United, Inc
Consolidated Financial Report For the FY 2020
(Japanese Accounting Standards)
Tokyo, May 11, 2021
United, Inc
Stock exchange listing:Tokyo Stock Exchange
2497
URL https://united.jp/Tomoki Hayakawa, CEOYuji Yamashita, Executive Officer and General Manager of Corporate
Contact:(TEL) +81-3-6821-0000
Administration Division
Scheduled date of the Annual General Meeting of Shareholders:June 18, 2021
Scheduled date of commencement of dividend payment:
June 21, 2021
Scheduled date for filing of securities report:
June 21, 2021
Supplementary documents for financial results:
Yes
Financial results briefing:Yes (For securities analysts and institutional investors)
Company name:
Stock code:
Representative:(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 income

Mil.¥

%

FY202016,338FY201920,911(Notes) Comprehensive income

△21.9
△24.2
FY2020Net income
per share(basic)

Mil.¥

%

Mil.¥

5,606
9.9
5,101 △54.0
10,609 Mil.¥ ( ―%)Net income
per share(diluted)¥FY2020168.07FY201962.45(Notes) Income on equity method investments

Net income attributableto owners of the parent

Ordinary income%

5,645
10.5
5,111 △53.8
FY2019 △11,417

Return on equity

Return on assets

Mil.¥%

3,728
1,403Mil.¥ (165.6△80.0―%)

Ratio of operating
incometo net sales(%)¥%%%――
FY2020

12.0
4.2

13.9
11.3
FY2019 39

34.3
24.49Mil.¥Mil.¥(2) Financial Position
Total assets

Net assets
Mil.¥

FY2020FY2019(Notes) Shareholder’s equity

47,35633,592
FY2020Shareholders’ equity
per shareEquity ratio
Mil.¥%

36,034
26,53235,789 Mil.¥75.678.3
FY2019¥1,638.03
1,177.41
26,313 Mil.¥(3) Cash Flows
Operating activities
FY2020FY2019Investing activities

Financing activities

Cash and cash
equivalents at the endof the year

Mil.¥Mil.¥Mil.¥Mil.¥

6,992
2,007

△171
△367

△1,428△2,06913,7748,381

2. Dividends
Total
Dividends
amount of Payout ratio
to net(consolidated)
dividends
assets ratio(Annual)Dividends per shareFirstquarter
FY2019FY2020
FY2021(Forecasted)

Secondquarter

Thirdquarter

Fourthquarter

Total¥¥¥¥¥

Mil.¥

%%―――

11.00
15.00――――

2.00
19.00
―

13.00
34.00
―

290750

20.8
20.1
―

1.1
2.1

（Notes）The forecasted dividend amounts for the FY2021 are not determined at the present moment.

3. Forecasts of consolidated results of operations for FY2021(Percentages are shown as year-on-year changes)
Net sales
FY2021

Operating income

Ordinary income

Profit attribute toowners of patent

Net income pershare

Mil.¥

%

Mil.¥

%

Mil.¥

%

Mil.¥

%

¥

13,000

―

5,700

1.7

5,700

1.0

3,900

4.6

186.00（Notes）Due 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(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： No② Changes in accounting policies otherthan ①： No③ Changes in accounting estimates： No④Restatement： No(3) Number of shares issued (common stock)
Number of shares issued at end of the year(including treasury stock)② Number of shares of treasury stockat end of the year
③ Number of average shares outstanding
during twelve-month period①

FY202023,671,845 shares

FY201923,671,845 shares

FY20201,823,066 shares

FY20191,323,045 sharesFY2020

22,181,652 shares

FY201922,479,764 shares

(For Reference)

Financial Highlights (Non-Consolidated)(1) Non-Consolidated Results of Operations
Net sales
FY2020FY2019(Percentages are shown as year-on-year changes)
Operating income

Ordinary income

Net income

Mil.¥

%

Mil.¥

%

Mil.¥

%

Mil.¥

%

11,004
14,989

△26.6
△32.9

5,275
6,325

△16.6
△49.8

5,2866,317

△16.3
△49.8

2,959193―△97.6

Net income per share(basic)
FY2020FY2019Net income per share(diluted)¥¥

133.41
8.61――(2) Non-Consolidated Financial PositionTotal assets
FY2020FY2019(Notes) Shareholders’ equity

Net assets

Shareholders’ equity
per share

Equity ratio

Mil.¥Mil.¥%¥

45,291
32,55635,655
26,91778.2
82.0

1,620.65
1,194.67

FY202035,409Mil.¥

FY201926,699

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 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 FY2020 will be delivered to institutional investors and analysts via theCompany’s website. The materials used in this video will be posted on the website.

UNITED Consolidated Financial Statements(1) UNITED Consolidated Balance Sheets(Unit : Thousands of Yen)
Items of an account

AssetsCurrent assets
Cash and deposits
Accounts receivable - trade
Operational investment securities
Inventories
Derivatives
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
GoodwillSoftware
Other
Total intangible assets
Investments and other assets
Investment securities
Shares of subsidiaries and associates
Deferred tax assets
Leasehold and guarantee deposits
Other
Investments and other assets
Total non-current assets
Total assets
Liabilities
Current liabilities
Accounts payable - trade
Short-term loans payable
Current portion of bonds payable
Current portion of long-term borrowings
Accounts payable - other
Income taxes payable
Other
Total current liabilities
Non-current liabilities
Bonds payable
Long-term loans payable
Deferred tax liability
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total 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
Subscription rights to shares
Total net assets
Total liabilities and net assets

FY2019(As of March 31, 2020)

FY2020(As of March 31, 2021)

AmountAmount8,381,660
1,693,870
20,992,218
38,31642,251
860,153(8,069)32,000,401

13,774,158
1,129,094
30,953,854
35,019401,752
225,146(195,384)
431,514343,659
209,584(225,997)
327,246

114,881360,359
1,025
476,266

228,4211,025
229,447

58,057
155,718
115,931
332,567
21,790684,064
1,591,845
33,592,246

146,000
37,079210,507
263,485
26,662
683,735
1,240,429
47,356,100

855,717
100,000
50,00071,040300,992
150,418
596,167
2,124,336

609,706
100,000
71,040341,110
1,415,648
577,344
3,114,850

175,000
178,340
4,582,458
4,935,798
7,060,134

107,300
8,098,955
8,206,255
11,321,106

2,923,019
2,332,513
11,259,492(1,884,315)
14,630,709

2,923,019
2,332,513
14,607,662(2,638,347)
17,224,847

11,662,068
29,314(8,368)
11,683,014
218,388
26,532,112
33,592,246

18,571,825

228,738(5,193)
46,115,671---(7,634)
18,564,190
245,955
36,034,994
47,356,100

(2) UNITED Consolidated Statements of Income

Items of an accountNet sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating income
Non-operating income
Interest and dividend income
Share of profit of entities accounted for using equity method
Gain on valuation of crypto assets
Consumption tax difference
Interest on tax refund
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Commission fee
Other
Total non-operating expenses
Ordinary incomeExtraordinary income
Gain on reversal of share acquisition rights
Gain on sales of shares of subsidiaries and associates
Gain on sale of businesses
Other
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Impairment loss
Office transfer expenses
Loss on liquidation of business
Loss on sales of shares of subsidiaries and associates
Loss on liquidation of subsidiaries and associates
Loss on valuation of investment securities
Burden charge payment
Other
Total extraordinary losses
Income before income tax
Income taxes - current
Income taxes - deferred
Total income taxes
Net income
Net income attributable to non-controlling interests
Net income attributable to owners of the parent

FY2019(April 1, 2019
to March 31, 2020)
Amount(Unit : Thousands of Yen)FY2020(April 1, 2020
to March 31, 2021)
Amount20,911,573
11,131,288
9,780,284
4,679,237
5,101,046

16,338,529
7,748,097
8,590,432
2,983,863
5,606,568

241
39,447
3
2,288
6,057
48,038134
9,058
11,056
12,7096,293
9,637
48,8894,438
15,266
11,027
7,277
38,0095,111,075

2,835
3,645
2,166
1,001
9,649
5,645,808

1,818
75,52010,0002,000
89,33813,1957,000
20,195655
2,873,120
131,613438,775
79,216
58,68548,284
11,276
3,641,627
1,558,785
174,549(12,082)
162,467
1,396,318(7,542)
1,403,861

3,619
50,396
116,874
6,215
177,106
5,488,896
1,387,768
373,028
1,760,796
3,728,099
3,728,099

(3) UNITED Consolidated Statements of Comprehensive Income

Items of an accountNet income
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
Comprehensive income
Comprehensive income attributable toOwners of the parent
Non-controlling interests

FY2019(April 1, 2019
to March 31, 2020)
Amount(Unit : Thousands of Yen)FY2020(April 1, 2020
to March 31, 2021)
Amount1,396,318

3,728,099(12,873,013)
29,314(3,152)
33,345(12,813,506)(11,417,187)

6,941,132(29,314)733(31,375)
6,881,176
10,609,276(11,409,644)(7,542)

9,151,092-

（4）Consolidated Statement of Changes in Equity
FY2019(April 1,2019-March 31,2020)(Unit:Thousands of Yen)
Shareholders' equity
Capital stock

Balance at the beginning of current period

Capital surplus

2,923,019

Retained earnings

2,385,813

10,954,274

Treasury stock(892,077)

Total shareholders'equity

15,371,029

Changes of items during period
Purchase of shares of consolidated subsidiaries(53,299)(53,299)

Dividends of surplus(1,098,644)(1,098,644)

Profit attributable to owners of parent

1,403,861

1,403,861

Purchase of treasury stock
Net changes of items other than shareholders'equityTotal changes of items during period
Balance at the end of current period(992,237)(992,237)―(53,299)

305,217(992,237)(740,319)

2,923,019

2,332,513

11,259,492(1,884,315)

14,630,709

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

24,501,737

Deferred gains orlosses on hedges―

Foreign currencytranslation adjustment

Total accumulated othercomprehensive income(5,216)24,496,520

Subscription rights toshares

180,165

Non-controllinginterests

Total net assets

52,95940,100,675

Changes of items during period
Purchase of shares of consolidated subsidiaries(53,299)

Dividends of surplus(1,098,644)

Profit attributable to owners of parent

1,403,861

Purchase of treasury stock
Net changes of items other than shareholders'equity(992,237)(12,839,668)

29,314(3,152)(12,813,506)

Total changes of items during period(12,839,668)

29,314(3,152)

11,662,068

29,314(8,368)

Balance at the end of current period

38,222(52,959)(12,828,243)(12,813,506)

38,222(52,959)(13,568,563)

11,683,014

218,388―

26,532,112

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

2,923,019

Retained earnings

2,332,513

11,259,492

Treasury stock(1,884,315)

Total shareholders'equity

14,630,709

Changes of items during period
Purchase of shares of consolidated subsidiariesDividends of surplus(379,929)(379,929)

Profit attributable to owners of parent

3,728,099

3,728,099

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

2,923,019

2,332,513(754,032)(754,032)

3,348,170(754,032)

2,594,138

14,607,662(2,638,347)

17,224,847

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

11,662,068

Deferred gains orlosses on hedges

29,314Foreign currencytranslation adjustment

Total accumulated othercomprehensive income(8,368)

11,683,014

Subscription rights toshares

218,388

Non-controllinginterests

Total net assets-26,532,112

Changes of items during period
Purchase of shares of consolidated subsidiaries-

Dividends of surplus(379,929)

Profit attributable to owners of parent

3,728,099

Purchase of treasury stock
Net changes of items other than shareholders'equity(754,032)

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

6,909,757(29,314)733

6,909,757(29,314)733

18,571,825-(7,634)

6,881,176

27,567-

6,908,743

6,881,176

27,567-

9,502,882

18,564,190

245,955-

36,034,994

(5)UNITED Consolidated Statements of Cash FlowsFY2019(April 1,2019
to March 31,2020)
AmountCash flows from operating activities
Income before income taxes
Depreciation
Impairment loss
Loss on liquidation of business
Amortization of goodwill
Share-based compensation expenses
Increase (decrease) in allowance for doubtful accounts
Interest and dividend income
Interest expenses
Share of (profit) loss of entities accounted for using equity method
Loss (gain) on valuation of investment securities
Loss on retirement of non-current assets
Gain on sales of shares of subsidiaries and associates
Loss on sales of shares of subsidiaries and associates
Decrease (increase) in trade receivables
Decrease (increase) in investment securities for sale
Increase (decrease) in trade payables
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
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of shares of subsidiaries resulting in change in scope of consolidation
Purchase of shares of subsidiaries resulting in change in scope of consolidation
Proceeds from sale of businesses
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Repayments of long-term loans payable
Proceeds from issuance of bonds
Proceeds from issuance of subscription rights to share
Purchase of treasury shares
Cash dividends paid
Payments from changes in ownership interests in subsidiaries that do not result in change in scopeof consolidation
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 the beginning of the year
Cash and cash equivalents at the end of the year

(Unit:Thousands of Yen)FY2020(April 1,2021
to March 31,2021)
Amount

1,558,785
216,075
2,873,120
820,001
35,2042,685(241)4,438(39,447)
58,685655(75,520)
438,775(147,817)(215,599)(225,634)
1,043,444
6,347,611
241(4,438)(4,336,016)
2,007,398

5,488,896
184,072(34,988)(161,034)
88,849(349,205)
10,00079,199(367,178)(40,331)(116,953)(84,997)
7,000
63,912(171,371)(153,449)
250,000(25,000)(992,237)(1,095,119)(71,040)(225,000)(754,032)(378,068)(53,299)-(2,069,105)(11,874)(440,760)
8,822,421
8,381,660(1,428,140)(859)
5,392,498
8,381,660
13,774,158

116,874
114,881
40,762(2,875)
(134)
2,835
(9,058)3,619
564,930
134,379(246,181)
209,474
6,602,477
134(3,009)393,265
6,992,868