First Quarterof FY 3/2021

Financial Results
Briefing Materials
Nurturing andBringing Out theBest in People

NISSO CORPORATIONTSE 1 Code: 6569

August 7, 2020

Summary
FY 3/2021 1Q Results● Consolidated results for FY 3/2021 1Q: Decreased revenue and profits year-on-year● Automobiles-related net sales declined due to the spread of new coronavirus infections (COVID-19)● Client needs for human resources utilization remained sluggish and enrollment decreased● Share ratio increased in Account Company Group net sales in manufacturing-related humanresources services● The number of skilled staff increased, the needs for maintenance personnel are especially highFY 3/2021 1Q Consolidated Earnings Forecast● Entering 2Q, client manufacturers' production activities were on a recovery trend● Production recovery is expected to continue after 2Q

Copyright ⓒ 2020 NISSO CORPORATION All Rights Reserved

1CONTENTS

1

FY 3/2021 1Q

Financial Results Summary2

FY 3/2021 1Q

Overview of Activities

3

Future Prospects (FY 3/2021）

4

Topics5

Shareholder Return Policy

6

Supplementary Materials
Copyright ⓒ 2020 NISSO CORPORATION All Rights Reserved2

１

FY 3/2021 1Q

Financial Results Summary

Copyright ⓒ 2020 NISSO CORPORATION All Rights Reserved3

FY 3/2021 1Q Consolidated Financial Results Highlights（Unit: Million yen）

General Human Resources Services
Business

・Due to the sharp decrease in market
demand as a result of the spread of
COVID-19 infections, and the division of
supply networks as a result of overseas
lockdowns, net sales related to theautomobiles-related industries, which are
our main clients, declined.

Other Businesses
・The growth in the number of newresidents have slowed down due to thesuspension of facility preview events
under the policy of preventing the
spread of COVID-19 infections.

FY 3/2020 1Q

FY 3/2021 1Q

Results

Results% of Total% of Total

Year-on-Year
Increase(Decrease)% Change

17,983100.0%

16,557100.0%(1,425)(7.9%)

Gross profit

2,964

16.5％

2,360

14.3%

(603)

(20.3%)

SG&A
expenses

2,486

13.8％

2,154

13.0%

(331)

(13.3%)

Operatingprofit

477

2.7％

206

1.2%

(271)

(56.8%)

Ordinary
profit

490

2.7％

238

1.4%

(251)

(51.3%)

Profitattributableto owners ofparent

357

2.0％

101

0.6%

(255)

(71.6%)Net sales

Copyright ⓒ 2020 NISSO CORPORATION All Rights Reserved

4

FY 3/2021 Quarterly Consolidated Financial Results（Unit: Million yen）

（Unit: Million yen）

Net sales

Operating profit

20,00018,435
17,942

18,814 18,920

19,248

1,400

1,165

17,983

1,200

16,784

1,039
16,557

15,999

914

1,000

767

800
15,000

650
542

600

400

477

372

206

200

10,000

１Q

２Q

３Q【FY 3/19】

４Q

１Q

２Q

３Q

【FY 3/20】

４Q

1Q【FY 3/21】

0

１Q

２Q

３Q

【FY 3/19】

Copyright ⓒ 2020 NISSO CORPORATION All Rights Reserved

４Q

１Q

２Q

３Q

【FY 3/20】

４Q

1Q【FY 3/21】

5

FY 3/2021 1Q Non-consolidated Financial Results Highlights（Unit: Million yen）

Net sales

FY 3/2020 1Q

FY 3/2021 1Q

・Although net sales in the electronic
devices industry remained strong, due
to the spread of COVID-19 infections,in particular, a sharp decrease indomestic and overseas demand had amajor impact on production cutbacks ofauto-body manufacturers, resulting in
an 8.5% YoY decrease.

Results

Results

・Along with the decrease in net sales,
recruitment expenses and other expenses
decreased, and SG&A expenses decreased
12.8% YoY.
・Although expenses were reduced, operating
profits decreased by 56.6% YoY withoutabsorbing the decline in net sales.

% of Total

Increase(Decrease)% Change

16,566100.0%

15,153100.0%(1,412)(8.5%)

Gross profit

2,794

16.9％

2,232

14.7%

(561)

(20.1%)

SG&A
expenses

2,325

14.0％

2,028

13.4%

(297)

(12.8%)

Operatingprofit

468

2.8％

204

1.4%

(263)

(56.3%)

Ordinary
profit

469

2.8％

219

1.4%

(250)

(53.3%)

Profit

342

2.1％

96

0.6%

(245)

(71.7%)Net sales

Expenses% of Total

Year-on-Year

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6

FY 3/2021 1Q Quarterly Non-consolidated Financial Results（Unit: Million yen）

Operating profit

Net sales
18,00017,389（Unit: Million yen）

17,478

17,775

1,400

1,204

16,962
16,542 16,566

1,200

1,044
16,0001,000

15,378940

15,153
14,590

1,044

800

663

14,000

577

600

468
399
400
12,000

204

200

0

10,000

１Q

２Q

３Q【FY 3/19】

４Q

１Q

２Q

３Q

【FY 3/20】

４Q

1Q【FY 3/21】

１Q

２Q

３Q

【FY 3/19】

Copyright ⓒ 2020 NISSO CORPORATION All Rights Reserved

４Q

１Q

２Q

３Q

【FY 3/20】

４Q

1Q【FY 3/21】

7

2

FY 3/2021 1Q

Overview of Activities

Copyright ⓒ 2020 NISSO CORPORATION All Rights Reserved

8

FY 3/2021 1Q Financial Results Summary
Consolidated Financial Results

Net Sales
16,557 Million yen（-1,425 Million yen／-7.9％ YoY）
Operating Profit
477 Million yen（-271 Million yen／156.8％ YoY）
● Net Sales by Industry (YoY)

Automobiles… (20.4％)

Electronic devices… +15.4%● 1Q-end Number of Enrolled Staff
13,243 staff（-1,527 staff from FY 3/20-end）● Net Sales per Capita/Monthly
358 Thousand yen（-33 Thousand yen YoY）

・In the automobiles-related industry, net sales decreased 20.4% YoY, partly due to
production cutbacks as a result of sharp reductions in demand due to the spread of
COVID-19 infections in Japan and abroad.
In the electronic devices-related industry, net sales increased by 15.4% YoY due tothe impact of IT infrastructure investments.
・The number of enrolled staff decreased by 1,527 compared to FY 3/20-end due toa sluggish need for external human resources by clients, and a decrease in thenumber of needed personnel to replenish the number of staff leaving theworkplaces due to the occurrence of surplus personnel.

・Although the assignment of skilled staff to high unit-cost workplaces were
promoted, net sales per capita decreased due to decreased hours of operation(number of working days, overtime hours, holiday work, etc.) as a result of
reductions in the production activities of NISSO’s clients.
Copyright ⓒ 2020 NISSO CORPORATION All Rights Reserved

9

FY 3/2021 1Q Net Sales by Industry (NISSO, Non-consolidated)（Unit: Million yen）

Net Sales Composition Ratios
Automobiles

Elec. Devices

2,631（15.9％）

2,371（14.3％）

Precision・Elec. Machinery(9.4％)(10.9％)

4,057＋15.4％

2,113

4,680

（30.9％）

7,505（45.3％）

FY 3/20 1Q
※（

Other

Demand decreased mainly in North America,
Europe, and China due to the spread of COVID-19
infections. As a result of a decrease in exports, net
sales decreased by 10.9% YoY.

2,383

（15.7％）（13.9％）（24.5％）【Precision・Electrical Machinery】【Electronic Devices】
Due to the impact of IT infrastructure investments,
net sales increased by 15.4% YoY mainly insemiconductor-related and electronic component
industries.

【Automobiles】(20.4％)
5,974（39.4％）

FY 3/21 1Q）= % of Total net sales, Red = % of Year-on-Year growth

Due to the spread of COVID-19 infections,production cutbacks started in earnest from April
onwards due to a decrease in global demand,
which caused temporary shutdowns of factories.
As a result, hours of operations decreased,
resulting in a 20.4% YoY decrease in net sales.

Copyright ⓒ 2020 NISSO CORPORATION All Rights Reserved

10

FY 3/2021 1Q Quarterly Net Sales by Industry (NISSO, Non-consolidated)

Automobiles

Elec. devices

Precision・Elec. machinery

2,890
2,607

（17.9％）

2,424（16.6％）

4,330（29.7％）

2,690（17.5％）

2,404（17.0％）

2,427（14.3％）（Unit: Million yen）

Other

2,619

（15.8％）

2,348（14.2％）

2,631（15.9％）

2,371（14.3％）（15.6％）

4,752

4,646

4,198

4,057

（24.5％）（28.0％）（25.4％）

6,891

7,375

7,505

2,680

（15.4％）（15.9％）

2,317

2,190

（13.3％）

4,633（26.6％）

4,487（25.7％）（14.4％）

2,182

7,757

（45.3％）（44.6％）（35.8％）（36.7％）（44.6％）

１Q

2Q

3Q

4Q

１Q

2Q

【FY 3/19】

2,383（12.3％）（15.7％）

4,650（13.9％）

2,113（26.2％）

4,680（30.2％）（40.6％）※（（12.5％）

2,563（30.9％）

5,636

5,227

2,774

8,026

（45.9％）

8,378（47.1％）

5,974（39.4％）3Q【FY 3/20】

4Q

1Q【FY 3/21】）= % of Total net sales

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11

Net Sales per Capita（NISSO, Non-consolidated）● FY 3/2021 1Q YTD＜Overall net sales per capita＞
358 Thousand yen (-33 Thousand yen YoY)
＜Skilled staff net sales per capita＞ 419 Thousand yen (-66 Thousand yen YoY)
● Although billing unit-costs were on the rise, net sales per capita decreased YoY due to a decrease in the hours of operation(number of working days, overtime hours, holiday work, etc.) as a result of production cutbacks due to the spread of COVID-19
infections（Unit: Thousand yen）

（Unit: Thousand yen）

Net Sales per Capita

Net Sales per Capita(Monthly Average Conversion)(Quarterly)

Skilled staff

489
500

391

Overall 482

478

500

397

400

400

300

300

200

200

100

100

0

379

Skilled staff

513
383

410

485

484

471
392

391

482
396

485

478
397

Overall

419

403

358

0

FY 3/19

FY 3/20

１Q

2Q

3Q

4Q

１Q

【FY 3/19】
Copyright ⓒ 2020 NISSO CORPORATION All Rights Reserved

2Q

3Q【FY 3/20】

4Q

1Q【FY 3/21】

12

Number of Enrolled Staff (NISSO, Non-consolidated)（Unit: # of Staff）

Compared w. Previous FY-end

Number of Enrolled Staff at Quarter-end-1,527 staff（-10.3％）
16,000

Point①

14,639 14,638

New orders (needed personnel) have decreased
significantly due to a decline in global demand
as a result of the spread of COVID-19
infections. In addition, the number of needed
personnel to replenish the staff leaving theworkplaces also decreased due to theoccurrence of surplus personnel.

14,77015,00013,546

14,00013,000

Point②

12,000Since April, the number of resigned
personnel due to the expiration of contracts
increased, peaking in June. Despite efforts
for the continued employment of staff,
enrollment will decline due to factors of Point①.

11,00013,826

14,042

14,282

13,243

13,05010,000

1Q

2Q

3Q

4Q

【FY 3/19】

Copyright ⓒ 2020 NISSO CORPORATION All Rights Reserved

1Q

2Q

3Q

【FY 3/20】

4Q

1Q【FY 3/21】

13

Number of Skilled Staff (NISSO, Non-consolidated)（Unit: # of Staff）

Point①

Number of Skilled Staff

Although client production trends are severe,
NISSO will continue the assignments of skilled
staff centering on Account Companies, which is
our basic strategy.

6,000

4,501

5,000

Point②

4,803

5,085

5,250 5,387

3,904
4,000

Demand for telecommunications-related IT
infrastructure investments increased, which will
increase among Account Companies andbusiness partners centering on semiconductors.
In total, the number of skilled staff increased by
137 compared to FY 3/2020 4Q.

3,459

2,611

3,000

2,000

2,034

1,000

Point③The number of skilled staff continues toincrease, and the ratio of skilled staff to NISSO's
total enrolled staff is 40.7%. (FY 3/2020 4Q:
35.5%)

0

1Q

2Q

3Q

4Q

【FY 3/19】

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1Q

2Q

3Q

【FY 3/20】

4Q

1Q【FY 3/21】

14

Account Companies (NISSO, Non-consolidated)
Point①

Account Company Groups Net Sales

The net sales share ratio of Account Companies
in FY 3/2021 1Q was 47.7%.
(FY 3/2020 4Q: 45.9%)（Unit: Million yen）
12,000Net sales (left axis)(Unit: %)Composition ratio (right axis)

47.7

50.0

45.9
10,000

41.9

Point②（Year-on-Year）

42.7

44.1

7,416 7,366 7,300

8,000

Net sales of NISSO decreased by 8.5% YoY,
while Account Company Group net sales
decreased by only about 1% YoY.
By Account Company Groups, although theimpact of production cutbacks in theautomobiles-related industry was significant, therange of reduction was small compared to thatof all of NISSO. In addition, net sales in theelectronic devices-related industry haveincreased, and are steady.

43.7

44.5

6,107

44.2

43.3

7,677 7,565

45.0

8,152
7,225

40.0

6,564

6,000

35.0

4,000

30.0

2,000

25.0

0

20.0

１Q

2Q

3Q

4Q

【FY 3/19】

Copyright ⓒ 2020 NISSO CORPORATION All Rights Reserved

１Q

2Q

3Q

【FY 3/20】

4Q

1Q【FY 3/21】

15

Turnover Rates (NISSO, Non-consolidated)(Unit: %)Trend of Turnover rates

FY 3/2021 1Q Results
Overall turnover rate

Overall5.1％

7（+0.4 pts vs. FY 3/2020）

7

5.9
6

Skilled staff turnover rate

5.5

6

4.9

2.0％

5

（±0.0 vs. FY 3/2020）

4.6

4.7

5

3

3

1.7

2

Due to increases in the number of personnel
who resigned as a result of contract expiration,although efforts were made to have themcontinue employment, because of restrictions onregional mobility, the overall turnover rateincreased.

5.1

4

4

Point

Skilled staff

2.0
1.5

2.0

2

1
1
0
0

1Q
FY 3/16

FY 3/17 FY 3/18

FY 3/19

FY 3/20

Copyright ⓒ 2020 NISSO CORPORATION All Rights Reserved

2Q

3Q

4Q

【FY 3/21】

16

Educational Achievements（NISSO, Non-consolidated）● FY 3/2021 1Q Course-specific educational achievements
Point①(total # of participants)

Orders from semiconductor manufacturers
were strong, and since client needs formaintenance personnel are high, demand is
expected to continue.

Training course
nameBasic maintenanceeducation

Point②
Facilities have been expanded from theprevious FY to meet the needs of clients.
Technical Center Higashi-Nihon is now able
to support maintenance education, and thescale of acceptance is expanding.

Point③The curriculum will be enhanced so thathigh-quality training can be conducted toprovide new services such as production
technology.

Skilled staff education

Accredited vocational
training education(Unit: # of participants)

1Ｑ(Apr - Jun)

Contents

FY 3/20 1Q

259 Standard skilled staff education

393

Basic equipment maintenance39

Accredited vocational training school72

69 education

9 (Miyagi・Nagano Prefectures)

MONOZUKURI (manufacturing)

Manufacturing
education

796 education, pre-assignment training for

312

Safety education

592 Danger・risk simulation education

162

Employee education

New graduate/mid-career entry/
mid-level employee training,
134 newly appointed chief education,
on-site supervisor education

184

Other education

Total

manufacturing staff, mobile education

Entrusted education from external

44 sources

1,903

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28

1,190
17

Other Businesses Business Revenue
Points●Results of Other Businesses

・ Net sales increased YoY due to an increasein the number of residents in Building 6.
・ Due to the spread of COVID-19 infections,facility previews have been suspended, andthe growth in the number of residents has
slowed.
・ The cost of sales increased due to theintroduction of helpers to stabilize theservices provided, and operating loss
amounted to 18 million yen.

FY 3/20 1Q（Unit: Million yen）

FY 3/21 1Q
Results

Year-on-Year
Increase(Decrease)

Results% of Total% of Total

Net sales

673

100.0％

720

100.0％

47

7.0％

Expenses

663

98.7％

738

102.6％

74

11.3％

Operatingprofit (loss)

9

1.3％

(18)

(2.6％)(27)－(Unit: # of residents)

Number of facility residents[Bldg.1-5] (capacity:308)

100%

200

297

297

96.4%

96.4%

# of
residents

Occupancy
rate[Bldg.6] (capacity:94)

400
300

% Change

299

297

298

97.1%

96.4%

96.8%

80

40
20

100

90%

0

Jun'19-end Sep'19-end Dec'19-end Mar'20-end Jun'20-end

75

77.7%

79.8%

100%

59

60

95%

73
44

48

46.8%

51.0%

62.8%

50%

0%

0

Jun'19-end Sep'19-end Dec'19-end Mar'20-end Jun'20-end

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18

3

Future Prospects (FY 3/2021）

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19

FY 3/2021 Full-year Consolidated Forecasts（Unit: Million yen）

General Human Resources Services
Business

FY 3/20In the automobiles-related industry, operational
adjustments are currently eliminated due to therecovery of domestic and overseas demand.
Production activity is expected to recovermoderately in the future. For the electronic
devices-related industry, IT-related demand is
expected to remain firm.

Results
Net sales

FY 3/21 Forecast

% of
Total

Forecast

74,966 100.0% 64,000

Year-on-Year

% of
Total

Increase(Decrease)%
Change100.0%(10,966)(14.6％)

Operatingprofit

3,061

4.1%

1,500

2.3％

(1,561)(51.0％)

Ordinary
profit

3,149

4.2%

1,750

2.7％

(1,399)(48.4％)

Profitattributableto owners ofparent

2,033

2.7%

1,050

1.6％

(983)

(48.4％)

Other Businesses
Net sales increased due to an increase in thenumber of residents of Sweetpea Higashi
Totsuka (Bldg. 6).
The number of facility previewers also recoveredfrom June, and the operating loss is expected tobe eliminated during the current FY.

Copyright ⓒ 2020 NISSO CORPORATION All Rights Reserved20

44 Topics

Copyright ⓒ 2020 NISSO CORPORATION All Rights Reserved21

Work-styles with a Focus on the "New Normal"
1. Top Meetings with Account Company Management Executives(On-line interviews)
・Collection of accurate information on future trends and issues
・Changes in manufacturing worksites and new needs during/after COVID-19
・Establishment of a structure to solve problems and respond to new needs
2. Reducing infection risks・ensuring safety for all employees
・Establishment of the "COVID-19 Countermeasures Headquarters“(March 2, 2020)
・Recommendation of staggered work schedules and teleworking(environmental improvements)
・Implementation of on-line training
・Thorough implementation of infection prevention measures for recruitment
offices and on-line interviews
Copyright ⓒ 2020 NISSO CORPORATION All Rights Reserved

22Capital and Business Alliance with Cross Compass Ltd.
NISSO would like to announce that it has resolved to conclude a basic agreement for a capital and business alliance with
Cross Compass Ltd. (Cross Compass) and to begin cooperative discussions, at the Board of Directors' Meeting held on
August 7, 2020.
Purpose and Reason for Capital and Business Alliance
Based on NISSO's vision of "To Be the Finest Professional Organization Supporting Madein-Japan", we have aimed to provide high-quality services that enables us to continuously
grow as a company. On the other hand, with the vision of "AI Closer to You", Cross
Compass is engaged in the development and technical consulting of AI mainly aimed atsolving problems for clients in the manufacturing sector. By taking advantage of thestrength of both companies, we have reached this basic agreement with the aim ofcreating high value-added services for the manufacturing industry referred to as "Worksite
Solutions by Humans and AI".

Factories

Worksite solutions
by Humans and AI

Challenges・needsof manufacturing
worksites【Company Overview】(1) Company name(2) Location(3) Representative(4) Businessdescription(5) Capital(6) Date ofestablishment

Cross Compass Ltd.
2-9-11-9F Shinkawa, Chuo-ku, Tokyo
CEO Katsunobu Suzuki
Digital technology consulting for manufacturing industry centered on
artificial intelligence
Development and provision of products
134 Million JPY
April 10, 2015 (Founded: October 17, 2011)

Extensive knowledge
and human resources atmanufacturing worksites

AI technology anddevelopment capabilities※For more information, please refer to the "Notice of Conclusion of Basic Agreement for
Capital and Business Alliance with Cross Compass Ltd." announced today (August 7, 2020).
Copyright ⓒ 2020 NISSO CORPORATION All Rights Reserved

23

5

Shareholder Return Policy

Copyright ⓒ 2020 NISSO CORPORATION All Rights Reserved24Shareholder Return Policy
Dividend and Payout Ratio

Basic Policy
NISSO considers the redistribution of profits toshareholders and the enhancement of corporate value as
key management issues, taking into consideration thebalance between securing funds for growth investments
and strengthening the corporate structure that can
respond to changes in the business environment. In
addition, by setting the consolidated dividend payout ratioof 30% as a general standard, NISSO's basic policy is tocontinue to steadily redistribute profits to all of its
shareholders.

FY 3/2021 Dividend Forecast(Unit: Yen)
30.0

(Unit: %)45

41.3 ％

40
25.0

20.0

30.0 ％
27.7 ％

15.0

10.0

NISSO forecasted the dividend per share (9.3 yen)announced in the "Summary of Consolidated Financial
Results for the First Quarter of FY 3/2021 [Japanese GAAP]Dividend Forecast" on August 7, 2020.
In the current FY, the dividend payout ratio is set at 30%,in consideration of investments for growth in the next FY
and beyond.

Dividend (left axis)

5.0

30.0％

35

25.0

30

Yen

25

18.5

20

Yen

15

10.5

9.3

Yen

10

Yen
5

0.0

FY 3/2018

FY 3/2019

FY 3/2020(Result)

FY 3/2021(Forecast)

0※NISSO's common stock was split at a ratio of 2 shares for 1 share on May 1, 2019,
and the FY 3/2019 dividend payout shown above is the dividend payout amountafter the stock split.

Copyright ⓒ 2020 NISSO CORPORATION All Rights Reserved25

6

Supplementary Materials

Copyright ⓒ 2020 NISSO CORPORATION All Rights Reserved26

Consolidated Balance Sheet
Mar. 2020-end

Jun. 2020-end
Amount% of Total

Increase(Decrease)

69.5

13,273

66.3(2,348)

6,365

28.3

5,363

26.8

(1,002)

8,434

37.5

7,071

35.3

(1,362)

6,871

30.5

6,757

33.7

(113)

4,754

21.1

4,750

23.7

(3)

377

1.7

344

1.7

(32)

1,739

7.7

1,662

8.3

(77)

22,494100

20,031100(2,462)Current liabilities

9,279

41.3

7,573

37.8

(1,705)

Accrued expenses

4,648

20.7

4,283

21.4

(364)

Income taxes payable

812

3.6

72

0.4

(739)

Provision for bonuses

879

3.9

512

2.6

(366)

Non-current liabilities

1,319

5.9

1,305

6.5

(13)

623

2.8

589

2.9

(34)

Total liabilities

10,598

47.1

8,879

44.3

(1,719)

Shareholders' equity

11,97453.2

11,230

56.1

(743)

Total net assets

11,89552.9

11,152

55.7

(743)

Total liabilities and net assets

22,494100

20,031100(2,462)

Amount% of Total

15,622

Cash and deposits
Notes and accounts receivable - trade

Current assets

Non-current assets
Property, plant and equipment
Intangible assets
Investments and other assets
Total assets

Long-term loans payable

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Point①Reduction due to reduced operations
Due to the reduction of operations of the
manufacturing-related human resources
services, "notes and accounts receivable(trade)" of current assets and "accrued
expenses" of current liabilities decreased.
②Tax payments
Income taxes and other tax payments
made at the end of May reduced current
liabilities such as "income taxes payable".
③Bonus payments
Due to the payment of summer bonuses
at the end of June, "provision for bonuses"of current liabilities decreased.
④Dividends
Shareholders' equity decreased due todividend payments in June.
⑤Overall
As a result of the above, total assets
decreased by 10.9%, total liabilities
decreased by 16.2%, net assets decreased
by 6.2%, and equity ratio increased by
2.8% to 55.7%.

27

Nurturing and Bringing Out theBest in People

The forward-looking statements and performance forecasts contained in this document are forecasts
determined by NISSO based on information available at the time of preparation, and include potential risks
and uncertainties. Therefore, please be aware that the actual results may differ greatly from the forwardlooking statements described due to changes in various factors.

For future IR-related inquiries

PR・IR Division, Corporate Planning Department, NISSO CORPORATION
TEL

045-777-7630

E-mailir@nisso.co.jp

URL

https://www.nisso.co.jp/