November 6, 2015

COMSYS Holdings Corporation
Consolidated Financial Results for the Second Quarter Ended September 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: November 12, 2015
Scheduled Commencement of Dividend Payment: December 4, 2015
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, 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

Six months ended September 30, 2015

¥128,720(10.8)%¥6,540(41.3)%¥6,862(39.3)%¥4,545(33.8)%

Six months ended September 30, 2014

144,287

2.6

11,1444.9

11,308

3.1

6,865

11.4

Notes: 1. Comprehensive income: Six months ended September 30, 2015: ¥4,401 million [(42.0)%]
Six months ended September 30, 2014: ¥7,588 million [13.1%]
2. Percentages indicate the percentage change from the corresponding period of the previous fiscal year.

Net Income per ShareNet Income per Share (Diluted)

Six months ended September 30, 2015

¥40.00¥39.83Six months ended September 30, 2014

58.32

57.94(2) Consolidated Financial Position(Millions of yen, except percentages)

Total Assets

Net Assets

Equity Ratio

As of September 30, 2015

¥242,513¥192,644

79.0%

As of March 31, 2015

264,019

194,038

73.0(Reference) Shareholders’ Equity:

As of September 30, 2015: ¥191,577 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

30.00

Year ending March 31, 2016 (Forecast)Year-End

AnnualNote: Most recently announced revisions to dividend forecast: No

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

¥331,000

0.7%(Millions of yen, except per share data and percentages)

Operating Income

Recurring Proﬁt

Net Income Attributable
Net Income per Shareto Owners of Parent¥28,000¥28,500¥17,000

1.2%

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%

1.4%

¥149.61COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Second Quarter Ended September 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 September 30, 2015
145,977,886 shares
33,679,665 shares

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

Six months ended September 30, 2015
113,628,380 shares

Six months ended September 30, 2014
117,729,022 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
1. 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 avariety of factors. With respect to the conditions that underpin earnings forecasts as well as cautionary statements regarding the proper use ofearnings 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 reportin the Accompanying Materials section on page 3.
2. COMSYS Holdings Corporation plans to hold an IR presentation on its financial results for institutional investors and analysts on Friday,
November 13, 2015. Other materials distributed during the IR presentation will be posted on the Company’s website in a timely
manner after the presentation.

2COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Second Quarter Ended September 30, 2015

Accompanying Materials1. Qualitative Information Regarding Consolidated Financial Results for the Period under Review(1) Discussion of Operating Results
During the first half (April 1, 2015 to September 30, 2015) of the fiscal year ending March 31, 2016, the Japanese economy
maintained a tone of moderate recovery, including a recovery in corporate performance and the employment environment,
backed by the fiscal and monetary policies of the Japanese government and the Bank of Japan. Nevertheless, the outlook
remained uncertain with concerns about a slowdown in the Chinese economy and the impact of shrinking growth inemerging countries in Asia.
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 dueto the wholesaling of optical access services (the optic fiber collaboration model), and technical innovation aimed atdiversifying and adding functionality to smartphones and tablets taking advantage of the expansion of service areas for highspeed wireless broadband, such as LTE. Moreover, in the public and private sectors, further growth was anticipated in socialinfrastructure investment related to various endeavors, including innovation in areas such as healthcare, disaster prevention,and e-government using ICT to link goods and services, policies for building national resilience, development of theenvironment and energy business, and preparation for the Tokyo Olympics and Paralympic Games.
The COMSYS Group took initiatives for top-line expansion, which included entering the solar and other ecologicalinnovation businesses, and engaging in activities to obtain orders in response to rising public sector and ICT investment. Inaddition, efforts in new business domains focused on the smart society. Moreover, the Group worked to transfer personnel togrowth businesses and to improve profit through such means as increasing construction efficiency and cutting costs.
Under these circumstances, orders received in the first half of the fiscal year were down 6.2% year on year to¥162,671 million, and net sales were down 10.8% year on year to ¥128,720 million, mainly due to the decrease in capital
expenditures of telecommunications carriers. Orders received were firm compared to forecasts, and contract backlogs wereup 11.0% year on year to ¥132,111 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 41.3% year on year to ¥6,540
million, and net income attributable to owners of the parent company declined by 33.8% year on year to ¥4,545 million.
(2) Discussion of Financial Position
Total assets as of September 30, 2015 amounted to ¥242,513 million, down ¥21,505 million compared with the end of theprevious fiscal year. This was mainly attributable to a decrease in notes and accounts receivable – trade. Liabilities decreased¥20,111 million compared with the end of the previous fiscal year, to ¥49,869 million. This was largely attributable to adecrease in accounts payable – trade. Despite an increase in retained earnings, net assets decreased by ¥1,393 million
compared with the end of the previous fiscal year, to ¥192,644 million. This was primarily attributable to the acquisitionof treasury stock.
In accordance with each of the aforementioned factors, the equity ratio improved 6.0 percentage points comparedwith the end of the previous fiscal year to 79.0%.
(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 data andinformation announced on May 8, 2015.

3

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Second Quarter Ended September 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—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
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

4

As of March 31, 2015

As of September 30, 2015

33,496
93,51338,381
56,367

15,215
687
9,021
(55)
151,878

25,696
671
7,621
(25)
128,711

26,13339,7706,391
72,29527,91940,006
5,801
73,727

3,394
4,249
7,643

3,232
4,073
7,306

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

11,29023,481(2,003)32,768113,802242,513

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Second Quarter Ended September 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 income:Unrealized gain on other securities
Unrealized loss on land revaluation
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Subscription rights to shares
Non-controlling interests
Total net assets
Total liabilities and net assets

5

As of March 31, 2015

As of September 30, 2015

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

30,762
109
796
2,553
229
5,827
40,279

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

1,508
3,914
186
3,980
9,590
49,86910,00056,615
164,836(34,852)
196,599

10,00056,944
167,657(39,045)
195,5552,638(7,936)
1,473(3,824)500762
194,038
264,019

2,354(7,936)
1,604(3,978)461
605
192,644242,513

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

(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
OtherTotal other income
Other expenses:Interest expenses
Foreign exchange losses
Provision for allowance for doubtful receivables
Other
Total other expenses
Recurring profit
Extraordinary income:Gain on payback of insurance payments
Gain on reversal of subscription rights to shares
Gain on negative goodwill
Other
Total extraordinary income
Extraordinary loss:
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

Six months ended
September 30, 2014

Six months ended
September 30, 2015

144,287
122,853
21,434
10,289
11,144

128,720
112,594
16,126
9,586
6,540

28
100
—
183
312

32
106
208
142
489

3
—
118
25
147
11,308

5116
—
45
167
6,862

17
24
—
21
63

4
—
386
35
426

67
23
107
198
11,174

48
83
22
154
7,134

2,921
1,434
4,356
6,817
(47)
6,865

1,113
1,463
2,577
4,556
114,545

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

Consolidated Statements of Comprehensive Income
Millions of yen
Six months ended
Six months ended
September 30, 2014
September 30, 2015

Income before minority interests
Other comprehensive income:Unrealized gain (loss) 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

6,817

4,556

573
197
770
7,588(286)131(154)4,401

7,630(42)4,3947