Taiheiyo Cement : Outline of Consolidated Financial Results of Taiheiyo Cement Corporation for the First Quarter of Fiscal 2021 ended March 31, 2021

(% of change from previous year)

Outline of Consolidated Financial Results of Taiheiyo Cement Corporation

for the First Quarter of Fiscal 2021 ended March 31, 2021

					August 12, 2020
Company:	Taiheiyo Cement Corporation	Fiscal 2020	1Q	: April 1, 2019 through June 30,	2019
Stock code:	5233	Fiscal 2020		: April 1, 2019 through March 31,	2020
URL:	https://www.taiheiyo-cement.co.jp/english/index.html Fiscal 2021	1Q	: April 1,	2020 through June 30,	2020
		Fiscal 2021		: April 1,	2020 through March 31,	2021

The accompanying consolidated financial results are not intended to present the financial results in accordance with 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 First Quarter of Fiscal 2021 (April 1, 2020 through June 30, 2020)

(1) Operating Results

		Net Sales			Operating income	Ordinary income	Profit attributable to
				owners of parent
	Millions of yen	%	Millions of yen	%	Millions of yen	%	Millions of yen	%
Fiscal 2021 1Q	200,560	(3.0)			7,023	17.1	7,136	14.4	3,267	(41.8)
Fiscal 2020 1Q	206,868	(2.1)			5,996	(38.5)	6,235	(37.6)	5,614	(8.4)
* Comprehensive income : Fiscal 2021 1Q 3,776 (-30.8%)	Fiscal 2020 1Q 5,454
					Yen				Yen
Fiscal 2021 1Q					26.80				-
Fiscal 2020 1Q					45.87				-
(2) Financial Position
		Total assets			Total net assets	Equity ratio
		Millions of yen			Millions of yen		%
Fiscal 2021 1Q	1,052,051				469,273		41.1
Fiscal 2020	1,032,923				473,241		42.3
* Equity : Fiscal 2021 1Q 432,883	Fiscal 2020 436,678
2. Dividends
				Dividend per share
		1Q	2Q	3Q		4Q	Total
Fiscal 2020	-		30.00	-	30.00 60.00
Fiscal 2021	-

3. Consolidated Financial Results Forecast for the Fiscal 2021 (April 1, 2020 through March 31, 2021)

					(% of change from the corresponding period of the previous year)
	Net sales		Operating income	Ordinary income	Profit attributable to	Earnings
		owners of parent	per share
	Millions of yen	% Millions of yen	% Millions of yen	% Millions of yen	%	Yen
First half	414,000	(4.0)	16,500	(26.5)	16,500	(26.6)	9,000	(44.5)	73.53
Full year	876,000	(0.9)	55,000	(9.8)	54,500	(10.0)	32,000	(18.3)	261.44

• This forecast is 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.

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Consolidated Balance Sheets

		(Millions of yen)
	Fiscal 2020	Fiscal 2021 1Q
	(As of March 31, 2020)	(As of June 30, 2020)
Assets
Current assets
Cash and deposits	51,641	79,256
Notes and accounts receivable - trade	159,048	144,828
Electronically recorded monetary claims - operating	13,507	13,464
Merchandise and finished goods	30,897	32,216
Work in process	2,310	3,088
Raw materials and supplies	45,075	46,784
Other	17,324	19,031
Allowance for doubtful accounts	(1,302)	(1,307)
Total current assets	318,502	337,364
Non-current assets
Property, plant and equipment
Buildings and structures, net	138,947	137,769
Machinery, equipment and vehicles, net	162,944	162,949
Land	164,869	165,585
Other, net	77,792	77,846
Total property, plant and equipment	544,553	544,151
Intangible assets
Goodwill	179	208
Other	29,634	29,508
Total intangible assets	29,814	29,716
Investments and other assets
Investment securities	82,931	85,072
Retirement benefit asset	11,090	11,054
Other	52,358	50,989
Allowance for doubtful accounts	(6,327)	(6,296)
Total investments and other assets	140,053	140,819
Total non-current assets	714,420	714,687
Total assets	1,032,923	1,052,051

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			(Millions of yen)
		Fiscal 2020	Fiscal 2021 1Q
		(As of March 31, 2020)	(As of June 30, 2020)
	Liabilities
	Current liabilities
	Notes and accounts payable - trade	83,430	75,893
	Electronically recorded obligations - operating	5,330	5,376
	Short-term borrowings	120,783	151,600
	Commercial papers	12,000	19,000
	Income taxes payable	6,024	2,510
	Provision for bonuses	6,158	4,741
	Other provisions	139	92
	Other	79,906	83,716
	Total current liabilities	313,771	342,930
	Non-current liabilities
	Bonds payable	30,000	30,000
	Long-term borrowings	103,332	98,148
	Retirement benefit liability	24,999	24,457
	Provision for retirement benefits for directors	521	460
	Provision for special repairs	128	141
	Other provisions	828	840
	Asset retirement obligations	7,341	7,378
	Other	78,758	78,421
	Total non-current liabilities	245,910	239,848
	Total liabilities	559,682	582,778
	Net assets
	Shareholders' equity
	Share capital	86,174	86,174
	Capital surplus	60,233	60,282
	Retained earnings	326,086	325,677
	Treasury shares	(16,098)	(20,006)
	Total shareholders' equity	456,395	452,128
	Accumulated other comprehensive income
	Valuation difference on available-for-sale securities	6,723	8,490
	Deferred gains or losses on hedges	(0)	(0)
	Revaluation reserve for land	4,968	4,968
	Foreign currency translation adjustment	(21,413)	(22,971)
	Remeasurements of defined benefit plans	(9,995)	(9,731)
	Total accumulated other comprehensive income	(19,716)	(19,244)
	Non-controlling interests	36,563	36,389
	Total net assets	473,241	469,273
	Total liabilities and net assets	1,032,923	1,052,051

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Consolidated Statements of Income

			(Millions of yen)
		Fiscal 2020 1Q	Fiscal 2021 1Q
		(April 1, 2019 through	(April 1, 2020 through
		June 30, 2019)	June 30, 2020)
	Net sales	206,868	200,560
	Cost of sales	167,554	162,517
	Gross profit	39,313	38,043
	Selling, general and administrative expenses	33,317	31,019
	Operating income	5,996	7,023
	Non-operating income
	Interest income	103	97
	Dividend income	559	585
	Share of profit of entities accounted for using equity method	623	287
	Other	587	706
	Total non-operating income	1,874	1,677
	Non-operating expenses
	Interest expenses	984	887
	Other	650	677
	Total non-operating expenses	1,634	1,564
	Ordinary income	6,235	7,136
	Extraordinary income
	Gain on disposal of non-current assets	139	77
	Gain on sales of investment securities	78	-
	Compensation income	2,730	-
	Other	15	12
	Total extraordinary income	2,963	90
	Extraordinary losses
	Loss on disposal of non-current assets	638	670
	Loss on withdrawal from business	185	-
	Loss on temporary suspension of operations	-	358
	Other	11	379
	Total extraordinary losses	836	1,408
	Profit before income taxes	8,363	5,819
	Income taxes	2,693	2,221
	Profit	5,669	3,597
	Profit attributable to non-controlling interests	55	329
	Profit attributable to owners of parent	5,614	3,267

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