Note: This document is a translation of a part of the original Japanese version and provided for reference purposes only. In the event of any discrepancy
between the Japanese original and this English translation, the Japanese original shall prevail.

Consolidated Financial Results
for the Nine Months Ended December 31, 2023
[Japanese GAAP]
February 8, 2024
Company name: TAIHEIYO CEMENT CORPORATION
Stock exchange listing: Tokyo, Fukuoka
Code number: 5233
URL: https://www.taiheiyo-cement.co.jp/english/index.html
Representative: Masafumi Fushihara
President and Representative Director
Contact: Kenichi Takano
General Manager of General Affairs Department
Phone: +81-3‐5801‐0334
Scheduled date of filing quarterly securities report: February 9, 2024
Availability of supplementary briefing material on quarterly financial results: Yes
Schedule of quarterly financial results briefing session: No(Amounts of less than one million yen are rounded down.)
1. Consolidated Financial Results for the Nine Months Ended December 31, 2023 (April 1, 2023 to December 31, 2023)(1) Consolidated Operating Results(% indicates changes from the previous corresponding period.)
Profit attributable toNet sales
Operating profit
Ordinary profit
owners of parent
Million yen%
Million yen%
Million yen%
Million yen%
Nine months ended
December 31, 2023
660,174
10.0
41,862 1,134.0
43,834 1,143.0
28,796
December 31, 2022
600,348
13.7
3,392(91.4)
3,526(91.5)(17,665)(Note) Comprehensive income:Nine months ended December 31, 2023:
68,179 million yen [88.5%]
Nine months ended December 31, 2022:
36,169 million yen [(21.6) %]Basic earnings
per share
Nine months ended
December 31, 2023December 31, 2022

Diluted earnings pershareYen

Yen

246.30(150.92)-(2) Consolidated Financial Position
Total assets

Net assets

As ofDecember 31, 2023
1,367,289
March 31, 2023
1,268,862(Reference) Equity: As of December 31, 2023:
As of March 31, 2023:

Million yen

Capital adequacy ratio

Million yen%

583,081
528,857
548,392 million yen
494,957 million yen

40.1
39.0

2. Dividends
Annual dividends
1stquarter-end

2ndquarter-end

3rdquarter-end

Yen

YenYenYen

Yen

Fiscal year ended March 31, 2023

-35.00-35.0070.00

Fiscal year ending March 31, 2024

-35.00

35.00

70.00

Fiscal year ending March 31, 2024
(Forecast)(Note) Revision to the forecast for dividends announced most recently:-1-No

Year-endTotal

3. Consolidated Financial Results Forecast for the Fiscal Year Ending March 31, 2024 (April 1, 2023 to March 31, 2024)(% indicates changes from the previous corresponding period.)
Profit attributable to Basic earnings
Net sales
Operating profit
Ordinary profit
owners of parent
per share
Million yen% Million yen% Million yen%

Million yen%Yen5,707.9

40,000-341.48(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:

Yes

Full year
894,000 10.4
58,000 1,201.5(Note) Revision to the financial results forecast announced most recently:

59,000No* Notes:(1) Changes in significant subsidiaries during the nine months ended December 31, 2023
(changes in specified subsidiaries resulting in changes in scope of consolidation):No(3) Changes in accounting policies, changes in accounting estimates and retrospective restatement
1) Changes in accounting policies due to the revision of accounting standards: No
2) Changes in accounting policies other than 1) above: No
3) Changes in accounting estimates: No4) Retrospective restatement: No(4) Total number of issued shares (common shares)
1) Total number of issued shares at the end of the period (including treasury shares):December 31, 2023:
121,985,078 shares
March 31, 2023:
121,985,078 shares2) Total number of treasury shares at the end of the period:
December 31, 2023:
6,403,222 shares
March 31, 2023:
4,931,863 shares
3) Average number of shares outstanding during the period:
Nine months ended December 31, 2023:
Nine months ended December 31, 2022:

116,920,258 shares
117,055,125 shares* Quarterly financial results reports are exempt from quarterly review conducted by certified public accountants or an audit
corporation.
* The forecasts herein are based on the information available at the date of publication of this material and assumptions at the samedate with respect to the various factors which might have impact on the future financial results. Actual results may differ materiallyfrom this forecast due to various factors.

-2-Quarterly Consolidated Financial Statements
Quarterly Consolidated Balance Sheets(Million yen)
As of March 31, 2023

As of December 31, 2023

AssetsCurrent assets
Cash and deposits
Notes and accounts receivable - trade, and contract
assetsElectronically recorded monetary claims operating
Merchandise and finished goods

79,842

98,124

158,136

183,735

24,826

42,61447,46048,862Work in process
Raw materials and supplies

1,529
89,383

2,710
77,297

OtherAllowance for doubtful accounts

29,379(150)

25,986(208)

Total current assets430,408

479,123

Buildings and structures, net
Machinery, equipment and vehicles, net

157,312
191,081

160,238
194,796

Land
Other, net

165,027
106,662

171,681
131,039

Total property, plant and equipment

620,083

657,756

Non-current assets
Property, plant and equipment

Intangible assets
Goodwill

101

114

Other

39,66540,676

Total intangible assets

39,766

40,791

Investments and other assets
Investment securities

117,839

124,095

Retirement benefit asset
Other

23,69738,37623,65943,195

Allowance for doubtful accounts(1,309)(1,331)

Total investments and other assets

178,604

189,619

Total non-current assets
Total assets-3-838,454

888,166

1,268,862

1,367,289

(Million yen)
As of March 31, 2023

As of December 31, 2023

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

84,162
11,613103,819
19,676

Short-term borrowings
Commercial papers

149,573
27,000145,807
23,000Current portion of bonds payable
Income taxes payable

10,000
3,687

9,163

Provision for bonuses
Provision for loss on business withdrawal

5,677
2,564

3,243160

Other provisions
Other

108
91,395

172
105,896

Total current liabilities

385,784

410,940

50,00070,000166,911
21,380159,450
22,633

536

510

227

285

Provision for product compensation
Provision for loss on business withdrawal

4,498
1,924

4,140
2,169

Other provisions
Asset retirement obligations

472
9,379

472
10,880Other

98,889102,725

Total non-current liabilities

354,221373,267

740,005

784,207

Share capital
Capital surplus

86,17449,72986,174
49,795Retained earnings
Treasury shares

342,880(13,738)

363,449(17,934)

Total shareholders' equity

465,045

481,483

12,038

14,544

0
3,610

0
3,611

13,730530

48,486265

29,911

66,90833,89934,689Non-current liabilities
Bonds payable
Long-term borrowings
Retirement benefit liability
Provision for retirement benefits for directors (andother officers)
Provision for special repairs

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
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets-4-528,857

583,081

1,268,862

1,367,289

Quarterly Consolidated Statements of Income and Comprehensive Income
Quarterly Consolidated Statements of Income (For the nine months)(Million yen)
For the nine months
ended December 31, 2022

For the nine months
ended December 31, 2023

Net sales
Cost of sales

600,348
494,006

660,174
517,099

Gross profit

106,342

143,075

Selling, general and administrative expenses

102,949

101,213

3,392

41,862

Interest income
Dividend income
Share of profit of entities accounted for using equity
method
Other

361
1,407

1,110
1,920

447

1,146

1,925

3,642

Total non-operating income

4,141

7,820

Operating profit
Non-operating income

Non-operating expenses
Interest expenses

1,921

2,701

Other

2,085

3,146

Total non-operating expenses

4,007

5,848

3,526

43,834Extraordinary income
Gain on disposal of non-current assets

642

1,242

Gain on sale of investment securities
Other

1,165
188

632
275

Total extraordinary income

1,9962,151

2,367
1,230

2,507
-831

729

Ordinary profit

Extraordinary losses
Loss on disposal of non-current assets
Product compensation expenses
OtherTotal extraordinary losses

4,428

3,236

1,094

42,748

Income taxes

17,952

13,760

Profit (loss)(16,858)

28,987

Profit before income taxes

Profit attributable to non-controlling interests

807

190

Profit (loss) attributable to owners of parent(17,665)

28,796-5-Quarterly Consolidated Statements of Comprehensive Income (For the nine months)(Million yen)
For the nine months
ended December 31, 2022
Profit (loss)
Other comprehensive income

For the nine months
ended December 31, 2023

(16,858)

28,987

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

(36)
(6)

2,442
(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

48,886(1,362)

32,340
(240)

5,546

4,650

53,02739,192Comprehensive income

36,16968,179Comprehensive income attributable toComprehensive income attributable to owners ofparent
Comprehensive income attributable to non-controllinginterests

31,07765,793

5,091

2,386

-6-Quarterly Consolidated Segment Information
Reportable Segments
For the Nine Months Ended December 31, 2022
(Million yen)
Reportable Segments
CementBusiness

MineralResources
Business

Environmental
Business

Construction
Materials
Business

Other

Total

Consolidated
Total

Adjustment

Total

Net sales
Sales to outside
customers

404,746

46,362

55,612

48,941555,663

44,685600,348-600,348

Inter-segment
sales
Total

5,269

16,0403,562

672

25,54518,76544,311(44,311)-410,016

62,402

59,174

49,614581,208

63,451

644,659(44,311)600,348

Segment income(9,854)

4,491

4,458

1,206

302

2,737

3,039

352

3,392

For the Nine Months Ended December 31, 2023
(Million yen)
Reportable Segments
CementBusiness

MineralResources
Business

Environmental
Business

Construction
Materials
Business

Other

Total

Consolidated
Total

Adjustment

Total

Net sales
Sales to outside
customers

464,410

48,847

46,72455,131

615,11445,059660,174-660,174Inter-segment
sales
Total

6,529

17,6964,847

941

30,014

17,92447,938(47,938)-

470,940

66,544

51,571

56,072645,128

62,983

708,112(47,938)

660,174

Segment income

23,581

7,326

4,790

3,935

39,6332,260

41,894(32)

41,862-7-