Consolidated Financial Resultsof 2nd quarter of the Fiscal YearEnding in March 2021
(FY2020 Q2)PERSOL HOLDINGS CO., LTD.
November 10, 2020

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Today’s Agenda

1. Summary of the Consolidated Financial Results for
the First Half of FY2020

2. Financial Forecast for FY2020
3. Shareholder Return Policy• Shareholder Return Policy• Capital Allocation of Mid-term Management Plan
• Dividend Forecast for FY2020

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1

Highlight
Financial Results for the 1st Half of FY2020

Point 1Sales and profits were decreased year-on-year due to decreases in sales ofCareer SBU and APAC SBU, which were mainly affected by COVID-19.
Operating profit was higher than the forecast announced in August 2020 owing
to strong performance in Staffing SBU.

Full-year Forecasts for FY2020

Point 2

Since the 1st quarter, which was greatly affected by COVID-19, it has been on a
gradual recovery trend, and main businesses, Staffing SBU and Career SBU,
have been showing stronger performance than the previous forecast.
Accordingly, the full-year earnings forecast was revised upward.

Shareholder Return Policy

Point 3
The policy has changed from stability-oriented to payout ratio-oriented.
Strengthen shareholder returns with a payout ratio based on adjusted EPS of
25% (payout ratio was 16.6% in FY2018 and 20.2% in FY2019, respectively) .
Interim dividend and planned year-end dividend for FY2020 are 13 yen per
share each and then annual dividend per share is planned to 26 yen, a decreaseby 4 yen from the previous fiscal year because this fiscal year’s profits will
temporarily decrease due to COVID-19.
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2

Summary of the Consolidated
Financial Results for the
1st Half of FY2020

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Summary of Financial Results for the 1st Half of FY2020
Total sales decreased mainly due to decreases in sales of Career SBU and APAC SBU, which wereaffected by COVID-19 although sales in Staffing SBU and Professional Outsourcing SBU increased.
Operating profit declined as a result of a significant decline in profits mainly in Career SBU.
(million yen)

FY2019
1st Half

FY2020
1st Half(Reference)
FY2020 1st Half Forecast

YoY (%)Net sales

478,956

465,755-2.8％

453,100

Operatingprofit20,116

13,875-31.0％

9,000～

10,000OP Margin

4.2%

3.0%

-1.2pt.

2.0%

～

2.1%

EBITDA

28,94822,351-22.8％

17,000～18,000Net profit*-5,177

7,644

-

3,800

～

4,500

Adjusted EPS

68.30

52.28

-23.5％(yen)～ 468,000

ー*: Net profit attributable to owners of parent company
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4

Summary of Financial Results for the 1st Half of FY2020(Operating Profit Upward Factors)◆ Operating profit resulted 13.8 billion yen, which was higher than the forecast of 9 to 10 billion
yen.
◆ Main factors were i) in Staffing SBU, operating profit was significantly higher by approx. 2.3
billion yen due to increased operating hours in Q2 than expected, and ii) higher result in Career
SBU by approx. 0.9 billion yen as a result of cost reduction.

Results(million yen)

-377

+858
Forecast
announced
in August2020(max.)

+863

+469
-257

13,875+2,31910,000Group
all

Staffing

CareerPRO*

Solution

APAC**

Other
Adjustment

Group
all

* : Professional Outsourcing** : Asia Pacific
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5

Sales by each SBU for the 1st Half of FY2020
FY2020
1st Half
Forecast(million yen)

FY2019
1st Half

Staffing

254,800
 Sales increased because the unit billing rates were raised as～
248,320
260,283 a result of “equal pay for equal work”.
 Successfully acquired new projects in the BPO sector.
257,800

CareerProfessional
Outsourcing

Solution
Asia Pacific(APAC)
Other

Adjustment

45,80829,400～29,60050,13454,300～54,800

3,188

2,300
～
2,500

FY2020
1st Half

Comments (YoY) Termination of "an" business (Nov. 2019) was a factor ofsales decrease.

29,715 Sales decreased significantly in 1st Half because a large
decrease in orders in Apr. to June 2020 was recorded in Q2
although business was on a recovery trend in July to Sep.
 Double-digit sales increase was achieved in IT area where
there was continued strong demand.
53,696  Sales decreased in the engineering area due to the impact
of client companies’ cutting their development budget.
 Sales decreased due to the application of the principle
method for revenue recognition of job search application
2,190 business (impacted amount: -0.78 billion yen), in addition
to the impact of COVID-19.

116,900
 Sales declined mainly due to the impact of COVID-19 on the～ 124,664 temporary staffing business in Australia and the weakening
136,597
127,900of the Australian dollar.

4,317

5,200
～
5,300

-9,409-9,900～-9,800 Sales increased due to the M&A effect of the training
business acquired in July 2019 and an increase in sales of
5,020 the internal transaction business for employment of
persons with disabilities.

-9,815ーCopyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

6

Operating Profit by each SBU for the 1st Half of FY2020(million yen)Staffing

CareerProfessional
Outsourcing
Solution
Asia Pacific(APAC)
Other

Adjustment

FY2019
1st Half

FY2020
1st Half
Forecast

FY2020
1st Half

11,157

13,590～13,99016,309

9,096

-790
～
-720

 Although cost reduction measures were implemented
138 focusing on marketing costs and personnel optimization,
profits declined due to the impact of COVID-19.

1,720

430
～
520

989

-474

-2,820～-2,320

-283

-460
～
-420

-677

 Deficit expanded due to the effect of COVID-19 throughout
APAC despite cost reduction by decreases of HC and bonus.

-206-1,050～-1,020-860

 Deficit expanded mainly as a result of operating loss causedby the training business due to the effect of COVID-19.

-893

-30
～
100

Comments (YoY) Profits increased due to increased sales and growth inhighly profitable BPO sector.

 Profit decreased due to the occurrence of non-operating
engineers in the engineering area.

 Deficit was recorded due to the impact of COVID-19 andthe application of the principle method for revenue-2,697 recognition of job search application business (impacted
amount: -0.76 billion yen) .

 Profits recorded as a result of reducing SG&A expenses in
674 addition to the delay in investment related to the Mid-termManagement Plan due to COVID-19.
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7

(Reference)

Summary of the Financial
Results for Q2 of FY2020

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Consolidated Quarterly Results
In Q2, sales of Career SBU and APAC SBU decreased significantly due to the termination of the “an”
business and the impact of COVID-19, which resulted in decreased sales and profits.

FY2018(million yen)
Q3

Sales

FY2019Q4

232,971 240,586
YoY (%)

OperatingprofitOPM (%)EBITDAEBITDA Margin(%)

Net Profit*

FY2020

Q1

Q2

Q3

Q4

Q1

Q2

235,218

243,738

242,204

249,411238,222

227,533

36.8%

5.9%

4.1%

7.7%

4.0%

3.7%

1.3%

-6.6%

11,62012,036

10,057

10,058

8,287

10,681

9,115

4,760

5.0%

5.0%

4.3%

4.1%

3.4%

4.3%

3.8%

2.1%

15,533

16,242

14,416

14,532

12,41014,997

13,389

8,962

6.7%

6.8%

6.1%

6.0%

5.1%

6.0%

5.6%

3.9%

6,750

5,622

5,466

-10,643

4,522

8,266

4,670

2,974

9

* Net profit attributable to owners of parent company
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Staffing

Staffing SBU

Sales and profits increased in Q2 because the clerical and administrative area showed a firm businesstrend and BPO grew significantly.
FY2018(million yen)

FY2019FY2020

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

120,592

122,101

122,189

126,130

130,986

130,871

130,678

129,605

YoY (%)

-

-

5.5%

10.0%

8.6%

7.2%

6.9%

2.8%

Operating profit

6,114

5,343

5,823

5,333

6,806

5,905

8,921

7,387

OPM (％)

5.1%

4.4%

4.8%

4.2%

5.2%

4.5%

6.8%

5.7%

6,996

6,334

6,765

6,298

7,759

6,885

9,914

8,283

5.8%

5.2%

5.5%

5.0%

5.9%

5.3%

7.6%

6.4%

62

57

59

59

61

58

61

58

Sales

EBITDAEBITDA margin (％)
Working days

Qualitative analysis on Q2
 Sales increased by 2.8% YoY. In detail, billing rates increased by 5.2%, operating hours increased by 2.3%, no. of
operating days decreased by 1 day, down 1.7%, no. of active workers decreased by 2.9%.
 Although the no. of contract terminations decreased by 10.6% YoY, the no. of confirmed contracts decreased as the no. oforders decreased, and the no. of operators is on a downward trend.
 Gross profit margin of Q2 improved by 1.4pt. YoY whereas improved by 1.9pt. in Q1 because social insurance premiums
for dispatched staffs have increased due to “equal pay for equal work” and extra paid leave expenses were recorded as
extraordinary losses in Q1.
 BPO's full-year sales and profits will increase significantly YoY and profitability will be also improved. Expected tocontribute to the growth of SBU in the future.
*YoY for FY2018 is stated as "-" because there are no restated figures for FY2017 reflecting segment changes effective FY2020. (same applies hereinafter.)10
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Career

Career SBU

In Q2, both placement business and advertising business were affected by COVID-19, resulting indecreased sales and profits.
FY2018(million yen)

FY2019FY2020

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

21,207

23,57723,54922,25918,114

19,526

16,827

12,887

YoY (%)

-

-

13.6%

9.6%

-14.6%-17.2%-28.5%-42.1%

Operating profit

3,210

4,784

4,703

4,393

1,271

2,900

1,505

-1,367

OPM (％)

15.1%

20.3%

20.0%

19.7%

7.0%

14.9%

8.9%

-10.6％EBITDA

3,920

5,521

5,414

5,146

2,047

3,697

2,316

-526

EBITDA margin (％)

18.5%

23.4%

23.0%

23.1%

11.3%

18.9%

13.8%

-4.1％

Sales

Qualitative analysis on Q2
 Orders for both placement business and advertising business bottomed out in Q1 (sales bottomed out in Q2 due tothe impact of sales conversion gaps), and although they are currently recovering, it will take some time to recover tothe level before the spread of COVID-19 infection.
 Sales in placement business decreased by approx. 36% YoY due to a significant decrease in orders in Q1, but orders
in Q2 recovered to approx. 75% YoY.
 Advertising business sales decreased by approx. 35%. Orders received in Q2 recovered to approx. 70% YoY, better
than the orders in Q1 which were halved YoY. However, the recovery is gradual compared to the placement business.
 Cost reduction efforts are continued including marketing costs and labor costs through redeployment of headcount.
11
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PRO

Professional Outsourcing SBU

In Q2, total sales were favorable because there was strong demand in the IT area, but profits declined
due to the occurrence of non-operating engineers in the engineering area.
FY2018(million yen)

FY2019FY2020

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

25,05626,19424,00826,126

26,85028,842

26,41527,281

YoY (%)

-

-

8.2%

9.7%

7.2%

10.1%

10.0%

4.4%

Operating profit

2,108

2,440

271

1,449

1,519

3,070

315

674

OPM (％)

8.4%

9.3%

1.1%

5.5%

5.7%

10.6%

1.2%

2.5％

EBITDA

2,551

2,901

677

1,866

1,982

3,216

683

1,049

EBITDA margin (％)

10.2%

11.1%

2.8%

7.1%

7.4%

11.2%

2.6%

3.8％

Sales

Qualitative analysis on Q2
 Demand for IT engineers is generally strong, and sales in the former ITO segment steadily increased by approx. 20%.
 Sales in the former engineering segment decreased by a little less than 10%, and operating profit turned into a slightdeficit. Especially the automobile-related area was struggling. It is expected to take some time to improve,considering the existence of non-operating engineers and delay in the assignment of new graduates.

12
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Solution

Solution SBU

In Q2, sales decreased due to factors including sales and operating profit decrease partly due toimpacted amount of 0.4 billion yen and 0.39 billion yen each as a result of the application of theprinciple method for revenue recognition of job search application business from this fiscal year. In
addition, the business was in the red due to increased costs incurred for investment expansion from theprevious fiscal year.
FY2018(million yen)
Q3

Sales

FY2019Q4FY2020

Q1

Q2

Q3

Q4

Q1

Q2

487

478

1,351

1,837

1,856

1,967

952

1,237

YoY (%)--

213.8%

392.9%

281.2%

310.8%-29.5%-32.6%

Operating profit

-18

-114

-299

-175

-376

-768

-1,437-1,260

OPM (％)-3.9%-23.9%-22.1%-9.6%-20.3%-39.0%-150.8%-101.8％

-18

-112

-248

-111

-302

-340

-1,204-1,018-3.8%-23.4%-18.4%-6.1%-16.3%-17.3%-126.4%-82.3%EBITDAEBITDA margin (％)

Qualitative analysis on Q2
 In the job search application business, orders were on a recovery trend as corporate human resources demand
returned, and if the effects of the principle method for revenue recognition are excluded, sales increased substantially.
On the other hand, sales in the cloud POS business continued to decrease because of worsening business sentimentof restaurants.
 Despite this environment, the cumulative number of account companies increased 2.8 times YoY in job search
application business. In the cloud POS business, the cumulative number of stores that introduced the service
expanded 1.25 times YoY. As a result, KPI for business scale expansion showed a robust results.
13
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APAC

Asia Pacific (APAC) SBU

Sales of both PERSOLKELLY and PROGRAMMED decreased in Q2 due to a large impact of COVID-19.
(APAC is consolidated with a delay of 3 months, so the results correspond to a period from Apr. to June 2020.)

FY2018(million yen)

FY2019FY2020

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

68,23970,75667,012

69,584

66,24070,40365,98058,684

YoY (%)

-

-

-2.5%

-0.4%

-2.9%

-0.5%

-1.5%

-15.7%

Operating profit

308

505

-156

-126

-575

451

-116

-561

OPM (％)

0.5%

0.7%

-0.2%

-0.2%

-0.9%

0.6%

-0.2%

-1.0%

1,943

2,210

1,874

1,868

960

2,060

1,390

947

EBITDA margin (％)

2.8%

3.1%

2.8%

2.7%

1.4%

2.9%

2.1%

1.6％

AU GDP growth(%)

2.6%

2.2%

1.7%

1.4%

1.7%

2.2%

1.4％

-7.0％

JYP/USD

109.6

110.4

110.2

110.1

109.1

109.0

108.9

108.2

JYP/AUD

83.1

82.6

78.5

77.7

76.3

75.8

71.6

71.1

Sales

EBITDA

Qualitative analysis on Q2
 In PERSOLKELLY, temporary staffing business in Singapore steadily expanded and sales increased by approx. 20%.
However, temporary staffing business and placement business were struggling in major countries due to COVID-19.
Although the current situation is gradually recovering and cost reduced by decreases of HC and bonus, business in India
and Indonesia continued to be in a difficult situation. In Australia where business was in the red in the previous fiscal year,
profit and loss improved to near zero as a result of carrying out restructuring and business integration to PROGRAMMED.
 In PROGRAMMED, sales and profits decreased due to the weakening of Australian dollar by approx. 8% and strong
influence of COVID-19. In the blue-collar staffing business, profits decreased by approx. 30% due to a decreased numberof highly profitable SME customers, however no. of active workers is on a recovery trend currently. In the Maintenance14
business as well, each business including painting struggled, resulting in lower sales and profits.
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Others
In Q2, sales increased because sales of the internal transaction business for employment of persons
with disabilities increased, while the deficit expanded due to a decrease in demand for the training
business affected by COVID-19.
FY2018(million yen)

FY2019FY2020

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

1,600

1,531

1,731

2,585

2,989

2,803

2,364

2,656

YoY (%)

-

-

22.0%

115.5%

86.8%

83.1%

36.5%

2.7%

Operating profit

2

-273

-3

-202

54

-275

-455

-405

OPM (％)

0.2%-17.8%

-0.2%

-7.8%

1.8%

-9.8%

-19.3%-15.3%

23

-251

0

-131

148

-197

-380

-329

1.5%

-16.5%

0.0%

-5.1%

5.0%

-7.0%

-16.1%-12.4%Sales

EBITDAEBITDA margin (％)

Qualitative analysis on Q2
 Sales increased mainly as a result of an increase of business for employment of persons with disabilities intransactions within the group.
 On the other hand, operating loss in Q2 was decreased from the level in Q1 as a result of reduction of SG&A
expenses, etc. to deal with the impact of COVID-19.

15
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Adjustments (corporate and reconciliation)
Operating profit turned positive in Q2 following Q1.
FY2018(million yen)
Q3

Sales

FY2019Q4Q1Q2FY2020
Q3

Q4

Q1

Q2

-4,212-4,054-4,624-4,785-4,833-5,003-4,995-4,819YoY (%)

-

-

-

-

-

-

-

-

Operating profit

-106

-649

-281

-612

-413

-602

382

292

OPM (％)

-

-

-

-

-

-

-

-

117

-361

-66

-404

-184

-325

669

556

-

-

-

-

-

-

-

-

EBITDAEBITDA margin (％)

Qualitative analysis on Q2
 Profits recorded because of the delay of investment related to the Mid-term Management Plan due to the impact of
COVID-19 as well as reductions in various SG&A expenses at the parent company.
 Since common expenses such as IT are settled once every half year, profits in Q2 usually decrease from the figure in
Q1.

16
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Financial Forecast for
FY2020

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Financial Forecast for FY2020◆ In the situation where the market was on a trend of gradual recovery from the effect of COVID-19,
full-year profit forecast was revised upward because both temporary staffing business andplacement business, the core ones, showed a stronger performance than the plan.

(million yen)

(Reference)
FY2019FY2020Previous
Forecast

FY2020
Revised
Forecast

YoY (%)

Consolidated
sales

970,572

913,400～945,800

940,000-3.1％

Operatingprofit39,08518,000～22,000

25,000-36.0％EBITDA

56,35634,000～38,000

41,700※-26.0％※Net profit*

7,612

8,300
～11,100

14,50090.5％

Adjusted EPS(yen)

148.4472.51～84.46

98.58-33.6％* Net profit attributable to owners of parent company
Note： ※ EBITDA figures of “FY2020 Revised Forecast” were corrected.

18
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Sales Forecast by SBU for FY2020(million yen)

FY2020
1st Half(Actual)FY2020
2 nd Half(Forecast)

FY2020 (Reference) (Reference)
Full year
FY2019FY2019(Forecast)
2 nd Half
Full year

Net Sales

465,755474,244940,000

491,615

970,572

Comments on
2 nd Half of FY2020

ーStaffing

260,283

262,016

522,300

261,857

Compensating for the decrease in the510,177 number of employees by increasing
the unit price.

Career

29,71529,58459,30037,64083,449 return to approx. 20% decrease YoY.

Professional
Outsourcing

53,69658,903112,600

55,692

105,826 area.

With a recovery trend, expected to

Steady growth centered on the IT

Although partly affected by COVID7,012 19, the job search application
business grew.

2,190

3,809

6,000

3,823

124,664

122,735

247,400

136,643

Others

5,020

6,679

11,700

5,793

10,111 of a training company last fiscal year.

Adjustment-9,815-9,484-19,300-9,836-19,246 transactions.

Solution
Asia Pacific(APAC)

Staffing and maintenance businesses

273,241 struggled under the influence of
COVID-19.

Increased sales due to the acquisition

Due to a decrease in internal

19
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Operating Profit Forecast by SBU for FY2020(million yen)

Operating
ProfitFY2020
1st Half(Actual)13,875

FY2020
2 nd Half(Forecast)

11,124FY2020 (Reference) (Reference)
Full year
FY2019FY2019nd(Forecast)
2 HalfFull year

25,00018,969Comments on
Half of FY2020

2 nd

39,085ーStaffing

16,30912,79029,10012,712

23,869

Increases in social insurance premiums
and costs of advanced investment,
resulting in almost same profit compared
to last 2nd Half.

Career

138

-138

0

4,172

13,268Demand is on a recovery trend. Revise
forecasts upwards by cost reduction andimprove to break even in the full year.

6,310

Decreased in profits because of increased
costs due to active hiring in the IT area
and continued unemployed personnel.

Professional
Outsourcing

989

2,850

3,840

4,589

Deficit due to the application of theprinciple method for revenue recognitionof job search application business.
(impacted amount: -0.53 billion yen)
Loss recorded as placement businesssales decreased due to COVID-19 despite
const reduction of decreases of HC andbonus.

-2,697-2,182-4,880-1,144-1,619Asia Pacific(APAC)

-677

-212

-890

-124

-408

Others-860-249-1,110-220-427

Loss recorded due to struggling training
business.

-1,909Unexecuted strategic investment in 1st
Half is planned to be implemented in 2nd
Half.

Solution

Adjustment

674-1,734-1,060-1,01520
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EBITDA Forecast by SBU for FY2020(million yen)

FY2020
1st Half(Actual)FY2020
2 nd Half(Forecast)

FY2020
Full year(Forecast)(Reference)
FY20192 nd Half(Reference)
FY2019Full year

Consolidated
EBITDA

22,351

19,348※41,700※27,40756,356

Staffing

18,197

14,68232,88014,64427,709Career

1,789

1,510

3,300

5,745

16,305

Professional
Outsourcing

1,733

3,596

5,330

5,199

7,744

Solution-2,223-1,706-3,930-643-1,003

Asia Pacific(APAC)

2,338

2,791※

5,130※

3,020

6,763

Others-710-329-1,040-49-181

Adjustment

1,226-1,196

30

-510

-981

Note: ※ EBITDA forecasts of “FY2020 2nd Half“ and “FY2020 Full year” were corrected.

21
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Shareholder Return Policy

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

Basic Policy for Shareholder Return◆ In view of the future introduction of IFRS, the basic policy changed to a dividend payout ratio of
25% based on the adjusted EPS.
◆ Judging the acquisition of treasury stock, considering the situation where the stock price is below
the appropriate level and the investment execution status comprehensively.
◆ Both cash and debt are managed collectively to control an optimum cash position on a net basis.

Shareholder
ReturnBasic Policy

CashPosition
Policy• Basic policy is a dividend payout ratio of 25% of the adjusted EPS.
（Payout ratio was 16.6% in FY2018 and 20.2% in FY2019, respectively.)• Adjusted EPS is based on net profit before amortization of goodwill excluding
effects of extraordinary income/loss. It is therefore expected to be able toprovide dividend at a relatively stable level.

• The Group’s optimum cash position is defined as a net cash/debt within 1.0 timeof EBITDA.
• In case of an excessive cash as a result of investments not implemented asplanned or excessive debts as a result of implemented investments, the Group’s
policy is as follows:✓ If a net cash exceeds 1.0 time of consolidated EBITDA, measures ofstrengthening shareholder return such as acquisition of treasury stock will beconsidered.
✓ If a net debt is exceeds 1.0 time of consolidated EBITDA, measures tostrengthen capital such as equity finance will be considered.
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Numerical target for FY2022
Promote building foundation for remarkable growth after 2023 by recovering of profitability to the level ofbefore COVID-19. Restore the profitability to the level of renewing the highest record of operating
profit in FY2018 (44.1 billion yen).

FY2020
Forecast(Unit: billion yen）

FY2019Result（Revised）

Net sales

970.5

940.0

1,000

Operating profit

39.0

25.0

45.0

（4.0％）（2.7％）（4.5%）（EBITDA Margin）

56.3

41.7※

61.0

（5.8%）（4.4％※）（6.1%）Net profit

7.6*

14.5

26.8

Adjusted EPS

148.44 yen

98.58 yen

147.76 yen(OP Margin)

EBITDA

Plan for FY2022* Booked impairment loss mainly on overseas business in FY2019.
Note: ※ EBITDA figures of “FY2020 Forecast (Revised) ” were corrected.

24
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Capital Allocation in Mid-term Management Plan 2023
◆ Of the cash amount to be generated in the coming 3 years (including excess funds at the end of
previous fiscal year), 110 billion yen will be allocated to growth investments and 20 billion yen to
dividends.
(billion yen)

Sales
Cash Flow

GrowthInvestments

Shareholder
ReturnPrevious
Mid-term Plan

Med-termManagement
ManagementPlan
Plan2023
2023(cumulative(cumulative33years)
years)
Mid-term(cumulative 4 years)

Approx. 152

Approx.

110

Approx. 133(approx.

Approx.
(approx.

33/year)Approx. 19(approx.

5/year)130

37/year)Approx.

+40％(Annualbasis)

20

Approx.
(approx.

7/year)Including excess cash
as of end of March 2020

M&A: Approx. 80 billion yen
Investments specifically ingrowth sector (PRO).
CAPEX: Approx. 30 billion yen
Mainly DX-related investments.
Additionally approx. 60 billion yen
will be paid out as expenses for
IT/DX.
Dividends
Shift to a payout ratio-oriented
dividend policy. Raise the payout
ratio to 25% of the adjusted EPS .
25
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Dividend Per Share History and Plan
◆ Shift to payout ratio-oriented dividend policy and raise the payout ratio.
◆ Full-year dividend of FY2020 will be 26 yen because profits decreased temporarily due to COVID-19.
◆ The highest ever return to shareholders will be expected in the final fiscal year of the Mid-termManagement Plan 2023.
Approx.
40.0
Year-end←
Forecast
38 yendividend
Interimdividend*1 The payout ratio for

30.0

FY2016 to FY2019 was
calculated by converting
the base profit toadjusted EPS.

25.0

*2 Forecasted total

15.0

dividend amount wasestimated based on thenumber of shares issued
and the number oftreasury stock both as ofthe end of September
2020.

Results

35.0→

26 yen
15.0

20.0

13.0

15.0
9.0

Final FY of
Mid-term Plan

10.0

10.0
15.0
5.0

13.0

8.0

9.0

10.0

FY2016FY2017FY2018FY2019FY2020

FY17

FY18

FY19

FY20

0.0
FY16

Adjusted EPS (yen)114.27115.70150.26148.44

Payout ratio based on
adjusted EPS (%)*1

14.9

16.4

16.6

20.2

Total dividend amount(million yen)*2

3,985

4,443

5,849

6,967

FY2022FY22

98.58

147.76

Apply 25%, basically
6,022

Approx. 8,800

26
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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, 2020 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.

27
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