COMSYS Holdings Corporation

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%)

PROFILECOMSYS Holdings Corporation (the ”Company ”) was established as a holding company as aresult 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, 42 subsidiaries and 16 affiliates. The COMSYS Group’s main businesses compriseelectrical and telecommunications infrastructure construction services centered on
telecommunications infrastructure and electrical facilities, and other businesses, including
the IT solutions business.

CONTENTS
1CONSOLIDATED FINANCIAL HIGHLIGHTS

2

LETTER TO OUR SHAREHOLDERS

4INTERVIEW WITH THE PRESIDENT

10BUSINESS AT A GLANCE

12REVIEW OF OPERATIONS
12NTT INFORMATION TELECOMMUNICATION ENGINEERING BUSINESS

14ELECTRICAL COMMUNICATIONS ENGINEERING BUSINESS

16

IT SOLUTIONS BUSINESS

18

SOCIAL SYSTEM-RELATED BUSINESS AND OTHER

20CORPORATE GOVERNANCE

24

CORPORATE SOCIAL RESPONSIBILITY (CSR)

25

RESEARCH AND DEVELOPMENT

26

OPERATING COMPANIES
26

Nippon COMSYS GroupCAUTIONARY STATEMENT WITH RESPECT TO
FORWARD-LOOKING STATEMENTS

28

SANCOM GroupStatements made in this annual report with respect to30

TOSYS Group32

ORGANIZATIONAL STRUCTURE OF THE COMSYS GROUPCOMSYS Holdings’ plans and benefits as well as otherstatements that are not historical facts are forwardlooking statements, which involve risks and uncertainties.
Potential risks and uncertainties include, without

33

FINANCIAL SECTION

51

FACT SHEET82

CORPORATE DIRECTORY

84

COMSYS Holdings INFORMATION

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 competitive markets
characterized by continual new product introductions andrapid developments in technology.

C O N S O L I D AT E D F I N A N C I A L H I G H L I G H T SCOMSYS Holdings Corporation and Consolidated Subsidiaries
Years ended 31st March, 2005 and 2006

Thousands of
U.S. Dollars(Note 1)Millions of Yen
2005

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

2006

2006

¥

287,376
293,681
15,062
8,349
14,735(4,831)(7,426)¥

310,005
307,485
16,31910,031
9,128(5,139)(3,631)$ 2,639,014
2,617,562
138,92185,39277,705(43,747)(30,910)¥

208,681
128,063
4,692¥

220,786
137,161
3,608$ 1,879,510
1,167,626
30,714Yen

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

¥

58.42
—
15.00
906.92
6,746

U.S. Dollars(Note 1)¥NEW ORDERS RECEIVED

NET SALESNET INCOME（Millions of yen）

（Millions of yen）

（Millions of yen）

350,000

350,000

12,000300,000

300,000

10,000250,000

250,000

200,000

200,000

150,000

150,000

100,000

100,000

50,00050,000

69.65
69.62
15.00
964.70
7,081

$

0.59
0.59
0.13
8.21

8,000
6,000
4,000
2,000

0

0

04

04

05

05

06

06

Simple Sum Actual Simple Sum Actual Simple Sum Actual

0

04

04

05

05

06

06

04

Simple Sum Actual Simple Sum Actual Simple Sum Actual

04

05

05

06

06

Simple Sum Actual Simple Sum Actual Simple Sum Actual

Notes: 1. For convenience only, the accompanying Japanese yen figures for 2006 have been translated into U.S. dollars at the rate of ¥117.47 to $1, the rate prevailing on 31st March, 2006.
2. The above figures represent the the simple sum of the consolidated figures of Nippon COMSYS, SANCOM and TOSYS.
3. Consolidated results for fiscal 2005 include 15 months of operating results at a Nippon COMSYS consolidated subsidiary due to a change in fiscal year-end (from 31st December to
31st March).
4. 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).

COMSYS Holdings Corporation Annual Report 2006

1

LETTER TO OUR SHAREHOLDERS

In the fiscal year ending 31st March, 2006, the third year
since its establishment following the merger, COMSYS
Holdings Corporation was able to achieve continuous
growth in terms of revenues and profits that exceeded bothresults for the previous term as well as projections.
Consolidated net sales rose 4.7% to ¥307,485 million,
operating income increased 8.3% to ¥16,319 million, and net
income jumped 20.1% to ¥10,031 million.
Sales growth was predominately due to an increase inbroadband access and mobile telecommunications carriers

2

COMSYS Holdings Corporation Annual Report 2006

1. Reallocation ofmanagement resources

COMSYS Holdings Goals and Course of Action (Vision)
5. Demonstration ofstrong leadership bymanagement

Become the top brand in the provision of

I . one-stop solutions

2. Group unification(fusion)seen as the “best choice” company by
II . Be
all stakeholders
Build a company with continuous growth in sales

III. and profits as a Group

4. Creation of enthusiastic
corporate culture withjob satisfaction

3. Strict observance ofcompliancerelated construction in the NTT Information

environment, redouble efforts in such management vision-

Telecommunication Engineering Business, as well as brisk

inspired measures as selection and concentration of

construction for carriers in the Electrical Communications

businesses, expansion of the IT solutions business, promotion

Engineering Business. Operating income rose as weof management reforms and development of internal

started to see benefits of efforts to capture post-control systems, and finally optimize Group and shareholder

integration synergies and reform management.

value by further leveraging synergies through management

We paid an interim dividend of ¥7.00 per share and a

integration. Concurrently, we will contribute to local

year-end dividend of ¥8.00. As a result, the year dividend

communities using operational capabilities exclusive toamounted to ¥15.00.

COMSYS to bolster corporate social responsibility (CSR).

The coming fiscal year, ending 31st March, 2007, will see
the establishment of COMSYS Holdings as a pure holding

We ask for your unwavering support andencouragement in the fiscal year ahead.

company as the Group enters its fourth year since themerger. While we are reaping some benefits from the postintegration synergies, it will be a crucial year in which
COMSYS Holdings realizes management efficiency
leveraging its operating framework as a pure holding
company. The COMSYS Group aims to adapt swiftly and

Hirofumi Shimada

dynamically to changes in the rapidly shifting market

President

COMSYS Holdings Corporation Annual Report 20063

INTERVIEW WITH THE PRESIDENT

Hirofumi Shimada
President

you describe the management environment andQ Could
operational results for the fiscal year under review?
In the fiscal year under review, the Japanese economy continued on its way toward a full recovery. In thetelecommunications infrastructure construction industry, information and communication technologies(ICT) is rapidly taking hold as a bedrock of society in achieving the Japanese government’s goal of
realizing an ubiquitous network society as spelled out in its “u-Japan Policy” and “IT New Reform
Strategy.” Communications and broadcasting services continue to be integrated amid rapidly expanding
demand for broadband services chiefly in optical access services, the arrival of number portability services
in the mobile communications field and the entry of new communications carriers, while competition
among electrical communications companies grows ever fiercer to acquire customers.
Against this backdrop, on a consolidated basis, COMSYS Holdings was able to achieve new orders
received, net sales and income that all exceeded the previous term as well as initial projections, andachieve continuous growth in revenues and profits since its establishment. New orders received rose 7.9%
to ¥310,005 million, on par with our initial goal. Net sales expanded 4.7% to ¥307,485 million, which
exceeded the targeted goal of ¥300,000 million. In terms of income, operating income increased 8.3% to¥16,319 million, clearing the ¥16,000 million target, while net income also rose 20.1% to ¥10,031 million.

4

COMSYS Holdings Corporation Annual Report 2006

Q To what is this strong performance attributable?
New orders received were favorable in broadband access construction and mobile telecommunications
carrier construction in the NTT Information Telecommunication Engineering Business, as well as in the
New Common Carriers (NCC) business of the Electrical Communications Engineering Business. Amid suchrobust new orders received, the COMSYS Group maximized the synergistic effects of the merger throughactively implementing selection and concentration of businesses. We will continue to work towardbusiness restructuring and strengthening the construction structure within the Group as well as partnercompanies through utilizing COMSYS-style kaizen (improvement).

what ways is the COMSYS Group addressing
Q In
management issues?
In order to realize the COMSYS Group’s management vision of becoming the top brand in the provision of
one-stop solutions, being regarded by all stakeholders as the “best choice” in the field and achieving
continuous growth in revenues and profits, we aggressively undertook organizational reforms centeredaround such measures as selection and concentration of businesses, expansion of the IT solutions businessand promotion of management reforms. Specifically, three reforms were implemented. The first reform—
maximizing the synergistic effects of the merger through selection and concentration of businesses—was
pursued through such organizational restructuring as the reallocation of employees following the revisionof business fields among integrated business companies. The second reform—expansion of the IT solutions
business—was undertaken by expanding into the Internet protocol (IP) related field through theestablishment of such COMSYS brands as the IP telephony system Comsip, as well as by developing agroup of highly skilled engineers who can rapidly address the needs of a diverse array of customers. The
third reform—the promotion of management reforms—was pursued Groupwide by reducing materials
and personnel costs through greater concentration and efficiencies employing such measures ascentralized purchasing and joint operations, as well as by revising outsourced costs through clarification ofroles and responsibilities in relationship to partner companies, including the revision of fundamental workduties as spelled out in COMSYS-style kaizen (improvement).

COMSYS Holdings Corporation Annual Report 2006

5

are the basic policies of the 2006 Medium-Term
Q WhatManagement Plan, and what are the business strategies forthe fiscal year ending 31st March, 2007?
The COMSYS Group drafted the 2006 Medium-Term Management Plan to be implemented through to thefiscal year ending 31st March, 2009 as the basic policy that entails becoming the leading company ofvarious types of infrastructure construction, becoming a systems integrator for telecommunications
construction and maximizing the effects of integrated management. The key targets for the 2006
Medium-Term Management Plan include net sales of ¥345.0 billion, share of total sales of non-NTT
businesses of 46.4% and an operating income margin of 5.8%. As a means of addressing rapid changes in
the operating environment, we annually reevaluate the numerical targets of our management plan foreach fiscal year.
The most recently drafted Medium-Term Management Plan aims to achieve growth centered on
established revenue sources of the COMSYS Group by optimally capitalizing on the solid performance by
NTT and DoCoMo Related business. In non-NTT business, we will focus on accelerating the growth of NCCrelated businesses and solidifying our dominant position in the market, while in IT solutions, we will workto achieve strong sales growth and raise profitability.
For the fiscal year ending 31st March, 2007, we aim to thoroughly adapt to rising demand by
optimizing construction capacity, in particular, while continuously undertaking efforts to raise profitability
though COMSYS-style kaizen (improvement).

MEDIUM-TERM TARGETS
Fiscal year to 31st March2006(actual)2009(target)¥307.5 billion¥345.0 billion

12.2%

Share of total sales of non-NTT business

40.1%

46.4%

+6 points

Share of total sales of solution-related business

9.9%

17.4%

+7 points

Operating income margin

5.3%

5.8%

+0.5 points

Net sales

6

COMSYS Holdings Corporation Annual Report 2006

Changeis your medium-term plan for mainstay NTT and
Q What
DoCoMo Related business?
NTT is striving to provide optical network services to 30 million customers by 2010, and is studying the
expansion of subscriber-type optical access systems. The NTT DoCoMo engineering-related businesses
expect to see growth in construction geared toward expanding the service area and improving the qualityof services for number portability, which will be implemented in 2006. The COMSYS Group plans on
developing a construction structure that can adapt rapidly to increased demand as well as addressing
conditions once such demand diminishes. In particular, we will develop a maintenance structure forexisting facilities, enter into the business of next-generation network (NGN) construction and establish
new businesses in such fields as Fixed Mobile Convergence (FMC).

CURRENT TRENDS BY BUSINESS IN NTT AND DoCoMo RELATED BUSINESS AND FUTURE DEVELOPMENTNet Sales (¥100 million)
Second-generation (PDC)ISDN

Third-generation (FOMA)B FLET’S

ADSL
Rapid increase in
tower construction<Mobile>Increased construction
for number portability<Access>

Enter business formaintenance andNGN construction
Expand maintenance,
agency andubiquitous business

500<Intra-office>New nodes<Infrastructure>
NTT becomes aholding company

0
’96

’98

’00

COMSYS Holdings management integration’02

Figures for Nippon COMSYS only

’04

Enter business forbuilding NGNs
(Vendor domain)
Enter maintenancebusiness

Maintenanceproposals forinfrastructure facilities

March 2006 March 2008 March 2010
COMSYS Holdings
consolidated figures

COMSYS Holdings Corporation Annual Report 2006

7

Q What exactly does COMSYS-style kaizen (improvement) entail?
The COMSYS Group aims to leverage over 50 years of experience and expertise to become the preeminentcompany in the telecommunications infrastructure construction industry. The core of COMSYS-style kaizen(improvement) entails introducing the type of kaizen (improvement) mentality used in globalized
Japanese manufacturing companies to our construction operations and raising productivity. Specifically,
we will unify management of operations to create transparency in every stage of construction throughthe use of IT systems. Doing so will enable us share information and reduce redundancy and waste inoperations at the companies responsible for construction. Moreover, construction managers and workgroups at sites can share information in real time to accelerate the sharing of a wide range of information
and rapid implementation of management directives.

Q How is the IT solutions business being developed?
We believe we can provide solutions to customer problems arising from computer networks throught theInternet. We heve been able to enter the IT solutions business using our accumulated integrated network
technologies underpinned by the traffic theory*. Specific examples of our achievements include the IP
telephony solution Comsip fully launched in 2005, which won the Best of Show Award in the People’s
Choice category at Interop Tokyo 2005 held at Makuhari Messe in July 2005 as a result of its strong
reputation for capabilities for softphone and mobile Centrex. In addition, the regional data collection
system GeoPic also was awarded the Best of Show
Award at Interop Tokyo 2006 held at Makuhari Messe inJune 2006 for Network Solutions in the Solutions

ONE-STOP SOLUTION PROVIDERPROVIDE TOTAL OPERATIONAL SUPPORT FOR DESIGN,CONSTRUCTION, MAINTENANCE OF NETWORKINTEGRATION (NI) AND SYSTEM INTEGRATION (SI)category. It was chosen as the best and most suitable
for the year’s theme from among the over 350
products and solutions nominated. In addition, we areSINI

forming business tie-ups with electricalcommunications equipment manufacturers to expand
into new business fields that integrate our solutions,products and technologies.
*Traffic theory: The application of mathematical modeling to explain
the traffic-performance relation linking network
capacity, traffic demand and realized performance.

OP
Consulting/
Design Development

Introduction/
Construction

Operation

Management
Maintenance

8

COMSYS Holdings Corporation Annual Report 2006

Q What other management issues are you addressing?
COMSYS Holdings is working to bolster corporate governance, promote corporate social responsibility(CSR), ensure thorough compliance and strengthen risk management. In April 2006, the Advisory Board,which was initially established at Nippon COMSYS, was moved to COMSYS Holdings, so that we could
receive advice and recommendations from outside experts regarding the aforementioned issues andimplement them in operational management. Based on the Basic Policies for Building an Internal Control
System drafted in compliance with the Corporate Law implemented on 1st May, 2006, we will endeavor todevelop an internal control system that adapts to changes in the internal and external environment, withparamount emphasis on raising efficacy and efficiency in operations, reliability in financial reporting,compliance with relevant laws and protection of assets.

RESPONDING TO VARIOUS ISSUES IN COMSYS HOLDINGS’ OPERATING ENVIRONMENTESTABLISHED ADVISORY BOARD AND UNDERTAKING OPERATIONS UTILIZING HOLDING COMPANY FRAMEWORK(Implemented from April 2006)

Promote corporate social
responsibility (CSR)

Expand M&A and alliances totransform business formats andexpand operations■Establish CSR Committee■Upgrade environmental and social contribution■Tie-ups with IT companies

activities■Utilize treasury stock and cash

■Strict adherence to laws (strengthen preventive

measures)■Strengthen internal operation audits and legal

checksStrengthen risk management■Establishment of Risk Management Committee■Establishment of takeover bid countermeasureproject

COMSYS Group

Adhere strictly to compliance

Raise productivity through cost
reductions■Thoroughly implement “COMSYS-style kaizen”■Promote management improvement measures

Establish internal control system

Implement safety measuresthoroughly■Set up internal control deliberation project■Elevate safety awareness■Formulate Basic Policies for Building an Internal■Carry out basic actions thoroughly

Control System

COMSYS Holdings Corporation Annual Report 2006

9

B U S I N E S S AT A G L A N C E

BUSINESS SEGMENT
NTT INFORMATIONTELECOMMUNICATIONENGINEERING BUSINESSThis segment includes the laying and installation of telephone
communication lines and installation of exchange equipment,
construction of wireless base stations and other telecommunications
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.

ELECTRICALCOMMUNICATIONSENGINEERING BUSINESSThis segment includes laying telecommunications lines and constructionof information and communications facilities for communication carriers
other than the NTT Group, so-called New Common Carriers (NCCs), as
well as design and construction of electrical facilities for commercial andpublic facilities, manufacturing plants, condominiums and single-family
homes, in addition to office buildings.

IT SOLUTIONS BUSINESSOur IT Solutions Business integrates know-how and experience we havebuilt up over the years with state-of-the art network technologies toprovide a total solutions service, spanning all stages from thedevelopment of an optimal system integration plan to maintenance.

SOCIAL SYSTEM-RELATEDBUSINESS AND OTHER

The Social System-Related Business and Other includes building andpublic facility construction, civil engineering works, security systems andconstruction of eco systems, such as wind power generation systems andco-generation systems. We are also heavily involved in expressway
construction and air traffic control.

10

COMSYS Holdings Corporation Annual Report 2006

Respective Areas ofBusiness Operations ofGroup Companies

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ou
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M
G
ou
r
CO p
M
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n u
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Ni
SA
TO
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Business Domains

SEGMENT NET SALES•Cable works•Civil engineering works•Switching works
59.9%•Transmission wireless works¥184,117 million (+10.5%)
Share of Net Sales: 59.9%•Mobile communications works

SEGMENT NET SALES•Telecommunications facilities for NCC•Mobile communications works for NCC•General electrical facilities works
23.5%¥72,169 million (-1.8%)
Share of Net Sales: 23.5%•Construction of multi-use underground cable conduit facilities(C . C . BOX)SEGMENT NET SALES•Network integration-related solutions
9.9%•System integration-related solutions•Development and commissioning of all
types of software¥30,701 million (+11.2%)
Share of Net Sales: 9.9%

•Maintenance integration

SEGMENT NET SALES
6.7%•General civil engineering works•Building construction and ancillaryfacilities works•Environmental solutions¥20,496 million (-20.8%)
Share of Net Sales: 6.7%

COMSYS Holdings Corporation Annual Report 2006

11

R E V I E W O F O P E R AT I O N S :NTT INFORMATION TELECOMMUNICATIONENGINEERING BUSINESS
Mobile communications system tower

Net sales in this segment rose 10.5% to¥184,117 million,
and the share of net sales was 59.9%.

Communication construction work in progress (installation of fiber optic cables)

12

COMSYS Holdings Corporation Annual Report 2006

MARKET ENVIRONMENT AND MEASURESNET SALESIn the fiscal year under review, in the NTT business, demand expanded dramatically forcommunications fiber optics-related construction such as B FLET’S, while in the NTT DoCoMo（Millions of yen）

200,000

business, construction expanded for improvement in the quality of FOMA-related basestations to adapt to the introduction of number portability*. The Nippon COMSYS Group

150,000

responded with a fully developed construction structure that includes partner companies.
The TOSYS Group hired and trained a dramatically larger pool of optical engineers and100,000

augmented facilities and equipment to address the rapid expansion in demand for B FLET’S,
as well as reinforced the personnel structure in preparation for further growth.
* A structure and system in which mobile phone users can retain their mobile phone number even when switching to a
new carrier.

50,000

0

05

06

RESULTS OF OPERATIONSNet sales in the NTT Information Telecommunication Engineering Business rose 10.5% to¥184,117 million. The share of net sales increased 3.1 percentage points to 59.9%.
Regarding figures for the previous fiscal year, the accounting period for consolidated
subsidiary Nippon COMSYS Corporation is 15 months due to the effect of changing its
settlement date. Net sales for this segment that assume a 12-month accounting period
resulted in an increase of 12.0%.

OUTLOOK
The market for both NTT and NTT DoCoMo businesses is expected to increase minimally forthe fiscal year ending 31st March, 2007. In addition, capital investment for both businesses insubsequent fiscal years will likely remain unchanged or dip slightly.
NTT aims to construct 30 million new optical cable lines to customer residences by 2010.
With regard to optical-related installation in residential homes, the COMSYS Group is

T O P I C S

working to secure both orders as well as a structure that offers rapid installation dates for
new lines. Nippon COMSYS spun off Kokusai Densetsu Co., Ltd. and Shoji Tsushin Co., Ltd.
into wholly owned subsidiaries in October 2005, and worked to raise efficiency in theexternal construction structure and bolster cost competitiveness in the Tokyo metropolitan
area. As the Group enters an era of full-scale Internet protocol (IP) network proliferation,
the training of IP engineers in order to enter the next-generation network construction
technology field will be crucial. For this reason, plans call for increasing the number of
CCIE-certified* engineers from the current 11 to 80 by the fiscal year ending March 2009.
To address declining capital investment by NTT and NTT DoCoMo from 2007, we willdevelop a maintenance structure that attracts the maintenance business of NTT in line withthe retirement of a large number of the NTT’s maintenance staff. In addition, plans call forbolstering capabilities for handling new businesses by integrating fixed and mobile

Nippon COMSYS was selected as a Tm@Partner Gold
Company by NIPPON TELEGRAPH AND TELEPHONE
EAST CORPORATION in fiscal 2006.

communications, as targeted by NTT DoCoMo, and pursuing greater market share via
aggressive entry into the distributor business* CCIE: Cisco Certified Internetwork Expert, considered worldwide to be equivalent to a doctorate in networking
Cisco Systems is a leading manufacturer of routers and other network equipment.

COMSYS Holdings Corporation Annual Report 2006

13

R E V I E W O F O P E R AT I O N S :ELECTRICAL COMMUNICATIONSENGINEERING BUSINESS

Construction of information management
system for disaster prevention inside a tunnel

Net sales in this segment edged down

1.8% to ¥72,169 million,
and the share of net sales was 23.5%.

Construction of Road Monitoring System during heavy snow

14

COMSYS Holdings Corporation Annual Report 2006

MARKET ENVIRONMENT AND MEASURESNET SALESThe market environment for the fiscal year under review was characterized by continued
expansion in demand in the New Common Carriers (NCC) related business within the（Millions of yen）

80,000electrical communication field amid societal demand for ever greater speed intelecommunications infrastructure as we enter the broadband era. Competition is60,000intensifying in preparation for the scheduled introduction of the number portability system
in 2006. Against this backdrop, the COMSYS Group established branches in the Chugoku,

40,000Shikoku and Okinawa regions in Japan and constructed a new sales and construction
structure to expand volume in the carrier business and grow nationwide. In the electrical

20,000facilities business, we worked to uncover demand within building renovations for electricaland data integration construction for the private sector. Moreover, COMFORCE, the frontend operations support system developed and operated by Nippon COMSYS, was installed in

0

05

06

two core companies. Concurrently, we are working to accelerate management andconstruction management, raise construction quality and raise efficiency in site operations
and support operations.

RESULTS OF OPERATIONSIn the fiscal year under review, net sales in the Electrical Communications Engineering
Business edged down 1.8% to ¥72,169 million. The share of net sales decreased 1.5
percentage points to 23.5%.
Regarding figures for the previous fiscal year, the accounting period for consolidated

T O P I C S

subsidiary Nippon COMSYS is 15 months due to the effect of changing its settlement date.
Net sales for this segment that assume a 12-month accounting period resulted in a declineof 1.0%.

OUTLOOK
We will continue to raise on-site capabilities for the construction of telecommunications
and electrical facilities through COMSYS-style kaizen (improvement), tie greater costcompetitiveness to increased orders, expand market share in the NCC-related business andimprove profitability. Roughly 153 employees seconded from Nippon COMSYS for
assignments in the carrier-related business were transferred to SANWA COMSYSEngineering Corporation on 1st April, 2006. Accordingly, we are working to bolster the

TOSYS was responsible for constructing an
educational facility electrical system designed
around the surrounding natural environment.

structure for carrier-related businesses and expand the business content of the COMSYSGroup.

COMSYS Holdings Corporation Annual Report 2006

15

R E V I E W O F O P E R AT I O N S :IT SOLUTIONS BUSINESS

Various IT solutions of the COMSYS Group on
display at the COMSYS IT Gallery on the 1st
Floor of the Head Office

Net sales in this segment rose 11.2% to¥30,701 million,
and the share of net sales was 9.9%.

Nippon COMSYS booth at Interop Tokyo 2006

16

COMSYS Holdings Corporation Annual Report 2006

MARKET ENVIRONMENT AND MEASURESNET SALES

Recent years have seen demand for comprehensive solutions that merge software andtelecommunications technologies ranging from network solutions for IP telephony, video（Millions of yen）

40,000monitoring, security and similar areas to system solutions for constructing optimal enterprise
resource planning (ERP) and developing mobile operational support systems. The COMSYS

30,000Group aims to expand the IT Solutions Business by expanding business into the IP-related
field by firmly establishing the COMSYS brand via promotion of Comsip IP telephony and20,000other solutions, as well as though the training of highly skilled engineers who can respondrapidly to increasingly sophisticated and diverse customer needs. In April 2005, we

10,000augmented the sales structure through the establishment of the IT Business Division as a
unified organization that will provide one-stop solutions to customers.

0

05

06

RESULTS OF OPERATIONSNet sales for the IT Solutions Business rose 11.2% to ¥30,701 million. The share of net sales
edged up 0.5 percentage point to 9.9%.
Regarding figures for the previous fiscal year, the accounting period for consolidated
subsidiary Nippon COMSYS is 15 months due to the effect of changing its settlement date.
Net sales for this segment that assume a 12-month accounting period resulted in an increaseof 11.5%.

OUTLOOK
At Nippon COMSYS, the IP telephony solution Comsip won the Best of Show Award in the

T O P I C S

People’s Choice category at Interop Tokyo 2005 held at Makuhari Messe in July 2005 as aresult of its strong reputation for capabilities for softphone and mobile Centrex. The regional
data collection system GeoPic also was award the Best of Show Award 2006 for Network
Solutions in the Solutions category at Interop Tokyo 2006 held at Makuhari Messe in June
2006. In the future, we will work to expand business by developing original new productsthat merge network and computer technologies. In November 2005 and January 2006, we
also formed business tie-ups with electrical communications manufacturers SAXA, Inc. andNakayo Telecommunications, Inc., with the aim of expanding into new business fields thatmerge our solutions, products and technologies.
Similarly, the TOSYS Group aims to expand sales to a wide range of government
agencies and general companies by bolstering capabilities in such products as School Office,Nippon COMSYS’ GeoPic was awarded the Best ofShow Award at Interop Tokyo 2006.

which is an operational reform software developed for classrooms, as well as such systems as
an identity verification system, which is an Application Service Provider (ASP) service that canverify the user of a mobile phone in the event of a disaster or other circumstances.

COMSYS Holdings Corporation Annual Report 2006

17

R E V I E W O F O P E R AT I O N S :SOCIAL SYSTEM-RELATED BUSINESS AND
OTHERConstruction of solar power generation system

Net sales for this segment declined

20.8% to ¥20,496 million,
and the share of net sales was 6.7%.

Construction of wind power generation system

18

COMSYS Holdings Corporation Annual Report 2006

MARKET ENVIRONMENT AND MEASURESNET SALESThe Social System-Related Business and Other includes building and public facility
construction, civil engineering works, security systems and construction of environmental（Millions of yen）

30,000systems, such as wind power generation systems and co-generation systems. We are alsoheavily involved in expressway construction and air traffic control. The number of

24,000alternatives that could lead to business opportunities continues to increase for the COMSYS
18,000Group, which has long supported the construction of an electrical communications network
in Japan. Along these lines, specific endeavors included projects to move overhead power

12,000lines underground as promoted by the Japanese Ministry of Land, Infrastructure andTransport and local government entities, as well as the information project to link the entire
nation via fiber optic cable.

6,000
0

05

06

RESULTS OF OPERATIONSIn the fiscal year under review, this business recorded a 20.8% decline in net sales to ¥20,496
million. The share of net sales declined 2.1 percentage points to 6.7%.

T O P I C SRegarding figures for the previous fiscal year, the accounting period for consolidated
subsidiary Nippon COMSYS is 15 months due to the effect of changing its settlement date.
Net sales for this segment that assume a 12-month accounting period resulted in a decreaseof 16.9%.

OUTLOOKThe COMSYS Group will implement new methods and research and development to address
today’s needs, including expanding networks and promoting communications technologies.
The Group is working to expand businesses by realizing “one-stop solutions,” in which
activities can be integrated in everything from broadband infrastructure construction andsuch network systems as Fiber to the Home (FTTH) and all types of digital subscriber lines

SANWA COMSYS Engineering received a joint orderwith NEC Corporation to construct a water
management control facility.

(xDSL), to the design, construction, testing, operation and maintenance of infrastructure
networks amid the proliferation of IP.

COMSYS Holdings Corporation Annual Report 2006

19

C O R P O R AT E G O V E R N A N C E

One management vision of the COMSYS Group is to be seen as the “best choice” company by all stakeholders. To
achieve that goal, the Group built a framework for strengthening corporate social responsibility (CSR) and Group
governance through the establishment of an internal control system in April 2006 for the purposes of adapting readily
to changes in the Group operating environment and raising corporate value.

BASIC PHILOSOPHY REGARDING CORPORATE GOVERNANCE
The COMSYS Group is building an organization and fair management system capable of responding quickly andflexibly to changes in the operating environment. This includes ensuring appropriate and timely information
disclosure and transparency as well as the establishment of internal systems. In this way, we are determined to fulfill
our CSR obligations.

IMPLEMENTATION OF CORPORATE GOVERNANCE INITIATIVESCOMSYS Holdings employs an auditor system. The Board of Directors, made up of 11 executive officers, meetsregularly once a month, and as required. No outside directors sit on the Board. The Board makes decisions on items
stipulated by laws and regulations and important management issues. The five corporate auditors, including two
outside corporate auditors, ordinarily attend these meetings and express opinions on issues related to execution ofbusiness operations. They also audit the performance of duties by directors.

DIRECTORS AND OFFICERS(As of 30th June, 2006)(11) (9) (7) (5) (3)(1)(1) (2) (4) (6) (8) (10)Hirofumi Shimada
President and Representative Director(President and Representative Director of
Nippon COMSYS Corporation)(2)

Hajime Takashima
Director(3)

Kaoru Noda
Director(President and Representative Director of
SANWA COMSYS Engineering Corporation)(4)

Joichi Magara
Director(President and Representative Director of
TOSYS Corporation)(5)

Chusei Sonta
Director(6)

Kunio Ushioda
Director(7)

Etsuo Shibata
Director(8)

Syuichi Tominaga
Director(9)

CORPORATE AUDITORSStanding Auditor

Yoshiaki Miyawaki Masahide Kajiyama
Director(10 ) Akiyoshi Sekiguchi
Director(11) Yoshihiro Mimata
Director

Auditors

Takeo Mizoguchi
Takashi Kakimi*
Kunihiko Gotoh*
Ken Gotoh**Corporate auditors Takashi Kakimi, Kunihiko Gotoh and
Ken Gotoh are outside auditors.

20

COMSYS Holdings Corporation Annual Report 2006

DEVELOPMENT OF AN INTERNAL CONTROL SYSTEM
I. Basic Policies on the Development of an Internal Control System
With the implementation of the Corporate Law as of 1st May, 2006, COMSYS Holdings drafted the Basic Policies for
Building an Internal Control System at the Board of Directors Meeting held on 12th May, 2006, as follows, withparamount emphasis on raising efficacy and efficiency in operations, reliability in financial reporting, compliance withpertinent laws and protection of assets.

1. Basic Policies on Management
2. Structure to ensure that the execution of duties by directors and hired experts is in keeping with corporate law
and the articles of incorporation
3. Structure for the protection and management of information pertaining to the execution of duties by directors
4. Structure for regulations pertaining to risk management for loss and other issues
5. Structure for ensuring that the execution of duties by directors is conducted efficiently
6. Structure for ensuring that business is conducted properly within COMSYS Holdings and the Group
7. Structure for ensuring that the execution of duties by auditors is conducted efficiently

COMSYS Holdings Corporation Annual Report 200621

II. Compliance Initiatives
To assure compliance, the Group has established a Corporate Compliance Committee, chaired by the director
responsible for compliance. This committee meets four times a year. Through discussions among committee members
selected from COMSYS Holdings’ three core companies, the committee works to promote observance of corporate
ethics and disseminate awareness of compliance issues throughout the Group.
In addition, the Group has established an Advisory Board, comprising four external experts (a professor, a lawyer,
a vice chairman of a major IT company and the president of a consulting company) and Board directors to receive
advice and recommendations regarding corporate governance and other issues and reflect such suggestions inoperational management. The Advisory Board meets quarterly.
A COMSYS Group Presidents Committee composed of Group company presidents meets regularly to disseminate
management policies and measures. COMSYS Holdings also applies the Group Company Management Standards to all
Group companies and manager and monitors their activities through mandatory meetings and reports.

III. Risk Management Structure
Amid sweeping changes in the operating environment, the COMSYS Group is cognizant of the importance of properly
managing the numerous risks it faces in order to preserve and further raise corporate value.
From the end of the current consolidated fiscal year, COMSYS Holdings built a foundation for promoting
Groupwide risk management through the establishment of the Risk Management Committee, which oversees the
management of risk for all entities of the COMSYS Group, as well as through the drafting of the Basic Policies on Risk
Management.
The Group also worked to minimize risks through the creation of similar committees in each of the Group
companies for the purpose of handling their particular operational risks when necessary. For example, the committees
handle operational risks through such measures as ensuring that Group companies implement, acquire certificationand maintain certification for management systems tailored to their operations, including ISO 9001, ISO 14001 andConstruction Occupational Health and Safety Management Systems (COHSMS).

IV. Information Disclosure
The COMSYS Group conducts proper disclosure of crucial management information in a timely manner in order topromote understanding and goodwill among such stakeholders as shareholders and investors.
The COMSYS Group discloses information on new orders received, net sales and contract backlog on a monthly
basis, as well as financial results on a quarterly basis. At Company briefings, COMSYS announces its quarterly results
and clearly explains in detail both performance and future prospects. Moreover, the Group holds individual and small
group meetings with investors and analysts.
COMSYS offers a full array of information on its investor relations website and works to post presentationmaterials, news releases and similar materials in a timely and easy-to-understand format.

22

COMSYS Holdings Corporation Annual Report 2006

V. Personal Information Protection
Cognizant of the importance of protecting and managing personal and other information properly in order to gain
the trust of customers and society, COMSYS established the Personal Information Protection and Administration
Committee to oversee activities throughout the Group. Concurrently, the Company drafted the Personal Information
Protection Policy and other policies within a framework to ensure that information security management is conductedin a prudent manner within all Group companies. Every COMSYS Group company is working diligently to protect
personal information by establishing similar committees and measures, promoting information security by obtaining
Information Security Management System (ISMS) and Privacy Mark certification, as well as acquiring and maintaining
other relevant certification.

CORPORATE GOVERNANCE STRUCTURE
OVERVIEW OF GROUP OPERATIONAL STRUCTURE AND OPERATIONAL OVERSIGHT AND INTERNAL CONTROL STRUCTURE

General Shareholders’ Meeting

Board of Directors
Directors (11)Corporate Auditors (5)Board of Corporate Auditors
Corporate Auditors (5)Outside Auditors (3)Senior Management Committee
Directors (11)Standing Corporate Auditor (1)Advisory Board
Group Agreement

Audit

Independent Auditor

Internal Audit Department

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
Compliance
Committee, etc.

Audit Office

Nippon COMSYS Corporation
Board of Corporate
Auditors

Board of Directors
Compliance
Committee, etc.

Audit Office

TOSYS Corporation
Board of Corporate
Auditors

Board of Directors
Compliance
Committee, etc.

Audit Office

Executive
Committee

Executive
Committee

Executive
Committee

Business Departments

Business Departments

Business Departments

COMSYS Holdings Corporation Annual Report 2006

23

C O R P O R AT E S O C I A L R E S P O N S I B I L I T Y ( C S R )BASIC STANCE ON CORPORATE

environmental footprint of its business

SOCIAL RESPONSIBILITY (CSR)

activities. Initiatives extend from lowering

As a comprehensive telecommunications

electricity use and adopting low-emission

and electrical systems engineering services

vehicles to working to recycle 100% of wastecompany, the COMSYS Group’s corporate

generated by construction sites. In design

The COMSYS Group endeavors tophilosophy is to contribute to theand construction projects, we execute acontribute to society in numerous

development of a productive, highly

program that sets goals and timetables foradvanced, information-oriented society.

the proposal of facilities with low

Guided by this philosophy, measuresenvironmental impact and new energy

include ensuring the observance ofsystems, including wind and solar power

Football Championship Tournamentcompliance regulations and that adequate

generation systems.

held in Yokohama on 24th and 25th

TECHNICAL COOPERATION FOR
LIVE BROADCAST OF ELECTRIC
WHEELCHAIR FOOTBALL

ways by offering its expertise in IT.
For example, Nippon COMSYS offeredtechnical aid for the live broadcast of
the 11th Japan Electric Wheelchair

September, 2005. Nippon COMSYS

internal control systems are in place. In thisway, we aim to remain a company that is

SOCIAL CONTRIBUTION INITIATIVES

provided fiber-optic cables and othertrusted and respected by all stakeholders.

The COMSYS Group contributes directly to

infrastructure; Gatten-kun, which is asociety through its business activities,

mobile video relay system that
instantaneously relays photos taken

CSR IMPLEMENTATION STRUCTURE

including constructing social infrastructure

From the fiscal year ended 31st March,and establishing and improving social

2006, in order to actively fulfill its economic

environments. At the same time, however,and social responsibilities as a member of

we are also engaged in activities to givethe event. With these technologies insociety, including contributing to society,back to the community. Examples include

place, supporters who could not

the COMSYS Group established the CSR

sponsoring the Japan Barrier-Free

attend the event due to wheelchair

Committee to oversee CSR on a Groupwide

Association, a non-profit organization;and other access restrictions could

basis. The CSR Committee undertakes

supporting concerts that discover amateur

watch the tournament live with crisp

activities pertaining to compliance,musicians with disabilities; and patronizing

video quality from the convenience

corporate governance, risk management,

the Basic Human Needs (BHN) Association,

information protection, security measures,a non-profit organization that carries out

social contribution and the environment.

activities to promote the spread of

The COMSYS Group’s CSR activities are
outlined below.

with camera-equipped mobile
phones; and wireless LAN handsfree
cameras for highly mobile footage ofof their own homes by accessing a
tournament website.

telecommunications in emerging nations in
Asia and elsewhere in the world. The BHN
Association provides humanitarian aid in

ENVIRONMENTAL INITIATIVES

developing countries and emergency aid

The COMSYS Group is developing businesses

for major natural disasters usingthat can make a direct contribution totelecommunications. It also helps train

reducing the environmental impact of humanpeople to equip them with the skills

activity. These businesses include theneeded to work as electrical andconstruction of wind power generation andtelecommunications technicians. Also in theother new energy systems, air conditioning

fiscal year, the Group contributed disasterduct cleaning systems that raise building

relief aid to the earthquake-devastatedheating efficiency, energy conservation-

region of northern Pakistan via the Nippon

related services and industrial waste recycling.

Keidanren, and contributed to the resource

The COMSYS Group also makes
strenuous efforts to reduce the24

COMSYS Holdings Corporation Annual Report 2006

recovery fund with regard to the illegal
dumping of industrial waste.

Live broadcast of the 11th Japan Electric
Wheelchair Football Championship Tournament

RESEARCH AND DEVELOPMENT

As society rapidly transitions from the telephone era to the Internet protocol (IP) broadband era, the COMSYS Group is pursuing researchand development that critically stresses the development of technologies in new fields tailored to market development strategies as well as
systems for streamlining operations. As such, all endeavors are based on R&D directed toward achieving efficiency and safety in our mainstay
of business of electrical and telecommunications infrastructure construction.
R&D expenditures for the fiscal year under review were ¥242 million.
The key results of R&D carried out at Nippon COMSYS’ Technology Research & Development Center and TOSYS Corporation’s Technology
Research Center are outlined below.

MOBILE COMMUNICATION AREATESTING USING MOTORCYCLE–MOUNTED ELECTROMAGNETICWAVE MEASURING DEVICEGAS PUMP PRESSURE MONITORING
AND ALARM SYSTEM

This is a system for raising efficiency in thepump that sends pressurized gas through

2. Ability to collate and graph data at the

preliminary and mandatory measurement

the cable to prevent breaching by water

monitoring center and centrally manageof electromagnetic waves at the mobile

due to deterioration in the material or

pumps

communications antenna facility. Whilepunctures until the cable can be properly

area tests were originally conducted using a

repaired. Originally, employees would

forecasting of replacement of pumps andmeasuring device mounted in automobiles,

make regular inspections to check gas

malfunction alarms

COMSYS has reduced costs via greaterpump volume verification and perform

4. Troubleshooting capabilities during

operating efficiency through thereplacements. However, this method isnighttime hours through automaticdevelopment of a specialized motorcycle

plagued with problems, such as thefor use in area testing.

difficulty in rapidly troubleshooting when

5. External energy source unnecessary due

there is a dramatic drop in volume, or otherto reliance on solar panel and internal1) can make small adjustment to shorten

emergencies, which cost both time andbatterymeasurement time, 2) improves the quality

money to visit and inspect given the vastof measurement by being able to accessnumber of facilities. In order to resolve suchnarrow streets inaccessible to automobiles,

problems while reducing costs through3) the ability to distinguish between

greater operating efficiency, Nippon

unmeasured and measured routes with an

COMSYS has developed a system that offers

on-board navigation system, and 4) can

24-hour remote monitoring of the volume

alleviate the pollution of the globalof gas pumps and automatically emits anenvironment through reduced fuelalert when pressure falls below a

consumption.

designated level.

1. A monitoring device on each pump for

The metal cables used by NTT in

the purpose of relaying data (pressure,underground installation employ a gas

etc.) on the pump to a monitoring center

3. More efficient replacement via

email alert function

GAS PUMP PRESSURE MONITORING
AND ALARM SYSTEM
Data on the volume ofgas pumps

lar
So nelpa

Automatic
email alert

Monitoring
CenterData on thevolume ofgas pumps(DoPa data)

Central control ofrespective gas pumps
Pressurized gas

Telephonepole

Monitoring
deviceKey features of this motorcycle include:

Key features of the system are as follows:

Pressure sensor

MH

Mobile communication area
testing using motorcyclemounted electromagnetic wave
measuring deviceGascylinderGas pressure
signal wire

COMSYS Holdings Corporation Annual Report 2006

25

O P E R AT I N G C O M PA N I E S
Nippon COMSYS GroupCORPORATE PROFILE OF Nippon COMSYS
Nippon COMSYS Corporation was established as a private construction company inaccordance with the demand to promote the rebuilding of inadequate telecommunication
facilities after WWII. Since it was one of the largest public projects to rebuild the lifeline
telecommunication base of Japan, leaders in Japanese economic society and major
corporations at the time gathered to found our company as The Nippon
Telecommunications Construction Co., Ltd. in 1951.

OVERVIEWIn the NTT Information Telecommunication Engineering Business, the Nippon COMSYS Grouphas relied on a superlative construction structure, which includes partner companies, in orderto handle an increase in broadband access construction chiefly for B FLET’S, as well as handle
an increase in mobile telecommunications carrier construction, particularly in FOMA-relatedbase station construction. In the IT Solutions Business, the IP telephony solution Comsip won
the Best of Show Award in the People’s Choice category at Interop Tokyo 2005 held at
Makuhari Messe in July 2005 as a result of its strong reputation for capabilities for softphone
and mobile Centrex. The regional data collection system GeoPic also was awarded the Best ofShow Award 2006 for Network Solutions in the Solutions category at Interop Tokyo 2006
held at Makuhari Messe in June 2006. It waschosen as the best and most suitable for theyear’s theme from among the over 350
products and solutions nominated. In
addition, in November 2005 and January
2006, we also formed business tie-ups withelectrical communications manufacturers
SAXA, Inc. and Nakayo Telecommunications,
Inc. in order to pursue such aggressive
management activities as expanding
into new business fields thatmerge our solutions, products
and technologies.
We undertook
organizational reforms in
April 2005 in order toexpand business andfurther bolster the

President

Hirofumi Shimada

26

COMSYS Holdings Corporation Annual Report 2006

efficiency of business operations, and established the IT Business Division as a unified
organization that can employ one-stop solutions to handle customers’ needs in system
proposals, construction and operation in order to achieve a full-scale expansion in thesolutions business. As a consequence, we worked to expand business through the pursuit ofmanagement strategy based on customer and market data and the development ofsolutions, while concurrently refining and augmenting branch support and other structures.
In addition, we established the Next-Generation Network Division in September 2005 inorder to construct and expand next-generation Internet protocol (IP) networks and further
reinforced its structure in order to quickly adapt to sophisticated and diverse user needs. We
spun off Kokusai Densetsu Co., Ltd. and Shoji Tsushin Co., Ltd. into wholly owned subsidiaries
in October 2005, and worked to raise efficiency in the external construction structure andbolster cost competitiveness in the Tokyo metropolitan area.

RESULTS OF OPERATIONS
New orders received rose 5.2% to ¥238,046
million due to continued briskness in orders
for B FLET’S-related construction andnumber portability service-related
construction. Net sales increased 3.8% to¥236,177 million owing to an increase incompleted construction in B FLET’S-related
construction on the back of brisk neworders. Net income declined 2.6% to ¥9,053

Winning team of the gold medal at the OpticalCommunications Construction Technology Competition in
the Optical Fiber Connection competition

million as a result of the recording of an
extraordinary loss of ¥2,688 million, which included a special retirement allowance following
business reorganization amounting to ¥1,067 million.
Regarding figures for the previous fiscal year, the accounting period for consolidated
subsidiary Nippon COMSYS is 15 months due to the effect of changing its settlement date.
Net sales for this segment that assume a 12-month accounting period resulted in an increasein net income of 4.6%.

Net Sales

Presentation of a new corporate philosophy and code of
conduct centered around the Value 2010—Committee toPromote Innovation in Corporate Culture

Share of Net Sales（Millions of yen）

250,000
200,000
150,000
100,000

73.5%

50,0000

02 03 04 05 06
COMSYS Holdings Corporation Annual Report 2006

27

O P E R AT I N G C O M PA N I E S
SANCOM GroupOVERVIEWThe SANWA COMSYS Engineering (SANCOM) Group strengthened our market analysis
through sales strategy meetings and pursued monthly income statement management forevery business in order to further expand business and dramatically augment efficiency inbusiness operations chiefly in the carrier-related business in the Electrical Communications
Engineering Business. In addition, we promoted improved efficiency through theintroduction of the Groupwide front-office support system COMFORCE, which wasdeveloped to optimize every area of operations from sales activities to bookkeeping, orders,construction and management.
In terms of sales activities, we developed a new sales and construction structure throughthe establishment of branches in the Chugoku, Shikoku and Okinawa regions.
Roughly 153 employees seconded from Nippon COMSYS for assignments in the carrierrelated business were transferred to SANWA COMSYS Engineering Corporation on 1st April,
2006. Accordingly, we are working to bolster the structure for carrier-related businesses andexpand the business content of the COMSYS Group.

President

Kaoru Noda

28

COMSYS Holdings Corporation Annual Report 2006

RESULTS OF OPERATIONS
New orders jumped 40.2% to ¥56,638 million on the back of strong performance in the
carrier-related business, while net sales increased 29.0% to ¥57,029 million. With regard toincome, while we recorded an extraordinary loss of ¥342 million in the form of a transfer toallowance for bad debt for Heisei Denden Co., Ltd., net income was ¥598 million, partly as aresult of the recording of extraordinary income of ¥143 million from a gain on sale ofinvestment securities.

Installation of antennas for mobile phone bases stations

Installation of power supply equipment for mobile phonebase stations

Electrical and infrastructure construction for TOKYOINTERNATIONAL FORUM

Net Sales

Share of Net Sales（Millions of yen）

60,00048,00017.7%

36,00024,00012,0000

02 03 04 05 06
COMSYS Holdings Corporation Annual Report 2006

29

O P E R AT I N G C O M PA N I E STOSYS GroupOVERVIEW
Based on its core policy of “From customer satisfaction to customer passion,” the TOSYSGroup worked aggressively in such efforts as bolstering the construction structure to maintain and improve quality, and provided services designed from the customer’s perspectivethat accurately respond to the demands of increasingly diverse and sophisticated customers.
In particular, in the NTT Information Telecommunication Engineering Business, the TOSYSGroup hired and trained a dramatically larger pool of optical engineers and augmented facilities and equipment to address the rapid expansion in demand for B FLET’S.
In the IT Solutions Business, the TOSYS Group worked to expand sales to a wide range ofgovernment agencies and general companies by bolstering capabilities in such products as
School Office, which is an operational reform software developed for classrooms, as well assuch systems as an identity verification system, which is an Application Service Provider (ASP)
service that can verify the user of a mobile phone in the event of a disaster or other circumstances.
To adapt to the NTT Group’s Medium-Term Management Strategy, we undertook a fundamental overhaul of all levels of the engineering structure, which included strengthening
the structures of partner companies, while restructuring the organization toward
improving profits for the IT Solutions
Business in April 2006. Consequently,
we will endeavor to augment thestructure to be able to achieve the
COMSYS Group’s management vision.

President

Joichi Magara

30

COMSYS Holdings Corporation Annual Report 2006

RESULTS OF OPERATIONS
New orders rose 2.7% to ¥29,128 million owing to increased demand for B FLET’S. Net sales
edged up 1.7% to ¥28,347 million. Net income declined 56.3% to ¥226 million due to temporarily worsening profitability stemming from the need to invest funds in strengthening thestructure to adapt to rapid growth in demand for B FLET’S in the NTT Information
Telecommunication Engineering Business.

Communications line construction (laying of optical cables
for B FLET’S)

Underground installation of fiber optic cable

Installation of solar power generation systems

Net Sales

Share of Net Sales（Millions of yen）

30,0008.8%

24,00018,00012,0006,000
002 03 04 05 06
COMSYS Holdings Corporation Annual Report 2006

31

O R G A N I Z AT I O N A L S T R U C T U R E O F T H E C O M S Y S G R O U P

The 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 IT solutions business. As of March 2006, the Group comprises 31 consolidated subsidiaries.

Nippon COMSYS Corporation
Address:
23-14, Takanawa 3-chome,
Minato-ku, Tokyo 108-0074, Japan
Establishment: December 1951
Number of Employees:
Consolidated
4,810
Non-consolidated
3,187
URL: http://www.comsys.co.jp/

SANWA COMSYSEngineering Corporation
Address:
6-17, Aobadai 3-chome,
Meguro-ku, Tokyo 153-0042, Japan
Establishment: September 1947
Number of Employees:
Consolidated
1,200
Non-consolidated
640

Number of Consolidated Subsidiaries:
15 companies

URL: http://www.sancom-eng.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 Kyusyu Engineering Co., Ltd.

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.

Number of Consolidated Subsidiaries:
6 companies

1. On 1st April, 2005, SANWA ELEC Co., Ltd. was renamed SANWA COMSYS Engineering Corporation.
2. Kokusai Densetsu Co., Ltd. became a wholly owned subsidiary of Nippon COMSYS on 1st October, 2005.
3. TOSYS Niigata Co., Ltd. and TOSYS Ryokuka Co., Ltd. merged into TOSYS Niigata Co., Ltd. on 1st October, 2005.

32

COMSYS Holdings Corporation Annual Report 2006

TOSYS Corporation
Address:
1108-5, Higashiyama Aza, Watauchi,
Wakaho, Nagano, Nagano 381-0193, Japan
Establishment: January 1960
Number of Employees:
Consolidated
1,047
Non-consolidated
403
URL: http://www.tosys.co.jp/
Number of Consolidated Subsidiaries:
7 companies

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.

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 2006

33

MANAGEMENT DISCUSSION AND ANALYSISPROFILE OF COMSYS GROUPCOMSYS Holdings Corporation (the “Company“) was established as amethod affiliates in the fiscal year ended 31st March, 2004). The increase

holding company as the result of share transfers from Nippon COMSYS

in the number of consolidated subsidiaries compared with the previous

Corporation, SANWA ELEC Co., Ltd. (now SANWA COMSYS Engineering

fiscal year was due to the reorganization of subsidiaries through mergers.

corporation) and TOSYS Corporation on 29th September, 2003. The
COMSYS Group comprises COMSYS Holdings (the holding company), theConsolidated Business Results: Fiscal Years Ended 31st March, 2005 and 2006

above 3 companies, 42 subsidiaries and 16 affiliates. The COMSYS

Certain consolidated subsidiaries of Nippon COMSYS changed their balance sheet

Group’s main businesses comprise electrical and telecommunications

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

infrastructure construction services centered on telecommunications

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

infrastructure and electrical facilities, and other businesses, including the ITof the COMSYS Group for the fiscal year ended 31st March, 2004 include thesolutions business.
The consolidated financial statements of COMSYS Holdings for the
fiscal year ended 31st March, 2006 include the accounts of 31

financial 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 toconsolidated subsidiaries (30 in the fiscal year ended 31st March, 2005).
COMSYS Holdings did not have any affiliates accounted for by the equity

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

method in the fiscal year ended 31st March, 2005 (there were no equity-

OVERVIEWIn the fiscal year under review, the Japanese economy remained on a path

Against this backdrop, the Group implemented three reforms. The

to recovery despite such destabilizing factors as soaring raw materials

first reform—maximizing the synergistic effects of the merger throughprices, including crude oil and metals. The key factors were an increase in

selection and concentration of businesses—was pursued through suchcapital spending following an upturn in corporate profits in a wide rangeorganizational restructuring as the reallocation of employees following theof industries, as well as an expansion in consumer spending amid a robust

revision of business fields among integrated business companies. The

stock market and a rebound in consumer sentiment.

second reform—expansion of the IT solutions business—was undertaken

In the telecommunications infrastructure construction industry,by expanding into the Internet protocol (IP) related field through theinformation and communication technologies (ICT) is rapidly taking hold as

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

a bedrock of society as evidenced by such trends as increased

as well as by developing a group of highly skilled engineers who cantelecommuting via communications networks, remote medical treatment,

rapidly address the needs of a diverse array of customers. The third

e-government services as well as remote surveillance for disasterreform—the promotion of management reforms—was pursued

prevention, which is all in keeping with the Japanese government’s goal ofGroupwide by reducing materials and personnel costs through greater

realizing a ubiquitous network society as spelled out in its “u-Japan Policy”

concentration and efficiencies employing such measures as centralized

and “IT New Reform Strategy.” Communications and broadcastingpurchasing and joint operations, as well as by revising outsourced costs

services continue to be integrated amid rapidly expanding demand forthrough clarification of roles and responsibilities in relationship to partner

broadband services chiefly in optical access services, the arrival of number

companies, including the revision of fundamental work duties as spelledportability services in the mobile communications field and the entry ofout in COMSYS-style kaizen (improvement).

new communications carriers, while competition among electricalcommunications companies grows ever fiercer to acquire customers withmore sophisticated and differentiated services.

34

COMSYS Holdings Corporation Annual Report 2006

NEW ORDERS RECEIVED
New orders received in the fiscal year under review increased 7.9% tonumber portability related construction, as well as in mobile¥310,005 million on the back of strong orders in the NTT Information

telecommunications carrier-related construction in the NTT Information

Telecommunication Engineering Business segment for to B FLET’S and

Telecommunication Engineering Business.

RESULTS OF OPERATIONS
Amid such robust new orders received, net sales rose 4.7% to ¥307,485

of operations. Selling, general and administrative expenses as a percentage

million from the effects of reallocating personnel among integratedof net sales edged down 0.4 percentage point to 6.7%. As abusinesses via business restructuring as well as strengthening theconsequence, operating income rose 8.3% to ¥16,319 million, while theconstruction structure within the Group and partner companies. NTT

operating income to net sales ratio improved 0.2 percentage point toGroup-related projects represented 59.9% of net sales. The cost of sales

5.3%. In addition, while an extraordinary loss of ¥3,134 million wasrose 5.0% to ¥270,602 million as a result of intensifying competition andrecorded from the impact of an allowance for doubtful receivables fora decrease in the scale of construction, while the cost of sales ratio

Heisei Denden Co., Ltd., special payment on employees’ retirement for

improved 0.2 percentage point to 88.0%. Selling, general andbusiness restructuring and others, net income jumped 20.1% to ¥10,031

administrative expenses declined 1.3% to ¥20,564 million as a result of

million due to the recording of extraordinary income of ¥803 million

promotion of COMSYS-style kaizen (improvement), clarification of roles

mainly from gain on sales of investment securities. The ratio of net income

and responsibilities in relationship to partner companies and concentration

to net sales improved 0.5 percentage point from 2.8% to 3.3%.
Note: The effect of the inclusion of the accounts of certain consolidated subsidiaries for aperiod of 15 months due to a change in their fiscal year-end in the previous term
(Results of operations for the period from 1st January, 2005 to 31st March, 2005)
resulted in new orders received of ¥2,988 milion, net sales of ¥4,068 mllion, operating income of ¥1,121 million and net income of ¥642 million.

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

187,977

184,117

Electrical Communications
Engineering Business

70,281

72,169IT Solutions Business

33,01930,701Social System-Related
Business and Other

18,727

20,496

Total

310,005

307,485

COMSYS Holdings Corporation Annual Report 2006

35

RESULTS OF OPERATIONS OF THE THREE CORE COMPANIES
Nippon COMSYS GroupSANCOM GroupNew orders received increased 5.2% to ¥238,046 million on the back ofIn the NTT Information Telecommunication Engineering Business segment,strong orders for B FLET’S related construction and number portability

new orders received rose 40.2% to ¥56,638 million and net sales were up

service related construction. Net sales rose 3.8% to ¥236,177 million due

29.0% to ¥57,029 million amid brisk telecommunications carrier-related

to an increase in completed B FLET’S construction following brisk orders.

construction. Operating income jumped 265.1% to ¥1,317 million fromOperating income increased 6.6% to ¥14,423 million owing to the effects

the impact of dramatically increased sales and efforts to promote profit

of promotion of COMSYS-style kaizen (improvement), clarification of roles

management and reduce costs. An extraordinary loss of ¥342 million was

and responsibilities in relationship to partner companies and reduction ofrecorded from an allowance for doubtful receivables for Heisei Denden,

costs through concentration of operations. Moreover, net income declined

while extraordinary income of ¥143 million was recorded from gain on

2.6% to ¥9,053 million as a result of special payments on employees’

sales of investment securities, the aggregate of which contributed to net

retirement of ¥1,067 million for use in business restructuring.

income of ¥598 million, compared with a net loss of ¥2,583 million in the

Regarding figures for the previous fiscal year, the accounting periodprevious term.

for consolidated subsidiary Nippon COMSYS is 15 months due to theeffect of changing its settlement date. Net sales for the 12-month period

SANCOM Group

Millions of yen

Amountrose 4.6%.
Nippon COMSYS Group

Millions of yen

New orders received

56,638 (+40.2%)

Net sales

57,029 (+29.0%)

Operating income

1,317 (+265.1%)

Net income

598 (—)

AmountNew orders received

238,046(+5.2%)Net sales

236,177(+3.8%)

Operating income

14,423(+6.6%)Net income

9,053(–2.6%)

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

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

TOSYS GroupNew orders received rose 2.7% to ¥29,128 million amid increased demandfor B FLET’S, while net sales edged up 1.7% to ¥28,347 million. Operating
income fell 42.9% to ¥554 million and net income dropped 56.3% to¥226 million. The key factor for this decline was a temporary worsening in
profitability given the need to assume costs associated with reinforcing theoperating structure to address the rapidly expanding demand for B FLET’S
in the NTT Information Telecommunication Engineering Business segment.
TOSYS Group

Millions of yen

AmountNew orders received

29,128 (+2.7%)

Net sales

28,347 (+1.7%)

Operating income

554 (-42.9%)

Net income

226 (-56.3%)

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

36

COMSYS Holdings Corporation Annual Report 2006

FINANCIAL POSITIONASSETS

CASH FLOWS

Total assets as of 31st March, 2006, were ¥220,786 million, an increase of

Net cash provided by operating activities declined ¥5,607 million to ¥9,128¥12,105 million. This was attributed to increases in notes and accounts

million. The key factor for the decline was an increase in receivables—trade.

receivable—trade and accumulated cost of construction in progress, as

Net cash used in investing activities rose ¥308 million to ¥5,139

well as a rise in and property and equipment. Total current assets

million due to an increase in investment securities, net and acquisitions ofincreased ¥9,287 million to ¥151,357 million mainly due to the effects ofproperty and equipment.

increases in notes and accounts receivable—trade and accumulated cost of
construction in progress. Investment and other assets increased ¥2,364

As a result of the above, free cash flows decreased ¥5,915 million to¥3,989 million.

million to ¥22,012 million. The key factor was an increase in investment

Net cash used in financing activities decreased ¥3,795 million tosecurities from the acquisition of stock. Property and equipment rose ¥454

¥3,631 million. Cash was mainly used for the repayment of long-term debt

million to ¥47,417 million chiefly owing to an increase in machinery andand cash dividends paid.

equipment in preparation for construction work.

Cash and cash equivalents at the end of the fiscal year under review
increased ¥358 million to ¥35,814 million, which included an additional

LIABILITIES AND SHAREHOLDERS’ EQUITY¥169 million in cash and cash equivalents arising from the addition of

Total liabilities increased ¥2,853 million to ¥82,357 million. The key factor

subsidiaries in the scope of consolidation.

was an increase in accounts payable—trade and advances received on
construction in progress. Interest-bearing debt declined ¥1,084 million to¥3,608 million.
Shareholders’ equity increased ¥9,098 million to ¥137,161 million
primarily as a result of an increase in retained earnings, reflecting higher
net income.
Consequently, the equity ratio rose from 61.4% to 62.1%.

REMUNERATION FOR DIRECTORS AND CORPORATE AUDITORS
Remuneration paid to 10 directors, including three directors who assumed

to directors and ¥1 million to auditors, was paid pursuant to a resolution

the posts on 29th June, 2005, totaled ¥50 million, while remuneration paid

approved at the Second Annual General Meeting of the Shareholders on

to five auditors, including one auditor who assumed the post on 29th June,

29th June, 2005.

2005, totaled ¥19 million, for a total remuneration of ¥69 million.
Directors’ retirement allowance of ¥12 million, which comprised ¥11 million

Fees paid to the COMSYS Group’s auditor, Certified Public Accountants
O-Yu Kyodo Office, were ¥39 million for audit certification work.

COMSYS Holdings Corporation Annual Report 2006

37

BUSINESS RISKSThe COMSYS Group believes its performance and financial position(3) Risk from Changes in Seasonal Business Patterns(including share price) are exposed to the following main risks. Moreover,In the Group’s mainstay business area of electrical and telecommunications

forward-looking statements in the sections below are assessments madeinfrastructure construction services, because of a tendency to focus on theby the Group at the fiscal year-end.

month of March, when year-end performance of orders and sales isrecorded, there is a possibility for performance between the first half and(1) Risk from Dependency on a Specific Customer

the second half of the fiscal year to differ significantly.

Since the NTT Group is the key customer of the COMSYS Group’s electricaland telecommunications inftustructure construction services, accounting(4) Risk Involved in Holding Assets

for more than 50% of business, a risk to the performance of the Group is

Since the COMSYS Group holds real estate, investment securities andpossible due to changes in the scale and framework of capital investment

pension assets when needed in the course of business, a risk to thewithin the NTT Group.

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

(2) Risk to Safety and Quality(5) Credit Risk of Business Customers

With the goal of eradicating accidents involving both personnel and

The COMSYS Group conducts stringent credit management with regard tofacilities based on the motto of “Prioritizing Safety in Everything,” theits business customers by relying on outside research agencies, while also

COMSYS Group is working to manage safety and quality in construction

constructing a reliable structure to avoid credit risk by screening contracts

by implementing employee training and other measures within the Groupthrough the Legal Department. Nevertheless, a risk to the performance ofand among partner companies. Nevertheless, a risk to the performance of

the Group is possible if the credit of business customers fails, resulting in

the Group is possible when an accident occurs that results in the loss ofan inability to recover construction costs in the case of an individual

trust among business customers, a loss of potential orders due to acustomer or in the delay of construction in the case of a contractor.

temporary 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 is employing an
Information Security Management System (ISMS) as well as acquiringcertification for the Privacy Mark to take all possible measures in ensuring
the protection of information within the Group. Nevertheless, a risk to theperformance of the Group is possible when information is leaked via suchchannels as outsourcing partners, where information is handled andmanaged, or via a crime involving illegal access from outside, which resultsin the loss of trust among business partners or the assumption of
responsibility for damages due to accusations of mismanagement.

38

COMSYS Holdings Corporation Annual Report 2006

SELECTED FINANCIAL AND OPERATING DATACOMSYS Holdings Corporation and Consolidated Subsidiaries
Years ended 31st March, 2005 and 2006

Thousands of
U.S. Dollars(Note 1)Millions of Yen
2005

2006

2006

Results of Operations:
New orders received during the year¥

287,376

310,005$ 2,639,014

Net sales

293,681

307,485

2,617,562

Operating income

15,062

16,319138,921

Income before income taxes and other adjustments to net income

14,17016,423

139,806

Net income

8,349

10,031

85,392

Capital expenditure

3,260

4,823

41,057

326

242

2,060

Research and development expenditure¥

Financial Position:
Total assets¥

208,681

220,786$ 1,879,510

Property and equipment

46,96347,417

403,652

Long-term debt

2,768

314

2,673

128,063

137,161

1,167,626

Shareholders’ equity¥

Interest-bearing debt

4,692

3,608

30,714

Modified working capital

65,60967,995

578,829

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

¥

58.42

¥

69.65

$

0.59

Cash dividends

15.00

15.00

0.13

Shareholders’ equity

906.92964.70

8.21

Operating income to net sales (%)

5.1

5.3

Net income to net sales (%)

2.8

3.3

R&D expenses to net sales (%)

0.1

0.08

Financial Ratios:

SG&A expenses to net sales (%)

7.1

6.7

Equity ratio (%)

61.4

62.1

Return on equity (%)

6.7

7.6

Return on total assets (%)

4.0

4.7

Interest coverage (times)

91.00

175.59Debt/equity ratio (%)

0.04

0.03

Other Statistics:
Number of employees at fiscal year-end (persons)

6,746

7,081

145,977

145,977

High

1,010

1,796

Low

683

857

Common stock issued (thousand shares)
Common stock price range

Notes: 1. For convenience only, the accompanying Japanese yen figures for 2006 have been translated into U.S. dollars at the rate of ¥117.47 to $1, the rate prevailing on 31st March, 2006.
2. Consolidated results for fiscal 2005 include 15 months of operating results at a Nippon COMSYS Corporation consolidated subsidiary due to a change in fiscal year-end(from 31st December to 31st March).

COMSYS Holdings Corporation Annual Report 2006

39

CONSOLIDATED BALANCE SHEETSCOMSYS Holdings Corporation and Consolidated Subsidiaries
As of 31st March, 2005 and 2006

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

ASSETS
2005

2006

2006

Current Assets:
Cash and cash equivalents¥

35,287¥35,814$

304,878

Short-term investments (Notes 3 and 4)

2,288

2,442

20,788Notes and accounts receivable—trade

80,04583,738712,846

Inventories:
19,375

21,973

187,052

Deferred income taxes (Note 7)

Accumulated cost of construction in progress

2,884

3,262

27,769Other current assets

2,411

4,346

36,997

Less: Allowance for doubtful receivables

(220)

(218)

(1,856)142,070

151,357

1,288,474

Total current assets

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

663

1,067

9,083

Other (Notes 3)

5,338

6,921

58,917Long-term loans receivable

3,678

4,233

36,035

Deferred income taxes (Note 7)

3,108

2,420

20,601Other assets

9,163

10,48489,248Less: Allowance for doubtful receivables(2,302)(3,113)(26,500)

19,64822,012

187,384

Land (Note 4)

26,091

26,769227,879

Buildings and structures (Note 4)

29,35129,018247,025

Machinery and equipment

18,166

18,958161,386

11

3

26(26,656)(27,331)(232,664)

Total investments and other assets

Property and Equipment:

Construction in progress
Less: Accumulated depreciation
Total property and equipment
Total assets
See Notes to the Consolidated Financial Statements.

40

COMSYS Holdings Corporation Annual Report 2006

46,963¥

208,681¥

47,417

403,652

220,786$ 1,879,510

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

LIABILITIES AND SHAREHOLDERS’ EQUITY
2005

2006

2006

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

¥

1,924

¥

3,294

$

28,041

Accounts payable—trade44,29949,773423,708

Advances received on construction in progress

4,754

6,779

57,709

Income taxes payable

3,924

1,742

14,830

Other current liabilities

6,939

6,580

56,014

61,84068,168580,302

Total current liabilities
Long-term Liabilities:
Long-term debt (Note 4)

2,768

314

2,673

Accrued severance indemnities (Note 5)

5,633

4,889

41,619Deferred income taxes (Note 7)

1,258

2,417

20,576

Deferred tax liabilities for unrealized gains on land revaluation (Note 10)

2,366

2,366

20,141

Consolidation adjustments account

5,585

3,961

33,719

54

242

2,060

17,664

14,189120,788

1,114

1,268

10,794

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

10,00010,00085,128Additional paid-in capital

56,61356,942484,737

Retained earnings

72,90480,394684,379

Unrealized loss on land revaluation (Note 10)(7,923)(7,897)(67,226)

366

850

7,236

131,960

140,289

1,194,254

Unrealized gain (loss) on securities
Treasury stock, at cost
Total shareholders’ equity
Total liabilities and shareholders’ equity¥(3,897)(3,128)(26,628)

128,063

137,161

1,167,626

220,786$ 1,879,510

208,681¥COMSYS Holdings Corporation Annual Report 2006

41

CONSOLIDATED STATEMENTS OF INCOMECOMSYS Holdings Corporation and Consolidated Subsidiaries
Years ended 31st March, 2005 and 2006

Thousands of
U.S. Dollars(Note 1)Millions of Yen
2005

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

¥

2006

293,681257,792
35,88920,827
15,062¥

2006

307,485
270,60236,883
20,564
16,319$ 2,617,562
2,303,584
313,978
175,057
138,921

265
(168)
(989)
(892)
14,170

244
(94)
(46)
104
16,423

2,077
(800)
(392)
885
139,806

6,752
(795)
5,957
(136)
8,349

5,167
1,099
6,266
126
10,031

43,986
9,355
53,341
1,073
85,392¥$Thousands of
U.S. Dollars(Note 1)Millions of Yen

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

Weighted average number of shares (in thousands)

58.42
—
15.00

¥

145,977

69.65
69.62
15.00

$

0.59
0.59
0.13

145,977

See Notes to the Consolidated Financial Statements.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITYCOMSYS Holdings Corporation and Consolidated Subsidiaries
Years ended 31st March, 2005 and 2006

Thousands of
U.S. Dollars(Note 1)Millions of Yen
2005

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
Deccreases 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 2006¥¥

10,00010,0002006¥

10,00010,0002006$

85,12885,12856,613——56,61356,613480(151)
56,942481,936
4,086(1,285)484,737

66,8458,349
128—(1,693)(134)(591)
72,90472,904
10,031—(14)(2,397)(104)(26)
80,394620,618
85,392—(119)(20,405)
(886)
(221)
684,379¥$

CONSOLIDATED STATEMENTS OF CASH FLOWSCOMSYS Holdings Corporation and Consolidated Subsidiaries
Years ended 31st March, 2005 and 2006

Thousands of
U.S. Dollars(Note 1)Millions of Yen
2005

2006

2006

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

14,170¥16,423$

139,806

Depreciation and amortization

4,287

3,794

32,298Gain on sales of fixed assets

(438)

(48)

(409)

Write-down of investments in securities and other assets

481

8

68

Loss on impairment of fixed assets

423

—

—

Increase in allowance for doubtful receivables

21

804

6,844

Decrease in accrued severance indemnities(1,344)(680)(5,789)Interest and dividends received

(265)

(244)

(2,077)

Interest expenses

168

94

800

Loss on disposal of property and equipment

125

579

4,929

Decrease (increase) in receivables—trade

1,611(3,296)(28,058)

Decrease (increase) in inventories

4,038(2,481)(21,120)

Increase in payables—trade

3,187

4,076

34,698(63)(2,529)(21,529)(2,157)

2,268

19,307

(143)

(113)

(962)

(1,628)(1,838)(15,646)

Increase in other assets
Increase (decrease) in other liabilities
Directors’ bonuses paid
Amortization of consolidation adjustments
Other, net

(302)

(244)

(2,077)

22,171

16,573141,083

Cash and cash equivalents received on interest and dividends income

265

244

2,077

Cash and cash equivalents paid for interest expenses

(173)

(94)

(800)

Cash and cash equivalents paid for income taxes(7,528)(7,595)(64,655)

Net cash provided by operating activities

14,735

9,128

77,705(1,930)(154)(1,311)77(868)(7,389)(2,753)(4,159)(35,405)

Acquisitions of other assets

(519)

(610)

(5,193)

Proceeds from sale of property

2,123

296

2,520

Increase in long-term loans(1,078)(1,169)(9,951)
5,389

Cash Flows from Investing Activities:
Increase in short-term investments, net
Decrease (increase) in investment securities, net
Acquisitions of property and equipment

Collection of long-term loans

496

633

(1,247)

892

7,593

(4,831)(5,139)(43,747)

Decrease in short-term borrowings, net(1,186)(372)(3,167)

Repayment of long-term debt

(3,200)(762)(6,487)

Proceeds from long-term debt

27

—

—

Redemption of bonds at maturity(1,300)

—

—

(70)

(94)

(800)

(1,697)(2,403)(20,456)(7,426)(3,631)(30,910)Net Increase in Cash and Cash Equivalents

2,478

358

3,048

Cash and Cash Equivalents at Beginning of Year32,88935,287300,391

Increase Due to Business Combination

—

169

1,439

Decrease Due to Elimination of a Consolidated Subsidiary

(80)

—

Other
Net cash used in investing activities
Cash Flows from Financing Activities:

Acquisitions of treasury stock
Cash dividends paid
Net cash used in financing activities

Cash and Cash Equivalents at the End of Year¥35,287¥35,814—$

304,878

See Notes to the Consolidated Financial Statements.

COMSYS Holdings Corporation Annual Report 2006

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, the(“Nippon COMSYS”), SANWA COMSYS Engineering Corporation (“SANCOM”) and“Companies”) maintain their accounting records and prepare their financial

TOSYS Corporation (“TOSYS”) as stipulated in Article 364 of the Commercial Code ofstatements in conformity with accounting principles and practices generally acceptedJapan (the “Commercial Code”). All of the three subsidiaries are mainly engaged inin Japan (the “GAAP of Japan”), which differ in certain respects as to application andconstruction of telecommunications infrastructure.

disclosure requirements from International Accounting Standards. The accompanying

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

consolidated financial statements have been compiled from the consolidated financial

accompanying consolidated financial statements have been presented in Japanesestatements filed with the Financial Services Agency as required by the Securities andyen and have also been presented in U.S. dollars by translating all Japanese yen

Exchange Laws of Japan. Certain reclassifications of account balances have beenamounts using the rate of ¥117.47 to US$1. The presentation of such dollar amounts

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

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

familiar to readers outside Japan.

amounts have been or could be converted, realized or settled in dollars at that or at

The Company is a holding company established on 29th September, 2003 as aany other rate.

business combination by the transfer of shares of Nippon COMSYS Corporation

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(a) Principles of consolidation“Accumulated cost of construction in progress” and the related billings (advances

The accompanying consolidated financial statements include the accounts of thereceived) on uncompleted construction contracts are shown as “Advances received on

Company and 31 subsidiaries (see “Corporate Directory” at the last page of thisconstruction in progress” in the accompanying balance sheets.

annual report) over which the Company exerts substantial control either through(d) Cash and cash equivalents

majority ownership of voting shares and/or by other means. For the purposes ofCash and cash equivalents include all highly liquid investments, generally with original

preparing the consolidated financial statements, all significant inter-company

maturities of three months or less, those are readily convertible to known amounts oftransactions, account balances and unrealized profits among the Companies havecash and are so near maturity that they present insignificant risk of changes in value

been eliminated.

because of changes in interest rates.

The accounts of other subsidiaries and affiliates were not consolidated, since their(e) Short-term investments and investment securities

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

The GAAP of Japan requires the classification of short-term investments andthe total consolidated results of operations and assets. Also, investments ininvestment securities (except for “unconsolidated subsidiaries and affiliates”) of theunconsolidated subsidiaries and affiliates are carried at cost due to their immateriality.

Companies into three categories as follows:

COMSYS Shared Service Corporation became a consolidated subsidiary due to itsi)materiality acquired. KOKUSAI DENSETSU Co., Ltd. became a consolidated subsidiary,
since it was acquired by Nippon COMSYS on 1st October, 2005. TOSYS Ryokuka Co.,

ii)

Ltd. (a consolidated subsidiary) was merged into TOSYS Niigata Co., Ltd. (again (loss) on securities,” net of applicable income taxesiii)

31st March, while certain subsidiaries changed their fiscal year-end from 31st December

In the consolidation of Nippon COMSYS, SANCOM and TOSYS, the Company

Other securities whose fair values are not readily determinable: carried at costusing moving-average method

to 31st March in 2005. Accordingly, these subsidiaries were consolidated using theirfinancial statements for the 15-month period ended 31st March, 2005.

Other securities whose fair values are readily determinable: carried at fair value
with unrealized gains or losses included in Stockholders’ Equity as “Unrealized

consolidated subsidiary) on 1st October, 2005.
All of the subsidiaries were consolidated on the basis of fiscal periods ending

Debt securities that are expected to be held-to-maturity: carried at accumulated
cost using straight-line method

With respect to investments in unconsolidated subsidiaries and affiliates, theCompanies are carrying their amounts at cost, determined by the moving-average
cost.

comprehensively applied the pooling-of-interest method to Nippon COMSYS and its(f) Derivative financial Instruments

subsidiaries as the acquiring group and the purchase method to SANCOM and TOSYS

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

and their subsidiaries as the acquired group, after considering the ratio of the transfer

and foreign currency exchange rates incurred in the ordinary course of business.

of shares of each company as well as other factors in accordance with “Accounting for

Hedging instruments include interest rate options contracts, interest rate swap

the Consolidation of the Holding Company Established by Exchange or Transfer ofcontracts and forward foreign exchange contracts.

Shares” (JICPA Accounting Committee Research Report No.6).
Goodwill arising from the aforementioned business combination is amortized at

Derivatives are recorded at fair value.
(g) Accumulated cost of construction in progress

the incurrence; while others are mainly amortized over a period of 5 years using the

In connection with (c) above, “Accumulated cost of construction in progress” is statedstraight-line method.

at cost 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 building

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

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

could differ from these estimates.

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-

44

COMSYS Holdings Corporation Annual Report 2006

line method over the estimated useful lives of assets. The useful life of software

consolidated financial statements, deferred tax assets and liabilities also arose from theutilized in the Companies is estimated to be 5 years. Research and development costs

elimination of unrealized profits among the Companies and the adjustment of theare charged to income as incurred.

allowance for doubtful receivables caused by the offsetting of inter-company(j) Leases

receivables and payables.

Financial leases that do not transfer ownership of the property to lessee are accounted(m) Appropriations of retained earnings

for as rent transactions. Under the GAAP of Japan, financial leases in which ownership

Appropriations of retained earnings of the Company at each year-end are reflected inof the property is deemed to be transferred to the lessee are treated as capital leases;

the consolidated financial statements for the following year upon shareholders’

while it is permitted to treat others as operating leases if certain “as if capitalized”

approval (See Note 12).

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

(n) Net income and cash dividends per share(k) Impairment of long-lived assets

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

Accounting standards for impairment of fixed assets were adopted by the Companies

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

from the year ended 31st March, 2005.

deductions of the amounts with which stockholders of common stock are not vested(l) Income taxes(e.g. bonus paid to directors and corporate auditors) from net income when

Deferred tax assets and liabilities arising from temporary differences between financial

computing net income per share.

and tax reporting are measured using the enacted tax rates and laws which will be ineffect when the differences are expected to reverse. In the preparation of the

Cash dividends per share are based on the cash dividends applicable to therespective years, including dividends to be paid after the end of the year.

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

account balances made to present the consolidated financial statements, consists ofstatements by the regulations and rules on disclosures under the Securities andthe following.

Exchange Laws of Japan, as amended to conform to certain reclassifications of(a) Debt securities that are expected to be held-to-maturity whose fair value was readily determinable as at 31st March, 2005 and 2006, were as follows:
Millions of yen

Thousands of U.S. dollars

31st March, 2005

Japanese government bonds

31st March, 2006

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, 2005 and 2006, were as follows:
Millions of yen

Thousands of U.S. dollars

31st March, 2005
Cost

Classification

StocksBonds and debentures
OthersTotal¥ 1,16458
1,578¥ 2,800

Gross
Unrealized
Gains

Gross
Unrealized
Losses

¥

¥

¥

714
0
131
845

¥

50
—
98
148

31st March, 2006
Fair
Value

Cost

Gross
Unrealized
Gains

Gross
Unrealized
Losses

Fair
Value

Cost

Gross
Unrealized
Gains

Gross
Unrealized
LossesFair
Value¥ 1,82858
1,611¥ 3,497¥ 1,743538
1,154¥ 3,435¥ 1,6131430¥ 2,044

¥ 148
34
42
¥ 224

¥ 3,208505
1,542¥ 5,255$ 14,838
4,580
9,824
$ 29,242$ 13,731
8
3,661$ 17,400$ 1,260
289
358$ 1,907$ 27,309
4,299
13,127$ 44,735(c) Proceeds from sales of other securities and realized gains/losses on such sales, cost of the sales being determined by moving-average method, for the year ended 31st March,2005 and 2006, were as follows:
Millions of yen
For the year ended 31st March
2005
2006

Proceeds from sales
Realized gains
Realized losses

¥

248
75
1

¥

599
169
23

Thousands of U.S. dollars
For the year ended 31st March2006$ 5,099
1,439196(d) Other securities whose fair value was not readily determinable as at 31st March, 2005 and 2006 mainly consisted of unlisted stocks that amounted to ¥1,907 million and¥1,802 million (US$15,340 thousand), respectively.

COMSYS Holdings Corporation Annual Report 200645

(e) Debt securities that are expected to be held-to-maturity and other securities with maturity dates as at 31st March, 2006 consisted of the following:Book value

31st March, 2006

Bonds and debentures:Japanese government bonds
OthersTotal

Due: Within 1 yr.

¥

¥

—
—
50
50

Millions of yen
Within 5 yr.
Within 10 yr.

After 10 yr.

¥

¥

¥

10
—
88
98

For the years ended 31st March, 2005, the Companies made a write-down ofinvestment securities, whose fair value was readily determinable, amounting to ¥128

¥

¥

—
—
10
10

¥

—
400
—
400

Due: Within 1 yr.

$

$

—
—
426
426

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

After 10 yr.

$

$

$

85
—
749
834

$

$

—
—
85
85

—
3,405
—
$ 3,405of investment securities whose fair value at the fiscal year’s end declined to an
amount not more than 50% of the book value.

million, following an accounting policy of the Companies which requires a write-down

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 ¥2,443 million (US$20,797 thousand) and long-term bank loans

year ended 31st March, 2006, were approximately 1.62 per cent. and 2.35 per cent.,

amounting to ¥237 million (US$2,018 thousand) were secured. A summary of assets

respectively.

pledged as collateral consisted of the following:

At 31st March, 2006, consolidated subsidiaries’ short-term bank loans

Buildings and structures, net of accumulated depreciation
Land
Short-term investments (time deposits)
Total

Millions of yen

Thousands of
U.S. dollars

2006

2006

¥

¥

1,919
3,050
20
4,989

$

$

16,33625,964170
42,470At 31st March, 2006, long-term debt consisted of the following:

Loans from banks
Less: Current portion
Total

Millions of yen

Thousands of
U.S. dollars

2006

2006

¥
¥

2,768
2,454
314

$
$

23,563
20,8902,673

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

benefit trust to which Nippon COMSYS, SANCOM and TOSYS contributed certain

determined by reference to their current basic rate of pay, length of service andmarketable equity securities.

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 the approval at thebalance sheet date. In addition, certain subsidiaries have funds for tax qualified

shareholders’ meeting of each of the Companies.

defined benefit pension plans and a few subsidiaries have non-contributory andNippon COMSYS has a contributory and funded defined benefit pension plan,
which is pursuant to the Welfare Pension Insurance Law of Japan. As qualified andallowed under the GAAP of Japan, the plan assets include an employee retirement

funded defined benefit pension plans.
“Accrued severance indemnities” recognized in the consolidated balance sheet
as at 31st March, 2005 and 2006 were as follows:
Thousands of
U.S. dollars

Millions of yen
2005

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

46

COMSYS Holdings Corporation Annual Report 2006¥¥

(43,913)
37,232(6,681)
7,778(22)(4,912)(3,837)
1,042(4,879)

2006

¥

¥

(44,049)
44,523474
2,041(4,587)—(2,072)
2,087(4,159)2006$ (374,981)
379,016
4,035
17,374(39,048)—(17,639)
17,766$ (35,405)

“Accrued severance indemnities” in the consolidated balance sheet as at 31st¥730 million (US$6,214 thousand), respectively.

March, 2005 and 2006 include the provision for accrued severance indemnities for
directors and corporate auditors of the Companies amounted to ¥754 million andNet pension cost of the plans included in the consolidated statements of income
for the years ended 31st March, 2005 and 2006 were as follows:
Thousands of
U.S. dollars

Millions of yen
2005

Service cost
Interest cost
Expected return of plan assets
Amortization of unrecognized actuarial difference
Amortization of unrecognizedprior service costs (negative)Other
Net pension cost
Unrecognized prior service costs are amortized and charged to income using the

¥

¥

2006

2006

2,554
1,086
(730)
866
(231)
55
3,600

¥

2,145
991
(675)
687

$

(376)
93
2,865

¥

$

18,2608,436(5,746)
5,848(3,201)
792
24,389above, considering the harmonization of the accounting policy towards unrecognizedstraight-line method over the average remaining years of service of employees at theactuarial differences as well as presenting periodic results of operations moreincurrence. Unrecognized actuarial differences are amortized and charged to income

appropriately and financial position more conservatively. The result of this accounting

using the straight-line method from the succeeding year of the incurrence over thechange was to decrease both “income before income taxes and other adjustments toaverage remaining years of service of employees at the incurrence.

net income” and “prepaid pension cost” by ¥4,598 million (US$39,142 thousand).

From the year ended 31st March, 2006, the Companies can recognize the

Significant assumptions used to calculate the above-mentioned amount for theamount of plan assets exceeding projected benefit obligation due to the incurrence

year ended 31st March, 2006 were as follows:of prior service costs and actuarial differences as “prepaid pension cost,” in●

Allocation method of benefit obligation

Straight-line method

accordance with Accounting Standard Board of Japan Statement No.3, “Partial●

Discount rate

2.5%

Revision of Accounting Standard for Retirement Benefits,” whereas it was prohibited●

Expected rate of return on plan assets

2.2% (mainly)

for the preceding years. On adopting this accounting standard, Nippon COMSYS●

Unrecognized prior service cost is amortized over mainly 15 years.

changed the accounting policy for unrecognized prior service costs from a method of●

Unrecognized actuarial difference is amortized over mainly 15 years from theamortizing and charging to income at the incurrence to the method as mentioned

succeeding fiscal year of the incurrence.

6. CONTINGENT LIABILITIESAt 31st March, 2005 and 2006, contingent liabilities consisted of the following:Thousands of
U.S. dollars

Millions of yen
2005

Guarantees of loans borrowed by:

COMSYS Thailand Co., Ltd.
Other
Total

¥
¥

2006

1,024
40
1,064

¥
¥

2006

—
31
31

$
$

—
264
264

7. INCOME TAXESThe Companies are subject to corporate (national), inhabitant and enterprise (local)

The difference between the statutory tax rate and effective tax rate reflected intaxes based upon taxable income, which resulted in statutory tax rates of

the consolidated statements of income for the year ended 31st March, 2005 andapproximately 40%, in aggregate, both for the year ended 31st March, 2005 and2006, were both less than 2%.

2006. The effective tax rate reflected in the accompanying consolidated statements ofDeferred tax assets and liabilities of the Companies, except for that relating toincome and retained earnings differs from the statutory tax rate primarily due to suchland revaluation of COMSYS mentioned in Note 10, as of 31st March, 2005 and 2006,

items as permanently non-deductible expenses and timing differences in recognizing

primarily consisted of the following:certain income and expense items for financial and tax reporting purposes.

COMSYS Holdings Corporation Annual Report 2006

47

Thousands of
U.S. dollars

Millions of yen
2005

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

¥

2006

2006

2,436
2,826
856
1,003
857
1,070
994
10,042(2,950)7,092(156)(1,871)(331)(2,358)
4,734

¥

¥

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

$

$

21,62220,005
9,492
8,700
6,657
3,396
7,764
77,636(25,870)
51,766(1,277)(16,234)(6,623)(24,134)
27,632

8. 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, 2005 and 2006, 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

2005

Acquisition costs
Accumulated depreciation
Net book value
Lease payments relating to financial leases accounted for as rent transactions
amounted to ¥180 million and ¥184 million (US$1,566 thousand) for the years ended

¥

928
342
586

¥

¥
¥

2006

1,158
443
715

$
$

9,858
3,771
6,087

Obligation (including the interest portion thereon) under financial leases at 31st
March, 2006, were as follows:

31st March, 2005 and 2006, respectively.

Millions of yen

Thousands of
U.S. dollars

2006

Due within one year
Due after one year
Total

¥

2006

192
523
715

¥

$
$

1,635
4,452
6,087

(As a Lessor)
One of the Companies leases mainly machinery and equipment by financial leases. Future lease receipts, inclusive of interest, at 31st March, 2006 were as follows:

Due within one year
Due after one year
Total

Millions of yen

Thousands of
U.S. dollars

2006

2006

¥

304
491
795

¥

$
$

2,588
4,180
6,768

Lease fees received and depreciation charges for the years ended 31st March, 2005 and 2006 were as follows:
Thousands of
U.S. dollars

Millions of yen
2005

Lease fees received
Depreciation

¥

2006

2006

561
464

¥

376
271

$

3,201
2,307

9. SHAREHOLDERS’ EQUITY
Under the Corporation Act of Japan, the additional paid-in capital may be, by thethe shareholders’ meeting within a certain limit. The amount of the additional paid-in

resolution of the shareholders’ meeting, transferred to stated capital or used tocapital of the Company included in “Additional paid-in capital” and “Retained

reduce a deficit, but is not available for dividend payment. On condition that theearnings” of the accompanying consolidated balance sheets as at 31st March, 2006,

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

was ¥58,816 million (US$500,690 thousand).

cent of the amount of stated capital, it is available for distribution by the resolution of48

COMSYS Holdings Corporation Annual Report 2006

10. REVALUATION OF LAND FOR BUSINESSAt 31st March, 2002, land owned by Nippon COMSYS was revalued under the Land
Revaluation Law and related regulations. Net unrealized gains and losses resulting

part of 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, 2005 and 31st March, 2006, in the aggregate, were

below. The negative revaluation surplus will be credited as a gain or loss when aas follows:
Thousands of
U.S. dollars

Millions of yen
2005

Book value:
Before revaluation
After revaluation
Unrealized—
Gains
LossesNet loss
The fair value for the revalued land mentioned above as of 31st March, 2006 has
been reduced by ¥1,752 million (US$14,914 thousand) in the aggregate, but the

¥

¥

2006

2006

22,995
16,847
5,915(12,063)(6,148)¥¥21,592
16,061
5,915(11,446)(5,531)$$

183,808
136,724
50,353(97,437)(47,084)

Deferred tax assets and liabilities relating to revaluation of land of the Company
as of 31st March, 2006 consisted of the following:book value has not been restated, as allowed by the GAAP of Japan.

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

Millions of yen

Thousands of
U.S. dollars

2006

2006

¥

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

¥

4,578
(4,578)
—
2,366
2,366

$

$

38,972(38,972)—
20,141
20,141

11. OTHER INCOME AND EXPENSES“Other, net” in “Other Income (Expenses)” for the years ended 31st March, 2005 and 2006 consisted of the following:Thousands of
U.S. dollars

Millions of yen
2005

Gain on transfer of substitutional portion of contributory pension plan
Amortization of consolidation adjustments arising from business combination
Amortization of other consolidation adjustments
Write-down of investments in securities
Allowance for doubtful receivablesSpecial payments on employees’ retirement
Foreign exchange losses
Amortization of business start-up expenditures
Gain on sales of fixed assets
Loss on impairment of fixed assets
Special reserves for business restructuring
Other

¥

¥

2006

2006

1,628
(1,148)
(611)
(125)
75
438
—
73
(481)
(423)
(189)
(226)
(989)

¥

¥

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

$

$

15,647(9,024)(9,134)(4,929)
1,439
408
1,958
1,830
(68)
—
—
1,481
(392)

12. SUBSEQUENT EVENT
On 29th June, 2006, the shareholders of the Company approved the following appropriations of retained earnings:

Cash dividends

Millions of yen

Thousands of
U.S. dollars

¥

$

1,138

9,688

COMSYS Holdings Corporation Annual Report 2006

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, 2005 and 2006, and the related consolidated statements of income,shareholders’ equity and cash flows for each of the two years ended 31st March, 2005 and 2006, 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, 2005
and 2006, and the consolidated results of their operations and cash flows for each of the two years ended 31st March, 2005
and 2006, in conformity with accounting principles and practices generally accepted in Japan as described in Note 1 to theconsolidated financial statements.
Without qualifying our opinion, we draw attention to the following:
As described in Note 5 to the consolidated financial statements, Nippon COMSYS changed its accounting policy forunrecognized prior service costs from a method of amortizing at the incurrence to a method of amortizing over the
average remaining years of service of employees at the incurrence (15 years) by the straight-line method.
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
29th June, 2006

50

COMSYS Holdings Corporation Annual Report 2006

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 200651

連結財務ハイライト
CONSOLIDATED FINANCIAL HIGHLIGHTS
グループ別売上構成（実績）Composition of Sales (Actual)

2006 年 3 月期 Year Ended 31st March, 2006■

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

20,00020,000320,000

16,00016,000240,000

12,00012,000160,000

8,000

8,000

80,000

4,000

4,000

0

0

04

04

05

05

06

06

0

04

単純合算 ** 実績 * 単純合算 ** 実績 **** 単純合算 ** 実績
Simple Sum** Actual* Simple Sum** Actual**** Simple Sum** Actual

04

05

05

06

06

04

単純合算 ** 実績 * 単純合算 ** 実績 **** 単純合算 ** 実績
Simple Sum** Actual* Simple Sum** Actual**** Simple Sum** Actual

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）

10,000250,000

150,000

8,000

200,000

120,000

6,000

150,000

90,0004,000

100,000

60,0002,000

50,00030,000

0

0

04

04

05

05

06

06

単純合算 ** 実績 * 単純合算 ** 実績 **** 単純合算 ** 実績
Simple Sum** Actual* Simple Sum** Actual**** Simple Sum** Actual

*

05

06

06

単純合算 ** 実績 * 単純合算 ** 実績 **** 単純合算 ** 実績
Simple Sum** Actual* Simple Sum** Actual**** Simple Sum** Actual

0

04

05

06

04

05

06

実績 *
Actual*

実績 ****
Actual****実績
Actual

実績 *Actual*

実績 ****
Actual****実績
Actual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。

**

上記数値は日本コムシス、サンワコムシスエンジニアリング、東日本システム建設の連結計数を単純合算して表示しています。

***

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。

****

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

**
***
****

52

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).
The above figures represent the simple sum of the consolidated figures of Nippon COMSYS, SANCOM, and TOSYS.
SANWA COMSYS Engineering Corporation does not disclose New Orders Received on a consolidated basis for the two years ended March 2004 and March 2005.
Consolidated results for fiscal 2005 include 15 months of operating results at a Nippon COMSYS Corporation consolidated subsidiary due to a change in fiscal year-end (from 31st
December to 31st March).

COMSYS Holdings Corporation Annual Report 2006

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

2006/3

202,560
206,517
7,983
8,863
4,585
177,140
116,624

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

2004/3

2005/3

2006/3—44,318
942
631
(166)
28,2673,350—
44,220497
423(2,583)24,441
5,197

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

2004/3

2005/3

2006/325,83425,380947
977
360
15,091
7,363

28,37327,874
970
1,085
517
16,772
7,769

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

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

2005/3SANWA 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

2004/3

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

COMSYS Holdings Corporation Annual Report 2006

53

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
実績（注1）
Actual (Note 1)

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
期末従業員数（名）その他指標（百万円）

Net Income per Employee

208,681
128,063
65,6094,692

220,786
137,161
67,995
3,608

11.62
4.33
4.58
4.52
2.65
5.73
4.10

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

57.31
195.95187.75
57.22
48.51
0.09
73.58

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
175.5945.96
859.247.00
15.23
145,97758.42
906.92
15.00
25.68
145,99769.65
964.7015.00
21.54
145,997

35,1091,521
1,607

43,5342,233
2,541

43,424
2,305
2,648

1,587
929
7,091

2,101
1,238
6,746

2,319
1,417
7,081

Number of Employees at Fiscal Year-End (persons)

2,950
385
16.92

3,260
326
26.85

4,823
242
28.97

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 (%)

注（1）211,718
121,326
58,205
11,484

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

310,005
307,485
72,87436,883
16,31918,754
16,423
10,031Per Share Data (Yen, except where noted)

一株当たり当期純利益

発行済株式数（千株）

287,376
293,681
70,35435,88915,062
17,145
14,1708,349

Stability (%, except where noted)

自己資本比率

インタレスト・カバレッジ（倍）235,747
248,961
76,66028,924
10,786
11,401
11,255
6,592

Profitability (%)

総利益率

総資産当期純利益率

2006/3Financial Position (Millions of yen)

総資産

有利子負債残高2005/3Operating Results (Millions of yen)

受注高

当期純利益

2004/3

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。

Note: 1.

54

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 1, 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).

COMSYS Holdings Corporation Annual Report 2006

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 Nippon COMSYS Corporation consolidated subsidiary due
to a change in fiscal year-end (from 31st December to 31st March).

COMSYS Holdings Corporation Annual Report 200655

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

2002/3

Millions of yen）

213,986
New Orders Received during the Year
受注高
231,351
Net Sales
売上高27,262Gross Profits
売上総利益10,500Operating Income
営業利益11,555Recurring Profit
経常利益
税金等調整前当期純利益 Income before Income
Taxes and Other Adjustments to Net Income 8,913
4,107
Net Income
当期純利益

2003/3

2004/3

2005/3

2006/3

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

5,579
2,468

8,312
4,585

14,415
9,299

14,5589,053

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

経営利益
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）

250,000

250,000

30,00020,000200,000

200,000

24,00016,000150,000

150,000

18,00012,000100,000

100,000

12,0008,000

50,00050,000

6,000

4,000

0

0

02 03 04 05 06

0

02 03 04 05 06

当期純利益
Net Income（百万円 Millions of yen）

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

02 03 04 05 06

56

COMSYS Holdings Corporation Annual Report 2006

0

02 03 04 05 06■ 売上総利益 Gross Profits■ 営業利益 Operating Income

02 03 04 05 06

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)

2002/3

2003/3

2004/3

2005/3

2006/3

4.54
4.99
3.85
1.78
3.57
2.17

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

売上高営業利益率
Operating Margin

売上高経常利益率
Recurring Profit Margin

（%）

（%）

（%）

（%）

7.5

7.5

5.0

8.0

6.0

6.0

4.0

6.4

4.5

4.5

3.0

4.8

3.0

3.0

2.0

3.2

1.5

1.5

1.0

1.6

0

売上高当期純利益率
Net Profit Margin

0

02 03 04 05 06

自己資本当期純利益率
Return on Equity (ROE)

0

02 03 04 05 06

0

02 03 04 05 06

02 03 04 05 06

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

6.0
4.8
3.6
2.4
1.2
0

02 03 04 05 06

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 200657

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

2002/3

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）190,576
Total Assets
111,919
Shareholders’ Equity
55,886
Modified Working Capital
1.22
Turnover of Total Assets (times)
5.95
Turnover of Property and Equipment (times)

2003/3

2004/3

2005/3

2006/3

166,528
111,724
54,673
1.12
5.09

177,140
116,624
60,777
1.20
5.29

184,145
124,240
70,8191.26
6.14

194,934
131,52073,8741.25
6.50

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

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

Times）（回

200,000

75,0001.5

7.5

160,000

60,0001.2

6.0

120,000

45,0000.9

4.5

80,00030,0000.6

3.0

40,00015,000

0.3

1.5

0

0

02 03 04 05 06

0

02 03 04 05 06

Times）

0

02 03 04 05 06

02 03 04 05 06■ 総資産 Total Assets■ 自己資本 Shareholdersí E quity

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 2006

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）

2002/3

2003/3

2004/3

2005/3

2006/3

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

58.73
195.07187.5653.80

67.09
246.67231.7652.34

65.84
239.88157.9246.85

67.47
253.55208.9342.21

67.47
235.06200.59
42.30

49.93
0.11
12,769199.78

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

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）

Times）

（%）

（%）

（%）

75

300

60

15,000

0.15

60

240

48

12,000

0.09

45

180

36

9,000

30

120

24

6,000

0.03
0.00
-0.03

15

60

12

3,000

-0.09

0

0

02 03 04 05 06

0

02 03 04 05 06

0

-0.15

02 03 04 05 06

流動比率 Current Ratio
当座比率 Quick Ratio（倍02 03 04 05 06

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（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＝

×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

Quick Ratio=

Cash, Time Deposits, Marketable Securities andTrade Accounts Receivable

Fixed Assets-to-Equity Capital Ratio =自己資本

Property, Equipment,
Investments and Other Assets

×100

自己資本＋固定負債

負債・自己資本比率＝×100

Shareholders’ Equity
固定資産

固定長期適合率＝×100

Current Liabilities –Advances Received on Construction in Progress

0

02 03 04 05 06

×100

Current Liabilities – Advances Received on Construction in Progress

流動負債ー未成工事受入金

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 200659

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）

2002/3

2003/3

2004/3

2005/3

2006/3

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

43,036
1,132
64,88825,411297
58,8992,540
4,076
62,00133,223151
62,98530,265522
66,023

16,328
611
1,542
—
2,948
(127)
130,358

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

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

630
4,806
3,716
4,636
8,599
(1,347)21,040

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

18,62923,713
14,8670(18,031)
39,178
190,576

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

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

有形固定資産：Property and Equipment:
土地
Land
建物・構築物
Buildings and structures
機械装置・運搬具及び工具器具備品
Machinery and equipment
建設仮勘定
Construction in progress
減価償却累計額
Less: Accumulated depreciation
有形固定資産合計
Total property and equipment
資産合計
Total assets* 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

2002/3

2003/3

2004/3

2005/3

2006/3

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

3,457
9,312
—
36,607
4,327
3,538
5,230
62,471

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

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
債務保証等損失引当金再評価に係る繰延税金負債

Long-Term Liabilities:
Long-term debt
Accrued severance indemnities
Deferred tax liabilities
Allowance for losses arising from guarantees of loans
Deferred tax liabilities for
unrealized gains on land revaluation
Consolidation adjustments account
Other long-term liabilities
Total long-term liabilities

—
3,640
—
1,680
2,484

—
2,194
—
—
2,366

—
1,249
—
—
2,366

270
1,092
587
—
2,366

113
1,247
894
—
2,366

—
888
8,692

2,821
1,536
8,917

6,974
1,273
11,862

5,585
25
9,925

3,962
6
8,588

7,494

5,407

993

629

776

31,14130,73660,725(8,633)(173)
113,796(1,877)111,919
190,576

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

連結調整勘定その他固定負債
固定負債合計少数株主持分Minority Interests

自己資本：
資本金
資本剰余金
利益剰余金
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

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 2006

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

売上高：
完成工事高*
その他*

Net Sales:
Construction contracts*
Other*

売上原価：
完成工事原価*その他*

Cost of Sales:
Construction contracts*
Other*

売上総利益

Gross profits

販売費及び一般管理費
営業利益

Selling, General and Administrative Expenses
Operating income

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

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

Millions of yen）

2002/3

2003/3

2004/3

2005/3

2006/3

216,575
14,776
231,351

186,547
14,063200,610

192,939
13,578
206,517

211,422
16,126
227,548219,675
16,502
236,177

190,924
13,165204,089
27,262167,034
11,585
178,619
21,991

170,403
12,377
182,780
23,737

183,470
14,992
198,462
29,086

191,279
15,682206,961
29,216

16,762
10,50015,501
6,490

15,754
7,983

15,551
13,535

14,793
14,423289(54)(1,822)(1,587)207(34)(1,084)
(911)

191
(4)
142
329

302
(9)
587
880

210
(12)
(63)
135

8,913

5,579

8,312

14,415

14,5585,521(1,293)
4,228
578
4,107

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

* 2002年3月期の金額は、2003年3月期から変更されたセグメントの方法に合わせて修正されています。
* The figures of FY March 2002 were restated, so as to conform with the method of segmentation which was changed and applied from FY March 2003.

COMSYS Holdings Corporation Annual Report 2006

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

2004/3

2005/3

2006/352,607
24,61861,698138,923

68,06423,93873,391
165,393

アクセス
ネットワークモバイル
小計

AccessNetwork
MobileSubtotal

47,431
21,29455,516124,241

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

25,451
1,823
2,101
29,37530,2284,752
2,832
37,812

16,368521
1,986
18,875IT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

5,303
9,098
5,452
19,853

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

10,646
11,2905,837
27,773

社会システム関連事業等
合計

Social System-Related and Other
Total

14,791
188,260

11,658210,558

8,214
220,255

2004/3

2005/3

2006/3

52,941
23,69459,332
135,967

65,66924,93470,956
161,559

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

47,341
20,98852,499120,828

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

27,265
2,748
3,195
33,20831,5085,425
2,139
39,072

18,900634
1,908
21,442IT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

5,638
9,068
6,574
21,280

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

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

社会システム関連事業等
合計

Social System-Related and Other
Total

18,604
193,920

13,317
209,934

9,264
217,780

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

（百万円

■ 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

250,000
200,000
150,000■ 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

100,000
50,0000

04

05■ 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

250,000
200,000
150,000■ 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

100,000
50,00006205■ 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

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

Millions of yen）

04

2006年3月期 Year Ended 31st March, 2006
■ NTT情報通信エンジニアリング事業
NTT Information Telecommunication Engineering

06

部門別売上高Net Sales by Business Category（百万円

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

06

COMSYS Holdings Corporation Annual Report 2006

2006年3月期 Year Ended 31st March, 2006
■ 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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 DATACOMSYS Holdings Corporation Annual Report 200663

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

2002/3

Millions of yen）

2003/3

New Orders Received during the Year*—
受注高*
Net Sales
53,291
売上高
Gross Profits
5,177
売上総利益
Operating Income
1,241
営業利益
Recurring Profit814
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)
655
Net Income (Loss)232
当期純利益（損失）2004/3

2005/3

2006/3—49,456
4,433
881
525

—
44,318
4,045
942
631

—
44,220
3,571
497
423

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

397
55

(326)
(166)

(2,743)(2,583)

1,109
598* 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
Millions of yen）

（百万円

売上総利益／営業利益
Gross Profits / Operating Income
Millions of yen）

（百万円

経営利益
Recurring Profit
Millions of yen）

（百万円

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

（百万円

60,000

6,000

1,500

600

48,000

4,800

1,200

400

36,000

3,600

900

200

24,000

2,400

600

0

12,0001,200

300–1,5000

0

02 03 04 05 06

0

02 03 04 05 06■ 売上総利益 Gross Profits■ 営業利益 Operating Income

64

COMSYS Holdings Corporation Annual Report 2006

–3,00002 03 04 05 06

02 03 04 05 06

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)

2002/3

2003/3

2004/3

2005/3

2006/3

2.33
1.53
1.23
0.44
6.86
0.57

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

売上高営業利益率
Operating Margin

売上高経常利益率
Recurring Profit Margin

（%）

（%）

（%）

（%）

5

2.5

2

20

4

2.0

0

3

1.5

–2

10
0
–10

2

1.0

–4

–20
–30

1

0.5

–6

0

0

–8

02 03 04 05 06

売上高当期純利益率
Net Profit Margin

02 03 04 05 06

自己資本当期純利益率
Return on Equity (ROE)

–40
–50
–60

02 03 04 05 06

02 03 04 05 06

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

2
0
–2
–4
–6
–8
–10

02 03 04 05 06

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 200665

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

2002/3

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）37,265
Total Assets
3,397
Shareholders’ Equity(821)
Modified Working Capital
1.31
Turnover of Total Assets (times)
6.55
Turnover of Property and Equipment (times)

総資産／自己資本
Total Assets / Shareholders’ Equity
Millions of yen）

（百万円

2003/3

運転資本
Modified Working Capital（百万円

Millions of yen）

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

2004/3

2005/3

2006/328,2673,350(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

総資産回転率
Turnover of Total Assets

有形固定資産回転率
Turnover of Property and Equipment（回 Times）（回 Times）

50,000

2,000

2.5

15

40,000

1,000

2.0

12

30,0000

1.5

920,000-1,000

1.0

6

10,000-2,0000.5

3

0-3,00002 03 04 05 06

00

02 03 04 05 06

02 03 04 05 06

02 03 04 05 06■ 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 2006

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）

2002/3

2003/3

2004/3

2005/3

2006/3

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

9.12
96.04
91.99
309.72

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
116.6780.94
4.72
16,049
3.10

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

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）

25

120

350

20,000

6.0

20

100

280

16,0004.8

21012,000

3.6

140

8,000

2.4

70

4,000

1.2

80

15

（倍 Times）

60
10

40

5

20

0

0

02 03 04 05 06

0

02 03 04 05 06

00

02 03 04 05 06

流動比率 Current Ratio
当座比率 Quick Ratio

02 03 04 05 06

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

15
現金、預金、有価証券、完成工事未収入金等

12
当座比率＝

×100

流動負債ー未成工事受入金

9Quick Ratio =Cash, Time Deposits, Marketable Securities andTrade Accounts Receivable

6
固定比率＝

3

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,

02 03 04 05 06

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 200667

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

construction in progress
Other
Short-term loans to subsidiaries
Deferred income taxes
Other current assets
Less: Allowance for doubtful receivables
Total current assets

2002/3

2003/3

2004/3

2005/3

Millions of yen）
2006/3

4,988—
13,822

3,823—
13,499924
32
12,808867—
11,606

4,576—
15,737

6,842

3,829

3,821

2,584

3,242

84
173
140
701
(7)
26,743

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

37
665
395
787
556
(85)

20
803
319
1,093
506
(84)

35
607
274
925
564
(212)

56
544
971
1,277
384
(244)

35
584
973
277
723
(588)

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

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

2,355
4,925
4,065
2,138
5

2,657
4,687
3,959
2,066
—

2,193
4,493
3,706
1,798
2

2,988
3,049
3,321
1,149
—

2,004
2,634
3,166
844
—

(2,966)
8,167(2,943)7,769(2,616)
7,383(2,238)
5,281(2,101)
4,543

資産合計

Total assets

37,26532,94428,26724,441

31,634* 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
Accrued severance indemnities
Consolidation adjustments account
Other long-term liabilities
Total long-term liabilities

退職給付引当金／退職給与引当金
連結調整勘定その他固定負債
固定負債合計少数株主持分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 2006

2002/3

2003/3

2004/3

2005/3

Millions of yen）
2006/38,441——
10,151
3,335
703
1,427
24,057

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
23,531

800
6,808

800
4,205

—
3,643

—
2,561

—
108
300

—
1,948
30
16
9,602

—
2,324
20
16
7,365

—
2,030
—
21
5,694

—
2,451
—
20
5,032

1,813
—
231
2,452

209

220

35

36

39

1,375
660
1,549
(133)
(53)
3,398
(1)
3,397
37,265

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

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
2002/3

2003/3

2004/3

2005/3

Millions of yen）
2006/3

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

53,29149,45644,31844,22057,029

売上原価（完成工事原価）：
売上総利益

Cost of Sales—Construction contracts:
Gross profits

48,114
5,177

45,023
4,433

40,273
4,045

40,6493,571

52,171
4,858

Selling, General and Administrative Expenses
Operating income

3,936
1,241

3,552
881

3,103
942

3,074
497

3,541
1,317

14
(405)
(195)
(586)

15
(303)
(196)
(484)

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

60
(99)
(169)
(208)

655

397

(326)

(2,743)

1,109

443
(31)
412
11
232

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

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)COMSYS Holdings Corporation Annual Report 2006

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

2004/3

2005/3

2006/3

11,940

9,494

2,017

8,883
3,040
8,319
20,242

8,818
2,039
9,508
20,3658,301
26,8098,678
43,788—3,036
35,218—2,164
32,023348
3,046
49,1992004/3

2005/3

2006/3

11,907

10,174

2,057

9,238
3,614
9,592
22,444

9,043
2,368
11,81723,228

8,102
25,934
10,18944,225—
3,376
37,727—2,624
36,026174
3,248
49,704

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
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（百万円 Millions of yen）

50,00040,0002006年3月期 Year Ended 31st March, 2006

30,000■ NTT情報通信エンジニアリング事業
NTT Information Telecommunication Engineering

20,000■ 電気通信エンジニアリング事業
Electrical Communications Engineering

10,000
0

04

05

06

■ 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■ 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（百万円 Millions of yen）

50,00040,0002006年3月期 Year Ended 31st March, 2006

30,000■ NTT情報通信エンジニアリング事業
NTT Information Telecommunication Engineering

20,000■ 電気通信エンジニアリング事業
Electrical Communications Engineering

10,000
0

04

05

06

■ 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 2006

■ 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TOSYSグループ（連結財務データファイル）
TOSYS GroupCONSOLIDATED FINANCIAL DATACOMSYS Holdings Corporation Annual Report 200671

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

2002/3

Millions of yen）

24,482New Orders Received during the Year
受注高25,008Net Sales
売上高2,962
Gross Profits
売上総利益
507
Operating Income
営業利益529
Recurring Profit
経常利益
税金等調整前当期純利益 Income before Income
415
Taxes and Other Adjustments to Net Income
205
Net Income
当期純利益

受注高
New Orders Received during the Year
Millions of yen）

（百万円

売上高
Net Sales
Millions of yen）

（百万円

2003/3

2004/3

2005/3

2006/3

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

646
312

902
360

1,034
517

471
226

売上総利益／営業利益
Gross Profits / Operating Income
Millions of yen）

（百万円

30,00030,0003,500

24,00024,0002,800

18,00018,0002,100

12,00012,000

1,400

6,000

6,000

700

経営利益
Recurring Profit
Millions of yen）

（百万円

1,200
900
600

0

0

02 03 04 05 06

0

02 03 04 05 06

当期純利益
Net Income
Millions of yen）

（百万円

600
480
360
240
120
0

02 03 04 05 06

72

300

COMSYS Holdings Corporation Annual Report 2006

0

02 03 04 05 06■ 売上総利益 Gross Profits■ 営業利益 Operating Income

02 03 04 05 06

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)

2002/3

2003/3

2004/3

2005/3

2.03
2.11
1.66
0.82
2.71
1.29

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

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

2.5

7.5

4

4

2.0

6.0

3

3

1.5

4.5

2

2

1.0

3.0

1

1

0.5

1.5

0

0

02 03 04 05 06

0

02 03 04 05 06

0

02 03 04 05 06

02 03 04 05 06

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

4.0
3.0
2.0
1.0
0

02 03 04 05 06

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 200673

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

2002/3

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）15,846
Total Assets
7,614
Shareholders’ Equity
3,394
Modified Working Capital
1.57
Turnover of Total Assets (times)
5.74
Turnover of Property and Equipment (times)

総資産／自己資本
Total Assets / Shareholders’ Equity
Millions of yen）

（百万円

運転資本
Modified Working CapitalMillions of yen）

（百万円

20,0004,000

16,0003,200

12,0002,400

2003/3

2004/3

2005/3

2006/3

14,373
7,856
3,910
1.60
5.67

15,091
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

総資産回転率
Turnover of Total Assets

有形固定資産回転率
Turnover of Property and Equipment（回 Times）（回 Times）

2.0

7.5
6.0

1.5

4.5
1.0

8,000

1,600

4,000

800

0

3.0
0.5
0

0

02 03 04 05 06

1.5

02 03 04 05 06

0

02 03 04 05 06

02 03 04 05 06■ 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 2006

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）

2002/3

2003/3

2004/3

2005/3

2006/3

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48.05
161.97155.4773.24

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

59.51
0.35
2,674
8.74

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

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

60

250

100

3,000

0.5

48

200

80

2,400

0.4

36

150

60

1,800

0.3

24

100

40

1,200

0.2

12

50

20

600

0.1

0

0

02 03 04 05 06

0

02 03 04 05 06

Millions of yen）

0

0

02 03 04 05 06

流動比率 Current Ratio
当座比率 Quick Ratio（倍 Times）

02 03 04 05 06

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（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

70

Current Assets – Accumulated Cost of Construction in Progress
Current Liabilities – Advances Received on Construction in Progress

60
現金、預金、有価証券、完成工事未収入金等

50
当座比率＝

40

×100

流動負債ー未成工事受入金

30

Quick Ratio =Cash, Time Deposits, Marketable Securities andTrade Accounts Receivable
×100
Current Liabilities –Advances Received on Construction in Progress

20
10

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

02 03 04 05 06

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 2006

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

2002/3

2003/3

2004/3

2005/3

Millions of yen）
2006/3

1,457

1,345

801

1,192

962

5,997

5,218

6,007

7,182

6,655

Inventories:
Accumulated cost of constructionin progress
Other
Deferred income taxes
Short-term loans
Other current assets
Less: Allowance for doubtful receivables
Total current assets

1,397
92
99
—
1,241
(14)
10,269

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

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

544
5
132
623
(55)
1,249

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

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

2,209
3,244

2,211
3,248

2,259
3,223

2,285
3,391

2,168
3,279

2,328
—
(3,453)
4,328

2,085
—
(3,363)
4,181

2,077
—
(3,393)
4,166

2,164
6
(3,631)
4,215

2,282
—
(3,783)
3,946

繰延資産：
社債発行差金
資産合計

Deferred Charges:
Discout on bonds payable
Total assets

0
15,8460
14,3730
15,091—
16,772—
15,483

負債・資本の部

LIABILITIES AND SHAREHOLDERS’ EQUITY

2002/3

2003/3

2004/3

2005/3

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 2006

Millions of yen）
2006/3

1,019
—
—

875
—
—

186
—
500

60
1,134
—

70
774
—

460
3,036

243
1,985

105
2,600

148
3,603

98
3,045

499
196
767
5,977

584
206
636
4,529

338
351
792
4,872

288
186
909
6,328

493
79
468
5,027

500
695

500
449

—
332

—
190

—
92

495
45
14
8
1,757

462
31
7
7
1,456

1,883
129
0
9
2,353

1,815
5
—
9
2,019

1,781
—
—
8
1,881

498

532

503

656

671

360
99
7,144
11
7,614
15,846

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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
2002/3

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

2003/3

2004/3

2005/3

Millions of yen）
2006/325,00822,046
2,962

24,131
21,183
2,948

25,38022,125
3,255

27,87424,546
3,328

28,34725,298
3,049

2,455
507

2,249
699

2,308
947

2,358
970

2,495
554

10
(59)
(43)
(92)

8
(42)
(19)
(53)

10
(32)
(23)
(45)

26
(17)
55
64

10
(8)
(85)
(83)

415

646

902

1,034

471

243
(73)
170
40
205

322
(32)
290
44
312

502
(116)
386
156
360

367
59
426
91
517

205
12
217
28
226

COMSYS Holdings Corporation Annual Report 2006

77

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

2004/3

2005/3

2006/3

12,608626
352
13,586

13,369807
484
14,66014,268658
282
15,208

2,774
3,919
724
21,003

3,100
3,329
1,494
22,583

4,211
3,191
621
23,231

2004/3

2005/3

2006/3

12,533618
398
13,54912,809713
387
13,90914,387706
292
15,385

2,884
4,023
407
20,863

2,952
3,448
1,489
21,798

3,520
3,062
723
22,690Net 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（百万円 Millions of yen）

25,00020,0002006年3月期 Year Ended 31st March, 2006

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

04

05

06

■ 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■ 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（百万円 Millions of yen）

25,00020,0002006年3月期 Year Ended 31st March, 2006

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

04

05

06

■ 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 2006

■ 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
2002/3

2003/3

2004/3

2005/3

2006/3

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

6,912
4,078
59.0
569
6,132

7,565
4,386
58.0
546
6,077

8,151
4,592
56.3
513
6,021

8,699
4,882
56.1
447
5,960

9,179
5,114
55.7
469
5,807

（億円

2003/3

2004/3

2005/3

2006/3（予想/Forecast）（万台

Ten thousand, except where noted）

2007/3
100 millions of yen, except where noted）

NTT建設計画

Planned Construction

8,008

9,002

9,405

10,3079,200

光ケーブルカバー率（％）

Completion of
Optical Fiber Cable Installation (%)
East JapanWest Japan

76.0
67.0

81.0
80.0

84.0
83.0

86.0
86.0

88.0
87.0

Investment in Optical Fiber Cable

2,370

3,330

2,830

3,490

3,500

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

携帯電話事業者別契約者数
Number of Subscribers by Carriers

NTT事業計画
Projected NTT Operations（万台 Ten Thousand）（万台 Ten Thousand）

（%）

（%）

（億円 100 Millions of yen）

10,000

1,000

6,000

100

10,000

8,000

800

4,800

80

8,000

6,000

600

3,600

60

6,000

4,000

400

2,400

40

4,000

2,000

200

1,200

20

0

0

02 03 04 05 06■ 携帯電話契約数 Total Mobile Telephone
Subscribers
PHS 契約数 PHS Subscribers■ 固定電話契約数 Fixed Telephones

0

0

2,000
2006 年 3 月末現在

As of March 31, 2006

■ NTT DoCoMo グループ
NTT DoCoMo GroupNTT DoCoMo シェア
NTT DoCoMo Share0

03 04 05 06 07

02 03 04 05 06■ NTT DoCoMo グループ
NTT DoCoMo Group■ au グループ au Group■ ツーカーグループ TU-KA Group■ ボーダフォングループ Vodafone Group予 想（Forecast）■ 建設計画 Planned Construction■ 光ケーブル投資額 Investment in OpticalFiber Cable

ブロードバンド利用者数
Number of Broadband Users（万件 Ten thousand）

10,000
7,500
5,000
2,500
0

02 03 04 05 06
i モード i Mode
CATV CATVFTTH サービス FTTH Service
DSL サービス DSL Service

COMSYS Holdings Corporation Annual Report 200679

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

2005/3

2006/3—
231,351
203,336
98,587—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

2002/3

2003/3

2004/3

2005/3

2006/3

10,786
7,983
9,108
4,822

15,062
13,535
11,988
6,199

16,31914,423
14,537
6,363

2004/3

2005/3

2006/3

11,400
8,863
9,104
4,758

17,145
15,631
12,377
6,164

18,754
16,694
15,2786,380

2004/3

2005/3

2006/3

—
6,490
4,541
3,652

Recurring Profit

当期純利益

2002/3—
11,5559,062
3,620

COMSYS Holdings***
Nippon COMSYS**KYOWA EXEODAIMEI TELECOM ENGINEERING

2003/3

—
6,760
4,741
3,185

Net Income
2002/3

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*

2004/3—
10,5008,308
3,880

COMSYS Holdings***
Nippon COMSYS**KYOWA EXEODAIMEI TELECOM ENGINEERING

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（百万円

2003/3Operating 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（百万円

COMSYS Holdings***
Nippon COMSYS**KYOWA EXEODAIMEI TELECOM ENGINEERING

2002/3

—
4,107
2,989
232

COMSYS Holdings***
Nippon COMSYS**KYOWA EXEODAIMEI TELECOM ENGINEERING

2003/3

—
2,468
1,661
977

6,592
4,585
3,407
1,852

8,349
9,299
6,423
2,978

10,031
9,053
9,174
3,215

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 Nippon COMSYS Corporation consolidated subsidiary due to a change in fiscal year-end (from 31st
December to 31st March).

**

売上高
Net Sales

営業利益
Operating Income

経営利益
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

20,00020,00010,000280,000

16,00016,0008,000

210,000

12,00012,0006,000

140,000

8,000

8,000

4,000

70,000

4,000

4,000

2,000

0

0

02 03 04 05 06
コムシスホールディングス
COMSYS Holdings
日本コムシス Nippon COMSYS

80

002 03 04 05 06
協和エクシオ KYOWA EXEO
大明 DAIMEI TELECOM ENGINEERINGCOMSYS Holdings Corporation Annual Report 2006

0

02 03 04 05 06

02 03 04 05 06

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

2003/3

2004/3

2005/3

2006/3—
190,576
136,575
70,041—
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
73,893

2002/3

2003/3

2004/3

2005/3

2006/3—111,919
63,314
27,168—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

2002/3

2003/3

2004/3

2005/3

2006/3

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

2002/3

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

—
30.29
25.56
5.58

COMSYS Holdings***
Nippon COMSYS**KYOWA EXEODAIMEI TELECOM ENGINEERING

45.96
—
29.51
45.17

58.42
—
56.59
72.66

69.65
—
81.94
77.12

Return on Equity (ROE)
2002/3（%）

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
*

—
18.34
14.00
23.67

2003/3

—
3.6
5.1
0.8

COMSYS Holdings***
Nippon COMSYS**KYOWA EXEODAIMEI TELECOM ENGINEERING

—
2.2
2.7
3.6

2004/3

5.7
4.0
5.5
6.4

2005/3

2006/3

6.7
7.7
9.8
9.6

7.6
7.1
12.9
9.4

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 Nippon COMSYS Corporation consolidated subsidiary due to a change in fiscal year-end (from 31st
December to 31st March).

**

総資産
Total Assets

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

（百万円 Millions of yen）

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)（円 Yen）（%）

250,000

150,000100

15

200,000

120,00080

12150,000

90,00060

9100,000

60,00040

650,00030,000

20

3

0

0

02 03 04 05 06
コムシスホールディングス
COMSYS Holdings
日本コムシス Nippon COMSYS

002 03 04 05 06

0

02 03 04 05 06

02 03 04 05 06

協和エクシオ KYOWA EXEO
大明 DAIMEI TELECOM ENGINEERINGCOMSYS Holdings Corporation Annual Report 2006

81

CORPORATE DIRECTORY
As of 31st March, 2006

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

99.7

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

Note: Kokusai Densetsu Co., Ltd., SANNETCOM Co., Ltd. and COMSYS Shared Services Co., Ltd. are newly consolidated subsidiaries.

82

COMSYS Holdings Corporation Annual Report 2006

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

69.2

Sannect Co., Ltd.

Tokyo, Japan

Sales and maintenance of
airspace system equipment¥

10 million

60.0

Construction of telecommunications facilities

Rp 1,884 million

40.0

Overseas Affiliate
P.T. Sarana Ekacitra Indonesia

Jakarta, Indonesia

Note: SANNETCOM Co., Ltd. became a consolidated subsidiary of the Nippon COMSYS Group as of fiscal year ending March 2006.

TOSYS GROUP
Company Name

Location

Percentage
Owned (%)

Principal Business

Paid-in Capital

Telecommunications engineering andelectrical engineering¥

364 million

100.0

Construction of telecommunications andelectric facilities¥

22 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¥

50 million

52.5

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¥

45 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 2006

83

COMSYS Holdings INFORMATIONCORPORATE DATA
As of 31st March, 2006

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:

Minami Tokyo
Niigata
NAGANO
Ina
Hokuriku
Shinetsu
Ueda/Saku/Matsumoto/Shiojiri/Suwa/Iida

29th September, 2003
Paid in Capital:¥10 billion

Fukushima

IbarakiTochigi

TOKYO
Chiba
Kanagawa

Chugoku

Number of Employees:

Kanto Minami

Kyushu7,081 (Consolidated)TohokuNIIGATA

Shizuoka
Kansai

Hachioji

Tokai
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, 2006

Board of Directors

Corporate Planning Group

President

Corporate Strategy Group

Senior Management Committee

Corporate Information Systems Group

Compliance Committee
Corporate Planning Department
Personal Information
Protection and Administration Committee

IR Department
Finance & Accounting Department
General Affairs & Personnel Department

Statutory Auditors

84

COMSYS Holdings Corporation Annual Report 2006

Internal Audit Department

INVESTOR INFORMATIONAs of 31st March, 2006

Fiscal Year-End:
31st March, 2006

Major Shareholders:
As of 31st March, 2006

Annual Shareholders’ Meeting:
29th June, 2006

Shareholders

Shares Held(Thousands)

Percentage
of Total (%)

Japan Trustee Services Bank, Ltd.
(Trust Account)

14,495

9.92

The Master Trust Bank of Japan, Ltd.
(Trust Account)

12,929

8.85

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

Nippon Life Insurance Company

2,683

1.83

Nippon Life Insurance Company(Special pension account)

2,494

1.70

Fujitsu Limited

2,413

1.65

Transfer Agent:
Mitsubishi UFJ Trust and Banking Corporation
Securities Department
4-5, Marunouchi 1-chome
Chiyoda-ku, Tokyo 100-8212

BNP PARIBAS Securities (Japan) Limited(BNP PARIBAS Securities)

2,167

1.48

Calyon DMA OTC(Standing proxy in Japan: Tokyo Branch,
Calyon Securities)

2,032

1.39

Auditor:
Certified Public Accountants of Japan
O-Yu Kyodo Office

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.

Common Stock:
Authorized: 580,000,000 shares
Issued: 145,977,886 shares
Number of Shareholders:
9,036
Date of Listing:
September 2003
Stock Exchange Listings:
First Section of Tokyo Stock Exchange
and Osaka Securities Exchange(Securities code: 1721)

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

Composition of Shareholders:
As of 31st March, 2006
Securities Companies

2.99%
Individuals and Others

14.45%
Foreign Companies
and Individuals

Financial Institutions

28.97%

41.35%

Domestic Companies

12.24%COMSYS Holdings Corporation Annual Report 2006

85

COMSYS Holdings Corporation

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/

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Soybeen Association

Printed on recycled paper made from 100%
used paper (whiteness 71%)