Quarterly Consolidated Results

(JPY mn)
  2023
Apr–Jun
2022
Apr-Jun
Turnover (*1) 1,391,324 1,365,194
Revenue 297,520 288,388
Net revenue 261,698 260,079
Organic growth (4.7%) +7.3%
Japan 99,969 96,275
Organic growth +3.4% +7.9%
International - 163,926
Organic growth - +7.0%
EMEA 53,545 58,639
Organic growth (12.7%) +4.9%
Americas 77,258 78,318
Organic growth (7.4%) +9.6%
APAC 26,144 26,980
Organic growth (7.0%) +4.5%
Selling, general and administrative expenses 247,986 234,386
Other income (expenses) -18,030 374
Operating profit -4,318 26,068
Share of results of associates -185 59
Impairment loss of associates - -690
Gain on sales of shares of associates -3 -
Revaluation gain on step acquisition - 79
Profit before interest and tax -4,506 25,516
Finance income (costs) 5,258 3,136
Profit before tax 752 28,653
Income tax expense -3,732 9,566
Profit attributable to non-controlling interests 1,041 507
Profit attributable to owners of the parent 3,442 18,579
Underlying operating profit (*2) 22,414 35,000
Japan - 14,413
International - 22,330
Central costs and eliminations - -1,743
Operating margin 8.6% 13.5%
Japan - 15.0%
International - 13.6%
Reconciliation from Underlying operating profit to Statutory operating profit -26,732 -8,931
Amortization of M&A related intangible assets -7,317 -7,196
Acquisition costs -564 -68
Share-based compensation expenses issued following the acquisition of 100% ownership of a subsidiary -95 -46
One-off items -18,755 -1,620
Underlying net profit (*3) 11,640 24,030
Reconciliation from Underlying net profit to Statutory net profit -8,196 -5,450
Operating profit adjustments -26,732 -8,931
Impairment loss of associates - -690
Gain on sales of shares of associates -3 -
Revaluation gain on step acquisition - 79
Gain (loss) on revaluation of earnout liabilities and M&A related put option liabilities 1,022 -3,074
Related income tax expense 10,353 190
Others 7,164 6,976
  • Note:
    Net profit, Underlying net profit... Excluding attribution to non-controlling interests

Currency

(JPY)
  2023
Jan–Jun
2022
Jan–Jun
JPY/USD 135.0 yen 122.9 yen
JPY/GBP 166.5 yen 159.5 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.

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