Quarterly Consolidated Results

(JPY mn)
  2020
Jul–Sep
2019
Jul–Sep
Turnover (*1) 1,019,408 1,186,396
Revenue 217,280 249,542
Revenue less cost of sales 193,059 224,962
Organic growth (14.8%) (0.1%)
Japan 76,839 89,950
Organic growth (14.7%) +1.7%
International 116,597 135,232
Organic growth (14.6%) (1.0%)
EMEA 42,801 48,217
Organic growth (12.9%) (1.0%)
Americas 51,894 60,771
Organic growth (15.3%) +5.0%
APAC 21,894 26,237
Organic growth (16.4%) (12.3%)
Selling, general and administrative expenses 177,062 207,894
Other income (expenses) (26,238) 1,906
Operating profit (10,241) 18,974
Share of results of associates 318 578
Impairment loss of associates - -
Gain on sales of shares of associates 50 -
Revaluation gain on step acquisition - 2,239
Profit before interest and tax (9,873) 21,791
Finance income (costs) 2,810 (8,388)
Profit before tax (7,063) 13,403
Income tax expense (2,911) 5,720
Profit attributable to non-controlling interests 1,356 1,665
Profit attributable to owners of the parent (5,508) 6,017
Underlying operating profit (*2) 23,076 30,580
Japan 5,685 14,866
International 18,346 15,713
Central costs and eliminations (*5) (956) -
Operating margin 12.0% 13.6%
Japan 7.4% 16.5%
International 15.7% 11.6%
Reconciliation from Underlying operating profit to Statutory operating profit (33,317) (11,606)
Amortization of M&A related intangible assets (7,493) (8,854)
Acquisition costs 130 (281)
Share-based compensation expenses related to acquired companies (7) (2,331)
Share-based compensation expenses issued following the acquisition of 100% ownership of a subsidiary (438) -
One-off items (25,509) (137)
Underlying net profit (*3) 11,064 16,568
Reconciliation from Underlying net profit to Statutory net profit (16,572) (10,550)
Operating profit adjustments (33,317) (11,606)
Impairment loss of associates - -
Gain on sales of shares of associates 50 -
Revaluation gain on step acquisition - 2,239
Gain (loss) on revaluation of earnout liabilities and M&A related put option liabilities 8,502 (4,159)
Related income tax expense 8,020 2,234
Others 171 741
  • Note:
    Net profit, Underlying net profit... Excluding attribution to non-controlling interests

Currency

(JPY)
  2020
Jan–Sep
2019
Jan–Sep
JPY/USD 107.6 yen 109.1 yen
JPY/GBP 136.8 yen 139.0 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
    IFRS16 “Leases” is applied from January 1st, 2019.
  • *5
    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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