August 5, 2014

COMSYS Holdings Corporation
Consolidated Financial Results for the First Quarter Ended June 30, 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 Filing of Quarterly Securities Report:
August 8, 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 three months ended June 30, 2014)(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, 2014

¥66,555

10.4%¥4,51924.5%¥4,67623.3%¥2,808

17.6%

Three months ended June 30, 201360,293

5.7

3,630

122.2

3,793

102.5

2,386

125.8

Notes: 1. Comprehensive income: Three months ended June 30, 2014: ¥3,198 million [17.8%] Three months ended June 30, 2013: ¥2,715 million [199.0%]
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, 2014¥23.86¥23.70Three months ended June 30, 2013

19.42

19.33

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

Total Assets

Net Assets

Equity Ratio

As of June 30, 2014

¥235,998¥183,894

77.4%

As of March 31, 2014

250,561

179,41471.1(Reference) Shareholders’ Equity:

As of June 30, 2014: ¥182,611 million

As of March 31, 2014: ¥178,234 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, 2014

¥ —¥10.00¥ —¥15.00¥25.00Year ending March 31, 2015

—
15.00

—

15.00

30.00

Year ending March 31, 2015 (Forecast)Year-End

AnnualNote: Most recently announced revisions to dividend forecast: No

3. Consolidated Earnings Forecast (for the fiscal year ending March 31, 2015)
Net Sales
Six months ending September 30, 2014 ¥149,000
Year ending March 31, 2015

345,000(Millions of yen, except per share data and percentages)

Operating Income

Recurring Profit

Net Income

Net Income per Share

6.0%¥11,000

3.5%¥11,200

2.1%¥ 6,800

10.3%¥ 57.77

4.1

29,0005.2

29,5005.1

18,0009.8

152.93

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, 2014

*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: 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 stock		c) Average number of shares issued in the period

As of June 30, 2014
145,977,886 shares
28,283,870 sharesAs of March 31, 2014
145,977,886 shares
28,310,548 shares

Three months ended June 30, 2014
117,703,695 shares

Three months ended June 30, 2013
122,884,930 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 “(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.

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COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2014

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, 2014 to June 30, 2014) of the fiscal year ending March 31, 2015, there
was a certain amount of instability due to last-minute demand ahead of the increase in the consumption tax rate anduncertainty concerning when the economy would rebound from decreased consumer demand after the tax hike. However,the Japanese economy overall maintained a trend toward recovery, with improvement in corporate earnings and rising capital
expenditure, backed by the economic and fiscal policies being advanced by the Japanese government and the Bank of Japan.
In the information and communications field, the COMSYS Group’s principal area of activity, there continued tobe a high-level of progress in the construction and installation of mobile communications networks aimed at enhancing
quality, including increasing the ease of connection and the speed of communications, and technical innovation such as theshift from LTE to LTE-Advanced and VoLTE, along with added functionality of devices such as smartphones and tablets andgrowth in the use of cloud computing.
Moreover, in the public and private sectors, growth is expected in the social infrastructure businesses and IT-related
businesses, including the creation of new value-added industries based on the progress of Information and Communications
Technology (ICT) and the Smart City Project being promoted by the Japanese government. In addition, projections are thatgrowth will come from full-scale reconstruction following the Great East Japan Earthquake, the strengthening of urban
functions with a focus on disaster prevention, including the Basic Policy for Building National Resilience, and rising market
demand in the environment and energy sector, which includes solar power generation.
Under these circumstances, orders received in the cumulative first quarter period were up 7.7% year on year to¥85,233 million and net sales were up 10.4% year on year to ¥66,555 million. Operating income amounted to ¥4,519
million, up 24.5% year on year, and net income rose 17.6% year on year to ¥2,808 million. These results were due to anincrease in mobile-related construction in addition to growth in areas such as solar construction (including Ecosystem Japan
Co., Ltd., which became a subsidiary in May) through the top-line expansion under the Group’s COMSYS WAY a structuralreforms. Moreover, greater efficiency in operations thanks to the nationwide deployment of the construction IT platform,
which allows comprehensive management from order receipt through to project management, also contributed to thepositive results.
(2) Discussion of Financial Position
Total assets as of June 30, 2014 amounted to ¥235,998 million, down ¥14,563 million compared with the end of theprevious fiscal year. This was mainly attributable to a decrease in notes and accounts receivable – trade. Liabilities decreased¥19,043 million compared with the end of the previous fiscal year, to ¥52,103 million. This was largely attributable to adecrease in accounts payable – trade. Net assets increased by ¥4,479 million compared with the end of the previous fiscalyear, to ¥183,894 million. This was primarily attributable to an increase in retained earnings resulting from net income.
In accordance with each of the aforementioned factors, the equity ratio improved 6.3 percentage points comparedwith the end of the previous fiscal year to 77.4%.
(3) Discussion of Forward-Looking Information, including Consolidated Earnings Forecasts
Turning to the consolidated earnings forecast for the full fiscal year ending March 31, 2015, there are no changes to data andinformation announced on May 9, 2014.
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COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2014

2. Quarterly Consolidated Financial Statements(1) Consolidated Balance Sheets
Millions of yen
As of March 31, 2014

As of June 30, 2014ASSETS		 Current assets:			 Cash and cash equivalents
31,03642,395			 Notes and accounts receivable—trade
97,66759,274			 Inventories:				 Accumulated cost of construction in progress
17,81622,491				 Other796
898			 Other current assets
9,244
9,254			 Less: Allowance for doubtful receivables(65)(46)			 Total current assets
156,495
134,267		 Fixed assets:			 Property and equipment:				 Buildings and structures, net
26,03026,050				 Land38,96939,068				 Other, net
5,354
5,330				 Total property and equipment
70,35370,449			 Intangible fixed assets						 Goodwill—
3,489				 Other intangible fixed assets
3,594
3,443				 Total intangible fixed assets
3,594
6,933			 Investments and other assets:				 Investment securities
9,684
10,530				 Other assets
12,532
15,890				 Less: Allowance for doubtful receivables(2,098)(2,073)				 Total investments and other assets
20,117
24,347			 Total fixed assets
94,066
101,730		 Total assets
250,561
235,998

4

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2014

Millions of yen

LIABILITIES		 Current 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			 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 loss:			 Unrealized gain on other securities			 Unrealized loss on land revaluation			 Remeasurements of defined benefit plans			 Total accumulated other comprehensive loss		 Subscription rights to shares		 Minority interests		 Total net assets
Total liabilities and net assets

5

As of March 31, 2014

As of June 30, 2014

45,039
1,270
6,847
1,018
563
8,981
63,72031,209
100
769
2,662
574
8,428
43,743

1,662
4,384
193
1,185
7,42671,147

1,662
4,089
193
2,415
8,360
52,103

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

10,00055,594
152,656(28,768)
189,482

1,803(8,090)(1,028)(7,315)478
701
179,414250,561

2,148(8,090)(930)(6,871)
495
788
183,894
235,998

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2014

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income		
Millions of yen
Three months ended		Three months ended
June 30, 2013		
June 30, 2014

Net sales
Cost of sales
Gross profits
Selling, general and administrative expenses
Operating income
Other income:		 Interest income		 Dividend income		 Other		 Total other income
Other expenses:		 Interest expenses		 Foreign exchange losses		 Rent expenses		 Other		 Total other expenses
Recurring profit
Extraordinary income:		 Gain on sales of investment securities		 Gain on payback of insurance payments		 Other		 Total extraordinary income
Extraordinary loss:		 Loss on sales of fixed assets		 Loss on disposal of fixed assets		 Loss on impairment of fixed assets		 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

660,293
2,261
8,032
4,401
3,630

66,55556,827
9,728
5,208
4,519

8
100
88
196

9
88
92
190

5
7
9
11
34
3,793

1
14
11
6
34
4,676

20
63
5
88

5
12
6
24

2
9
182
16
210
3,671

20
24
—
22
68
4,631

1,687(421)
1,265
2,406
19
2,386

1,684
194
1,879
2,752(55)2,808

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2014

Consolidated Statements of Comprehensive Income		
Millions of yen
Three months ended		Three months ended
June 30, 2013		
June 30, 2014

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

7

2,406

2,752

309
—309
2,715

347
98
445
3,198

2,697
18

3,251(53)