Financial Results for
Fiscal Year Ended March 31, 2024
（FY2023）
June 26, 2024
Chiyoda Corporation（Stock code: 6366）© Chiyoda Corporation 2024, All Rights Reserved.

Presenters

Mr. Masakazu Sakakida
Representative Director,Chairman of the Board

Mr. Koji Ota
Representative Director,President & CEO

Mr. Atsushi Deguchi
Executive Vice President& CFO

AGENDA：
1. Key Points
2. Golden Pass LNG Project
Overview
3. The Latest Status
4. Progress of Major Projects
5. Income Statement
6. Profit Analysis
7. Balance Sheet
8. New Orders / Backlog[Att-1] Revenue / Backlog Breakdown[Att-2] Results History

Our SDGs Materiality

11

First of all, we would like to sincerely apologize for the significant delay in
our financial results announcement, which has caused inconvenience andconcern to our shareholders and other stakeholders.
As disclosed, it was found that a detailed examination was necessary for
the Golden Pass LNG project in the U.S. Additionally, its impacts needed
to be covered as a subsequent event after reporting period by the financial
results for the fiscal year ended March 31, 2024. Therefore, we decided topostpone the announcement of the financial results and continue
discussions with relevant parties. The discussions have not yet concluded
as of today. However, because the date of the shareholders' meeting isapproaching and the deadline of the annual securities report submission,
we determined to finalize and disclose the financial results. As a result, we
regret to record a net loss of JPY 15.8 billion for this fiscal year.
We are continuing discussions with the customer of the Golden Pass LNG
project to achieve the successful completion. We highly appreciate ourshareholders and stakeholders for continued understanding and support.

1Summary22

1. Key Points
The effects
related to theGolden Pass
LNG project• Zachry Industrial, Inc. （“Zachry”）, one of our JV partners for Chiyoda’s wholly owned subsidiary,
Chiyoda International Corporation （“CIC”） to execute the Golden Pass LNG have filed for
Chapter 11 relief under the United States Bankruptcy Code. The JV has been in discussion with
its customer to ensure the construction completion along with the court proceeding regarding
Zachry’s withdrawal from the project.
• To finalize the financial results, the cost required to complete construction was forecasted andrecalculated with the current contract amount based on considerable sufficient costs. [Grossprofit: （37.0）billion JPY]
• As a result, equity capital as of the end of March 2024: 4.9 billion JPY （as of the end of March
2023: 22.2 billion JPY）
• After Zachry's official withdrawal, the JV and customer is planned to agree on a short-term planunder the new JV structure, as well as a long-term plan for completion. Chiyoda will review theprofitability, aiming to recover its own capital.

Next Steps• Emergence of partner risks under the EPC contract in which project partners undertake
execution of the project in solidarity have caused this issue. Chiyoda will strive for a soundexecution structure through collaboration with Customer/JV partners to mitigate such partner
risks.
• Release of the forecast for the fiscal year ending March 31, 2025 is withheld because
discussions with the customer of the Golden Pass LNG project have been continuing.

Forecast• The next Medium-term Management Plan, which Chiyoda originally planned to disclose in thefinancial results announcement for the fiscal year ending March 31, 2024, will be announced
separately at an appropriate time after re-reviewing the contents based on many factors related
to the Project.

3

The Effects Related to the Golden Pass LNG Project
Zachry Industrial, Inc. (“Zachry”), one of our JV partners to execute the Golden
Pass LNG, have filed for Chapter 11 relief under the United States Bankruptcy
Code. The JV has been in discussion with the customer to ensure the construction
completion with the customer on the premise of Zachry’s withdrawal from theproject.
To finalize the financial results, the cost required to complete construction wasforecasted and recalculated with the current contract amount based on
considerable sufficient costs.
Consequently, the shareholders’ equity as of the end of March 2024 was JPY 4.9billion.

Next Steps
The JV is sincerely committed to negotiations with the customer. After Zachry's
official withdrawal, we will promptly agree on project execution plans under thenew JV structure and review the profitability, aiming to recover our own capital.
Emergence of partner risks under the EPC contract in which project partners
undertake execution of the project in solidarity have caused this issue. Chiyoda will
strive for a sound execution structure through collaboration with Customer/JV
partners to mitigate such partner risks.

ForecastRelease of the forecast for the fiscal year ending March 31, 2025 is withheld
because discussions with the customer of the Golden Pass LNG project havebeen continuing.
The next Medium-term Management Plan will be announced at an appropriate
time after re-reviewing the contents based on many factors related to the project.

3

2. Golden Pass LNG Project Overview
Golden Pass LNG Export Project

Courtesy of Golden Pass LNG● Customer● JV Formation

Golden Pass LNG Terminal, LLC< JV: QatarEnergy 70%, ExxonMobil 30% >● Total Amount of Project / Our Contract Value（At the time of order）
Approx. 1 trillion JPY / Approx. 300 billions JPY● Site Location

Golden Pass LNG Terminal, LLC

CCZJV*1
Procurement

Sabine Pass, Texas, USA● Scope of Work
EPC of the LNG Plant （Capability: 5.2 MTPA x 3 Trains）
with ancillary facilities● Year of Completion （Initial Plan）
The second half of 2024 （1st Train）

Project managementCIC*2

Commissioning

Construction

Engineering

CB&I（Current McDermott）

ZachryProcurement, project management, commissioning: Being undertaken
by a joint venture of the three companies. Engineering Lumpsum
contractor: CIC, Construction Lumpsum contractor: CB&I and Zachry
After Zachry’s withdrawal from the Project, the Project is planned to be
executed by CIC and CB&I.

*1 Joint venture of CIC, CB&I and Zachry*2 Chiyoda International Corporation （A wholly-owned subsidiary in U.S. of Chiyoda Corporation）

4

Chiyoda was awarded the Golden Pass LNG project in February
2019.
This is a large-scale project whose customer is the Golden Pass
LNG Terminal, LLC, in which QatarEnergy holds a 70% stakeand ExxonMobil holds a 30% stake.
Calculating with an exchange rate at the beginning of thecontract, the total project amount is approximately JPY 1 trillion,and Chiyoda’s contract amount is approximately JPY 300 billion.
This project has been executed under a JV of the threecompanies: CIC, Chiyoda’s subsidiary in the U.S. in charge ofengineering with a lump-sum contract; CB&I and Zachry incharge of construction with lump-sum contracts. The threecompanies have collaborated on the business operations
including procurement other than engineering and construction.
Discussions have been ongoing between the customer to create
a new JV of CIC and CB&I for project completion on the premiseof Zachry’s withdrawal from the project.

4

3. The Latest Status～ May 8 Golden Pass LNG project in the U.S., discussions has been ongoing between thecustomer and the JV about the project's implementation in light of the potential
withdrawal of Zachry. However, these discussions has not been concluded by thescheduled announcement date, leading to the decision to postpone the announcementof the financial result.

May 22

 Zachry filed for Chapter 11 relief under the United States Bankruptcy Code on May
21, 2024 in the U.S. time.

June 7, 8

 The permission from the court regarding the customer's placing orders for business
operations such as safety-related tasks required for continuing construction work.
Following such permission, procedures for payment of required funds to JV wascommenced.

Today（June 26）

 Announcement of the financial result of FY2023/4Q
The cost required to complete construction was forecasted and recalculated with thecurrent contract amount based on considerable sufficient costs.

July 1
2nd Quarter～
3rd Quarter Annual Securities report is submitted (planned).
 After Zachry's official withdrawal, the JV and customer is planned to agree on a shortterm plan under the new JV structure, as well as a long-term plan for completion.
Chiyoda will review the profitability, aiming to recover its own capital.

5

Zachry filed for Chapter 11 relief under the United States
Bankruptcy Code on May 21, 2024 in the U.S. time.
Along with the court proceeding, the permission from the court
regarding the customer's placing orders for business operations
such as safety-related tasks required for continuing construction
work was obtained on June 7 and 8. Following such permission,
such business operations and procedures for payment ofrequired funds to JV were commenced.
Regarding financial reports, our future plan includes thefollowing:
Submission of our Annual Securities report is scheduled on July
1, 2024, the due date.
Regarding project execution, our future plan includes thefollowing:
After Zachry's official withdrawal, the JV and the customer isplanned to agree on a short-term plan under the new JV
structure, as well as a long-term plan for project completion.
Chiyoda will review the profitability, aiming to recover its owncapital.
54.2 Progress of Major Projects
Project

NFE LNG, Qatar

Copper Smelting Plant, Indonesia

ClientQatarEnergy

P.T. Freeport Indonesia

Partner

Technip Energies

N/A

Year ofCompletion

2025 to 2027（four trains）

2024

Progress

Construction ongoing.

Construction is in the final phasefor completion.

NFE LNG, Qatar

Copper Smelting Plant, Indonesia

Courtesy of Qatargas

Courtesy of P.T. Freeport Indonesia

6

There are two major ongoing projects; NFE LNG project in Qatar
and Copper Smelting Plant in Indonesia.
Both projects have been ongoing well and construction
completion of the Copper Smelting Plant is expected within thisyear.

6Financial Results

7

The following outlines Chiyoda Corporation's (Chiyoda) financial
results for the fiscal year ended March 31, 2024, released onJune 26, 2024.

7

5. Income Statement
Billions of JPY

Revised
Forecast on
FY2023February 5,2024

Revenue

500.0

Gross Profit36.0

1, 2

Difference

FY2022506.06.0

430.2（0.2）（36.2）

32.7

1 Golden Pass LNG project The cost required to complete
construction was forecasted
and recalculated with theGross Profit Margin

7.2%（0.0%）（7.2pt）

7.6％

SG&A Expenses（15.0）（14.8）

0.2（14.6）

Operating Income

21.0（15.0）（36.0）

18.1

Ordinary Income

28.0

（5.5）

（33.5）

20.3

current contract amount basedon considerable sufficient
costs. （（37.0） billion JPY ）2 Breakdown Gross Profit

Profit*1

Exchange Rate JPY/ USD

18.0
145

（15.8）
151（33.8）

15.2
134

FY2022

FY2023Energy

20.9（22.3）

GlobalEnvironment

11.8

22.2

Total

32.7（0.2）*1 Profit attributable to owners of parent8Revenue was JPY 506 billion, achieving the level almost similar
to the revised forecast on February 5, 2024.
Concerning profits,
Gross Profit was minus JPY 200 million,
Operating Income was minus JPY 15 billion,
Ordinary Income was minus JPY 5.5 billion,
Net Profit was minus JPY 15.8 billion.
Each figure significantly fell below the revised forecast onFebruary 5, 2024.
For the Golden Pass LNG project, JPY 37 billion was recorded inthe financial results as an additional expense.

86. Profit Analysis
Billions of JPY

FY202318.0

Revised upward
on February 5,2024

FY2024～+ 0.8

Impact ofExchange
rates etc.

+ 2.5+ 0.2（37.0）

Non-operating
SG&A
Expenses profit and loss

[Golden Pass LNG]
Related impacts（0.4）（15.8）

Others

FY2023Results[Golden Pass LNG]
Revision ofprofitability

9“JPY 18.0 billion”, the figure shown on the far left of the graph, isthe revised forecast on February 5, 2024.
Gross Profit Margin fell short of expectations mainly because ofthe additional expenses recorded regarding the Golden Pass
LNG project.
Profit would have slightly exceeded the forecast without such
additional expenses.

97. Balance Sheet
Billions of JPY

FY2022 FY2023 Difference

FY2022 FY2023

Difference

383.0

404.4

21.4

Current Liabilities

356.3

412.2

55.9

Cash and Deposits

61.2

102.1

40.8

Operating Liabilities*3

292.7

322.5

29.8

Operating Assets*¹

58.6

46.5 （12.1）

Provision for Loss on
Construction Contracts

27.9

36.5

8.6

Jointly Controlled
Assets of JV *²

161.6

147.0 （14.6）

Non-CurrentLiabilities

28.0

8.7 （19.3）

Non-Current
Assets23.6

22.6（1.0）

Net Assets

22.3

6.1 （16.2）

Total Assets

406.6

427.0

20.4

Current Assets*1 Operating Assets： Notes receivable, accounts receivablefrom completed construction contracts and contract assets +Costs on construction contracts in progress*2 Jointly Controlled Assets of JV： Cash and deposits of joint
venture proportional to Chiyoda’s interest*3 Operating Liabilities： Notes payable, accounts payable forconstruction contracts + Contract liabilities

Total Liabilities andNet Assets

406.6

Shareholders’ Equity

22.24.9 （17.3）

Shareholders’ EquityRatio

5.5%1.1% （4.3pt）

427.0

20.4

10

Shareholders’ Equity was decreased by JPY 17.3 billion from theend of FY2023 to 4.9 billion JPY.
Shareholders’ Equity Ratio was 1.1%.
The financial soundness has significantly deteriorated mainly
because of the additional expenses regarding the Golden Pass
LNG project. Chiyoda aims to restore the level of our own capitalby promptly recovering such expenses.
Cash and Deposits were JPY 102.1 billion and there is no risk ofharm to our business operations.

108.2 New Orders / Backlog
Billions of JPY

FY2023 New Orders

FY2023 Backlog

87.8

745.3

GlobalEnvironment

149.7

248.5

Total

237.5

993.9

Energy【Major Backlog Projects】
More than
JPY 100.0 billion

More than
JPY 50.0 billion

More than
JPY 5.0 billion

Energy• NFE LNG, Qatar• Golden Pass LNG, USA---

GlobalEnvironment• Copper Smelting
Plant, Indonesia---• CO2 Methanation Facility, Japan• Biopharmaceutical
Manufacturing Plant, Japan• Advanced Material Plant, Japan

11New Orders received were JPY 237.5 billion achieving
approximately 80% of the full year forecast of JPY 300 billion.
Please refer to the table below for major projects in the orderbacklog.

11

[Att-1] Revenue and Backlog Breakdown
Billions of JPY

FY2023 Revenue

FY2023 Backlog【Business】【Business】
275.2

54%

745.3

75%

LNG Plant, Gas Related Work

244.9

48%

LNG Plant, Gas Related Work

713.1

72%

Refinery, Petrochemical

30.3

6%

Refinery, Petrochemical

32.2

3%

230.8

46%

248.5

25%

31.1

6%

98.0

10%

199.7

39%

506.0

100%

420.6

83%

Middle East & Africa

195.639%

Middle East & Africa

Americas17.03%

Asia & Oceania

207.7

OthersDOMESTIC

ENERGYENVIRONMENT
Pharmaceutical, Biochemistry,
ChemicalEnvironment, New Energy,
Infrastructure, Others
TOTAL

ENERGYENVIRONMENT
Pharmaceutical, Biochemistry,
ChemicalEnvironment, New Energy,
Infrastructure, Others

150.5

15%

993.9

100%

829.6

83%

591.2

59%

Americas

94.6

10%

41%

Asia & Oceania

142.3

14%

0.30%

Others

1.50%

85.4

17%

DOMESTIC

164.2

17%

506.0

100%

993.9

100%

【Region】

TOTAL【Region】

OVERSEASTOTALOVERSEAS

TOTAL

12

This is a breakdown of Revenue and Backlog of FY2023 forreference.

12

[Att-2] Results History
Billions of JPYRevenue

Gross Profit
506.0

42.8

430.2

385.9
315.4

32.7

311.1

20.1

22.8（0.2）
FY2019 FY2020 FY2021 FY2022 FY2023
FY2019 FY2020 FY2021 FY2022 FY2023

Operating Profit

Profit

26.8
18.1
7.0

10.5

15.2

12.2
8.0

*（15.0）FY2019 FY2020 FY2021 FY2022 FY2023（12.6）（15.8）FY2019 FY2020 FY2021 FY2022 FY2023* The figure includes Extraordinary Losses of JPY 20.4 billion related to the project lossesby settlement of lawsuit with a client.

13This is a five-year financial data history for reference.

13

Forward-Looking Statements: Any projections included in these materials are based solely on information available
at the time this presentation was prepared. It is possible that actual results may vary significantly from theprojections due to a number of risk factors such as economic conditions. The results projected here should not beconstrued in any way as being guaranteed by the Company. Investor are recommended not to depend solely onthese projections for making investment decisions.

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