Consolidated Financial
Results for the Fiscal Year
Ended March 31, 2022
(FY2021)PERSOL HOLDINGS CO., LTD.
May 13, 2022

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Highlights
1

Financial Results for FY2021➢ Both net sales and operating profit increased (or the deficit decreased) on a yearon-year basis in all SBUs.
➢ Net sales, operating profit, and net profit exceeded the forecasts announced in
November 2021 and achieved record highs.

2

Financial Forecasts for FY2022➢ Net sales and operating profit are expected to be 1.1 trillion yen and 52.0 billion
yen, respectively, which are greater than the same figures of FY2021.
➢ Record operating profit is expected to be achieved, with steady growth continuingin all SBUs, mainly the Career SBU.

3

Progress of Mid-term Management Plan 2023
➢ In FY2021, numerical targets were achieved a year ahead of schedule, reflecting astrong recovery from the impact of COVID-19.

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1

Summary of theConsolidated Financial
Results for FY2021

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Financial Results for FY2021➢

Net sales and operating profit increased year-on-year and also exceeded the full-year forecasts announced in
November 2021, resulting in the achievement of record net sales, operating profit, and net profit.

(million yen)

FY2020 Results

FY2021 Results

FY2021 Full-Year
Forecasts(Announced in
November 2021)

YoY

Net sales

950,7221,060,893+11.6%

1,060,000

Operating profit

25,724

48,143+87.2%

48,0002.7%

4.5%+1.8pt4.5%

EBITDA

43,17067,150+55.5%

66,700Net profit*

15,341

31,523+105.5%27,700Adjusted EPS(yen)

100.98169.93+68.3%

155.68OP margin* Net profit attributable to owners of parent company
Note: Effective in the three months ended December 31, 2021, the accounting process was changed for SaaS (Software as a Service) in the Australian business in the Asia
Pacific SBU. Accordingly, the said change is also reflected in the values for the fiscal year ended March 31, 2021 and the fiscal year ended March 31, 2022, respectively.
(The same applies hereinafter.)3
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Net Sales by SBU for FY2021➢

Net sales exceeded FY2020 level in all SBUs, with those of the core Staffing SBU remaining strong and Asia Pacific
SBU growing.
(million yen)

FY2020 Results

FY2021 Results

FY2021 Full-Year
Forecasts(Announced in
November 2021)

YoY

Consolidated

950,7221,060,893+11.6%

1,060,000

Staffing

530,240

575,743+8.6%

576,700

Career

59,56875,279+26.4%

73,400Professional
Outsourcing

113,095

121,109+7.1%

119,300

5,702

11,169+95.9%

11,400Asia Pacific251,447

290,138+15.4%

286,500

Others

11,464

13,755+20.0%

14,200Adjustment-20,795-26,302--21,500

Solution

4
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Operating Profit by SBU for FY2021➢

Operating profit exceeded FY2020 level in all SBUs given growth in the highly profitable BPO sector in the
Staffing SBU and achievement of profitability by Asia Pacific SBU.

(million yen)

FY2020 Results

FY2021 Results

FY2021 Full-Year
Forecasts(Announced in
November 2021)

YoY

Consolidated

25,724

48,143+87.2%

48,000Staffing

29,12339,359+35.1%

38,900Career331

7,264+2088.9%

6,100

Professional
Outsourcing

4,028

6,934

+72.1%

6,700

Solution-4,809-3,058--3,100Asia Pacific-2,235

1,042

-

500

Others-1,156

-801

-

-500

442

-2,598--600

Adjustment

5
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Consolidated Balance Sheet➢

Strong financial position was maintained, and Long-Term Issuer Rating was kept at A as “stable.”(million yen)

FY2020 Results

Current assets

FY2021 Results

Change236,943286,897+49,953

Cash and deposits

83,161

107,545+24,384

Non-current assets

144,235

134,880-9,355

Goodwill

66,751

61,674-5,077

Total assets

381,179

421,778+40,598

Current liabilities

145,577

167,893+22,315

Non-current
liabilities

62,001

49,570-12,430

Net assets

173,600

204,313+30,713

Liabilities and net
assets381,179

421,778+40,598
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6

Consolidated Cash Flow Statement➢➢

In cash flows from investing activities, expenditure decreased year-on-year mainly due to proceeds from the saleof investment securities.
Free cash flows increased significantly year-on-year, to approx. 43.6 billion yen, due to an increase in cash flows
from operating activities.
(million yen)
FY2020 Results

FY2021 Results

ChangeCash flows fromoperating activities

36,80550,692+13,887

Cash flows frominvesting activities-13,188-7,057+6,130Free cash flows

23,616

43,634+20,017

Cash flows fromfinancing activities-17,973-21,145-3,172

Balance of cash andcash equivalent at
end of period

82,991

106,558+23,567

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7

Financial Results by SBU –Staffing SBU–
■ Comments on the full-year results
Both sales and profit increased because the core temporary staffing sector remained strong, given the growth in thenumber of temporary active staff throughout the year, and orders in BPO sector remained robust, mainly in public related
projects.
Net sales■ Comments on the quarterly results

Operating profit(million yen)Temporary staffing
Both the number of orders and number ofconfirmed contracts recovered steadily.

(million yen)

575,743

530,240

39,359➢ No. of orders: Increased approx. 25% YoY➢ No. of confirmed contracts: Increased approx.
25% YoY

29,123+8.6%➢ No. of contract terminations: Increased YoY, but
remained below the pre-COVID-19 level+45,502 million yen+35.1%+10,236 million yen

BPO
Sales and profit increased significantly withthe contribution of strong orders received inpublic related projects.

FY2020 Full-Year
Results

FY2021 Full-Year
Results

FY2020 Full-Year
Results

FY2021 Full-Year
Results(million yen)
FY2020Q4

FY2021Q4

YoY

FY2020 FY2021
Full Year Full YearNet sales

135,870

149,660+10.1%

530,240

575,743+8.6%

Operatingprofit

4,452

6,892

+54.8%

29,12339,359+35.1%

OP margin

3.3%

4.6%

+1.3pt5.5%

6.8%+1.3ptEBITDA

5,387

7,991

+48.3%

32,851

43,354+32.0%

YoY

Analysis of increase/decrease in sales(main reasons)
Sales in the overall SBU increased by 10.1% YoY.
1) Temporary staffing: Up 7.2%
➢ Number of active staff: +8.1%➢ Billing rates: +0.7%➢ Operating hours, etc.: +0.1%➢ No. of operating days: -1.7% (-1 day YoY)

2) BPO: Up 46.9%

8
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Financial Results by SBU –Career SBU–
■ Comments on the full-year results
Both sales and profit increased YoY due to the strong recovery of both the placement business and job recruitment media
business.
Net sales

Operating profit(million yen)

■ Comments on the quarterly results(million yen)

Both sales and profit increased year-on-year
due to strong recovery in the number of
informal appointments of workers inplacement business and number of orders in
job recruitment media business.

75,27959,568+2088.9%+6,932 million yen+26.4%

7,264+15,710 million yen

Placement business➢ Sales increased by approx. 35% YoY.
➢ The number of informal appointments ofworkers increased approx. 1.4 times YoY.
Job recruitment media business

331
FY2020 Full-Year
Results

FY2021 Full-Year
Results

FY2020 Full-Year
Results➢ Sales increased nearly 30% YoY because theperformance was strong.

FY2021 Full-Year
Results(million yen)
FY2020Q4

FY2021Q4

YoY

FY2020 FY2021
Full Year Full YearNet sales

16,25821,635+33.1%

59,568Operatingprofit660

2,110 +219.6%

331

OP margin

4.1%

9.8%

+5.7pt0.6%

9.6%+9.1ptEBITDA

1,538

3,089 +100.8%

3,724

11,034+196.3%75,279YoY

Investment➢ Marketing investments for registering job
seekers were continued.

+26.4%

7,264 +2088.9%

9
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Financial Results by SBU –Professional Outsourcing SBU–
■ Comments on the full-year results
Both sales and profit increased because of the continued stable growth of the IT area in addition to growth in sales of theengineering area.
Net sales

Operating profit(million yen)

■ Comments on the quarterly results(million yen)

IT (Composition of sales: Approx. 40%)

121,109

113,095➢ Sales increased by 9% because of strong
demand.
➢ Operating rate: Remained approx. 95%➢ No. of engineers: Approx. 4,700 (Up 10.8% YoY)

6,934
+7.1%

+8,014 million yen

Engineering (Approx. 25％)

4,028

➢ Sales increased by 11% due to the market
recovery.
➢ Operating rate: Remained approx. 95%➢ No. of engineers: Approx. 3,200 (Up 2.9% YoY)

+72.1%+2,906 million yen

FY2020 Full-Year
Results

FY2021 Full-Year
Results

FY2020 Full-Year
Results

FY2021 Full-Year
Results(million yen)
FY2020Q4

FY2021
Q4

Net sales

30,71832,530+5.9%

113,095

121,109+7.1%

Operatingprofit

1,556

1,809

+16.2%

4,028

6,934

+72.1%

OP margin

5.1%

5.6%

+0.5pt3.6%

5.7%+2.2ptEBITDA

1,958

2,193

+12.0%

5,554

8,453

+52.2%YoY

FY2020 FY2021
Full Year Full Year

YoY

IT/engineering temporary staffing(Approx. 35%)
➢ Sales increased by 6%, reflecting continued
strong results in the IT area and the recovery of
the engineering area.
➢ No. of active engineers*: Approx. 6,000 (Up
5.4 % YoY)

* The number of active engineers include registered engineers.

10
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Financial Results by SBU –Solution SBU–
■ Comments on the full-year results
Sales increased in both the "MIIDAS" career change application business and the "POS+" cloud POS business as the corebusinesses, resulting in a significant increase in sales of the SBU as well. While active investments were continued, deficit
decreased due to the increase in sales.
Net sales

Operating loss

(million yen)

■ Comments on the quarterly results(million yen)

"MIIDAS"➢ Remained strong, resulting in a significant YoY
increase in sales.

11,169➢ The cumulative number of account companies,
mainly SMEs, increased, having reachedapprox. 360,000 as of March 31, 2022. (Thenumber on March 31, 2021: Approx. 240,000)

5,702-3,058+95.9%"POS+"+5,467 million yen+1,751 million yen➢ The cumulative total number of stores that
introduced the service increased by approx.
1.2 times YoY, thus continuing steadyincrease, despite worsening businesssentiment at restaurants.

-4,809FY2020 Full-Year
Results

FY2021 Full-Year
Results

FY2020 Full-Year
Results

FY2021 Full-Year
Results(million yen)
FY2020Q4

FY2021
Q4

Net sales

1,918

3,248

+69.3%

5,702

11,169+95.9%

Operatingloss-1,016-785--4,809-3,058-OP margin-53.0%-24.2%+28.8pt-84.3%-27.4%+57.0pt

-663

-366

-

-3,668-1,513-

EBITDAFY2020 FY2021
Full Year Full Year

YoY

YoY

➢ Received new orders by cultivating newmarket segments other than restaurants,
retailers, and hairdressing salons by offering"POS+" for DX at public offices and local
governments.

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11

Financial Results by SBU –Asia Pacific SBU (1)–■ Comments on the full-year results
Sales increased due to the growth of PERSOLKELLY and the recovery in the business of Programmed as well as impact offoreign exchange rate.
Operating profit turned around due to the effect of the sales increase and cost control by Programmed.
Net sales

Operating profit/loss(million yen)(million yen)

290,138+3,278 million yen

251,447

1,042■ Comments on the quarterly results(October to December 2021)
PERSOLKELLY
Sales increased by 26.8% and operating profit
turned around due to the strong showing of
the temporary staffing business and highgrowth achieved by the placement business.
[Comments in local currency basis]+15.4%➢ Temporary staffing business remained strong, and theplacement business achieved high growth.
Performance remained steady in all regions.

+38,691 million yen➢ While investments were made for increasing personnel
for future growth and other purposes, operating profit
turned around due to the effect of the sales increase.

-2,235
FY2020 Full-Year
Results
PERSOLKELLY:

FY2021 Full-Year
Results

FY2020 Full-Year
Results

Programmed
FY2021 Full-Year
Results

Situation in the Jan.-Mar. 2022 quarter in APAC region

SG&A expenses continued to increase due to investments including ones for increasing
personnel, but both the temporary staffing business and placement business remained
steady. Especially, the market of placement business was booming in each region.

Programmed:

Both the Staffing business and Maintenance business mostly remained strong although
they were partially affected by the spread of the Omicron variant. With regard to operating
profit, SG&A expenses increased given the impact of the change in accounting processing
for SaaS. Efforts continued to be made to improve profitability by controlling cost in
addition to securing supply capacity to cope with the labor shortage.

Sales increased by 17.4% due to the strong
Australian dollar in addition to the recovery of
the Australian economy.
Operating profit turned around due to the effectof the sales increase and cost control.
[Comments in local currency basis]➢ Sales recovered in both the Staffing business andMaintenance business because new orders remained
strong due to the lifting of lockdowns.
➢ Operating profit turned around as a result of efforts tocontrol costs, with a focus on back-office functions, inaddition to recovery of sales.
12
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Financial Results by SBU –Asia Pacific SBU (2)–
Breakdown of financial results of PERSOLKELLY and Programmed in Asia Pacific SBU is as follows.
(million yen)

FY2020 Q4

FY2021 Q4

FY2020
Full Year

YoY

FY2021
Full Year

YoY

64,65777,451+19.8%

251,447

290,138+15.4%PERSOLKELLY

16,42020,816+26.8%

69,55575,398+8.4%

Programmed

48,23656,634+17.4%

181,891

214,739+18.1%

Operatingprofit/loss*

-828

737

ー%

-2,235

1,042

ー%(OP Margin)(-1.3%)(1.0%)(+2.2pt)(-0.9%)(0.4%)(+1.2pt)PERSOLKELLY

-204

148

ー%

-254

977

ー%

Programmed

-435

851

ー%

-1,626

667

ー%

832

2,340

+181.0%

3,943

7,691

+95.0%PERSOLKELLY

4317+6886.1%

508

1,651

+224.7%

Programmed

1,016

2,281

+124.4%

3,790

6,633

+75.0%Net sales*

EBITDA**This SBU consists of an administrative department overseeing businesses and other organizations in addition to PERSOLKELLY and Programmed. Results of the said
department, etc. are not included in the above, so the total values for each item differ from the sum of PERSOLKELLY and Programmed.

13
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Financial Results by SBU –Others and Adjustment–
Others (Companies directly managed by PERSOL HOLDINGS)■ Comments on the quarterly results➢ Sales increased YoY due to an increase ininternal transactions within the Group in
the disabled persons hiring business of
special subsidiaries, in addition to recoveryof the training business.
➢ Operating loss decreased due to therecovery of the training business.

(million yen)
FY2020Q4

FY2021Q4

YoY

FY2020
Full
Year

YoY

Net sales

3,015

3,431

+13.8%

11,464

13,755+20.0%

Operating
loss

-558

-477

‒%

-1,156-801‒%

OP margin-18.5%-13.9%+4.6pt-10.1%-5.8%+4.3pt

-462

-361

‒%

-822

-344

‒%

EBITDA

Adjustment (corporate and reconciliation)(million yen)

■ Comments on the quarterly results➢ A loss was posted following an increase incosts associated with major promotional
activities including a TV commercial, theresponse to the promotion of remote work,
workplace vaccination, and other events.

FY2021Full
Year

FY2020Q4

FY2021Q4

FY2020
Full
Year

YoY

FY2021
Full
Year

YoY

Net sales-5,555-7,254‒%-20,795-26,302‒%

Operatingprofit/loss-423-2,955‒%442-2,598‒%

EBITDA-96-2,613‒%

1,587-1,524‒%14
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Trend and Forecast of Dividend Per Share➢➢

Adjusted EPS for FY2021 was 169.93 yen. According to our dividend policy announced in November 2020 (around 25% ofadjusted EPS), the amount of annual dividend was 42 yen (the largest ever amount), up 2 yen from the dividend
forecast.
The annual dividend for FY2022 is forecast to be 42 yen, the same amount as FY2021.
(Yen) 50.0
Year-end
dividend

Interimdividend

45.0

for FY2018 and FY2019 was
calculated by converting thebase profit to adjusted EPS.
*2 The forecast total dividend

amount was estimated basedon the number of sharesissued and the number oftreasury shares both at theend of March 2022.

(Forecast)
Annual42 yen

22.0

21.0

20.0

21.0

40.0
35.0
30.0

*1 The dividend payout ratio

Annual42 yen

25.0
20.0
15.0

15.0

10.0
5.0

13.0

15.0

15.0

13.0

FY2018FY2019FY2020

FY2021

FY2022FY2018FY2019FY2020

FY2021

FY202210.0

0.0

150.26148.44100.98169.93161.46

Dividend payout ratio (%)*1
based on adjusted EPS

16.6

20.2

25.7

24.7

26.0

Total dividend amount(million yen)*2

5,849

6,967

6,022

9,745

9,745

Adjusted EPS (yen)Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

15

Financial Forecasts for FY2022

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Outlook of Each SBU in FY2022

Staffing

Excluding a decline in demand for spot-contract public related projects, stable
growth is expected in both the temporary staffing sector and BPO sector.

CareerDriving the growth of the Group with profit returning to the pre-COVID-19 level.

Professional
Outsourcing

Strengthening the hiring of engineers and continuing to seek M&A in the pursuit ofgrowth.

Solution

Remaining in the investment phase and continuing to focus on increasing sales andestablishing our position in the market.

Asia PacificImproving profitability with integrated management to produce synergy between
PERSOLKELLY and Programmed. Mid-term Management Plan of Asia Pacific SBU to
be announced in August 2022.

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17

Changes in Operating Profit/Loss of Each SBU Excluding
the Impact of Temporary Factors
Assumptions✓ Orders for spot-contract public related projects in Staffing SBU are expected to decline.
✓ One-time cost will be generated due to changes to the accounting policy (hereinafter, the "accountingchange") toward the application of the International Financial Reporting Standards (IFRS).
✓ Geopolitical risks, including the situation in Ukraine, are not considered.

➢ Career SBU will drive the growth of the Group, with a year-on-year increase in operating profit of 7.9 billion
yen (up 109%).
➢ The impact of temporary factors (spot-contract public related projects and accounting change) is expected to be
10.5 billion yen. Excluding the impact, operating profit is expected to rise 30% year-on-year.
(billion yen)

64.0
62.0

+7.9

60.0

+0.6

+0.4

+0.8

+0.3

+0.5

58.0

-10.5

56.0
54.0

+3.9

52.0
50.0
48.0
46.0

52.0
48.1

0
44.0
FY2021(Results)

Staffing

CareerProfessional
Outsourcing

Solution

Asia Pacific

OthersAdjustment

Impact of
temporaryfactors

FY2022(Forecasts)

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18

Business Environment of Career SBU◼ Trends in corporate demand(changes in the number of orders increased*)
Demand fell significantly in April 2020, when COVID19 began to spread. However, it recovered to thelevel before COVID-19 in May 2021 and has remained
brisk since then.

◼ Trends in job seekers' demand(changes in the number of new
registrations to "doda Agent*")
Demand declined in FY2020, when it was significantly
affected by the spread of COVID-19, but recovered
steadily in FY2021, having remained above the
FY2019 level before COVID-19.
120

130
120

110

110
100

100

90

90

80
70

80

60
50

70

40
2020 Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2021 Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
2022 Jan
Feb
Mar

30

*Changes in the value converted by indexation with the value
for February 2020 as 100

60
Q1

Q2
FY2019Q3
FY2020Q4
FY2021*Changes in the value converted by indexation with the value
for FY2019 Q1 as 100

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19

Financial Forecasts for FY2022
Both net sales and operating profit are expected to increase in FY2022 despite a decline in spot-contract public
related projects, which contributed greatly to financial results in FY2021, offset by growth driven significantly by
Career SBU based on the highly profitable placement business.
(million yen)

FY2021 Results

FY2022 Forecasts

1st Half

2nd Half

Full Year

1st Half

2nd Half

Net sales

512,847

548,045

1,060,893

569,000

Operatingprofit26,735

21,407

48,143

26,40025,600OP margin

5.2%

3.9%

4.5%

4.6%

EBITDA

36,08531,065

67,150Net profit*

15,547

15,975Adjusted
EPS (yen)

85.95

83.99

YoY

Full Year

1st Half

2nd Half

Full Year

596,000 1,165,000+10.9%

+8.8%

+9.8%

52,000-1.3%+19.6%

+8.0%

4.3%

4.5%

-0.6pt+0.4pt-37,20037,00074,200+3.1%+19.1%+10.5%

31,523

15,20014,30029,500-2.2%-10.5%-6.4%

169.93

82.99

78.46

161.46

-3.4%

-6.6%

-5.0%

20

* Net profit attributable to owners of parent company
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Net Sales Forecasts by SBU for FY2022(million yen)

FY2021 Results
1st
Half

2nd
Half

Consolidated

512,847

Staffing

FY2022 Forecasts

Full
Year

1st
Half

2nd
Half

548,045

1,060,893

569,000

279,353

296,389575,743

Career

34,94240,337

Professional
Outsourcing

57,748

Solution
Asia Pacific
OthersAdjustment

Full
Year

YoY
1st
Half

2nd
Half

Full
Year

596,000 1,165,000+10.9%

+8.8%

+9.8%

298,600

302,600

601,200

+6.9%

+2.1%

+4.4%

75,27947,50050,90098,400+35.9%+26.2%+30.7%

63,360121,109

64,20069,300133,500+11.2%+9.4%+10.2%

4,955

6,214

11,169

7,100

9,300

16,400+43.3%+49.7%+46.8%

141,504

148,634

290,138

157,400

170,800

328,200+11.2%+14.9%+13.1%

6,342

7,412

13,755

8,100

9,400

17,500+27.7%+26.8%+27.2%-12,000-14,302-26,302-13,900-16,300-30,200

-

-

-

21
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Operating Profit Forecasts by SBU for FY2022(million yen)

FY2021 Results
1st
Half

2nd
Half

Consolidated

26,735

21,407

Staffing

21,861

Career

FY2022 Forecasts

Full
Year

YoY

1st
Half

2nd
Half

Full
Year

1st
Half

2nd
Half

Full
Year

48,143

26,40025,60052,000-1.3%+19.6%+8.0%

17,49839,35919,70014,20033,900-9.9%-18.8%-13.9%

3,193

4,071

7,264

7,200

7,600

14,800+125.5%+86.7%+103.7%

Professional
Outsourcing

2,804

4,130

6,934

2,200

4,800

7,000

-21.6%+16.2%+0.9%

Solution-1,565-1,493-3,058-1,300-1,400-2,700---Asia Pacific

582

459

1,042

300

1,500

1,800

-48.5%+226.2%+72.7%

Others

-553

-248

-801

-400

-300

-700

-

-

-

Adjustment

412-3,010-2,598-1,300-800-2,100---Note: Effective in the three months ended December 31, 2021, the accounting process was changed for SaaS in the Australian business in the Asia Pacific SBU. Accordingly,
the said change is reflected in the values for the 2nd half of FY2021 (including values for the 1st half to which the change is applied retroactively) and the 1st and 2nd
halves of FY2022, respectively. The amounts of the impact for 1st half of FY2021 is 287 million yen.
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

22

EBITDA Forecasts by SBU for FY2022(million yen)

FY2021 Results
1st
Half

2nd
Half

Consolidated

36,08531,065

Staffing

23,766Career

FY2022 Forecasts

Full
Year

YoY

1st
Half

2nd
Half

Full
Year

1st
Half

2nd
Half

Full
Year

67,15037,20037,00074,200+3.1%+19.1%+10.5%

19,58843,35422,00016,30038,300-7.4%-16.8%-11.7%

5,049

5,984

11,034

9,100

9,900

19,000+80.2%+65.4%+72.2%

Professional
Outsourcing

3,557

4,895

8,453

3,200

5,700

8,900

-10.0%+16.4%+5.3%

Solution

-841

-671

-1,513-500-500-1,000---Asia Pacific

3,956

3,734

7,691

3,600

5,100

8,700

-9.0%

+36.5%+13.1%

Others

-326

-17

-344

-200

0

-200

-

-

-

Adjustment923-2,448-1,524

0

500

500

-

-

-

Note: Effective in the three months ended December 31, 2021, the accounting process was changed for SaaS in the Australian business in the Asia Pacific SBU. Accordingly,
the said change is reflected in the values for the 2nd half of FY2021 (including values for the 1st half to which the change is applied retroactively) and the 1st and 2nd
halves of FY2022, respectively. The amounts of the impact for 1st half of FY2021 is 287 million yen.
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

23

Progress of Mid-termManagement Plan 2023

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

Numerical Targets under the Mid-termManagement Plan 2023
Initial Plan for FY2022, the final fiscal year of the Mid-term Management Plan 2023, were achieved a year earlier in
FY2021. Accordingly, new numerical targets for FY2022 were set at higher forecast figures than the initial plan.

(unit: billion yen)

Net sales
Operating profit(OP margin)

EBITDA(EBITDA margin)

Net profit*
Adjusted EPS

Initial Plan for FY2022(Announced inAugust 2020)

FY2022 Forecasts

1,060.8

1,000.0

1,165.0

48.1

45.0

52.0

67.1

61.0

74.2

31.5

26.8

29.5

169.93 yen

147.76 yen

161.46 yen

FY2021 Results(4.5%)(6.3%)(4.5%)(6.1%)(4.5%)(6.4%)* Net profit attributable to owners of parent company

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

25

Progress Summary of Mid-term Management Plan 2023
The progress in FY2021 as the second year of the Mid-term Management Plan 2023 is as follows:
Progress of Mid-term Management Plan

Increase social value• Integrated Report 2021 was published in September 2021, thus enhancing ESGrelated information.
• The Gender Diversity Committee and the Sustainability Committee were
established in September 2021 and March 2022, respectively.

Increase economic value• Discussion and monitoring based on ROIC were continued by the Board of
Directors, etc.
• In FY2021, ROIC was 14.2%, exceeding 10% that was set as the minimal level.

Shift to a SBU structure• The Corporate Governance Committee was established in July 2021 to enhance
the governance function.
• This has enabled us to secure the management oversight function even under an
SBU structure that permits more prompt decision-making.

Identify growth areas• Investment in M&A continues to be sought by the Professional Outsourcing SBU.

Strengthen businesswith technology• The beta version of "PERSOL MIRAIZ", a career management service as the coreof the "Future Vision of Work Initiative*", began to be provided in February 2022.

* An initiative that provides support so that all individuals can work in the way they desire and can envision their own future.
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

26

Increase Social Value– Establishment of Dedicated Committees –■ Gender Diversity Committee
The committee was established in September 2021 under the Headquarters Management Committee. Further
promote active participation by women and accelerate human resource development and support for achieving
work-life balance on a group-wide basis.
Objective
Subject of deliberation
Members

Considering and discussing measures to increase the percentage of women in managerial
positions (to 37% by 2030).
Group-wide strategies and key measures for increasing the percentage of women in
managerial positions.
Chaired by a female executive manager, thiscommittee consists of female executive managers andexecutive candidates from the respective SBUs andpersons nominated by the chairperson in accordancewith the project.

■ Sustainability Committee

Gender Diversity Committee

The committee was established in March 2022 under the Headquarters Management Committee. With theparticipation of executive officers, who are responsible for each business and each function, this committee
drives Group-wide sustainability activities.
Objective

In-depth discussion, deliberation, supervision, and monitoring aimed for promotion ofsustainability by the management.

Subject of deliberation

Sustainability-related policies (including material issues and environmental and humanrights policies), strategies, and important measures.

Members

Chaired by the Representative Director, President and CEO, this committee consists ofexecutive officers of PERSOL HOLDINGS and Group employees nominated by thechairperson, as well as independent directors and experts invited from outside theGroup, who serve as advisors.
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

27

Increase Economic Value - Trend of ROIC* ROIC declined temporarily in FY2020 due to the impact of COVID-19. However, it recovered
remarkably in FY2021 and is expected to remain at the same level in FY2022.

■ Trend of ROIC
20.0%

15.9%

15.3%
15.0%

14.2%

13.8%

13.7%
11.3%

11.8%
11.1%
10.2%

10.3%

10.0%

9.2%

5.0%
FY2011FY2012FY2013

FY2014FY2015FY2016FY2017FY2018FY2019FY2020

FY2021* ROIC: Net operating profit after tax before amortization of goodwill / invested capital (= interest-bearing liabilities + equity capital)
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

28

Schedule of Disclosure of the Next Mid-termManagement Plan

➢ Mid-term business strategy and numerical targets of the Asia Pacific SBU:
To be disclosed when financial results for FY2022 Q1 is announced inAugust 2022

➢ Next mid-term management plan of the overall Group:
To be disclosed when full-year financial results for FY2022 is announced
in May 2023

29
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

Appendix

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

Consolidated Quarterly Results(million yen)

FY2020
Q1

Net sales
YoY(%)

OperatingprofitOPM(%)EBITDAEBITDA margin(%)

Net profit*

Q2

FY2021

Q3

Q4

Q1

Q2

Q3

Q4

238,222 227,533 238,083 246,883 250,432 262,415 267,342 280,703
+1.3%

-6.6%

-1.7%

-1.0%

+5.1％

+15.3%+12.3%+13.7%

9,115

4,760

8,005

3,842

13,137

13,597

14,075

7,332

3.8%

2.1%

3.4%

1.6%

5.2％

5.2%

5.3%

2.6%

13,3898,962

12,322

8,496

17,821

18,263

18,791

12,274

5.6%

3.9%

5.2%

3.4%

7.1％

7.0%

7.0%

4.4%

4,670

2,974

4,880

2,816

8,487

7,060

8,384

7,591

*Net profit attributable to owners of parent company

31
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

Staffing SBU(million yen)

FY2020
Q1

Net sales
YoY(%)

OperatingprofitOPM(%)EBITDAEBITDA margin(%)

Working days

Q2

FY2021

Q3

Q4

Q1

Q2

Q3

Q4

130,678 129,605 134,086 135,870 137,846 141,507 146,728 149,960
+6.9%

+2.8%

+2.4%

+3.8%

+5.5％

+9.2%

+9.4%

+10.1%

8,921

7,387

8,361

4,452

10,428

11,433

10,606

6,892

6.8%

5.7%

6.2%

3.3%

7.6％

8.1%

7.2%

4.6%

9,914

8,283

9,265

5,387

11,37012,395

11,596

7,991

7.6%

6.4%

6.9%

4.0%

8.2％

8.8%

7.9%

5.3%

61

58

61

60

61

58

61

59

32
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

Career SBU(million yen)

FY2020

FY2021

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

16,827

12,887

13,595

16,25817,602

17,33918,702

21,635-28.5%-42.1%-24.9%-16.7%+4.6％+34.5%+37.6%+33.1%

1,505-1,367

-466

660

2,063

1,129

1,960

2,110

8.9%

-10.6％

-3.4%

4.1%

11.7%

6.5%

10.5%

9.8%

EBITDA

2,316

-526

395

1,538

3,002

2,047

2,894

3,089

EBITDA margin(%)

13.8%

-4.1％

2.9%

9.5%

17.1%

11.8%

15.5%

14.3%

Net sales
YoY(%)

Operatingprofit/loss
OPM(%)

33
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

Professional Outsourcing SBU(million yen)

FY2020

FY2021

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

26,41527,281

28,68030,71828,222

29,52630,83032,530+10.0%

+4.4%

+6.8%

+6.5%

+6.8%

+8.2%

+7.5%

+5.9%

315

674

1,481

1,556

1,214

1,590

2,320

1,809

1.2%

2.5％

5.2%

5.1%

4.3%

5.4%

7.5%

5.6%

EBITDA

683

1,049

1,861

1,958

1,589

1,968

2,701

2,193

EBITDA margin(%)

2.6%

3.8％

6.5%

6.4%

5.6%

6.7%

8.8%

6.7%

Net sales
YoY(%)

OperatingprofitOPM(%)

34
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

Solution SBU(million yen)

FY2020Q1

FY2021

Q2

Q3

Q4

Q1

Q2

Q3

Q4

952

1,237

1,593

1,918

2,181

2,773

2,966

3,248

-29.5%-32.6%-14.2%-2.5%+129.0%+124.1%+86.1%+69.3%-1,437-1,260-1,095-1,016

-883

-681

-708

-785

-150.8%-101.8％-68.8%-53.0%-40.5%-24.6%-23.9%-24.2%EBITDA-1,204-1,018

-781

-663

-527

-314

-304

-366

EBITDA margin(%)-126.4%-82.3%-49.0%-34.6%-24.2%-11.3%-10.3%-11.3%Net sales
YoY(%)

Operatingloss
OPM(%)

35
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

Asia Pacific SBU(million yen)

FY2020

FY2021

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

65,98058,684

62,12464,65767,30674,19871,18377,451-1.5%-15.7%

-6.2%

-8.2%

+2.0%

+26.4%+14.6%+19.8%

-116

-561

-729

-828

-0

582

-277

737

-0.2%

-1.0%

-1.2%

-1.3%

-0.0%

0.8%

-0.4%

1.0%

1,390

947

772

832

1,675

2,281

1,394

2,340

EBITDA margin(%)

2.1%

1.6％

1.2%

1.3%

2.5%

3.1%

2.0%

3.0%

AU GDP growth＊
(%)

1.4％

-7.0％

-3.8％

-1.1％

1.1%

9.6%

3.9％

4.2％

USD/JPY

108.9

108.2

107.5

106.8

106.1

107.8

108.6

109.9

AUD/JPY

71.6

71.1

72.8

73.7

81.9

83.1

82.4

82.5

Net sales
YoY(%)

Operatingprofit/loss
OPM(%)EBITDA* Preliminary results

36
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Others(million yen)

FY2020Net sales
YoY(%)

Operatingprofit/loss
OPM(%)EBITDAEBITDA margin(%)

FY2021

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

2,364

2,656

3,428

3,015

3,314

3,028

3,980

3,431

+36.5%+2.7%+14.7%+7.5%+40.2%+14.0%+16.1%+13.8%

-455

-405

263

-558

-55

-497

229

-477

-19.3%-15.3%

7.7%-18.5%-1.7%-16.4%

5.8%-13.9%

-380

-329

350

-462

54

-381

344

-361

-16.1%-12.4%

10.2%-15.3%

1.7%-12.6%

8.7%-10.5%

37
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Adjustment（Corporate and reconciliation adjustments）(million yen)

FY2020
Q1

Net sales
YoY(%)

Operatingprofit/loss
OPM(%)EBITDAEBITDA margin(%)

Q2

FY2021

Q3

Q4

Q1

Q2

Q3

Q4

-4,995-4,819-5,425-5,555-6,041-5,958-7,047-7,254

-

-

-

-

-

-

-

-

382

292

191

-423

371

41

-55

-2,955

-

-

-

-

-

-

-

-

669

556

457

-96

657

266

164

-2,613

-

-

-

-

-

-

-

-

38
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Balance of Goodwill（million yen）

SBU

As of March 31, 2022

Staffing SBU

7,573

Career SBU

16,712

Professional Outsourcing SBU

7,407

Solution SBU
Asia Pacific SBU

28,282PERSOLKELLY

1,666

Programmed Staffing

2,191

Programmed Maintenance

23,406

Programmed Others

1,017

Others

1,698

Total

61,67439
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Adjusted EPS➢➢

Shifted to a dividend policy that focuses on dividend payout ratio (around 25% of adjusted EPS) in FY2020
Adjusted EPS is calculated excluding the effects of goodwill amortization and extraordinary income and loss
amounts, etc.

Adjusted EPS

Current net
profit after
adjustment

Current net
profit after
adjustment

÷Current net profit
attributable to ownersof parent company

Average number of shares issued during the period –Average number of treasury shares during the period±

Adjusted items(excluding those
attributable to noncontrolling interests)±

Tax reconciliation
related to certain
adjustment items(million yen)

FY2019Current net profit attributableto owners of parent company

FY2020

FY2021

7,612

15,341

31,523Adjusted items

28,486

8,582

7,841

Tax reconciliation related tocertain adjustment items-1,604-627-218

Current net profit after
adjustment

34,49423,29639,146232,381,682

230,706,879

230,361,358

148.44100.98169.93

Number of shares (share)*Adjusted EPS (yen)Details of adjusted items➢

Amortization of intangible assets
except goodwill by acquisitions➢

Amortization of goodwill➢

Extraordinary income/losses* Number of shares = average number of shares issued during the period - average number of treasury shares during the period
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

40

Business Overview
Staffing
SBU◼ Temporary staffing (clerical work, research, clinicaldevelopment, sales, light work)◼ Outsourcing (clerical work, government office contract
business, call centers, helpdesks, CRO, manufacturing)◼ Temporary job placement ahead of permanent
employment/placement service

Career
SBU◼ Placement service (mid-career, new grad recruitment)◼ Career change media, direct recruiting◼ Executive and advisory placement◼ Outplacement support◼ Career training◼ Outsourcing (IT, business)

Professional ◼ Digital solutions, system development
Outsourcing ◼ IT and business consulting◼ Engineering (design and experiment)
SBU◼ Temporary staffing (IT, engineering)

Solution
SBU

Asia Pacific
SBU◼ Digital solutions (employment, human resourcesmanagement, education)◼ Incubation programs◼ Staffing and training◼ Facility management◼ Home care
◼ Maintenance41
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Disclaimer

The statements concerning PERSOL HOLDINGS’s future businessperformances in this material such as earnings forecasts are basedon information available as of May 13, 2022 and certain
assumptions deemed to be reasonable by PERSOL HOLDINGS, anddo not mean that PERSOL HOLDINGS promises to achieve thesefigures. Actual results may differ materially from the statements
due to a variety of factors.

The figures and indicators included in this material have beenreleased to facilitate an appropriate understanding for businessresults and financial status of PERSOL Group. Kindly note that not
all the figures and indicators have been subjected to audit andreview by external auditors.

42
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