October 23, 2009
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Chiyoda Corporation
Takashi Kubota
6366First Section of the Tokyo Stock Exchange
Shinji Kusunoki
General Manager, Accounting Department+81-45-506-9410

Chiyoda Announces Revisions to Forecasts of Financial Results
Chiyoda Corporation today announced the following revisions to its forecasts of financial results and dividends
that were announced on May 13, 2009.
1. Revision to the consolidated first half of financial results forecast (April 1, 2009 to September 30, 2009)(Millions of yen)
Net incomeOperatingOrdinaryNet
Revenue
per share
incomeincomeincome(Yen)
Previous forecast (A)180,000
4,500
5,500
3,000
11.57
(announced May 13, 2009）
Revised forecast (B)165,000(2,500)(500)(1,700)(6.56)
Increase (decrease) (B-A)(15,000)(7,000)(6,000)(4,700)－Percentage increase (decrease) (%)
(8.3)
－－－－
(Reference) Results of the six-month
240,760
6,904
9,755
6,059
24.36
period ended September 30, 2008

2. Revision to the consolidated full-year financial results forecast (April 1, 2009 to March 31, 2010)(Millions of yen)
Net income
Operating
OrdinaryNetper share
Revenueincomeincomeincome(Yen)
Previous forecast (A)320,000
7,500
9,000
5,000
19.28
(announced May 13, 2009）
Revised forecast (B)320,000
1,000
4,000
2,000
7.71
Increase (decrease) (B-A)(6,500)(5,000)(3,000)－－Percentage increase (decrease) (%)(86.7)(55.6)(60.0)－－(Reference) Results for the fiscal
446,438
7,227
11,4496,498
25.58
year ended March 2009-1-

3. Reasons for revisions to the financial results forecast
Revenues for the first half have been affected by delays in progress of certain projects. These delays areexpected to be resolved by the end of the fiscal year.
The Company also expects lower Operating Income and other income accounts in connection withmeasures taken to leverage more resources in terms of construction workers, including hiring new
construction subcontractors. These measures have been taken for Qatargas 3&4 Train 6/7 in order to catchup the construction delays caused by lower-than-expected productivity and to maintain the agreed
completion time in the next period.
Chiyoda also revised the exchange rate assumption used for the above forecasts from 95 yen to the U.S.
dollar, as of the May 13, 2009 announcement of consolidated financial results, to 90 yen to the U.S. dollar.
4. Revision to the year-end dividend forecast
Dividends per share (Yen)

Cash Dividends

Year EndYear Total

Previous forecast (A)(announced May 13, 2009）

6.0

6.0

Revised forecast (B)

3.0

3.0

Increase (decrease) (B-A)(Reference)Results for the fiscal year
ended March 2009

(3.0)

(3.0)

7.5

7.5

5. Reasons for the revisions to the dividend forecast
The Company has set a dividend payout ratio target of 30% of consolidated Net Income. Dividends wereinitially projected at 6 yen per share for the fiscal year ended March 2010. However, a forecast of lower Net
Income has resulted in the Company revising the full-year dividend downward to 3 yen per share.
6. Forward-looking statements
The forecasts and plans in this announcement are based on information available to management on
October 23, 2009, the date these materials were prepared. Actual results may differ significantly from theseforecasts due to a number of factors, including but not limited to changes in economic conditions andoperating environment in Japan and overseas. We strongly request you not to rely only on this forecast in
making investment decisions.
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