August 8, 2012COMSYS Holdings Corporation
Consolidated Financial Results for the First Quarter Ended June 30, 2012
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 and Osaka Securities 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:
August 14, 2012
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, 2012)(1) Consolidated Operating Results(Millions of yen, except per share data and percentages)

Net Sales

Operating Income

Recurring Proﬁt

Net Income

Three months ended June 30, 2012

¥57,032

1.1%¥1,634—%¥1,873—%¥1,057—%

Three months ended June 30, 2011

56,42910.1%(454)—%(267)—%(335)—%

Notes: 1. Comprehensive income (loss): Three months ended June 30, 2012: ¥908 million [—%]
Three months ended June 30, 2011: ¥(396) million [—%]
2. Percentages indicate the percentage change from the corresponding period of the previous fiscal year.

Net Income per ShareNet Income per Share (Diluted)

Three months ended June 30, 2012

¥8.37

¥8.34

Three months ended June 30, 2011(2.59)—(2) Consolidated Financial Position(Millions of yen, except percentages)

Total Assets

Net Assets

Equity Ratio

As of June 30, 2012

¥211,657¥162,741

76.4%

As of March 31, 2012

228,135

164,574

71.7(Reference) Shareholders’ Equity:

As of June 30, 2012: ¥161,660 million

As of March 31, 2012: ¥163,506 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, 2012

¥ —¥10.00¥ —¥10.00¥20.00Year ending March 31, 2013—
10.00

—

10.00

20.00

Year ending March 31, 2013 (Forecast)Year-End

AnnualNote: Most recently announced revisions to dividend forecast: No

3. Consolidated Earnings Forecast (for the ﬁscal year ending March 31, 2013)
Net Sales
Six months ending September 30, 2012 ¥126,000
Year ending March 31, 2013

300,000(Millions of yen, except per share data and percentages)

Operating Income

Recurring Proﬁt

Net Income

Net Income per Share0.7%¥ 2,800

35.9%¥ 3,000

28.1%¥1,40074.5%¥11.081.4

14,00011.2

14,400

11.0

8,500

18.5

67.28

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, 2012

*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: Yesb) Changes in accounting policies due to other reasons: Noc) Changes in accounting estimates: Yesd) 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, 2012
145,977,886 shares
20,930,451 shares

As of March 31, 2012
145,977,886 shares
19,186,339 shares

Three months ended June 30, 2012
126,345,752 shares

Three months ended June 30, 2011
129,855,017 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 “Qualitative Information Regarding Consolidated Earnings Forecast” 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, 2012

Accompanying Materials
1. Qualitative Information Regarding Consolidated Financial Results for the Period under Review(1) Qualitative Information Regarding Consolidated Operating Results
During the first quarter (April 1, 2012 to June 30, 2012) of the fiscal year ending March 31, 2013, the Japanese experienced
moderate recovery backed by factors such as demand for reconstruction following the Great East Japan Earthquake.
Nevertheless, the uncertainty also persisted because of the an economic downswing overseas caused by the European
sovereign debt crisis, the prolonged appreciation of the yen and concerns about power shortages in Japan during the summer.
In the information and telecommunications field, the COMSYS Group’s principal areas of activity, steps were taken
to promote the repair and restoration of communications infrastructure in regions devastated by the Great East Japan
Earthquake. On the other hand, competition between telecommunications carriers for customers intensified, and thebusiness environment became even more difficult due to requests made to the communications construction industry for
reductions in prices and reductions in the size of projects.
Under these circumstances, the COMSYS Group promoted the acceleration of Long-Term Evolution (LTE) andplatinum band installation, while assuming there would be a leveling off in orders for fixed line and mobile construction
work. As a result, orders received rose 34.7% compared with the previous fiscal year to ¥85,295 million, while net sales
increased 1.1% to ¥57,032 mllion.
From a profit perspective, productivity rose under the COMSYS WAY structural reform measures that theCOMSYS Group has implemented to date with the aim of building a corporate group that is capable of adapting to changes
in the environment. As a result, the Group posted operating income of ¥1,634 million, compared with an operating loss of¥454 million recorded in the same period of the previous fiscal year, and net income of ¥1,057 million, compared with a net
loss of ¥335 million.
(2) Qualitative Information Regarding Consolidated Financial Position
Total assets as of June 30, 2012 stood at ¥211,657 million, down ¥16,478 million compared with the end of the previous
fiscal year. This was mainly attributable to a decrease in notes and accounts receivable—trade. Total liabilities stood at¥48,915 million, down ¥14,645 million compared with the previous fiscal year-end. This was mainly attributable to adecrease in notes and accounts payable—trade. Net assets stood at ¥162,741 million, a decrease of ¥1,832 million comparedwith the end of the previous fiscal year.
In accordance with each of the aforementioned factors, the equity ratio improved 4.7 percentage points comparedwith the end of the previous fiscal year to 76.4%.
(3) Qualitative Information Regarding Consolidated Earnings Forecast
Turning to the consolidated earnings forecast for the full fiscal year ending March 31, 2013, there are no changes to data andinformation announced on May 10, 2012

3COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2012

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 progressOther
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, 2012

As of June 30, 2012

33,48981,85339,20649,88415,087
2,023
9,330
(137)
141,646

22,999
1,871
9,333
(94)
123,199

23,08534,391
6,099
63,575
3,802

22,757
37,693
5,533
65,984
3,719

7,228
13,937(2,055)
19,11086,488228,135

6,984
13,693(1,925)18,75388,457
211,657

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2012

Millions of yen

LIABILITIESCurrent 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 (loss):
Unrealized gain (loss) on other securities
Unrealized gain (loss) on land revaluation
Total accumulated other comprehensive income (loss)
Subscription rights to shares
Minority interests
Total net assets
Total liabilities and net assets

5As of March 31, 2012

As of June 30, 2012

39,891
1,520
3,795
1,448
1,189
7,637
55,482

28,220
14
500
2,596
1,253
8,190
40,775

1,662
5,426
266
722
8,078
63,560

1,662
5,526
212
739
8,140
48,915

10,00055,374
123,611(17,504)
171,481

10,00055,367
123,400(18,980)
169,787

115(8,090)(7,974)
430
637
164,574
228,135(36)(8,090)(8,126)
445
635
162,741
211,657

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2012

(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 (loss)
Other income:Interest income
Dividend income
Reversal of allowance for doubtful receivables
Other
Total other income
Other expenses:
Interest expenses
Foreign exchange losses
Other
Total other expenses
Recurring profit (loss)
Extraordinary income:Gain on payback of insurance payments
Other
Total extraordinary income
Extraordinary loss:
Loss on disposal of fixed assets
Special payments on employees’ retirement benefits
OtherTotal extraordinary loss
Income (loss) before income taxes and other adjustments to net income
Income taxes:
Current
Deferred
Total income taxes
Income (loss) before minority interests
Minority interests
Net income (loss)

6

Three months ended
June 30, 2011

Three months ended
June 30, 2012

56,42952,0054,424
4,878(454)57,032
50,638
6,393
4,759
1,634

11
88
83
68
250

7116
121
75
321

7
42
13
64(267)

158
2181
1,873

48
250

39
141

10
17
23
51(268)

458
1780
1,834

347
(281)
66(334)0(335)

951
(178)
772
1,061
4
1,057

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2012

Consolidated Statements of Comprehensive Income
Millions of yen
Three months ended
June 30, 2011

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

7

Three months ended
June 30, 2012

(334)

1,061

(62)
(62)
(396)

(153)
(153)
908

(397)
0

904
3