Consolidated Financial Results for the First Half of Fiscal Year Ending March 31, 2009 (Unaudited)
November 7, 2008

COMSYS Holdings Corporation
Listings: Tokyo Stock Exchange and Osaka Securities Exchange
Stock Code:
1721
URL:
http://www.comsys-hd.co.jp/
Representative: Hajime Takashima, President and Representative DirectorInquiries:
Yoshihiro Mimata, Director and General Manager of Finance & Accounting Department
Telephone: +81-3-3448-7000
Scheduled report submission date:November 14, 2008
Scheduled dividend payment start date:
December 8, 2008
1. Consolidated Business Results for First Half of Fiscal Year Ending March 31, 2009
(April 1, 2008 to September 30, 2008)(Amounts of less than one million yen have been ignored.)(1) Consolidated Operating Results (cumulative totals)
Net sales

Operating income

Million yen

First half of fiscal year
ending March 31, 2009First half of fiscal year
ended March 31, 2008

(Figures in percentages denote the year-on-year change.)%

Million yen

Recurring profit%

Million yen

Net income%Million yen%

133,688

--

4,701

--

5,570

--

3,226

--

129,847

-9.4

3,117

-60.1

4,203

-52.2

3,193

-49.6

Net income per share(diluted)Net income per share
YenFirst half of fiscal year
ending March 31, 2009First half of fiscal year
ended March 31, 2008

Yen

23.96

--22.77

22.77(2) Consolidated Financial Position
Total assets
First half of fiscal year
ending March 31, 2009
Fiscal year
ended March 31, 2008
(Reference): Shareholders equity:

Net assets

Equity ratio

Net assets per share

Million yen

Million yen%

Yen

204,671

149,04672.3

1,109.64

224,121150,41766.5

1,091.83

First half of fiscal year ending March 31, 2009:
Fiscal year ended March 31, 2008:

147,883 million yen149,151 million yen

2. Dividends
Cash dividends per share(Record date)

End of Q1

End of Q2
Yen

Fiscal year
ended March 31, 2008
Fiscal yearending March 31, 2009
Fiscal year ending
March 31, 2009 (Forecast)End of Q3
Yen

--

7.00

----

10.00

---------------End of term
Yen

Annual
Yen

Yen

10.00

17.00

-----

--

----10.00

20.00(Note) Revision in dividend forecasts for the first half under review: No* Interim cash dividends for fiscal year ending March 31, 2009:
Ordinary dividend:
7.00 yen
Commemorative dividend: 3.00 yen

3. Forecasts of Consolidated Business Results for Fiscal Year Ending March 31, 2009
(April 1, 2008 to March 31, 2009)(Figures in percentages denote year-on-year changes.)
Net sales
Full-year

Operating income

Recurring profit

Net income
per share

Net income

Million yen%

Million yen%

Million yen%

Million yen%

Yen

330,000

0.8

14,000-14.1

15,000

-17.7

8,500

-27.0

63.11

(Note) Revision in consolidated business performance forecasts for the first half under review: No1COMSYS Holdings Corporation (1721) Financial Statements

4. Others(1) Important changes of subsidiaries during the term(change of specified subsidiaries that lead to a change in the scope of consolidation): No(2) Application of simplified accounting treatment and accounting treatment peculiar to the production ofquarterly consolidated financial statements: Yes(Note) For details, see paragraph 4 “Others” of [Qualitative Information, Financial Statements, Etc.], on
page 3(3) Changes in accounting policies, procedures, presentation method, etc. of quarterly consolidated financialstatements (those which are included in change in significant accounting policies that will be the bases for
preparing quarterly consolidated financial statements)(i)
Changes associated with the revision of accounting principles, etc.: Yes(ii)Change other than (i): No(Note) For details, see paragraph 4 “Others” of [Qualitative Information, Financial Statements, Etc.], on
page 3(4) Number of shares issued (common stock)(i)
Number of shares issued at the end of the term (including treasury stock) (shares):First half of fiscal year ending March 31, 2009:
145,977,886 sharesFiscal year ended March 31, 2008:
145,977,886 shares(ii)Number of treasury stock at the end of the term (shares):First half of fiscal year ending March 31, 2009:
12,707,036 sharesFiscal year ended March 31, 2008:
9,370,980 shares(iii) Average numbers of shares issued during the terms (consolidated accumulation periods):
First half of fiscal year ending March 31, 2009:
134,687,805 sharesFirst half of fiscal year ended March 31, 2008:
140,218,150 shares* Explanations about the proper use of financial forecasts and other important notes(1) Since the forecasts of business results provided in this announcement are based on the information available
at this time, actual results may differ from the forecasts due to a variety of factors.
(2) Starting in the current consolidated fiscal year, the Accounting Standard for Quarterly Financial Reporting(Accounting Standard Boards of Japan Statement No. 12) and Implementation Guidance for the AccountingStandard for Quarterly Financial Reporting (Accounting Standard Boards of Japan Implementation
Guidance No. 14) apply. Quarterly consolidated financial statements are also produced in compliance withthe “Quarterly Consolidated Financial Statement Rules.”2COMSYS Holdings Corporation (1721) Financial Statements

Qualitative Information, Financial Statements, Etc.
1. Qualitative Information on Consolidated Financial Results
During the first half of the consolidated fiscal year under review (April 1, 2008 through September 30, 2008), theJapanese economy saw an increasing slowdown in business and remained uncertain. This was mainly because ofongoing crude oil price hikes, the financial crisis triggered by the subprime lending issue in the United States,
and the strong yen and sluggish stock prices at the end of the second quarter of the current consolidated fiscalyear.
In the information and telecommunication field where the COMSYS Group operates, the next generation
network (NGN) being introduced by NTT commenced commercial service in parts of the Tokyo Metropolitan
area and Osaka. NTT is working to deploy NGN services into other parts of Japan in expanding NGN-related
markets by developing the associated infrastructure and building systems.
The market is active in the mobile communication field owing to the acceleration of packet communications andimprovements in service areas due to expanding music, video, and other content services, and ongoingconstruction of base stations to introduce next-generation high-speed wireless communication services, such as
WiMAX. At the same time, however, competition between carriers regarding charges and services is becoming
increasingly intense.
In this environment, the COMSYS Group has been working on the “Group Innovation 2010” reform to enhancesynergies between group companies by implementing a number of measures. They include investing resources ingrowing areas, deploying cost-reduction measures on a horizontal level, and improving productivity bystandardizing workflows.
As a result, the NTT Information Telecommunication Engineering Business, Electrical Communications
Engineering Business, and IT Solutions Business remained steady during the first half of the consolidated fiscalyear. Specifically, new orders received amounted to ¥162.3 billion (up 9.6% year on year), while net sales
increased to ¥133.68 billion (up 3.0% year on year). Recurring profit increased to ¥5,570 million (up 32.5% yearon year) due to reduced costs and expenses. Net income increased to ¥3,220 million (up 1.0% year on year).
The performances for the previous corresponding period are provided for reference only.
2. Qualitative Information on Consolidated Financial Position
Total assets at the end of the first half of the consolidated fiscal year under review decreased by ¥19,450 million
from the end of the previous consolidated fiscal year, to ¥204,670 million, mainly because of decreases in notes
and accounts receivable-trade. Meanwhile, liabilities decreased by ¥18,070 million from the end of the previous
consolidated fiscal year, to ¥55,620 million, primarily because of decreases in notes and accounts payable-trade.
Net assets decreased by ¥1,370 million from the end of the previous consolidated fiscal year, to ¥149,040 million.
As a result, the equity ratio improved by 5.8% from the end of the previous consolidated fiscal year, to 72.3%.
3. Qualitative Information on Forecast Consolidated Earnings
During the first half of the consolidated fiscal year under review, the performances forecast by the Company
were achieved. As a result, there is no change to the forecasts announced by the Company on May 13, 2008.
4. Others(1) Important changes of subsidiaries during the term (change of specified subsidiaries that led to a change inthe scope of consolidation):
Not applicable.
(2) Application of simplified accounting treatment and accounting treatment specific to the production ofquarterly consolidated financial statements:
1) Application of simplified accounting treatment- Method for valuing inventory
The Company has ceased counting inventory at the end of the second quarter of the current
consolidated fiscal year, but has adopted a reasonable method of calculation based on the physicalinventory at the end of the previous consolidated fiscal year.
- Method for calculating depreciation of fixed assets
Depreciation of assets under the constant percentage method has been prorated based on thedepreciation periods of consolidated fiscal years.
- Method for calculating deferred tax assets and deferred tax liabilities
The collectability of deferred tax assets has been determined based on the business forecasts and tax
planning used for the previous consolidated fiscal year, since there were no significant changes in the3COMSYS Holdings Corporation (1721) Financial Statements

business environment or temporary differences accrued after the end of the previous consolidated
fiscal year.
2) Application of accounting treatment specific to the production of quarterly consolidated financial
statements:
Not applicable.
(3) Changes in accounting principles, procedures, presentation, etc. in relation to the preparation of quarterly
consolidated financial statements
1) Commencing in the current consolidated fiscal year, the Accounting Standard for Quarterly Financial
Reporting (Accounting Standard Boards of Japan Statement No. 12) and Implementation Guidelines for
the Accounting Standard for Quarterly Financial Reporting (Accounting Standard Boards of Japan
Implementation Guidelines No. 14) apply. Quarterly consolidated financial statements are also
produced in accordance with the Quarterly Consolidated Financial Statement Rules.
2) The “Accounting Standards for Valuation of Inventories” (Accounting Standard Boards of Japan
Statement No. 9. July 5, 2006) have been applied, beginning from the first quarter of this consolidated
fiscal year. The valuation standards have been changed from the cost method to a cost method (methodof devaluing book price to reflect declines in profitability). The effects on operating income, recurring
profit, and income before income taxes and other adjustments to net income were negligible.
3) “Accounting Standards for Lease Transactions” (Accounting Standard Boards of Japan Statement) No.
13 (June 17, 1993 (First Committee of Business Accounting Council), revised on March 30, 2007) and“Implementation Guidance for Applying Accounting Standards for Lease Transactions” (ASBJ
Guidance No. 16 (January 18, 1994 (Accounting System Committee of Japanese Institute of Certified
Public Accountants), revised on March 30, 2007) have been applied early, beginning from the firstquarter of the current consolidated fiscal year. Non-ownership transfer finance lease transactions havebeen posted as lease assets after their accounting method was changed from the accounting standard
pursuant to the method applied to normal lease transactions, to the accounting standard pursuant to themethod applied to normal sales transactions.
In addition, lease assets have been depreciated using a method whereby the lease period is set to service
life and the remaining value is set to nil.
In association with this, the Company has continued to apply the accounting standard pursuant to themethod applied to normal lease transactions to non-ownership transfer finance lease transactions whose
start date is set to a time prior to the initial fiscal year of application.
The subsequent effects on the amount of lease assets posted, operating income, recurring profit, andincome before income taxes and other adjustments to net income were negligible.

4COMSYS Holdings Corporation (1721) Financial Statements

5.

Consolidated Financial Statements(1) Consolidated Balance Sheets(Million yen)
As of September 30, 2008

Condensed consolidatedbalance sheets at end of
previous fiscal year
(March 31, 2008)

36,99827,212(ASSETS)
Current Assets:
Cash and cash equivalentsNotes and accounts receivable-trade

49,31093,561

Accumulated cost of construction in progress

33,194

18,666

Other inventory

2,018

2,235

Other current assets

6,353

6,018

Less: Allowance for doubtful receivables

-352

-390

127,521

147,304Land

26,886

26,892Other (net)23,35324,002

Total property and equipment

50,23950,894

6,536

4,274

Total current assets
Tangible Fixed Assets:
Property and Equipment:

Intangible fixed Assets
Investments and Other Assets:
Investment securities

7,527

7,961

Other

16,037

16,869Less: Allowance for doubtful receivables-3,192-3,182

Total investments and other assets

20,37321,648

Total fixed assets
Total assets

77,14976,817

204,671

224,12133,41452,093(LIABILITIES)Current Liabilities:
Notes and accounts payable-trade
Short-term bank loans

1941

Income taxes payable

2,048

2,514

Advances received on construction in progress

6,233

3,488

633

495

Allowance
Other current liabilities

5,340

6,107

Total current liabilities

47,69164,741

Deferred tax liabilities for unrealized gains onland revaluation

2,365

2,365

Allowance for employees' retirement benefits

2,978

3,261

Long-term Liabilities:

Allowance for officers' retirement benefits

594

693

Negative goodwill

474

949

1,519

1,693

Other long-term liabilities
Total long-term liabilities
Total Liabilities

5

7,933

8,963

55,62473,704

COMSYS Holdings Corporation (1721) Financial Statements(Million yen)
As of September 30, 2008

Condensed consolidatedbalance sheets at end of
previous fiscal year
(March 31, 2008)

10,00010,000(NET ASSETS)
Shareholders’ Equity:
Common stock
Additional paid-in capital

56,97856,979Retained earnings

101,644

99,782

Treasury stock, at cost

-12,516-9,384

Total shareholders' equity

156,105

157,377

Unrealized gain (loss) on securities

-325

-329

Unrealized loss on land revaluation-7,896-7,896

Total valuation and translation adjustments-8,222-8,226

12-

Valuation and Translation Adjustments:

Outstanding share subscription rights
Minority interests

1,151

1,266

Total net assets

149,046

150,417

204,671

224,121

Total liabilities and net assets

6COMSYS Holdings Corporation (1721) Financial Statements(2) Consolidated Statements of Income(First half)(Million yen)
April 1, 2008
to September 30, 2008
133,688
117,984
15,704
11,003
4,701

Net sales
Cost of sales
Gross profits
Selling, general and administrative expenses
Operating income
Other income:Interest income
Dividend income
Amortization of negative goodwill
Other
Total other income
Other expenses:
Interest expense
Exchange loss
Other
Total other expenses

74
133
535
173
916
234
1047

Recurring profit
Extraordinary profits:
Reversal of allowance for doubtful receivables
Insurance reversal
Other
Total extraordinary profits
Extraordinary loss:
Loss on disposal of fixed assetsSpecial retirement benefits
Loss on valuation of golf membership
Other
Total extraordinary loss
Income before income taxes and other adjustments tonet income
Income taxes, etc.
Income taxes-deferred
Total income taxes
Loss of minority shareholders (-)
Net income

5,570
31104
4140
53
86
43
67
250
5,460
1,775
484
2,259
-25
3,226

7

COMSYS Holdings Corporation (1721) Financial Statements

Commencing in the current consolidated fiscal year, the Accounting Standard for Quarterly Financial Reporting(Accounting Standards Board of Japan Statement No. 12) and Implementation Guidelines for the AccountingStandard for Quarterly Financial Reporting (Accounting Standards Board of Japan Implementation Guidelines
No. 14) apply. Quarterly consolidated financial statements are also produced in compliance with the Quarterly
Consolidated Financial Statement Rules.
(3) Notes regarding the premise of a going concern
Not applicable.
(4)

Notes to significant changes in shareholders’ equity
The Company’s Board of Directors' meeting held on May 13, 2008 passed the resolution stated below on
the repurchase of treasury stock in order to exercise a maneuverable capital policy that allows further
returns to shareholders and responses to changing business environments. The resolution was pursuant tothe provisions of Article 156 of the Corporation Law, which shall be read for the provisions of Article 165
Paragraph 3 of the law.
- Class and number of shares to repurchase: Common stock, 6 million shares (upper limit)- Repurchase amount:
5.0 billion yen (upper limit)- Period for repurchasing treasury stock:from May 14, 2008 through December 31, 2008
In relation to the above, the Company repurchased the following shares of treasury stock from May 14,
2008 through September 30, 2008.
- Total number of shares repurchased:
3,177,000 shares- Repurchase amount:
2,999 million yen

8COMSYS Holdings Corporation (1721) Financial Statements[Reference material]
Preceding Consolidated Interim Statement of Income(Million yen)

ItemApril 1, 2007 toSeptember 30, 2007
AmountI.

Net sales

II.

Cost of sales

129,847
115,869
13,978
10,860
3,117
1,101
90
108
752
150
16
64
5
4,203
513
43
63
260
109
36
227
27
17
165
17
4,489
1,019
311
-34
3,193

Gross profits
III. Selling, general and administrative expenses
Operating income
IV. Other income
Interest income
Dividend income
Amortization of negative goodwill
OtherV.

Other expenses
Interest expense
Exchange loss
OtherRecurring profit

VI. Extraordinary profits
Gain on sales of fixed assets
Gain on sales of investment securities
Reversal of allowance for doubtful receivables
Insurance reversal
OtherVII. Extraordinary loss
Loss on disposal of fixed assets
Loss on valuation of investment securities
Special retirement benefits
Other
Interim income before income taxes
Income taxes, etc.
Income taxes-deferred
Loss of minority shareholders
Interim net income9