Summary of Consolidated Financial Results of Taiheiyo Cement Corporation
for the Fiscal 2010 Ended March 31, 2010
May 11, 2010
Company:
Stock code:
URL:

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

Fiscal 2009:
Fiscal 2010:
Fiscal 2011:

April 1, 2008-March 31, 2009
April 1, 2009-March 31, 2010
April 1, 2010-March 31, 2011

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 2010 (April 1, 2009 through March 31, 2010)(1) Operating Results
Net Sales
Ordinary income
Operating income
FY3/10
FY3/09Millions of Yen%
728,581 (16.4)
871,833(6.0)
EPS%(68.0)(78.3)

Diluted EPS

Yen(39.50)(37.69)FY3/10
FY3/09Millions of Yen
3,572
11,176

Net income% Millions of Yen–(37,041)–(35,371)

Millions of Yen
148(4,880)

ROE

ROAYen%(22.0)(14.9)––%0.0(0.4)%––Operating income
to net sales%
0.5
1.3(2) Financial Position
Total assets
Millions of Yen
1,155,256
1,158,086

FY3/10
FY3/09Total net assets
Millions of Yen
188,187
220,038

Equity ratio

Equity per shareYen
162.86
195.80Net cash provided(usedin) investing activities

Net cash provided(usedin) financing activities

Cash and cash equivalents
at end of year

Millions of Yen(24,011)(92,576)

Millions of Yen
32,33465,538Millions of Yen
113,480
56,299%13.3
15.9(2) Consolidated Cash FlowsNet cashprovided(used in)operating activities
Millions of Yen48,822
28,223

FY3/10
FY3/092. Dividends
Dividend per share
Total amount ofcash
dividends(annual)

1Q

2Q

3Q

4Q

Yen

Yen

Yen

Yen

Yen

Millions of Yen

FY3/09

—

2.00

—

0.00

2.00

1,894

FY3/10

—

0.00

—

0.00

0.00

—

—

—

FY3/10(forecast)

—

0.00

Total

Net cashprovided(usedin) financing
activities

Ratio of total amountof dividends toshareholder’sequity(consolidated)

%%
0.8

—

—

——
—

3. Consolidated Results Forecast for the Fiscal 2011(April 1, 2010 through March 31, 2011)
NetOperating income
Net sales
Ordinary income(loss)

income(loss)

EPS

Millions of Yen%

Millions ofYen

1HFY3/11

335,000(6.4)(4,000)—(7,500)—(11,500)—(12.30)FY3/11

710,000(2.6)

13,000

263.9

6,000

3,951.6

4,000

—

4.30

%

Millions of Yen%

Millions ofYen%

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 7

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
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

FY3/09(As of 3/31/09)(Millions of Yen)
FY3/10(As of 3/31/10)

61,052
172,62136,75812,361
46,538
11,06814,087
13,131(1,961)
365,659

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

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

160,864
128,958169,027
37,777
33,634
530,261

21,34337,04958,392

17,99835,99353,991

103,153
84,072(9,530)177,695
792,426
1,158,086

102,955
76,641(8,947)
170,650
754,903
1,155,256

Page 2 of 7

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
Current portion of bonds with subscription
rights to shares
Income taxes payable
Provision for bonuses
Provision for directors’ bonuses
Provision for loss on movement of head office
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 special repairs
Other
Total noncurrent liabilities

FY3/09(As of 3/31/09)(Millions of Yen)
FY3/10(As of 3/31/10)

100,877
280,702
22,000785–

82,958291,523
46,00020,61021,982

2,292
5,740
26
428
5,438
–
818
65,156484,266

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

73,181
34,137
232,559
34,215
1,083

63,05040
235,870
35,412
792

138

138

361
78,102453,780

400
77,895413.602

938,047

967,069

69,49960,74589,743(1,702)
218,286

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

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

4,952

6,586

(97)
4,559
(41,379)(2,567)(34,531)
36,284220,038

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

Total liabilities and net assets

1,158,086

1,155,256

Page 3 of 7Consolidated Statements of IncomeAll yen figures are rounded down to the nearest one million yen.

ItemNet sales(Millions of Yen)
FY3/09FY3/10(4/1/08–(4/1/09–3/31/09)
3/31/10)
871,833
728,581

Cost of sales

717,724599,518

Gross profit

154,109

129,062

Selling, general and administrative expenses

142,933

125,489

Operating income

11,176

3,572

Interest income

1,046

555

Dividends income
Equity in earnings of unconsolidated subsidiaries
and affiliates
Other

1,671

1,367

–

4,068

Non-operating income

Total non-operating income

4,238

4,251

6,956

10,24310,713

9,786

7,536

–

4,764

3,881

23,014

13,668(4,880)

148

1,911

2,579

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
Other
Total extraordinary income
Extraordinary loss
Loss on disposal of property, plant, and equipment
Provision of allowance for doubtful accounts
Loss on liquidation of subsidiaries and affiliates

937427

1,316

1,066
4,073

4,165
5,376
1,100

3,625
829

250

26

Loss on sale of investment securities

2,202

166

Loss on valuation of investment securities

7,090
3,161

4,782

Impairment loss
Loss on changes of ownership interests in affiliates
Loss on business withdrawal
Amortization of goodwill in equity

837

53
377

157

4,491–

906

Loss on movement of head office428–

Loss on assignment of business

5,438

150

Business structure reform costs
Other
Total extraordinary losses (–)
Loss before income taxes and minority interests (–)
Income taxes-current

32,226
2,220

2,668

32,194

46,376(32,909)(42,155)

7,164

422

Income taxes for prior periods

1,816–

Income taxes-deferred(7,673)(6,187)

Minority interests in income

1,154

651

(35,371)(37,041)

Net loss (–)

Page 4 of 7

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

ItemI

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
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 movement of head office
Loss on assignment of business
Amortization of goodwill in equity
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
Purchase of investments in subsidiaries resulting inchange in scope of consolidation
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
III Net cash provided by(used in) financing activities
Net increase(decrease) in short-term loans payable
Net increase in commercial papersProceeds 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
Payments for issuance of common stock
Proceeds from sales of treasury stock
Purchase of treasury stock
Cash dividends paid
Cash dividends paid to minority shareholders
Other, net

FY3/094/1/09 –3/31/10(Millions of Yen)
FY3/104/1/10 –3/31/11(32,909)
51,7303,059(42,155)
48,717
3,233

7,536

(4,068)

7,090
(908)
(370)(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
–
(4,630)47,166
3,187(11,455)(11,451)
775

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–
32,226(9,114)59,5302,916(10,026)(3,598)–28,223

48,822(60)(50,598)
5,793(1,678)2,335(6,202)
6,554(1,194)(38,703)
6,264
(131)
192
(517)
7,815

(47,408)––50(4,574)
3,890
(627)
(92,576)(2,700)2,703
2,208(24,011)641
3,000
121,378(54,270)950(1,247)(8,794)24,00074,456(52,063)
10,490(795)–(12,000)

2,138
51
(74)
(4,668)(833)(1,527)–6(787)–(804)(1,373)

IIPage 5 of 7

Net cash provided by(used in) financing activities
IV Effect of exchange rate changes on cash and cash equivalents
V Net increase(decrease) in cash and cash equivalents
VI Cash and cash equivalents at beginning of period
VII Decrease in cash and cash equivalents resulting from changeof scope of consolidation
VIII Increase in cash and cash equivalents resulting from merger
with unconsolidated subsidiaries
IX Decrease in cash and cash equivalents resulting from corporate
division
X Cash and cash equivalents at end the period

65,538(4,099)(2,914)60,05132,334236
57,38256,299

(838)

(235)

–161

–

(126)

56,299113,480

Page 6 of 7

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

[Industry Segments](Millions of Yen)

MineralCement
Resources
BusinessBusinessNet sales(1) Net sales tooutside
439,833
customers(2) Intersegment
11,663net sales
Total
451,497
Operating(843)
income(loss) (-)

FY3/10 (4/1/09 – 3/31/10)
Construction Ceramics &Environmenta
Materials Electronics Otherl BusinessBusiness
Business

Eliminations
Consolidated
or corporate
total
assetsTotal

69,80354,56682,887

20,391

61,098728,581—728,581

16,675

6,350

5,857

38

40,02380,608(80,608)—

86,47860,91688,744

20,430 101,121

809,189(80,608)

728,581

826

4,157

1,065

(3,627)

4,676(1,104)

3,572

3,098All yen figures are rounded down to the nearest one million yen.

[Geographic segments](Millions of Yen)
FY3/10 (4/1/09 – 3/31/10)

JapanNet sales(1) Net sales tooutsidecustomers(2) Intersegment
net sales
Total
Operatingincome(loss) (-)

North America

Asia

Other

Eliminations
Consolidated
or corporate
total
assetsTotal

615,864

54,37551,922

6,419

728,581—728,581

5,850

—

3,029

1

8,881

(8,881)—

621,71554,37554,952

6,421

737,463(8,881)

728,581

10,403(11,590)

5,262

220

4,296,(723)3,572Overseas sales
All yen figures are rounded down to the nearest one million yen.

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

North America
54,486—
7.4%(Millions of Yen)
FY3/10 (4/1/09 – 3/31/10)
Asia
OtherTotal
63,091
16,584
134,161——
728,581
8.6%
2.2%
18.4%

Page 7 of 7