Japan Aviation Electronics Industry : Announcement of Revisions to Financial Results Forecast

Disclaimer: This document is an English translation of the original document in Japanese and has been prepared solely for reference purposes. In the event of any discrepancy between this English translation and the original in Japanese, the original shall prevail in all respects.

	July 27, 2022
To whom it may concern:
Company Name:	Japan Aviation Electronics Industry, Limited
Representative:	Tsutomu Onohara, President
(Securities number: 6807 Tokyo Stock Exchange Prime Market)
Contact:	Kazuhiko Aoki
	Associate Senior Vice President
	General Manager Accounting and Financial Division
	(Phone:[phone])

Announcement of Revisions to Financial Results Forecast

Japan Aviation Electronics Industry, Limited (the "Company") hereby announces the following revisions to its consolidated financial results forecast for the fiscal year ending March 31, 2023, which was published together with the earnings announcement of April 27, 2022.

1. Revisions to consolidated financial results forecast

1. Consolidated financial results forecast for the six months ending September 30, 2022 (April 1, 2022 - September 30, 2022)

				Profit	Basic
		Operating	Ordinary	attributable to
	Net sales	earnings per
	profit	profit	owners of
		share
				parent
	Million yen	Million yen	Million yen	Million yen	Yen
Previous forecast (A)	121,000	9,500	9,000	6,700	73.63
Revised forecast (B)	123,000	10,000	12,000	9,000	98.89
Change (B-A)	2,000	500	3,000	2,300	－
Change (%)	1.7%	5.3%	33.3%	34.3%	－
(Ref.) Results for the six months	112,025	9,223	8,946	6,785	74.60
ended September 30, 2021

1. Consolidated financial results forecast for the fiscal year ending March 31, 2023 (April 1, 2022 - March 31, 2023)

				Profit	Basic
		Operating	Ordinary	attributable to
	Net sales	earnings per
	profit	profit	owners of
		share
				parent
	Million yen	Million yen	Million yen	Million yen	Yen
Previous forecast (A)	245,000	20,000	19,000	14,350	157.71
Revised forecast (B)	－	－	－	－	－
Change (B-A)	－	－	－	－	－
Change (%)	－	－	－	－	－
(Ref.) Results for the fiscal year	225,079	18,049	18,594	14,325	157.46
ending March 31, 2022

2. Reason for the revisions

As announced today, the Company achieved positive year-on-year growth both in sales and profit for the first quarter of the fiscal year ending March 31, 2023 (FY2022), owing to steady demand in the industrial market both in Japan and abroad and the ongoing depreciation of the Japanese yen. Ordinary profit and profit attributable to owners of parent, in particular, showed a significant increase, as the Company recorded foreign exchange gains (non-operating income) on the back of the yen's sharp depreciation as a result of the valuation of foreign-currency-denominated monetary claims and obligations at the end of the first quarter of FY2022. As steady demand and the yen's depreciation are expected to continue into the second quarter of FY2022, the Company has revised its consolidated financial results forecast for the six months ending September 30, 2022 as above.

However, the forecast for the full year has been withdrawn and undecided from our initial projection announced on April 27, 2022. This is because, now that prospects for the economic and market environments have changed significantly since the beginning of the current fiscal year, it has become necessary to revise the second-half plan by making a close examination of the overall business environment, from currency market conditions to industrial demand and production by customers, as well as trends in the supply chain. This makes it difficult to make a reasonable estimation at this time. The Company will announce its forecast once it has become possible to make the calculation.

Note: This press release contains forward-looking statements based on the best information available as of the date of this release. Accordingly, various factors may cause actual results, etc. to differ materially from those contained herein.

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