Translation

February 8, 2013

Consolidated Financial Results
for the Nine Months Ended December 31, 2012
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:
Nobuo Sekita, SL, Accounting Section
TEL: +81-45-225-7745 (from overseas)
Scheduled date to file Quarterly Report: February 13, 2013
Preparation of Quarterly Supplementary Explanation Material: Yes
Quarterly Financial Results Presentation Held: Yes (for Analysts and Institutional Investors)(Millions of yen with fractional amounts discarded,
unless otherwise noted)

1.

Consolidated performance for the Nine months ended December 31, 2012

(1) Consolidated operating results
Net sales(Percentages indicate year-on-year changes)
Operating income

Millions of yen% Millions of yen

Ordinary income% Millions of yen

Net income% Millions of yen%

For the Nine months
ended December 31,
270,433 56.7
18,816 18.3
19,38522.3
12,069 39.6
2012
For the Nine months
ended December 31,172,578 (6.4)
15,912 23.4
15,85048.8
8,644 59.3
2011
Note: Comprehensive Income: the nine months ended December 31, 2012:16,978 million yen / 141.5%
the nine months ended December 31, 2011: 7,029 million yen / 50.7 %Net income per share

For the Nine months
ended December 31,
2012
For Nine months
ended December 31,
2011

Fully diluted net
income per share

Yen

Yen

46.59

-33.36-(2) Consolidated financial position
Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen%

As of December 31,
2012

413,481

181,253

43.6

As of March 31, 2012

365,795

168,737

46.0

Reference: Equity

As of December 31, 2012: 180,456 million yen

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As of March 31, 2012: 168,120 million yen

2.

Cash dividends
Cash dividends per share
Record date

Second quarter

Third quarter

Fiscal year-end

Yen
Yen
Fiscal year ended
March 31, 2012
Fiscal year ending
March 31, 2013
Fiscal year ending
March 31, 2013
(Forecast)
Note: Revision to the latest forecast announcement : None

Yen

Yen

Yen-

17.00

17.00

17.50

17.50

3.

First quarter

Annual-Consolidated earnings forecasts for the fiscal year ending March 31, 2013 (fromApril 1, 2012 to March 31, 2013)(Percentages indicate year-on-year changes.)
Net sales

Fiscal year ending
March 31, 2013

Operating income Ordinary income

Net income pershareNet income

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

Yen430,000

68.8

22,500(7.0)

23,000(3.3)

15,0004.4

57.90

Note: Revision to the latest forecast announcement : None

4.

Others(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 FinancialStatements: None
(3) Changes in Accounting Policies and Accounting Estimates / Restatements
a. Changes in accounting policies due to revisions of accounting standards, etc.: Yes
b. Changes in accounting policies other than a. above: Nonec. Changes in accounting estimates: Yes
d. Restatements: None
(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, 2012
260,324,529 shares
As of March 31, 2012
260,324,529 sharesb. Number of treasury stock at the end of the period
As of December 31, 2012
1,277,869 shares
As of March 31, 2012
1,259,891 sharesc. Average number of shares during the period
For the Six months ended December 31, 2012
259,055,499 shares
For the Six months ended December 31, 2011
259,092,910 shares*Presentation of Implementation Status of Quarterly Review Procedure
The review procedure of quarterly financial statements based on the Financial Instruments and Exchange Law
has not been completed at the time of the disclosure of these Consolidated Financial Statements.
*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 other results may differ substantially due to a number of factors.

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5.
Qualitative Information related to Consolidated Performance
Qualitative Information on Business Performance
During the first nine months of this fiscal year, we saw a continuing sense of uncertainty in the world
economy. Capital investments are planned in major countries, many of which have changedadministrations, to fulfill the increasing demand for energy and the tide of gas shift.
In Japan, investments in photovoltaic (PV) power generation projects are beginning to flow in under
the Feed-in Tariff scheme, and many more similar plans will follow.
Many expect the new Japanese government to overcome deflation and, by following dynamic
monetary policies, flexible fiscal policies, and growth strategies that facilitate private investment, will
be able to effect the recovery of the Japanese economy.
While the Chiyoda Group continued to enhance its operation in the hydrocarbon field, mainly in LNG,
the Group also made inroads into new business fields such as infrastructure and renewable energy.
Project execution of ongoing projects continued smoothly, including LNG plants in Papua New
Guinea and Australia, some overseas projects for Japanese clients and LNG receiving terminals inJapan.
Accordingly, consolidated new orders for the period amounted to 176,653 million yen (16.3%
increase year on year). The backlog and revenues were 760,479 million yen (9.6% decrease
compared to the last fiscal year results) and 270,433 million yen (56.7% increase from thecorresponding period in the previous fiscal year) respectively.
Due to the profit increase from the rise in revenues and profit improvement in ongoing projects, theoperating income amounted to 18,816 million yen (18.3% increase year on year), ordinary income to19,385 million yen (22.3% increase), and net income resulted in 12,069 million yen (39.6% increase).
Highlights during this period for each segment are summarized hereunder:
LNG Plants/Gas and Power Utilities
The Group was awarded a FEED (Front End Engineering and Design) contract for the onshore
natural gas liquefaction facility in Mozambique. Two FEED works for LNG projects in Australia werecompleted, and we are preparing to bid for the EPC (Engineering, Procurement and Construction)phases. The EPC work for an LNG plant in Papua New Guinea and another LNG project in Australia
are progressing as planned.
Our Qatari subsidiary is working on the maintenance and modification works for past LNG and gas
processing plants built by the Group.
In Japan, several EPC works on LNG receiving terminals, other expansion/modification works ofexisting plants and various FEED works are ongoing in parallel.
Petroleum, Petrochemicals and Gas Chemicals
Globally, EPC works are progressing favorably, including a heavy oil cracking unit in Saudi Arabia
and petrochemical plant in Singapore, and EPsCm (Engineering, Procurement support andConstruction management) services for heavy crude oil upgrading facilities in Venezuela and for a
petroleum refinery in Singapore progressing as well.
In Japan, we continued to perform new EPC work for the TransAlkylation Unit, the diagnosis ofexisting facilities, maintenance and upgrading works, studies and construction works aimed atimproving the competitiveness and energy saving of the facilities.
Industrial Machinery/Environment/ Chemicals and Other Fields
EPC works for polycrystalline silicon plants in Malaysia, the product used for photovoltaic cells, andEPC work for the nickel refinery in the Philippines were executed smoothly. We have been
reinforcing our efforts to meet the needs of Japanese companies expanding their operations into
Southeast Asia.
In Japan, we won a number of EPC works for large-scale photovoltaic power generation system andare enhancing our group operation in this field.
We are also active in the pharmaceutical field, executing EPC works for several facilities such as
highly bioactive pharmaceuticals, anti-cancer drugs, bulk vaccine and pharmaceutical bioformulation.
We are advancing development of hydrogen-related technology. A demonstration plant is underconstruction to demonstrate the effectiveness of our own catalyst. Once proven, transportation and3

storage of large volumes of hydrogen can be achieved safely and economically, which will pioneer
the way to realize a hydrogen–based society.
We invested in an Italian company, Archimede Solar Energy (ASE), the only manufacturer of thesolar collector tubes used in the Molten Salt Parabolic Trough – Concentrated Solar Power system.
Chiyoda and ASE are developing a plan to build a demonstration plant in the vicinity of ASE’s
industrial plant. In an effort to expand our water-related business into the Middle East, related works
for a demonstration project on an energy-saving water recycling system in Saudi Arabia wereentrusted to a member of our group. In addition, we are strengthening our position by establishingourselves in new business fields such as energy saving and transportation.
Note: See Page 9 for more information on New Contracts, Net Sales and Backlog of Contracts bysegment.

<Comment on terrorism in Algeria>
In January 2013, a dreadful terrorism incident happened in Algeria. Our Group will make every
possible effort to refine and/or enhance our risk management systems and ensure that the highest
priority is placed on security.

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6.

Consolidated quarterly financial statements(1) Consolidated quarterly balance sheets(Millions of yen)

AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable from completed
construction contractsShort-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, net
Land
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

5

As of March 31,2012

As of December 31,
2012

35,577
43,84049,26857,287

138,499
13,41965,79423,354(6)
320,478

130,399
25,70282,25322,057(4)366,964

4,360
12,736
1,903
19,001
4,600

6,223
5,375
2,400
13,9995,863

18,1903,614(88)
21,71545,317
365,795

24,7072,029(82)26,65446,517413,481(Millions of yen)

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
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Total accumulated other comprehensive income
Minority interests
Total net assets
Total liabilities and net assets

6

As of March 31,2012

As of December 31,2012

86,211
10,0001,162
76,533
289
568
4,054
14,868
193,687

105,571
10,1983,132
85,042
326
2,163
2,624
17,830226,890

198
2,609
561
3,369
197,057

－
3,269
2,067
5,337
232,227

43,396
37,112
89,346(1,328)
168,527

43,396
37,112
96,980(1,348)176,141

1,509
442(2,358)(407)
617
168,737
365,795

4,317
2,083
(2,086)
4,314
797
181,253
413,481(2) Consolidated quarterly statements of (comprehensive) income

Nine months ended
December 31, 2011

Consolidated quarterly statements of (comprehensive) income
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
Non-operating income
Interest income
Dividends income
Equity in earnings of affiliates
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of noncurrent assets
Total extraordinary income
Extraordinary loss
Loss on retirement of noncurrent assets
Loss on valuation of investment securities
Total extraordinary losses
Income before income taxes and minority interests
Income taxes-current
Income taxes-deferred
Total income taxes
Income before minority interests
Minority interests in income
Net income

7

Nine months ended
December 31, 2012

172,578
146,251
26,327
10,415
15,912

270,433
239,437
30,996
12,18018,816

615
419
14
168
1,217

869
992
70
94
2,027

156
992
129
1,279
15,850

154
1,131
171
1,457
19,385－－1,767
1,767－
250
250
15,600
708
6,127
6,835
8,764
120
8,644

243
129373
20,779
5,446
3,083
8,530
12,248179
12,069

Consolidated quarterly statements of comprehensive income

Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of theparent
Comprehensive income attributable to minority interests

8

Nine months endedDecember 31, 2011

Nine months ended
December 31, 2012

8,764

12,248

(384)
(767)
(426)
(156)

2,808
1,641
290
(10)

(1,735)
7,029

4,729
16,978

6,947

16,791

82

186

7.

Production, Contracts and Sales
Millions of yen
Apr. 1, 2011 —Dec. 31, 2011
New contracts(ratio)Net sales(ratio)Apr. 1, 2012 —Dec. 31, 2012
Backlog ofcontracts(ratio)New contracts(ratio)Net sales(ratio)Backlog ofcontracts(ratio)Engineering

146,68796.6%

167,85397.3%

451,552
99.5%

172,103
97.4%

264,83997.9%

759,932
99.9%

LNG plants

12,5988.3%

64,81637.6%

162,21835.8%

21,04011.9%

89,42433.1%

494,843
65.1%

Gas and power
utilities

41,905
27.6%

34,095
19.8%

128,449
28.3%

7,003
4.0%

46,62617.2%

78,12010.3%

Gas chemicals

617
0.4%

－－

617
0.1%

1,734
1.0%

1,329
0.5%

1,006
0.1%

Petroleum andpetrochemicals

39,30225.9%

28,156
16.3%

48,612
10.7%

35,20919.9%30,883
11.4%

49,597
6.5%

General chemicals

46,78730.8%

24,028
13.9%

89,836
19.8%

97,62255.2%

85,17931.5%

119,328
15.7%

1,378
0.9%

8,733
5.1%

790
0.2%

4,409
2.5%

1,121
0.4%

3,564
0.4%

4,096
2.7%

8,024
4.6%

21,027
4.6%

5,083
2.9%

10,274
3.8%

13,470
1.8%

5,189
3.4%

4,724
2.7%

2,116
0.5%

4,550
2.6%

5,594
2.1%

546
0.1%

Total

151,876
100.0%

172,578
100.0%

453,668
100.0%

176,653
100.0%

270,433
100.0%

760,479
100.0%

Domestic

85,26556.1%

65,32737.9%

168,31037.1%

82,71446.8%

103,795
38.4%

145,929
19.2%

Overseas

66,611
43.9%

107,25062.1%

285,358
62.9%

93,93853.2%

166,63861.6%

614,54980.8%

Industrial
machinery
Environment andothers
OthersNote: The backlog of contracts for the nine months ended December 31, 2012 includes a decrease due tochanges in construction contracts acquired in prior fiscal years, an increase due to adjustments in newcontract amounts, and an increase due to foreign exchange translation adjustments.

9