August 4, 2017

COMSYS Holdings Corporation
Consolidated Financial Results for the First Quarter Ended June 30, 2017
Under Japanese GAAP
Head Ofﬁce:
17-1, Higashigotanda 2-chome, Shinagawa-ku, Tokyo 141-8647, Japan
Stock Exchange Listings: First Section of Tokyo Stock Exchange (Securities code: 1721)
URL:
http://www.comsys-hd.co.jp
Representative:
Takashi Kagaya, President and Representative Director
For Inquiry:
Hidehiko Ozaki, Director and General Manager of Finance & Accounting Department (Telephone:81-3-3448-7000)
Scheduled Filing of Quarterly Securities Report:
August 7, 2017
Scheduled Commencement of Dividend Payment: —Supplementary Materials on Quarterly Results:
Attached
IR Presentation on Quarterly Results:
Not scheduled
Amounts less than one million yen have been omitted.

1. Consolidated Financial Results (for the three months ended June 30, 2017)(1) Consolidated Operating Results(Millions of yen, except per share data and percentages)

Net Sales

Operating Income

Recurring Proﬁt

Net Income Attributableto Owners of Parent

Three months ended June 30, 2017¥63,936

10.7%¥3,494

162.6%¥3,662149.7%¥2,611

127.6%

Three months ended June 30, 2016

57,7411.3

1,330(20.0)

1,466(20.8)

1,147

6.9

Notes: 1. Comprehensive income: Three months ended June 30, 2017: ¥3,225 million [268.0%] Three months ended June 30, 2016: ¥876 million [(32.1)%]
2. Percentages indicate the percentage change from the corresponding period of the previous fiscal year.

Net Income per ShareNet Income per Share (Diluted)

Three months ended June 30, 2017¥23.93¥23.82Three months ended June 30, 2016

10.16

10.12

(2) Consolidated Financial Position(Millions of yen, except percentages)

Total AssetsNet Assets

Equity Ratio

As of June 30, 2017

¥261,380¥203,177

77.3%

As of March 31, 2017284,367

202,943

70.9(Reference) Shareholders’ Equity:

As of June 30, 2017: ¥202,005 million

As of March 31, 2017: ¥201,717 million

2. Cash Dividends for Shareholders of Common Stock(Yen)

Cash Dividends per Share over the Fiscal YearEnd of 1st QuarterEnd of 2nd QuarterEnd of 3rd Quarter

Year ended March 31, 2017

¥ —¥20.00¥ —¥20.00¥40.00Year ending March 31, 2018—25.00

—

25.00

50.00

Year ending March 31, 2018 (Forecast)Year-EndAnnualNote: Most recently announced revisions to dividend forecast: No

3. Consolidated Earnings Forecast (for the ﬁscal year ending March 31, 2018)
Operating Income

Recurring Proﬁt

Net Income Attributable
Net Income per Shareto Owners of Parent

13.5%¥ 8,500

34.9%¥ 8,700

34.7%¥ 6,000

45.3%¥ 54.98

13.7

28,50013.8

29,10014.8

20,00038.1

183.27

Net Sales
Six months ending September 30, 2017 ¥150,000
Year ending March 31, 2018

380,000(Millions of yen, except per share data and percentages)

Notes: 1. Most recently announced revisions to consolidated earnings forecast: Yes
2. For fiscal-year figures, percentages indicate the percentage change from the previous fiscal year. For first-half figures, percentages indicate thepercentage change from the corresponding half of the previous ﬁscal year.

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2017

*Notes:(1) Changes in significant subsidiaries during the period under review (changes to subsidiaries that would alter the scope of
consolidation): No(2) Adoption of accounting methods specific to quarterly consolidated financial statements: No(3) Changes in accounting policies, changes in accounting estimates and restatements of prior period financial statements
due to error correctiona) Changes in accounting policies due to revisions of accounting standards: Nob) Changes in accounting policies due to other reasons: Noc) Changes in accounting estimates: Nod) Restatements of prior period financial statements due to error correction: No(4) Number of shares issued (common stock)a) Number of shares issued (including treasury stock)b) Number of treasury stockc) Average number of shares issued in the period

As of June 30, 2017
141,000,000 shares
32,096,454 shares

As of March 31, 2017
141,000,000 shares
31,865,224 shares

Three months ended June 30, 2017
109,128,216 shares

Three months ended June 30, 2016
112,943,498 shares*This Consolidated Financial Results report is not subject to quarterly review procedures.
*Disclaimer concerning the Proper Use of Business Results Forecasts and Other Relevant Specific Items
Forward-looking statements including earnings forecasts contained in this document are based on certain reasonable assumptions and beliefs inlight of information currently available to management. Readers are advised that actual results may differ materially from forecasts due to a varietyof factors. With respect to the conditions that underpin earnings forecasts as well as cautionary statements regarding the proper use of earnings
forecasts, please refer to “(3) Discussion of Forward-Looking Information, including Consolidated Earnings Forecasts” under “1. Qualitative
Information Regarding Consolidated Financial Results for the Period under Review” of this Consolidated Financial Results report in theAccompanying Materials section on page 3.

2COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2017

Accompanying Materials
1. Qualitative Information Regarding Consolidated Financial Results for the Period under Review(1) Discussion of Operating Results
During the cumulative first quarter period (April 1, 2017 to June 30, 2017) of the fiscal year ending March 31, 2018, theJapanese economy maintained a moderate recovery, including improvements in corporate earnings and the employment
environment, due in part to the effects of various policies implemented by the Japanese government and the Bank of Japan.
However, due to uncertainty in the economy overseas, such as the economic outlook for emerging countries in Asia,
particularly China, and the effect of policy trends in the U.S., there continued to be concerns over the impact these issues
will have on the Japanese economy.
In the information and communications field, the COMSYS Group’s principal area of activity, the constructionof mobile networks was promoted to accommodate the sharply increasing, higher-volume traffic accompanying thediversification and added functionality of smartphones and tablets. Moreover, in both the public and private sectors,expansion was anticipated in social infrastructure investment aimed at innovation utilizing information andcommunication technology (ICT), including IoT and AI, as well as policies for building national resilience, developmentof the environment and energy business, and preparation for the Tokyo Olympics and Paralympic Games.
The COMSYS Group took initiatives for top-line expansions, which included entering the ecological innovation
business, particularly solar power construction projects, venturing into new business domains in response to the rise inpublic-sector and ICT investment aimed at the development of a smart society, and conducting M&A activities. Moreover,the Group worked to transfer personnel to growth businesses and improve profit through such means as increasing
construction efficiency and cutting costs.
Under these circumstances, orders received in the first quarter period decreased 6.4% year on year to ¥79,468
million, and net sales rose 10.7% to ¥63,936 million.
From a profit perspective, the COMSYS Group worked to increase productivity through structural reforms. As aresult, operating income increased by 162.6% year on year to ¥3,494 million while net income attributable to owners of theparent increased 127.6% to ¥2,611 million.
(2) Discussion of Financial Position
Total assets as of June 30, 2017 amounted to ¥ 261,380 million, down ¥22,987 million compared with the end of theprevious fiscal year. This was mainly attributable to a decrease in notes and accounts receivable – trade. Liabilities
decreased ¥23,220 million compared with the end of the previous fiscal year, to ¥58,203 million. This was largely
attributable to a decrease in accounts payable – trade. Net assets increased by ¥233 million compared with the end of theprevious fiscal year, to ¥203,177 million. This was primarily attributable to an increase in unrealized gain on othersecurities.
In accordance with each of the aforementioned factors, the equity ratio stood at 77.3%, compared with 70.9% at
the end of the previous fiscal year.
(3) Discussion of Forward-Looking Information, Including Consolidated Earnings Forecasts
Turning to the consolidated earnings forecast for the full fiscal year ending March 31, 2018, please see “COMSYS HD
Announces Revision of Earnings Forecasts” published on August 4, 2017 (Available in Japanese only).

3COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2017

2. Quarterly Consolidated Financial Statements(1) Consolidated Balance Sheets
Millions of yen

ASSETS
Current assets:
Cash and cash equivalents
Notes and accounts receivable—trade
Inventories:
Accumulated cost of construction in progress
Other
Other current assets
Less: Allowance for doubtful receivables
Total current assets
Fixed assets:
Property and equipment:
Buildings and structures, net
Land
Other, net
Total property and equipment
Intangible fixed assets
Goodwill
Other intangible fixed assets
Total intangible fixed assets
Investments and other assets:
Investment securities
Other assets
Less: Allowance for doubtful receivables
Total investments and other assets
Total fixed assets
Total assets

4

As of March 31, 2017

As of June 30, 2017

20,961
114,322

43,79558,626

19,617595
11,703(34)
167,166

27,742581
11,998(20)
142,724

28,94240,186
17,84086,96828,60240,38819,451
88,442

666
4,002
4,669

830
3,836
4,667

11,154
15,994(1,585)25,563
117,201
284,367

11,216
15,581(1,251)
25,546
118,655
261,380

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2017

Millions of yen

LIABILITIESCurrent liabilities:
Accounts payable—trade
Short-term bank loans
Income taxes payable
Advances received on construction in progress
Allowances
Other current liabilities
Total current liabilities
Long-term liabilities:
Deferred tax liabilities for unrealized gains on land revaluation
Net defined benefit liability
Allowance for directors’ retirement benefits
Other long-term liabilities
Total long-term liabilitiesTotal liabilities
NET ASSETS
Shareholders’ equity:
Common stock
Additional paid-in capital
Retained earnings
Treasury stock, at cost
Total shareholders’ equity
Accumulated other comprehensive loss:
Unrealized gain on other securities
Unrealized loss on land revaluation
Remeasurements of defined benefit plans
Total accumulated other comprehensive loss
Subscription rights to shares
Non-controlling interests
Total net assets
Total liabilities and net assets

5

As of March 31, 2017

As of June 30, 201755,577
113
2,088
1,291
504
11,712
71,28934,310
111
629
3,397
352
8,891
47,693

1,369
4,355
257
4,152
10,13481,423

1,369
4,446
240
4,453
10,50958,203

10,00052,525
186,195(41,028)
207,692

10,00052,612
186,534(41,782)
207,3652,666(7,990)(650)(5,974)578
647
202,943284,3673,260(7,990)(629)(5,360)527
644
203,177
261,380

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2017(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income

Three months endedJune 30, 2016

Net sales
Cost of sales
Gross profits
Selling, general and administrative expenses
Operating income
Other income:Interest income
Dividend income
Reversal of allowance for doubtful receivables
Other
Total other income
Other expenses:
Interest expenses
Rent expenses
Foreign exchange losses
Other
Total other expenses
Recurring profit
Extraordinary income:Gain on sales of investment securities
Reversal of allowance for doubtful receivables
Gain on exchange from business combination
Other
Total extraordinary income
Extraordinary loss:
Loss on disposal of fixed assets
Loss on impairment of fixed assets
Write-down on investments in securities
Special payments on employees’ retirement benefits
Other
Total extraordinary loss
Income before income taxes and other adjustments to net income
Income taxes:
Current
Deferred
Total income taxes
Net income
Net loss attributable to non-controlling interests
Net income attributable to owners of parent

6

Millions of yen
Three months ended
June 30, 201757,741
51,126
6,614
5,284
1,330

63,93655,367
8,568
5,073
3,494

3103
75
52
235

2131
—
72
207

2
1275
999
1,466

110—
25
38
3,662

161
—
84
6253—330—
6336

8
—
30
31
1990
1,629

2130
—
35
694
3,904715(228)487
1,142(4)
1,147

1,149
146
1,296
2,608(3)2,611

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2017

Consolidated Statements of Comprehensive Income
Millions of yen
Three months ended
Three months ended
June 30, 2016
June 30, 2017

Net income
Other comprehensive income:Unrealized gain (loss) on other securities
Remeasurements of defined benefit plans
Total other comprehensive income (loss)
Comprehensive income(Breakdown)Comprehensive income attributable to owners of the parent
Comprehensive loss attributable to non-controlling interests

7

1,142

2,608

(390)
124(265)
876

596
20616
3,225

880
(3)

3,226
(0)