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    6089   JP3154160000

WILL GROUP, INC.

(6089)
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Will : Summary of Consolidated Financial Results for the First Quarter of the Fiscal Year Ending March 31, 2021

08/25/2020 | 11:01pm EDT

(English Translation)

This English translation is an abridged version of the original document in Japanese. In the event of any discrepancy, the Japanese version prevails.

August 7, 2020

Summary of Consolidated Financial Results

for the First Quarter of the Fiscal Year Ending March 31, 2021

(Three Months Ended June 30, 2020)

[IFRS]

Company name:

WILL GROUP, INC.

Listing: Tokyo Stock Exchange, First Section

Stock code:

6089

URL: https://willgroup.co.jp/

Representative:

Ryosuke Ikeda, Chairman and Representative Director

Contact:

Satoshi Takayama, Chief Administrative Officer

Tel: +81-3-6859-8880

Scheduled date of filing of Quarterly Report:

August 7, 2020

Scheduled date of payment of dividend:

-

Preparation of supplementary materials for quarterly financial results: Yes

Holding of quarterly financial results meeting:

None

(All amounts are rounded down to the nearest million yen)

1. Consolidated Financial Results for the Three Months Ended June 30, 2020 (April 1, 2020 - June 30, 2020)

(1) Consolidated operating results

(Percentages represent year-on-year changes)

Profit attributable

Total

Revenue

Operating profit

Profit before tax

Profit

to owners of

comprehensive

parent

income

Three months ended

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Million yen

%

28,635

(2.5)

989

(7.0)

977

(5.6)

741

8.4

632

0.6

1,426

449.5

Jun. 30, 2020

Three months ended

29,372

26.6

1,063

104.7

1,035

97.4

683

160.3

628

213.2

259

(12.9)

Jun. 30, 2019

Basic earnings per share

Diluted earnings per share

Three months ended

Yen

Yen

28.45

28.07

Jun. 30, 2020

Three months ended

28.26

27.61

Jun. 30, 2019

(2) Consolidated financial position

Equity attributable to

Ratio of equity attributable

Total assets

Total equity

to owners of parent to total

owners of parent

assets

Million yen

Million yen

Million yen

%

As of Jun. 30, 2020

44,964

7,732

5,805

12.9

As of Mar. 31, 2020

44,600

7,123

5,233

11.7

2. Dividends

Dividend per share

1Q-end

2Q-end

3Q-end

Year-end

Total

Yen

Yen

Yen

Yen

Yen

Fiscal year ended Mar. 31, 2020

-

0.00

-

23.00

23.00

Fiscal year ending Mar. 31, 2021

-

Fiscal year ending Mar. 31, 2021

0.00

-

17.00

17.00

(forecasts)

Note: Revisions to the most recently

announced dividend

forecast: Yes

3. Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2021 (April 1, 2020 - March 31, 2021)

(Percentages represent year-on-year changes)

Revenue

Operating profit

Profit before tax

Profit

Profit attributable to

Basic earnings

owners of parent

per share

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Yen

First half

57,000

(6.2)

1,200

(44.7)

1,200

(44.1)

880

(36.5)

700

(43.6)

31.49

Full year

120,000

(1.6)

2,500

(39.7)

2,500

(38.4)

1,600

(41.0)

1,250

(47.5)

56.24

Note: Revisions to the most recently announced consolidated forecast: Yes

* Notes

(1) Changes in significant subsidiaries during the period (changes in scope of consolidation): None

Newly added: -

Name: -

Excluded: -

Name: -

  1. Changes in accounting policies and accounting-based estimates
    1. Changes in accounting policies required by IFRS: None
    2. Changes in accounting policies other than 1) above: None
    3. Changes in accounting-based estimates: None
  2. Number of outstanding shares (common stock)
    1. Number of shares outstanding at the end of period (including treasury shares)

As of Jun. 30, 2020:

22,321,400 shares

As of Mar. 31, 2020:

22,321,400 shares

2) Number of treasury shares at the end of period

As of Jun. 30, 2020:

95,303 shares

As of Mar. 31, 2020:

95,303 shares

3) Average number of shares outstanding during the period

Three months ended Jun. 30, 2020:

22,226,097 shares

Three months ended Jun. 30, 2019:

22,239,597 shares

  • This quarterly financial report is not subject to quarterly review by certified public accountants or auditing firms.
  • Explanation of appropriate use of earnings forecasts and other special items
    Forecasts of future performance in this report are based on assumptions judged to be valid and information available to the Company's management at the time the materials were prepared, but are not promises by the Company regarding future performance. Actual results may differ significantly from these forecasts for a number of reasons. Please refer to "1. Qualitative Information on Quarterly Consolidated Financial Performance, (3) Explanation of Consolidated Forecast and Other Forward-looking Statements" on page 4 for forecast assumptions and notes of caution for usage.

WILL GROUP, INC. (6089) Financial Results for the First Quarter of FY3/21

Contents of Attachments

1. Qualitative Information on Quarterly Consolidated Financial Performance

2

(1)

Explanation of Results of Operations

2

(2)

Explanation of Financial Position

3

(3)

Explanation of Consolidated Forecast and Other Forward-looking Statements

4

2. Condensed Quarterly Consolidated Financial Statements and Notes

5

(1)

Condensed Quarterly Consolidated Statement of Financial Position

5

(2)

Condensed Quarterly Consolidated Statements of Profit or Loss and Comprehensive Income

7

Condensed Quarterly Consolidated Statement of Profit or Loss

7

For the Three-month Period

Condensed Quarterly Consolidated Statement of Comprehensive Income

8

For the Three-month Period

(3)

Condensed Quarterly Consolidated Statement of Changes in Equity

9

(4)

Condensed Quarterly Consolidated Statement of Cash Flows

10

(5)

Notes to Condensed Quarterly Consolidated Financial Statements

11

Going Concern Assumption

11

Segment and Other Information

11

1

WILL GROUP, INC. (6089) Financial Results for the First Quarter of FY3/21

1. Qualitative Information on Quarterly Consolidated Financial Performance

(1) Explanation of Results of Operations

In the first quarter of the fiscal year ending March 31, 2021 (the "period under review"), the Japanese economy, amid a sharp economic slowdown in each country caused by the worldwide spread of the novel coronavirus disease ("COVID-19"), remained grim after the state of emergency declared by the government severely stagnated economic activities. The outlook is expected to show a sign of recovery partly due to various governmental policies as the level of social and economic activities is gradually being raised with infection prevention measures. However, the impact of COVID-19 on domestic and overseas economies needs to be carefully monitored.

The Company and its subsidiaries (the "Group") are guided by the mission of serving as an agent of change to bring about positive changes to both individuals and organizations. By upgrading specialized skills in all our businesses, we have sought to improve customer satisfaction and further differentiate our services. One goal is to raise our in-store share, which is our temporary staffing and consignment workers as a percentage of all these workers at a client company.

In Japan, the state of emergency was lifted in late May and the economy has gradually restarted with infection prevention measures. The factory outsourcing sector was impacted mainly by reduced production, but the other sectors remained solid. Outside Japan, temporary staffing services performed strong thanks to stable demand, even though economic resumption is slower in Singapore and Australia where we have our main presence than in Japan. Additionally, we strived to secure profit primarily by reviewing new investment plans and headquarters cost.

As a result, for the period under review, the Company reported consolidated revenue of 28,635 million yen (down 2.5% year on year), operating profit of 989 million yen (down 7.0%), profit before tax of 977 million yen (down 5.6%), profit of 741 million yen (up 8.4%) and profit attributable to owners of parent of 632 million yen (up 0.6%). EBITDA (operating profit + depreciation and amortization) was 1,513 million yen (up 0.6%).

Results by operating segment were as follows.

As a result of examining our business portfolio management to enhance corporate strategies, we have realigned the previous reportable segment classification consisting of six segments: Sales Outsourcing Business, Call Center Outsourcing Business, Factory Outsourcing Business, Care Support Business, Overseas Human Resources Business, and HR Support Business for Startups developed by for Startups, Inc. The new segment classification effective from the beginning of the first quarter of the fiscal year ending March 31, 2021 consists of two segments only: Domestic WORK Business and Overseas WORK Business. Accordingly, prior-year segment information has been revised to reflect the new segment classification to permit comparisons.

1) Domestic WORK Business

The Domestic WORK Business offers temporary staffing, permanent placement and consignment services in Japan specifically for sectors such as sales outsourcing, call center outsourcing, factory outsourcing and care support/nursery schools. The apparel sector in the sales outsourcing sector and the factory outsourcing sector saw decreased demand due to the impact of COVID-19. However, the sectors such as call center outsourcing and care support/nursery schools enjoyed solid demand and grew steadily. The call center outsourcing sector has started new services including "ZaITact," a contact center service by the staff all working from home, anticipating a phase of coexistence with the coronavirus.

For the period under review, earnings declined due to decreased sales and gross profit caused by increased paid leave of the staff and furlough payments.

As a result, the segment recorded external revenue of 19,782 million yen (down 1.0% year on year) and segment profit of 974 million yen (down 10.7%).

2) Overseas WORK Business

In the human resources service, that operates in the ASEAN and Oceania regions, temporary staffing business remained stable mainly for the public sector, engineering, finance services and legal services despite the spread of COVID-19. However, permanent placement business suffered lower demand, impacted by the economic downturn in Australia and Singapore and sluggish corporate activities.

2

WILL GROUP, INC. (6089) Financial Results for the First Quarter of FY3/21

For the period under review, earnings for this business segment decreased because the sales from permanent placement service declined, despite the recording of employment support subsidy income as a countermeasure against COVID-19 in Singapore.

As a result, the segment recorded external revenue of 8,457 million yen (down 7.0% year on year) and segment profit of 232 million yen (down 18.2%).

3) Others

In the other services, we made efforts on expanding HRTech solutions to break away from labor-intensivesteady-revenue businesses and enhance the development of new platforms such as "Hourmane," a working time management system for foreign workers; "Daywak," an app to find a part-time job using free time; and "ENPORT," a foreign worker support service. Additionally, we sold Tech Residence, an apartment building for IT engineers and creators.

For the period under review, this business segment posted a loss on the back of upfront investments in the HRTech field, despite expansion of the existing businesses.

As a result, the segment recorded external revenue of 885 million yen (up 205.3% year on year) and segment loss of 98 million yen (compared with segment loss of 84 million yen a year earlier).

  1. Explanation of Financial Position 1) Assets, liabilities and equity Assets

Current assets at the end of the period under review amounted to 22,120 million yen, up 79 million yen from the end of the previous fiscal year. This is primarily due to an increase in cash and cash equivalents of 873 million yen, which was partially offset by a decrease in trade and other receivables of 814 million yen.

Non-current assets amounted to 22,844 million yen at the end of the period under review, up 285 million yen from the end of the previous fiscal year. This is primarily due to increases in other intangible assets of 316 million yen and goodwill of 211 million yen, which were partially offset by decreases in right-of-use assets of 124 million yen and other non-current assets of 113 million yen.

As a result, total assets increased 364 million yen from the end of the previous fiscal year to 44,964 million yen.

Liabilities

Current liabilities at the end of the period under review amounted to 22,787 million yen, up 1,220 million yen from the end of the previous fiscal year. This is primarily due to an increase in other financial liabilities of 2,034 million yen, which was partially offset by a decrease in income taxes payable of 670 million yen.

Non-current liabilities amounted to 14,444 million yen at the end of the period under review, down 1,464 million yen from the end of the previous fiscal year. This is primarily due to decreases in other financial liabilities of 980 million yen and borrowings of 537 million yen.

As a result, total liabilities decreased 243 million yen from the end of the previous fiscal year to 37,232 million yen.

Equity

Total equity at the end of the period under review amounted to 7,732 million yen, up 608 million yen from the end of the previous fiscal year. This is primarily due to increases in exchange differences on translation of foreign operations included in other components of equity of 569 million yen and retained earnings of 121 million yen, which were partially offset by a decrease in capital surplus of 207 million yen.

As a result, the adjusted ratio of equity attributable to owners of parent to total assets increased from 19.3% at the end of the previous fiscal year to 20.9%. The ratio is adjusted by netting out the one-time effect of unrealized written put options of 3,612 million yen (compared with 3,377 million yen at the end of the previous fiscal year).

3

WILL GROUP, INC. (6089) Financial Results for the First Quarter of FY3/21

2) Cash Flows

Cash and cash equivalents ("net cash") at the end of the period under review amounted to 6,818 million yen, up 873 million yen from the end of the previous fiscal year. The status of each component of cash flows for the period under review and factors of changes therein are as follows.

Cash flows from operating activities

Net cash provided by operating activities was 1,292 million yen, compared with 831 million yen provided in the same period a year earlier. This is primarily due to a decrease in trade receivables of 1,291 million yen, booking of profit before tax of 977 million yen, and depreciation and amortization of 524 million yen, which were partially offset by income taxes paid of 853 million yen.

Cash flows from investing activities

Net cash provided by investing activities was 323 million yen, compared with 1,794 million yen used in the same period a year earlier. This is primarily due to proceeds from investing activities and other transactions of 486 million yen, which were partially offset by purchases of property, plant and equipment and intangible assets of 176 million yen.

Cash flows from financing activities

Net cash used in financing activities was 854 million yen, compared with 479 million yen provided in the same period a year earlier. This is primarily due to repayments of long-term borrowings of 764 million yen, cash dividends paid of 490 million yen, and repayments of lease obligations of 316 million yen, which were partially offset by proceeds from financing activities and other transactions of 529 million yen and proceeds from long-term borrowings of 200 million yen.

(3) Explanation of Consolidated Forecast and Other Forward-looking Statements

We have revised the consolidated earnings forecast for the fiscal year ending March 31, 2021, as announced in "Notice of Revision to Consolidated Earnings Forecast and Dividend Forecast for the Fiscal Year Ending March 31, 2021" (Japanese version only), which has been released today on August 7, 2020.

Forecasts are based on information currently available to the Company. Actual performance may differ from these forecasts for a number of reasons.

4

WILL GROUP, INC. (6089) Financial Results for the First Quarter of FY3/21

2. Condensed Quarterly Consolidated Financial Statements and Notes

(1) Condensed Quarterly Consolidated Statement of Financial Position

(Millions of yen)

FY3/20

First quarter of FY3/21

(As of Mar. 31, 2020)

(As of Jun. 30, 2020)

Assets

Current assets

Cash and cash equivalents

5,944

6,818

Trade and other receivables

15,067

14,253

Other financial assets

251

267

Other current assets

777

781

Total current assets

22,041

22,120

Non-current assets

Property, plant and equipment

1,315

1,283

Right-of-use assets

6,200

6,076

Goodwill

5,654

5,865

Other intangible assets

5,455

5,771

Other financial assets

1,281

1,387

Deferred tax assets

1,640

1,562

Other non-current assets

1,011

898

Total non-current assets

22,558

22,844

Total assets

44,600

44,964

5

WILL GROUP, INC. (6089) Financial Results for the First Quarter of FY3/21 (Millions of yen)

FY3/20

First quarter of FY3/21

(As of Mar. 31, 2020)

(As of Jun. 30, 2020)

Liabilities

Current liabilities

Trade and other payables

12,521

12,582

Borrowings

3,177

3,241

Other financial liabilities

2,359

4,394

Income taxes payable

1,116

445

Other current liabilities

2,391

2,124

Total current liabilities

21,566

22,787

Non-current liabilities

Borrowings

6,533

5,995

Other financial liabilities

8,012

7,031

Deferred tax liabilities

1,170

1,219

Other non-current liabilities

193

197

Total non-current liabilities

15,909

14,444

Total liabilities

37,476

37,232

Equity

Share capital

2,033

2,033

Capital surplus

(1,399)

(1,606)

Treasury shares

(89)

(89)

Other components of equity

(1,789)

(1,131)

Retained earnings

6,478

6,599

Total equity attributable to owners of parent

5,233

5,805

Non-controlling interests

1,890

1,926

Total equity

7,123

7,732

Total liabilities and equity

44,600

44,964

6

WILL GROUP, INC. (6089) Financial Results for the First Quarter of FY3/21

(2) Condensed Quarterly Consolidated Statements of Profit or Loss and Comprehensive Income

Condensed Quarterly Consolidated Statement of Profit or Loss (For the Three-month Period)

(Millions of yen)

First three months of FY3/20

First three months of FY3/21

(Apr. 1, 2019 - Jun. 30, 2019)

(Apr. 1, 2020 - Jun. 30, 2020)

Revenue

29,372

28,635

Cost of sales

23,137

22,771

Gross profit

6,234

5,864

Selling, general and administrative expenses

5,189

4,971

Other income

21

115

Other expenses

3

19

Operating profit

1,063

989

Finance income

2

11

Finance costs

30

22

Profit before tax

1,035

977

Income tax expense

351

236

Profit

683

741

Profit attributable to

Owners of parent

628

632

Non-controlling interests

55

108

Earnings per share

Basic earnings per share (Yen)

28.26

28.45

Diluted earnings per share (Yen)

27.61

28.07

7

WILL GROUP, INC. (6089) Financial Results for the First Quarter of FY3/21

Condensed Quarterly Consolidated Statement of Comprehensive Income

(For the Three-month Period)

(Millions of yen)

First three months of FY3/20

First three months of FY3/21

(Apr. 1, 2019 - Jun. 30, 2019)

(Apr. 1, 2020 - Jun. 30, 2020)

Profit

683

741

Other comprehensive income

Items that will not be reclassified to profit or loss

Financial assets measured at fair value through other

8

87

comprehensive income

Total of items that will not be reclassified to profit or

8

87

loss

Items that may be reclassified to profit or loss

Cash flow hedges

18

2

Exchange differences on translation of foreign

(451)

596

operations

Total of items that may be reclassified to profit or loss

(433)

598

Other comprehensive income, net of tax

(424)

685

Comprehensive income

259

1,426

Comprehensive income attributable to

Owners of parent

219

1,291

Non-controlling interests

40

135

8

WILL GROUP, INC. (6089) Financial Results for the First Quarter of FY3/21

  1. Condensed Quarterly Consolidated Statement of Changes in Equity First three months of FY3/20 (Apr. 1, 2019 - Jun. 30, 2019)

(Millions of yen)

Share

Capital

Treasury

Total other

Total equity

Non-

Retained

attributable

components

controlling

Total equity

capital

surplus

shares

of equity

earnings

to owners

interests

of parent

Balance as of

2,017

(1,733)

(2)

(607)

4,522

4,196

1,028

5,224

April 1, 2019

Profit

-

-

-

-

628

628

55

683

Other comprehensive

-

-

-

(409)

-

(409)

(15)

(424)

income

Comprehensive income

-

-

-

(409)

628

219

40

259

Dividends of surplus

-

-

-

-

(400)

(400)

-

(400)

Share-based

remuneration

2

72

-

-

-

74

-

74

transactions

Increase (decrease) by

-

(1,104)

-

-

-

(1,104)

486

(618)

business combination

Transfer from other

components of equity

-

-

-

-

-

-

-

-

to retained earnings

Other

-

-

-

-

-

-

(1)

(1)

Total transactions with

2

(1,032)

-

-

(400)

(1,429)

484

(945)

owners

Balance as of

2,019

(2,765)

(2)

(1,016)

4,751

2,985

1,552

4,538

June 30, 2019

First three months of FY3/21 (Apr. 1, 2020 - Jun. 30, 2020)

(Millions of yen)

Share

Capital

Treasury

Total other

Total equity

Non-

Retained

attributable

components

controlling

Total equity

capital

surplus

shares

of equity

earnings

to owners

interests

of parent

Balance as of

2,033

(1,399)

(89)

(1,789)

6,478

5,233

1,890

7,123

April 1, 2020

Profit

-

-

-

-

632

632

108

741

Other comprehensive

-

-

-

659

-

659

26

685

income

Comprehensive income

-

-

-

659

632

1,291

135

1,426

Dividends of surplus

-

-

-

-

(511)

(511)

-

(511)

Share-based

remuneration

-

31

-

-

-

31

-

31

transactions

Increase (decrease) by

-

(238)

-

-

-

(238)

(99)

(338)

business combination

Transfer from other

components of equity

-

-

-

(1)

1

-

-

-

to retained earnings

Other

-

-

-

-

-

-

0

0

Total transactions with

-

(207)

-

(1)

(510)

(718)

(99)

(818)

owners

Balance as of

2,033

(1,606)

(89)

(1,131)

6,599

5,805

1,926

7,732

June 30, 2020

9

WILL GROUP, INC. (6089) Financial Results for the First Quarter of FY3/21

(4) Condensed Quarterly Consolidated Statement of Cash Flows

(Millions of yen)

First three months of FY3/20

First three months of FY3/21

(Apr. 1, 2019 - Jun. 30, 2019)

(Apr. 1, 2020 - Jun. 30, 2020)

Cash flows from operating activities

Profit before tax

1,035

977

Depreciation and amortization

439

524

Share-based remuneration expenses

66

27

Decrease (increase) in trade receivables

93

1,291

Increase (decrease) in trade payables

(26)

(185)

Other

73

(467)

Subtotal

1,681

2,167

Interest and dividends received

2

1

Interest paid

(29)

(22)

Income taxes paid

(822)

(853)

Net cash provided by (used in) operating activities

831

1,292

Cash flows from investing activities

Purchase of property, plant and equipment, and intangible

(259)

(176)

assets

Purchase of marketable securities

(30)

(0)

Proceeds from sale of marketable securities

-

14

Purchase of investments in subsidiaries resulting in

(1,502)

-

change in scope of consolidation

Other

(1)

486

Net cash provided by (used in) investing activities

(1,794)

323

Cash flows from financing activities

Net increase (decrease) in short-term borrowings

554

90

Proceeds from long-term borrowings

2,151

200

Repayments of long-term borrowings

(735)

(764)

Repayments of lease obligations

(257)

(316)

Purchase of investments in subsidiaries not resulting in

(847)

-

change in scope of consolidation

Dividends paid to non-controlling interests

(1)

(103)

Dividends paid

(389)

(490)

Other

4

529

Net cash provided by (used in) financing activities

479

(854)

Effect of exchange rate changes on cash and cash equivalents

7

112

Net increase (decrease) in cash and cash equivalents

(475)

873

Cash and cash equivalents at beginning of period

6,862

5,944

Cash and cash equivalents at end of period

6,386

6,818

10

WILL GROUP, INC. (6089) Financial Results for the First Quarter of FY3/21

  1. Notes to Condensed Quarterly Consolidated Financial Statements Going Concern Assumption
    Not applicable.

Segment and Other Information

(1) Overview of reportable segments

The Group's operating segments are components of the Group that are categorized by type of services provided. The Group determines reportable segments based on the operating segments for which discrete financial information is available and the Group's chief operating decision maker regularly reviews to make decisions about allocation of management resources and assess their performance. As a result, the two reportable segments are identified with the details described as follows.

Reportable segment

Business activities

Engaged primarily in temporary staffing/permanent placement and consignment

Domestic WORK Business

services in Japan specifically for sectorr such as sales, call center, factory and

nursing care facility; HR support business for venture firms and startups in growth

industries developed by for Startups, Inc.

Overseas WORK Business

Engaged primarily in the temporary staffing/permanent placement services in the

ASEAN and Oceania regions.

In addition to the above, human resources service in the HRTech field is included in the "Others" segment.

(2) Information on reportable segments

Segment profit of the reportable segments is measured based on operating profit under Japanese GAAP plus employment support subsidy income as a countermeasure against COVID-19 (Jobs Support Scheme) in Singapore with adjustment to operating profit of the consolidated financial statements prepared under IFRS.

First three months of FY3/20 (Apr. 1, 2019 - Jun. 30, 2019)

(Millions of yen)

Reportable segment

Amounts

Adjustment

IFRS

recorded in

Domestic

Overseas

Total

Others

adjustment

consolidated

WORK

WORK

(Note 2)

(Note 3)

financial

statements

Revenue

External revenue

19,984

9,098

29,082

290

-

-

29,372

Inter-segment revenue (Note 1)

4

-

4

2

(6)

-

-

Total

19,988

9,098

29,087

292

(6)

-

29,372

Segment profit

1,091

283

1,375

(84)

(440)

213

1,063

Notes: 1. Inter-segment revenue is measured based on normal market prices.

  1. The negative adjustment of 440 million yen to segment profit includes elimination of 1 million yen for inter-segment transactions and corporate expenses of minus 441 million yen that are not allocated to any of the operating segments. Corporate expenses mainly consist of general and administrative expenses that are not attributable to any of the operating segments.
  2. The IFRS adjustment of 213 million yen to segment profit reflects reversal of amortization of goodwill and recognition of expenses associated with accrued paid leave, and others.

11

WILL GROUP, INC. (6089) Financial Results for the First Quarter of FY3/21

First three months of FY3/21 (Apr. 1, 2020 - Jun. 30, 2020)

(Millions of yen)

Reportable segment

Amounts

Adjustment

IFRS

recorded in

Domestic

Overseas

Total

Others

adjustment

consolidated

WORK

WORK

(Note 2)

(Note 3)

financial

statements

Revenue

External revenue

19,782

8,457

28,239

885

-

(489)

28,635

Inter-segment revenue (Note 1)

9

-

9

2

(11)

-

-

Total

19,791

8,457

28,249

887

(11)

(489)

28,635

Segment profit

974

232

1,207

(98)

(483)

363

989

Notes: 1. Inter-segment revenue is measured based on normal market prices.

    1. The negative adjustment of 483 million yen to segment profit includes elimination of 4 million yen for inter-segment transactions and corporate expenses of minus 487 million yen that are not allocated to any of the operating segments. Corporate expenses mainly consist of general and administrative expenses that are not attributable to any of the operating segments.
    2. The negative IFRS adjustment of 489 million yen to inter-segment revenue reflects reversal of revenue from Tech Residence business included in "Others." The IFRS adjustment of 363 million yen to segment profit reflects reversal of amortization of goodwill and recognition of expenses associated with accrued paid leave, and others.
  1. Change in reportable segments

As a result of examining our business portfolio management to enhance corporate strategies, we have realigned the previous reportable segment classification consisting of six segments: Sales Outsourcing Business, Call Center Outsourcing Business, Factory Outsourcing Business, Care Support Business, Overseas Human Resources Business, and HR Support Business for Startups developed by for Startups, Inc. The new segment classification effective from the beginning of the first quarter of the fiscal year ending March 31, 2021 consists of two segments only: Domestic WORK Business and Overseas WORK Business.

Accordingly, prior-year segment information has been revised to reflect the new segment classification to permit comparisons.

This financial report is solely a translation of the Company's Kessan Tanshin (including attachments) in Japanese, which has been prepared in accordance with International Financial Reporting Standards (IFRSs), for the convenience of readers who prefer an English translation.

12

Disclaimer

Will Group Inc. published this content on 26 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 August 2020 03:01:16 UTC


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Financials
Sales 2022 120 B 1 089 M 1 089 M
Net income 2022 1 890 M 17,2 M 17,2 M
Net Debt 2022 - - -
P/E ratio 2022 11,2x
Yield 2022 2,62%
Capitalization 21 276 M 194 M 194 M
Capi. / Sales 2022 0,18x
Capi. / Sales 2023 0,17x
Nbr of Employees 4 845
Free-Float 59,2%
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Shigeru Ohara President & Representative Director
Ryosuke Ikeda Chairman
Satoshi Takayama Executive Officer & General Manager-Administration
Shuhei Ito Independent Outside Director
Chie Ikegawa Independent Director
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