August 7, 2023

COMSYS Holdings Corporation
Consolidated Financial Results for the First Quarter Ended June 30, 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
Representative:
Takashi Kagaya, President and Representative Director
For Inquiry:
Toru Mashimo, Director and General Manager of Financial Department (Telephone:81-3-3448-7000)
Scheduled Filing of Quarterly Securities Report:
August 8, 2023
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, 2023)(1) Consolidated Operating Results(Millions of yen, except per share data and percentages)

Net Sales

Operating Profit

Ordinary Profit

Profit Attributable toOwners of Parent

Three months ended June 30, 2023

¥110,769

3.1%¥4,651

30.6%¥5,23723.2%¥3,234

20.1%

Three months ended June 30, 2022

107,466(10.6)

3,560(57.3)

4,252(52.8)

2,692(54.6)

Notes: 1. Comprehensive income: Three months ended June 30, 2023: ¥4,913 million [57.8%] Three months ended June 30, 2022: ¥3,114 million [(45.0)%]
2. Percentages indicate the percentage change from the corresponding period of the previous fiscal year.

Primary Earnings per Share

Diluted Earnings per ShareThree months ended June 30, 2023

¥26.80¥26.78Three months ended June 30, 2022

22.03

22.01

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

Total AssetsNet Assets

Equity Ratio

As of June 30, 2023

¥467,199¥344,674

72.6%

As of March 31, 2023

502,133

346,72567.9(Reference) Shareholders’ Equity:

As of June 30, 2023: ¥339,007 million

As of March 31, 2023: ¥341,093 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, 2023

¥ —¥50.00¥ —¥50.00¥100.00

Year ending March 31, 2024

—50.00—55.00105.00Year ending March 31, 2024 (Forecast)Year-End

AnnualNote: Most recently announced revisions to dividend forecast: No

3. Consolidated Earnings Forecast (for the fiscal year ending March 31, 2024)
Net SalesYear ending March 31, 2024

¥570,000

1.2%

Operating Profit¥34,000

5.9%(Millions of yen, except per share data and percentages)

Ordinary Profit¥34,500

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.

11.5%

Profit Attributable to Primary Earnings
Owners of Parentper Share¥23,000

18.9%¥190.43

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2023

*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: 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 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 June 30, 2023
133,000,000 shares
12,557,722 shares

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

Three months ended June 30, 2023
120,677,824 shares

Three months ended June 30, 2022
122,252,310 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
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 “(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.

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COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2023

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, 2023 to June 30, 2023) of the current fiscal year ending March 31,
2024, the Japanese economy was expected to maintain a moderate recovery as the impact of COVID-19 weakened andsocial and economic activity began to normalize. Nevertheless, it was necessary to continue monitoring soaring prices forenergy and raw materials and turbulence in financial and capital markets.
As for the business environment surrounding the COMSYS Group, in the communications infrastructure field, theJapanese government promoted initiatives for the development of digital infrastructure in order to accelerate thedigitalization of regional areas under its Vision for a Digital Garden City Nation. These initiatives included working toeliminate areas with insufficient fixed broadband coverage by fostering development of optic fiber and 5G anddecentralizing data centers. In the social infrastructure field, developments related to disaster prevention or mitigation andpromotion of national resilience measures were promoted to address increasingly severe and frequent natural disasters andaging infrastructure. Also, Green Transformation (GX) growth investment in the renewable energy sector was anticipated,with a view to achieving carbon neutrality by 2050. In addition, in recent years, improvements in the quality of national
infrastructure have been required, including the development of greater complexity, multi-functionality, and maximizationof effect through wide-area, strategic management. In the IT solutions field, there was a focus on developments to support
digital transformation (DX), such as construction of data collaboration platforms that can share and utilize information in
multiple sectors including the administrative and public sectors as well as healthcare and nursing care in order to solve local
issues using digital technology.
The COMSYS Group faced a challenging business environment in the communications infrastructure field,including 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 by effectively leveraging the Group’s resources. The
Group also endeavored to strengthen its area management system with the aim of Group-wide optimization. Other effortsincluded expanding business domains by training multi-disciplinary engineers. In growth IT solutions and social systemrelated fields, the COMSYS Group worked to increase orders by strengthening Group-wide sales collaboration utilizing thevirtual company structure and collaboration with alliance partners. The Group also strengthened project management, suchas risk management with a focus on large-scale projects. The COMSYS Group will continue working to strengthen its
management base, for instance by improving productivity with DX, deepening of diverse and flexible workstyles, andtraining human resources for the new business environment.
Under these circumstances, orders received in the first quarter period increased 13.8% year on year to¥153,809 million, and net sales increased 3.1% year on year to ¥110,769 million. From a profit perspective, operating
profit increased by 30.6% year on year to ¥4,651 million, while profit attributable to owners of parent increased 20.1%
year on year to ¥3,234 million.
(2) Discussion of Financial Position
Total assets as of June 30, 2023 amounted to ¥467,199 million, down ¥34,933 million compared with the end of the previous
fiscal year. This was mainly attributable to a decrease in notes receivable, accounts receivable from completed construction
and other. Liabilities decreased by ¥32,882 million compared with the end of the previous fiscal year, to ¥122,524 million.
This was largely attributable to a decrease in notes payable, accounts payable for construction contracts and other.
Net assets decreased by ¥2,051 million compared with the end of the previous fiscal year, to ¥344,674 million. Thiswas primarily attributable to payment of dividends from retained earnings.
In accordance with each of the aforementioned factors, the equity ratio stood at 72.6%, compared with 67.9% 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, 2024 published in“COMSYS Holdings Announces Revision to Earnings Forecast” dated May 11, 2023.

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COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2023

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

ASSETS
Current assets:
Cash and deposits
Notes receivable, accounts receivablefrom completed construction contracts and other
Costs on construction contracts in progress
Other inventories
Other current assets
Allowance for doubtful accounts
Total current assets
Non-current assets:
Property, plant and equipment:
Buildings and structures, net
Land
Other, net
Total property, plant and equipment
Intangible assets		
Goodwill
Other intangible assets
Total intangible assets
Investments and other assets:
Investment securities
Other assets
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

4

As of March 31, 2023

As of June 30, 2023

41,36767,655

187,954
51,992
5,598
18,362(1,291)
303,983

110,646
65,173
5,97821,152(1,277)269,328

44,49870,08428,654
143,236

44,624
69,82428,429142,878

1,648
5,089
6,737

1,374
5,030
6,404

25,45425,530(2,809)48,175
198,149
502,133

27,714
23,695(2,821)
48,587
197,871
467,199

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2023Millions 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)			 Provision for environmental measures			 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, 2023

As of June 30, 2023

82,842
3,950
5,075
7,771
6,061
28,745
134,446

59,7813,823
1,150
11,106921
24,570101,353179
1,213
14,151
616
400
4,399
20,961
155,407149
1,213
14,047
512
400
4,848
21,171
122,524

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

10,00075,163
283,249(28,313)340,099

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

5,286
4(8,019)
1,635(1,092)
972
4,694
344,674
467,199

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2023

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
Consolidated Statements of Income		
Millions of yen
Three months ended		Three months ended
June 30, 2022		
June 30, 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		 Rent expenses		 Depreciation of idle assets		 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		 Other		 Total extraordinary income
Extraordinary losses:		 Loss on retirement of non-current assets		 Special retirement expenses		 Business structure reform expenses		 Other		 Total extraordinary losses
Profit before income taxes
Income taxes
ProfitProfit (loss) attributable to non-controlling interests
Profit attributable to owners of parent

6

107,466
94,67812,7889,228
3,560

110,769
96,871
13,898
9,247
4,651

5532
77
181
796

4450
73
137
666

8
31
17
47
104
4,252

420
19
34
79
5,2371018218
37285

19
6—532

1540
51
30
137
4,400
1,737
2,663
(29)
2,692

15102
134136
5,133
1,890
3,243
83,234

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the First Quarter Ended June 30, 2023

Consolidated Statements of Comprehensive Income
Millions of yen
Three months ended
Three months ended
June 30, 2022
June 30, 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 income
Comprehensive income		 (Breakdown)			 Comprehensive income attributable to owners of parent			 Comprehensive income (loss) attributable to non-controlling interests

7

2,663

3,243

428
28
(5)
451
3,114

1,571
83
15
1,670
4,913

3,147
(33)

4,897
16