Consolidated Financial Results(Japanese Accounting Standards)
for the Fiscal Year 2014
Company name:
Stock exchange listing:Stock code:
URL:
Representative:
Contact:

May 11, 2015

UNITED, Inc.
Tokyo Stock Exchange
2497

http://united.jp

Tomonori Hayakawa, CEO
Ryohei Yamazaki, Director, Corporate Administration Division
Tel. +81-3-6821-0000
Scheduled date of the Annual General Meeting of Shareholders:June 25, 2015
Scheduled date for filing of securities report:
June 26, 2015
Scheduled date of commencement of dividend payment: June 26, 2015
Supplementary documents for financial results:
YES
Financial results briefing:YES(For securities analyst and institutional investors)(Amounts of less than one million yen are rounded to the nearest million yen)

1.Consolidated Financial Results for Fiscal Year 2014 (April 1, 2014 - March 31, 2015)(Percentages show year-on-year changes)(1) Consolidated Results of Operations (Accounting Total)
Net sales
Operating income
Ordinary income
Net income
Mil.¥
％
Mil.¥
％
Mil.¥
％
Mil.¥
％
Fiscal Year 2014
8,330
35.3
370
167.1
626
307.5
551
444.2
Fiscal Year 2013
6,156
33.1
138―
153
396.8
101―
(Note)Comprehensive income: March 31, 2015: 666 million yen ( 439.3 %)March 31, 2014: 123 million yen ( - %)Net
Diluted Net
OperatingReturn
Returnincomeincomeincomeon equity on assets
per share per share
marginYen
Yen％％％
Fiscal Year 2014
23.43
23.31
7.2
7.0
4.5
Fiscal Year 2013
4.46
4.40
1.6
2.0
2.3
(Reference) Equity in earnings(losses)of affiliates:
March 31, 2015: 253 million yen
March 31, 2014: 20 million yen(2) Consolidated financial position
Total assets
Mil.¥
Fiscal Year 2014
9,798
(As of March 31,2015)
Fiscal Year 2013
8,200
(As of March 31,2014)(Reference) Capital: March 31, 2015: 8,147 million yen

Net assets

Equity ratio

EquityMil.¥％

Yen

8,160

83.1

345.40

7,159

87.0

305.52

March 31, 2014: 7,137 million yen(3) Consolidated cash flows

Fiscal Year 2014
Fiscal Year 2013

per share

Cash flow from

Cash flow from

Cash flow fromoperating activities

investing activities

financing activities

Mil.¥512△ 206Mil.¥△ 932△ 1,022

Mil.¥364
2,161

Cash and cash
equivalents at end ofperiod

Mil.¥
2,478
2,496

2.Dividend per share
Record date

End of 1stquarter
Yen――

End of 2nd End of 3rdquarter
Yen
0.00
1.00

quarter
Yen――

Fiscal Year 2013
Fiscal Year 2014
Fiscal Year 2015―――(forecast)
Note: Forecast for the Fiscal Year 2015 dividend is yet to be determined.

End ofAnnualperioddividend

Yen
1.00
4.00

Yen
1.00
5.00

―

―

Total

Dividend

Dividends

Amount ofpayouttodividends
Mil.¥
23117

ratio

net assets
％
0.4
1.5

22.4
21.4％

―

3.Consolidated earnings forecast for fiscal year ending March 2016 (April 1,2015 to March 31,2016)(Percentages show year-on-year changes)
Net sales
Operating incomeMil.¥％Mil.¥％――――
1st Quarter of FY 2015
10,000～12,000
20.0～44.0
800～1,000
115.6～169.5
Fiscal Year 2015
*Notes(1) Changes of important subsidiaries during the period(Changes of specific subsidiaries in accordance with changes in the scope of consolidation):None(2) Application of particular accounts procedures to the preparation of quarterly consolidated financial statement:None(3) Changes in accounting policies and changes or restatement of accounting estimates(i) Changes in accounting policies caused by revision of accounting standard:None(ii) Changes in accounting policies other than (i):None(iii) Changes in accounting estimates:None(iv) Restatement:
None(4) Number of shares outstanding (common stock):(i) Number of shares outstanding at end of period (including treasury stock)
As of March 31, 2015:
23,595,136 shares
As of March 31, 2014:
23,370,034 shares(ii) Number of treasury stock at end of period
As of March 31, 2015:
7,311 shares
As of March 31, 2014:
7,061 shares(iii) Average number of shares outstanding during the term
As of March 31, 2015:
23,540,160 shares
As of March 31, 2014:
22,724,483 shares

(Reference)Non-consolidated Financial Results for Fiscal Year 2015 (April 1, 2014 - March 31, 2015)(1) Non-consolidated Results of Operations (Accounting Total)
Net sales
Operating income
Ordinary income
Mil.¥
％
Mil.¥
％
Mil.¥
％
Fiscal Year 2014
7,232
48.1
660
471.0
664
488.7
Fiscal Year 2013
4,884
74.3
115―
112―

Fiscal Year 2014
Fiscal Year 2013

Net

Diluted Net

incomeincomeper share
Yen
25.90
3.83

per share
Yen
25.76
3.78

Net income
Mil.¥
％
609
600.587―(2) Consolidated financial position
Total assets
Mil.¥
Fiscal Year 2014
9,512(As of March 31,2015)
Fiscal Year 2013
7,902
(As of March 31,2014)(Reference) Capital: March 31, 2015: 8,145 million yen

Net assets

Equity ratio

Equityper share

Mil.¥

％

Yen

8,157

85.6

345.31

7,101

89.6

303.04

March 31, 2014: 7,080 million yen*Regarding the status of audit procedure implementation- The audit procedures for reviewing financial statements pursuant to the Financial Instruments and Exchange Act are in progress at thetime of disclosure of the financial results.

*Explanations and other special notes concerning the appropriate use of business performance forecasts- The forward-looking statements such as result forecasts included in this document are based on the information available tothe Company at the time of the announcement and on certain assumptions considered reasonable, and the Company makes norepresentations as to their achievability. Actual results may differ materially from the forecast depending on a range of factors.
- We will hold a results briefing for institutional investors and analyst on May 11, 2015.
For material that are distributed in this briefing, it will be posted on our website.

UNTIED Consolidated Financial Statements(1)UNITED Consolidated Balance Sheets

Items of an account

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Operational investment securities
Inventories
Deferred tax assets
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Tools, furniture and fixtures
Accumulated depreciation
Total property, plant and equipment
Intangible assets
GoodwillSoft
Other
Total intangible assets
Investments and other assets
Investment securities
Shares of subsidiaries and affiliates
Long-term loans receivableDeferred tax assets
Lease and guarantee deposits
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Accounts payable - trade
Short-term loans payable
Current portion of long-term loans payable
Accounts payable - other
Income taxes payable
Deferred tax liabilities
Provision for point card certificates
Other
Total current liabilities
Non-current liabilities
Deferred tax liabilities
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stockCapital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Total accumulated other comprehensive income
Subscription rights to shares
Minority interests
Total net assets
Total liabilities and net assets(Unit:Thousands of Yen)FY2013(As of March 31,2014)

FY2014(As of March 31,2015)

AmountAmount

5,096,046
1,063,987
973,316
32,792―
79,082-5,386
7,239,839

5,878,970
1,452,054
1,718,220
45,212148115,174-6,686
9,203,094

86,324
161,326-161,430
86,221

88,725
159,899-172,370
76,253

3,424
119,934
1,025
124,385

5,428
109,935
1,025
116,389456,724
194,444920―
93,641
13,473-9,373749,830
960,437
8,200,276

70,302
163,944―
26,871
141,865
15,784-15,684
403,084595,727
9,798,822

654,441
100,000
530
110,706
37,25957,38345,261
34,7101,040,293

1,109,457
100,000―
75,412
99,821
13,74536,748203,314
1,638,500

52
52
1,040,346――
1,638,500

2,696,846
2,813,562
1,517,697-2,3107,025,796

2,907,584
3,024,300
1,986,456-2,818
7,915,523

110,968
1,135
112,104
21,687342
7,159,930
8,200,276

192,500
39,243
231,743
12,658395
8,160,321
9,798,822

(2)UNITED Consolidated Statements of Income(Unit:Thousands of Yen)FY2014FY2013
Items of an accountNet sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity method
Foreign exchange gains
OtherTotal non-operating income
Non-operating expenses
Interest expenses
Share issuance cost
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of investment securities
Gain on sales of shares of subsidiaries and associates
Gain on reversal of subscription rights to shares
Gain on reversal of asset retirement obligations
Gain on change in equity
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on sales of investment securities
Loss on liquidation of subsidiaries and associates
Office transfer expensesImpairment loss
Other
Total extraordinary losses
Income before income taxes and minority interests
Income taxes - current
Income taxes - deferred
Total income taxes
Income before minority interests
Minority interests in loss
Net income(April 1,2013(April 1,2014

to March 31,2014)
Amountto March 31,2015)
Amount6,156,873
4,459,003
1,697,869
1,558,959
138,9108,330,778
6,216,937
2,113,840
1,742,843
370,996

3,291
31
20,822
3,317
4,848
32,3113,204
1253,5672,765
3,602
263,141

1,551
13,7382,181
17,472
153,749

1,468
1,353
4,774
7,596
626,541

―
7,308
2,197
8,000
151
17,657

380,275
19,049292――
399,616

3,397
―
―
2,812
17,7496,631
30,591
140,816
42,820―42,82097,995-3,367
101,363

20,872
413,636
37,997――
6,483
478,991
547,167
103,627-103,762-135
547,303-4,344
551,647

UNITED Consolidated Statements of Comprehensive Income

Items of an accountIncome before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
Share of other comprehensive income of entities accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to minority interests

FY2013(April 1,2013
to March 31,2014)
Amount(Unit:Thousands of Yen)FY2014(April 1,2014
to March 31,2015)
Amount97,995547,303

41,9381,135-17,384
25,688
123,684

84,282
38,107-2,719119,670
666,973

126,983-3,298671,287-4,313

(3)Statements of Changes In Equity
FY2013(April 1,2013-March 31,2014)(Unit:Thousands of Yen)
Shareholders' equity
Capital stock
Balance at beginning of current period

Capital surplus

Retained earnings

1,840,969

1,833,596

855,877

855,877

1,469,844

Treasury shares-7,101

Total shareholders'equity
5,137,308

Changes of items during period
Issuance of new shares

1,711,755

Dividends of surplus-53,510-53,510Net income

101,363

101,363

Purchase of treasury shares
Disposal of treasury shares
Net changes of items other thanshareholders' equity
Total changes of items during period
Balance at end of current period

124,088-10,890-10,890

15,681

139,770

855,877

979,966

47,852

4,791

1,888,488

2,696,846

2,813,562

1,517,697-2,3107,025,796

Accumulated other comprehensive income
Subscription rights to
Valuation difference
Total accumulated
Foreign currency
shareson available-for-saleother comprehensive
translation adjustment
securities
incomeBalance at beginning of current period

86,484―86,48467,525

Minority interests

152,463

Total net assets

5,443,781

Changes of items during period
Issuance of new shares

1,711,755

Dividends of surplus-53,510Net income

101,363

Purchase of treasury shares-10,890

Disposal of treasury shares
Net changes of items other thanshareholders' equity

139,770

Total changes of items during period
Balance at end of current period

24,484

1,135

25,619-45,837-152,120

24,484110,968-172,338

1,135

25,619-45,837-152,120

1,716,149

1,135

112,104

21,687342

7,159,930

(3)Statements of Changes In Equity
FY2014(April 1,2014-March 31,2015)(Unit:Thousands of Yen)
Shareholders' equity
Capital stock
Balance at beginning of current period

Capital surplus

2,696,846

2,813,562

210,737

210,737

Retained earnings
1,517,697

Treasury shares-2,310Total shareholders'equity7,025,796

Changes of items during period
Issuance of new shares

421,475

Dividends of surplus-46,930-46,930

Change of scope of equity method-35,957-35,957

Net income

551,647

551,647-507

Purchase of treasury shares
Net changes of items other thanshareholders' equity
Total changes of items during period
Balance at end of current period

210,737

210,737

468,759-507

889,727

2,907,5843,024,300

1,986,456-2,818

7,915,523

Accumulated other comprehensive income
Subscription rights to
Valuation difference
Total accumulated
Foreign currency
shareson available-for-saleother comprehensive
translation adjustment
securities
incomeBalance at beginning of current period-507

110,968

1,135

112,104

21,687

Minority interests

Total net assets

342

7,159,930

Changes of items during period
Issuance of new shares

421,475

Dividends of surplus-46,930

Change of scope of equity method-35,957

Net income

551,647

Purchase of treasury shares
Net changes of items other thanshareholders' equity
Total changes of items during period
Balance at end of current period-507
81,531

38,107

119,639-9,02852

110,663

81,531

38,107

119,639-9,02852

1,000,391

192,500

39,243

231,743

12,658395

8,160,321

(4)UNITED Consolidated statements of cash flows

Items of an accountCash flows from operating activities
Income before income taxes and minority interests
Depreciation
Impairment loss
Amortization of goodwill
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for point card certificatesInterest and dividend income
Interest expenses
Share issuance cost
Share of (profit) loss of entities accounted for using equity method
Loss (gain) on sales of investment securities
Loss (gain) on sales of shares of subsidiaries and associates
Loss on liquidation of subsidiaries and associates
Gain on reversal of asset retirement obligations
Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in investment securities for sale
Increase (decrease) in notes and accounts payable - trade
Other, net
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Payments into time deposits
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sales of investment securities
Purchase of shares of subsidiaries and associates
Proceeds from sales of shares of subsidiaries and associates
Payments of loans receivableCollection of loans receivable
Payments for lease and guarantee deposits
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Repayments of long-term loans payable
Proceeds from share issuance to minority shareholders
Proceeds from issuance of subscription rights to shares
Proceeds From Issuance Of Subscription Rights To Share
Proceeds from money held in trust for purchase of treasury stock
Cash dividends paid
Other, net
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Increase (decrease) in cash and cash equivalents resulting from change of scope of consolidation
Cash and cash equivalents at end of period

FY2013(April 1,2013
to March 31,2014)
Amount(Unit:Thousands of Yen)FY2014(April 1,2014
to March 31,2015)
Amount140,81665,04817,7492,879
2,333-10,581-3,322
1,551
13,738-20,822―-7,308―-8,000-308,149-217,931
112,265
39,582-180,150
5,624-1,673-29,829-206,029

547,167
56,426
―
2,362
1,299
-8,512-3,2061,468
1,353-253,567
33,361-19,049
37,997―-388,097-12,330
455,014106,609558,298
3,102-1,569-46,880
512,949-5,200,000
4,634,555-16,449-65,286-401,700―-27,40344,250-1,400
1,760
―
8,696
-1,022,978-7,000,000
6,200,000-4,343-47,130-481,613
430,556―
23,430-4,133
1,654-49,215-1,834-932,628

50,000-36,991
3,400
22,502
1,771,643
408,585-53,630-3,8742,161,636
3,607
936,235
1,717,276-157,465
2,496,046

―
-530―
5,100
406,285―-46,265-507
364,081
38,520-17,076
2,496,046―
2,478,970