Summary of Consolidated Financial Results of Taiheiyo Cement Corporation
for the Fiscal 2015 Ended March 31, 2015
May 12, 2015
Company:
Stock code:
URL:

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

Fiscal 2014:
Fiscal 2015:
Fiscal 2016:

April 1, 2013-March 31, 2014
April 1, 2014-March 31, 2015
April 1, 2015-March 31, 2016

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 2015(April 1, 2014 through March 3, 2015)(1) Operating Results
FY3/15
FY3/14

Net Sales
Millions of Yen
842,848840,288

%
0.3
12.4

*comprehensive income : Fiscal 2015

Operating income
Millions of Yen%
65,406(7.1)
70,43473.2

79,736

EPS

Fiscal 2014

Diluted EPS
Yen
35.91
28.67

FY3/15
FY3/14

Ordinary income
Net income
Millions of Yen% Millions of Yen%
67,890(2.4)
44,114
25.2
113.0
210.9
69,59035,22365,509
ROE

Yen
―
―

ROA
%
16.3
16.3

*equity in earnings (losses) of unconsolidated subsidiaries and affiliates Fiscal 2015

%
6.6
7.0

5,293

Operating income
to net sales
%
7.8
8.4

Fiscal 2013 2,575(2) Financial Position
Total assets
Millions of Yen
1,040,602
1,015,564

FY3/15
FY3/14*Equity : Fiscal 2015

302,645

Total net assets
Millions of Yen
347,490
273,312

Fiscal 2014

Equity ratio

Equity per share
Yen
246.31
195.57

%
29.1
23.7

240,256(3) Consolidated Cash Flows
Cash flows fromoperating activities
Millions of Yen
77,00088,558

FY3/15
FY3/14

Cash flows frominvesting activities
Millions of Yen(31,377)(27,926)

Cash flows fromfinancing activities
Millions of Yen(52,713)(62,269)

Cash and cash equivalents
at end of year
Millions of Yen
50,64555,604

2. Dividends
Dividend per share
1Q

2Q

3Q

4Q

Total amount of
cash
dividends(annual)

Total

Yen

Yen

Yen

Yen

Yen

Millions of Yen

FY3/14
FY3/15

―
―

2.00
2.00

―
―

3.00
3.00

5.00
5.00

6,180
6,180

FY3/16(forecast)

―

3.00

―

3.00

6.00

Dividend ratio(consolidated)

Ratio of total amountof dividends toshareholder’sequity(consolidated)

%
17.4
13.9

%
2.8
2.3

19.9

3. Consolidated Results Forecast for the Fiscal 2016 (April 1, 2015 through March 31, 2016)
Net sales
Ordinary income
Net income
Operating income
Millions of Yen%

Millions ofYen%Millions of Yen%

1HFY3/16

416,000

2.9

23,500(15.4)

22,500(20.9)

FY3/16

892,000

5.8

66,0000.9

65,000(4.3)

Millions of
Yen

EPS
%

Yen

12,000(33.9)

9.77

37,000(16.1)

30.11

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.

(Millions of 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

FY3/14(As of 3/31/14)

FY3/15(As of 3/31/15)

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

53,859178,350
28,5872,183
43,252
10,7055,552
9,821(2,329)329,981

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

144,291
120,804
164,647
13,81947,001
490,565

10,89031,33842,2289,297
32,53841,83698,8901,183
12,13425,81832,990(6,302)
164,714677,259
1,015,564

113,747
1,249
20,338
16,84831,997(5,961)
178,219
710,6211,040,602

Page 2 of 9

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

(Millions of Yen)
Item
Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term loans payable
Commercial Paper
Current portion of bonds
Income taxes payable
Deferred tax liabilities
Provision for bonuses
Other provision
Other
Total current liabilities
Noncurrent liabilities
Bonds payable
Long-term loans payable
Deferred tax liabilities
Deferred tax liabilities for land revaluation
Liability for retirement benefits
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
Retirement benefits liability adjustments
Total accumulated other comprehensive
incomeMinority interests in consolidated subsidiaries
Total net assets
Total liabilities and net assets

FY3/14(As of 3/31/14)

FY3/15(As of 3/31/15)

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

85,036
178,816
5,000
20,38010,730
0
5,642
1,060
71,149377,81747,090159,291
15,624
5,282
25,359509

46,710148,232
4,314
4,770
26,889
514

138

138

357
574
482
22,948
7,230
48,514
333,404
742,252312
41
655
22,616
7,673
52,426315,295
693,112

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

86,17450,757
158,939(934)
294,937

5,084

6,908

50
4,252
(16,799)(9,472)

2
4,295
649
(4,148)(16,884)

7,707

33,05544,845273,312

347,490

1,015,564

1,040,602

Page 3 of 9

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

(Millions of Yen)
FY3/14(4/1/133/31/14)
840,288

FY3/15(4/1/143/31/15)
842,848

Cost of sales

641,469

642,645

Gross profit

198,819200,203

Selling, general and administrative expenses

128,384

134,796

Operating income

70,43465,406

Interest income

470

554

Dividends income

699

767

Real estate rent

343

361

2,575

5,293

Item
Net sales

Non-operating income

Equity in earnings of unconsolidated subsidiaries
and affiliates
Other

8,670

6,860

12,76013,837

Interest expenses

8,362

6,847

Other

5,242

4,506

13,604

11,35469,59067,890

1,687

2,488

598

107

-

916

Total non-operating income
Non-operating expenses

Total non-operating expenses
Ordinary income
Extraordinary income
Gain on disposal of property, plant, and equipment
Gain on sales of investment securities
Gain on step acquisitions
Gain on forgiveness of debts
Other

-

4,569

485

801

Total extraordinary income

2,770

8,884

5,156
37

3,286
101

203

1,231

6,450

1,069

-

1,180

1,369

2,518

Extraordinary loss
Loss on disposal of property, plant, and equipment
Loss on sale of investment securities
Loss on valuation of investment securities
Impairment loss
Business structure reform expenses
Other

13,217

9,387

Income before income taxes and minority interests

59,14367,387

Income taxes-current

23,597

18,170

Income taxes-deferred△1,000△1,884Net Income before minority interests

36,546

51,101

Total extraordinary losses

Minority interests in income

1,322

6,986

Net income

35,223

44,114

Page 4 of 9

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

(Millions of Yen)

Item

FY3/14(4/1/133/31/14)

FY3/15(4/1/143/31/15)

36,546

51,101

Valuation difference on available-for-sale securities

2,205

1,854

Deferred gains or losses on hedges

(27)

(14)

-

494

Foreign currency translation adjustment

18,66516,002Remeasurements of defined benefit retirement plans, net of tax

1,055

5,226

Share of other comprehensive income of associates accounted
for using equity method

7,064

5,072

Total other comprehensive income

28,963

28,63565,50979,736

Shareholders of Taiheiyo Cement Corporation

61,00868,922

Minority interests

4,501

10,813

Income before minority interests
Other comprehensive income

Revaluation reserve for land

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.

FY3/14 (4/31/13-3/31/14)(Millions of Yen)
Shareholders' equity
Capital stock

Capital surplus

86,17450,636

Balance at pre end of term
Cumulative effects of Changes inaccounting policies
Restated balance

Retainedearnings

Treasury stock

Total
shareholders’equity(934)

227,051

91,174―
86,17450,636

91,174(934)

227,051

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
54

Disposal of treasury stock

(60)

(60)

58

112

(275)

Change in scope of consolidation(275)

Net changes of items other thanshareholders’ equity
Total changes of items during the period
Balance at end of this term―

54

30,037(2)

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

257,141

Accumulated other comprehensive income

Balance at pre end of term
Cumulative effects of
Changes in accounting
policies
Restated balance

Valuationdifferenceonavailablefor-salesecurities

Deferred
gains orlosses onhedges

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

Adjustments
for employee
retirement
benefit ofoverseassubsidiary

Retirement
benefits
liability
adjustments

Total othercomprehensive
incomeMinority
interests

Total net
assets

3,168

78

4,563

(39,640)(3,793)―(35,624)

28,399219,826

―
3,168

78

4,563

(39,640)(3,793)―(35,624)―
28,399219,826

Issuance of new stock
Dividends of surplus fund

(4,914)

Net profit of this item

35,223

Reversal of revaluation
reserve for land

4

Purchase of treasury stock(60)

Disposal of treasury stock

112

Change in scope of
consolidation
Net changes of items otherthan shareholders’ equity
Total changes of items during
the period

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

Balance at end of this term

5,084

50

4,252

(16,799)―(9,472)(16,884)

33,055273,312(275)

Page 6 of 9

FY3/15(4/1/14-3/31/15)(Millions of Yen)
Shareholders' equity

Balance at pre end of term
Cumulative effects of Changes inaccounting policies
Restated balance

Capital stock

Capital surplus

86,17450,690Retainedearnings

Treasury stock

Total
shareholders’equity(936)

257,141

121,212(87)

86,17450,690(87)

121,124(936)

257,053

Issuance of new stock
Dividends of surplus fund

(6,142)(6,142)

Net profit of this item

44,114

44,11433

33

Reversal of revaluation reserve for
land
Purchase of treasury stock66

Disposal of treasury stock

(63)

(63)

65

132

(190)

Change in scope of consolidation(190)

Net changes of items other thanshareholders’ equity

―
―

66

37,8152

37,884

86,17450,757

158,939(934)

294,937

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

Accumulated other comprehensive income

Balance at pre end of term
Cumulative effects of
Changes in accounting
policies
Restated balance

Valuationdifferenceonavailablefor-salesecurities

Deferred
gains orlosses onhedges

Revaluation
reserve forland

Foreigncurrencytranslation
adjustment

Adjustments for
employeeretirement
benefit ofoverseassubsidiary

Retirement
benefits
liability
adjustments

Total othercomprehensive
incomeMinority
interests

Total net
assets

5,084

50

4,252

(16,799)―(9,472)(16,884)

33,055273,312

―

(9)

(97)

(16,884)

33,046273,214

5,084

50

4,252

(16,799)―(9,472)Issuance of new stock
Dividends of surplus
fund(6,142)

Net profit of this item

44,114

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

33
(63)
132
(190)

1,824

(48)

43

17,449

1,824

(48)

43

17,449

6,908

2

4,295

649

5,323

24,592

11,79936,391―

5,323

24,592

11,79974,275―(4,148)

7,707

44,845

347,490

Page 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
Changes in asset and liability for retirement benefits(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
Business structure reform expenses
Gain on forgiveness of debts
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
Purchase of investments in subsidiaries resulting fromchange in scope of consolidation
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
Increase(decrease) in commercial paper
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:(Millions of Yen)
FY3/14
FY3/15(4/1/13-3/31/14)(4/1/14-3/31/15)
59,14340,553
2,353

67,38742,401
2,771(2,575)(5,293)203(5,193)

1,231
485

3

(6)

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

79
435
(533)
(1,498)(1,322)
6,847
(5)
797
1,069
2,429
(1,069)(872)
1,180(4,569)(4,064)
107,879
1,705(6,920)(25,664)
77,0001,267(35,432)
2,670
(50)
0
(370)

848
(38,323)
5,017
(79)
0
(1,444)

2,999

370

-

(516)

(2,077)
3,474(409)(27,926)(1,562)
3,631
680(31,377)(32,966)
79,474(102,278)
15,350(11,513)55(61)(4,914)(838)
770(5,347)(62,269)(31,899)
5,000
44,752(78,335)
20,000
(610)
67
(50)
(6,142)(583)(4,911)(52,713)

Page 8 of 9

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

3,127
1,488
54,408

1,712(5,377)55,604

(406)

342

114

76

55,60450,645

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

[Industry Segments]

Net sales(1) Net sales tooutsidecustomers(2) Intersegment
net sales
Total
Segment
operating profit(Millions of Yen)
FY3/15 (4/1/14– 3/31/15)
Construction
Environmental
Materials
Other
Business
Business

CementBusiness

MineralResources
Business

559,558

72,96069,22686,03155,071

11,12322,996

5,561

4,308

570,681

95,95774,78740,251

6,708

7,474

Eliminations

Consolidated
total

842,848－

842,848

26,69370,683(70,683)－

90,34081,764

913,531(70,683)

842,848

5,491

5,634

65,560(153)

65,406Total

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

[Geographic segments]
Japan

America

Other(Millions of Yen)
Total

Net sales

666,145

83,09593,607

842,848

Noncurrent
assets341,190

71,09878,276490,565

Page 9 of 9