Quarterly Consolidated Results

(JPY mn)
  2021
Jan–Mar
2020
Jan–Mar
Turnover (*1) 1,145,056 1,194,431
Revenue 248,850 252,737
Revenue less cost of sales 222,478 227,170
Organic growth (2.4%) (0.8%)
Japan 103,731 103,715
Organic growth (0.9%) +2.1%
International 118,895 123,210
Organic growth (3.5%) (3.3%)
EMEA 46,054 45,929
Organic growth (2.9%) (0.4%)
Americas 53,340 57,687
Organic growth (4.1%) +1.2%
APAC 19,508 19,606
Organic growth (3.1%) (19.5%)
Selling, general and administrative expenses 186,125 199,660
Other income (expenses) -7,541 -2,815
Operating profit 28,811 24,694
Share of results of associates 1,262 430
Impairment loss of associates - -436
Gain on sales of shares of associates - -78
Revaluation gain on step acquisition - 44
Profit before interest and tax 30,073 24,653
Finance income (costs) -10,050 5,097
Profit before tax 20,024 29,750
Income tax expense 12,994 11,593
Profit attributable to non-controlling interests 2,144 2,799
Profit attributable to owners of the parent 4,885 15,356
Underlying operating profit (*2) 44,996 37,237
Japan 33,983 30,304
International 12,270 8,655
Central costs and eliminations (*4) -1,257 -1,722
Operating margin 20.2% 16.4%
Japan 32.8% 29.2%
International 10.3% 7.0%
Reconciliation from Underlying operating profit to Statutory operating profit -16,185 -12,543
Amortization of M&A related intangible assets -7,428 -8,138
Acquisition costs -42 -320
Share-based compensation expenses related to acquired companies - -2,425
Share-based compensation expenses issued following the acquisition of 100% ownership of a subsidiary -452 -
One-off items -8,261 -1,660
Underlying net profit (*3) 27,155 20,358
Reconciliation from Underlying net profit to Statutory net profit -22,270 -5,001
Operating profit adjustments -16,185 -12,543
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 -6,848 9,669
Related income tax expense 701 -1,851
Others 63 194
  • Note:
    Net profit, Underlying net profit... Excluding attribution to non-controlling interests

Currency

(JPY)
  2021
Jan–Mar
2020
Jan–Mar
JPY/USD 105.9 yen 109.0 yen
JPY/GBP 146.0 yen 139.6 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
    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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