UNITED, Inc.
（ＵＲＬ http://www.united.jp/ ）Financial Highlights of Fiscal Year 2014 (April 1, 2013 to March 31, 2014) andFiscal Year 2013 (April 1, 2012 to March 31, 2013)(1) Consolidated operating result
Net sales

Operating income％Mil.¥（33.1）
6,156
Fiscal Year 2014（△11.0）
4,624
Fiscal Year 2013
Note1: Comprehensive income: March 31, 2014 123million yen( -%)Net income
per share

Ordinary income％Mil.¥Mil.¥―153138（△99.4）302
March 31, 2013 △579million yen( -%)Diluted Net income
per share％（396.8）（△92.9）Returnon equityMil.¥101△ 236

Returnon assets％――

Operating income
margin％2.00.5％
1.6―

Yen
4.40―

Yen
4.46
Fiscal Year 2014
△ 15.24
Fiscal Year 2013
(Reference) Equity in earnings(losses)of affiliates:
Fiscal year ended March 31, 2014: 20 million yen

Net income％2.30.1

Fiscal year ended March 31, 2013: △8 million yen(2) Consolidated financial position
Total assets

Net assets

Equityper share

Equity ratio
％

Yen

87.0

305.52

76.3

234.29Net cash provided by(used in) financing
activitiesMil.¥2,161△ 508

Cash and cashequivalents at end ofperiod
Mil.¥
2,496
1,717Mil.¥Mil.¥
Fiscal Year 2014
8,200
7,159
(As of March 31,2014)
Fiscal Year 2013
6,845
5,443
(As of March 31,2013)(Reference) Capital: March 31, 2014: 7,137 million yen
March 31, 2013: 5,223 million yen(3) Consolidated cash flows

Fiscal Year 2014
Fiscal Year 2013

Net cash provided by(used in) operating
activitiesMil.¥△ 20692

Net cash provided by(used in) investing
activities
Mil.¥△ 1,022△ 1,313（4)Cash dividend per share
Record dateFiscal Year 2013
Fiscal Year 2014
Fiscal Year 2015
(expected)End ofperiod

Annualdividend

End of 1stquarterEnd of 2ndquarterEnd of 3rdquarter

Yen
―
―

Yen
1.60
0.00

Yen
―
―

Yen
2.40
1.00

Yen
4.00
1.00

―

―

―

―

―

Total
Amount ofdividends
Mil.¥
74
23(5)Consolidated earnings forecast of fiscal year March 2015 (April 1,2014 to March 31,2015)
The consolidated earnings forecast for next period has not been included due to difficulties conducting reasonable calculationsof the earnings forecast.

Dividend
payout
ratio
％
―
22.4―

Dividends tonet assets
ratio％
1.20.4

UNTIED Consolidated Financial Statements(1)UNITED Consolidated Balance Sheets
Items of an account
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-tradeSecurities
Operational investment securities
Inventories
Deferred tax assets
Money held in trust
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures
Leased assets
Tools, furniture and fixtures
Accumulated depreciation
Total property, plant and equipment
Intangible assets
GoodwillSoft
Other
Total intangible assets
Investments and other assets
Investment securitiesStocks of subsidiaries and affiliates
Long-term loans receivable
Deferred tax assets
Lease and guarantee deposits
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets
Liabilities
Current liabilities
Accounts payable-trade
Short-term loans payable
Current portion of bonds
Current portion of long-term loans payable
Accounts payable - other
Income taxes payable
Deferred tax liabilities
Provision for point card certificates
Asset retirement obligations
Other
Total current liabilities
Noncurrent liabilities
Bonds payable
Long-term loans payable
Deferred tax liabilities
OtherTotal noncurrent liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
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

FY2013(As of March 31,2013)
Amount(Unit:Thousands of Yen)FY2014(As of March 31,2014)
Amount3,252,401
792,311500,000
713,398
11,7507,256
416,998
262,840-7,2755,949,681

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

113,662
15,467
199,603-198,631
130,10286,324―
161,236-161,430
86,221

6,304
224,698
1,120
232,122

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

57,970221,283
54,654378
189,787
25,046-15,265
533,855
896,079
6,845,761

456,742
194,444920―
93,641
13,473-9,373749,830
960,437
8,200,276

542,175
95,00030,60075,628
154,044
39,354
20,86955,8428,000
184,870
1,206,385

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

59,400130,794―
5,400
195,594
1,401,979

―
―
52
―
52
1,040,346

1,840,969
1,833,596
1,469,844-7,101
5,137,308

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

86,484―86,48467,525
152,4635,443,781
6,845,761

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

(2)UNITED Consolidated Statements of Income

Items of an accountNet salesCost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest income
Dividends income
Equity in earnings of affiliates
Foreign exchange gains
Reversal of allowance for doubtful accounts
Other
Total non-operating income
Non-operating expenses
Interest expenses
Equity in losses of affiliates
Stock issuance cost
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on change in equity
Gain on sales of investment securities
Gain on sales of subsidiaries and affiliates' stocks
Gain on transfer of businessGain on reversal of subscription rights to shares
Gain on reversal of asset retirement obligations
Total extraordinary income
Extraordinary loss
Loss on retirement of non-current assets
Impairment loss
Loss on valuation of shares of subsidiaries and associates
Office transfer expenses
Amortization of goodwill
Cancellation penalty
Other
Total extraordinary losses
Income (loss) before income taxes and minority interests
Income taxes-current
Income taxes-deferred
Total income taxes
Income (loss) before minority interests
Minority interests in income (loss)
Net Income (loss)(Unit:Thousands of Yen)FY2014(April 1,2013
to March 31,2014)
Amount

FY2013(April 1,2012
to March 31,2013)
Amount
4,624,120
3,054,723
1,569,396
1,566,932
2,464

6,156,873
4,459,003
1,697,869
1,558,959
138,910

6,485
1,094
―
32,7232,400
6,518
49,2223,291
31
20,822
3,317
―
4,848
32,311

7,387
8,179
―
5,169
20,73730,9501,551―
13,7382,181
17,472
153,749

13,97180
23,928
11,66050,150―99,791

151
―
7,308
―
2,197
8,000
17,657―43,652
11,67624,26059,994
13,543452153,578-22,837
37,322
154,007
191,330-214,167
22,811-236,979

3,397
17,749
―
2,812
―
―
6,631
30,591
140,816
42,820―42,82097,995-3,367
101,363

(3)UNITED Consolidated Statements of Comprehensive Income

Items of an accountIncome (loss) before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Share of other comprehensive income of associates accounted for using equity method
Total other comprehensive income
Comprehensive incomeComprehensive income attributable toComprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests

FY2013(April 1,2012
to March 31,2013)
Amount(Unit:Thousands of Yen)FY2014(April 1,2013
to March 31,2014)
Amount-214,167

97,995-179,144-174,942―-10,987-365,074-579,241

41,938―1,135-17,384
25,688
123,684-602,053
22,811

126,983-3,298

(4)UNITED Consolidated statements of cash flows

Items of an accountNet cash provided by (used in) operating activities
Income (loss) 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 valuation of shares of subsidiaries and associates
Gain on business transfer
Gain on rebersal of asset retirement obligations
Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in investment securities for sale
Increase decrease in foward contract
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
Purchase of shares of subsidiaries and associates
Proceeds from sales of shares of subsidiaries and associates
Proceeds from sales of shares of subsidiaries resulting in change in scope of consolidation
Payments of loans receivable
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayments of long-term loans payable
Proceeds from issuance of bonds
Proceeds from share issuance to minority shareholders
Proceeds from issuance of subscription rights to sharesProceedsFromIssuanceOfSubscriptionRightsToShare
Payments of money hold in trust for purchase of treasury stock
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 in cash and cash equivalents resulting from merger
Increase in cash and cash equivalents resulting from merger with unconsolidated subsidiaries
Increase (decrease) in cash and cash equivalents resulting from change of scope of consolidation
Cash and cash equivalents at end of period

FY2013(April 1,2012
to March 31,2013)
Amount(Unit:Thousands of Yen)FY2014(April 1,2013
to March 31,2014)
Amount-22,837
129,968
43,65286,593
2,173
4,882-7,580
7,387
―
8,179
-80
-23,928
11,676-11,660―
175,855-18,566-237,187
117,556-144,654
121,4297,384-7,741-28,448
92,624140,81665,04817,7492,879
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
5,624-1,673-29,829-206,029-2,966,450
2,000,000-25,684-253,460-49,920-78,162
29,25070,652-99,899
59,737-1,313,937-5,200,000
4,634,555-16,449-65,286-401,700-27,40344,250―-1,40010,456-1,022,978-77,500
191,000-263,623
88,86653,340――-424,000―-75,907-642-508,466
15,389-1,714,389
3,010,551
410,173
10,941―
1,717,276

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