August 6, 2015

COMSYS Holdings Corporation
Consolidated Financial Results for the First Quarter Ended June 30, 2015
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:
Hidehiko Ozaki, Director and General Manager of Finance & Accounting Department (Telephone:81-3-3448-7000)
Scheduled Filing of Quarterly Securities Report:
August 7, 2015
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, 2015)(1) Consolidated Operating Results(Millions of yen, except per share data and percentages)

Net Sales

Operating Income

Recurring Proﬁt

Net Income Attributableto Owners of Parent

Three months ended June 30, 2015

¥57,010-14.3%¥1,664-63.2%¥1,851-60.4%¥1,072-61.8%

Three months ended June 30, 201466,555

10.4

4,519

24.5

4,676

23.3

2,808

17.6

Notes: 1. Comprehensive income: Three months ended June 30, 2015: ¥1,290 million [-59.7%] Three months ended June 30, 2014: ¥3,198 million [17.8%]
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, 2015

¥ 9.39¥ 9.34Three months ended June 30, 2014

23.86

23.70

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

Total AssetsNet Assets

Equity Ratio

As of June 30, 2015

¥240,662¥191,122

78.9%

As of March 31, 2015

264,019

194,038

73.0(Reference) Shareholders’ Equity:

As of June 30, 2015: ¥189,869 million

As of March 31, 2015: 192,774 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, 2015

¥ —¥15.00¥ —¥15.00¥30.00Year ending March 31, 2016—15.00

—

20.00

35.00

Year ending March 31, 2016 (Forecast)Year-EndAnnualNote: Most recently announced revisions to dividend forecast: No

3. Consolidated Earnings Forecast (for the ﬁscal year ending March 31, 2016)
Operating Income

Recurring Proﬁt

Net Income Attributable
Net Income per Shareto Owners of Parent-9.2%¥ 8,000 -28.2%¥ 8,300 -26.6%¥ 5,000 -27.2%¥ 43.760.7

28,00028,50017,000148.78Net Sales
Six months ending September 30, 2015 ¥131,000
Year ending March 31, 2016

331,000(Millions of yen, except per share data and percentages)

1.2

1.3

1.4Notes: 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, 2015

*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 stockc) Average number of shares issued in the period

As of June 30, 2015
145,977,886 shares
32,711,476 shares

As of March 31, 2015
145,977,886 shares
31,414,907 shares

Three months ended June 30, 2015
114,265,210 shares

Three months ended June 30, 2014
117,703,695 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 earningsforecasts, 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.

2

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2015

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, 2015 to June 30, 2015) of the fiscal year ending March 31, 2016, theJapanese economy overall maintained a tone of moderate recovery. Although there were concerns about the impact of theeconomic slowdown in Europe, corporate earnings and capital expenditure remained at favorable levels, backed by theeconomic and fiscal policies being advanced by the Japanese government and the Bank of Japan. Meanwhile, signs of arecovery in personal consumption appeared amid improvements in the employment environment and growth in wages.
In the information and communications field, the COMSYS Group’s principal area of activity, there weresignificant changes in the content of services and market conditions. These changes included new expansion in demand
due to the wholesaling of optical access services, the expansion of service areas for high-speed wireless broadband, such as
LTE, and technical innovation aimed at diversifying and adding functionality to smartphones and tablets.
Moreover, in the public and private sectors, further growth was anticipated in social infrastructure investment
related to various endeavors, including innovation in areas such as healthcare, disaster prevention, and e-government using
ICT to link goods and services, as well as full-scale reconstruction in response to the Great East Japan Earthquake, policies
for building national resilience, development of the renewable energy business, and preparation for the Tokyo Olympics
and Paralympic Games.
The COMSYS Group took initiatives to expand its top-line activities, which included entering the green
innovation field and obtaining orders in the public sector and ICT areas. The Group also worked to enhance construction
efficiency and improve profitability by reducing expenses and taking other measures. However, the structure of investment
by telecommunications carriers has been undergoing a major transformation, from investment in the establishment ofinfrastructure to investment in services, such as information content. In addition, factors such as the decline in capital
expenditure due to smaller-scale projects have added to the challenging environment.
Under these circumstances, orders received in the first quarter period decreased 5.1% year on year to ¥80,851
million as a result of the decline in capital expenditure by telecommunications carriers, even though the social infrastructurebusiness, including solar construction projects, remained robust. Net sales fell 14.3% year on year to ¥57,010 million.
From a profit perspective, the COMSYS Group worked to make cost reductions through structural reforms, but
this was insufficient to offset the decline in net sales. As a result, operating income fell by 63.2% year on year to ¥1,664
million, and net income attributable to owners of the parent company declined by 61.8% year on year to ¥1,072 million.
(2) Discussion of Financial Position
Total assets as of June 30, 2015 amounted to ¥240,662 million, down ¥23,356 million compared with the end of theprevious fiscal year. This was mainly attributable to a decrease in notes and accounts receivable – trade. Liabilities
decreased ¥20,441 million compared with the end of the previous fiscal year, to ¥49,539 million. This was largely
attributable to a decrease in accounts payable – trade. Net assets decreased by ¥2,915 million compared with the end of theprevious fiscal year, to ¥191,122 million. This was primarily attributable to the acquisition of treasury stock.
In accordance with each of the aforementioned factors, the equity ratio improved 5.9 percentage points comparedwith the end of the previous fiscal year to 78.9%.
(3) Discussion of Forward-Looking Information, Including Consolidated Earnings Forecasts
Turning to the consolidated earnings forecast for the full fiscal year ending March 31, 2016, there are no changes to dataand information announced on May 8, 2015.
3

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2015

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

ASSETS
Current assets:Cash and cash equivalents
Notes and accounts receivable—tradeInventories:
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
Goodwill
Other intangible fixed assets
Total 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

4As of March 31, 2015

As of June 30, 2015

33,496
93,513

47,11050,55915,215687
9,021(55)
151,878

21,844660
9,179(18)
129,335

26,13339,7706,391
72,29526,332
39,9906,363
72,686

3,394
4,249
7,643

3,381
4,126
7,507

12,70021,751(2,250)32,201
112,140
264,019

11,185
22,152(2,205)
31,132
111,326
240,662

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2015

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
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
Non-controlling interests
Total net assets
Total liabilities and net assets

5

As of March 31, 2015

As of June 30, 2015

44,675
100
3,852
1,540
273
10,34960,791

29,129
109
477
2,541
228
7,562
40,048

1,508
3,784
222
3,673
9,189
69,980

1,508
3,841
178
3,962
9,490
49,53910,00056,615
164,836(34,852)
196,599

10,00056,616
164,179(37,309)
193,485

2,638(7,936)
1,473(3,824)500762
194,038
264,019

2,782(7,936)
1,537(3,616)487
765
191,122240,662

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2015

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income

Three months ended
June 30, 2014

Net sales
Cost of sales
Gross profits
Selling, general and administrative expenses
Operating income
Other income:Interest income
Dividend income
OtherTotal other income
Other expenses:
Interest expenses
Foreign exchange lossesRent expenses
Other
Total other expenses
Recurring profit
Extraordinary income:Gain on sales of investment securities
Gain on payback of insurance payments
Gain on negative goodwill
Other
Total extraordinary income
Extraordinary loss:
Loss on sales of fixed assets
Loss on disposal 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
Net income
Net income (loss) attributable to non-controlling interests
Net income attributable to owners of parent

6

Millions of yen
Three months ended
June 30, 2015

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

57,01050,384
6,625
4,961
1,664

988
92
190

1089
137
237

1
14
11
6
34
4,676

2
22
12
12
50
1,851

5
12
—
624

—
156
361

20
24
11
11
68
4,631

0
22
38
21
82
1,831

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

614
137
751
1,079
6
1,072

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2015

Consolidated Statements of Comprehensive Income
Millions of yen
Three months ended
Three months ended
June 30, 2014
June 30, 2015

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 non-controlling interests

7

2,752

1,079

347
98
445
3,198

145
64
210
1,290

3,251(53)1,2837