UNITED, Inc.
Consolidated Financial Report For the FY 2021
(Japanese Accounting Standards)
Company name:
Stock code:
Representative:
Contact:
Tel:

Tokyo, May 11, 2022
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 16, 2022
June 17, 2022
June 17, 2022
( 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 2021
FY 2020(Note) Comprehensive income

Mil.¥
12,714
16,338Operating income%Mil.¥―
5,738
△21.9
5,606
FY 2021 △1,973 Mil.¥Net income
per share (basic)

Net income
per share (diluted)(Percentages are shown as year-on-year changes)
Net income attributableto owners of parentMil.¥%Mil.¥%
5,757―
3,825―5,645
10.5
3,728
165.6
FY 2020 10,609 Mil.¥ (―%)

Ordinary income%―
9.9(―%)

Return on equity

Ratio of operating
income to net sales(%)

Return on assets¥¥%%
FY 2021181.26181.0411.6
13.4
FY 2020168.0712.0
13.9―
FY 2021 7 Mil.¥FY 2020 9 Mil.¥(Notes) Income on equity method investments
Due to the adoption of ASBJ Statement No. 29 “Accounting Standard for Revenue Recognition” in the FY2021, this Forecasts ofconsolidated results of operations for FY2021 is presented based on the figures after the application 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 ofnet sales and it is not appropriate to compare that for the FY2021 with that for the FY2020.

%
45.1
34.3

(2) Financial Position
Total assets

Net assets

Mil.¥
38,70147,356
FY 2021 30,064 Mil.¥FY 2021
FY 2020(Notes) Shareholder’s equity

Shareholders’ equity
per share

Equity ratio
Mil.¥
30,28836,034%77.7
75.6
FY 2020 35,789 Mil.¥¥
1,490.61
1,638.03(3) Cash Flows
Operating activities

Investing activities

Mil.¥
2,718
6,992

FY 2021
FY 2020

Financing activities

Mil.¥
△477
△171Mil.¥△3,849△1,428Cash and cash
equivalents at the endof the yearMil.¥12,165
13,774

2.Dividend
Dividends per share
Third
FourthTotal
quarterquarter¥¥¥¥¥
FY 2020
―
15.00
―
19.00
34.00
FY 2021
―
17.00
―
20.00
37.00
FY 2022 (Forecasted)―――――（Note）The forecasted dividend amounts for the FY 2022 are not determined at the present moment.
Firstquarter

Secondquarter

Total
Dividends
Payout ratio
amount ofto net(consolidated)
dividends
assets ratio
Mil.¥%%
750
20.1
2.176420.4
2.4―

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

FY 2022Mil.¥12,800％0.7

Operating income

Ordinary income

Mil.¥
5,800

Mil.¥
5,800％
1.1％0.7

Net income attributable
Net income per shareto owners of the parentMil.¥
4,200％
9.8¥
208.00* Notes(1) Significant changes in scope of consolidation(Changes in scope of consolidation of specified subsidiaries)

No：(2) Changes in accounting policies and changes or restatement of accounting estimates① Changes in accounting policies caused byrevision of accounting standards
Yes：② Changes in accounting policies otherNothan ①：③ Changes in accounting estimatesNo：④ Restatement
No：(3) Number of shares issued (common stock)① Number of shares issued at end of the year(including treasury stock)② Number of shares issued at end of the year
at end of the year
③ Number of average shares outstanding
during twelve-month period

FY 2021

20,756,345 shares

FY 2020

23,671,845 shares

FY 2021587,199 shares

FY 2020

1,823,066 shares

FY 2021

21,106,093 shares

FY 2020

22,181,652 shares(For Reference) Financial Highlights (Non-Consolidated)(1) Non-Consolidated Results of Operations(Percentages are shown as year-on-year changes)

Net sales
FY 2021
FY 2020

Mil.¥
6,575
11,004

Operating income%
△40.2
△26.6

Net income
per share (basic)

Mil.¥
4,949
5,275%△6.2△16.6Mil.¥
4,959
5,286

Net income%
△6.2
△16.3

Mil.¥
3,540
2,959%
19.6―Net income
per share (diluted)¥167.75
133.41

FY 2021
FY 2020

Ordinary income¥167.55―(2) Non-Consolidated Financial Position
Total assets
FY 2021
FY 2020(Notes) Shareholder’s equity

Net assets
Mil.¥
36,31545,291
FY 2021

Mil.¥
29,65135,65529,427 Mil.¥

Shareholders’ equity
per share

Equity ratio
%
81.0
78.2
FY 2020¥
1,459.02
1,620.65
35,409 Mil.¥* 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 the present point in timeand 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 FY2021 will be delivered to institutional investors and analysts via the Company’s website.
The materials used in this video will be posted on the website.

UNITED Consolidated Financial Statements(1) UNITED Consolidated Balance Sheet(Unit : Thousands of Yen)

Items of an accountFY 2020

FY 2021(As of March 31, 2021)(As of March 31, 2022)AmountAmountAssetsCurrent assets
Cash and deposits

13,774,158

12,165,526

Notes and accounts receivable - trade

1,129,094

1,347,244

Operational investment securities

30,953,854

18,789,981

Inventories

35,01969,727

Derivatives-

1,471,624

Other228,738

340,835

Allowance for doubtful accounts△5,193△5,411

46,115,671

34,179,529

343,659

343,659

Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures
Tools, furniture and fixtures

209,584

216,366

Accumulated depreciation△225,997△267,426

327,246

292,599

Goodwill-

327,664

Software228,421233,587

1,025

1,025

229,447

562,278

Investment securities

146,000

203,699

Shares of subsidiaries and associates

37,07919,035

Total property, plant and equipment
Intangible assets

Other
Total intangible assets
Investments and other assets-

3,088,403

Deferred tax assets

Derivatives

210,507

79,810

Leasehold and guarantee deposits

263,485

234,840

Other

26,66240,858

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

683,735

3,666,648

1,240,429

4,521,526

47,356,100

38,701,056

(Unit : Thousands of Yen)

Items of an accountFY 2020

FY 2021(As of March 31, 2021)(As of March 31, 2022)

AmountAmountLiabilities
Current liabilities
Accounts payable - trade609,706

879,338

Short-term borrowings

100,000

100,000

Current portion of long-term borrowings

71,04069,178

Accounts payable - other341,110235,291

Income taxes payable

1,415,648

1,103,564

577,344424,786

3,114,850

2,812,158

Other
Total current liabilities
Non-current liabilities
Long-term borrowings

107,300

75,766

Deferred tax liabilities

8,098,955

5,524,606

Total non-current liabilities

8,206,255

5,600,372

11,321,106

8,412,531

Share capital

2,923,019

2,923,019

Capital surplus

2,332,513

379,270

Retained earnings

14,607,662

14,979,955

Treasury shares△2,638,347△983,344

Total shareholders' equity

17,224,847

17,298,901

18,571,825

9,601,720

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Total accumulated other comprehensive income
Share acquisition rights
Total net assets
Total liabilities and net assets-3,163,747△7,634-

18,564,190

12,765,468

245,955

224,154

36,034,994

30,288,524

47,356,100

38,701,056

(2) UNITED Consolidated Statement of Income(Unit : Thousands of Yen)

Items of an accountFY 2020

FY 2021(April 1, 2020

(April 1, 2021

to March 31, 2021)

to March 31, 2022)

AmountAmountNet sales

16,338,529

12,714,596

Cost of sales

7,748,097

4,350,815

Gross profit

8,590,432

8,363,780

Selling, general and administrative expenses

2,983,863

2,625,399

Operating income

5,606,568

5,738,381

Non-operating income
Interest and dividend income

134148

Share of profit of entities accounted for using equity method

9,058

7,925

Gain on valuation of crypto assets

11,056-

Consumption tax difference

12,70913,813

Interest on tax refund

6,293

-

Other

9,637

4,459

Total non-operating income

48,88926,348Interest expenses

2,835

2,250

Foreign exchange losses

3,645--

1,315

Non-operating expenses

Loss on valuation of crypto assets
Commission expenses

2,166

299

Other

1,001

3,292

Total non-operating expenses

9,649

7,158

5,645,808

5,757,571

13,19564,320Ordinary income
Extraordinary income
Gain on reversal of share acquisition rights
Gain on sale of businesses

7,000-

Total extraordinary income

20,19564,320Loss on retirement of non-current assets

3,619

-

Office relocation expenses

50,396-

Loss on liquidation of business

116,874--

10,872Extraordinary losses

Loss on reversal of foreign currency translation adjustments
Other

6,215

-

Total extraordinary losses

177,106

10,872

Income before income taxes

5,488,896

5,811,019

Income taxes - current

1,387,768

1,841,285

Income taxes - deferred

373,028

144,143

Total income taxes

1,760,796

1,985,429

Net income

3,728,099

3,825,590

Net income attributable to owners of parent

3,728,099

3,825,590

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

Items of an accountNet income

FY 2020

FY 2021(April 1, 2020

(April 1, 2021

to March 31, 2021)

to March 31, 2022)

AmountAmount3,728,099

3,825,590

Valuation difference on available-for-sale securities

6,941,132△8,968,135

Deferred gains or losses on hedges△29,3143,163,747

733

7,634

Other comprehensive income

Foreign currency translation adjustment
Share of other comprehensive income of entities accounted for using equity method△31,375△1,969Total other comprehensive income

6,881,176△5,798,722

Comprehensive income

10,609,276△1,973,131

Comprehensive income attributable to owners of parent

10,609,276△1,973,131

(4) Consolidated Statement of Changes in Equity
FY2020(April 1,2020-March 31,2021)(Unit:Thousands of Yen)
Shareholders' equity
Capital stock
Balance at the beginning of current period

Capital surplus

Retained earnings

Treasury shares

Total shareholders'equity

2,923,019

2,332,513

11,259,492△ 1,884,315

14,630,709

2,923,019

2,332,513

11,259,492△ 1,884,315

14,630,709

Cumulative effects of changes in accounting policies
Restated balance
Changes of items during period
Dividends of surplus△ 379,929

Net income attributable to owners of parent

3,728,099

Purchase of treasury shares△ 379,929
3,728,099△ 754,032△ 754,032

Disposal of treasury shares
Cancellation of treasury shares
Transfer from retained earnings to capital surplus
Net changes of items other than shareholders'equityTotal changes of items during period
Balance at the end of current period--

3,348,170△ 754,032

2,594,138

2,923,019

2,332,513

14,607,662△ 2,638,347

17,224,847

Accumulated other comprehensive income
Valuation difference on
Deferred gains or losses
Foreign currency
Total accumulated otheravailable-for-saleon hedges
translation adjustment comprehensive income
securities
Balance at the beginning of current period

Subscription rights toshares

Total net assets

11,662,068

29,314△ 8,368

11,683,014

218,388

26,532,112

11,662,068

29,314△ 8,368

11,683,014

218,388

26,532,112

Cumulative effects of changes in accounting policies
Restated balance
Changes of items during period
Dividends of surplus△ 379,929

Net income attributable to owners of parent

3,728,099

Purchase of treasury shares△ 754,032

Disposal of treasury shares
Cancellation of treasury shares
Transfer from retained earnings to capital surplus
Net changes of items other than shareholders'equity

6,909,757△ 29,314

733

6,881,176

27,567

6,908,743

Total changes of items during period

6,909,757△ 29,314

733

6,881,176

27,567

9,502,882

18,571,825-△ 7,634

18,564,190

245,955

36,034,994

Balance at the end of current period

FY2021(April 1,2021-March 31,2022)(Unit:Thousands of Yen)
Shareholders' equity
Capital stock
Balance at the beginning of current period

Capital surplus

2,923,019

Retained earnings

2,332,513

Cumulative effects of changes in accounting policies
Restated balanceTreasury shares

14,607,662△ 2,638,347

17,224,847△ 2,638,347

17,189,689△ 35,157
2,923,019

2,332,513

14,572,504

Total shareholders'equity△ 35,157

Changes of items during period
Dividends of surplus△ 775,876

Net income attributable to owners of parent

3,825,590

Purchase of treasury shares
Disposal of treasury shares
Cancellation of treasury shares
Transfer from retained earnings to capital surplus△ 775,876
3,825,590△ 3,000,139△ 3,000,139

5,125

54,51059,636△ 4,600,631

4,600,631-

2,642,263△ 2,642,263-△ 1,953,242

407,450

1,655,002

109,2112,923,019

379,270

14,979,955△ 983,344

17,298,901-

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

Accumulated other comprehensive income
Valuation difference on
Deferred gains or losses
Foreign currency
Total accumulated otheravailable-for-saleon hedges
translation adjustment comprehensive income
securities
Balance at the beginning of current periodSubscription rights toshares

18,571,825-△ 7,634

18,564,190

245,955

36,034,994

18,571,825-△ 7,634

18,564,190

245,955

35,999,836

Cumulative effects of changes in accounting policies
Restated balance

Total net assets△ 35,157

Changes of items during period
Dividends of surplus△ 775,876

Net income attributable to owners of parent

3,825,590

Purchase of treasury shares△ 3,000,139

Disposal of treasury shares

59,636

Cancellation of treasury shares-

Transfer from retained earnings to capital surplus-

Net changes of items other than shareholders'equity△ 8,970,104

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

3,163,747

7,634△ 5,798,722△ 21,800△ 5,820,522△ 8,970,104

3,163,747

7,634△ 5,798,722△ 21,800△ 5,711,311

9,601,720

3,163,747-

12,765,468

224,154

30,288,524

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

Items of an accountFY 2020

FY 2021(April 1, 2020

(April 1, 2021

to March 31, 2021)

to March 31, 2022)

AmountAmount

Cash flows from operating activities
Income before income taxes

5,488,896

5,811,019

Depreciation

184,072

140,603

Loss on liquidation of business

116,874-

Amortization of goodwill

114,881

57,823

Share-based payment expenses

40,762

57,993

Increase (decrease) in allowance for doubtful accounts△2,875

217

△134

△148

Interest and dividend income
Interest expenses

2,835

2,250

△9,058△7,925

Loss on retirement of non-current assets

3,619

-

Decrease (increase) in trade receivables

564,930△191,989

Decrease (increase) in investment securities for sale

134,379△756,316△246,181

268,391

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

Increase (decrease) in trade payables
Other, net

209,474△553,392

Subtotal

6,602,477

4,828,526

134

148

Interest and dividends received
Interest paid

△3,009△2,256

Income taxes refund (paid)

393,265△2,107,514

6,992,868

2,718,903

Net cash provided by (used in) operating activities
Cash flows from investing activities
Purchase of property, plant and equipment△40,331△4,632

Purchase of intangible assets△116,953△104,546

Purchase of investment securities△84,997△54,324-△329,036

7,000-

Purchase of shares of subsidiaries resulting in change in scope of consolidation
Proceeds from sale of businesses
Other, net

63,91214,803△171,371△477,735

Repayments of long-term borrowings△71,040△74,476

Redemption of bonds△225,000-

Purchase of treasury shares△754,032△3,000,139

Net cash provided by (used in) investing activities
Cash flows from financing activities△378,068△775,255△1,428,140△3,849,870

△859

70

Net increase (decrease) in cash and cash equivalents

5,392,498△1,608,632

Cash and cash equivalents at beginning of period

8,381,660

13,774,158

Cash and cash equivalents at end of period

13,774,158

12,165,526

Dividends paid
Net cash provided by (used in) financing activities
Effect of exchange rate change on cash and cash equivalents