Consolidated Financial Results
for the Fiscal Year 2019
Ended March 31, 2020
[Japanese GAAP]May 18, 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
Scheduled date of general meeting of shareholders held: June 25, 2020
The start date of payout of dividend: June 26, 2020
Submission date of securities report scheduled: June 29, 2020
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 2019 (from April 1, 2019 to March 31, 2020)(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, 2020
91,5358.9
1,807(58.2)
1,178(64.2)March 31, 201984,068
8.1
4,321
(3.2)
3,290
(6.1)
(Note) Comprehensive income: Year ended March 31, 2020: ¥219 million [(89.4)%]
Year ended March 31, 2019: ¥2,071 million [9.6%]
Net income per
share

Diluted net
income per
share

Rate of returnon equity

Net income attributable
to shareholders ofparent company
Million yen
%

605
1,910

Ordinary
income to total
assetsFor the year ended
Yen
Yen
%
%
March 31, 2020
22.58
2.0
1.1
March 31, 2019
71.23
6.5
3.3
(Reference) Equity in earnings (losses) of affiliates: Year ended March 31, 2020: ¥(11) million
Year ended March 31, 2019: ¥(52) million(2) Consolidated Financial Position
Total assets
Million yen

Net assets

Equity ratio(68.3)
13.6

Operatingincome to net
sales
%

2.0
5.1

Net assets per share

Million yen%

Yen

As of March 31, 2020
120,184
30,373As of March 31, 2019
102,980
30,715(Reference) Equity: As of March 31, 2020: ¥29,844 million
As of March 31, 2019: ¥30,173 million

24.8
29.3

1,112.58
1,124.82

(3) Consolidated Cash Flows

For the year ended
March 31, 2020
March 31, 2019

Cash flows
from operating
activities

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at theend of period

Million yen

Million yen

Million yen

Million yen(11,285)
9,365(2,570)(1,944)

16,953(5,828)

7,167
4,046

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

2nd
quarter-end
Yen

3rd
quarter-end
Yen

Year-end
Yen

Total
Yen

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

Fiscal year 2018
0.00
20.00
20.00
536
28.1
1.8
Fiscal year 2019
0.00
20.00
20.00
536
88.6
1.8
Fiscal year 2020
(Planned)(Note) 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.

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 the fiscal year 2019 (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: Yes
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting estimates: None
4) Retrospective restatement: None
(3) Number of common shares issued
1) Number of common shares outstanding (including the number of treasury stock):
As of March 31, 2020: 26,863,974 shares
As of March 31, 2019: 26,863,974 shares
2) Number of treasury stock:
As of March 31, 2020: 38,932 shares
As of March 31, 2019: 38,832 shares
3) Average number of common shares outstanding:
For the year ended March 31, 2020: 26,825,073 shares
For the year ended March 31, 2019: 26,825,183 shares

(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year 2019 (April 1, 2019 to March 31, 2020)(1) Non-consolidated Operating Results(%: Changes from the previous fiscal year)
Net sales
Operating income
Ordinary income
Net income
For the year ended
Million yen%
Million yen%
Million yen%
Million yen%
March 31, 2020
83,5289.3
1,707(45.0)
1,580(37.7)
1,039(48.9)March 31, 2019
76,447
15.5
3,104
4.2
2,537
9.9
2,034
29.1

For the year ended
March 31, 2020
March 31, 2019

Net income
per share

Diluted net income
per share
Yen

Yen

38.73
75.85

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

Net assets

Equity ratio

Net assets per share

Million yen%

Yen

106,949
29,690
As of March 31, 2020
As of March 31, 2019
91,132
29,300(Reference) Equity: As of March 31, 2020: ¥29,690 million
As of March 31, 2019: ¥29,300 million

27.8
32.2

1,106.82
1,092.26*Notes:*1. This document is an English translation of a statement written initially in Japanese. The Japanese original
document should be considered as the primary version.
*2. These consolidated financial results are outside the scope of audit by certified public accountants or audit firms.
*3. Explanation of the proper use of financial results forecast and other notes
The earnings forecasts and other forward-looking statements herein are based on information currently available
to the Company and certain premises that the Company deems to be reasonable. Actual results may differ
significantly from these forecasts due to a wide range of factors. For the conditions that form the premises of theforecasts, please refer to “Future Outlook” on page 4 of the Attachment.
The Company had intended to hold a briefing session for institutional investors in May 2020 but cancelled theplan to prevent the spread of COVID-19. The materials that were scheduled to be used at the briefing session will
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........................................................................................................................................ 4
2. Basic Approach to the Selection of Accounting Standards ........................................................................... 5
3. Consolidated Financial Statements and Primary Notes ................................................................................ 6(1) Consolidated Balance Sheets ................................................................................................................. 6(2) Consolidated Statements of Income and Comprehensive Income ........................................................... 8(3) Consolidated Statements of Changes in Equity .................................................................................... 10(4) Consolidated Statements of Cash Flows ................................................................................................ 12(5) Notes to Consolidated Financial Statements ........................................................................................ 14(Notes on going concern assumption) ............................................................................................. 14(Changes in accounting policies) .................................................................................................... 14(Changes in presentation) ............................................................................................................... 14(Consolidated Statements of Income) .............................................................................................. 14(Segment information, etc.) ............................................................................................................ 14(Per share information)..................................................................................................................... 21(Significant subsequent events) ........................................................................................................ 21

1

1. Overview of Business Results, etc.
(1) Overview of Business Results for the Fiscal Year Under Review
During FY 2019, the global economy faced increasingly difficult circumstances due to the impact of the
spread of COVID-19 going into the fourth quarter, amid growing signs of an economic slowdown due mainly
to concerns on the trade issue between the U.S. and China as well as confusion stemming from Brexit. Under
these circumstances, the dollar-yen exchange rate moved within the range of the lower ¥112 to the lower ¥103
per US$1.
In the air transportation industry, owing to the impact of the global spread of COVID-19, travel bans were
issued in each country, causing a sharp decrease in passenger demand which had been robust until the outbreak.
This resulted in a significant deterioration of the business environment. As for aircraft manufacturers too, bothBoeing and Airbus plan to substantially reduce production due to the sharp decline in demand for airtransportation.
Under such circumstances, in the aircraft interiors business and the aircraft seat business, we worked to
identify the cause and verify safety in response to the inappropriate quality issues announced on March 26, 2019,and implemented corrective/preventive measures, while proceeding with efforts to raise awareness of bothcompliance and quality to a higher level.
In the aircraft components business, we took initiatives to improve productivity, while proceeding with inhouse production of interiors and seat parts by applying the metal processing technologies we haveaccumulated over the years.
In the aircraft maintenance business, we continued with initiatives to ensure flight safety and enhancequality, while also endeavoring to expand aircraft maintenance for airlines.
As a result, on a consolidated basis, during FY 2019, the Company posted net sales of ¥91,535 million (up¥7,467 million compared to the previous fiscal year), operating income of ¥1,807 million (down ¥2,513 million
compared to the previous fiscal year), ordinary income of ¥1,178 million (down ¥2,112 million compared to theprevious fiscal year) and net income attributable to shareholders of parent company of ¥605 million (down¥1,304 million compared to the previous fiscal year).
Provision for loss on construction contracts of ¥3,607 million for construction to be completed in or after
the next fiscal year was recognized at the end of FY 2019. The impact of this provision for loss on construction
contracts on income (loss) for the quarterly fourth quarter of FY 2019 was a decrease of ¥460 million in cost of
sales (provision for loss on construction contracts as of December 31, 2019 was ¥4,068 million) and, for FY
2019, a decrease of ¥173 million in cost of sales (provision for loss on construction contracts at the end of FY
2018 was ¥3,781 million).
Selling, general and administrative expenses, non-operating income (expenses), and extraordinary income(loss) are as follows:
Selling, general and administrative expenses were ¥8,636 million (a decrease of ¥684 million compared tothe previous fiscal year), due mainly to decreases in warranty expenses and sales commissions.
In terms of non-operating income (expenses), an expense of ¥629 million was reported due mainly to a
deterioration in foreign exchange gains (losses) resulting from the appreciation of the yen in the foreignexchange market from the end of the previous fiscal year, despite a decrease in compensation expenses (anexpense of ¥1,030 million in the previous fiscal year).
As for extraordinary income (loss), although insurance income related to quality issues of ¥60 million wasrecognized due to liability insurance, a loss of ¥279 million was reported due mainly to loss related to quality (aloss of ¥263 million in the previous fiscal year).

2

Business performance by segment is as follows.
[Aircraft Interiors Business]
In the aircraft interiors business, net sales increased from the previous fiscal year as a result of progress inthe shipment of products against the backdrop of demand for air transportation which had been robust until the
global spread of COVID-19. Meanwhile, ordinary income decreased from the previous fiscal year, mainlyreflecting a decline in the number of shipments of profitable programs compared with the favorable number inthe previous fiscal year and foreign exchange losses, in addition to increases in personnel expenses andtransportation costs for recovering temporary shipment delays which occurred owing to the response to
inappropriate quality issues, despite the impact of increased net sales.
As a result, the aircraft interiors business posted net sales of ¥61,078 million (up ¥4,209 million comparedto the previous fiscal year) and ordinary income of ¥3,107 million (down ¥3,005 million compared to theprevious fiscal year).
[Aircraft Seat Business]
In the aircraft seat business, net sales increased from the previous fiscal year due to the shipment of thebusiness class seat “Venture” which started in FY 2019. Meanwhile, an ordinary loss was reported due mainly
to an increase in costs resulting from a delay in the improvement of productivity of some programs, as well as
additional expenses incurred as a result of shifting orders to other production bases following the temporary
suspension of production owing to response to inappropriate quality issues at Miyazaki JAMCO Corporation,
despite the impact of increased net sales.
As a result, the aircraft seat business posted net sales of ¥15,994 million (up ¥3,818 million compared to theprevious fiscal year) and ordinary loss of ¥2,499 million (ordinary loss of ¥3,143 million in the previous fiscal
year).
[Aircraft Components Business]
In the aircraft components business, despite robust shipments of heat exchangers and CFRP structure parts,
net sales decreased from the previous fiscal year due to the postponement of shipments of some aircraft engine
parts to the next fiscal year and thereafter. Ordinary income decreased from the previous fiscal year due to adecrease in net sales.
As a result, the aircraft components business posted net sales of ¥6,333 million (down ¥264 million
compared to the previous fiscal year) and ordinary income of ¥6 million (down ¥104 million compared to theprevious fiscal year).
[Aircraft Maintenance Business]
In the aircraft maintenance business, net sales decreased from the previous fiscal year due mainly to thepostponement of some shipments in aircraft maintenance and equipment maintenance to the next fiscal year
and thereafter. Meanwhile, ordinary income increased from the previous fiscal year due to improved
profitability, reflecting a solid increase in performance of aircraft maintenance for airlines.
As a result, the aircraft maintenance business posted net sales of ¥8,129 million (down ¥296 million
compared to the previous fiscal year) and ordinary income of ¥567 million (up ¥357 million compared to theprevious fiscal year).
[Others]
The Others segment includes the businesses of the consolidated subsidiary Orange JAMCO Corporation,
and we were able to make steady progress mainly in inter-segment transactions, including assistance work in
the aircraft interiors business.
As a result, the Others segment posted net sales of ¥0 million (up ¥0 million compared to the previous fiscal
year) and ordinary loss of ¥4 million (ordinary loss of ¥0 million in the previous fiscal year).

3(2) Overview of Financial Position for the Fiscal Year Under Review
Total assets as of March 31, 2020 amounted to ¥120,184 million, up ¥17,203 million from the end of theprevious fiscal year. Of such, total current assets increased by ¥17,130 million from the end of the previous
fiscal year, due mainly to an increase in notes and accounts receivable – trade (up ¥9,327 million compared tothe end of the previous fiscal year), an increase in raw materials and supplies (up ¥4,296 million compared tothe end of the previous fiscal year), and an increase in cash and deposits (up ¥2,868 million compared to theend of the previous fiscal year). Total non-current assets increased by ¥73 million from the end of the previous
fiscal year.
Total liabilities amounted to ¥89,811 million, up ¥17,545 million from the end of the previous fiscal year.
This was attributable primarily to an increase in short-term loans payable (up ¥18,982 million compared to theend of the previous fiscal year) and an increase in notes and accounts payable – trade (up ¥2,573 million
compared to the end of the previous fiscal year), which offset the decrease in advances received (down ¥2,030
million compared to the end of the previous fiscal year).
Total net assets amounted to ¥30,373 million, down ¥341 million from the end of the previous fiscal year.
This was due primarily to a decrease in foreign currency translation adjustment (down ¥163 million comparedto the end of the previous fiscal year) and a decrease in accumulated adjustment for employee retirement
benefits (down ¥122 million compared to the end of the previous fiscal year). As a result, the equity ratio stoodat 24.8%.
(3) Overview of Cash Flows for the Fiscal Year Under Review
Cash and cash equivalents as of March 31, 2020 increased by ¥3,121 million compared to the end of theprevious fiscal year, as a result of the cash flows described below.
(Cash flows from operating activities)
During FY 2019, net cash provided by operating activities decreased by ¥20,650 million compared to theprevious fiscal year, to a cash outflow of ¥11,285 million. This was mainly due to an increase in notes andaccounts receivable – trade and a decrease in advances received.
(Cash flows from investing activities)
During FY 2019, net cash used in investing activities increased by ¥626 million compared to the previous
fiscal year, to a cash outflow of ¥2,570 million. This was mainly due to outflows from purchase of property,
plant and equipment.
(Cash flows from financing activities)
During FY 2019, net cash provided by financing activities increased by ¥22,781 million compared to theprevious fiscal year, to a cash inflow of ¥16,953 million. This was mainly due to loans payable from financial
institutions.
(4) Future Outlook
In addition to not being able to predict how COVID-19 will spread in the future, we expect the global
economy to remain in challenging circumstances due to the impact of virus infection.
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 Company. 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, theconsolidated 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.

4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.

5

3. Consolidated Financial Statements and Primary Notes(1) Consolidated Balance Sheets(Thousand yen)
As of March 31, 2019
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Merchandise 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

6

As of March 31, 2020

5,822,330
22,571,490
2,240,670
30,282,883
16,203,864
317,124
3,167,196(3,388)80,602,172

8,690,990
31,898,770
1,422,398
30,328,978
20,500,595
520,946
4,378,388(8,504)
97,732,564

19,071,923(12,053,348)
7,018,575
10,246,336(8,160,499)
2,085,837
3,449,025
596,572(351,367)
245,204
90,544
7,380,799(6,281,666)
1,099,133
13,988,321

19,283,085(12,519,980)
6,763,105
10,358,913(8,367,749)
1,991,164
3,440,275
1,060,811(454,797)
606,013130,138
7,991,862(7,156,519)
835,343
13,766,040

970,542
683,148
96,5591,750,249

1,245,678
605,706
147,736
1,999,120

552,301
66,942
84,6955,890,668
45,5006,640,107
22,378,679
102,980,852

453,439
45,79885,597
6,063,002
38,982
6,686,819
22,451,980
120,184,545

(Thousand yen)
As of March 31, 2019
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
Provision for loss related to quality
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Lease obligations
Liability for employee retirement benefits
Provision for loss on compensation
Long-term accounts payable - other
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
Deferred gains or losses on hedges
Foreign currency translation adjustment
Accumulated adjustment for employee retirement
benefits
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

7

As of March 31, 2020

8,821,292
8,910,255
17,404,112
2,300,000
249,535
1,427,419
1,465,270
99,794
10,675,352
1,696,645
3,781,190
67,8172,657,953
59,556,639

11,394,529
9,551,128
36,386,966
1,200,000
380,126
1,306,804
302,208
155,7628,644,784
1,642,946
3,607,749
2,376,776
76,949,782

3,700,000
641,4427,070,783
921,541
322,265
52,703
12,708,736
72,265,376

3,500,000
794,172
7,282,672
987,196
253,90243,32012,861,263
89,811,045

5,359,893
4,309,484
20,413,755(30,968)
30,052,165

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

166,007
50,597
121,844

104,663(41,674)(217,091)(339,306)

121,358
541,951
30,715,475
102,980,852(276,318)
528,529
30,373,500
120,184,545

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Thousand yen)
FY 2019

FY 2018(From April 1, 2018 toMarch 31, 2019)

Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Foreign exchange gains
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
methodLoss on transfer of accounts receivable
Compensation expenses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of investment securities
Insurance income
Total extraordinary income
Extraordinary loss
Loss on disposal of non-current assets
Impairment loss
Loss on disaster
Loss related to quality
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

8(From April 1, 2019 toMarch 31, 2020)

84,068,168
70,425,097
13,643,071
9,321,739
4,321,331

91,535,360
81,090,903
10,444,456
8,636,882
1,807,573

37,726
5,222
325,162
111,409
94,220573,742

47,071
5,300
52,110195,41384,886
384,782

392,030-

421,684
111,896

52,401

11,396

148,086
975,465
36,733
1,604,717
3,290,356

126,958
266,108
76,242
1,014,287
1,178,069

211,377
211,377

60,00060,000144,535
82,817
247,824
475,176
3,026,557
1,746,537(662,816)
1,083,720
1,942,836
32,1191,910,717

67,165
15,125
13,306244,243
339,841
898,227
360,986(95,911)265,075
633,152
27,319605,832

Consolidated Statements of Comprehensive Income
FY 2018(From April 1, 2018 toMarch 31, 2019)
Net income
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Adjustment for employee retirement benefits
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to shareholders ofparent company
Comprehensive income attributable to non-controllinginterests

9(Thousand yen)
FY 2019(From April 1, 2019 toMarch 31, 2020)

1,942,836

633,152(11,587)(22,220)
205,081(28,467)(61,344)(50,597)(179,580)(122,215)(14,023)-

128,780
2,071,617(413,738)
219,4142,016,420

208,155

55,197

11,258

(3) Consolidated Statements of Changes in Equity
For fiscal year 2018 (from April 1, 2018 to March 31, 2019)(Thousand yen)
Shareholders’ equity
Capital stock
Balance at the beginning of
periodChanges in items during period
Dividends of surplus
Net income attributable toshareholders of parent
company
Purchase of treasury stock
Change in ownership interestof parent due to transactions
with non-controllinginterests
Net changes of items otherthan shareholders’ equity
Total changes of items during
periodBalance at the end of period

Balance at the
beginning of period

Capital surplus

5,359,893

4,367,993

Retainedearnings

Total
shareholders’equityTreasury stock

19,039,542(30,772)

28,736,656(536,504)(536,504)

1,910,717

1,910,717
(195)

(195)
(58,508)(58,508)-(58,508)

1,374,213(195)

1,315,509

5,359,893

4,309,484

20,413,755(30,968)

30,052,165

Accumulated other comprehensive income
Accumulated
Valuation
Foreign
Deferred gains
adjustment fordifference on
currency
or losses on
employeeavailable-fortranslation
hedgesretirement
sale securities
adjustment
benefits

Total
accumulated
othercomprehensive
incomeNoncontrollinginterests

Total net
assets(188,623)

15,656

801,550

29,553,862

177,595

72,818(46,134)

Changes in items
during period
Dividends of surplus
Net income
attributable toshareholders ofparent company
Purchase of treasury
stock
Change in ownershipinterest of parent
due to transactions
with noncontrolling interests
Net changes of items
other thanshareholders’equityTotal changes of items
during period
Balance at the end of
period(536,504)

1,910,717(195)(58,508)(11,587)(22,220)

167,978(28,467)

105,702(259,598)(153,896)(11,587)(22,220)

167,978(28,467)

105,702(259,598)

1,161,613

166,007

50,597

121,844(217,091)

121,358

541,951

30,715,475

10

For fiscal year 2019 (from April 1, 2019 to March 31, 2020)(Thousand yen)
Shareholders’ equity
Capital stock
Balance at the beginning of
periodChanges in items during period
Dividends of surplus
Net income attributable toshareholders of parent
company
Purchase of treasury stock
Change in ownership interestof parent due to transactions
with non-controllinginterests
Net changes of items otherthan shareholders’ equity
Total changes of items during
periodBalance at the end of period

Retainedearnings

Capital surplus

5,359,893

4,309,484

20,413,755

166,007(30,968)

30,052,165(536,502)(536,502)

605,832

605,832
(207)

(207)

-

-

69,329(207)

69,1225,359,893

4,309,484

20,483,085(31,175)

30,121,288

Accumulated other comprehensive income
Accumulated
Valuation
Foreign
Deferred gains
adjustment fordifference on
currency
or losses on
employeeavailable-fortranslation
hedgesretirement
sale securities
adjustment
benefits
Balance at the
beginning of period

Totalshareholders’equityTreasury stock

50,597

121,844(217,091)

Total
accumulated
othercomprehensive
incomeNoncontrollinginterests

Total net
assets121,358

541,951

30,715,475

Changes in items
during period(536,502)

Dividends of surplus
Net income
attributable toshareholders ofparent company
Purchase of treasury
stock
Change in ownershipinterest of parent
due to transactions
with noncontrolling interests
Net changes of items
other thanshareholders’equityTotal changes of items
during period
Balance at the end of
period605,832(207)(61,344)(50,597)(163,519)(122,215)(397,676)(13,422)(411,098)(61,344)(50,597)(163,519)(122,215)(397,676)(13,422)(341,975)

104,663-(41,674)(339,306)(276,318)

528,529

30,373,500

11

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

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 liability for employee retirement
benefits
Increase (decrease) in provision for loss oncompensation
Increase (decrease) in provision for loss on construction
contracts
Increase (decrease) in provision for loss related toquality
Interest and dividend income
Interest expenses
Foreign exchange losses (gains)Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on disposal of non-current assets
Loss (gain) on sales 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
Decrease (increase) in advances paid
Increase (decrease) in advances received
Other
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities

12

FY 2018

FY 2019(From April 1, 2018 toMarch 31, 2019)(From April 1, 2019 toMarch 31, 2020)

3,026,557
2,280,576
82,817334
92,472898,227
2,821,169
15,125
5,170(53,699)

161,277(32,182)

717,789

65,654

1,714,014(173,441)

67,817(67,817)(42,949)
392,030
206,092(52,371)421,684(148,061)

52,401

11,396

144,535(211,377)(20,809)

67,165
128,340

131,526(9,428,402)(5,854,813)(3,657,149)

2,653,356

3,270,353

287,195
3,979,826
809,512
10,670,184
61,627(391,868)(974,656)
9,365,287(287,682)(2,260,409)(961,384)(9,418,313)
52,372(421,005)(1,498,599)(11,285,545)

(Thousand yen)

Cash flows from investing activities
Purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Purchase of investment securities
Proceeds from sales of investment securities
Payments of loans receivableCollection of loans receivable
Decrease (increase) in time deposits
Other payments
Other proceeds
Net cash provided by (used in) investing activities
Cash flows from financing activities
Increase in short-term loans payable
Decrease in short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Payments from changes in ownership interests in
subsidiaries that do not result in change in scope of
consolidation
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 period13

FY 2018

FY 2019(From April 1, 2018 toMarch 31, 2019)(From April 1, 2019 toMarch 31, 2020)(1,477,907)
1,775(251,641)
413,202(1,000)2,472(277,275)(361,024)
6,771(1,944,626)(2,080,690)
6,358
(952)
2,427
217,480(724,160)
8,681(2,570,856)

63,989,859(69,266,307)
1,500,000(900,000)

80,002,386(60,860,423)
1,000,000(2,300,000)(319,204)-(242,602)(195)(535,872)(54,100)(5,828,422)(327,624)(207)(535,919)(24,680)
16,953,530

54,696

24,071

1,646,935
2,399,235
4,046,170

3,121,200
4,046,170
7,167,370

(5) Notes to Consolidated Financial Statements(Notes on going concern assumption)
There is no relevant information.
(Changes in accounting policies)
Overseas consolidated subsidiaries which adopt the International Financial Reporting Standards (IFRS) haveadopted IFRS 16 Leases from FY 2019.
The impact of the adoption of this accounting standard on the consolidated financial statements of FY 2019 isminor.
(Changes in presentation)(1) Consolidated Balance Sheets“Software” that was included in “Other” under “Intangible assets” in the previous fiscal year has been statedseparately from FY 2019 due to the increased importance of its amount.
(2) Consolidated Statements of Income“Loss on transfer of accounts receivable” that was included in “Other” under “Non-operating expenses” in theprevious fiscal year has been stated separately from FY 2019 due to the increased importance of its amount.
(Consolidated Statements of Income)(Loss related to quality)
In the aircraft seat business, ¥244,243 thousand of loss related to quality was recognized as expenses related toinappropriate inspections at a subsidiary of the Company that was announced on March 26, 2019.
(Segment information, etc.)[Segment information]
1. Overview of reportable segments
Reportable segments of the Group are determined from those which can provide separate financial information,
and are regularly reviewed by the Board of Directors to determine the allocation of management resources and toevaluate achievements among the constituent units of the Group.
The Group is composed of a single group and three divisions (Aircraft Interiors and Seat Manufacturing
Division, Aircraft Components Manufacturing Division and Aircraft Maintenance Group), each of which conducts
business activities by developing independent management strategies for products and services it handles. The
Group consists of segments organized by product and 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 the manufacturing and sales of products including galleys andlavatories for passenger aircraft. “Aircraft Seat Business” primarily engages in manufacturing and sales of
products including passenger aircraft seats. “Aircraft Components Business” engages in manufacturing and sales
primarily of heat exchangers, aircraft equipment including aircraft engine parts, and CFRP structure parts.
“Aircraft Maintenance Business” conducts operations such as maintenance and alteration of regional jets, mediumand small-sized aircraft and helicopters, as well as repairs of equipment for these aircraft.

142. Method of calculating net sales, income (loss), assets, liabilities and others by reportable segment
The accounting method used for reportable business segments is a method that is in compliance with theaccounting principles and procedures adopted for the preparation of consolidated financial statements. Reportablesegment income figures are based on ordinary income. Inter-segment net sales and transfers are based on market
prices.

3. Information on net sales, income (loss), assets, liabilities and others by reportable segment
For fiscal year 2018 (from April 1, 2018 to March 31, 2019)(Thousand yen)

Net sales
Net sales to outside
customers
Inter-segment net sales ortransfers
Total
Segment income (loss)
Segment assets
Other items
Depreciation
Interest income
Interest expenses
Share of profit (loss) ofentities accounted forusing equity method
Increase in property, plantand equipment, intangible
assets and long-term
prepaid expenses

Aircraft
Interiors
Business

Reportable segment
Aircraft
Aircraft
Aircraft Seat
Components MaintenanceBusiness
Business
Business

56,869,081

12,175,486

6,597,312

8,426,252

84,068,132

36

84,068,168

1,311,849

208,466

11,32638,725

1,570,368

108,634

1,679,002

58,180,930
6,113,760
61,166,700

12,383,953(3,143,327)
21,525,508

6,608,639
110,642
11,079,310

8,464,977
210,190
9,176,804

85,638,500
3,291,265
102,948,323

1,385,024
35,036
227,020

127,212951
101,803459,633938
34,856

308,705800
28,3492,280,576
37,726
392,030-

2,280,576
37,726
392,030

18,442--(70,844)(52,401)-(52,401)

1,161,778

201,823

421,682

224,101

2,009,385-

2,009,385

Total

Others(Note)

Total

108,670 85,747,171(908)
3,290,356
32,529 102,980,852(Note) The Others segment includes the businesses of affiliates Orange JAMCO Corporation. Orange JAMCO
Corporation is a special-purpose subsidiary, dedicated to promoting the employment of people withdisabilities and provides assistance work in the Company’s factories, which is one of the corporatesocial responsibilities.

15

For fiscal year 2019 (from April 1, 2019 to March 31, 2020)(Thousand yen)

Net sales
Net sales to outside
customers
Inter-segment net sales ortransfers
Total
Segment income (loss)
Segment assets
Other items
Depreciation
Interest income
Interest expenses
Share of profit (loss) ofentities accounted forusing equity method
Increase in property, plantand equipment, intangible
assets and long-term
prepaid expenses

Aircraft
Interiors
Business

Reportable segment
Aircraft
Aircraft
Aircraft Seat
Components MaintenanceBusiness
Business
Business

61,078,579

15,994,367

6,333,087

8,129,269

91,535,304

56

91,535,360

478,062

196,273

28,636

41,761

744,733

109,492854,226

61,556,642
3,107,854
79,648,928

16,190,640(2,499,623)
20,453,910

6,361,723
6,623
10,360,913

8,171,031
567,616
9,683,719

92,280,038
1,182,471
120,147,471

1,823,373
44,986262,123

235,737970
102,336

438,488598
31,202

323,569515
26,021

2,821,169
47,071
421,684-

2,821,169
47,071
421,684---(11,396)(11,396)-(11,396)

1,715,880

62,513389,361

219,299

2,387,054-

2,387,054

Total

Others(Note)

Total

109,548 92,389,586(4,402)
1,178,069
37,074 120,184,545(Note) The Others segment includes the businesses of affiliate Orange JAMCO Corporation. Orange JAMCO
Corporation is a special-purpose subsidiary, dedicated to promoting the employment of people withdisabilities and provides assistance work in the Company’s factories, which is one of the corporatesocial responsibilities.

16

4. Differences between the total amount of reportable segments and the amounts in the Consolidated Financial
Statements and the major details of such differences(Matters relating to adjustment of differences)(Thousand yen)
Net sales
Reportable segments total
Net sales of Others
Eliminations of inter-segment transactions
Net sales in the Consolidated Financial Statements

Fiscal year 2018
85,638,500
108,670(1,679,002)
84,068,168

Fiscal year 201992,280,038
109,548(854,226)
91,535,360(Thousand yen)

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

Fiscal year 2018
3,291,265(908)
3,290,356

Fiscal year 2019
1,182,471(4,402)
1,178,069(Thousand yen)

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

Other items

Depreciation
Increase in property,
plant and equipment,
intangible assets,
and long-term
prepaid expenses

Reportablesegments total

Fiscal year 2018
102,948,323
32,529102,980,852

Others

FY 2018

FY 2019(Thousand yen)Amounts in theConsolidated
Financial Statements
FY 2018
FY 2019

FY 2018

FY 2019

FY 2018

2,280,576

2,821,169--

2,280,576

2,821,169

2,009,385

2,387,054--

2,009,385

2,387,054

17

FY 2019

Adjustments

Fiscal year 2019
120,147,471
37,074
120,184,545

[Related information]
For fiscal year 2018 (from April 1, 2018 to March 31, 2019)
1. Information by product and service
This is omitted as similar information is disclosed in segment information.
2. Information by geographical area
(1) Net sales(Thousand yen)
North AmericaJapan
20,241,274

Asia & Oceania

U.S.
35,706,941

Singapore

34,954,784

20,249,391

11,406,829

EuropeTotal

7,870,561

84,068,168(Note) Net sales are classified by country or area based on the locations of customers.
(2) Property, plant and equipment(Thousand yen)Japan

North America

11,055,411

Asia & Oceania

2,209,541

Europe723,368

Total-

13,988,321

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

Net sales

Related segment

MITSUBISHI INTERNATIONAL
CORP.

30,529,092 Aircraft interiors business

ITOCHU Singapore Pte, Ltd.

8,971,30718

Aircraft interiors business, Aircraft seatbusiness

For fiscal year 2019 (from April 1, 2019 to March 31, 2020)
1. Information by product and service
This is omitted as similar information is disclosed in segment information.
2. Information by geographical area
(1) Net sales(Thousand yen)
North AmericaJapan
21,963,709

Asia & Oceania

U.S.
39,906,292

EuropeTotal

14,358,190

91,535,360

Singapore

39,151,817

15,307,167

7,888,193(Note) Net sales are classified by country or area based on the locations of customers.
(2) Property, plant and equipment(Thousand yen)Japan

North America

10,685,644

Asia & Oceania

2,217,399

EuropeTotal

862,995-

13,766,040

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

Net sales

Related segment

MITSUBISHI INTERNATIONAL
CORP.

35,420,279 Aircraft interiors business

ITOCHU Singapore Pte, Ltd.

5,701,707

Aircraft interiors business, Aircraft seatbusiness[Information on impairment loss on non-current assets by reportable segment]
For fiscal year 2018 (from April 1, 2018 to March 31, 2019)(Thousand yen)

Impairment loss

Aircraft
Interiors
Business
42,674

Reportable segment
Aircraft
Aircraft
Aircraft Seat
Components MaintenanceBusiness
Business
Business
40,142-

Total
82,817

Others-Total
82,817

For fiscal year 2019 (from April 1, 2019 to March 31, 2020)(Thousand yen)
Aircraft
Interiors
Business
Impairment loss-

Reportable segment
Aircraft
Aircraft
Aircraft Seat
Components MaintenanceBusiness
Business
Business
15,12519

Total
15,125

Others-Total
15,125

[Information on amortization and unamortized balance of goodwill by reportable segment]
For fiscal year 2018 (from April 1, 2018 to March 31, 2019)
There is no relevant information.
For fiscal year 2019 (from April 1, 2019 to March 31, 2020)
There is no relevant information.
[Information on gain on bargain purchase by reportable segment]
For fiscal year 2018 (from April 1, 2018 to March 31, 2019)
There is no relevant information.
For fiscal year 2019 (from April 1, 2019 to March 31, 2020)
There is no relevant information.

20

(Per share information)
Fiscal year 2018(from April 1, 2018 to March 31,
2019)

Fiscal year 2019(from April 1, 2019 to March 31,
2020)

Net assets per share

1,124.82 yen

1,112.58 yen

Net income per share

71.23 yen

22.58 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 2018(from April 1, 2018 to March 31,
2019)
Net income attributable toshareholders of parent company(thousand yen)Amount not attributable to commonshareholders (thousand yen)
Net income attributable toshareholders of parent company
related to common shares(thousand yen)
Average number of common shares(thousand shares)

Fiscal year 2019(from April 1, 2019 to March 31,
2020)

1,910,717

605,832--

1,910,717

605,832

26,82526,825

2. The basis for calculating net assets per share is as shown below.

Total net assets (thousand yen)Amount deducted from total net
assets (thousand yen)[including non-controlling interests(thousand yen)]
Year-end net assets related tocommon shares (thousand yen)
Number of common shares at yearend used to calculate net assets
per share (thousand shares)

Fiscal year 2018(as of March 31, 2019)30,715,475

Fiscal year 2019(as of March 31, 2020)
30,373,500

541,951528,529[541,951][528,529]

30,173,524

29,844,970

26,82526,825(Significant subsequent events)
There is no relevant information.

21