(Appendix)
Results for the First Quarter
of the Fiscal Year Ending May 31, 2025
FY2024 (June 1, 2024 - May 31, 2025)
Three months ended August 31, 2024
Pasona Group Inc.
Prime Market TSE (2168)
October 15, 2024
www.pasonagroup.co.jp/English
※ Units in billions of yen have been rounded to the nearest first decimal place. Units in millions of yen have been rounded down.
Consolidated Results
（Millions of yen）
Net sales
Cost of sales
Gross profit
SG＆A
expenses
Operating profit
Ordinary profit
Net profit attributable to owners of parent or net loss attributable to owners of the parent
Gross profit ratio
Operating profit ratio
3M FY23 | 3M FY24 | Increase | 3M FY23 | Increase |
（Excluding Outsourcing） | ||||
(%) | (%) | /Decrease | (%) | /Decrease |
89,881 | 76,323 | (13,557) | 80,438 | (4,114) |
100.0 | 100.0 | (15.1)% | 100.0 | (5.1)% |
68,655 | 59,949 | (8,705) | 63,971 | (4,021) |
76.4 | 78.5 | (12.7)% | 79.5 | (6.3)% |
21,226 | 16,374 | (4,852) | 16,467 | (93) |
23.6 | 21.5 | (22.9)% | 20.5 | (0.6)% |
18,997 | 16,810 | (2,186) | 16,173 | +637 |
21.1 | 22.0 | (11.5)% | 20.1 | +3.9% |
2,228 | (436) | (2,665) | 294 | (730) |
2.5 | ー | ー | 0.4 | ー |
2,197 | (479) | (2,676) | 236 | (716) |
2.4 | ー | ー | 0.3 | ー |
187 | (1,194) | (1,381) | (484) | (710) |
0.2 | ー | ー | ー | ー |
23.6% | 21.5% | (2.1)pt | 20.5% | +1.0pt |
2.5% | ー | ー | 0.4% | ー |
Net Sales
(15.1)% YoY
89.9
76.3
Operating Profit
(Billions of yen)
2.23
(0.44)
※Since the Outsourcing segment was excluded from the first quarter of the current consolidated fiscal year due to the sale of shares of Benefit One Inc., which was a consolidated subsidiary at the end of the previous consolidated fiscal year, the total excluding Outsourcing is shown as reference information.
FY23 FY24
3M 3M
FY23 FY24
3M 3M
1
Operating Profit
Operating | Gross profit |
Profit | (4.85) [16.37] |
Benefit One Impact
(4.76)
Decrease in
net sales
SG＆A Expenses
(2.19) [16.81]
(Billions of yen)
Benefit One Impact
(2.82)
2.23 (3.20)
Decrease in gross profit ratio (1.65)
(1.09)
Personnel expenses (0.83)
(0.57)
IT related expenses (0.44)
(0.16)
Advertisement
expenses
(0.12)
(0.06)
Rent
+0.04
(0.94)
others
(0.84) (0.44)
3M FY23 | 3M FY24 | ||||||||||||||||||||||||
3M FY23 | |||||||||||||||||||||||||
FY15 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | 3M FY23 | （Excluding | 3M FY24 | ||||||||||||||
Outsourcing） | |||||||||||||||||||||||||
Gross Profit ratio | 20.0% | 20.2% | 21.5% | 22.8% | 23.6% | 24.8% | 24.5% | 24.6% | 23.8% | 23.6% | 20.5% | 21.5% | |||||||||||||
SG&A ratio | 18.6% | 18.6% | 19.4% | 20.0% | 20.3% | 18.8% | 18.5% | 20.7% | 21.9% | 21.1% | 20.1% | 22.0% | |||||||||||||
Operating Profit ratio | 1.5% | 1.6% | 2.1% | 2.9% | 3.3% | 6.0% | 6.0% | 3.9% | 1.9% | 2.5% | 0.4% | ー |
Major Item of Increase/Decrease
- Gross profit ：Decreased due to the effect of exclusion of the Outsourcing segment, Benefit One Inc., from consolidation.
Gross profit margin improved by 1.0pt (20.5% in the previous year) from the gross profit margin excluding the Outsourcing segment, Benefit One Inc., portion in the previous year.
● SG&A expenses ：Personnel expenses increased due to personnel reinforcement and upfront investment in growth areas, etc. | 2 |
Non-operating/Extraordinary profit (loss), Others
（Millions of yen） | 3M FY23 | 3M FY24 | Increase/ | YoY | |
Decrease | |||||
Operating profit | 2,228 | (436) | (2,665) | ー | |
Non-operating | 125 | 121 | (4) | (3.6)% | |
profit | |||||
Non-operating | 157 | 164 | +7 | +4.5% | |
expenses | |||||
Ordinary profit | 2,197 | (479) | (2,676) | ー | |
Extraordinary | 3 | 58 | +55 | +1,682.0% | |
profit | |||||
Extraordinary | 40 | 26 | (13) | (34.3)% | |
loss | |||||
Profit before | 2,159 | (447) | (2,607) | ー | |
income taxes | |||||
Income taxes | 1,073 | 238 | (834) | (77.8)% | |
- current | |||||
Income taxes | 58 | 363 | +304 | +518.5% | |
- deferred | |||||
Income taxes | 1,131 | 601 | (530) | (46.9)% | |
Profit attributable to | 840 | 144 | (695) | (82.8)% | |
non-controlling interests | |||||
Net profit attributable to owners of parent or | 187 | (1,194) | (1,381) | ー | |
net loss attributable to owners of the parent | |||||
Ordinary profit | Net profit attributable to owners of parent or | ||
net loss attributable to owners of the parent | |||
(Billions of yen) |
2.20
0.19 | |||||||
(0.48) | |||||||
(1.19) | |||||||
FY23 | FY24 | FY23 | FY24 | ||||
3M | 3M | 3M | 3M |
Major Item of Increase/Decrease
- Income taxes-deferred
Adjustment increased due to change in company classification for tax effect accounting at the end of the previous period.
- Profit attributable to non-controlling interests
Decreased due to exclusion of the Outsourcing segment, Benefit One Inc., from consolidation.
3
Consolidated Results by Segment
Net sales | ||||||
Segment | 3M FY23 | 3M FY24 | Increase/ | YoY | ||
Decrease | ||||||
① | BPO Solutions | 37,080 | 33,698 | (3,381) | (9.1)% | |
(Contracting) | ||||||
② | Expert Solutions | 35,137 | 33,773 | (1,363) | (3.9)% | |
(Temporary Staffing) | ||||||
③ | Career Solutions | 3,341 | 3,297 | (43) | (1.3)% | |
(Placement/ Recruiting, Outplacement) | ||||||
Subtotal | 75,559 | 70,769 | (4,789) | (6.3)% | ||
④ | Global Solutions | 2,545 | 2,787 | +242 | +9.5% | |
(Overseas) | ||||||
Outsourcing | 9,571 | ー | (9,571) | ー | ||
⑤ | Life Solutions | 1,923 | 2,052 | +128 | +6.7% | |
⑥ | Regional Revitalization and | 1,609 | 1,716 | +107 | +6.7% | |
Tourism Solutions | ||||||
⑦ | Eliminations and Corporate | (1,328) | (1,003) | +324 | ー | |
Total（Including Outsourcing） | 89,881 | 76,323 | (13,557) | (15.1)% | ||
Operating profit (loss)
3M FY23 | 3M FY24 | Increase/ | YoY |
Decrease | |||
3,079 | 2,478 | (601) | (19.5)% |
1,025 | 975 | (50) | (4.9)% |
4,104 | 3,453 | (651) | (15.9)% |
49 | 73 | +24 | +48.4% |
1,934 | ー | (1,934) | ー |
(5) | (9) | (4) | ー |
(677) | (408) | +268 | ー |
(3,177) | (3,545) | (367) | ー |
2,228 | (436) | (2,665) | ー |
(Millions of yen)
Operating profit ratio
3M FY23 | 3M FY24 | Increase/ |
Decrease | ||
4.3% | 3.7% | (0.6)pt |
30.7% | 29.6% | (1.1)pt |
5.4% | 4.9% | (0.5)pt |
2.0% | 2.6% | +0.6pt |
20.2% | ー | ー |
ー | ー | ー |
ー | ー | ー |
ー | ー | ー |
2.5% | ー | ー |
Total（Excluding Outsourcing）
80,438
76,323
(4,114)
(5.1)% | 294 | |
(436)
(730)
ー 0.4%
ー
- 4
Balance Sheets
(Billions of yen)
Major Item of Increase/Decrease
Assets
Current assets
Cash and deposits
Notes and accounts receivable-trade, and contract assets
May 31,2024 | Aug 31,2024 | Increase/ |
Decrease | ||
301.1 | 288.7 | (12.3) |
243.6 | 226.0 | (17.7) |
192.3 | 174.3 | (18.0) |
43.5 | 43.5 | (0.0) |
Major Item of Increase/Decrease
- Cash and deposits 】
・Decreased in temporary deposits related to contracted projects.
¥ (9.6) billion YoY
Non-current assets | 57.3 | 62.7 | +5.3 |
Property, plant and equipment | 35.5 | 36.9 | +1.4 |
Intangible assets | 5.0 | 5.4 | +0.4 |
Investments and other assets | 16.9 | 20.3 | +3.5 |
Liabilities | 146.4 | 138.4 | (8.0) |
Current liabilities | 103.9 | 96.4 | (7.4) |
Accounts payable-trade | 3.4 | 1.3 | (2.2) |
Short-term loans payable | 9.3 | 8.9 | (0.4) |
Accrued expenses | 16.8 | 18.8 | +2.1 |
Deposits received | 56.4 | 48.9 | (7.5) |
Non-current liabilities | 42.5 | 42.0 | (0.5) |
Long-term loans payable | 29.4 | 28.6 | (0.9) |
Net assets | 154.7 | 150.3 | (4.4) |
Shareholders' equity | 147.3 | 143.1 | (4.2) |
Capital surplus | 17.5 | 17.5 | +0.0 |
Retained earnings | 127.5 | 123.3 | (4.2) |
Treasury shares | (2.7) | (2.7) | +0.0 |
Total accumulated other comprehensive income | 1.2 | 1.3 | +0.1 |
Share acquisition rights | 0.0 | 0.0 | ±0.0 |
Non-controlling interests | 6.2 | 6.0 | (0.2) |
Equity ratio | 49.3% | 50.0% | +0.7pt |
Equity ratio （Excluding deposits received for contracted projects） | 60.3% | 59.3% | (1.0)pt |
As of Aug 31, 2024（FY24） ¥ 45.4 billion
As of May 31, 2024（FY23） ¥ 55.0 billion
・Acquisition of investment securities | ¥ (3.4) billion YoY |
・Dividends paid | ¥ (3.0) billion YoY |
- Deposits received 】
Decreased in temporary deposits related to contracted projects. - (9.6) billion YoY
- Retained earnings 】
Dividends paid | ¥ (3.0) billion |
- Equity ratio 】
59.3% ((1.0)pt) after deducting "deposits received" related to contracted projects.
5
Segment information
※ Units in billions of yen have been rounded to the nearest first decimal place. Units in millions of yen have been rounded down. | 6 |
Segment Change (repeat 2024/07/12)
Since Benefit One Inc., which was responsible for the "Outsourcing" segment, has been excluded from the scope of consolidation due to the sale of shares,
the composition and names of reportable segments will be partially changed from FY24.
Current Segment
１．HR Solutions
➀Expert Services
②BPO Services
③HR Consulting, Education & Training, Others
④Global Sourcing
⑤Career Solution
⑥Outsourcing
２． ⑦Life Solution
３． ⑧Regional Revitalization Solution
４． ⑨Elimination/Corporate Segment Costs
Ⅰ．HR Consulting
Education & Training
Others
Ⅱ．Temp to perm commission for an introduction
Exclusion | Ⅲ．Changed to |
independent segment |
New Segment
１．HR Solutions
➀BPO Solutions
②Expert Solutions
③Career Solutions
２． ④Global Solutions
３． ⑤Life Solutions
４． ⑥Regional Revitalization and
Tourism Solutions
５． ⑦Elimination/Corporate Segment Costs
7
BPO Solutions (Contracting)
- Due to the change to new segment classifications from the fiscal year ending May 31, 2025, the figures for the fiscal year ended May 31, 2024 have been restated to reflect the new classifications.
Total
Q4
(Term)
Q3
(Term)
Q2
(Term)
Q1
(Term)
Net Sales
147.6
37.1 0.0
36.2 | 0.0 |
0.0 | |
37.2 | 33.7 |
37.133.7
(Billions of yen)
(9.1)%
QoQ
Trends in the Group's BPO and outsourcing service area sales *Total sales of BPO Solutions and Life Solutions segments
(Billions of yen)
YoY
＋3.2%
FY23 | FY24 |
3M | 3M |
Business Conditions (FY24 3M result)
・Expanding DX support, such as introduction of the cloud services, in the area of "X-TECH BPO," a strategic initiative.
・Increased recruitment support projects from private companies due to chronic shortage of human resources, as well as education and training projects to develop female managers.
・In addition to an increase in the number of projects commissioned by the public sector, service areas such as the operation of "Hataraku Josei Square" for the promotion of women's activities have also expanded.
・Although new demand was acquired in both the private and public sectors, large projects that had been outsourced for some time peaked out. | 8 |
Expert Solutions (Temporary staffing)
- Due to the change to new segment classifications from the fiscal year ending May 31, 2025, the figures for the fiscal year ended May 31, 2024 have been restated to reflect the new classifications.
Net Sales
(Billions of yen)
Topics
Progress of the Group's Priority Strategies
Total | 137.0 | 0.0 | |
Q4 | 34.5 | ||
(Term) | |||
Q3 | 0.0 | ||
32.7 | 0.0 | ||
(Term) | |||
Q2 | 34.7 | ||
(Term) | 33.8 | ||
Q1 | (3.9)% | ||
QoQ | |||
(Term) | 35.1 | 33.8 | |
FY23 | FY24 |
3M | 3M |
Business Conditions (FY24 3M result)
・Despite a decrease in orders from the public sector, the total number of orders remained at the same level as in the same period of the previous year. Orders from financial institutions, manufacturers, and trading companies exceeded those of the same period of the previous year.
・Operating days were one day less than in the same period of the previous year, and the number of occupants decreased.
・Strengthened sales activities, including expanded recruitment of registrants, especially in the Kansai region, where the Expo will be held.
Microsoft × PASONA
Digital Human Resource Development Program
Progress Available from May 2024
①
Approximately 5,500participants
(As of September 2024)
Progress | "First Term |
② | Graduation Ceremony" |
to be held jointly | |
with Microsoft |
9