Note:This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy between
the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results
for the Three Months Ended June 30, 2022
[Japanese GAAP]
August 09, 2022
Company name: TAIHEIYO CEMENT CORPORATION
Stock exchange listing: Tokyo,Fukuoka
Code number: 5233
URL: https://www.taiheiyo-cement.co.jp/english/index.html
Representative: Masafumi Fushihara
President and Representative Director
Contact: Yorimasa Kuga
General Manager of General Affairs Department
Phone: +81-3‐5801‐0334
Scheduled date of filing quarterly securities report: August 10, 2022
Availability of supplementary briefing material on quarterly financial results: Yes
Schedule of quarterly financial results briefing session: Yes (For Analysts and Institutional Investors)(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Three Months Ended June 30, 2022 (April 01, 2022 to June 30, 2022)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%Three months ended
June 30, 2022
176,51610.6
1,208(87.8)
2,185(79.1)(220)
June 30, 2021
159,612(20.4)
9,919
41.2
10,479
46.8
6,577
101.3
(Note) Comprehensive income:Three months ended June 30, 2022:
13,225 million yen[(29.7) %]Three months ended June 30, 2021:
18,817 million yen[398.2%]
Basic earnings
per share
Three months ended
June 30, 2022
June 30, 2021

Diluted earnings pershareYen

Yen(1.88)
54.88-(2) Consolidated Financial Position
Total assets
As ofJune 30, 2022
March 31, 2022
(Reference) Equity:

Net assets

Million yen

Capital adequacy ratio

Million yen

1,212,951
1,103,007
As of June 30, 2022:
As of March 31, 2022:

553,620544,799
518,278 million yen
510,617 million yen

-1-%

42.7
46.3

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2022

-35.00-35.0070.00

Fiscal year ending March 31, 2023

35.00

-35.0070.00

Fiscal year ending March 31, 2023
(Forecast)(Note) Revision to the forecast for dividends announced most recently:

Year-endTotalNo

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023(April 01, 2022 to March 31, 2023)(% indicates changes from the previous corresponding period.)
Profit attributable
Basic earnings
Net sales
Operating profit
Ordinary profit
to owners ofper shareparentMillion yen%

Million yen%

Million yen%

Million yen%

Yen

(2,500)-(5,700)-(48.70)

31,500Yes(37.2)

18,500(36.1)

158.05(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:

Yes

Six months ended
380,000
11.8(2,800)
September 30, 2022
Full year
854,000 20.6
32,000 (31.5)(Note) Revision to the financial results forecast announced most recently:* Notes:(1) Changes in significant subsidiaries during the three months ended June 30, 2022
(changes in specified subsidiaries resulting in changes in scope of consolidation):No(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: Yes
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
June 30, 2022:
121,985,078 shares
March 31, 2022:
121,985,078 shares2) Total number of treasury shares at the end of the period:
June 30, 2022:
4,931,704 shares
March 31, 2022:
4,930,945 shares
3) Average number of shares during the period:
Three months ended June 30, 2022:
Three months ended June 30, 2021:

117,053,809 shares
119,868,129 shares* The forecasts herein are based on the information available at the date of publication of this material and assumptions at the samedate with respect to the various factors which might have impact on the future financial results. Actual results may differ materiallyfrom this forecast due to various factors.

-2-Quarterly Consolidated Financial StatementsQuarterly Consolidated Balance Sheets(Million yen)
As of March 31,2022

As of June 30,2022

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsElectronically recorded monetary claims operating
Merchandise and finished goods

60,271

103,798

143,178

149,545

23,354

24,83534,40937,088Work in process
Raw materials and supplies

1,277
58,502

1,879
81,667

Other
Allowance for doubtful accounts

19,863(307)

23,521(338)

Total current assets

340,550

421,997

Buildings and structures, net
Machinery, equipment and vehicles, net153,705
170,433

155,173
172,275

Land
Other, net

156,03177,658

157,732
101,300

Total property, plant and equipment

557,829

586,482

Non-current assets
Property, plant and equipment

Intangible assets
Goodwill

80

81

Other

27,48527,243

Total intangible assets

27,56627,324

Investments and other assets
Investment securities

118,359

118,015Retirement benefit asset
Other

22,68037,905

22,58538,437

Allowance for doubtful accounts(1,883)(1,891)

Total investments and other assets

177,061

177,146

Total non-current assets
Total assets-3-762,457

790,954

1,103,007

1,212,951

(Million yen)
As of March 31,2022

As of June 30,2022

Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating

79,6858,751

88,206
10,261

Short-term borrowings
Commercial papers

102,986
21,000144,239
53,000

Income taxes payable
Provision for bonuses

4,198
6,246

1,954
4,811

Other provisions
Other

213
86,685

202
94,508

Total current liabilities

309,768

397,184

Bonds payable
Long-term borrowings

60,00086,60060,00083,743Retirement benefit liabilityProvision for retirement benefits for directors (andother officers)
Provision for special repairs

22,701

23,269

512

492

258

277

Provision for product compensation
Other provisions

3,330
478

3,330
469

Asset retirement obligations
Other

8,703
65,855

8,967
81,594

Total non-current liabilities

248,440

262,146558,208

659,331

Shareholders' equity
Share capital

86,174

86,174

Capital surplus
Retained earnings

49,729384,154

49,724
379,865

Treasury shares(13,766)(13,767)

Total shareholders' equity

Non-current liabilities

Total liabilities
Net assets506,291

501,996

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges

11,737

10,493

69

Revaluation reserve for land
Foreign currency translation adjustment

4,897(11,322)

4,897
2,087

Remeasurements of defined benefit plans(992)(1,204)

Total accumulated other comprehensive income

4,325

16,282

Non-controlling interests

34,18135,341

Total net assets

544,799553,620

1,103,007

1,212,951

Total liabilities and net assets-4-Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the three months)(Million yen)
For the three months
ended June 30,2021

For the three months
ended June 30,2022

Net sales
Cost of sales

159,612
119,006

176,516
141,596

Gross profit

40,60534,919Selling, general and administrative expenses

30,68633,710Operating profit

9,919

1,208

Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodOther
Total non-operating income

9256

695

831

552

286

602

881

1,943

2,056

682
701

535544Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit

1,383

1,079

10,479

2,185

132
346

210
30

Extraordinary income
Gain on disposal of non-current assets
Gain on sale of investment securities
Other

13

22

Total extraordinary income

492

263

Loss on disposal of non-current assets
Other

369
78

607
19

Total extraordinary losses

448

627

Profit before income taxes

10,524

1,821

Income taxes

3,442

1,758

ProfitExtraordinary losses

7,081

63

Profit attributable to non-controlling interests

503

283

Profit (loss) attributable to owners of parent

6,577

(220)

-5-Quarterly Consolidated Statements of Comprehensive Income (For the three months)(Million yen)
For the three months
ended June 30,2021
ProfitOther comprehensive income

For the three months
ended June 30,2022
7,081

63

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

492(0)(1,177)3

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income

11,410(395)12,900(231)

229

1,666

11,736

13,161

Comprehensive income

18,817

13,225Comprehensive income attributable toComprehensive income attributable to owners ofparent
Comprehensive income attributable to non-controllinginterests

17,013

11,736

1,804

1,489-6-Quarterly Consolidated Segment Information
Reportable Segments
For the Three Months Ended June 30, 2021
(Million yen)
Reportable Segments
CementBusiness

MineralResources
Business

Environmental
Business

Construction
Materials
Business

Total

OtherTotal

Consolidated
Total

Adjustment

Net sales
Sales to outsidecustomers

103,872

14,10014,219

13,114145,307

14,304

159,612-

159,612Inter-segment
sales
Total

1,617

4,270

958

342

7,188

6,003

13,191(13,191)-

105,489

18,37015,17813,457

152,496

20,307

172,804(13,191)

159,612Segment income

6,191

1,344

1,333

125

8,994

1,008

10,002

(83)

9,919

For the Three Months Ended June 30, 2022
(Million yen)
Reportable Segments
CementBusiness

MineralResources
Business

Environmental
Business

Construction
Materials
Business

Total

Other

Total

Consolidated
Total

Adjustment

Net sales
Sales to outside
customers

117,450

14,984

16,42813,238

162,101

14,414

176,516-

176,516

Inter-segment
sales
Total

1,519

4,945

1,189

338

7,993

5,841

13,835(13,835)-

118,969

19,93017,618

13,576

170,095

20,256

190,351(13,835)

176,516

Segment income(1,961)

1,449

1,352

(412)

428

558

986

222

1,208

-7-