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 Nine Months Ended December 31, 2021
[Japanese GAAP]
February 08, 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: Hisashi Torii
General Manager of General Affairs Department
Phone: +81-3‐5801‐0334
Scheduled date of filing quarterly securities report: February 09, 2022
Availability of supplementary briefing material on quarterly financial results: No
Schedule of quarterly financial results briefing session: No(Amounts of less than one million yen are rounded down)
1. Consolidated Financial Results for the Nine Months Ended December 31, 2021 (April 01, 2021 to December 31, 2021)(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%
Nine months ended
December 31, 2021
527,890(19.1)
39,641(17.7)
41,701(15.5)
29,585(20.4)
December 31, 2020
652,714(1.6)
48,195
14.3
49,34816.4
37,163
21.7(Note) Comprehensive income:Nine months ended December 31, 2021:
46,158 Million yen [23.9%]
Nine months ended December 31, 2020:
37,269 Million yen [23.9%]
Basic earnings
per share
Nine months ended
December 31, 2021
December 31, 2020

Diluted earnings pershareYen

Yen

250.30307.11-(2) Consolidated Financial Position
Total assets

Net assets

Million yen
As ofDecember 31, 2021
1,129,191
March 31, 2021
1,044,227(Reference) Equity: As of December 31, 2021:
As of March 31, 2021:

Million yen

Capital adequacy ratio%

538,28144.3
506,82145.1
500,597 Million yen
470,921 Million yen(Note) The “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), etc. have been applied fromthe beginning of the three months ended June 30, 2021. Figures for the nine months ended December 31, 2021 are stated after theapplication of the said accounting standard, etc.

-1-2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2021

-

30.00

-

30.00

60.00

Fiscal year ending March 31, 2022

-

35.00

35.00

70.00

Year-end

Fiscal year ending March 31, 2022
(Forecast)(Note) Revision to the forecast for dividends announced most recently:

TotalNo

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2022(April 01, 2021 to March 31, 2022)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parent
per share%

Million yen%

Million yen%

Yen

Full year
710,000 (17.8)
52,000 (18.3)(Note) Revision to the financial results forecast announced most recently:

Million yen%

Million yen

55,000Yes(16.3)

34,000(27.4)

288.54(Note) This forecast is based on the information available at the date of publication of this material and assumptions at the same datewith respect to the various factors which might have impact on the future financial results. Actual results may differ materially fromthis forecast due to various factors.
* Notes:(1) Changes in significant subsidiaries during the nine months ended December 31, 2021
(changes in specified subsidiaries resulting in changes in scope of consolidation):
NoNewExclusion:(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:(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):December 31, 2021:
121,985,078 shares
March 31, 2021:
127,140,278 shares2) Total number of treasury shares at the end of the period:
December 31, 2021:
5,362,199 shares
March 31, 2021:
8,560,212 shares
3) Average number of shares during the period:
Nine months ended December 31, 2021:
Nine months ended December 31, 2020:

118,197,229 shares
121,011,039 shares-2-Yes

Quarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets(Million yen)
As of March 31,2021

As of December 31,2021

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

73,074
142,515

80,101--

159,052

19,23431,373

29,421
2,079

33,325
2,287

Raw materials and supplies
Other

43,873
17,93053,584
18,749Allowance for doubtful accounts
Total current assets

(795)

(326)

327,333

378,148

138,410

149,578

154,207
164,193

162,049
157,209

Non-current assets
Property, plant and equipment
Buildings and structures, netMachinery, equipment and vehicles, net
Land
Other, net

83,531

78,021

Total property, plant and equipment

540,342546,858

Goodwill
Other

159
28,03394
27,433

Total intangible assets

28,192

27,527

Investment securities
Retirement benefit asset91,926
23,099118,522
23,191Other
Allowance for doubtful accounts

39,470(6,137)40,861(5,919)Total investments and other assets

148,358

176,656

716,893751,0421,044,227

1,129,191

Intangible assets

Investments and other assets

Total non-current assets
Total assets-3-

(Million yen)
As of March 31,2021

As of December 31,2021

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

73,596
7,744

88,692
11,138

Short-term borrowings
Commercial papers

103,538-

102,865
46,000Current portion of bonds payable
Income taxes payable

10,000
4,590

4,007

Provision for bonuses
Other provisions

6,265
404

3,234
428

Other

98,691

95,456

Total current liabilities

304,831351,823

Bonds payable
Long-term borrowings

50,00084,56360,00079,211Retirement benefit liability
Provision for retirement benefits for directors (andother officers)
Provision for special repairs
Other provisions

24,70325,532

503

484

180
511

229
492

Asset retirement obligations
Other7,821
64,2908,342
64,793

Total non-current liabilities

232,574

239,086

537,405

590,909

Shareholders' equity
Share capital

86,174

86,174

Capital surplus
Retained earnings

60,292
365,593

46,533385,058

Treasury shares(26,113)(15,008)

Total shareholders' equity

Non-current liabilities

Total liabilities
Net assets

485,946

502,757

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

12,42912,5141

2

Revaluation reserve for land
Foreign currency translation adjustment

4,898(29,917)

4,902(16,552)

Remeasurements of defined benefit plans(2,438)(3,026)

Total accumulated other comprehensive income(15,025)(2,159)Non-controlling interests

35,89937,684

Total net assets

506,821538,2811,044,227

1,129,191

Total liabilities and net assets-4-Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the nine months)(Million yen)
For the nine months
ended December 31,2020

For the nine months
ended December 31,2021

Net sales
Cost of sales

652,714508,811527,890393,205

Gross profit

143,903

134,685

Selling, general and administrative expenses

95,707

95,044

Operating profit

48,19539,641

Interest income
Dividend income
Share of profit of entities accounted for using equity
methodOther374
1,031

344
1,159

2,254

2,209

2,396

2,294

Total non-operating income

6,056

6,008

2,752

1,987

2,150

1,959

Non-operating income

Non-operating expenses
Interest expenses
Other

4,903

3,947

Ordinary profit

Total non-operating expenses

49,34841,701

Extraordinary income
Gain on disposal of non-current assets

2,712

6,121

Gain on sale of investment securitiesOther

3,317
193

441
191

Total extraordinary income

6,223

6,754

2,577
133

2,752
2,038

547
322

273
1,271

3,581

6,336

Profit before income taxes

51,99042,120

Income taxes

12,56910,974

Profit39,421

31,145

Profit attributable to non-controlling interests

2,257

1,560

Profit attributable to owners of parent

37,16329,585Extraordinary losses
Loss on disposal of non-current assets
Impairment losses
Loss on temporary suspension of operations
Other
Total extraordinary losses-5-Quarterly Consolidated Statements of Comprehensive Income (For the nine months)(Million yen)
For the nine months
ended December 31,2020
ProfitOther comprehensive income

For the nine months
ended December 31,2021

39,421

31,145

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

3,423
(0)

327
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(6,124)710

13,854(575)

(161)

1,405

(2,151)

15,013Comprehensive income

37,26946,158Comprehensive income attributable toComprehensive income attributable to owners ofparent
Comprehensive income attributable to non-controllinginterests

35,64142,4471,627

3,710-6-Quarterly Consolidated Segment Information
Industry Segments
For the Nine Months Ended December 31, 2020
(Million yen)
Reportable Segments
CementBusiness

MineralResources
Business

Environmental
Business

Construction
Materials
Business

Total

Other

Total

Consolidated
Total

Adjustment

Net sales
Sales to outside
customers

465,926

39,60350,09950,813

606,442

46,272652,714-652,714Inter-segment
sales
Total

8,32517,796

7,692

3,262

37,077

18,20455,282(55,282)-474,252

57,40057,79154,076

643,519

64,477

707,996(55,282)

652,714Segment income

31,544

4,891

4,757

2,261

43,454

4,741

48,195(0)

48,195For the Nine Months Ended December 31, 2021
(Million yen)
Reportable Segments
CementBusiness

MineralResources
Business

Environmental
Business

Construction
Materials
Business

Total

Other

Total

Consolidated
Total

Adjustment

Net sales
Sales to outside
customers

341,31343,926

51,20546,942

483,387

44,502527,890-527,890

Inter-segment
salesTotal

5,497

13,910

2,349

1,136

22,894

20,12143,016(43,016)-

346,81157,83753,55548,078506,282

64,624570,906(43,016)

527,890

Segment income

23,065

4,712

4,920

2,972

35,6694,301

39,970(329)

39,641(Note) The “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), etc. have been applied from the beginning of
the three months ended June 30, 2021, and the method of calculation of profit or loss of reportable segments has similarly been changed due to thechange in the accounting method for revenue recognition.
As a result of the change, compared to the previous method, net sales decreased by 139,422 million yen and segment income increased by 92 million
yen in Cement Business, net sales decreased by 1,423 million yen and segment income decreased by 14 million yen in Mineral Resources Business,
net sales decreased by 10,829 million yen and segment income increased by 51 million yen in Environmental Business, net sales decreased by 7,647
million yen and segment income decreased by 11 million yen in Construction Materials Business, and net sales decreased by 3,875 million yen andsegment income decreased by 7 million yen in Other.
After elimination of inter-segment transactions, consolidated total net sales decreased by 149,277 million yen.

-7-