August 6, 2013

COMSYS Holdings Corporation
Consolidated Financial Results for the First Quarter Ended June 30, 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:
August 13, 2013
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, 2013)(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, 2013¥60,293

5.7%¥3,630122.2%¥3,793102.5%¥2,386125.8%

Three months ended June 30, 2012

57,032

1.1%

1,634—%

1,873—%

1,057—%

Notes: 1. Comprehensive income:Three months ended June 30, 2013: ¥2,715 million [199.0%]
Three months ended June 30, 2012: ¥908 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, 2013¥19.42¥19.33Three months ended June 30, 2012

8.37

8.34

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

Total Assets

Net Assets

Equity Ratio

As of June 30, 2013

¥224,000¥173,695

77.1%

As of March 31, 2013

240,602173,41171.6(Reference) Shareholders’ Equity:

As of June 30, 2013: ¥172,600 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¥ —¥10.00¥20.00Year ending March 31, 2014

—
10.00

—

10.00

20.00

Year ending March 31, 2014 (Forecast)Year-End

AnnualNote: Most recently announced revisions to dividend forecast: No

3. Consolidated Earnings Forecast (for the ﬁscal year ending March 31, 2014)
Net Sales
Six months ending September 30, 2013 ¥138,000
Year ending March 31, 2014

325,000(Millions of yen, except per share data and percentages)

Operating Income

Recurring Proﬁt

Net Income

Net Income per Share

4.4%¥ 8,500

25.5%¥ 8,700

22.7%¥ 5,100

33.6%¥ 41.50

2.8

24,000

6.4

25,5006.9

15,00012.9

122.07

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, 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 June 30, 2013
145,977,886 shares
23,910,710 shares

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

Three months ended June 30, 2013
122,884,930 shares

Three months ended June 30, 2012
126,345,752 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, 2013

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, 2013 to June 30, 2013) of the fiscal year ending March 31, 2014, the yen weakened andshare prices rose in anticipation of the effects of the government’s reflationary economic policy, and Japan’s economy showedsigns of recovery.
In the information and communcations field, the COMSYS Group’s principal area of activity, rapid progress incommunications network construction and installation continued, including the advance of optical access services, thedeployment of sophisticated wireless broadband functions, and service integration using diverse mobile terminals.
Moreover, an increase in public investment due to such factors as the Japanese government’s Information andCommunications Technology (ICT) strategy and private capital expenditure and IT investment, along with an expansion indemand for the environment and energy markets, were expected in the IT and social infrastructure fields.
Under these circumstances, orders received in the first quarter of the fiscal year under review declined 7.2% yearon-year to ¥79,151 million due to the absence of bulk orders for mobile and NCC-related construction received in theprevious fiscal year, although IT-related business and solar power generation system-related construction remained robust.
On the other hand, net sales grew 5.7% year-on-year to ¥60,293 million as construction carried over was completed andmobile and NCC-related construction and mega-solar power projects remained favorable.
From a profit perspective, the COMSYS Group benefited from the COMSYS WAY a structural reforms
implemented to date, in addition to the increase in net sales. As a result, operating income was up substantially, by 122.2%
year-on-year, to ¥3,630 million, and net income climbed 125.8% to ¥2,386 million.
(2) Qualitative Information Regarding Consolidated Financial Position
Total assets as of June 30, 2013 amounted to ¥224,000 million, down ¥16,601 million compared with the end of theprevious fiscal year. This was mainly attributable to a decrease in notes and accounts receivable – trade. Liabilities decreased¥16,884 million compared with the end of the previous fiscal year to ¥50,305 million. This was largely attributable to adecrease in accounts payable – trade. Net assets increased by ¥283 million compared with the end of the previous fiscal year,to ¥173,695 million. This was primarily attributable to an increase in retained earnings resulting from net income, in spiteof a decrease from such factors as the acquisition of treasury stock.
In accordance with each of the aforementioned factors, the equity ratio improved 5.5 percentage points comparedwith the end of the previous fiscal year to 77.1%.
(3) Qualitative Information Regarding Consolidated Earnings Forecast
Turning to the consolidated earnings forecast for the full fiscal year ending March 31, 2014, there are no changes to data andinformation announced on May 9, 2013.

3

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 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 June 30, 2013

23,651
96,57936,45255,64418,805
1,600
9,060
(103)
149,593

27,747
1,496
10,297(50)
131,588

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

23,75838,173
5,912
67,844
4,185

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

9,493
13,169(2,280)20,382
92,412224,000

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2013

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, 2013

As of June 30, 2013

44,456
1,660
2,978
1,526
207
8,409
59,23830,190
150
1,219
2,798
297
7,824
42,480

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

1,662
5,102
214
845
7,825
50,305

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

10,00055,466135,904(22,356)
179,014

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

1,676(8,090)(6,414)444
650
173,695
224,000

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 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
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 disposal of fixed assets
Loss on impairment of fixed assets
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

6

Three months ended
June 30, 2012

Three months ended
June 30, 2013

57,032
50,638
6,393
4,759
1,634

60,29352,261
8,032
4,401
3,630

7116
121
75
321

81002661
196

158
11
10
81
1,873

57
911
34
3,793

—39
141

20
63
588

4—
58
1780
1,834

9182
13
4
210
3,671

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

1,687(421)
1,265
2,406
192,386

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2013

Consolidated Statements of Comprehensive Income
Millions of yen

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

7

Three months ended
June 30, 2012

Three months ended
June 30, 2013

1,061

2,406

(153)
(153)
908

309
309
2,715

904
3

2,697
18