For Immediate Release
May 15, 2020

PERSOL HOLDINGS CO., LTD. (TSE 2181)
Consolidated Financial Results for the Year Ended March 31, 2020
PERSOL HOLDINGS CO., LTD (the Company) today announced its consolidated financial results forthe year ended March 31, 2020.
Consolidated Operating Highlights
1) Financial Results

Net sales
Operating profit
EBITDA1
Ordinary profit
Net profit2
Net profit per share (yen)Adjusted EPS3

(In millions of yen, unless otherwise stated)Year ended March 31,
2019
2020
925,818
970,572
44,111
39,08559,97256,35643,98239,361
24,361
7,612
104.3932.76
150.26148.44% change
4.8%-11.4%-6.0%-10.5%-68.8%-68.6%-1.2%

Notes:
1. EBITDA=operating profit + depreciation + amortization of goodwill
2. Net profit attributable to owners of parent company
3. Adjusted EPS=adjusted profita/ (average number of shares during the period - number of treasury stock during the period)a. Adjusted profit=profit attributable to owners of the parent ± adjustment items (excluding non-controlling interests) ± tax
reconciliation related to certain adjustment itemsb
b. Adjustment items=amortization of intangible assets except goodwill by acquisitions ± extraordinary income/losses

2) Consolidated Balance Sheet Data
(In million yen, unless otherwise stated)
As of March 31, 2019
370,839
170,92542.0%
666.50155,593

Total assets
Net assets
Equity ratio
Net assets per share (yen)(Reference) Equity capital

As of March 31, 2020
370,993
163,906
39.9%
639.91
147,850

3) Consolidated Cash Flow Data
(In million yen, unless otherwise stated)Year ended March 31
2019
2020
42,35328,592-15,141-17,576-48,165-1,987
68,96978,037

Cash flow from operating activities
Cash flow from investing activities
Cash flow from financing activities
Cash and cash equivalents at end of period14) Dividends(In yen, unless otherwise stated)Year ended March 31
2019
2020
10.00
15.00
25.00
24.0%
3.9%

Interim dividend
Year-end dividend
TOTAL dividend
Payout ratio
Dividend on Equity Ratio

15.00
15.00
30.00
91.6%
4.6%

The retained earnings dividend for FY2020 is still undecided5) Consolidated Financial Forecast for the Year ending March 31, 2021
Full-year financial forecast for the fiscal year ending March 31, 2021, is undecided because theCompany is unable to forecast full-year business outlook based on reasonable assumptions
especially upon significance and range of COVID-19 infection and its impacts on economy and thetiming of recovery. At this moment, the Company discloses forecasted range figures for sales andoperating profit for the Q1 for reference.
(In millions of yen, unless otherwise stated)
Net sales
Operating profit(Reference) EBITDA

Three months ending June 30
2019
2020
235,218
216,100 - 223,700
10,0571,500 - 3,000
14,4165,400 - 6,900% change-8.1% to -4.9%-85.1% to -70.2%-62.5% to -52.1%

Reference: Highlights of Non-consolidated Financial Results
1) Non-consolidated Financial Results(In millions of yen, unless otherwise stated)
Net sales
Operating profit
Ordinary profit
Net profit1
Net profit per share (yen)Net profit per share after
adjustment for dilution(yen)2Year ended March 31,
2019
2020
22,844
12,978
13,163
1,892
11,615741
12,306
3,103
52.73
13.36

% change-43.2%-85.6%-93.6%-74.8%-74.7%

-

-

52.73

Notes:
1. Net profit attributable to owners of parent company
2. Diluted net income per share for FY2019 is not disclosed because there are no potentially dilutive common shares.

2) Non-consolidated Balance Sheet Data
(In million yen, unless otherwise stated)
As of March 31, 2019
238,337
102,85343.2%
440.58102,853

Total assets
Net assets
Equity ratio
Net assets per share(Reference) Equity capital2

As of March 31, 2020
265,590
92,49934.8%
400.3592,499

Disclaimer
The statements concerning the Company's future business performances in this material such as earnings forecasts are based on information
currently available and certain assumptions deemed to be reasonable by the Company, and do not mean that we promise to achieve these figures.
Actual results may differ materially from the statements due to a variety of factors.

3

Management Discussion and Analysis(1) Result of Operations
The Group provides a wide range of human resources (HR) related services; temporary staffing andplacement service as the core in Japan and Asia-Pacific (APAC) region.
In the business environment in Japan in this fiscal year where the economy was on a trend of
gradual expansion until Q2, demand from corporate clients for temporary staffing and mid-career
hiring was high and the ratio of job offers to job seekers including part time work was 1.58
(seasonally adjusted) as of end of September 2019. In Q3, however, manufacturing relatedindustries showed a trend of withholding from hiring due to the impact of US/China trade friction,and in Q4, the ratio of job offers to job seekers declined to 1.39 at the end of March 2020 affectedby COVID-19. In the APAC region, China suffered from economic slowdowns mainly due to
US/China trade friction and the economies in surrounding countries were also affected. In
Australia, where the Group operates business, the economy stayed at low growth and theAustralian dollar became weaker against Japanese yen.
In this environment, consolidated net sales for the fiscal year ended March 31, 2020, recorded
highest ever JPY 970,572 million (increased by 4.8% year-on-year). Temporary Staffing/BPO
segment, the Group core business, and ITO segment increased profit; however, profit of Recruiting
segment and two business segments overseas decreased. As a result, operating profit was JPY
39,085 million (decreased by 11.4% YoY) and ordinary profit was JPY 39,361 million (decreased by
10.5% YoY).
Net income before income taxes was JPY 20,331 million, as extraordinary loss was recorded at JPY
19,375 million in total due to impairment loss of JPY 13,378 million including goodwill regarding
staffing business of PROGRAMMED segment and to a business reorganizing losses of JPY 3,186
million by the discontinuation of the "an" business in Recruiting segment.
Additionally, corporate tax adjustment was reduced as the consolidated taxation system is going toapply from the fiscal year ending in March 2021. As a result, net profit attributable to owners ofparent company was JPY 7,612 million (decreased by 68.8% YoY).
Results by Segments (before inter-segment elimination)
1. Temporary Staffing/BPO Segment
In this segment, the Group operates temporary staffing business, including mainstay clerical andadministrative staff dispatching and wide range of staffing service, BPO (Business Process
Outsourcing) business and job referral service business mainly for administrative talents in Japan.
In this fiscal year, sales amounted to JPY 548,134 million (increase by 7.6% year-on-year), andoperating profit increased to JPY 25,555 million (increase by 6.5% YoY). In temporary staffing
business, sales grew mainly due to increased number of active temporary workers mainly inadministrative staffing albeit three days shorter than the previous fiscal year. In addition, AvantiStaff, acquired in December 2018, contributed to the sales increase. In BPO business, sales
increased as the number of outsourced projects increased. Operating profit increased by sales
expansion as well as saving cost effort appropriately implemented.
2. Recruiting Segment
In this segment, the Group operates placement business, supporting corporate client mid-career
hiring activities, and job recruitment media business.
In this fiscal year, sales amounted to JPY 83,449 million (decrease by 2.8% year-on-year), andoperating profit was JPY 13,268 million (decrease by 14.7% YoY). Sales were robust mainly in thejob placement business owing to strong demand from companies for recruitment up until Q2. From
Q3, however, sales declined because of the demand for mid-career hiring became weaker and “an”
business was terminated (November 2019). Operating profit decreased because sales growth of4

placement business became diminishing, and percentage of personnel cost against sales was risen
by relocation of former “an” staffs.
3. PROGRAMMED Segment
In this segment, the Group mainly operate staffing and maintenance businesses in Australia.
In this fiscal year, sales amounted to JPY 188,956 million (decrease by 6.2% year-on-year), as
affected by the weak Australian dollar although increased by 2.3% on local currency basis andoperating profit was JPY 194 million (decrease by 76.9% YoY). In the staffing business, mainly formining and manufacturing industries, sales decreased due to sluggish Australian economy.
Whereas in the maintenance business which is not easily affected by business cycle, sales
increased, helped by long-term continuing large-scale facility maintenance projects. Operating
profit decreased due to decline in staffing business although we have been focusing on theturnaround the staffing business under the new management structure since October 2019.
4. PERSOLKELLY Segment
In this segment, the Group operates the temporary staffing business and the placement business in
13 APAC regions.
In this fiscal year, sales amounted to JPY 84,284 million (increase by 10.7% year-on-year), andoperating loss was JPY 602 million (operating profit of JPY 548 million for the same period of theprevious year). Sales mostly increased except Australia although the US/China trade friction wasaffected in APAC region. However, operating loss was resulted mainly by recording the expenses
for solving the system failure occurred in Australian operations and for the allowance for doubtfulreceivables generated by the failure.
5. ITO Segment
In the ITO Segment, the Group operates mainly the outsourcing business (including development,
operation, maintenance and PMO) and consulting services of IT systems to fulfill Japanese domestic
demand.
In this fiscal year, sales amounted to JPY 41,182 million (increase by 22.4% year-on-year), andoperating profit was JPY 1,711 million (increase by 0.5% YoY). Sales increased due to success ofstrengthening the workforce to deal with increasing needs from client company and receiving neworders including a large-scale consortium project, in addition to steady performance of theoutsourcing business for large corporations and public institutions. Operating profit remained flat
due to an increase in labor cost with the revision of compensation despite the effect of sales
growth.
6. Engineering Segment
In this segment, the Group provides outsourcing and temporary staffing services for manufacturingindustry.
In this fiscal year, sales amounted to JPY 29,493 million (increase by 0.5% year-on-year), andoperating profit was JPY 2,312 million (decrease by 16.3% YoY).Sales were almost flat as a result of
the efforts of actively making proposals even in the severe business environment in whichdevelopment project costs were curtailed by many client companies due to the impact of US/China
trade friction. Operating profit decreased because the temporary staffing business accounted forlarger portion the total sales.

5The business impacts caused by spreading new coronavirus (COVID-19) infection
COVID-19 pandemic has forced to take preventive measures to restrict activities andtransportations in many countries and regions, and business operations of the Group are also
affected significantly.
Japan Operations: Regarding staffing business, our temporary staffs are affected by shorten
operating hours at stores; however, our mainstay clerical and administrative staffs are active as
usual or work from home partly. As for placement business, the interview method for candidateconsultant meetings are shifted from face-to-face, to online basis. As corporate clients’ hiring
activities became inactive, the business has been confronted by the difficulties such as extended
period until the hiring decisions.
Overseas Operations: Government measures make clear difference in each country’s situation.
Staffing business in Singapore, Malaysia, and Hong Kong maintains stable operation thanks to social
acceptance of work from home. China, where experiences gradual recovery from the infection;
however, our placement business is affected by significant decrease of hiring demand. Although
Australia and New Zealand have partially eased the activity restrictions, our staffing andmaintenance businesses are expected to be suffered by COVID-19.
Under these circumstances, our employees and staffs continue daily business operations byrestricting both domestic and overseas business trips, and face-to-face meetings with business
partners, and are actively using web-based and telephone conferences. In operational
management, we are heading to realize a leaner organization by reducing expenditures and costs.
Additionally, we will put at maximum effort to keep employees by optimal job assignments within
the Group. At the same time, we continue to promote active development of new businesses andIT investments for growth in mid-to-long term. The Company’s financial position is maintained
stable as we held cash and deposits in the amount of JPY 78 billion as of the end of March 31, 2020
and the annual repayment amount of loans was leveled off below JPY 10 billion. We will continue
our efforts to maintain healthy financial structure that allows business investments andshareholder returns.
Business Outlook and Management Policy
COVID-19 pandemic bears tremendous impacts on global business cycle and corporate activities aswell as hiring market. After COVID-19 subsided, however, we believe that there would be great
many opportunities again for the HR service industry to play its important role in society to support
companies in their active mid-career hiring activities as well as working people including female,the elderly and non-Japanese in the social structure of declining birthrate and aging population in
Japan. In this era of 100-year lifespan and driven by evolution of technology, essential andirreversible changes are occurring in people’s lifestyle and the way of working, which we believe
will be accelerated due to the effect of COVID-19.
We have set our Group Vision, “Work, and Smile” in October 2019 which envisions future societythat our Group aspires to create. To realize this vision, we will enhance social value of our Groupthrough provision of services in response to changes in society in coming years such as longer
lifespan while leveraging our strengths developed over time by our Group companies pursuant to
the mid- to long-term management policy.
Under this policy, we renew our conventional business execution structure and shift to SBU(Strategic Business Unit) as a new structure of business execution in April 2020, and thereby
transfer responsibility to SBU with the aim of expediting business execution. Furthermore, to makeaccelerating decision-making compatible with governance, we shifted the Board of Directors
Meeting to a monitoring model by increasing the ratio of independent external directors to 1/2 ormore, and we also established HMC (Headquarters Management Committee) as organization toassist CEO’s decision-making, and 3 committees (investment committee, HR committee and risk
management committee) as advisory organization to HMC.

6

Although the economic outlook is unclear and current situation does not allow us to makepredictions, we endeavor to cope with the effects of COVID-19 and at the same time makepreparation for achieving business growth after the disease subsided.
Full year forecast and dividend forecast for the fiscal year ending March 2021 are undecided
because it is unable to make reasonable prediction at this moment regarding the factors such as
the level and range of expansion of COVID-19 and its impact on economics and timing of recovery.
In addition, we also decided to postpone announcement of our medium-term management plan
we have prepared for 3 years staring from the fiscal year ending March 2021 because themanagement plan needs to be reviewed. Full year forecast and dividend forecast for the fiscal year
ending March 2021, and the medium-term management plan are scheduled to be disclosed indetail at the time of announcement of Q1 financial results for FY March 2021.

7

(2) Financial Position(a) Consolidated Balance Sheet
Total assets as at the end of this consolidated fiscal year under review were JPY 370,993 million; anincrease of JPY 154 million in comparison with the end of the previous consolidated fiscal year.
Current assets increased by JPY 13,704 million to JPY 223,549 million. This was mainly due to anincrease in cash and deposits of JPY 9,218 million, and an increase in notes and accounts receivableof JPY 5,663 million.
Non-current assets decreased by JPY 13,550 million to JPY 147,444 million. This was mainly due todecreases in goodwill of JPY 19,200 million.
Total liabilities as at the end of this consolidated fiscal year under review were JPY 207,087 million;
an increase of JPY 7,172 million in comparison with the end of the previous consolidated fiscal year.
Current liabilities decreased by JPY 4,867 million to JPY 140,052 million. This was mainly due todecreases in accrued income taxes of JPY 4,629 million.
Non-current liabilities increased by JPY 12,040 million to JPY 67,035 million. This was mainly due toincreases long-term loans payable of JPY 9,979 million and increases in lease liabilities of JPY 2,349
million.
Total net assets as at the end of this consolidated fiscal year under review were JPY 163,906
million; down JPY 7,018 million in comparison with the end of the previous consolidated fiscal year.
This was mainly caused by: payment of dividends of surplus of JPY 7,003 million, and posting JPY
7,612 million in quarterly net profit attributable to parent company shareholders etc. which
resulted in increased retained earnings of JPY 608 million and increased treasury shares of JPY
4,981 million whilst on the other hand, valuation difference on marketable securities decreased by
JPY 1,875 million etc.
As a result of the above, the financial indicators showed that compared to the end of the previous
consolidated accounting fiscal year the liquidity ratio increased from 144.8% to 159.6%, and thatthe equity ratio decreased from 42.0% to 39.9%.
Return on assets (ROA) for the period
Return on equity (ROE) for the period
Ratio of operating profit to sales
Ratio of ordinary profit to sales
Current ratio
Fixed assets ratio
Equity ratio
Total assets (JPY million)
Equity capital (JPY million)
Cash and cash equivalents etc. at end of period (JPY million)

As of March31,
2019
6.8%
16.2%
4.8%
4.8%
144.8%
103.5%
42.0%
370,839
155,593
68,969As of March31,
2020
2.3％
5.0％
4.0％
4.1％
159.6％
99.7％
39.9％
370,993
147,850
78,037(b) Consolidated Cash Flow
The balance of cash and cash equivalents (hereinafter "capital") at end of the consolidated fiscal
year under review was JPY 78,037 million; an increase of JPY 9,067 million compared to the end of
the previous consolidated fiscal year.
Following is an outline of each cash flow status and causal factors that arose in the consolidated
fiscal year under review.
(Cash Flow from operating activities)
Capital acquired from operating activities was JPY 28,592 million; a decrease of JPY 13,761 million
compared to the end of the previous consolidated fiscal year. This was mainly due to payment of8

JPY 19,373 million in corporate taxes. On the other hand, net profit before taxes was JPY 20,331
million, impairment loss was JPY 13,378 million, and depreciation costs were JPY 9,466 million.
(Cash Flow from investing activities)
Capital utilized as a result of investing activities increased by JPY 2,435 million to JPY 17,576 million
compared to the end of the previous consolidated fiscal year. This was mainly due to spending of
JPY 8,496 million on acquisition of intangible assets, and the spending of JPY 4,919 million on
acquisition of tangible fixed assets.
(Cash Flow from financing activities)
Capital utilized as a result of financing activities decreased by JPY 46,177 million to JPY 1,987 million
compared to the end of the previous consolidated fiscal year. This was due mainly to spending of
JPY 10,021 million in long-term loans payable on one hand, and proceeds from long-term loans of
JPY 20,000 million on the other hand.

92. Consolidated Financial Statements(1) Consolidated Balance Sheet(in millions of yen)
As of March 31, 2019
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade
Work in process
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Tangible fixed assets
Buildings and structures
Accumulated depreciation
Accumulated impairment loss
Buildings and structures, net
Tools, furniture and fixtures,
Accumulated depreciation
Accumulated impairment loss
Tools, furniture and fixtures, net
Right-of-use assets, net
Accumulated depreciation
Right-of-use assets
Land
Other
Accumulated depreciation
Accumulated impairment loss
Other, net
Tangible fixed assets total
Intangible assets
Trademark rights
Goodwill
Other
Intangible assets total
investments and other assets
Investment securities
Deferred tax asset
Other
Allowance for doubtful accounts
Total investments and other assets
Total fixed assets
Total Assets

10

As of March 31, 2020

69,029122,908
7,342
11,251-686
209,845

78,247
128,571
7,618
9,820
-707
223,5497,489-4,031-60

7,999-4,314
-9

3,397
5,865
-4,525
-35

3,675
6,770
-4,679
-77

1,303
－

2,013
5,698

－
－

-1,794
3,904

799
3,417
-1,260
-0
2,156

997
3,058
-1,046
－
2,011

7,657

12,603

10,06991,763
20,539122,372

9,671
72,562
22,348104,582

11,894
5,770
13,317
-17

8,146
9,063
14,444-1,39730,964160,994

30,257
147,444

370,839

370,993

(Consolidated Balance Sheet)(in millions of yen)
As of March 31, 2019
Liabilities and equity
Liabilities
Current liabilities
Accounts payable – trade
Short-term loans payable
Current portion of long-term loans payable
Accounts payable
Accrued income taxes
Accrued consumption taxes
Provision for bonuses
Reserve for bonuses for Directors
Provisions - other
Other
Total Current Liabilities
Non-current liabilities
Bond
Long-term loans payable
Lease debts
Deferred tax liabilities
Liabilities related to retirement benefits
Allowance for share benefits
Allowance for Directors' share benefits
Provisions - other
Other
Total Non-current liabilities
Total Liabilities
Net Assets
Shareholders’ equity
CapitalCapital surplus
Retained earnings
Treasury shares
Total Shareholders' Equity
Accumulated other comprehensive income
Valuation difference on marketable securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

11

As of March 31, 2020

741
5,044
10,00168,307
11,384
14,15911,73014745
22,789144,919782
5,300
10,00069,266
6,755
17,764
12,68756
772
16,665140,052

20,00025,748
106
5,042
905
261
291
217
2,421

20,00035,728
2,456
4,860
989
383
449
72
2,094

54,995
199,91467,035207,087

17,47920,396125,677-4,387
159,165

17,47920,396126,285-9,369154,792

2,346-5,919-3,572471-7,414-6,942

15,331
170,925

16,056
163,906

370,839

370,993

(2) Consolidated income Statements(in millions of yen)
Year ended March 31,
2019
2020
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses (SGA)
Operating Profit
Non-operating income
Interest income
Dividends income
Subsidy income
Share of profit of entities accounted for using equity method
Gain from foreign exchange
Other
Total non-operating profit
Non-operating expenses
Interest expenses
Bond issuance expenses
Losses on foreign exchange
Commission paid
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sales of fixed assets
Gain on sales of subsidiaries and affiliates’ shares
Gain on sales of investment securities
Gain on transfer of business
Gain on revision of retirement benefit plan
Extraordinary income total
Extraordinary losses
Loss on fixed asset disposal
Impairment loss
Allowance of doubtful accounts
Business reorganization losses
Loss on sales of subsidiaries and affiliates’ shares
Loss on valuation of investment securities
Loss on valuation of subsidiaries and affiliates’ shares
Casual loss
Total extraordinary losses
Net profit before taxes etc.
Corporate tax, resident tax, and business tax
Corporate tax etc.-deferred
Total corporate taxes etc.
Net profit for the year
Net profit attributable to non-controlling interests
Net profit attributable to owners of parent

12925,818
719,301
206,517970,572
756,580
213,991

162,406
44,111

174,905
39,085

79
166
339
26
308
111

57
188
641
35
－
271

1,031

1,195

843
102
－
84
129

577
－
150
61
129

1,160
43,982919
39,361

86
44
120
38
56
346

57
－
255
33
－
345

24
1,530
－
－
3
78
－
－

8
13,378
1,357
3,186
－
52
1,355
38

1,636
42,691

19,375
20,331

16,548-246

14,333-2,523

16,302
26,38911,8108,521

2,027
24,361

909
7,612

(Consolidated profit and loss statement)(in millions of yen)
Year ended March 31,
2019
2020
Net Profit for the period
Other comprehensive income
Valuation difference on marketable securities
Foreign currency translation adjustment
Share of other comprehensive income of associates accounted for using
equity method
Total other comprehensive income
Comprehensive income(Break down)Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

13

26,3898,521-832-9,339-1,875-1,493-232-53-10,404
15,984-3,422
5,099

14,318
1,666

4,242
857

(3) Consolidated Statement of Changes in Equity
For the Fiscal Year Ended March 31, 2019
(In millions of yen)
Shareholders' equity
CapitalBalance at beginning ofcurrent period
Changes of items during
periodNew shares issues

Capital surplus

Retained earnings

17,467

20,18212

12105,993

Balance at end of period-4,576

139,066

25

Dividends of surplus
Current period net profit
attributable to parent
company shareholders
Acquisition of treasury
shares
Disposal of treasury
sharesChange in ownershipinterest of parent due totransactions with noncontrolling interests
Net changes of items
other than shareholders'equityTotal changes of items
during period

Total Shareholders'EquityTreasury shares-4,677-4,67724,361

24,361

167

-5

-5

194

361

33

33

12

213

19,683

188

20,09817,47920,396125,677-4,387

159,165

Accumulated other comprehensive income
Total
Valuation
Foreign currency accumulated Non-controlling Total net assets
difference oninterests
translationothermarketableadjustment
comprehensive
securities
incomeBalance at beginning of current period

3,179

3,291

6,470

14,455

159,992

Changes of items during period25

New shares issues
Dividends of surplus-4,677

Current period net profit attributable toparent company shareholders

24,361

Acquisition of treasury shares-5

Disposal of treasury shares

361

Change in ownership interest of parent
due to transactions with non-controllinginterests

33

Net changes of items other thanshareholders' equity-832-9,210-10,043876-9,166

Total changes of items during period-832-9,210-10,043876

10,932

Balance at end of period

2,346-5,919-3,572

15,331

170,925

14

For the Year Ended March 31, 2020
(In millions of yen)
Shareholders' equity
CapitalBalance at beginning ofcurrent period
Changes of items during
periodCapital surplus

17,479Retained earnings

20,396

Total Shareholders'EquityTreasury shares

125,677-4,387-

New shares issues
Dividends of surplus
Current period net profit
attributable to parent
company shareholders
Acquisition of treasury
shares
Disposal of treasury
sharesChange in ownershipinterest of parent due totransactions with noncontrolling interests
Net changes of items
other than shareholders'equityTotal changes of items
during period
Balance at end of period

159,165-7,003-7,003

7,612

7,612
-5,007-5,007

26

26

-

-

-

608

-4,981-4,372

17,47920,396126,285-9,369154,792

Accumulated other comprehensive income
Total
Valuation
Foreign currency accumulated Non-controlling Total net assets
difference oninterests
translationothermarketableadjustment
comprehensive
securities
incomeBalance at beginning of current period

2,346-5,919-3,572

15,331

170,925

Changes of items during period-

New shares issues
Dividends of surplus-7,003Current period net profit attributable toparent company shareholders

7,612

Acquisition of treasury shares-5,00726

Disposal of treasury shares
Change in ownership interest of parent
due to transactions with non-controllinginterests-

Net changes of items other thanshareholders' equity-1,875-1,494-3,370724-2,645

Total changes of items during period-1,875-1,494-3,370724-7,018471-7,414-6,942

16,056

163,906

Balance at end of period

15

PERSOL HOLDINGS (TSE 2181)
FY2019 Q4(3) Consolidated Cash Flow Statements
Year ended March 31,
2019
2020
Cash flow from operating activities
Net profit before taxes etc.
Depreciation
Impairment loss
Amortization of goodwill
Increase(decrease) of net liability for retirement benefits
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for directors' bonuses
Increase (decrease) in allowance for share benefits
Increase (decrease) in allowance for directors' share benefits
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in other provisions
Interest and dividend income
Interest expenses
Equity Gains (Losses) of affiliated companies
Subsidy income
Bond issuance expenses
Loss(gain) on sales of shares of subsidiaries and associates
Loss(gain) on sales of investment securities
Loss on valuation of subsidiaries and affiliates’ shares
Loss(gain) on valuation of investment securities
Loss(gain) on disposal of non-current assets
Loss (gain) on transfer of businessBusiness reorganization losses
Casual loss
Decrease (increase) in trade receivables
Increase (decrease) in trade payables
Increase (decrease) in accrued consumption taxes
Increase (decrease) in Long-term accounts payable
Decrease (increase) in other assets
Increase (decrease) in other liabilities
SubtotalInterest and dividend income received
Interest expenses paid
Proceeds from subsidy income
Corporate tax etc. paid
Income taxes refund
Cash flow from operating activities- 16 -

42,691
7,249
1,530
8,612
-676
1,878
8
148
196
108
-117
-245
843
-26
-339
102
-40
-120
－
78
-62
-38
－
－
-4,872
1,464
511
18
-812
-2,396
55,693

20,331
9,466
13,378
7,804
80
803
36
148
157
1,384
317
-246
577
-35
-641
－
－
-255
1,355
52
-48
-33
3,186
38
-6,283-6,317
3,598-234-1,619-2,26144,740

257
-840
339
-17,739
4,644

333
-583
641
-19,373
2,833

42,35328,592PERSOL HOLDINGS (TSE 2181)
FY2019 Q4

Year ended March 31,
2019
2020
Cash flow from investing activities
Payment into time deposits
Proceeds from withdrawal of time deposits
Payments for purchase of property, plant and equipment
Proceeds from sales of property, plant and equipment
Payments for purchase of intangible assets
Proceeds from sales of shares of subsidiaries and associates
Payments for purchase of investment securities
Proceeds from sales of investment securities
Payments for purchase of shares of subsidiaries resulting inchange in scope of consolidation
Proceeds from purchase of shares of subsidiaries resulting inchange in scope of consolidation
Expenditures from sales of share of subsidiaries resulting inchange in scope of consolidation
Proceeds from sales of investments in subsidiaries resulting inchange in scope of consolidation
Payments from transfer of business
Proceeds from transfer of business
Payments of loans receivableCollection of loans receivable
Payments for guarantee deposits
Proceeds from collection of guarantee deposits
Other
Cash flow from investing activities
Cash flow from financing activities
Net increase(decrease) in short-term loans payable
Proceeds of long-term loans payable
Repayments of long-term loans payable
Proceeds from issuing corporate bonds
Repayments of corporate bonds
Payments for purchase of treasury shares
Cash dividends paid
Dividends paid to non-controlling interests
Proceeds from share issuance to non-controlling shareholders
Payments from changes in ownership interests in subsidiaries
that do not result in change in scope of consolidation
Other
Cash flow from financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in short-term loans payable
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of the period- 17 --19
8-2,373883-7,076
－
-863
194

-163
11
-4,919169-8,496
240
-827
338

-3,202-2,420

－

54

-672

－

104

－

-573
127
-14
3
-2,005498-159-15,141－38－
4-1,816666-455-17,576-78,461
20,000-4,64019,897-2-5-4,677-142
10361
20,000-10,021－－-5,007-7,001
-179
－

-0

－

-143

-138

-48,165356-1,987
38-20,596
89,566

9,067
68,96968,96978,037