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 Fiscal Year Ended March 31, 2022
[Japanese GAAP]May 12, 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 Annual General Meeting of Shareholders: June 29, 2022
Scheduled date of commencing dividend payments: June 30, 2022
Scheduled date of filing annual securities report: June 30, 2022
Availability of supplementary briefing material on annual financial results: Yes
Schedule of annual 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 Fiscal Year Ended March 31, 2022 (April 01, 2021 to March 31, 2022)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%
Fiscal year ended
March 31, 2022
708,201(18.0)
46,701(26.6)
50,193(23.7)
28,971(38.1)March 31, 2021
863,903(2.3)
63,6104.3
65,744
8.6
46,80019.5(Note) Comprehensive income:Fiscal year ended March 31, 2022:
53,115 million yen[(0.7) %]
Fiscal year ended March 31, 2021:
53,487 million yen[
71.7%]
Basic earnings per Diluted earnings per Rate of return on
share
share
equityOrdinary profit tototal assets ratio

Yen
Yen
%
Fiscal year ended
March 31, 2022
245.805.9
March 31, 2021
387.7910.3(Reference) Equity in earnings (losses) of affiliated companies: Fiscal year ended March 31, 2022:
Fiscal year ended March 31, 2021:

Operating profit to
net sales ratio

%

%

4.7
6.3

6.6
7.4
1,913 million yen
1,879 million yen(2) Consolidated Financial Position
Total assets
As ofMarch 31, 2022
March 31, 2021
(Reference) Equity:

Net assets

Million yen

Capital adequacy ratio

Million yen

1,103,007
1,044,227
As of March 31, 2022:
As of March 31, 2021:

544,799
506,821510,617 million yen
470,921 million yen

Net assets per share

%

Yen

46.3
45.1

4,362.23
3,971.34(3) Consolidated Cash Flows
Cash flows fromoperating activities
Fiscal year ended
March 31, 2022
March 31, 2021

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at endof period

Million yen

Million yen

Million yen

Million yen

71,191
110,403(83,919)(47,809)(3,742)(43,952)

50,21363,819(Note) The “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), etc. have been applied fromthe beginning of the fiscal year ended March 31, 2022. Figures for the fiscal year ended March 31, 2022 are stated after the applicationof the said accounting standard, etc.

-1-

2. Dividends
Annual dividends
1st
2nd
3rd
quarter-end quarter-end quarter-end

Year-end

Total

Total
dividends

Payoutratio(consolidated)

Dividends
to netassets(consolidated)

Fiscal year ended

Yen

Yen

Yen

Yen

Yen

Million yen%%

March 31, 2021

-

30.00

-

30.00

60.00

7,188

15.5

1.6

March 31, 2022

-

35.00

-

35.00

70.00

8,200

28.5

1.7

-

35.00

-

35.00

70.00

Fiscal year ending
March 31, 2023-

(Forecast)(Note) Payout ratio for the fiscal year ending March 31, 2023 is not provided herein because consolidated financial results forecast for
the fiscal year ending March 31, 2023 is yet to be determined.
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2023 (April 01, 2022 to March 31, 2023)
Consolidated financial results forecast for the fiscal year ending March 31, 2023 is not provided herein because the company has
determined that it is not possible to calculate reasonable financial forecast at this time.
* Notes:(1) Changes in significant subsidiaries during the period under review (changes in specified subsidiaries resulting in changes inscope of consolidation): No(2) 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(3) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
March 31, 2022:
121,985,078 shares
March 31, 2021:
127,140,278 shares2) Total number of treasury shares at the end of the period:
March 31, 2022:
4,930,945 shares
March 31, 2021:
8,560,212 shares
3) Average number of shares during the period:
Fiscal Year ended March 31, 2022:
117,866,969 sharesFiscal Year ended March 31, 2021:
120,685,950 shares-2-

(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2022 (April 01, 2021 to March 31, 2022)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Fiscal year ended
March 31, 2022
March 31, 2021

Operating profit

Ordinary profit

Net income

Million yen%

Million yen%

Million yen%

Million yen%

287,525
295,277

(2.6)
(6.1)

1,584
16,981(90.7)(16.4)

30,551
23,19531.7(6.5)

22,524
18,534

21.5
20.7

Basic earnings per share Diluted earnings per share
Fiscal year ended
March 31, 2022
March 31, 2021

Yen

Yen

190.59153.18-(2) Non-consolidated Financial Position
Total assets
As ofMarch 31, 2022
March 31, 2021
(Reference) Equity:

Net assets

Million yen

Capital adequacy ratio

Million yen

625,047
578,986
As of March 31, 2022:
As of March 31, 2021:

296,616
287,205
296,616 million yen
287,205 million yen

Net assets per share

%

Yen

47.5
49.6

2,527.28
2,415.69(Note) The “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), etc. have been applied fromthe beginning of the fiscal year ended March 31, 2022. Figures for the fiscal year ended March 31, 2022 are stated after the applicationof the said accounting standard, etc.

* 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.

-3-

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

As of March 31,2022

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

60,271--

143,178

19,23423,35429,421
2,079

34,4091,277

Raw materials and supplies
Short-term loans receivable

43,873
2,557

58,502
1,921

Other
Allowance for doubtful accounts

15,373(795)

17,942(307)

Total current assets

327,333

340,550

Buildings and structures
Accumulated depreciation

491,247(352,836)

515,145(361,439)

Buildings and structures, net
Machinery, equipment and vehicles

138,410913,284

153,705
968,234(759,076)
154,207(797,800)
170,433

164,193
51,601

156,031
39,955(31,201)
20,400(20,891)
19,06437,186
68,23932,67665,708

Accumulated depreciation
Other, net(42,294)
25,944(39,790)
25,917

Total property, plant and equipment

540,342

557,829

Non-current assets
Property, plant and equipment

Accumulated depreciation
Machinery, equipment and vehicles, net
Land
Leased assets
Accumulated depreciation
Leased assets, net
Construction in progress
Other

Intangible assets
Goodwill

159

80

Other

28,03327,485

Total intangible assets

28,192

27,566

Investments and other assets
Investment securities

91,926

118,359

Long-term loans receivable
Retirement benefit asset

1,538
23,0991,391
22,680

Deferred tax assets
Other

9,635
28,296

11,081
25,431

Allowance for doubtful accounts(6,137)(1,883)

Total investments and other assets

148,358

177,061

Total non-current assets
Total assets-4-716,893

762,457

1,044,227

1,103,007

(Million yen)
As of March 31,2021

As of March 31,2022

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

73,596
7,744

79,685
8,751

Short-term borrowings
Commercial papers

103,538-

102,986
21,000Current portion of bonds payable
Income taxes payable

10,000
4,590

4,198

Provision for bonuses
Other provisions

6,265
404

6,246
213

Other

98,691

86,685

Total current liabilities

304,831309,768

Bonds payable
Long-term borrowings

50,00084,56360,00086,600

Deferred tax liabilities
Retirement benefit liability
Provision for retirement benefits for directors (andother officers)
Provision for special repairs

8,130
24,703

10,02022,701

503

512

180

258

511

3,330
478

Lease liabilities
Asset retirement obligations

14,352
7,821

13,481
8,703

Other

41,80742,352

Total non-current liabilities

232,574

248,440

537,405558,208

Share capital
Capital surplus

86,17460,292

86,17449,729Retained earnings
Treasury shares

365,593(26,113)384,154(13,766)

Total shareholders' equity

485,946506,291

12,42911,737

1
4,898

6
4,897

Foreign currency translation adjustment
Remeasurements of defined benefit plans(29,917)(2,438)(11,322)(992)

Total accumulated other comprehensive income(15,025)

4,325

35,89934,181

Non-current liabilities

Provision for product compensation
Other provisions

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

Non-controlling interests
Total net assets
Total liabilities and net assets-5-506,821544,799

1,044,227

1,103,007

Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Million yen)
For the fiscal year
ended March 31,2021

For the fiscal year
ended March 31,2022

Net sales
Cost of sales

863,903
672,631

708,201
532,818

Gross profit

191,272

175,382

Selling, general and administrative expenses
Amortization of goodwill

53

54

Other

127,608

128,626

Total selling, general and administrative expenses

127,661

128,681

63,61046,701

601

551

Dividend income
Rental income from real estate
Share of profit of entities accounted for using equity
methodForeign exchange gains

1,273
107

1,641
90

1,879

1,913

1,042

453

Other

3,524

3,660

Total non-operating income

8,428

8,311

3,498
2,797

2,195
2,623

Operating profit
Non-operating income
Interest income

Non-operating expenses
Interest expenses
Other
Total non-operating expenses

6,295

4,819

65,74450,193

3,247
3,567

6,386
615

411

1,051

7,226

8,054

5,494
61

7,301
428

Loss on valuation of investment securities
Impairment losses

47
969

20
2,407

Loss on temporary suspension of operations
Product compensation expenses

547
-

277
3,506

Ordinary profit
Extraordinary income
Gain on disposal of non-current assets
Gain on sale of investment securities
Other
Total extraordinary income
Extraordinary losses
Loss on disposal of non-current assets
Loss on sale of investment securities

Other

744

1,485

7,865

15,426

Profit before income taxes

65,10542,820

Income taxes - current
Income taxes - deferred

9,170
6,285

11,542
227

Total income taxes

15,455

11,769Profit49,64931,051

Profit attributable to non-controlling interests

2,848

2,079

Profit attributable to owners of parent

46,80028,971

Total extraordinary losses-6-Consolidated Statements of Comprehensive Income(Million yen)
For the fiscal year
ended March 31,2021
ProfitOther comprehensive income

For the fiscal year
ended March 31,2022

49,64931,051

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

5,516
1

(544)
5

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(9,345)
7,463

18,596
1,447

201

2,559

3,837

22,063Comprehensive income

53,487

53,115Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to non-controllinginterests

51,561

48,324

1,925

4,790

-7-

Consolidated Statements of Changes in Equity
For the fiscal year ended March 31,2021(Million yen)
Shareholders' equity

Balance at beginning of period

Share capital

Capital surplus

86,17460,23386,17460,233

Treasury shares

Total
shareholders'equity326,086(16,098)456,395

326,086(16,098)456,395

Retainedearnings

Cumulative effects of changes
in accounting policies
Restated balance
Changes during period
Change in ownership interestof parent due to transactions
with non-controlling interests

59

59

Dividends of surplus(7,292)(7,292)

Profit attributable to owners ofparent46,80046,800Purchase of treasury shares(0)

Disposal of treasury shares(10,015)(10,015)00Cancellation of treasury shares
Increase (decrease) by shareexchanges
Transfer from retained earnings
to capital surplus
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period-

58

39,507(10,014)

29,551

86,17460,292

365,593(26,113)

485,946

Accumulated other comprehensive income
Total
Valuation
Foreign currency Remeasurements accumulateddifference on Deferred gains or Revaluationtranslationof defined
otheravailable-for-sale losses on hedges reserve for land
adjustment
benefit planscomprehensive
securities
incomeBalance at beginning of period

Noncontrollinginterests

Total net
assets

6,723

(0)

4,968

(21,413)(9,995)(19,716)

36,563473,241

6,723

(0)

4,968

(21,413)(9,995)(19,716)

36,563473,241

Cumulative effects of changes
in accounting policies
Restated balance
Changes during period
Change in ownership interest ofparent due to transactions with
non-controlling interests

59

Dividends of surplus(7,292)

Profit attributable to owners ofparent46,800Purchase of treasury shares(10,015)

Disposal of treasury shares

0Cancellation of treasury shares-

Increase (decrease) by shareexchanges
Transfer from retained earnings
to capital surplus
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

5,705

1

(69)

5,705

1

(69)

(8,504)

7,556

4,691

(663)

33,57912,4291

4,898(29,917)(2,438)(15,025)

35,899506,821-8-(8,504)

7,556

4,691

(663)

4,028

For the fiscal year ended March 31,2022(Million yen)
Shareholders' equity

Balance at beginning of period

Share capital

Capital surplus

86,17460,292

Cumulative effects of changes
in accounting policies
Restated balance

Retainedearnings

365,593

Treasury shares

Total
shareholders'equity(26,113)

485,946(493)
86,17460,292365,100(493)(26,113)

485,453

Changes during period
Change in ownership interestof parent due to transactions
with non-controlling interests

350

350

Dividends of surplus(7,648)(7,648)

Profit attributable to owners ofparent28,971

28,971(5,016)(5,016)

(12)

87

75

(16,030)

16,030

-

2,859

1,246

4,105

Purchase of treasury shares
Disposal of treasury shares
Cancellation of treasury shares
Increase (decrease) by shareexchanges
Transfer from retained earnings
to capital surplus
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

2,269(2,269)--(10,563)

19,053

12,347

20,837

86,17449,729384,154(13,766)

506,291

Accumulated other comprehensive income
Total
Valuation
Foreign currency Remeasurements accumulateddifference on Deferred gains or Revaluationtranslationof defined
otheravailable-for-sale losses on hedges reserve for land
adjustment
benefit planscomprehensive
securities
incomeBalance at beginning of period

12,4291

4,898(29,917)(2,438)(15,025)

Cumulative effects of changes
in accounting policies
Restated balance

12,4291

4,898(29,917)(2,438)(15,025)

Noncontrollinginterests

Total net
assets35,899506,8217(485)

35,907506,335

Changes during period
Change in ownership interest ofparent due to transactions with
non-controlling interests

350

Dividends of surplus(7,648)

Profit attributable to owners ofparent28,971

Purchase of treasury shares(5,016)

Disposal of treasury shares

75-

Cancellation of treasury shares
Increase (decrease) by shareexchanges
Transfer from retained earnings
to capital surplus
Net changes in items other thanshareholders' equity
Total changes during period
Balance at end of period

4,105
(692)

4

(1)

18,595

1,445

19,351(1,726)

17,625

(692)

4

(1)

18,595

1,445

19,351(1,726)

38,463

11,737

6

4,897(11,322)

(992)

4,325

34,181

544,799-9-Consolidated Statements of Cash Flows(Million yen)
For the fiscal year
ended March 31,2021
Cash flows from operating activities
Profit before income taxes

For the fiscal year
ended March 31,2022

65,10542,82052,68353

56,01054(1,879)(1,913)

47

20

(905)

(302)

(17)

8

107

(19)

(74)
0

(4,129)3,185Interest and dividend income
Interest expenses(1,874)
3,498(2,193)
2,195

Loss (gain) on sale of investment securities
Loss (gain) on disposal of non-current assets(3,505)
2,246

(187)
914

Impairment losses
Decrease (increase) in trade receivables

969
8,418

2,407
(1,904)

Decrease (increase) in inventories
Increase (decrease) in trade payables(122)(6,568)(15,714)
5,679

Other, net

3,866(4,162)

Subtotal

122,048

82,769

2,455

2,807

Interest paid
Income taxes paid

(3,521)(10,579)(2,199)(12,186)

Net cash provided by (used in) operating activities

110,403

71,191

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 other provisions

Interest and dividends received

Cash flows from investing activities
Decrease (increase) in time deposits(3,675)

182(58,656)
4,187(67,326)
6,458

Purchase of other depreciated assets
Proceeds from sale of other depreciated assets

(167)
38

(440)
2

Purchase of investment securities
Proceeds from sale and redemption of investment
securities
Proceeds from sale of shares of subsidiaries resulting
in change in scope of consolidation
Loan advances(117)(24,123)

709

1,010

6,318

10

(2,723)(2,150)

Proceeds from collection of loans receivable
Other, net

3,302
2,974

2,458
(2)

(47,809)(83,919)

Purchase of non-current assets
Proceeds from sale of non-current assets

Net cash provided by (used in) investing activities- 10 -

(Million yen)
For the fiscal year
ended March 31,2021
Cash flows from financing activities
Net increase (decrease) in short-term borrowings

For the fiscal year
ended March 31,2022(19,596)(5,936)

Increase (decrease) in commercial papers
Proceeds from long-term borrowings(12,000)
21,17921,00040,743

Repayments of long-term borrowings
Proceeds from issuance of bonds(36,573)
30,000(34,035)
10,000

Redemption of bonds
Purchase of treasury shares(10,064)(10,000)(5,036)

Dividends paid
Dividends paid to non-controlling interests(7,292)(873)(7,648)(1,404)

Other, net(8,731)(11,423)

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(43,952)(3,742)

(569)

2,864

18,071(13,606)

Cash and cash equivalents at beginning of period

45,74863,819Cash and cash equivalents at end of period

63,81950,213- 11 -

Consolidated Segment Information
Reportable Segments
For the Fiscal Year Ended March 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

610,437

52,68467,656

68,603

799,383

64,520863,903-

863,903

Inter-segment
sales
Total

10,60723,092

10,385

4,399

48,48526,88475,370(75,370)-621,045

75,77778,04273,003

847,869

91,404

939,273(75,370)

863,903

Segment income

41,326

6,071

6,447

3,564

57,4106,135

63,54664

63,610For the Fiscal Year Ended March 31, 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

455,975

58,64068,87563,570647,062

61,139708,201-

708,201

Inter-segment
sales
Total

7,238

18,542

3,440

1,526

30,74827,88558,633(58,633)-

463,214

77,182

72,31565,096

677,81089,025

766,835(58,633)

708,201

Segment income

24,188

6,034

6,647

3,493

40,3646,920

47,285(583)

46,701(Note) The “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), etc. have been applied from the beginning of
the fiscal year ended March 31, 2022, 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 175,269 million yen and segment income increased by 0 million
yen in Cement Business, net sales decreased by 2,080 million yen and segment income decreased by 26 million yen in Mineral Resources Business,
net sales decreased by 16,955 million yen and segment income increased by 25 million yen in Environmental Business, net sales decreased by 10,169
million yen and segment income decreased by 6 million yen in Construction Materials Business, and net sales decreased by 5,289 million yen andsegment income increased by 30 million yen in Other.
After elimination of inter-segment transactions, consolidated total net sales decreased by 191,479 million yen.

Geographic Segments
For the Fiscal Year Ended March 31, 2021
(Million yen)Japan

U.S.A.

Other

Net sales

630,838

150,397

82,667

Total
863,903

Non-current
assets387,945

105,933

46,463

540,342

For the Fiscal Year Ended March 31, 2022
(Million yen)Japan

U.S.A.

Other

Total

Net sales

459,104

161,527

87,569708,201

Non-current
assets407,911

107,686

42,231

557,829- 12 -