UT : Summary of Consolidated Financial Statements FY3/2022 Third Quarter

Summary of Consolidated Financial Statements for the Nine Months of Fiscal Year Ending March 31, 2022

1. Qualitative Information on Quarterly Financial Results

(1) Analysis of Operating Results

In the first nine months of FY3/2022 (April 1, 2021 - December 31, 2021), Japan's economy remained to be in a severe situation due to the spread of COVID-19 but the progress of vaccination and measures to prevent infection contributed to a gradual spread of the economic recovery. As industrial production rose in many industries, particularly in the automobile industry, compared with the same period of the previous year, the employment situation in the manufacturing industry continued to pick up, showing signs of firmness. For example, the jobs-to-applicants ratio in the production process rose to 1.86 times in December 2021. At present, however, the rebound of COVID-19 infections caused by the emergence of the Omicron variant both in Japan and overseas as well as its impact through the supply chain need to be closely monitored.

Concerning the environment surrounding UT Group, in the automotive-related sector, some major automobile manufacturers made production adjustments due to a shortage of materials and components, caused by the lockdown in some ASEAN countries and the global shortage of semiconductors. However, personnel demand was not affected as demand for finished vehicles remained strong and the production normalization is expected. Meanwhile, in the semiconductor and electronics components sector, production of semiconductor manufacturing equipment and devices is expanding due to an increase in demand for semiconductors for automobiles and demand related to the next- generation wire communication standard 5G, and the global shortage of semiconductors worldwide further accelerated, leading to a tight semiconductor supply and demand. Semiconductor manufacturing equipment manufacturers and semiconductor manufacturers strived to rapidly boost their production capacity, which resulted in a robust demand for personnel.

Under these circumstances, UT Group has been advancing its Fourth Medium-term Business Plan (FY3/2021 - FY3/2025), announced on May 20, 2020. With a medium-term target of "creating a diversity & inclusion workstyle platform," the following three growth strategies have been 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 development of manufacturing engineers so as to expand its business domain and raise its share in all processes at client factories. the Company also seeks to establish a stable employment environment in local workplaces via alliances with and M&As of local major companies, and to build a career platform covering each area. The Company further expands and strengthens its business base by supporting personnel mobilization of large corporate groups.

In the first nine months of FY3/2022, as a result of aggressive hiring activities to respond to the rapidly recovering demand for personnel since the second half of FY3/2021, UT Group hired 13,219 persons in its domestic operations. The number of domestic technical employees has reached a record high, and sales have increased significantly. In May 2021, the Company acquired all shares of Progress Group, Inc., which fully owns Progress Co., Ltd., and of SURI-EMU Corp, which fully owns SURI-EMU Chubu Co., Ltd., SURI-EMU Tokai Co., Ltd. and SURI-EMU Staff Co., Ltd. These companies are local worker dispatch companies mainly in Aichi Prefecture. They have become consolidated subsidiaries of UT Group and contributed to an increase in sales. In October 2021,UT Group newly consolidated Fujitsu FSAS Creative Inc., a worker dispatch company of the Fujitsu Group (changed company name to UT FSAS Creative Co., Ltd.) to promote the Solution Strategy based on the Medium-term Business Plan. On the profit side, however, a decline in profit was caused by a one-off increase in hiring-related expenses, as hiring activities were strengthened to accelerate sales growth.

As a result, in the first nine months of FY3/2022, UT Group recorded net sales of 113,995 million yen (up 37.9% year- on-year from 82,647 million yen), operating profit of 4,443 million yen (down 22.4% from 5,728 million yen), ordinary profit of 4,424 million yen (down 23.0% from 5,745 million yen), and profit attributable to owners of the parent of 1,846 million yen (down 50.5% from 3,734 million yen). The number of technical employees was 40,078 (up 17,613 from 22,465 a year ago).

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Summary of Consolidated Financial Statements for the Nine Months of Fiscal Year Ending March 31, 2022

The operating results of each business segment are summarized as follows:

(Manufacturing Business)

In the Manufacturing Business, the order acquiring situation was favorable as major automobile manufacturers are expected to normalize their production despite the recent continued production adjustments, and personnel demand continued to be strong in the semiconductor and electronic component-related sector. In order to respond quickly to the strong personnel demand of client companies, the segment carried out aggressive hiring activities and greatly increased the number of technical employees. In addition, with the aim of deepening and expanding the area career platforms, six companies of two local worker dispatch groups, centered in Aichi Prefecture, became UT Group's consolidated subsidiaries. At the end of May 2021, UT Group acquired all shares of Progress Group, Inc., which fully owned Progress Co., Ltd., and of SURI-EMU Corp, which fully owned SURI-EMU Chubu Co., Ltd., SURI-EMU Tokai Co., Ltd. and SURI- EMU Staff Co., Ltd. These acquisitions contributed to an increase in sales.

On the cost side, SG&A expenses increased due to the strategic investment in hiring-related expenses and an increase in personnel expenses associated with the new consolidation.

As a result, in the first nine months of FY3/2022, the segment recorded net sales of 76,177 million yen (up 55.7% year- on-year from 48,937 million yen) and segment profit of 1,760 million yen (down 37.1% from 2,796 million yen), and the number of technical employees was 31,638 (up 16,163 from 15,475 a year ago). Excluding Green Speed Joint Stock Company, Green Speed Co., Ltd., and Hoang Nhan Company Limited, which were newly consolidated subsidiaries in the fourth quarter of FY3/2021, the domestic segment recorded net sales of 71,366 million yen (up 45.8% from 48,937 million yen) and segment profit of 1,777 million yen (down 36.5% from 2,796 million yen) while the number of technical employees was 22,076 (up 6,601 from 15,475).

(Solution Business)

In the Solutions Business, a new contract project of In-house Solutions® (a full-time employee transfer-type contract) for a major corporate group started in July 2021 and Fujitsu FSAS Creative Inc., which was a worker dispatch company of the Fujitsu Group, was newly consolidated and changed company name to UT FSAS Creative Co., Ltd. in October 2021. These resulted in an increase in technical employees and sales. Meanwhile, hiring-related expenses increased due to the strengthening of hiring of technical employees in line with the firm growth in personnel demand, despite some impacts from a shortage of semiconductors and an insufficient procurement of materials and components.

As a result, in the first nine months of FY3/2022, the segment recorded net sales of 25,260 million yen (up 17.2% year- on-year from 21,553 million yen), segment profit of 860 million yen (down 20.5% from 1,082 million yen), and the number of employees of 5,742 (up 1,294 from 4,448 a year ago).

(Engineering Business)

In the Engineering Business, mainly leading semiconductor manufacturing equipment manufacturers and semiconductor manufacturers increased demand for field engineers. UT Group resumed the "One UT" program that supports career change from manufacturing operator to engineer, which had been difficult to operate due to the spread of COVID-19 in the previous fiscal year. In addition, the fourth "Technology Skill Development Center," a specialized training facility for developing semiconductor manufacturing equipment engineers, has been opened in Osaka to strengthen the development and production capabilities of semiconductor manufacturing equipment engineers. In response to the growing demand in the field of construction engineers, UT Group focused on hiring and rapid assignment of technical employees and increased sales. On the cost side, hiring-related expenses increased due to the strengthening of the hiring of technical employees to meet the strong demand for personnel.

As a result, in the first nine months of FY3/2022, the segment recorded net sales of 12,584 million yen (up 3.2% year- on-year from 12,196 million yen) and segment profit of 1,835 million yen (down 1.4% from 1,862 million yen), while the number of technical employees was 2,698 (up 156 from 2,542 a year ago).

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Summary of Consolidated Financial Statements for the Nine Months of Fiscal Year Ending March 31, 2022

1. Analysis of Financial Position (Assets)

Current assets at the end of the current third quarter of the fiscal year decreased by 2,592 million yen from the end of the previous fiscal year to 41,387 million yen. This was mainly due to a 3,533 million yen increase in notes and accounts receivable - trade, and a decrease in cash and deposits of 6,729 million yen. Non-current assets amounted to 13,872 million yen, an increase of 5,184 million yen from the end of the previous fiscal year. This was mainly due to increases of 1,923 million yen in goodwill, 1,748 million yen in other of intangible assets, and 931 million yen in property, plant and equipment through M&As.

As a result, total assets increased by 2,592 million yen from the end of the previous fiscal year to 55,259 million yen.

(Liabilities)

Current liabilities at the end of the current third quarter of the fiscal year increased by 3,651 million yen from the end of the previous fiscal year to 26,215 million yen. This was mainly due to a decrease in provision for bonuses of 664 million yen, and increases in accrued expenses of 2,783 million yen, accounts payable - other of 525, and accrued consumption taxes of 435 million yen. Non-current liabilities amounted to 9,240 million yen, a decrease of 663 million yen from the end of the previous fiscal year. This was mainly due to increases in deferred tax liabilities of 494 million yen and retirement benefit liability of 205 million yen, and a decrease in Long-term borrowings of 1,358 million yen.

In sum, total liabilities were 35,456 million yen, up 2,987 million yen from the end of the previous fiscal year.

(Net assets)

Net assets as of the end of the current second quarter were 19,803 million yen, down 395 million yen from the end of the previous fiscal year. This was mainly due to the recognition of profit attributable to owners of parent of 1,846 million yen and dividend payments from surplus of 2,663 million yen.

As a result, the equity ratio was 33.3%, compared to 36.2% at the end of the previous fiscal year.

(3) Description of Consolidated Earnings Forecast and Other Forward-looking Information

UT Group's consolidated forecasts for FY3/2022 remain unchanged, as announced on November 5, 2021.

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