(Appendix)
Results for the Third Quarter
of the Fiscal Year Ending May 31, 2025
FY2024 (June 1, 2024 - May 31, 2025)
Nine months ended February 28, 2025
Pasona Group Inc.
Prime Market TSE (2168)
April 14, 2025
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.
Financial Summary
- 9M FY2024 Results
- Consolidated net sales and consolidated operating profit decreased from the same period of the previous year.
- Discontinuation of the Outsourcing segment（the sale of shares of Benefit One Inc.,） from the beginning of the fiscal year.
- Peak-outof large-scale outsourcing projects in the BPO solutions.
- Net sales and profit in the Carrier solutions increased.
- Net loss attributable to owners of the parent company was ¥6,163 million.
- Expo related expenses were recorded as an extraordinary loss in connection with the pavilion, including facility-related and operation-related temporary costs, as Expo exhibit related expenses.
- Full Year Earnings Forecast
- Unchanged.
1
9M FY2024 Results
※ Units in billions of yen have been rounded to the nearest first decimal place. Units in millions of yen have been rounded down. | 2 |
Consolidated Results
- Decreasing sales and profit due to the discontinuation of the Outsourcing segment from the beginning of the first quarter, the peak-out of large contract projects in the BPO Solutions, and the impact of lower gross profit margin.
- Due to the booking of Expo related expenses as extraordinary loss incurred, the Company recorded a net loss attributable to owners of parent for the current nine months period.
9M FY23 | 9M FY24 | Increase | 9M FY23 | Increase | ||
（Millions of yen） | （Excluding Outsourcing） | |||||
/Decrease | /Decrease | |||||
(%) | (%) | (%) | ||||
Net sales | 265,558 | 228,911 | (36,646) | 237,579 | (8,667) | |
100.0 | 100.0 | (13.8)% | 100.0 | (3.6)% | ||
Cost of sales | 203,108 | 179,229 | (23,879) | 189,085 | (9,856) | |
76.5 | 78.3 | (11.8)% | 79.6 | (5.2)% | ||
Gross profit | 62,450 | 49,682 | (12,767) | 48,493 | +1,188 | |
23.5 | 21.7 | (20.4)% | 20.4 | +2.5% | ||
SG＆A | 57,775 | 50,962 | (6,813) | 49,633 | +1,329 | |
expenses | 21.8 | 22.3 | (11.8)% | 20.9 | +2.7% | |
Operating profit | 4,674 | (1,280) | (5,954) | (1,139) | (140) | |
1.8 | ー | ー | ー | ー | ||
Ordinary profit | 4,622 | (842) | (5,465) | |||
1.7 | ー | ー | ||||
Net profit attributable to owners | (753) | (6,163) | (5,409) | |||
of parent or net loss attributable | ー | ー | ー | |||
to owners of the parent | ||||||
Gross profit ratio | 23.5% | 21.7% | (1.8)pt | 20.4% | +1.3pt | |
Operating profit ratio | 1.8% | ー | ー | ー | ー |
※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.
Net Sales | Operating Profit | |
(Billions of yen)
265.6 228.9
4.67
(1.28) | ||||
FY23 | FY24 | FY23 | FY24 | |
9M | 9M | 9M | 9M | 3 |
Operating Profit
- Gross profit ratio declined from the same period of the previous fiscal year due to the discontinuation of the Outsourcing segment.
- Gross profit excluding the impact of the discontinuation of the Outsourcing segment was up ¥1.2 billion, and gross profit ratio improved（+1.3pt）.
- Excluding the impact of the discontinuation of the Outsourcing segment, SG&A in real terms increased mainly in personnel expenses due to investment in human resources in growth areas.
Gross profit [49.68] | SG＆A Expenses [50.96] | |||||||
Operating Profit | ||||||||
(12.77) | (6.81) | |||||||
Impact from the | Impact from the | |||||||
Outsourcing segment | Outsourcing segment | |||||||
(13.96) | (8.14) | |||||||
Decrease in | ||||||||
Decrease in | gross profit | Personnel | IT related | Advertisement | ||||
net sales | ratio | expenses | expenses | expenses | Rent | Others | ||
4.67 | (8.62) | (4.15) | (2.25) | (1.30) | (0.43) | +0.03 | (2.87) |
(Billions of yen)
【+0.91】 | 【+0.30】 | 【+0.14】 | 【+0.23】 | 【(0.25)】 | (1.28) | |||||||||||
*Impact of excluding the Outsourcing segment in 【】 | ||||||||||||||||
9M FY23 | 9M FY24 | |||||||||||||||
FY15 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | 9M FY23 | 9M FY23 | 9M FY24 | |||||
（Excluding | ||||||||||||||||
Outsourcing） | ||||||||||||||||
Gross Profit ratio | 20.0% | 20.2% | 21.5% | 22.8% | 23.6% | 24.8% | 24.5% | 24.6% | 23.8% | 23.5% | 20.4% | 21.7% | ||||
SG&A ratio | 18.6% | 18.6% | 19.4% | 20.0% | 20.3% | 18.8% | 18.5% | 20.7% | 21.9% | 21.8% | 20.9% | 22.3% | 4 | |||
Operating Profit ratio | 1.5% | 1.6% | 2.1% | 2.9% | 3.3% | 6.0% | 6.0% | 3.9% | 1.9% | 1.8% | ー | ー |
Non-operating/Extraordinary profit (loss), Others
- In the current fiscal year, the Company recorded an extraordinary loss on Expo related expenses in connection with its participation in the Osaka-Kansai Expo pavilion.
- Profit attributable to non-controlling interests decreased due to deconsolidation from Benefit One Inc. through sale of shares.
（Millions of yen） | 9M FY23 | 9M FY24 | Increase/ | YoY | |
Decrease | |||||
Operating profit | 4,674 | (1,280) | (5,954) | ー | |
Non-operating | 527 | 794 | +266 | +50.5% | |
profit | |||||
Non-operating | 579 | 356 | (222) | (38.4)% | |
expenses | |||||
Ordinary profit | 4,622 | (842) | (5,465) | ー | |
Extraordinary | 16 | 138 | +121 | +735.3% | |
profit | |||||
Extraordinary | 171 | 2,966 | +2,794 | +1,627.6% | |
loss | |||||
Profit before | 4,467 | (3,670) | (8,137) | ー | |
income taxes | |||||
Income taxes | 3,072 | 1,216 | (1,855) | (60.4)% | |
- current | |||||
Income taxes | (407) | 683 | +1,091 | ー | |
- deferred | |||||
Income taxes | 2,664 | 1,900 | (764) | (28.7)% | |
Profit attributable to | 2,556 | 592 | (1,964) | (76.8)% | |
non-controlling interests | |||||
net loss attributable to owners of the parent | (753) | (6,163) | (5,409) | ー | |
Net profit attributable to owners of parent or |
Ordinary profit
4.62
(0.84)
FY23 FY24
9M 9M
Net profit attributable to owners of parent or net loss attributable to owners of the parent
(Billions of yen)
FY23 FY24
9M 9M
(0.75)
(6.16)
5
Consolidated Results by Segment
Net sales | |||||
Segment | 9M FY23 | 9M FY24 | Increase/ | YoY | |
Decrease | |||||
① | BPO Solutions | 110,464 | 101,487 | (8,976) | (8.1)% |
(Contracting) | |||||
② | Expert Solutions | 102,619 | 100,400 | (2,219) | (2.2)% |
(Temporary Staffing) | |||||
③ | Career Solutions | 9,909 | 10,780 | +871 | +8.8% |
(Placement/ Recruiting, Outplacement) | |||||
HR Solutions | 222,994 | 212,669 | (10,325) | (4.6)% | |
④ | Global Solutions | 7,911 | 8,217 | +306 | +3.9% |
(Overseas) | |||||
Outsourcing | 28,376 | ー | (28,376) | ー | |
⑤ | Life Solutions | 5,686 | 6,296 | +609 | +10.7% |
⑥ | Regional Revitalization and | 4,596 | 4,955 | +359 | +7.8% |
Tourism Solutions | |||||
⑦ | Eliminations and Corporate | (4,006) | (3,227) | +778 | ー |
Total（Including Outsourcing） 265,558 | 228,911 | (36,646) | (13.8)% |
Operating profit (loss)
9M FY23 | 9M FY24 | Increase/ | YoY |
Decrease | |||
7,594 | 7,052 | (542) | (7.1)% |
2,980 | 3,796 | +815 | +27.4% |
10,574 | 10,848 | +273 | +2.6% |
114 | 187 | +72 | +63.3% |
5,813 | ー | (5,813) | ー |
90 | 70 | (20) | (23.0)% |
(2,054) | (1,470) | +583 | ー |
(9,865) | (10,915) | (1,050) | ー |
4,674 | (1,280) | (5,954) | ー |
(Millions of yen)
Operating profit ratio
9M FY23 | 9M FY24 | Increase/ |
Decrease | ||
3.6% | 3.5% | (0.1)pt |
30.1% | 35.2% | +5.1pt |
4.7% | 5.1% | +0.4pt |
1.5% | 2.3% | +0.8pt |
20.5% | ー | ー |
1.6% | 1.1% | (0.5)pt |
ー | ー | ー |
ー | ー | ー |
1.8% | ー | ー |
Total（Excluding Outsourcing） 237,579 228,911 (8,667) (3.6)% |
(1,139) (1,280) (140) | ー | ー | ー | ー |
6
Balance Sheets
(Billions of yen) | |||
Major Item of Increase/Decrease | May 31,2024 | Feb 28,2025 | Increase/ |
Decrease | |||
Assets | 301.1 | 278.3 | (22.7) |
Current assets | 243.6 | 204.7 | (38.9) |
Cash and deposits | 192.3 | 140.1 | (52.2) |
Notes and accounts receivable-trade, and contract assets | 43.5 | 47.3 | +3.9 |
Securities | ― | 8.5 | +8.5 |
Non-current assets | 57.3 | 73.5 | +16.2 |
Property, plant and equipment | 35.5 | 46.3 | +10.8 |
Intangible assets | 5.0 | 6.9 | +1.9 |
Investments and other assets | 16.9 | 20.3 | +3.5 |
Liabilities | 146.4 | 133.5 | (12.9) |
Current liabilities | 103.9 | 95.1 | (8.8) |
Short-term borrowings | 9.3 | 7.2 | (2.1) |
Accrued expenses | 16.8 | 15.9 | (0.9) |
Deposits received | 56.4 | 53.9 | (2.5) |
Non-current liabilities | 42.5 | 38.4 | (4.2) |
Long-term borrowings | 29.4 | 25.7 | (3.8) |
Net assets | 154.7 | 144.9 | (9.8) |
Shareholders' equity | 147.3 | 137.7 | (9.5) |
Capital surplus | 17.5 | 17.7 | +0.2 |
Retained earnings | 127.5 | 118.3 | (9.2) |
Treasury shares | (2.7) | (3.2) | (0.5) |
Total accumulated other comprehensive income | 1.2 | 0.9 | (0.3) |
Share acquisition rights | 0.0 | 0.0 | ±0.0 |
Non-controlling interests | 6.2 | 6.2 | +0.0 |
Equity ratio | 49.3% | 49.8% | +0.5pt |
Equity ratio （Excluding deposits received for contracted projects） | 60.3% | 61.4% | +1.1pt |
Major Item of Increase/Decrease
【Cash and deposits】
・Decrease due to acquisition of non-current assets, short-term fund management, acquisition of investment securities, repayment of loans payable, etc.
・Decreased in temporary deposits related to outsourcing projects. ¥ (2.3) billion YoY
As of Feb 28, 2025 （9M FY24） | ¥ 52.7 billion |
As of May 31, 2024（FY23） | ¥ 55.0 billion |
【Securities】 | |
short-term fund management | |
【Property, plant and equipment】
Acquisition of assets due to regional development projects, etc.
【Deposits received】
Decreased in temporary deposits related to outsourcing projects.
¥ (2.3) billion YoY
【Retained earnings】 | |
・Net loss attributable to owners of the parent | ¥ (6.2) billion |
・Dividends paid | ¥ (3.0) billion |
【Equity ratio】
61.4% (+1.1pt) after deducting "deposits received" related to contracted projects
7
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. | 8 |
Segment Change
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
9