Quarterly Consolidated Results

(JPY mn)
  2020
Oct–Dec
2019
Oct–Dec
Turnover (*1) 1,351,960 1,481,705
Revenue 262,880 301,271
Revenue less cost of sales 233,114 265,179
Organic growth (11.6%) (1.1%)
Japan 93,802 103,922
Organic growth (9.9%) +4.0%
International 139,157 161,630
Organic growth (13.2%) (4.0%)
EMEA 56,095 65,956
Organic growth (14.4%) (1.5%)
Americas 56,027 65,748
Organic growth (13.0%) +1.5%
APAC 27,053 29,934
Organic growth (10.9%) (17.9%)
Selling, general and administrative expenses 196,701 208,134
Other income (expenses) -195,542 -97,454
Operating profit -159,129 -40,408
Share of results of associates 1,346 107
Impairment loss of associates -522 -
Gain on sales of shares of associates 89 -
Revaluation gain on step acquisition - -63
Profit before interest and tax -158,216 -40,364
Finance income (costs) -7,984 -18,501
Profit before tax -166,201 -58,865
Income tax expense 1,628 23,305
Profit attributable to non-controlling interests 2,053 3,465
Profit attributable to owners of the parent -169,882 -85,636
Underlying operating profit (*2) 48,156 65,173
Japan 18,982 21,986
International 30,631 43,282
Central costs and eliminations (*5) -1,457 -
Operating margin 20.7% 24.6%
Japan 20.2% 21.2%
International 22.0% 26.8%
Reconciliation from Underlying operating profit to Statutory operating profit -207,285 -105,582
Amortization of M&A related intangible assets -8,543 -8,016
Acquisition costs -132 -477
Share-based compensation expenses related to acquired companies -1 -3,386
Share-based compensation expenses issued following the acquisition of 100% ownership of a subsidiary -371 -
One-off items -198,237 -93,701
Underlying net profit (*3) 30,521 36,688
Reconciliation from Underlying net profit to Statutory net profit -200,403 -122,324
Operating profit adjustments -207,285 -105,582
Impairment loss of associates -522 -
Gain on sales of shares of associates 89 -
Revaluation gain on step acquisition - -63
Gain (loss) on revaluation of earnout liabilities and M&A related put option liabilities -5,346 -14,489
Related income tax expense 12,242 -2,279
Others 418 89
  • Note:
    Net profit, Underlying net profit... Excluding attribution to non-controlling interests

Currency

(JPY)
  2020
Jan–Dec
2019
Jan–Dec
JPY/USD 106.8 yen 109.1 yen
JPY/GBP 137.1 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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