Note : This document has been translated from a part of 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.

UNITED, Inc.
Consolidated Financial Report For the 1st Quarter of FY 2023
(Japanese Accounting Standards)
August 8, 2023
Company name:
Stock code:
Representative:
Contact:
Tel:

UNITED, Inc.
Stock exchange listing:
2497
URL:
Tomonori Hayakawa, CEO
Yuji Yamashita, Director and General Manager of Corporate Administration Division+81-3-6821-0000

Scheduled date for filing of quarterly securities report:
Scheduled date of commencement of dividend payment:
Supplementary documents for quarterly results:
Quarterly results briefing:

Tokyo Stock Exchange
https://united.jp/

August 8, 2023―
YesYes( For institutional investors and securities analysts)(Amounts of less than one million yen are rounded down)

1.Financial Highlights(1) Results of Operations(Percentages are shown as year-on-year changes)
Net sales

Operating profit

Profit attributableto owners of the parent

Ordinary profit

Mil.¥%

Mil.¥%

Mil.¥%

Mil.¥%

1st Quarter of FY 2023

7,22451.35,36171.6

5,36671.7

3,68553.6

1st Quarter of FY 2022

4,7760.5

3,1254.1

3,1253.9

2,399

16.5

(Note) Comprehensive income :1st Quarter of FY 2023

△58 Mil.¥ (―%)

1st Quarter of FY 2022

△2,095 Mil.¥ (―%)

Profitper share (basic)

Profitper share (diluted)
Yen

Yen

1st Quarter of FY 2023

94.31

94.30

1st Quarter of FY 2022

59.62

59.55

(Notes)We have conducted the 2-for-1 stock split of its common stock with an effective date of June 1, 2023.
Earnings per share and diluted earnings per share are calculated as if the stock splits had been conducted at the beginning of FY 2022.

(2) Financial Position
Total assets

1st Quarter of FY 2023

Net assets

Equity ratio

Mil.¥

Mil.¥

%

30,571

26,14384.7

32,31826,647

81.7(As of June 30, 2023)
FY 2022(As of March 31, 2023)(Reference) Shareholder's Equity :1st Quarter of FY 2023

25,897 Mil.¥FY 2022

26,402 Mil.¥

2.Dividend Per Share
End of 1stQuarterEnd of 2ndQuarterEnd of 3rdQuarter

Year-end

Annual

Yen

Yen

Yen

Yen

Yen

FY 2022―

20.00

―

23.00

43.00

FY 2023

―
24.00

―

24.00

48.00

FY 2023(Forecasted)(Notes)(1) Revisions to dividend forecasts published most recently : None
(2) The forecasted dividend amounts for the FY 2023 are not determined at the present moment.
(3) We have conducted the 2-for-1 stock split of its common stock with an effective date of June 1, 2023.
Dividends
pershare
FY20222022isiscalculated
the amountof actual
dividends
thetakingstock split
is stated.the stock split.
Dividends
pershareforofFY
basedon thenumber beforeof shares
into account3. Forecasts of consolidated results of operations for FY 2023
(Percentages show year-on-year changes)

Net sales

FY 2023

Operating profit

Profit attributable toowners of the parent

Ordinary profit

Profit per share

Mil.¥％

Mil.¥

％

Mil.¥

％

Mil.¥

％

Mil.¥

13,150

0.1

5,000

△14.1

5,000

△14.5

3,300

△20.3

79.50

(Note) Revisions of the forecasts of consolidated results since the latest announcement : None*Notes(1) Significant changes in scope of consolidation：

No(2) Application of particular accounts procedures to the preparation of quarterly consolidated：

Nofinancial statement(3) Changes in accounting policies and changes or restatement of accounting estimates(i) Changes in accounting policies caused by revision of accounting standards：No(ii) Changes in accounting policies other than (i)：No(iii) Changes in accounting estimates：No(iv) Restatement：

No(4) Number of shares issued (common stock)(i)

Number of shares issued at end of the year

1st Quarter of FY 2023

40,412,690 shares

FY 2022

40,412,690 shares

1st Quarter of FY 2023

1,335,798 shares

FY 2022

1,335,798 shares

1st Quarter of FY 2023

39,076,892 shares

1st Quarter of FY 2022

40,240,924 shares(including treasury shares)(ii)

Number of treasury shares issued
at end of the year(iii) Number of average shares outstanding
during the term

(Note) We have conducted the 2-for-1 stock split of its common stock with an effective date of June 1, 2023.
Total shares outstanding including treasury shares, treasury shares, and average outstanding shares are calculated as if the stock splits had been
conducted at the beginning of FY 2022.

*Status of a quarterly review- Quarterly consolidated financial results are not subject to a quarterly review by certified public accountants or audit corporations*Explanations and other special notes concerning the appropriate use of business results forecasts- The video of the financial results briefing for the 1st Quarter of FY 2023 will be delivered to institutional investors and analysts
via our website. The materials used in this video will be available on our website.

UNITED Consolidated Financial Statements(1) UNITED Consolidated Balance Sheetfor the 1st Quarter of FY 2023
Items of an accountFY 2022(As of March 31, 2023)
Amount(Unit : Thousands of Yen)
1st Quarter of FY 2023
(As of June 30, 2023)
AmountAssets
Current assets
Cash and deposits

13,370,743

17,145,516

Accounts receivable - trade

1,061,233

902,128

Operational investment securities

11,236,595

8,386,637

Inventories

30,39735,718Derivatives

1,942,923

1,553,459

Other271,640

295,569

Allowance for doubtful accounts△21,662△20,308

27,891,871

28,298,722

310,977

304,896

Goodwill

905,899

848,607

Other299,394

311,692

1,205,2941,160,299

Total current assets
Non-current assets
Property, plant and equipment
Intangible assets

Total intangible assets
Investments and other assets
Derivatives
Other
Total investments and other assets

2,088,959-821,251

807,441

2,910,211

807,441

4,426,483

2,272,637

32,318,354

30,571,359

Accounts payable - trade739,442

672,994

Short-term borrowings

100,000

100,000

Total non-current assets
Total assets
Liabilities
Current liabilities

Current portion of long-term borrowings
Income taxes payable
Other
Total current liabilities

47,72035,0301,201,741

1,626,566

688,759

691,294

2,777,664

3,125,884

Non-current liabilities
Long-term borrowings

54,90053,610

Deferred tax liabilities

2,838,741

1,247,872

Total non-current liabilities

2,893,641

1,301,482

5,671,305

4,427,367

Share capital

2,923,019

2,923,019

Capital surplus

379,270

379,270

Retained earnings

17,437,075

20,673,149

Treasury shares△1,068,576△1,068,576

Total shareholders' equity

19,670,789

22,906,863

Valuation difference on available-for-sale securities

3,934,443

1,912,879

Deferred gains or losses on hedges

2,797,321

1,077,790

Total accumulated other comprehensive income

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income

6,731,764

2,990,670

Share acquisition rights

222,743

226,226

Non-controlling interests

21,751

20,232

26,647,048

26,143,992

32,318,354

30,571,359

Total net assets
Total liabilities and net assets

(2) UNITED Consolidated Statement of Income
for the 1st Quarter of FY 2023
Items of an accountNet sales(Unit : Thousands of Yen)
1st Quarter of FY 2023
(April 1, 2023
to June 30, 2023)
Amount

1st Quarter of FY 2022
(April 1, 2022
to June 30, 2022)
Amount
4,776,198

7,224,561

Cost of sales

979,842

982,848

Gross profit

3,796,355

6,241,713

Selling, general and administrative expenses
Operating profit

670,976

880,1123,125,378

5,361,600

10Non-operating income
Interest and dividend income
Share of profit of entities accounted for using equity method
Foreign exchange gains
Gain on forfeiture of unclaimed dividends

4,339-775

3,636

2,307210

-

1,454

Other

2,099

3,099

Total non-operating income

9,523

8,402

Gain on valuation of crypto assets

Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity method
Commission expenses

511

466

-

1,786

26

-

Loss on valuation of crypto assets

6,098

-

Expense of restricted shares

3,044

-

106

1,066

Other
Total non-operating expenses

9,787

3,319

3,125,114

5,366,682

350,000

-

9,522

-

359,522-

Loss on retirement of non-current assets

2,667

-

Total extraordinary losses

2,667

-

Profit before income taxes

3,481,969

5,366,682

Income taxes - current

1,091,123

1,696,861

Income taxes - deferred△8,373△12,775

Total income taxes

1,082,750

1,684,085

Profit2,399,218

3,682,597

Ordinary profit
Extraordinary income
Transfer of rights income
Other
Total extraordinary income
Extraordinary losses

Loss attributable to non-controlling interests
Profit attributable to owners of parent-△2,861

2,399,218

3,685,458

(3) UNITED Consolidated Statement of Comprehensive Income
for the 1st Quarter of FY 2023

(Unit : Thousands of Yen)
1st Quarter of FY 2022
Items of an accountProfit

1st Quarter of FY 2023

(April 1, 2022

(April 1, 2023

to June 30, 2022)

to June 30, 2023)

AmountAmount2,399,218

3,682,597△4,385,051△2,021,563

Deferred gains or losses on hedges△109,880△1,719,530

Total other comprehensive income△4,494,931△3,741,094△2,095,713△58,496△2,095,713△61,357-2,861Other comprehensive income
Valuation difference on available-for-sale securities

Comprehensive income
Comprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests