Quarterly Consolidated Results

(JPY mn)
  2025
Jan–Mar
2024
Jan–Mar
Turnover (*1) 1,482,372 1,473,448
Revenue 345,160 332,905
Net revenue 287,287 288,949
Organic growth +0.2% (3.7%)
Japan 129,695 122,951
Organic growth +5.5% +2.4%
Americas 76,291 80,512
Organic growth (5.1%) (6.6%)
EMEA 56,952 57,184
Organic growth (0.9%) (9.4%)
APAC 23,068 24,192
Organic growth (4.6%) (7.1%)
Selling, general and administrative expenses 259,210 267,323
Other income (expenses) -2,651 -7,136
Operating profit 25,426 14,489
Share of results of associates 1,570 1,660
Gain on sales of shares of associates 12 -0
Profit before interest and tax 27,009 16,150
Finance income (costs) -5,221 2,500
Profit before tax 21,788 18,651
Income tax expense 12,755 7,785
Profit attributable to non-controlling interests 2,763 5,310
Profit attributable to owners of the parent 6,269 5,554
Underlying operating profit (*2) 33,926 29,849
Japan 37,638 33,910
Americas 13,523 13,067
EMEA -1,554 -656
APAC -3,224 -3,139
Central costs and eliminations (*4) -12,456 -13,331
Operating margin +11.8% +10.4%
Japan +29.0% +27.6%
Americas +17.7% +16.2%
EMEA (2.7%) (1.1%)
APAC (14.0%) (13.0%)
Reconciliation from Underlying operating profit to Statutory operating profit -8,499 -15,360
Amortization of M&A related intangible assets -6,216 -7,598
Acquisition costs -14 -
Share-based compensation expenses issued following the acquisition of 100% ownership of a subsidiary - 204
One-off items -2,268 -7,965
Underlying net profit (*3) 16,538 15,823
Reconciliation from Underlying net profit to Statutory net profit -10,268 -10,269
Operating profit adjustments -8,499 -15,360
Gain on sales of shares of associates 12 -0
Gain (loss) on revaluation of earnout liabilities and M&A related put option liabilities 41 5,501
Related income tax expense -2,033 802
Others 209 -1,213
  • Note:
    Net profit, Underlying net profit... Excluding attribution to non-controlling interests

Currency

(JPY)
  2025
Jan–Mar
2024
Jan–Mar
JPY/USD 152.4 yen 148.4 yen
JPY/GBP 192.0 yen 188.2 yen
  • *1
    Turnover represents the gross amounts billable to clients handled by the Group on behalf of clients, with net of discounts, VAT and other sales-related taxes.
  • *2
    Underlying operating profit is a KPI to measure recurring business performance which is calculated as operating profit added with amortization of M&A related intangible assets, acquisition costs and one-off items such as impairment loss and gain/loss on sales of non-current assets.
  • *3
    Underlying net profit (attributable to owners of the parent) is a KPI to measure recurring net profit attributable to owners of the parent which is calculated as net profit (attributable to owners of the parent) added with adjustment items related to operating profit, revaluation of earnout liabilities / M&A related put-option liabilities, tax-related, NCI profit-related and other one-off items.
  • *4
    Underlying operating profit and Operating margin for the January-March period of 2020 was restated with excluding central costs following to establishment of the holding company in January 2020.

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