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 3rd Quarter of FY 2023
(Japanese Accounting Standards)
February 8, 2024
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/February 8, 2024―
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.¥%

3rd Quarter of FY 2023

10,7866.04,963

0.6

4,972

0.52,675△25.5

3rd Quarter of FY 2022

10,175△5.74,933

△12.1

4,948

△11.9

3,591

△7.3(Note) Comprehensive income :3rd Quarter of FY 2023

△1,558 Mil.¥ (―%)

3rd Quarter of FY 2022

△1,157 Mil.¥ (―%)

Profitper share (basic)

Profitper share (diluted)
Yen

Yen

3rd Quarter of FY 2023

68.37

68.28

3rd Quarter of FY 2022

90.46

90.43(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

Net assets

Equity ratioMil.¥Mil.¥%

27,29823,852

86.5

32,31826,64781.7

3rd Quarter of FY 2023
(As of December 31, 2023)
FY 2022(As of March 31, 2023)(Reference) Shareholder's Equity :3rd Quarter of FY 2023

23,614 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
Dividends
perpershare
shareof for
FY FY
2022
2022
is theis calculated
amount of based
actual ondividends
the number
beforeof thesharesstocktakingsplit intois stated.
account the stock split.

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

△14.52,650△36.067.50(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：No

financial 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
3rd Quarter of FY 2023

40,412,690 shares FY 2022

40,412,690 shares

3rd Quarter of FY 2023

1,225,828 shares FY 2022

1,335,798 shares

3rd Quarter of FY 2023

39,135,570 shares 3rd Quarter of FY 2022

39,702,885 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 3rd 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 3rd Quarter of FY 2023
Items of an accountFY 2022(As of March 31, 2023)
Amount(Unit : Thousands of Yen)
3rd Quarter of FY 2023
(As of December 31, 2023)
AmountAssetsCurrent assets
Cash and deposits

13,370,743

13,607,161

Accounts receivable - trade

1,061,233

953,621

Operational investment securities

11,236,595

7,786,622

Inventories

30,39734,497

Derivatives

1,942,923

1,934,174

Other

271,640

457,245

Allowance for doubtful accounts△21,662△30,000

27,891,871

24,743,323

310,977

287,735

Goodwill

905,899

255,007

Other

299,394

283,3131,205,294

538,320

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
Total non-current assets

2,088,959-821,251

1,729,456

2,910,211

1,729,456

4,426,483

2,555,512

32,318,354

27,298,835

Accounts payable - trade739,442754,558

Short-term borrowings

100,000

100,000

Total assets
Liabilities
Current liabilities

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

47,72014,7701,201,741

690,352

688,759

721,245

2,777,664

2,280,926

Non-current liabilities
Long-term borrowings

54,90053,390

Deferred tax liabilities

2,838,741

1,111,931

Total non-current liabilities

2,893,641

1,165,321

5,671,305

3,446,248

Share capital

2,923,019

2,923,019

Capital surplus

379,270445,537

Retained earnings

17,437,075

18,723,075

Treasury shares△1,068,576△980,069

Total shareholders' equity

19,670,789

21,111,562

Valuation difference on available-for-sale securities

3,934,443

1,160,930

Deferred gains or losses on hedges

2,797,321

1,341,930

Total accumulated other comprehensive income

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income

6,731,764

2,502,861

Share acquisition rights

222,743

218,083

Non-controlling interests

21,751

20,08026,647,048

23,852,587

32,318,354

27,298,835

Total net assets
Total liabilities and net assets

(2) UNITED Consolidated Statement of Income
for the 3rd Quarter of FY 2023
Items of an account(Unit : Thousands of Yen)
3rd Quarter of FY 2023
(April 1, 2023
to December 31, 2023)
Amount3rd Quarter of FY 2022
(April 1, 2022
to December 31, 2022)
AmountNet sales

10,175,064

10,786,933

Cost of sales

3,144,859

3,357,153

Gross profit

7,030,205

7,429,780

Selling, general and administrative expenses

2,096,911

2,466,411

Operating profit

4,933,293

4,963,369

Non-operating income
Interest and dividend income
Share of profit of entities accounted for using equity method

63

4,432

19,689--

3,078

3,252

1,072

Gain on valuation of crypto assets

-

4,451

Gain on reversal of office relocation expense

-

6,279

Received settlement fee-

2,408

Foreign exchange gains
Gain on forfeiture of unclaimed dividends

Other

7,531

4,558

Total non-operating income

30,53726,282

1,554

1,422

Non-operating expenses
Interest expenses

-

3,442

Foreign exchange losses

203-

Commission expenses

1,589-

-

3,924

-

6,754

Loss on valuation of crypto assets

6,932-

Expense related to restricted stock

3,646-

Other

1,065

1,254

Share of loss of entities accounted for using equity method

Non-deductible consumption tax
Incentive payment

Total non-operating expenses
Ordinary profit

14,992

16,798

4,948,838

4,972,853

9,522

-

Extraordinary income
Gain on reversal of share acquisition rights
Transfer of rights income
Gain on sale of investment securities
Total extraordinary income

350,000--

23,347359,522

23,347Extraordinary losses
Loss on retirement of non-current assets
Impairment losses

2,674--

610,082

Office relocation expenses

1,320-

Loss on step acquisitions

-580

3,994

610,663

Profit before income taxes

5,304,366

4,385,538

Income taxes - current

1,711,897

1,697,140

Income taxes - deferred798

17,900Total income taxes

1,712,695

1,715,041

Profit3,591,671

2,670,496

Total extraordinary losses

Loss attributable to non-controlling interests
Profit attributable to owners of parent-△5,0373,591,671

2,675,534

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

(Unit : Thousands of Yen)
3rd Quarter of FY 2022
Items of an account

3rd Quarter of FY 2023

(April 1, 2022

(April 1, 2023

to December 31, 2022)

to December 31, 2023)

AmountAmount3,591,671

2,670,496△4,104,093△2,773,512

Deferred gains or losses on hedges△645,126△1,455,390

Total other comprehensive income△4,749,220△4,228,903△1,157,549△1,558,406△1,157,549△1,563,444

-

5,037

ProfitOther 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