Summary of Consolidated Financial Results of Taiheiyo Cement Corporation
for the Fiscal 2009 Ended March 31, 2009
May 15, 2009
Company:
Stock code:
URL:

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

Fiscal 2008 : April 1, 2007-March 31,2008
Fiscal 2009 : April 1, 2008-March 31, 2009
Fiscal 2010 1H: April 1, 2009-September 30, 2009
Fiscal 2010 : April 1, 2009-March 31, 2010

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.

1. Consolidated Financial Results for the Fiscal 2009 (April 1, 2008 through March 31, 2009)
All yen figures are rounded down to the nearest one million yen.
(1) Operating Results
FY3/09
FY3/08Net Sales
Millions of Yen
871,833
927,576

Operating income
Millions of Yen%
11,176 –78.3
51,551 –32.8

%
–6.0
–1.4

EPS

Diluted EPS
Yen–37.69
21.84

FY3/09
FY3/08ROEYen—20.23%–0.4
3.4

Operating income
to net sales%
1.3
5.6

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

Total assets
Millions of Yen
1,158,086
1,218,033

Total net assets
Millions of Yen
220,038
327,589(3) Consolidated Cash Flows

Equity ratio

Equity per shareYen
195.80308.82

%
15.9
23.8

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

Cash flows fromoperating activities
Millions of Yen
28,22371,359

FY3/09
FY3/08

ROA%
–14.9
7.0

(2) Financial Position
FY3/09
FY3/08

Ordinary income
Net income
Millions of Yen% Millions of Yen%–4,880—–35,371—
41,645 –38.7
20,485 –16.1

Cash flows frominvesting activities
Millions of Yen–92,576–56,674

Cash flows fromfinancing activities
Millions of Yen
65,538–20,150

Cash and cash equivalents
at end of year
Millions of Yen
56,29960,051

2. Dividends
Dividend per share
1Q
FY3/08
FY3/09FY3/10(forecast)

2Q

3Q

Yen

Yen

Yen

—
—
—

2.00
2.00
—

—
—
—

Total

Total amount ofcash dividends(annual)Yen

YenMillions of Yen

3.00
0.00
—

5.00
2.00
—

4,736
1,894

4Q

Dividends payout
ratio (consolidated)

Ratio of total amountof dividends toshareholders’ equity(consolidated)%
22.9——%
1.60.8*The company is foregoing a decision on FY 2009 year-end dividend.

3. Consolidated Results Forecast for the Fiscal 2010 (April 1, 2009 through March 31, 2010)
Net Sales

Operating income

1H FY3/10

390,000%–9.1

FY3/10820,000–5.9

Millions of Yen

Millions of Yen

Ordinary income
Millions of Yen

2,000%–55.6

24,000114.7

Net income
Millions of Yen–3,000%—16,000—EPS–2,500%—–2.66

8,500—

9.06

Yen

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 time deposits
Notes and accounts receivable-trade
Inventories
Merchandise and finished goods
Work in process
Raw materials and supplies
Deferred tax assets
Short-term loans receivable
Other
Allowance for doubtful accounts
Current assets
Non-current assets
A. Property, plant and equipment
Buildings and structures
Machinery, equipment, and vehicles
Land
Construction in progress
Other
Property, plant and equipment
B. Intangible assets
Goodwill
Other
Intangible assets
C. Investments and other assets
Investments securities
Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts
Investments and other assets
Non-current assets
Total assets

FY3/08(As of 3/31/08)(Unit: Millions of Yen)
FY3/09(As of 3/31/09)

64,465
189,559
86,020———10,011
13,88615,330–1,425
377,848

61,052
172,621—36,75812,361
46,538
11,06814,087
13,131–1,961
365,659

188,411
172,317
166,092
17,05027,178571,049

173,584
151,198
173,566
26,47331,516556,339

22,67927,82050,49921,34337,04958,392

152,647
3,398
21,28452,425–11,120
218,635
840,184
1,218,033

103,1533,531
29,86350,677–9,530177,695
792,426
1,158,086

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
Commercial papers
Current portion of bonds
Income taxes payable
Deferred tax liabilities
Provision for bonuses
Provision for directors’ bonuses
Provision for the head office transfer
cost
Provision for loss on transfer of business
Other provision
Other
Current liabilities
Non-current liabilities
Bonds payable
Bonds with subscription rights to shares
Long-term loans payable
Deferred tax liabilities
Deferred tax liabilities for land
revaluation
Provision for retirement benefits
Provision for directors' retirement
benefits
Provision for loss on business ofsubsidiaries and affiliates
Provision for special repairs
Other provision
OtherNon-current liabilities
Liabilities
Net assets
Shareholders’ equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Shareholders’ equity
Valuation and translation adjustments
Valuation difference on available-forsale securities
Deferred gains or losses on hedges
Revaluation reserve for land
Foreign currency translation adjustments
Accumulated other comprehensive
lossesValuation and translation adjustments
Minority interests
Net assets
Liabilities and net assets

FY3/08(As of 3/31/08)(Unit: Millions of Yen)
FY3/09(As of 3/31/09)

109,114284,104
19,000
1,227
4,036
23
7,046
53

100,877
280,702
22,000
785
2,292
400
5,740
26

—

428

—
787
63,315
488,7105,438
818
64,756484,266

72,997
34,167
178,740
22,95173,181
34,137
232,559
22,557

6,095

6,095

35,31934,215

1,453

1,083

138

138

315
—
49,553401,733
890,443361
404
49,046453,780
938,047

69,49960,756
142,923–1,689271,489

69,49960,75689,743–1,702
218,286

10,352

4,952

–45
4,594
5,469

–97
4,559
–41,379–1,971–2,567

18,39937,701
327,589
1,218,033–34,531
36,284220,038
1,158,086

Page 3 of 9

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

Item735,231717,724

Gross profit

192,344

154,109

Selling, general and administrative expenses

140,793

142,933

Operating income

51,551

11,176

IncomeCost of sales

ExpensesNon-operating income
and expenses

Operatingincome/loss

Net salesInterest and dividends income

3,201

2,717

Other4,838

4,238

8,040

6,956

Interest expenses10,840

10,713Equity in losses of affiliates

3,830

7,536

Other

3,275

4,764

17,94623,014Non-operating income

Non-operating expenses

LossesIncomeOrdinary income or loss

Extraordinary income and losses(Unit: Millions of Yen)
FY3/08
FY3/09(4/1/07–3/31/08) (4/1/08–3/31/09)
927,576
871,833

41,645–4,880Gain on disposal of non-current assets

5,773

1,911

Gain on sales of investment securities

835

937

1,369

1,316

Extraordinary income

7,979

4,165

Loss on disposal of non-current assets
Provision of allowance for doubtful
accounts
Loss on liquidation of subsidiaries andaffiliates
Loss on sale of investment securities
Loss on valuation of investment
securities
Impairment loss
Losses on changes of ownershipinterests in affiliates
Business withdrawal loss
Loss of compensation on businesswithdrawal
Amortization of goodwill in equity

6,042

5,376

233

1,100

117

250

214

2,202

333

7,090

2,738

3,161

442

53

3,826

377

1,010

–

–

4,491

–

428

Other

Head office transfer loss
Business transfer loss

–

5,438

950

2,220

15,91032,194

Income before income tax and minority interests

33,714–32,909

Income taxes-current

15,932

7,164

Income taxes for prior periods–2,231

1,816

Income taxes-deferred–1,257–7,673784

1,154

20,485–35,371

OtherExtraordinary loss

Minority interests in income
Net income

Page 4 of 9

Consolidated Statements of Changes in Shareholders’ Equity
All yen figures are rounded down to the nearest one million yen.

(Unit: Millions of Yen)
Item
Shareholders’ equity
Capital stock
Capital stock
Changes of items during the period
Total changes of items during the period
Capital stock
Capital surplus
Capital surplusChanges of items during the period
Disposal of treasury stock
Total changes of items during the period
Capital surplus
Retained earnings
Retained earnings
Effect of changes in accounting policies
applied to foreign subsidiaries
Changes of items during the period
Dividends from surplus
Net income
Reversal of revaluation reserve for land
Change of scope of equity method
Changes of items during the period
Retained earnings
Treasury stock
Treasury stock
Changes of items during the period
Purchase of treasury stock
Disposal of treasury stock
Total changes of items during the period
Treasury stock
Total shareholders’ equity
Shareholders' equity
Effect of changes in accounting policies
applied to foreign subsidiaries
Changes of items during the period
Dividends from surplus
Net income
Reversal of revaluation reserve for land
Purchase of treasury stock
Disposal of treasury stock
Change of scope of equity method
Total changes of items during the period
Shareholders' equity
Valuation and translation adjustments
Valuation difference on available-for-salesecurities
Valuation difference on available-for-salesecurities
Changes of items during the period
Net changes of items other thanshareholders' equity
Total changes of items during the period
Valuation difference on available-for-salesecurities

FY3/09(As of 3/31/09)

FY3/08(As of 3/31/08)

69,49969,499–69,499–69,49959,86860,756887
887
60,756–10–1060,745

126,127

142,923––12,908–3,753
20,48564–
16,796
142,923–4,697–35,371–151–50–40,271
89,743–1,669–1,689

–191
171
–20
–1,689–75
62–12–1,702

253,826

271,489––12,908–3,753
20,485
64
–191
1,058
–
17,663
271,489–4,697–35,371
–151
–75
51
–50
–40,294
218,286

25,485

10,352–15,133–5,399–15,133–5,39910,352

4,952

Page 5 of 9

(Unit: Millions of Yen)
Item
Deferred gains or losses on hedges
Deferred gains or losses on hedges
Changes of items during the period
Net changes of items other than shareholders'equityTotal changes of items during the period
Deferred gains or losses on hedges
Revaluation reserve for land
Revaluation reserve for land
Changes of items during the period
Net changes of items other than shareholders'equityTotal changes of items during the period
Revaluation reserve for land
Foreign currency translation adjustments
Foreign currency translation adjustments
Changes of items during the period
Net changes of items other than shareholders'equityTotal changes of items during the period
Foreign currency translation adjustments
Accumulated other comprehensive losses
Accumulated other comprehensive losses
Changes of items during the period
Net changes of items other than shareholders'equityTotal changes of items during the period
Accumulated other comprehensive losses
Total valuation and translation adjustments
Valuation and translation adjustments
Changes of items during the period
Changes in items other than shareholders’equity (net)Total changes of items during the period
Valuation and translation adjustments
Minority interests
Minority interests
Changes of items during the period
Changes of items other than shareholders’equity (net)Total changes of items during the period
Minority interests
Total net assets
Net assets
Changes of items during the period
Dividends from surplus
Net income
Reversal of revaluation reserve for land
Purchase of treasury stock
Disposal of treasury stock
Change of scope of equity method
Net changes of items other than shareholders'equityTotal changes of items during the period
Net assets

FY3/09(As of 3/31/09)

FY3/08(As of 3/31/08)

21

–45

–67

–51

–67
–45

–51
–97

4,677

4,594

–83

–34

–83
4,594

–34
4,559

10,7205,469–5,251–46,848–5,251
5,469–46,848–41,379–1,740–1,971

–230

–596

–230
–1,971–596–2,567

39,165

18,399–20,766–52,930–20,766
18,399–52,930–34,531

36,64637,701

1,054–1,4161,054
37,701–1,41636,284

329,637

327,589–3,753
20,48564–191
1,058––4,697–35,371
–151
–75
51
–50

–19,711–54,347–2,047
327,589–94,642220,038

Page 6 of 9

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

TermItemI
Net cash provided by (used in) operating activities
Income before income taxes and minority interests
Depreciation and amortization
Amortization of goodwill
Equity in losses of affiliates
Stock valuation loss
Increase (decrease) in provision for retirement benefits
Increase (decrease) in provision for directors' retirement
benefits
Increase (decrease) in provision for bonuses
Increase (decrease) in provision for directors' bonuses
Increase (decrease) in allowance for doubtful accounts
Increase (decrease) in other provisionInterest and dividends income
Interest expenses
Gain (loss) on sale of investments in securities
Loss on change in equity
Loss on liquidation of subsidiaries and affiliates
Gain (loss) on disposal of non-current assets
Impairment loss
Decrease (increase) in notes and accounts receivable-tradeDecrease (increase) in inventories
Increase (decrease) in notes and accounts payable-trade
Head office transfer loss
Loss (gain) on transfer of business
Amortization of goodwill in equity
Other, net
SubtotalInterest and dividends income received
Interest expenses paid
Income taxes paid
Income taxes refund
Net cash provided by (used in) operating activities(Unit: Millions of Yen)
FY3/094/1/08 –3/31/09

FY3/084/1/07 –3/31/08
33,71443,531
855
3,830
333
–1,920–32,909
51,730
3,059
7,536
7,090
–908

300

–370

197
–5
–6,113
271–3,201
10,840
–620
442
117
268
2,738
17,611–6,279–7,6783,185
92,4193,179–10,810–16,313
2,885–1,187–27–723
76–2,717
10,713
1,265
53
250
3,465
3,161
13,912–14,446–7,586
428
5,438
4,491
–4,63047,166
3,187–11,455–11,451
775

71,35928,223–––

Page 7 of 9

Term
Item
II Net cash provided by (used in) investing activities
Decrease (increase) in time deposits
Purchase of non-current assets
Proceeds from sales of non-current assets
Purchase of other depreciated assets
Proceeds from sales of other depreciated assets
Purchase of investment securities
Proceeds from sales of investment securities
Purchase of investments in subsidiaries resulting inchange in scope of consolidation
Payments of loans receivableCollection of loans receivable
Other, net
Net cash used by (used in) investing activities

FY3/084/1/07 –3/31/08

FY3/094/1/08 –3/31/0944–56,869
7,155–4,72553–3,475
1,892–60–50,598
5,793–1,6782,335–6,202
6,554–105–47,408–1,671
2,867–1,841–4,574
3,890–627–56,674–92,576

III Net cash provided by (used in) financing activities
Net increase (decrease) in short-term borrowings
Net 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
Payment for issuance of common stock
Proceeds from sales of treasury stock
Purchase of treasury stocks
Cash dividend paid
Cash dividend paid to minority shareholders
Other, net–22,045
8,000
53,518–56,830575–2,274
2,427
1,058–191–3,753–634

Net cash provided by (used in) financing activities–20,150641
3,000
121,378–54,270950–1,2472,138
51–74–4,668–833–1,52765,538–299–4,099–5,76365,657–2,91460,051

135

–838

22

–

60,051

56,299IV Effect of exchange rate changes on cash and cashequivalents
V Net increase (decrease) in cash and cash equivalents
VI Cash and cash equivalents
VII Increase (decrease) in cash and cash equivalents resulting
from change of scope of consolidation
VIII Increase (decrease) in cash and cash equivalents atbeginning of term resulting from merger of subsidiaries
IX Cash and cash equivalents–Page 8 of 9Segment Information
All yen figures are rounded down to the nearest one million yen.

Segment information(Unit: Millions of Yen)
MineralCement
Resources
Business
Business
Sales and operating
incomeSales(1) Sales tooutside
557,067
customers(2) Intersegment
sales and13,589
transfers
Total
570,656
Operating531,700
expenses
Operating
38,955incomeEnvironmental
Business

FY3/08 (4/1/07 – 3/31/08)
Construction Ceramics &Materials Electronics Other
Business
Business

Total

Eliminations
Consolidatedor corporate
total
assets83,92762,22398,24855,84870,262

927,576—

927,576

20,626

6,376

8,688

17

46,211

95,510(95,510)—

104,553

68,600106,936

55,865 116,473 1,023,086(95,510)927,576

101,039

64,578105,986

55,743 111,386

970,435(94,410)876,025

3,514

4,021

949

52,650(1,099)51,551

121

5,087(Unit: Millions of Yen)
MineralCementResources
Business
Business
Sales and operating
incomeSales(1) Sales to528,511
outsidecustomers(2) Intersegment
sales and13,179
transfers
Total
541,691
Operating
538,936expenses
Operating
2,755
incomeEnvironmental
Business

FY3/09 (4/1/08 – 3/31/09)
Construction Ceramics &Materials Electronics Other
Business
Business

Total

Eliminations
Consolidated
or corporate
total
assets

83,27461,004102,339

27,243

69,460871,833—

871,833

20,753

6,506

8,020

53

44,663

93,177(93,177)—

104,027

67,511

110,359

27,297 114,123

965,011(93,177)

871,833

102,331

63,670107,936

29,617 110,296

952,788(92,131)860,657

1,696

3,840

2,423

–2,32012,222(1,045)

11,176

3,826

Overseas sales

I
Overseas sales
II Consolidated sales
III Ratio of overseas sales to consolidated sales

IOverseas sales
II Consolidated sales
III Ratio of overseas sales to consolidated sales

North America
120,764—
13.0%(Unit: Millions of Yen)
FY3/08 (4/1/07 – 3/31/08)
Asia
Other
Total
87,494
20,124228,384——
927,576
9.4%
2.2%
24.6%

North America
95,667—
10.9%(Unit: Millions of Yen)
FY3/08 (4/1/08 – 3/31/09)
Asia
OtherTotal
68,176
18,339182,183——
871,833
7.8%
2.1%
20.9%

Page 9 of 9