February 6, 2015

COMSYS Holdings Corporation
Consolidated Financial Results for the Third Quarter Ended December 31, 2014
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 Filing of Quarterly Securities Report: February 10, 2015
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 nine months ended December 31, 2014)(1) Consolidated Operating Results(Millions of yen, except per share data and percentages)

Net Sales

Operating Income

Recurring Proﬁt

Net Income

Nine months ended December 31, 2014 ¥220,303

0.9%¥16,960(4.5)%¥17,344(4.5)%¥10,485(2.3)%

Nine months ended December 31, 2013

5.517,756

42.6

18,17042.2

10,732

50.7

218,364

Notes: 1. Comprehensive income: Nine months ended December 31, 2014: ¥11,285 million [(4.4)%]
Nine months ended December 31, 2013: ¥11,799 million [56.4%]
2. Percentages indicate the percentage change from the corresponding period of the previous fiscal year.

Net Income per ShareNet Income per Share (Diluted)

Nine months ended December 31, 2014

¥88.93¥88.39Nine months ended December 31, 2013

88.73

88.29

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

Total Assets

Net Assets

Equity Ratio

As of December 31, 2014

¥240,850¥188,572

77.8%

As of March 31, 2014

250,561

179,41471.1(Reference) Shareholders’ Equity:

As of December 31, 2014: ¥187,382 million

As of March 31, 2014: ¥178,234 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, 2014

¥ —¥10.00¥ —Year ending March 31, 2015

—

15.00

—

Year ending March 31, 2015 (Forecast)Year-EndAnnual¥15.00¥25.00

15.00

30.00

Note: Most recently announced revisions to dividend forecast: No

3. Consolidated Earnings Forecast (for the ﬁscal year ending March 31, 2015)
Net SalesYear ending March 31, 2015

¥345,000

4.1%(Millions of yen, except per share data and percentages)

Operating Income

Recurring Proﬁt¥29,000¥29,500

Notes: 1. Most recently announced revisions to consolidated earnings forecast: No
2. Percentages indicate the percentage change from the previous ﬁscal year.

5.2%

5.1%

Net Income¥18,000

9.8%

Net Income per Share¥152.67

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2014

*Notes:(1) Changes in significant subsidiaries during the period under review (changes to subsidiaries that would alter the scope ofconsolidation): No(2) Adoption of accounting methods specific to quarterly consolidated financial statements: No(3) Changes in accounting policies, changes in accounting estimates and restatements of prior period financial statements
due to error correctiona) Changes in accounting policies due to revisions of accounting standards: Yesb) Changes in accounting policies due to other reasons: Noc) Changes in accounting estimates: Nod) Restatements of prior period financial statements due to error correction: No(4) Number of shares issued (common stock)a) Number of shares issued (including treasury stock)b) Number of treasury stockc) Average number of shares issued in the period

As of December 31, 2014
145,977,886 shares
29,018,351 shares

As of March 31, 2014
145,977,886 shares
28,310,548 shares

Nine months ended December 31, 2014
117,901,945 shares

Nine months ended December 31, 2013
120,952,299 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 “(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.

2

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2014

Accompanying Materials
1. Qualitative Information Regarding Consolidated Financial Results for the Period under Review(1) Discussion of Operating Results
During the cumulative third quarter period (April 1, 2014 to December 31, 2014) of the fiscal year ending March 31,
2015, while the reaction to last-minute demand ahead of the consumption tax increase softened, the Japanese economy
maintained a tone of moderate recovery, with positive levels of corporate earnings and capital expenditure maintained,backed by the economic and fiscal policies being advanced by the Japanese government and the Bank of Japan.
In the information and communications field, the COMSYS Group’s principal area of activity, there continued to
be a high-level of progress in the construction and installation of mobile communications networks aimed at enhancing
quality, including increasing the ease of connection and the speed of communications, and technical innovation, alongwith added functionality of devices such as smartphones and tablets and growth in the use of cloud computing.
Moreover, in the public and private sectors, further growth is expected in the social infrastructure businesses andIT-related businesses, including the creation of new value-added industries based on the progress of Information andCommunications Technology (ICT) and the Smart City Project being promoted by the Japanese government. In addition,
projections are that growth will come from full-scale reconstruction following the Great East Japan Earthquake, thestrengthening of urban functions with a focus on disaster prevention, including the Basic Policy for Building National
Resilience, and accelerated market development in the environment and energy sector, which includes solar powergeneration.
Under these circumstances, as a result of the Group’s topline expansion strategies, orders received in thecumulative third quarter period were up 2.2% year on year to ¥250,041 million and net sales were up 0.9% year on year to¥220,303 million.
Meanwhile, on the income front, operating income amounted to ¥16,960 million, down 4.5% year on year, andnet income fell 2.3% year on year to ¥10,485 million despite greater operational efficiency and cost-cutting efforts. Thiswas because power companies deferred the connection of solar power generating businesses to the grid, thereby delaying
commencement and completion of solar power generation-related construction projects, and this failed to offset the decline
in sales in the telecommunications infrastructure-related business.
(2) Discussion of Financial Position
Total assets as of December 31, 2014 amounted to ¥240,850 million, down ¥9,711 million compared with the end of theprevious fiscal year. This was mainly attributable to a decrease in notes and accounts receivable – trade. Liabilities
decreased ¥18,868 million compared with the end of the previous fiscal year, to ¥52,278 million. This was largely
attributable to a decrease in accounts payable – trade. Net assets increased by ¥9,157 million compared with the end of theprevious fiscal year, to ¥188,572 million. This was primarily attributable to an increase in retained earnings.
In accordance with each of the aforementioned factors, the equity ratio improved 6.7 percentage points comparedwith the end of the previous fiscal year to 77.8%.
(3) Discussion of Forward-Looking Information, including Consolidated Earnings Forecasts
Turning to the consolidated earnings forecast for the full fiscal year ending March 31, 2015, there are no changes to dataand information announced on May 9, 2014.

3

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2014

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

ASSETS
Current assets:
Cash and cash equivalents
Notes and accounts receivable—trade
Inventories:
Accumulated cost of construction in progress
Other
Other current assets
Less: Allowance for doubtful receivables
Total current assets
Fixed assets:
Property and equipment:
Buildings and structures, net
Land
Other, net
Total property and equipment
Intangible fixed assets
Goodwill
Other intangible fixed assets
Total intangible fixed assets
Investments and other assets:
Investment securities
Other assets
Less: Allowance for doubtful receivables
Total investments and other assets
Total fixed assets
Total assets

4

As of March 31, 2014

As of December 31, 2014

31,036
97,66737,86658,324

17,816
796
9,244
(65)
156,495

29,730
722
8,770
(43)
135,371

26,03038,9695,354
70,35325,741
39,634
6,070
71,447

—
3,594
3,594

3,514
3,596
7,111

9,684
12,532(2,098)
20,117
94,066
250,561

12,506
16,662(2,247)
26,921
105,479
240,850

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2014

Millions of yen

LIABILITIESCurrent liabilities:
Accounts payable—trade
Short-term bank loans
Income taxes payable
Advances received on construction in progress
Allowances
Other current liabilities
Total current liabilities
Long-term liabilities:
Deferred tax liabilities for unrealized gains on land revaluation
Net defined benefit liability
Allowance for directors’ retirement benefits
Other long-term liabilities
Total long-term liabilities
Total liabilities
NET ASSETS
Shareholders’ equity:
Common stock
Additional paid-in capital
Retained earnings
Treasury stock, at cost
Total shareholders’ equity
Accumulated other comprehensive income:Unrealized gain on other securities
Unrealized loss on land revaluation
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Subscription rights to shares
Minority interests
Total net assets
Total liabilities and net assets

5As of March 31, 2014

As of December 31, 2014

45,039
1,270
6,847
1,018
563
8,981
63,72030,474
100
342
3,579
209
8,864
43,571

1,662
4,384
193
1,185
7,426
71,147

1,662
4,196
207
2,639
8,707
52,27810,00055,494
148,713(28,658)
185,549

10,00056,591
158,553(31,291)
193,853

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

2,351(8,090)(732)(6,471)
455
734
188,572
240,850

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2014

(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
Foreign exchange gains
Other
Total other income
Other expenses:
Interest expenses
Provision for allowance for doubtful receivables
Other
Total other expenses
Recurring profit
Extraordinary income:Gain on sales of investment securities
Gain on payback of insurance payments
Gain from reimbursement on investment
OtherTotal extraordinary income
Extraordinary loss:
Loss on disposal of fixed assets
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

6

Nine months ended
December 31, 2013

Nine months ended
December 31, 2014

218,364
187,616
30,747
12,991
17,756220,303
188,075
32,227
15,267
16,960

31
154
120
3
184
494

37204—
143
204
590

620
52
80
18,1705148
52
206
17,344

22
198
940
140
1,302

46
31
—
49
127

26
1,716
369
2,112
17,360

83
—
204
288
17,182

5,096
1,475
6,572
10,78856
10,732

4,456
2,291
6,747
10,435(50)
10,485COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2014

Consolidated Statements of Comprehensive Income
Millions of yen

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

7

Nine months ended
December 31, 2013

Nine months ended
December 31, 2014

10,78810,435

1,010
—
1,010
11,799554
295
850
11,285

11,74257

11,329(43)