Summary of Consolidated Financial Results of Taiheiyo Cement Corporation
for the Fiscal 2014 Ended March 31, 2014
May 13, 2014
Company:
Stock code:
URL:

Taiheiyo Cement Corporation5233
http://www.taiheiyo-cement.co.jp/

Fiscal 2013: April 1, 2012-March 31, 2013
Fiscal 2014: April 1, 2013-March 31, 2014
Fiscal 2015: April 1, 2014-March 31, 2015

The accompanying consolidated financial results are not intended to present the financial results in accordancewith accounting 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 Fiscal 2014 (April 1, 2013 through March 31, 2014)(1) Operating Results
FY3/14
FY3/13

Net Sales
Millions of Yen
840,288
747,616

%
12.4
2.7

*comprehensive income Fiscal 2014

Operating income
Millions of Yen%
70,43473.2
40,65939.3

65,509EPS

Fiscal 2013 29,615

Diluted EPS
Yen
28.67
9.22

FY3/14
FY3/13

Ordinary income
Net income
Millions of Yen% Millions of Yen%
69,590 113.0
35,223 210.9
32,667 76.6
11,329 44.4

ROE

ROA

Yen

%
16.3
6.3

－
－

*equity in earnings (losses) of unconsolidated subsidiaries and affiliates Fiscal 2014

%
7.0
3.3

Operating income
to net sales
%
8.4
5.4

2,575 Fiscal 2013 (1,097)(2) Financial Position
Total assets
Millions of Yen
1,015,564
982,473

FY3/14
FY3/13*Equity : Fiscal 2014

240,256

Total net assets
Millions of Yen
273,312219,826

Equity ratio

Equity per share
Yen
195.57155.85

%
23.7
19.5

Fiscal 2013 191,427(3) Consolidated Cash Flows
Cash flows fromoperating activities
Millions of Yen
88,55861,505

FY3/14
FY3/13

Cash flows frominvesting activities
Millions of Yen(27,926)(16,441)

Cash flows fromfinancing activities
Millions of Yen(62,269)(51,792)

Cash and cash equivalents
at end of year
Millions of Yen
55,60454,408

2. Dividends
Dividend per share
Total amount of
cash
dividends(annual)

Dividend ratio(consolidated)

Ratio of total amountof dividends toshareholder’sequity(consolidated)
%

1Q

2Q

3Q

4Q

Total

Yen

Yen

Yen

Yen

Yen

Millions of Yen%

FY3/13

—

2.00

—

2.00

4.00

4,945

43.4

2.7

FY3/14

—

2.00

—

3.00

5.00

6,180

—

2.00

—

3.00

5.00

17.4
17.6

2.8

FY3/15(forecast)

3. Consolidated Results Forecast for the Fiscal 2015 (April 1, 2014 through March 31, 2015)
Net sales
Ordinary income
Net income
Operating income
Millions of Yen%

Millions ofYen%Millions of Yen%

Millions of
Yen

EPS
%

Yen

1HFY3/15

411,000

3.2

26,400(3.8)

25,000(2.5)

15,300

50.4

12.46

FY3/15858,000

2.1

70,000(0.6)

65,000(6.6)

35,000

(0.6)

28.49

This forecast is 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 this forecast due to various factors.

Page 1 of 9

Consolidated Balance Sheets
All yen figures are rounded down to the nearest one million yen.

Item
AssetsCurrent assets
Cash and deposits
Notes and accounts receivable-trade
Merchandise and finished goods
Work in process
Raw materials and supplies
Deferred tax assets
Short-term loans receivable
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
A. Property, plant and equipment
Buildings and structures, net
Machinery, equipment, and vehicles, net
LandConstruction in progress
Other, net
Total property, plant and equipment
B. Intangible assets
Goodwill
Other
Total intangible assets
C. Investments and other assets
Investment securities
Long-term loans receivable
Net defined benefit retirement asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

FY3/13(As of 3/31/13)(Millions of Yen)
FY3/14(As of 3/31/14)

59,379174,336
25,9204,788
36,455
10,444
11,431
9,537(1,587)
330,706

59,369176,245
26,113
4,120
39,32314,147
9,487
11,064(1,568)338,304

146,664
108,314
152,625
9,104
40,780457,489

142,417112,379
155,301
14,61645,600470,316

11,30330,275
41,578

10,89031,33842,22885,128
1,086
23,522
49,674(6,713)
152,698
651,766
982,473

98,8901,183
12,13425,81832,990(6,302)
164,714677,259
1,015,564

Page 2 of 9

All yen figures are rounded down to the nearest one million yen.

Item
Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term loans payable
Current portion of bonds
Income taxes payable
Deferred tax liabilities
Provision for bonuses
Provision for directors’ bonuses
Other provision
Other
Total current liabilities
Noncurrent liabilities
Bonds payable
Long-term loans payable
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Provision for retirement benefits
Net defined benefit retirement liability
Provision for directors’ retirement benefits
Provision for loss on business of subsidiaries
and affiliates
Provision for special repairs
Provision for asset removal
Other provision
Lease obligations
Asset retirement obligations
Other
Total noncurrent liabilities
Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total 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
Adjustments for employee retirement benefitof overseas subsidiary
Remeasurements of defined benefit retirement
plans
Total accumulated other comprehensive
incomeMinority interests in consolidated subsidiaries

FY3/13(As of 3/31/13)(Millions of Yen)
FY3/14(As of 3/31/14)

85,010274,760
11,47811,000
402
4,711
7
4,893
70,327
462,591

83,691
228,127610
18,040
372
5,538
－
2,683
69,784
408,848

32,385
155,336
14,004
5,285
25,448－505

47,090159,291
15,624
5,282－
25,359
509

138

138

343
1,866
669
17,404
8,032
38,634300,054762,646

357
574
482
22,948
7,230
48,514
333,404
742,252

86,17450,636
91,174(934)
227,051

86,17450,690121,212(936)
257,141

3,168

5,084

78
4,563
(39,640)50
4,252(16,799)(3,793)－－(9,472)(35,624)(16,884)

28,39933,055

Total net assets

219,826

273,312

Total liabilities and net assets

982,473

1,015,564

Page 3 of 9

Consolidated Statements of Income
All yen figures are rounded down to the nearest one million yen.

Item
Net sales(Millions of Yen)
FY3/13
FY3/14(4/1/12(4/1/133/31/13)
3/31/14)
747,616
840,288

Cost of sales

587,498

641,469

Gross profit

160,118

198,819

Selling, general and administrative expenses

119,459

128,384

Operating income

40,65970,434

Interest income

439

470

Dividends income

683

699

Real estate rent

625

343

-

2,575

5,606

8,670

7,355

12,760

9,052

8,362

1,097

－

5,197

5,242

Non-operating income

Equity in earnings of unconsolidated subsidiaries
and affiliates
Other
Total non-operating income
Non-operating expenses
Interest expenses
Equity in losses of unconsolidated subsidiaries andaffiliates
Other
Total non-operating expenses
Ordinary income

15,347

13,60432,667

69,590

3,575

1,687

82

598

1,260
4,918

485
2,770

4,613
90

5,156
37

878

203

Extraordinary income
Gain on disposal of property, plant, and equipment
Gain on sales of investment securities
Other
Total extraordinary income
Extraordinary loss
Loss on disposal of property, plant, and equipment
Loss on sale of investment securities
Loss on valuation of investment securities
Impairment loss

3,003

6,450

Other

2,005

1,369

10,59013,217

Income before income taxes and minority interests

26,99559,143

Income taxes-current

13,01823,597

Income taxes-deferred

1,653(1,000)Net Income before minority interests

12,32336,546994

1,322

11,32935,223

Total extraordinary losses

Minority interests in income
Net income

Page 4 of 9

Consolidated Statements of Comprehensive Income
All yen figures are rounded down to the nearest one million yen.

Item
Income before minority interests(Millions of Yen)
FY3/14(4/1/133/31/14)

FY3/13(4/1/123/31/13)
12,32336,546

1,854

2,205

35

(27)

9,934

18,665

(434)

－

－

1,055

5,901

7,064

17,291

28,96329,61565,509

Shareholders of Taiheiyo Cement Corporation

27,17461,008

Minority interests

2,440

4,501

Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Adjustments for employee retirement benefit of overseas
subsidiary
Remeasurements of defined benefit retirement plans, net oftax
Share of other comprehensive income of associates accounted
for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to :Page 5 of 9

Consolidated Statements of Changes in Net Assets
All yen figures are rounded down to the nearest one million yen.

FY3/13 (4/31/12-3/31/13)(Millions of Yen)
Shareholders' equity
Capital stock
Balance at pre end of term

86,174Retainedearnings

Capital surplus
50,636

Treasury stock

85,041

(916)

Total
shareholders’equity220,935

Issuance of new stock
Dividends of surplus fund

(4,914)(4,914)

Net profit of this item

11,32911,3293

3

Reversal of revaluation reserve for
land
Purchase of treasury stock
Disposal of treasury stock(0)

Change in scope of consolidation
Decrease of affiliates accounted for byequity method
Net changes of items other thanshareholders’ equity
Total changes of items during the period
Balance at end of this term

(19)

(19)

1

1

－

－

(284)

(284)

－

(0)

6,133

(17)

6,116

86,17450,636

91,174(934)

227,051

Accumulated other comprehensive income

Balance at pre end of term

Valuationdifferenceonavailablefor-salesecurities

Deferred
gains orlosses onhedges985

20Foreigncurrencytranslation
adjustment

Adjustmentsforemployeeretirement
benefit ofoverseassubsidiary

Remeasure-ments ofdefinedbenefitplans

Total othercomprehensive
income4,710 (53,678)(3,358)－(51,321)

Revaluation
reserve for
land

Minority
interests

Total net
assets26,529196,144Issuance of new stock
Dividends of surplus fund

(4,914)

Net profit of this item

11,329

Reversal of revaluation
reserve for land

3

Purchase of treasury stock(19)

Disposal of treasury stock

1

Change in scope of
consolidation
Decrease of affiliates
accounted for by equity
methodNet changes of items otherthan shareholders’ equity
Total changes of items during
the period－

Balance at end of this term

(284)
2,182

58

(147)

14,038(434)－

15,696

1,869

17,565

2,182

58

(147)

14,038(434)－

15,696

1,869

23,682

3,168

78

4,563 (39,640)(3,793)－(35,624)

28,399219,826

Page 6 of 9

FY3/14(4/1/13-3/31/14)(Millions of Yen)
Shareholders' equity
Capital stock
Balance at pre end of term

Retainedearnings

Capital surplus

86,17450,636

Treasury stock

91,174

(934)

Total
shareholders’equity227,051

Issuance of new stock
Dividends of surplus fund

(4,914)(4,914)

Net profit of this item

35,22335,223

4

4

Reversal of revaluation reserve for
land
Purchase of treasury stock(60)

Disposal of treasury stock

54

58

Change in scope of consolidation
Decrease of affiliates accounted for byequity method
Net changes of items other thanshareholders’ equity

112

(275)

(275)

－

－

－

54

30,037(2)

30,08986,17450,690121,212(936)

257,141

Total changes of items during the period
Balance at end of this term

(60)

Accumulated other comprehensive income
Valuationdifference onavailabl
e-forsalesecurities

Balance at pre end of term

3,168

Deferred
gains orlosses onhedges78

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

4,563(39,640)

Adjustments
for employee Remeasure
Total otherretirement-ments ofcomprehensive
benefit ofdefinedincomeoverseas
benefit plans
subsidiary(3,793)－(35,624)

Minority
interests

Total net
assets28,399219,826

Issuance of new stock
Dividends of surplus
fund(4,914)

Net profit of this item

35,223

Reversal of revaluation
reserve for land
Purchase of treasury
stock
Disposal of treasury
stock
Change in scope of
consolidation
Decrease of affiliates
accounted for by equity
methodNet changes of items
other thanshareholders’ equity
Total changes of items
during the period
Balance at end of this
term

4
(60)
112
(275)
－

1,916

(27)

(310)

22,8403,793(9,472)

18,7394,656

23,396

1,916

(27)

(310)

22,8403,793(9,472)

18,7394,656

53,485

5,084

50

4,252

(16,799)－(9,472)(16,884)

33,055273,312Page 7 of 9

Consolidated Statements of Cash FlowsAll yen figures are rounded down to the nearest one million yen.

Item
Cash flows from operating activities:
Income before income taxes and minority interests(-)
Depreciation and amortization
Amortization of goodwill
Equity in losses (earnings) of unconsolidated subsidiaries
and affiliates
Loss on valuation of investment securities
Decrease in provision for retirement benefits
Decrease in net defined benefit liability(Decrease) Increase in provision for directors’ retirement
benefits
Increase in provision for bonuses
Decrease in provision for directors’ bonuses(Decrease) Increase in allowance for doubtful accounts
Decrease in provision for removal of assets
Decrease in other provisionInterest and dividends income
Interest expenses
Loss(Gain) on sales of investment securities
Loss on disposal of property, plant, and equipment
Impairment loss
(Increase) Decrease in notes and accounts receivable-trade
Decrease in inventories
Decrease in notes and accounts payable-trade
Other, net
SubtotalInterest and dividends income received
Interest expenses paid
Income taxes paid
Cash flows from operating activities:
Cash flows from investing activities:
Decrease(Increase) in time deposits
Purchase of property, plant, and equipment
Proceeds from sales of property, plant, and equipment
Purchase of other depreciated assets
Proceeds from sales of other depreciated assets
Purchase of investment securities
Proceeds from sales and redemption of investment
securities
Payments of loans receivableCollection of loans receivable
Other, net
Cash flows from investing activities:
Cash flows from financing activities:
Net increase(decrease) in short-term loans payable
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of bonds
Redemption of bonds
Proceeds from sales of treasury stock
Purchase of treasury stock
Cash dividends paid
Cash dividends paid to minority shareholders
Proceeds from issuance of stock to minority shareholders
Other, net
Cash flows from financing activities:
Effect of exchange rate change on cash and cash equivalents
Net increase(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Decrease in cash and cash equivalents resulting from change ofscope of consolidation
Increase in cash and cash equivalents resulting from merger withunconsolidated subsidiaries
Cash and cash equivalents at end the period(Millions of Yen)
FY3/14(4/1/133/31/14)

FY3/13(4/1/123/31/13)
26,99539,4222,004

59,14340,553
2,353

1,097

(2,575)878(3,477)-203(5,193)

(44)

3

322
781
(135)
(371)
(1,123)
9,052
7
1,037
3,003
(4,992)
2,822(471)(2,180)74,6291,420(9,056)(5,488)61,505

812
(7)
(472)
(1,291)(2,369)(1,169)
8,362
(560)
3,469
6,450
1,883
842
(2,863)
4,844
112,416
1,565(8,749)(16,674)
88,558(195)(24,937)
7,652
(45)
(878)

1,267
(35,432)
2,670
(50)
0
(370)

941

2,999

(818)
1,776
63
(16,441)(2,077)
3,474(409)(27,926)(30,167)
45,934(50,159)
21,800(30,446)1(18)(4,914)(559)(3,262)(51,792)
1,597(5,129)59,785(32,966)
79,474(102,278)
15,350(11,513)55(61)(4,914)(838)
770(5,347)(62,269)
3,127
1,488
54,408

(247)

(406)

－

114

54,40855,604

Page 8 of 9

Segment Information
All yen figures are rounded down to the nearest one million yen.

[Industry Segments]
MineralCementResources
Business
Business
Net sales(1) Net sales tooutside522,324
customers(2) Intersegment
12,682net sales
Total
535,006
Segment
46,347
operating profit

Environmental
Business(Millions of Yen)
FY3/14 (4/1/13– 3/31/14)
Construction Ceramics &ConsolidatedMaterials
Electronics Other
Total Eliminations
total
Business
Business

73,82898,04988,177

11,47746,429840,288—

20,053

5,384

4,464

92

25,87868,554(68,554)—

93,881

103,434

92,642

11,57072,308908,843(68,554)840,288

6,895

8,432

5,433

152

3,561

70,823(388)

70,434All yen figures are rounded down to the nearest one million yen.

[Geographic segments]
Net sales
Noncurrent
assetsJapan
683,052

America
64,453

333,239

63,460(Millions of Yen)
Other
Total
92,782840,288
73,616

470,316

Page 9 of 9840,288