Consolidated Financial Resultsof 2nd Quarter of the Fiscal YearEnding March 31, 2022
(FY2021 Q2)PERSOL HOLDINGS CO., LTD.
November 11, 2021

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Group Vision

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1

Value Creation Story

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2

"Work, and Smile" Global Survey
Aiming to build a society where each individual can "Work, and Smile"➢ Created an indicator for measuring the extent to which people can “Work, and Smile” andvisualized the perceived wealth related to working➢ Conducted a global survey to study the value brought to society by the "Work, and Smile"visionSubjects

Approx. 1,000 individuals x 116 countries and regions

PeriodFebruary 2020 to March 2021
Adding three new questions on “Work, and Smile” to the Gallup World Poll*

Approach* The most comprehensive and farthest-reaching public opinion survey of the world, conducted by Gallup, Inc. of the UnitedStates every year since 2005. Results of this survey serve as the basic data for the UN SDGs and the World Happiness
Report.

Continuing to conduct the global survey and detailed analyses and receiving growing support for thisFuture initiatives

initiative among companies and organizations, aiming to have this survey used globally as an indicatorfor measuring the extent to which people can “Work, and Smile”

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3

“Work, and Smile” Global Survey - Results➢ Results and global ranking of Japan

95th

Q1. Do you enjoy the work you do in your job every day, or not?
Yes 77.1%

No 21.4%

Don’t know/
Don’t want to answer

5th

Q2. Do you think the work you do in your job significantly improves
the lives of other people outside of your own household, or not?
Yes 87.1%

No
11.3%

Don’t know/
Don’t want to answer

Q3. Do you, personally, have many choices regarding the type of work
you can do in your life?
Yes 73.5%

No 24.6%

31st

Don’t know/
Don’t want to answer➢ Through survey results
Improvement of work engagement is effective in increasing productivity andreducing retirement, and also promotes corporate business growth and leads toeconomic value creation.
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4

Highlights

1

Financial results for the 1st Half of FY2021 exceeded the results
before COVID-19.

2

The numerical target of the mid-term management plan is
expected to be achieved a year ahead of schedule.

3

In the 2nd Half of FY2021, we will make aggressive investments
for further growth from the next fiscal year on.

4

Expect to pay our largest ever annual dividend.

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5

Summary of the Consolidated
Financial Results for the
1st Half of FY2021

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Summary of Financial Results for the 1st Half of FY2021➢ Financial results for the 1st Half exceeded the year-ago level and forecasts, as well as theresults before COVID-19.
(million yen)

FY2020
1st Half
Results

FY2021
1st Half
Forecasts

FY2021
1st Half
Results

YoY(Ref.: Before
COVID-19)
FY2019 1st Half
Results

Net sales

465,755

505,200

512,847+10.1％

478,956

Operatingprofit13,87522,50026,735+92.7％

20,116OP margin

3.0%

4.5%

5.2％

+2.2pt4.2%

EBITDA

22,351

31,86036,085+61.4％

28,948Net profit*1

7,644

14,00015,547+103.4％-5,177*2

Adjusted EPS
(yen)

52.28

79.12

85.95

+64.4％

68.30

Dividend pershare (yen)

13.0

19.0

20.0

+7.0yen

15.0*1 Net profit attributable to owners of parent company*2 In FY2019 ended March 31, 2020, an impairment loss was posted mainly in overseas business.
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Net Sales by SBU for the 1st Half of FY2021➢ Net sales of all SBUs exceeded the year-ago level.
➢ Net sales of the core Staffing SBU were strong and Asia Pacific SBU also increased.
(million yen)

FY2020
1st Half
Results

FY2021
1st Half
Forecasts

FY2021
1st Half
Results(Ref.: Before
COVID-19)
FY2019 1st Half
Results

YoY

Consolidated

465,755

505,200

512,847+10.1％

478,956

Staffing

260,283

276,500

279,353+7.3%

248,320

Career

29,71535,00034,942+17.6%

45,808

Professional
Outsourcing

53,69657,30057,748+7.5%

50,134

Solution

2,190

4,500

4,955

+126.2%

3,188

124,664

140,900

141,504+13.5%

136,597

Other

5,020

6,200

6,342

+26.3%

4,317

Adjustment-9,815-15,200-12,000ー-9,409Asia Pacific

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Operating Profit by SBU for the 1st Half of FY2021➢ Operating profit exceeded the year-ago level and the forecast in all SBUs given growth in
the highly profitable BPO sector in the Staffing SBU and an increase in net sales in other
SBUs reflecting the recovery from COVID-19.
(million yen)
FY2020
1st Half
Results

FY2021
1st Half
Forecasts

FY2021
1st Half
Results(Ref.: Before
COVID-19)
FY2019 1st Half
Results

YoY

Consolidated

13,87522,50026,735+92.7％

20,116

Staffing

16,30919,81021,861+34.0%

11,157

Career

138

2,670

3,193

+2209.6%

9,096

Professional
Outsourcing

989

2,170

2,804

+183.3%

1,720-2,697-1,860-1,565ー-474

Asia Pacific

-677

450

582

ー

-283

Other

-860

-470

-553

ー

-206

Adjustment

674

-270

412

-38.9%-893

Solution

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Financial Results by SBU –Staffing SBU–
■ Comments on the 1st Half results
Both sales and profit increased because the core temporary staffing sector remained strong, given a turnaround in thenumber of temporary active staff to a year-on-year rise, and orders remained robust, mainly in public related projects
in BPO sector.
Net sales■ Comments on the quarterly results

Operating profit(million yen)Temporary staffing

279,353

260,283

The number of active staff continued to increasesteadily due to efforts to curb the number of contract
terminations.

21,861+7.3%+19,070 million yen➢ No. of orders: Increased approx. 1.4 times YoY➢ No. of confirmed contracts: Increased approx. 1.3
times YoY

16,309➢ No. of contract terminations: Increased slightly YoY
but remained just above 90% of the pre-COVID-19
level+34.0%+5,552 million yen

BPO

FY2020 1st Half
results

FY2021 1st Half
results

FY2020

FY2021

Q2

Q2

Net sales

129,605

141,507

Operatingprofit(OP Margin)

7,387(5.7%)

11,433(8.1%)EBITDAFY2020 1st Half
results

Sales and profit increased significantly with thecontribution of strong orders received in public
related projects.

FY2021 1st Half
results

Sales analysis (main reasons)
Sales in the overall SBU increased 9.2% YoY.

FY2020

FY2021

1st Half

1st Half+9.2%

260,283

279,353+7.3%+54.8%(+2.4pt)

16,309(6.3%)

21,861(7.8%)+34.0%(+1.6pt)

YoY

YoY

1) Staffing: Up 6.0%
➢ Number of active staff +4.0％➢ Billing rates: +0.5%➢ Operating hours, etc.: +1.4%➢ No. of operating days: ±0% (Unchanged YoY)

8,283

12,395+49.6%

18,197

23,766+30.6%

2) BPO: Up 32.1%
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Financial Results by SBU –Career SBU–
■ Comments on the 1st Half results
Both sales and profit increased due to the market recovery and consolidation and enhancement of sales capabilities.
Both the placement business and job recruitment media business were strong.
Net sales

Operating profit■ Comments on the quarterly results(million yen)

Sales increased YoY and profit was recorded due tothe recovery of the placement business in addition
to the strong performance of the job recruitment
media business.

34,942
29,7153,193+2209.6%+3,055 million yen+17.6%+5,227 million yen

Placement➢ Sales increased by less than 30% YoY as a result of
the market recovery as well as the consolidation andenhancement of sales capabilities.
➢ The number of informal appointments of workers
increased approx. 1.3 times YoY.
Job recruitment media

138
FY2020 1st Half
results

FY2021 1st Half
results

FY2020 1st Half
results➢ Sales increased nearly 50% YoY because theperformance was strong.

FY2021 1st Half
results

Investment

Net sales
Operatingprofit(OP Margin)
EBITDAFY2020

FY2021Q2

Q212,887-1,367(-10.6%)-526

17,339YoY

FY2020

FY2021

1st Half

1st Half

YoY+34.5%

29,71534,942

1,129-%(6.5%) (+17.1pt)

138(0.5%)

3,193 2209.6%(9.1%) (+8.7pt)

1,789

5,049 +182.1%

2,047

-%

+17.6%➢ Increased marketing cost and recruitment cost to
respond to the rising demand for hiring among
companies.

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11

Financial Results by SBU –Professional Outsourcing SBU–
■ Comments on the 1st Half results
Both sales and profit increased because the IT area continued stable growth and the engineering area saw a steadyrecovery in demand.
Net sales

Operating profit■ Comments on the quarterly results(million yen)

IT (Composition of sales: Approx. 40%)

57,74853,696➢ Sales increased approx. 10% and profit also
increased because of strong demand.
➢ Operating rate: Remained approx. 95%+183.3%+1,814 million yen+7.5%+4,052 million yen➢ No. of engineers: Approx. 4,600 (Up 9.4% YoY)

2,804

Engineering (Approx. 25％)
➢ Sales increased approx. 15% due to the market
recovery, resulting in the posting of operating
profit.

989➢ Operating rate: Approx. 90%
FY2020 1st Half
results

FY2021 1st Half
results

FY2020

FY2021Q2

Q2

FY2020 1st Half
results

YoY➢ No. of engineers: Approx. 3,200 (Up 1.0% YoY]

FY2021 1st Half
results

FY2020

FY2021

1st Half

1st Half

IT/engineering temporary staffing (Approx. 35%)
YoY

Net sales

27,281

29,526+8.2%

53,69657,748Operatingprofit(OP Margin)674(2.5%)

1,590 +135.8%(5.4%) (+2.9pt)

989(1.8%)

2,804 +183.3%(4.9%) (+3.0pt)

EBITDA+7.5%➢ Sales increased approx. 5% and profit also
increased, reflecting strong results in the IT area andthe recovery of the engineering area.
➢ No. of active engineers*: Approx. 5,800 (Up 3.3%
YoY)
* The number of active engineers include registered engineers.

1,049

1,968

+87.6%

1,733

3,557 +105.2%
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Financial Results by SBU –Solution SBU–
■ Comments on the 1st Half results
Sales increased in the "MIIDAS" job search 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

■ Comments on the quarterly results(million yen)+126.2%+2,764 million yen

4,955-2,697

FY2020 1st Half
results

Operatingprofit(OP Margin)
EBITDA➢ The "POS+" also grew significantly, exceeding the
pre-COVID-19 level, as a result of enhancement ofsales capabilities. Orders received in public related
projects were expanded and partnerships withcredit card companies, local financial institutions,and other entities were promoted.

-1,5652,190

Net sales➢ The "MIIDAS" remained strong given the recovery
in demand for hiring among companies in addition
to enhancement of sales capabilities.

FY2021 1st Half
results

FY2020 1st Half
results➢ KPI for business scale expansion remained on an
upward trend.
• In the "MIIDAS", the cumulative number ofaccount companies increased steadily,
exceeding 300,000 as of September 30, 2021
(The number in September 30, 2020: Approx.
170,000).
• In the "POS+", the number of stores that
introduced the service increased approx. 1.6
times YoY, thus continuing steady increase on
the same level as in Q1, despite worsening
business sentiment at restaurants.

+1,132 million yen

FY2021 1st Half
results

FY2020

FY2021

Q2

Q2

1,237

2,773 +124.1%

2,190

4,955 +126.2%-1,260-681-2,697-1,565YoY-%

FY2020

FY2021

1st Half

1st Half

YoY-%(-101.8%) (-24.6%) (+77.3pt) (-123.1%) (-31.6%) (+91.6pt)-1,018-314-%-2,223-841-%
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Financial Results by SBU –Asia Pacific SBU (1)–■ Comments on the 1st Half results
Sales of both PERSOLKELLY and Programmed increased due to progress in the recovery, in addition to the effect offoreign exchange rates. Operating profit was posted due to the effect of the sales increase and the establishment ofan efficient business operation system (with improved cost control and a focus on highly profitable businesses).
Net sales

Operating profit/loss(million yen)

582

141,504+1,260 million yen

124,664■ Comments on results for the quarter(April to June 2021)
PERSOLKELLY
Sales recovered to the pre-COVID-19 level in mostregions. Operating profit was posted due to improved
productivity.
[Comments in local currency basis]➢ Business in Singapore maintained growth. Sales
recovered to the pre-COVID-19 level in most regions,
including China as a major region.

+13.5%+16,839 million yen➢ Operating profit was posted given the strong recoveryof the highly profitable placement business and thecontinuation of efficient business operation in all
regions.

-677
FY2020 1st Half
results

FY2021 1st Half
results

FY2020 1st Half
results

Programmed
FY2021 1st Half
results

Situation in the Jul-Sept quarter in each region
PERSOLKELLY:
Business performance remained steady due to the strong recovery in demand
for the placement business. Efforts were made to increase personnel to achieve
growth of the highly profitable placement business.
Programmed:
Despite the recovery trend, the lockdowns in major cities of Australia caused
restrictions on operations and manpower shortage, which affected the area of
temporary staffing business for blue-collar jobs. Cost will be controlled, andefforts will be made to minimize the impact.

Sales increased due to the recovery from COVID-19 inaddition to the appreciation of the Australian dollar andoperating profit was posted.
[Comments in local currency basis]➢ Business performance recovered steadily due to therecovery of the Australian economy, resulting in an
increase in sales of more than 10% in the Staffing
business and approx. 5% in the Maintenance business.
➢ Operating profit was posted due to the recovery in sales ofStaffing and Maintenance businesses and theimprovement in business operation efficiency.
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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
Q2
Net sales*2

FY2021Q2

FY2020
1st Half*1

YoY

FY2021
1st Half

YoY

58,684

74,198+26.4%

124,664

141,504+13.5%PERSOLKELLY

15,81818,535+17.2%

36,94735,437-4.1%

Programmed

42,86555,662+29.9%

87,716

106,066+20.9%

Operating profit*2(OP Margin)-561(-1.0%)

582(0.8%)－%(+1.7pt)-677（-0.5%)

582(0.4%)－%(+1.0pt)PERSOLKELLY

-50

407

－％

-310

434

－％

Programmed

-464

259

－％

-302

369

－％

947

2,281

+140.7%

2,338

3,956

+69.2%PERSOLKELLY

143

579

+303.3%67775+1044.5%

Programmed

849

1,783

+109.8%

2,335

3,398

+45.5%EBITDA*2*1: In Q2 of FY2020, PERSOLKELLY's Australian business was transferred to Programmed.
*2: Asia Pacific SBU constitutes of headquarters functions to manage business in addition to "PERSOLKELLY" and "Programmed". Resultsof these headquarters functions are omitted in the breakdown shown above, therefore sum of "PERSOLKELLY" and "Programmed"
does not match to total.
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15

Financial Results by SBU –Others and Adjustment–
Others (Companies directly managed by
PERSOL HOLDINGS)■ Comments on the quarterly results(million yen)

➢ Sales increased YoY with the recovery in the
training business.
➢ The loss increased due to thereimbursement of disabled personnel
management costs of special subsidiaries,
offsetting the increase in sales in the
training business.

Net sales
Operatingprofit(OP Margin)
EBITDAFY2020Q2

FY2021
Q2

2,656

3,028

-405
-497
(-15.3%) (-16.4%)
-329

-381

FY2020
1st Half

FY2021
1st Half

5,020

6,342

+26.3%-%-860(-1.2pt) (-17.1%)-553(-8.7%)-%(8.4pt)

-326

-%

YoY

+14.0%-%-710

Adjustment (Corporate and reconciliation)(million yen)
FY2020Q2

FY2021
Q2

Net sales-4,819-5,958Operatingprofit292

EBITDA

556■ Comments on the quarterly results➢ Profit decreased YoY following an increasein costs associated with the response to thepromotion of remote work, workplacevaccination, and other events.

YoY

FY2020
1st Half

FY2021
1st Half-%-9,815-12,000-%

41-86.0%

674

412-38.9%

266-52.1%

1,226

923-24.6%YoY

YoY

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16

Financial and Year-end Dividend
Forecasts for FY2021

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Full-Year Financial Forecasts for FY2021➢ The numerical target of the Mid-term Management Plan 2023 is expected to be achieved ayear ahead of schedule.
➢ We start considering the next mid-term management plan without reviewing numericaltargets of the Mid-term Management Plan 2023 at this point.
(million yen)
FY2020Results

FY2021
Forecasts

YoY(Ref.: Before
COVID-19)
FY2019 Results

FY2022 Plan

Net sales

950,7221,060,000+11.5％

970,572

1,000,000

Operatingprofit26,43948,000+81.5％

39,08545,000OP margin

2.8%

4.5%

+1.7pt4.0%

4.5%

EBITDA

43,911

66,700+51.9％

56,35661,000Net profit*

15,83427,700+74.9％

7,612

26,800Adjusted
EPS (yen)103.12155.68+51.0％

148.44147.76* Net profit attributable to owners of parent company
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18

Background to the Full-year Forecasts

1

Staffing SBU: Increase in the number of active staff due to the
curbing of contract terminations in the clerical and administrative
staffing sector and an increase in orders for public related projects in
the BPO sector

2

Early recovery from COVID-19 and enhanced sales capabilities➢ Career SBU: Recovery in demand for hiring among client companies
reflecting a market recovery and a concentration and strengtheningof sales capabilities➢ Professional Outsourcing SBU: Recovery of operating rate

3

Asia Pacific SBU: Achievement of operating profit in the 1st Half due
to recovery from COVID-19 in key regions, such as Singapore andChina, and structural reform19
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Status of Recovery of Each SBU➢ Recovery to a level above the FY2019 level has already been achieved in Staffing SBU andProfessional Outsourcing SBU. Recovery to a level close to the FY2019 level is also seenin Career SBU.
Staffing SBU:
Number of active staff*1

Career SBU:
Informal appointments of workers*2

PRO SBU:
Operating rate
(%)

115

125

100.0

110

95.0
100

105

90.0

75
100

85.0

2019

2020

Mar

Feb

Jan

Dec

Nov

Oct

Sep

Aug

Jul

Jun

May

Apr

Mar

Feb

Jan

Dec

Nov

Oct

Sep

Aug

Jul

Jun

May

80.0

Apr

Mar

Feb

Jan

Dec

Nov

Oct

Sep

Aug

Jul

Jun

May

50

Apr

95

2021

*1 Number of active staff at the beginning of each month is presented as an index, with the figure for the beginning of April 2019 indexed as 100.
*2 The number of informal appointments of workers in the placement business for each month is presented as an index after a conversion made by assuming
20 business days per month, with the number for April 2019 indexed as 100.
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20

Aggressive Growth Investment➢ Aggressive investment to be made in the 2nd Half for further growth from the next
fiscal year on■Details of major investments➢ PERSOL: Brand investment for increasing public awareness (PERSOL Group)
Brand➢ Tempstaff: Acquiring newly registered staff through marketinginvestment (Staffing)➢ doda: Marketing investments for increasing brand awarenessand acquiring new registrants (Career)

Human
Resources➢ Strengthen recruitment of personnel including career consultants in Japan and overseas
placement business (Career, Solution, Asia Pacific)➢ Expanding businesses by strengthening the recruitment of engineers(Professional Outsourcing)➢ Stepping up recruitment of technology human resources to leverage data and digitaltechnologies (PERSOL Group)➢ Introducing apps and expand functions to digitally connect temporary staff, corporateclients, and PERSOL, thus improving convenience and productivity (Staffing)Technologies➢ Using AI for project referral and scouting activities to improve hiring decision rate (Career)➢ Improving competitiveness by enhancing products in the job search application business(Solution)➢ Improving productivity by working on digital marketing (PERSOL Group)21
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Sales Forecasts by SBU for FY2021(million yen)

FY2021
1st Half
Results(Ref.: Before COVID-19)

FY2020

2nd Half
Forecasts

Full-year
Forecasts

2nd Half
Results

FY2019Full-year
Results

2nd Half
Results

Full-year
Results

Consolidated

512,847

547,152

1,060,000

484,966

950,722491,615

970,572

Staffing

279,353

297,346

576,700

269,956

530,240

261,857

510,177

Career

34,94238,45773,40029,85359,56837,64083,449Professional
Outsourcing

57,74861,551

119,300

59,398113,095

55,692

105,826

Solution

4,955

6,444

11,400

3,511

5,702

3,823

7,012

141,504

144,995

286,500

126,782

251,447

136,643

273,241

6,342

7,857

14,2006,443

11,464

5,793

10,111-12,000-9,499-21,500-10,980-20,795-9,836-19,246

Asia Pacific

OthersAdjustment

22
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Operating Profit Forecasts by SBU for FY2021(million yen)

FY2021
1st Half
Results(Ref.: Before COVID-19)

FY2020

2nd Half
Forecasts

Full-year
Forecasts

2nd Half
Results

FY2019Full-year
Results

2nd Half
Results

Full-year
Results

Consolidated

26,735

21,26448,00012,563

26,43918,96939,085

Staffing

21,861

17,03838,90012,81329,123

12,712

23,869Career

3,193

2,906

6,100

193

331

4,172

13,268

Professional
Outsourcing

2,804

3,895

6,700

3,038

4,028

4,589

6,310

Solution-1,565-1,534-3,100-2,112-4,809-1,144-1,619Asia Pacific

582

-82*

500*

-842

-1,520-124-408

Others

-553

53

-500

-295

-1,156-220-427

Adjustment

412-1,012

-600

-231

442

-1,015-1,909* In the Australian business, the impact of the change in accounting processing for SaaS (Software as a Service) based on IFRS is expected in
the 2nd Half. While the impact is being studied at present, an estimated value (approx. -500 million yen) is included in the above forecast.
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23

EBITDA Forecasts by SBU for FY2021(million yen)

FY2021
1st Half
Results(Ref.: Before COVID-19)

FY2020

2nd Half
Forecasts

Full-year
Forecasts

2nd Half
Results

FY2019Full-year
Results

2nd Half
Results

Full-year
Results

Consolidated

36,08530,61466,70021,55943,911

27,40756,356

Staffing

23,766

18,93342,70014,65332,851

14,64427,709Career

5,049

4,750

9,800

1,934

3,724

5,745

16,305

Professional
Outsourcing

3,557

4,642

8,200

3,820

5,554

5,199

7,744

Solution

-841

-858

-1,700-1,444-3,668-643-1,003

Asia Pacific

3,956

3,243

7,200

2,345

4,683

3,020

6,763

Others

-326

326

0

-112

-822

-49

-181

Adjustment

923

-423

500

361

1,587

-510

-981
24

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Dividend Forecasts➢ Adjusted EPS forecast for FY2021 is 155.68 yen. According to our dividend policy (25% of adjusted EPS),
the amount of annual dividend is expected to be 40 yen, which is the largest ever amount.
➢ Both the interim dividend and forecasted year-end dividend are 20 yen, an increase of 7 yen, respectively
from the previous fiscal year.
Forecasted
Annual dividend(yen)

40 yen40.0
Year-end dividend

35.0
30.0

Interim dividend

20.0

25.0

15.0

20.0
*The dividend payout ratio
for FY2017 to FY2019
was calculated byconverting the base profit
to adjusted EPS.

15.0

13.0

15.0
10.0

10.0
5.0

20.0

15.0

13.0

9.0

10.0

FY2017FY2018FY2019FY2020

FY2021FY2017FY2018FY2019FY2020

FY2021(Forecast)

0.0

Adjusted EPS (yen)115.70150.26148.44103.12155.68Dividend payout ratio basedon adjusted EPS (%)*

16.4

16.6

20.2

25.2

25.7

Total dividend amount(million yen)

4,443

5,849

6,967

6,022

Approx. 9,300

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25

Appendix

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

Sustainability

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

Publication of Integrated Report 2021➢➢

The report includes a message from the CEO and interviews with management team members and covers
information about value creation by the PERSOL Group.
Promoting ESG-related initiatives and increasing ESG information to disclose, including information about
environmental measures and human capital.
Click here for Integrated Report(English Edition)

28
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

Environmental Initiatives (Environment)
Decarbonized society

Forest protection

Climate change➢ Promoting paperless operations➢ Encouraging purchases ofrecyclable equipment➢ Promoting remote work

➢ Promoting paperless operations➢ Use of FSC® certified paper➢ Use of environmentally friendly
products➢ Participation in environmental
events➢ Encouraging casual office attire➢ Thorough energy conservation
measures➢ Promoting remote work

Examples of initiatives■Promoting remote work
We are building remote work environments through the proactive use of ICT, including providing employees with laptop
computers and introducing chat tools. These measures help reduce the number of commutes and lessen the amount ofelectricity used in offices, with the dual aims of work style reform and reduction of CO2 emissions.

■Promoting paperless operations
The Group is promoting paperless operations by discontinuing the sending of printed New Yearcards and introducing tools for electronic contracts. We strive to preserve resources and reduce CO 2 emissions
by cutting back on the use of printed materials for internal meetings and thoroughly sorting and recycling paper
resources to reduce the use of paper.
【Results】
The Staffing SBU has installed a large-scale core systems called GENESIS for centralized management of things
including staff salaries, paid vacations, year-end payroll tax adjustments and customer contracts and invoices, and is
stepping up efforts to digitalize other documents. PERSOL TEMPSTAFF projects that 1.15 million pages of documents
will be digitalized during 2022, reducing CO2 emissions by 5.9 tons.
29
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Diversity, Inclusion & Equality (Social)➢➢

Accelerating initiatives by positioning Diversity, Inclusion & Equality (DI&E) as an important measure thathelps achieve the "Work, and Smile" vision.
Formulating common policies to be shared by overseas Group companies as well, so as to promote DI&E
across the entire PERSOL Group.

■ Establishment of the Gender Diversity Committee
The committee was established in September 2021 under the Headquarters Management Committee (HMC).
Planning to further promote active participation by women and accelerate human resource development andsupport for achieving work-life balance on a group-wide basis.
Objective

Considering and discussing measures to increase
the percentage of women in managerial positions

Subject ofdeliberation

Group-wide strategies and key measures for increasing
the percentage of women in managerial positions■ Initiatives at Programmed, an overseas subsidiary
Programmed, which provides comprehensive humanresource services in Australia and New Zealand, holds
internal seminars and events related to DI&E on amonthly basis and uses internal and external news
feeds to disseminate a range of information, including
policies to instill and information for raisingawareness.

30
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Corporate Governance Structure (Governance)➢➢

Established the Corporate Governance Committee and the Nomination and Compensation Committee to increasetransparency and objectivity concerning decisions on the nomination and compensation of directors and Groupsenior executives and enhance the management oversight function of the Board.
Regarding new appointment of CEO in April 2021, the Nomination and Compensation Committee deliberated on
the CEO succession plan before the resolution was passed by the Board.

31
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Quarterly Results

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

Consolidated Quarterly Results(million yen)

FY2019Q3

Sales

FY2020Q4Q1Q2FY2021
Q3

Q4

Q1

Q2

242,204 249,411 238,222 227,533 238,083 246,883 250,432 262,415
YoY(%)

Operating
ProfitOPM(%)EBITDAEBITDA Margin(%)

Net profit*

4.0%

3.7%

1.3%

-6.6%

-1.7%

-1.0%

5.1％

15.3%

8,287

10,681

9,115

4,760

8,432

4,131

13,137

13,597

3.4%

4.3%

3.8%

2.1%

3.5%

1.7%

5.2％

5.2%

12,41014,997

13,3898,962

12,767

8,791

17,821

18,263

5.1%

6.0%

5.6%

3.9%

5.4%

3.6%

7.1％

7.0%

4,522

8,266

4,670

2,974

5,173

3,016

8,487

7,060

*Net profit attributable to owners of parent company

33
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Staffing SBU(million yen)

FY2019Q3

Sales

FY2020Q4Q1Q2FY2021
Q3

Q4

Q1

Q2

130,986 130,871 130,678 129,605 134,086 135,870 137,846 141,507
YoY(%)

Operating
ProfitOPM(％)EBITDAEBITDA Margin(％)

Working days

8.6%

7.2%

6.9%

2.8%

2.4%

3.8%

5.5％

9.2%

6,806

5,905

8,921

7,387

8,361

4,452

10,428

11,433

5.2%

4.5%

6.8%

5.7%

6.2%

3.3%

7.6％

8.1%

7,759

6,885

9,914

8,283

9,265

5,387

11,37012,395

5.9%

5.3%

7.6%

6.4%

6.9%

4.0%

8.2％

8.8%

61

58

61

58

61

60

61

58

34
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Career SBU(million yen)

FY2019Q3

Sales

FY2020Q4Q1Q2FY2021
Q3

Q4

Q1

Q2

18,114

19,526

16,827

12,887

13,595

16,25817,602

17,339-14.6%-17.2%-28.5%-42.1%-24.9%-16.7%

4.6％

34.5%

1,271

2,900

1,505

-1,367

-466

660

2,063

1,129

7.0%

14.9%

8.9%

-10.6％

-3.4%

4.1%

11.7%

6.5%

EBITDA

2,047

3,697

2,316

-526

395

1,538

3,002

2,047

EBITDA Margin(％)

11.3%

18.9%

13.8%

-4.1％

2.9%

9.5%

17.1%

11.8%

YoY(%)

Operating
ProfitOPM(％)

35
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Professional Outsourcing SBU(million yen)

FY2019Q3

Sales
YoY(%)

Operating
ProfitOPM(％)EBITDAEBITDA Margin(％)

FY2020Q4Q1Q2FY2021
Q3

Q4

Q1

Q2

26,85028,842

26,41527,281

28,68030,71828,222

29,526

7.2%

10.1%

10.0%

4.4%

6.8%

6.5%

6.8%

8.2%

1,519

3,070

315

674

1,481

1,556

1,214

1,590

5.7%

10.6%

1.2%

2.5％

5.2%

5.1%

4.3%

5.4%

1,982

3,216

683

1,049

1,861

1,958

1,589

1,968

7.4%

11.2%

2.6%

3.8％

6.5%

6.4%

5.6%

6.7%

36
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Solution SBU(million yen)

FY2019Sales
YoY(%)

Operating
ProfitOPM(％)EBITDAEBITDA Margin(％)

FY2020

Q3

Q4

1,856

1,967

281.2%Q1

FY2021

Q2

Q3

Q4

Q1

Q2

952

1,237

1,593

1,918

2,181

2,773

310.8%-29.5%-32.6%-14.2%-2.5%

129.0%

124.1%-376-768-1,437-1,260-1,095-1,016-883-681-20.3%-39.0%-150.8%-101.8％-68.8%-53.0%-40.5%-24.6%-302-340-1,204-1,018

-781

-663

-527

-314

-16.3%-17.3%-126.4%-82.3%-49.0%-34.6%-24.2%-11.3%

37
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Asia Pacific SBU(million yen)

FY2019Q3

Sales

FY2020Q4Q1Q2FY2021
Q3

Q4

Q1

Q2

66,24070,40365,98058,684

62,12464,65767,30674,198

-2.9%

-0.5%

-1.5%

-15.7%

-6.2%

-8.2%

2.0%

26.4%

-575

451

-116

-561

-303

-539

-0

582

-0.9%

0.6%

-0.2%

-1.0%

-0.5%

-0.8%

-0.0%

0.8%

EBITDA

960

2,060

1,390

947

1,217

1,128

1,675

2,281

EBITDA Margin(％)

1.4%

2.9%

2.1%

1.6％

2.0%

1.7%

2.5%

3.1%

AU GDP growth＊
（％）

1.7%

2.2%

1.4％

-7.0％

-3.8％

-1.1％

1.1%

9.6%

Yen/USD

109.1

109.0

108.9

108.2

107.5

106.8

106.1

107.8

Yen/AUD

76.3

75.8

71.6

71.1

72.8

73.7

81.9

83.1

YoY(%)

Operating
ProfitOPM(％)* Preliminary results

38
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Others(million yen)

FY2019FY2020

FY2021

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

2,989

2,803

2,364

2,656

3,428

3,015

3,314

3,028

86.8%

83.1%

36.5%

2.7%

14.7%

7.5%

40.2%

14.0%

54

-275

-455

-405

263

-558

-55

-497

1.8%

-9.8%

-19.3%-15.3%

7.7%-18.5%-1.7%-16.4%EBITDA

148

-197

-380

-329

350

-462

54

-381

EBITDA Margin(％)

5.0%

-7.0%

-16.1%-12.4%

10.2%-15.3%

1.7%-12.6%Sales
YoY(%)

Operating
ProfitOPM(％)

39
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Adjustments（Corporate and reconciliation adjustments）(million yen)

FY2019Q3

Sales
YoY(%)

Operating
ProfitOPM(％)EBITDAEBITDA Margin(％)

FY2020Q4Q1Q2FY2021
Q3

Q4

Q1

Q2

-4,833-5,003-4,995-4,819-5,425-5,555-6,041-5,958

-

-

-

-

-

-

-

-

-413

-602

382

292

191

-423

371

41

-

-

-

-

-

-

-

-

-184

-325

669

556

457

-96

657

266

-

-

-

-

-

-

-

-

40
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Balance of Goodwill（million yen）

SBU

As of September 30, 2021

Staffing SBU

8,446

Career SBU

17,542

Professional Outsourcing SBU
Solution SBU

Asia Pacific SBU

8,090
203
28,275PERSOLKELLY

1,797

Programmed Staffing

2,373

Programmed Maintenance
Programmed Others

24,062
41

Others

1,815

Total

64,37441
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Adjusted EPS➢ Shifted to a dividend policy that focuses on dividend payout ratio (25% of adjusted EPS) in FY2020.
➢ Adjusted EPS is calculated excluding the effects of goodwill amortization and extraordinary income
and loss amounts, etc.

Current net
profit after
adjustment

Adjusted EPS

Current net
profit after
adjustment

÷

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

Current net profit
attributable to ownersof parent company±

Adjusted items(excluding those
attributable to noncontrolling interests)(million yen)

FY2021 Q1

FY2021 1st Half

Current net profit attributable toowners of parent company

8,487

15,547

Adjusted items

2,486

4,659

Tax reconciliation related to certain
adjustment items

-132

-422

Current net profit after adjustment

10,841

19,784230,119,423

230,187,423

47.11

85.95

Number of shares (share)*Adjusted EPS (yen)±Tax reconciliation
related to certain
adjustment items

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.

42

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/permanent placement

Career
SBU◼ Permanent placement (mid-career, new grad recruitment)◼ Career change media, direct recruiting◼ Executive and advisory placement◼ Outplacement support◼ Career training

Professional
Outsourcing
SBU

Solution
SBU

Asia Pacific
SBU◼ Outsourcing (IT, business)◼ Digital solutions, system development◼ Business consulting◼ Engineering (design and experiment)◼ Temporary staffing (IT, engineering)◼ Digital solutions (employment, human resourcesmanagement, education)◼ Incubation programs◼ Staffing and training◼ Facility management◼ Home care
◼ Maintenance43
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Disclaimer

The statements concerning PERSOL HOLDINGS’s future businessperformances in this material such as earnings forecasts are based on
information available as of November 11, 2021 and certain
assumptions deemed to be reasonable by PERSOL HOLDINGS, and do
not mean that PERSOL HOLDINGS promises to achieve these figures.
Actual results may differ materially from the statements due to avariety 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 and review byexternal auditors.

44
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