Briefing on Consolidated Financial
Results for the Fiscal Year
Ended March 31, 2018

PERSOL HOLDINGS CO., LTD.
May 15, 2018

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

2018/3 : Summary of Consolidated Business Results
While Sales grew +22.0% due to solid growth of existing business and M&A contribution,
OP income increased +8.0% due to the cost increase from the investment in each segments,
as well as expansion of group brand awareness and PROGRAMMED amortization cost.
Impairment loss of PERSOLKELLY and ‘an’ business result in Profit attributable toowners of parent decline -56.4%(Unit: million yen)
2017/3 Results

2018/3 Results

2018/3 Forecasts
YoY(%)

Full Year

Achievementrate（％）

100.0+22.0%

732,300

98.6

167,43823.2+17.4%--

7.3

48,026

6.7+10.6%

48,50899.0

33,4095.6

36,0685.0+8.0%

36,000100.2

17,820

3.0

7,769

1.1

-56.4%

18,667

41.6

Full Year

Ratio(%)

Full Year

Ratio(%)

Sales

591,995

100.0

722,183

Gross Profit

142,608

24.1

EBITDA*

43,433OP income
Profit attributableto owners ofparent*Rounded down (same as following pages)*EBITDA = OP income + Depreciation + Amortization of Goodwill(same as following pages)
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

1

2018/3 : Sales Analysis
Sales grew +22.0% due to the +9.1% organic growth fromexisting business and M&A contribution(Unit: billion yen)

PROGRAMMED：＋54.5
PERSOLKELLY ：＋22.9

-1.1
+77.4

+6.7

+5.7

-

+2.3

＋1.1

-2.4

+40.3

722.1

591.9

2017/3Full Year

Organic growth+53.8

Temporary
Staffing・BPO

Recruiting

PROGRAMMEDPERSOL
KELLY

M&A
+77.4

ITO

Enginee
ring

Other

M&A

Adjustment

2018/3Full Year*M&A targets(dates indicate consolidation as subsidiaries):Kelly Services (Singapore) Pte. Ltd.(October 2016) , Programmed Maintenance Services Limited (January 2018)*M&A effect:The figures are shown the financial results composed of the new companies by M&A. (Internal transactions have not been eliminated)*Organic growth (existing businesses):The figures are shown the financial results excluding the new companies by M&A. (InternalCopyrighttransactions
have
not CO.,been
eliminated)© PERSOLHOLDINGSLTD.
All Rights Reserved.
*BPO：Business Process Outsourcing, ITO：IT Outsourcing (same as following pages)

2

2018/3 : Sales by Segment
Sales grew +22.0% due to the +9.1% organic growth fromexisting business and M&A contribution(Unit: million yen)
2017/3 Results

2018/3 Results

Full Year

Full Year2018/3 Forecasts

YoY(%)

Full Year

Achievementrate（％）

Temporary
Staffing/BPO

440,678

481,071+9.2

485,400

99.1

Recruiting

66,134

72,841+10.1

78,10093.3

PROGRAMMED-

54,512-55,00099.1

PERSOLKELLY

37,10865,774+77.3

63,100104.2

ITO

26,64628,988+8.8

29,40098.6

Engineering

26,66827,795+4.2

28,10098.9

Others

6,756

4,339

-35.8

4,300

100.9

Adjustment-11,997-13,140--11,100-

TOTAL

591,995

722,183+22.0

732,300

98.6*PROGRAMMED：The financial closing date of Programmed is different from that of PERSOL for 3 months, and the Deemed Acquisition Date for Business Combinations is set as
September 30, 2017. Therefore, the performances for the 3rd quarter are not included.
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.
*Internal transactions have not been eliminated from the figures3

2018/3 : EBITDA Analysis
EBITDA grew 4.6 billion yen due to the organic growth from
Temporary Staffing・BPO and Recruiting business and M&A
contribution of PROGRAMMED etc(Unit: billion yen)

PROGRAMMED：＋1.05
PERSOLKELLY ：＋0.06
+1.0

+0.7

-

+0.1

+０.4

-0.4

+1.1

-0.2

+1.7

48.0
43.4
Organic growth+3.6

2017/3
Temporary
Full Year Staffing・BPO

Recruiting

PROGRAMMEDPERSOL
KELLY

M&A
+1.1

ITO

Enginee
ring

Other

M&A

Adjustment

2018/3Full Year*M&A targets(dates indicate consolidation as subsidiaries):Kelly Services (Singapore) Pte. Ltd.(October 2016) , Programmed Maintenance Services Limited (January 2018)*M&A effect:The figures are shown the financial results composed of the new companies by M&A. (Internal transactions have not been eliminated)*Organic growth (existing businesses):The figures are shown the financial results excluding the new companies by M&A. (InternalCopyrighttransactions
have
not CO.,been
eliminated)© PERSOLHOLDINGSLTD.
All Rights Reserved.
*BPO：Business Process Outsourcing, ITO：IT Outsourcing (same as following pages)

4

2018/3 : EBITDA by Segment
EBITDA grew 4.6 billion yen due to the organic growth from
Temporary Staffing・BPO and Recruiting business and M&A
contribution of PROGRAMMED etc
2017/3 Results

2018/3 Results

Full Year

Full Year(Unit: million yen)
2018/3 Forecasts

YoY(%)

Full Year

Achievementrate（％）

Temporary
Staffing/BPO

23,80825,590+7.5

26,278

97.4

Recruiting

13,194

14,274+8.2

13,100109.0

PROGRAMMED

-

1,054

-

1,100

95.8

PERSOLKELLY

323

1,094

+238.3

1,177

93.0

ITO

2,747

2,930

+6.7

2,991

98.0

Engineering

2,539

2,982

+17.5

2,869

104.0

Others243-254-204.5-120

47.2

Adjustment

576

353

-

1,111

-

43,43348,026+10.6

48,508

99.0

TOTAL

*PROGRAMMED：The financial closing date of Programmed is different from that of PERSOL for 3 months, and the Deemed Acquisition Date for Business Combinations is set as
September 30, 2017. Therefore, the performances for the 3rd quarter are not included.
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.
*Internal transactions have not been eliminated from the figures52017/3 : OP income Analysis
While Temporary Staffing・BPO and Recruiting business had organic growth,
M&A contribution was negative due to 0.8 billion yen acquisition costs of
PROGRAMMED. As a result, OP income grew +2.6 billion yen(Unit: billion yen)

PROGRAMMED：-0.5
PERSOLKELLY：-0.2

+1.4

+0.9

-

+0.1

＋0.3

-0.5
-0.7

-0.3

+1.3

36.0
33.4
Organic growth+3.7

2017/3Full Year

Temporary
Staffing・BPO

Recruiting

PROGRAMMEDPERSOLK
ELLY

M&A
-0.7

ITO

Enginee
ring

Other

M&A

Adjustment

2018/3Full Year*M&A targets(dates indicate consolidation as subsidiaries):Kelly Services (Singapore) Pte. Ltd.(October 2016) , Programmed Maintenance Services Limited (January 2018)*M&A effect:The figures are shown the financial results composed of the new companies by M&A. (Internal transactions have not been eliminated)*Organic growth (existing businesses):The figures are shown the financial results excluding the new companies by M&A. (InternalCopyrighttransactions
have
not CO.,been
eliminated)© PERSOLHOLDINGSLTD.
All Rights Reserved.
*BPO：Business Process Outsourcing, ITO：IT Outsourcing (same as following pages)

62018/3 3Q : OP income by Segment
While Temporary Staffing・BPO and Recruiting business had organic growth,
M&A contribution was negative due to 0.8 billion yen acquisition costs of
PROGRAMMED. As a result, OP income grew +2.6 billion yen(Unit: million yen)
2017/3 Results

2018/3 Results

Full Year

Full Year2018/3 Forecasts

YoY(%)

Full Year

Achievementrate（％）

Temporary
Staffing/BPO

20,747

22,122+6.6

22,70097.5

Recruiting

9,363

10,810

+15.5

9,500

113.8

PROGRAMMED

-

-507

-

-500

98.6

PERSOLKELLY

-868

-190

+356.7

-200

105.2

ITO

2,095

2,263

+8.0

2,400

94.3

Engineering

1,979

2,365

+19.5

2,200

107.5

Others188-322-270.9-200

62.0

Adjustment

-96

-472

-

100

-

33,40936,068+8.0

36,000

100.2

TOTAL

*PROGRAMMED：The financial closing date of Programmed is different from that of PERSOL for 3 months, and the Deemed Acquisition Date for Business Combinations is set as
September 30, 2017. Therefore, the performances for the 3rd quarter are not included.
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.
*Internal transactions have not been eliminated from the figures7

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

As of March 31, 2018

Ratio(%)

Results

Ratio(%)(Unit: million yen)

Change268,364

100.0

403,465

100.0

135,101

165,240

61.6

235,492

58.4

70,252

69,43925.989,62422.2

20,185

103,12338.4

167,972

41.6

64,84973,55727.4

113,265

28.1

39,708

114,54742.7

243,472

60.3

128,925

87,91332.8

217,10653.8

129,193

5,053

1.9

89,92822.3

84,874Non-current liabilities

26,6349.9

26,366

6.5-268(Long-term loans payable)

20,426

7.6

15,713

3.9-4,713

153,81657.3

159,992

39.7

6,175

139,11951.8

145,537

36.1

6,417

(Capital stock)

17,465

6.5

17,467

4.3

2(Capital surplus)

20,156

7.5

20,1825.0

26(Legal retained earnings)

102,432

38.2

105,993

26.3

3,560

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

Liabilities
Current liabilities(Current portion of loans payable)

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

＜Current liabilities＞
Increase in short-term loans payable
Increase in unpaid consumption tax etc.
＜Non-current liabilities＞
Decrease in long-term loans payable<Legal retained earnings>
Increased due to an increase in profit

Minority interests

14,696

5.5

14,455

3.6-241*M&A：Acquisition of 100% shares of Programmed Maintenance Services Limited, which provides HR services and maintenance business mainly in Australia

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8

2018/3 : Consolidated Cash Flow
2017/3Full year
Results(Unit: million yen)

Cash flows fromoperating activities
Cash flows frominvesting activities
Cash flows fromfinancing activities

Full Year
Results
39,617-9,708-11,655

Increase(decrease) in cash
and cash
Equivalents

18,243

Cash and cash
equivalents
at end of period

69,382

Income before income
taxes and minority
interests

30,200⇒20,578

Impairment loss

4,760

⇒

14,280Depreciation andamortization

3,988

⇒

4,907

Amortization of goodwill

6,035

⇒

7,050

Decrease (increase) innotes and accounts
receivable-trade-7,017⇒-10,851

Increase (decrease) in
operating debt

13,371⇒

10,75561,842

Increase (decrease) in
consumption tax payable

1,375

⇒

3,404

-5,640⇒-4,350

1,940

Purchase of intangible
assetsPurchase of investments
in subsidiaries(resulting in-2,518⇒-61,818-297⇒

69,323

2018/32017/3Full Year
Results

35,003-66,732

50,18620,184

Change-4,614-57,024change of scope of consolidation)

Net increase (decrease) inshort-term loans payable

89,5662018/3Full year
Results

20,184
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9

2018/3 Transition of Business Results by Segments ① Temporary Staffing/BPO+9.2%(Unit: billion yen)

2018/3 : Highlights

+7.5%
+6.6%
440.6

481.0
23.8

Sales

25.5

20.7

EBITDA

22.1•

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

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

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

OP income2017/3 Results

Full Year(Unit: million yen)
2018/3 Results

Full Year2018/3 Forecasts

YoY(%)

Full Year

Achievementrate（％）

Sales

440,678

481,071+9.2

485,400

99.1

EBITDA

23,80825,590+7.5

26,278

97.4

5.4

5.3

-

5.4

-

20,747

22,122+6.6

22,700

97.5

4.7

4.6

-

4.7

-

EBITDA margin (%)
OP incomeOP income ratio (%)*Internal transactions have not been eliminated from the figures*See the "Factbook (Fiscal year 2018)" released on the website on the same date for the 2018/3 results
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

10

2018/3 Transition of Business Results by Segments ② Recruiting+10.1%(Unit: billion yen)

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

+8.2%

72.8
66.1

• Margin increased due to sales increase even personnel
reinforcement and promotional investment costs increased+15.5%
13.1

14.2
9.3

Sales

EBITDA• Suspension of publication for free-paper “an”, and integrated to
web media for advertising business. However, delays in offering
services centered on the WEB, promotional investments were notincreased which led to decrease in competitiveness result in
impairment loss.

10.8

OP income2017/3 Results

Full Year(Unit: million yen)
2018/3 Results

Full Year2018/3 Forecasts

YoY(%)

Full Year

Achievementrate（％）

Sales

66,134

72,841+10.1

78,10093.3

EBITDA

13,194

14,274+8.2

13,100109.0

EBITDA margin (%)

20.0

19.6

-

16.8

-

OP income

9,363

10,810

+15.5

9,500

113.8

OP income ratio (%)

14.2

14.8

-

12.2

-

*Internal transactions have not been eliminated from the figures*See the "Factbook (Fiscal year 2018)" released on the website on the same date for the quarterly results
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

11

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

2018/3 : Highlights• Consolidation of Programmed starts from 4Q• Stead growth on sales mainly in maintenance business

54.5• Acquisition costs of Programmed was booked

1.0
Sales

EBITDA-0.5
OP income2017/3 Results(Unit: million yen)
2018/3 Results

Full Year

Full Year2018/3 Forecasts

YoY(%)

Full Year

Achievementrate（％）

Sales-

54,512-55,00099.1

EBITDA

-

1,054

-

1,100

95.8

EBITDA margin (%)

-

1.9

-

2.0

-

OP income

-

-507

-

-500

98.6

OP income ratio (%)

-

-0.9

-

-0.9

-

*Internal transactions have not been eliminated from the figures*See the "Factbook (Fiscal year 2018)" released on the website on the same date for the quarterly results
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

12

2018/3 Transition of Business Results by Segments ④ PERSOLKELLY+77.3%(Unit: billion yen)

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

65.7
37.1

+238.3%
0.３

Sales

1.1

+356.7%-0.8

EBITDA• Continuous investment in personnel and system for future
growth• Impairment loss was booked due to: temporary disorderassociated with integrations, active up-front investment, inability
to absorb the cost burden associated with HQ expansion.

-0.1

OP income2017/3 Results

Full Year(Unit: million yen)
2018/3 Results

Full Year2018/3 Forecasts

YoY(%)

Full Year

Achievementrate（％）

37,10865,774+77.3

63,100104.2

EBITDA

323

1,094+238.3

1,177

93.0

EBITDA margin (%)

0.9

1.7

-

1.9

-

OP income

-868

-190

＋356.7

-200

105.2

OP income ratio (%)

-2.3

-0.3

-

-0.3

-

Sales

*Internal transactions have not been eliminated from the figures*See the "Factbook (Fiscal year 2018)" released on the website on the same date for the quarterly results
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

13

2018/3 3Q Transition of Business Results by Segments ⑤ ITO+8.8%(Unit: billion yen)

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

26.6

＋6.7%

28.9

• Achieved sales growth due to the increase in the high value-added
PJ such as consulting service, the sales marketing service as wellas in-house products

＋8.0%

2.7

Sales

2.9
2.0

EBITDA• Profitability declined temporarily due to labor condition
improvement for retention and recruitment of IT engineers as well
as office expansion etc

2.2

OP income2017/3 Results

Full Year(Unit: million yen)
2018/3 Results

Full Year2018/3 Forecasts

YoY(%)

Full Year

Achievementrate（％）

Sales

26,64628,988+8.8

29,40098.6

EBITDA

2,747

2,930

+6.7

2,991

98.0

EBITDA margin (%)

10.3

10.1

-

10.2

-

OP income

2,095

2,263

+8.0

2,400

94.3

7.9

7.8

-

8.2

-

OP income ratio (%)*Internal transactions have not been eliminated from the figures*See the "Factbook (Fiscal year 2018)" released on the website on the same date for the quarterly results
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

14

2018/3 Transition of Business Results by Segments ⑥ Engineering
2018/3 : Highlights+4.2%(Unit: billion yen)

• Started as PERSOL RESEARCH & DEVELOPMENT CO., LTD. sinceApril 2017. (merged JAPAN TECSEED CO., LTD. and DRD Co.,Ltd.)
• Demand of design, development and experiment from theautomobile and electric industries is solid＋17.5%

26.6＋19.5%

27.7

2.5

Sales

• High operation rate and unit price contributed to growth in sales.
• Progress in developing new technical fields such as MBD

2.9

1.9

EBITDA• Expansion of human resources such as recruitment and use ofbusiness partners is going smoothly

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

OP income2017/3 Results

Full Year(Unit: million yen)
2018/3 Results

Full Year2018/3 Forecasts

YoY(%)

Full Year

Achievementrate（％）

Sales

26,66827,795+4.2

28,10098.9

EBITDA

2,539

2,982

+17.5

2,869

104.0

9.5

10.7

-

10.2

-

1,979

2,365

+19.5

2,200

107.5

7.4

8.5

-

7.8

-

EBITDA margin (%)
OP incomeOP income ratio (%)*Internal transactions have not been eliminated from the figures*See the "Factbook (Fiscal year 2018)" released on the website on the same date for the quarterly results
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

15

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

2018/3 Results

Full Year

Full Year2018/3 Forecasts

YoY(%)

Achievementrate（％）

Full Year

Sales

6,756

4,339

-35.8%

4,300

100.9

EBITDA

243-254-204.5%

-120

47.2

EBITDA margin (%)

3.6

-5.9

-

-2.8

-

OP income

188

-322

-270.9%

-200

62.0

OP income ratio (%)

2.8

-7.4

-

-4.7

-

(Unit: million yen)
Adjustment
Sales
EBITDAEBITDA margin (%)

OP incomeOP income ratio (%)

2017/3 Results

2018/3 Results

Full Year

Full Year2018/3 Forecasts

YoY(%)

Achievementrate（％）

Full Year-11,997-13,140--11,100

-

576

346

-

1,111

-

-

-

-

-

-

-96

-472

-

100

-

-

-

-

-

-

*Internal transactions have not been eliminated from the figures*See the "Factbook (Fiscal year 2018)" released on the website on the same date for the quarterly results*Others include our group functional services, education and training business, employment support business for people with disabilities, and childcare business*Adjustment stands for elimination of transactions between segments, and revenue and expenses of Temp Holdings Co., Ltd.
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16

2019/3 Consolidated forecasts of Results(Unit: million yen)
2019/3 Forecasts

2018/3 Results
1st Half

Ratio
(%)

Full year

Ratio
(%)

1st Half

Ratio
(%)

YoY
(%)

Full year

Ratio
(%)

YoY
(%)

Sales

324,780100.0

722,183100.0

456,000

100.0

+40.4

940,000

100.0

+30.2

EBITDA

21,048

6.5

48,026

6.7

24,5005.4+16.4

56,500

6.0+17.6

OP income

16,017

4.9

36,0685.0

18,0003.9+12.4

42,500

4.5+17.8

Profitattributableto owners ofparent

9,223

2.8

7,769

1.1

8,700

1.9

-5.7

21,8002.3 +180.6

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17

2019/3 Consolidated forecasts of Results：Sales by Segment(Unit: million yen)
2019/3 Forecasts

2018/3 Results
1st Half

Ratio
(%)

Full year

Ratio
(%)

1st Half

Ratio
(%)

YoY
(%)

Full year

Temporary
Staffing/BPO

235,48972.5

481,07166.6

252,900

55.5

+7.4

520,000

55.3

+8.1

Recruiting

35,335

10.9

72,841

10.1

40,7008.9+15.2

84,000

8.9+15.3

PROGRAMMED

0

0.0

54,512

7.5

106,000

23.2-

215,000

22.9+294.4PERSOLKELLY

31,7929.8

65,7749.1

31,9007.0+0.3

68,000

7.2

+3.4

ITO

13,532

4.2

28,9884.0

15,0003.3+10.8

33,000

3.5+13.8

Engineering

13,062

4.0

27,7953.8

14,000

3.1+7.2

30,000

3.2+7.9

Others

1,976

0.6

4,339

0.6

2,500

0.5

+26.5

5,000

0.5

+15.2

Adjustment-6,406-2.0-13,140-1.8-7,000-1.5--15,000-1.6-

324,780100.0

722,183100.0

456,000

100.0

+40.4

940,000

100.0

+30.2

TOTAL

*Internal transactions have not been eliminated from the figures

Ratio
(%)

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YoY
(%)

18

2019/3 Consolidated forecasts of Results：EBITDA by Segment(Unit: million yen)
2019/3 Forecasts

2018/3 Results
1st Half

Ratio
(%)

Full year

Ratio
(%)

1st Half

Ratio
(%)

YoY
(%)

Temporary
Staffing/BPO

12,25558.2

25,59053.3

12,30050.2+0.4

27,70049.0+8.2

Recruiting

6,391

30.4

14,274

29.7

7,200

29.4

+12.6

16,900

29.9

+18.4

PROGRAMMED

0

0.0

1,054

2.2

3,100

12.7

-

6,500

11.5

+516.7PERSOLKELLY

446

2.1

1,094

2.3

300

1.2

-32.8

1,200

2.1

+9.6

ITO

816

3.9

2,930

6.1

700

2.9

-14.3

2,100

3.7

-28.3

1,010

4.8

2,982

6.2

1,150

4.7

+13.9

3,100

5.5

+3.9

Others

-66

-0.3

-254

-0.5

-200

-0.8

-301.3

-200

-0.4

+27.2

Adjustment

194

0.9

353

0.7

- 50

- 0.2

-

- 800

-1.4

-

21,048100.0

48,026100.0

24,500

100.0

+16.4

56,500

100.0

+17.6

Engineering

TOTAL*Internal transactions have not been eliminated from the figures

Full year

Ratio
(%)

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

YoY
(%)

19

2019/3 Consolidated forecasts of Results：OP Income by Segment(Unit: million yen)
2019/3 Forecasts

2018/3 Results
1st Half

Ratio
(%)

Full year

Ratio
(%)

1st Half

Ratio
(%)

YoY
(%)

Temporary
Staffing/BPO

10,676

66.7

22,122

61.3

10,70059.4+0.2

23,90056.2+8.0

Recruiting

4,705

29.4

10,810

30.0

6,100

33.9

+29.6

14,300

33.6

+32.3

PROGRAMMED

0

0.0

- 507

- 1.4

400

2.2

-

1,100

2.6

+216.6PERSOLKELLY

- 285

- 1.8

- 190

- 0.5

0

0.0

-

700

1.6

+368.1

ITO

483

3.0

2,263

6.3

400

2.2

-17.3

1,500

3.5

-33.7

Engineering

709

4.4

2,365

6.6

900

5.0

+26.9

2,700

6.4

+14.1

Others

- 98

- 0.6

- 322

- 0.9

- 200

- 1.1

-202.3

- 250

- 0.6

+29.0

Adjustment

- 173

- 1.1

- 472

- 1.3

- 300

- 1.7

-

- 1,450- 3.4-

16,017100.0

36,068100.0

18,000

100.0

+12.4

42,500

100.0

+17.8

TOTAL

*Internal transactions have not been eliminated from the figures

Full year

Ratio
(%)

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

YoY
(%)

20

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

2015/3

Dividend per
Share

2016/32017/3

2018/3

2019/3(Plan)

InterimYearend

InterimYearend

InterimYearend

InterimYearend

InterimYearend(※)
4.6 yen

(※)
6 yen

(※)
6 yen

7 yen

8 yen

9 yen

9 yen

10 yen

10 yen

10 yenTotal amount of
Dividend

2,340 million yen

3,046 million yen

3,985 million yen

4,443 million yen-

Dividend Ratio（Consolidated）

17.4％

17.2％

22.4%

57.1%

21.5%

（※）Stock Split in October 29, 2015••

PERSOL HOLDINGS CO., LTD. conducted 3-for-1 stock split for the common stock of the company, for the purpose ofenhancing the liquidity of the company’s shares and broadening its investor base by reducing the price of one
investment unit of the company’s stock.
Dividend before interim 2016 have been calculated on the basis that the stock split had been effective at the beginningof the year ended March 31, 2016.

*See the "Share Split and Related Article of Incorporation Modification; Convertible Bond Conversion Price Adjustment and Dividend Forecast Revision" for details（http://v4.eir-parts.net/v4Contents/View.aspx?template=ir_material_for_fiscal_ym&sid=34851&code=2181）
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

21

Appendix：Recent M&As
Company name

Capita Pte. Ltd.

Kelly Services(Singapore) Pte. Ltd.

Programmed Maintenance
Services Limited

Established

January, 2001

August, 2000

January, 1992

Net Sales（*1）

47.4 million SGD（*2）

387 million USD（*3）

2,691 million AUD（*5）

OP income（*1）-3.0 million SGD（*2）

9 million USD（*3）

21 million AUD（*5）

Acquisition date

October, 2015

July, 2016

October, 2017

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

Ownership ratio
Acquisition priceGoodwill
Amortization
periodSegment

51%
6.94 billion yen

100％
7.77 billion yen (*4)

6.07 billion yen

4.62 billion yen

10 year

10 yearPERSOLKELLYPERSOLKELLY

66.0 billion yen（*6）
Staffing

Maintenance21.0 billion yen

31.5 billion yen

10 year

20 year

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

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

*3. The figure is the performance in the APAC region of the joint venture partner ‘Kelly Services, Inc.’ (FY ended Dec. 2015). (Including some businesses outside of the joint venture’s scope.)*4. The figure includes stock-kind contributions of our APAC business of Capita Pte. Ltd etc*5. The figure is the performance of Programmed group FY ended Mar 2017. OP income is after goodwill amortization (tentative figures) and intangible fixed assets amortization（total 56 million
AUD /year） which is calculated at the time of acquisition.
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.
22*6. Conversion of AUD1: JPY 88.15

Disclaimer

The statements concerning the Company’s future businessperformances in this material such as earnings forecasts are
based on information available as of May 15, 2018 and certain
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 avariety of factors.
This briefing is only for better understanding. Please note that
numbers and indexes in this book are not audited.

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

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

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

23