Taiheiyo Cement : Outline of Consolidated Financial Results of Taiheiyo Cement Corporation for the Second Quarter of Fiscal 2022 ending March 31, 2022

(% of change from previous year)

Outline of Consolidated Financial Results of Taiheiyo Cement Corporation

for the Second Quarter of Fiscal 2022 ending March 31, 2022

					November 11, 2021
Company:	Taiheiyo Cement Corporation	Fiscal 2021	2Q	: April 1, 2020 through September 30,	2020
Stock code:	5233	Fiscal 2021		: April 1, 2020 through March 31,	2021
URL:	https://www.taiheiyo-cement.co.jp/english/index.htmlFiscal 2022	2Q	: April 1,	2021 through September 30,	2021
		Fiscal 2022		: April 1,	2021 through March 31,	2022

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 Second Quarter of Fiscal 2022 (April 1, 2021 through September 30, 2021)

(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 2022 2Q	339,798		(19.2)	25,812		(1.2)	26,578		(0.2)	19,485	5.5
Fiscal 2021 2Q	420,627		(2.5)	26,126		16.3	26,640		18.6	18,461	13.9
* Comprehensive income : Fiscal 2022 2Q 34,220 (+75.5%) Fiscal 2021 2Q 19,496 (+58.7%)
	Earnings per share	Diluted earnings per share
			Yen			Yen
Fiscal 2022 2Q			163.92		-
Fiscal 2021 2Q			152.23		-
(2) Financial Position
	Total assets	Total net assets	Equity ratio
	Millions of yen	Millions of yen			%
Fiscal 2022 2Q	1,086,616		530,655			45.5
Fiscal 2021	1,044,227		506,821			45.1
* Equity : Fiscal 2022 2Q 493,909	Fiscal 2021 470,921

• 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. Figures for the second quarter of the fiscal year ending March 31, 2022 are stated after the application of the said accounting standard, etc.

2. Dividends

		Dividend per share
	1Q	2Q	3Q	4Q	Total
	Yen	Yen	Yen	Yen	Yen
Fiscal 2021	-	30.00	-	30.00	60.00
Fiscal 2022	-	35.00
Fiscal 2022(forecast)			-	35.00	70.00

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		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
Full year	716,500	(17.1)	60,000	(5.7)	61,000	(7.2)	38,000	(18.8)	322.49

• 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 2021	Fiscal 2022 2Q
	(As of March 31, 2021) (As of September 30, 2021)
Assets
Current assets
Cash and deposits	73,074	73,263
Notes and accounts receivable - trade	142,515	-
Notes and accounts receivable - trade, and contract assets	-	143,017
Electronically recorded monetary claims - operating	19,234	21,873
Merchandise and finished goods	29,421	30,748
Work in process	2,079	1,899
Raw materials and supplies	43,873	51,245
Other	17,930	16,533
Allowance for doubtful accounts	(795)	(818)
Total current assets	327,333	337,762
Non-current assets
Property, plant and equipment
Buildings and structures, net	138,410	148,478
Machinery, equipment and vehicles, net	154,207	159,963
Land	164,193	156,598
Other, net	83,531	79,063
Total property, plant and equipment	540,342	544,104
Intangible assets
Goodwill	159	107
Other	28,033	27,861
Total intangible assets	28,192	27,969
Investments and other assets
Investment securities	91,926	119,406
Retirement benefit asset	23,099	23,311
Other	39,470	40,010
Allowance for doubtful accounts	(6,137)	(5,949)
Total investments and other assets	148,358	176,779
Total non-current assets	716,893	748,853
Total assets	1,044,227	1,086,616

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		(Millions of yen)
	Fiscal 2021	Fiscal 2022 2Q
	(As of March 31, 2021) (As of September 30, 2021)
Liabilities
Current liabilities
Notes and accounts payable - trade	73,596	77,614
Electronically recorded obligations - operating	7,744	8,716
Short-term borrowings	103,538	99,831
Commercial papers	-	29,000
Current portion of bonds payable	10,000	-
Income taxes payable	4,590	4,432
Provision for bonuses	6,265	6,221
Other provisions	404	444
Other	98,691	88,527
Total current liabilities	304,831	314,788
Non-current liabilities
Bonds payable	50,000	60,000
Long-term borrowings	84,563	80,626
Retirement benefit liability	24,703	25,482
Provision for retirement benefits for directors	503	468
Provision for special repairs	180	209
Other provisions	511	495
Asset retirement obligations	7,821	8,325
Other	64,290	65,564
Total non-current liabilities	232,574	241,172
Total liabilities	537,405	555,960
Net assets
Shareholders' equity
Share capital	86,174	86,174
Capital surplus	60,292	46,546
Retained earnings	365,593	379,376
Treasury shares	(26,113)	(15,003)
Total shareholders' equity	485,946	497,093
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	12,429	13,783
Deferred gains or losses on hedges	1	1
Revaluation reserve for land	4,898	4,902
Foreign currency translation adjustment	(29,917)	(19,030)
Remeasurements of defined benefit plans	(2,438)	(2,840)
Total accumulated other comprehensive income	(15,025)	(3,184)
Non-controlling interests	35,899	36,745
Total net assets	506,821	530,655
Total liabilities and net assets	1,044,227	1,086,616

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Consolidated Statements of Income

			(Millions of yen)
		Fiscal 2021 2Q	Fiscal 2022 2Q
		(April 1, 2020 through	(April 1, 2021 through
		September 30, 2020)	September 30, 2021)
	Net sales	420,627	339,798
	Cost of sales	331,929	252,307
	Gross profit	88,697	87,490
	Selling, general and administrative expenses	62,570	61,677
	Operating income	26,126	25,812
	Non-operating income
	Interest income	244	221
	Dividend income	859	865
	Share of profit of entities accounted for using equity method	1,075	1,063
	Other	1,530	1,426
	Total non-operating income	3,709	3,577
	Non-operating expenses
	Interest expenses	1,814	1,360
	Other	1,382	1,450
	Total non-operating expenses	3,196	2,811
	Ordinary income	26,640	26,578
	Extraordinary income
	Gain on disposal of non-current assets	2,374	5,934
	Gain on sale of investment securities	-	435
	Other	90	78
	Total extraordinary income	2,465	6,448
	Extraordinary losses
	Loss on disposal of non-current assets	1,647	1,357
	Impairment losses	133	2,015
	Loss on temporary suspension of operations	548	37
	Other	267	437
	Total extraordinary losses	2,598	3,847
	Profit before income taxes	26,507	29,179
	Income taxes	6,604	8,469
	Profit	19,903	20,710
	Profit attributable to non-controlling interests	1,441	1,224
	Profit attributable to owners of parent	18,461	19,485

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Consolidated Statements of Comprehensive Income

		(Millions of yen)
	Fiscal 2021 2Q	Fiscal 2022 2Q
	(April 1, 2020 through	(April 1, 2021 through
	September 30, 2020)	September 30, 2021)
Profit	19,903	20,710
Other comprehensive income
Valuation difference on available-for-sale securities	2,169	1,544
Deferred gains or losses on hedges	(0)	0
Foreign currency translation adjustment	(2,935)	11,731
Remeasurements of defined benefit plans, net of tax	478	(416)
Share of other comprehensive income of entities accounted for using equity method	(118)	651
Total other comprehensive income	(406)	13,510
Comprehensive income	19,496	34,220
Comprehensive income attributable to
Comprehensive income attributable to owners of parent	18,226	31,323
Comprehensive income attributable to non-controlling interests	1,269	2,897

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