Quarterly Consolidated Results

(JPY mn)
  2022
Jan-Mar
2021
Jan–Mar
Turnover (*1) 1,317,310 1,145,056
Revenue 287,645 248,850
Net revenue 258,867 222,478
Organic growth +9.1% (2.4%)
Japan 119,145 103,731
Organic growth +10.0% (0.9%)
International 139,909 118,895
Organic growth +8.4% (3.5%)
EMEA 49,308 46,054
Organic growth +3.3% (2.9%)
Americas 68,552 53,340
Organic growth +13.4% (4.1%)
APAC 22,034 19,508
Organic growth +5.2% (3.1%)
Selling, general and administrative expenses 211,857 186,125
Other income (expenses) -6,287 -7,541
Operating profit 40,722 28,811
Share of results of associates 1,481 1,262
Revaluation gain on step acquisition 5,388 -
Profit before interest and tax 47,591 30,073
Finance income (costs) -5,667 -10,050
Profit before tax 41,924 20,024
Income tax expense 14,678 12,994
Profit attributable to non-controlling interests 3,343 2,144
Profit attributable to owners of the parent 23,903 4,885
Underlying operating profit (*2) 54,917 44,996
Japan 42,699 33,983
International 13,862 12,270
Central costs and eliminations -1,643 -1,257
Operating margin 21.2% 20.2%
Japan 35.8% 32.8%
International 9.9% 10.3%
Reconciliation from Underlying operating profit to Statutory operating profit -14,195 -16,185
Amortization of M&A related intangible assets -6,748 -7,428
Acquisition costs -138 -42
Share-based compensation expenses issued following the acquisition of 100% ownership of a subsidiary 77 -452
One-off items -7,386 -8,261
Underlying net profit (*3) 34,936 27,155
Reconciliation from Underlying net profit to Statutory net profit -11,033 -22,270
Operating profit adjustments -14,195 -16,185
Revaluation gain on step acquisition 5,388 -
Gain (loss) on revaluation of earnout liabilities and M&A related put option liabilities -879 -6,848
Related income tax expense -75 701
Others -1,272 63
  • Note:
    Net profit, Underlying net profit... Excluding attribution to non-controlling interests

Currency

(JPY)
  2022
Jan–Mar
2021
Jan–Mar
JPY/USD 116.2 yen 105.9 yen
JPY/GBP 155.9 yen 146.0 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.

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