Summary of Consolidated Financial Results of Taiheiyo Cement Corporation
for the Fiscal 2011 Ended March 31, 2011
May 11, 2011
Company:
Stock code:
URL:

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

Fiscal 2010:
Fiscal 2011:
Fiscal 2012:

April 1, 2009-March 31, 2010
April 1, 2010-March 31, 2011
April 1, 2011-March 31, 2012

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 2011 (April 1, 2010 through March 31, 2011)(1) Operating Results
Net Sales
Ordinary income
Operating income
FY3/11
FY3/10Millions of Yen%726,475 ( 0.3)
728,581 (16.4)*comprehensive income Fiscal 2011(13,096)

EPS%
360.0(68.0)

Fiscal 2010(29,912)

Diluted EPS

Yen
5.49(39.50)

FY3/11
FY3/10Millions of Yen
16,433
3,572–ROE(2) Financial Position
FY3/11
FY3/10Total assets
Millions of Yen
997,460
1,155,256

ROAYen5.46*equity in earnings of unconsolidated subsidiaries and affiliates Fiscal 2011

Net income% Millions of Yen–
5,162–(37,041)

Millions of Yen
8,124
148%
3.5(22.0)

1,929 Fiscal 2010

%
0.8
0.0

4,068––%

Operating income
to net sales
%
2.3
0.5

Total net assets
Millions of Yen
165,538
188,817Equity ratio

Equity per shareYen
147.91162.86

Net cash provided(usedin) investing activities

Net cash provided(usedin) financing activities

Cash and cash equivalents
at end of year

Millions of Yen
14,177(24,011)

Millions of Yen(100,480)
32,334

Millions of Yen
61,265
113,480%

14.013.3(3) Consolidated Cash Flows

FY3/11
FY3/10Net cashprovided(used in)operating activities
Millions of Yen
36,99548,822

2. Dividends

Dividend per share
1Q

2Q

3Q

4Q

TotalYen

Yen

Yen

Yen

Yen

FY3/10

—

0.00

—

0.00

0.00

FY3/11

—0.00

—

2.50

0.00

Total amount ofcash
dividends(annual)

Net cashprovided(usedin) financing
activities

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

Millions of Yen—

FY3/12(forecast)—————*2Q and 4Q dividends forecast of Fiscal 2012 have not yet been decided.

—2,372

—
45.6

1.6

—

3. Consolidated Results Forecast for the Fiscal 2012(April 1, 2011 through March 31, 2012)
Consolidated Results Forecast for the Fiscal 2012 have not yet been decided, because it is hard to calculate
rationally at the present moment.

Page 1 of 6

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

ItemAssets
Current assets
Cash and time deposits
Notes and accounts receivable-trade, net
Merchandise and finished goods
Work in process
Raw materials and supplies
Deferred tax assets
Short-term loans receivable, net
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
OtherAllowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

FY3/10(As of 3/31/10)(Millions of Yen)
FY3/11(As of 3/31/11)

119,437
153,699
31,367
8,084
36,80622,806
13,963
16,057(1,868)400,353

67,290150,064
27,1686,166
35,26016,773
12,5399,483(1,810)322,936

160,864
128,958
169,027
37,777
33,634
530,261

475,183
117,902
153,479
15,36636,078
480,977

17,99835,99353,991

15,60731,09546,702102,955
76,641(8,947)
170,650
754,903
1,155,256

86,18566,419(5,762)
146,843674,524
997,460

Page 2 of 6

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

ItemLiabilities
Current liabilities
Notes and accounts payable-trade
Short-term loans payable
Commercial papers
Current portion of bonds
Current portion of bonds with subscription
rights to shares
Income taxes payable
Provision for bonuses
Provision for directors’ bonuses
Provision for loss on disaster
Provision for loss on assignment of business
Provision for business structure reform costs
Other provisions
Other
Total current liabilities
Noncurrent liabilities
Bonds payable
Bonds with subscription rights to shares
Long-term loans payable
Provision for retirement benefits
Provision for directors’ retirement benefits
Provision for loss on business of subsidiaries
and affiliates
Provision for removal of assets
Provision for special repairs
Asset retirement obligation
Other
Total noncurrent liabilities

FY3/10(As of 3/31/10)(Millions of Yen)
FY3/11(As of 3/31/11)

82,958291,523
46,00020,61021,98278,757282,336
12,00020,326
−

2,848
5,242
7–
5,588
17,262886
58,556553,466

3,323
4,152
7
6,542
5,953
−
878
58,599472,877

63,05040
235,870
35,412792

51,954−
199,554
23,945
626

138

138

−
400
−
77,895413.602

2,427
319
6,251
73,826359.044967,069

831,922

69,49960,38452,753(960)
181,676

69,49933,96281,598(918)
184,141

Total liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Valuation and translation adjustments
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustment
Accumulated other comprehensive losses
Total valuation and translation adjustments
Minority interests in consolidated subsidiaries
Total net assets

6,586

2,319

6
4,503
(37,115)(2,468)(28,488)
34,999188,187

54
4,447(49,356)(2,446)(44,981)
26,378
165,538

Total liabilities and net assets

1,155,256

997,460

Page 3 of 6

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

Item
Net sales(Millions of Yen)
FY3/10FY3/11(4/1/09–(4/1/10–3/31/10)
3/31/11)
728,581
726,475

Cost of sales

599,518590,082

Gross profit

129,062

136,393

Selling, general and administrative expenses

125,489

119,960

3,572

16,433

555
1,367

467
1,212

4,068

1,929

Operating income
Non-operating income
Interest income
Dividends income
Equity in earnings of unconsolidated subsidiaries
and affiliates
OtherTotal non-operating income

4,251

3,695

10,243

7,303

9,786

9,540

––

3,881

6,072

13,66815,612

148

8,124

2,579

22,697

Non-operating expenses
Interest expenses
Equity in losses of unconsolidated subsidiaries andaffiliates
Other
Total non-operating expenses
Ordinary income(loss)
Extraordinary income
Gain on disposal of property, plant, and equipment
Gain on sales of investment securities

427

4,552

Other
Total extraordinary income
Extraordinary loss
Loss on disposal of property, plant, and equipment

1,066
4,073

6,677
33,927

3,625

2,268

Provision of allowance for doubtful accounts

829−

Loss on liquidation of subsidiaries and affiliates

26858

Loss on sale of investment securities

166

2,633

Loss on valuation of investment securities

8371,842

4,782

1,875

Loss on changes of ownership interests in affiliates

157−

Loss on business withdrawal

906

1,358

Loss on disaster
Cumulative effect of accounting application ofasset retirement obligation
Loss on assignment of business

–

9,206

–

4,056

150

364

32,226−

Impairment loss

Business structure reform costs
Other

2,668

1,870

Total extraordinary losses (–)
Income or Loss before income taxes and minority
interests (–)
Income taxes-current

46,37626,335(42,155)

15,716422

5,251

Income taxes-deferred(6,187)

5,244

Income before income taxes and minority interests−5,220Minority interests in income

651

58(37,041)

5,162

Net loss (–)

Page 4 of 6

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

Item
Net cash provided by(used in) operating activities
Loss 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 provision for directors’ retirement benefits
Decrease in provision for bonuses
Decrease in provision for directors’ bonuses
Decrease in allowance for doubtful accounts
Decrease in provision for business structure reform costs
Increase in provision for removal of assets
Increase(decrease) in other provisionInterest and dividends income
Interest expenses
Loss(Gain) on sales of investment securities
Loss on change in equity
Loss on liquidation of subsidiaries and affiliates
Loss on sales of property, plant, and equipment
Impairment loss
Decrease in notes and accounts receivable-trade
Decrease(Increase) in inventories
Decrease in notes and accounts payable-trade
Loss on disaster
Loss on assignment of business
Cumulative effect of accounting application of asset
retirement obligation
Business structure reform costs

Other, net

SubtotalInterest and dividends income received
Interest expenses paid
Income taxes paid
Income taxes refund
Net cash provided by(used in) operating activities
Net cash provided by(used in) investing activities
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 of investment securities
Proceeds of investments in subsidiaries resulting inchange in scope of consolidation
Payments of loans receivableCollection of loans receivable
Other, net
Net cash provided by(used in) investing activities
Net cash provided by(used in) financing activities
Net increase(decrease) in short-term loans payable
Net increase in commercial papers
Proceeds from long-term loans payable
Repayment of long-term loans payable
Proceeds from issuance of bonds
Redemption of bonds
Payments for redemption of bonds with subscription
rights to shares
Proceeds from sales of treasury stock
Purchase of treasury stock
Cash dividends paid to minority shareholders
Other, net
Net cash provided by(used in) financing activities

FY3/10
4/1/09 –3/31/10(Millions of Yen)
FY3/11
4/1/10 –3/31/11(42,155)
48,7173,233

15,71643,097
3,181(4,068)(1,929)

837
(189)
(290)
(501)
(19)
(688)
−−(990)(1,922)
9,786
(260)
157
26
1,046
4,782
19,165
17,329(17,726)
–
150

1,847
(2,344)
(137)
(804)
−)
(3,097)(14,746)2,427(47)(1,679)9,540(1,918)−858(20,429)
1,875(3,570)
5,195
717
9,206
364

–

4,056

32,226(9,114)59,5302,916(10,026)(3,598)–−(1,104)
46,271
2,091(9,569)(1,798)–48,822

36,995(1,194)(38,703)
6,264
(131)
192
(517)
7,815

(357)
(25,665)
31,151(1,477)1(588)
11,98150(1,652)(2,700)2,703
2,208(24,011)(2,029)3,052(238)
14,177(8,794)24,00074,456(52,063)
10,490(795)(7,345)34,00063,853(87,923)
10,800(21,370)(12,000)(22,000)

6(787)(804)(1,373)32,3340(14)(761)(1,718)(100,480)
Page 5 of 6

Effect of exchange rate changes 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 newconsolidation
Increase in cash and cash equivalents resulting from merger withunconsolidated subsidiaries
Decrease in cash and cash equivalents resulting from corporate
division
Cash and cash equivalents at end the period

236
57,38256,299(2,862)(52,169)
113,480

(235)

(169)

−

18161

105

(126)

−

113,480

61,265

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

[Industry Segments]
MineralCementResources
BusinessBusinessNet sales(1) Net sales tooutside
428,991
customers(2) Intersegment
10,349net sales
Total
439,340
Operating
7,951
income(loss) (-)(Millions of Yen)
TotalEliminations
Consolidated
or corporate
total
assets

66,28253,162

79,77142,84755,420726,475—

726,475

16,445

4,875

4,764

30

30,02866,493(66,493)—

82,72858,03784,53642,87885,448792,969(66,493)

726,475

1,689

5,209

(239)

(1,088)

3,596

17,119(686)

16,433All yen figures are rounded down to the nearest one million yen.

[Geographic segments]
Net sales
Noncurrent
assetsFY3/11 (4/1/10 – 3/31/11)
Construction Ceramics &Environmenta
Materials Electronics Otherl BusinessBusiness
BusinessJapan585,080

America
42,938359,00956,504(Millions of Yen)
Other
Total
98,457
726,475
65,463

480,977

Page 6 of 6