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 Six Months Ended September 30, 2023
[Japanese GAAP]
November 9, 2023
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: Kenichi Takano
General Manager of General Affairs Department
Phone: +81-3‐5801‐0334
Scheduled date of filing quarterly securities report: November 10, 2023
Scheduled date of commencing dividend payments: December 4, 2023
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 Six Months Ended September 30, 2023 (April 1, 2023 to September 30, 2023)(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%Six months ended
September 30, 2023
418,554
11.3
17,752
20,115
13,617
September 30, 2022
375,982
10.6(313)(84)(16,455)(Note) Comprehensive income:Six months ended September 30, 2023:
44,932 million yen [93.1%]
Six months ended September 30, 2022:
23,266 million yen [(32.0) %]Basic earnings
per share
Six months ended
September 30, 2023
September 30, 2022

Diluted earnings pershare
Yen

Yen

116.25(140.58)-(2) Consolidated Financial Position
Total assets
Million yen
As ofSeptember 30, 2023
1,332,619
March 31, 2023
1,268,862(Reference) Equity: As of September 30, 2023:
As of March 31, 2023:

Net assets

Capital adequacy ratio

Million yen

569,110
528,857
534,386
million yen
494,957
million yen

-1-%

40.1
39.0

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-endYen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2023

-

35.00

-

35.00

70.00

Fiscal year ending March 31, 2024

-

35.00
-

35.00

70.00

Fiscal year ending March 31, 2024(Forecast)(Note) Revision to the forecast for dividends announced most recently:

Year-end

Total

No

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024 (April 1, 2023 to March 31, 2024)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parentper share
Million yen%

Million yen%%

Million yen%

Yen

59,000 5,707.9
Yes

40,000-341.48(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:

Yes

Full year
894,000
10.4
58,000 1,201.5(Note) Revision to the financial results forecast announced most recently:

Million yen* Notes:(1) Changes in significant subsidiaries during the six months ended September 30, 2023
(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: No
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):
September 30, 2023:
121,985,078 shares
March 31, 2023:
121,985,078 shares
2) Number of treasury shares at the end of the period:
September 30, 2023:
4,588,539 shares
March 31, 2023:
4,931,863 shares
3) Average number of shares outstanding during the period:
Six months ended September 30, 2023:
Six months ended September 30, 2022:

117,138,603 shares
117,053,346 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit
corporation.
* 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 Statements
Quarterly Consolidated Balance Sheets(Million yen)
As of March 31, 2023

As of September 30, 2023

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

79,842

82,147

158,136

178,788

24,82638,49147,46051,179Work in process
Raw materials and supplies

1,529
89,383

2,337
76,306

Other
Allowance for doubtful accounts

29,379(150)

25,382(185)

Total current assets

430,408

454,448

Buildings and structures, net
Machinery, equipment and vehicles, net

157,312
191,081

160,994
194,238

Land
Other, net

165,027
106,662

170,837
123,152

Total property, plant and equipment

620,083649,223

Non-current assets
Property, plant and equipment

Intangible assets
Goodwill

101

87

Other

39,66540,511

Total intangible assets

39,766

40,599Investments and other assets
Investment securities

117,839

123,381Retirement benefit asset
Other

23,69738,376

23,694
42,594

Allowance for doubtful accounts(1,309)(1,322)

Total investments and other assets

178,604

188,347

Total non-current assets
Total assets-3-

838,454878,170

1,268,862

1,332,619

(Million yen)
As of March 31, 2023

As of September 30, 2023

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

84,162
11,613

97,67017,513

Short-term borrowings
Commercial papers

149,573
27,000146,426
4,000

Current portion of bonds payable
Income taxes payable

10,0003,687

10,0007,231

Provision for bonuses
Provision for loss on business withdrawal

5,677
2,564

5,903
155

Other provisions
Other

108
91,395

175
104,763

Total current liabilities

385,784

393,840

50,00070,000166,911
21,380158,120
22,287

536

501

227

265

Provision for product compensation
Provision for loss on business withdrawal

4,498
1,924

4,198
2,102

Other provisions
Asset retirement obligations

472
9,379

472
10,706

Other

98,889101,013

Total non-current liabilities

354,221369,668

740,005

763,508

Share capital
Capital surplus

86,17449,72986,17449,788Retained earnings
Treasury shares

342,880(13,738)

352,382(12,927)

Total shareholders' equity

465,045475,417

12,03814,288

0
3,610

1
3,610

13,730530

40,709359

29,911

58,96933,89934,723

Non-current liabilities
Bonds payable
Long-term borrowings
Retirement benefit liability
Provision for retirement benefits for directors (andother officers)
Provision for special repairs

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets-4-528,857

569,110

1,268,862

1,332,619

Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the six months)(Million yen)
For the six months
ended September 30, 2022

For the six months
ended September 30, 2023

Net sales
Cost of sales

375,982308,612418,554
333,694

Gross profit

67,36984,859Selling, general and administrative expenses

67,683

67,107(313)

17,752

Interest income
Dividend income
Share of profit of entities accounted for using equity
methodForeign exchange gains

204
1,175

621
1,619

-

706

257

1,593

Other

1,204

1,660

Total non-operating income

2,841

6,201

Interest expenses
Share of loss of entities accounted for using equity
method
Other

1,202

1,773

107-

1,302

2,064

Total non-operating expenses

2,612

3,838

Ordinary profit (loss)(84)

20,115Extraordinary income
Gain on disposal of non-current assets

457699Gain on sale of investment securities
Other276
79

26175

Total extraordinary income

813

901

1,689

1,128421

198

Operating profit (loss)
Non-operating income

Non-operating expenses

Extraordinary losses
Loss on disposal of non-current assets
Other
Total extraordinary losses

2,111

1,327

Profit (loss) before income taxes(1,382)

19,690

Income taxes

14,505

5,956

Profit (loss)(15,887)

13,733

Profit attributable to non-controlling interests

567

116

Profit (loss) attributable to owners of parent(16,455)

13,617-5-Quarterly Consolidated Statements of Comprehensive Income (For the six months)(Million yen)
For the six months
ended September 30, 2022
Profit (loss)
Other comprehensive income

For the six months
ended September 30, 2023

(15,887)

13,733

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

684
(0)

2,142
0

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

35,329(1,065)

24,835
(142)

4,207

4,362

39,154

31,198Comprehensive income

23,26644,932Comprehensive income attributable toComprehensive income attributable to owners ofparent
Comprehensive income attributable to non-controllinginterests

19,30942,674

3,957

2,257

-6-Quarterly Consolidated Statements of Cash Flows(Million yen)
For the six months
ended September 30, 2022
Cash flows from operating activities
Profit (loss) before income taxes
Depreciation
Amortization of goodwill
Share of loss (profit) of entities accounted for using
equity method
Loss (gain) on valuation of investment securities
Increase (decrease) in net retirement benefit liability
and net retirement benefit asset
Increase (decrease) in provision for retirement
benefits for directors (and other officers)
Increase (decrease) in provision for bonuses
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in provision for loss on businesswithdrawal
Increase (decrease) in other provisions

For the six months
ended September 30, 2023

(1,382)

19,69029,95125

31,82920

107(706)

34(583)

162

(6)

(35)

(142)

222

23

40

-(2,647)

(10)

(193)

Interest and dividend income
Interest expenses(1,380)1,202(2,240)
1,773

Loss (gain) on sale of investment securities
Loss (gain) on disposal of non-current assets

(153)
1,232

(26)
428

Impairment losses
Decrease (increase) in trade receivables

5(10,283)

4(30,422)

Decrease (increase) in inventories
Increase (decrease) in trade payables(30,161)
9,303

12,77817,350

Other, net(8,728)

9,066

Subtotal(10,978)

57,099Interest and dividends received
Interest paid

2,150
(1,307)

3,012(1,867)

Income taxes paid(4,877)(3,913)

Net cash provided by (used in) operating activities(15,013)54,3301,273(31,206)

299(32,618)

Proceeds from sale of non-current assets
Purchase of other depreciated assets
Proceeds from sales of depreciation and amortization
assetsPurchase of investment securities

817
(259)

1,155
(133)

74

-

(34)

(48)

Proceeds from sale of investment securities
Loan advances

935
(928)

117
(1,361)

Proceeds from collection of loans receivable
Payments for acquisition of businesses

1,099(28,938)

1,261-

Cash flows from investing activities
Decrease (increase) in time deposits
Purchase of non-current assets

Other, net
Net cash provided by (used in) investing activities-7-(416)

1,098(57,583)(30,229)

(Million yen)
For the six months
ended September 30, 2022
Cash flows from financing activities
Net increase (decrease) in short-term borrowings

For the six months
ended September 30, 2023

36,060(4,550)

Increase (decrease) in commercial papers
Proceeds from long-term borrowings

18,00065,745(23,000)
21,060

Repayments of long-term borrowings
Proceeds from issuance of bonds(18,445)-(28,946)
20,000Purchase of treasury shares
Dividends paid

(5)
(4,101)(7)(4,102)

Dividends paid to non-controlling interests
Other, net(725)(4,898)(619)(4,728)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

91,628(24,895)

1,558

2,708

20,590

1,914

Cash and cash equivalents at beginning of period
Increase in cash and cash equivalents resulting frommerger
Cash and cash equivalents at end of period

50,21370,82824

39

70,82872,783-8-Quarterly Consolidated Segment Information
Reportable Segments
For the Six Months Ended September 30, 2022
(Million yen)
Reportable Segments
CementBusiness

MineralResources
Business

Environmental
Business

Construction
Materials
Business

Other

Total

Consolidated
Total

Adjustment

Total

Net sales
Sales to outside
customers

249,671

29,98437,17930,241

347,076

28,906375,982-375,982

Inter-segment
sales
Total

3,174

9,779

2,325

482

15,761

12,79328,554(28,554)-252,846

39,76339,50430,723362,837

41,699404,537(28,554)375,982

Segment income(7,410)

2,710

2,848

60

(1,791)

1,199

(591)

278(313)

For the Six Months Ended September 30, 2023
(Million yen)
Reportable Segments
CementBusiness

MineralResources
Business

Environmental
Business

Construction
Materials
Business

Other

Total

Consolidated
Total

Adjustment

Total

Net sales
Sales to outside
customers

294,299

31,51030,66933,542390,022

28,532

418,554-418,554

Inter-segment
sales
Total

4,076

11,393

1,836

646

17,952

11,81429,766(29,766)-

298,375

42,90432,50534,189407,975

40,346448,321(29,766)

418,554

Segment income

7,876

4,088

3,036

1,881

16,882946

17,829(77)

17,752-9-