Translation

February 9, 2016

Consolidated Financial Results
for the Nine Months Ended December 31, 2015
Company name: CHIYODA CORPORATION
Listing:First Section of the Tokyo Stock Exchange
Stock code:
6366
URL:
http://www.chiyoda-corp.com/
Representative: Shogo Shibuya, President & CEO
Inquiries:
Nobuo Sekita, SL, Accounting Section
TEL:+81-45-225-7745 (from overseas)
Scheduled date to file Quarterly Report: February 12, 2016
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, 2015
(1) Consolidated operating results
Net sales(Percentages indicate year-on-year changes)
Profit attributable toOrdinary income
owners of parent

Operating income

Millions of yen% Millions of yen% Millions of yen% Millions of yen

For the Nine months
ended December 31,
443,924 33.7
15,257 (1.7)
14,481 (0.1)
2015
For the Nine months
ended December 31,
331,970
7.9
15,527 (18.5)
14,496 (23.7)
2014
Note: Comprehensive Income: the nine months ended December 31, 2015: 2,458 million yen / (79.2%)
the nine months ended December 31, 2014: 11,829 million yen / (2.1%)

Net income per share

For the Nine months
ended December 31,
2015
For the Nine months
ended December 31,
2014

8,249

Yen

31.85

-31.98-(2) Consolidated financial position
Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen%

As of December 31,
2015

505,461

207,475

40.7

As of March 31, 2015

515,839

208,405

40.0

Reference: Equity

As of December 31, 2015: 205,507million yen

1(0.4)

8,282 (27.0)

Fully diluted net
income per share

Yen%

As of March 31, 2015: 206,395 million yen

2. Cash dividends
Cash dividends per share
Record date

First quarter

Second quarter

Third quarter

Fiscal year-end

Yen

Yen

Yen

Yen

Yen---

13.00

13.00

--

14.00

14.00

Fiscal year ended
March 31, 2015
Fiscal year ending
March 31, 2016
Fiscal year ending
March 31, 2016
(Forecast)

AnnualNote: Revision to the latest forecast announcement: None

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2016 (fromApril 1, 2015 to March 31, 2016)(Percentages indicate year-on-year changes.)
Profit attributable
Net income perNet sales
Operating income Ordinary income
to owners ofshareparentMillions ofMillions ofMillions ofMillions of
yen
yen
yen
yen%%%%
Yen
Fiscal year ending
March 31, 2016

600,000

24.7

20,000(6.8)

22,000(1.2)

12,0008.8

46.33

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 Financial
Statements: 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: None
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, 2015
260,324,529 shares
As of March 31, 2015
260,324,529 sharesb. Number of treasury stock at the end of the period
As of December 31, 2015
1,339,962shares
As of March 31, 2015
1,323,232 sharesc. Average number of shares during the period
For the Nine months ended December 31, 2015
258,992,849 shares
For the Nine months ended December 31, 2014
259,008,390 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, the global economic environment remained uncertain.
While the US began to normalize its interest policy, the economic slowdown in emerging countries
including China continued, and the global financial markets were in turmoil. In addition, geopoliticalrisk, especially the conflict between Iran and Saudi Arabia, the rise of IS (Islamic State) in the Middle
East and the destabilization of Europe due to recurrent terrorist attacks. The prolonged tumble in oil
prices had an impact on the plant industry which is the Chiyoda Group’s main business. The Group
noted the lack of predictable patterns in short-term investment decision making for numerous oil andgas-related facilities.
The Japanese economy had ups and downs such as some capital investment backed by thegovernment’s easing of fiscal and monetary policies, the depreciation of the Yen and lower oil prices,
whether positive or negative, as well as the market contraction due to a declining birthrate.
Under such circumstances, the Group has continued to strengthen its core business in its
conventional fields of oil and gas, according to the strategies defined in its Medium-Term
Management Plan, which has passed the mid-point of the 4-year term. In parallel, the Group has
been set for expansion in new business fields including offshore and upstream where it has beendeveloping the ability to implement an Engineering, Procurement, Construction and Installation(EPCI) business and new and renewable energy, such as the Hydrogen Supply Chain utilizing its
own technologies, and solar power generation utilizing photovoltaic and concentrating solar power
technology.
The ongoing projects including LNG plants in Australia, the USA and Russia, refinery plants inVietnam, Qatar and Venezuela, a Floating Production Unit (FPU) in Indonesia, a Titanium Sponge
plant in Saudi Arabia, airport projects in Mongolia and the Philippines, and LNG receiving terminals
and photovoltaic power generation systems in Japan have all progressed as expected.
Consequently, consolidated new contracts for the period amounted to 234,469 million yen (63.9%
decrease compared to the same period of the previous fiscal year). The backlog and revenue were
1,192,048 million yen (15.9% decrease from the end of the previous fiscal year), and 443,924 million
yen (33.7% increase year on year) respectively. The operating income amounted to 15,257 million
yen (1.7% decrease), ordinary income to 14,481 million yen (0.1% decrease), and profit attributableto owners of parent resulted in 8,249 million yen (0.4% decrease).
LNG Plants/Other Gas Related Works
The Group is selected as an Engineering, Procurement and Construction (EPC) contractor for anLNG plant in Mozambique, contracts for which with the client are being negotiated and to befinalized in the near future. The EPC execution of LNG plants, two in the USA and each one inRussia and Australia is in progress as planned and Front End Engineering and Design (FEED)
works for LNG plants in Mozambique, Canada and the USA as well as a Floating LNG (FLNG)
facility in Indonesia are also in progress. The Group Company in Qatar has been carrying out an
EPC work for helium recovery facilities and the Engineering, Procurement and Construction
management (EPCm) works for the maintenance and modification of the existing LNG and gas
processing plants built mainly by the Group. In Japan, several EPC works on LNG receiving
terminals and the expansion/modification works of existing plants are in progress.
LNG plants and other gas-related works constitute the Group’s core business. In that regard, theGroup will pursue any such project whether onshore/offshore, overseas/domestic orconventional/unconventional.
Refinery/Petrochemicals/MetalEngineering, Procurement, Construction and Commissioning (EPCC) is working for Residue Fluid
Catalytic Cracking (RFCC) project in Malaysia. EPC is working for a refinery and petrochemicalcomplex in Vietnam and a refinery project in Qatar. Engineering, Procurement support andConstruction management (EPsCm) for heavy crude oil upgrading facilities in Venezuela is going on.
Additionally, the Group Company in Singapore is performing project management under theEnterprise Framework Agreement for downstream projects within Asia. For metals fields, the Group3

has been carrying out EPC work for a Titanium Sponge Plant in Saudi Arabia, and has been
exploring new business opportunities.
In Japan, the Group has been continuing to perform the EPC work for modification to fortify theexisting facilities in the case of a possible catastrophic event, petrochemical plants and energy
saving in the facilities. The Group has also been continuing to expand its sales activity in thepetroleum and petrochemical field.
Pharmaceutical/Biochemistry/General Chemistry/Environment/Infrastructure
The Group has been moving forward with the EPC execution for a new international airport inMongolia and a new Bohol airport in the Philippines. In addition, the Group has started to participate
further in bids for infrastructure related projects including yen-loan-financed railway projects.
Meanwhile, the Group has also been responding to the overseas expansion in Japanese clients’businesses in non-hydrocarbon fields. In Japan, the Group has won a number of EPC works forlarge-scale photovoltaic power generation systems. The Group has been executing and expanding
its sales activity by enhancing its group operations in this field. In the pharmaceutical industry, theGroup has been carrying out EPC works for manufacturing facilities of active pharmaceuticalingredients, vaccine and bio-medicine plants. Moreover, the Group has been gearing up for agrowing market for the life science field symbolized by iPS cells and regenerative medicine,
applying our pharmaceutical and medical expertise. As a result, the Group has been carrying out
EPC works for regenerative medicine related facilities in this field.
New Business Fields
Chiyoda Corporation and Ezra Holdings Limited have agreed an MOU to establish a joint venturenamed EMAS CHIYODA Subsea in order to accelerate its expansion of the Offshore & Upstream
business field. The transaction is expected to be completed within this Fiscal Year. In parallel, theGroup’s strategic alliance partner, Xodus Group has been providing integrated services in theoffshore and upstream field for resource exploration companies worldwide. The Group has been setto provide a value chain for resource development on offshore and upstream for all the phases fromdesign to EPCI, including operation and maintenance.
As for new energy fields, the Group has developed its own technology for transporting anddelivering a large volume of hydrogen. The Group has been actively collaborating with various
parties in order to achieve hydrogen-based society. Furthermore, the Group has successfullycompleted operating a demonstration plant in Italy for the Concentrating Solar Power (CSP) system.
The Group has been making efforts to develop business opportunities of CSP for commercialization.
Moreover, the Group has been selected as an EPC contractor for Japan’s first demonstration plant
to produce and supply renewable jet and diesel fuels.

Note: See Page 9 for more information on New Contracts, Net Sales and Backlog of Contracts bysegment.

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

AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable fromcompleted construction contracts
Securities
Costs on uncompleted construction contracts
Jointly controlled assets of joint venture
OtherAllowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, netLand
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

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As of March 31,2015

As of December 31,2015

31,81568,446

53,84070,956

81,49959,668
182,855
34,955(56)444,578

82,99946,486
151,785
28,692(49)449,318

7,742
5,266
1,817
14,826

7,286
5,266
1,591
14,144

12,0347,450
19,484

9,196
7,049
16,24531,3285,853(231)
36,95071,261
515,839

20,2995,675(221)
25,75256,143
505,461(Millions of yen)

As of March 31,2015 As of December 31,2015

Liabilities
Current liabilities
Notes payable, accounts payable forconstruction contracts
Short-term loans payable
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
Non-current liabilities
Long-term loans payable
Provision
Net defined benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeNon-controlling interests
Total net assets
Total liabilities and net assets6

137,652

144,512

991
4
1,366

106
5
2,194

123,869

117,822

364

215

3,988
3,905
22,197294,339

2,306
2,487
15,610285,260

10,015
339
1,070
1,667
13,093
307,433

10,011
339
1,139
1,235
12,725297,986

43,396
37,112
115,831(1,405)
194,934

43,396
37,112
120,713(1,422)
199,800

7,218

1,734

(2,064)
5,229
1,076

(1,367)
4,359
980

11,460

5,706

2,010
208,405
515,839

1,968
207,475
505,461(2) Consolidated quarterly statements of (comprehensive) income(Millions of yen)

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
Dividend income
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using
equity method
Foreign exchange losses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of investment securities
Total extraordinary income
Income before income taxes and minority
interests
Income taxes - currentIncome taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

7

Nine months ended
December 31, 2014

Nine months ended
December 31, 2015

331,970443,924

299,038

411,518

32,93232,405

17,404
15,527

17,14815,257

1,120
1,071
109
2,301

1,068
1,010
151
2,230

190

166

345

1,192

2,625
169
3,332
14,496

1,576
71
3,006
14,481

－－

2,666
2,666

14,49617,147

3,440
2,564
6,005
8,491
208
8,282

7,804
1,061
8,865
8,281
31
8,249

Consolidated quarterly statements of comprehensive income(Millions of yen)

ProfitOther comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans, netof taxShare of other comprehensive income ofentities accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to ownersof parent
Comprehensive income attributable to noncontrolling interests

8Nine months ended
December 31, 2014

Nine months ended
December 31, 2015

8,491

8,281

1,803

(5,483)

87
1,108

696
(865)

273

(96)

65(72)

3,338
11,829(5,822)
2,458

11,485

2,496

343

(37)

7.

Production, Contracts and Sales
Apr. 1, 2014 —Dec. 31, 2014

Reporting segments(Millions of yen)
Apr. 1, 2015 —Dec. 31, 2015
New
Backlog of
Net sales
contracts
contracts(ratio)(ratio)(ratio)New
contracts(ratio)Net sales(ratio)Backlog ofcontracts(ratio)645,84299.4%

328,64499.0%

1,445,936
100.0%

231,63598.8%

440,96999.3%

1,192,048
100.0%LNG Plant

524,173

171,787

1,140,128

147,683

262,463981,696

80.7%

51.7%

78.8%

63.0%

59.1%

82.4%

Gas Development/
Processing/Receiving
Refinery/Petrochemical/
Metal
Pharmaceutical/Biochemistry/
ChemicalEnvironment/New Energy/
Infrastructure

28,087

19,13831,9704,549

14,503

20,524

Engineering

4.3%

5.8%

2.2%

1.9%

3.2%

1.7%

47,243
7.3%

77,08723.2%

198,359
13.7%

42,91818.3%

108,64324.5%

113,879
9.5%

19,3933.0%

23,854
7.2%

23,022
1.6%

15,872
6.8%

21,761
4.9%

24,843
2.1%

23,08334,194

48,875

15,97430,972

47,212

3.5%

10.3%

3.4%

6.8%

7.0%

4.0%

3,860

2,582

3,579

4,636

2,624

3,891

0.6%

0.8%

0.3%

2.0%

0.6%

0.3%

3,604
0.6%

3,325
1.0%

586
0.0%

2,833
1.2%

2,955
0.7%

-

649,447

331,970

1,446,523

234,469

443,924

1,192,048

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

Domestic

75,53911.6%

82,89525.0%

95,570
6.6%

63,99427.3%

75,19316.9%

88,574
7.4%

Overseas573,90788.4%

249,07575.0%

1,350,952
93.4%

170,47472.7%

368,730
83.1%

1,103,473
92.6%

OthersOther Business
Total

Note1: The backlog of contracts for the nine months ended December 31, 2015 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.
Note2: The total amount of the above table does not include consumption tax.
Note3: The classification of the segments within the engineering business was restructured, starting from thisfiscal Year. Therefore this third quarter’s and previous third quarter’s accumulated consolidated financial
results are disclosed under the new classification. There is no change in the handling of the reporting
segments.

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