Consolidated Results of 1st half of
the Fiscal Year Ending in March
2020(FY2019 Q2)PERSOL HOLDINGS CO., LTD.
November 13, 2019

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Today’s Agenda

1.

Summary of the Consolidated Financial Results for 2Q of FY2019

2.

2Q Results and Current Business Environment

3.

Financial Forecasts for FY2019

4.

Reference

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1

Summary of the Consolidated
Financial Results for 2Q of FY2019(April 2019 – Sept. 2019)

Copyright © since 2017 PERSOL HOLDINGS CO., LTD. All Rights Reserved.

2

Financial Results Summary for 1st half of FY2019
Extraordinary losses were recorded including impairment losses in relation to a goodwill of PROGRAMMED Maintenance Services Limited(hereinafter PROGRAMMED) and others. As a result, the net profit attributable to parent company went negative.

First Half
Unit: Million yen

Net sales

Operating profit

FY2018FY2019Year-onyear

452,260

478,956＋5.9％

20,453

20,116-1.6％

Breakdown of Extraordinary Loss
Loss on valuation of securities(PROGRAMMED Marine business)-610 million yen
EBITDA

Extraordinary
profit/loss

28,19628,948+2.7％

98-17,249

ーCurrent period net
profit attributable toparent company

11,987-5,177ーAdjusted EPS (yen)

71.31

68.30

Provision of allowance for doubtful accounts
amount (PROGRAMMED Marine business)-1,114 million yen
Goodwill impairment loss
(Mainly including PROGRAMMED Staffing
business)-12,759 million yen
Extraordinary loss as a result of “an”
business discontinuation-4.2%-2,868 million yen
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3

Result Highlights by Segment (Six months ended Sept. 30, 2019)
Unit: billion yen

Sales
（YoY)

Operating profit(YoY)

Temporarystaffing/BPO

266.8

12.0

(+7.4%)(+8.1%)

Recruiting

45.8

9.0

(+11.6%)(+20.3%)

PROGRAMMEDPERSOLKELLYITOEngineering

Cause
•

•
•
•
•

•

For 2Q, organic sales growth at 6.4% contributed by productivity improvement by “Genesis”
and price increase by increased number of staffs employed without contracted period. 3.2%of sales increase by the earnings from newly consolidated subsidiary: Avanti Staff
Corporation, acquired previous year.
1st half forecast: Sales 265.6 billion yen, operating profit JPY 11.7 billion yen
For the 1st half, sales growth of placement business was slowed down to 15.6% as decreased
number of matching decisions per consultant.
The campaign before discontinuation of “an” business has been successful.
1st half forecast: Sales 46.0 billion yen and operating profit 8.2 billion yen.

•Staffing sales was adversely affected by low growth of Australian economy in addition to
AUD depreciation
Total sales in JPY decreased by 7.7% (currency depreciation: -7.3％, Staffing at -6.5％ and
Maintenance at ＋6.2％, on a local currency basis: -0.4%)
1st half forecast: Sales 100.5 billion yen and operating profit 0.3 billion yen.

•••

Sales increased other than Australia due to Staffing business expanded.
A system trouble and its trouble shooting in Australian operation caused operating loss.
1st half forecast: Sales 41.0 billion yen and operating profit 0.4 billion yen.

•••

Sales increased by strong client companies’ demand for IT investments
Operating profit was declined due to lagged inspection timing and increased salary payment
1st half forecast: Sales 19.4 billion yen and operating profit 0.7 billion yen.

0.66

•

(-23.8%)•Operating profit declined because orders decreased from our major client manufacturing
companies influenced by the U.S.-China trade friction.
1st half forecast: Sales 14.5 billion yen and operating profit 1.1 billion yen.

94.6

-0.14

(-7.7%)

(-%)

41.9

-0.14

(+16.2%)

(-%)

19.2

0.12

(+25.4%)(-73.3%)13.8(+1.2%)•

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4

Difference in operating profit between actual results and forecast
In Japan, temporary/BPO and recruiting segments, major businesses, made up for poor performed
ITO and Engineering segments. However, they could not do unachieved result from oversea businessand JPY20.1 billion of actual operating profit was lower than JPY 20.8 billion of the forecasts
announced in August 2019.
Recruiting

+0.8

ITO

△0.5

Staffing/BPO
Augustforecast+0.3（Unit: Billion）
Engineering

△0.4
Japan

HD
+0.1
PROGRAMMED△0.4

PERSOLKELLY

20.8

△0.5

Oversea

ActualResults

20.1

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PROGRAMMED Impairment Losses
・Recorded impairment loss on a goodwill of PROGRAMMED Staffing business affected by weak Australianeconomy・Because Marine business was stagnated by declined oil price, its devaluation loss on the security of a joint
venture and allowance for doubtful account regarding the loan to the JV partner were recorded. (Moredetails, see next page)
Relation withPERSOL HOLDINGS

Maintenance
Goodwill: 27.6 billion yen*

Consolidated
subsidiary

Staffing
Goodwill: 18.7 billion yen*

MarineRelevant assets: 3.7 billion
yen*

Equity method
company

JV with Atlas
Professionals* Applied exchange rate: 77.74 yen/AUD

Business outline

Characteristics andcurrent status ofbusiness

Maintenance business(Airports, public facilities,etc.)- Stable profit structure withmany long-term based
contracts for public facilities- Growth rate at 6.2% on a local
currency basis

Staffing business(mainly blue-collar worker
staffing)- With slow Australian economic
growth, local mining industry issluggish particularly- Sales declined by 6.5% on a
local currency basis

Deployment of labor foroffshore oilfields/gas
development sites andrelated services

Business environment is severe
due to an effect of plunged oil
price and other factors

Impairment test
resultNo problem

Goodwill
impairment loss

12.5 billion yen

Extraordinaryloss

1.7 billion
6 yen

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6

Supplemental Explanation on Marine Business run by JV with Atlas••

Marine business, subject to equity method, worsened its profitability due to stagnated crude oil price.
Recorded total 1.7 billion yen extraordinary losses as a result of impairment test on invested shares of the
JV and the loans to the JV partner.

■ Background
Prior to the Company's acquisition in October 2017,
PROGRAMMED had sold its international division of Marine
business to Atlas Professionals (hereinafter Atlas), a Dutch
company. PROGRAMMED and Atlas established a JV, 50:50
share, for running remaining Australia/New Zealand marine
business.
■ Management structures
Management is entrusted to Atlas that possesses marine
business know-how.
■ Reason for impairment
Marine business’s profitability was worsened by declined
oil price. As a result of present value calculation of cashflowfrom invested securities of the JV and the loan to the JV
partner, both assets were subject to be devalued.

PROGRAMMEDPROGRAMMED社

staffing
人材派遣

Loan
AUD 21.5m

Atlas社
Maintenance
メンテナンス

Payment of
元本＋金利
Capital ＋支払い
interest

50%

50%

Joint
venture withAtlas

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2Q Results and Current Business
Environment

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8

Highlights for First Half of FY2019
1st Half results:
The highest half-year sales ever was achieved while operating profit decreased.
▪

Consolidated sales

478.956 billion yen（+ 5.9% year-on-year)▪

Operating profit

20.116 billion yen (- 1.6% year-on-year)

▪

▪

▪

Temporary staffing/BPO and Recruiting segments, our major businesses, exceeded OP target for each segment.
They offset unreached operating profit of ITO and Engineering segments compared to forecasted ones.
Overseas business continued struggling due to slowdown of Australian economy, the confusion caused by thesystem introduction and Australian dollar depreciation.

Related to PROGRAMMED, recorded total 14.4 billion yen extraordinary losses, including
impairment losses on Staffing business and devaluated loss on Marine businesses. As a result, thebottom line of 1st half result was net loss.

Point of focus in 2nd Half:▪
▪

Measures of domestic Temporary staffing business in accordance with coming related law revision－ Promote clients’ understanding on actions to be taken for “equal pay for equal work” that will be enforced in April
2020.

Restructuring of the overseas business－ Turnaround of PROGRAMMED’s Staffing business and settling the system trouble of PERSOLKELLY in Australia.

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9

Temporary
staffing/BPO

Organic Growth :Temporary staffing/BPO segment

Organic operating profit margin, excluding the effects of fewer workdays, PMI cost and M&A of Avanti Staff that was
included into the consolidation in fourth quarter of FY2018, was improved to 5.1% for the first half of FY2019 (4.5% 1H of
FY2018).

Sales

OperatingprofitOperatingprofitmargin

1st Half of FY2019

Fewer workdays(3 days less thanprevious year)

266.8

6.7

billion yen

billion yen

12.0

1.0

billion yen

4.5%(4.5％:
1H of FY2018)

M&A effect(Excluded)

After adjustment(Organic)

‐8.6

264.9

billion yen

billion yen

0.6

-0.2

13.4

billion yen

billion yen

billion yen

billion yen

-

-

-

5.1%

PMI cost(Assuming away)-

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10Increased efficiency by “GENESIS,” staffing back-end process system

Temporarystaffing/BPO- Introduction of Genesis enabled a offsite matching center to be opened which has led to a 1.7 times increase in the number of matchingdecisions per coordinator.
- Additionally, the Genesis has been introduced in all the companies (except Avanti Staff) of temporary staffing in business area throughmerger of the Group companies.

Job Coordinate Center (JCC)
roll-out area

Genesis was introduced to subsidiaries in temporary staffing segment andthe companies that newly joined the Group through merger.
GENESISintroduced

GENESISintroduced

GENESISintroduced

GENESISintroduced

GENESIS

to be
introduced

September
2017

Introduced to PERSOL TEMPSTAFF CO., Ltd.

October2018

Merged 7 subsidiaries and introduced
GENESISMay 2019

Introduced to Tempbros Co., Ltd.

August 2019

Introduced to PERSOL Panasonic HR
PARTNERS, CO., LTD.

2020
(planned)

Plan to introduce to PERSOL TEMPSTAFF
KAMEI, CO., LTD.

Sapporo JCC

Kurume JCC
Started its
operation in
April 2019

Introduction of GENESIS has been completed in temporary staffing in business area. * 1

The number of matchingdecisions in the Tokyo
metropolitan area

x1.7up*2
Aim to increase of the number ofmatching decisions in the western Japan*1: Except Avanti Staff Corp. that joined the Group in Jan. 2019
*2: Results for the period from April to June 2019
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11

Response to Revision of Law (Temporary staffing/BPO segment)

Temporarystaffing/BPO

Although profitability may decrease temporarily due to an effect of the revision of laws/regulations, active measures have been taken in response
to it as a business opportunity.

Related laws/regulations

Description

April 2018
Proposal of allJapanese working
society was published.
April 2018
Labor Contracts Act
was enforced.

October 2018
Worker Dispatching
Act was enforced.

From April 2020
Equal pay for equal
work system will be
enforced.

••

Target: Contract employees and dispatched workers
Content: When fixed-term contracts have been repeatedly rolled-over for a total
period in excess of 5 years, the contract must be converted to an open-ended
work contract.

••

Target: Dispatched workers
Content: For dispatched workers at the same organization in excess of 3
years, the staffing agency must take employment stabilization measures (having
obligation to convert to an open-ended work contract with thedispatching/dispatched companies or offer a new job placement).

••

Target: Contract employees and dispatched workers
Content: The dispatching/dispatched companies must provide equal treatment
including salaries and bonuses, allowances and social benefits according to the job
and the level of responsibility.
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12Response to Revision of Laws regarding Temporary Staffing BusinessTemporarystaffing/BPO

Continuously and actively increase the number open-ended contract workers, focusing on the reinforcement of staffing capacity.

Full year
results for
FY20191H resultsfor FY 2020

Full year
forecast for FY
2020

Comments- Unit billing rates increased
by about 10％ on average# of workers
turned to openended contract

About
10,000*1

About 2,500

About 5,000

Targeted workers
in total

About
25,000

About 5,000

About 12,000- Dispatching ratio of openended contact workers isalmost 100％.*2*1 : Number of temporary workers who transitioned to open-ended employment contracts as a consequence of revisions to Japan's Labor Contract

Act and Japan's Worker Dispatching ('Temp') Act (excludes 2,600 open-ended contract temps for IT fields who previously transitioned).
*2：Dispatching ratio excludes nonworking time for training/education activities.
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13

Requirements in “Equal Pay for Equal Work” Principle andOur Company’s Activity■ Temp clients have obligation to consider
temporary staffing fee.
•

Eliminate the differences in treatment with regular
employees such as commuting expenses and social
benefits•

On the labor-management agreement basis, raise thewage of those workers paid lower than the minimum
wage based on the job type x area

Temporarystaffing/BPO■Our company’s policy and activity•

Toward the enforcement of the law revision in April
2020, we started negotiation with our client firms in
2H of FY2019 regarding wage increase including
commuting expenses.

Improving working treatment of staffers andincreasing employment opportunity

Temp
clients
Individuals••

Consideration of temporary
staffing fee
Reviewing of the structure of
employment systems throughincreasing cost•

Permeation ofdiversification ofwork-styles throughimproved working
treatment

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14

Recruiting

Recruiting segment (Placement Business)

Placemen business sales growth rate slowed down due to productivity per consultant anddecreased demand mainly from manufacturing companies.
Reason of growth rate slowing down
70.0%

■ Expansion of organization due to rapid growth

60.0%
50.0%
40.0%

[Our company] Placemen
business sales growth rate YoY

Growth rate
slowing
down•

Placement business sales have been increasing at a pace of over 20%
for the past 3 years and new hires continued at a high level.

•

As a result, number of new staff each consultant has to manage totrain increased.

30.0%■ The number of matching decisions per consultant

20.0%

decreased

10.0%

•

To address current issue, some consultants were assigned as leaders
to train staff members, but time was not enough to make themproficient staff members. As a result, the number of matchingdecisions per consultant decreased.

•

Reestablishment of the placement business is estimated to takesome time because new staff members joined to the business as aresult of withdrawal from “an” business.

0.0%-10.0%[Market] Number of individuals
changing jobs YoY-20.0%1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q
2016

2017

2018

2019

Note: Created by PERSOL HOLDINGS based on the materials of Statistics Bureau,
the Ministry of Internal Affairs and Communications

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15

PROGRAMMEDPROGRAMMED Segment: New Management Team-Top management was renewed in October 2019.
As officer in charge of overseas business, Mr. Yamazaki, who has a rich experience in overseas business,
was newly appointed.
Mr. Glenn Thompson, who has rich experiences in both staffing and maintenance businesses, wasappointed as group CEO of PROGRAMMED.

Glenn Thompson

New
appointment

Chief Executive Officer

Takayuki
Yamazaki(PERSOL HOLDINGS)
Executive Officer
Head of overseas
business

Since joined Skilled Group in 1987,
having taken charge of both staffing
and maintenance businesses
1987 Skilled Group Regional Manager
2001 Symphony Commerce CEO2012 PROGRAMMED
CEO in charge of Property Services
CEO in charge of Maintenance Div.
Managing Director

Devoted to the Company’s overseas
business since 20122004 Intelligence Holdings Executive Officer
2012 Intelligence Holdings Asia Director
2016 Persol Holdings Executive Officer
Kelly Services (Singapore) CEO
2017 PERSOLKELLY Director (CEO)2019 PERSOLKELLY Director (Chairman)

Stephen Leach
Chief Financial Officer

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16

PROGRAMMEDPROGRAMMED Segment: Current status

Maintenance business grows while Staffing business is suffering due to slow local economy.

Sale YoY: Maintenance Business

Sales YoY : Staffing Business
10.0%

10.0%

5.0%

5.0%

0.0%

0.0%

-5.0%

-5.0%

-10.0%-10.0%
1Q

2Q

3Q

4Q

1Q

FY20182Q

1Q

FY2019-Reflecting slow GDP growth in Australian economy, orders frommanufacturing companies, our main customers decreased.

-

EBITDA margin dropped to 2.2% in this six-month period from
4.0% in the same period last year due to decrease of SMEs’
customers with high margin.

-

As s result, a good will impairment loss was booked.

2Q

3Q
FY20184Q

1Q

2Q
FY2019-

Sales of Facility Management business grew by 18% inthis six-month period, compared to the same periodprevious year. High profitability Property Services
business recorded 8% decrease YOY due to unstable
weather.

-

As a result, EBITDA margin decreased to 4.7% in thissix-month from 4.9% in the same period last year.
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17

PERSOLKELLYPERSOLKELLY Segment

Profit in Australia declined due to a system trouble. The gross profit margin in other main markets was stable
continuously even in the severe economic environment.
YoY

-1.8%

YoY

+10.1

Malaysia

%

China

YoY

-3.7%

• Staffing business was stable
while placement businessproductivity decreased.
• Effect of the retirement of a key
employee in previous year isbeing recovered.

• Productivity declined temporarily
due to an effect of the staff
turnover in previous year in
addition to deteriorating businesstrend in Hong Kong.

YoY+17.5%

Hong Kong

Singapore• Staffing business was performing very well.
• The business was growing steadily based on
its strong presence in the market.

YoY-58.9%

Australia••* Figure in each circles is gross profit margins on a local currency basis for six-month period of FY2019.
The size of circles shows the scale of the amount of gross profit margins.

• Economic growth rate slowed down
due to an effect of the economic
downturn caused by the U.S.-China
trade friction.
• Priority policy is to cultivate newcustomers from non-Japanesecompanies.

Sales decreased as a result of asystem trouble and economic
downturn.
Aims to completely solve thesystem trouble within this FY.

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18

Status of Innovation/in New Businesses••(Million yen)

Sales

Innovation/New Businesses

DONE

The number of corporate accounts has increased in September at a high pace of about 3 times the number
in April, 2019.
“Miidas competency diagnostic search function*” developed by our company was granted the best award of"Professional Recruitment/Employment category" in "HR Award 2019" held by "Nihon no Jinjibu".

2,000

1,500

1st Half

1,000
500
FY2017

1st Half••

FY2018FY2019* It is a useful function to find the best matching corporate or organization culture for job-changers, considering the chemistry
between a job-changer and his/her potential superior or subordinates and stressful environment for the job-changer.

1H sales has increased by 182% YOY due to the special demand before a roll-out of reduced tax rates
accompanying consumption tax increases.
Awarded in “Good Design Award 2019” (held by Japan Institute of Design Promotion)(Million yen)

Sales

2,000

1st Half

1,500
1,000
500
FY2017FY2018FY2019Copyright © since 2017 PERSOL HOLDINGS CO., LTD. All Rights Reserved.

19

Financial Forecasts for FY2019

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20

Consolidated Financial Forecasts- We aim to achieve the sales target of 980 billion yen in the Medium-term Management Plan.
- Operating profit forecast is 40.7 billion yen as a result of withdrawal from “an” business and sluggish overseas business. The target in the Mediumterm Management Plan became difficult to achieve.
- The net profit attributable to parent company has significantly decreased due to an extraordinary loss.

Full Year (Million yen)

•
•
•
•

FY2018 Actual

FY2019 Previous
Forecasts in August
2019

FY2019 Present
Forecasts

Objective in Mediumterm Management Plan

Sales

925,818

990,000

980,000

980,000

Operating profit

44,111

43,00040,70048,000EBITDA

59,97261,00058,00066,000Net profit attributable toparent company

24,361

21,7005,500

ーAdjusted EPS (yen)150.26143.71141.06ーBased of the background of rapidly shrinking workforce, there is strong needs of hiring from clients. However, there is also an emerging trend of
postponing new hiring in some industries in the changing external environment such as increasing uncertainties in the world economy.
In Japan, business has secured stable profits mainly in the Temporary staffing/BOP segment while orders from manufacturing and automobile
industries are on the decline due to the effects of the trade friction and foreign currency fluctuations.
Operating profit of overseas businesses is expected to decline because PROGRAMMED was affected by the sluggish Australian economy andPERSOLKELLLY faced the system trouble.
Extraordinary loss will be recorded in relation to the Staffing business and the Marine business-related assets of PROGRAMMED, in addition towithdrawal from “an” business.
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21

Business Forecasts By Segment (FY2019 ending March 2020)
Sales

Unit: Billion yen

Temporarystaffing/BPO

Recruiting

PROGRAMMED

Operating profit

Previous
forecasts *Present
forecasts/change

Previous
forecasts*

Present
forecasts/change

Cause

549.0

552.0

26.5

27.5

・ Both sales and operating profit were better thanprevious forecasts based on the steady sales
increase and improved unit prices.

13.4

13.6

・ Sales growth rate of placement business is
expected to decrease to around 10%. Operating
profit will be up due to cost reduction.

+3.0

89.0

84.0
-5.0

204.0

192.0

1.0

-12.0
PERSOLKELLY

84.0

85.0

1.0

0.0
-0.8
-1.8

ITO

41.5

41.5

2.2

Engineering

31.0

29.8

3.0

-1.2

＋0.2

-1.0

+1.0

±0.0

＋1.0

・ Blue collar Staffing business sales will decline due toslowdown of Australian economy and depreciation ofAustralian dollar.
・ Amortization costs will decrease by 0.7 billion yen in
2H due to a goodwill impairment loss.

・ Sales will increase in regions other than Australia
despite an effect of slowdown of Chinese economy.
・ Increased cost to deal with the system trouble inAustralia leads to operating loss.

2.2

・ IT investments of client companies continue to bestrong and both sales and operating profit targets
will be achieved

2.1

・ Due to an effect of macro environment such as
trade frictions, decreased orders from mainclients will make sales and profit down.

±0.0

-0.9

22

*Previous forecasts announced in August 2019

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Interim Dividend and Year-end Dividend (Plan)
Our company’s dividend policy is to continue return to shareholders by stable dividend payment and weplan to provide an annual dividend of 30 yen per share as announced in May 2019, even though the net
profit attributable to parent company will decrease because of extraordinary loss that is noncash
expense.

Fiscal Year ended March 2019

Dividend amount
per share

Fiscal Year ending March 2020

InterimYear-end

InterimYear-end(Plan)

10 yen15 yen15 yen15 yenCopyright © since 2017 PERSOL HOLDINGS CO., LTD. All Rights Reserved.

23

Reference

Directors Structure (As of October 1, 2019)
・Board Members

・Executive Officers

Representative Director, President and CEO
Masamichi Mizuta

Executive Officer (Governance, Risk management, Compliance Officer)
Daisuke Hayashi

Director, Deputy President and COO (Group Function Control
Officer)
Hirotoshi Takahashi

Executive Officer (Corporate Strategy Officer, Chief Human Resources
Officer)
Hirotaka Mino

Director, Senior Executive Officer (Sales Strategy Officer,
Temporary Staffing/BPO Segment Lead)
Takao Wada

Executive Officer (Recruiting Segment Lead)
Taro Mineo

Director, Executive Officer (Chief Financial Officer)
Kiyoshi Seki

Executive Officer (PROGRAMMED Segment Lead, PERSOLKELLY Segment
Lead)
Takayuki Yamazaki

External Director
Ryosuke Tamakoshi

Executive Officer (ITO Segment Lead)
Koichi Yokomichi

Director (Member of Audit and Supervisory Committee)
Hiroshi Shimazaki

Executive Officer (Engineering Segment Lead)
Mikio Miyamura

Director (Member of Audit and Supervisory Committee)
Toshihiro Ozawa

Executive Officer (Temporary Staffing/BPO Segment, PERSOL PanasonicGroup Business Officer)
Kazunari Kimura

External Director (Member of Audit and Supervisory
Committee)
Naoshige Shindo

Executive Officer (Temporary Staffing/BPO Segment, BPO Business Officer)
Toshiyuki Takakura

External Director (Member of Audit and Supervisory
Committee)
Naohiro Nishiguchi

Executive Officer (Temporary Staffing/BPO Segment, Temporary Staffing
Services Innovation Officer)
Shinji Masaki

External Director (Member of Audit and Supervisory
Committee)
Chisa Enomoto

Executive Officer (Recruiting Segment, Works Business Officer, Permanent
Job Board Business Officer)
Yu Senoo* Mr. Peter W. Quigley has retired from his position as external director of PERSOL HOLDINGS at the end of September 2019. Copyright © since 2017 PERSOL HOLDINGS CO., LTD. All Rights Reserved.

24

Disclaimer

Results forecasts etc. used in this material contain forward-looking
statements which are based on a certain number of assumptions theCompany deems rational, and the information at hand as of November 13,
2019 which are not meant in any way by the Company to be assurances thatplans will be realized. Actual results etc. may vary greatly due to various
causes.
The figures, indicators, PERSOL Group results, and details of financial status
included in this material have been released to facilitate an appropriate
understanding. Kindly note that not all the figures and indicators have been
subjected to audit and review by external auditors.

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25