Presentation of Performance for the First Half
Fiscal Year Ending March 31, 2021

November 16, 2020

Contents
I.

Overview of Performance for the First Halfof the Fiscal Year Ending March 31, 2021
1. Highlights of Financial Statements for the First Half

・・・・・・・・・

4

2. Details of Orders Received by Segment・・・・・・・・・

5

3. Details of Net Sales by Segment・・・・・・・・・

6

4. Details of Operating Profit

・・・・・・・・・

7

・・・・・・・・・

8

・・・・・・・・・

10

2. Trends in NTT Fixed-Line Related Business・・・・・・・・・

11

3. New Business Opportunities in NTT Fixed-Line Related Business・・・・・・・・・

12

4. Trends in NTT Mobile Business・・・・・・・・・

13

5. Trends in NCC Business・・・・・・・・・

14

6. Status of 5G Rollout by Telecommunications Carriers

・・・・・・・・・

15

7. Trends in IT Solutions Business・・・・・・・・・

16

8. Trends in Social System-Related Business・・・・・・・・・

17

・・・・・・・・・

18

・・・・・・・・・

20

5. Status of Contract Backlogs
II. Progress of Full-Year Business Forecasts
for the Fiscal Year Ending March 31, 2021
1. Full-Year Business Forecasts for the Fiscal Year Ending March 31, 2021

9. Structural Reform for Post COVID-19 World
III. Shareholder Returns Policy
1. Shareholder Returns Policy(Dividends and Acquisition of Treasury Stock)I. Overview of Performance for the First Halfof the Fiscal Year Ending March 31, 2021
l The COMSYS Group has proceeded with the construction of telecommunications and social infrastructure,
while complying with stipulated measures to prevent COVID-19 and giving full attention to the health of
employees, including those at partner companies, and preventing the spread of the disease.
l In the 1Q, business performance was impacted by delays in construction processes and delivery ofmaterials in the telecommunications carrier business and by the postponement of orders from some clientcompanies in the IT Solutions business due to the impact of COVID-19. However, the impact of COVID-19
decreased in 2Q, and business performance for the quarter recovered to nearly the same level as the 2Q inthe previous fiscal year.
l Due to the COVID-19 pandemic, investment in digitalization, including projects backed by the Japanese
government’s GIGA School initiatives, has been stepped up. In the second half, COMSYS will take fulladvantage of the Group’s construction resources to complete 5G, GIGA School, and various other projects
in order to achieve the initial forecast.

I-1. Highlights of Financial Statements for the First Half
Despite the recovery in the 2Q, net sales and operating profit fell year on year,
declining from the high levels of the previous fiscal year and with the impact of COVID-19.
• Orders received fell year on year, declining from the high level of the previous fiscal year, although the impact of COVID-19 was limited.
• Net sales fell year on year, declining from the high level of the previous fiscal year, and due to construction delays due to the impact
of COVID-19, but nearly recovered in the 2Q.
• Although operating profit fell year on year in conjunction with the decrease in sales, there was a significant improvement in the 2Q
due to the effect of cost reductions.

[Republished](Unit: ¥100 million)

FY March 2021

Comparisons withFY March 2021

1H Performancethe Previous Term

2H Performance

2Q
Year on Year

(Existing Group)(Existing Group)(Existing Group)(Existing Group)

2,795

-393

1,495

-295

(2,148)(-352)(1,158)(-260)

2,342

-87

1,295

-15

(1,778)(-56)(1,001)(+11)

Operating
Profit

124

-5

87

(106)

(-4)

(74)

+７

OperatingMargin5.3%-0.0 p.p.

(6.0％)(-0.1 p.p.)

6.8%+0.7 p.p.

(7.5%)(+0.7 p.p.)

Orders
Received
Net Sales

Note: p.p. = percentage points

(+7)

4

I-2. Details of Orders Received by Segment
Although the impact of COVID-19 was limited, orders received fell year on year,
declining from the high level of orders received in the previous fiscal year.
• NTT Engineering Business: Orders decreased year on year, primarily due to declines in the access (AC) business, the network (NW) business,and the mobile phone system negotiation and consulting business compared with the high level of orders received in the previous fiscal year.
• NCC Engineering Business: Orders increased year on year as expanded Rakuten orders offset delays in some orders due to the impact of COVID-19.
• IT Solutions Business: Orders increased year on year as robust orders for the GIGA School projects offset a decrease in orders due to COVID-19.
• Social System-Related Business: Orders decreased year on year due to a decline from the orders received for super-large scale solar projects
recorded in 2Q of the previous fiscal year.

[Republished]
FY March 2021

Comparisons withFY March 2021

1H Performancethe Previous Term

2H Performance

2Q
Year on YearNTT Engineering

1,201

-142

654

-54

NCC Engineering

229

+46

122

+30

IT Solutions

566

+30

279

+26

Social SystemRelated and Other

798

-327

438

-298

(Unit: ¥100 million)5I-3. Details of Net Sales by Segment
Net sales fell year on year due to the impact of COVID-19 and the decline
from the high level of net sales in the previous fiscal year, but nearly recovered in the 2Q.
• NTT Engineering Business: Sales fell year on year, declining from the robust sales in the previous fiscal year in the access business,and due to delays in construction owing to the impact of COVID-19 in the network and mobile businesses.
• NCC Engineering Business: Sales fell year on year as the increase in Rakuten sales failed to offset the delays in au construction due to the impact of COVID-19.
• IT Solutions Business: Sales fell year on year, declining from the robust sales of large-scale projects recorded in the previous fiscal year,
and due to delayed completion of order backlogs owing to the impact of COVID-19• Social System-Related Business: Sales fell year on year due to the delays in some projects caused by the impact of COVID-19.

[Republished]
FY March 2021

Comparisons withFY March 2021

1H Performancethe Previous Term

2H Performance

2Q
Year on YearNTT Engineering

1,031

-25

560

-4

NCC Engineering

188

-5

108

+7

IT Solutions

394

-38

223

-10

Social SystemRelated and Other

728

-18

402

-8

(Unit: ¥100 million)6I-4. Details of Operating Profit
Cost reductions and improvements in the sales mix led to significant growth in 2Q operating profit.
• In the 1Q, operating profit fell, declining from the high level of net sales recorded in 1Q of the previous fiscal year, and due to fall in sales caused
by delays in mobile projects caused by the impact of COVID-19.
• In 2Q, operating profit increased as sales recovered with the lower impact of COVID-19 and an improved sales mix.
• A decrease in SG&A expenses contributed to profit growth due to such factors as the promotion of teleworking and reduction in travel expenses
to prevent COVID-19 infections.

1Q -13

2Q +7

Net sales
decrease-9

Changes insales mix

-6

(Unit: ¥100 million)

Decrease in
SG&A expenses

Net sales
decrease

Changes insales mix

+2

-1

+2

Decrease in
SG&A expenses

+6

129
-5

FY March 2020
1H Performance

124

FY March 2021
1H Performance7I-5. Status of Contract Backlogs
Despite the COVID-19 pandemic, contract backlogs were at the same level
as in the previous fiscal year, and they will be steadily completed in the second half.
• NTT Engineering Business: Contract backlog decreased year on year given the downward trend in orders.
• NCC Engineering Business: Contract backlog increased year on year due to robust orders from Rakuten in addition to steady orders from KDDI and Softbank.
• IT Solutions Business: Contract backlog increased year on year due to acquisition of GIGA School projects and others.
• Social System-Related Business: Contract backlog decreased year on year, although new orders won offset part of the decline from the high levelof orders received for super-large scale solar projects recorded in the previous fiscal year.

(Unit: ¥100 million)

2,589
2,053
1,595
SocialSystem

625

IT
NCC

150
85

NTT

734

1,831

1,186

730
807
239
119
964

Contract backlog
Contract backlog
at beginning of 1Q at beginning of 3Q*

FY March 2019

209
119
695
Contract backlog
at beginning of 1Q

2,581

-7

ChangeYear on Year

2,129
1,101

-85

409

+96

236
115

156

+48

745

914

-66

Contract backlog
at beginning of 1Q

Contract backlog
at beginning of 3Q

1,031
312
108
980
Contract backlog
at beginning of 3Q

FY March 2020

FY March 2021*¥33.5 billion in orders carried forward from NDS Co., Ltd., SYSKEN Corporation, and Hokuriku Denwa Kouji Co., Ltd., which were consolidated in October 2018, was recorded in the contract backlog at the beginning of the 3Q.

8II. Progress of Full-Year Business Forecasts
for the Fiscal Year Ending March 31, 2021

II-1. Full-Year Business Forecasts

for the Fiscal Year Ending March 31, 2021

Maintaining initial forecasts, with recovery from construction delays expected.
• Although orders received fell in the first half, declining from the large volume of recorded in the first half of the previous fiscal year, orders are expected
to remain steady, going forward.
• Aim to achieve sales targets with recovery from delays in construction progress due to impact of COVID-19.
• Aim to achieve operating profit target by continuing with measures to cut costs and increase productivity, including use of teleworking.

FY March 2021
(Unit: ¥100 million)

1H Performance

Comparisons with
Initial Full-Year
Forecasts

Progress Rate

Orders
Received

2,795

5,650

49.5%

Net Sales

2,342

5,600

41.8%

Operating
Profit

124

380

32.6%

OperatingMargin

5.3%

6.8%

―
10

II-2. Trends in NTT Fixed-Line Related Business
Expecting a decline from strong performance in previous fiscal year,
but working on new business opportunities• Business phone-related orders and orders concrete pole replacement will decline, but NTT’s optical fiber service sales will be robust.
• Implement further cost reductions by promoting digital transformation and multi-skilling and effectively assigning personnel.
• Obtain new business related to installation of optical fiber network to establish nationwide high-speed wireless environment and NTT smart energy business.
Sales of NTT Engineering Business–AC and NW(Simple total of eight companies*)

1,849

1,725

-124

241

791
91

NW

1,608

700

AC

First Half

Full YearNTT Regional Communications Business capex

1,991First Half

Investment infiber optics
1,610**
Full YearFY March 2020

5,180
2,185

First HalfFY March 2021

-16

775
85

1,495

First Half

Full Year
Forecasts（光コラボ含む）

FY March 2021

No. of FLET’S Lines Provisioned(Unit: ¥100 million)

Investment infiber optics
1,560**
Full Year
Target230

690

FY March 2020

5,225

(Unit: ¥100 million)

267

265
142

137

First Half Full YearFirst HalfFY March 2020

(Unit: 10,000 lines)

Full Year
TargetFY March 2021

[Source: Source: Prepared by COMSYS Holdings Corporation based on Nippon Telegraph and Telephone Corporation
financial results materials for the year ended March 31, 2020 and NTT East and NTT West capital expenditure plans]* Simple total of eight companies is the sum of net sales of the following eight companies: Nippon COMSYS Corporation; SANWA COMSYS Engineering Corporation; TOSYS Corporation; TSUKEN Corporation; NDS Co., Ltd.; SYSKENCorporation; Hokuriku Denwa Kouji Co., Ltd.; and COMSYS JOHO SYSTEM Corporation.
** Total of capex plan numbers from NTT East and NTT West11

II-3. New Business Opportunities

in NTT Fixed-Line Related Business
Aim to acquire new business opportunities as a united Group

Government Initiative to Establish High-Speed Wireless Environment Nationwide

NTT Smart Energy Business

Installation of Optical Fiber Network in Rural Areas

Smart Energy Solutions

Outline• Install optical fiber networks for all local governments given the sharp
increase in telecommunications demand due to the COVID-19 pandemic
Ø Fiscal 2020 budget ¥58.5 billion
Ø Installation of optical fibers in all regions planned by local municipalities
during fiscal 2021
Ø Total install length: approx. 35,000km
Project organizers• Local governments, private sector businesses, etc.
Target regions• Disadvantaged regions (mostly in depopulated areas, remote areas, remoteislands, and areas with heavy snowfall, etc., in Hokkaido, Tohoku, Kyushu,
and Chugoku.)
National government subsidy ratio• For installation by local governments: 1/2 – 2/3• For installation by private sector businesses, etc.: 1/3 – 1/2

Outline• Utilize approximately 7,300 in-house telephone exchange buildings
nationwide to install renewable energy equipment and storage batteries
and supply customers with smart energy by installing NTT’s own DC
distribution network.
Ø Green power generation (solar, wind power, etc.)
Ø Virtual Power Plant (VPP)
Ø Advanced EV systems
Ø Backup power sourcesØ Power retail/wholesale
Operating companies• NTT Anode Energy Corporation(net sales of ¥600.0 billion by fiscal 2025)
Capex• ¥100.0 billion/year (over 10 years from fiscal 2020)

Business Opportunities for COMSYSBusiness Opportunities for COMSYS• Installation of optical fiber in areas of responsibility (approx. 13,000km)• Aim for steady design and construction utilizing Group resources

Source: Prepared by COMSYS Holding Corporation based on Ministry of Internal Affairs and Communications’ materials
on projects for promoting development of high-speed wireless environment• Solar and wind power plant construction-related projects• Power facility expansion projects, including installation ofstorage batteries in exchange buildings• Expansion into power transmission and distribution network
construction business
Source: Prepared by COMSYS Holdings Corporation based on NTT Anode Energy website and news releases.

12II-4. Trends in NTT Mobile Business
Capex will perform at the same level as in the previous fiscal year,
but 5G construction will move into top gear in the second half.
• With capex at the same level as in the previous fiscal year, 4G will be limited to minimum necessary expansion while maximum resources will shift to 5G.
• With recovery from the delays in negotiations, consulting and design due to impact of COVID-19 in the first half,
5G construction will move into top gear in the second half.
• Aim to complete 5G construction and further increase productivity by promoting digital transformation and effectively assigning personnel nationwide
Sales of NTT Engineering business–MB(Simple total of eight companies)

247

First Half

-8

Full Year

635

+22

612

(Unit: ¥100 million)

238

First HalfFY March 2020

NTT DOCOMO capex*

Full Year
Forecasts

FY March 2021

Digital Transformation of NTT Mobile Business(Unit: ¥100 million)

5,728

5,700
-1%

5,320
Communications
business
Other

2,185
-6%

2,012
First Half

Full YearFY March 2020

2,061

5,290

1,899
First Half

IT Platformsl Launch company-wide trial operation of mobile
business system in second halfl Aim for full operation in fiscal 2021

Digitaltransformation inwork processesl Start consolidation by shifting to remote design
servicesl Begin adoption of automation based on RPA,
nationwide consolidation, and outsourcing of
construction management operations

Full Year
TargetFY March 2021

Source: Prepared by COMSYS Holdings Corporation based on NTT Docomo’s materials for FY2020 2Q Earnings Release13

II-5. Trends in NCC Business
Increase expected in orders and sales due to acceleration in Rakuten Mobile nationwide rollout.
• Acceleration in 5G rollout expected in second half and beyond, including 5G conversion of 4G frequencies at both au and Softbank
and joint installation of 5G facilities in rural areas.
• Despite launch of 5G construction, decline in sales expected in au business with delays in 4G construction resulting from delays in materials
and goods owning to the impact of COVID-19.
• Rakuten Mobile is accelerating nationwide 4G rollout and starting 5G. Aim to aggressively expand orders and sales.
Status of KDDI

Consolidated Sales of NCC Engineering Business(Unit: ¥100 million)

193

First Half

480

+42

437
-5

Full YearFY March 2020

188

First Half

Full Year
Forecasts

FY March 2021

Status of Rakuten Mobile

Active investment in 5G backed by steady increasein number of contracts[Forecast number of Rakuten’s Mobile 4G base stations]

April 2020
4G service
launchut
on rollo
ase statibeidw
NationSource: KDDI materials for financial results briefing on the 2Q of FY ending March 31, 2021

Status of SoftBank

Simultaneous development of
nationwide 4G rollout and 5G launch

March 31, 2020
4,738 base stations

Expand 5G areas early by utilizing 4G frequencies

Smartphone cumulative Subscribers

Summer 2021
Pnopulatio coverage rate 96％
March 2021
Pnopulatio coverage rate 70%
Approx. 30,000 base stations(COMSYS Holdings estimate)

September 2020

March 2021

5G service
launchNationwide 5G rollout

Source: Prepared by COMSYS Holdings Corporation based on materials for FY 2020 2Q financial results briefing
by Rakuten, Inc. and press releases

Source: Softbank Corp. financial results briefing on the 2Q of FY ending March 31, 202114

II-6. Status of 5G Rollout by Telecommunications Carriers
5G base station construction moving into top gear amid changing business environment
Trends at Telecommunications CarriersKDDI

NTT docomo
p 5G base station rollout plans
•
•
•
•
•
•
•

June 30, 2021, 10,000 base stations nationwide
March 31, 2022, 20,000 base stations nationwide
March 31, 2023, 32,000 base stations nationwide*
Also studying use of SA system and 4G bands starting infiscal 2021
Extremely high frequency: Start rollout in September 2020
Joint use: NTT investment in JTOWER
5G capex: ¥1 trillion by fiscal 2023. Subsequently, continue
investment of several hundred billion yen/year**p 5G base station rollout plans
March 31, 2021, approx. 10,000 base stations nationwide
March 31, 2022, approx. 50,000 base stations nationwide(90% population coverage)
SA system from fiscal 2021
4G band utilization: obtain approval
Joint use: promote in rural areas using 5G Japan
Capex over next 10 years in 5G and 6G of ¥2 trillion***

•
•
•
•
•
•

*** November 4, 2020 report in the Nikkei newspaper.

*NTT docomo materials on announcement of new services and products for winter/spring 2020–2021**November 5, 2020 report in the Nikkei newspaper.

Rakuten Mobile
p Acceleration of 4G base station rollout•

96% population coverage in summer 2021 (approx. 43,000
base stations)p 5G base station rollout plans
•
•
•
•
•
•
•

September 2020: Launch 5G service
March 2021: Provide nationwide service
SA system from fiscal 2021
Gradual rollout of extremely high frequency
4G band conversion plans not known
Policy on base station sharing also not known
5G capex approx. ¥200.0 billion

SoftBank
p 5G base station rollout plans
•
•
•
•
•
•
•
•

March 31, 2021, approx. 10,000 base stations nationwide
March 31, 2022, approx. 50,000 base stations nationwide
March 31, 2026, approx. 200,000 base stations nationwide
March 31, 2031, approx. 350,000 base stations nationwide
SA system from fiscal 2021 SA
4G band utilization: obtain approval
Joint use: promote in rural areas using 5G Japan
Capex over next 10 years in 5G and 6G of ¥2.2 trillion******** Softbank Corp. financial results briefing on the 2Q of FY ending March 31, 202115

II-7. Trends in IT Solutions Business
Offset decrease in orders received due to impact of COVID-19 by acquiring GIGA School projects• First half sales decreased due to postponement of planned projects and delays in large-scale public sector projects caused by the impact of COVID-19.
• However, full-year sales are expected to recover with the completion of large numbers ofabundant GIGA School projects at hand in the second half.
• Obtained a local 5G construction order related to Tokyo Data Highway plan.

Consolidated Sales of IT Solutions Business■ Software development■ Solutions■ Maintenance

1,010

+28

981

270

271

432

-38

394

121
286
24

659
51

122
241
30

First Half

Full YearFirst HalfFY March 2020

685
55

Full Year
Forecasts

FY March 2021

Main orders received in each sector

SoftwareDevelopment

Solutions(Unit: ¥100 million)

Initiatives in IT Solutions Businessl Communications facility maintenance management systeml Development of corrosion inspection AI

GIGA School
Projects

l Strong orders received in first halfl Completion scheduled in current fiscal yearl GIGA School projectsl Local 5G systems on university campusesl Meteorological observation / disaster prevention
information systems

Further Project
Developmentsl Development of new sectors (local 5G, etc.)l Full-layer proposals for COMSYS customers
l Strengthen collaboration with local companies andanti-disaster radio systems manufacturers

16II-8. Trends in Social System-Related Business
Sales will be largely as planned, although orders will decline fromthe high level recorded in the previous fiscal year.
• Sales will be largely as planned with construction proceeding smoothly despite the COVID-19 pandemic, although orders will decline
from the high level of large-scale solar power projects recorded in the previous fiscal year.
• In the Infrastructure and Other sector, currently working on development of PFI projects for undergrounding of utility poles and waterand sewerage concession projects.
• In the Renewable Energy sector, capture solar projects and aim to win biomass and wind power projects in the second half.
• In the Electric Facilities sector, aim to receive further orders for expressway-related projects and data center projects.
Consolidated Sales of Social System-Related Business

1,685■Infrastructure and Other■Renewable Energy■Electric Facilities

-18

293

417
136
193
First Half

930

909

746

1,700

+14

728

483

395
155
177

Full YearFirst HalfFY March 2020

Main orders received in each sector

Infrastructure
and Otherl City of Yokohama Waterworks Bureau water pipe
constructionl Nariwagawabashi Bridge paving work

Renewable
Energyl Kochi Prefecture solar power plant construction
l Kumamoto Prefecture solar power plant construction

Electric
Facilities

l Adachi-ku disaster prevention facility constructionl Major data center construction(Unit: ¥100 million)

390
380
Full Year
Forecasts

FY March 2021

Initiatives in Social System-Related Business

Strengthen
Process andConstruction
Progress
Managementl Achieve sales through process management andacceleration based on early detection and resolutionof problems
l Shorten construction period through IT utilizationand new civil engineering methods

Strengthen
Risk
Managementl Preventive maintenance to tackle natural disasters
and accidentsl Ensure compliance and measures to prevent virustransmission17

II-9. Structural Reform for Post COVID-19 World
Promote structural reform adapted to the “new normal” society
Changes in the Business EnvironmentllRecognize that the social and economic changes brought by COVID-19 will be irreversible even after the pandemic ends
Ø Changes in business practices (teleworking, online meetings, paperless operations)Ø Expansion in demand for high-speed, high capacity telecommunications
Ø Movement of populations from cities to rural areas
Promote the digital transformation and structural reform triggered by social changes and develop new business leveraging accumulated knowledge

Digital Transformation and Structural Reform•

Radical review of workflow⇒Pursue productivity improvement based on teleworking and enhancement

Capture new business opportunities•

Ministry of Internal Affairs andCommunications’ project to promote
development of high-speed wirelessenvironment⇒Nationwide support utilizing Group resources•

Strengthening of data center business⇒Build Group-wide system to provide one-stop services fromin value added as a prime contractor•

Company-wide optimization of functional
deployment⇒Optimize business functions of each individual company ona groupwide basis to strengthen resources and enhance customer support•

Consolidate business sites and front/backyard
functions⇒Reduce costs through amalgamation of business sites

construction through electrical and communications construction•

Local 5G
⇒Early realization of projects, primarily in collaboration with NTT Group•

Development of new growth businesses⇒Develop new businesses including teleworking and security-related

and nationwide consolidation of front/backyard functions•

Promote diversity⇒Implement work style innovation and utilize diverse human resources,
including women, older people, and part timers

solution business and renewable energy supply

18

III. Shareholder Returns Policy

III-1. Shareholder Returns Policy(Dividends and Acquisition of Treasury Stock)
Planning to increase year-end dividend by ¥5 and makean additional ¥4.0 billion acquisition of treasury stock

ProfitTotal Dividends

Purchase of Treasury Shares(Unit: ¥100 million)

280
51

Negative
Goodwill＜167＞

154 80

Dividends
Per Share

144 80203 80【228】80

260 80Purchase ofTreasury
Shares

255 70
↑
30

Total

72

95

106 Dividends

39

44

58

March 2016

March 2017*

March 2018

March 2019**

March 2020

March 2021
(Planned)***Interim

¥15

¥20

¥25

¥30

¥35

¥40

Year-end

¥20

¥20

¥25

¥30

¥40

¥45

36.8%

42%

67.5%

69%

14.16
million shares(10.0%)

16.17
million shares(11.5%)

8.6%

8.2%

Consolidated
Payout Ratio
Total Return Ratio

25.6%

Dividends + treasury shares
Profit77.2%

Number of Sharesof Treasury Sharesat the End of the Period(Ownership Ratio

30.24
million shares(21.5%)

ROE

7.9%

30.8%
<26.6%>

85.6%<74.0%>
31.86
million shares(22.6%)

7.3%<8.3%>* Figures in < > are estimates assuming no impairment loss on goodwill.
** Figures in [ ] are estimates assuming no increase in net income due to negative goodwill.
*** Figures assuming treasury stock is acquired for the share price as of September 30.

28.0%
67.5%
26.42
million shares(18.7%)

9.4%

26.1%
[32.0％]

54.5%[66.8％]

12.29
million shares(8.7%)

10.6%[8.7％]

20

— COMSYS Group Management Philosophy —At the COMSYS Group, we are united as a Group and strive for strong partnership and collaboration with diverse
external players in achieving our management philosophy.
• We will build a company that customers continue to choose through the construction of diverse infrastructure that carries our era forward.
• We will contribute to our country and local communities by building social infrastructure that supports affluent lifestyles.
• We will continue with unrelenting reform in our aim to further increase corporate value.

Cautionary Statement with Respect to Forward-Looking Statements

Forecast figures contained in these presentation materials are forward-looking statements that assume underlying risks and uncertain factors.
Accordingly, it should be recognized that actual results may differ from such forward-looking statements due to a variety of factors.
Important factors that could affect results include, but are not limited to, changes in economic conditions and social trends relevant to the Group’s businessareas, and downward pressure on prices for the services provided by the Group owing to fluctuations in demand and intensified competition.

For further information, please contact:
IR Department
Telephone: +81-3-3448-7000 (direct)
Facsimile: +81-3-3448-7001
E-Mail: chd-ir@comsys.co.jp
URL: https://www.comsys-hd.co.jp/