April 27, 2011
Company Name:
President & CEO:
Stock Code:
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Inquiries:

Chiyoda Corporation
Takashi Kubota
6366First Section of the Tokyo Stock Exchange
Nobuo Sekita
General Manager, Accounting Department+81-45-506-9410

Telephone:

Chiyoda Announces Revisions to Forecasts of Financial Results and Dividends
Chiyoda Corporation today announces the following revisions to its forecasts of financial results and dividends forthe fiscal year ending March 31, 2011, which were announced on November 11, 2010.
1. Revision to the consolidated full-year financial results forecasts for the fiscal year ended March 31, 2011
(from April 1, 2010 to March 31, 2011)

Previous forecast (A)(announced on November 11, 2010）
Revised forecast (B)Increase (decrease) (B-A)
Percentage increase (decrease) (%)(Reference) Results for the fiscal
year ended March 31, 2010

(Millions of yen)
Net income
per share(Yen)

Revenue

OperatingincomeOrdinary
incomeNet
income240,000

16,00013,000

4,000

15.43

247,000
7,000
2.9

17,5001,500
9.4

15,500
2,500
19.2

8,000
4,000
100.0

30.87
－－

312,985

1,702

4,837

2,953

11.39

2. Reasons for revisions to the financial results forecast
The increase in the forecast revenues is due to the smooth execution of the construction backlog. The operating
income is also expected to increase on account of the improvements in the profitability of several projects (inaddition to an increase in revenue). The ordinary income will be boosted by the reduction of foreign exchange
losses owing to the yen being weaker than envisaged at the year-end exchange rate (in addition to an increase inoperating income). The increase in the net income is due to the suspension of the reversal of deferred tax asset
which was incorporated in forecasts of financial results announced on February 8, 2011 in accordance with thethen anticipated Corporate Tax Act revision (in addition to an increase in ordinary income).
3. Revision to the year-end dividend forecast

Cash Dividends

Dividends per share (Yen)Year EndYear Total

Previous forecast (A)(announced on November 11, 2010）

5.0

5.0

Revised forecast (B)

11.0

11.0

Increase (decrease) (B-A)(Reference)Results for the fiscal year
ended March 31, 2010

6.0

6.0

3.5

3.5-1-4. Reasons for the revisions to the dividend forecast
In compliance with the company’s dividend payout ratio target of 30% of consolidated net income, dividends wereinitially projected at 5 yen per share for the fiscal year ended March 31, 2011. Having considered extraordinary
losses incurred regarding the office integration in accordance with the mid-term management plan announced on
May 13, 2009, the company revises the full-year dividend upward to 11 yen per share with its forecast of higher
net income. Expected dividend payout ratio is about 35% of consolidated net income.
5. Forward-looking statements
The forecasts and plans in this announcement are based on information available to management on April 27,
2011, the date that this material was prepared. Actual results may differ significantly from these forecasts due to anumber of factors, including but not limited to changes in economic conditions and operating environment inJapan and overseas. We strongly request you not to rely only on this forecast in making investment decisions.
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