COMSYS Holdings Corporation
Annual Report 2007
Fiscal Year Ended March 31, 2007

Profile

COMSYS Holdings Corporation (the ‘‘Company‘‘) was established as aholding company as a result of share transfers from Nippon COMSYS
Corporation, SANWA ELEC Co., Ltd. (now SANWA COMSYS Engineering
Corporation) and TOSYS Corporation on 29th September, 2003. The
COMSYS Group comprises COMSYS Holdings (the holding company),
the above 3 companies, 43 subsidiaries and 15 affiliates. The COMSYSGroup‘s main businesses comprise electrical and telecommunications
infrastructure construction services centered on telecommunications
infrastructure and electrical facilities, and other businesses, including
the IT solutions business.

Contents
Consolidated Financial Highlights

1

Letter to Our Shareholders

2Interview with the President

4

Business at a Glance

10

Review of Operations

12

NTT Information Telecommunication Engineering Business

12

Electrical Communications Engineering Business14

IT Solutions Business16

Social System-Related Business and Other

18

Corporate Governance20

Corporate Social Responsibility (CSR)

24

Research and Development

25

Operating Companies

26

Nippon COMSYS Group26

SANCOM Group28

TOSYS Group30

Organizational Structure of the COMSYS Group32

Financial Section

33

Fact Sheet

51

Corporate Directory82

COMSYS Holdings Information

84

CAUTIONARY STATEMENT WITH RESPECT TO FORWARD-LOOKING STATEMENTS
Statements made in this annual report with respect to COMSYS Holdings‘ plans and benefits as well as other statements that are not historical facts are forwardlooking statements, which involve risks and uncertainties. Potential risks and uncertainties include, without limitation, general economic conditions in COMSYS
Holdings‘ markets, exchange rates, and COMSYS Holdings‘ ability to continue to win customers‘ acceptance of its products, which are offered in highly competitivemarkets characterized by continual new product introductions and rapid developments in technology.

Consolidated Financial Highlights

Thousands of
U.S. Dollars(Note 1)Millions of Yen
2006

2007

2007

For the Year:
New orders received during the year
Net sales
Operating income
Net income
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities¥ 310,005
307,485
16,31910,031
9,128(5,139)(3,631)¥ 334,172
336,519
19,214
12,382
18,576(5,525)(6,610)$2,830,767
2,850,648
162,761
104,888
157,357(46,803)(55,993)

At Year-end:
Total assets
Total shareholders’ equity
Interest-bearing debt

¥ 220,786
137,1613,608¥ 229,953
145,786451$1,947,929
1,234,951
3,821
U.S. Dollars(Note 1)Yen

Per Share of Common Stock:
Net income—Basic—Diluted
Cash dividends
Shareholders’ equity

¥

69.65
69.62
15.00
964.70
7,081

Number of employees

¥

87.39
87.37
17.00
1,033.87$

7,574

New Orders Received

Net Sales

Net Income(Millions of yen)

(Millions of yen)

(Millions of yen)

350,000

350,000

15,000280,000

280,000

12,000210,000

210,000

9,000

140,000

140,000

6,000

70,00070,000

3,000

0

0

04

05

06

07

0.74
0.74
0.14
8.76

0

04

05

06

07

04

05

06

07

Notes: 1. For convenience only, the accompanying Japanese yen figures for 2007 have been translated into U.S. dollars at the rate of ¥118.05 to US$1, the rate prevailing on 31st
March, 2007.
2. Consolidated results for fiscal 2005 include 15 months of operating results at a consolidated subsidiary of Nippon COMSYS due to a change in the fiscal year-end (from 31st
December to 31st March).
3. The Company’s consolidated results for the fiscal year ended March 2004 include the consolidated results of Nippon COMSYS for the fiscal year from 1st April, 2003 to 31st
March, 2004 and the consolidated results of both SANCOM and TOSYS for the half-year period from 1st October, 2003 to 31st March, 2004 (1st October, 2003 being thedeemed date of acquisition).

1Letter to Our Shareholders

2

1.
Reallocation ofmanagement
resources

COMSYS Holdings Management Vision

5.
Demonstration ofstrong leadership bymanagement

I. Become the top brand in the provision of
one-stop solutions
II. Be seen as the “best choice” company by
all stakeholders

2.
Group unification(fusion)

III. Build a company with continuous growthin sales and profits

4.
Creation ofa vibrant
corporate culture

3.
Maximization ofjob satisfaction
among employees

In the fiscal year ending 31st March, 2007, the third year since its

Network (NGN) construction. For that reason, we set up the coming

establishment as a holding company following the merger, COMSYS

year’s business plan based on the medium-term management plan

Holdings Corporation achieved continuous growth in terms of rev-

ended 31st March, 2007. A new medium-term management plan

enues and profits that exceeded both results for the previous term

starting from the fiscal year ending 31st March, 2009 will be createdas well as initial projections.

in light of assessing the situation which we believe will prevail in the

New orders received during the year increased 7.8% to ¥334,172

fiscal year ending 31st March, 2008.

million, net sales rose 9.4% to ¥336,519 million, operating income

The COMSYS Group will push ahead with policies to improve

was up 17.7% to ¥19,214 million, and net income jumped 23.4%

management and expand business, while devoting concerted efforts

to ¥12,382 million.

toward the establishment of a corporate structure that can drive

The increase in orders was due to steady growth in orders fromsustainable growth.

the NTT Information Telecommunication Engineering and Electri-

While maintaining business from the NTT Group, we seek to

cal Communications Engineering businesses in line with demandfurther raise the proportion of non-NTT business over the medium

for construction related to B FLET’S and Mobile Number Portability

term. We will also continue our challenge to raise profitability by(MNP). The increase in sales was primarily due to our ability to han-enhancing COMSYS-style kaizen (improvement) to realize productiv-

dle a rapid increase in volume for NTT DoCoMo related construction

ity in the construction industry at a level that will rival the manufac-

in the latter half of the fiscal year. Operating income rose as a result

turing industry and by consolidating shared services among Groupof efforts to strengthen cost competitiveness through managementcompanies.

reforms focusing on COMSYS-style kaizen (improvement).
We paid an interim dividend of ¥7.00 per share and a year-end

We ask for your unwavering support and encouragement in thefiscal year ahead.

dividend of ¥10.00. As a result, the total annual dividend amounted
to ¥17.00.
In the coming fiscal year ending 31st March, 2008, there is uncertainty surrounding investment in future infrastructure, including

July 2007

a temporary decline in demand for infrastructure construction in

Hirofumi Shimada

NTT DoCoMo business and delayed investment in Next Generation

President3Interview with the President

Q

Can you outline the business environment and results for the
fiscal year under review?

The Japanese economy continued to expand in the fiscal year ended March 2007 thanks
to an increase in capital investment due to solid corporate earnings, a moderate recovery
in personal spending and growth in exports as a result of buoyant overseas economies.
In the telecommunications infrastructure construction industry, the “Next-Generation
Broadband Strategy 2010” aimed at eliminating all zero-broadband areas and achieving over 90% household access to ultra-high-speed broadband networks has beenannounced as a means of realizing a ubiquitous network society, the ultimate goal of
the government’s “u-Japan policy.” This and other joint initiatives between the public and private sectors have been further proliferating the use of broadband in Japan.
Broadband-based business sectors are also on a growth track in line with expanded use offiber optic access services, including IP telephony, communications services and broadcasting and music distribution.
In the mobile telecommunications industry, the introduction of Mobile Number
Portability (MNP) has led to fierce competition among carriers, while competition has
also intensified for services that seek new growth in a mature market. The majority ofinvestment in this regard has been to strengthen “One Seg” broadcasting and music
distribution, enhance mobile shopping services and penetrate the financial services market
with services such as Osaifu-Keitai (mobile phones with debit and credit card functions).
As a result, we are now witnessing growing competition between telecommunications
carriers and other businesses mainly due to the shift to ubiquitous broadband networks
and the integration of communications and broadcasting.
Against this backdrop, COMSYS Holdings posted year-on-year increases in consolidated
new orders received, net sales and income, marking the third consecutive year since ourestablishment that we have achieved growth in both revenues and profits. New orders
received increased 7.8% to ¥334,172 million, outstripping initial projections. Net sales
amounted to ¥336,519 million, up 9.4% year-on-year and exceeding initial projectionsof ¥325,000 million. Operating income rose 17.7% to ¥19,214 million, surpassing ourtarget of ¥18,000 million, while net income surged 23.4% to ¥12,382 million, marking aconsiderable year-on-year increase.

4Q

What were the main reasons behind this strong performance?

New orders received in the fiscal year under review increased on the back of strong orders
for construction related to B FLET’S and MNP in the NTT Information Telecommunication
Engineering Business and Electrical Communications Engineering Business segments.
In particular, our ability to steadily meet rapidly expanded construction demand in NTT
DoCoMo related business in the second half of the fiscal year was a key factor in year-onyear sales growth. Additionally, we worked aggressively to strengthen cost competitivenessthrough management reform programs such as COMSYS-style kaizen (improvement),
resulting in a significant increase in profits.

Q

Which areas did COMSYS Group management place particularfocus on during the year?

Since our establishment, we have pressed forward with organizational reforms primarily inthe three core companies of the COMSYS Group—Nippon COMSYS Corporation, SANWACOMSYS Engineering Corporation and TOSYS Corporation. These reforms center onthree essential policies: business selection and concentration, expansion of the IT solutions
business and continuous review of the management process.
The first reform seeks to maximize synergies among companies by selecting and concentrating on key areas identified through business reorganization based on a review ofbusiness areas and the reallocation of personnel.
To expand the IT solutions business, the second reform, we increased business in theInternet Protocol (IP) related field through the establishment of such COMSYS brands
as the IP telephony system Comsip, as well as by nurturing a group of highly skilled
engineers capable of meeting sophisticated and diversified customer needs.
In reviewing the Group-wide management process, we cut personnel costs by consolidating administrative operations, including for accounting and compensation, andreduced material costs through centralized purchasing. We also boosted cost competitiveness by overhauling fundamental work practices based on COMSYS-style kaizen(improvement). Other efforts included reorganization of construction companies in thefiber optic service sector.

5

Q

Can you tell us your outlook for the business environment andyour management plan for the fiscal year ending March 2008?

The structure of the market in which the COMSYS Group operates is changing significantly,
as are competitive and investment frameworks. In particular, we expect infrastructure
construction business from NTT DoCoMo to temporarily decline. Meanwhile, it is unclear
to what extent our customers will invest in infrastructure in the future, delaying Next
Generation Network (NGN) investment in NTT business. In light of these circumstances,
we set up the coming year’s business plan based on the medium-term management plan
ended 31st March, 2007, albeit with revised and expanded objectives and goals. Specifically, in the fiscal year ending March 2008 we aim to achieve net sales of ¥340.0 billion
and operating income of ¥19.5 billion.
Also, after assessing the situation which we believe will prevail in the fiscal year ending
31st March, 2008, we will create a new medium-term management plan starting from thefiscal year ending 31st March, 2009 mainly due to the increasing uncertainty of infrastructure construction business in NTT and NTT DoCoMo businesses. Our vision under ourcurrent plan, however, is still solid—to become a company that can drive sustainablegrowth and ensure stable business performance. In NTT and NTT DoCoMo businesses, weseek to maintain existing business by cultivating additional services surrounding existing
NTT business aside from infrastructure construction. In non-NTT business, a source ofgrowth of the COMSYS Group, we aim to increase the scale of sales to the level of
NTT and NTT DoCoMo businesses at an early date. Meanwhile, we are targeting an
operating income margin of over 6%. We aim to achieve this by enhancing personnel capabilities and thoroughly implementing COMSYS-style kaizen (improvement).
Medium-Term Targets
Fiscal year to 31st March
2007 (actual)

2009 (target)¥336.5 billion¥345.0 billion

2.5%

Share of total sales of
non-NTT business

40.4%

46.4%

+6 points

Operating income margin

5.7%

5.8%

+0.1 points

Net sales

ChangeOptimum Targets of Medium-Term Plan:
1. Maintain net sales of ¥190 billion for NTT business
2. Achieve net sales of ¥160 billion for non-NTT business for the fiscal year ending 31st
March, 2009
3. Maintain target of 50% share of net sales for non-NTT business4. Target operating income margin of over 6%6

What is your medium-term strategy to combat the projected
decrease in infrastructure-related investment in your core NTT
business?

Q

Although fiber optic access construction for the NTT Group and construction for the NTT
DoCoMo Group to expand service area and improve quality in line with MNP has been
rapidly increasing, we project investment in existing infrastructure to gradually decrease.
However, in that NTT and NTT DoCoMo businesses are the most important businessfor the COMSYS Group, to bridge this decline and ensure our sales do not decline,
COMSYS Holdings will work to reinforce additional services surrounding existing NTT
business aside from infrastructure construction. Specifically, we will develop a new business frontier for the Company through such means as developing maintenance services,which would include offering the integration and consolidation of customers’ existinglines to reduce the total cost of operation, as one of our core business areas; nurturing
employees in preparation for entry into NGN construction; and cultivating new businessin the mobile communications market in accordance with advancements in Fixed Mobile
Convergence (FMC).

Current Trends by Business in NTT and NTT DoCoMo Related Business and Future Development
B FLET’S

ADSL

ISDN
First generation (Analog)

Third generation (FOMA)

Second generation (PDC)Net Sales (Unit: ¥100 million)

Increased construction
for number portability

MobileRapid increase in
tower construction

AccessD60, D70

Conversion of
conventional
telephone lines
to fiber optic cable
Removal of
conventional
telephone lines

Shield projects

C·C· BOXB FLET’S
New nodes

Intra-office

Linking regional
relay stations
with optical cableCompletion ofdigitization
NTT’s mobile
Introduction ofcommunications
comprehensive
Reorganization of
network commences project execution NTT and establishment
operations
systemof holding company

Privatizationof NTT

0
’77

’80

’83

’86

’89

’92

COMSYS non-consolidated figures

’95

’98

’01

Infrastructure
COMSYS Holdings
management integration

’04

’07

’10

COMSYS Holdings
consolidated figures

7

Q

What is your business strategy for non-NTT business?

The New Common Carriers (NCC) business continues to grow mainly in such areas as fiber
optic access construction for Fiber to the Home (FTTH) and cable TV (CATV) as well as
construction work for mobile communication carriers for base stations to expand 3G area
coverage. We will also work to leverage the benefits of the holding company structure to
bolster sales and construction frameworks nationwide through the optimal reallocation of
personnel with the aim of aggressively increasing orders.
In the IT solutions business, we seek to become the leading systems integrator in thetelecommunications construction industry. We will provide unique solutions to place
the network as the core in cases where our customers pursue business reforms applying IP-based technology. To expand our business domain, we will maximize our strength
accumulated in network technology, reinforced by the traffic theory established overmany years, to solidly position the solutions brand, with construction as one systems integration product. Moreover, we will cultivate understanding among potential customers ofthe value of construction as a core component of the value chain from design to maintenance, and in doing so, pursue incremental business. In this field, we have already built asteady track record in the introduction of systems that aim to boost productivity throughremote monitoring and information sharing among employees by establishing ubiquitousconnectivity between PCs and mobile devices. Moving forward, we will accelerate the expansion of operations by recruiting personnel with professional expertise and experienceand through strategic M&As and alliances.

Q

What benefits have you seen from the COMSYS-style kaizen(improvement) program?

The key to success lies in infusing the “improvement” mindset found in global competitiveness into the construction sector, in the same way as the manufacturing sector inJapan, to dramatically enhance productivity. As a specific example, we utilize IT systems sothat multiple companies engaged in construction can share information related to respective work situations at the office in real time and thus cut down on waste as a result of
having a more realistic idea, thereby enabling us to halve construction time per project.
Moreover, the introduction of a warehousing management system culminated in a 50%
reduction of stock volume in some cases as well as enhanced the efficiency of timely
removal and use of materials. We seek to further boost productivity and reduce costs sothat these benefits will be reflected tangibly in managerial indices.

8

Q

Can you tell us about efforts related to CSR?

The COMSYS Group aims to be viewed by stakeholders as the “best choice.” As a member of society, we are committed to corporate social responsibility (CSR) activities thatcover such diverse themes as compliance, corporate governance, risk management,internal control, information disclosure, information protection, security measures, social
contribution and environmental preservation in order to fulfill our social and economic
responsibilities.
Moving forward, we aim to enhancesocial contribution activities utilizing theexperience and expertise of all COMSYSGroup employees and retired personnel
as well as engage in environmental preservation efforts centered on promoting a
recycling-oriented society.

Q

Finally, what message do you have for shareholders and investors
regarding the COMSYS Group’s future ambitions and intentions?

The market environment in which we operate is expected to remain harsh. Nonetheless,we will push ahead with policies to enhance management and expand business. Specifically,
we will focus on creating a corporate structure that facilitates sustainable growth.
Fiscal 2008 will mark the fourth year for COMSYS Holdings, and we are positioning thisyear as the last year of establishing a new foundation. Various know-how gained during
this period is being streamlined to become a source of organizational strength and is being leveraged to improve the working environment for upcoming members joining the
COMSYS Group.
We will also take an aggressive stance toward strategic investment, including M&As,
with a pressing task being to expand business by establishing new business pillars in
addition to our core NTT-related business.
COMSYS Holdings views returning profits to shareholders as one of its most importantmanagement issues. Under our policy of maintaining stable, ongoing dividend payoutsthat are linked to business performance, we aim to maintain a consolidated dividend payout ratio of 20% to 25%. We will continue to address issues related to the acquisition oftreasury stock as one of our flexible equity policies to benefit shareholders and as a meansof adjusting to any changes in the management environment.

9

Business at a Glance

Business Segment

NTT INFORMATIONTELECOMMUNICATIONENGINEERING BUSINESSELECTRICAL

This segment includes the laying and installation of telephone communication lines andinstallation of exchange equipment, construction of wireless base stations and othertelecommunications infrastructure business for all sectors of NTT and the NTT Group. As acore business, this segment is the largest of all COMSYS Group segments in terms of sales.

This segment includes laying telecommunications lines and construction of information andcommunications facilities for communication carriers other than the NTT Group, as well as

COMMUNICATIONS

design and construction of electrical facilities for commercial and public facilities,

ENGINEERING BUSINESS

manufacturing plants, residential housing, in addition to office buildings.

The IT Solutions Business integrates accumulated know-how and experience withIT SOLUTIONS BUSINESS

state-of-the art network technologies to provide a total solutions service, from thedevelopment of an optimal system integration plan to maintenance.

The Social System-Related Business and Other includes building and public facility

SOCIAL SYSTEM-RELATED

construction, civil engineering works, security systems and construction of environmental

BUSINESS AND OTHER

systems, such as wind power generation systems and co-generation systems. We are also
extensively involved in expressway construction and air traffic control.

10Respective Areas of Business Operations of Group Companies
Business Segment

Nippon COMSYSGroup

SANCOM
Group

TOSYS
Group

Business Domains

Segment Net sales• Cable works• Civil engineering works
59.6%• Switching works• Transmission wireless works• Mobile communications works¥200,693 million, up 9.0% year-on-year
Share of net sales: 59.6%

Segment Net sales• Telecommunications facilities for NCC• Mobile communications works for NCC
23.1%• General electrical facilities works• Construction of multi-use undergroundcable conduit facilities (C·C·BOX)¥77,820 million, up 7.8% year-on-year
Share of net sales: 23.1%

Segment Net sales• Network integration-related solutions• System integration-related solutions
11.3%• Development and commissioning of
all types of software• Maintenance integration¥37,855 million, up 23.3% year-on-year
Share of net sales: 11.3%

Segment Net sales• General civil engineering works
6.0%• Building construction andancillary facilities works• Environmental solutions¥20,151 million, down 1.7% year-on-year
Share of net sales: 6.0%

11

Review of Operations

N T T I N F O R M AT I O N T E L E C O M M U N I C AT I O N E N G I N E E R I N G B U S I N E S S

12Review of Operations

Net Sales(Millions of yen)
250,000
200,000
150,000

Net sales in this segment increased 9.0%
to ¥200,693 million, representing 59.6%
of total sales.

100,000
50,000
0

05

06

07

Market Environment and Measures

Business Results

In the fiscal year ended March 31, 2007, construction in NTT DoCoMo

Net sales in this segment rose ¥16,576 million, or 9.0% comparedbusiness expanded significantly, spurred by the introduction ofwith the previous fiscal year, to ¥200,693 million. This was equiva-

Mobile Number Portability (MNP*). In particular, short-term con-lent to 59.6% of total sales, down 0.3 percentage point year-on-

struction to improve the quality of FOMA-related base stations andyear.

extend coverage area soared in the latter half of the fiscal period,
and the COMSYS Group worked hard to meet this high demand,

Future Outlook

which led to solid sales growth. In NTT business, construction related

In the markets for both NTT business and NTT DoCoMo business,

to fiber optic access service has been increasing in line with NTT’s

investment in infrastructure is forecast to decrease from the year

aim of raising the number of B FLET’S (optical broadband access)ending 31st March, 2008 onward. The COMSYS Group will endeavor

subscribers to 30 million customers by 2010. In order to efficiently

to drive ongoing sales expansion by aggressively cultivating new

respond to such increases, Nippon COMSYS centralized its construc-business areas, such as Next Generation Networks (NGN*), addi-

tion companies for the Tokyo metropolitan area and reorganizedtional services surrounding existing business and maintenance ser-construction areas. Elsewhere, efforts were made to reinforce struc-vices in addition to infrastructure construction.

ture by transforming construction companies in Shikoku and*Next Generation Networks (NGN) aim to enhance IP telephony so that it is
as stable and reliable as fixed-line telephone services and to boost theflexibility of IP networks.

Hokkaido into wholly owned subsidiaries.
*A structure and system in which mobile phone users can retain their existing
mobile phone number even when switching from one mobile service provider (carrier) to another.

(Upper photo)Construction of radio relay base station(Lower photo)
Installation of fiber optic cables

13

E L E C T R I C A L C O M M U N I C AT I O N S E N G I N E E R I N G B U S I N E S S

14Review of Operations

Net Sales(Millions of yen)
80,00060,00040,000Net sales in this segment increased 7.8%
to ¥77,820 million, representing 23.1%
of total sales.

20,000
0

05

06

07

Market Environment and Measures

Business Results

The market environment in the electrical communications field for

Net sales in this segment increased ¥5,651 million, or 7.8% com-the year ended 31st March, 2007 was characterized by further accel-pared with the previous fiscal year, to ¥77,820 million. This was

eration in service integration, including fixed and mobile and broad-equivalent to 23.1% of total sales, down 0.4 percentage point

casting and communications services, amid rapid advancement inyear-on-year.

fiber optic and IP networking. There was also a marked change inthe structure of the information telecommunications market, as well

Future Outlook

as in competitive and investment frameworks, driven primarily by

Capital investment among respective telecommunications carriers

the promotion of new business models and enhanced services tois expected to be buoyant as competition intensifies in the informa-meet diverse customer needs.

tion telecommunications sector. In response, the COMSYS GroupThe COMSYS Group transferred 153 engineers engaged inwill continue to restructure the New Common Carriers (NCC)

carrier-related business from Nippon COMSYS to SANWA COMSYS

business to drive further growth, as well as strengthen its nationwide

Engineering on 1st April, 2006. The aim of this measure was tosales and construction system to expand business, thus ensuring

strengthen carrier-related business in an effort to expand the scope

corporate growth.

of business operations.

(Upper photo)Construction of highway disaster prevention information management system(Lower photo)
Electrical communication engineering services for passenger terminal

15

IT SOLUTIONS BUSINESS

16

Review of Operations

Net Sales(Millions of yen)
40,00030,000Net sales in this segment increased 23.3%
to ¥37,855 million, representing 11.3%
of total sales.

20,00010,000
0

05

06

07

Market Environment and Measures

Business Results

Recent years have seen rising demand for comprehensive solutions

Net sales in this segment increased ¥7,154 million, or 23.3%

that merge software and telecommunications technologies ranging

compared with the previous fiscal year, to ¥37,855 million. This

from network solutions that include IP telephony, video surveillance

was equivalent to 11.3% of total sales, up 1.3 percentage points

and security to such system solutions as the development of opera-

year-on-year.

tional support systems using mobile devices. The COMSYS Groupaims to expand the IT Solutions Business by increasing business inFuture Outlook

the Internet Protocol (IP) field through the establishment of such

Nippon COMSYS’ IP telephony solution Comsip and NTT DoCoMo’s

COMSYS brands as the IP telephony system Comsip and other solu-“Mobile Office Work Style” that uses its mobile phone FOMA won

tions. At the same time, efforts will be directed toward nurturing a

the MCPC Award 2007 in recognition of vitalizing communicationgroup of highly skilled engineers capable of swiftly responding toand increasing business efficiency with the ability to sharesophisticated and diversified customer needs.

information among approximately 1,000 people. Going forward, theIn July 2006, we bolstered our sales promotion system with the

COMSYS Group seeks to expand business by commercializing fur-establishment of the IP Telephony Promotion Department within thether construction, leveraging our know-how in network design and

IT Business Division of Nippon COMSYS. This new department com-construction—a key strength.

bines development, marketing and system engineering functions asa means to augment Comsip orders.

(Upper photo)
Various IT solutions of the COMSYS Group on display at the COMSYS IT Gallery(Lower photo)
Security system solutions

17

S O C I A L- S Y S T E M R E L AT E D B U S I N E S S A N D O T H E R

18

Review of Operations

Net Sales(Millions of yen)
30,00020,00010,000Net sales in this segment dipped 1.7% to¥20,151 million, representing 6.0% of total sales.

0

05

06

07

Market Environment and Measures

Business Results

The Social System-Related Business and Other includes building andNet sales in this segment decreased ¥345 million, or 1.7%

public facility construction, civil engineering works, security systems

compared with the previous fiscal year, to ¥20,151 million. Thisand construction of environmental systems, such as wind power

was equivalent to 6.0% of total sales, down 0.7 percentage point

generation systems and co-generation systems. We are also exten-

year-on-year.

sively involved in expressway construction and air traffic control.
New business opportunities continue to increase for the COMSYS

Future Outlook

Group, which has long supported the construction of a telecom-

The COMSYS Group will continue to strive to expand business inmunications network in Japan. Specific endeavors include a project

this segment by strengthening sales of infrastructure construction

to move overhead power lines, which is being implemented by thethrough stronger collaboration with partner companies, by bolster-

Japanese Ministry of Land, Infrastructure and Transport and local

ing sales to local governments through collaboration with branchgovernment entities, as well as an information project to link theoffices and by cultivating new markets, including inroads into Private

entire nation via a fiber optic cable network.

Finance Initiative (PFI) businesses.

To expand business and reinforce operational efficiency, Nippon
COMSYS established the Social Infrastructure Business Division in
April 2006. This division gathers skilled engineers from around Japanto enhance their sales capabilities in making technical proposals andto pass on technologies as a way of boosting overall profitability.

(Upper photo)Construction of solar power generation system(Lower left photo)Construction of wind power generation system(Lower right photo)Construction of environment-friendly base station

19

Corporate Governance

Basic Philosophy Regarding Corporate Governance

The CSR Committee has been established to oversee CSR

The COMSYS Group recognizes the importance of creating a man-activities throughout the COMSYS Group. Areas of focus include

agement environment that enables the effective functioning ofcompliance, corporate governance, risk management, informa-

corporate governance as an assumption to realize its managementtion disclosure, personal information protection, security measures,philosophy. One of management’s key issues is to enhance corporatesocial contribution and the environment.

governance by strengthening management supervision and the internal control system, while proactively promoting investor relations

Development of an Internal Control System

activities.

The Board of Directors meets regularly and as required to makedecisions on items stipulated by law and key management issues.

Details of Company Organization

Important matters within the Group, including issues to be brought(1) Basic Outline

up to the Board, are discussed and reported by the Board and the

The COMSYS Group adopts an auditor system. The Board of

Senior Management Committee. The progress of business execution

Directors, made up of 10 members, meets once a month, and asbased on these decisions is reported by the directors in charge to therequired. No outside directors sit on the Board. The Board makes

Board on a quarterly basis. To increase the efficiency of business ex-

decisions on items stipulated by laws and regulations, and on impor-ecution, the Company is working to create a system that enables thetant management issues. Five corporate auditors, including outside

latest management information to be shared by all employees

corporate auditors, attend these meetings and express opinions on

through the introduction of a highly secure and versatile information

issues related to business execution. They also audit the performancesystem.

of duties by directors.

To ensure the appropriateness of business operations, theThe Senior Management Committee comprised of directors andCompany oversees the COMSYS Group through such establishedthe standing auditor meets twice a month to discuss and decide on

bodies as the CSR Committee, Compliance Committee and Risk

important matters within the Group based on the Group Company

Management Committee in an effort to share information andManagement Standards, including matters to be brought up to thedisseminate policies to respective companies within the COMSYSBoard.

Group.
The COMSYS Group Presidents Committee composed of Group(2) Details of Organizationcompany presidents meets regularly to disseminate management

COMSYS Holdings has established a Corporate Compliance Com-

policies and measures to be undertaken. COMSYS Holdings alsomittee, which has been monitoring the compliance system of theapplies the Group Company Management Standards to all GroupCOMSYS Group, with the objective of boosting a Group compliancecompanies and manages and monitors their activities.

mindset and building a solid compliance structure. Meanwhile, theIn addition, five personnel from the General Affairs & Personnel

number of staff in the Internal Audit Department has been increased

Department have been assigned to work on an internal control

to 10. This department formulates internal audit policies and con-project aimed at reviewing the Group-wide internal control system.

ducts audits for COMSYS Holdings and COMSYS Group companies.
An Advisory Board has been established to provide advice andStatus of Internal Auditing and Independent Auditor

recommendations regarding corporate governance and other issues

The Board of Corporate Auditors comprising five auditors, including

in order that these can be reflected in business operations.

three outside auditors, has been established as a structure in seeking
to ensure independence from directors as well as personnel, including their appointees.

20

Directors and Officers(As of June 28, 2007)(1) Hirofumi Shimada
President and Representative Director(2) Hajime Takashima
Vice President and Representative Director(President and Representative Director of
Nippon COMSYS Corporation)(3) Kaoru Noda
Director(President and Representative Director of
SANWA COMSYS Engineering Corporation)(4) Hidetoshi Miura
Director(7) Yoshiaki Miyawaki
Director(8) Yoshiaki Aigami

Director(9) Yoshihiro Mimata(10) Hideki Niimi
Director(6) Syuichi Tominaga
DirectorStanding Auditor
Masahide Kajiyama

Director

Director(5) Kunio Ushioda

Corporate Auditors

Auditors
Etsuo Shibata
Takashi Kakimi*
Kunihiko Gotoh*
Ken Gotoh**Outside auditors
21

Directors and employees report to the Board of Corporate

Occupational Health and Safety Management Systems (COHSMS),

Auditors on important matters relating to business operations andInformation Security Management System (ISMS) and the Privacy

performance results. The Board of Corporate Auditors operatesMark.

under a framework that enables it to request such reports and othernecessary information from directors or employees as necessary.

Strengthening Information Disclosure and Accountability

Corporate auditors regularly attend key meetings inside the

The Company conducts appropriate disclosure of crucial manage-Company held both routinely and when required, including meet-

ment information in a timely manner in order to promote under-ings of the Board, Senior Management Committee, CSR Committee

standing among shareholders, investors and other stakeholders andand Risk Management Committee, to express opinions on thea fair evaluation of the Company’s status.

progress of business execution. Meetings are also held with the

The Company discloses information on new orders received, net

president on a regular basis to discuss issues related to businesssales and contract backlog on a monthly basis, as well as financial

execution, among others.

results on a quarterly basis. At Company briefings, it announces its

The Company’s corporate auditors convene regular meetings withinterim results and clearly explains in detail both performance results

auditors from core COMSYS Group companies to keep in closeand future prospects. Moreover, the Company holds individual andcontact and ensure the appropriateness of audits. The corporate

small group meetings with investors and analysts.

auditors also work to deepen ties with the Internal Audit Department

Also, the Company seeks to improve its IR section of its corporate

and independent auditor to make sure that business operations are

website, and to provide information by posting presentation

always being executed in an appropriate and efficient manner inmaterials, news releases and similar materials in a timely andaccordance with audit plans formulated by the Board of Corporateeasy-to-understand format.

Auditors.
Personal Information Protection
Risk Management Structure

Cognizant of the importance of protecting and managing personal

Amid sweeping changes in the operating environment, the COMSYS

and other information in an appropriate manner in order to gain theGroup is cognizant of the importance of properly managing thetrust of customers and society, the Personal Information Protection

numerous risks it faces in order to preserve and further raise corpo-

and Administration Committee has been established to oversee ac-rate value. Additionally, the Risk Management Committee has been

tivities throughout the COMSYS Group. Concurrently, the Personal

established to comprehensively oversee and promote risk manage-

Information Protection Policy and other policies have been drafted

ment among COMSYS Group companies, including the establish-

and adopted within a framework to ensure that information security

ment of Basic Policies on Risk Management.

management is conducted in a prudent manner within all GroupThe Group also is working to minimize risks through the creationcompanies.

of similar committees in each of the Group companies for the

At the same time, every COMSYS Group company is working

purpose of handling particular operational risks. For example, thediligently to protect personal information by establishing similarcommittees handle operational risks through such means as ensur-

committees and measures, promoting information security bying that Group companies implement measures to acquire certifica-

obtaining ISMS and Privacy Mark certification, as well as acquiring

tion and maintain certification for management systems tailored toand maintaining other relevant certification.

their operations, including ISO 9001, ISO 14001, Construction

22

Corporate Governance Structure
Overview of COMSYS Group Operational Structure and Operational Supervision and Internal Control Structure

General Shareholders’ Meeting

Board of Directors
Directors (10)Corporate Auditors (5)Internal Audit Department

Senior Management Committee
Directors (10)Standing Corporate Auditor (1)Audit

Independent Auditor

Board of Corporate Auditors
Corporate Auditors (5)(including 3 Outside Auditors)

Group Agreement

Advisory Board

CSR Committee

Corporate Compliance Committee

Risk Management Committee

Personal Information Protection and Administration Committee

COMSYS Group Presidents Committee

Corporate Planning Department, IR Department, Finance & Accounting Department, General Affairs & Personnel Department

SANWA COMSYS Engineering Corporation
Board of Corporate
Auditors

Board of Directors

Audit OfficeCompliance
Committee, etc.

Nippon COMSYS Corporation
Board of Corporate
Auditors

Board of Directors

Internal Audit
Department

Compliance
Committee, etc.

TOSYS Corporation
Board of Corporate
Auditors

Board of Directors

Audit OfficeCompliance
Committee, etc.

Executive
Committee

Executive
Committee

Senior Management
Committee

Business Departments

Business Departments

Business Departments

23

Corporate Social Responsibility (CSR)

Basic Stance on Corporate Social Responsibility (CSR)

working to recycle 100% of waste generated by construction sites.

As a comprehensive telecommunications and electrical systems

In design and construction projects, we execute a program that setsengineering services entity, the COMSYS Group’s corporate phi-goals and timetables for the proposal of facilities with low environ-losophy is to contribute to the development of a productive, highly

mental impact and new energy systems, including wind and solar

advanced, information-oriented society. Guided by this philosophy,

power generation systems.

efforts are made to ensure the observance of compliance regulations and that adequate internal control systems are in place. In thisSocial Contribution Initiatives

way, we aim to remain a company that is trusted and respected by

The COMSYS Group contributes directly to society through its busi-

all stakeholders.

ness activities, including infrastructure construction that supports
lifestyles, and creating and improving living environments.

CSR Implementation Structure

For example, in an effort to deter crime, the cars we use at

In order to fulfill its social and economic responsibilities as a mem-

construction sites and in business activities have a sticker with theber of society, the CSR Committee has been established to oversee

symbol of the metropolitan police. We also assist children who have

CSR on a Group-wide basis. This Committee undertakes activities

been involved in an incident and come to us for help to get to a safe

pertaining to compliance, corporate governance, risk management,

place, and report crimes witnessed while driving to the police.

information disclosure, information protection, security measures,social contribution and the environment.
The COMSYS Group’s CSR activities are outlined below.

We are also involved in forest protection, inaugurating the “Forest
Supporter” group made up of COMSYS Group employees. These
supporters conduct fund-raising activities and other activities aimed
at environmental preservation.

Environmental Initiatives

We planted trees in Kirifuri Highlands, Tochigi Prefecture, in

The COMSYS Group is developing businesses that can make a

August 2006 and in the Lake Kamakita region, Saitama Prefec-

direct contribution to reducing environmental load. These businesses

ture, in April 2007. These activities enhance interaction with local

include the construction of wind power generation and other new

residents and deepen harmony with local communities.

energy systems, air conditioning duct cleaning systems that raise

From this fiscal year, we will award the CSR Award with thebuilding heating efficiency, energy conservation related services andobjective of increasing awareness of CSR among all Group employ-industrial waste recycling.

ees. Based on the vision of the COMSYS Group, we will continue

The COMSYS Group also makes strenuous efforts to reduce theenvironmental footprint of its business activities. Initiatives extend
from lowering electricity use and adopting low-emission vehicles to24

to work to raise corporate value through social contribution andenvironmental protection activities.

Research and Development

In line with a rapid transition from the telephone era to the Internet protocol (IP) broadband era, the COMSYS Group pursues researchand development with a focus on developing technologies in new fields based on a market creation strategy and systems to streamline operations. All R&D activities seek to achieve efficiency and safety in our core business of electrical and telecommunications
infrastructure construction.
R&D expenditures for the year amounted to ¥190 million.
Key R&D achievements of Nippon COMSYS’ Technology Research & Development Center and TOSYS Corporation’s Technology
Research Center are outlined below.

Developed and Released New Tuned Rotary-Mass

Designed Material Anti-Theft System (Goyo-da!!)Damper (TRMD)

A worldwide construction boom has led to increased incidence

Structures have a tendency to vibrate in winds or with passingof theft of metal materials and equipment, with this now being

vehicles. This decreases the life of the structure due to degradation

recognized as a serious social issue. In response, an effective anti-

caused by fatigue of the base metals. Ancillary fixtures and fittings

theft system has been developed for use at work sites, as well as atwithin the structure may also be adversely affected.

the COMSYS Group’s numerous sites nationwide.

The TRMD developed by Nippon COMSYS resolves these problems

Equipped with warning and reporting functions, the anti-theftby quickly controlling structural tremors caused by vibrations andsystem was designed for use even at construction sites where theminimizing vibration time. This is achieved by accurately aligning thework period is short and at small-scale building material yards.

structure with the vibration frequency.

With the system, a wireless IC tag with a vibration sensor is

As shown in the graph below, vibration measurements areattached to the material. The tag sends a wireless signal to a basecompared before and after the introduction of the TRMD on anunit when it detects vibration in cases where materials are being

existing structure. It demonstrates the effectiveness of the TRMD instolen. The base unit then wards off thieves with a security alarm

controlling structural vibrations. The size, or speed of acceleration,

and warning light and at the same time reports the incident to aof the tremors five seconds after the vibration starts is reduced todesignated destination via email.

one-third, while vibration time is slashed from 55 seconds to 19

Key features of the system are as follows:

seconds, also to around one-third.

1. The sensor (tag) is wireless, eliminating the need for wiring workand ensuring easy installation.
2. Up to 20 tags can be used with one base unit.
3. As it is battery-operated, it can be used in places without aguaranteed power source.
4. Since the incident is reported via a message through a mobile
phone using packet communication, no additional line isrequired.
5. It can also be used as a tamper-proof device for vehicles andequipment.
Warning Security
light
alarm

Speed ofacceleration(gal)

Server (Central control)Internet network

DoPa
Network

120
100
80

Beforeinstallation

60
40

Base
unit
After
installation
Receive

20
0
-20
0

19 seconds
55 seconds
0

5

10

Time (seconds)

15

20

25

30

35

40

45

50

55

60

65

Break in

Stealing ofmaterials

Vandalization of carsand equipment
25

Operating Companies

Nippon COMSYS Group

President
Hajime Takashima

Corporate Profile of Nippon COMSYS

April 2006. This division gathers skilled engineers from around Japan

Nippon COMSYS Corporation was established as a private construc-to enhance their sales capabilities in creating technical proposals andtion company in accordance with the demand to promote the re-to pass on technologies as a way of boosting overall profitability. In

building of inadequate telecommunication facilities after WWII.

addition, in July 2006 the company bolstered its sales promotion

Since it was one of the largest public projects to rebuild the lifeline

system with the establishment of the IP Telephony Promotion

telecommunications base of Japan, leaders in Japanese economic

Department within the IT Business Division of Nippon COMSYS. This

society and major corporations at the time gathered to found our

new department combines development, marketing and systemcompany as The Nippon Telecommunications Construction Co., Ltd.

engineering functions as a means to augment orders of the IP

in 1951.

telephony solution Comsip. Also, a company-wide project team wasformed to promote ongoing COMSYS-style kaizen (improvement).

Overview

In order to effectively meet rapidly rising demand for fiber optic

To expand business and reinforce operational efficiency, Nippon

access service related construction in line with NTT’s aim of increas-

COMSYS established the Social Infrastructure Business Division ining the number of subscribers to 30 million customers by 2010,26

Operating Companies

Net Sales

Share of Net Sales(Millions of yen)

(Millions of yen)

300,000

200,000

73.5%
100,000

0

03

04

05

06

07

Nippon COMSYS centralized its construction companies for the(MNP) and work to enhance quality and expand the NTT DoCoMo

Tokyo metropolitan area and reorganized construction areas.

service area as well as continued briskness in orders for construction

Elsewhere, efforts were made to reinforce the Group structure by

related to B FLET’S from NTT. Net sales increased by 8.9% totransforming construction companies in Shikoku and Hokkaido into

¥257,269 million owing to an increase in construction related towholly owned subsidiaries.

MNP and B FLET’S on the back of solid new orders. Net income wasup 7.0% to ¥9,684 million despite an extraordinary loss of ¥2,210

Business Results

million. This included a valuation loss on investment securities andNew orders received increased by 5.9% year-on-year to ¥252,147

special retirement allowances.

million due to construction related to Mobile Number Portability‘‘Mobile Office Work Style” honored with the MCPC Award 2007

27

SANCOM Group

President
Kaoru Noda

Overview

The Group commenced a comprehensive program of COMSYS-

The SANWA COMSYS Engineering (SANCOM) Group is working tostyle kaizen (improvement) during the fiscal year under review aimed

expand business and increase management efficiency by providing

at boosting cost competitiveness by improving problem-solving

optimum one-stop solutions to customers. This includes strengthen-capabilities at work sites and increasing business efficiency. Efforts

ing market analysis in sales strategy meetings, enhancing monthly

were also made to create a more solid national sales and construc-income statement management for each business, providing cashtion structure by reorganizing the Hokuriku sales office into a branchflow analysis in group management meetings that include subsidiar-office in January 2007 to expand and enhance the carrier-related

ies and affiliates and promoting information sharing. The SANCOM

business.

Group is primarily engaged in three core businesses, namely, the carrier-related business, the manufacturer and vendor-related business,

Business Results

and the telecommunications and electrical construction businessNew orders received increased by 15.9% compared with the(public offices/private demand).

previous year to ¥65,653 million due to strong performance in base28

Operating Companies

Net Sales

Share of Net Sales(Millions of yen)

(Millions of yen)

80,00060,00040,00018.7%

20,000
0

03

04

05

06

07

station construction in the carrier-related business in line with thepayment necessary for the consolidation of the employees’ pension

start of MNP. Net sales were up 11.7% to ¥63,703 million. Despite

fund to that of COMSYS Holdings, net income amounted to ¥1,801

an extraordinary loss of ¥821 million, which included the lump-sum

million, surging 201.1%, due to extraordinary income of ¥847 million
mainly from a gain on sale of the headquarters building.

The SANCOM Group installed solar power generation
systems in existing base stations to make themenvironmentally friendly.

29

TOSYS Group

President
Joichi Magara

Overview

solutions business fully independent. In addition, a program of

Based on the concept of continuing to provide fiber optic access, the

TOSYS-style kaizen (improvement) was launched and promoted as a

TOSYS Group strengthened its construction system in response tomeans to cut costs.

expanded service of B FLET’S provided via NTT East Corporation, its
biggest client. It also implemented a policy of selection and concentration to optimize resource allocation aimed at making the IT

30

Operating Companies

Net Sales

Share of Net Sales(Millions of yen)

(Millions of yen)

30,00020,0007.8%
10,000

0

03

04

05

06

07

Business Resultsfor NTT DoCoMo related business. Net sales rose 4.2% to ¥29,531

New orders received increased by 5.2% to ¥30,655 million due

million, while net income soared 83.6% to ¥415 million.

primarily to an increase in demand for B FLET’S and in construction

In work different to conventional electrical system construction, the TOSYSGroup completed the installation of special high-pressure transformer stations
and wind power generation systems.

31

Organizational Structure of the COMSYS GroupThe COMSYS Group’s (COMSYS Holdings and subsidiaries and affiliates) main businesses comprise electrical and telecommunications
infrastructure construction services centered on telecommunications infrastructure and electrical facilities, and other businesses,
including the information processing related business. As of March 2007, the Group was comprised of 31 consolidated subsidiaries.
As of 31st March, 2007

SANWA COMSYS Engineering
Corporation
Address:
6-17, Aobadai 3-chome,
Meguro-ku, Tokyo 153-0042, Japan
Establishment: September 1947
Number of Employees:
Consolidated
1,287
Non-consolidated
695
URL: http://www.sancom-eng.co.jp/
Number of Consolidated Subsidiaries:
6 companies

Consolidated Subsidiaries:
SANWA Denshi Inc.
SEC Hi Tec Co., Ltd.
SANWA Support Engineering Co., Ltd.
Road-Techno Co., Ltd.
SEM Co., Ltd.
Sannect Co., Ltd.

Nippon COMSYS Corporation

TOSYS Corporation

Address:
Address: 23-14, Takanawa 3-chome,
Minato-ku, Tokyo 108-0074, Japan
Establishment: December 1951

Address:
1108-5, Higashiyama Aza, Watauchi,
Wakaho, Nagano, Nagano 381-0193,
Japan
Establishment: December 1960

Number of Employees:
Consolidated
5,211
Non-consolidated 3,339
URL: http://www.comsys.co.jp/

Number of Employees:
Consolidated
1,032
Non-consolidated
422

Number of Consolidated Subsidiaries:
15 companies

URL: http://www.tosys.co.jp/

Consolidated Subsidiaries:
Tokyo Tsuken Co., Ltd.
Nitto Tsuken Co., Ltd.
OT Engineering Co., Ltd.
Chuo. C Co., Ltd.
Kokusai Densetsu Co., Ltd.
SANNETCOM Co., Ltd.
COMSYS Net Corporation
COMSYS Business Service Co., Ltd.
COMSYS Techno Co., Ltd.
COMSYS Tsusan Co., Ltd.
COMSYS Shared Service Co., Ltd.
Taiei Seisakusho Co., Ltd.
COMSYS Tohoku Techno Co., Ltd.
COMSYS Kansai Engineering Co., Ltd.
COMSYS Kyushu Engineering Co., Ltd.

Consolidated Subsidiaries:
TOSYS Nagano Co., Ltd.
Alstar Co., Ltd.
TOSYS Niigata Co., Ltd.
TOSYS Actis Co., Ltd.
Tulip Keibi Co., Ltd.
Tulip Life Co., Ltd.
Yoshimoto Kensetsu Co., Ltd.

Number of Consolidated Subsidiaries:
7 companies

1. Tokyo Tsuken Co., Ltd. and Nichiden Kogyo Co., Ltd. merged on April 1, 2006, with the surviving company being Tokyo Tsuken Co., Ltd.
2. Kokusai Densetsu Co., Ltd. and Shoji Tsushin Kogyo Co., Ltd. merged on October 1, 2006, with the surviving company being Kokusai Densetsu Co., Ltd.

32

FINANCIAL SECTIONCONTENTSManagement Discussion and Analysis

34

Selected Financial and Operating Data

39

Consolidated Balance Sheets

40

Consolidated Statements of Income

42

Consolidated Statements of Shareholders’ Equity

42

Consolidated Statements of Cash Flows

43

Notes to the Consolidated Financial Statements

44

Report of Independent Certified Public Accountants

50

COMSYS Holdings Corporation Annual Report 2007

33

MANAGEMENT DISCUSSION AND ANALYSISPROFILE OF COMSYS GROUPCOMSYS Holdings Corporation (the “Company“) was established as aaccounted for by the equity method in the fiscal year ended 31st

holding company as the result of share transfers from Nippon COMSYSMarch, 2007.

Corporation, SANWA ELEC Co., Ltd. (now SANWA COMSYS Engineering
Corporation) and TOSYS Corporation on 29th September, 2003. The

Consolidated Business Results: Fiscal Years Ended 31st March, 2006 and 2007

COMSYS Group comprises COMSYS Holdings (the holding company), theCertain consolidated subsidiaries of Nippon COMSYS changed their balance sheet

above 3 companies, 43 subsidiaries and 15 affiliates. The COMSYS

dates from 31st December to the consolidated balance sheet date of 31st March

Group’s main businesses comprise electrical and telecommunications

from the fiscal year ended 31st March, 2005. The consolidated financial statements

infrastructure construction services centered on telecommunicationsof the COMSYS Group for the fiscal year ended 31st March, 2004 include theinfrastructure and electrical facilities, and other businesses, including the IT
solutions business.
The consolidated financial statements of COMSYS Holdings for thefinancial statements of these consolidated subsidiaries as of 31st December.
However, the COMSYS Group’s consolidated financial statements for the fiscal year
ended 31st March, 2005 include these consolidated subsidiaries’ profit and loss for aperiod of 15 months, including the three-month period from 1st January, 2005 to

fiscal year ended 31st March, 2007 include the accounts of 31
consolidated subsidiaries. COMSYS Holdings did not have any affiliates

31st March, 2005. This factor should be considered when comparing consolidated
operating results for the years ended 31st March, 2006 and 2007.

OVERVIEWIn the fiscal year under review, the Japanese economy continued tomarket with services such as Osaifu-Keitai (mobile phones with debit andexpand supported by an increase in capital investment due to solid

credit card functions). As a result, we are now witnessing growing

corporate earnings, a moderate recovery in personal spending due tocompetition between telecommunications carriers and other businesses

such factors as an improved employment situation and a growth inmainly due to the shift to ubiquitous broadband networks and theexports as a result of buoyant overseas economies, including the U.S. andintegration of communications and broadcasting.

Chinese markets.
In the telecommunications infrastructure construction industry, theAgainst this backdrop, the Group implemented three reforms. The
first reform—maximizing the synergistic effects of the merger through“Next-Generation Broadband Strategy 2010” aimed at eliminating all

selection and concentration of businesses—was pursued through suchzero-broadband areas and achieving over 90% household access to ultra-

business reorganization as the reallocation of employees following thehigh-speed broadband networks has been announced as a means ofrevision of business fields among integrated business companies. The

realizing a ubiquitous network society, the ultimate goal of thesecond reform—expansion of the IT solutions business—was undertaken

government’s “u-Japan policy.” This and other joint initiatives between theby expanding into the Internet protocol (IP) related field through the

public and private sectors have been further proliferating the use of

establishment of such COMSYS brands as the IP telephony system Comsip,

broadband in Japan. Broadband-based business sectors are also on aas well as by nurturing a group of highly skilled engineers who can rapidly

growth track in line with expanded use of fiber optic access services,

address the needs of a diverse array of customers. The third reform—theincluding IP telephony, communications services and broadcasting andreduction of personnel and material costs—was pursued Group-wide bymusic distribution.

consolidating administrative operations, including for accounting andIn the mobile telecommunications industry, the introduction ofcompensation, and by employing such measures as centralized purchasing,

Mobile Number Portability (MNP) has led to fierce competition among

as well as by boosting cost competitiveness by overhauling fundamental

carriers, while competition has also intensified for services that seek newwork practices based on COMSYS-style kaizen (improvement). Other

growth in a mature market. The majority of investment in this regard has

efforts included reorganization of construction companies in the fiber optic

been to strengthen “One Seg” broadcasting and music distribution,

service sector.

enhance mobile shopping services and penetrate the financial services

34

COMSYS Holdings Corporation Annual Report 2007

NEW ORDERS RECEIVED
New orders received in the fiscal year under review increased 7.8% to

B FLET’S and MNP in the NTT Information Telecommunication Engineering¥334,172 million on the back of strong orders for construction related toBusiness and Electrical Communications Engineering Business segments.

RESULTS OF OPERATIONS
Amid such robust new orders received, net sales rose 9.4% to ¥336,519

concentration of operations. Selling, general and administrative expenses

million as a result of the effects of reallocating personnel amongas a percentage of net sales edged down 0.1 percentage point to 6.6%.

integrated businesses via business restructuring as well as strengthening

As a consequence, operating income rose 17.7% to ¥19,214 million, while

the construction structure within the Group and partner companies, which

the operating income to net sales ratio improved 0.4 percentage point toenabled us to steadily meet rapidly expanded construction demand in NTT

5.7%. In addition, while an extraordinary loss of ¥3,656 million was

DoCoMo related business. NTT Group related projects represented 59.6%

recorded due to the lump-sum payment necessary for the consolidation ofof net sales. The cost of sales rose 9.1% to ¥295,097 million as a result of

the employees’ pension fund to that of COMSYS Holdings and loss on

intensifying competition and a decrease in the scale of construction, whilerevaluation of investment securities, net income jumped 23.4% to

the cost of sales ratio decreased 0.3 percentage point to 87.7%. Selling,¥12,382 million due to the recording of extraordinary income of ¥2,003

general and administrative expenses increased 8.0% to ¥22,208 million as

million mainly from gain on sale of fixed assets and gain on sales ofa result of promotion of COMSYS-style kaizen (improvement), clarification

investment securities. The ratio of net income to net sales improved 0.4of roles and responsibilities in relationship to partner companies andpercentage point to 3.7%.

NEW ORDERS RECEIVED AND NET SALES BY OPERATING SEGMENT
New orders received and net sales based on reclassified operating segments are as follows:
Millions of yen

New orders received

Net sales

NTT Information Telecommunication
Engineering Business

203,131200,693

Electrical Communications
Engineering Business

75,26077,820IT Solutions Business

37,22037,855Social System-Related
Business and Other

18,561

20,151

Total

334,172

336,519COMSYS Holdings Corporation Annual Report 2007

35

RESULTS OF OPERATIONS OF THE THREE CORE COMPANIES
Nippon COMSYS GroupSANCOM GroupNew orders received increased 5.9% to ¥252,147 million due to strong

In the NTT Information Telecommunication Engineering Business segment,

orders for construction related to B FLET’S and MNP for the NTT DoCoMo

new orders received rose 15.9% to ¥65,653 million and net sales were up

Group to expand service area and improve quality. Net sales rose 8.9% to11.7% to ¥63,703 million amid brisk telecommunications carrier related¥257,269 million due to an increase in construction related to B FLET’S

construction for MNP service, including construction work for mobile

and MNP following brisk orders. Operating income increased 8.0% tocommunication carriers for base stations. Operating income surged¥15,575 million owing to the increase in sales as well as the effects of

108.7% to ¥2,750 million as a result of efforts to promote profit

company-wide efforts to improve business operations, including themanagement and reduce costs on a monthly basis. An extraordinary loss

reduction of costs through promotion of COMSYS-style kaizenof ¥821 million was recorded due to the lump-sum payment necessary for(improvement). Moreover, net income rose 7.0% to ¥9,684 million despite

the consolidation of the employees’ pension fund to that of COMSYS

an extraordinary loss of ¥2,211 million arising from valuation loss on

Holdings, while extraordinary income of ¥847 million was recorded mainly

investment securities and special retirement allowances.

as a result of gain on sale of the headquarters building, the aggregate ofwhich contributed to net income of ¥1,801 million, up 201.1% from the

Nippon COMSYS Group

Millions of yen

previous term.

AmountNew orders received

252,147(+5.9%)Net sales

257,269(+8.9%)

Operating income

15,575(+8.0%)Net income

9,684(+7.0%)

Note 1: Internal transactions have not been eliminated.
Note 2: Figures in parenthesis indicate percentage change.

SANCOM Group

Millions of yen

AmountNew orders received

65,653(+15.9%)Net sales

63,703(+11.7%)

Operating income

2,750 (+108.7%)

Net income

1,801 (+201.1%)

Note 1: Internal transactions have not been eliminated.
Note 2: Figures in parenthesis indicate percentage change.

TOSYS GroupNew orders received rose 5.2% to ¥30,655 million amid increased demandfor B FLET’S in the NTT Information Telecommunication Engineering
Business and expansion of NTT DoCoMo related business, while net sales
edged up 4.2% to ¥29,531 million. Operating income increased 59.7% to¥885 million and net income jumped 83.6% to ¥415 million.
TOSYS Group

Millions of yen

AmountNew orders received

30,655(+5.2%)Net sales

29,531(+4.2%)

Operating income

885 (+59.7%)

Net income

415 (+83.6%)

Note 1: Internal transactions have not been eliminated.
Note 2: Figures in parenthesis indicate percentage change.

36

COMSYS Holdings Corporation Annual Report 2007

FINANCIAL POSITIONASSETS

CASH FLOWS

Total assets as of 31st March, 2007 were ¥229,953 million, an increase of

Net cash provided by operating activities increased ¥9,448 million to¥9,167 million. Total current assets increased ¥8,465 million to ¥159,822¥18,576 million. Key factors were inflows such as an increase in income

million mainly due to the effects of increases in cash and cash equivalents

before income taxes and other adjustments to net income and increase in

and accumulated cost of construction in progress. Total investments andpayables—trade as well as accumulated cost of construction in progressother assets increased ¥492 million to ¥22,504 million. The key factor wasand outflows such as cash and cash equivalents paid for income taxes.

an increase in prepaid pension cost. Property and equipment rose ¥210
million to ¥47,627 million chiefly owing to an increase in machinery andNet cash used in investing activities rose ¥386 million to ¥5,525 million
due to an increase in acquisitions of property and equipment.

equipment in preparation for improving operational efficiency of

As a result of the above, free cash flows increased ¥9,062 million to

construction work.

¥13,051 million.

LIABILITIES AND SHAREHOLDERS’ EQUITY¥6,610 million. Cash was mainly used for the repayment of long-term debt

Total liabilities increased ¥591 million to ¥82,948 million. Total current

and cash dividends paid.

Net cash used in financing activities increased ¥2,979 million toliabilities increased ¥3,627 million to ¥71,795 million. This was mainly due

Cash and cash equivalents at the end of the fiscal year under review

to such factors as an increase in income taxes payable. Total long-term

increased ¥6,441 million to ¥42,458 million, which included a decrease

liabilities decreased ¥3,036 million to ¥11,153 million as a result of aof ¥203 million in cash and cash equivalents arising from the consolidation

decrease in negative goodwill of ¥1,506 million. Interest-bearing debt

of subsidiaries.

declined ¥3,157 million to ¥451 million.
Net assets including minority interests increased ¥8,576 million to¥147,005 million primarily as a result of an increase in retained earnings,
reflecting higher net income.
Consequently, the equity ratio rose from 62.1% to 63.4%.

REMUNERATION FOR DIRECTORS AND CORPORATE AUDITORS
Remuneration paid for directors and auditors is detailed below.

Fees paid to the COMSYS Group’s auditor, Certified Public

Directors: ¥63 million

Accountants O-Yu Kyodo Office, totaled ¥50 million for audit

Corporate auditors: ¥15 million

certification work.

Outside auditors: ¥11 million.

COMSYS Holdings Corporation Annual Report 2007

37

BUSINESS RISKSThe COMSYS Group believes the following conditions pertaining to risks in(3) Risk from Changes in Seasonal Business Patterns

terms of performance and financial status would have an impact on the

In the Group’s mainstay business area of electrical and telecommunications

decision-making process of investors. Moreover, forward-looking

infrastructure construction services, because of a tendency to focus on thestatements in the sections below are assessments made by the Group atmonth of March, when year-end performance of orders and sales isthe fiscal year-end.

recorded, there is a possibility for performance between the first half andthe second half of the fiscal year to differ significantly.

(1) Risk from Dependency on a Specific Customer
Since the NTT Group is the key customer of the COMSYS Group’s electrical(4) Risk Involved in Holding Assets

and telecommunications infrastructure construction services, accounting

Since the COMSYS Group holds real estate, investment securities andfor more than 50% of business, a risk to the performance of the Group ispension assets as needed in the course of business, a risk to thepossible due to changes in the scale and framework of capital investment

performance of the Group is possible when their market value changes.

within the NTT Group.
(5) Credit Risk of Business Customers(2) Risk to Safety and Quality

The COMSYS Group conducts stringent credit management with regard toWith the goal of eradicating accidents involving both personnel andits business customers by relying on outside research agencies, while also

facilities based on the motto of “Prioritizing Safety in Everything,” theconstructing a reliable structure to avoid credit risk by screening contracts

COMSYS Group is working to manage safety and quality in construction

through the Legal Department. Nevertheless, a risk to the performance ofby implementing employee training and other measures within the Groupthe Group is possible if the credit of business customers fails, resulting inand among partner companies. Nevertheless, a risk to the performance ofan inability to recover construction costs in the case of an individual

the Group is possible when an accident occurs that results in the loss ofcustomer or in the delay of construction in the case of a contractor.

trust among business customers, a loss of potential orders due to atemporary suspension of operations and the assumption of responsibility
for defective construction and buildings.
Regarding the management of information entrusted by businesscustomers, including personal information, the Group has acquired
Information Security Management System (ISMS) certification, as well as is
acquiring certification for the Privacy Mark, to take all possible measures inensuring the protection of information within the Group. Nevertheless, arisk to the performance of the Group is possible when information isleaked via such channels as outsourcing partners, where information ishandled and managed, or via a crime involving illegal access from outside,which results in the loss of trust among business partners or theassumption of responsibility for damages due to accusations of
mismanagement.

38

COMSYS Holdings Corporation Annual Report 2007

SELECTED FINANCIAL AND OPERATING DATACOMSYS Holdings Corporation and Consolidated Subsidiaries
Years ended 31st March, 2006 and 2007

Thousands of
U.S. Dollars(Note 1)Millions of Yen
2006

2007

2007

Results of Operations:
New orders received during the year¥

310,005

334,172$ 2,830,767

Net sales

307,485

336,5192,850,648

Operating income

16,31919,214

162,761

Income before income taxes and other adjustments to net income

16,423

19,468

164,913

Net income

10,031

12,382

104,888

Capital expenditure

4,823

7,240

61,330

242

190

1,609

Research and development expenditure¥

Financial Position:
Total assets¥

Property and equipment
Long-term debt
Shareholders’ equity

220,786

229,953$ 1,947,929

47,417¥47,627

403,448

314

72

610

137,161

145,786

1,234,951

Interest-bearing debt

3,608

451

3,821

Modified working capital

67,996

67,818574,485

Per Share of Common Stock (in yen and U.S. dollars):
Net income (not diluted)

¥

69.65

¥

87.39

$

0.74

Cash dividends

15.00

17.00

0.14

Total shareholders’ equity

964.701,033.87

8.76

Operating income to net sales (%)

5.3

5.7

Net income to net sales (%)

3.3

3.7

R&D expenses to net sales (%)

0.08

0.06

Financial Ratios:

SG&A expenses to net sales (%)

6.7

6.6

Equity ratio (%)

62.1

63.4

Return on equity (%)

7.6

8.8

Return on total assets (%)

4.7

5.5

Interest coverage (times)

175.59373.72

Debt/equity ratio (times)

0.03

0.00

Other Statistics:
Number of employees at fiscal year-end

7,081

7,574

Common stock issued (thousand shares)

145,977

145,977

High

1,796

1,768

Low

857

1,052

Common stock price range:

Note: For convenience only, the accompanying Japanese yen figures for 2007 have been translated into U.S. dollars at the rate of ¥118.05 to US$1, the rate prevailing on March 31, 2007.

COMSYS Holdings Corporation Annual Report 2007

39

CONSOLIDATED BALANCE SHEETSCOMSYS Holdings Corporation and Consolidated Subsidiaries
As of 31st March, 2006 and 2007

Thousands of
U.S. Dollars(Note 1)Millions of Yen

ASSETS
2006

2007

2007

Current Assets:
Cash and cash equivalents¥

35,814¥42,458$359,661

Short-term investments (Notes 3 and 4)

2,442

2,966

25,125

Notes and accounts receivable—trade

83,73883,646

708,564

Inventories:
21,973

23,465

198,772

Deferred income taxes (Note 7)

3,262

3,764

31,885

Other current assets

4,346

3,860

32,698Less: Allowance for doubtful receivables

(218)

(337)

(2,855)

151,357

159,822

1,353,850

Accumulated cost of construction in progress

Total current assets

Investments and Other Assets:
Investment securities:
Unconsolidated subsidiaries and affiliates

1,067

841

7,124

Other (Notes 3 and 4)

6,921

6,465

54,765Long-term loans receivable

4,233

3,100

26,260Prepaid pension cost

2,087

3,612

30,597

Deferred income taxes (Note 7)

2,420

2,563

21,711Other assets

8,397

9,276

78,577

Less: Allowance for doubtful receivables(3,113)(3,353)(28,403)

22,01222,504

190,631Land (Note 4)

26,76925,815

218,679

Buildings and structures (Note 4)

29,01828,814

244,083

Machinery and equipment

18,958

19,838168,047

3

1,144

9,691

(27,331)(27,984)(237,052)

Total investments and other assets

Property and Equipment:

Construction in progress
Less: Accumulated depreciation

47,417

Total property and equipment
Total assets
See Notes to the Consolidated Financial Statements.

40

COMSYS Holdings Corporation Annual Report 2007¥

220,786¥

47,627

403,448

229,953$ 1,947,929

Thousands of
U.S. Dollars(Note 1)Millions of Yen

LIABILITIES AND SHAREHOLDERS’ EQUITY
2006

2007

2007

Current Liabilities:
Short-term bank loans (Note 4)

¥

3,294

¥

379

$

3,211

Accounts payable—trade

49,77352,147441,737

Advances received on construction in progress

6,779

3,256

27,582

Income taxes payable

1,742

5,409

45,820

Other current liabilities

6,580

10,60489,826

68,16871,795608,176

Total current liabilities
Long-term Liabilities:
Long-term debt (Note 5)

314

72

610

Accrued severance indemnities (Note 6)

4,889

4,311

36,518Deferred income taxes (Note 8)

2,417

1,590

13,469Deferred tax liabilities for unrealized gains on land revaluation (Note 11)

2,366

2,366

20,042

Consolidation adjustments account

3,961

2,455

20,796

242

359

3,041

14,18911,153

94,476

1,268

1,219

10,326

Other long-term liabilities
Total long-term liabilities
Minority Interests
Contingent Liabilities (Note 6)
Shareholders’ Equity (Note 9):
Common stock, par value of ¥51 per share:
Authorized—580,000 thousand shares
Issued—145,978 thousand shares

10,00010,00084,710Additional paid-in capital

56,942

56,974

482,626

Retained earnings

80,39490,550767,048

Unrealized loss on land revaluation (Note 11)(7,897)(7,897)(66,896)

850

520

4,405

140,289

150,147

1,271,893

Unrealized gain (loss) on securities
Treasury stock, at cost
Total shareholders’ equity
Total liabilities and shareholders’ equity¥(3,128)(4,361)(36,942)

137,161

145,786

1,234,951

229,953$ 1,947,929

220,786¥COMSYS Holdings Corporation Annual Report 2007

41

CONSOLIDATED STATEMENTS OF INCOMECOMSYS Holdings Corporation and Consolidated Subsidiaries
Years ended 31st March, 2006 and 2007

Thousands of
U.S. Dollars(Note 1)Millions of Yen
2006

Net Sales
Cost of Sales
Gross profits
Selling, General and Administrative Expenses
Operating income
Other Income (Expenses):
Interest and dividend income
Interest expenses
Other, net (Note 11)¥

Income before income taxes and other adjustments to net income
Income Taxes (Note 7):
Current
Deferred
Minority Interests
Net Income

¥

2007

307,485
270,60236,883
20,564
16,319¥2007

336,519
295,097
41,422
22,20819,214$2,850,648
2,499,763
350,885
188,124
162,761

244
(94)
(46)
104
16,423

283
(52)
23
254
19,468

2,397
(440)
195
2,152
164,913

5,167
1,099
6,266
126
10,0318,260(1,204)
7,056
30
12,382

69,970(10,199)
59,771
254
104,888¥$

U.S. Dollars(Note 1)

Yen

Amounts per Share:
Net income—Basic—Diluted
Cash dividends

¥

69.65
69.62
15.00

¥

87.39
87.37
17.00

$

0.74
0.74
0.14

See Notes to the Consolidated Financial Statements.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITYCOMSYS Holdings Corporation and Consolidated Subsidiaries
Years ended 31st March, 2006 and 2007

Thousands of
U.S. Dollars(Note 1)Millions of Yen
2006

Common Stock:
Balance at beginning of the year
Balance at End of the Year
Additional paid-in capital:
Balance at beginning of the year
Increases arising from business combination
Decreases arising from business combination
Balance at End of the Year
Retained Earnings:
Balance at beginning of the year
Net income
Increase by elimination of a consolidated subsidiary
Decreases due to change in consolidation
Cash dividends
Bonuses to directors
Decrease arising from a reversal of unrealized loss on land revaluation
Balance at End of the Year
See Notes to the Consolidated Financial Statements.

42

COMSYS Holdings Corporation Annual Report 2007¥¥

10,00010,0002007¥

10,00010,0002007$

84,71084,71056,613480(151)
56,942

56,942
32—
56,974

482,355271—
482,626

72,904
10,031—(14)(2,397)(104)(26)
80,39480,394
12,38278—(2,129)(175)—
90,550681,016
104,888661—(18,035)(1,482)—
767,048¥$

CONSOLIDATED STATEMENTS OF CASH FLOWSCOMSYS Holdings Corporation and Consolidated Subsidiaries
Years ended 31st March, 2006 and 2007

Thousands of
U.S. Dollars(Note 1)Millions of Yen
2006

2007

2007

Cash Flows from Operating Activities:
Income before income taxes and other adjustments to net income¥

16,423¥

19,468$

164,913

Depreciation and amortization

3,794

3,957

33,520Gain on sales of fixed assets

(48)

(798)

(6,760)

8

557

4,718

Increase in allowance for doubtful receivables

804

357

3,024

Decrease in accrued severance indemnities

(680)

(536)

(4,540)Interest and dividends received

Write-down of investments in securities and other assets

(244)

(283)

(2,397)

Interest expenses

94

52

441

Loss on disposal of property and equipment

579

—

—

Increase in receivables—trade(3,296)(118)(1,000)Decrease (increase) in inventories(2,481)

22

186

Increase in payables—trade

4,076

4,976

42,152

Decrease in other assets(2,529)(1,099)(9,310)Decrease in other liabilities

2,268(2,545)(21,559)

Directors’ bonuses paid
Amortization of consolidation adjustments
Other, net

(113)

(185)

(1,567)(1,838)(1,202)(10,182)

(244)

372

3,151

16,57322,995

194,790

Cash and cash equivalents received on interest and dividends income

244

283

2,397

Cash and cash equivalents paid for interest expenses

(94)

(52)

(440)

Cash and cash equivalents paid for income taxes(7,595)(4,650)(39,390)

Net cash provided by operating activities

9,128

18,576

157,357

Decrease in short-term investments, net

(154)

(358)

(3,033)

Decrease in investment securities, net

(868)

(326)

(2,762)Acquisitions of property and equipment(4,159)(6,170)(52,266)

Acquisitions of other assets(610)(1,037)(8,784)

Proceeds from sale of property

296

1,516

12,842

Cash Flows from Investing Activities:

Increase in long-term loans(1,169)

(50)

(424)

Collection of long-term loans

633

1,186

10,047Other
Net cash used in investing activities

892

(286)

(2,423)(5,139)(5,525)(46,803)

Cash Flows from Financing Activities:
Decrease in short-term borrowings, net

(372)

(640)

(5,421)

Repayment of long-term debt

(762)

(2,566)(21,737)

Proceeds from long-term debt

—

(10)

(85)

Acquisitions of treasury stock(94)(1,251)(10,597)(2,403)(2,143)(18,153)(3,631)(6,610)(55,993)

358

6,441

54,56135,28735,814

303,380

Cash dividends paid
Net cash used in financing activities
Net Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year

169

Increase due to Business Combination
Cash and Cash Equivalents at the End of Year¥35,814203¥

42,4581,720$

359,661

See Notes to the Consolidated Financial Statements.

COMSYS Holdings Corporation Annual Report 2007

43

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSCOMSYS Holdings Corporation and Consolidated Subsidiaries

1. BASIS OF PRESENTING CONSOLIDATED FINANCIAL STATEMENTSCOMSYS Holdings Corporation (the “Company”) and its subsidiaries (together, theand TOSYS Corporation ("TOSYS”), all of which are mainly engaged in construction“Companies”) maintain their accounting records and prepare their financialof telecommunications infrastructure. In the consolidation of COMSYS, SANCOM andstatements in conformity with accounting principles and practices generally accepted

TOSYS, the Company comprehensively applied the pooling-of-interest method toin Japan (the “GAAP of Japan”), which differ in certain respects as to application and

COMSYS and its subsidiaries as the acquiring group and the purchase method todisclosure requirements from International Accounting Standards. The accompanying

SANCOM and TOSYS and their subsidiaries as the acquired group.

consolidated financial statements have been compiled from the consolidated financial

The accounts and records of the Companies are maintained in Japanese yen. The

statements filed with the Financial Services Agency as required by the Securities andaccompanying consolidated financial statements have been presented in Japanese

Exchange Law of Japan. Certain reclassifications of account balances have been madeyen and have also been presented in U.S. dollars by translating all Japanese yen

so as to present the consolidated financial statements in a form that is more familiar

amounts using the rate of ¥118.05 to US$1. The presentation of such dollar amounts

to readers outside Japan.

is solely for the convenience of the reader and is not intended to imply that yen

The Company is a holding company established on 29th September, 2003 as aresult of a business combination via the transfer of shares of Nippon Comsys

amounts have been or could be converted, realized or settled in dollars at that or at
any other rate.

Corporation ("COMSYS”), SANWA COMSYS Engineering Corporation ("SANCOM”)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(a) Principles of consolidationii)

The accompanying consolidated financial statements include the accounts of theCompany and 31 subsidiaries (see “Corporate Directory” on the pages 82-3 of thisannual report) over which the Company exerts substantial control either throughmajority ownership of voting shares and/or by other means. For the purposes ofpreparing the consolidated financial statements, all significant inter-company

Other securities whose fair values are readily determinable: carried at fair value
with unrealized gains or losses included in Shareholders’ Equity as “Unrealized
gain (loss) on securities,” net of applicable income taxesiii)

Other securities whose fair values are not readily determinable: carried at costusing the moving-average method
With respect to investments in unconsolidated subsidiaries and affiliates,transactions, account balances and unrealized profits among the Companies have

the Companies are carrying their amounts at cost, determined by the moving

been eliminated.

average cost.

The accounts of other subsidiaries and affiliates were not consolidated, since their(f) Derivative financial instruments

aggregate sales, total assets, net income and retained earnings have little affect upon

A certain subsidiary uses financial instruments to manage exposures of interest rates

the total consolidated results of operations and assets. Also, investments inand foreign currency exchange rates incurred in the ordinary course of business.

unconsolidated subsidiaries and affiliates are carried at cost due to their immateriality.

Hedging instruments include interest rate options contracts, interest rate swap

All of the subsidiaries were consolidated on the basis of fiscal periods ending
31st March.
Goodwill, including negative goodwill, is amortized by the straight-line method

contracts and forward foreign exchange contracts.
Derivatives are recorded at fair value.
(g) Accumulated cost of construction in progressover reasonable economical life up to 20 years; while goodwill without materiality is

In connection with (c) “Accumulated cost of construction in progress” is stated at costamortized at the incurrence.

based on an individual project basis.

(b) Use of estimates(h) Property and equipment

Management of the Company has made a number of estimates and assumptions

Property and equipment are stated at cost. Depreciation is computed primarily by the

relating to the reporting of assets and liabilities to prepare the accompanying

declining-balance method; while the straight-line method is applied to buildings

consolidated financial statements in conformity with the GAAP of Japan. Actual results

acquired after 1st April, 1998, both using the estimated useful lives of assets

could differ from these estimates.

principally as follows:(c) Point of sales—construction contracts

Buildings and structures

2 to 50 years

Construction contracts of the Companies are accounted for by the completed-contract(i) Intangible assets and deferred charges

method. The accumulated cost of uncompleted construction is shown as

Intangible assets including software are carried at cost and amortized by the straight-“Accumulated cost of construction in progress” and the related billings (advancesline method over the estimated useful lives of assets. The useful life of software

received) on uncompleted construction contracts are shown as “Advances received on

utilized in the Companies is estimated to be 5 years. Research and development costs

construction in progress” in the accompanying balance sheets.

are charged to income as incurred.

(d) Cash and cash equivalents(j) Leases

Cash and cash equivalents include all highly liquid investments, generally with original

Financial leases that do not transfer ownership of the property to the lessee are

maturities of three months or less, which are readily convertible to known amounts ofaccounted for as transactions of rent. Under the GAAP of Japan, financial leases incash and are so near maturity that they present insignificant risk of changes in value

which ownership of the property is deemed to be transferred to the lessee are treatedbecause of changes in interest rates.

as capital leases; while it is permitted to treat others as operating leases if certain “as if(e) Short-term investments and investment securities

capitalized” information is disclosed in the notes to the lessee’s financial statements.

The GAAP of Japan requires the classification of short-term investments and(k) Impairment of long-lived assets

investment securities (except for “unconsolidated subsidiaries and affiliates”) of the

The Companies’ long-lived assets are reviewed for impairment whenever events or

Companies into three categories as follows:changes in circumstances indicate the carrying amount of an asset or assets in a groupi)

Debt securities that are expected to be held-to-maturity: carried at accumulated

might not be recoverable. An impairment loss should be recognized if the carrying

cost using the straight-line method

amount of those assets exceeds the sum of the expected undiscounted future cash

44

COMSYS Holdings Corporation Annual Report 2007

flows arising from the continual use and subsequent disposition of those assets. The

Cash dividends per share are based on the cash dividends applicable to theimpairment loss should be measured by the difference between the carrying amountrespective years, including dividends to be paid after the end of the year.

and their recoverable amount, whichever is higher of the expected discounted future(o) Accounting change

cash flows arising from the continual use and subsequent disposition of those assets orBonuses to directors and corporate auditors

the net selling price at disposition.

Payments of bonuses to directors and corporate auditors could be made subject to(l) Income taxes

approval at the general shareholders’ meeting in Japan and used to be charged

Deferred tax assets and liabilities arising from temporary differences between financial

directly to retained earnings upon approval. On 29th November, 2005, theand tax reporting are measured using the enacted tax rates and laws which will be in

Accounting Standards Board of Japan (the “ASBJ”) issued a new accounting standard

effect when the differences are expected to reverse. In the preparation of thefor bonuses paid to directors and corporate auditors, effective from the fiscal year

consolidated financial statements, deferred tax assets and liabilities also arose from theending after 1st May, 2006, which required that such bonuses shall be charged toelimination of unrealized profits among the Companies and the adjustment of theincome on an accrual basis and shall not be charged to retained earnings directly

allowance for doubtful receivables caused by the offsetting of inter-company

upon approval at the general shareholders’ meeting. The Companies adopted thereceivables and payables.

new standard and the effect of this adoption was to decrease operating income and(m) Appropriations of retained earnings

income before income taxes and other adjustments to net income for the year ended

Appropriations of retained earnings of the Company at each year-end are reflected in

31st March, 2007 by ¥240 million ($2,033 thousand).

the consolidated financial statements for the following year upon shareholders’approval (See Note 11).

Business combination and separation(n) Net income and cash dividends per share

In October 2003, the Business Accounting Council issued a Statement of Opinion,

The computations of basic net income per share are based on the weighted average

Accounting for Business Combination, and on 27th December, 2005, the ASBJ issued

number of shares outstanding during each year. The GAAP of Japan requires

the Accounting Standard for Business Separation and ASBJ Guidance for Accounting

deductions of the amounts with which shareholders of common stock are not vested

Standard for Business Combination and Separation, all of which were effective from(e.g., bonus paid to directors and corporate auditors) from net income when

the fiscal year beginning on and after 1st April, 2006.

computing net income per share.

The Companies adopted those new standards, but no effect of the adoption wasrecognized and recorded.

3. SHORT-TERM INVESTMENTS AND INVESTMENT SECURITIES—OTHER
Information that is required to be disclosed in the Notes to the consolidated financial

Exchange Law of Japan, as amended to conform to certain reclassifications of accountstatements by the regulations and rules on disclosures under the Securities andbalances made to present the consolidated financial statements, consists of the following:(a) Debt securities that are expected to be held-to-maturity whose fair value was readily determinable as at 31st March, 2006 and 2007, were as follows:
Millions of yen

Thousands of U.S. dollars

31st March, 2006

Japanese government bonds

31st March, 2007

Book
value

Fair
Value

Book
value

Fair
Value

Book
value

Fair
Value

¥ 10

¥ 10

¥ 10

¥ 10

$ 85

$ 85

(b) Other securities whose fair value was readily determinable as at 31st March, 2006 and 2007, were as follows:
Millions of yen

Thousands of U.S. dollars

31st March, 2006
Cost

Gross
Unrealized
Gains

Gross
Unrealized
Losses¥ 1,743538
1,154¥ 3,435¥ 1,6131430¥ 2,044¥Classification

StocksBonds and debentures
Others
Total

¥

148
34
42
224

31st March, 2007
Fair
Value

Cost

Gross
Unrealized
Gains

Gross
Unrealized
Losses¥ 3,208505
1,542¥ 5,255¥ 1,966
718
1,032¥ 3,716¥ 1,391
2
72¥ 1,465

¥

¥

111
60
60
231

Fair
Value

Cost

Gross
Unrealized
Gains

Gross
Unrealized
Losses¥ 3,246660
1,044¥ 4,950$ 16,654
6,082
8,742
$ 31,478$ 11,783
17610$ 12,410

$

940
508
508
$ 1,956

Fair
Value

$ 27,497
5,591
8,844
$ 41,932(c) Proceeds from sales of other securities and realized gains/losses on such sales, cost of the sales being determined by the moving-average method, for the years ended 31st
March, 2006 and 2007, were as follows:
Millions of yen
For the year ended 31st March
2006
2007

Proceeds from sales
Realized gains
Realized losses

¥

599
169
23

¥

636
603
0

Thousands of U.S. dollars
For the year ended 31st March2007$ 5,3885,1080(d) Other securities whose fair value was not readily determinable as at 31st March, 2006 and 2007 mainly consisted of unlisted stocks amounting to ¥1,802 million and¥1,663 million (US$14,087 thousand), respectively.

COMSYS Holdings Corporation Annual Report 200745

(e) Debt securities that are expected to be held-to-maturity and other securities with maturity dates as at 31st March, 2007 consisted of the following:Book value

31st March, 2007

Bonds and debentures:Japanese government bonds
OthersTotal

Due: Within 1 yr.

¥

¥

10
—
63
73

Millions of yen
Within 5 yr.
Within 10 yr.

After 10 yr.

¥

¥

¥

—
—
60
60

For the years ended 31st March, 2007, the Companies wrote-down investment
securities, whose fair value was readily determinable, in the amount of ¥180 million

¥

¥

—
—
5
5

¥

—
600
—
600

Due: Within 1 yr.

$

$

85
—
533
618

Thousands of U.S. dollars
Within 5 yr.
Within 10 yr.

After 10 yr.

$

$

$

—
—
508
508

$

$

—
—
42
42

—
5,083
—
$ 5,083

a write-down of investment securities whose fair value at the fiscal year-end declined
to an amount not more than 50% of the book value.

(US$1,525 thousand), following an accounting policy of the Companies which requires

4. SHORT-TERM BANK LOANS AND LONG-TERM DEBT
The weighted average interest rates of short-term and long-term bank loans as at theamounting to ¥96 million (US$813 thousand) and long-term bank loans amounting

year ended 31st March, 2007, were approximately 1.81 per cent and 2.66 per cent,to ¥33 million (US$280 thousand) were secured. A summary of assets pledged as

respectively.

collateral consisted of the following:

At 31st March, 2007, consolidated subsidiaries’ short-term bank loans

Buildings and structures, net of accumulated depreciation
Land
Total

Millions of yen

Thousands of
U.S. dollars

2007

2007

¥

361
625
986

¥

$
$

3,058
5,294
8,352

At 31st March, 2007, long-term debt consisted of the following:

Loans from banks
Less: Current portion
Total

Millions of yen

Thousands of
U.S. dollars

2007

2007

¥

201
159
42

¥

$
$

1,703
1,347
356

5. ACCRUED SEVERANCE INDEMNITIESEmployees of the Companies are usually entitled to lump-sum severance indemnities

trust to which COMSYS, SANCOM and TOSYS contributed certain marketable equity

determined by reference to their current basic rate of pay, length of service andsecurities.

conditions under which the termination occurs. With respect to directors andOther consolidated subsidiaries provide for severance indemnities based on thecorporate auditors of the Companies, lump-sum severance indemnities are calculated

liability if all eligible employees were to voluntarily terminate employment on theusing a similar formula and are normally paid subject to approval at the shareholders’balance sheet date. In addition, certain subsidiaries have funds for tax qualified

meeting of each of the Companies.

defined benefit pension plans and a few subsidiaries have non-contributory and

COMSYS has a contributory and funded defined benefit pension plan, which ispursuant to the Welfare Pension Insurance Law of Japan. As qualified and allowed
under the GAAP of Japan, the plan assets include an employee retirement benefit

funded defined benefit pension plans.
“Accrued severance indemnities” recognized in the consolidated balance sheet
as at 31st March, 2006 and 2007 were as follows:
Thousands of
U.S. dollars

Millions of yen
2006

Projected benefit obligation
Fair value of plan assets
Unfunded benefit obligation
Unrecognized actuarial difference
Unrecognized prior service cost
Net amount recognizedPrepaid pension costAccrued severance indemnities

46

COMSYS Holdings Corporation Annual Report 2007¥¥

(44,049)
44,523474
2,041(4,587)(2,072)
2,087(4,159)

2007

¥

¥

(43,944)
46,981
3,037
1,197(4,245)(11)
3,612(3,623)2007$ (372,249)
397,975
25,726
10,140(35,959)(93)
30,597$ (30,690)

“Accrued severance indemnities” in the consolidated balance sheet as at 31st

¥688 million (US$5,828 thousand), respectively.

March, 2006 and 2007 include the provision for accrued severance indemnities for
directors and corporate auditors of the Companies amounting to ¥730 million andNet pension cost of the plans included in the consolidated statements of income
for the years ended 31st March, 2006 and 2007 were as follows:
Thousands of
U.S. dollars

Millions of yen
2006

Service cost
Interest cost
Expected return of plan assets
Amortization of unrecognized actuarial difference
Amortization of unrecognizedprior service costs (negative)Other
Net pension cost

¥

¥

2007

2007

2,145
991
(675)
687
(376)
93
2,865

¥

2,314
994
(902)
364

$

(376)
110
2,504

¥

$

19,6028,420(7,641)
3,083(3,185)932
21,211

Unrecognized prior service costs are amortized and charged to income using the●

Allocation method of benefit obligation

Straight-line method

straight-line method over the average remaining years of service of employees at the●

Discount rate

2.5% (mainly)

incurrence. Unrecognized actuarial differences are amortized and charged to income●

Expected rate of return on plan assets

2.5% (mainly)

using the straight-line method from the succeeding year of the incurrence over the●

Unrecognized prior service cost is amortized over mainly 15 years.

average remaining years of service of employees at the incurrence.

●

Unrecognized actuarial difference is amortized over mainly 15 years from the

Significant assumptions used to calculate the above-mentioned amount for the

succeeding fiscal year of the incurrence.

year ended 31st March, 2007 were as follows:

6. INCOME TAXESThe Companies are subject to corporate (national), inhabitant and enterprise (local)
taxes based upon taxable income, which resulted in statutory tax rates ofapproximately 40%, in aggregate, for the years ended 31st March, 2006 and 2007.
The effective tax rate reflected in the accompanying consolidated statements ofincome and retained earnings differs from the statutory tax rate primarily due to suchitems as permanently non-deductible expenses and timing differences in recognizing
certain income and expense items for financial and tax reporting purposes.
The difference between the statutory tax rate and effective tax rate reflected in
the consolidated statements of income for the year ended 31st March, 2007, primarily

Statutory tax rate of the Company
Effects of:
Expenses permanently not deductible for income tax purposes
Amortization of negative goodwill
Valuation allowance
Other, net
Effective tax rate

Deferred tax assets and liabilities of the Companies, except for that relating toprimarily consisted of the following:Thousands of
U.S. dollars

Millions of yen
2006¥

Less: Valuation allowance
Deferred tax liabilities:
Deferred gain on exchange of lands
Revaluation of land owned by consolidated subsidiaries
OthersNet deferred tax assets

1.6
(3.1)
(3.2)
0.9
36.2%

land revaluation of COMSYS mentioned in Note 9, as of 31st March, 2006 and 2007,

consisted of the following:

Deferred tax assets:
Accrued expenses and enterprise taxes
Accrued severance indemnities
Allowance for doubtful receivables
Revaluation of land owned by consolidated subsidiaries
Write-down of investments in unconsolidated subsidiaries
Net operation loss carried forward
Others

40.0%

¥

2007

2007

2,540
2,350
1,115
1,022
782
399
912
9,120
(3,039)6,081(150)(1,907)(778)(2,835)
3,246

¥

¥

3,437
1,536
1,184
862
1,195
—
1,318
9,532
(2,291)7,241(187)(1,787)(530)(2,504)
4,737

$

$

29,11513,011
10,0297,302
10,123—
11,16580,745(19,407)
61,338(1,584)(15,138)(4,489)(21,211)
40,127COMSYS Holdings Corporation Annual Report 200747

7. LEASES(As a Lessee)
The Companies lease mainly machinery and equipment by financial leases. Pro forma

straight-line method over the respective lease terms) and net book value of leased

amounts of the acquisition costs (including the interest portion thereon), accumulated

property as of 31st March, 2006 and 2007, which would have been reflected in the

depreciation (depreciation expenses of the leased property were computed by the

consolidated balance sheets if capitalized, were as follows:
Thousands of
U.S. dollars

Millions of yen
2006

Acquisition costs
Accumulated depreciation
Net book value
Lease payments relating to financial leases accounted for as transactions of rent
amounted to ¥184 million and ¥205 million (US$1,737 thousand) for the years ended

¥
¥

2007

2007

1,158
443
715

¥
¥

1,212
521
691

$
$

10,267
4,413
5,854

Obligations (including the interest portion thereon) under financial leases at 31st
March, 2007, were as follows:

31st March, 2006 and 2007, respectively.

Due within one year
Due after one year
Total

Millions of yen

Thousands of
U.S. dollars

2007

2007

¥

214
477
691

¥

$

1,813
4,041
5,854

$

(As a Lessor)
One of the Companies leases mainly machinery and equipment by financial leases. Future lease receipts, inclusive of interest, at 31st March, 2007 were as follows:

Due within one year
Due after one year
Total

Millions of yen

Thousands of
U.S. dollars

2007

2007

¥

278
446
724

¥

$

2,355
3,778
6,113

$

Lease fees received and depreciation charges for the years ended 31st March, 2006 and 2007 were as follows:
Thousands of
U.S. dollars

Millions of yen
2006

Lease fees received
Depreciation

¥

2007

376
271

¥

2007

384
246

$

2,948
2,084

8. SHAREHOLDERS’ EQUITY
Under the Corporation Code of Japan, additional paid-in capital may be, by

the general shareholders’ meeting up to a certain limit. The amount of the additional

resolution at the shareholders’ meeting, transferred to stated capital or used topaid-in capital of the Company included in “Additional paid-in capital” andreduce a deficit, but is not available for dividend payments. On condition that the“Retained earnings” of the accompanying consolidated balance sheets as at 31st

aggregate amount of additional paid-in capital remains equal to or exceeds 25 per

March, 2007, was ¥58,816 million (US$498,230 thousand).

cent of the amount of stated capital, it is available for distributions by resolution at

48

COMSYS Holdings Corporation Annual Report 2007

9. REVALUATION OF LAND FOR BUSINESSAt 31st March, 2002, land owned by COMSYS was revalued under the Land
Revaluation Law and related regulations. Net unrealized gains and losses resultingof the land is sold.
The book value before and after revaluation and unrealized gains and losses

from the revaluation were debited directly to shareholders’ equity as a negative

resulting from the revaluation at 31st March, 2002 and the respective remaining

revaluation surplus after adding the related deferred tax liabilities as mentioned

balances as at 31st March, 2007, in the aggregate, were as follows:

below. The negative revaluation surplus will be credited as a gain or loss when a partThousands of
U.S. dollars

Millions of yen
2002Book value:
Before revaluation
After revaluation
Unrealized—
Gains
LossesNet loss
The fair value for the revalued land mentioned above as of 31st March, 2006
and 2007 has been reduced by ¥1,752 million and ¥527 million (US$4,462
thousand), respectively, in the aggregate, but the book value has not been restated,

¥

¥

2007

2007

22,995
16,847¥

5,915(12,063)(6,148)¥21,592
16,061
5,915(11,446)(5,531)$$

182,906
136,053
50,106(96,959)(44,853)

as allowed by the GAAP of Japan.
Deferred tax assets and liabilities relating to revaluation of land of the Company
as of 31st March, 2007 consisted of the following:
Millions of yen

Thousands of
U.S. dollars

2007

2007

Deferred tax assets:
Relating to unrealized losses
Less: Valuation allowance¥

Deferred tax assets:
Relating to unrealized gains
Net: Deferred tax liabilities

¥

4,578
(4,578)
—
2,366
2,366

$

$

38,780(38,780)—
20,042
20,042

10. OTHER INCOME AND EXPENSES“Other, net” in “Other Income (Expenses)” for the years ended 31st March, 2006 and 2007 consisted of the following:Thousands of
U.S. dollars

Millions of yen
2006

Amortization of consolidation adjustments/negative goodwill
Allowance for doubtful receivablesSpecial payments on employees’ retirement benefits
Loss on disposal of fixed assets
Gain on sales of investment securities
Gain on sales of fixed assets
Reversal of accrued severance indemnities
Gain on payback of insurance payments
Write-down on investments in securities and other assets
Loss on impairment of fixed assets
Payment on disengagement of funded pension plan of a subsidiary
Gain recognized on investment funds
Other

¥

¥

2007

1,838
(1,060)(1,073)
(579)
169
48
230
215
(8)
—
—
—
174
(46)

¥

¥

1,202
(331)
(344)
(283)
603
798
—
302
(1,013)
(428)
(798)
224
91
23

2007

$

$

10,182(2,804)(2,914)(2,397)
5,108
6,760
—
2,558
(8,581)(3,626)(6,760)
1,898
771
195

11. SUBSEQUENT EVENT(a) On 11th May, 2007, the Board of Directors approved the acquisition of treasury

enable the flexible establishment of an appropriate capital strategy.

stock from the capital stock market during the period starting from 12th May, 2007(b) On 28th June, 2007, the shareholders of the Company approved the following

and ending on 10th May, 2008, of up to 4,500 thousand shares and ¥5,000 million

appropriations of retained earnings:($42,355 thousand) in aggregate, in order to improve shareholders’ interest andCash dividends

Millions of yen

Thousands of
U.S. dollars

¥

$

1,411

11,953COMSYS Holdings Corporation Annual Report 2007

49

REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTSCOMSYS Holdings Corporation and Consolidated Subsidiaries

To the Board of Directors,
COMSYS Holdings Corporation

We have audited the accompanying consolidated balance sheets of COMSYS Holdings Corporation (the “Company”) and its
consolidated subsidiaries as of 31st March, 2006 and 2007, and the related consolidated statements of income,shareholders’ equity and cash flows for each of the two years ended 31st March, 2006 and 2007, all expressed in Japaneseyen. Preparing these financial statements is the responsibility of the Company’s management. Our responsibility is limited
to express an independent opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards, procedures and practices generally accepted andapplied in Japan, which require that we plan and perform the audits to obtain reasonable assurance that the financial
statements are free of material misstatement. Our audits include examining evidence supporting the amounts anddisclosures of the financial statements on a test basis, and also include assessing the accounting policies and significant
estimates adopted and applied by the Company’s management, as well as evaluating the overall presentation of thefinancial statements. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, theconsolidated financial position of COMSYS Holdings Corporation and its consolidated subsidiaries as of 31st March, 2006
and 2007, and the consolidated results of their operations and cash flows for each of the two years ended 31st March,
2007, in conformity with accounting principles and practices generally accepted in Japan as described in Note 1 to theconsolidated financial statements.
The U.S. dollar amounts, presented solely for the convenience of the readers, have been translated on the basis as
described in Note 1 to the consolidated financial statements.

Hideo Niwa

Takashi Saitou
Certified Public Accountants of JapanTokyo, Japan
28th June, 200750

COMSYS Holdings Corporation Annual Report 2007

Tomoyoshi Suzuki

ファクトシート
FACT SHEET目次
CONTENTS
連結財務ハイライト
Consolidated Financial Highlights
コムシスホールディングスの連結財務データ
COMSYS Holdings Consolidated Financial Information

52
54

日本コムシスグループ（連結財務データファイル）
Nippon COMSYS Group Consolidated Financial Data

55

サンコムグループ*（連結財務データファイル）
SANCOM Group* Consolidated Financial Data

63

TOSYSグループ（連結財務データファイル）
TOSYS Group Consolidated Financial Data71

ご参考
Reference Data
NTT 工事部門
NTT Construction

79

業界他社比較（連結ベース）
Comparision of Three Major Telecommunications
Construction Companies in Japan (Consolidated Basis)

80*株式会社三和エレックは、2005年4月1日にサンワコムシスエンジニアリングに商号変更している。
*On 1st April, 2005, SANWA ELEC Co., was renamed SANWA COMSYSEngineering Corporation.

COMSYS Holdings Corporation Annual Report 200751

連結財務ハイライト
CONSOLIDATED FINANCIAL HIGHLIGHTS
グループ別売上構成

Composition of Sales

2007年3月期 Year Ended 31st March, 2007■

日本コムシスグループ Nippon COMSYS Group■

サンコムグループ SANCOM Group■TOSYSグループ TOSYS Group

売上高
Net Sales

営業利益
Operating Income

経常利益
Recurring Profit（百万円 Millions of yen）

（百万円 Millions of yen）

（百万円 Millions of yen）

400,000

20,000300,000

15,000200,000

10,000100,000

5,000

25,00020,00015,00010,000

0

04*

05**

06

0

07

5,000

04*

05**

06

07

0

04*

05**

当期純利益
Net Income

総資産
Total Assets

自己資本
Shareholders’ Equity（百万円 Millions of yen）

（百万円 Millions of yen）

（百万円 Millions of yen）

15,000250,000

150,000

12,000200,000

120,000

9,000

150,000

90,0006,000

100,000

60,0003,000

50,00030,000

0

*

04*

05**

06

07

0

04*

05**

06

07

0

04*

05**

06

07

06

07

当社の2004 年 3 月期の連結業績は、日本コムシスの2003年4月1日から2004年3月31日までの 1 年間の連結業績と、サンワコムシスエンジニアリング及び東日本システム建設の両社（2003年
10月1日がみなし取得日である）における2003年10月1日から2004年3月31日まで半年間の連結業績を対象期間としています。

**

当社の2005年3月期の連結業績の数値につきましては、日本コムシス（株）の連結子会社の決算変更（2004年12月期を2005年3月期）により、会計期間が15ヶ月となっております。

***

サンワコムシスエンジニアリング株式会社は2004年3月期及び2005年3月期の連結ベースの受注高について開示していません。

*

The Company’s consolidated results for the fiscal year ended March 2004 include the consolidated results of Nippon COMSYS for the fiscal year from 1st April, 2003 to 31st**

March, 2004 and the consolidated results of both SANCOM and TOSYS for the half-year period from 1st October, 2003 to 31st March, 2004 (1st October, 2003 being the deemed dateof acquisition).
Consolidated results for fiscal 2005 include 15 months of operating results at a consolidated subsidiary of Nippon COMSYS due to a change in the fiscal year-end (from 31st December
to 31st March).
SANWA COMSYS Engineering Corporation does not disclose New Orders Received on a consolidated basis for the two years ended March 2004 and March 2005.

***

52

COMSYS Holdings Corporation Annual Report 2007

コムシスホールディングス
COMSYS Holdings Corporation

日本コムシス株式会社（百万円

Nippon COMSYS Corporation

Millions of yen）

受注高
売上高
営業利益
経常利益
当期純利益
総資産
自己資本

New Orders Received during the YearNet Sales
Operating Income
Recurring Profit
Net Income
Total Assets
Shareholders’ Equity

サンワコムシスエンジニアリング 株式会社
（百万円

New Orders Received during the Year***
Net Sales
Operating Income
Recurring Profit
Net Income (Loss)
Total Assets
Shareholders’ Equity

東日本システム建設株式会社（百万円

2007/3

226,225
227,548
13,535
15,631
9,299
184,145
124,240

238,046
236,177
14,423
16,694
9,053
194,934
131,520

252,147
257,269
15,575
17,462
9,684
205,712
138,916

2005/3

2006/3

2007/3—44,220497
423(2,583)24,441
5,197

56,63857,029
1,317
1,331
598
31,634
5,612

65,65363,703
2,750
2,764
1,801
27,745
7,112

2005/3

2006/3

2007/328,37327,874
970
1,085
517
16,772
7,769

29,12828,347554
635
226
15,483
7,904

30,65529,531
885
958
415
17,7188,221

TOSYS Corporation

Millions of yen）

受注高
売上高
営業利益
経常利益
当期純利益
総資産
自己資本

2006/3SANWA COMSYS Engineering Corporation

Millions of yen）

受注高***
売上高
営業利益
経常利益
当期純利益（純損失）
総資産
自己資本

2005/3

New Orders Received during the YearNet Sales
Operating Income
Recurring Profit
Net Income
Total Assets
Shareholders’ Equity

COMSYS Holdings Corporation Annual Report 200753

コムシスホールディングスの連結財務データ
COMSYS Holdings CONSOLIDATED FINANCIAL INFORMATION

経営成績（百万円）

New Orders Received during the Year

売上高

Net Sales

期末手持高Contract Backlog at End of Fiscal Year

売上総利益

Gross Profits

営業利益

Operating Income

経常利益

Recurring Profit

税金等調整前当期純利益

Income before Income Taxes and Other Adjustments to Net Income

財政状態（百万円）

Net Income
Total Assets

自己資本

Shareholders’ Equity

運転資本

Modified Working Capital

収益性の指標（％）

Interest-Bearing Debt
Gross Profit Margin

売上高営業利益率

Operating Margin

売上高経常利益率

Recurring Profit Margin

売上高税引前当期純利益率

Pre-Tax Profit Margin

売上高当期純利益率

Net Profit Margin

自己資本当期純利益率

Return on Equity (ROE)

安全性の指標（％）

Return on Total Assets (ROA)
Equity Ratio

流動比率

Current Ratio

当座比率

Quick Ratio

固定比率

Fixed Assets-to-Equity Capital Ratio

固定長期適合率

Ratio of Fixed Assets-to-Equity Capital and Long-Term Liabilities

負債・自己資本比率

Debt/Equity Ratio

投資指標（円）Interest Coverage (times)
Primary Earnings per Share (EPS) (not diluted)

一株当たり自己資本

Book Value per Share (BPS)

一株当たり配当金

Cash Dividends per Share

配当性向（％）

Payout Ratio (%)

従業員一人当たり指標（千円）

Common Stock Issued (thousand shares)
Net Sales per Employee

従業員一人当たり営業利益

Operating Income per Employee

従業員一人当たり経常利益

Recurring Profit per Employee

従業員一人当たりPre-Tax Profit per Employee

税引前当期純利益
Net Income per Employee

期末従業員数（名）Number of Employees at Fiscal Year-End

その他指標（百万円）

Other Data (Millions of yen, except where noted)

設備投資額

Capital Expenditure

研究開発費

Research and Development Expenditure

外国人持株比率（％）

Percentage of Stock Held by Foreigners (%)

54

208,681
128,063
65,6094,692

220,786
137,161
67,996
3,608

229,953
145,786
67,818
451

12.22
5.13
5.84
4.83
2.84
6.70
3.97

11.99
5.31
6.10
5.34
3.26
7.56
4.67

12.31
5.71
6.28
5.79
3.68
8.75
5.49

61.37
214.93206.04
52.01
45.71
0.04
91.00

62.12
210.76
198.72
50.62
45.87
0.03
175.5963.40
198.95
188.54
48.11
44.69
0.00
373.7258.42
906.92
15.00
25.68
145,97769.65
964.7015.00
21.54
145,977

87.39
1,033.87
17.00
19.45
145,977

43,5342,233
2,541

43,4242,305
2,648

44,431
2,537
2,789

2,101
1,238
6,746

2,319
1,417
7,081

2,570
1,635
7,574

3,260
326
26.85

4,823
242
28.97

7,240
190
28.59

Per Employee Data (Thousands of yen, except where noted)

従業員一人当たり売上高

従業員一人当たり当期純利益

334,172
336,519
70,52841,422
19,214
21,121
19,46812,382Per Share Data (Yen, except where noted)

一株当たり当期純利益

発行済株式数（千株）

310,005
307,485
72,87436,883
16,31918,754
16,423
10,031

Stability (%, except where noted)

自己資本比率

インタレスト・カバレッジ（倍）287,376
293,681
70,35435,88915,062
17,145
14,1708,349

Profitability (%)

総利益率

総資産当期純利益率

2007/3Financial Position (Millions of yen)

総資産

有利子負債残高

2006/3Operating Results (Millions of yen)

受注高

当期純利益

2005/3COMSYS Holdings Corporation Annual Report 2007

日本コムシスグループ（連結財務データファイル）
Nippon COMSYS GroupCONSOLIDATED FINANCIAL DATA

当社の2005年3月期の連結業績の数値につきましては、日本コムシス（株）の連結子会社の決算変更（2004年12月期を2005年3月期）により、会計
期間が15ヶ月となっております。

Consolidated results for fiscal 2005 include 15 months of operating
results at a consolidated subsidiary of Nippon COMSYS due to achange in the fiscal year-end (from 31st December to 31st March).
当該連結財務諸表は、国外の投資家のために、日本で要求される連結財務諸表の表示に調整を加え、国外で広く普及している様式で作成されています。

Certain reclassifications of account balances have been made so as topresent the consolidated financial statements in a form that is morefamiliar to readers outside Japan.

COMSYS Holdings Corporation Annual Report 200755

経営成績（連結ベース）
OPERATING RESULTS (CONSOLIDATED BASIS)
経営成績（連結ベース） Operating Results (Consolidated Basis)（百万円

Millions of yen）

New Orders Received during the Year
受注高
Net Sales
売上高
Gross Profits
売上総利益
Operating Income
営業利益
Recurring Profit
経常利益
税金等調整前当期純利益 Income before Income Taxes andOther Adjustments to Net Income
Net Income
当期純利益

2003/3

2004/3

2005/3

2006/3

2007/3

199,495
200,610
21,991
6,490
6,760

202,560
206,517
23,737
7,983
8,863

226,225
227,548
29,086
13,535
15,631

238,046
236,177
29,216
14,423
16,694

252,147
257,269
31,947
15,575
17,462

5,579
2,468

8,312
4,585

14,415
9,299

14,558
9,053

16,2999,684

受注高
New Orders Received during the Year

売上高
Net Sales

売上総利益／営業利益
Gross Profits / Operating Income

経常利益
Recurring Profit（百万円 Millions of yen）

（百万円 Millions of yen）

（百万円 Millions of yen）

（百万円 Millions of yen）

300,000

300,000

35,000250,000

250,000

28,000200,000

200,000

150,000

150,000

100,000

100,000

50,00050,0000

10,00014,000
5,000

7,000
0

03 04 05 06 07

当期純利益
Net Income（百万円 Millions of yen）

10,000
8,000
6,000
4,000
2,000
0

03 04 05 06 07

56

15,00021,0000

03 04 05 06 07

20,000COMSYS Holdings Corporation Annual Report 2007

0

03 04 05 06 07■ 売上総利益 Gross Profits■ 営業利益 Operating Income

03 04 05 06 07

日本コムシスグループ
Nippon COMSYS Group

収益性の指標（連結ベース）
PROFITABILITY (CONSOLIDATED BASIS)
収益性の指標（連結ベース） Profitability (Consolidated Basis)（%）

売上高営業利益率
売上高経常利益率
売上高税引前利益率
売上高当期純利益率
自己資本当期純利益率
総資産当期純利益率

Operating Margin
Recurring Profit Margin
Pre-Tax Profit Margin
Net Profit Margin
Return on Equity (ROE)
Return on Total Assets (ROA)

2003/3

2004/3

2005/3

2006/3

2007/3

3.24
3.37
2.78
1.23
2.21
1.38

3.87
4.29
4.02
2.22
4.01
2.67

5.95
6.87
6.34
4.09
7.72
5.15

6.11
7.07
6.16
3.83
7.08
4.78

6.05
6.79
6.34
3.76
7.16
4.83

売上高営業利益率
Operating Margin

売上高経常利益率
Recurring Profit Margin

売上高当期純利益率
Net Profit Margin

自己資本当期純利益率
Return on Equity (ROE)

（%）

（%）

（%）

（%）

7.5

7.5

5

8

6.0

6.0

4

4.5

4.5

3

3.0

3.0

2

1.5

1.5

1

6
4

0

0

03 04 05 06 07

2

0

03 04 05 06 07

0

03 04 05 06 07

03 04 05 06 07

総資産当期純利益率
Return on Total Assets (ROA)
（%）

10
8
6
4
2
0

03 04 05 06 07

当期純利益
×100
自己資本（2期末平均）

Return on Equity (ROE) ＝

当期純利益
×100
総資産（2期末平均）

Return on Total Assets (ROA) ＝自己資本当期純利益率［ROE］＝

総資産当期純利益率［ROA］＝

Net Income

×100

Shareholders’ Equity (Average of two year-ends)

Net Income

×100

Total Assets (Average of two year-ends)

COMSYS Holdings Corporation Annual Report 200757

成長性／効率性の指標（連結ベース）
EFFICIENCY (CONSOLIDATED BASIS)
成長性／効率性の指標（連結ベース） Efficiency (Consolidated Basis)（百万円

2003/3

Millions of yen, except where noted）

総資産
自己資本
運転資本
総資産回転率（回）有形固定資産回転率（回）166,528
Total Assets
111,724
Shareholders’ Equity
54,673Modified Working Capital
1.12
Turnover of Total Assets (times)
5.09
Turnover of Property and Equipment (times)

2004/3

2005/3

2006/3

2007/3

177,140
116,624
60,777
1.20
5.29

184,145
124,240
70,8191.26
6.14

194,934
131,52073,874
1.25
6.50

205,712
138,916
73,681
1.28
6.74

総資産／自己資本
Total Assets / Shareholders’ Equity

運転資本
Modified Working Capital

総資産回転率
Turnover of Total Assets

有形固定資産回転率
Turnover of Property and Equipment（百万円 Millions of yen）

（百万円 Millions of yen）

（%）

（%）

2.5

15

2.0

12

1.5

9

1.0

6

0.5

3

250,000

80,000200,000

60,000150,000
40,000100,000
20,00050,0000

0

0

03 04 05 06 07

03 04 05 06 07

0

03 04 05 06 07

03 04 05 06 07■ 総資産 Total Assets■ 自己資本 Shareholders’ Equity

運転資本＝（流動資産ー未成工事支出金）ー（流動負債ー未成工事受入金）

売上高

総資産回転率＝

売上高
有形固定資産（2期末平均）

58

Net Sales

Turnover of Total Assets =総資産（2期末平均）

有形固定資産回転率＝Modified Working Capital = (Current Assets – Accumulated Cost of Construction in Progress) –(Current Liabilities – Advances Received on Construction in Progress)

COMSYS Holdings Corporation Annual Report 2007

Total Assets (Average of two year-ends)

Turnover of Property and Equipment =Net Sales
Property and Equipment (Average of two year-ends)

日本コムシスグループ
Nippon COMSYS Group

安全性の指標（連結ベース）
STABILITY (CONSOLIDATED BASIS)
安全性の指標（連結ベース） Stability (Consolidated Basis)（% except where noted）

2003/3

2004/3

2005/3

2006/3

2007/3

自己資本比率
流動比率
当座比率
固定比率
固定長期適合率

67.09
246.67231.7652.34

65.84
239.88157.9246.85

67.47
253.55208.9342.21

67.47
253.06200.5942.30

67.53
229.60183.10
42.56

48.47
0.00
145
196.94

42.53
0.03
3,133
2,043.25

39.08
0.02
3,092
1,619.70

39.71
0.03
4,577
1,232.33

40.49
0.04
4,987
1,283.18

Equity Ratio
Current Ratio
Quick Ratio
Fixed Assets-to-Equity Capital Ratio
Ratio of Fixed Assets-to-Equity Capital andLong-Term Liabilities
Debt/Equity Ratio (times)
負債・自己資本比率（倍）Interest-Bearing Debt (millions of yen)
有利子負債残高（百万円）
インタレスト・カバレッジ（倍） Interest Coverage (times)

自己資本比率Equity Ratio

流動比率／当座比率
Current Ratio / Quick Ratio

固定比率／固定長期適合率

（%）

（%）

（%）

75

300

60

5,000

0.05

60

240

48

4,000

0.04

45

180

36

3,000

0.03

30

120

24

2,000

0.02

15

60

12

1,000

0.01

0

Fixed Assets-to-Equity Capital Ratio /Ratio of Fixed Assets-to-Equity Capitaland Long-Term Liabilities（百万円 Millions of yen）

0

0

03 04 05 06 07

有利子負債残高／
負債・自己資本比率
Interest-Bearing Debt /Debt/Equity Ratio

0

03 04 05 06 07

03 04 05 06 07
流動比率 Current Ratio
当座比率 Quick Ratio（倍 Times）

03 04 05 06 07

固定比率
Fixed Assets-to-Equity Capital Ratio

0.00

有利子負債残高 Interest-Bearing Debt
負債・自己資本比率 Debt/Equity Ratio

固定長期適合率
Ratio of Fixed Assets-to-Equity
Capital and Long-Term Liabilities

インタレスト・カバレッジ
Interest Coverage（倍 Times）
流動比率＝

2,500

流動資産ー未成工事支出金

×100

Current Ratio =

2,000
1,500

現金、預金、有価証券、完成工事未収入金等

当座比率＝

Cash, Time Deposits, Marketable Securities andTrade Accounts Receivable

×100

流動負債ー未成工事受入金

1,000
500

固定比率＝

固定資産

Current Assets – Accumulated Cost of Construction in Progress

×100

Current Liabilities – Advances Received on Construction in Progress

流動負債ー未成工事受入金

×100

Quick Ratio =Fixed Assets-to-Equity Capital Ratio =

自己資本

×100

Current Liabilities –Advances Received on Construction in Progress
Property, Equipment,
Investments and Other Assets

×100

Shareholders’ Equity

0

03 04 05 06 07
固定資産

固定長期適合率＝×100

自己資本＋固定負債

負債・自己資本比率＝Ratio of Fixed Assets-to-Equity Capitaland Long-Term Liabilities=

Property, Equipment,
Investments and Other Assets

×100

Shareholders’ Equity +Long-Term Liabilities

有利子負債
自己資本

Debt/Equity Ratio =Interest-Bearing Debt
Shareholders’ Equity

インタレスト・カバレッジ＝

営業利益＋受取利息および配当金
支払利息

Interest Coverage =Operating Income + Interest and Dividend Income
Interest Expenses

COMSYS Holdings Corporation Annual Report 200759

連結貸借対照表（5年間）
CONSOLIDATED BALANCE SHEETS (5 YEARS)
（百万円

資産の部

ASSETS

Millions of yen）

2003/3

2004/3

2005/3

2006/3

2007/3

流動資産：
Current Assets:
現金預金*
Cash and cash equivalents
有価証券
Short-term investments
受取手形・完成工事未収入金・売掛金
Notes and accounts receivable—trade
棚卸資産：
Inventories:
未成工事支出金
Accumulated cost of construction in progress
その他棚卸資産Other
繰延税金資産
Deferred income taxes
関係会社預け金
Short-term loans to subsidiaries
その他流動資産
Other current assets
貸倒引当金
Less: Allowance for doubtful receivables
流動資産合計
Total current assets

25,411297
58,8992,540
4,076
62,00133,223151
62,98530,265522
66,02337,923333
65,842

16,845
1,159
830
—
4,733
(121)
108,053

18,273—
1,665
32,017
2,124(197)
122,499

14,768—2,445
16,7681,578(211)
131,707

17,159—2,211
19,8403,462(186)
139,296

16,050—
3,033
20,846
2,735(178)
146,584

投資及びその他の資産：投資有価証券：
関係会社株式その他
長期貸付金
繰延税金資産その他資産
貸倒引当金
投資及びその他資産合計

Investments and Other Assets:
Investment securities:
Unconsolidated subsidiaries and affiliates
Other
Long-term loans receivable
Deferred income taxes
Other assets
Less: Allowance for doubtful receivables
Total investments and other assets

450
4,904
3,413
3,349
8,330
(1,655)
18,791

549
3,930
2,891
2,776
8,166
(1,994)
16,318

626
4,236
2,704
2,867
8,216
(1,998)16,651

997
5,396
3,255
2,308
9,230
(2,482)
18,704

997
4,721
2,893
2,413
11,551(2,841)
19,734

有形固定資産：土地
建物・構築物
機械装置・運搬具及び工具器具備品
建設仮勘定
減価償却累計額
有形固定資産合計
資産合計

Property and Equipment:
Land
Buildings and structures
Machinery and equipment
Construction in progress
Less: Accumulated depreciation
Total property and equipment
Total assets

19,88423,857
14,995—(19,052)
39,684
166,528

19,88423,883
15,255—(20,699)
38,323
177,140

19,077
22,63914,854
4(20,787)
35,787
184,145

19,965
22,593
15,832
3(21,459)
36,934
194,934

21,11523,073
16,883
1,144(22,821)39,394
205,712* 現金預金は現金及び現金同等物の金額に組み替えています。

（百万円

Millions of yen）

負債・資本の部

LIABILITIES AND SHAREHOLDERS’ EQUITY

2003/3

2004/3

2005/3

2006/3

2007/3

流動負債：
短期借入金
一年以内償還予定の転換社債
関係会社預り金
工事未払金・買掛金
未成工事受入金
未払法人税等
その他流動負債
流動負債合計Current Liabilities:
Short-term bank loans
Current portion of convertible bonds
Deposits received from subsidiaries
Accounts payable—trade
Advances received on construction in progress
Income taxes payable
Other current liabilities
Total current liabilities

145——
31,344
3,945
277
4,769
40,480422—
2,711
32,397
4,212
3,903
4,016
47,66185—
2,737
34,606
3,231
3,567
5,125
49,35147—
4,417
37,416
5,787
1,454
4,929
54,050—20
4,937
40,252
2,142
4,606
7,039
58,996

固定負債：
長期借入金
退職給付引当金／退職給与引当金
繰延税金負債
再評価に係る繰延税金負債

—
2,194
—
2,366

—
1,249
—
2,366

270
1,092
587
2,366

113
1,247
894
2,366

30
1,252
877
2,366

連結調整勘定負ののれん
その他固定負債
固定負債合計少数株主持分

Long-Term Liabilities:
Long-term debt
Accrued severance indemnities
Deferred tax liabilities
Deferred tax liabilities for
unrealized gains on land revaluation
Consolidation adjustments account
Negative goodwill
Other long-term liabilities
Total long-term liabilities
Minority Interests

2,821
—
1,536
8,917
5,407

6,974
—
1,273
11,862
993

5,585
—
25
9,925
629

3,962
—
6
8,588
776

—
2,455
117
7,097
703

自己資本：
資本金
資本剰余金
利益剰余金
土地再評価差額金
その他有価証券評価差額金

Shareholders’ Equity:
Common stock
Additional paid-in capital
Retained earnings
Unrealized loss on land revaluation
Unrealized gain (loss) on securities

31,14130,736
61,158(8,514)(206)
114,315(2,591)
111,724
166,528

31,14130,73663,005(8,514)
256
116,624—
116,624
177,140

31,14130,736
69,977(7,923)
309
124,240—
124,240
184,145

31,14130,736
76,693(7,897)847
131,520—
131,520
194,934

31,14130,73684,439(7,897)497
138,916—
138,916
205,712

自己株式
自己資本合計負債、少数株主持分及び資本合計

60

Treasury stock, at cost
Total shareholders’ equity
Total liabilities and shareholders’ equity

COMSYS Holdings Corporation Annual Report 2007

日本コムシスグループ
Nippon COMSYS Group

連結損益計算書（5年間）
CONSOLIDATED STATEMENTS OF INCOME (5 YEARS)（百万円

Millions of yen）

2003/3

2004/3

2005/3

2006/3

2007/3

売上高：

Net Sales:

200,610

206,517

227,548

236,177

257,269

売上原価：
売上総利益

Cost of Sales:
Gross profits

178,619
21,991

182,780
23,737

198,462
29,086

206,961
29,216225,322
31,947

販売費及び一般管理費
営業利益

Selling, General and Administrative Expenses
Operating income

15,501
6,490

15,754
7,983

15,551
13,535

14,793
14,423

16,372
15,575

営業外収益（費用）：受取利息配当金
支払利息
その他

Other Income (Expenses):
Interest and dividend income
Interest expenses
Other, net

207
(34)
(1,084)
(911)

191
(4)
142
329

302
(9)
587
880

210
(12)
(63)
135

224
(12)
512
724

5,579

8,312

14,415

14,55816,299

756
1,972
2,728
383
2,468

4,234
(718)
3,516
211
4,585

6,156
(802)
5,354
(238)
9,299

4,747
693
5,440
65
9,053

7,271
(648)
6,623
(8)
9,684

税金等調整前当期純利益

Income before income taxes andother adjustments to net income

法人税等：
Income Taxes:
法人税、住民税及び事業税
Current
法人税等調整額
Deferred
少数株主利益
当期純利益

Minority Interests in Subsidiary
Net Income

COMSYS Holdings Corporation Annual Report 2007

61

部門別受注高／売上高／売上構成（単独ベース）
PERFORMANCE BY BUSINESS CATEGORY (NON-CONSOLIDATED BASIS)
部門別受注高（百万円

Orders Received by Business Category

Millions of yen）

NTT情報通信エンジニアリング事業

NTT Information
Telecommunication Engineering

2005/3

2006/3

2007/368,06423,93873,391
165,393

70,596
20,721
87,114
178,431

アクセス
ネットワークモバイル
小計

AccessNetwork
MobileSubtotal

52,607
24,61861,698138,923

電気通信エンジニアリング事業

ElectricalCommunications Engineering

エンジニアリング
モバイル
電気設備
小計

Engineering
MobileElectrical Facilities
Subtotal

30,2284,752
2,832
37,812

16,368521
1,986
18,875

17,9103
1,172
19,085ITソリューション事業

IT Solutions

NI系ソリューション
SI系ソリューション
保守
小計

NI-related Solutions
SI-related Solutions
Maintenance
Subtotal

4,887
10,483
6,795
22,165

10,646
11,2905,837
27,773

10,13810,002
6,858
26,998

社会システム関連事業等
合計

Social System-Related and Other
Total

11,658210,558

8,214
220,255

8,082
232,596

2005/3

2006/3

2007/365,66924,93470,956
161,559

69,032
20,15587,422
176,609

部門別売上高（百万円

Net Sales by Business Category

Millions of yen）

NTT情報通信エンジニアリング事業

NTT Information
Telecommunication Engineering

アクセス
ネットワークモバイル
小計

AccessNetwork
MobileSubtotal

52,941
23,69459,332
135,967

電気通信エンジニアリング事業

ElectricalCommunications Engineering

エンジニアリング
モバイル
電気設備
小計

Engineering
MobileElectrical Facilities
Subtotal

31,5085,425
2,139
39,072

18,900634
1,908
21,442

20,055
4
3,200
23,259ITソリューション事業

IT Solutions

NI系ソリューション
SI系ソリューション
保守
小計

NI-related Solutions
SI-related Solutions
Maintenance
Subtotal

4,862
10,568
6,148
21,578

8,591
11,022
5,902
25,515

11,355
10,1996,740
28,294

社会システム関連事業等
合計

Social System-Related and Other
Total

13,317
209,934

9,264
217,780

9,587
237,749

部門別受注高Orders Received by Business Category
Millions of yen）

（百万円

250,000
200,000
150,000
100,000
50,000■ NTT情報通信エンジニアリング事業
NTT Information
Telecommunication Engineering

2007年3月期 Year Ended 31st March, 2007

■ 電気通信エンジニアリング事業
Electrical Communications Engineering■ NTT情報通信エンジニアリング事業
NTT Information Telecommunication Engineering■ ITソリューション事業
IT Solutions■ 電気通信エンジニアリング事業
Electrical Communications Engineering■ 社会システム関連事業等
Social System-Related and Other■ ITソリューション事業 IT Solutions■ 社会システム関連事業等
Social System-Related and Other

0

05

06

07

部門別売上高Net Sales by Business Category

事業部門別売上構成
Composition of Sales by Business Category

Millions of yen）

（百万円

250,000
200,000
150,000
100,000
50,000■ NTT情報通信エンジニアリング事業
NTT Information
Telecommunication Engineering

2007年3月期 Year Ended 31st March, 2007

■ 電気通信エンジニアリング事業
Electrical Communications Engineering■ NTT情報通信エンジニアリング事業
NTT Information Telecommunication Engineering■ ITソリューション事業
IT Solutions■ 電気通信エンジニアリング事業
Electrical Communications Engineering■ 社会システム関連事業等
Social System-Related and Other■ ITソリューション事業 IT Solutions■ 社会システム関連事業等
Social System-Related and Other

0

05
62

事業部門別受注高構成
Composition of Orders Received
by Business Category

06

07

COMSYS Holdings Corporation Annual Report 2007

日本コムシスグループ
Nippon COMSYS Group

サンコムグループ（連結財務データファイル）
SANCOM GroupCONSOLIDATED FINANCIAL DATA

当該連結財務諸表は、国外の投資家のために、日本で要求される連結財務諸表の表示に調整を加え、国外で広く普及している様式で作成されています。

Certain reclassifications of account balances have been made so as topresent the consolidated financial statements in a form that is morefamiliar to readers outside Japan.

COMSYS Holdings Corporation Annual Report 200763

経営成績（連結ベース）
OPERATING RESULTS (CONSOLIDATED BASIS)
経営成績（連結ベース） Operating Results (Consolidated Basis)（百万円

2003/3

Millions of yen）

2004/3

New Orders Received during the Year*—
受注高*
Net Sales
49,456
売上高
Gross Profits
4,433
売上総利益
Operating Income
881
営業利益
Recurring Profit525
経常利益
税金等調整前当期純利（損失） Income before Income Taxes andOther Adjustments to Net Income (Loss)
397
Net Income (Loss)55
当期純利益（損失）2005/3

2006/3

2007/3—44,318
4,045
942
631

—
44,220
3,571
497
423

56,63857,029
4,858
1,317
1,331

65,65363,703
6,608
2,750
2,764

(326)
(166)

(2,743)(2,583)

1,109
598

2,790
1,801

* サンワコムシスエンジニアリング株式会社は2005年3月期以前の連結ベースの受注高について開示していません。
* SANWA COMSYS Engineering Corporation does not disclose New Orders Received on a consolidated basis for the fiscal years prior to the fiscal year ended March 2005.

売上高
Net Sales

売上総利益／営業利益
Gross Profits / Operating Income

経常利益
Recurring Profit

当期純利益（損失）Net Income (Loss)（百万円 Millions of yen）

（百万円 Millions of yen）

（百万円 Millions of yen）

（百万円 Millions of yen）

80,0008,000

60,0006,000

40,0004,000

20,0002,000

03 04 05 06 07

03 04 05 06 07■ 売上総利益 Gross Profits■ 営業利益 Operating Income

64

2,000

2,400

1,000

1,800

0

1,200

-1,000600-2,000

0

0

0

3,000

COMSYS Holdings Corporation Annual Report 2007

-3,00003 04 05 06 07

03 04 05 06 07

サンコムグループ
SANCOM Group

収益性の指標（連結ベース）
PROFITABILITY (CONSOLIDATED BASIS)
収益性の指標（連結ベース） Profitability (Consolidated Basis)（%）

売上高営業利益率
売上高経常利益率
売上高税引前利益率
売上高当期純利益率
自己資本当期純利益率
総資産当期純利益率

Operating Margin
Recurring Profit Margin
Pre-Tax Profit Margin
Net Profit Margin
Return on Equity (ROE)
Return on Total Assets (ROA)

2003/3

2004/3

2005/3

2006/3

2007/3

1.78
1.06
0.80
0.11
1.66
0.16

2.13
1.42
(0.74)(0.37)(5.05)(0.54)

1.12
0.96(6.20)(5.84)(60.45)(9.80)

2.31
2.33
1.94
1.05
11.07
2.13

4.32
4.34
4.38
2.83
28.31
6.07

売上高営業利益率
Operating Margin

売上高経常利益率
Recurring Profit Margin

売上高当期純利益率
Net Profit Margin

自己資本当期純利益率
Return on Equity (ROE)

（%）

（%）

（%）

（%）

5

5

4

40

4

4

2

20

3

0

3

0

-2
2

2

1

1

0

-40

-6
-8

0

03 04 05 06 07

-20

-4

-60

03 04 05 06 07

03 04 05 06 07

03 04 05 06 07

総資産当期純利益率
Return on Total Assets (ROA)
（%）

8
6
4
2
0
-2
-4
-6
-8
-10

03 04 05 06 07

自己資本当期純利益率［ROE］＝

総資産当期純利益率［ROA］＝

当期純利益
×100
自己資本（2期末平均）

当期純利益
×100
総資産（2期末平均）

Net Income

Return on Equity (ROE) ＝

×100

Shareholders’ Equity (Average of two year-ends)

Return on Total Assets (ROA) ＝

Net Income

×100

Total Assets (Average of two year-ends)

COMSYS Holdings Corporation Annual Report 200765

成長性／効率性の指標（連結ベース）
EFFICIENCY (CONSOLIDATED BASIS)
成長性／効率性の指標（連結ベース） Efficiency (Consolidated Basis)（百万円

2003/3

Millions of yen, except where noted）

総資産
自己資本
運転資本
総資産回転率（回）有形固定資産回転率（回）Total Assets
Shareholders’ Equity
Modified Working Capital
Turnover of Total Assets (times)
Turnover of Property and Equipment (times)

32,944
3,210(2,014)
1.41
6.21

2004/3

2005/3

2006/3

2007/328,2673,350(2,381)
1.45
5.85

24,441
5,196
663
1.68
6.98

31,634
5,612(1,131)
2.03
11.61

27,745
7,112
556
2.15
15.10

総資産／自己資本
Total Assets / Shareholders’ Equity

運転資本
Modified Working Capital

総資産回転率
Turnover of Total Assets

有形固定資産回転率
Turnover of Property and Equipment（百万円 Millions of yen）

（百万円 Millions of yen）

（%）

（%）

50,000

2,000

2.5

20

40,0001,000

2.0

30,0000

1.5

20,000-1,000

1.0

10,000-2,000

0.5

15
10

0

0

-3,00003 04 05 06 07

5

03 04 05 06 07

0

03 04 05 06 07

03 04 05 06 07■ 総資産 Total Assets■ 自己資本 Shareholders’ Equity

運転資本＝（流動資産ー未成工事支出金）ー（流動負債ー未成工事受入金）

売上高

総資産回転率＝

売上高
有形固定資産（2期末平均）

66

Net Sales

Turnover of Total Assets =総資産（2期末平均）

有形固定資産回転率＝Modified Working Capital = (Current Assets – Accumulated Cost of Construction in Progress) –(Current Liabilities – Advances Received on Construction in Progress)

COMSYS Holdings Corporation Annual Report 2007

Total Assets (Average of two year-ends)

Turnover of Property and Equipment =Net Sales
Property and Equipment (Average of two year-ends)

サンコムグループ
SANCOM Group

安全性の指標（連結ベース）
STABILITY (CONSOLIDATED BASIS)
安全性の指標（連結ベース） Stability (Consolidated Basis)（% except where noted）

2003/3

2004/3

2005/3

2006/3

2007/3

自己資本比率
流動比率
当座比率
固定比率
固定長期適合率

9.74
90.27
85.48
324.82

11.85
86.20
80.75
285.82

21.26
105.1396.50
159.13

17.74
95.08
88.41
116.6725.63
103.06
98.03
73.47

98.59
4.73
15,1972.95

105.88
3.37
11,290
3.40

80.85
1.22
6,343
3.35

81.20
1.38
7,744
13.84

58.51
0.45
3,218
46.49

Equity Ratio
Current Ratio
Quick Ratio
Fixed Assets-to-Equity Capital Ratio
Ratio of Fixed Assets-to-Equity Capital andLong-Term Liabilities
Debt/Equity Ratio (times)
負債・自己資本比率（倍）Interest-Bearing Debt (millions of yen)
有利子負債残高（百万円）
インタレスト・カバレッジ（倍） Interest Coverage (times)

自己資本比率Equity Ratio

流動比率／当座比率
Current Ratio / Quick Ratio

固定比率／固定長期適合率
Fixed Assets-to-Equity Capital Ratio /Ratio of Fixed Assets-to-Equity Capitaland Long-Term Liabilities

有利子負債残高／
負債・自己資本比率
Interest-Bearing Debt /Debt/Equity Ratio

（%）

（%）

（%）

（百万円 Millions of yen）

30

120

350

20,000

5

24

96

280

16,000

4

18

72

210

12,000

3

12

48

140

8,000

2

6

24

70

4,000

1

0

0

0

03 04 05 06 07

流動比率 Current Ratio
当座比率 Quick Ratio0003 04 05 06 07

03 04 05 06 07

Times）（倍

03 04 05 06 07

固定比率
Fixed Assets-to-Equity Capital Ratio

有利子負債残高 Interest-Bearing Debt
負債・自己資本比率 Debt/Equity Ratio

固定長期適合率
Ratio of Fixed Assets-to-Equity
Capital and Long-Term Liabilities

インタレスト・カバレッジ
Interest Coverage
流動比率＝（倍 Times）

流動資産ー未成工事支出金

×100

流動負債ー未成工事受入金

Current Ratio =Current Assets – Accumulated Cost of Construction in Progress

×100

Current Liabilities – Advances Received on Construction in Progress

5040

現金、預金、有価証券、完成工事未収入金等

当座比率＝

×100

流動負債ー未成工事受入金

30

Quick Ratio =Cash, Time Deposits, Marketable Securities andTrade Accounts Receivable

20
固定比率＝

10

固定資産

Fixed Assets-to-Equity Capital Ratio =

×100

×100

Current Liabilities –Advances Received on Construction in Progress
Property, Equipment,
Investments and Other Assets

×100

Shareholders’ Equity

自己資本

0

Property, Equipment,

03 04 05 06 07

固定資産

固定長期適合率＝×100

自己資本＋固定負債

Ratio of Fixed Assets-to-Equity Capital = Investments and Other Assets
×100
and Long-Term Liabilities
Shareholders’ Equity +Long-Term Liabilities

負債／自己資本比率＝

有利子負債

Debt/Equity Ratio =インタレスト・カバレッジ＝Interest-Bearing Debt
Shareholders’ Equity

自己資本

営業利益＋受取利息および配当金
支払利息

Interest Coverage =Operating Income + Interest and Dividend Income
Interest Expenses

COMSYS Holdings Corporation Annual Report 200767

連結貸借対照表（5年間）
CONSOLIDATED BALANCE SHEETS (5 YEARS)
（百万円

資産の部

ASSETS

流動資産：
Current Assets:
現金預金*
Cash and cash equivalents
有価証券
Short-term investments
受取手形・完成工事未収入金・売掛金
Notes and accounts receivable—trade
棚卸資産：
Inventories:
未成工事支出金
Accumulated cost of
その他棚卸資産関連会社短期貸付金
繰延税金資産その他流動資産
貸倒引当金
流動資産合計投資及びその他の資産：投資有価証券：
関係会社株式その他
長期貸付金
繰延税金資産その他資産
貸倒引当金
投資及びその他資産合計
有形固定資産：土地
建物・構築物
機械装置・運搬具及び工具器具備品
建設仮勘定
減価償却累計額
有形固定資産合計
資産合計

construction in progress
Other
Short-term loans to subsidiaries
Deferred income taxes
Other current assets
Less: Allowance for doubtful receivables
Total current assets
Investments and Other Assets:
Investment securities:
Unconsolidated subsidiaries and affiliates
Other
Long-term loans receivable
Deferred income taxes
Other assets
Less: Allowance for doubtful receivables
Total investments and other assets
Property and Equipment:
Land
Buildings and structures
Machinery and equipment
Construction in progress
Less: Accumulated depreciation
Total property and equipment
Total assets

2003/3

2004/3

2005/3

2006/3

Millions of yen）
2007/3

3,823—
13,499924
32
12,808867—
11,606

4,576—
15,737

3,546—
14,247

3,829

3,821

2,584

3,242

3,815

196
173
136
879
(17)
22,518

204
187
325
444
(54)
18,691

166
183
355
459
(48)
16,172

130
26
949
489
(62)
25,087

92
23
540
438
(181)
22,520

20
803
319
1,093
506
(84)
2,657

35
607
274
925
564
(212)
2,193

56
544
971
1,277
384
(244)
2,988

35
584
973
277
723
(588)
2,004

35
481
197
233
839
(454)
1,331

4,687
3,959
2,066
—
(2,943)
7,769
32,944

4,493
3,706
1,798
2
(2,616)
7,383
28,267

3,049
3,321
1,149
—
(2,238)5,281
24,441

2,634
3,166
844
—
(2,101)
4,543
31,634

2,176
2,465
874
—
(1,621)
3,894
27,745* 現金預金は現金及び現金同等物の金額に組み替えています。

（百万円

負債・資本の部

LIABILITIES AND SHAREHOLDERS’ EQUITY

流動負債：
短期借入金
一年以内償還予定の社債
関係会社預り金
支払手形・工事未払金等
未成工事受入金
未払税金
その他流動負債
流動負債合計Current Liabilities:
Short-term bank loans
Current portion of bonds
Short-term loans from subsidiaries
Accounts payable–trade
Advances received on construction in progress
Taxes payable
Other current liabilities
Total current liabilities

固定負債：
社債
長期借入金
関係会社長期預り金

Long-Term Liabilities:
Bonds
Long-term borrowings
Long-term deposits received fromaffiliated companies
退職給付引当金／退職給与引当金
Accrued severance indemnities
連結調整勘定Consolidation adjustments account
その他固定負債
Other long-term liabilities
固定負債合計
Total long-term liabilities
少数株主持分Minority Interests
自己資本：
資本金
資本剰余金
利益剰余金
その他有価証券評価差額金
為替換算調整勘定

Shareholders’ Equity:
Common stock
Additional paid-in capital
Retained earnings
Unrealized gain (loss) on securities
Translation adjustments

自己株式
自己資本合計負債、少数株主持分及び資本合計

Treasury stock, at cost
Total shareholders’ equity
Total liabilities and shareholders’ equity

68

COMSYS Holdings Corporation Annual Report 2007

2003/3

2004/3

2005/3

2006/3

Millions of yen）
2007/3

10,192
—
—
8,174
1,446
804
1,533
22,149

5,321
800
1,526
8,123
1,937
434
1,047
19,188

1,631
—
2,151
7,334
1,252
324
1,485
14,177

3,079
—
4,257
14,000
555
492
1,148
23,531308—
2,758
11,898
653
837
2,348
18,802

800
4,205

—
3,643

—
2,561

—
108

—
0

—
2,324
20
16
7,365
220

—
2,030
—
21
5,694
35

—
2,451
—
20
5,032
36

300
1,813
—
231
2,452
39

152
1,402
—
265
1,819
12

1,375
660
1,529
(309)
(45)
3,210
(0)
3,210
32,944

1,375
660
1,297
66
(48)
3,350
—
3,350
28,2673,625
2,910(1,333)
35
(41)
5,196
—
5,196
24,441

3,625
653
1,248
122
(36)
5,612
—
5,612
31,634

3,625
653
2,755
79
0
7,112
—
7,112
27,745

サンコムグループ
SANCOM Group

連結損益計算書（5年間）
CONSOLIDATED STATEMENTS OF INCOME (5 YEARS)（百万円
2003/3

2004/3

2005/3

2006/3

Millions of yen）
2007/3

売上高（完成工事高）：Net Sales—Construction contracts:

49,45644,31844,22057,02963,703

売上原価（完成工事原価）：
売上総利益

Cost of Sales—Construction contracts:
Gross profits

45,023
4,433

40,273
4,045

40,6493,571

52,171
4,858

57,095
6,608

Selling, General and Administrative Expenses
Operating income

3,552
881

3,103
942

3,074
497

3,541
1,317

3,858
2,750

15
(303)
(196)
(484)

11
(280)
(999)
(1,268)16(153)(3,103)(3,240)

60
(99)
(169)
(208)

397

(326)

(2,743)

1,109

513
(189)
324
18
55

147
(288)
(141)
(19)
(166)

200
(365)
(165)
5
(2,583)

163
343
506
5
598

販売費及び一般管理費
営業利益
営業外収益（費用）：受取利息配当金
支払利息
その他
税金等調整前当期純利益

Other Income (Expenses):
Interest and dividend income
Interest expenses
Other, net
Income before income taxes
and other adjustments to net income (loss)

法人税等：
法人税、住民税及び事業税
法人税等調整額

Income Taxes:
Current
Deferred

少数株主利益（損失）
当期純利益（損失）Minority Interests in Subsidiary (Loss)Net Income (Loss)

11
(59)
88
40
2,790

458
531
989
(0)
1,801

COMSYS Holdings Corporation Annual Report 2007

69

部門別受注高／売上高／売上構成（単独ベース）
PERFORMANCE BY BUSINESS CATEGORY (NON-CONSOLIDATED BASIS)
部門別受注高（百万円

Orders Received by Business Category

Millions of yen）

NTT情報通信エンジニアリング事業
電気通信エンジニアリング事業

ITソリューション事業
社会システム関連事業等
合計

部門別売上高（百万円

NTT Information
Telecommunication Engineering
ElectricalCommunications Engineering

エンジニアリング
NCC
電設
小計

Engineering
NCC
Electrical Facilities
Subtotal

IT Solutions
Social System-Related and Other
Total

2005/3

2006/3

2007/3

9,494

2,017

2,607

8,818
2,039
9,508
20,3658,301
26,8098,678
43,788

4,343
33,254
9,496
47,093—2,164
32,023348
3,046
49,1994,057
3,010
56,767

2005/3

2006/3

2007/3

10,174

2,057

2,809

9,043
2,368
11,81723,228

8,102
25,934
10,18944,225

5,265
33,273
7,370
45,908—2,624
36,026174
3,248
49,704

3,643
2,762
55,122Net Sales by Business Category

Millions of yen）

NTT情報通信エンジニアリング事業
電気通信エンジニアリング事業

ITソリューション事業
社会システム関連事業等
合計

NTT Information
Telecommunication Engineering
ElectricalCommunications Engineering

エンジニアリング
NCC
電設
小計

IT Solutions
Social System-Related and Other
Total

部門別受注高Orders Received by Business Category

Engineering
NCC
Electrical Facilities
Subtotal

事業部門別受注高構成
Composition of Orders Received by Business Category

Millions of yen）

（百万円

60,0002007年3月期 Year Ended 31st March, 2007

50,00040,000■ NTT情報通信エンジニアリング事業
NTT Information Telecommunication Engineering

30,000■ 電気通信エンジニアリング事業
Electrical Communications Engineering

20,000■ ITソリューション事業 IT Solutions■ 社会システム関連事業等
Social System-Related and Other

10,000
0

05

06

07

■ NTT情報通信エンジニアリング事業 NTT Information Telecommunication Engineering■ 電気通信エンジニアリング事業 Electrical Communications Engineering■ ITソリューション事業 IT Solutions■ 社会システム関連事業等 Social System-Related and Other

部門別売上高Net Sales by Business Category

事業部門別売上構成
Composition of Sales by Business Category

Millions of yen）

（百万円

60,0002007年3月期 Year Ended 31st March, 2007

50,00040,000■ NTT情報通信エンジニアリング事業
NTT Information Telecommunication Engineering

30,000■ 電気通信エンジニアリング事業
Electrical Communications Engineering

20,000■ ITソリューション事業 IT Solutions■ 社会システム関連事業等
Social System-Related and Other

10,000
0

05

06

07

■ NTT情報通信エンジニアリング事業 NTT Information Telecommunication Engineering■ 電気通信エンジニアリング事業 Electrical Communications Engineering■ ITソリューション事業 IT Solutions■ 社会システム関連事業等 Social System-Related and Other70

COMSYS Holdings Corporation Annual Report 2007

TOSYSグループ（連結財務データファイル）
TOSYS GroupCONSOLIDATED FINANCIAL DATA

当該連結財務諸表は、国外の投資家のために、日本で要求される連結財務諸表の表示に調整を加え、国外で広く普及している様式で作成されています。

Certain reclassifications of account balances have been made so as topresent the consolidated financial statements in a form that is morefamiliar to readers outside Japan.

COMSYS Holdings Corporation Annual Report 2007

71

COMSYS Holdings Corporation Annual Report 200771

経営成績（連結ベース）
OPERATING RESULTS (CONSOLIDATED BASIS)
経営成績（連結ベース） Operating Results (Consolidated Basis)（百万円

Millions of yen）

New Orders Received during the Year
受注高
Net Sales
売上高
Gross Profits
売上総利益
Operating Income
営業利益
Recurring Profit
経常利益
税金等調整前当期純利益 Income before Income Taxes andOther Adjustments to Net Income
Net Income
当期純利益

2003/3

2004/3

2005/3

2006/3

2007/3

23,472
24,131
2,948
699
772

25,83425,380
3,255
947
977

28,37327,874
3,328
970
1,085

29,12828,347
3,049
554
635

30,65529,531
3,112
885
958

646
312

902
360

1,034
517

471
226

1,012
415

受注高
New Orders Received during the Year

売上高
Net Sales

売上総利益／営業利益
Gross Profits / Operating Income

経常利益
Recurring Profit（百万円 Millions of yen）

（百万円 Millions of yen）

（百万円 Millions of yen）

（百万円 Millions of yen）

35,00030,0003,500

30,00025,0002,800

25,00020,00020,000900

2,100

15,00015,000600
1,400

10,00010,0000

0

0

03 04 05 06 07

300

700

5,000

5,000

03 04 05 06 07

当期純利益
Net Income（百万円 Millions of yen）

600
480
360
240
120
0

03 04 05 06 07

72

1,200

COMSYS Holdings Corporation Annual Report 2007

0

03 04 05 06 07■ 売上総利益 Gross Profits■ 営業利益 Operating Income

03 04 05 06 07

TOSYSグループ
TOSYS Group

収益性の指標（連結ベース）
PROFITABILITY (CONSOLIDATED BASIS)
収益性の指標（連結ベース） Profitability (Consolidated Basis)（%）

売上高営業利益率
売上高経常利益率
売上高税引前利益率
売上高当期純利益率
自己資本当期純利益率
総資産当期純利益率

Operating Margin
Recurring Profit Margin
Pre-Tax Profit Margin
Net Profit Margin
Return on Equity (ROE)
Return on Total Assets (ROA)

2003/3

2004/3

2005/3

2.90
3.20
2.68
1.29
4.03
2.06

3.73
3.85
3.55
1.42
4.75
2.44

3.48
3.89
3.71
1.86
6.86
3.25

2006/3

1.95
2.24
1.66
0.80
2.88
1.40

2007/3

3.00
3.24
3.43
1.41
5.15
2.50

売上高営業利益率
Operating Margin

売上高経常利益率
Recurring Profit Margin

売上高当期純利益率
Net Profit Margin

自己資本当期純利益率
Return on Equity (ROE)

（%）

（%）

（%）

（%）

5

5

2.0

7

4

4

3

3

2

2

1

1

0

0

6
1.5

5
4

1.0

03 04 05 06 07

3
2

0.5

1
0

0

03 04 05 06 07

03 04 05 06 07

03 04 05 06 07

総資産当期純利益率
Return on Total Assets (ROA)
（%）

4
3
2
1
0

03 04 05 06 07

自己資本当期純利益率［ROE］＝

総資産当期純利益率［ROA］＝

当期純利益
×100
自己資本（2期末平均）

当期純利益
×100
総資産（2期末平均）

Net Income

Return on Equity (ROE) ＝

×100

Shareholders’ Equity (Average of two year-ends)

Return on Total Assets (ROA) ＝

Net Income

×100

Total Assets (Average of two year-ends)

COMSYS Holdings Corporation Annual Report 200773

成長性／効率性の指標（連結ベース）
EFFICIENCY (CONSOLIDATED BASIS)
成長性／効率性の指標（連結ベース） Efficiency (Consolidated Basis)（百万円

2003/3

Millions of yen, except where noted）

総資産
自己資本
運転資本
総資産回転率（回）有形固定資産回転率（回）14,373
Total Assets
7,856
Shareholders’ Equity
3,910
Modified Working Capital
1.60
Turnover of Total Assets (times)
5.67
Turnover of Property and Equipment (times)

2004/3

2005/3

2006/3

2007/315,091
7,363
3,681
1.72
6.08

16,772
7,769
3,049
1.75
6.65

15,483
7,904
3,817
1.76
6.95

17,718
8,221
2,867
1.78
7.17

総資産／自己資本
Total Assets / Shareholders’ Equity

運転資本
Modified Working Capital

総資産回転率
Turnover of Total Assets（百万円 Millions of yen）

（百万円 Millions of yen）

（回

20,0004,000

15,0003,000

有形固定資産回転率
Turnover of Property and Equipment

Times）（回

3

8
2

10,000Times）

10

6

2,000
4

1
5,000

1,000

0

2
0

0

03 04 05 06 07

03 04 05 06 07

0

03 04 05 06 07

03 04 05 06 07■ 総資産 Total Assets■ 自己資本 Shareholders’ Equity

運転資本＝（流動資産ー未成工事支出金）ー（流動負債ー未成工事受入金）

売上高

総資産回転率＝

売上高
有形固定資産（2期末平均）

74

Net Sales

Turnover of Total Assets =総資産（2期末平均）

有形固定資産回転率＝Modified Working Capital = (Current Assets – Accumulated Cost of Construction in Progress) –(Current Liabilities – Advances Received on Construction in Progress)

COMSYS Holdings Corporation Annual Report 2007

Total Assets (Average of two year-ends)

Turnover of Property and Equipment =Net Sales
Property and Equipment (Average of two year-ends)

TOSYSグループ
TOSYS Group

安全性の指標（連結ベース）
STABILITY (CONSOLIDATED BASIS)
安全性の指標（連結ベース） Stability (Consolidated Basis)（% except where noted）

2003/3

2004/3

2005/3

2006/3

2007/3

自己資本比率
流動比率
当座比率
固定比率
固定長期適合率54.66
199.13
191.6468.67

48.42
181.20155.7580.10

46.32
150.46
138.6376.20

51.05
184.21
168.01
71.82

46.40
143.45
127.62
69.43

57.93
0.26
2,067
16.92

60.58
0.15
1,123
29.92

60.48
0.20
1,532
57.69

58.02
0.13
1,034
67.42

57.66
0.19
1,558
150.24Equity Ratio
Current Ratio
Quick Ratio
Fixed Assets-to-Equity Capital Ratio
Ratio of Fixed Assets-to-Equity Capital andLong-Term Liabilities
Debt/Equity Ratio (times)
負債・自己資本比率（倍）Interest-Bearing Debt (millions of yen)
有利子負債残高（百万円）
インタレスト・カバレッジ（倍） Interest Coverage (times)

自己資本比率Equity Ratio

流動比率／当座比率
Current Ratio / Quick Ratio

固定比率／固定長期適合率
Fixed Assets-to-Equity Capital Ratio /Ratio of Fixed Assets-to-Equity Capitaland Long-Term Liabilities

有利子負債残高／
負債・自己資本比率
Interest-Bearing Debt /Debt/Equity Ratio

（%）

（%）

（%）

（百万円 Millions of yen）

60

200

100

150

75

100

50

50

25

（倍 Times）

2,500

0.6

2,000

40

0.4

1,500
1,000

20

0

0

03 04 05 06 07

0

03 04 05 06 07

0

03 04 05 06 07

流動比率 Current Ratio
当座比率 Quick Ratio

0.2

500

03 04 05 06 07

固定比率
Fixed Assets-to-Equity Capital Ratio

0.0

有利子負債残高 Interest-Bearing Debt
負債・自己資本比率 Debt/Equity Ratio

固定長期適合率
Ratio of Fixed Assets-to-Equity
Capital and Long-Term Liabilities

インタレスト・カバレッジ
Interest Coverage（倍 Times）
流動比率＝

流動資産ー未成工事支出金

×100

Current Ratio =流動負債ー未成工事受入金

200
150

現金、預金、有価証券、完成工事未収入金等

当座比率＝

×100

流動負債ー未成工事受入金

100

Current Assets – Accumulated Cost of Construction in Progress
Current Liabilities – Advances Received on Construction in Progress

Quick Ratio =Cash, Time Deposits, Marketable Securities andTrade Accounts Receivable

50
固定比率＝

固定資産

Fixed Assets-to-Equity Capital Ratio =×100

Property, Equipment,
Investments and Other Assets

×100

Shareholders’ Equity

自己資本

0

×100

Current Liabilities –Advances Received on Construction in Progress

03 04 05 06 07
Property, Equipment,
固定資産

固定長期適合率＝×100

自己資本＋固定負債

Ratio of Fixed Assets-to-Equity Capital = Investments and Other Assets
×100
and Long-Term Liabilities
Shareholders’ Equity +Long-Term Liabilities

負債／自己資本比率＝

有利子負債

Debt/Equity Ratio =インタレスト・カバレッジ＝Interest-Bearing Debt
Shareholders’ Equity

自己資本

営業利益＋受取利息および配当金
支払利息

Interest Coverage =Operating Income + Interest and Dividend Income
Interest Expenses

COMSYS Holdings Corporation Annual Report 2007

75

×100

連結貸借対照表（5年間）
CONSOLIDATED BALANCE SHEETS (5 YEARS)
（百万円

資産の部

ASSETS

流動資産：
現金預金
受取手形・完成工事
未収入金・売掛金
棚卸資産：
未成工事支出金

Current Assets:
Cash and cash equivalents
Notes and accounts receivable–trade

2003/3

2004/3

2005/3

2006/3

Millions of yen）
2007/3

1,345
5,218

801
6,007

1,192
7,182

962
6,655

1,304
7,118

Inventories:
Accumulated cost of constructionin progress
Other
Deferred income taxes
Short-term loans
Other current assets
Less: Allowance for doubtful receivables
Total current assets

1,123
70
121
25
1,079
(3)
8,978

1,023
91
189
759
376
(8)
9,238

1,763
156
168
18
380
(7)
10,852

1,455
134
166
17
429
(12)
9,806

2,544
394
231
5
416
(2)
12,010

投資及びその他の資産：投資有価証券
長期貸付金
繰延税金資産その他資産
貸倒引当金
投資及びその他資産合計

Investments and Other Assets:
Investment securities
Long-term loans receivable
Deferred income taxes
Other assets
Less: Allowance for doubtful receivables
Total investments and other assets

596
4
139
539
(64)
1,214

607
4
675
461
(60)
1,687

592
3
634
536
(60)
1,705

672
4
591
507
(43)
1,731

567
10
423
480
(58)
1,422

有形固定資産：土地
建物・構築物
機械装置・運搬具
及び工具器具備品
建設仮勘定
減価償却累計額
有形固定資産合計

Property and Equipment:
Land
Buildings and structures
Machinery and equipment

2,211
3,248
2,085

2,259
3,223
2,077

2,285
3,391
2,164

2,168
3,279
2,282

2,471
3,276
2,081

—
(3,363)
4,181—(3,393)
4,166

6(3,631)
4,215—(3,783)3,946

1(3,543)
4,286

繰延資産：
社債発行差金
資産合計

Deferred Charges:
Discount on bonds payable
Total assets

0
14,3730
15,091—
16,772—
15,483—
17,718

負債・資本の部

LIABILITIES AND SHAREHOLDERS’ EQUITY

2003/3

2004/3

2005/3

2006/3

流動負債：
短期借入金
関係会社預り金
一年以内償還予定の社債
一年以内返済予定
長期借入金
支払手形・工事未払金等
未成工事受入金

Current Liabilities:
Short-term bank loans
Deposits received from subsidiaries
Current portion of straight bonds
Current portion of long-term debt

その他棚卸資産繰延税金資産短期貸付金
その他流動資産
貸倒引当金
流動資産合計Construction in progress
Less: Accumulated depreciation
Total property and equipment（百万円

未払法人税等
その他流動負債
流動負債合計

Accounts payable—trade
Advances received on constructionin progress
Income taxes payable
Other current liabilities
Total current liabilities

固定負債：
社債
長期借入金
退職給付引当金／
退職給与引当金
連結調整勘定繰延税金負債
その他固定負債
固定負債合計Long-Term Liabilities:
Bonds
Long-term debt
Accrued severance indemnities

少数株主持分Minority Interests

自己資本：
資本金
資本剰余金
利益剰余金
その他有価証券評価差額金
自己資本合計負債, 少数株主持分及び資本合計

Shareholders’ Equity:
Common stock
Additional paid-in capital
Retained earnings
Unrealized gain on securities
Total shareholders’ equity
Total liabilities and Shareholders’ equity

76

Consolidation adjustments accountDeferred income taxes
Other long-term liabilities
Total long-term liabilities

COMSYS Holdings Corporation Annual Report 2007

Millions of yen）
2007/3

875
—
—
243

186
—
500
105

60
1,134
—
148

70
774
—
98

—
1,465
—
51

1,985

2,600

3,603

3,045

4,013

584
206
636
4,529

338
351
792
4,872

288
186
909
6,328

493
79
468
5,027

528
355
715
7,127

500
449

—
332

—
190

—
92

—
42

462
31
7
7
1,456

1,883
129
0
9
2,353

1,815
5
—
9
2,019

1,781
—
—
8
1,881

1,611
—
—
26
1,679

532

503

656

671

691

360
99
7,391
6
7,856
14,373

360
99
6,845
59
7,363
15,091

360
99
7,250
60
7,769
16,772

360
99
7,337
108
7,904
15,483

500
—
7,618
103
8,221
17,718TOSYSグループ
TOSYS Group

連結損益計算書（5年間）
CONSOLIDATED STATEMENTS OF INCOME (5 YEARS)（百万円
2003/3

売上高：
売上原価：
売上総利益
販売費及び一般管理費
営業利益
営業外収益（費用）：受取利息配当金
支払利息
その他
税金等調整前当期純利益

Net Sales
Cost of Sales
Gross profits
Selling, General and
Administrative Expenses
Operating income
Other Income (Expenses):
Interest and dividend income
Interest expenses
Other, net

法人税等：
法人税、住民税及び事業税
法人税等調整額

Income before income taxes andother adjustments to net income
Income Taxes:
Current
Deferred

少数株主利益
当期純利益

Minority Interests in Subsidiary
Net Income

2004/3

2005/3

2006/3

Millions of yen）
2007/324,131
21,183
2,948

25,38022,125
3,255

27,87424,546
3,328

28,34725,2983,049

29,531
26,419
3,112

2,249
699

2,308
947

2,358
970

2,495
554

2,227
885

8
(42)
(19)
(53)

10
(32)
(23)
(45)

26
(17)
55
64

10
(8)
(85)
(83)

12
(6)
121
127

646

902

1,034

471

1,012

322
(32)
290
44
312

502
(116)
386
156
360

367
59
426
91
517

205
12
217
28
226

457
106
563
34
415

COMSYS Holdings Corporation Annual Report 2007

77

TOSYSグループ
TOSYS Group

部門別受注高／売上高／売上構成（単独ベース）
PERFORMANCE BY BUSINESS CATEGORY (NON-CONSOLIDATED BASIS)
部門別受注高（百万円

Orders Received by Business Category

Millions of yen）

NTT情報通信エンジニアリング事業

電気通信エンジニアリング事業
ITソリューション事業
社会システム関連事業等
合計

部門別売上高（百万円

NTT Information
Telecommunication Engineering

アクセス
ネットワークモバイル
小計

AccessNetwork
MobileSubtotal

Electrical Communications Engineering
IT Solutions
Social System-Related and Other
Total

2005/3

2006/3

2007/3

13,369807
484
14,66014,268658
282
15,208

16,202700
564
17,466

3,100
3,329
1,494
22,583

4,211
3,191
621
23,231

3,876
3,758
155
25,255

2005/3

2006/3

2007/312,809713
387
13,90914,387706
292
15,385

15,338590
601
16,529

2,952
3,448
1,489
21,798

3,520
3,062
723
22,690

4,007
3,448
370
24,354

Net Sales by Business Category

Millions of yen）

NTT情報通信エンジニアリング事業

電気通信エンジニアリング事業
ITソリューション事業
社会システム関連事業等
合計

NTT Information
Telecommunication Engineering

Electrical Communications Engineering
IT Solutions
Social System-Related and Other
Total

部門別受注高Orders Received by Business Category

アクセス
ネットワークモバイル
小計

AccessNetwork
MobileSubtotal

事業部門別受注高構成
Composition of Orders Received by Business Category

Millions of yen）

（百万円

30,00025,0002007年3月期 Year Ended 31st March, 2007

20,00015,000■ NTT情報通信エンジニアリング事業
NTT Information Telecommunication Engineering

10,000■ 電気通信エンジニアリング事業
Electrical Communications Engineering

5,000■ ITソリューション事業 IT Solutions■ 社会システム関連事業等
Social System-Related and Other

0

05

06

07

■ NTT情報通信エンジニアリング事業 NTT Information Telecommunication Engineering■ 電気通信エンジニアリング事業 Electrical Communications Engineering■ ITソリューション事業 IT Solutions■ 社会システム関連事業等 Social System-Related and Other

部門別売上高Net Sales by Business Category

事業部門別売上構成
Composition of Sales by Business Category

Millions of yen）

（百万円

25,00020,0002007年3月期 Year Ended 31st March, 2007

15,000■ NTT情報通信エンジニアリング事業
NTT Information Telecommunication Engineering

10,000■ 電気通信エンジニアリング事業
Electrical Communications Engineering

5,000
0

05

06

07

■ NTT情報通信エンジニアリング事業 NTT Information Telecommunication Engineering■ 電気通信エンジニアリング事業 Electrical Communications Engineering■ ITソリューション事業 IT Solutions■ 社会システム関連事業等 Social System-Related and Other78

COMSYS Holdings Corporation Annual Report 2007

■ ITソリューション事業 IT Solutions■ 社会システム関連事業等
Social System-Related and Otherコムシスホールディングス
COMSYS Holdings Corporation

ご参考
REFERENCE DATA
NTT工事部門 NTT Construction
2003/3

2004/3

2005/3

2006/3

2007/3

Total Subscribers of Mobile Telephones
携帯電話契約数
NTT DoCoMo GroupNTT DoCoMoグループ
Share of NTT DoCoMo (%)
NTT DoCoMoシェア（％）
PHS Subscribers
PHS契約数
Fixed Telephones
固定電話契約数

7,594
4,415
58.1
546
6,077

8,192
4,633
56.1
514
6,022

8,700
4,882
56.1
448
5,961

9,179
5,114
55.7
469
5,805

9,672
5,262
54.4
498
5,516

（億円

2004/3

2005/3

2006/3

2007/3（予想/Forecast）

9,002

9,405

10,307

9,488

9,650

（万台

Ten thousand, except where noted）

2008/3
100 millions of yen, except where noted）

NTT建設計画

Planned Construction

光ケーブルカバー率（％）

Completion of
Optical Fiber Cable Installation (%)
East JapanWest Japan

81
80

84
83

86
86

89
87

90
88

Investment in Optical Fiber Cable

3,330

2,830

3,490

3,560

3,700

東日本
西日本
光ケーブル投資額

携帯電話／PHS／固定電話契約数
Total Subscribers of Mobile Telephones,
PHS and Fixed Telephones

携帯電話におけるNTT DoCoMo契約数
NTT DoCoMo Group Subscribers

NTT事業計画
Projected NTT Operations（万台 Ten Thousand）（万台 Ten Thousand）（%）（億円 100 Millions of yen）

10,000

750

6,000

100

12,000

8,000

600

4,800

80

10,000

6,000

450

3,600

60

4,000

300

2,400

40

2,000

150

1,200

20

2,000

0

0

0

8,000
6,000

0

0

03 04 05 06 07■ 携帯電話契約数 Total Mobile Telephone
Subscribers
PHS Subscribers
PHS 契約数■ 固定電話契約数 Fixed Telephones

03 04 05 06 07■ NTT DoCoMo グループ
NTT DoCoMo GroupNTT DoCoMo シェア
NTT DoCoMo Share

4,000

04 05 06 07 08
予 想（Forecast）

Planned Construction■ 建設計画■ 光ケーブル投資額 Investment in OpticalFiber Cable

COMSYS Holdings Corporation Annual Report 200779

業界他社比較（連結ベース）
COMPARISON OF THREE MAJOR TELECOMMUNICATIONS CONSTRUCTION COMPANIES IN JAPAN (CONSOLIDATED BASIS)
売上高
（百万円

Net Sales

Millions of yen）

コムシスホールディングス***
日本コムシス**
協和エクシオ
大明

営業利益
（百万円

Millions of yen）

経常利益
（百万円

2005/3

2006/3

2007/3—200,610
186,334
83,602248,961
206,517
203,930
91,228

293,681
227,548247,687
101,110

307,485
236,177
278,869
108,556

336,519257,269
303,537
124,710

2003/3

2004/3

2005/3

2006/3

2007/3

10,786
7,983
9,108
4,822

15,062
13,535
11,988
6,199

16,31914,423
14,537
6,363

19,214
15,575
20,453
8,187

2004/3

2005/3

2006/3

2007/3

11,400
8,863
9,104
4,758

17,145
15,631
12,377
6,164

18,754
16,694
15,2786,380

21,121
17,462
21,1178,229

2004/3

2005/3

2006/3

2007/3

10,031
9,053
9,174
3,215

12,382
9,684
11,023
4,393

—
6,490
4,541
3,652

COMSYS Holdings***
Nippon COMSYS**KYOWA EXEODAIMEI TELECOM ENGINEERING

Recurring Profit
2003/3

Millions of yen）

コムシスホールディングス***
日本コムシス**
協和エクシオ
大明

当期純利益
（百万円

2004/3Operating Income

コムシスホールディングス***
日本コムシス**
協和エクシオ
大明

—
6,760
4,741
3,185

COMSYS Holdings***
Nippon COMSYS**KYOWA EXEODAIMEI TELECOM ENGINEERINGNet Income
2003/3

Millions of yen）

コムシスホールディングス***
日本コムシス**
協和エクシオ大明*COMSYS Holdings***
Nippon COMSYS**KYOWA EXEODAIMEI TELECOM ENGINEERING

2003/3

—
2,468
1,661
977

COMSYS Holdings***
Nippon COMSYS**KYOWA EXEODAIMEI TELECOM ENGINEERING

6,592
4,585
3,407
1,852

8,349
9,299
6,423
2,978

当社の2004年3月期の連結業績は、日本コムシスの2003年4月1日から2004年3月31日までの1年間の連結業績と、サンワコムシスエンジニアリング及び東日本システム建設の両社（2003年10月1日がみなし取得日である）における2003年10月1日から2004年3月31日まで半年間の連結業績を対象期間としています。
（出典：有価証券報告書）**

当社の2005年3月期の連結業績の数値につきましては、日本コムシス（株）の連結子会社の決算変更（2004年12月期を2005年3月期）により、会計期間が15ヶ月となっております。

*

The Company’s consolidated results for the fiscal year ended March 2004 include the consolidated results of Nippon COMSYS for the fiscal year from 1st April, 2003 to 31st March,
2004 and the consolidated results of both SANCOM and TOSYS for the half-year period from 1st October, 2003 to 31st March, 2004 (1st October, 2003 being the deemed date ofacquisition). (Source: Company business reports)
Consolidated results for fiscal 2005 include 15 months of operating results at a consolidated subsidiary of Nippon COMSYS due to a change in the fiscal year-end (from 31st December
to 31st March).

**

売上高
Net Sales

営業利益
Operating Income

経常利益
Recurring Profit

当期純利益
Net Income（百万円 Millions of yen）

（百万円 Millions of yen）

（百万円 Millions of yen）

（百万円 Millions of yen）

350,000
280,000

20,00020,00015,00015,00010,00010,00015,00012,000210,000

9,000

140,000

6,000
5,000

70,0000

0

03 04 05 06 07
コムシスホールディングス
COMSYS Holdings
日本コムシス Nippon COMSYS

80

5,000

3,000

0

03 04 05 06 07
協和エクシオ KYOWA EXEO
大明 DAIMEI TELECOM ENGINEERINGCOMSYS Holdings Corporation Annual Report 2007

0

03 04 05 06 07

03 04 05 06 07

コムシスホールディングス
COMSYS Holdings Corporation

総資産
（百万円

Total Assets

コムシスホールディングス***
日本コムシス**
協和エクシオ
大明

自己資本
（百万円

COMSYS Holdings***
Nippon COMSYS**KYOWA EXEODAIMEI TELECOM ENGINEERING

2004/3

2005/3

2006/3

2007/3—
166,528
130,779
68,144

211,718
177,140
131,791
69,483

208,681
184,145
154,280
69,911

220,786
194,934
162,640
73,893229,953
205,712
186,485
74,401

2003/3

2004/3

2005/3

2006/3

2007/3—
111,724
60,65327,654

121,326
116,624
63,606
29,792

128,063
124,240
67,11932,460137,161
131,520
75,57535,883

145,786
138,916
84,47939,127

2003/3

2004/3

2005/3

2006/3

2007/3

Shareholders’ Equity

Millions of yen）

コムシスホールディングス***
日本コムシス**
協和エクシオ
大明

一株当たり当期純利益（円

2003/3

Millions of yen）

COMSYS Holdings***
Nippon COMSYS**KYOWA EXEODAIMEI TELECOM ENGINEERINGNet Income per ShareYen）

コムシスホールディングス***
日本コムシス**
協和エクシオ
大明

自己資本当期純利益率

—
18.34
14.00
23.67

COMSYS Holdings***
Nippon COMSYS**KYOWA EXEODAIMEI TELECOM ENGINEERING

58.42
—
56.59
72.66

69.65
—
81.94
77.12

87.39
—
100.33107.37Return on Equity (ROE)
2003/3（%）

コムシスホールディングス***
日本コムシス**
協和エクシオ
大明
*

45.96
—
29.51
45.17

2004/3

—
2.2
2.7
3.6

COMSYS Holdings***
Nippon COMSYS**KYOWA EXEODAIMEI TELECOM ENGINEERING

5.7
4.0
5.5
6.4

2005/3

6.7
7.7
9.8
9.6

2006/3

2007/3

7.6
7.1
12.9
9.4

8.8
7.2
13.8
11.7

当社の2004年3月期の連結業績は、日本コムシスの2003年4月1日から2004年3月31日までの1年間の連結業績と、サンワコムシスエンジニアリング及び東日本システム建設の両社（2003年10月1日がみなし取得日である）における2003年10月1日から2004年3月31日まで半年間の連結業績を対象期間としています。
（出典：有価証券報告書）**

当社の2005年3月期の連結業績の数値につきましては、日本コムシス（株）の連結子会社の決算変更（2004年12月期を2005年3月期）により、会計期間が15ヶ月となっております。

*

The Company’s consolidated results for the fiscal year ended March 2004 include the consolidated results of Nippon COMSYS for the fiscal year from 1st April, 2003 to 31st March,
2004 and the consolidated results of both SANCOM and TOSYS for the half-year period from 1st October, 2003 to 31st March, 2004 (1st October, 2003 being the deemed date ofacquisition). (Source: Company business reports)
Consolidated results for fiscal 2005 include 15 months of operating results at a consolidated subsidiary of Nippon COMSYS due to a change in the fiscal year-end (from 31st December
to 31st March).

**

総資産
Total Assets

自己資本
Shareholders’ Equity

一株当たり当期純利益
Net Income per Share

自己資本当期純利益率
Return on Equity (ROE)（百万円 Millions of yen）

（百万円 Millions of yen）

（円 Yen）（%）

250,000
200,000
150,000

150,000

120

15

120,000

100

12

80

90,000960
100,000

60,00050,00030,0000

コムシスホールディングス
COMSYS Holdings
日本コムシス Nippon COMSYS

3

20

0

03 04 05 06 07

6

40

0

03 04 05 06 07

0

03 04 05 06 07

03 04 05 06 07

協和エクシオ KYOWA EXEO
大明 DAIMEI TELECOM ENGINEERINGCOMSYS Holdings Corporation Annual Report 2007

81

CORPORATE DIRECTORY
As of 31st March, 2007

Nippon COMSYS GROUP
Company Name

Location

Percentage
Owned (%)

Principal Business

Paid-in Capital

Telecommunications engineeringand electrical engineering¥ 31,140 million

100.0

Consolidated Subsidiaries and Affiliates
Nippon COMSYS Corporation

Tokyo, JapanTokyo Tsuken Co., Ltd.

Tokyo, Japan

NTT internal projects¥

54 million

100.0

Nitto Tsuken Co., Ltd.

Tokyo, Japan

NTT internal projects¥

60 million

95.0

OT Engineering Co., Ltd.

Tokyo, JapanNTT external projects¥

80 million

100.0

Chuo. C Co., Ltd.

Tokyo, JapanNTT external projects¥

80 million

100.0

Kokusai Densetsu Co., Ltd.

Osaka, JapanNTT external projects¥

157 million

100.0

SANNETCOM Co., Ltd.

Osaka, JapanNTT external projects¥

50 million

100.0

COMSYS Net Corporation

Tokyo, Japan

NTT internal projects¥

50 million

100.0

COMSYS Business Service Co., Ltd.

Tokyo, Japan

NTT internal projects andmaintenance¥

304 million

100.0

COMSYS Techno Co., Ltd.

Tokyo, Japan

Software development¥

50 million

100.0

COMSYS Tsusan Co., Ltd.

Tokyo, Japan

Sales and leasing of
telecommunications equipment¥

60 million

100.0Intra-Group joint operations
outsourcing and others¥

75 million

100.0

Design, manufacturing and sales oftelecommunications equipment¥

60 million

49.7

¥

50 million

100.0

¥

50 million

100.0

¥

50 million

100.0

COMSYS Shared Services Co., Ltd.

Taiei Seisakusho Co., Ltd.

Tokyo, JapanCOMSYS Tohoku Techno Co., Ltd.

Miyagi, Japan

Software development

COMSYS Kansai
Engineering Co., Ltd.

Osaka, JapanNTT external projects

COMSYS Kyushu
Engineering Co., Ltd.

Fukuoka, JapanNTT external projects

Overseas Affiliates
COMSYS Thailand Co., Ltd.

Thai COMSYS & Jackson Co., Ltd.

COMSYS Philippines, Inc.

Bangkok, Thailand

Bangkok, Thailand

Manila, Philippines

Technological consulting
and engineering services

B 15,000 thousand

48.0

Technological consulting
and engineering services

B 2,000 thousand

49.0

Technological consulting
and engineering services

P 12,500 thousand

40.0

1. Tokyo Tsuken Co., Ltd. and Nichiden Kogyo Co., Ltd. merged on April 1, 2006, with the surviving company being Tokyo Tsuken Co., Ltd.
2. Kokusai Densetsu Co., Ltd. and Shoji Tsushin Kogyo Co., Ltd. merged on October 1, 2006, with the surviving company being Kokusai Densetsu Co., Ltd.

82

COMSYS Holdings Corporation Annual Report 2007

コムシスホールディングス
COMSYS Holdings Corporation

SANCOM GROUP
Company Name

Location

Percentage
Owned (%)

Principal Business

Paid-in Capital

Telecommunications engineering andelectrical engineering¥ 3,624 million

100.0

Telecommunications engineering andelectrical engineering¥

90 million

99.3

Software and hardware designand development¥

30 million

100.0

Telecommunications engineering andelectrical engineering¥

20 million

100.0

Consolidated Subsidiaries and Affiliates
SANWA COMSYSEngineering Co., Ltd.

Tokyo, JapanSANWA Denshi Inc.

Tokyo, JapanSEC Hi Tec Co., Ltd.

Tokyo, JapanSANWA Support Engineering Co., Ltd. Tokyo, Japan

Road-Techno Co., Ltd.

Tokyo, Japan

Electrical engineering¥

50 million

100.0

SEM Co., Ltd.

Tokyo, Japan

Manufacture of automotive parts¥

35 million

100.0

Sannect Co., Ltd.

Tokyo, Japan

Sales and maintenance of
airspace system equipment¥

10 million

60.0

Jakarta, Indonesia

Construction of telecommunications facilities

Rp 1,884 million

50.0

Location

Principal Business

Paid-in Capital

Telecommunications engineering andelectrical engineering¥

500 million

100.0

Construction of telecommunications andelectric facilities¥

21 million

71.7

Telecommunications engineering andelectrical engineering¥

40 million

100.0

Construction of telecommunications andelectric facilities¥

42 million

63.5

Construction of telecommunications andelectric facilities¥

49 million

52.5

Overseas Affiliate
P.T. Sarana Ekacitra Indonesia

TOSYS GROUP
Company Name

Percentage
Owned (%)

Consolidated Subsidiaries and Affiliates
TOSYS Corporation

TOSYS Nagano Co., Ltd.

Alstar Co., Ltd.

TOSYS Niigata Co., Ltd.

TOSYS Actis Co., Ltd.

Nagano, Japan

Nagano, Japan

Nagano, Japan

Niigata, Japan

Niigata, Japan

Tulip Keibi Co., Ltd.

Niigata, Japan

Security engineering¥

30 million

100.0

Tulip Life Co., Ltd.

Niigata, Japan

Repair and sales of automobiles¥

40 million

100.0

Yoshimoto Kensetsu Co., Ltd.

Nagano, Japan

General construction¥

44 million

100.0

Notes: The percentage of ownership for Alstar Co., Ltd. is 22.5% held by COMSYS Holdings Corporation and 77.5% held by TOSYS Corporation.
On 1st October, 2005, TOSYS Ryokuka Co., Ltd. was absorbed into TOSYS Niigata Co., Ltd.

COMSYS Holdings Corporation Annual Report 2007

83

COMSYS Holdings INFORMATIONCORPORATE DATA
As of 31st March, 2007

Name:

COMSYS Holdings Corporation
Hokkaido

Head Office:17-1, Higashigotanda 2-chome, Shinagawa-ku,
Tokyo 141-8647, Japan
Akita

URL:

http://www.comsys-hd.co.jp/

Shibata/Nagaoka/Muikamachi/Joetsu
Kanto Naka
Sado

Date of Establishment:

Fukushima

Minami Tokyo
Niigata
NAGANO
Ina
Hokuriku
NaganoUeda/Saku/Matsumoto/Shiojiri/Suwa/Iida

29th September, 2003
Paid in Capital:¥10 billion

IbarakiTochigi

TOKYO
Chiba
Kanagawa

Chugoku

Number of Employees:

Kanto Minami

Kyushu7,574 (Consolidated)TohokuNIIGATA

Shizuoka
HachiojiKansaiTokai
Nishi Nippon
Takamatsu
Head Office/COMSYS Holdings Corporation
ShikokuHead Office/Nippon COMSYS Corporation

Head Office/SANWA COMSYS Engineering Corporation
Head Office/TOSYS Corporation

Jakarta Branch Office

Branch Office/TOSYS Corporation
Branch/Nippon COMSYS Corporation

Okinawa

Branch/SANWA COMSYS Engineering Corporation
Branch/TOSYS Corporation

ORGANIZATION CHART
As of 1st July, 2007

Board of Directors
Board of Corporate Auditors
President
Advisory Board

Senior Management Committee

CSR Committee
Corporate Compliance Committee
Risk Management Committee
Personal Information Protection
and Administration Committee
Corporate Planning
Department

IR Department•Corporate Planning Group•Corporate Strategy Group•Strategy Planning Group•Corporate Information Systems Department
84

COMSYS Holdings Corporation Annual Report 2007

Finance & Accounting
Department

General Affairs &Personnel Department

Internal Audit
Department•General Affairs Department•Corporate Group Personnel Department•Legal Department•PR Department

INVESTOR INFORMATIONAs of 31st March, 2007

Fiscal Year-End:
31st March, 2007
Annual Shareholders’ Meeting:
28th June, 2007
Common Stock:
Authorized: 580,000,000 shares
Issued: 145,977,886 shares
Number of Shareholders:
9,766
Date of Listing:
September 2003
Stock Exchange Listings:
First Section of Tokyo Stock Exchange
and Osaka Securities Exchange(Securities code: 1721)
Transfer Agent:
Mitsubishi UFJ Trust and Banking Corporation
Securities Department
4-5, Marunouchi 1-chome
Chiyoda-ku, Tokyo 100-8212
Auditor:
Certified Public Accountants of Japan
O-Yu Kyodo Office
For further information and additional copiesof this Annual Report, please contact
IR Department
Tel: +81-3-3448-7000 (direct)
Fax: +81-3-3448-7001
E-Mail: chd-ir@comsys-hd.co.jp

Major Shareholders:
As of 31st March, 2007
Shares Held(Thousands)

Percentage
of Total (%)

Japan Trustee Services Bank, Ltd.
(Trust Account)

13,298

9.10

The Master Trust Bank of Japan, Ltd.
(Trust Account)

9,949

6.81

Japan Trustee Services Bank, Ltd. (Mitsui Asset
Trust and Banking Company Retrust Portion,
Fujikura Ltd. Employee Pension Trust)

6,834

4.68

Sumitomo Electric Industries, Ltd.

5,166

3.53

The Furukawa Electric Co., Ltd.

5,166

3.53

Calyon DMA OTC(Standing proxy in Japan: Tokyo Branch,
Calyon Securities)

2,725

1.86

The Bank of New York, Europe Limited
Luxembourg 131800(Standing proxy in Japan: Mizuho
Corporate Bank, Ltd.)

2,709

1.85

Nippon Life Insurance Company

2,683

1.83

BNP PARIBAS Securities (Japan) Limited(BNP PARIBAS Securities)

2,676

1.83

Trust & Custody Services Bank Ltd.
(Trust Account B)

2,568

1.75

Shareholders

The Company held 3,745,510 shares of treasury stock (representing a shareholding of 2.57%)
as of 31st March, 2006. This shareholding has been excluded from the list of major shareholders.

Composition of Shareholders:
As of 31st March, 2007

Securities Companies

5.22%
Individuals and Others

15.92%
Foreign Companies
and Individuals

28.59%

Financial Institutions

37.78%

Domestic Companies

12.49%COMSYS Holdings Corporation Annual Report 2007

85

COMSYS Holdings Corporation
17-1, Higashigotanda 2-chome, Shinagawa-ku, Tokyo 141-8647, Japan
Tel: 81-3-3448-7100
http://www.comsys-hd.co.jp/

Trademark of American
Soybeen Association

Printed on recycled paper made from 100%
used paper (whiteness 71%)