May 11, 2023

COMSYS Holdings Corporation
Consolidated Financial Results for the Fiscal Year Ended March 31, 2023
Under Japanese GAAP
Head Office:17-1, Higashigotanda 2-chome, Shinagawa-ku, Tokyo 141-8647, Japan
Stock Exchange Listings: Prime Market of Tokyo Stock Exchange (Securities code: 1721)
URL:
https://www.comsys-hd.co.jp/english/index.html
Representative:
Takashi Kagaya, President and Representative Director
For Inquiry:
Hidehiko Ozaki, Director and General Manager of Financial Department (Telephone:81-3-3448-7000)
Scheduled Annual General Meeting of Shareholders: June 29, 2023
Scheduled Commencement of Dividend Payment: June 30, 2023
Scheduled Filing of Securities Report:
June 29, 2023
Supplementary Materials on Financial Results:
Attached
IR Presentation on Financial Results:
Scheduled (For Institutional Investors and Analysts)
Amounts less than one million yen have been omitted.

1. Consolidated Financial Results (for the fiscal year ended March 31, 2023)(1) Consolidated Operating Results
Net SalesYear ended March 31, 2023
Year ended March 31, 2022

¥563,295
589,028(Millions of yen, except per share data and percentages)

Operating Profit(4.4)%
4.6¥32,104
42,963

Profit Attributable to
Owners of Parent

Ordinary Profit(25.3)%
3.3¥30,934
44,036(29.8)%
2.5¥19,338
29,208(33.8)%(0.5)

Notes: 1. Comprehensive income:Year ended March 31, 2023: ¥19,607 million [(32.9)%]
Year ended March 31, 2022: ¥29,215 million [(17.4)%]
2. Percentages indicate the percentage change from the corresponding period of the previous fiscal year.
Primary Earnings
per Share

Diluted Earnings
per Share

Return on Equity¥158.83
235.50¥158.71235.185.7%
8.8

Year ended March 31, 2023
Year ended March 31, 2022
(Reference) Equity in earnings of affiliates:

Year ended March 31, 2023: ¥ — million

Ordinary Profit/ Total Assets

Operating Margin

6.0%
8.8

5.7%
7.3

Year ended March 31, 2022: ¥ — million(2) Consolidated Financial Position(Millions of yen, except per share data and percentages)

Total Assets
As of March 31, 2023
As of March 31, 2022

Net Assets¥502,133
524,062(Reference) Shareholders’ equity:

Equity Ratio¥346,725
343,489

Book Value per Share
67.9%
64.5

As of March 31, 2023: ¥341,093 million¥2,824.12
2,761.15

As of March 31, 2022: ¥338,031 million(3) Consolidated Cash Flows

Year ended March 31, 2023
Year ended March 31, 2022

(Millions of yen)

Cash Flows fromOperating Activities¥61,781
5,244

Cash Flows from
Investing Activities¥ (6,843)(11,109)

Cash Flows from
Financing Activities¥(48,233)
6,171

2. Cash Dividends for Shareholders of Common Stock(Millions of yen, except per share data and percentages)

Dividends per ShareYear ended March 31, 2022
Year ended March 31, 2023
Year ending March 31, 2024 (Forecast)End of
1st QuarterEnd of2nd QuarterEnd of3rd Quarter

Year-End

Annual¥ ———¥45.00
50.00
50.00

¥ —
—
—

¥50.0050.00
55.00¥95.00100.00105.003. Consolidated Earnings Forecast (for the fiscal year ending March 31, 2024)
Net SalesYear ending March 31, 2024

¥570,000

Cash and Cash Equivalents
at End of Year¥40,788
34,033

1.2%

Consolidated Basis

Total
Dividends(Annual)Dividend
PayoutRatio

Ratio of
Dividends to
Net Assets

40.3%
63.0
55.1

3.5%
3.6

¥11,708
12,129(Millions of yen, except per share data and percentages)

Operating Profit

Ordinary Profit

Profit Attributable to
Owners of Parent¥34,000¥34,500¥23,000

5.9%

11.5%

18.9%

Primary Earnings
per Share¥190.43

Note. For fiscal-year figures, percentages indicate the percentage change from the previous fiscal year. For first-half figures, percentages indicate the percentagechange from the corresponding half of the previous fiscal year.

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2023

*Notes:(1) Changes in significant subsidiaries during the period under review (changes to subsidiaries that would alter the scope of
consolidation): No(2) 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(3) Number of shares issued (common shares)
		a) Number of shares issued (including treasury shares)b) Number of treasury shares		c) Average number of shares issued in the period

As of March 31, 2023
141,000,000 shares
20,221,171 shares

As of March 31, 2022
141,000,000 shares
18,575,585 sharesYear ended March 31, 2023
121,758,706 sharesYear ended March 31, 2022
124,027,956 shares(Reference) Summary of Non-Consolidated Financial Results
Non-Consolidated Financial Results (for the fiscal year ended March 31, 2023)(1) Non-Consolidated Operating Results
Operating Revenues
Year ended March 31, 2023
Year ended March 31, 2022

¥14,233
14,275(0.3)%
8.4(Millions of yen, except per share data and percentages)

Operating Profit¥12,880
12,931

Ordinary Profit(0.4)%
9.3¥12,894
12,940

Profit(0.4)%
9.4¥12,801
12,863(0.5)%
9.4

Note: Percentages indicate the percentage change from the corresponding period of the previous fiscal year.
Primary Earnings per Share

Diluted Earnings per Share¥105.14103.72¥105.06
103.58Year ended March 31, 2023
Year ended March 31, 2022

(2) Non-Consolidated Financial Position(Millions of yen, except per share data and percentages)

Total Assets
As of March 31, 2023
As of March 31, 2022
(Reference) Shareholders’ equity:

Net Assets¥154,201
186,000¥118,420
121,741

As of March 31, 2023: ¥117,480 million

Equity Ratio

Book Value per Share
76.2%
65.0

¥972.70987.92As of March 31, 2022: ¥120,945 million*This Consolidated Financial Results report has not been subjected to audit procedures by 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 “1. Business Review” of this Consolidated Financial Results report in the Accompanying Materials
section on page 3.
2. The Company plans to hold an IR presentation on its financial results for institutional investors and analysts on Friday, May 19, 2023.
The materials and video of the briefing will be uploaded to the corporate website. (The video of the financial results briefing will beavailable only in Japanese.)2

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2023

Accompanying Materials
1. Business Review(1) Operating Results
During the fiscal year ended March 31, 2023 (April 1, 2022 to March 31, 2023), the Japanese economy was expected torecover while social and economic activities began to normalize as the nation adapted to living with COVID-19.
Nevertheless, it was necessary to continue to monitor soaring prices for energy and raw materials, supply side constraints
including shortages of various parts and materials, and turbulence in financial and capital markets.
As for the business environment surrounding the COMSYS Group, in the communications infrastructure field, thedevelopment of digital infrastructure, including optic fiber and 5G, was promoted in order to accelerate the digitalization ofregional areas under the Japanese government’s Vision for a Digital Garden City Nation. In the social infrastructure field,
developments in the areas of disaster prevention or mitigation and promotion of national resilience measures were expected
to be made to address increasingly severe and frequent natural disasters and aging infrastructure. Also, growth investment
was anticipated in the renewable energy field to achieve carbon neutrality by 2050. In the IT solutions field, there was digitaltransformation (DX)-related development, including the construction of data collaboration platforms that enable sharing
and utilization of data in multiple sectors such as the administrative and public sectors as well as healthcare and nursing care.
The COMSYS Group faced a challenging business environment in the communications infrastructure field,
including a decrease in large-scale projects like the High-Speed Wireless Environment Maintenance Promotion Project aswell as a decline in mobile-related construction work. In these circumstances, the COMSYS Group worked to secure
profits by expanding market share and obtaining peripheral business based on effective utilization of the Group’s resources.
The Group also endeavored to strengthen its area management system with the aim of Group-wide optimization. Other
efforts included expanding business domains by training multi-disciplinary engineers. In growth IT solutions and social
system-related fields, profitability decreased because of material shortages and soaring prices caused by supply chain
disruptions and cost increases due to slow construction progress, and there were some unprofitable renewable energyrelated projects. However, the COMSYS Group worked to increase sales by strengthening marketing capabilities using its
virtual company structure and collaborating with alliance partners. Going forward, the Group will strengthen its project
management systems, including risk management, with the focus on large-scale projects. The COMSYS Group will also
continue to strengthen its management base by improving productivity leveraging DX, pursuing thorough diversity andflexible workstyle reforms, and training human resources for the new business environment.
Under these circumstances, orders received in the fiscal year ended March 31, 2023 decreased 0.7% year on year
to ¥553,065 million, and net sales decreased 4.4% year on year to ¥563,295 million. From a profit perspective, operating
profit decreased by 25.3% year on year to ¥32,104 million, while profit attributable to owners of parent decreased 33.8%
year on year to ¥19,338 million.

(2) Financial Position(a) Assets
Current assets as of March 31, 2023 stood at ¥303,983 million, ¥18,232 million lower than at the end of the previous fiscal
year. This was mainly attributable to a ¥34,999 million decrease in notes receivable, accounts receivable from completed
construction contracts and other, and increases of ¥6,259 million in cash and deposits and ¥5,964 million in costs on
construction contracts in progress. Non-current assets as of March 31, 2023 stood at ¥198,149 million, ¥3,697 million
lower than at the end of the previous fiscal year. This was mainly attributable to decreases of ¥2,145 million in property andequipment, ¥1,111 million in intangible assets, and ¥ 439 million in investments and other assets.
As a result, total assets amounted to ¥502,133 million as of March 31, 2023, a decrease of ¥21,929 million
compared with the end of the previous fiscal year.
(b) Liabilities
Current liabilities as of March 31, 2023 stood at ¥134,446 million, down ¥24,317 million compared with the previous fiscal
year-end. This was mainly attributable to a decrease of ¥27,894 million in short-term borrowings. As of March 31, 2023,
non-current liabilities amounted to ¥20,961 million, ¥847 million lower than at the end of the previous fiscal year. This was
mainly attributable to decreases of ¥306 million in long-term borrowings and ¥238 million in deferred tax liabilities.
As a result, total liabilities amounted to ¥155,407 million, a decrease of ¥25,165 million compared with the end of theprevious fiscal year.
(c) Net assets
Net assets stood at ¥346,725 million as of March 31, 2023, an increase of ¥3,235 million compared with the end of theprevious fiscal year. This was primarily due to a ¥7,126 million increase in retained earnings mainly resulting from the recordingof profit attributable to owners of parent.
As of the end of the fiscal year under review, the equity ratio stood at 67.9%, up from 64.5% as of March 31, 2022.
3

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2023

(3) Cash Flow
Cash and cash equivalents stood at ¥40,788 million at the end of the fiscal year, an increase of ¥6,755 million, or 19.8%,
compared with the end of the previous fiscal year.
The principal factors underpinning movements in each of the Group’s major cash flows for the fiscal year ended
March 31, 2023 are presented as follows.
(a) Cash flows from operating activities
Net cash provided by operating activities stood at ¥61,781 million compared with ¥5,244 million for the previous fiscal year.
The major cash inflows were profit before income taxes of ¥30,541 million and trade receivables of ¥33,378 million.
(b) Cash flows from investing activities
Net cash used in investing activities totaled ¥6,843 million for the fiscal year under review compared with net cash of¥11,109 million used in the previous fiscal year. The major cash outflows were purchase of property, plant and equipment of¥7,520 million and purchase of intangible assets of ¥1,162 million.
(c) Cash flows from financing activities
Net cash provided by financing activities was ¥48,233 million for the fiscal year ended March 31, 2023, compared with
¥6,171 million used in financing activities in the previous fiscal year. The major cash outflows were net decrease in shortterm borrowings of ¥27,595 million, dividends paid of ¥12,211 million and purchase of treasury shares of ¥7,014 million.

(4) Outlook for fiscal year ending March 31, 2024
With regard to the business performance outlook for the fiscal year ending March 31, 2024, the challenging businessenvironment is forecast to continue in the communications infrastructure field where a decrease in capital investment isanticipated. However, in growth IT solutions and social system-related fields, expansion of the IT market due to promotionof society-wide digital transformation (DX), including cloud migration can be anticipated. We also expect promotion ofdisaster prevention and mitigation and national resilience measures, including utility pole underground projects and river
basin flood control work, as well as the construction and renovation of social infrastructure, including data centers and waterand sewerage projects. In addition, private sector capital investment is expected to recover. As a result, the Group expects
revenue and profit growth in these fields. The COMSYS Group will continue working to secure profits by improving
profitability through topline growth with stronger Group collaboration making use of the virtual companies. The Group will
also expand its business domains by training multidisciplinary engineers, consolidate its backyard operations, and promote
digital transformation DX.
Consolidated Earnings Forecast(Millions of yen, except percentages)

Year ended March 31, 2023

Year ending March 31, 2024

Orders received¥553,065¥570,000

Change3.1%

Net sales

563,295

570,000

1.2

Gross profits

69,54170,0000.7

Operating profit

32,10434,0005.9

Ordinary profit

30,93434,500

11.5

Profit attributable to owners of parent

19,33823,00018.9

2. Basic Approach to Selection of Accounting Standard
The COMSYS Group’s policy for the time being is to use Japanese GAAP for the preparation of its consolidated financial statements
because its business operations are primarily carried out in Japan, and comparison with other Japanese companies is thus facilitated.

4

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2023

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

ASSETS
		 Current assets:
			 Cash and deposits
			 Notes receivable, accounts receivable			from completed construction contracts and other			 Investments in leases
			 Costs on construction contracts in progress
			 Real estate for sale			 Merchandise
			 Raw materials and supplies
			 Other current assets
			 Allowance for doubtful accounts
			 Total current assets
		 Non-current assets:
			 Property, plant and equipment:				 Buildings and structures					 Accumulated depreciation					 Buildings and structures, net				 Machinery, equipment and vehicles and tools, furniture and fixtures					 Accumulated depreciation					 Machinery, equipment and vehicles and tools, furniture and fixtures, net				 Land				 Lease assets					 Accumulated depreciation					 Lease assets, net				 Construction in progress				 Total property, plant and equipment
			 Intangible assets				 Goodwill				 Other intangible assets				 Total intangible assets
			 Investments and other assets:				 Investment securities				 Long-term loans receivable				 Deferred tax assets				 Retirement benefit asset				 Other assets				 Allowance for doubtful accounts				 Total investments and other assets
			 Total non-current assets
		 Total assets

5

As of March 31, 2022

As of March 31, 2023

35,10741,367

222,954
5,073
46,027
2,050
999
2,494
7,618
(109)
322,216

187,954
6,600
51,992
1,757
1,148
2,692
11,761(1,291)
303,983

99,423(54,084)
45,33865,997(39,438)
26,55970,714
3,385(1,815)
1,570
1,199
145,382

100,241(55,743)
44,49866,329(41,886)
24,44270,084
3,525(2,014)1,510
2,700
143,236

2,261
5,587
7,848

1,648
5,089
6,737

22,8903,150
3,698
14,6874,599(411)
48,615201,846
524,062

25,4543,006
4,470
12,9125,141(2,809)48,175
198,149
502,133

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2023

Millions of yen
As of March 31, 2022 As of March 31, 2023

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			 Provision for warranties for completed construction
			 Provision for loss on construction contracts
			 Provision for loss compensation
			 Other current liabilities
			 Total current liabilities
		 Non-current liabilities:
			 Long-term borrowings
			 Deferred tax liabilities
			 Deferred tax liabilities for land revaluation
			 Retirement benefit liability
			 Provision for retirement benefits for directors (and other officers)
			 Provision for environmental measures
			 Other non-current 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

6

87,514
31,845
4,967
11,585
142
2,152
463
20,093
158,764

82,842
3,950
5,075
7,771
145
5,236
679
28,745
134,446

486
689
1,213
14,200
628
400
4,191
21,809180,573

179
451
1,213
14,151
616
400
3,948
20,961
155,407

10,00092,700279,157(40,851)
341,006

10,00093,113286,284(45,318)
344,079

3,117
0(8,250)2,157(2,975)
795
4,662
343,489
524,062

3,722(78)(8,250)1,620(2,985)
939
4,692
346,725
502,133

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2023

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income(Consolidated Statements of Income)Millions of yen
Year ended
Year ended
March 31, 2022
March 31, 2023

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
		 Provision for allowance for doubtful receivables
		 Rent expenses
		 Other		 Total non-operating expenses
Ordinary profit
Extraordinary income:		 Gain on sales of non-current assets
		 Gain on sales of investment securities
		 Gain on sales of shares of subsidiaries and associates
		 Gain on bargain purchase
		 Gain on transfer of business		 Gain on extinguishment of tie-in shares
		 Other		 Total extraordinary income
Extraordinary loss:
		 Loss on retirement of non-current assets
		 Loss on sales of non-current assets
		 Loss on valuation of investment securities
		 Extra retirement payments
		 Impairment loss
		 Business structure reform expenses
		 Compensation for damage
		 Provision of allowance for loss on compensation
		 Other		 Total extraordinary loss
Profit before income taxes
Income taxes:
		 Current
		 Deferred		 Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

7589,028
510,601
78,42735,46342,963563,295
493,754
69,54137,43632,104

23
848
285
494
1,651

23
850
283
580
1,738

31
—
157
390
579
44,036

26
2,397
99
383
2,907
30,934

473
223
—
170
210
182
86
1,346

503
67
218
28
—
—
115
933

92
41
3
102
118
260
487
463
327
1,897
43,484

176
144
132
288
99
109
—
244
130
1,326
30,541

14,534(476)
14,05829,426218
29,208

11,945(1,019)10,925
19,615276
19,338COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2023

(Consolidated Statements of Comprehensive Income)Millions of yen
Year ended
Year ended
March 31, 2022
March 31, 2023

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

829,426

19,615

(204)
0
(6)
(210)
29,215

608
(79)
(536)
(7)
19,60728,996219

19,327279

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2023

(3) Consolidated Statements of Changes in Net Assets
Millions of yen

Shareholders’ equity

Year ended March 31, 2022

SharecapitalCapitalsurplusRetainedearnings

Treasuryshares

Total
Shareholders’equityBalance at beginning of period

10,00092,552

260,846(33,284)

330,114

Changes in items during period:
Dividends of surplus(11,213)(11,213)

Profit attributableto owners of parent

29,20829,208Purchase of treasury shares(8,004)(8,004)437

522

Disposal of treasury shares

84

Purchase of treasury sharesof subsidiaries

62

62

Purchase of sharesof consolidated subsidiaries

11

Changes of scope of consolidation

113

113

—

Increase by share exchanges
Reversal of revaluation reserve
for land

203

203

Net changes in items otherthan shareholders’ equity
Total changes in items during period
Balance at end of period

—
—

148

18,311(7,566)

10,892

10,00092,700279,157(40,851)

341,006

Millions of yen

Accumulated other comprehensive income

Year ended March 31, 2022
Balance at beginning of period

Valuation
Deferreddifference
on availablefor- gains or losses
on hedges
sale securities

Revaluation
reservefor land0(8,046)

3,322

Total
accumulated
otherRemeasurementsof defined comprehensive
incomebenefit plans

2,163(2,559)Shareacquisitionrights

Noncontrollinginterests

Total
net assets

764

2,489

330,807

Changes in items during period:
Dividends of surplus(11,213)

Profit attributableto owners of parent

29,208Purchase of treasury shares(8,004)

Disposal of treasury shares

522

Purchase of treasury sharesof subsidiaries

62

Purchase of sharesof consolidated subsidiaries

1

Changes of scope of consolidation

113

Increase by share exchanges—

Reversal of revaluation reserve
for land203

Net changes in items otherthan shareholders’ equity
Total changes in items during period
Balance at end of period

(205)

0

(203)

(205)

0

(203)

(6)

3,117

0

(8,250)

2,157

9

(6)

(415)

31

2,172

1,788

(415)

31

2,172

12,681(2,975)

795

4,662

343,489

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2023

Millions of yen

Shareholders’ equity

Year ended March 31, 2023

SharecapitalCapitalsurplusRetainedearnings

Treasuryshares

Total
Shareholders’equityBalance at beginning of period

10,00092,700279,157(40,851)

341,006

Changes in items during period:
Dividends of surplus(12,211)(12,211)

Profit attributableto owners of parent

19,33819,338Purchase of treasury shares
Disposal of treasury shares

14(7,002)(7,002)160

175

Purchase of treasury sharesof subsidiaries—

Purchase of sharesof consolidated subsidiaries——

Changes of scope of consolidation

398

Increase by share exchanges

2,373

2,772

Reversal of revaluation reserve
for land—Net changes in items otherthan shareholders’ equity
Total changes in items during period
Balance at end of period

—
—

413

7,126

(4,467)

3,072

10,00093,113286,284(45,318)

344,079

Millions of yen

Accumulated other comprehensive income

Year ended March 31, 2023
Balance at beginning of period

Valuation
Deferreddifference
on availablefor- gains or losses
on hedges
sale securities

Revaluation
reservefor land0(8,250)

3,117

Total
accumulated
otherRemeasurementsof defined comprehensive
incomebenefit plans

2,157(2,975)

Shareacquisitionrights

Noncontrollinginterests

Total
net assets

795

4,662

343,489

Changes in items during period:
Dividends of surplus(12,211)

Profit attributableto owners of parent

19,338Purchase of treasury shares(7,002)

Disposal of treasury shares

175

Purchase of treasury sharesof subsidiaries—

Purchase of sharesof consolidated subsidiaries—

Changes of scope of consolidation—

Increase by share exchanges

2,772

Reversal of revaluation reserve
for land—Net changes in items otherthan shareholders’ equity
Total changes in items during period
Balance at end of period

605

(79)

(536)

(10)

144

29

163

605

(79)

—

(536)

(10)

144

29

3,235

3,722

(78)

(8,250)1,620(2,985)

939

4,692

346,725

10

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2023

(4) Consolidated Statements of Cash Flows
Millions of yen
Year ended
Year ended
March 31, 2022
March 31, 2023

Cash flows from operating activities:
		 Profit before income taxes
		 Depreciation
		 Impairment loss
		 Amortization of goodwill
		 Gain on bargain purchase
		 Gain on transfer of business		 Increase (decrease) in allowance for doubtful accounts
		 Increase in retirement benefit liability
		 Interest and dividend income
		 Interest expenses
		 Decrease (increase) in trade receivables
		 Increase in costs on construction contracts in progress
		 Decrease in trade payables
		 Gain on sale of investment securities
		 Loss on valuation of investment securities
		 Decrease (increase) in other assets
		 Increase (decrease) in other liabilities
		 Other, net
							 Interest and dividends received
		 Interest paid
		 Income taxes paid
		 Net cash provided by operating activities
Cash flows from investing activities:
		 Net decrease in time deposits
		 Purchase of investment securities
		 Proceeds from sale of investment securities
		 Purchase of shares of subsidiaries
		 Proceeds from transfer of business		 Purchase of property, plant and equipment
		 Purchase of intangible assets
		 Proceeds from sales of property, plant and equipment
		 Loan advances
		 Collection of loans receivable		 Purchase of insurance funds
		 Proceeds from cancellation of insurance funds
		 Other, net
		 Net cash used in investing activities

11

43,484
9,974
118
997
(170)
(210)
(65)
125
(871)
31
(25,331)(1,349)(4,879)
(218)
3
5,962
(4,662)490
23,428871(31)(19,024)5,244

30,541
10,376
99
1,093
(28)
—
3,579
36
(873)
26
33,378(5,779)(5,021)
(67)
132
(703)
8,711
82
75,587873(26)(14,652)
61,781

247
(13)
1,060
(3,374)243(8,279)(2,541)
1,163
(2)
196
(279)
596
(128)
(11,109)

495
(21)
957
(761)
—
(7,520)(1,162)
956
(31)
212
(304)
176
159
(6,843)

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2023

Millions of yen
Year ended
Year ended
March 31, 2022
March 31, 2023

Cash flows from financing activities:
		 Net increase (decrease) in short-term borrowings
		 Repayments of long-term borrowings
		 Purchase of treasury shares
		 Proceeds from sales of treasury shares
		 Purchase of shares of subsidiaries
			 not resulting in change in scope of consolidation
		 Purchase of treasury shares of subsidiaries
		 Dividends paid		 Dividends paid to non-controlling interests
		 Repayments of finance lease obligations
		 Net cash used in financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents resulting
			 from change in scope of consolidation
Increase in cash and cash equivalents resulting from merger
Cash and cash equivalents at end of period

1226,504(706)(8,021)
305(27,595)(807)(7,014)
47

(29)
(1)
(11,213)
(13)
(651)
6,171
5
312
32,936——(12,211)(23)(628)(48,233)(0)
6,703
34,033576
208
34,033—51
40,788COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2023

(Per share Information)
Yen
Year ended		March 31, 2022		

Book value per sharePrimary earnings per share
Diluted earnings per share

Year ended
March 31, 2023

2,761.15
235.50235.182,824.12
158.83158.71

Notes. The bases for calculation of primary earnings per share and diluted earnings per share are as follows:
Millions of yen, except per share data and number of sharesYear ended		Year ended
March 31, 2022		
March 31, 2023

Primary earnings per share				 Profit attributable to owners of parent
29,208
		 Amount not attributable to common shareholders—
		 Profit attributable to owners of parent			
attributable to common shares
29,208
		 Average number of common shares			during the period (in thousands)
124,027

121,758

Diluted earnings per share		
		 Adjustment for profit attributable to owners of parent—
		 Increase in number of shares of common shares (in thousands)
166
		 [Of which share acquisition rights (in thousands)]
[166]

—
91
[91]

19,338—19,338Outline of dilutive shares which were not included in
the calculation of “Diluted earnings per share”
because they do not have dilutive effect:
				
				

August 7, 2020
Board of Directors resolution
Stock options(Share acquisition rights)
Common stock 550 thousand shares

August 7, 2020
Board of Directors resolution
Stock options(Share acquisition rights)
Common stock 542 thousand shares

				
				
				
				
				

August 6, 2021
Board of Directors resolution
Stock options(Share acquisition rights)
Common stock 540 thousand shares

August 6, 2021
Board of Directors resolution
Stock options(Share acquisition rights)
Common stock 529 thousand shares

				
				
				
				
				

June 29, 2022
Board of Directors resolution
Stock options(Share acquisition rights)
Common stock 529 thousand shares

13

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2023

(Significant Subsequent Event)(Acquisition of Treasury Shares)
The meeting of the Board of Directors held on May 11, 2023 resolved as follows on the matters related to the acquisitionof treasury shares 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 shares 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 Acquisition
1) Type of shares to be acquired

Common shares of the Company

2) Total number of shares to be acquired

Up to 2,000,000 shares3) Total acquisition price

Up to ¥4,000,000,000

4) Acquisition period

From May 12, 2023 to March 31, 2024

5) Acquisition method

Purchase on the Tokyo Stock Exchange(Cancellation of Treasury Shares)
The meeting of the Company’s Board of Directors held on May 11, 2023 resolved as outlined below on the cancellationof treasury shares in accordance with the provisions of Article 178 of the Companies Act.
(a) Details of Acquisition
1) Type of shares cancelled
2) Total number of shares to be cancelled

Common shares of the Company
8,000,000 shares(Ratio to the total number of issued shares before cancellation: 5.67%)

3) Total number of issued shares after cancellation

133,000,000 shares

4) Scheduled date of cancellation

May 31, 2023

14

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2023

4. Other
Change of Directors
1) Changes in Representatives (scheduled for June 29, 2023)
1. Candidate for Appointment as New Representative Director
Hiroshi Tanabe, Vice President and Representative Director (currently Associate Director)
2) Changes in Other Officers (scheduled for June 29, 2023)
1. Candidate for Appointment as New Directors (excluding Audit and Supervisory Committee Members)
Toru Mashimo, Director (currently Associate Director)
2. Retiring Directors (excluding Audit and Supervisory Committee Members)
Kenichi Sato, Director (expected to assume the office of Associate Director)
Yoshihisa Omura, Director (expected to assume the office of Associate Director)
Satoshi Tamamura, Director (expected to assume the office of Associate Director)
Hidehiko Ozaki, Director (expected to assume the office of Special Consultant, Nippon COMSYS Corporation)
Takaya Kitaguchi, Director (expected to assume the office of Associate Director)
3. Candidates for Appointment as New Directors (Audit and Supervisory Committee Members)
Kyoko Ichikawa, Outside Director (currently Director of Ichikawa CPA Office			and Representative Partner of Mitsuba Audit Corporation )Masaya Hirano, Outside Director (currently Attorney, TMI Associates)
4. Retiring Directors (Audit and Supervisory Committee Members)
Masahiko Miyashita, Outside Director
Koichi Kawana, Outside Director
Hideo Yamamoto, Outside Director

15