Briefing on Consolidated Financial
Results for the Third Quarter
Ended December 31, 2017

PERSOL HOLDINGS CO., LTD.
February 14, 2018

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

Change in Business Segments
Established "PROGRAMMED" in conjunction with the consolidation of the newly acquired Programmed*
and its subsidiaries
Formerly known as the "Overseas" segment had a name change to "PERSOLKELLY" segment

Former Segmentation

New Segmentation(~2018/3 2nd quarter)(2018/3 3 rd quarter~)1

Temporary Staffing/BPO

1

Temporary
Staffing/BPO*

2

Recruiting

2

Recruiting

3

PROGRAMMED

New

3Overseas

4

PERSOLKELLY

Namechange

4

ITO*

5

ITO

5

Engineering

6

Engineering

6

Others7

Others*Programmed： Acquisition of 100% shares of Programmed Maintenance Services Limited, which provides HR services and maintenance business mainly in Australia
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.
1*BPO：Business Process Outsourcing, ITO：IT Outsourcing (same as following pages)

2018/3 3Q : Summary of Consolidated Business Results
While high sales growth due to the solid growth of existing businesses and M&A effect,
margin slightly increased due to the cost increase for investment in each segments and brand awareness(Unit: million yen)
2017/3 Results

2018/3 Results

2018/3 Forecasts*
Full Year

Progressrate（％）＋15.3

732,300

67.6

23.9

＋12.9

-

-

33,6486.8＋2.9

48,50869.4

5.9

25,8995.2＋2.4

36,00071.9

3.5

10,872

2.2-27.6

18,66758.2

1st Half

Ratio(%)

Sales

429,560

100.0

495,085

100.0

Gross Profit

104,795

24.4

118,323

EBITDA*

32,707

7.6

OP income

25,287

Profit attributableto owners of parent

15,024

1st Half

Ratio(%)

YoY(%)*Rounded down (same as following pages) *EBITDA = OP income + Depreciation + Amortization of Goodwill(same as following pages)*The financial forecast for the full fiscal year 2018 was revised on February 14, 2018（See the 「Appendix : Revision of the financial forecast」 for details)
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

2

2018/3 3Q : Sales Analysis
Contribution from increase in the revenues from the existing businesses,
in addition to the M&A

+2.1

+26.8

＋0.9

-1.8

(Unit: billion yen)

-1.3

Organic
M&A+4.9

Organic growth：＋3.8
M&A effect* ：＋22.9

+33.8
495.0

429.5

2017/3
3Q Results

Temporary
Staffing/BPO

Recruiting

PROGRAMMED*PERSOLKELLYITOEngineering

OthersAdjustments

2018/3
3Q Results*PROGRAMMED：The financial closing date of Programmed is different from that of PERSOL for 3 months, and the Deemed Acquisition Date for Business Combinations
is set as September 30, 2017. Therefore, the performances for the 3rd quarter are not included.
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.
*M&A effect：Kelly Services (Singapore) Pte. Ltd had been consolidated from October 20163

2018/3 3Q : Sales by Segment
Continuous steady growth in each segment
2017/3 Results(Unit: million yen)

2018/3 Results

3Q

3Q

2018/3 Forecasts*

YoY(%)

Full Year

Progress rate（％）

Temporary
Staffing/BPO

325,384359,263＋10.4

485,400

74.0

Recruiting

47,78352,736＋10.4

78,10067.5

PROGRAMMED

-

-

-

55,000-PERSOLKELLY

21,61248,452＋124.2

63,10076.8

ITO18,811

21,004＋11.7

29,400

71.4

Engineering

19,233

20,154＋4.8

28,10071.7

Others

4,996

3,123

-37.5

4,300

72.6

Adjustment-8,261-9,648--11,100-

429,560

495,085＋15.3

732,300

67.6

TOTAL

*PROGRAMMED：The financial closing date of Programmed is different from that of PERSOL for 3 months, and the Deemed Acquisition Date for Business Combinations is set as
September 30, 2017. Therefore, the performances for the 3rd quarter are not included.
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.
*Internal transactions have not been eliminated from the figures*The financial forecast for the full fiscal year 2018 was revised on February 14, 2018（See the 「Appendix : Revision to the financial forecast」 for details）

4

2018/3 3Q : EBITDA Analysis
Margin slightly increased due to the cost increase for investment in each segments as well as expansionof group brand awareness(Unit: billion yen)
Acquisition costs of Programmed was booked

-0.1
-0.8

+1.7

+0.0

＋0.5

+0.0

-0.4

-0.2

Organic growth：＋0.51
M&A effect* ：＋0.06

33.6
32.7

2017/3
3Q Results

Temporary
Staffing/BPO

Recruiting

PROGRAMMED*PERSOLKELLYITOEngineering

OthersAdjustments

2018/3
3Q Results*PROGRAMMED：The financial closing date of Programmed is different from that of PERSOL for 3 months, and the Deemed Acquisition Date for Business Combinations is set as
September 30, 2017. Therefore, the performances for the 3rd quarter are not included. (Acquisition cost led to the loss of JPY 0.8 billion)
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.
*M&A effect：Kelly Services (Singapore) Pte. Ltd had been consolidated from October 201652018/3 3Q : EBITDA by Segment
Margin slightly increased due to the cost increase for investment in each segments as well as expansionof group brand awareness(Unit: million yen)
Acquisition costs of Programmed was booked
2017/3 Results

2018/3 Results

3Q

3Q

2018/3 Forecasts*

YoY(%)

Full Year

Progress rate（％）

Temporary
Staffing/BPO

17,67819,433＋9.9

26,27874.0

Recruiting

9,604

9,454

-1.6

13,10072.2

PROGRAMMED

-

-804

-

1,100

-

PERSOLKELLY

217

794

＋265.5

1,177

67.5

ITO

1,738

1,831

＋5.3

2,991

61.2

Engineering

1,815

1,910

＋5.2

2,869

66.6

312

-89

-128.6

-120

134.8

Adjustment

1,340

1,118

-

1,111

-

TOTAL

32,70733,648＋2.9

48,508

69.4

Others*PROGRAMMED：The financial closing date of Programmed is different from that of PERSOL for 3 months, and the Deemed Acquisition Date for Business Combinations is set as
September 30, 2017. Therefore, the performances for the 3rd quarter are not included. (Acquisition cost led to the loss of JPY 0.8 billion)
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.
*Internal transactions have not been eliminated from the figures*The financial forecast for the full fiscal year 2018 was revised on February 14, 2018（See the 「Appendix : Revision to the financial forecast」 for details）

6

2018/3 3Q : OP income Analysis
Margin slightly increased due to the cost increase for investment in each segments as well as expansionof group brand awareness(Unit: billion yen)
Acquisition costs of Programmed was booked

+0.2
-0.8
+1.4

+0.0

+0.2

+0.0
-0.4

Organic growth：＋0.4
M&A effect* ： - 0.2

-0.2

25.8

25.2

2017/3
3Q Results

Temporary
Staffing/BPO

Recruiting

PROGRAMMED*PERSOLKELLYITOEngineering

OthersAdjustments

2018/3
3Q Results*PROGRAMMED：The financial closing date of Programmed is different from that of PERSOL for 3 months, and the Deemed Acquisition Date for Business Combinations is set as
September 30, 2017. Therefore, the performances for the 3rd quarter are not included. (Acquisition cost led to the loss of JPY 0.8 billion)
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.
*M&A effect：Kelly Services (Singapore) Pte. Ltd had been consolidated from October 201672018/3 3Q : OP income by Segment
Margin slightly increased due to the cost increase for investment in each segments as well as expansionof group brand awareness(Unit: million yen)
Acquisition costs of Programmed was booked
2017/3 Results

2018/3 Results

3Q

3Q

2018/3 Forecasts*

YoY(%)

Full Year

Progress rate（％）

Temporary
Staffing/BPO

15,422

16,908＋9.6

22,70074.5

Recruiting

6,697

6,890

＋2.9

9,500

72.5

PROGRAMMED

-

-804

-

-500

-

PERSOLKELLY

-586

-314

＋86.6

-200

157.3

ITO

1,249

1,335

＋6.9

2,400

55.6

Engineering

1,397

1,451

＋3.9

2,200

66.0

Others271-139-151.3

-200

143.9

Adjustment

836

572

-

100

-

25,28725,899＋2.4

36,000

71.9

TOTAL

*PROGRAMMED：The financial closing date of Programmed is different from that of PERSOL for 3 months, and the Deemed Acquisition Date for Business Combinations is set as
September 30, 2017. Therefore, the performances for the 3rd quarter are not included. (Acquisition cost led to the loss of JPY 0.8 billion)
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.
*Internal transactions have not been eliminated from the figures*The financial forecast for the full fiscal year 2018 was revised on February 14, 2018（See the 「Appendix : Revision to the financial forecast」 for details）

8

2018/3 3Q : Consolidated Balance Sheets
As of March 31, 2017
Results
Assets

As of December 31, 2017

Ratio(%)

Results

Ratio(%)(Unit: million yen)

Change268,364100.0

392,334

100.0

123,970

165,240

61.6

212,08154.1

46,84069,43925.979,194

20.2

9,755

103,12338.4

180,25245.9

77,12973,55727.4

123,023

31.4

49,466

114,54742.7

232,676

59.3

118,129

87,91332.8

193,31749.3

105,404

5,053

1.9

80,77320.6

75,719Non-current liabilities

26,6349.9

39,35810.0

12,724(Long-term loans payable)

20,426

7.6

26,6166.8

6,190

153,81657.3

159,657

40.7

5,840

139,11951.8

145,950

37.2

6,830

(Capital stock)

17,465

6.5

17,467

4.5

2(Capital surplus)

20,156

7.5

20,182

5.1

26(Legal retained earnings)

102,43238.2

109,096

27.8

6,663

Minority interests

14,696

5.5

13,707

3.5-989

Current assets(Cash and deposits)
Non-current assets(Right of trademark and goodwill)

Liabilities
Current liabilities(Current portion of loans payable)

Net assets
Owners' capital<Current assets>
Increase in cash and deposits
Increase in notes and accounts
receivable - trade＜Right of trademark and goodwill＞
Increased due to M&A*

＜Current liabilities＞
Increase in short-term loans payable＜Non-current liabilities＞
Increase in long-term loans payable<Legal retained earnings>
Increased due to an increase in profit*M&A：Acquisition of 100% shares of Programmed Maintenance Services Limited, which provides HR services and maintenance business mainly in Australia

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9

2018/3 3Q Transition of Business Results by Segments ① Temporary Staffing/BPO+10.4%(Unit: billion yen)
+9.9%

+9.6%
325.3

359.2

17.6

Sales

19.4

15.4

EBITDA

16.9

2018年3月期
2018/3 3Q : 3Q
Highlights
ハイライト•

Demand from client companies remained strong, sales increased dueto the increase of the number of temporary staffing who is working•

Demand for temporary staffing remains strong due to workforce
shortage and job relocation of client’s company, supported by Workstyle-reform•

Operating income increased due to the revenue growth which exceeds
increase of costs such as social insurance premiums, etc.

OP income2017/3 Results
3Q(Unit: million yen)
2018/3 Results

3Q

2018/3 Forecasts

YoY(%)

Full Year

Progress rate
（％）

Sales

325,384359,263＋10.4

485,400

74.0

EBITDA

17,67819,433＋9.9

26,278

74.0

5.4

5.4

-

5.4

-

15,422

16,908＋9.6

22,700

74.5

4.7

4.7

-

4.7

-

EBITDA margin (%)
OP incomeOP income ratio (%)*Internal transactions have not been eliminated from the figures*See the "Factbook for the Third Quarter Ended December 31, 2017" released on the website on the same date for the quarterly results
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

10

2018/3 3Q Transition of Business Results by Segments ② Recruiting+10.4%(Unit: billion yen)

2018/3 3Q : Highlights• Demand from client companies remained strong, placementbusiness driven the growth

-1.6%

52.7

47.7

+2.9%
9.6

Sales

9.4

6.6

EBITDA• Suspension of publication for free-paper “an”, and integrated to
web media• Profitability declined temporarily due to personnel reinforcement
and promotional investment to meet the demands

6.8

OP income2017/3 Results
3Q(Unit: million yen)
2018/3 Results

3Q

2018/3 Forecasts

YoY(%)

Full Year

Progress rate
（％）

Sales

47,78352,736＋10.4

78,10067.5

EBITDA

9,604

9,454

△1.6

13,10072.2

EBITDA margin (%)

20.1

17.9

-

16.8

-

OP income

6,697

6,890

＋2.9

9,500

72.5

OP income ratio (%)

14.0

13.1

-

12.2

-

*Internal transactions have not been eliminated from the figures*See the "Factbook for the Third Quarter Ended December 31, 2017" released on the website on the same date for the quarterly results
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

11

2018/3 3Q Transition of Business Results by Segments ③PROGRAMMED(Unit: billion yen)

2018/3 3Q : Highlights• Acquisition costs of Programmed was booked• Consolidation of Programmed starts from 4Q（See the 「Appendix : Revision to the financial forecast」 for details）

-0.8
Sales

EBITDA-0.8
OP income2017/3 Results(Unit: million yen)
2018/3 Results

3Q

3Q

2018/3 Forecasts*

YoY(%)

Full Year

Progress rate
（％）

Sales

-

-

-

55,000-EBITDA

-

-804

-

1,100

-

EBITDA margin (%)

-

-

-

2.0

-

OP income

-

-804

-

-500

-

OP income ratio (%)

-

-

-

-0.9

-

*The financial forecast for the full fiscal year 2018 was revised on February 14, 2018（See the 「Appendix : Revision to the financial forecast」 for details）*Internal transactions have not been eliminated from the figures*See the "Factbook for the Third Quarter Ended December 31, 2017" released on the website on the same date for the quarterly results

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

12

2018/3 3Q Transition of Business Results by Segments ④ PERSOLKELLY+124.2%(Unit: billion yen)

2018/3 3Q : Highlights• High sales growth due to the expansion of business scope by the
Joint Venture with Kelly Services, Inc. (October 2016~）• Due to the moderate recovery of market environment, EBITDA
became profitable

48.4

21.6

+265.5%
0.2

Sales

0.7

+86.6%-0.5

EBITDA• Continuous investment in personnel and system for future
growth-0.3

OP income2017/3 Results
3Q(Unit: million yen)
2018/3 Results

3Q

2018/3 Forecasts*

YoY(%)

Full Year

Progress rate（％）

21,61248,452＋124.2

63,10076.8

EBITDA

217

794＋265.5

1,177

67.5

EBITDA margin (%)

1.0

1.6

-

1.5

-

OP income

-586

-314

＋86.6

-200

157.3

OP income ratio (%)

-2.7

-0.6

-

-0.3

-

Sales

*The financial forecast for the full fiscal year 2018 was revised on February 14, 2018（See the 「Appendix : Revision to the financial forecast」 for details）*Internal transactions have not been eliminated from the figures*See the "Factbook for the Third Quarter Ended December 31, 2017" released on the website on the same date for the quarterly results

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

13

2018/3 3Q Transition of Business Results by Segments ⑤ ITO+11.7%(Unit: billion yen)

2018/3 3Q : Highlights• Demand for IT system and SI-related services from clientcompanies remained solid

18.8

＋5.3%

21.0

＋6.9%

1.7

Sales

1.8
1.2

EBITDA• Achieved sales growth due to the increase in the high value-added
PJ such as consulting service, the sales marketing service as wellas in-house products• Profitability declined temporarily due to labor condition
improvement for retention and recruitment of IT engineers as well
as office expansion etc

1.3

OP income2017/3 Results
3Q(Unit: million yen)
2018/3 Results

3Q

2018/3 Forecasts

YoY(%)

Full Year

Progress rate
（％）

Sales

18,811

21,004＋11.7

29,40071.4

EBITDA

1,738

1,831

＋5.3

2,991

61.2

9.2

8.7

-

10.2

-

1,249

1,335

＋6.9

2,400

55.6

6.6

6.4

-

8.2

-

EBITDA margin (%)
OP incomeOP income ratio (%)*Internal transactions have not been eliminated from the figures*See the "Factbook for the Third Quarter Ended December 31, 2017" released on the website on the same date for the quarterly results
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14

2018/3 3Q Transition of Business Results by Segments ⑥ Engineering+4.8%(Unit: billion yen)

• Demand of design, development and experiment from theautomobile and electric industries remained solid

＋5.2%

19.2

＋3.9%

20.1
1.8

Sales

1.9

1.3

EBITDA

2018/3 3Q : Highlights• Expansion of human resources such as recruitment and use ofbusiness partners going smoothly

1.4*MBD：Model-based development, a development method that promotes productevaluation and testing on a computer, which has been introduced in the automotive market
with the purpose of improving the efficiency of software development (evaluation) in recent
years.

OP income2017/3 Results
3Q• Progress in developing new technical fields such as MBD(Unit: million yen)
2018/3 Results

3Q

2018/3 Forecasts

YoY(%)

Full Year

Progress rate
（％）

Sales

19,233

20,154＋4.8

28,10071.7

EBITDA

1,815

1,910

＋5.2

2,869

66.6

9.4

9.5

-

10.2

-

1,397

1,451

＋3.9

2,200

66.0

7.3

7.2

-

7.8

-

EBITDA margin (%)
OP incomeOP income ratio (%)*Internal transactions have not been eliminated from the figures*See the "Factbook for the Third Quarter Ended December 31, 2017" released on the website on the same date for the quarterly results
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15

2018/3 3Q Transition of Business Results by Segments ⑦ Others／Adjustment(Unit: million yen)
Others2017/3 Results

2018/3 Results

3Q

3Q

2018/3 Forecasts

YoY(%)

Progress rate（％）

Full Year

Sales

4,996

3,123

-37.5

4,300

72.6

EBITDA

312-89-128.6

-120

134.8

EBITDA margin (%)

6.2

-2.9

-

-2.8

-

OP income

271

-139

-151.3

-200

143.9

OP income ratio (%)

5.4

-4.5

-

-4.7

-

(Unit: million yen)
Adjustment

2017/3 Results

2018/3 Results

3Q

3Q

2018/3 Forecasts*

YoY(%)

Progress rate（％）

Full YearSales-8,261-9,648--11,100-

EBITDA

1,340

1,118

-

1,111

-

-

-

-

-

-

836

572

-

100

-

-

-

-

-

-

EBITDA margin (%)
OP incomeOP income ratio (%)*The financial forecast for the full fiscal year 2018 was revised on February 14, 2018（See the 「Appendix : Revision to the financial forecast」 for details）*Internal transactions have not been eliminated from the figures*See the "Factbook for the Third Quarter Ended December 31, 2017" released on the website on the same date for the quarterly results*Others include our group functional services, education and training business, employment support business for people with disabilities*Adjustment stands for elimination of transactions between segments, and revenue and expenses of PERSOL HOLDINGS CO., LTD.

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16

Appendix : Revision of financial forecast(Unit: million yen)Previous
forecast
（a）

Sales

677,300

Revisedforecast（b）

732,300

Changeinamount（b-a）

Rate ofchanges（％）（b/a）

55,000

8.1

As the consolidation of
Programmed starts from 4Q etc
3.0(See EBITDA by Segment page fordetails)

EBITDA

47,10848,5081,400

OP income

36,00036,0000Profitattributable toowners ofparent22,20018,667-3,5330.0

Reasons

As the consolidation of
Programmed starts from 4Q(See OP income by Segment
page for details)

Due to an goodwill impairment
loss of JPY 5,577 million being-15.9
recorded as an extraordinary
loss in the 3Q

Reference:
2017/3Results
（c）

YoY
（％）
（b/c）

591,995

23.7

43,433

11.7

33,4097.8

17,820

4.8

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17

Appendix : Revision of financial forecast（Sales by Segment）(Unit: million yen)Previous
forecast（a）

Revisedforecast（b）

Changeinamount（b-a）

Rate ofchanges（％）（b/a）

Reasons

Reference:
2017/3Results
（c）

YoY
（％）
（b/c）

Temporary
Staffing/BPO

485,400

485,40000.0-

440,678

10.1

Recruiting

78,10078,1000

0.0-

66,134

18.1

PROGRAMMED-

55,00055,000-As the consolidation of
Programmed starts from 4Q--

PERSOLKELLY

63,10063,1000

0.0-

37,10870.0

ITO

29,40029,4000

0.0-

26,646

10.3

Engineering

28,10028,1000

0.0-

26,668

5.4

Others

4,300

4,300

0

0.0

-

6,756

△36.4

Adjustment-11,100-11,100

0

0.0--11,997

1.1

TOTAL

677,300

732,300

55,000

8.1

As the consolidation of
Programmed starts from 4Q

591,995

23.7

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18

Appendix : Revision of financial forecast（EBITDA by Segment）(Unit: million yen)Previous
forecast（a）

Revisedforecast（b）

Changeinamount（b-a）

Rate ofchanges（％）（b/a）

Reasons

Reference:
2017/3Results
（c）

YoY
（％）
（b/c）

Temporary
Staffing/BPO

26,27826,27800.0-

23,808

10.4

Recruiting

13,10013,1000

0.0-

13,194

△0.7

1,100

1,100

-

As the consolidation of
Programmed starts from 4Q

-

-

977

1,177

200

20.5 Due to favorable performance

323

264.4

ITO

2,991

2,991

0

0.0

-

2,747

8.9

Engineering

2,869

2,869

0

0.0

-

2,539

13.0

Others

-120

-120

0

0.0

-

243

-149.4

Adjustment

1,011

1,111

100

0.0

Due to the initial budget has notbeen used

576

-

TOTAL

47,10848,5081,400

3.0

Upward revision as a result of theabove

43,433

11.7

PROGRAMMEDPERSOLKELLY

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19

Appendix : Revision of financial forecast（OP income by Segment）(Unit: million yen)Previous
forecast（a）

Revisedforecast（b）

Changeinamount（b-a）

Rate ofchanges（％）（b/a）

Reasons

Reference:
2017/3Results
（c）

YoY
（％）
（b/c）

Temporary
Staffing/BPO

22,70022,7000

0.0-

20,747

9.4

Recruiting

9,500

9,500

0

0.0

-

9,363

1.5

PROGRAMMED

-

-500

-500

-

-

PERSOLKELLY

-600

-200

400

200.0

-868

334.0

ITO

2,400

2,400

0

0.0

-

2,095

14.6

Engineering

2,200

2,200

0

0.0

-

1,979

11.2

Others

-200

-200

0

0.0

-

188

-206.4

0

100

100

-

-96

-

36,00036,000033,4097.8

Adjustment
TOTAL

Although consolidation of Programmed- starts from 4Q, we expect OP income
loss due to acquisition cost
Due to favorable performance andreduced amortization due toimpairment of goodwill

Due to the initial budget has notbeen used

0.0 No revision as a result of the above

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

20

Appendix：Recent M&As
Company name

Capita Pte. Ltd.

Kelly Services(Singapore) Pte. Ltd.

Programmed Maintenance
Services Limited

Established

January, 2001

August, 2000

January, 1992

Net Sales（*1）

47.4 million SGD（*2）

387 million USD（*3）

2,691 million AUD（*5）

OP income（*1）-3.0 million SGD（*2）

9 million USD（*3）

21 million AUD（*5）

Acquisition date

October, 2015

July, 2016

October, 2017

Contribution from2016/3 4 th quarter2017/3 3 rd quarter2018/3 4 th quarter

Ownership ratio
Acquisition priceGoodwill
Amortization
periodSegment

51%
6.94 billion yen

100％
7.77 billion yen (*4)

6.07 billion yen

4.62 billion yen

10 year

10 yearPERSOLKELLYPERSOLKELLY

66.0 billion yen（*6）
Staffing

Maintenance21.0 billion yen

31.5 billion yen

10 year

20 year

PROGRAMMED*1. This briefing is only for better understanding. Please note that numbers and indexes in this page are not audited*2

The figure is Capita Pte. Ltd.(Dec.2014) and consolidated results of 2 company‘s subsidiaries. OP income is after goodwill amortization （7.0 million SGD /year） which is calculated at the time of acquisition.

*3. The figure is the performance in the APAC region of the joint venture partner ‘Kelly Services, Inc.’ (FY ended Dec. 2015). (Including some businesses outside of the joint venture’s scope.)*4. The figure includes stock-kind contributions of our APAC business of Capita Pte. Ltd etc*5. The figure is the performance of Programmed group FY ended Mar 2017. OP income is after goodwill amortization (tentative figures) and intangible fixed assets amortization（total 56 million
AUD /year） which is calculated at the time of acquisition.
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.
21*6. Conversion of AUD1: JPY 88.15

Disclaimer

The statements concerning the Company’s future businessperformances in this material such as earnings forecasts are
based on information available as of February 14, 2018 andcertain assumptions deemed to be reasonable by the Company,and do not mean that we promise to achieve these figures.
Actual earnings may differ materially from the statements due
to a variety of factors.

This briefing is only for better understanding. Please note that
numbers and indexes in this book are not audited.

August 2014 : PERSOL HOLDINGS was added to the JPX Nikkei Index 400
What is the JPX
Nikkei 400？

It is a new stock price index that consists of companies that meet various requirements for global
investment, such as the efficient use of capital and a management perspective that is conscious ofinvestors, for the purpose of boosting the appeal of Japanese companies domestically andinternationally.

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

22