Outline of Consolidated Financial Results of Taiheiyo Cement Corporation
for the Second Quarter of Fiscal 2012 ended March 31, 2012
November 11, 2011
Company:
Stock code:
URL:

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

Fiscal 2011 2Q: April 1, 2010- September 30,2010
Fiscal 2011:
April 1, 2010-March 31, 2011
Fiscal 2012 2Q: April 1, 2011- September 30, 2011
Fiscal 2012:
April 1, 2011-March 31, 2012

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 Second Quarter of Fiscal 2012 (April 1, 2011 through September 30,2011)(1) Operating Results
2Q FY3/12
2Q FY3/11

Net Sales
Millions of Yen
347,203
343,014%1.2(4.2)

Operating income(loss)
Millions of Yen
%
5,763
–
(1,801)–*comprehensive income : Fiscal 2012 2Q (2,583)

EPS%––Fiscal 2011 2Q (23,314)

Diluted EPS
Yen––Yen(3.45)(13.98)2Q FY3/122Q FY3/11

Ordinary income(loss)
Net loss
Millions of Yen% Millions of Yen
1,113–(3,383)(7,726)–(13,148)(2) Financial Position
Total assets
Millions of Yen
998,354998,741

2Q FY3/12
FY3/11*Equity : Fiscal 2012 2Q 168,715

Total net assets
Millions of Yen
194,759
166,819

Equity ratio
%16.9
14.1

Fiscal 2011 2Q 140,441

2. Dividends
1H
FY3/11
FY3/12
FY3/12(forecast)

Dividend per share
3Q
4Q

2Q

TotalYen

Yen

Yen

Yen

Yen

——

0.00
2.00

—

2.50

2.50

—

2.00

4.00

3. Consolidated Results Forecast for the Fiscal 2012(April 1, 2011 through March 31, 2012)
Net sales
Millions of Yen

FY3/12718,000%(1.2)

Operating income%
27,000 64.3

Millions of Yen

Ordinary income%
18,200 145.5

Millions of Yen

Net income
Millions of Yen

11,300%153.9

EPSYen10.31

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.

(Millions of Yen)

Cash and deposits
Notes and accounts receivabletrade
Merchandise and finished goods
Work in process
Raw materials and supplies
Other
Allowance for doubtful accounts
Total current assets
Property, plant and equipment
Buildings and structures
Machinery, equipment andvehicles
Land
Other
Property, plant and equipment
Intangible assets
Goodwill
Other
Intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtfulaccounts
Investments and other assets
Total noncurrent assets
Total assets

2Q FY3/11(As of 9/30/10)
67,2902Q FY3/12(As of 9/30/11)
77,628150,064

144,247

27,1686,166
35,26038,796(1,810)322,936

27,1907,270
36,414
41,214(2,186)
331,778

158,150

154,244

117,902110,158

153,479
51,444
480,977

152,936
55,932473,272

15,60731,09546,702

14,36030,42744,78787,46666,42086,88067,117(5,762)(5,482)

148,125
675,805
998,741

148,515
666,575
998,354

Page 2 of 7

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

(Millions of Yen)

Notes and accounts payable-trade
Short-term loans payable
Commercial papers
Current portion of bonds
Income taxes payable
Provision for bonuses
Provision for directors’ bonuses
Provision for loss on assignment
Provision for loss on disaster
Other provision
Other
Total current liabilities
Bonds payable
Long-term loans payable
Provision for retirement benefits
Provision for directors’ retirement
benefits
Provision for loss on business ofsubsidiaries and affiliates
Provision for special repairs
Provision for asset removal
Asset retirement obligations
Other
Total non-current liabilities
Total liabilities
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders’ equity
Valuation difference on availablefor-sale securities
Deferred gains or losses onhedges
Revaluation reserve for land
Foreign currency translation
adjustments
Adjustment for employee
retirement benefit of overseas
subsidiary
Total accumulated othercomprehensive income
Minority interests
Total net assets
Total liabilities and net assets

2Q FY3/11(As of 9/30/10)
78,757282,336
12,00020,326
3,323
4,152
7
5,953
6,542
878
58,599472,877
51,954
199,554
23,9452Q FY3/12(As of 9/30/11)
73,301
273,969
20,353
3,707
4,070
7
5,953
2,596
885
63,476448,32142,349206,068
23,590

626

492

138

138

319
2,427
6,251
73,827359,044
831,922
69,49933,962
82,952(918)
185,495

353
2,402
6,123
73,755355,273803,594
86,17450,636
77,275(922)
213,163

2,393

1,406

54(4)

4,447

4,429

(49,503)(47,979)(2,446)(2,301)(45,053)(44,448)

26,378
166,819998,741

26,044
194,759
998,354

Page 3 of 7

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

(Millions of Yen)

2Q FY3/11(As of 9/30/10)

Operating income/loss

343,014347,203

Cost of sales

285,801

284,106

Gross profit

57,21363,09759,01457,333

Selling, general and administrative
expenses(1,801)

5,763

Interest income

265

231

Dividends income

772

462

Income

2,110

2,199

Total

3,148

2,893

Interest expenses

4,919

4,749

629

273

Equity in losses ofExpenses

income and expenses

Other

unconsolidated subsidiaries andaffiliates
Other

3,524

2,520

9,073

7,543(7,726)

1,113

Gain on disposal of non-current assets

8,101586

Gain on sales of investment securities

1,084

16806

272

9,991

876

Loss on disposal of non-current assets

729

631

Loss on sale of investment securities

2,543

12

2,243

165-

1,465

4,056-

2,057

1,399

Total

IncomeOrdinary income or loss

Other
Total

Loss on valuation of investment
LossesExtraordinary income and losses

2Q FY3/12(As of 9/30/11)

Net salesOperating income

Non-operating

Ordinary income and loss

Itemsecurities
Loss on disaster
Loss on adjustment for changes of accounting
standard for asset retirement obligations

OtherTotal

11,6303,674(9,366)(1,684)

Income taxes-current

4,460

3,680

Income taxes-deferred(729)(2,301)

Income taxes total

3,730

1,379

(13,096)(3,063)51

319(13,148)(3,383)

Income before income tax and minority interests

Net income before minority interests
Minority interests
Net income

Page 4 of 7Consolidated Statement of Comprehensive Income
All yen figures are rounded down to the nearest one million yen.

Loss before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Adjustments for employee retirement benefit of overseas
subsidiary
Share of other comprehensive income of associates accounted
for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable to :Shareholders of Taiheiyo Cement Corporation
Minority interests(Millions of Yen)
2Q FY3/11
2Q FY3/12(As of 9/30/10) (As of 9/30/11)(13,096)(3,063)(2,657)1(4,340)

(865)
(14)
(388)

214

145

(3,434)

1,603(10,217)(23,314)479(2,583)(22,619)(694)(2,760)177

Page 5 of 7

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

I

Net cash provided by(used in) operating activities
Loss before income taxes and minority interests
Depreciation and amortization
Amortization of goodwill
Equity in (earnings)losses of affiliates
Loss(gain) on valuation of investment securities
Increase(decrease) in provision for retirement benefits
Decrease in provision for directors' retirement benefits
Decrease in provision for bonuses
Increase in allowance for doubtful accounts
Decrease in provision for business structure reform
Decrease in provision for removal of assets
Increase(decrease) in other provisionInterest and dividends income
Interest expenses
Loss on sales of investment securities
Loss on liquidation of subsidiaries and affiliates
Loss(gain) on disposal of property, plant, and equipment
Impairment loss
Decrease (increase) in notes and accounts receivable-trade
Decrease (increase) in inventories
Increase (decrease) in notes and accounts payable-trade
Loss on disaster
Loss on adjustment for changes of accounting standard for
asset retirement obligations
Other, net
SubtotalInterest and dividends income received
Interest expenses paid
Income taxes paid
Net cash provided by(used in) operating activities

IINet cash provided by(used in) investing activities
Decrease(Increase) in time deposits
Purchase of property, plant, and equipment
Proceeds from sales of property, plant, and equipment
Purchase of investment securities
Proceeds from sales of investment securities
Payments for sales of investments in subsidiaries
resulting in change in scope of consolidation
Payments of loans receivableCollections of loans receivable
Other, net
Net cash provided by(used in) investing activities

2Q FY3/11(As of 9/30/10)(Millions of Yen)
2Q FY3/12(As of 9/30/11)(9,366)
21,302
1,577
629
2,243
(1,508)
(178)
(387)
55
(3,254)–942(1,038)
4,919
1,458
131
(7,371)
164
6,087(4,480)(6,932)–(1,684)
20,227
1,038
273
165
(1,105)
(133)
(81)
94–
(25)
(10)
(694)
4,749
(4)
–
45
–
6,262
(2,291)(6,019)
1,465

4,056

–

2,771
11,823
1,376(5,147)(303)(3,794)
18,477968(4,832)(2,620)7,749

11,992

65(13,647)
10,495
(186)
3,118

578
(7,974)
977
(320)
157

(1,636)–(1,515)1,703
110(1,491)(1,956)
1,173
115(7,248)Page 6 of 7

III Net cash provided by(used in) financing activities
Increase (decrease) in short-term loans payable
Increase (decrese) in commercial papers
Proceeds from long-term loans payable
Repayment of long-term loans payable
Redemption of bonds
Redemption of bonds with subscription rights to shares
Proceeds from issuance of bonds
Proceeds from issuance of common stock
Purchase of treasury stock
Proceeds from sales of treasury stock
Cash dividend paid

Cash dividends paid to minority shareholders
Other, net
Net cash provided by(used in) financing activities
IV Effect of exchange rate changes on cash and cash equivalents
V Net increase in cash and cash equivalents
VI Cash and cash equivalents at beginning of period
VII Decrease in cash and cash equivalents resulting fromexclusion of subsidiaries from consolidation
VIII Increase in cash and cash equivalents resulting from merger ofunconsolidated subsidiaries
IX Increase in cash and cash equivalents resulting from mergerX

11,6035,000
28,995(50,221)(20,297)(22,000)
600
–
(4)
0–
(405)
(776)
(47,506)(773)(42,022)
113,480(3,102)(12,000)
33,945(32,544)(10,178)–
600
33,350(5)
1(2,372)(466)(1,018)6,208(78)
10,872
61,265(127)

(5)

18–

105

47

71,45572,180Cash and cash equivalents at end of the period

Consolidated Segment Information(Information regarding sales and income(loss)by reportable segments)
All yen figures are rounded down to the nearest one million yen.

(Millions of Yen)
2Q FY3/11 (4/1/10 – 9/30/10)
Reportable Segments
MineralConstruction Ceramics &Cement
Environmental
Other
Resources
Materials Electronics
Total
Business
Business
Business
Business
Business
Net sales
Sales to outside
customers
Inter-segment
sales
Total
Segment
income(loss)

Total

Adjustment Consolidated
Total

202,769

31,39725,90534,43917,174

311,686

31,328343,014—343,014

5,1057,763

2,485

2,562

20

17,937

16,55434,492(34,492)—207,874

39,161

28,39137,001

17,194

329,62347,882

377,506(34,492)

343,014(2,973)

274

2,362

(1,689)(860)(2,886)

1,295(1,590)(210)(1,801)

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

2Q FY3/12 (4/1/11 – 9/30/11)
Reportable Segments
Construction Ceramics &Mineral
Environmental
CementOther
Materials Electronics
TotalResources
Business
Business
Business
Business
Business
Net sales
Sales to outsidecustomers
Inter-segment
salesTotal
Segment
income(loss)

Total

Adjustment Consolidated
Total

212,888

31,55628,09333,733

21,406327,679

19,524347,203—347,203

6,453

8,348

2,666

1,636

5

19,110

10,15029,260(29,260)—

219,342

39,90530,76035,37021,412346,790

29,674376,464(29,260)

347,203

1,895

756

3,118

(1,110)

(147)

4,512

1,297

5,810

(46)

5,763

Page 7 of 7