Consolidated Financial Results
for the 1st Quarter of the
Fiscal Year Ending March 31,
2023 (FY2022 Q1) andAsia Pacific SBU Mid-termManagement PlanPERSOL HOLDINGS CO., LTD.
August 10, 2022

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

Highlights

1

Summary of Financial Results for the Three Months
Ended June 30, 2022
◼ Significant growth with net sales of 284.1 billion yen (up 13% year on year) andoperating profit of 16.4 billion yen (up 27% YoY).
◼ Steady progress toward the full-year forecast. Impact due to macroeconomic and otherfactors is limited at present.

2

Mid-term Management Plan of the Asia Pacific SBU◼ The APAC SBU* Mid-term Management Plan is announced today, ahead of the Group Midterm Management Plan to be announced in May next year.
◼ The plan will focus on improving profitability as a three-year period building foundations in
the lead-up to 2030.

3

Share Repurchase◼ Up to 10 billion yen in treasury shares will be acquired from the stock market in view ofprogress with the current mid-term management plan, share price, etc.
◼ All repurchased share will be canceled.
* Asia Pacific SBU

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

2

Summary of Financial Results
for the Three Months Ended
June 30, 2022

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

Financial Results for the Three Months Ended June 30, 2022
Significant growth in both net sales and operating profit.
(million yen)

FY21 Q1 Results

FY22 Q1 Results

YoY

Net sales

250,432

284,100+13.4%

Operating profit

12,973

16,495+27.1%

OP margin (％)

5.2％

5.8%

+0.6pt17,63821,978+24.6%EBITDA margin (％)

7.0％

7.7%

+0.7ptQuarterly net profit
before income taxes

13,99817,238+23.1%

Quarterly net profit*

8,383

10,301+22.9%

Adjusted quarterly net profit

9,954

12,275+23.3%

Adjusted EPS (yen)

43.26

53.24

+23.1%EBITDA

Notes 1: Effective in the three months ended December 31, 2021, the accounting process was changed for SaaS in the Australian business in the APAC SBU. Accordingly, the change was applied
retroactively to the financial results for the three months ended June 30, 2021. (The same applies hereinafter.)
2: Effective in the three months ended June 30, 2022, accounting method of asset retirement obligations was changed. Accordingly, these changes were applied retroactively to the financial
results for the three months ended June 30, 2021. (The same applies hereinafter.)* Quarterly net profit attributable to owners of parent company

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

4

Net Sales by SBU for the Three Months Ended June 30, 2022
(billion yen)Staffing

Career+9.9%+37.5%

137.8

151.4

17.6

FY21Q1FY22Q1FY21Q1+60.5%FY21Q1+10.5%
24.1

FY22Q128.2

31.1

FY21Q1FY22Q1

Asia Pacific

Solution

2.1

Professional Outsourcing+15.2%
3.5

67.3

77.5

Net sales increased
in all SBUs

FY22Q1FY21Q1FY22Q1

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

5

Operating Profit by SBU for the Three Months
Ended June 30, 2022
(billion yen)Staffing

Career

+11.9%
10.4

Professional Outsourcing+132.4%
4.7

11.6
2.0

FY21Q1FY22Q1

Solution
Investment continued
FY21Q1FY22Q1

-0.88

-0.86

FY21Q1FY22Q1+20.4%
1.2

FY21Q1

1.4

FY22Q1

Asia Pacific
Turned around

0.04
-0.16
FY21Q1FY22Q1

Operating profit
increased/turned aroundin major SBUs

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

6

Analysis of Increase/Decrease in Operating Profit
Operating profit increased significantly because gross profit grew asplanned although SG&A expenses increased due to upfront investment.
(billion yen)

Profit increased mainlyin the Career SBU and
the Staffing SBU.

+

12.0

Increase ingross profit

Increase inpersonnel
expenses-4.9

Increase inadvertisingexpenses-0.5

Increase inother expenses-3.1

Increased mainly in the Career SBU and theProfessional Outsourcing SBU, which are taking
measures to increase personnel

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

7

(Reference) Net Sales by SBU for the Three Months Ended
June 30, 2022
(million yen)

FY21 Q1
Results

FY22 Q1
Results

YoY

FY22
Forecast

Progress
Rate

Consolidated

250,432

284,100+13.4%

1,165,000

24.4%

Staffing

137,846

151,432+9.9%

601,200

25.2%

Career

17,602

24,198+37.5%

98,40024.6%

Professional
Outsourcing

28,222

31,177+10.5%

133,500

23.4%

Solution

2,181

3,502

+60.5%

16,40021.4%

Asia Pacific

67,306

77,521+15.2%

328,200

23.6%

Others

3,314

3,897

+17.6%

17,50022.3%

Adjusted-6,041-7,629--30,200-%

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

8

(Reference) Operating Profit and OP Margin by SBU
for the Three Months Ended June 30, 2022
(million yen)

FY22
Forecast

ProgressRate+27.1%

52,000

31.7%

5.8%

+0.6pt4.5％-

10,428

11,670+11.9%

33,900

34.4%

7.6％

7.7%

+0.1pt

5.6％

-

2,063

4,795

+132.4%

14,800

32.4%

11.7％

19.8%

+8.1pt

15.0％

-

1,214

1,461

+20.4%

7,000

20.9%

4.3%

4.7%

+0.4pt

5.2％

-

-883

-860

-

-2,700-%-40.5%-24.6%+15.9pt-16.5％

-

-164

40

-

1,800

2.2%

-0.2％

0.1%

+0.3pt0.5％-

Others

-55

-41

-

-700

-%

Adjusted

371

-570

-

-2,100-%Consolidated
Staffing
CareerProfessional
Outsourcing
Solution
Asia Pacific

FY21 Q1
Results

FY22 Q1
Results

12,973

16,495

5.2％

YoY

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

9

(Reference) EBITDA and EBITDA Margin by SBU
for the Three Months Ended June 30, 2022
(million yen)

FY22
Forecast

ProgressRate+24.6%

74,200

29.6%

7.7%

+0.7pt6.4%-

11,37012,890+13.4%

38,300

33.7%

8.2%

8.5%

+0.3pt

6.4%

-

3,002

5,806

+93.4%

19,000

30.6%

17.1%

24.0%

+6.9pt

19.3%

-

1,589

1,897

+19.4%

8,900

21.3%

5.6%

6.1%

+0.5pt

6.7%

-

-527

-433

-

-1,000-%-24.2%-12.4%+11.8pt

-6.1%

-

1,492

1,734

+16.2%

8,700

19.9%

2.2%

2.2%

+0.0pt2.7%-

Others54

101+84.6%-200-%

Adjusted

657

-18

-

500

-%

Consolidated
Staffing
CareerProfessional
Outsourcing
Solution
Asia Pacific

FY21 Q1
Results

FY22 Q1
Results

17,63821,978

7.0%

YoY

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

10

Financial Results by SBU for
the Three Months Ended
June 30, 2022

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

Quarterly Financial Results by SBU –Staffing SBU–
(million yen)

Net sales+9.9%
137,846

FY21Q1

Operating profit

Composition of sales
FY22Q1+11.9%

151,432
10,428FY22Q1

16%

11,670(7.6%)(7.7%)FY21Q1FY22Q1

84%

Temporarystaffing
BPO* Percentages in parentheses are OP margin.

Comments on the quarterly results
Temporary staffing
Both the No. of orders and No. of confirmed contracts were steady.
◼ No. of orders: Increased by approx. 20% YoY◼ No. of confirmed contracts: Increased by approx. 15% YoY◼ No. of contract terminations:
Increased YoY but the ratio of the no. of staffs with terminated contracts to theno. of active staffs remained below the pre-COVID-19 level.

BPO

Both net sales and operating profit increased due to strong
orders for both temporary public related projects andordinary projects.

Analysis of increase/decrease in sales
1) Temporary staffing: Up 8.0%
◼ No. of active staffs: +8.2%◼ Billing rates: +0.9%◼ Operating hours, etc.: -1.1%◼ No. of operating days: ±0% (the same number of days as FY21 Q1)
2) BPO: Up 22.2%
The rate of increase in sales excluding temporary public related
projects was approx. 6%.
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

12

Quarterly Financial Results by SBU –Career SBU–
(million yen)

Net sales+37.5%

Operating profit

Composition of sales
FY22Q1+132.4%8%

4,795

24,19817,602

Placement business20%(19.8%)

72%

2,063

Job recruitment media
Other(11.7%)FY21Q1FY22Q1FY21Q1FY22Q1* Percentages in parentheses are OP margin.

Comments on the quarterly results
Placement business◼ Sales increased by approx. 50% YoY.

Job recruitment media◼ Sales increased by more than 30% YoY.

Conditions of the career-change market◼ Moves to strengthen hiring were noticeable mainly in the IT industry and amongmajor companies.
◼ Projects for companies in the restaurant industry were also on a recovery trend dueto the recovery in demand for services.
◼ Remarkable signs of impacts in the international situation, rising commodity prices,and the weakening of the yen have yet to be seen at present.
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

13

Business Environment of Career SBU◼ While both the number of jobs available (corporate demand) and the number of candidates who want
to change jobs (job seekers' demand) have been on an upward trend, the number of jobs available has
been increasing at higher rates. Therefore, the job-openings-to-applicants ratio increased.
◼ Above all, the number of jobs available has increased for 22 consecutive months since September 2020.
It has been hitting a record high since April 2019.
Job-openings-to-applicants ratio of “doda”,
PERSOL’s job board
2.50

Source: “doda”, Tenshoku kyujin bairitsu report (report on job-openings-to-applicants ratio) (June 30, 2022)
Calculated based on the number of jobs available for each registrant (job seeker) in the “doda”

300,000

2.00

250,000

200,000

1.50
150,000
1.00
100,000
0.50

50,0000.00
Apr.

Jan. 2022

Oct.

July

Apr.

Jan. 2021

Oct.

July

Apr.

Jan. 2020

Oct.

July

0
Apr. 2019

Job-openings-to-applicants ratio (times)

Number of jobs available
Number of candidates who want to change job
Job-openings-to-applicants ratio

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

14

Quarterly Financial Results by SBU–Professional Outsourcing SBU–
(million yen)

Net sales

Operating profit+10.5%
28,222Composition of sales
FY22Q1+20.4%

31,1771,214(4.3%)

IT

1,461

34%

(4.7%)

41%

25%
FY21Q1FY21Q1FY22Q1Engineering

IT/engineering
temporary staffing

FY22Q1* Percentages in parentheses are OP margin.

Comments on the quarterly results
IT◼ Sales increased by 15%, with demand remaining at a high level.
◼ Operating rate: Approx. 90%◼ No. of engineers: Approx. 5,100 (Up 11.8% YoY)

Engineering◼ Sales increased by 12% due to strong demand.
◼ Operating rate: Approx. 90%◼ No. of engineers: Approx. 3,400 (Up 6.9% YoY)

IT/engineering temporary staffing

Hiring of engineers (overall SBU)

◼ Sales increased by 5%, with strong results in both IT area andengineering area.
◼ No. of active engineers*: Approx. 6,000 (Up 4.4% YoY)

◼ Competition to acquire engineers has become fierce, and the result wasslightly below the plan for Q1. (Rate of achievement: Approx. 95%)

* The number of active engineers include registered engineers.

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

15

Quarterly Financial Results by SBU –Solution SBU–
(million yen)

Net sales

Operating profit/loss+60.5%

Outline of services‒%◼ "MIIDAS" job search application
A career change service, which analyzes themarket value of individuals based on information
about their career, experience, and skills, so thatthey will receive offers directly from companies.

3,502
2,181
-883

FY21Q1FY22Q1-860(-40.5%)(-24.6%)FY21Q1FY22Q1◼ "POS+" cloud POS
Cloud POS cash register is offered mainly torestaurants and retailers to help them improve
operating efficiency and increase sales.

* Percentages in parentheses are OP margin.

Comments on the quarterly results"MIIDAS"◼ Remained strong performance, resulting in a significant YoY increase insales.
◼ The cumulative number of account companies, mainly SMEs, increased,having reached approx. 400,000 as of June 30, 2022.
(The number on June 30, 2021: Approx. 280,000)◼ "POS+"◼ As a result of strengthened sales activities, the cumulative total number ofstores that introduced the service increased approx. 1.2 times YoY.
◼ Received orders steadily by cultivating new market segments other thanrestaurants, retailers, and hairdressing salons by offering "POS+" for DX at public
offices and local governments.

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

16

Quarterly Financial Results by SBU –Asia Pacific SBU–
* Actual values in Q1 (January to March 2022) in the region

Net sales

Operating profit/loss+15.2%
67,306(million yen)‒%

77,52140

Composition of sales
Singapore:
Malaysia:
India:
China:

47%
15%
11%
3%

FY22Q126%(0.1%)

74%
Staffing:
51%
Maintenance: 47%
Other:
2%-164(-0.2%)FY21Q1FY22Q1FY21Q1FY22Q1

Programmed
PERSOLKELLY* Percentages in parentheses are OP margin.

Comments on the quarterly results (January to March 2022)
PERSOLKELLY◼ Sales increased by 20.8% due to the strong showing of the temporary staffing business and high growth achieved by the placement business as well as
foreign exchange rate.
◼ While investments were made for increasing personnel for future growth, operating profit increased due to the effect of the sales increase.
Programmed◼ Sales increased by 13.3% due to the strong showing of both the Staffing business and Maintenance business as well as the strong Australian dollar.
◼ Operating profit turned around due to the effect of the sales increase, offsetting an increase in SG&A expenses including personnel expenses.

Comments on the quarterly results (April to June 2022) * The results will be included in the consolidated financial results for Q2.
Status of the overall SBU◼ While there was an impact from the lockdown in China, the SBU enjoyed a steady recovery and growth in other regions.
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

17

(Reference) Breakdown of Asia Pacific SBU Results
Breakdown of financial results of PERSOLKELLY and Programmed in Asia Pacific SBU is as follows.

(million yen)

FY21 Q1 Results

FY22 Q1 Results

YoY

67,306

77,521+15.2%PERSOLKELLY

16,901

20,411+20.8%

Programmed

50,404

57,109+13.3%

-164

40

-%

PERSOLKELLY

26

161

506.2%

Programmed

-54

105

-%

1,492

1,734

+16.2%PERSOLKELLY

195

322

+64.5%

Programmed

1,432

1,634

+14.1%Net sales

Operating profit/loss

EBITDA

Notes 1: This SBU consists of an administrative department overseeing businesses and other organizations in addition to PERSOLKELLY and Programmed. Results of the said department, etc. are notincluded in the above, so the total values for each item differ from the sum of PERSOLKELLY and Programmed.
2: Exchange rates [USD (PERSOLKELLY)] FY21 Q1: 106.1 yen, FY22 Q1: 116.3 yen/ [AUD (Programmed)] FY21 Q1: 81.9 yen, FY22 Q1: 84.2 yen
3: The above results for FY22 Q1 are actual values in the Q1 (January to March 2022) in the region, and results for FY21 Q1 are actual values in Q1 of the previous fiscal year (January to March
2021) in the region. All of the values were calculated based on Japan GAAP.

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

18

Quarterly Financial Results by SBU–Others and Adjustment–(million yen)

Others
Net sales

3,314

Adjustment

Operating profit/loss

Net sales

Operating profit/loss

371

3,897
-55

-41
-570
-6,041-7,629FY21Q1FY22Q1FY21Q1FY22Q1

Comments on the quarterly results◼ Net sales increased YoY due to an increase in internal transactions
within the Group in the disabled persons hiring business of special
subsidiaries, in addition to recovery of the training business.
◼ Operating loss decreased due to the recovery of the training business.

FY21Q1FY22Q1FY21Q1FY22Q1

Comments on the quarterly results◼ A loss was posted, mainly reflecting an increase in depreciation
associated with changes in the accounting process, as well as
promotions and measures for driving remote work.

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

19

Asia Pacific SBU
Mid-term Management Plan

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

Our Vision to APAC

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

21

Positioning of PERSOL's APAC businessInstill Group Vision

Realizing “Work, and Smile” in APAC region.

Solve Social Issue

Solving Japan's labor issues by supporting human resourcesfrom the APAC region.

Create Synergy by Technology

Creating group synergy through technology investment
in APAC region/market.
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

22

Human Resources Markets in the APAC Region:
Comparison of Labor Forces◼ The APAC region accounts for roughly 50% of the global labor force◼ The region has the highest wage growth and human resource mobility in the world
Labor force (2021)
New Zealand

2,896Singapore

3,441

Hong Kong

3,866(thousand people)

Taiwan11,919Australia

13,777

Malaysia

16,277

South Korea
Thailand
VietnamJapan
Indonesia
India
China

Average population growth rate (2022-2025)Japan-0.48%South Korea-0.11%

China-0.10%

Taiwan-0.01%
0.05%

Singapore
Thailand

28,606

Hong Kong

39,052

Vietnam

56,15168,014
139,164◼ The APAC region accounts for roughly 50% of the global laborforce◼ The labor force of major countries of the ASEAN region is 250
million people, around 4 times the labor force of Japan

0.83%
0.89%

Indonesia

0.90%

Australia
793,777

0.47%

India
Malaysia

471,295

0.10%

New Zealand

1.19%
1.24%
1.31%

◼ While the populations of a majority of ASEAN nations and the
ANZ region* are seeing positive growth, Japan has thelargest rate of decline◼ According to research by Willis Towers Watson, in 2022 wages
are expected to increase the most in the APAC region
compared with other regions.

* ANZ region: Australia and New Zealand

Source: World Bank “World Development Indicators” database (as of February 2022)
National Statistics, Republic of China (Taiwan) (as of May 2022)

Source: International Monetary Fund “World Economic Outlook” database (as of April 2022)

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

23

History of the APAC SBU◼ There were issues with profitability, including impairment losses posted by Programmed

in 2019◼ With the shift to the SBU structure in 2020, overseas businesses were consolidated underthe APAC SBU◼ By acquiring additional shares in PERSOLKELLY in 2022, we unified the entities under
APAC SBU with the aim of making further improvement in profitability

Acquisition of
Programmed
Establishment of North Asian
JV as the predecessor of
PERSOLKELLY

2012

Establishment of thecurrent PERSOLKELLY by
expanding the scope of JV
to the entire APAC region

2016

Impairment losses
posted by
Programmed

Impairment
losses posted by
PERSOLKELLY

2017

2018

Additional acquisition ofshares in PERSOLKELLY

Shifting to a SBU
structure, consolidating
overseas businesses
under the APAC SBU

2019

2020

2022

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

24

Future Initiatives in the APAC SBU[Phase 3] (FY2031-)
Establishing APAC businesses as one of the pillars of
PERSOL’s growth and earnings[Phase 2] (-FY2030)
Reforming to a technology-driven business model incollaboration with businesses in Japan, and responding totalent mobility in the APAC region including Japan[Phase 1] (-FY2025)
Creating an integrated management foundation in APAC
SBU, improving profitability and hitting the must-havetarget of 10% ROIC in FY2025
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

25

Overview of the APAC SBU Mid-term Management Plan
Phase 1: Improving profitability
1 PERSOL in the APAC market and APAC region-FY2025✓ Comprehensive coverage in major markets in the APAC region and top market share in Singapore, Malaysia andAustralia✓ Management team comprising experienced professionals with diverse backgrounds✓ Integrated organization and management structure through the additional acquisition of shares in PERSOLKELLY

2 Mid-term Management Plan
✓ Commitment to achieve operating profit of 10 billion yen* and ROIC of 10% in FY2025, focusing on overall cost
optimization and more efficient employment of capital* Calculated on an IFRS basis

3 Business Strategy (three strategic pillars)✓ Revise the business portfolio, implement structural reforms and cost optimization, and boost productivity
through DX investment-FY2030

Phase 2:Further growth towards
2030

FY2031Phase 3:
Establishing APAC businesses
as one of the pillars of
PERSOL’s growth and earnings
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

26

PERSOL in the APAC Market and APAC Region
Mid-term business environment and growth potential of the Asia Pacific SBU

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

27

PERSOL's Market Share in the APAC Region
PERSOL has establishes a firm position as a leading human resources solution company
in the APAC region
Leading market share in Singapore, Malaysia and Australia

Australia

23%

Malaysia

SingaporePERSOL's
market share

PERSOL's
market share

27%

PERSOL's
market share

13%

Human resource services
Market size

Human resource services
Market size

Blue-collar temporary staffing
Market size

◼ No.1 market share of 23%◼ No. 1 market share specializing in
temporary staffing and businessoutsourcing◼ A preferred supplier that is one of major
players

168 billion yen◼ As the driving force of economic growth,
the government has created many
opportunities for the human resource
services industry, and our initiatives
focused on the public sector have beensuccessful.

65 billion yen◼ As with Singapore, the public sector is
promoting economic growth◼ There is potential for further growth due tonurse training plans for the developmentof nursing cities particularly in the ASEAN
regionSource: Singapore/Malaysia - company financial statements from ACRA/SSM, SIA Reports, internal company analysis
ANZ region - IBIS World Reports, press releases, McKinsey Expert Interview
Note - Exchange rates are converted to national currency rates based on 130 yen to the US dollar.

592 billion yen◼ Demand for bule-collar temporary
staffing is expected to grow steadily as theworkforce increases 4% by 2025, despite
the impact from automation and the shift toa service industry

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

28

APAC SBU Results for the FY2021 (January to December 2021)
OthersMalaysia

Gross profit
by majorcountries

China

3%
6%
11%

Singapore(unit: billion yen)

Net sales
Gross profit
Gross profit margin
Operating profit
Operating profit margin
EBITDAEBITDA margin
*1
*3

14%

Others

Total

34.5%

Total

Gross profit
by segments

38.8
billion yen
66%

38.8
billion yen

ANZ region

65.5%

Staffing
business

Staffing business*1

Other businesses*2

Asia Pacific SBU Total*3

206.4
25.4

87.9
13.2

290.1
38.8

12.3%

15.1%

13.4%

3.2

2.1

1.0

1.6%

2.4%

0.4%

4.5

4.4

7.6

2.2%

5.0%

2.7%

Temporary staffing, placement business, etc.
*2 Facility management, property services, healthcare, etc.
Results were on a Japan GAAP basis. In addition, this SBU consists of an administrative department overseeing businesses and other organizations in addition to PERSOLKELLY and Programmed.
Results of the said department, etc. are not included in the above, so the totals do not match.

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

29

PERSOL's Strengths in the APAC Region
Towards improved profits through the additional acquisition of shares in PERSOLKELLY
and structural reforms

Collective
strengths

Management
diversity

Collective strength tocomprehensively cover
key areas in the APAC
region and provide a wide
range of HR services

A management team withdiverse backgrounds
swiftly responding to fast
evolving markets

Technologies

Boosting productivity andcultivating new markets
in the APAC region by
further utilizing technologies
in collaboration withbusinesses in Japan

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

30

Management Team in the APAC SBU
After the additional acquisition of shares in PERSOLKELLY, an organization has been built
so that management can oversee the APAC region without any boundaries between
PERSOLKELLY and Programmed. The management team is made up of diverse and highly
experienced professionals.
APAC SBU Management
CEO

Takayuki Yamazaki

CFO

Staffing Business(Head of Corp. Functions)
Stephen LeachFrancis Koh

Divisional Heads
Staffing Business
CFO
Shinya Shimakawa

Facility Management
Business
Graeme Hurn

Health Business
Jennifer Boulding* PERSOL APAC Business Services: Malaysia's shared services center

Back Office / PBS*
Property Services
Business
Terri Hoskin

Head of HR TechBusiness
Nic Reiser

PERSOL APAC
Board of Directors- CEO Wada
- Director Hayashi- Outside Director Hazelton... and others

CTO

Keiichiro Suzuki

PERSOL APAC
Business Services*
Carlmen Then

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

31

Mid-term Management Plan
April 2023 to March 2026

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

32

Targets for FY2025

Fiscal year to be changed (from Jan.-Dec. to Apr.-Mar.) from FY2023
Group Vision

Work, and Smile
Mid-term Management Targets

Become the No. 1 human resource services company
in the APAC region, in terms of size and profitability,

under a highly efficient and productive management,
enabling further growth in FY2025
Numerical Targets of Particular Importance

ROIC

10

%*1

Operatingprofit10billion yen*2*1 Invested capital in FY2025 is expected to be 70 billion yen

FY2025

EBITDA15

billion yen*2 Calculated on an IFRS basis

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

33

Financial Targets for FY2025
Aim to improve the overall profitability of the APAC SBU, achieving operating profit of
10 billion yen and EBITDA of 15 billion yen(billion yen)

FY2021 Results*(January to December 2021)

Final Year of
the Mid-term Management Plan
(April 2025 to March 2026)

APAC SBU Total

Staffing business

APAC SBU Total

Staffing businessNet sales

338.0

241.0

400.0

300.0

Operating profit

3.8

4.7

10.0

9.0

OP margin

1.2%

2.0%

2.5%

3.0%

EBITDA

8.9

5.2

15.0

11.0

EBITDA Margin

2.6%

2.2%

3.8%

3.7%

* For the FY2021 results, to enable comparison with the targets in the final year of the Mid-term Management Plan under the same conditions, exchange rates are converted to national currency rates
based on 130 yen to the US dollar, and figures based on the assumption of the transition to IFRS planned for introduction from the FY2023 were used.

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

34

Business Strategy
April 2023 to March 2026

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

35

Three Pillars of the APAC Strategy❶ Revise the business portfolio❷ Implement structural reforms and cost optimization❸ Boost productivity through DX investment

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

36

Key Measures by Strategy: Strategic Pillar 1
Revise the Business Portfolio
Current

Key Measures
A◼ Low ratio of the placementbusiness in the ANZ region◼ Low ratio of the whitecollar temporary staffing
business in the ANZ region

Improve profitability of the staffing businessby expanding the

KPIs FY2021 → FY2025
Gross profit ratio of
the placement business18%

placement businessacross the entire APAC SBU

Portfolio reformof the staffing business in the ANZ region

Gross profit ratio of thewhite-collar temporary staffing andplacement business in the ANZ region5%◼ Property services in the
ANZ region create a burden
on working capital because
it takes time to recoverinvestment◼ Facility management
requires less working
capital, contributing to
improved ROIC

27%

13%

B
In other businesses,

focus on facility
management

Growth rate of gross profit
and operating profitof the facility management

Gross profit:+63%

Operating profit:+55%

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

37

Key Measures by Strategy: Strategic Pillar 2

Implement Structural Reforms and Cost Optimization
Current◼ At Programmed andPERSOLKELLY, there are
overlapping head officeand support functions, aswell as independent IT
infrastructures◼ At Programmed, there areback office functions ineach operating department

Key Measures
C
Eliminate duplications inhead office function andconsolidate support functions to

reduce costs

D

KPIs FY2021 → FY2025
Cost reductions(last FY of mid-term management plan)-900 million yen

Cost reductions(last FY of mid-term management plan)◼ Labour cost in Australia ismuch higher comparedwith most ASEAN nations

Utilize the shared services center
in Malaysia toreduce costs-800 million yen

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

38

Key Measures by Strategy: Strategic Pillar 3
Boost Productivity Through DX Investment
Current

Key Measures
E◼ In the placement business,consultants spend an
enormous amount of time
searching for andnarrowing down
candidates

Develop AI matchingcollaborating with Career SBU andimprove the productivityof placement businessconsultants

F◼ In the temporary staffing
business, a large-scaleback office is required
because of the amount ofmanual work. This results
in a heavy cost burden*1*2

Utilize automation tools andprocess improvement tools toimprove productivity
in the temporary staffing
business

Gross profit of the placement business / base salaries of consultants
Overhead costs of the temporary staffing business / net sales from the temporary staffing business

KPIs FY2021 → FY2025
Consultant Productivity*1

Improve by

15%

Overhead cost efficiency
in the temporary staffing business*2

Improve by

10%

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

39

Breakdown of Operating Profit Improvements(billion yen)

E
C
Consolidation of
support functions

A

Other

Improving productivity ofplacement businessconsultants

Expansion of theplacement
business

F
D
B

Improved productivity
in the temporary
staffing business

Utilization of theshared services center

Focus on the facility
management

FY2021ResultFY2025
Forecast
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

40

Further Growth towards 2030
In order to achieve further growth towards 2030, we must
1) Invest in the HR tech area while examining investment efficiency
2) Promote the reform of business models through technology in collaboration with businesses in Japan
3) Grasp opportunities in supplying human resources from APAC to Japan, which is facing a serious
shortage of human resources

Operating profit*1
Existing Businesses
HR Tech(On-demand staffing and a model combines digital media and placement business, etc,)(billion yen)In addition to steady profit
growth in existing businesses, the
new model HR tech business is
expected to contribute to profits
Improve productivity forexisting businesses andestablish an efficientmanagement base

*1
*2

3.8

4.9

FY2021

FY2022

Calculated on an IFRS basis
Size of the graph element for FY2030 is for illustrative purposes only

10.0

FY2025

FY2030*2
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

41

Share Repurchase

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

Share Repurchase (Total amount of 10 billion yen)
1. Reasons for the share repurchase
To increase shareholder returns in light of the progress of our mid-term management plan, the financial condition andthe stock price, etc.

2. Details of the acquisition(1) Types of repurchased sharesPERSOL HOLDINGS ordinary shares(2) Total number of repurchased shares

7,100,000 shares (maximum)(Percentage to the total number of issued shares (excluding treasury shares):3.08%)(3) Total share repurchase cost

10 billion yen (maximum)(4) Period for share repurchase

From August 12, 2022 to March 31, 2023

(5) Other

All of repurchased shares will be canceled by the resolution of the board of
directors pursuant to the provisions of Article 178 of the Companies Act.

(Reference) Treasury shares held as of June 30, 2022
Total number of issued shares(excluding treasury shares)

230,574,847 shares

Number of treasury shares

6,130,014 shares
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

43

Appendix

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

Sustainability Initiatives
Setting a carbon neutral target◼ As its greenhouse gas emissions target, the PERSOL Group has set a “Carbon
Neutral” target of achieving net-zero greenhouse gas emissions associated with its
business activities by FY2030.

Endorsement of the TCFD recommendations◼ From May 2022, the PERSOL Group began disclosing information about its climaterelated risk and opportunities based on the four themes of “Governance”, “Strategy”,“Risk management”, and “Metrics and targets.”

Check here for details of the PERSOL Group's response to climate change.
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

45

Consolidate Quarterly Results(Unit: million yen)

FY20
Net sales
YoY
Operating profit
OP margin
EBITDAEBITDA margin
Quarterly net profit
attributable to ownersof parent company

FY21

FY22

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

227,533

238,083

246,883

250,432

262,415

267,342

280,703

284,100

-6.6%

-1.7%

-1.0%

+5.1%

+15.3%+12.3%+13.7%+13.4%

4,578

8,390

3,842

12,973

13,474

14,363

7,332

16,495

2.0%

3.5%

1.6%

5.2%

5.1%

5.4%

2.6%

5.8%

8,774

12,718

8,496

17,63818,121

19,116

12,274

21,978

3.9%

5.3%

3.4%

7.0%

6.9%

7.2%

4.4%

7.7%

2,848

5,145

2,816

8,383

7,001

8,517

8,004

10,301

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

46

Staffing SBU(Unit: million yen)

FY20

FY21

FY22

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Net sales

129,605

134,086

135,870

137,846

141,507

146,728

149,660

151,432

YoY

+2.8%

+2.4%

+3.8%

+5.5％

+9.2%

+9.4%

+10.1%

+9.9%

7,387

8,361

4,452

10,428

11,433

10,606

6,892

11,670

5.7%

6.2%

3.3%

7.6％

8.1%

7.2%

4.6%

7.7%

8,283

9,265

5,387

11,37012,395

11,596

7,991

12,890

6.4%

6.9%

4.0%

8.2％

8.8%

7.9%

5.3%

8.5%

No. of operating days

58

61

60

61

58

61

59

61

No. of active staff YoY

-

-

-

-1.7％

+4.0％

+6.9％

+8.1％

+8.2%

Billing rates YoY

-

-

-

+0.4％

＋0.5％

＋0.5％

＋0.7％

+0.9%

Operating hours, etc. YoY

-

-

-

+5.1％

＋1.4％

-0.3％

+0.1％

-1.1%

Operating profit
OP margin
EBITDAEBITDA margin

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

47

Career SBU(Unit: million yen)

FY20

FY21

FY22

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Net sales

12,887

13,595

16,25817,602

17,33918,702

21,63524,198YoY-42.1%-24.9%-16.7%+4.6％+34.5%+37.6%+33.1%+37.5%-1,367

-466

660

2,063

1,129

1,960

2,110

4,795

-10.6％

-3.4%

4.1%

11.7%

6.5%

10.5%

9.8%

19.8%

-526

395

1,538

3,002

2,047

2,894

3,089

5,806

-4.1％

2.9%

9.5%

17.1%

11.8%

15.5%

14.3%

24.0%

-

-

-

+18.7%+14.2%+13.0%+23.8%+3.9%

Operating profit/loss
OP margin
EBITDAEBITDA margin
No. of newly registeredjob seekers YoY (％)

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

48

Professional Outsourcing SBU(Unit: million yen)

FY20

FY21

FY22

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Net sales

27,281

28,68030,71828,222

29,52630,83032,53031,177

YoY

+4.4%

+6.8%

+6.5%

+6.8%

+8.2%

+7.5%

+5.9%

+10.5%

674

1,481

1,556

1,214

1,590

2,320

1,809

1,461

2.5％

5.2%

5.1%

4.3%

5.4%

7.5%

5.6%

4.7%

1,049

1,861

1,958

1,589

1,968

2,701

2,193

1,897

EBITDA margin

3.8％

6.5%

6.4%

5.6%

6.7%

8.8%

6.7%

6.1%

No. of engineers(thousand people)

-

-

-

13.5

13.6

13.7

13.9

14.5

Operating profit
OP margin
EBITDA

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

49

Solution SBU(Unit: million yen)

FY20

FY21

FY22

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Net sales

1,237

1,593

1,918

2,181

2,773

2,966

3,248

3,502

YoY

-32.6%-14.2%-2.5%+129.0%+124.1%+86.1%+69.3%+60.5%-1,260-1,095-1,016

-883

-681

-708

-785

-860

-101.8％-68.8%-53.0%-40.5%-24.6%-23.9%-24.2%-24.6%-1,018

-781

-663

-527

-314

-304

-366

-433

-82.3%-49.0%-34.6%-24.2%-11.3%-10.3%-11.3%-12.4%

Operating profit/loss
OP margin
EBITDAEBITDA margin

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

50

Asia Pacific SBU(Unit: million yen)

FY20

FY21

FY22

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Net sales

58,684

62,12464,65767,30674,19871,18377,451

77,521

YoY-15.7%

-6.2%

-8.2%

2.0%

26.4%

14.6%

19.8%

15.2%

-743

-345

-828

-164

459

9

737

40

-1.3%

-0.6%

-1.3%

-0.2%

0.6%

0.0%

1.0%

0.1%

759

1,168

832

1,492

2,139

1,719

2,340

1,734

EBITDA margin

1.3%

1.9%

1.3%

2.2%

2.9%

2.4%

3.0%

2.2%

AU GDP growth*

-7.0％

-3.8％

-1.1％

1.1%

9.6%

3.9％

4.2％

3.3％

USD/JPY

108.2

107.5

106.8

106.1

107.8

108.6

109.9

116.3

AUD/JPY

71.1

72.8

73.7

81.9

83.1

82.4

82.5

84.2

Operating profit/loss
OP margin
EBITDA* Preliminary results

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

51

Others(Unit: million yen)

FY20

FY21

FY22

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Net sales

2,656

3,428

3,015

3,314

3,028

3,980

3,431

3,897

YoY

+2.7%

+14.7%+7.5%+40.2%+14.0%+16.1%+13.8%

17.6%

-405

263

-558

-55

-497

229

-477

-41

-15.3%

7.7%-18.5%-1.7%-16.4%

5.8%-13.9%

-1.1%

-329

350

-462

54

-381

344

-361

101

-12.4%

10.2%-15.3%

1.7%-12.6%

8.7%-10.5%

2.6%

Operating profit/loss
OP margin
EBITDAEBITDA margin

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

52

Adjusted(Unit: million yen)

FY20
Net sales
YoY
Operating profit/loss
OP margin
EBITDAEBITDA margin

FY21

FY22

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

-4,819-5,425-5,555-6,041-5,958-7,047-7,254-7,629

-

-

-

-

-

-

-

-

292

191

-423

371

41

-55

-2,955

-570

-

-

-

-

-

-

-

-

556

457

-96

657

266

164

-2,613

-18

-

-

-

-

-

-

-

-

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

53

Balance of Goodwill(Unit: million yen)

SBU

As of June 30, 2022

Staffing SBU

7,137

Career SBU

16,332

Professional Outsourcing SBU

Solution SBU

7,190

717

Asia Pacific SBU

30,549PERSOLKELLY

1,666

Programmed Staffing

2,312

Programmed Maintenance
Programmed Others

25,381
1,190

Others

1,639

Total

63,567

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

54

Adjusted EPS
Shifted to a dividend policy that focuses on dividend payout ratio (around 25% of adjusted EPS) in FY2020.
Adjusted EPS is calculated excluding the effects of goodwill amortization and extraordinary income and loss
amounts, etc.

Adjusted EPS

Current net profit
after adjustment

÷Current net profit
after adjustment

Current net profit
attributable to ownersof parent company±

Average number of shares issued during the period –Average number of treasury shares during the period

Adjusted items(excluding those attributable
to non-controlling interests)±

Tax reconciliation
related to certain
adjustment items(Unit: million yen)

FY2021Q1

FY2022 Q1Current net profit attributable to owners of parent
company

8,383

10,301

Adjusted items

1,703

2,111

Tax reconciliation related to certain adjustment items

-132

-137

◼ Amortization of intangible
assets except goodwill byacquisitions

Current net profit after adjustment

9,954

12,275◼ Amortization of goodwill

230,119,423

230,566,885

43.26

53.24

Number of shares (share)*Adjusted EPS (yen)Details of adjusted items◼ Extraordinary income/losses* Number of shares = average number of shares issued during the period - average number of treasury shares during the period

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

55

Business Overview
Staffing SBU◼ Temporary staffing(clerical work, researchclinical development, sales,
light work)◼ Outsourcing(clerical work, government
office contract business, callcenters, helpdesks, CRO,
manufacturing）◼ Temporary job
placement ahead of
permanent
employment/
placement service

Career SBU

Professional
Outsourcing SBU◼ Placement service◼ Outsourcing(mid-career, new grad
recruitment)(IT, business)◼ Career change
media, direct
recruiting◼ Side job, multiple
job, freelancer
support◼ Career self-reliancetraining◼ Outplacement
support◼ Digital solutions,system development◼ Business consulting◼ Engineering(design and experiment)◼ Temporary staffing(IT, engineering)

Solution SBU

Asia Pacific SBU◼ Digital solutions◼ Temporary staffing(employment, humanresources management,
education)◼ Permanent
placement◼ Incubation programs ◼ Facility management& maintenance◼ Outsourcing◼ Human resource
management
consulting◼ Education / training◼ Home care

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

56

Disclaimer

The statements concerning PERSOL HOLDINGS’s future business performances inthis material such as earnings forecasts are based on information available as ofAugust 10, 2022 and certain assumptions deemed to be reasonable by PERSOLHOLDINGS, and do not mean that PERSOL HOLDINGS promises to achieve thesefigures. Actual results may differ materially from the statements due to a variety
of factors.
The figures and indicators included in this material have been released to facilitate
an appropriate understanding for business results and financial status of PERSOLGroup. Kindly note that not all the figures and indicators have been subjected toaudit and review by external auditors.

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

57