Translation

February 10, 2010

Consolidated Financial Results
for the Third Quarter of the Fiscal Year Ending March 31, 2010
Company name: CHIYODA CORPORATION
Listing:First Section of the Tokyo Stock Exchange
Stock code:
6366
URL:
http://www.chiyoda-corp.com/
Representative: Takashi Kubota, President & CEO
Inquiries:
Shinji Kusunoki, General Manager, Accounting Department
TEL: +81-45-506-9410 (from overseas)
Scheduled date to file Quarterly Report: February 12, 2010
(Millions of yen with fractional amounts discarded, unless otherwise noted)

1.

Consolidated performance for the Third quarter of the fiscal year ending March
31, 2010 (from April 1, 2009 to December 31, 2009)(1) Consolidated operating results (cumulative)
Net sales

3Q ended December
31, 2009
3Q ended December
31, 2008

Operating income% Millions of yen

Millions of yen

3Q ended December
31, 2009
3Q ended December
31, 2008(Percentages indicate year-on-year changes.)
Ordinary income% Millions of yen

221,310 (35.7)(525)-344,106

3,040

Net income per share

Fully diluted net
income per share

Yen

Yen

2.18

2.18

13.58

13.58

Net income% Millions of yen

2,349 (63.6)

565%(83.5)

6,463

3,425

Equity ratio

Net assets per share(2) Consolidated financial position
Total assets
Millions of yen

Net assets
Millions of yen%Yen

As of December 31,321,596
146,2132009
As of March 31,
357,816
145,9172009
Reference: Equity As of December 31, 2009: 145,660million yen

45.3

561.8740.7

561.12–1–

As of March 31, 2009: 145,513 million yen

2. Cash dividends
Cash dividends per share
Record date

First quarter

Second quarter

Third quarter

Fiscal year-endYen
YenYenYen
Fiscal year ended
7.50
March 31, 2009
Fiscal year ending––
March 31, 2010
Fiscal year ending
March 31, 2010–
3.00
(Forecast)
Note: Revision of the forecast in the Third quarter of the fiscal year ending March 31, 2010: None

3.

AnnualYen
7.50

3.00

Consolidated earnings forecasts for the fiscal year ending March 31, 2010 (fromApril 1, 2009 to March 31, 2010)(Percentages indicate year-on-year changes.)
Net sales
Millions ofyen

Fiscal year ending
March 31, 2010

Operating income Ordinary income%

320,000 (28.3)

Millions ofyen%Millions ofyen

1,000 (86.2)%

4,000 (65.1)

Net income pershareNet income
Millions ofyen%

Yen

2,000 (69.2)

7.71

Note: Revision of the forecasts in the Third quarter of the fiscal year ending March 31, 2009: None

4.

Others(1) Significant changes in subsidiaries during the period (changes in specified subsidiaries
resulting in the change in scope of consolidation): None
(2) Application of simplified accounting as well as specific accounting for preparing the quarterly
consolidated financial statements: None
(3) Changes in accounting policies, procedures, and methods of presentation for preparing thequarterly consolidated financial statements (changes described in the section of “Changes insignificant matters forming the basis of preparing the quarterly consolidated financialstatements”)
a. Changes due to revisions to accounting standards: Yes
b. Changes due to other reasons: None

–2–(4)

Number of issued shares (common stock)a. Total number of issued shares at the end of the period (including treasury stock)
As of December 31, 2009
260,324,529 shares
As of March 31, 2009
260,292,529 sharesb. Number of treasury stock at the end of the period
As of December 31, 20091,081,248 shares
As of March 31, 2009
963,763 sharesc. Average number of shares during the period (cumulative from the beginning of the fiscalyear)
For the Third quarter of the fiscal year ending March 31, 2009
259,330,800 shares
For the Third quarter of the fiscal year ended March 31, 2008
252,260,754 shares* Proper use of earnings forecasts, and other special directions
The forward-looking statements, including earnings forecasts, contained in thesematerials are based on information currently available to the Company and on certain
assumptions deemed to be reasonable. Actual business and other results may differ
substantially due to a number of factors.

–3–5. Qualitative Information and Financial Statements
Qualitative Information on Consolidated Results of Operations

During the cumulative third quarter of the current consolidated fiscal year, the market
environment surrounding the Chiyoda Group began to show signs of recovery from the global
recession, led by emerging countries with expectations for future growth in the industrial demandfor oil and gas applications. Accordingly, several final investment decisions on the new facilities
have been materialized.
Under these circumstances, the Chiyoda Group has received new orders for an LNG plant inPapua New Guinea and other international and domestic EPC (Engineering, Procurement andConstruction) projects, as well as orders for basic design and engineering services. TheChiyoda Group continues to progress steadily in the execution of on-going projects. Of the six
trains (7.8 million tons/year each) involved in the ultra-large-scale LNG plant being constructed in
Qatar, three trains have been completed, along with the first train completed during the priorfiscal year. Going forward, the Chiyoda Group will implement more detailed risk management incurrent projects, including Qatargas Trains 6 and 7, where additional costs have been required.
Combined with an orientation toward improved profitability and steady project execution, theChiyoda Group is working to achieve improved earnings results.
Consolidated new contracts for the cumulative third quarter of the current consolidated fiscal
year amounted to ¥377,775 million (year-on-year increase of 170.2%), while the consolidated
contract backlog amounted to ¥576, 308 million (year-on-year increase of 28.1%). Consolidated
revenues amounted to ¥221,310 million (35.7% year-on-year decrease), operating losses
amounted to ¥525 million (compared to a consolidated operating income of ¥3,040 million for thesame period of the previous fiscal year), and ordinary income amounted to ¥2,349 million (63.6%year-on-year decrease). Net income for the cumulative consolidated third fiscal quarteramounted to ¥565 million (83.5% year-on-year decrease).

–4–

Results by Business Segment
The following is a summary of operating results by business segment.
(Natural Gas, Electric Power)
Overseas, the Chiyoda Group won an EPC contract for an LNG plant in Papua New Guinea
and a FEED (Front End Engineering and Design) contract for a floating LNG plant in Brazil. Interms of project execution, the Chiyoda Group continues to be engaged in a number of basic
design/project execution planning services in addition to construction work on ultra-large-scale
LNG plants. One of the Chiyoda Group subsidiaries established in Qatar has started long-term
services related to design, procurement, and construction management services for LNG/gas
processing plants awarded during the prior fiscal period. These long-term services are part of thePlant Lifecycle Engineering (PLE) initiative the Chiyoda Group has been pursuing.
Domestically, the Chiyoda Group has been awarded a contract for basic design andengineering services related to an LNG receiving terminal, while the Group continues to focus on
the execution of on-going projects, including works on three LNG receiving terminals in Niigata
and Okayama prefectures.
(Petroleum, Petrochemicals, Gas Chemicals)
Overseas, the Chiyoda Group is involved in investment plans for refineries in the Middle Eastand Southeast Asia. The Group has been awarded an EPC contract related to a coker unit for anew export refinery project in Saudi Arabia, and a basic design and engineering package contract
for a desulfurization facility in Singapore.
In the domestic petroleum sector, while the issue of excess production capacity against fallingdemand is needed to be dealt with, there are high demands from petroleum companies toreinforce their competitiveness and efficiency in their markets. The Group is actively engaged inpursuing contracts for environmental conservation projects (mainly energy conservation) andFeasibility Study (FS) services looking toward future investments.
(General Chemicals, Industrial Machinery, Environment, and Other)In the general chemicals and industrial machinery sector, the Chiyoda Group is experiencing
notable success as it continues to engage in sales activities to win new contracts in the lithium
ion battery market for electric and hybrid cars, the solar cell market, and in other new-energy
projects. This is in addition to re-entering the field for nickel and other non-ferrous metal smelting.
The pharmaceutical sector showed increase in investment planning projects for antibody andgeneric drugs. The Group is actively engaged in sales activities to win new contracts in thesefields.

–5–6. Consolidated quarterly financial statements(1) Consolidated quarterly balance sheets (1/2)(Millions of yen)

AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable from completed
construction contracts
Short-term investment securities
Costs on uncompleted construction contracts
Jointly controlled assets of joint venture
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures, netLand
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets–6–

As of December
31, 2009

As of March 31,
2009

30,64838,74747,80150,651

100,341
16,74270,927
18,531(2)
284,991

96,841
16,920100,426
17,265(3)
320,848

7,897
11,9381,480
21,316
5,256

8,130
11,953
1,916
22,001
4,921

7,094
3,270
(333)
10,03236,604
321,596

6,955
3,423
(333)
10,04536,968357,816

Consolidated balance sheets (2/2)(Millions of yen)
As of December
31, 2009

As of March
31, 2009

66,51477,020

8
638

18
5,457

70,967

91,661

4,280
5,312
1,952
12,794
162,469

3,801
4,302
3,557
13,398199,218

10,0002,356
556
12,912
175,382

10,004
2,288
388
12,681
211,899

Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity

43,396
37,112
68,371(1,186)
147,693

43,392
37,10869,730(1,105)
149,126

Valuation and translation adjustments
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Total valuation and translation adjustments
Minority interests
Total net assets
Total liabilities and net assets

(94)
(438)
(1,500)(2,032)
553
146,213
321,596(775)(1,368)(1,469)(3,613)404
145,917357,816

Liabilities
Current liabilities
Notes payable, accounts payable for construction
contracts
Current portion of long-term loans payable
Income taxes payable
Advances received on uncompleted construction
contracts
Provision for warranties for completed construction
Provision for loss on construction contracts
Provision for bonuses
Other
Total current liabilities
Noncurrent liabilities
Long-term loans payable
Provision
Other
Total noncurrent liabilities
Total liabilities–7–(2) Consolidated statement of income(Millions of yen)
Third quarter ended
December 31, 2008
(From April 1, 2008
to December 31, 2008)

Net sales of completed construction contracts
Cost of sales of completed construction contracts
Gross profit on completed construction contracts
Selling, general and administrative expenses
Operating income (loss)
Non-operating income
Interest income
Dividends income
Equity in earnings of affiliates
Foreign exchange gains
Real estate rent
Other
Total non-operating income
Non-operating expenses
Interest expenses
Rent expenses on real estates
Foreign exchange losses
Stock issuance cost
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Reversal of allowance for doubtful accounts
Total extraordinary income
Extraordinary loss
Loss on valuation of investment securities
Other
Total extraordinary losses
Income before income taxes and minority interests
Income taxes-current
Income taxes-deferred
Total income taxes
Minority interests in income
Net income–8–

Third quarter ended
December 31, 2009
(From April 1, 2009
to December 31, 2009)

344,106
332,226
11,8808,839
3,040

221,310
212,7148,596
9,121(525)

3,883
646
93
195
115
4,933

843
972
112
1,030
108
174
3,241

257
117
790
271
72

188
71
105

1,510
6,463

366
2,349

124
124

-

1,859
53
1,913
4,673
4,304
(3,073)
1,230
17
3,425

2,349
2,740
(994)
1,746
38565

7.

Production, Contracts and Sales (Consolidated)
Millions of Yen
3Q FY2009Apr. 1, 2009 —December. 31, 2009
RevenuesAmt%

New contracts
Amt%

Backlog of contracts
Amt%

Business Segment
Engineering
LNG plants..................................
Gas and power utilities ...............
Gas chemicals ............................
Petroleum and petrochemicals ...
General chemicals........................
Industrial machinery .....................
Environment and other ...............
Total Engineering

251,552
13,753
156
51,411
11,13323,293
22,811
374,111

66.6
3.6
0.0
13.6
3.0
6.2
6.0
99.0

73,317
40,101
214
70,50820,667
1,769
10,840217,419

33.1
18.1
0.1
31.9
9.3
0.8
4.9
98.2

312,080
141,004
788
64,145
11,34823,25923,034575,661

54.2
24.5
0.1
11.1
2.0
4.0
4.0
99.9

Other...........................................

3,664

1.0

3,890

1.8

646

0.1

Domestic.....................................
Overseas ....................................
Total ...........................................

71,511
306,264
377,775

18.9
81.1
100.0

106,473
114,836
221,310

48.1
51.9
100.0

180,336395,971
576,308

31.3
68.7
100.0

Millions of Yen
3Q FY2008
Apr. 1, 2008 —December. 31, 2008
Net salesAmt%

New contracts
Amt%Backlog of contracts
Amt%

Business Segment
Engineering
LNG plants..................................
Gas and power utilities ...............
Gas chemicals ............................
Petroleum and petrochemicals ...
General chemicals........................
Industrial machinery .....................
Environment and other ...............
Total Engineering

39,177
19,342
105
47,501
22,6641,950
4,159
134,902

28.0
13.8
0.1
34.0
16.2
1.4
3.0
96.5

156,642
100,748
181
55,711
13,9404,463
7,805
339,493

45.5
29.3
0.1
16.2
4.0
1.3
2.3
98.7

161,703140,228997
98,05028,6894,383
15,178449,232

35.9
31.2
0.2
21.8
6.4
1.0
3.4
99.9

Other...........................................

4,925

3.5

4,613

1.3

609

0.1

Domestic.....................................
Overseas ....................................
Total ...........................................

82,86556,962
139,828

59.3
40.7
100.0

79,336
264,770
344,106

23.1
76.9
100.0

193,114
256,726
449,841

42.9
57.1
100.0

Note: The backlog of contracts for the nine months ended December 31, 2009 includes a decrease due tochanges in construction contracts acquired in prior fiscal years, an increase due to adjustments in
new contract amounts, and an increase due to foreign exchange translation adjustments.

–9–