May 10, 2012COMSYS Holdings Corporation
Consolidated Financial Results for the Fiscal Year Ended March 31, 2012
Under Japanese GAAP
Head Office:17-1, Higashigotanda 2-chome, Shinagawa-ku, Tokyo 141-8647, Japan
Stock Exchange Listings: First Section of Tokyo Stock Exchange and Osaka Securities Exchange (Securities code: 1721)
URL:
http://www.comsys-hd.co.jp
Representative:
Hajime Takashima, President and Representative Director
For Inquiry:
Yoshihiro Mimata, Director and General Manager of Finance & Accounting Department (Telephone: +81-3-3448-7000)
Scheduled Annual General Meeting of Shareholders: June 28, 2012
Scheduled Commencement of Dividend Payment: June 29, 2012
Scheduled Filing of Securities Report:
June 28, 2012
Supplementary Materials on Financial Results:
Attached
IR Presentation on Financial Results:
Scheduled (For Institutional Investors and Analysts)
Amounts less than one million yen have been omitted.

1. Consolidated Financial Results (for the fiscal year ended March 31, 2012)(1) Consolidated Operating Results
Net Sales(Millions of yen, except per share data and percentages)

Operating Income

Recurring Profit

Net Income

Year ended March 31, 2012

¥295,851(6.2)%¥12,592

6.9%¥12,969

6.8%¥7,173(24.8)%

Year ended March 31, 2011

315,480

7.6

11,785(6.0)

12,140

(7.4)

9,543

34.5

Notes: 1. Comprehensive income:Year ended March 31, 2012: ¥7,946 million [ (18.1)%]
Year ended March 31, 2011: ¥9,703 million [29.3%]
2. Percentages indicate the percentage change from the corresponding period of the previous fiscal year.
Net Income per ShareNet Income per Share(Diluted)

Year ended March 31, 2012¥55.50¥55.38

4.4%

5.6%

4.3%

Year ended March 31, 2011

73.92

73.80

6.1

5.4

3.7

(Reference) Equity in earnings of affiliates:

Recurring Profit/ Total Assets

Return on Equity

Year ended March 31, 2012: ¥— million

Operating Margin

Year ended March 31, 2011: ¥— million(2) Consolidated Financial Position(Millions of yen, except per share data and percentages)

Total Assets
As of March 31, 2012
As of March 31, 2011
(Reference) Shareholders’ equity:

Net Assets

Equity Ratio¥228,135¥164,574

237,436

161,768

As of March 31, 2012: ¥163,506 million

Net Assets per Share
71.7%¥1,289.57

67.7

1,238.66

As of March 31, 2011: ¥160,843 million(3) Consolidated Cash Flows(Millions of yen)

Cash Flows fromOperating Activities

Cash Flows from
Investing Activities

Cash Flows from
Financing Activities

Cash and Cash Equivalents
at End of Year

Year ended March 31, 2012

¥31,734¥(4,015)¥(11,901)¥33,454

Year ended March 31, 2011

(1,585)(3,418)(364)

17,635

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

Cash Dividends per Share
End of
1st QuarterEnd of2nd QuarterEnd of3rd Quarter

Year-End

Annual

Total
Dividends(Annual)Year ended March 31, 2011

¥ —¥10.00¥ —¥10.00¥20.00Year ended March 31, 2012

—

10.00

—

10.00

20.00

Year ending March 31, 2013 (Forecast)

—

10.00

—

10.00

20.00

3. Earnings Forecast (for the fiscal year ending March 31, 2013)
Net Sales

Consolidated Basis
Dividend
PayoutRatio

Ratio of
Dividends to
Net Assets¥2,563

27.1%

1.6%

2,576

36.0

1.6

29.8

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

Operating Income

Recurring Profit

Net Income

Six months ending September 30, 2012

¥126,000

0.7%¥ 2,800

35.9%¥ 3,000

28.1%¥1,40074.5%

Net Income per Share¥11.04

Year ending March 31, 2013

300,000

1.4

14,00011.2

14,400

11.0

8,500

18.5

67.04

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

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2012

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

As of March 31, 2012
145,977,886 shares
19,186,339 shares

As of March 31, 2011
145,977,886 shares
16,124,888 sharesYear ended March 31, 2012
129,250,956 sharesYear ended March 31, 2011
129,113,357 shares(Reference) Summary of Non-Consolidated Financial Results
Non-Consolidated Financial Results (for the fiscal year ended March 31, 2012)(1) Non-Consolidated Operating Results(Millions of yen, except per share data and percentages)

Operating Revenues

Operating Income

Recurring Profit

Net Income

Year ended March 31, 2012

¥3,4775.0%¥2,662

3.9%¥2,715

6.5%¥2,695

12.0%

Year ended March 31, 2011

3,311

(5.4)

2,563

(2.7)

2,550

(4.9)

2,406

(6.0)

Note: Percentages indicate the percentage change from the corresponding period of the previous fiscal year.
Net Income per ShareNet Income per Share (Diluted)

Year ended March 31, 2012¥20.75¥20.70Year ended March 31, 2011

18.58

18.55

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

Total Assets

Net Assets

Equity Ratio

Net Assets per Share

As of March 31, 2012

¥135,330¥91,42367.2%¥716.08

As of March 31, 2011

135,357

94,252

69.4

719.19(Reference) Shareholders’ equity:

As of March 31, 2012: ¥90,993 million

As of March 31, 2011: ¥93,888 million*Statement regarding implementation of audit proceduresThis Consolidated Financial Results Report is not subject to the audit procedures prescribed under the Financial Instruments and Exchange Act ofJapan. As of the date this Consolidated Financial Results Report was disclosed, however, audit procedures applicable to financial statements
prescribed under the aforementioned Financial Instruments and Exchange Act had not been completed.
*Disclaimer concerning the proper use of business results forecasts and other relevant specific items
1. Forward-looking statements including earnings forecasts contained in this document are based on certain reasonable assumptions and beliefs inlight of information currently available to management. Readers are advised that actual results may differ materially from forecasts due to avariety of factors. With respect to the conditions that underpin earnings forecasts as well as cautionary statements regarding the proper use of
earnings forecasts, please refer to “1. Operating and Financial Review (1) Analysis of Operating Results” on page 3.
2. COMSYS Holdings Corporation plans to hold an IR presentation on its financial results for institutional investors and analysts on Thursday,
May 17, 2012. Other materials distributed during the IR presentation will be posted on the Company’s website in a timely manner
after the presentation.

2

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2012

Accompanying Materials
1. Operating and Financial Review(1) Analysis of Operating Results1) Operating Results for the Fiscal Year Ended March 31, 2012
In the fiscal year ended March 31, 2012 (April 1, 2011 to March 31, 2012), the Japanese economy remained shrouded in
uncertainty. Despite signs of a moderate recovery, backed by government stimulus measures, the Japanese economy continued to
face difficult conditions due to the ongoing effects of the Great East Japan Earthquake. Uncertainty also persisted because of an
economic downswing overseas caused by the European sovereign debt crisis and rising crude oil prices.
In the information and communications field, the COMSYS Group’s principal area of activity, investment in the
installation of high-speed and higher traffic volume-ready networks, such as the Long-Term Evolution (LTE) next-generation
mobile phone communication standard, was advanced to address the sharp growth in telecommunications volume accompanying
the rise in the number of smartphone users and to improve telecommunications quality. In addition, steps were taken to promote
the repair and restoration of communications infrastructure in regions devastated by the Great East Japan Earthquake. Looking
ahead, the use of information and communications technology is expected to contribute to sustained economic growth, in
addition to establishing a disaster-proof telecommunications network.
The COMSYS Group, together with its core operating companies, including Nippon COMSYS Corporation, sought
to meet the expectations of all stakeholders while maintaining and deepening the structural reforms it has implemented so far.
While it worked to maintain and upgrade its technological construction capabilities, strengthen market competitiveness, andenhance operational infrastructure, the Group also worked together on new projects in order to create a new growth strategy.
Moreover, the COMSYS Group was united in its involvement with rehabilitation and reconstruction work for communications
infrastructure following the earthquake, at the request of telecommunications carriers.
Under these circumstances, despite the benefits of the management integration with TSUKEN Corporation, orders
received rose 1.2% compared with the previous fiscal year to ¥297,769 million, while net sales declined 6.2% to ¥295,851
million. These results primarily reflected a drop in private-sector capital investment and the completion of the round of IRU
construction work and terrestrial digital broadcasting-related activities. From a profit perspective, the COMSYS Group worked
diligently to increase productivity and reduce operating expenses as a part of its structural reform measures. Results were further
bolstered by the positive effects of initiatives implemented during the fiscal year ended March 31, 2011 aimed at strengthening
the Group’s operating platform. As a result, the Group posted operating income of ¥12,592 million, up 6.9% compared with theprevious fiscal year, and net income of ¥7,173 million, down 24.8%. The decline in net income was mainly due to the impact
from the gain on negative goodwill accompanying the management integration, which was recorded as extraordinary income
during the fiscal year ended March 2011.
2) Earnings Forecast for the Fiscal Year Ending March 31, 2013
While there are expectations that the COMSYS Group will benefit in the short term from the rapid uptake of smartphones andtablets, the net growth in the number of optical access services is tending to slow. Moreover, the investment structure is shifting toserver-related equipment and services, including content, and it is expected that capital expenditure on primarytelecommunications infrastructure will experience an even tougher environment. The COMSYS Group intends to maintain anddeepen structural reforms with the aim of transforming itself into a business structure that can consistently generate profit in anenvironment of declining revenues. The earnings forecast for the fiscal year ending March 2013 presented below projects a slightdecrease in orders received and a slight increase in net sales, while profit is expected to rise.
Earnings Forecast(Millions of yen, except percentages)

Year ended March 31, 2012

Year ending March 31, 2013

ChangeOrders received¥297,769¥295,000(0.9)%Net sales

295,851

300,000

1.4

Gross profits

31,11732,500

4.4

Operating income

12,592

14,000

11.2

Recurring profit

12,96914,400

11.0

Net income

7,173

8,500

18.5

3

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2012

(2) Analysis of Financial Position
1) Analysis of Assets, Liabilities and Net Assets(a) Assets
Current assets as of March 31, 2012 stood at ¥141,646 million, ¥8,212 million lower than at the end of the previous fiscal year.
This was mainly attributable to the decrease in notes and accounts receivable – trade of ¥21,140 million. Fixed assets as of the endof the fiscal year under review stood at ¥86,488 million, down ¥1,088 million compared with March 31, 2011. This was mainly
attributable to a decrease in deferred income taxes of ¥1,299 million.
As a result, total assets amounted to ¥228,135 million as of March 31, 2012, a decrease of ¥9,300 million comparedwith the end of the previous fiscal year.
(b) Liabilities
Current liabilities decreased ¥10,438 million compared with the previous fiscal year-end to ¥55,482 million. This was largely
attributable to a decrease in accounts payable – trade of ¥6,825 million and a decline in short-term bank loans of ¥6,603 million.
As of March 31, 2012, long-term liabilities stood at ¥8,078 million, ¥1,668 million lower compared with the end of the previous
fiscal year. This was mainly attributable to a decline of ¥871 million in deferred income taxes.
As a result, total liabilities amounted to ¥63,560 million, a decrease of ¥12,107 million compared with the end of theprevious fiscal year.
(c) Net assets
Net assets including minority interests stood at ¥164,574 million as of March 31, 2012. This was largely attributable to anincrease in retained earnings of ¥4,417 million compared with the previous fiscal year-end, after accounting for that fiscal period’s
net income of ¥7,173 million.
As of the end of the fiscal year under review, the equity ratio stood at 71.7%, up from 67.7% as of March 31, 2011.
2) Analysis of Cash Flow
Cash and cash equivalents stood at ¥33,454 million as of March 31, 2012, an increase of ¥15,818 million, or 89.7%,
compared with the end of the previous fiscal year.
The principal factors underpinning movements in each of the Group’s major cash flows for the fiscal year ended
March 31, 2012 are presented as follows.
(a) Cash flows from operating activities
Net cash used in operating activities amounted to ¥31,734 million compared with net cash used in operating activities of ¥1,585
million for the previous fiscal year. The major cash inflows were a decrease in receivables – trade of ¥21,250 million, income
before income taxes and other adjustments to net income of ¥12,267 million, and depreciation and amortization of ¥4,640
million. Major cash outflows for the fiscal year ended March 31, 2012 were a decrease in payables – trade of ¥6,831 million and adecrease in cash and cash equivalents paid for income taxes of ¥3,945 million.
(b) Cash flows from investing activities
Net cash used in investing activities totaled ¥4,015 million for the fiscal year under review compared with net cash of ¥3,418
million used in investing activities in the previous fiscal year. The major components were acquisitions of property andequipment of ¥4,076 million and acquisitions of other intangible fixed assets of ¥1,960 million.
(c) Cash flows from financing activities
Net cash used in financing activities was ¥11,901 million for the fiscal year ended March 31, 2012, compared with net cashof ¥364 million used in financing activities in the previous fiscal year. In the fiscal year under review, the Group experienced
a net decrease in short-term borrowing of ¥6,260 million. Acquisition of treasury stock amounted to ¥3,000 million, while
cash dividends paid totaled 2,597 million.

4

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2012

(Reference) Changes in Cash Flow-Related Indicators
Year ended
March 31, 2008

Year ended
March 31, 2009

Year ended
March 31, 2010

Year ended
March 31, 2011

Year ended
March 31, 2012

Equity ratio (%)

66.5

68.4

71.2

67.7

71.7

Equity ratio based on market value (%)

52.7

48.9

53.7

46.0

49.8

Ratio of interest-bearing liabilities to cash flows (%)

6.9

0.9

0.5

—

4.9

Interest coverage ratio (times)

95.0

3,577.8

3,175.2—

2,571.4

Equity ratio: equity capital / total assets
Equity ratio based on market value: gross market capitalization / total assets
Ratio of interest-bearing liabilities to cash flows: interest-bearing liabilities / cash flows
Interest coverage ratio: cash flows / interest payment
Notes: 1. All indicators are calculated on the basis of consolidated financial figures.
2. Gross market capitalization is based on the total number of shares issued and outstanding excluding treasury stock.
3. Cash flows is net cash provided by operating activities.
4. Interest-bearing liabilities include all liabilities stated on the Group’s consolidated balance sheets on which interest is paid.
5. Interest paid is the amount of interest paid stated on the Group’s consolidated statements of cash flows.

(3) Basic Policy for Distribution of Profits and Dividends for the Current and Next Fiscal YearsCOMSYS Holdings has positioned the return of profits to shareholders as a key management priority. The Company adopts thebasic policy of ensuring the stable and continuous payment of cash dividends while taking into consideration its operating
performance.
Guided by the aforementioned policy, COMSYS Holdings paid an interim dividend of ¥10 per share for the fiscal year
ended March 31, 2012. The Company also intends to pay a period-end cash dividend of ¥10 per share, for an annual cash
dividend of ¥20 per share. Moreover, and in an effort to further enhance shareholder returns, COMSYS Holdings acquired
3,526,600 shares (¥2,999 million) of treasury stock in the fiscal year under review.
In the fiscal year ending March 31, 2013, COMSYS Holdings plans to again pay an annual cash dividend of ¥20 per
share. The intention is to pay an interim cash dividend of ¥10 per share and a period-end cash dividend of ¥10 per share.
Moreover, the Group has decided to acquire a maximum of ¥3,000 million in treasury stock during the fiscal year
ending March 31, 2013 in order to facilitate an even greater return of profits to shareholders and achieve a flexible capitalization
strategy that responds to changes in the business environment.

5

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2012

2. Consolidated Financial Statements(1) Consolidated Balance Sheets
Millions of yen
As of March 31, 2011
As of March 31, 2012ASSETS
		 Current assets:
			 Cash and cash equivalents
			 Notes and accounts receivable—trade
			 Lease investment assets
			 Marketable securities
			 Accumulated cost of construction in progress
			 Real estate for sale			 Merchandise			 Materials and supplies
			 Deferred income taxes
			 Other current assets
			 Less: Allowance for doubtful receivables
			 Total current assets
		 Fixed assets:
			 Property and equipment:				 Buildings and structures					 Less: Accumulated depreciation					 Buildings and structures, net				 Machinery, vehicles and equipment					 Less: Accumulated depreciation					 Machinery, vehicles and equipment, net				 Land				 Lease assets					 Less: Accumulated depreciation					 Lease assets, net				 Construction in progress				 Total property and equipment
			 Intangible assets
			 Investments and other assets:				 Investment securities				 Long-term loans receivable				 Prepaid pension cost				 Deferred income taxes				 Other assets				 Less: Allowance for doubtful receivables				 Total investments and other assets
			 Total fixed assets
		 Total assets

6

18,265102,993
2,287
159
14,539
3,257
986
691
3,053
3,820
(194)
149,858

33,48981,8532,542
59
15,087
18
1,352
651
3,495
3,233
(137)
141,646

45,798(21,288)
24,51022,252(16,164)
6,088
33,12670(28)
42
163,7692,677

45,620(22,535)
23,08520,074(14,956)
5,118
34,391
92
(48)
43
936
63,575
3,802

7,128
1,980
4,407
3,709
6,039
(2,136)21,12987,577
237,436

7,228
1,759
4,077
2,410
5,689
(2,055)
19,11086,488228,135

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2012

Millions of yen
As of March 31, 2011
As of March 31, 2012

LIABILITIES		 Current liabilities:
			 Accounts payable—trade
			 Short-term bank loans
			 Income taxes payable			 Advances received on construction in progress			 Allowance for warranty work on construction projects
			 Allowance for losses on construction contracts
			 Other current liabilities
			 Total current liabilities
		 Long-term liabilities:
			 Long-term debt
			 Deferred income taxes
			 Deferred tax liabilities for unrealized gains on land revaluation
			 Accrued severance indemnities
			 Allowance for directors’ retirement benefits
			 Other long-term liabilities
			 Total long-term liabilities
		 Total liabilities
NET ASSETS
		 Shareholders’ equity:
			 Common stock			 Additional paid-in capital
			 Retained earnings
			 Treasury stock, at cost			 Total shareholders’ equity
		 Accumulated other comprehensive income:			 Unrealized gain (loss) on other securities
			 Unrealized gain (loss) on land revaluation
			 Total accumulated other comprehensive income
		 Subscription rights to shares		 Minority interests
		 Total net assets
Total liabilities and net assets

7

46,716
8,124
2,261
1,228
134
24
7,431
65,921

39,891
1,520
3,795
1,448
131
1,057
7,637
55,482

49
1,205
1,865
5,796
302
526
9,746
75,667

—
333
1,662
5,426
266
388
8,078
63,56010,00055,346
119,194(14,870)
169,671

10,00055,374
123,611(17,504)
171,481(374)(8,453)(8,827)364
560
161,768
237,436

115(8,090)(7,974)
430
637
164,574
228,135

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2012

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income)		Millions of yen
Year ended		March 31, 2011		

Net sales
Cost of sales
Gross profits
Selling, general and administrative expenses
Operating income
Other income:		 Interest income
		 Dividend income
		 Rent income on noncurrent assets
		 Other		 Total other income
Other expenses:
		 Interest expenses
		 Foreign exchange losses
		 Rent expenses
		 Provision for allowance for doubtful receivables
		 Other		 Total other expenses
Recurring profit
Extraordinary income:		 Gain on sales of fixed assets
		 Gain on sales of investment securities
		 Reversal of allowance for doubtful receivables
		 Gain on payback of insurance payments
		 Gain on negative goodwill
		 Other		 Total extraordinary income
Extraordinary loss:
		 Write-down on investments in securities
		 Loss on sales of fixed assets
		 Loss on disposal of fixed assets
		 Loss on impairment of fixed assets
		 Special payments on employees’ retirement benefits
		 Write-down on software		 Other		 Total extraordinary loss
Income before income taxes and other adjustments to net income
Income taxes:
		 Current
		 Deferred		 Total income taxes
Income before minority interests
Minority interests
Net income

8Year ended
March 31, 2012

315,480
284,427
31,052
19,266
11,785295,851
264,733
31,117
18,525
12,592

68
136
131
188
525

52
142
127
214
536

22
40
14
48
44
170
12,140

14
31
46
—
67
159
12,969

108
67
116
232
7,543
24
8,091

54
35
—
156
—
4
251

675
108
182
1,841
1,246
3,827
1,156
9,038
11,193

479
145
73
4
61
—
189
953
12,267

3,636(2,077)
1,558
9,634
90
9,543

5,362
(348)
5,013
7,253
79
7,173

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2012

(Consolidated Statements of Comprehensive Income)		Millions of yen
Year ended		March 31, 2011		

Income before minority interests
Other comprehensive income:			 Unrealized gain (loss) on other securities
			 Unrealized gain (loss) on land revaluation
			 Total other comprehensive income
Comprehensive income
		 (Breakdown)
			 Comprehensive income attributable to owners of the parent
			 Comprehensive income attributable to minority interests

9

Year ended
March 31, 2012

9,634

7,253

69
—
69
9,703

489
203
693
7,946

9,613
90

7,867
79

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2012

(3) Consolidated Statements of Changes in Net Assets
		Millions of yen
Year ended		March 31, 2011		

Shareholders’ equity:
		 Common stock:
			 Balance at the end of the previous period
			 Changes during the period				 Total changes during the period
			 Balance at the end of the period
		 Additional paid-in capital:
			 Balance at the end of the previous period
			 Changes during the period				 Disposal of treasury stock				 Total changes during the period
			 Balance at the end of the period
		 Retained earnings:
			 Balance at the end of the previous period
			 Changes during the period				 Cash dividends				 Net income				 Reversal of unrealized gain (loss) on land revaluation				 Total changes during the period
			 Balance at the end of the period
		 Treasury stock, at cost:
			 Balance at the end of the previous period
			 Changes during the period				 Repurchase of treasury stock				 Disposal of treasury stock				 Changes of scope of consolidation				 Total changes during the period
			 Balance at the end of the period
		 Total shareholders’ equity:
			 Balance at the end of the previous period
			 Changes during the period				 Cash dividends				 Net income				 Repurchase of treasury stock				 Disposal of treasury stock				 Changes of scope of consolidation				 Reversal of unrealized gain (loss) on land revaluation				 Total changes during the period
			 Balance at the end of the period

10

Year ended
March 31, 2012

10,00010,000—10,000—10,00057,01655,346(1,670)(1,670)55,34627
27
55,374

111,605

119,194(2,511)
9,543
556
7,588
119,194(2,597)
7,173
(159)
4,417
123,611(19,522)(14,870)(3,002)
8,060
(406)
4,652
(14,870)(3,000)366—(2,634)(17,504)

159,100

169,671(2,511)
9,543(3,002)
6,390
(406)
556
10,570169,671(2,597)
7,173(3,000)
393
—
(159)
1,810
171,481COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2012

		Millions of yen
Year ended		March 31, 2011		

Accumulated other comprehensive income:		 Unrealized gain (loss) on other securities:
			 Balance at the end of the previous period
			 Changes during the period				 Net changes during the period except for shareholders’ equity				 Total changes during the period
			 Balance at the end of the period
		 Unrealized gain (loss) on land revaluation:
			 Balance at the end of the previous period
			 Changes during the period				 Net changes during the period except for shareholders’ equity				 Total changes during the period
			 Balance at the end of the period
		 Total accumulated other comprehensive income:			 Balance at the end of the previous period
			 Changes during the period				 Net changes during the period except for shareholders’ equity				 Total changes during the period
			 Balance at the end of the period
Subscription rights to shares:
		 Balance at the end of the previous period
		 Changes during the period
			 Net changes during the period except for shareholders’ equity
			 Total changes during the period
		 Balance at the end of the period
Minority interests:
		 Balance at the end of the previous period
		 Changes during the period
			 Net changes during the period except for shareholders’ equity
			 Total changes during the period
		 Balance at the end of the period
Total net assets:
		 Balance at the end of the previous period
		 Changes during the period
			 Cash dividends
			 Net income
			 Repurchase of treasury stock			 Disposal of treasury stock
			 Changes of scope of consolidation
			 Reversal of unrealized gain (loss) on land revaluation
			 Net changes during the period except for shareholders’ equity
			 Total changes during the period
		 Balance at the end of the period

11

Year ended
March 31, 2012

(443)

(374)

69
69
(374)

490
490
115

(7,896)(8,453)

(556)
(556)
(8,453)362
362(8,090)(8,340)(8,827)

(486)
(486)
(8,827)852
852(7,974)

249

364

114
114
364

66
66
430

759

560

(198)
(198)
560

76
76
637

151,768

161,768(2,511)
9,543(3,002)
6,390
(406)
556
(571)
9,999
161,768(2,597)
7,173(3,000)
393
—
(159)
995
2,806
164,574

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2012

(4) Consolidated Statements of Cash Flows		
Millions of yen
Year ended		March 31, 2011		

Cash flows from operating activities:
		 Income before income taxes and other adjustments to net income
		 Depreciation and amortization
		 Loss on impairment of fixed assets
		 Write-down of investments in securities
		 Decrease in allowance for doubtful receivables
		 Decrease in accrued severance indemnities
		 Interest and dividends received
		 Interest expenses
		 (Increase) decrease in receivables—trade
		 Decrease in inventories
		 (Decrease) increase in payables—trade
		 Decrease (increase) in other assets
		 Increase (decrease) in other liabilities
		 Gain on negative goodwill
		 Write-down on software		 Other, net
							 Cash and cash equivalents received on interest and dividends income
		 Cash and cash equivalents paid for interest expenses
		 Cash and cash equivalents paid for income taxes
		 Net cash provided by operating activities
Cash flows from investing activities:
		 Decrease in time deposits, net
		 Payment for purchases of investment securities
		 Proceeds from sale of investment securities
		 Proceeds from acquisition of stocks of subsidiaries resulting
			 in changes in scope of consolidation
		 Proceeds from sale of stocks of subsidiaries resulting
			 in changes in scope of consolidation
		 Proceeds from sale of stocks of subsidiaries
		 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
		 Net cash used in investing activities

12

Year ended
March 31, 2012

11,193
5,043
1,841
675
(263)
(235)
(205)
22
(15,297)
3,346
2,425
(1,078)(2,687)(7,543)
3,827
171
1,237
205
(22)
(3,006)(1,585)

12,267
4,640
4
479
(126)
(369)
(194)
14
21,2502,255(6,831)
718
1,279
—
—
108
35,496195(12)(3,945)31,734

60
(162)
239

603
(22)
132

1,079

—

6
62
(6,162)
(822)
1,783
(192)
633
55
(3,418)——(4,076)(1,960)
482
(3)
497
331
(4,015)COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2012

		Millions of yen
Year ended		March 31, 2011		

Cash flows from financing activities:
		 (Decrease) increase in short-term borrowings, net
		 Proceeds from long-term loans payable
		 Repayment of long-term debt
		 Acquisitions of treasury stock		 Proceeds from sale of treasury stock		 Cash dividends paid
		 Cash dividends paid to minority shareholders
		 Repayment of financial lease
		 Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year

13

5,887
30
(742)
(3,002)0(2,511)
(4)
(21)
(364)
(0)
(5,369)23,005
17,635

Year ended
March 31, 2012

(6,260)—(393)(3,000)378(2,597)(2)(26)(11,901)1
15,81817,63533,454