February 6, 2018

COMSYS Holdings Corporation
Consolidated Financial Results for the Third Quarter Ended December 31, 2017
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:
Takashi Kagaya, President and Representative Director
For Inquiry:
Hidehiko Ozaki, Director and General Manager of Finance & Accounting Department (Telephone: 81-3-3448-7000)
Scheduled Filing of Quarterly Securities Report: February 8, 2018
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, 2017)(1) Consolidated Operating Results(Millions of yen, except per share data and percentages)

Net Sales

Operating Income

Net Income Attributableto Owners of Parent

Recurring Proﬁt

Nine months ended December 31, 2017 ¥243,610

18.9%¥16,83853.0%¥17,11552.3%¥11,755

63.8%

Nine months ended December 31, 2016

1.7

11,007(3.0)

11,234

(3.8)

7,178

(1.6)

204,903

Notes: 1. Comprehensive income: Nine months ended December 31, 2017: ¥13,091 million [69.4%]
Nine months ended December 31, 2016: 7,727 million [(0.7)%]
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, 2017¥103.28¥102.87

Nine months ended December 31, 2016

64.08

63.87

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

Total Assets

Net Assets

Equity Ratio

As of December 31, 2017

¥294,902¥224,677

75.7%

As of March 31, 2017284,367

202,943

70.9(Reference) Shareholders’ Equity:

As of December 31, 2017: ¥223,100 million

As of March 31, 2017: ¥201,717 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, 2017¥ —¥20.00¥ —Year ending March 31, 2018—25.00—Year ending March 31, 2018 (Forecast)Year-End

Annual¥20.00¥40.00

25.00

50.00

Note: Most recently announced revisions to dividend forecast: No

3. Consolidated Earnings Forecast (for the ﬁscal year ending March 31, 2018)
Net SalesYear ending March 31, 2018

¥380,000

13.7%(Millions of yen, except per share data and percentages)

Operating Income

Recurring Proﬁt

Net Income Attributable
Net Income per Shareto Owners of Parent¥28,500¥29,100¥20,000

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

13.8%

14.8%

38.1%

¥175.71

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2017

*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: 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 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, 2017
141,000,000 shares
25,665,479 shares

As of March 31, 2017
141,000,000 shares
31,865,224 shares

Nine months ended December 31, 2017
113,822,640 shares

Nine months ended December 31, 2016
112,032,279 shares*This Consolidated Financial Results report is not subject to quarterly review procedures.
*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. QualitativeInformation 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, 2017

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, 2017 to December 31, 2017) of the fiscal year ending March 31,
2018, the Japanese economy maintained a moderate recovery, including improvements in corporate earnings and theemployment environment, due in part to the effects of various policies implemented by the Japanese government and theBank of Japan. However, due to uncertainty in the economy overseas, such as the economic outlook for emerging countries
in Asia, particularly China, and the effect of policy trends in the U.S., there continued to be concerns over the impact
these issues will have on the Japanese economy.
In the information and communications field, the COMSYS Group’s principal area of activity, the constructionof mobile networks was promoted to accommodate the sharply increasing, higher-volume traffic accompanying thediversification and added functionality of smartphones and tablets. Moreover, both the public and private sectors anticipate
innovation utilizing information and communication technology (ICT), including IoT and AI, and expanded social
infrastructure investment aimed at policies for building national resilience, development of the environment and energy
business, and preparation for the Tokyo Olympics and Paralympic Games.
The COMSYS Group took initiatives for top-line expansions, which included entering the ecological innovation
business, particularly solar power construction projects, venturing into new business domains in response to the rise inpublic-sector and ICT investment aimed at the development of a smart society, and through M&A activities, acquired acompany and turned it into a consolidated subsidiary. Moreover, the Group worked to improve profit by transferring
personnel to growth businesses and implementing measures such as increasing construction efficiency and cutting costs.
Under these circumstances, orders received in the third quarter period increased 5.4% year on year to ¥291,169
million, and net sales rose 18.9% to ¥243,610 million.
From a profit perspective, operating income increased by 53.0% year on year to ¥16,838 million, while net
income attributable to owners of the parent increased 63.8% to ¥11,755 million.
(2) Discussion of Financial Position
Total assets as of December 31, 2017 amounted to ¥294,902 million, up ¥10,535 million compared with the end of theprevious fiscal year. This was mainly attributable to an increase in goodwill due to the acquisition of a consolidatedsubsidiary. Liabilities decreased ¥11,198 million compared with the end of the previous fiscal year, to ¥70,225 million.
This was largely attributable to a decrease in accounts payable – trade.
Net assets increased by ¥21,733 million compared with the end of the previous fiscal year, to ¥224,677 million.
This was primarily attributable to an increase in additional paid-in capital and a decrease in treasury stock associated withthe share exchange in the acquisition of a consolidated subsidiary.
In accordance with each of the aforementioned factors, the equity ratio stood at 75.7%, compared with 70.9% at
the end of the previous fiscal year.
(3) Discussion of Forward-Looking Information, including Consolidated Earnings Forecasts
Turning to the consolidated earnings forecast for the full fiscal year ending March 31, 2018, there have been no changes
from the figures stated in “COMSYS HD Announces Revision of Earnings Forecasts” published on August 4, 2017
(Available in Japanese only).

3COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2017

2. Quarterly Consolidated Financial Statements and Important Notes(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, 2017

As of December 31, 2017

20,961
114,322

31,22074,36919,617595
11,703(34)
167,166

39,369
761
8,597
(37)
154,281

28,94240,186
17,84086,96831,07848,05022,627
101,756

666
4,002
4,669

6,245
4,242
10,487

11,154
15,994(1,585)25,563
117,201
284,367

13,086
16,097(806)28,377
140,621294,902

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2017

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 (loss):
Unrealized gain on other securities
Unrealized loss on land revaluation
Remeasurements of defined benefit plans
Total accumulated other comprehensive income (loss)
Subscription rights to shares
Non-controlling interests
Total net assets
Total liabilities and net assets

5As of March 31, 2017

As of December 31, 201755,577
113
2,088
1,291
504
11,712
71,28939,778
107
1,407
4,888
711
9,603
56,497

1,369
4,355
257
4,152
10,13481,423

1,369
7,589
243
4,525
13,72770,225

10,00052,525
186,195(41,028)
207,692

10,00060,862
192,779(35,868)
227,773

2,666(7,990)(650)(5,974)578
647
202,943284,367

3,919(7,990)(602)(4,673)467
1,109
224,677
294,902

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2017(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
Rent income on noncurrent assets
OtherTotal other income
Other expenses:
Interest expenses
Provision for allowance for doubtful receivables
Rent expenses
Depreciation of idle assets
Other
Total other expenses
Recurring profit
Extraordinary income:Gain on sales of fixed assets
Gain on sales of investment securities
Reversal of allowance for doubtful receivables
Gain on exchange from business combination
Other
Total extraordinary income
Extraordinary loss:
Loss on disposal of fixed assets
Loss on impairment of fixed assets
Special payments on employees’ retirement benefits
Other
Total extraordinary loss
Income before income taxes and other adjustments to net income
Income taxes:
Current
Deferred
Total income taxes
Net income
Net income attributable to non-controlling interests
Net income attributable to owners of parent

6

Nine months ended
December 31, 2016

Nine months ended
December 31, 2017

204,903178,585
26,31715,30911,007

243,610
209,923
33,686
16,848
16,838121727097
352

11
215
113
193
533

61235
26
45
126
11,234

5122
54
2350
256
17,115

18
161
—84
31
296

10
0913
—9933

45
378
94
113
633
10,897

29
30
79
58
197
17,850

2,813
889
3,703
7,193
14
7,178

4,534
1,531
6,066
11,78428
11,755COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2017

Consolidated Statements of Comprehensive Income
Millions of yen

Net income
Other comprehensive income:Unrealized gain on other securities
Remeasurements of defined benefit plans
Total other comprehensive income
Comprehensive income(Breakdown)Comprehensive income attributable to owners of the parent
Comprehensive income attributable to non-controlling interests

7

Nine months ended
December 31, 2016

Nine months ended
December 31, 2017

7,193

11,784

386
147
533
7,727

1,258
48
1,306
13,0917,710
16

13,05733

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Third Quarter Ended December 31, 2017(3) Important Notes on Consolidated Quarterly Financial Statements(Notes on Premise of Going Concern)
No items to report.
(Notes on Material Changes in Shareholders’ Equity)
The balance of additional paid-in capital at the end of the third quarter period was ¥60,862 million, an increase of ¥8,337
million from the end of the previous fiscal year. The balance of treasury stock was ¥35,868 million, a decrease of ¥5,159
million from the end of the previous fiscal year. The primary reasons for these changes are as follows.
(1) Share Exchange
Effective July 1, 2017, the Company delivered 7,923,000 shares of treasury stock in a share exchange to make the Company
the wholly owning parent company in the share exchange and Kando Co., Ltd. the wholly owned subsidiary in the shareexchange. As a result, additional paid-in capital at the end of the third quarter period increased by ¥8,009 million, andtreasury stock decreased by ¥10,317 million.
(2) Acquisition of Treasury StockIn accordance with the resolution of the meeting of the Board of Directors held on May 9, 2017, the Company acquired
1,957,000 shares of treasury stock in the period from May 10, 2017 up to November 29, 2017. In addition, in accordancewith the resolution of the meeting of the Board of Directors held on November 7, 2017, the Company acquired 253,000
shares of treasury stock in the period from November 8, 2017 up to December 31, 2017. As a result, treasury stockincreased by ¥5,799 million during the cumulative third quarter period (April 1, 2017 to December 31, 2017)8