Annual Report 2008

Fiscal Year Ended March 31, 2008

COMSYS Holdings Corporation

Profile

COMSYS Holdings Corporation was established as the holding company of the
COMSYS Group on September 29, 2003 through share transfers from threecompanies—Nippon COMSYS Corporation, SANWA ELEC Co., Ltd. (currently
SANWA COMSYS Engineering Corporation) and TOSYS Corporation. As of
March 31, 2008, the COMSYS Group was made up of these 3 companies and 44
other subsidiaries, as well as 12 affiliates. The COMSYS Group’s main businesses are electrical and telecommunications infrastructure construction services, which mainly involve the construction of telecommunications
infrastructure and electrical facilities, and other businesses, such as the information processing-related business.

The COMSYS Group’s Management Vision
The COMSYS Group’s management vision is to achieve the following three objectives:

1. Make COMSYS the top one-stop solutions brand
2. Earn recognition as the “company of first choice” by all stakeholders
3. Deliver sustained sales and earnings growth as a group

Cautionary Statement with Respect to Forward-Looking Statements
Statements made in this annual report with respect to COMSYS Holdings‘ plans and benefits as well as other statements that are not historical facts are forward-looking statements,
which involve risks and uncertainties. Potential risks and uncertainties include, without limitation, general economic conditions in COMSYS Holdings’ markets, exchange rates, andCOMSYS Holdings’ ability to continue to win customers’ acceptance of its products, which are offered in highly competitive markets characterized by continual new product introductions and rapid developments in technology.

Annual Report 2008

Contents

Consolidated Financial Highlights

2

Market Conditions and Outlook

4

Letter to Our Shareholders

6

Special Feature: Third Medium-term Management Plan

9

Business at a Glance

12

Review of Operations

14

NTT Information Telecommunication Engineering Business 14
Electrical Communications Engineering Business16

IT Solutions Business18

Social System-Related Business and Other

20

Corporate Governance22

Directors and Officers

26

Corporate Social Responsibility (CSR)

27

Research and Development

28

Operating Companies

30

Nippon COMSYS Group30

SANCOM Group32

TOSYS Group34

Organizational Structure of the COMSYS Group36

Financial Section

37

Fact Sheet57

COMSYS Holdings Information

88

1

2

COMSYS Holdings Corporation

Consolidated Financial Highlights

2005

2006

2007

2008

Thousands of
U.S. Dollars(Note 1)
2008

¥287,376
293,681¥310,005
307,485¥334,172
336,519¥331,920
327,527$3,312,905
3,269,059

Operating income
Net income

15,062
8,349

16,31910,031

19,214
12,382

16,29911,641

162,681
116,189

Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities

14,735(4,831)(7,426)

9,128(5,139)(3,631)

18,576(5,525)(6,610)1,034(11,118)(8,315)

10,320(110,969)(82,992)

Capital Expenditure
Depreciation and amortization

3,260
4,287

4,823
3,794

7,240
3,957

9,850
4,373

98,31343,647¥208,681
128,063
4,692¥220,786
137,1613,608¥229,953
145,786451¥224,122
149,152
71$2,236,970
1,488,692
709

Millions of Yen

For the Year:
New orders received during the year
Net sales

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

Yen

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

U.S. Dollars (Note 1)¥ 58.42–15.00
906.92¥ 69.65
69.62
15.00
964.70¥ 87.3987.37
17.00
1,033.87

6,746

7,081

7,574

¥

83.87
83.87
17.00
1,091.83

$

0.84
0.84
0.17
10.90

8,173

Notes: 1. For convenience only, the accompanying Japanese yen figures for 2008 have been translated into U.S. dollars at the rate of ¥100.19 to US$1, the rate prevailing on 31st March, 2008.
2. Consolidated results for fiscal 2005 include 15 months of operating results at a consolidated subsidiary of Nippon COMSYS due to a change in the fiscal year-end (from 31st December
to 31st March).

Annual Report 2008

New Orders Received during the Year /Net Sales

Operating Income / Net Income

Capital Expenditure / Depreciation
and Amortization(Millions of yen)

(Millions of yen)

(Millions of yen)

400,000

20,00010,000300,000

15,0007,500

200,000

10,0005,000

100,000

5,000

2,500

0

05

06

07

0

08

05

06

07

0

08

05

06

07

New Orders Received during the Year

Operating Income

Capital Expenditure

Net Sales

Net Income

Depreciation and Amortization

08

Total Assets / Total Shareholders’ Equity Return on Total Assets (ROA)

Cash Dividends per Share /Payout Ratio(Millions of yen)

(%)

(Yen)

(%)

250,000

6

18

30

12

20

6

10

5

200,000

4
150,000
3
100,000
2
50,000

0

1

05

06

07

08

0

05

06

07

08

0

05

06

Total Assets

Cash Dividends per ShareTotal Shareholders’ Equity

Payout Ratio

07

08

0

3

4

COMSYS Holdings Corporation

Market Conditions and Outlook

The Japanese information and communications market, which is the COMSYS Group’s main business focus, harbors immense
potential for future development. There are some concerns that this market has become saturated and is facing intensifiedcompetition. However, under a government initiative called the “u-Japan Policy,” new business opportunities such as the construction (establishment) of new telecommunications infrastructure have started to emerge as part of efforts to realize a “ubiquitous
network society.”

Slowdown in infrastructure investment by the NTT GroupIn the fixed-line communications business, demand for electrical and telecom-

End of temporary surge in demand for mobile
communications-related construction

Number of FTTH
Subscriptions

In the mobile communications field, the electrical and telecommu-(Million Units)

nications infrastructure business faces an increasingly challenging

15

munications infrastructure construction
services is slowing down, partly because
the current infrastructure development

operating climate. This partly reflects the absence of the previous
fiscal year’s temporary surge in demand from NTT DOCOMO for

10

construction services prompted by the introduction of Mobile

phase by the NTT Group is coming to an
end and the NTT Group faces a weaken-

Number Portability (MNP), and a weakening earnings environment
5

due to intensifying competition among communications carriers.

ing earnings environment.
0

FTTH subscriptions passthe 11 million mark.
There has been a steady increase in

05

06

07

08

(Years end March 31)
Source: Ministry of Internal Affairs
and Communications

Mobile phone subscriptions
surpass 100 million

Number of Mobile
Phone Subscriptions

The number of mobile phone subscribers(Million Units)

in Japan has now topped the 100 million

120

information-related services using broad-mark. Despite concerns that the market isband, which has resulted in the number

reaching the saturation point, expansionof Fiber To The Home (FTTH) subscriptionsof mobile-based services for the corpo-

surpassing 11 million, with steady growthrate customer market and services basedin the number of broadband users.

on mobile and fixed-line convergence, in
addition to the introduction of WiMAX(Worldwide interoperability for Microwave Access) technology are opening up
new business opportunities.

80

40

0

05

06

07

08

(As at March 31)
Source: Telecommunications
Carriers Association

Annual Report 2008

The COMSYS Group is a leader in Japan’s electrical and telecommunications
infrastructure construction business
The COMSYS Group has a strong business presence in Japan’s electrical and telecommunications

Size of Business (Net Sales)(Millions of yen)

400,000

infrastructure construction and information processing-related markets. Notably, in its core telecommunications infrastructure construction business, the COMSYS Group can be regarded as the leader
in Japan in terms of earnings.

Steady growth in the domestic
market for IT solutions
Driven by increasing the demands for
information and communications-related
services, Japan’s market for IT solutions

300,000

Japan’s Information
Service Industry(Trillion Yen)

200,000

12continues to expand. The COMSYS Group
views this growing market as a promising8

100,000

business opportunity.

06

07

08

– COMSYS Holdings Corporation– Kyowa Exeo Corporation– DAIMEI TELECOM ENGINEERING CORP.

4

0

05

(Years ended March 31)
Source: Company Business Report

05

06

07

08

(Years ended March 31)
Source: Ministry of Economy, Tradeand Industry

u-JapanAiming for a secure andconvenient ubiquitous network
societyBusiness growth opportunities for the
COMSYS GroupAs shown in various charts on these pages, despite
an increasingly challenging business environment,
the COMSYS Group sees new emerging opportunities
for growth. In this regard, from fiscal 2009, the COMSYSGroup will begin a new medium-term management
plan which aims to make the most of these opportunities.

5

6

COMSYS Holdings Corporation

Letter to Our Shareholders

Hirofumi Shimada

Hajime Takashima

ChairmanPresident

Annual Report 2008

Successfully Completed Revised Business Plan in a Challenging Operating Climate
In fiscal 2008 , the year ended March 31, 2008, the Japanese economy remained on a recovery path through the firsthalf of the fiscal year, supported by higher capital investment atop improving corporate earnings and a gradualupswing in consumer spending. Overall, however, Japan experienced slower economic growth, mainly due to soaring crude oil and raw material prices and financial market turmoil triggered by the sub-prime loan crisis.
In Japan’s information and communications market, steady progress was made with the construction of broadband infrastructure aimed at the early realization of the government’s vision for a “ubiquitous network society” underthe “u-Japan Policy.” In the fixed-line communications field, the number of Fiber To The Home (FTTH) subscriber lines
surpassed 11 million. In the mobile communications field, competition among communications carriers is intensifying
in a rapidly maturing market where the number of mobile phone handsets has now surpassed the 100 million mark.
In this context, the COMSYS Group worked hard to drive through business reforms focused on three themes—
prioritize businesses, expand operations, and boost productivity. However, growth in wireless base station and FTTH
construction services for New Common Carriers (NCCs) in the Electrical Communications Engineering Business andexpansion in the IT Solutions Business were unable to compensate for contraction in demand for construction services from NTT DOCOMO, INC. in our NTT Information Telecommunication Engineering Business . This contraction
reflected the previous fiscal year’s temporary surge in demand from NTT DOCOMO for construction services
prompted by the introduction of Mobile Number Portability (MNP). Consequently, the COMSYS Group posted lower
net sales and earnings in fiscal 2008 in year-on-year terms. New orders received during the year fell 0.7% year on yearto ¥331,920 million while net sales decreased 2.7% year on year to ¥327,527 million. Operating income was down
15.2% year on year at ¥16,299 million. Net income declined 6.0% year on year to ¥11,641 million.
Nonetheless, the COMSYS Group successfully completed its revised fiscal 2008 management plan, which wasreformulated in November 2007 in light of the Group’s challenging business environment.
COMSYS Holdings maintained the total annual ordinary dividend at ¥17 per share, despite its relatively weak
performance. In addition, the Company bought back its own stock (4,386,000 shares worth ¥4,999 million) as ameans of returning more earnings to shareholders and flexibly executing capital-structure policies in line withchanges in business conditions.

Steady Headway With Business Reforms at COMSYS Holdings’ Three Primary Corporate Groups
Business reforms at COMSYS Holdings’ three primary corporate groups progressed steadily in fiscal 2008.
The Nippon COMSYS Group reorganized its businesses in July 2007 so as to expand business and reinforce its
operations. Later in November, this group also initiated the Reform 2010 drive. The goal here is to structure highly
productive businesses that can consistently deliver earnings irrespective of fluctuations in order levels or net sales.
In another move, the group retrenched redundant operations at its IT and administration-related subsidiaries to raise
the operating efficiency.
From the fiscal year under review, the SANWA COMSYS Engineering Group worked to expand its ICT facilityrelated business, which covers a full spectrum of business infrastructure. This group also reinforced market analysis,tightened monitoring of earnings against targets and strengthened budget analysis and information sharing with
its subsidiaries and affiliates. In addition, the group fortified its construction management framework by bolstering
human resources through personnel exchange within the COMSYS Group and merging affiliates. Furthermore, this7

8

COMSYS Holdings Corporationgroup strove to bolster cost competitiveness and enhance productivity, i.e. via cost reductions, by transforming how
its people work in a fundamental way by extending COMSYS-style kaizen (improvement) throughout the company.
The TOSYS Group embraced the slogan “Revitalizing front line operations” for the fiscal year under review, andhas advanced far-reaching business process reforms from July 2007. The group also worked hard to secure and foster
engineers so as to maintain and improve quality. Efforts also focused on prioritizing businesses and optimally allocating resources in addition to taking various group-wide initiatives to step up cost reductions aggressively, with theaim of establishing a self-sustained business structure in the general public- and private-sector market, i.e. the nonNTT Group market.
The COMSYS Group has laid out its third medium-term management plan covering three years from fiscal
2009. By implementing this plan, we will do our utmost to lay a strong business foundation for healthy growthamid profound changes in our business environment.

Returning Earnings to Shareholders
COMSYS Holdings views returning earnings to shareholders as an important management priority. Our basic policy
is to pay steady and continuous dividends linked to performance. We aim to maintain the consolidated dividend
payout ratio between 20% and 25%.
For fiscal 2009, the Company plans to pay an interim dividend of ¥10

Status of Treasury Stock Acquisition

9,193

thousand shares

per share, which comprises an ordinary interim dividend of ¥7 per shareand a commemorative dividend of ¥3 per share to mark our fifth founding

This fiscal year’splanned acquisitionsr  NJMMJPO TIBSFT NBYJNVN
r d CJMMJPO NBYJNVN

anniversary in September 2008 and expresses our appreciation for the
Newlyissuedportion

Newly issued portion
4,386 thousand shares(Approximately ¥5.0 billion)

4,989

untiring support of our shareholders. Together with a year-end dividend of¥10 per share, we plan to pay a total annual dividend of ¥20 per share forfiscal 2009.

thousand shares

We are also buying back up to ¥5.0 billion of our own shares in fiscal
Newly issued portion
1,035 thousand shares(Approximately ¥1 2 billion)

2009, as we did in the previous fiscal year.
9,370

thousand shares

As part of efforts to maximize the COMSYS Group’s corporate value
under a new, rejuvenated management team, we—Hirofumi Shimada andHajime Takashima—were appointed as Chairman and President, respectively, in June 2008. We look forward to your continued support and under-

Mar.07Mar.08Mar.09standing as the COMSYS Group embarks on a new quest to enhance
corporate value as well as shareholder value.

August 2008

Hirofumi Shimada

Hajime Takashima

ChairmanPresident

Annual Report 2008

Special Feature:

Third Medium-term Management Plan
Plan Overview

fiscal year of the plan. These targets will see us implement the fol-

In Japan’s information and communications market, the NTT Grouplowing medium-term business strategies: restructure businesses

and other telecommunications operators are accelerating the con-and promote kaizen initiatives, expand our presence in value-

vergence of fixed and mobile communications services, as well as

added fields and pioneer new business domains. The plan’s final-

broadcasting and communications services, by leveraging rapid

year net sales target assumes projected sales growth from the NCC

deployment of optical and IP networks. Looking ahead, this market

business in the Electrical Communications Engineering Businessis expected to experience profound structural changes as well as

and from the IT Solutions Business. Meanwhile, the final-year oper-

major transformations in the competitive landscape and investment

ating income target factors in systems-related expenses planned

climate. Progress with the creation of new business models, betterfor the introduction of a new in-house information system. This

services tailored to diverse customer needs and other developments

system will help us enforce tighter management of costs and con-should soon follow. In this operating climate, the NTT Group, thestruction processes by project and by type of construction work.

COMSYS Group’s main customer, is also expected to face a challenging earnings environment due to stiff competition for customers.

Approach to Achieving Targets

Based on this outlook, the COMSYS Group’s medium-term manage-

In the NTT Group business, we will strive to enhance safety andment plan sets forth the following three basic policies:

quality, while earning customer confidence and working hard to
expand adjacent businesses. Our efforts are directed at making the1.

Cement the COMSYS Group’s current standing as Japan’s

In the non-NTT Group business, we are looking to structureleading communications infrastructure builder
2.

3.

COMSYS Group an ideal partner for the NTT Group.

Be a leading systems integrator in the communications infra-

operations with a stronger emphasis on profitability. This will be

structure construction industry in order to provide total IT

done by expanding the NCC business, mainly by enhancing cus-solutions services

tomer satisfaction and establishing a nationwide construction ser-

Maximize synergies from business integration by leveraging

vice framework, while growing the IT Solutions Business by

the Group’s pure holding company structure

reinforcing solution services revolving around NI and winningmore orders for maintenance operations. In addition, we will struc-

Guided by these basic policies, we are targeting net sales of¥365.0 billion and operating income of ¥19.5 billion in the final

2008
Performance

Orders
Received

3,319

Net Sales

3,275

2009
Targets

3,250

Comparisonswith 2008

–69

2011
Targets

3,650* This business involves construction of electrical and telecommunications facilities andsocial infrastructure systems facilities for customers other than NCCs.

Net Sales and Operating Income Performance andMedium-term Plan Figures

Aiming for Record Highs Within Three Years(¥100 million)

turally reform the construction business*.

Comparisonswith 2008+331

First growth period
Special demand for mobile
communication-related construction

Third Medium-term Management Plan

3,275

3,300

+25

3,650

+375

Operating
Income162

Recurring
Profit

182

150

–32

198

+16

Net Income

116

85

–31

115

–1

140

–22

195

+33

2,762

192
163

(3.6%)

05(5.7%)(5.3%)

3,650

162

140
(4.2%)

160(4.6%)

195(5.3%)(5.0%)
Strategic anticipatory investments in IT
and other areas resulted in higher administrative
expenses (up ¥2.3 billion).

Operating Income(Unit: ¥100 million)
04

3,450

3,074

138
(4.8%)

3,300

3,365

2,896

Net Sales(Unit: ¥100 million)

98

Through structuralreforms, a second
growth period

Turning point

06

07

08

09

10

11

(FY)

9

10

COMSYS Holdings Corporation

Future Strategy for the NTT Group Business

Strategy for Expanding the NCC BusinessWe will strive to maintain the scale of the NTT Group business as a

In the NCC business, we expect to see more construction of wire-

whole by expanding adjacent operations in both the NTT and NTT

less base stations due to the realignment of mobile phone band-

DOCOMO businesses.

width in Japan, a stronger influx of new entrants into the FTTH

The infrastructure part of the NTT business is expected to slow

domain, and a faster pace of NGN construction, among other

down NTT’s demand for infrastructure construction services

developments. Therefore, our strategy is to aggressively expand

because its current infrastructure development phase is coming to

the NCC business by promptly satisfying customer needs. Specifi-

an end and its earnings environment weakens because of cost cut-

cally, we will reinforce proposals for new business, such as WiMAX,

ting pressure from customers and other factors. Undaunted, wein addition to growing our share of existing nationwide businesswill work hard to enter the Home Network (HNW) business, agency

with communications carriers by reinforcing our construction system,

sales and NGN design and testing businesses, while striving to win

and expanding adjacent businesses. Other priorities include broad-

more orders for design and maintenance services. Aggressive con-ening collaboration with manufacturers and vendors, and carving

sulting sales pitches reflecting customer needs and business con-out new business domains involving regional carrier businesses,

ditions will be crucial.

which include regional electric power companies and local CATVIn the NTT DOCOMO business, we expect that client demand
for wireless base station construction services will gradually taper

and FTTH service providers. Our strategy also calls for bolstering
our nationwide sales and construction service network.

off against the backdrop of a challenging earnings environment
characterized by slowing growth in the client’s subscriber baseand intensifying fee-based competition with rival mobile communications carriers. Accordingly, we will target sales pitches atclient needs for design, maintenance and other services, while
responding effectively to any new technologies, including nextgeneration cellular phone system such as 3G and 4G.

Doubling the Size of Adjacent Businesses

The NCC Field Is a Growth Business(Net Sales ¥100 million)

600

Target figures for net sales

500

NTT Group Business

100

210

400
300

NTT Business

60

40

100

08

11

530

440

Other

200

110

100

DOCOMO Business

411(¥100 million)

Mobile

0
08

(FY)

09

....
Third Medium-term Management Plan

11

(FY)

Annual Report 2008

Strategy for Expanding the IT Solutions Business

Enhancing Productivity and Cost Competitiveness

The NTT Group plans to construct a full IP network as part of its

The COMSYS Group sees changes in its business environment as anvision for launching ubiquitous broadband services on a larger

opportunity to make its businesses stronger. We will therefore work

scale. The IP network business is therefore poised for further expan-

hard to enhance productivity and cost competitiveness. Specifically,sion going forward. The COMSYS Group’s IT Solutions Business seesa new core information system and business process support systemthese major trends in the information and communications mar-will be constructed during the plan’s three-year period so as to stan-kets as a business opportunity, and will work hard to expand busi-

dardize work flow and put in place necessary IT throughout theness. Specifically, our strategy involves expanding into highentire COMSYS Group. By harnessing these information systems, wevalue-added fields, targeting expansion in new enterprise solu-

will increase the sophistication of our supply chain by overhaulingtions driven by advancement in NGNs. We will also nurture IP spe-

the roles and responsibilities of COMSYS Holdings and its consoli-

cialists and bolster sales, and expand alliances, while advancing thedated subsidiaries. These systems will also play an important role in

ICT facility-related business in collaboration with other systems

rationalizing our network of branch offices and construction service

integrators and through tie-ups with manufacturers and vendors.

bases, thoroughly enforcing BPR, extending COMSYS-style kaizen

Efforts are also focused on tackling the challenge of starting up

initiatives to group companies nationwide, and consolidating over-new businesses such as the data center business. By carrying out

lapping operations within the group.

various initiatives in this manner, we aim to develop a solutions

We plan to invest approximately ¥7.5 billion in these new

business revolving around the NI (Network Integration) business.

information systems over the plan’s three-year period. Over thisCombined with efforts to reinforce the software outsourcing busi-

time frame, we will steadily structure stronger operations that canness and steadily expand maintenance-related business, these ini-

generate higher earnings, with the aim of rapidly achieving antiatives will help us to further expand our business.

operating margin of 6%.

Strategy for Expanding the IT Solutions Business

Increasing Productivity and DramaticallyStrengthening Cost Competitiveness(Net Sales ¥100 million)

640

+227
413

72

(55%

wth)

gro

ess
Busin
nance
Maintendnce aintena
ty Ma
ri
u
c
e
S

tion
opera

• Re-evaluating the division of roles among consolidated subsidiaries• Rationalization of branches and construction bases• Ingraining awareness of BPR• Roll out COMSYS-style kaizen (improvement)
at all Group companies nationwide• Thorough shift to shared services (integration of administrative operations)

Consignment software
ComsipCTI Security

144

Principal medium-term measures

SI Business197

LAN and WAN
construction

NI Business

Projects
nationwide

Standardization of workflow and computerization
throughout the COMSYS Holdings GroupIT office construction Tenantbuilding infrastructureServer design andinstallation• Building new core systems
08

11
Medium-term Plan

(FY)

• Building business support systems

11

12

COMSYS Holdings Corporation

Business at a Glance

Main Business

NTT Information
Telecommunication
Engineering BusinessThis segment is mainly engaged in the construction of telecommunications infra-

ElectricalCommunications
Engineering
Business

This segment constructs telecommunications and related facilities for communi-

IT Solutions
Business

This segment combines extensive expertise with cutting-edge network tech-

structure for the NTT Group, including the laying and installation of telephonelines, installation of exchange equipment, and construction of wireless base stations. The segment is the COMSYS Group’s core business, and accounts for thelargest share of Group-wide sales.

cation carriers other than the NTT Group. It also provides a wide range of services
for general customers, including the design and construction of electrical facilities
for offices and other commercial buildings, public facilities, plants, condominiums
and residential houses.

nologies to provide a comprehensive solutions service, ranging from developing
optimal systems integration services plans optimized for customers’ businesses
to providing maintenance services.

Social SystemRelated
Business and OtherThis segment is engaged in the construction of buildings and public facilities, civilengineering works, and security systems, as well as the construction of environmental systems such as wind power and co-generation systems. It is also closely
involved in expressway operations and supporting air traffic control systems.

Annual Report 2008

Respective Areas of Business Operations of Group Companies

New Orders Received / Net Sales(Years Ended 31st March, 2008)■ New orders received■ Net sales■ New orders received■ Net sales■ New orders received■ Net sales■ New orders received■ Net sales

Nippon COMSYSGroup(Millions of yen)

56.9%
55.7%

• Cable works• Communication related civilengineering works• Switching works• Transmission wireless works• Mobile communications works• • •• Telecommunications facilities for
NCC• Mobile communications
constructions for NCC• General electrical facilities works• Construction of multi-use underground cable conduit facilities(C·C·BOX)• • •• Network integration-related
solutions• System integration-related
solutions• Development and commissioning of all types of software• Maintenance and operation

38,656
41,377(Millions of yen)

5.8%
6.7%

•

Business Domains

85,28881,766(Millions of yen)

11.6%
12.6%

TOSYS Group

188,901
182,534(Millions of yen)

25.7%
25.0%

•

SANCOM Group

19,07521,850• • •• General civil engineering works• Building construction and ancillary facilities works• Environmental solutions

13

14

COMSYS Holdings Corporation

Review of Operations(Upper Photo)

Satellite parabolic antennas(Lower Photo)

Installation of fiber optic
cablesNTT
Information
Telecommunication
Engineering
BusinessAnnual Report 2008

Net sales in this segment declined 9.0% year on year to ¥182,534
million, accounting for 55.7% of the company’s overall net sales.
Market Conditions

Net Sales

In fiscal 2008, the year ended March 31, 2008, the NTT DOCOMO business saw demand taper off for(Millions of yen)construction services for improving quality and expanding service areas prompted by the fiscal 2007

250,000

introduction of Mobile Number Portability (MNP*), for which demand temporarily surged in that fiscal
year. In addition, low-fee competition among communications carriers intensified in a rapidly maturing

200,000

market. In the NTT business, market conditions were also challenging. For example, in November 2007,
the NTT Group reduced its subscription target for B FLET’S (fiber-optic broadband access) in 2010 from 30
million to 20 million subscriptions.
On the other hand, the NTT Group began operating a next generation network (NGN), which
combines optical fiber links and Internet technologies, in the Tokyo metropolitan area and parts ofOsaka from March 31, 2008. Using this NGN, NTT launched high-quality IP telephone services and highdefinition video telephone services. These new services presented new business opportunities for the
COMSYS Group.

Fiscal 2008 Business Initiatives and Outlook
In the COMSYS Group’s NTT Information Telecommunication Engineering Business, there was a greater
share of small projects compared with the previous year in the NTT business because of an increase in
B FLET’S-related construction for condominium buildings. In addition, as a result of the drop-off inconstruction related to MNP, the NTT DOCOMO business observed a shift in construction projects for
improving the quality of mobile communications to smaller scale projects centered on 800MHz overlay
using existing base stations.
Against this backdrop, we worked to expand adjacent businesses in new business fields such as operation and maintenance services, the agency sales business, and the Home Network (HNW) business.
As a result of the foregoing, new orders received in the segment decreased 7.0% year on year to¥188,901 million, and net sales declined 9.0% year on year to ¥182,534 million.
Going forward, the NTT Group is expected to apply stronger cost cutting pressure to this segment
mainly due to intensifying competition for customers prompted by fierce price wars based on fee discounts. In this climate, in addition to traditional infrastructure construction services, the segment aims tofurther expand adjacent business.
* A structure and system in which mobile phone users can retain their existing mobile phone number even when switching from one mobile
service provider (carrier) to another.

150,000

100,000

50,000

0

05

06

07

08

15

16

COMSYS Holdings Corporation

ElectricalCommunications
Engineering
Business(Upper Photo)

Instrument Landing System(ILS) equipment installed at
an airport(Lower Photo)Construction of electricaland telecommunication
facilities inside a tunnel

Annual Report 2008

Net sales in the segment increased 5.1% year on year to¥81,766 million, accounting for 25.0% of overall net sales.
Market Conditions

Net Sales

While the debate over the NTT Group’s next phase of reorganization deepens, the telecommunications(Millions of yen)industry is accelerating the convergence of fixed and mobile communications services, as well as broad-

100,000

casting and communications services, against the backdrop of rapid innovation in optical and IP networks. Progress is also being made with the creation of new business models, better services tailored to

80,000diverse customer needs, among other developments. Clearly, Japan’s information and communications
market is experiencing profound structural changes as well as major transformations in the competitive
landscape and investment climate.

Fiscal 2008 Business Initiatives and Outlook
In this climate, the COMSYS Group’s Electrical Communications Engineering Business focused on
expanding the non-NTT business. This involved raising operating efficiency by exchanging key humanresources within the COMSYS Group, including personnel transfers from the Nippon COMSYS Group to
the SANWA COMSYS Engineering Group and other measures. The latter group, in particular, reinforced
market analysis, tightened monitoring of earnings against targets and strengthened budget analysis
and information sharing with group affiliates. As a result, the group actively filled orders from KDDI
Corporation (au) for outdoor base station construction services aimed at expanding their service areasand preparing for the realignment of mobile phone bandwidth in Japan, and for indoor base station
construction aimed at improving communications quality. The group also worked hard on the construction of base stations for EMOBILE Ltd. to expand voice service areas. Efforts were also focused on
FTTH construction to provide broadband access.
As a result, new orders received in this segment increased 13.3% year on year to ¥85,288 million,
while segment net sales rose 5.1% to ¥81,766 million.
Going forward, in the NCC business, the Electrical Communications Engineering Business will strive
to reinforce its standing as a solid business partner for various carriers. To this end, this segment will work
to capture a larger market share through efforts to raise customer satisfaction by enhancing safety andquality and leveraging its ability to respond immediately to customer requirements using the Group’s
nationwide construction service framework.

60,00040,00020,000

0

05

06

07

08

17

18

COMSYS Holdings Corporation(Upper Photo)

Maintenance services by CTI(Lower Photo)Awards received by the IT
Solutions Business

IT Solutions
BusinessAnnual Report 2008

Net sales in this segment increased 9.3% year on year to¥41,377 million, accounting for 12.6% of overall net sales.
Market Conditions

Net Sales

In recent years, demand has been continuously growing for comprehensive solutions services fusing(Millions of yen)software and telecommunications technologies. These services include network solutions involving IP

50,000

telephony, video surveillance and security, as well as systems solutions, such as the development of sales
support systems utilizing mobile devices.

Fiscal 2008 Business Initiatives and Outlook
Against this backdrop, the COMSYS Group worked to drive further expansion in the IT Solutions Business.
One priority was to grow business in the IP field by establishing COMSYS brands such as the comsip IP
telephony solution. The Group also strove to adopt and foster a highly skilled team of IP systems
engineers who can promptly respond to increasingly sophisticated and diverse customer needs. Morerecently, efforts have been focused on growing the IT Solutions Business with emphasis on “marketing
construction services as products” by leveraging the COMSYS Group’s strengths in designing andbuilding networks.
As a result, new orders received in this segment rose 3.9% year on year to ¥38,656 million, while net
sales increased 9.3% year on year to ¥41,377 million.
Going forward, the COMSYS Group will work to further expand the IT Solutions Business by capturing
a larger market share and cultivating new customers by continuously nurturing professional ICT engineers.

40,00030,00020,00010,000

0

05

06

07

08

19

20

COMSYS Holdings Corporation

SocialSystem-Related
Business and
Other(Upper Photo)Construction of wind power
generation system(Lower Photo)Construction of solar power
generation system

Annual Report 2008

Net sales in the segment increased 8.4% year on year to¥21,850 million, accounting for 6.7% of overall net sales.
Market Conditions

Net Sales

The Social System-Related Business and Other segment is engaged in the construction of buildings and(Millions of yen)public facilities, civil engineering works, and security systems, as well as the construction of environmen-

25,000tal systems such as wind power and co-generation systems. It is also closely involved in expressway operations and supporting air traffic control systems. In the public facility construction field, the segment faces

20,000extremely challenging market conditions due to intensifying price-based competition in addition to thetightening of public infrastructure investment.

Fiscal 2008 Business Initiatives and Outlook
In this operating climate, the segment worked to expand business and reinforce operational management, while choosing new projects more carefully, with the aim of boosting profitability.
As a result, new orders received in this segment increased 2.8% year on year to ¥19,075 million, while
net sales rose 8.4% year on year to ¥21,850 million.
In light of challenging market conditions ahead, the COMSYS Group will structure stronger businesses mainly by exchanging key human resources throughout the group, while thoroughly prioritizing business where the group can establish a competitive edge by harnessing its expertise. Efforts will
also be focused on shifting the emphasis of businesses from net sales to earnings while driving further
growth in each business.

15,00010,000

5,000

0

05

06

07

08

21

22

COMSYS Holdings Corporation

Corporate Governance

Basic Corporate Governance Philosophy

understand the basis for all management decisions.

One element of the COMSYS Group’s vision is to earn recognition

In each business segment, an Operating Committee underas the “company of first choice” by all stakeholders, and to creatively

the supervision of the responsible director holds regular meetingsand dramatically enhance its corporate value in the process. To thisto conduct efficient operational management.

end, the Group is taking steps to improve its management struc-

The term of office for directors is set at one year in order toture and internal control systems, while working hard to conduct IR

clarify directors’ management responsibility every fiscal year, andactivities for shareholders and other investors. In this manner, theto flexibly structure an optimal management team in step withCOMSYS Group recognizes that one of its top management priori-changes in the business environment.

ties is to enhance corporate governance.

In addition, the Advisory Board is made up of experts fromoutside the company and is an advisory body to the President. This

Organizational Structureboard’s advice and recommendations on corporate governance

COMSYS Holdings Corporation (“the Company”) has adopted theand other issues are reflected in business operations. The Advisory

corporate auditor system, which by Japanese law stipulates an

Board meets on a quarterly basis.

organizational structure consisting of a general shareholders’meeting, Board of Directors, Board of Corporate Auditors andStatus of an Internal Control Systemother organizations.

Based on the Companies Act of Japan, the Company has formu-

The Board of Directors has decided to structure the Board

lated and implements a “Basic Policy on Establishing an Internalaround directors well versed in the Company’s operations with theControl System” that has been approved by resolution of the Board

aim of enhancing management efficiency. Meanwhile, the Com-of Directors. In April 2008, the Company began implementing inter-pany has reinforced auditing functions by appointing outside cor-

nal controls over financial reporting as part of efforts to further

porate auditors who now have stronger legal authority to audit

optimize financial reporting based on the Financial Instruments andcompany activities, in order to ensure sound management. The

Exchange Law of Japan, while setting up an Internal Control Systemten-member Board of Directors is the highest decision-making

Promotion Office. Thus, the Company has established a system forbody with respect to management strategy. Based on internal

continuously implementing internal controls.

rules governing the Board of Directors, the Board meets regularly
and as necessary to discuss matters stipulated by laws and regula-

Establishing a Compliance Structure

tions and to decide on important management issues. Every quar-

The Company has established an internal Compliance Program. In

ter, the directors responsible for each business segment report tothis context the Company has set forth Compliance Action Guide-

the Board of Directors on progress with business execution basedlines and has established the Compliance Committee. This Com-on policies determined by the Board. Five corporate auditors,

mittee, which is chaired by the director in charge of complianceincluding outside corporate auditors, attend meetings of the Board

activities, is made up of representatives from each of the Compa-

of Directors and express their views on issues related to businessny’s operating divisions and each of the three core operating sub-execution, and monitor the directors’ performance of their duties.

sidiaries, as well as outside corporate auditors. The Committee

The Senior Management Committee is made up of directors

oversees compliance throughout the COMSYS Group, and strives

and the standing auditor. In principle, this committee meets twice

to increase the COMSYS Group’s awareness of compliance anda month to examine and discuss issues related to key decisions, inestablish an effective compliance structure through various discus-

an effort to improve the efficiency of business execution. The heads

sions. All COMSYS Group companies have set up similar compli-of each operating department attend meetings of the Senior

ance committees of their own. These committees work to establish

Management Committee as observers, to ensure that they fully

an effective compliance structure by implementing educational

Annual Report 2008

Corporate Governance Structure As of 31st March, 2008
Overview of COMSYS Group Operational Structure and Operational Supervision and Internal Control Structure

General Shareholders’ Meeting
Board of Directors
Directors (10)Corporate Auditors (5)Internal Audit Department

Senior Management Committee
Directors (10)Standing Corporate Auditor (1)Audit

Independent Auditor

Board of Corporate Auditors
Corporate Auditors (5)(including 3 Outside Auditors)

Advisory Board

CSR Committee

Group Operational Standards

Corporate Compliance Committee
Risk Management Committee
Personal Information Protection and Administration Committee

COMSYS Group Presidents Committee

Corporate Planning Department, IR Department, Finance & Accounting Department, General Affairs & Personnel Department

SANWA COMSYS Engineering Corporation

Nippon COMSYS Corporation

Board of Corporate
Auditors

Board of Corporate
Auditors

Board of Directors

Audit OfficeCompliance
Committee, etc.

TOSYS Corporation
Board of Corporate
Auditors

Board of Directors

Internal Audit
Department

Compliance
Committee, etc.

Board of Directors

Audit OfficeCompliance
Committee, etc.

Executive
Committee

Executive
Committee

Senior Management
Committee

Business Departments

Business Departments

Business Departments

and training programs, as part of efforts to deepen employee

Committee, chaired by the vice president and made up of directors

understanding of the corporate philosophy and operating princi-from the Company and each of the core operating subsidiaries.

ples of each respective COMSYS Group company.

In August 2006, the Basic Policy on Risk Management wasformulated and similar risk management committees were estab-

Establishing a Risk Management Structure

lished at each group company, among other measures. In thisIn its efforts to maintain and enhance corporate value amid a rapidly

manner, efforts are being made to properly address the businesschanging business environment, the COMSYS Group is aware that it

risks faced by each Group company, and to minimize the material-

faces a variety of business risks which must be managed appropri-

ization of each risk.

ately. Therefore, the Group has established a Risk Management

23

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COMSYS Holdings Corporation

The Company has formulated Risk Management Guidelines
and Crisis Management Guidelines and will strive to maintaingroup management and monitoring framework is centered on
the Company.

stable operations and ensure steady growth throughout the

In order to ensure that all COMSYS Group operations are car-COMSYS Group by practicing effective risk management. For

ried out appropriately, the directors of each core operating subsid-

example, the COMSYS Group manages operational risk by ensur-

iary also participate as members in the various Group committees,

ing that Group companies work to acquire and maintain certifica-

including the Company’s newly established CSR Committee, thetions for management systems tailored to their operations, such as

Compliance Committee and the Risk Management Committee. In

ISO 9001, ISO 14001, COHSMS (Construction Occupational Healththis way, the COMSYS Group ensures that all policies and decisions

and Safety Management Systems), ISMS (Information Security

discussed by these groups are reported to and thoroughly under-

Management Systems) and Privacy Mark certifications.

stood by each Group company.
In addition, the Group has formed the COMSYS Group Presi-

CSR Activities

dents Committee, which is made up of the presidents of COMSYSThe COMSYS Group has established the CSR Committee to coordi-

Group companies. This committee meets regularly and works tonate CSR activities Group-wide with the aim of ensuring that theensure that management policies and activities are clearly under-Group actively fulfills its economic and social responsibilities, includ-stood by all members.

ing social contribution activities, as a good corporate citizen.
The CSR Committee is engaged in CSR activities addressing

Internal Auditing and Corporate Auditors

various themes, such as compliance, corporate governance, risk

The Company’s Internal Audit Department is an independent,

management, information disclosure and protection, security

dedicated organization that reports directly to the president. Thiscountermeasures, social contributions and environmental issues.

Department formulates internal auditing policies based on top
management requirements, and has ten employees who imple-

Establishing an Information Management Structure

ment internal audits of the Company and all group companies.

Important documents related to business activities and the perfor-

These activities are intended to ensure that each business risk

mance of directors’ duties, including minutes of the Board of Direc-

faced by the Group is minimized, while maximizing the quality oftors and Senior Management Committee meetings and otherbusiness operations.

reports, are stored and managed appropriately based on theGroup’s internal document management rules.

The Board of Corporate Auditors has five members, three ofwhom are outside corporate auditors. No employees are specifi-

Furthermore, in order to improve the efficiency of operations

cally assigned to assist the corporate auditors with their activities. If

and business execution, after ensuring an adequate level of infor-

such assistance is required, there is a structure in place for address-

mation security, the Company is working to deploy various infor-

ing personnel issues such as determining appointees, and ensur-

mation systems to put in place a framework for sharing the latest

ing independence from directors. In addition, based on the rules

management information.

governing the Board of Corporate Auditors, directors and employees are required to report on major business activities or issues that

Establishing a Group Management Structure

could affect the COMSYS Group’s operations or performance to the

Important management decisions within the COMSYS Group

corporate auditors.

are reported to and discussed by the Senior Management Com-

The Board of Corporate Auditors may request further informa-mittee and the Board of Directors in line with the Group Com-tion on the above mentioned reporting at anytime as necessary, aspany Management Standards, which clarify decision making

well as other required disclosure.

and reporting rules for the COMSYS Group. In this manner, theAnnual Report 2008

The corporate auditors regularly attend both regular andPersonal Information Protection

extraordinary meetings of the Board of Directors as well as meet-

Recognizing that properly protecting and managing personal andings of the Senior Management Committee, the CSR Committee,

other information is crucial to gaining the trust of customers andthe Risk Management Committee and other important internalsociety as a whole, the Personal Information Protection and Admin-

committee meetings or discussions. This structure has been estab-istration Committee has been established to oversee activities

lished to allow the corporate auditors to verify the status of busi-

throughout the COMSYS Group. Concurrently, the Personal Infor-

ness execution on a regular basis and to express their views onmation Protection Policy and other guidelines have been drafted

these matters. The corporate auditors also hold regular meetings

and adopted to ensure that information security management iswith the president to directly express their views on issues related

fully implemented at all Group companies.

to business execution and other topics.

At the same time, every COMSYS Group company works hard

The corporate auditors of COMSYS Holdings also convene

to protect personal information by establishing similar committees

regular meetings with their counterparts at core COMSYS Groupand measures of the COMSYS Group, as well as operating manage-

companies, and maintain close ties with them mainly by exchang-ment systems of ISMS and the Privacy Mark to acquire and main-

ing views, in order to improve the effectiveness of audits. Further-tain these certifications.

more, the corporate auditors maintain close ties with the Internal
Audit Department and with the Group’s independent auditor. This
structure allows the corporate auditors to regularly check to see
whether business operations are executed appropriately and efficiently, in accordance with audit plans formulated by the Board of
Corporate Auditors.

Strengthening Disclosure and Accountability
The Company provides timely and appropriate disclosure of crucial
management information in order to promote understanding
among shareholders, investors and all other stakeholders andobtain a fair evaluation of its activities.
The Company discloses information on new orders received,
net sales and the contract backlog on a monthly basis, as well as
financial results on a quarterly basis. In conjunction with interim
and full-year earnings announcements, the Company holds businesspresentations to clearly explain both its performance and outlook.
Individual and small group meetings with investors and securities
analysts are also held in both Japan and overseas countries.
The Company also seeks to enhance its investor relations(IR) website by posting presentation materials, news releases
and other information on this website in a timely and straightforward manner.

25

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COMSYS Holdings Corporation

Directors and Officers(As of June 27, 2008)

(6)

(7)

(9)
(3)

(8)

(5)
(2)

(1)

(10)

(4)

(1) Hirofumi Shimada
Representative Director and Chairman(2) Hajime Takashima
Representative Director and President(President and Representative Director of
Nippon COMSYS Corporation)(3) Kaoru Noda
Director(President and Representative Director of
SANWA COMSYS Engineering Corporation)(4) Hidetoshi Miura
Director(President and Representative Director of
TOSYS Corporation)(6) Yoshiaki Miyawaki
Director(7) Yoshihiro Mimata
Director(8) Hideki Niimi
Director(9) Hirofumi Yamasaki
Director

Corporate Auditors
Standing Auditor

Akinori Ishigaki
Auditors

Etsuo Shibata
Kunihiko Gotoh*
Ken Gotoh*
Masahiko Miyashita*(10) Akio Ogawa
Director(5) Kunio Ushioda
Director*Outside auditors

Annual Report 2008

Corporate Social Responsibility (CSR)

Basic Stance on CSR

recycling waste produced at construction sites. In our design andUnder the COMSYS Group’s Management Vision—“Make COMSYS

construction projects, we propose structures that minimize environ-the top one-stop solutions brand,” “Earn recognition as the “com-mental impact, and try to incorporate new and alternative energy

pany of first choice” by all stakeholders,” and “Deliver sustained sales

sources, such as wind and solar power generation systems.

and earnings growth as a group”— the COMSYS Group aims to win
the trust and admiration of all stakeholders by observing compli-Social Contributions

ance rules and establishing effective internal control systems.

While the COMSYS Group engages in business operations which,by their very nature, contribute to society in various ways such as

The Structure of CSR Activities

building infrastructure that supports people’s daily lives and devel-

The CSR Committee was established to coordinate CSR activities

oping and improving living environments. We are also engaged inthroughout the COMSYS Group so that the Group actively fulfills its

social contribution activities that are closely tied to society. For

economic and social responsibilities, including social contribution

example, the Nippon COMSYS Group provided technology to theactivities, as a good corporate citizen.

first FIPHA World Cup 2007, an international soccer tournament forwheelchair soccer players, by constructing infrastructure using

CSR Activities

optical fiber cables that made live coverage of the tournament

The CSR activities of the COMSYS Group are outlined below:

available around the world.
The COMSYS Group is also closely involved in forest preserva-

Environmental Initiatives

tion projects. Group employees and other volunteers have estab-

The COMSYS Group is engaged in businesses that directly contrib-

lished a “Forest Supporter” group that works to preserve theute to reducing environmental impact. Examples include the con-environment and raise money for forestry projects. Through thesestruction of solar power generation systems and other new energy

activities, we are interacting with local residents and building

systems, as well as air duct cleaning services that improve thermal

stronger cooperation and ties with communities.

efficiency in large buildings, energy conservation services andindustrial waste recycling activities.
The COMSYS Group also works hard to reduce the environmental footprint of its own business activities. Initiatives include cutting
power consumption, introducing low-emission vehicles andForestry activities

27

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COMSYS Holdings Corporation

Research & Development

The COMSYS Group conducts research and development (R&D)

2.

Periodically, the remote sub-unit checks the reading on the gas

aimed at improving the quality of construction technologies

pressure sensor, reporting the condition of the cylinder regard-

employed in its mainstay telecommunications infrastructure con-less of whether the pressure is normal or abnormal, and send-

struction business and at improving security, raising productivity

ing that information, along with information on the status ofand enhancing the skills of its engineers. In addition, the groupthe remote sub-unit’s battery, to a monitoring center.

pursues R&D in the information and communications field mainly

3.

When pressure levels are abnormal, the remote unit sends anfocused on the rapid penetration of broadband services and thee-mail message to a pre-registered e-mail address. In addition,

emergence of diverse new technologies. Fiscal 2008 R&D expenses

data is compiled and graphs are generated, allowing mainte-

for these projects were ¥190 million.

nance personnel to monitor the status of each location via

R&D activities at the COMSYS Group are principally conductedby Nippon COMSYS Corporation and TOSYS Corporation. Main
R&D themes are as follows.

the Internet.
4.

No AC power source is needed to run the devices. The remote
sub-unit runs on a high-capacity battery, while the base unit runs
on a battery that is recharged regularly by a built-in solar panel.

Monitoring System for Residual Pressure in Manhole-type
Gas Cylinders
NTT’s underground metal cables may develop tiny pinhole flaws

Transmit data on gas pressure andvoltage data at fixed intervals andwhen abnormalities occur

due to deterioration over the years; therefore, NTT installs gas
cylinders to keep high pressured gas between the cable cover andmetal cable to prevent ground water from seeping through thecable cover up to the time of repair. In the past, it was necessary to
regularly conduct on-site inspections of the residual pressure in

DOCOMObase stationeach cylinder. Aiming to respond to sudden drops in residual presSolarpanelssure and other issues, as well as reduce costs by boosting operating efficiency, COMSYS has developed and operates a system that
remotely monitors the residual gas pressure 24 hours a day andautomatically reports abnormalities when the pressure falls to a

Monitoring
equipment baseunit

Monitoring
centercertain level or less.
COMSYS is upgrading this system by incorporating low-power
wireless communications devices, allowing it to be used in a wider
range of locations. These products have been added to the com-

Internetpany’s lineup of gas cylinder residual pressure-monitoring devices
for gas cylinders installed in manholes. The main characteristics ofTransmits data on gas
pressure and battery
voltage every 10 minutes

the wireless residual pressure-monitoring system are as follows:1.

A remote sub-unit is installed in a manhole and a base unit is
attached to a nearby utility pole. Wireless transmissions
between the remote sub-unit and base unit allow the system

Produces graphs of gas
pressure within cylinders
and sends e-mails when
the pressure falls toa certain level or lessPressure
sensorMonitoring
equipment sub-unit

to monitor pressure without a direct fixed-line connection
and without opening the manhole.

Utilitypole

Battery
ManholeAnnual Report 2008

Partnership Card Management System
Verify cards of off-site
workers

The COMSYS Group has also developed a “partnership card” management system to process the take out and return of IC cards
used by off-site workers to enter NTT facilities. Since these “partnership cards” are extremely important, strict management of cards isDatabase servers

required for NTT partners such as the COMSYS Group. The COMSYSLAN/WANGroup developed the system with the aim of verifying and determining the location of cards at all times, and to keep precise records
of cards taken out of facilities.
A special two-dimensional code that COMSYS has developed

Control ledger
outputCard reader

is attached to each card, and is read by a special card reader eachtime it is taken out or returned. A record of all the data is compiled

Reverse side ofpartnership cardon a database server, and management reports are automaticallygenerated. The introduction of this system has eliminated theneed to enter the information manually, as was the case in thepast, and eliminated the problem of erroneous or omitted entries;
every bit of information on the use of the cards is recorded, thus
making management of the cards much more efficient and morestrictly controlled.
In addition, the system can operate remotely using the twodimensional code-reading functions and transmission capabilities
of mobile phones to confirm cards carried by off-site workers,
making card management much more effective. The specificationsof this system allow it to be used to manage a wide range ofdifferent items besides NTT partnership cards.

Card manager
Office A
Office B
Office C

Take out andreturn of card
Special 2-dimensional
code affixed for control
purposes

29

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COMSYS Holdings Corporation

Operating Companies

Nippon COMSYS Group

President
Hajime Takashima

Fiscal 2008 Overview
The Nippon COMSYS Group conducted reorganization at Nippon COMSYS in July 2007 so as to expand
business and reinforce operational management. This involved forming a new Procurement Division topurchase supplies and enter into outsourcing contracts at lower and more appropriate costs, with theaim of enhancing competitiveness. In addition, the Kaizen Promotion Office and Internal Systems
Department each became independent organizations as part of efforts to put in place a framework for
stepping up COMSYS-style kaizen (improvement) and for developing new internal information systems
to improve productivity. In November 2007, the group also initiated the Reform 2010 drive. The goal
here is to structure highly productive businesses that can consistently deliver earnings irrespective offluctuations in order levels or net sales.
Following the realignment of outside plant-related subsidiaries begun in the previous fiscal year,
the group also retrenched redundant operations at its subsidiaries to raise the operating efficiency of its
IT and administration-related subsidiaries.
New orders received decreased 4.0% year on year to ¥242,139 million, with sales down 8.0% to¥236,743 million. This decrease was due mainly to a greater share of small projects compared with theprevious year in the NTT business because of an increase in B FLET’S-related construction for condominiumAnnual Report 2008

69.0%

Share of Net Sales
buildings. Another factor behind the decrease was that as a result of the drop-off in construction related
to MNP, the NTT DOCOMO business observed a shift in construction projects for improving the qualityof mobile communications to smaller scale projects centered on 800MHz overlay using existing basestations. In terms of earnings, the Nippon COMSYS Group strove to improve operational efficiency andcut operating expenses by reducing construction materials and outsourcing costs through integration ofpurchasing and outsourcing operations at the Procurement Division. “COMSYS-style kaizen (improvement)”

Net Sales(Millions of yen)
300,000

was also carried out throughout the company to boost productivity. However, ongoing strategic investments the group made to expand future business, including investments in improving the frontline
workplace environment, holding training programs in next-generation networks (NGN) for ICT engineers, and promoting COMSYS-style kaizen (improvement) activities, as well as operating expenses aris-

200,000

ing from the start of development of new internal information systems and ongoing efforts to streamline
the internal infrastructure caused operating income to decline 21.5% to ¥12,222 million, and net income
100,000

to decrease 8.3% to ¥8,881 million.

0

04

05

06

07

TopicsConstruction of a Sewerage Tunnel between Hiroo, Shibuya-ku andMinami-Aoyama, Minato-ku
The Nippon COMSYS Group has completed construction of an underground sewerage tunnel beneaththe upscale residential neighborhood of Hiroo. It completed the difficult construction work, taking
place just 1.2 meters below the streets by fully harnessing its urban civil engineering skills. Highly
advanced 18R drilling technology was used to build the sharply curved tunnels.

Inside the sewerage tunnel constructed by The Nippon
COMSYS Group

Sewerage tunnel breaks through

08

31

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COMSYS Holdings Corporation

Operating Companies

SANCOM Group

President
Kaoru Noda

Fiscal 2008 Overview
The core businesses of the SANWA COMSYS Engineering (SANCOM) Group are the telecommunication
carrier-related business, the manufacturer and vendor-related business, and the telecommunications
and electrical construction business (public-sector/private demand). From fiscal 2008, the group worked
to expand its ICT facility business, which is responsible for a full spectrum of business infrastructure. We
also worked to expand business and raise the efficiency of operational management by providing optimal one-stop solutions to customers. This involved reinforcing market analysis, tightening monitoring of
earnings against targets and strengthening budget analysis and information sharing with group affiliates. Other measures included fortifying human resources by taking advantage of key personnel
exchanges within the COMSYS Group, and bolstering the group’s construction management frameworkby merging affiliates. Furthermore, this group strove to bolster cost competitiveness and enhance productivity (via cost reductions) by transforming how its people work in a fundamental way by extending
SANCOM-style kaizen (improvement) throughout the company.

Annual Report 2008

21.4%

Share of Net Sales
New orders received increased 12.7% year on year to ¥73,991 million, with sales up 15.4% to ¥73,517
million. This was due mainly to strong orders from KDDI Corporation (au) for outdoor base station
construction services aimed at expanding their service areas and preparing for the realignment ofmobile phone bandwidth in Japan, and for indoor base station construction aimed at improving
communications quality. Orders were also steady for construction of base stations for EMOBILE Ltd. toexpand voice service areas. Orders also grew steadily for FTTH construction to provide broadband

Net Sales(Millions of yen)
80,000access, construction services for manufacturers and vendors, and electrical construction work. In termsof earnings, operating income rose 33.3% to ¥3,666 million and net income increased 38.4% to ¥2,493
million. This mainly reflected sales growth centered on telecommunication carriers; the completion of

60,000large-scale electrical construction projects; efforts to eliminate unprofitable projects through carefulselection and acceptance of orders; thorough control of earnings on a monthly basis; and measures to

40,000cut operating expenses.
20,000

0

04

05

06

07

TopicsContributing to NEC Submarine Cable Systems
We have been involved in the installation of major large-capacity DWDM submarine cable networks
centered on the Asia-Pacific region, as a contractor for the construction of major terminal stations ofcommunications backbone network.
Going forward, we will continue to provide highly reliable, high-quality construction services,with the aim of capturing the top share of the market for submarine cable installation services.

Installation of main submarine
terminal equipment

Laying a submarine cable repeater

08

33

34

COMSYS Holdings Corporation

Operating Companies

TOSYS Group

President
Hidetoshi Miura

Fiscal 2008 Overview
The TOSYS Group embraced the slogan of “Revitalizing front line operations” for fiscal 2008. Under thisslogan, the group has advanced far-reaching business process reforms from July 2007. The goal is toreinforce the group’s construction management structure in step with efforts by Nippon Telegraph andTelephone East Corporation (NTT East), the group’s largest customer, to implement its strategy for
expanding the B FLET’S service. The group also worked hard to recruit and foster engineers so as tomaintain and improve quality. To capture general public- and private-sector demand from outside the
NTT Group, the group focused on prioritizing businesses and optimally allocating resources, with theaim of reducing its dependency on the NTT Group. In parallel, various initiatives were extended groupwide, as the group sought to cut costs aggressively.

Annual Report 2008

9.6%

Share of Net Sales
New orders received increased 3.2% year on year to ¥31,624 million, with sales up 11.4% to ¥32,885
million. This mainly reflected steady growth in construction work aimed at expanding service areas following higher demand for the B FLET’S service, in the construction of electrical facilities targeting generaldemand from the public and private sectors, and construction services for new common carriers (NCCs).
In terms of earnings, operating income declined 50.4% to ¥439 million and net income decreased 53.2%

Net Sales(Millions of yen)to ¥194 million. This was mainly the result of sharply higher operating expenses incurred outside of

40,000construction service areas and other costs in step with an increase in B FLET’S-related construction, andthe completion during fiscal 2008 of unprofitable, large-scale construction projects targeting general public30,000

and private-sector demand.

20,00010,000

0

04

05

06

07

TopicsReconstruction Work Following the Niigata Chuetsu Earthquake
On July 16, 2007, a major earthquake struck the Chuetsu region of Niigata Prefecture. TOSYS Corporation
was selected to carry out repair work on damaged telecommunications infrastructure. The TOSYSGroup made a concerted effort to rapidly repair underground facilities, which were particularly badly
damaged by the earthquake, and restore the region’s lifeline infrastructure.

Damage caused by the Niigata Chuetsu Earthquake

Providing reconstruction assistance

08

35

36

COMSYS Holdings Corporation

Organizational Structure of the COMSYS GroupThe COMSYS Group’s (COMSYS Holdings and subsidiaries and affiliates) main businesses comprise electrical and telecommunications
infrastructure construction services centered on telecommunications infrastructure and electrical facilities, and other businesses,
including the information processing related business. As of March 2008, the Group was comprised of 31 consolidated subsidiaries. In
addition to the companies listed below, the Group also includes COMSYS Shared Services Corporation, an operating company providing common administration outsourcing services to the Group.
As of March 31, 2008

SANWA COMSYS Engineering
Corporation
Address:
12-3, Kouenji-Minami 2-chome,
Suginami-ku, Tokyo 166-0003, Japan
Establishment: September 1947
Number of Employees:
Consolidated
1,504
Non-consolidated
851
URL: http://www.sancom-eng.co.jp/
Number of Consolidated Subsidiaries:
5 companies

Consolidated Subsidiaries:
SANWA Denshi Inc.
SEC Hi Tec Co., Ltd.
SUNCOM Technology Corporation
Road-Techno Co., Ltd.
Sannect Co., Ltd.

Nippon COMSYS Corporation

TOSYS Corporation

Address:
Address: 23-14, Takanawa 3-chome,
Minato-ku, Tokyo 108-0074, Japan
Establishment: December 1951

Address:
1108-5, Higashiyama Aza, Watauchi,
Wakaho, Nagano, Nagano 381-0193,
Japan
Establishment: January 1960

Number of Employees:
Consolidated
5,370
Non-consolidated 3,491
URL: http://www.comsys.co.jp/

Number of Employees:
Consolidated
1,142
Non-consolidated
552

Number of Consolidated Subsidiaries:
15 companies

URL: http://www.tosys.co.jp/

Consolidated Subsidiaries:
Tokyo Tsuken Co., Ltd.
Nitto Tsuken Co., Ltd.
COMSYS Engineering Co., LtdCOMSYS ADVANCE Corporation
COMSYS WING Corporation
COMSYS E TIQ Co., Ltd.
COMSYS Net Corporation
COMSYS Business Service Co., Ltd.
COMSYS Techno Co., Ltd.
COMSYS Tsusan Co., Ltd.
Taiei Seisakusho Co., Ltd.
COMSYS Tohoku Techno Co., Ltd.
COMSYS Kansai Engineering Co., Ltd.
Tokushima Tsushinkensetsu Co., Ltd.
COMSYS Kyushu Engineering Co., Ltd.

Consolidated Subsidiaries:
TOSYS Nagano Co., Ltd.
Alstar Co., Ltd.
TOSYS Niigata Co., Ltd.
TOSYS Actis Co., Ltd.
Tulip Keibi Co., Ltd.
Tulip Life Co., Ltd.
Yoshimoto Kensetsu Co., Ltd.

Number of Consolidated Subsidiaries:
7 companies

Notes: 1. On April 1, 2007, COMSYS Holdings Corporation converted COMSYS Shared Services Corporation, previously a consolidated subsidiary of Nippon COMSYS Corporation, into a wholly
owned consolidated subsidiary in order to clarify its role as a common provider of business process outsourcing services for the COMSYS Group.
2. On April 1, 2007, SANWA Denshi Inc. and SEM Co., Ltd. merged, with the former as the surviving company.
3. On July 1, 2007, OT Engineering Co., Ltd. was renamed COMSYS Engineering Co., Ltd.
4. On July 1, 2007, Chuo. C Co., Ltd. was renamed COMSYS ADVANCE Corporation.
5. On July 1, 2007, Kokusai Densetsu Co., Ltd. was renamed COMSYS WING Corporation.
6. On July 1, 2007, SANNETCOM Co., Ltd. was renamed COMSYS E TIQ Co., Ltd.
7. On October 1, 2007, SANWA Support Engineering Co., Ltd. and SANWA SYSTEM Co., Ltd. merged, with the former as the surviving company and renamed SUNCOM Technology Corporation.
8. On April 1, 2008, COMSYS Holdings Corporation absorbed and converted COMSYS Business Service Co., Ltd., previously a consolidated subsidiary of Nippon COMSYS Corporation, into awholly owned subsidiary and merged this company into COMSYS Shared Services Corporation, the surviving company, on the same day.

Annual Report 2008

FINANCIAL SECTIONCONTENTS

Financial Summary

38

Management Discussion and Analysis

39

Consolidated Balance Sheets

44

Consolidated Statements of Income

46

Consolidated Statements of Changes in Net Assets

47

Consolidated Statements of Cash Flows49

Notes to the Consolidated Financial Statements

50

Report of Independent Certified Public Accountants

56

37

38

COMSYS Holdings Corporation

Financial Summary
COMSYS Holdings Corporation and Consolidated Subsidiaries
Years ended 31st March, 2005, 2006, 2007 and 2008

2005

2006

2007

2008

Thousands of
U.S. Dollars (Note 1)
2008¥287,376
293,681
15,062¥310,005
307,485
16,319¥334,172
336,519
19,214¥331,920
327,527
16,299$3,312,905
3,269,059
162,681

14,170
8,349
3,260
326

16,423
10,031
4,823
242

19,46812,3827,240
190

18,428
11,6419,850
190

183,930
116,189
98,313
1,896

Financial Position:
Total assets
Property and equipment
Long-term debt
Shareholders’ equity
Interest-bearing debt
Modified working capital¥208,681
46,963
2,768
128,063
4,692
65,609¥220,786
47,417314
137,161
3,608
67,996¥229,953
47,62772
145,786
451
67,818¥224,122
50,894
10
149,15271
65,149$2,236,970
507,975100
1,488,692
709
650,256

Per Share of Common Stock(in yen and U.S. dollars):
Net income (not diluted)
Cash dividends
Total shareholders’ equity¥   58.42
15.00
906.92¥   69.65
15.00
964.70¥   87.39
17.00
1,033.87¥   83.87
17.00
1,091.83$      0.84
0.17
10.90

5.1
2.8
0.1
7.1
61.4
6.7
4.0
91.00
0.04

5.3
3.3
0.08
6.7
62.1
7.6
4.7
175.59
0.03

5.7
3.7
0.06
6.6
63.4
8.8
5.5
373.72
0.00

5.0
3.6
0.06
6.7
66.5
7.9
5.1
1,510.00
0.00

6,746
145,977

7,081
145,977

7,574
145,977

8,173
145,977

1,010
683

1,796
857

1,768
1,052

1,506
766

Millions of Yen

Results of Operations:
New orders received during the year
Net sales
Operating income
Income before income taxes and otheradjustments to net income
Net income
Capital expenditure
Research and development expenditure

Financial Ratios:
Operating income to net sales (%)
Net income to net sales (%)
R&D expenses to net sales (%)
SG&A expenses to net sales (%)
Equity ratio (%)
Return on equity (%)
Return on total assets (%)
Interest coverage (times)
Debt/equity ratio (times)
Other Statistics:
Number of employees at fiscal year-end
Common stock issued (thousand shares)
Common stock price range:
High
Low

Note: For convenience only, the accompanying Japanese yen figures for 2008 have been translated into U.S. dollars at the rate of ¥100.19 to US$1, the rate prevailing on March 31, 2008.

Annual Report 2008

Management Discussion and Analysis

Profile of COMSYS GroupIn Japan’s information and communications sector, wherein our

COMSYS Holdings Corporation was established as the holding com-main businesses lie, first, broadband services are steadily coming topany through share transfers from three companies—Nippon

the fore as progress is made toward realizing the government’s vision

COMSYS Corporation, SANWA ELEC Co., Ltd. (currently SANWA

of a “ubiquitous network society” under the “u-Japan Policy” in the

COMSYS Engineering ­Corporation) and TOSYS Corporation on Sep-

fixed-line communications field. For instance, the number of Fiber To

tember 29, 2003 which resulted in the formation of the COMSYSThe Home (FTTH) subscriber lines surpassed 11 million. In addition,

Group centered on COMSYS Holdings. As of March 31, 2008, theNTT began operating a next generation network (NGN), which com-

COMSYS Group was made up of these 3 companies and 44 otherbines optical fiber links and Internet technologies, in the Tokyo met-

subsidiaries, as well as 12 affiliates, and its main ­businesses are electri-

ropolitan area and parts of Osaka from March 31, 2008. Using thiscal and telecommunications infrastructure ­construction services,

NGN, NTT launched new services such as high-quality IP telephonewhich mainly involve the construction of ­telecommunications infra-

services and high-definition video telephone services. Second, in the

structure facilities, and other businesses, such as the information

mobile communications field, low-fee competition among commu-

processing related business.

nications carriers is intensifying in a rapidly maturing market where

The consolidated financial statements of COMSYS Holdings forthe number of mobile phone handsets has now surpassed the 100

fiscal 2008, the year ended March 31, 2008, include the accounts of 31

million mark. For instance, free talk-time plan, currently offered forconsolidated subsidiaries. COMSYS Holdings did not account for any

calls among family members, will also be offered to corporate users.

affiliates using the equity method in fiscal 2008.

Competition among mobile phone service providers is also heating
up with the entry of Mobile Virtual Network Operators (MVNO)—

Overview

providers of mobile phone services using borrowed capacity from

In fiscal 2008, the Japanese economy remained on a recovery pathfacility based mobile communications operators.

through the first half of the fiscal year, supported by higher capital invest-

To respond to those environmental challenges, the COMSYS

ment atop improving corporate earnings and a gradual upswing inGroup worked hard to drive through business reforms focused on

consumer spending. Overall, however, Japan experienced slower eco-

three themes—prioritize businesses, expand operations, and boost

nomic growth, mainly due to soaring crude oil and raw material prices

productivity. The overriding goal is to realize the COMSYS Group’s man-and financial market turmoil triggered by the sub-prime loan crisis.

agement vision and meet the expectations of all stakeholders. The

New Orders Received by Business
Segment

Net Sales by Operating Segment(Millions of yen)

(Millions of yen)

400,000

400,000

300,000

300,000

200,000

200,000

100,000

100,000

0

05

06

07

08

0

05

06

07

08

NTT Information Telecommunication
Engineering BusinessElectrical Communications
Engineering Business

NTT Information Telecommunication
Engineering BusinessElectrical Communications
Engineering Business

IT Solutions BusinessSocial System-Related Business and Other

IT Solutions BusinessSocial System-Related Business and Other

39

40

COMSYS Holdings Corporation

reforms were centered on the COMSYS Group’s three core operating

unable to compensate for contraction in new orders from NTT

companies—Nippon COMSYS ­Corporation, SANWA COMSYS Engineer-

DOCOMO, Inc. for construction services in the NTT Information

ing Corporation, and TOSYS Corporation. More specifically, regarding­Telecommunication Engineering Business. This contraction reflected

the first theme, we aim to maximize synergies from the integration of

the previous fiscal year’s temporary surge in demand from NTT

operations of our three core companies based on the principle of

DOCOMO for construction services for improving quality and expand-selecting and concentrating on businesses by implementing suching services areas, which were prompted by the introduction of Mobile

measures as integrating businesses and prioritizing core businesses

Number Portability (MNP). Overall, new orders received decreased

through reorganization, as well as reallocating business resources. The

0.7% year on year to ¥331,920 million.

second theme was to expand new business domains such as NGN,
adjacent business and maintenance services, in addition to communi-

Results of Operations

cations infrastructure construction, as well as to grow the IT Solutions

Net sales were ¥327,527 million, down 2.7% from the previous fiscal

Business with an emphasis on “marketing construction services asyear due to similar reasons as for new orders received. The NTT Group-

products” by leveraging the COMSYS Group’s strengths in designing

related business accounted for 55.7% of net sales, down 3.9 percent-and building networks. The third priority was to reduce construction

age points year on year. In terms of cost of sales, the decrease in net

material expenses and outsourcing costs through bulk purchasing andsales surpassed the reduction in fixed costs. Cost of sales fell 2.0% year

unification of outsourcing contracts, and to make a Group-wide effort

on year to ¥289,176 million, with the cost of sales ratio increasing 0.6 of

to bolster cost competitiveness and enhance productivity by trans-a percentage point year on year to 88.3%. Despite a concerted effort toforming how the group’s people work in a fundamental way throughreduce costs, selling, general and administrative (SG&A) expenses wereCOMSYS-style kaizen (improvement) and other initiatives.

affected by the drop in net sales, ongoing strategic investments, thecost burden of developing new internal information systems and other

New Orders Received

factors. Consequently, SG&A expenses decreased only 0.7% year on

There was steady growth in new orders received from New Common

year to ¥22,052 million. The ratio of SG&A expenses to net sales edged

Carriers (NCCs) for wireless base station and FTTH construction services

up 0.1 of a percentage point to 6.7%. Operating income was ¥16,299

in the Electrical Communications Engineering Business and steadymillion, a decrease of 15.2% year on year. The ratio of operating income toexpansion in new orders in the IT Solutions Business. However, this was

net sales was 5.0%, 0.7 of a percentage point lower year on year. Net income

Operating Income andOperating Margin

Net Income and Net Profit Margin(Millions of yen)

(%)(Millions of yen)

20,0006.0

15,0005

15,000

4.5

12,000

4

9,000

3

6,000

2

3,000

1

10,000

3.0

5,000

0

(%)

1.5

05

06

07

08

0

0

05

Operating Income

Net Income

Operating Margin

Net Profit Margin

06

07

08

0

Annual Report 2008

declined 6.0% year on year to ¥11,641 million. The ratio of net income to net

SANCOM Groupsales edged down 0.1 percentage point year on year to 3.6%.

New orders received increased 12.7% year on year to ¥73,991 million
and net sales were up 15.4% to ¥73,517 million. This was due mainly to

Nippon COMSYS Groupstrong orders from KDDI Corporation (au) for outdoor base station

New orders received decreased 4.0% year on year to ¥242,139 million,

construction services aimed at expanding their service areas and pre-with net sales down 8.0% to ¥236,743 million, following a drop-off inparing for the realignment of mobile phone bandwidth in Japan, andconstruction related to Mobile Number Portability (MNP). This decrease

for indoor base station construction aimed at improving communica-

was mainly due to a greater share of small projects compared with thetions quality. Orders were also steady for construction of base stations

previous year in the NTT business because of an increase in B FLET’S-

for EMOBILE Ltd. to expand voice service areas. Orders also grew steadily

related construction for condominium buildings. Another factor

for FTTH construction to provide broadband access and construction

behind the decrease was that as a result of the drop-off in construction

services for manufacturers and vendors and for electrical construction

related to MNP, the NTT DOCOMO business observed a shift in con-work. In terms of earnings, operating income rose 33.3% to ¥3,666 mil-struction projects for improving the quality of mobile communications

lion and net income increased 38.4% to ¥2,493 million. This mainly

to smaller scale projects centered on 800MHz overlay using existingreflected sales growth centered on telecommunication carriers; thebase stations. In terms of earnings, the Nippon COMSYS Group strove

completion of large-scale electrical construction projects; efforts toto improve operational efficiency and cut operating expenses by

eliminate unprofitable projects through careful selection and accep-

reducing construction materials and outsourcing costs through inte-tance of orders; thorough monitoring of earnings on a monthly basis;

gration of purchasing and outsourcing operations at the Procurement

and measures to cut operating expenses.

Division. “COMSYS-style kaizen (improvement)” was also carried out
throughout the company to boost productivity. However, ongoing

TOSYS Groupstrategic investments the group made to expand future business,

New orders received increased 3.2% year on year to ¥31,624 million,

including investments in improving the frontline workplace environ-with sales up 11.4% to ¥32,885 million. This mainly reflected steadyment, holding training programs in next-generation networks (NGN)

growth in construction work aimed at expanding service areas follow-

for ICT engineers and promoting COMSYS-style kaizen (improvement)

ing higher demand for the B FLET’S service, in the construction of elec-

activities, as well as operating expenses arising from the start of develop-

trical facilities targeting general demand from the public and private

ment of new internal information systems and ongoing efforts to streamline

sectors, and in the construction services for new common carriersinternal infrastructure caused operating income to decline 21.5% to ¥12,222(NCCs). In terms of earnings, operating income declined 50.4% to ¥439

million, and net income to decrease 8.3% to ¥8,881 million.

million and net income decreased 53.2% to ¥194 million. This was

Performance of the Three Core Operating Companies
Nippon COMSYS Group(Millions of yen)
SANCOM Group

2008/2007

TOSYS Group

2008/2007

2008/2007

New orders received

242,139–4.0

73,991

12.7

31,624

3.2

Net sales

236,743–8.0

73,51715.4

32,885

11.4

Operating income

12,222

–21.5

3,666

33.3

439

–50.4

Net income

8,881

–8.3

2,493

38.4

194

–53.2

41

42

COMSYS Holdings Corporation

mainly the result of sharply higher operating expenses incurred out-

Total net assets, including minority interests, were ¥150,418

side of construction service areas and other administration costs to­million, ¥3,413 million higher than at the previous fiscal year-end. This

match an increase in B FLET’S-related construction, and the completion

mainly reflected an increase in retained earnings of ¥9,233 million due

during fiscal 2008 of an unprofitable, large-scale construction projectto net income of ¥11,641 million, despite an increase of ¥5,023 million

targeting general public- and private-sector demand.

treasury stock.
The equity ratio improved from 63.4% at the previous fiscal year-

Financial Position
Assetsend to 66.5%. Return on equity (ROE) fell 0.9 of a percentage point toTotal assets as of March 31, 2008 were ¥224,122 million, ¥5,831 ­million

0.4 of a percentage point from a year ago.

7.9% from a year earlier, while return on assets (ROA) was 5.1%, down

less than a year earlier. Current assets were ¥147,304 million, downequivalents of ¥18,164 million. Total investments and other assets

Capital Resources and Liquidity
Liquidityrose ¥3,420 million from a year earlier to ¥25,924 million. Total prop-

The Group has introduced a Cash Management System (CMS) in order

erty and equipment increased ¥3,267 million from a year ago toto reduce interest-bearing debt and reinforce fund management on a

¥50,894 million.

consolidated basis. In addition, COMSYS Holdings has established a¥12,518 million from a year ago due to a decrease in cash and cash

committed credit facility of ¥6,000 million mainly so that it can procure

Liabilities and Shareholders’ Equity

funds in times of emergency.

Total liabilities as of March 31, 2008 were ¥73,704 million, down ¥9,244
million from a year earlier. Current liabilities fell ¥7,054 million from a

Cash Flows

year ago to ¥64,741 million due to a decrease in income taxes payable

Cash and cash equivalents as of March 31, 2008 were ¥24,294 million,of ¥2,895 million. Long-term liabilities, at ¥8,963 million, were ¥2,190¥18,164 million less than at a year earlier. This mainly reflected pay-

million lower than a year ago, mainly due to a decrease in negativements for the acquisition of property and equipment and cash andgoodwill of ¥1,506 million.

cash equivalents paid for income taxes, despite income before income
taxes and other adjustments to net income of ¥18,428 million.

Total Assets andReturn on Total Assets (ROA)

Shareholders’ Equity andReturn on Equity (ROE)

Equity Ratio(Millions of yen)

(%)(Millions of yen)

(%)

(%)

300,000

6

150,000

1080

250,000

5

120,000

8

200,000

4
90,000

6

60,000430,0002

150,000

2

50,000

1

0

40

3

100,000

05

06

07

08

0

60

0

05

Total Assets

Shareholders’ Equity

Return on Total Assets (ROA)

Return on Equity (ROE)

06

07

08

0

20

0

05

06

07

08

Annual Report 2008

Cash Flows From Operating Activities

that results in the loss of trust among business customers, a loss of

Net cash provided by operating activities was ¥1,034 million, 94.4% lesspotential orders due to a temporary suspension of operations and thethan in the previous fiscal year. Cash was mainly provided by income

assumption of responsibility for defective construction and buildings

before income taxes and other adjustments to net income of ¥18,428

could have an impact on the COMSYS Group’s business performance.

million, and a decrease in inventories, including the accumulated cost of

Furthermore, the COMSYS Group does its utmost to ensure

construction in progress, of ¥2,632 million. On the other hand, the maingroup-wide information security management with respect to infor-

cash outflows were an increase in receivables—trade of ¥9,559 million,

mation, including personal information, entrusted from customers

and cash and cash equivalents paid for income taxes of ¥9,155 million.

by leveraging the Information Security Management System (ISMS)
and Privacy Mark certifications obtained at its three core operating

Cash Flows From Investing Activities

companies. Nevertheless, a leak of information by outsourcing part-Net cash used in investing activities was ¥11,118 million, 101.2% moreners or other companies processing or storing the Group’s informa-than in the previous fiscal year, due mainly to acquisitions of property

tion, or due to a crime involving unauthorized access from outside,

and equipment of ¥6,874 million, acquisitions of other assets of ¥2,883

could result in the loss of trust among business partners or the

million, and a decrease in investment securities, net of ¥2,580 million.

assumption of liability for damages due to accusations of mismanagement. This in turn could have an impact on the COMSYS Group’s

Cash Flows From Financing Activities

business performance.

Net cash used in financing activities was ¥8,315 million, 25.8% morethan in the previous fiscal year. This mainly reflected payments of(3) Risk from Changes in Seasonal Business Patterns¥5,057 million for acquisitions of treasury stock and ¥2,390 million in

In the COMSYS Group’s mainstay business of electrical and telecom-

cash dividends paid.

munications infrastructure construction services, because the recording of net sales and orders tends to be concentrated in March, at theBusiness Risks

end of the fiscal year, the Group’s business performance could differ

The COMSYS Group believes the following risks could affect the Group’s

significantly between the first and the second halves of the fiscal year.

performance and financial position, and have a material impact on thedecision-making of investors. Forward-looking statements in the following(4) Risk Involved in Holding Assets

section were determined by the COMSYS Group as of March 31, 2008.

Since the COMSYS Group holds real estate, investment securities andpension assets as needed in the course of business, a change in the(1) Risk from Dependency on a Specific Customer

market value of these assets could have an impact on the Group’s busi-

Since the NTT Group is the primary customer for the COMSYS Group’s

ness performance.

mainstay electrical and telecommunications infrastructure construction services, accounting for more than 50% of business, changes in(5) Credit Risk of Business Customers

the size and nature of capital expenditures at the NTT Group could

The COMSYS Group conducts strict credit management with regard tohave an impact on the COMSYS Group’s business performance.

its business customers in real time using outside research agencies andother entities. At the same time, the Group has put in place a reliable(2) Risk to Safety and Quality

structure for minimizing the materialization of credit risk by having theWith the goal of eradicating accidents involving both personnel andLegal Department screen contracts, for example. Nevertheless, deterio-facilities based on the motto of “Prioritizing Safety in Everything,” theration in the credit standing of customers could result in the inability to

COMSYS Group is working to manage safety and quality in construc-recover construction costs in the case of an individual customer ortion by implementing employee training and other measures withincause construction delays in the case of a sub-contractor. This in turnthe Group and among partner companies. Nevertheless, an accident

could have an impact on the Group’s business performance.

43

44

COMSYS Holdings Corporation

Consolidated Balance Sheets
31st March, 2007 and 2008ASSETS

Millions of Yen
2007
2008

Thousands of
U.S. Dollars (Note 1)
2008

Current Assets:¥ 42,458¥ 24,294$   242,479

2,966

2,977

29,714

Notes and accounts receivable—trade

83,646

93,561

933,836

Accumulated cost of construction in progress

23,46520,903

208,634

Cash and cash equivalents
Short-term investments (Note 3)

Deferred income taxes (Note 6)

3,764

3,186

31,800

Other current assets

3,860

2,773

27,677

Less: Allowance for doubtful receivables

(337)

(390)

(3,893)

159,822

147,304

1,470,247

Total current assets

Property and Equipment:
Land (Note 4)

25,81526,892

268,410

Buildings and structures (Note 4)

28,81432,440323,785

Machinery and equipment

19,83821,361

213,205

Construction in progress

1,144

27

269

Less: Accumulated depreciation(27,984)(29,826)(297,694)

Total property and equipment

47,62750,894507,975

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

841

841

8,394

Other (Note 3)

6,465

7,120

71,065Long-term loans receivable

3,100

2,858

28,526

Prepaid pension cost (Note 5)

3,612

4,404

43,956

Deferred income taxes (Note 6)

2,563

2,655

26,500

Other assets

9,276

11,228112,067

Less: Allowance for doubtful receivables(3,353)(3,182)(31,760)

Total investments and other assets
See Notes to the Consolidated Financial Statements.

22,50425,924

258,748¥229,953¥224,122$2,236,970

Annual Report 2008

LIABILITIES AND NET ASSETS

Millions of Yen
2007
2008

Thousands of
U.S. Dollars (Note 1)
2008

Current Liabilities:
Short-term bank loans (Note 4)
Accounts payable—Trade¥     379¥      61$       609

52,14752,093519,942

Advances received on construction in progress

3,256

3,489

34,824

Income taxes payable

5,409

2,514

25,092Other current liabilities

10,604

6,584

65,715

Total current liabilities

71,79564,741

646,182

72

10

100

Long-term Liabilities:
Long-term debt (Note 4)
Accrued severance indemnities (Note 5)

4,311

3,955

39,475

Deferred income taxes (Note 6)

1,590

1,260

12,576

Deferred tax liabilities for unrealized gains on land revaluation (Note 9)

2,366

2,366

23,615

Negative goodwill

2,455

949

9,472

Other long-term liabilities

359

423

4,222

Total long-term liabilities

11,153

8,963

89,460Issued 145,977 thousand shares

10,00010,00099,810Additional paid-in capital

56,97456,980568,720

Retained earnings

90,55099,783995,938

Unrealized loss on land revaluation (Note 9)(7,897)(7,897)(78,820)

520

(330)

(3,294)

Treasury stock, at cost

(4,361)(9,384)(93,662)

Total shareholders’ equity

145,786

149,152

1,488,692

1,219

1,266

12,636

Net Assets (Note 8):
Common stock, par value ¥51 per share:
Authorized 580,000 thousand shares

Unrealized gain (loss) on securities

Minority Interests
Total net assets

147,005

150,418

1,501,328¥229,953¥224,122$2,236,970

45

46

COMSYS Holdings Corporation

Consolidated Statements of Income
COMSYS Holdings Corporation and Consolidated Subsidiaries
Years ended 31st March, 2007 and 2008

Millions of Yen
2007
2008

Net Sales
Cost of Sales

Thousands of
U.S. Dollars (Note 1)
2008¥336,519
295,097¥327,527
289,176$3,269,059
2,886,276

Gross profits

41,42238,351

382,783

Selling, General and Administrative Expenses

22,20822,052

220,102

Operating income

19,214

16,299162,681Interest and dividend income

283

311

3,104

Interest expenses

(52)

(11)

(110)

Other Income (Expenses):

23

1,829

18,255254

2,129

21,24919,46818,428

183,930

Current

8,260

5,988

59,766

Deferred(1,204)

708

7,067

7,056

6,696

66,833

Other, net (Note 10)
Income before income taxes and other adjustments to net income
Income Taxes (Note 6):

Minority Interests
Net Income

30

91

908

¥ 12,382¥ 11,641$  116,189

Yen

U.S. Dollars (Note 1)

Amounts per share:
Net income—Basic—Diluted
Cash dividends
See Notes to the Consolidated Financial Statements.

¥   87.39¥   83.87$      0.84

87.37
17.00

83.87
17.00

0.84
0.17

Annual Report 2008

Consolidated Statements of Changes in Net Assets
COMSYS Holdings Corporation and Consolidated Subsidiaries
Years ended 31st March, 2007 and 2008

Thousands
Outstanding
Number of Sharesof Common StockMillions of Yen
Common Stock

Additional Paid-in
CapitalRetained
Earnings

Unrealized Loss on
Land Revaluation

Balance, April 1, 2006
Net income
Cash dividends paid:   Final for prior year, ¥8.00 per share   Interim for current year, ¥7.00 per share
Bonuses to directors
Merger of subsidiaries
Repurchase of treasury stock
Sales of treasury stock
Net change in the year

141,999–¥10,000–¥56,942–¥80,394
12,382¥(7,897)–––––(1,037)
49
–

–
–
–
–
–
–
–

–
–
–
–
–
32
–

(1,135)
(993)
(175)
77
–
–
–

–
–
–
–
–
–
–

Balance, March 31, 2007
Net income
Cash dividends paid:   Final for prior year, ¥10.00 per share   Interim for current year, ¥7.00 per share
Changes of scope of consolidation
Repurchase of treasury stock
Sales of treasury stock
Net change in the year

141,011–¥10,000–¥56,974–¥90,550
11,641¥(7,897)
–

–
–
(13)
(4,433)
42
–

–
–
–
–
–
–

–
–
–
–
6
–

(1,409)
(968)
(31)
–
–
–

–
–
–
–
–
–

Balance, March 31, 2008

136,607¥10,000¥56,980¥99,783¥(7,897)

Unrealized Gainon Securities

Treasury Stock,at costBalance, April 1, 2006
Net income
Cash dividends paid:   Final for prior year, ¥8.00 per share   Interim for current year, ¥7.00 per share
Bonuses to directors
Merger of subsidiaries
Repurchase of treasury stock
Sales of treasury stock
Net change in the year

¥ 850
–

¥(3,128)–¥137,161
12,382¥1,268–¥138,429
12,382

–
–
–
–
–
–
(330)

–
–
–
–
(1,254)21–(1,135)
(993)
(175)
77
(1,254)
53
(330)

–
–
–
–
–
–
(49)

(1,135)
(993)
(175)
77
(1,254)53(379)

Balance, March 31, 2007
Net income
Cash dividends paid:   Final for prior year, ¥10.00 per share   Interim for current year, ¥7.00 per share
Changes of scope of consolidation
Repurchase of treasury stock
Sales of treasury stock
Net change in the year

¥ 520
–

¥(4,361)–¥145,786
11,641¥1,219–¥147,005
11,641

–
–
–
–
–
(850)

–
–
(16)
(5,056)49–(1,409)(968)(47)(5,056)
55
(850)

–
–
–
–
–
47

(1,409)(968)(47)(5,056)55(803)

Balance, March 31, 2008¥(330)¥(9,384)¥149,152¥1,266¥150,418

Millions of Yen
Total Shareholders’EquityMinority Interests

Total Net Assets

47

48

COMSYS Holdings Corporation

Common Stock

Thousands of U.S. Dollars (Note 1)
Additional Paid-in
Retained
CapitalEarnings

Unrealized Loss on
Land Revaluation

Balance, March 31, 2007
Net income
Cash dividends paid:   Final for prior year, ¥10.00 per share   Interim for current year, ¥7.00 per share
Changes of scope of consolidation
Repurchase of treasury stock
Sales of treasury stock
Net change in the year

$99,810–$568,660–$903,783
116,189$(78,820)
–

–
–
–
–
–
–

–
–
–
–
60
–

(14,063)(9,662)
(309)
–
–
–

–
–
–
–
–
–

Balance, March 31, 2008

$99,810$568,720$995,938$(78,820)

Unrealized Gainon Securities

Thousands of U.S. Dollars (Note 1)
Treasury Stock, Total Shareholders’at costEquityMinority Interests

Total Net Assets

Balance, March 31, 2007
Net income
Cash dividends paid:   Final for prior year, ¥10.00 per share   Interim for current year, ¥7.00 per share
Changes of scope of consolidation
Repurchase of treasury stock
Sales of treasury stock
Net change in the year

$ 5,190–$(43,527)–$1,455,096
116,189$12,167–$1,467,263
116,189–––––(8,484)––(160)(50,464)489–(14,063)(9,662)(469)(50,464)549(8,484)

–
–
–
–
–
469

(14,063)(9,662)(469)(50,464)549(8,015)

Balance, March 31, 2008$(3,294)$(93,662)$1,488,692$12,636$1,501,328

See Notes to the Consolidated Financial Statements.

Annual Report 2008

Consolidated Statements of Cash FlowsCOMSYS Holdings Corporation and Consolidated Subsidiaries
Years ended 31st March, 2007 and 2008

Millions of Yen
2007
2008

Cash Flows from Operating Activities:
Income before income taxes and other adjustments to net income
Depreciation and amortization
Gain on sales of fixed assets
Write-down of investments in securities and other assets
Increase in allowance for doubtful receivables
Decrease in accrued severance indemnities
Interest and dividends received
Interest expenses
Increase in receivables—trade
Decrease in inventories
Increase in payables—trade
Decrease in other assets
Decrease in other liabilities
Directors’ bonuses paid
Amortization of consolidation adjustments
Other, net
Cash and cash equivalents received on interest and dividends income
Cash and cash equivalents paid for interest expenses
Cash and cash equivalents paid for income taxes
Net cash provided by operating activities
Cash Flows from Investing Activities:
Decrease in short-term investments, net
Decrease in investment securities, net
Acquisitions of property and equipment
Acquisitions of other assets
Proceeds from sale of property
Increase in long-term loans
Collection of long-term loans
Other
Net cash used in investing activities
Cash Flows from Financing Activities:
Decrease in short-term borrowings, net
Repayment of long-term debt
Proceeds from long-term debt
Acquisitions of treasury stock
Proceeds from sale of treasury stock
Cash dividends paid
Net cash used in financing activities
Net Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Increase Due to Business Combination
Cash and Cash Equivalents at End of Year
See Notes to the Consolidated Financial Statements.

Thousands of
U.S. Dollars (Note 1)
2008¥19,468
3,957
(798)
557
357
(536)
(283)
52
(118)
22
4,976
(1,099)(2,545)(185)(1,202)372
22,995283(52)(4,650)18,576¥ 18,428
4,373
(449)
197
(120)
(495)
(311)
11
(9,559)2,632(3,278)523(579)
0(1,529)
45
9,889
311
(11)
(9,155)1,034$ 183,930
43,647(4,481)
1,966(1,198)(4,940)(3,104)110(95,409)26,270(32,718)
5,220(5,779)0(15,261)
449
98,702
3,104(110)(91,376)
10,320(358)(326)(6,170)(1,037)
1,516
(50)
1,186
(286)
(5,525)20(2,580)(6,874)(2,883)
676
(611)
677
457
(11,118)200(25,751)(68,610)(28,775)
6,747(6,098)6,757
4,561(110,969)(640)(2,566)(10)(1,251)–(2,143)(6,610)6,441
35,814203¥42,458

(586)
(317)
(20)
(5,057)55(2,390)(8,315)(18,399)
42,458235¥ 24,294(5,849)(3,164)(199)(50,474)549(23,855)(82,992)(183,641)
423,775
2,345$ 242,479

49

50

COMSYS Holdings Corporation

Notes to the Consolidated Financial Statements
COMSYS Holdings Corporation and Consolidated Subsidiaries

1. Basis of Presenting Consolidated Financial Statements
COMSYS Holdings Corporation (the “Company”) and its subsidiaries (together,
the “Companies”) maintain their accounting records and prepare their financial statements in conformity with accounting principles and practices generally accepted in Japan (the “GAAP of Japan”), which differ in certain respects
as to application and disclosure requirements from International AccountingStandards. The accompanying consolidated financial statements have been
compiled from the consolidated financial statements filed with the Financial
Services Agency as required by the Securities and Exchange Laws of Japan.
Certain reclassifications of account balances have been made so as to present the consolidated financial statements in a form that is more familiar toreaders outside Japan. Also, certain prior year accounts have been reclassified
to conform to the 2008 presentation, without any impacts on results ofoperations or retained earnings reported previously.
The Company is a holding company established on 29th September,2003 as a business combination by the transfer of shares of Nippon Comsys

Corporation (“COMSYS”), SANWA COMSYS Engineering Corporation(“SANCOM”) and TOSYS Corporation (“TOSYS”), all of those mainly engaged
in construction of telecommunications infrastructure. In the consolidationof COMSYS, SANCOM and TOSYS, the Company comprehensively applied
the pooling-of-interest method to COMSYS and its subsidiaries as theacquiring group and the purchase method to SANCOM and TOSYS andtheir subsidiaries as the acquired group.
The accounts and records of the Companies are maintained in Japanese yen. The accompanying consolidated financial statements have beenpresented in Japanese yen and have also been presented in U.S. dollars bytranslating all Japanese yen amounts using the rate of ¥100.19 to US$1. The
presentation of such dollar amounts is solely for the convenience of thereader and is not intended to imply that yen amounts have been or could
be converted, realized or settled in dollars at that or at any other rate.

2. Summary of Significant Accounting Policies(a) Principles of consolidation
The accompanying consolidated financial statements include the accountsof the Company and 31 subsidiaries (see “Corporate Directory” at the last
page of this annual report) over which the Company exerts substantial
control either through majority ownership of voting shares and/or by othermeans. For the purposes of preparing the consolidated financial statements, all significant inter-company transactions, account balances andunrealized profits among the Companies have been eliminated.
The accounts of other subsidiaries and affiliates were not consolidated,since their aggregate sales, total assets, net income and retained earnings
have little affect upon the total consolidated results of operations andassets. Also, investments in unconsolidated subsidiaries and affiliates arecarried at cost due to their immateriality.
All of the subsidiaries were consolidated on the basis of fiscal periods
ending 31st March.
Goodwill, including negative goodwill, is amortized by the straight-line
method over reasonable economical life up to 20 years; while goodwill
without materiality is amortized at the incurrence.

(e) Short-term investments and investment securities
The GAAP of Japan requires the classification of short-term investments
and investment securities (except for “unconsolidated subsidiaries and affiliates”) of the Companies into three categories as follows:i)
Debt securities that are expected to be held-to-maturity: carried ataccumulated cost using straight-line method.
ii) Other securities whose fair values are readily determinable: carried at fairvalue with unrealized gains or losses included in Stockholders’ Equity as“Unrealized gain (loss) on securities,” net of applicable income taxes.
iii) Other securities whose fair values are not readily determinable: carried at cost using moving-average method.
With respect to investments in unconsolidated subsidiaries and affiliates, the Companies are carrying their amounts at cost, determined by themoving average cost.

(b) Use of estimates
Management of the Company has made a number of estimates andassumptions relating to the reporting of assets and liabilities to prepare theaccompanying consolidated financial statements in conformity with the
GAAP of Japan. Actual results could differ from these estimates.

(g) Accumulated cost of construction in progress
In connection with (c) above, “Accumulated cost of construction in progress” is stated at cost based on an individual project basis.

(c) Point of sales-construction contracts
Construction contracts of the Companies are accounted for by the completed-contract method. The accumulated cost of uncompleted construction is shown as “Accumulated cost of construction in progress” and therelated billings (advances received) on uncompleted construction contracts are shown as “Advances received on construction in progress” in theaccompanying balance sheets.
(d) Cash and cash equivalents
Cash and cash equivalents include all highly liquid investments, generallywith original maturities of three months or less, those are readily convertible to known amounts of cash and are so near maturity that they present
insignificant risk of changes in value because of changes in interest rates.

(f) Derivative Financial Instruments
A certain subsidiary used financial instruments to manage exposures ofinterest rates incurred in the ordinary course of business. Derivatives arerecorded at fair value.

(h) Property and equipment
Property and equipment are stated at cost. Depreciation is computed primarily by the declining-balance method; while the straight-line method isapplied to building acquired after 1st April, 1998, both using estimateduseful lives of assets principally as follows:
Buildings and structures
2 to 50 years(i) Intangible assets and deferred charges
Intangible assets including software are carried at cost and amortized by
the straight-line method over the estimated useful lives of assets. The usefullife of software utilized in the Companies is estimated to be 5 years. Researchand development costs are charged to income as incurred.
(j) Leases
Financial leases that do not transfer ownership of the property to lessee areaccounted for as transactions of rent. Under the GAAP of Japan, financial

Annual Report 2008

rates and laws which will be in effect when the differences are expected toreverse. In the preparation of the consolidated financial statements,
deferred tax assets and liabilities also arose from the elimination of unrealized profits among the Companies and the adjustment of the allowance for
doubtful receivables caused by the offsetting of inter-company receivables
and payables.

leases in which ownership of the property is deemed to be transferred to
the lessee are treated as capital leases; while it is permitted to treat others
as operating leases if certain “as if capitalized” information is disclosed in thenotes to the lessee’s financial statements.
(k) Impairment of long-lived assets
The Companies’ long-lived assets are reviewed for impairment whenever
events or changes in circumstances indicate the carrying amount of anasset or assets in a group might not be recoverable. An impairment loss
should be recognized if the carrying amount of those assets exceeds thesum of the expected undiscounted future cash flows arising from the continual use and subsequent disposition of those assets. The impairment loss
should be measured by difference between the carrying amount and theirrecoverable amount, which is higher of the expected discounted future
cash flows arising from the continual use and subsequent disposition of
those assets or the net selling price at disposition.

(m) Appropriations of retained earnings
Appropriations of retained earnings of the Company at each year-end arereflected in the consolidated financial statements for the following year
upon shareholders’ approval (See Note 12).
(n) Net income and cash dividends per share
The computations of basic net income per share are based on the weighted
average number of shares outstanding during each year. The GAAP ofJapan requires deductions of the amounts with which stockholders ofcommon stock are not vested (e.g. bonus paid to directors and corporate
auditors) from net income when computing net income per share.
Cash dividends per share are based on the cash dividends applicable to
the respective years, including dividends to be paid after the end of the year.

(l) Income taxes
Deferred tax assets and liabilities arising from temporary differences
between financial and tax reporting are measured using the enacted tax

3. Short-term Investments and Investment Securities–otherto certain reclassifications of account balances made to present the consolidated financial statements, consists of the following:

Information that is required to be disclosed in the Notes to the consolidated financial statements by the regulations and rules on disclosures
under the Securities and Exchange Laws of Japan, as amended to conform(a) Debt securities that are expected to be held-to-maturity whose fair value was readily determinable as at 31st March, 2007 and 2008, were as follows:				Millions of yen					 31st March, 2007		
31st March, 2008
		
Book
Fair
Book
Fair
		
value
value
value
value

Japanese government bonds

¥10

–

¥10

Thousands of U.S. dollars
31st March, 2008
Book
Fair
value
value

–

–

–

(b) Other securities whose fair value was readily determinable as at 31st March, 2007 and 2008, were as follows:
Millions of yen

Classification

StocksBonds and debentures
Others
Total

Cost

¥

¥

31st March, 2007
Gross
Gross
Unrealized Unrealized
Gains
Losses

1,966 ¥
718
1,032
3,716 ¥

1,391 ¥
2
72
1,465 ¥

111 ¥
60
60
231 ¥

Fair
Value

Cost

31st March, 2008
Gross
Gross
Unrealized Unrealized
Gains
Losses3,246 ¥ 4,399 ¥
660
565
1,044
1,051
4,950 ¥ 6,015 ¥

472 ¥
3
11
486 ¥

Fair
Value

Cost

764 ¥ 4,107
102
466
90
972
956 ¥ 5,545

Thousands of U.S. dollars
31st March, 2008
Gross
Gross
Unrealized Unrealized
Gains
LossesFair
Value$ 43,907 $ 4,711 $ 7,626 $ 40,992
5,639
30
1,018
4,651
10,490
110
898
9,702
$ 60,036 $ 4,851 $ 9,542 $ 55,345(c) Proceeds from sales of other securities and realized gains/losses on such sales, cost of the sales being determined by moving average method, for the year
ended 31st March, 2007 and 2008, were as follows:
Millions of yen
For the year ended 31st March
2007
2008

Proceeds from sales¥
Realized gains		
Realized losses		

636
¥
603		
0		

Thousands of U.S. dollars
For the year ended 31st March
2008

119
$
64		
–		

1,188
639
–

51

52

COMSYS Holdings Corporation(e) Debt securities that are expected to be held-to-maturity and other securities with maturity dates as at 31st March, 2008 consisted of the following:(d) Other securities whose fair value was not readily determinable as at 31st
March, 2007 and 2008 mainly consisted of unlisted stocks amounted to¥1,663 million and ¥1,641 million (US$16,379 thousand), respectively.

Book value
31st March, 2008

Bonds and debentures
OthersTotal

Due: Within 1 yr.

¥ 20
–
¥ 20

Millions of yen
Within 5 yr.
Within 10 yr.

After 10 yr.

¥

¥

45
–
¥ 45

¥
¥

–
–
–

For the years ended 31st March, 2007 and 2008, the Companies madewrite-down of investment securities, whose fair value was readily determinable, amounting to ¥180 million and ¥140 million ($1,397 thousand),¥Due: Within 1 yr.

500
3
503

$
$

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

After 10 yr.

$

$

200
–
200

$

449
–
449

$
$

–
–
–

$

4,991
30
5,021

respectively, following an accounting policy of the Companies which
requires a write-down of investment securities whose fair value at the fiscal
year’s end declined to an amount not more than 50% of the book value.

4. Short-Term Bank Loans and Long-Term Debt
The weighted average interest rates of short-term and long-term bankloans as at the year ended 31st March, 2007 and 2008, were approximately
2.66 per cent. and 2.87 per cent., respectively.

At 31st March, 2008, consolidated subsidiaries’ short-term bank loans
amounting to ¥33 million (US$329 thousand) were secured. A summary ofassets pledged as collateral consisted of the following:
Millions of yen

Buildings and structures, net of accumulated depreciation		
¥Land							
¥Thousands of U.S. dollars

211
$
359		
570
$

2,106
3,583
5,689

At 31st March, 2008, long-term debt consisted of the following:
Millions of yen

Loans from banks 		¥
Less: Current portion			Total		¥

Thousands of U.S. dollars

71
$
61		
10
$

709
609
100

5. Accrued Severance Indemnities
Employees of the Companies are usually entitled to lump-sum severance
indemnities determined by reference to their current basic rate of pay,
length of service and conditions under which the termination occurs. With
respect to directors and corporate auditors of the Companies, lump-sum
severance indemnities are calculated using a similar formula and are normally paid subject to the approval at the shareholders’ meeting of each of
the Companies.
COMSYS has a contributory and funded defined benefit pension plan,
which is pursuant to the Welfare Pension Insurance Law of Japan. As qualified and allowed under the GAAP of Japan, the plan assets include an

employee retirement benefit trust to which COMSYS, SANCOM and TOSYS
contributed certain marketable equity securities.
Other consolidated subsidiaries provide for severance indemnities
based on the liability if all eligible employees were to voluntarily terminate
employment on the balance sheet date. In addition, certain subsidiaries
have funds for tax qualified defined benefit pension plans and a few subsidiaries have non-contributory and funded defined benefit pension plans.
“Accrued severance indemnities” recognized in the consolidated balance sheet as at 31st March, 2007 and 2008 were as follows:
Millions of yen
2007

Projected benefit obligation¥
Fair value of plan assets		
Unfunded benefit obligation		
Unrecognized actuarial difference		Unrecognized prior service cost		
Net amount recognized		Prepaid pension cost		
Accrued severance indemnities		

2008

Thousands of U.S. dollars
2008(43,944)¥ (42,699)$ (426,180)
46,981		 40,801
407,236(3,037)		
(1,898)		
(18,944)
1,197		6,870		68,570(4,245)		
(3,829)		
(38,218)(11)		
1,143		11,4083,612		4,404		43,956(3,623)		
(3,261)		
(32,548)

Annual Report 2008

“Accrued severance indemnities” in the consolidated balance sheet as at
31st March, 2007 and 2008 include the provision for accrued severance
indemnities for directors and corporate auditors of the Companies amounted

to ¥688 million and ¥693 million (US$6,917 thousand), respectively.
Net pension cost of the plans included in the consolidated statements
of income for the years ended 31st March, 2007 and 2008 were as follows:
Millions of yen
2008

2007

Service cost¥
Interest cost		
Expected return of plan assets		
Amortization of unrecognized actuarial difference		
Amortization of unrecognized prior service costs (negative)		
Other		Net pension cost¥
Unrecognized prior service costs are amortized and charged to income
using a straight-line method over the average remaining years of service of
employees at the incurrence. Unrecognized actuarial differences are amortized and charged to income using a straight-line method from the succeeding year of the incurrence over the average remaining years of serviceof employees at the incurrence.
Significant assumptions used to calculate the above-mentioned

2,314
¥
994
(902)
364		
(376)		
110
2,504
¥

Thousands of U.S. dollars
2008

2,605
$
992		
(1,336)		
392		
(332)		
135		
2,456
$

26,001
9,901(13,335)
3,913(3,314)
1,347
24,513amount for the year ended 31st March, 2008 were as follows:• Allocation method of benefit obligation
Straight-line method• Discount rate
2.5% (mainly)• Expected rate of return on plan assets
3.5% (mainly)• Unrecognized prior service cost is amortized over mainly 15 years.
• Unrecognized actuarial difference is amortized over mainly 15 years fromthe succeeding fiscal year of the incurrence.

6. Income Taxes
The Companies are subject to corporate (national), inhabitant and enterprise (local) taxes based upon taxable income, which resulted in statutory
tax rates of approximately 40%, in aggregate, both for the year ended 31st
March, 2007 and 2008. The effective tax rate reflected in the accompanying
consolidated statements of income and retained earnings differs from thestatutory tax rate primarily due to such items as permanently non-deductible expenses and timing differences in recognizing certain income andexpense items for financial and tax reporting purposes.
The difference between the statutory tax rate and effective tax rate
reflected in the consolidated statements of income for the year ended 31st
March, 2008, primarily consisted of the following:

Statutory tax rate of the Company
40.0%
Effects of;
Expenses permanently not deductible for income tax purpose 1.6
Amortization of negative goodwill(3.3)
Valuation allowance(2.9)
Other, net
0.9
Effective tax rate
36.3%
Deferred tax assets and liabilities of the Companies, except for that
relating to land revaluation of COMSYS mentioned in Note 9, as of 31st
March, 2007 and 2008, primarily consisted of the following:

Millions of yen

Deferred tax assets:
Accrued expenses and enterprise taxes¥
Accrued severance indemnities		
Allowance for doubtful receivables		
Revaluation of land owned by consolidated subsidiaries		
Write-down of investment securities		
Others					
Less: Valuation allowance					
Deferred tax liabilities:
Deferred gain on exchange of lands		
Revaluation of land owned by consolidated subsidiaries		
Others					   Net deferred tax assets¥

Thousands of U.S. dollars
2008

2007

2008

3,437
¥
1,536		1,184		862		1,195		1,318		9,532		
(2,291)		
7,241		

2,954
$2,296		1,092		850		1,254		1,252		9,698		
(1,739)		
7,959		

29,48422,917
10,8998,484
12,516
12,496
96,796(17,357)
79,439(187)		
(1,787)		
(530)		
(2,504)		
4,737¥(360)		
(1,546)		
(158)		
(2,064)		
5,895$(3,593)(15,431)(1,577)(20,601)
58,83853

54

COMSYS Holdings Corporation

7. Leases(As a Lessee)
The Companies lease mainly machinery and equipment by financial leases.
Pro forma amounts of the acquisition costs (including the interest portion
thereon), accumulated depreciation (depreciation expenses of the leased

property were computed by the straight-line method over the respective
lease terms) and net book value of leased property as of 31st March, 2007
and 2008, which would have been reflected in the consolidated balance
sheets if capitalized, were as follows:
Millions of yen
2008

2007

Acquisition costs¥
Accumulated depreciation		Net book value
¥

1,211
¥
521		
691
¥

Thousands of U.S. dollars
2008

2,271
$
797		
1,474
$

22,667
7,955
14,712

Lease payments relating to financial leases accounted for as transactions of rent amounted to ¥205 million and ¥318 million (US$3,174 thousand) for theyears ended 31st March, 2007 and 2008, respectively.
Obligation (including the interest portion thereon) under financial leases at 31st March, 2008, were as follows:
Millions of yen
2008

		

Due within one year		¥Due after one year			
Total		¥

Thousands of U.S. dollars
2008

398
$
1,076		
1,474
$

3,972
10,74014,712(As a Lessor)
One of the Companies leases mainly machinery and equipment by financial leases. Future lease receipts, inclusive of interest, at 31st March, 2008 were as follows:
Millions of yen
2008

		

Due within one year		¥Due after one year			
Total		¥

Thousands of U.S. dollars
2008

278
$
527		
805
$

2,775
5,260
8,035

Lease fees received and depreciation charges for the years ended 31st March, 2007 and 2008 were as follows:
Millions of yen
2008

2007

Lease fees received¥
Depreciation		

384
246

¥

Thousands of U.S. dollars
2008

289
$
209		

2,885
2,086

8. Shareholders’ Equity
Under the Companies Act of Japan, the additional paid-in capital (capitalreserves) may be, by resolution of shareholders’ meeting, transferred tostated capital by or used to reduce a deficit, but they are not available fordividend payment. On condition that the aggregate amount of additional
paid-in capital (capital reserves) remains equal to or exceeds 25 per cent of
the amount of stated capital, it is available for distributions by the

resolution of the shareholders’ meeting within a certain limit. The amountof the additional paid-in capital (capital reserves) of the Company included
in “Additional paid-in capital” and “Retained earnings” of the accompanying
consolidated balance sheets as at 31st March, 2008, was ¥58,816 million(US$587,045 thousand).

9. Revaluation of Land for BusinessAt 31st March, 2002, land owned by the COMSYS was revalued under theLand Revaluation Law and related regulations. Net unrealized gains andlosses resulting from the revaluation were debited directly to shareholders’equity as a negative revaluation surplus after adding the related deferred
tax liabilities as mentioned bellow. The negative revaluation surplus will becredited as a gain or loss when a part of the land is sold.
The fair value for the revalued land mentioned above as of 31st March,2007 and 2008 has been decreased by ¥527 million and increased by ¥3,712
million (US$37,049 thousand), respectively in the aggregate from the bookvalue, which has not been restated, as allowed by the GAAP of Japan.

Annual Report 2008

Deferred tax assets and liabilities relating to revaluation of land of the Company as of 31st March, 2008 consisted of the following:		Millions of yen
2008

Deferred tax assets:
Relating to unrealized losses		¥
Less: Valuation allowance							
Deferred tax liabilities:
Relating to unrealized gains			
Net: Deferred tax liabilities		¥

Thousands of U.S. dollars
2008

4,578
$
(4,578)		
– 		

45,693(45,693)–

2,366		2,366$

23,61523,615

10. Other Income and Expenses“Other, net” in “Other Income (Expenses)” for the year ended 31st March, 2007 and 2008 consisted of the following:
Millions of yen

Amortization of consolidation adjustments/negative goodwill¥
Gain on sales of fixed assets		
Special payments on employees’ retirement benefits		
Gain on payback of insurance payments 		
Write-down on investments in securities and other assets		
Loss on impairment of fixed assets		
Gain on sales of investment securities		
Loss on disposals of fixed assets		
Allowance for doubtful receivables		Payment on disengagement of funded pension plan of a subsidiary		
Gain recognized on investment funds		
Other				¥

Thousands of U.S. dollars
2008

2008

2007

1,202
¥
798
(344)
302		
(1,013)
(428)
603		
(283)
(331)		
(798)
224
91
23
¥

1,529
$
449		
(276)		275		(199)		
(91)		
64		(49)		
(8)		
–		
–		
135		
1,829
$

15,261
4,481(2,755)
2,745(1,986)
(908)
639
(489)
(80)
–
–
1,347
18,255

11. Stock Option Plan
The stock option plan as of 31st March, 2008 is as follows:
Outstanding share subscription rights

Date of grant
Number of shares granted
Grantee
Exercise price
Exercisable period
Outstanding at 31st March, 2008

7th October, 2005
Common stock 924,000 shares
Directors and employees of the Companies¥1,304
7th July, 2007 through 30th June, 2011
900,000 shares

12. Subsequent Event(a) On 13th May, 2008, the Board of Directors approved the acquisition oftreasury stock from the capital stock market during the period starting from14th May, 2008 and ending on 31st December, 2008, of up to 6,000 thousand shares and ¥5,000 million ($49,905 thousand) in aggregate, in order toimprove shareholders’ interest and enable the flexible establishment of an
appropriate capital strategy.
(b) On 27th June, 2008, the shareholders of the Company approved thefollowing appropriations of retained earnings:
Millions of yen

Cash dividends		

¥

1,368

Thousands of U.S. dollars$

13,65455

56

COMSYS Holdings Corporation

Report of Independent Certified Public Accountants

To the Board of Directors,
COMSYS Holdings Corporation
We have audited the accompanying consolidated balance sheets of COMSYS Holdings Corporation (the “Company”)
and its consolidated subsidiaries as of 31st March, 2007 and 2008, and the related consolidated statements of income,changes in net assets and cash flows for each of the two year ended 31st March, 2008, expressed in Japanese yen.
Preparing these consolidated financial statements is the responsibility of the Company’s management. Our responsibility is limited to express an independent opinion on these consolidated financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in Japan, which require thatwe plan and perform the audits to obtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. Our audits include examining evidence supporting the amounts and disclosures of thefinancial statements on a test basis, and also include assessing the accounting policies adopted and significant
estimates made by the Company’s management, as well as evaluating the overall presentation of the financial
statements. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects,
the consolidated financial position of COMSYS Holdings Corporation and its consolidated subsidiaries as of 31st
March, 2007 and 2008, and the consolidated results of their operations, changes in net assets and cash flows foreach of the two year ended 31st March, 2008, in conformity with accounting principles and practices generally
accepted in Japan as described in Note 1 to the consolidated financial statements.
The U.S. dollar amounts, presented solely for the convenience of the readers, have been translated on the basis as
described in Note 1 to the consolidated financial statements.

Takashi Saitou

Tomoyoshi Suzuki
O-Yu Kyodo Jimusho, Certified Public Accountants of JapanTokyo, Japan
20th June, 2008

Satoshi Okawara

Annual Report 2008

ファクトシート

FACT SHEET目次

CONTENTS
連結財務ハイライト

Consolidated Financial Highlights
コムシスホールディングスの連結財務データ

COMSYS Holdings Consolidated Financial Information

日本コムシスグループ（連結財務データファイル）58
60

Nippon COMSYS Group Consolidated Financial Data61

サンコムグループ *（連結財務データファイル）
SANCOM Group* Consolidated Financial Data69

TOSYSグループ（連結財務データファイル）
TOSYS Group Consolidated Financial Data

77

業界他社比較（連結ベース）

Comparison of Three Major Telecommunications
Construction Companies in Japan（ Consolidated Basis ）85* 株式会社三和エレックは、2005 年 4 月 1日にサンワコムシスエンジニアリングに商号変更しています。
* On 1st April, 2005, SANWA ELEC Co., Ltd. was renamed SANWA COMSYS Engineering Corporation.

57

58

COMSYS Holdings Corporation

連結財務ハイライト
Consolidated Financial Highlights
グループ別売上構成

Composition of Sales

2008 年 3 月期 Year Ended 31st March, 2008
■ 日本コムシスグループ Nippon COMSYS Group■ サンコムグループ SANCOM Group■ TOSYSグループ TOSYS Group

69.0%
21.4%
9.6%

売上高

営業利益

経常利益

Net Sales

Operating Income

Recurring Profit（百万円 Millions of yen ）

（百万円

（百万円

400,000

20,000300,000

15,000200,000

10,000100,000

5,000

Millions of yen ）Millions of yen ）25,00020,00015,00010,000

0

05*

06

07

08

5,000

0

05*

06

07

08

0

05*

06

当期純利益

総資産

自己資本

Net Income

Total Assets

Shareholdersʼ Equity（百万円 Millions of yen ）

（百万円

（百万円

15,000250,000

Millions of yen ）

07

08

07

08

Millions of yen ）150,000

200,000
10,000100,000

150,000
100,000

5,000

50,00050,000
0

05*

06

07

08

0

05*

06

07

08

0

05

06

* 当社の2005 年 3 月期の連結業績の数値につきましては、日本コムシス（株）の連結子会社の決算変更（2004 年 12 月期を2005 年 3 月期）により、会計期間が15ヶ月となっております。
** サンワコムシスエンジニアリング株式会社は2005 年 3 月期の連結ベースの受注高について開示していません。
* Consolidated results for fiscal 2005 include 15 months of operating results at a consolidated subsidiary of Nippon COMSYS due to a change in the fiscal year–end（ from 31st
December to 31st March ）.
** SANWA COMSYS Engineering Corporation does not disclose New Orders Received on a consolidated basis for the year ended March 2005.

コムシスホールディングス

COMSYS Holdings Corporation■ 日本コムシス株式会社（百万円

Nippon COMSYS Corporation

Millions of yen ）

受注高
売上高
営業利益
経常利益
当期純利益
総資産
自己資本

New Orders Received during the YearNet Sales
Operating Income
Recurring Profit
Net Income
Total Assets
Shareholdersʼ Equity■ サンワコムシスエンジニアリング株式会社

2005/3

2006/3

2007/3

2008/3

226,225
227,548
13,535
15,631
9,299
184,145
124,240

238,046
236,177
14,423
16,694
9,053
194,934
131,520

252,147
257,269
15,575
17,462
9,684
205,712
138,916

242,139
236,743
12,222
14,1208,881
203,418
144,921SANWA COMSYS Engineering Corporation（百万円 Millions of yen ）受注高 **
売上高
営業利益
経常利益
当期純利益（純損失）
総資産
自己資本

Annual Report 2008

New Orders Received during the Year**
Net Sales
Operating Income
Recurring Profit
Net Income (Loss)
Total Assets
Shareholdersʼ Equity

2005/3

2006/3

2007/3

2008/3–44,220497
423(2,583)24,441
5,197

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

65,65363,703
2,750
2,764
1,801
27,7457,112

73,99173,517
3,666
3,678
2,493
34,8699,341■ 東日本システム建設株式会社 TOSYS Corporation（百万円 Millions of yen ）

受注高
売上高
営業利益
経常利益
当期純利益
総資産
自己資本

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

2005/3

2006/3

2007/3

2008/328,37327,874
970
1,085
517
16,772
7,769

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

30,65529,531
885
958
415
17,7188,221

31,62432,885439
482
194
17,116
8,255

59

60

COMSYS Holdings Corporation

コムシスホールディングスの連結財務データ
COMSYS Holdings Consolidated Financial Information
2005/3

2006/3

2007/3

2008/3287,376
293,681
70,35435,88915,062
17,145

310,005
307,485
72,87436,883
16,31918,754

334,172
336,519
70,52841,422
19,214
21,121331,920
327,527
74,92138,351
16,29918,22914,1708,349

16,423
10,031

19,46812,382

18,428
11,641

208,681
128,063
65,6094,692

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

229,953
145,786
67,818451

224,122
149,152
65,149
71

12.22
5.13
5.84
4.83
2.84
6.70
3.97

11.99
5.31
6.10
5.34
3.26
7.56
4.67

12.31
5.71
6.28
5.79
3.68
8.75
5.49

11.71
4.98
5.57
5.63
3.55
7.89
5.13

61.37
214.93206.0452.01

62.12
210.76
198.7250.62

63.40
198.95
188.54
48.11

66.55
206.36197.27
51.50

45.71
0.04
91.00

45.87
0.03
175.5944.69
0.00
373.7248.20
0.00
1,510.00

58.42
906.92
15.00
25.68
145,97769.65
964.7015.00
21.54
145,99787.39
1,033.87
17.00
19.45
145,977

83.87
1,091.83
17.00
20.27
145,977

43,5342,233
2,541

43,4242,305
2,648

44,431
2,537
2,789

40,074
1,994
2,230

2,101
1,238
6,746

2,319
1,417
7,081

2,570
1,635
7,574

2,255
1,424
8,173

3,260
326
26.85

4,823
242
28.97

7,240
190
28.59

9,850
190
25.40

経営成績（百万円）

Operating Results (Millions of yen)
New Orders Received during the Year
売上高
Net Sales
期末手持高Contract Backlog at End of Fiscal Year
売上総利益
Gross Profits
営業利益
Operating Income
経常利益
Recurring Profit
税金等調整前当期純利益
Income before Income Taxes andOther Adjustments to Net Income
当期純利益
Net Income
財政状態（百万円）
Financial Position (Millions of yen)
総資産
Total Assets
自己資本
Shareholdersʼ Equity
運転資本
Modified Working Capital
有利子負債残高Interest-Bearing Debt
収益性の指標（ % ）Profitability (%)
総利益率
Gross Profit Margin
売上高営業利益率
Operating Margin
売上高経常利益率
Recurring Profit Margin
売上高税引前当期純利益率
Pre-Tax Profit Margin
売上高当期純利益率
Net Profit Margin
自己資本当期純利益率
Return on Equity (ROE)
総資産当期純利益率
Return on Total Assets (ROA)
安全性の指標（ % ）Stability (%, except where noted)
自己資本比率Equity Ratio
流動比率
Current Ratio
当座比率
Quick Ratio
固定比率
Fixed Assets-to-Equity Capital Ratio
固定長期適合率
Ratio of Fixed Assets-to-Net Assets andLong-Term Liabilities
負債・自己資本比率
Debt/Equity Ratio
インタレスト・カバレッジ（倍） Interest Coverage (times)
投資指標（円）Per Share Data (Yen, except where noted)
一株当たり当期純利益
Primary Earnings per Share (EPS) (not diluted)
一株当たり自己資本
Book Value per Share (BPS)
一株当たり配当金
Cash Dividends per Share
配当性向（ % ）Payout Ratio (%)
発行済株式数（千株）
Common Stock Issued (thousand shares)
従業員一人当たり指標（千円） Per Employee Data
(Thousands of yen, except where noted)
従業員一人当たり売上高
Net Sales per Employee
従業員一人当たり営業利益
Operating Income per Employee
従業員一人当たり経常利益
Recurring Profit per Employee
従業員一人当たりPre-Tax Profit per Employee
受注高

税引前当期純利益
従業員一人当たり当期純利益
期末従業員数（名）その他指標（百万円）
設備投資額
研究開発費
外国人持株比率（ % ）Net Income per Employee
Number of Employees at Fiscal Year-End (persons)
Other Data (Millions of yen, except where noted)
Capital Expenditure
Research and Development Expenditure
Percentage of Stock Held by Foreigners (%)

Annual Report 2008

日本コムシスグループ（連結財務データファイル）

Nippon COMSYS GroupCONSOLIDATED FINANCIAL DATA
当社の2005 年 3 月期の連結業績の数値につきましては、日本コムシス（株）の連結子会社の決算変更（2004年 12 月期を2005 年 3 月期）
により、会計期間が15ヶ月となっております。

Consolidated results for fiscal 2005 include 15 months of operating results at a consolidated
subsidiary of Nippon COMSYS due to a change in the fiscal year-end (from 31st December to
31st March).
当該連結財務諸表は、国外の投資家のために、日本で要求される連結財務諸表の表示に調整を加え、国外で広く普及している様式で作成されています。

Certain reclassifications of account balances have been made so as to present the consolidated
financial statements in a form that is more familiar to readers outside Japan.

61

62

COMSYS Holdings Corporation

経営成績（連結ベース）
Operating Results (Consolidated Basis)
経営成績（連結ベース） Operating Results (Consolidated Basis)（百万円

Millions of yen ）

受注高
売上高
売上総利益
営業利益
経常利益
税金等調整前当期純利益

New Orders Received during the YearNet Sales
Gross Profits
Operating Income
Recurring Profit
Income before Income Taxes andOther Adjustments to Net Income
Net Income

当期純利益

2004/3

2005/3

2006/3

2007/3

2008/3

202,560
206,517
23,737
7,983
8,863

226,225
227,548
29,086
13,535
15,631

238,046
236,177
29,216
14,423
16,694

252,147
257,269
31,947
15,575
17,462

242,139
236,743
28,693
12,222
14,120

8,312
4,585

14,415
9,299

14,558
9,053

16,2999,684

14,448
8,881

受注高

売上高

売上総利益／営業利益

経常利益

New Orders Received
during the YearNet Sales

Gross Profits /Operating Income

Recurring Profit（百万円 Millions of yen ）（百万円 Millions of yen ）

（百万円

（百万円

300,000

300,000

40,00020,000200,000

200,000

30,00015,00020,00010,00010,0005,000

100,0000

100,000

04

05

06

07

08

0

04

05

06

07

08

0

Millions of yen ）

04

05

06

07

売上総利益 Gross Profits
営業利益 Operating Income

当期純利益

Net Income（百万円 Millions of yen ）10,000
7,500
5,000
2,500
0

04

05

06

07

08

08

0

Millions of yen ）

04

05

06

07

08

日本コムシスグループ

Nippon COMSYS Group

Annual Report 2008

収益性の指標（連結ベース）
Profitability (Consolidated Basis)
収益性の指標（連結ベース） Profitability (Consolidated Basis)（%）

売上高営業利益率
売上高経常利益率
売上高税引前利益率
売上高当期純利益率
自己資本当期純利益率
総資産当期純利益率

Operating Margin
Recurring Profit Margin
Pre-Tax Profit Margin
Net Profit Margin
Return on Equity (ROE)
Return on Total Assets (ROA)

2004/3

2005/3

2006/3

2007/3

2008/3

3.87
4.29
4.02
2.22
4.01
2.67

5.95
6.87
6.34
4.09
7.72
5.15

6.11
7.07
6.16
3.83
7.08
4.78

6.05
6.79
6.34
3.76
7.16
4.83

5.16
5.96
6.10
3.75
6.26
4.34

売上高営業利益率

売上高経常利益率

売上高当期純利益率

自己資本当期純利益率

Operating Margin

Recurring Profit Margin

Net Profit Margin

Return on Equity (ROE)

（%）

（%）

（%）

（%）

7.5

8

5

8

6.0

4

6

4.5

6

3
4

4

3.0

2
2

1.5
0

04

05

06

07

0

08

2

1
04

05

06

07

08

0

04

05

06

07

08

0

04

総資産当期純利益率

Return on Total Assets
(ROA)
（%）

6

4

2

0

04

05

06

07

08

自己資本当期純利益率［ ROE ］=

総資産当期純利益率［ ROA ］=

当期純利益

x100

自己資本（2 期末平均）

当期純利益

x100

総資産（2 期末平均）

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

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

x100

x100

05

06

07

08

63

64

COMSYS Holdings Corporation

成長性／効率性の指標（連結ベース）
Efficiency (Consolidated Basis)
成長性／効率性の指標（連結ベース） Efficiency (Consolidated Basis)（百万円

Millions of yen, except where noted ）2004/3

2005/3

2006/3

2007/3

2008/3

総資産
Total Assets
自己資本
Shareholdersʼ Equity
運転資本
Modified Working Capital
総資産回転率（回）Turnover of Total Assets (times)
有形固定資産回転率（回） Turnover of Property and Equipment

177,140
116,624
60,7771.20

184,145
124,240
70,8191.26

194,934
131,52073,874
1.25

205,712
138,916
73,6801.28

203,418
144,92173,772
1.16

5.29

6.14

6.50

6.74

5.83

総資産／自己資本

運転資本

総資産回転率

有形固定資産回転率

Total Assets /Shareholdersʼ Equity

Modified Working Capital

Turnover of Total Assets

Turnover of Property andEquipment（百万円 Millions of yen ）（百万円 Millions of yen ）（回（回

250,000

80,0002.0

860,000

1.5

640,0001.0

420,000

0.5

2(times)200,000

Times ）

Times ）

150,000
100,000
50,000
0

04

05

06

07

08

0

04

05

06

07

08

0

04

05

06

07

08

0

04

05

06

07

08

総資産 Total Assets
自己資本 Shareholdersʼ Equity

運転資本 =（流動資産– 未成工事支出金）–（流動負債– 未成工事受入金）

Modified Working Capital = (Current Assets – Accumulated Cost of Construction in Progress) –(Current Liabilities – Advances Received on Construction in Progress)

総資産回転率 =

売上高
総資産（2 期末平均）

有形固定資産回転率 =売上高
有形固定資産（2 期末平均）

Turnover of Total Assets =Net Sales
Total Assets (Average of two year-ends)

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

日本コムシスグループ

Nippon COMSYS Group

Annual Report 2008

安全性の指標（連結ベース）
Stability (Consolidated Basis)
安全性の指標（連結ベース） Stability (Consolidated Basis)（％ except where noted ）2004/3

自己資本比率
流動比率
当座比率
固定比率
固定長期適合率

2005/3

2006/3

2007/3

2008/3Equity Ratio
Current Ratio
Quick Ratio
Fixed Assets-to-Equity Capital Ratio
Ratio of Fixed Assets-to-Net Assets
and Long-Term Liabilities
負債・自己資本比率（倍）Debt/Equity Ratio (times)
有利子負債残高（百万円）
Interest-Bearing Debt (millions of yen)
インタレスト・カバレッジ（倍） Interest Coverage (times)

65.84
239.88157.9246.85

67.47
253.55208.9342.21

67.47
253.06200.5942.30

67.53
229.60182.5342.56

71.24
248.11
177.32
44.92

42.20
0.03
3,133
2,043.50

38.90
0.02
3,092
1,537.44

39.49
0.03
4,577
1,219.42

40.30
0.04
4,987
1,316.58

43.05
0.04
5,441
888.43

自己資本比率

流動比率／当座比率

固定比率／固定長期適合率

Equity Ratio

Current Ratio / Quick Ratio

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

（%）

（%）

（%）

（百万円

100

300

50

6,000

0.06

80

250

40

5,000

0.05

4,000

0.04

3,000

0.03

2,000

0.02

1,000

0.01

200

60

有利子負債残高／
負債・自己資本比率

Interest-Bearing Debt /Debt/Equity Ratio

30

150
40

20

100

20

10

50

0

04

05

06

07

08

0

04

05

流動比率
当座比率

06

07

0

08

04

05

06

07

0

08

固定比率

Current Ratio
Quick Ratio

Millions of yen ） （倍 Times ）

04

05

06

07

08

0

有利子負債残高 Interest-Bearing Debt
負債・自己資本比率 Debt/Equity Ratio

Fixed Assets-to-Equity Capital Ratio

固定長期適合率

Ratio of Fixed Assets-to-Net Assets
and Long-Term Liabilities

インタレスト・カバレッジ

Interest Coverage（倍

流動比率 =

Times ）

2,500

当座比率 =

2,000

流動資産 – 未成工事支出金
流動負債 – 未成工事受入金

現金預金、有価証券
及び売上債権
流動負債 – 未成工事受入金

x100

Current Ratio =x100

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

Cash and Cash Equivalents, Short-Term Investments
and Notes and Accounts Receivable̶Trade
Current Liabilities –Advances Received on Construction in Progress

1,500
1,000

固定比率 =

500
0

04

05

06

07

08

固定資産
自己資本

固定長期適合率 =Fixed Assets-to-Equity Capital Ratio=

x100

固定資産
純資産 + 固定負債

負債・自己資本比率 =

x100

有利子負債
自己資本

営業利益 +
インタレスト・カバレッジ = 受取利息および配当金
支払利息

x100

x100

Property, Equipment, Investments andOther Assets
Shareholdersʼ Equity

Property, Equipment,
Ratio of Fixed Assets-to-Net Assets Investments and Other Assets=
x100
and Long-Term Liabilities
Net Assets +Long-Term Liabilities

Debt/Equity Ratio =Interest Coverage=

Interest-Bearing Debt
Shareholdersʼ Equity

Operating Income + Interest and Dividend Income
Interest Expenses

x100

65

66

COMSYS Holdings Corporation

連結貸借対照表（5年間）
Consolidated Balance Sheets (5 Years)
資産の部（百万円 Millions of yen ）流動資産：
現金預金 *
有価証券
受取手形・完成工事未収入金・売掛金
未成工事支出金繰延税金資産関連会社預け金
その他流動資産
貸倒引当金
流動資産合計ASSETS
Current Assets:
Cash and cash equivalents*
Short-term investments
Notes and accounts receivable̶trade
Accumulated cost of construction in progress
Deferred income taxes
Short-term loans to subsidiaries
Other current assets
Less: Allowance for doubtful receivables
Total current assets

2004/3

2005/3

2006/3

2007/3

2008/32,540
4,076
62,001
18,273
1,665
32,017
2,124(197)
122,499

33,223151
62,985
14,7682,445
16,7681,578(211)
131,70730,265522
66,023
17,1592,211
19,8403,462(186)
139,296

37,444489
65,842
16,050
3,033
20,846
3,058(178)
146,584

17,709227
70,385
14,742
2,236
31,544
1,641(161)
138,323有形固定資産：土地
建物・構築物
機械装置・運搬具及び工具器具備品
建設仮勘定
減価償却累計額
有形固定資産合計

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

19,88423,883
15,255–(20,699)
38,323

19,077
22,63914,854
4(20,787)
35,787

19,965
22,593
15,832
3(21,459)
36,934

21,11523,073
16,883
1,144(22,821)39,394

22,13225,70718,36026(24,375)
41,849

投資及びその他の資産：投資有価証券：
関係会社株式その他
長期貸付金
繰延税金資産その他資産
貸倒引当金
投資及びその他資産合計
資産合計

Investments and Other Assets:
Investment securities:
Unconsolidated subsidiaries and affiliates
Other
Long-term loans receivable
Deferred income taxes
Other assets
Less: Allowance for doubtful receivables
Total investments and other assets
Total assets

549
3,930
2,891
2,776
8,166
(1,994)
16,318177,140

626
4,236
2,704
2,867
8,216
(1,998)16,651
184,145

997
5,396
3,255
2,308
9,230
(2,482)
18,704
194,934

997
4,721
2,893
2,413
11,551(2,841)
19,734
205,712

997
5,763
2,679
2,190
14,260(2,643)23,246
203,418

2004/3

2005/3

2006/3

2007/3

2008/3422–
2,711
32,397
4,212
3,903
4,016
47,66185–
2,737
34,606
3,231
3,567
5,125
49,35147–
4,417
37,416
5,787
1,454
4,929
54,050–20
4,937
40,252
2,142
4,606
7,039
58,996–20
5,411
38,739
2,411
1,118
4,521
52,220* 現金預金は現金及び現金同等物の金額に組み替えています。

負債・純資産の部（百万円 Millions of yen ）

流動負債：
短期借入金
一年以内償還予定の転換社債
関係会社預り金
工事未払金・買掛金
未成工事受入金
未払法人税等
その他流動負債
流動負債合計LIABILITIES AND NET ASSETS
Current Liabilities:
Short-term bank loans
Current portion of convertible bonds
Deposits received from subsidiaries
Accounts payable̶trade
Advances received on construction in progress
Income taxes payable
Other current liabilities
Total current liabilities

固定負債：
長期借入金
退職給付引当金／退職給与引当金
繰延税金負債
再評価に関わる繰延税金負債
連結調整勘定負ののれん
その他固定負債
固定負債合計Long-Term Liabilities:
Long-term debt
Accrued severance indemnities
Deferred tax liabilities
Deferred tax liabilities for unrealized gains on land revaluation
Consolidation adjustments account
Negative goodwill
Other long-term liabilities
Total long-term liabilities

–
1,249
–
2,366
6,974
–
1,273
11,862

270
1,092
587
2,366
5,585
–
25
9,925

113
1,247
894
2,366
3,962
–
6
8,588

30
1,252
877
2,366
–
2,455
117
7,097

10
1,369
705
2,366
–
950
190
5,590

純資産：
資本金
資本剰余金
利益剰余金
土地再評価差額金
その他有価証券評価差額金
自己資本合計少数株主持分
純資産合計
負債､ 純資産合計

Net Assets:
Common stock
Additional paid-in capital
Retained earnings
Unrealized loss on land revaluation
Unrealized gain (loss) on securities
Total shareholdersʼ equity
Minority Interests
Total Net Assets
Total liabilities and net assets

31,14130,73663,005(8,514)
256
116,624993
117,617
177,140

31,14130,736
69,977(7,923)
309
124,240
629
124,869
184,145

31,14130,736
76,693(7,897)847
131,520776
132,296
194,934

31,14130,73684,439(7,897)497
138,916703
139,619
205,712

31,14130,736
91,158(7,897)(217)
144,921687
145,608
203,418

日本コムシスグループ

Nippon COMSYS Group

Annual Report 2008

連結損益計算書（5年間）
Consolidated Statements of Income (5 Years)（百万円 Millions of yen ）2004/3

2005/3

2006/3

2007/3

2008/3

売上高：
売上原価：
売上総利益

Net Sales:
Cost of Sales:
Gross profits

206,51718278023,737

227,548
198,462
29,086236,177
206,961
29,216257,269
225,322
31,947

236,743
208,050
28,693

販売費及び一般管理費
営業利益

Selling, General and Administrative Expenses
Operating income

15,754
7,983

15,551
13,535

14,793
14,423

16,372
15,575

16,471
12,222

営業外収益（費用）：受取利息配当金
支払利息
その他

Other Income (Expenses):
Interest and dividend income
Interest expenses
Other, net

191
(4)
142
329

302
(9)
587
880

210
(12)
(63)
135

224
(12)
512
724

216
(14)
2,024
2,226

8,312

14,415

14,55816,29914,448

4,234
(718)
3,516
211
4,585

6,156
(802)
5,354
(238)
9,299

4,747
693
5,440
65
9,053

7,271
(648)
6,623
(8)
9,684

4,250
1,278
5,528
39
8,881

税金等調整前当期純利益

Income before income taxes andother adjustments to net income

法人税等：
Income Taxes:
法人税、住民税及び事業税
Current
法人税等調整額
Deferred
少数株主利益
当期純利益

Minority Interests in Subsidiary
Net Income

67

68

COMSYS Holdings Corporation

部門別受注高／売上高／売上構成（単独ベース）
Performance by Business Category (Non-Consolidated Basis)
部門別受注高Orders Received by Business Category（百万円 Millions of yen ）NTT 情報通信

2007/3

Subtotal

68,06423,93873,391
165,393

70,596
20,721
87,113
178,430

69,723
21,481
73,276
164,480

Engineering
MobileElectrical Facilities
Subtotal

16,368521
1,986
18,875

17,9103
1,171
19,085

17,813
5
1,210
19,028NI 系ソリューション NI-related Solutions
SI 系ソリューション SI-related Solutions
保守
Maintenance
小計
Subtotal

10,646
11,2905,837
27,773

10,13810,001
6,857
26,997

14,156
10,0995,199
29,454

8,214
220,255

8,082
232,596

7,234
220,196

2006/3

2007/3

2008/369,031
20,15587,422
176,608

68,406
20,616
68,767
157,789

アクセス
ネットワークモバイル
小計

AccessNetwork
Mobile電気通信
エンジニアリング事業

Electrical Communications
Engineering

エンジニアリング
モバイル
電気設備
小計

ITソリューション事業

IT Solutions

社会システム関連事業等
合計

Social System-related and Other
Total

エンジニアリング事業

部門別売上高2008/3

2006/3NTT Information
Telecommunication
Engineering

Net Sales by Business Category（百万円 Millions of yen ）NTT 情報通信

エンジニアリング事業

NTT Information
Telecommunication
Engineering

アクセス
ネットワークモバイル
小計

AccessNetwork
MobileSubtotal

65,66924,93470,956
161,559

電気通信
エンジニアリング事業

Electrical Communications
Engineering

エンジニアリング
モバイル
電気設備
小計

Engineering
MobileElectrical Facilities
Subtotal

18,900634
1,908
21,442

20,055
4
3,199
23,25914,7085
1,277
15,990ITソリューション事業

IT Solutions

NI 系ソリューション NI-related Solutions
SI 系ソリューション SI-related Solutions
保守
Maintenance
小計
Subtotal

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

11,354
10,1996,740
28,294

13,896
11,212
6,777
31,885

社会システム関連事業等
合計

Social System-related and Other
Total

9,264
217,780

9,587
237,748

9,850
215,514

部門別受注高事業部門別受注高構成

Orders Received by Business Category

Composition of Orders Received by Business Category（百万円 Millions of yen ）NTT 情報通信エンジニアリング事業
NTT Information Telecommunication
Engineering

250,000
200,000

電気通信エンジニアリング事業

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

社会システム関連事業等

Electrical Communications Engineering
ITソリューション事業
IT Solutions

Electrical Communications Engineering
ITソリューション事業
IT Solutions

150,000
100,000

電気通信エンジニアリング事業

Social System-related and Other

50,00002008 年 3 月期 Year Ended 31st March, 2008

社会システム関連事業等

Social System-related and Other

06

07

08

部門別売上高事業部門別売上構成

Net Sales by Business Category

Composition of Sales by Business Category（百万円 Millions of yen ）NTT 情報通信エンジニアリング事業
NTT Information Telecommunication
Engineering

250,000
200,000

100,000

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

社会システム関連事業等

Electrical Communications Engineering
ITソリューション事業
IT Solutions

Social System-related and Other

50,0000

電気通信エンジニアリング事業

Electrical Communications Engineering
ITソリューション事業
IT Solutions

150,000

2008 年 3 月期 Year Ended 31st March, 2008

電気通信エンジニアリング事業

社会システム関連事業等

Social System-related and Other

06

07

08

Annual Report 2008

サンコムグループ（連結財務データファイル）

SANCOM GroupCONSOLIDATED FINANCIAL DATA
当該連結財務諸表は、国外の投資家のために、日本で要求される連結財務諸表の表示に調整を加え、国外で広く普及している様式で作成されています。

Certain reclassifications of account balances have been made so as to present the consolidated
financial statements in a form that is more familiar to readers outside Japan.

69

70

COMSYS Holdings Corporation

経営成績（連結ベース）
Operating Results (Consolidated Basis)
経営成績（連結ベース） Operating Results (Consolidated Basis)（百万円 Millions of yen ）

受注高 *
売上高
売上総利益
営業利益
経常利益
税金等調整前当期純利益（損失）
当期純利益（損失）New Orders Received during the Year*Net Sales
Gross Profits
Operating Income
Recurring Profit
Income before Income Taxes andOther Adjustments to Net Income (Loss)Net Income (Loss)

2004/3

2005/3

2006/3

2007/3

2008/3–44,318
4,045
942
631

–
44,220
3,571
497
423

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

65,65363,703
6,608
2,750
2,764

73,99173,517
7,641
3,666
3,678

(326)
(166)

(2,743)(2,583)

1,109
598

2,790
1,801

3,620
2,493

* サンワコムシスエンジニアリング株式会社は2005 年 3 月期以前の連結ベースの受注高について開示していません。
* SANWA COMSYS Engineering Corporation does not disclose New Orders Received on a consolidated basis for the fiscal years prior to the fiscal year ended March 2005.

受注高

売上高

売上総利益／営業利益

経常利益

New Orders Received
during the YearNet Sales

Gross Profits /Operating Income

Recurring Profit（百万円 Millions of yen ）（百万円 Millions of yen ）

（百万円

（百万円

75,00075,000

8,000

4,000

60,00060,000

6,000

3,000

45,00045,000
4,000

2,000

30,00030,00015,00015,000

2,000

1,000

0

06

07

08

0

04

05

06

07

08

0

Millions of yen ）

04

05

06

07

売上総利益 Gross Profits
営業利益 Operating Income

当期純利益（損失）Net Income (Loss)（百万円 Millions of yen ）

3,000
2,000
1,000
0
–1,000–2,000–3,000

04

05

06

07

08

08

0

Millions of yen ）

04

05

06

07

08

サンコムグループ

SANCOM Group

Annual Report 2008

収益性の指標（連結ベース）
Profitability (Consolidated Basis)
収益性の指標（連結ベース） Profitability (Consolidated Basis)（％）

2004/3

2005/3

2006/3

2007/3

2008/32.13
1.42(0.74)(0.37)(5.06)(0.54)

1.12
0.96(6.20)(5.84)(60.45)(9.80)

2.31
2.33
1.94
1.05
11.07
2.13

4.32
4.34
4.38
2.83
28.31
6.07

4.99
5.00
4.92
3.39
30.30
7.96

売上高営業利益率
売上高経常利益率
売上高税引前利益率
売上高当期純利益率
自己資本当期純利益率
総資産当期純利益率

Operating Margin
Recurring Profit Margin
Pre-Tax Profit Margin
Net Profit Margin
Return on Equity (ROE)
Return on Total Assets (ROA)

売上高営業利益率

売上高経常利益率

売上高当期純利益率

自己資本当期純利益率

Operating Margin

Recurring Profit Margin

Net Profit Margin

Return on Equity (ROE)

（%）

（%）

（%）

（%）

6

6

4

50

5

5

2

25

4

4

0

3

3

–2

2

2

–4

1

1

–6

0

04

05

06

07

0

08

04

05

06

07

08

–8

0
–25
–50
04

05

06

07

08

–75

総資産当期純利益率

Return on Total Assets
(ROA)
（%）

10
5
0
–5
–10

04

05

06

07

08

自己資本当期純利益率［ ROE ］=

総資産当期純利益率［ ROA ］=

当期純利益

x100

自己資本（2 期末平均）

当期純利益

x100

総資産（2 期末平均）

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

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

x100

x100

04

05

06

07

08

71

72

COMSYS Holdings Corporation

成長性／効率性の指標（連結ベース）
Efficiency (Consolidated Basis)
成長性／効率性の指標（連結ベース） Efficiency (Consolidated Basis)（百万円 Millions of yen, except where noted ）2004/3

2005/3

2006/3

2007/3

2008/3

総資産
自己資本
運転資本
総資産回転率（回）有形固定資産回転率（回）Total Assets
Shareholdersʼ Equity
Modified Working Capital
Turnover of Total Assets (times)
Turnover of Property and Equipment(times)28,2673,350(2,381)
1.45

24,441
5,196
663
1.68

31,634
5,612(1,131)
2.03

27,745
7,112
556
2.15

34,869
9,341
2,850
2.35

5.85

6.98

11.61

15.10

19.21

総資産／自己資本

運転資本

総資産回転率

有形固定資産回転率

Total Assets /Shareholdersʼ Equity

Modified Working Capital

Turnover of Total Assets

Turnover of Property andEquipment（百万円 Millions of yen ）（百万円 Millions of yen ）（倍（倍40,000

3

3,000

20
2

1,000

20,000Times ）

25

2,000

30,000

15

0
10

1

–1,00010,0000Times ）

5

–2,000
04

05

06

07

08

–3,000

04

05

06

07

08

0

04

05

06

07

08

0

04

05

06

07

08

総資産 Total Assets
自己資本 Shareholdersʼ Equity

運転資本 =（流動資産– 未成工事支出金）–（流動負債– 未成工事受入金）

Modified Working Capital = (Current Assets – Accumulated Cost of Construction in Progress) –(Current Liabilities – Advances Received on Construction in Progress)

総資産回転率 =

売上高
総資産（2 期末平均）

有形固定資産回転率 =売上高
有形固定資産（2 期末平均）

Turnover of Total Assets =Net Sales
Total Assets (Average of two year-ends)

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

サンコムグループ

SANCOM Group

Annual Report 2008

安全性の指標（連結ベース）
Stability (Consolidated Basis)
安全性の指標（連結ベース） Stability (Consolidated Basis)（％ except where noted ）自己資本比率
流動比率
当座比率
固定比率
固定長期適合率

2004/3

2005/3

2006/3

2007/3

2008/3

11.85
86.20
79.79
285.8521.26
105.1396.50
159.14

17.74
95.08
88.41
116.6625.63
103.06
98.04
73.47

26.79
112.17108.5756.02

105.47
3.37
11,290
3.40

80.56
1.22
6,343
3.35

80.80
1.37
7,744
13.91

58.43
0.45
3,218
46.80

49.58
0.74
6,900
99.43

負債・自己資本比率（倍）
有利子負債残高（百万円）
インタレスト・カバレッジ（倍）Equity Ratio
Current Ratio
Quick Ratio
Fixed Assets-to-Equity Capital Ratio
Ratio of Fixed Assets-to-Net Assets
and Long-Term Liabilities
Debt/Equity Ratio (times)
Interest-Bearing Debt (millions of yen)Interest Coverage (times)

自己資本比率

流動比率／当座比率

固定比率／固定長期適合率

Equity Ratio

Current Ratio / Quick Ratio

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

（%）

（%）

（%）

（百万円

30

125

300

12,000

4

100

250

9,000

3

6,000

2

3,000

1

25
20

有利子負債残高／
負債・自己資本比率

Interest-Bearing Debt /Debt/Equity Ratio

200

75

15

150
50

10

100

25

5
0

04

05

06

07

08

0

50
04

05

流動比率
当座比率

06

07

0

08

04

05

06

07

0

08

04

05

06

07

08

0

有利子負債残高 Interest-Bearing Debt
負債・自己資本比率 Debt/Equity Ratio

固定比率

Current Ratio
Quick Ratio

Millions of yen ） （倍 Times ）Fixed Assets-to-Equity Capital Ratio

固定長期適合率

Ratio of Fixed Assets-to-Net Assets
and Long-Term Liabilities

インタレスト・カバレッジ

Interest Coverage（倍

流動比率 =

Times ）

100

当座比率 =

80

流動資産 – 未成工事支出金
流動負債 – 未成工事受入金

現金預金、有価証券
及び売上債権
流動負債 – 未成工事受入金

x100

Current Ratio =x100

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

Cash and Cash Equivalents, Short-Term Investments
and Notes and Accounts Receivable̶Trade
Current Liabilities –Advances Received on Construction in Progress

6040

固定比率 =

20
0

04

05

06

07

08

固定資産
自己資本

固定長期適合率 =Fixed Assets-to-Equity Capital Ratio=

x100

固定資産
純資産 + 固定負債

負債・自己資本比率 =

x100

有利子負債
自己資本

営業利益 +
インタレスト・カバレッジ = 受取利息および配当金
支払利息

x100

x100

Property, Equipment, Investments andOther Assets
Shareholdersʼ Equity

Property, Equipment,
Ratio of Fixed Assets-to-Net Assets Investments and Other Assets=
x100
and Long-Term Liabilities
Net Assets +Long-Term Liabilities

Debt/Equity Ratio =Interest Coverage=

Interest-Bearing Debt
Shareholdersʼ Equity

Operating Income + Interest and Dividend Income
Interest Expenses

x100

73

74

COMSYS Holdings Corporation

連結貸借対照表（5年間）
Consolidated Balance Sheets (5 Years)
資産の部（百万円 Millions of yen ）流動資産：
現金預金 *
有価証券
受取手形・完成工事未収入金・売掛金
棚卸資産：
未成工事支出金
その他棚卸資産関連会社短期貸付金
繰延税金資産その他流動資産
貸倒引当金
流動資産合計ASSETS
Current Assets:
Cash and cash equivalents*
Short-term investments
Notes and accounts receivable̶trade
Inventories:
Accumulated cost of construction in progress
Other
Short-term loans to subsidiaries
Deferred income taxes
Other current assets
Less: Allowance for doubtful receivables
Total current assets

2004/3

2005/3

2006/3

2007/3

2008/3924
32
12,808867–
11,606

4,576–
15,737

3,546–
14,247

5,470–
19,955

3,821
204
187
325
444
(54)
18,691

2,584
166
183
355
459
(48)
16,172

3,242
130
26
949
489
(62)
25,087

3,815
92
23
540
438
(181)
22,520

3,368
2
20
669
405
(253)
29,636有形固定資産：土地
建物・構築物
機械装置・運搬具及び工具器具備品
建設仮勘定
減価償却累計額
有形固定資産合計

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

4,493
3,706
1,798
2
(2,616)
7,383

3,049
3,321
1,149
–
(2,238)
5,281

2,634
3,166
844
–
(2,101)
4,543

2,176
2,465
874
–
(1,621)
3,894

2,170
2,505
868
–
(1,783)
3,760

投資及びその他の資産：投資有価証券：
関係会社株式その他
長期貸付金
繰延税金資産その他資産
貸倒引当金
投資及びその他資産合計
資産合計

Investments and Other Assets:
Investment securities:
Unconsolidated subsidiaries and affiliates
Other
Long-term loans receivable
Deferred income taxes
Other assets
Less: Allowance for doubtful receivables
Total investments and other assets
Total assets

35
607
274
925
564
(212)
2,193
28,267

56
544
971
1,277
384
(244)
2,988
24,441

35
584
973
277
723
(588)
2,004
31,634

35
481
197
233
839
(454)
1,331
27,745

35
337
170
495
918
(482)
1,473
34,869* 現金預金は現金及び現金同等物の金額に組み替えています。

負債・純資産の部（百万円 Millions of yen ）2004/3

2005/3

2006/3

2007/3

2008/3

流動負債：
短期借入金
一年以内償還予定の社債
関係会社預り金
支払手形・工事未払金等
未成工事受入金
未払税金
その他流動負債
流動負債合計LIABILITIES AND NET ASSETS
Current Liabilities:
Short-term bank loans
Current portion of bonds
Short-term loans from subsidiaries
Accounts payable̶trade
Advances received on construction in progress
Taxes payable
Other current liabilities
Total current liabilities

5,321
800
1,526
8,123
1,937
434
1,047
19,188

1,631
–
2,151
7,334
1,252
324
1,485
14,177

3,079
–
4,257
14,000
555
492
1,148
23,531308–
2,758
11,898
653
837
2,348
18,802––
6,900
13,745
896
1,748
1,025
24,314

固定負債：
長期借入金
関係会社長期預り金
退職給付引当金／退職給与引当金
その他固定負債
固定負債合計Long-Term Liabilities:
Long-term borrowings
Long-term deposits received from affiliated companies
Accrued severance indemnities
Other long-term liabilities
Total long-term liabilities

3,643
–
2,030
21
5,694

2,561
–
2,451
20
5,032

108
300
1,813
231
2,452

–
152
1,402
265
1,819

–
–
983
212
1,195

純資産：
資本金
資本剰余金
利益剰余金
その他有価証券評価差額金
為替換算調整勘定
自己資本合計少数株主持分
純資産合計
負債、純資産合計

Net Assets:
Common stock
Additional paid-in capital
Retained earnings
Unrealized gain (loss) on securities
Translation adjustments
Total shareholdersʼ equity
Minority Interests
Total Net Assets
Total liabilities and net assets

1,375
660
1,297
66
(48)
3,350
35
3,385
28,2673,625
2,910(1,333)
35
(41)
5,196
36
5,232
24,441

3,625
653
1,248
122
(36)
5,612
39
5,651
31,634

3,625
653
2,755
79
–
7,112
12
7,124
27,745

3,625
653
5,062
1
–
9,341
19
9,360
34,869

サンコムグループ

SANCOM Group

Annual Report 2008

連結損益計算書（5年間）
Consolidated Statements of Income (5 Years)（百万円 Millions of yen ）2007/3

2008/3

売上高（完成工事高）：
売上原価（完成工事原価）：
売上総利益

Net Sales̶Construction contracts:
Cost of Sales̶Construction contracts:
Gross profits

44,31840,273
4,045

44,22040,6493,571

57,02952,171
4,858

63,70357,095
6,608

73,51765,8767,641

販売費及び一般管理費
営業利益

Selling, General and Administrative Expenses
Operating income

3,103
942

3,074
497

3,541
1,317

3,858
2,750

3,975
3,666

営業外収益（費用）：受取利息配当金
支払利息
その他

Other Income (Expenses):
Interest and dividend income
Interest expenses
Other, net

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

60
(99)
(169)
(208)

11
(59)
88
40

13
(37)
(22)
(46)

(326)

(2,743)

1,109

2,790

3,620

147
(288)
(141)
(19)
(166)

200
(365)
(165)
5
(2,583)

163
343
506
5
598

458
531
989
0
1,801

1,506
(387)
1,119
8
2,493

税金等調整前当期純利益

Income before income taxes and otheradjustments to net income (loss)

法人税等：
法人税、住民税及び事業税
法人税等調整額

Income Taxes:
Current
Deferred

少数株主利益（損失）
当期純利益（損失）Minority Interests in Subsidiary (Loss)Net Income (Loss)

2004/3

2005/3

2006/375

76

COMSYS Holdings Corporation

部門別受注高／売上高／売上構成（単独ベース）
Performance by Business Category (Non-Consolidated Basis)
部門別受注高Orders Received by Business Category（百万円 Millions of yen ）NTT 情報通信

エンジニアリング事業

NTT Information
Telecommunication Engineering

電気通信
エンジニアリング事業

Electrical Communications
Engineering

エンジニアリング

NCC

電設
小計

ITソリューション事業

社会システム関連事業等
合計

部門別売上高Engineering
NCC
Electrical Facilities
Subtotal

IT Solutions
Social System-related and Other
Total

2006/3

2007/3

2008/3

2,017

2,606

1,986

8,301
26,8098,678
43,788

4,342
33,254
9,495
47,092

4,499
40,816
9,775
55,090348
3,046
49,1994,057
3,010
56,766

4,516
3,111
64,703

2006/3

2007/3

2008/3

2,057

2,808

2,102

8,102
25,934
10,18944,2255,264
33,272
7,369
45,9083,984
41,144
9,133
54,261

174
3,248
49,704

3,642
2,762
55,121

4,592
3,455
64,410Net Sales by Business Category（百万円 Millions of yen ）NTT 情報通信

エンジニアリング事業

NTT Information
Telecommunication Engineering

電気通信
エンジニアリング事業

Electrical Communications
Engineering

エンジニアリング

NCC

電設
小計

ITソリューション事業

社会システム関連事業等
合計

Engineering
NCC
Electrical Facilities
Subtotal

IT Solutions
Social System-related and Other
Total

部門別受注高事業部門別受注高構成

Orders Received by Business Category

Composition of Orders Received by Business Category（百万円 Millions of yen ）NTT 情報通信エンジニアリング事業
NTT Information Telecommunication
Engineering

70,00060,00050,000

電気通信エンジニアリング事業

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

社会システム関連事業等

Electrical Communications Engineering
ITソリューション事業
IT Solutions

30,000Electrical Communications Engineering
ITソリューション事業
IT Solutions

20,000Social System-related and Other

40,0002008 年 3 月期 Year Ended 31st March, 2008

電気通信エンジニアリング事業

社会システム関連事業等

10,0000Social System-related and Other

06

07

08

部門別売上高事業部門別売上構成

Net Sales by Business Category

Composition of Sales by Business Category（百万円 Millions of yen ）NTT 情報通信エンジニアリング事業
NTT Information Telecommunication
Engineering

70,00060,00050,000

電気通信エンジニアリング事業

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

社会システム関連事業等

Electrical Communications Engineering
ITソリューション事業
IT Solutions

30,000Electrical Communications Engineering
ITソリューション事業
IT Solutions

20,000Social System-related and Other

40,00010,00002008 年 3 月期 Year Ended 31st March, 2008

電気通信エンジニアリング事業

社会システム関連事業等

Social System-related and Other

06

07

08

Annual Report 2008

TOSYSグループ（連結財務データファイル）

TOSYS GroupCONSOLIDATED FINANCIAL DATA
当該連結財務諸表は、国外の投資家のために、日本で要求される連結財務諸表の表示に調整を加え、国外で広く普及している様式で作成されています。

Certain reclassifications of account balances have been made so as to present the consolidated
financial statements in a form that is more familiar to readers outside Japan.

77

78

COMSYS Holdings Corporation

経営成績（連結ベース）
Operating Results (Consolidated Basis)
経営成績（連結ベース） Operating Results (Consolidated Basis)（百万円

Millions of yen ）

受注高
売上高
売上総利益
営業利益
経常利益
税金等調整前当期純利益

New Orders Received during the YearNet Sales
Gross Profits
Operating Income
Recurring Profit
Income before Income Taxes and Other
Adjustments to Net Income
Net Income

当期純利益

2004/3

2005/3

2006/3

2007/3

2008/325,83425,380
3,255
947
977

28,37327,874
3,328
970
1,085

29,12828,347
3,049
554
635

30,65529,531
3,112
885
958

31,62432,885
2,420
439
482

902
360

1,034
517

471
226

1,012
415

470
194

受注高

売上高

売上総利益／営業利益

経常利益

New Orders Received
during the YearNet Sales

Gross Profits /Operating Income

Recurring Profit（百万円 Millions of yen ）（百万円 Millions of yen ）

（百万円

（百万円

40,00040,000

4,000

1,200

30,00030,0003,000

900

20,00020,0002,000

600

10,00010,000

1,000

300

0

04

05

06

07

08

0

04

05

06

07

08

0

Millions of yen ）

04

05

06

07

売上総利益 Gross Profits
営業利益 Operating Income

当期純利益

Net Income（百万円 Millions of yen ）

600
450
300
150
0

04

05

06

07

08

08

0

Millions of yen ）

04

05

06

07

08

TOSYSグループ

TOSYS Group

Annual Report 2008

収益性の指標（連結ベース）
Profitability (Consolidated Basis)
収益性の指標（連結ベース） Profitability (Consolidated Basis)（%）

売上高営業利益率
売上高経常利益率
売上高税引前利益率
売上高当期純利益率
自己資本当期純利益率
総資産当期純利益率

Operating Margin
Recurring Profit Margin
Pre-Tax Profit Margin
Net Profit Margin
Return on Equity (ROE)
Return on Total Assets (ROA)

2004/3

2005/3

2006/3

2007/3

2008/3

3.73
3.85
3.55
1.42
4.73
2.44

3.48
3.89
3.71
1.86
6.83
3.25

1.95
2.24
1.66
0.80
2.88
1.40

3.00
3.24
3.43
1.41
5.15
2.50

1.33
1.47
1.43
0.59
2.35
1.11

売上高営業利益率

売上高経常利益率

売上高当期純利益率

自己資本当期純利益率

Operating Margin

Recurring Profit Margin

Net Profit Margin

Return on Equity (ROE)

（%）

（%）

（%）

（%）

4

4

2.0

8

3

3

1.5

6

2

2

1.0

4

1

1

0.5

2

0

04

05

06

07

0

08

04

05

06

07

08

0

04

05

06

07

08

0

04

総資産当期純利益率

Return on Total Assets
(ROA)
（%）

4
3
2
1
0

04

05

06

07

08

自己資本当期純利益率［ ROE ］=

総資産当期純利益率［ ROA ］=

当期純利益

x100

自己資本（2 期末平均）

当期純利益

x100

総資産（2 期末平均）

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

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

x100

x100

05

06

07

08

79

80

COMSYS Holdings Corporation

成長性／効率性の指標（連結ベース）
Efficiency (Consolidated Basis)
成長性／効率性の指標（連結ベース） Efficiency (Consolidated Basis)（百万円

Millions of yen, except where noted ）2004/3

2005/3

2006/3

2007/3

2008/3

総資産
Total Assets
自己資本
Shareholdersʼ Equity
運転資本
Modified Working Capital
総資産回転率（回）Turnover of Total Assets (times)
有形固定資産回転率（回） Turnover of Property and Equipment

15,091
7,363
3,681
1.72

16,772
7,769
3,049
1.75

15,483
7,904
3,817
1.76

17,718
8,221
2,867
1.78

17,116
8,255
2,751
1.89

6.08

6.65

6.95

7.17

6.94

総資産／自己資本

運転資本

総資産回転率

有形固定資産回転率

Total Assets /Shareholdersʼ Equity

Modified Working Capital

Turnover of Total Assets

Turnover of Property andEquipment（百万円 Millions of yen ）（百万円 Millions of yen ）（回（回

20,000

4,000

2.0

8

15,000

3,000

1.5

6

10,000

2,000

1.0

4

5,000

1,000

0.5

2

(times)

0

04

05

06

07

08

0

04

05

06

07

08

0

Times ）

04

05

06

07

08

0

Times ）

04

05

06

07

08

総資産 Total Assets
自己資本 Shareholdersʼ Equity

運転資本 =（流動資産– 未成工事支出金）–（流動負債– 未成工事受入金）

Modified Working Capital = (Current Assets – Accumulated Cost of Construction in Progress) –(Current Liabilities – Advances Received on Construction in Progress)

総資産回転率 =

売上高
総資産（2 期末平均）

有形固定資産回転率 =売上高
有形固定資産（2 期末平均）

Turnover of Total Assets =Net Sales
Total Assets (Average of two year-ends)

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

TOSYSグループ

TOSYS Group

Annual Report 2008

安全性の指標（連結ベース）
Stability (Consolidated Basis)
安全性の指標（連結ベース） Stability (Consolidated Basis)（％ except where noted ）2004/3

2005/3

2006/3

2007/3

2008/3

自己資本比率
流動比率
当座比率
固定比率
固定長期適合率

Equity Ratio
Current Ratio
Quick Ratio
Fixed Assets-to-Equity Capital Ratio
Ratio of Fixed Assets-to-Net Assets
and Long-Term Liabilities
負債・自己資本比率（倍）Debt/Equity Ratio (times)
有利子負債残高（百万円）
Interest-Bearing Debt (millions of yen)
インタレスト・カバレッジ（倍） Interest Coverage (times)

48.79
181.19150.1579.49

46.32
150.48138.6476.20

51.05
184.19168.0071.82

46.40
143.45126.11
69.43

48.23
143.83123.94
76.95

57.28
0.15
1,123
29.91

56.68
0.20
1,532
58.59

54.29
0.13
1,034
70.50

53.89
0.19
1,558
149.50

60.32
0.28
2,321
50.33

自己資本比率

流動比率／当座比率

固定比率／固定長期適合率

Equity Ratio

Current Ratio / Quick Ratio

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

（%）

（%）

（%）

（百万円

60

200

100

3,000

0.3

50

160

80

120

60

2,000

0.2

80

40

1,000

0.1

40

20

40

有利子負債残高／
負債・自己資本比率

Interest-Bearing Debt /Debt/Equity Ratio
Millions of yen ） （倍 Times ）

30
20
10
0

04

05

06

07

08

0

04

05

流動比率
当座比率

06

07

0

08

04

05

06

07

0

08

固定比率

Current Ratio
Quick Ratio

04

05

06

07

08

0

有利子負債残高 Interest-Bearing Debt
負債・自己資本比率 Debt/Equity Ratio

Fixed Assets-to-Equity Capital Ratio

固定長期適合率

Ratio of Fixed Assets-to-Net Assets
and Long-Term Liabilities

インタレスト・カバレッジ

Interest Coverage（倍

流動比率 =

Times ）

200

当座比率 =

流動資産 – 未成工事支出金
流動負債 – 未成工事受入金

現金預金、有価証券
及び売上債権
流動負債 – 未成工事受入金

x100

Current Ratio =x100

Quick Ratio =150100
固定比率 =

50
0

04

05

06

07

08

固定資産
自己資本

固定長期適合率 =Current Liabilities –Advances Received on Construction in Progress

純資産 + 固定負債

x100

有利子負債
自己資本

営業利益 +
インタレスト・カバレッジ = 受取利息および配当金
支払利息

x100

Cash and Cash Equivalents, Short-Term Investments
and Notes and Accounts Receivable̶Trade
Current Liabilities –Advances Received on Construction in Progress

Fixed Assets-to-Equity Capital Ratio=

x100

固定資産

負債・自己資本比率 =Current Assets –Accumulated Cost of Construction in Progressx100

Property, Equipment, Investments andOther Assets
Shareholdersʼ Equity

Property, Equipment,
Ratio of Fixed Assets-to-Net Assets Investments and Other Assets=
x100
and Long-Term Liabilities
Net Assets +Long-Term Liabilities

Debt/Equity Ratio =Interest Coverage=

Interest-Bearing Debt
Shareholdersʼ Equity

Operating Income + Interest and Dividend Income
Interest Expenses

x100

81

82

COMSYS Holdings Corporation

連結貸借対照表（5年間）
Consolidated Balance Sheets (5 Years)
資産の部（百万円 Millions of yen ）

流動資産：
現金預金
受取手形・完成工事未収入金・売掛金
棚卸資産：
未成工事支出金
その他棚卸資産繰延税金資産短期貸付金
その他流動資産
貸倒引当金
流動資産合計ASSETS
Current Assets:
Cash and cash equivalents
Notes and accounts receivable–trade
Inventories:
Accumulated cost of construction in progress
Other
Deferred income taxes
Short-term loans
Other current assets
Less: Allowance for doubtful receivables
Total current assets

2004/3

2005/3

2006/3

2007/3

2008/3

801
6,007

1,192
7,182

962
6,655

1,204
7,118

905
6,875

1,023
91
189
759
376
(8)
9,238

1,763
156
168
18
380
(7)
10,852

1,455
134
166
17
429
(12)
9,806

2,544
394
231
5
516
(2)
12,010

1,736
280
222
7
743
(4)
10,764

有形固定資産：土地
建物・構築物
機械装置・運搬具及び工具器具備品
建設仮勘定
減価償却累計額
有形固定資産合計

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

2,259
3,223
2,077
–
(3,393)
4,166

2,285
3,391
2,164
6
(3,631)
4,215

2,168
3,279
2,282
–
(3,783)
3,946

2,471
3,276
2,081
1
(3,543)
4,286

2,500
4,223
2,130
1
(3,667)
5,187

投資及びその他の資産：投資有価証券
長期貸付金
繰延税金資産その他資産
貸倒引当金
投資及びその他資産合計
資産合計

Investments and Other Assets:
Investment securities
Long-term loans receivable
Deferred income taxes
Other assets
Less: Allowance for doubtful receivables
Total investments and other assets
Total assets

607
4
675
461
(60)
1,687
15,091

592
3
634
536
(60)
1,705
16,772

672
4
591
507
(43)
1,731
15,483

567
10
423
480
(58)
1,422
17,718

386
9
403
424
(57)
1,165
17,116

負債・純資産の部

2004/3

2005/3

2006/3

2007/3

2008/3

流動負債：
短期借入金
関係会社預り金
一年以内償還予定の社債
一年以内返済予定長期借入金
支払手形・工事未払金等
未成工事受入金
未払法人税等
その他流動負債
流動負債合計LIABILITIES AND NET ASSETS
Current Liabilities:
Short-term bank loans
Deposits received from subsidiaries
Current portion of straight bonds
Current portion of long-term debt
Accounts payable–trade
Advances received on construction in progress
Income taxes payable
Other current liabilities
Total current liabilities

186
–
500
105
2,600
338
351
792
4,872

60
1,134
–
148
3,603
288
186
909
6,328

70
774
–
98
3,045
493
79
468
5,027

–
1,465
–
51
4,013
528
355
715
7,127

–
2,280
–
41
3,400
309
111
445
6,586

固定負債：
長期借入金
退職給付引当金／退職給与引当金
連結調整勘定その他固定負債
固定負債合計Long-Term Liabilities:
Long-term debt
Accrued severance indemnities
Consolidation adjustments account
Other long-term liabilities
Total long-term liabilities

332
1,883
129
9
2,353

190
1,815
5
9
2,019

92
1,781
–
8
1,881

42
1,611
–
26
1,679

–
1,528
–
21
1,549

純資産：
資本金
資本剰余金
利益剰余金
その他有価証券評価差額金
自己資本合計少数株主持分
純資産合計
負債､ 純資産合計

Net Assets:
Common stock
Additional paid-in capital
Retained earnings
Unrealized gain on securities
Total shareholdersʼ equity
Minority Interests
Total Net Assets
Total liabilities and net assets

360
99
6,845
59
7,363
503
7,866
15,091

360
99
7,250
60
7,769
656
8,425
16,772

360
99
7,337
108
7,904
671
8,575
15,483

500
–
7,618
103
8,221
691
8,912
17,718

500
–
7,722
33
8,255
726
8,981
17,116（百万円 Millions of yen ）TOSYSグループ

TOSYS Group

Annual Report 2008

連結損益計算書（5年間）
Consolidated Statements of Income (5 Years)（百万円 Millions of yen ）2004/3

2005/3

2006/3

2007/3

2008/3

売上高：
売上原価：
売上総利益

Net Sales:
Cost of Sales:
Gross profits

25,38022,125
3,255

27,87424,546
3,328

28,34725,2983,049

29,531
26,4193,112

32,88530,4652,420

販売費及び一般管理費
営業利益

Selling, General and Administrative Expenses
Operating income

2,308
947

2,358
970

2,495
554

2,227
885

1,981
439

営業外収益（費用）：受取利息配当金
支払利息
その他

Other Income (Expenses):
Interest and dividend income
Interest expenses
Other, net

10
(32)
(23)
(45)

26
(17)
55
64

10
(8)
(85)
(83)

12
(6)
121
127

14
(9)
26
31

902

1,034

471

1,012

470

502
(116)
386
156
360

367
59
426
91
517

205
12
217
28
226

457
106
563
34
415

153
78
231
45
194

税金等調整前当期純利益

Income before income taxes andother adjustments to net income

法人税等：
Income Taxes:
法人税、住民税及び事業税
Current
法人税等調整額
Deferred
少数株主利益
当期純利益

Minority Interests in Subsidiary
Net Income

83

84

COMSYS Holdings Corporation

部門別受注高／売上高／売上構成（単独ベース）
Performance by Business Category (Non-Consolidated Basis)
部門別受注高Orders Received by Business Category（百万円 Millions of yen ）NTT 情報通信

NTT Information
Telecommunication
Engineering

エンジニアリング事業

電気通信
エンジニアリング事業
ITソリューション事業
社会システム関連事業等
合計

部門別売上高アクセス
ネットワークモバイル
小計

AccessNetwork
MobileSubtotal

Electrical Communications
Engineering
IT Solutions
Social System-related and Other
Total

2008/3

2006/3

2007/3

14,268658
282
15,208

16,202700
564
17,466

17,277616
385
18,278

4,211
3,191
621
23,231

3,876
3,758
155
25,255

4,246
2,642
383
25,5492006/3

2007/3

14,387706
292
15,385

15,338590
601
16,52917,439567
395
18,401

3,520
3,062
723
22,690

4,007
3,448
370
24,354

4,840
3,010
401
26,652Net Sales by Business Category（百万円 Millions of yen ）NTT 情報通信

NTT Information
Telecommunication
Engineering

エンジニアリング事業

電気通信
エンジニアリング事業
ITソリューション事業
社会システム関連事業等
合計

アクセス
ネットワークモバイル
小計

AccessNetwork
MobileSubtotal

Electrical Communications
Engineering
IT Solutions
Social System-related and Other
Total

2008/3

部門別受注高事業部門別受注高構成

Orders Received by Business Category

Composition of Orders Received by Business Category（百万円 Millions of yen ）NTT 情報通信エンジニアリング事業
NTT Information Telecommunication
Engineering

30,00025,00020,0002008 年 3 月期 Year Ended 31st March, 2008

電気通信エンジニアリング事業

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

社会システム関連事業等

Electrical Communications Engineering
ITソリューション事業
IT Solutions

Electrical Communications Engineering
ITソリューション事業
IT Solutions

15,00010,000

電気通信エンジニアリング事業

Social System-related and Other

社会システム関連事業等

5,000
0

Social System-related and Other

06

07

08

部門別売上高事業部門別売上構成

Net Sales by Business Category

Composition of Sales by Business Category（百万円 Millions of yen ）NTT 情報通信エンジニアリング事業
NTT Information Telecommunication
Engineering

30,00025,00020,00010,000

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

社会システム関連事業等

Electrical Communications Engineering
ITソリューション事業
IT Solutions

Social System-related and Other

5,000
0

電気通信エンジニアリング事業

Electrical Communications Engineering
ITソリューション事業
IT Solutions

15,0002008 年 3 月期 Year Ended 31st March, 2008

電気通信エンジニアリング事業

社会システム関連事業等

Social System-related and Other

06

07

08

コムシスホールディングス

COMSYS Holdings Corporation

Annual Report 2008

業界他社比較（連結ベース）
Comparison of Three Major Telecommunications Construction Companies in Japan (Consolidated Basis)
売上高

Net Sales（百万円

Millions of yen ）コムシスホールディングス* COMSYS Holdings*
協和エクシオKYOWA EXEO
大明DAIMEI TELECOM ENGINEERING

営業利益
（百万円

（百万円

Millions of yen ）（百万円

2007/3

2008/3

336,519
303,537
124,710

327,527
287,744
120,156

2005/3

2006/3

2007/3

2008/315,062
11,988
6,199

16,31914,537
6,363

19,214
20,453
8,187

16,29916,4007,611

2005/3

2006/3

2007/3

2008/3

17,145
12,377
6,164

18,754
15,2786,380

21,121
21,117
8,229

18,22917,203
7,791

2005/3

2006/3

2007/3

2008/3

8,349
6,423
2,978

10,031
9,174
3,215

12,382
11,023
4,393

11,641
10,685
4,328

Recurring Profit

Millions of yen ）コムシスホールディングス* COMSYS Holdings*
協和エクシオKYOWA EXEO
大明DAIMEI TELECOM ENGINEERING

当期純利益

2006/3

307,485
278,869
108,556

Operating Income

コムシスホールディングス* COMSYS Holdings*
協和エクシオKYOWA EXEO
大明DAIMEI TELECOM ENGINEERING

経常利益

2005/3

293,691
247,687
101,110Net Income

Millions of yen ）コムシスホールディングス* COMSYS Holdings*
協和エクシオKYOWA EXEO
大明DAIMEI TELECOM ENGINEERING* 当社の2005 年 3 月期の連結業績の数値につきましては、日本コムシス（株）の連結子会社の決算変更（2004 年 12 月期を2005 年 3 月期）により、会計期間が15ヶ月となっております。
出典 : 有価証券報告書* Consolidated results for fiscal 2005 include 15 months of operating results at a consolidated subsidiary of Nippon COMSYS due to a change in the fiscal year-end (from 31st December
to 31st March).
Source: Company business reports

売上高

営業利益

経常利益

当期純利益

Net Sales

Operating Income

Recurring Profit

Net Income（百万円 Millions of yen ）

（百万円

（百万円

30,00030,00015,00020,00020,00010,00010,00010,0005,000（百万円 Millions of yen）

400,000
300,000

Millions of yen ）Millions of yen ）200,000
100,000
0

05

06

07

08

コムシスホールディングス COMSYS Holdings
協和エクシオ KYOWA EXEO
大明 DAIMEI TELECOM ENGINEERING

0

05

06

07

08

0

05

06

07

08

0

05

06

07

08

85

86

COMSYS Holdings Corporation

総資産 Total Assets（百万円

Millions of yen ）コムシスホールディングス
協和エクシオ
大明

自己資本
（百万円

COMSYS Holdings
KYOWA EXEODAIMEI TELECOM ENGINEERING

2005/3

2006/3

2007/3

2008/3

208,681
154,280
69,911

220,786
162,640
73,893229,953
186,485
74,401

224,122
176,955
71,047

Shareholdersʼ Equity

Millions of yen ）コムシスホールディングス
協和エクシオ大明COMSYS Holdings
KYOWA EXEODAIMEI TELECOM ENGINEERING

自己資本当期純利益率

Return on Equity (ROE)（%）

2005/3

2006/3

2007/3

2008/3

128,063
67,11932,460137,161
75,57535,883

145,786
84,47939,127

149,152
88,72039,4492005/3

2006/3

2007/3

2008/3

6.7
9.8
9.6

7.6
12.9
9.4

8.8
13.8
11.7

7.9
12.3
11.0

2005/3

2006/3

2007/3

2008/3

4.0
4.5
4.3

4.7
5.8
4.5

5.5
6.3
5.9

5.1
5.9
6.0

コムシスホールディングス* COMSYS Holdings*
協和エクシオKYOWA EXEO
大明DAIMEI TELECOM ENGINEERING

総資産当期純利益率

Return on Total Assets (ROA)（%）

コムシスホールディングス* COMSYS Holdings*
協和エクシオKYOWA EXEO
大明DAIMEI TELECOM ENGINEERING* 当社の2005 年 3 月期の連結業績の数値につきましては、日本コムシス（株）の連結子会社の決算変更（2004 年 12 月期を2005 年 3 月期）により、会計期間が15ヶ月となっております。
出典 : 有価証券報告書* Consolidated results for fiscal 2005 include 15 months of operating results at a consolidated subsidiary of Nippon COMSYS due to a change in the fiscal year-end (from 31st December
to 31st March).
Source: Company business reports

総資産

自己資本

自己資本当期純利益率

総資産当期純利益率

Total Assets

Shareholdersʼ Equity

Return on Equity (ROE)

Return on Total Assets (ROA)

（百万円

（百万円

（%）

（%）

8

Millions of yen ）Millions of yen ）300,000

150,000

15

200,000

100,000

10

6
4

100,000

0

50,000

05

06

07

08

コムシスホールディングス COMSYS Holdings
協和エクシオ KYOWA EXEO
大明 DAIMEI TELECOM ENGINEERING

0

5

05

06

07

08

0

2

05

06

07

08

0

05

06

07

08

コムシスホールディングス

COMSYS Holdings Corporation

自己資本比率Equity Ratio（%）

コムシスホールディングス
協和エクシオ
大明

設備投資
（百万円

COMSYS Holdings
KYOWA EXEODAIMEI TELECOM ENGINEERING

2005/3

2006/3

2007/3

2008/3

61.4
43.5
46.4

62.1
46.5
48.6

63.4
45.3
52.6

66.6
50.1
55.5

2005/3

2006/3

2007/3

2008/3

3,260
3,348
218

4,823
1,819
387

7,240
4,196
1,642

9,850
3,402
5,657

2005/3

2006/3

2007/3

2008/3

58.42
56.59
72.66

69.65
81.94
77.12

87.39
100.33107.3783.87
98.42
107.56

2005/3

2006/3

2007/3

2008/3

25.7
19.4
20.6

21.5
18.3
20.7

19.5
17.9
17.7

20.3
20.3
18.6

Capital Expenditure

Millions of yen ）コムシスホールディングス* COMSYS Holdings*
協和エクシオKYOWA EXEO
大明DAIMEI TELECOM ENGINEERING

一株当たり当期純利益（円

Annual Report 2008

Primary Earnings per Share (EPS) (not diluted)

Yen ）コムシスホールディングス* COMSYS Holdings*
協和エクシオKYOWA EXEO
大明DAIMEI TELECOM ENGINEERING

配当性向

Payout Ratio（%）

コムシスホールディングス* COMSYS Holdings*
協和エクシオKYOWA EXEO
大明DAIMEI TELECOM ENGINEERING* 当社の2005 年 3 月期の連結業績の数値につきましては、日本コムシス（株）の連結子会社の決算変更（2004 年 12 月期を2005 年 3 月期）により、会計期間が15ヶ月となっております。
出典 : 有価証券報告書* Consolidated results for fiscal 2005 include 15 months of operating results at a consolidated subsidiary of Nippon COMSYS due to a change in the fiscal year-end (from 31st December
to 31st March).
Source: Company business reports

自己資本比率

設備投資

一株当たり当期純利益

配当性向

Equity Ratio

Capital Expenditure

Payout Ratio（%）

Primary Earnings per
Share (EPS) (not diluted)（百万円 Millions of yen ）

（円

（%）

80

10,000

120

60

7,500

90

40

5,000

60

20

2,500

30

0

05

06

07

08

コムシスホールディングス COMSYS Holdings
協和エクシオ KYOWA EXEO
大明 DAIMEI TELECOM ENGINEERING

0

05

06

07

08

0

Yen）

30

20

10

05

06

07

08

0

05

06

07

08

87

88

COMSYS Holdings Corporation

COMSYS Holdings Information
CORPORATE DATA As of 31st March, 2008
Name:
COMSYS Holdings Corporation
Hokkaido

Head Office:17-1, Higashigotanda 2-chome, Shinagawa-ku,
Tokyo 141-8647, Japan

Akita

URL:
Sado

http://www.comsys-hd.co.jp/

Shibata/Nagaoka/Joetsu
Kanto NakaNIIGATA

Niigata

Date of Establishment:
29th September, 2003

Fukushima

NAGANO

Hokuriku

NaganoUeda/Saku/Matsumoto/Shiojiri/Suwa/Iida/Ina

IbarakiTOKYO

Tochigi
Chiba

Kanagawa
Kanto Minami

Chugoku

Paid in Capital:

TohokuKyushuShizuoka¥10 billion

HachiojiKansaiTokai
Nishi Nippon
Takamatsu
Shikoku

Number of Employees:
8,173 (Consolidated)

Head Office/COMSYS Holdings Corporation
Head Office/Nippon COMSYS Corporation
Head Office/SANWA COMSYS Engineering Corporation
Head Office/TOSYS Corporation

Jakarta Branch Office
Okinawa

Branch Office/TOSYS Corporation
Branch/Nippon COMSYS Corporation
Branch/SANWA COMSYS Engineering Corporation
Branch/TOSYS Corporation

ORGANIZATION CHART As of 1st July, 2008
Board of Directors
Board of Corporate Auditors

President
Advisory Board

Senior Management Committee

CSR Committee
Corporate Compliance Committee
Risk Management Committee
Personal Information Protection
and Administration Committee

Corporate Planning
Department

IR Department

t$orporate Planning Groupt$orporate Strategy Group
t4trategy Planning Groupt$orporate Information Systems Department

Finance & Accounting
Department

General Affairs &Personnel Departmentt(FOFSBM "òBJST %FQBSUNFOU
t$orporate Group Personnel Department
t-Fgal Department
t13 %FQBSUNFOUInternal Control
Audit Department
t*OUFSOBM $POUSPM 0óDFt*OUFSOBM "VEJU 0óDFAnnual Report 2008

Investor Information As of 31st March, 2008
Fiscal Year-End:

Major Shareholders:

31st March, 2008

As of 31st March, 2008

Annual Shareholders’ Meeting:		
Shareholders

27th June, 2008

Shares Held(Thousands)

Percentage
of Total (%)

Japan Trustee Services Bank, Ltd.
(Trust Account)

13,114

8.98

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

10,991

7.52

Number of Shareholders:Japan Trustee Services Bank, Ltd.
(Mitsui Asset Trust and Banking
Company Retrust Portion, Fujikura Ltd.
Employee Pension Trust)

6,834

4.68

8,643

Sumitomo Electric Industries, Ltd.

5,166

3.53

The Furukawa Electric Co., Ltd.

5,166

3.53

Deutsche Securities Inc.

3,942

2.70

Trust & Custody Services Bank Ltd.
(Trust Account B)

3,058

2.09

Common Stock:
Authorized: 580,000,000 shares
Issued: 145,977,886 shares

Date of Listing:
September 2003

Stock Exchange Listings:
First Section of Tokyo Stock Exchange

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

2,850

1.95

and Osaka Securities Exchange

Nippon Life Insurance Company

2,683

1.83

(Securities code: 1721)

FUJITSU LIMITED

2,413

1.65

Transfer Agent:

The Company held 9,193,480 shares of treasury stock (representing a shareholding of 6.30%) as of
31st March, 2008. This shareholding has been excluded from the list of major shareholders.

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

Auditor:Composition of Shareholders:
As of 31st March, 2008

Individuals and Others

17.87%

Securities Companies

5.47%

Certified Public Accountants of Japan
O-Yu Kyodo Office

For further information and additional copiesof this Annual Report, please contact
IR Department
Tel: +81-3-3448-7000 (direct)
Fax: +81-3-3448-7001
E-Mail: chd-ir@comsys-hd.co.jp

Foreign Companies
and Individuals

25.40%

Domestic Companies

13.97%

Financial Institutions

37.29%

89

COMSYS Holdings Corporation Annual Report 2008

COMSYS Holdings Corporation
17-1, Higashigotanda 2-chome, Shinagawa-ku, Tokyo 141-8647, Japan
Tel: 81-3-3448-7100
http://www.comsys-hd.co.jp/