Supplementary Materials for the Third Quarter of the Fiscal Year Ending March 31, 2021
February 9, 2021
WILL GROUP, INC. (Tokyo Stock Exchange, First Section / Stock code: 6089)
Copyright (C) 2021 WILL GROUP, INC. All Rights Reserved
Contents
I. 3Q FY3/21 Highlights
II. FY3/21 Earnings and Dividend Forecasts
III. Topics
ⅳ. 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.
I. 3Q FY3/21 Highlights
3Q FY3/21 HighlightsThe negative impact of COVID-19 on business operations is steadily declining in Japan and other countries
Gross profit (Gross margin)
19.19
(20.9%)
17.91
(20.3%)
-1.28
(-0.6pt)
Operating profit (Operating margin)
(3.6%)
3.33
3.24
(3.7%)
-0.08
(+0.1pt)
Profit before tax
3.25
3.04
Profit attributable to owners of parent
EBITDA
(Operating profit + Depreciation and amortization)
Number of employees: 4,820 (+332 from the end of FY3/20)
1.79 4.74
1.87 4.80
+0.07 +0.06
-0.21
-4.0% -6.7% -2.6% -6.5% +4.4% +1.4%
Consolidated Revenue
(Billions of yen)
3Q 20.03
1Q 19.03
3Q FY3/21 revenue was ¥400 million above the 2Q
→ The negative impact of
COVID-19 on business
Overseas
operations is decreasing
Domestic
2Q 19.03
3Q 19.03
4Q 19.03
1Q 20.03
2Q 20.03
4Q 20.03
1Q 21.03
2Q 21.03
3Q 21.03
FY3/19
FY3/19
FY3/19
FY3/19
FY3/20
FY3/20
FY3/20 FY3/20 FY3/21 FY3/21 FY3/21
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
Consolidated Gross Margin and SG&A Expense Ratio
(Billions of yen)
Gross margin
16.3% 16.1%
SG&A expense ratio
6.2
6.4
6.4
6.2
191.Q03 192Q.03 193Q.03 149Q.03 201.Q03 202Q.03 203.Q03 204Q.03 21.Q03 212.Q03 213.Q03
FY3/19 FY3/19 FY3/19 FY3/19 FY3/20 FY3/20 FY3/20 FY3/20 FY3/21 FY3/21 FY3/21 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
Gross profit*SG&A expenses*
*The gross profit and SG&A expenses in FY3/21 is based on adjusted figure that excludes overseas subsidy income.
The decline in the gross margin has ended and most investments for recruiting and other activities have restarted
Copyright (C) 2021 WILL GROUP, INC. All Rights Reserved
3Q FY3/21 Revenue: Breakdown of Year-on-Year Changes
(Billions of yen)
91.7
* A gain of ¥810 million on the sale of real estate for sale and the sale of shares owned by our investment funds, which is included in Others, was eliminated by IFRS adjustments. As a result, the figure after this elimination is shown.
88.1
3Q FY3/20
Domestic WORK
BusinessOverseas WORK
BusinessOthers
IFRS adjustments
3Q FY3/21
3Q FY3/21 Operating Profit: Breakdown of Year-on-Year Changes
(Billions of yen)
3.33
3Q FY3/20
+0.14
Lower permanent placement revenue, received employment support subsidy
Higher profitability in existing businesses
+0.51*
Subsidies for employment adjustment, decrease in the provision for paid leave
* A gain of ¥250 million on the sale of real estate for sale and the sale of shares owned by our investment funds, which is included in Others, was eliminated by IFRS adjustments. As a result, the figure after this elimination is shown.
3.24
consisting of employment support subsidies in Japan and other countries (about 0.7) and a decrease in the provision for paid leave (about 0.2)
One-time items of about 0.9
Domestic WORK Overseas WORK
Business BusinessOthersIFRS adjustmentsCorporate expenses
3Q FY3/21
FY3/21 Forecasts for the Impact of COVID-19
The January 2021 declaration of another state of emergency and extension of the state of emergency may have a negative effect on results of operations, mainly in the apparel and sales support sectors
Segments | Sectors | 3Q FY3/21 COVID-19 impact and responses |
Domestic WORK Business | Sales outsourcing | Difficulties continue in the apparel and sales promotion sectors, strengthening services in the stable telecommunications, sales agency and other sectors. |
Call center outsourcing | Demand is firm; strengthening sales activities to capture new orders as the volume of new orders is still below the pre-COVID level. | |
Factory outsourcing | The decline in orders caused by falling production (except food) has ended. Sales down as low-margin projects in food and other sectors were completed but profitability has improved. Increasing sales activities in the stable food sector. Also increasing sales activities for factory projects using foreign workers (technical interns, skilled workers, etc.) due to expected easing of restrictions on entering Japan. | |
Care support/ nursery schools | Effect on recruiting of companies in other industries entering this field is slowly decreasing. Temporary staffing orders are still below the pre-COVID level because nursing care facilities often prefer to employ people directly. Increasing sales activities targeting new nursing care facilities and nursery schools. | |
HR support for startups | Recruiting projects started recovering in the 2Q but this sector is still not growing. Strengthening support for senior executives, engineers and other job categories where demand is firm. | |
Others | No COVID impact in FY3/21 on assistant language teacher staffing because schools have reopened. But restrictions on entering Japan is affecting FY3/22 recruiting. Solid demand for construction management engineers due to strong construction demand, labor shortages and shortages of young people. Hiring more people with no experience and increasing sales activities to add new customers. |
Overseas WORK | Singapore, etc. | COVID-19 is under control in Singapore and Australia and appears to be slowly winding down. As a result, |
Business | Australia | demand for permanent placement services is recovering, but has not returned to the pre-COVID level. |
Temporary staffing is performing well because operations are in stable business domains. |
Domestic WORK Business
Revenue and segment profit (Billions of yen)
(Billions of yen)
3Q FY3/21
3Q FY3/20
Vs. 3Q FY3/20 % change
Revenue
59.89
63.34
-5.4%
31QH FY3/18
13HQ FY3/17
31QH FY3/19
13HQ FY3/20
13HQ FY3/21
Number of workers on assignments (person)
Segment profit
3.21
Topics
The number of workers on assignments in the factory sector decreased because of the completion of low-margin projects. But workers on assignments are expected to start increasing in Japan in the 4Q.
Controlled recruiting expenses based on the level of new orders. (down ¥240 million from 3Q FY3/20)
1Q 1FY93./0139
1Q 2FY03./0230
3.80
-15.5%
-19
Vs. 2Q FY3/21
-215
Vs. 2Q FY3/21
-22
Vs. 2Q FY3/21
+44
Vs. 2Q FY3/21
2Q 1FY93.0/139
3Q F1Y93/.0193
4Q 1FY93.0/139
2Q 2F0Y3.0/230
3Q 2FY03./0230
4Q 2FY03./0230
1Q 2F1Y3.0/231
2Q 2FY13./0231
3Q 2F1Y3.0/231
1Q
2Q
3Q
4Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
Domestic WORK Business(Sales and operating profit by sector )
The call center outsourcing and care support/nursery school sectors performed well. Operating profit in the sales outsourcing and factory outsourcing sectors is improving steadily.
Sales by Sector
Operating profit by sector
(Billions of yen)
3Q FY3/21
Others
Care support/ nursery
Factory outsourcingCall center outsourcingSales support outsourcing
1Q FY3/20
2Q FY3/20
3Q FY3/20
4Q FY3/20
1Q FY3/21
2Q FY3/21
3Q FY3/21
HR support for startups
1Q FY3/20
2Q FY3/20
3Q FY3/20
4Q FY3/20
1Q FY3/21
2Q FY3/21
Domestic WORK Business (Business sector sales)
COVID-19 negatively affected the apparel, other sales support and factory (except food) sectors
(Billions of yen)
Others
Construction management engineers IT engineers
HR support for startups
Care support/ nursery schools
Factory except food
Food factory
Finance Office
Call center, etc
Other sales support
Apparel
3.0 Telecommunications
1Q FY3/19
2Q FY3/19
3Q FY3/19
4Q FY3/19
1Q FY3/20
2Q FY3/20
3Q FY3/20
4Q FY3/20
1Q FY3/21
2Q FY3/21
3Q FY3/21
Revenue and segment profit (Billions of yen)
(Billions of yen)
3Q FY3/21
3Q FY3/20
Vs. 3Q FY3/20 % change
Revenue
27.27
27.35
-0.3%
Revenue
3.6%
27.3
27.2
3Q FY3/17
3Q FY3/18
3Q FY3/19
3Q FY3/20
3Q FY3/21
Major components of changes in segment profit
(Billions of yen)
3Q FY3/20
Foreign exchange impact
0.74
Segment profit
0.88
0.74
+20.0%
Topics
With COVID-19 under control in Australia and Singapore, permanent placement service demand is slowly recovering. Temporary staffing continued to perform well.
-0.02
Received an employment support subsidy (approx. ¥600 million) as a countermeasure against COVID-19 in Singapore.
Reduction in SG&A expensesIncrease in temporary staffing gross profit
Decrease in sales from permanent placement
Subsidy income
+0.47
+0.04
-0.93+0.57
3Q FY3/21
0.88
Forex sensitivity | Initially assumed | 3Q FY3/21 Results | 3Q FY3/20 Results | Change for ¥1 difference/y | |
Revenue | Profit | ||||
AUD | ¥70 | ¥74 | ¥75 | ¥380 mln | ¥10 mln |
SGD | ¥75 | ¥77 | ¥79 | ¥90 mln | ¥0 mln |
(Sales by contract type, sector operating profit)
Permanent placement sales are slowly recovering and earnings from business activities (excluding subsidies) are recovering too
Sales by contract type
Operating profit by sector
(Billions of yen)
1Q FY3/20
1Q FY3/20
2Q FY3/20
3Q FY3/20
4Q FY3/20
1Q FY3/21
2Q FY3/21
3Q FY3/21
2Q FY3/20
3Q FY3/20
4Q FY3/20
1Q FY3/21
2Q FY3/21
3Q FY3/21
Business Portfolio Changes in Japan and Overseas
Domestic WORK Business Portfolio (Gross profit basis)
Final year of New Medium-term Management Plan
→:Temp: 40% Perm: 60%
■ FY3/20
Perm: 40%
Temp: 60%
Overseas WORK Business Portfolio (Gross profit basis)
■ FY3/20
Perm: 55%
Temp: 45%
■ 3Q FY3/21
Perm: 40%
Temp: 60%
Final year of New Medium-term Management Plan
■ 3Q FY3/21
Perm: 46%
Difficulties in the permanent placement sector
→:Temp: 60% Perm: 40%
Permanent placements started to recover but down about 20% from 3Q FY3/20. The stable temporary staffing sector continues to perform well despite
Temp: 54% the COVID-19 pandemic
Others
Revenue and segment profit (Billions of yen)
(Billions of yen)
3Q FY3/21
3Q FY3/20
Vs. 3Q FY3/20 % change
Revenue
1.78
1.07
+66.0%
-0.3
3Q FY3/17
3Q FY3/18
3Q FY3/19
3Q FY3/20
3Q FY3/21
Other business activities
Segment profit
-0.03
-0.30
-
Topics ➢ Upfront investments (¥320 million) in the HRTech field
Number of workers registered in the Visamane foreign worker management system
9,026
8,718 9,014 9,158
Dec-20
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Financial Indicators
All financial indicators are improving on an adjusted equity basis*
End of December 2019
End of March 2020
End of June 2020
End of September 2020 End of December 2020
Adjusted ratio of equity attributable to owners of parent to total assets
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
EBITDA
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) 2021 WILL GROUP, INC. All Rights Reserved
Consolidated Balance Sheet
(Billions of yen) | March 31, 2020 | December 31, 2020 | Change |
Current assets | 22.0 | 21.8 | -0.1 |
Non-current assets | 22.5 | 22.3 | -0.2 |
Total assets | 44.6 | 44.1 | -0.4 |
Current liabilities | 21.5 | 23.1 | +1.5 |
Non-current liabilities | 15.9 | 11.8 | -4.0 |
Total liabilities | 37.4 | 34.9 | -2.4 |
Total equity | 7.1 | 9.1 | +2.0 |
Total liabilities and equity | 44.6 | 44.1 | -0.4 |
Major components of changes
(Billions of yen)
● Total assets
• Cash and cash equivalents +0.5
• Trade and other receivables -1.1
• Other financial assets (current) +0.3
• Property, plant and equipment -0.1
• Right-of-use assets -1.1
• Goodwill +0.2
• Other intangible assets +0.4
Ratio of equity attributable to owners of parent to total assets
11.7%
17.0%
+5.3pt
+0.6
-0.2
-0.1
● Total liabilities
Trade and other payables
+0.7
Other financial liabilities (current)
+1.6
Income taxes payable
-0.7
Borrowings (non-current)
-1.9
Other financial liabilities (non-current)
-2.0
● Total equity
Treasury shares
-0.1
Retained earnings
+1.5
Exchange differences on translation
of foreign operations
+0.9
Non-controlling interests
-0.2
Copyright (C) 2021 WILL GROUP, INC. All Rights Reserved
・・・・・
• Investments accounted for using equity method
• Other non-current financial assets
• Other non-current assets
・ ・ ・
・
Consolidated Statement of Cash Flows
(Major Components)
(Billions of yen) | 3Q FY3/20 | 3Q FY3/21 |
Profit before tax Depreciation and amortization Income taxes paid Other | 3.2 1.4 (1.4) 0.2 | 3.0 1.5 (1.7) 1.7 |
Net cash provided by (used in) operating activities | 3.4 | 4.6 |
Purchase and sales of property, plant and equipment, etc. Purchase and sales of shares of subsidiaries Other | (0.4) (0.2) (0.3) | (0.4) - (0.1) |
Net cash provided by (used in) investing activities | (2.9) | (0.6) |
Net increase (decrease) in interest-bearing debt Purchase and sales of shares of subsidiaries not resulting in change in scope of consolidation Dividends paid | (1.6) (2.0) (0.4) | (2.9) (0.7) (0.5) |
Decrease in trade receivablesDecrease in M&A investments
Free Cash Flows
(Billions of yen)
3.9
3Q FY3/20
3Q FY3/21
Net cash provided by (used in) financing activities | (2.5) | (3.5) |
Effect of exchange rate changes | (0.2) | 0.1 |
Net increase (decrease) in cash and cash equivalents | (2.3) | 0.5 |
Cash and cash equivalents at end of period | 4.5 | 6.4 |
Free cash flows (Operating activities + Investing activities) | 0.5 | 3.9 |
Decrease in interest-bearing debt
Government subsidy income Other
0.0 (0.2)
1.0 (0.4)
II. FY3/21 Earnings and Dividend Forecasts
FY3/21 Forecast
Sales and earnings in the first three quarters were high in relation to the FY3/21 forecasts. However, the FY3/21 forecasts are unchanged due to the 4Q outlook for (1) an increase in expenditures for growth in FY3/22 and afterward (personnel, recruiting, brand promotions, etc.) and (2) a continuation of the negative impact of COVID-19.
(Billions of yen)
Revenue
Domestic WORK Business Overseas WORK Business Others
IFRS adjustments
Operating profit (Operating margin)
Domestic WORK Business Overseas WORK Business Others
Adjustments IFRS adjustments
Profit attributable to owners of parent EBITDA
Dividend Forecast
Forecast an increase of one yen to a year-end dividend of ¥24 for FY3/21
Year-end dividend Total return ratio*
*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
FY3/20
¥23 per share
25.1%
Dividend per share
Total return ratio
27.6%
27.4%
FY3/16
25.8%
FY3/17
FY3/18
J-GAAP
The dividend per share has been adjusted to reflect a 2-for-1 stock split on December 1, 2016.
FY3/21 (Forecast)
¥24 per share
30.5%
25.7%
30.5%
FY3/19
FY3/20
FY3/21 (Forecast)
IFRS
III. Topics
Reorganization of the Domestic WORK BusinessMerger of three subsidiaries to increase profitability by improving efficiency and strengthening the WILLOF brand
Ownership
100%
100%
100%
100%
100%
100%
WILLOF
WILLOF WORK, Inc. | WILLOF FACTORY, Inc. WILLOF SPORTS, In |
Human resources services for:
• Sales support
• Call centers
• Care support/Nursery schools
• Other market sectors
WILLOF SPORTS, Inc.
• Human resources services for factories
• Human resources services for athletes and other sports-related personnel
• Human resources services for construction management engineers
3 company merger with WILLOF WORK remaining WILLOF WORK will absorb WILLOF SPORTS on April 1, 2021 and WILLOF FACTORY on July 1, 2021
Benefits of the reorganization Sharing of sales offices
62%
• Human resources services for assistant language teachers
• Planning and management of sales promotion
Human resources support, mainly placements, for startup companies
Integration of administrative activities Ability to offer more opportunities to job applicants
ⅳ. Reference
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 worldSegment Results
Domestic WORK Business ■ Revenue
1Q | 2Q | 3Q | 4Q | |
FY3/19 | 17,149 | 18,734 | 20,242 | 19,702 |
FY3/20 | 19,984 | 21,741 | 21,639 | 21,098 |
FY3/21 | 19,782 | 19,814 | 20,301 |
Overseas WORK Business ■ Revenue
1Q | 2Q | 3Q | 4Q | |
FY3/19 | 5,798 | 6,286 | 6,959 | 7,197 |
FY3/20 | 9,098 | 9,257 | 8,995 | 8,723 |
FY3/21 | 8,457 | 9,444 | 9,369 |
■ Segment profit
(Millions of yen)
1Q | 2Q | 3Q | 4Q | |
FY3/19 | 715 | 913 | 1,226 | 1,210 |
FY3/20 | 1,091 | 1,392 | 1,310 | 1,279 |
FY3/21 | 974 | 1,141 | 1,102 |
■ Segment profit
1Q | 2Q | 3Q | 4Q | |
FY3/19 | 268 | 208 | 101 | (149) |
FY3/20 | 283 | 184 | 270 | 232 |
FY3/21 | 232 | 334 | 321 |
Others ■ Revenue
1Q | 2Q | 3Q | 4Q | |
FY3/19 | 578 | 264 | 286 | 422 |
FY3/20 | 290 | 364 | 452 | 483 |
FY3/21 | 885 | 611 | 293 |
■ Segment profit
1Q | 2Q | 3Q | 4Q | |
FY3/19 | (37) | (55) | (13) | 42 |
FY3/20 | (84) | (134) | (72) | (80) |
FY3/21 | (98) | 153 | (90) |
Geographic (Overseas) Segment Results
(Millions of yen)
■ 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 | 1,285 | 1,482 | 1,768 |
■ 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 | 7,972 | 7,627 |
Overseas (Australia, Singapore) Macro Environment
Market conditions for WILL GROUP
Economic indicators
The impact of COVID-19 on business operations is declining because the crisis is currently mostly under control. Permanent placement demand is recovering, but still below the pre-COVID level. Temporary staffing orders are firm due to steady demand in the public sector, IT, financial services and legal services sectors.
As in Australia, demand for permanent placement services is recovering.
Operations are shifting to temporary staffing services because there is still certain demand for hiring people even during this economic downturn.
■ Real GDP growth rate (YoY change)
*Source: Australian Bureau of Statistics
■ Unemployment rate
*Source: Australian Bureau of Statistics
4
-10
-2
-4
-6
-8
2
0
3Q 2020
1Q 2018
2Q 2018
3Q 2018
4Q 2018
1Q 2019
2Q 2019
3Q 2019
4Q 2019
■ Real GDP growth rate (YoY change)
1Q 2020
*Source: Singapore Department of Statistics
8
7
6
5
4
2Q 2020
Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019 Mar-2020 Jun-2020 Sep-2020 Dec-2020
■ Unemployment rate
*Source: Singapore Department of Statistics
-10
20
-20
-30
-40
-50
10
0
1Q 2018
2Q 2018
5 4 3 2 1 0
1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q |
2018 | 2018 | 2018 | 2018 | 2019 | 2019 | 2019 | 2019 | 2020 | 2020 | 2020 |
29 |
3Q 2018
4Q 2018
1Q 2019
2Q 2019
3Q 2019
4Q 2019
1Q 2020
2Q 2020
3Q 2020
Performance of Major Overseas Subsidiaries
(Billions of yen)
Primary location | Business activities | Start of consolidation since (WILL GROUP ownership) | Investment *1 | |
Singapore | Providing permanent placement and consulting services focused on HR primarily in Singapore, through wholly-owned subsidiaries in Hong Kong, Japan, U.S., China, Australia and UK. | Jan. 2019 (51%) | 1.47 | |
Brisbane | Providing temporary staffing and permanent placement services to government agencies and major corporations in Australia | Apr. 2019 (80%) | 1.51 | |
Melbourne | Providing temporary staffing and permanent placement services for office work and call center operations to agencies and companies in various sectors such as the government, telecommunications, resources and appliance manufacturing in Australia. | Jan. 2018 (80%) | 0.86 |
*2 | 3Q FY3/20 | 3Q FY3/21 | YoY change |
Sales | 1.11 | 0.81 | -27.2% |
Profit *3 | 0.35 | 0.24 | -30.1% |
Sales | 4.65 | 4.51 | -3.0% |
Profit | 0.43 | 0.42 | -4.4% |
Sales | 8.53 | 9.32 | +9.2% |
Profit | 0.26 | 0.23 | -9.7% |
*1 The investment in each company includes goodwill and identifiable intangible assets.
*2 Sales and profit are for the April-December 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.
Breakdown of Revenue by Region/Contract Type
Human resources services in Japan
(Billions of yen)
25.0
Overseas human resources services
20.0
15.0
10.0
5.0
0.0
212.Q03 FY3/21
210Q.03 FY3/20
202.Q03 FY3/20
203.Q03 FY3/20
204.Q03 FY3/20
21.Q03 FY3/21
212Q.03 FY3/21
213.Q03 FY3/21
201Q.03 FY3/20
202Q.03 FY3/20
203.Q03 FY3/20
204.Q03 FY3/20
21.Q03 FY3/21
213Q.03 FY3/21
1Q
2Q
3Q
4Q
1Q
2Q
3Q
1Q
2Q
3Q
4Q
1Q
2Q
3Q
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:
Financial DepartmentTel: +81-3-6859-8880
Attachments
- Original document
- Permalink
Disclaimer
Will Group Inc. published this content on 08 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 March 2021 06:02:06 UTC.