Briefing on Consolidated Financial
Results for the 1st Quarter Ended
June 30, 2018

PERSOL HOLDINGS CO., LTD.
August 10, 2018

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

2019/3 1Q : Summary of Consolidated Business Results
Sales grew +39.6% due to the solid growth of existing business and M&A
contribution, and recorded the highest sales ever in 1Q
Profit also grew substantially due to the growth of core business including
temporary staffing and placement(Unit: million yen)

2018/3 Results

2019/3 Results

Ratio(%)

1Q1Q

Ratio(%)

2019/3 ForecastsYoY(%)

Progress
rate -1sthalf（％）

1st Half

Full YearSales

161,897100.0

225,929

100.0

+39.6

49.5

456,000

940,000

Gross Profit

39,61924.5

50,604

22.4

+27.7

---

EBITDA*

11,572

7.1

15,401

6.8

+33.1

62.9

24,50056,500OP income

9,114

5.6

11,530

5.1

+26.5

64.1

18,00042,500

Profitattributable toowners of parent

5,425

3.4

6,631

2.9

+22.2

76.2

8,700

21,800*Rounded down (same as following pages)*EBITDA = OP income + Depreciation + Amortization of Goodwill(same as following pages)

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1

2019/3 1Q: Sales Analysis
Sales grew +39.6% due to the +8.2% organic growth from existing
business and M&A contribution of PROGRAMMED(Unit: billion yen)

-0.7

+51.4

+2.4

+1.6

-+0.9

＋0.0+0.4

225.9

+7.5

161.8

2018/3
Q1 Results

Organic growth*+13.2

Temporary
Staffing/BPO*

Recruiting

PROGRAMMEDPERSOLKELLY

M&A*+51.4

ITO*

Engineering

Others

M&A

Adjustments*M&A targets(dates indicate consolidation as subsidiaries):Programmed Maintenance Services Limited (January 2018)*M&A effect:The figures are shown the financial results composed of the new companies by M&A. (Internal transactions have not been eliminated)*Organic growth (existing businesses):The figures are shown the financial results excluding the new companies by M&A. (InternalCopyrighttransactions
havenot CO.,beeneliminated)© PERSOLHOLDINGSLTD.
All Rights Reserved.
*BPO：Business Process Outsourcing, ITO：IT Outsourcing (same as following pages)

2019/3
Q1 Results2

2019/3 1Q: Sales by Segment
Sales grew in each segment due to the solid demand from clients(Unit: million yen)
2019/3 Results

2018/3

2019/3 Forecasts
Progress rate 1st half（％）

1Q

Temporary
Staffing/BPO

117,397

124,940

+6.4

49.4

252,900

520,000

Recruiting

18,23820,738

+13.7

51.0

40,70084,000PROGRAMMED-

51,495-48.6

106,000

215,000PERSOLKELLY

15,581

17,254

+10.7

54.1

31,90068,000

ITO

6,182

7,181

+16.2

47.9

15,00033,000Engineering

6,368

6,439

+1.1

46.0

14,00030,000

935

1,418

+51.6

56.8

2,500

5,000

-2,806-3,539---7,000-15,000

161,897

225,929

+39.6

49.5

456,000

940,000

OthersAdjustment
TOTAL

YoY(%)

1st Half

Full Year

1Q*PROGRAMMED：The financial closing date of Programmed is different from that of PERSOL for 3 months, and the Deemed Acquisition Date for Business Combinations is set as
September 30, 2017. Therefore, the performances for the 3rd quarter are not included.
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.
*Internal transactions have not been eliminated from the figures3

2019/3 1Q: EBITDA Analysis
EBITDA grew +33.1% due to the +17.9% organic growth fromexisting business and M&A contribution of PROGRAMMED(Unit: billion yen)

+0.0
+1.7
+0.0--0.1

-0.0

+0.1

+1.0
+1.1

15.4

11.5

2018/3
Q1 Results

Organic growth*+2.0

Temporary
Staffing/BPO

Recruiting

PROGRAMMEDPERSOLKELLY

M&A*+1.7

ITO

Engineering

Others

M&A

Adjustments*M&A targets(dates indicate consolidation as subsidiaries):Programmed Maintenance Services Limited (January 2018)*M&A effect:The figures are shown the financial results composed of the new companies by M&A. (Internal transactions have not been eliminated)*Organic growth (existing businesses):The figures are shown the financial results excluding the new companies by M&A. (InternalCopyrighttransactions
havenot CO.,beeneliminated)© PERSOLHOLDINGSLTD.
All Rights Reserved.
*BPO：Business Process Outsourcing, ITO：IT Outsourcing (same as following pages)

2019/3
Q1 Results

4

2019/3 1Q: EBITDA by Segment
Core business including temporary staffing and placement led theEBITDA growth(Unit: million yen)
2019/3 Results

2018/3
1Q

1Q

2019/3 Forecasts
Progress rate 1st half（％）

YoY(%)

Full Year

1st Half

TemporaryStaffing/BPO

6,663

7,835

+17.663.7

12,30027,700Recruiting

3,889

4,915+26.4

68.3

7,200

16,900PROGRAMMED-

1,752-

56.5

3,100

6,500

PERSOLKELLY

104106+1.8

35.4

300

1,200

ITO

290

103

-64.5

14.7

700

2,100Engineering

339

288

-14.9

25.1

1,150

3,100-9

101+1,138.6--200-200

294

297-

--50

-800

11,572

15,401+33.1

62.9

24,50056,500

OthersAdjustment
TOTAL*PROGRAMMED：The financial closing date of Programmed is different from that of PERSOL for 3 months, and the Deemed Acquisition Date for Business Combinations is set as
September 30, 2017. Therefore, the performances for the 3rd quarter are not included.
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.
*Internal transactions have not been eliminated from the figures

5

2019/3 1Q: OP income Analysis
OP income grew +26.5% due to the +24.2% organic growth fromexisting business and M&A contribution of PROGRAMMED(Unit: billion yen)

+0.1

--0.1

-0.0

+0.1

+0.2

-0.0

+1.1

+0.9
11.5

9.1

2018/3
Q1 Results

Organic growth*+2.2

Temporary
Staffing/BPO

Recruiting

PROGRAMMEDPERSOLKELLY

M&A*+0.2ITO

EngineeringOthers

M&A

Adjustments*M&A targets(dates indicate consolidation as subsidiaries):Programmed Maintenance Services Limited (January 2018)*M&A effect:The figures are shown the financial results composed of the new companies by M&A. (Internal transactions have not been eliminated)*Organic growth (existing businesses):The figures are shown the financial results excluding the new companies by M&A. (InternalCopyrighttransactions
havenot CO.,beeneliminated)© PERSOLHOLDINGSLTD.
All Rights Reserved.
*BPO：Business Process Outsourcing, ITO：IT Outsourcing (same as following pages)

2019/3
Q1 Results

6

2019/3 1Q: OP income by Segment
Core business including temporary staffing and placement led theOP income growth(Unit: million yen)
2019/3 Results

2018/3
1Q

1Q

2019/3 Forecasts
Progress rate 1st half（％）

YoY(%)

Full Year

1st Half

Temporary
Staffing/BPO

5,927

6,897

+16.4

64.5

10,70023,900Recruiting

3,058

4,222

+38.0

69.2

6,100

14,300PROGRAMMED-234-

58.6

400

1,100

PERSOLKELLY-261-76+243.9-0700

ITO

116-65-156.1

-16.3

400

1,500

Engineering

191

146-23.5

16.3900

2,700

Others-25

84+427.2--200-250

Adjustment

10787---300-1,450

9,114

11,530

+26.5

64.1

18,00042,500TOTAL*PROGRAMMED：The financial closing date of Programmed is different from that of PERSOL for 3 months, and the Deemed Acquisition Date for Business Combinations is set as
September 30, 2017. Therefore, the performances for the 3rd quarter are not included.
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.
*Internal transactions have not been eliminated from the figures

7

2019/3 1Q: Consolidated Balance Sheets
As of March 31, 2018Results
Assets

As of June 30, 2018

Ratio(%)

ResultsRatio(%)(Unit: million yen)

Change402,336100.0

359,986

100.0-42,349

230,55257.3

196,82154.7-33,731

89,62422.3

60,153

16.7-29,470

171,78342.7

163,165

45.3-8,618＜Right of trademark & goodwill＞

113,26528.2

106,737

29.7-6,527

Decreased due to Depreciation,
Foreign exchange

242,34360.2

201,700

56.0-40,643

217,10254.0

136,48737.9-80,615＜Current assets, Current liabilities,
Non-current liabilities＞

89,92822.4

25,979

7.2-63,949

Non-current liabilities

25,241

6.3

65,21318.1

39,972

Repayment of Short-term loans
payable partially with Cash andrefinanced for the remaining byLong-term loans payable andBonds payable(Long-term loans payable)

15,713

3.9

35,7139.9

20,000(Bonds payable)

0

0.0

20,000

5.6

20,000159,99239.8

158,286

44.0-1,706

145,53736.2

144,29940.1-1,238(Capital stock)

17,467

4.3

17,4694.92(Capital surplus)

20,182

5.0

20,185

5.6

2(Legal retained earnings)

105,99326.3

110,286

30.64,293

Minority interests

14,455

3.6

13,986

3.9-468

Current assets(Cash and deposits)
Non-current assets(Right of trademark and goodwill)

Liabilities

Current liabilities(Current portion of loans payable)

Net assets
Owners' capital<Legal retained earnings>
Increased due to an increase inprofit* Partial revision of “Accounting standards pertaining to Tax Effective Accounting” have been applied since the beginning of FY2019 1st quarter. Figures of FY 2018 is also recalculated.
Copyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

82019/3 1Q Transition of Business Results by Segments ① Temporary Staffing/BPO+6.4%(Unit: billion yen)
+17.6%

117.3+16.4%• Demand for temporary staffing remains strong due toworkforce shortage and Workstyle-reform

6.8• Sales grew due to the strong demand while
preparation for group subsidiary company’s mergers
and law change had some impact

124.9
7.8

6.6

Sales

5.9

EBITDAOP income

2018/3

2019/3 1Q : Highlights• Profit grew due to the sales growth which exceeds theincrease of costs such as social insurance premiums,etc.

(Unit: million yen)

2019/3 Results

2019/3 Forecasts
Progress rate 1st half（％）

1QSales

117,397

124,940

+6.4

49.4

252,900

520,000

EBITDA

6,663

7,835

+17.6

63.7

12,30027,700

5.7

6.3

--

4.9

5.3

5,927

6,897

+16.4

64.5

10,70023,900

5.0

5.5

-

-

4.2

4.6

EBITDA margin (%)

OP incomeOP income ratio (%)

YoY(%)*Internal transactions have not been eliminated from the figures*See the "Factbook for the First Quarter Ended June 30, 2018" released on the website on the same date for the quarterly results

1st HalfFull Year

1QCopyright © PERSOL HOLDINGS CO., LTD. All Rights Reserved.

92019/3 1Q Transition of Business Results by Segments ② Recruiting+13.7%(Unit: billion yen)
+26.4%• Demand from client companies remained strong,placement business drove the growth+38.0%

20.7
18.2

4.9
3.8

4.2

3.0
Sales

EBITDA
2018/3

2019/3 1Q : Highlights

OP income• High profit growth due to personnel reinforcement andpromotional investment to meet the demands. The
decrease of amortization due to the impairment loss of“an” on FY2018 4Q also contributed• Placement number grew continuously from thecollaboration within PERSOL group(Unit: million yen)

2019/3 Results

2019/3 Forecasts
Progress rate 1st half（％）

1Q

Sales

18,23820,738

+13.7

51.0

40,70084,000EBITDA

3,889

4,915

+26.4

68.3

7,200

16,900EBITDA margin (%)

21.3

23.7-

-

17.7

20.1

OP income

3,058

4,222

+38.0

69.2

6,100

14,300

16.8

20.4-

-

15.0

17.0

OP income ratio (%)

YoY(%)*Internal transactions have not been eliminated from the figures*See the "Factbook for the First Quarter Ended June 30, 2018" released on the website on the same date for the quarterly results

1st Half

Full Year

1Q

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10

2019/3 1Q Transition of Business Results by Segments ③ PROGRAMMED(Unit: billion yen)

2019/3 1Q : Highlights• Australia GDP, staffing and maintenance industry had
solid growth

51.4
1.7
0.2
Sales

EBITDAOP income＜Staffing＞• While sales declined due to the price competition, profit
remains solid due to the cost reduction• Our strategy is to appeal our core strength “Safety”＜Maintenance＞• While order declined in mining sector, core business offacility maintenance acquired new contracts and remains
favorable(Unit: million yen)

2019/3 Results

2018/3
1Q

1Q

2019/3 Forecasts
Progress rate 1st half（％）

YoY(%)

1st Half

Full Year

Sales

-

51,495-48.6

106,000

215,000

EBITDA-

1,752-

56.5

3,100

6,500

EBITDA margin (%)

-

3.4-

-

2.9

3.0

OP income-

234-

58.6

400

1,100

OP income ratio (%)

-

0.5-

-

0.4

0.5

*Internal transactions have not been eliminated from the figures*See the "Factbook for the First Quarter Ended June 30, 2018" released on the website on the same date for the quarterly results

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2019/3 1Q Transition of Business Results by Segments ④ PERSOLKELLY+10.7%(Unit: billion yen)

2019/3 1Q : Highlights• High sales growth due to the favorable market
condition and high GDP growth in APAC countries

+1.8%

17.2
15.5

+243.9%

0.1

0.1

-0.07

-0.2
Sales

EBITDAOP income

2018/3• Investment in personnel and implementation of acommon system for the productivity improvement
to meet the demands• Capita had healthy recovery under the new regime
after booking the impairment loss on FY2018 3Q(Unit: million yen)

2019/3 Results

2019/3 Forecasts
Progress rate 1st half（％）

1Q

15,581

17,254

+10.7

54.1

31,90068,000EBITDA104

106+1.8

35.4

300

1,200

EBITDA margin (%)

0.7

0.6-

-

0.9

1.8

OP income△261△76+243.9-0700

OP income ratio (%)

△1.7

△0.4-

-

0.0

1.0SalesYoY(%)

Full Year

1Q*Internal transactions have not been eliminated from the figures*See the "Factbook for the First Quarter Ended June 30, 2018" released on the website on the same date for the quarterly results

1st Half

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2019/3 1Q Transition of Business Results by Segments ⑤ ITO+16.2%(Unit: billion yen)

2019/3 1Q : Highlights• Demand for IT system and SI-related services fromclient companies remained solid• Sales grew due to the increase in the high valueadded PJ such as SI-related service and outsourcing,as well as the sales of own products

7.1-64.5%

6.1

0.2
0.1
Sales

EBITDA-156.1%

0.1-0.06

OP income

2018/31Q• Profitability declined due to labor condition
improvement for retention and recruitment of ITengineers(Unit: million yen)

2019/3 Results
1Q

2019/3 Forecasts
Progress rate 1st half（％）

YoY(%)

1st Half

Full Year

Sales

6,182

7,181

+16.2

47.9

15,00033,000EBITDA

290

103-64.5

14.7

700

2,100

EBITDA margin (%)

4.7

1.4--

4.7

6.4

OP income

116-65-156.1

-16.3

400

1,500

OP income ratio (%)

1.9-0.9--

2.7

4.5

*Internal transactions have not been eliminated from the figures*See the "Factbook for the First Quarter Ended June 30, 2018" released on the website on the same date for the quarterly results

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13

2019/3 1Q Transition of Business Results by Segments ⑥ Engineering+1.1%(Unit: billion yen)

2019/3 1Q : Highlights• New regime with two companies of PERSOL RESEARCH &DEVELOPMENT and PERSOL AVC TECHNOLOGY• Demands for development of construction machinery,
medical related products increased in addition to theautomobile and electric industries

6.4-14.9%

6.3

0.3
0.2
Sales

EBITDA-23.5%0.1

0.1

OP income

2018/31Q• While profit declined due to the acceptance period shift,unit price increased by price revision and personnel
expansion including entrance of new grads• Continue to ensure the business scale through aggressive
recruitment and utilization of partners(Unit: million yen)

2019/3 Results
1Q

2019/3 Forecasts
Progress rate 1st half（％）

YoY(%)

1st Half

Full Year

Sales

6,368

6,439

+1.1

46.0

14,00030,000EBITDA

339

288

△14.9

25.1

1,150

3,100

EBITDA margin (%)

5.3

4.5--

8.2

10.3

OP income191146

△23.5

16.3

9002,700

OP income ratio (%)

3.0

2.3--

6.4

9.0

*Internal transactions have not been eliminated from the figures*See the "Factbook for the First Quarter Ended June 30, 2018" released on the website on the same date for the quarterly results

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14

2019/3 1Q Transition of Business Results by Segments ⑦ Others／Adjustment(Unit: million yen)
Others2019/3 Results

2018/31Q

1Q

2019/3 Forecasts
Progress rate 1st half（％）

YoY(%)

Full Year

1st Half

Sales935

1,418+51.656.8

2,500

5,000

EBITDA-9101+1,138.6-50.9-200-200

EBITDA margin (%)-1.0

7.2---8.0-4.0

OP income-2584+427.2-42.0-200-250

OP income ratio (%)-2.7

5.9---8.0-5.0(Unit: million yen)
Adjustment
Sales
EBITDAEBITDA margin (%)

OP incomeOP income ratio (%)

2019/3 Results

2018/3
1Q

1Q

2019/3 Forecasts
Progress rate 1st half（％）

YoY(%)

Full Year

1st Half-2,806-3,539---7,000-15,000

294297---50-800------

107

87---300-1,450------*Internal transactions have not been eliminated from the figures*See the "Factbook (Fiscal year 2018)" released on the website on the same date for the quarterly results*Others include our group functional services, education and training business, employment support business for people with disabilities, and childcare business
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*Adjustment stands for elimination of transactions between segments, and revenue and expenses of Temp Holdings Co., Ltd.

15Appendix：Recent M&ACompany name

Programmed Maintenance Services Limited

Established

January, 1992

Net Sales（*1）

2,691 million AUD（*1）

OP income（*1）

21 million AUD（*1）

Acquisition date

October, 2017

Contribution from2018/3 4 th quarter

Ownership ratio

100％

Acquisition price66.0 billion yen（*2）

Goodwill
Amortization period
Segment

Staffing

Maintenance21.0 billion yen

31.5 billion yen

10 year

20 year
PROGRAMMED*1. The figure is the performance of Programmed group FY ended Mar 2017. OP income is after goodwill amortization (tentative figures) and intangible fixed assets amortization（total 56 million AUD /year） which is calculated at the time of acquisition.
*2. Conversion of AUD1: JPY 88.15
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16

Disclaimer

The statements concerning the Company’s future businessperformances in this material such as earnings forecasts are
based on information available as of August 10, 2018 andcertain assumptions deemed to be reasonable by the Company,and do not mean that we promise to achieve these figures.
Actual earnings may differ materially from the statements due
to a variety of factors.
This briefing is only for better understanding. Please note thatnumbers and indexes in this book are not audited.

August 2014 : PERSOL HOLDINGS was added to the JPX Nikkei Index 400
What is the JPX
Nikkei 400？

It is a new stock price index that consists of companies that meet various requirements for global
investment, such as the efficient use of capital and a management perspective that is conscious ofinvestors, for the purpose of boosting the appeal of Japanese companies domestically andinternationally.

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17