Quarterly Consolidated Results

(JPY mn)
  2020
Jan–Mar
2019
Jan–Mar
Turnover (*1) 1,194,431 1,214,714
Revenue 252,737 250,578
Revenue less cost of sales 227,170 227,974
Organic growth (0.8%) (1.6%)
Japan 103,715 101,561
Organic growth +2.1% (2.7%)
International 123,210 126,482
Organic growth (3.3%) (0.7%)
EMEA 45,929 47,213
Organic growth (0.4%) (0.4%)
Americas 57,687 54,728
Organic growth +1.2% +0.1%
APAC 19,606 24,540
Organic growth (19.5%) (3.0%)
Selling, general and administrative expenses 199,660 216,646
Other income (expenses) (2,815) (2,033)
Operating profit 24,694 9,294
Share of results of associates 430 160
Impairment loss of associates (436) -
Gain on sales of shares of associates (78) -
Revaluation gain on step acquisition 44 -
Profit before interest and tax 24,653 9,454
Finance income (costs) 5,096 (10,939)
Profit before tax 29,750 (1,484)
Income tax expense 11,593 (553)
Profit attributable to non-controlling interests 2,799 1,652
Profit attributable to owners of the parent 15,356 (2,583)
Underlying operating profit (*2) 37,237 24,472
Japan 28,857 24,655
International 8,655 (183)
Operating margin 16.4% 10.7%
Japan 27.8% 24.3%
International 7.0% -0.1%
Reconciliation from Underlying operating profit to Statutory operating profit (12,543) (15,177)
Amortization of M&A related intangible assets (8,138) (9,004)
Acquisition costs (320) (421)
Share-based compensation expenses related to acquired companies (2,424) (1,984)
One-off items (1,659) (3,767)
Underlying net profit (*3) 20,358 12,551
Reconciliation from Underlying net profit to Statutory net profit (5,002) (15,135)
Operating profit adjustments (12,543) (15,177)
Impairment loss of associates (436) -
Gain on sales of shares of associates (78) -
Revaluation gain on step acquisition 44 -
Gain (loss) on revaluation of earnout liabilities and M&A related put option liabilities 9,669 (7,216)
Related income tax expense (1,851) 6,292
Others 194 967
  • Note:
    Net profit, Underlying net profit... Excluding attribution to non-controlling interests

Currency

(JPY)
2020
Jan–Mar
2019
Jan–Mar
JPY/USD 109.0 110.2
JPY/GBP 139.6 143.7
  • *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
    IFRS16 “Leases” is applied from January 1st, 2019.

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