United, Inc
Consolidated Financial Report For the 2nd Quarter of FY 2021
(Japanese Accounting Standards)
Tokyo, November 9, 2021
United, Inc
Stock exchange listing: Tokyo Stock Exchange
2497
URL https://united.jp/Tomoki Hayakawa, CEO
Yuji Yamashita, Executive Officer and General Manager of Corporate
Contact:(TEL) +81-3-6821-0000
Administration Division
Scheduled date for filing of quarterly securities report:
November 9, 2021
Scheduled date of commencement of dividend payment:
December 9, 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 incomeMil.¥

2nd Quarter of
8,100
FY2021nd
2 Quarter of
11,008FY2020(Note) Comprehensive income

Net income attributableto owners of the parent

Ordinary income%

Mil.¥

%

Mil.¥

%

Mil.¥

%

―

4,559―

4,553―

3,146―

△2.6

5,465

108.0

5,560

115.6

3,723

192.5

2nd Quarter of FY2021

3,771 Mil.¥ ( △63.3%)
2nd Quarter of FY2020 10,278 Mil.¥ (―%)

Net incomeper share(basic)

Net incomeper share(diluted)¥¥

2nd Quarter of145.89
145.84FY2021
2nd Quarter of166.59―FY2020（Note） In relation to the application of ASBJ Statement No. 29 “Accounting Standard for Revenue Recognition” from thebeginning of the 1st Quarter of FY2021, Results of Operations for FY2021 is presented based on the figures after
the application of ASBJ Statement No. 29. Year-on-year percentage changes are not presented because theCompany expects a significant impact on the figures and it is not appropriate to compare that for the FY2021 withthat for the FY2020.
(2) Financial Position
Total assets

Net assets
Mil.¥

2nd Quarter ofFY2021
50,294(As of September30, 2021)
FY2020(As of March 31,47,3562021)(Note) Shareholder’s equity 2nd Quarter of FY2021

Equity ratio
Mil.¥

%

38,411

75.8

36,03475.6

38,141 Mil.¥FY202035,789 Mil.¥

2. Dividends
Dividends per shareFirstquarter
FY2020
FY2021
FY2021(Forecasted)

Secondquarter

Thirdquarter

Fourthquarter

Total¥¥¥¥

¥

――

15.00
17.00

―

19.00

34.00

―――（Note）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

Net income
attributable toowners of theparent

Net income pershare

Mil.¥

%

Mil.¥

%

Mil.¥

%

Mil.¥

%

¥13,000―

5,700―

5,700―

3,900―

186.00（Note） Revisions of the forecasts of consolidated results since the latest announcement : NoIn relation to the application of ASBJ Statement No. 29 “Accounting Standard for Revenue Recognition” from thebeginning of the 1st Quarter of FY2021, this Forecasts of consolidated results of operations for FY2021 ispresented based on the figures after the application of ASBJ Statement No. 29. Year-on-year percentage changes
are not presented because the Company expects a significant impact on the figures and it is not appropriate tocompare that for the FY2021 with that for the FY2020.

*Notes(1) Significant changes in scope of consolidation： No(2) Application of particular accounts procedures to the preparation of quarterly consolidated
financial statement： No(3) Changes in accounting policies and changes or restatement of accounting estimates① Changes in accounting policies caused by revision of accounting standards②③Changes in accounting policies other than ①
Changes in accounting estimates： Yes： No： No

④Restatement： No(4) Number of shares issued (common stock)
Number of shares issued at end of period(including treasury stock)② Number of shares of treasury stockat end of period③ Number of average shares outstanding
during the term①*

2nd Quarterof FY2021
2nd Quarterof FY2021
2nd Quarterof FY2021

22,471,845 shares

FY202023,671,845 shares

1,251,299 shares

FY20201,823,066 shares

21,567,699 shares

2nd Quarterof FY2020

22,348,794 sharesThis consolidated quarterly financial report is not subject to a quarterly review by certified public accountants or anauditing firm.

*Note to forecasts on the consolidated results of operations and other items
The video of the financial results briefing for the 2nd quarter of FY2021 will be delivered to institutional investors andanalysts 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 Sheetfor the 2nd Quarter of FY2021

Items of an account

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Operational investment securities
Inventories
OtherAllowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
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
Income taxes payable
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Deferred tax liability
Other
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(Unit : Thousands of Yen)FY2020(As of March 31, 2021)

2nd Quarter of FY2021(As of September 30, 2021)

AmountAmount13,774,158
1,129,094
30,953,854
35,019228,738(5,193)
46,115,671

14,350,490
1,112,405
32,320,759
65,949818,426(3,546)
48,664,485

327,246

310,727

229,447
229,447
683,735
1,240,429
47,356,100-

366,213230,375
596,588722,324
1,629,641
50,294,126

609,706
100,000
71,0401,415,648
918,455
3,114,850

741,374100,000
75,6481,574,578
918,2083,409,808

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

107,1208,305,820
59,5968,472,536
11,882,345

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

2,923,019
605,336
17,303,989(1,879,880)
18,952,464

18,571,825

19,337,400(140,301)(7,642)
19,189,457
269,859
38,411,781
50,294,126(7,634)
18,564,190
245,955
36,034,994
47,356,100

(2) UNITED Consolidated Statement of Income
for the 2nd Quarter of FY2021

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
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Loss on valuation of crypto assets
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on reversal of share acquisition rights
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Office transfer expenses
Loss on liquidation of business
OtherTotal extraordinary losses
Income before income tax
Income taxes - current
Income taxes - deferred
Total income taxes
Net income
Net income attributable to owners of the parent(Unit : Thousands of Yen)
2nd Quarter of FY2020(April 1, 2020
to September 30, 2020)

2nd Quarter of FY2021(April 1, 2021
to September 30, 2021)

AmountAmount11,008,634
3,955,399
7,053,235
1,587,918
5,465,316

8,100,468
2,235,564
5,864,904
1,305,551
4,559,352

51
87,883
10,886
98,821

72
257
833
1,163

1,662
1,887
541
4,092
5,560,045

1,154
497
3,134
2,657
7,444
4,553,072

8,673
8,673

-

3,577
50,661
116,874
5,231
176,3445,392,373
1,368,962
300,270
1,669,232
3,723,140
3,723,140

4,553,072
1,505,343(98,882)
1,406,460
3,146,611
3,146,611

(3) UNITED Consolidated Statement of Comprehensive Income
for the 2nd Quarter of FY2021

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(Unit : Thousands of Yen)
2nd Quarter of FY2020(April 1, 2020
to September 30, 2020)

2nd Quarter of FY2021(April 1, 2021
to September 30, 2021)

AmountAmount3,723,140

3,146,611

6,587,569(29,314)362(3,731)
6,554,887
10,278,028

766,429(140,301)(7)(855)
625,266
3,771,877

10,278,028

3,771,877

(4)UNITED Consolidated Statement of Cash Flowsfor the 2nd Quarter of FY2021
2nd Quarter of FY2020(April 1, 2020
to September 30, 2020)
AmountCash flows from operating activities
Income before income tax
Depreciation
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 on retirement of non-current assets
Decrease (increase) in trade receivables
Decrease (increase) in investment securities for sale
Increase (decrease) in trade payables
OtherSubtotal
Interest and dividend income received
Interest expenses paid
Income taxes paid
Net cash inflow from operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Purchase of shares of subsidiaries resulting in change in scope of consolidation
Other
Net cash inflow (outflow) from investing activities
Cash flows from financing activities
Repayments of long-term loans payable
Redemption of bonds
Purchase of treasury shares
Decrease (increase) in deposits for purchase of treasury shares
Cash dividends paid
Net cash inflow (outflow) from financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period(Unit:Thousands of Yen)
2nd Quarter of FY2021(April 1, 2021
to September 30, 2021)
Amount5,392,373
93,788116,874
57,44016,858(5,549)(51)
1,662(87,883)
3,577
590,624(28,723)(66,675)
180,155
6,264,472
51(1,848)
459,1026,721,778

4,553,072
69,572
19,27428,406(1,646)
(72)
1,154
(257)
42,849(260,640)
130,428(247,173)
4,334,966
72(1,162)(1,428,616)
2,905,260(11,957)(78,620)
33,769(56,808)(2,709)(49,221)(22,744)(329,036)
26,514(377,196)(35,520)(225,000)(25)(45,866)(306,412)(582)
6,357,975
8,381,660
14,739,635(36,652)(1,004,724)(495,220)(415,117)(1,951,715)(16)
576,331
13,774,158
14,350,490