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    4848   JP3827800008

FULLCAST HOLDINGS CO., LTD.

(4848)
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Fullcast : Consolidated Financial Results Announcement for the First Half of the Fiscal Year Ending December 31, 2021 (Consolidated)

08/12/2021 | 10:41pm EST

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. The Company assumes no responsibility for this translation or for direct, indirect or any other forms of damages arising from the translation.

August 6, 2021

Consolidated Financial Results Announcement

for the First Half of the Fiscal Year Ending December, 31 2021

[Japanese Standards] (Consolidated)

Company name:

Fullcast Holdings Co., Ltd.

Stock exchange listing:

First Section of the Tokyo Stock Exchange

Stock code:

4848

URL:

https://www.fullcastholdings.co.jp

Representative:

Kazuki Sakamaki, President, Representative Director and CEO

Contact:

Yasuomi Tomotake, General Manager of the Finance and IR Department

Telephone:

+81-3-4530-4830

Date of submission of quarterly report (Planned):

August 12, 2021

Date of commencements of dividend payments (Planned):

September 6, 2021

Preparation of supplementary references regarding financial results: Yes (shown on our website)

Briefing for quarterly results:

Yes (for institutional investors and analysts)

(Figures are rounded to the nearest million yen)

1. Consolidated Financial Results for the First Half of the Fiscal Year Ending December 31, 2021 (January 1 to June 30, 2021)

(1) Consolidated Business Results

(% = year-on-year change)

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Million yen

%

Million yen

%

Million yen

%

Million yen

%

1H FY12/21 (June 30, 2021)

23,717

10.6

3,570

8.8

3,585

8.5

2,359

4.6

1H FY12/20 (June 30, 2020)

21,435

1.1

3,281

(5.0)

3,303

(5.6)

2,256

(2.9)

(Note)

Comprehensive income: 2,569 million yen (34.6%) as of June 30, 2021

1,908 million yen ((29.0)%) as of June 30, 2020

Basic earnings per share

Diluted earnings per share

Yen

Yen

1H FY12/21 (June 30, 2021)

64.59

64.22

1H FY12/20 (June 30, 2020)

61.07

60.74

(2) Consolidated Financial Conditions

Total assets

Net assets

Equity-to-asset ratio

Million yen

Million yen

%

1H FY12/21 End (June 30, 2021)

25,196

18,677

70.1

FY12/20 End

23,953

17,396

68.9

(Reference) Equity: 17,670 million yen as of June 30, 2021

16,504 million yen as of December 31, 2020

2. Dividend Status

Dividend per share (Yen)

1Q End

1H End

3Q End

FY End

Annual

FY12/20

-

19.00

-

22.00

41.00

FY12/21

-

21.00

FY12/21 Forecast

-

22.00

43.00

(Note) Revision of dividends forecast during the current first half: Yes

3. Consolidated Business Forecasts for the Fiscal Year Ending December 31, 2021 (January 1 to December 31, 2021)

(% = year-on-year change)

Net sales

Operating profit

Ordinary profit

Profit attributable to

Basic earnings

owners of parent

per share

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Yen

Full year

47,840

10.7

7,000

14.2

7,040

13.9

4,645

13.0

127.32

(Note) Revision of consolidated business forecasts in the current first half: Yes

* Notes

(1)

Important changes of subsidiaries during the current first half:

None

(Changes in specific subsidiaries involving changes in the scope of consolidation)

(2) Application of special accounting treatment in the production of quarterly consolidated financial statements:

None

(3)

Changes in accounting principles, accounting estimates, and re-presentation of changes

1)

Changes in accounting policies associated with revisions of accounting principles and others:

None

2)

Changes in accounting policies other than those mentioned in 1) above:

None

3)

Changes in accounting estimates:

None

4)

Re-presentation of changes:

None

(4)

Number of issued shares (Ordinary shares)

1)

Number of issued shares at the term end (Including treasury shares)

2Q FY12/21

37,486,400

FY12/20

38,486,400

2)

Number of treasury shares at the term end

2Q FY12/21

1,053,840

FY12/20

1,777,898

3)

Average number of shares outstanding during the current term

2Q FY12/21

36,523,277

2Q FY12/20

36,935,768

  • Quarterly financial results are not subject to quarterly review by a certified public accountant or auditing corporation.
  • Explanations of the proper use of financial business forecasts and other important notes

Of all plans, business forecasts, strategies and other information provided within this document, those which are not historical facts are future outlooks based upon certain conditions and our management's judgments based upon currently available data. Therefore, we warn against relying solely upon these outlooks in assessing our business results, corporate value and other factors. Please also be informed that actual financial results may vary widely from our business forecasts due to various factors. Important factors that may have an impact upon our actual financial results include: (1) economic and financial conditions surrounding our Company and changes in the employment situation, (2) damages to infrastructure arising from disasters including earthquakes, and (3) changes in relevant laws, including the Labor Standards Act and the Worker Dispatching Act, and in interpretations of these Acts. However, factors that affect our financial results are not limited to only these. Furthermore, please note that we may choose not to reexamine our business forecasts in response to new data, future events or other factors. For assumptions underlying our business forecasts and related issues, please refer to page 4 "1-(3) Explanation of Consolidated Business Forecasts" of the "Appendix".

Fullcast Holdings Co., Ltd. (4848) Financial Statement and Results for the First Half of the Term Ending December 2021

Table of Contents of Appendix>

<

1. Qualitative Information Concerning Performance for the Current Quarter ………………………….……......

2

(1)

Explanation of Consolidated Operating Results ...…………………………………………………............

2

(2)

Explanation of Consolidated Financial Position …...…………………………....…………………............

3

(3)

Explanation of Consolidated Business Forecasts…………………………………………………..............

4

2. Quarterly Consolidated Financial Statements and Primary Notes…………………………………………......

5

(1)

Quarterly Consolidated Balance Sheet…………………..............................................................................

5

(2)

Quarterly Consolidated Statement of Income and Consolidated Statement of Comprehensive Income .....

7

(3)

Quarterly Consolidated Statement of Cash Flows …………………………………………………………

9

(4)

Notes on Quarterly Consolidated Financial Statements …………………………………………………...

10

(Notes on Going Concern Assumption) …………………………………………………...........................

10

(Notes on Significant Change of Shareholders' Equity) ...……………………………………………........

10

(Segment Information and Others) ...…………………………………………………………….………...

10

(Additional Information) ..............................................................................................................................

11

―1―

Fullcast Holdings Co., Ltd. (4848) Financial Statement and Results for the First Half of the Term Ending December 2021

1. Qualitative Information Concerning Performance for the Current Quarter

(1) Explanation of Consolidated Operating Results

Amid the severe economic conditions that persists due to the COVID-19 pandemic, Japan's economy in the first half of the current fiscal year experienced growing weakness in some areas. Also, the recovery appeared to reach a standstill, such as flagging individual consumption in the service sector and lingering severity in companies' business sentiment, despite a sustained recovery amid the severity, while capital investment and overall corporate earnings were recovering, with the non-manufacturing sector struggling. Economic conditions are expected to continue to undergo a recovery given the effects of various government policies and improvements seen in overseas economies on the back of measures to prevent the spread of COVID-19 and the vaccine roll out. However, the economic horizon remains unclear and requires close monitoring of the impacts that the pandemic will have on the domestic and overseas economies, and on the volatility of financial and capital markets.

The current operating environment surrounding the staffing service industry remains weak due to the impacts of COVID-19, including a rising number of unemployed. Despite this, there are signs of resilience as the number of new job offers and job offers-to-applicants ratio has remained stable. With regard to the future outlook, resilience is expected the number of workers but there are also concerns of growing weakness caused by adjustments to employment conditions. Therefore, close attention needs to be paid to the influences of COVID-19.

Against this backdrop, in the first half, the Fullcast Group implemented group management activities to achieve our goal of "quickly restoring performance using customer-first approaches by addressing the external environment in a flexible manner." The Group also carried out marketing activities towards quick restoration of business were implemented with an emphasis on boosting overall profitability of the Fullcast Group, particularly in the mainstay

"Placement" (Note 1) and "BPO" (Note 2) services. In addition, our Company made preparations to further expand its business while fortifying our capabilities as a robust organization to maximizes profits by continuing to increase productivity and promote operational efficiencies across our entire Group.

Consolidated net sales increased by 10.6% year-on-year to 23,717 million yen driven by sales growth in the "Short-Term Operational Support Business", due primarily to the recovery in client demand through the first half and acquisition of public sector projects mainly related to the vaccination roll out, despite the negative impacts associated with the persistent spread of COVID-19 and Japan's re-issuance of a states of emergencies.

In terms of profits, consolidated operating profit increased by 8.8% year-on-year to 3,570 million yen, with consolidated ordinary profit rising by 8.5% year-on-year to 3,585 million yen, as supported by client demand showing a trend towards a recovery, despite the impacts of COVID-19.

Profit attributable to owners of parent increased by 4.6% year-on-year to 2,359 million yen due to the increase in consolidated ordinary profit, although 250 million yen of gain on the sale of investment securities was booked as an extraordinary income following the partial sale of investment securities in the same period of the previous fiscal year.

Furthermore, the Group acquired shares of Progress, Inc. on April 1, 2021, making it a consolidated subsidiary.

Notes: 1. The mainstay "Part-Time Worker Placement" service is referred to as "Placement".

2. The mainstay "Part-Time Work Payroll Management" services, as well as other personnel and labor-related business process outsourcing (BPO) services such as the "My Number Management" service, and the back office BPO services of BOD Co., Ltd. are referred to as "BPO".

The results for each of our business segments are as follows.

1) Short-Term Operational Support Business

Net sales of the "Short-Term Operational Support Business" increased by 14.4% year-on-year to 20,552 million yen, due mainly to the recovery in client demand through the first half and acquisition of demand from public sector projects mainly related to the vaccination roll out, despite the negative impacts associated with the persistent spread of COVID-19 and Japan's re-issuance of a states of emergencies.

Segment profit (Operating profit) increased by 15.5% year-on-year to 3,760 million yen as supported by client demand showing a trend towards a recovery, despite the impacts of COVID-19.

―2―

Fullcast Holdings Co., Ltd. (4848) Financial Statement and Results for the First Half of the Term Ending December 2021

2) Sales Support Business

Net sales of the "Sales Support Business" decreased by 16.1% year-on-year to 2,030 million yen, due mainly to the impact of COVID-19 on the entertainment business and the exclusion of NIHON DENKI SERVICE Co., Ltd. from the scope of consolidation, compared to the same period of the previous fiscal year when temporary telework demand under Japan's state of emergency as special demand in the sale of Internet access, which is a mainstay business.

Segment profit (Operating profit) decreased by 74.8% year-on-year, resulting in a segment profit of 85 million yen due mainly to the drop in net sales. However, net sales and operating profit in the second quarter exceeded that of the fiscal year ended December 2019 when there was no impact due to COVID-19.

3) Security, Other Businesses

Net sales of the "Security, Other Businesses" increased by 8.3% year-on-year to 1,135 million yen due to an increase in permanent security projects and an increase in temporary security projects, despite the challenging environment under Japan's state of emergency.

Segment profit (Operating profit) increased by 24.9% year-on-year to 149 million yen due to the increase in net sales.

  1. Explanation of Consolidated Financial Position
    1. Assets, Liabilities and Net Assets

At the end of the first half, total assets increased by 1,242 million yen from the end of the previous fiscal year to 25,196 million yen. Equity increased by 1,166 to 17,670 million yen (Equity ratio of 70.1%), and net assets grew by 1,281 to 18,677 million yen.

Details of major changes in assets and liabilities are described as follows.

With regards to assets, current assets increased by 1,167 million yen from the end of the previous fiscal year to 20,471 million yen. This increase is mainly attributed to an increase in notes and accounts receivable of 1,031 to 6,701 million yen and an increase in cash and deposits of 96 to 13,405 million yen.

Non-current assets increased by 75 million yen from the end of the previous fiscal year to 4,724 million yen. This increase is attributed mainly to an increase in investment securities of 197 to 2,119 million yen, which offset a decrease in investments and other assets of 77 to 965 million yen due mainly to the decrease in deferred tax assets of 46 to 318 million yen and the decrease in leasehold deposits of 34 to 512 million yen, and a decrease in goodwill of 63 to 712 million yen.

With regard to liabilities, current liabilities decreased by 78 million yen from the end of the previous fiscal year to 5,632 million yen. This decrease is attributed mainly to a decline in accrued consumption taxes of 380 to 824 million yen, a decrease in other under current liabilities of 127 to 291 million yen due primarily to a decline in social insurance deposits of 180 to 86 million yen and an increase in withholding income tax deposits of 55 to 153 million yen, and a decrease in accrued expenses of 87 to 1,139 million yen, which offset increases in accounts payable - other of 333 to 1,500 million yen, in income taxes payable of 143 to 657 million, in provision for bonuses of 26 to 125 million yen, and notes and accounts payable - trade of 23 to 44 million yen.

Non-current liabilities increased by 39 million yen from the end of the previous fiscal year to 886 million yen. This increase is attributed mainly to a rise in retirement benefit liability of 25 to 716 million yen.

2) Cash Flows

Outstanding cash and cash equivalents (Hereinafter referred to as "funds") at the end of the first half increased by 96 million yen from the end of the previous fiscal year to 13,405 million yen (compared with a decline of 597 million yen in the previous fiscal year).

―3―

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Fullcast Holdings Co. Ltd. published this content on 13 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 August 2021 02:40:04 UTC.


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Sales 2021 51 800 M 456 M 456 M
Net income 2021 5 130 M 45,1 M 45,1 M
Net Debt 2021 - - -
P/E ratio 2021 18,2x
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