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 2023
(Japanese Accounting Standards)
May 9, 2024
Company name:
Stock code:
Representative:
Contact:
Tel:

UNITED, Inc.
Stock exchange listing:Tokyo Stock Exchange
2497
URL:
https://united.jp/
Tomonori Hayakawa, CEO
Yuji Yamashita, Executive Officer and General Manager of Corporate Administration Division+81-3-6821-0000

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

June 19, 2024
June 20, 2024
June 20, 2024
( 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 2023
FY 2022(Note) Comprehensive incomeMil.¥12,573
13,140(Percentages are shown as year-on-year changes)
Profit attributable
Ordinary profit
to owners of the parentMil.¥%Mil.¥%
4,829
△17.5
2,366
△42.8
5,851
1.64,1398.2
FY 2022 △1,894 Mil.¥ (―%)

Operating profit%Mil.¥△4.34,859
3.3
5,823
FY 2023 △1,886 Mil.¥

Profitper share (basic)

Profitper share (diluted)%△16.61.5(―%)

Return on equity

Return on assets

Ratio of operating
income to net sales(%)¥¥%%
FY 2023
60.44
60.35
9.5
16.4
FY 2022104.6714.7
16.5
104.65FY 2023 △21 Mil.¥FY 2023 26 Mil.¥(Notes) Income on equity method investments
We have conducted the 2-for-1 stock split of its common stock with an effective date of June 1, 2023.
Profit per share and diluted profit per share are calculated as if the stock splits had been conducted at the beginning of FY 2022.

%
38.6
44.3

(2) Financial Position
Total assets

Net assets

Shareholders’ equity
per shareEquity ratio

Mil.¥
Mil.¥
%
FY 2023
26,74523,54087.2
FY 202232,31826,64781.7
FY 2023 23,310 Mil.¥FY 2022 26,402 Mil.¥(Notes) Shareholder’s equity
We have conducted the 2-for-1 stock split of its common stock with an effective date of June 1, 2023.
Profit per share and diluted profit per share are calculated as if the stock splits had been conducted at the beginning of FY 2022.

¥594.54675.66(3) Cash Flows
Operating activities
Mil.¥
2,085
3,947

FY 2023
FY 2022

Investing activities

Financing activities

Mil.¥△1,134△839

Mil.¥△1,336△1,903

Cash and cash
equivalents at the endof the yearMil.¥
12,985
13,3702.Dividend Per ShareDividends per share
ThirdFourthTotalquarterquarter¥¥¥¥¥
FY 2022―20.00
―
23.00
43.00
FY 2023
―
24.00
―
24.00
48.00
FY 2024 (Forecasted)
―
24.00
―
24.00
48.00
(Note)We have conducted the 2-for-1 stock split of its common stock with an effective date of June 1, 2023.
Dividends per share of FY 2022 is the amount of actual dividends before the stock split is stated.
First
quarter

Secondquarter

TotalDividends
Payout ratio
amount ofto net(consolidated)
dividends
assets ratio
Mil.¥
%%
842
20.5
3.0
1,881
79.4
7.6
―

3. Forecasts of consolidated results of operations for FY 2024(Percentages show year-on-year changes)
Net sales％Mil.¥
FY 2024

Operating profit

9,400～ △25.2～
10,300 △18.1％

Mil.¥Profit attributable toowners of the parent

Ordinary profit

2,000～ △58.8～
2,500△48.6Mil.¥％2,000～ △58.6～
2,500
△48.2

* Notes(1) Significant changes in scope of consolidation(Changes in scope of consolidation of specified subsidiaries)

Profit per share％¥

1,150～ △51.4～
1,500
△36.6

29.00～38.50

Mil.¥

：No

(2) Changes in accounting policies and changes or restatement of accounting estimates(i) Changes in accounting policies caused byrevision of accounting standards
No：(ii) Changes in accounting policies otherthan (i)No：(iii) Changes in accounting estimatesNo：(iv) Restatement
No：(3) Number of shares issued (common stock)(i) Number of shares issued at end of the year
FY 2023
40,412,690 shares
FY 2022(including treasury stock)(ii) Number of shares issued at end of the year
FY 2023
1,204,628 shares
FY 2022at end of the year(iii) Number of average shares outstanding
FY 2023
39,152,184 shares
FY 2022
during twelve-month period(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.

(For Reference) Financial Highlights (Non-Consolidated)(1) Non-Consolidated Results of Operations

Mil.¥
6,550
7,072
Profitper share (basic)(Note)

1,335,798 shares
39,548,530 shares(Percentages are shown as year-on-year changes)

Net salesFY 2023
FY 2022

40,412,690 shares

Operating profit

Ordinary profit

Mil.¥
4,904
5,532Mil.¥
5,717
5,539%
△7.4
7.6%
△11.4
11.8

Profit%3.2
11.7Mil.¥
2,089
3,729%△44.0
5.3

Profitper share (diluted)¥¥FY 2023
53.37
53.29
FY 2022
94.30
94.28
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) Non-Consolidated Financial Position
Total assets

Net assets

Equity ratio

Shareholders’ equity
per shareMil.¥Mil.¥%FY 2023
23,90922,14791.7
FY 2022
29,50825,58285.9(Note) Shareholder’s equity
FY 2023
21,937 Mil.¥FY 2022
25,359 Mil.¥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.
* 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 thepresent point in time and 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 FY2023 will be delivered to institutional investors and analysts via theCompany’s website. The materials used in this video will be posted on the website.

¥559.50648.97

UNITED Consolidated Financial Statements(1) UNITED Consolidated Balance Sheet

Items of an accountFY 2022(As of March 31, 2023)
Amount(Unit : Thousands of Yen)
FY 2023(As of March 31, 2024)
AmountAssetsCurrent assets
Cash and deposits

13,370,743

Accounts receivable - trade

1,061,233

12,985,094
967,929

Operational investment securities

11,236,595

7,836,613

Inventories

30,39733,440Derivatives

1,942,923

2,263,379

271,640

308,220

Other△21,662△15,324

27,891,871

24,379,354

Buildings and structures

374,423360,107Tools, furniture and fixtures

187,144

185,985

Accumulated depreciation△250,590△268,911

310,977

277,181

Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment

Total property, plant and equipment
Intangible assets
Goodwill

905,899

76,907

Software298,369

298,882

Other

1,025

1,025

1,205,294

376,815

Investment securities

423,820

1,373,335

Shares of subsidiaries and associates

30,798

9,649

Total intangible assets
Investments and other assets

Derivatives

2,088,959-

Deferred tax assets

95,44492,551

Leasehold and guarantee deposits

234,840

202,401

Other

36,346

33,7902,910,211

1,711,728

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

4,426,483

2,365,725

32,318,354

26,745,079

Items of an accountFY 2022(As of March 31, 2023)
AmountFY 2023(As of March 31, 2024)
AmountLiabilities
Current liabilities
Accounts payable - trade739,442

712,498

Short-term borrowings

100,000

100,000

Current portion of long-term borrowings

47,7206,370

Accounts payable - other280,608

249,546

1,201,741

650,519

Income taxes payable
Other
Total current liabilities

408,150

344,529

2,777,664

2,063,463

Non-current liabilities
Long-term borrowings

54,90051,430

Deferred tax liabilities

2,838,741

1,089,681

Total non-current liabilities

2,893,641

1,141,111

5,671,305

3,204,575

Share capital

2,923,019

2,923,019

Capital surplus

379,270

452,447

Retained earnings

17,437,075

18,413,837

Treasury shares△1,068,576△963,119

Total shareholders' equity

19,670,789

20,826,184

Total liabilities
Net assetsShareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities

3,934,443

914,162

Deferred gains or losses on hedges

2,797,321

1,570,333

Total accumulated other comprehensive income

6,731,764

2,484,495

222,743

210,665

Share acquisition rights
Non-controlling interests
Total net assets
Total liabilities and net assets

21,751

19,15826,647,048

23,540,504

32,318,354

26,745,079

(2) UNITED Consolidated Statement of Income

Items of an account(Unit : Thousands of Yen)
FY 2023(April 1, 2023to March 31, 2024)
AmountFY 2022(April 1, 2022
to March 31, 2023)
AmountNet sales

13,140,387

12,573,853

Cost of sales

4,343,254

4,464,161

Gross profit

8,797,132

8,109,692

Selling, general and administrative expenses

2,973,343

3,250,114

Operating profit

5,823,789

4,859,577

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

132

4,510

26,182

--

3,715

3,252

1,072

Gain on valuation of crypto assets-13,425

Gain on reversal of office relocation expense

-

6,270

Received settlement fee-

2,780

Gain on forfeiture of unclaimed dividends

Other

11,377

8,752

Total non-operating income

40,944

40,527

Non-operating expenses
2,050

1,923-

21,149Foreign exchange losses

1,368

-

Commission expenses

1,589

-

-

7,382

-

37,266

Loss on valuation of crypto assets

3,957

-

Expense related to restricted stock

3,646

-

981

2,593

Interest expenses
Share of loss of entities accounted for using equity method

Non-deductible consumption tax
Incentive payment

Other
Total non-operating expenses
Ordinary profit

13,59370,3155,851,140

4,829,789

Extraordinary income-23,347

Gain on reversal of share acquisition rights

15,699-Transfer of rights income

350,000-

Total extraordinary income

365,699

23,347

Gain on sale of investment securities

Extraordinary losses
2,717

-

-

770,075

Office relocation expenses

26,322-

Loss on liquidation of business

12,267--22,743

Loss on retirement of non-current assets
Impairment losses

Loss on valuation of investment securities
Loss on sale of shares of subsidiaries and associatesLoss on step acquisitions

7,722--580

49,029793,400

Profit before income taxes

6,167,810

4,059,737

Income taxes - current

2,034,711

1,699,429

Income taxes - deferred△6,273△29Total income taxes

2,028,438

1,699,400

Profit4,139,372

2,360,336

Total extraordinary losses

Loss attributable to non-controlling interests
Profit attributable to owners of parent-△5,9594,139,372

2,366,296

(3) UNITED Consolidated Statement of Comprehensive Income(Unit : Thousands of Yen)

Items of an accountFY 2022

FY 2023(April 1, 2022

(April 1, 2023

to March 31, 2023)

to March 31, 2024)

AmountAmount4,139,372

2,360,336△5,667,277△3,020,280

Deferred gains or losses on hedges△366,426△1,226,988

Total other comprehensive income△6,033,704△4,247,268△1,894,331△1,886,931△1,894,331△1,892,891-5,959ProfitOther 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

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

Capital surplus

2,923,019

Retained earnings

379,270

14,979,955

Treasury shares△ 983,344

Total shareholders'equity17,298,901

Changes of items during period
Dividends of surplus△ 796,260

Profit attributable to owners of parent

4,139,372

Purchase of treasury stock
Disposal of treasury stock
Cancellation of treasury stock
Transfer from retained earnings to capital surplus△ 796,260
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△ 881,374-△ 4,617△ 4,617

Capital increase of consolidated subsidiaries-

Purchase of shares of consolidated subsidiaries-

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

2,457,119△ 85,231

2,371,888

2,923,019

379,270

17,437,075△ 1,068,576

19,670,789

Deferred gains or losses Total accumulated otheron hedges
comprehensive income

Share acquisition rights

Non-controlling interests

224,154-

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

9,601,720

3,163,747

12,765,468

Total net assets

30,288,524

Changes of items during period
Dividends of surplus△ 796,260

Profit attributable to owners of parent

4,139,372

Purchase of treasury stock△ 1,001,405

Disposal of treasury stock

34,799Cancellation of treasury stock-

Transfer from retained earnings to capital surplus-

Decrease in retained earnings due to exclusion ofequity method companies△ 4,617

Capital increase of consolidated subsidiaries-

Purchase of shares of consolidated subsidiaries-

Net changes in items other than shareholders' equity△ 5,667,277△ 366,426△ 6,033,704

Total changes of items during period△ 5,667,277△ 366,426

3,934,443

2,797,321

Balance at the end of current period△ 1,410

21,751△ 6,013,363△ 6,033,704△ 1,410

21,751△ 3,641,475

6,731,764

222,743

21,751

26,647,048FY2023(April 1,2023-March 31,2024)(Unit:Thousands of Yen)
Shareholders' equity
Capital stock
Balance at the beginning of current period

Capital surplus

2,923,019

Retained earnings

379,270

17,437,075

Treasury shares△ 1,068,576

Total shareholders'equity
19,670,789

Changes of items during period
Dividends of surplus
Profit attributable to owners of parent△ 1,389,534△ 1,389,534

2,366,296

2,366,296

Purchase of treasury stock-

Disposal of treasury stock

18,850105,456

124,306

Cancellation of treasury stock-

Transfer from retained earnings to capital surplus-

Decrease in retained earnings due to exclusion ofequity method companies-

Capital increase of consolidated subsidiaries
Purchase of shares of consolidated subsidiaries

53,32953,329996

996

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

73,176

976,762

105,456

1,155,395

2,923,019

452,447

18,413,837△ 963,119

20,826,184

Deferred gains or losses Total accumulated otheron hedges
comprehensive income

Share acquisition rights

Non-controlling interests

222,743

21,751

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

3,934,443

2,797,321

6,731,764

Total net assets

26,647,048

Changes of items during period
Dividends of surplus△ 1,389,534

Profit attributable to owners of parent

2,366,296

Purchase of treasury stock-

Disposal of treasury stock

124,306

Cancellation of treasury stock-

Transfer from retained earnings to capital surplus-

Decrease in retained earnings due to exclusion ofequity method companies-

Capital increase of consolidated subsidiaries

53,329Purchase of shares of consolidated subsidiaries

996

Net changes in items other than shareholders' equity△ 3,020,280△ 1,226,988△ 4,247,268△ 12,077△ 2,593△ 4,261,939

Total changes of items during period△ 3,020,280△ 1,226,988△ 4,247,268△ 12,077△ 2,593△ 3,106,544

914,162

1,570,333

2,484,495

210,665

19,15823,540,504

Balance at the end of current period

(4) UNITED Consolidated Statements of Cash Flows(Unit : Thousands of Yen)

Items of an accountFY 2022

FY 2023(April 1, 2022

(April 1, 2023

to March 31, 2023)

to March 31, 2024)

AmountAmountCash flows from operating activities
6,167,810

4,059,737

147,721151,030-770,075

Amortization of goodwill

182,119

153,540

Share-based payment expenses

54,712

61,772

Increase (decrease) in allowance for doubtful accounts

16,251△6,337

Interest and dividend income△132△4,510Interest expenses

2,050

1,923

△26,182

21,149Profit before income taxes
Depreciation
Impairment losses

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

22,743

Loss on sales of shares of subsidiaries and associates

7,722-

Loss on retirement of non-current assets

2,717-△350,000-

Loss on valuation of investment securities

Transfer of rights income

310,145

99,941

Decrease (increase) in operational investment securities△599,667△31,066

Increase (decrease) in trade payables△161,038△813,381

Other, net

184,276△189,814

Subtotal

5,938,505

4,296,804

1324,510

Decrease (increase) in trade receivables

Interest and dividends received
Interest paid
Income taxes refund (paid)Net cash provided by (used in) operating activities△2,046△1,797△1,989,171△2,214,075

3,947,418

2,085,441

Cash flows from investing activities
Purchase of property, plant and equipment△71,554△10,830

Purchase of intangible assets△171,372△147,636

Purchase of investment securities△217,308△1,000,000

Purchase of shares of subsidiaries and associates△35,000-

23,203-Purchase of shares of subsidiaries resulting in change in scope of consolidation△628,776△34,657

Payments for acquisition of businesses△100,000-

Proceeds from sale of shares of subsidiaries and associates

Proceeds from transfer of rights

350,000-

Other, net

11,71358,682△839,095△1,134,441

Net cash provided by (used in) investing activities
Cash flows from financing activities
Repayments of long-term borrowings
Purchase of treasury shares△106,724△47,820△1,001,405-△794,977△1,386,807

Proceeds from exercise of employee share options-

40,286

Proceeds from share issuance to non-controlling shareholders-57,696

Dividends paid

Other, net
Net cash provided by (used in) financing activities-△3△1,903,106△1,336,647

Net increase (decrease) in cash and cash equivalents

1,205,216△385,648

Cash and cash equivalents at beginning of period

12,165,526

13,370,743

Cash and cash equivalents at end of period

13,370,743

12,985,094