Annual Report 2015
Fiscal Year Ended March 31, 2015

COMSYS WAY
Advance of structural reforms and top-line growth

COMSYS Holdings Corporation

Contents

01 Profile02 President’s Message
06 COMSYS WAY Structural Reforms /Medium- and Long-Term Vision
08 Five Integrated Business Groups
10 Business at a Glance
12 Review of Operations
12 NTT Engineering Business
13 NCC Engineering Business
14 IT Solutions Business
15 Social System-Related Business and Other
16 Topics
18 Corporate Governance23 Corporate Social Responsibility (CSR)
24 Financial Statements*
24 Consolidated Balance Sheets
26 Consolidated Statements of Income
27 Consolidated Statements of Changes in Net Assets
29 Consolidated Statements of Cash Flows
30 Ten-Year Summary of Business Results and Financial Data

How to use

32 Information
32 COMSYS Holdings Information
34 Investor Information
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 otherstatements 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, and COMSYS Holdings’ ability to continue to win customers’ acceptance of its products, which areoffered in highly competitive markets characterized by continual new product introductions and rapid developments in technology.

To Contents* Compiled based on the content of COMSYS Holdings’ Annual Securities Report submitted in Japanese.

Left-Click tabs at the right-hand edgeof the page to jump to the relevant
section.

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COMSYS Holdings Corporation Annual Report 2015

ProfileProfilecompany through share transfers from three companies—Nippon COMSYS Corporation, SANWA

President’s
Message

COMSYS Holdings Corporation (the “Company”) was established in September 2003 as a holding
ELEC Co., Ltd. (now SANWA COMSYS Engineering Corporation) and HIGASHI NIHON System
Today, the COMSYS Group consists of 42 subsidiaries and 8 affiliates, centered on 5 core operating

Structural
Reforms /VisionConstruction Co., Ltd. (now TOSYS Corporation).
subsidiaries, specifically the above 3 companies and TSUKEN Corporation and COMSYS JOHO
infrastructure construction services, and the information processing-related business.

The COMSYS Group aims to create a lean corporate structure that is able to generate profitstural reforms that target business restructuring and top-line growth in a bid to prosper amid
competition, by improving productivity and strengthening cost competitiveness from medium-

Review ofOperations

under severe operating conditions. We have embodied this objective in our COMSYS WAY struc-

Business at a
GlanceCOMSYS WAY (advanced etc.)

Five Integrated
Business Groups

SYSTEM Corporation. The COMSYS Group’s main businesses are electrical and telecommunications

and long-term perspectives.
TopicsOur mission is to contribute to the creation of a society where telecommunications networks foster more meaningful
relationships among people, and between people and their communities.

Management at the COMSYS Group is based on the following three policies, and every effort is being made toachieve them.

2. Strive to maximize synergies across the COMSYS Group

Information

1.	Fortify further the COMSYS Group’s dominant position as Japan’s No. 1 communications infrastructure
construction company

Financial
Statements

Management Policies

Corporate Social
Responsibility(CSR)

Supporting the foundation of telecommunications networks in Japan, the COMSYS Group helps to create asustainable society by building communications infrastructure using advanced ICT, and working to advance nextgeneration technologies.

Corporate
Governance

Our Mission

3.	Aim to be a knowledge-intensive corporation by sharing know-how through Group-wide IT systems
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2

COMSYS Holdings Corporation Annual Report 2015

President’s Message

We are focusing ourefforts on pushing ahead
with restructuring andtop-line growth.
September 2015

Hajime Takashima
President and Representative Director

Review of Market Environment and Performance in Fiscal 2015
In Japan, where the COMSYS Group primarily engages in business, the economy
recovered mildly in fiscal 2015, the year ended March 31, 2015, with strong corporate earnings and growth in capital investment underscoring the economic
and fiscal stimulus policies being implemented by the national government andthe Bank of Japan.
In the information and communications field surrounding the COMSYS Group,
services and market conditions have changed considerably as new demand
increases from the wholesaling of optical fiber access services, as LTE and otherhigh-speed wireless broadband service areas expand, and as technologicalinnovation creates more diverse and feature-rich devices such as wearables.
In both the public and private sectors, investment in social infrastructure is
likely to expand from the ramping up of reconstruction after the Great East Japan
Earthquake, government measures to strengthen national resilience, demand forrenewable energy projects, and preparations for the 2020 Tokyo Olympics and
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Paralympics.
Under these market conditions, the COMSYS Group focused intently on

3

COMSYS Holdings Corporation Annual Report 2015

Profiletion in green innovation projects, such as mega solar projects, winning orders for

President’s
Messageachieving growth in top-line revenues in fiscal 2015. Initiatives included participa-

public works and ICT investment projects and pursuing M&A activities, while

The COMSYS Group also endeavored to improve construction efficiency by

Structural
Reforms /Visioncustomers in the telecommunications sector restrained capital investment.

leveraging its IT construction platform that provides comprehensive management

As a result of these initiatives, the IT solutions business and the social infra-

fairly well, receiving orders totaling ¥336,973 million for a year-on-year increaseof 2.7%.

munications companies restraining capital investment and electric power com-

Review ofOperations

However, net sales declined by 0.8% to ¥328,631 million, owing to telecom-

Business at a
Glancestructure business, which includes solar power construction projects, performed

Five Integrated
Business Groups

from order receipt through project management.

panies putting investments in power grid interconnections on hold.
TopicsRecurring profit increased 0.2% to ¥28,121 million and net income rose 2.3%
to ¥16,767 million.

In the information and communications field of the COMSYS Group, we expect

usage of cloud computing grows, we think that significant changes are in store

nect to faster communications networks, as well as technological innovations formore diverse and feature-rich mobile devices like next-generation wearables.

tions using ICT that connect things and services in the fields of agriculture, health

Information

In the public and private sectors, we anticipate the emergence of new innova-

Financial
Statements

for services and market conditions, such as progress in making it easier to con-

Corporate Social
Responsibility(CSR)

new demand to expand from the wholesaling of optical fiber access services. As

Corporate
GovernanceFiscal 2016 Outlook and Future Initiatives

care, disaster prevention and e-government. We also expect investments forexpressways ahead of the Tokyo Olympic and Paralympic Games.

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putting overhead power distribution lines underground, and the construction of

4

COMSYS Holdings Corporation Annual Report 2015

With regard to the business environment, we anticipate a major switch ininvestment patterns from infrastructure upgrades to services such as content
offerings at telecommunications carriers. We also believe conditions will become
tougher as capital investment declines due to the downsizing of projects.
In such an environment, the COMSYS Group will advance COMSYS WAY
structural reforms under its medium- to long-term management strategy.
The COMSYS Group is in position to push forward with its business strategy
on two fronts: advancing restructuring and top-line growth.
In fiscal 2016, we expect an increase in public and private sector projects as thegovernment continues to invest in strengthening national resilience and as companies
expand renewable energy operations. We expect flat growth in order receipts on
account of weaker capital investment at telecommunications carriers.
We forecast a slight increase in net sales, owing to a continued high level of workin progress and stronger sales at new consolidated subsidiaries.
We expect profit growth to result from the structural reforms we have implemented
to date, from increased construction efficiency, and from reductions in costs.

Profit Distribution / Dividend Policy
COMSYS Holdings believes returning profits to shareholders is an importantmanagement priority. Our basic policy is to pay steady and continuous dividends
linked to business performance.
Based on this policy, in fiscal 2015, we paid an annual dividend of ¥30.00 per
share, an increase of ¥5.00 per share compared with the previous fiscal year, throughan interim dividend of ¥15.00 and a year-end dividend of ¥15.00 per share.
During fiscal 2015, we bought back 4,700 thousand shares for ¥7,594 million
for the purpose of enhancing shareholder returns and allowing for a flexible
capital policy in tune with changes in the business environment.
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For fiscal 2016, management plans to increase the annual dividend by ¥5.00
per share to ¥35.00 per share (a ¥15.00 per share interim dividend and a ¥20.00

5

COMSYS Holdings Corporation Annual Report 2015

ProfileMoreover, in fiscal 2016, the Company plans to continue buying back its own

President’s
Messageper share year-end dividend), while considering performance and the payout ratio.

shares, up to a maximum of ¥5 billion.
Structural
Reforms /VisionThe COMSYS Group is being presented with major business opportunities as
the information and communications market undergoes considerable changes.

telecommunications networks foster more meaningful relationships among

We look forward to the ongoing understanding and support of all our stakeholders, as we endeavor to reach our goals.

Business at a
Glancepeople, and between people and their communities.

Five Integrated
Business Groups

The COMSYS Group is ready to contribute to the creation of a society where

Review ofOperations

TopicsCorporate
Governance(Millions of yen)

(Millions of yen)

331,341

316,092

315,480
295,851

300,000

8.5% 28,000

8.4%

8.3%
27,57030,00027,67422,54720,000200,000
4.3%
3.7%

11

■ Net Sales (Left Scale)

10,00012■ Operating Income (Right Scale)

13■

Operating Margin14

15

16 (Forecast)0

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0

12,592

11,785100,000

Information

7.1%

331,000

328,631

Financial
Statements

40,000400,000

Corporate Social
Responsibility(CSR)

Operating Results by Year

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COMSYS Holdings Corporation Annual Report 2015

COMSYS WAY Structural Reforms / Medium- and Long-term Vision

Progress Made With the COMSYS WAY Structural Reforms
During the years from fiscal 2012 until fiscal 2013, COMSYS Holdings Corporation engaged in a structural reform
campaign under the name COMSYS WAY, and consequently achieved the significant result of improving the
productivity of the entire COMSYS Group.
From fiscal 2014, the COMSYS Group has taken COMSYS WAY one step further by implementing the COMSYSWAY initiatives, to expand our top line and to build our operational IT platform.

FY March 2009

FY March 2010

FY March 2011

Principal Strategies•Establishmentof prime contractor construction
management•Expansion ofcentralized purchasing within
the Group•Strategies tostrengthen
managementbase·Rationalizationof personnel·Streamlining ofassets•Establishment of COMSYS JOHO System•Introduction of Comstar•Standardization of business process reengineering (BPR) andworkflow•TSUKEN management
integration•Reconstructionof Groupbusiness operation system•P ersonnel reductions of 500
from Group overall•F air evaluation of software
assets•Disposal of idle assets

4.9%
3.7%

•Reconstructionof Group business operation
system•IT platform construction ofAccess-related
construction•Optimization of Hokkaido constructionarea•Restructuring of mobile and network
businesses•Roll-out of purchasing system from Nippon COMSYS toother Group companies•Transition to nationwide construction system for
network-related operations•Clarification of roles with prime contractor affiliates(dual stratification)

4.3%

FY March 2013

COMSYS WAY— Sustained, More In-Depth
Structural Reform

Group Innovation 2010

•Spin-off ofinformation
business•Construction ofcommonplatform

FY March 2012

4.3%

FY March 2014

FY March 2015

COMSYS WAY— Advance of structural reforms
and top-line growth•IT platform construction ofmobile-related
construction•TSUKEN Groupreorganization•Nationwide
movement of
personnel•Operation of
construction IT
platform•Promotion ofTokyo Olympic
strategy•Roll-out of DarwinMobile•Amalgamation of TSUKEN access-related
subsidiaries•Amalgamation of mobile-related subsidiaries•Amalgamation of COMSYS access-related subsidiaries•Roll-out of User Site Support System (USSS) and Access
Site Support System (ASSS) mobile

8.3%
7.1%

8.4%

Operating Margin

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7

COMSYS Holdings Corporation Annual Report 2015

ProfileOur medium- and long-term vision sets the course of our transformation going forward, focusing on such policy

President’s
MessageMedium- and Long-term Vision
points as our future operational framework, investment in physical resources, and the development of human
COMSYS Holdings has set a goal to achieve net sales of ¥400 billion after ten years in 2024, mainly by expanding
our non-NTT businesses, namely, our IT Solutions business and our Social System-Related business.

(Net Sales)

328 billion+72 billion

400 billion

400

Business at a
Glance350

Solar power generation business (mega and small-scale systems)
Participation in Smart Grid, Smart City development

Social System
300

Expansion of business with existing clients and expansion of alliancebusiness
Increase project orders from government and municipal offices
Participate in Realization of ICT Smart Towns

IT
Corporate
Governance

LTE (3.9G) construction
New frequency band (700M) related
construction: au and eAccess

NCC

200

Topics

Non-NTT businessElectrical Communications
Engineering (not including NCC)

Review ofOperations

Business relating to “National Resilience” measures and the 2020
Tokyo Olympics

250

Five Integrated
Business Groups(Billions of yen)

Structural
Reforms /Visionresources.

LTE-Advanced (4G: LTE-A) construction

Corporate Social
Responsibility(CSR)

Wireless MAN-Advanced construction
LTE (3.9G) construction
150

New frequency band (700M)
related construction

NTT-Mobileation

5G (LTE-B) construction

to ne

NTT-Network

w no

des

ation

IP network cre

Full-scale earthquake
reconstruction
Optical fiber collaboration

50

Information

NTT business

100

NTT-Access

Building high-speed, high-capacity networks(Internet traffic: Annual increase of 10% to 20%)
(Mobile communication: Annual increase of 100% or more)

Installation of smart TV compatible infrastructure (includes 4K and 8K compatible)
Removal of utility poles
2005.32011.32012.3 2015.3

2017.32020.32023.3 2024.3 2025.3

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Olympics preparations

0

Financial
Statements

LTE-Advanced (4G: LTE-A) construction
Migr

8

COMSYS Holdings Corporation Annual Report 2015

Five Integrated Business Groups

The main businesses of the COMSYS Group(COMSYS Holdings and its subsidiaries andaffiliates) comprise the installation of electricaland telecommunications facilities and equipment, and the information processing-related
business. As of March 2015, the Group included
NipponCOMSYS
Corporation

SANWA
COMSYS
Engineering
Corporation

TOSYS
Corporation

TSUKEN
Corporation

Nippon COMSYS
Corporation

Business Activities
With its primary customers consisting of the NTT
Group, public offices, and private enterprises,
the Nippon COMSYS Group is engaged in the
installation of electrical and telecommunications
facilities and equipment on a nationwide scale.

SANWA COMSYSEngineering Corporation

Business Activities
With its primary customers consisting of theKDDI Group and the SoftBank Group, the
SANWA COMSYS Engineering Group is engaged
in the installation of electrical and telecommunications facilities and equipment on a nationwide scale.

COMSYSJOHOSYSTEM
Corporation

55 subsidiaries.

Address:
17-1, Higashigotanda 2-chome, Shinagawa-ku,
Tokyo 141-8647, Japan
Establishment:
December 1951
Number of Employees:
Consolidated 5,093
Non-Consolidated 3,046
URL:
http://www.comsys.co.jp/(Japanese only)
Number of Consolidated Subsidiaries:
16 companies

Address:
12-3, Koenji-Minami 2-chome, Suginami-ku,
Tokyo 166-0003, Japan
Establishment:
September 1947
Number of Employees:
Consolidated 1,437
Non-Consolidated 696
URL:
http://www.sancom-eng.co.jp/(Japanese only)
Number of Consolidated Subsidiaries:
3 companies

To Contents

9

COMSYS Holdings Corporation Annual Report 2015

ProfileWith the NTT Group as its primary customer,
the TOSYS Group is engaged in the installationand equipment, mainly in Nagano and Niigata.

the TSUKEN Group is engaged in the installationof electrical and telecommunications facilities
and equipment, mainly in Hokkaido.

primarily engaged in the software development
business, mainly in Tokyo.

Information

Group, the COMSYS JOHO SYSTEM Group is

Financial
Statements

With its primary customer consisting of the NTT

Corporate Social
Responsibility(CSR)

Business Activities

Address:
23-14, Takanawa 3-chome, Minato-ku,
Tokyo 108-0074, Japan
Establishment:
April 2009
Number of Employees:
Consolidated 510
Non-Consolidated 366
URL:
http://www.comjo.co.jp/(Japanese only)
Number of Consolidated Subsidiaries:
1 company

Corporate
Governance

COMSYS JOHO SYSTEM
Corporation

TopicsWith the NTT Group as its primary customer,

Address:
6-8, Hondori 19-chome Minami,Shiraishi-ku,
Hokkaido 003-0026, Japan
Establishment:
April 1951
Number of Employees:
Consolidated 1,658
Non-Consolidated 812
URL:
http://www.tsuken.co.jp/(Japanese only)
Number of Consolidated Subsidiaries:
4 companies

Review ofOperations

Business Activities

Business at a
GlanceTSUKEN Corporation

Five Integrated
Business Groupsof electrical and telecommunications facilities

Structural
Reforms /VisionBusiness Activities

Address:
1108-5, Higashiyama Aza, Watauchi, Wakaho, Nagano City,
Nagano 381-0193, Japan
Establishment:
January 1960
Number of Employees:
Consolidated 1,034
Non-Consolidated 658
URL:
http://www.tosys.co.jp/(Japanese only)
Number of Consolidated Subsidiaries:
3 companies

President’s
Message

TOSYS Corporation

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10

COMSYS Holdings Corporation Annual Report 2015

Business at a Glance

Orders Received
and Net Sales

Business Segments

NTT Engineering
Business
Primary customers
NTT East and NTT West,NTT Communications,
NTT DOCOMO

NCC Engineering
Business(Billions of yen)200

192.9 193.8■ Orders Received

179.0 183.6■ Net Sales

165.5

173.0

100

0

2014.3(Billions of yen)
50

2015.32016.3(Plan)■ Orders Received■ Net Sales

44.7

39.1
33.7

35.6

35.0

35.5

25

Primary customers
KDDI Group,
SoftBank GroupIT Solutions Business0

2014.3(Billions of yen)
80

52.8

52.4

2015.32016.3(Plan)■ Orders Received

55.1

53.7

■ Net Sales

59.0

57.5

40

Primary customers
Various private-sector companies,
public offices andlocal government authorities

Social System-Related
Business and Other

0

2014.3(Billions of yen)100

2015.32016.3(Plan)■ Orders Received■ Net Sales

72.5

68.9

65.0
55.4

50

43.0

40.3

Primary customers
To Contents

Public offices,
local government authorities andvarious private-sector companies

0

2014.32015.32016.3(Plan)COMSYS Holdings Corporation Annual Report 2015

11

Profile• There were declines in telecommunications carriers’ softwaredevelopment and in digital fire-department radio projects.
• Brisk work was received through alliances (system constructionin health care and education sectors).

• Expansion of public-sector business• Expansion of projects received through alliances due
to collaboration with partner companies• Expansion of SI business• M&As• Expansion of one-stop contracted development fromsystem construction through to maintenance andoperation• Consolidation of the Ecosystem Japan Group• There were increases in solar power generation construction
projects and the installations of facilities for expressways (signal
lights, LED illumination and emergency telephones).

• Expansion of the mega-solar business• Expansion of solar power generation construction projects (EPC)• Development of new businesses after the solar business(the fields of green innovation, urban renewal innovation, and regional revitalization innovation)

Topics• Because the three major mobile carriers are locked incompetition, we can assume there will continue to bea certain level of capital investment.

Review ofOperations• There was a decline in orders for construction work for KDDI
Corporation (au) and the SoftBank Group’s LTE networks.
• Net sales fell due to a reactive drop from SoftBank’s platinum
band projects of the previous fiscal year.

Business at a
Glance• NTT fixed-line business activities are firm, including
telephone pole upgrade projects as part of aging
countermeasures.
• Favorable demand is anticipated, including from projects
evoked by the Tokyo Olympics and Paralympics, such as
the removal of utility poles enabled by moving the powerlines underground. In addition, demand is anticipatedfrom NTT Hikari wholesaling.
• There is the ongoing technological innovation of the movefrom 3.9G to 4G, and on to 5G in preparation for the Tokyo
Olympics and Paralympics.

Five Integrated
Business Groups• There was a decline in fiber-optic installation work, and in
one-stop installation and construction services, although
there was demand (orders) in telephone pole upgrade projects and other aging countermeasures.
• In the NTT network business, there was a reactive decreasein electrical reception projects that had increased in theprevious fiscal year.
• In the NTT DOCOMO business, there has been a decrease inFOMA (3G mobile communications system) work and PDC (2G
mobile communications system) dismantling and removal work.

Structural
Reforms /VisionFuture Business Opportunities

President’s
Message

Fiscal 2015 Business Activities

Corporate
GovernanceCorporate Social
Responsibility(CSR)
Financial
Statements

Information

To Contents

12

COMSYS Holdings Corporation Annual Report 2015

Review of Operations

NTT Engineering Business
BUSINESS DOMAINS
■ NTT access business■ NTT network business■ NTT DOCOMO businessRespective Areas of Business Operations of Group Companies
Nippon COMSYS GroupSANCOM Group■TOSYS GroupTSUKEN Group■■COMSYS JOHO SYSTEMGroup

Business Activities
In the NTT Engineering segment, the Group is mainly engaged in the construction of telecommunications
infrastructure for the NTT Group, including the installation of telephone lines and exchange equipment, andconstruction of wireless base stations. This is the COMSYS Group’s core business and accounts for the largest
share of Group-wide sales.

New Orders Received/Net Sales(Year Ended March 31, 2015)

Operating Results Analysis and Forecast

In the NTT access business, there has been a decline in fiber-optic installation
projects and in one-stop installation and construction services, despite theexistence of aging countermeasures, including telephone pole upgrade
projects. Moreover, in the NTT network business, there has been a reactive
decrease in electrical reception projects that had increased in the previous
fiscal year. In the NTT DOCOMO business, there has been a decrease in FOMA
(3G mobile communications system) work and PDC (2G mobile communications(Billions of yen)system) dismantling and removal work, despite NTT DOCOMO business■ New orders received

53.1%

179.0

remaining firm due to base station construction work accompanying LTE (3.9G■ Net sales

55.9%

183.6

next-generation mobile communications system) network expansion.
As a result, in the fiscal year under review, new orders decreased 7.2% year
on year to ¥179.0 billion, and net sales declined 5.3% to ¥183.6 billion.
Going forward, we will strive to further increase construction efficiency by

To Contentsbuilding and operating an IT construction platform (installing on-site IT), within
the tendency of a tapering off of capital investments in construction services
related to NTT DOCOMO.

COMSYS Holdings Corporation Annual Report 2015

13

ProfilePresident’s
Message

NCC Engineering Business

Structural
Reforms /VisionBUSINESS DOMAINS
■ NTT access business■ NTT network business

Five Integrated
Business Groups■ NTT DOCOMO businessNippon COMSYS GroupSANCOM GroupTOSYS GroupTSUKEN GroupCOMSYS JOHO SYSTEMGroup

Business at a
GlanceRespective Areas of Business Operations of Group Companies

Review ofOperations■

Business Activities
In the NCC Engineering segment, the Group undertakes construction of telecommunication and other related

New Orders Received/Net Sales(Year Ended March 31, 2015)

Topicsfacilities for telecommunications carriers other than the NTT Group.

Operating Results Analysis and Forecast

to ¥33.7 billion due to a decline in construction work for KDDI Corporation (au) and the SoftBank Group’s LTE networks. Net sales fell 20.3% toCorporate
GovernanceIn the fiscal year under review, new orders decreased 13.8% year on year

¥35.6 billion, due to a reactive drop from SoftBank’s platinum bandour share by leveraging the strengths of the Group which is developing
business nationwide, due to changes in the commissioning methods of(Billions of yen)

10.0%

33.7

■ Net sales

10.8%

35.6

telecommunications carriers, to the unification of construction work andmaintenance work, and to the change from the issuing of annual bulk
orders to the issuing of monthly plans.

Financial
Statements■ New orders received

Corporate Social
Responsibility(CSR)

projects of the previous fiscal year. Going forward, we expect to grow

Information

To Contents

14

COMSYS Holdings Corporation Annual Report 2015

Review of Operations

IT Solutions Business
BUSINESS DOMAINS■

Network Integration (NI) Solutions■

System Integration (SI) Solutions■

Software development and contracted development■

Maintenance

Respective Areas of Business Operations of Group Companies
Nippon COMSYS GroupSANCOM GroupTOSYS GroupTSUKEN GroupCOMSYS JOHO SYSTEM
Group

■

■

■

■

■

Business Activities
In the IT Solutions segment, the Group combines its accumulated expertise with cutting-edge network technologies
to provide comprehensive solutions services in the IT field, ranging from planning proposals regarding optimal
systems integration for customers’ business operations to providing maintenance services.

New Orders Received/Net Sales(Year Ended March 31, 2015)

Operating Results Analysis and Forecast

Due to brisk work received through alliances (system construction in
health care and education sectors) and despite declines in carriers’(telecommunications carriers’) software development and in digital
fire-department radio projects, new orders increased 4.3% year on year
to ¥55.1 billion, while net sales increased 2.6% to ¥53.7 billion.
Going forward, we will develop proactive order-winning activities as
we expect an expansion of ICT investment based on an economic(Billions of yen)

■ New orders received

16.4%

55.1

■ Net sales

16.3%

53.7

recovery.

To Contents

COMSYS Holdings Corporation Annual Report 2015

15

ProfilePresident’s
Message

Social System-Related
Business and Other

Structural
Reforms /VisionBUSINESS DOMAINSElectrical facility construction■

Communication cable box (C.C. Box) construction■

Civil engineering construction■

Building construction and associated construction■

Environment and eco-solutions■

OthersFive Integrated
Business Groups■

Business at a
GlanceRespective Areas of Business Operations of Group Companies
SANCOM GroupTOSYS GroupTSUKEN Group

■

■

■

■

COMSYS JOHO SYSTEM
Group

Review ofOperations

Nippon COMSYS Group

Business Activities
of electrical facilities for places such as public facilities and office buildings; general civil engineering projects;

TopicsIn the Social System-Related Business and Other segment, the Group is engaged in the design and construction
the construction of office buildings, warehouses, factories, and disaster preparation facilities; as well as businesses
solutions, and other urban infrastructure businesses.

(Year Ended March 31, 2015)

Operating Results Analysis and Forecast

In the fiscal year under review, new orders soared 60.2% year on year to¥68.9 billion, due to the consolidation of the Ecosystem Japan Group,
the increase in solar power generation construction projects, and theemergency telephones). Net sales rose 37.7% to ¥55.4 billion.
Going forward, we anticipate a favorable business environment based

Financial
Statements

installation of facilities for expressways (signal lights, LED illumination andCorporate Social
Responsibility(CSR)

New Orders Received/Net Sales

Corporate
Governancerelated to the environment and eco-businesses, such as solar power generation systems, energy conservation

on expectations of increased work in the post solar business, includingin the green innovation field (electric power retail sales and smart grids),■ New orders received

20.5%

68.9

and in social infrastructure projects (the removal of utility poles enabled■ Net sales

16.9%

55.4

by the laying of underground cables and the construction of water supply
Paralympics.

To Contents

and drainage systems) driven by the upcoming Tokyo Olympics andInformation(Billions of yen)

16

COMSYS Holdings Corporation Annual Report 2015

TopicsReorganizing of subsidiaries in Kansai
region by Nippon COMSYS

Launch of Tsuken Hikari service

On April 1, 2015, Nippon COMSYS Corporation merged

In March 2015, the TSUKEN Group began providing thetwo subsidiaries in the Kansai region, Yashiro Tsushin

Tsuken Hikari service based on the Hikari Collaboration

Kensetsu Co., Ltd. and COMSYS Kansai Engineering Co.,

Model offered by NTT East and NTT West. Tsuken Hikari

Ltd., to form COMSYS Prominent Co., Ltd.

is a network service provided using wholesale fiber optic

The purpose of this restructuring was to spur top-line

lines from NTT East and NTT West. In addition to custom-

growth and increase work efficiency by improving theers being provided with the same communications speed,

effectiveness of operations at subsidiaries in the Kansai

quality and service area, Tsuken Hikari offers them a wide

region and by clarifying the division of responsibilities

range of features, such as integrated billing for telephone

w i t h t h e p a r e n t c o m p a n y, N i p p o n C O M S Y Scharges and optical fiber line fees, and lower communica-

Corporation.

tions charges than a regular telephone, at ¥7 for every

The new company, COMSYS Prominent Co., Ltd., is athree minutes compared to ¥8 at other companies, if

comprehensive engineering company that specializes incustomers sign up for Tsuken Hikari Telephone services.

projects for fixed-line systems, such as access lines andIn the future, the COMSYS Group plans to follow the

networks. It is in charge of operations in the Kansai region

TSUKEN Group’s lead and offer to its customers the samefor the Nippon COMSYS Group.

services as Tsuken Hikari.

Name:

COMSYS Prominent Co., Ltd.

Head office:Osaka-shi, Osaka

President andRepresentative Director:

Ryo Shibuya

Paid-in capital:¥34 million

Percentage owned (%):

100

Number of employees:

95

Outline of Hikari Collaboration Model
NTT East and NTT West
Wholesaling ofNTT fiber optic lines* Subsidiary TSUKEN ADVANCED SYSTEMS CORPORATION provides
the Tsuken Hikari service over wholesale fiber optic lines from NTT.

To Contents

Service provision
Customers
New company president Mr. Shibuya (right) gives a speech at the inauguration ceremony.

COMSYS Holdings Corporation Annual Report 201517

ProfilePresident’s
Message

COMSYS Group: Using IT in construction
construcand future developmentstion and future developments
The COMSYS Group has built the construction IT platform

Structural
Reforms /Visionthat uses IT to integrate and manage workflows in orderto improve construction project efficiency, safety andquality.

Five Integrated
Business Groups

The construction IT platform is currently being usedin the construction of a variety of system projects, suchas DarwinMobile in the NTT DOCOMO business, USSS
and ASSS in the NTT access business, NCPC in the NTT

Business at a
Glancenetwork business, and SunMOS in the NCC engineeringbusiness (new common carrier; telecommunications
projects for companies other than NTT).
Tablets are usually deployed as a tool in these system

One NCPC supports avariety of network-related
work.

Review ofOperations

projects, allowing on-site work to be performed in accor-

Rendering of DarwinMobile being used.

dance with workflows called up on the screen of the tablet.
These tablets are used constantly throughout the day

Topicsfor on-site work, from morning meetings to taking picturesof the worksite and for PC management. The tablets arealways linked to servers at the head office, allowing for
inspections and approvals to be conducted in real time.
projects in the IT Solutions sector unrelated to the NTT
and NCC businesses, as well as for projects in the Social

ASSS mobile handsets
improve the efficiency of
on-site reporting and project management at administrative offices.

Corporate
GovernanceLooking ahead, we aim to introduce the platform for

System-related sector. As the next step, we intend to use
munications construction work.

Corporate Social
Responsibility(CSR)

the platform in construction projects outside telecom-

Financial
Statements

Information

To Contents

18

COMSYS Holdings Corporation Annual Report 2015

Corporate Governance

Basic Corporate Governance Philosophy

ensuring compliance, enhancing risk management,
implementing the Group’s code of conduct, and bol-

The philosophy of the COMSYS Group is based on thestering internal control systems based on the Compa-

three key management pillars of sales and earnings

nies Act and the Financial Instruments and Exchange

growth, increased operation efficiency, and unification

Act of Japan.

of our business operations. Mindful always of these three
concepts, the COMSYS Group strives to enhance cor-

Organizational Structure

porate value and win the trust and admiration of all
stakeholders through its performance.
The COMSYS Group makes all possible efforts to

Corporate governance at COMSYS Holdings Corpora-entrench measures such as improving security andtion (the “Company”) utilizes the Audit & Supervisory

quality standards, strengthening corporate governance,

Board system under the Japanese law, and has an

Diagram of the COMSYS Group’s business execution framework, management monitoring and internal control system

General Shareholders’ Meeting
Election /Dismissal

Election /Dismissal
Cooperation

Election /Dismissal

Audit & Supervisory Board
Cooperation

Audit

Board of Directors

Independent
Auditor

Audit

Internal Control and
Audit Department
Internal
Audit

President(Senior Management Committee)

Instruct /ReportExecutive
Department

Internal Audit /ReportElection /Dismissal / Supervise

Instruct /ReportVariousCommittees

Management
Monitoring

Deliberate /ReportDisseminate
Information

COMSYS Group
Presidents Committee

COMSYS GroupTo Contents

Nippon COMSYS Corporation, SANWA COMSYS Engineering Corporation, TOSYS Corporation, TSUKEN Corporation,
COMSYS JOHO SYSTEM Corporation, COMSYS Shared Services Corporation

COMSYS Holdings Corporation Annual Report 2015

19

Profileand pass resolutions on issues related to key decisions,holders’ meeting, Board of Directors, Audit & Supervi-

in an effort to improve the efficiency of business execu-

sory Board and other organizations.

tion. The heads of each operating department andcertain other personnel attend meetings of the Senior

body with respect to management strategy, has decided

Management Committee as observers, as necessary, toto structure the Board around directors well versed inensure that they fully understand the basis for all man-the Company’s operations and outside directors who

agement decisions.
The term of office for directors is set at one year in orderwith the aim of enhancing management efficiency.

to clarify directors’ management responsibilities every fiscal

Meanwhile, the Company has reinforced auditing func-

year, and to flexibly structure an optimal management

tions by fully utilizing all Audit & Supervisory Board

team in step with changes in the business environment.

Members, in order to ensure and enhance corporate
governance and sound management.

Status of the Internal Control System

As of June 27, 2014, the Board of Directors consisted
The Company implements its internal control system

Board of Directors, the Board meets regularly and ad

based on a “Basic Policy on Establishing an Internal

hoc as necessary to discuss matters stipulated by laws

Control System” that was approved by resolution of theand regulations and to decide on important manage-

Board of Directors in May 2006, as follows.
Topicsment issues, and monitors each directors’ performanceof their duties. In addition, four (as of June 27, 2014)
Audit & Supervisory Board Members, including two

Establishing a Compliance Structure

meetings of the Board of Directors and express their

Based on its internal Compliance Program, the Company

views on issues related to business execution, andhas set forth Compliance Action Guidelines and hasmonitor the directors’ performance of their duties.

established the Compliance Committee within the above
This committee, which is chaired by the president, isprogress with business execution based on policies

made up of representatives from the Company and eachdetermined by the Board. Also, each business segmentof the core operating subsidiaries, as well as all Audit &conducts efficient operational management under theSupervisory Board Members. The committee oversees

supervision of the responsible director.

compliance throughout the COMSYS Group, and strives
to increase the COMSYS Group’s awareness of compli-

directors other than outside directors and the standing

ance and establish an effective compliance structure

Audit & Supervisory Board Member. In principle, thisthrough various discussions. All COMSYS Group com-

committee meets once a month to examine, discuss,panies have set up similar compliance committees ofInformation

The Senior Management Committee is made up of

Financial
Statements

business segment report to the Board of Directors on

Corporate Social
Responsibility(CSR)

framework.

Corporate
Governanceoutside Audit & Supervisory Board Members, attend

Every quarter, the directors responsible for each

Review ofOperationsof 12 directors. Based on internal rules governing theBusiness at a
GlanceMembers, including outside Audit & Supervisory Board

Five Integrated
Business Groups

monitor management from an independent standpoint,

Structural
Reforms /VisionThe Board of Directors, the highest decision-making

President’s
Messageorganizational structure consisting of a general share-

To Contents

20

COMSYS Holdings Corporation Annual Report 2015

their own. These committees work to establish an

Security Management System) and Privacy Mark certifica-

effective compliance structure by implementing educa-

tions given the actual working environments. As a result,tional and training programs, as part of efforts to deepen

the COMSYS Group acquires and maintains certificates

employee understanding of the corporate philosophyof those systems.

and action guidelines of each respective COMSYS Group
company.

CSR Activities
Establishing a Risk Management
Structure

The Company and the COMSYS Group have established the CSR Committee to coordinate Group-wide
CSR activities with the aim of ensuring that the GroupIn its efforts to maintain and enhance corporate value

actively fulfills its economic and social responsibilities,

amid a rapidly changing business environment, theincluding social contribution activities, as a goodCOMSYS Group is aware that it faces a variety of busi-

corporate citizen.

ness risks which must be managed appropriately. There-

The CSR Committee is engaged in CSR activities

fore, the Group has established a Risk Management

addressing various themes, such as compliance, corpo-

Committee, chaired by the president and made up ofrate governance, risk management, information disclo-directors from the Company and each of the core

sure and protection, security countermeasures, social

operating subsidiaries.

contributions and environmental issues.

In August 2006, the Basic Policy on Risk Management
was formulated in order to promote Group-wide risk
management. Furthermore, similar risk management
committees were established at each Group company.

Establishing an Information Management
Structure

In this manner, efforts are being made to properly
address the business risks faced by each Group com-

Important documents related to business activities andpany, and to minimize the materialization of each risk.

the performance of directors’ duties, including minutes

The Company has formulated Risk Managementof the Board of Directors and Senior Management

Guidelines and Crisis Management Guidelines and will

Committee meetings and other reports, are stored andstrive to maintain sustainable operations and ensure

managed appropriately based on laws and regulations,steady growth at the Company and the COMSYS Group

as well as the Group’s internal rules.

by practicing effective risk management.

Furthermore, in order to improve the efficiency ofFor example, the COMSYS Group manages opera-

operations and business execution, after ensuring antional risk by ensuring that Group companies work in

adequate level of information security, the Company

accordance with management systems such as ISO 9001,

is working to deploy various information systems to

ISO 14001, COHSMS (Construction Occupational Healthput in place a framework for sharing the latest manage-and Safety Management System), ISMS (Information

ment information.

To Contents

COMSYS Holdings Corporation Annual Report 2015

21

ProfileSystem to Eliminate Antisocial Forces
To fulfill our social responsibility as a company, theGroup are reported to and discussed by the Board ofrelationship with any antisocial forces or groups that

Directors and the Senior Management Committee in line

threaten the order and safety of civic society. Moreover,with Group Operation Standards, which clarify decision-

the Company and the COMSYS Group will maintain amaking and reporting rules for the COMSYS Group. In

resolute and uncompromising attitude in the face of any

this manner, the Group management and monitoring

attempts to form a coercive relationship.

framework is centered on the Company.

The Company and the COMSYS Group have prepared an organizational framework that enables themlated regulations as regards internal reporting, andto block the formation of a relationship with any antiso-

established reporting liaison contacts both inside thecial forces or groups, and to maintain a resolute andcompany and at a law firm outside the Company. In thisuncompromising attitude while coordinating with law-manner, the Company has put in place a system to reportyers, the police, and other relevant authorities.

of laws as regards organizations or individuals throughreporting by an employee.
In order to ensure that all COMSYS Group operations
are carried out appropriately, the directors of each core
The Company’s internal auditing organization consists

various Group committees established within the Com-of an Internal Audit Office and an Internal Control Officepany, including the CSR Committee, the Compliancewith staffs of 11 and 4 employees, respectively, within

Committee and the Risk Management Committee. In thisthe Internal Control and Audit Department.
The Internal Audit Office formulates internal auditing

decisions discussed by these groups are reported to andpolicies based on top management requirements, andthoroughly understood by each Group company.

conducts internal audits of the Company and all Group
companies. These activities are intended to ensure thatPresidents Committee, which is made up of the presidents

each business risk faced by the Group is minimized,of COMSYS Group companies. This committee meets

while maximizing the quality of business operations. The

regularly and works to ensure that management policies

Internal Control Office formulates operational internal

and activities are clearly understood by all members.

control policies as regards financial reporting, andFinancial
Statements

In addition, the Group has formed the COMSYS Group

Corporate Social
Responsibility(CSR)

way, the COMSYS Group ensures that all policies andCorporate
Governance

operating subsidiary also participate as members in the

TopicsInternal Auditing and Audit & 		Supervisory Board Members

Review ofOperations

and prevent such incidents as the possibility of a violation

Business at a
GlanceThe Company and the COMSYS Group have formu-

Five Integrated
Business Groups

Company and the COMSYS Group have absolutely no
Structural
Reforms /VisionImportant management decisions within the COMSYS

President’s
Message

Establishing a Group Management
Structureprovides leadership and effective evaluation as regards
and the COMSYS Group.
The Audit & Supervisory Board has four members,

Information

entrenching internal control systems in the Company

To Contents

22

COMSYS Holdings Corporation Annual Report 2015

two of whom are outside Audit & Supervisory Board

appropriately and efficiently by maintaining close ties

Members. No employees are specifically assigned towith the Internal Control and Audit Department and withassist the Audit & Supervisory Board Members with their

the Group’s independent auditor. For example, the Audit

activities. If such assistance is required, there is a struc-& Supervisory Board Members accompany the indepen-ture in place for addressing personnel issues such as

dent auditor and others on on-site internal and financial

determining appointees and ensuring independence

audits as observers. The Audit & Supervisory Board

from directors. Audit & Supervisory Board Member

Members of COMSYS Holdings also convene regular

Hiroshi Komori has extensive experience in working inmeetings with their counterparts at core COMSYS Groupaccounting-related departments of subsidiaries of thecompanies, and maintain close ties within the COMSYS

Company, and possesses considerable knowledge ofGroup mainly by sharing information and exchanging

financial and accounting matters.

views, in order to improve the effectiveness of audits.

In addition, the system enables the Audit & Supervisory Board Members to require directors and employees to submit the above-mentioned reports or otherreports as required.
Audit & Supervisory Board Members may request further information on the above-mentioned reporting at
any time as necessary, as well as other required
disclosures.
The Audit & Supervisory Board Members regularly
attend both regular and extraordinary meetings of theBoard of Directors as well as meetings of the Senior
Management Committee, the CSR Committee, theCompliance Committee and other important internal
committee meetings or discussions. This structure has
been established to allow the Audit & Supervisory Board
Members to verify the status of business execution ona regular basis and to express their views on thesematters. The Audit & Supervisory Board Members also
hold regular meetings with the president to directly
express their views on issues related to business execution and other topics.
In accordance with audit plans formulated by the
Audit & Supervisory Board, the Audit & Supervisory
Board Members of COMSYS Holdings regularly checkto see whether business operations are executed
To Contents

COMSYS Holdings Corporation Annual Report 2015

ProfileCorporate Social Responsibility (CSR)

In this information-rich society, the role of the COMSYS

information-rich society that coexists harmoniously withGroup is to build a reliable, safe and convenient com-

the global environment.
With the pride and purpose of being a top-brandthat connect every corner of society like clockwork.

group in the communications network construction

This is, simultaneously, our responsibility to society as

industry, we will conduct corporate business activities

a corporation.

directed at realizing a sustainable society through ICT. At
the same time, we aim to be an enterprise that develops

communications infrastructure while giving consider-

together with society while gaining the trust and fulfilling

ation to the environment and helping to create an

the expectations of the public.

Business at a
GlanceRelationship between management policies and CSR

Aim to be a knowledge-intensive
corporation by sharing know-how
through Group-wide IT systems

Corporate
Governance

Structural reforms being promoted COMSYS WAY

Promote greater efficiency
through reorganization ofsubsidiaries andconstruction bases, etc.

Financial
Statements

Information

Conduct corporate business activities directed at realizing a sustainable society through ICT

Corporate Social
Responsibility(CSR)

Radically review
backyard operations

Effectively utilize andreallocate internal­management resourcesin response to expansionof revenues from social
infrastructure-related
business

Topics

Strive to maximize synergies acrossthe COMSYS Group

Review ofOperations

Management Policies

Create a new IT platform
for total managementfrom order receipt throughto project management
in response to an increasein small projects andrepeat projects

Five Integrated
Business Groups

Our mission is to build a high-quality, highly reliable

Structural
Reforms /Visionmunications infrastructure and support the networks

President’s
Message

Basic Approach to CSR

Fortify the COMSYS Group’s
dominant position as Japan’s No. 1
communications infrastructure
construction company

23

CSR at the COMSYS GroupTo Contents

Helping to build a society where communications networks enrich interpersonal
relationships and ties between people and society at large

24

COMSYS Holdings Corporation Annual Report 2015

Financial Statements

Consolidated Balance Sheets
COMSYS Holdings Corporation and Consolidated Subsidiaries
As of March 31, 2014 and 2015
2014

Millions of yen
2015

Cash and cash equivalents �������������������������������������������������������������������������������������������������������������

¥ 31,036¥ 33,496

Notes and accounts receivable—trade ����������������������������������������������������������������������������������������

97,66793,513

Lease investment assets �����������������������������������������������������������������������������������������������������������������

2,999

2,900

ASSETS
Current Assets:

Accumulated cost of construction in progress �����������������������������������������������������������������������������

17,816

15,215Merchandise �����������������������������������������������������������������������������������������������������������������������������������

453

218

Materials and supplies �������������������������������������������������������������������������������������������������������������������

343

468

Deferred income taxes �������������������������������������������������������������������������������������������������������������������

4,092

3,480

Other current assets �����������������������������������������������������������������������������������������������������������������������

2,152

2,640

Less: Allowance for doubtful receivables �������������������������������������������������������������������������������������

(65)

(55)

Total current assets �������������������������������������������������������������������������������������������������������������������������

156,495

151,878

Fixed assets:
Property and equipment:
Buildings and structures �������������������������������������������������������������������������������������������������������������

50,53051,012

Less: Accumulated depreciation �������������������������������������������������������������������������������������������

(24,499)(24,878)
26,133

Buildings and structures, net �������������������������������������������������������������������������������������������������

26,030Machinery, vehicles and equipment �����������������������������������������������������������������������������������������

17,85018,271

Less: Accumulated depreciation �������������������������������������������������������������������������������������������

(13,086)(13,418)

Machinery, vehicles and equipment, net ������������������������������������������������������������������������������

4,763

4,852

Land ���������������������������������������������������������������������������������������������������������������������������������������������

38,96939,770

Lease assets ���������������������������������������������������������������������������������������������������������������������������������

445

450

Less: Accumulated depreciation �������������������������������������������������������������������������������������������

(77)

(139)

Lease assets, net ���������������������������������������������������������������������������������������������������������������������

368

311

Construction in progress �����������������������������������������������������������������������������������������������������������

222

1,227

Total property and equipment ���������������������������������������������������������������������������������������������������

70,35372,295

Goodwill ���������������������������������������������������������������������������������������������������������������������������������������

—

3,394

Other �������������������������������������������������������������������������������������������������������������������������������������������

3,594

4,249

Intangible assets �������������������������������������������������������������������������������������������������������������������������

3,594

7,643

Investment securities �����������������������������������������������������������������������������������������������������������������

9,684

12,700Long-term loans receivable �������������������������������������������������������������������������������������������������������

3,908

4,833

Deferred income taxes ���������������������������������������������������������������������������������������������������������������

1,245

367

Net defined benefit asset �����������������������������������������������������������������������������������������������������������

2,422

11,392Other assets ���������������������������������������������������������������������������������������������������������������������������������

4,956

5,156

Intangible assets

Investments and other assets:

To Contents

Less: Allowance for doubtful receivables ���������������������������������������������������������������������������������

(2,098)(2,250)Total investments and other assets �������������������������������������������������������������������������������������������

20,11732,201

Total fixed assets �����������������������������������������������������������������������������������������������������������������������������

94,066112,140

Total assets �����������������������������������������������������������������������������������������������������������������������������������������

¥250,561¥264,019

COMSYS Holdings Corporation Annual Report 2015

25

ProfileMillions of yen
2015¥ 45,039¥ 44,675

President’s
Message2014

LIABILITIES
Accounts payable—trade ���������������������������������������������������������������������������������������������������������������
Short-term bank loans �������������������������������������������������������������������������������������������������������������������

1,270

100

Income taxes payable ���������������������������������������������������������������������������������������������������������������������

6,847

3,852

1,018

1,540

184

257

Allowance for losses on construction contracts ���������������������������������������������������������������������������

379

15

8,981

10,34963,72060,791Long-term liabilities:
428

2,982

1,662

1,508

Net defined benefit liability �����������������������������������������������������������������������������������������������������������

4,384

3,784

Allowance for directors’ retirement benefits �������������������������������������������������������������������������������

193

222

Review ofOperations

Deferred income taxes �������������������������������������������������������������������������������������������������������������������
Deferred tax liabilities for unrealized gains on land revaluation ������������������������������������������������

Business at a
GlanceOther current liabilities �������������������������������������������������������������������������������������������������������������������
Total current liabilities ���������������������������������������������������������������������������������������������������������������������

Five Integrated
Business Groups

Advances received on construction in progress �������������������������������������������������������������������������
Allowance for warranty work on construction projects ���������������������������������������������������������������

Structural
Reforms /VisionCurrent liabilities:

Other long-term liabilities �������������������������������������������������������������������������������������������������������������

756

691

Total long-term liabilities ���������������������������������������������������������������������������������������������������������������

7,426

9,189

Total liabilities �����������������������������������������������������������������������������������������������������������������������������������

71,147

69,980Topics

10,00010,000

Corporate
Governance

NET ASSETS
Shareholders’ equity:
Common stock �������������������������������������������������������������������������������������������������������������������������������

55,49456,615

148,713

164,836

Treasury stock, at cost ���������������������������������������������������������������������������������������������������������������������

(28,658)(34,852)

Total shareholders’ equity �������������������������������������������������������������������������������������������������������������

185,549

196,599

2,638(7,936)

Remeasurements of defined benefit plans �����������������������������������������������������������������������������������

(1,028)

1,473

Total accumulated other comprehensive income �����������������������������������������������������������������������

(7,315)(3,824)

Subscription rights to shares ���������������������������������������������������������������������������������������������������������

478

500

Minority interests �����������������������������������������������������������������������������������������������������������������������������

701

762

Total net assets ���������������������������������������������������������������������������������������������������������������������������������

179,414

194,038

Total liabilities and net assets �������������������������������������������������������������������������������������������������������������

¥250,561¥264,019

To Contents

1,803(8,090)Information

Unrealized gain (loss) on other securities �������������������������������������������������������������������������������������
Unrealized gain (loss) on land revaluation �����������������������������������������������������������������������������������

Financial
Statements

Accumulated other comprehensive income:Corporate Social
Responsibility(CSR)

Additional paid-in capital ���������������������������������������������������������������������������������������������������������������
Retained earnings ���������������������������������������������������������������������������������������������������������������������������

26

COMSYS Holdings Corporation Annual Report 2015

Consolidated Statements of Income
COMSYS Holdings Corporation and Consolidated Subsidiaries
Years ended March 31, 2014 and 2015
2014

Millions of yen
2015

Net sales �������������������������������������������������������������������������������������������������������������������������������������������������

¥331,341¥328,631
280,693

Cost of sales �������������������������������������������������������������������������������������������������������������������������������������������

285,571

Gross profits �����������������������������������������������������������������������������������������������������������������������������������������

45,77047,938Selling, general and administrative expenses ���������������������������������������������������������������������������������

18,20020,264

Operating income ���������������������������������������������������������������������������������������������������������������������������������

27,57027,674

Other income:Interest income �����������������������������������������������������������������������������������������������������������������������������������

48

58

Dividend income ���������������������������������������������������������������������������������������������������������������������������������

164

216

Reversal of allowance for doubtful receivables �������������������������������������������������������������������������������

130—

Rent income on noncurrent assets ���������������������������������������������������������������������������������������������������

107

101

Foreign exchange gains ���������������������������������������������������������������������������������������������������������������������

—150

Other ���������������������������������������������������������������������������������������������������������������������������������������������������

160

176

Total other income �����������������������������������������������������������������������������������������������������������������������������

611

702

Interest expenses �������������������������������������������������������������������������������������������������������������������������������

9

7

Commission for purchase of treasury stock �������������������������������������������������������������������������������������

22

19

Rent expenses �������������������������������������������������������������������������������������������������������������������������������������

30

40

Provision for allowance for doubtful receivables �����������������������������������������������������������������������������

21

168

Other expenses:

Other ���������������������������������������������������������������������������������������������������������������������������������������������������

19

19

Total other expenses �������������������������������������������������������������������������������������������������������������������������

103

254

Recurring profit �������������������������������������������������������������������������������������������������������������������������������������

28,07828,121Gain on sales of fixed assets �������������������������������������������������������������������������������������������������������������

35

46

Gain on sales of investment securities ���������������������������������������������������������������������������������������������

22

46

Gain on redemption of investment securities ���������������������������������������������������������������������������������

—44

Gain on payback of insurance payments �����������������������������������������������������������������������������������������

198

55

Gain on reversal of subscription rights to shares �����������������������������������������������������������������������������

1

24

Gain from reimbursement on investment �����������������������������������������������������������������������������������������

1,052

—

Other ���������������������������������������������������������������������������������������������������������������������������������������������������

115

8

Total extraordinary income ���������������������������������������������������������������������������������������������������������������

1,426

225

Loss on sales of fixed assets �������������������������������������������������������������������������������������������������������������

64

149

Loss on disposal of fixed assets ��������������������������������������������������������������������������������������������������������

70

128

Loss on impairment of fixed assets ���������������������������������������������������������������������������������������������������

323

432

Special payments on employees’ retirement benefits �������������������������������������������������������������������

67

196

Business structure improvement expenses �������������������������������������������������������������������������������������

1,718

—

Other ���������������������������������������������������������������������������������������������������������������������������������������������������

181

158

Extraordinary income:Extraordinary loss:

Total extraordinary loss ���������������������������������������������������������������������������������������������������������������������

2,427

1,064

Income before income taxes and other adjustments to net income �������������������������������������������

27,07627,283

Income taxes:
Current �������������������������������������������������������������������������������������������������������������������������������������������������

10,401

9,438

Deferred ���������������������������������������������������������������������������������������������������������������������������������������������

215

1,093

To Contents

Total income taxes �����������������������������������������������������������������������������������������������������������������������������

10,617

10,531

Income before minority interests �������������������������������������������������������������������������������������������������������

16,45916,751

Minority interests ���������������������������������������������������������������������������������������������������������������������������������

70

(16)

Net income ���������������������������������������������������������������������������������������������������������������������������������������������

¥ 16,389¥ 16,767

COMSYS Holdings Corporation Annual Report 201527

ProfileCOMSYS Holdings Corporation and Consolidated Subsidiaries
Years ended March 31, 2014 and 2015

Additional
paid-in
capitalRetainedearnings

Balance at the end of the previous period ���������������������������������

¥10,000¥55,440¥134,747

10,00055,440134,747

Cumulative effect of changes in accounting policies ���������������
Restated balance �������������������������������������������������������������������������

¥(21,180)¥179,006(21,180)

179,006——

Cash dividends ���������������������������������������������������������������������

(2,423)(2,423)

Net income ���������������������������������������������������������������������������

16,38916,389Repurchase of treasury stock �����������������������������������������������
Disposal of treasury stock ���������������������������������������������������

54(8,002)

525

579

—

—

Net changes during the period except
for shareholders’ equity �����������������������������������������������������
—54

13,966(7,477)

6,542¥10,000¥55,494¥148,713¥(28,658)¥185,549
Millions of yen

Balance at the end ofthe ­previous period ��������������������������

Subscription
rights tosharesMinority
interests

Total net
assets¥(8,090)¥    —¥(6,724)

¥497

¥631

¥173,411

Restated balance ��������������������������������

1,366(8,090)—(6,724)497

631

173,411—

Changes during the period
Net income ����������������������������������

16,389Repurchase of treasury stock ������

(8,002)

Disposal of treasury stock ����������

579

Changes of scope of
consolidation ������������������������������

—Net changes during
the period except for­shareholders’ equity ������������������

436(1,028)

(591)

(19)

70

(540)

436

—

(1,028)

(591)

(19)

70

6,002

Balance at the end of the period ������

¥1,803¥(8,090)¥ (1,028)¥(7,315)

¥478

¥701

¥179,414

Information

Total changes during
the period ����������������������������������

Financial
Statements(2,423)
Corporate Social
Responsibility(CSR)

Cash dividends ����������������������������

Corporate
Governance¥1,366

Cumulative effect of changes
in accounting policies ������������������������

TopicsYear ended March 31, 2014

Unrealized
gain (loss)
on othersecurities

Accumulated other comprehensive income
Total
Unrealized
accumulated
gain (loss)
Remeasurementsotheron landof definedcomprehensive
revaluation
benefit plansincome

Review ofOperations

Total changes during the period �����������������������������������������
Balance at the end of the period �����������������������������������������������

Business at a
GlanceChanges of scope of consolidation �������������������������������������

(8,002)Five Integrated
Business Groups

Changes during the period

Structural
Reforms /VisionYear ended March 31, 2014

CommonstockMillions of yen
Shareholders’ equity
TreasuryTotalstock,
Shareholders’at costequityPresident’s
Message

Consolidated Statements of Changes in Net Assets

To Contents

28

COMSYS Holdings Corporation Annual Report 2015

Year ended March 31, 2015

Commonstock

Additional
paid-in
capitalRetainedearnings

Balance at the end of the previous period ���������������������������������

¥10,000¥55,494¥148,713

10,00055,494

151,500

Cumulative effect of changes in accounting policies ���������������
Restated balance �������������������������������������������������������������������������

Millions of yen
Shareholders’ equity
TreasuryTotalstock,
Shareholders’at costequity¥(28,658)¥185,549(28,658)

188,337

2,787

2,787

Changes during the period
Cash dividends ���������������������������������������������������������������������

(3,545)(3,545)

Net income ���������������������������������������������������������������������������

16,767

16,767

Repurchase of treasury stock �����������������������������������������������
Disposal of treasury stock ���������������������������������������������������

1,121

Changes of scope of consolidation �������������������������������������

(7,938)(7,938)

1,744

2,865

112

112

Net changes during the period except
for shareholders’ equity �����������������������������������������������������
Total changes during the period �����������������������������������������

—

1,121

13,335(6,194)

8,262

Balance at the end of the period �����������������������������������������������

¥10,000¥56,615¥164,836¥(34,852)¥196,599
Millions of yen

Year ended March 31, 2015

Balance at the end ofthe ­previous period ��������������������������

Unrealized
gain (loss)
on othersecurities

Accumulated other comprehensive income
Total
Unrealized
accumulated
gain (loss)
Remeasurementsotheron landof definedcomprehensive
revaluation
benefit plansincomeSubscription
rights tosharesMinority
interests

Total net
assets¥1,803¥(8,090)¥(1,028)¥(7,315)

¥478

¥701

¥179,414

1,803(8,090)(1,028)(7,315)478

701

182,202

Cumulative effect of changes
in accounting policies ������������������������
Restated balance ��������������������������������

2,787

Changes during the period
Cash dividends ����������������������������

(3,545)

Net income ����������������������������������

16,767

Repurchase of treasury stock ������

(7,938)

Disposal of treasury stock ����������

2,865

Changes of scope of
consolidation ������������������������������

112

Net changes during
the period except for­shareholders’ equity ������������������

835

153

2,501

3,490

22

60

3,573

Total changes during
the period ����������������������������������

835

153

2,501

3,490

22

60

11,836

Balance at the end of the period ������

¥2,638¥(7,936)¥1,473¥(3,824)

¥500

¥762

¥194,038

To Contents

COMSYS Holdings Corporation Annual Report 2015

29

ProfileCOMSYS Holdings Corporation and Consolidated Subsidiaries
Years ended March 31, 2014 and 2015—
¥ 30,915

24¥ 33,435

To Contents(1,170)(7,958)546(3,545)(4)(68)(12,199)
02,495
30,915

Information(390)(8,025)378(2,423)(3)(48)(10,511)
0
7,445
23,469Financial
Statements(2,575)(47)(7,349)(1,452)270(1,766)
804
(17)
163
(61)
(11,882)

Corporate Social
Responsibility
(CSR)

—
—
(5,244)(1,251)358(2,502)
557
(670)
1,247
(99)
(6,228)

Corporate
Governance

60
(172)
111
100
50

Topics

120
(7)
41
—
1,220

Review ofOperations¥ 27,283
4,672
432
527
140
—
(241)
(274)
7
6,206
3,028
(1,825)(1,553)590
90
39,085268(7)(12,771)
26,575Business at a
Glance¥ 27,076
4,426
323
—
(247)
(5,077)
4,398
(212)
9
(1,440)
1,793
601
(99)
(881)
(139)
30,532209(9)(6,546)24,185

Five Integrated
Business Groups

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 time deposits, net ���������������������������������������������������������������������������������������������������������
Payment for purchases of investment securities �����������������������������������������������������������������������������
Proceeds from sale of investment securities �����������������������������������������������������������������������������������
Proceeds from redemptions of investment securities ���������������������������������������������������������������������
Collection of investments in capital �������������������������������������������������������������������������������������������������
Proceeds from acquisition of stocks of subsidiaries resulting
in changes in scope of consolidation ���������������������������������������������������������������������������������������������
Purchase of investments in subsidiaries �������������������������������������������������������������������������������������������
Acquisitions of property and equipment �����������������������������������������������������������������������������������������
Acquisitions of intangible fixed assets ���������������������������������������������������������������������������������������������
Proceeds from sale of property and equipment �����������������������������������������������������������������������������
Payments of loans receivable �����������������������������������������������������������������������������������������������������������
Collection of loans receivable �����������������������������������������������������������������������������������������������������������
Purchase of insurance funds �������������������������������������������������������������������������������������������������������������
Proceeds from cancellation of insurance funds �������������������������������������������������������������������������������
Other, net �������������������������������������������������������������������������������������������������������������������������������������������
Net cash used in investing activities �������������������������������������������������������������������������������������������������Cash flows from financing activities:
Decrease in short-term borrowings, net �������������������������������������������������������������������������������������������
Acquisitions of treasury stock �����������������������������������������������������������������������������������������������������������
Proceeds from sale of treasury stock �����������������������������������������������������������������������������������������������Cash dividends paid ���������������������������������������������������������������������������������������������������������������������������Cash dividends paid to minority shareholders ���������������������������������������������������������������������������������
Repayment of financial lease obligations �����������������������������������������������������������������������������������������
Net cash used in financing activities �������������������������������������������������������������������������������������������������
Effect of exchange rate changes on cash and cash equivalents �������������������������������������������������
Net increase (decrease) in cash and cash equivalents �������������������������������������������������������������������Cash and cash equivalents at beginning of year �����������������������������������������������������������������������������
Increase (decrease) in cash and cash equivalents resulting
from change of scope of consolidation �������������������������������������������������������������������������������������������Cash and cash equivalents at end of year ���������������������������������������������������������������������������������������

Millions of yen
2015

Structural
Reforms /VisionCash flows from operating activities:
Income before income taxes and other adjustments to net income ���������������������������������������������
Depreciation and amortization ���������������������������������������������������������������������������������������������������������
Loss on impairment of fixed assets ���������������������������������������������������������������������������������������������������
Amortization of goodwill �������������������������������������������������������������������������������������������������������������������
(Increase) decrease in allowance for doubtful receivables �������������������������������������������������������������
Decrease in accrued severance indemnities �����������������������������������������������������������������������������������
Increase in net defined benefit liability ���������������������������������������������������������������������������������������������
Interest and dividends received �������������������������������������������������������������������������������������������������������
Interest expenses �������������������������������������������������������������������������������������������������������������������������������
Increase in receivables—trade ����������������������������������������������������������������������������������������������������������
(Increase) decrease in inventories �����������������������������������������������������������������������������������������������������
Increase in payables—trade �������������������������������������������������������������������������������������������������������������
Decrease (Increase) in other assets ���������������������������������������������������������������������������������������������������
Decrease in other liabilities ���������������������������������������������������������������������������������������������������������������
Other, net �������������������������������������������������������������������������������������������������������������������������������������������

2014

President’s
Message

Consolidated Statements of Cash Flows30

COMSYS Holdings Corporation Annual Report 2015

Ten-Year Summary of Business Results and Financial Data
Years ended March 31

Net Sales(Millions of yen)

400,000
307,485

300,000

336,518

327,526

321,185

293,086

315,480

295,851

316,092

331,341

328,63114

15

27,57027,67414

15

28,07828,12114

15

331,000

200,000
100,000
0

06

07

08

09

10

11

12

13

16

(Forecast)

Operating Income(Millions of yen)

30,00025,00020,00028,00022,547
19,213
16,31816,29815,00015,61012,54011,785

12,5921011

12

10,000
5,000
0

06

07

08

09

13

16

(Forecast)

Recurring Profit(Millions of yen)

30,00025,00020,00018,75328,50022,914

21,12018,22817,14415,00013,113

12,14012,96910,000
5,000
0

06

07

08

09

10

11

12

13

16

(Forecast)

Net Income/Primary Earnings per Share (EPS)(Millions of yen)

(Yen)

200

20,00016,38915,00012,382

10,00010,030

87.39

69.65

11,641
83.87

10,062
75.60

5,000

To Contents

006■ Net Income (Left Scale)07

08

136.0813,28409■ Primary Earnings per Share (EPS) (Right Scale)10142.72148.78106.82

9,543
7,097
55.18

17,00016,767

73.92

100

7,173
55.50

11

150

12

50

13

14

15

16

(Forecast)

0COMSYS Holdings Corporation Annual Report 201531

ProfilePresident’s
Message

Total Assets(Millions of yen)

300,000
250,000

220,785229,953

224,121220,651

211,809

06

07

08

09

10

237,436

228,13511

12

240,602250,56113

14

264,019

200,000

Structural
Reforms /Vision150,000
100,000
50,0000

15

Five Integrated
Business Groups

Net Assets/Shareholders’ Equity Ratio(%)

250,000

85

200,000

151,768

150,000

137,160

151,775

150,417

147,005

71.2%

68.4%

66.5%

164,574

173,411

179,414

71.7%

71.6%

71.1%

194,038

75

73.0%

65

67.7%

63.4%

62.1%

55

50,000006■ Net Assets (Left Scale)

07
■

08

09

10

11

12

13

14

15

45

Review ofOperations

100,000

161,768

Business at a
Glance(Millions of yen)

Shareholders’ Equity Ratio (Right Scale)

TopicsReturn on Equity (ROE)
(%)

10

9.4%

8

7.9%

7.6%

Corporate
Governance

9.0%

8.8%
7.9%
6.7%
6.1%

6

4

06

07

08

09

Corporate Social
Responsibility
(CSR)

4.7%

4.4%

10

11

12

13

14

15

(Yen)

(Thousand shares)
35.00

15,000

35
30.00

30

15.00

17.00

20.00

5,544
4,386

10
21.5%

19.5%
998

20.3%

06

07

08

■ Interim Dividend (Left Scale)

36.2%

20.00

09

10

20.00

11

12

* Includes a ¥3 special dividend paid to reflect the benefits of the merger.

■

18.7%

18.4%

13

14

Consolidated Payout Ratio

6,000

4,700

4,168

3,526

■ Acquisitions of Treasury Stock (Right Scale)

9,000
5,839

36.0%
27.1% 3,612

26.5%■ Year-End Dividend (Left Scale)

20.00
5,250

21.0%

15

23.6%

16

(Forecast)

3,000
0

To Contents

0

20.00 *

17.00

Information

20

5

12,000

25.00

25

15

Financial
Statements

Dividends per Share/Acquisitions of Treasury Stock/Consolidated Payout Ratio

32

COMSYS Holdings Corporation Annual Report 2015

Information

COMSYS Holdings Information
Corporate Data
As of March 31, 2015

Corporate History
October 2010

Name:

COMSYS Holdings Corporation

Management integration of TSUKEN Corporation.

June 2009

Head Office:17-1, Higashigotanda 2-chome, Shinagawa-ku,
Tokyo 141-8647, Japan

Minimum share purchase unit reduced from 1,000 shares to
100 shares.

URL:

April 2009http://www.comsys-hd.co.jp/english/
Date of Establishment:

September 29, 2003
Paid-In Capital:

The information systems business related to software development outsourcing was spun off from Nippon COMSYS
Corporation to form COMSYS JOHO SYSTEM Corporation.

April 2007

¥10 billion
Number of Employees:

9,931 (Consolidated)

Directors and Audit & Supervisory Board Members
As of June 26, 2015

President and Representative Director

COMSYS Holdings Corporation converted COMSYS Shared
Services Corporation, previously a consolidated subsidiary of
Nippon COMSYS Corporation, into a wholly owned subsidiary inorder to clarify its role as a common provider of business process
outsourcing services for the COMSYS Group.

October 2005

Noriaki Ito

COMSYS Holdings Corporation converted Kokusai DensetsuCo., Ltd. (now COMSYS WING Corporation) into a wholly owned
subsidiary through a stock exchange, and made Kokusai
Densetsu a wholly owned subsidiary of Nippon COMSYS
Corporation on the same day.

Takashi Kagaya

April 2005

Hajime Takashima
Directors(President and Representative Director of Nippon COMSYS Corporation)(Executive Vice President of Nippon COMSYS Corporation)

Hirofumi Yamasaki(President and Representative Director of SANWA COMSYS Engineering
Corporation)

SANWA ELEC Co., Ltd. was renamed SANWA COMSYSEngineering Corporation.

January 2005

Hidetoshi Miura

The NTT Information Telecommunication Engineering Businessof SANWA ELEC Co., Ltd. was centralized at Nippon COMSYS
Corporation.

Tsuyoshi Nishiyama

September 2004

Akio Ogawa(President and Representative Director of TOSYS Corporation)(President and Representative Director of TSUKEN Corporation)

Hitoshi Kumagai
Kenichi SatoCOMSYS Holdings Corporation subscribed to a third-party
allotment of shares of SANWA ELEC Co., Ltd.

September 2003

Hidehiko Ozaki
1

Takeshi Goto*1

Kenichi Narumiya*

Audit & Supervisory Board Members
Hiroshi Komori

COMSYS Holdings Corporation listed its shares on the firstsections of the Tokyo Stock Exchange and Osaka Securities
Exchange.

September 2003
Nippon COMSYS Corporation delisted its shares in line with theestablishment of the holding company.

(Standing)

Hideki Niimi
Masahiko Miyashita*2

March 2002

Takaharu Saegusa*

Nippon COMSYS Corporation was selected as one of the 225
components of the Nikkei Stock Average.

*1 Outside Director*2 Outside Audit & Supervisory Board Member( ): Concurrent positions held

December 2001

2

To Contents

Nippon COMSYS Corporation celebrated its 50th founding
anniversary.

July 1990
The Company was renamed Nippon COMSYS Corporation.

COMSYS Holdings Corporation Annual Report 2015

33

ProfilePresident’s
MessageOrganization Chart
As of June 26, 2015

Board of Directors
President

Audit & Supervisory Board

Structural
Reforms /VisionSenior Management Committee
CSR Committee

Risk Management Committee

Corporate Planning
Department

IR Department

Finance & Accounting
Department

Personnel
Department• General Affairs Unit
• Legal Unit
• PR Unit• CSR OfficeInternal Control and
Audit Department• Internal Control Office• Internal Audit Office

TopicsWakkanai
Asahikawa

Kitami
KushiroOtaru

Hokkaido
ObihiroTomakomai

NIIGATA

Niigata

NAGANO

TochigiTOKYO
Chiba
Kanto Minami
Kanagawa

Chugoku
KyushuShizuoka

Nishi Nippon
ShikokuTokaiHead Office/COMSYS Holdings Corporation
Head Office/Nippon COMSYS Corporation
Head Office/SANWA COMSYS Engineering Corporation
Head Office/TOSYS Corporation
Head Office/TSUKEN Corporation
Branch/Nippon COMSYS Corporation
Branch/SANWA COMSYS Engineering Corporation
Branch/TOSYS Corporation
Branch/TSUKEN Corporation
Branch/COMSYS JOHO SYSTEM Corporation

To Contents

Head Office/COMSYS JOHO SYSTEM Corporation

Information

Kansai

Okinawa

Financial
Statements

NaganoSaku/Chushin/Nanshin

Corporate Social
Responsibility(CSR)

TohokuSendai

Kanto Naka

Corporate
Governance

Muroran
Hakodate

Hokuriku

Review ofOperations• Corporate Planning Unit
• Corporate Strategy Unit
• Strategy Planning Unit
• Corporate Information Unit

General Affairs
Department

Business at a
GlancePersonal Information Protection
and Administration Committee

Five Integrated
Business Groups

Compliance Committee

34

COMSYS Holdings Corporation Annual Report 2015

Investor Information
Fiscal Year-End:
March 31, 2015
Annual Shareholders’ Meeting:June 26, 2015
Common Stock:
Authorized: 580,000,000 shares
Issued: 145,977,886 shares
Number of Shareholders:
12,933
Date of Listing:
September 2003
Stock Exchange Listings:
First Section of the Tokyo Stock Exchange(Securities code: 1721)
Transfer Agent:
Mitsubishi UFJ Trust and Banking Corporation
Securities Department
10-11, Higashisuna 7-chome, Koto-ku, Tokyo 137-8081,
Japan
Auditor:GYOSEI & CO.

Major Shareholders:
As of March 31, 2015
Shares Held(Thousands)

Percentage
of Total (%)

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

13,508

9.25

Japan Trustee Services Bank, Ltd. (Trust Account)

8,589

5.88

Japan Trustee Services Bank, Ltd.
(The Sumitomo Trust & Banking Co., Ltd. Retrust
Account, Sumitomo Electric Industries, Ltd.
Employee Pension Trust Account)

5,166

3.53

BNP Paribas Securities, Ltd.

3,165

2.16

Nippon Life Insurance Company

2,590

1.77

Trust & Custody Services Bank, Ltd.
(Investment Trust Account)

2,409

1.65

CHASE MANHATTAN BANK GTS CLIENTSACCOUNT ESCROW

2,083

1.42

HSBC ASIA EQUITY FINANCE – JAPAN EQUITIES(TRADING)

1,814

1.24

Meiji Yasuda Life Insurance Company

1,544

1.05

STATE STREET BANK AND TRUST COMPANY
505001

1,544

1.05

Shareholders

Composition of Shareholders:
As of March 31, 2015

For Further Information on this Annual Report,
Please Contact:
IR Department
Tel: +81-3-3448-7000 (direct)
Fax: +81-3-3448-7001
E-Mail: chd-ir@comsys.co.jp

Stock Price Range / Monthly Trading Volume(Yen)(Thousands of Shares)

2,400

60,0002,000

50,0001,600

40,0001,200

30,000800

20,000400

10,000To Contents00

13/4 13/5 13/6 13/7 13/8 13/9 13/10 13/11 13/12 14/1 14/2 14/3 14/4 14/5 14/6 14/7 14/8 14/9 14/10 14/11 14/12 15/1 15/2 15/3 (Month)■ ■ Stock Price (Left Scale)   ■ Monthly Trading Volume (Right Scale)■ Securities Companies

5.0%■ Financial Institutions

33.6%■ Domestic Companies

5.7%■ Foreign Companies
and Individuals

22.6%■ Individuals and Others

33.1%