December 22, 2006

Taiheiyo Cement Posts Updates of a Previously Published Results Document
Summary of Consolidated 1H FY07 Financial Results Partially Revised
Taiheiyo Cement Corporation announced that it has updated a previously published results document to correct
mistakes. The revised document is the Summary of Consolidated Financial Results of Taiheiyo Cement
Corporation for the First Half of Fiscal 2007 Ended September 30, 2006, initially posted on Taiheiyo Cement’s
website on November 14, 2006.
The corrected parts are underlined.

Page 1 FY3/07 consolidated interim results (April 1, 2006 – September 30, 2006)(2) Consolidated financial position(Before revision)
Total assets
Shareholders’ equity
Equity ratio%
Millions of Yen
Millions of Yen
306,61621.5
1H FY3/07
1,256,095
18.9
233,383
1H FY3/06
1,233,163
FY3/06
1,278,245
269,480
21.1

Equity per shareYen
288.32249.16288.01(After revision)

1H FY3/07
1H FY3/06
FY3/06

Total assets
Millions of Yen
1,256,095
1,233,163
1,278,245

Shareholders’ equity
Millions of Yen
306,873
233,383
269,387

Equity ratio
%
21.5
18.9
21.1

Equity per shareYen
288.47249.16287.91

Page 2 Consolidated Balance Sheets(Before revision)
Consolidated Balance Sheets
Item
AssetsCurrent assets
Cash and time deposits
Notes and accounts receivable
Inventories
Deferred income taxes
Short-term loans
Other current assets
Allowance for doubtful accounts
Current assets
Fixed assets
A. Tangible fixed assets
Buildings and structures
Machinery, equipment
Land
Construction in progress
Other tangible fixed assets
Tangible fixed assets
B. Intangible fixed assets
Trade rights
Consolidation adjustments
Goodwill
Other intangible fixed assets
Intangible fixed assets
C. Investments and other assets
Investment securities
Long-term loans
Deferred income taxes
Other investments and assets
Allowance for doubtful accounts
Investments and other assets
Fixed assets
Total assets(Unit: Millions of Yen)
1H FY3/06(As of 9/30/05)

1H FY3/07(As of 9/30/06)

FY3/06(As of 3/31/06)

78,569206,264
79,794
4,483
14,066
14,633–3,830393,981

98,891
197,455
73,995
4,245
16,353
14,827–3,546402,222–20,322
8,809
5,799
238
–2,287–194–284–8,24072,743
182,953
78,5403,670
15,77019,164–2,921
369,920

190,670
169,795
175,904
18,001
25,000579,372

194,305
171,228
179,662
13,662
24,529583,388–3,635–1,433–3,757
4,338
471–4,016

195,955
166,376
180,627
12,83024,145579,935––
19,066
26,96946,036

14,262
5,843–
27,48747,592–14,262–5,84319,066–518–1,556

13,504
6,411–
27,40947,325

173,182
6,075
16,074
59,187–17,814
236,705
862,113
1,256,095

180,110
6,205
15,71458,488–15,478
245,041
876,022
1,278,245–6,928–129359
698–2,336–8,335–13,908–22,149

167,1097,260
16,487
60,119–14,994
235,982
863,242
1,233,163

ChangeItem
Liabilities
Current liabilities
Notes and accounts payable
Short-term borrowings
Commercial Paper
Bonds (due within one year)
Income taxes payable
Deferred income taxes
Bonus reserve
Other reserves
Other current liabilities
Current liabilities
Fixed liabilities
Bonds
Convertible bonds
Long-term borrowings
Deferred income taxes
Deferred income taxes from revaluation
excess
Accrued for retirement benefits
Accrued for retirement benefits todirectors and corporate auditors
Special repair reserve
Other fixed liabilities
Fixed liabilities
Total liabilities
Minority interests
Shareholders’ equity
Capital stock
Additional paid in capital
Retained earnings
Revaluation excess
Unrealized gain on other securities
Foreign currency translation adjustments
Treasury stock
Total shareholders’ equity
Total liabilities, minority interests andtotal shareholders’ equity
Net asset
Shareholders’ equity
Capital stock
Additional paid in capital
Retained earnings
Treasury stock
Shareholders’ equity
Valuation and translation adjustment
Unrealized gain on other securities
Loss on deferred hedge
Revaluation excess
Foreign currency translation adjustments
Valuation and translation adjustment
Minority interests
Total net asset
Total liabilities and total shareholders’ equity(Unit: Millions of Yen)
1H FY3/06(As of 9/30/05)

1H FY3/07(As of 9/30/06)

FY3/06(As of 3/31/06)

113,196
289,055
2,000
37,099
6,469
15
6,171
663
75,750530,422

119,987
328,742–
61,754
12,952
5
6,362
629
63,495593,929–6,790–39,686
2,000–24,655–6,48310–190
34
12,254–63,506

105,761
353,152–
35,654
6,754
47
5,958
892
71,727579,950

63,011
34,211
214,560
18,46953,05434,000181,904
21,0099,957
211
32,655–2,54068,281
34,000172,427
17,922

6,329

5,904

424

5,893

33,43433,314

119

32,332

2,042

2,313

–270

2,080

123
46,873419,056
949,478–

133
47,352378,988972,91735,847–10–479
40,067–23,438–

142
54,287387,366
967,317

–
–
–
–
–
–
–
–

69,49959,515
105,973
4,785
28,1993,260–1,752
269,480

–
–
–
–
–
–
–
–

69,49958,892
86,137
4,788
23,583–7,963–1,554
233,383–

1,278,245–

1,233,163

69,49959,602
111,479–1,754
238,827

–
–
–
–
–

–
–
–
–
–

–
–
–
–
–

24,469
6
4,557
1,935
30,96936,820

–
–
–
–
–
–

–
–
–
–
–
–

–
–
–
–
–
–

306,616–––

1,256,095–––

Change32,462(After revision)
Consolidated Balance Sheets
Item
AssetsCurrent assets
Cash and time deposits
Notes and accounts receivable
Inventories
Deferred income taxes
Short-term loans
Other current assets
Allowance for doubtful accounts
Current assets
Fixed assets
A. Tangible fixed assets
Buildings and structures
Machinery, equipment
Land
Construction in progress
Other tangible fixed assets
Tangible fixed assets
B. Intangible fixed assets
Trade rights
Consolidation adjustments
Goodwill
Other intangible fixed assets
Intangible fixed assets
C. Investments and other assets
Investment securities
Long-term loans
Deferred income taxes
Other investments and assets
Allowance for doubtful accounts
Investments and other assets
Fixed assets
Total assets(Unit: Millions of Yen)
1H FY3/06(As of 9/30/05)

1H FY3/07(As of 9/30/06)

FY3/06(As of 3/31/06)

78,569206,264
79,794
4,483
14,066
14,633–3,830393,981

98,891
197,455
73,995
4,245
16,353
14,827–3,546402,222–20,322
8,809
5,799
238
–2,287–194–284–8,24072,743
182,953
78,5403,670
15,77019,164–2,921
369,920

190,670
169,795
175,904
18,001
25,000579,372

194,305
171,228
179,662
13,662
24,529583,388–3,635–1,433–3,757
4,338
471–4,016

195,955
166,376
180,627
12,83024,145579,935––
19,066
26,96946,036

14,262
5,843–
27,48747,592–14,262–5,84319,066–518–1,556

13,504
6,411–
27,40947,325

173,182
6,075
16,074
59,187–17,814
236,705
862,113
1,256,095

180,110
6,205
15,71458,488–15,478
245,041
876,022
1,278,245–6,928–129359
698–2,336–8,335–13,908–22,149

167,1097,260
16,487
60,119–14,994
235,982
863,242
1,233,163

ChangeItem
Liabilities
Current liabilities
Notes and accounts payable
Short-term borrowings
Commercial Paper
Bonds (due within one year)
Income taxes payable
Deferred income taxes
Bonus reserve
Other reserves
Other current liabilities
Current liabilities
Fixed liabilities
Bonds
Convertible bonds
Long-term borrowings
Deferred income taxes
Deferred income taxes from revaluation
excess
Accrued for retirement benefits
Accrued for retirement benefits todirectors and corporate auditors
Special repair reserve
Other fixed liabilities
Fixed liabilities
Total liabilities
Minority interests
Shareholders’ equity
Capital stock
Additional paid in capital
Retained earnings
Revaluation excess
Unrealized gain on other securities
Foreign currency translation adjustments
Treasury stock
Total shareholders’ equity
Total liabilities, minority interests andtotal shareholders’ equity
Net asset
Shareholders’ equity
Capital stock
Additional paid in capital
Retained earnings
Treasury stock
Shareholders’ equity
Valuation and translation adjustment
Unrealized gain on other securities
Loss on deferred hedge
Revaluation excess
Foreign currency translation adjustments
Valuation and translation adjustment
Minority interests
Total net asset
Total liabilities and total shareholders’ equity(Unit: Millions of Yen)
1H FY3/06(As of 9/30/05)

1H FY3/07(As of 9/30/06)

FY3/06(As of 3/31/06)

113,196
289,055
2,000
37,099
6,469
15
6,171
663
75,750530,422

119,987
328,742–
61,754
12,952
5
6,362
629
63,495593,929–6,790–39,686
2,000–24,655–6,48310–190
34
12,254–63,506

105,761
353,152–
35,654
6,754
47
5,958
892
71,727579,950

63,011
34,211
214,560
18,46953,05434,000181,904
21,0099,957
211
32,655–2,54068,281
34,000172,427
17,922

6,072

6,077

–4

5,893

33,43433,314

119

32,332

2,042

2,313

–270

2,080

123
46,873418,800
949,222–133
47,352
379,160
973,090
35,768–10–479
39,639–23,867–142
54,287387,366
967,317

–
–
–
–
–
–
–
–

69,49959,515
105,973
4,691
28,1993,260–1,752
269,387

–
–
–
–
–
–
–
–

69,49958,892
86,137
4,788
23,583–7,963–1,554
233,383–

1,278,245–

1,233,163

69,49959,602
111,479–1,754
238,827

–
–
–
–
–

–
–
–
–
–

–
–
–
–
–

24,469
6
4,696
1,935
31,10836,937

–
–
–
–
–
–

–
–
–
–
–
–

–
–
–
–
–
–

306,873–––

1,256,095–––

Change32,462

Page 6 Consolidated Statements of Changes in Shareholders’ Equity for 1H FY3/07(Before revision)
Consolidated Statements of Changes in Shareholders’ Equity for 1H FY3/07
1H FY3/07 (April 1, 2006 – September 30, 2006)(Unit: Millions of Yen)
Shareholders’ equity
Additional
paid-in
capital69,49959,515

Capitalstock
Balance at March 31, 2006
Changes during the period
Dividends
Bonuses to directors and corporate auditors
Net income
Increase due to increase in consolidated
subsidiaries
Decrease due to increase in consolidated
subsidiaries
Reversal of land revaluation excess
Reversal of accrued retirement benefits todirectors and corporate auditors
Acquisition of treasury stock
Disposal of treasury stock
Changes in items other than shareholders’equity (net)Total changes during the period
Balance at September 30, 2006

Retainedearnings

Treasurystock

105,973–1,752–2,339–65
7,917–2,339
–65
7,917

87

87

–72

–72

3

3

–24

–24

87

87
59,602

69,499Total
shareholders’equity233,235

5,506
111,479

–151
149

–151
236

–1
–1,754

5,591
238,827

Valuation and translation adjustments

Balance at March 31, 2006
Changes during the period
Dividends
Bonuses to directors andcorporate auditors
Net income
Increase due to increase inconsolidated subsidiaries
Decrease due to increase inconsolidated subsidiaries
Reversal of land revaluation
excess
Reversal of accrued retirement
benefits to directors andcorporate auditors
Acquisition of treasury stock
Disposal of treasury stock
Changes in items other thanshareholders’ equity (net)Total changes during the period
Balance at September 30, 2006

Unrealized
gain onothersecurities

Gain/loss
on deferred
hedge

Land
revaluation
excessForeigncurrencytranslation
adjustments

Totalvaluationandtranslation
adjustments

28,199

–

4,785

3,260

36,245

Minority
interests

Total net
assets35,847305,327–2,339
–65
7,917
87
–72
3
–24
–151
236

–3,7306–227–1,324–5,276973–4,302–3,73024,469

6
6

–227
4,557

–1,324
1,935–5,27630,969973
36,8201,289
306,616(After revision)
Consolidated Statements of Changes in Shareholders’ Equity for 1H FY3/07
1H FY3/07 (April 1, 2006 – September 30, 2006)(Unit: Millions of Yen)
Shareholders’ equity
Additional
paid-in
capital69,49959,515

Capitalstock
Balance at March 31, 2006
Changes during the period
Dividends
Bonuses to directors and corporate auditors
Net income
Increase due to increase in consolidated
subsidiaries
Decrease due to increase in consolidated
subsidiaries
Reversal of land revaluation excess
Reversal of accrued retirement benefits todirectors and corporate auditors
Acquisition of treasury stock
Disposal of treasury stock
Changes in items other than shareholders’equity (net)Total changes during the period
Balance at September 30, 2006

Retainedearnings

Treasurystock

105,973–1,752–2,339–65
7,917–2,339
–65
7,917

87

87

–72

–72

3

3

–24

–24

87

87
59,602

69,499Total
shareholders’equity233,235

5,506
111,479

–151
149

–151
236

–1
–1,754

5,591
238,827

Valuation and translation adjustments

Balance at March 31, 2006
Changes during the period
Dividends
Bonuses to directors andcorporate auditors
Net income
Increase due to increase inconsolidated subsidiaries
Decrease due to increase inconsolidated subsidiaries
Reversal of land revaluation
excess
Reversal of accrued retirement
benefits to directors andcorporate auditors
Acquisition of treasury stock
Disposal of treasury stock
Changes in items other thanshareholders’ equity (net)Total changes during the period
Balance at September 30, 2006

Unrealized
gain onothersecurities

Gain/loss
on deferred
hedge

Land
revaluation
excessForeigncurrencytranslation
adjustments

Totalvaluationandtranslation
adjustments

28,199

–

4,691

3,260

36,152

Minority
interests

Total net
assets35,768305,155–2,339
–65
7,917
87
–72
3
–24
–151
236

–3,730

6

4–1,324–5,043

1,169–3,874–3,73024,469

6
6

4
4,696

–1,324
1,935–5,043
31,1081,169
36,937

1,717
306,873