Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated
document and the Japanese original, the original shall prevail.

Consolidated Financial Results
for the Three Months Ended June 30, 2024
[Japanese GAAP]
August 8, 2024
Company name: TAIHEIYO CEMENT CORPORATION
Listing: Tokyo, Fukuoka
Securities code: 5233
URL: https://www.taiheiyo-cement.co.jp/english/index.html
Representative: Yoshifumi Taura
Inquiries: Kenichi Takano
Telephone: +81-3‐5801‐0334
Preparation of supplementary material on financial results: Yes
Holding of financial results briefing: None

President and Representative Director
General Manager of General Affairs Department(Yen amounts are rounded to the nearest million.)
1. Consolidated Financial Results for the Three Months Ended June 30, 2024 (April 1, 2024 to June 30, 2024)(1) Consolidated Operating Results(Percentages indicate year-on-year changes.)
Profit attributable to
Net sales
Operating profit
Ordinary profit
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%
Three months ended
June 30, 2024
208,852
7.9
11,048493.2
11,761295.2
13,528June 30, 2023
193,535
9.6
1,863
54.1
2,976
36.2
366
(Note) Comprehensive income:Three months ended June 30, 2024:
35,476 million yen[ 520.5%]
Three months ended June 30, 2023:
5,718 million yen[ (56.8) %]Basic earnings
per share
Three months ended
June 30, 2024
June 30, 2023

Diluted earnings per
share
Yen

Yen

117.05
3.12-(2) Consolidated Financial Position
Total assets
As ofJune 30, 2024
March 31, 2024
(Reference) Equity:

Net assets

Million yen

Capital adequacy ratio

Million yen

1,373,826
1,338,251%

627,586
596,385
593,421 million yen
563,211 million yen

As of June 30, 2024:
As of March 31, 2024:

43.2
42.1

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2024

-

35.00

-

35.00

70.00

Fiscal year ending March 31, 2025

40.00

-

40.00

80.00

Fiscal year ending March 31, 2025
(Forecast)(Note) Revision to the forecast for dividends announced most recently:

NoneYear-endTotal

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2025 (April 1, 2024 to March 31, 2025)(Percentages indicate year-on-year changes.)
Profit attributable
Basic earnings per
Net sales
Operating profit
Ordinary profit
to owners of
shareparentMillion yen%

Million yen%

Million yen

Six months ending
464,000 10.9
34,50094.3
34,500
September 30, 2024
Full year
960,000
8.3
84,00048.8
83,500(Note) Revision to the financial results forecast announced most recently:
None* Notes:(1) Significant changes in the scope of consolidation during the period:%

Million yen

%

Yen

71.5

26,50094.6

229.2840.4

62,00043.3

536.43None(2) Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements: Yes(Note) For details, please see “2. Quarterly Consolidated Financial Statements and Major Notes, (3) Notes to consolidated financial
statements, (Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements)” on page
8 of the Attached Materials of these Quarterly Financial Results.
(3) Changes in accounting policies, changes in accounting estimates, and restatement
1) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes
2) Changes in accounting policies due to other reasons: Yes
3) Changes in accounting estimates: Yes
4) Restatement: None
(Note) From the first quarter of the fiscal year under review, the Company has changed its method of depreciation. For details, pleasesee “2. Quarterly Consolidated Financial Statements and Major Notes, (3) Notes to consolidated financial statements, (Changes
in accounting policy that are difficult to distinguish from changes in accounting estimates)” on page 8 of the Attached Materialsof these Quarterly Financial Results.
(4) Number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):
June 30, 2024:
118,191,578 shares
March 31, 2024:
121,985,078 shares2) Total number of treasury shares at the end of the period:
June 30, 2024:
2,614,229 shares
March 31, 2024:
6,405,914 shares
3) Average number of shares outstanding during the period:
Three months ended June 30, 2024:
Three months ended June 30, 2023:

115,578,252 shares
117,084,616 shares* Review of the Japanese-language originals of the attached consolidated quarterly financial statements by certified public
accountants or an audit firm: Yes (Voluntary)* Proper use of earnings forecasts, and other special matters< Cautionary Note Regarding Forward-looking Statements>
Forward-looking statements such as performance forecasts included in this document are based on information currently available to
the Company and on certain assumptions deemed reasonable. However, actual results may differ materially due to various factors,
including economic conditions, market demand, raw material prices, exchange rates, etc. For matters concerning earnings forecasts,
please see “1. Qualitative Information on Quarterly Financial Results for the Period under Review, (3) Explanation of consolidated
financial results forecast and other forward-looking information” on page 3 of the Attached Materials of these Quarterly Financial Results.
<About Rounding Changes>
In the past, fractions of less than 1 million yen were rounded down, but from the "Consolidated Financial Results for the Three Months
Ended June 30, 2024 [Japanese GAAP] ", amounts of less than 1 million yen are rounded to the nearest million. In line with this change,
comparative information is rounded to the nearest whole number.

 Table of Contents of the Attached Materials
1. Qualitative Information on Quarterly Financial Results for the Period under Review ......................................... 2(1) Explanation of business results ....................................................................................................................... 2(2) Explanation of financial position .................................................................................................................... 3(3) Explanation of consolidated financial results forecast and other forward-looking information ..................... 3
2. Quarterly Consolidated Financial Statements and Major Notes ........................................................................... 4(1) Quarterly Consolidated Balance Sheets .......................................................................................................... 4(2) Quarterly Consolidated Statements of Income and Comprehensive Income .................................................. 6
Quarterly Consolidated Statements of Income................................................................................................ 6
Quarterly Consolidated Statements of Comprehensive Income...................................................................... 7(3) Notes to consolidated financial statements ..................................................................................................... 8(Note relating to going concern assumption) ........................................................................................................ 8(Notes in the case of significant changes in amount of shareholders’ equity) ...................................................... 8(Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements) .. 8
(Changes in accounting policy) ............................................................................................................................ 8(Changes in accounting policy that are difficult to distinguish from changes in accounting estimates)............... 8(Segment information, etc.) .................................................................................................................................. 9(Statements of cash flows) .................................................................................................................................. 10

1

1. Qualitative Information on Quarterly Financial Results for the Period under Review(1) Explanation of business results
During the three months ended June 30, 2024, the Japanese economy showed a moderate recovery trend,
partly due to the effect of various government policies under an improving employment and income situation,
despite stagnant consumer spending. On the other hand, the economic outlook was uncertain due to soaring
prices of resources and materials and the prolonged yen depreciation.
As for the global economy, while the U.S. economy grew, driven by increases in consumer spending andcapital investment, the recovery of the Chinese economy was sluggish due to stagnation in the real estate market
and falling prices of commodities, thus showing signs of weakness in some areas. The outlook for global
monetary tightening, developments surrounding the Middle East region and other trends must be closely
monitored.
Under such circumstances, net sales for the three months ended June 30, 2024 were ¥208,852 million (up¥15,318 million year-on-year), operating profit was ¥11,048 million (up ¥9,185 million year-on-year), ordinary
profit was ¥11,761 million (up ¥8,785 million year-on-year), and profit attributable to owners of parent was¥13,528 million (up ¥13,163 million year-on-year).
Operating results by segment are as follows. The presented amounts are figures before elimination of intersegment transactions.
① Cement Business
Domestic cement demand was generally weak due to a rise in various costs and delays in processes andconstruction starts caused by the labor shortage at construction sites, despite a certain level of demand for urban
redevelopment projects and the construction of new semiconductor-related plants. Due to this, as a whole,domestic cement demand decreased 4.8% year-on-year to 8.17 million tons, of which, imported cement
increased to 6 thousand tons from none in the same period of the previous fiscal year. Total exports increased
34.0% year-on-year to 2.02 million tons.
Under these circumstances, the Group’s domestic cement sales by volume, including consignment sales,
decreased 4.2% year-on-year to 3.06 million tons. Exports increased 27.7% year-on-year to 0.78 million tons.
At West Coast U.S. cement businesses, sales by volume decreased year-on-year mainly due to adverse
weather conditions, but selling prices were higher than in the same period of the previous fiscal year. In the
cement business in Vietnam, sales by volume decreased year-on-year mainly due to intensified domestic
competition, despite a year-on-year increase in exports. In the cement business in the Philippines, sales byvolume were on par with the same period of the previous fiscal year.
As a result of the above, net sales were ¥150,657 million (up ¥15,135 million year-on-year), and operating
profit was ¥6,985 million (operating loss of ¥2,490 million in the same period of the previous fiscal year).
② Mineral Resources BusinessIn the aggregates business, sales by volume declined year-on-year. Sales by volume of limestone for cement
decreased year-on-year in the mineral products business. In the geo-solutions business, sales by volume of
products for immobilizing heavy metal contaminants in soil decreased year-on-year. In addition, efforts to passon various cost increases to selling prices progressed in the entire business.
As a result, net sales were ¥22,002 million (up ¥396 million year-on-year), and operating profit was ¥2,419
million (up ¥426 million year-on-year).
③ Environmental Business
Sales in waste plastic processing and gypsum were sluggish, but coal processing and other products remainedsolid. As a result, net sales were ¥15,733 million (up ¥507 million year-on-year), and operating profit was ¥1,328
million (up ¥121 million year-on-year).
④ Construction Materials Business
Sales of construction and civil engineering materials and shield tunnel construction-related businesses
remained strong, but ground improvement projects and sales of ALC (Autoclaved Lightweight aerated
Concrete) were sluggish. As a result, net sales were ¥15,616 million (down ¥523 million year-on-year), andoperating profit was ¥185 million (down ¥382 million year-on-year).
⑤ Other BusinessNet sales were ¥19,302 million (down ¥842 million year-on-year), and operating profit was ¥758 million (up¥23 million year-on-year).

2(2) Explanation of financial position
Total assets increased ¥35,575 million from the end of the previous fiscal year to ¥1,373,826 million. Current
assets increased ¥14,492 million from the end of the previous fiscal year to ¥444,781 million, and non-current assets
increased ¥21,082 million to ¥929,044 million. The increase in current assets was mainly due to an increase in cash
and deposits. The increase in non-current assets was mainly due to an increase in other property, plant andequipment.
Liabilities increased ¥4,373 million from the end of the previous fiscal year to ¥746,240 million. Current
liabilities increased ¥5,044 million from the end of the previous fiscal year to ¥373,147 million, and non-current
liabilities decreased ¥671 million to ¥373,092 million. The increase in current liabilities was mainly due to anincrease in short-term borrowings. The decrease in non-current liabilities was mainly due to a decrease in othernon-current liabilities. Interest-bearing debt (total amount of short-term borrowings, commercial papers, current
portion of bonds payable, bonds payable, and long-term borrowings) increased ¥7,657 million from the end of theprevious fiscal year to ¥378,127 million.
Net assets increased ¥31,201 million from the end of the previous fiscal year to ¥627,586 million. This was
mainly due to an increase in foreign currency translation adjustment.
(3) Explanation of consolidated financial results forecast and other forward-looking information
The financial results forecast for the first half and the full year remains unchanged from the forecast
announced on May 14, 2024 at this time.

32. Quarterly Consolidated Financial Statements and Major Notes(1) Quarterly Consolidated Balance Sheets(Million yen)
As of March 31, 2024

As of June 30, 2024

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsElectronically recorded monetary claims operating
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets

80,102

86,564

167,849

164,10238,73640,44849,341
1,466

55,5602,049

72,371
20,62474,77821,481

(198)

(199)

430,289444,781

Non-current assets
Property, plant and equipment
Buildings and structures, net

163,748

163,886

Machinery, equipment and vehicles, net
Land

189,481
158,496

193,396
160,539

Other, net

142,185

154,915

Total property, plant and equipment

653,910

672,737

104

94

Other

38,98039,662

Total intangible assets

39,08439,756

Investment securities
Retirement benefit asset

132,31438,906

131,81139,017

Other
Allowance for doubtful accounts

45,076(1,328)47,065(1,341)

Total investments and other assets

214,968

216,552

907,962929,044

1,338,251

1,373,826

Intangible assets
Goodwill

Investments and other assets

Total non-current assets
Total assets

4

(Million yen)
As of March 31, 2024

As of June 30, 2024

Liabilities
Current liabilities
Notes and accounts payable - trade
Electronically recorded obligations - operating

94,951
17,502

92,92819,571

Short-term borrowings
Income taxes payable

142,916
5,446

150,871
5,372

6,502
96

5,044
-

Other provisions
Other

322
100,368310
99,051

Total current liabilities

368,104

373,147

Bonds payable
Long-term borrowings

70,000157,554

70,000157,255

Retirement benefit liability
Provision for retirement benefits for directors (andother officers)
Provision for special repairs

23,006

23,586

548

501

305

324

Provision for product compensation
Provision for loss on business withdrawal

3,830
1,769

3,824
1,889

Other provisions
Asset retirement obligations

400
10,930430
11,270Other

105,421104,013

Total non-current liabilities

373,763

373,092

741,866

746,240

Share capital
Capital surplus

86,17450,052

86,17450,078Retained earnings
Treasury shares

379,126(17,942)

377,967(7,164)

Total shareholders' equity

497,409507,055

17,476

18,647

(20)
3,697

11
3,550

Foreign currency translation adjustment
Remeasurements of defined benefit plans

32,23012,41952,103
12,055

Total accumulated other comprehensive income

65,80286,36633,174

34,165

Provision for bonuses
Provision for loss on business withdrawal

Non-current liabilities

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Revaluation reserve for land

Non-controlling interests
Total net assets
Total liabilities and net assets

5596,385

627,586

1,338,251

1,373,826

(2) Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the three months)(Million yen)
For the three months
ended June 30, 2023

For the three months
ended June 30, 2024

Net sales

193,535

208,852

Cost of sales

158,090

163,478

Gross profit

35,44545,374

Selling, general and administrative expenses

33,582

34,326

Operating profit

1,863

11,048

290
1,120

548
1,559

251

-

802

942

646

774

3,108

3,822

881

992

-

1,398

Non-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodForeign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
method
Other

1,113

719

Total non-operating expenses

1,994

3,109

Ordinary profit

2,976

11,761

Extraordinary income
Gain on disposal of non-current assets

88

1,908

Gain on sale of investment securities
Gain on extinguishment of debt

3
-

2
4,459

Other

22

29

Total extraordinary income

114

6,397

Loss on disposal of non-current assets
Other

781
41

428
29

Total extraordinary losses

822

457

Profit before income taxes

2,268

17,701

Income taxes

1,710

3,964

Profit558

13,736

Profit attributable to non-controlling interests

193

208

Profit attributable to owners of parent

366

13,528Extraordinary losses

6Quarterly Consolidated Statements of Comprehensive Income (For the three months)(Million yen)
For the three months
ended June 30, 2023
ProfitOther comprehensive income

For the three months
ended June 30, 2024
558

13,736

Valuation difference on available-for-sale securities
Deferred gains or losses on hedges

1,139
1

1,216
0

Foreign currency translation adjustment
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income

2,747
(120)

19,361
(351)

1,393

1,513

5,160

21,740Comprehensive income

5,718

35,476(Breakdown)Comprehensive income attributable to owners ofparentComprehensive income attributable to non-controllinginterests

5,064

34,240

654

1,237

7

(3) Notes to consolidated financial statements(Note relating to going concern assumption)
Not applicable.
(Notes in the case of significant changes in amount of shareholders’ equity)
The Company cancelled 3,793,500 shares of treasury shares on May 31, 2024 upon resolution of the Board of
Directors meeting held on May 14, 2024. As a result of such cancellation, retained earnings and treasury shares
decreased ¥10,785 million and ¥10,785 million, respectively. Partly due to this, retained earnings and treasury
shares amounted to ¥377,967 million and ¥7,164 million, respectively, at the end of the first quarter of the fiscal
year under review.
(Adoption of accounting treatment specific to the preparation of quarterly consolidated financial statements)
Calculation of tax expenses
Tax expenses are calculated by reasonably estimating the effective tax rate after applying tax effect accounting
to profit before income taxes for the consolidated fiscal year, including the first quarter of the fiscal year underreview, and multiplying net income before income taxes by such estimated effective tax rate. However, in cases
where the calculation of tax expenses using such estimated effective tax rate yields a result that is not reasonable
to a significant extent, the result is multiplied by the statutory income tax rate.
(Changes in accounting policy)(Application of Accounting Standard for Current Income Taxes)
The Company has applied the “Accounting Standard for Current Income Taxes” (ASBJ Statement No. 27,
revised on October 28, 2022), “Accounting Standard for Presentation of Comprehensive Income” (ASBJ
Statement No. 25, revised on October 28, 2022) and “Guidance on Accounting Standard for Tax EffectAccounting” (ASBJ Guidance No. 28, revised on October 28, 2022) from the beginning of the first quarter ofthe fiscal year under review. These changes have no impact on the quarterly consolidated financial statements.
(Changes in accounting policy that are difficult to distinguish from changes in accounting estimates)(Change in method of depreciation for property, plant and equipment)
The Company and its domestic consolidated subsidiaries previously had depreciated property, plant andequipment (excluding leased assets) mainly using the declining balance method, except for buildings (excluding
accompanying facilities) purchased on and after April 1, 1998 and accompanying facilities and structurespurchased on and after April 1, 2016, which are computed based on the straight-line method, but changed to thestraight-line method from the first quarter of the fiscal year under review.
Based on the 26 Medium-Term Management Plan, the Group is implementing a large-scale capital investment,
focusing on strengthening its plants and mines, with the aim of establishing stable production systems over thelong term. In line with this, the Company reconsidered the method of depreciation for property, plant andequipment and determined, in view of the fact that stable operation of production facilities is expected over thelong term, that this change from the declining balance method to the straight-line method, which equally allocates
expenses, would more appropriately reflect the actual use of property, plant and equipment.
As a result, operating profit increased ¥1,270 million, and ordinary profit and profit before income taxes
increased ¥1,271 million, respectively, in the first quarter of the fiscal year under review, compared with thosecomputed based on the previous method.

8

(Segment information, etc.)[Segment information]
I. For the three months ended June 30, 2023
1. Information on net sales, profit or loss by reportable segment(Million yen)
Reportable segment
Environ- Construction
mentalMaterials
Business
Business

Adjustments(Note) 2

Consolidated
Total(Note) 3

193,535-

193,535

5,957

15,102(15,102)-

188,492

20,145

208,636(15,102)

193,535

1,277

735

2,013

(150)

1,863

Other
(Note) 1

CementBusiness

MineralResources
Business

133,573

15,866

14,137

15,771

179,347

14,187

1,949

5,740

1,088

368

9,145

135,522

21,606

15,225

16,139(2,490)

1,994

1,207

567

Total

Total

Net sales
Sales to outside
customers
Inter-segment sales
Total
Segment profit (loss)
Notes:

1.
2.
3.

The “Other” section is a business segment that is not included in the reportable segments and includes the real estate,engineering, data processing, finance, transportation and warehousing, chemical products, sports, and electric power
supply businesses.
Adjustments to segment profit (loss) consist of elimination of inter-segment transactions.
Segment profit (loss) is adjusted with the operating profit in the quarterly consolidated statements of income.

2. Information on impairment losses on non-current assets, goodwill, etc. by reportable segment
Not applicable.
II. For the three months ended June 30, 2024
1. Information on net sales, profit or loss by reportable segment(Million yen)
Reportable segment
Environ- Construction
mentalMaterials
Business
Business

Adjustments(Note) 2

Consolidated
Total(Note) 3

208,852-

208,852

5,825

14,457(14,457)-

204,007

19,302

223,309(14,457)

208,852

10,917758

11,675(627)

11,048

Other(Note) 1

CementBusiness

MineralResources
Business

149,011

16,34014,80015,223

195,374

13,478

1,645

5,662

933

393

8,632

Total

150,657

22,002

15,733

15,616

Segment profit

6,985

2,419

1,328

185

Total

Total

Net sales
Sales to outside
customers
Inter-segment sales

Notes:

1.
2.
3.

The “Other” section is a business segment that is not included in the reportable segments and includes the real estate,engineering, data processing, finance, transportation and warehousing, chemical products, sports, and electric power
supply businesses.
Adjustments to segment profit consist of elimination of inter-segment transactions.
Segment profit is adjusted with the operating profit in the quarterly consolidated statements of income.

2. Matters concerning changes in reportable segments, etc.
(Change in method of depreciation for property, plant and equipment)
As stated in “Changes in accounting policy that are difficult to distinguish from changes in accounting
estimates,” the Company and its domestic consolidated subsidiaries previously had depreciated property,
plant and equipment (excluding leased assets) mainly using the declining balance method, except forbuildings (excluding accompanying facilities) purchased on and after April 1, 1998 and accompanying
facilities and structures purchased on and after April 1, 2016, which are computed based on the straight-line
method, but changed to the straight-line method from the first quarter of the fiscal year under review.
9As a result of this change, segment profit increased by ¥782 million in Cement Business, ¥169 million
in Mineral Resources Business, ¥38 million in Environmental Business, ¥67 million in Construction
Materials Business, and ¥233 million in Other in the first quarter of the fiscal year under review, comparedwith those computed based on the previous method. The total increase in segment profit after elimination ofinter-segment transactions was ¥1,270 million.
3. Information on impairment losses on non-current assets, goodwill, etc. by reportable segment
Not applicable.
(Statements of cash flows)
Quarterly consolidated statements of cash flows for the three months ended June 30, 2024 have not been
prepared. Depreciation (including depreciation related to intangible assets excluding goodwill) and amortizationof goodwill for the three months ended June 30, 2024 are as follows.

Depreciation

For the three months

For the three months

ended June 30, 2023

ended June 30, 2024

¥15,895 million¥14,382 million¥12 million¥10 million

Amortization of goodwill

10