August 7, 2019

COMSYS Holdings Corporation
Consolidated Financial Results for the First Quarter Ended June 30, 2019
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 (Securities code: 1721)
URL:
http://www.comsys-hd.co.jp
Representative:
Takashi Kagaya, President and Representative Director
For Inquiry:
Hidehiko Ozaki, Director and General Manager of Finance & Accounting Department (Telephone:81-3-3448-7000)
Scheduled Filing of Quarterly Securities Report:
August 8, 2019
Scheduled Commencement of Dividend Payment: —Supplementary Materials on Quarterly Results:
Attached
IR Presentation on Quarterly Results:
Not scheduled
Amounts less than one million yen have been omitted.

1. Consolidated Financial Results (for the three months ended June 30, 2019)(1) Consolidated Operating Results(Millions of yen, except per share data and percentages)

Net Sales

Operating Proﬁt

Ordinary Proﬁt

Proﬁt Attributable toOwners of Parent

Three months ended June 30, 2019

¥111,906

36.0%¥4,97623.1%¥5,511

29.7%¥3,50926.0%

Three months ended June 30, 201882,270

28.7

4,043

15.7

4,248

16.0

2,785

6.6

Notes: 1. Comprehensive income: Three months ended June 30, 2019: ¥2,767 million [(18.2%)]
Three months ended June 30, 2018: ¥3,383 million [4.9%]
2. Percentages indicate the percentage change from the corresponding period of the previous fiscal year.

Primary Earnings per Share

Diluted Earnings per ShareThree months ended June 30, 2019¥27.20¥27.12Three months ended June 30, 2018

24.33

24.23

(2) Consolidated Financial Position(Millions of yen, except percentages)

Total AssetsNet Assets

Equity Ratio

As of June 30, 2019

¥415,987¥300,609

71.6%

As of March 31, 2019439,926

301,459

67.8(Reference) Shareholders’ Equity:

As of June 30, 2019: ¥297,653 million

As of March 31, 2019: ¥298,373 million

2. Cash Dividends for Shareholders of Common Stock(Yen)

Cash Dividends per Share over the Fiscal YearEnd of 1st QuarterEnd of 2nd QuarterEnd of 3rd Quarter

Year ended March 31, 2019¥ —¥30.00¥ —¥30.00¥60.00Year ending March 31, 2020—
35.00

—

40.00

75.00

Year ending March 31, 2020 (Forecast)Year-EndAnnualNote: Most recently announced revisions to dividend forecast: No

3. Consolidated Earnings Forecast (for the ﬁscal year ending March 31, 2020)
Net Sales
Six months ending September 30, 2019 ¥230,000
Year ending March 31, 2020

540,000(Millions of yen, except per share data and percentages)

Proﬁt Attributable to Primary Earnings
Owners of Parentper Share

Operating Proﬁt

Ordinary Proﬁt

29.3%¥11,500

4.8%¥11,700

4.2%¥ 7,500

5.2%¥ 58.2712.1

38,0007.7

38,5006.7

25,500(9.0)

198.13

Notes: 1. Most recently announced revisions to consolidated earnings forecast: No
2. For fiscal-year figures, percentages indicate the percentage change from the previous fiscal year. For first-half figures, percentages indicate thepercentage change from the corresponding half of the previous ﬁscal year.

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2019

*Notes:(1) Changes in significant subsidiaries during the period under review (changes to subsidiaries that would alter the scope ofconsolidation): No(2) Adoption of accounting methods specific to quarterly consolidated financial statements: Yes(3) 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: Nob) Changes in accounting policies due to other reasons: Yesc) Changes in accounting estimates: Nod) Restatements of prior period financial statements due to error correction: No(4) Number of shares issued (common stock)a) Number of shares issued (including treasury stock)b) Number of treasury stockc) Average number of shares issued in the period

As of June 30, 2019
141,000,000 shares
12,139,389 shares

As of March 31, 2019
141,000,000 shares
12,299,356 shares

Three months ended June 30, 2019
129,018,696 shares

Three months ended June 30, 2018
114,471,349 shares*This Quarterly Consolidated Financial Results report has not been subjected to quarterly review proceduresby certified public accountants or an audit corporation.
*Disclaimer concerning the Proper Use of Business Results Forecasts and Other Relevant Specific Items
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 a varietyof 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 “(3) Discussion of Forward-Looking Information, including Consolidated Earnings Forecasts” under “1. Qualitative
Information Regarding Consolidated Financial Results for the Period under Review” of this Consolidated Financial Results report in theAccompanying Materials section on page 3.

2

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2019

Accompanying Materials
1. Qualitative Information Regarding Consolidated Financial Results for the Period under Review(1) Discussion of Operating Results
During the cumulative first quarter period (April 1, 2019 to June 30, 2019) of the current fiscal year ending March 31,
2020, the Japanese economy maintained a moderate recovery amid continued improvements in the employment andincome environment and corporate earnings, due in part to various effectual government policies. However, it will benecessary to monitor the impact of U.S.-China trade friction on the global economy, the uncertainty in the economy
overseas, and the fluctuations in financial and capital markets.
In the information and communications field, the COMSYS Group’s principal area of activity, there wasexpansion in value-added services such as content provision, and the upgrading of the mobile network was promoted toaccommodate the sharply increasing, higher-volume traffic. Moreover, in both the public and private sectors, extensive
investments were anticipated in various business undertakings. This includes building national resilience, such as disasterprevention and mitigation measures for intensifying natural disasters, as well as development of renewable energy policies
and social infrastructure investment in preparation for the Tokyo Olympic and Paralympic Games. Also, investment
expansion is expected in information and communication technology (ICT) utilizing innovations such as IoT, AI, and 5th
generation mobile communications (5G).
The COMSYS Group took initiatives for top-line expansions, which included entering the renewable energy
business, particularly solar power and biomass power construction projects. Also, in response to the rise in public-sector
and ICT investment aimed at the development of a smart society, it ventured into new business domains and implemented
M&As. Moreover, in addition to seeking to generate synergies from the integration of the three corporate groups as soon as
possible, the Group worked to improve profit by transferring personnel to growth business sectors and implementing
measures such as increasing construction efficiency and cutting costs by promoting workstyle innovation.
Under these circumstances, orders received in the first quarter period increased 42.9% year on year to ¥139,656 million,
and net sales rose 36.0% year on year to ¥111,906 million. From a profit perspective, operating profit increased by 23.1% year on
year to ¥4,976 million, while profit attributable to owners of parent increased 26.0% year on year to ¥3,509 million.
(2) Discussion of Financial Position
Total assets as of June 30, 2019 amounted to ¥415,987 million, down ¥23,938 million compared with the end of the previous
fiscal year. This was mainly attributable to a decrease in notes receivable, accounts receivable from completed construction
and other. Liabilities decreased by ¥23,088 million compared with the end of the previous fiscal year, to ¥115,378 million.
This was largely attributable to a decrease in notes payable, accounts payable for construction contracts and other.
Net assets decreased by ¥849 million compared with the end of the previous fiscal year, to ¥300,609 million.
This was primarily attributable to a decrease in valuation difference on available-for-sale securities.
In accordance with each of the aforementioned factors, the equity ratio stood at 71.6%, compared with 67.8% at
the end of the previous fiscal year.
(3) Discussion of Forward-Looking Information, Including Consolidated Earnings Forecasts
There are no changes in the consolidated earnings forecast for the full fiscal year ending March 31, 2020 published in“COMSYS Holdings Announces Revision to Earnings Forecast” dated May 10, 2019.

3

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2019

2. Quarterly Consolidated Financial Statements(1) Consolidated Balance Sheets
Millions of yenASSETS
Current assets:
Cash and deposits
Notes receivable, accounts receivablefrom completed construction contracts and other
Inventories:
Costs on construction contracts in progress
Other
Other current assets
Allowance for doubtful accounts
Total current assets
Non-current assets:
Property, plant and equipment:
Buildings and structures, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other intangible assets
Total intangible assets
Investments and other assets:
Investment securities
Other assets
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

4As of March 31, 2019

As of June 30, 2019

28,61850,642

169,186

106,681

28,983
4,576
15,783(136)247,01336,584
5,394
23,481(89)
222,696

41,84765,74828,148135,744

41,434
66,101
28,528136,064

4,999
4,606
9,606

4,725
4,397
9,123

27,712
20,205(356)
47,561
192,912439,926

28,061
20,404(363)
48,102
193,291
415,987

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2019

Millions of yen

LIABILITIESCurrent liabilities:
Notes payable, accounts payable
for construction contracts and other
Short-term borrowings
Income taxes payable
Advances received on construction contracts in progress
Allowances
Other current liabilities
Total current liabilities
Non-current liabilities:
Long-term borrowings
Deferred tax liabilities for land revaluation
Retirement benefit liability
Provision for retirement benefits for directors (and other officers)
Other long-term liabilities
Total non-current liabilities
Total liabilities
NET ASSETS
Shareholders’ equity:
Share capital
Capital surplus
Retained earningsTreasury shares
Total shareholders’ equity
Accumulated other comprehensive income:
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for landRemeasurements of defined benefit plans
Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

5

As of March 31, 2019

As of June 30, 2019

77,685
8,543
6,017
4,045
1,251
18,583
116,125

58,264
8,412
861
5,486
1,173
18,942
93,1403,212
1,369
13,508622
3,62822,340
138,466

3,020
1,369
13,488541
3,818
22,238115,378

10,00091,549223,261(20,539)304,271

10,00092,064
222,910(20,673)304,3012,810(0)(7,905)(802)(5,898)657
2,428
301,459
439,9262,076(0)(7,905)(818)(6,648)533
2,422
300,609415,987

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2019(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income

Three months ended
June 30, 2018

Net sales
Cost of sales
Gross profits
Selling, general and administrative expenses
Operating profit
Non-operating income:Interest income
Dividend income
Rental income from non-current assets
Other
Total non-operating income
Non-operating expenses:
Interest expenses
Rent expenses
Depreciation of idle assets
Other
Total non-operating expenses
Ordinary profit
Extraordinary income:Gain on sales of non-current assets
Other
Total extraordinary income
Extraordinary losses:
Loss on retirement of non-current assets
Loss on valuation of investment securities
Special retirement expensesCompensation for damage
Other
Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit (loss) attributable to non-controlling interests
Profit attributable to owners of parent

6

Millions of yen
Three months ended
June 30, 201982,27072,236
10,0345,990
4,043

111,906
98,207
13,699
8,723
4,976

8
149
46
44
248

6
412
86
110
615

1
23
9
8
43
4,248

14
51
5
8
79
5,511

5
0
5

18
15
33

11
2
—
55
26
4,228
1,451
2,776
(9)
2,785

9
15
23
—
10
58
5,486
1,974
3,511
23,509

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2019

Consolidated Statements of Comprehensive Income
Millions of yen
Three months ended
Three months ended
June 30, 2018
June 30, 2019

ProfitOther comprehensive income:
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Remeasurements of defined benefit plans
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners of parent
Comprehensive income (loss) attributable to non-controlling interests

72,776

3,511650—(43)607
3,383(729)
(0)
(15)
(744)
2,767

3,391
(8)

2,759
7