Reference Materials of Financial Results
for the Nine Months Ended December 31, 2023

February 8, 2024

Page 0Contents
1. Highlights of Consolidated Financial Results

Page 2

2. Financial Results for the Nine Months EndedDecember 31, 2023

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

3．Forecast for the Fiscal 2024

Page 8Page 1

1. Highlights of Consolidated Financial Results(Million yen)

FY2023Nine months

FY2024
Nine months

600,348

660,174

59,825

Operating profit

3,392

41,862

38,469Ordinary profit

3,526

43,83440,307(17,665)

28,796

46,462

Net sales

Profit attributable to owners of parent＜Indexes＞
Capital adequacy ratio (%)
Capital adequacy ratio based on market value (%)
Net assets per share (Yen)

Basic earnings per share (Yen)

As of Mar. 31, As of Dec. 31,
2023
2023
39.0
40.1
22.9

ChangeChange
1.1

24.6

1.6

4,228.5
4,744.6
FY2023
FY2024
Nine months Nine months(150.9)
246.3

516.1
Change397.2

Page 2

2. Financial Results for the Nine Months
Ended December 31, 2023

(Million yen)

Operating profit

Net sales
FY2024FY2023Nine months Nine months

ChangeFY2024FY2023Nine months Nine months

ChangeDomestic

193,973

224,816

30,842(26,623)(1,664)

24,958Overseas Subsidiaries, etc.

216,042

246,123

30,08016,76925,245

8,476

Total

410,016

470,940

60,923(9,854)

23,58133,435Mineral Resources Business

62,402

66,544

4,142

4,491

7,326

2,835

Environmental Business

59,174

51,571(7,603)

4,458

4,790

331

Construction Materials Business

49,61456,072

6,458

1,206

3,9352,729

Other

63,451

62,983

(467)

2,737

2,260

(476)

Total

644,659

708,11263,453

3,039

41,89438,854

Elimination(44,311)(47,938)(3,627)

352

(32)

(385)

Consolidated Total

600,348

660,174

59,825

3,392

41,862

38,469

CementBusiness

Page 3

2. Financial Results for the Nine Months
Ended December 31, 2023
(1) Consolidated Segment Information

Average Exchange Rate Applied(Thousand tons) by Overseas Subsidiaries

Sales Volume of Cement
FY2023Nine months

Cement Business
Domestic

ChangeDomestic

10,08910,000(89)Export2,0291,972(56)FY2023Nine months

FY2024
Nine months

Change

128.3

138.2

9.9
(Million yen)

FY2023
FY2024
Nine months Nine months

Net Sales

FY2024
Nine months(Yen/US$)

193,973

ChangeMain Factors of Changes in Net Sales and Operating Profit

224,816

30,842 Decrease in sales volume of domestic cement and soil stabilizers -0.8 billion yen

246,123

Decrease in export cement volume -0.4 billion yen
Price difference in domestic cement and soil stabilizers +32.2 billion yen
Price difference in export cement -2.1 billion yen
Increase in sales from subsidiaries producing or selling cement or ready-mixed concrete, etc. +1.9 billion yen
30,080 U.S.A. +US$204 million

Overseas
Subsidiaries, etc.

216,042

Total

410,016

470,940

60,923(26,623)(1,664)

24,958 Decrease in sales volume of domestic cement and soil stabilizers -2.4 billion yen

25,245Decrease in export cement volume -0.1 billion yen
Price difference in domestic cement and soil stabilizers +29.8 billion yen
Increase in net export cement revenue +0.1 billion yen
Increase in variable cost -5.4 billion yen
Decrease in fixed cost +0.4 billion yen
Increase in income from subsidiaries producing or selling cement or ready-mixed concrete, etc. +2.6 billion yen
8,476 U.S.A. +US$66 million

China -US$95 million, Asia and other -US$6 million
Effect of foreign exchange, etc. +16.8 billion yen

Operating Profit Domestic

Overseas
Subsidiaries, etc.

16,769China +US$2 million, Asia and other -US$18 million
Effect of foreign exchange, etc. +2.0 billion yen

Total(9,854)

23,58133,435

Page 42. Financial Results for the Nine Months
Ended December 31, 2023
(1) Consolidated Segment Information
Reportable Segments (Excluding Cement Business) and Other(Million yen)
FY2023
FY2024
Nine months Nine months

MineralResources
Business

Net Sales
Operating Profit

EnvironmentalBusiness

62,402

Change(Million yen)

Main Factors of Changes in Net Sales and Operating Profit

66,544

4,142

4,491

7,326

Increase in aggregate sales volume in the Hokkaido and Kansai region
2,835 Increase in various type of costs passed on to sales prices

Net Sales

59,174

51,571

Operating Profit

4,458

4,790

Construction
Materials
Business

Net Sales

49,61456,072

6,458

Operating Profit

1,206

3,935

2,729 Price optimization of ALC (Autoclaved Lightweight Concrete), construction and civil engineering materials

OtherNet Sales

63,451

62,983(467)

Operating Profit

2,737

2,260(476)(7,603) Decrease in fuel sales
331 Sales of calcium carbonate used for flue gas desulfurization and gypsum remained strong

Ground improvement projects were strong

Page 5

2. Financial Results for the Nine Months
Ended December 31, 2023
(2) Consolidated Statements of Income (Items below Operating Profit)(Million yen)

FY2023Nine months

FY2024
Nine months

3,392

41,862

38,469

133

1,972

1,838

Ordinary profit

3,526

43,83440,307Extraordinary income and losses(2,432)(1,085)

1,346

Profit before income taxes

1,094

42,74841,654

Income taxes

17,952

13,760(4,191)

807

190

(616)

(17,665)

28,796

46,462

Operating profit
Non-operating income and expenses

Profit attributable to non-controlling interest
Profit attributable to owners of parent

ChangePage 62. Financial Results for the Nine Months
Ended December 31, 2023
(3) Consolidated Balance Sheets(Million yen)

Change182,963

226,34943,385

Inventories

138,373

128,871(9,501)Other

29,22825,777(3,450)Total current assets

430,408

479,123

48,715

Total property, plant and equipment

620,083

657,756

37,672

Total intangible assets

39,766

40,791

1,024

Total investments and other assets

178,604

189,619

11,014

Total non-current assets
Total assets

838,454888,166

1,268,862

1,367,289

As of Mar. As of Dec.
31, 2023
31, 2023
385,784
410,940

Change25,156

Non-current liabilities

354,221373,267

19,046

Total liabilities

740,005

784,20744,202

Share capital

86,174

86,174-

Capital surplus

49,72949,79566

Retained earnings

342,880

363,449

20,568Treasury shares(13,738)(17,934)(4,196)

Total shareholders' equity

465,045

481,483

16,438

Accumulated other comprehensive income

29,911

66,90836,997

Non-controlling interests

33,89934,689789

Total net assets

528,857

583,081

54,224

98,427 Total liabilities and net assets

1,268,862

1,367,289

98,42749,712

Shareholders' equity

Trade receivables

Current liabilities
Liabilities

18,281

Net assets

Non-current assets

Current assets

Cash and deposits

As of Mar. As of Dec.
31, 2023
31, 2023
79,842
98,124※Trade receivables include "Notes and accounts receivable-trade, and contract assets" and "Electronically recorded monetary claims - operating".

As of Dec. As of Sep.
31, 2022
31, 2023
Exchange rate at end of period (Yen/US$)

132.7

149.6

As of Mar. As of Dec.
31, 2023
31, 2023

Change16.9

Interest-bearing debt (Million yen)

403,485

398,257

Change(5,227)

Page 7

3．Forecast for the Fiscal 2024

Previous forecast, announced on November 9th 2023, has not been revised.
(Hundred million yen)

Net sales
Operating profit
Ordinary profit
Profit attributable to owners of parent

FY2023
FY2024
Change(Actual) (Forecast) Year-on-Year
8,095
8,940
845
44580
536
10590
580
(332)
400732

Page 8

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.

Page 9