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

Consolidated Financial Results
for the Fiscal Year Ended March 31, 2024
[Japanese GAAP]May 14, 2024
Company name: TAIHEIYO CEMENT CORPORATION
Stock exchange listing: Tokyo, Fukuoka
Code number: 5233
URL: https://www.taiheiyo-cement.co.jp/english/index.html
Representative: Yoshifumi Taura
President and Representative Director
Contact: Kenichi Takano
General Manager of General Affairs Department
Phone: +81-3‐5801‐0334
Scheduled date of Annual General Meeting of Shareholders: June 27, 2024
Scheduled date of commencing dividend payments: June 28, 2024
Scheduled date of filing annual securities report: June 28, 2024
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, 2024 (April 1, 2023 to March 31, 2024)(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, 2024
886,275
9.5
56,470 1,167.2
59,472 5,754.5
43,272
March 31, 2023
809,54214.3
4,456(90.5)
1,015(98.0)(33,206)(Note) Comprehensive income:Fiscal year ended March 31, 2024:
80,517 million yen [-%](5,248) million yen [Fiscal year ended March 31, 2023:-%]
Basic earnings per Diluted earnings per Rate of return on
share
share
equityYen
Fiscal year ended
March 31, 2024
371.09March 31, 2023
(283.68)(Reference) Equity in earnings (losses) of affiliated companies:

Yen

Ordinary profit tototal assets ratio%

Operating profit to
net sales ratio

%

8.2
(6.6)
Fiscal year ended March 31, 2024:
Fiscal year ended March 31, 2023:

4.6
0.1

%

6.4
0.6
861 million yen(2,771) million yen(2) Consolidated Financial Position
Total assets
As ofMarch 31, 2024
March 31, 2023
(Reference) Equity:

Million yen

1,338,251
1,268,862
As of March 31, 2024:
As of March 31, 2023:

Net assets

Capital adequacy ratio

Million yen

596,384
528,857
563,210 million yen
494,957 million yen

Net assets per share

%

Yen

42.1
39.0

4,872.94
4,228.48(3) Consolidated Cash Flows
Cash flows fromoperating activities
Fiscal year ended
March 31, 2024
March 31, 2023

Cash flows frominvesting activities

Cash flows fromfinancing activities

Cash and cash
equivalents at endof period

Million yen

Million yen

Million yen

Million yen

140,543(268)(82,138)(93,344)(59,476)
112,080

71,14670,828

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, 2023

-

35.00

-

35.00

70.00

8,217

-

1.6

March 31, 2024

-

35.00

-

35.00

70.00

8,173

18.9

1.5

-

40.00

-

40.00

80.00

Fiscal year ending
March 31, 2025

14.9

(Forecast)
3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025 (April 1, 2024 to March 31, 2025)(% indicates changes from the previous corresponding period.)
Profit attributable
Basic earnings per
Net sales
Operating profit
Ordinary profit
to owners of
shareparentMillion yen%

Million yen%

Million yen%

Million yen%

Yen

Six months ending
September 30, 2024

464,000

10.9

34,50094.3

34,50071.5

26,50094.6

229.28Full year

960,000

8.3

84,00048.8

83,50040.4

62,00043.3

536.43(Note) The Group has changed its depreciation method for property, plant and equipment to the straight-line method from the beginningof the fiscal year ending March 31, 2025 and the above financial results forecast has been prepared after reflecting this change.
For details, please refer to “1. Overview of Operating Results, etc., (4) Future Outlook” on page 4 of the attached materials.
* 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: No
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, 2024:
121,985,078 Shares
March 31, 2023:
121,985,078 Shares2) Total number of treasury shares at the end of the period:
March 31, 2024:
6,405,914 Shares
March 31, 2023:
4,931,863 Shares
3) Average number of shares outstanding during the period:
Fiscal Year ended March 31, 2024:
Fiscal Year ended March 31, 2023:

116,610,560 Shares
117,055,316 Shares

(Reference) Summary of Non-consolidated Financial Results
1. Non-consolidated Financial Results for the Fiscal Year Ended March 31, 2024 (April 1, 2023 to March 31, 2024)(1) Non-consolidated Operating Results(% indicates changes from the previous corresponding period.)
Net sales
Fiscal year ended
March 31, 2024
March 31, 2023

Operating profit

Ordinary profit

ProfitMillion yen%

Million yen%

Million yen%

Million yen%

335,889
309,486

8.5
7.6

1,271
(33,643)-

32,104(16,733)-

33,443(32,882)-

Basic earnings per share Diluted earnings per share
Fiscal year ended
March 31, 2024
March 31, 2023

Yen

Yen

286.08(280.12)-(2) Non-consolidated Financial Position
Total assets
As ofMarch 31, 2024
March 31, 2023
(Reference) Equity:

Net assets

Capital adequacy ratio

Million yen

Million yen

732,483
718,159

279,864
256,871
279,864 million yen
256,871 million yen

As of March 31, 2024:
As of March 31, 2023:

Net assets per share

%

Yen

38.2
35.8

2,415.63
2,188.12

2. Non-consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025 (April 1, 2024 to March 31, 2025)(% indicates changes from the previous corresponding period.)
Net sales
Million yen

Ordinary profit%

Million yen

Profit%Million yen

Basic earnings per share%

Yen

Full year
360,000
7.2
40,00024.6
34,0001.7
293.47(Note) The Group has changed its depreciation method for property, plant and equipment to the straight-line method from the beginningof the fiscal year ending March 31, 2025 and the above financial results forecast has been prepared after reflecting this change.
For details, please refer to “1. Overview of Operating Results, etc., (4) Future Outlook” on page 4 of the attached materials.
* These financial results are not subject to audit by certified public accountants or auditing firms.
* The forecasts herein are 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 from thisforecast due to various factors.

 Table of Contents of the Attached Materials
1. Overview of Operating Results, etc. ..................................................................................................................... 2(1) Overview of operating results for the fiscal year under review ...................................................................... 2(2) Overview of financial position for the fiscal year under review ..................................................................... 3(3) Overview of cash flows for the fiscal year under review ................................................................................ 3(4) Future outlook ................................................................................................................................................. 4
2. Basic Policy on Selection of Accounting Standards ............................................................................................. 4
3. Consolidated Financial Statements and Major Notes ........................................................................................... 5(1) Consolidated Balance Sheets .......................................................................................................................... 5(2) Consolidated Statements of Income and Comprehensive Income .................................................................. 7(3) Consolidated Statements of Changes in Equity .............................................................................................. 9(4) Consolidated Statements of Cash Flows ....................................................................................................... 13(5) Notes to consolidated financial statements ................................................................................................... 15( Note relating to going concern assumption)....................................................................................................................... 15(Changes in presentation).......................................................................................................................................................... 15(Segment information) ............................................................................................................................................................... 15(Per share information) .............................................................................................................................................................. 19(Significant events after reporting period) ............................................................................................................................ 20

1

1. Overview of Operating Results, etc.
(1) Overview of operating results for the fiscal year under review
During the fiscal year ended March 31, 2024, the Japanese economy showed signs of moderate recovery,
supported by the normalization of social and economic activities after the status of COVID-19 was moved toClass 5, as well as the improvement in the employment and income situation and corporate capital investment.
However, the economic outlook remained uncertain due to factors such as the growing tension over the Middle
East region, the protracted situation in Ukraine, and rising prices of commodities caused by the yen’s
depreciation and other factors.
As for the global economy, while the U.S. economy grew driven by consumer spending and capital
investment, the Chinese economy slowed down due to sluggish consumption and stagnation in the real estatemarket.
Under such circumstances, net sales for the fiscal year under review was ¥886,275 million (up ¥76,733
million year-on-year), operating profit was ¥56,470 million (up ¥52,013 million year-on-year), ordinary profit
was ¥59,472 million (up ¥58,457 million year-on-year), and profit attributable to owners of parent was ¥43,272
million (loss attributable to owners of parent of ¥33,206 million in the same period of the previous fiscal year).
Operating results by segment are as follows. The presented amounts are figures before elimination of intersegment transactions.
① Cement Business
Domestic cement demand was generally weak due to a rise in various costs, process delays, and prolonged
construction periods caused by the shortage of skilled workers at construction sites, despite a certain level ofdemand for urban redevelopment projects and the construction of new logistics facilities. Due to this, as a whole,domestic cement demand decreased 7.3% year-on-year to 34.57 million tons, of which, imported cement
decreased 5.1% year-on-year to 0.01 million tons. Total exports decreased 15.8% year-on-year to 6.85 million
tons.
Under these circumstances, the Group’s domestic cement sales by volume, including consignment sales,
decreased 1.4% year-on-year to 12.95 million tons, although sales by volume increased since April 2023
following the acquisition of the cement sales business from Denka Company Limited. Exports increased 4.7%
year-on-year to 2.55 million tons.
At West Coast U.S. cement businesses, sales volumes increased year-on-year mainly due to the full-year
effect of the acquisition of the Redding Plant and other assets, etc. In the cement business in Vietnam, sales byvolume increased year-on-year mainly due to an increase in exports, although the recovery of demand in theprivate sector remained slow even after monetary easing. In the cement business in the Philippines, sales byvolume increased year-on-year as the production capacity recovered as a result of repairs to facilities.
As a result of the above, net sales increased ¥76,828 million year-on-year to ¥629,870 million, and operating
profit was ¥32,783 million (operating loss of ¥14,898 million in the same period of the previous fiscal year).
② Mineral Resources BusinessIn the aggregates business, sales remained strong especially in the Hokkaido region and the Kansai region,
while sales by volume declined in the Tohoku region. Sales by volume of limestone for overseas steel
corporations decreased in the mineral products business. In the geo-solutions business, sales by volume of
products for immobilizing heavy metal contaminants in soil decreased year-on-year. In addition, efforts to passon various cost increases to selling prices progressed in the entire business.
As a result, net sales increased ¥4,968 million year-on-year to ¥87,674 million, and operating profit increased¥2,899 million year-on-year to ¥8,455 million.
③ Environmental Business
Sales in calcium carbonate used for flue gas desulfurization and gypsum remained solid, but sales in waste
disposal, including sales in coal processing, fuel, and incineration ash processing were weak.
As a result, net sales decreased ¥9,656 million year-on-year to ¥68,254 million, and operating profit increased¥266 million year-on-year to ¥6,138 million.
④ Construction Materials Business
Ground improvement projects and shield tunnel construction-related businesses were strong, and thebusiness worked to adjust selling prices for ALC (Autoclaved Lightweight aerated Concrete) and construction
and civil engineering materials.
As a result, net sales increased ¥5,185 million year-on-year to ¥73,456 million, and operating profit increased¥1,856 million year-on-year to ¥4,208 million.
2

⑤ Other BusinessNet sales increased ¥2,471 million year-on-year to ¥89,397 million, and operating profit decreased ¥417
million year-on-year to ¥4,691 million.
(2) Overview of financial position for the fiscal year under review
Total assets increased ¥69,388 million from the end of the previous fiscal year to ¥1,338,251 million. Current
assets decreased ¥118 million from the end of the previous fiscal year to ¥430,289 million, and non-current assets
increased ¥69,507 million to ¥907,961 million. The decrease in current assets was mainly due to a decrease in raw
materials and supplies. The increase in non-current assets was mainly due to an increase in construction inprogress.
Liabilities increased ¥1,861 million from the end of the previous fiscal year to ¥741,866 million. Current
liabilities decreased ¥17,680 million from the end of the previous fiscal year to ¥368,103 million, and non-current
liabilities increased ¥19,541 million to ¥373,762 million. The decrease in current liabilities was mainly due to adecrease in commercial papers. The increase in non-current liabilities was mainly due to an increase in bonds
payable. Interest-bearing debt (total amount of short-term borrowings, commercial papers, current portion ofbonds payable, bonds payable, and long-term borrowings) decreased ¥33,016 million from the end of the previous
fiscal year to ¥370,469 million.
(3) Overview of cash flows for the fiscal year under review
The status of each cash flow for the fiscal year under review and their factors are as follows.
(Cash flows from operating activities)
Net cash provided by operating activities amounted to ¥140,543 million (net cash used during the same periodof the previous fiscal year was ¥268 million). This was mainly due to depreciation of ¥66,304 million, profit
before income taxes of ¥58,034 million, and a decrease in inventories of ¥18,111 million.
(Cash flows from investing activities)
Net cash used in investing activities amounted to ¥82,138 million (down ¥11,206 million year-on-year). Thiswas mainly due to purchase of non-current assets of ¥87,159 million.
(Cash flows from financing activities)
Net cash used in financing activities amounted to ¥59,476 million (net cash provided during the same periodof the previous fiscal year was ¥112,080 million). This was mainly due to repayments of long-term borrowings of¥60,795 million and a decrease in commercial papers of ¥27,000 million, despite proceeds from long-termborrowings of ¥51,830 million.
(Reference) Trend in cash flow indicators
Fiscal year ended Fiscal year ended Fiscal year ended Fiscal year ended Fiscal year ended
March 31, 2020 March 31, 2021 March 31, 2022 March 31, 2023 March 31, 2024
Capital adequacy ratio (%)
Capital adequacy ratio at market value(%)
Ratio of interest-bearing debt to cash
flow (years)
Interest coverage ratio (times)(Notes)

42.3

45.1

46.3

39.0

42.1

21.9

33.1

21.4

22.9

30.4

2.9

2.2

3.8

-

2.6

23.4

31.4

32.4

-

39.1

Capital adequacy ratio: equity / total assets
Capital adequacy ratio at market value: market capitalization / total assets
Ratio of interest-bearing debt to cash flow: interest-bearing debt / cash flows from operating activities
Interest coverage ratio: cash flows from operating activities / interest expenses* All figures are calculated on a consolidated basis.
* Market capitalization is calculated by multiplying closing share price at fiscal year-end by total number of issued
shares less treasury shares at the end of the period.
* Interest-bearing debt represents the sum of all liabilities on the consolidated balance sheets subject to interest
payment.
* “Cash flows from operating activities” and “Interest paid” on the consolidated statements of cash flows are used
as cash flows from operating activities and interest expenses.

3

* Ratio of interest-bearing debt to cash flow and interest coverage ratio are not stated for the fiscal year ended
March 31, 2023 as cash flows from operating activities were negative.

(4) Future outlook
Looking ahead, the Japanese economy is expected to continue recovering at a moderate pace with a pickup in
corporate capital investment, supported by the improving employment and income situation. However, theeconomic outlook have remained uncertain due to factors such the impact of global monetary tightening and rising
prices on consumption.
Under these circumstances, turning our attention to the Group’s business environment, in our core domestic
cement business, it is expected that a certain amount of demand will continue owing to redevelopment investment
in urban areas, construction related to the Linear Chuo Shinkansen, countermeasure construction for national
resilience, disaster prevention and mitigation measures, and renewal of aging social infrastructure, etc. On the other
hand, delays in construction progress and prolonged construction periods caused by the shortage of skilled workers
at construction sites can pose risks of putting downward pressure on demand in the future. The Group will continue
to adjust its selling prices to address the risk of rising prices of raw materials and fuels such as coal, carbon neutrality,and various issues in the logistics industry.
In the U.S., the economy is expected to grow mainly due to the implementation of public Investments in earnest
based on an infrastructure investment bill and investments related to the Los Angeles Olympics and Paralympics
scheduled to be held in 2028, in addition to strong consumer spending. However, the impact of monetary tightening
due to prolonged inflation and movements toward the presidential election this fall must be monitored closely.
As for the business results for the next fiscal year, the Group forecasts net sales of ¥960.0 billion, operating
profit of ¥84.0 billion, ordinary profit of ¥83.5 billion, and profit attributable to owners of parent of ¥62.0 billion.
In addition, to reflect the actual use of property, plant and equipment more appropriately, the Group has changed
its depreciation method from the declining balance method to the straight-line method from the beginning of the
fiscal year ending March 31, 2025. With this change, Depreciation is expected to be ¥7.8 billion lower than under
the previous method, and operating profit, ordinary profit, and profit attributable to owners of parent included theeffect of this change to profit and loss.

2. Basic Policy on Selection of Accounting Standards
The Group intends to prepare consolidated financial statements in accordance with Japanese GAAP for the time
being.
Also, as a policy, the Group will take appropriate measures for the application of the International Financial
Reporting Standards (IFRS) in consideration of domestic circumstances and other factors.

4

3. Consolidated Financial Statements and Major Notes(1) Consolidated Balance Sheets(Million yen)
As of March 31, 2023

As of March 31, 2024

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

79,84280,101

158,136

167,848

24,826

38,73547,4601,529

49,3401,465

Raw materials and supplies
Short-term loans receivable

89,383
1,459

72,371
1,345

Other
Allowance for doubtful accounts

27,920(150)

19,278(198)

Total current assets

430,408430,289

Buildings and structures
Accumulated depreciation

531,889(374,577)

550,807(387,059)

Buildings and structures, net
Machinery, equipment and vehicles

157,3121,038,534

163,748
1,088,014(847,452)
191,081(898,533)
189,481

165,027
26,217

158,496
27,849(12,819)
13,398(14,011)
13,83834,286
101,21759,614
120,317

Accumulated depreciation
Other, net(42,240)
58,977(51,585)
68,731

Total property, plant and equipment

620,083

653,910Goodwill
Other

101
39,665103
38,979Total intangible assets

39,76639,083

Investments and other assets
Investment securities

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

117,839

132,313Long-term loans receivable
Retirement benefit asset

2,376
23,697

2,486
38,906

Deferred tax assets
Other

8,167
27,832

8,595
33,993

Allowance for doubtful accounts(1,309)(1,327)

Total investments and other assets

178,604

214,967

Total non-current assets
Total assets

5838,454

907,961

1,268,862

1,338,251

(Million yen)
As of March 31, 2023

As of March 31, 2024

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

84,162
11,613

94,95017,502

Short-term borrowings
Commercial papers

149,573
27,000142,915-

Current portion of bonds payable
Income taxes payable

10,000
3,687

5,446

Provision for bonuses
Provision for loss on business withdrawal

5,677
2,564

6,502
96

Other provisions
Other

108
91,395

321
100,367

Total current liabilities

385,784

368,103

Bonds payable
Long-term borrowings

50,000166,91170,000157,553

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

18,32921,38022,03823,005

536

548

227
4,498

304
3,829

Provision for loss on business withdrawal
Other provisions

1,924
472

1,769
400

Lease liabilities
Asset retirement obligations

26,514
9,379

24,805
10,930Non-current liabilities

Other

54,04558,576

Total non-current liabilities

354,221373,762740,005

741,866

Share capital
Capital surplus

86,17449,72986,17450,051Retained earnings
Treasury shares

342,880(13,738)

379,125(17,942)

Total shareholders' equity

465,045

497,409

12,03817,475

0
3,610

(19)
3,697

Foreign currency translation adjustment
Remeasurements of defined benefit plans

13,730530

32,23012,418

Total accumulated other comprehensive income

29,91165,801

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

33,89933,174

Total net assets

528,857

596,384

1,268,862

1,338,251

Total liabilities and net assets

6

(2) Consolidated Statements of Income and Comprehensive Income
Consolidated Statements of Income(Million yen)
For the fiscal year
ended March 31, 2023

For the fiscal year
ended March 31, 2024

Net sales

809,542886,275

Cost of sales

668,324

694,062

Gross profit

141,218

192,213

Selling, general and administrative expenses

136,761

135,743

4,456

56,470

738
1,653

1,859
2,181

91

95

Operating profit
Non-operating income
Interest income
Dividend income
Rental income from real estate
Share of profit of entities accounted for using equity
methodForeign exchange gains
Other

-

861

2,427

2,651
2,970

Total non-operating income

4,911

10,619

2,746

3,589

2,771

-

2,834

4,027

Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodOther
Total non-operating expenses

8,352

7,616

1,015

59,472Gain on disposal of non-current assets
Gain on sale of investment securities

1,053
1,307

1,479
942

Compensation income
Insurance claim income

1,766
-

2,512

Ordinary profit
Extraordinary income

Other

221

358

4,348

5,292

Loss on disposal of non-current assets
Loss on sale of investment securities

5,255
442

4,865
0

Loss on valuation of investment securities
Impairment losses

6
6,061

4
1,333

Business withdrawal loss
Product compensation expenses

7,984
1,277

-

702

527

Total extraordinary income
Extraordinary losses

Other
Total extraordinary losses

21,7306,730

Profit (loss) before income taxes(16,366)

58,034

Income taxes – current
Income taxes – deferred

7,671
10,20015,442(1,083)

Total income taxes

17,872

14,358

Profit (loss)
Profit (loss) attributable to non-controlling interests(34,239)(1,032)

43,675
403

Profit (loss) attributable to owners of parent(33,206)

43,272

7

Consolidated Statements of Comprehensive Income(Million yen)
For the fiscal year
ended March 31, 2023
Profit (loss)
Other comprehensive income

For the fiscal year
ended March 31, 2024

(34,239)

43,675

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

369
(5)

5,261
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

25,042
1,389

16,59011,901

2,196

3,087

28,99036,841

Comprehensive income(5,248)80,517

Comprehensive income attributable toComprehensive income attributable to owners ofparentComprehensive income attributable to non-controllinginterests(6,334)79,076

1,086

1,441

8

(3) Consolidated Statements of Changes in Equity
For the fiscal year ended March 31, 2023
(Million yen)
Shareholders' equity
Share capital
Balance at beginning of period

86,174

Capital surplus

Retained earnings

49,729384,154

Treasury shares(13,766)

Total shareholders'equity506,291

Changes during period
Change in ownership interest of parent due totransactions with non-controlling interests

00

Dividends of surplus(8,204)(8,204)

Profit (loss) attributable to owners of parent(33,206)(33,206)-

Reversal of revaluation reserve for land
Purchase of treasury shares(28)

Disposal of treasury shares

(69)

(69)

97

69

135

135

Increasing and decreasing by consolidated
subsidiaries merging with unconsolidated
subsidiaries

55

Increasing and decreasing by absorption split

24

24

Change in scope of consolidation-

Increase (decrease) by share exchanges
Transfer from retained earnings to capitalsurplus
Net changes in items other than shareholders'equityTotal changes during period
Balance at end of period

28

(28)

-

0

(41,273)27(41,245)

86,17449,729342,880(13,738)

465,0459-

Accumulated other comprehensive income
Valuation
Deferred gains Revaluationdifference onor losses onreserve foravailable-forhedges
landsale securities
Balance at beginning of period

11,7376

4,897

Foreigncurrencytranslation
adjustment(11,322)

Total
Remeasurements accumulatedof definedotherbenefit planscomprehensive
income

(992)

4,325

Noncontrollinginterests

Total net
assets34,181 544,799

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

0(8,204)

Dividends of surplus
Profit (loss) attributable toowners of parent
Reversal of revaluation reserve
for land(33,206)-

Purchase of treasury shares(69)

Disposal of treasury shares

69

Change in scope of
consolidation

135

Increasing and decreasing byconsolidated subsidiaries
merging with unconsolidated
subsidiaries

5

Increasing and decreasing byabsorption split

24

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

301

(5)

(1,286)25,053

1,523

25,585

(281)

301

(5)

(1,286)25,053

1,523

25,585(281) (15,941)

12,03803,610

13,730530

29,91133,899 528,857

10

25,303

For the fiscal year ended March 31, 2024
(Million yen)
Shareholders' equity
Share capital
Balance at beginning of period

86,174

Capital surplus

Retained earnings

49,729342,880

Treasury shares(13,738)

Total shareholders'equity465,045

Changes during period
Change in ownership interest of parent due totransactions with non-controlling interests

221

221

Dividends of surplus(8,215)(8,215)

Profit (loss) attributable to owners of parent

43,272

43,272

Reversal of revaluation reserve for land

1,199

1,199

Purchase of treasury shares

140

Disposal of treasury shares(5,022)(5,022)

81

222

Change in scope of consolidation-

Increasing and decreasing by consolidated
subsidiaries merging with unconsolidated
subsidiaries-

Increasing and decreasing by absorption split(52)

Increase (decrease) by share exchanges
Transfer from retained earnings to capitalsurplus
Net changes in items other than shareholders'equityTotal changes during period
Balance at end of period

736

684

11

(11)

-

322

36,245(4,204)32,36386,17450,051

379,125(17,942)

497,40911-

Accumulated other comprehensive income
Valuation
Deferred gains Revaluationdifference onor losses onreserve foravailable-forhedges
landsale securities
Balance at beginning of period

12,03803,610Foreigncurrencytranslation
adjustment

13,730

Total
Remeasurements accumulatedof definedotherbenefit planscomprehensive
income530

29,911

Noncontrollinginterests

Total net
assets33,899 528,857

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

221(8,215)

Dividends of surplus
Profit (loss) attributable toowners of parent
Reversal of revaluation reserve
for land

43,272
1,199

Purchase of treasury shares(5,022)

Disposal of treasury shares

222

Change in scope of
consolidation-

Increasing and decreasing byconsolidated subsidiaries
merging with unconsolidated
subsidiaries-

Increasing and decreasing byabsorption split-

Increase (decrease) by shareexchanges

684

Transfer from retained earnings
to capital surplus
Net changes in items other thanshareholders' equity

5,436

(20)

86

18,49911,88735,890(725)

35,164

Total changes during period

5,436

(20)

86

18,49911,88735,890(725)

67,527

Balance at end of period

17,475

(19)

3,697

32,23012,41865,801

12

33,174 596,384

(4) Consolidated Statements of Cash Flows(Million yen)
For the fiscal year
ended March 31, 2023

For the fiscal year
ended March 31, 2024

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(16,366)
64,41958,03466,304

46

41

2,771

(861)

6

4

(1,461)

(48)

23

11

(574)
(532)

821
63

4,452

(2,608)

997

(288)

Interest and dividend income
Interest expenses(2,392)
2,746(4,040)3,589

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

(865)
4,202

(942)
3,385

Impairment losses
Decrease (increase) in trade receivables

6,061(18,217)

1,333(21,019)

Decrease (increase) in inventories
Increase (decrease) in trade payables(37,165)
9,376

18,111
15,152Other, net(10,018)

16,112

Subtotal

7,508

153,157

Interest and dividends received

3,211

4,899

Interest paid
Income taxes paid

(2,740)(8,247)(3,597)(13,915)(268)

140,543

1,937(63,401)

318(87,159)

1,820
(595)

2,236
(204)

Net cash provided by (used in) operating activities
Cash flows from investing activities
Decrease (increase) in time deposits
Purchase of non-current assets
Proceeds from sale of non-current assets
Purchase of other depreciated assets
Proceeds from sale of depreciation and amortization
assetsPurchase 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

79-(1,991)

(85)

2,048

1,697

355

32

(1,242)(1,472)

Proceeds from collection of loans receivable
Payments for acquisition of businesses

660(30,930)

1,582-

Other, net(2,082)916

Net cash provided by (used in) investing activities(93,344)(82,138)13

(Million yen)
For the fiscal year
ended March 31, 2023
Cash flows from financing activities
Net increase (decrease) in short-term borrowings

For the fiscal year
ended March 31, 2024

23,237(7,677)

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

6,000
144,264(27,000)
51,830

Repayments of long-term borrowings
Proceeds from issuance of bonds(41,826)-(60,795)
20,000(12)(10,000)(5,024)

Dividends paid
Dividends paid to non-controlling interests(8,204)(942)(8,215)(138)

Other, net(10,435)(12,455)

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

112,080(59,476)

2,048

1,350

20,515278

Cash and cash equivalents at beginning of period
Increase (decrease) in cash and cash equivalents resulting
from change in scope of consolidation
Increase in cash and cash equivalents resulting frommergerCash and cash equivalents at end of period

50,21370,828

50

-

48

39

70,82871,146

Redemption of bonds
Purchase of treasury shares14

(5) Notes to consolidated financial statements(Note relating to going concern assumption)
Not applicable.
(Changes in presentation)(Consolidated Statements of Income)“Amortization of goodwill” in “Selling, general and administrative expenses,” which was separately presented
in the previous fiscal year, has been included in “Selling, general and administrative expenses” from the fiscal
year under review due to a decrease in materiality. To reflect this change, the consolidated balance sheet for theprevious fiscal year has been reclassified.
As a result of this, ¥46 million, which was presented as “Amortization of goodwill” in “Selling, general andadministrative expenses” in the consolidated statements of income for the previous fiscal year has been
reclassified as “Selling, general and administrative expenses.”(Segment information)[Segment information]
1. Description of reportable segments
The Company’s reportable segments are component units of the Company for which discrete financial
information is available and for which the Board of Directors regularly conducts a review to determine theallocation of management resources and assess performance. The reportable segments have been divided into
“Cement,” “Mineral Resources,” “Environmental,” and “Construction Materials” according to the products andservices handled by each business.
The following are major products, etc. provided by each reportable segment.
Reportable segment

Major products, etc.

CementVarious cement products, ready-mixed concrete

Mineral Resources

Aggregates, limestone products

Environmental

Waste recycling, desulfurization materials

Construction Materials

Precast concrete products, autoclaved lightweight concrete (ALC)

2. Explanation of measurements of net sales, profit (loss), assets, liabilities, and other items for each reportablesegment
The accounting method for the reportable business segments is generally the same as the method used in the
preparation of the consolidated financial statements. Profit of reportable segments are based on operating profit.
Inter-segment net sales and transfers are based on prevailing market prices.
(Changes in classification of reportable segments)
Certain affiliates accounted for by the equity method which were previously included in “Construction
Materials” of the Group’s reportable segments have been reclassified as part of “Cement” beginning from thefiscal year under review.
Segment information for the previous consolidated fiscal year has been prepared and stated based on theclassification after change.

15

3. Disclosure of net sales, profit (loss), assets, liabilities, and other items for each reportable segment
Previous consolidated fiscal year (from April 1, 2022 to March 31, 2023)(Million yen)
Reportable segment
Environ- Construction
mentalMaterials
Business
Business

Adjustments(Note) 2

Consolidated
Total(Note) 3

809,542-809,542

25,59459,313(59,313)-

781,929

86,926

868,855(59,313)809,542(1,119)

5,108

3,989

466

4,456

Other
(Note) 1

CementBusiness

MineralResources
Business

545,742

61,92973,45667,081

748,210

61,331

7,299

20,776

4,454

1,188

33,718553,041

82,706

77,911

68,270

Segment profit (loss)(14,898)

5,556

5,871

2,351

Segment assets

849,063 112,700

25,801

82,965 1,070,530

Total

Total

Net sales
Sales to outside
customers
Inter-segment sales
Total

220,361 1,290,892(22,030) 1,268,862

Other items
Depreciation (Note) 4
Amortization of
goodwill
Share of profit (loss) ofentities accounted forusing equity method
Impairment losses

43,893

7,587

900

2,427

54,8097,906

62,715

1,703

64,419

46

-

-

-

46

-

46

-

46

978

(244)

13

178

927

(3,676)(2,749)(22)(2,771)

5,465

153

4

60

5,685

376

6,061

-

6,061

Investment in entities
accounted for using
60,288286
4,306
64,880
11,25976,139726
76,866equity method
Increase in property,
plant and equipment and
87,646 11,374
435
2,157 101,613
2,816 104,429
666 105,095
intangible assets(Note) 4
Notes: 1. The “Other” section is a business segment that is not included in the reportable segments and includes the real estate,engineering, data processing, finance, transportation and warehousing, chemical products, sports, and electric power
supply businesses.
2. Adjustments to segment profit (loss) consist of elimination of inter-segment transactions.
Adjustments to segment assets mainly consist of corporate assets that are not attributable to any reportable segmentsof ¥61,076 million and elimination of inter-segment transactions. Corporate assets consist mainly of the Company’s
surplus operating funds (deposits) and assets associated with the Administration Department.
3. Segment profit (loss) is adjusted with the operating profit in the consolidated statements of income.
4. Depreciation and increase in property, plant, equipment and intangible assets reported under the “Other items” section
include amounts associated with long-term prepaid expenses.

16

Consolidated fiscal year under review (from April 1, 2023 to March 31, 2024)(Million yen)
Reportable segment
Environ- Construction
mentalMaterials
Business
Business

Other(Note) 1

Adjustments(Note) 2

Consolidated
Total(Note) 3

CementBusiness

MineralResources
Business

621,626

64,37864,503

72,230822,738

63,536886,275-

886,275

8,243

23,296

3,751

1,225

36,51725,86062,378(62,378)-

629,870

87,674

68,25473,456859,255

89,397

948,653(62,378)

886,275

Segment profit (loss)

32,783

8,455

6,138

4,208

51,585

4,691

56,276

193

56,470

Segment assets

883,705 119,356

25,43488,242 1,116,739

Total

Total

Net sales
Sales to outside
customers
Inter-segment sales
Total

229,627 1,346,367(8,116) 1,338,251

Other items
Depreciation (Note) 4
Amortization of
goodwill
Share of profit (loss) ofentities accounted forusing equity method
Impairment losses

46,072

7,500

760

2,441

56,774

8,166

64,9401,363

66,304

41

-

-

-

41

-

41

-

41

1,416

422

10

764

2,613

(1,685)

928

(66)

861

552

268

397

109

1,327

5

1,333

-

1,333

Investment in entities
accounted for using
50,915283
18,51869,717
12,57682,294436
82,731equity method
Increase in property,
plant and equipment and
67,855 13,603
1,450
2,604
85,513
3,736
89,250158
89,408intangible assets(Note) 4
Notes: 1. The “Other” section is a business segment that is not included in the reportable segments and includes the real estate,engineering, data processing, finance, transportation and warehousing, chemical products, sports, and electric power
supply businesses.
2. Adjustments to segment profit (loss) consist of elimination of inter-segment transactions.
Adjustments to segment assets mainly consist of corporate assets that are not attributable to any reportable segmentsof ¥80,445 million and elimination of inter-segment transactions. Corporate assets consist mainly of the Company’s
surplus operating funds (deposits) and assets associated with the Administration Department.
3. Segment profit (loss) is adjusted with the operating profit in the consolidated statements of income.
4. Depreciation and increase in property, plant, equipment and intangible assets reported under the “Other items” section
include amounts associated with long-term prepaid expenses.

17[Related information]
Previous consolidated fiscal year (from April 1, 2022 to March 31, 2023)
1. Information by product and service
Information is omitted as they are the same sections as the reportable segments.
2. Information by region(1) Net sales

Japan

United States
491,170(Million yen)
Total

Other

227,801

90,570809,542(Note) Net sales are classified by country or region based on the location of customers.

(2) Property, plant and equipment
Japan

United States
405,405(Million yen)
Total

Other

169,73144,946620,083

3. Information by major customer
Information is omitted as there was no external customer that accounted for 10% or more of sales in the
consolidated statements of income.
Consolidated fiscal year under review (from April 1, 2023 to March 31, 2024)
1. Information by product and service
Information is omitted as they are the same sections as the reportable segments.
2. Information by region(1) Net sales

Japan

United States
534,537(Million yen)
Total

Other

279,001

72,736886,275(Note) Net sales are classified by country or region based on the location of customers.

(2) Property, plant and equipment
Japan

United States
405,777(Million yen)
Total

Other

185,664

62,468653,910

3. Information by major customer
Information is omitted as there was no external customer that accounted for 10% or more of sales in the
consolidated statements of income.
[Information on impairment loss on non-current assets by reportable segment]
Previous consolidated fiscal year (from April 1, 2022 to March 31, 2023)
Information is omitted as they are the same sections as the reportable segments.
Consolidated fiscal year under review (from April 1, 2023 to March 31, 2024)
Information is omitted as they are the same sections as the reportable segments.

18

[Information on amortization of goodwill and balance of unamortized goodwill by reportable segment]
Previous consolidated fiscal year (from April 1, 2022 to March 31, 2023)(Million yen)
Reportable segment
CementBusiness
Balance as ofMarch 31, 2023

MineralConstruction
Environment
Resources
Materials
al BusinessBusiness
Business

101

-

-

Total

-

Companywide/eliminations

Other

101

-

Total

-

101

(Note) The amount of amortization of goodwill is omitted as identical information is disclosed in segment information.

Consolidated fiscal year under review (from April 1, 2023 to March 31, 2024)(Million yen)
Reportable segment
CementBusiness
Balance as ofMarch 31, 2024

MineralConstruction
Environment
Resources
Materials
al BusinessBusiness
Business

103

-

-

Total

-

Companywide/eliminations

Other

103

-

Total

-

103

(Note) The amount of amortization of goodwill is omitted as identical information is disclosed in segment information.

[Information on gain on negative goodwill by reportable segment]
Previous consolidated fiscal year (from April 1, 2022 to March 31, 2023)
Information is omitted as it was immaterial.
Consolidated fiscal year under review (from April 1, 2023 to March 31, 2024)
Information is omitted as it was immaterial.
(Per share information)

Net assets per share

Previous consolidated fiscal year
(from April 1, 2022 toMarch 31, 2023)
4,228.48 yen

Consolidated fiscal year under review(from April 1, 2023 toMarch 31, 2024)
4,872.94 yen

Basic earnings (loss) per share(283.68) yen
371.09 yen(Notes) 1. Diluted earnings per share for the fiscal year under review are not shown as there are no dilutive potential
shares. In addition, diluted earnings per share for the previous fiscal year are not shown as they refer to loss
per share and there are no dilutive potential shares.
2. The basis for calculating basic earnings (loss) per share is as follows.

Profit (loss) attributable to owners of parent(million yen)Previous consolidated
fiscal year
(from April 1, 2022 toMarch 31, 2023)(33,206)

Amount not attributable to common shareholders(million yen)--

(33,206)

43,272

117,055

116,610

Profit attributable to owners of parent
related to common stock(million yen)

Average number of common shares
outstanding during the period(thousand shares)

19

Consolidated fiscal
year under review(from April 1, 2023 toMarch 31, 2024)
43,272

(Significant events after reporting period)
1. Cancellation of treasury shares
At the Board of Directors meeting held on May 14, 2024, a resolution was passed to cancel treasury sharespursuant to Article 178 of the Companies Act.
(1) Class of shares to be cancelled(2) Number of shares to be cancelled(3) Scheduled date of cancellation

Common stock of the Company
3,793,500 shares (3.11% of the total issued shares before
cancellation)
May 31, 202420