Chiyoda Global Headquarters
Minato Mirai Grand Central Tower
4-6-2, Minatomirai, Nishi-ku,
Yokohama 220-8765, Japanwww.chiyodacorp.com/enThe presentation was held in Japanese.

May 14, 2021

This document is a translation/summary

IR, PR & CSR Section

for reference only.

Corporate Services Department
Chiyoda Corporation

Summary of the Briefing of the Financial Results for Fiscal Year Ending March 31, 2021

The following is a summary of a presentation (telephone conference) outlining Chiyoda Corporation’s(“Chiyoda”, TSE: 6366) financial results for fiscal year ending March 31, 2021, released on May 7,
2021. Please also refer to the “Financial Results for FY2020” and “Revitalization Plan Update” on ourwebsite.

Ⅰ. Presentation Material
1. Highlights（P1）Revenue and Profit exceeded forecasts with achievement rates of 113% and 114% respectively.

New Orders, including the North Field Expansion project in Qatar, exceeded the forecast withan achievement rate of 138%. The secured backlog was 1,126 billion yen.

2．Income Statements（P2）Revenue was JPY 315.4 billion, 113% of the full year forecast. This is due to actual progresssurpassing planned progress on some projects, increased contract totals following discussions
with customers regarding the impact of Covid-19 and other factors.

Gross profit was JPY 20.1 billion and gross profit margin was 6.4%. Gross profit was lower than
the full-year forecast due to the Covid-19 pandemic continuing for longer than expected, delays
in final investment decisions on some new projects, additional amortization of capitalized quoted
amounts incurred in the estimation of projects with uncertain progress and other factors.

SG&A expenses were JPY 13 billion, a reduction of JPY 3 billion compared to last year.

Net profit was JPY 8 billion, 114% of the full-year forecast of JPY 7 billion.

3．Balance Sheet（P3）Total assets were JPY 329.6 billion, a reduction of JPY 55.5 billion compared to last year. This isdue to reductions in cash and deposits and jointly controlled assets of JV’s and operating liabilities,
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Chiyoda Global Headquarters
Minato Mirai Grand Central Tower
4-6-2, Minatomirai, Nishi-ku,
Yokohama 220-8765, Japanwww.chiyodacorp.com/en

coupled with the progress of ongoing projects such as the completion of Cameron LNG in thesecond quarter.
Shareholder’s equity was JPY 36.4 billion at the end of March 2021 with an improved
shareholder’s equity ratio of 11% compared to 6.3% at the end of March 2020. Chiyoda is aiming
for a shareholder’s equity ratio of greater than 20% with steady increasing profits in line with theMedium-term Management Plan.

4．Profit Analysis（P4）This slide shows the breakdown of gross profits in the energy business and global environment
business fields. It also shows the breakdown of gross profits of projects awarded before and after
the Revitalization Plan.

The gross profit in the energy business and global environment business fields were JPY 15.5
billion and JPY 4.6 billion respectively, making the total gross profit JPY 20.1 billion.

Project gross profits before and after the Revitalization Plan were JPY 3.9 billion and JPY 16.2
billion respectively, showing steady profit gains after the release of the plan in May 2019.

SG&A expenses reduced by JPY 3 billion compared to last year as a result of cost reductions.

Non-operating income is JPY 1.4 billion, mainly due to foreign exchange profit and dividends
received. Extraordinary income and income taxes are JPY 0.5 billion. Profit attributable to ownersof the parent amounted to JPY 8 billion.

As a result of the above, shareholder‘s equity was JPY 36.4 billion with an improved shareholder’sequity ratio of 11% (up from 6.3% last year).

5．New Orders / Backlog（P5）New orders, including the North Field Expansion project in Qatar, stood at JPY 898.8 billion.

The order backlog was JPY 1,126.1 billion.

6．FY2021 Forecast（P6）Revenue is forecast to be JPY 300 billion, approximately the same as the FY2020 result. The
contribution to revenue from the North Field Expansion project in Qatar is limited as the progress
is currently constrained to engineering work only. Revenue is also reduced as the Cameron LNGand Freeport LNG projects were completed in FY2020.

Gross profit is expected to be JPY 26 billion with a gross profit margin of 8.7%. No special items
are included, such as the impact of the spread of new coronavirus infections.

SG&A expenses is forecast to be JPY 15 billion. Research and development expenses as agrowth strategy is considered, raising the SG&A expenses from this year’s result of JPY 13 billion.
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Chiyoda Global Headquarters
Minato Mirai Grand Central Tower
4-6-2, Minatomirai, Nishi-ku,
Yokohama 220-8765, Japanwww.chiyodacorp.com/enOperating income is expected to be JPY 11 billion.

Ordinary income is expected to be JPY 9 billion considering negative JPY 2 billion non-operatingexpenses and others.

Profit is expected to be JPY 6 billion, considering income tax paid of JPY 3 billion.

New Orders are expected to be JPY 300 billion, comprising JPY 200 billion and JPY 100 billion
for overseas and domestic projects respectively.

Att. 1, 2, 3 Breakdown of Revenue, New Order, and Backlog（P7-P9）(Omitted)
Att. 4 Major Ongoing Projects（P10）In prioritizing the health, safety and welfare of workers and others, Chiyoda is executing ongoingprojects while cooperating with clients to promptly implement actions against the spread ofCOVID-19.

All modules for the Texas Ethylene project were shipped by March 2021 and, in cooperation withJV partner Kiewit, project completion is expected in 2021.

Construction progress of Tangguh LNG reached 90% with the project scheduled for completionin 2022.

Ⅱ. Revitalization Plan Update
Two years have elapsed since the “Revitalization Plan – Initiatives for Revitalization and the Future”
was announced in May 2019. The business environment has since changed beyond recognition,
including the spread of COVID-19 and the rapid transition to a decarbonized society. Chiyoda is now
updating the Revitalization Plan as discussed below:
1. Executive Summary（P3）Review of Revitalization Plan

Chiyoda is making steady progress in the Plan’s three major action items: ‘Further develop
the risk management structure’, ‘Enhance EPC execution and management capacity’ and‘Reinforce human resources’.

Chiyoda expects a delay of 2-3 years in achieving quantitative targets for ‘accumulating
consolidated-basis net profits’ due to external factors such as COVID-19 and fluctuating oil& gas prices

3Chiyoda Global Headquarters
Minato Mirai Grand Central Tower
4-6-2, Minatomirai, Nishi-ku,
Yokohama 220-8765, Japanwww.chiyodacorp.com/en

Future Business Roadmap
Chiyoda is gauging the macro trend of an accelerating transition to a carbon-free society as
it moves towards carbon neutrality in 2050 and, with its collective strengths in engineeringand real-world implementation capabilities, will transform its business portfolio accordingly toimprove its ability to generate profits.

2．Revitalization Plan in Review（P5-P6）
Qualitative（P5）Further Develop the Risk Management SystemEstablished an integrated risk management systemTo enhance corporate governance, increased independent outside directors andsegregated business oversight and execution

Enhance EPC Execution and Management CapacityIntroduced Chiyoda Advanced Work Packaging (AWP) to enhance EPC execution

Reinforce Human Resources

Deployed new HR system in April 2021 to enforce meritocratic selection and diversify
skill sets

Quantitative（P6）Order Targets

Achieved two year totals of approximately JPY 850 billion and JPY 200 billion in LNG/gas
projects and global environmental projects respectively

Net ProfitRealized profits of JPY 20 billion in the first two years of the Revitalization Plan

A delay of 2-3 years is expected in achieving the target for ‘accumulating consolidatedbasis net profits’ of JPY 90 billion in 5 years due to new order delays resulting fromexternal factors

Increase the Shareholders Equity Ratio/ Eliminate Accumulated Losses/ Reduce Fixed Costs


Achieved the respective identified actions

3．Business Environment: Accelerating Decarbonization（P8）Increasing the Adoption of Low-carbon & Green LNG
Demand for natural gas and LNG will remain firm as they are a pragmatic solutions inaddressing growing energy demand and decarbonization.

Increasing the adoption of renewable energy will be essential.

4Chiyoda Global Headquarters
Minato Mirai Grand Central Tower
4-6-2, Minatomirai, Nishi-ku,
Yokohama 220-8765, Japanwww.chiyodacorp.com/en

The Accelerating Shift to Decarbonization/Hydrogen EnergyHydrogen utilization is viewed as a critical factor to achieving carbon neutrality by 2050 incountries and regions around the globe.

Hydrogen strategies are being drafted as countries and regions are setting specificquantitative targets, such as goals for hydrogen consumption.

4．Vision for 2030（P10）
With advanced technological capabilities, Chiyoda will accelerate the transition to a carbon-freesociety, including hydrogen energy, and contribute to achieving carbon neutrality by 2050.

Chiyoda will make profits from existing business domains and new business domains in a 50:50
ratio by 2030.

Chiyoda will transform its earnings structure to generate a net profit of JPY 30 billion or greater.

5．Business Portfolio Transformation（P12-P19）
Business Portfolio Transformation (P12)Profit is currently mainly generated from the existing EPC business. Chiyoda is expanding
EPC work in the decarbonization & life sciences fields and in the carbon neutrality field.

Chiyoda is establishing recurring businesses as sources of stable income from licensing,catalyst, digital solutions and business investment.

Chiyoda’s new business domain will be 30% by 2025 and profits from existing businessdomains and new business domains will be 50:50 by 2030.

Chiyoda Business Integration with a View to Decarbonization (P13)

Chiyoda will aggressively promote business areas such as green LNG, renewable energy,
low CO2 shift, CCUS, hydrogen/ammonia chain solutions and energy storage/ energy
management/ microgrids.

In these areas, Chiyoda promotes hydrogen utilization to realize a carbon-free society andoptimize energy management systems to lower costs and realize decarbonization.

<Existing Business Domains> Initiatives to Decarbonize and Reduce CO₂ (P14)Chiyoda supports the transition to cleaner energy in conventional LNG, oil, petrochemicaland power generation.

The North Field Expansion project in Qatar incorporates carbon dioxide capture and storage
technology to significantly reduce greenhouse gas emissions compared to a conventional
LNG plant.

Chiyoda responds to customer needs for decarbonization and low CO2 shift with its5

Chiyoda Global Headquarters
Minato Mirai Grand Central Tower
4-6-2, Minatomirai, Nishi-ku,
Yokohama 220-8765, Japanwww.chiyodacorp.com/en

technology and previous accomplishments of motorization of plant equipment and efficientplant operation through digitalization.
<New Business Domains> Hydrogen Business (SPERA HydrogenⓇ, ammonia) (P15)Chiyoda contributes to realizing a hydrogen based society as an effective engineeringsolution provider and exploiting the benefits of hydrogen carriers.

In

particular,Chiyoda

implements

hydrogen/ammonia

relatedengineering

andhydrogen/ammonia chain solution business strategies and is targeting a total volume of 1.75
million tons (equivalent to approximately 6 GW) of hydrogen used in hydrogen / ammonia
projects involving Chiyoda by 2030.
<New Business Domains> SPERA HydrogenⓇ to spur a Hydrogen-based Society (P16)

Chiyoda aims to further strengthen hydrogen technology and accelerate operations toreinforce its status as the front-runner in the hydrogen business.

<New Business Domains> Life Science Business (P17)Chiyoda provides high value-added biotechnology & life science solutions.

Chiyoda targets JPY 50 billion orders received by 2030 in Biotechnology & pharmaceuticallife science engineering. In lateral expansion and monetization of next-generation
manufacturing process technologies, Chiyoda targets 10 projects/year by 2030.

<New Business Domains> Energy Management Business (P18)Chiyoda aims to strengthen the EPC business in the fields of renewable energy, energy
storage and energy management systems (EMS) and expand into Operation andMaintenance (O&M), targeting JPY 50 billion of orders received in 2030.

In the energy utilization optimization business, Chiyoda aims to realize income early andexpand the profit base of the Energy as a Service (EaaS) business for industrial customers,and expand into the area utility business.

Partnering to Accelerate Commercialization (P19)To accelerate new business, knowledge of state-of-the-art technology and providing
customers with innovative solutions are required.

The slide shows the possibilities of combining Chiyoda’s technology and knowledge withpartners such as trading companies, business-to-customer companies, venture companies,
universities etc

Chiyoda accelerates and expands commercialization through proactive collaboration withother companies with experience in, for example, decarbonizing and reducing CO ₂ ofprocess facilities, the hydrogen supply chain and energy utilization optimization.
6Chiyoda Global Headquarters
Minato Mirai Grand Central Tower
4-6-2, Minatomirai, Nishi-ku,
Yokohama 220-8765, Japanwww.chiyodacorp.com/en

6．Digital Transformation (DX) (P21-P22)
To enhance the value of core business models, Chiyoda further reinforces Digital Transformation
(DX).



By accelerating Chiyoda Group DX activities through medium to longer term initiatives, Chiyoda
will also accelerate the deployment of the project management data model, Chiyoda AWP andPlantStream™, improving project and construction execution efficiency by 20% by 2025.

In terms of each business domain, Chiyoda aims for optimal and autonomous plant operation
with EFEXIS™ and applies digital twin technology to optimize operation of dehydrogenation
facilities.

Informative DX videos are available with QR codes in p22.

7．SDG Initiatives (P24)Chiyoda has identified three key material sustainability issues: ‘Affordable and Clean Energy’,‘Industry, Innovation and Infrastructure’ and ‘Climate Action’.

By continuously reviewing its Revitalization Plan and exploiting its project execution, overall
optimization and new technology implementation capabilities, Chiyoda contributes to SDG’s
through its corporate philosophy of ‘Energy and Environment in Harmony’.

-EndPlease address inquiries to:
IR, PR & CSR Section, Corporate Services Department: Tel. +81-45-225-7734

Note: Some additions and corrections have been made to simplify the content for readers. Any
projections included in these materials are based solely on information available at the time thispresentation was prepared. It is possible that actual results may vary significantly from the projections
due to a number of risk factors such as economic conditions. The results projected here should not
be construed in any way as being guaranteed by the Company. Investors are recommended not todepend solely on these projections for making investment decisions.

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