Quarterly Consolidated Results

(JPY mn)
  2020
Apr–Jun
2019
Apr–Jun
Turnover (*1) 932,415 1,263,985
Revenue 206,344 246,489
Revenue less cost of sales 181,697 221,268
Organic growth (17.3%) (1.3%)
Japan 74,544 84,932
Organic growth (12.6%) (1.4%)
International 107,337 136,427
Organic growth (20.0%) (1.3%)
EMEA 38,464 51,013
Organic growth (20.2%) +0.7%
Americas 50,021 58,837
Organic growth (17.1%) +2.8%
APAC 18,841 26,573
Organic growth (26.4%) (12.3%)
Selling, general and administrative expenses 174,351 207,349
Other income (expenses) (3,294) (5,137)
Operating profit 4,051 8,781
Share of results of associates (414) (329)
Impairment loss of associates - -
Gain on sales of shares of associates 83 -
Revaluation gain on step acquisition - -
Profit before interest and tax 3,721 8,452
Finance income (costs) (1,341) (4,274)
Profit before tax 2,380 4,177
Income tax expense 851 1,664
Profit attributable to non-controlling interests 1,090 1,204
Profit attributable to owners of the parent 438 1,308
Underlying operating profit (*2) 15,509 20,525
Japan 7,773 10,980
International 8,884 9,549
Central costs and eliminations (*5) (1,148) -
Operating margin 8.5% 9.3%
Japan 10.4% 12.9%
International 8.3% 7.0%
Reconciliation from Underlying operating profit to Statutory operating profit (11,458) (11,743)
Amortization of M&A related intangible assets (7,701) (8,930)
Acquisition costs (378) (233)
Share-based compensation expenses related to acquired companies (661) (1,865)
Share-based compensation expenses issued following the acquisition of 100% ownership of a subsidiary (368) -
One-off items (2,348) (714)
Underlying net profit (*3) 7,945 10,312
Reconciliation from Underlying net profit to Statutory net profit (7,507) (9,004)
Operating profit adjustments (11,458) (11,743)
Impairment loss of associates - -
Gain on sales of shares of associates 83 -
Revaluation gain on step acquisition - -
Gain (loss) on revaluation of earnout liabilities and M&A related put option liabilities 851 (853)
Related income tax expense 2,811 2,846
Others 204 746
  • Note:
    Net profit, Underlying net profit... Excluding attribution to non-controlling interests

Currency

(JPY)
2020
Jan–June
2019
Jan–June
JPY/USD 108.3 110.0
JPY/GBP 136.6 142.4
  • *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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