May 8, 2015

COMSYS Holdings Corporation
Consolidated Financial Results for the Fiscal Year Ended March 31, 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:
Yoshihiro Mimata, Director and General Manager of Finance & Accounting Department (Telephone: +81-3-3448-7000)
Scheduled Annual General Meeting of Shareholders: June 26, 2015
Scheduled Commencement of Dividend Payment: June 29, 2015
Scheduled Filing of Securities Report:
June 26, 2015
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, 2015)(1) Consolidated Operating Results
Net SalesYear ended March 31, 2015
Year ended March 31, 2014(0.8)%
4.8¥328,631
331,341(Millions of yen, except per share data and percentages)

Operating Income¥27,674
27,570Recurring Proﬁt

0.4%
22.3

¥28,12128,078Net Income

0.2%
22.5

¥16,767
16,3892.3%
23.4

Notes: 1. Comprehensive income:Year ended March 31, 2015: ¥20,249 million [ 19.8%]
Year ended March 31, 2014: ¥16,896 million [ 15.6%]
2. Percentages indicate the percentage change from the corresponding period of the previous fiscal year.
Net Income per ShareNet Income per Share(Diluted)

Return on Equity¥142.72
136.08¥141.90135.349.0%
9.4

Year ended March 31, 2015
Year ended March 31, 2014
(Reference) Equity in earnings of afﬁliates:

Year ended March 31, 2015: ¥— million

Recurring Proﬁt/ Total Assets

Operating Margin

10.9%
11.4

8.4%
8.3

Year ended March 31, 2014: ¥— million(2) Consolidated Financial Position(Millions of yen, except per share data and percentages)

Total Assets
As of March 31, 2015
As of March 31, 2014

Net Assets¥264,019
250,561(Reference) Shareholders’ equity:

Equity Ratio¥194,038
179,414Net Assets per Share
73.0%
71.1

As of March 31, 2015: ¥192,774 million¥1,682.70
1,514.73

As of March 31, 2014: ¥178,234 million(3) Consolidated Cash Flows

Year ended March 31, 2015
Year ended March 31, 2014

(Millions of yen)

Cash Flows fromOperating Activities¥26,575
24,185

Cash Flows from
Investing Activities¥(11,882)(6,228)Cash Flows from
Financing Activities¥(12,199)(10,511)

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

Consolidated BasisCash Dividends per ShareYear ended March 31, 2014
Year ended March 31, 2015
Year ending March 31, 2016 (Forecast)

Total
Dividends(Annual)End of
1st QuarterEnd of2nd QuarterEnd of3rd Quarter

Year-End

Annual¥ ———¥10.00
15.00
15.00

¥ —
—
—

¥15.0015.00
20.00¥25.0030.00
35.00

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

Cash and Cash Equivalents
at End of Year¥33,435
30,915

Operating Income¥2,965
3,504

Dividend
PayoutRatio

Ratio of
Dividends to
Net Assets

18.4%
21.0
23.6

1.7%
1.9

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

Recurring Proﬁt

Net income attributable
Net Income per Shareto owners of parent

Six months ending September 30, 2015
¥131,000 (9.2)%¥ 8,000 (28.2)%¥ 8,300 (26.6)%¥ 5,000 (27.2)%¥ 43.64
Year ending March 31, 2016
331,000 0.7
28,000 1.2
28,500 1.3
17,000 1.4
148.39Note. 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, 2015

*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: 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(3) 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 March 31, 2015
145,977,886 shares
31,414,907 shares

As of March 31, 2014
145,977,886 shares
28,310,548 sharesYear ended March 31, 2015
117,489,316 sharesYear ended March 31, 2014
120,442,262 shares(Reference) Summary of Non-Consolidated Financial Results
Non-Consolidated Financial Results (for the ﬁscal year ended March 31, 2015)(1) Non-Consolidated Operating Results
Year ended March 31, 2015
Year ended March 31, 2014

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

Operating Revenues

Operating Income

Recurring Proﬁt¥5,495
3,382¥4,6102,520¥4,626
2,567

62.5%
0.8

82.9%
0.0

80.2%
(0.9)

Net Income¥4,658
2,493

86.8%
(1.4)

Note: Percentages indicate the percentage change from the corresponding period of the previous fiscal year.
Net Income per ShareNet Income per Share (Diluted)¥39.58
20.66

Year ended March 31, 2015
Year ended March 31, 2014¥39.35
20.55(2) Non-Consolidated Financial Position(Millions of yen, except per share data and percentages)

Total Assets
As of March 31, 2015
As of March 31, 2014
(Reference) Shareholders’ equity:

Net Assets¥135,959
142,808

Equity Ratio¥76,263
80,562As of March 31, 2015: ¥75,763 million

Net Assets per Share
55.7%
56.1

¥660.80679.06

As of March 31, 2014: ¥80,084 million<Reason for Disparities in the Non-Consolidated Earnings from the Previous Fiscal Year>
During the current fiscal year, dividend income from consolidated subsidiaries increased, causing significant disparities with the figures for theprevious fiscal year across the board for operating revenues, operating income, recurring profit, net income, net income per share and net income pershare (diluted).
*Statement regarding implementation of audit proceduresThis Consolidated Financial Results Report is not subject to the audit procedures prescribed under the Financial Instruments and Exchange Act ofJapan. As of the date this Consolidated Financial Results Report was disclosed, however, audit procedures applicable to financial statements
prescribed under the aforementioned Financial Instruments and Exchange Act had 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 of
earnings forecasts, please refer to “(1) Analysis of Operating Results” under “1. Analysis of Operating Results and Financial Position” of thisConsolidated Financial Results report in 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,
May 15, 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 Fiscal Year Ended March 31, 2015

Accompanying Materials
1. Analysis of Operating Results and Financial Position(1) Analysis of Operating Results1) Operating Results for the Fiscal Year Ended March 31, 2015
During the fiscal year ended March 31, 2015 (April 1, 2014 to March 31, 2015), the Japanese economy maintained amoderate recovery as solid corporate earnings and an increase in capital investment were observed due to the economic andfiscal policies being promoted by the Japanese government and the Bank of Japan.
In the information and communications field, the COMSYS Group’s principal area of activity, there wereconsiderable changes in service content and market conditions, which included expansion of new demand due to the start ofwholesale operations for optical access services, expansion in the service area for high-speed wireless broadband, such as LTE,and technical innovations aimed at further diversifying and advancing wearable devices.
Moreover, in the public and private sectors, expansion in social infrastructure investment was anticipated due tofull-scale reconstruction efforts for the Great East Japan Earthquake, policies for building national resilience, the renewableenergy business and the Tokyo Olympic and Paralympic Games.
The COMSYS Group took active initiatives to expand its top-line activities, which included entering the green
innovation field, primarily the mega-solar related business, and obtaining orders in the public sector and ICT areas as well as
carrying out M&A activities. Moreover, the Group worked to enhance efficiency through such means as utilizing a
construction IT platform that provides comprehensive management from order receipt through to project management.
Under these circumstances, orders received in the current fiscal year increased 2.7% year on year to ¥336,973
million as the IT solutions business and social infrastructure business, including solar construction projects, remainedrobust, despite the decrease in capital expenditure by telecommunications carriers. Meanwhile, net sales fell 0.8% year on
year to ¥328,631 million as a result of the decline in capital expenditure by telecommunications carriers and pending gridconnections by power companies.
From a profit perspective, the COMSYS Group experienced the benefits and cost reductions from the COMSYSa
WAY structural reforms that it has implemented to date. As a result, operating income rose by 0.4% year on year to ¥27,674
million, and net income increased 2.3% to ¥16,767 million.
2) Earnings Forecast for the Fiscal Year Ending March 31, 2016
In the consolidated earnings forecasts for the COMSYS Group for the year ending March 31, 2016, despite such factors as
the increase in public- and private-sector works from continued policies for building national resilience and the renewableenergy business, orders received are expected to remain flat due to the decrease in capital expenditure at telecommunications
carriers. Sales are forecast to rise slightly as work in progress carried over from the current period will remain at a high level,and sales of newly consolidated subsidiaries will increase.
From a profit perspective, due to the promotion of structural reforms initiated to date, as well and efforts toincrease efficiency and cut costs, profit is expected to rise.
Consolidated Earnings Forecast(Millions of yen, except percentages)

Year ended March 31, 2015

Year ending March 31, 2016

Orders received¥336,973¥332,000(1.5)%Net sales

328,631331,000

0.7

Gross profits

47,93848,0000.1

Operating income

27,67428,000

1.2

Recurring profit

28,121

28,5001.3

Net income attributable to owners of parent

16,767

17,000

1.4

3ChangeCOMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2015

(2) Analysis of Financial Position
1) Analysis of Assets, Liabilities and Net Assets(a) Assets
Current assets as of March 31, 2015 stood at ¥151,878 million, ¥4,616 million lower than at the end of the previous fiscal year.
This was mainly attributable to a ¥4,154 million decrease in notes and accounts receivable – trade. Fixed assets as of March 31,
2015 stood at ¥112,140 million, ¥18,074 million higher than at the end of the previous fiscal year. This was mainly attributable
to an increase in investments and other assets of ¥12,083 million.
As a result, total assets amounted to ¥264,019 million as of March 31, 2015, an increase of ¥13,457 million comparedwith the end of the previous fiscal year.
(b) Liabilities
Current liabilities as of March 31, 2015 stood at ¥60,791 million, down ¥2,928 million compared with the previous fiscal yearend. This was mainly attributable to a decrease in income taxes payable of ¥2,994 million. As of March 31, 2015, long-term
liabilities amounted to ¥9,189 million, ¥1,762 million higher compared with the end of the previous fiscal year. This was mainly
attributable to a ¥2,553 million increase in deferred income taxes.
As a result, total liabilities amounted to ¥69,980 million, a decrease of ¥1,166 million compared with the end of theprevious fiscal year.
(c) Net assets
Net assets stood at ¥194,038 million as of March 31, 2015, an increase of ¥14,623 compared with the end of the previous fiscal
year. This was largely attributable to an increase in retained earnings of ¥16,122 million compared with the previous fiscal yearend, after accounting for the current fiscal year’s net income, and a decrease in net assets due to an increase of ¥6,194 million intreasury stock resulting from acquisition of treasury stock.
As of the end of the fiscal year under review, the equity ratio stood at 73.0%, up from 71.1% as of March 31, 2014.
2) Analysis of Cash Flow
Cash and cash equivalents stood at ¥33,435 million at the end of the fiscal year, an increase of ¥2,519 million, or 8.2%,
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, 2015 are presented as follows.
(a) Cash flows from operating activities
Net cash provided by operating activities stood at ¥26,575 million compared with net cash provided by operating activities of¥24,185 million for the previous fiscal year. The major cash inflows were income before income taxes and other adjustments to
net income of ¥27,283 million and depreciation and amortization of ¥4,672 million. Major cash outflows for the fiscal year
ended March 31, 2015 was income taxes paid of ¥12,771 million.
(b) Cash flows from investing activities
Net cash used in investing activities totaled ¥ 11,882 million for the fiscal year under review compared with net cash of¥6,228 million used in investing activities in the previous fiscal year. The major components were acquisitions of property
and equipment of ¥7,349 million and investments of ¥2,575 million in a subsidiary to be consolidated.
(c) Cash flows from financing activities
Net cash used in financing activities was ¥12,199 million for the fiscal year ended March 31, 2015, compared with ¥10,511
million used in financing activities in the previous fiscal year. Acquisition of treasury stock amounted to ¥7,958 million,
while cash dividends totaled ¥3,545 million.
4

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2015

(Reference) Changes in Cash Flow-Related Indicators
Year ended
March 31, 2011

Year ended
March 31, 2012

Year ended
March 31, 2013

Year ended
March 31, 2014

Year ended
March 31, 2015

Equity ratio (%)

67.7

71.7

71.6

71.1

73.0

Equity ratio based on market value (%)

46.0

49.8

58.4

76.0

64.4

Ratio of interest-bearing liabilities to cash flows (%)

—

4.9

47.6

6.8

1.6

Interest coverage ratio (times)—

2,571.4

173.7

2,460.5

3,788.7

Equity ratio: equity capital / total assets
Equity ratio based on market value: gross market capitalization / total assets
Ratio of interest-bearing liabilities to cash flows: interest-bearing liabilities / cash flows
Interest coverage ratio: cash flows / interest payment
Notes: 1. All indicators are calculated on the basis of consolidated financial figures.
2. Gross market capitalization is based on the total number of shares issued and outstanding excluding treasury stock.
3. Cash flows is net cash provided by operating activities.
4. Interest-bearing liabilities include all liabilities stated on the Group’s consolidated balance sheets on which interest is paid.
5. Interest paid is the amount of interest paid stated on the Group’s consolidated statements of cash flows.

(3) Basic Policy for Distribution of Profits and Dividends for the Current and Next Fiscal YearsCOMSYS Holdings has positioned the return of profits to shareholders as a key management priority. The Company adopts thebasic policy of ensuring the stable and continuous payment of cash dividends while taking into consideration its operating
performance.
Guided by the aforementioned policy, COMSYS Holdings planned to increase the dividend per share by ¥5 to make anannual cash dividend per share of ¥30 with an interim dividend of ¥15 and a period-end dividend of ¥15 for the fiscal year ended
March 31, 2015. Moreover, to further enhance shareholder returns and implement a flexible capital policy that is responsive tochanges in the corporate environment, COMSYS Holdings acquired 4,700 thousand shares (¥7,594 million) of treasury stock in
the fiscal year under review.
In the fiscal year ending March 31, 2016, taking into consideration such factors as earnings performance and thedividend payout ratio, COMSYS Holdings plans to increase the dividend per share by ¥5 and pay an annual cash dividend of¥35 per share. The intention is to pay an interim cash dividend of ¥15 per share and a period-end cash dividend of ¥20 per share.
Moreover, COMSYS Holdings intends to acquire treasury stock up to a total upper limit of ¥5,000 million.

5

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2015

2. Management Policy(1) Basic Policy on Corporate Management
The COMSYS Group has set three pillars—“growth in revenues and income,” “streamlined operations,” and “promotion of
integrated operations”—as the foundations of its management policy. The COMSYS Group aims to be a truly accomplishedcompany that is trusted and well respected by all of its stakeholders, as it carries out ongoing efforts improve corporate value.
Moreover, the COMSYS Group seeks to ensure occupational safety and health, enhance corporate governance,
guarantee rigorous compliance, strengthen risk management, and ensure adherence to the COMSYS Group’s Code of Conduct,
while further consolidating internal control based on Japan’s Companies Act and the Financial Instruments and Exchange Act.

(2) Target Management Indicators and Medium- and Long-Term Corporate Management Strategy
From a medium- to long-term perspective, the COMSYS Group aims to pursue the COMSYS WAYa structural reforms focusedon “top-line expansion” and the “promotion of structural reforms” to overcome the challenging management environment andprosper in today’s competitive environment by improving productivity and strengthening cost competitiveness.

(3) Challenges to be Addressed
In the information and communications field, the COMSYS Group’s principal area of activity, expansion of new demand is
expected due to the start of wholesale operations for optical access services while growth in the use of cloud computing advances.
In these circumstances, the content of services and market conditions are changing significantly to include greater ease ofconnection and speed of communications and technical innovation aimed at diversifying and upgrading the functions of nextgeneration wearable devices.
Moreover, in the public and private sectors, innovations paving the way for ICT-based goods and services in sectors suchas agriculture, health care, disaster prevention and e-government are expected , along with the removal of utility poles by laying
cable underground and the construction of expressways for the 2020 Tokyo Olympic and Paralympic Games.
Nevertheless, the immediate business environment is expected to be increasingly challenging as the investment structure
at telecommunications carriers undergoes a significant shift from the construction of infrastructure to investment in services,
including content, and also as the investment in equipment declines as the scale of projects shrinks.
In this market environment, the COMSYS Group will endeavor to further promote COMSYS WAYa, which is themedium- to long-term management strategy, and the Group recognizes the issues below as particular challenges to be addressed.
Expand the top-linei) Actively increase orders received in response to higher public investment and investment in ICTii) Actively enter and expand the green innovation business, including the solar power business(Expand business areas taking advantage of the liberalization of electric power)iii) Pioneer new business areas with a focus on the Smart Communityiv) Seek out M&A opportunities and enhance business alliances

Promote structural reformsi) Mobilize personnel for growth businessesii) Maximize the use of human resources by fostering multi-skilled employeesiii) Strengthen integrated sales and project construction systems at Group companiesiv) Utilize construction IT platform that provides comprehensive management from order receipt through to project management

3. 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.

6

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2015

4. Consolidated Financial Statements(1) Consolidated Balance Sheets
Millions of yen
As of March 31, 2014
As of March 31, 2015

ASSETS
Current assets:
Cash and cash equivalents
Notes and accounts receivable—trade
Lease investment assets
Accumulated cost of construction in progress
Merchandise
Materials and supplies
Deferred income taxes
Other current assets
Less: Allowance for doubtful receivables
Total current assets
Fixed assets:
Property and equipment:
Buildings and structures
Less: Accumulated depreciation
Buildings and structures, net
Machinery, vehicles and equipment
Less: Accumulated depreciation
Machinery, vehicles and equipment, net
Land
Lease assets
Less: Accumulated depreciation
Lease assets, net
Construction in progress
Total property and equipment
Intangible assets
Goodwill
Other intangible assets
Total intangible assets
Investments and other assets:
Investment securities
Long-term loans receivable
Deferred income taxes
Net defined benefit asset
Other assets
Less: Allowance for doubtful receivables
Total investments and other assets
Total fixed assets
Total assets

7

31,036
97,667
2,999
17,816
453
343
4,092
2,152
(65)
156,495

33,496
93,5132,900
15,215
218
468
3,480
2,640
(55)
151,878

50,530(24,499)
26,03017,850(13,086)
4,763
38,969
445
(77)
368
222
70,35351,012(24,878)
26,133
18,271(13,418)
4,852
39,770
450
(139)
311
1,227
72,295

—
3,594
3,594

3,394
4,249
7,643

9,684
3,908
1,245
2,422
4,956
(2,098)
20,117
94,066
250,561

12,7004,833
367
11,392
5,156(2,250)32,201
112,140
264,019

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2015

Millions of yen
As of March 31, 2014
As of March 31, 2015

LIABILITIESCurrent liabilities:
Accounts payable—trade
Short-term bank loans
Income taxes payable
Advances received on construction in progress
Allowance for warranty work on construction projects
Allowance for losses on construction contracts
Other current liabilities
Total current liabilities
Long-term liabilities:
Deferred income taxes
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 (loss) on other securities
Unrealized gain (loss) on land revaluation
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Subscription rights to shares
Minority interests
Total net assets
Total liabilities and net assets

8

45,039
1,270
6,847
1,018
184
379
8,981
63,72044,675
100
3,852
1,540
257
15
10,34960,791

428
1,662
4,384
193
756
7,426
71,147

2,982
1,508
3,784
222
691
9,189
69,98010,00055,494
148,713(28,658)
185,549

10,00056,615
164,836(34,852)
196,599

1,803(8,090)(1,028)(7,315)478
701
179,414250,561

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

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 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
Rent income on noncurrent assets
Foreign exchange gains
Other
Total other income
Other expenses:
Interest expenses
Commission for purchase of treasury stock
Rent expenses
Provision for allowance for doubtful receivables
Other
Total other expenses
Recurring profit
Extraordinary income:Gain on sales of fixed assets
Gain on sale of investment securities
Gain on redemption of investment securities
Gain on payback of insurance payments
Gain on reversal of subscription rights to shares
Gain from reimbursement on investment
Other
Total extraordinary income
Extraordinary loss:
Loss on sales of fixed assets
Loss on disposal of fixed assets
Loss on impairment of fixed assets
Special payments on employees’ retirement benefits
Business structure improvement expenses
Other
Total extraordinary loss
Income before income taxes and other adjustments to net income
Income taxes:
Current
Deferred
Total income taxes
Income before minority interests
Minority interests in income (loss)
Net income

9Year ended
March 31, 2014

Year ended
March 31, 2015

331,341
285,571
45,77018,20027,570328,631
280,693
47,93820,264
27,674

48
164
130
107
—
160
611

58
216
—
101
150
176
702

9
22
30
21
19
103
28,078

7
19
40
168
19
254
28,121

35
22
—
198
1
1,052
115
1,426

46
46
44
55
24
—
8
225

64
70
323
67
1,718
181
2,427
27,076

149
128
432
196
—
158
1,064
27,283

10,401
215
10,617
16,45970
16,3899,438
1,093
10,531
16,751(16)
16,767

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2015

(Consolidated Statements of Comprehensive Income)Millions of yen

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

10

Year ended
March 31, 2014

Year ended
March 31, 2015

16,45916,751436——
436
16,896

843
153
2,501
3,498
20,24916,82670

20,258(8)

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2015

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

Shareholders’ equity

Year ended March 31, 2014
Balance at the end of the previous period

Commonstock

Additional
paid-in capital

Retainedearnings

Treasurystock,at cost

Total
Shareholders’equity10,00055,440134,747(21,180)

179,006

10,00055,440134,747(21,180)

179,006

Cumulative effect ofchanges in accounting policies
Restated balance——

Changes during the period
Cash dividends(2,423)(2,423)

Net income

16,38916,389Repurchase of treasury stock
Disposal of treasury stock

54

Changes of scope of consolidation(8,002)(8,002)

525

579

—

—

Net changes during the period
except for shareholders’ equity
Total changes during the period
Balance at the end of the period—

54

13,966(7,477)

6,542

10,00055,494

148,713(28,658)

185,549

Millions of yen

Accumulated other comprehensive income

Year ended March 31, 2014
Balance at the end of the previous period

Unrealized
gain (loss) onother securities

Unrealized
gain (loss)
on landrevaluation

1,366(8,090)Total
accumulated
otherRemeasurementsof deﬁned comprehensive Subscription
incomebeneﬁt plansrights to shares—(6,724)497

Minority
interests

Total
net assets

631

173,411

Cumulative effect ofchanges in accounting policies
Restated balance

—
1,366

(8,090)—(6,724)497

631

173,411

Changes during the period
Cash dividends(2,423)

Net income

16,389Repurchase of treasury stock(8,002)

Disposal of treasury stock

579

Changes of scope of consolidation—

Net changes during the period
except for shareholders’ equity
Total changes during the period
Balance at the end of the period436(1,028)

(591)

(19)

70

(540)

436

—

(1,028)

(591)

(19)

70

6,002

1,803

(8,090)(1,028)(7,315)478

701

179,414

11

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2015

Millions of yen

Shareholders’ equity

Year ended March 31, 2015
Balance at the end of the previous period

Commonstock

Additional
paid-in capital

Retainedearnings

Treasurystock,at cost

Total
Shareholders’equity10,00055,494

148,713(28,658)

185,549

10,00055,494

151,500(28,658)

188,337

Cumulative effect ofchanges in accounting policies
Restated balance

2,787

2,787

Changes during the period
Cash dividends(3,545)(3,545)

Net income

16,767

16,767

Repurchase of treasury stock
Disposal of treasury stock

1,121

Changes of scope of consolidation(7,938)(7,938)

1,744

2,865

112

112

Net changes during the period
except for shareholders’ equity
Total changes during the period
Balance at the end of the period

—

1,121

13,335(6,194)

8,262

10,00056,615

164,836(34,852)

196,599

Millions of yen

Accumulated other comprehensive income

Year ended March 31, 2015
Balance at the end of the previous period

Unrealized
gain (loss) onother securities

Unrealized
gain (loss)
on landrevaluation

1,803(8,090)Total
accumulated
otherRemeasurementsof deﬁned comprehensive Subscription
incomebeneﬁt plansrights to shares(1,028)(7,315)

478

Minority
interests

Total
net assets

701

179,414

Cumulative effect ofchanges in accounting policies
Restated balance

2,787
1,803

(8,090)(1,028)(7,315)478

701

182,202

Changes during the period
Cash dividends(3,545)

Net income

16,767

Repurchase of treasury stock(7,938)

Disposal of treasury stock

2,865

Changes of scope of consolidation
Net changes during the period
except for shareholders’ equity
Total changes during the period
Balance at the end of the period

112
835

153

2,501

3,490

22

60

3,573

835

153

2,501

3,490

22

60

11,836

2,638(7,936)

1,473(3,824)500762

194,038

12

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2015

(4) Consolidated Statements of Cash Flows
Millions of yen

Cash flows from operating activities:
Income before income taxes and other adjustments to net income
Depreciation and amortization
Loss on impairment of fixed assets
Amortization of goodwill
Increase (decrease) in allowance for doubtful receivables
Decrease in accrued severance indemnities
Increase (decrease) in net defined benefit liability
Interest and dividends received
Interest expenses
Decrease (Increase) in receivables—trade
Decrease in inventories
Increase (decrease) in payables—trade
Increase in other assets
Increase (decrease) in other liabilities
Other, net
Cash and cash equivalents received on interest and dividends income
Cash and cash equivalents paid for interest expenses
Cash and cash equivalents paid for income taxes
Net cash provided by operating activities
Cash flows from investing activities:
Decrease in time deposits, net
Payment for purchases of investment securities
Proceeds from sale of investment securities
Proceeds from redemption of investment securities
Collection of investments in capital
Purchase of investments in subsidiaries
resulting in change in scope of consolidation
Purchase of investments in subsidiaries
Acquisitions of property and equipment
Acquisitions of intangible fixed assets
Proceeds from sale of property and equipment
Payments of loans receivableCollection of loans receivable
Purchase of insurance funds
Proceeds from cancellation of insurance funds
Other, net
Net cash used in investing activities

13

Year ended
March 31, 2014

Year ended
March 31, 2015

27,076
4,426
323
—
(247)
(5,077)
4,398
(212)
9
(1,440)
1,793
601
(99)
(881)
(139)
30,532209(9)(6,546)24,18527,283
4,672
432
527
140
—
(241)
(274)
7
6,206
3,028
(1,825)(1,553)590
90
39,085268(7)(12,771)
26,575

120
(7)
41
—
1,220

60
(172)
111
100
50

—
—
(5,244)(1,251)358(2,502)
557
(670)
1,247
(99)
(6,228)(2,575)(47)(7,349)(1,452)270(1,766)
804
(17)
163
(61)
(11,882)

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Fiscal Year Ended March 31, 2015

Millions of yen

Cash flows from financing activities:
Decrease in short-term borrowings, net
Acquisitions of treasury stock
Proceeds from sale of treasury stock
Cash dividends paid
Cash dividends paid to minority shareholders
Repayments of finance lease obligations
Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Increase (decrease) in cash and cash equivalents resulting
from change of scope of consolidation
Cash and cash equivalents at end of year

14

Year ended
March 31, 2014

Year ended
March 31, 2015

(390)
(8,025)378(2,423)(3)(48)(10,511)
0
7,445
23,469(1,170)(7,958)546(3,545)(4)(68)(12,199)
02,495
30,915—30,91524
33,435