Briefing on Consolidated Financial
Results for the Fiscal Year
Ended March 31, 2019
PERSOL HOLDINGS CO., LTD.
15 May 2019

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FY March 2019: Consolidated Results Summary
Sales grew +28.2% due to stable growth amongst existing businesses and M&A contributions, andachieved a new record for sales in a given financial year.
Business drivers: Japan domestic temp & placement businesses, PERSOLKELLY overseas operations.
(Unit: JPY million)

FY Mar 2018

Full YearFY Mar 2019 Results Forecast

FY Mar 2019

Ratio (%)

Full Year

Ratio (%)

Growth (%)

Achievement
rate (%)

Full YearNet Sales

722,183

100.0

925,818

100.0

+28.2

940,000

98.5

Gross profit

167,43823.2

206,517

22.3

+23.3

-

-

EBITDA*

48,026

6.7

59,972

6.5+24.9

56,500106.1

Operating Profit

36,0685.0

44,1114.8+22.3

42,500103.8

Net Profit Attributable to
Owners of Parent

7,769

1.1

24,361

2.6+213.521,800111.7*Figures are rounded down (as with following pages) *EBITDA = Operating Profit + Depreciation + Amortization of Goodwill (as with following pages)
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1

FY March 2019: Sales Analysis
Existing business organic growth of +7.0% together with
the PROGRAMMED M&A contribution resulted in sales growth of +28.2%.
(Unit: JPY 100 million)-27+1,556

+129

+46

+103

-43

＋15

+14
9,258

+241

7,221

FY Mar 2018
results

Organic growth*+507

Temporary
Staffing/BPO
Segment

Recruiting
Segment

PROGRAMMED
Segment

PERSOLKELLY
Segment*M&A target companies(Figures in brackets indicate date (YY/MM) that contribution to consolidated results commenced)*M&A effect* Organic growth (or existing businesses)

M&A*+1,556

ITO
Segment

Engineering
Segment

Other

M&A effect

Adjustments

FY Mar 2019
results:Programmed Maintenance Services Limited (Jan 2018), Avanti Staff (Jan 2019): Indicates the net increase of funds due to M&As (Values are prior to eliminations of internal transactions).
: Indicates amounts of increase that exclude the net increase of funds due to M&As
(Figures are prior to elimination of internal transactions)*Business Process Outsourcing (BPO), IT Outsourcing (ITO) (Identical with following pages)
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2

FY March 2019: Sales by Segment
Demand continued to be healthy, and sales grew in each segment.
(Unit: JPY million)
FY Mar 2018
Full YearFY Mar 2019 Results Forecast

FY Mar 2019
Full Year

Growth (%)

Achievement rate(%)

Full Year

Temporary Staffing/BPO

481,071509,538+5.9

520,000

98.0

Recruiting

72,84185,826+17.8

84,000102.2

PROGRAMMED*

54,512

201,476-

215,000

93.7

PERSOLKELLY

65,774

76,106+15.7

68,000111.9

ITO

28,98833,644+16.1

33,000102.0

Engineering

27,79529,357+5.6

30,000

97.9

Other

4,339

5,751

+32.5

5,000

115.0

Adjustments-13,140-15,883--15,000-

TOTAL

722,183

925,818+28.2

940,000

98.5**PROGRAMMED Segment: The financial closing date of PROGRAMMED LTD. differs with PERSOL by 3 months. The Deemed Acquisition Date for Business Combinations is set as 30 September
2017 and as such, PROGRAMMED LTD's contribution to the results commences from January 2018.
*Figures are prior to elimination of internal transactions
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3

FY March 2019: EBITDA Analysis
Existing business organic growth of +13.7% together with the
PROGRAMMED M&A contribution resulted in EBITDA growth of +24.9％.
(Unit: JPY 100 million)

-1
+55
+2

+2

-4

+3

-2

+41
+22

599

480

FY Mar 2018
results

Organic growth*+65

Temporary
Staffing/BPO
Segment

Recruiting
Segment

PROGRAMMED
Segment

PERSOLKELLY
Segment*M&A target companies(Figures in brackets indicate date (YY/MM) that contribution to consolidated results commenced)*M&A effect* Organic growth (or existing businesses)

M&A*
+55

ITO
Segment

Engineering
Segment

Other

M&A effect

Adjustments

FY Mar 2019
results:Programmed Maintenance Services Limited (Jan 2018). Acquisition costs of Programmed (0.8 billion) was booked at FY 2018 3Q
Avanti Staff (Jan 2019): Indicates the net increase of funds due to M&As (Values are prior to eliminations of internal transactions).
: Indicates amounts of increase that exclude the net increase of funds due to M&As
(Figures are prior to elimination of internal transactions)
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4

FY March 2019: EBITDA by Segment
Temporary Staffing/BPO and Recruiting Segments driving organic growth.
(Unit:JPY million)
FY Mar 2018

FY Mar 2019 Results Forecast

FY Mar 2019

Full Year

Full Year

Growth (%)

Achievement rate(%)

Full Year

Temporary Staffing/BPO

25,59027,925+9.1

27,700100.8

Recruiting

14,274

18,382+28.8

16,900108.8

PROGRAMMED*

1,054

6,721

-

6,500

103.4

PERSOLKELLY

1,094

1,348

+23.2

1,200

112.4

ITO

2,930

2,490

-15.0

2,100

118.6

Engineering

2,982

3,367

+12.9

3,100

108.6

Other

-254

-476

-46.7

-200

-

Adjustments

353

213

-

-800

-

48,02659,972+24.9

56,500

106.1

TOTAL

**PROGRAMMED Segment: The financial closing date of PROGRAMMED LTD. differs with PERSOL by 3 months. The Deemed Acquisition Date for Business Combinations was set as 30 September
2017 and as such, PROGRAMMED LTD's contribution to the results commenced from January 2018. Please note that share acquisition related costs of JPY 800 million
were booked in 3Q of FY 2018.
*Figures are prior to elimination of internal transactions
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5

FY March 2019: Analysis of Operating Profit
Existing business organic growth of Temporary Staffing/BPO and Recruiting led to grow +22.3%.
(Unit: JPY 100 million)

-5

+7

+3

-2
+3

-2

+10

+47

+19

441

360

FY Mar 2018
results

Organic growth*+72

Temporary
Staffing/BPO
Segment

Recruiting
Segment

PROGRAMMED
Segment

PERSOLKELLY
Segment*M&A target companies(Figures in brackets indicate date (YY/MM) that contribution to consolidated results commenced)*M&A effect* Organic growth (or existing businesses)

M&A*
+10

ITO
Segment

Engineering
Segment

Other

M&A effect

Adjustments

FY Mar 2019
results:Programmed Maintenance Services Limited (Jan 2018). Acquisition costs of Programmed (0.8 billion) was booked at FY 2018 3Q
Avanti Staff (Jan 2019): Indicates the net increase of funds due to M&As (Values are prior to eliminations of internal transactions).
: Indicates amounts of increase that exclude the net increase of funds due to M&As
(Figures are prior to elimination of internal transactions)
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6

FY March 2019: Operating Profit by Segment
Temporary Staffing/BPO and Recruiting Segments driving organic growth.
(Unit:JPY million)
FY Mar 2018

FY Mar 2019 Results Forecast

FY Mar 2019

Full Year

Full Year

Growth (%)

Achievement rate(%)

Full Year

Temporary Staffing/BPO

22,122

23,991+8.5

23,900100.4

Recruiting

10,81015,555+43.9

14,300108.8

PROGRAMMED*

-507

841

-

1,100

76.5

PERSOLKELLY

-190

548

+388.6

700

78.4

ITO

2,263

1,702

-24.8

1,500

113.5

Engineering

2,365

2,762

+16.8

2,700

102.3

Other

-322

-558

-42.3

-250

-

Adjustments

-472

-732

-

-1,450-36,06844,111+22.3

42,500

103.8

TOTAL

**PROGRAMMED Segment: The financial closing date of PROGRAMMED LTD. differs with PERSOL by 3 months. The Deemed Acquisition Date for Business Combinations was set as 30 September
2017 and as such, PROGRAMMED LTD's contribution to the results commenced from January 2018. Please note that share acquisition related costs of JPY 800 million
were booked in 3Q of FY 2018.
*Figures are prior to elimination of internal transactions
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7

FY March 2019: Consolidated Balance Sheet
End of FY Mar 2018

(Unit:JPY million)

Results

End of FY Mar 2019

Ratio (%)

Results

Increase/
Decrease

Ratio (%)

402,336

100.0

370,839100.0-31,496

230,55257.3

209,84556.6-20,70789,62422.3

69,02918.6-20,595

171,78342.7

160,99443.4-10,789

113,26528.2

101,832

27.5-11,433

242,34360.2

199,91453.9-42,429

Current Liabilities

217,10254.0

144,91939.1-72,182(Loans payable within one year)

89,92822.4

15,045

4.1-74,882

Non-Current Liabilities

25,241

6.3

54,99514.8

29,753(Long-term loans payable)

15,713

3.9

25,748

6.9

10,035(Bonds)--

20,000

5.4

20,000159,99239.8

170,92546.1

10,932

145,53736.2

155,59342.0

10,055(Capital stock)

17,467

4.3

17,4794.7

12(Capital surplus)

20,182

5.0

20,396

5.5

213(Retained earnings)

105,99326.3

125,677

33.9

19,683

14,455

3.6

15,331

4.1

876

AssetsCurrent Assets(Cash and deposits)
Non-current Assets(Trademark rights/goodwill)
Liabilities

Net assets
Equity capital

Non-controlling interests<Trademark rights/goodwill>
Decreases due to amortization/forex rates.

<Current assets/Current liabilities/
Non-current liabilities>
Repayment of short-term loans partially by
cash, and refinancing the balance by longterm loans and corporate bonds.
(Long-term conversion)<Retained earnings>
Increases due to increased profit.

**Partial revision of “Accounting standards pertaining to Tax Effective Accounting” have been applied since 1Q in FY2019. Results were re-released
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after the results at the end of the previous FY were recalculated.

89

FY Mar 2019: Consolidated Cash-flow Statement

FY Mar 2018

FY Mar 2019

(Unit: JPY million)
Full Year

Full Year

Major change

ChangeIncrease in profit andCash flow fromoperating activities

35,00342,353

7,350

Change in notes / accounts receivable –trade and operating debt

Cash flow from
Investment activities-66,732-15,141

51,591

Decrease in overseas large-scale M&A

Cash flow fromfinance activities

50,186-48,165-98,351

Decrease in short-term debt andincrease in long-term debt and bonds
due to refinancing of the short-term
debt

Increase (decrease) in cash &cash equivalents

20,184-20,596-40,780

Balance of cash & cash
equivalents etc. at end of period

89,566

68,969-20,596

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FY March 2019: Business Results Trends by Segment:① Temporary Staffing/BPO Segment
FY Mar 2019 Highlights(Unit:JPY 100 million)+5.9%• Temporary labor demand remains at high levels in Japan withwork-style reforms, and chronic labor shortages as a backdrop.

+9.1%

•

+8.5%
4,810

• Costs associated with merging subsidiaries increased however,direct hiring by clients in response to revisions to Japan's laborlaws resulted in growth in placement fee revenues. Also,
revenues improved due to billing rate increases. (If subsidiary
merger costs did not have to be included, the operating profit
ratio would have been 5.1%.)

5,095
279
255

Net Sales

221

EBITDA

Sales increased due to strong demand despite the impact ofrevisions to Japan's labor laws

239

• The acquisition of Avanti Staff Corporation commenced beingreflected in the results from 4Q.

Operating Profit(Unit: JPY million)

FY Mar 2018

FY Mar 2019 Results Forecast

FY Mar 2019

Full Year

Full Year

Growth (%)

Achievement rate(%)

Full YearNet Sales

481,071509,538+5.9

520,000

98.0

EBITDA

25,59027,925+9.1

27,700

100.8

5.3

5.5

-

5.3

-

22,122

23,991+8.5

23,900

100.4

4.6

4.7

-

4.6

-

EBITDA Margin (％)
Operating Profit
Operating profit ratio (%)*Figures are prior to elimination of internal transactions*Please refer to the "FY March 2019 Factbook" released on the PERSOL website on the same date as the results.

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10

FY March 2019: Business Results Trends by Segment② Recruiting Segment+17.8%FY Mar 2019 Highlights(Unit:JPY 100 million)+28.8%+43.9%

858
183

728
142

155
108

Net Sales

EBITDA• Demand from client companies continued to be healthy,
with the placement business driving the results.
• Proactive investments had to be made into advertisingand headcount in response to robust demand which inturn resulted in substantial sales and profit growth.
• A decline in goodwill amortization also contributed to an
improvement in profitability due to the booking of theamortization impairment in the "an" business during theprevious 4Q period.

Operating Profit(Unit: JPY million)

FY Mar 2018
Full YearFY Mar 2019 Results Forecast

FY Mar 2019
Full Year

Growth (%)

Achievement rate(%)

Full YearNet Sales

72,84185,826+17.8

84,000102.2

EBITDA

14,274

18,382+28.8

16,900

108.8

19.6

21.4

-

20.1

-

10,81015,555+43.9

14,300

108.8

14.8

18.1

-

17.0

-

EBITDA Margin (％)
Operating Profit
Operating profit ratio (％)*Figures are prior to elimination of internal transactions*Please refer to the "FY March 2019 Factbook" released on the PERSOL website on the same date as the results.

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FY March 2019: Business Results Trends by Segment:③ PROGRAMMED Segment
FY Mar 2019 Highlights(Unit:JPY 100 million)

Staffing Business:• Blue collar labour demand weakened in manufacturing, industrial,
logistics and retail sectors due to continuing globalisation, online
sales and automation impacts, however, profits were steady due
to reductions in overhead expenses• Mining sector remains strong as production expands• Large contract ended in FY18
Maintenance Business:• Some reduction in government expenditures compared to prioryear leading to lower revenue but profit remained steady

2,014

67

545
10
Net Sales-5

EBITDA8• Work in hand and sales pipeline increased through out the year

Operating Profit• New contracts secured in airport and public housing(Unit: JPY million)

FY Mar 2018

FY Mar 2019 Results Forecast

FY Mar 2019

Full Year

Full Year

Growth (%)

Achievement rate(%)

Full YearNet Sales

54,512

201,476-

215,000

93.7

EBITDA

1,054

6,721

-

6,500

103.4

-

3.3

-

3.0

-

-507

841

-

1,100

76.5

-

0.4

-

0.5

-

EBITDA Margin (％)
Operating Profit
Operating profit ratio (％)*Share acquisition related costs of JPY 800 million were booked in 3Q of FY 2018. *Figures are prior to elimination of internal transactions
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*Please refer to the "FY March 2019 Factbook" released on the PERSOL website on the same date as the results.

12

FY March 2019: Business Results Trends by Segment:④ PERSOLKELLY Segment+15.7%FY Mar 2019 Highlights(Unit:JPY 100 million)• Sales growth was due to a backdrop of continued favorable
market conditions in APAC countries. Operating profit
successfully turned to the black mainly led by the Singapore andCnina placement business.

+23.2%

761+388.6%

657

13
10

5

• Proactive investments were made that targeted necessary
productivity improvements: Achievement rateive strengthening of
deployments of personnel needed to handle robust demand, as
well as implementation of common systems in each branch.

-1
Net Sales

EBITDA

Operating Profit(Unit:JPY million)

FY Mar 2018

FY Mar 2019 Results Forecast

FY Mar 2019

Full Year

Full Year

Growth (%)

Achievement rate(%)

Full YearNet Sales

65,774

76,106+15.7

68,000111.9

EBITDA

1,094

1,348

+23.2

1,200

112.4

EBITDA Margin (％)

1.7

1.8

-

1.8

-

Operating Profit

-190

548

+388.6700

78.4

Operating profit ratio (％)

-0.3

0.7

-

1.0

-

*Figures are prior to elimination of internal transactions*Please refer to the "FY March 2019 Factbook" released on the PERSOL website on the same date as the results.

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FY March 2019: Business Results Trends by Segment:⑤ ITO Segment+16.1%FY Mar 2019 Highlights(Unit:JPY 100 million)• Willingness to invest in system related services etc. in corporateclients is steady.
•-15.0%

336
289
29-24.8%

24
22

Net Sales

EBITDA

17

Operating Profit

Increase in SI related services and high value added outsourcing
services, RPA introduction support and consulting services for
productivity improvement have grown as a result of work stylereform resulting in increased sales• Costs increased due to better treatment of workers, and eventhough there was a decline in profitability compared to theprevious year, as a result of unit price improvements etc.,
operating income achieved target. Furthermore, improved
treatment of workers contributed to employee retirement rate andrecruiting ability.
(Unit: JPY million)

FY Mar 2018

FY Mar 2019 Results Forecast

FY Mar 2019

Full Year

Full Year

Growth (%)

Achievement rate(%)

Full YearNet Sales

28,98833,644+16.1

33,000102.0

EBITDA

2,930

2,490

-15.0

2,100

118.6

EBITDA Margin (％)

10.1

7.4

-

6.4

-

Operating Profit

2,263

1,702

-24.8

1,500

113.5

7.8

5.1

-

4.5

-

Operating profit ratio (％)*Figures are prior to elimination of internal transactions*Please refer to the "FY March 2019 Factbook" released on the PERSOL website on the same date as the results.

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FY March 2019: Business Results Trends by Segment⑥ Engineering Segment+5.6%

FY Mar 2019 Highlights(Unit:JPY 100 million)• Household electronics related demand was somewhat weak,
but R&D demand was strong in automobiles, andconstruction equipment etc.
• Both profit and profit ratio improved due to the results ofcontinuous productivity improvement activities.

+12.9%

293277+16.8%
29

Net Sales

33
23

EBITDA

27• Aiming to further expand business areas, continuously
promoted reinforcement of sales functions, active
recruitment and partner utilization.

Operating Profit(Unit: JPY million)

FY Mar 2018

FY Mar 2019 Results Forecast

FY Mar 2019

Full Year

Full Year

Growth (%)

Achievement rate(%)

Full YearNet Sales

27,79529,357+5.6

30,00097.9

EBITDA

2,982

3,367

+12.9

3,100

108.6

EBITDA Margin (％)

10.7

11.5

-

10.3

-

Operating Profit

2,365

2,762

+16.8

2,700

102.3

8.5

9.4

-

9.0

-

Operating profit ratio (％)*Figures are prior to elimination of internal transactions*Please refer to the "FY March 2019 Factbook" released on the PERSOL website on the same date as the results.

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15

FY March 2019: Business Results Trends by Segment:⑦ Other/Adjustments(Unit:JPY million)
FY Mar 2018

FY Mar 2019 Results Forecast

FY Mar 2019

Other
Full Year

Full Year

Growth (%)

Achievement rate(%)

Full YearNet Sales

4,339

5,751

+32.5

5,000

115.0

EBITDA

-254

-476

-46.7

-200

-

EBITDA Margin (％)

-5.9

-8.3

-

-4.0

-

Operating Profit

-322

-558

-42.3

-250

-

Operating profit ratio (％)

-7.4

-9.7

-

-5.0

(Unit:JPY million)

FY Mar 2018

FY Mar 2019 Results Forecast

FY Mar 2019

Adjustments
Full YearNet Sales
EBITDAEBITDA Margin (％)
Operating Profit
Operating profit ratio (％)

Full Year

Growth (%)

Achievement rate(%)

Full Year-13,140-15,883--15,000

-

353

213

-

-800

-

-

-

-

-

-

-472

-732

-

-1,450

-

-

-

-

-

-

*Figures are prior to elimination of internal transactions*Please refer to the "FY March 2019 Factbook" released on the PERSOL website on the same date as the results.
*The "other" item is Shared Services which refers to roles performed by each function for the entire Group such as: training & education, disabled worker hiring/work support etc. structures.
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*"Adjustment Amounts": refers to elimination of transactions between segments, PERSOL HOLDINGS income, and costs.

16

FY March 2020 Consolidated forecasts(Unit:JPY million)

FY Mar 2020 Forecast
1st half

Ratio
（％）

Growth
（％）

Ratio
（％）

Full Year

Growth（％）

Net sales

483,500

100.0

+6.9

1,000,000

100.0

+8.0

EBITDA

30,200

6.2+7.1

66,000

6.6+10.1

Operating Profit

21,300

4.4+4.1

48,000

4.8+8.8

Net Profit Attributable to
Owners of Parent

12,0002.5+0.1

27,5002.8+12.9[Reference] Net Profit
Prior to Amortization of
Goodwill

16,3003.4

36,100

3.6

+9.5

-

＊Assumed forex rate for FY2020/3 USD1=JPY 110.0, AUD1=JPY 80.0
＊Net Profit Prior to Amortization of Goodwill：Profit attributable to owners of parent company ＋amortization of goodwill
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17

FY March 2019 Consolidated forecasts ：Sales by Segment(Unit:JPY million)

FY Mar 2020 Forecast
Growth（％）

1st half

Growth（％）

Full Year

Temporary Staffing/BPO

265,600+6.9

549,000+7.7

Recruiting

47,000+14.5

99,000+15.3

PROGRAMMED

100,500-1.9

204,000+1.3

PERSOLKELLY

41,000+13.5

84,000+10.4

ITO

19,400+26.2

42,000+24.8

Engineering

14,500+6.2

31,000

+5.6

Other

5,000

+90.9

11,000+91.3

Adjustments△9,500--20,000-

TOTAL

483,500+6.9

1,000,000+8.0*Figures are prior to elimination of internal transactions

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18

FY March 2019 Consolidated forecasts ：EBITDA by Segment(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

10,600+18.6

22,200+20.8

PROGRAMMED

4,100

+28.3

8,400

+25.0

PERSOLKELLY

700

-2.9

1,500

+11.2

ITO

1,000

+22.7

3,100

+24.5

Engineering

1,400

+19.2

3,500

+3.9

Other

-600

-85.9

-1,100-56.6

Adjustments

-600

-

-2,000-30,200+7.1

66,000

+10.1

TOTAL
*Figures are prior to elimination of internal transactions

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19

FY March 2019 Consolidated forecasts ：Operating Profit by Segment(Unit:JPY million)

FY Mar 2020 Forecast
Growth（％）

1st half

Growth（％）

Full Year

Temporary Staffing/BPO

11,700+5.3

26,500+10.5

Recruiting

8,700

+15.1

18,200+17.0

PROGRAMMED

300

+37.3

1,000

+18.9

PERSOLKELLY

400

+11.9

1,000

+82.2

ITO

700

+53.5

2,400

+41.0

Engineering

1,100

+25.2

3,000

+8.6

Other

-600

-79.5

-1,300-57.0

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

21,300+4.1

48,000+8.8*Figures are prior to elimination of internal transactions

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20

Acquisition of Avanti Staff Corporation shares (conversion into a subsidiary)
We aim to further enhance corporate value by utilizing a client base such as Fuyo Group and the know-how
of financial affairs and trade affairs cultivated by Avanti staff and the know-how relating to soliciting job
seekers by PERSOL group

Outline of share acquisition

Corporate Profile

Avanti Staff Corporation

Established in September 1984
Expand Temporary staffing business,placement/recruitment business,outsourcing business, training businesswithin domestic Japan.

Aims

Expand theclient base…

Enhancespecialization…

Expand the so-called'Fuyo Group' client base ofMizuho Banking Ltd. andMarubeni Corporation.

Strengthen handling knowhow in specialized roles suchas trade support and financeadministration.

Transaction Outline

Sales JPY 18,366 million, Operating profit
JPY 271 million (FY Mar 2018 results)
Share transfer data : 31 Jan 2019

Acquisition: 92.52% of fully issued shares
Begin to be reflected in results:
from 4Q of FY Mar 2019.
(Temporary Staffing/BPO Segment)

Leverageknow-how insoliciting job
seekers…
Focus on leveraging PERSOLGroup’s business platform &know-how in soliciting jobseekers.

*For further details, please refer to the timely release "Announcement regarding acquisition of Avanti Staff Corporation shares (conversion into a subsidiary)" made on 21 Dec 2018.
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

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Appendix: Recent M&As
Company name

Programmed Maintenance Services Limited

Established

January 1992

Net sales (*1)

AUD 2,691 million （*1）

Operating profit (*1)

AUD 21 million （*1）

Acquisition date

October 2017

Contribution commenced beingreflected in results

4Q of FY Mar 2018

Ownership ratio

100%

Acquisition priceJPY 66,000 million（*2）

Goodwill
Goodwill amortization period
Affiliated segment

Staffing Business

Maintenance Business

JPY 21,030 million

JPY 31,540 million

10 years

20 years
PROGRAMMED*1. Figures refer to the results of PROGRAMMED Ltd. and its subsidiaries for the FY Mar 2017. Operating profit has been calculated after amortization of
goodwill calculated at the time of acquisition (tentative figures), and after amortization of intangible fixed assets (total AUD 56 million/year).
*2. Conversion rate used: AUD 1: JPY 88.15
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

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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 15 May 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 viewpoint of efficient application of capital and investor
awareness etc.

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

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