Chiyoda Corporation (6366)
Consolidated Financial Results for nine months ended December 31, 2023

Abridged Translation:
The report is not audited and this translation is an abridged version prepared based on the statutory format in Japan for reference
purpose only. If there is any discrepancy between this translation and the original Japanese version, the Japanese shall prevail.

Consolidated Financial Resultsfor Nine Months Ended December 31, 2023
February 5, 2024
Company name
Stock code
Representative
Inquiries: CHIYODA CORPORATION
Listing: Tokyo Stock Exchange: 6366URL: http://www.chiyodacorp.com/: Masakazu Sakakida, Chairman of the Board, President & CEO: Takatsugu Ukai, General Manager, Accounting Department
TEL : +81-45-225-7777

Scheduled date to file Quarterly Report
Dividend payable date
Quarterly Supplementary Explanation Material
Quarterly Financial Results Presentation: February 14, 2024
: －
: Yes
: Yes
(Millions of yen with fractional amounts discarded, unless otherwise noted)

1. Consolidated performance for nine months ended December 31, 2023
(April 1, 2023 to December 31, 2023)(Percentages indicate year-on-year changes)(1) Consolidated operating results
Net sales

Operating income

Millions of yen

For nine months ended
December 31, 2023
For nine months ended
December 31, 2022
Note: Comprehensive Income

Profit attributable toowners of parent

Ordinary income%

Millions of yen%

Millions of yen%

Millions of yen%

397,463 28.8

17,81830.8

23,64051.2

15,69225.2

308,481 42.1

13,61864.5

15,636

78.5

12,532-nine months ended December 31, 2023:
nine months ended December 31, 2022:
Fully diluted net
income per share

Net income per share
For nine months ended
December 31, 2023
For nine months ended
December 31, 2022

9,964 million yen / (－) %(574) million yen / (－) %

Yen

Yen

54.50

15.67

42.31

12.78

(2) Consolidated financial position
Total assets

Net assets

Millions of yen

As of December 31, 2023
As of March 31, 2023
Reference: Equity

Equity ratio

Millions of yen%

382,428
32,258406,588
22,310as of December 31, 2023 : 31,279 million yen
as of March 31, 2023
: 22,180 million yen

8.2
5.5

2. Cash dividends
Cash dividends per share
Record date

First quarter

Second quarter

Yen

Third quarter

Yen

Yen

Fiscal year ended
March 31, 2023

－

－

－

Fiscal year ending
March 31, 2024

－

－

－

Fiscal year ending
March 31, 2024 (Forecast)Fiscal year-end－

Annual

Yen

Yen

0.00

0.00

－

Note: Revision to the latest forecast announcement 2023: None
Note: No forecast has been made about the year-end dividends for the fiscal year ending March 31, 2024 at this time.

Chiyoda Corporation (6366)
Consolidated Financial Results for nine months ended December 31, 2023

Note: The table shows dividends status of common stock. For dividends status of class A shares (unlisted), please refer to‘Dividend Status of Class A Shares’ as referred to hereinafter.

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2024
(from April 1, 2023 to March 31, 2024)(Percentages indicate year-on-year changes)

Net sales
Millions of yen

Operating income%

Millions of yen%

Profit attributable toowners of parent

Ordinary income
Millions of yen%

Millions of yen

Net income
per share%

Yen

Fiscal year ending
500,000 16.2
21,000 15.9
28,000 37.8
18,00018.5
61.38
March 31, 2024
Note: Revision to the latest forecast announcement 2023: Yes (Please refer to ‘Notice of Revisions to the Consolidated
Financial Forecasts’ released on February 5, 2024.)# Notes(1) Changes in Significant Subsidiaries during the Period (Changes in specified subsidiaries accompanying
changes in the scope of consolidation) : None
(2) Adoption of Specified Accounting Methods for the Preparation of Quarterly Consolidated Financial
Statements : None
(3) Changes in Accounting Policies and Accounting Estimates / Restatements
a. Changes in accounting policies due to revisions of accounting standards, etc.
b. Changes in accounting policies other than a. abovec. Changes in accounting estimates
d. Restatements(4) Number of issued shares (common stock)a. Total number of issued shares
As ofat the end of the period
December 31, 2023
(including treasury stock)

260,324,529
sharesYear ended
March 31, 2023

260,324,529
sharesYear ended
March 31, 2023

1,353,124
sharesb. Number of treasury stock at
the end of the period

As ofDecember 31, 2023

1,251,898
sharesc. Average number of shares
during the period

For nine months
ended
December 31, 2023

259,038,342
shares##: None: None: None: NoneFor nine months
ended
December 31, 2022

258,968,774
sharesThis earnings release is not subject to audit procedures by certified public accountant nor audit
corporation.
Proper use of earnings forecasts, and other special directions
The forward-looking statements, including earnings forecasts, contained in these materials are based on information
currently available to the Company and on certain assumptions deemed to be reasonable. Actual business and otherresults may differ substantially due to a number of factors. Please refer to ‘(3) Consolidated Financial Forecasts of
the Fiscal Year in 1. Qualitative Information Related to Consolidated Performance’ for earnings forecasts conditions
and notes on the use of earnings forecasts.

Dividend Status of Class A SharesClass A Share
Cash dividends per share
Record date
First quarter
Second quarter
Third quarter
Fiscal year-end
Yen
Yen
Yen
Yen
Fiscal year ended
March 31, 2023

－

－

－

Fiscal year ending
March 31, 2024

－

－

－

Fiscal year ending
March 31, 2024 (Forecast)

Annual
Yen

0.00

－

0.00

－

Note: No forecast has been made about the year-end dividends for the fiscal year ending March 31, 2024 at this time.

Chiyoda Corporation (6366)
Consolidated Financial Results for nine months ended December 31, 2023

Table of Contents for the appendices

1.

2.

3.

Qualitative Information Related to Consolidated Performance ................................................... 2(1)

Qualitative Information on Business Performance............................................................... 2(2)

Financial Information on Business Performance ................................................................. 6(3)

Consolidated Financial Forecasts of the Fiscal Year ........................................................... 6

Consolidated Quarterly Financial Statements and Notes ........................................................... 7(1)

Consolidated Balance Sheets ............................................................................................. 7(2)

Consolidated Statement of Income and Comprehensive Income ........................................ 9(3)

Notes ................................................................................................................................ 11

Production, Contracts and Sales .............................................................................................. 12

1

Chiyoda Corporation (6366)
Consolidated Financial Results for nine months ended December 31, 2023

1. Qualitative Information Related to Consolidated Performance(1) Qualitative Information on Business Performance
The risk of volatility in the global economy remains in the third quarter of the fiscal year due to the prolonged
geopolitical crisis in the Ukraine, destabilization in the Middle East and monetary tightening to control
inflation.
Under these conditions and considering the business environment in which we operate, balancing theaccelerating global transition towards carbon neutrality and decarbonization in response to climate change,
while ensuring a stable supply of energy has become a new challenge.
Based on the Chiyoda group’s five (5) year medium-term management plan ‘Revitalization for the Future’,
our risk management structure and engineering, procurement and construction (EPC) project management
has strengthened to expand our stable profit-making base.
We continue to transform our business portfolio by advancing our existing businesses, based mainly on
liquefied natural gas (LNG) due to its increasing importance as a resource for a stable supply of energy
during the global energy transition, and strengthening new businesses in growth fields such as renewableenergy, hydrogen, carbon cycling, energy management and life sciences.
This is the final year of the plan and by advancing our existing businesses while strengthening new ones,
we aim to achieve sustainable growth and further enhance enterprise value by rejuvenating our businessportfolio, transforming our income base and creating ‘new engineering value’.
On consolidated basis, for the 3rd quarter of the fiscal year ending March 31, 2024, New Orders amounted
to JPY 173,739 million (up 44.1% YoY), Revenues amounted to JPY 397,463 million (up 28.8% YoY) andthe Order Backlog amounted to JPY 989,671 million (down 13.9% from last FY). Operating Income is JPY
17,818 million (up 30.8% YoY) and Ordinary Income is JPY 23,640 million (up 51.2% YoY). A recording ofIncome Taxes resulted in a Profit Attributable to the Owners of the Parent of JPY 15,692 million (up 25.2%
YoY).
Further information regarding reportable engineering business segments is presented below.
⚫ Energy
LNG / Gas
【Overseas】
The Group is executing the EPC of LNG plants in Qatar, the USA and Indonesia. In Qatar, the EPC phasefor the North Field East (NFE) project, an expansion of four LNG trains with capacities of 8 (eight) million
metric tons per annum each is ongoing, and construction is progressing. In the USA, the Golden Pass LNG
project is also in the EPC phase and construction is progressing. The Tangghu LNG Expansion project inIndonesia was handed over to the customer in August 2023 and gas production has commenced.
In the gas field, the Group has been engaged in engineering design for renovation work of LNG/gas
processing plants in Qatar.
【Japan】
We are in the EPC phase of projects to reinforce, modify and repair existing LNG terminals, previously
constructed by the Group.
Refinery/Petrochemical
In Japan, we are working on upgrading oil refinery facilities and examining measures for energy saving andcarbon neutrality for oil companies. The Group deploys operation and maintenance (O&M) business for
operation optimization, efficient facility maintenance and O&M digital transformation (DX) promotion by
combining our expertise of advance analysis technologies such as 3D fluid analysis, dynamic simulation,
structure analysis and earthquake resistance technology, and the latest digital technology for oil refineries

2Chiyoda Corporation (6366)
Consolidated Financial Results for nine months ended December 31, 2023

and petrochemical compounds. In the petrochemical field, we completed the EPC phase of a new functional
materials project.
The Chiyoda Group, Microwave Chemical Co., Ltd. and Mitsui Chemicals, Inc. are engaged in the joint
development of innovative naphtha cracking technology using microwave heating, contributing todecreasing CO2 emissions from pyrolysis of naphtha. This project has been adopted by the New Energy
and Industrial Technology Development Organization (NEDO) under the Program for Promotion of
Research & Development and Social Implementation of Energy-saving Technologies towards Realizationof a Decarbonized Society: Priority Issues Promotion Scheme. Establishing this technology will contributeto a significant reduction in CO2 emissions from the thermal decomposition of naphtha, which is a major
challenge in the chemical industry.
⚫ Environment
Pharmaceutical/Biochemistry/General Chemistry
We have been awarded an EPC contract by AGC Corporation for a new biopharmaceutical API
manufacturing plant. Other EPC projects are ongoing for pharmaceutical substance manufacturing plants,
including a biopharmaceutical substance manufacturing plant for a pharmaceutical company.
The Group has invested in Pharmira Co. Ltd, a contract development and manufacturing organization ofactive pharmaceutical ingredients and intermediates led by Shionogi Pharma Co. Ltd, and contributed to
introducing and implementing continuous production technology, developed in the petroleum industry, into
the pharmaceutical field. After being selected by NEDO following an open call for proposals, we arecollaborating with industry and academia on a ‘Technology Development for Large-scale Production ofHighly Modified Recombinant Proteins in Plants’ research and development project.
In the general chemistry field, we have been engaged for an EPC project for producing polyvinylidene
fluoride (PVDF) awarded by Kureha Corporation.
Environment/New Energy/Infrastructure/Advanced Materials【Environment】
We are installing flue gas desulfurization (FGD) equipment in coal-fired power plants in India in response totightening environmental regulations, and the Group’s thoroughbred 121 (CT-121) FGD process has been
installed in a number of plants.
【New Energy】
We are reinforcing the utilization of stored energy for efficient use of renewable energy while working on aterritorially distributed energy procurement system. Miscellaneous activities for fixed offshore power plants
in Japan and feasibility studies for construction of a floating power plant in a specific maritime area incooperation with Technip Energies N.V. are also ongoing.
【Infrastructure】
The Group is in the construction phase of the EPC project for a copper smelting plant in Indonesia, theworld’s largest single manufacturing line plant.
【Advanced Materials】
In Japan, the Group is executing an inorganic battery material demonstration plant project to increase safety,
extend cruising distances and shorten recharge durations of next-generation batteries for electric vehicles(EVs).
(Note)
Please refer to 3. ‘Production, Contracts and Sales’ for further details of New Contracts, Net Sales andContract Backlog, by segment.
<<Decarbonization Business >>The Group’s hydrogen business (hydrogen/ammonia), Carbon Capture and Storage (CCS)/ Carbon Captureand Utilization (CCU) business and energy management business are presented below.

3

Chiyoda Corporation (6366)
Consolidated Financial Results for nine months ended December 31, 2023

Hydrogen/Ammonia
In the hydrogen field, the Group is participating in projects in Singapore, Europe and Japan to constructhydrogen supply chains using our unique SPERA HydrogenTM technology.
In Singapore, conceptual design is ongoing with Sembcorp Industries, a leading integrated utilities firm andgovernment-affiliated conglomerate and Mitsubishi Corporation to realize a commercial scale cleanhydrogen supply chain in the city-state. The three parties have set a goal to commence commercial
hydrogen supply in the latter half of 2026.
In Europe, the Group participated in a hydrogen marine transportation project (LHyTS project) to exporthydrogen from Scotland to Rotterdam and completed feasibility studies in November 2023.
In Japan, Chiyoda is a managing board member of the Japan Hydrogen Association and is engaged increating social implementation projects while providing government policy support. In April 2023, the Group
concluded a Memorandum of Understanding (MOU) with Chubu Electric Power Company and Hazer Group
Limited, an Australian technology development company, to produce hydrogen using the HAZER®Process.
Detailed discussions regarding plans to develop carbon-free hydrogen and carbon-graphite production
facilities in the Chubu region have continued.
In the ammonia field, the Group is leading a NEDO Green Innovation Fund initiative in a collaboration projectwith industry, government and academia to develop independent ammonia synthesis technologies to reduceammonia production costs. Together with JERA Co., Inc. and NIPPON SHOKUBAI CO., LTD., the Groupdevelops an ammonia cracking technology that is more competitive than existing technologies under
NEDO’s technologies development program. The Group is also conducting studies on ammonia receiving
and hydrogen fuel supply facilities in Japan.
CCS/CCU
The Group signed an MOU with Pace CCS Limited, a global leader in the field of CO2 capturing technology
and CCS system design, to collaborate in the field of CCS. We will deliver CCS projects from initial feasibility
studies and conceptual design through FEED (Front End Engineering Design) and EPC.
Carbon dioxide separation and recovery technology development for large-scale natural gas fired power
plant turbines using domestic solid sorbent material is ongoing, under a NEDO Green Innovation Fund
Program.
In Southeast Asia, the Group entered into a joint study agreement with PT Pertamina (Persero), a stateowned oil company in Indonesia in March 2023, to develop carbon recycling technology. We signed an MOU
with the Electricity Generation Authority of Thailand in March 2023 to jointly study the development of aclean hydrogen and ammonia value chain in Thailand. The Group is executing research that contributes tothe transition to carbon neutrality in both countries.
In Japan, the Group is executing: 1) a study on CO2 liquefaction, storage and shipping facilities as part of a
CCS value chain for Mitsubishi Corporation; 2) a conceptual design study of CO2 compression facilities for
CCS in East-Niigata by Japan Petroleum Exploration Co., Ltd. JAPEX); 3) a study for a CCUS (Carbon
Capture, Utilization and Storage) hubs and clusters concept in East-Niigata by MITSUBISHI GASCHEMICAL COMPANY, INC. (MGC); 4) a feasibility study for a CO2 capture / liquefaction plant and utility
facility for the Electric Power Development Co., Ltd. (J-POWER).
In the CCU field, the Group is realizing carbon recycling as part of a collaboration project with industry,
government and academia, researching and developing CO2 capture and utilization technology using CO2
as a raw material to produce para-xylene. We are collaborating with an American company, Blue Planet
Systems Corporation, and Mitsubishi Corporation to develop technology using the CO2 in exhaust gas in
the manufacture of aggregates as a raw material for concrete.
In the e-fuel field, the Group signed an MOU with a German company, INERATEC GmbH (INERATEC) in
September 2022, to strategically collaborate on e-fuel projects to accelerate decarbonization using theirinnovative Power-to-X technology. We are also executing a 400Nm3-CO2/h methanation test plant project4

Chiyoda Corporation (6366)
Consolidated Financial Results for nine months ended December 31, 2023

for INPEX CORPORATION and a 1 Barrel per Day (1B/D) synthetic fuel production test plant project for
ENEOS Corporation (ENEOS).
Energy Management
The Group is executing twenty (20) year maintenance work for the world’s largest Battery Energy Storage
System (BESS) for North Hokkaido Wind Energy Transmission Corporation, completed in March 2023 by
the Group. New BESS projects for ENEOS are also progressing.
The Group is reinforcing its domestic virtual power plant (VPP) business in collaboration with a start-up
company.
<<Digital Transformation (DX) Business>>
The Group is accelerating company-wide digital transformation (DX) and, by pursuing the following three
initiatives, cultivating digital expertise as a DX foundation in the development of a digital culture:(a)
Project Execution DX
The Group is implementing Advanced Work Packaging (AWP) on ongoing large-scale projects to enhance
our EPC execution management capabilities. As part of PlantStream Inc, a joint venture with Arent Inc, weare developing and introducing an innovative space design system for plant owners and EPC contractors
around the world, enhancing the Group’s engineering capabilities.
(b)
Corporate Management DX
The Group is leveraging digital technologies to develop the remote working environment, improving resource
planning and management and deploying robotic process automation to improve administrative efficiency.
(c)
DX Business
The Group reorganized its plant operation and maintenance solution and digital transformation businessorganizational functions. We are deploying solution businesses to support the transformation of client
operation and maintenance activities. As new operation and maintenance (O&M) total solution services, wehave commenced providing plantOS™, an operation and maintenance service based on field-centeredphysical maintenance support for industrial plants which Chiyoda X-ONE Engineering Corporation and otherGroup companies offer, and Chiyoda’s latest digital technologies including advanced diagnosis and analysis,
IoT, AI and others. The Group has joined the ‘Digital Twin Consortium®’ (DTC) to promote 3D digital twin
business, one of our solution services. By joining the DTC, the Group aims to deploy and spread digital twins
throughout various industrial fields and actively cooperate in international initiatives and endeavors, such as
proof of concept and use.
The Group has been awarded a Technical Service Agreement by PT. Donggi-Senoro LNG (DSLNG) as partof plantOS™. The Agreement covers engineering, technology and process safety support for the LNG plant
owned by DSLNG. We will provide optimal solutions for the safe and stable operation of DSLNG by utilizing
Chiyoda's consulting and engineering capabilities.
<<Others>>
Chiyoda X-ONE Engineering Corporation was established on 1 April 2023 and commenced business
operations this fiscal year.

5Chiyoda Corporation (6366)
Consolidated Financial Results for nine months ended December 31, 2023

(2) Financial Information on Business Performance(Assets)
Total Assets decreased by JPY 24,159 million from the end of the last fiscal year, with a decrease of
Jointly Controlled Assets of Joint Venture of JPY 41,213 million, Notes Receivable, Accounts Receivablefrom Completed Construction Contracts and Contract Assets by JPY 5,709 million. Cash and Deposits
increased by JPY 39,383 million.
(Liabilities)
Total Liabilities decreased by JPY 34,107 million from the end of the last fiscal year, with a decrease ofContract Liabilities of JPY 20,439 million, Provision for Loss on Construction Contracts of JPY 4,081
million, Notes Payable, Accounts Payable for Construction Contracts of JPY 2,459 million.
(Net Assets)
Total Net Assets is JPY 32,258 million, with an increase in Retained Earnings by increasing a Profit
Attribute to Owners of Parent. Accumulated Other Comprehensive Income decreased with a decreaseof Foreign Currency Translation Adjustment.

(3) Consolidated Financial Forecasts of the Fiscal YearThe full year consolidated financial forecasts for the fiscal year ending March 31, 2024, released on
May 9, 2023, were revised. Please refer to ‘Notice of Revisions to the Consolidated Financial
Forecasts’ released on February 5, 2024. The exchange rate used in the forecasts is JPY145/USD.

6

Chiyoda Corporation (6366)
Consolidated Financial Results for nine months ended December 31, 2023

2.

Consolidated Quarterly Financial Statements and Notes(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023 As of December 31, 2023
AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivablefrom completed construction contracts,
and contract assets
Costs on construction contracts inprogress
Jointly controlled assets of joint venture
Short-term loans receivable
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

7

61,241

100,624

35,03429,324

23,57021,159161,643
47,57855,530(1,639)382,958

120,430
43,40046,296(2,073)359,162

4,575
5,041
1,126
10,743
4,748

4,373
4,600
1,720
10,694
4,725

6,442
167
139
1,405
(18)
8,137
23,629406,588

6,211
155
90
1,407
(18)
7,847
23,266
382,428

Chiyoda Corporation (6366)
Consolidated Financial Results for nine months ended December 31, 2023

(Millions of yen)
As of March 31, 2023 As of December 31, 2023
Liabilities
Current liabilities
Notes payable, accounts payable forconstruction contracts
Current portion of long-term borrowings
Income taxes payable
Contract liabilities
Provision for warranties for completed
construction
Provision for loss on construction
contracts
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Deferred tax liabilities
Provisions
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-forsale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit
plans
Total accumulated othercomprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

8

129,370

126,911

5,490
2,046
163,347

20,000549
142,908

1,388

2,064

27,894

23,812

5,120
21,597356,256

3,408
22,549342,20323,600
323
236
804
3,056
28,021
384,278

3,600
599
－
903
2,863
7,967
350,170

15,014142
13,797(847)
28,10715,014142
29,489(805)
43,841

69

3

1,707
(7,587)

2,158(14,549)

(115)

(174)

(5,926)(12,562)129
22,310406,588

97832,258382,428

Chiyoda Corporation (6366)
Consolidated Financial Results for nine months ended December 31, 2023

(2) Consolidated Statement of Income and Comprehensive Income(Consolidated Statement of Income)(Millions of yen)
Nine months ended
December 31, 2022

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 profit
Non-operating income
Interest income
Dividend income
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted forusing equity method
Foreign exchange losses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on liquidation of subsidiaries andassociates
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on valuation of investment securities
Loss on liquidation of subsidiaries andassociates
Loss on liquidation of investment
securities
Loss on sale of investment securities
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

9

Nine months ended
December 31, 2023

308,481

397,463

284,970

368,843

23,511

28,6199,893
13,61810,801
17,818

1,404
1,216
377
143
3,141

6,595
925
－
181
7,703

654

524

309

167

－
158
1,123
15,636

1,107
80
1,880
23,640

1

45

77
79

－
45

18

69

0

6

－

2

5
23
15,692
2,777
374
3,152
12,5397
12,532－
77
23,608
6,880
137
7,017
16,590898
15,692

Chiyoda Corporation (6366)
Consolidated Financial Results for nine months ended December 31, 2023

(Consolidated Statement of Comprehensive
Income)(Millions of yen)
Nine months ended
December 31, 2022

ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans,
net of tax
Share of other comprehensive income ofentities accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable toowners of parent
Comprehensive income attributable tonon-controlling interests

10

Nine months ended
December 31, 2023

12,53916,590

(6)

(65)

(48)
(12,911)451(6,971)

(277)

(59)

130

18

(13,113)(574)(6,626)
9,964

(590)

9,056

16

907

Chiyoda Corporation (6366)
Consolidated Financial Results for nine months ended December 31, 2023

(3) Notes(Notes concerning Going Concern Assumption)
None(Significant Changes in Shareholders’ Equity)
None(Merger of Consolidated Subsidiary Companies)
At the Board of Directors meeting on December 27, 2022, it was decided that Chiyoda’s three consolidated
subsidiary companies, Chiyoda Kosho Co. Ltd, Chiyoda System Technologies Corporation and Chiyoda
TechnoAce Co. Ltd, would merge in an absorption-type merger. On April 1, 2023, three companies weremerged.
1.

Summary of Absorption-Type Merger(1) Name of the merged companies and their business
Surviving company
Chiyoda Kosho Co. Ltd.
Business
Energy, environment and maintenance
Merged company
Business

Chiyoda System Technologies Corporation
Electrical and instrumentation solutions

Merged company
Business

Chiyoda TechnoAce Co. Ltd.
Life science(2) Date of merger
April 1, 2023
(3) Legal form
Absorption-type merger(4) Name of the Surviving Company
CHIYODA X-ONE Engineering Corporation (Former Chiyoda Kosho Co. Ltd.)(5) Other information regarding the summary of merger
The merger took place to increase business efficiency by merging the three companies’ businessresources and commence business as a leading integrated engineering contractor, possessing thecomprehensive technologies required for the engineering, procurement and construction of industrial
plants and facilities and develop its maintenance engineering business, optimizing the technologicalcapabilities, experience and track record accumulated by the three companies.
2.

Outline of accounting treatment
The accounting is treated as a transaction under common control in accordance with applicable Japanese
laws.

11

Chiyoda Corporation (6366)
Consolidated Financial Results for nine months ended December 31, 2023

3.

Production, Contracts and Sales(Millions of yen)
Apr. 1, 2022－Dec. 31, 2022
Segments

1. Engineering(1) LNG Plant
Energy(2) Gas Related Work
(3) Refinery/
Petrochemical(4) Pharmaceutical/
Biochemistry/
ChemicalApr. 1, 2023－Dec. 31, 2023

New
Contracts,
ratio

Net Sales,
ratio

Backlog ofContracts,
ratio

New
Contracts,
ratio

Net Sales,
ratio

Backlog ofContracts,
ratio

120,04199.6%
52,885
43.9%
4,604
3.8%
28,062
23.3%
14,967
12.4%

307,991 1,279,474
99.8%
100.0%
181,471879,452
58.8%
68.7%
2,414
5,197
0.8%
0.4%
23,29831,5157.5%
2.5%
23,01442,052
7.5%
3.3%

173,335
99.8%
29,393
16.9%
1,526
0.9%
22,59713.0%
78,26345.1%

397,05999.9%
196,148
49.3%
2,192
0.6%
22,203
5.6%
22,146
5.6%

989,671
100.0%
690,656
69.8%
4,464
0.5%
26,102
2.6%
96,031
9.7%

15,82874,957
317,623
37,731
151,194
168,213
13.1%
24.3%
24.8%
21.7%
38.0%
17.0%
3,692
2,834
3,632
3,822
3,174
4,202
(6) Others
3.1%
0.9%
0.3%
2.2%
0.8%
0.4%
490
490
403
403
－
－
2. Other Business
0.4%
0.2%
0.2%
0.1%
－
－
120,531
308,481 1,279,474
173,739
397,463989,671
Total
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
59,14058,15599,504
122,818
56,434
153,819
Domestic
49.1%
18.9%
7.8%
70.7%
14.2%
15.5%
61,390250,325 1,179,969
50,920341,028
835,852
Overseas
50.9%
81.1%
92.2%
29.3%
85.8%
84.5%
Note:
The backlog of contracts for nine months includes an increase / decrease due to changes inconstruction contracts acquired in prior fiscal years, and an increase / decrease due to foreignexchange translation adjustments.

Global(5) Environment/New
Environment
Energy/Infrastructure12