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 Three Months Ended June 30, 2023
[Japanese GAAP]
August 8, 2023
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: Kenichi Takano
General Manager of General Affairs Department
Phone: +81-3‐5801‐0334
Scheduled date of filing quarterly securities report: August 9, 2023
Availability of supplementary briefing material on quarterly financial results: Yes
Schedule of quarterly financial results briefing session: No(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Three Months Ended June 30, 2023 (April 1, 2023 to June 30, 2023)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet salesOperating profit
Ordinary profit
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%Three months ended
June 30, 2023
193,534
9.6
1,862
54.1
2,976
36.2
365
June 30, 2022
176,51610.6
1,208(87.8)
2,185(79.1)(220)(Note) Comprehensive income:Three months ended June 30, 2023:
5,717 million yen [(56.8) %]Three months ended June 30, 2022:
13,225 million yen [(29.7) %]Basic earnings
per share
Three months ended
June 30, 2023
June 30, 2022

Diluted earnings pershareYenYen3.12(1.88)-(2) Consolidated Financial Position
Total assets
As ofJune 30, 2023
March 31, 2023
(Reference) Equity:

Net assets

Million yen

1,280,007
1,268,862
As of June 30, 2023:
As of March 31, 2023:

Capital adequacy ratio

Million yen

530,137
528,857
495,993 million yen
494,957 million yen

-1-%

38.7
39.0

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2023

-35.00-35.0070.00

Fiscal year ending March 31, 2024

35.00-35.00

70.00

Fiscal year ending March 31, 2024
(Forecast)(Note) Revision to the forecast for dividends announced most recently:

Year-endTotalNo

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024(April 1, 2023 to March 31, 2024)(% indicates changes from the previous corresponding period.)
Profit attributable
Basic earnings perNet sales
Operating profit
Ordinary profit
to owners ofshareparent
Million yen%

Million yen%

Million yen%

Million yen%

Yen

17,000-11,000-93.97

56,000 5,412.6
No40,000-

341.72(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:

Yes

Six months ending
444,000
18.1
19,000
September 30, 2023
Full year
920,000
13.658,000 1,201.5(Note) Revision to the financial results forecast announced most recently:* Notes:(1) Changes in significant subsidiaries during the three months ended June 30, 2023
(changes in specified subsidiaries resulting in changes in scope of consolidation):No(3) 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(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
June 30, 2023:
121,985,078 shares
March 31, 2023:
121,985,078 shares2) Total number of treasury shares at the end of the period:
June 30, 2023:
4,868,972 shares
March 31, 2023:
4,931,863 shares
3) Average number of shares outstanding during the period:
Three months ended June 30, 2023:
Three months ended June 30, 2022:

117,084,616 shares
117,053,809 shares* 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.

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Quarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets(Million yen)
As of March 31, 2023

As of June 30, 2023

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

79,84278,892

158,136

159,10924,82627,31847,46051,179Work in process
Raw materials and supplies

1,529
89,383

2,119
84,134

Other
Allowance for doubtful accounts

29,379(150)

29,163(150)

Total current assets

430,408

431,766

Buildings and structures, net
Machinery, equipment and vehicles, net

157,312
191,081

160,034
189,020

Land
Other, net

165,027
106,662167,714
109,981

Total property, plant and equipment

620,083

626,750

Non-current assets
Property, plant and equipment

Intangible assets
Goodwill

101

96

Other

39,66539,658

Total intangible assets

39,76639,755Investments and other assets
Investment securities

117,839

118,614Retirement benefit asset
Other

23,69738,37623,656
40,770Allowance for doubtful accounts(1,309)(1,306)

Total investments and other assets

178,604

181,734

Total non-current assets
Total assets-3-

838,454848,240

1,268,862

1,280,007

(Million yen)
As of March 31, 2023

As of June 30, 2023

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

84,162
11,61384,371
13,132

Short-term borrowings
Commercial papers

149,573
27,000151,693
31,000Current portion of bonds payable
Income taxes payable

10,0003,687

10,0002,907

Provision for bonuses
Provision for loss on business withdrawal

5,677
2,564

4,654
1,350

Other provisions
Other

108
91,395

159
98,289Total current liabilities

385,784

397,558

50,00050,000166,911
21,380163,783
21,531536

464

227

246

Provision for product compensation
Provision for loss on business withdrawal

4,498
1,924

4,479
1,936

Other provisions
Asset retirement obligations

472
9,379

471
10,266

Other

98,88999,131

Total non-current liabilities

354,221352,310740,005

749,869

Share capital
Capital surplus

86,17449,72986,17449,800Retained earnings
Treasury shares

342,880(13,738)

339,142(13,735)

Total shareholders' equity

465,045

461,382

12,03813,054

0
3,610

1
3,611

13,730530

17,544398

29,911

34,61033,89934,144Non-current liabilities
Bonds payable
Long-term borrowings
Retirement benefit liability
Provision for retirement benefits for directors (andother officers)
Provision for special repairs

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
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets-4-528,857

530,137

1,268,862

1,280,007

Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the three months)(Million yen)
For the three months
ended June 30, 2022

For the three months
ended June 30, 2023

Net sales
Cost of sales

176,516
141,596

193,534
158,089

Gross profit

34,91935,444

Selling, general and administrative expenses

33,71033,582

Operating profit

1,208

1,862

Interest income
Dividend income
Share of profit of entities accounted for using equity
methodForeign exchange gains

56831

2891,120

286

250

181

801

Other

699

645

2,056

3,107

535
544

881
1,113

1,079

1,994

2,185

2,976

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

210
30

88
3

Other

2222

Total extraordinary income

263

114

607

781

1940

Non-operating income

Total non-operating income
Non-operating expenses
Interest expenses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income

Extraordinary losses
Loss on disposal of non-current assets
Other627

822

Profit before income taxes

Total extraordinary losses

1,821

2,268Income taxes

1,758

1,709

63558

Profit attributable to non-controlling interests

283

192

Profit (loss) attributable to owners of parent(220)365

Profit-5-Quarterly Consolidated Statements of Comprehensive Income (For the three months)(Million yen)
For the three months
ended June 30, 2022
ProfitOther comprehensive income

For the three months
ended June 30, 2023
63558

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges(1,177)3

1,139
0Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of taxShare of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income

12,900(231)

2,746(120)

1,666

1,393

13,161

5,159

Comprehensive income

13,225

5,717

Comprehensive income attributable toComprehensive income attributable to owners ofparent
Comprehensive income attributable to non-controllinginterests

11,736

5,063

1,489

654-6-Quarterly Consolidated Segment Information
Reportable Segments
For the Three Months Ended June 30, 2022
(Million yen)
Reportable Segments
CementBusiness

MineralResources
Business

Environmental
Business

Construction
Materials
Business

Other

Total

Consolidated
Total

Adjustment

Total

Net sales
Sales to outside
customers

117,450

14,984

16,42813,238

162,101

14,414

176,516-

176,516

Inter-segment
sales
Total

1,519

4,945

1,189

338

7,993

5,841

13,835(13,835)-

118,969

19,93017,618

13,576

170,095

20,256

190,351(13,835)

176,516

Segment income(1,961)

1,449

1,352(412)

428

558

986

222

1,208

For the Three Months Ended June 30, 2023
(Million yen)
Reportable Segments
CementBusiness

MineralResources
Business

Environmental
Business

Construction
Materials
Business

Other

TotalConsolidated
Total

Adjustment

Total

Net sales
Sales to outside
customers

133,573

15,866

14,137

15,770179,347

14,187

193,534-

193,534

Inter-segment
sales
Total

1,948

5,739

1,088

367

9,144

5,957

15,101(15,101)-

135,521

21,606

15,225

16,138

188,491

20,144

208,636(15,101)

193,534

Segment income(2,489)

1,993

1,206

566

1,277

735

2,012

(150)

1,862

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