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 Three Months Ended June 30, 2023

[Japanese GAAP]

August 8, 2023

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: August 9, 2023

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 Three Months Ended June 30, 2023 (April 1, 2023 to June 30, 2023)

(1) Consolidated Operating Results

(% indicates changes from the previous corresponding period.)

Net sales

Operating profit

Ordinary profit

Profit attributable to

owners of parent

Three months ended

Million yen

%

Million yen

%

Million yen

%

Million yen

%

June 30, 2023

193,534

9.6

1,862

54.1

2,976

36.2

365

-

June 30, 2022

176,516

10.6

1,208

(87.8)

2,185

(79.1)

(220)

-

(Note) Comprehensive income:

Three months ended June 30, 2023:

5,717 million yen

[

(56.8) %]

Three months ended June 30, 2022:

13,225 million yen

[

(29.7) %]

Basic earnings

Diluted earnings per

per share

share

Three months ended

Yen

Yen

June 30, 2023

3.12

-

June 30, 2022

(1.88)

-

(2) Consolidated Financial Position

Total assets

Net assets

Capital adequacy ratio

As of

Million yen

Million yen

%

June 30, 2023

1,280,007

530,137

38.7

March 31, 2023

1,268,862

528,857

39.0

(Reference) Equity: As of

June 30, 2023:

495,993

million yen

As of

March 31, 2023:

494,957

million yen

- 1 -

2. Dividends

Annual dividends

1st

2nd

3rd

Year-end

Total

quarter-end

quarter-end

quarter-end

Yen

Yen

Yen

Yen

Yen

Fiscal year ended March 31, 2023

-

35.00

-

35.00

70.00

Fiscal year ending March 31, 2024

-

Fiscal year ending March 31, 2024

35.00

-

35.00

70.00

(Forecast)

(Note) Revision to the forecast for dividends announced most recently:

No

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

Basic earnings per

Net sales

Operating profit

Ordinary profit

to owners of

share

parent

Million yen

%

Million yen

%

Million yen

%

Million yen

%

Yen

Six months ending

444,000

18.1

19,000

-

17,000

-

11,000

-

93.97

September 30, 2023

Full year

920,000

13.6

58,000

1,201.5

56,000

5,412.6

40,000

-

341.72

(Note) Revision to the financial results forecast announced most recently:

No

* Notes:

(1) Changes in significant subsidiaries during the three months ended June 30, 2023

(changes in specified subsidiaries resulting in changes in scope of consolidation):

No

(2) Accounting policies adopted specially for the preparation of quarterly consolidated financial statements:

Yes

  1. 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: No
    4. Retrospective restatement: No
  3. Total number of issued shares (common shares)
    1. Total number of issued shares at the end of the period (including treasury shares):

June 30, 2023:

121,985,078

shares

March 31, 2023:

121,985,078

shares

2) Total number of treasury shares at the end of the period:

June 30, 2023:

4,868,972

shares

March 31, 2023:

4,931,863

shares

3) Average number of shares outstanding during the period:

Three months ended June 30, 2023:

117,084,616

shares

Three months ended June 30, 2022:

117,053,809

shares

  • The forecasts herein are based on the information available at the date of publication of this material and assumptions at the same date with 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.

- 2 -

Quarterly Consolidated Financial Statements

Quarterly Consolidated Balance Sheets

(Million yen)

As of March 31, 2023

As of June 30, 2023

Assets

Current assets

Cash and deposits

79,842

78,892

Notes and accounts receivable - trade, and contract

158,136

159,109

assets

Electronically recorded monetary claims -

24,826

27,318

operating

Merchandise and finished goods

47,460

51,179

Work in process

1,529

2,119

Raw materials and supplies

89,383

84,134

Other

29,379

29,163

Allowance for doubtful accounts

(150)

(150)

Total current assets

430,408

431,766

Non-current assets

Property, plant and equipment

Buildings and structures, net

157,312

160,034

Machinery, equipment and vehicles, net

191,081

189,020

Land

165,027

167,714

Other, net

106,662

109,981

Total property, plant and equipment

620,083

626,750

Intangible assets

Goodwill

101

96

Other

39,665

39,658

Total intangible assets

39,766

39,755

Investments and other assets

Investment securities

117,839

118,614

Retirement benefit asset

23,697

23,656

Other

38,376

40,770

Allowance for doubtful accounts

(1,309)

(1,306)

Total investments and other assets

178,604

181,734

Total non-current assets

838,454

848,240

Total assets

1,268,862

1,280,007

- 3 -

(Million yen)

As of March 31, 2023

As of June 30, 2023

Liabilities

Current liabilities

Notes and accounts payable - trade

84,162

84,371

Electronically recorded obligations - operating

11,613

13,132

Short-term borrowings

149,573

151,693

Commercial papers

27,000

31,000

Current portion of bonds payable

10,000

10,000

Income taxes payable

3,687

2,907

Provision for bonuses

5,677

4,654

Provision for loss on business withdrawal

2,564

1,350

Other provisions

108

159

Other

91,395

98,289

Total current liabilities

385,784

397,558

Non-current liabilities

Bonds payable

50,000

50,000

Long-term borrowings

166,911

163,783

Retirement benefit liability

21,380

21,531

Provision for retirement benefits for directors (and

536

464

other officers)

Provision for special repairs

227

246

Provision for product compensation

4,498

4,479

Provision for loss on business withdrawal

1,924

1,936

Other provisions

472

471

Asset retirement obligations

9,379

10,266

Other

98,889

99,131

Total non-current liabilities

354,221

352,310

Total liabilities

740,005

749,869

Net assets

Shareholders' equity

Share capital

86,174

86,174

Capital surplus

49,729

49,800

Retained earnings

342,880

339,142

Treasury shares

(13,738)

(13,735)

Total shareholders' equity

465,045

461,382

Accumulated other comprehensive income

Valuation difference on available-for-sale

12,038

13,054

securities

Deferred gains or losses on hedges

0

1

Revaluation reserve for land

3,610

3,611

Foreign currency translation adjustment

13,730

17,544

Remeasurements of defined benefit plans

530

398

Total accumulated other comprehensive income

29,911

34,610

Non-controlling interests

33,899

34,144

Total net assets

528,857

530,137

Total liabilities and net assets

1,268,862

1,280,007

- 4 -

Quarterly Consolidated Statements of Income and Comprehensive Income

Quarterly Consolidated Statements of Income (For the three months)

(Million yen)

For the three months

For the three months

ended June 30, 2022

ended June 30, 2023

Net sales

176,516

193,534

Cost of sales

141,596

158,089

Gross profit

34,919

35,444

Selling, general and administrative expenses

33,710

33,582

Operating profit

1,208

1,862

Non-operating income

Interest income

56

289

Dividend income

831

1,120

Share of profit of entities accounted for using equity

286

250

method

Foreign exchange gains

181

801

Other

699

645

Total non-operating income

2,056

3,107

Non-operating expenses

Interest expenses

535

881

Other

544

1,113

Total non-operating expenses

1,079

1,994

Ordinary profit

2,185

2,976

Extraordinary income

Gain on disposal of non-current assets

210

88

Gain on sale of investment securities

30

3

Other

22

22

Total extraordinary income

263

114

Extraordinary losses

Loss on disposal of non-current assets

607

781

Other

19

40

Total extraordinary losses

627

822

Profit before income taxes

1,821

2,268

Income taxes

1,758

1,709

Profit

63

558

Profit attributable to non-controlling interests

283

192

Profit (loss) attributable to owners of parent

(220)

365

- 5 -

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Taiheiyo Cement Corporation published this content on 08 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 August 2023 07:28:03 UTC.