November 10, 2021

COMSYS Holdings Corporation
Consolidated Financial Results for the Second Quarter Ended September 30, 2021
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)
http://www.comsys-hd.co.jp
URL:
Takashi Kagaya, President and Representative Director
Representative:
Hidehiko Ozaki, Director and General Manager of Finance & Accounting Department (Telephone:81-3-3448-7000)
For Inquiry:
Scheduled Filing of Quarterly Securities Report: November 12, 2021
Scheduled Commencement of Dividend Payment: December 3, 2021
Supplementary Materials on Quarterly Results:
Attached
IR Presentation on Quarterly Results:
Scheduled (For Institutional Investors and Analysts)
Amounts less than one million yen have been omitted.

1. Consolidated Financial Results (for the six months ended September 30, 2021)(1) Consolidated Operating Results(Millions of yen, except per share data and percentages)

Net Sales

Operating Profit

Profit Attributable toOwners of Parent

Ordinary Profit

Six months ended September 30, 2021

¥253,746

8.3%¥18,07945.8%¥18,71144.7%¥12,375

38.5%

Six months ended September 30, 2020

234,262(3.6)

12,402(4.3)

12,934

(5.1)

8,934

0.9

Notes: 1. Comprehensive income: Six months ended September 30, 2021: ¥12,741 million [20.0%]
Six months ended September 30, 2020: ¥10,621 million [24.3%]
2. Percentages indicate the percentage change from the corresponding period of the previous fiscal year.

Primary Earnings per Share

Diluted Earnings per ShareSix months ended September 30, 2021

¥99.19¥99.00Six months ended September 30, 2020

70.59

70.44(2) Consolidated Financial Position(Millions of yen, except percentages)

Total Assets

Net Assets

Equity Ratio

As of September 30, 2021

¥452,129¥335,174

73.4%

As of March 31, 2021

479,419

330,807

68.3(Reference) Shareholders’ Equity:

As of September 30, 2021: ¥332,016 million

As of March 31, 2021: ¥327,554 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, 2021

¥ —¥40.00¥ —¥45.00¥85.00

Year ending March 31, 2022

—

45.00
—

50.00

95.00

Year ending March 31, 2022 (Forecast)Year-End

AnnualNote: Most recently announced revisions to dividend forecast: No

3. Consolidated Earnings Forecast (for the fiscal year ending March 31, 2022)
Net SalesYear ending March 31, 2022

¥580,000

3.0%(Millions of yen, except per share data and percentages)

Operating Profit

Ordinary Profit¥43,000¥43,500

3.4%

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.

1.3%

Profit Attributable to Primary Earnings
Owners of Parentper Share¥29,000(1.3)%¥231.93

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Second Quarter Ended September 30, 2021

*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: Yes(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 September 30, 2021
141,000,000 shares
16,845,701 sharesAs of March 31, 2021
141,000,000 shares
15,961,855 shares

Six months ended September 30, 2021
124,765,183 shares

Six months ended September 30, 2020
126,559,675 shares*This Quarterly Consolidated Financial Results report has not been subjected to quarterly review proceduresby certified public accountants or an audit corporation.
*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
in light of information currently available to management. Readers are advised that actual results may differ materially from forecasts due
to a variety of factors. With respect to the conditions that underpin earnings forecasts as well as cautionary statements regarding the properuse 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 the Accompanying Materials section on page 3.
2. The Company plans to stream a video of the results briefing for institutional investors and analysts on Tuesday, November 18, 2021
(available only in Japanese). The materials for the briefing will be uploaded to the corporate website before the video is streamed.

2COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Second Quarter Ended September 30, 2021

Accompanying Materials
1. Qualitative Information Regarding Consolidated Financial Results for the Period under Review(1) Discussion of Operating Results
During the cumulative second quarter period (April 1, 2021 to September 30, 2021), the Japanese economy continued to
face challenging conditions due to the COVID-19 pandemic. Although revitalization in social and economic activity andeconomic recovery is expected, going forward, with promotion of vaccinations and other factors, it will be necessary tocontinue monitoring infection trends in and outside Japan and their impacts across the supply chain, as well as turbulence infinancial and capital markets.
As for the business environment surrounding the COMSYS Group, in the information and communications field,
the acceleration in the digitalization of society as a whole is demanding the further development of information andcommunications infrastructure, which is an important piece of core social infrastructure. Fiber optic networks are being
promoted, including installation of 5G wireless base stations and the High-speed Wireless Environment Maintenance
Promotion Project. In the public and private sectors, and investment in development of social infrastructure is proceeding.
This includes boosting initiatives on renewable energy projects, particularly solar power, which is expected to become amajor power source in the future. Other investment in the development of social infrastructure includes disaster preventionand mitigation measures in response to increasingly severe and frequent natural disasters, as well as the preventive
maintenance of aging facilities. In addition, in the IT solutions field, the expansion of ICT-related investment is expected,
including in the development of data platforms and in AI, IoT, and cloud computing. This is occurring against thebackground of the public and private sectors working together to promote digital transformation (DX), including
digitalization and data collaboration in various fields such as government, healthcare, nursing care, education, and finance.
In the period under review, the COMSYS Group conducted its business activities with thorough infection control
measures in place for COVID-19. In order to respond to the accelerating development and building of information andcommunications infrastructure, the COMSYS Group worked to strengthen its construction system and to increase
productivity by computerizing and consolidating construction-related operations, making maximum use of Group resources.
It also strengthened Group-wide sales collaboration utilizing the virtual company structure to increase orders and expandedbusiness domains through M&A. Going forward, the Group will continue working to strengthen its management basethrough structural reform focused on DX, to improve the working environment to adapt to normalization of teleworking,and to deepen workstyle reform to accommodate diverse workstyles.
Under these circumstances, orders received in the second quarter period decreased 2.5% year on year to ¥272,484
million, and net sales increased 8.3% year on year to ¥253,746 million. From a profit perspective, operating profit increased by
45.8% year on year to ¥18,079 million, while profit attributable to owners of parent increased 38.5% year on year to ¥12,375million.
(2) Discussion of Financial Position
Total assets as of September 30, 2021 amounted to ¥452,129 million, down ¥27,290 million compared with the end of theprevious fiscal year. This was mainly attributable to a decrease in notes receivable, accounts receivable from completed
construction and other. Liabilities decreased by ¥31,656 million compared with the end of the previous fiscal year, to¥116,955 million. This was largely attributable to a decrease in notes payable, accounts payable for construction contracts
and other.
Net assets increased by ¥4,366 million compared with the end of the previous fiscal year, to ¥335,174 million.
This was primarily attributable to an increase in earnings resulting from the recording of profit attributable to owners ofparent and the purchase of treasury shares.
In accordance with each of the aforementioned factors, the equity ratio stood at 73.4%, compared with 68.3% at
the end of the previous fiscal year.
(3) Discussion of Forward-Looking Information, including Consolidated Earnings Forecasts
There are no changes in the consolidated earnings forecast for the full fiscal year ending March 31, 2022 published in“COMSYS Holdings Announces Revision to Earnings Forecast” dated May 14, 2021.
3

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Second Quarter Ended September 30, 2021

2. Quarterly Consolidated Financial Statements(1) Consolidated Balance Sheets
Millions of yen
As of March 31, 2021

ASSETS		 Current assets:			 Cash and deposits
33,259			 Notes receivable, accounts receivable			from completed construction contracts and other194,671			 Inventories:				 Costs on construction contracts in progress
28,178				 Other
6,261			 Other current assets
16,629			 Allowance for doubtful accounts(139)			 Total current assets
278,860		 Non-current assets:			 Property, plant and equipment:				 Buildings and structures, net
43,679				 Land
67,483				 Other, net
29,531				 Total property, plant and equipment
140,694			 Intangible assets						 Goodwill
3,062				 Other intangible assets
4,414				 Total intangible assets
7,477			 Investments and other assets:				 Investment securities
25,098				 Other assets
27,714				 Allowance for doubtful accounts(425)				 Total investments and other assets
52,387			 Total non-current assets
200,559		 Total assets
479,419

4

As of September 30, 2021

47,408138,338
47,0596,709
14,244(98)
253,663

42,82867,99330,005140,827
2,760
4,810
7,570
23,53026,961(423)
50,068
198,466
452,129

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Second Quarter Ended September 30, 2021

Millions of yen

LIABILITIES		 Current liabilities:			 Notes payable, accounts payable			for construction contracts and other			 Short-term borrowings			 Income taxes payable			 Advances received on construction contracts in progress			 Allowances			 Other current liabilities			 Total current liabilities		 Non-current liabilities:			 Long-term borrowings			 Deferred tax liabilities for land revaluation			 Retirement benefit liability			 Provision for retirement benefits for directors (and other officers)			 Other long-term liabilities			 Total non-current liabilities		 Total liabilities
NET ASSETS		 Shareholders’ equity:			 Share capital			 Capital surplus			 Retained earnings			 Treasury shares			 Total shareholders’ equity		 Accumulated other comprehensive income:			 Valuation difference on available-for-sale securities			 Deferred gains or losses on hedges			 Revaluation reserve for land			 Remeasurements of defined benefit plans			 Total accumulated other comprehensive income		 Share acquisition rights		 Non-controlling interests		 Total net assets
Total liabilities and net assets

5

As of March 31, 2021

As of September 30, 2021

87,812
5,141
9,251
5,346
1,226
19,451
128,229

61,684
4,904
4,750
8,428
1,274
15,55296,594464
1,303
13,535612
4,466
20,382
148,611220
1,303
13,904506
4,425
20,360116,955

10,00092,552
260,846(33,284)
330,114

10,00092,695
267,709(36,144)334,260

3,322
0(8,046)
2,163(2,559)764
2,489
330,807479,4193,583
1(8,046)
2,218(2,243)
727
2,430
335,174
452,129

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Second Quarter Ended September 30, 2021

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income		
Millions of yen
Six months ended		Six months ended
September 30, 2020		
September 30, 2021

Net sales
Cost of sales
Gross profits
Selling, general and administrative expenses
Operating profit
Non-operating income:		 Interest income		 Dividend income		 Rental income from non-current assets		 Other		 Total non-operating income
Non-operating expenses:		 Interest expenses		 Rent expenses		 COVID-19 related expenses		 Other		 Total non-operating expenses
Ordinary profit
Extraordinary income:		 Gain on sales of investment securities		 Gain on sales of non-current assets		 Gain on transfer of business		 Other		 Total extraordinary income
Extraordinary losses:		 Loss on retirement of non-current assets		 Business structure improvement expenses		 Special retirement expenses		 Impairment loss		 Other		 Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit (loss) attributable to non-controlling interestsProfit attributable to owners of parent

6234,262205,351
28,91016,50812,402

253,746
218,486
35,25917,18018,079

11
513
148
231
904

11
588
136
216
951

18
80
192
81
372
12,934

11
74
82
150
319
18,711

681
6
273
78
1,039

212
16
210
40
479

14
—
50
78
66
209
13,763
4,894
8,869
(64)
8,934

47
156
21
—
98
323
18,867
6,446
12,42044
12,375COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Second Quarter Ended September 30, 2021

Consolidated Statements of Comprehensive Income
Millions of yen
Six months ended
Six months ended
September 30, 2020
September 30, 2021

ProfitOther comprehensive income:			 Valuation difference on available-for-sale securities			 Deferred gains or losses on hedges			 Remeasurements of defined benefit plans			 Total other comprehensive income
Comprehensive income		 (Breakdown)			 Comprehensive income attributable to owners of parent			 Comprehensive income (loss) attributable to non-controlling interests

78,86912,420

1,624
(32)
160
1,752
10,621

265054
321
12,741

10,676(54)12,691
49

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Second Quarter Ended September 30, 2021

(Significant Subsequent Event)Acquisition of Treasury Stock
The meeting of the Board of Directors held on November 10, 2021 resolved as follows on the matters related to theacquisition of treasury stock in accordance with Article 156 of Japan’s Companies Act, as applied pursuant to paragraph 3,
Article 165 of the Act.
(a) Reason for Purchase
The Company will acquire treasury stock in order to facilitate enhancement of shareholder returns and the execution offlexible capital policies that respond to changes in the corporate environment.
(b) Details of Matter Related to the Acquisition
1) Type of Shares to be Acquired2) Total Number of Shares to be Acquired3) Total Acquisition Price
4) Acquisition Period5) Method of Acquisition

Common shares of the Company
Up to 2,000,000 shares
Up to ¥4,000,000,000
From November 11, 2021 to March 31, 2022
Market purchase on the Tokyo Stock Exchange8