Notice : 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 2nd Quarter of FY 2022
(Japanese Accounting Standards)
November 9, 2022
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/

November 9, 2022
December 9, 2022
Yes
Yes
( 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.¥%

2nd Quarter of FY 2022

6,637

△18.1

3,136

△31.2

3,146

△30.92,374△24.5

2nd Quarter of FY 2021

8,100―

4,559―

4,553―

3,146―(Note) Comprehensive income :2nd Quarter of FY 2022

△2,299 Mil.¥ (―)

2nd Quarter of FY 2021

3,771 Mil.¥ (△63.3%)

Profitper share (basic)

Profitper share (diluted)
YenYen2nd Quarter of FY 2022

118.88118.79

2nd Quarter of FY 2021

145.89145.84Due to the adoption of ASBJ Statement No. 29 “Accounting Standard for Revenue Recognition” in the FY2021,
this Forecasts of consolidated results of operations for FY2021 is presented based on the figures after theapplication 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 of net sales and it is not appropriate to compare that for
the FY2021 with that for the FY2020.

(Notes)(2) Financial Position
Total assets

2nd Quarter of FY 2022
(As of September 30, 2022)

Net assets

Equity ratio

Mil.¥

Mil.¥

%

33,23526,75779.8

38,70130,28877.7

FY 2021(As of March 31, 2022)(Reference) Shareholder's Equity :2nd Quarter of FY 2022

26,533 Mil.¥FY 202130,064 Mil.¥

2.Dividend Per Share
End of 1stQuarterEnd of 2ndQuarterEnd of 3ndQuarter

Yen

YenYenYen

Yen

FY 2021

―

17.00

―

20.00

37.00

FY 2022

―

20.00
―

―

―

FY 2022(Forecasted)Year-end

Annual(Note) Revisions to dividend forecasts published most recently : None
The forecasted dividend amounts for the FY 2022 are not determined at the present moment.

3. Forecasts of consolidated results of operations for FY 2022
(Percentages show year-on-year changes)

Net sales

FY 2022Operating profit

Profit attributable toowners of the parent

Ordinary profit

Profit per shareMil.¥％

Mil.¥

％

Mil.¥％

Mil.¥％

Mil.¥

12,800

0.7

5,800

1.1

5,800

0.7

4,200

9.8

208.00(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(i) Changes in accounting policies caused by revision of accounting standards：Yes(ii) Changes in accounting policies other than (i)：No(iii) Changes in accounting estimates：No(iv) Restatement：

Nofinancial statement(3) Changes in accounting policies and changes or restatement of accounting estimates(4) Number of shares issued (common stock)(i) Number of shares issued at end of the year

2nd Quarter of FY 2022

20,756,345 shares

FY 2021

20,756,345 shares

2nd Quarter of FY 2022

1,112,449 shares

FY 2021587,199 shares

2nd Quarter of FY 2022

19,975,568 shares 2nd Quarter of FY 2021

(including treasury shares)(ii) Number of treasury shares issued
at end of the year(iii) Number of average shares outstanding
during the term

*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 2nd Quarter of FY 2022 will be delivered to institutional investors and analysts
via our website. The materials used in this video will be available on our website.

21,567,699 shares

UNITED Consolidated Financial Statements(1) UNITED Consolidated Balance Sheetfor the 2nd Quarter of FY 2022
Items of an account(Unit : Thousands of Yen)
2nd Quarter of FY 2022
(As of September 30, 2022)
AmountFY 2021(As of March 31, 2022)
AmountAssetsCurrent assets
Cash and deposits

12,165,526

12,595,206

Notes and accounts receivable - trade

1,347,244

1,068,744

Operational investment securities

18,789,981

12,417,401

Inventories

69,72750,202Derivatives

1,471,624

2,137,923

Other340,835

364,906

Allowance for doubtful accounts△5,411△6,50834,179,529

28,627,876

292,599

280,593

Goodwill

327,664

958,098

Other

234,613265,448

Total intangible assets

562,278

1,223,546

3,088,403

2,280,209

578,244823,319

3,666,648

3,103,529

4,521,526

4,607,669

38,701,056

33,235,546

Accounts payable - trade879,338

915,876

Short-term borrowings

100,000

100,000

Current portion of long-term borrowings

69,17859,2401,103,564

1,199,835

660,077

677,785

2,812,158

2,952,737

Long-term borrowings

75,766

74,660

Deferred tax liabilities

5,524,606

3,450,399

Total non-current liabilities

5,600,372

3,525,059

8,412,531

6,477,797

Share capital

2,923,019

2,923,019

Capital surplus

379,270

377,844

Retained earnings

14,979,955

16,951,183

Treasury shares△983,344△1,809,396

Total shareholders' equity

17,298,901

18,442,650

Valuation difference on available-for-sale securities

9,601,720

5,025,840

Deferred gains or losses on hedges

3,163,747

3,065,301

Total accumulated other comprehensive income

12,765,468

8,091,142

Share acquisition rights

224,154

221,955

Non-controlling interests

―

2,000

30,288,524

26,757,748

38,701,056

33,235,546

Total current assets
Non-current assets
Property, plant and equipment
Intangible assets

Investments and other assets
Derivatives
Other
Total investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities

Income taxes payable
Other
Total current liabilities
Non-current liabilities

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income

Total net assets
Total liabilities and net assets

(2) UNITED Consolidated Statement of Income
for the 2nd Quarter of FY 2022
Items of an account(Unit : Thousands of Yen)
2nd Quarter of FY 2022
(April 1, 2022
to September 30, 2022)
Amount2nd Quarter of FY 2021
(April 1, 2021
to September 30, 2021)
AmountNet sales

8,100,468

6,637,534

Cost of sales

2,235,564

2,135,728

Gross profit

5,864,904

4,501,806

Selling, general and administrative expenses

1,305,551

1,365,097

Operating profit

4,559,352

3,136,708

Interest and dividend income7263

Share of profit of entities accounted for using equity method

257

10,389Gain on forfeiture of unclaimed dividends

278

2,307

Other

554

7,858

1,163

20,618

1,154

1,079

Commission expenses

10186

Foreign exchange losses

497―

Loss on valuation of crypto assets

3,134

5,686

Expense related to restricted stock

―

3,044

Other

2,555

900

Total non-operating expenses

7,444

10,797

4,553,072

3,146,529

Transfer of rights income―

350,000

Other

―

9,522

Total extraordinary income―

359,522

Loss on retirement of non-current assets

―

2,667

Total extraordinary losses―2,667

Profit before income taxes

4,553,072

3,503,384

Income taxes - current

1,505,343

1,149,117

Income taxes - deferred△98,882△20,343

Total income taxes

1,406,460

1,128,774

Profit3,146,611

2,374,610

Profit attributable to owners of parent

3,146,611

2,374,610

Non-operating income

Total non-operating income
Non-operating expenses
Interest expenses

Ordinary profit
Extraordinary income

Extraordinary losses

(3) UNITED Consolidated Statement of Comprehensive Income
for the 2nd Quarter of FY 2022

(Unit : Thousands of Yen)

Items of an account

Profit2nd Quarter of FY 2021

2nd Quarter of FY 2022

(April 1, 2021

(April 1, 2022

to September 30, 2021)

to September 30, 2022)

AmountAmount3,146,611

2,374,610

766,429△4,575,879△140,301△98,446

△7―

△855

―

625,266△4,674,326

Comprehensive income

3,771,877△2,299,715

Comprehensive income attributable to owners of parent

3,771,877△2,299,715

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 entities accounted for using equity method
Total other comprehensive income

(4) UNITED Consolidated Statements of Cash Flowsfor the 2nd Quarter of FY 2022

(Unit : Thousands of Yen)

Items of an account

2nd Quarter of FY 2021

2nd Quarter of FY 2022

(April 1, 2021

(April 1, 2022

to September 30, 2021)

to September 30, 2022)

AmountAmountCash flows from operating activities
Profit before income taxes

4,553,072

3,503,384

Depreciation

69,572

69,024

Amortization of goodwill

19,27469,548

Share-based payment expenses

28,40625,672

Increase (decrease) in allowance for doubtful accounts△1,646

1,097Interest and dividend income△72△63

Interest expenses

1,154

1,079

Share of loss (profit) of entities accounted for using equity method△257△10,389

Loss on retirement of non-current assets

―

2,667

Transfer of rights income―△350,000

42,849302,633△260,640△230,073

130,428

15,394

Other, net△247,173

149,454

Subtotal

4,334,966

3,549,432

7263△1,162△1,071△1,428,616△1,057,968

2,905,260

2,490,455

Purchase of property, plant and equipment△2,709△6,528Purchase of intangible assets△49,221△81,750

Purchase of investment securities△22,744△217,308

Purchase of shares of subsidiaries resulting in change in scope of consolidation△329,036△628,776―

350,000

26,5143,356△377,196△581,008△36,652△75,444△1,004,724△862,277

Decrease (increase) in deposits for purchase of treasury shares△495,220△139,387

Dividends paid

△415,117△402,658△1,951,715△1,479,767△16―

576,331429,679

Cash and cash equivalents at beginning of period

13,774,158

12,165,526

Cash and cash equivalents at end of period

14,350,490

12,595,206

Decrease (increase) in trade receivables
Decrease (increase) in investment securities for sale
Increase (decrease) in trade payables

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

Proceeds from transfer of rights
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Repayments of long-term borrowings
Purchase of treasury shares

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