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 FY 2022
(Japanese Accounting Standards)
May 10, 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

Tokyo Stock Exchange
https://united.jp/

June 16, 2023
June 19, 2023
June 19, 2023

Scheduled date of the Annual General Meeting of Shareholders:
Scheduled date of commencement of dividend payment:
Scheduled date for filing of securities report:
Supplementary documents for financial results:
Yes
Financial results briefing:Yes( For institutional investors and securities analysts)(Amounts of less than one million yen are rounded down)

1.Financial Highlights(1) Results of Operations
Net sales
FY 2022
FY 2021(Note) Comprehensive incomeMil.¥13,14012,714

Operating income%Mil.¥3.35,823―5,738
FY 2022 △1,894 Mil.¥Net income
per share (basic)

Net income
per share (diluted)(Percentages are shown as year-on-year changes)
Net income attributableto owners of parentMil.¥
%
Mil.¥
%
5,851
1.6
4,139
8.2
5,757―
3,825―FY 2021 △1,973 Mil.¥ (―%)

Ordinary income%
1.5―

(―%)

Return on equity

Ratio of operating
income to net sales(%)

Return on assets¥¥%%
FY 2022209.33209.3014.7
16.5
FY 2021181.26181.0411.6
13.4
FY 2022 26 Mil.¥FY 2021 7 Mil.¥(Notes) Income on equity method investments
Due to the adoption of ASBJ Statement No. 29 “Accounting Standard for Revenue Recognition” in the FY2022, this Forecasts ofconsolidated results of operations for FY2021 is presented based on the figures after the application of ASBJ Statement No. 29.
Year-on-year percentage changes in net sales is not presented because the Company expects a significant impact on the figure ofnet sales and it is not appropriate to compare that for the FY2022 with that for the FY2021.

%
44.3
45.1

(2) Financial Position
Total assets

Net assets

Mil.¥
32,31838,701
FY 2022 26,402 Mil.¥FY 2022
FY 2021(Notes) Shareholder’s equity

Shareholders’ equity
per share

Equity ratio
Mil.¥
26,64730,288FY 2021

%
81.7
77.7
30,064 Mil.¥¥1,351.31
1,490.61(3) Cash Flows
Operating activities

Investing activities

Mil.¥
3,947
2,718

FY 2022
FY 2021

Financing activities

Mil.¥
△839
△477Mil.¥△1,903△3,849Cash and cash
equivalents at the endof the yearMil.¥
13,37012,165

2.Dividend

Total
Dividends per share
Dividends
amount of Payout ratio
to netThirdFourth
Total
dividends (consolidated)assets ratio
quarterquarter(Annual)
¥¥¥
¥¥
Mil.¥
%%
FY 2021
―
17.00
―
20.00
37.00
764
20.4
2.4
FY 2022―
20.00
―
23.00
43.00
842
20.5
3.0―
24.00
―
24.00
48.00
―
FY 2023 (Forecasted)(Notes) We will conduct the 2-for-1 stock split of its common stock with an effective date of June 1, 2023.
Dividends per share of FY 2021 and FY 2022 is the amount of actual dividends before the stock split is stated.
Dividends per share of FY 2023 (forecasted) is the amount of forecasted dividends after the stock split is stated.
The annual dividend (forecasted) for FY 2023 on a pre-stock split basis is 96 yen, which is an effective dividend increase of 53 yen.
Firstquarter

Secondquarter

3. Forecasts of consolidated results of operations for FY 2023

Net sales

Operating income

Ordinary income％¥FY 2023
13,1500.1
5,000 △14.1
5,000 △14.5
3,300 △20.3(Notes) We will conduct the 2-for-1 stock split of its common stock with an effective date of June 1, 2023.
Net income per share is calculated based on the number of issued shares (excluding treasury stock) after the stock split.
Net income per share before stock split will be 159.00 yen.

79.50

Mil.¥％(Percentages show year-on-year changes)
Net income
attributable to owners Net income per shareof the parent

Mil.¥％

Mil.¥％

Mil.¥* Notes(1) Significant changes in scope of consolidation(Changes in scope of consolidation of specified subsidiaries)：

No(2) Changes in accounting policies and changes or restatement of accounting estimates(i) Changes in accounting policies caused by revision of accounting standards(ii) Changes in accounting policies other than (i)(iii) Changes in accounting estimates(iv) Restatement

：：：：

Yes
NoNoNo(3) Number of shares issued (common stock)(i) Number of shares issued at end of the year(including treasury stock)(ii) Number of shares issued at end of the year
at end of the year(iii) Number of average shares outstanding
during twelve-month period

FY 2022

20,206,345 shares

FY 2021

20,756,345 shares

FY 2022

667,899 shares

FY 2021587,199 shares

FY 2022

19,774,265 shares

FY 2021

21,106,093 shares(For Reference) Financial Highlights (Non-Consolidated)(1) Non-Consolidated Results of Operations(Percentages are shown as year-on-year changes)

Net sales
FY 2022
FY 2021

Mil.¥
7,072
6,575

Operating income%
7.6
△40.2

Net income
per share (basic)

Mil.¥
5,532
4,949%
11.8
△6.2

Mil.¥
5,539
4,959

Net income
%
11.7
△6.2

Mil.¥
3,729
3,540%
5.3
19.6

Net income
per share (diluted)¥
188.59167.75FY 2022
FY 2021

Ordinary income¥
188.57167.55(2) Non-Consolidated Financial Position
Total assets
FY 2022
FY 2021(Notes) Shareholder’s equity

Net assetsMil.¥29,508
36,315FY 2022

Mil.¥
25,582
29,651
25,359 Mil.¥

Shareholders’ equity
per share

Equity ratio
%
85.9
81.0
FY 2021¥
1,297.95
1,459.02
29,427 Mil.¥* This consolidated financial report is not subject to audit procedures by certified public accountants or an auditing firm.
* Note to forecasts on the consolidated results of operations and other items
Descriptions regarding the future are estimated based on the information that the Company is able to obtain at the present point in timeand assumptions which are deemed to be reasonable. However, actual results may be different due to various factors.
The video of the financial results briefing for the FY2022 will be delivered to institutional investors and analysts via the Company’s website.
The materials used in this video will be posted on the website.

UNITED Consolidated Financial Statements(1) UNITED Consolidated Balance Sheet(Unit : Thousands of Yen)

Items of an accountFY 2021

FY 2022(As of March 31, 2022)(As of March 31, 2023)

AmountAmountAssetsCurrent assets
Cash and deposits

12,165,526

13,370,743

Notes and accounts receivable - trade

1,347,244

1,061,233

Operational investment securities

18,789,981

11,236,595

Inventories

69,72730,397

Derivatives

1,471,624

1,942,923

Other340,835

271,640

Allowance for doubtful accounts△5,411△21,662

34,179,529

27,891,871

343,659

374,423

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Tools, furniture and fixtures

216,366

187,144

Accumulated depreciation△267,426△250,590

292,599

310,977

Goodwill

327,664

905,899

Software233,587

298,369

1,025

1,025

562,278

1,205,294

Investment securities203,699

423,820

Shares of subsidiaries and associates

19,03530,798

Total property, plant and equipment
Intangible assets

Other
Total intangible assets
Investments and other assets

Derivatives

3,088,403

2,088,959

Deferred tax assets

79,81095,444

Leasehold and guarantee deposits

234,840

234,840

Other

40,85836,346

3,666,648

2,910,211

4,521,526

4,426,483

38,701,056

32,318,354

Total investments and other assets
Total non-current assets
Total assets

(Unit : Thousands of Yen)

Items of an accountFY 2021

FY 2022(As of March 31, 2022)(As of March 31, 2023)

AmountAmountLiabilities
Current liabilities
Accounts payable - trade879,338

739,442

Short-term borrowings

100,000

100,000

Current portion of long-term borrowings

69,17847,720Accounts payable - other

235,291

280,608

Income taxes payable

1,103,564

1,201,741

424,786

408,150

2,812,158

2,777,664

Other
Total current liabilities
Non-current liabilities
Long-term borrowings

75,76654,900

Deferred tax liabilities

5,524,606

2,838,741

Total non-current liabilities

5,600,372

2,893,641

8,412,531

5,671,305

Share capital

2,923,019

2,923,019

Capital surplus

379,270

379,270

Total liabilities
Net assets
Shareholders' equity

Retained earnings

14,979,955

17,437,075

Treasury shares△983,344△1,068,576

Total shareholders' equity

17,298,901

19,670,789

9,601,720

3,934,443

Deferred gains or losses on hedges

3,163,747

2,797,321

Total accumulated other comprehensive income

12,765,468

6,731,764

Share acquisition rights

224,154

222,743

Non-controlling interests-21,751

Accumulated other comprehensive incomeValuation difference on available-for-sale securities

Total net assets
Total liabilities and net assets

30,288,524

26,647,048

38,701,056

32,318,354

(2) UNITED Consolidated Statement of Income(Unit : Thousands of Yen)
FY 2021
Items of an accountNet sales

FY 2022(April 1, 2021

(April 1, 2022

to March 31, 2022)

to March 31, 2023)

AmountAmount12,714,596

13,140,387

Cost of sales

4,350,815

4,343,254

Gross profit

8,363,780

8,797,132

Selling, general and administrative expenses

2,625,399

2,973,343

Operating income

5,738,381

5,823,789

Non-operating income
Interest and dividend income

148

132

Share of profit of entities accounted for using equity method

7,925

26,182Gain on forfeiture of unclaimed dividends

2,245

3,252

Consumption tax difference

13,813

2,378

Other

2,214

8,998

Total non-operating income

26,34840,944

2,250

2,050

-

1,368

Loss on valuation of crypto assets

1,315

3,957

Expense related to restricted stock-

3,646

299

1,589

Non-operating expenses
Interest expenses
Foreign exchange losses

Commission expenses
Other

3,292

981Total non-operating expenses

7,158

13,593

5,757,571

5,851,140

64,32015,699Ordinary income
Extraordinary income
Gain on reversal of share acquisition rights
Transfer of rights income
Total extraordinary income-

350,000

64,320365,699

Extraordinary losses
Loss on retirement of non-current assets

-

2,717

Office relocation expenses-

26,322

Loss on liquidation of business-

12,267

Loss on sale of shares of subsidiaries and associates

-

7,722

10,872-

Loss on reversal of foreign currency translation adjustments
Total extraordinary losses

10,87249,029

Income before income taxes

5,811,019

6,167,810

Income taxes - current

1,841,285

2,034,711

Income taxes - deferred

144,143△6,273

Total income taxes

1,985,429

2,028,438

Net income

3,825,590

4,139,372

Net income attributable to owners of parent

3,825,590

4,139,372

(3) UNITED Consolidated Statement of Comprehensive Income(Unit : Thousands of Yen)
FY 2021
Items of an accountNet income

FY 2022(April 1, 2021

(April 1, 2022

to March 31, 2022)

to March 31, 2023)

AmountAmount

3,825,590

4,139,372△8,968,135△5,667,277

3,163,747△366,426

Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment

7,634-△1,969-△5,798,722△6,033,704

Comprehensive income△1,973,131△1,894,331

Comprehensive income attributable to owners of parent△1,973,131△1,894,331

Share of other comprehensive income of entities accounted for using equity method
Total other comprehensive income

(4) Consolidated Statement of Changes in Equity
FY2021 (April 1, 2021 - March 31,2022)(Unit:Thousands of Yen)
Shareholders' equity
Capital stock
Balance at the beginning of current period

Capital surplus

2,923,019

Retained earnings

2,332,513

Cumulative effects of changes in accounting policies
Restated balance

Treasury shares

14,607,662△ 2,638,347

17,224,847△ 2,638,347

17,189,689△ 35,157
2,923,019

2,332,513

14,572,504

Total shareholders'equity△ 35,157

Changes of items during period
Dividends of surplus△ 775,876

Net income attributable to owners of parent

3,825,590

Purchase of treasury sharesDisposal of treasury shares
Cancellation of treasury shares
Transfer from retained earnings to capital surplus△ 775,876
3,825,590△ 3,000,139△ 3,000,139

5,125

54,51059,636△ 4,600,631

4,600,631-

2,642,263△ 2,642,263--△ 1,953,242

407,450

1,655,002

109,2112,923,019

379,270

14,979,955△ 983,344

17,298,901

Net changes of items other than shareholders'equityTotal changes of items during period
Balance at the end of current period-

Accumulated other comprehensive income
Valuation difference on
Deferred gains or losses
Foreign currency
available-for-saleon hedges
translation adjustment
securities
Balance at the beginning of current period

Total accumulated othercomprehensive income

Subscription rights toshares

18,571,825-△ 7,634

18,564,190

245,955

36,034,994

18,571,825-△ 7,634

18,564,190

245,955

35,999,836

Cumulative effects of changes in accounting policies
Restated balance

Total net assets△ 35,157

Changes of items during period
Dividends of surplus△ 775,876

Net income attributable to owners of parent

3,825,590

Purchase of treasury shares△ 3,000,139

Disposal of treasury shares

59,636

Cancellation of treasury shares-

Transfer from retained earnings to capital surplus-

Net changes of items other than shareholders'equity△ 8,970,104

3,163,747

7,634△ 5,798,722△ 21,800△ 5,820,522

Total changes of items during period△ 8,970,104

3,163,747

7,634△ 5,798,722△ 21,800△ 5,711,311

9,601,720

3,163,747-

12,765,468

224,154

30,288,524

Balance at the end of current period

FY2022 (April 1, 2022 - March 31, 2023)(Unit:Thousands of Yen)
Shareholders' equity
Capital stock
Balance at the beginning of current period

Capital surplus

Retained earnings

Treasury shares

Total shareholders'equity

2,923,019

379,270

14,979,955△ 983,344

17,298,901

2,923,019

379,270

14,979,955△ 983,344

17,298,901

Cumulative effects of changes in accounting policies
Restated balance
Changes of items during period
Dividends of surplus△ 796,260

Net income attributable to owners of parent

4,139,372

Purchase of treasury shares
Disposal of treasury shares
Cancellation of treasury sharesTransfer from retained earnings to capital surplus

Total changes of items during period

4,139,372△ 1,001,405△ 1,001,405△ 1,425

36,22434,799△ 879,948

879,948-

881,374

Decrease in retained earnings due to exclusion ofequity method companies
Net changes of items other than shareholders'equityBalance at the end of current period△ 796,260△ 881,374-△ 4,617△ 4,617--2,457,119△ 85,231

2,371,888

2,923,019

379,270

17,437,075△ 1,068,576

19,670,789

Accumulated other comprehensive incomeValuation difference on
available-for-salesecurities
Balance at the beginning of current period

Deferred gains orlosses on hedges

Foreign currency
Total accumulated othertranslation adjustment comprehensive income

Subscription rights toshares

Non-controlling interests

Total net assets

9,601,720

3,163,747-

12,765,468

224,154-

30,288,524

9,601,720

3,163,747-

12,765,468

224,154-

30,288,524

Cumulative effects of changes in accounting policies
Restated balance
Changes of items during period
Dividends of surplus△ 796,260

Net income attributable to owners of parent

4,139,372

Purchase of treasury shares△ 1,001,405

Disposal of treasury shares

34,799Cancellation of treasury shares-

Transfer from retained earnings to capital surplus-

Decrease in retained earnings due to exclusion ofequity method companies
Net changes of items other than shareholders'equity△ 5,667,277△ 366,426-△ 6,033,704△ 1,410

21,751△ 6,013,363

Total changes of items during period△ 5,667,277△ 366,426-△ 6,033,704△ 1,410

21,751△ 3,641,475

3,934,443

2,797,321-

6,731,764

222,743

21,75129,647,048

Balance at the end of current period△ 4,617

(5) UNITED Consolidated Statements of Cash Flows(Unit : Thousands of Yen)
FY 2021
Items of an accountFY 2022(April 1, 2021

(April 1, 2022

to March 31, 2022)

to March 31, 2023)

AmountAmountCash flows from operating activities
Income before income taxes

5,811,019

6,167,810

140,603147,721

Amortization of goodwill

57,823

182,119

Share-based payment expenses

57,99354,712

217

16,251△148△132

Depreciation

Increase (decrease) in allowance for doubtful accounts
Interest and dividend income
Interest expenses

2,250

2,050

△7,925△26,182

Loss on sale of shares of subsidiaries and associates-7,722

Loss on retirement of non-current assets-2,717

Transfer of rights income-△350,000

Share of loss (profit) of entities accounted for using equity method

Decrease (increase) in trade receivables△191,989

310,145

Decrease (increase) in investment securities for sale△756,316△599,667

268,391△161,038

Increase (decrease) in trade payables
Other, net△553,392

184,276

Subtotal

4,828,526

5,938,505

Interest and dividends received
Interest paid
Income taxes refund (paid)
Net cash provided by (used in) operating activities

148132△2,256△2,046△2,107,514△1,989,171

2,718,903

3,947,418

Cash flows from investing activities△4,632△71,554

Purchase of intangible assets△104,546△171,372

Purchase of investment securities△54,324△217,308

Purchase of shares of associates-△35,000

Purchase of property, plant and equipment

Proceeds from sale of shares of associates
Purchase of shares of subsidiaries resulting in change in scope of consolidationPayments for acquisition of businesses
Proceeds from transfer of rights
Other, net
Net cash provided by (used in) investing activities-

23,203△329,036△628,776-△100,000-

350,000

14,803

11,713△477,735△839,095

Cash flows from financing activities
Repayments of long-term borrowings
Purchase of treasury shares
Dividends paid
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents△74,476△106,724△3,000,139△1,001,405△775,255△794,977△3,849,870△1,903,10670-

Net increase (decrease) in cash and cash equivalents△1,608,632

1,205,216

Cash and cash equivalents at beginning of period

13,774,158

12,165,526

Cash and cash equivalents at end of period

12,165,526

13,370,743