Reference Materials of Financial Results
for the Three Months Ended June 30, 2023

August 8, 2023

Page 0Contents
1. Highlights of Consolidated Financial Results

Page 2

2. Financial Results for the Three Months Ended
June 30, 2023

Page 3(1) Consolidated Segment Information(2) Consolidated Statements of Income(Items below Operating Profit)(3) Consolidated Balance Sheets

Page 1

1. Highlights of Consolidated Financial Results(Million yen)

1st Quarterof FY2023
Net sales

1st Quarterof FY2024

Change176,516

193,534

17,018Operating profit

1,208

1,862653

Ordinary profit

2,185

2,976790

Profit attributable to owners of parent(220)365585＜Indexes＞

As of Mar.
31, 2023

As of Jun.
30, 2023

ChangeCapital adequacy ratio (%)

39.0

38.7(0.3)

Capital adequacy ratio based on market value (%)

22.9

26.0

3.0

4,228.5
1st Quarterof FY2023

4,235.1
1st Quarterof FY2024

6.6(1.9)

3.1

Net assets per share (Yen)

Basic earnings per share (Yen)

Change5.0

Page 2

2. Financial Results for the Three Months
Ended June 30, 2023

(Million yen)

Net sales

1st Quarterof FY2023

1st Quarterof FY2024

8,736(6,475)(4,720)1,755

66,177

7,815

4,513

2,230

(2,282)

118,969

135,521

16,551(1,961)(2,489)(527)

Mineral Resources Business

19,93021,606

1,675

1,449

1,993

544

Environmental Business

17,61815,225(2,392)

1,352

1,206

(146)

Construction Materials Business

13,576

16,1382,562(412)

566

979

Other

20,25620,144

(111)

558

735

177

Total

190,351

208,636

18,284

986

2,012

1,026

Elimination(13,835)(15,101)(1,266)

222

(150)

(372)

Consolidated Total

176,516

193,534

17,0181,208

1,862653

CementBusiness

1st Quarterof FY2023

1st Quarterof FY2024

Domestic

60,607

69,343

Overseas Subsidiaries, etc.

58,362

Total

Operating profit
ChangeChangePage 3

2. Financial Results for the Three Months
Ended June 30, 2023
(1) Consolidated Segment Information

Average Exchange Rate Applied(Thousand tons) by Overseas Subsidiaries

Sales Volume of Cement

Cement Business

Domestic

1st Quarterof FY 2024

Domestic

3,227

3,198

(29)

Export804

610

(194)

Change1st Quarterof FY 2023

1st Quarterof FY 2024

Change116.34132.4216.08(Million yen)

1st Quarterof FY 2023

Net Sales

1st Quarterof FY 2023

(Yen/US$)60,607

1st Quarterof FY 2024

69,343

ChangeMain Factors of Changes in Net Sales and Operating Profit

8,736 Increase in sales volume of domestic cement and soil stabilizers +0.3 billion yen
Decrease in export cement volume -1.4 billion yen
Price difference in domestic cement and soil stabilizers +10.8 billion yen
Price difference in export cement -0.3 billion yen
Decrease in sales from subsidiaries producing or selling cement or ready-mixed concrete, etc. -0.6 billion yen

Overseas
Subsidiaries,etc.
Total
Operating Profit Domestic

58,362

66,177

7,815 U.S.A. +US$32 million
China -US$31 million, Asia and other +US$3 million
Effect of foreign exchange, etc. +7.3 billion yen

118,969

135,521

16,551(6,475)(4,720)1,755 Decrease in sales volume of domestic cement and soil stabilizers -0.8 billion yen
Decrease in export cement volume -0.4 billion yen
Price difference in domestic cement and soil stabilizers +9.8 billion yen
Increase in net export cement revenue +0.4 billion yen
Increase in variable cost -7.7 billion yen
Decrease in fixed cost +0.9 billion yen
Decrease in income from subsidiaries producing or selling cement or ready-mixed concrete, etc. -0.5 billion yen

Overseas
Subsidiaries,etc.
Total

4,513

2,230

(2,282) U.S.A. -US$17 million
China +US$2 million, Asia and other -US$7 million
Effect of foreign exchange, etc. +0.4 billion yen(1,961)(2,489)(527)

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2. Financial Results for the Three Months
Ended June 30, 2023
(1) Consolidated Segment Information
Reportable Segments (Excluding Cement Business) and Other(Million yen)
1st Quarterof FY2023

1st Quarterof FY2024

Change(Million yen)

Main Factors of Changes in Net Sales and Operating Profit

MineralResourcesBusiness

Net Sales

19,93021,606

1,675

Operating Profit

1,449

1,993

544 Increase in various type of costs passed on to selling prices

Environmental
Business

Net Sales

17,61815,225(2,392) Decrease in fuel sales and processing operations in coal ash

Operating Profit

1,352

1,206(146) Foreign exchange impact deteriorated profitability in biomass fuel business

Construction
Materials
Business

Net Sales

13,576

16,1382,562

Operating Profit

(412)

566

OtherNet Sales

20,25620,144

(111)

558

735

177

Increase in aggregate sales volume in the Kansai and Hokkaido region

Ground improvement projects remained strong

Operating Profit

979 Price optimization of ALC (Autoclaved Lightweight Concrete) and construction materials

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2. Financial Results for the Three Months
Ended June 30, 2023
(2) Consolidated Statements of Income (Items below Operating Profit)(Million yen)

1st Quarterof FY2023
1,208

1st Quarterof FY2024
1,862

976

1,113

137

Ordinary profit

2,185

2,976790Extraordinary income and losses

(363)

(708)

(344)

Profit before income taxes

1,821

2,268

446

Income taxes

1,758

1,709

(48)

Profit attributable to non-controlling interests

283

192

(90)

Profit attributable to owners of parent

(220)

365

585

Operating profit
Non-operating income and expenses

Change653

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2. Financial Results for the Three Months
Ended June 30, 2023
(3) Consolidated Balance Sheets(Million yen)

Change182,963

186,428

3,464

Inventories

138,373

137,432

(940)

Other

29,22829,012(216)

Total current assets

430,408

431,766

1,358

Total property, plant and equipment

620,083

626,750

6,667

Total intangible assets

39,76639,755(11)

Total investments and other assets

178,604

181,734

3,130

Total non-current assets

838,454848,240

9,786

Total assets

1,268,862

1,280,007

11,145

As of Mar. As of Jun.
31, 2023
30, 2023
385,784
397,558

Change11,774Non-current liabilities

354,221352,310(1,910)Total liabilities

740,005

749,869

9,864

Share capital

86,174

86,174-Capital surplus

49,72949,80071

Retained earnings

342,880

339,142(3,737)

Treasury shares(13,738)(13,735)

2

Total shareholders' equity

465,045

461,382(3,662)

Accumulated other comprehensive income

29,911

34,6104,698

Non-controlling interests

33,89934,144244

Total net assets

528,857

530,137

1,280

1,268,862

1,280,007

11,145

Shareholders' equity

Trade receivables

Current liabilities

Liabilities(949)

Net assets

Non-current assets

Current assets

Cash and deposits

As of Mar. As of Jun.
31, 2023
30, 2023
79,84278,892

Total liabilities and net assets※Trade receivables include "Notes and accounts receivable-trade, and contract assets" and "Electronically recorded monetary claims - operating".

Exchange rate at end of period (Yen/US$)As of Dec.
31, 2022

As of Mar.
31, 2023

Change132.70133.530.83

As of Mar.
31, 2023
Interest-bearing debt (Million yen)

403,485

As of Jun.
30, 2023
406,476

Change2,990

Page 7

This document is a translation of the original Japanese version and provided for reference purposes only. In theevent of any discrepancy between the Japanese original and this English translation, the Japanese original shallprevail.

Forecasts and other forward-looking statements in this document are based on information available to Taiheiyo

Cement as of the date of the release of this document and on certain assumptions Taiheiyo Cement deems
reasonable, and therefore are subject to risks and uncertainties.
As such, Taiheiyo Cement does not offer any promise or guarantee that forecasts included in this document will
be realized in the future. Actual results may differ significantly due to a variety of factors.

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