Outline of Consolidated Financial Results of Taiheiyo Cement Corporation
for the First Quarter of Fiscal 2022 ending March 31, 2022
August 10, 2021

Company: Taiheiyo Cement Corporation
Fiscal 2021 1Q
Stock code: 5233
Fiscal 2021
URL:
https://www.taiheiyo-cement.co.jp/english/index.html Fiscal 2022 1Q
Fiscal 2022

: April 1, 2020 through June 30, 2020
: April 1, 2020 through March 31, 2021
: April 1, 2021 through June 30, 2021
: April 1, 2021 through March 31, 2022

The accompanying consolidated financial results are not intended to present the financial results in accordance withaccounting 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 First Quarter of Fiscal 2022 (April 1, 2021 through June 30, 2021)(% of change from previous year)(1) Operating Results
Profit attributable toNet Sales
Operating income
Ordinary income
owners of parent
Millions of yen% Millions of yen% Millions of yen% Millions of yen%Fiscal 2022 1Q
159,612(20.4)
9,919
41.2
10,47946.8
6,577 101.3
Fiscal 2021 1Q
200,560
(3.0)
7,023
17.1
7,136
14.4
3,267(41.8)* Comprehensive income : Fiscal 2022 1Q 18,817 (+398.2%) Fiscal 2021 1Q 3,776 (-30.8%)

Earnings per share
Diluted earnings per share
Yen
Yen
54.88
26.80
-Fiscal 2022 1Q
Fiscal 2021 1Q(2) Financial Position

Total assets
Millions of yen
1,070,670
1,044,227

Fiscal 2022 1Q
Fiscal 2021

Total net assets
Millions of yen
520,852
506,821Equity ratio%
45.2
45.1

Fiscal 2021 470,921* Equity : Fiscal 2022 1Q 484,210* The “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), etc. have been applied since thebeginning of the first quarter of the the fiscal year ending March 31, 2022. Figures for the first quarter of the fiscal year ending March31, 2022 are stated after the application of the said accounting standard, etc.

2. Dividends
Dividend per share

Fiscal 2021
Fiscal 2022
Fiscal 2022(forecast)

1Q

2Q

3Q

4Q

Total

Yen-

Yen
30.00

Yen-

Yen
30.00

Yen
60.00

35.00

-35.0070.00

3. Consolidated Financial Results Forecast for the Fiscal 2022 (April 1, 2021 through March 31, 2022)(% of change from the corresponding period of the previous year)

Net sales
Millions of yen

First half
Full year

346,000
720,000

Operating income% Millions of yen(17.7)
25,100(16.7)
64,000

Profit attributable toowners of parent% Millions of yen%(6.9)
20,0008.3(3.4)
40,000(14.5)

Ordinary income% Millions of yen(3.9)
24,8000.6
63,500Earnings
per shareYen
168.66337.32* This forecast is based on the information available at the date of publication of this material and assumptions at the same date withrespect to the various factors which might have impact on the future financial results. Actual results may differ materially from thisforecast due to various factors.

Page 1 of 6

Consolidated Balance Sheets(Millions of yen)
Fiscal 2021

Fiscal 2022 1Q(As of March 31, 2021)(As of June 30, 2021)

Cash and deposits

73,074

79,169Notes and accounts receivable - trade142,515-Assets
Current assets

Notes and accounts receivable - trade, and contract assets-141,018

Electronically recorded monetary claims - operating

19,234

19,358Merchandise and finished goods

29,42130,933Work in process

2,079

1,872

Raw materials and supplies

43,873

48,101

Other

17,93020,387

Allowance for doubtful accounts

(795)

(801)

327,333

340,038

Buildings and structures, net

138,410

149,601

Machinery, equipment and vehicles, net

154,207

162,963Land

164,193

166,763

Other, net

83,531

72,300Total property, plant and equipment

540,342551,628

159

133

Other

28,03328,042

Total intangible assets

28,192

28,175Investment securities

91,926

92,967Retirement benefit asset

23,09923,370Other

39,47040,548

Allowance for doubtful accounts(6,137)(6,060)Total investments and other assets

148,358

150,826

Total non-current assets

716,893730,6311,044,227

1,070,670

Total current assets
Non-current assets
Property, plant and equipment

Intangible assets
Goodwill

Investments and other assets

Total assets

Page 2 of 6

(Millions of yen)
Fiscal 2021

Fiscal 2022 1Q(As of March 31, 2021)(As of June 30, 2021)

Notes and accounts payable - trade73,59676,215

Electronically recorded obligations - operating

7,744

7,566

103,538

104,019-

8,000Current portion of bonds payable

10,00010,000

Income taxes payable

4,590

2,740

Provision for bonuses

6,265

4,752

404

443

Other

98,691

105,631

Total current liabilities

304,831319,369

Bonds payable

50,00050,000Long-term borrowings

84,56380,858Retirement benefit liability

24,70325,554

Provision for retirement benefits for directors

503

476

Provision for special repairs

180

194

Other provisions

511

501

Liabilities
Current liabilities

Short-term borrowings
Commercial papers

Other provisions

Non-current liabilities

Asset retirement obligations

7,821

8,281

Other

64,29064,581

Total non-current liabilities

232,574

230,448

Total liabilities

537,405

549,818

Net assets
Shareholders' equity
Share capital

86,174

86,174

Capital surplus

60,292

46,228Retained earnings

365,593

366,481

Treasury shares(26,113)(10,086)

Total shareholders' equity

485,946

488,797

12,42912,842

1

1

Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Revaluation reserve for land

4,898

4,902

Foreign currency translation adjustment(29,917)(19,501)

Remeasurements of defined benefit plans(2,438)(2,831)

Total accumulated other comprehensive income(15,025)(4,586)

Non-controlling interests

35,89936,641

Total net assets

506,821

520,852

1,044,227

1,070,670

Total liabilities and net assets

Page 3 of 6

Consolidated Statements of Income(Millions of yen)
Fiscal 2021 1Q

Fiscal 2022 1Q(April 1, 2020 throughJune 30, 2020)(April 1, 2021 throughJune 30, 2021)

Net sales

200,560

159,612

Cost of sales

162,517

119,006

Gross profit

38,04340,605

Selling, general and administrative expenses

31,01930,686

Operating income

7,023

9,919

Non-operating income
Interest income

9792

Dividend income

585

695

Share of profit of entities accounted for using equity method

287

552

Other

706

602

1,677

1,943

Interest expenses

887

682

Other

677

701

Total non-operating expenses

1,564

1,383

Ordinary income

7,136

10,47977132

Gain on sale of investment securities

-346

Other

1213

Total extraordinary income

90492

Loss on disposal of non-current assets

670

369

Loss on temporary suspension of operations

35837

Total non-operating income
Non-operating expenses

Extraordinary income
Gain on disposal of non-current assets

Extraordinary losses

Other379

41

Total extraordinary losses

1,408

448

Profit before income taxes

5,819

10,524

Income taxes

2,221

3,442

Profit

3,597

7,081

329

503

3,267

6,577

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

Page 4 of 6Consolidated Statements of Comprehensive Income(Millions of yen)

ProfitFiscal 2021 1Q

Fiscal 2022 1Q(April 1, 2020 throughJune 30, 2020)(April 1, 2021 throughJune 30, 2021)

3,597

7,081

1,942

492

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

(0)

(0)

(1,680)11,410Remeasurements of defined benefit plans

256

(395)

Share of other comprehensive income of entities accounted for using equity method

(339)

229

Total other comprehensive income

179

11,736

3,776

18,8173,740

17,01336

1,804

Foreign currency translation adjustment

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parentComprehensive income attributable to non-controlling interests

Page 5 of 6

Consolidated Segment Information
Fiscal 2021 1Q (April 1, 2020 through June 30, 2020)【Industry Segments】(Millions of yen)
Reportable Segments
CementBusiness

MineralResources
Business

Environmental
Business

Construction
Materials
Business

Total

Other

Total

Consolidated
Total

Adjustment

Net sales
Sales to outside
customers

142,995

12,59016,055

15,278

186,919

13,640200,560-

200,560

Inter-segment
sales
Total

2,421

5,617

1,761

1,055

10,856

5,039

15,895(15,895)-

145,417

18,20817,816

16,333197,775

18,679216,455(15,895)

200,560

Segment income

3,499

1,079

1,182

305

6,067

954

7,021

27,023Fiscal 2022 1Q (April 1, 2021 through June 30, 2021)【Industry Segments】(Millions of yen)
Reportable Segments
CementBusiness

MineralResources
Business

Environmental
Business

Construction
Materials
Business

Total

Other

Total

Consolidated
Total

Adjustment

Net sales
Sales to outside
customers

103,872

14,10014,21913,114145,307

14,304

159,612-

159,612Inter-segment
sales
Total

1,617

4,270

958

342

7,188

6,003

13,191(13,191)-

105,489

18,37015,178

13,457

152,496

20,307

172,804(13,191)

159,612Segment income

6,191

1,344

1,333

125

8,994

1,008

10,002

(83)

9,919

* The “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020), etc. have been applied since the beginning of the first quarter of
the the fiscal year ending March 31, 2022, and the method of calculation of profit or loss of reportable segments has similarly been changed due to the change in theaccounting method for revenue recognition.
As a result of the change, compared to the previous method, net sales decreased by 44,769 million yen and segment income increased by 5 million yen in Cementbusiness, net sales decreased by 690 million yen and segment income increased by 3 million yen in Mineral resources business, net sales decreased by 2,004
million yen and segment income increased by 50 million yen in Environmental business, net sales decreased by 2,404 million yen and segment income increased by
7 million yen in Construction materials business, and net sales decreased by 1,119 million yen and segment income increased by 16 million yen in Other.
After elimination of inter-segment transactions, consolidated total net sales decreased by 46,487 million yen.

Page 6 of 6