November 7, 2017

COMSYS Holdings Corporation
Consolidated Financial Results for the Second Quarter Ended September 30, 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: November 9, 2017
Scheduled Commencement of Dividend Payment: December 5, 2017
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, 2017)(1) Consolidated Operating Results(Millions of yen, except per share data and percentages)

Net Sales

Operating Income

Recurring Proﬁt

Net Income Attributableto Owners of Parent

Six months ended September 30, 2017

¥152,188

15.1%¥9,75454.8%¥9,982

54.6%¥6,814

65.1%

Six months ended September 30, 2016

132,2092.7

6,301(3.6)

6,456

(5.9)

4,128(9.2)

Notes: 1. Comprehensive income: Six months ended September 30, 2017: ¥7,674 million [84.8%]
Six months ended September 30, 2016: ¥4,152 million [(5.7)%]
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 30, 2017¥60.39¥60.18Six months ended September 30, 2016

36.63

36.51

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

Total Assets

Net Assets

Equity Ratio

As of September 30, 2017

¥292,121¥224,188

76.2%

As of March 31, 2017284,367

202,94370.9(Reference) Shareholders’ Equity:

As of September 30, 2017: ¥222,668 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¥ —¥20.00¥40.00Year ending March 31, 2018—25.00
—

25.00

50.00

Year ending March 31, 2018 (Forecast)Year-End

AnnualNote: 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

13.8%

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.

14.8%

38.1%

¥177.25

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Second Quarter Ended September 30, 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 September 30, 2017
141,000,000 shares
25,022,162 shares

As of March 31, 2017
141,000,000 shares31,865,224 shares

Six months ended September 30, 2017
112,832,772 shares

Six months ended September 30, 2016
112,697,853 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
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 ofearnings 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 reportin the Accompanying Materials section on page 3.
2. The Company plans to hold a financial results briefing for institutional investors and analysts on Friday, November 10, 2017. The materials
distributed at the briefing will be posted promptly on the Company website after the meeting.

2COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Second Quarter Ended September 30, 2017

Accompanying Materials
1. Qualitative Information Regarding Consolidated Financial Results for the Period under Review(1) Discussion of Operating Results
During the cumulative second quarter period (April 1, 2017 to September 30, 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 theseissues will have on the Japanese economy.
In the information and communications field, the COMSYS Group’s principal area of activity, the construction ofmobile 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 in publicsector and ICT investment aimed at the development of a smart society, and conducting M&A activities by turning anacquired company into a consolidated subsidiary (Kando Co., Ltd.). 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 second quarter period increased 8.1% year on year to ¥193,065
million, and net sales rose 15.1% to ¥152,188 million.
From a profit perspective, operating income increased by 54.8% year on year to ¥9,754 million, while net income
attributable to owners of the parent increased 65.1% to ¥6,814 million.
(2) Discussion of Financial Position
Total assets as of September 30, 2017 amounted to ¥ 292,121 million, up ¥7,754 million compared with the end of theprevious fiscal year. This was mainly attributable to an increase in goodwill due to the acquisition of a consolidated
subsidiary. Liabilities decreased ¥13,490 million compared with the end of the previous fiscal year, to ¥67,933 million.
This was largely attributable to a decrease in accounts payable – trade.
Net assets increased by ¥21,244 million compared with the end of the previous fiscal year, to ¥224,188 million.
This was primarily attributable to an increase in additional paid-in capital associated with the share exchange in theaforementioned acquisition of a consolidated subsidiary and a decrease in treasury stock, at cost.
In accordance with each of the aforementioned factors, the equity ratio stood at 76.2%, compared with 70.9% at theend 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 fromthe figures stated in “COMSYS HD Announces Revision of Performance Forecasts” published on August 4, 2017 (Availablein Japanese only).

3

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Second Quarter Ended September 30, 2017

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, 2017

As of September 30, 2017

20,961
114,322

42,18770,904

19,617595
11,703(34)
167,166

32,929
820
9,220
(36)
156,025

28,94240,186
17,84086,96831,12845,14821,59097,867

666
4,002
4,669

6,520
4,006
10,527

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

12,431
16,327(1,057)
27,702
136,096
292,121

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

5

As of March 31, 2017

As of September 30, 201755,577
113
2,088
1,291
504
11,712
71,28939,800
109
2,472
3,147
697
8,228
54,455

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

1,369
7,499
239
4,368
13,47767,933

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

10,00060,770190,737(33,720)
227,787

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

3,487(7,990)(616)(5,119)440
1,079
224,188292,121

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Second Quarter Ended September 30, 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
Reversal of allowance for doubtful receivables
OtherTotal other income
Other expenses:
Interest expensesProvision for allowance for doubtful receivables
Rent expenses
Foreign exchange losses
Other
Total other expenses
Recurring profit
Extraordinary income:Gain on payback of insurance payments
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
Write-down on investments in securities
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

Six months ended
September 30, 2016

Six months ended
September 30, 2017132,209
115,674
16,534
10,233
6,301

152,188
131,326
20,862
11,107
9,754

8
115
82
104
310

7
143
—
201
352

4
0
22
82
47
156
6,456

3
49
33
—
36
124
9,982

161
—
84
27
274

0
594
—
11606

29
378
51
51
33
544
6,186

26
30
—
61
48
165
10,422

1,520
534
2,055
4,130
2
4,128

2,706
900
3,607
6,815
16,814

COMSYS Holdings Corporation (1721)
Consolidated Financial Results for the Second Quarter Ended September 30, 2017

Consolidated Statements of Comprehensive Income
Millions of yen
Six months ended
Six months ended
September 30, 2016
September 30, 2017

Net income
Other comprehensive income:Unrealized loss 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

74,1306,815(219)241
214,152824
348587,674

4,1502

7,6704