.4
15.7

Million yen

1,229
2,340

Ordinary income%(47.5)-

Million yen

559
2,739

Net income per share

Diluted net income per share

Yen

Yen

For the year ended
March 31, 2024
March 31, 2023

53.41
106.21

Net income%(79.6)-

Million yen

1,433
2,849

%

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

Net assets

Equity ratio

Net assets per share

Million yen%

Yen

As of March 31, 2024
102,001
14,917
As of March 31, 2023
93,75813,445(Reference) Equity:
As of March 31, 2024: ¥14,917 million
As of March 31, 2023: ¥13,445 million*Notes:14.6
14.3

555.82501.24*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 “1.(4) Future Outlook” on page 5 of the Attachment.
The Company intends to hold a briefing session for institutional investors on May 23, 2024. The materials
distributed at the briefing session are scheduled to be posted on the Company’s corporate website.

Table of Contents
1. Overview of Business Results, etc. ..................................................................................................... 2(1) Overview of Business Results for the Fiscal Year Under Review..................................................... 2(2) Overview of Financial Position for the Fiscal Year Under Review .................................................. 4(3) Overview of Cash Flows for the Fiscal Year Under Review............................................................. 4(4) Future Outlook .................................................................................................................................. 5
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) ............................................................................................................... 17(Significant subsequent events) .................................................................................................. 171

1. Overview of Business Results, etc.
(1) Overview of Business Results for the Fiscal Year Under Review
During FY 2023, while the global economy was still on a recovery track, the situation remained uncertain due
to volatile energy prices and rising raw material prices stemming from geopolitical risks in the Middle East andthe prolonged situation in Ukraine, as well as the impacts of global monetary tightening and the economic
slowdown in China. Under these circumstances, the dollar-yen exchange rate moved within the range of ¥131 to¥151 per US$1.
In the air transportation industry, air passenger demand recovered as the COVID-19 pandemic quietened, andsome airlines have begun to place a large order of new aircraft. Following this move, aircraft manufacturers areworking on increasing aircraft production. Meanwhile, there is a shortage of human resources in the operation of
aircraft and airport facilities, as well as the entire supply chain for aircraft manufacturing. As such, there is anurgent need to secure human resources.
Under these circumstances, JAMCO Corporation and its subsidiaries (collectively, the “Group”) establishedtask teams to drive the three pillars for realizing JAMCO Vision 2030 that clarifies the ideals of the JAMCOGroup in 2030, namely, JX: JAMCO Transformation (business reform), SX: Sustainability Transformation, andHRX: Human Resource Transformation. By doing so, we strengthened the promotion framework to resolve thefundamental challenges that face the Company’s business.
In the aircraft interiors business, the recovery in airline passenger demand has led to increased production by
aircraft manufacturers and increased demand for spare parts from airlines. In response to these trends, we worked
on strengthening our capacity to increase production. In the production process, to utilize the management
resources of the entire Group effectively and to reinforce our business foundation by improving efficiency andstreamlining, we decided to integrate domestic subsidiaries. We also worked on plans to expand the production
capacity and functions of JAMCO PHILIPPINES and strengthened our supply chain both in Japan and overseas.
In the aircraft seat business, given the plan to increase production of new aircraft by aircraft manufacturers
and the rapidly expanding demand for interior modifications of existing aircrafts operated by airlines, we
temporarily suspended accepting orders involving development of the aircraft seat business included in theaircraft seat segment, in line with our “selection and concentration” strategy, and decided to concentrate ourdevelopment personnel and production capacity in the Company’s mainstay aircraft interiors business.
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 ofthermosetting CFRP components into fields other than the aircraft sector.
In the aircraft maintenance business, we aimed to strengthen the 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. Further, we launchedinitiatives in new business fields such as supporting the operation of drones.
As a result, on a consolidated basis, during FY 2023, the Company posted higher sales and income, with net
sales of ¥63,999 million (up ¥16,773 million compared to the previous fiscal year), operating income of ¥2,383
million (up ¥649 million compared to the previous fiscal year); however, ordinary income was ¥999 million(down ¥127 million compared to the previous fiscal year), due to factors such as a decrease in foreign exchange
gains and an increase in interest burden, and net income attributable to shareholders of parent company was¥1,710 million (down ¥463 million compared to the previous fiscal year).
Provision for loss on construction contracts of ¥5,209 million for construction to be completed in or after the
next fiscal year was recognized at the end of FY 2023. The impact of this provision for loss on construction
contracts on income (loss) for the quarterly fourth quarter of FY 2023 was an increase of ¥900 million in cost of
sales (provision for loss on construction contracts as of December 31, 2023 was ¥4,308 million) and, for FY 2023,
an increase of ¥929 million in cost of sales (provision for loss on construction contracts at the end of the previous
fiscal year was ¥4,280 million).

2For the entire Group, selling, general and administrative expenses, non-operating income (expenses),
extraordinary income (loss), and income taxes - deferred are as follows:
Selling, general and administrative expenses were ¥9,541 million (an increase of ¥1,202 million compared tothe previous fiscal year), due mainly to increases in personnel expenses, warranty repair costs, and salescommissions.
The result for non-operating income (expenses) was a loss of ¥1,383 million (a loss of ¥606 million in theprevious fiscal year), due to factors such as a decrease in foreign exchange gains and an increase in interest
expenses mainly reflecting higher U.S. dollar interest rates.
The result for extraordinary income (loss) was a loss of ¥412 million (a gain of ¥467 million in the previous
fiscal year), which consisted mainly of impairment loss on non-current assets of ¥317 million resulting from thetemporary suspension of accepting orders involving development of the aircraft seat business and compensation
for damage of ¥303 million based on the indemnity clause with customers in the aircraft interiors segment
recognized as extraordinary loss, despite recognizing gain on liquidation of subsidiaries and affiliates of ¥141
million with the liquidation of consolidated subsidiary JAMCO SINGAPORE PTE LTD. as an extraordinary
income.
Income taxes - deferred amounted to ¥(1,330) million (¥(1,186) million in the previous fiscal year), after
recognition of deferred tax assets as a result of carefully considering their recoverability.
Business performance by segment is as follows.
[Aircraft Interiors Business]
In the aircraft interiors business, net sales increased from the previous fiscal year mainly due to resumptionof shipments for Boeing 787 and the increased sales of spare parts to airlines as the number of aircraft in operation
grew. Meanwhile, ordinary income increased mainly due to increased sales of spare parts as well as the effect ofa weaker yen on foreign currency-denominated net sales, despite the impact of higher costs.
As a result, the aircraft interiors business posted net sales of ¥40,986 million (up ¥11,371 million comparedto the previous fiscal year) and ordinary income of ¥4,970 million (up ¥1,383 million compared to the previous
fiscal year).
[Aircraft Seat Business]
In the aircraft seat business, net sales increased from the previous fiscal year, as further shipments of the
Venture business class seat for Boeing 777 were made. On the other hand, an ordinary loss was posted due mainly
to an increase in initial costs involved in adapting the seat for other aircraft types as well as the increase in dollardenominated costs caused by the inflation in the U.S. and the depreciation of the yen.
As a result, the aircraft seat business posted net sales of ¥9,208 million (up ¥5,338 million compared to theprevious fiscal year) and an ordinary loss of ¥4,015 million (ordinary loss of ¥2,708 million in the previous fiscal
year).
[Aircraft Components Business]
In the aircraft components business, net sales increased from the previous fiscal year, due mainly to increased
shipments of CFRP structure parts for commercial aircraft. On the other hand, ordinary loss was posted due
mainly to the impact of higher costs.
As a result, the aircraft components business posted net sales of ¥5,566 million (up ¥490 million compared tothe previous fiscal year) and an ordinary loss of ¥159 million (ordinary income of ¥85 million in the previous
fiscal year).
[Aircraft Maintenance Business]
In the aircraft maintenance business, net sales decreased from the previous fiscal year, due mainly to3

shipments of some programs in parts maintenance deferred to the next fiscal year. Meanwhile, ordinary income
increased due to improved profitability as aircraft maintenance progressed steadily.
As a result, the aircraft maintenance business posted net sales of ¥8,235 million (down ¥427 million comparedto the previous fiscal year) and an ordinary income of ¥211 million (up ¥40 million compared to 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.
The Others segment posted net sales of ¥2 million (up ¥0 million compared to the previous fiscal year) andordinary loss of ¥6 million (ordinary loss of ¥6 million in the previous fiscal year).
(2) Overview of Financial Position for the Fiscal Year Under Review(Assets, Liabilities, and Equity)
Total assets as of March 31, 2024 amounted to ¥108,216 million, up ¥7,422 million from the end of theprevious fiscal year. Of this amount, total current assets increased by ¥5,563 million from the end of the previous
fiscal year, as notes and accounts receivable - trade, and contract assets increased by ¥2,702 million, and work inprocess increased by ¥2,244 million from the end of the previous fiscal year. Total non-current assets increasedby ¥1,859 million from the end of the previous fiscal year, as investments and other assets increased by ¥1,713
million from the end of the previous fiscal year. Total liabilities amounted to ¥93,144 million, up ¥5,733 million
from the end of the previous fiscal year. The main factors were increases in notes and accounts payable - tradeby ¥2,232 million and in electronically recorded obligations - operating by ¥2,039 million from the end of theprevious fiscal year.
Total net assets amounted to ¥15,071 million, up ¥1,688 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 13.9%.
(3) Overview of Cash Flows for the Fiscal Year Under Review
Cash and cash equivalents as of March 31, 2024, as a result of the cash flows described below, saw a cash
outflow of ¥192 million.
[Cash flows from operating activities]
Operating activities during FY 2023 saw a cash inflow of ¥1,403 million. The main factor was increases
in notes and accounts payable - trade, depreciation and income before taxes, despite increases in notes andaccounts receivable - trade and inventories.
[Cash flows from investing activities]
Investing activities during FY 2023 saw a cash outflow of ¥1, 688 million, due mainly to expenditures forpurchase of non-current assets.
[Cash flows from financing activities]
Financing activities during FY 2023 saw a cash outflow of ¥555 million. The main factor was long-termloan repayments to financial institutions.

4(4) Future Outlook
In the air transportation industry in which the Group is involved, demand for aircraft is increasing due to risein the number of air passengers both in Japan and overseas. Owing to this trend, medium- to large- scale aircrafts,
which the Company is concentrating its efforts on, are expected to increase both in the number of aircraft inoperation and in new aircraft production.
For the Group, the increase in the number of operating aircraft has resulted in demand by airlines for spareparts exceeding pre-COVID-19 levels. Amid these circumstances, we will therefore strengthen our spare parts
supply capability to ensure capturing income. To recover the capability to respond to demand according to theplan to increase new aircraft production and respond to higher costs reflecting inflation, we will carry out businessprocess reforms on a company-wide level by concentrating the resources of the aircraft seat business in aircraftinteriors, and enhance the efficiency of our production system, aiming to improve quality and profitability.
In light of these circumstances, the outlook for consolidated operating results in FY 2024 is for net sales of¥86,900 million, operating income of ¥7,810 million, ordinary income of ¥5,280 million, and net income
attributable to shareholders of parent company of ¥3,490 million. The exchange rate assumed for the outlook is¥140 to US$1.
The Company’s basic policy for dividends to shareholders is to provide stable and continuous returns toshareholders by striving for efficient management and improving profits, and to determine the amount ofdividends with a target consolidated payout ratio of 20-30%. Based on comprehensive consideration of suchfactors as our financial results forecast and finances, we plan to pay dividends of ¥25 per share for FY 2024
(resumption of dividend payments).

5

2. Basic Approach to the Selection of Accounting Standards
Taking into consideration the comparability of consolidated financial statements by term and thecomparability between companies, the Group’s policy is to prepare consolidated financial statements based onJapanese GAAP.
The Group plans to carefully consider the adoption of IFRS (International Financial Reporting Standards),
taking into account the circumstances in Japan and overseas.

6

3. Consolidated Financial Statements and Primary Notes(1) Consolidated Balance Sheets(Thousand yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsMerchandise and finished goods
Work in process
Raw materials and supplies
Consumption taxes receivable
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Accumulated depreciation
Buildings and structures, net
Machinery, equipment and vehicles
Accumulated depreciation
Machinery, equipment and vehicles, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Other
Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
SoftwareLeased assets
Other
Total intangible assets
Investments and other assets
Investment securities
Long-term prepaid expenses
Guarantee deposits
Deferred tax assets
Other
Total investments and other assets
Total non-current assets
Total assets

7

As of March 31, 2024

8,334,303

6,766,761

17,615,106

20,317,566

1,611,483
26,231,269
20,890,021
497,136
2,184,707(42,366)
77,321,661

3,041,281
28,476,150
20,348,479
1,015,877
2,937,786(18,921)82,884,980

18,484,994(13,000,213)
5,484,781
10,759,684(9,001,505)
1,758,179
3,508,809
974,643(728,506)
246,136
215,615
8,155,165(7,778,123)
377,042
11,590,565

18,886,392(13,628,172)
5,258,220
10,430,382(9,069,289)
1,361,092
3,580,497
1,130,116(762,954)
367,161
461,037
8,083,317(7,674,237)
409,079
11,437,090

751,128
162,631
893,9211,807,682

889,310
118,174
1,099,156
2,106,641

692,694
118,100
76,1479,130,937
56,82910,074,709
23,472,956
100,794,618

1,203,097
98,23875,55910,359,446
51,896
11,788,239
25,331,970
108,216,951

(Thousand yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating
Short-term loans payable
Current portion of long-term loans payable
Lease obligations
Accrued expenses
Income taxes payable
Accrued consumption taxes
Advances received
Accrued expense-salary
Provision for loss on construction contracts
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Lease obligations
Liability for employee retirement benefits
Long-term accounts payable - other
Provision for loss on compensation
Provision for product warranties
Deferred tax liabilities
Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Accumulated other comprehensive income
Valuation difference on available-for-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

8

As of March 31, 2024

4,719,765
2,997,441
50,022,940
1,060,000
258,437
1,014,295
700,808
150,762
8,374,234
1,237,674
4,280,336
2,215,399
77,032,097

6,951,860
5,036,497
52,697,000
660,000
191,829
1,052,924
183,670
238,494
7,735,063
1,348,913
5,209,396
2,817,895
84,123,546

1,250,000
184,913
6,702,461
98,694
972,797
1,166,789
3,289
10,378,944
87,411,041

590,000
335,090
6,295,078
98,694
1,130,485
572,073
9,021,421
93,144,967

5,359,893
4,318,925
2,819,869(31,405)
12,467,283

5,359,893
4,328,358
4,530,558(19,966)
14,198,844

176,474
424,767

194,339536,216(48,564)

142,583

552,677
363,616
13,383,576
100,794,618

873,139
15,071,983
108,216,951

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Thousand yen)
FY 2022
From April 1, 2022 toMarch 31, 2023
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
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
Loss on transfer of accounts receivable
Compensation expenses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of non-current assets
Subsidy income
Gain on liquidation of subsidiaries and affiliates
Gain on sales of investment securities
Total extraordinary income
Extraordinary loss
Loss on disposal of non-current assets
Loss related to COVID-19
Impairment loss
Compensation for damage
Total extraordinary loss
Income before taxes
Income taxes - current
Income taxes - deferred
Total income taxes
Net income
Net income attributable to non-controlling interests
Net income attributable to shareholders of parent company

9

FY 2023
From April 1, 2023 toMarch 31, 2024

47,225,426
37,152,464
10,072,961
8,339,293
1,733,668

63,999,188
52,074,650
11,924,538
9,541,309
2,383,228

55,141
3,664
654,236

57,2894,220
164,20930,68894,145

16,24575,98056,422
892,377

35,200152,045
35,576542,687

1,194,589
152,989
32,837
118,300
1,498,717
1,127,327

1,600,149
213,857
83,32728,723
1,926,057
999,858

463,111
120,106
583,217

3,515
141,342
75,529220,387

9,076
107,089
116,165
1,594,379
573,461(1,186,103)(612,641)
2,207,020
32,8152,174,205

12,416317,241
303,319
632,978
587,267
202,734(1,330,295)(1,127,560)
1,714,828
4,138
1,710,689

Consolidated Statements of Comprehensive Income(Thousand yen)
FY 2023
From April 1, 2023 toMarch 31, 2024

FY 2022
From April 1, 2022 toMarch 31, 2023
Net income
Other comprehensive income
Valuation difference on available-for-sale securities
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 to shareholders ofparent company
Comprehensive income attributable to non-controllinginterests

10

2,207,020

1,714,828

6,701
257,446(151,189)

17,864
149,896
191,148-

5,073

112,957
2,319,978363,983
2,078,811

2,256,401

2,031,151

63,57747,659(3) Consolidated Statements of Changes in Equity
For fiscal year 2022 (from April 1, 2022 to March 31, 2023)(Thousand yen)
Shareholders’ equity
Capital stock
Balance at the beginning of
periodChanges in items during period

Capital surplus

5,359,893

Retained earnings

4,318,925

Dividends of surplus
Net income attributable toshareholders of parent
company
Purchase of treasury stock
Disposal of treasury stock
Net changes of items otherthan shareholders’ equity
Total changes of items during
periodBalance at the end of period

Totalshareholders’equityTreasury stock(31,205)

645,664

10,293,277--

2,174,205

2,174,205
(199)

(199)

-

-

2,174,205(199)

2,174,005

5,359,893

4,318,925

2,819,869(31,405)

12,467,283

Accumulated other comprehensive income
Valuationdifference on
Foreign currency
available-for-sale translation adjustment
securities

Balance at the beginningof period
Changes in items during
periodDividends of surplus
Net income
attributable toshareholders of parent
company
Purchase of treasury
stock
Disposal of treasurystock
Net changes of items
other thanshareholders’ equity
Total changes of items
during period
Balance at the end of
period169,773

Accumulated
adjustment for
employee retirement
benefits

198,082

102,624

Total accumulated Non-controlling Total net assetsinterests
other comprehensive
income470,480

331,330

11,095,088

2,174,205
(199)

6,701

226,685(151,189)

82,19632,286

114,4826,701

226,685(151,189)

82,19632,2862,288,488

176,474

424,767(48,564)

552,677

363,616

13,383,576

11

For fiscal year 2023 (from April 1, 2023 to March 31, 2024)(Thousand yen)
Shareholders’ equity
Capital stock
Balance at the beginning of
periodChanges in items during period

5,359,893

Capital surplus

Retained earnings

4,318,925

2,819,869

Dividends of surplus
Net income attributable toshareholders of parent
company
Purchase of treasury stock
Disposal of treasury stock
Net changes of items otherthan shareholders’ equity
Total changes of items during
periodBalance at the end of period

Totalshareholders’equityTreasury stock(31,405)

12,467,283--

1,710,689

1,710,689

9,433

-

-

11,43820,871-9,433

1,710,689

11,438

1,731,560

5,359,893

4,328,358

4,530,558(19,966)

14,198,844

Accumulated other comprehensive income
Valuationdifference on
Foreign currency
available-for-sale translation adjustment
securities

Balance at the beginningof period
Changes in items during
periodDividends of surplus
Net income
attributable toshareholders of parent
company
Purchase of treasury
stock
Disposal of treasurystock
Net changes of items
other thanshareholders’ equity
Total changes of items
during period
Balance at the end of
period176,474

Accumulated
adjustment for
Total accumulated other
employee retirement comprehensive income
benefits

424,767(48,564)

552,677

Noncontrollinginterests

Total net assets

363,616

13,383,576

1,710,689
20,871
17,864111,448

191,148

320,462(363,616)(43,154)

17,864111,448

191,148

320,462(363,616)

1,688,406

194,339536,216

142,583

873,139-

15,071,983

12

(4) Consolidated Statements of Cash Flows(Thousand yen)
FY 2023
From April 1, 2023 toMarch 31, 2024

FY 2022
From April 1, 2022 toMarch 31, 2023
Cash flows from operating activities
Income before taxes
Depreciation
Impairment loss
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in accrued expense - salary
Increase (decrease) in provision for loss on construction
contracts
Increase (decrease) in liability for employee retirement
benefits
Increase (decrease) in provision for product warranties
Increase (decrease) in provision for loss oncompensation
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on sale and retirement of non-current assets
Loss related to COVID-19
Subsidy income
Loss (gain) on liquidation of subsidiaries and affiliates
Loss (gain) on sale of investment securities
Other non-operating expenses (income)Decrease (increase) in notes and accounts receivable trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable - trade
Increase (decrease) in advances received
Other
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities

13

1,594,379
2,108,602(79,791)
384,759

587,267
1,777,573
317,241(14,013)111,238

451,482

929,059(128,957)(124,527)-(594,716)

60,152

157,687(58,805)
1,194,589
298,280(61,510)1,600,149
478,865(30,688)(94,145)(454,035)
107,089(120,106)
155,480

8,901(141,342)(75,529)
103,085

1,788,454(2,573,347)(7,406,462)
729,009
1,885,080(1,152,105)
1,326,408
58,772(1,273,997)(32,498)
8,585
87,271(2,264,900)
4,146,078
191,501(703,576)
3,761,040
59,784(1,663,114)(753,875)
1,403,835

(Thousand yen)
FY 2023
From April 1, 2023 toMarch 31, 2024

FY 2022
From April 1, 2022 toMarch 31, 2023
Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Payments of loans receivableCollection of loans receivable
Decrease (increase) in time deposits
Payments for sale of shares of subsidiaries resulting inchange in scope of consolidation
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
Repayments of long-term loans payable
Repayments of lease obligations
Purchase of treasury stock
Cash dividends paid
Cash dividends paid to non-controlling interests
Net cash provided by (used in) financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents, beginning of period
Cash and cash equivalents, end of period

14(885,991)
791,557(606,840)(1,080)(1,990)5,058(176,111)(504,707)
30,153(1,009,351)(1,227)
4,677
43,386-(222,799)(158,260)
8,189(1,025,469)(38,372)
9,713(1,688,527)

71,421,930(70,790,850)(960,000)(345,018)
(199)
(60)
(31,290)(705,488)
428,183(1,215,502)
8,174,344
6,958,841

90,201,070(89,439,570)(1,060,000)(229,913)(25)(27,067)(555,506)
648,118(192,080)
6,958,841
6,766,761

(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 that can provide separate financial information, andare regularly reviewed by the Board of Directors to determine the allocation of management resources and to evaluateachievements among the constituent units of the Group.
The Group is composed of three divisions (Aircraft Interiors Division, Aircraft Components Manufacturing
Division, and Aircraft Maintenance Group), each of which conducts business activities by developing independent
management strategies for the products and services it handles. The Group consists of segments organized by productand service based on divisions, and the reportable segments comprise “Aircraft Interiors Business,” “Aircraft Seat
Business,” “Aircraft Components Business” and “Aircraft Maintenance Business.”“Aircraft Interiors Business” mainly engages in 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
aerospace equipment and products including heat exchangers, aircraft equipment including aircraft engine parts, and
CFRP structure parts. “Aircraft Maintenance Business” conducts operations such as maintenance and alteration ofregional jets, medium- and small-sized aircraft and helicopters, as well as repairs of equipment for these aircraft.
2. Method of calculating net sales, income (loss) 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 and income (loss) by reportable segment
For fiscal year 2022 (from April 1, 2022 to March 31, 2023)(Thousand yen)
Reportable segment
Others(Note)

Total

Aircraft
Interiors
Business

Aircraft Seat
Business

Aircraft
Components
Business

Aircraft
MaintenanceBusiness

Total

29,614,594

3,869,393

5,075,831

8,663,179

47,222,999

344,903-

3,184

36,522

384,61029,959,498

3,869,393

5,079,016

8,699,701

47,607,609

120,720 47,728,329

3,586,243(2,708,451)

85,663

170,403

1,133,859(6,531)

Net sales
Net sales to outside
customers
Inter-segment net sales ortransfers
Total
Segment income (loss)

2,427 47,225,426
118,292

502,903

1,127,327(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 as part of our corporate social responsibilities, and mainly provides cleaning and assistance workin the Company’s facilities.
For fiscal year 2023 (from April 1, 2023 to March 31, 2024)(Thousand yen)
Reportable segment
Others(Note)

Total

Aircraft
Interiors
Business

Aircraft Seat
Business

Aircraft
Components
Business

Aircraft
MaintenanceBusiness

Total

40,986,594

9,208,058

5,566,621

8,235,269

63,996,544

2,644

63,999,188

319,187-

499

41,297360,984

134,000

494,985

41,305,782

9,208,058

5,567,121

8,276,567

64,357,529

136,645

64,494,174

4,970,015(4,015,052)(159,943)

211,365

1,006,386(6,527)

999,858

Net sales
Net sales to outside
customers
Inter-segment net sales ortransfers
Total
Segment income (loss)(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 as part of our corporate social responsibilities, and mainly provides cleaning and assistance workin the Company’s facilities.

16

(Per share information)
Fiscal year 2022
(from April 1, 2022 to March 31,
2023)

Fiscal year 2023
(from April 1, 2023 to March 31,
2024)

Net assets per share

485.37 yen

561.57 yen

Net income per share

81.05 yen

63.75 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 2022
(from April 1, 2022 to March 31,
2023)
Net income attributable toshareholders of parent company
2,174,205(thousand yen)Amount not attributable to commonshareholders (thousand yen)
Net income attributable toshareholders of parent company
2,174,205
related to common shares(thousand yen)
Average number of common shares
26,824(thousand shares)
2. The basis for calculating net assets per share is as shown below.
Fiscal year 2022
(as of March 31, 2023)
Total net assets (thousand yen)Amount deducted from total net
assets (thousand yen)[including non-controllinginterests (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)

There is no relevant information.

17

1,710,689-

1,710,689

26,834

Fiscal year 2023
(as of March 31, 2024)

13,383,576

15,071,983

363,616-[363,616](Significant subsequent events)

Fiscal year 2023
(from April 1, 2023 to March 31,
2024)

[

-]

13,019,960

15,071,983

26,824

26,839