2002 Investors’ Guide
Year Ended March 31, 2002

■ Profile
Nippon COMSYS Corporation was established in 1951, during Japan’s postwar turmoil, to undertake the rebuilding of thecountry’s telecommunications infrastructure. That was the year before the establishment of Nippon Telegraph andTelephone Public Corporation, which was later privatized and renamed Nippon Telegraph and Telephone Corporation (NTT).
At that time, the primary function of Nippon COMSYS Corporation was to execute telecommunications network construction
projects in support of NTT. The Company subsequently made a place for itself in the industry on the basis of its successes
in the postwar construction of Japan’s telecommunications infrastructure, and has remained an industry leader to thisday. Nippon COMSYS Corporation will continue to expand its business, seeking to contribute to the development of theinformation society of the future.

■ Contents
Five-Year Financial Summary ・・・・・・・・・・・・・・・・・・・・・・・・1
Toward Ubiquitous Computing in a Networked Society ・・・・・・・・・・・・・2
Medium-Term Management Plan ・・・・・・・・・・・・・・・・・・・・・・4Construction Flow for COMSYS’s Telecommunications Equipment・・・・・・・・5

Our Operations: an Overview ・・・・・・・・・・・・・・・・・・・・・・・・6
Featured Technologies ・・・・・・・・・・・・・・・・・・・・・・・・・・・9
Activities to Preserve the Earth’s Environment ・・・・・・・・・・・・・・・・・10

COMSYS Again Selected as Top IR Firm

COMSYS Chosen for Nikkei

For the second consecutive year, COMSYS has been
selected as the firm with the best investor relations
program in the construction industry. The award wasmade in October 2001 by the Securities Analysts
Association of Japan, and is public acknowledgementof the Company’s vigorous information disclosure
measures. COMSYS will do its utmost to continue to be
worthy of this award.

On March 6, 2002, COMSYS was chosen forinclusion in the Nikkei Stock Average, joining the
225 leading firms on the first section of theTokyo Stock Exchange whose stock prices areincluded in this important indicator.

1

Financial Section (Non-Consolidated Basis) ・・・・・・・・・・・・・・・・・・11
Non-Consolidated Statements of Income (10 Years) ・・・・・・・・・・・・・・23

2

Non-Consolidated Balance Sheets (10 Years) ・・・・・・・・・・・・・・・・・24
Consolidated Subsidiaries and Affiliates ・・・・・・・・・・・・・・・・・・・26
Group Companies ・・・・・・・・・・・・・・・・・・・・・・・・・・・・27
Comparison of Three Major Telecommunications Construction Companies in Japan■ Cautionary Statement with Respect to Forward-Looking Statements
This Investors’ Guide contains forward-looking statements that reflect management’s views and assumptions in the light of information
currently available with respect to certain future events, including expected financial position, operating results and business strategies.
These statements can be identified by the use of terms such as “will,” “believes,” “should,” “projects,” “plans,” “expects” and similar

Non-Consolidated Basis ・・・・・・・・・・・・・・・・・・・・・・・・28

terms and expressions that identify future events or expectations. Actual results may differ materially from those projected, and the events

Consolidated Basis ・・・・・・・・・・・・・・・・・・・・・・・・・29

and results of such forward-looking assumptions cannot be assured. Any forward-looking statements speak only as of the date of thisStock Price Information ・・・・・・・・・・・・・・・・・・・・・・・・・30

Investors’ Guide, and COMSYS assumes no duty to update such statements.
Factors that may cause actual results to differ materially from those predicted by such forward-looking statements include, but are

Corporate Information ・・・・・・・・・・・・・・・・・・・・・・・・・・31

not limited to, unanticipated changes in demand for the Company’s principal business, owing to changes in the economic conditions in

Brief History of COMSYS・・・・・・・・・・・・・・・・・・・・・・・・・32

the Company’s principal markets; the impact of increased competition; uncertainties as to the results of the Company’s research and development efforts and its ability to access and protect certain intellectual property rights; and the impact of regulatory changes andaccounting principles and practices.

■ Five-Year Financial Summary■ Consolidated(Millions of yen)

New Orders Received during the YearNet Sales
Operating Income
Income before Income Taxes
Net Income
Total Assets
Shareholders’ Equity

1998/3

1999/3

2000/3

2001/3

2002/3235,923
225,313
14,34814,333
8,309
166,067
94,654

229,875
220,522
14,261
13,522
5,625
171,669
101,721228,518
231,750
15,55913,054
6,315
188,961
115,834

229,211222,220
11,6289,117
4,498
188,250
118,055

213,985
231,351
10,500
8,913
4,107
190,576
111,91966.55
725.5942.97
765.7446.73
851.01

33.11
869.8430.39
835.04■ Net Sales■ Operating Income
Consolidated/Non-Consolidated

Consolidated
Non-Consolidated

Consolidated/Non-Consolidated

Consolidated
Non-Consolidated(Million ¥)(Times)(Million ¥)(Times)250,000

1.45

17,5001.45

200,000

1.35

14,0001.35

150,000

1.25

10,5001.25

100,000

1.15

7,000

1.15

50,000

1.05

3,500

1.05

0.95

0

(Yen)

Primary Earnings per ShareBook Value per Share■ Non-Consolidated(Millions of yen)

New Orders Received during the YearNet Sales
Operating Income
Income before Income Taxes
Net Income
Total Assets
Shareholders’ Equity

1998/3

1999/3

2000/3

2001/3

2002/3234,877
224,103
14,061
14,041
7,611
160,561
90,101

228,838
219,764
13,877
12,755
5,075
166,002
96,635

223,789
226,146
13,626
10,781
5,818
171,802110,400

222,486
215,586
10,402
7,980
4,283
174,118
112,529

200,900
219,206
8,526
6,519
3,461
159,344
102,88360.96
690.6838.78
727.4442.78
804.8631.27
822.3225.48
763.53

0

98

99

00

01

02

99

00

01

02

0.95

■ Net Income■ Income before Income Taxes
Consolidated/Non-Consolidated

Consolidated
Non-Consolidated

98

Consolidated/Non-Consolidated

Consolidated
Non-Consolidated(Million ¥)(Times)(Million ¥)(Times)

15,0001.45

10,0001.45

12,000

1.35

8,000

1.35

9,000

1.25

6,000

1.25

6,000

1.15

4,000

1.15

3,000

1.05

2,000

1.05

0.95

0

(Yen)

Primary Earnings per ShareBook Value per Share■ Ratios of Consolidated to Non-Consolidated Performance(Times)

1998/3

1999/3

2000/3

2001/3

2002/3

Net Sales
Operating Income
Income before Income Taxes
Net Income
Number of Consolidated Subsidiaries and Affiliates

1.01
1.02
1.02
1.09
2

1.00
1.03
1.06
1.11
2

1.02
1.14
1.21
1.09
8

1.03
1.12
1.14
1.05
14

1.06
1.23
1.37
1.19
14

0

98

99

00

01

02

98

99

00

01

02

0.95

Investors’ Guide 20021

■ Toward Ubiquitous Computing in a Networked Society■ Fostering and Organizing IP Technicians—IT Business Division LaunchedWith the explosion of information technology, various systems using Internet protocol network technology are being developed in the marketplace. The need for design, maintenance, and administration services is growing as a result, as is the need for package outsourcing of these functions.
At COMSYS, we have designated the provision of network solutions to these needs as
one of our core businesses, and in March 2001 established the IT Business Division. This newdivision is composed of a Marketing Section, a Systems Solutions Section, an Internet
Protocol Section, a Broadband Development Section, and a Comsys IP Network Integration
Support Section. Combining the Company’s experience in telecommunications construction
project execution, its expertise in the development of application software, and its strength in
cutting-edge IP Network technology, we will be providing top flight total solutions service.
COMSYS has been placing particular emphasis on the training of IP technicians, with2

a view to expanding its IP business, and approximately 1,000 employees have obtained various
vendor certifications in IP-related areas. These IP technicians will augment their abilities in
the course of their business activities, and we believe that this will strengthen the
Education and Training Center in Omiya

Company’s overall strength.

■ Strengthening our Affiliate Structure
Approximately 70% of the cost of completed projects is composed of subcontracting costs. That
is why strengthening the structure of affiliates is an important issue for COMSYS. As many of■ Training Schedule (Fiscal Year Ended March 31, 2003)
Participants
Total number of personnel/day

COMSYS employees

Partner company employees

Total

Approx. 7,100
Approx. 27,400/day

Approx. 3,800
Approx. 8,200/day

Approx. 10,900
Approx. 35,600/day

our affiliates are small firms that specialize in particular areas, we are combining someaffiliates and strengthening their structures with the aim of to diversifying technologicalcapabilities, enhancing operational efficiency, and upgrading project supervision.
In addition, we are identifying those affiliates that efficiently produce high-quality work,and have instituted a subcontracting system that provides them with an incentive in the form

■ Main Training Items
IP technical training, access construction techniques, design, infrastructure construction techniques,“Inside” construction techniques, measurement training, safety training, quality control training,
cost estimation training, qualifications acquisition, basic training for new employees, etc.

of increased order volume. Further, COMSYS is providing these designated companies
with numerous technicians through temporary or permanent transfer, thus promoting theactive transfer of technologies.

Investors’ Guide 2002

■ Training Costs
Training will generally carry an annual cost from ¥600 to ¥700 million.

■ Expanding our Business Domain
The development of new businesses is an important issue under our COMSYS-21 plan,
which sets forth the new goal of becoming a comprehensive engineering firm for the■ Acquisition of Main Vendor Qualifications(Unit: Persons)

2001/3

2002/3

AnnualIncrease

1
1

1
1

0
0

Microsoft Certified Engineer (Professional)
Microsoft Certified Engineer (MCP)
Cisco Certified Engineer (CCNA)
Cisco Certified Engineer (CCDA)
Cisco Certified Engineer (CCNP)
Oracle Master (SILVER)
Oracle Master (GOLD)
Oracle Master (PLATINUM)
HP Certified Engineer (HP-UX System Administration)
Notes (CLP)

0
445
234
8
0
32
6
1
0
11

19
511
452
28
38
45
9
4
2
11

19
66
218
20
38
13
3
3
2
0

Notes (CLS)

2
741

4
1,125

2
384

21st century. Since being established in July 2000, the Company’s Business Development

Qualifications Name

Department has undertaken various projects such as the “LAN Convenience Store” service toassist small office-home office users and small and medium sized businesses in building LANs
and WANs using the Internet and environment-related projects operating in the fields ofMicrosoft

wind power and solar power.
To further expand its new business development projects, in December 2001 the

Cisco

Company instituted an internal venture system, which asks each employee throughout
the Company for new businesses ideas in the key fields of IP, IT, health, benefits, and the environment. This supports the vigorous establishment of new businesses. The Business

OracleDevelopment Department has established a new business home page and the New
Business Mail Magazine for employees, establishing a new business development system inwhich all employees participate regardless of division or position.

hp
Notes

Microsoft Certified Engineer (MCSE)
Microsoft Certified Engineer (MCSE+INTERNET)

The government’s e-Japan Strategy speaks of the goal of becoming the world’s

Total

preeminent IT nation within five years, through the construction of an ultra-high-speed Internet
infrastructure, the quick realization of continuous connection Internet service, the estab-■ New Business Development System Enabling Universal Employee Participation

lishment of regulations for e-commerce, the realization of e-government, and, throughStaffhuman development suited to the new era, the establishment of an environment that is based onmarket principles and allows the fullest possible expression of the power of the private sector.
In addition to IT, we at COMSYS are also concerned with the environment and the aging

Employees can participate
using their home computers· Announcement of launch of Mail Magazine· Call for participation (e-mail to employees)
Registration
systemsociety, and are striving to evolve quickly into a comprehensive engineering firm for the ITrevolution era that can make a substantial contribution to a better society in the 21st century.

BREEZYCOMSYS

Home page

Mail Magazine

Proposals andparticipation
Registration system(by theme)

Forum room

Internal venture system(Company newsletter)

MALIONET(Intranets)

Business
Development
Department

Investors’ Guide 2002

3

■ Medium-Term Management Plan
As a comprehensive engineering firm for the high-order information society, Nippon COMSYS Corporation pursues its business■ Performance Indicators

within the context of a corporate philosophy that strives to support social progress. COMSYS launched its COMSYS-21 medium-term
management plan in fiscal 2001, ended March 31, 2002, when the Company marked its 50th anniversary. This is the initialstrategy of our next 50 years.
Throughout the world, humankind is literally entering an IT-revolution era. The telecommunications market, in particular,

NTT Projects
Net sales(¥100 million)

Other BusinessTotal

2002/3(Performance)

2007/3(Planned)

Percentchange

1,323

1,100

0.83

870

2,000

2.30

2,192

3,100

1.41

has advanced from its 20th century emphasis on telephony to become centered on Internet protocol communications.

Recurring Profit (¥100 million)

93

160

1.72

Changes are diverse and rapid, making for intense cost competition.

Recurring Profit Margin (%)

4.3

5.2

—

3,542

3,240

0.91

The Company is striving to respond to these market conditions with the cooperation of its affiliates, while pursuing thegoals of its medium-term management plan through the five innovations described below.

■ FIVE INNOVATIONS

Number of Employees■ Telecommunications Construction Market
NTT and NTT DoCoMo
Type 1 carriers (fixed + mobile)
Public & private sector demand (including some IT and software related demand)(¥100 million)

1. Man Power Innovation
4

Dynamic deployment and right-sizing of the workforce—training, integration, and proper organization of IP technicians
Operational personnel will be organized into a pool to facilitate support, and IP technological capabilities will be strengthened as called for in the COINS
Project. Marketing personnel will be reorganized according to their skills and market needs, and the administrative sector will be slimmed down.

2. Motivation Power Innovation
Shifting to a winning personnel and remuneration structure
The Company will implement a wage structure corresponding to the Company’s performance, a regional wage structure thatreflects actual competitive conditions, an annual salary system for all management-level employees, reforms of the personnel system
to include an ability-based grade system, and a re-evaluation of the wage structure.

3. Collaboration Power Innovation
Enhancing project-execution capabilities by strengthening the affiliate structure, and optimizing subcontracting expenses
This will involve concentrating capabilities by reorganizing the Companies of the Group, fostering superior subsidiaries, affiliates, andassociates through directed subcontracting, and reducing subcontracting costs through enhanced and strengthened subcontracting control.

4. Business Spec Innovation
Broad-ranging enhancement of administrative efficiency
Efficiency gains will be enhanced through the establishment of a computerized work-site administrative support system. Together with
this, Group administration will be concentrated through joint administration and outsourcing.

5. Corporate Ability Innovation
Expanding our sphere of operations
The Company will strengthen its involvement in wind and solar power generation projects, as well as its involvement in “total businesssolutions.” We will also press forward in joint businesses with firms in other industries, as well as expanding the scope of new businesses.
Investors’ Guide 2002

■ Sales Targets
NTT and NTT DoCoMo
Architecture
Information systems(¥100 million)

IT business (including some software related sales)
Systems engineering (including some IT related sales)
Ecosystems
Overseas■ Construction Flow for COMSYS’s Telecommunications Equipment

BS/CS
Radio Broadcasting System

Regional network for prefectualand municipal governments

Data Center
Broadcasting Station

Building of infrastructure

Land Station

LAN/WAN

Server/HUB/Router

WDM Equipment

Call Center

Broadcast Satellite/Communications Satellite Broadcasts

CTI

Home User

Business Users

Solar Power Facility ATM Switch

Ground Wave Broadcast

Cable Broadcasting System
Submarine Optical Fiber Cable

Internet-ready condominium/hotel

Land Station
WDM Equipment

Cable Television Firm

Building of VPN for business users―IP-VPN―Internet VPN―Wide area Ethernet

5

Mobile Telephony Switching Station
SwitchHome User
Telephone
FAX
PC

Home User

Radio Base Station

FWA

SwitchMicrowave Transmitter

Wire-link Communication System

MobileTelecommunication
SystemInternet Provider

Relay Station
SwitchLocal Swich Bldg.

Radio Telephony System
Mobile Telephone
PDC
W-CDMA(FOMA)
CDMA2000Junction Swich Bldg. Toll on Trank Bldg.
Swich
RouterRouterServerInternet Cafe

Toll on Trank Bldg.

Core RouterServerJunction Swich Bldg.

Hotspot
Local Swich Bldg.

Core Router

Cable Feeder Point

RouterSwichHome User

RouterADSL・FTTH

Optical Fiber Cable
Cable Feeder Point

Investors’ Guide 2002

■ Our Operations: an Overview
Communications Infrastructure Projects
As the high-order information society continues to advance, the focus ofcommunications is shifting from voice to digital data. For this reason,
Japan needs to develop an Internet-provider network, beginning withhigh-speed broadband access facilities. Since its founding in 1951, reliable
technological expertise has kept COMSYS in the forefront of thetelecommunications construction industry, and the Company has played asignificant role in the building of Japan’s communications infrastructure. In
this era, with the IT revolution progressing at an accelerating pace,
COMSYS is pursuing leading-edge technology and demonstrating aneagerness to take on these new challenges. At the same time, weare contributing to the growth of the communications society.

■ “Outside” Projects■ Cable Engineering Works Project(installation of communications cables)
COMSYS is engaged in the design, installation,and testing of communications cable networks invarious locations, including cable systems linking thevarious NTT buildings and linking the facilities ofother common carriers, and cable systems within
intelligent buildings. The Company is also linking
family homes to various services using telephonelines. More than telephone lines, the Company isengaged in the building of optical-fiber, cable
television, Internet-protocol, and other communications networks.
■ Cable-Tunnel Construction Project(underground tunnel construction)
This shows the laying of high-capacity undergroundcommunications cables. Such projects are complex, asurban areas lay not only communications cables
underground, but also gas lines, water lines, and various
other infrastructure. COMSYS’s high technologicallevel allows the Company to carry out high-levelprojects, and has executed approximately one-third of all
such communications tunnel projects in Japan.

6■ Conduit Line Construction Projectby the Open-Cut Method
Digging directly from the surface, COMSYS
installs CC BOX and Information BOX facilities.
Because telephone poles are eliminated, thesefacilities are more resistant to natural disaster,and contribute to urban beautification.

■ “Inside” Projects■ Switching System and Transmission Equipment Projects
COMSYS is engaged in the installation of switching systems and transmission equipment, together with the installation, connection, and maintenance of cables,
connectors, and other peripherals. We are building systems and facilities that allow
the error-free switching and long-distance transmission of the information thatcomes through telecommunications providers.

Investors’ Guide 2002

■ Electric Power Equipment Projects
To enable communications facilities to function smoothly, an infrastructure of power
generation facilities, battery-charging equipment, converters, cable connections,and maintenance services is necessary. COMSYS is engaged in the construction andexpansion of this infrastructure, and is building electric power systems suited to supply
the communications facilities and equipment of telecommunications firms.

Mobile Communications Projects
The Company executes all phases of the construction of mobile telephone base stations, from selectionof locations and negotiations of property rights, to the design, execution, and testing of the stations themselves. Because base stations must be designed to suit and constructed in a wide variety of environments,a high degree of technological expertise and specialized knowledge is required. For this reason,
COMSYS is ideally suited to operate in the field of mobile telecommunications projects. COMSYS has alsoachieved a number of successes in the construction of third-generation mobile telephone facilities.

Antenna on a building roof fora mobile telecommunication
system (in a city)■ Aiming a Microwave Antenna
The correct aiming of microwave antennae to ensure the efficienttransmission and reception of microwave signals is an importantelement of our telecommunications infrastructure. A key towinning these important contracts is the trust born of experienceand a reputation for the ability to produce high-quality work.

7

Base station for a mobile
telecommunication system(in a suburb)■ A Steel Tower for a Mobile Telecommunications System
COMSYS has built the best track record in the industry for the construction ofsteel towers for mobile telecommunications systems. We are bringing ourtechnology and experience to bear in the execution of tower projects in a numberof locations, including the roofs of the NTT Building and other high-rises.

■ A Mobile Telephone Base Station
In the suburbs, mobile telephone antennae are usually freestanding towers. In cities, they are usually located on theroofs of high-rise buildings. Over and above the construction ofbase stations, COMSYS offers integrated services that include
the installation of electric power sources, transmitter equipment,
and other related facilities and equipment.

■ Test Operation of Switching Equipment
COMSYS has a comprehensive contract for the design andconstruction of this mobile telephone facility, which will include
backward-compatible mobile telephone equipment, third generation mobile telephone-capable switching systems and transmitter
equipment, as well as electric power facilities.

Investors’ Guide 2002

8

Architecture BusinessInformation Systems

Using the technological expertise in civil engineering and construction that COMSYS has accumulated in thecourse of its cable tunnel construction activities, the Company is engaged in the construction of communications antenna towers for mobile telephony and the design and construction of office buildings andcondominiums. In addition, the Company is engaged in design and construction activities in such environmentrelated areas as wind power and solar power.
Recent years have seen growing demand for the construction of intelligent buildings that fully utilize
information technology, and in the past few years demand has grown for new condominiums furnished withcomplete home LANs to serve as platforms for home security systems and Internet access. Therefore, COMSYS
is shifting its emphasis from the construction of radio facilities to the construction and maintenance of residentialbuildings. COMSYS has already gained experience in the building of small-scale LANs through its LAN
Convenience Store operations, but the Company’s greatest strength is that it possesses not only expertisein construction technology, but also high-level information technology skills. This strength is highly
regarded by those in the industry who select contractors for these projects.
With the advance of computerization, this strength will be a significant asset to COMSYS in the competition to win contracts. Demand is forecast in connection with the refurbishment of office buildings
constructed during the high-growth period, and we therefore expect our architecture business to expand.

COMSYS is engaged in the development of commercial
systems, and has built a strong track record throughthe development of many business applications,networks, and database solutions. The Company
has also developed many applications and control
systems for various types of infrastructure for the NTT
Group and other telecommunications firms, offering
total solutions service packages encompassing everything from design to maintenance and administration.
COMSYS personnel preview a satellite-broadcast program
Last year the company launched its highlywith the clients who ordered it.
lauded LAN Convenience Store service, which
provides LAN and WAN construction support to small office, home office (SOHO) operators, Internet service
providers, and small and medium-sized businesses using the Internet. Until now, as the scope of a businessservice contract became smaller, it became relatively more expensive. We have thoroughly reevaluated ourbusiness flow with a view to eliminating that drawback, and have achieved cost reductions by building
systems that can be administered through the Internet and offering service package contracts. This has given
birth to a new service that allows the client to build a network as easily as shopping at a convenience store.
Other information systems businesses include the production of interactive programming for digitalsatellite broadcasts, which allow viewers to interact with broadcast stations. The Company will bewatching the rapid progress of IT for opportunities to employ its high level of technological expertise incrafting proposals for new services.

Wind power facilities in Hokkaido

The Mio Castello Kouhoku ILVIALE Condominiums,
a COMSYS project

Investors’ Guide 2002

■ A screen shot from one of the Company’s digital satellite broadcast programs.
Digital technology greatly increases the number of channels available, leading toforecasts of expanded demand for programming. COMSYS is positioning itself totake advantage of the business opportunity this represents.

■ Featured Technologies
New Technologies—The Tuned Rotary-Mass Damper

The Keybox Key Control System

In 1999, our Technology Research & Development Center began the development of a tuned rotary-mass damper jointly with the Shimazaki ResearchLaboratory of Tokai University’s Engineering Department. This effort was a
resounding success. Field tests are complete, and we are now at the stage ofreadying the product for market.
Dampers are installed in buildings, bridges, and towers to reduce theeffects of earthquakes and high winds. This joint development project produced
a very simple yet epoch-making device, which uses a rotating cylindricalweight within another cylinder to absorb vibration energy.
The Technology Research & Development Center commenced actual
device testing from August 2001, assuming the devices would be used withexpressway panel lamps to help prevent metal fatigue and burnt out lightbulbs. After the devices were installed, one-tenth of sudden vibration and
one fourth of continuous vibration was absorbed, an extremely high damping ratio.
Data developed during testing was compiled and published in the
Journal of Structural Engineering, and received a high scholarly evaluation.
Because of its simple design it will have an extremely low construction cost of
about one-fifth that of previous devices, and will cause little concern withregard to breakage. For these reasons, we have had a large number ofinquiries from concerned firms. The Technology Research & Development
Center will be preparing a pamphlet and a video introducing the tuned
rotary-mass damper, which it will distribute to prefectural and municipal
governments, and to highway and expressway public corporations.

Jointly with a control equipment development firm, COMSYS has developed a key control systemthat provides real-time, unitary control, and commenced marketing this system in January
2002. This system uses a non-contact integrated circuit to control access to the key locker
through the user’s identification card. Each key is attached to a key holder that has a non-contact
IC attached, which passes data on key check-out and return to a computer, allowing unitary key
control. This provides real-time information on who is using what key at any given moment, as well
as a historical record of who has used keys in the past. Further, this data can be accessed fromremote sites using the Internet.
In this joint project, COMSYS was primarily responsible for the control software. Because thesystem will reduce labor costs at facilities that are open 24 hours a day, we are marketing it to security
companies, power and gas utility companies, commercial building and parking lot maintenancecompanies, hospitals, and hotels.

Strong vibration:
an exciter adds to the vibration

A damper

Displacement
Free vibration:

Instantaneously cuts
the wire loadingon the plumb bob

30

Without damper
With damper

Without damper
With damper
Displacement (mm)

10

5

0

-5

20

10

Passing the user’s ID in front of the integrated
circuit card unlocks the key locker, allowing
removal of keys.

-10

-15

9

Graph B: Results of strong vibration test

Graph A: Results of free vibration test
15

Displacement (mm)Vibration Mode [Dangerous Sway]

0

10

20

30

Time (sec)

40

50

60

0
0.80

0.90

1.00

1.10

1.20

Comparison of vibration values

Investors’ Guide 2002

■ Activities to Preserve the Earth’s Environment

COMSYS recognizes environmental problems to be one of its most important management issues, and gives
environmental business a prominent place in its operations. In June 2001 the Company acquired ISO-14001
certification, demonstrating our compliance with international environmental standards. Based on our established basic policy on the environment and our action guidelines, we are cooperating with regional societies
to protect the global economy.

■ Basic Policy on the Environment
Nippon COMSYS Corporation, as a comprehensive telecommunications engineering firm, is continuously
engaged in the protection of the global environment, and is contributing to the building of a future inwhich men and nature live in harmony.

■ COMSYS’s Environmental Goals
1. Reducing electricity consumptionsTo reduce electricity consumption in our major buildings to 3 percent below its 1999 level by 2002.

2. Reducing office paper use
sTo reduce paper consumption in our major buildings to 10 percent below its 1999 level by 2002.

3. Increasing paper recyclingsTo increase paper recycling in our major buildings to 70 percent by 2002.

■ Action Guideline
10

1. To reduce the burden on the environment represented by our business activities, we will include environmental concerns and establish environmental goals for each of our construction projects,
while conducting continuous improvement of our environmental management systems.
2. We will comply with all environmental statutes and regulations.
3. To prevent pollution, we will in all our operations reduce and recycle industrial waste and, in our office
operations, we will practice resource and energy conservation and promoting green procurement.
4. We will achieve an enhanced awareness of environmental issues on the part of all our employees
and everyone concerned with our construction projects, and will establish strong, cooperative relationships with regional societies.

4. Reducing and recycling industrial wastesTo achieve thorough sorting of industrial waste by expanding the role of on-site construction offices
in sorting, and thereby to enable reductions in industrial-waste generation, as well as increased
recycling of industrial waste.

5. Promoting concern for the environment in facilities design
sTo increase proposals for the use of facilities with less environmental impact.

6. Promoting green procurement practices
sTo expand green procurement of office consumables and supplies.

■ COMSYS’s Environmental Management System
7. Reducing the Company’s vehicle use
sTo reduce the Company’s vehicle ownership to 20 percent below its 1999 level by 2002.
sTo reduce the Company’s vehicle leasing to 5 percent below its 1999 level by 2002.

8. Improving methods of handling soil excavated in telephone pole installationsTo improve procedures for handing soil excavated in telephone pole installation.

Investors’ Guide 2002

■ Financial Section (Non-Consolidated Basis)
Contents
Performance
Operating Results ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・12
Performance by Business Category ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・13
NTT Construction ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・14
Domestic Construction and Engineering ・・・・・・・・・・・・・・・・・・・・・・・・・・15
Overseas Construction, Information Systems ・・・・・・・・・・・・・・・・・・・・・・・・16

Key Financial Indicators
Profitability ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・17
Efficiency ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・18

11

Stability ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・19
Per Share Data ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・20
Per Employee Data ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・21
Other Data ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・22

Non-Consolidated Statements of Income (10 Years) ・・・・・・・・・・・・・・・・・23
Non-Consolidated Balance Sheets (10 Years) ・・・・・・・・・・・・・・・・・・・・・24
Consolidated Subsidiaries and Affiliates ・・・・・・・・・・・・・・・・・・・・・・・・26
Group Companies ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・27
Comparison of Three Major Telecommunications Construction Companies in Japan
Non-Consolidated Basis ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・28
Consolidated Basis ・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・・29

Investors’ Guide 2002

■ Performance
Operating Results■ New Orders Received during the Year

■ Gross Profits/Operating Income■ Net Sales■ Income before Income Taxes■ Net Income

Gross Profits
Operating Income(Million ¥)(Million ¥)(Million ¥)250,000

35,000(Million ¥)250,000

15,0008,000

200,000

200,000

28,00012,0006,400

150,000

150,000

21,000

9,000

4,800

100,000

100,000

14,000

6,000

3,200

50,00050,000

7,000

3,000

1,600

(Million ¥)

12

0

0

98

99

00

01

02

(Millions of yen)

0

98

99

00

01

02

98

99

00

01

0

02

98

99

00

01

02

0

98

99

00

01

02

1993/3

1994/3

1995/3

1996/3

1997/3

1998/3

1999/3

2000/3

2001/3

2002/3

New Orders Received during the Year

128,073

135,762

143,034

186,180

225,147

234,877

228,838

223,789

222,486

200,900

Net Sales

125,771

136,037

152,213

180,629

220,590

224,103219,764

226,146

215,586

219,206

Contract Backlog at End of Fiscal Year57,02956,75447,57553,126

57,68368,457

77,53175,17478,70560,399Gross Profits

13,658

16,63218,01821,96527,89027,83826,491

26,59923,80423,043Operating Income

3,929

5,698

7,042

8,544

13,582

14,061

13,877

13,626

10,402

8,526

Income before Income Taxes

4,071

5,759

7,127

8,092

13,397

14,041

12,755

10,781

7,980

6,519

Net Income

1,631

2,419

3,637

3,742

6,267

7,611

5,075

5,818

4,283

3,461

Note: For the purpose of supporting an affiliate in Thailand, a portion of construction orders received in FY March 2000 was assigned to the said company. As a result, our contract backlog at the end of FY March 2001 decreased by ¥3,369 million.

Investors’ Guide 2002

■ Orders Received by Business Category(Millions of yen)

1993/3

1994/3■ Orders Received by Business Category
1995/3

1996/3

1997/3

1998/3

1999/3

2000/3

2001/3

2002/3(Million ¥)250,000

NTT Group Construction“Outside” Projects“Inside” Projects
Subtotal

47,118 51,940 55,723 71,123 78,976 74,038 69,221 58,183 48,737 41,447
42,882 49,264 50,414 60,060 78,164 81,457 73,810 74,856 77,894 80,208
90,000 101,204 106,137 131,183 157,140 155,495 143,031 133,039 126,631 121,655

Overseas Construction
Domestic Construction and Engineering
Information Systems
Total

7,504
1,982
4,059
8,780 11,468
9,362
4,044
4,027
824
2,970
18,948 20,732 18,869 31,196 41,058 53,792 63,845 68,609 78,672 62,305
11,621 11,844 13,969 15,021 15,481 16,228 17,918 18,114 16,359 13,970
128,073 135,762 143,034 186,180 225,147 234,877 228,838 223,789 222,486 200,900“Outside” Projects“Inside” Projects

Overseas Construction
Information Systems
Domestic Construction and Engineering

200,000
150,000
100,000
50,000
0

93

94

95

96

97

98

99

00

01

02

■ Net Sales by Business Category■ Net Sales by Business Category(Millions of yen)

1993/3

1994/3

NTT Group Construction“Outside” Projects“Inside” Projects
Subtotal

49,096
40,76589,861

50,484 58,646 70,494 79,306 75,658 68,562 63,254 54,520 48,085
48,813 52,407 59,119 80,081 74,339 74,385 77,714 74,647 84,171
99,297 111,053 129,613 159,387 149,997 142,947 140,968 129,167 132,256

Overseas Construction
Domestic Construction and Engineering
Information Systems
Total

3,738
4,274
8,729
6,697
8,925 10,545
7,850
3,007
1,314
2,500
19,467 20,944 19,392 28,706 37,415 47,476 52,411 64,560 68,973 69,927
12,705 11,522 13,039 15,613 14,863 16,085 16,556 17,611 16,132 14,523
125,771 136,037 152,213 180,629 220,590 224,103 219,764 226,146 215,586 219,206

1995/3

1996/3

1997/3

1998/3

1999/3

2000/3

2001/3

2002/3(Million ¥)250,000“Outside” Projects“Inside” Projects

Overseas Construction
Information Systems
Domestic Construction and Engineering

13200,000
150,000
100,000
50,000
0

93

94

95

96

97

98

99

00

01

02

■ Contract Backlog at End of the Year, by Business Category■ Contract Backlog at End of the Year, by Business Category(Millions of yen)

1993/3

1994/3

1995/3

1996/3

1997/3

1998/3

1999/3

2000/3

2001/3

2002/3

NTT Group Construction“Outside” Projects“Inside” Projects
Subtotal

27,3107,820
35,13028,766
8,271
37,037

25,843
6,278
32,121

26,472
7,219
33,691

26,142
5,302
31,444

24,522
12,42036,942

25,181
11,84537,026

20,1108,987
29,097

14,327
12,23426,561

7,689
8,271
15,960Overseas Construction
Domestic Construction and Engineering
Information Systems
Total

10,9938,942
1,964
57,029

8,701
8,730
2,286
56,754

4,031
8,207
3,216
47,575

6,114
10,697
2,624
53,126

8,657
14,3403,242
57,683

7,474
20,656
3,385
68,457

3,668
32,0904,747
77,531

4,688
36,1395,250
75,174829
45,8385,477
78,705

1,299
38,216
4,924
60,399(Million ¥)80,000“Outside” Projects“Inside” Projects

Overseas Construction
Information Systems
Domestic Construction and Engineering

64,00048,00032,000Note: For the purpose of supporting an affiliate in Thailand, a portion of construction orders received in FY March 2000 was assigned to the said company. As a result, our contract backlog at the end of FY March 2001 decreased by ¥3,369 million.

16,000
0

93

94

95

96

97

98

99

00

01

02

Investors’ Guide 2002

NTT Construction■ Total Sales of NTT Construction/Percentage of Total Sales■ Total Subscribers of Mobile Telephones

NTT Construction’s Percentage of Total Sales“Inside” Projects“Outside” Projects■ The NTT DoCoMo Group Subscribers

PHS Subscribers
Fixed Telephones
Total Mobile Telephone Subscribers■ Number of Subscribers by Carriers
As of March 31, 2002

NTT DoCoMo GroupNTT DoCoMo Share(Million ¥)(%)(Ten thousand)

(%)

75

(Ten thousand)

165,000

7,000

4,000

60

132,000

60

5,600

3,200

48

99,000

45

4,200

2,400

36

66,000

30

2,800

1,600

24

33,000

15

1,400

800

12

0

0

14

J-PHONE
Group
1,223
17.7%

TU-KA
Group
389
5.6%

NTT
DoCoMo
Group
4,078
59.0%

au Group
1,221
17.7%

(Ten thousand)

0

93

94

95

96

97

98

(Ten thousand, except where noted)

Total Subscribers of Mobile Telephones

99

00

01

02

98

99

00

01

0

02

0

98

99

00

01

02

1993/3

1994/3

1995/3

1996/3

1997/3

1998/3

1999/3

2000/3

2001/3

2002/3

171

213

433

1,020

2,087

3,152

4,153

5,114

6,094

6,912

The NTT DoCoMo Group

102

132

220

493

1,096

1,798

2,389

2,936

3,603

4,078

Share of NTT DoCoMo (%)

59.6

62.0

50.8

48.3

52.5

57.0

57.5

57.4

59.1

59.0

—
5,760

—
5,878

—
5,988

151
6,104

603
6,146

673
6,038

578
5,847

571
5,545

584
5,209

569
5,074

(100 millions of yen, except where noted)

1997/3

1998/3

1999/3

2000/3

2001/3

2002/3

2003/3 (Forecast)

Planned Construction

19,911

18,87017,27914,598PHS Subscribers
Fixed Telephones

Completion of Optical Fiber Cable Installation (%)

16.0

19.0

23.0

36.0

Investment in Optical Fiber Cable

2,310

2,100

2,440

2,400

Investors’ Guide 2002

13,1169,350

10,000

East Japan

48.0

54.0

69.0

West Japan

37.0
1,900

42.0
1,900

53.0
2,600

Domestic Construction and Engineering■ Total Sales of Domestic Construction and Engineering/Percentage in Total Sales■ Domestic Construction and Engineering Orders Received by Major Client
As of March 31, 2002

Sales of Domestic Construction and Engineering
Percentage of Domestic Construction and Engineering in Total Sales(Million ¥)(%)

75,00040

Manufacturers
5%
60,00032

45,00024

Others17%

NTT Group
15%

General Contractors
22%
Government Agencies
17%

New Common Carriers
24%
16

30,00015
815,000

0

0

93

94

95

96

97

98

99

00

01

02

Investors’ Guide 2002

Overseas Construction

Information Systems■ Total Sales of Information Systems/Percentage in Total Sales■ Total Sales of Overseas Construction/Percentage in Total Sales
Sales of Overseas Construction

16

Sales of Information Systems

Percentage of Overseas Construction in Total Sales

Percentage of Information Systems in Total Sales(Million ¥)(%)(Million ¥)(%)

12,5007.5

20,00012.5

10,000

6.0

16,000

10.0

7,500

4.5

12,000

7.5

5,000

3.0

8,000

5.0

2,500

1.5

4,000

2.5

0

0

0

93

94

95

96

97

98

99

00

01

■ Major Overseas Projects Completed
Nigeria
Iraq
Egypt
ThailandTaiwanSri Lanka
Nepal
Thailand
KuwaitTanzania
ThailandPhilippines
Philippines
Philippines
ThailandPhilippines
Philippines

Ibadan new local line project
Installation of telephone lines for 17 local exchanges
Supply and installation of telecommunication cable network in Ismailia and Suez
Installation of digital exchange equipment
Installation of highway traffic control system
Installation of local telephone lines in the Badulla and Anuradhapura regions
Installation of microwave telecommunications system (inside and remote)
Fifth local cable network installation for TOT in Bangkok and provinces
Installation of digital loop coil system in Farwaniah Exchange
Rehabilitation of telecommunications network in Dar es Salaam
Seventh local cable network for TelecomAsia and TT&T
Supply and installation of local cable network for Major Telecom Inc. in Mindanao
Supply and installation of OSP equipment and optical fiber cable for ICC in Manila
Installation of trunk lines and local network for GLOBE Telecom PHASE-2 in Manila and the provinces
The telephone expansion project to overcome short-term line shortage / B.E.1996-1998 for TOT (800K)
Supply contract for OSP & optical fiber cable (BAYANTEL 40K)
Turnkey backhaul fiber optic network construction for DCI in Philippines■ Overseas Projects in Progress (As of June 2002)
Philippines
ThailandThailand

Supply and installation of local cable and junction network for GLOBE Telecom PHASE-4 in Manila and the provinces
Optic Fiber Transmission Network Expansion Project for TOT
100,000 Telephone Line Expansion Project in the North-East, North, South and Central Regions for TOT

Investors’ Guide 2002

93

02

94

95

96

97

98

99

00

01

02

0

■ Net Sales of Information Service Industry in Japan
Source: Ministry of Economy, Trade and Industry, Research and Statistics Department,“Preliminary Report on the Survey of Selected Service Industries.”(¥100 Million)

140,000

112,000

84,00056,00028,000

0

93

94

95

96

97

98

99

00

01

02

■ Key Financial Indicators
Profitability■ Gross Profit Margin/Operating Margin■ Net Profit Margin■ Pre-Tax Profit Margin■ Return on Total Assets (ROA)■ Return on Equity (ROE)

Gross Profit Margin
Operating Margin
(%)

(%)

(%)

(%)

(%)

13.0

7.0

3.5

11.0

5.0

10.4

5.6

2.8

8.8

4.0

7.8

4.2

2.1

6.6

3.0

5.2

2.8

1.4

4.4

2.0

17
2.6

0

0.7

1.4

98

99

00

01

0

02

0

98

99

00

01

1.0

2.2

02

98

99

00

01

0

02

0

98

99

00

01

02

98

99

00

01

02

(%)

1993/3

1994/3

1995/3

1996/3

1997/3

1998/3

1999/3

2000/3

2001/3

2002/3Gross Profit Margin

10.86

12.23

11.84

12.16

12.64

12.42

12.05

11.76

11.04

10.51

Operating Margin

3.12

4.19

4.63

4.73

6.16

6.27

6.31

6.03

4.82

3.89

Pre-Tax Profit Margin

3.24

4.23

4.68

4.48

6.07

6.27

5.80

4.77

3.70

2.97

Net Profit Margin

1.30

1.78

2.39

2.07

2.84

3.40

2.31

2.57

1.99

1.58

Return on Equity (ROE)

5.35

6.78

7.56

6.47

10.08

9.81

5.44

5.62

3.84

3.21

Return on Total Assets (ROA)

2.06

2.52

3.28

2.93

4.28

4.84

3.11

3.44

2.48

2.08

Return on Equity (ROE) =Net Income
Shareholders’ Equity (Average of two year-ends)

Return on Total Assets (ROA) =Net Income
Total Assets (Average of two year-ends)

x100

x100

Investors’ Guide 2002

Efficiency■ Total Assets/Shareholders’ Equity■ Modified Working Capital■ Turnover of Property and Equipment■ Turnover of Total Assets

Total Assets
Shareholders’ Equity(Million ¥)(Million ¥)175,000

60,000140,000(Times)(Times)2.0

9.0

48,0001.6

7.2

105,000

36,0001.2

5.4

70,00024,0000.8

3.6

35,00012,000

0.4

1.8

18

0

98

99

00

01

0

02

98

99

00

01

0

0.0

02

98

99

00

01

02

98

99

00

01

02

(Millions of yen, except where noted)

1993/3

1994/3

1995/3

1996/3

1997/3

1998/3

1999/3

2000/3

2001/3

2002/3

Total Assets

86,382

105,450

116,617

138,610

154,246

160,561

166,002

171,802174,118

159,344

Shareholders’ Equity

31,55639,821

56,39559,27765,096

90,101

96,635

110,400

112,529

102,883

Modified Working Capital

26,902

27,26747,603

44,69342,971

57,79948,54453,27956,27450,085

Turnover of Total Assets (times)

1.59

1.42

1.37

1.42

1.51

1.42

1.35

1.34

1.25

1.31

Turnover of Property and Equipment (times)

10.81

9.50

9.08

8.50

8.64

8.40

7.59

6.80

6.05

6.52

Modified Working Capital = (Current Assets - Accumulated Cost of Construction in Progress) - (Current Liabilities - Advances Received on Construction in Progress)
Turnover of Total Assets =Net Sales
Total Assets (Average of two year-ends)

Turnover of Property and Equipment =Investors’ Guide 2002

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

Stability■ Current Ratio/Quick Ratio■ Equity Ratio■ Fixed Assets-to-Equity Capital Ratio/Ratio of Fixed
Assets-to-Equity Capital and Long-Term Liabilities

Current Ratio
Quick Ratio■ Interest Coverage

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

(%)

(%)

250

(Times)

75

60

2,500

60

200

48

2,000

45

150

36

1,500

30

100

24

1,000

15

50

(%)

19

0

0

98

99

00

01

02

12

98

99

00

01

0

02

500

98

99

00

01

0

02

98

99

00

01

02

(%, except where noted)

1993/3

1994/3

1995/3

1996/3

1997/3

1998/3

1999/3

2000/3

2001/3

2002/3Equity Ratio

36.53

37.76

48.36

42.77

42.20

56.12

58.21

64.26

64.63

64.57

Current Ratio

241.72180.71309.57208.28181.05230.90199.13220.44226.67206.85

Quick Ratio

233.85176.79304.01204.80178.57228.28195.03211.22218.81

195.23Fixed Assets-to-Equity Capital Ratio

65.44

61.79

46.94

57.64

59.89

47.28

50.97

51.01

49.25

49.32

Ratio of Fixed Assets-to-Equity Capital and Long-Term Liabilities 35.18

38.03

29.59

37.11

40.25

37.76

43.59

45.61

44.59

46.30

Interest Coverage (times)

9.57

16.09

308.802,017.57

2,114.00

1,318.91

2,012.14

399.54314.64Current Ratio =Quick Ratio =7.46

Current Assets - Accumulated Cost of Construction in Progress
Current Liabilities - Advances Received on Construction in ProgressCash, Time Deposits, Marketable Securities and Trade Accounts Receivable
Current Liabilities - Advances Received on Construction in Progress

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

x100

x100

Interest Coverage =Property, Equipment, Investments and Other Assets
x100
Shareholders’ Equity + Long-Term Liabilities

Operating Income + Interest and Dividend Income
Interest Expenses

Property, Equipment, Investments and Other Assets
x100
Shareholders’ Equity
Investors’ Guide 2002

Per Share Data

■ Primary Earnings per Share (EPS)■ Common Stock Issued■ Cash Dividends per Share/Payout Ratio■ Book Value per Share (BPS)

Cash Dividends per Share
Payout Ratio
(¥)

(¥)

(¥)

(%)

(Thousand shares)

65

1,000

15

40

140,000

52

800

12

32

112,000

39

600

9

24

84,000

26

400

6

16

56,000

13

200

3

8

28,000

0

0

20

0

0

98

99

00

01

02

98

99

00

01

0

02

98

99

00

01

02

98

99

00

01

02

(Yen, except where noted)

1993/3

1994/3

1995/3

1996/3

1997/3

1998/3

1999/3

2000/3

2001/3

2002/3

Primary Earnings per Share (EPS)

22.78

26.62

37.69

32.91

54.27

60.96

38.78

42.78

31.27

25.48

Book Value per Share (BPS)

430.19428.19539.09514.90562.23690.68727.44804.86822.32763.53

Cash Dividends per Share

6.00

7.25

8.00

9.75

11.75

14.25

10.00

10.00

12.00

10.00

Payout Ratio (%)

26.99

27.87

23.01

30.00

21.71

24.20

25.96

23.54

38.23

39.08

Common Stock Issued (thousand shares)

73,35393,000104,612

115,123

115,781130,453

132,841

137,166

136,842

135,264

Note: Primary Earnings per Share is based on the weighted average number of shares outstanding in the respective fiscal years. The others are based on the number of shares outstanding at the end of the respective fiscal years.

Investors’ Guide 2002

Per Employee Data

■ Net Sales per Employee■ Pre-Tax Profit per Employee■ Net Income per Employee(Thousand ¥)(Thousand ¥)(Thousand ¥)(Persons)

65,000

4,000

2,500

4,000

52,000

3,200

2,000

3,200

39,000

2,400

1,500

2,400

26,000

1,600

1,000

1,600

■ Number of Employees at Fiscal Year-End

21
13,000

0

500

800

98

99

00

01

0

02

0

98

99

00

01

02

800

98

99

00

01

0

02

98

99

00

01

02

(Thousands of yen, except where noted)

1993/3

1994/3

1995/3

1996/3

1997/3

1998/3

1999/3

2000/3

2001/3

2002/3

Net Sales per Employee

34,82036,83640,241

46,65657,52859,921

59,906

61,34458,936

61,592

Pre-Tax Profit per Employee

1,127

1,560

1,884

2,090

3,493

3,754

3,477

2,924

2,181

1,832

Net Income per Employee
Number of Employees at Fiscal Year-End (persons)
Net Sales per Employee =

452

655

962

967

1,634

2,035

1,383

1,578

1,171

972

3,683

3,703

3,862

3,881

3,788

3,692

3,645

3,728

3,588

3,530

Net Sales
Number of Employees (Average of two year-ends)

Pre-Tax Profit per Employee=

Net Income per Employee =Income before Income Taxes
Number of Employees (Average of two year-ends)
Net Income
Number of Employees (Average of two year-ends)

Investors’ Guide 2002

Other Data

■ Depreciation Charged against Property
and Equipment■ Research and Development Expenditure■ Capital Expenditure■ Percentage of Stock Held by Foreigners(Million ¥)(Million ¥)(Million ¥)

(%)

7,000

700

1,600

25

5,600

560

1,280

20

4,200

420

960

15

2,800

280

640

10

1,400

140

320

5

22

0

0

98

99

00

01

02

98

99

00

01

0

02

0

98

99

00

01

02

98

99

00

01

02

(Millions of yen, except where noted)

1993/3

1994/3

1995/3

1996/3

1997/3

1998/3

1999/3

2000/3

2001/3

2002/3

Capital Expenditure

3,250

4,118

2,879

10,491

3,246

2,555

5,041

6,528

1,037

3,529

Research and Development Expenditure

500

500

500

650

650

670

660

601

418

416

Depreciation Charged against Property and Equipment

943

914

1,063

1,321

1,468

1,503

1,377

1,188

1,099

1,238

Percentage of Stock Held by Foreigners (%)

7.46

9.84

13.78

15.80

15.77

15.80

13.46

20.14

14.83

25.50

Investors’ Guide 2002

■ Non-Consolidated Statements of Income (10 Years)(Millions of yen)

Net Sales:
Construction contracts
Other
Cost of Sales:
Construction contracts
Other
Gross profits
Selling, General and Administrative Expenses
Operating income
Other Income (Expenses):
Interest and dividend income
Interest expenses
Other, net
Income before Income Taxes
Income Taxes
Net Income

1993/3

1994/3

1995/3

1996/3

1997/3

1998/3

1999/3

2000/3

2001/3

2002/3113,066
12,705
125,771

124,515
11,522
136,037

139,174
13,039152,213

165,016
15,613
180,629

205,727
14,863
220,590

208,018
16,085
224,103203,208
16,556
219,764

208,535
17,611
226,146

199,454
16,132
215,586

204,683
14,523
219,206

100,634
11,479112,113
13,658109,084
10,321
119,405
16,632

122,707
11,488134,195
18,018145,238
13,426
158,664
21,965

179,917
12,783
192,700
27,890182,819
13,446196,265
27,838179,419
13,854
193,273
26,491

184,300
15,247
199,547
26,599176,949
14,833
191,782
23,804

182,437
13,726
196,163
23,043

9,729
3,929

10,934
5,698

10,976
7,042

13,421
8,544

14,30813,582

13,777
14,061

12,614
13,877

12,973
13,626

13,402
10,402

14,517
8,526

981
(658)
(181)
142
4,071
2,440
1,631

993
(699)
(233)
61
5,759
3,340
2,419

1,053
(503)
(465)
85
7,127
3,490
3,637

720
(30)
(1,142)
(452)
8,092
4,350
3,742

541
(7)
(719)
(185)
13,397
7,130
6,267

737
(7)
(750)
(20)
14,041
6,430
7,611

631
(11)
(1,742)(1,122)
12,755
7,680
5,075

461
(7)
(3,299)(2,845)
10,781
4,963
5,818

785
(28)
(3,179)(2,422)
7,980
3,697
4,283

284
(28)
(2,263)(2,007)
6,519
3,058
3,461

23

Investors’ Guide 2002

■ Non-Consolidated Balance Sheets (10 Years)(Millions of yen)

24

ASSETS
Current Assets:
Cash and time deposits
Marketable securities
Notes and accounts receivable-trade
Inventories:
Accumulated cost of construction in progress
Other
Other current assets
Less: Allowance for doubtful receivables
Total current assets
Investments and Other Assets:
Investment securities:
Subsidiaries and affiliates
Other
Long-term loans receivable:
Subsidiaries and affiliates
Other
Other assets
Less: Allowance for doubtful receivables
Total investments and other assets
Property and Equipment:
Land
Buildings and structures
Machinery and equipment
Construction in progress
Less: Accumulated depreciation
Total property and equipment
Deferred Charges:
Discount on notes payable
Total deferred charges

Investors’ Guide 2002

1993/3

1994/3

1995/3

1996/3

1997/3

1998/3

1999/3

2000/3

2001/3

2002/3

16,631
5,680
22,08021,64911,931
26,14629,434
12,041
27,58125,852
17,013
41,671

21,171
15,41158,091

26,871
17,10656,817

21,366
11,88662,25818,746
15,81858,87618,03914,73064,442

34,079880
56,553

19,848666
887(59)
65,733

19,796546
854(76)
80,84618,924421
915(74)
89,242

16,978
247
1,292
(105)
102,948

18,375
276
1,169
(131)
114,362

15,707
262
1,025
(128)
117,660

19,235
168
1,955
(117)
116,751

17,967
124
4,062
(111)
115,482

17,995
101
3,512
(123)
118,696

11,641
72
5,484
(110)
108,599

969
2,369

969
2,524

1,041
2,526

1,087
2,263

1,053
4,985

1,490
6,293

1,906
7,435

2,214
7,442

1,683
4,077

1,876
3,618

500
1,627
2,426
(15)
7,876

340
1,660
3,259
(14)
8,738

748
1,570
2,938
(15)
8,808

522
2,403
3,083
(6)
9,352

356
2,769
3,597
(20)
12,740

219
3,032
4,464
(18)
15,480

1,606
3,172
4,372
(23)
18,468

786
3,242
7,012
(83)
20,613717
3,434
11,019(1,099)19,831

234
3,389
11,303(1,289)19,131

7,771
4,928
5,054
34
(5,014)
12,773

9,711
5,339
5,109
999
(5,292)
15,866

10,092
7,244
5,812
702
(6,186)
17,664

14,696
10,4006,855—(7,137)
24,814

16,32010,5237,709
21(8,326)
26,247

16,452
10,554
7,887
1,513(9,283)27,123

17,821
13,275
8,207
1,828(10,348)
30,78322,157
14,958
6,184
2,034(9,626)35,70722,16015,071
5,969
2,649(10,258)
35,591

16,846
19,116
6,064—(10,412)31,614——86,382——
105,450903
903
116,617

1,496
1,496
138,610897
897
154,246

298
298
160,561——
166,002——
171,802——174,118——
159,344(Millions of yen)

LIABILITIES AND SHAREHOLDERS’ EQUITY
1993/3Current Liabilities:
Short-term bank loans
1,850
Current portion of convertible bonds—
Current portion of notes and notes with warrants—
Accounts payable:Trade11,277
Other
805
Advances received on construction in progress
8,711
Income taxes payable
1,671
Employees’ savings deposits
1,588
Warrants—
Other current liabilities
1,792
Total current liabilities
27,694Long-Term Liabilities:
Notes and notes with warrants
19,506
Convertible bonds
1,004
Accrued severance indemnities
6,117
Provision for losses from overseas investments—
Allowance for losses arising from guarantees of loans—
Deferred tax liabilities for unrealized gains on land revaluation—
Other long-term liabilities
505
Total long-term liabilities
27,132
Shareholders’ Equity:
Common stock
6,846
Additional paid-in capital
4,092
Legal reserve
923
Unrealized loss on land revaluation—
Retained earnings
19,695
Unrealized gain on securities—
Treasury stock, at cost—
Total shareholders’ equity
31,55686,382

1994/3

1995/3

1996/3

1997/3

1998/3

1999/3

2000/3

2001/3

2002/3830—
12,491

480
—
—

440
393
7,016

440
—
9,867

—
—
7,755

—
—
7,373

—
—
—

—
—
—

—
9,312
—

12,493
980
6,963
2,772
1,831
—
2,386
40,746

12,578
1,607
4,435
2,490
2,066
1,204
2,290
27,15021,675
2,774
5,257
3,649
—
2,396
2,934
46,534

29,108
2,228
4,372
6,195
—
2,351
2,827
57,38826,898
2,398
3,586
3,535
—
1,291
2,277
47,74032,939
1,863
4,038
3,748
—
917
2,132
53,01035,473
4,216
4,088
2,160
—
—
2,387
48,324

39,232
2,670
5,406
576
—
—
1,949
49,83330,077
2,521
2,863
2,986
—
—
1,977
49,736

16,883
859
6,188
—
—
—
953
24,883

24,638
444
6,399
—
—
—
1,591
33,072

24,995
—
6,663
—
—
—
1,141
32,79915,12810,000
6,161
—
—
—
473
31,762

7,373
9,418
5,876
—
—
—
53
22,720

—
9,409
5,356
1,592
—
—
—
16,357

—
9,312
379
1,442
—
—
1,945
13,078

—
9,312
2,444
—
—
—
—
11,756

—
—
2,561
—
1,680
2,484
—
6,725

10,025
7,259
974—
21,563——39,821
105,450

16,86914,096
1,049—
24,381——
56,395
116,617

16,895
14,122
1,141—
27,119——59,277
138,610

17,25014,521
1,271—
32,054——65,096
154,246

26,592
24,904
1,511—
37,094——
90,101
160,561

27,983
26,666
1,686—
40,300——96,635
166,00231,14130,736
1,834—
46,689——110,400
171,80231,14130,736
1,983—
48,716(47)—
112,529
174,118

31,14130,736
2,093(8,633)
48,697(187)(964)
102,883
159,344

25

Investors’ Guide 2002

■ Consolidated Subsidiaries and Affiliates

As of March 31, 2002
Fiscal year ended December 31, 2001
Company Name

26

Location

Paid-in
CapitalMillions of yen

Principal Business

Percentage
Owned%

Numberof Employees
Persons

Orders Received

Net Sales

Net Income*Millions of yen

OT Engineering Co., Ltd.**

Tokyo, Japan

120“Outside” construction

98.0

118

4,122

4,135

72

Tsuken Kiko Co., Ltd.

Tokyo, Japan

30“Outside” construction

100.0

34

1,055

1,114

–0

COMSYS Techno Co., Ltd.

Tokyo, Japan

50

Software development

100.0

105

2,529

2,618

67

COMSYS Tec Co., Ltd.

Tokyo, Japan90“Outside” construction

83.6

157

5,300

5,596

–116

Tokyo Tsuken Co., Ltd.

Tokyo, Japan

54“Inside” construction

39.2

197

14,994

14,191

656

Nitto Tsuken Co., Ltd.

Tokyo, Japan

60“Inside” construction

33.3

211

11,585

11,078140

Taiei Seisakusho Co., Ltd.

Kanagawa, Japan

60

Design, manufacturing, and salesof telecommunications equipment

49.7

118

4,881

4,895

45

COMSYS Tusan Co., Ltd.

Tokyo, Japan

60

Telecommunications materiel sales
and leasing

100.0

119

11,626

11,626

13

COMSYS Business Service Co., Ltd.

Tokyo, Japan

304“Inside” construction and maintenance

100.0

96

4,174

4,176

121

COMSYS Net Corporation

Tokyo, Japan

50“Inside” construction

100.0

52

2,763

2,991

88

COMSYS Tohoku Techno Co., Ltd.

Miyagi, Japan

50

Software development

100.0

40

921

918

5

COMSYS Shinetsu Engineering Co., Ltd.

Nagano, Japan

30“Outside” construction

100.0

30

1,353

1,377

22

COMSYS Kansai Engineering Co., Ltd.

Osaka, Japan

15“Outside” construction

68.0

24

1,312

1,907

–9

COMSYS Kyusyu Engineering Co., Ltd.

Fukuoka, Japan

15“Outside” construction

100.0

34

1,487

1,771

4

*Net income figures are prior to the application of deferred tax accounting.
**OT Engineering Co., Ltd. was incorporated at 1st January 2002 by merging Okoshi Denken Co., Ltd. (a survivor as a legal entity), Tokyo Denwa Shisetsu Co., Ltd. and COMSYS Kanto Kita Engineering Co., Ltd.

Investors’ Guide 2002

■ Group Companies

The COMSYS GroupAt present, the COMSYS Group consists of 35 companies, including Nippon COMSYS. Of these, 20 are involved in “outside” projects, 6 are involved in“inside” projects, 2 are software development firms, 4 are overseas subsidiaries, and 3 are in other fields.
To allow us to respond to the rapid changes brought by the diversification of projected needs and the intensification of competition in this eraof information technology, we are striving throughout the entire group to take cost competition to new levels, and to manifest our ability to coordinate diverse capabilities. All the companies of the COMSYS Group are engaged in continual strategic reorganization, while at the same timeincreasing the efficiency of our project execution through adjustment of the division of responsibilities and territories. In addition, while
fostering the multifaceted technological expertise required by the IT era, the COMSYS group always strives to grow.

27

Business Category

Location

Company NameBusiness Category

Location

Company Name

1 “Outside” Projects

Saitama

Jinwa Co., Ltd.

w “Outside” Projects

NaganoCRT Co., Ltd.

s Software

Business Category

Location

MiyagiCompany NameCOMSYS Tohoku Techno Co., Ltd.

2 “Outside” Projects

Tokyo

OT Engineering Co., Ltd.

e “Outside” Projects

NaganoOdanaka Tsushin Co., Ltd.

d SoftwareTokyo

COMSYS Techno Co., Ltd.

3 “Outside” Projects

Tokyo

COMSYS Tec Co., Ltd.

r “Outside” Projects

Osaka

COMSYS Kansai Engineering Co., Ltd.

f IT

Tokyo

Emport Co., Ltd

4 “Outside” Projects

Tokyo

Tsuken Kiko Co., Ltd.

t “Outside” Projects

Osaka

Shin Osaka Tsuken Co., Ltd.

g Manufacturer

Kanagawa

Taiei Seisakusho Co., Ltd.

5 “Outside” Projects

Tokyo

Nippo Kensetsu Kogyo Co., Ltd.

y “Outside” Projects

Tokushima

Tokushima Tsushin Kensetsu Co., Ltd.

h LeasingTokyo

COMSYS Tsusan Co., Ltd.

6 “Outside” Projects

Tokyo

Kokusai Densetsu Co., Ltd.

u “Outside” Projects

FukuokaCOMSYS Kyushu Engineering Co., Ltd.

7 “Outside” Projects

Tokyo

Nisshin Denwa Setsubi Co., Ltd.

i “Outside” Projects

Okinawa

Ryukyu Tsushin Koji Co., Ltd.

— Overseas Affiliates —8 “Outside” Projects

Tokyo

SE Technical Co., Ltd.

o “Inside” Projects

Tokyo

COMSYS Business Service Co., Ltd.

“Outside” Projects

Philippines

COMSYS Philippines, Inc.

9 “Outside” Projects

Kanagawa

Tsushin Densetsu Co., Ltd.

p “Inside” Projects

Tokyo

COMSYS Net Corporation“Outside” Projects

Malaysia

CMC Engineering SDN. BHD.

0 “Outside” Projects

Kanagawa

Asahi Tsushin Co., Ltd.

[ “Inside” Projects

Tokyo

Tokyo Tsuken Co., Ltd.

“Outside” Projects

ThailandThai COMSYS & Jackson Co., Ltd.

- “Outside” Projects

Kanagawa

Sanyo Co., Ltd.

] “Inside” Projects

Tokyo

Nitto Tsuken Co., Ltd.

“Outside” Projects

ThailandCOMSYS Thailand Co., Ltd.

= “Outside” Projects

NaganoCOMSYS Shinetsu Engineering Co., Ltd.

\ “Inside” Projects

Ishikawa

Kanazawa Tushin Industries LLC

q “Outside” Projects

NaganoNihonkai Tsushin Kensetsu Co., Ltd.

a “Inside” Projects

Osaka

Yashiro Tsushin Kensetsu Co., Ltd.
Investors’ Guide 2002

■ Comparison of Three Major Telecommunications Construction Companies in Japan
Non-Consolidated Basis■ Operating Income■ Net Sales
Nippon COMSYSKYOWA EXEO

28

DAIMEI TELECOM ENGINEERING

Nippon COMSYSKYOWA EXEO

■ Income before Income Taxes
Nippon COMSYSKYOWA EXEODAIMEI TELECOM ENGINEERING■ Net Income■ Net Income per Share

Nippon COMSYSKYOWA EXEODAIMEI TELECOM ENGINEERINGDAIMEI TELECOM ENGINEERING

Nippon COMSYSKYOWA EXEO

■ Return on Equity (ROE)
Nippon COMSYSKYOWA EXEODAIMEI TELECOM ENGINEERING(Million ¥)(Million ¥)(Million ¥)(Million ¥)

(¥)

(%)

245,000

15,00015,000

8,000

70.00

13.0

196,000

12,00012,000

6,400

56.00

10.4

147,000

9,000

9,000

4,800

42.00

7.8

98,000

6,000

6,000

3,200

28.00

5.2

49,000

3,000

3,000

1,600

14.00

2.6

0

98

99

00

01

02

0

98

99

00

01

0

02

98

99

■ Net Sales
Nippon COMSYSKYOWA EXEODAIMEI TELECOM ENGINEERING*

02

0

98

99

00

01

02

1998/3

1999/3

2000/3

2001/3

2002/3219,764
218,564
51,984226,146
204,989
101,959

215,586
190,317
98,195219,206
190,687
86,9291998/3

1999/3

2000/3

2001/3

2002/314,0619,108
3,228

13,877
11,028
2,958

13,626
10,3185,512

10,402
7,507
3,455

8,526
7,207
3,637

Nippon COMSYSKYOWA EXEODAIMEI TELECOM ENGINEERING*(Millions of yen)

■ Return on Equity (ROE)

1998/3

1999/3

2000/3

2001/3

2002/3

14,041
7,732
3,262

12,755
8,609
2,554

10,781
3,951
4,250

7,980
6,604
2,570

6,519
4,385
1,353

(Millions of yen)

0

98

99

00

01

02

98

99

00

Nippon COMSYSKYOWA EXEODAIMEI TELECOM ENGINEERING*

02

1998/3

1999/3

2000/3

2001/3

2002/3

7,611
4,002
1,332

5,075
3,611
904

5,818
1,850
2,297

4,283
3,331
1,325

3,461
2,330
707

1998/3

1999/3

2000/3

2001/3

2002/3

60.96
37.47
34.84

38.78
33.80
23.64

42.78
17.32
56.52

31.27
31.17
30.96

25.48
19.92
16.95

1998/3

1999/3

2000/3

2001/3

2002/3

9.8
9.1
7.0

5.4
7.6
4.6

5.6
3.7
9.8

3.8
6.5
4.8

3.2
4.2
2.6

■ Net Income per Share

Nippon COMSYSKYOWA EXEODAIMEI TELECOM ENGINEERING*

01(Millions of yen)

(Yen)

(%)

*DAIMEI TELECOM ENGINEERING changed the end of its fiscal year from September to March as of fiscal 1998. Accordingly, the company’s fiscal year that ended in March 1999 is a period of only six months.
Investors’ Guide 2002

0

■ Net Income

224,103
210,454
91,207■ Income before Income Taxes
Nippon COMSYSKYOWA EXEODAIMEI TELECOM ENGINEERING*

01(Millions of yen)

■ Operating Income
Nippon COMSYSKYOWA EXEODAIMEI TELECOM ENGINEERING*

00

DAIMEI TELECOM ENGINEERING(Source: Company business reports)

Consolidated Basis■ Net Sales■ Operating Income

Nippon COMSYSKYOWA EXEODAIMEI TELECOM ENGINEERING

Nippon COMSYSKYOWA EXEO

■ Income before Income Taxes
DAIMEI TELECOM ENGINEERING

Nippon COMSYSKYOWA EXEO

■ Net Income per Share■ Net Income
Nippon COMSYSKYOWA EXEODAIMEI TELECOM ENGINEERINGDAIMEI TELECOM ENGINEERING

Nippon COMSYSKYOWA EXEO

■ Return on Equity (ROE)DAIMEI TELECOM ENGINEERING(¥)

Nippon COMSYSKYOWA EXEO

(Million ¥)(Million ¥)(Million ¥)(Million ¥)245,000

20,00020,00010,000

70.00

13.0

196,000

16,00016,000

8,000

56.00

10.4

147,000

12,00012,000

6,000

42.00

7.8

98,000

8,000

8,000

4,000

28.00

5.2

49,000

4,000

4,000

2,000

14.00

2.6

0

0

0

0

0

98

99

00

01

02

98

99

00

01

02

98

99

■ Net Sales
Nippon COMSYSKYOWA EXEODAIMEI TELECOM ENGINEERING*

02

98

99

00

01

02

1998/3

1999/3

2000/3

2001/3

2002/3

220,522
228,420
54,122

231,750
216,499
109,999

222,220
203,069
109,703

231,351
203,336
98,587

1998/3

1999/3

2000/3

2001/3

2002/3

14,348
9,876
3,332

14,261
12,6883,068

15,55911,841
6,564

11,628
8,304
4,443

10,5008,308
3,880

Nippon COMSYSKYOWA EXEODAIMEI TELECOM ENGINEERING*(Millions of yen)

■ Return on Equity (ROE)

1998/3

1999/3

2000/3

2001/3

2002/3

14,3338,471
3,353

13,522
10,277
2,746

13,054
5,509
4,863

9,117
7,897
3,368

8,913
5,949
920

(Millions of yen)

98

99

00

01

02

0

29

98

99

00

■ Net Income

225,313219,549
94,654■ Income before Income Taxes
Nippon COMSYSKYOWA EXEODAIMEI TELECOM ENGINEERING*

01(Millions of yen)

■ Operating Income
Nippon COMSYSKYOWA EXEODAIMEI TELECOM ENGINEERING*

00

DAIMEI TELECOM ENGINEERING(%)

Nippon COMSYSKYOWA EXEODAIMEI TELECOM ENGINEERING*

02(Millions of yen)
1998/3

1999/3

2000/3

2001/3

2002/3

8,309
4,069
1,366

5,625
4,224
1,015

6,315
2,530
2,590

4,498
3,622
1,559

4,107
2,989
232

1998/3

1999/3

2000/3

2001/3

2002/3

66.55
38.09
35.94

42.97
39.53
26.56

46.73
23.68
63.83

33.11
34.00
36.48

30.39
25.56
5.58

1998/3

1999/3

2000/3

2001/3

2002/3

10.2
8.9
6.8

5.7
8.6
5.0

5.8
4.9
10.6

3.8
6.7
5.4

3.6
5.1
0.8

■ Net Income per Share

Nippon COMSYSKYOWA EXEODAIMEI TELECOM ENGINEERING*

01

(Yen)

(%)

*DAIMEI TELECOM ENGINEERING changed the end of its fiscal year from September to March as of fiscal 1998. Accordingly, the company’s fiscal year that ended in March 1999 is a period of only six months.

(Source: Company business reports)
Investors’ Guide 2002

■ Stock Price Information■ Trading Volume■ Common Stock Price Range(¥)(Thousand shares)

3,000

350,000

2,400

280,000

1,800

210,000

1,200

140,000

600

70,000

30

0

0

93

94

95

96

97

98

99

1993/3High Price
Common Stock Price Range (¥)
Low Price
Trading Volume (thousand shares)

988*1,130460* 901
105,119

Notes 1. The numbers above are based on Tokyo Stock Exchange First Section figures.
2. Stock price data marked with an asterisk reflect conditions after a stock split.

Investors’ Guide 2002

00

01

1994/3

1,570
930
343,329

02

1995/3

1,620*1,2801,170*1,180116,184

93

94

95

96

97

98

99

00

01

02

1996/3

1997/3

1998/3

1999/3

2000/3

2001/3

2002/3

1,450

1,560

2,020

1,710

2,700

2,370

2,095

980

1,190

1,240

1,281

1,420

1,636

580

92,776

128,401

144,82085,70896,361

94,043

230,769

■ Corporate Information
Corporate Profile
Trade Name
Address
Telephone
Facsimile
Establishment
Paid-in Capital
Stock Listings
Representative
Number of Employees
Net Sales

Investor Information

As of March 31, 2002

Nippon COMSYS Corporation
17-1, Higashigotanda 2-chome
Shinagawa-ku, Tokyo 141-8647, Japan
81(3)3448-7000
81(3)3448-7001
December 1951
¥31,140 million
Common Stock-Tokyo, Osaka
President
Hironobu Takeuchi
3,530¥219,200 millionn Businesses
Telecommunications Facilities Businessn Cable works (optical fiber cable laying, burying telephone lines, etc.)
n Civil engineering works (underground conduit lines,
manholes and cable-tunnel construction, etc.)
n Switching works (digital telephone switch-boards, etc.)n Transmission wireless works (digital/micro communications
facilities, etc.)
n Mobile communications works (mobile wireless base stations, etc.)
Electric Facilities Businessn Communications power supply works(transformer, generation, and storage-battery facilities)
n General electrical facilities works
Civil Engineering-Related Businessn General civil engineering works
n Construction of multi-use underground cable conduit facilities (C·C·BOX)n Water supply and sewage facilities works
n Land developmentn Surveying
Building Construction and Real Estate-Related Businessn Building construction and ancillary facilities works
n Land sales, purchase and intermediationn Piping works

Information-Related Businessn Development, commissioning and sales of all types of softwaren Dispatch of data processing engineers
n Planning, design, construction and maintenance of intelligent
buildings and systems
n Commissioning and construction of data communications
systems (LAN, CATV, etc.)
n Commissioning, construction and maintenance of network
systems, centered on PBX
n Systems integrator

n Sales Network
Head OfficeWestern Japan Headquarters
Branches
Hokkaido/Tohoku/Akita/Fukushima/Kantominami/Kantonaka
Tochigi/Shinetsu/Niigata/Tokai/Hokuriku/Kansai/Chugoku/Shikoku
Takamatsu/Kyushu/Okinawa
Overseas
Bangkok Liaison Office
Sales Offices
Tohoku Area
Aomori/Morioka/Yokote/Akitakenhoku/Oomagari/Yamagata
Kanto Area
Urawa/Kawagoe/Kumagaya/Oyama/Mito/Tsuchiura/Takasaki
Koshigaya/Chiba/Urayasu/Chiyoda/Shinjuku/Setagaya/Nakano
Suginami/Arakawa/Itabashi/Adachi/Edogawa/Tama/Kawasaki
Yokosuka/Shonan/Zama
Chubu Area
Joetsu/Chuetsu/Fukui/Toyama/Kofu/Matsumoto/Toshin/Kiso
Shizuoka/Ueda
Kinki Area
Kitaosaka/Higashiosaka/Minamiosaka/Kobe/Kyoto/Shiga
Chugoku Area
Okayama/Matsue/Yamaguchi/Tottori
Shikoku Area
Minamihoribata/Kochi/Tokushima
Kyushu Area
Kitakyushu/Kumamoto/Oita/Kagoshima

As of March 31, 2002

Fiscal Year-End March 31, 2002
Annual Shareholders’ Meeting June 27, 2002
Common Stock Authorized :249,341,000 shares
Issued :135,264,252 shares
Number of Shareholders 9,641
Date of Listing July 1962
Stock Exchange Listing First Section of Tokyo Stock
Exchange and Osaka
Securities Exchange
Transfer Agent The Mitsubishi Trust andBanking Corporation
Securities Department
11-1, Nagatacho 2-chome
Chiyoda-ku, Tokyo 100-0014
Auditor Certified Public Accountants of Japan
O-Yu Kyodo Office

Major Shareholders

As of March 31, 2002
Share Held(Thousands)

Percentageof Shares
Outstanding

Japan Trustee Services Bank, Ltd. (Trust Account)

8,694

6.42%

Fujikura Ltd.

5,212

3.85

Sumitomo Electric Industries, Ltd.

5,166

3.81

The Furukawa Electric Co., Ltd.

5,166

3.81

The Mitsubishi Trust and Banking Corp. (Trust Account)

4,952

3.66

UFJ Bank Limited (Trust Account)

4,902

3.62

The Chase Manhattan Bank, N.A. London

4,161

3.07

ASAD

3,517

2.60

Nippon Life Insurance Company (Pension Trust Account)

2,839

2.09

Fujitsu Limited

2,413

1.78

Company Name

31

Investors’ Guide 2002

■ Brief History of COMSYS
Dec. 1951

Founded as The Nippon Telecommunications

Aug. 1982

Construction Co., Ltd. (NTK).

installation project.

Mar. 1952

Won first contract for cable-laying and machinery

Apr. 1984

Established our Niigata Branch.

installation.

Jul. 1990

Changed our name from The Nippon

Aug. 1952

As Japan’s only firm with top certifications in cable laying,Telecommunications Construction Co., Ltd. to Nippon

machinery installation, and radio facilities projects,
designated approved contractor by Nippon Telegraph

COMSYS Corporation.
Our first Head offices building (Dec. 1951)

and Telephone Public Corporation (now NTT).
Jun. 1953

Jul. 1990

Established our Hokuriku Branch.

Feb. 1991

Certified as comprehensive contractor for

Won contract for cable installation at a microwave telecommunications relay station as part ofa project linking Tokyo, Nagoya, and Osaka.

32

Won contract for Japan’s first fiber-optic cabletelecommunications construction projects by NTT.
Mar. 1992

Won Japan’s first contract under the Rapid Reconstruction

Sep. 1953

Established our Osaka Branch (now our Kansai Branch).

Sep. 1957

Established our Nagano Branch (now our Shinetsu Branch).

Mar. 1994

Increased paid-in capital to ¥10 billion.

Sep. 1959

Orders received break ¥10 billion.

Mar. 1997

Orders received and net sales exceeded ¥200 billion.

Dec. 1961

Completed our 100th microwave station.

Jul. 1997

Increased paid-in capital to ¥20 billion.

Jul. 1962

Increased paid-in capital to ¥300 million.

Aug. 1999

Increased paid-in capital to ¥30 billion.

Apr. 2000

Established our Fukushima, Takamatsu, and Okinawa

Project in Kuwait following the Gulf War.

The Bangkok cable project (Dec. 1965)

Jul. 1962

Listed on the Tokyo Stock Exchange, Second Section.

Nov. 1963

Won our first contract for a Shield Tunneling Method project.

Dec. 1965

Won our first overseas contract (Bangkok).

Aug. 1970

Established our Urawa Branch (now our Kantonaka Branch).

Sep. 1970

Won a contract for a satellite-communication Earth station.

Jul. 1972

Established our Yokohama Branch (Now ourand absorption cable installation system, for the efficient

Kantominami Branch).

laying of fiber-optic cable.

Feb. 1972

Listed on the Osaka Stock Exchange, Second Section.

Nov. 1972

Listed on the First Section of the Tokyo and Osaka Stock Exchanges.

Dec. 1972

Branches.
Jul. 2000

Developed the Tuned Rotary-Mass Damper jointly with
Tokai University.

Sep. 2000

Developed “SweeCOM,”a revolutionary negative pressure

Aug. 2001

Completed our new headquarters building at 17-1,

Increased paid-in capital to ¥1.5 billion.

Dec. 2001

50th Anniversary of the Company’s founding.

Jul. 1973

Established our Akita and Utsunomiya Branches (now our Tochigi Branch).

Mar. 2002

Selected as one of the 225 companies included

Apr. 1976

Increased paid-in capital to ¥2.5 billion.

Mar. 1982

Established our Hokkaido, Tohoku, Hokuriku, Tokai, Chugoku, Shikoku, and Kyushu Branches.

Investors’ Guide 2002

Cable conversion project (1978)

Satellite communications project (Sep. 1970)

Higashigotanda 2-chome, Shinagawa-ku, Tokyo.

in the Nikkei Stock Price Average.

New Headquarters Building in Osaki(Aug. 2001)

Welcome to COMSYS Website■ COMSYS Website

www.comsys.co.jp/

17-1, Higashigotanda 2-chome
Shinagawa-ku, Tokyo 141-8647, Japan
URL http://www.comsys.co.jp
Public Relations Office
TEL. 03-3448-7000
FAX. 03-3448-7001

Printed in Japan on recycled paper made from 100% post-consumer materials.