Reference Materials of Financial Results
for the Fiscal Year Ended March 31, 2022

May 12, 2022

Contents
1. Highlights of Consolidated Financial Results

Page 2

5. Regarding Forecast for the Fiscal 2023

Page 12

2. Trend in Construction Investments and Domestic
Demand for Cement

Page 3

6. Reference Information

Page 13(1) Change in Interest-bearing Debt
3. Volume of Sales and Shipment Results by Region

Page 4(1) Volume of Sales of Cement by Region(Excluding Imports)(2) Volume of Shipment of Ready-mixed Concreteby Region(2) Change in Capital Investment(3) Change in Depreciation Expenses(4) Change in Research and Development Expenses(5) Sales Volume of Cement in Overseas Subsidiaries

4. Financial Results for the Fiscal 2022

Page 6(6) Overview of Businesses in the U.S.A.

(1) Consolidated Statements of Income(2) Consolidated Segment Information(3) Consolidated Balance Sheets(4) Consolidated Statements of Cash Flows
Page 11. Highlights of Consolidated Financial Results
FY2020(Millionyen)

ChangeComponents of Change

FY2021

FY2022

RevenueStandardImpact

ChangeNet sales

863,903708,201(155,702)

Operating profit

63,61046,701(16,908)

Ordinary profit65,744

50,193(15,550)

Profit attributable to owners of parent

46,800FY 2019

28,971 FY 2020
(17,828)＜ Indexes＞

FY2021

FY2022

45.1

46.3

1.2

Capital adequacy ratio based on market value (%)

33.1

21.4

(11.6)

3,971.3

4,362.2

390.9

387.8

245.8

(142.0)Ordinary profit to total assets ratio (%)

6.3

4.7(1.7)

Rate of return on equity (%)

10.3

5.9(4.4)

Operating profit to net sales ratio (%)

7.4

6.6(0.8)

Basic earnings per share (Yen)(191,480)

35,778ChangeChangeCapital adequacy ratio (%)

Net assets per share (Yen)

Net Change

Page 2

2. Trend in Construction Investments andDomestic Demand for Cement
Trillion yen

Ten thousand tons

70

7,000
6,351
5,969

60

5,757

5,909

5,899

6,000

5,551
5,009

4,771

50
4,273

4,161

4,265

4,458

4,555

5,000
4,267

4,178

4,188

4,259

4,097

40

3,867

3,788

4,000

30

3,000

20

2,000

10

855

988

1037

1,027

959

1,002

1,067

1,105

997

1,001

963

850

942

1,058

1,153

1,181

1,037

1,053

1,111

1,148
1,000

00
FY2003 FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022

Estimate of construction investments (Left axis)

Domestic demand (Right axis)

Exports (Right axis)

Estimate of construction investments : for Fiscal 2003 to Fiscal 2021, Ministry of Land, Infrastructure, Transport and Tourism: for Fiscal 2022, Research Institute of Construction and Economy (RICE)
Domestic demand : Japan Cement AssociationExports: Japan Cement Association

Page 3

3. Volume of Sales and Shipment Resultsby Region(1) Volume of Sales of Cement by Region (Excluding Imports)
FY2020Volume of Sales Year-on-year(ThousandChangetons)(%)

FY2021
Volume of Sales Year-on-year(ThousandChangetons)(%)

FY2022
Volume of Sales Year-on-year(ThousandChangetons)(%)

Hokkaido

1,885(1.7)

1,912

1.4

1,790(6.4)

Tohoku3,753(9.1)

3,388(9.7)

3,075(9.3)

Kanto 1

9,409(6.8)

8,904(5.4)

9,023

1.3

Kanto 2

3,464(5.3)

3,529

1.9

3,500(0.8)

Hokuriku

2,217(1.9)

1,880(15.2)

1,684(10.4)

Tokai4,642(5.2)

4,424(4.7)

4,446

0.5

Kinki

5,574

1.2

5,412(2.9)

5,354(1.1)

Shikoku

1,571

4.3

1,445(8.0)

1,341(7.2)

Chugoku

2,548

4.3

2,403(5.7)

2,313(3.7)

Kyushu4,874(4.3)

4,468(8.3)

4,577

2.4

Okinawa

1,010

1.5

886(12.3)

768(13.3)

Domestic Total

40,948(3.7)

38,650(5.6)

37,872(2.0)

Exports

10,532

1.6

11,113

5.5

11,484

3.3

Total

51,480(2.6)

49,763(3.3)

49,356(0.8)

Source : Japan Cement Association
Page 43. Volume of Sales and Shipment Resultsby Region(2) Volume of Shipment of Ready-mixed Concrete by Region
FY2020Volume ofYear-on-year
Shipment
Change(Thousand(%)
cubic meters)

FY2021
Volume ofYear-on-year
Shipment
Change(Thousand(%)
cubic meters)

FY2022
Volume ofYear-on-year
Shipment
Change(Thousand(%)
cubic meters)

Hokkaido

3,472

0.9

3,417(1.6)

3,320(2.8)

Tohoku7,112(9.5)

6,474(9.0)

5,568(14.0)

Kanto 1

19,877(9.2)

19,257(3.1)

19,510

1.3

Kanto 25,750(3.6)

6,090

5.9

5,894(3.2)

Hokuriku

4,586(4.1)

3,870(15.6)

3,391(12.4)

Tokai

9,626(4.2)

9,202

(4.4)

9,488

3.1

Kinki

11,182(0.1)

11,124(0.5)

10,859(2.4)

Chugoku

4,928

7.1

4,675(5.1)

4,266

(8.7)

Shikoku

3,392

4.4

3,302(2.7)

3,156(4.4)

Kyushu12,033(3.4)

10,767(10.5)

10,648

(1.1)

Total

81,959(4.1)

78,180(4.6)

76,099(2.7)

Source : National Federation of Ready-mixed Concrete Industrial Associations

Page 54. Financial Results for the Fiscal 2022(1) Consolidated Statements of Income(Million yen)
Components of Change
FY2021

FY2022

RevenueStandard
ImpactChangeNet sales

863,903708,201(155,702)

Cost of sales

672,631532,818(139,812)

Selling, general and administrative expenses

127,661

128,681

1,019

Operating profit

63,61046,701(16,908)

Non-operating income and expenses

2,133

3,491

1,358

Ordinary profit

65,74450,193(15,550)Extraordinary income and losses(638)(7,372)(6,733)

Profit before income taxes

65,10542,820(22,284)

Profit attributable to owners of parent

46,80028,971(17,828)

106.76109.903.14(191,480)

Net Change
35,778＜ Reference Information＞

Average exchange rate (Yen/US$)

Page 6

4. Financial Results for the Fiscal 2022
(2) Consolidated Segment Information
Net Sales and Operating Profit by Reportable Segments(Million yen)

FY2021
CementDomestic

Net Sales

Components of Change

FY2022

ChangeRevenueStandard
ImpactNet Change

Operating Profit
FY2021

FY2022

Change406,203

237,490(168,712)(175,269)

6,557

16,201(1,851)(18,051)

214,841

225,723

10,881

010,881

25,12526,040914

Total

621,045463,214(157,831)(175,269)

17,43841,32624,188(17,138)

Mineral Resources Business

75,777

77,182

1,406(2,080)

3,486

6,071

6,034

(36)

Environmental Business

78,042

72,315(5,726)(16,955)

11,229

6,447

6,647

201

Construction Materials Business

73,00365,096(7,907)(10,169)

2,262

3,564

3,493

(70)

Other

91,40489,025(2,379)(5,289)

2,910

6,135

6,920

785

Total

939,273

766,835(172,437)(209,762)

37,32563,54647,285(16,261)

Elimination(75,370)(58,633)

16,73818,282(1,544)64(583)(647)

Consolidated Total

863,903708,201(155,702)(191,480)

35,77863,61046,701(16,908)

Business Overseas Subsidiaries, etc.

Page 7

4. Financial Results for the Fiscal 2022
(2) Consolidated Segment Information
Cement Business

Sales Volume of Cement(Thousand tons)

FY2021

FY2022

ChangeDomestic

13,782

13,363(419)

Export3,778

4,147368

Page 8

4. Financial Results for the Fiscal 2022
(2) Consolidated Segment Information
Reportable Segments (Excluding Cement Business) and Other(Million yen)

FY2021
MineralResources
Business

FY2022

Change1,406 Increase in sales volume of limestone for the iron and steel industry“3,486” Increase acceptance of construction generated soil(36) Decrease in sales volume of aggregates in Kanto and Tohoku region

Net Sales

75,777

77,182

Operating
Profit

6,071

6,034

Environmental Net Sales
Business

78,042

72,315

Operating
ProfitNet Sales

6,447

6,647

73,00365,096

Operating
Profit

3,564

3,493

Net Sales

91,40489,025(2,379)“2,910”Operating
Profit

6,135

6,920

785

Construction
Materials
Business
OtherMain Factors of Changes in Net Sales and Operating Profit(5,726) Processing operations in coal ash and sales volume of fuel remained strong“11,229”
201 Processing operations in coal ash remained strong(7,907) Ground improvement projects remained strong“2,262”(70) Ground improvement projects remained strong

Decrease in sales of materials for shield tunnel construction and ALC (Autoclaved Lightweightaerated Concrete)※ The number inside “ ” shows net change excluding the impact of application of “Accounting Standard for Revenue Recognition”, etc.

Page 9

4. Financial Results for the Fiscal 2022
(3) Consolidated Balance Sheets
Change161,749

166,533

4,783

75,374

94,18918,815

Other

17,134

19,5552,420

Total current assets

327,333

340,550

13,217

Total property, plant andequipment
Total intangible assets

540,342

557,829

17,48728,192

27,566(626)

Total investments and otherassets

148,358

177,061

28,702

Total non-current assets
Total assets

Year-end exchange rate (Yen/US$)

716,893

762,457

1,044,227

1,103,007

As of Dec.
31, 2020

As of Dec.
31, 2021

103.50115.0245,563As of Mar. As of Mar.
31, 2021
31, 2022
304,831309,768

Change4,936

Non-current liabilities

232,574

248,440

15,866

Total liabilities

537,405558,208

20,803

Share capital

86,174

86,174-

Capital surplus

60,292

49,729(10,563)

Retained earnings

365,593384,154

18,560Treasury shares(26,113)(13,766)

12,347

Total shareholders' equity

485,946506,291

20,344

Accumulated other comprehensive
incomeNon-controlling interests(15,025)

4,325

19,35135,89934,181(1,718)

Total net assets

506,821544,799

37,977

1,044,227

1,103,007

58,780

As of Mar.
31, 2021

As of Mar.
31, 2022

248,102

270,587

Shareholders' equity

Trade accounts receivableand contract assets
Inventories

Current liabilities
Liabilities(12,802)

Net assets

Non-current assets

Current assets

Cash and deposits

As of Mar. As of Mar.
31, 2021
31, 2022
73,07460,271(Million yen)

58,780 Total liabilities and net assets

Change11.52 Interest-bearing debt (Million yen)

Change22,484

Page 10

4. Financial Results for the Fiscal 2022
(4) Consolidated Statements of Cash Flows(Million yen)
FY2021

FY2022

ChangeCash flows from operating activities

110,403

71,191(39,211)

Cash flows from investing activities(47,809)(83,919)(36,110)

Cash flows from financing activities(43,952)(3,742)

40,210Effect of exchange rate change on cash and cash equivalents

(569)

2,864

3,434

Net increase (decrease) in cash and cash equivalents

18,071(13,606)(31,677)

Cash and cash equivalents at beginning of period

45,74863,81918,071

Cash and cash equivalents at end of period

63,81950,213(13,606)＜ Indexes ＞
Current ratio (%)

FY2021

FY2022

Change

107.4

109.9

2.6

Cash flow to interest-bearing debt ratio (Year)

2.2

3.81.6

Interest coverage ratio (Times)

31.4

32.4

1.0

Net DE ratio (Times)

0.37

0.41

0.04
Page 115. Regarding Forecast for the Fiscal 2023

・Due to the impact of the Russian and Ukrainian situation and other factors,
future trends such as coal prices, which are the assumptions for the financial
results forecast, are uncertain, and it is not possible to calculate reasonable
forecast at this time. Accordingly, financial results forecast for the fiscal 2023
have not been determined yet.
・Taiheiyo Cement plans to disclose the forecast as soon as it becomes possible
to calculate.

Page 12

6. Reference Information(1) Change in Interest-bearing Debt (Hundred million yen)
2,796

2,886

Consolidated subsidiaries

2,661
1,808

1,783

1,754

Taiheiyo Cement

2,481
1,741

Whole group

2,706
2,031

1,132

1,013

853

766

675

As of Mar. 31, 2018

As of Mar. 31, 2019

As of Mar. 31, 2020

As of Mar. 31, 2021

As of Mar. 31, 2022

(2) Change in Capital Investment (Hundred million yen)

208

FY2018294

276

FY2019FY2020Whole group

733

660

500

414
263

Consolidated subsidiaries

776

677

580
372Taiheiyo Cement366

FY2021311422

FY2022

Page 13

6. Reference Information(3) Change in Depreciation Expenses (Hundred million yen)440

FY2018FY2019FY2020364335342
218

198

FY2021(4) Change in Research and Development Expenses(Hundred million yen)
44

Taiheiyo Cement

44
35560

328

184

Whole group

526

304

263
177

Consolidated subsidiaries

488

440

262
178

Taiheiyo Cement

FY2022

Consolidated subsidiaries

4638

Whole group

52
43

88989

FY2018FY2019FY2020

FY2021

FY2022

Page 14

6. Reference Information(5) Sales Volume of Cement in Overseas Subsidiaries (Ten thousand tons)
734

723
664
603

565

China

Asia and other

705

705
632

612

581

409

U.S.A.

403

380

330
268

FY2018FY2019FY2020

FY2021(6) Overview of Business in the U.S.A. (Million US$)FY20191,431

193

Operating profit

1,491

211

129

127

97

FY2018Net sales

1,341

1,328

1,224

FY2022

FY2020

FY2021

FY2022

Page 15

This document is a translation of the original Japanese version and provided for reference purposes only. In theevent of any discrepancy between the Japanese original and this English translation, the Japanese original shallprevail.
Forecasts and other forward-looking statements in this document are based on information available to Taiheiyo
Cement as of the date of the release of this document and on certain assumptions Taiheiyo Cement deems
reasonable, and therefore are subject to risks and uncertainties.
As such, Taiheiyo Cement does not offer any promise or guarantee that forecasts included in this document will
be realized in the future. Actual results may differ significantly due to a variety of factors.

Page 16