Briefing on Consolidated Financial

Results for the 1st Quarter Ended
June 30, 2019

PERSOL HOLDINGS CO., LTD.
August 9, 2019

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2020/3 1Q : Summary of Consolidated Business Results
Sales increase by 4.1% due to stable growth in existing business and M&A effectProfits decreased mainly due to the impact of working days in the Temp/BPO business (YoY-3
days, -1 billion yen) and an cost increase due to personnel expansion including new graduates(Unit: million yen)
2019/3 Results
1Q

2020/3 Results

Ratio(%)

1Q

Ratio(%)

2020/3 Forecasts*

YoY(%)

Progress
rate -1st
half（％）

1st Half

Full YearSales

225,929100.0

235,218

100.0

+4.1

48.7

482,500

990,000

Gross Profit

50,60422.4

53,826

22.9

+6.4

-

-

-

EBITDA*

15,401

6.8

14,416

6.1

-6.4

48.5

29,70061,000OP income

11,530

5.1

10,057

4.3

-12.8

48.4

20,80043,000

Profit attributable toowners of parent

6,631

2.9

5,466

2.3

-17.6

56.9

9,600

21,700[Reference] Net
Profit Prior to
Amortization of
Goodwill*

8,787

3.9

7,600

3.2

-13.5

54.7

13,90030,300*Rounded down (same as following pages) *EBITDA = OP income + Depreciation + Amortization of Goodwill(same as following pages)＊Net Profit Prior to Amortization of Goodwill：Profit attributable to owners of parent company ＋amortization of goodwill*2020/3 Forecast is the August 1, 2019 revised forecast.

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2020/3 1Q: Sales Analysis
Sales grew +4.1% with organic growth of existing business +2.7% andM&A effect of Avanti staff
Also organic growth of existing business excluding the impact of exchange
rate is +4.2%(Unit: billion yen)
-1.0

+4.3

Impact of
FX-3.9billion

-0

+1.0

+1.8

+2.8
-5.0
+2.1

+3.3
235.2
Impact of
FX+0.3billion

225.9

2019/3
Q1 Results

Organic growth*+6.0

Temporary
Staffing/BPO

Recruiting

PROGRAMMEDPERSOLKELLY

M&A*
+4.3

ITO*

Engineering

Others

M&A

Adjustments*M&A targets(dates indicate consolidation as subsidiaries):Avanti Staff (Jan 2019)*M&A effect:The figures are shown the financial results composed of the new companies by M&A. (Internal transactions have not been eliminated)*Organic growth (existing businesses):The figures are shown the financial results excluding the new companies by M&A. (Internal transactions have not been eliminated)*BPO：Business Process Outsourcing, ITO：IT Outsourcing (same as following pages)
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2020/3
Q1 Results2

2020/3 1Q: Sales by Segment
Demand continued to be healthy, and sales grew in each segment.
Sales in PROGRAMMED decreased due to the delay in the shift to the growtharea in staffing business and the exchange rate
(Unit: million yen)
2019/32020/3 Results

2020/3 Forecasts*
Progress rate 1st half（％）

1Q

1Q

Temporary
Staffing/BPO

124,940

131,429

+5.2

49.5

265,600

549,000

Recruiting

20,73823,549

+13.6

51.2

46,00089,000PROGRAMMED

51,49546,444-9.8

46.2

100,500

204,000PERSOLKELLY

17,254

20,568

+19.2

50.2

41,00084,000

ITO

7,181

8,986

+25.1

46.3

19,40041,500Engineering

6,439

6,373

-1.0

44.0

14,50031,000

Others

1,418

2,486

+75.2

49.7

5,000

11,000Adjustment-3,539-4,619---9,500-19,500

225,929

235,218

+4.1

48.7

482,500

990,000

TOTAL*Internal transactions have not been eliminated from the figures*2020/3 Forecast is the August 1, 2019 revised forecast.

YoY(%)

1st Half

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2020/3 1Q: EBITDA Analysis
Profit decreased mainly due to the impact of working days in the Temp/BPO
business (YoY-3 days, -1 billion yen) and cost increase due to personnel
expansion including new graduates(Unit: billion yen)

+0.1*
-0.7

-0.1

-0.1

-0.1

+0.4

-0.2

+0.2

-0.3

15.4

14.4

Organic growth*-0.8

2019/3
Q1 Results

Temporary
Staffing/BPO

Recruiting

PROGRAMMEDPERSOLKELLY

M&A*
+0.2

ITO

Engineering

Others

M&A

Adjustments*M&A targets(dates indicate consolidation as subsidiaries):Avanti Staff (Jan 2019)*M&A effect:The figures are shown the financial results composed of the new companies by M&A. (Internal transactions have not been eliminated)*Organic growth (existing businesses):The figures are shown the financial results excluding the new companies by M&A. (Internal transactions have not been eliminated)
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*Impact of applying IFRS16 (YoY+0.4 billion yen in 1Q) in the PROGRAMMED segment is included

2020/3
Q1 Results

4

2020/3 1Q: EBITDA by Segment
Profit in PROGRAMMED increased due to the impact of +0.4 billion from the adoption of
IFRS16* (new standard for lease accounting)(Unit: million yen)
2019/32020/3 Results

1Q

1Q

2020/3 Forecasts*
Progress rate 1st half（％）

YoY(%)

1st Half

Full Year

Temporary
Staffing/BPO

7,835

7,310

-6.7

53.8

13,60030,400Recruiting

4,915

5,414

+10.1

53.6

10,10017,400PROGRAMMED

1,752

1,893

+8.1

46.2

4,100

8,400

PERSOLKELLY

106

-19

-118.1

-2.8

700

1,500

ITO

103

-96

-194.0

-9.7

1,000

2,900

Engineering

288

113

-60.9

8.1

1,400

3,500

Others101-142-240.4--600-1,100Adjustment

297

-56

-

-

-600

-2,00015,401

14,416-6.4

48.5

29,70061,000TOTAL*Internal transactions have not been eliminated from the figures*2020/3 Forecast is the August 1, 2019 revised forecast.
*Impact of applying IFRS16 (YoY+0.4 billion yen in 1Q) in the PROGRAMMED segment is included

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2020/3 1Q: OP income Analysis
Profit decreased mainly due to the impact of working days in the Temp/BPO
business (YoY-3 days, -1 billion yen) and cost increase due to personnel
expansion including new graduates(Unit: billion yen)

-0.7

+0.4

-0.1

-0.1

-0.2

-0.1

-0.2

+0.1
-0.3

11.5
10.0

Organic growth*-1.2

2019/3
Q1 Results

Temporary
Staffing/BPO

Recruiting*M&A targets(dates indicate consolidation as subsidiaries)*M&A effect*Organic growth (existing businesses)

PROGRAMMEDPERSOLKELLY

M&A*
+0.1

ITO

Engineering

Others

M&A

Adjustments

2020/3
Q1 Results:Avanti Staff (Jan 2019):The figures are shown the financial results composed of the new companies by M&A. (Internal transactions have not been eliminated):The figures are shown the financial results excluding the new companies by M&A. (Internal transactions have not been eliminated)
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2020/3 1Q: OP income by Segment
Profit decreased mainly due to the impact of working days in the Temp/BPO
business (YoY-3 days, -1 billion yen) and cost increase due to personnel
expansion including new graduates(Unit: million yen)
2019/32020/3 Results

1Q

1Q

2020/3 Forecasts*
Progress rate 1st half（％）

YoY(%)

1st Half

Full Year

Temporary
Staffing/BPO

6,897

6,311

-8.5

53.9

11,70026,500Recruiting

4,222

4,703

+11.4

57.4

8,200

13,400PROGRAMMED

234

73

-68.8

24.4

300

1,000

PERSOLKELLY

-76

-230

-66.9

-57.5

400

1,000

ITO

-65

-345

-81.1

-49.4

700

2,200

Engineering

146

11

-92.5

1.0

1,100

3,000

Others84-196-333.7--600-1,300Adjustment

87

-268

-

-

-1,000-2,80011,53010,057

-12.8

48.4

20,80043,000TOTAL*Internal transactions have not been eliminated from the figures*2020/3 Forecast is the August 1, 2019 revised forecast.

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2020/3 1Q: Consolidated Balance Sheets
As of March 31, 2019

Results
Assets

As of June 30, 2019

Ratio(%)

Results

Ratio(%)(Unit: million yen)

Change370,839100.0

365,717100.0-5,122

209,84556.6

201,072

55.0-8,772

69,02918.6

60,621

16.6-8,407

160,99443.4

164,644

45.0

3,650

101,832

27.5

99,96627.3-1,865

199,91453.9

191,50952.4-8,404

144,91939.1

142,79339.0-2,12515,045

4.1

24,611

6.7

9,565

Non-current liabilities

54,995

14.8

48,71613.3-6,279(Long-term loans payable)

25,748

6.9

15,7284.3-10,020(Bonds payable)

20,000

5.4

20,0005.5

0170,92546.1

174,207

47.6

3,282

155,59342.0

158,682

43.4

3,088

(Capital stock)

17,4794.7

17,4794.8

0(Capital surplus)

20,396

5.5

20,396

5.60(Legal retained earnings)

125,67733.9

127,633

34.9

1,956

Minority interests

15,331

4.1

15,525

4.2

193

Current assets(Cash and deposits)

Non-current assets(Right of trademark and goodwill)

Liabilities

Current liabilities(Current portion of loans payable)

Net assets
Owners' capital<Trademark rights/ goodwill>
Decreases due to amortization of
goodwill<Current liabilities>
Decrease in accrued income taxes
and Provision for bonuses<Non-current liabilities>
Decrease in Long-term loans
payable and increase in leaseliability as a result of adopting
IFRS 16<Retained earnings>
Increases due to increased profit.

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2020/3 1Q Transition of Business Results by Segments ① Temporary Staffing/BPO+5.2%(Unit: billion yen)
-6.7%

124.9

-8.5%

131.4

Sales

7.8

7.3

EBITDA

6.8

6.3

OP income

2019/32020/3 1Q : Highlights• Less working days (-3 days YOY) due to long term leavecaused by the change of the Japanese era name in May• Despite the effects of the working days, revenues
increased due to strong demand for human resources
underpinned by structural shortages of labor in addition to
the effects of M&A (Avanti Staff Corporation commenced
being reflected in the results from 4Q last year)• Although profitability improvements by billing rateincreases continued, overall profitability decrease due tothe effects of decreased working days and personnel cost
increase.

(Unit: million yen)

2020/3 Results

2020/3 Forecasts
Progress rate 1st half（％）

1Q

1Q

Sales

124,940

131,429

+5.2

49.5

265,600

549,000

EBITDA

7,835

7,310

-6.7

53.8

13,60030,400

6.3

5.6

-

-

5.1

5.5

6,897

6,311

-8.5

53.9

11,70026,500

5.5

4.8

-

-

4.4

4.8

EBITDA margin (%)

OP incomeOP income ratio (%)

YoY(%)*Internal transactions have not been eliminated from the figures*See the "Factbook for the First Quarter Ended June 30, 2019" released on the website on the same date for the quarterly resu lts

1st Half

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2020/3 1Q Transition of Business Results by Segments ② Recruiting+13.6%(Unit: billion yen)
+10.1%+11.4%

23.5
20.7

5.4

4.9

4.7

4.2
Sales

2020/3 1Q : Highlights

EBITDA
2019/3

1Q

OP income• Owing to the continued robust demand from client companies
and changes in the awareness of individuals regarding changing
jobs mainly by the younger generation, results have been driven
by the permanent placement business and for-hire/candidate
solicitation advertising business.
• Despite having increases in strengthening deployment of
personnel to handle robust demands, the effect of increased
revenue resulted in increased profit.
• In handling the rapid expansion of the organization up from theprevious period, the challenge is structural organization.
• Termination of the advertising business "an" has been decided(Announced Aug. 1)(Unit: million yen)

2020/3 Results

1Q

2020/3 Forecasts*
Progress rate 1st half（％）

YoY(%)

1st Half

Full Year

Sales

20,73823,549

+13.6

51.2

46,00089,000EBITDA

4,915

5,414

+10.1

53.6

10,10017,400EBITDA margin (%)

23.7

23.0

-

-

22.0

19.6

OP income

4,222

4,703

+11.4

57.4

8,200

13,400OP income ratio (%)

20.4

20.0

-

-

17.8

15.1

*Internal transactions have not been eliminated from the figures*2020/3 Forecast is the August 1, 2019 revised forecast.
*See the "Factbook for the First Quarter Ended June 30, 2019" released on the website on the same date for the quarterly resu lts

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2020/3 1Q Transition of Business Results by Segments ③ PROGRAMMED
2020/3 1Q : Highlights(Unit: billion yen)

•

-9.8%

•

+8.1%
51.4

•

46.4
1.8

1.7
Sales

-68.8%

0.2

EBITDA

0.07

OP income

2019/3••

Exchange rate has a negative impact on business results
FY20/3 1Q: 1AUD = 78.5 JPY, FY19/3 1Q: 1AUD = 85.2 JPY
Sales YoY-9.8%=Local currency -2.1% & impact of FX-7.8%
Staffing: Local currency sales YoY-6.3%
Due to lower demand from some customers as result of
slowing local economy
Maintenance: Local currency sales YoY +2.4%
Securing new long term facility management contracts
partially offset by lower revenues in painting business which
has been impacted by economy
Ignoring the impact of IFRS 16 (YoY+0.4 billion yen in 1Q),
EBITDA was down due to lower Staffing revenues andhigher workers compensation costs
Operating profit has also impacted by exchange rate
differences(Unit: million yen)
2020/3 Forecasts

2020/3 Results

1Q

1Q

Progress rate 1st half（％）

YoY(%)

1st Half

Full YearSales

51,49546,444-9.8

46.2

100,500

204,000

EBITDA

1,752

1,893

+8.1

46.2

4,100

8,400

EBITDA margin (%)

3.4

4.1

-

-

4.1

4.1

OP income

234

73

-68.8

24.4

300

1,000

OP income ratio (%)

0.5

0.2

-

-

0.3

0.5

*Internal transactions have not been eliminated from the figures*See the "Factbook for the First Quarter Ended June 30, 2019" released on the website on the same date for the quarterly resu lts

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2020/3 1Q Transition of Business Results by Segments ④ PERSOLKELLY+19.2%

2020/3 1Q : Highlights(Unit: billion yen)

• GDP growth rate of APAC countries has maintained high levels
and sales showed a strong trend underpinned by a strong market
environment.
• Proactive investments were made that targeted productivity
improvements: proactive strengthening of deployments ofpersonnel needed to handle the healthy demand, as well as
implementation of a common systems in branches etc.

20.5
17.2

-118.1%

0.1
Sales

-0.01

EBITDA-0.07-66.9%-0.2

OP income

2019/3• On the other hand, adoption of core systems have not proceededas planned in Australia and the drop in work productivity has
resulted in the big reduction of operating income.

(Unit: million yen)

2020/3 Results

1Q

1Q

2020/3 Forecasts
Progress rate 1st half（％）

YoY(%)

1st Half

Full Year

17,254

20,568

+19.2

50.2

41,00084,000EBITDA

106-19-118.1

-2.8

700

1,500

EBITDA margin (%)

0.6

-0.1

-

-

1.7

1.8

OP income

-76

-230

-66.9

-57.5

400

1,000

OP income ratio (%)

-0.4

-1.1

-

-

1.0

1.2

Sales

*Internal transactions have not been eliminated from the figures*See the "Factbook for the First Quarter Ended June 30, 2019" released on the website on the same date for the quarterly resu lts

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2020/3 1Q Transition of Business Results by Segments ⑤ ITO+25.1%

2020/3 1Q : Highlights(Unit: billion yen)

• The trend was for a continued healthy investment appetite insystem related services etc. amongst existing corporate clients.
• Increase in high value-added project such as SI related
services, outsourcing services etc. in addition to growth in thecompany’s product sales has contributed to increase inrevenue.

8.9
7.1-194.0%

0.1
Sales

-0.09

EBITDA-0.06-81.1%-0.3• On the other hand, due to increase in costs associated withimproving treatment for employee retention and for new hires,profit declined.

OP income

2019/3(Unit: million yen)

2020/3 Results

1Q

1Q

2020/3 Forecasts*
Progress rate 1st half（％）

YoY(%)

1st Half

Full Year

Sales

7,181

8,986

+25.1

46.3

19,40041,500EBITDA

103-96-194.0

-9.7

1,000

2,900

EBITDA margin (%)

1.4

-1.1

-

-

5.2

7.0

OP income

-65

-345

-81.1

-49.4

700

2,200

OP income ratio (%)

-0.9

-3.9

-

-

3.6

5.3

*Internal transactions have not been eliminated from the figures*2020/3 Forecast is the August 1, 2019 revised forecast.
*See the "Factbook for the First Quarter Ended June 30, 2019" released on the website on the same date for the quarterly resu lts

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2020/3 1Q Transition of Business Results by Segments ⑥ Engineering(Unit: billion yen)

-1.0%

6.4

• Despite the effects of higher unit prices due toimprovements in development productivity, sales declined
because of the lower sales in the electronics field affectedby worsening market conditions in China

6.3
0.2

-60.9%
0.1

Sales

2020/3 1Q : Highlights

EBITDA-92.5%

0.1

0.01

OP income

2019/3• Market conditions remain uncertain and will continue to bemonitored• Profit decreased due to a temporary decline in occupancy
rate due to changes in market conditions, while hiring
progressed steadily, especially for new graduates(Unit: million yen)

2020/3 Results

1Q

1Q

2020/3 Forecasts
Progress rate 1st half（％）

YoY(%)

1st Half

Full Year

Sales

6,439

6,373

-1.0

44.0

14,50031,000EBITDA

288

113

-60.9

8.1

1,400

3,500

EBITDA margin (%)

4.5

1.8

-

-

9.7

11.3

OP income

146

11

-92.5

1.0

1,100

3,000

OP income ratio (%)

2.3

0.2

-

-

7.6

9.7

*Internal transactions have not been eliminated from the figures*See the "Factbook for the First Quarter Ended June 30, 2019" released on the website on the same date for the quarterly resu lts

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2020/3 1Q Transition of Business Results by Segments ⑦ Others／Adjustment(Unit: million yen)
Others2019/32020/3 Results

1Q

1Q

2020/3 Forecasts
Progress rate 1st half（％）

YoY(%)

1st Half

Full Year

Sales

1,418

2,486

+75.2

49.7

5,000

11,000EBITDA

101-142-240.4--600-1,100EBITDA margin (%)

7.2

-5.8

-

-

-12.0

-10.0

OP income

84

-196

-333.7--600-1,300OP income ratio (%)

5.9

-7.9

-

-

-12.0

-11.8

(Unit: million yen)
Adjustment

2019/32020/3 Results

1Q

1Q

2020/3 Forecasts*
Progress rate 1st half（％）

YoY(%)

1st Half

Full YearSales-3,539-4,619---9,500-19,500

EBITDA

297

-56

-

-

-600

-2,000

-

-

-

-

-

-

87

-268

-

-

-1,000-2,800

-

-

-

-

-

-

EBITDA margin (%)

OP incomeOP income ratio (%)*Internal transactions have not been eliminated from the figures*2020/3 Forecast is the August 1, 2019 revised forecast.
*See the "Factbook for the First Quarter Ended June 30, 2019" released on the website on the same date for the quarterly resu lts*Others include our group functional services, education and training business, employment support business for people with disabilities, and childcare business
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*Adjustment stands for elimination of transactions between segments, and revenue and expenses of Temp Holdings Co., Ltd.

15

FY March 2020 Consolidated forecasts (After Aug 1, 2019 revision)
We have revised the forecast on Aug 1st due to the end of "an“ business
It reflects only the impact of the end of the "an" business and has not reviewed theperformance of existing businesses.

(Unit:JPY million)

FY Mar 2020 Forecast
1st half

Net sales

Ratio
（％）

Growth
（％）

Ratio
（％）

Full Year

Growth（％）

482,500

100.0

+6.7

990,000

100.0

+6.9

EBITDA

29,700

6.2+5.3

61,0006.2+1.7

Operating Profit

20,8004.3+1.7

43,000

4.3-2.5

Net Profit Attributableto Owners of Parent

9,600

2.0

-19.9

21,7002.2-10.9[Reference] Net Profit
Prior to Amortizationof Goodwill*

13,9002.9-30,300

3.1-8.1＊Net Profit Prior to Amortization of Goodwill：Profit attributable to owners of parent company ＋amortization of goodwill
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16

FY March 2020 Consolidated forecasts ：Sales (After Aug 1, 2019 revision)
We have revised the forecast on Aug 1st due to the end of "an“ business
It reflects only the impact of the end of the "an" business and has not reviewed theperformance of existing businesses.
(Unit:JPY million)

FY Mar 2020 Forecast
Growth（％）

1st half

Full Year

Growth
（％）

265,600+6.9

549,000+7.7

46,000+12.1

89,000+3.7

PROGRAMMED

100,500-1.9

204,000+1.3

PERSOLKELLY

41,000+13.5

84,000+10.4

ITO

19,400+26.2

41,500+23.3

Engineering

14,500+6.2

31,000

+5.6

Other

5,000

+90.9

11,000+91.3

Adjustments-9,500--19,500-

482,500+6.7

990,000+6.9

Temporary Staffing/BPO

Recruiting

TOTAL*Figures are prior to elimination of internal transactions

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FY March 2020 Consolidated forecasts ：EBITDA (After Aug 1, 2019 revision)
We have revised the forecast on Aug 1st due to the end of "an“ business
It reflects only the impact of the end of the "an" business and has not reviewed theperformance of existing businesses.
(Unit:JPY million)

FY Mar 2020 Forecast
Growth（％）

1st half

Growth（％）

Full Year

Temporary Staffing/BPO

13,600+4.6

30,400+8.9

Recruiting

10,100+13.0

17,400-5.3

PROGRAMMED

4,100

+28.3

8,400

+25.0

PERSOLKELLY

700

-2.9

1,500

+11.2

ITO

1,000

+22.7

2,900

+16.4

Engineering

1,400

+19.2

3,500

+3.9

Other

-600

-85.9

-1,100-56.6

Adjustments

-600

-

-2,000-29,700+5.3

61,000+1.7

TOTAL*Figures are prior to elimination of internal transactions

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18

FY March 2020 Consolidated forecasts ：Operating Profit (After Aug 1, 2019 revision)
We have revised the forecast on Aug 1st due to the end of "an“ business
It reflects only the impact of the end of the "an" business and has not reviewed theperformance of existing businesses.
(Unit:JPY million)

FY Mar 2020 Forecast
Growth（％）

1st half

Growth（％）

Full Year

11,700+5.3

26,500

+10.5

8,200

+8.5

13,400-13.9

PROGRAMMED

300

+37.3

1,000

+18.9

PERSOLKELLY

400

+11.9

1,000

+82.2

ITO

700

+53.5

2,200

+29.2

Engineering

1,100

+25.2

3,000

+8.6

Other

-600

-79.5

-1,300-57.0

Adjustments-1,000--2,800-TOTAL

20,800+1.7

43,000-2.5

Temporary Staffing/BPO

Recruiting*Figures are prior to elimination of internal transactions

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CO., LTD. All Rights Reserved.

19

Attention: Note regarding handling of this material

Results forecasts etc. used in this material contain forward-looking
statements which are based on a certain number of assumptions PERSOL
deems rational, and the information at hand as of 9 August 2019 which are notmeant in any way by PERSOL to be taken as assurances that will be realized.
Actual results etc. may vary greatly due to various causes.

The figures, indicators, PERSOL Group results, and details of financial status
included in this material have been released to facilitate an appropriate
understanding. Kindly note that not all the figures and indicators have been
subjected to audit and review by external auditors.

August 2014: Selected as one stock forming the JPX-Nikkei 400 Index composition
What is the
JPX-Nikkei 400?

The JPX-Nikkei 400 index is a new share price index composed of corporations that aim to satisfy the various
requirements of global investment standards for the purpose of highlighting etc. in Japan and overseas theappeal of Japanese firms from a management view point of efficient application of capital and investor
aw areness etc.

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CO., LTD. All Rights Reserved.

20