Outline of Consolidated Financial Results of Taiheiyo Cement Corporation
for the First Quarter of Fiscal 2006
August 3, 2005
Company:
Stock code:
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Taiheiyo Cement Corporation5233
http://www.taiheiyo-cement.co.jp/

Fiscal 2005 1Q: April 1, 2004- Jun 30,2004
Fiscal 2005:
April 1, 2004-March 31, 2005
Fiscal 2006 1Q: April 1, 2005-Jun 30, 2005
Fiscal 2006:
April 1, 2005-March 31, 2006

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 results for the first quarter of FY/3/06 (April 1, 2005 – Jun 30, 2005)
All yen figures are rounded down to the nearest one million yen.
(1) Consolidated results of operations
Net Sales
Millions of Yen

1Q FY3/06
1Q FY3/05
FY3/05

1Q FY3/06
1Q FY3/05
FY3/05211,057
199,120872,686
Net income
Millions of Yen-19,650
1,069
14,412

Operating income%
6.0-4.5%-

Ordinary income

Millions of Yen%

Millions of Yen

%

9,788
5,662
48,185

72.9-

7,298
2,357
38,264209.5-EPSYen-21.02
1.17
15.33

Diluted EPS
Yen
1.15
14.80

(2) Consolidated financial position
1Q FY3/06
1Q FY3/05
FY3/05

Total assets
Millions of Yen
1,251,838
1,300,123
1,247,532

Shareholders’ equity
Millions of Yen
218,962
218,187
236,734

Equity ratio
%
17.5
16.7
19.0

Equity per shareYen
234.27234.46253.26(Reference:FY3/06 consolidated earnings forecast (April 1, 2005 – March 31, 2006))
There is no revision proposed in the consolidated project performance for the FY3/06, which was announced onMay 17, 2005.

Page 1 of 3Consolidated Balance Sheets(Summary)
ItemAssets
Current assets
Cash and time deposits
Notes and accounts receivable
Inventories
Other current assets
Fixed assets
Tangible fixed assets
Intangible fixed assets
Investments and other assets
Total assets
Liabilities
Current liabilities
Notes and accounts payable
Short-term borrowings and bonds(duewithin one year)
Other current liabilities
Fixed liabilities
Long-term borrowings ,Bonds andcomvertible bonds
Other fixed liabilities
Total liabilities
Minority interests
Shareholders’ equity
Capital stock
Additional paid in capital
Retained earnings
Revaluation excess
Unrealized gain on other securities
Foreign currency translation adjustments
Treasury stock
Total shareholders’ equity
Total liabilities, minority interests andshareholders’ equity

1H FY3/06(As of 6/30/04)(Unit: Millions of Yen)
FY3/05
Change(As of 3/31/05)

403,471
101,960
189,536
75,89536,079848,366
577,827
46,690223,849
1,251,838

366,243
73,364
190,071
67,811
34,995881,289
608,11147,060226,117
1,247,532

37,22728,595
-534
8,083
1,083
-32,922-30,284-370-2,2674,305

580,384
119,187

547,404
117,476

32,9791,711

383,489353,200

30,28877,707422,952

76,727433,525979-10,572

310,708

312,756-2,048112,244
1,003,337
29,538120,768
980,929
29,867-8,524
22,407-329

69,49959,076
79,350
4,818
19,162-11,224-1,720218,962

69,49958,605
101,337
4,855
19,885-14,725-2,723
236,734－
470-21,987
-37
-722
3,500
1,002
-17,772

1,251,838

1,247,532

4,305

Page 2 of 3

Consolidated Statements of Income(Summary)Item
Net salesOperating
income/loss

Cost of sales
Selling, general and administrative
expenses
Operating income

1Q FY3/06(4/1/05–6/30/05)
211,057(Unit: Millions of Yen)
1Q FY3/05
Change(4/1/04–6/30/04)
199,120
11,937

166,813

157,225

9,587

34,45636,232-1,775

9,788

5,662

4,126

Non-operating income

3,020

2,725

295

Non-operating expenses

5,510

6,029

-518

Ordinary income

7,298

2,357

4,940

Extraordinary gains (losses)-33,469

1,849-35,318

Net income before income taxes-26,171

4,207-30,378

Income taxes

4,822

2,586

2,236

Income tax adjustments-10,452

59-10,512

Minority interest income

-891

491

-1,383-19,650

1,069-20,719

Net income

Page 3 of 3