May ８, 2018

Consolidated Financial Results(Japanese Accounting Standards)
for the Fiscal Year 2017
UNITED, Inc.
Tokyo Stock Exchange
2497
http://united.jp/
Tomonori Hayakawa, CEO
Takahiro Fukushima, General Manager, Corporate Administration Division
Tel. +81-3-6821-0000
Scheduled date of the Annual General Meeting of Shareholders:June 20, 2018
Scheduled date for filing of securities report:
June 21, 2018
Scheduled date of commencement of dividend payment:
June 21, 2018
Supplementary documents for financial results:
YES
Financial results briefing:
YES(For securities analysts and institutional investors)
Company name:Stock exchange listing:Stock code:
URL:
Representative:
Contact:(Amounts of less than one million yen are rounded down.)
1.Consolidated Financial Results for Fiscal Year 2017 (April 1, 2017 - March 31, 2018)(Percentages show year-on-year changes)(1) Consolidated Results of Operations (Accounting Total)
Profit attributable toNet sales
Operating income
Ordinary income
owners of parentMil.¥Mil.¥
Mil.¥
Mil.¥
％％％％
Fiscal Year 2017
14,444
△1.0
1,648
18.1
1,626
14.1849△8.0
Fiscal Year 2016
14,595
31.1
1,395
△7.6
1,425
△14.3923△41.5(Note)Comprehensive income:March 31, 2018: 913 million yen ( 54.9 %)March 31, 2017: 590 million yen ( △72.3 %)Net
incomeper share

Diluted net
Returnincomeon equity
per share

Returnon assets

Yen
Yen％
36.94
36.74
8.7
Fiscal Year 2017
40.16
40.11
10.0
Fiscal Year 2016
(Reference) Equity in earnings(losses) of affiliates:
March 31, 2018: △3 million yen
March 31, 2017: 23 million yen

Operatingincomemargin％
13.1
12.0％
11.4
9.6(2) Consolidated Financial Position
Total assets
Mil.¥
Fiscal Year 201712,793(As of March 31,2018)
Fiscal Year 2016
12,116(As of March 31,2017)(Reference) Capital: March 31, 2018: 10,009 million yen

Net assets

Equity ratio

Equity per share

Mil.¥％

Yen

10,281

78.2

435.24

9,551

78.4

413.29Cash flow fromfinancing activities

Cash and cash
equivalents at end ofperiod

March 31, 2017: 9,504 million yen(3) Consolidated Cash Flows
Cash flow fromoperating activities
Fiscal Year 2017
Fiscal Year 2016

Cash flow frominvesting activities

Mil.¥Mil.¥Mil.¥Mil.¥

1,511
1,087

△569
1,801

△298
△1185,576
4,962

2.Dividend Per Share
Record date

End of 1st

End of 2nd

End of 3rd

End ofAnnual

quarterquarterquarter

perioddividend

Yen
Fiscal Year 2016
Fiscal Year 2017
Fiscal Year 2018
(forecast)

――

Yen
0.00
5.00

―
―

Yen

Yen
8.00
2.00

Yen
8.00
7.00

―

―

―

―

―

Total
amount ofdividends

Dividend
payout
ratio

Yen
183
160

19.9
18.9

Dividends tonet assets
ratio%―%
2.0
1.7

*Notes(1) Changes of important subsidiaries during the period(Changes of specific subsidiaries in accordance with changes in the scope of consolidation):None(2) Changes in accounting policies and changes or restatement of accounting estimates(i) Changes in accounting policies caused by revision of accounting standard:(ii) Changes in accounting policies other than (i):(iii) Changes in accounting estimates:(iv) Restatement:

None
None
None
None

(3) Number of shares outstanding (Common stock):(i) Number of shares outstanding at the end of the period (including treasury stock)
As of March 31, 2018:
23,670,945 shares
As of March 31, 2017:
23,670,945 shares(ii) Number of treasury shares at the end of the period
As of March 31, 2018:673,895 shares
As of March 31, 2017:673,695 shares(iii) Average number of shares during the term
As of March 31, 2018:
22,997,151 shares
As of March 31, 2017:
23,001,214 shares(Reference)Non-consolidated Financial Results for Fiscal Year 2017 (April 1, 2017 - March 31, 2018)(1) Non-consolidated Results of Operations (Accounting Total)
Net sales
Operating income
Ordinary income
Mil.¥％
Mil.¥
％
Mil.¥
％
10,901
△4.3
1,365
△5.6
1,351
△6.9
Fiscal Year 2017
11,39327.0
1,446
△5.3
1,451
△4.6
Fiscal Year 2016
Netincomeper shareFiscal Year 2017
Fiscal Year 2016

Net income
Mil.¥％
804
1,102

△27.0
△8.2

Diluted net
incomeper share

Yen

Yen

34.98
47.92

34.78
47.86

(2) Non-consolidated Financial Position
Total assets
Mil.¥
Fiscal Year 2017
11,955(As of March 31,2018)
Fiscal Year 2016
11,309(As of March 31,2017)(Reference) Capital: March 31, 2018: 9,938 million yen

Net assets

Equity ratio

Equity per share

Mil.¥％

Yen

10,09783.1

432.15

9,444

83.1

408.65

March 31, 2017: 9,397 million yen*Regarding the status of audit procedure implementation- The audit procedures for reviewing financial statements pursuant to the Financial Instruments and Exchange Act are in progress at thetime of disclosure of the financial results.
*Explanations and other special notes concerning the appropriate use of business performance forecasts- Consolidated earnings forecast for the next fiscal year is not stated because it is difficult to produce a rational full-year
earnings forecast. For the reasons, please refer to "Future prospects" on page 4 of the attached document.
representations as to their achievability. Actual results may differ materially from the forecast depending on a range of factors.
- We will hold a results briefing for institutional investors and analysts on May ９, 2018.
For material that are distributed in this briefing, it will be posted on our website.

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

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade
Operational investment securities
Inventories
Deferred tax assets
OtherAllowance 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
Deferred tax assets
Lease and guarantee deposits
Other
Total 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 payable
Accounts payable - other
Income taxes payable
Deferred tax liabilities
Provision for point card certificates
OtherTotal current liabilities
Non-current liabilities
Long-term loans payable
Deferred tax liabilities
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
Foreign currency translation adjustment
Total accumulated other comprehensive income
Subscription rights to shares
Non-controlling interests
Total net assets
Total liabilities and net assets

FY2016(As of March 31,2017)

FY2017(As of March 31,2018)

AmountAmount

4,962,339
2,070,220
2,288,072
50,718
11,548727,750(20,995)
10,089,654

5,576,508
1,789,422
2,994,185
47,727
6,467
189,278(5,583)
10,598,006

205,910203,179(232,159)
176,930

266,829
229,834(259,157)
237,5071,226,215
201,562
1,025
1,428,803

938,149
301,377
1,025
1,240,552

46,192
157,735
195,577
21,790421,294
2,027,028
12,116,683

246,660
159,694
289,038
21,790717,182
2,195,243
12,793,249

1,382,867
100,000
4,200
261,991
363,862
162,53159,457
216,5622,551,472

1,253,947
100,000
4,200
209,196
482,083
164,704
64,621
224,8292,503,580

10,8502,589
13,4392,564,912

6,650
1,721
8,371
2,511,952

2,922,037
3,072,538
3,994,009(964,319)
9,024,265

2,922,037
2,993,747
4,544,558(964,962)
9,495,380

456,769
23,504
480,274
46,774457
9,551,771
12,116,683

492,397
21,418513,816
159,353
112,746
10,281,297
12,793,249

(2)UNITED Consolidated Statements of Income

Items of an account(Unit:Thousands of Yen)FY2017(April 1,2017
to March 31,2018)

FY2016(April 1,2016
to March 31,2017)
AmountNet 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
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Share of loss of entities accounted for using equity method
Commission fee
Other
Total non-operating expenses
Ordinary incomeExtraordinary income
Gain on reversal of share acquisition rights
Other
Total extraordinary income
Extraordinary losses
Loss on retirement of non-current assets
Loss on valuation of investment securities
Impairment loss
Office transfer expenses
Provision of allowance for doubtful accounts
Total extraordinary losses
Income before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit（ｌoss） attributable to non-controlling interests
Profit attributable to owners of parent

Amount14,595,781
10,555,685
4,040,095
2,644,545
1,395,549

14,444,420
9,615,259
4,829,161
3,180,950
1,648,211

744
23,4681,782
9,575
35,570

335
4,405
4,740

1,696
1,794
2,197
5,689
1,425,431

1,650
16,559
3,643
35
4,254
26,144
1,626,808

18
18

3,174
0
3,174

981
45,794
6,768
28,80914,64997,002
1,328,446
523,315(104,390)
418,924909,522(14,272)
923,795

3,069
4,200
7,269
1,622,712
746,101(3,558)742,543
880,169
30,656
849,513

(3)UNITED Consolidated Statements of Comprehensive Income

Items of an account

FY2016(April 1,2016to March 31,2017)
AmountProfitOther comprehensive income
Valuation difference on available-for-sale securities
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 toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests(Unit:Thousands of Yen)FY2017(April 1,2017
to March 31,2018)
Amount909,522880,169(296,848)(13,321)(9,319)(319,489)
590,032

35,628(2,086)33,541
913,711604,403(14,370)

894,641
19,070Statements of Changes in Equity
FY2016(April 1,2016-March 31,2017)(Unit:Thousands of Yen)
Shareholders' equity
Capital stock

Balance at the beginning of current period

Capital surplus

Retained earnings

2,921,871

3,035,187

166

166

3,185,245

Treasury shares(944,478)

Total shareholders'equity

8,197,824

Changes of items during period
Issuance of new shares

332

Dividends of surplus(115,031)(115,031)

Profit attributable to owners of parent

923,795

923,795

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

37,184(251,952)(251,952)

232,111269,295

166

37,351

808,764(19,840)

826,440

2,922,037

3,072,538

3,994,009(964,319)

9,024,265

Accumulated other comprehensive income

Balance at the beginning of current period

Valuation difference on
available-for-salesecurities

Foreign currencytranslation adjustment

Total accumulated othercomprehensive income

762,840

36,826

799,666

Subscription rights toshares

4,712

Non-controllinginterests

Total net assets

34,392

9,036,595

Changes of items during period
Issuance of new shares

332

Dividends of surplus(115,031)

Profit attributable to owners of parent

923,795

Purchase of treasury shares(251,952)

Disposal of treasury shares
Net changes of items other than shareholders'equity269,295(306,070)(13,321)(319,392)

42,062(33,934)(311,264)

Total changes of items during period(306,070)(13,321)(319,392)

42,062(33,934)

515,176

456,769

23,504

480,274

46,774457

9,551,771

Balance at the end of current period

Statements of Changes in Equity
FY2017(April 1,2017-March 31,2018)(Unit:Thousands of Yen)
Shareholders' equity
Capital stock

Balance at the beginning of current period

2,922,037

Capital surplus

Retained earnings

3,072,538

3,994,009

Treasury shares(964,319)

Total shareholders'equity

9,024,265

Changes of items during period
Issuance of new shares
Purchase of shares of consolidated subsidiaries(78,790)(78,790)

Dividends of surplus(298,964)(298,964)

Profit attributable to owners of parent

849,513849,513Purchase of treasury shares

(642)

(642)

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

2,922,037(78,790)

550,549(642)

471,115

2,993,747

4,544,558(964,962)

9,495,380

Accumulated other comprehensive income

Balance at the beginning of current period

Valuation difference on
available-for-salesecurities

Foreign currencytranslation adjustment

Total accumulated othercomprehensive income

456,769

23,504480,274

Subscription rights toshares

46,774Non-controllinginterests

Total net assets

457

9,551,771

Changes of items during period
Issuance of new shares
Purchase of shares of consolidated subsidiaries(78,790)

Dividends of surplus(298,964)

Profit attributable to owners of parent

849,513Purchase of treasury shares(642)

Disposal of treasury shares
Net changes of items other than shareholders'equity35,628(2,086)33,541

112,578

112,289

258,409

Total changes of items during period

35,628(2,086)33,541

112,578

112,289

729,525

492,397

21,418513,816

159,353

112,746

10,281,297

Balance at the end of current period

(5)UNITED Consolidated statements of cash flows

Items of an account

FY2016(April 1,2016
to March 31,2017)
AmountCash flows from operating activities
Income before income taxes
Depreciation
Amortization of goodwill
Share-based compensation expenses
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for point card certificatesInterest and dividend income
Interest expenses
Share of (profit) loss of entities accounted for using equity method
Loss (gain) on valuation of investment securities
Decrease (increase) in notes and accounts receivable - trade
Decrease (increase) in investment securities for sale
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
Proceeds from withdrawal of time deposits
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Purchase of investments in subsidiaries resulting change in scope of consolidation
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 subscription rights to share
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 the beginning of the period
Cash and cash equivalents at the end of the period(Unit:Thousands of Yen)FY2017(April 1,2017
to March 31,2018)
Amount1,328,446
92,443214,11242,062(1,115)
4,651
(744)
1,696
(23,468)
45,79467,024374,358(217,221)(220,140)
1,707,899
1,455(1,700)(619,982)
1,087,671

1,622,712
115,242
288,065
115,752(15,411)
5,163
(335)
1,650
3,643
4,200
267,570(652,901)(128,911)
480,973
2,107,415
335(1,775)(594,662)
1,511,312

2,800,000(66,374)(93,525)(32,707)(758,728)(47,164)
1,801,500(84,144)(176,350)(215,629)(93,019)(569,143)(4,200)332(114,724)(349)(118,942)418
2,770,648
2,191,691
4,962,339(4,200)(297,289)
2,657(298,832)(29,168)
614,169
4,962,339
5,576,508