Summary of Consolidated Financial Results for the Fiscal Year Ended March 31, 2023
[Japanese GAAP]
April 28, 2023

Listing: Tokyo Stock Exchange, Prime Market
Company name: QUICK CO., LTD.
Stock code:
4318
URL: https://919.jp/
Representative: Tsutomu Wano, Chairman
Contact:
Kenta Kijima, Director and Executive Officer,
General Manager of Administration and Accounting Division
Tel: +81-6-6366-0919
Scheduled date of Annual General Meeting of Shareholders:June 23, 2023
Scheduled date of filing of Annual Securities Report:
June 23, 2023
Scheduled date of payment of dividend:
June 26, 2023
Preparation of supplementary materials for financial results:
Yes
Holding of financial results meeting:Yes(All amounts are rounded down to the nearest million yen.)

1. Consolidated Financial Results for the Fiscal Year Ended March 31, 2023 (April 1, 2022–March 31, 2023)(1) Consolidated results of operations(Percentages represent year-on-year changes.)
Net sales

Operating profit

Millions of yen% Millions of yen% Millions of yen

Fiscal year ended Mar. 31, 2023
27,794 17.8
4,487
34.1
Fiscal year ended Mar. 31, 2022
23,590 21.8
3,345
79.3
Note: Comprehensive income (millions of yen) Fiscal year ended Mar. 31, 2023:
Fiscal year ended Mar. 31, 2022:
Net income per
share% Millions of yen

4,543
32.7
3,423
61.3
2,931 (up 28.7%)
2,277 (up 13.7%)

Diluted net
Return on equity
income per share

Yen

Profit attributable toowners of parent

Ordinary profit

Yen

3,261
2,248

Ordinary profit
to total assets%

Fiscal year ended Mar. 31, 2023
173.07–
25.3
Fiscal year ended Mar. 31, 2022
119.35–
19.7
Reference: Equity in earnings of affiliates (millions of yen): Fiscal year ended Mar. 31, 2023: –Fiscal year ended Mar. 31, 2022: –

%

45.1
53.6

Operating profit
to net sales

%

%

23.8
20.7

16.1
14.2

(2) Consolidated financial position
Total assets

Net assets

Millions of yen

Millions of yen

Shareholders’ equity ratio Net assets per share%

As of Mar. 31, 2023
20,17913,724As of Mar. 31, 2022
18,002
12,098Reference: Shareholders’ equity (millions of yen)
As of Mar. 31, 2023: 13,723

Yen

68.0
67.2
As of Mar. 31, 2022: 12,097

733.60642.21(3) Consolidated cash flows
Cash flows fromoperating activities

Cash flows frominvesting activities

Millions of yen

Millions of yen

Millions of yen

Millions of yen

3,545
3,844

(497)
(476)

(1,370)(1,048)

12,213
10,448

Fiscal year ended Mar. 31, 2023
Fiscal year ended Mar. 31, 2022

Cash flows from Cash and cash equivalents
financing activities
at end of period

2. Dividends
Dividend per share
1Q-end 2Q-end 3Q-end Year-end

Fiscal year ended Mar. 31, 2022
Fiscal year ended Mar. 31, 2023
Fiscal year ending Mar. 31, 2024
(forecasts)

Total

Total
dividends

Payout ratio(consolidated)

Dividends to
net assets(consolidated)

Yen

Yen

Yen

Yen

Yen

Millions of
yen

%

%

–
–

20.00
26.00

–
–

28.00
44.00

48.00
70.00

905
1,314

40.2
40.4

7.9
10.2

–

36.00

–

36.00

72.00

40.2

3. Consolidated Earnings Forecast for the Fiscal Year Ending March 31, 2024 (April 1, 2023–March 31, 2024)
Net salesFirst half
Full year(Percentages represent year-on-year changes.)
Profit attributable to
Net income
Ordinary profit
owners of parent
per share

Operating profit

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

Yen

15,89930,000

7.4
7.9

3,815
4,960

4.6
10.5

3,838
5,000

4.5
10.0

2,649
3,353

4.4
2.8

141.63179.27

* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes inscope of consolidation): Yes
Newly included: – companies (Company name)
Excluded: 1 company (Kronos 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: Yes
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 shares)
1) Number of shares issued at the end of the period (including treasury shares)
As of Mar. 31, 2023:

19,098,576 shares

As of Mar. 31, 2022:

19,098,576 shares

As of Mar. 31, 2022:

261,301 shares

2) Number of treasury shares at the end of the period
As of Mar. 31, 2023:

391,355 shares

3) Average number of shares outstanding during the period
Fiscal year ended Mar. 31, 2023:

18,846,126 sharesFiscal year ended Mar. 31, 2022:

18,837,310 shares

Reference: Summary of Non-consolidated Financial Results
Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2023(April 1, 2022 – March 31, 2023)(1) Non-consolidated results of operations(Percentages represent year-on-year changes.)
Net sales
Fiscal year ended Mar. 31, 2023
Fiscal year ended Mar. 31, 2022

Millions ofyen

18,582
15,422

Operating profit

Ordinary profit%

Millions ofyen%Millions of
yen

20.5
25.8

3,063
2,376

28.9
75.8

3,586
2,807

Profit%Millions of
yen

%

27.7
56.5

2,768
1,949

42.0
51.6

Net income per share Diluted net income per share
Yen
Yen
Fiscal year ended Mar. 31, 2023
146.81–
Fiscal year ended Mar. 31, 2022
103.40–(2) Non-consolidated financial position
Total assets

Net assets

Millions of yen

Millions of yen

As of Mar. 31, 2023
16,062
11,627
As of Mar. 31, 2022
14,45010,526
Reference: Shareholders’ equity (millions of yen):
As of Mar. 31, 2023:

Shareholders’ equity
ratio

11,627

Net assets per
share
%

Yen

72.4
72.8
As of Mar. 31, 2022:

621.56558.21
10,526* The current financial report is not subject to audits by certified public accountants or accounting firms.
* Explanation of appropriate use of earnings forecasts, and other special items
Forecasts and forward-looking statements in these materials are based on assumptions judged to be valid and information
available to the Company’s management at the time the materials were prepared. These materials are not promises by theCompany regarding future performance. Actual results may differ significantly from these forecasts for a number of reasons. For
discussion of the assumptions and other factors considered by the Company in preparing the above projections, please refer topage 5 of the attachments “1. Overview of Results of Operations (4) Outlook.”QUICK CO., LTD. (4318) Financial Results for FY3/23

Contents of Attachments

1. Overview of Results of Operations ........................................................................................................... 2(1) Results of Operations .............................................................................................................................. 2(2) Financial Position.................................................................................................................................... 4(3) Cash Flows .............................................................................................................................................. 4(4) Outlook ................................................................................................................................................... 5(5) Basic Policy for Profit Distribution and Dividends in the Current and Next Fiscal Years ........................ 5
2. Corporate Group ....................................................................................................................................... 6
3. Management Policies ................................................................................................................................ 7(1) Basic Management Policy ....................................................................................................................... 7(2) Performance Targets ................................................................................................................................ 7(3) Medium- and Long-term Management Strategy ...................................................................................... 7(4) Issues to Address ..................................................................................................................................... 7
4. Basic Approach to the Selection of Accounting Standards ........................................................................ 9
5. Consolidated Financial Statements and Notes ......................................................................................... 10(1) Consolidated Balance Sheet .................................................................................................................. 10(2) Consolidated Statements of Income and Comprehensive Income .......................................................... 12
Consolidated Statements of Income ....................................................................................................... 12
Consolidated Statements of Comprehensive Income.............................................................................. 13(3) Consolidated Statement of Changes in Equity ....................................................................................... 14(4) Consolidated Statement of Cash Flows ................................................................................................. 16(5) Notes to Consolidated Financial Statements .......................................................................................... 17
Segment Information ............................................................................................................................. 17

1

QUICK CO., LTD. (4318) Financial Results for FY3/23

1. Overview of Results of Operations(1) Results of Operations
During the fiscal year ended March 31, 2023 (“the fiscal year under review”), the Japanese economy showed signsof recovery thanks to the relaxation of movement restrictions toward normalizing economic activities and consumer
spending as well as other various policy measures as the pandemic ebbed. However, the domestic economic outlook
still remained uncertain due mainly to the prolonged Ukraine crisis, global prices increase on the back of higher
resource and raw material costs, the weakening yen, and so on.
Meanwhile, in Japan’s labor market, the seasonally adjusted job openings-to-applicants ratio was 1.34 and theseasonally adjusted unemployment rate was 2.6% in February 2023, suggesting that a moderate recovery trend
continues.
Under such business environment, the Group worked on differentiating the QUICK Group from competitors andincreasing customer satisfaction by helping our client companies to solve their HR related problems by expanding
operations in new strategic market sectors and strengthening coordination between the group companies.
Furthermore, the Group strengthened the business base by restructuring the organizational structure in order toimprove the productivity.
As a result, we achieved sales and earnings growth, both reaching all-time highs. Net sales increased 17.8% yearon-year to 27,794 million yen, operating profit increased 34.1% year-on-year to 4,487 million yen, ordinary profit
increased 32.7% year-on-year to 4,543 million yen, and profit attributable to owners of parent increased 45.1% yearon-year to 3,261 million yen.
From the first quarter of the fiscal year ended March 31, 2023, Quick Care Jobs Co., Ltd., which was a nonconsolidated subsidiary in the previous fiscal year, has been included in the scope of consolidation as one of the
Human Resources Service Business due to its increased importance. From the third quarter of the fiscal year underreview, Kronos Co., LTD., which belonged to IT and Internet-Related Business, has been excluded from the scopeof consolidation as the Company transferred all of its shares in the company as of October 3, 2022.
Performance of the business segments is described as follows.
(Human Resources Services Business)
1) Personnel Placement
In the personnel placement category, corporate recruiting needs were robust in fields such as the construction,
electrical equipment, machinery, automobile, and IT industries. In addition, recruiting needs for nurses and childcare
workers still remained high in medical and welfare sectors. Under these circumstances, the personnel placementbusiness for specific fields targeting construction and pharmaceutical related categories, various types of engineers,
nurses, and childcare workers expanded steadily. Those were the major results of our continued efforts including
developing enticing new fields as well as enhancing promotional activities to attract registrants, having moremeetings with our client companies and registrants who wish to change careers, and providing swift and courteous
support.
2) Temporary Staffing, Temporary-to-Permanent Staffing, and Business Contracting
In the temporary staffing, temporary-to-permanent staffing and business contracting categories, in addition to lastingstrong hiring needs for nurses at medical and welfare sectors, continuously responding to a need for nurses to answer
COVID-19-related inquiries contributed to the steady performance of temporary staffing of nurses. Meanwhile,robust demand for the temporary staffing of childcare workers led to a significant increase in revenue although the
spread of COVID-19 and influenza forced some temporary staff to take leave.
Overall, sales of the Human Resources Service Business increased 18.0% year-on-year to 19,080 million yen andoperating profit also increased 28.3% year-on-year to 3,876 million yen.
(Recruiting Business)
In the Recruiting Business, corporate hiring needs further improved in restaurant, hotel, and service sectors on theback of the growing tourism and pent-up demand from foreign tourists since the beginning of this year, and also
helped by the fact that student part-time workers tend to quit their jobs around the end of the Japanese academic

2

QUICK CO., LTD. (4318) Financial Results for FY3/23

year. Additionally, recruitment needs also remained strong in the transportation and logistics sectors with thegrowing demand for home delivery amid the pandemic, as well as in the medical and welfare sectors suffering
chronic labor shortages. Under such circumstances, our focus “Indeed” business and the handling of recruiting
advertisements for part-time workers posted a robust performance as well as the volume of recruiting advertisement
for temporary workers grew solidly. On the other hand, revenue from the media we handles for recruiting full-time
employees mainly targeting new college graduates slightly decreased year-on-year resulting from the intensifiedcompetition in the market. In addition, services other than the handling of recruiting advertisement continued toperform well. Such services include program development for internships and company information sessions torecruit new graduates, staff training, and production of recruitment websites and company guides.
Overall, sales of the Recruiting Business increased 21.0% year-on-year to 3,373 million yen and operating profit
also increased 15.8% year-on-year to 645 million yen.
(Information Publishing Business)
In the Information Publishing Business, as for the lifestyle information magazine category, consumer confidence
and sales promotion sentiment of our client companies improved as the end of the pandemic tunnel was beginningto become visible. In such a situation, the handling of advertisement placements for sales promotion targeting
restaurants, shops, and other businesses recovered. Additionally, a robust job market in the Hokuriku region andNiigata helped the handling of recruiting advertisement continued to perform well. On the other hand, the handlingof housing-related advertising declined in revenue, leveling off the performance of the lifestyle information
magazine category as a whole. In addition, posting services including flyers distributed to households grew solidly,
especially in the handling of housing and retail-related flyers, as such services are direct means to provide
information in the pandemic enabling sales promotions in targeted areas. Furthermore, in the concierge services we
operate under the “cococolor” brand, the career change domain posted a significant growth in revenue on the backof continuing strong recruiting needs especially in the manufacturing sector. Additionally, this business category
showed a healthy performance in the volume of “Indeed,” the production of websites and other web-related services.
Overall, sales of the Information Publishing Business increased 8.4% year-on-year to 2,320 million yen andoperating profit also increased 3.2% year-on-year to 193 million yen.
(IT and Internet-Related Business)
In the IT & Internet-Related Business category, the market for “Nihon no Jinjibu” (Japan’s Human Resources
Department) related service continued to enjoy a strong demand for capital investment to improve businessefficiency and promote DX, whereby resolving issues in the HR domain, as well as for recruiting and HR
development and services to improve motivation and retention of employees. Additionally, as the further relaxationof COVID-19-related restrictions enhanced more needs to attract participants to training events and seminars related
to human resources development and personnel and labor issues, we achieved a substantial increase in advertising
revenues from “Nihon no Jinjibu”—our portal website for personnel and labor relations. Furthermore, the online
HR related events, “Nihon no Jinjibu HR Conference” held in May and November 2022, both of which ended on ahigh note, also contributed to a significant renewal of record high performance of “Nihon no Jinjibu” related services.
As for the system development category and the learning field, in October 2022, the Company sold all of its sharesin Kronos Co., LTD., and accordingly, the company’s results are excluded from the consolidated results from thethird quarter of the fiscal year under review.
Overall, sales of the IT and Internet-Related Business increased 7.4% year-on-year to 1,662 million yen andoperating profit also increased 56.7% year-on-year to 765 million yen.
(Overseas Business)
In the U.S., placement fees and staffing sales pushed up by inflation-led wage increase in addition to the continuing
strong recruiting needs boosted the performance of the personnel placement and temporary staffing businesses.
Under these circumstances, we opened an office in Chicago in December 2022 as the fourth operation base in the
U.S for further expanding business performance. Meanwhile, in Mexico, various measures we took such as an
acquaintance introduction system to attract more registrants, in addition to bolstering sales efforts, paid off with asignificant recovery from a plunge in performance due to the pandemic and a return to profitability.

3

QUICK CO., LTD. (4318) Financial Results for FY3/23

In the U.K., the number of registrants who wish to change careers increased on the recovery phase after the pandemic
and corporate recruiting demand continued to be brisk, leading to the job market for career change stimulated. In
addition, our in-house consultants, who were increased in number, became more effective in their jobs early on,
helped steadily boost the performance in the personnel placement and temporary staffing businesses.
In China, after lockdown measures were lifted in Shanghai, companies began to resume sales and recruitment
activities, and the performance showed a recovery trend in the personnel and labor consulting business especiallyin advisory service and training services. On the other hand, revenue from the personnel placement category
decreased year-on-year as the respreading of infections caused by the relaxation of the “zero-corona policy” forced
local companies to slow down business and recruiting activities again. In Vietnam, we took on following-up on our
existing clients, cultivating new clients, and recruiting and fostering our in-house consultants in parallel. As a result,the performance remained roughly flat. In Thailand, amid the recovery of economy and corporate recruiting demand,
we continued to enhance our manpower by stepping up recruitment efforts and concentrated our sales efforts on all
fields with higher recruiting needs.
Overall, sales of the Overseas Business increased 44.6% year-on-year to 1,358 million yen with operating profit of
104 million yen, compared with operating loss of 6 million yen for the previous fiscal year.
(2) Financial Position
AssetsTotal assets at the end of the fiscal year under review increased 12.1%, or 2,176 million yen, year-on-year to 20,179
million yen. This was mainly the result of increases in cash and deposits, and notes and accounts receivable-tradedespite a decrease in investment securities.
Liabilities
Total liabilities at the end of the fiscal year under review increased 9.3%, or 550 million yen, year-on-year to 6,454
million yen. This was mainly the result of increases in accounts payable-trade and provision for bonuses despite adecrease in income taxes payable.
Net assets
Total net assets at the end of the fiscal year under review increased 13.4%, or 1,626 million yen, year-on-year to
13,724 million yen. This was mainly the result of an increase in retained earnings due to the booking of profit
attributable to owners of parent. The shareholders’ equity ratio improved 0.8 percentage points from the end of theprevious fiscal year to 68.0%.
(3) Cash Flows
Cash and cash equivalents (hereinafter “net cash”) increased 1,764 million yen from the end of the previous fiscal
year to 12,213 million yen at the end of the fiscal year under review. Outflows included income taxes paid anddividends paid, while inflows included profit before income taxes.
Cash flows by category are as follows.
Cash flows from operating activities
Net cash provided by operating activities decreased 7.8% year-on-year to 3,545 million yen. Negative factors
include income taxes paid of 1,671 million yen. Positive factors include profit before income taxes of 4,574 million
yen.
Cash flows from investing activities
Net cash used in investing activities increased 4.5% year-on-year to 497 million yen. Positive factors include 122
million yen of proceeds from purchase of shares of subsidiaries resulting in change in scope of consolidation.
Negative factors include purchase of property, plant and equipment and intangible assets of 601 million yen.

4

QUICK CO., LTD. (4318) Financial Results for FY3/23

Cash flows from financing activities
Net cash used in financing activities increased 30.7% year-on-year to 1,370 million yen. Negative factors include
purchase of treasury shares of 330 million yen and dividends paid of 1,016 million yen.
(4) Outlook
Going forward, the pandemic is expected to be settled down, further improving economic and consumption activities.
However, uncertainty of the prospect for the global economy, especially in the U.S. and Europe is growing on theback of surging resource and raw material prices and the commodity price increase caused by prolonged volatile
situation over Ukraine, as well as financial instability and other factors. Accordingly, we also need to be cautious
about the future of the Japanese economy, which is susceptible to a downturn in the global economy.
As for employment circumstance, in the sectors such as restaurants, retail, service, transportation, and logistics,
recruiting needs have been considerably rebounding with the easing of COVID-related restrictions. Furthermore, inother sectors, more companies are considering reinforcement of mid-career recruiting to promote organizational
diversity, DX, and globalization of the business. In addition to such moves, recruiting needs of companies and themobility of human resources are expected to further increase because we are still facing a severe structural labor
shortage caused by the country’s falling birthrate and aging population.
Given such business environment, in the Human Resources Services Business, we will enhance the personnel
placement and temporary staffing services targeting specific domains. Accordingly, we will not only tap newmarkets by expanding business domain and service areas and other measures, but work hard to attract new registrants
by improving our websites with more contents available online and by reinforcing promotional activities. In the
Recruiting Business, we will develop services for clients including those for building recruitment strategies toward
successful recruiting activities, forming a population of job-seekers not depending on the methods of attracting them,enhancing job-seekers’ motivation to join a company, and corporate branding. In the Information Publishing
Business, we will seek a linkage of paper media with web services to stabilize the performance of media services,and reinforce business in profitable concierge (face-to-face consultation) services by measures such as expanding
the service area. In the IT & Internet-Related Business category, we will enrich our core “Nihon no Jinjibu” related
service with improved usability, whereby increasing the value for use and the significance of participation as aconstituent of the “Nihon no Jinjibu.” Furthermore, we will work on realizing attractive services for our clientcompanies to place advertisements or present at the events. In the Overseas Business, we will cultivate new markets
through developing operations bases to strengthen personnel placement and temporary staffing services, while
focusing on the Cross Border Recruitment® services, career change support services for those who seek a job
internationally. In China, where the “zero-corona” policy has been terminated, we will resume personnel and laborconsulting services in a full scale.
Given the above, we again expect record high sales and earnings, with consolidated net sales of 30,000 million yen(up 7.9% year-on-year), operating profit of 4,960 million yen (up 10.5%), ordinary profit of 5,000 million yen (up10.0%), and profit attributable to owners of parent of 3,353 million yen (up 2.8%) for the fiscal year ending March
31, 2024.
(5) Basic Policy for Profit Distribution and Dividends in the Current and Next Fiscal Years
The Company positions the return of profits to shareholders as a priority management issue and endeavors to achievesustainable growth and increase corporate value.
With regard to the dividends of surplus, we aim to enhance our return of profits and augment shareholders’ value
with a basic policy that adopts 40% of profit attributable to owners of parent as our target dividend payout ratio,
taking into consideration such factors as strengthening our financial base and future business developments.
Along with this dividend policy, as described in the “Notice of Dividends of Surplus (Dividend Increase)” released
today (Japanese version only), we plan to pay the year-end dividend of 44 yen per share, thus an annual dividend of
70 yen per share consisting of a dividend of 26 yen at the end of the second quarter and 44 yen at the fiscal yearend.
For the fiscal year ending March 31, 2024, we forecast an annual dividend of 72 yen per share, consisting of adividend of 36 yen at the end of the second quarter and 36 yen at the fiscal year-end. At present, we do not expect
to award dividends other than at the end of the second quarter and fiscal year-end.

5

QUICK CO., LTD. (4318) Financial Results for FY3/23

2. Corporate GroupThe QUICK Group (QUICK CO., LTD. and its affiliated companies) consists of QUICK CO., LTD. (the Company),and 14 consolidated subsidiaries. Business operations are 1) Human Resources Services Business, 2) Recruiting
Business, 3) Information Publishing Business, 4) IT & Internet-Related Business, and 5) Overseas Business.
A flowchart of the Group’s business operations is as follows.

Note: All of the above 14 affiliated companies are consolidated subsidiaries.

6

QUICK CO., LTD. (4318) Financial Results for FY3/23

3. Management Policies(1) Basic Management Policy
Since the time of its establishment, the QUICK Group has provided comprehensive human resources services thatlink people and companies. Themed on human resources, we develop business that contributes to society. Goingforward, we will continue to grow as a company that “contributes to society through the human resources andinformation businesses.”
The QUICK Group’s businesses are as described in “2. Corporate Group.” In each of these businesses, the Groupwill strengthen operations in order to respond swiftly to market needs, including those of client companies and jobseekers, and also build up our sales structure. Furthermore, the Group will strive to enhance management efficiencies
through synergistic effects enabled by information sharing and cooperation within the Group.
(2) Performance Targets
While expanding the scale of its operations, the QUICK Group’s policy is to build a profitability-orientedorganization that makes effective use of such business assets as its proprietary sales network and expertise in
attracting registrants who wish to change careers within the Group. Along with these policies, the Group will securestable growth and a robust financial foundation, aiming to improve its ordinary profit margin and return on equity(ROE) over the medium to long-term.
(3) Medium- and Long-term Management Strategy
The QUICK Group, in order to expand its areas of business as a comprehensive human resources services andinformation services company, intends to further ramp up our mainstay Human Resources Services Business, alongwith aiming to achieve the medium- to long-term growth of each of the other Businesses.
In each business, we will engage in cultivation of new markets and development of new products, services andbusiness models. We will strive to build a sales structure to swiftly meet changing market needs and pursue synergies
by strengthening cooperation between businesses.
Furthermore, we aim at realizing the concept of the “Sekai no Jinjibu® (Human Resources Department for theworld),” through which we develop global human resources services, by strengthening cooperation between ouroverseas companies and businesses in Japan as well as cultivating the market for international career change
supports (Cross Border Recruitment® services), in order to drive our Overseas Business forward.
(4) Issues to Address
Based on its management philosophy of “making everyone involved happy” and its business philosophy of“contributing to society through human resources and information businesses,” the QUICK Group aims to cultivate
new markets in the existing businesses and propose new services. At the same time, we will continue to invest incore strategic fields and grow in these fields with the goal of becoming the leader in these targeted markets. In the
global human resources services, there are a growing number of Japanese companies that must deal with recruiting
and personnel and labor issues at their overseas operations. Additionally, in Japan, many companies are suffering
severe Japan’s structural labor shortage caused by the country’s falling birthrate and aging population. We takeproactive stance in order to accomplish our goal of becoming a “Sekai no Jinjibu®” that can help solve the recruiting
and other HR issues of companies in Japan and other countries.
Furthermore, we will focus more on hiring and training of people and M&As to promote these goals, thereby
enabling the QUICK Group as a whole to grow even faster.
The issues in individual business segments are outlined below.
(Human Resources Services Business)
1) Personnel placement
In the personnel placement category, human resources companies are competing more intensely in order primarily
to attract registrants who wish to change careers for specialized jobs in a wide range including our focus fields ofconstruction, electrical equipment and machinery, pharmaceutical, medical, and welfare business sectors.
Accordingly, to succeed, we are enhancing the functions of our websites with more contents available online to
make them more useful and satisfactory, making promotional activities more effective, and extensively revising
7

QUICK CO., LTD. (4318) Financial Results for FY3/23

other methods, and so on. By using a variety of actions, we will increase the brand power of all our websites andattract more registrants who wish to change careers. In other moves to become more competitive as an organization,
this business will expand the service area in the existing domains, cultivate new domains, and enhance competitive
advantage through better relationships with client companies and with the registrants who wish to change careers
while eliciting the strengths of young employees early on by actively recruiting and intensively training them.
2) Temporary Staffing, Temporary-to-Permanent Staffing, and Business Contracting
In the temporary staffing, temporary-to-permanent staffing, and business contracting categories, demand for
temporary staffing is expected to remain strong from medical and welfare sectors as well as childcare workers
category, although demand for nurses, which is our priority category, for temporary staffing will be reduced in
COVID-19-related jobs. Under such circumstances, we aim to attract more people to register for temporary staffing
placements and have more meetings. To achieve this aim, we will enrich our website with more contents andimplement other measures, while working on expanding the market penetration of temporary staffing services incoordination with the personnel placement business for nurses, to secure sufficient meetings with the new registrants.
Meanwhile, pay rates of temporary staff have been pushed up due to rising prices and the extension of social
insurance coverage imposed from October 2022 put bigger cost burden on temporary staffing companies. To respondto such a condition, we will continue negotiation with our client facilities and others regarding fees of temporary
staffing to secure sufficient profit.
(Recruiting Business)
In the Recruiting Business, the competitive environment for the handling of recruiting media is being further
intensified due to continuously diversified hiring methods, including emerging contingent fee-based or aggregationtype (search engine type collecting specific information from multiple websites) media for recruiting, as well as
personnel placements and widespread direct recruiting in addition to the media that the Company handles. Under
these circumstances, we will thrive to propose comprehensive recruiting strategies to increase customer satisfaction
and differentiate the QUICK Group from competitors. Such services include those for building recruitment
strategies toward successful recruiting activities, forming a population of job-seekers not depending on the methodsof attracting them, enhancing job-seekers’ motivation to join a company, and corporate branding. Moreover, we will
work to expand our overall business performance by putting forwards such proposals mainly on companies
frequently recruiting personnel on large scale that have more issues in recruiting and human resources in order toincrease the scale of the business transaction per company.
(Information Publishing Business)
The Information Publishing Business is forecasting a continuous downward trend in placing advertisements in
information magazines as, against a backdrop of the sales promotion and recruitment advertising techniques of theclients have been shifting to utilizing web media or fryers. Moreover, soaring printing costs along with rising prices
and chronic shortages of posting staff are challenges associated with paper media. To address such circumstances,
we will endeavor to improve revenue of media services by various measures. Such measures include linking paper
and web media for strengthening the capability of proposing sales promotion, accommodating demand of sales
promotion services and recruiting by introducing new service using social media. Additionally, we will stabilize the
distribution system by promoting referral recruiting via the distributing staff currently active to cope with theshortage of posting staff.
(IT & Internet-Related Business)
In the IT & Internet-Related Business category, competition has been intensifying in the handling of HR solutionsrelated advertising due to an increase of competing websites and similar events, with regard to “Nihon no Jinjibu,”
a total information site pertaining to personnel and labor. In response to such moves, we will post numerous contents
within the website of “Nihon no Jinjibu”to meet diversifying purposes of the users and meaning of using theservices, aiming to increase the number of members and frequency of using the website. This will help to improvethe value of “Nihon no Jinjibu” website as a sales promotion media for HR solution companies and lead to thedevelopment of new customers.

8

QUICK CO., LTD. (4318) Financial Results for FY3/23(Overseas Business)
In the Overseas Business, each country is gradually lifting pandemic-related restrictions and bringing economic
activities back to normal. Recruiting needs of companies continue to be strong in Europe and the US, while it is on
a recovery track in Mexico and Asia. To make sure to respond to growing recruiting needs of companies in suchfavorable job market for career change, we are aiming to eliciting the strengths of employees early on by actively
recruiting and intensively training them in each of our overseas subsidiaries. Meanwhile, on the back of the total
lifting of international travel restrictions following the convergence of the pandemic as well as a recovery phase ofrecruiting needs for foreign talent in each country, we will intensify collaboration with the U.S., the U.K., andMexico, and also focus on the career change supports Cross Border Recruitment® service” for job-seekers seeking
international career change.
4. Basic Approach to the Selection of Accounting Standards
The Group will continue to prepare its consolidated financial statements in accordance with Generally Accepted
Accounting Principles in Japan for the time being to permit comparisons with prior years and with the financial dataof other companies.
We will take suitable actions with regard to the application of International Financial Reporting Standards (IFRS)
by taking into account associated factors in Japan and other countries.

9

QUICK CO., LTD. (4318) Financial Results for FY3/23

5. Consolidated Financial Statements and Notes(1) Consolidated Balance Sheet
FY3/22(As of Mar. 31, 2022)(Thousands of yen)
FY3/23(As of Mar. 31, 2023)

AssetsCurrent assets
Cash and deposits

10,509,984

12,275,622

Notes and accounts receivable-trade

2,349,801

2,770,678

349,105

546,565

Other
Allowance for doubtful accounts
Total current assets(2,707)(3,231)

13,206,183

15,589,635

Non-current assets
Property, plant and equipment
Buildings and structures

1,593,496

1,662,537

Accumulated depreciation(773,197)(813,751)

Buildings and structures, net

820,299

848,785

Vehicles

7,341

16,284

Accumulated depreciation(5,370)(7,465)

Vehicles, net

1,971

8,819

Tools, furniture and fixtures

334,952

452,018

Accumulated depreciation(211,184)(227,172)

Tools, furniture and fixtures, net

123,768

224,845

Land

176,789

176,789

Leased assets

13,906

13,906

Accumulated depreciation(8,223)(10,785)

Leased assets, net

5,682

3,121

Construction in progress

45,734–

1,174,244

1,262,360

Software851,716

738,371

Software in progress

48,611

148,042

Total property, plant and equipment
Intangible assets

Goodwill

6,074

4,205

Other

10,65910,646

Total intangible assets

917,061

901,265

1,726,448

1,212,293

Investments and other assets
Investment securities
Leasehold deposits

711,400

719,732

Deferred tax assets

163,461

446,062

Other

110,875

52,846

Allowance for doubtful accounts(6,926)(5,026)

Total investments and other assets

2,705,259

2,425,907

Total non-current assets
Total assets

10

4,796,566

4,589,534

18,002,749

20,179,169

QUICK CO., LTD. (4318) Financial Results for FY3/23(Thousands of yen)
FY3/23(As of Mar. 31, 2023)

FY3/22(As of Mar. 31, 2022)
Liabilities
Current liabilities
Accounts payable-trade

520,197672,740

Short-term borrowings

141,002120,522

Accounts payable-other

1,237,670

1,304,770

Accrued expenses

674,565

812,050

Lease liabilities

2,646

1,471

1,038,195

866,202

Income taxes payable
Accrued consumption taxes
Provision for bonuses
Provision for bonuses for directors (and otherofficers)
Asset retirement obligations
Other
Total current liabilities

489,968

635,407

1,071,547

1,445,434

73,330110,828–

5,508

482,689

369,071

5,731,811

6,344,006

3,304

1,833

Non-current liabilities
Lease liabilities
Deferred tax liabilities

61,565659

Asset retirement obligations

105,275

107,898

Other
Total non-current liabilities
Total liabilities

2,408

–

172,554

110,392

5,904,366

6,454,398

Net assets
Shareholders’ equity
Share capital

351,317351,317

Capital surplus

391,392

433,071Retained earnings

10,261,028

12,503,271

Treasury shares
Total shareholders’ equity(16,171)(343,650)

10,987,566

12,944,008

1,084,720

723,782

25,14755,7501,109,867

779,532

949

1,229

12,098,383

13,724,770

18,002,749

20,179,169

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

11

QUICK CO., LTD. (4318) Financial Results for FY3/23(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statement of Income
FY3/22(Apr. 1, 2021 – Mar. 31, 2022)(Thousands of yen)
FY3/23(Apr. 1, 2022 – Mar. 31, 2023)

Net sales

23,590,897

27,794,894

Cost of sales

8,516,675

9,374,866

Gross profit

15,074,222

18,420,028

Selling, general and administrative expenses

11,728,256

13,932,899

Operating profit

3,345,965

4,487,128

Non-operating income
Interest income

1,634

2,097

Dividend income

8,044

8,453

Foreign exchange gains

722

15,951

Sale cooperation fee

10,60014,850Subsidy income

9,507

9,342

Book sales commission

25,27914,983

Other

24,15921,889Total non-operating income

79,94887,567

Non-operating expenses
Interest expenses

2,135

1,476

Commission expenses–

25,218

Information security expenses
Other
Total non-operating expenses
Ordinary profit

–

4,144

156

306

2,291

31,145

3,423,622

4,543,550

Extraordinary income
Gain on sale of non-current assets
Gain on sale of shares of subsidiaries and associates
Total extraordinary income
Extraordinary losses
Loss on sale of non-current assets

4,748

126

–

171,296

4,748

171,42233,997–

Loss on retirement of non-current assets

15,872

251

Impairment losses

52,690114,061

Loss on store closings–

25,750

Office relocation expenses

3,229

–

Total extraordinary losses

105,790140,063

Profit before income taxes

3,322,581

4,574,909

Income taxes-current

1,278,698

1,516,638

Income taxes-deferred(202,840)(203,233)

Total income taxes

1,075,857

1,313,405

Profit2,246,723

3,261,504(1,470)(157)

2,248,194

3,261,661

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

12

QUICK CO., LTD. (4318) Financial Results for FY3/23

Consolidated Statement of Comprehensive Income
FY3/22(Apr. 1, 2021 – Mar. 31, 2022)
ProfitOther comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total other comprehensive income(Thousands of yen)
FY3/23(Apr. 1, 2022 – Mar. 31, 2023)

2,246,723

3,261,504(8,047)(360,938)

38,56830,80930,521(330,128)

Comprehensive income

2,277,244

2,931,375

Comprehensive income attributable to:
Owners of parent

2,278,873

2,931,325(1,628)49

Non-controlling interests

13

QUICK CO., LTD. (4318) Financial Results for FY3/23(3) Consolidated Statement of Changes in Equity
FY3/22 (Apr. 1, 2021 – Mar. 31, 2022)(Thousands of yen)
Shareholders’ equity

Balance at beginning of
periodChanges during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesChange in scope of
consolidation
Net changes in items
other than shareholders’equityTotal changes during period
Balance at end of period

Balance at beginning of
periodChanges during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesChange in scope of
consolidation
Net changes in items
other than shareholders’equityTotal changes during
periodBalance at end of period

Share capital

Capital surplus

Retained earnings

Treasury shares

351,317391,392

8,879,353(16,005)

Total shareholders’equity9,606,057(866,518)(866,518)

2,248,194

2,248,194
(165)

(165)
–
–

–

–

1,381,675(165)

1,381,509

351,317391,392

10,261,028(16,171)

10,987,566

Accumulated other comprehensive income
Valuation
Total accumulated
Foreign currency
difference onothertranslation
available-for-salecomprehensive
adjustment
securities
incomeNon-controllinginterests

Total net assets

2,241

10,687,486

1,092,767(13,579)

1,079,188(866,518)
2,248,194(165)––(8,047)38,72630,679(1,291)

29,387(8,047)38,72630,679(1,291)

1,410,897

1,084,720

25,147

1,109,867

949

12,098,383

14

QUICK CO., LTD. (4318) Financial Results for FY3/23

FY3/23 (Apr. 1, 2022 – Mar. 31, 2023)(Thousands of yen)
Shareholders’ equity

Balance at beginning of
periodChanges during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesChange in scope of
consolidation
Net changes in items
other than shareholders’equityTotal changes during
periodBalance at end of period

Balance at beginning of
periodChanges during period
Dividends of surplus
Profit attributable toowners of parent
Purchase of treasury
shares
Disposal of treasury
sharesChange in scope of
consolidation
Net changes in items
other than shareholders’equityTotal changes during
periodBalance at end of period

Share capital

Capital surplus

Retained earnings

Treasury shares

351,317391,392

10,261,028(16,171)

Total shareholders’equity10,987,566(1,018,511)(1,018,511)

3,261,661

3,261,661(330,400)(330,400)

1,881

43,560

(906)

1,040

133

41,678–41,6782,242,242(327,479)

1,956,442

351,317

433,071

12,503,271(343,650)

12,944,008

Accumulated other comprehensive income
Valuation
Total accumulated
Foreign currency
difference onothertranslation
available-for-salecomprehensive
adjustment
securities
incomeNon-controllinginterests

Total net assets

949

12,098,383

1,084,720

25,147

1,109,867(1,018,511)
3,261,661(330,400)
43,560133(360,938)

30,602(330,335)

279(330,055)(360,938)

30,602(330,335)

279

1,626,387

723,782

55,750779,532

1,229

13,724,770

15

QUICK CO., LTD. (4318) Financial Results for FY3/23(4) Consolidated Statement of Cash Flows(Thousands of yen)
FY3/22
FY3/23(Apr. 1, 2021 – Mar. 31, 2022) (Apr. 1, 2022 – Mar. 31, 2023)
Cash flows from operating activities
Profit before income taxes
Depreciation
Impairment losses
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for directors(and other officers)
Interest and dividend income
Interest expenses
Loss (gain) on sale of shares of subsidiaries and associates
Gain on sale of non-current assets
Loss on sale of non-current assets
Loss on retirement of non-current assets
Relocation expenses
Decrease (increase) in trade receivables
Increase (decrease) in trade payables
Decrease (increase) in leasehold and guarantee deposits
Increase (decrease) in accrued consumption taxes
Other, net

3,322,581
323,559
52,69014,421
2,918
476,314

4,574,909
425,793
114,061
1,869(1,331)
410,61438,02037,498(9,678)2,135–(4,748)33,997
15,872
3,229(294,969)
31,928(24,399)
204,174
261,003(10,551)
1,476(171,296)
(126)
–
251
–
(578,224)
150,054(26,489)
160,472
119,103

Subtotal

4,449,051

5,208,084

Interest and dividends received
Interest paid
Income taxes paid

9,678
(2,112)(612,313)

10,551(1,479)(1,671,238)

Net cash provided by (used in) operating activities

3,844,303

3,545,918(527)(105,943)
86,692(393,428)(5,744)(1,513)(281,371)
1,884(320,035)(5,783)–

122,949(50,000)(12,550)
4,896–(14,062)–

Cash flows from investing activities
Net decrease (increase) in time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of shares of subsidiaries resulting inchange in scope of consolidation
Purchase of shares of subsidiaries and associates
Payments for asset retirement obligations
Other, net
Net cash provided by (used in) investing activities(476,606)(497,932)

Cash flows from financing activities
Net increase (decrease) in short-term borrowings
Repayments of long-term borrowings
Repayments of lease liabilities
Purchase of treasury shares
Dividends paid

(158,955)(19,788)(2,552)(165)(867,227)(20,480)–(2,646)(330,400)(1,016,709)

Net cash provided by (used in) financing activities(1,048,688)(1,370,236)

Effect of exchange rate change on cash and cash equivalents

32,17938,262

Net increase (decrease) in cash and cash equivalents

2,351,188

1,716,012

Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents resulting from
inclusion of subsidiaries in consolidation
Cash and cash equivalents at end of period

8,097,700

10,448,889–

48,701

10,448,889

12,213,602

16

QUICK CO., LTD. (4318) Financial Results for FY3/23(5) Notes to Consolidated Financial Statements
Segment Information
1. Outline of reportable segments
The reportable segments of the Company are components for which discrete financial information is available andwhose operating results are regularly reviewed by the Board of Directors to make decisions about resource allocationand to assess performance.
The QUICK Group engages in a diverse range of businesses, including personnel placement and temporary staffing,providing services related to recruiting advertisement, and publishing regional information magazines. The
Company and its consolidated subsidiaries (hereinafter “business operation companies”) are independent
management units that independently draft comprehensive business strategies and develop business activities foreach business.
Accordingly, the QUICK Group is composed of business-specific segments based on the Company’s business
operating structure and business operation companies. The Group has five reportable segments: Human Resources
Services Business, Recruiting Business, Information Publishing Business, IT & Internet-Related Business, andOverseas Business.
Main activities of the Human Resources Services Business include personnel placement, temporary staffing,
temporary-to-permanent staffing, business contracting, and nursery school operations. Main activities of the
Recruiting Business include an advertising agency business for recruiting advertisements, provision of recruiting
support tools, education and training, and personnel business contracting. Main activities of the Information
Publishing Business include publication of regional information magazines, web promotion support, posting, andconcierge (face-to-face consultation) services. The IT & Internet-Related Business mainly operates the “Nihon no
Jinjibu” site, plans and operates events related to the “Nihon no Jinjibu,” and supports web promotions. The
Overseas Business engages in personnel placement, temporary staffing, personnel and labor consulting, and otherservices in the U.S., China, Mexico, the U.K., Vietnam and Thailand.
2. Calculation method of net sales, profit/loss, assets and other items in each reportable segment
The method of accounting for the reported operating segments is in accordance with the accounting policy adopted
to prepare the consolidated financial statements.
Profits for reportable segments are generally operating profit.
Inter-segment sales and transfers are based on prevailing market prices.

17

QUICK CO., LTD. (4318) Financial Results for FY3/23

3. Information pertaining to net sales, profit/loss, assets and other items in reportable segments and disaggregatedrevenue
FY3/22 (Apr. 1, 2021 – Mar. 31, 2022)(Thousands of yen)Amount intheAdjustment consolidated(Note 1)
financialstatements(Note 2)

Reportable Segment
Human
Resources
Services
Business
Net sales
Revenue fromcontracts with 16,174,339
customers
Other revenue–
Sales toexternal
16,174,339
customers
Inter-segment
sales and192
transfers
Total
16,174,531
Segment profit
3,020,615(loss)
Segment assets 9,355,177

Recruiting
Business

Information
Overseas
IT & InternetPublishing
Business
Related BusinessBusiness(Note 3)

2,788,715

2,139,869

1,548,613–––

2,788,715

2,139,869

1,548,613

15,543

10,21896,6882,804,258

2,150,087

1,645,301

939,361 23,713,540(122,642) 23,590,897

557,682

187,640

488,688(6,922) 4,247,704(901,738)

3,345,965

1,956,936

1,357,069

1,840,663

662,426 15,172,274

2,830,475

18,002,749

Total

939,361 23,590,897–

23,590,897

–

–

–

939,361 23,590,897–

23,590,897(122,642)–––

122,642

Other items
Depreciation
238,623
5,070
22,4403,081
9,840
279,056
44,502
323,559
Impairment–––
13,62539,064
52,690–52,690loss
Increase inproperty, plantand equipment
440,260
1,310
42,315
1,192
2,259
487,338
71,185558,524and intangible
assets
Notes: 1. Contents of adjustments are as follows.
(1) The (901,738) thousand yen adjustment to segment profit (loss) includes elimination for inter-segment
transactions of 134,435 thousand yen, and (1,036,174) thousand yen in company-wide costs that cannot beallocated to any specific reportable segments. Company-wide costs consist primarily of expenses related tothe administration division, which are not attributable to any reportable segments, including general affairs
and accounting at the Company.
(2) The 2,830,475 thousand yen adjustment to segment assets includes elimination for inter-segment transactionsof (52,469) thousand yen, and 2,882,945 thousand yen in company-wide assets that cannot be allocated to any
specific reportable segments. Company-wide assets consist primarily of the Company’s excess funds (cashand deposits), long-term investments (investment securities), and assets which belong to the administration
division.
(3) The 44,502 thousand yen adjustment to depreciation is the sum of depreciation of assets which belong to theadministration division that cannot be allocated to reportable segments.
(4) The 71,185 thousand yen adjustment to an increase in property, plant and equipment and intangible assets isthe sum of assets which are not attributable to any reportable segments and belong to the administration
division that cannot be allocated to reportable segments.
2. Segment profit (loss) is adjusted with operating profit shown on the consolidated statement of income.
3. Countries and regions included in the Overseas Business are Japan, U.S., China, Mexico, U.K., Vietnam, andThailand.
4. The “IT & Internet-Related Business” and “Overseas Business” segments reported an impairment loss on
goodwill of 13,625 thousand yen and 39,064 thousand yen, respectively.

18

QUICK CO., LTD. (4318) Financial Results for FY3/23

FY3/23 (Apr. 1, 2022 – Mar. 31, 2023)(Thousands of yen)Amount intheAdjustment consolidated(Note 1)
financialstatements(Note 2)

Reportable Segment

Net sales
Revenue fromcontracts withcustomers
Other revenue
Sales toexternalcustomers
Inter-segment
sales andtransfers
Total
Segment profit(loss)
Segment assets

Human
Resources
Services
Business

Recruiting
Business

Information
Overseas
IT & InternetPublishing
Business
Related BusinessBusiness(Note 3)19,080,498

3,373,551

2,320,078

1,662,613

–

–

–

–

19,080,498

3,373,551

2,320,078

1,662,613

5,923

30,854

12,701

50,68919,086,421

3,404,406

2,332,779

1,713,302

3,876,938

645,732

193,599765,888

11,459,899

2,458,479

1,594,190

1,813,140

Total

1,358,153 27,794,894–

27,794,894

–

–

–

1,358,153 27,794,894–

27,794,894(102,444)

–

–

2,275

102,444

1,360,429 27,897,339
104,854(102,444) 27,794,894

5,587,013 (1,099,885)

4,487,128

766,414 18,092,124 2,087,045

20,179,169

Other items
Depreciation
332,985
5,088
18,066
9,353
10,994376,488
49,305425,793
Impairment
89,074–24,986––
114,061–
114,061
loss
Increase inproperty, plantand equipment
488,836
3,167
2,882
32,37315,097542,356
60,930603,287
and intangible
assets
Notes: 1. Contents of adjustments are as follows.
(1) The (1,099,885) thousand yen adjustment to segment profit includes elimination for inter-segment
transactions of 136,237 thousand yen, and (1,236,123) thousand yen in company-wide costs that cannot beallocated to any specific reportable segments. Company-wide costs consist primarily of expenses related tothe administration division, which are not attributable to any reportable segments, including general affairs
and accounting at the Company.
(2) The 2,087,045 thousand yen adjustment to segment assets includes elimination for inter-segment transactionsof (477,985) thousand yen, and 2,565,031 thousand yen in company-wide assets that cannot be allocated toany specific reportable segments. Company-wide assets consist primarily of the Company’s excess funds(cash and deposits), long-term investments (investment securities), and assets which belong to theadministration division.
(3) The 49,305 thousand yen adjustment to depreciation is the sum of depreciation of assets which belong to theadministration division that cannot be allocated to reportable segments.
(4) The 60,930 thousand yen adjustment to an increase in property, plant and equipment and intangible assets isthe sum of assets which are not attributable to any reportable segments and belong to the administration
division that cannot be allocated to reportable segments.
2. Segment profit is adjusted with operating profit shown on the consolidated statement of income.
3. Countries and regions included in the Overseas Business are U.S., China, Mexico, U.K., Vietnam, and Thailand.
4. The “Human Resources Services Business” and “Information Publishing Business” segments reported an
impairment loss on non-current assets of 89,074 thousand yen and 24,986 thousand yen, respectively.

19