Presentation of Performance
Fiscal Year Ended March 31, 2016

May 13, 2016

Contents
I . Overview of Performance for the Fiscal Year Ended March 31, 2016
1. Highlights of Performance3

2. Details of Orders Received by Segment

4

3. Details of Net Sales by Segment

5

4. Details of Operating Income

6

II . Full Year Forecasts for the Fiscal Year Ending March 31, 20177

III . Trends in Principal Businesses
1. Trends in NTT Fixed-Line Related Business8

2. Trends in NTT Mobile Business9

3. Trends in NCC Business10

4. Changes in Mobile Communication Standards

11

IV . Strategies for Top-Line Expansion
1. Medium- to Long-Term Targets

12

2. Outlook for IT Solutions Business13

3. Solar Power Construction (EPC Business)

14

4. Solar Power Sales (IPP Business)

15

5. Progress in Post Solar Development Business16

6. Electricity Retail Business by Ecosystem Japan Co., Ltd.

17

7. M&A Results

18

8. M&A Measures

19

V . Shareholder Returns Policy (Dividends and Acquisition of Treasury Stock)20

I-1. Overview of Performance for the Fiscal Year Ended March 31, 2016
Significant decline in NCC Engineering business due to their restrained capital expenditure(Unit: ¥100 million)

Performance inprevious term

Comparisons withthe previous term

Forecasts

Percent of Net Sales

Percent of Net Sales

Difference

Percent of Net Sales

3,319

3,369

Performance

Orders Received

Net Sales

Gross Proﬁts

-49

3,320

Comparisonswith forecasts

Remarks

Difference

-0

3,206

3,286

-79

3,310

-103

433

479

-45

480

-46

13.5%

14.6%

-1.1 percentage points

14.5%-1.0 percentage points

Orders Received
Orders received were generally in line with
forecasts as a result of favorable progress in the
NTT Engineering business. However, they werelower than in the previous fiscal year becauseof a significant decline in the NCC Engineeringbusiness due to restrained capital expenditure bytelecommunications carriers and flat non-carrierrelated business (IT and Social System-Related).

Net Sales
Selling, General and

195

202

-7

Administrative Expenses

6.1%

6.2%

-0.1 percentage points

238

276

-38

280

-41

7.4%

8.4%

-1.0 percentage points

8.5%-1.1 percentage points

Operating Income

Recurring Proﬁt
Net Income
Attributable to
Owners of Parent

200

-4

6.0% +0.1 percentage points

242

281

-38

285

-42

7.6%

8.6%

-1.0 percentage points

8.6%-1.0 percentage points

154

167

-13

170

-15

4.8%

5.1%

-0.3 percentage points

5.1%-0.3 percentage points

Sales were lower than both the previous fiscal
year and forecasts due to sluggish activity in the
NCC Engineering business and other segments,
even though the NTT Engineering business (accessand network) and Social System-Related andOther business remained robust.

Operating Income
Despite the efforts made for structural reform
and increasing productivity, proﬁt was lower thanboth the previous fiscal year and forecasts dueto the decline in net sales and a deterioration ofcustomer interest in the product mix structure.

Note: Figures are rounded down to the nearest whole unit.

3I-2. Details of Orders Received by Segment
The NTT Engineering business remained robust and generally in line with forecasts (Unit: ¥100 million)
Comparisons with
the Previous Term

-49(-1.5%)

Decline due to restrained
capital investment
by au and Softbank
Decline due to restrained
capital investment
by au and Softbank

NTT-G
+5.2%

+93

NCC
-20.2%-68

Decline in manufacturerbased network projects

Downturn in P-NET (Japan Post)
related projects

IT
-5.4%

-29

SocialSystem-Related
and Other-11.1%

SocialSystem-Related
and Other-6.5%

IT-11.5%-67

NCC-23.1%

NTT-G+13.8%

Comparisonswith Forecasts-0(-0.0%)

-80
+229

-80

-45

3,369

Performance inPrevious Term

NTT Business (Access)Increase in utility pole replacement
and infrastructure system projects
NTT Business (Network)
Increase in transmission systemequipment replacement process
NTT Business (Mobile)
Increase in LTE-A (3.5GHz band)negotiation process

Decrease in government
and municipal projects,
private demand andelectrical facility
construction projects

Downturn from consolidationof Ecosystem Japan Co., Ltd.
(projects carried forward) in
previous fiscal year

3,319

Performance

NTT Business (Access)Increase in utility pole replacement
and infrastructure system projects
NTT Business (Network)
Increase in transmission systemequipment replacement process
NTT Business (Mobile)
Increase in LTE-A (3.5GHz band)negotiation process

3,320

Target4

I-3. Details of Net Sales by Segment
Decline in sales due to restrained capital expenditure by telecommunications carriers(Unit: ¥100 million)

Comparisons with
the Previous Term

-79(-2.4%)NTT Business (Access)Increase in utility pole replacement
and infrastructure system projects
NTT Business (Network)
Increase in transmission systemequipment replacement process
NTT Business (Mobile)
Downturn from previous fiscal year in
LTE-related construction

NTT-G
-0.6%

Decline in manufacturerbased network projects

-10
-84
IT
-5.6%
Decline due to restrained
capital investment
by au and Softbank

3,286

Performance inPrevious Term

-30

NCC
-23.4%-83• Increase in solar construction projects• Increase due to newly consolidated
subsidiaries

NCC-23.8%

Comparisonswith Forecasts

Decline due to restrained
capital investment
by au and Softbank

Social SystemRelated and Other
+8.3%

3,206

Performance-103(-3.1%)

+95

-67

-49

+46

Downturn in P-NET(Japan Post) related projects

SocialSystem-Related
and Other-7.5%

IT-11.7%

NTT-G
+5.5%

Decrease in government
and municipal projects,
private demand andelectrical facility
construction projects

NTT Business (Access)Increase in utility pole
replacement and infrastructure
system projects
NTT Business (Network)
Increase in transmission systemequipment replacement process

3,310

Target5

I-4. Details of Operating Income
Decline in profit due to fall in net sales and deterioration in product mix (Unit: ¥100 million
Comparisons with
the Previous Term

Comparisonswith Forecasts

-38

-41

Main measures to increase productivity• Streamlining based on construction IT platform (DarwinMobile, etc.)• Reducing outsourcing costs and rationalizing personnel allocation• Reducing site expenses, etc.

(-13.8%)

Fall innet sales anddeteriorationin product mix-68• Recovery inperformance of
Ecosystems
Japan• Increase due to
newly consolidated
subsidiaries• Recovery inperformance of
Ecosystems
Japan• Increase due to
newly consolidated
subsidiaries+7+4

Improved
productivity(-14.8%)
Fall innet sales anddeteriorationin product mix-50
Improved
productivity

+5

+23

276

238

280

Operating Margin(8.4%)

Operating Margin(7.4%)

Operating Margin(8.5%)

Performance in Previous Term

Performance

Target6

II. Full Year Forecasts for the Fiscal Year Ending March 31, 2017
Planning on sales and profit growth after completion oflarge number of projects carried forward, as well as consolidation of subsidiaries
FY March 2016
Performance

FY March 2017
Targets

Comparisons withFY March 2016

Percent of Net Sales

Percent of Net Sales

Difference

3,319

3,500

+180

3,206

3,400

+193

433

465

+31

13.5%

13.7%

+0.2 percentage points

Orders Received

Net Sales

Gross Proﬁts
Selling, General and

195

215

+19

Administrative Expenses

6.1%

6.3%

+0.2 percentage points

238

250

+11

7.4%

7.4%

+0.0 percentage points

242

255

+12

7.6%

7.5%

-0.1 percentage points

154

160

+5

4.8%

4.7%

-0.1 percentage points

Operating Income

Recurring Proﬁt

Net Income Attributable to
Owners of Parent(Unit: ¥100 million)

Remarks

Orders Received
Forecasting positive expansion in orders received withconsolidation of subsidiaries (TOKYO HOSOH KOGYO CO.,LTD., etc.) and IT and Social System-Related and Other
business, etc., despite a downturn in the NTT Engineeringbusiness, which was robust in the previous fiscal year
(ended March 31, 2016).
Net Sales
All-time high sales forecasted due to completion of large
number of projects carried forward and consolidation ofsubsidiaries.
0perating Income
Proﬁt is projected to rise due to forecasted sales growth
and the effect of structural reforms and measures toincrease productivity implemented to date.

Note: Figures are rounded down to the nearest whole unit.

7

III-1. Trends in NTT Fixed-Line Related Business
Orders received at COMSYS Group (NTT Business−Access)

NTT East and NTT West capex(Unit: ¥100 million)

6,266

NTT EAST

3,121
Investment infiber optics
2,240

NTT WEST3,145

FY March 2015
Results

5,900
3,000

932

(Unit: ¥100 million)

973

945

5,450
Second-half

475

484

455

First-half

457

489

490

FY March 2015
Results

FY March 2016
Results

FY March 2017
Target2,700

Investment infiber optics
2,050

Investment infiber optics
1,650

2,900

2,750

FY March 2016
Forecast

FY March 2017
Target[Source: Application for Approval of NTT Business Operation Plan]
Note: Full-year results for year ended March 31, 2016 scheduled to be released on May 13

COMSYS Group materials: Simple total for five companies; NTT Engineering business–Access

Although capital investment by NTT East and NTT West, including investment inﬁber optics conversion, is gradually declining each year, COMSYS assumes thefollowing main measures.

Orders received at COMSYS Group (NTT Business−Network)
SectorMain measures(Unit: ¥100 million)
Utility pole replacement

245
218

Access115

Hikari Collaboration
Increase in transmission system equipment replacement process
Network Intra-prefectural capacity enlargement
Electrical power maintenance process(Introduction of HDVC, etc.)
Common Tokyo Olympics and Tohoku rehabilitation

131

Second-half

123First-half

95
FY March 2015
Results

114
FY March 2016
Results

Expansion of facility operation (maintenance) services
Undergrounding (in urban areas)

20085
FY March 2017
TargetTrend

Timeframe
Aiming for ﬁscal 2020 (NTT East)
Aiming for ﬁscal 2017 (NTT West)
Progressive area expansion
Aiming for ﬁscal 2018
Trend of recovery in new openings
Ending in ﬁrst half of ﬁscal 2016
Aiming for ﬁscal 2021
Whenever required
Aiming for ﬁscal 2020

COMSYS Group materials: Simple total for five companies; NTT Engineering business–Network8III-2. Trends in NTT Mobile Business
NTT DOCOMO capex

LTE Network(Unit: ¥100 million)

6,618
Communications
business
LTE & FOMA

Other business(Smart Lifebusiness, etc.)

4,081

5,952

5,850

3,657

3,390

2,536

2,296
FY March 2016
Results

2,460
FY March 2017
TargetPlans
130,000 stations

PREMIUM 4G
Expanded to 976 cities nationwide
Fastest speed in Japan of 300Mbps
Expanded to 644 cities nationwide

Premium
4G-enabledbase stations

Orders received at COMSYS Group (NTT Business−Mobile)622

900
stations
FY March 2015

Plans
18,000 stations

FY March 2016

Further increase in speed from June
Addition of
370Mbps
3.5GHz CA
Major aggregationof three CA
frequency bands

Fastest in Japan

375Mbps* Carrier aggregation (CA): technology that aggregates
multiple frequency bands to increase communications speed.

[Source: NTT DOCOMO Results Briefing Materials]

650(Unit: ¥100 million)

600

299
334

First-half

PREMIUM 4G
Expansionexceeding plans

22,800stations

FY March 2015
Results

Second-half

LTE base stations
97,400 stations

138,100
stations

350

323

316

250

FY March 2015
Results

FY March 2016
Results

FY March 2017
TargetCOMSYS Group materials: Simple total for five companies; NTT Engineering business–Mobile

NTT DOCOMO• COMSYS will strengthen its network, although due to streamlining, capital investment for year ending March 31, 2017 forecasted to decline below ¥600.0
billion, similar to results of ﬁscal year ended March 31, 2016.
• Provision of 370Mbps through addition of new frequency band (3.5GHz band)
to CA and provision of Japan’s fastest 375Mbps through major aggregation of
three CA frequency bands.
• Initial cost reductions due to change in depreciation from declining-balancemethod to straight-line method.
COMSYS Group• In ﬁscal year ended March 31, 2016, orders received exceeded full-year forecast of ¥57.0 billion due to 3.5GHz negotiation and consulting services beingbrought forward and actually ordered• Full-scale implementation of 3.5GHz band add-on cell (miniature base station) projects in urban high-trafﬁc areas from the ﬁscal year ending March 31, 2017 onward.

9

III-3. Trends in NCC BusinessKDDI Capex (payment)(Unit: ¥100 million)

Softbank Capex (Telecommunications business in Japan)(Unit: ¥100 million)

6,677
5,314
4,791
Mobile(Includes UQ)

Fixed line,
etc.

1,886

FY March 2015
Results

5,600

3,380

3,500

1,934

2,100

FY March 2016
Results

7,125
Includesapproximately ¥30.0
billion resulting fromchange ofconstruction
implementation
timeframe.

FY March 2017
Forecast[Source: KDDI Financial Performance Briefing Materials for fiscal year ended March 31, 2016]

Orders received at COMSYS Group (NCC)142

FY March 2016
Forecast

FY March 2017
Forecast

International accounting standards[Source: Softbank Group Financial Performance Briefing Materials for 1Q of fiscal year ended March 31, 2016]• Capital investment in limited range aimed at achieving double-digit growth of operating
proﬁt in ﬁscal year ended March 31, 2016.
• In ﬁscal year ending March 31, 2007, KDDI business is likely to increase from the previous ﬁscal year because of planned 700MHz and 3.5GHz band base station maintenance projects, but downward trend is expected as long-term LTE-related construction
has gone full circle.

255

140

145

• For ﬁscal year ending March 31, 2017, capital investment in line with previous ﬁscal
year has been announced, and while 700MHZ band, 3.5 GHz band, and 2.5GHz bandbase station maintenance is anticipated, construction unit price is expected to decline
due to promotion of reverse auctions.

127

110

COMSYS Group

Softbank (COMSYS assumptions)

198

FY March 2015
Results

FY March 2015
Results

3,900

267

Second-halfFirst-half

FY March 2014
Results

3,900KDDI (COMSYS assumptions)(Unit: ¥100 million)

340

5,355

FY March 2016
Results

FY March 2017
TargetCOMSYS Group materials: simple total for five operating companies NCC Engineering business• Orders received for the ﬁscal year ending March 31, 2017 are expected to decline by 4.8%
overall in the NCC Engineering business due to the decline of Softbank, despite the slightrecovery of KDDI.

10

III-4. Changes in Mobile Communication Standards
Moving from 3.9G to 4G and further to 5G by 2020
Sales Growth Expected at COMSYS due to Technical Innovation in Telecommunications Standards

Communications
speed (bps)

MNP
launch

3.5G

3G

4G

3.9G

3.5G

Trend in COMSYSNTT mobile sales

5G

4G

3.9G

3G

2G

5G
10Gbps4G
1Gbps
300Mbps

3.9G

2G

1G

100Mbps

3.5G

14Mbps3G

1G

384Kbps

Fiscal 2016
Fiscal 2016

2G 64Kbps
1G

28.8Kbps

Fiscal 20172020

9.6Kbps

1980s

1990s

Non-consolidated Nippon COMSYS Corporation figures

2000s

Scheduled launch of 3.5GHz band use (DOCOMO in June,au, and Softbank)
Fiscal 2016 Scheduled completion of migration of
700MHz band field pick up (FPU) unit and specified radio
microphone frequency
Scheduled launch of 5G verification testing
Scheduled launch of 5G services

2010s

2020s

Consolidated COMSYS Holdings figures[Source: Prepared by COMSYS based on materials published by Ministry of Internal Affairs and Communications]11IV-1. Medium- to Long-Term Targets
Aiming for at least ¥400.0 billion in net sales and at least ¥30.0 billion in operating income(Unit: ¥100 million)
Figures in parentheses: sales composition ratio

4,000

3,206

(50%)
1,108
(35%)

238

300

1,305 250
(38%)

Net
Sales

(65%)

(62%)

FY March 2016
Results

FY March 2017
Target(50%)

FY March 202X
Projection

Carrier-Related Business

2,097

Operating
Income 2,095

Non-Carrier Related bBusiness

3,400

Relatively low profit margins, with goods andmaterial expenses accounting for high proportion of
net sales
Aiming for sales ratio of 50%(By means of M&As, alliances, new businesslaunches, etc.)
Pursuing high earnings

Relatively high profit margins with goods andmaterial expenses accounting for low proportion of
net sales
Net sales gradually declining
Securing earnings(Further increase in profitability through structural reform andproductivity improvements)(Notes)Carrier-related business: NTT Engineering business and NCC Engineering business
Non-carrier related business: IT Solutions business and Social System-Related and Other business, etc.

12

IV-2. Outlook for IT Solutions Business
Aiming to be a company trusted by customers (system integrators) to deliver a total service
Creating a business expansion cycle leveraging network, server and SDX technology skill advantages(1) Total service provision (from delivery through construction, operation and maintenance)(2) Accelerate speed of technical development (Networks: CCIE, Servers: VMware, SDX: Nutanix, Professional, Security: CompTIA)
Expand alliance domains to respond to horizontal collaboration model
Profitability

Existing Business Sectors

Acquire New Markets

High

Business Expansion Cycle
NI and SI BusinessLow

FY Mar. 2016
¥15.0 billion

Existing Alliance Business Sectors• Provision of solutions[Dell, HP, Microsoft]

FY Mar. 2017¥15.5 billion

Corporate Business

FY Mar. 2016
¥7.0 billion• Gain new customers• Identify projects by strengthening
account marketing
FY Mar. 2016¥7.8 billion[ Example of Nippon COMSYS ]High

FY Mar. 2017¥8.0 billion

Market growth rate

• Network system construction• Select and concentrate on public/
education/healthcare sectors

New Business Sectors(1) New alliances• SDX [Nutanix]• Security [LAC]FY Mar. 2017¥8.0 billion(2) Strategic businesses• Management systems utilizing ICT• Education ICT• Personal identity number

Priority Initiative Sectors
Low

FY Mar. 2016¥0.5 billion

FY Mar. 2017¥2.0 billion13IV-3. Solar Power Construction (EPC Business)
Achieved all-time high in orders received and growth expected next fiscal year and beyond
Orders received in EPC business

EPC Business Environment(Performance)¥24.0 billion¥22.0 billion

Appearance of new-style solar power stations
Due to falling feed-in tariff (FIT) prices and shortage of land forconstruction, it was thought that market would contract sharply, but
new-style solar power stations have appeared.
(See below.)¥19.0 billion

Orders received
expected to grow

Diversification of customers due to growth in new customers
Acquiring new customers taking advantage of COMSYS construction track record and marketing activities, and establishing stablestructure not dependent on particular customers
No. of main customers*
Previous fiscal year: 2 companies Fiscal year under review: 7 companiesṲ New-type solar businessṲ Conventional-type solar business

FY March 2015
Results

Stable volumes expected fororders received next fiscal year and beyond
FY March 2016
Results*Main customer refers to a customer fromwhich orders received are at least ¥1.0 billion or more per year

FY March 2017
TargetNew-Style Solar Power Stations
Floating-type[ Installation location ]Ponds and lakes[ Features ]No construction cost, possible to achieveadequate internal rate of return (IRR) even withcurrent feed-in tariff price
There are ponds nationwide and plenty ofpotential locations.

Car port-type[ Installation location ]Roofs of large parking lots, etc.
[ Features ]Objective is captive consumption, notimpacted by falling FIT prices14IV-4. Solar Power Sales (IPP Business)
Planning investment of approximately ¥23.0 billion,
contributing to net sales and profit through consolidation
Actual investment
Up to ﬁscal year ended March 31, 2015

Actual investment
Fiscal year ended March 31, 2016

Actual investment
Fiscal year ending March 31, 2017 onward

Hitachiota City, Ibaraki Prefecture
Showa-mura, Gunma Prefectureand 3 other projects completed

Tsukuba City, Ibaraki Prefecture
Iga City, Mie Prefectureand 5 other projects completed

Northern Kanto
Tohokuand 6 other projects completed

Single year—

10.1MW—

Cumulative
total

14.7MW

24.8MW

73.7MW

Single year—

¥3.3 billion—¥4.5 billion¥7.9 billion¥22.7 billion

Power stations

Volumeof power
generated

Investment Cumulative
total

Consolidation of COMSYS Create Corporation
COMSYS Create Business Plan

¥3.0 billion
Consolidation of COMSYS Create willcontribute to net sales of ¥1.5 – 3.0 billion
and operating income of ¥0.5 – 1.0 billion
from next fiscal year and beyond¥2.0 billion[ Net Sales ]¥1.5 billion[ Operating Income ] ¥0.5 billion

FY March 2017¥0.7 billion
FY March 2018

¥1.0 billion
FY March 2019

*COMSYS Create was established in 2012 to develop new businesses, such as the electricity sales business. It will be consolidated from next fiscal year in line with the expansion of its business.

15

IV-5. Progress in Post Solar Development Business
Areas of Ecological Innovation

Areas of Urban Revitalization Innovation

Areas of Community Revitalization Innovation<Environment and Energy><Nationwide Resilience><Community Development>(1) Solar power generation (IPP)(2) Solar power construction (EPC)• Develop new customers and markets(3) Power Producer and Supplier (PPS) businessAlready
introduced• Enter electricity retail business (through Jibun Denryoku program)(4) Grey water business(5) Industrial Waste Recycling Business(6) Smart grid
• Enter the market leveraging accreditation and trackrecord as electrical construction company• Aim to expand business area

Short- tomedium-term(1) Wood biomass(2) Energy Service Company (ESCO) business(3) Small-scale wind power generation• Investigate possibility of alliances with overseas
manufacturers(1) Repair of NTT facilities(2) Full-scale earthquake reconstruction(3) Removal of utility poles (Tohoku area)(4) Water and sewerage facilities (Tokai area)(5) Renovation of Metropolitan Expressway (Kanto area)• Expand business areas leveraging track record on
Metropolitan Expressway(6) Agricultural engineering• Build up know-how and evaluations through ongoing orders
received(1) Make effective use of idle real estate• First project completed, accelerate realization ofremaining promising projects(2) Establish Okinawa project• Launch full-scale operations(3) Participate in overseas projects• Develop overseas markets in collaboration withJapanese telecommunications carriers(7) Water treatment electricity• First order received for project in Kansai area

(1) Removal of utility poles (Kansai area)(2) Water and sewerage facilities (Kansai area)(3) Revitalization and upgrading of urban infrastructure(4) Renovation of Shuto Expressway (Kansai/Kyushu area)(1) Tokyo Olympics-related work
(2) Development of area around Shinagawa Station• Expand business areas leveraging track record in Kanto area

(1) Geothermal heat pump

Medium- tolong-term• Planning onsite verification of geothermal heatpump utilization(2) Small-scale geothermal power generation(1) Concession(1) Region creation projects• Implementing joint research with Hokkaido University aimed at construction of heat collection model(3) Smart cities16IV-6. Electricity Retail Business by Ecosystem Japan Co., Ltd.
Jibun Denryoku Program

Launch electricity retail business based on solar power generation
Note: on April 1, 2016

Advantages
for customers

No costs associated with installation of solar photovoltaic (PV) system
Solar power generation can be used as emergency power source even during power outages
Solar generated electricity does not pass through transmission lines, so environment-friendly electricity, uncontaminated byother power sources, is used

Size of business

Target to cover 10,000 buildings
during initial 2 years

Solar PPS business

Investment of ¥3.6 billion
in initial fiscal year

Contract duration of 20 years

There are 3 types of electricity in the business: [A] generated by PV and sold to customers;[B] procured from other power sources and sold to customers; and [C] generated by PV
and sold through FIT.

3 types of electricity

Volume of PV electricity for captive
consumption = [A]Volume of backup electricity for nighttime andnon- generating times = [B]Volume of excess PV electricity sold = [C]ENNET*Demand and supply management for [B] electricity
performed by ENNET Corporation.

NTT SMILE ENERGY
0:00

12:00

[B]

24:00

* Ecosystems Japan and NTT SMILE ENERGY will
collaborate primarily on the Eco-Megane service andthe procurement of remote monitoring equipment.

Wholesale supply

Customers[A]{B] Electric power supply
Roof leasing and PV installation
Electricity retail agreement [A] + [B]Payment of electricity charges

Electricity retailer andgeneral power transmission and distribution
businesses
power sales[C] Surplus
FIT price

Electricity retailers

Nippon COMSYSBusiness funding17

IV-7. M&A Results
Conversion of TOKYO HOSOH KOGYO CO., LTD. into wholly owned subsidiarythrough exchange of shares (Effective date: April 1, 2016)
M&A objectives and synergies

Proﬁle of TOKYO HOSOH KOGYO CO., LTD.

Nippon COMSYS Group
growth sectors

Areas of collaboration withTOKYO HOSOH KOGYO CO., LTD.

Location

Chiyoda-ku, Tokyo

Representative

Hiromichi Yokota• Increase in communications construction
due to promotion of utility pole
replacement, etc.
• Agricultural engineering and water supply
and sewerage projects• Peripheral projects related to solar power
construction• Urban infrastructure revitalization andexpressway revitalization projects• Pavement restoration work and industrial
waste processing

Paid in Capital¥100 million

Date of Establishment

May 5, 1947

• General civil engineering, pipeline
construction, and pavement restoration work
• Exterior structure work including land recovery,
ground improvement, foundations, etc.
• Expressway construction management,
associated work, and pavement
restoration work

Number of Employees

197
HAZAMA ANDO CORPORATION, Mitsubishi
Materials Corporation, government andmunicipal ofﬁces, otherTOKYO HOSOH KOGYO CO., LTD. will take part in Nippon
COMSYS growth sectors through areas of collaboration

Main business partners*From Nippon COMSYS(1) Construction of roads and paving work, (2)Sale of asphalt mixture materials

Business areas

FY March 2016 Results

FY March 2017 Targets

Net Sales¥12.7 billion¥14.2 billion

Recurring Proﬁt¥0.6 billion¥0.7 billion

Net Assets¥3.2 billion—

Conversion of VACSLAB into wholly owned subsidiary through acquisition of shares (scheduled for June 1, 2016)
M&A objectives and synergies
Features of TSUKEN GroupFeatures of VACSLAB

Has prime customers due to strength ofbrand in Hokkaido area and track recordin metropolitan area

Has development know-how in medical
systems, built-in systems, control systems,
etc.

Aiming to expand development business in medical systems, built-in
systems, and control systems to TSUKEN Group’s prime customers

Proﬁle of VACSLAB Co., Ltd.
Location

Sapporo City, Hokkaido

Representative

Masahiro Yoneguchi

Paid in Capital¥17 million

Date of Establishment

June 22, 1994

Number of Employees

123

Main business partners

NEC Group, TSUKEN Group, etc.

Business areas(1) Contracted software development(2) Package software business

Principal proﬁt/loss items

Net Sales: ¥1.5 billion, Operating Income: ¥0.1 billion18IV-8. M&A Measures
Promoting expansion of peripheral businesses through capital alliances for top line expansion
TargetType

Business segment

Results
Area

Industry
restructuring-type(horizontal integration)

Value chain
supplementation-type(vertical integration)

Carrier-related business(NTT and NCC
Engineering business)

Carrier-related business(NTT and NCC
Engineering business)

Regional

Nationwide(particularly Kanto, Meihan,
Shinetsu, Hokkaido)

Businesses• Telecommunications construction industry• Transportation security industry• Industrial waste treatment industry• Coating industry• Logistics and warehousing industry• Kokusai Densetsu(in October 2005)• TSUKEN(in October 2010)• Hokkaido Denden Yuso
(in July 2015)• Toa Kenzai Kogyo(in August 2015)

Businesses currently outsourced
but to be focused in house in future

IT Solutions

Business territory
expansion-type
Social System-Related
and Other

Nationwide(particularly Kanto, Meihan,
Shinetsu, Hokkaido)

Nationwide(particularly Kanto, Meihan,
Shinetsu, Hokkaido)• System integrators• Software development industry• VACSLAB(scheduled for June 2016)• Air conditioning work
• Electrical equipment contractors• Plant contractors• Road paving contractors• General construction contractors• Building maintenance industry• Temporary stafﬁng industry• CENTRAL BUILDING SERVICE(in April 2014)• Ecosystem Japan(in May 2014)• Kawanakajima Kensetsu(in September 2014)• Nippon After Kogyo(in December 2015)• TOKYO HOSOH KOGYO(in April 2016)19

V. Shareholder Returns Policy (Dividends and Acquisition of Treasury Stock)
Planning increase in dividend for fourth year in a row and acquisition of ¥5.0 billion in treasury stock(Unit: ¥100 million) 200
Net Income(Target)

150

100
167

163
80

132
50

80

75

50

Value oftreasury stockacquisition

Dividends

160

154

30

40

25

24

29

35

39

44

March 2012

March 2013

March 2014

March 2015

March 2016

March 2017
(Planned)

Interim

¥10

¥10

¥10

¥15

¥15

¥20

Year-end¥10¥10

Ordinary dividends: ¥10+
Commemorative dividends: ¥5¥15¥20 (Planned)¥20

Consolidated Payout Ratio

36.0%

18.7%

18.4%

21.0%

25.6%

27.7%

Total Return Ratio
Dividends + treasury stock
Net income

77.7%

48.7%

66.9%

66.2%

77.2%

59.0%

Number of sharesof treasury stockat the end of the period

19.18
million shares

23.01
million shares

28.31
million shares

31.41
million shares

30.24
million shares*—(Ownership Ratio)(13.1%)(15.8%)(19.4%)(21.5%)(21.5%)

ROE

4.4%

7.9%

9.4%

9.0%

7.9%

71

Dividends per
Share(annual)¥15—*The total number of issued shares changed from 145.97 million shares to 141.00 million shares with the cancellation of 4.97 million shares of treasury stock on November 30, 2015.
2.12 million shares of treasury stock (1.5%) were contributed as a result of the exchange of shares with TOKYO HOSOH KOGYO CO., LTD. on April 1, 2016.

20

Results for the Fiscal Year Ended March 31, 2016
— Data Book —May 13, 2016

Contents
Detailed Data
01

Consolidated Statements of Income

02

Statements of Income for Each Company (Results for Fiscal Year Ended March 31, 2016)03

Statements of Income for Each Company (Forecasts for Fiscal Year Ending March 31, 2017)04

Orders Received, Net Sales, and Contract Backlogs by Business Area

05

Orders Received and Net Sales by Detailed Business Area
for Five Companies on a Non-Consolidated Simple Sum Basis

06

Capital Expenditure, Depreciation and Amortization

Reference
07

Consolidated Balance Sheets (Condensed)

08

Consolidated Cash Flow (Condensed)

Cautionary Statement with Respect to Forward-Looking Statements
Some of the information in this document contains forward-looking statements, which are subject to various risks and uncertainties. As a result, the Company’s actual activities andbusiness results could differ significantly.
Important factors bearing on the Company’s actual business results include, but are not limited to, changes in the economic environment for the Company’s businessdomains, social trends, trends in demand for the services that the Company offers, or downward pressure on prices and fees due to intensifying competition.

01 Consolidated Statements of Income(Unit: ¥100 million)

FY March 2015

FY March 2016
YoY
2nd Quarter
Percentage
Results
difference(c)((c) – (a))⁄ (a)YoY
Percentage
difference((e) – (b)) ⁄ (b)vs. Forecast
Percentage
difference((e) – (d)) ⁄ (d)

3,319

-1.5%

-0.0%

1,680

3.3%

3,500

5.4%

3,310

3,206

-2.4%

-3.1%

1,380

7.2%

3,400

6.0%

480

433

-9.5%

-9.6%

176

9.1%

465

7.2%

(14.5%)(13.5%)

-6.8%

200

195

-3.6%

-2.3%

108

12.7%

215

10.0%

-41.3%

280

238-13.8%-14.8%

68

4.0%

250

4.8%

(8.5%)(7.4%)

285

242(8.6%)(7.6%)

170

154(5.1%)(4.8%)

Full Year
Targets

Full Year
Results

(d)

(e)

-6.2%

3,320

1,287

-10.8%

479

161-24.8%(14.9%)(14.6%)(12.5%)

Selling, General and Administrative Expenses

102

202

95

Operating Income

111

276

65

(7.7%)(8.4%)(5.1%)

113

281

68

(7.8%)(8.6%)(5.3%)Net Income Attributable to
Owners of Parent

68

167

45

(Net Profit Margin)(4.8%)(5.1%)(3.5%)

2nd Quarter
Results

Full Year
Results(a)(b)

Orders Received

1,735

3,369

1,626

Net Sales

1,442

3,286

Gross Profits

214(Gross Profit Margin)(Operating Margin)
Recurring Profit(Recurring Profit Margin)

FY March 2017-39.3%-33.8%YoY
2nd Quarter
Percentage
Targets
difference(f)((f) – (c)) ⁄ (c)(12.8%)-15.0%

72(7.4%)
4.9%(5.2%)
-8.0%

-9.3%

46
(3.3%)(g)

YoY
Percentage
difference((g) – (e)) ⁄ (e)(13.7%)(4.9%)-13.9%

Full Year
Targets

255

5.3%(7.5%)
1.2%

160(4.7%)

Note: Figures are rounded down to the nearest whole unit. Profit margin, and percentages of increase and decrease are calculated using a base unit of yen. Figures are rounded to the nearest first decimal place.

3.8%

02 Statements of Income for Each Company (Results for Fiscal Year Ended March 31, 2016)(Unit: ¥100 million)

Comparisons with the Previous Term

Nippon COMSYS-G

SANCOM-G

TOSYS-G
Percentage Mar. 2015
Results
difference

Mar. 2016
Results

Percentage
difference

3.6%

410

423

3.3%

283

1.1%

407

440

8.1%

21

25

14.8%

48

52

9.3%

(7.8%)(8.9%)(11.9%)(12.0%)

-7.8%

13

14

9.4%

25

28

8.3%

-68.8%

8

10

22.8%

22

24

10.5%

(3.2%)(3.8%)(5.5%)(5.6%)

Mar. 2015
Results

Mar. 2016
Results

Percentage
difference

Mar. 2015
Results

Mar. 2016
Results

Percentage
difference

Mar. 2015
Results

Mar. 2016
Results

Orders Received

2,191

2,195

0.2%

541

451

-16.6%

286

297

Net Sales

2,090

2,101

0.5%

568

423

-25.4%

280

Gross Profits

331

305

-8.1%

62

34

-44.8%(15.9%)(14.5%)(10.9%)(8.1%)

Selling, General and Administrative Expenses

132

123

-6.4%

24

22

Operating Income(Operating Margin)

199

181

-9.2%

37

11

(9.6%)(8.6%)(6.6%)(2.8%)

Recurring Profit(Recurring Profit Margin)

203

184

(9.7%)(8.8%)

122

116(5.9%)(5.5%)(Gross Profit Margin)

Net Income Attributable to Owners of Parent(Net Profit Margin)

-9.0%
-5.2%

37

11

(6.7%)(2.8%)

23

7(4.1%)(1.7%)TSUKEN-G-68.5%-69.1%

911(3.4%)(4.0%)

5

6(2.1%)(2.4%)

16.8%
13.6%

23

25

(5.7%)(5.8%)

1218(3.2%)(4.3%)

10.2%
46.5%

(Unit: ¥100 million)

Comparisons with Forecasts

Nippon COMSYS-G

SANCOM-G

Mar. 2016
Targets

Mar. 2016
Results

Percentage
difference

Mar. 2016
Targets

Orders Received

2,090

2,195

5.0%

587

451

Net Sales

2,090

2,101

0.6%

577

Gross Profits

324

305

-5.8%

(15.5%)(14.5%)

Selling, General and Administrative Expenses

121

123

Operating Income(Operating Margin)

203

181

(9.7%)(8.6%)(Gross Profit Margin)

TOSYS-GMar. 2016 Percentage
difference
Results

TSUKEN-G
Percentage Mar. 2016
difference
Targets

Mar. 2016
Results

Percentage
difference

2.5%

414

423

2.3%

283

-0.4%

424

440

3.8%

25

25

0.2%

50

52

4.4%

(8.8%)(8.9%)(11.9%)(12.0%)

-9.8%

14

14

-3.8%

27

28

4.0%

-69.1%

10

10

5.9%

23

24

4.9%

(3.6%)(3.8%)(5.6%)(5.6%)

Mar. 2016
Targets

Mar. 2016
Results-23.1%

290

297

423

-26.5%

285

63

34

-45.6%(10.9%)(8.1%)

2.1%

25

22

-10.5%

38

11(6.6%)(2.8%)

Notes: 1. Figures are rounded down to the nearest whole unit. Profit margin, and percentages of increase and decrease are calculated using a base unit of yen. Figures are rounded to the nearest first decimal place.
Notes: 2. No elimination of intergroup transactions between groups

03 Statements of Income for Each Company (Forecasts for Fiscal Year Ending March 31, 2017)(Unit: ¥100 million)

Forecasts for the full year

Nippon COMSYS-G

SANCOM-G

TOSYS-GMar. 2017
Targets

Percentage
difference

-1.0%

423

435

2.7%

294

3.6%

440

442

0.5%

25

26

3.4%

52

53

0.3%

(8.9%)(8.8%)(12.0%)(12.0%)

2.0%

14

14

-1.7%

28

28

-0.3%

27.6%

10

12

10.1%

24

25

1.0%

(3.8%)(4.1%)(5.6%)(5.7%)

Mar. 2017
Targets

Percentage
difference

Mar. 2016
Results

Mar. 2017
Targets

Percentage
difference

Mar. 2016
Results

Mar. 2017
Targets

Orders Received

2,195

2,346

6.9%

451

478

5.8%

297

294

Net Sales

2,101

2,291

9.0%

423

457

7.8%

283

Gross Profits

305

332

8.8%

34

39

13.7%

(14.5%)(14.5%)(8.1%)(8.5%)

Selling, General and Administrative Expenses

123

139

12.5%

22

23

Operating Income

181

192

5.7%

11

15

(8.6%)(8.4%)(2.8%)(3.3%)(Gross Profit Margin)(Operating Margin)

TSUKEN-G
Percentage Mar. 2016
difference
Results

Mar. 2016
Results

Note: Figures are rounded down to the nearest whole unit. Profit margin, and percentages of increase and decrease are calculated using a base unit of yen. Figures are rounded to the nearest first decimal place.

04 Orders Received, Net Sales, and Contract Backlogs by Business Area
Orders Received

FY March 2015

FY March 2016
YoY
2nd Quarter Percentage
Results
difference(c)((c) – (a))⁄ (a)2nd Quarter
Results(a)

Full Year
Results(b)

Social System-Related and Other

884
197
291
362

1,790
337
551
689

924
128
243
329

Total

1,735

3,369

1,626

Business Area

NTT Engineering
NCC Engineering
IT Solutions

Net Sales

Full Year
Targets(d)Full Year
Results
(e)

-9.0%

1,655
350
590
725

1,884
269
522
644

-6.2%

3,320

3,319

4.6%
-34.8%-16.4%FY March 2015
Full Year
Results
(b)

1,836
356
537
554

713
121
218
233

-14.8%

Social System-Related and Other

837
174
197
233

Total

1,442

3,286

1,287

NTT Engineering
NCC Engineering
IT Solutions

Contract Backlogs

Social System-Related and Other

500
42
119
319

711
48
144
415

Total

1,190

981

1,321

IT Solutions

5.2%

13.8%

-20.2%-23.1%-5.4%-11.5%-6.5%-11.1%

840
110
250
480

-1.5%

-0.0%

1,680

YoY
Percentage
difference((e) – (b)) ⁄ (b)vs. Forecast
Percentage
difference((e) – (d)) ⁄ (d)

0.0%

1,730
355
575
650

1,825
271
507
600

-0.6%

5.5%

-23.8%-23.4%-5.6%-11.7%

8.3%

-7.5%

760
105
220
295

-10.8%

3,310

3,206

-30.1%
10.3%

-2.4%

-3.1%

1,380

Full Year
Results
(e)

32.4%

558
39
133
362

11.0%

1,094

19.9%
-41.9%-27.2%

45.5%

1,765
255
575
905

40.4%

3.3%

3,500

5.4%

-9.2%
-14.4%
2.6%

-6.3%
-5.3%
10.1%

FY March 2017
YoY
YoY
2nd Quarter Percentage Full Year Percentage
Targets
Targets
difference
difference(f)((f) – (c)) ⁄ (c)(g)((g) – (e)) ⁄ (e)FY March 2016

593
84
198
313

NCC Engineering

Full Year
Results(e)

YoY
2nd Quarter Percentage
Results
difference(c)((c) – (a))⁄ (a)Full Year
Results(b)

NTT Engineering

Full Year
Targets(d)

FY March 2015
2nd Quarter
Results(a)Business Area

vs. Forecast
Percentage
difference((e) – (d)) ⁄ (d)FY March 2016
YoY
2nd Quarter Percentage
Results
difference(c)((c) – (a))⁄ (a)2nd Quarter
Results(a)Business Area

YoY
Percentage
difference((e) – (b)) ⁄ (b)(Unit: ¥100 million)
FY March 2017
YoY
YoY
2nd Quarter Percentage Full Year Percentage
Targets
Targets
difference
difference(f)((f) – (c)) ⁄ (c)(g)((g) – (e)) ⁄ (e)YoY
Percentage
difference((e) – (b)) ⁄ (b)

11.6%
-6.5%
12.1%
13.6%
11.5%

Note: Figures are rounded down to the nearest whole unit. Percentages of increase and decrease are calculated using a base unit of yen. Figures are rounded to the nearest first decimal place.

26.4%

1,825
270
540
765

27.3%

7.2%

3,400

6.0%

6.5%
-13.8%
0.8%

-0.0%
-0.7%
6.3%

Received and Net Sales by Detailed Business Area
05 Ordersfor Five Companies on a Non-Consolidated Simple Sum Basis(Unit: ¥100 million)
FY March 2015

Orders Received
Business Area

FY March 2016

2nd Quarter
Results

Full Year
Results

(a)

(b)

YoY
2nd Quarter Percentage
Results
difference(c)((c) – (a)) ⁄ (a)FY March 2017

Full Year
Targets

Full Year
Results

YoY
Percentage
difference

vs. Forecast
Percentage
difference

(d)

(e)

((e) – (b)) ⁄ (b)((e) – (d)) ⁄ (d)YoY
2nd Quarter Percentage
Targets
difference(f)((f) – (c)) ⁄ (c)Full Year
Targets

YoY
Percentage
difference(g)((g) – (e)) ⁄ (e)Access

457

932

489

7.0%

880

973

4.4%

10.7%

490

0.1%

945

-3.0%

Network

95

218

114

20.4%

185

245

12.7%

32.9%

85

-25.9%

200-18.6%

Mobile

323

622

316

-2.2%

570

650

4.5%

14.2%

250

-20.9%

600

-7.8%

875

1,773

920

5.1%

1,635

1,870

5.4%

14.4%

825

-10.4%

1,745

-6.7%

NCC Engineering

198

340

127

-35.6%

350

267-21.4%-23.4%

110-13.8%

255-4.8%

IT Solutions

226

440

189

-16.7%

470

413

-6.1%

-12.0%

195

3.1%

450

8.8%

Social System-Related and Other

183

359

195

6.4%

425

392

9.3%

-7.6%

240

22.9%

490

24.7%

1,484

2,914

1,432

-3.5%

2,880

2,944

1.0%

2.2%

1,370

-4.4%

2,940

-0.2%

NTT Engineering

Subtotal

Total

FY March 2015

Net Sales
Business Area

FY March 2016

2nd Quarter
Results

Full Year
Results

(a)

(b)

YoY
2nd Quarter Percentage
Results
difference(c)((c) – (a)) ⁄ (a)FY March 2017

Full Year
Targets

Full Year
Results

YoY
Percentage
difference

vs. Forecast
Percentage
difference

(d)

(e)

((e) – (b)) ⁄ (b)((e) – (d)) ⁄ (d)YoY
2nd Quarter Percentage
Targets
difference(f)((f) – (c)) ⁄ (c)Full Year
Targets

YoY
Percentage
difference(g)((g) – (e)) ⁄ (e)Access

406

924

377

-7.2%

900

963

4.2%

7.1%

390

3.4%

980

1.7%

Network

98

221

83

-15.8%

190

228

3.0%

20.2%

95

14.2%

220

-3.7%

Mobile

322

665

247

-23.3%

615

620

-6.8%

0.9%

260

5.1%

590

-4.9%

828

1,812

707

-14.5%

1,705

1,812

0.0%

6.3%

745

5.2%

1,790

-1.2%

NCC Engineering

175

360

121

-30.7%

355

270-24.9%-23.8%

105-13.6%

270-0.2%

IT Solutions

147

427

164

11.8%

455

391

-8.3%

-13.9%

165

0.1%

415

6.0%

Social System-Related and Other

83

263

94

13.3%

365

319

21.2%

-12.4%

120

26.6%

385

20.5%

1,234

2,863

1,089

-11.8%

2,880

2,794

-2.4%

-3.0%

1,135

4.2%

2,860

2.3%

NTT Engineering

Subtotal

Total

Notes: 1. The non-consolidated simple sum data are for the following five companies: Nippon COMSYS Corporation; SANWA COMSYS Engineering Corporation; TOSYS Corporation; TSUKEN Corporation;
and COMSYS JOHO SYSTEM Corporation.
2. Figures are rounded down to the nearest whole unit. Percentages of increase and decrease are calculated using a base unit of yen. Figures are rounded to the nearest first decimal place.

06 Capital Expenditure, Depreciation and Amortization(Unit: ¥100 million)

March 2015
Results

March 2016
Results

March 2017

Comparisons with the previous term
Percentage
Difference
difference

Comparisons with FY March 2016
Percentage
Difference
difference

Targets

Tangible Assets

61

49

-11

-19.2%

88

39

79.5%

Intangible Assets

16

12

-4

-26.0%

8-4-32.7%

Total

78

62

-16

-20.7%

96

34

56.2%

Depreciation and Amortization

46

50

3

7.2%

51

1

2.7%

Capital Expenditure

Note: Figures are rounded down to the nearest whole unit. Percentages of increase and decrease are calculated using a base unit of yen. Figures are rounded to the nearest first decimal place.

07 Consolidated Balance Sheets (Condensed)
ASSETSLIABILITIES AND NET ASSETS(Unit: ¥100 million)

+20

2,640

2,660

(Unit: ¥100 million)

Current Assets

+90

1,518

• Cash and cash equivalents-45• Other current assets

-9

1,555

2,660

(+4)

Current
Liabilities• Accounts payable—trade

+45

607

• Advances received on
construction in progress-8• Other current liabilities

-33

(+36)
• Accounts receivable—trade

+20

2,640

Long-Term
Liabilities

612
82

(-8)

91

(+25)
• Net Income attributable toowners of parent

Net Assets

1,940• Cash dividends-34• Treasury stock, at cost-80

• Other

-15

(-16)

Fixed Assets

1,121

As of March 31, 2015

• Property, plant and equipment,
including buildings+5• Loans receivable+32• Investment securities-22• Other assets

-31

+154

1,965

1,105

*Equity ratio
From 73.0% to 73.4%

As of March 31, 2016

As of March 31, 2015

As of March 31, 2016

08 Consolidated Cash Flow (Condensed)
Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

+130

-73

• Income before income taxes
and other adjustments
to net income• Depreciation and amortization• Increase in payables—trade• Increase in receivables—trade• Cash and cash equivalents
paid for income taxes• Other

+240
+50
+29
-83

• Acquisitions of property and equipment -46• Acquisitions of intangible fixed assets -16-32• Increase in loans receivable, net• Proceeds from sale of investment securities +11+10• Other(Unit: ¥100 million)

Cash Flows from
Financing Activities

-113

-78
-28

• Cash dividends paid
• Acquisitions of treasury stock• Other• Newly consolidated subsidiaries

-34
-80
+1

+9

334
Cash and
Cash Equivalents
at End of YearAs of March 31, 2015

288

-46

Cash and
Cash Equivalents
at End of YearAs of March 31, 2016

COMSYS Group Management Philosophy

At the COMSYS Group, we are united as a Groupand strive for strong partnership and collaboration with diverse external players
in achieving our management philosophy.

We will build a company that customers continue to choose through the construction of diverse infrastructure that carries our era forward.
We will contribute to our country and local communities by building social infrastructure that supports affluent lifestyles.
We will continue with unrelenting reform in our aim to further increase corporate value.

We formulated our management philosophy based on the three central themes of “customers,” “the community” and “employees and shareholders.”• For the first theme, our message to customers is: “Construction of Diverse Infrastructure That Carries Our Era Forward.” Our business is not only electrical andtelecommunications facilities, but it is also expanding into diverse sectors that support social and economic activity from its foundation.
• In the second theme, “Building Social Infrastructure That Supports Affluent Lifestyles,” we express the Group’s mission to contribute to the country and local
communities.
• In the third theme, “Unrelenting Reform and Further Increasing Corporate Value,” we mainly had in mind our employees in expressing a clear commitment toeveryone outside the Company to continue with our structural reform initiatives to overcome the competitive environment by raising productivity andstrengthening cost competitiveness.

Cautionary Statement with Respect to Forward-Looking Statements
Forecast figures contained in these presentation materials are forward-looking statements that assume underlying
risks and uncertain factors.
Accordingly, it should be recognized that actual results may differ from such forward-looking statements due to avariety of factors.
Important factors that could affect results include, but are not limited to, changes in economic conditions and social
trends relevant to the Group’s business areas, and downward pressure on prices for the services provided by theGroup owing to fluctuations in demand and intensified competition.

For further information, please contact:

IR Department
Telephone: +81-3-3448-7000 (direct)
Facsimile: +81-3-3448-7001
E-Mail: chd-ir@comsys.co.jp
URL: http://www.comsys-hd.co.jp/