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Lucky Cement Corporation Earnings Call December 26, 2022

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Disclaimer

This presentation is based on our audited or reviewed financial statements, which have been prepared in accordance with IFRS reporting standards. For complete details and data, please refer to the Company’s financial statements.

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The information provided in this presentation may contain forward-looking statements that are subject to risks and uncertainties. Actual results may differ from these forwardlooking statements. This presentation makes no express or implied representation or warranty as to its accuracy or completeness and does not claim to be a complete statement of subsequent material developments with respect to the Company or related industries.

The Company assumes no responsibility in updating or revising the information in this presentation.

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1 Company Profile

2 Market Overview

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3 Business Performance

4 ESG

5 Project of Dai Shen Development 6 Q ＆ A

Company Profile

Time of Incorporation: May 7, 1974
Time of Listing: June 6, 1990
Chairman: Liang-Chuan Chen

Milestone

In 1992, Puxin Plant was bought - In 1996, the blast furnace slag products were launched
In 2000, the circular economy business was added

- In March 2020, the lands for the Shulin Plant, Luckicon Ready Mixed Concrete Factory Co.,

Ltd. were bought, and the construction commenced in November 2022

- In April 2022, the lands for Luzhu Plant, Luckicon Ready Mixed Concrete Factory Co., Ltd. were bought, and the construction permit was obtained in December 2022.

- In 2003, the Class B Waste Disposal Permit was obtained

In 1981, Dong’ao Plant was officially operated
On June 6, 1990, the shares were publicly listed.

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1990

- On May 7, 1974, the founder, Mr. Liang-Chuan Chen established Lucky Cement Corporation

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1976
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- In 2008, the expansion of Phase 2 of the Heren Plant was completed, and became the largest manufactured sand production 2020 plant in Taiwan. 2022

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2008
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The Story of the Logo

The founder, Mr. Chen Liang-Chuan, started his nascent career in construction, hoping that every young person who wanted to start a family could own a house and feel warm and happy in life. Therefore, to produce high quality and reasonably priced cement for sturdy houses is Mr. Chen’s lifelong ambition and goal.

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1 Company Profile

2 Market Overview 3 Business Performance 4 ESG 5 Project of Dai Shen Development 6 Q ＆ A

0
5
10
15
20
Tons Overview of Cement Supply and Demand in Taiwan
Source: Taiwan Cement Manufacturers’ Associat
Jan-Nov 2022 vs. Jan-Nov 2021
Domestic cement consumption
increased by 7.85% YoY
Per capita volume increased by 8.9%
Domestically produced cement
decreased by 1.16%
Imported cement increased by 50.0%
15.8
16.6
14.6
13.4
12.1
10.9
10.9
11.3
11.8
11.9
1.4
1.4
1.5
1.4
1.4
1.9
2.1
2.3
2.5
2.3
12.0
12.2
12.6
11.7
10.2
10.2
10.7
11.4
12.1
12.6
516
524
536
496
435
432
453
482
514
542
0
100
200
300
400
500
600
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
Kg
(million)
Domestic production volume
10.8
10.1
2.0
3.0
[值]
12.2
484
527
0
100
200
300
400
500
0
5
10
15
Jan - Nov, 2021
Jan - Nov, 2022
Kg
Tons (million)

Source: Taiwan Cement Manufacturers’ Association

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Building Construction Licenses and Construction Commencement Total Floor Area Statistics

Construction Permit Construction Commencement Permit Construction Permit YoY(%)

Jan-Oct 2022 vs. Jan-Oct 2021 Gross floor area for building licenses increased at the annual growth rate of 11.24%

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%
Unit: million sqm Gross floor area for building
43.43
45 0.50
41.52 licenses increased at the annual
12.93
39.76
38.63
40 growth rate of 11.24%
36.93 9.12 0.40
33.98
35 32.88 32.60 32.40
9.09 0.30 Unit: million sqm
31.34 29.88 7.72 30.50
28.69 %
30 27.84
26.89
26.24 26.26 0.20
38.31
40 20%
25.35
25 23.22 34.43
21% 35 8.65
20.82 14% 0.10 9.55 15%
14% 12% 30 29.66
20
9% 24.88 10%
5% 0.00 25
11.24%
15 20 5%
-4% [值] -0.10 15
0%
10
10 -0.04%
-5%
5 -16% -0.20 5
-20%
0 -10%
0 -0.30 Jan - Oct, 2021 Jan - Oct, 2022
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
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Unit: million sqm

Source: Construction and Planning Agency, Ministry of the Interior

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1 Company Profile

2 Market Overview

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3 Business Performance 4 ESG

5 Project of Dai Shen Development 6 Q ＆ A

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Cement Market Share

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Lucky Cement Corporation Imported Cement
30%
25.24%
25%
25.21%
20.74%
21.29%
20%
20.43%
19.74%
19.58%
18.42% 18.44%
Cement dumping from China
15%
14.00%
11.42% 11.26% [11.72% ] 12.34%
11.84%
10% 8.31%
9.51% 9.57% [9.68% ]
8.75% 8.16%
7.51% 8.46% [8.72% 9.65% ] 7.81%
7.35% 7.34% 6.96%
5%
5.68%
0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Jan -
Nov,
2022
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Source: Taiwan Cement Manufacturers’ Association

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The Company’s revenue by product for the past five years
5,000
Others Stone Materials Cement Products Cement
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2018 2019 2020 2021 Jan - Sep, 2022
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%
45
33
12
10
100
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Unit: NT$ million

	2018	%	2019	%	2020	%	2021	%	Jan-Sep, 2022	%
Cement	1,826	55	1,805	48	2,074	46	1,849	46	1,323	45
Cement Product	689	21	1,243	33	1,669	37	1,249	37	964	33
Stone Materials	328	10	282	8	323	7	300	7	349	12
Others	488	14	402	11	464	10	371	10	310	10
Total 3,331 100 3,732 100 4,530 100 3,769 100 2,946 100

P&L for the first three quarters, 2018 to	P&L for the first three quarters, 2018 to	P&L for the first three quarters, 2018 to	P&L for the first three quarters, 2018 to	P&L for the first three quarters, 2018 to	P&L for the first three quarters, 2018 to	P&L for the first three quarters, 2018 to	P&L for the first three quarters, 2018 to	P&L for the first three quarters, 2018 to	P&L for the first three quarters, 2018 to	P&L for the first three quarters, 2018 to	P&L for the first three quarters, 2018 to	P&L for the first three quarters, 2018 to	P&L for the first three quarters, 2018 to	P&L for the first three quarters, 2018 to	P&L for the first three quarters, 2018 to	2022	2022
														Unit:	NT$ million
800	Gross Profit (in NT$			million)		Operating Income			(in NT$ million)				Operating Net			Profit (in NT$ million)
Consolidated Statements of Comprehensive Income -200 0 200 400 600		2018			2019			2020				2021		2022 First three quarters
-400
			2018	%	2019			%	2020			%	2021			% Jan-Sep, 2022		%
Revenue (in NT$ million)			3,331	100		3,732		100		4,530		100		3,769		100	2,946	100
Gross Profit (in NT$ million)			47		1	299		8			717	16		560		15	585	20
Operating Income (in NT$ million)			-155		-5		78	2			447	10		339		9	395	14
Net Profit (in NT$ million)			-202		-6		46	1			392	9		262		7	305	10
Earnings Per Share (NT$)			-0.44			0.11					0.97			0.65			0.75

Balance sheet of Q3, 2018 to 2022

Unit: NT$ million

	2018	%	2019	%	2020	%	2021	%	Sep.30 2022	%
Current Assets	4,939	68%	5,087	69%	5,259	66%	5,118	64%	5,676	61%
Property, plant and equipment	1,877	26%	1,712	23%	2,223	28%	2,302	29%	2,351	25%
Other Assets	477	7%	530	7%	545	7%	622	8%	1,206	13%
Total Assets	7,293	100%	7,329	100%	8,027	100%	8,042	100%	9,233	100%
Current Liabilities	1,736	24%	1,617	22%	2,151	27%	3,032	38%	3,876	42%
Non-current Liabilities	1,330	18%	1,391	19%	1,219	15%	364	5%	748	8%
Total Liabilities	3,066	42%	3,008	41%	3,370	42%	3,396	42%	4,624	50%
Shareholders' Equity	4,227	58%	4,321	59%	4,657	58%	4,646	58%	4,609	50%

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Financial Ratios and Book Value Per Share

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Debt Ratio(%)
60
50
50
42 41 42 42
40
30
2018 2019 2020 2021 2022
September 30
Book value per share (NT$)
12.5
12.0 11.5 11.5 11.4
11.5
10.7
11.0
10.4
10.5
10.0
2018 2019 2020 2021 2022
September 30
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Current Ratio (%)
400
315
284
244
200 169 146
0
2018 2019 2020 2021 2022
September 30
Interest-bearing Debt Ratio (%)
40 31 33
29
26
23
20
0
2018 2019 2020 2021 2022
September 30
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1 Company Profile

2 Market Overview

3 Business Performance

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4 ESG

5 Project of Dai Shen Development 6 Q ＆ A

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Love the Earth with Reduced Carbon ESG

Alternative raw materials/ fuel/ carbon-reduction

Head of Corporate Governance appointed in June 2021

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替代用量 Alternative 減碳量 Carbon reduction
Year 年度 consumption
(ton)
（噸） (ton) （噸）
111年1~11月 78,458 17,599
Jan - Nov, 2022 78,458 17,599
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Nominating Committee established in June 2021

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Cherish Resources
Business Sustainability
Friendly
Environmentally
Environment
Respect for the
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The Corporate Social Responsibility Committee was renamed the Corporate Sustainable Development Committee, and the CSR report was renamed the sustainability report in May 2021

- Grade 2, top 6%-20% in Corporate Governance Evaluation on 2021

The reduced carbon was equivalent to 45 Da’an Park

Solar Power

Compulsory installed capacity: 800 kw
Location of installation: Hsing-Fu Golf Club, Linkou
Community care
Space of installation: 3,600 square meters
Humanity education and culture

The construction is expected to be completed at the end of December 2023

Care for the Indigenous Community

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Heren mine
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Plantation and greening for

11 hectares

Total 21 levels
11,000 seedlings were plant

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2021 energy-saving measures and the reduced emission of greenhouse gas

	Reduction Measures	Electricity Savings (kWh)	Electricity Discharge Coefficient	CO2 reduction (tons)	Coal saving (tons)	Customized Coefficients	CO2 reduction (tons)	Total (tons)
Carbon-reducing measures of the equipment in plants	Replace the lining board of the #2 rawmill, and adjust and replace the steel ball ratio.	1,797,000	0.509	914.673	-	-	-	18,115.83
	Replace the lining board of the #1 container of the #2 cement mill, and adjust the steel ball ratio.	961,200	0.509	489.2508	-	-	-
	Replace the lining board of the #2 coal pulverizer.	361,350	0.509	183.92715	-	-	-
	Clinker grinder refurbishment	267,300	0.509	136.0557	-	-	-
Alternative clinker	grinding stone				10,410.52	0.9487	9,876.46
Alternative Fuels	Organic sledge				11,291.97	0.577	6,515.47
		3,386,850		1723.90665	21,702.49		16,391.93

Total 18,115.83 (ton) CO2 = the carbon absorbed by 47 Da’an Park in a year.

Calculated based on the formula of the Council of Agriculture, each hectare of forest absorbs 15 tons of carbon per year, and one Da'an Park (25.8 hectares) absorbs 384.6 hectares per year.

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ESG

Community care
Head of Corporate Governance appointed in June 2021
• Nominating Committee established in June 2021 • The Corporate Social Responsibility Committee was renamed the Corporate Sustainable Development Committee, and the CSR report was renamed the sustainability report in May 2021
• TOP6%-20% in Corporate Governance Evaluation on 2021
Corporate
Governance • Corporate Social Responsibility Committee established in 2017
(1) Aid to emergencies of villagers
(2) Canteen for elders
(3) Repair and maintenance of roads (4) Community environment cleaning

Social Philanthropy

(5) Beach cleaning
Humanity education and culture
(1) Scholarship provided

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(2) Sponsorship for various school activities (sports games and remote training for the archery team) (3) Performance of indigenous culture out of the county (indigenous dance)
(4) Flying fish festival of Atayal
Care for the Indigenous Community
Employment opportunities provided
Corporate Social Responsibility Report published since 2014

ESG - social care

》 Meal party for Mother’s Day in the Elder’s Canteen, Dong’ao

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》 Beach cleaning event in Fenniaolin, Dong’ao

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》 Dong’ao community cleaning and sterilization

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》 Reconstruction of parks for Dongyue community
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》 Participation in the sports game of Dong’ao Elementary School and King Young Elementary School in Nan’ao

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1 Company Profile

2 Market Overview

3 Business Performance

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4 ESG

5 Project of Dai Shen Development 6 Q ＆ A

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Legends R: residence C: commercial W: warehouse C': conservation area P: land for parking lot A: land for

governmental agencies

S: land for schools

P': land for parks W': land for tap water Land for road Scope of lands held by Dai Shen Scope of development by phases

Land development in Daganlin Area

 For the lands of Phase I, the land transaction contract was entered with construction companies including Aishanlin in March 2022.

 The payments will be made in three installments.  The transaction will be completed within four years (March 2026), and the gains from the disposal are recognized for NT$922 million.

 Please refer to the material information released on the MOPS by the Company on March 9, 2022.

Keelung City Daitian Temple Phase II Private Sponsored Urban Land Readjustment Project

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Estimated work progress Phase II in the table is the consolidation of
Phase II and III in the urban planning
project,
1 2 3 4 and the development area is 13.47 hectares 2021 5 2020 6 7 8 2022 9 10
Change of Cadastral Rezoning Pre-and Calculation Announcem Cadastral Land Application Certificate of
urban plan survey Project construction post- of costs and ent of survey and Transfer for Total
(School site implementa contracting, rezoning allocation allocation registration and Construction Rezoning Costs for
adjustment) tion plan acceptance land design results and Settlement Permit
Application
and valuation handling of
of Land
maintenance and objections
Readjustment
assessment
Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated Estimated
work work work work work work work work work work
progress progress progress progress progress progress progress progress progress progress
November
May 2020 2019 to January 2019 March 2024 January 2025 March 2025 April 2025 to May 2025 to June 2025 June 2025
to March to August to September to March June 2025 to July 2025
December to April 2025 May 2025
2023 2024 2023 2025
2023
The locations of the city government
and schools were changed several
times and thus the development
timetable was delayed.
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23
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24
the Lover’s Lake here. Connection to the tourism path of
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Land for schools

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27
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Reversal zone for TAI LE Tourist Coach
Enter the community here
28
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