Quarterly Consolidated Results

(JPY mn)
  2022
Oct–Dec
2021
Oct–Dec
Turnover (*1) 1,739,652 1,561,671
Revenue 358,769 311,043
Net revenue 322,645 280,181
Organic growth +2.6% +14.2%
Japan 119,836 111,393
Organic growth +1.7% +17.3%
International 202,942 168,925
Organic growth +3.1% +12.1%
EMEA 79,135 67,460
Organic growth +4.4% +12.6%
Americas 89,226 71,500
Organic growth +2.3% +15.4%
APAC 34,598 29,970
Organic growth +2.1% +3.8%
Selling, general and administrative expenses 260,440 242,152
Other income (expenses) -36,057 -8,064
Operating profit 26,147 29,965
Share of results of associates 551 890
Impairment loss of associates -4,579 -
Gain on sales of shares of associates 274 -
Profit before interest and tax 22,392 30,853
Finance income (costs) -10,912 -2,253
Profit before tax 11,480 28,600
Income tax expense 8,880 20,036
Profit attributable to non-controlling interests 1,167 1,919
Profit attributable to owners of the parent 1,432 6,643
Underlying operating profit (*2) 72,782 47,202
Japan 28,338 13,349
International 47,502 35,393
Central costs and eliminations -3,058 -1,540
Operating margin 22.6% 16.8%
Japan 23.6% 12.0%
International 23.4% 21.0%
Reconciliation from Underlying operating profit to Statutory operating profit -46,634 -17,237
Amortization of M&A related intangible assets -7,455 -7,015
Acquisition costs -254 -242
Share-based compensation expenses issued following the acquisition of 100% ownership of a subsidiary -272 -202
One-off items -38,652 -9,777
Underlying net profit (*3) 44,469 29,265
Reconciliation from Underlying net profit to Statutory net profit -43,037 -22,621
Operating profit adjustments -46,634 -17,237
Impairment loss of associates -4,579 -
Gain on sales of shares of associates 274 -
Gain (loss) on revaluation of earnout liabilities and M&A related put option liabilities -4,911 849
Related income tax expense 11,495 -6,715
Others 1,318 480
  • Note:
    Net profit, Underlying net profit... Excluding attribution to non-controlling interests

Currency

(JPY)
  2022
Jan–Dec
2021
Jan–Dec
JPY/USD 131.4 yen 109.8 yen
JPY/GBP 161.9 yen 151.1 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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