Consolidated Financial Results for 2019
[Japanese GAAP]
February 10, 2020

Company name: WORLD HOLDINGS CO., LTD.

Listing: Tokyo Stock Exchange, First Section
2429
URL: http://www.world-hd.co.jp
Eikichi Iida, Chairman and President
Shigeru Nakano, Executive Director, Head of Corporate Planning Division
Tel: +81-92-474-0555
Scheduled date of Annual General Meeting of Shareholders:March 19, 2020
Scheduled date of payment of dividend:
March 23, 2020
Scheduled date of filing of Annual Securities Report:
March 23, 2020
Preparation of supplementary materials for financial results:
Yes
Holding of financial results meeting:Yes (for analysts)
Stock code:
Representative:
Contact:(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for 2019 (January 1 to December 31, 2019)(1) Consolidated results of operations(Percentages represent year-on-year changes)
Net sales

Operating profit%

Million yen

2019136,319 (4.6)
2018
142,894 12.4
Note: Comprehensive income (millions of yen)

Million yen

4,730
7,370

Profit attributable toowners of parent

Ordinary profit%

Million yen%

Million yen%(35.8)
4,805 (34.7)
2,956 (36.4)
4.3
7,357
5.0
4,650
0.8
2019: 3,022 (down 34.2%)
2018: 4,592 (down 6.2%)

Net income per share

Diluted net income
per share

Yen

Yen

Ordinary profit on Operating profit tototal assets
net sales

Return on equity

2019
175.59174.252018276.38272.02
Reference: Equity in earnings of affiliates (millions of yen)
2019: -

%

%

%

13.5
23.9

5.7
9.2
2018: -

3.5
5.2

(2) Consolidated financial position
Total assets

Net assets

Million yen

Equity ratio

Million yen

As of Dec. 31, 201987,352As of Dec. 31, 2018
79,964
Reference: Shareholders’ equity (millions of yen)

Net assets per share%

23,944
22,347
As of Dec. 31, 2019: 22,662

Yen

25.9
1,345.71
26.3
1,249.02
As of Dec. 31, 2018: 21,028(3) Consolidated cash flows
Cash flows fromoperating activities
2019
2018

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash equivalents
at end of period

Million yen

Million yen

Million yen

Million yen

2,708
9,277

(2,489)(1,405)(2,597)(7,538)16,513
18,824

2. Dividends
Dividends per share
2Q-end3Q-end Year-end

1Q-end201820192020 (forecast)

Total

Total
Payout ratio Dividend on equity
dividends (consolidated) (consolidated)

Yen

Yen

Yen

Yen

Yen

Million yen

%

%

-

0.00
0.00
0.00

-

83.00
52.70
99.80

83.00
52.70
99.80

1,397
887

30.0
30.0
30.0

7.2
4.1

3. Consolidated Forecast for 2020 (January 1 to December 31, 2020)
Net salesFirst half
Full year

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

Ordinary profit

Million yen%

Million yen%

Million yen%

Million yen%

Yen

73,566
159,682

10.1
17.1

2,122
7,851

(16.1)
66.0

2,733
8,338

8.0
73.5

1,517
5,601

(9.9)
89.5

90.13
332.60* Notes(1) Changes in significant subsidiaries during the period (change in scope of consolidation): Yes
Newly added: -Excluded: 1 (Mobile Service Co., Ltd.)(2) Changes in accounting policies and accounting-based estimates, and restatements
1) Changes in accounting policies due to revisions in accounting standards, others: None
2) Changes in accounting policies other than 1) above: None
3) Changes in accounting-based estimates: None
4) Restatements: None

(3) Number of shares issued (common stock)1) Number of shares issued at the end of the period (including treasury shares)
As of Dec. 31, 2019:

16,961,600 shares

As of Dec. 31, 2018:

16,956,600 shares

As of Dec. 31, 2018:

120,929 shares

2) Number of treasury shares at the end of the period
As of Dec. 31, 2019:

121,000 shares

3) Average number of shares during the period
2019:16,837,383 shares2018:

16,825,751 shares(Reference) Summary of Non-consolidated Financial Results
Non-consolidated Financial Results for 2019 (January 1 to December 31, 2019)(1) Non-consolidated results of operations
Net sales
2019
2018

Million yen%

Million yen%

Million yen%

Million yen

%

1,652
1,647

0.3
22.2

37
165

(77.5)
200.7

4,049
3,988

1.5
(14.7)

3,986
3,881

2.7
(15.7)Net income per share
2019
2018

(Percentages represent year-on-year changes)
Ordinary profit
ProfitOperating profit

Diluted net income per
share

Yen

Yen

236.76230.70234.95227.07(2) Non-consolidated financial position
Total assets

Net assets

Million yen

As of Dec. 31, 2019
41,429As of Dec. 31, 2018
39,792
Reference: Shareholders’ equity (millions of yen)

Equity ratio

Million yen

16,211
13,630
As of Dec. 31, 2019: 16,089

Net assets per share
%

Yen

38.8
955.4233.9
802.22As of Dec. 31, 2018: 13,505* The current financial report is not subject to audit by certified public accountants or auditing firms.
* Cautionary statement with respect to forward-looking statements, and other special items
Forecasts of future performance in this document are based on assumption judged to be valid and information currently
available to the Company’s management, but are not promises by the Company regarding future performance. Actual resul ts
may differ materially from the forecasts for a number of reasons. Please refer to “1. Overview of Results of Operations, (5)Outlook” on page 6 for forecast assumptions and notes of caution for usage.
How to view supplementary materials for financial results
The Company plans to hold a financial results meeting for institutional investors and analysts on Monday, February 17, 2020.
Supplementary materials to be distributed at this event will be disclosed on the same day, using the Timely Disclosure netwo rk(TDnet), and available on the Company’s website.

WORLD HOLDINGS CO., LTD. (2429) Financial Results for 2019

Contents of Attachments
1. Overview of Results of Operations

2(1) Results of Operations

2(2) Financial Position

4(3) Cash Flows

5(4) Basic Policy for Profit Distribution, and Dividends in the Curren t and Next Fiscal Years

5(5) Outlook

6

2. Management Policy

7

3. Basic Approach for the Selection of Accounting Standards

8

4. Consolidated Financial Statements and Notes

9(1) Consolidated Balance Sheet

9(2) Consolidated Statements of Income and Comprehensive Income

11

Consolidated Statement of Income

11

Consolidated Statement of Comprehensive Income

12(3) Consolidated Statement of Changes in Equity

13(4) Consolidated Statement of Cash Flows

15(5) Notes to Consolidated Financial Statements

17

Going Concern Assumption

17

Segment and Other Information

17

Per-share Information

20

Subsequent Events21

5. Others

22

1

WORLD HOLDINGS CO., LTD. (2429) Financial Results for 2019

1. Overview of Results of Operations(1) Results of Operations
Economic sentiment in Japan continued to decline during 2019 primari ly in the manufacturing sector as exports
and capital expenditures decreased along with U.S.-China trade friction and slowing global economic growth. In
addition, Japan’s labor market remained tight throughout the year, although there was a small decline i n shortages
in some categories. Limitations on the supply of goods and services due to labor shortages, the rising cost of laborand other factors are exerting downward pressure on economic growth in Japan.
In the Human Resources and Education Business, the core business of World Holdings, there were negative
effects in the manufacturing sector of production reductions by some customers because of changes in global
market conditions. However, this business performed well mainly because of growth in the tech nology
development category due to past activities to develop a highly trained workforce. Other highlights of the year
were a focus on training people for jobs requiring advanced skills and activities to enter new markets, such as bystarting a human resources business specializing in tourism. All of these activities during 2019 helped reinforce
the stature and distinctive identity of World Holdings in the human resources industry.
The Real Estate Business purchased properties with caution because prices of properties in Japan continue to beat levels indicative of a price bubble. In addition, part of the sale of large sites for business use that had beenplanned for 2019 was delayed to 2020, resulting in the recognition of part of the sale in 2020 but the r ecognitionof the associated taxes in 2019. This delay reduced sales by 10,004 million yen and operating profit by 1,519
million yen, resulting in big declines in sales and earnings in this business. Prices in Japan’s real estate market are
expected to decline from the current bubble-like level. We made progress with establishing a broader foundationof this business, such as by starting real estate finance businesses in order to start operations in new categories of
the real estate industry.
In the Information and Telecommunications Business, there were many activities during 2019 for developing aframework to establish a sound profit structure during the current transitional period of the mobile phone sales
market.
In the Others Business, the operation of agricultural parks, which is a revitalization business that we started in2017, performed well and posted a profit in 2019.
Net sales decreased 4.6% year on year to 136,319 million yen. Operating profit decreased 35.8% to 4,730 million
yen, ordinary profit decreased 34.7% to 4,805 million yen, and profit attributable to owners of parent decreased
36.4% to 2,956 million yen.
Business segment performance was as follows.
Factory Staffing Business
Lower production at some client companies in the smartphone, sem iconductor and other sectors had a negative
impact on earnings. However, there was growth in the core logistics category. Furthermore, this business took
many actions to build a base for growth by increasing the volume of business in market sectors that re quire
expertise involving new technologies, such as 5G mobile communications.
Training activities are one of the highest priorities of this business. Approximately 1,000 people have participatedin trainings for specialized skills and for acquiring skills required for team leader and management positions.
Education and training contribute to the stability and growth of team assignments and activities performed byteams at client companies, as well as a higher employee retention rate. This business also made progress with
opening new business sites. In addition, this business worked on building a sound infrastructure, including
preparations for the new human resources system that is scheduled to fully start in 2020. The goal is to become acompany that job applicants choose over other opportunities (more ability to attract people).
Recruiting people is difficult because of Japan’s labor shortage. In the logistics category, we leveraged ourinnovative expertise in order to use the consortium model for the recei pt of large orders to supply people to clientcompanies during the peak year-end season and at other times. We continued to increase the pool of prospective
employees for assignments as the number of people registered on our Job Paper website surpassed 75, 000.
As a result, sales were 50,001 million yen, up 1.0% year on year and segment profit decreased 15.5% to 2,679
million yen.
2

WORLD HOLDINGS CO., LTD. (2429) Financial Results for 2019Technology Staffing Business
During 2019, we used human resource development expertise and other know -how to reinforce activities forsupporting the career advancement of our engineers. These measures contributed to growth in the volume ofbusiness with companies in the automobile, information and telecommunications, and construction engineering
industries as well as an increase in the rates for our services. The result was growth of sales and earnings in thisbusiness.
The extensive education and training framework of this business make it possible to recruit people across a broad
range of skills, backgrounds and other characteristics. As a result, this business has increased the number ofpeople registered for assignments despite the labor shortage in Japan. Education activities for people with little orno experience have been particularly successful for supplying engineers with manufacturing technologies,
3D-CAD engineers and other engineers to companies in the automobile and construction engineering industries.
Furthermore, many types of programming, infrastructure and other training programs have resulted in strong
placements of people in positions in the information and telecommunications sector. We are taking these training
and education programs to an even higher level by expanding and upgrading Creating the Ways We Live Academy,a training and skill development scheme. The objective is to improve our ability to recruit skilled people who
already have experience.
Sales were 16,902 million yen, up 11.2% year on year and segment profit increased 31.7% to 1,761 million yen.
R&D Staffing Business
The performance of the research personnel sector was strong because of growth in the pharmaceutical andbiotechnology category and the increasing volume of business with current clients by focusing activities on thechemicals industry. In the clinical research outsourcing sector, there were structural reforms in order to increase
the capacity utilization rate. By further utilizing relationships established through prior activities, we also madeprogress with capturing orders for doctor-initiated clinical trials.
For training programs, joint research laboratories with partner universities that perform leading -edge R&D
activities were used to give people more advanced skills. These activities are conducted with the University ofTokyo, Kyoto University, Osaka University and other universities. We also strengthened external training
programs, chiefly to give people a stronger commitment to hospitality, in order to supply people for positions thatdemand advanced skills. In addition, this business reinforced its ability to provide technical suppor t to clientcompanies by hiring many people with outstanding research skills.
Sales were 7,108 million yen, up 4.9% year on year, and segment profit increased 27.2% to 711 million yen.
Sales & Marketing Staffing Business
During 2019, work was completed on structural reforms that started in 2018, including measures for the selectionof orders to accept, the determination of suitable rates to charge client companies, and the establishment of astronger administrative framework. This business became profitable by raising the volume of business in current
market sectors like high-volume sales, retail operations and call centers. At the recently established JW Solution
Co., Ltd., preparations are under way for expanding operations beyond staffing services for th e hotel industry toencompass services for the entire tourism industry in order to serve more market sectors.
Sales were 3,761 million yen, up 6.4% year on year, and segment profit was 27 million yen compared with asegment loss of 100 million yen one year earlier.
Real Estate BusinessThis business retained a cautious stance for purchasing properties because of the risk created by the consistently
high prices of real estate in Japan. The delay to 2020 in the recognition of sales and earnings from three l arge
sites for business use for real estate development projects also impacted the performance of this business. The
result was big declines in sales and earnings.
Prices in Japan’s real estate market are expected to decline from the current bubble -like level. Due to thissituation, we are making preparations to start operations in new categories of the real estate industry in 2021 orafterward. For example, we plan to start real estate finance businesses such as asset management and debt
3

WORLD HOLDINGS CO., LTD. (2429) Financial Results for 2019

collection.
The performance of each category of this segment was as follows.
The real estate development business sold 110 condominium units and 11 sites for business use, resulting inproperty sales of 11,263 million yen. Sales from real estate brokerage and other activiti es totaled 3,231 million
yen.
In the renovation business, 712 residences were sold and sales were 14,513 million yen.
The detached house business completed the sale of 380 custom-build and other houses and recorded sales of
10,962 million yen.
In the prefabricated house business, sales from rental income, house sales and other activities totaled 2,113
million yen.
Sales were 42,082 million yen, down 19.1% year on year and segment profit was 1,460 million yen, down 68.2%.
Information and Telecommunications Business
Major changes are taking place in Japan’s mobile phone shop sector as the roles of these shops change because of
the mandatory separation of mobile communication service charges and phone payments in accordance with theamended laws, the longer phone replacement cycle, and other events. This business continued to relocate andrenovate its mobile phone stores in order to build a network of competitive and successful stores. Activities also
include investments in training for upgrading the knowledge and customer service skills of shop personnel. In
addition, improvements to the profit structure of the mobile phone shop business resulted in higher earnings in
2019. To enable all group companies to benefit from its sales capabilities, the corporate solu tions businessincreased exchanges of employees with other World Holdings Group companies. The result is even moresynergies among group companies.
Sales were 12,344 million yen, down 0.3% year on year, and segment profit increased 193.0% to 10 million yen.
OthersFarm Co., Ltd. and its affiliate operate agricultural parks. These companies joined the World Holdings Group in2017 for the purpose of revitalizing the agricultural park business. Since then, there have been numerous
initiatives, such as restructuring personnel systems and giving people a new mindset regarding their jobs, in orderto establish a sound base for park operations. These activities were accompanied by carefully planned andexecuted marketing programs to attract more people and by capital expenditures. Due to the success of thesemeasures, the number of park visitors and revenue per visitor have increased and park operations have become
profitable. In 2019, the number of visitors surpassed one million. A major source of the increase in visitors is
Blumen Hugei Farm in Shiga prefecture, where an enormous athletic facility called Alps Gym was constructed.
At Advan Inc., which mainly operates PC schools, the website production and other activities are performing welland there are activities to increase synergies with the Human Resources and Education Business. Advan is also
playing a significant role in the training of engineers in the Technology Staffing Business.
Sales were 4,118 million yen, up 18.8% year on year, and there was a segmen t profit of 132 million yen comparedwith a segment loss of 270 million yen one year earlier.
(2) Financial Position
AssetsTotal assets increased 7,388 million yen from the end of 2018 to 87,352 million yen at the end of 2019. This was
mainly due to a decrease of 2,312 million yen in cash and deposits and increases of 3,180 million yen in realestate for sale, 5,109 million yen in real estate for sale in process and 413 million yen in investment securities.
Liabilities
Total liabilities increased 5,791 million yen from the end of 2018 to 63,408 million yen. This was mainly due todecreases of 813 million yen in accounts payable-real estate, 620 million yen in short-term loans payable, 650
million yen in income taxes payable and 520 million yen in long-term loans payable, and an increase of 8,785
4

WORLD HOLDINGS CO., LTD. (2429) Financial Results for 2019

million yen in advances received.
Net assets
Net assets increased 1,596 million yen from the end of 2018 to 23,944 million yen mainly due to a 1,575 million
yen increase in retained earnings.
(3) Cash Flows
Cash and cash equivalents at the end of 2019 decreased 2,311 million yen from the end of 2018 to 16,513 million
yen.
Cash flows from operating activities
Net cash provided by operating activities was 2,708 million yen. Main positive factors include profit before
income taxes of 4,764 million yen, an 8,877 million yen increase in advances received and income taxes refund of
847 million yen. Major negative factors include an 8,262 million yen increase in real estate for sale and income
taxes paid of 3,627 million yen.
Cash flows from investing activities
Net cash used in investing activities was 2,489 million yen. Main positive factors include proceeds fromcollection of loans of 193 million yen. Main negative factors include payments of 1,475 million yen for purchaseof property, plant and equipment and payments of loans receivable of 705 million yen.
Cash flows from financing activities
Net cash used in financing activities was 2,597 million yen. Main positive factors include proceeds of 8,377
million yen from long-term loans payable. Main negative factors include a net decrease of 3,445 million yen in
short-term loans payable, repayments of long-term loans payable of 6,071 million yen and cash dividends paid of
1,397 million yen.
Reference: Cash flow indicators
2015

2016

2017

2018

2019

Equity ratio (%)

19.2

19.4

22.3

26.3

25.9

Market value-based equity ratio (%)

42.3

46.8

75.3

45.3

37.3

(704.2)(1,159.2)

522.8

403.5

1,340.2

Interest-bearing debt to cash flow ratio (%)(31.5)(21.7)
36.3
14.7
Interest coverage ratio (times)
45.7
Equity ratio: Shareholders’ equity / Total assets
Market value-based equity ratio: Market capitalization / Total assets
Interest-bearing debt to cash flow ratio: Interest-bearing debt / Cash flows
Interest coverage ratio: Cash flows / Interest payments
Notes: 1. All indices are calculated based on consolidated figures.
2. Market capitalization is calculated by the total number of shares outstanding after the deduction of treasury shares.
3. Cash flows are calculated using the figures for operating cash flows on the consolidated statement of cash flows.
4. Interest-bearing debt includes all debt on the consolidated balance sheet that incur interest.

(4) Basic Policy for Profit Distribution, and Dividends in the Current and Next Fi scal Years
The basic policy for profit distributions is to distribute profits in a manner that reflects results of operations while
retaining sufficient earnings for future business operations and for making business operations stronger. For
dividends, the goal is to stably and consistently increase the dividend while using a consolidated payout ratio of
30% as the guideline for dividends.
We plan to pay a year-end dividend of 52.70 yen per share for 2019, as stated in “Notice of Differences between
Forecast and Results of Operations and Dividends from Surplus” announced on February 10, 2020.
We plan to pay a year-end dividend of 99.80 yen per share for 2020 in accordance with this policy.

5

WORLD HOLDINGS CO., LTD. (2429) Financial Results for 2019(5) Outlook
We believe that the outlook for Japan’s economy will become increasingly unclear in 2020 and afterward becauseof uncertainty about consumer spending, slowing global economic growth and other reasons.
The World Holdings Group is currently implementing the New Medium -term Management Plan 2021, which willend in 2021. The central goal is achieving growth fueled by our own strengths based on our unique identity andan accurate outlook for our medium to long-term prospects. At the same time, we are reexamining every business
unit to determine the proper size. Furthermore, we will use risk management for stable growth rather than simply
match short-term economic trends. We are determined to establish a distinctive position within the humanresources industry while being a constant source of innovative ideas.
In the Human Resources and Education Business, dramatic changes are taking place in the business climate due
to amendments to the Worker Dispatching Act, laws associated with working -style reforms, amendments to the
Immigration Control Act, and other events. While placing emphasis of improving the quality of our operations,
we are taking actions for upgrading the skills of our people and increasing our corporate value in order tocontinue heightening our stature in the human resources industry.
Training and education are our highest priority. We want employees to use training and education programs torealize their full potential and earn proper recognition for their skills. Raising the value of individuals, and thencreating teams of these people, will make it possible to move even faster concerning our long-standing core
theme of building a human resources platform. Using this platform to heighten our presence in high -level market
sectors will enable us to further differentiate our services from those of competito rs.
We will seek opportunities across a broad array of business fields. One illustration is our recent establishment of
JW Solution Co., Ltd. with JTB Corp. to start providing human resources services in the tourism industry. Adding
more market sectors will even better enable us to establish a distinctive position in our industry.
During this extended period of an apparent price bubble in Japan’s real estate market, the Real Estate Business isaiming for stable growth by determining the proper size of oper ations in this environment and clearly defining
market sectors for making investments.
One priority is the field of real estate revitalization, which has excellent prospects for growth. We plan to increase
the volume of renovations, conversions and other activities while watching closely for signs of a reversal inmarket conditions. To target more opportunities for growth, we are also making preparations to start real estate
finance businesses such as asset management and debt collection.
In the Information and Telecommunications Business, we expect the current phase of closing and consolidating
mobile phone stores to continue for several years. We will continue to make investments to build a network ofcompetitive and successful stores in order to benefit as one of the few remaining mobile phone companies. For
the corporate solutions business, we are seeking opportunities involving new products and new areas of Japan inorder to build a new profit structure that can support consistent growth.
Our plan is to continue growing in a manner that is linked to our unique identity. Growth will be backed by the
expansion of these three core businesses while maintaining a suitable scale of operations in each one. In addition,
we will seek opportunities in new business fields with the potential of becoming future core businesses.
Based on the above, we forecast net sales of 159,682 million yen (up 17.1% year on year), operating profit of
7,851 million yen (up 66.0% year on year), ordinary profit of 8,338 million yen (up 73.5% year on year), andprofit attributable to owners of parent of 5,601 million yen (up 89.5% year on year) in 2020.

6

WORLD HOLDINGS CO., LTD. (2429) Financial Results for 2019

2. Management Policy
1) Management Policy
Since its foundation, World Holdings has been dedicated to the corporate philosophy explai ned below in order todeepen the bonds between people throughout the world. We want to be a source of an environment and a variety
of workplaces for even more people to live. All these activities are centered on our social mission of creating
platforms for people to lead fulfilling lives.
Corporate philosophy- Be a company where people have sincere and open relationships- Be a company that uses business as a place to train and nurture employees in order to be a source of skilled
people who have a strong commitment to ethics- Be a company that constantly makes contributions to society by protecting the environment and using theworld’s resources in a responsible manner- Be a company that creates jobs by utilizing the experience and knowledge of people in older a ge segments- Be a company where employees have jobs that give them satisfaction, enjoyment and motivation
2) Medium- and Long-term Business Strategy
The strategic objective of World Holdings is consistent and stable growth that uses a business portfolio wi th threecore elements – the Human Resources and Education Business, Real Estate Business and Information andTelecommunications Business – in order to hedge risks involving changes in the economic environment,
individual industries and the business sectors where World Holdings operates. Business activities are based on a
combination of recurring-revenue businesses that are a source of steady income and one-time-fee businesses thatgenerate sales from individual projects.
3) Challenges
Human Resources and Education Business
Recruiting activities
There is a nationwide labor shortage in Japan caused primarily by the decreasing number of working -age people
as the population becomes older and declines. At the World Holdings Group, there is strong demand at clie nt
companies for workers, particularly younger people, which is a category where there is an inadequate supply. We
believe that recruiting people will become even more difficult in the future.
We are using our strength as a one-stop source of comprehensive services to provide a diverse array of working
environments so that we can recruit people across a broad spectrum of skills, backgrounds and othercharacteristics. We are also continuing to make progress with our “human resources platform” concept. Anothe rtheme is building an even stronger framework for enabling our people to enhance their skills and achieve careergoals as they do the jobs they want while receiving career advancement support and training from us. Using these
activities to increase our ability to attract people and clients by making the World Holdings Group more appealing
and making our brand more powerful will help us recruit the outstanding people that we need. Furthermore, wewill build on past activities using subcontracting and consortiums in order to recruit people across the largest
range of population segments possible. We will work with client companies to provide workplaces for women,
seniors and many other categories of prospective employees.
Effects of events outside Japan
In Human Resources and Education Business, the World Holdings Group has considerable expertise concerning
services for manufacturers. If U.S.-China trade friction or other events involving other countries reduces
manufacturing output in Japan or has other negative effects on the manufacturing sector, the Group’s earnings
may decline.
We are diversifying our exposure to risk by using our key strength as a one -stop source of comprehensive services
in order to serve companies in a broad range of industries. Furthermore, our infrastructure that allows employees
to upgrade their skills and advance their careers gives them greater mobility.
7

WORLD HOLDINGS CO., LTD. (2429) Financial Results for 2019

New and amended laws for the human resources industry
Compliance with new or amended laws involving the human resources industry, related expenses and changes tobusiness operations and other actions due to these laws may affect earnings.
Recently, there have been a number of new and amended laws, such as the amended Worker Dispatching Act,laws associated with working-style reforms, and the amended Immigration Control Act. The World HoldingsGroup has been at the forefront of the human resources industry to respond in the full spirit and intent of theselaws and take proper actions for solving problems. By using these actions to min imize expenses and build apowerful compliance framework, we intend to further reinforce our stature in our industry.
Real Estate BusinessChanging market conditions
The real estate business climate is vulnerable to changes in the economic environment and in different regions ofJapan. As a result, a change in market conditions may cause a decline in the number of properties sold andearnings due to the difficulty of purchasing properties, a rapid increase in selling prices and other events overtime.
This is why the Real Estate Business has been working on building a well-balanced business portfolio andmaximizing profitability. Activities involve conducting one-time-fee businesses that generate sales fromindividual projects, such as real estate development, and achieving the consistent growth of recurring-revenue
businesses that are a source of steady income. In addition, we are using information about current market
conditions and trends obtained from our nationwide network of offices for the creation of strategies that matchthe characteristics of individual regions of Japan. Controlling the timing of purchases and sales as well as otheractivities will allow us to maintain the proper scale of operations along with stability. Furthermore, we will also
increase our investments in new real estate business fields and new regions of Japan with excellent prospects for
growth.
Information and Telecommunications BusinessResponding to amended laws and changing customer needs
As Japan’s mobile phone sales market reaches maturity, amended laws and changes in the needs of customers
may cause earnings to decrease because of a decline in the number of phones sold, reductions in fees paid tostores by carriers or other reasons.
This business is placing emphasis on establishing strong relationships with customers and mobile communication
carriers. Activities include giving people the training needed to provide customers with excellent hospitality andservices and building a network of highly competitive stores. To improve the stability of this business, we are also
upgrading services for corporate customers and seeking opportunities to start new businesses. All these measures
are aimed at establishing a structure for adapting to changes in the market needs and achieving steady growth.
3. Basic Approach for the Selection of Accounting Standards
The Group uses Japanese accounting standards.
Decisions about the use of International Financial Reporting Standards will be made by taking into consideration
the use of accounting standards in Japan and other countries.

8

WORLD HOLDINGS CO., LTD. (2429) Financial Results for 2019

4. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheet(Millions of yen)
2019
(As of Dec. 31, 2019)2018(As of Dec. 31, 2018)
AssetsCurrent assets
Cash and deposits

18,825

16,513

Notes and accounts receivable-trade

11,252

12,093Merchandise and finished goods

1,032

813

Real estate for sale

13,193

16,373Work in process

129

84

Real estate for sale in process

21,124

26,234

Other

4,270

4,814

(5)

(6)

69,82376,920

8,731

9,315

Accumulated depreciation(7,059)(7,238)

Buildings and structures, net

1,671

2,076

1,988

2,026

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

Land
Other

3,988

4,316

(2,209)(2,500)

1,778

1,816

5,439

5,919

1,046

436

312

254

1,359

690

Investment securities

442

856

Deferred tax assets

1,178

1,467

917

943

Accumulated depreciation
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets

Leasehold and guarantee deposits
Other

878

777

Allowance for doubtful accounts

(74)

(224)

Total investments and other assets

3,342

3,820

10,14010,431

79,96487,352

Total non-current assets
Total assets

9WORLD HOLDINGS CO., LTD. (2429) Financial Results for 2019

(Millions of yen)
2019
(As of Dec. 31, 2019)2018(As of Dec. 31, 2018)
Liabilities
Current liabilities
Notes and accounts payable-trade

1,531

1,402

Accounts payable-real estate

1,818

1,004

Short-term loans payable

28,321

27,701

Accrued expenses

5,963

5,786

Advances received

610

9,395

Income taxes payable

1,877

1,226

Accrued consumption taxes

1,217

1,495

111

142

Provision for bonuses
Other

4,684

4,634

Total current liabilities

46,136

52,790

9,112

8,592

667

182

1,411

1,573

Non-current liabilities
Long-term loans payable
Provision for retirement benefits for directors (andother officers)
Retirement benefit liability
Other

288

268

11,47910,61757,616

63,408

Capital stock

784

787

Capital surplus

965

984

Retained earnings

19,412

20,988Treasury shares

(126)

(127)

Total shareholders’ equity

21,036

22,633120Total non-current liabilities
Total liabilities
Net assets
Shareholders’ equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment

10Remeasurements of defined benefit plans

(21)

28

Total accumulated other comprehensive income

(8)

29

Share acquisition rights

124

122

Non-controlling interests

1,195

1,159

Total net assets

22,34723,944

79,96487,352

Total liabilities and net assets

10

WORLD HOLDINGS CO., LTD. (2429) Financial Results for 2019(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statement of Income(Millions of yen)
2019
(Jan. 1 – Dec. 31, 2019)2018(Jan. 1 – Dec. 31, 2018)
Net sales
Cost of sales

142,894
115,154

136,319
110,009

Gross profit

27,74026,310

0
475
6,932
52
69

(5)
493
7,327
56
127

115

17

1,293
475
1,132
654
9,166

1,361
540
1,244
614
9,802

20,37021,580

7,370

4,730

30
32

13
25

15

36

189

272

267

347

195
20
64

185
52
34

280

272

Selling, general and administrative expenses
Provision of allowance for doubtful accounts
Remuneration for directors (and other officers)
Salaries and allowances
Provision for bonuses
Retirement benefit expenses
Provision for retirement benefits for directors (andother officers)
Welfare expenses
Depreciation
Rent expenses
Amortization of goodwill
Other
Total selling, general and administrative expenses
Operating profit
Non-operating income
Interest and dividend income
Subsidy income
Income of support to investment in property andequipment
Other
Total non-operating income
Non-operating expenses
Interest expenses
Loss on retirement of non-current assets
Other
Total non-operating expenses
Ordinary profit

7,357

4,805

Extraordinary income
Insurance income
Consumption taxes differential

112

34
146

Total extraordinary income

112

180

54

155
44

16

-

Extraordinary losses
Provision of allowance for doubtful accounts
Impairment loss
Loss on valuation of shares of subsidiaries andassociates
Loss on disaster

18

21

90

221

Profit before income taxes

7,379

4,764

Income taxes-current
Income taxes-deferred

2,784
(67)

2,091
(313)

Total income taxes

2,717

1,777

Profit

4,662

2,986

Total extraordinary losses

Profit attributable to non-controlling interests
Profit attributable to owners of parent

11

12

30

4,650

2,956

WORLD HOLDINGS CO., LTD. (2429) Financial Results for 2019

Consolidated Statement of Comprehensive Income(Millions of yen)
2019
(Jan. 1 – Dec. 31, 2019)2018(Jan. 1 – Dec. 31, 2018)
Profit

4,662

2,986

Valuation difference on available-for-sale securities

(24)

(12)

Foreign currency translation adjustment

(15)

(1)

Remeasurements of defined benefit plans, net of tax

(30)

49

Total other comprehensive income

(70)

35

4,592

3,022

4,584

2,993

7

29

Other comprehensive income

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

12

WORLD HOLDINGS CO., LTD. (2429) Financial Results for 2019(3) Consolidated Statement of Changes in Equity
2018 (Jan. 1 – Dec. 31, 2018)

Capital stock
Balance at beginning of current
periodChanges of items during period
Issuance of new shares
Dividends of surplus
Profit attributable to owners ofparentPurchase of treasury shares
Decrease by addition of newly
consolidated subsidiary
Net changes of items other thanshareholders’ equity
Total changes of items during
periodBalance at end of current period(Millions of yen)
Shareholders’ equity
Retained
Total shareholders’
Treasury shares
Capital surplus
earnings
equity

768

949

15

15

16,169(126)

31(1,390)(1,390)

4,650

4,650
(0)

(0)

(16)

(16)

15

15

3,243

(0)

3,274

784

965

19,412(126)

21,036

Accumulated other comprehensive income
Total
Share
Valuation
Foreign
Remeasurements accumulated acquisitiondifference on
currencyof definedotherrightsavailable-for- translation
benefit plans comprehensive
sale securities adjustment
incomeBalance at beginning ofcurrent period
Changes of items
during period
Issuance of newsharesDividends of surplus
Profit attributable toowners of parent
Purchase of treasury
sharesDecrease by additionof newly
consolidated
subsidiary
Net changes of items
other thanshareholders’ equity
Total changes of items
during period
Balance at end ofcurrent period

17,761

36

11

9

57

133

Noncontrollinginterests

Total net
assets

1,187

19,14031(1,390)
4,650
(0)

(16)

(24)

(10)

(30)

(65)

(9)

7

(67)

(24)

(10)

(30)

(65)

(9)

7

3,207

12

1

(21)

(8)

124

1,195

22,347

13

WORLD HOLDINGS CO., LTD. (2429) Financial Results for 20192019 (Jan. 1 – Dec. 31, 2019)(Millions of yen)

Capital stock
Balance at beginning of current
periodChanges of items during period
Issuance of new shares
Dividends of surplus
Profit attributable to owners ofparentPurchase of treasury shares
Increase by addition of newly
consolidated subsidiary
Sales of shares of consolidated
subsidiaries
Net changes of items other thanshareholders’ equity
Total changes of items during
periodBalance at end of current period

Shareholders’ equity
Retained
Total shareholders’
Treasury shares
Capital surplus
earnings
equity

784

965

3

3

19,412(126)

6(1,397)(1,397)

2,956

2,956
(0)

(0)

16

16

15

15

3

18

1,575

(0)

1,597

787

984

20,988(127)

22,633

Accumulated other comprehensive income
Total
Share
Valuation
Foreign
Remeasurements accumulated acquisitiondifference on
currencyof definedotherrightsavailable-for- translation
benefit plans comprehensive
sale securities adjustment
incomeBalance at beginning ofcurrent period
Changes of items
during period
Issuance of newsharesDividends of surplus
Profit attributable toowners of parent
Purchase of treasury
sharesIncrease by additionof newly
consolidated
subsidiary
Sales of shares of
consolidated
subsidiaries
Net changes of items
other thanshareholders’ equity
Total changes of items
during period
Balance at end ofcurrent period

21,036

12

1

(21)

(8)

124

Noncontrollinginterests

Total net
assets

1,195

22,347

6(1,397)
2,956
(0)

16

15

(12)

(0)

49

37

(2)

(35)

(0)

(12)

(0)

49

37

(2)

(35)

1,596

0

0

28

29

122

1,159

23,944

14

WORLD HOLDINGS CO., LTD. (2429) Financial Results for 2019(4) Consolidated Statement of Cash Flows(Millions of yen)
2019
(Jan. 1 – Dec. 31, 2019)2018(Jan. 1 – Dec. 31, 2018)
Cash flows from operating activities
Profit before income taxes
Depreciation

7,379

4,764

696

834

Impairment loss

54

44

Amortization of goodwill

654

614

Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for retirement benefits for
directors (and other officers)
Increase (decrease) in retirement benefit liability

(0)

149

112

(485)

160

234

Interest and dividend income

(30)

(13)

Interest expenses

195

185

Loss on retirement of non-current assets

20

52

Loss on valuation of shares of subsidiaries and associates

16-

Decrease (increase) in notes and accounts receivable-trade

(929)

(841)

Decrease (increase) in inventories

(82)

271

Decrease (increase) in real estate for sale

3,064

(8,262)

Increase (decrease) in notes and accounts payable-trade

838

(942)

Increase (decrease) in advances received

151

8,877

Increase (decrease) in accrued expenses

100

(176)

Increase (decrease) in other current liabilities

261

202

Other, net(1,242)

143

Subtotal

11,424

5,654

22

17

Interest and dividend income received
Interest expenses paid

(202)

(183)

Income taxes paid

(3,268)(3,627)

Income taxes refund

1,301

847

Net cash provided by (used in) operating activities

9,277

2,708

0

0

39

-

(70)

(441)

Cash flows from investing activities
Proceeds from withdrawal of time deposits
Proceeds from purchase of shares of subsidiaries resulting
in change in scope of consolidation
Purchase of investments in non-consolidated subsidiary
Purchase of property, plant and equipment(1,310)(1,475)Purchase of intangible assets

(37)

(127)

Payments for acquisition of businesses
Net decrease (increase) in leasehold and guarantee
deposits
Payments of loans receivable

(100)

(4)

(75)

(28)

(27)

(705)

Collection of loans receivable
Other, net
Net cash provided by (used in) investing activities

15

7

193

168

98

(1,405)(2,489)

WORLD HOLDINGS CO., LTD. (2429) Financial Results for 2019

(Millions of yen)
2019
(Jan. 1 – Dec. 31, 2019)2018(Jan. 1 – Dec. 31, 2018)
Cash flows from financing activities
Net increase (decrease) in short-term loans payable(6,674)(3,445)

Proceeds from long-term loans payable

3,625

8,377

Repayments of long-term loans payable(2,775)(6,071)

Repayments of lease obligations

(20)

(16)

Redemption of bonds

(290)

-

23

4

Proceeds from issuance of common shares
Purchase of treasury shares
Cash dividends paid
Dividends paid to non-controlling interests
Payments from changes in ownership interests in
subsidiaries that do not result in change in scope of
consolidation
Net cash provided by (used in) financing activities

(0)

(0)

(1,390)(1,397)

-

(48)

(34)

-

(7,538)(2,597)

Effect of exchange rate change on cash and cash equivalents

(13)

(2)

Net increase (decrease) in cash and cash equivalents

320(2,380)Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents from newly
consolidated subsidiary

18,227

18,824276

69

Cash and cash equivalents at end of period

18,824

16,51316

WORLD HOLDINGS CO., LTD. (2429) Financial Results for 2019(5) Notes to Consolidated Financial Statements
Going Concern Assumption
Not applicable.
Segment and Other Information
Segment Information
1. Overview of reportable segments
Segments used for financial reporting are the constituent units for which separate financial information isavailable and for which the Board of Directors performs periodic studies for the purposes of determining theallocation of resources and evaluating performance. Based on the characteristics of products and services, World
Holdings has established the following reportable segments: the factory staffing business, technology staffing
business, R&D staffing business, sales & marketing staffing business, real estate business, and information andtelecommunications business.
Overview of each business segment is as follows.
(1) Factory Staffing Business: Temporary staffing for manufacturing and logistics, subcontracting,outsourced government agency tasks, temporary staffing and employment agency services(2) Technology Staffing Business: Temporary staffing for engineers, outsourced software development,
outsourced repair and maintenance work, outsourced IT system development, repair of digitalequipment, temporary staffing for construction engineers(3) R&D Staffing Business: Temporary staffing for research personnel and clinical personnel, clinicalresearch outsourcing(4) Sales & Marketing Staffing Business: Temporary staffing for store sales people and o ffice workers(5) Real Estate Business: Sale of residences and residential building sites, condominium management,
brokerage sales, real estate consulting, design/construction/sale of detached houses, renovations, realestate brokerage services, rental property management, manufacture/sale/rental of prefabricated houses(6) Information and Telecommunications Business: Operation of call centers, sale of telecommunications
products, sale of office automation products

2. Calculation methods for net sales, profit or loss, assets, and other items for each reportable segment
The accounting methods for reportable segments are the same as those used for preparing the consolidated
financial statements.
Profits for reportable business segments are operating profit figures.
Inter-segment sales and transfers are based on market prices.

17

WORLD HOLDINGS CO., LTD. (2429) Financial Results for 2019

3. Information related to net sales, profit or loss, assets and other items for each reportable segment2018 (Jan. 1 – Dec. 31, 2018)(Millions of yen)
Reportable segment
Information
Sales &
Factory Technology R&D
RealandMarketingStaffing
Staffing Staffing
Estate Telecommuni- Subtotal
Staffing
Business Business BusinessBusinesscations
Business
Business
Net sales
Sales to externalcustomers
Inter-segment
sales andtransfers

Others(Note 1)

Total

Amounts
shown onAdjustconsolidated
ments
financial(Note 2)statements(Note 3)49,524

15,200

6,779

3,533

52,011

12,376

139,427

3,467

142,894-

142,894

0

463

-

133

17

49

664

106

771

(771)

-

Total

49,525

15,664

6,779

3,667

52,02912,426140,091

3,574

143,666(771)

142,894

Segment profit(loss)

3,169

1,337

559

(100)

4,589

3

9,558

(270)

9,287

(1,917)

7,370

Segment assets

7,367

3,253

1,218

943

52,633

3,841

69,257

2,482

71,7408,223

79,964

7

18

11

1

273

67

380

156

537

159

696

1

37

-

-

563

25

628

11

639

15

654

-

-

-

-

17

37

54

-

54

-

54

6

72

14

0

514

161

769

658

1,428

130

1,558

Other items
Depreciation
Amortization of
goodwill
Impairment loss
Increase inproperty, plantand equipment
and intangible
assets

Notes:

1. “Others” represent businesses not included in reportable segments and include the operation and management ofagricultural parks, the operation of personal computer schools, the production of websites and other services.
2. Contents of adjustments are as follows.
(1) The -1,917 million yen adjustment to segment profit (loss) includes elimination for inter-segment transactionsof 16 million yen, and -1,933 million yen in corporate expenses that cannot be allocated to any of thereportable segments. Corporate expenses mainly consist of general and administrative expenses that are not
attributable to any of the reportable segments.
(2) The 8,223 million yen adjustment to segment assets is corporate assets that are not allocated to any of thereportable segments. Corporate assets mainly consist of the Company’s surplus funds (cash and deposits).
(3) The 159 million yen adjustment to depreciation is related to corporate assets that are not allocated to any of
the reportable segments.
(4) The 15 million yen adjustment to amortization of goodwill is not allocated to any of the reportable segments.
(5) The 130 million yen adjustment to increase in property, plant and equipment and intangible assets is capital
expenditures that are not allocated to any of the reportable segments.
3. Segment profit is adjusted to be consistent with operating profit shown on the consolidated statement of income.

18

WORLD HOLDINGS CO., LTD. (2429) Financial Results for 20192019 (Jan. 1 – Dec. 31, 2019)(Millions of yen)
Reportable segment
Information
Sales &
Factory Technology R&D
RealandMarketingStaffing
Staffing Staffing
Estate Telecommuni- Subtotal
Staffing
Business Business BusinessBusinesscations
Business
Business
Net sales
Sales to externalcustomers
Inter-segment
sales andtransfers

Others(Note 1)

Total

Amounts
shown onAdjustconsolidated
ments
financial(Note 2)statements(Note 3)50,001

16,902

7,108

3,761

42,082

12,344132,200

4,118

136,319-

136,319

-

486

-

112

17

11

627

131

758

(758)

-

Total

50,001

17,389

7,108

3,873

42,09912,355

132,828

4,249

137,078(758)

136,319

Segment profit(loss)

2,679

1,761

711

27

1,460

10

6,650

132

6,782

(2,052)

4,730

Segment assets

7,306

3,447

1,188

1,149

56,8303,493

73,415

2,813

76,22911,12387,352

10

26

14

0

374

62

489

178

668

166

834

1

-

-

-

563

33

598

-

598

15

614

-

-

-

-

-

44

44

-

44

-

44

22

24

14

-

896

93

1,052

299

1,351

109

1,461

Other items
Depreciation
Amortization of
goodwill
Impairment loss
Increase inproperty, plantand equipment
and intangible
assets

Notes:

1. “Others” represent businesses not included in reportable segments and include the operation and management ofagricultural parks, the operation of personal computer schools, the production of websites and other services.
2. Contents of adjustments are as follows.
(1) The -2,052 million yen adjustment to segment profit (loss) includes elimination for inter-segment transactionsof 265 million yen, and -2,317 million yen in corporate expenses that cannot be allocated to any of thereportable segments. Corporate expenses mainly consist of general and administrative expenses that are not
attributable to any of the reportable segments.
(2) The 11,123 million yen adjustment to segment assets is corporate assets that are not allocated to any of thereportable segments. Corporate assets mainly consist of the Company’s surplus funds (cash and deposits).
(3) The 166 million yen adjustment to depreciation is related to corporate assets that are not allocated to any of
the reportable segments.
(4) The 15 million yen adjustment to amortization of goodwill is not allocated to any of the reportable segments.
(5) The 109 million yen adjustment to increase in property, plant and equipment and intangible assets is capital
expenditures that are not allocated to any of the reportable segments.
3. Segment profit is adjusted to be consistent with operating profit shown on the consolidated statement of income.

19

WORLD HOLDINGS CO., LTD. (2429) Financial Results for 2019

Per-share Information
(Yen)
2019
(Jan. 1 – Dec. 31, 2019)2018(Jan. 1 – Dec. 31, 2018)
Net assets per share

1,249.02

1,345.71

Net income per share

276.38175.59Diluted net income per share

272.02

174.25

Note: Basis for the calculation of net income per share and diluted net income per share is as follows:
2018(Jan. 1 – Dec. 31, 2018)2019(Jan. 1 – Dec. 31, 2019)

Net income per share
Profit attributable to owners of parent (Millions of yen)

4,650

2,956

-

-

4,650

2,956

16,825,751

16,837,383--

Increase in number of common stock (Shares)

269,645

129,522[of which share acquisition rights (Shares)][269,645][129,522]--

Amount not attributable to common shareholders(Millions of yen)
Profit attributable to owners of parent applicable tocommon stock (Millions of yen)
Average number of common stock outstanding during theperiod (Shares)
Diluted net income per share
Adjustment to profit attributable to owners of parent(Millions of yen)

Summary of potentially dilutive shares not included in thecalculation of diluted net income per share due to theiranti-dilutive effect20

WORLD HOLDINGS CO., LTD. (2429) Financial Results for 2019

Subsequent Events
Sale of stock of a subsidiary
On January 23, 2020, the World Holdings Board of Directors approved a resolution to sign a contract for the saleof all issued shares of consolidated subsidiary HOEIKENSETSU Co., Ltd. to Endeavor United II Investment
Business Limited Partnership, which is operated by Endeavor United Co., Ltd. The contract was signed the same
day and the sale of this stock is scheduled to take place in early March 2020.
1. Reason for the sale of stock
Since becoming a subsidiary of World Holdings in January 2017, HOEIKENSETSU has expanded its
homebuilding business from its base in Hokkaido to include the Tohoku region and the Tokyo metropolitan
area. Due to the strong regional characteristics of the homebuilding business, HOEIKENSETSU required clear
superiority over competitors in terms of people, equipment and capital in order to achieve its strategic goals.
This situation led to the conclusion that HOEIKENSETSU requires a partner that can work side by side withthis company for growth that begins with becoming the leader in the h omebuilding market of Hokkaido.
2. Name of buyer
Endeavour United II Investment Business Limited Partnership
3. Schedule
Early March, 2020 (tentative)
4. Outline of the subsidiary
Name:Business:
Business with World Holdings:

HOEIKENSETSU Co., Ltd.
Residential sales, real estate leasing and renovation businesses
None

5. Number of shares to be sold, selling price, gain or loss on sales and share ownership after the sale
Number of shares to be sold:Selling price:
Gain or loss on sales:
Share ownership after the sale:

400 sharesNot disclosed due to the wishes of the buyer according to a confidentiality
agreement
Not determined.
-%

6. Reportable segment including business operations to be soldReal Estate Business

21

WORLD HOLDINGS CO., LTD. (2429) Financial Results for 2019

5. Others
Consolidated Forecast for the First Half of 2020 (January 1 to June 30, 2020)(Millions of yen)
Reportable segment
Information
Sales &
Factory Technology R&D
RealandMarketingStaffing
Staffing Staffing
Estate Telecommuni- Subtotal
Staffing
Business Business BusinessBusinesscations
Business
Business
Net sales
Segment profit

OthersAdjustments

Total

25,380

8,496

3,603

2,171

26,101

5,619

71,372

2,193-

73,566

962

563

296

(54)

1,317

115

3,201

112

(1,191)

2,122

Consolidated Forecast for 2020 (January 1 to December 31, 2020)(Millions of yen)
Reportable segment
Information
Sales &
Factory Technology R&D
RealandMarketingStaffing
Staffing Staffing
Estate Telecommuni- Subtotal
Staffing
Business Business BusinessBusinesscations
Business
Business

OthersAdjustments

Total

Net sales

57,38918,327

7,446

5,176

56,36910,644

155,352

4,330-

159,682

Segment profit

3,399

1,913

753

(59)

4,126

220

10,352153(2,654)

7,851

This financial report is solely a translation of “Kessan Tanshin” (in Japanese, including attach ments), 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.

22