Quarterly Consolidated Results

(JPY mn)
  2021
Jul–Sep
2020
Jul–Sep
Turnover (*1) 1,322,683 1,019,408
Revenue 281,834 217,280
Revenue less cost of sales 255,826 193,059
Organic growth +27.8% (14.8%)
Japan 116,501 76,839
Organic growth +49.7% (14.7%)
International 139,231 116,597
Organic growth +13.4% (14.6%)
EMEA 50,724 42,801
Organic growth +12.9% (12.9%)
Americas 62,646 51,894
Organic growth +16.3% (15.3%)
APAC 24,640 21,894
Organic growth +7.6% (16.4%)
Selling, general and administrative expenses 205,118 177,062
Other income (expenses) 76,788 -26,238
Operating profit 127,496 -10,241
Share of results of associates 304 318
Impairment loss of associates - -
Gain on sales of shares of associates - 50
Revaluation gain on step acquisition - -
Profit before interest and tax 126,980 -9,873
Finance income (costs) -9,851 2,810
Profit before tax 117,128 -7,063
Income tax expense 49,838 -2,911
Profit attributable to non-controlling interests 1,649 1,356
Profit attributable to owners of the parent 65,641 -5,508
Underlying operating profit (*2) 60,214 23,076
Japan 38,928 5,685
International 22,595 18,346
Central costs and eliminations -1,308 -956
Operating margin 23.5% 12.0%
Japan 33.4% 7.4%
International 16.2% 15.7%
Reconciliation from Underlying operating profit to Statutory operating profit 67,281 -33,317
Amortization of M&A related intangible assets -7,276 -7,493
Acquisition costs -304 130
Share-based compensation expenses related to acquired companies - -7
Share-based compensation expenses issued following the acquisition of 100% ownership of a subsidiary -421 -438
One-off items 75,283 -25,509
Underlying net profit (*4) 36,751 11,064
Reconciliation from Underlying net profit to Statutory net profit 28,889 -16,572
Operating profit adjustments 67,281 -33,317
Impairment loss of associates - -
Gain on sales of shares of associates - 50
Revaluation gain on step acquisition - -
Gain (loss) on revaluation of earnout liabilities and M&A related put option liabilities -4,925 8,502
Related income tax expense -33,515 8,020
Others 48 171
  • Note:
    Net profit, Underlying net profit... Excluding attribution to non-controlling interests

Currency

(JPY)
  2021
Jan–Sep
2020
Jan–Sep
JPY/USD 108.5 yen 107.6 yen
JPY/GBP 150.3 yen 136.8 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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