NB: This document is a translation of the Japanese original and is provided for information purposes only.

Summary of Consolidated Financial Results for the 1st Quarter of the Fiscal YearEnding March 2019 (Based on Japanese GAAP)
10 August 2018
Listedcompanyname:

PERSOL HOLDINGS CO., LTD.

Stock code:

2181

Representative(Title)Inquiries(Title)Stock Exchange Listing: Tokyo

URL https://www.persol-group.co.jp/
Representative Director,
President and CEO
Director, Executive Officer(Chief Financial Officer)

Scheduled date to filequarterly report:

Masamichi Mizuta

13 August 2018

Kiyoshi Seki

TEL (+81) 03-3375-2220

Scheduled date tocommence
dividend payments:-

Preparation of supplementary quarterly results
explanatory material yes/no: Yes
Quarterly results briefing session yes/no: No(Amounts less than JPY 1 million rounded down)
1. Consolidated Results for the 1st Quarter of the Fiscal Year Ending March 2019 (April 1, 2018 - June 30, 2018)(1) Consolidated Operating Results (cumulative)Sales
JPY Million%

225,92939.6

11,53026.5

11,219

18.5

6,631

22.2

161,897

17.8

9,114

△1.5

9,471

△0.0

5,425

△12.6

1st Quarter of the
Fiscal Year Ended
March 2018

5,583

1st Quarter of the Fiscal
Year Ending March 2019
1st Quarter of the Fiscal
Year Ended March 2018
Note:
Comprehensive
income(% indicates ratio of change from same quarter last year)
Quarterly net profit
Operating Profit
Ordinary Profit
attributable to ownersof parent
JPY Million%
JPY Million%
JPY Million%

1st Quarter of the
Fiscal Year Ending
March 2019

1,123

JPY
Million(△79.9%)Quarterly net profit per share

1st Quarter of the Fiscal YearEnding March 2019
1st Quarter of the Fiscal Year
Ended March 2018
(2) Consolidated Financial Position
Total assets
JPY Million
1st Quarter of the Fiscal
359,986
Year Ending March 2019
FY ended Mar 2018
402,336

JPY
Million(△2.6%)

Quarterly net profit per share after
adjustment for dilution

JPY

JPY

28.43

28.43

23.20

23.20

Net assets
JPY Million

Equity ratio%

158,28640.1

159,992

36.2

1st Quarter of the

JPY
FY ended
JPY
Fiscal Year Ending
144,299
145,537
MillionMar 2017
MillionMarch 2019
Note: "Partial revision of 'Accounting standards pertaining to Tax Effective Accounting'" (Japan Corporate AccountingStandard No. 28 of 16 Feb 2018) etc. have been applied since the beginning of this consolidated accounting 1 stquarter period. The indicators of said accounting standard etc. were retroactively applied to main management
indicators etc. relating to the previous consolidated fiscal year.
Reference: Equity capital－1 －2. Dividend Status
End Q1
FY ended Mar 2018
FY ending Mar 2019
FY ending Mar 2019
(Forecast)

Annual Dividend
End Q3End Q2End of FY

Total

JPY

JPY

JPY

JPY

JPY

－
－

9.00

－

10.00

19.00

10.00

－

10.00

20.00

Note: Revision of most recently announced dividend forecast yes/no: No
3. Forecast of Consolidated Financial Results for the Fiscal Year Ending March 2019 (April 1, 2018 - March 31, 2019)(% indicates ratio of change from: the previous full FY, same quarter in the previous FY)
Current period net
Current period
profit attributable toSales
Operating Profit
Ordinary Profit
net profit per
parent company
share
shareholders
JPY
JPY
JPY
JPY
%
%
%
%
JPY
MillionMillionMillionMillionnd
2 Q (cumulative)△5.7
456,000
40.4
18,00012.4
17,500
5.0
8,700
37.20
Full Year

940,000

30.2

42,50017.8

41,50018.2

21,800

180.6

93.21

Note: Revision of most recently announced financial results forecast: No※ Explanatory Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in a change in thescope of consolidation): No
New: - Ltd. (company name); Excluded: - Ltd. (company name)(2) Application of special accounting treatment when preparing quarterly consolidated financial statements: No(3) Changes in accounting policies/changes in accounting estimates/restatement of prior period financial statements① Changes in accounting policies due to revisions to accounting standards etc.
: Yes
② Changes in accounting policies other than ①: No③ Changes in accounting estimates: No④ Restatement of revised statements: No
Note: For details please refer to P.9 in the attached material: "2. Quarterly consolidated financial statements &main explanatory notes (3) Explanatory notes regarding quarterly consolidated financial statements ".
(4) Number of fully issued shares (ordinary shares)(Unit: shares)① Number of fully issued shares atperiod end (including treasury shares)

1Q of fiscal year

② Treasury shares at period end

1Q of fiscal year

236,683,336

ending March 2019
ending March 2019

Fiscal year ended

236,677,955

March 2018
3,402,327

Fiscal year ended

3,406,634

March 2018

③ Average number of shares during the1Q of fiscal year
1Q of fiscal year
233,275,125
233,842,046
period (cumulative quarter)
ending March 2019
ended March 2018
Note: Number of treasury shares at the end of period: Includes PHD shares held in the "Director Compensation
BIP (Board Incentive Plan) trust account", and the "Employee Share Ownership Plan trust account" ("ESOP
Trust") (1Q of fiscal year ending March 2019: 585,237 shares). Furthermore, PHD shares held in the "Director
Compensation BIP (Board Incentive Plan) trust account", and the "Employee Share Ownership Plan trust
account" ("ESOP Trust") are included in treasury shares which are deducted when calculating the average
number of shares held in the period.
※ Summaries of quarterly consolidated financial accounts are not subject to quarterly review by Certified Public
Accountants or audit firms.
※ Explanation of appropriate usage of financial results forecasts and other special explanatory notes:
Note regarding forward looking statements etc.:
The financial results outlook etc. and forward looking statements noted in this material are based on certain
assumptions PHD deems rational and information currently at hand, which are not meant to be taken as an
assurance by PHD that outcomes will be realized. Furthermore, actual financial results etc. may vary greatly due tovarious factors.
－ 2 －○ Contents of Attachments
1. Qualitative information regarding the financial results for this quarter…………………………………………………

4(1) Explanation regarding business performance …………………………………………………………………………

4(2) Explanation regarding the financial position ……………………………………………………………………………

6(3) Explanation regarding the future forecast information (consolidated results forecast etc.)…………………………

6

2. Quarterly consolidated financial statements & main explanatory notes…………………………………………………

7(1) Quarterly consolidated balance sheet……………………………………………………………………………………
(2) Quarterly consolidated profit and loss statement &quarterly consolidated comprehensive income statement ……………………………………………………………
Quarterly consolidated profit and loss statement

7

Consolidated cumulative 1st quarter period………………………………………………………………………

9

9

Quarterly consolidated comprehensive income statement
Consolidated cumulative 1st quarter period……………………………………………………………………… 10(3) Explanatory notes regarding quarterly consolidated financial statements…………………………………………… 11(Explanatory notes regarding ongoing concern assumptions………………………………………………………

11(Explanatory notes in the event of significant changes in the amount of shareholders’ equity)………………… 11(Application of special accounting treatment when preparing the11quarterly consolidated financial statements)…………………………………………………………………………
(Changes in accounting policies)
11(Additional information)

11(Segment information etc.)……………………………………………………………………………………………… 12－

3 －1. Qualitative information regarding the financial results for this quarter(1) Explanation regarding business performance
The direction of Japan's economy continued to be unclear during this consolidated cumulative 1 st quarter
period due to economic movements and changes in political conditions in foreign countries. In this context, there
was a transition to moderate economic recovery with the Japanese government and Bank of Japan's economic
and financial policies etc. forming a backdrop to an overall continuation of increases in corporate income andprofit.
The employment situation: In June 2018 the average ratio of job offers to job seekers (seasonally adjusted)
was a multiple of 1.62 times; the highest level recorded in 44 years. In addition, Japan’s overall unemployment
rate (seasonally adjusted) of 2.4% continued to trend at low levels. In this type of environment, the HR services
market is faced with labor shortages and numbers of requests for talent remains robust. PERSOL HOLDINGS
itself is also experiencing a steady trend in demand from client companies. Headcount deployment figures for thecore temporary labor business, and the number of users of placement services etc. continues to remain at highlevels and as a result, business performance by and large tended to be strong.
In light of this environment, in April 2018 trading names of 10 major PERSOL Group core companies etc. werealtered to identically prefix each company’s trading name with 'PERSOL' etc. As such, further progress has been
made in expanding the level of awareness of PERSOL Group since the inception of the new 'PERSOL' Groupbranding in June 2016. PERSOL Group is an integrated HR services group that encompasses a diverse range of
HR solutions: the core temporary staffing business and placement/recruitment businesses, along with; parttime/casual work hiring support, outsourcing/design and development in the IT/engineering space, and BPO etc.
The Group is forging ahead in unison aiming to further expand the level of awareness of the PERSOL brand andGroup offerings as a means to resolve labor/hiring challenges.
In addition, progress was made in implementing common systems at each branch in the overseas'PERSOLKELLY' business (former 'Overseas Segment'), and efforts are being made to expand market share ineach region by improving productivity. On the other hand, progress is being made with the PROGRAMMED
business (focused on advancing the business in Australia). The existing PROGRAMMED business framework is
being utilized as a base to establish internal controls required to create more robust business structures.
PERSOL intends to expand the business and enhance its presence in the Asia Pacific region in the medium tolong-term by aiming to continue to strengthen competitiveness.
As a result of the above, sales during this 1st quarter accounting period were JPY 225,929 million (up 39.6%
year-on-year (YOY)), operating profit was JPY 11,530 million (up 26.5% YOY), ordinary profit was JPY 11,219
million (up 18.5% YOY), and quarterly net profit attributable to parent company shareholders was JPY 6,631
million (up 22.2% YOY).
Business results by segment (before inter-segment/company write-offs) are as follows.
Reporting segment categories changed in both the 1 st quarter (Q1) accounting period, as well as 3rd quarter(Q3) accounting period. The following year-on-year (YoY) comparisons are made after amending previous year
figures and substituting with the amending segment category figures.
① Temporary Staffing/BPO Segment
In the consolidated cumulative 1st quarter under review, sales in this segment amounted to JPY 124,940
million (up 6.4% year-on-year (YOY)), and operating profit was JPY 6,897 million (up 16.4% YOY).
Profits of client companies remained solid and structural shortage of workforce continuing from previous
consolidated accounting period. As a result, sales grew to JPY 124.940 million. On the profit side, operating profit
grew to JPY 6,897 million due to effect on increase in productivity even though preparation for law change andrising social insurance premiums occurred.
② Recruiting Segment
In the consolidated cumulative 1st quarter under review, sales in this segment amounted to JPY 20,738 million(up 13.7% YOY), and operating profit was JPY 4,222 million (up 38.0% YOY).
As with the previous year, in the consolidated fiscal year under review, sales expanded substantially as aresult of plans made to bolster the headcount of representatives dedicated to handle bullish demand primarily inthe talent placement business. On the profit side, accompanying the increase in scale and activities of thebusiness was an increase in labor and promotion related costs but, this was exceeded by the growth in sales
which resulted in operating profit of JPY 4,222 million.
－

4 －③ PROGRAMMED Segment
In the consolidated cumulative 1st quarter under review, performance in this this segment was: sales JPY
51,495 million, and operating profit of JPY 234 million.
In the consolidated cumulative 1st quarter, even orders from main clients in some sectors decreased, the corebusiness in maintenance business remained solid. As a result, sales grew to JPY 51,495 million. On the profit
side, operating profit grew to JPY 234 million due to cost reduction effect.
Furthermore, there are no comparisons with the same quarter in the previous year as this segment was a
newly established reporting segment in the previous consolidated cumulative 3 rd quarter period.
④ PERSOLKELLY Segment
Results for this segment in the consolidated cumulative 1st quarter under review were: sales of JPY 17,254
million (up 10.7% YOY), and operating losses of JPY 76 million (operating loss in the same period last year was
JPY 261 million).
In the consolidated cumulative 1st quarter,, sales grew to JPY 17,254 million as a result of favorable market
trend in APAC countries. On the profit side, operating losses of JPY 76 million was recorded due to increase inworkforce for business expansion even though placement business was favorable.
Furthermore, there was a change in title from 'Overseas Segment' to 'PERSOLKELLY Segment' due to the
PROGRAMMED Segment being newly established in the previous consolidated fiscal year.
⑤ ITO Segment
Results for this segment in the consolidated cumulative 1st quarter under review were: sales of JPY 7,181
million (up 16.2% YOY), and operating losses of JPY 65 million (operating profit in the same period last year was
JPY 116 million).
In the consolidated cumulative 1st quarter, SI related business and sales of own product remain solid. As aresult, sales grew to JPY 7,181 million. On the profit side, operating loss of JPY 65 million was recorded due tolabor and hiring cost for business expansion.
⑥ Engineering Segment
In the consolidated cumulative 1st quarter under review, sales in this segment amounted to JPY 6,439 million(up 1.1% YOY), and operating profit was JPY 146 million (down 23.5% YOY).
In the consolidated cumulative 1st quarter, demand in development for technical engineers in construction
machinery and medical sector remained solid in addition to automobile and electrical machinery. On the profit
side, operating profit grew to JPY 146 million due to influence in changes in acceptance of contracting projects
even though the sales price per unit raised as a result of hiring new employees and price revisions.

－

5 －(2) Explanation regarding the financial position① Assets, liabilities, and net assets
Total assets decreased by JPY 42,349 million compared with the end of the previous consolidated accounting
period. Current assets decreased by JPY 33,731 million, and fixed assets decreased by JPY 8,618 million. The
main reason for the decrease in current assets was a decrease in cash and deposits by JPY 29,470 million etc.
The main reasons for the decrease in fixed assets were: a decrease in goodwill by JPY 5,925 million, and adecrease in deferred tax assets by JPY 1,101 million etc.
Liabilities decreased by JPY 40,643 million compared to the end of the previous consolidated fiscal year.
Current liabilities decreased by JPY 80,615 million, and non-current liabilities increased by JPY 39,972 million.
The main causes of the decrease in non-current liabilities were: decrease in short-term loans payable (down by
JPY 63,949 million) and decrease in income taxes payable (down by JPY 5,344 million) etc. The main causes of
the increase in non-current liabilities were: an increase in corporate bonds (up by JPY 20,000 million), and anincrease in long-term loans payable (up by JPY 20,000 million) etc.
Net assets decreased by JPY 1,706 million compared to the end of the previous consolidated fiscal year. Thiswas mainly caused by a decrease of JPY 5,224 million in foreign currency translation adjustments, and on theother hand: payment of dividends of surplus of JPY 2,338 million, and posting 6,631 million in quarterly net profit
attributable to parent company shareholders etc. which resulted in increased retained earnings of JPY 4,293
million etc.
11th term consolidated cumulative
1st quarter period

10th term

Return on Assets (ROA)

1.8%

2.2%

Return on equity (ROE)

4.6%

5.5%

Ratio of operating income to sales

5.1%

5.0%

Ratio of ordinary profit to sales

5.0%

4.9%

Current ratio

144.2%

106.2%

Fixed assets ratio

113.1%

118.0%

Equity ratio

40.1%

36.2%

Total assets

JPY 359,986 million

JPY 402,336 million

Equity capital

JPY 144,299 million

JPY 145,537 million

Cash & cash equivalents etc. at end of period

JPY 60,091 million

JPY 89,566 million

Note: "Partial revision of 'Accounting standards pertaining to Tax Effective Accounting'" (Japan Corporate
Accounting Standard No. 28 of 16 Feb 2018) etc. have been applied since the beginning of this consolidated
accounting 1st quarter period. Said accounting standard etc. was retroactively applied to subsequent indicatorsand the main management indicators etc. noted above that relate to the previous consolidated fiscal year.
② Business and financial challenges that must be dealt with
There were no significant changes in this consolidated cumulative 1 st quarter period to the challenges thatmust be dealt with by PERSOL Group.
(3) Explanation regarding the future forecast information (consolidated results forecast etc.)
Business results in this consolidated cumulative 1 st quarter period were on the whole largely as anticipated. For
this reason, the consolidated results forecast has not been changed since being released on 15 May 2018.

－6 －2. Quarterly consolidated financial statements & main explanatory notes(1) Quarterly consolidated balance sheet
Previous consolidated
fiscal year
(March 31, 2018)
AssetsCurrent Assets
Cash and deposits
Notes and accounts receivable-trade
Work in process
Other
Allowance for doubtful accounts
Total current assets
Non-Current Assets
Fixed assets
Buildings and structures (net amount)
Tools, furniture and fixtures (net amount)
Land
Other (net amount)
Tangible fixed assets total
Intangible assets
Trademark rights
Goodwill
Other
Intangible assets total
Investments and other assets
Investment securities
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total Fixed assets
Total Assets－

7 －(Unit: JPY millions)This consolidated accounting
1st quarter period(June 30, 2018)

89,624120,254
8,049
13,251△627
230,552

60,153
114,729
8,362
14,200△625
196,821

3,237
1,234
802
2,718
7,993

3,240
1,217
802
2,559
7,819

11,152102,113
20,629133,894

10,55096,187
20,233
126,970

12,542
4,636
12,732△16
29,895
171,783
402,336

12,453
3,535
12,400△14
28,375
163,165359,986

Previous consolidated
fiscal year
(March 31, 2018)
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
Bonds payable
Long-term loans payable
Deferred tax liabilities
Liabilities related to retirement benefits
Provision for share benefits
Provision 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
Re-measurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total Liabilities and shareholders' equity－

8 －(Unit: JPY millions)This consolidated accounting
1st quarter period(June 30, 2018)

1,597
85,2884,640
67,4098,905
13,7969,931
6736
24,788217,102733
21,3394,640
68,292
3,561
12,6175,298
8707
19,287
136,487

15,713
5,209
1,174
126
115
268
2,634
25,241
242,343

20,00035,713
5,313
607
163
148
240
3,026
65,213201,700

17,467
20,182
105,993△4,576
139,066

17,46920,185110,286△4,566
143,374

3,179
3,291
-

2,858
△1,932
△0

6,470

925

14,455
159,992
402,336

13,986
158,286
359,986

(2) Quarterly consolidated profit and loss statement & quarterly consolidated comprehensive income statement(Quarterly consolidated profit and loss statement)(Consolidated cumulative 1st quarter period)

Sales
Cost of sales
Gross profit on sales
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
Other
Total non-operating profit
Non-operating expenses
Interest expenses
Losses on foreign exchange
Bond issuance expenses
Other
Total non-operating expenses
Ordinary Profit
Extraordinary income
Gain on sales of fixed assets
Gain on revision of retirement benefit plan
Extraordinary income total
Extraordinary losses
Loss on sales of subsidiaries and affiliates’ shares
Loss on valuation of investment securities
Early extra retirement payments
Loss on revision of retirement benefit plan
Total extraordinary losses
Net quarterly profit before taxes etc.
Corporate tax, resident tax, and business tax
Corporate tax etc.-deferred
Total corporate taxes etc.
Quarterly net profit
Quarterly net profit attributable tonon-controlling interests
Quarterly net profit attributable toparent company shareholders

Previous consolidated
cumulative 1st quarter period(From April 1, 2017
to June 30, 2017)
161,897
122,278
39,61930,505
9,114(Unit: JPY millions)This consolidated cumulative
1st quarter period(From April 1, 2018
to June 30, 2018)
225,929
175,325
50,60439,073
11,530

10
74
220

13
98
60

86

129

19
411

23
325

30
16
6
54
9,471

244
194
102
95
637
11,219

-

9
56
65

17
261
278
9,192
2,701
911
3,612
5,579

3
14
18
11,267
2,877
1,427
4,305
6,961

154

329

5,425

6,631

－

9 －

(Quarterly consolidated comprehensive income statement)(Consolidated cumulative 1st quarter period)

Quarterly net profit
Other comprehensive income
Valuation difference on marketable securities
Foreign currency translation adjustment
Remeasurements of defined benefit plans,
net of tax
Equity interest in affiliated companies accounted
for by the equity-method
Total other comprehensive income
Quarterly comprehensive income(Breakdown)
Quarterly comprehensive income attributable toparent company shareholders
Quarterly comprehensive income attributable tonon-controlling interests

Previous consolidated
cumulative 1st quarter period(From April 1, 2017
to June 30, 2017)
5,579(Unit: JPY millions)This consolidated cumulative
1st quarter period(From April 1, 2018
to June 30, 2018)
6,961

169
△165

△320
△5,348

-

△0

-

△168

3
5,583

△5,838
1,123

5,491

1,086

91

37

－

10 －

(3) Explanatory notes regarding quarterly consolidated financial statements
Explanatory notes regarding ongoing concern assumptions:No applicable matters.
Explanatory notes in the event of significant changes in the amount of shareholders’ equity:
No applicable matters.
Application of special accounting treatment when preparing the quarterly consolidated financial statements:
No applicable matters.
Changes in accounting policies
In some foreign subsidiaries, PERSOL Group has applied International Financial Reporting Standards (hereinafter“IFRS”) 9 and IFRS 15 from the 1st quarter of the current fiscal year. The effect of this change in the quarterly
consolidated financial statement is immaterial.
Additional Information
Implementation of Partial Amendments to Accounting Standard for Tax Effect Accounting, etc.
The Company has implemented the Partial Amendments to Accounting Standard for Tax Effect Accounting (ASBJ
Statement No. 28, February16, 2018), Deferred tax assets and deferred tax liabilities are shown underinvestments and other assets and non-current liabilities, respectively.

－

11 －

Segment information etc.:
Segment information:
1. Information regarding sales, profits or losses for each reporting segment
Previous consolidated cumulative 1st quarter period (from April 1, 2017 to June 30, 2017)(Unit: JPY millions)
Reporting Segment
PERSOLKELLYITOEngineering

PROGRAMMED

Recruiting

Total amount
Segment profits
or losses (△)

Temp/BPO

Sales
Sales toexternalclients
Internal sales
or transfers
betweensegments

Quarterly
Adjustment consolidated
amountprofit and loss
statement(Note 2)Total
amount116,859

18,009－15,559

4,696

6,368

161,493402

161,895

1

161,897

538

229

－

21

1,485

－

2,275

532

2,808

△2,808－117,397

18,238－15,581

6,182

6,368

163,768

935

164,704△2,806

161,897

5,927

3,058

－

△261

116

191

9,031

△25

9,006

107

9,114

Other
(Note 1)

Total

(Note 3)This consolidated cumulative 1st quarter period (from April 1, 2018 to June 30, 2018)(Unit: JPY millions)
Reporting Segment
Recruiting

PROGRAMMEDPERSOLKELLYITOEngineering

124,245

20,47851,495

17,253

5,501

6,437

225,412514

225,9271

225,929

694

259

－

1

1,680

1

2,637

903

3,541

△3,541－

124,940

20,73851,495

17,254

7,181

6,439

228,049

1,418

229,468△3,539225,929

6,897

4,222

234

△76

△65

146

11,35984

11,443

87

11,530Temp/BPO

Sales
Sales toexternalclients
Internal sales ortransfers
betweensegments
Total amount
Segment profits
or losses (△)

Quarterly
consolidated
profit and loss
statement

TotalamountOther(Note 1)

Total

Adjustment
amount(Note 2)

(Note 3)

Note: 1. The "Other" category refers to business segments that are not included in reporting segments that include
HR services which fulfill Group-wide functions such as: shared-services, education and training etc.
2. Details of these revisions are as follows.
(Unit: JPY millions)
Previous consolidated
This consolidated cumulative
cumulative 1st quarter period
1st quarter period
Inter-segment write-offs

△54

△78

Company-wide revenues *1

2,010

2,299

Company-wide expenses *2△1,848△2,133

107

87

Total

*1. Company-wide revenues: Mainly business management fees from Group companies, anddividends received.
*2. Company-wide expenses: Mainly expenses arising within PHD related to management of
3.

Group companies.
Segment profit and loss: Adjusted with operating profit calculated in the quarterly consolidated
profit and loss statement.

－

12 －

2. Matters relating to reporting segment changes etc.
During the previous consolidated cumulative 3 rd quarter period, a new acquisition of Programmed
Maintenance Services Limited shares took place, and its subsidiaries have been included in the scope of
consolidation. Accordingly, companies in the ambit of the Programmed Ltd group of companies formed the
newly created "PROGRAMMED" Segment. Also, the segment demarcation formerly known as the"Overseas" Segment underwent a name change and became the "PERSOLKELLY" Segment. There was atransition to 6 reporting segments: Temporary Staffing/BPO, Recruiting, PROGRAMMED, PERSOLKELLY,
ITO, and Engineering.
Furthermore, segment information pertaining to the previous consolidated cumulative 1 st quarter that wasdisclosed as comparative information in the current consolidated cumulative 1 st quarter period was preparedafter changes were made to reporting segments. As such, some differences may be seen between reporting
segments in the consolidated cumulative 1st quarter period disclosed in the previous consolidated fiscal year.
3. Information concerning impairment losses of non-current assets or amortization of goodwill etc. in eachreporting segment
Previous consolidated cumulative 1st quarter period (from April 1, 2017 to June 30, 2017)
No applicable matters.
Current consolidated cumulative 1st quarter period (from April 1, 2018 to June 30, 2018)
No applicable matters.

NB: This document is a translation of the Japanese original and is provided for information purposes only.

－

13 －