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Outline of 1st Quarter
Financial Resultsfor Fiscal Year 2021
April 1, 2021 – June 30, 2021

August 10, 2021
JGC HOLDINGS CORPORATION

My name is Taguchi, and I am General Manager of the Group Finance andAccounting Department.
I will be giving you an outline of 1st quarter financial results for the Fiscal Year2021.

Contents

1.

Highlights of Fiscal Year 2021 1Q

2.

Income Statement

3.

Segment Information

4.

Balance Sheets

5.

Outline of Contracts

6.

Forecasts for Fiscal Year 20212

1. Highlights of Fiscal Year 2021 1Q• A net loss was recorded due to an extraordinary
loss related to Ichthys LNG Project.
• The 1Q performance, excluding the loss related toIchthys, is generally favorable. Profit margin wasbetter than annual forecast due to strong results in
the Functional Materials Manufacturing segment.
・A healthy financial position is maintained.

3

I will begin with a review of the highlights.
As we reported on July 30, we posted an extraordinary loss related to the Ichthys
LNG project, but when excluding this, earnings got off to a smooth start overall.
In particular, the Functional Materials Manufacturing segment revenue andincome increased year over year. These results were stronger than our initial
forecasts and boosted the overall profit margin.
Although we posted a loss, there are no problems with our financial position,owing to the net cash position and solid financial base.

1. Highlights of Fiscal Year 2021 1Q

 Response to Ichthys impact• A provision for loss was recorded as a result ofcareful review of recoverability of costs along withthe recent progress in negotiations.
• A provision of 59.4 billion yen was recorded as anextraordinary loss.
• Increased certainty for future management.
• We will be better able to focus on the execution of
our business plan, “BSP2025”.
4

We now move on to the brief explanation of the Ichthys LNG project.
Since there was progress in negotiations with the client in July, we reviewed therecoverability of costs that have not been collected, among other factors. As aresult, we decided to post a provision for loss.
As a provision for loss, we posted a 59.4 billion yen extraordinary loss.
We believe that this loss amount appropriately factors in the risk of future losses,
and posting this loss removes uncertainties on future management to themaximum extent possible.

2. Income Statement【Unit: Billions of Yen】

FY2020 1Q

FY2021 1Q

Difference

Forecast

96.8

107.0

+10.1

470.0

Gross profit

9.1

9.4

+0.3

38.0

Profit ratio

9.4%

8.8%

△ 0.6pt

8.1%

Operating income

4.2

4.1

△ 0.016.0

Ordinary income

4.3

5.9+1.6

19.0

1.4△ 55.1△ 56.5△ 46.0Net sales

Profit/loss attributableto owners of the parent

5I will move on now to the Statement of Income.
Net sales rose 10.1 billion yen over the same period of the previous fiscal year to107.0 billion yen.
Gross profit increased 300 million yen to 9.4 billion yen, while operating income
was flat at 4.1 billion yen.
Ordinary income rose 1.6 billion yen to 5.9 billion yen due to the impact of foreignexchange and an increase in share of profit of entities accounted for using equity
method, among other factors.
Profit/loss attributable to owners of the parent was a loss of 55.1 billion yen due
to the impact of the extraordinary loss.
When excluding the impact of the Ichthys LNG project, profit for the quarter was
4.2 billion yen.

3. Segment Information【Unit: Billions of Yen】

Total Engineering

Functional Materials
Manufacturing
Others (Includingadjustments)

Total (Consolidated)

FY2020 1Q

FY2021 1Q

Net sales

86.1

95.5

+9.3

+11%

Segment profit

2.82.2△ 0.5△ 20%Net sales

10.3

11.1+0.8+8%

Segment profit

1.52.1+0.6+41%

Net sales

0.30.3+0.0+10%

△ 0.1

△ 0.2

△ 0.0

△ 49%

Net sales

96.8

107.0+10.1+11%

Segment profit

4.24.1

△ 0.0

△ 1%

Segment profit

Difference

6

Next is segment information.
In the Total Engineering segment, net sales increased by 9.3 billion yen
compared with the same period of the previous fiscal year, to 95.5 billion yen.
Segment profit was down 500 million yen to 2.2 billion yen.
In the Functional Materials Manufacturing segment, manufacturing demand isbouncing back, primarily in the fine chemical area, and earnings are alsorecovering.
Net sales were up 800 million yen over the previous fiscal year to 11.1 billion yen,and segment profit rose 600 million yen to 2.1 billion yen. Others were almost flat.

4. Balance Sheets【Unit: Billions of Yen】

FY2020

FY2021 1Q

Difference

Current assets

548.3

542.4

△ 5.9

Non-current assets

154.1

155.3

+1.2

Total assets

702.5

697.8

△ 4.7

FY2021 1Q

Difference

197.0

198.4

+1.4

87.8

139.4

+51.6

417.6

359.8

△ 57.7197.0

204.5

+7.5

FY2020Current liabilities
Non-current liabilities
Total net assets
JV CashJGC Portion

7Next are the consolidated balance sheets.
Total assets were unchanged compared with the end of the previous fiscal year at
697.8 billion yen.
The increase in non-current liabilities was due to the posting of provision related
to the Ichthys LNG Project.
Due the posting of the extraordinary loss, net assets decreased 57.7 billion yen to359.8 billion yen.
The shareholders’ equity ratio dropped from 59.4% at the end of the previous
fiscal year to 51.5%, but was above our target of 50%, indicating that we
maintained our solid financial base.

5. Outline of Contractsⅰ）New Contracts【Unit: Billions of Yen】

FY2021 1Q

FY2021ForecastOverseas

4.9

340.0

Domestic

39.4

160.0

Total

44.3

500.0

8

Next, I will discuss new contracts.
Orders received totaled 44.3 billion yen, compared with our full-year forecast of
500 billion yen.
Domestic projects were off to a smooth start, with 39.4 billion yen in orders, butorders received for overseas projects were low.
We expect overseas clients to make decisions on investments in large projects inthe second half of the fiscal year, but we are monitoring conditions carefully sinceclients remain cautious about investments.

ⅱ）Outstanding Contracts

By Business Area

FY2020
14%

0%0%
1%0%
0%
14% 1%

2%

1,241.2【Unit: Billions of Yen】

FY2021 1Q

3%

42%

42%

1,168.8

41%

40%

Energy Transition

Energy Transiton■

Oil and gas

520.8

■

Oil and gas

486.0

■

LNG

509.8

■

LNG

466.3

■

Chemical27.0■

Chemical■Clean energy & Others

166.5■Clean energy & Others

163.2■Healthcare & Life sciences

14.6■Healthcare & Life sciences

13.4

33.8

■Industrial & Urban infrastructure & Others

1.4■Industrial & Urban infrastructure & Others

3.1■Others' business

0.8■Others' business

2.8

 From this quarter, the classification method has been changed in line with thebusiness area under medium-term business plan, “BSP 2025”.

9Next, I will discuss our outstanding contracts.
Beginning from this fiscal year, we changed category of business area so thatthat is consistent with the business area categories in our Medium-termManagement Plan.
Please refer to page 15 for details.
The order backlog as of the end of June was 1,168.8 billion yen. By businessarea, oil and gas as well as LNG-related orders accounted for about 40% each oftotal orders.

ⅱ）Outstanding Contracts

By Region【Unit: Billions of Yen】

FY2020

FY2021 1Q

16%

18%
3%

38%

35%

1,241.2
36%

6%

7%

■Japan192.7■Japan■Asia

35.7

■Asia

□Middle East

452.9
86.1

■Africa■Americas & Others
FY20211Q
Major
OutstandingContracts

3%1,168.8

473.7

38%

206.431.0□Middle East

445.4
70.6

■Africa■Americas & Others

415.2

Over 100 Billion Yen

Over 50 Billion Yen

Over 30 Billion Yen

LNG（Canada）
Oil Refinery
Modernization（Iraq）

Biomass Power Generation(Japan)
FLNG (Mozambique)Gas Separation Plant (Saudi Arabia)
Biomass Power Generation (Japan)
10

In terms of region, the Middle East and Americas and others accounted for 38%
and 35% of orders, respectively.
The major projects were an LNG project in Canada, a refinery upgrading projectin Iraq, a biomass power plant in Japan, a floating LNG project in Mozambique,among others.

6. Forecasts for Fiscal Year 2021
The full-year forecast was revised on July 30.
【Unit: Billions of Yen】

Initial

Revisedforecast

forecast

Difference

New contracts

500.0500.0-

Net sales

470.0

470.0

-

Gross profit

38.038.0-

Profit ratio

8.1%

8.1%

-

Operating income

16.0

16.0

-

Ordinary income

19.0

19.0-

13.0

△ 46.0△ 59.0

Annual dividend per share¥15.00¥15.00-

Forecasts based on (\/US$)¥107.00¥110.00+\3.0

Profit/loss attributable toowners of the parent

11Next, I will discuss our forecasts for Fiscal Year 2021.
We announced our revised full-year earnings forecasts on July 30.
These reflect the impact of the extraordinary loss, and when excluding this, there
is no change from the forecasts initially announced in May. We forecasted abottom-line loss, but taking into account financial conditions and our medium- andlong-term business forecasts, we have kept our dividend forecast unchanged at
15 yen per share, in line with the dividend policy in the Medium-termManagement Plan.
This concludes my overview of our financial results.

Appendix

12Reference（Forecasts for Fiscal Year 2021 by Segment）【Unit: Billions of Yen】

Total

Functional

EngineeringMaterials

Others

424.0

40.0

6.0

Segment profit

11.0

5.00.0

Profit ratio

2.6%

12.5%

0.0%

Net sales

13Reference（Net sales & New Contracts by Region）
New contracts

Net sales【Unit: Billions of Yen】

FY2020 1Q

FY2021 1Q

Japan

14.7(18.5%)

39.4(88.8%)(10.9%)

Asia

3.4(4.3%)

4.1(9.3%)

7.0(6.5%)

Middle East

38.1(47.7%)

0.4(1.1%)(11.7%)

16.0(15.0%)

Africa2.2(2.8%)

0.5(1.2%)

26.2(27.2%)

41.5(38.8%)

21.3(26.7%)△ 0.2(△0.4%)

96.8(100.0%)

107.0(100.0%)79.9(100.0%)44.3(100.0%)

FY2020 1Q

FY2021 1Q

Japan

40.1(41.5%)

30.7(28.8%)

Asia

10.2(10.5%)

11.6

8.7(9.1%)

11.3

Middle East
AfricaAmericas& Others
Total【Unit: Billions of Yen】

Americas& Others
Total

14

Reference（Change in Disclosure Information）
Old disclosure categories

Disclosure categories in/after
FY 2021 1Q
Total Engineering
Energy transition

Total Engineering

Oil and gas development
Petroleum refining
LNG
ChemicalPower generation, nuclear power
and new energy
Living and general production
facility
Environmental protection, social
development and IT
OthersFunctional Materials
Manufacturing Business
Otherʼs Business

Oil and gas
LNG
ChemicalClean energy
OthersBusiness areas under BSP 2025
Energy transition
Healthcare & Life sciences
Industrial & Urban infrastructure
Circular economy
High-performance functionalmaterials

Healthcare & Life sciences

Healthcare & Life sciences
Industrial & Urban infrastructure

Industrial & Urban infrastructure
Circular economy and others

OthersHigh-performance Functional Materials

Functional Materials
Manufacturing Business
Othersʼ Business15Reference（Historical data chart）【Unit: Billions of Yen】

722.9

44.9

619.2
480.8

Operating income

Gross profit

Net sales

44.9

43.3

21.4

43.7

23.2

20.2

22.8
16.0

470.0

38.0

FY2017 FY2018 FY2019 FY2020 FY2021

FY2017 FY2018 FY2019 FY2020 FY2021

FY2017 FY2018 FY2019 FY2020 FY2021

Forecast

Forecast

Forecast

433.9

Profit/loss attributableto owners of the parent

Ordinary income
32.3
24.9

16.5
22.3

25.5
19.0

New Contracts
935.4

24.0
4.1

5.1

683.0
547.8

500.0

189.6

△ 46.0FY2017 FY2018 FY2019 FY2020 FY2021

FY2017 FY2018 FY2019 FY2020 FY2021

Forecast

Forecast

FY2017FY2018FY2019FY2020

FY2021
Forecast

16

Cautionary Statement
This presentation may contain forward-looking statements that reflect JGCʼs plans andexpectations.
Such statements are based on currently available information and current assumptions of
future events which may not prove to be accurate. Such statements are also subject tovarious risks and uncertainties that could cause actual results to differ materially from thoseforward-looking statements.
JGC Holdings Corporation undertakes no obligation to update any forward-looking
statements after the date of this presentation. These potential risks and uncertainties
include, but are not limited to:•changes in general economic conditions, including foreign currency exchange rates,interest rates and other factors that could affect our profitability•changes in government regulations or tax laws in jurisdictions where we conduct business
For questions concerning this material please contact:JGC HOLDINGS CORPORATIONGroup Management Development Department
Tel: 81-45-682-1111 Fax: 81-45-682-1112
E-mail︓ir@jgc.com