(Note) This English translation of the summary of the financial statement was prepared for reference only.
In the event of any discrepancy between this translation and the Japanese original, the original shall prevail.

Summary of Consolidated Financial Statements
For the Fiscal Year Ended March 31, 2023 (Japanese GAAP)May 15, 2023
UT Group Co., Ltd.
Stock exchange listing: Tokyo2146
URL: http://www.ut-g.co.jp
Yoichi Wakayama, President, Representative Director & CEO
Takahito Yamada, Executive Officer and Division Manager, General Affairs Division
TEL: 03-5447-1710
Scheduled date of ordinary general meeting of shareholders: June 24, 2023
Scheduled date of cash dividend payment:―
Scheduled date of filing securities report:
June 26, 2023
Supplemental material for the financial results provided:
Yes (uploaded on the Company’s website on May 15, 2023)
Results briefing for the period under review provided:
Yes (to be held on May 16, 2023 for institutional investors and analysts)
Listed company name:
Code number:
Representative:
For inquiries:(All amounts are rounded down to the nearest million yen.)
1. Consolidated Results for FY3/2023 (April 1, 2022 – March 31, 2023)(Percentages indicate year-on-year changes.)(1) Consolidated Earnings Results
Profit attributable to
Sales
EBITDA*
Operating profit
Ordinary profit
owners of the parent
Million yen% Million yen% Million yen% Million yen

FY3/2023

170,6318.8

15,714 109.5

8,914

FY3/2022

156,769

36.2

7,502

6,257 (12.6)(6.2)(Note) Comprehensive income (million yen) FY3/2023: 4,365 [23.4%]
Net profit
per share

42.5%

Million yen

%

48.4

3,831

22.0

5,954 (17.2)

3,140(27.0)

8,834

FY3/2022: 3,536 [(18.3%)]

Yen

Net profit
per share, diluted
Yen%

Ordinary profit tototal assets%

Operating profit tosales%

FY3/2023

94.92

90.18

18.0

13.0

5.2

FY3/2022

77.81

―

16.2

10.2

4.0

Net profit to equity(Reference) Equity income of equity-method affiliates (million yen) FY3/2023: (141)
FY3/2022: (247)*EBITDA = Operating profit + Depreciation (Property, plant and equipment, and Intangible assets) + Amortization+ Stock-based compensation expenses(2) Consolidated Financial Position
Total assets

Net assets

Net assets per share

Equity ratio

Million yen

Million yen%

Yen

FY3/2023

71,63029,92831.8

563.70FY3/2022

64,107

21,23230.8

489.28(Reference) Equity capital (million yen)

FY3/2023: 22,752

FY3/2022: 19,748(3) Consolidated Cash Flows

Million yen

Million yen

Million yen

Cash and cash
equivalents at end of
the period
Million yen

FY3/2023

13,004(2,139)(4,748)31,969FY3/2022

2,279(6,300)4,554

25,827

Cash flow fromoperating activities

Cash flow frominvesting activities

Cash flow fromfinancing activities

(Note) This English translation of the summary of the financial statement was prepared for reference only.
In the event of any discrepancy between this translation and the Japanese original, the original shall prevail.

2. Cash Dividends

Dividend per share
Total

Total amount ofdividends

Payout ratio(consolidated)

Dividends to net
assets (consolidated)

1Q-end2Q-end3Q-endFY-end

Yen

Yen

Yen

Yen

Yen

Million yen%%

FY3/2022

0.00

0.00

0.00

24.00

24.00

968

30.8

5.0

FY3/2023

0.00

0.00

0.00

0.00

0.00

―

―

―

FY3/2024 (Plan)

―

―

―

―
(Notes) The dividend forecast for FY3/2024 is undecided.

――

3. Consolidated Forecasts for FY3/2024 (April 1, 2023 – March 31, 2024)(Percentages indicate year-over-year changes.)
Sales

Operating profit%

Million yen%

200,000 17.2

16,400

4.4

Million yen

Full year

EBITDA*

Million yen%

14,400 61.5

Ordinary profit
Million yen

Profit attributable toowners of the parent

Profit per share%

Yen

9,000 134.9

222.98%

14,100 59.6

Million yen

EBITDA* = Operating profit + Depreciation (Property, plant and equipment, and Intangible assets) + Amortization* Notes(1) Changes in significant subsidiaries during the period (changes in specified subsidiaries resulting in changes in scope of
consolidation) : Yes
One eliminated company: Green Speed Co., Ltd.
(2) Changes in accounting policies and accounting-based estimates, and restatements(a) Changes in accounting policies due to revisions in accounting standards and others:(b) Changes in accounting policies other than (a) above:(c) Changes in accounting-based estimates:(d) Restatements:

Yes
No
No
No

(3) Number of outstanding shares (common stock)(a) Number of shares outstanding at the end of the period (including treasury shares):
FY3/2023
40,363,067
FY3/2022
40, 363,067(b) Number of treasury shares at the end of the period:
FY3/2023
307
FY3/2022180(c) Average number of shares outstanding during the period:
FY3/2023
40,362,835
FY3/2022
40,362,888

(Note) This English translation of the summary of the financial statement was prepared for reference only.
In the event of any discrepancy between this translation and the Japanese original, the original shall prevail.

(Reference) Summary of the Non-Consolidated Results

Non-Consolidated Results for FY3/2023 (April 1, 2022 – March 31, 2023)(1) Non-consolidated Earnings Results
Sales
Million yen(Percentages represent year-on-year changes.)

Operating profit
Ordinary profit% Million yen% Million yen

Net profit% Million yen%

FY3/2023

10,282(3.4)(1,073)―(1,140)―(1,321)―

FY3/2022

10,642

(7.1)

5,151

(22.6)

4,959(24.2)

4,850(26.0)Net profit
per share
Yen

Net profit
per share, diluted
Yen

FY3/2023(32.73)―

FY3/2022

120.17―(Notes) 1. In FY3/2023, 5,562 million yen of stock-based compensation expenses was recorded.
2. Diluted net income per share for FY3/2023 is not stated due to the Company's net loss position although there arepotential shares.
(2) Consolidated Financial Position
Total assets

Net assets

Net assets per share

Equity ratio

Million yen

Million yen%

Yen

FY3/2023

48,152

22,31933.6

400.31

FY3/2022

45,79319,04840.3

457.05(Reference) Equity capital (million yen) FY3/2023: 16,157

FY3/2022: 18,447* The Summary of Consolidated Financial Statements is not subject to be reviewed by certified public accountants andauditing firms.
* Explanation concerning appropriate use of earnings forecasts and other notes(Cautionary statement with respect to forecasts of future performance and other items)
Forecasts regarding future performance and other forward-looking statements in these materials are based on certain
assumptions judged to be valid and information currently available to the Company. Actual performance may differ
significantly from these forecasts due to risks and uncertain factors concerning future economic conditions, market
fluctuations, etc.
(How to receive the supplemental materials for the financial results and the results briefing video)
The results briefing video and the supplemental materials for the financial results are scheduled to be uploaded on the
Company’s website on May 15, 2023.

Summary of Consolidated Financial Statements for the Fiscal Year Ended March 31, 2023

1. Qualitative Information on Financial Results for Current Fiscal Year
(1) Overview of Results of Operations for Current Fiscal YearIn FY3/2023 (April 1, 2022 – March 31, 2023), Japan’s economy showed signs of a gradual recovery due to therelaxation of restrictions on socio-economic activities caused by the COVID-19 pandemic. However, the economic
outlook remained uncertain due to the rise in raw material and energy prices caused by factors including Russia’s
invasion of Ukraine, the surge in prices in general, as well as the increase in policy interest rates in several countries
and the depreciation of the yen, and the prolonged problem of supply constraints driven by global supply chain
disruptions.
Concerning the environment surrounding UT Group, although demand for semiconductors is expected to increase overthe medium to long term on the back of the expansion of information and communication technology and the accelerationof global decarbonization, capital investment and production activities by semiconductor manufacturing equipment(SME) makers and semiconductor makers have recently been affected by inventory adjustments and other factors andhave shown a sign of slowdown. Automobile-related manufacturers continued to experience production adjustments
due to a shortage of parts and materials.
Under these circumstances, UT Group advanced its Fourth Medium-term Business Plan (FY3/2021 - FY3/2025). Witha medium-term target of “creating a diversity & inclusion workstyle platform,” the following three growth strategies havebeen promoted: One-stop Strategy to provide personnel to large manufacturers; Area Platform Strategy; and Solution
Strategy. In the core business of worker dispatch to large manufacturers, the Company aims to enhance developmentof SME engineers so as to raise its share in all processes at client factories. The Company also seeks to establish astable employment environment in local workplaces via alliances with and M&As of local major companies, and to further
expand and strengthen its business base by supporting personnel mobilization of large corporate groups.
The current FY3/2023 was the third year of the Medium-term Business Plan. The Company sought to raise its top line
based on the increased number of technical employees accumulated through the enhanced hiring activities in theprevious year. The Company made efforts to establish a leaner business base and improve profitability in order to realize
accelerated growth over the medium to long term.
Effective April 1, 2022, UT Group carried out a major reorganization within the Group. Operating companies with
common business characteristics were integrated to enhance the ability to execute each growth strategy of the Mediumterm Business Plan. In addition, since April 2022, we have been gradually introducing a new business system tostandardize and communize administration and other tasks among the operating companies with the aim of improving
productivity and further optimizing staffing. Moreover, efforts to improve hiring efficiency have been made by integrating
job opportunities held by each operating company and promoting optimal hiring operations.
As a result, in FY3/2023, UT Group recorded net sales of 170,631 million yen (up 8.8% year-on-year from 156,769
million yen), operating profit of 8,914 million yen (up 42.5% from 6,257 million yen), EBITDA of 15,714 million yen (up109.5% from 7,502 million yen), ordinary profit of 8,834 million yen (up 48.4% from 5,954 million yen), and profit
attributable to owners of the parent of 3,831 million yen (up 22.0% from 3,140 million yen). The number of technicalemployees was 45,530 (up 144 from 45,386).
With regard to expenses, stock-based compensation expenses of 5,562 million yen have been recorded consequent toachieving the performance conditions for the exercise of stock acquisition rights resolved at the meeting of the Board of
Directors held on May 20, 2020.
* EBITDA = Operating profit + Depreciation (Property, plant and equipment, and Intangible assets) + Amortization+ Stock-based compensation expenses-1-

Summary of Consolidated Financial Statements for the Fiscal Year Ended March 31, 2023

The operating results of each business segment are summarized below. From the first quarter of FY3/2023, the segmentclassification has been changed from the previous three segments (Manufacturing, Solution, and Engineering) to fivesegments (Manufacturing, Area, Solution, Engineering, and Overseas). The year-over-year comparison has therefore
been made using the reclassified segment basis for the first quarter of FY3/2022. Please see details in (Segment
Information) of "(5) Notes to the Consolidated Financial Statements” in “3. Consolidated Financial Statements andSignificant Notes.”(Manufacturing Business)
In the Transportation Equipment subsegment, automotive-related manufacturers continued to experience production
adjustments due to the shortage of parts and materials. The Industrial and Commercial Machinery subsegment andElectronics subsegment have cautiously carried out hiring activities since the beginning of autumn, taking into accountcustomer conditions such as postponement of new demand for both increased headcount and filling of vacancies,
against the backdrop of inventory adjustments in semiconductors and other factors. The subsegments also strengthened
relationships with client companies by making problem-solving proposals that were welcomed by clients and increased
the share of dispatched workers in the factories, which led to minimizing the impact of the decline in personnel demand.
Under these circumstances, the number of technical employees decreased year-on-year, but segment sales increased
due to high-level human resource management and the dispatch of highly-skilled workers whose abilities weredeveloped in-house. In terms of expenses, segment profit increased significantly due to successful efforts to reduce
SG&A expenses such as streamlining hiring-related expenses.
As a result, in FY3/2023, the segment recorded net sales of 82,089 million yen (up 8.0% year-on-year from 76,003
million yen) and segment profit of 10,988 million yen (up 73.2% from 6,345 million yen), while the number of technicalemployees was 14,001 (down 962 from 14,963).
(Area Business)
The Area Business strived to develop new clients and deal with more diversified job openings of its existing clients ineach of its operating areas, so that to respond to diverse needs of job applicants. The segment conducted hiring activities
accordingly, which resulted in a significant increase in the number of technical employees and sales growth in the firstnine months of FY3/2023. Segment profit also increased significantly due to efforts to reduce SG&A expenses, such ascommonizing the operating base through the Group’s major reorganization on April 1, 2022.
As a result, in FY3/2023, the segment recorded net sales of 51,222 million yen (up 14.8% year-on-year from 44,611
million yen) and segment profit of 1,902 million yen (loss of 941 million yen), while the number of technical employees
was 13,332 (up 1,107 from 12,225).
(Solution Business)
The Solution Business segment sales decreased as the positive effects of sales increase from UT FSAS Creative, whichbecame a consolidated subsidiary in October 2021, came to an end and due to the sale of UT System Products Co.,
Ltd. at the end of March 2022. The segment, however, increased profits due to an increase in the number of technicalemployees at the existing subsidiaries and an increase in operation at some contract sites.
As a result, in FY3/2023, the segment recorded net sales of 18,645 million yen (down 11.6% year-on-year from 21,081
million yen) and segment profit of 146 million yen (up 91.8% from 76 million yen), while the number of technicalemployees was 3,134 (up 74 from 3,060).

-2-

Summary of Consolidated Financial Statements for the Fiscal Year Ended March 31, 2023

(Engineering Business)
The segment’s efforts to develop and assign new graduates have been successful and approximately 200 new
graduates who joined UT Group in April 2022 were assigned and began productive activities at an earlier time thanthose who joined in the previous year. In addition, order booking was favorable for both the construction and IT fields,
and the number of technical employees increased y-o-y, resulting in an increase in segment sales and profit.
As a result, in FY3/2023, the segment recorded net sales of 9,040 million yen (up 13.9% year-on-year from 7,934 million
yen) and segment profit of 1,131 million yen (up 43.6% from 787 million yen), while the number of technical employees
was 1,469 (up 81 from 1,388).
(Overseas Business)
Vietnam’s economy achieved a clear recovery, as COVID-19 restrictions were lifted and GDP maintained high growth.
The Overseas Business has expanded its business areas from the southern region centering on Ho Chi Minh City,
Vietnam, where it has offices, to the northern region centering on Hanoi, and made efforts to acquire contracts fromJapanese companies. And since the relaxation of COVID-19 restrictions in October 2021, production activities inVietnam have recovered, resulting in an increase in segment sales and profit.
As a result, in FY3/2023, the segment recorded net sales of 9,663 million yen (up 34.6% year-on-year from 7,180 million
yen) and segment profit of 326 million yen (up from 13 million yen), while the number of technical employees was 13,594(down 156 from 13,750).
Please note that the Overseas Business recorded its results for the January-December 2022 period in the FY3/2023
with a delay of three months because its settlement date was the last day of December.
(2) Overview of Financial Position for Current Fiscal Year
(Assets)
Current assets as of the end of the current fiscal year increased by 6,036 million yen from the end of the previous fiscal
year to 55,784 million yen. This was mainly due to an increase of 6,142 million yen in cash and deposits. Non-current
assets amounted to 15,846 million yen, an increase of 1,486 million yen from the end of the previous fiscal year. Thiswas mainly due to an increase of 1,473 million yen in software along with the progress of an investment to systemconstruction of UT Group.
As a result, total assets increased by 7,523 million yen from the end of the previous fiscal year to 71,630 million yen.

(Liabilities)
Current liabilities at the end of the current fiscal year increased by 2,436 million yen from the end of the previous fiscal
year to 27,903 million yen. This was mainly due to a decrease of 984 million yen in deposits received, and an increaseof 3,699 million yen in income taxes payable. Non-current liabilities amounted to 13,798 million yen, down 3,609 million
yen from the end of the previous fiscal year. This was mainly due to a decrease of 3,589 million yen in long-termborrowings.
In sum, total liabilities were 41,702 million yen, down 1,173 million yen from the end of the previous fiscal year.

(Net assets)
Net assets as of the end of the current fiscal year was 29,928 million yen, up 8,696 million yen from the end of theprevious fiscal year. Profit attributable to owners of the parent amounted to 3,831 million yen and an increase of 5, 561
million yen in share acquisition rights was more than offset by distribution of dividends from surplus of 968 million yen.
As a result, the equity ratio was 31.8%, compared to 30.8% at the end of the previous fiscal year.

-3-Summary of Consolidated Financial Statements for the Fiscal Year Ended March 31, 2023

(3) Overview of Cash Flows for Current Fiscal Year
(Cash flows from operating activities)
Cash flow provided by operating activities amounted to 13,004 million yen (compared to 2,279 million yen provided in
the previous fiscal year). This was mainly attributable to the recording of net profit before income taxes of 8,734 million
yen (14,296 million yen of net profit before income taxes excluding 5,562 million yen of stock-based compensation
expenses).
(Cash flow from investing activities)
Cash flow used by investing activities was 2,139 million yen (compared to 6,300 million yen used in the previous fiscal
year), mainly due to 2,446 million yen in payments for purchase of intangible assets.
(Cash flow from financing activities)
Cash flow used by financing activities totaled 4,748 million yen (compared to 4,554 million yen provided in the previous
fiscal year), mainly due to 3,648 million yen in repayments of long-term borrowings and 975 million yen in dividend
payment.

(Reference) Cash flow information
FY3/2023
Equity ratio (%)

31.8

Equity ratio, at market value (%)

138.4

Ratio of interest-bearing debts to cash flow (%)

126.3

Interest coverage ratio (times)
117.5
Equity ratio: Shareholders’ equity / Total assets
Equity ratio, at market value: Market capitalization / Total assets
Ratio of interest-bearing debts to cash flow: Interest-bearing debts / Cash flow
Interest coverage ratio: Cash flow / Interests paid
(Notes)1) All indicators above are calculated using the consolidated results.
2) Total market capitalization is calculated using the number of outstanding shares less treasury shares.
3) The cash flow stated above uses cash flow from operating activities.
4) Interest-bearing debts cover all debt on the consolidated balance sheet for which interest is paid.

-4-Summary of Consolidated Financial Statements for the Fiscal Year Ended March 31, 2023

(4) Outlook for Next Fiscal Year
In Japan's labor market, labor shortages are expected to intensify further against the backdrop of a decline in theworking-age population due to the declining birth rate and aging population. Under these circumstances, in order to
respond to the diverse needs of diverse types of job seekers and to respond to corporate human resource needs, theUT Group has mapped its long-term management vision, UT Vision 2030, with the aim of “Becoming the company witha future workstyle platform” that will enable the sustainable creation of and support for vigorous workers.
The first five years of our long-term management vision have been designated for implementing the Fourth Mediumterm Business Plan (FY3/2021 – FY3/2025) with the medium-term aim of “Creating a ‘diversity & inclusion’ workstyleplatform.” We have been committed to keep investing in enhancement of the value and the convenience that we offer
to job seekers.
In the meantime, the number of technical employees in Japan in FY3/2023 fell short of the plan. The shortfall was due
to a slowdown in capital investment and production activities at semiconductor manufacturing equipment manufacturers
and semiconductor manufacturers, and a delay in the recovery of production activities at automotive-related
manufacturers.
Regarding the future business environment, the production activities of automobile-related manufacturers are on theway to recovery, and the production activities of SME makers and semiconductor makers are also anticipated to recoverfrom the second half of 2023 onward.
FY3/2024 started with the less-than-planned number of technical employees. However, we intend to continue hiring
activities that match demand trends in 1H and to strengthen hiring activities from 2H in line with an expected increasein demand. In addition, in order to meet the diverse needs of job seekers, we will promote the development of new clientcompanies in each area of Japan and the diversification of dispatch worker projects by existing clients, while also
focusing on the utilization of foreign workers to make up for the labor shortage in Japan. In addition, we will makeinvestments throughout the year to achieve EBITDA of 25 billion yen in the final year of the Fourth Medium-term
Business Plan.
In sum, as for forecasts for FY3/2024, we are projecting consolidated net sales of 200,000 million yen (up 17.2% fromthe previous fiscal year), EBITDA* of 16,400 million yen (up 4.4%), operating profit of 14,400 million yen (up 61.5%),
ordinary profit of 14,100 million yen (up 59.6%), and net profit attributable to owners of the parent of 9,000 million yen(up 134.9%).
* EBITDA = Operating profit + Depreciation (Property, plant and equipment, and Intangible assets) + Amortization-5-

Summary of Consolidated Financial Statements for the Fiscal Year Ended March 31, 2023

(5) Basic policy on profit distribution and dividends for the current term and next term

UT Group’s management goal is to "establish a stable financial base and actively develop our business tocontinuously improve corporate value through high growth." In addition, the continuous return of profits toshareholders is considered an important management issue. With a total return ratio of 30% as our baseline target,
we have adopted the policy of making overall judgment of the share price level, business environment, and otherfactors and to deliver optimal shareholder returns through dividend payment or share buyback that helps toimprove capital efficiency.
We will use internal retention funds effectively to strengthen our corporate structure and actively develop ourbusiness in anticipation of future changes in the business environment.
For FY3/2023, stock-based compensation expenses of 5.5 billion yen have been recorded based on the stockacquisition rights resolved at the meeting of the Board of Directors held in May 2020. Excluding the stock-based
compensation expenses, we set a significant record high in earnings. Considering the EPS growth rate excluding
the stock-based compensation expenses that do not involve cash-out, as the actual profit growth potential of the
UT Group, the share price is at an extremely undervalued level. Therefore, we will buy back our own shares,
funded by the amount of 2,817 million yen, which is equivalent to 30% of net income attributable to owners of theparent, excluding the stock-based compensation expenses, for FY3/2023. As a result, the total payout ratio will be
73.6% for profit attributable to owners of the parent after taking into account the stock compensation expenses.
As for the return to shareholders for FY3/2024, in accordance with the above shareholders' return policy, we plan
to distribute profits to shareholders according to a total return ratio of 30% or more, based on the combination ofdividend payment and share buyback, and taking into account the company's operating performance and trends
in the stock market.
(Note) Concerning details on shareholder returns for FY3/2023, please refer to the “Notice Regarding theDetermination of Matters Relating to Stock Acquisition” announced today on.
2. Basic Policy on Selection of Accounting Standard
UT Group adopts the Japanese Accounting Standards in order to facilitate comparison with our competitors in Japan.

-6-Summary of Consolidated Financial Statements for the Fiscal Year Ended March 31, 2023

3. Consolidated Financial Statements and Significant Notes(1) Consolidated Balance Sheets(Million yen)
As of March 31, 2022

As of March 31, 2023

25,82731,96943

138

21,401

21,712Merchandise and finished goods

12

13Work in process

15

7

Raw materials and supplies

58

84

2,442

1,992

(53)

(133)

49,74855,784

1,326

1,318

Accumulated depreciation

(538)

(591)

Buildings and structures, net

788

727

970

895

Accumulated depreciation

(347)

(313)

Other, net

623

582

1,411

1,309

5,731

5,414

5

2

461

1,935

Other

3,311

3,452

Total intangible assets

9,509

10,804

1,176

1,033

Long-term loans receivable13

11Long-term prepaid expenses

15

169

1,663

2,001

Other

625

516

Allowance for doubtful accounts

(56)

(1)

Total investments and other assets

3,438

3,731

14,35915,846

64,107

71,630AssetsCurrent assets
Cash and deposits
Notes receivable - trade
Accounts receivable - trade

Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures

Other

Total property, plant and equipment
Intangible assets
Goodwill
Leased assets
SoftwareInvestments and other assets
Investment securities

Deferred tax assets

Total non-current assets
Total assets-7-Summary of Consolidated Financial Statements for the Fiscal Year Ended March 31, 2023

(Million yen)
As of March 31, 2022

As of March 31, 2023

Notes and accounts payable - trade

280

246

Short-term borrowings

235

403

Current portion of long-term borrowings

3,648

3,589

Accounts payable - other

2,492

1,783

Accrued expenses

9,106

8,879

Lease liabilities

10

10

Income taxes payable

412

4,112

Accrued consumption taxes

3,943

4,215

Provision for bonuses

2,305

2,558

49

77

2,882

1,897

99

128

25,467

27,903

15,99012,400

Lease liabilities

22

17

Retirement benefit liability

727

772

Deferred tax liabilities

613

554

Other

54

53

17,408

13,79842,87541,702

Share capital

686

686

Capital surplus

338

338

18,567

21,430(0)(0)

19,592

22,454

Valuation difference on available-for-sale securities

(0)

(0)

Foreign currency translation adjustment

156

297

Total accumulated other comprehensive income

156

297

Share acquisition rights

600

6,161

Non-controlling interests

882

1,014

21,23229,92864,107

71,630Liabilities
Current liabilities

Provision for bonuses for directors (and other officers)
Deposits received
Other
Total current liabilities
Non-current liabilities
Long-term borrowings

Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity

Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income

Total net assets
Total liabilities and net assets-8-Summary of Consolidated Financial Statements for the Fiscal Year Ended March 31, 2023

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income :Consolidated Statements of Income(Million yen)
FY3/2022(April 1, 2021
March 31, 2022)

FY3/2023(April 1, 2022
March 31, 2023)

Net sales

156,769

170,631

Cost of sales

128,998

137,530

Gross profit

27,77033,101

367

162

6,161

6,177

－

5,562

1,397

1,658

52

77

Welfare expenses

1,373

1,432

Recruiting expenses

6,116

3,549

554

800

Commission expenses

2,226

1,623

Amortization of goodwill

671

423

Other

2,591

2,719

Total selling, general and administrative expenses

21,51324,186

6,257

8,914

Interest income28Foreign exchange gains

29

65

Subsidies for employment adjustment

71

106

Dividend income of insurance

32

22

Surrender value of insurance policies

21

－

Other

48

72

Total non-operating income

206

274

Interest expenses

54

110

Commission expenses

82

3

Share of loss of entities accounted for using equity method

247

141

Loss on valuation of derivatives－

38

Donations

60

－

Other

65

60

Total non-operating expenses

508

355

5,954

8,834

Selling, general and administrative expenses
Remuneration for directors (and other officers)
Salaries and bonus
Share-based payment expenses
Provision for bonuses
Provision for bonuses for directors (and other officers)

Depreciation

Operating profit
Non-operating income

Non-operating expenses

Ordinary profit-9-Summary of Consolidated Financial Statements for the Fiscal Year Ended March 31, 2023
FY3/2022
FY3/2023(April 1, 2021
(April 1, 2022
March 31, 2022)
March 31, 2023)

Extraordinary income
Gain on sale of non-current assets

210Gain on sale of shares of subsidiaries and associates

286

Gain on reversal of share acquisition rights

20Gain on sale of investment securities

1－

Total extraordinary income

27

87

Loss on retirement of non-current assets

15

39

Loss on sale of non-current assets－

3

Restructuring cost

284

86

Loss on COVID19

15

4

Loss on termination of retirement benefit plan

23

19

Loss on valuation of investments in capital－

35

Loss on step acquisitions

289

－

6

－

Loss on cancellation of rental contracts

111－

Total extraordinary losses

745

188

Profit before income taxes

5,235

8,734

Income taxes - current

1,966

4,920

Income taxes - deferred

(41)

(386)

Total income taxes

1,924

4,534

Profit

3,311

4,200

170

368

3,140

3,831

Extraordinary losses

Loss on sale of shares of subsidiaries and associates

Profit attributable to non-controlling interests
Profit attributable to owners of parent(Quarterly Consolidated Statements of Comprehensive Income)(Million yen)
FY3/2022(April 1, 2021
March 31, 2022)

ProfitFY3/2023(April 1, 2022
March 31, 2023)

3,311

4,200

Valuation difference on available-for-sale securities

(0)

(0)

Foreign currency translation adjustment

225

165

Share of other comprehensive income of entities accounted forusing equity method

(0)

(0)

Total other comprehensive income

225

165

3,536

4,365

3,325

3,972

211

392

Other comprehensive income

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests- 10 -

Summary of Consolidated Financial Statements for the Fiscal Year Ended March 31, 2023

(3) Consolidated Statements of Changes in Shareholders' Equity
FY3/2022 (from April 1, 2021 to March 31, 2022)(Million yen)
Shareholders’ equity

Capitalsurplus

Share capital
Balance at beginning of period

686

Retainedearnings

338

Treasuryshares

18,091(0)

Total
shareholders'equity19,116

Changes during period
Dividends of surplus(2,663)

Profit attributable to owners of parent

3,140(2,663)
3,140

Purchase of treasury shares

(0)

(0)

Net changes in items other thanshareholders' equity
Total changes during period

－

－

476

(0)

476

Balance at end of period

686

338

18,567(0)

19,592

Accumulated other comprehensive income
Valuation difference Foreign currency
on available-for-saletranslation
securities
adjustment

Balance at beginning of period

0

(28)

Total accumulated
other comprehensive
income(28)

ShareacquisitionrightsMinority
interests

Total net assets

602

507

20,198Changes during period
Dividends of surplus(2,663)

Profit attributable to owners of parent

3,140

Purchase of treasury shares
Net changes in items other thanshareholders' equity

(0)
(0)

185

184

(2)

375

557

Total changes during period

(0)

185

184

(2)

375

1,034

Balance at end of period

(0)

156

156

600

882

21,232- 11 -

Summary of Consolidated Financial Statements for the Fiscal Year Ended March 31, 2023

FY3/2023 (from April 1, 2022 to March 31, 2023)(Million yen)
Shareholders’ equity

Capitalsurplus

Share capital
Balance at beginning of period

686

Retainedearnings

338

Treasuryshares

18,567(0)

Total
shareholders'equity19,592

Changes during period
Dividends of surplus

(968)

(968)

Profit attributable to owners of parent

3,831

3,831

Purchase of treasury shares

(0)

(0)

Net changes in items other thanshareholders' equity
Total changes during period

－

－

2,862

(0)

2,862

Balance at end of period

686

338

21,430(0)22,454

Accumulated other comprehensive income
Valuation difference Foreign currency
on available-for-saletranslation
securities
adjustment

Balance at beginning of period

(0)

156

Total accumulated
other comprehensive
income156

ShareacquisitionrightsMinority
interests

Total net assets

600

882

21,232

Changes during period
Dividends of surplus(968)

Profit attributable to owners of parent

3,831

Purchase of treasury shares
Net changes in items other thanshareholders' equity

(0)
(0)

141

141

5,561

131

5,834

Total changes during period

(0)

141

141

5,561

131

8,696

Balance at end of period

(0)

297

297

6,161

1,014

29,928- 12 -

Summary of Consolidated Financial Statements for the Fiscal Year Ended March 31, 2023

(4) Consolidated Statements of Cash Flows(Million yen)
FY3/2022(April 1, 2021
March 31, 2022)

FY3/2023(April 1, 2022
March 31, 2023)

Cash flows from operating activities
Profit before income taxes

5,235

8,734

Share-based payment expenses

－

5,562

Depreciation

574

814

Amortization of goodwill

671

423

Commission expenses

823

Increase (decrease) in allowance for doubtful accounts

3

25

213

253

(39)

27

Interest and dividend income

(2)

(9)

Interest expenses

54

110

247

141

Loss (gain) on sale of shares of subsidiaries and associates

5

(86)

Loss on retirement of non-current assets

1039

Decrease (increase) in trade receivables(3,980)(197)

Decrease (increase) in prepaid expenses

(312)

12

Decrease (increase) in inventories

(239)

(17)

Decrease (increase) in long-term prepaid expenses

19

(212)

Increase (decrease) in trade payables

74

(44)

Increase (decrease) in accrued consumption taxes

1,186

536

Increase (decrease) in accounts payable - other

(161)

(604)

Increase (decrease) in accrued expenses

1,518

(296)

Increase (decrease) in deposits received

(34)

(985)

Other, net

22

(181)

Subtotal

5,147

14,048

1

9

(54)

(110)

Income taxes paid

(2,815)(943)

Net cash provided by (used in) operating activities

2,279

13,004(53)(63)(1,445)(2,446)

Proceeds from maturity of insurance funds

234－

Payments for investments in capital

－

(35)

(2,955)－

Increase (decrease) in provision for bonuses
Increase (decrease) in provision for bonuses for directors (andother officers)

Share of loss (profit) of entities accounted for using equity
methodInterest and dividends received
Interest paid

Cash flows from investing activities
Purchase of property, plant and equipment
Purchase of intangible assets

Purchase of shares of subsidiaries resulting in change in scopeof consolidation- 13 -

Summary of Consolidated Financial Statements for the Fiscal Year Ended March 31, 2023
FY3/2022(April 1, 2021
March 31, 2022)

Proceeds from purchase of shares of subsidiaries resulting in

FY3/2023(April 1, 2022
March 31, 2023)

67

－

(867)

－

(1,415)－

Proceeds from sale of shares of subsidiaries and associates

4313

Net decrease (increase) in short-term loans receivable

35

78

Decrease (increase) in guarantee deposits

45

0Other, net

49

12(6,300)(2,139)(3)

92

Proceeds from long-term borrowings

10,630－

Repayments of long-term borrowings(3,301)(3,648)(0)(0)(2,665)

(975)

(3)

(202)

Other, net

(100)

(14)

Net cash provided by (used in) financing activities

4,554(4,748)

Effect of exchange rate change on cash and cash equivalents

25

26

Net increase (decrease) in cash and cash equivalents

560

6,142

Cash and cash equivalents at beginning of period

25,26625,827

Cash and cash equivalents at end of period

25,82731,969change in scope of consolidation
Payments for sale of shares of subsidiaries resulting in change
in scope of consolidation
Purchase of shares of subsidiaries and associates

Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term borrowings

Purchase of treasury shares
Dividends paid
Dividends paid to non-controlling interests- 14 -

Summary of Consolidated Financial Statements for the Fiscal Year Ended March 31, 2023

(5) Notes to the Consolidated Financial Statements(Note on the Assumption as a Going Concern)
Not applicable(Change in accounting policies)
The Implementation Guidance on Accounting Standard for Fair Value Measurement (ASBJ Guidance No. 31, June 17,2021) has been applied since the start of FY3/2023, and the Company has decided to apply the new accounting policy
set forth by the Implementation Guidance on Accounting Standard for Fair Value Measurement into the future inaccordance with the transitional procedures stipulated in Paragraph 27-2 of the Implementation Guidance on AccountingStandard for Fair Value Measurement. This will have no impact on consolidated financial statements.
(Segment Information)
1. Outline of reportable business segments
The reportable business segments of the UT Group consist of those for which separate financial information is available
within the Group’s structural units. Segments are also subject to regular reviews as the Board of Directors in order todetermine the allocation of management resources and assess the business performance.
UT Group consists of business segments, based on their business domains. There are five reportable segments:
Manufacturing Business, Area Business, Solution Business, Engineering Business, and Overseas Business.
The main business of each segment is as follows.
(1) Manufacturing Business: Providing personnel dispatch and outsourcing services for major manufacturers(2) Area Business:

Providing community-based personnel dispatch and outsourcing services(3) Solution Business:

Accepting employees from major manufacturers which undertake structural reform,
and providing personnel dispatch and outsourcing services(4) Engineering Business:

Providing engineer dispatch and outsourcing services in construction and IT field(5) Overseas Business:

Providing personnel services in overseas

From the current fiscal year, the segment classification has been changed due to reorganization within theGroup .Therefore, the segment information for the previous fiscal year has been stated using the segmentation
method after the change.
2. Calculation method for sales, profit or loss, assets, liabilities, and other items by reportable business segment
The accounting method for the reported business segments is the same as the accounting method employed to prepare
the consolidated financial statements. Reportable segment income is a figure that is based on operating income. Intersegment income and transfers are based on the prevailing market price.

- 15 -

Summary of Consolidated Financial Statements for the Fiscal Year Ended March 31, 2023

3. Sales, profit or loss, assets, liabilities, and other items by reportable business segment, and information on revenue
breakdown
Fiscal year ended March 31, 2022 (from April 1, 2021 to March 31, 2022)(Million yen)

Reportable Business Segments
Manufacturing
Business

Area
Business

Solution
BusinessEngineering
Business

Oversea
Business

Adjustment
amount1

Amounts on the
consolidated
statements2

Total

Sales
Dispatching

59,166

37,628

7,986

7,202

4,730

116,713－116,713

Contracting

14,789

6,450

6,767

577

2,455

31,041－

31,041

Other

2,019

531

6,313

154

(5)

9,014

－

9,014

Revenue from contracts
with customers

75,97544,61021,068

7,934

7,180

156,769－

156,769

Sales to clients

75,97544,61021,068

7,934

7,180

156,769－

156,769

27

0

13

0

－

42

(42)

－

76,00344,611

21,081

7,934

7,180

156,812(42)

156,769

Segment profit (loss)

6,345

(941)

76

787

13

6,281

(24)

6,257

Segment assets

13,477

15,537

4,635

2,074

3,386

39,111

24,996

64,107

Depreciation

120

322

55

19

55

574

－

574

Goodwill amortization

12

480

60

40

76

671

－

671

Increase in property,
plant and equipment,
and intangible assets

50

3,405

30

1

2

3,490

1,796

5,287

Inter-segment sales ortransfers
Total

Other items

Notes:
1. The adjusted amounts are as follows:(1) Adjustment to segment profit (loss) of (24) million yen is elimination of inter-segment transactions.
(2) Adjustment to assets of 24,996 million yen are mainly corporate assets not allocated to a particular reportablesegment.
(3) The standards for allocation of non-current assets by segment and the standards for allocation ofdepreciation by segment are different.
(4) Adjustment to increase in property, plant and equipment, and intangible assets of 1,796 million yen is mainly
increase in property, plant and equipment, and intangible assets not allocated to a particular reportablesegment.
2. Segment profit (loss) is adjusted to correspond to operating profit in the consolidated statements of income.

- 16 -

Summary of Consolidated Financial Statements for the Fiscal Year Ended March 31, 2023

Fiscal year ended March 31, 2023 (from April 1, 2022 to March 31, 2023)(Million yen)

Reportable Business Segments
Manufacturing
Business

Area
Business

Solution
BusinessEngineering
Business

Oversea
Business

Adjustment
amount1

Amounts on the
consolidated
statements2

Total

Sales
Dispatching

65,38645,534

9,871

8,304

6,280

135,376－

135,376Contracting

14,191

4,944

8,697

575

3,362

31,771－

31,771

Other

2,509

727

66

159

20

3,483

－

3,483

Revenue from contracts
with customers

82,086

51,207

18,634

9,040

9,663

170,631－

170,631

Sales to clients

82,086

51,207

18,634

9,040

9,663

170,631－

170,631

3

15

10

－

－

29

(29)

－

82,08951,222

18,645

9,040

9,663

170,661(29)

170,631

Segment profit (loss)

10,988

1,902

146

1,131

326

14,495(5,580)8,914

Segment assets

15,743

15,135

5,254

2,117

3,680

41,931

29,69971,630

232

416

73

30

60

814

－

814

Goodwill amortization

4

261

28

38

89

423

－

423

Increase in property,
plant and equipment,
and intangible assets

4

3

9

0

1

19

2,387

2,406

Inter-segment sales ortransfers
Total

Other items
Depreciation

Notes:
1. The adjusted amounts are as follows:(1) Adjustment to segment profit of (5,580) million yen consists of 18 million yen of elimination of inter-segment
transactions and stock-based compensation expenses of 5,562 million yen, which are company-wide
expenses not allocated to each reportable business segment.
(2) Adjustment to assets of 29,699 million yen are mainly corporate assets not allocated to a particular reportablesegment.
(3) The standards for allocation of non-current assets by segment and the standards for allocation ofdepreciation by segment are different.
(4) Adjustment to increase in property, plant and equipment, and intangible assets of 2,387 million yen is mainly
increase in property, plant and equipment, and intangible assets not allocated to a particular reportablesegment.
2. Segment profit is adjusted to correspond to operating profit in the consolidated statements of income.

- 17 -

(Per Share Data)

Summary of Consolidated Financial Statements for the Fiscal Year Ended March 31, 2023

(Yen)
FY3/2023(April 1, 2022 March 31, 2023)

FY3/2022(April 1, 2021 March 31, 2022)

Net assets per share489.28563.70Net profit per share

77.81

94.92

―

90.18

Diluted net income per share(Notes) The basis for calculating net profit per share and diluted net income per share is provided below.
FY3/2022
FY3/2023(April 1, 2021 (April 1, 2022 March 31, 2022)
March 31, 2023)
Net profit per share
Net profit attributable to owners of the parent(million yen)Amount not attributable to common
stockholders (million yen)
Common stock-related profit attributable toowners of the parent (million yen)
Average number of common stocks during the
fiscal year (shares)

3,140

3,831

―

―

3,140

3,831

40,362,888

40,362,835

Adjustments to profit attributable to ownersof parent――

Increase in common stock―

2,122,120(Of which share acquisition rights)(―)(2,122,120)

Diluted net income per share(Significant Subsequent Events)
Not applicable- 18 -