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

Summary of Consolidated Financial Results for the Fiscal Year Ended March 2019
(Based on Japanese GAAP)
15 May 2019
Listedcompanyname:
Stock code:

PERSOL HOLDINGS CO., LTD.
2181

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

URL https://w w w.persol-group.co.jp/
Representative Director,(Name) Masamichi Mizuta
President and CEO
Director, Executive Officer(Name) Kiyoshi Seki
(Chief Financial Officer)
Scheduled date to
25 June 2019
commence dividend
payments:

Scheduled date of ordinary
general meeting ofshareholders:
Scheduled date to file
26 June 2019
Securities Report:
Preparation of supplementary
explanatory material
accompanying the financial
results yes/no: Yes
Holding a results briefing(Analyst/Institutional investor oriented)
session yes/no: Yes

TEL +81 03-3375-2220
26 June 2019

(Amounts less than JPY 1 million rounded dow n)
1. Consolidated Financial Results for the Fiscal Year Ended March 2019 (April 1, 2018 - March 31, 2019)(1) Consolidated Operating Results(% indicates ratio of year-on-year (YOY) changes)
Net profit attributable to
Net Sales
Operating Profit
Ordinary Profit
ow ners of parent
JPY Million%
JPY Million%
JPY Million%
JPY Million%
925,81828.2
44,111
22.3
43,982
25.3
24,361
213.5
FY ended Mar 2019
722,183
22.0
36,0688.0
35,108
2.8
7,769
△56.4
FY ended Mar 2018
Note:
Comprehensiv e
incomeFY ended
Mar 2019

15,984

JPY Million(35.5%)FY ended
Mar 2018

11,796

Current net profit per
Current period net profit
Equity capitalshare after adjustment forper share
Net profit ratio
dilution
JPYJPY%
FY ended Mar 2019104.39104.3916.2
FY ended Mar 2018
33.28
33.27
5.5
Ref erence: Equity method inv estment gain & loss
JPY million
FY ended Mar 201926
(95.5%)FY ended Mar 2018

EBITDA (operating income + depreciation and amortization + amortization of goodwill)
JPY million
FY ended Mar 201959,972
FY ended Mar 2018(24.9%)JPY Million(△39.7%)

Total assets
Net Sales
Ordinary profit Operating profit
ratio
ratio
%
%
11.4
4.8
10.5
5.0

13

JPY million (△38.1%)

48,026

JPY million (10.6%)

Net prof it prior to amortization of goodwill (current period net prof it attributable to parent company shareholders + goodwill
amortization)
FY ended Mar 2019

32,973

JPY million(122.5%)

FY ended Mar 2018

14,819

JPY million (△37.9%)

FY ended Mar 2018115.70

JPY million (1.3%)

Adjusted EPS
FY ended Mar 2019

150.26

JPY million(29.9%)

Notes:
Adjusted EPS: adjusted net income / (number of shares issued at the end of the period – number of treasury stock at
the end of the period)
Adjusted net income: net income attributable to ow ners of the parent ± adjustment items (excluding non-controllinginterests) ± tax reconciliation related to adjustment items
Adjustment items: amortization of goodw ill and other intangible assets arising due to business combinations ±extraordinary income/losses-1-Total assets
JPY Million
370,839
402,336

FY ended Mar 2019
FY ended Mar 2018

Net assets
JPY Million
170,925
159,992

Equity ratio
%
42.0
36.2

Net assets per share
JPY
666.50623.90Ref erence: Equity capital
FY ended Mar 2019
155,593 JPY Million
FY ended Mar 2018
145,537
JPY Million
Note: "Partial rev ision of 'Accounting standards pertaining to Tax Ef f ective Accounting'" (Japan Corporate Accounting Standar d No. 28 of 16 Feb
2018) etc. hav e been applied since the beginning of this consolidated f iscal y ear period. The indicators of said accounting standard etc. wereretroactiv ely applied to main management indicators etc. relating to the prev ious consolidated f iscal y ear.

(3) Consolidated Cash Flow Status
Cash flow from operating Cash flow from investing Cash flow from financing
activities
activities
activities
JPY Million
42,35335,003

FY ended Mar 2019
FY ended Mar 2018

Cash and cash
equivalents
Balance at end of period
JPY Million
JPY Million
68,969△48,165
50,18689,566JPY Million△15,141△66,732

2. Dividend Status
End Q1End Q2

JPY

JPY

JPY

JPY

JPY

JPY Million%

Ratio ofdiv idends to
net assets(Consolidated)%

FY ended Mar 2019

－
－

9.00
10.00

－
－

10.00
15.00

19.00
25.00

4,443
5,849

57.1
24.0

3.1
3.9

FY Mar 2020
(Forecast)

－

15.00

－

15.00

30.00

Annual Div idend

FY ended Mar 2018

End Q3End of FY

TOTAL

Total amount of
Pay out ratio
div idend(Consolidated)(Total)－3. Forecast of Consolidated Financial Results for the Fiscal Year Ending March 2020 (April 1, 2019 - March 31, 2020)(% indicates ratio of change from: the previous full FY, same quarter in the previous FY)
Current period net
Current period
profit attributable to
Net Sales
Operating Profit
Ordinary Profit
net profit per
parent company
share
shareholders
JPY
JPY
JPY
JPY
%
%
%
%
JPY
MillionMillionMillionMillionnd
2 Q (cumulative)
483,500
6.9
21,300
4.1
21,300
3.1
12,0000.1
51.40
Full Year
1,000,000
8.0
48,0008.8
48,0009.1
27,50012.9
117.80
References: EBITDA
Fiscal year ending in March 2020: JPY 66,000 million (10.1%)
Net profit prior to amortization of goodw ill Fiscal year ending in March 2020: JPY 36,100 million (9.5%)
Adjusted EPS
Fiscal year ending in March 2020: JPY 158.51 (5.5%)*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) Changes in accounting policies/changes in accounting estimates/restatement of pr ior period financial statements① Changes in accounting policies due to revisions to accounting standards etc.: Yes② Changes in accounting policies other than ① : No
③ Changes in accounting estimates: No④ Restatement of revised statements: No
Note: For details please refer to P.26 in the attached material: "4. Consolidated financial statements & main
explanatory notes (5) Explanatory notes regarding consolidated financial statements."-2-(3) Number of fully issued shares (ordinary shares)(Unit: shares)① Number of fully issued shares at

FY ended Mar 2019236,704,861

FY ended Mar 2018236,677,955

period end (including treasury stock)② Treasury shares at period end
FY ended Mar 2019
3,256,316
FY ended Mar 2018
3,406,634③ Average number of shares during
FY ended Mar 2019 233,358,246
FY ended Mar 2018 233,491,790
the period
Note: Number of treasury stock at the end of period: Includes PHD shares held in the "Director Compensation BIP(Board Incentive Plan) trust account", and the "Employee Share Ow nership Plan trust account" ("ESOP
Trust"). (FY ended March 2019: 577,235 shares. FY ended March 2018: 589,571 shares.) Furthermore,
PHD shares held in the "Director Compensation BIP (Board Incentive Plan) trust ac count", and the"Employee Stock Ow nership Plan trust account" ("ESOP Trust") are included in treasury stock w hich are
deducted w hen calculating the average number of shares held in the period.
Reference: Outline of specific results
Specific Results for the Fiscal Year Ended March 2019 (April 1, 2018 - March 31, 2019)(1) Specific Operating Results(% indicates ratio of year-on-year (YOY) changes)
Net Sales
JPY Million%
22,844△25.1

FY ended Mar 201930,499FY ended Mar 2018

Operating Profit
JPY Million%
13,163
△40.7

135.6

22,214Current period net profit per share(2) Specific Financial Position
Total Assets
JPY Million
238,337
FY ended Mar 2019239,312FY ended Mar 2018
Ref: Equity capital

FY ended
Mar 2019

Net Assets
JPY Million
102,853

102,853 JPY Million

20,661

203.4

Net Profit
JPY Million%
12,306△13.8
14,278125.9

Current net profit per share after
adjustment for dilution
JPY
52.73
61.14

JPY
52.73
61.15

FY ended Mar 2019
FY ended Mar 2018

200.0

Ordinary Profit
JPY Million%
11,615△43.8

Equity Ratio

95,515
FY ended
Mar 2018

95,515%
43.2

Net Assets per Share
JPY
440.5839.9

409.46JPY
Million*Summary financial accounts are not subject to audits by Certified Public Accountants or audit firms.
*Explanation of appropriate usage of financial results forecasts and other special explanatory notes:
Results forecasts etc. used in this material contain forw ard-looking statements w hich are based on a certain numberof assumptions PHD deems rational, and the information at hand w hich are not meant in any w ay by PHD to be taken
as assurances that w ill be realized. Actual results etc. may vary greatly due to various causes.
(Change to method of presenting dates)
The method of presenting dates w ill change from use of the traditional Japanese-style calendar to use of theWestern-style calendar.

-3-

○ Contents of Attachments
1. Review of business performance etc.……………………………………………………………………………… ……
(1) Review of business performance this period ………………………………………………………………… ..……
(2) Review of financial position this period ………………………………………………………………………………
(3) Risks to the business etc. ..………………………………………………………………………………………….…
2. Status of the corporate group …………………………………………………………………………………………..…
3. Basic approach tow ards adoption of accounting standards ...…………………………………………………………
4. Consolidated financial statements & main explanatory notes …………………………………………………………

5
5
9
11
15
17
18

(1) Consolidated Balance Sheet .…………………………………………………………………………………………

18(2) Consolidated statements of income and consolidated statements of comprehensive income ..………………
(Consolidated statements of income) ….…………………………………………………………………………
(Consolidated comprehensive income statement) ...……………………………………………………………
(3) Consolidated statements of changes in equity ………………………………………………………………………
(4) Consolidated statements of cash flow s ………………………………………………………………………………
(5) Explanatory notes regarding consolidated financial statements(Explanatory notes regarding ongoing concern assumptions) …………………………………………………
(Basic substantial matters relating to preparing the consolidated financial statements) ………………………

20
20
21
22
24
26
26
26

(Changes in accounting policy) .……………………………………………………………………………………
(Changes to method of presentation) .………………………………………………………………………………
(Consolidated balance sheet) .………………………………………………………………………………………
(Consolidated statements of cash flow ) ……………………………………………………………………………
(Consolidated balance sheet) ………………………………………………………………………………………
(Consolidated profit and loss statement) ……………………………………………………………………………
(Relates to the Consolidated comprehensive income statement) ……………………………………………….
(Consolidated statements of cash flow s) ..………………………………………………………………………….
(Business combination etc. related matters) ……………………………………………………………………….
(Segment information etc.) …………………………………………………………………………………………...
(Per share related information) ………………………………………………………………………………………

26
26
26
26
27
27
29
30
31
32
36

-4-

1. Review of business performance etc.
(1) Review of business performance this period(1) Analysis of business performance
The future continues to remain unclear due to uncertainty in overseas economies stemming from a backdrop of
US/China trade tensions, and England's exit from the EU etc. Japan's economy in the consolidated fiscal year
under review w as assisted by various economic policies and continued to experience moderate economic grow th.
The employment situation: The 2018 average ratio of job offers to job seekers (seasonally adjusted) w as amultiple of 1.61 times; one of the highest levels recorded in 45 years. In addition, the unemployment rate of 2.4%
continued to trend at the low est levels experienced in 26 years. In an employment environment w here Japan isapproaching full-employment, various human resources related companies find themselves confronted w ith labor
force shortages coupled w ith abundant demand. That said, the human resources related market in Japan tended
to be sound overall. For PERSOL Group as w ell, client demand in the core temporary labor business tended to bestrong, and sales structures in the placement business w ere successfully strengthened w hich resulted in
substantial grow th in the number of positions filled. Also, there w as grow th in results from PERSOL's overseas
businesses. PERSOLKELLY segment grow th w as underpinned by a strong market environment in the APAC
region. In addition, the inclusion of the PROGRA MMED segment etc. also contributed to grow th.
In this type of environment, PERSOL Group made changes to the trading names of subsidiaries of various
businesses by using "PERSOL" as a prefix. PERSOL aims to resolve challenges relating to labor/employment invarious sectors by leveraging the integrated strengths w ithin PERSOL Group and w hich extend beyond sectoralboundaries.
On 1 October 2018, the Temporary Staffing/BPO segment merged 7 temporary labor businesses into its"PERSOL TEMPSTAFF" entity, and 3 BPO companies w ere merged into one single company. It is intended that
information held by each of these subsidiaries (registered staff/candidate registrations, customer information, andmarket information) w ill be aggregated, and IT technology w ill continue to be utilized to enhance the precision andspeed of matching job opportunities w ith candidates. Also, w ith effect on 1 January 2019 the Temporary
Staffing/BPO segment inherited the temporary labor/placement business of MOL Career Support, Ltd. In addition,
the shares of Avanti Staff Corporation w ere acquired w ith effect on 31 January 2019, and Avanti w as converted
into a PHD subsidiary. This w ill strengthen PERSOL TEMPSTAFF's coverage of specialized roles such as tradesupport and finance administration more than ever before, and the aim of these moves is to further enhance
corporate value.
The PERSOL Career entity w ithin the Recruiting segment re-branded its 8-year-old "DODA" job change support
service brand to "doda" in October 2018. The changing nature of w ork-styles is underpinned and accompanied byindividuals w ishing to change jobs. PERSOL promotes its evolution into a brand that supports the "w ork" of eachand every person by aiming to support even more individuals w ho w ant to change jobs.
Levels of sales grew amongst PERSOL's overseas businesses: the PERSOLKELLY segment succeeded in
expanding sales structures in each country underpinned by the strong business conditions in APAC markets. In
the medium to long term, PERSOL is endeavoring to expand its business presenc e in the APAC region. Together
w ith the large business platform of the PROGRA MMED segment, the aim of this dual overseas segment structure
is to strengthen PERSOL's competitiveness in the APAC region.
In addition, as part of a new arrangement, PERSOL made a joint investment into an integrated support platform
for freelancers provided by Lancers Inc. This investment is aimed at providing the "Sharefull" matching platform
and a new company of the same name (Sharefull,inc) w as established in January 2019, and commenced offering
services in March. On the other hand, labor shortages in Japan are anticipated to become even more serious. It is
forecast that there w ill be an increase in job-seekers w anting short-term/short-time jobs to combine w ith their
existing jobs. This "Sharefull" service w ill provide a means to flexibly handle diversified w ork-styles.
As a result of the above, sales during this consolidated fiscal year under review w ere JPY 925,818 million (up28.2% year-on-year (YOY)), operating profit w as JPY 44,111 million (up 22.3% YOY), ordinary profit w as JPY
43,982 million (up 25.3% YOY), and current net profit attributable to the parent company w as JPY 24,361 million(up 213.5% YOY).

-5-(2) Status of each businessBusiness results by segment (before inter-segment/company w rite-offs) are as follow s.
a. Temporary Staffing/BPO Segment
In this consolidated fiscal year under review, sales in this segment amounted to JPY 509,538 million (up5.9% year-on-year (YOY)), and operating profit increased to JPY 23,991 million (up 8.5% YOY).
Favorable corporate results and structural shortages of labor w ere underpinned by strong demand trends
in this consolidated fiscal year under review w hich resulted in sales of JPY 509,538 million. On the profit sideof the business, there w as an increase in costs related to the merger of subsidiaries, but on the other hand,
there w as an increase in placement fee revenues associated w ith effects of revisions to Japanese law s that
led to corporate clients directly hiring w orkers. Sales and general administration (SGA) expense control
resulted in operating profit of JPY 23,991 million.
b. Recruiting Segment
In the consolidated fiscal year under review, sales in this segment amounted to JPY 85,826 million (up17.8% year-on-year (YOY)), and operating profit increased to JPY 15,555 million (up 43.9% YOY).
During this consolidated fiscal year under review demand for HR resources continued to be strong
underpinned by changes in the aw areness of individuals regarding changing jobs w hich r esulted in sales of
JPY 85,826 million. On the profit side, marketing costs linked to the "doda" re-branding, and active
investments into headcount etc. aimed at strengthening sales activity led to an increase in costs. How ever,the HR placements formed the core of sales expansion leading to earnings grow th exceeding cost grow th
w hich resulted in operating profit of JPY 15,555 million.
c. PROGRA MMED Segment
Results for this segment in the consolidated fiscal year under review w ere: sales of JPY 201,476 million(up 269.6% YOY), and operating profit of JPY 841 million (operating losses in the previous period w ere JPY
507 million).
The competitive environment faced by the staffing business changed this consolidated fiscal year underreview w hich led to a decline in sales to existing clients. The maintenance business also experienced
declines in sales of maintenance services to public sector facilities as w ell as a decline in equipment
maintenance provided at mining facilities w hich resulted in sales of JPY 201,476 million. On the profit side,
operating profit w as JPY 841 million as a result of operating cost reductions.
Furthermore, shares of Programmed Maintenance Services Limited w ere acquired for the
PROGRA MMED segment during the previous consolidated cumulative 3rd quarter period leading to a newconsolidated subsidiary, and the establishment of a new segment. The financial closing date of Programmed
Maintenance Services Limited differs w ith PERSOL by 3 months, and the deemed acquisition date of themerged corporation w as 30 September 2017. Accordingly, in the previous consolidated fiscal year, costs
related to the share acquisition of Programmed Maintenance Services Limited and results for a 3 month
period (1 October 2017 to 31 December 2017) w ere booked. Furthermore, in this consolidated fiscal year
under review, results w ere booked for a 12 month period (1 January 2018 to 31 December 2018).
d. PERSOLKELLY Segment
In this consolidated fiscal year under review results for this segment w ere: sales of JPY 76,106 million (up15.7% YOY), and operating profit of JPY 548 million (operating losses in the previous period w ere JPY 190
million).
Sales in this segment during this consolidated fiscal year under review amounted to JPY 76,106 million
w hich w as the result of expanded sales structures achieved through active strengthening of sales teamheadcount etc. in response to the buoyant APAC market environment. On the profit side, there w ere
increases in labor costs etc., but on the other hand, revenues from serv ices of the core placement businessexceeded cost grow th resulting in operating profit of JPY 548 million.

-6-

e. ITO Segment
In the consolidated fiscal year under review, sales in this segment amounted to JPY 33,644 million (up16.1% year-on-year (YOY)), and operating profit w as JPY 1,702 million (dow n 24.8% YOY).
Sales in this segment during this consolidated fiscal year under review amounted to JPY 33,644 million
due to grow th in IT systems investments etc. by client corporations, and progress made in securing engineers
in response to healthy demand. On the profit side, operating profit w as JPY 1,702 million as a result ofgrow ing costs etc. related to improved employee benefits and proactive business expansion.
f. Engineering Segment
In the consolidated fiscal year under review, sales in this segment amounted to JPY 29,357 million (up5.6% year-on-year (YOY)), and operating profit increased to JPY 2,762 million (up 16.8% YOY).
The bullish ordering trend from clients during this consolidated fiscal year under review w as underpinned
by favorable demand for development services in the core automobile related sector w hich resulted in salesof JPY 29,357 million. On the profit side, operating profit w as JPY 2,762 million supported by a healthy flow oforders.

-7-

(3) Future Outlook
Currently the Japanese economy has been undergoing an underlying long-term recovery and the bellw ether'job-offers to job-seekers' ratio indicator continues to remain at a 45 year record high level. On the other hand, thedecline in Japan's w orkforce is steadily progressing as the population ages . Workforce participation rates ofw omen and senior citizens etc. are increasing w hile labor shortages are becoming the norm in Japan's labormarket. The human resources services market in w hich the PERSOL Group operates does not just relate to
demand for talent but also seeks to supply various types of talent. Clients are approaching PERSOL demanding
consulting support in utilizing IT as a labor saving measure, and w ays to establish new schemes to utilize laboretc. in the medium to long-term. The Japanese government is promoting "w ork-style reform" w hich boosts market
expansion yet on the other hand, the underlying labor shortages and changes to lifestyles etc. are leading to clientcompanies/end users’ needs becoming more diverse/sophisticated as time goes by. HR service companies areextending and going outside their usual business boundaries and are being approached to provide newarrangements, and are aw are of the need to expand and provide an appealing and comprehensive range ofservices.
It is w ithin this sort of market environment that PERSOL Group puts its Group Vision (‘Creating a social
infrastructure for people and organizations that catalyzes grow th and innovation’) into practice. PERSOLHOLDINGS and its core Group subsidiaries have updated company names to meld "PERSOL" into the company
name prefix and have also implemented various types of promotions etc. as a means to enhance aw areness of
the Group. Also, PERSOL is incorporating the APAC region into a major future focus by: enhancing PERSOL’spresence in the APAC region by actively strengthening its business platforms, and by investing in new businesses
to expand service sectors to steadily increase profitability. Irrespective of w hether the business is located indomestic Japan or overseas, PERSOL Group must act in unison to sincerely tackle the needs of a diverse rangeof client companies, job-seekers, and end-users. On the other hand, endeavors are being made to strengthen theGroup management team centered on the segment level as a means to continue the optimization of business
operational structures. Furthermore, continual grow th is planned via investments into businesses and brandenhancements.
Given the activity outlined above, it is anticipated that results for the consolidated fiscal year ending March
2020 w ill be: sales JPY 1,000,000 million, operating profit JPY 48,000 million, ordinary profit JPY 48,000 million,
and current net profit attributable to the parent company of JPY 27,500 million-8-(2) Review of financial position this period① Status of assets, liabilities, and net asset
Total assets as at the end of this consolidated fiscal year under review w ere JPY 370,839 million; dow n JPY
31,496 million in comparison w ith the end of the previous consolidated fiscal year. Current assets decreased by JPY
20,707 million to JPY 209,845 million. This w as mainly due to decreases in cash on hand and deposits of JPY
20,595 million.
Non-current assets decreased by JPY 10,789 million to JPY 160,994 million. This w as mainly due to decreases
in goodw ill of JPY 10,349 million.
Total liabilities as at the end of this consolidated fiscal year under review w ere JPY 199,914 million; a decrease of
JPY 42,429 million in comparison w ith the end of the previous consolidated fiscal year. Current liabilities decreasedby JPY 72,182 million to JPY 144,919 million. This w as mainly due to a decrease in short-term loans payable of JPY
80,244 million, and an increase in long-term debt scheduled to be repaid w ithin 1 year of JPY 5,361 million.
Non-current liabilities increased by JPY 29,753 million to JPY 54,995 million. This w as mainly due to increases inbonds of JPY 20,000 million, and increases in long-term loans payable of JPY 10,035 million.
Total net assets as at the end of this consolidated fiscal year under review w ere JPY 170,925 million; an increaseof JPY 10,932 million in comparison w ith the end of the previous consolidated fiscal year. This w as mainly caused
by: payment of dividends of surplus of JPY 4,677 million, and posting 24,361 million in quarterly net profit
attributable to parent company shareholders etc. w hich resulted in increased retained earnings of JPY 19,683 million
w hilst on the other hand, foreign currency translation adjustments decreased by JPY 9,210 million etc.
As a result of the above, the financial indicators show ed that compared to the end of the previous consolidated
fiscal year the liquidity ratio increased from 106.2% to 144.8%, and that the equity ratio increased from 36.2% to42.0%.
FY ended Mar 2018

FY ended Mar 2019

Return on Assets (ROA)

2.2%

6.8%

Return on equity (ROE)

5.5%

16.2%

Ratio of operating income to sales

5.0%

4.8%

Ratio of ordinary profit to sales

4.9%

4.8%

Current ratio

106.2%

144.8%

Fixed assets ratio

118.0%

103.5%

Equity ratio

36.2%

42.0%

Total assets

JPY 402,336 million

JPY 370,839 million

Equity capital

JPY 145,537 million

JPY 155,593 million

JPY 89,566 million

JPY 68,969 million

Cash and cash equivalents etc. atend of period

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
fiscal year under review. Said accounting standard etc. w as retroactively applied to subsequent indicators andthe main management indicators etc. noted above that relate to the previous consolidated fiscal year.
② Cash flow

The balance of cash and cash equivalents (hereinafter "capital") at end of the consolidated fiscal year underreview w as JPY 68,969 million; a decrease of JPY 20,596 million compared to the end of the previous consolidated
fiscal year.
Follow ing is an outline of each cash flow status and causal factors that arose in the consolidated fiscal year
under review.
(Net cash provided by (used in) operating activities)
Capital acquired from operating activities w as JPY 42,353 million; an increase of JPY 7,350 million compared tothe end of the previous consolidated fiscal year. This w as mainly caused by: payment of JPY 17,739 million incorporate taxes etc., and an increase in notes and accounts receivable (trade) of JPY 4,872 million. On the other
hand, net profit before adjustment for income taxes and minority interests w as JPY 42,691 million, goodw illamortization w as JPY 8,612 million, and depreciation costs w ere JPY 7,249 million.
-9-(Cash-flow from investing activities)
Capital utilized as a result of investing activities decreased by JPY 51,591 million to JPY 15,141 million
compared to the end of the previous consolidated fiscal year. This w as mainly due to spending of JPY 7,076
million on acquisition of intangible assets, and the change of the scope of the consolidation due to spending of
JPY 3,202 million on acquisition of subsidiary company shares.

(Cash-flow from finance activities)
Capital utilized as a result of financing activities w as JPY 48,165 million compared to the end of the previous
consolidated fiscal year. This w as mainly related to a net decrease of JPY 78,461 million in short-term loans
payable but on the other hand, proceeds from long-term loans w as JPY 20,000 million, and proceeds from issuing
corporate bonds w as JPY 19,897 million.

- 10 -

(3) Risks to the business etc.
The main items that may potentially be sources of risk relating to the operations of PERSOL Group business arenoted below. Also, even those matters that may not necessarily correspond to business risks but is information thatis thought to be significant in relation to investment decisions, or pertaining to understanding of PERSOL Group'sbusiness activities w ill be published and released from an investor or shareholder view point. Plans are in place to
avoid such occurrences, and to handle incidents w hen PERSOL Group becomes aw are of the potential of such risks
arising how ever, it is believed that investment decisions pertaining to PERSOL HOLDINGS shares require carefulconsideration of the matters noted below. Furthermore, future oriented matters appearing w ithin these documents
w ere deemed by PERSOL Group to be current as of the day the Summary of Consolidated Financial Results w ere
released (15 May 2019), and the matters noted below do not entirely encompass all risks relating to investment in
PERSOL HOLDINGS shares.
① Movements w ithin the human resources industry

The human resources business industry w hich PERSOL Group is affiliated w ith is influenced by changes toindustrial structures, social conditions, business fluctuations and legal revisions w hich in turn affect changes in theemployment situation etc. Demand is currently proving to be strong how ever, in future, it is possible that various
factors may impact the employment situation w hich in turn leads to a deterioration in the market environment w hichthen may influence the financial condition and business results of PERSOL Group. The business operations of
PERSOL Group may be substantially influenced if due to a recession there is a decline for new orders, and exist ing
corporate customers scale-back operations/cut costs etc. leading to a substantial decline in demand for talent. In
such circumstances, the number of temp deployment related temporary 'dispatch' w orker ('temps') contracts may
suddenly decline, for-hire demand in the placement market may substantially fall leading to a contraction in therelated placement businesses, and for-hire media management business etc. This may potentially have a major
impact on the business operations of PERSOL Group. Furthermore, in cases w here the speed of decline in demand
exceeds expectations, the ITO and Engineering businesses that utilize regular employees may experience a sudden
increase in costs and sales/general administrative expenses due to reduced number and scale of outsourcing
contracts.
② Legal regulations & corporate reputation risks

For PERSOL Group it is a matter of course that PERSOL must comply w ith the law s of those countries andregions w here it engages in business. In particular, PERSOL Group provides HR services and places emphasis oncomplying w ith labor related law s. A Compliance Control Department has been set up to accompany theenlargement of the PERSOL Group business. Compliance related regulations have been established, and ongoingeducation/training is taking place. Compliance systems have been created w ithin the Group such as setting in place
an internal w histle-blow er system etc. In addition, HR sections and departments are leading initiatives to manage thehours w orked by w orkers how ever, if situations arose w here PERSOL Group violated applicable law s etc., thedamage to society's trust in, and brand image of PERSOL Group could be injured, and sales decline etc. potentiallyleading to a negative impact on corporate results.
a. Temporary staffing businessTemporary staffing is PERSOL Group’s main line of business, w here to engage in this business, a w orker
dispatch permit is obtained in accordance w ith Japan's "Act for Securing the Proper Operation of Worker
Dispatching Undertakings and Improved Working Conditions for Dispatched Workers" (hereinafter "Japan's temp
w orker Act").
PERSOL Group's understanding is that based on Japan's temp w orker Act, there are no material facts thatw ould give rise to revoking PERSOL's w orker dispatch permits at this current point in time. How ever, if in future
due to some sort of reason or other one of the PERSOL Group companies, or a PERSOL officer/employee
contravenes Japan's temp w orker Act, it is assumed that PERSOL Group's principal business activity may
potentially be disrupted in general w hich in turn could potentially have a major impact on the financial situation andbusiness results of PERSOL Group.
Furthermore, in response to changes in Japan's w orking environment to date, apt amendments ar e taking placein respect to Japan's temp w orker Act and various related law s such as: revisions and changes etc. to regulations
relating to tasks that temps are permitted to perform, and length of temp w orker deployment periods etc. PERSOLGroup for its part, is adopting a range of measures to address such amendments to various law s w henever they
- 11 -

occur. In future, in cases w here further amendments take place that lead to major operational changes arising, thefuture business strategy of PERSOL Group along w ith business results may potentially be affected to no small
extent.
b. Placement Business
PERSOL Group job-placement businesses have received permits to engage in the for -fee employment
placement business in accordance w ith Japan's Employment Security A ct.
Japan's Employment Security Act stipulates that w hen individuals engaged in placement activity (w hichincludes officers/employees in the case of entities) are by virtue of being placement business operators are
subject to disqualification or have permits revoked, the permit to engage in the business itself is canceled, and in
addition, for a stipulated period of time the business can in effect be ordered to halt operations in full or in part. If
in future due to some sort of reason or other one of the PERSOL Group companies, or a PERSOL
officer/employee contravenes Japan's Employment Security Act, it is assumed that PERSOL Group's principal
business activity may potentially be disrupted in general w hich in turn could potentially have a major impact on th e
financial situation and business results of PERSOL Group.
③ Impact on business results related to alterations to the social insurance system

Social insurance rates/calculation methods are subject to change due to various conditions and external factors.
Social insurance system changes relating to rates/calculation method w ill take place in future for those PERSOLGroup employees as w ell as temp w orkers w ho are enrolled in the system. Substantial change in the social
insurance provider ratio of burden, and the social insurance provider monetary amount of burden could potentiallyhave a major impact on the financial situation and business results of PERSOL Group.
④ Risks associated w ith expansion of the overseas business

PERSOL Group is endeavoring to enlarge its business in overseas markets by primarily focusing on markets in
the Asia Pacific (APAC) region. To this end, in 2015 shares of Capita. Pte. Ltd., and First Alliances Co., Ltd. w ere
acquired, in 2016 a joint venture w as established w ith Kelly Services Inc., and then in October 2017 the shares etc.
of Programmed Maintenance Services Limited w ere acquired. With these moves, PERSOL Group has rapidly
expanded its business in the APAC region. Expansion of the business overseas has been accompanied by moves tostrengthen support structures and management control functions. How ever, due to sudden changes in political/social
situations in each country, amendments to law s, unanticipated foreign currency fluctuations etc., and significant
sw ings in business environments etc., in some cases it has not been possible to solidly entrench competitive
advantage in the APAC region. As such, there have been instances that have had a negative impact on PERSOLGroup business results.
⑤ Foreign currency fluctuation risks

Overseas transactions of PERSOL Group are in the first instance mainly in Australian dollar (AUD) based forex
rates. In the PERSOL Group consolidated financial statements, and quarterly consolidated financial statements, theassets and liabilities of overseas subsidiaries are in local currency units and foreign currency rates on the day of thetabulation are used in calculations. Accordingly, income and expense calculations use Japanese yen (JPY) rates
that are calculated by using an average exchange rate during each consolidated accounting period. Because of
these reasons, PERSOL Group is exposed to exchange rate fluctuation risk w hich potentially may have a negative
impact on PERSOL Group business results.

- 12 -

⑥ Technological innovation related risks

Operation of many businesses in PERSOL Group involve providing online services that use internet media tosolicit candidates/introduce job opportunities to registered candidates of the temp business and placement business,and for listing of for-hire job opportunities w ith the media operations businesses. Technical innovation in the internet
market is remarkable. Changes to specifications associated w ith development of new services and new technologies
constantly arise, and so-called "industry standard" services evolve from day to day. PERSOL Group's challenge in
relation to corporate clients as w ell as job-seekers is to achieve a balance betw een serving a purpose
safely/securely for each business w hile also delivering superior "usability" w hile endeavoring to provide technicalsolutions that are both timely, and replete w ith new functionalities. That said, implementation of upgrades and newtechnologies can involve incurring substantial amounts of expense. Also, in some cases for some reason or other it
can prove difficult to secure the quality of service that w as initially conceived and there have been cases w here
expected benefits of a roll-out have not be obtained etc. As such, there may be instances that potentially have anegative impact on the PERSOL Group financial situation and business results.
⑦ New business development risks

Based on the Medium-ter m Management Plan, there is a desire for PERSOL Group strategy to being linked, sothat thought is given to corporate acquisitions and the establishment of new companies etc. Based on these andrelated policies, PERSOL Group operates 135 consolidated subsidiaries and 12 affiliated companies (besides
PERSOL HOLDINGS Co. Ltd.) as at March 31, 2019.
a. Progress w ith new businesses etc.
Establishment of new companies related to the development of new businesses, and enlarging the boundaries
of service offerings can require incurring substantial amounts of expense. Besides this, due to changes to and thecompetitive nature of the market environment and labor markets, it is not alw ays the case that revenues can be
guaranteed to trend as conceived in initial plans. It is possible that the assumed scale of earnings may not be
secured. Depending on movements in the market environment, grow th rates for each company and each businesssector, the situation of trends in business results etc. there may be cases that deviate substantially from initiallyassumed revenue projections. As such, this may affect PERSOL Group business development and businessresults.
b. Corporate acquisitions, business alliances
Detailed due diligence is performed on contractual arrangements and financial details etc. of those corporations
that are targeted for corporate acquisition, and business alliances. Endeavors are made to mitigate risk how ever,depending on limitations surrounding the nature and timing etc. of the opportunity, there may be cases w here
sufficient due diligence cannot be performed, and after acquisition incidental liabilities arise, or unknow n
obligations come to light.
c. Fund raising
Aiming to implement new business developments, corporate acquisitions, and business alliances in a timely
manner, PERSOL Group is moving tow ards efficiency of fund management by implementing cash management
systems at consolidated subsidiaries. Besides this, provision of funds for individual borrow ings is taking place tomeet the scale of demand for funds. In future, there may be situations w here fund raising may not be possible as
required to expand the scale of the business due to changes in financial circumstances (financial systeminstability, loss of credit, liquidity constrictions etc.) w hich may potentially impact the financial situation of PERSOLGroup.
⑧ "Goodw ill" in relation to share acquisitions

PERSOL Group booked a substantial amount of "Goodw ill" in relation to acquiring the shares of: Intelligence
Holdings, Ltd. (Present: PERSOL CAREER CO.,LTD. ), Excel Staff Ltd. (Present: PERSOL Panasonic HR Partners),
and Programmed Maintenance Services Limited. It w as decided that each exhibited brand pow er and a comp atibility
w ith the Group w hich w ould potentially create extremely beneficial synergies. How ever, subs equently the businessenvironment and situations of these businesses changed significantly. Furthermore, for some reason or other there
w ere cases w here business results did not proceed as anticipated. Impairment loss accounting w as applied to theseassets and losses w ere the upshot w hich may potentially impact the business results of PERSOL Group.
- 13 -

⑨ Risks related to the handling of personal information and confidential information

Each company in PERSOL Group holds large volumes of personal information and confidential information ofjob-seekers, corporate clients, employees etc. and other related individuals that is used in business operations.
PERSOL Group has stipulated regulations relating to the handling of personal information and confidential
information. A department has been set up to ensure the thorough control of information, and training etc. about
information control takes place regularly. PERSOL Group is endeavoring to establish/maintain structures thatappropriately control information. In spite of this, if personal information and confidential information leaks andmisuse occur in PERSOL Group, social trust could be lost in the Group, and claims for damages etc. could arise
w hich may have a substantial impact on the Group's business operations as w ell as potentially having an impact on
the Group's financial situation and business results.
⑩ Risks associated w ith natural disaster emergencies etc.

PERSOL Group assumes that natural disasters (earthquakes, typhoons, floods etc.), conflagrations, pow eroutages, pandemics and other phenomena that threaten business continuity (hereinafter "crisis") may occur.
PERSOL Group is proceeding w ith necessary safety measures, and steps to ensure business continuity/quick
recovery in the event of a crisis. At times w hen a crisis occurs, thought needs to be given to prompt and appropriate
handling. How ever, in situations w here crises occur of a scale that exceeds expectations, the business operations,financial condition, and business results of PERSOL Group may potentially be affected. Furthermore, as part of thequalitative aspect involved in the provision of HR services, it is conceivable that there may be a substantial burden oftasks for clients to perform w hen a crisis occurs (confirming safety at client corporations and safety of employees, as
w ell as reorganizing contract arrangements etc). In turn, this may potentially have an impact on PERSOL Group'sbusiness operations, financial situation, and business results.
⑪ Risk of system failuresPERSOL Group businesses depend upon numerous computer systems and netw orks. For that reason, various
measures have been put in place as a contingency: systems have been set up to handle situations w hen a crisis
occurs (strengthening of systems security, augmenting hardw are etc). How ever, in spite of such measures, if humanerror, cyber-attacks, or w ide-ranging natural disasters etc. lead to issues arising w ith computer systems and netw ork
facilities etc. such situations may cause direct damage to business operations in regions affected by such events. In
addition, it is possible that damage may occur to PERSOL Group business operations in other regions. In addition, if
this continues for long periods, the provision of labor to client corporations may in fact become impossible leading to
a decline in trust of the services provided by PERSOL Group etc., and may potentially have a substantial impact on
the Group.

- 14 -

2. Status of the Corporate GroupPERSOL Group's (this company and associates) main business is comprehensive human resource services w hichinvolves providing various HR-related business services. Setting a Group Vision to "Creating a social infrastructure forpeople and organizations that catalyzes grow th and innovation," w e aspire to provide w orking people w ith settings forgrow th, and w ide-ranging services that contribute to the grow th of organizations. PERSOL also aims to achieve Groupw ide business grow th by building a management that adapts to the times and meets changing user needs throughsegment changes, functional enhancements, and coordinating Group-w ide control functions.
Based on these and related policies, PERSOL Group operates 135 consolidated subsidiaries and 10 affiliatedcompanies (besides PERSOL HOLDINGS Co. Ltd.) as at March 31, 2019.
The follow ing is an organizational chart based on the main segments- 15 -

As of March 31, 2019- 16 -

3. Basic approach towards adoption of accounting standards
This Group's policy for the time being is to create consolidated financial statements in accordance w ith Japanesestandards considering the potential to compare periods and compare companies.
In the future, our policy is to consider the application of international accounting standards according to shifts in theratio of foreign shareholders and trends by domestic competitors to apply international accounting standards.

- 17 -

4. Consolidated financial statements & main explanatory notes(1) Consolidated Balance Sheet
Previous
consolidated fiscal year
(March 31, 2018)
AssetsCurrent Assets
Cash and deposits
Notes and accounts receivable-trade
Work in process
Other
Allow ance for doubtful accounts
Total current assets
Non-Current Assets
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
Land
Other
Accumulated depreciation
Accumulated impairment loss
Other, net
Tangible fixed assets total
Intangible assets
Trademark rights
Goodw ill
Other
Intangible assets total
Investments and other assets
Investment securities
Deferred tax assets
Other
Allow ance for doubtful accounts
Total investments and other assets
Total Fixed assets
Total Assets- 18 -(Unit: JPY million)
Consolidated fiscal year
under review(March 31, 2019)

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

69,029122,908
7,342
11,251△686
209,845*1 7,332△4,006
△89
3,237
5,411
△4,152
△24
1,234
802
3,794
△1,061
△14
2,718
7,993

*1 7,489△4,031
△60
3,397
5,865
△4,525
△35
1,303
799
3,417
△1,260
△0
2,156
7,657

11,152102,113
20,629133,894

10,06991,763
20,539122,372*2 12,542*2 11,894

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

5,770
13,317△1730,964160,994
370,839

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
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
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total Liabilities and shareholders' equity- 19 -(Unit: JPY million)
Consolidated fiscal year
under review(March 31, 2019)

1,597
85,2884,640
67,4098,905
13,7969,931
6736
24,788217,102741
5,044
10,00168,307
11,384
14,15911,73014745
22,789144,919－
15,713
5,209
126
115
268
3,808
25,241
242,343

20,00025,748
5,042
261
291
217
3,433
54,995
199,914

17,467
20,182
105,993△4,576
139,066

17,47920,396125,677△4,387
159,165

3,179
3,291

2,346
△5,9196,470△3,572

14,455
159,992
402,336

15,331
170,925
370,839

(2) Consolidated statements of income and consolidated statements of comprehensive income(Consolidated statements of income)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 forusing equity method
Gains on foreign currency exchange
Other
Total non-operating profit
Non-operating expenses
Interest expenses
Bond issuance expenses
Losses on foreign exchange
Commission fee
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 disposal of non-current assets
Impairment loss
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 profit before income taxes
Corporate tax, resident tax, and business tax
Corporate tax etc.-deferred
Total corporate taxes etc.
Net Profit
Current period net profit attributable to noncontrolling shareholders & current period net losses
attributable to non-controlling shareholders (△)

Previous
consolidated fiscal year
(From April 1, 2017
to Mar 31, 2018)
722,183
554,745
167,438*1 131,369
36,068(Unit: JPY million)
Consolidated fiscal year
under review(From April 1, 2018
to Mar 31, 2019)925,818
719,301
206,517*1 162,406
44,111

58
134
701

79
166
339

13

26

－
120
1,028

308
111
1,031

356
－
1,523
4
104
1,988
35,108

843
102
－
84
129
1,160
43,982

*2 35

*2 86

2
65
－
－
103

44
120
38
56
346

Current period net profit attributable to parent
company shareholders- 20 -

*3 1

*3 24

*4 14,280*4 1,530

23
49
17
261
14,633
20,578
14,104△951
13,152
7,425

3
78
－
－
1,636
42,691
16,548△246
16,302
26,389

△343

2,027

7,769

24,361

(Consolidated comprehensive income statement)

Net Profit
Other comprehensive income
Valuation difference on marketable securities
Foreign currency translation adjustment
Equity interest in affiliated companies accounted
for by the equity-method
Total other comprehensive income
Comprehensive income(Breakdow n)Comprehensive income attributable toow ners of parent
Comprehensive income attributable tonon-controlling interests

Previous
consolidated fiscal year
(From April 1, 2017
to Mar 31, 2018)
7,425(Unit: JPY million)
Consolidated fiscal year
under review(From April 1, 2018
to Mar 31, 2019)
26,389

975
3,402

△832
△9,339△7△232* 4,370* △10,404

11,796

15,984

11,845

14,318△49

1,666- 21 -

(3) Consolidated statements of changes in equity
Previous consolidated fiscal year (from April 1, 2017 to March 31, 2018)(Unit: JPY million)
Shareholders' equity
CapitalBalance at beginning ofcurrent period

Capital surplus

Retained earnings

17,465

20,1562

2

Total Shareholders'EquityTreasury shares

102,432△3,328

136,725

Changes of items during period
New shares issues

4

Div idends of surplus
Current period net prof it
attributable to parent
company shareholders
Acquisition of treasury
shares
Disposal of treasury shares

24

Change in ownership interestof parent due to transactions
with non-controlling interests△0△4,209△4,209

7,769

7,769
△1,276△1,27629

54△0

Net changes of items otherthan shareholders' equity
Total changes of items during
periodBalance at end of period

2

26

3,560

△1,2472,341

17,467

20,182

105,993△4,576

139,066

Accumulated other comprehensiv e income
Valuation
dif f erence onmarketablesecurities
Balance at beginning of current period

Foreign currencytranslation
adjustment

Total
accumulated
othercomprehensiv e
income

190

2,394

2,203

Non-controllinginterests

14,696

Total net assets

153,816

Changes of items during period
New shares issues

4

Div idends of surplus△4,209Current period net prof it attributable to parent
company shareholders

7,769△1,276

Acquisition of treasury shares
Disposal of treasury shares

54

Change in ownership interest of parent due totransactions with non-controlling interests△0

Net changes of items other thanshareholders' equity

975

3,100

4,076

△241

3,834

Total changes of items during period

975

3,100

4,076

△241

6,175

3,179

3,291

6,470

14,455

159,992

Balance at end of period- 22 -

Current Consolidated fiscal year ended (from April 1, 2018 to March 31, 2019)(Unit: JPY million)
Shareholders' equity
CapitalBalance at beginning of current
periodCapital surplus

Retained earnings

17,467

20,18212

12

Total Shareholders'EquityTreasury shares

105,993△4,576

139,066

Changes of items during period
New shares issues

25

Div idends of surplus
Current period net prof it
attributable to parent
company shareholders
Acquisition of treasury
shares
Disposal of treasury shares

167

Change in ownership interestof parent due to transactions
with non-controlling interests

33△4,677△4,67724,361

24,361
△5

△5

194

361
33

Net changes of items otherthan shareholders' equity
Total changes of items
during period
Balance at end of period

12

213

19,683

188

20,09817,47920,396125,677△4,387

159,165

Accumulated other comprehensiv e income
Valuation
dif f erence onmarketablesecurities
Balance at beginning of current period

Foreign currencytranslation
adjustment

Total
accumulated
othercomprehensiv e
income

3,291

6,470

3,179

Non-controllinginterests

14,455

Total net assets

159,992

Changes of items during period
New shares issues

25

Div idends of surplus△4,677

Current period net prof it attributable to parent
company shareholders

24,361

Acquisition of treasury shares△5

Disposal of treasury shares

361

Change in ownership interest of parent due totransactions with non-controlling interests

33

Net changes of items other than shareholders'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- 23 -

(4) Consolidated statements of cash flow s(Unit: JPY million)
Consolidated fiscal year
under review(From April 1, 2018
to Mar 31, 2019)

Previous
consolidated fiscal year
(From April 1, 2017
to Mar 31, 2018)
Cash flow from operating activities
Net profit before income taxes
Depreciation
Impairment loss
Amortization of goodw ill
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for
directors' bonuses
Increase (decrease) in provision for
directors' bonuses
Increase (decrease) in provision for
directors' bonuses
Increase (decrease) in allow ance for
doubtful accounts
Increase (decrease) in other liabilities
Interest and dividend income
Interest expenses
Share of (profit) loss of entities accounted forusing equity method
Foreign exchange losses
Loss (gain) on sales of shares ofsubsidiaries and associates
Loss (gain) on sales of investment securities
Loss (gain) on valuation of investment securities
Loss (gain) on disposal of non-current assets
Subsidy income
Bond issuance expenses
Loss (gain) on transfer of business (△ is gain)
Decrease (increase) in notes and accounts
receivable - trade (△ is an increase)
Increase (decrease) in operating debt(△ is a decrease)
Increase (decrease) in accrued consumption
taxes (△ is a decrease)
Increase (decrease) in long-term accounts
payable – other
Decrease (increase) in other assets
Increase (decrease) in other liabilities
SubtotalInterest and dividend income received
Interest expenses paid
Proceeds from subsidy income
Proceeds from subsidy income
Corporate tax etc. paid
Income taxes refund
Cash flow from operating activities- 24 -

20,578
4,907
14,2807,050
782

42,691
7,249
1,530
8,612
1,878

△166

8

126

148

115

196

△47

108

△110
△192
356

△117
△245
843

△13

△26

△1,158

－

21

△40

△65
49
△33
△701
－
－

△120
78
△62
△339
102
△38

△10,851△4,872

10,755

1,464

3,404

511

△747

18

3,758
△437
51,660
205
△456
40
701
△18,789
1,641
35,003△812△3,072
55,693
257
△840
－
339
△17,739
4,644
42,353

(Unit: JPY million)
Consolidated fiscal year
under review(From April 1, 2018
to Mar 31, 2019)

Previous
consolidated fiscal year
(From April 1, 2017
to Mar 31, 2018)
Cash flow from investing activities
Payments into time deposits
Proceeds from w ithdraw al of time deposits
Purchase of property, plant and equipment
Proceeds from sales of property, plant andequipment
Purchase of intangible assets
Proceeds from sales of intangible assets
Proceeds from sales of associates
Purchase of investment securities
Proceeds from sales of investment securities
Purchase of shares of subsidiaries resulting inchange in scope of consolidation
Proceeds from sales of shares of subsidiaries
resulting in change in scope of consolidation
Expenditures on sales of shares of subsidiaries
resulting in change in scope of consolidation
Payments for 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
Foreign currency contract settlement net income
and expenditure(net amount)
Other
Cash flow from investing activities
Cash flow from financing activities
Net increase (△ decrease) in short-term loans
payableProceeds from long-term loans payable
Repayments of long-term loans payable
Proceeds from issuing corporate bonds
Repayments of corporate bonds
Purchase of treasury shares
Proceeds from sales of treasury shares
Cash dividends paid
Dividends paid to non-controlling interests
Expenditure due to refunds tonon-controlling interests
Payments from changes in ow nership interests in
subsidiaries that do not result in change in scopeof consolidation
Other
Cash flow from financing activities
Effect of exchange rate change on cash andcash equivalents
Net increase (decrease) in cash andcash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents etc. at end of period- 25 -△0
6△1,949△19
8△2,373148883△4,3506
29△1,28880△7,076
－
－
△863
194

*2 △61,818*2 △3,202

131

104

－

△672

△78
909
△3
779
△939
348

△573
127
△14
3
△2,005
498

1,158

－

96
△66,732△159△15,141

69,323△78,461－△13,533－－△1,27649△4,209△128

20,000△4,64019,897△2△5－△4,677
△142

－

10

△0

△0

△38
50,186△143△48,165

1,727

356

20,184△20,596

69,382

89,566*1 89,566*1 68,969

(5) Explanatory notes regarding consolidated financial statements(Explanatory notes regarding ongoing concern assumptions)No applicable matters.
(Basic substantial matters relating to preparing the consolidated financial statements)
Matters relating to scope of consolidation
a. Change in scope of consolidation
Due to an acquisition of shares, Avanti Staff Corporation w as included w ithin the scope of cons olidation.
b. Number of consolidated subsidiaries after changes
135 companies(Changes in accounting policy)
For some of the subsidiaries that exist overseas, from the 1 st quarter consolidated accounting period onw ards,
IFRS Article 9 (financial products) and, IFRS Article 15 (earnings arising from contracts w ith clients) w ere applied.
The impact of the application of said accounting standard on the quarterly consolidated financial statements isdeemed to be insignificant.
(Changes to method of presentation)(Changes accompanying the application of partial revisions to the "Accounting standards pertaining to Tax Effective
Accounting" etc.)
Partial revisions to the "Accounting Standards Pertaining to Tax Effective Accounting" (Corporate AccountingStandards No. 28, February 16, 2018. Hereafter, referred to as "partial revisions to tax effective accounting
standards") have been applied from the beginning of this consolidated fiscal year under review. Deferred t ax assets
have been show n in the Investments and Other Assets section, deferred tax liabilities have been show n in the Non Current Liabilities section, and the Tax Effect Accounting-Related Notes have been amended.
As a result, in the consolidated balance sheet of the previous consolidated fiscal year, "Deferred Tax Assets"
under "Current Assets" have decreased by JPY 4,940 million, and "Deferred Tax Liabilities" listed in "Investments
and Other Assets" have increased by JPY 3,811 million. In addition, the "Other" category in "Current Liabilities" hasdecreased by JPY 4 million, and "Deferred Tax Liabilities" in the "Non-Current Liabilities" category has decreased
JPY 1,129 million.
Moreover, the same taxable entities "Deferred Tax Assets" and "Deferred Tax Liabilities" have been show nbalanced out, so that Total Assets have decreased JPY 1,129 million compared to before changes.
(Consolidated Balance Sheet)"Net defined benefit liability" had until the previous consolidated fiscal year been independently show n under"Non-Current Liabilities". From the current consolidated accounting fiscal year onw ards, this w ill be recorded under"Other" in the "Non-Current Liabilities" as it has diminished in financial importance. We are revising the consolidated
financial statement of the previous consolidated fiscal year to reflect these changes in presentation method.
Consequently, the JPY 1,174 million "Net defined benefit liability" independently show n under "Non-Current
Liabilities" in the consolidated balance sheet of the previous consolidated fiscal year is included in the "Other"category in "Non-Current Liabilities".
(Consolidated Statements of Cash-Flow )As the monetary importance of "Changes in net defined benefit liability" in "Cash flow s from operating activ ities:"
has diminished, this w ill be show n w ithin "Changes in Other Liabilities" from this consolidated fiscal year underreview onw ards. The consolidated financial statement of the previous consolidated fiscal year is being revised toreflect these changes in presentation method.
Consequently, "Changes in Net defined benefit liability" of JPY 98 million is listed under "Changes in Other
Liabilities" in the Consolidated Cash Flow Statement for the previous consolidated fiscal year.

- 26 -

(Consolidated Balance Sheet)*1 Advanced depreciation amounts
Direct reductions to acquisition prices of tangible fixed assets due to receipt of federal government subsidies are as
follow s:
Previous consolidated fiscal year
(March 31, 2018)
Buildings and structures

Consolidated fiscal year under review(March 31, 2019)－172 JPY Million

JPY Million*2 Related company matters occurring amongst investment securities are as follow s:
Previous consolidated fiscal year
(March 31, 2018)
Investment securities

Consolidated fiscal year under review(March 31, 2019)

2,814 JPY Million

2,653 JPY Million(Consolidated profit and loss statement)*1 Main cost items & amounts amongst Selling, General and Administrative expenses (SGA) are as follow s:
Previous consolidated
Consolidated fiscal year
fiscal year
under review(From April 1, 2017
(From April 1, 2018
to March 31, 2018)
to March 31, 2019)
Employee salaries, allow ances, and bonuses.

56,162 JPY Million

69,497 JPY Million

Provision of reserve for bonuses

5,291

6,050

Provision of reserve for directors' bonuses

6

18

Provision of reserve for share allocations

128

145

Provision of reserve for directors' share allocations

117

192

Retirement benefit expenses

874

1,562

9,371
－

11,061

Rents
Provision of allow ance for doubtful accounts

200*2: Breakdow n of Gain on sales of non-current assets is as follow s:
Previous consolidated
fiscal year
(From April 1, 2017
to March 31, 2018)

Consolidated fiscal year
under review(From April 1, 2018
to March 31, 2019)

Buildings and structures－

Tools, furniture and fixtures

－

0

Other

35

86

35

86

Total amount

JPY Million*3: Breakdow n of Loss on disposal of non-current assets is as follow s:
Previous consolidated
fiscal year
(From April 1, 2017
to March 31, 2018)

0 JPY Million

Consolidated fiscal year
under review(From April 1, 2018
to March 31, 2019)

Buildings and structures

1 JPY Million

15 JPY Million

Tools, furniture and fixtures
Other

0
－

0
8

1

24

Total amount- 27 -

*4 Impairment loss
Previous consolidated fiscal year (from April 1, 2017 to March 31, 2018)
The follow ing asset groups of PERSOL GROUP booked impairment losses in this consolidated fiscal year underreview
PurposePlace:

Type

Impairment loss
(JPY million)－－

Goodw ill (Note: 1)

5,653

－

－

Goodw ill (Note: 2)6,852

Investment for consolidated subsidiary PERSOLCAREER CO.,LTD. business purposes.

－

Trademark rights (Note: 2)

Investment for consolidated subsidiary PERSOL

Chiyoda-ku,

CAREER CO.,LTD. business purposes.

Tokyo
－

Other

754

Softw are etc. (Note: 2)

1,012

－

7

PERSOL Group's method of grouping assets involves grouping operational assets into management accounting
categories, and idle assets are grouped according to individual assets.
(Note 1) PERSOL HOLDINGS booked goodw ill at time of acquiring shares of consolidated subsidiaries: Capita Pte.
Ltd., First Alliances Co., Ltd., Kelly Services (Singapore) Pte. Ltd., and Kelly Services (India) Pvt. Ltd.
How ever, anticipated profits can no longer be expected, so the book value has been reduced to therecoverable value, and this reduction has been booked as an impairment loss. The recoverable value fromthese asset groups are measured according to utility value, and future cash flow has been discounted by 8.6 9～14.07%.
(Note 2) Non-current assets for consolidated subsidiary PERSOL Career Co., Ltd.'s part-time business: anticipatedprofits can no longer be expected, so the book value has been reduced to the recoverable value, and thisreduction has been booked as an impairment loss. The recoverable value from these asset groups aremeasured according to utility value. Future cash flow can no longer be expected, so recoverable value isdeemed to be zero.
This consolidated fiscal year (from April 1, 2018 to March 31, 2019)
The follow ing asset groups of PERSOL GROUP booked impairment losses in the current consolidated fiscal year:
PurposePlace:Type

Investment for consolidated subsidiary PERSOLMinato-ku

Softw are in progress etc.

Career Co., Ltd. business purposes.
Other

Tokyo
－

Impairment loss
(JPY million)(Note)

1,054

－

475

PERSOL Group's method of grouping assets involves grouping operational assets into management accounting
categories, and idle assets are grouped according to individual assets.
Note: After considering the future outlook regarding Non-Current Assets of the HITO-Talent business of consolidated
subsidiary PERSOL RESEARCH AND CONSULTING CO. LTD., it w as decided that the potential to recover
the book value of this asset group through future cash flow w as negligible. Therefore, the book value w as
reduced to a recoverable amount and this reduced amount w as booked as an impairment loss. The
recoverable value from this asset group is measured according to utility value. Future cash flow can no longer
be expected, so recoverable value is deemed to be zero.

- 28 -

(Relates to the consolidated comprehensive income statement)*Other comprehensive income related conversion adjustment amounts and tax effect amounts:
Previous consolidated
Consolidated fiscal year
fiscal year
under review(From April 1, 2017
(From April 1, 2018
to March 31, 2018)
to March 31, 2019)
Valuation difference on marketable securities
Amounts arising in current period

1,383
－

Adjustment amount

JPY Million△1,116△94

Prior to tax adjustment

1,383

Tax adjustment effect

△407

378

975

△832

300
－

－

Valuation difference on marketable securities△1,210

Deferred hedge loss/gain:
Amounts arising in current period
Adjustment amount

－

△300

－

Prior to tax adjustment－－

Tax adjustment effect－－

Deferred hedge loss/gain:

－

－

3,412

Adjustment to cost of acquired assets

Foreign currency translation adjustment
Amounts arising in current period△10△9,339－Tax adjustment effect

3,402
－

△9,339－Foreign currency translation adjustment

3,402△9,339Adjustment amountPrior to tax adjustment

Equity interest in affiliated companies accounted for－by the equity-method
Amounts arising in current period
Adjustment amount
Equity interest in affiliated companies
accounted for by the equity-method
Total other comprehensive income- 29 -

△7
－

△232
－

△7

△232

4,370

△10,404

JPY Million

(Consolidated statements of cash flow s)*1 Relationship betw een cash & cash equivalents at end of period, and amounts of items posted on the consolidatedbalance sheet.
Previous consolidated
fiscal year
(From April 1, 2017
to Mar 31, 2018)
Cash and deposits

Consolidated fiscal year
under review(From April 1, 2018
to Mar 31, 2019)

89,624 JPY Million

Term deposits w ith deposit periods in

△58

△59

89,566

68,969excess of 3 months.
Cash and cash equivalents

69,029 JPY Million*2: Breakdow n of main assets & liabilities of new consolidated subsidiaries arising due to acquisition of shares.
Breakdow n of assets & liabilities at the time the consolidation commenced follow ing a new consolidated
subsidiary arising due to acquisition of shares. Also, price of the shares that w ere acquired, and outgoings (netamounts) related to the share acquisition are as follow s:
Previous consolidated fiscal year (from April 1, 2017 to March 31, 2018)
Programmed Maintenance Services Limited and its 89 subsidiaries(JPY million)
Current Assets

43,848Non-current Assets

30,956

Goodw ill

52,583Current Liabilities△46,540

Non-Current Liabilities△14,472

Foreign currency translation adjustment△301

Share Acquisition Method

66,075

Cash and cash equivalents△4,576

Payments for acquisition

61,499This consolidated fiscal year under review (from April 1, 2018 to March 31, 2019)
Assets, liabilities and stock acquisition prices for acquisition of Avanti Staff Corporation to consolidate as
subsidiary are undisclosed due to confidentiality w ith other party. How ever, to secure fairness and validity, thestock price w as evaluated by third-party organization to be determined.

- 30 -

(Business combination etc. related matters)
This consolidated fiscal year under review (from April 1, 2018 to March 31, 2019)(Corporate mergers by acquisition)
Acquisition of Avanti Staff Corporation
1. Overview of the corporate merger & acquisition(1) Name & business description of the corporation subject to acquisition
Name of the corporation subject to acquisition: Avanti Staff Corporation (hereinafter "Avanti Staff")
Business outline: Temporary staffing business (general temporary staffing/senior temporary staffing),
placement/recruitment business, outsourcing business, corporate training business,(general training/language training).
(2) Main reasons for the corporate merger & acquisition
PERSOL aspires to "Create a social infrastructure for people and organizations that catalyzes grow th
and innovation" based on its corporate philosophy for "providing opportunity," "individual grow th," and"social contribution." PERSOL is strengthening its business foundation to meet the increasingly
sophisticated needs of client companies and job seekers in recent years, the decrease in Japan’s
domestic w orkforce, revisions in related law s and ordinances, and technological improvements in the formof AI/RPA etc.
On the other hand, Avanti Staff w as established in January 2002 w ith the merger of Nippon Carriere Ltd.
(established in September 1984), and Marubeni Personnel Support Ltd. (established in April 1986). In the
backdrop of Avanti's establishment is its deep ties w ith Fuyo Group including Mizuho Bank and Marubeni
Corporation. Avanti Staff provides high quality HR services based on a detailed know ledge of the
management policies, corporate cultures, and business descriptions of each Fuyo Group company.
Aiming to raise the corporate value of Avanti Staff, PERSOL has discussed transferring Avanti's shares
w ith Hulic, and an agreement to transfer 51.2% of Avanti's shares has now been reached. In addition,
discussions over assignment w ere held w ith several other shareholders, and it w as decided that 92.5% of
Avanti shares w ould be acquired.
As a result of this deal, PERSOL and Avanti Staff w ill together strive to raise Avanti's corporate value by
combining PERSOL's management foundation focused on its know -how to gather job seekers, Avanti'sclient base focused on Fuyo Group that it has cultivated thus far, and the know -how to meet the needs ofspecialized roles existing w ithin finance businesses and trade businesses etc.
(3) Corporate merger & acquisition date
January 31, 2019 (deemed acquisition date: January 1, 2019)(4) Legal form of the corporate merger & acquisition, and corporate name after acquisition
Legal form of the corporate merger & acquisition: Shares acquired for cash consideration.
Corporate name post-acquisition: There w ill be no change to the corporate name after the corporate
merger & acquisition takes place.
(5) Ratio of voting rights acquired
92.5%(6) Main basis f or deciding to acquire the corporation
PERSOL TEMPSTAFF CO., LTD. (a PERSOL HOLDINGS CO. LTD. consolidated subsidiary), paid
cash consideration to acquire Avanti Staff shares.
2. Performance period of the acquired company included in the consolidated financial statement
Results w ere included in this consolidated fiscal year under review (period from January 1, 2019 until
March 31, 2019).
3. Acquisition cost of the corporation subject to acquisition, and breakdow n according to type of consideration
Acquisition price: Not released due to a duty of confidentiality that exists w ith the counter part to thisacquisition. Furthermore, to ensure a fair/appropriate acquisition price, a decision w as made after taking- 31 -

into consideration a share price valuation calculated by a third party.
4. Description and amount of main acquisition-related cost
Advisory costs etc. JPY 39 million
5. Monetary amounts of goodw ill that occurred, causes for the occurrence, amortization method, andamortization period(1) Monetary amounts of goodw ill that occurred
JPY 2,604 million(2) Causes of this occurrence
Mainly expected excess earning pow er based on the potential to generate beneficial business synergies
through the mutual use of infrastructure and brand-pow er ow ned by PERSOL Group and the corporation
subject to acquisition.
(3) Amortization method and amortization period
Straight-line amortization over 10 years
6. Assets accepted on corporate merger and acquisition date, amount of liabilities undertaken, and breakdow n of
main assets and liabilities(Unit: JPY million)
3,600
Current Assets
646
Non-Current Assets
Total Assets
Current Liabilities
Non-Current Liabilities
Total Liabilities

4,247
2,240
538
2,779

7. Calculation method and estimated amount of impact on the consolidated income statement for the current
consolidated accounting period assuming that the corporate merger and acquisition w as concluded on the startdate of the consolidated accounting period
Sales
13,626 JPY million
Net profit before income taxes
273
Profit attributable to ow ners of parent
97(Estimated amount calculation method)
The estimated amount of impact is the difference betw een the sales and profit/loss information
calculated assuming the corporate merger and acquisition w as concluded on the start date of theconsolidated accounting period and the sales and profit/loss information in the acquired company's
consolidated income statement. The amount of goodw ill amortiz ation is calculated assuming that the
goodw ill and intangible non-current assets recognized at time of corporate merger and acquisition
occurred on the start date of the current consolidated accounting period.
These explanatory notes have not been certified through audit.
(Segment information etc.)
1. Outline of Reporting Segment
PERSOL Group reporting segments involves a separation of applicable PERSOL Group elements that havefinancial reporting available, w here the Board of Directors has decided to allocate business resources, and w here
business results can be evaluated.
During the consolidated cumulative 3rd quarter period of the fiscal year ended March 2018, a new acquisition of
Programmed Maintenance Services Limited shares took place, and its subsidiaries have been included in the scopeof consolidation. Accordingly, companies in the ambit of the Programmed Ltd group of companies formed the new lycreated "PROGRA MMED" segment. Also, the segment demarcation formerly know n as the "Overseas" segment
underw ent a name change and became the "PERSOLKELLY" segment. This transition is manifested in 6 reporting
segments: Temporary Staffing/BPO, Recruiting, PROGRA MMED, PERSOLKELLY, ITO, and Engineering.
- 32 -

2. Calculation method of sales, profit or loss, assets, liabilities, and other amounts for each reporting segment
The accounting method for reported business segments is similar to "important items as the basis for creating
consolidated financial statements."
The profit or loss for reporting segments are numbers based on operating profit (after amortization of goodw ill).
The internal revenues and transfer amounts betw een segments are based on the prevailing market rates.
3. Information relating to: sales, profit & loss, assets & liabilities items for each reporting segment
The previous consolidated fiscal year (from April 1, 2017 to March 31, 2018)(Unit: JPY million)
Reporting segment

Recruiting

PROGRAMMEDPERSOLKELLY

ITO

71,95754,51265,726

21,540

2,177

883

－

48

7,447

481,071

72,84154,512

65,77428,98822,122

10,810△507△190

142,616

66,912 125,117

Engineering

Temp/
BPO

478,894

Total
AmountOther
Note 1:TOTAL

Consolidated
Financial
Adjustments Statements
Note 2:
AmountbookedNote 3:

Net Sales
Sales toexternal clients

27,783 720,415

1,765 722,180

2722,183

13,143△13,143－

27,795 730,984

4,339 735,324△13,140

722,183

2,263

2,365

△322

36,541△472

36,06822,651

22,74916,723 396,770

2,863 399,634

2,701

402,336

Internal sales
or transf ers
between12

10,5692,573

segments
Total amount
Segment prof its
or losses (△)
Segment Assets

36,864

Other items
Depreciation
Note 4:

1,215

1,487

650

204

174

280

4,012

68

4,080

826

4,907

284

288

2,238

－

－

－

2,811

－

2,811

－

2,811

1,254

2,355

271

360

831

141

5,215

372

5,588

1,254

6,842

7

8,619

－

5,653

－

－

14,280－14,280－14,280

2,252

1,976

911

1,079

492

336

7,050

－

7,050

－

7,050

14,64722,78951,824

4,229

7,389

1,232 102,113－

102,113－102,113

Amount ofassets in equity
methodcompanies:
Increases intangible f ixed
assets &intangible f ixed
assets.
Note 4:
Impairment
loss:
Amortization of
goodwill:
Balance of
goodwill y et tobe amortized- 33 -

This consolidated fiscal year under review (from April 1, 2018 to March 31, 2019)(Unit: JPY million)
Reporting segment

ITO

－

67

8,463

509,538

85,826 201,476

76,106

33,64423,991

15,555841

548

140,70382,160 103,475

Engineering

PERSOLKELLYPROGRAMMED

25,180Recruiting

76,039Temp/
BPO

84,673 201,476

Total
amountOther(Note 1)TOTAL

Consolidated
Financial
Adjustments Statements
Note 2:
AmountbookedNote 3:

Net Sales
Sales toexternal clients

506,673

29,350 923,394

2,411 925,805

12

925,818

15,896△15,896－

29,357 935,950

5,751 941,701△15,883

925,818

1,702

2,762

△558

44,843△732

44,11125,751

24,955

17,969 395,016

4,623 399,640△28,800

370,839

Internal sales
or transf ers
between

2,865

1,152

7

12,556

3,339

segments
Total amount
Segment prof its
or losses (△)
Segment Assets

45,402Other items
Depreciation
Note 4:

1,681

1,276

2,414

284

295

268

6,221

81

6,303

945

7,249

84

473

1,892

－

－

－

2,653

－

2,653

－

2,653

1,421

2,555

1,238

696

1,231

225

7,368

896

8,264

1,269

9,534

13

296

－

165

－

－

475

1,054

1,530

－

1,530

2,251

1,549

3,465

515

492

336

8,612

－

8,612

－

8,612

15,57422,06842,649

3,346

7,229

896

91,763－

91,763－

91,763

Amount ofassets in equity
methodcompanies:
Increases intangible f ixed
assets &intangible f ixed
assets.
Note 4:
Impairment
loss
Amortization of
goodwill:
Balance of
goodwill y et tobe amortized

Note: 1 The "Other" category refers to business segments that are not included in reporting segments that include
HR services w hich fulfill Group-w ide functions such as: shared-services, education and training etc.
2. Details of adjustments are as follow s.

- 34 -

(Segment profits)(Unit: JPY million)
Previous consolidated fiscal year Consolidated fiscal year under review△22,757

Inter-segment w rite-offs△14,023

Company-w ide revenues *1

30,502

22,848Company-w ide expenses *2△8,218△9,556

TOTAL

△472

△732

*1. Company-w ide revenues: mainly business management fees from Group companies, and dividends
received.
*2. Company-w ide expenses: mainly expenses arising in PHD related to management of Group
companies.
(Segment assets)(Unit: JPY million)
Previous consolidated fiscal year Consolidated fiscal year under review
Segment w rite-offs△107,216△93,343

All company assets *3

109,91764,542

2,701△28,800

TOTAL*3. All company assets consists mainly of: Cash and deposits, Investment securities, loans andmanagement related assets.
3. Segment profit and loss: Adjusted w ith operating profit in the consolidated financial statements.
4. Increase in "Depreciation and amortization expenses" and "tangible fixed assets & intangible fixed assets"
long-term prepaid expenses and similar expenses are included in depreciation and amortization amounts.

- 35 -

(Per share related information)
Previous consolidated
fiscal year
(From April 1, 2017
to March 31, 2018)

Consolidated fiscal year
under review(From April 1, 2018
to March 31, 2019)

Net assets per share

JPY 623.90

JPY 666.50

Current period net profit per share

JPY 33.28

JPY 104.39

Net profit per share after making potential
share adjustments

JPY 33.27

JPY 104.39

Note: The calculation basis this accounting period of net profit per share, and net profit per share after making potential
share adjustments is as follow s:

Previous consolidated
fiscal year
(From April 1, 2017
to March 31, 2018)

Consolidated fiscal year
under review(From April 1, 2018
to March 31, 2019)

Current period net profit per share
Current period net profit attributable toparent company shareholders

7,769

24,361

－

－

7,769

24,361

233,491

233,358

－

－

30

11

（30）

（11）

－

－

(JPY million)

Amounts not attributed to ordinary
shareholders (JPY millions)
Net profits attributed to ordinary shares
related to the parent company (JPY
millions)
Net profit (JPY Million)
Average number of shares during theperiod (Unit: Thousand shares)
Net profit per share after making potential
share adjustments
Adjusted net profit attributable to ow nersof parent (JPY million)
Increase in ordinary shares(Unit: Thousand shares)(including: Convertible bonds w ith
subscription rights to shares)
Outline of adjustments made (including
calculation of net profit per share after
adjustments) to ensure that no dilution
effect takes place.

Note: The "Director Compensation BIP (Board Incentive Plan) trust account" and "Employee Stock Ow nership Plantrust account" ("ESOP Trust") w ere implemented from the previous consolidated fiscal year onw ards. Average
number of ordinary shares during the period: Treasury shares are deducted from the calculations w hich include
shares in the "Director Compensation BIP (Board Incentive Plan) trust account" and "Employee Stock
Ow nership Plan trust account" ("ESOP Trust") (589,571 shares as at the end of previous consolidated fiscal
year, and 577,235 shares as at the end of this consolidated fiscal year under review ).
Furthermore, the average number of PERSOL HOLDINGS shares that w ere held in the trust account mentioned
above during this consolidated fiscal year under review w as 581,875 shares (393,532 shares consolidated
previous fiscal year).
NB: This document is a translation of the Japanese original and is provided for information purposes only.

- 36 -