November 9, 2011

COMSYS Holdings Corporation
Consolidated Financial Results for the Second Quarter Ended September 30, 2011
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 and Osaka Securities Exchange (Securities code: 1721)
URL:
http://www.comsys-hd.co.jp
Representative:
Hajime Takashima, President and Representative Director
For Inquiry:
Yoshihiro Mimata, Director and General Manager of Finance & Accounting Department (Telephone:81-3-3448-7000)
Scheduled Filing of Quarterly Securities Report: November 14, 2011
Scheduled Commencement of Dividend Payment: December 5, 2011
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, 2011)(1) Consolidated Operating Results(Millions of yen, except per share data and percentages)

Net Sales

Operating Income

Recurring Proﬁt

Net Income

Six months ended September 30, 2011

¥125,150

4.3%¥2,05923.3%¥2,34227.5%¥802—%

Six months ended September 30, 2010

120,040

(2.2)

1,670

(40.7)

1,837(40.4)(2,032)—

Notes: 1. Comprehensive income (loss): Six months ended September 30, 2011: ¥1,037 million [—%]
Six months ended September 30, 2010: ¥(2,002) million [—%]
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, 2011

¥ 6.18¥6.17

Six months ended September, 2010

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

Total Assets

Net Assets

Equity Ratio

As of September 30, 2011

¥207,831¥161,541

77.3%

As of March 31, 2011

237,436

161,768

67.7(Reference) Shareholders’ Equity:

As of September 30, 2011: ¥160,616 million

As of March 31, 2011: ¥160,843 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, 2011¥ —¥10.00¥ —¥10.00¥20.00Year ending March 31, 2012—10.00
—

10.00

20.00

Year ending March 31, 2012 (Forecast)Year-End

AnnualNote: Most recently announced revisions to dividend forecast: No

3. Consolidated Earnings Forecast (for the ﬁscal year ending March 31, 2012)
Net SalesYear ending March 31, 2012

¥308,000(2.4)%(Millions of yen, except per share data and percentages)

Operating Income

Recurring Proﬁt

Net Income¥12,300¥12,800¥7,300 (23.5)%

4.4%

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.

5.4%

Net Income per Share¥56.21COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Second Quarter Ended September 30, 2011

4. Other(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, 2011
145,977,886 shares
16,074,852 shares

As of March 31, 2011
145,977,886 shares
16,124,888 sharesSix months ended September 30, 2011
129,878,855 shares

Six months ended September 30, 2010
125,715,730 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 earnings
forecasts, please refer to “Qualitative Information Regarding Consolidated Earnings Forecast” of this Consolidated Financial Results report in theAccompanying Materials section on page 3.

2

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Second Quarter Ended September 30, 2011

Accompanying Materials
1. Qualitative Information Regarding Consolidated Financial Results for the Period under Review(1) Qualitative Information Regarding Consolidated Operating Results
During the first half (April 1, 2011 to September 30, 2011) of the fiscal year ending March 31, 2012, the Japanese economy
remained shrouded in uncertainty. Despite signs of a recovery on the back of ongoing efforts to rebuild a supply chain thatremains in disarray as a result of damage caused by the Great East Japan Earthquake and the positive effects of wide-ranging
government measures aimed at stimulating the economy, this uncertainty was largely attributable to restrictions on the supplyof electric power, appreciation in the value of the yen and fluctuations in share prices.
In the information and telecommunications field, the COMSYS Group’s principal area of activity, growth wasevident in next-generation network (NGN) services. In addition to the development of new services focusing mainly on smart
phones, steps were taken to promote the repair and restoration of communication infrastructure in regions devastated by theGreat East Japan Earthquake.
Under these circumstances, operating results for the first half of the fiscal year under review were mixed. On the one
hand, orders received declined 1.2% compared with the corresponding period of the previous fiscal year to ¥144,629 million.
This primarily reflected the drop in capital investment by the private sector as a result of the earthquake disaster andcompletion of a round of IRU construction work and terrestrial digital broadcasting-related activity. On the other hand, netsales climbed 4.3% year on year to ¥125,150 million. Despite the impact of delays in the completion of construction work
due mainly to the earthquake and the drop in private-sector capital investment, sales growth was largely attributable tocontributions from management integration with TSUKEN Corporation.
From a profit perspective, the COMSYS Group worked diligently to increase productivity and reduce operating
expenses as a part of its structural reform measures. Results were further bolstered by the positive effects of initiatives
implemented during the fiscal year ended March 31, 2011 aimed at strengthening the Group’s operating platform. As a result,the COMSYS Group recorded operating income of ¥2,059 million, an increase of 23.3% year on year. Net income for theperiod under review amounted to ¥802 million compared with the net loss of ¥2,032 million in the corresponding period of
the previous fiscal year.

(2) Qualitative Information Regarding Consolidated Financial Position
Total assets as of September 30, 2011 stood at ¥207,831 million, a decrease of ¥29,604 million compared with the end of theprevious fiscal year. This mainly reflected the drop in notes and accounts receivable – trade. Total liabilities contracted¥29,377 million compared with the previous fiscal year-end to ¥46,289 million due largely to the drop in accounts payable –trade. Net assets as of September 30, 2011 stood at ¥161,541 million, down ¥227 million compared with March 31, 2011.
Accounting for each of the aforementioned factors, the equity ratio improved 9.6 percentage points compared withthe end of the previous fiscal year to 77.3%.
(3) Qualitative Information Regarding Consolidated Earnings Forecast
Turning to the consolidated earnings forecast for the full fiscal year ending March 31, 2012, there are no changes to data andinformation announced on May 11, 2011

3

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Second Quarter Ended September 30, 2011

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
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, 2011

As of September 30, 201118,265102,993

34,82450,442

14,539
4,935
9,320
(194)
149,858

22,595
5,524
7,853
(131)
121,108

24,51033,126
6,132
63,7692,677

23,89133,265
5,803
62,9603,436

7,128
16,137(2,136)21,12987,577
237,4366,990
15,308(1,973)
20,32586,722
207,831

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Second Quarter Ended September 30, 2011

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
Accrued severance indemnities
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 (loss) on other securities
Unrealized loss on land revaluation
Total accumulated other comprehensive income
Subscription rights to shares
Minority interests
Total net assets
Total liabilities and net assets

5

As of March 31, 2011

As of September 30, 2011

46,716
8,124
2,261
1,228
221
7,369
65,921

28,476169
5832,609
256
4,763
36,857

1,865
5,796
302
1,781
9,746
75,667

1,865
5,704
219
1,642
9,432
46,28910,00055,346
119,194(14,870)
169,671

10,00055,336
118,698(14,821)
169,212(374)(8,453)(8,827)364
560
161,768
237,436(143)(8,453)(8,596)363
561
161,541
207,831

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Second Quarter Ended September 30, 2011

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

Net salesCost of sales
Gross profits
Selling, general and administrative expenses
Operating income
Other income:Interest income
Dividend income
Rent income on noncurrent assets
Reversal of allowance for doubtful receivables
Other
Total other income
Other expenses:
Interest expenses
Foreign exchange losses
Other
Total other expenses
Recurring profit
Extraordinary income:Reversal of allowance for doubtful receivables
Gain on payback of insurance payments
Other
Total extraordinary income
Extraordinary loss:
Loss on disposal of fixed assets
Write-down on investments in securities
Special payments on employees’ retirement benefits
Write-down on software
Other
Total extraordinary loss
Income (loss) before income taxes and other adjustments to net income
Income taxes:
Current
Deferred
Total income taxes
Income (loss) before minority interests
Minority interests
Net income (loss)

6

Six months ended
September 30, 2010

Six months ended
September 30, 2011

120,040
109,299
10,7409,070
1,670

125,150
113,619
11,530
9,470
2,059

36
91
27
—
67223

29
95
65
165
78
434

147
8
56
1,837

1094
46
151
2,342

119
201
116
437

—
69
1787

58
268
1113,643
494
4,576(2,302)

14506
32
—47
601
1,829

290
(641)
(350)
(1,951)80(2,032)

423
598
1,022
806
4802

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Second Quarter Ended September 30, 2011

Consolidated Statements of Comprehensive Income
Millions of yen
Six months ended
September 30, 2010

Income (loss) before minority interests
Other comprehensive income:Unrealized gain (loss) on other securities
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests

7

Six months ended
September 30, 2011

(1,951)

806

(50)
(50)
(2,002)

230
230
1,037

(2,080)77

1,0333