February 6, 2014

COMSYS Holdings Corporation
Consolidated Financial Results for the Third Quarter Ended December 31, 2013
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 Filing of Quarterly Securities Report: February 14, 2014
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 nine months ended December 31, 2013)(1) Consolidated Operating Results(Millions of yen, except per share data and percentages)

Net Sales

Operating Income

Recurring Proﬁt

Net Income

Nine months ended December 31, 2013 ¥218,364

5.5%¥17,75642.6%¥18,170

42.2%¥10,732

50.7%

Nine months ended December 31, 2012

6.3

12,455176.1

12,774

159.7

7,120

231.5

206,906

Notes: 1. Comprehensive income: Nine months ended December 31, 2013: ¥11,799 million [56.4%]
Nine months ended December 31, 2012: ¥7,545 million [202.1%]
2. Percentages indicate the percentage change from the corresponding period of the previous fiscal year.

Net Income per ShareNet Income per Share (Diluted)

Nine months ended December 31, 2013¥88.73¥88.29Nine months ended December 31, 2012

57.02

56.84

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

Total Assets

Net Assets

Equity Ratio

As of December 31, 2013

¥229,886¥178,215

77.0%

As of March 31, 2013

240,602173,411

71.6(Reference) Shareholders’ Equity:

As of December 31, 2013: ¥177,071 million

As of March 31, 2013: ¥172,282 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, 2013

¥ —¥10.00¥ —Year ending March 31, 2014

—10.00—Year ending March 31, 2014 (Forecast)
Note: Most recently announced revisions to dividend forecast: No
Breakdown of forecast year-end dividend for the ﬁscal year ending March 31, 2014:

Ordinary dividends: ¥10

3. Consolidated Earnings Forecast (for the ﬁscal year ending March 31, 2014)
Net SalesYear ending March 31, 2014

¥325,000

2.8%

Recurring Proﬁt¥24,000¥24,500

6.4%

Annual¥10.00¥20.00

15.00

25.00

Commemorative dividends: ¥5(Millions of yen, except per share data and percentages)

Operating IncomeNotes: 1. Most recently announced revisions to consolidated earnings forecast: No
2. Percentages indicate the percentage change from the previous ﬁscal year.

Year-End

6.9%

Net Income¥15,000

12.9%

Net Income per Share¥124.02

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2013

*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: No(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: Noc) 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 December 31, 2013
145,977,886 shares
26,573,430 shares

As of March 31, 2013
145,977,886 shares
23,011,312 shares

Nine months ended December 31, 2013
120,952,299 shares

Nine months ended December 31, 2012
124,871,886 shares*Statement regarding the Implementation Status of Quarterly Review ProceduresThis Consolidated Financial Results report is not subject to the quarterly review procedures prescribed under the Financial Instruments andExchange Act. At the time of disclosing the quarterly consolidated financial results report, however, quarterly financial statement review procedures
have not been completed.
*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 “Discussion of Forward-Looking Information, including Consolidated Earnings Forecasts” of this Consolidated Financial
Results report in the Accompanying Materials section on page 3.

2

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2013

Accompanying Materials
1. Qualitative Information Regarding Consolidated Financial Results for the Period under Review(1) Discussion of Operating Results
During the cumulative third quarter period (April 1, 2013 to December 31, 2013) of the fiscal year ending March 31,
2014, the Japanese economy showed signs of a moderate recovery as corporate earnings improved, backed by the fiscal andmonetary policies of the government and the Bank of Japan, along with a last-minute jump in demand ahead of theconsumption tax rate hike that will take effect in April.
In the information and communications field, the COMSYS Group’s principal area of activity, with theproliferation of smartphones and tablets, there was rapid progress in construction and the insta llation oftelecommunications network environments aimed at expanding service areas for Long-Term Evolution (LTE), Wi-Fi andother services as well as diversifying and increasing the sophistication of services.
Moreover, an increase in public investment due to such factors as the Smart Information and Communications
Technology (ICT) being promoted by the Japanese government and private-sector capital expenditure and IT investment,along with expansion in demand for the environment and energy markets, were expected in the IT and social
infrastructure fields.
Under these circumstances, orders received in the cumulative third quarter period of the current fiscal year fell
0.6% year-on-year to ¥244,552 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 fiscal year. Meanwhile, net sales grew
5.5% year-on-year to ¥218,364 million due to such factors as the completion of projects carried over from the previous year
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 implementation of the COMSYS WAY a structural reforms that the Group has implemented to date.
As a result, operating income rose substantially, by 42.6% year-on-year, to ¥17,756 million, and net income climbed 50.7%
to ¥10,732 million.
(2) Discussion of Financial PositionTotal assets as of December 31, 2013 amounted to ¥229,886 million, down ¥10,716 million compared with the end of theprevious fiscal year. This was mainly attributable to a decrease in notes and accounts receivable – trade. Liabilities
decreased ¥15,519 million compared with the end of the previous fiscal year, to ¥51,670 million. This was largely
attributable to a decrease in accounts payable – trade. Net assets increased by ¥4,803 million compared with the end of theprevious fiscal year, to ¥178,215 million. This was primarily attributable to an increase in retained earnings resulting fromnet income, in spite of a decrease from such factors as the acquisition of treasury stock.
In accordance with each of the aforementioned factors, the equity ratio improved 5.4 percentage points comparedwith the end of the previous fiscal year to 77.0%.
(3) Discussion of Forward-Looking Information, including Consolidated Earnings Forecasts
Turning to the consolidated earnings forecast for the full fiscal year ending March 31, 2014, there are no changes to dataand information announced on May 9, 2013

3COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2013

2. Quarterly Consolidated Financial Statements(1) Consolidated Balance Sheets
Millions of yen

ASSETS
Current assets:
Cash and cash equivalents
Notes and accounts receivable—trade
Inventories:
Accumulated cost of construction in progress
Other
Other current assets
Less: Allowance for doubtful receivables
Total current assets
Fixed assets:
Property and equipment:
Buildings and structures, net
Land
Other, net
Total property and equipment
Intangible fixed assets
Investments and other assets:
Investment securities
Other assets
Less: Allowance for doubtful receivables
Total investments and other assets
Total fixed assets
Total assets

4

As of March 31, 2013

As of December 31, 2013

23,651
96,57934,69556,15918,805
1,600
9,060
(103)
149,593

34,908
835
8,091
(54)
134,635

24,08538,324
5,035
67,444
4,324

23,25438,264
6,773
68,292
3,417

9,037
12,509(2,308)19,23991,008240,602

10,575
14,985(2,021)
23,53995,250229,886

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2013

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

5

As of March 31, 2013

As of December 31, 2013

44,456
1,660
2,978
1,526
207
8,409
59,23830,289
650
2,139
4,124
333
6,630
44,167

1,662
5,077
222
989
7,951
67,190

1,662
4,606
188
1,046
7,503
51,67010,00055,440134,747(21,180)
179,00610,000
55,481
143,056(25,752)
182,785

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

2,376(8,090)(5,714)455
688
178,215
229,886

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2013

(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
OtherTotal other income
Other expenses:
Interest expenses
Rent expenses
Provision for allowance for doubtful receivables
Other
Total other expenses
Recurring profit
Extraordinary income:Gain on negative goodwill
Gain from reimbursement on investment
Other
Total extraordinary income
Extraordinary loss:
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

6Nine months ended
December 31, 2012

Nine months ended
December 31, 2013

206,906
181,038
25,867
13,411
12,455

218,364
187,616
30,747
12,991
17,756

34
170
30
254
490

31
154
120
187
494

6
26
111
27
171
12,774

6
25
20
27
80
18,170

752
—
87
839

—
940
361
1,302

—
1,719
540
2,260
11,354

1,716
33
361
2,112
17,360

2,762
1,418
4,181
7,172
52
7,120

5,096
1,475
6,572
10,78856
10,732

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2013

Consolidated Statements of Comprehensive Income
Millions of yen

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

7

Nine months ended
December 31, 2012

Nine months ended
December 31, 2013

7,172

10,788

372
372
7,545

1,010
1,010
11,7997,489
55

11,74257