Outline of Consolidated Financial Results of Taiheiyo Cement Corporation
for the Third Quarter of Fiscal 2021 ending March 31, 2021
February 9, 2021

Company: Taiheiyo Cement Corporation
Fiscal 2020 3Q
Stock code: 5233
Fiscal 2020
URL:
https://www.taiheiyo-cement.co.jp/english/index.html Fiscal 2021 3Q
Fiscal 2021

: April 1, 2019 through December 31, 2019
: April 1, 2019 through March 31, 2020
: April 1, 2020 through December 31, 2020
: April 1, 2020 through March 31, 2021

The accompanying consolidated financial results are not intended to present the financial results in accordance withaccounting principles and practices generally accepted in countries and jurisdictions other than Japan.
(All yen figures are rounded down to the nearest one million yen.)

1. Consolidated Financial Results for the Third Quarter of Fiscal 2021 (April 1, 2020 through December 31, 2020)(% of change from previous year)(1) Operating Results
Profit attributable toNet Sales
Operating income
Ordinary income
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Fiscal 2021 3Q
652,714(1.6)
48,195
14.3
49,34816.4
37,163
21.7
Fiscal 2020 3Q
662,992(4.3)
42,156(15.2)
42,405(13.7)
30,541(10.4)* Comprehensive income : Fiscal 2021 3Q 37,269 (+23.9%) Fiscal 2020 3Q 30,089 (-4.5%)

Earnings per share
Diluted earnings per share
Yen
Yen
307.11249.55-Fiscal 2021 3Q
Fiscal 2020 3Q(2) Financial Position

Total assets
Millions of yen
1,066,643
1,032,923

Fiscal 2021 3Q
Fiscal 2020

* Equity : Fiscal 2021 3Q 460,067

Total net assets
Millions of yen
495,797473,241

Equity ratio%
43.1
42.3

Fiscal 2020 436,678

2. Dividends
Dividend per share

Fiscal 2020
Fiscal 2021
Fiscal 2021(forecast)

1Q

3Q

3Q

4Q

Total

Yen-Yen
30.00
30.00

Yen-Yen
30.00

Yen
60.00

30.00

60.00

3. Consolidated Financial Results Forecast for the Fiscal 2021 (April 1, 2020 through March 31, 2021)(% of change from the corresponding period of the previous year)

Net sales
Millions of yen

Full year

867,000

Operating income% Millions of yen(2.0)
63,000%
3.3

Profit attributable toowners of parent% Millions of yen%
4.1
41,000
4.7

Ordinary income
Millions of yen

63,000Earningsper share
Yen339.20* This forecast is based on the information available at the date of publication of this material and assumptions at the same date withrespect 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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Consolidated Balance Sheets(Millions of yen)
Fiscal 2020

Fiscal 2021 3Q(As of March 31, 2020)(As of December 31, 2020)

AssetsCurrent assets
Cash and deposits

51,64180,756

Notes and accounts receivable - trade

159,048

162,241

Electronically recorded monetary claims - operating

13,507

23,243Merchandise and finished goods

30,89727,450Work in process

2,310

2,966

Raw materials and supplies

45,07544,085

Other

17,324

16,312

Allowance for doubtful accounts(1,302)(851)

Total current assets

318,502356,204

Buildings and structures, net

138,947

135,894

Machinery, equipment and vehicles, net

162,944

154,812Land

164,869

165,855

Non-current assets
Property, plant and equipment

Other, net

77,792

83,813

Total property, plant and equipment

544,553

540,375

Intangible assets
Goodwill

179

186

Other29,634

28,470Total intangible assets

29,81428,657

Investment securities

82,931

89,173Retirement benefit asset

11,09011,672

Investments and other assets

Other52,358

46,804

Allowance for doubtful accounts(6,327)(6,244)

Total investments and other assets

140,053

141,405

Total non-current assets
Total assets

714,420

710,438

1,032,923

1,066,643

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(Millions of yen)
Fiscal 2020

Fiscal 2021 3Q(As of March 31, 2020)(As of December 31, 2020)

Liabilities
Current liabilities
Notes and accounts payable - trade83,430

86,589

Electronically recorded obligations - operating

5,330

8,369

Short-term borrowings

120,783

116,718

Commercial papers

12,000--10,000

Income taxes payable

6,024

5,245

Provision for bonuses

6,158

3,257

139

62

Other

79,90686,309Total current liabilities

313,771316,550

Bonds payable

30,00050,000Long-term borrowings

103,332

92,125Retirement benefit liability

24,99923,769Provision for retirement benefits for directors

521

463

Provision for special repairs

128

167

Other provisions

828

527

7,341

7,783

Current portion of bonds payable

Other provisions

Non-current liabilities

Asset retirement obligations
Other

78,75879,457

Total non-current liabilities

245,910254,294

Total liabilities

559,682

570,845

86,174

86,174

Net assets
Shareholders' equity
Share capital
Capital surplus

60,23360,291Retained earnings

326,086

355,957

Treasury shares(16,098)(21,109)

Total shareholders' equity

456,395

481,313

6,723

10,141

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

(0)

(0)

4,968

4,961

Foreign currency translation adjustment(21,413)(27,084)

Remeasurements of defined benefit plans(9,995)(9,263)

Total accumulated other comprehensive income(19,716)(21,246)

Revaluation reserve for land

Non-controlling interests

36,56335,730Total net assets

473,241495,797

1,032,923

1,066,643

Total liabilities and net assets

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Consolidated Statements of Income(Millions of yen)
Fiscal 2020 3Q

Fiscal 2021 3Q(April 1, 2019 throughDecember 31, 2019)(April 1, 2020 throughDecember 31, 2020)

Net sales

662,992652,714

Cost of sales

520,094508,811Gross profit

142,897

143,903

Selling, general and administrative expenses

100,741

95,707

Operating income

42,15648,195Non-operating income
Interest income

357

374

Dividend income

1,032

1,031

Share of profit of entities accounted for using equity method

2,690

2,254

Other

2,323

2,396

Total non-operating income

6,404

6,056

Interest expenses

2,968

2,752

Other

3,186

2,150

Total non-operating expenses

6,155

4,903

Ordinary income

42,40549,348647

2,712

Non-operating expenses

Extraordinary incomeGain on disposal of non-current assets
Gain on sales of investment securities
Compensation income
Other
Total extraordinary income

169

3,317

2,730

-

47

193

3,595

6,223

2,794

2,577

Extraordinary losses
Loss on disposal of non-current assets
Loss on temporary suspension of operations

-547

402

455

Total extraordinary losses

3,196

3,581

Profit before income taxes

42,804

51,990

Income taxes

10,972

12,569Profit31,832

39,421

Other

Profit attributable to non-controlling interests

1,290

2,257

Profit attributable to owners of parent

30,541

37,163

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Consolidated Statements of Comprehensive Income(Millions of yen)

ProfitFiscal 2020 3Q

Fiscal 2021 3Q(April 1, 2019 throughDecember 31, 2019)(April 1, 2020 throughDecember 31, 2020)

31,832

39,421

2,514

3,423

Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities accounted for using equity method

3(0)(4,214)(6,124)281710(328)(161)Total other comprehensive income(1,743)(2,151)

Comprehensive income

30,08937,26929,17035,641918

1,627

Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to non-controlling interests

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Consolidated Segment Information
Fiscal 2020 3Q (April 1, 2019 through December 31, 2019)【Industry Segments】(Millions of yen)
Reportable Segments
CementBusiness

MineralResources
Business

Environmental
Business

Construction
Materials
Business

Total

OtherTotal

Consolidated
Total

Adjustment

Net sales
Sales to outsidecustomers

467,542

42,01957,75656,916624,234

38,757

662,992-

662,992

Inter-segment
sales
Total

8,192

18,658

5,657

3,138

35,647

16,75752,404(52,404)-

475,734

60,67863,41360,055

659,881

55,515715,397(52,404)

662,992

Segment income

25,303

5,526

5,712

3,363

39,9072,105

42,013142

42,156

Fiscal 2021 3Q (April 1, 2020 through December 31, 2020)【Industry Segments】(Millions of yen)
Reportable Segments
CementBusiness

MineralResources
Business

Environmental
Business

Construction
Materials
Business

Total

Other

Total

ConsolidatedTotal

Adjustment

Net sales
Sales to outside
customers

465,926

39,60350,09950,813

606,442

46,272652,714-652,714

Inter-segment
sales
Total

8,325

17,796

7,692

3,262

37,077

18,20455,282(55,282)-474,252

57,40057,79154,076

643,519

64,477

707,996(55,282)

652,714Segment income

31,544

4,891

4,757

2,261

43,454

4,741

48,195(0)

48,195

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