May 10, 2024

COMSYS Holdings Corporation
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024
Under Japanese GAAP
Head Office:17-1, Higashigotanda 2-chome, Shinagawa-ku, Tokyo 141-8647, Japan
Stock Exchange Listings: Prime Market of Tokyo Stock Exchange (Securities code: 1721)
URL:
https://www.comsys-hd.co.jp/english/index.html
Representative:
Hiroshi Tanabe, President and Representative Director
For Inquiry:
Toru Mashimo, Director and General Manager of Financial Department (Telephone:81-3-3448-7000)
Scheduled Annual General Meeting of Shareholders: June 27, 2024
Scheduled Commencement of Dividend Payment: June 28, 2024
Scheduled Filing of Securities Report:
June 27, 2024
Supplementary Materials on Financial Results:
Attached
IR Presentation on Financial Results:
Scheduled (For Institutional Investors and Analysts)
Amounts less than one million yen have been omitted.

1. Consolidated Financial Results (for the fiscal year ended March 31, 2024)(1) Consolidated Operating Results
Net SalesYear ended March 31, 2024
Year ended March 31, 2023

¥571,186
563,295(Millions of yen, except per share data and percentages)

Operating Profit
1.4%
(4.4)

¥39,22132,104

Profit Attributable to
Owners of Parent

Ordinary Profit

22.2%(25.3)¥40,396
30,93430.6%(29.8)¥27,453
19,33842.0%(33.8)

Notes: 1. Comprehensive income:Year ended March 31, 2024: ¥37,482 million [91.2%]
Year ended March 31, 2023: ¥19,607 million [(32.9)%]
2. Percentages indicate the percentage change from the corresponding period of the previous fiscal year.
Primary Earnings
per Share

Diluted Earnings
per Share

Return on Equity¥228.47158.83¥228.15158.71

7.8%
5.7

Year ended March 31, 2024
Year ended March 31, 2023
(Reference) Equity in earnings of affiliates:

Year ended March 31, 2024: ¥ — million

Ordinary Profit/ Total Assets

Operating Margin

7.9%
6.0

6.9%
5.7

Year ended March 31, 2023: ¥ — million(2) Consolidated Financial Position(Millions of yen, except per share data and percentages)

Total Assets
As of March 31, 2024
As of March 31, 2023

Net Assets¥514,647
502,133(Reference) Shareholders’ equity:

Equity Ratio¥368,055
346,725

Book Value per Share
70.3%
67.9

As of March 31, 2024: ¥361,944 million¥3,031.93
2,824.12

As of March 31, 2023: ¥341,093 million(3) Consolidated Cash Flows

Year ended March 31, 2024
Year ended March 31, 2023

(Millions of yen)

Cash Flows fromOperating Activities¥44,275
61,781

Cash Flows from
Investing Activities¥(15,941)(6,843)

Cash Flows from
Financing Activities¥(17,214)(48,233)

2. Cash Dividends for Shareholders of Common Stock(Millions of yen, except per share data and percentages)

Dividends per ShareYear ended March 31, 2023
Year ended March 31, 2024
Year ending March 31, 2025 (Forecast)End of
1st QuarterEnd of2nd QuarterEnd of3rd Quarter

Year-End

Annual¥ ———¥50.00
50.00
55.00

¥ —
—
—

¥50.0055.00
55.00¥100.00
105.00110.003. Consolidated Earnings Forecast (for the fiscal year ending March 31, 2025)
Net SalesYear ending March 31, 2025

¥600,000

Cash and Cash Equivalents
at End of Year¥51,932
40,7885.0%

Consolidated Basis

Total
Dividends(Annual)Dividend
PayoutRatio

Ratio of
Dividends to
Net Assets

63.0%
46.0
48.6

3.6%
3.6

¥12,129
12,575(Millions of yen, except per share data and percentages)

Operating Profit

Ordinary Profit

Profit Attributable to
Owners of Parent¥40,000¥40,500¥27,000

2.0%

0.3%

(1.7)%

Primary Earnings
per Share¥226.17

Note. For fiscal-year figures, percentages indicate the percentage change from the previous fiscal year. For first-half figures, percentages indicate the percentagechange from the corresponding half of the previous fiscal year.

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

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

As of March 31, 2024
133,000,000 shares
13,622,197 shares

As of March 31, 2023
141,000,000 shares
20,221,171 sharesYear ended March 31, 2024
120,159,863 sharesYear ended March 31, 2023
121,758,706 shares(Reference) Summary of Non-Consolidated Financial Results
Non-Consolidated Financial Results (for the fiscal year ended March 31, 2024)(1) Non-Consolidated Operating Results
Operating Revenues
Year ended March 31, 2024
Year ended March 31, 2023

¥14,934
14,233

4.9%(0.3)(Millions of yen, except per share data and percentages)

Operating Profit¥13,490
12,880Ordinary Profit
4.7%
(0.4)

¥13,503
12,894

Profit4.7%(0.4)¥13,433
12,8014.9%(0.5)

Note: Percentages indicate the percentage change from the corresponding period of the previous fiscal year.
Primary Earnings per Share

Diluted Earnings per Share¥111.80105.14¥111.64
105.06

Year ended March 31, 2024
Year ended March 31, 2023

(2) Non-Consolidated Financial Position(Millions of yen, except per share data and percentages)

Total Assets
As of March 31, 2024
As of March 31, 2023
(Reference) Shareholders’ equity:

Net Assets¥157,150
154,201¥115,541
118,420

As of March 31, 2024: ¥114,511 million

Equity Ratio

Book Value per Share
72.9%
76.2

¥959.24972.70

As of March 31, 2023: ¥117,480 million*This Consolidated Financial Results report has not been subjected to audit procedures by certified public accountants or an audit corporation.
*Disclaimer concerning the Proper Use of Business Results Forecasts and Other Relevant Specific Items
1. Forward-looking statements including earnings forecasts contained in this document are based on certain reasonable assumptions and beliefs
in light of information currently available to management. Readers are advised that actual results may differ materially from forecasts due
to a variety of factors. With respect to the conditions that underpin earnings forecasts as well as cautionary statements regarding the properuse of earnings forecasts, please refer to “1. Business Review” of this Consolidated Financial Results report in the Accompanying Materials
section on page 3.
2. The Company plans to hold an in-person results briefing for institutional investors and analysts on Monday, May 20, 2024, which will
also be livestreamed in Japanese. The materials and video of the briefing will then be uploaded to the corporate website.

2

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Accompanying Materials
1. Business Review(1) Operating Results
During the fiscal year ended March 31, 2024 (April 1, 2023 to March 31, 2024), the Japanese economy was expected tomaintain a moderate recovery, with social and economic activity normalizing as COVID-19 became a Category V
infectious disease. Nevertheless, it was necessary to continue monitoring soaring prices for energy and raw materials, theglobal situation, including Ukraine and the Middles East, and turbulence in financial and capital markets.
As for the business environment surrounding the COMSYS Group, in the communications infrastructure field,
the total volume of work has declined in the past few years due to the impact of shrinking demand for new optic fiber lines
and curbing of investment by mobile telecommunications carriers. On the other hand, there have been efforts to improve
the quality of communication in overcrowded urban areas impacted by the increase in mobile communications traffic. In
the medium term, the NTT Group and other telecommunications carriers are expected to invest in developing nextgeneration communication infrastructure (commercialization of IOWN, 6G, etc.).
In the IT Solutions field, the market overall continued to expand. Over the past few years, the construction ofdata collaboration platforms has been promoted in sectors including government and education, as well as healthcare andother areas, in order to solve local issues using digital technology.
In the social infrastructure field, demand for construction of data centers and interconnection of data centersgrew. On top of this, developments related to disaster prevention or mitigation and national resilience measures were
promoted to address increasingly severe and frequent natural disasters. The National Spatial Strategy calls for thedevelopment of greater complexity, multi-functionality, and maximization of effectiveness of infrastructure by combining
the hard functions of infrastructure with soft measures that utilize ICT technologies. Similar efforts were promoted under
the TOKYO Resilience Project, the disaster preparedness plan for Tokyo. Also, Green Transformation (GX) growthinvestment in the renewable energy sector is anticipated, with a view to achieving carbon neutrality by 2050.
The COMSYS Group faced a challenging business environment in the communications infrastructure field,
including a decline in mobile-related work. In these circumstances, the COMSYS Group worked to expand peripheralbusiness, taking maximum advantage of the strengths of regional brands, to enhance sales capabilities in order to acquire
new customers in the infra-sharing business and other areas. The Group also sought to strengthen its business foundation,
by, for instance, working toward Group-wide optimization (strengthening of its area management system and integrated
management of the access and mobile-related businesses). In addition, the Group made concerted efforts to restore
communications facilities damaged in the natural disasters in Okinawa caused by 2023 Typhoon No. 6 Khanun and the2024 Noto Peninsula Earthquake in January.
In the IT solutions field, the COMSYS Group worked to win large-scale orders by collaborating with alliancepartners and strove to strengthen project management performance in conjunction with an increase in prime contractor
projects. Going forward, the Group will aim to expand new business areas by strengthening integrated management in theTokyo metropolitan area, which is the biggest market for IT investment, shifting resources to high-layer solutions incollaboration with telecom-carrier businesses, and providing full-layer solutions.
In the social system-related field, the COMSYS Group worked to expand the top line with the acquisition oflarge-scale expressway projects through Group collaboration and orders for large-scale data centers through joint ventureswith major general contractors, in addition to the construction of communication conduits between data centers using thehorizontal directional drilling (HDD) method. Going forward, the Group will continue working to expand orders for data centers,
which remain solid, to develop promising engineers throughout the Group, and to facilitate flexible mobility of human resources.
The COMSYS Group will continue working to strengthen its management foundation, for instance by improving
productivity utilizing DX and promoting more diverse and flexible workstyles. Moreover, in the area of sustainability
initiatives, the COMSYS Group acquired Science Based Targets (SBT) certification in October 2023. The Group willcontinue working actively to reduce greenhouse gas emissions and will contribute to the realization of the society
envisioned by the SDGs, while striving for the sustainable growth of the COMSYS Group.
Under these circumstances, orders received in the fiscal year ended March 31, 2024 increased 11.7% year on yearto ¥617,917 million, and net sales increased 1.4% year on year to ¥571,186 million. From a profit perspective, operating
profit increased by 22.2% year on year to ¥39,221 million, while profit attributable to owners of parent increased 42.0%
year on year to ¥27,453 million.

3

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(2) Financial Position(a) Assets
Current assets as of March 31, 2024 stood at ¥302,347 million, ¥1,636 million lower than at the end of the previous fiscal
year. This was mainly attributable to decreases of ¥10,687 million in notes receivable and accounts receivable fromcompleted construction contracts and other, and ¥8,809 million in costs on construction contracts in progress, against
increases of ¥11,132 million in cash and deposits, and ¥3,892 million in investments in leases. Non-current assets as ofMarch 31, 2024 stood at ¥212,300 million, ¥14,151 million higher than at the end of the previous fiscal year. This was
mainly attributable to increases of ¥4,173 million in property and equipment, and ¥10,894 million in investments and otherassets, against a decrease of ¥917 million in intangible assets.
As a result, total assets amounted to ¥514,647 million as of March 31, 2024, an increase of ¥12,514 million
compared with the end of the previous fiscal year.
(b) Liabilities
Current liabilities as of March 31, 2024 stood at ¥124,327 million, down ¥10,118 million compared with the previous fiscal
year-end. This was mainly attributable to decreases of ¥5,592 million in notes payable, accounts payable for construction
contracts and other and ¥5,167 million in provision for loss on construction contracts. As of March 31, 2024, non-current
liabilities amounted to ¥22,263 million, ¥1,302 million higher than at the end of the previous fiscal year. This was mainly
attributable to an increase of ¥3,201 million in deferred tax liabilities, against decreases of ¥986 million in retirement benefit
liability and ¥802 million in other non-current liabilities.
As a result, total liabilities amounted to ¥146,591 million, a decrease of ¥8,816 million compared with the end of theprevious fiscal year.
(c) Net assets
Net assets stood at ¥368,055 million as of March 31, 2024, an increase of ¥21,330 million compared with the end of theprevious fiscal year. This was primarily due to a ¥14,633 million increase in retained earnings mainly resulting from therecording of profit attributable to owners of parent.
As of the end of the fiscal year under review, the equity ratio stood at 70.3%, up from 67.9% as of March 31, 2023.

(3) Cash Flow
Cash and cash equivalents stood at ¥51,932 million at the end of the fiscal year, an increase of ¥11,143 million, or 27.3%,
compared with the end of the previous fiscal year.
The principal factors underpinning movements in each of the Group’s major cash flows for the fiscal year ended
March 31, 2024 are presented as follows.
(a) Cash flows from operating activities
Net cash provided by operating activities stood at ¥44,275 million, compared with ¥61,781 million for the previous fiscal
year. The major cash inflow was profit before income taxes of ¥40,983 million.
(b) Cash flows from investing activities
Net cash used in investing activities totaled ¥15,941 million for the fiscal year under review, compared with net cash of¥6,843 million used in the previous fiscal year. The major cash outflow was purchase of property, plant and equipment of¥16,398 million.
(c) Cash flows from financing activities
Net cash used by financing activities was ¥17,214 million for the fiscal year ended March 31, 2024, compared with ¥48,233
million used in financing activities in the previous fiscal year. The major cash outflows were dividends paid of ¥12,048
million and purchase of treasury shares of ¥5,016 million.

4

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(4) Outlook for fiscal year ending March 31, 2025
With regard to the business performance outlook for the fiscal year ending March 31, 2025, with the moderate economic
recovery expected to be ongoing, the COMSYS Group will continue working to expand order receipts, mainly in thegrowing IT market and for development of infrastructure such as data centers and expressway-related facilities. The Groupwill also work to expand sales by ensuring steady progress in construction carried forward through orders which were strong
in the previous fiscal year. Meanwhile, the Group will strive to maximize profit with increased productivity leveraging DX
and greater efficiency through consolidation of operations. Consequently, the Group anticipates revenue and profit growthin the earnings forecast for the fiscal year ending March 31, 2025.
(Extension of the Period of the Medium-Term Management Plan)
The COMSYS Group has been implementing COMSYS VISION NEXT STAGE 2023, its medium-term management
plan, with the year ended March 31, 2024 as it final year. During this period, there have been business risks including
COVID-19, disturbances in in global conditions such as Ukraine and the Middle East, the recent depreciation of the yen,and soaring prices of energy and raw materials. Despite these circumstances, there has been steady growth in the IT solutions
and social system-related fields, with business expansion into new areas such as steel and data centers. However, the Group
did not achieve the initial plans set out in the Medium-Term Management Plan due to rapid changes in the structure ofcapital investment by telecommunications carriers. To address the adverse impact on profit due to these changes in thebusiness environment, the Group has decided to extend the period of the Medium-Term Management Plan by one year,
calling the revised plan COMSYS VISION NEXT STAGE 2023 +1. The entire Group will continue to work on themeasures already underway in order to achieve the initial plan.
As this one-year period will also be a period for consolidating the growth base for the next medium-term
management plan, the Group will work to strengthen its business foundation with the aim of maximizing synergies,
including pursuing integrated IT solutions operations across the entire Tokyo metropolitan area and business reorganizations
among subsidiaries.

Consolidated Earnings Forecast(Millions of yen, except percentages)

Year ended March 31, 2024

Year ending March 31, 2025

Orders received¥617,917¥600,000

Change(2.9)%Net sales

571,186

600,000

5.0

Gross profits

75,71277,0001.7

Operating profit

39,22140,0002.0

Ordinary profit

40,39640,5000.3

Profit attributable to owners of parent

27,45327,000(1.7)

2. Basic Approach to Selection of Accounting Standard
The COMSYS Group’s policy for the time being is to use Japanese GAAP for the preparation of its consolidated financial statements
because its business operations are primarily carried out in Japan, and comparison with other Japanese companies is thus facilitated.

5

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

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

ASSETS
		 Current assets:
			 Cash and deposits
			 Notes receivable, accounts receivable			from completed construction contracts and other			 Investments in leases
			 Costs on construction contracts in progress
			 Real estate for sale			 Merchandise
			 Raw materials and supplies
			 Other current assets
			 Allowance for doubtful accounts
			 Total current assets
		 Non-current assets:
			 Property, plant and equipment:				 Buildings and structures					 Accumulated depreciation					 Buildings and structures, net				 Machinery, equipment and vehicles and tools, furniture and fixtures					 Accumulated depreciation					 Machinery, equipment and vehicles and tools, furniture and fixtures, net				 Land				 Lease assets					 Accumulated depreciation					 Lease assets, net				 Construction in progress				 Total property, plant and equipment
			 Intangible assets				 Goodwill				 Other intangible assets				 Total intangible assets
			 Investments and other assets:				 Investment securities				 Long-term loans receivable				 Deferred tax assets				 Retirement benefit asset				 Other assets				 Allowance for doubtful accounts				 Total investments and other assets
			 Total non-current assets
		 Total assets

6

As of March 31, 2023

As of March 31, 2024

41,36752,500187,954
6,600
51,992
1,757
1,148
2,692
11,761(1,291)
303,983

177,266
10,493
43,183
1,960
1,025
3,023
13,030(136)
302,347

100,241(55,743)
44,49866,329(41,886)
24,44270,084
3,525(2,014)1,510
2,700
143,236

102,925(56,936)
45,98968,224(44,818)
23,406
76,4093,221(2,111)
1,109
495
147,410

1,648
5,089
6,737

568
5,251
5,820

25,4543,006
4,470
12,9125,141(2,809)48,175
198,149
502,133

32,9392,956
2,306
17,742
5,989(2,864)59,069212,300
514,647

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Millions of yen
As of March 31, 2023 As of March 31, 2024

LIABILITIES		 Current liabilities:
			 Notes payable, accounts payable for construction contracts and other			 Short-term borrowings
			 Income taxes payable			 Advances received on construction contracts in progress			 Provision for warranties for completed construction
			 Provision for loss on construction contracts
			 Provision for loss compensation
			 Other current liabilities
			 Total current liabilities
		 Non-current liabilities:
			 Long-term borrowings
			 Deferred tax liabilities
			 Deferred tax liabilities for land revaluation
			 Retirement benefit liability
			 Provision for retirement benefits for directors (and other officers)
			 Provision for environmental measures
			 Other non-current liabilities
			 Total non-current liabilities
		 Total liabilities
NET ASSETS
		 Shareholders’ equity:
			 Share capital			 Capital surplus
			 Retained earnings
			 Treasury shares
			 Total shareholders’ equity
		 Accumulated other comprehensive income:			 Valuation difference on available-for-sale securities
			 Deferred gains or losses on hedges
			 Revaluation reserve for land
			 Remeasurements of defined benefit plans
			 Total accumulated other comprehensive income
		 Share acquisition rights
		 Non-controlling interests
		 Total net assets
Total liabilities and net assets

782,842
3,950
5,075
7,771
145
5,236
679
28,745
134,446

77,250
3,984
6,463
8,263
147
68
—
28,148124,327

179
451
1,213
14,151
616
400
3,948
20,961
155,407

70
3,652
1,213
13,165
615
400
3,146
22,263
146,591

10,00093,113286,284(45,318)
344,079

10,00075,304300,918(31,857)
354,364

3,722(78)(8,250)1,620(2,985)
939
4,692
346,725
502,133

9,119
1(7,303)
5,762
7,580
1,029
5,081
368,055
514,647

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income)Millions of yen
Year ended
Year ended
March 31, 2023
March 31, 2024

Net sales
Cost of sales
Gross profits
Selling, general and administrative expenses
Operating profit
Non-operating income:		 Interest income
		 Dividend income
		 Rental income from non-current assets
		 Other		 Total non-operating income
Non-operating expenses:
		 Interest expenses
		 Provision for allowance for doubtful receivables
		 Rent expenses
		 Depreciation of idle assets
		 Other		 Total non-operating expenses
Ordinary profit
Extraordinary income:		 Gain on sales of non-current assets
		 Gain on sales of investment securities
		 Gain on sales of shares of subsidiaries and associates
		 Gain on bargain purchase		 Other		 Total extraordinary income
Extraordinary loss:
		 Loss on retirement of non-current assets
		 Loss on sales of non-current assets
		 Loss on valuation of investment securities
		 Loss on reduction of non-current assets
		 Business structure reform expenses
		 Impairment loss
		 Extra retirement payments
		 Provision of allowance for loss on compensation
		 Other		 Total extraordinary loss
Profit before income taxes
Income taxes:
		 Current
		 Deferred		 Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

8563,295
493,754
69,54137,43632,104571,186
495,473
75,71236,491
39,221

23
850
283
580
1,738

19
829
269
502
1,621

26
2,397
99
69
314
2,907
30,934

20
99
94
74
157
446
40,396

503
67
218
28
115
933

1,840
95
—
—
281
2,217

176
144
132
—
109
99
288
244
130
1,326
30,541

226
1
—
660
273
208
144
—
116
1,631
40,983

11,945(1,019)10,925
19,615276
19,33812,046
1,097
13,144
27,838385
27,453

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(Consolidated Statements of Comprehensive Income)Millions of yen
Year ended
Year ended
March 31, 2023
March 31, 2024

ProfitOther comprehensive income:			 Valuation difference on available-for-sale securities
			 Deferred gains or losses on hedges
			 Remeasurements of defined benefit plans
			 Total other comprehensive income (loss)
Comprehensive income
		 (Breakdown)
			 Comprehensive income attributable to owners of parent
			 Comprehensive income attributable to non-controlling interests

919,61527,838

608
(79)
(536)
(7)
19,607

5,419
80
4,143
9,643
37,482

19,327279

37,072
409

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(3) Consolidated Statements of Changes in Net Assets
Millions of yen

Shareholders’ equity

Year ended March 31, 2023

SharecapitalCapitalsurplusRetainedearnings

Treasuryshares

Total
Shareholders’equityBalance at beginning of period

10,00092,700279,157(40,851)

341,006

Changes in items during period:
Dividends of surplus(12,211)(12,211)

Profit attributableto owners of parent

19,33819,338Purchase of treasury shares
Disposal of treasury shares

14(7,002)(7,002)160

175

Cancellation of treasury shares—

Purchase of treasury sharesof consolidated subsidiaries——

Increase by merger

398

Increase by share exchanges

2,373

2,772

Reversal of revaluation reserve
for land—Net changes in items otherthan shareholders’ equity—

Total changes in items during period
Balance at end of period

—

413

7,126

(4,467)

3,072

10,00093,113286,284(45,318)

344,079

Millions of yen

Accumulated other comprehensive income

Year ended March 31, 2023
Balance at beginning of period

Valuation
Deferreddifference
on availablefor- gains or losses
on hedges
sale securities

Revaluation
reservefor land0(8,250)

3,117

Total
accumulated
otherRemeasurementsof defined comprehensive
incomebenefit plans

2,157(2,975)

Shareacquisitionrights

Noncontrollinginterests

Total
net assets

795

4,662

343,489

Changes in items during period:
Dividends of surplus(12,211)

Profit attributableto owners of parent

19,338Purchase of treasury shares(7,002)

Disposal of treasury shares

175

Cancellation of treasury shares—

Purchase of treasury sharesof consolidated subsidiaries—

Increase by merge—

Increase by share exchanges

2,772

Reversal of revaluation reserve
for land—Net changes in items otherthan shareholders’ equity
Total changes in items during period
Balance at end of period

605

(79)

(536)

(10)

144

29

163

605

(79)

—

(536)

(10)

144

29

3,235

3,722

(78)

(8,250)1,620(2,985)

939

4,692

346,725

10

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Millions of yen

Shareholders’ equity

Year ended March 31, 2024

SharecapitalCapitalsurplusRetainedearnings

Treasuryshares

Total
Shareholders’equityBalance at beginning of period

10,00093,113286,284(45,318)

344,079

Changes in items during period:
Dividends of surplus(12,048)(12,048)

Profit attributableto owners of parent

27,45327,453Purchase of treasury shares(5,003)(5,003)

Disposal of treasury shares

140

508

649

Cancellation of treasury shares(17,956)

17,956—

Purchase of treasury sharesof consolidated subsidiaries

6

Increase by merger

6

175

175

—

Increase by share exchanges
Reversal of revaluation reserve
for land

(946)

(946)

Net changes in items otherthan shareholders’ equity
Total changes in items during period
Balance at end of period——(17,809)

14,633

13,461

10,285

10,00075,304300,918(31,857)

354,364

Millions of yen

Accumulated other comprehensive income

Year ended March 31, 2024
Balance at beginning of period

Valuation
Deferreddifference
on availablefor- gains or losses
on hedges
sale securities

Revaluation
reservefor land(78)(8,250)

3,722

Total
accumulated
otherRemeasurementsof defined comprehensive
incomebenefit plans

1,620(2,985)

Shareacquisitionrights

Noncontrollinginterests

Total
net assets

939

4,692

346,725

Changes in items during period:
Dividends of surplus(12,048)

Profit attributableto owners of parent

27,453Purchase of treasury shares(5,003)

Disposal of treasury shares

649

Cancellation of treasury shares—

Purchase of treasury sharesof consolidated subsidiaries

6

Increase by merge

175

Increase by share exchanges—

Reversal of revaluation reserve
for land(946)

Net changes in items otherthan shareholders’ equity

5,397

80

Total changes in items during period

5,397

80

9,119

1

Balance at end of period

946

4,141

10,566946

4,141

10,56689389

21,330(7,303)

5,762

7,580

1,029

5,081

368,055

11

89

389

11,045COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(4) Consolidated Statements of Cash Flows
Millions of yen
Year ended
Year ended
March 31, 2023
March 31, 2024

Cash flows from operating activities:
		 Profit before income taxes
		 Depreciation
		 Impairment loss
		 Amortization of goodwill
		 Gain on bargain purchase
		 Increase (decrease) in allowance for doubtful accounts
		 Increase in retirement benefit liability
		 Interest and dividend income
		 Interest expenses
		 Decrease in trade receivables
		 Decrease (increase) in costs on construction contracts in progress
		 Decrease in trade payables
		 Gain on sale of investment securities
		 Loss on valuation of investment securities
		 Increase in other assets
		 Increase (decrease) in other liabilities
		 Other, net
							 Interest and dividends received
		 Interest paid
		 Income taxes paid
		 Net cash provided by operating activities
Cash flows from investing activities:
		 Net decrease (increase) in time deposits
		 Purchase of investment securities
		 Proceeds from sale of investment securities
		 Purchase of shares of subsidiaries
		 Purchase of property, plant and equipment
		 Purchase of intangible assets
		 Proceeds from sales of property, plant and equipment
		 Loan advances
		 Collection of loans receivable		 Purchase of insurance funds
		 Proceeds from cancellation of insurance funds
		 Other, net
		 Net cash used in investing activities

12

30,541
10,376
99
1,093
(28)
3,579
36
(873)
26
33,378(5,779)(5,021)
(67)
132
(703)
8,711
82
75,587873(26)(14,652)
61,781

40,983
10,631208
1,079—(1,099)
105
(849)
20
6,841
9,840
(4,686)(90)—(3,019)(7,639)164
52,490848(20)(9,043)44,275

495
(21)
957
(761)
(7,520)(1,162)
956
(31)
212
(304)
176
159
(6,843)

(7)
(18)
320
—
(16,398)(2,329)
2,563
(9)
81
(468)
573
(249)
(15,941)

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

Millions of yen
Year ended
Year ended
March 31, 2023
March 31, 2024

Cash flows from financing activities:
		 Net increase (decrease) in short-term borrowings
		 Repayments of long-term borrowings
		 Purchase of treasury shares
		 Proceeds from sales of treasury shares
		 Purchase of treasury shares of subsidiaries
		 Dividends paid		 Dividends paid to non-controlling interests
		 Repayments of finance lease obligations
		 Net cash used in financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents resulting from merger
Cash and cash equivalents at end of period

13(27,595)(807)(7,014)47—(12,211)(23)(628)(48,233)(0)
6,703
34,03351
40,788286(306)(5,016)465(0)(12,048)(13)(580)(17,214)9
11,12840,78814
51,932

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(Per share Information)
Yen
Year ended		March 31, 2023		

Book value per sharePrimary earnings per share
Diluted earnings per share

Year ended
March 31, 2024

2,824.12
158.83158.713,031.93
228.47228.15

Notes. The bases for calculation of primary earnings per share and diluted earnings per share are as follows:
Millions of yen, except per share data and number of sharesYear ended		Year ended
March 31, 2023		
March 31, 2024

Primary earnings per share				 Profit attributable to owners of parent
19,338
		 Amount not attributable to common shareholders—
		 Profit attributable to owners of parent			
attributable to common shares
19,338
		 Average number of common shares			during the period (in thousands)
121,758

120,159

Diluted earnings per share		
		 Adjustment for profit attributable to owners of parent—
		 Increase in number of shares of common shares (in thousands)
91
		 [Of which share acquisition rights (in thousands)]
[91]

—
170
[170]

27,453—27,453Outline of dilutive shares which were not included in
the calculation of “Diluted earnings per share”
because they do not have dilutive effect:
				
				

August 7, 2020
Board of Directors resolution
Stock options(Share acquisition rights)
Common stock 542 thousand shares

August 7, 2020
Board of Directors resolution
Stock options(Share acquisition rights)
Common stock 542 thousand shares

				
				
				
				
				

August 6, 2021
Board of Directors resolution
Stock options(Share acquisition rights)
Common stock 529 thousand shares

August 6, 2021
Board of Directors resolution
Stock options(Share acquisition rights)
Common stock 524 thousand shares

				
				
				
				
				

June 29, 2022
Board of Directors resolution
Stock options(Share acquisition rights)
Common stock 529 thousand shares

14

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2024

(Significant Subsequent Event)(Acquisition of Treasury Shares)
The meeting of the Board of Directors held on May 10, 2024 resolved as follows on the matters related to the acquisitionof treasury shares in accordance with Article 156 of Japan’s Companies Act, as applied pursuant to paragraph 3, Article
165 of the Act.
(a) Reason for Purchase
The Company will acquire treasury shares in order to facilitate enhancement of shareholder returns.
(b) Details of Acquisition
1) Type of shares to be acquired

Common shares of the Company

2) Total number of shares to be acquired

Up to 1,500,000 shares3) Total acquisition price

Up to ¥3,000,000,000

4) Acquisition period

From May 13, 2024 to March 31, 2025

5) Acquisition method

Purchase on the Tokyo Stock Exchange

4. Other
Change of Directors
1) Changes in Representatives
Not applicable.

2) Changes in Other Officers
Not applicable.

15