May 9, 2014

COMSYS Holdings Corporation
Consolidated Financial Results for the Fiscal Year Ended March 31, 2014
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:
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 27, 2014
Scheduled Commencement of Dividend Payment: June 30, 2014
Scheduled Filing of Securities Report:
June 27, 2014
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, 2014)(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, 2014

¥331,341

4.8%¥27,570

22.3%¥28,078

22.5%¥16,389

23.4%

Year ended March 31, 2013

316,092

6.8

22,54779.1

22,91476.7

13,28485.2

Notes: 1. Comprehensive income:Year ended March 31, 2014: ¥16,896 million [ 15.6%]
Year ended March 31, 2013: ¥14,619 million [ 84.0%]
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, 2014

¥136.08¥135.34

9.4%

11.4%

8.3%

Year ended March 31, 2013106.82106.40

7.9

9.8

7.1

(Reference) Equity in earnings of afﬁliates:

Recurring Proﬁt/ Total Assets

Return on Equity

Year ended March 31, 2014: ¥— million

Operating Margin

Year ended March 31, 2013: ¥— million(2) Consolidated Financial Position(Millions of yen, except per share data and percentages)

Total Assets
As of March 31, 2014
As of March 31, 2013
(Reference) Shareholders’ equity:

Net Assets

Equity Ratio¥250,561¥179,414

240,602173,411

As of March 31, 2014: ¥178,234 million

Net Assets per Share
71.1%¥1,514.73

71.6

1,401.05

As of March 31, 2013: ¥172,282 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, 2014

¥24,185¥(6,228)¥(10,511)¥30,915

Year ended March 31, 2013

3,963

(7,554)(6,489)23,4692. Cash Dividends for Shareholders of Common Stock(Millions of yen, except per share data and percentages)

Consolidated BasisCash Dividends per Share
End of
1st QuarterEnd of2nd QuarterEnd of3rd Quarter

Year-End

Annual

Total
Dividends(Annual)Year ended March 31, 2013

¥ —¥10.00¥ —¥10.00¥20.00Year ended March 31, 2014

—

10.00

—

15.00

25.00

Year ending March 31, 2015 (Forecast)

—

15.00

—

15.00

30.00

Breakdown of year-end dividend for the ﬁscal year ended March 31, 2014:

Ordinary dividends: ¥10

Ratio of
Dividends to
Net Assets¥2,471

18.7%

1.5%

2,965

18.4

1.7

19.6

Commemorative dividends: ¥5

3. Earnings Forecast (for the ﬁscal year ending March 31, 2015)
Net Sales

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

Operating Income

Recurring Proﬁt

Net Income

Six months ending September 30, 2014

¥149,000

6.0%¥11,000

3.5%¥11,200

2.1%¥ 6,800

10.3%

Net Income per Share¥ 57.79

Year ending March 31, 2015

345,000

4.1

29,0005.2

29,5005.1

18,0009.8

152.97Note. 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, 2014

*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 stockc) Average number of shares issued in the period

As of March 31, 2014
145,977,886 shares
28,310,548 shares

As of March 31, 2013
145,977,886 shares
23,011,312 sharesYear ended March 31, 2014
120,442,262 sharesYear ended March 31, 2013
124,369,863 shares(Reference) Summary of Non-Consolidated Financial Results
Non-Consolidated Financial Results (for the ﬁscal year ended March 31, 2014)(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, 2014

¥3,3820.8%¥2,5200.0%¥2,567(0.9)%¥2,493(1.4)%

Year ended March 31, 2013

3,356

(3.5)

2,520

(5.4)

2,590

(4.6)

2,530

(6.1)

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, 2014¥20.66¥20.55

Year ended March 31, 2013

20.30

20.22

(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, 2014

¥142,808¥80,56256.1%¥679.06

As of March 31, 2013

143,237

87,91961.0

709.40(Reference) Shareholders’ equity:

As of March 31, 2014: ¥80,084 million

As of March 31, 2013: ¥87,421 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) Analysis of Operating Results” under “1. Analysis of Operating Results and Financial Position” of thisConsolidated Financial Results report in the Accompanying Materials section 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 15, 2014. 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, 2014

Accompanying Materials
1. Analysis of Operating Results and Financial Position(1) Analysis of Operating Results1) Operating Results for the Fiscal Year Ended March 31, 2014
During the fiscal year ended March 31, 2014 (April 1, 2013 to March 31, 2014), the Japanese economy showed signs of amoderate recovery as the depreciation in the value of the yen and the increase in share prices continued due to such factors as
government economic policies and the Bank of Japan’s monetary easing policy.
In the information and communications field, the COMSYS Group’s principal area of activity, there was rapid progressin construction and installation of networks aimed at ease of connection and increasing the speed of communications as well as
diversifying and increasing the sophistication of terminals. This is attributable to expansion in the penetration of broadband suchas FTTH and Long-Term Evolution (LTE) and the next-generation mobile phone communication standard, along with theadded functionality of devices such as smartphones and tablets and growth in the use of cloud computing.
Moreover, in the public and private sectors, the creation of new value-added industries based on the progress of Smart
Information and Communications Technology (ICT) being promoted by the Japanese government, along with the provision of
new solutions for social issues through such means as electronic government, health care and nursing care enabled by the use of
big data, open data and cloud technologies. In addition, public sector investment and private sector capital investment were
expected to be made in areas such as the strengthening of urban functions with a focus on disaster prevention and construction of
telecommunications infrastructure.
In such a market environment, the COMSYS Group took initiatives to expand its top-line activities, which include
entering next-generation businesses such as the green energy field, primarily the mega-solar related business, and proactively
obtaining orders in response to the increase in public-sector investment and investment in computerization in order to advancethe Group’s COMSYS WAY a structural reforms. Moreover, the Group worked to enhance efficiency through such means asbuilding a new construction IT platform that provides comprehensive management from order receipt through to project
management and undertaking a radical review of backyard operations.
Under these circumstances, orders received in the current fiscal year fell 2.3% year on year to ¥327,981 million as the IT
solutions business and the social infrastructure business remained robust, despite the impact of bulk orders for mobile-related
construction in the previous year. Meanwhile, net sales grew 4.8% year on year to ¥331,341 million due to such factors as the
progressive completion of mobile-related construction and solar construction projects.
From a profit perspective, the COMSYS Group experienced growth in net sales as well as the benefits and cost
reductions from the COMSYS WAY a structural reforms that it has implemented to date. As a result, operating income rose
substantially by 22.3% year on year to ¥27,570 million, and net income climbed 23.4% to ¥16,389 million.
2) Earnings Forecast for the Fiscal Year Ending March 31, 2015
In the consolidated earnings forecasts for the COMSYS Group for the year ending March 31, 2015, due to such factors as thecontinued advance of the mobile communications market and the growth in public works, primarily, but not limited to, policies
for building national resilience, orders received are expected to rise as a result of an increase in orders from the private-sector
market. Sales are forecast to rise as work in progress carried over from the previous period will remain at a high level. From a
profit perspective, due to an increase in efficiency accompanying the growth in the volume of projects and the sustained effects ofstructural reforms, profit is expected to rise.

3

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2014

Earnings Forecast(Millions of yen, except percentages)

Year ended March 31, 2014

Year ending March 31, 2015

ChangeOrders received¥327,981¥349,000

Net sales

331,341

345,000

4.1

Gross profits

45,77051,500

12.5

6.4%

Operating income

27,57029,000

5.2

Recurring profit

28,07829,5005.1

Net income

16,38918,000

9.8(2) Analysis of Financial Position
1) Analysis of Assets, Liabilities and Net Assets(a) Assets
Current assets as of March 31, 2014 stood at ¥156,495 million, ¥6,902 million higher than at the end of the previous fiscal year.
This was mainly attributable to a ¥7,384 million increase in cash and cash equivalents. Fixed assets as of March 31, 2014 stood at¥94,066 million, up ¥3,057 million compared with March 31, 2013. This was mainly attributable to an increase in property andequipment of ¥2,908 million.
As a result, total assets amounted to ¥250,561 million as of March 31, 2014, an increase of ¥99,59 million comparedwith the end of the previous fiscal year.
(b) Liabilities
Current liabilities as of March 31, 2014 stood at ¥63,720 million, up ¥4,482 million compared with the previous fiscal year-end.
This was mainly attributable to an increase in income taxes payable of ¥3,868 million. As of March 31, 2014, long-term liabilities
amounted to ¥7,426 million, ¥525 million lower compared with the end of the previous fiscal year. This was mainly attributable
to a decline of ¥5,077 million in provision for accrued severance indemnities and an increase of ¥4,384 million in net defined
benefit liability due to the application of accounting standards relating to retirement benefits and other factors.
As a result, total liabilities amounted to ¥71,147 million, an increase of ¥3,956 million compared with the end of theprevious fiscal year.
(c) Net assets
Net assets including minority interests stood at ¥179,414 million as of March 31, 2014. This was largely attributable to anincrease in retained earnings of ¥13,966 million compared with the previous fiscal year-end, after accounting for the current fiscal
year’s net income, and a decrease in net assets due to an increase of ¥7,477 million in treasury stock resulting from acquisition oftreasury stock.
As of the end of the fiscal year under review, the equity ratio stood at 71.1%, down from 71.6% as of March 31, 2013.
2) Analysis of Cash Flow
Cash and cash equivalents stood at ¥30,915 million as of March 31, 2014, an increase of ¥7,445 million, or 31.7%,
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, 2014 are presented as follows.
(a) Cash flows from operating activities
Net cash provided by operating activities stood at ¥24,185 million compared with net cash provided by operating activities of¥3,963 million for the previous fiscal year. The major cash inflows were income before income taxes and other adjustments to net
income of ¥27,076 million and depreciation and amortization of ¥4,426 million. Major cash outflows for the fiscal year ended
March 31, 2014 was income taxes paid of ¥6,546 million.

4

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2014(b) Cash flows from investing activities
Net cash used in investing activities totaled ¥6,228 million for the fiscal year under review compared with net cash of ¥7,554
million used in investing activities in the previous fiscal year. The major components were acquisitions of property andequipment of ¥5,244 million and payments of loans receivable of ¥2,502 million.
(c) Cash flows from financing activities
Net cash used in financing activities was ¥10,511 million for the fiscal year ended March 31, 2014, compared with ¥6,489
million used in financing activities in the previous fiscal year. Acquisition of treasury stock amounted to ¥8,025 million,
while cash dividends totaled ¥2,423 million.
(Reference) Changes in Cash Flow-Related Indicators
Year ended
March 31, 2010

Year ended
March 31, 2011

Year ended
March 31, 2012

Year ended
March 31, 2013

Year ended
March 31, 2014

Equity ratio (%)

71.2

67.7

71.7

71.6

71.1

Equity ratio based on market value (%)

53.7

46.0

49.8

58.4

76.0

Ratio of interest-bearing liabilities to cash flows (%)
Interest coverage ratio (times)

0.5

—

4.9

47.6

6.8

3,175.2—

2,571.4

173.7

2,460.5

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, 2014. The Company also intends to pay a period-end cash dividend of ¥15 per share (ordinary dividends of¥10 per share and commemorative dividends of ¥5 per share), for an annual cash dividend of ¥25 per share. Moreover, and in aneffort to further enhance shareholder returns, COMSYS Holdings acquired 5,839 thousand shares (¥7,999 million) of treasury
stock in the fiscal year under review.
In the fiscal year ending March 31, 2015, COMSYS Holdings plans to pay an annual cash dividend of ¥30 per share.
The intention is to pay an interim cash dividend of ¥15 per share and a period-end cash dividend of ¥15 per share.

5

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2014

2. Management Policy(1) Basic Policy on Corporate Management
The COMSYS Group has set three pillars—“growth in revenues and income,” “streamlined operations,” and “promotion of
integrated operations”—as the foundations of its management policy. The COMSYS Group aims to be a truly accomplishedcompany that is trusted and well respected by all of its stakeholders, as it carries out ongoing efforts improve corporate value.
Moreover, the COMSYS Group seeks to ensure occupational safety and health, enhance corporate governance,
guarantee rigorous compliance, strengthen risk management, and ensure adherence to the COMSYS Group’s Code of Conduct,
while further consolidating internal control based on Japan’s Companies Act and the Financial Instruments and Exchange Act.

(2) Target Management Indicators
From a medium- to long-term perspective, the COMSYS Group aims to develop an effective structure that overcomesthe challenging management environment by initiating structural reforms in order to survive in today’s competitive environment
by improving productivity and strengthening cost competitiveness.

(3) Medium- to Long-Term Corporate Management Strategy
The COMSYS Group is working toward the achievement of the three management strategies below.
1) Further consolidate our position as the No. 1 company in communications infrastructure construction2) Leverage the synergies of the COMSYS Group3) Aim to be a knowledge-intensive company by harnessing the IT of the COMSYS Group(4) Challenges to be Addressed
In the information and communications field, the COMSYS Group’s principal area of activity, additional functionalityof devices such as smartphones and tablets and growth in the use of cloud computing will advance. The construction andinstallation of networks is expected to continue, including updating of technology (from LTE to LTE-Advanced) aimed at easeof connection and increasing the speed of communications as well as diversifying and increasing the sophistication of terminals.
Moreover, in the public and private sectors, there will be requirements for creation of new value added industries
including the ICT growth strategy and Smart Community being promoted by the Japanese government, full-scalereconstruction from the Great East Japan Earthquake, strengthening of urban functions with a focus on disaster prevention
including policies for building national resilience and removal of utility poles by laying cable underground and construction of
expressways for the 2020 Tokyo Olympic and Paralympic Games. Moreover, expansion is also expected in the social
infrastructure and IT businesses, including growing market needs in the environment and energy sector.
In this market environment, the COMSYS Group will endeavor to further expand the top-line, improve profitability
and streamline operations by continuing to promote the COMSYS WAYa structural reforms as it pushes forward with theswitch to a leaner operational infrastructure. In addition, the Group recognizes the issues below as particular challenges to beaddressed in the expansion of its business.
1) Expand business territory
s !CTIVELY INCREASE ORDERS RECEIVED IN RESPONSE TO HIGHER PUBLIC INVESTMENT AND INVESTMENT IN )#4
s !CTIVELY ENTER AND EXPAND THE GREEN INNOVATION BUSINESS INCLUDING THE SOLAR POWER BUSINESS(Promote an extensive solar power business with medium and small-scale industrial and residential projects inaddition to mega solar projects)
s #REATE A STRUCTURE FOR 'ROUP COOPERATION THROUGH THE ESTABLISHMENT OF A NEW 'ROUP "USINESS 0ROMOTION /FFICE
and obtain extensive orders through Group collaborations 2ISE TO THE CHALLENGE OF NEW BUSINESS TERRITORIES WITH A FOCUS ON THE 3MART #OMMUNITY THAT THE *APANESE
government is promotings 3TRENGTHEN -!S AND ALLIANCES TARGETING EXPANSION IN BUSINESS TERRITORY
6COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2014

2) Promote maximum utilization of resources and structural reforms #ONCENTRATE INVESTMENT OF HUMAN AND MANAGEMENT RESOURCES ON MOBILE AND .## RELATED BUSINESSES AND
encourage intra-Group mobility of qualified personnel in order to promote expansion of social infrastructurebusinesss -AKE MAXIMUM UTILIZATION OF RESOURCES THROUGH SKILL SWITCHING AND MULTI SKILLING FOR EMPLOYEESs 5TILIZE THE NEW CONSTRUCTION )4 PLATFORM TO DELIVER COMPREHENSIVE MANAGEMENT FROM ORDER RECEIPT THROUGH TO
project management in order to respond to the increase in small-scale projects and repeat projects
s 3TRENGTHEN SALES AND PROJECT OPERATION MANAGEMENT SYSTEMS TOGETHER WITH OPERATING COMPANIES AND CONSOLIDATED
subsidiaries
3) CSR Contributions Strengthen corporate governance and ensure rigorous compliances CSR activities that contribute to creating an affluent societys Implement and consolidate business continuity plan (BCP)

7

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2014

3. Consolidated Financial Statements(1) Consolidated Balance Sheets
Millions of yen
As of March 31, 2013
As of March 31, 2014ASSETS
Current assets:
Cash and cash equivalents
Notes and accounts receivable—trade
Lease investment assets
Marketable securities
Accumulated cost of construction in progress
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
Net defined benefit asset
Deferred income taxes
Other assets
Less: Allowance for doubtful receivables
Total investments and other assets
Total fixed assets
Total assets

8

23,651
96,5792,752
59
18,805
1,087
512
3,842
2,405
(103)
149,593

31,036
97,6672,999
017,816
453
343
4,092
2,152
(65)
156,495

47,345(23,259)
24,08518,000(13,186)
4,813
38,324
252
(34)
217
4
67,444
4,324

50,530(24,499)
26,03017,850(13,086)
4,763
38,969
445
(77)
368
222
70,353
3,594

9,037
1,745
3,855
—
1,387
5,521
(2,308)19,23991,008240,602

9,684
3,908
—
2,422
1,245
4,956
(2,098)
20,117
94,066
250,561COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2014

Millions of yen
As of March 31, 2013
As of March 31, 2014

LIABILITIESCurrent 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:
Deferred income taxes
Deferred tax liabilities for unrealized gains on land revaluation
Accrued severance indemnities
Net defined benefit liability
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
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Subscription rights to shares
Minority interests
Total net assets
Total liabilities and net assets

944,456
1,660
2,978
1,526
155
52
8,409
59,23845,039
1,270
6,847
1,018
184
379
8,981
63,720

457
1,662
5,077
—
222
532
7,951
67,190

428
1,662
—
4,384
193
756
7,426
71,147

10,00055,440134,747(21,180)
179,006

10,00055,494
148,713(28,658)
185,549

1,366(8,090)—(6,724)497
631
173,411240,602

1,803(8,090)(1,028)(7,315)478
701
179,414250,561COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2014

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income)Millions of yen

Net sales
Cost of sales
Gross profits
Selling, general and administrative expenses
Operating income
Other income:Interest income
Dividend income
Reversal of allowance for doubtful receivables
Rent income on noncurrent assets
Foreign exchange gains
Other
Total other income
Other expenses:
Interest expenses
Commission for purchase of treasury stock
Rent expenses
Provision for allowance for doubtful receivables
Other
Total other expenses
Recurring profit
Extraordinary income:Gain on sales of fixed assets
Gain on negative goodwill
Gain from reimbursement on investment
Gain on payback of insurance payments
Other
Total extraordinary income
Extraordinary loss:
Loss on sales of fixed assets
Loss on disposal of fixed assets
Write-down on investments in securities
Loss on impairment of fixed assets
Business structure improvement expenses
Special payments on employees’ retirement benefits
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

10Year ended
March 31, 2013

Year ended
March 31, 2014

316,092
274,865
41,226
18,67922,547331,341
285,571
45,77018,20027,570

42
173
30
120
152
209
729

48
164
130
107
—
160
611

23
11
33
260
33
362
22,914

9
22
30
21
19
103
28,078

4
752
—
74
10
841

35
—
1,052
198
139
1,426

34
162
58
54
—
1,736
617
2,662
21,093

64
70
—
323
1,718
67
181
2,427
27,076

7,566
163
7,729
13,36379
13,284

10,401
215
10,617
16,45970
16,389

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2014

(Consolidated Statements of Comprehensive Income)Millions of yen

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

11

Year ended
March 31, 2013

Year ended
March 31, 2014

13,363

16,4591,255
1,255
14,619436
436
16,896

14,53584

16,826
70

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2014

(3) Consolidated Statements of Changes in Net Assets
Millions of yen

Shareholders’ equity

Year ended March 31, 2013
Balance at the end of the previous period

Commonstock

Additional
paid-in capital

Retainedearnings

Treasurystock,at cost

Total
Shareholders’equity10,00055,374

123,611(17,504)

171,481

Changes during the period
Cash dividends(2,504)(2,504)

Net income

13,284

13,284

Repurchase of treasury stock
Disposal of treasury stock

65

Changes of scope of consolidation(4,001)(4,001)

325

390

355

355

Net changes during the period
except for shareholders’ equity
Total changes during the period
Balance at the end of the period—

65

11,135(3,676)

7,525

10,00055,440134,747(21,180)

179,006

Millions of yen

Accumulated other comprehensive income

Year ended March 31, 2013
Balance at the end of the previous period

Unrealized
gain (loss) onother securities

Unrealized
gain (loss)
on landrevaluation

115(8,090)Total
accumulated
otherRemeasurementsof deﬁned comprehensive Subscription
incomebeneﬁt plansrights to shares—(7,974)430

Minority
interests

Total
net assets

637

164,574

Changes during the period
Cash dividends(2,504)

Net income

13,284

Repurchase of treasury stock(4,001)

Disposal of treasury stock390

Changes of scope of consolidation

355

Net changes during the period
except for shareholders’ equity
Total changes during the period
Balance at the end of the period

1,250

—

—

1,250

67

(5)

1,312

1,250

—

—

1,250

67

(5)

8,837

1,366

(8,090)—(6,724)497

631

173,411

12

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2014

Millions of yen

Shareholders’ equity

Year ended March 31, 2014
Balance at the end of the previous period

Commonstock

Additional
paid-in capital

Retainedearnings

Treasurystock,at cost

Total
Shareholders’equity10,00055,440134,747(21,180)

179,006

Changes during the period
Cash dividends(2,423)(2,423)

Net income

16,38916,389Repurchase of treasury stock
Disposal of treasury stock

54

Changes of scope of consolidation(8,002)(8,002)

525

579

—

—

Net changes during the period
except for shareholders’ equity
Total changes during the period
Balance at the end of the period—

54

13,966(7,477)

6,542

10,00055,494

148,713(28,658)

185,549

Millions of yen

Accumulated other comprehensive income

Year ended March 31, 2014
Balance at the end of the previous period

Unrealized
gain (loss) onother securities

Unrealized
gain (loss)
on landrevaluation

1,366(8,090)Total
accumulated
otherRemeasurementsof deﬁned comprehensive Subscription
incomebeneﬁt plansrights to shares—(6,724)497

Minority
interests

Total
net assets

631

173,411

Changes during the period
Cash dividends(2,423)

Net income

16,389Repurchase of treasury stock(8,002)

Disposal of treasury stock

579

Changes of scope of consolidation—

Net changes during the period
except for shareholders’ equity
Total changes during the period
Balance at the end of the period436(1,028)

(591)

(19)

70

(540)

436

—

(1,028)

(591)

(19)

70

6,002

1,803

(8,090)(1,028)(7,315)478

701

179,414

13

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2014

(4) Consolidated Statements of Cash Flows
Millions of yen

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
Increase (decrease) in allowance for doubtful receivables
Decrease in accrued severance indemnities
Increase in net defined benefit liability
Interest and dividends received
Interest expenses
Increase in receivables—trade(Increase) decrease in inventories
Increase in payables—trade
Decrease (Increase) in other assets
Decrease in other liabilities
Gain on negative goodwill
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
Collection of investments in capital
Proceeds from acquisition of stocks of subsidiaries resulting
in changes in scope of consolidation
Acquisitions of property and equipment
Acquisitions of intangible fixed assets
Proceeds from sale of property and equipment
Payments of loans receivableCollection of loans receivable
Purchase of insurance funds
Proceeds from cancellation of insurance funds
Other, net
Net cash used in investing activities

14

Year ended
March 31, 2013

Year ended
March 31, 2014

21,093
4,486
54
58
218
(563)
—
(216)
23
(14,388)(2,592)
4,163
939
(777)
(752)
404
12,150219(22)(8,383)
3,963

27,076
4,426
323
—
(247)
(5,077)
4,398
(212)
9
(1,440)
1,793
601
(99)
(881)
—
(139)
30,532209(9)(6,546)24,185

253
(46)
73
—

120
(7)
41
1,220

337
(6,527)(1,561)
44
(379)
247
(74)
109
(32)
(7,554)—(5,244)(1,251)358(2,502)
557
(670)
1,247
(99)
(6,228)COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2014

Millions of yen

Cash flows from financing activities:
Decrease in short-term borrowings, net
Repayment of long-term debt
Acquisitions of treasury stock
Proceeds from sale of treasury stock
Cash dividends paid
Cash dividends paid to minority shareholders
Repayments of finance lease obligations
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
Increase (decrease) in cash and cash equivalents resulting
from change of scope of consolidation
Cash and cash equivalents at end of year

15

Year ended
March 31, 2013

Year ended
March 31, 2014

(195)
(34)
(4,013)294(2,504)(5)(31)(6,489)5(10,073)
33,454(390)—(8,025)378(2,423)(3)(48)(10,511)
0
7,445
23,46988
23,469—30,915