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    6089   JP3154160000

WILL GROUP, INC.

(6089)
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Will : Supplementary Materials for the First Quarter of the Fiscal Year Ending March 31, 2021

08/25/2020 | 11:01pm EDT

Supplementary Materials

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

August 7, 2020

WILL GROUP, INC. (Tokyo Stock Exchange, First Section / Stock code: 6089)

Copyright (C) 2020 WILL GROUP, INC. All Rights Reserved

Contents

  1. 1Q FY3/21 Highlights

II. FY3/21 Earnings and Dividend Forecasts III. Reference

  • In this material, the term "net sales" refers to either "net sales" under Japanese GAAP or "revenue" under IFRS, and "equity ratio" refers to either "equity ratio" under Japanese GAAP or "ratio of equity attributable to owners of parent to total assets" under IFRS.

Copyright (C) 2020 WILL GROUP, INC. All Rights Reserved

22

I. 1Q FY3/21 Highlights

Copyright (C) 2020 WILL GROUP, INC. All Rights Reserved

33

1Q FY3/21 Highlights

COVID-19 negatively affected performance, but the call center outsourcing and care support/nursery school sectors performed well

(Billions of yen)

Vs. 1Q FY3/20

1Q FY3/21

1Q FY3/20

Change

% change

Revenue

29.37

28.63

-0.73

-2.5%

Gross profit

6.23

5.86

-0.37

-5.9%

(Gross margin)

(21.2%)

(20.5%)

(-0.7pt)

Operating profit

1.06

0.98

-0.07

-7.0%

(Operating margin)

(3.6%)

(3.5%)

(-0.2pt)

Profit before tax

1.03

0.97

-0.05

-5.6%

Profit attributable to owners of

0.62

0.63

+0.00

+0.6%

parent

EBITDA

1.51

(Operating profit + Depreciation and

1.50

+0.00

+0.6%

amortization

Number of employees: 4,870

(+382 from the end of FY3/20)

Copyright (C) 2020

WILL GROUP, INC. All Rights Reserved

44

1Q FY3/21 Revenue: Breakdown of Year-on-Year Changes

1,033

-0.20

-0.64

Lower revenues in

Lower permanent

Sales Outsourcing

placement

and Factory

revenue

Outsourcing

sectors

29.3

(Billions of yen)

+0.59

-0.48

Higher revenues from sales of real estate for sale

28.6

1Q FY3/20

Domestic WORK

Overseas WORK

Others

IFRS

1Q FY3/21

Business

Business

adjustments

Copyright (C) 2020 WILL GROUP, INC. All Rights Reserved

55

1Q FY3/21 Operating Profit: Breakdown of Year-on-Year Changes

(Billions of yen)

+0.15

-0.11

-0.05

-0.01

-0.04

Decrease in

1.06

Lower profit in

Lower permanent

More upfront

the provision

Higher

0.98

Sales Outsourcing

placement revenue,

investments in

personnel

for paid leave

and Factory

received

the HRTech

expenses

Outsourcing

employment

field

and IT

sectors

support subsidy

investment

1Q FY3/20

Domestic WORK Overseas WORK

Others

Corporate

IFRS

1Q FY3/21

Business

Business

expenses

adjustments

Copyright (C) 2020 WILL GROUP, INC. All Rights Reserved

66

FY3/21 Forecasts Impact of COVID-19

Segments

Sectors

COVID-19 assumptions for initial forecasts

First quarter COVID-19 impact and responses

Domestic

Sales

Sales down due to restrictions on store operations and

The state of emergency ended in late May. Telecommunications sector demand was

WORK

support

sales promotion decline due to fewer special events.

firm but market conditions remained challenging in the apparel and sales promotion

Business

Lower gross profit due to increase in paid time off and

categories. Increased sales activities in the stable telecommunications sector.

payments to employees placed on leave.

The negative effect of furlough payments and other expenses on the gross profit was

smaller than expected in the first quarter, partly because customers covered part of

these expenses. Anticipate no effect during the remainder of the fiscal year.

Call center

Decline in call center operations but some people

The number of people assigned to call centers declined due to social distancing but

continue to work from home. New orders are down.

this sector performed well because of higher staffing rates. More paid leave

Lower gross profit due to increase in paid time off.

expenses were expected to reduce gross profit, but these expenses were negligible.

Factory

Only a small impact of COVID-19 in the food sector

The food sector generally performed well but orders decreased due to lower output

but a downturn in orders because of lower production

of food products for restaurants as people stayed home.

in other sectors. Lower gross profit due to increase in

In other sectors, orders were down because of declining production and the volume

paid time off and payments to employees placed on

of new orders was low. Increased sales activities targeting current customers in food

leave.

and other sectors that are performing well. Expect higher paid leave expenses to

continue affecting gross profit until the end of the first half.

Care

For new orders and recruiting, forecast higher sales

No difficulties with recruiting people as applicants are shifting to this sector from

support/

and earnings because of inflows from other industries

other business categories. However, temporary staffing orders are declining due to

nursery

more direct employment in these business sectors. More sales activities to add new

schools

customers.

HR support

The number of job openings is declining but there is

Permanent placement orders in May were down 40% from one year earlier mainly

for

still very strong demand for placement services for

because clients revised recruiting plans, but job openings and orders started

startups

senior executives and engineers

recovering in June.

Others

Temporary school closings are affecting assistant

Schools reopened after the end of the state of emergency in late May, so COVID-19

language teacher staffing; for construction

had no effect on assistant language teacher staffing. For construction management

management engineer staffing, new orders are down

engineer staffing, increasing sales activities to add new customers because demand

but no significant impact of COVID-19

for these engineers remains strong and the recruiting environment is improving.

Overseas

Singapore,

Expect a decline in permanent placements because of

Permanent placement orders were down as economic downturns, lockdowns and

WORK

etc.

fewer orders from companies. For temporary staffing,

other effects of COVID-19 stagnated economic activity, but orders are expected to

Business

Australia

only a small impact in major categories like the public

start recovering in July. Temporary staffing services are performing well and

sector, IT, financial services and legal services, but

emphasis has shifted to measures for more growth of this business.

anticipate fewer orders in other market sectors.

Copyright (C) 2020 WILL

GROUP, INC. All Rights Reserved

77

Domestic WORK Business

Revenue and segment profit (Billions of yen)

(Billions of yen)

1Q FY3/21

1Q FY3/20

Change

Results

Results

19.9

19.7

Revenue

Revenue

19.78

19.98

-1.0%

15.2

12.8

5.6%

3.5%

0.8

0.4

17.1

4.2%

0.7

5.5%

4.9%

1.0 0.9

Segment profit to net sales

Segment profit

Segment profit

0.97

1.09

-10.7%

Topics

COVID-19 reduced revenue in the sales outsourcing and factory

outsourcing sectors, but revenue was strong in the call center

outsourcing and care support/nursery school sectors.

1Q

1Q

1Q

1Q

1Q

FY3/17

FY3/18

FY3/19

FY3/20

FY3/21

Controlled recruiting expenses based on the level of new orders

(down ¥120 million from 1Q FY3/20)

Number of workers on assignments (person)

4,246

4,393

4,491

4,815

4,880

5,429

3,999

3,624

5,226

7,771

8,595

9,693

9,676

10,172

10,105

10,144

9,342

8,015

5,221

5,262

5,507

5,590

5,472

5,861

5,787

5,834

5,259

4,671

4,499

4,708

5,258

4,655

4,730

4,778

4,389

3,673

Care support

Factory

Call center Sales support

-203

Vs.4Q FY3/20

-1,327

Vs.4Q FY3/20

-575

Vs.4Q FY3/20

-716

Vs.4Q FY3/20

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

FY3/19

FY3/19

FY3/19

FY3/19

FY3/20

FY3/20

FY3/20

FY3/20

FY3/21

Copyright (C) 2020 WILL GROUP, INC. All Rights Reserved

88

Domestic WORK BusinessSales and Operating profit by sector

The call center outsourcing and care support/nursery school sectors performed well

(Billions of yen)

Sales by Sector

Operating profit by sector

19.98

19.78

1.9

2.1

Others

0.3

HR support for startups

0.3

2.8

3.3

Care support/ nursery

5.8

5.4 Factory

3.9

4.2

Call center

5.4

4.5

Sales support

1.09

0.97

0.1

0.0

0.1

0.0

Others

0.0

HR support for startups

0.3

0.2

Care support/ nursery

0.2

Factory

0.2

0.3

Call center

0.4

0.2

Sales support

1Q

1Q

1Q

1Q

FY3/20

FY3/21

FY3/20

FY3/21

Copyright (C) 2020 WILL GROUP, INC. All Rights Reserved

99

(Billions of yen)

Domestic WORK Business (Business sector sales)

COVID-19 negatively affected the apparel, other sales support and factory (except food) sectors

Care support Sales center Call Factory support/ nursery

0.5

0.7

0.7

0.6

1.2

1.2

0.6

0.6

0.3

1.3

0.5

Others

0.3

0.5

1.1

1.1

0.2

0.4

Construction management engineers

0.2

1.1

3.0

0.2

1.3

1.0

0.2

0.3

0.3

3.1

0.2

0.3

IT engineers

0.6

0.3

2.6

0.2

0.2

3.2

0.3

HR support for startups

0

0.2

2.6

2.8

2

3.3

Care support/ nursery schools

0.1

2.4

3.0

2.2

2.9

3.0

2.8

2.7

2.8

2.4

2.5

2.5

Factory except food

3.1

2.8

3.1

2.9

2.3

2.5

2.7

3.0

0.4

Food factory

2.9

0.3

0.5

0.2

0.2

0.2

0.4

0.8

0.5

1.1

0.9

0.6

Finance

0.9

1.0

1.0

0.9

2.9

0.8

2.7

2.7

2.7

2.7

2.6

2.9

2.9

0.8

Office

2.9

Call center, etc

2.2

2.7

1.8

1.8

1.8

1.6

2.1

2.0

1.3

Other sales support

0.4

0.5

0.5

0.6

0.7

0.7

0.7

0.7

0.2

Apparel

3.2

3.2

3.1

3.1

3.2

3.0

2.9

2.7

2.9

Telecommunications

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

FY3/19

FY3/19

FY3/19

FY3/19

FY3/20

FY3/20

FY3/20

FY3/20

FY3/21

Copyright (C) 2020 WILL GROUP, INC. All Rights Reserved

100

Overseas WORK Business

Revenue and segment profit (Billions of yen)

1Q FY3/21

1Q FY3/20

Change

Results

Results

9.0 8.4 Revenue

Revenue

8.45

9.09

-7.0%

4.6%

5.7

3.1%

Segment

3.0%

2.7%

profit to net

2.31.0%

0.2

0.2

0.2

sales

Segment

0.5

profit

0.0

0.0

Segment profit

0.23

0.28

-18.2%

1Q

1Q

1Q

1Q

1Q

FY3/17

FY3/18

FY3/19

FY3/20

FY3/21

Major components of changes in segment profit

(Billions of yen)

1Q FY3/20

0.28

Foreign exchange impact

-0.03

Reduction in SG&A

+0.08

expenses

Topics

  • Permanent placement was lower but temporary staffing remained solid in Australia and Singapore
  • Received an employment support subsidy (approx.
    ¥250 million) as a countermeasure against COVID-19 in Singapore

Increase in temporary

+0.14

Initially

1Q FY3/21

1Q FY3/20

Change for ¥1 difference/y

staffing gross profit

Forex sensitivity

assumed

Results

Results

Decrease in sales from

-0.49

Revenue

Profit

permanent placement

AUD

¥70

¥70

¥76

¥380 mln

¥10 mln

Subsidy income

+0.25

SGD

¥75

¥76

¥80

¥90 mln

¥0 mln

1Q FY3/21

0.23

Copyright (C) 2020 WILL GROUP, INC. All Rights Reserved

111

Business Portfolio Changes in Japan and Overseas

Domestic WORK Business Portfolio (Gross profit basis)

■FY3/20

Perm:40%

Final year of New Medium-term Management Plan

■1Q FY3/21

Perm:39%

→:Temp:40% Perm:60%

Difficulties in the permanent placement sector

Temp:60%Temp:61%

Overseas WORK Business Portfolio (Gross profit basis)

Final year of New Medium-term

→:Temp:60% Perm:40%

Management Plan

■FY3/20

■1Q FY3/21

Permanent

placements down

Perm:55%

about 30% from 1Q

FY3/20 but the stable

Perm:41%

temporary staffing

sector continues to

perform well despite

Temp:45%

the COVID-19

Temp:59% pandemic

Copyright (C) 2020 WILL GROUP, INC. All Rights Reserved

122

Others

Revenue and segment profit (Billions of yen)

0.8

0.5

0.2

Revenue

0.0

0.1

Segment

-0.0

-0.0

-0.0

-0.0

profit

-0.0

1Q

1Q

1Q

1Q

1Q

FY3/17 FY3/18 FY3/19 FY3/20 FY3/21

Other business activities

Organic

M&A

HRTech

Investment funds

(HRTech)

Daywak

Visamane

(Hourmane)

1Q FY3/21

1Q FY3/20

Change

Results

Results

Revenue

0.88

0.29

+205.3%

Segment profit

(0.09)

(0.08)

-

Topics

  • Higher revenue due to the sale of real estate for sale
  • Upfront investments (¥130 million) in the HRTech field
  • Number of stores using the Visamane

foreign worker management system

2,920

3,016

2,953 2,956

2,720

2,200 2,432

1,800

945

1,058 1,064 1,150 1,300

Copyright (C) 2020 WILL GROUP, INC. All Rights Reserved

133

Financial Indicators

All financial indicators are improving on an adjusted equity basis*

End of June 2019

End of September 2019

End of December 2019

End of March 2020

End of June 2020

Adjusted ratio of equity

14.6%

16.4%

18.1%

19.3%

20.9%

attributable to owners of parent

to total assets

1.1 times

1.0 times

0.8 times

0.4 times

0.3 times

Adjusted net debt to equity ratio

(Interest-bearing debt - Cash and deposits) / Adjusted equity attributable to owners of parent

Ratio of goodwill to adjusted equity attributable to owners of parent

Goodwill outstanding /

Adjusted equity attributable to owners of parent

0.9 times

0.8 times

0.7 times

0.7 times

0.6 times

EBITDA

-

-

-

1.6 times

2.0 times

Adjusted interest-bearing debt

to EBITDA ratio

Interest-bearing debt (excluding short- term borrowings) / Forecast EBITDA

*Adjusted equity represents total equity, net of written put option.

Copyright (C) 2020 WILL GROUP, INC. All Rights Reserved

144

Consolidated Balance Sheet

(Billions of yen)

March 31,

June 30,

Change

2020

2020

Current assets

22.0

22.1

+0.0

Non-current assets

22.5

22.8

+0.2

Total assets

44.6

44.9

+0.3

Current liabilities

21.5

22.7

+1.2

Non-current liabilities

15.9

14.4

-1.4

Total liabilities

37.4

37.2

-0.2

Total equity

7.1

7.7

+0.6

Total liabilities and

44.6

44.9

+0.3

equity

Ratio of equity attributable to

11.7%

12.9%

+1.2pt

owners of parent to total

assets

(Billions of yen)

Major components of changes

Total assets

Cash and cash equivalents

+0.8

Trade and other receivables

-0.8

Right-of-use assets

-0.1

Goodwill

+0.2

Other intangible assets

+0.3

Other non-current assets

+0.1

Total liabilities

Other financial liabilities (current)

+2.0

Income taxes payable

-0.6

Borrowings (non-current)

-0.5

Other financial liabilities (non-current)

-0.9

Total equity

Capital surplus

-0.2

Exchange differences on translation

of foreign operations

+0.5

Retained earnings

+0.1

Copyright (C) 2020 WILL GROUP, INC. All Rights Reserved

155

Consolidated Statement of Cash Flows

(Billions of yen)

1Q

1Q

FY3/20

FY3/21

Profit before tax

1.0

0.9

Depreciation and amortization

0.4

0.5

Income taxes paid

(0.8)

(0.8)

Other

0.1

0.6

Net cash provided by (used in) operating activities

0.8

1.2

Purchase and sales of property, plant and

(0.2)

(0.1)

equipment, etc.

Purchase and sales of shares of subsidiaries

(1.5)

0.0

Other

0.0

0.5

Net cash provided by (used in) investing activities

(1.7)

0.3

Net increase (decrease) in interest-bearing debt

1.7

(0.7)

Purchase and sales of shares of subsidiary not

(0.8)

0.0

resulting in changes in the scope of consolidation

Dividends paid

(0.3)

(0.4)

Other

0.0

0.4

(Major

Components)

Decrease in trade receivables

Decrease in M&A investments

Free Cash Flows

(Billions of yen)

1.6

-0.9

1Q

1Q

FY3/20

FY3/21

Net cash provided by (used in) financing activities

0.4

(0.8)

Decrease in

acquisition of

Effect of exchange rate changes

0.0

0.1

additional

Net increase (decrease) in cash and cash

(0.4)

0.8

shares of

equivalents

consolidated

Cash and cash equivalents at end of period

6.3

6.8

subsidiaries

Free cash flows

(0.9)

1.6

(Operating activities + Investing activities)

Copyright (C) 2020 WILL GROUP, INC. All Rights Reserved

166

II. FY3/21 Earnings and Dividend Forecasts

Copyright (C) 2020 WILL GROUP, INC. All Rights Reserved

177

FY3/21 Forecast

The forecast uses conservative assumptions because of the uncertain outlook, including the risk of a second wave of COVID-19 during the remainder of the fiscal year

(Billions of yen)

FY3/20

FY3/21

FY3/21

Difference

(Initial forecast)

(Revised forecast)

Revenue

121.91

120.00

120.00

0.0

Domestic WORK Business

84.43

83.62

82.69

-0.93

Overseas WORK Business

36.07

34.87

35.97

+1.09

Others

1.54

1.50

1.82

+0.32

IFRS adjustments

(0.14)

-

(0.48)

-0.48

Operating profit(Operating margin)

4.14

2.00

2.50

+0.50

(3.4%)

(1.7%)

(2.1%)

Domestic WORK Business

5.06

3.50

3.83

+0.33

Overseas WORK Business*

0.97

0.79

0.88

+0.09

Others

(0.35)

(0.41)

(0.42)

-0.00

Adjustments

(1.86)

(2.46)

(2.38)

+0.07

IFRS adjustments*

0.33

0.58

0.59

+0.00

Profit attributable to owners of parent

2.38

1.00

1.25

+0.25

EBITDA

6.13

4.00

4.50

+0.50

  • In the initial forecast, the overseas employment support subsidy income as a countermeasure against COVID-19 used an IFRS adjustment. But the subsidy has been changed to the Overseas WORK Business and the initial forecast has been revised accordingly.

Copyright (C) 2020 WILL GROUP, INC. All Rights Reserved

188

Revised FY3/21 Forecast (Segments and Sectors)

(Billions of yen)

Segments

Sectors

FY3/20

FY3/21

FY3/21

Change

(Initial forecast)

(Revised forecast)

(%)

Upper: Net sales

Upper: Net sales

Upper: Net sales

Upper: Net sales

Lower: Operating profit

Lower: Operating profit

Lower: Operating profit

Lower: Operating profit

Domestic

Sales support

23.14

19.70

19.70

0.0%

WORK Business

1.79

1.23

1.28

+3.5%

Call center

16.45

16.40

16.69

+1.8%

0.99

0.89

1.10

+22.9%

Factory

23.74

23.48

22.33

-4.9%

1.34

0.96

0.75

-21.2%

Care support/ nursery

12.05

13.25

13.66

+3.1%

0.36

0.42

0.58

+37.4%

HR support for startups

1.26

-

0.30 (Only 1Q

-

result)

0.30

-

0.04 (Only 1Q

-

result)

Others

7.72

10.00

10.00

0.0%

0.25

(0.01)

0.07

-

Overseas WORK

Singapore, etc.

36.07

34.87

35.97

+3.2%

Business

Australia

0.97

0.79

0.88

+11.4%

Copyright (C) 2020

WILL GROUP, INC. All Rights Reserved

199

Dividend Forecast

Due to the higher earnings forecast, the dividend forecast has been raised by ¥3 per share for consistency with the total return ratio target of 30%

FY3/20

FY3/21

FY3/21

(Initial forecast)

(Revised forecast)

Year-end dividend

¥23 per share

¥14 per share

¥17 per share

Total return ratio*

25.1%

31.1%

30.2

Total return ratio: The sum of dividends and the cost of share repurchases divided by profit attributable to owners of parent

Dividend per share and total return ratio

Dividend per share

Total return ratio

30.2%

27.6%

27.4%

25.8%

25.1%

25.7%

¥18

¥18

¥23

¥17

¥14

¥10

FY3/16

FY3/17

FY3/18

FY3/19

FY3/20

FY3/21

(Forecast)

J-GAAP

IFRS

The dividend per share has been adjusted to reflect a 2-for-1 stock split on December 1, 2016.

Copyright (C) 2020

WILL GROUP, INC. All Rights Reserved

200

III. Reference

Copyright (C) 2020 WILL GROUP, INC. All Rights Reserved

211

Responses to COVID-19

Current Actions

Employees

  • Encouraging people to work at home, limiting face-to-face meetings, frequent use of online and conference call meetings

Business

  • Retain employees to be prepared for the return to normal business after the end of this crisis. Shift workers to operations less affected by the spread of COVID-19
  • Partial reviewing new investment plans in order to remain profitable and maintain financial soundness
  • Responding with speed and flexibility to this crisis while closely monitoring changes in the current "with-corona" business conditions and looking ahead to the post-corona world

Copyright (C) 2020 WILL GROUP, INC. All Rights Reserved

222

Segment Results

Domestic WORK Business

  • Revenue

1Q

2Q

3Q

4Q

FY3/19

17,149

18,734

20,242

19,702

FY3/20

19,984

21,752

21,628

21,098

FY3/21

19,782

Overseas WORK Business

Revenue

1Q

2Q

3Q

4Q

FY3/19

5,798

6,286

6,959

7,197

FY3/20

9,098

8,944

9,308

8,723

FY3/21

8,457

Others

Revenue

1Q

2Q

3Q

4Q

FY3/19

578

264

286

422

FY3/20

297

375

434

483

FY3/21

885

(Millions of yen)

Segment profit

1Q

2Q

3Q

4Q

FY3/19

715

913

1,226

1,210

FY3/20

1,091

1,360

1,341

1,279

FY3/21

974

Segment profit

1Q

2Q

3Q

4Q

FY3/19

268

208

101

-149

FY3/20

250

-7

496

232

FY3/21

232

Segment profit

1Q

2Q

3Q

4Q

FY3/19

-37

-55

-13

42

FY3/20

-84

-134

-72

-80

FY3/21

-98

Copyright (C) 2020 WILL GROUP, INC. All Rights Reserved

233

Geographic (Overseas) Segment Results

Geographic (Overseas) Segments

  • Revenue (Asia)

1Q

2Q

3Q

4Q

FY3/19

1,338

1,412

1,442

1,700

FY3/20

1,923

1,967

1,999

2,070

FY3/21

1,276

(Millions of yen)

  • Revenue (Australia)

1Q

2Q

3Q

4Q

FY3/19

4,468

4,881

5,523

5,508

FY3/20

7,184

7,299

7,014

6,672

FY3/21

7,181

Copyright (C) 2020 WILL GROUP, INC. All Rights Reserved

244

Overseas (Australia, Singapore) Macro Environment

Market conditions for WILL

Economic indicators

GROUP

Permanent placement orders

Real GDP growth rate (YoY change)

Unemployment rate

are declining because of

*Source: Australian Bureau of Statistics

*Source: Australian Bureau of Statistics

slowing economic growth and

1.5

COVID-19 but a recovery is

8

expected to start in July.

1

7

Temporary staffing orders are

0.5

firm due to steady demand in

6

the public sector, IT, financial

0

5

services and legal services

sectors.

-0.5

4

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2018

2018

2018

2018

2019

2019

2019

2019

2020

Permanent placement services

Real GDP growth rate (YoY change)

Unemployment rate

are down from FY3/20 because

*Source: Singapore Department of Statistics

*Source: Singapore Department of Statistics

of slowing economic growth

and COVID-19 is making this

6

3

decline even larger. Operations

4

are shifting to temporary

2

2.5

staffing services because there

0

is still certain demand for

-2

2

hiring people even during this

economic downturn.

-4

-6

1.5

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2018

2018

2018

2018

2019

2019

2019

2019

2020

2018

2018

2018

2018

2019

2019

2019

2019

2020

Copyright (C) 2020

WILL GROUP, INC. All Rights Reserved

255

Performance of Major Overseas Subsidiaries

(Billions of yen)

Primary location

Business activities

Consolidated

Investment

since

*1

(WILL GROUP

ownership)

Singapore

Providing permanent placement and

consulting services focused on HR

Jan. 2019

primarily in Singapore, through wholly-

1.48

owned subsidiaries in Hong Kong, Japan,

(51%)

U.S., China, Australia and UK.

Brisbane

Providing temporary staffing and

permanent placement services to

Apr. 2019

government agencies and major

1.46

corporations in Australia

(60%)

Melbourne

Providing temporary staffing and

permanent placement services for

office work and call center operations

Jan. 2018

0.83

to agencies and companies in various

(80%)

sectors such as the government,

telecommunications, resources and

appliance manufacturing in Australia.

*2

1Q

1Q

YoY

FY3/20

FY3/21

change

Sales

0.33

0.24

-26.2%

Profit

0.10

0.04

-58.6%

*3

Sales

1.55

1.51

-2.6%

Profit

0.09

0.14

+58.4

Sales

2.88

3.07

+6.7%

Profit

0.10

0.07

-29.7%

*1 The investment in each company includes goodwill and identifiable intangible assets.

*2 Sales and profit are for the April-June consolidated fiscal year regardless of the timing of consolidated disclosures.

Converted to yen at the rates of ¥75/SGD and ¥70/AUD in order to eliminate the effects of foreign exchange rate movements.

*3 Profit is profit before tax after the amortization of identifiable intangible assets, internal transactions and one-time expenses.

Copyright (C) 2020 WILL GROUP, INC. All Rights Reserved

266

Breakdown of Revenue by Region/Contract Type

Human resources services in Japan

Overseas human resources services

(Billions of yen)

25.0

20.0

15.0

10.0

20.1

20.2

(-1%)

Other

1.5

1.3

Permanent placement

0.6

0.7

3.6

3.3

Consignment service

4.7

4.2

Hybrid staffing service

9.0

8.4

(-7%)

1.2

Permanent

0.7

placement

5.0

0.0

9.910.7

Temporary staffing

7.9

7.8

Temporary

staffing

1Q FY3/20

1Q FY3/21

1Q FY3/20

1Q FY3/21

Copyright (C) 2020 WILL GROUP, INC. All Rights Reserved

277

Forecasts of future performance in this report are based on assumptions judged to be valid and information available to the Will Group's management at the time the materials were prepared, but are not promises by the Will Group regarding future performance. Actual results may differ significantly from these forecasts for a number of reasons.

This report is an English translation of the original Japanese document and is only for reference purposes. In the event of any discrepancy between the original Japanese version and this translated version, the Japanese version shall prevail.

  • IR Contact:

WILL GROUP, INC. Financial Department

Tel: +81-3-6859-8880

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 03:01:15 UTC


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Sales 2022 120 B 1 098 M 1 098 M
Net income 2022 1 890 M 17,4 M 17,4 M
Net Debt 2022 - - -
P/E ratio 2022 11,2x
Yield 2022 2,63%
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Nbr of Employees 4 845
Free-Float 59,2%
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Managers and Directors
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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