IR Presentation Material ：Briefing on Consolidated Financial Results
for the 1st Half Ended September 30, 2017

PERSOL HOLDINGS CO., LTD.
November 13, 2017

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Contents

Part1 :

Financial Highlights on Financial Results
for the 1st Half Ended September 30, 2017

Part2 :

Progress of Mid-term Management Strategy and PERSOLGroup Overseas Expansion

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1

Part1 :Financial Highlights on Financial Results
for the 1st Half Ended September 30, 2017

Copyright © since 2016 Temp Holdings Co. Ltd. All Rights Reserved.

2018/3 1st Half : Summary of Consolidated Business Results
While high sales growth due to the solid growth of existing businesses and M&A effect, margin
declined due to the cost increase for investment in each segments and brand awareness(Unit: billion yen)

+17.3%

・Personnel reinforcement including new graduates
・PERSOL brand promotion (+0.9 billion yen)・Programmed acquisition related cost (+0.2 billion yen)

-2.4%
-3.9%

324.7
276.7

21.5

21.0
16.6

-6.5%

16.0
9.8

Sales

EBITDAOP income

9.2

Profit attributable toowners of parent
2016/3 Full Year2017/3 Full Year

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2018/3 1st Half : Sales Analysis
Contribution from the M&A,
in addition to increase in the revenues from the existing businesses(Unit: billion yen)

-0.6
+22.9

+1.4

+0.6

+0.5

-1.2

+3.3
+20.9

324.7

276.7

2017/3
1st half
results

Organic growth+25.6

Temporary
Staffing・
BPO

Recruiting

Overseas

ITO

M&A+
22.9

Engineering

Otherbusinesses

M&A

Adjustment

2018/3
1st half
results

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2018/3 1st Half : EBITDA Analysis
Margin declined due to the cost increase for investment in each segments
as well as expansion of group brand awareness(Unit: billion yen)

-0.1
+0.8

-0.3

+0.３

-0.2

-0.2

+0.0
△0.6

21.5

21.0
Organic growth+0.0

2017/3
1st half
results

Temporary
Staffing・
BPO

Recruiting

Overseas

ITO

M&A
+0.0

Engineering

Otherbusinesses

M&A

Adjustment

2018/3
1st half
results

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2018/3 1st Half : OP income Analysis
Margin declined due to the cost increase for investment in each segments
as well as expansion of group brand awareness(Unit: billion yen)

-0.0

+0.3

-0.2

-0.2

-0.2

+0.7

-0.2
-0.7

16.6

16.0
Organic growth+0.3

2017/3
1st half
results

Temporary
Staffing・
BPO

Recruiting

Overseas

ITO

M&A
△0.2

Engineering

Otherbusinesses

M&A

Adjustment

2018/3
1st half
results

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6

2018/3 1st Half : Consolidated Balance Sheets
As ofMarch 31,2017
Results(Unit: billion yen)

As of
September 30,2017
Results

Change

268.3

276.4

8.0

Current assets

165.2

174.0

8.7

Non-current assets

103.1

102.4

-0.7

114.5

115.5

0.9

87.9

90.7

2.8

Asset

Liabilities
Current liabilities

26.6

24.7

-1.8

153.8

160.9

7.0

Owner’s capital

139.1

145.7

6.6

Minority interests

14.6

15.1

0.4

Non-current liabilities

Net assets＜Current assets＞
Increase in cash and deposit, due
to an increase in profit＜Current liabilities＞
Increase in other liabilities＜Non-current liabilities ＞
Decrease in long-term loans
payable＜Owner’s capital＞
Increase due to an increase inprofitCopyright © since 2016 Temp Holdings Co. Ltd. All Rights Reserved.

7

2018/3 1st Half : Consolidated Statements of Cash Flows(Unit: billion yen)
2017/3

2018/3

1st half results

1st half results

Cash flows fromoperating activities

22.5

22.5

-0.0

Cash flows frominvesting activities

-3.9

-4.2

-0.3

Change＜Purchase of treasury shares＞∟ 2017/3： -0.0

Cash flows fromfinancing activities

-4.2

-6.2

-1.9

∟ 2018/3： -1.2
＜Cash dividends paid＞∟ 2017/3： -1.6

Increase (decrease) incash and cash
Equivalents

14.0

11.8

-2.1

Cash and cash
equivalents
at end of period

65.2

81.2

16.0

∟ 2018/3： -2.1

*Purchase of treasury stock intended for the use of Share Compensation System(BIP/ESOP) for PERSOL HOLDINGS and group company’s directors etc
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8

Dividend Policy
Stable dividend payment will be continued according to the progress of business results,
while enhancing our business structure to be able to expand businessin growth areas swiftly and aggressively.

2017/3

Dividendper Share
Dividend Ratio（Consolidated）

2018/3

InterimYear-end

InterimYear-end

8 yen

9 yen

9 yen

9 yen
（Plan）

22.4%

19.0%
（Plan）

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9

Part 2:
Progress of Mid-term Management Strategy andPERSOL Group Overseas Expansion

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Outline of Mid-term Management Strategy
We set 5 strategies for our Mid-term Management Strategy

Strategy 1

Enhancing Awareness of the PERSOL Group

Strategy 2

Investing in IT Systems and Enhancing Productivity for
Further Business Growth

Strategy 3

Creating Group Synergies and Promoting Group Management

Strategy 4

Enhancing Our Presence in the Asia-Pacific Region

Strategy 5

Strengthening Business Platform and Expanding Service
Domains through M&A
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11

Financial Target
To achieve mid-term financial target, we will expand our business scopecontinuously(Unit: billion yen)
Sales

677.3

591.9
43.4

2017/3

Assumption

47.1
36.0

33.4

2018/3 (Forecast)～

EBITDAOP income

750.0
60.0
45.0

2020/3 (Target)

GDP growth
ratio

Moderate Growth (around +0.0~1.0%)

Effective opening
to application ratio

Continuing strong demand based on economic growthand structural demand (around 1.0~1.2)
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12

Significance of PERSOL Group Overseas Expansion
While the domestic Japanese market is maturing/contracting due to population declines, the growing
APAC market is a target, and PHD aims to become the largest HR services vendor in the APAC region

2015～2050 forecast population growth ofvarious countries within APAC

Structure Being Aimed For:(%)
50

Individual clients/employees
in various countries

40

30

Extend across national borders

20

10"Creating a social infrastructure for people andorganizations that catalyzes growth and innovation"

0

-10

-20

Australia

Malaysia

India

Indonesia

New ZealandVietnam

Korea

PRC

ThailandJapan

Source: Prepared by PHD from United Nations Population Fund (UNFPA) forecast figures 2015～2050

Corporate clientsin various countries

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13

Temporary Staffing Situation World-wide
In Japan, clerical temporary staffing is the major business line.
Globally, there is wide spread use of blue collar temporary workers.
Japan: Breakdown of temp worker job roles:(April - June 2017 Average)

America: Temporary staffing market scale(2013)Breakdown of sales of leading
global temporary staffing firms (2016 Results)(JPY 100 million)
100%

35,000

90%

70%

40%
30%
20%

10%

Clerical temp roles50%

30,00080%

25,00070%

20,000Trade
貿易
Selling
販売
Potential
Employee Temp
紹介予定派遣60%Blue collar temp workers

50%
15,00040%

10,000

30%

5,000

20%
10%

0%
Info
Process Sys. Devel.
情報処理システム開発

100%
90%

80%

60%

Blue collar temporary staffing

0
Machine Operators
機器操作
General Clerical
一般事務
Manufacturing
製造
日雇い
Daily Hire

Finance
財務
Sales
営業 & Marketing
Light
Duty
軽作業

Prepared by PERSOL from material of various external sources.

0%

Firm
X社X

Firm
Y社 Y

Blue collar

BPO

White collar

Other

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14

Steps Towards PERSOL Group Overseas Expansion
Overseas operations commenced in 1993 with the establishment of the Hong Kong Branch.
PERSOL`s presence has expanded to various APAC countries through M&As.

Overseas sales transition

Regions overseas where expansion has taken place(Unit: JPY 100 million)

Oct 2017
Programmed

PRC
Korea

July 2016
Kelly JVJan 2016
First Alliances

TaiwanIndia
ThailandOct 2015
Capita631

Hong Kong
Vietnam
Malaysia

Singapore
Indonesia

371
Australia
2014年
FY
Mar 2014
3月期

2015年
FY

2016年
FY

2017年
FY

Mar 2015

Mar 2016

Mar 2017

3月期

Forecast at FY start

3月期

3月期

2018年
FY
Mar 2018

3月期

2019年
FY
Mar 2019
3月期

New Zealand

Programmed contribution(outline diag., detailed figures being scrutinized)
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15

PERSOL Group Overseas Strategy
The HR business is an "information industry". Firstly what is exceedingly important is to establish a sales
network/secure a presence so that various options can be provided to both individuals thatwork/corporations. To achieve this, M&As were a core pillar of PHD`s desire to expand its business footprint.

Qualitative improvement (profitability)

Path leading to"infrastructure that catalyzes growth and innovation"

Aim for quality improvements after
rapidly expanding quantitatively

Management policyin the overseas business1

1st Step: Quantitative expansion (grow sales)
2nd Step: Qualitative improvement (improve profit ratios)

2

Local delegation will take place, and business operations
related expertise/experience of local management teams
will be utilized to the maximum possible extent.

3

Establish governance/compliance systems of a standard
identical with domestic Japan.

2nd
Current
situation

1st

Quantitative expansion (sales)
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16

2016:Expansion of JV with Kelly Services in APAC

Services

Have strengths inPlacement Business

Have strengths in
Temporary Staffing Business

RegionSingapore, Malaysia
Indonesia, Vietnam

Main area in APAC
(except Vietnam)

ClientWe will continue to provide our global clients with seamless, cross border HR solutions in
Asia Pacific with the goal of becoming the most trusted talent management brand in theregion.

Japanese / Local / GrobalEnterprise, IT / Hightechnologies (Singapore)

Local / Grobal Enterprise,
Finance (Singapore)

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Joint Venture with Kelly Services: Results & Strategy
EBITDA has constantly been in the black since setting-up the JV with Kelly.
Integrated HR services are being provided not just to Japanese firms operating locally but
also to MNCs* and local businesses.
Overseas Segment EBITDA transition(JPY 100 million)

2.5
2Strategy

Since establishing
the Kelly JV

1Integrated HR services are being provided notjust to Japanese firms operating locally but
also to MNCs* and local businesses.

2

Collaboration has been further strengthened byrolling-out the new "PERSOLKELLY" brand.

3

Operational efficiency has improved sinceintegrating organizations, offices, and systems.

1.5
1
0.5
0
-0.5
-1
-1.5
-2
-2.5

*MNC: Multinational company

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18

2017: Significance of the Programmed Acquisition
Australia is the largest market in APAC.
Securing a presence in the Australian market is a key critical element of PERSOL`s overseas strategy.
Targeting of Programmed (leader in the Australian market) for acquisition was extremely attractive.
This acquisition makes it possible to establish a rock-solid operational platform in Australia/APAC.

Global Temporary Staffing Markets & Market Scale
Blue: Global corporations
Green: Local firms(JPY 100 million)(JPY Trillion)

No.1

No.2

No.3

Programmed

GlobalGlobalGlobalGlobalGlobalGlobalAPAC 4.3
16,459Australia

Europe 20.1

Japan 6.4

Temporary staffing
MarketJPY 48.2 trillion

North America 17.3

Australia
1.6

India

5,073

New Zealand

1,353

Local

Singapore

1,015

Local

Indonesia

676

Malaysia
Thailand
VietnamNo dataavailable

GlobalLocal

Prepared by PHD from material of various external sources.
Amounts converted into JPY: calculated amounts noted are based on forex rates at end of Sep 2017 (1 dollar = JPY 112.73).

GlobalGlobalLocal

GlobalGlobalLocal
Global* PERSOL research

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19

Australian Macro Economy
The Australian economy has demonstrated stable positive growth for 26 years since 1992.
A steady rate of GDP growth is also forecast in future.
Australia’s high growth rate is conspicuous amongst advanced countries, and is due to natural growth in
the population together with the acceptance of immigrants.
Comparison of movements in the actual GDP growth rate

2015～2050 comparison of forecast population growth rates

(%)

(%)

6

50
Estimate

4

40

30
2
20
0

10
0

-2

-10
-4
Australia

India

America

オーストラリア
Australia

UK

America
アメリカ

Brazil

UK
イギリス

PRC

Japan
日本

Germany

-6

Japan

-20

Source: IMF Fact Sheet: Actual GDP growth rates used by PHD to prepare material
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Source: United Nations Population Fund (UNFPA) forecast figures 2015～2050 used by PHD to prepare material

20Scale of the Australian Market for Temp Staffing/MaintenanceTemp staffing market: Continued expansion is expected as the working population/average incomes grow.
Maintenance market: Growth in demand is forecast due to large infrastructure investment, growing population andincreased outsourcing by governments.
Australian temporary staffing labor market(JPY 100 million)

Australian maintenance market(JPY 100 million)

20,00012,00018,00010,00016,00014,0008,000

12,000
6,000

10,000
8,000

4,000
6,000

4,000

2,000

2,000
0
0

ActualForecast

Prepared by PHD from material of various external sources.

ActualForecast

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21

Outline of Programmed
Established in 1951 as a painting service company by Norman Miles.
The business developed based on the provision of people based services.
In 2015 acquired SKILLED GROUP Ltd. to become Australia’s largest HR services company.
Programmed Outline
Company
Name

Programmed Maintenance Services Limited

Headquarters

Western Australia, Australia

Corporate
History• 1951: Established as a painting services company(subsequently expanded the business into
facilities/equipment maintenance).
• 2007: Merged with Integrated Group;a major Australian HR services company.
• 2015: Acquired SKILLED Group;a leading Australian HR services company.

VisionTo be the leading provider ofstaffing, maintenance and facility
management services,
without injury

ValuesNumber of
Employees

Total 25,003
headcount:(June 2017)

Permanent office employees:1,991 headcount(management / sales / administration)
Permanent field employees (on-site):
2,964 headcountTemporary on hire employees: 20,048
headcount

Number of
branches

Over 100 locations, mainly in Australia and New ZealandDescription ofBusiness

Staffing business & Maintenance business

1 Personal Safety Leadership
2 Care and Empathy
3 Good Old Fashioned Customer Service

4 Diversity, Inclusion and Equality

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22

Programmed Business Outline
Staffing business: provides temp hire/placement/training services to all sectors of the economy.
Maintenance business: provides maintenance & facility management services across infrastructure,industrial and mining sectors.

Description of Business
Professionals:

White Collar staffing services
Permanent placement
Temp hire
Technical
Engineering
IT
Administration

Property Services:

Staffing

Building and grounds maintenanceservices including;
Painting
Grounds
Corporate imaging / signage
Building projects
Turnpoint - Specialist Turf (Golf /Racing / Sports)

Maintenance

Skilled Workforce:Blue Collar staffing services
Permanent placement
Temp hireTransport & Logistics
Mining & Construction
Manufacturing
Industrial
TradesProfessionals

HealthProfessionals

SkilledWorkforce

Facility
Management

Property
Services

Training
Services

Industrial
MaintenanceElectricalTechnologies

Facility Management (FM):Facility management, operations
and maintenance services for the
infrastructure sector

Electrical Technologies:
Health Professionals:

Allied Health staffing services
Permanent placement
Casual Hire
Hospitals
Aged care

Training Services:

A complete range of apprenticeshipand traineeship programs for allindustry sectors
RTO & GTO*

*GTO: Group Training Organisation, RTO: Registered Training Organisation

Industrial Maintenance:

Maintenance, shutdown and minor
capital work services for industrial
and mining sector

Design, install, upgrade and repair
electrical, data, audio-visual andcommunication systems

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23

Programmed Strengths“Zero Harm”: a company policy where efforts are made to achieve safety by operational
improvements.

Deliver operational
improvements,
flexibility and highlevels of satisfaction to
our customers

Get safety righton the ground••

Deploy the right personwith the rightcompetency to eachjob

Safety Pause & Safety Conversations and other culture based initiatives are
key factors in reducing work related injuries
Since 2007, Lost Time Injury Frequency Rate* (LTIFR) reduced by over 90%.
20
15
10
5
0

•

LTIFR*
16.1
9.2

7.3

•
4.32

2.98

1.9

Recruit anddevelop people

Manage humanresources in an
increasingly regulated
environment

Contracts exist in
the maintenancebusiness that havebeen in place forover 30 years whichis testament tocustomer trust.
NPS* scoresmeasure the degreeof customer
satisfaction.

•

Possible to deploy
and access more
optimal talent by
inclusion of the
SKILLED Group.

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
* Safety Pause: An initiative where one person takes 2 to 3 minutes to share a `safety` related episode at the start of major meetings. Safety Conversations: all employees are
required to undertake a safety conversation on a frequent basis.
* Lost Time Injury Frequency Rate：workplace injury frequency based on a ratio of actual work hours lost per every 1 million work hours actually worked. Safety indicator
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* NPS: Net Promoter Score (quantitative indicator of customer loyalty).
24

Transition in Programmed - Results of Previous Years
Sales & EBITDA transition backed by stable operations/customer portfolio
Business results trends

Sales(JPY 100 million)

SKILLED included in
the consolidation

3,000

1,500

1,342

1,269

1,269

FY2013
Mar
2013
3月期

FY2014
Mar
2014
3月期

FY2015
Mar
2015
3月期

85

71

1,955

2,000

SKILLED included in
the consolidation

100

2,381

2,500

EBITDA(JPY 100 million)

59

57

54

FY
Mar
2013
2013

FY
Mar
2014
2014

FY
Mar
2015
2015

50

1,000
500
0
FY2016
Mar
2016
3月期

FY2017
Mar
3月期
2017

0
3月期

3月期

3月期

FY
Mar
2016
2016

3月期

FY
Mar
2017
2017

3月期

Breakdown of sales: (FY Mar 2017)
Other 1%Other 11%51%

Maintenance
49%

AU
93%

By client sector

Staffing

By region

By business

NZ 6%Transport 5%
Offshoreoil & gas 7%

Retail &Commercial 12%

Onshore mining
13%

Government &infrastructure
36%

Manufacturing &industrial 16%

Source: Prepared by PHD from Programmed Ltd. public material. Skilled Ltd. contribution to results: 6 month period in FY Mar 2016 , and a 12 month period in the FY 2017 period.
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25
Amount converted into JPY: calculated amounts noted are based on forex rates at end Sep 2017 (1 AUD = JPY 88.47)

Post-Acquisition Governance/Management Policy
The current Overseas Segment will be split into 2 to exercise control. Whilst under the control the Board of
Directors of PERSOL HOLDINGS, actual decision making authority rests with Programmed based on thestrengths demonstrated by the well experienced Programmed management team.
Systems

Management Policies

PHD Board of Directors

Mr. Takahashi

1Whilst under the control of he Board of Directors of
PERSOL HOLDING, actual decision making authority
rests with Programmed to enable timely decision
making.

2

The well experienced Programmed management teamwill continue to exercise organizational control.

3

Deepen mutual understanding through transparency:
make monthly reports to PERSOL, and hold regularmeetings between PERSOL HQ/Programmed HQ
stakeholders.

Mr. Ozawa(Executive in charge ofoverseas business)

PHD Executive Officers

Mr. Yamazaki(Segment Lead)

Mr. Ozawa(Programmed Ltd. Chairman)

Retention Strategy
CEO Yamazaki

COO* LTI: Long Term Incentive

CFO

Managing
Director

1

Introduce new LTI* plan

CFO

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26

Post-Acquisition Action Plan
Design a 5/5/5 plan for eligible areas, operate the plan/make periodic progress reports.
5/5/5 Plan:
Pre deal (27th October)
Plan that can be executed
prior to closing the deal
/matters that must be
executed.

First 5 Days

First 5 Weeks

First 5 Months

Important matters that must
be executed the week after
closing the deal.

After closing the deal,
important matters that must
be executed within 5 weeks.

Matters to be addressed tocomplete the process of
integration, and to transition
to ordinary operations

Examples of eligible areas/arrangements:
Company Secretary &Deal Completion• Reconfiguring the Board of Directors
and Committees.

Human Resources• Implement Retention Plan/
New LTI Plan

Governance• Establish governance structures

Risk, Legal & Insurance

Finance & Taxation

Communication• Inclusion into the PHD consolidation• Implement J-SOX

Business Systems & ICT• Formulation of in-house/external focusedmarketing/communications plans

Internal Audit• Establish an internal audit system• Implement an appropriate compliance • Understand mutual IT systems,(risk-management) systemprovide an appropriate IT environment

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27

Programmed  PERSOL Synergies
Firstly, carry through to conclusion tasks associated with the 2015 SKILLED acquisition.
Commit to creating highly transparent systems. Afterwards, strive to blend Programmed & PERSOL.

Time-centric

Phase 1

Phase 2

With the completion

Blend the strengths ofof the integration of

Programmed &SKILLED, the focus

PERSOL, and actively

will be on generating

pursue synergies.

synergies with

Synergies

PERSOL`sexpertise & knowhow in white collar
roles & talent with
‘soft’ skills.
PERSOL`s Asian
network

Facility/Installation
maintenancebusinessknow-how.
Experience withlarge-scale projects

Blend the strengths ofboth companies.

SKILLED
The maintenance business is
expanding in the APAC region wherePERSOL is already growing its
business: generates synergies.
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28

Appendix

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Appendix： 2018/3 Consolidated forecasts of Results(Unit: billion yen)

2017/3 Results
Full year

2018/3 Forecasts

Ratio (%)

Full year

YoY (%)

Ratio (%)

Progress
Ratio（％）

Sales

591.9

100.0

677.3

100.0

+14.4

48.0

EBITDA

43.4

7.3

47.1

7.0

+8.5

44.7

OP income

33.4

5.6

36.0

5.3

+7.8

44.5

Profitattributable toowners ofparent

17.8

3.0

22.2

3.3

+24.6

41.5

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30

Appendix： 2018/3 Consolidated forecasts of Results：Sales by Segment(Unit: billion yen)

2018/3 Forecasts

2017/3 Results

Full year

Ratio (%)

Full year

YoY (%)

Ratio (%)

Progress
Ratio（％）

Temporary
Staffing/BPO

440.6

74.4

485.4

71.7

+10.1

48.5

Recruiting

66.1

11.2

78.1

11.5

+18.1

45.2

Overseas

37.1

6.3

63.1

9.3

+70.0

50.4

ITO

26.6

4.5

29.4

4.3

+10.3

46.0

Engineering

26.6

4.5

28.1

4.1

+5.4

46.5

TOTAL

591.9

100.0

677.3

100.0

+14.4

48.0

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31

Appendix： 2018/3 Consolidated forecasts of Results：EBITDA by Segment(Unit: billion yen)

2018/3 Forecasts

2017/3 Results

Full year

Ratio (%)

Full year

Ratio (%)

YoY (%)

Progress
Ratio（％）

Temporary
Staffing/BPO

23.8

54.8

26.2

55.8

+10.4

46.6

Recruiting

13.1

30.4

13.1

27.8

-0.7

48.8

Overseas

0.3

0.7

0.9

2.1

+202.3

45.7

ITO

2.7

6.3

2.9

6.4

+8.9

27.3

Engineering

2.5

5.8

2.8

6.1

+13.0

35.2

TOTAL

43.4

100.0

47.1

100.0

+8.5

44.7

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32

Appendix： 2018/3 Consolidated forecasts of Results：OP Income by Segment(Unit: billion yen)

2017/3 Results

Full year

2018/3 Forecasts

Ratio (%)

Full year

Progress
Ratio（％）

YoY (%)

Ratio (%)

Temporary
Staffing/BPO

20.7

62.1

22.7

63.1

+9.4

47.0

Recruiting

9.3

28.0

9.5

26.4

+1.5

49.5

Overseas

-0.8

-2.6

-0.6

-1.7

-

-

ITO

2.0

6.3

2.4

6.7

+14.5

20.2

Engineering

1.9

5.9

2.2

6.1

+11.2

32.2

TOTAL

33.4

100.0

36.0

100.0

+7.8

44.5

Copyright © since 2016 Temp Holdings Co. Ltd. All Rights Reserved.

33

Disclaimer•

The statements concerning the Company’s future businessperformances in this material such as earnings forecasts are
based on information available as of November 13, 2017 andcertain assumptions deemed to be reasonable by the Company,and do not mean that we promise to achieve these figures. Actual
earnings may differ materially from the statements due to a variety
of factors.

•

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

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

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

Copyright © since 2016 Temp Holdings Co. Ltd. All Rights Reserved.

34