COMSYS Holdings Corporation

ANNUAL REPORT 2005
Fiscal Year Ended March 31, 2005

COMSYS Group —Excellence in Telecommunications and Solutions

ABOUT THE LOGO MARK
Shape: Image of a rotating, expanding “C”
C for COMSYS S for Solutions G for Group
Colors: Red: Enthusiasm
Green: Harmony with the environment
Blue: Advanced technology
Purple: Spirit of intellectual innovation
Yellow: People (At COMSYS Group, people are everything)

CONTENTS

1
2
4

PAGE 6
NTT INFORMATIONTELECOMMUNICATIONENGINEERING
BUSINESSCONSOLIDATED FINANCIAL HIGHLIGHTS
LETTER TO OUR SHAREHOLDERS
THREE PILLARS OF THE MEDIUM-TERM
MANAGEMENT PLAN TARGETS

6

REVIEW OF OPERATIONS

6 NTT INFORMATION TELECOMMUNICATIONPAGE 8ENGINEERING BUSINESS

8 ELECTRICAL COMMUNICATIONSENGINEERING BUSINESS

10 IT SOLUTIONS BUSINESS
12 SOCIAL SYSTEM-RELATED BUSINESS ETC.
14

ELECTRICALCOMMUNICATIONSENGINEERING
BUSINESSCORPORATE GOVERNANCE

PAGE 10
IT SOLUTIONSBUSINESS

16
17
18

CORPORATE CITIZENSHIPRESEARCH AND DEVELOPMENTOPERATING COMPANIES AT A GLANCE

18 Nippon COMSYS Group
20 SANCOM Group
22 TOSYS Group
24 ORGANIZATIONAL STRUCTURE OF
THE COMSYS GROUP

PAGE 12

25
43
90
92

SOCIAL SYSTEMRELATED BUSINESSETC.

FINANCIAL SECTION
FACT SHEETCORPORATE DIRECTORYCOMSYS HOLDINGS INFORMATIONCAUTIONARY 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, and COMSYS 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.

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COMSYS Holdings Corporation

Annual Report 2005

CONSOLIDATED FINANCIAL HIGHLIGHTSCOMSYS Holdings Corporation and Consolidated Subsidiaries
Years ended March 31, 2004 and 2005

Thousands of
U.S. Dollars

Millions of Yen

2004

2005

2005

For the Year:
New orders received during the year
Net sales
Operating income
Net income
Cash flows from operating activities
Cash flows from investing activities
Cash flows from financing activities¥235,747
248,961
10,786
6,592
12,101(83)(8,457)¥287,376
293,681
15,062
8,349
14,735(4,831)(7,426)$2,676,003
2,734,715
140,255
77,745
137,210(44,986)(69,150)

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

¥211,718
121,326
11,484¥208,681
128,063
4,692$1,943,207
1,192,504
43,682Yen

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

U.S. Dollars¥ 45.96—7.00
859.24¥ 58.42—15.00
906.92

7,091

6,746

Number of employees

NEW ORDERS RECEIVED

NET SALESNET INCOME(Billions of yen)(Billions of yen)(Billions of yen)

300

300

10

240

240

8

180

180

6

120

120

4

60

60

2

0

0

0

03

04

Simple Sum Simple Sum

04

05

05

Actual Simple Sum Actual

$0.54
—
0.14
8.45

03

04

Simple Sum Simple Sum

04

05

05

Actual Simple Sum Actual0304

Simple Sum Simple Sum

04

05

05

Actual Simple Sum Actual

Notes: 1 For convenience only, the accompanying Japanese yen figures for 2005 have been translated into U.S. dollars at the rate of ¥107.39 to $1, the rate prevailing on
March 31, 2005.
2 The above figures represent the simple sum of the consolidated figures of Nippon COMSYS, SANCOM, and TOSYS.
3 Consolidated results for fiscal 2005 include 15 months of operating results at a Nippon COMSYS consolidated subsidiary due to a change in fiscal year-end(from December 31 to March 31).
4 The Company’s consolidated results for the fiscal year ended March 2004 include the consolidated results of Nippon COMSYS for the fiscal year from April 1, 2003 to March
31, 2004 and the consolidated results of both SANCOM and TOSYS for the half-year period from October 1, 2003 to March 31, 2004 (October 1, 2003 being the deemed
date of acquisition).

COMSYS Holdings Corporation

Annual Report 2005

1

LETTER TO OUR SHAREHOLDERS

I am pleased to report that we delivered strong results in the year ended March 31, 2005, in only
our second fiscal year after the September 2003 merger. Going forward, our aim is to become agroup that is capable of delivering sustained sales and earnings growth as the top brand in theprovision of one-stop solutions.

CONSOLIDATED RESULTS IN THE SECOND YEAR AFTER INTEGRATIONIn the past fiscal year, the second of COMSYS Holdings Corporation, consolidated operating income
rose 39.6% to ¥15,062 million, on an 18.0% year-on-year increase in net sales to ¥293,681 million.
Net income increased 26.7% to ¥8,349 million*.
Sales rose as our NTT engineering- and NTT DoCoMo engineering-related businesses performed
strongly and our non-NTT businesses picked up. Operating income rose as we started to see thebenefits of efforts to capture post-integration synergies and reform management.
We paid an interim dividend of ¥5 per share, and a year-end dividend of ¥10, which included a special
dividend of ¥3 to reflect the benefits of the merger. As a result, the year dividend amounted to ¥15.
* Certain companies in the COMSYS Group had irregular accounting periods as a result of the integration. Detailed information withregard to this and other matters can be found in the Management Discussion and Analysis section of this annual report.

CORPORATE PHILOSOPHYCOMSYS Holdings was established as a joint holding company in order to quickly realize
maximum efficiency in an environment where speed has become a decisive factor.
We are confident that pooling the resources of the three core companies, Nippon
COMSYS Corporation, SANWA ELEC Co., Ltd. (renamed SANWA COMSYS Engineering
Corporation) and TOSYS Corporation, will make COMSYS Holdings the top brand forsophisticated one-stop solutions in the electrical and telecommunications infrastructure construction industry. Nippon COMSYS brings to the group over half a century ofexperience in the construction of telecommunications infrastructure and related engineering technology. SANCOM has an excellent track record in electrical facilities andthe private sector. TOSYS has a strong presence in the region spanning Nagano andNiigata prefectures.

HIROFUMI SHIMADA , President

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Annual Report 2005

CURRENT STATUS AND MANAGEMENT GOALSThe COMSYS Group adopted a Medium-term Management Plan that provides an operating visionand guidelines for the group’s business management through the fiscal year ending March 31, 2008.
The plan details concrete numerical targets. It spells out management strategies that will bolster thegroup’s competitive position and transform it into an organization capable of sustained growth, evenin an intensely competitive market environment, by enhancing management efficiency and strengthening its ability to develop project proposals.
The Medium-term Management Plan has three major goals:(1) Become the leading infrastructure construction firm
(2) Become a system integrator with expertise in construction(3) Maximize the benefits of the merger

ACHIEVING MERGERSYNERGIES – STRENGTH TO REACH FOR TOMORROW
Winning recognition as the top brand is easier said than done. The COMSYS Group is reinventing
itself to achieve the most effective use of all its business resources. Through this approach, the COMSYSGroup is determined to innovatively and significantly raise corporate value and realize its ambition of
becoming the top brand.
From this springboard, the COMSYS Group will continue to strive to grow into a “comprehensive
engineering service firm” with an extensive business portfolio; a respected company that contributes
to the betterment of society and meets the expectations of its shareholders.
June 2005

Hirofumi Shimada, President

COMSYS Holdings Corporation

Annual Report 2005

3

THREE PILLARS OF THE MEDIUM-TERM MANAGEMENT
PLAN TARGETS

The Medium-term Management Plan that will see us through the fiscal year ending March 31,
2008 aims to transform the COMSYS Group into the premier company in developing project
proposals by maximizing the effectiveness of the merger.

THE MEDIUM-TERM MANAGEMENT
PLAN’S CONCRETE INITIATIVES(2) Become a system integrator with expertise in

The most important goal of the Medium-term(3) Maximize the benefits of the merger

construction

Management Plan is to increase the share of nonplan defines diversification of our customer base and

BECOME THE LEADING INFRASTRUCTURE CONSTRUCTION FIRM

development of new businesses as important issues

The COMSYS Group’s core competence lies infor sustaining growth and managing risk.

infrastructure construction based on many years of

NTT business to at least half the total sales. The

The following are strategies for realizing the threeexperience in telecommunications-related construc-stated main goals of the Medium-term Manage-

tion. In recent years, NCCs (New Common Carriers—

ment Plan:

telecommunications carriers other than the NTT Group)(1) Become the leading infrastructure construc-have come to represent a growing share of our totaltion firm

MEDIUM-TERM TARGETS
2005

2008

(actual)(target)¥293.7 billion¥320.0 billion+9.0%

Share of non-NTT business in total sales

43%

50%

+7 points

Share of solution-related business in total sales

9%

20%

+11 points

Operating margin

5.1%

5.5%

+0.4 points

ROE

6.7%

8.7%

+2.0 points

Sales per employee¥42 million¥46 million+9.5%Interest-bearing debt

¥4.6 billion¥0.2 billion–¥4.4 billion

Fiscal year to March 31

Net sales

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COMSYS Holdings Corporation

Annual Report 2005

Changebase, as well as areas of operations, including mobile

MAXIMIZE THE BENEFITS OF THE
MERGER

communications, with the aim of becoming No. 1 in

The COMSYS Group is moving to maximize theinfrastructure construction. In a market considered tobenefits of the merger by dynamically consolidating

be technologically mature, we are also strengthening

and reorganizing businesses within the group andour construction capabilities and expanding businessinitiating measures to assure a competitive advan-

business. We will continue to expand our customer

through COMSYS-style kaizen (improvement). This cantage in core activities. We are unifying sharedbe thought of as the construction industry version ofoperations within the group through various initia-

Toyota-style kaizen.

tives, including centralized procurement and theestablishment of a shared services company. At the

BECOME A SYSTEM INTEGRATORWITH EXPERTISE IN CONSTRUCTION

same time, the group is introducing various in-house

The COMSYS Group is shifting from a pure

benefits. These include a cash management systemconstruction business to a solutions-oriented busi-(CMS) and COMFORCE, a front-end operations

ness, including construction, by integrating

support system for optimizing the entire work process.

advanced network technology acquired over many

Moreover, in April 2005, the group improved busi-

years with IT. The group will make a strategic thrustness efficiency by such actions as integrating thetoward becoming a system integrator, capable ofcore IT systems of the three core companies.

systems, also with the goal of maximizing merger

backing up advanced solutions designed to resolve
client’s problems with attractive products and thetechnology to implement them.

COMSYS Holdings Corporation

Annual Report 2005

5

REVIEW OF OPERATIONSNTT INFORMATION TELECOMMUNICATIONENGINEERING BUSINESSThis segment includes the laying and installation of telephone
communication lines and installation of exchange equipment, construction of wireless base stations, and other telecommunications infrastructure business for all sectors of NTT and the NTT Group. As a corebusiness, this segment is the largest of all COMSYS Group segments
in terms of sales.

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COMSYS Holdings Corporation

Annual Report 2005

MARKET ENVIRONMENT

to handle the work involved in laying 30 million optical

The markets for NTT and NTT DoCoMo work arecable lines to customer residences. We must also

expected to increase slightly. The volume of

prepare for the construction of FOMA-related baseconstruction work is increasing, although total capitalstations, and toward this we will be increasing ourinvestment remains largely unchanged. Looking

workforce and the number of subcontractors.

ahead, we expect to see a temporary surge in fiber

Another important issue is the training of IP special-

optics-related construction such as B Flets andists. IP is expected to become a mainstream tele-

FOMA-related base station construction work.

communications network in two to three years. We

Aggregate capital investment by NTT and NTT

must therefore prepare ourselves for the adoption

DoComo is likely to be flat or to decline marginallyof next-generation network construction technology.

from the next fiscal year on.

As part of our approach, we are promoting a
program to encourage engineers to obtain the CCIE*RESULTS OF OPERATIONS

certification. Our plan is to increase the number ofWith orders from NTT and NTT DoCoMo strong,

CCIE*-certified specialists from 6 as of March 2005

segment sales rose ¥15,711 million, or 10.3%, fromto 70 by March 2008.

the previous fiscal year to ¥168,667 million. Sales

In responding to the expected lower capitalwere also driven by a sharp increase in completed

investment by NTT and NTT DoCoMo, we intend toconstruction work for FOMA-related base stations

expand the range of services we currently offer inand other projects toward the end of the fiscal year.

our NTT DoCoMo-related business. Furthermore, byincreasing the number of IP specialists and strength-

OUTLOOK

ening our ability to respond to NTT DoCoMo’s

With forecasts calling for construction work related

targeted new businesses, we plan to capture ato optical systems to increase significantly, we must

greater share of NTT-related business.

strengthen our design and construction capabilities* CCIE: Cisco Certified Internetwork Expert, considered worldwide tobe equivalent to a doctorate in networking. Cisco Systems is aleading manufacturer of routers and other network equipment.

SHARE OF NET SALESNET SALES(Billions of yen)
200
160
120

57.1%

80
40
0

04

05

* The above figures are the simple sum of the consolidated figures for the Nippon COMSYS, SANCOM and TOSYS groups. Internaltransactions have not been eliminated.

COMSYS Holdings Corporation

Annual Report 2005

7

REVIEW OF OPERATIONSELECTRICAL COMMUNICATIONSENGINEERING BUSINESSThis segment includes laying telecommunications lines and construction of information and communications facilities for communication
carriers other than the NTT Group, so-called NCCs (New Common
Carriers), as well as design and construction of electrical facilities forcommercial and public facilities, manufacturing plants, condominiums
and single-family homes, in addition to office buildings.

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COMSYS Holdings Corporation

Annual Report 2005

MARKET ENVIRONMENTOUTLOOK

We expect NCC-related business to expand as

We plan to continue pursuing COMSYS-style kaizen

demand for infrastructure to support higher-speed(improvement) to enhance frontline capabilities incommunications increases as society moves toward

information and communications and electricalubiquitous broadband networks. Driven by rapid

facilities construction. We believe this will boost our

technological advances in the information and com-cost competitiveness, helping us to win more orders.

munications field, particularly in broadband, mobile

Our aim is a greater share of the NCC market andcommunications, digital broadcasting and informa-

improved profitability. COMFORCE, the first front-tion terminals, we expect society to move toward

end information system in the telecommunications

an age of ubiquitous broadband connectivity. Com-

infrastructure construction sector, which waspetition among carriers is already intensifying in thedeveloped by Nippon COMSYS, was installed in the

run-up to the scheduled introduction of number

other two core companies in the year ended March

portability* in 2006, and we expect it to intensify

31, 2005. We expect this system to speed up

further in the years ahead.

administrative work and construction management,* Number portability: A system in which mobile phone subscribers canretain their phone numbers even if they switch carrier.

enhance construction quality and increase efficiency
of on-site and support work.

RESULTS OF OPERATIONS
Segment sales in the fiscal year ended March 31,
2005 increased ¥7,003 million, or 10.4%, to ¥74,361
million, driven by NCC-related business, particularly
mobile and IP network-related construction projects.

SHARE OF NET SALESNET SALES(Billions of yen)
80

60

25.2%
40

20

0

04

05

* The above figures are the simple sum of the consolidated figures for the Nippon COMSYS, SANCOM and TOSYS groups. Internaltransactions have not been eliminated.

COMSYS Holdings Corporation

Annual Report 2005

9

REVIEW OF OPERATIONSIT SOLUTIONS BUSINESSOur IT Solutions Business integrates know-how and experience wehave built up over the years with state-of-the art network technologies
to provide a total solutions service, spanning all stages from thedevelopment of an optimal system integration plan to maintenance.

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COMSYS Holdings Corporation

Annual Report 2005

MARKET ENVIRONMENTOUTLOOK

Information networks are proliferating and are fast

The COMSYS Group plans to double sales in the IT

becoming an integral part of daily life. Along withsolutions business by the fiscal year ending March

this trend, there has been a growing need in recent

31, 2008, compared with the fiscal year underyears for total services that integrate software andreview, at which point they will represent about 20%

telecommunications technologies. This is in orderof total group sales. We will do so by capitalizing on

to provide everything from network solutions for IP

projected expansion of the IT solutions market.

telephony, video monitoring and security applica-

To that end, we are concentrating on establishingtions, to system solutions, such as the construc-the Comsip* brand while training highly skilled IPtion of optimal enterprise resource planning (ERP)

specialists. Furthermore, we will actively engage insystems and the development of mobile sales

an expansion drive in the IT solutions field by supple-

support systems.

menting our knowledge, technology and know-how
through alliances and mergers and acquisitions.

RESULTS OF OPERATIONS

As a step toward full-scale expansion of our

Segment sales in the fiscal year ended March 31,

solutions business, in April 2005 we established the2005 increased ¥289 million, or 1.1%, from the

IT Business Division, a unified organization that will

previous fiscal year to ¥27,693 million. In August

provide one-stop solutions to customers.

2004, we obtained company-wide certification under* A low-price IP telephony system that employs soft switches to operatea standard server based on Session Initiation Protocol (SIP), a standard
Internet signaling protocol.

the Information Security Management System (ISMS)
conformance evaluation system. We were first in theJapanese information and communications infrastructure construction industry to acquire thiscertification. Leveraging this achievement, we
worked in the past fiscal year to expand theinformation security business.

SHARE OF NET SALESNET SALES(Billions of yen)
30

9.4%
20

10

0

04

05

* The above figures are the simple sum of the consolidated figures for the Nippon COMSYS, SANCOM and TOSYS groups. Internaltransactions have not been eliminated.

COMSYS Holdings Corporation

Annual Report 2005

11

REVIEW OF OPERATIONSSOCIAL SYSTEM-RELATED BUSINESS ETC.

The Social System-Related Business etc. includes building and public
facility construction, civil engineering works, security systems, andconstruction of eco systems, such as wind power generation systems
and co-generation systems. We are also heavily involved in expressway construction and air traffic control and security systems.

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COMSYS Holdings Corporation

Annual Report 2005

MARKET ENVIRONMENTOUTLOOK

The diversification of communication channels is

Advances in telecommunications and network tech-having a profound impact, changing the lifestyles of

nologies are creating needs for services spanning apeople in areas such as the environment, education

number of areas. Examples include support for

and welfare. The COMSYS Group sees this trend

intelligent buildings installing the most advanced

as creating new opportunities for us to draw on oursystems to meet the needs of increasingly IT-oriented

years of involvement in building Japan’s telecom-

businesses, Internet-enabled apartments, andmunications network. Our involvement extends from

hospitals, schools and other facilities with high public

cityscape beautification projects to move overhead

profiles, as well as construction of all types of infor-

power lines underground that are being promoted

mation and communications systems for nationalby the Japanese Ministry of Land, Infrastructure andand local institutions.

Transport and local government entities, to the

The COMSYS Group has to date obtained ISO

information box project to link the entire nation withcertification for quality assurance and environmen-

fiber optic cable.

tal management as well as certification under
OHSAS occupational health and safety assessment

RESULTS OF OPERATIONS

standards, all in preparation to meet diversified

Segment sales in the fiscal year ended March 31,

customer needs and to build the next-generation2005 decreased ¥3,834 million, or 13.5%, tocommunications-oriented society.

¥24,662 million.

SHARE OF NET SALESNET SALES(Billions of yen)
30

8.3%

20

10

0

04

05

* The above figures are the simple sum of the consolidated figures for the Nippon COMSYS, SANCOM and TOSYS groups. Internaltransactions have not been eliminated.

COMSYS Holdings Corporation

Annual Report 2005

13

CORPORATE GOVERNANCE

One management vision of the COMSYS Group is to be seen as the “best choice” company by
all stakeholders. As part of the program to achieve that goal, the group strengthened corporate
governance by establishing an Advisory Board in April 2005.

BASIC PHILOSOPHY REGARDINGCORPORATE GOVERNANCE

IMPLEMENTATION OF CORPORATE
GOVERNANCE INITIATIVESThe COMSYS Group is building an organization and

COMSYS Holdings employs an auditor system. The

fair management system capable of responding

Board of Directors, made up of ten executive officers,

quickly and flexibly to changes in the operating

meets regularly once a month, and as required. No

environment. This includes ensuring appropriate

outside directors sit on the Board. The Board makes

and timely information disclosure and transparency

decisions on items stipulated by laws and regula-

as well as establishment of internal systems. In thistions and important management issues. The fourway, we are determined to fulfill our corporate

corporate auditors, including two outside corporatesocial responsibility.

auditors, ordinarily attend these meetings andexpress opinions on issues related to execution ofbusiness operations. They also audit the performance of duties by directors.

DIRECTORS AND OFFICERS(As of June 29, 2005)(9)(7) (5) (3)

(1)

(2)

(4)

(6)

(8) (10)

Hirofumi Shimada (1)Syuichi Tominaga (7)President and Representative
Director( President and Representative
Director of Nippon COMSYS
Corporation )Director

Chusei Sonta (2)Director

Director( President and Representative
Director of SANWA COMSYSEngineering Corporation)

Yoshihiro Mimata (10)Joichi Magara (3)Director( President and Representative
Director of TOSYS Corporation)

Kaoru Noda (4)Director

Kunio Ushioda (5)Yoshiaki Miyawaki (8)Director

Akiyoshi Sekiguchi (9)Director
CORPORATE AUDITORSStanding Auditor
Masahiro Yoshihara
Auditors

Takeo Mizoguchi

Director

Takashi Kakimi

Etsuo Shibata (6)Kunihiko Gotoh

Director

14* Corporate auditors Takashi Kakimi and Kunihiko Gotoh are outside
auditors, as prescribed in Paragraph 1, Article 18 of the Law
Concerning Special Measures Under the Commercial Code with
Respect to Audit, etc., of Corporations.

COMSYS Holdings Corporation

Annual Report 2005

CORPORATE GOVERNANCE ORGANIZATION
General Shareholders’ Meeting

Independent Auditor-------------------

Board of Corporate Auditors

Board of Directors

Corporate Auditors (4) (Incl. Outside Auditors (2))

Directors (10) Corporate Auditors (4)Senior Management Committee
Directors (10) Standing Corporate Auditor (1)Corporate Compliance Committee

Group Agreement

Presidents Committee of the COMSYS Group
Audit

Presidents of 30 Group Companies

Corporate Planning
Department

Nippon COMSYS CorporationIR
Department

Finance & Accounting
Department

SANWA COMSYS Engineering Corporation

General Affairs &Personnel Department

TOSYS Corporation

COMPLIANCE INITIATIVES

members selected from COMSYS Holdings’ three core

To assure compliance, the group has a Corporatecompanies, the committee works to promote obser-

Compliance Committee, chaired by the director

vance of corporate ethics and disseminate awarenessresponsible for compliance. This committee meets fourof compliance issues throughout the group.

times a year. Through discussions among committee

COMSYS Holdings Corporation

Annual Report 2005

15

CORPORATE CITIZENSHIPBASIC STANCE ON CSR

to recycle 100% of waste generated by construc-

As a comprehensive telecommunications and elec-tion sites. In design and construction projects, we

trical systems engineering services company, theexecute a program that sets goals and timetables

COMSYS Group’s corporate philosophy is to con-for the proposal of facilities with low environmental

tribute to the development of a productive, highly

impact and new energy systems, including wind andadvanced information-oriented society. Guided bysolar power generation systems.

this philosophy, we are ensuring the observance ofcompliance regulations and that adequate internal

SOCIAL CONTRIBUTION INITIATIVES

control systems are in place, among other actions.

The COMSYS Group contributes directly to society

We are implementing measures such as the follow-

through its business activities such as by construct-

ing to remain a company that is trusted anding social infrastructure and establishing and improv-

respected by all stakeholders.

ing social environments. But we are also engagedin activities to give back to the community.

ENVIRONMENTAL INITIATIVES

Examples include sponsoring the Japan Barrier-

The COMSYS Group is developing businesses that

Free Association, a non-profit organization; support-

can make a direct contribution to reducing theing concerts that discover amateur musicians withenvironmental impact of human activity. These busi-

disabilities; and patronizing the BHN (Basic Humannesses include the construction of wind power

Needs) Association, a non-profit organization thatgeneration and other new energy systems, air-carries out activities to promote the spread of tele-conditioning duct cleaning systems that raise build-communications in emerging nations in Asia anding heating efficiency, energy conservation-related

elsewhere in the world. The BHN Association pro-services, and industrial waste recycling.

vides humanitarian aid in developing countries and

The COMSYS Group also makes strenuous efforts

emergency aid for major natural disasters using tele-

to reduce the environmental footprint of its business

communications. It also helps train people to equip

activities. Initiatives extend from lowering electricity

them with the skills needed to work as electrical anduse and adopting low-emission vehicles to working

telecommunications technicians.

SUPPORT FOR J1 OMIYA ARDIJA
Nippon COMSYS supports the Omiya Ardija J League football team as a club sponsor. Based in Saitama City
(formerly Omiya City), Omiya Ardija was promoted to the top-flight J1 soccer league for 2005. With this promotion,
the Nippon COMSYS name, which is displayed on signage at the team’s home ground, is expected to be more
visible through broadcasts of games and sports news.

JUNIOR HIGH SCHOOL STUDENTS GET HANDS-ON EXPERIENCE WORKING WITHADVANCED OPTICAL FIBER
On February 8, 2005, six students from the Kohoku Junior High School in Tokyo’s Adachi Ward were invited to the
Adachi Technostation of Nippon COMSYS. This field trip was part of career counseling at the school whereby
students are given the opportunity to visit worksites.
The students were given a basic explanation on the Internet and optical fiber, and then observed Technostation
employees at work. The day culminated in the students experiencing first hand processes involved in connecting
optical fiber. Although a little nervous at first, the students gradually warmed to the task and worked hard to learn about
this advanced infrastructure supporting IT-based society, asking a number of questions.

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COMSYS Holdings Corporation

Annual Report 2005

RESEARCH AND DEVELOPMENTRESEARCH AND DEVELOPMENT
The COMSYS Group is developing a broad array of businesses that are essential to our daily lives, including the construction of large-scale communications infrastructure, air traffic control systems and electricalfacilities for buildings. All put a premium on safety and reliability. At the COMSYS Group, we are concentrating on bolstering the core technologies that support these businesses and on developing products andservices that leverage cutting-edge technologies. These efforts have two aims: achieve further improvements in safety and reliability, and deliver an even higher level of customer satisfaction. In this section, weshowcase some of our most recent achievements.

TUBE DEVELOPED TO PROTECTOPTICAL FIBER CABLES FROM THE
ELEMENTS

EASY-TO-USE SYSTEM FACILITATESTWO-WAY REMOTE COMMUNICATIONSIn May 2005, Nippon COMSYS launched sales of a

Nippon COMSYS has developed a next-generation

tube that protects underground optical fiber cables

remote communication system called Yahos*. Usingfrom earthquakes, flooding and other natural disas-a FOMA television phone line, Yahos makes possible

ters. Developed in partnership with Japan’s Minis-

two-way voice and video communication between

try of Land, Infrastructure and Transport to protect

the office and a remote work site. The convenience

optical fiber cables being laid alongside rivers forand portability of Yahos allows the accurate assess-the management of public facilities, the tube is madement of conditions at a factory or the scene of aof special composite rubber, enabling it to protect

natural disaster, enabling more accurate directions

to the desired length. Conduits carrying optical fiber

to be given. Thanks to a hands-free configuration

cables alongside a river may be stretched or become

and a CCD camera fitted to a helmet, inexperienced

disconnected due to ground movements caused byworkers and other workers can use the system toa river breaching its banks, flooding, an earthquake

perform unfamiliar tasks, guided by a seasonedor other natural event, exposing the cable to pos-

professional who can offer technical directions fromsible damage from sediment movements or othera remote location using images taken by the camera.

pressure. This new tube protects the cables from theThis approach delivers a higher level of safety andelements, even if the conduit is stripped away during

enables tasks to be performed quicker.

a natural disaster. Because it can also be fitted to

Positioning Yahos as an IT solution for the ubiqui-

new and existing systems without the need for groundtous networked society, Nippon COMSYS plans to

excavation, the protective tube is a low cost, expedi-

vigorously promote the application of this technol-

tious means of protecting communications conduits.

ogy at work sites as a means of facilitating safe,
high-quality operations at lower cost.
Yahos, a Link to DoCoMo registered product. (Comprises an onsite
FOMA-compatible unit, a video camera set for onsite use, and a unit
for use inside a machine room or underground tunnel ).

Handhole

Optical fiber
conduit

Underground

Conduit removed

Optical fiber
cable

OfficeFOMA
TV phoneline

DisasteroccursProtective tube
Cable conduit

Site

Hands-free set
Protective tube

Office central set

FOMA set

COMSYS Holdings Corporation

Video camera set

Annual Report 2005

17

OPERATING COMPANIES AT A GLANCE

Nippon COMSYS Group

Nippon COMSYS Group is a core company in the COMSYS Group.
With the Act for Protection of Computer Processed Personal Data Heldby Administrative Organs (Personal Information Protection Law) coming
into full force in Japan, there is a growing awareness of the need for measures to enhance the security of information. Responding to this trend, inAugust 2004, we obtained ISMS certification for our head office and all
operating divisions. With this achievement, we became the first company
in the Japanese information and communications infrastructure construction industry to be ISMS certified. In January 2005, we invested ¥100
million in Unique Link Co., Ltd., an IP telephony system development,
design and sales firm, in a move designed to strengthen our IT solutions
business by integrating Unique Link’s IP telephony systems with ourComsip-brand solutions.
By linking these developments with the know-how and experience wehave built up in-house over the years, we will strengthen our ability torespond to an expanding range of customer needs and become the top
brand in the provision of one-stop solutions. Nippon
COMSYS is building a national network designed toprovide dynamic, one-stop services from the proposalof advanced solutions to design, construction andmaintenance, as a means to help increase the value ofclient companies and contribute to society.

Hirofumi Shimada
President and Representative Director

Nippon COMSYS Corporation

18

COMSYS Holdings Corporation

Annual Report 2005

1 Communications construction work (installationof optical fiber cables)1

2

3
One click:Web camera

One click:
Groupware

2 Tower for mobile communications system
3 Comsip, the COMSYS
brand IP telephony

Low-praice
IP telephony
Collaboration:
Teleconference

PROFILE

maintenance, Nippon COMSYS is expanding its

The Nippon COMSYS Group is expanding its busi-

software development and solutions businesses.

ness as a comprehensive engineering service company that brings together telecommunications and IT.

RESULTS OF OPERATIONSIn the NTT Information Telecommunication Engi-

We leveraged our status as the first ISMS-certified firmneering Business, our business includes telecom-in the Japanese information and communications

munications infrastructure construction for NTT andinfrastructure construction industry, to expand busi-

NTT DoCoMo, while in the Electrical Communica-

ness in the information security market. Highlights

tions Engineering Business, we are engaged in a

included orders from regional government agencies

broad spectrum of activities, including construction

to audit their security systems. We also actively soldof telecommunications infrastructure and electrical

our solutions services, winning an order for and thenfacilities for the private and public sectors, including

building a soft-switch IP telephony system, the first of

government agencies. In the Social System-Related

this type for a regional government agency in Japan.

Business, the company is involved in construction,

The Nippon COMSYS Group’s sales rose 10.2%

eco system construction and civil engineering works,

year on year to ¥227,547 million on the back of risingamong other activities. In the IT Solutions Business,

new orders, which were up 11.7% to ¥226,225 mil-as part of efforts to become a one-stop solutions

lion. Net income increased 102.8% to ¥9,299 million.

provider delivering a full range of IT services,from development and design to operation and* Consolidated results for fiscal 2005 include 15 months of operating
results at a Nippon COMSYS consolidated subsidiary due to a change
in fiscal year-end (from December 31 to March 31).

NET SALESSHARE OF NET SALES(Millions of yen)

(Actual)300,000

200,000

76%

100,000

0

01

02

03

04

05

COMSYS Holdings Corporation

Annual Report 2005

19

OPERATING COMPANIES AT A GLANCESANCOM GroupOn April 1, 2005, SANWA ELEC Co., Ltd. was renamed SANWA COMSYSEngineering Corporation. At the same time, the company took over the
COMSYS Group’s information and communications infrastructure
construction business for NCCs. We will now focus on building the
SANCOM Group (the short name for the SANWA COMSYS EngineeringGroup) into a comprehensive engineering services group, with NCC-related
business as our core activity.
As an integrated solutions company operating in the information andcommunications infrastructure construction, electrical facilities construction and IT solutions fields, SANWA COMSYS Engineering actively
promotes the values embodied in its corporate philosophy: “Build asociety where people can live truly abundant lives.” Driven by rapid technological advances in the information and communications field,
particularly in broadband, mobile communications, digital broadcasting and information terminals, we expect society to move toward anage of ubiquitous broadband networks. In this business environment,
SANCOM Group will work to develop sophisticated newtechnologies, backed by its proven ability to design,
install and maintain information and communications
infrastructure and electrical facilities. The goal is tocreate value to become the first choice of customers.

Chusei Sonta
President and Representative Director

SANWA COMSYS Engineering Corporation

20

COMSYS Holdings Corporation

Annual Report 2005

1 Communications line construction (laying of opticalcables: B Flets)

2

1

3

2 Installation of solar power
generation systems
3 Recovery work in areas affected by the Chuetsu
earthquake

PROFILEfocused on expanding the customer base and areas

SANCOM Group’s businesses span a broad range

of operations. Concurrent with this drive, we tookof sectors and are closely linked to people’s lives.

steps to enhance our price competitiveness such

They include the information and communications-as by imposing tighter controls on costs. SANCOM

related business, including construction of telecom-

Group strengthened its balance sheet and manage-

munications infrastructure for telecom carriers andment base in September 2004 with a ¥4.5 billion

design and implementation of corporate information

capital increase, achieved through a private place-

network services; an infrastructure and facilities-related

ment of shares underwritten by COMSYS Holdings.

business, including civil engineering, transportation

SANCOM Group’s new orders were ¥40,405

and eco system; and solutions-related businesses

million and net sales totaled ¥44,220 million. The

that offer services ranging from system development

company reported a net loss of ¥2,583 million as

to maintenance.

it booked a lump-sum amortization of the net
retirement benefit obligation at transition to a new

RESULTS OF OPERATIONS

pension plan and impairment losses on property

The SANCOM Group basic policy is to increase newand equipment.

orders and sales. In line with this policy, we promoted* Year-on-year comparisons are not shown for SANCOM Groupbecause the previous consolidated fiscal year was an irregular
six-month period (from October 1, 2003 to March 31, 2004).

“Extra 10 Billion,” a program that encourages all
employees to participate in sales activities, as we

NET SALESSHARE OF NET SALES(Millions of yen)
60,00045,00015%

30,00015,000
0

01

02

03

04

05

COMSYS Holdings Corporation

Annual Report 2005

21

OPERATING COMPANIES AT A GLANCETOSYS GroupTOSYS Group was originally created as a regional company to handle
NTT telecommunications infrastructure construction. The company has
grown steadily by utilizing advanced technological skills for the construction of electrical and telecommunications systems, and with occasional
technological support from NTT. The company is aiming at further growthby establishing itself as a system integrator in its own right, without
support from NTT. TOSYS’ core strength lies in the ability to provide
solutions uniquely suited for networks by drawing on its know-how inthe construction of Japan’s information and communications infrastructure and facilities.
TOSYS was established in 1960. Several mergers have since allowed
TOSYS to establish a solid base in telecommunications infrastructure
construction in the region spanning Nagano and Niigata prefectures.
In the fiscal year ended March 31, 2005, TOSYS UNITEC Co., Ltd., thecore company in the TOSYS Group, merged with COMSYS Shinetsu
Engineering Co., Ltd., a Nippon COMSYS Group subsidiary, to form Alstar Co., Ltd. This is the first merger
to be executed across the three major corporategroups under the COMSYS Holdings framework.
As an important local player, TOSYS will strive tocontribute to the growth of the COMSYS Group.

Joichi Magara
President and Representative Director

TOSYS Corporation

22

COMSYS Holdings Corporation

Annual Report 2005

1 Installation of power supply
equipment for mobile phonebase stations

1

2

3

2 Installation of antennas formobile phone base stations
3 Installation of electrical facilities for offices, condominiums and other buildings

PROFILERESULTS OF OPERATIONSTOSYS is a specialist in many sectors related to elec-

In the extremely volatile information and telecom-

trical and telecommunications systems, including

munications market, we concentrated on strength-

laying telecommunications cables, construction ofening our corporate environment, so as to assure

wireless base stations, electrical facilities for energy

the continued ability to operate on the basis of the

supply, and civil engineering and construction work

“customer satisfaction first” principle. Above all, we

for telecommunications.

redoubled efforts to raise customer satisfaction in

Moreover, in the information and communications

the solutions business by promoting originality, while

sector, TOSYS offers total support for the planning,cooperating closely with influential system integra-

design and construction of various network systems,

tors to respond precisely to increasingly diverse andincluding development of commercial software forsophisticated customer needs.

businesses. TOSYS is able to offer a comprehen-

As a result of the foregoing, TOSYS Group’s

sive response to customer needs for maintenancenew orders received were ¥28,372 million and net

work through a closely knit and dynamic network

sales amounted to ¥27,874 million. Net income

linking important points in Nagano, Niigata and thewas ¥517 million.

metropolitan Tokyo region.

* Year-on-year comparisons are not shown for the TOSYS Groupbecause the previous consolidated fiscal year was an irregular sixmonth period (from October 1, 2003 to March 31, 2004).

NET SALESSHARE OF NET SALES(Millions of yen)
30,00025,0009%20,00015,00010,000
5,000
0

01

02

03

04

05

COMSYS Holdings Corporation

Annual Report 2005

23

ORGANIZATIONAL STRUCTURE OF THE COMSYS GROUP
The group supporting COMSYS Holdings consists of 30 companies (as of March 31, 2005)

COMSYS Holdings Corporation
As a one-stop solutions provider, the Company performs
management control over subsidiaries engaged in the information andcommunications construction business, the electrical facilities
construction business, and information processing-related businesses.

SANWA COMSYSEngineering Corporation

Nippon COMSYS Corporation

TOSYS Corporation

Address:

Address:

Address:

23-14, Takanawa 3-chome,
Minato-ku, Tokyo 108-0074, Japan

1108-5, Higashiyama Aza, Watauchi, Wakaho
Nagano, Nagano 381-0193, Japan

6-17, Aobadai 3-chome,
Meguro-ku, Tokyo 153-0042, Japan

Establishment:

Establishment:

Establishment:

December 1951

January 1960

September 1947

Paid-in Capital:

Paid-in Capital:

Paid-in Capital:¥31,140 million¥360 million¥3,624 million*

Number of Employees:

Number of Employees:

Number of Employees:

Consolidated 4,566
Non-consolidated 3,321

Consolidated 980
Non-consolidated 358

Consolidated 1,178
Non-consolidated 482

URL:

URL:

URL:

http://www.comsys.co.jp/

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

http://www.sancom-eng.co.jp/

Number of Consolidated Subsidiaries:

Number of Consolidated Subsidiaries:

Number of Consolidated Subsidiaries:

12 companies

8 companies

Consolidated Subsidiaries:

Consolidated Subsidiaries:

Consolidated Subsidiaries:

Road-Techno Co., Ltd.
SANNETCOM
SEC Hi Tec Co., Ltd.
SANWA Denshi Inc.
SEM Co., Ltd.
Sannect Co., Ltd.
SANWA Support Engineering Co., Ltd.

Tokyo Tsuken Co., Ltd.
Nitto Tsuken Co., Ltd.
OT Engineering Co., Ltd.
Chuo. C Co., Ltd.
COMSYS Net Corporation
COMSYS Tsusan Co., Ltd.
COMSYS Techno Co., Ltd.
COMSYS Business Service Co., Ltd.
Taiei Seisakusho Co., Ltd.
COMSYS Tohoku Techno Co., Ltd.
COMSYS Kansai Engineering Co., Ltd.
COMSYS Kyusyu Engineering Co., Ltd.

TOSYS Nagano Co., Ltd.
Alstar Co., Ltd.
TOSYS Niigata Co., Ltd.
TOSYS Actis Co., Ltd.
Tulip Keibi Co., Ltd.
Tulip Life Co., Ltd.
TOSYS Ryokuka Co., Ltd.
Yoshimoto Kensetsu Co., Ltd.

7 companies

Notes: 1. On April 1, 2004, Chuo Denki Tsushin Kensetsu Co., Ltd. was renamed Chuo. C Co., Ltd.
2. On July 1, 2004, TOSYS UNITEC Co., Ltd. and COMSYS Shinetsu Engineering Co., Ltd. were merged, forming Alstar Co., Ltd.
3. On August 1, 2004, SANWA Co., Ltd. sold its core operations to COMSYS Tsusan Co., Ltd. As a result, SANWA Co., Ltd. was eliminated as a consolidated subsidiary effectivefrom the fiscal year ended March 31, 2005.
4. On October 1, 2004, San Access Co., Ltd. and Ibaraki Denden Kensetsu Co., Ltd. were merged, forming SANNETCOM.
5. On April 1, 2005, SANWA ELEC Co., Ltd. was renamed SANWA COMSYS Engineering Corporation.

24

COMSYS Holdings Corporation

Annual Report 2005

FINANCIAL SECTIONCONTENTSManagement Discussion and Analysis
Selected Financial and Operating Data
Consolidated Balance Sheets
Consolidated Statements of Income
Consolidated Statements of Shareholders’ Equity
Consolidated Statements of Cash Flows
Notes to the Consolidated Financial Statements
Report of Independent Certified Public Accountants

COMSYS Holdings Corporation

26
31
32
34
34
35
36
42

Annual Report 2005

25

MANAGEMENT DISCUSSION AND ANALYSISPROFILE OF COMSYS GROUPCOMSYS Holdings Corporation (the Company) was established as a holding company as the result of share transfers from Nippon COMSYS
Corporation, SANWA ELEC Co., Ltd. (now SANWA COMSYS Engineering CO., LTD.) and TOSYS Corporation on September 29, 2003.
The COMSYS Group comprises COMSYS Holdings (the holding company), the above 3 companies, 41 subsidiaries and 18 affiliates.
The COMSYS Group’s main businesses comprise electrical facilities construction, which is centered on information and communications
infrastructure construction, and other businesses, including the IT solutions business.
The consolidated financial statements of COMSYS Holdings for the fiscal year ended March 31, 2005 include the accounts of 30 consolidated
subsidiaries (33 in the fiscal year ended March 31, 2004). COMSYS Holdings did not have any affiliates accounted for by the equity method in
the fiscal year ended March 31, 2005 (there were no equity-method affiliates in the fiscal year ended March 31, 2004). The decrease in thenumber of consolidated subsidiaries compared with the previous fiscal year was due to the reorganization of subsidiaries through mergers.
*Consolidated Business Results: Fiscal Years Ended March 31, 2004 and 2005
Certain consolidated subsidiaries of Nippon COMSYS changed their balance sheet dates from December 31 to the consolidated balance sheet date of March 31 from the fiscal year
ended March 31, 2005. The consolidated financial statements of the COMSYS Group for the previous fiscal year ended March 31, 2004 include the financial statements of these
consolidated subsidiaries as of December 31. However, the COMSYS Group’s consolidated financial statements for the fiscal year ended March 31, 2005 include these consolidated
subsidiaries’ profit and loss for a period of 15 months, including the 3-month period from January 1, 2005 to March 31, 2005.
The accompanying consolidated financial statements for the fiscal year ended March 31, 2004 include the accounts of SANWA ELEC (renamed SANCOM) and TOSYS and theirsubsidiaries beginning from October 1, 2003 and ended March 31, 2004, as these subsidiaries are deemed to have been acquired on October 1, 2003. This factor should beconsidered when comparing consolidated operating results for the years ended March 31, 2004 and 2005.

OVERVIEWThe economic environment was relatively favorable in the first half, but corporate profit growth weakened in the second half as sales of digitalconsumer products slowed and crude oil prices rose sharply. In the information and communications sector, where the group’s businessactivities are concentrated, the market is experiencing explosive growth driven by the Japanese government’s program for the realization ofa society of ubiquitous connectivity. This is accelerating development of broadband and IP network infrastructure. However, competition in
the market is becoming brutal.
In responding to this environment, the COMSYS Group promoted a policy of selection and concentration, integrating construction operations,consolidating operating companies through mergers and reassigning staff to improve productivity and expand the scope of operations. All thiswas done with the intent of fully reaping the benefits of the merger by a quick and strategic improvement of the group’s earnings. The COMSYSGroup also made aggressive moves to reduce costs. The group worked to reduce materials and personnel costs through the consolidation ofshared operations, including centralized procurement. Financial costs were reduced across the group through the introduction of a cash
management system (CMS). The group also implemented a series of initiatives to streamline construction site operations, including development and installation of COMFORCE, a front-end operations support system for optimizing the entire work process.

NEW ORDERS RECEIVED
New orders received in the fiscal year under review rose 21.9% from the previous fiscal year to ¥287,376 million, boosted by strong orders
in the NTT Information Telecommunication Engineering Business segment for work related to broadband Internet services (B Flets), and byorders from NTT DoCoMo for work related to FOMA.

RESULTS OF OPERATIONSNet sales rose 18.0% from the previous fiscal year to ¥293,681 million due to the strengthening of the construction capabilities of the
COMSYS Group and NTT and NCC construction-related subcontractors. NTT Group-related projects represented 57.1% of net sales. Costof sales increased 17.2% from the previous fiscal year to ¥257,792 million. The cost of sales ratio improved from 88.4% to 87.8%, the resultof a decline in materials prices achieved through centralized procurement and other measures. Selling, general and administrative expenses
were ¥20,827 million, an increase of 14.8% from the previous fiscal year. Selling, general and administrative expenses, as a percentage ofnet sales, improved from 7.3% to 7.1%, reflecting operational streamlining and cost reduction. As a result of the foregoing, operating income
was ¥15,062 million, up 39.6% from the previous fiscal year. The operating income to net sales ratio was 5.1%, an improvement of 0.8 percentage

26

COMSYS Holdings Corporation

Annual Report 2005

point from 4.3%. Net income rose 26.7% to ¥8,349 million. This figure includes ¥438 million from the sale of property and equipment and a¥1,147 million provision for allowance for doubtful receivables. The ratio of net income to net sales increased from 2.6% to 2.8%. The effectof the inclusion of the accounts of certain consolidated subsidiaries for a period of 15 months due to a change in their fiscal year-end (Resultsof operations for the period from January 1, 2005 to March 31, 2005) is shown in the following table.
Millions of yen

Results(15-month basis)

Effect of change in thefiscal year-end

New orders received¥287,376¥2,988Net sales

293,681

4,068

Operating income

15,062

1,121

Net income

8,349

642

NEW ORDERS RECEIVED AND NET SALES BY OPERATING SEGMENT
New orders received and net sales based on reclassified operating segments are as follows:
Millions of yen

New orders received

Net sales¥170,643¥168,667

Electrical Communications
Engineering Business

70,57074,361

IT Solutions Business

28,225

27,693NTT Information
Telecommunication
Engineering BusinessSocial System-Related
Business etc.
Total

22,44924,662¥291,888¥295,384* The above figures are the simple sum of the consolidated figures for the Nippon COMSYS, SANCOM and TOSYS groups. Internal transactions have not been eliminated.

NET SALES (TWO-YEAR SUMMARY)(Millions of yen)

SALES BY NEW (RECLASSIFIED)OPERATING SEGMENTS(%)

300,000100

240,00080

180,000

60

120,000

40

60,000

20

0

0

04

05

04

05

NTT InformationTelecommunication Engineering BusinessElectrical Communications Engineering Business
IT Solutions BusinessSocial System-Related Business etc.
* The graph figures are the simple sum of the three core companies because the fiscal years under review were irregular accounting periods.

COMSYS Holdings Corporation

Annual Report 2005

27

RESULTS OF OPERATIONS OF THE THREE CORE COMPANIESNIPPON COMSYS GroupNew orders received rose 11.7% to ¥226,225 million, boosted by strong orders in the NTT Information Telecommunication Engineering
Business segment for work related to broadband Internet services (B Flets), and by orders from NTT DoCoMo for FOMA-related work. Net
sales increased 10.2% to ¥227,547 million due to the reinforcement of construction capabilities, including those of NTT and NCC constructionrelated subcontractors. Operating income rose 69.5% to ¥13,534 million, reflecting several factors: higher sales, cost reductions throughoperational streamlining, a decline in retirement benefit expenses resulting from reform of the corporate pension fund system, and a reduction in materials cost through centralized procurement, plus other benefits of management reforms. Net income increased 102.9% to¥9,299 million. This includes a provision for allowance for doubtful receivables and gain on sale of investment securities. The effect of achange in the fiscal year-end of certain consolidated subsidiaries is shown in the following table.
Nippon COMSYS Group
Millions of yen

AmountEffect of change in thefiscal year-end

New orders received¥226,225¥3,113

Net sales

227,547

4,257

Operating income

13,534

1,121

Net income

9,299

642

* Year-on-year comparisons are not shown for SANCOM and TOSYS because the previous consolidated fiscal year was an irregular six-month period.

SANCOM GroupIn the NTT Information Telecommunication Engineering Business segment, orders were strong for works related to NTT’s B Flets and otherbroadband services and for construction work related to expanding the coverage of the mobile phone service area. On the other hand,declines were seen in orders for work related to information and communiSANCOM Groupcations infrastructure construction and for work related to electrical comMillions of yen
munications engineering, primarily because mobile telecommunications
Amountcarriers deferred capital expenditure and public sector investment fell much
New orders received¥40,405
more than expected. As a result, new orders were ¥40,405 million and net
Net sales
44,220sales totaled ¥44,220 million. Operating income was ¥497 million. Although
Operating income
497
adoption of the CMS system helped bring down interest expenses,
Net loss–2,583

OPERATING INCOME AND OPERATING MARGIN(TWO-YEAR SUMMARY)

NET INCOME AND NET INCOME RATIO(TWO-YEAR SUMMARY)(Millions of yen/%)(Millions of yen/%)15,0005

10,0005

12,000

4

8,000

4

9,000

3

6,000

3

6,000

2

4,000

2

3,000

1

2,000

1

0

0

0

04
Operating income

05
Operating margin

004
Net income

05

Net income ratio* The graph figures are the simple sum of the three core companies because the fiscal years under review were irregular accounting periods.

28

COMSYS Holdings Corporation

Annual Report 2005

unprofitable construction projects in the electrical facilities engineering business hurt profit. The company recorded a net loss of ¥2,583
million, the result of the above factors as well as a lump-sum amortization of the net retirement benefit obligation at transition to a new
pension plan and impairment losses on property and plant. The lump-sum amortization of the net retirement benefit obligation at transition
to a new pension plan and the impairment losses on property and plant were accounted for by the purchase method and are alreadyreflected in the group’s consolidated financial statements and therefore have no impact on operating results for the fiscal year under review.

TOSYS Group
Millions of yen

AmountNew orders received¥28,372

Net sales

27,874

Operating income

969

Net income

517

New orders received in the fiscal year under review were ¥28,372 million.
This reflected higher orders for B Flets work in the NTT Information Telecommunication Engineering Business segment and strength in the informationand communications market in business for public and private-sector customers other than NTT. Also contributing to results were synergies derived
from business combinations in the Shinetsu region. Rising orders lifted net
sales to ¥27,874 million. Operating income rose to ¥969 million, driven byhigher sales and cost reductions. Net income was ¥517 million.

FINANCIAL POSITION
AssetsTotal assets as of March 31, 2005 were ¥208,681 million, a decline of ¥3,037 million from the end of the previous fiscal year, due in large partto declines in notes and accounts receivable—trade, and in accumulated cost of construction in progress, and also to a decline in property
and equipment. Total current assets declined ¥219 million to ¥142,070 million, the net result of a decrease in notes and accounts receivable—trade and accumulated cost of construction in progress, and an increase in cash and cash equivalents. Investments and other assets
increased ¥871 million from the end of the previous fiscal year to ¥19,648 million. Property and equipment declined ¥3,689 million to¥46,963 million due mainly to a decline in buildings and structures and land.

LIABILITIES AND SHAREHOLDERS’ EQUITY
Total liabilities fell ¥9,482 million from the end of the previous fiscal year to ¥79,504 million. This was mainly because of a decline in shortterm bank loans and advances received on construction in progress. As a result of the foregoing, interest-bearing debt fell ¥6,793 million
from the end of the previous fiscal year to ¥4,691 million.
Shareholders’ equity increased ¥6,737 million to ¥128,063 million, due mainly to an increase in retained earnings, reflecting higher net income.

TOTAL ASSETS (TWO-YEAR SUMMARY)(Millions of yen)

INTEREST-BEARING DEBT AND SHAREHOLDERS’ EQUITY (TWO-YEAR SUMMARY)(Millions of yen)

250,000

150,000

200,000

120,000

150,000

90,000100,000

60,00050,00030,000

0

0

04

05

04
Interest-bearing debt

05
Shareholders’ equity

COMSYS Holdings Corporation

Annual Report 2005

29

CASH FLOWSNet cash provided by operating activities was ¥14,735 million, an increase of ¥2,634 million. The principal reason for the increase was anincrease in income before income taxes and other adjustments to net income.
Net cash used in investing activities was ¥4,831 million, an increase of ¥4,748 million compared to the previous fiscal year. The increase
mainly represented acquisitions of property and equipment.
As a result of the foregoing, free cash flow decreased ¥2,114 million compared with the previous fiscal year to ¥9,904 million.
Net cash used in financing activities decreased ¥1,031 million from the previous fiscal year to ¥7,426 million. Cash was mainly used forthe repayment of long-term debt and cash dividends paid.
Cash and cash equivalents at the end of the fiscal year under review were ¥35,287 million, the net result of an increase of ¥2,478 million
in cash and equivalents and a decrease of ¥80 million in cash and cash equivalents due to exclusion of subsidiaries from consolidation.

REMUNERATION FOR DIRECTORS AND CORPORATE AUDITORS
Remuneration paid to nine directors and five corporate auditors was as follows:
Directors:¥54 million
Corporate auditors: ¥20 million
Total:¥74 million
The above corporate auditors include one auditor who resigned as of June 29, 2004. The auditor was paid ¥1 million as directors’
retirement allowance, pursuant to a resolution approved at the First Annual General Meeting of the Shareholders on the same date.
Fees paid to the COMSYS Group’s auditor, Certified Public Accountants O-Yu Kyodo Office, were ¥39 million for audit certification work.

BUSINESS RISKSThe COMSYS Group believes that the main risks it is exposed to are as follows:

RISKS RELATED TO ORDERS AND SALES TO THE NTT GROUPThe COMSYS Group depends on the NTT Group for more than half of its sales. The group’s orders and sales could fall significantly,
depending on capital investments at the NTT Group.

ADMINISTRATIVE PENALTIES UNDER THE CONSTRUCTION INDUSTRY LAW AND OTHER LAWS
If administrative penalties are imposed under the Construction Industry Law and/or related laws and ordinances, there is a risk that orders
and sales would fall due to the suspension of sales and other activities for a certain period.

DEBT/EQUITY RATIO (TWO YEARS)(%)

CASH FLOWS FROM OPERATING ACTIVITIES(TWO-YEAR SUMMARY)(Millions of yen)

0.10

15,0000.08

12,000

0.06

9,000

0.04

6,000

0.02

3,000

0

0

04

30

COMSYS Holdings Corporation

05

Annual Report 2005

04

05

SELECTED FINANCIAL AND OPERATING DATACOMSYS Holdings Corporation and Consolidated Subsidiaries
Years ended March 31, 2004 and 2005
Thousands of
U.S. Dollars(Note 1)Millions of Yen

2004

2005

2005

Results of Operations:
New orders received during the year
Net sales
Operating income
Income before income taxes and other adjustments to net income
Net income
Capital expenditure
Research and development expenditure¥235,747
248,961
10,786
11,255
6,592
2,950
385

¥287,376
293,681
15,062
14,170
8,349
3,260
326

$2,676,003
2,734,715
140,255
131,949
77,74530,357
3,036

Financial Position:
Total assets
Property and equipment
Long-term debt
Shareholders’ equity
Interest-bearing debt
Modified working capital¥211,718
50,652
4,150
121,326
11,48458,205¥208,681
46,963
2,768
128,063
4,692
65,609$1,943,207
437,313
25,775
1,192,504
43,691
610,941¥¥$

Per Share of Common Stock (in yen and U.S. dollars):
Net income
Cash dividends
Shareholders’ equity
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 (%)
Other Statistics:
Number of employees at fiscal year-end (persons)Common stock issued (thousand shares)
Common stock price range(2004 is for the six-month period ended 31st March, 2004,
2005 is for the year ended 31st March, 2005 in yen):
High
Low

45.96
7.00
859.2458.42
15.00
906.92

4.3
2.6
0.2
7.3
57.3
5.7
4.1
73.58
0.09

5.1
2.8
0.1
7.1
61.4
6.7
4.0
41.23
0.04

7,091
145,977

6,746
145,977

898
504

1,010
683

0.54
0.14
8.45

Notes: 1 For convenience only, the accompanying Japanese yen figures for 2005 have been translated into U.S. dollars at the rate of ¥107.39 to $1, the rate prevailing on March 31, 2005.
2 Consolidated results for fiscal 2005 include 15 months of operating results at a Nippon COMSYS Corporation consolidated subsidiary due to a change in fiscal year-end (fromDecember 31 to March 31).
3 The Company’s consolidated results for the fiscal year ended March 2004 include the consolidated results of Nippon COMSYS for the fiscal year from April 1, 2003 to March 31, 2004
and the consolidated results of both SANCOM and TOSYS for the half-year period from October 1, 2003 to March 31, 2004 (October 1, 2003 being the deemed date of acquisition).

COMSYS Holdings Corporation

Annual Report 2005

31

CONSOLIDATED BALANCE SHEETSCOMSYS Holdings Corporation and Consolidated Subsidiaries
As of 31st March, 2004 and 2005
Thousands of
U.S. Dollars(Note 1)Millions of Yen

ASSETS
Current Assets:
Cash and cash equivalents
Short-term investments (Notes 3 and 4)
Notes and accounts receivable—trade
Inventories:
Accumulated cost of construction in progress
Deferred income taxes (Note 7)
Other current assets
Less: Allowance for doubtful receivables

2004

2005

2005

¥ 32,889
418
80,578¥ 35,287
2,288
80,045$ 328,587
21,306745,366

23,425
2,215
2,999
(235)

19,375
2,884
2,411
(220)

180,417
26,85622,451(2,049)142,289

142,070

1,322,935

Investments and Other Assets:
Investment securities:
Unconsolidated subsidiaries and affiliates
Other (Notes 3 and 4)
Long-term loans receivable
Deferred income taxes (Note 7)
Other assets
Less: Allowance for doubtful receivables

590
5,035
3,170
2,952
9,296
(2,266)

663
5,338
3,678
3,108
9,163
(2,302)

6,174
49,70734,24928,941
85,324(21,437)

Total investments and other assets

18,777

19,648

182,959

Property and Equipment:
Land (Note 4)
Buildings and structures (Note 4)
Machinery and equipment
Construction in progress
Less: Accumulated depreciation

27,41830,812
19,124
2(26,704)

26,091
29,351
18,16611(26,656)

242,956
273,312
169,159103(248,217)

Total property and equipment

50,652

46,963437,313¥211,718¥208,681$1,943,207

Total current assets

See Notes to the Consolidated Financial Statements.

32

COMSYS Holdings Corporation

Annual Report 2005

Thousands of
U.S. Dollars(Note 1)Millions of Yen

LIABILITIES AND SHAREHOLDERS’ EQUITYCurrent Liabilities:
Short-term bank loans (Note 4)
Current portion of long-term debt—bonds (Note 4)
Accounts payable—Trade
Advances received on construction in progress
Income taxes payable
Other current liabilities
Total current liabilities
Long-term Liabilities:
Long-term debt (Note 5)
Accrued severance indemnities (Note 6)
Deferred income taxes (Note 8)
Deferred tax liabilities for unrealized gains on land revaluation (Note 11)
Consolidation adjustments account
Other long-term liabilities
Total long-term liabilities
Minority Interests

2004
¥

6,034
1,300
43,364
6,527
4,373
5,588

2005
¥

1,924
—
44,299
4,754
3,924
6,939

2005
$

17,916—
412,506
44,26836,54064,61567,186

61,840575,845

4,150
7,021
1,160
2,366
7,056
47

2,768
5,633
1,258
2,366
5,585
54

25,77552,454
11,71422,03252,007503

21,80017,664

164,485

1,406

1,114

10,373

10,00056,613
66,845(8,514)211

10,00056,61372,904(7,923)366

93,119527,172
678,871(73,778)
3,408

125,155(3,829)131,960(3,897)1,228,792(36,288)

121,326

128,063

1,192,504¥211,718¥208,681$1,943,207

COMSYS Holdings Corporation

Annual Report 2005

Contingent Liabilities (Note 6)
Shareholders’ Equity (Note 9):
Common stock, par value ¥51 per share:
Authorized 580,000 thousand shares
Issued 145,978 thousand shares
Additional paid-in capital
Retained earnings
Unrealized loss on land revaluation (Note 11)
Unrealized gain (loss) on securities
Treasury stock, at cost
Total shareholders’ equity

33

CONSOLIDATED STATEMENTS OF INCOMECOMSYS Holdings Corporation and Consolidated Subsidiaries
Years ended 31st March, 2004 and 2005
Thousands of
U.S. Dollars(Note 1)Millions of Yen

Net Sales
Cost of Sales
Gross profits
Selling, General and Administrative Expenses
Operating income
Other Income (Expenses):
Interest and dividend income
Interest expenses
Other, net (Note 11)2004¥248,961
220,037
28,924
18,138
10,786

2005¥293,681
257,792
35,88920,827
15,0622005$2,734,715
2,400,522
334,193
193,938
140,255

193
(149)
425
469
11,255

265
(168)
(989)
(892)
14,1702,467(1,564)(9,209)(8,306)
131,949

4,876
(539)
4,337
326

6,752
(795)
5,957
(136)

62,874(7,403)55,471(1,267)

Income before income taxes and other adjustments to net income
Income Taxes (Note 7):
Current
Deferred
Minority Interests
Net Income

¥

6,592

¥

8,349

$

77,745

Thousands of
U.S. Dollars(Note 1)

Yen

Amounts per share:
Net income—Basic—Diluted
Cash dividends
Weighted average number of shares (in thousands)

¥

45.96
—
7.00
145,977

¥

58.42
—
15.00
145,977

$0.54
—
0.14

See Notes to the Consolidated Financial Statements.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITYCOMSYS Holdings Corporation and Consolidated Subsidiaries
Years ended 31st March, 2004 and 2005
Thousands of
U.S. Dollars(Note 1)Millions of Yen

Common stock:
Balance at beginning of the year
Balance at end of the year
Additional paid-in capital:
Balance at beginning of the year
Increases arising from business combination
Balance at end of the year
Retained earnings:
Balance at beginning of the year
Net income
Increase arising from merger of consolidated subsidiaries
Increase by elimination of a consolidated subsidiary
Cash dividends
Bonuses to directors
Decrease arising from a reversal of unrealized loss on land revaluation
Balance at end of the year
See Notes to the Consolidated Financial Statements.

34

COMSYS Holdings Corporation

Annual Report 2005

2004

2005

2005

¥10,000¥10,000$ 93,11910,00010,00093,11930,73625,87756,613—

527,172—

56,61356,613

527,172

61,158
6,592
85
—
(918)
(72)
—

66,8458,349—
128(1,693)
(134)
(591)

622,451
77,745—
1,192(15,765)(1,248)(5,504)¥66,845¥72,904$678,871

CONSOLIDATED STATEMENTS OF CASH FLOWSCOMSYS Holdings Corporation and Consolidated Subsidiaries
Years ended 31st March, 2004 and 2005
Thousands of
U.S. Dollars(Note 1)Millions of Yen

2004

2005

2005

¥ 11,255
3,945
(91)
1,071
—
558
(921)
(193)
149
138
(11,296)
4,227
5,075
231
(2,070)(80)(1,482)
181¥14,170
4,287
(438)
481
423
21
(1,344)
(265)
168
125
1,611
4,038
3,187
(63)
(2,157)(143)(1,628)(302)$131,949
39,920(4,079)
4,479
3,939
196
(12,515)(2,468)1,564
1,164
15,00237,601
29,677(587)(20,086)(1,331)(15,160)(2,812)

10,697
180
(138)
(835)
2,197

22,171
265(173)(7,528)—206,453
2,468(1,611)(70,100)—

12,101

14,735

137,210

1,153
638(1,815)
(620)
104
(312)
588
181

(1,930)77(2,753)(519)
2,123(1,078)496(1,247)(17,972)717(25,636)(4,833)
19,769(10,038)
4,619(11,612)Net cash used in investing activities(83)(4,831)(44,986)

Cash Flows from Financing Activities:
Decrease in short-term borrowings, net
Repayment of long-term debt
Proceeds from long-term debt
Redemption of bonds at maturity
Acquisitions of treasury stock
Cash dividends paid
Share transfer payments(4,746)(1,761)
388
—
(735)
(924)
(679)

(1,186)(3,200)27(1,300)(70)(1,697)—(11,044)(29,798)251(12,105)(652)(15,802)—

Net cash used in financing activities(8,457)(7,426)(69,150)

3,561
25,411
3,917
—

2,478
32,889—(80)

23,074306,258—(745)¥ 32,889¥35,287$328,587

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
Loss on impairment of fixed assets
Increase in allowance for doubtful receivables
Decrease in accrued severance indemnities
Interest and dividends received
Interest expenses
Loss on disposal of property and equipment
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
Cash and cash equivalents received on reversal of 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 Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Increase Due to Business Combination
Decrease Due to Elimination of a Consolidated Subsidiary
Cash and Cash Equivalents at End of Year
See Notes to the Consolidated Financial Statements.

COMSYS Holdings Corporation

Annual Report 2005

35

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSCOMSYS 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 andpractices generally accepted in Japan (the “GAAP of Japan”), which differ in certain respects as to application and disclosure requirements fromInternational Accounting Standards. 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 to readers outside Japan.
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 ELEC Co., Ltd. (“ELEC”) and TOSYS
Corporation (“TOSYS”) as stipulated in Article 364 of the Commercial Codeof Japan (the “Commercial Code”). All of the three subsidiaries are mainly
engaged in construction of telecommunications infrastructure.
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
by translating all Japanese yen amounts using the rate of ¥107.39 to US$1.
The presentation of such dollar amounts is solely for the convenience ofthe reader 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 30 subsidiaries (see “Corporate Directory” at thelast page of this annual report) over which the Company exerts substantial control either through majority ownership of voting shares and/or byother means. For the purposes of preparing the consolidated financial
statements, all significant inter-company transactions, account balances
and unrealized 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
and assets. Also, investments in unconsolidated subsidiaries and affiliates are carried at cost due to their immateriality.
SANWA Co., Ltd. became an unconsolidated subsidiary due to its immateriality, since its main business was transferred to COMSYS TsusanCo., Ltd. (a consolidated subsidiary) on 1st August, 2004. COMSYS
Shinetsu Engineering Co., Ltd. (a consolidated subsidiary) was merged
into TOSYS UNITEC Co., Ltd. (a consolidated subsidiary), which changed
its name to ALSTAR Co., Ltd., on 1st July, 2004. Ibaraki Denden KensetsuCo., Ltd. (a consolidated subsidiary) was merged into Sun Access Co.,
Ltd. (a consolidated subsidiary), which changed its name to San Net Com
Co., Ltd., on 1st October, 2004.
All of the subsidiaries were consolidated on the basis of fiscal periods
ending 31st March, while certain subsidiaries changed their fiscal yearend from 31st December to 31st March in 2005. Accordingly, these subsidiaries were consolidated using their financial statements for the
15-month period ended 31st March, 2005.
In the consolidation of COMSYS, ELEC and TOSYS, the Company
comprehensively applied the pooling-of-interest method to COMSYS andits subsidiaries as the acquiring group and the purchase method to ELEC
and TOSYS and their subsidiaries as the acquired group, after considering the ratio of the transfer of shares of each company as well as otherfactors in accordance with “Accounting for the Consolidation of the Holding Company Established by Exchange or Transfer of Shares” (JICPA
Accounting Committee Research Report No.6). Consequently, the resultsof operations and cash flows of COMSYS and its subsidiaries for theyear started from 1st April, 2003 and ended 31st March, 2004 have been
included in the accompanying consolidated financial statements; while
those of ELEC and TOSYS and their subsidiaries for the period started
from 29th September, 2003 and ended 31st March, 2004 have been included in the accompanying consolidated financial statements.
Goodwill arising from the afore-mentioned business combination isamortized at the incurrence; while others are mainly amortized over a

36

COMSYS Holdings Corporation

Annual Report 2005

period of 5 years using a straight-line method.
(b) Use of estimates
Management of the Company has made a number of estimates and assumptions 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.
(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” inthe accompanying 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.
(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 andaffiliates”) of the Companies into three categories as follows:i) Debt securities that are expected to be held-to-maturity: carried at accumulated 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: carriedat cost using moving-average method.
With respect to investments in unconsolidated subsidiaries and affiliates, the Companies are carrying their amounts at cost, determined by
the moving average cost.
(f) Derivative Financial Instruments
A certain subsidiary uses financial instruments to manage exposures ofinterest rates and foreign currency exchange rates incurred in the ordinary course of business. Hedging instruments include interest rate
options contracts, interest rate swap contracts and forward foreignexchange contracts.
Derivatives are recorded at fair value.
(g) Accumulated cost of construction in progress
In connection with (c) above, “Accumulated cost of construction inprogress” is stated at cost based on an individual project basis.

(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
is applied 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
useful life of software utilized in the Companies is estimated to be 5 years.
Research and 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
leases in which ownership of the property is deemed to be transferred to thelessee 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
New accounting standards for impairment of fixed assets have been introduced to the GAAP of Japan effective from the fiscal year beginningfrom and on 1st April, 2005, while early adoption of the new standards isallowed for the year ended before 1st April, 2005.
As a result of adopting early the new standards by the Companies,‘machinery and equipment’ as at 31st March, 2005 decreased by ¥423

million (US$3,939 thousand), and ‘income before income taxes and otheradjustments to net income’ for the year ended 31st March, 2005 decreased by the same amount.
(l) Income taxes
Deferred tax assets and liabilities arising from temporary differences between financial and tax reporting are measured using the enacted tax
rates and laws which will be in effect when the differences are expected
to reverse. 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 allowancefor doubtful receivables caused by the offsetting of inter-company receivables and payables.
(m) Appropriations of retained earnings
Appropriations of retained earnings of the Company at each year-end
are reflected 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.

3. Short-term Investments and Investment Securities-Other
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 conformto certain reclassifications of account balances made to present the consolidated financial statements, consists of the following:(a) Debt securities that are expected to be held-to-maturity whose fair value was readily determinable as at 31st March, 2005, were as follows:
31st March, 2005

Japanese government bonds

Millions of yen
Book
Fair
value
value

Thousands of
U.S. dollars
Book
Fair
value
value

¥10

$93

¥10

$93

(b) Other securities whose fair value was readily determinable as at 31st March, 2005, were as follows:
31st March, 2005
Millions of yen
Gross
Gross
Unrealized Unrealized
Gains
LossesClassification

Cost

StocksBonds and debentures
Others¥1,164
58
1,578

¥714
0
131

¥2,800

¥845

Total

Thousands of U.S. dollars
Gross
Gross
Unrealized Unrealized
Gains
Losses

Fair
Value

Cost

Fair
Value

¥ 50
—
98

¥1,82858
1,611$10,839540
14,694$6,649
0
1,220

$ 466
—
912

$17,022540
15,002¥148¥3,497$26,073$7,869$1,378$32,564(c) Proceeds from sales of other securities and realized gains/losses on such sales, cost of the sales being determined by moving average method, forthe year ended 31st March, 2004 and 2005, were as follows:
Millions of yen
For the year ended 31st March
2004
2005

Proceeds from sales
Realized gains
Realized losses

¥767
121
11

Thousands of U.S. dollars
For the year ended 31st March
2005

¥248
75
1

$2,309698
9(d) Other securities whose fair value was not readily determinable as at 31st March, 2004 and 2005 mainly consisted of unlisted stocks amounted to¥2,210 million and ¥1,907 million (US $17,758 thousand), respectively.

COMSYS Holdings Corporation

Annual Report 200537

(e) Debt securities that are expected to be held-to-maturity and other securities with maturity dates as at 31st March, 2005 consisted of the following:Book value
31st March, 2005

Bonds and debentures:Japanese government bonds
OthersTotal

Due: Within 1 yr.

Millions of yen
Within 5 yr. Within 10 yr.

After 10 yr.

Thousands of U.S. dollars
Due: Within 1 yr. Within 5 yr.
Within 10 yr.

After 10 yr.

¥—
—

¥ 10
128

¥—
20

¥—
—

$—
—

$

93
1,192

$ —
186

$—
—

¥—

¥138

¥20

¥—

$—

$1,285$186$—

For the years ended 31st March, 2004 and 2005, the Companies madewrite-down of investment securities, whose fair value was readily determinable, amounting to ¥19 million and ¥128 million (US$ 1,192 thousand),

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, 2005, were approximately 1.51
per cent. and 2.31 per cent., respectively.
At 31st March, 2005, consolidated subsidiaries’ short-term bank loans

amounting to ¥1,201 million (US$11,184 thousand) and long-term bankloans amounting to ¥2,623 million (US$24,425 thousand) were secured.
A summary of assets pledged as collateral consisted of the following:

Millions of yen
2005

Thousands of
U.S. dollars
2005¥2,063
2,975
464
20

$19,21027,703
4,321
186¥5,522$51,420

Millions of yen
2005

Thousands of
U.S. dollars
2005

Loans from banks
Less: Current portion¥3,530762$32,871
7,096

Total

¥2,768$25,775

Buildings and structures, net of accumulated depreciation
Land
Investment securities
Short-term investments (time deposits)

At 31st March, 2005, long-term debt consisted of the following:

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 eachof 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, ELEC 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, 2004 and 2005 were as follows:
Millions of yen
2004
2005

Projected benefit obligation
Fair value of plan assets¥(50,420)
35,006¥(43,913)
37,232$(408,911)
346,699

Unfunded benefit obligation
Unrecognized actuarial difference
Unrecognized prior service cost
Unrecognized plan assets(15,414)
9,413
(226)
—

(6,681)
7,778(22)(4,912)(62,212)72,428(205)(45,740)

Net amount recognizedPrepaid pension cost

(6,227)
0(3,837)
1,042(35,729)
9,703¥ (6,227)¥ (4,879)$ (45,432)

Accrued severance indemnities

38

Thousands of
U.S. dollars
2005

COMSYS Holdings Corporation

Annual Report 2005

“Accrued severance indemnities” in the consolidated balance sheet as
at 31st March, 2004 and 2005 include the provision for accrued severance
indemnities for directors and corporate auditors of the Companies amounted

to ¥794 million and ¥754 million (US$7,021 thousand), respectively.
Net pension cost of the plans included in the consolidated statements
of income for the years ended 31st March, 2004 and 2005 were as follows:

Millions of yen
2004
2005

Thousands of
U.S. dollars
2005

Service cost
Interest cost
Expected return of plan assets
Amortization of unrecognized actuarial difference
Amortization of unrecognized prior service cost (negative)
Other¥2,217
1,245
(34)
1,040
(229)
34

¥2,554
1,086
(730)
866
(231)
55

$23,783
10,113(6,798)8,064(2,151)512

Net pension cost
Gain on transfer of the substitutional portion of contributory pension plan

¥4,273(1,104)¥3,600—$33,523—¥3,169¥3,600$33,523

Total, net
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 service of employees at
the incurrence.
Significant assumptions used to calculate the above-mentioned amountfor the years ended 31st March, 2005 were as follows:• Allocation method of benefit obligation
Straight-line method• Discount rate
2.5%
• Expected rate of return on plan assets
2.6% (mainly)• Unrecognized prior service cost is mainly amortized at the incurrence.
• Unrecognized actuarial difference is amortized over mainly 15 years
from the succeeding fiscal year of the incurrence.

6. Contingent Liabilities
At 31st March, 2004 and 2005, contingent liabilities consisted of the following:
Millions of yen
2004
2005

Guarantees of loans borrowed by:
COMSYS Thailand Co., Ltd.
Other

Thousands of
U.S. dollars
2005¥1,485110¥1,02440$9,535373¥1,595¥1,064$9,908

7. 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 42% and 40%, in aggregate, for the year
ended 31st March, 2004 and 2005, respectively. The effective tax rate
reflected in the accompanying consolidated statements of income andretained earnings differs from the statutory tax rate primarily due to suchitems as permanently non-deductible expenses and timing differences inrecognizing certain income and expense 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, 2005 was less than 2%.
Deferred tax assets and liabilities of the Companies, except for that
relating to land revaluation of COMSYS mentioned in Note 10, as of 31st
March, 2004 and 2005, primarily consisted of the following:

Millions of yen
2004
2005

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 investments in unconsolidated subsidiaries
Net operation loss carried forward
OthersLess: Valuation allowanceThousands of
U.S. dollars
2005¥ 1,777
3,818
818
1,077
358
558
833

¥ 2,436
2,826
856
1,003
857
1,070
994

$ 22,684
26,315
7,971
9,340
7,980
9,964
9,256

9,239
(2,948)10,042(2,950)93,510(27,470)¥ 6,291¥ 7,092$ 66,040

COMSYS Holdings Corporation

Annual Report 2005

39

Millions of yen
2004
2005

Deferred tax liabilities:
Deferred gain on exchange of lands
Revaluation of land owned by consolidated subsidiaries
OthersNet deferred tax assets

Thousands of
U.S. dollars
2005¥ (157)(1,903)(224)¥ (156)(1,871)(331)$ (1,453)(17,423)(3,082)(2,284)(2,358)(21,958)¥ 4,007¥ 4,734$ 44,082

8. 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,
2004 and 2005, which would have been reflected in the consolidatedbalance sheets if capitalized, were as follows:
Millions of yen
2004
2005

Acquisition costs
Accumulated depreciation
Net book value
Lease payments relating to financial leases accounted for as transactions of rent amounted to ¥176 million and ¥180 million (US$1,676 thousand) for the years ended 31st March, 2004 and 2005, respectively.

Thousands of
U.S. dollars
2005

¥843
447

¥928
342

$8,642
3,185

¥396

¥586

$5,457

Obligation (including the interest portion thereon) under financial leases
at 31st March, 2005, were as follows:

Millions of yen
2005

Thousands of
U.S. dollars
2005

¥159
427

$1,481
3,976¥586$5,457

Due within one year
Due after one year
Total

(As a Lessor)
One of the Companies leases mainly machinery and equipment by financial leases. Future lease receipts, inclusive of interest, at 31st March, 2005
were as follows:
Millions of yen
2005

Thousands of
U.S. dollars
2005

¥347
601

$3,231
5,597¥948$8,828Due within one year
Due after one year
Total
Lease fees received and depreciation charges for the years ended 31st March, 2004 and 2005 were as follows:

Millions of yen
2004
2005

Lease fees received
Depreciation

¥438
337

¥561
464

Thousands of
U.S. dollars
2005$5,2244,321

9. Shareholders’ Equity
Under the Commercial Code, the additional paid-in capital may be transferred to stated capital by a resolution of the board of directors or used toreduce a deficit by shareholders’ resolution, but they are not available fordividend payment. On condition that the aggregate amount of additional
paid-in capital remains equal to or exceeding 25 per cent of the amountof stated capital, it is available for distributions by the resolution of the40

COMSYS Holdings Corporation

Annual Report 2005

shareholders’ meeting within a certain limit. The amount of the additional
paid-in capital of the Company included in “Additional paid-in capital”
and “Retained earnings” of the accompanying consolidated balance
sheets as at 31st March, 2004 and 2005 were ¥98,816 million and ¥58,816
million (US$547,686 thousand), respectively.

10. Revaluation of Land for BusinessAt 31st March, 2002, land owned by the COMSYS was revalued under
the Land Revaluation Law and related regulations. Net unrealized gains
and losses resulting from the revaluation were debited directly toshareholders’ equity as a negative revaluation surplus after adding the related deferred tax liabilities as mentioned bellow. The negative revaluation

surplus will be credited as a gain or loss when a part of the land is sold.
The book value before and after revaluation and unrealized gains andlosses resulting from the revaluation at 31st March, 2002 and the respective remaining balances as at 31st March, 2005, in the aggregate, wereas follows:
Millions of yen
2002
2005

Book value:
Before revaluation
After revaluation
Unrealized—
Gains
LossesNet (loss)

Thousands of
U.S. dollars
2005¥22,995
16,847¥21,687
16,130$ 201,946
150,200

5,915
12,063

5,915(11,472)

55,080(106,826)¥(6,148)¥ (5,557)$ (51,746)

The fair value for the revalued land mentioned above as of 31st March, 2005 has been reduced by ¥1,766 million (US$16,445 thousand) in theaggregate, but the book value has not been restated, as allowed by the GAAP of Japan.
Deferred tax assets and liabilities relating to revaluation of land of the Company as of 31st March, 2005 consisted of the following:
Millions of yen
2005

Thousands of
U.S. dollars
2005¥ 4,589(4,589)$ 42,732(42,732)——

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

2,366

22,032

Net: Deferred tax liabilities¥ 2,366$ 22,032

11. Other Income and Expenses“Other, net” in “Other Income (Expenses)” for the years ended 31st March, 2004 and 2005 consisted of the following:
Millions of yen
2004
2005

Gain on transfer of substitutional portion of contributory pension plan
Amortization of consolidation adjustments arising from business combination
Amortization of other consolidation adjustments
Write-down of investments in securities and other assets
Allowance for doubtful receivablesSpecial payments on employees’ retirement
Foreign exchange losses
Amortization of business start-up expenditures
Gain on sales of fixed assets
Loss on impairment of fixed assets
Special reserves for business restructuring
Other

Thousands of
U.S. dollars
2005¥ 1,104
888
594(1,071)
(549)
(283)
(171)
(149)
91
—
—
(29)

¥

—
—
1,628
(481)
(1,148)
(611)
—
—
438
(423)
(189)
(203)

$

—
—
15,160(4,479)(10,690)(5,690)——4,079(3,939)(1,760)(1,890)¥ 425¥ (989)$ (9,209)

Millions of yen

Thousands of
U.S. dollars¥1,412$13,148

12. Subsequent Events
On 29th June, 2005, the shareholders of the Company approved the following appropriations of retained earnings:

Cash dividends

COMSYS Holdings Corporation

Annual Report 2005

41

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, 2004 and 2005, and the related consolidated statements of income, shareholders’ equity and cash flows for each of the two years ended 31st March, 2005, allexpressed in Japanese yen. Preparing these financial statements is the responsibility of the Company’s management. Our responsibility is limited to express an independent opinion on these financial statements basedon our audits.
We conducted our audits in accordance with auditing standards, procedures and practices generally accepted
and applied in Japan, which require that we plan and perform the audits to obtain reasonable assurance that thefinancial statements are free of material misstatement. Our audits include examining evidence supporting the amounts
and disclosures of the financial statements on a test basis, and also include assessing the accounting policies andsignificant estimates adopted and applied 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, theconsolidated financial position of COMSYS Holdings Corporation and its consolidated subsidiaries as of 31st
March, 2004 and 2005, and the consolidated results of their operations and cash flows for each of the two years
ended 31st March, 2005, 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 thebasis as described in Note 1 to the consolidated financial statements.

Eiji Miyashita

Hideo Niwa
Certified Public Accountants of JapanTokyo, Japan
29th June, 2005

42

COMSYS Holdings Corporation

Annual Report 2005

Takashi Saitou

コムシスホールディングス

COMSYS Holdings Corporation

ファクトシート FACT SHEET目次

CONTENTS

44

連結財務ハイライト

Consolidated Financial Highlights

46

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

47

日本コムシスグループ（連結財務データファイル）

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 Data75

東日本システム建設グループ（連結財務データファイル） TOSYS Group Consolidated Financial Data

ご参考

86 NTT 工事部門
88 業界他社比較（連結ベース）

Reference Data
NTT Construction
Comparison of Three Major Telecommunications
Construction Companies in Japan (Consolidated Basis)* 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る。

* On April 1, 2005, SANWA ELEC Co., Ltd. was renamed SANWACOMSYS Engineering Corporation.

COMSYS Holdings Corporation

Annual Report 200543

連結財務ハイライト
CONSOLIDATED FINANCIAL HIGHLIGHTS■ グループ別売上構成（実績）Composition of Sales (Actual)

2005 年3 月期

Year Ended March 31, 2005

■ 日本コムシスグループ Nippon COMSYS Corporation Group■ サンコムグループ
SANCOM Group76%■ 東日本システム建設グループ
TOSYS Corporation Group15%
9%■ 売上高 Net Sales（百万円
300,000■ 営業利益 Operating Income

Millions of yen）

■ 経常利益 Recurring Profit

Millions of yen）

（百万円
15,000（百万円
20,000240,000

12,00016,000180,000

9,000

12,000120,000

6,000

8,000

60,000

3,000

4,000

0

04

単純合算** 単純合算**
Simple Sum** Simple Sum**

04
実績*
Actual*0505

単純合算**
実績****
Simple Sum** Actual****■ 当期純利益 Net Income
（百万円

0

0

03

03

04

単純合算** 単純合算**
Simple Sum** Simple Sum**

04
実績*
Actual*0505

単純合算**
実績****
Simple Sum** Actual****Millions of yen）

（百万円

03

（百万円

10,000250,000

150,000

8,000

200,000

120,000

6,000

150,000

90,0004,000

100,000

60,0002,000

50,00030,000

0

0

03

04

単純合算** 単純合算**
Simple Sum** Simple Sum**

04
実績*
Actual*0505

単純合算**
実績****
Simple Sum** Actual****04

単純合算** 単純合算**
Simple Sum** Simple Sum**

04
実績*
Actual*0505

単純合算**
実績****
Simple Sum** Actual****■ 自己資本 Shareholders’ Equity■ 総資産 Total Assets

Millions of yen）

Millions of yen）

Millions of yen）

0

03

04

05

03

04

05

単純合算**
Simple Sum**

実績*
Actual*

実績****
Actual****

単純合算**
Simple Sum**

実績*
Actual*

実績****
Actual****当社の2004 年 3 月期の連結業績は、日本コムシスの2003年4月1日から 2004年3月31日までの1 年間の連結業績と、サンワコムシスエンジニアリング及び東日本システム建設の両社（2003年10月1日がみなし取得日である）における2003年10月1日から2004年3月31日まで半年間の連結業績を対象期間としています。
** 上記数値は日本コムシス、サンワコムシスエンジニアリング、東日本システム建設の連結計数を単純合算して表示しています。
*** サンワコムシスエンジニアリング株式会社は連結ベースの受注高について開示していません。
**** 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。

*

*

The Company’s consolidated results for the fiscal year ended March 2004 include the consolidated results of Nippon COMSYS for the fiscal year from April 1, 2003 to March 31, 2004 andthe consolidated results of both SANCOM and TOSYS for the half-year period from October 1, 2003 to March 31, 2004 (October 1, 2003 being the deemed date of acquisition).
** The above figures represent the simple sum of the consolidated figures of Nippon COMSYS, SANCOM, and TOSYS.
*** SANWA COMSYS Engineering Corporation does not disclose New Orders Received on a consolidated basis.
**** Consolidated results for fiscal 2005 include 15 months of operating results at Nippon COMSYS Corporation consolidated subsidiaries due to a change in fiscal year-end (from December 31 toMarch 31).

44

COMSYS Holdings Corporation

Annual Report 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
Shareholders’ Equity■ サンワコムシスエンジニアリング株式会社（百万円

New Orders Received during the Year***
Net Sales
Operating Income
Recurring Profit
Net Income (Loss)
Total Assets
Shareholders’ Equity■ 東日本システム建設株式会社（百万円

2005/3

199,495
200,610
6,490
6,760
2,468
166,528
111,724

202,560
206,517
7,983
8,863
4,585
177,140
116,624

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

2003/3

2004/3

2005/3–49,456881
525
55
32,944
3,210–
44,318
942
631
(166)
28,2673,350–
44,220497
423(2,583)24,441
5,197

TOSYS 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

2004/3SANWA COMSYS Engineering Corporation

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

2003/3

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

2003/3

2004/3

2005/3

23,472
24,131
699
772
312
14,373
7,856

25,83425,380947
977
360
15,091
7,363

28,37327,874
970
1,085
517
16,772
7,769

COMSYS Holdings Corporation

Annual Report 200545

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

実績（注 1） Actual (Note 1)

経営成績
（百万円）
受注高
売上高
期末手持高
売上総利益
営業利益
経常利益
税金等調整前当期純利益
当期純利益

Operating Results (Millions of yen)
New Orders Received during the YearNet Sales
Contract Backlog at End of Fiscal Year
Gross Profits
Operating Income
Recurring Profit
Income before Income Taxes and Other Adjustments to Net Income
Net Income
財政状態
（百万円）
Financial Position (Millions of yen)
総資産
Total Assets
自己資本
Shareholders’ 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 (%)
売上高総利益率
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-Equity Capital and Long-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)
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
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 (%)

2004/3

2005/3

235,747
248,961
76,66028,924
10,786
11,401
11,255
6,592

287,376
293,681
70,35435,88915,062
17,145
14,1708,349

211,718
121,326
58,205
11,484

208,681
128,063
65,609
4,692

11.62
4.33
4.58
4.52
2.65
5.73
4.10

12.22
5.13
5.84
4.82
2.84
6.70
3.97

57.31
195.95187.75
57.22
48.51
0.09
73.58

61.37
214.93206.04
52.01
45.70
0.04
91.23

45.96
859.247.00
15.23
145,97758.42
906.92
15.00
25.68
145,977

35,1091,521
1,607

43,534
2,233
2,541

1,587
929
7,091

2,101
1,238
6,746

2,950
385
16.9

3,260
326
26.85

注（ 1）当社の 2004年3月期の連結業績は、日本コムシスの2003年4月1日から2004年3月31日までの1年間の連結業績と、サンワコムシスエンジニアリング及び東日本システム建設の両社（2003年10月1日がみなし取得日である）における2003年10月1日から 2004年3月 31日まで半年間の連結業績を対象期間としています。

Note: 1. The Company’s consolidated results for the fiscal year ended March 2004 include the consolidated results of Nippon COMSYS for the fiscal year from April 1, 2003 to March 31, 2004 andthe consolidated results of both SANCOM and TOSYS for the half-year period from October 1, 2003 to March 31, 2004 (October 1, 2003 being the deemed date of acquisition).

46

COMSYS Holdings Corporation

Annual Report 2005

コムシスホールディングス

COMSYS Holdings Corporation

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
Nippon COMSYS Corporation consolidated subsidiary due to a change in fiscal
year-end (from December 31 to March 31).

COMSYS Holdings Corporation

Annual Report 200547

経営成績（連結ベース）／収益性の指標（連結ベース）
OPERATING RESULTS (CONSOLIDATED BASIS) / PROFITABILITY (CONSOLIDATED BASIS)■ 経営成績（連結ベース） Operating Results (Consolidated Basis)（百万円

Millions of yen）

1996/3

1997/3

188,978
184,595
22,561
8,737
9,124
8,332
4,156

226,643
221,635
28,425
13,73314,096
13,675
6,830

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
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■ 受注高
New Orders Received During the Year

■ 売上高
Net Sales■ 売上総利益／営業利益
Gross Profits / Operating Income■ 経常利益Recurring Profit

（百万円

（百万円

（百万円

（百万円

Millions of yen）

Millions of yen）

Millions of yen）

250,000

250,000

30,00020,000200,000

200,000

24,00016,000150,000

150,000

18,00012,000100,000

100,000

12,0008,000

50,00050,000

6,000

4,000

0

0

01

02

03

04

05

0

01

02

03

04

05

Millions of yen）

0

01
売上総利益
営業利益

02

03

04

05

01

02

03

04

05

Gross Profits
Operating Income■ 収益性の指標（連結ベース） Profitability (Consolidated Basis)（％）

1997/3

4.73
4.94
4.51
2.25
6.82
3.15

6.20
6.36
6.17
3.08
10.38
4.53

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
Operating Margin■ 売上高経常利益率
Recurring 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)

（％）

（％）

（％）

（％）

6.0

7.5

5.0

8.0

4.8

6.0

4.0

6.4

3.6

4.5

3.0

4.8

2.4

3.0

2.0

3.2

1.2

1.5

1.0

1.6

0

0

0

01

48

1996/3

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

02

03

04

05

COMSYS Holdings Corporation

01

02

03

Annual Report 2005

04

05

0

01

02

03

04

05

01

02

03

04

05

日本コムシスグループ

Nippon COMSYS Group

1998/3

1999/3

2000/3

2001/3

2002/3

2003/3

2004/3

2005/3235,923
225,31228,464
14,34814,87914,3328,309

229,875
220,522
27,167
14,261
15,274
13,522
5,625

228,518
231,750
30,606
15,55916,406
13,0546,315

229,211222,220
27,688
11,62812,8599,117
4,498

213,986
231,351
27,262
10,50011,555
8,913
4,107

199,495
200,610
21,991
6,490
6,760
5,579
2,468

202,560
206,517
23,737
7,983
8,863
8,312
4,585

226,225
227,548
29,086
13,535
15,631
14,4159,299■ 当期純利益
Net Income（百万円

Millions of yen）

10,000
8,000
6,000
4,000
2,000
0

01

02

03

04

05

1998/3

1999/3

2000/3

2001/3

2002/3

2003/3

2004/3

2005/3

6.37
6.60
6.36
3.69
10.16
5.11

6.47
6.93
6.13
2.55
5.73
3.33

6.71
7.08
5.63
2.72
5.81
3.50

5.23
5.79
4.10
2.02
3.85
2.38

4.54
4.99
3.85
1.78
3.57
2.17

3.24
3.37
2.78
1.23
2.21
1.38

3.87
4.29
4.02
2.22
4.01
2.67

5.95
6.87
6.33
4.09
7.72
5.15

■ 総資産当期純利益率
Return on Total Assets (ROA)

自己資本当期純利益率［ROE］＝

当期純利益
×100
自己資本（2期末平均）

Return on Equity (ROE)＝

Net Income
Shareholders’ Equity (Average of two year-ends)

×100

（％）

6.0

総資産当期純利益率［ROA］＝

当期純利益
×100
総資産（2期末平均）

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

×100

4.8
3.6
2.4
1.2
0

01

02

03

04

05

COMSYS Holdings Corporation

Annual Report 200549

成長性／効率性の指標（連結ベース）／安全性の指標（連結ベース）
EFFICIENCY (CONSOLIDATED BASIS) / STABILITY (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）

1996/3

1997/3

142,765
62,623
46,4201.40
8.60

158,838
68,97844,483
1.47
8.61

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

（百万円

（百万円

（回

（回

200,000

Millions of yen）

75,000Times）
1.5

160,000

60,0001.2

6.0

120,000

45,0000.9

4.5

80,00030,0000.6

3.0

40,00015,000

0.3

1.5

0

0

0

0

01

02

03

04

05

Millions of yen）

01

02

03

04

05

01

02

03

04

Times）
7.5

05

01

02

03

04

05

総資産

Total Assets
自己資本 Shareholders’ Equity■ 安全性の指標（連結ベース） Stability (Consolidated Basis)（％

except where noted）

1997/343.43
183.27180.34
59.82
40.91
0.55
37,873
1,311.55

Equity Ratio
Current Ratio
Quick Ratio
Fixed Assets-to-Equity Capital Ratio
Ratio of Fixed Assets-to-Equity Capital and Long-Term Liabilities
Debt/Equity Ratio (times)
Interest-Bearing Debt (millions of yen)Interest Coverage (times)■ 自己資本比率
Equity Ratio■ 流動比率／当座比率
Current Ratio / Quick Ratio■ 固定比率／固定長期適合率■ 有利子負債残高／
Fixed Assets-to-Equity Capital Ratio /負債・自己資本比率
Ratio of Fixed Assets-to-Equity CapitalInterest-Bearing Debt /and Long-Term Liabilities
Debt/Equity Ratio

（％）

（％）

（％）

75

300

60

15,000Times）
0.15

60

240

48

12,000

0.12

45

180

36

9,000

0.09

30

120

24

6,000

0.06

15

60

12

3,000

0.03

0

0

0

0

0

01

02

03

04

05

01
流動比率
当座比率

50

1996/343.86
211.27207.41
57.52
37.71
0.56
35,291
337.86

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
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）COMSYS Holdings Corporation

02

03

Current Ratio
Quick Ratio

Annual Report 2005

04

05

（百万円

01
固定比率

02

03

04

05

Fixed Assets-to-Equity Capital Ratio
固定長期適合率 Ratio of Fixed Assets-to-Equity
Capital and Long-Term Liabilities

Millions of yen）

01

02

有利子負債残高

03

（倍

04

05

Interest-Bearing Debt
負債・自己資本比率 Debt/Equity Ratio日本コムシスグループ

Nippon COMSYS Group

1998/3

1999/3

2000/3

2001/3

2002/3

2003/3

2004/3

2005/3

166,066
94,654
59,4191.39
8.38

171,669
101,721
50,232
1.31
7.56

188,961
115,834
60,4281.29
6.66

188,250
118,055
64,332
1.18
5.75

190,576
111,91955,886
1.22
5.95

166,528
111,724
54,673
1.12
5.09

177,140
116,624
60,777
1.20
5.29

184,145
124,240
70,8191.26
6.14

運転資本＝（流動資産ー未成工事支出金）ー（流動負債ー未成工事受入金）

総資産回転率＝Modified Working Capital = (Current Assets – Accumulated Cost of Construction in Progress) –(Current Liabilities – Advances Received on Construction in Progress)

売上高

Total Assets (Average of two year-ends)

売上高
有形固定資産回転率＝
有形固定資産（2期末平均）
流動比率＝

Net Sales

Turnover of Total Assets =総資産（ 2期末平均）

流動資産ー未成工事支出金
流動負債ー未成工事受入金

Net Sales

Turnover of Property and Equipment =Property and Equipment (Average of two year-ends)
Current Ratio =× 100

Current Assets – Accumulated Cost of Construction in Progress
x100
Current Liabilities – Advances Received on Construction in Progress

1998/3

1999/3

2000/3

2001/3

2002/3

2003/3

2004/3

2005/357.00
232.76229.94
48.17
38.80
0.27
25,915
1,371.82

59.25
202.10197.87
51.80
44.58
0.17
17,6991,145.85

61.30
232.62223.29
52.21
46.37
0.09
9,943
1,335.75

62.71
248.46240.16
50.92
45.84
0.09
10,368355.5758.73
195.07187.56
53.80
49.93
0.11
12,768199.7867.09
246.67231.76
52.34
48.47
0.00
145
196.9465.84
239.88157.92
46.85
42.53
0.03
3,133
2,043.25

67.47
253.55208.93
42.21
39.08
0.00
85
1,729.38■ インタレスト・カバレッジ
Interest Coverage

当座比率＝

現金、預金、有価証券、完成工事未収入金等
流動負債ー未成工事受入金

×100

固定資産
固定比率＝
×100
自己資本

（倍

Times）
2,500

固定長期適合率＝

2,000

1,000
500

×100

有利子負債

Property, Equipment, Investments and Other Assets

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

x100

Property, Equipment, Investments and Other Assets

x100

Shareholders’ Equity + Long-Term Liabilities
Debt/Equity Ratio=

自己資本

インタレスト・カバレッジ＝x100

Current Liabilities – Advances Received on Construction in Progress

Shareholders’ Equity

固定資産

負債／自己資本比率＝

Cash, Time Deposits,Marketable Securities and Trade Accounts Receivable

Fixed Assets-to-Equity Capital Ratio=

自己資本＋固定負債

1,500

Quick Ratio=

Interest-Bearing Debt
Shareholders’ Equity

営業利益＋受取利息および配当金
支払利息

Interest Coverage=

Operating Income + Interest and Dividend Income
Interest Expenses

0

01

02

03

04

05

COMSYS Holdings Corporation

Annual Report 2005

51

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（百万円

Orders Received by Business Category

Millions of yen）

NTTグループ
所外系工事
所内系工事
小計
海外工事
国内一般工事*情報事業*
合計■ 部門別売上高（百万円

1996/3

1997/3

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

71,12360,060131,183

78,97678,164
157,140

Overseas Construction
Domestic Construction and Engineering*
Information Systems*
Total

8,780
31,19615,021
186,180

11,46841,05815,481
225,147

1996/3

1997/3

Net Sales by Business Category

Millions of yen）

NTTグループ
所外系工事
所内系工事
小計

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

70,494
59,119129,61379,30680,081
159,387

海外工事
国内一般工事*情報事業*
合計

Overseas Construction
Domestic Construction and Engineering*
Information Systems*
Total

6,697
28,706
15,613
180,629

8,925
37,415
14,863
220,590* 2002年3月期の金額は、2003年3月期から変更されたセグメントの方法に合わせて修正されています。
* The figures of FY March 2002 were restated, so as to conform with the method of segmentation which was changed and applied from FY March 2003.

■ 部門別受注高
Orders Received by Business Category■ 部門別売上高
Net Sales by Business Category

（百万円

（百万円

Millions of yen）

250,000

250,000

200,000

200,000

150,000

150,000

100,000

100,000

50,00050,000

0

0

96

97

98

99

00

01

02

03

04

05

96

所外系工事

所外系工事

所内系工事

所内系工事

“Outside” Projects“Inside” Projects
海外工事 Overseas Construction
国内一般工事 Domestic Construction and Engineering
情報事業 Information Systems

52

Millions of yen）

COMSYS Holdings Corporation

Annual Report 2005

97

98

99

00

“Outside” Projects“Inside” Projects
海外工事 Overseas Construction
国内一般工事 Domestic Construction and Engineering
情報事業 Information Systems

01

02

03

04

05

日本コムシスグループ

Nippon COMSYS Group

1998/3

1999/3

2000/3

2001/3

2002/3

2003/3

2004/3

2005/374,03881,457
155,495

69,22173,810143,031

58,18374,856
133,039

48,737
77,894
126,631

41,44780,208
121,655

40,642
71,434
112,076

47,42976,810124,239

52,53686,316
138,852

9,362
53,792
16,228234,877

4,044
63,845
17,918228,838

4,027
68,60918,114
223,789824
78,672
16,359222,486

2,970
67,1559,120
200,900

565
67,276
8,857
188,77497
55,8708,054
188,260–
62,622
9,084
210,558

1998/3

1999/3

2000/3

2001/3

2002/3

2003/3

2004/3

2005/375,65874,339149,997

68,562
74,385
142,947

63,25477,714140,968

54,52074,647129,167

48,08584,171
132,256

41,47071,184112,654

47,33973,487
120,826

52,871
83,026
135,897

10,54547,476
16,085
224,103

7,850
52,411
16,556
219,764

3,007
64,56017,611
226,146

1,314
68,973
16,132
215,586

2,500
75,013
9,437
219,206

1,864
65,741
8,999
189,25897
64,377
8,620
193,920–
64,971
9,066
209,934■ 事業部門別売上構成
Composition of Sales by Business Category

2005 年3 月期

Year Ended March 31, 2005

■ NTT所外系工事 NTT “Outside” Projects■ NTT所内系工事 NTT “Inside” Projects■ 海外工事 Overseas Construction■ 国内一般工事 Domestic Construction and Engineering■ 情報事業 Information Systems

COMSYS Holdings Corporation

Annual Report 200553

連結貸借対照表（10年間）
CONSOLIDATED BALANCE SHEETS (10 YEARS)

資産の部

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

1997/3

27,112
17,40042,01622,02015,97958,33917,108
264
–
–
1,457
(111)
105,246

18,774
292
–
–
1,412
(137)
116,679

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

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

995
3,876
2,928
–
3,198
(6)
10,991

1,395
6,554
3,134
–
3,728
(20)
14,791

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

14,78010,5907,099–(7,437)25,032

16,405
10,7387,982
20(8,674)
26,471

繰延資産：
社債発行差金繰延資産合計Deferred Charges:
Discount on notes payable
Total deferred charges

1,496
1,496
142,765

897
897
158,838* 現金預金は1999/3以降について現金及び現金同等物の金額に組み替えています。
* Cash and cash equivalents as of 1996, 1997 and 1998 stand for cash and deposits.

54

1996/3COMSYS Holdings Corporation

Annual Report 2005

日本コムシスグループ

Nippon COMSYS Group（百万円

Millions of yen）

1998/3

1999/3

2000/3

2001/3

2002/3

2003/3

2004/3

2005/327,938
17,68657,28634,887–62,462

41,892499
59,35539,473
1,170
61,82543,036
1,132
64,88825,411297
58,8992,540
4,076
62,00133,223151
62,985

15,998
269
–
–
1,127
(131)
120,173

19,549
177
–
–
2,023
(120)
118,978

22,488
169
2,504
–
1,723
(149)
128,481

21,138
991
908
–
2,760
(129)
128,136

16,328
611
1,542
–
2,948
(127)
130,358

16,845
1,159
830
–
4,733
(121)
108,053

18,273–
1,665
32,017
2,124(197)
122,499

14,768–2,445
16,7681,578(211)
131,707

3,876
6,404
3,426
–
4,602
(48)
18,260

4,650
7,671
4,935
–
4,512
(53)
21,715

1,535
8,136
4,132
2,309
5,875
(133)
21,854

864
5,694
4,179
3,669
8,280
(1,178)21,508

630
4,806
3,716
4,636
8,599
(1,347)21,040

450
4,904
3,413
3,349
8,330
(1,655)
18,791

549
3,930
2,891
2,776
8,166
(1,994)
16,318

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

16,537
10,7688,170
1,512(9,652)
27,335

17,906
13,493
8,484
1,828(10,735)
30,976

23,585
17,125
7,596
2,076(11,756)
38,626

23,58817,361
7,509
2,649(12,501)
38,606

18,62923,713
14,8670(18,031)
39,17819,88423,857
14,995–(19,052)
39,684

19,88423,883
15,255–(20,699)
38,323

19,077
22,63914,854
4(20,787)
35,787298
298
166,066––
171,669––
188,961––
188,250––
190,576––
166,528––
177,140––
184,145COMSYS Holdings Corporation

Annual Report 200555

負債・資本の部

1996/3

1997/3

流動負債：
短期借入金
一年以内償還予定の転換社債
一年以内償還の新株引受権付社債
関係会社預り金
関係会社短期借入金
工事未払金・買掛金
未払金
未成工事受入金
未払法人税等
新株引受権
その他流動負債
流動負債合計LIABILITIES AND SHAREHOLDERS’ EQUITYCurrent Liabilities:
Short-term bank loans
Current portion of convertible bonds
Current portion of notes with warrants
Deposits received from subsidiaries
Short-term loans from subsidiaries
Accounts payable–trade
Other
Advances received on construction in progress
Income taxes payable
Warrants
Other current liabilities
Total current liabilities

493
393
7,015
–
–
21,785
–
5,353
2,925
2,395
6,712
47,071

528
–
9,867
–
–
29,247
–
4,370
4,928
2,350
6,502
57,792

固定負債：
転換社債
新株引受権付社債
退職給付引当金／退職給与引当金
海外投資等損失引当金
債務保証等損失引当金再評価に関わる繰延税金負債
連結調整勘定その他固定負債
固定負債合計Long-Term Liabilities:
Convertible bonds
Notes with warrants
Accrued severance indemnities
Provision for possible losses arising from overseas investments
Allowance for losses arising from guarantees of loans
Deferred tax liabilities for unrealized gains on land revaluation
Consolidation adjustments account
Other long-term liabilities
Total long-term liabilities–
24,995
6,763
–
–
–
–
1,141
32,89910,00015,128
6,282
–
–
–
–
474
31,884

少数株主持分Minority Interests

172

184

自己資本：
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

Shareholders’ Equity:
Common stock
Additional paid-in capital
Retained earnings
Unrealized loss on land revaluation
Unrealized gain (loss) on securities

16,894
14,122
31,607––62,623(0)62,623
142,765

17,24914,52037,211––
68,980(2)
68,978
158,838

自己株式
自己資本合計56

COMSYS Holdings Corporation

Treasury stock, at cost
Total shareholders’ equity

Annual Report 2005

日本コムシスグループ

Nippon COMSYS Group（百万円

Millions of yen）

1998/3

1999/3

2000/3

2001/3

2002/3

2003/3

2004/3

2005/3

79
–
7,755
–
–
27,171
–
3,586
2,843
1,290
5,618
48,342

–
–
7,373
–
–
33,001
–
4,044
3,826
917
4,080
53,241

632––––
35,119
4,412
5,989
2,566
–
2,836
51,554

1,057
–
–
–
–
35,352
–
7,094
788
–
5,469
49,760

3,457
9,312
–
–
–
36,607
–
4,327
3,538
–
5,230
62,471

145––––
31,344
–
3,945
277
–
4,769
40,480

422
–
–
–
2,711
32,397
–
4,212
3,903
–
4,016
47,661

85
–
–
2,737
–
34,606
–
3,231
3,567
–
5,125
49,351

9,418
7,373
6,020
–
–
–
–
54
22,865

9,409
–
5,472
1,592
–
–
–
–
16,473

9,312
–
1,883
1,442
–
–
–
1,945
14,582

9,312
–
3,769
–
–
–
–
16
13,097

–
–
3,640
–
1,680
2,484
–
888
8,692

–
–
2,194
–
–
2,366
2,821
1,536
8,917

–
–
1,249
–
–
2,366
6,974
1,273
11,862

–
–
1,092
–
–
2,366
5,585
882
9,925

205

234

6,991

7,338

7,494

5,407

993

629

26,591
24,904
43,162––
94,657(3)
94,654
166,066

27,983
26,66647,074––
101,723(2)
101,721
171,669

31,14130,73655,477––
117,354(1,520)115,834
188,961

31,14130,73657,828–
28
119,773(1,678)118,055
188,250

31,14130,73660,725(8,633)(173)
113,796(1,877)111,919
190,576

31,14130,736
61,158(8,514)(206)
114,315(2,591)
111,724
166,528

31,14130,73663,005(8,514)
256
116,624–
116,624
177,140

31,14130,736
69,977(7,923)
309
124,240–
124,240
184,145COMSYS Holdings Corporation

Annual Report 200557

連結損益計算書（10年間）
CONSOLIDATED STATEMENTS OF INCOME (10 YEARS)

売上高：
完成工事高*
その他*

Net Sales:
Construction contracts*
Other*

売上原価：
完成工事原価*その他*

Cost of Sales:
Construction contracts*
Other*

売上総利益

Gross profits

販売費及び一般管理費
営業利益

Selling, General and Administrative Expenses
Operating income

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

税金等調整前当期純利益

Income before income taxes and other adjustments to net income

1997/3

168,983
15,612
184,595

206,772
14,863
221,635

148,608
13,426
162,034
22,561

180,427
12,783
193,21028,425

13,8238,737

14,692
13,733723(28)(1,100)
(405)
8,332

694
(11)
(741)
(58)
13,675

法人税等：
法人税、住民税及び事業税
法人税等調整額
長期納税引当金繰入額

Income Taxes:
Current
DeferredReversal of Accrued Income Taxes

4,484
–
–

7,264
–
–

少数株主利益持分法による投資利益
当期純利益

Minority Interests
Equity in Earnings of Affiliates
Net Income

4,484
13
321
4,156

7,264
15
434
6,830

* 2002年3月期の金額は、2003年3月期から変更されたセグメントの方法に合わせて修正されています。
* The figures of FY March 2002 were restated, so as to conform with the method of segmentation which was changed and applied from FY March 2003.

58

1996/3COMSYS Holdings Corporation

Annual Report 2005

日本コムシスグループ

Nippon COMSYS Group（百万円

Millions of yen）

1998/3

1999/3

2000/3

2001/3

2002/3

2003/3

2004/3

2005/3

209,227
16,085
225,312203,967
16,555220,522

213,870
17,880231,750

205,515
16,705222,220

216,575
14,776
231,351

186,547
14,063200,610

192,939
13,578
206,517

211,422
16,126
227,548

183,40213,446
196,848
28,464

179,50213,853
193,355
27,167

185,932
15,212
201,144
30,606

179,452
15,080
194,532
27,688

190,924
13,165204,089
27,262167,034
11,585
178,619
21,991

170,403
12,377
182,780
23,737

183,470
14,992
198,462
29,086

14,116
14,34812,906
14,261

15,047
15,55916,06011,628

16,762
10,50015,501
6,490

15,754
7,983

15,551
13,535

742
(11)
(747)
(16)
14,332636(14)(1,361)(739)
13,522470(13)(2,962)(2,505)
13,054819(35)(3,295)(2,511)
9,117

289
(54)
(1,822)(1,587)
8,913

207
(34)
(1,084)
(911)
5,579

191
(4)
142
329
8,312

302
(9)
587
880
14,415

6,571
–
–

7,866
–
–

7,218
(1,084)
–

4,082
226
–

5,521
(1,293)
–

756
1,972
–

4,234
(718)
–

6,156
(802)
–

6,571
23
571
8,309

7,866
31
–
5,625

6,134
605
–
6,315

4,308
311
–
4,498

4,228
578
–
4,107

2,728
383
–
2,468

3,516
211
–
4,585

5,354
(238)
–
9,299

COMSYS Holdings Corporation

Annual Report 200559

連結キャッシュフロー計算書（5年間）
CONSOLIDATED STATEMENTS OF CASH FLOWS (5 YEARS)（百万円

Millions of yen）

2001/3

2002/3

2003/3

2004/3

2005/3

9,117
1,746
–
–
536
170
2,019
–
–
–
(819)
35
47
–
–
(5,810)

8,913
3,363
–
–
142
113
(267)
–
–
1,680
(289)
54
84
–
–
–

5,579
3,645
–
–
327
274
(1,580)
–
–
–
(207)
34
149
490
–
–

8,312
3,512
–
–
1,071
414
(945)
–
–
–
(191)
4
60
–
–
–

14,415
2,204
(430)
(871)
863
18
(143)
–
–
–
(302)
9
54
–
–
–

8,756
(4,482)
2,064
801
(865)
(3,960)
(133)
(205)
9,017
利息及び配当金の受取額
Cash and cash equivalents received on interest and dividends income
751
利息支払額
Cash and cash equivalents paid for interest expenses(35)
法人税等の支払額
Cash and cash equivalents paid for income taxes(6,336)
営業活動による純現金収入
Net cash provided by operating activities
3,397
投資活動によるキャッシュフロー： Cash Flows from Investing Activities:
短期投資の純増減額(Increase) decrease in short-term investments, net(1)
投資有価証券の純増額
Increase in investment securities, net(1,000)連結の範囲の変更を伴う
Increase in investments in a subsidiary to be consolidated
子会社株式の取得による支出–
有形固定資産取得による支出
Acquisitions of property and equipment(1,386)
無形固定資産取得による支出
Acquisitions of other assets(490)
有形固定資産売却による収入
Proceeds from sale of property64
貸付による支出
Increase in long-term loans(627)
短期貸付金の増減額
Decrease (increase) in short-term loan receivable–
貸付金回収による収入
Collection of long-term loans
606
その他投資の増加額
Other(1,368)
投資活動による純現金支出
Net cash provided by (used in) investing activities(4,202)
財務活動によるキャッシュフロー： Cash Flows from Financing Activities:
短期借入金の純増減額
Increase (decrease) in short-term borrowings, net308
長期借入金返済による支出
Repayment of long-term debt
(16)
新株引受権付社債の償還による支出 Redemption of notes with warrants–
株式発行による収入
Proceeds from exercise of warrants–
長期借入金による収入
Proceeds from long-term debt–
転換社債償還による支出
Redemption of convertible bonds–
自己株式取得による支出
Acquisitions of treasury stock(841)
配当金の支払額
Cash dividends paid
(1,376)
財務活動による純現金支出
Net cash used in financing activities(1,925)
現金及び現金同等物の増減額
Net Increase in Cash and Cash Equivalents(2,730)
現金及び現金同等物の期首残高
Cash and Cash Equivalents at Beginning of Year41,892
子会社の連結除外による現金及びCash and Cash Equivalents Decreased by Elimination of a
現金同等物の減少額
Consolidated Subsidiary–
新規連結子会社増加に伴う現金Cash and Cash Equivalents at Beginning of Year Adjusted for
及び現金同等物増加額
Newly Consolidated Subsidiaries
311
現金及び現金同等物の期末残高
Cash and Cash Equivalents at End of Year39,473–(1,583)
5,628
173
(235)
(3,416)(137)(113)
14,110288(54)(2,762)
11,582

–
6,191
(349)
(5,663)496(1,242)
(65)
340
8,419
201
(34)
(6,145)2,441–(3,164)
(215)
(169)
724
597
(79)
(778)
9,153
191
(4)
1,588
10,928

–
(90)
3,305
3,953
(68)
(1,002)(87)(428)
21,400302(8)(6,766)
14,928

999
(678)

1,046
(772)

298
(87)

4,622
64

–
(5,884)
(485)
125
(353)
–
464
(88)
(5,900)(233)(2,581)(452)
91(2,041)–525
89(4,328)–(1,601)
(601)
23
(137)
(31,354)461
320(32,678)–(2,194)
(445)
2,050
(233)
15,146420(1,223)
18,207

183
(184)
–
–
757
–
(1,884)(1,638)(2,766)2,916
39,473(3,037)
(466)
–
–
230
(9,312)(1,820)(1,333)(15,738)(17,625)
43,036

2,055
(432)
–
–
628
–
(699)
(2,672)(1,120)(22,871)
25,411

(310)
(499)
–
–
–
–
–
(1,641)(2,450)30,685
2,540

–

–

–

（ 2）

647
43,036–25,411–
2,540

営業活動によるキャッシュフロー： Cash Flows from Operating Activities:
税金等調整前当期純利益
Income before income taxes and other adjustments to net income
減価償却費
Depreciation and amortization
固定資産売却益
Gain (loss) on sales of fixed assets
親会社株式売却益
Gain on sales of investments in a parent company
投資及びその他資産評価損
Write-down of investments and other assets
貸倒引当金の増加額
Increase in allowance for doubtful receivables
退職給付引当金の増加・減少額
Increase (decrease) in accrued severance indemnities
厚生年金過去勤務債務の増加額
Increase in liability for prior service cost
海外投資等損失引当金減少額
Decrease in provision for possible losses arising from overseas investments
債務保証等損失引当金繰入額
Increase in allowance for losses arising from guarantees of loans
受取利息及び受取配当金
Interest and dividends received
支払利息Interest expenses
有形固定資産除却損
Loss on disposal of property and equipment
関係会社等整理損
Loss on liquidation of subsidiaries and affiliates
有価証券売却益
Gain (loss) on sale of securities
退職給付信託設定益Gain on securities contributed to employee retirement benefit trust
退職給付変更時差異償却額
Amortization of the difference arising from change of the
売上債権の減少・増加額
未成工事支出金等たな卸資産減少・増加額
工事未払金・買掛金の増加・減少額
その他資産の減少・増加額
その他負債の減少額
取締役賞与の支払額
その他

60

COMSYS Holdings Corporationaccounting standard on accrued severance indemnities(Increase) decrease in receivables–trade(Increase) decrease in inventories
Increase (decrease) in payables–trade(Increase) decrease in other assets
Increase (decrease) in other liabilities
Directors’ bonuses paid
Other

Annual Report 2005–
33,223

サンコムグループ

SANCOM Group

サンコムグループ
連結財務データファイル
SANCOM GroupCONSOLIDATED FINANCIAL DATACOMSYS Holdings Corporation

Annual Report 200561

経営成績（連結ベース）／収益性の指標（連結ベース）
OPERATING RESULTS (CONSOLIDATED BASIS) / PROFITABILITY (CONSOLIDATED BASIS)■ 経営成績（連結ベース） Operating Results (Consolidated Basis)（千円

Thousands of yen）

受注高*
New Orders Received during the Year *売上高
Net Sales
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（損失） Income before Income Taxes and Other Adjustments to Net Income (Loss)
当期純利益（損失）Net Income (Loss)

1996/3

1997/3–48,289,434
3,382,985
1,110,865
900,607917,009450,922–53,484,286
3,847,086
1,465,098
1,298,068
1,001,889
381,277* サンワコムシスエンジニアリング株式会社は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.

■ 売上高
Net Sales■ 売上総利益／営業利益
Gross Profits / Operating Income■ 経常利益Recurring Profit■ 当期純利益（損失）Net Income (Loss)

（千円

（千円

（千円

（千円

Thousands of yen）

Thousands of yen）

Thousands of yen）

Thousands of yen）

60,000,000

6,000,000

1,500,000

300,000

48,000,000

4,800,000

1,200,000

200,000

36,000,000

3,600,000

900,000

100,000

24,000,000

2,400,000

600,000

0

12,000,000

1,200,000

300,000–1,500,000

0

0

0

01

02

03

04

05

01
売上総利益
営業利益

02

03

04

05

–3,000,000

01

02

03

04

05

01

02

03

04

05

Gross Profits
Operating Income■ 収益性の指標（連結ベース）Profitability (Consolidated Basis)（%）

1996/3

1997/3

2.30
1.87
1.90
0.93
15.35
1.59

2.74
2.43
1.87
0.71
11.83
1.11

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
Operating Margin■ 売上高経常利益率
Recurring 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)

（%）

（%）

（ %）

（%）

5

2.5

4

2.0

3

1.5

2

10

0

–10

0
–20
–30

–2
2

1.0

1

0.5

0

0

–40
–4

–50

–6

–70

–60

01

62

02

03

04

05

COMSYS Holdings Corporation

01

02

03

Annual Report 2005

04

05

01

02

03

04

05

01

02

03

04

05

サンコムグループ

SANCOM Group

1998/3

1999/3

2000/3

2001/3

2002/3

2003/3

2004/3

2005/3–56,534,093
5,918,226
1,649,757
1,435,883
999,274
381,108–
55,594,344
4,471,029
672,065464,621(165,542)(417,167)–
54,174,940
4,644,846
721,868
557,834
147,941
12,710–57,627,305
5,305,009
1,684,560
1,287,406
454,450
141,285–
53,291,338
5,177,073
1,240,931
814,430
655,387
232,070–
49,455,572
4,432,896
880,950
525,243
397,435
54,811–
44,318,375
4,044,907
942,497
630,542(325,959)(165,608)–
44,220,011
3,571,246
497,046
422,785(2,743,281)(2,583,118)

1998/3

1999/3

2000/3

2001/3

2002/3

2003/3

2004/3

2005/3

2.92
2.54
1.77
0.67
10.94
1.01

1.21
0.84
(0.30)(0.75)(12.50)(1.03)

1.33
1.03
0.27
0.02
0.40
0.03

2.92
2.23
0.79
0.25
4.25
0.33

2.33
1.53
1.23
0.44
6.86
0.57

1.78
1.06
0.80
0.11
1.66
0.16

2.13
1.42
(0.74)(0.37)(5.05)(0.54)

1.12
0.96(6.20)(5.84)(60.45)(9.80)■ 総資産当期純利益率
Return on Total Assets (ROA)

当期純利益
自己資本当期純利益率［ROE］＝×100
自己資本（2期末平均）（%）

総資産当期純利益率［ROA］＝

2

当期純利益
×100
総資産（ 2期末平均）

Net Income

Return on Equity (ROE) =x100

Shareholders’ Equity (Average of two year-ends)
Net Income

Return on Total Assets (ROA) =x100

Total Assets (Average of two year-ends)

0
–2
–4
–6
–8
–10

01

02

03

04

05

COMSYS Holdings Corporation

Annual Report 200563

成長性／効率性の指標（連結ベース）／安全性の指標（連結ベース）
EFFICIENCY (CONSOLIDATED BASIS) / STABILITY (CONSOLIDATED BASIS)■ 成長性／効率性の指標（連結ベース） Efficiency (Consolidated Basis)（千円

Thousands of yen, except where noted）

1996/3

1997/332,917,084
3,098,531(1,638,810)
1.70
16.54

35,510,161
3,350,076(2,296,193)
1.56
12.72

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

（千円

（千円

（回

（回

Thousands of yen）

50,000,000

Thousands of yen）

1,000,000

40,000,000

Times）
2.0

0

1.5–1,000,000

1.0–2,000,000

0.5–3,000,000

0Times）
7.5
6.0

30,000,000

4.5

20,000,000

3.0

10,000,000
0

01

02

03

04

05

01

02

03

04

05

1.5
0

01

02

03

04

05

01

02

03

04

05

総資産

Total Assets
自己資本 Shareholders’ Equity■ 安全性の指標（連結ベース） Stability (Consolidated Basis)（％

except where noted）

1996/3

1997/3

9.41
91.28
89.17
215.9680.43
3.17
9,834,708
4.80

9.43
87.94
84.28
202.5055.07
3.77
12,627,175
7.67

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
負債・自己資本比率（倍）
有利子負債残高（千円）
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-Equity Capital and Long-Term Liabilities
Debt/Equity Ratio (times)
Interest-Bearing Debt (thousands of yen)Interest Coverage (times)■ 自己資本比率
Equity Ratio■ 流動比率／当座比率
Current Ratio / Quick Ratio■ 固定比率／固定長期適合率■ 有利子負債残高／
Fixed Assets-to-Equity Capital Ratio /負債・自己資本比率
Ratio of Fixed Assets-to-Equity CapitalInterest-Bearing Debt /and Long-Term Liabilities
Debt/Equity Ratio

（ %）

（ %）

（ %）

（千円

Thousands of yen）

（倍Times）

25

120

350

20,000,000

6.0

20

100

280

16,000,000

4.8

210

12,000,000

3.6

140

8,000,000

2.4

70

4,000,000

1.2

80

15

60
10

40

5

20
0

0

01

02

03

04

05

0

01
流動比率
当座比率

64

COMSYS Holdings Corporation

02

03

Current Ratio
Quick Ratio

Annual Report 2005

04

05

0

0

01
固定比率

02

03

04

05

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

固定長期適合率

01

02

有利子負債残高

03

04

05

Interest-Bearing Debt
Debt/Equity Ratio

負債・自己資本比率

サンコムグループ

SANCOM Group

1998/3

1999/3

2000/3

2001/3

2002/3

2003/3

2004/3

2005/340,321,591
3,619,580(1,642,061)
1.49
9.33

40,720,421
3,057,338(2,076,109)
1.37
7.13

41,544,530
3,276,916(1,245,165)
1.32
6.58

43,939,237
3,364,925(106,585)
1.35
7.00

37,265,067
3,397,321(821,251)
1.31
6.55

32,943,745
3,209,573(2,013,373)
1.41
6.21

28,266,635
3,350,303(2,380,742)
1.45
5.85

24,441,210
5,196,671
663,134
1.68
6.98

運転資本＝（流動資産ー未成工事支出金）ー（流動負債ー未成工事受入金）

総資産回転率＝Modified Working Capital = (Current Assets – Accumulated Cost of Construction in Progress) –(Current Liabilities – Advances Received on Construction in Progress)

売上高

Total Assets (Average of two year-ends)

売上高
有形固定資産回転率＝
有形固定資産（2期末平均）
流動比率＝

Net Sales

Turnover of Total Assets =総資産（ 2期末平均）

流動資産ー未成工事支出金
流動負債ー未成工事受入金

Net Sales

Turnover of Property and Equipment =Property and Equipment (Average of two year-ends)
Current Ratio =× 100

Current Assets – Accumulated Cost of Construction in Progress
x100
Current Liabilities – Advances Received on Construction in Progress

1998/3

1999/3

2000/3

2001/3

2002/3

2003/3

2004/3

2005/3

8.98
92.16
90.31
259.8265.23
4.47
16,186,791
8.67

7.51
91.20
87.61
325.0673.08
6.02
18,399,728
3.06

7.89
94.80
91.70
323.6475.19
5.96
19,537,961
2.53

7.66
99.59
95.45
310.0874.62
5.68
19,112,272
4.22

9.12
96.04
91.99
309.7280.94
4.72
16,048,772
3.10

9.74
90.27
85.48
324.82
98.59
4.74
15,197,337
2.95

11.85
86.20
80.75
285.82105.88
3.37
11,290,661
3.40

21.26
105.1396.50
159.1380.85
0.81
4,191,917
3.35■ インタレスト・カバレッジ
Interest Coverage

（倍

当座比率＝

現金、預金、有価証券、完成工事未収入金等
流動負債ー未成工事受入金

×100

固定資産
固定比率＝
×100
自己資本

Times）
5

固定長期適合率＝

43
2
1

Cash, Time Deposits, Marketable Securities and Trade Accounts Receivable

Property, Equipment, Investments and Other Assets

x100

Shareholders’ Equity

固定資産

×100

有利子負債

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

Property, Equipment, Investments and Other Assets

x100

Shareholders’ Equity + Long-Term Liabilities
Debt/Equity Ratio=

自己資本

インタレスト・カバレッジ＝x100

Current Liabilities – Advances Received on Construction in Progress
Fixed Assets-to-Equity Capital Ratio=

自己資本＋固定負債

負債／自己資本比率＝

Quick Ratio=

Interest-Bearing Debt
Shareholders’ Equity

営業利益＋受取利息および配当金
支払利息

Interest Coverage=

Operating Income + Interest and Dividend Income
Interest Expenses

0

01

02

03

04

05

COMSYS Holdings Corporation

Annual Report 2005

65

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（百万円

Orders Received by Business Category

Millions of yen）

建設事業
情報通信関連事業

NTT関連事業
電気設備関連事業
小計
航空情報システム
関連事業
合計■ 部門別売上高（百万円

1996/3

1997/3

Construction BusinessInformation and Communications
Related Business
NTT Related BusinessElectrical Facilities Related Business
Subtotal

7,978
16,07920,35144,408

12,21018,495
16,49847,203

Aeronautical Information System
Related Business
Total

3,815
48,223

3,268
50,471

1996/3

1997/3

Construction BusinessInformation and Communications
Related Business
NTT Related BusinessElectrical Facilities Related Business
Subtotal

8,469
16,286
16,445
41,2009,226
16,324
21,246
46,796

Aeronautical Information System
Related Business
Total

3,815
45,015

3,269
50,065Net Sales by Business Category

Millions of yen）

建設事業
情報通信関連事業

NTT関連事業
電気設備関連事業
小計
航空情報システム
関連事業
合計■ 部門別受注高
Orders Received by Business Category■ 部門別売上高
Net Sales by Business Category

（百万円

（百万円

Millions of yen）

60,00060,00048,00048,00036,00036,00024,00024,00012,00012,000

0

0

96

97

98

99

00

01

02

03

04

05

96

97

情報通信関連事業

情報通信関連事業

NTT関連事業

NTT関連事業

Information and Communications Related Business
NTT Related Business
電気設備関連事業 Electrical Facilities Related Business
航空情報システム関連事業 Aeronautical Information System Related Business

66

Millions of yen）

COMSYS Holdings Corporation

Annual Report 2005

98

99

00

01

02

03

Information and Communications Related Business
NTT Related Business
電気設備関連事業 Electrical Facilities Related Business
航空情報システム関連事業 Aeronautical Information System Related Business

04

05

サンコムグループ

SANCOM Group

1998/3

1999/3

2000/3

2001/3

2002/3

2003/3

2004/3

2005/3

14,15016,977
19,35250,47915,508
16,715
18,10550,328

15,10813,35016,76845,22622,38812,9839,432
44,803

19,176
11,6109,096
39,882

17,097
10,7199,176
36,992

13,118
11,9398,320
33,377

11,691
9,494
9,508
30,693

2,946
53,425

2,372
52,7002,204
47,4302,459
47,262

2,131
42,013

1,927
38,9191,841
35,2181,330
32,023

1998/3

1999/3

2000/3

2001/3

2002/3

2003/3

2004/3

2005/3

12,543
19,114
17,41549,072

14,826
15,596
17,28047,702

14,031
14,95815,46044,44921,796
14,739
11,20247,73722,068
11,8579,120
43,045

18,494
11,555
10,28840,337

14,387
11,907
9,592
35,886

12,705
10,174
11,817
34,696

2,946
52,0182,372
50,0742,204
46,6532,460
50,1972,13145,176

1,927
42,264

1,840
37,7261,330
36,026■ 事業部門別売上構成
Composition of Sales by Business Category

2005 年 3 月期

Year Ended March 31, 2005

■ 情報通信関連事業 Information and Communications Related Business■ NTT 関連事業 NTT Related Business■ 電気設備関連事業 Electrical Facilities Related Business■ 航空情報システム関連事業 Aeronautical Information System Related Business

COMSYS Holdings Corporation

Annual Report 200567

連結貸借対照表（10年間）
CONSOLIDATED BALANCE SHEETS (10 YEARS)

資産の部

ASSETS
流動資産：
Current Assets:
現金預金*
Cash and cash equivalents*
有価証券
Short-term investments
受取手形・完成工事未収入金・売掛金
Notes and accounts receivable–trade
棚卸資産：
Inventories:
未成工事支出金
Accumulated cost of construction in progress
その他棚卸資産
Other
前払費用
Prepaid expenses
繰延税金資産
Deferred income taxes
その他流動資産
Other current assets
貸倒引当金
Less: Allowance for doubtful receivables
流動資産合計
Total current assets
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
差入保証金
その他資産
貸倒引当金
投資及びその他資産合計

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

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
繰延資産：
社債発行差金
社債発行費
繰延資産合計Property and Equipment:
Land
Buildings and structures
Machinery and equipment
Construction in progress
Less: Accumulated depreciation
Total property and equipment
Deferred Charges:
Discount on notes payable
Notes issue costs
Total deferred charges* 現金預金は1999/3以降について現金及び現金同等物の金額に組み替えています。
* Cash and cash equivalents as of 1996, 1997 and 1998 stand for cash and deposits.

68

COMSYS Holdings Corporation

Annual Report 2005

1996/3

1997/3

4,074,208–
12,680,986

2,822,337
105,345
13,115,089

9,020,590
85,444
194,598–
173,286(56,677)
26,172,435

11,637,024
96,588130,531–513,085(44,477)
28,375,522

288,703
1,246,512
117,775–
386,204
877,567(22,443)2,894,318

149,699
1,143,055
78,234–433,939389,248(414)
2,193,761

2,156,360
1,953,433
1,372,853
26,6662,660,232
2,312,352
1,259,419–(1,711,957)
3,797,355(1,622,933)
4,609,070–
52,97652,97632,917,084

251,243
80,565331,808
35,510,161

サンコムグループ

SANCOM Group（千円

Thousands of yen）

1998/3

1999/3

2000/3

2001/3

2002/3

2003/3

2004/3

2005/33,532,981
94,21915,280,606

3,700,089
85,588
16,767,362

5,514,061
24,773
16,060,854

5,746,112–
18,559,057

4,987,758–
13,822,319

3,823,168–
13,498,866

924,328
32,454
12,808,062

866,692–
11,605,862

11,396,652
114,911150,262–
176,451(55,690)
30,690,392

9,151,710
84,237
175,061–
734,479(36,374)
30,662,152

8,201,426
71,195
194,386
47,961
781,523(16,882)
30,879,297

7,848,575
73,003202,923
234,596
851,164(14,023)
33,501,407

6,842,151
84,227
172,882
139,881
701,473(7,793)
26,742,898

3,829,077
195,884
172,944
135,863879,394(16,751)
22,518,445

3,820,900
203,924
186,649
324,791
443,866(54,317)
18,690,657

2,584,124
165,898
183,379
354,446
459,050(47,778)
16,171,673

107,707
1,114,501
91,898–198,146
402,756(232)
1,914,776

131,158
1,044,354
97,378–
126,434
453,217(12,422)
1,840,119

99,107
1,004,428
168,627
322,820–644,679(174)
2,239,487

23,750974,413
237,335
543,889–
562,445(3,696)
2,338,136

37,339665,247
395,038
786,629–555,627(84,889)
2,354,991

20,339803,194
318,779
1,092,849–
505,812(84,508)
2,656,465

35,074
606,716
274,683
924,987–
564,024(212,352)
2,193,132

55,985544,543
970,714
1,277,481–
383,647(243,735)
2,988,635

3,904,114
3,290,889
2,600,297–

4,495,491
3,843,617
2,040,304–

4,725,494
4,105,678
2,150,648–

4,709,070
3,993,222
2,155,164–

4,925,239
4,064,715
2,138,232
4,800

4,686,612
3,959,268
2,066,019–

4,493,145
3,705,499
1,798,487
2,000

3,048,902
3,321,011
1,148,498–(2,291,617)
7,503,683(2,281,421)
8,097,991(2,615,775)
8,366,045(2,761,495)
8,095,961(2,965,808)
8,167,178(2,943,064)
7,768,835(2,616,285)
7,382,846(2,237,509)
5,280,902

185,702
27,038
212,740
40,321,591

120,159–
120,159
40,720,421

54,618
5,083
59,701
41,544,530

–
3,733
3,733
43,939,237–––
37,265,067–––
32,943,745–––
28,266,635–––
24,441,210

COMSYS Holdings Corporation

Annual Report 200569

負債・資本の部

1996/3

1997/3

流動負債：
短期借入金
一年以内償還予定の転換社債
一年以内償還の新株引受権付社債
一年以内償還の社債
関係会社短期借入金
支払手形・工事未払金等
未成工事受入金
未払法人税等
賞与引当金
新株引受権
前受収益
その他流動負債
流動負債合計LIABILITIES AND SHAREHOLDERS’ EQUITYCurrent Liabilities:
Short-term bank loans
Current portion of convertible bonds
Current portion of notes with warrants
Current portion of bonds
Short-term loans to subsidiaries
Accounts payable–trade
Advances received on construction in progress
Income taxes payable
Accrued bonuses to employees
Warrants
Unearned revenue
Other current liabilities
Total current liabilities

6,209,590––––
10,134,179
5,788,986
646,417569,696––
1,230,773
24,579,641

5,218,400––––
11,321,050
4,138,835
951,056
581,593
262,167
41,700658,725
23,173,526

固定負債：
社債
転換社債
新株引受権付社債
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
長期前受収益預かり保証金
連結調整勘定その他固定負債
固定負債合計Long-Term Liabilities:
Bonds
Convertible bonds
Notes with warrants
Long-term borrowings
Accrued severance indemnities
Deferred income taxes
Long-term unearned revenue
Guaranty deposits received
Consolidation adjustments account
Other long-term liabilities
Total long-term liabilities–
3,268,608–
356,510
1,595,403
–
–
1,039
–
–
5,221,560–
3,268,608
3,216,000
662,000
1,700,443–
118,130
4,800––
8,969,981

少数株主持分Minority Interests

17,352

16,578

自己資本：
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
為替換算調整勘定

Shareholders’ Equity:
Common stock
Additional paid-in capital
Retained earnings
Unrealized loss on land revaluation
Unrealized gain (loss) on securities
Translation adjustments

1,349,148
630,825
1,119,445–––
3,099,418(887)
3,098,531
32,917,084

1,349,148
630,825
1,370,434–––
3,350,407(331)
3,350,076
35,510,161

自己株式
自己資本合計70

COMSYS Holdings Corporation

Treasury stock, at cost
Total shareholders’ equity

Annual Report 2005

サンコムグループ

SANCOM Group（千円

Thousands of yen）

1998/3

1999/3

2000/3

2001/3

2002/3

2003/3

2004/3

2005/3

7,086,800––––
10,948,222
4,943,395
1,237,496
692,739
259,152
41,700669,692
25,879,196

9,532,392
57,344–––
11,720,411
3,499,703
719,446605,355
258,201
41,700651,702
27,086,254

7,640,199–
3,216,000––
10,667,980
3,327,367
703,503
220,505
258,201
34,7301,181,918
27,250,403

10,075,987––––
12,786,111
3,957,408
1,045,737
528,006––
1,323,576
29,716,825

8,441,085––––
10,150,424
3,334,620
703,109422,113––
1,005,267
24,056,618

10,192,369––––
8,173,482
1,446,334
803,372
227,313––
1,306,205
22,149,075

5,320,976––
800,000
1,526,530
8,123,049
1,937,394
433,530
284,699––
761,715
19,187,893

1,631,164–––
2,151,024
7,334,221
1,252,342
323,841
292,371––
1,191,794
14,176,757–
3,268,608
3,216,000
2,356,231
1,874,804–
76,4305,300––
10,797,373––
3,216,000
5,335,791
1,949,474–
34,7305,300––
10,541,295

500,000––
7,923,561
2,347,268
10,750–16,65027,976
1,993
10,828,198

800,000––
8,236,285
1,524,467––
16,65039,720–10,617,122

800,000––
6,807,687
1,948,167––
16,65029,700–9,602,204

800,000––
4,204,968
2,323,835––
16,65019,800–7,365,253–––
3,643,157
2,029,956––
20,996––
5,694,109–––
2,560,753
2,451,142––
19,970––5,031,865

25,44235,534

189,013240,365

208,924

219,844

34,33035,917

1,368,585
653,278
1,597,810–––
3,619,673(93)
3,619,580
40,321,591

1,374,712
660,356
1,022,421–––
3,057,489(151)
3,057,338
40,720,421

1,374,712
660,356
1,242,123–––
3,277,191(275)
3,276,916
41,544,530

1,374,712
660,356
1,335,383–
26,522(31,780)
3,365,193(268)
3,364,925
43,939,237

1,374,712
660,356
1,549,108–(133,330)(53,145)
3,397,701(380)
3,397,321
37,265,067

1,374,712
660,356
1,528,807–(308,940)(44,668)
3,210,267(694)
3,209,573
32,943,745

1,374,712
660,356
1,296,534–
66,218(47,517)3,350,303–
3,350,303
28,266,635

3,624,712
2,910,356(1,333,123)–
35,603(40,877)
5,196,671–
5,196,671
24,441,210

COMSYS Holdings Corporation

Annual Report 200571

連結損益計算書（10年間）
CONSOLIDATED STATEMENTS OF INCOME (10 YEARS)

売上高：
完成工事高
その他

Net Sales:
Construction contracts
Other

売上原価：
完成工事原価その他

Cost of Sales:
Construction contracts
Other

売上総利益
販売費及び一般管理費
営業利益

Selling, General and Administrative Expenses
Operating income

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

税金等調整前当期純利益

72

Gross profits

Income before income taxes
and other adjustments to net income

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

少数株主利益連結調整勘定当期償却額
持分法による投資利益
当期純利益

Minority Interests
Amortization of Consolidation Adjustments
Equity in Earnings of Affiliates
Net Income

COMSYS Holdings Corporation

Annual Report 2005

1996/3

1997/3

43,635,842
4,653,592
48,289,434

49,460,443
4,023,843
53,484,286

40,506,304
4,400,145
44,906,449
3,382,985

45,885,130
3,752,070
49,637,200
3,847,086

2,272,120
1,110,865

2,381,988
1,465,098

37,945(239,169)
7,368(193,856)

32,102(195,315)(299,996)(463,209)

917,009

1,001,889

514,697–
514,697
774
458
49,842450,922625,277–625,277
4,537
6,315
15,517381,277

サンコムグループ

SANCOM Group（千円

Thousands of yen）

1998/3

1999/3

2000/3

2001/3

2002/3

2003/3

2004/3

2005/352,810,110
3,723,983
56,534,093––
55,594,344––
54,174,940––
57,627,305––
53,291,338––
49,455,572––
44,318,375––
44,220,011

47,337,910
3,277,957
50,615,867
5,918,226––
51,123,315
4,471,029––
49,530,094
4,644,846––
52,322,296
5,305,009––
48,114,265
5,177,073––
45,022,676
4,432,896––
40,273,468
4,044,907––
40,648,765
3,571,246

4,268,469
1,649,757

3,798,964
672,065

3,922,978721,868

3,620,449
1,684,560

3,936,142
1,240,931

3,551,946
880,950

3,102,410
942,497

3,074,200
497,046

42,038(195,138)(497,383)(650,483)

37,636(231,565)(643,678)(837,607)

20,032(293,540)(300,419)(573,927)

17,768(403,629)(844,249)(1,230,110)

14,453(405,020)(194,977)(585,544)

15,073(303,280)(195,308)(483,515)

11,221(280,670)(999,007)(1,268,456)

16,215(153,063)(3,103,479)(3,240,327)

999,274(165,542)

147,941

454,450

655,387

397,435(325,959)(2,743,281)

596,440–
596,440
4,960
4,697(12,069)
381,108

244,364–
244,364
7,261––(417,167)

237,210(115,545)
121,665
13,566––
12,710719,091(431,378)
287,71325,452––
141,285

443,011(30,967)
412,044
11,273––232,070

512,723(188,418)
324,305
18,319––54,811

147,448(288,329)(140,881)(19,470)––(165,608)

200,059(365,170)(165,111)
4,948––(2,583,118)

COMSYS Holdings Corporation

Annual Report 200573

連結キャッシュフロー計算書（5年間）
CONSOLIDATED STATEMENTS OF CASH FLOWS (5 YEARS)（千円

営業活動によるキャッシュフロー： Cash Flows from Operating Activities:
税金等調整前当期純利益
Income before income taxes and other adjustments to net income
減価償却費
Depreciation and amortization
減損損失
Loss on impairment of fixed assets
連結調整勘定償却
Amortization of consolidated adjustments account
貸倒引当金の増減額
Increase in accrued bonuses to employees
賞与引当金の増減額
Increase (decrease) in allowance for employees’ bonuses
退職給付引当金の増減額
Increase (decrease) in accrued severance indemnities
受取利息及び受取配当金
Interest and dividends received
支払利息Interest expenses
持分法投資損益
Equity in earnings of unconsolidated subsidiaries and affiliates
為替差損益
Exchange loss (gain)
固定資産除売却損益
Loss on sales or disposal of fixed assets, net
有価証券及び投資有価証券売却損益 Net loss (gain) from marketable securities and investments
投資有価証券評価損戻入益
Reversal of loss on write-down of investment securities
投資及びその他資産評価損
Write-down of investments and other assets
退職給付信託設定益Gain on securities contribution to employee
退職給付引当金繰入額
新株引受権戻入損益
売上債権の増減額
未成工事支出金等たな卸資産増減額
仕入債務の増減額
未成工事受入金の増減額
その他資産の増減額
その他負債の増減額
未払消費税等の増減額
役員賞与の支払額
その他
利息及び配当金の受取額
利息支払額
法人税等の支払額
営業活動による純現金収入
投資活動によるキャッシュフロー：短期投資の純増減額
投資有価証券の純増額
固定資産取得による支出
固定資産売却による収入連結の範囲の変更を伴う
子会社株式売却による支出連結の範囲の変更を伴う
子会社株式の取得による収入貸付による支出貸付金回収による収入
その他投資の増加額
投資活動による純現金支出
財務活動によるキャッシュフロー：短期借入金の純増減額
長期借入金返済による支出
社債の発行による収入社債の償還による支出
株式の発行による収入
長期借入金による収入
少数株主の払込による収入
配当金の支払額
その他
財務活動による純現金支出
現金及び現金同等物に係る換算差額
現金及び現金同等物の増減額
現金及び現金同等物の期首残高
新規連結子会社増加に伴う現金及び現金同等物増加額
連結子会社除外による現金及び現金同等物の減少
現金及び現金同等物の期末残高

74

COMSYS Holdings Corporation

retirement benefit trust
Amortization of transitional obligation on
accrued retirement benefits
Gain on exercise of stock warrants(Increase) decrease in receivables–trade(Increase) decrease in inventories
Increase (decrease) in payables–trade
Increase (decrease) in advances received(Increase) decrease in other assets
Increase (decrease) in other liabilities
Increase (decrease) in excise taxes payable
Directors’ bonuses paid
Other
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 (used in) operating activities
Cash Flows from Investing Activities:(Increase) decrease in short-term investments, net
Increase in investment securities, net
Payment for acquisition of fixed assets
Proceeds from sale of fixed assets
Decrease arising from sales of investments
in subsidiaries
Proceeds from sale of subsidiaries’ stock resulting
in changes in the scope of consolidation
Increase in long-term loans
Collection of long-term loans
Other
Net cash provided by (used in) investing activities
Cash Flows from Financing Activities:
Increase (decrease) in short-term borrowings, net
Repayment of long-term debt
Proceeds from issue of bond
Redemption of bonds at maturity
Proceeds from issuance of capital stocks
Proceeds from long-term debt
Capital contribution from minority interests
Cash dividends paid
Other
Net cash provided by (used in) financing activities
Effect of Exchange Rate Changes on Cash and Cash Equivalents
Net Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at Beginning of Year
Cash and Cash Equivalents at Beginning of Year
Adjusted for Newly Consolidated Subsidiaries
Cash and Cash Equivalents Decreased by Eliminationof a Consolidated Subsidiary
Cash and Cash Equivalents at End of Year

Annual Report 2005

Thousands of yen）

2001/3

2002/3

2003/3

2004/3

2005/3454,450
375,357–(4,259)663
293,300(838,663)(17,767)
403,629
13,935(40,277)
93,499(12,923)–
222,452

655,387
350,803–
26,141
74,963(109,242)
423,511(14,453)
405,020–
19,77756,638(1,759)–37,055

397,435
348,472–(9,900)8,576(194,800)
375,668(15,073)
303,280–
2,056
95,776985–
24,064(325,959)
382,577–(47,392)
167,530
59,886(270,465)(11,221)
280,670–
13,53993,658(177,806)–
39,365(2,743,281)
254,904
832,413(2,466)25,106
8,672
431,196(16,215)
153,064–
12,811
61,813(26,702)–41,660(624,676)

–

–

–

–

687,884(258,201)(2,334,638)
395,2622,077,892
567,939(168,008)
4,732(151,120)(17,600)
33,8291,156,691––
4,759,692
988,585(2,676,345)(622,788)
93,703(338,456)
2,300(23,900)(9,062)
4,097,570––
323,452
2,901,418(1,976,941)(1,888,285)(88,647)
1,306(28,759)(15,400)
78,651
643,334––
465,779(32,304)(136,406)
541,178
181,549(35,236)
14,404(4,100)93,9081,293,154––
1,226,130
1,262,429(16,926)(685,052)(598,843)
227,525(153,553)(6,700)13,834
301,819

17,824(372,986)(244,245)
557,284

14,453(333,643)(788,204)
2,990,176

15,073(301,107)(383,701)(26,401)

12,421(268,454)(519,629)
517,492

17,115(158,225)(147,998)
12,711

56,341(36,761)(234,422)
69,57730,549(15,062)(182,541)
59,381(124,111)(151,225)(317,953)
291,080(13,116)
597,154(306,240)
148,192

104,041
31,145(204,937)
29,772–––(180,310)––(187,233)
87,155–(245,343)

13,518(224,156)
72,661–(245,650)–(34,458)
110,419
10,000(216,248)–(266,968)
222,020–
200,732–(876,670)
202,626
29,966(684,057)

1,831,401(1,332,340)–(3,181,269)–
2,504,800
26,450(3,776)
6(154,728)
1,210
158,423
5,514,061(2,280,232)(2,785,932)–––
1,583,044–(7,231)(108)(3,490,459)(12,421)(758,354)
5,746,112(267,471)(2,664,604)–––
2,080,640–(68,133)(315)(919,883)(2,058)(1,164,590)
4,987,758(1,582,131)(4,559,617)–––
2,596,000–(64,548)(688)(3,610,984)(6,080)(2,898,840)
3,823,168(312,906)(2,702,638)–(800,000)
4,500,000––(1,130)–683,326
10,487
22,467924,32873,628

–

–

–

–

–
5,746,112–
4,987,758–
3,823,168–
924,328(80,103)
866,692

サンコムグループ

SANCOM Group

東日本システム建設グループ
連結財務データファイル
TOSYS GroupCONSOLIDATED FINANCIAL DATACOMSYS Holdings Corporation

Annual Report 200575

経営成績（連結ベース）／収益性の指標（連結ベース）
OPERATING RESULTS (CONSOLIDATED BASIS) / PROFITABILITY (CONSOLIDATED BASIS)■ 経営成績（連結ベース） Operating Results (Consolidated Basis)（千円

Thousands 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
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■ 受注高
New Orders Received during the Year

■ 売上高
Net Sales■ 売上総利益／営業利益
Gross Profits / Operating Income■ 経常利益Recurring Profit

（千円

（千円

（千円

（千円

Thousands of yen）

Thousands of yen）

Thousands of yen）

30,000,000

30,000,000

3,500,000

24,000,000

24,000,000

2,800,000

18,000,000

18,000,000

2,100,000

12,000,000

12,000,000

1,400,000

6,000,000

6,000,000

700,000

0

0

0

Thousands of yen）

1,200,000
900,000
600,000

01

02

03

04

05

01

02

03

04

05

300,000
0

01
売上総利益
営業利益

02

03

04

05

01

02

03

04

05

Gross Profits
Operating Income■ 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)■ 売上高営業利益率
Operating Margin■ 売上高経常利益率
Recurring 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)

（%）

（%）

（ %）

（%）

5

5

2.5

7.5

4

4

2.0

6.0

3

3

1.5

4.5

2

2

1.0

3.0

1

1

0.5

1.5

0

0

01

76

02

03

04

05

COMSYS Holdings Corporation

0

01

02

03

Annual Report 2005

04

05

0

01

02

03

04

05

01

02

03

04

05

東日本システム建設グループ

TOSYS Group

2001/3

2002/3

2003/3

2004/3

2005/325,200,649
27,011,698
3,358,865
795,574
866,578
856,111449,397

24,481,761
25,008,233
2,961,826
507,174
528,543414,934
205,358

23,472,122
24,130,562
2,947,918
699,404
772,411645,972
311,61225,833,731
25,379,990
3,255,326
947,349
977,260
902,173
360,119

28,372,592
27,874,377
3,328,293
969,979
1,085,364
1,033,974
517,200

2001/3

2002/3

2003/3

2004/3

2005/3

2.95
3.21
3.17
1.66
6.15
2.73

2.03
2.11
1.66
0.82
2.71
1.29

2.90
3.20
2.68
1.29
4.03
2.06

3.73
3.85
3.55
1.42
4.75
2.44

3.48
3.89
3.71
1.86
6.86
3.25

■ 当期純利益
Net Income（千円

Thousands of yen）

600,000
480,000
360,000
240,000
120,000
0

01

02

03

04

05

■ 総資産当期純利益率
Return on Total Assets (ROA)

当期純利益
自己資本当期純利益率［ROE］＝×100
自己資本（2期末平均）（%）

総資産当期純利益率［ROA］＝

4.0

当期純利益
×100
総資産（ 2期末平均）

Net Income

Return on Equity (ROE) =x100

Shareholders’ Equity (Average of two year-ends)
Net Income

Return on Total Assets (ROA) =x100

Total Assets (Average of two year-ends)

3.0
2.0
1.0
0

01

02

03

04

05

COMSYS Holdings Corporation

Annual Report 200577

成長性／効率性の指標（連結ベース）／安全性の指標（連結ベース）
EFFICIENCY (CONSOLIDATED BASIS) / STABILITY (CONSOLIDATED BASIS)■ 成長性／効率性の指標（連結ベース） Efficiency (Consolidated Basis)（千円

Thousands of yen, except where noted）

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

（千円

（千円

（回

（回

Thousands of yen）

Thousands of yen）

Times）

Times）

20,000,000

4,000,000

2.0

7.0

16,000,000

3,200,000

1.6

5.6

12,000,000

2,400,000

1.2

4.2

8,000,000

1,600,000

0.8

2.8

4,000,000

800,000

0.4

1.4

0

0

01

02

03

04

05

0

0

01

02

03

04

05

01

02

03

04

05

01

02

03

04

05

総資産

Total Assets
自己資本 Shareholders’ Equity■ 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
負債・自己資本比率（倍）
有利子負債残高（千円）
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-Equity Capital and Long-Term Liabilities
Debt/Equity Ratio (times)
Interest-Bearing Debt (thousands of yen)Interest Coverage (times)■ 自己資本比率
Equity Ratio■ 流動比率／当座比率
Current Ratio / Quick Ratio■ 固定比率／固定長期適合率■ 有利子負債残高／
Fixed Assets-to-Equity Capital Ratio /負債・自己資本比率
Ratio of Fixed Assets-to-Equity CapitalInterest-Bearing Debt /and Long-Term Liabilities
Debt/Equity Ratio

（ %）

（ %）

（ %）

60

200

80

3,500,000

Times）
0.5

48

160

64

2,800,000

0.4

36

120

48

2,100,000

0.3

24

80

32

1,400,000

0.2

12

40

16

700,000

0.1

0

0

0

0

0

01

02

03

04

05

01

02

03

流動比率 Current Ratio
当座比率 Quick Ratio

78

COMSYS Holdings Corporation

Annual Report 2005

04

05

（千円

01
固定比率

02

03

04

05

Fixed Assets-to-Equity Capital Ratio
固定長期適合率 Ratio of Fixed Assets-to-Equity
Capital and Long-Term Liabilities

Thousands of yen）

01

02

有利子負債残高

03

（倍

04

05

Interest-Bearing Debt
負債・自己資本比率 Debt/Equity Ratio

東日本システム建設グループ

TOSYS Group

2001/3

2002/3

2003/3

2004/3

2005/3

15,927,188
7,514,581
3,228,985
1.64
6.04

15,846,261
7,614,095
3,394,619
1.57
5.74

14,373,251
7,856,025
3,910,677
1.60
5.67

15,090,922
7,363,112
3,681,397
1.72
6.08

16,771,741
7,769,213
3,048,181
1.75
6.65

運転資本＝（流動資産ー未成工事支出金）ー（流動負債ー未成工事受入金）

総資産回転率＝Modified Working Capital = (Current Assets – Accumulated Cost of Construction in Progress) –(Current Liabilities – Advances Received on Construction in Progress)

売上高

Total Assets (Average of two year-ends)

売上高
有形固定資産回転率＝
有形固定資産（2期末平均）
流動比率＝流動資産ー未成工事支出金
流動負債ー未成工事受入金

Net Sales

Turnover of Property and Equipment =Property and Equipment (Average of two year-ends)
Current Ratio =× 100

Current Assets – Accumulated Cost of Construction in Progress
x100
Current Liabilities – Advances Received on Construction in Progress

2001/3

2002/3

2003/3

2004/3

2005/347.18
156.41151.61
74.94
60.51
0.43
3,267,410
11.16

48.05
161.97155.47
73.24
59.51
0.35
2,673,768
8.74

54.66
199.13
191.64
68.67
57.93
0.26
2,066,895
16.92

48.42
181.20155.75
80.10
60.58
0.15
1,122,455
29.92

46.32
150.46143.39
76.20
60.48
0.05
398,251
57.70■ インタレスト・カバレッジ
Interest Coverage（倍Net Sales

Turnover of Total Assets =総資産（ 2期末平均）

当座比率＝

現金、預金、有価証券、完成工事未収入金等
流動負債ー未成工事受入金

×100

固定資産
固定比率＝
×100
自己資本

Times）
60

固定長期適合率＝

50

Quick Ratio=

Cash, Time Deposits, Marketable Securities and Trade Accounts Receivablex100

Current Liabilities – Advances Received on Construction in Progress
Fixed Assets-to-Equity Capital Ratio=

Property, Equipment, Investments and Other Assets

x100

Shareholders’ Equity

固定資産
自己資本＋固定負債

×100

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

Property, Equipment, Investments and Other Assets

x100

Shareholders’ Equity + Long-Term Liabilities

40
負債／自己資本比率＝

30

有利子負債

Debt/Equity Ratio=

自己資本Interest-Bearing Debt
Shareholders’ Equity

20
インタレスト・カバレッジ＝

10

営業利益＋受取利息および配当金
支払利息

Interest Coverage=

Operating Income + Interest and Dividend Income
Interest Expenses

0

01

02

03

04

05

COMSYS Holdings Corporation

Annual Report 200579

連結貸借対照表（5年間）
CONSOLIDATED BALANCE SHEETS (5 YEARS)

（千円

資産の部
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

Thousands of yen）

2001/3

2002/3

2003/3

2004/3

2005/3894,805

1,456,718

1,345,187

801,009

1,192,292

6,707,559

5,996,968

5,217,840

6,006,818

7,181,852

Inventories:
Accumulated cost of constructionin progress
Other
Deferred income taxes
Short-term loans
Other current assets
Less: Allowance for doubtful receivables
Total current assets

1,342,478 1,396,718 1,122,969 1,023,239 1,762,962
94,362
92,37369,934
91,344
155,759
89,38099,544
121,023
188,734
168,273––
25,203759,173
17,9081,187,191 1,241,407 1,079,254
376,048379,606(20,258)(14,373)(2,900)(7,941)(6,811)
10,295,517 10,269,355 8,978,510 9,238,424 10,851,841

投資及びその他の資産：
Investments and Other Assets:
投資有価証券
Investment securities
長期貸付金Long-term loans receivable
繰延税金資産
Deferred income taxes
その他資産
Other assets
貸倒引当金
Less: Allowance for doubtful receivables
投資及びその他資産合計
Total investments and other assets

592,844544,438
596,377
606,696592,100
6,237
5,303
4,327
4,016
3,304
46,695
131,613
138,523
674,751
633,311
681,907622,565
538,607461,268
535,816(76,748)(55,453)(63,943)(59,789)(59,885)
1,250,935 1,248,466 1,213,891 1,686,942 1,704,646

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80

ASSETS
Current Assets:
Cash and cash equivalents
Notes and accounts receivable–trade

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

繰延資産：
社債発行差金繰延資産合計Deferred Charges:
Discount on notes payable
Total deferred charges

COMSYS Holdings Corporation

Construction in progress
Less: Accumulated depreciation
Total property and equipment

Annual Report 2005

2,201,992
3,012,325

2,208,922
3,244,390

2,211,290
3,248,238

2,258,562
3,223,101

2,285,117
3,390,817

2,456,735 2,327,877 2,085,033 2,076,833 2,164,243
105,538–––6,360(3,396,098) (3,452,921) (3,363,812) (3,392,970) (3,631,283)
4,380,492 4,328,268 4,180,749 4,165,526 4,215,254

244
172
101
30
–
244
172
101
30
–
15,927,188 15,846,261 14,373,251 15,090,922 16,771,741

東日本システム建設グループ

TOSYS Group（千円

負債・資本の部
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
賞与引当金
その他流動負債
流動負債合計LIABILITIES AND SHAREHOLDERS’ EQUITYCurrent 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 constructionin progress
Income taxes payable
Accrued bonuses to employees
Other current liabilities
Total current liabilities

固定負債：
社債
長期借入金
退職給付引当金／
退職給与引当金
連結調整勘定繰延税金負債
その他固定負債
固定負債合計Long-Term Liabilities:
Bonds
Long-term debt
Accrued severance indemnities

少数株主持分Minority Interests

Consolidation adjustments accountDeferred income taxes
Other long-term liabilities
Total long-term liabilities

自己資本：
Shareholders’ Equity:
資本金Common stock
資本剰余金
Additional paid-in capital
利益剰余金
Retained earnings
その他有価証券評価差額金
Unrealized gain on securities
自己資本合計
Total shareholders’ equity

Thousands of yen）

2001/3

2002/3

2003/3

2004/3

2005/3

1,272,520–
300,000

1,018,834––

875,297––

186,312–500,000

60,0001,134,581–

389,216
2,684,054

460,156
3,036,023

242,529
1,984,982

104,560
2,600,369

148,180
3,602,844

429,776
255,196
327,134
495,934
6,153,830

499,040
195,911
283,510483,584
5,977,058

583,747
205,481
273,429
363,146
4,528,611

337,955
350,384
320,091
472,072
4,871,743

287,591
186,025
327,452
581,616
6,328,289

500,000
805,674

500,000
694,778

500,000
449,069–
331,583–
190,071402,630
59,714
16,112
7,213
1,791,343

494,855
45,142
14,087
7,788
1,756,650

461,783
30,8136,891
7,491
1,456,047

1,882,614
129,353472
9,332
2,353,354

1,814,881
5,002
–
8,895
2,018,849

467,434

498,458

532,568

502,713655,390360,250
360,250
360,250
360,250
360,250
99,00099,00099,00099,00099,0007,011,438 7,143,907 7,390,471 6,845,369 7,249,502
43,893
10,9386,304
58,49360,461
7,514,581 7,614,095 7,856,025 7,363,112 7,769,213
15,927,188 15,846,261 14,373,251 15,090,922 16,771,741

COMSYS Holdings Corporation

Annual Report 200581

連結損益計算書（5年間）
CONSOLIDATED STATEMENTS OF INCOME (5 YEARS)（千円

2001/3

売上高
売上原価
売上総利益
販売費及び一般管理費
営業利益
営業外収益（費用）：受取利息配当金
支払利息
その他

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

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

2002/3

2003/3Thousands of yen）

2004/3

2005/327,011,698 25,008,233 24,130,562 25,379,990 27,874,377
23,652,833 22,046,407 21,182,644 22,124,664 24,546,084
3,358,865 2,961,826 2,947,918 3,255,326 3,328,293
2,563,291
795,5742,454,652
507,174

2,248,514
699,404

2,307,977
947,349

2,358,314
969,979

22,621(73,337)
111,253
60,537

9,949(59,138)(43,051)(92,240)

7,968(41,801)(19,599)(53,432)

10,364(32,014)(23,526)(45,176)

26,223(17,267)
55,03963,995856,111414,934

645,972

902,173

1,033,974

387,553(42,540)
345,01361,701
449,397

243,351(73,697)
169,654
39,922
205,358

322,526(32,008)
290,518
43,842
311,612501,388(115,763)
385,625
156,429
360,119366,703
59,639426,342
90,432517,200

税金等調整前当期純利益

少数株主利益
当期純利益

82

COMSYS Holdings Corporation

Minority Interests
Net Income

Annual Report 2005

東日本システム建設グループ

TOSYS Group

連結キャッシュフロー計算書（5年間）
CONSOLIDATED STATEMENTS OF CASH FLOWS (5 YEARS)（千円

営業活動によるキャッシュフロー：税金等調整前当期純利益
減価償却費
連結調整勘定償却
引当金の増減額
受取利息及び受取配当金
支払利息
持分法投資損益
固定資産除売却損益
有価証券及び
投資有価証券売却損益
投資及びその他資産評価損
退職給付信託設定益
信託設定拠出金
売上債権の増減額
たな卸資産増減額
仕入債務の増減額
その他資産の増減額
その他負債の増減額
役員賞与の支払額
その他
利息及び配当金の受取額
利息支払額
法人税等の支払額
営業活動による純現金収入
投資活動によるキャッシュフロー：短期投資の純増減額
投資有価証券の純増額
固定資産取得による支出
固定資産売却による収入連結の範囲の変更を伴う
子会社株式の取得による収入貸付による支出貸付金回収による収入
その他投資の増加額
投資活動による純現金支出
財務活動によるキャッシュフロー：短期借入金の純増減額
長期借入金返済による支出
社債の償還による支出
長期借入金による収入
配当金の支払額
財務活動による純現金支出
現金及び現金同等物の増減額
現金及び現金同等物の期首残高
子会社合併に伴う現金及び現金同等物の増加額
現金及び現金同等物の期末残高

Cash Flows from Operating Activities:
Income before income taxes and otheradjustments to net income
Depreciation and amortization
Amortization of consolidated adjustments account
Increase (decrease) in reserves
Interest and dividends received
Interest expenses
Equity in earnings of unconsolidated
subsidiaries and affiliates
Loss (gain) on sales or disposal of fixed assets, net
Net loss (gain) from marketable securities
and investments
Write-down of investments and other assets
Gain on securities contribution toemployee retirement benefit trustContribution of cash and cash equivalents
to pension trust(Increase) decrease in receivables–trade(Increase) decrease in inventories
Increase (decrease) in payables–trade(Increase) decrease in other assets
Increase (decrease) in other liabilities
Directors’ bonuses paid
Other

Thousands of yen）

2001/3

2002/3

2003/3

2004/3

2005/3856,111415,096(7,678)60,398(22,621)73,337414,934
493,547(12,680)
21,421(9,949)59,138645,972
341,256(12,439)(46,135)(7,968)41,801

902,173
308,109(11,687)
147,397(10,364)
32,014

1,033,974
282,594(93,262)(110,141)(26,224)
17,267(5,412)(12,956)(5,365)
9,834(11,380)
28,929(395)
61,828–32,433

–
2,190

–
–

–
60,697

–
560

950
77

(334,666)

–

–

–

–

335,000(241,658)
728,059
110,018
140,732(469,627)(45,400)
45,0991,626,022–
699,881(52,250)
123,601(65,976)
296,641(49,550)
1,738
1,924,965–
779,127
296,187(1,051,040)
77,982(36,028)(42,350)590
1,065,201–(795,450)
44,158680,279–(216,740)(48,700)
127,361
1,220,543–(1,068,941)(603,999)
987,712–(185,854)(48,800)
75,174292,960

10,842(59,138)(326,046)
1,550,622

8,860(41,801)(316,532)
715,728

10,365(32,014)(356,576)
842,318

26,224(17,267)(533,149)(231,292)

13,085(4,054)(469,067)
61,723

66,213(110,345)(158,846)
12,427743,224(78,482)(202,961)
1,184(34,072)
17,919(419,391)
45,827–(15,800)
15,40835,875(362,830)–(24,884)
16,186
11,294(187,955)––(6,722,504) (16,303,460)
5,926,901 17,070,156(150,663)(58,821)(483,301)
318,158(537,742)(175,900)(300,000)
420,000(32,238)(625,880)
561,913894,805(143,536)(463,337)––(32,431)(639,304)(111,531)
1,456,718(750,245)(265,989)–
107,320(137,655)(1,046,569)(687,552)
1,345,187

1,034,493(185,820)(500,000)
26,668(73,082)
302,259
389,185
801,009–
1,456,718–
1,345,187

143,374
801,009

2,098
1,192,292

Cash and cash equivalents received
on interest and dividends income
23,216
Cash and cash equivalents paid for interest expenses(73,337)
Cash and cash equivalents paid for income taxes(345,593)
Net cash provided by (used in) operating activities 1,230,308
Cash Flows from Investing Activities:(Increase) decrease in short-term investments, net
249,198
Increase in investment securities, net(18,623)
Payment for acquisition of fixed assets(329,972)
Proceeds from sale of fixed assets
52,600
Proceeds from sale of subsidiaries’ stock resulting
in changes in the scope of consolidation–
Increase in long-term loans(24,793)
Collection of long-term loans
27,624
Other
24,097
Net cash provided by (used in) investing activities(19,869)
Cash Flows from Financing Activities:
Increase (decrease) in short-term borrowings, net(777,268)
Repayment of long-term debt
(480,763)
Redemption of bonds at maturity–
Proceeds from long-term debt
87,000Cash dividends paid
(32,860)
Net cash provided by (used in) financing activities (1,203,891)
Net Increase in Cash and Cash Equivalents
6,546
Cash and Cash Equivalents at Beginning of Year888,257
Increase in Cash and Cash Equivalents Resulting
from Merger of Consolidated Subsidiaries–
Cash and Cash Equivalents at End of Year894,805

COMSYS Holdings Corporation

Annual Report 2005

83

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（百万円

Orders Received by Business Category

Millions of yen）

NTT関連事業

NTT Related BusinessInformation and Communications Related BusinessElectrical Facilities Related Business
Civil Engineering Related Business
Total

情報通信関連事業
電気設備関連事業
土木関連事業合計■ 部門別売上高（百万円

Net Sales by Business Category

Millions of yen）

NTT関連事業84

情報通信関連事業
電気設備関連事業
土木関連事業合計

NTT Related BusinessInformation and Communications Related BusinessElectrical Facilities Related Business
Civil Engineering Related Business
Total

COMSYS Holdings Corporation

Annual Report 2005

東日本システム建設グループ

TOSYS Group

2001/3

2002/3

2003/3

2004/3

2005/3

14,603
3,550
2,438
2,279
22,87012,876
4,132
3,304
1,513
21,825

12,608
3,749
2,617
768
19,742

13,651
4,397
2,409
546
21,003––––
22,583

2001/3

2002/3

2003/3

2004/3

2005/3

16,043
3,575
3,238
1,932
24,78812,673
4,324
2,972
2,148
22,117

12,809
3,849
2,843
1,029
20,53013,620
4,440
2,380
423
20,863––––
21,798COMSYS Holdings Corporation

Annual Report 2005

85

ご参考
REFERENCE DATA■ NTT 工事部門
（万台

NTT Construction

Ten thousand, except where noted）

携帯電話契約数
NTT DoCoMoグループ
NTT DoCoMoシェア（％）
PHS契約数
固定電話契約数（億円

Total Subscribers of Mobile Telephones
NTT DoCoMo Group
Share of NTT DoCoMo (%)
PHS Subscribers
Fixed Telephones

1996/3

1997/3

1,020
493
48.3
151
6,104

2,087
1,096
52.5
603
6,146

1999/3

2000/3

17,27914,598100 millions of yen, except where noted）

NTT建設計画

Planned Construction

光ケーブルカバー率（％）

Completion of Optical Fiber Cable Installation (%)

23.0

36.0

光ケーブル投資額

Investment in Optical Fiber Cable

2,440

2,400

■ 携帯電話／PHS ／固定電話契約数
Total Subscribers of Mobile Telephones■ 携帯電話における
NTT DoCoMo契約数
NTT DoCoMo Group Subscribers

（万台

（万台

Ten thousand）

Ten thousand）■ 携帯電話事業者別契約者数
Number of Subscribers by Carriers（%） （万台Ten thousand）■ NTT 事業計画
Projected NTT Operations（億円

100 Millions of yen）

10,000

5,000

100

10,000

8,000

4,000

80

8,000

6,000

3,000

60

6,000

4,000

2,000

40

4,000

2,000

1,000

20

2,000

0

0

0

0

01

02

03

04

05

01

02

03

04

05

2005年3月末現在 As of March 31, 2005

02

03

04

05

06

（予想 Forecast ）PHS契約数 PHS Subscribers
携帯電話契約数 Total Mobile Telephone
Subscribers
固定電話契約数 Fixed Telephones

86

COMSYS Holdings Corporation

NTT DoCoMoグループ NTT DoCoMo GroupNTT DoCoMoシェア NTT DoCoMo Share

Annual Report 2005

NTT DoCoMoグループ NTT DoCoMo Groupauグループ au Group
ツーカーグループ TU-KA Group
ボーダフォングループ Vodafone Group

建設計画

Planned Construction
光ケーブル投資額 Investment in OpticalFiber Cableコムシスホールディングス

COMSYS Holdings Corporation

1998/3

1999/3

2000/3

2001/3

2002/3

2003/3

2004/3

2005/3

3,152
1,798
57.0
672
6,038

4,153
2,389
57.5
578
5,847

5,114
2,935
57.4
570
5,545

6,094
3,602
59.1
584
5,209

6,912
4,078
59.0
569
5,074

7,565
4,386
58.0
546
5,071

8,151
4,592
56.3
513
5,093

8,699
4,882
56.1
447
5,032

2001/3

2002/3

2003/3

2004/3

2005/3（予想/Forecast）

13,116

9,024

8,008

9,002

9,405

9,400

48.0
37.0
1,900

54.0
42.0
1,640

76.0
67.0
2,370

81.0
80.0
3,330

84.0
83.0
2,830

85.0
84.0
3,300

2006/3東日本
西日本

East JapanWest Japan■ ブロードバンド利用者数
Number of Broadband Users（万件

Ten thousand）

8,000
6,000
4,000
2,000
0

01

02

03

04

05

iモード i Mode
CATV CATVFTTH サービス FTTH Service
DSL サービス DSL Service

COMSYS Holdings Corporation

Annual Report 200587

■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
（百万円

Net Sales

Millions of yen）

コムシスホールディングス***
日本コムシス**
協和エクシオ大明

2003/3

2004/3

2005/3–
231,351
203,336
98,587–200,610
186,334
83,602248,961
206,517
203,930
91,228

293,681
227,548247,687
101,110COMSYS Holdings***
Nippon COMSYS**KYOWA EXEODAIMEI TELECOM ENGINEERING

2001/3

2002/3

2003/3

2004/3

2005/3–
11,628
8,304
4,443

–
10,500
8,308
3,880

–
6,490
4,541
3,652

10,786
7,983
9,108
4,822

15,062
13,535
11,988
6,199

2001/3

2002/3

2003/3

2004/3

2005/3–
12,859
8,209
3,971

–
11,555
9,062
3,620

–
6,760
4,741
3,185

11,400
8,863
9,104
4,758

17,145
15,631
12,377
6,164

2001/3

2002/3

2003/3

2004/3

2005/3

–
4,498
3,622
1,559

–
4,107
2,989
232

–
2,468
1,661
977

6,592
4,585
3,407
1,852

8,349
9,299
6,423
2,978

Recurring Profit■ 経常利益Millions of yen）

コムシスホールディングス***
日本コムシス**
協和エクシオ大明■ 当期純利益（百万円

2002/3–
222,220
203,069
109,703

Millions of yen）

コムシスホールディングス***
日本コムシス**
協和エクシオ大明（百万円

2001/3Operating Income■ 営業利益（百万円

COMSYS Holdings***
Nippon COMSYS**KYOWA EXEODAIMEI TELECOM ENGINEERINGCOMSYS Holdings***
Nippon COMSYS**KYOWA EXEODAIMEI TELECOM ENGINEERINGNet Income

Millions of yen）

コムシスホールディングス***
日本コムシス**
協和エクシオ大明COMSYS Holdings***
Nippon COMSYS**KYOWA EXEODAIMEI TELECOM ENGINEERING* 当社の2004年3月期の連結業績は、日本コムシスの2003年4月1日から2004年3月31日までの1年間の連結業績と、サンワコムシスエンジニアリング及び東日本システム建設の（ 出典：有価証券報告書）
両社（2003年10月1日がみなし取得日である）における2003年10月 1日から 2004年3月31日まで半年間の連結業績を対象期間としています。
** 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。
* The Company’s consolidated results for the fiscal year ended March 2004 include the consolidated results of Nippon COMSYS for the fiscal year from April 1, 2003 to March 31, 2004 and theconsolidated results of both SANCOM and TOSYS for the halfyear period from October 1, 2003 to March 31, 2004 (October 1, 2003 being the deemed date of acquisition). (Source: Company
business reports)** Consolidated results for fiscal 2005 include 15 months of operating results at a Nippon COMSYS Corporation consolidated subsidiary due to a change in fiscal year-end (from December 31
to March 31).

■ 売上高
Net Sales■ 営業利益Operating Income■ 経常利益Recurring Profit■ 当期純利益
Net Income

（百万円

（百万円

（百万円

（百万円

Millions of yen）

Millions of yen）

20,00020,00010,000240,000

16,00016,0008,000

180,000

12,00012,0006,000

120,000

8,000

8,000

4,000

60,000

4,000

4,000

2,000

0

0

01

02

03

04

05

02

03

COMSYS Holdings
Nippon COMSYS
協和エクシオ KYOWA EXEO
大明 DAIMEI TELECOM ENGINEERING
日本コムシスCOMSYS Holdings Corporation

Annual Report 2005

04

05

Millions of yen）

0

0

01

コムシスホールディングス

88

Millions of yen）

300,000

01

02

03

04

05

01

02

03

04

05

コムシスホールディングス

COMSYS Holdings Corporation

■ 総資産
（百万円

Total Assets

Millions of yen）

コムシスホールディングス***
日本コムシス**
協和エクシオ大明

2002/3

2003/3

2004/3

2005/3–
188,250
145,453
86,031–
190,576
136,575
70,041–
166,528
130,779
68,144

211,718
177,140
131,791
69,483

208,681
184,145
154,280
69,911

2001/3

2002/3

2003/3

2004/3

2005/3–
118,055
54,86028,998–111,919
63,314
27,168–111,724
60,65327,654

121,326
116,624
63,606
29,792

128,063
124,240
67,11932,4602001/3

2002/3

2003/3

2004/3

2005/3

–
33.11
34.00
36.48

–
30.29
25.56
5.58

–
18.34
14.00
23.67

45.96
–
29.51
45.17

58.42
–
56.59
72.66

2001/3

2002/3

2003/3

2004/3

2005/3

–
3.8
6.7
5.4

–
3.6
5.1
0.8

–
2.2
2.7
3.6

5.7
4.0
5.5
6.4

6.7
7.7
9.8
9.6

Millions of yen）

コムシスホールディングス***
日本コムシス**
協和エクシオ
大明■ 一株当たり当期純利益（円

2001/3

Shareholders’ Equity■ 自己資本（百万円

COMSYS Holdings***
Nippon COMSYS**KYOWA EXEODAIMEI TELECOM ENGINEERINGCOMSYS Holdings***
Nippon COMSYS**KYOWA EXEODAIMEI TELECOM ENGINEERINGNet Income per ShareYen）

コムシスホールディングス***
日本コムシス**
協和エクシオ
大明■ 自己資本当期純利益率

COMSYS Holdings***
Nippon COMSYS**KYOWA EXEODAIMEI TELECOM ENGINEERING

Return on Equity (ROE)（％）

コムシスホールディングス***
日本コムシス**
協和エクシオ大明COMSYS Holdings***
Nippon COMSYS**KYOWA EXEODAIMEI TELECOM ENGINEERING* 当社の2004年3月期の連結業績は、日本コムシスの2003年4月1日から2004年3月31日までの1年間の連結業績と、サンワコムシスエンジニアリング及び東日本システム建設の（ 出典：有価証券報告書）
両社（2003年10月1日がみなし取得日である）における2003年10月1日から 2004年3月 31日まで半年間の連結業績を対象期間としています。
** 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。
* The Company’s consolidated results for the fiscal year ended March 2004 include the consolidated results of Nippon COMSYS for the fiscal year from April 1, 2003 to March 31, 2004 and theconsolidated results of both SANCOM and TOSYS for the halfyear period from October 1, 2003 to March 31, 2004 (October 1, 2003 being the deemed date of acquisition). (Source: Company
business reports)** Consolidated results for fiscal 2005 include 15 months of operating results at a Nippon COMSYS Corporation consolidated subsidiary due to a change in fiscal year-end (from December 31
to March 31).

■ 総資産
Total Assets■ 自己資本Shareholders’ Equity■ 一株当たり当期純利益
Net Income per Share■ 自己資本当期純利益率
Return on Equity (ROE)

（百万円

（百万円

（円

（％）

Millions of yen）

Millions of yen）

Yen）

250,000

150,00080

10200,000

120,00064

8

150,000

90,00048

6100,000

60,00032

450,00030,000

16

2

0

0

01

02

03

04

05

0

01

02

03

04

05

0

01

02

03

04

05

01

02

03

04

05

コムシスホールディングス

COMSYS Holdings
Nippon COMSYS
協和エクシオ KYOWA EXEO
大明 DAIMEI TELECOM ENGINEERING
日本コムシスCOMSYS Holdings Corporation

Annual Report 2005

89

CORPORATE DIRECTORY
As of March 31, 2005

Nippon COMSYS Group
Company Name

Location

Percentage
Owned (%)

Principal Business

Paid-in Capital

Telecommunications engineeringand electrical engineering¥31,140 million

100.0

¥

54 million

100.0

Consolidated Subsidiaries and Affiliates
Nippon COMSYS Corporation

Tokyo, JapanTokyo Tsuken Co., Ltd.

Tokyo, Japan

Telecommunications engineeringand electrical engineering

Nitto Tsuken Co., Ltd.

Tokyo, Japan

Telecommunications engineeringand electrical engineering¥

60 million

95.0

Telecommunications engineeringand electrical engineering¥

80 million

99.7

Telecommunications engineeringand electrical engineering¥

80 million

100.0

Telecommunications engineeringand electrical engineering¥

50 million

100.0

Telecommunications engineeringand electrical engineering¥

60 million

100.0

Planning and consultation with regard
to information-processing technology¥

50 million

100.0

Telecommunications engineeringand electrical engineering¥

304 million

100.0

Design, manufacturing, and sales oftelecommunications equipment¥

60 million

49.7

Planning and consultation with regard to
information-processing technology¥

50 million

100.0

Telecommunications engineeringand electrical engineering¥

50 million

100.0

Telecommunications engineeringand electrical engineering¥

50 million

100.0Technological consulting andengineering services

B15,000 thousand

48.0

Technological consulting andengineering services

B2,000 thousand

49.0

Technological consulting andengineering services

P12,500 thousand

40.0

OT Engineering Co., Ltd.
Chuo. C Co., Ltd.
COMSYS Net Corporation
COMSYS Tsusan Co., Ltd.
COMSYS Techno Co., Ltd.
COMSYS Business Service Co., Ltd.
Taiei Seisakusho Co., Ltd.
COMSYS Tohoku Techno Co., Ltd.

Tokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, JapanTokyo, Japan
Miyagi, JapanCOMSYS Kansai
Engineering Co., Ltd.

Osaka, JapanCOMSYS Kyusyu
Engineering Co., Ltd.

Fukuoka, Japan

Overseas Affiliates
COMSYS Thailand Co., Ltd.
Thai COMSYS & Jackson Co., Ltd.
COMSYS Philippines, Inc.

Bangkok, Thailand
Bangkok, Thailand
Manila, Philippines

Note: On April 1, 2004, Chuo Denki Tsushin Kensetsu Co., Ltd. was renamed Chuo. C Co., Ltd.

90

COMSYS Holdings Corporation

Annual Report 2005

SANCOM Group
Location

Principal Business

Paid-in Capital

Percentage
Owned (%)

SANWA COMSYSENGINEERING Co., Ltd.

Tokyo, Japan

Telecommunications engineering andelectrical engineering¥3,624 million

100.0Road-Techno Co., Ltd.

Tokyo, Japan

Telecommunications engineering andelectrical engineering¥

50 million

100.0

SANNETCOM

Saitama, Japan

Telecommunications engineering andelectrical engineering¥

50 million

100.0

SEC Hi Tec Co., Ltd.

Tokyo, Japan

Telecommunications engineering andelectrical engineering¥

30 million

100.0

SANWA Denshi Inc.

Tokyo, Japan

Telecommunications engineering andelectrical engineering¥

90 million

99.3

SEM Co., Ltd.

Tokyo, Japan

Other businesses¥

35 million

69.2

Sannect Co., Ltd.

Tokyo, Japan

Other businesses¥

10 million

60.0

SANWA Support Engineering Co., Ltd.

Tokyo, Japan

Telecommunications engineering andelectrical engineering¥

20 million

90.0

Company Name

Consolidated Subsidiaries and Affiliates

Overseas Affiliates
P.T. Sarana Ekacitra Indonesia

Jakarta, Indonesia

Construction of telecommunications facilities

Rp1,884 million

40.0

SECM. S.A. DE C.V.

Mexico D.F., Mexico

Construction of telecommunications facilities

N$1,054 million

100.0

Notes: 1. On August 1, 2004, SANWA Co., Ltd. sold its core operations to COMSYS Tsusan Co., Ltd. As a result, SANWA Co., Ltd. was eliminated as a consolidated subsidiary effectivefrom the fiscal year ended March 31, 2005.
2. On October 1, 2004, San Access Co., Ltd. and Ibaraki Denden Kensetsu Co., Ltd. were merged, forming SANNETCOM.
3. On April 1, 2005, SANWA ELEC Co., Ltd. was renamed SANWA COMSYS Engineering Corporation.

TOSYS Group
Company Name

Percentage
Owned (%)

Location

Principal Business

Paid-in Capital

Nagano, Japan

Telecommunications engineering andelectrical engineering¥ 360 million

100.0

Construction of telecommunications andelectric facilities¥

21 million

71.7

Telecommunications engineering andelectrical engineering¥

40 million

100.0

Construction of telecommunications andelectric facilities¥

40 million

61.6

¥

49 million

52.5

Consolidated Subsidiaries and Affiliates
TOSYS Corporation
TOSYS Nagano Co., Ltd.
Alstar Co., Ltd.
TOSYS Niigata Co., Ltd.

Nagano, Japan
Nagano, Japan
Niigata, JapanTOSYS Actis Co., Ltd.

Niigata, Japan

Construction of telecommunications andelectric facilities

Tulip Keibi Co., Ltd.

Niigata, Japan

Telecommunications engineering andelectrical engineering¥

30 million

100.0

Tulip Life Co., Ltd.

Niigata, Japan

Other businesses¥

40 million

100.0

TOSYS Ryokuka Co., Ltd.

Niigata, Japan

Telecommunications engineering andelectrical engineering¥

10 million

100.0

Telecommunications engineering andelectrical engineering¥

44 million

100.0

Yoshimoto Kensetsu Co., Ltd.

Nagano, Japan

Note: COMSYS Shinetsu Engineering Co., Ltd. and TOSYS UNITEC Co., Ltd. merged to become a single company on July 1, 2004, and the new company was named Alstar Co., Ltd.

COMSYS Holdings Corporation

Annual Report 2005

91

COMSYS HOLDINGS INFORMATION

Corporate Data
As of March 31, 2005
Hokkaido

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

Akita
Shibata/Nagaoka/Muikamachi/Joetsu
Kantonaka
Minami Tokyo

TohokuFukushima
NIIGATA

Niigata

URL:
http://www.comsys-hd.co.jp/

Tochigi
Ibaraki
Saitama

NAGANO

Hokuriku
Shinetsu
Ueda/Saku/Matsumoto/Shiojiri/Suwa/Iida
Gifu

TOKYO

Chiba

Chugoku

Date of Establishment:
September 29, 2003

Kanagawa
Nishi Tokyo

KyushuKantominami
Shizuoka
HachiojiKansaiTokai

Paid in Capital:¥10 billion

Takamatsu
ShikokuHead Office/Nippon COMSYS Corporation
Head Office/SANWA COMSYSEngineering Corporation

Number of Employees (Consolidated):
6,746

Bangkok Liaison Office
Jakarta Branch Office

Head Office/TOSYS Corporation
Branch/Nippon COMSYS Corporation

Okinawa

Branch/SANWA COMSYSEngineering Corporation
Branch/TOSYS Corporation

Organization Chart
As of July 1, 2005

Corporate Planning Group
Corporate Strategy Group

Board of Directors

Corporate Information Systems Group

President
Senior Management Committee
Compliance Committee

Corporate Planning Department

CHD Personal Information
Protection Committee

IR Department
Finance & Accounting Department

Statutory Auditors
General Affairs & Personnel

92

COMSYS Holdings Corporation

Annual Report 2005

Investor Information
As of March 31, 2005

Fiscal Year-End:

Major Shareholders:
As of March 31, 2005

March 31, 2005
Shareholders

Annual Shareholders’ Meeting:June 29, 2005
Common Stock:
Authorized: 580,000,000 shares
Issued: 145,977,886 shares
Number of Shareholders:
9,834
Date of Listing:
September 2003
Stock Exchange Listing:First Section of Tokyo Stock Exchange
and Osaka Securities Exchange(Securities code: 1721)
Transfer Agent:
The Mitsubishi Trust and Banking Corporation
Securities Department
4-5, Marunouchi 1-chome
Chiyoda-ku, Tokyo 100-8212
Auditor:
Certified Public Accountants of Japan
O-Yu Kyodo Office

Percentage
of Total (%)

15,493

10.61

14,501

9.93

6,834
5,166
5,166
2,683

4.68
3.53
3.53
1.83

2,566

1.75

2,461
2,413

1.68
1.65

2,276

1.55

Japan Trustee Services Bank, Ltd.
(Trust Account)
The Master Trust Bank of Japan, Ltd.
(Trust Account)
Japan Trustee Services Bank, Ltd. (Mitsui Asset
Trust and Banking Company Retrust Portion,
Fujikura Ltd. Employee Pension Trust)
Sumitomo Electric Industries, Ltd.
The Furukawa Electric Co., Ltd.
Nippon Life Insurance Company
BNP PARIBAS Securities (Japan) Limited(BNP PARIBAS Securities)
Societe Generale Paris OBE Dept
(Standing proxy in Japan: Tokyo Branch,Societe Generale Securities)
Fujitsu Limited
Calyon DMA OTC(Standing proxy in Japan: Tokyo Branch,
Calyon Securities)

The Company held 4,820,137 shares of treasury stock (representing a shareholding of
3.30%) as of March 31, 2005. This shareholding has been excluded from the list of major
shareholders.

Composition of Shareholders:
As of March 31, 2005

Individuals and Others

For Further Information

Shares Held(Thousands)

Government and Municipalities

15.85%

00.00%and Additional Copies of This Annual Report,
Please Contact
IR Department
Telephone: +81-3-3448-7000 (direct)
Facsimile: +81-3-3448-7001
E-Mail: IR@comsys-hd.co.jp

Financial Institutions
Foreign Companies
and Individuals

42.59%

27.17%
Domestic Companies

12.25%COMSYS Holdings Corporation

Securities Companies

2.10%

Annual Report 2005

933

17-1, Higashigotanda 2-chome, Shinagawa-ku,
Tokyo 141-8647, Japan
Telephone: 81-3-3448-7100
http://www.comsys-hd.co.jp/

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