Consolidated Financial Results of
the Fiscal Year Ended in March
2020 (FY2019)

PERSOL HOLDINGS CO., LTD.
May 15, 2020

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Today’s Agenda

1. Summary of the Consolidated Financial Results of FY2019
2. Mid- to Long-term Management Policy
3. Business Operational Structure and Governance
4. SBU’s Overview and their Strategies

5. Financial Forecasts for FY 2020

1
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Highlights➢ Financial results for the year ended March 2020
Point１••

Point２

Point３

Net Sales increased while operating profit decreased YoY. Both sales and operating profit did notreach our financial forecasts.
Net profit reached the forecast announced in November 2019 because corporate tax adjustment
decreased for the FY2019 due to implementation of a consolidated taxation system fromFY2020.

➢ Postpone of the new mid-term management plan announcement•

As COVID-19’s impact on business is very large, announcement of the new mid-term
management plan which has been developed since previous fiscal year is going to be put off.
We will reveal it at the time of FY2020 Q1 results announcement in August 2020 after
determining COVID-19’s impact on the mid-term management plan.

➢ Mid-and long-term management policy and financial forecast for FY2020•••

Business direction and value we pursue
Management structure and enhancement of governance
The forecast for only Q1 of FY2020 in range format for reference2
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Summary of the Consolidated
Financial Results of FY2019

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Summary of the Consolidated Financial Results of FY2019
The highest net sales were recorded. Net profit decreased significantly YoY because of declined profit in overseas businessand recorded extraordinary losses, including loss due to withdrawal from “an” business and goodwill impairment loss.
(million yen)

FY2018FY2019

chg.

%chg.

FactorTemporary staffing business in Japan as our core

Net sales

925,818 970,572

44,754

Operating profit

44,111

39,085-5,026-11.4% and two overseas business segments.

OP Margin(%)

4.8%

4.0%

-0.8pt-15.5% termination of “an” business and other factors.

59,97256,356-3,616-6.0%

EBITDA

4.8% business remained strong.

Operating profit decreased in the Recruiting Segment
Profitability of the Recruiting Segment declined due to-Goodwill impairment loss in relation to- PROGRAMMED and “an” business withdrawal etc.
were recorded.

Extraordinary
profit/loss-1,290 -19,030-17,740

Net profit before taxesetc.

42,691

20,331-22,360-52.4%

Total corporate taxesetc.

16,302

11,810-4,492-27.6% consolidated taxation system will apply from FY2020.

Net Profit*

24,361

7,612-16,749-68.8% Net profit decreased due to extraordinary loss booked.

Adjusted EPS (yen)150.26148.44-1.82

Corporate tax adjustment was reduced because the

-1.2%

-

Note: Net profit attributable to owners of parent company

4
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Financial Results by Segments
Sales and operating profit increased inTemporary Staffing/BPO Segment as our core business under the market conditions
getting worse. Management team of overseas business was renewed in October 2019 to focus on improve their profitability.
(Billion yen)
Sales

PROGRAMMED

Recruiting

Temporary Staffing/BPO
OP

Sales

548.1

90

509.5

23.9

Sales

OP

200.0

85.8
83.4

85

25.5

OP

175.0

15.5

80

2.5

201.4

13.2

188.9

150.0

75

125.0

70

100.0

0.8
0.1

FY2018FY2019FY2018FY2019170

0.0
FY2018FY2019Record high sales and profit achieved

High profitability maintained even after
withdrawal from “an“ business

Staffing business is in turnaround

ITO

Engineering

PERSOLKELLY

Sales

Sales

OP

29.3
30.0

33.6

1.7

FY2019Staff compensation improvement

29.4
2.3

30.0

20.0

20.0

10.0

10.0

0.0
FY2018

2.7

0

OP

84.2

40.0

40.0

41.1

1.7

Sales

OP

76.1

0.5
-0.6

0.0
FY2018FY2019

Sales maintained in severe businessenvironment

FY2018FY2019

Steady grow achieved except Australia
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5

Consolidated Balance Sheet
Amount of goodwill decreased due to a PROGRAMMED staffing business was devalued. PROGRAMMED, etc. Bank loan of
JPY 20 billion was made at the end of March 2020 in order to increase liquidity on hand to meet immediate need for capital.
(million yen)

FY2018FY2019Cash and deposits

69,02978,247

9,218

Non-current assets

160,994

147,444-13,550

Goodwill was decreased mainly due to a goodwill
impairment loss in relation to the staffing business at
PROGRAMMED (JPY 12.2 billion*).

chg.

% chg.
Bank loan fund raising of JPY 20 billion at the end of
March 2020.

Goodwill

91,76372,562-19,200

Total assets

370,839

370,993

154

Current liabilities

144,919

140,052-4,867

Accrued income taxes decreased.

54,99567,035

12,040Long-term loans payable increases with bank loan of
JPY 20 billion.

An increase due to net profit of JPY 7.5 billion
A decrease due to treasury stock acquisition of approx.
JPY 5 billion in total in addition to dividends.

Non-Current liabilities
Net assets

170,925

163,906-7,018

Liabilities and net
assets

370,839

370,993154--• The amount of impairment loss recorded in Q2 was changed due to fluctuation of exchange rate.
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6

Consolidated Cash Flow Statement
Free cash flow decreased YoY to JPY 10.7 billion due to decreased cash flow from operating activities. In preparation for
future cash need, bank loan of JPY 20 billion was made at the end of March 2020.

(million yen)

FY2018FY2019Cash flow from operating
activities

42,35328,592

Cash flow from investing
activities- 15,141-17,576- 4,216-2,328

M&A
OthersFree cash flow

- 10,924-15,248

27,212

11,015chg.
decrease in net profit before income-13,761 Ataxes-2,435-

M&A freeze and1,888 Overseas
No domestic large-scale M&A-4,324

Spending increased due to anincreased acquisition of fixed assets
such as softw

flow from operating activities-16,196 Cash
+ Cash flow from investing activities

Cash flow from financing
activities- 48,165-1,987

46,177

An increase due to bank loan of JPY 20
billionAn increase in expenditure due totreasury stock acquisition (approx. JPY 5
billion)Balance of cash and cash
equivalent at end of
period68,96978,0379,067-

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Mid- to Long-term Management Policy

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Announcement of New Mid-term Management PlanPERSOL is going to review the business strategy by SBU to focus on taking the measure against pandemic of COVID-19

The role of New Mid-term management plan
Reflecting
remaining issues

Backcasting

COVID-19
FY2017 to FY2019

FY2020Change of work styles

FY2022

Looking ahead

2030

World that PERSOL aim to realize

Previous Mid-termManagement Plan

New Mid-term Management Plan••

Organization strategy
Governance enhancing measures••

SBU business strategy
Finance strategy

Value Creation Story
Announcement is planned to be made in August,
2020, when FY2020 Q1 results are announced.

9
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Change of “Work” in the world in 2030
In this era of 100-year lifespan and driven by evolution of technology, essential and irreversible changes are occurring inpeople’s lifestyle and the way of working. Those changes are now accelerated due to the effect of COVID-19.

Change of “Work” in the world perceived by PERSOLAs the human lifespanbecomes longer in the world,“Working” period is also
getting longer.

Working style of individuals
will change driven byadvancing technologies.

Life style and way of working change.
(The change is accelerated by COVID-19.)

10
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Group Vision11
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Value creation story
Forecasting the society at 2030, we determined Value creation story to realize Group vision.

12
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PERSOL's strengths: Source of value creation
Based on the corporate philosophy and Five Core Principles, “people” who continued to align sincerely with working
individuals, contact points with customers and social trust generated by “people”, and human resources and HR information,and healthy financial foundation obtained as a result are the strengths of PERSOL.
Source of value creation

Human capitalSocial relation capital“People” who continued to align sincerely withworking individuals

Deep and broad-ranging client contact points that
PHD have amassed
Social trust earned through provision of values tosociety over timeIntellectual capital
Copious amounts of talent/HR information baseabout workers/companies

Five Core Principles[Text]

Financial capital
Healthy financial foundation for business growth

Authentic
Customer-Focus
Professional
Teamwork
Innovative

Providing Opportunity

Corporate philosophy

Individual GrowthSocial Contribution
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13

Group key strategies
To realize the world we aim at, three Group priority strategies were established. Business strategy of each Business Unit isscheduled to be announced in August.

Focusing on each individual
We make priority investments on theactivities that contribute to the increaseof work engagement for all working
individuals supported by PERSOL.

Innovating throughtechnologies
By making the best use oftechnologies, we promote
digitization of existing businesses
to further upgrade thosebusinesses and create new
businesses for future

Extending our value globally
We establish a management
structure to provide values fromJapan as advanced country ofchallenges in relation to “Work” to
the Asia-Pacific region and then to
all around the world.
14
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Social value and economic value that PERSOL aims to create
PERSOL will establish, measure and enhance indicators of “Work, and Smile”.
We believe that enhancement of “Work, and Smile” indicators will lead to the enhancement of financial indicators in the end.

Social value
Support all individuals in APAC including Japan so that they can“Work, and Smile”.

Solution SBU
Asia Pacific SBU

Economic value

Professional Outsourcing SBUPERSOL workers

Career SBU

Establish “Work, and Smile” indicators andmeasure and enhance them.

Staffing SBU

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SDGs which PERSOL can contribute to the achievement andsustainability policy
In the course of realizing the Group Vision “Work, and Smile” through our business activities, we will contribute to five SDGs;“4. Quality Education”, “5. Gender Equality”, “8. Decent work and Economic Growth”, “9. Industry, Innovation andInfrastructure”, “10. Reduced Inequalities”.

Sustainability policy

SDGs activities outline diagram

Based on our corporate philosophy including “Job
Creation”, “Individual Growth”, and “Social
Contribution”, PERSOL Group is actively addressing
the solution of social issues in cooperation withvarious stakeholders, aiming at creating sustainable
society.
Toward 2030, we promote business activities,
including creation of new working styles that meetthe needs in society, to realize the Group Vision“Work, and Smile” and thereby make contribution toachievement of the SDGs.
We work on the five SDGs in particular as important
issues and provide support for development of
human resources and creation of employment for
those people who can contribute to the achievementof all the 17 sustainable development goals.
16
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Business Operational Structure andGovernance

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Changes in Management Structure
In April 2020, two Vice-President structure introduced; Mr. Wada is in charge of each business and Mr. Takahashi is in chargeof each function. In addition, three committees were established as advisory board to HMC* to strengthen governance.

Investment
Committee

Masamichi Mizuta
Representative Director,
President and CEO

Risk Management
Committee
New

Headquartersof auditors

Human Resources
Committee
New

HMC*

Takao Wada
Deputy President,
Business Control Officer

Hirotoshi Takahashi
Deputy President,
Function Control Officer

Staffing
SBU
PRO SBU

New

CareerSBU

SOL SBU*HMC : Headquarters Management Committee

CLO

CFO
APAC
SBU

CHRO
18
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Shift to SBU (Strategic Business Unit) Structure
Responsibility of decision-making in relation to business execution is properly transferred to SBU to expedite the executionof businesses. Businesses in professional fields are integrated to reinforce, and the overseas business management structure
is integrated as well to create Group synergy.
Business scale/Description ofCore Company

Until March 2020

From April 2020

Temporary
Staffing/BPO

StaffingSBU

PERSOL TEMPSTAFF
CO., LTD.

IT/Mechanical sector

Recruiting

ITO

Engineering
Other

PROGRAMMEDPERSOLKELLY

CareerSBUPERSOL CAREER CO.,LTD.

Professional
Outsourcing（PRO）SBUPERSOL Professional
Outsourcing Co., Ltd.

Solution(SOL) SBU
Asia Pacific(APAC)SBUPERSOL INNOVATION
CO., LTD.
PERSOL Asia PacificPte. Ltd.

Business

・Sales scale: JPY 510.1 billion
・Temporary Staffing
・BPO (Business Process Outsourcing)・Sales scale: JPY 83.4 billion
・Placement
・Job-Change media
・Sales scale: JPY 105.8 billion
・Engineering (design/experiment)
・Outsourcing (IT maintenance upstream todownstream)・Temporary staffing in IT and mechanicalsector・Sales scale: JPY 7.0 billion
・Change job app “MIIDAS”
・Cloud POS “POS+”・Incubation business・Sales size JPY 273.2 billion
・Temporary staffing/Placement in APAC
region・Facility maintenance such as facility
management and painting, etc. (Australia)

19

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Group Governance Reinforcement
Decision-making process is expedited by transferring responsibility to SBU, while Board of Directors is shifted to a monitoringmodel.
HMC was established as an organization to assist the CEO in decision-making, and further, three committees (Investment
Committee, HR Committee and Risk Management Committee) were established as advisory organizations to HMC in order toensure consistency between expediting decision-making and the governance.

Board of Directors
Strengthening
monitoring function➢ Shifted to Board of Directors focusing on monitoring➢ Ratio of independent external directors is 1/2 or more, in principle.
➢ Optional Nominations Committee/Compensation Committee (Majority ofcommittee members are independent external directors) was established.

Establishment of HMC➢ HMC was established as an organization to assist the CEO in decision-making.
➢ Important business executions delegated by the Board of Directors are decided
by the CEO subject to approval resolution by HMC.
➢ Consisting members are internal directors, SBU managers and functional CXO.

Establishing newGroup-widecommittees➢ Investment Committee: Deliberation on matters related to large-amountbusiness investment (M&A) projects/ M&A overseas is frozen for the time
being.
➢ HR Committee: Deliberation on the Group-wide HR strategy➢ Risk Management Committee: Deliberation on the matters in relation to risk
management
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20

SBU’s Overview and their
Strategies

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Staffing SBU
Staffing SBU will further increase the market share and make a stable contribution to profit as the PERSOL Group's core SBU.
Business Results (restated)
Sales

OP

(Billion yen)

300.0

473.2

250.0

200.0

23.8

21.4

150.0

100.0

50.0

0.0

0

FY20185%

8%ClericalMarketing

17%

PPG

60%

510.1

FY2019Competitive Advantages andStrategic Direction

Composition of Sales

10%

R&D

•
•

•

No.1 market share* in clericaltemporary workers
Established business structure and solid
capability
Implementing optimum strategy in eachfield by leveraging business scale

BPO◆ Response to “equal pay for equal work”• Realize improvement of working staff treatment and compensation• Almost all the clients agreed to accept commuting expense charges etc. andadditional costs• Started proposing use of external human resource scheme by combining temporary
staff business and outsourcing business◆ Contracting business• It has been growing by double-digits for 6 consecutive years and has become thescale of 15% of total scales of the SBU• Higher-quality and high-value-added services are highly evaluated from clientcompanies by accumulation of knowledge• Has knowledge in government BPO and strength in large short-term projects*A survey by PERSOL
Note: PPERSOL TECHNOLOGY STAFF that engaged in the engineer temporary staffing business were transferred to Professional Outsourcing SBU.
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22

Career SBU
The second highest contribution to PERSOL group profit. This SBU has terminated “an” business and finished selection andconcentration of the business. It will focus on placement business for permanent workers
Competitive Advantages andBusiness Results (restated)
Composition of Sales
Strategic Direction
8%(Billion yen)

Sales

OP

10%
19%

85.8

•
•
Advertising business •Placement business

63%

Part-time-job*
Others•Wide customer contact point
Branding power
Second position* in placement businessmarketHigh profitability

83.4*: Terminated part-time-job advertising business on November 25, 2019.

15.5
13.2

 Maintain structural in preparation for after COVID-19• Maintain employment to satisfy needs in employment after COVID-19
based on shortage of labor force• Promote integrating matching accuracy and non-face-to-face support
by continuing investment on technology• Continue training staffs transferred from “an” business to be fullfledged
 Cost reduction at the moment• Suspending mid-career recruitment and reducing marketing cost

FY2018FY2019* A survey by PERSOL

23
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Professional Outsourcing SBU
This SBU aims to be the 3rd largest contribution to PERSOL group as professional engineer group which supports
innovation of technology by dispatching temporary staffs and BPO for R&Ds

Business Results (restated)

Composition of Sales
FY2019(Billion yen)
110

Sales

OP

ITO

26%

108

41%

System development capabilities
Strong customer base of 1,700 companies
Employing 8,500 engineers who cansatisfy client needs from IT to
manufacturing areas

97.2
 Professional sector for the 3rd business pillar

102

•
100

6.9

•
•

6.3

96

Integrated ITO and Engineering segments, which are the professional areas, to be
the 3rd largest contribution to the group
Business entity in size of about JPY 110 billion sales and about 10,000 headcountPlays the role to contribute to stable profits by differentiating from competitors
through various designs and developments with interacting IT and mechanical &electrical engineers Developing synergies in Group-wide measures

94

•
92

90

•
•
•

33%

105.8

98

Engineering

Persol Technology staff

106
104

Competitive Advantages andStrategic Direction

FY2018FY20190.0••

Employing a wide range of engineers who can handle upstream to downstream
operations including manufacturing and system development, operation andadministration etc. to aim to provide diversified solutions for development themes
such as IoT.
Strengthen cross selling among three business segments and deepen transactions
with important customers
Expand existing business (including IoT business)
24
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Solution SBU
Aggressively entering into new areas by utilizing digital technology and developing new solutions
Competitive Advantages andStrategic Direction
Business Results (restated)
Composition of Sales
FY20191% 22%(Billion yen)

sales

OP

38%

39%

MiidasPOS+
Shareful••

Investment in new areas
Developmenting new models of
based business

PINO

160

Revenue recognition for Miidas has changed since FY2020

 Investment on prospective business and business development to be a new businesspillar of PERSOL Group

7.0
110

60

1.7
10

-0.0
(100)
(40)

FY2018

Obtain new markets through digitalization of based businesses
Introduction of new workforce that is collaborations of human and technology(Digital Workforce)•
Challenge in new areas to realize the corporate slogan “Work, and Smile”
 Details of business
Main business
•
•

-1.6

FY2019

•
•

-40

•

MIIDAS: Planning, development and operation of “MIIDAS” which is anassessment recruiting platform
Shareful: Personnel outsourcing business including offer of on-demand matching
platform, placement service and payroll calculation
POS+: offering mobile POS service

New business••

Create new businesses under the incubation program "Drit”
Introduction to new fields through M&A and business alliances
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25

Asia Pacific (APAC) SBU
APAC SBU pursues the synergy effect, utilizing the management resources of PROGRAMMED and PERSOLKELLY, and focuses
on establishing a stable profit base.
Business Results (restated)
Sales

Composition of Sales(Billion yen)OP

PROGRAMMED
2%

120

277.5

273.2
50%

100
Staffing

80

60

•

•

•
•
-0.4

100

FY2018FY2019

•

0

•

other

Combination of business for expansion in APAC
Cost reduction by integrating back-office operation of two companies
Utilize the management resource and know-how of PROGRAMMED for APAC SBUPROGRAMMED: Enhancement of white-collar worker staffing operations

20

1.3

Maintenance

PROGRAMMED• Stable Maintenance business
PERSOLKELLY• Highest market share* of blue-collar worker
7%
staffing
PERSOLKELLY•
The largest number of regional
93%
coverage in APAC region as a foreigncompany
Recruit•Highest market share* of staffing business
Staffing
人材紹介
派遣
ment
in Singapore and Malaysia•
Highest market share* of recruitment
business for Japanese companies in China

Enforcement of reorganization
•
•
•

40

48%

Competitive Advantages andStrategic Direction

Integrate PERSOLKELLY Australia with PROGRAMMED to enhance white-collar
staffing and recruitment operations
Improve profitability by increasing the number of SME customers in blue -collar
staffing operations
Accelerate cost reduction by integrating back-office operation across APACPERSOLKELLY: Growth investment at each stage••

Mature markets：Improve productivity by increased use of technologies
Growing markets：Increase headcounts by expanding market share aggressively* A survey by PERSOL

26
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Financial Forecasts for FY2020

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Financial Forecasts for FY2020
It is difficult to disclose full year forecast due to COVID-19 and only be able to disclose Q1 forecast in range.
In addition, the profit attributable to owners parents is undecided in order to review employment adjustment subsidies andintroduction of consolidated tax payment system.
Mid-term management plan will be disclosed with Q1 financial result announcement.
（million yen）

FY2019ActualFY2020
Forecast

Consolidated
sales

970,572

Operatingprofit39,085

EBITDA

56,356

Dividend（yen）

30

To be
decidedTo bedecidedFY2019 Q1
ActualFY2020 Q1
Forecastyoy(%)

235,218

216,100～223,700-4.9％～-8.1％

10,0571,500～3,000-70.2％～-85.1％

14,416

5,400～6,900-52.1％～-62.5％◆Exchange rates• 1 AUD：67 JPY• 1 USD：108 JPY
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Business Operations Disciplines for FY2020
Shifting to a lean business operational structure adopting current business environment, we continue investments from thestandpoint of in med- to-long-term growth. Our financial position is stable and we will keep solid financial structure whichallows to business investments and shareholders’ return going forward.

•

Shift to leaner
operation

Investment for midto long-term growth

Maintain financial
stability•

Prioritized to maintain the employment through optimal job
assignments
Reduce expenditure by suspending mid-career hiring,
advertisement, and marketing related cost etc.

•

Continue investments on new business development andinnovations through digitalization•

Implement various measures based on the mid- to long-term
management policy•

Continue to maintain healthy financial structure that allows business
investments and shareholder returns.
1.Cash and deposits held JPY 78 billion as of the end of March 2020
2.Annual repayment amount of loans is leveled off below JPY 10 billion
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29

Impact of COVID-19 (Business in Japan)
 Concerning our employees and staffs
Refrain from domestic and overseas business trips and face-to-face meetings with business partners, and actively use web-based meetingand telephone conference.

 Concerning each SBU
Most Current Status

Future Risk

Staffing• Overall: The number of activity temporary workers as start of month in April
and May was strong.
• Clerical sector: Almost staff ountinue ordinary working and working fromhome partlyin response to client request. Some staff is receiving
compensation for absence from work.
• Marketing sector: the number of active workers decreased due to limited
store operation.
• Activity staff ratio of employed without contracted period :Almost 100%
until March 2020

• Some staff receiving compensation forabsence from work is likely to terminate atcontract renewal timing at the end of June
2020.
• Our cost is likely to increase due to leavecompensation.
• Activity staff ratio of employed without
contracted period is likely to be declined.

Career• Pacement business: Counseling is provide on-line.
• The number of new job offers decreased, conclusion rate after final
interview was declined.
• Job-change media: Job advertising orders decreased significantly.

• Structural population decrease continues
on one hand, and low demand forrecruitment continues for some period.

Professional
Outsourcing• IT: Use of IT-related service by customers is stable.
• Engineering: The number of new projects decreased due to postponeddevelopment investments at customers.

• Activity staff ratio of permanent workers
may decline depending on the status ofcontract renewal at the end of June 2020.

Solution• In the Cloud POS business, restaurants are main customer and the numberof new customers decreased.
• The number of new customers of the job change app MIIDAS decreased in
the main customer sector of small/medium sized enterprises.

• Decrease in the number of new customers
obtained• Termination of existing contracts

30
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Impact of COVID-19 (on overseas business)
Status of overseas business is different by countries, but the temporary staffing business is stable in general while demands
for the placement business are expected to decrease significantly. On the other hand, businesses in China and Hong Kong are
gradually coming back to normal.

PROGRAMMEDPERSOLKELLY

RegionStatusBusiness Trends

Singapore

Restrictions on
outings

Temporary staffing: working normally (work from home).
Placement: the number of orders decreased YoY.

Malaysia

Restrictions on
outings

Temporary staffing: working normally (work from home).
Placement: the number of orders deceased YoY.

China

Almost came backto normal

Placement: Staff are working in normal operation, but the number of orders has been
decreasing continuously mainly from Japanese client companies.

Hong Kong

Almost came backto normal

Temporary staffing: working normally (work from home).
Placement: Transitioned to normal work operation.

Australia

Relaxation of
restrictions on
outings in someareas

Staffing:
Orders from SMC decrease.
Temporary demand is expected from logistics sector.

New Zealand

Maintenance:
Demands in property services, which has high profitability, has been decreasing.
Other businesses has been remaining steady since most of contracts are based on mid- tolong-term.
31
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Mid- to Long-term Role in HR Sector
HR market significantly affected by the global financial crisis occurred in 2008, but, after that, each business(Staffing, Career, Professional etc.) has been growing due to structural shortage of labor.
Although this sector is now affected by COVID-19 in short-term, importance of taking appropriate actions tolabor shortage and optimal job assignment will grow in mid- to long-term period.
（multiple）

History of job to applicant ratio and our business

GlobalFinancial Crisis（million JPY）

Job to applicant ratio*
Number of job seekers in our group (index)
Sales in domestic staffing business（right-axis）

2009

2010

2011

2012

*Ministry of Health, Labor and Welfare (General for Statistics and Information Policy)

2013

2014

2015 (Calender year)

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Disclaimer

Results forecasts etc. used in this material contain forward-looking
statements which are based on a certain number of assumptions theCompany deems rational, and the information at hand as of May 15, 2020
which are not meant in any way by the Company to be assurances that plans
will be realized. Actual results etc. may vary greatly due to various causes.

The figures, indicators, PERSOL Group results, and details of financial status
included in this material have been released to facilitate an appropriate
understanding. Kindly note that not all the figures and indicators have been
subjected to audit and review by external auditors.

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Copyright © since 2017 PERSOL HOLDINGS CO., LTD. All Rights Reserved.