Consolidated Financial Results for the First Quarter of 2022
(Three Months Ended March 31, 2022)[Japanese GAAP]May 12, 2022

Company name: WORLD HOLDINGS CO., LTD.

Listing: Tokyo Stock Exchange
2429
URL: http://www.world-hd.co.jp
Eikichi Iida, Chairman and President
Shigeru Nakano, Director, Business Management Division Manager
Tel: +81-92-474-0555
Scheduled date of filing of Quarterly Report:
May 13, 2022
Scheduled date of payment of dividend:
Preparation of supplementary materials for quarterly financial results: Yes
None
Holding of quarterly financial results meeting:Stock code:
Representative:
Contact:(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the First Three Months of 2022 (January 1 to March 31, 2022)(1) Consolidated results of operations
Net sales

Operating profit

Million yen%

Three months ended Mar. 31, 2022
40,711Three months ended Mar. 31, 2021
33,032
Note: Comprehensive income (millions of yen)

Million yen%

Million yen%

Million yen

23.2
1,214
(27.8)
1,302 (28.7)
(9.5)
1,682
23.8
1,825
31.0
Three months ended Mar. 31, 2022: 542 (down 60.9%)
Three months ended Mar. 31, 2021: 1,389 (down 17.2%)

Net income per share
Three months ended Mar. 31, 2022
Three months ended Mar. 31, 2021

(Percentages represent year-on-year changes)
Profit attributable toOrdinary profit
owners of parent
496
1,324

%

(62.5)(19.3)

Diluted net income per share

Yen

Yen

28.43
75.88

28.28
75.44

(2) Consolidated financial position
Total assets

Net assets

Million yen

Equity ratio

Million yen

Net assets per share%

As of Mar. 31, 2022
105,215
32,421
As of Dec. 31, 2021
97,26933,226
Reference: Shareholders’ equity (millions of yen)
As of Mar. 31, 2022: 30,610

Yen

29.1
1,752.93
32.4
1,803.96
As of Dec. 31, 2021: 31,501

2. Dividends
Dividends per share
1Q-end2Q-endYen

3Q-endYen

Year-end
Yen

Total
Yen

Yen

79.50
79.50
2021
0.00
2022
80.00
80.00
2022 (forecast)
0.00
Note: Revisions to the most recently announced dividend forecast: Yes
Regarding revisions to the dividend forecast, please refer to the press release titled “Notice of Revision to Dividend Foreca st”
dated May 12, 2022.

3. Consolidated Forecast for 2022 (January 1 to December 31, 2022)
Net sales
Million yen

Operating profit%

Million yen(Percentages represent year-on-year changes)
Profit attributable to
Net income per shareowners of parent

Ordinary profit%

Million yen%

Yen

First half
77,264 18.8
1,133 (53.8)
1,046(60.1)
Full year
168,8289.1
6,244 (16.5)
6,053(21.8)
Note: Revisions to the most recently announced consolidated forecast: None%

Million yen

628
3,862

(66.7)(16.5)

36.02
221.22

* Notes(1) Changes in significant subsidiaries during the period (change in scope of consolidation): None
Newly added: -Excluded: -(2) Application of special accounting methods for presenting quarterly consolidated financial statements: Yes
Note: Please refer to the section “2. Quarterly Consolidated Financial Statements and Notes, ( 3) Notes to Quarterly
Consolidated Financial Statements, Application of Special Accounting Methods for Presenting Quarterly Consolidated
Financial Statements” on page 9 for further information.

(3) Changes in accounting policies and accounting-based estimates, and restatements
1) Changes in accounting policies due to revisions in accounting standards, others: Yes
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting-based estimates: None
4) Restatements: None
Note: Please refer to the section “2. Quarterly Consolidated Financial Statements and Notes, (3) Notes to Quarterly
Consolidated Financial Statements, Changes in Accounting Policies” on page 9 for further information.

(4) Number of shares issued (common stock)1) Number of shares issued at the end of the period (including treasury shares)
As of Mar. 31, 2022:

17,575,900 shares

As of Dec. 31, 2021:

17,575,900 shares

As of Dec. 31, 2021:

113,573 shares

2) Number of treasury shares at the end of the period
As of Mar. 31, 2022:

113,573 shares

3) Average number of shares during the period
Three months ended Mar. 31, 2022:

17,462,327 shares

Three months ended Mar. 31, 2021: 17,453,423 shares* The current financial report is not subject to quarterly review by certified public accountants or auditing firms.
* Cautionary statement with respect to forward-looking statements, and other special items
Cautionary statement with respect to forecasts
Forecasts of future performance in this document are based on assumption judged to be valid and inform ation currently
available to the Company’s management, but are not promises by the Company regarding future performance. Actual results
may differ materially from the forecasts for a number of reasons. Please refer to “1. Qualitative Information on Quarterly
Consolidated Financial Performance, (3) Explanation of Consolidated Forecast and Other Forward -looking Statements” onpage 4 for forecast assumptions and notes of caution for usage.
How to view supplementary materials for quarterly financial results
Supplementary materials for the quarterly financial results will be disclosed today ( May 12, 2022), using the Timely Disclosure
network (TDnet), and available on the Company’s website.

WORLD HOLDINGS CO., LTD. (2429) Financial Results for the First Quarter of 2022

Contents of Attachments
1. Qualitative Information on Quarterly Consolidated Financial Performance2(1) Explanation of Results of Operations

2(2) Explanation of Financial Position

4(3) Explanation of Consolidated Forecast and Other Forward-looking Statements

4

2. Quarterly Consolidated Financial Statements and Notes

5(1) Quarterly Consolidated Balance Sheet

5(2) Quarterly Consolidated Statements of Income and Comprehensive Income

7

Quarterly Consolidated Statement of Income
For the Three-month Period

7

Quarterly Consolidated Statement of Comprehensive Income
For the Three-month Period

8(3) Notes to Quarterly Consolidated Financial Statements

9

Going Concern Assumption

9

Significant Changes in Shareholders’ Equity

9

Changes in Significant Subsidiaries during the Period

9Application of Special Accounting Methods for Presenting
Quarterly Consolidated Financial Statements

9

Changes in Accounting Policies

9

Segment Information

10

1

WORLD HOLDINGS CO., LTD. (2429) Financial Results for the First Quarter of 2022

1. Qualitative Information on Quarterly Consolidated Financial Performance(1) Explanation of Results of Operations
In the first quarter of 2022, pandemic safety measures due to a new wave of infections and the rising cost of raw
materials due to the Ukraine crisis held down the Japanese economy. Although the economy is currently
recovering following the end of these safety measures, the outlook for the economy remains unclear because ofincreasing geopolitical uncertainties.
The Human Resources and Education Business, which is the core business of World Holdings, used car efullytargeted marketing activities to capture large orders, increased the volume of subcontracting work, which is a key
strength of this business, and raised productivity to improve profitability. As a result, there were big increases
from one year earlier in sales and earnings as the performance of this business exceeded the plan. The
performance of the Real Estate Business was generally as planned, although, earnings were down from one year
earlier because the share of sales of major properties in the second half will be higher than in 2021.
Net sales increased 23.2% year on year to 40,711 million yen (up 5.0% vs. plan). Operating profit decreased
27.8% to 1,214 million yen (up 111.9% vs. plan), ordinary profit decreased 28.7% to 1,302 million yen (up143.6% vs. plan), and profit attributable to owners of parent decreased 62.5% to 496 million yen (up 53.1%
vs. plan).
World Holdings announced a new five-year plan called the Medium-term Management Plan 2026 on February 24,
2022. In addition, the purpose of the World Holdings Group was redefined as “contribute to happiness and asustainable society through the creation of a variety of ways we live worldwide.” By increasing the value ofhuman capital, which is the group’s most important resource, chiefly through the activities of the Human
Resources and Education Business, we are determined to make even greater contributions to society while
growing rapidly.
The first year of the new plan (2022) will be a period for making investments in order to build a base for steady
growth for reaching the fifth-year goals of sales of 275 billion yen and operating profit of 15 billion yen.
As was explained in the announcement of the Medium-term Management Plan 2026, business segments havebeen reorganized beginning with 2022. Based on the goal of making serv ices another major business category inaddition to the current core manufacturing category, the Human Resources and Education Business is now
divided into two sectors. Products Human Resources Business is staffing services mainly for manufacturing andServices Human Resources Business is staffing services mainly for the service sector. Other Businesses has beenrenamed the Agricultural Park Business. This business operates large nature parks for the purpose of making asignificant contribution to society regarding the environment. Segment information for the first quarter of 2021
has been restated for consistency with the new segments to facilitate year-to-year comparisons.
Products Human Resources Business
The strong performance of the core manufacturing sector was the main source of growth in this business.
Carefully planned and targeted marketing activities resulted in the receipt of new orders and continuation ofcurrent projects involving semiconductors, electronic components and other products. Activities to start receiving
orders from companies in the automobile industry also contributed to first quarter performance.
The profitability of this business improved too. One reason was more growth of subcontracting and teamassignment projects, which are major strengths of this business. In addition, training programs for managers andthe use of the digital transformation raised productivity and there were activities for shifting emphasis to projects
where receive higher fees.
Although recruiting people remains difficult as the Japanese economy recovers, the number of people on
temporary staffing assignments in this business increased from 15,432 at the end of 2021, which is the busiest
time of each year, to an all-time high of 15,780. We will continue to make expenditures for rec ruiting activities
during the remainder of 2022 for more growth in the second half of the year.

2

WORLD HOLDINGS CO., LTD. (2429) Financial Results for the First Quarter of 2022

As a result, sales were 19,938 million yen, up 26.0% year on year (up 9.8% vs. plan) and segment profit increased
23.2% to 887 million yen (up 160.2% vs. plan).
Services Human Resources BusinessIn the core logistics sector of this business, the start of operations at locations newly opened in 2021 went welland these business sites are performing as planned. This business has been strengthening training progr ams for
managers with the goals of further improving productivity and adding more business sites and customers.
In HS category, which includes call centers and light-duty work, and the tourism category, there are activities for
capturing orders for subcontracting projects, a major strength of this business. These activities resulted in thecontinuing receipt of large orders for public-sector projects and for staffing at COVID-19 vaccination centers. As
a result, the performance of the HS and tourism categories exceeded the plan.
On February 28, 2022, World Holdings Acquired Dimples Co., Ltd. by purchasing 90% of the stock of thiscompany from J. Front Retailing Co., Ltd. Dimples is highly skilled in the use of sales activities with direct
customer contact utilizing outstanding hospitality. Acquiring this company is expected to strengthen sales
capabilities involving direct customer contact and create synergie s with current business operations.
Sales were 9,174 million yen, up 24.4% year on year (up 8.9% vs. plan) and segment profit increased 133.2% to392 million yen (up 267.2% vs. plan).
Real Estate BusinessThis business is operating with caution because real estate prices in Japan continue to climb rapidly. The goal ofthis business is to acquire quality commercial real estate while extending operations beyond real estate
information to include real estate M&A, rebuilding projects and other categories o f real estate.
Sales of condominiums at buildings scheduled for completion in the second half of 2022 and 2023 are going well.
In addition, construction is proceeding at the Mikuni Uomachi Building (tentative name) in the city of Kitakyushu.
This is a “green smart building” with energy conservation and other environmental features as part of the Kokura
Rebuild and Invite Project, a communication creation initiative of Kitakyushu. These activities demonstrate thesteady progress of the multifaceted neighborhood creation operations of the Real Estate Business. In 2022, mostsales of major buildings are planned for the second half. Although first quarter earnings decreased, theperformance of this segment was generally as planned.
Sales were 8,735 million yen, up 28.8% year on year (down 2.8% vs. plan), and there was a segment loss of 57
million yen (plan was an 88 million yen loss), compared with a profit of 740 million yen in the first quarter of
2021.
Information and Telecommunications Business
The mobile phone shop business is undergoing another phase of significant changes because of lower rates at all
mobile phone carriers, new service plans for only internet access and other events. Although the number of newphones sold in this business was higher than in 2021, sales and earnings were down due to lower sales per user
and a decline in fee income caused mainly by revisions to the terms for fees. As the role of stores in the mobile
phone agency sector changes, we will continue to build a network of outstan ding stores rooted in the communities
where they are located and strengthen the corporate solutions busin ess and take other steps to create a powerful
portfolio of businesses. The goal is to receive the benefits of being one of the survivors in the mobile phone shop
sector.
Sales were 2,157 million yen, down 11.7% year on year (down 14.5% vs. plan), and there was a segment loss of
37 million yen (plan was a 49 million yen profit), compared with a profit of 4 million yen in the first quarter of
2021.
Agricultural Park Business
The number of visitors at agricultural parks was down from the first quarter of 202 1 because of pandemic safetymeasures in January and February 2022 and unfavorable weather in February 2022 compared with the weather in3

WORLD HOLDINGS CO., LTD. (2429) Financial Results for the First Quarter of 2022

February 2021. The number of visitors at these parks has been recovering since March when pandemic
restrictions ended. Agricultural parks are recognized as outdoor facilities that people can enjoy while avoiding
close contact with others. We are using marketing activities to attract people in the second quarter, which is thebusiest period of the year, and making preparations to receive contracts as the designated manager of more ofthese parks.
Sales were 704 million yen, up 16.3% year on year (up 4.6% vs. plan), and there was a segment loss of 89 million
yen (plan was a 113 million yen loss), compared with a segment loss of 68 million yen in the first quarter of 2021.
(2) Explanation of Financial Position
AssetsTotal assets increased 7,946 million yen from the end of 2021 to 105,215 million yen at the end of the first quarterof 2022. This was mainly due to increases of 720 million yen in real estate for sale, 4,864 million yen in realestate for sale in process and 3,230 million yen in goodwill.
Liabilities
Total liabilities increased 8,752 million yen from the end of 2021 to 72,794 million yen. This was mainly due todecreases of 3,093 million yen in short-term borrowings, 1,087 million yen in income taxes payable and anincrease of 11,218 million yen in long-term borrowings.
Net assets
Net assets decreased 805 million yen from the end of 2021 to 32,421 million yen, mainly due to a decrease of 891
million yen in retained earnings. Retained earnings decreased due to dividend from surplus of 1,388 million yen,while there was an increase due to profit attributable to owners of parent of 496 million yen.
(3) Explanation of Consolidated Forecast and Other Forward-looking Statements
World Holdings maintains its first-half and full-year consolidated forecasts that were announced in the“Consolidated Financial Results for 2021” on February 9, 2022.

4

WORLD HOLDINGS CO., LTD. (2429) Financial Results for the First Quarter of 2022

2. Quarterly Consolidated Financial Statements and Notes(1) Quarterly Consolidated Balance Sheet(Millions of yen)First quarter of 2022
(As of Mar. 31, 2022)

2021(As of Dec. 31, 2021)
AssetsCurrent assets
Cash and deposits

30,74927,987

Notes and accounts receivable-trade

15,706

16,351794

967

Real estate for sale

6,221

6,942

Work in process

126

88

Real estate for sale in process

28,82833,693

Other

3,663

4,431

(3)

(7)

86,08890,453

5,466

5,473

Goodwill

592

3,822

Other

184

234

Total intangible assets

776

4,056

Investment securities

1,425

1,452

Deferred tax assets

1,831

1,963

Leasehold and guarantee deposits

1,051

1,126

868

930

Merchandise and finished goods

Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets

Investments and other assets

Other
Allowance for doubtful accounts

(239)

(240)

Total investments and other assets

4,938

5,231

11,18014,761

97,269105,215

1,263

1,262

Total non-current assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable-trade
Accounts payable-real estate business

924

249

Short-term borrowings

25,45022,356

Accrued expenses

7,010

7,981

Advances received

1,539

2,364

Income taxes payable

1,584

496

Accrued consumption taxes

2,796

2,504

105

724

Provision for bonuses
Other

6,510

4,689

Total current liabilities

47,18542,63013,754

24,973

172

175

2,380

2,601

Non-current liabilities
Long-term borrowings
Provision for retirement benefits for directors (andother officers)
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities

5

547

2,412

16,85630,16364,042

72,794

WORLD HOLDINGS CO., LTD. (2429) Financial Results for the First Quarter of 2022

(Millions of yen)First quarter of 2022
(As of Mar. 31, 2022)

2021(As of Dec. 31, 2021)
Net assets
Shareholders’ equity
Share capital

1,250

1,250

Capital surplus

1,449

1,449

Retained earnings

28,90828,017

Treasury shares

(119)

(119)

Total shareholders’ equity

31,48930,598

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

15

3

Foreign currency translation adjustment

27

42

Remeasurements of defined benefit plans

(31)

(33)

11

12

93

105

Total accumulated other comprehensive income
Share acquisition rights
Non-controlling interests

1,631

1,705

Total net assets

33,22632,421

97,269105,215

Total liabilities and net assets

6

WORLD HOLDINGS CO., LTD. (2429) Financial Results for the First Quarter of 2022

(2) Quarterly Consolidated Statements of Income and Comprehensive Income(Quarterly Consolidated Statement of Income)(For the Three-month Period)(Millions of yen)First three months of 2022
(Jan. 1 – Mar. 31, 2022)

First three months of 2021
(Jan. 1 – Mar. 31, 2021)
Net sales
Cost of sales

33,032
27,06340,711
34,598Gross profit

5,969

6,113

Selling, general and administrative expenses

4,286

4,899

Operating profit

1,682

1,214

131
60

64
70

191

134

37
10

41
5

48

46

Ordinary profit

1,825

1,302

Profit before income taxes

1,825

1,302

492

769

1,332

533

Non-operating income
Subsidy income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses

Income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

7

8

36

1,324

496

WORLD HOLDINGS CO., LTD. (2429) Financial Results for the First Quarter of 2022

(Quarterly Consolidated Statement of Comprehensive Income)(For the Three-month Period)First three months of 2021
(Jan. 1 – Mar. 31, 2021)(Millions of yen)First three months of 2022
(Jan. 1 – Mar. 31, 2022)

1,332

533

Valuation difference on available-for-sale securities

37

(11)

Foreign currency translation adjustment

18

23

Remeasurements of defined benefit plans, net of tax

0(1)

Total other comprehensive income

56

9

1,389

542

1,374

497

14

45

ProfitOther comprehensive income

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controllinginterests

8

WORLD HOLDINGS CO., LTD. (2429) Financial Results for the First Quarter of 2022

(3) Notes to Quarterly Consolidated Financial Statements
Going Concern Assumption
Not applicable.
Significant Changes in Shareholders’ Equity
Not applicable.
Changes in Significant Subsidiaries during the Period
Dimples Co.,Ltd. is included in the scope of consolidated financial statements following the acquisition of its
shares by World Holdings in the first quarter of 2022. This change is not deemed as a change in a significant
subsidiary. In addition, World Holdings has included Wakabayashi Hozen Co.,Ltd. and its subsidiary
Wakabayashi Real Estate Co.,Ltd. in the scope of consolidation following the acquisition of shares of
Wakabayashi Hozen.
Application of Special Accounting Methods for Presenting Quarterly Consolidated Financial Statements
Calculation of tax expense
The tax expenses are calculated by first reasonably estimating the effective tax rate after the application of tax
effect accounting with respect to profit before income taxes for the fi scal year in which the quarter under review
falls, and multiplying that rate by the profit before income taxes for the quarter under review. However, World
Holdings uses legally stipulated effective tax rates to calculate tax expenses when the use of estimated tax rates
produces a clearly irrational result.
Changes in Accounting Policies
Application of the Accounting Standard for Revenue Recognition
World Holdings has applied the Accounting Standard for Revenue Recognition (ASBJ Statement No. 29, March
31, 2020) from the beginning of the first quarter of 2022. Based on this standard, revenue expected to be received
in exchange for the provision of goods and services is recognized when the control of the promised goods andservices is transferred to customers.
For the application of the revenue recognition accounting standard, in accordance with the transitional treatmentin the proviso to paragraph 84 of this standard, the cumulative effect of the retrospective application of the new
accounting standard, if it is applied prior to the first quarter of 2022, is added to or subtracted from retained
earnings at the beginning of the first quarter of 2022. The new standard is then applied beginning with thisamount of retained earnings. However, World Holdings has applied the method prescribed in paragraph 86 of thisstandard and has not retrospectively applied the new accounting policy to contracts in which almost all revenue
were recognized in accordance with the previous treatment prior to the beginning of the first quarter of 2022. In
addition, due to the application of the method prescribed in paragraph 86-1 of the new standard, for contract
revisions made prior to the beginning of the first quarter of 2022, an accounting treatment based on all contract
revisions is used. The cumulative effect is added to or subtracted from retained earnings at the beginning of thefirst quarter of 2022.
The effect of this change on profit in the first three months of 2022 is insignificant. There is no cumulative effectof the application of this standard on retained earnings at the beginning of the current fiscal year.
Furthermore, in accordance with the transitional treatment prescribed in Paragraph 28 -15 of the AccountingStandard for Quarterly Financial Reporting (ASBJ Statement No. 12, March 31, 2020), World Holdings has notpresented information on revenue from contracts with customers brok en down for the first three months of 2021.
Application of the Accounting Standard for Fair Value Measurement
World Holdings has applied the Accounting Standard for Fair Value Measurement (ASBJ Statement No. 30, July4, 2019) from the beginning of the first quarter of 2022, and has applied the new accounting policies set forth by
the Accounting Standard for Fair Value Measurement prospectively in accordance with the transitional treatment
9WORLD HOLDINGS CO., LTD. (2429) Financial Results for the First Quarter of 2022

in the paragraph 19 of the Accounting Standard for Fair Value Measurement and paragraph 44-2 of the
Accounting Standard for Financial Instruments (ASBJ Statement No. 10, July 4, 2019).
There is no effect of the application of these standards on the quarterly consolidated financial statements.

Segment Information
I. First three months of 2021 (Jan. 1 – Mar. 31, 2021)
1. Information related to net sales and profit or loss for each reporta ble segment(Millions of yen)
Reportable segment
Products
Human
Resources
Business

Services
Human
Resources
Business

Information
Real EstateandAgriculturalBusiness Telecommunications Park BusinessBusiness

Subtotal

Amounts shownon quarterly
Adjustments
consolidated(Note 1)statement ofincome(Note 2)

Net sales
Sales toexternal
15,825
7,374
6,783
2,443
605
33,03233,032
customers
Inter-segment
sales and
119
40
2
4
1
167
(167)
transfers
Total
15,944
7,414
6,785
2,447
607
33,199(167)
33,032
Segment
720
168
740
4
(68)
1,565
116
1,682
profit (loss)
Notes: 1. The 116 million yen adjustment to segment profit (loss) includes elimination for inter-segment transactions of 6
million yen, and 110 million yen in corporate expenses that cannot be allocated to any of the reportable segments.
Corporate expenses mainly consist of general and administrative expenses that are not attributabl e to any of thereportable segments.
2. Segment profit (loss) is adjusted to be consistent with operating profit shown on the quarterly consolidated
statement of income.

2. Information related to impairment losses on non-current assets or goodwill, etc. for each reportable segment
Impairment losses related to non-current assets
Not applicable.
Significant change in goodwill
There is no significant change.
Significant gain on bargain purchaseNot applicable.

10

WORLD HOLDINGS CO., LTD. (2429) Financial Results for the First Quarter of 2022

II. First three months of 2022 (Jan. 1 – Mar. 31, 2022)
1. Information related to net sales and profit or loss for each reportable segment(Millions of yen)
Reportable segment
Products
Human
Resources
Business

Services
Human
Resources
Business

Real EstateBusiness

Information
andTelecommunications
Business

Agricultural
Park
Business

Subtotal

Amounts shownon quarterly
Adjustments
consolidated(Note 1)statement ofincome(Note 2)

Net sales
Sales toexternal
19,938
9,174
8,735
2,157
704
40,711
40,711
customers
Inter-segment
sales and
130
46
3
14
1
196
(196)
transfers
Total
20,068
9,221
8,739
2,172
706
40,908(196)
40,711
Segment
887
392
(57)
(37)
(89)
1,096
117
1,214
profit (loss)
Notes: 1. The 117 million yen adjustment to segment profit (loss) includes elimination for inter-segment transactions of -26
million yen, and 144 million yen in corporate expenses that cannot be allocated to any of the reportable segments.
Corporate expenses mainly consist of general and administrative expenses that are not attribut able to any of thereportable segments.
2. Segment profit (loss) is adjusted to be consistent with operating p rofit shown on the quarterly consolidated
statement of income.

2. Information related to impairment losses on non-current assets or goodwill, etc. for each reportable segment
Impairment losses related to non-current assets
Not applicable.
Significant change in goodwill
Goodwill was booked in the “Services Human Resources Business” segment as World Holdings has acquired
the shares of Dimples Co.,Ltd. and made it a consolidated subsidiary. The event caused the amount of
goodwill to increase by 3,271 million yen during the first three months of 2022.
Significant gain on bargain purchaseNot applicable.
3. Information related to changes in reportable segments
Changes in reportable segments
In the first quarter of 2022, World Holdings revised reportable segments as follows. In previou s years, thereportable segments were Factory Staffing, Technology Staffing, R&D Staffing, Sales & Marketing Staffing,
Real Estate, and Information and Telecommunications. Based on the goal of making services another major
business category in addition to the current core manufacturing category, the Human Resources andEducation Business is now divided into two sectors. Products Human Resources Business is staffing services
mainly for manufacturing and Services Human Resources Business is staffing services mainly for the service
sector. Other Businesses has been renamed the Agricultural Park Business. This business operates large
nature parks for the purpose of making a significant contribution to society regarding the environment.
Segment information for the first three months of 2021 is shown based on the segment classification after thechange.

This financial report is solely a translation of “Kessan Tanshin” (in Japanese, including attachments), which has been
prepared in accordance with accounting principles and practices generally accepted in Japan, for the convenience of readers
who prefer an English translation.

11