Chiyoda Corporation (6366)
Consolidated Financial Results for the nine months Ended December 31, 2020

Abridged Translation:
The report is not audited and this translation is an abridged version prepared based on the statutory format
in Japan for reference purpose only. If there is any discrepancy between this translation and the original
Japanese version, the Japanese shall prevail.

Consolidated Financial Results
for the Nine Months Ended December 31, 2020
February 2, 2021
Company name:
Listing:
Stock code:
URL:
Representative:
Inquiries:TEL:

CHIYODA CORPORATION
Second Section of the Tokyo Stock Exchange
6366
http://www.chiyodacorp.com/
Masaji Santo, President & COO
Masaru Akiyama, GM, Accounting Department+81-45-225-7281

Scheduled date to file Quarterly Report: February10, 2021
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, 2020
(Percentages indicate year-on-year changes)(1) Consolidated operating results
Profit attributable to
Revenue
Operating income
Ordinary income
owners of parent
Millions ofMillions ofMillions ofMillions
of
%
%
%
%
yen
yen
yen
yen
For the nine months
ended December 31,
242,976(10.9)
6,064 (75.3)
6,208 (70.3)
6,467 (61.7)
2020
For the nine months
ended December 31,
272,667(10.9)
24,536 －20,877－
16,867 －2019
Note: Comprehensive Income: the nine months ended December 31, 2020: 7,785 million yen
the nine months ended December 31, 2019: 20,716 million yen
Net income per
share
Yen
For the nine months
ended Dec. 31, 2020
For the nine months
ended Dec. 31, 2019

Fully diluted net
income per share
Yen

18.89

6.63

61.08

23.19

(2) Consolidated financial position
Total assets
Net assets
Equity ratio
Millions of yen
Millions of yen%
333,654
32,685
As of December 31, 2020
9.7
385,051
24,943As of March 31, 2020
6.3
Reference: Equity
As of December 31, 2020:
32,362 million yen
As of March 31, 2020:
24,423 million yen
2. Cash dividends
Record date
FY ended March 31, 2020
FY ending March 31, 2021
FY ending March 31, 2021

Cash dividends per shareFirst quarter Second quarter Third quarter Fiscal year-end
Yen
Yen
Yen
Yen
0.00
-

Annual
Yen
0.00

0.00

0.00

(Forecast)
Note: Revision to the latest forecast announcement 2020: None

Chiyoda Corporation (6366)
Consolidated Financial Results for the nine months Ended December 31, 2020

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2021
(from April 1, 2020 to March 31, 2021)(Percentages indicate year-on-year changes)
attributable to Net income
Revenue
Operating income Ordinary income Profit
owners of parent per share
Millions ofMillions ofMillions ofMillions of
Yen
yen
yen
yen
yen
%
%
%
%
Fiscal year ending
280,000 (27.4)
11,000 (58.9)
9,000 (51.7)
7,000 (42.5)
18.92
March 31, 2021
Note: Revision to the latest forecast announcement 2021: 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.: Noneb. 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, 2020
260,324,529 shares
As of March 31, 2020
260,324,529 sharesb. Number of treasury stock at the end of the period
As of December 31, 2020
1,357,680 shares
As of March 31, 2020
1,357,497 sharesc. Average number of shares during the period
For the nine months ended December 31, 2020
258,966,939 shares
For the nine months ended December 31, 2019258,967,204 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.

Dividend Status of Class A SharesClass A Share
Record dateFiscal year ended
March 31, 2020
Fiscal year ending
March 31, 2021
Fiscal year ending
March 31, 2021 (Forecast)

Cash dividends per shareFirst quarter
Yen

Second quarter
Yen

Third quarter
Yen

-

-

-

-

-

-

Note: There will be no dividend for the Fiscal Year Ending March 2021.

Fiscal year-end
Yen

Annual
Yen

0.0

-

0.0

-

Chiyoda Corporation (6366)
Consolidated Financial Results for the nine months Ended December 31, 2020

Table of Contents for the appendices1.

2.

Qualitative Information Related to Consolidated Performance2(1)

Qualitative Information on Business Performance2(2)

Financial Information on Business Performance4(3)

Outlook for the Next Fiscal Year

4

Consolidated quarterly financial statements

5(1)

Consolidated balance sheets

5(2)

Consolidated statement of income and comprehensive income

7(3)

Notes on Consolidated Quarterly Financial Statements

93.

Production, Contracts and Revenue

12

4.

Others13

Chiyoda Corporation (6366)
Consolidated Financial Results for the nine months Ended December 31, 2020

1. Qualitative Information Related to Consolidated Performance(1) Qualitative Information on Business Performance
The stagnant global economy due to COVID-19 remains fundamentally unchanged and the future is impossible
to predict. Under these exceptional circumstances, the Group continues to execute ongoing projects in theworldwide energy and global environment fields, prioritizing the health and safety of our employees andstakeholders.
Chiyoda applies comprehensive risk management during all project phases in line with its Medium-termManagement Plan: “Chiyoda’s Revitalization Plan – Initiatives for Revitalization and the Future.” The
Construction Division commenced operating under its Energy Business Operations in April 2020 and we are
increasing resources for construction and commissioning to further strengthen Engineering, Procurement andConstruction (EPC) operations.
Reduction of Capital and Capital Reserves and the Appropriation of Surplus, resolved at the June 2020 Ordinary
General Meeting of Shareholders, improved our financial position by offsetting the loss of 135,494 million yen
in retained surplus carried forward at the of end of March 2020.
We released our ‘Principles for Human Resources Development’ as integrated guidelines to assess our humanresources, cultivate organizational management capability and fully capture employee abilities. Chiyoda ratified
its ‘Declaration of Health and Productivity Management’ in April 2020 to promote employee health management.
Chiyoda also promotes work life balance to enhance productivity.
In the Medium Term Management Plan, Chiyoda is seizing the transition to a decarbonized society for thecompany’s opportunities for growth with prioritizing various efforts toward its realization as key business strategy.
In December 2020 the Japanese government launched a “Green Growth Strategy” and the momentum towardrealizing a decarbonized society is accelerating. Chiyoda is transforming its business portfolio and earnings
structure towards sustainable development in the environment area and through digital transformation by
expanding its business in Green Energy, Global Environmental business and digital transformation while
redefining engineering value.
On consolidated basis, for the third quarter of the fiscal year ending March 31, 2021, New Orders amounted to102,810 million yen (down 26.6% YoY), Revenues to 242,976 million yen (down 10.9% YoY) and Backlog to626,755 million yen (down 22.8% from last FY). As a response towards the COVID-19 pandemic ongoingprojects and its cost were reassessed and resulted in Gross profit of 15,468 million yen (down 57.6% YoY). On
the other hand, as a result of various efforts along with the Medium Term Management Plan, SG&A expenses
were reduced by 2,527 million yen YoY and resulted in Operating income of 6,064 million yen (down 75.3%
YoY) and Ordinary income amounted to 6,208 million yen (down 70.3% YoY). In addition, due to a refund of
corporate taxes for some overseas consolidated subsidiaries, profit attributable to owners of parent amounted
to 6,467 million yen (down 61.7% YoY).
The majority of ongoing projects impacted by COVID-19 (not all projects have been affected) are being executed
within cost parameters, with some realizing cost reductions and increased profits. The figures provided havebeen estimated following current and reasonable assessments of the influence of COVID-19. The full effects ofthe pandemic are impossible to analyze accurately however and its timing cannot be predicted, and this could
affect the information supplied.

•
Energy
LNG / Gas
【Overseas】
Chiyoda is in the EPC phase on projects in the USA, Indonesia, Mozambique and Nigeria. In the USA,
Cameron LNG had commenced commercial operation in all three trains. The EPC of Golden Pass LNG is
progressing as planned. Chiyoda is currently supporting its JV partner’s engineering reviews on LNG
projects in Nigeria and Mozambique. Chiyoda is also revamping its previously constructed LNG/gas
processing plants in Qatar and is bidding for the EPC of the North Field Expansion project, comprising 4
x 7.8 million ton/annum trains.

2Chiyoda Corporation (6366)
Consolidated Financial Results for the nine months Ended December 31, 2020

【Japan】
Renovations and modifications are underway on Chiyoda’s previously constructed LNG receiving
terminals. New installations of gas supply facilities for thermal power plants and seismic upgrades offacilities are progressing.
Refinery/Petrochemical/Metal【Overseas】
Chiyoda is executing a large-scale ethylene plant EPC project on the Gulf Coast in the USA and the EPCC
(EPC plus Commissioning) on a Residue Fluid Catalytic Cracking (RFCC) plant in Malaysia.
【Japan】
Chiyoda considers metals and mining as priority business fields and is actively involved in mining projects.
The Group is renovating existing refining facilities to reduce sulfur content in bunkering fuel in accordancewith new regulations and to increase their competitiveness, whilst conducting seismic upgrades of facilities
under the Basic Act for National Resilience. Chiyoda is also executing the EPC of the THC Catalyst (TohoHigh efficiency Catalyst) plant.
•

Environment

Pharmaceuticals/Biochemistry/General Chemistry
In Pharmaceuticals/Biochemistry, Chiyoda was awarded the EPC Contract from SHIONOGI & CO., Ltd.
and is executing the EPC of a vaccine constituent production facility. Chiyoda is executing the basic
engineering for a raw materials plant for biochemistry medicine. The EPC of a synthetic raw materials plant
for medicines was successfully completed. Chiyoda is cooperating with Shionogi Pharma Co., Ltd. todevelop technology for Continuous Manufacturing (CM) of Active Pharmaceutical Ingredients (API’s) andIntermediates.
In General Chemistry, Chiyoda completed the EPC of functionalized chemical facilities and a hydrogenatedpetroleum resin plant. Chiyoda participates in an industry-academic-government project to develop
technology to capture and recycle CO2, and para-xylene production from CO2, to establish a foundation
for carbon recycling. Chiyoda is executing basic engineering for customer waste plastic recycling withconcept plant designs.
Chiyoda is collaborating with MIRAI Co. Ltd, a major production and administration company promoting
the introduction of commercial facilities, on a vegetable growing facility and is executing a pilot vegetablefactory project for Qatar University.

Environment/New Energy/Infrastructure【Overseas】
Chiyoda has implemented its thoroughbred 121 (CT-121) process to fuel gas desulfurization facilities on
existing coal-fired plants in India.
【Japan】
In the environment field, Chiyoda completed facilities to demonstrate CO2 separation, recovery andstorage and fuel gas desulfurization on existing thermal power plants which have now commenced
commercial operation. Chiyoda is also executing the EPC for fuel gas desulfurization facilities on existing
thermal power plants.
In the new energy field, Chiyoda is executing the world’s largest Battery Energy Storage System Project,photovoltaic (mega solar) facilities and the largest capacity biomass firing plant in Japan. Chiyoda is also
considering participating in a floating offshore wind farm, an area where we anticipate further opportunities.
The demonstration of “Advanced Hydrogen Energy Global Supply and Transportation” was completed in
December 2020, verifying Chiyoda’s SPERA engineering technology can be scaled up for commercial use.
Chiyoda expects increasing demand for hydrogen towards a carbon-neutral economy by 2050, following

3

Chiyoda Corporation (6366)
Consolidated Financial Results for the nine months Ended December 31, 2020

its commercialization, or semi-commercialization in the mid-2020. Chiyoda and Mitsubishi Corporation,with five (5) companies in Singapore, support its sustainable hydrogen economy using Chiyoda’s highly
regarded safe technology. Chiyoda also aims to develop its hydrogen importation and consumption
business with our state-of-the-art technology.
Chiyoda is collaborating with Hazer Group Limited in Australia on commercial activities using the Hazer
Process to produce and supply hydrogen without the need to store carbon-dioxide. Discussions withprospective domestic clients are ongoing.
•

Digital Technology

Chiyoda emphasizes three strategies for digital transformation:1) Launching innovative digital products, 2) Promoting digital EPC and 3) Innovative work processes.

(2)

1)

Launching innovative digital products. Chiyoda EFEXIS brand is being promoted for industrial
facilities worldwide, delivering innovative products that maximize customer asset values byintegrating digital AI technology with Chiyoda’s engineering expertise. For example, Chiyoda’s‘in-house’ technology, LNG Plant AI Optimizer, was installed on the existing PT. DonggiSenoro LNG (Indonesia) plant, leading to improved production efficiency, increased LNG output
and reduced greenhouse gas emissions with lower operating costs.

2)

Chiyoda applies Advanced Work Packaging (AWP) on ongoing and new projects to optimize the
EPC process. By combining Chiyoda’s plant engineering expertise with Arent’s CAD and
optimization technology knowledge, Chiyoda has developed an innovative engineering tool that
reduces process engineering by approximately 80% and improves the speed of 3D engineering
by up to 5x. Chiyoda and Arent Inc established PlantStream Inc in August 2020 to promote thesystem to plant owners and other EPC contractors.

3)

Chiyoda is applying “Target 20” to strengthen its IT infrastructure and is advancing companywide digitalization to achieve 20% work efficiency improvement. Chiyoda’s IT business domain,
owned by its subsidiary Chiyoda System Technologies (CST), was transferred to a splitting
company and TIS Chiyoda Systems Inc. was established with TIS Inc. on 1 October 2020 toreinforce the IT infrastructure of the Group.
Financial Information on Business Performance[Consolidated Balance Sheet](Assets)
Total assets decreased 51,396 million yen from the end of the last fiscal year, with decrease of cash anddeposits 31,964 million yen, jointly controlled assets of joint venture 26,604 million yen and others, while
notes receivable, accounts receivable from completed construction contracts increased 4,573 million yen
and costs on construction contracts in progress increased 2,792 million yen.
(Liabilities)
Total liabilities decreased 59,139 million yen from the end of last fiscal year, a decrease of advances
received on construction contracts in progress of 45,699 million yen, notes payable, accounts payable forconstruction contracts 22,684 million yen and others, while long-term borrowings increased 9,904 million
yen.
(Net assets)
Total Net Assets is 32,685 million yen, with an increase of retained surplus in the 3nd quarter and others.
(3)

Consolidated Financial Forecasts of the Fiscal Year

There is no change from the consolidated financial forecasts for the fiscal year announced on August 6,
2020. The assumed exchange rate of 107 yen per US dollar remains unchanged.

4Chiyoda Corporation (6366)
Consolidated Financial Results for the nine months Ended December 31, 2020

2. Consolidated quarterly financial statements(1) Consolidated balance sheets(Millions of yen)
As of March 31, 2020

AssetsCurrent assets
Cash and deposits
Notes receivable, accounts
receivable from completed
construction contracts
Costs on construction contracts inprogress
Accounts receivable - other
Jointly controlled assets of joint
ventureOther
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Land
Other, net
Total property, plant andequipment
Intangible assets
Investments and other assets
Investment securities
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and otherassetsTotal non-current assets
Total assets

5

As of December 31, 2020

124,404

92,43961,18265,755

5,261

8,053

68,712

69,491

96,02869,423

6,041(1,243)360,387

7,654(1,247)
311,570

6,177
5,085
1,190

4,857
4,853
847

12,454

10,557

4,912

4,056

5,598
599
1,271
(172)

5,759
442
1,435
(167)

7,296

7,469

24,663385,051

22,084
333,654Chiyoda Corporation (6366)
Consolidated Financial Results for the nine months Ended December 31, 2020

(Millions of yen)
As of March 31, 2020

Liabilities
Current liabilities
Notes payable, accounts payable
for construction contracts
Current portion of long-termborrowings
Income taxes payable
Advances received on construction
contracts in progress
Provision for warranties forcompleted construction
Provision for loss on construction
contracts
Provision for bonuses
Provision for business restructuring
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Provisions
Retirement benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Share capital
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive
incomeValuation difference on availablefor-sale securities
Deferred gains or losses on hedges
Foreign currency translation
adjustment
Remeasurements of defined benefit
plans
Total accumulated othercomprehensive income
Non-controlling interests
Total net assets
Total liabilities and net assets

6

As of December 31, 2020

137,546

114,861

122

125

1,212

346

119,911

74,212860

766

34,871

36,7394,150
401
20,802319,878

2,032
17
21,989251,091

35,747
239
1,986
2,255
40,229360,10745,652
239
2,166
1,818
49,877300,968

78,396
72,128(127,778)(1,435)21,31015,014142
14,182(1,435)27,904

58

123

6

1

3,033

4,417

13

(84)

3,112

4,458

519
24,943385,051

322
32,685
333,654Chiyoda Corporation (6366)
Consolidated Financial Results for the nine months Ended December 31, 2020

(2) Consolidated statement of income andcomprehensive income(Millions of yen)
Nine months ended
December 31, 2019

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 profit
Non-operating income
Interest income
Dividend income
Share of profit of entities accounted
for using equity method
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on sales of shares ofsubsidiaries and associates
Total extraordinary income
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitLoss attributable to non-controllinginterests
Profit attributable to owners of parent

7

Nine months ended
December 31, 2020

272,667

242,976

236,199

227,50736,46815,468

11,931

9,403

24,536

6,064

2,097
200

714
387

205

14

142
2,645

221
1,337

531
5,036
735
6,304
20,877

629
469
94
1,193
6,208

363

413

363
21,241
4,662
(109)
4,553
16,688

413
6,622
4
152
157
6,464

(178)

(2)

16,8676,467

Chiyoda Corporation (6366)
Consolidated Financial Results for the nine months Ended December 31, 2020

(Millions of yen)
Nine months ended
December 31, 2019

ProfitOther comprehensive income
Valuation difference on available-forsale securities
Deferred gains or losses on hedges
Foreign currency translation
adjustment
Remeasurements of defined benefit
plans, net of tax
Share of other comprehensive incomeof entities accounted for using equity
methodTotal other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable toowners of parent
Comprehensive income attributable tonon-controlling interests

8

Nine months ended
December 31, 2020

16,688

6,464

27

64

56

(5)

4,208

1,479

(197)

(97)

(66)

(119)

4,028
20,716

1,321
7,785

20,901

7,812

(185)

(27)

Chiyoda Corporation (6366)
Consolidated Financial Results for the nine months Ended December 31, 2020(3)

Notes on Consolidated Quarterly Financial Statements(Notes on Assumption for a Going Concern)
None(Notes on Significant Changes in the Amount of Shareholders’ Equity, if Applicable)
Capital of 63,381 million yen and Capital Reserve of 72,112 million yen were reduced and transferred to othercapital surplus, as resolved at the Ordinary General Meeting of Shareholders on June 25, 2020 and became
effective on August 7, 2020. The other capital surplus of 135,494 million yen was transferred to retained
earnings to offset the loss in retained surplus carried forward.
As a result, capital is 15,014 million yen, capital surplus is 142 million yen and retained earnings are 14,182
million yen at the end of the consolidated 3rd quarter.
As a result of this transaction, the amount of Net Assets remains unchanged.
(Additional Information)
Adoption of tax effect accounting for the transition from the consolidated taxation system to the group tax sharing
system
As for items subject to transition to the group tax sharing system, established under the “Act on Partial Revisionof the Income Tax Act” (Act No. 8 of 2020), and items reviewed under the non-consolidated taxation system
in conjunction with the transition to the group tax sharing system, Chiyoda and domestic consolidated
companies have not adopted the provisions of Paragraph 44 of the “Implementation Guidance on Tax EffectAccounting” (ASBJ Guidance No. 28, issued on February 16, 2018) in accordance with the treatment underParagraph 3 of the “Practical Solution on the Treatment of Tax Effect Accounting for the Transition from theConsolidated Taxation System to the Group Tax Sharing System” (PITF No. 39, issued on March 31, 2020).
The amounts of deferred tax assets and deferred tax liabilities are calculated based on the provisions of the
Income Tax Act before the revision.

9

Chiyoda Corporation (6366)
Consolidated Financial Results for the nine months Ended December 31, 2020

(Business Separation)
At the Board of Directors meeting on January 28, 2020, it was decided that Chiyoda’s IT business domain,
owned by its subsidiary Chiyoda System Technologies (CST), to be transferred to a splitting company (Splitting
Company), established through an incorporation-type company split of CST, and part of the Splitting Company
shares to be transferred to TIS Inc. On February 28, 2020, Chiyoda entered into a stock purchase agreementwith TIS Inc.
1. Summary of Company Split(1) Name of the new Splitting Company and the Transferee①Name of the new Splitting Company
TIS Chiyoda Systems Inc.
②Name of the Transferee
TIS Inc.
(2) Business/Service of the new Splitting Company①Business
IT business②Service
TIS Chiyoda Systems Inc. provides clients with IT solutions covering project management, project control andoperational control of industrial plants to resolve business challenges.
(3) Main reasons of Company Split
With Chiyoda Group’s philosophy “Energy and Environment in Harmony”, CST has engaged in electrical,
instrumentation and IT businesses.
To promote value creation by digitalization of inside and outside the company, Chiyoda agreed with TIS Inc., aleading Japanese IT company, to cooperate in developing of business strategies and improving productivity,
efficiency and profitability.
(4) Date of Company Split and Transfer of Shares
October 1, 2020
(5) Other information①Company Split
The company split is an incorporation-type of CST.
②Transfer of Shares
Consideration receivable is limited to property of cash
2. Accounting settlement
Gain on sales of shares of subsidiaries and associates: 27 million yen
Balance sheet of transferred business
Assets: 923 million yen
Liabilities: 372 million yen
3. Name of split business segment
Engineering business4. Profit and loss of transferred business
Revenue: 585 million yen
Operating income: 166 million yen

10Chiyoda Corporation (6366)
Consolidated Financial Results for the nine months Ended December 31, 2020

3. Production, Contracts and Revenue(Millions of yen)
Apr. 1, 2019－Dec. 31, 2019

1. Engineering(1) LNG Plant(2) Gas Development/
Processing/Receiving(3) Refinery/Petrochemical/
Metal

New
contracts(ratio)Revenue(ratio)139,432

272,071(99.6%)

Apr. 1, 2020－Dec. 31, 2020

Backlog ofNew
contracts(ratio)Revenue(ratio)Backlog ofcontracts(ratio)873,903102,285

242,450

626,755(99.8%)(100.0%)(99.5%)(99.8%)(100.0%)contracts(ratio)56,589129,435

466,519

12,56786,437

322,094(40.4%)(47.5%)(53.4%)(12.2%)(35.6%)(51.4%)

5,073

2,883

15,581

2,201

8,389

7,908

(3.6%)(1.1%)(1.8%)(2.1%)(3.5%)(1.3%)

41,97786,713261,824

40,247

99,186

179,589(39.2%)(40.8%)(28.6%)(30.0%)(31.8%)(29.9%)(4) Pharmaceutical/Biochemistry/
Chemical

12,28917,611

18,35738,743

16,65041,976(8.8%)(6.5%)(2.1%)(37.7%)(6.9%)(6.7%)(5) Environment/New Energy/
Infrastructure

18,45328,464

106,633

5,537

28,92073,102(13.2%)(10.4%)(12.2%)(5.4%)(11.9%)(11.7%)

5,048

6,963

4,986

2,988

2,867

2,084

(2.9%)(1.2%)(0.3%)(6) Others(3.6%)

2. Other Business
Total
Domestic
Overseas(2.5%)(0.6%)

595

595

－

525

525

-

(0.4%)(0.2%)( －)(0.5%)(0.2%)(-)

140,027

272,667

873,903102,810

242,976

626,755(100.0%)(100.0%)(100.0%)(100.0%)(100.0%)(100.0%)70,587

95,214

192,266

81,714105,391

154,022(50.4%)(34.9%)(22.0%)(79.5%)(43.4%)(24.6%)

69,440177,452

681,636

21,095

137,584

472,733(49.6%)(65.1%)(78.0%)(20.5%)(56.6%)(75.4%)

Note1:The backlog of contracts includes a decrease due to changes in construction contracts acquired inprior fiscal years, and an increase due to foreign exchange translation adjustments.

Note2:The total amount of the above table does not include consumption tax.

11

Chiyoda Corporation (6366)
Consolidated Financial Results for the nine months Ended December 31, 2020

4. Others(Regarding Ichthys LNG Project)
Arbitration was filed by JKC Australia LNG Pty Ltd (JGC, KBR and Chiyoda joint venture) on a plant alreadyhanded over to the client as described below. Unfavorable outcomes will result in uncollectable construction
receivables and replacement costs which may affect Group business performance.
1) Disputes with client
Outstanding issues include scope of work changes and associated additional costs and contract priceadjustment.
2) Dispute with subcontractor
Arbitration to resolve a dispute with a subcontractor consortium awarded a lump sum contract consisting ofGeneral Electric Company, General Electric International Inc., UGL Engineering Pty Ltd and CH2M Hill
Australia Pty Limited.
During ongoing arbitration in the execution phase regarding additional expenses being sought by JKC, theconsortium independently breached the contract by withdrawing from site without prior agreement. JKC
subsequently re-subcontracted the remaining scope of work to fulfill its own contractual obligations and are
currently claiming costs of completing the Combined Cycle Power Plant (CCPP) from the consortium.

12