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    6089   JP3154160000

WILL GROUP, INC.

(6089)
  Report
Delayed Japan Exchange  -  05/23 02:00:00 am EDT
1156.00 JPY   -0.77%
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Will : Summary of Consolidated Financial Results for the Second Quarter of the Fiscal Year Ending March 31, 2022

11/30/2021 | 11:21pm 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.

November 9, 2021

Summary of Consolidated Financial Results

for the Second Quarter of the Fiscal Year Ending March 31, 2022

(Six Months Ended September 30, 2021)

[IFRS]

Company name:

WILL GROUP, INC.

Listing: Tokyo Stock Exchange, First Section

Stock code:

6089

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

Representative:

Shigeru Ohara, President and Representative Director

Contact:

Satoshi Takayama, Chief Administrative Officer

Tel: +81-3-6859-8880

Scheduled date of filing of Quarterly Report:

November 9, 2021

Scheduled date of payment of dividend:

-

Preparation of supplementary materials for quarterly financial results: Yes

Holding of quarterly financial results meeting:

Yes (for institutional investors and securities

analysts)

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

1. Consolidated Financial Results for the Six Months Ended September 30, 2021

(April 1, 2021 - September 30, 2021)

(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

Six months ended

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Million yen

%

63,913

9.9

2,685

20.9

2,716

30.2

1,996

31.2

1,698

30.2

1,691

(31.3)

Sep. 30, 2021

Six months ended

58,177

(4.2)

2,221

2.3

2,085

(2.8)

1,522

9.9

1,304

5.1

2,462

270.9

Sep. 30, 2020

Basic earnings per share

Diluted earnings per share

Six months ended

Yen

Yen

76.18

75.00

Sep. 30, 2021

Six months ended

58.70

57.86

Sep. 30, 2020

(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 Sep. 30, 2021

44,650

10,950

9,889

22.1

As of Mar. 31, 2021

46,760

10,027

8,240

17.6

2. Dividends

Dividend per share

1Q-end

2Q-end

3Q-end

Year-end

Total

Yen

Yen

Yen

Yen

Yen

Fiscal year ended Mar. 31, 2021

-

0.00

-

24.00

24.00

Fiscal year ending Mar. 31, 2022

-

0.00

Fiscal year ending Mar. 31, 2022

-

34.00

34.00

(forecasts)

Note: Revisions to the most recently

announced dividend

forecast: Yes

3. Consolidated Earnings Forecasts for the Fiscal Year Ending March 31, 2022 (April 1, 2021 - March 31, 2022)

(Percentages represent year-on-year changes)

Profit attributable to

Basic

Revenue

Operating profit

Profit before tax

Profit

earnings per

owners of parent

share

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Yen

Full year

130,000

9.9

4,500

11.7

4,410

16.4

2,970

10.9

2,510

6.2

112.55

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

* Notes

(1) Changes in significant subsidiaries during the period (changes in scope of consolidation): Yes

Newly added: -

Name: -

Excluded: 1

Name: WILLOF FACTORY, Inc.

  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 Sep. 30, 2021:

22,637,000 shares

As of Mar. 31, 2021:

22,554,500 shares

2) Number of treasury shares at the end of period

As of Sep. 30, 2021:

284,820 shares

As of Mar. 31, 2021:

290,379 shares

3) Average number of shares outstanding during the period

Six months ended Sep. 30, 2021:

22,300,657 shares

Six months ended Sep. 30, 2020:

22,226,097 shares

Note: Treasury shares at the end of period include shares owned by Employee Stock Ownership Plan.

(279,441 shares as of Sep. 30, 2021

285,000 shares as of Mar. 31, 2021)

  • 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 Second Quarter of FY3/22

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

For the Six-month Period

7

Condensed Quarterly Consolidated Statement of Comprehensive Income

For the Six-month Period

8

(3)

Condensed Quarterly Consolidated Statement of Changes in Equity

9

(4)

Condensed Quarterly Consolidated Statement of Cash Flows

11

(5)

Notes to Condensed Quarterly Consolidated Financial Statements

12

Going Concern Assumption

12

Segment and Other Information

12

1

WILL GROUP, INC. (6089) Financial Results for the Second Quarter of FY3/22

1. Qualitative Information on Quarterly Consolidated Financial Performance

(1) Explanation of Results of Operations

In the first half of the fiscal year ending March 31, 2022 (the "period under review"), the Japanese economy has been showing gradual signs of recovery thanks to a pickup in the global economy and a further progress in vaccination despite a prolonged uncertain outlook due to spreading COVID-19. Meanwhile, as for the employment environment, a pickup in business activities helped demand for human resources to remain resilient.

The Company and its subsidiaries (the "Group") have worked on the "WORK SHIFT strategy" to improve operating profit margin through a portfolio shift and a digital shift to achieve the Medium-Term Plan, "WILL-being 2023," concluding in the fiscal year ending March 31, 2023.

In Japan, intermittent states of emergency declared mainly for the Greater Tokyo Area and the spread of COVID-19 impacted the sales outsourcing sector except for the telecommunications subsector and the factory outsourcing sector, but the other sectors remained solid. The Group has made upfront investments such as increasing the number of sales personnel and consultants in the areas we are focusing on, including introduction of nursing caregivers, human resources services concerning construction engineers, and human resource support for startup firms to realize Perm (permanent placement in various fields, and temporary staffing for highly specialized fields) SHIFT.

Outside Japan, Singapore and Australia, where we have our main presence, enforced lockdown and other measures to curb the spread of COVID-19. However, the demand for human resources remained solid, which contributed to the stable performance of both temporary staffing and permanent placement businesses.

As a result, for the period under review, the Company reported consolidated revenue of 63,913 million yen (up 9.9% year on year), operating profit of 2,685 million yen (up 20.9%), profit before tax of 2,716 million yen (up 30.2%), profit of 1,996 million yen (up 31.2%) and profit attributable to owners of parent of 1,698 million yen (up 30.2%). EBITDA (operating profit + depreciation and amortization) was 3,650 million yen (up 11.7%).

Results by operating segment were as follows.

Regarding the accounting method for reportable business segments, we had previously adopted a method of reflecting certain adjustments under Japanese GAAP. After re-examining segment information to be reviewed regularly, the Group decided to align the accounting method with the accounting policies of the Group from the beginning of the first quarter of the fiscal year ending March 31, 2022. Accordingly, reportable segment information for the first half of the previous fiscal year has been restated.

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. Sectors other than telecommunications in the sales outsourcing sector and the factory outsourcing sector saw decreased demand due to the continued impact of COVID-19. However, the sectors such as telecommunications in the sales outsourcing sector, call center outsourcing and care support/nursery schools and human resource support for startups enjoyed solid demand and grew strongly. Each sector focused on developing new clients for new services including a service to perform proxy marketing and a contact center service by the staff all working from home, anticipating a phase with and post COVID-19.

Earnings declined as the Group made upfront investments such as increasing the number of sales personnel and consultants in the areas of introduction of nursing caregivers and human resource services concerning construction engineers.

As a result, the segment recorded external revenue of 39,594 million yen (down 0.0% year on year) and segment profit of 2,160 million yen (down 10.6%).

2) Overseas WORK Business

In the human resources service, which operates in the ASEAN and Oceania regions, we enjoyed a steady demand for human resources despite the lockdown and other measures to reduce the spread of COVID-19, which contributed to the stable performance of both temporary staffing and permanent placement businesses.

2

WILL GROUP, INC. (6089) Financial Results for the Second Quarter of FY3/22

For the period under review, earnings for this business segment increased on the back of higher sales despite an increase in personnel and other expenses that had been curbed and a decrease in employment support subsidy income as a countermeasure against COVID-19 in Singapore, which was recorded in the previous fiscal year.

As a result, the segment recorded external revenue of 23,709 million yen (up 32.4% year on year) and segment profit of 1,676 million yen (up 65.5%).

3) Others

In the other businesses, we made efforts to strengthen the development of new platforms, such as "Hourmane," a working time management system for foreign workers, and "ENPORT," a foreign worker support service, all with a view to expanding beyond labor intensive businesses.

For the period under review, earnings declined due to the continued investment in new platform development.

As a result, the segment recorded external revenue of 609 million yen (down 10.2% year on year) and segment loss of 205 million yen (compared with segment loss of 196 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 22,127 million yen, down 1,442 million yen from the end of the previous fiscal year. This is primarily due to decreases in cash and cash equivalents of 1,460 million yen and other financial assets of 427 million yen, which were partially offset by an increase in other current assets of 317 million yen.

Non-current assets amounted to 22,523 million yen at the end of the period under review, down 667 million yen from the end of the previous fiscal year. This is primarily due to decreases in right-of-use assets of 344 million yen and other intangible assets of 292 million yen.

As a result, total assets decreased 2,110 million yen from the end of the previous fiscal year to 44,650 million yen.

Liabilities

Current liabilities at the end of the period under review amounted to 24,711 million yen, down 79 million yen from the end of the previous fiscal year. This is primarily due to decreases in other financial liabilities of 624 million yen and other current liabilities of 395 million yen, which were partially offset by increases in borrowings of 786 million yen and income taxes payable of 227 million yen.

Non-current liabilities amounted to 8,988 million yen at the end of the period under review, down 2,954 million yen from the end of the previous fiscal year. This is primarily due to decreases in other financial liabilities of 1,448 million yen and borrowings of 1,292 million yen.

As a result, total liabilities decreased 3,033 million yen from the end of the previous fiscal year to 33,699 million yen.

Equity

Total equity at the end of period under review amounted to 10,950 million yen, up 923 million yen from the end of the previous fiscal year. This is primarily due to increases in retained earnings of 1,160 million yen and capital surplus of 761 million yen, which were partially offset by decreases in non-controlling interests of 725 million yen and other components of equity of 300 million yen.

As a result, the ratio of equity attributable to owners of parent to total assets increased from 17.6% at the end of the previous fiscal year to 22.1%. Also, the adjusted ratio of equity attributable to owners of parent to total assets was 25.2% (compared with 24.7 % at the end of the previous fiscal year). The ratio is adjusted by netting out the one-time effect of unrealized written put options of 1,379 million yen (compared with 3,300 million yen at the end of the previous fiscal year).

3

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

Disclaimer

Will Group Inc. published this content on 01 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2021 04:20:02 UTC.


© Publicnow 2021
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Sales 2021 118 B 925 M 925 M
Net income 2021 2 363 M 18,5 M 18,5 M
Net Debt 2021 7 049 M 55,1 M 55,1 M
P/E ratio 2021 10,9x
Yield 2021 2,10%
Capitalization 26 291 M 206 M 206 M
EV / Sales 2020 0,19x
EV / Sales 2021 0,27x
Nbr of Employees 5 255
Free-Float 59,2%
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