Financial Results forthe 3rd Quarter of Fiscal YearEnding March 31, 2021
February 2nd, 2021

Chiyoda Corporation© Chiyoda Corporation 2021, All Rights Reserved.

12345

New Order/ Backlog

Att.
1

Revenue Breakdown

Att.
2

New Order Breakdown

Att.
3

Backlog Breakdown

Highlights
Income Statements
Balance Sheet
Profit Analysis

Appendix
IGrowth Strategy

II

Major Ongoing Projects

1 Highlights
1.

Income is progressing in line with forecasts
Revenue was 87% and Profit was 92%

2.

New Orders
Large-scale overseas orders are anticipated to reach final
investment decision in the 4Q of this Fiscal Year3.

Growth Strategy
Promoting ‘Green Energy’, expanding the pharmaceutical and life
science business field and progressing digital transformation12 Income Statements
2
Billions of JPY

FY20193Q

FY20203Q

Difference

Revenue

272.7

243.0(29.7)

280.0

87%

Gross Profit

36.5

15.5(21.0)

26.0

60%

Gross Profit Margin

13.4%

6.4％

(7.0)pt

9.3%－SG&A Expenses(11.9)(9.4)

2.5(15.0)63%

Operating Income

24.5

6.1

(18.5)

11.0

55%

Ordinary Income

20.9

6.2(14.7)

9.0

69%

Profit*16.9

6.5(10.4)

7.0

92%Exchange Rate
JPY/ USD

110

104* Profit attributable to owners of parent

Full Year
Forecast

Progress107

2

4 Balance Sheet
3
Billions of JPY
2020
Mar .312020
Sep. 30

2020
Mar. 31

Difference

2020
Sep. 30

Difference

Current Assets

360.4 311.6 (48.8)

Current Liabilities

319.9 251.1 (68.8)

Cash and Deposits

124.4

92.4 (32.0)

Operating Liabilities*³

257.5 189.1 (68.4)

Operating Assets*¹

66.4

73.8

7.4

Provision for Loss on
Construction Contracts

34.9

36.7

1.9

Accounts
Receivable - Other

68.7

69.5

0.8

Non-current liabilities

40.2

49.99.6

Jointly Controlled
Assets of JV *²

96.0

69.4 (26.6)

Long-term Loans
Payable

35.7

45.7

9.9

Non-current Assets

24.7

22.1

Net Assets

24.9

32.7

7.7

Total Assets(2.6)

385.1 333.7 (51.4)*1 Operating assets： Notes receivable, accounts receivablefrom completed construction contracts + Costs on
uncompleted construction contracts*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 + Advances received on construction
contracts in progress

Liabilities and Net Assets

385.1 333.7 (51.4)

Shareholders’ Equity

24.4

32.4

7.9

Shareholders’ Equity
Ratio

6.3%

9.7%

3.4pt

3

3 Profit Analysis
4
Billions of JPY

Shareholders’ Equity

FY2020 3Q Profit

32.4
Shareholders’Equity Ratio
9.7%

Gross Profit
15.5

Extraordinaryincome,corporate tax,othersNon-operating 0.2
income0.1

15.5

ENERGY
17.0

After
Revitalization
Plan ：10.3

SG&A(9.4)
YoY (2.5）

24.4
Shareholders’Equity Ratio
6.3%

Profit6.5≈ ≈0ENVIRONMENT(1.5)

BeforeRevitalization
Pan ：5.2＊ Along the Revitalization Plan published on May, 9, 20192020/3/31 2020/12/31
Other comprehensive income
adjustment 1.5

4

2 New Orders / Backlog
5
Billions of JPY

FY20193Q

FY20203Q

Difference

New Order

140.0

102.8

(37.2)

Energy

103.6

55.0

(48.6)

36.4

47.8

11.4

Global Environment

2020
Mar. 312020
Sep. 30

Forecast

Progress

650.0

16%

Difference

Backlog

811.8

626.8

(185.0)

Energy

693.1

509.6

(183.5)Global Environment

118.8

117.2

1.6

Backlog of Major Projects
More than 100 bn JPY
EnergyGlobal Environment

Golden Pass LNG

More than 50 bn JPY

More than 10 bn JPY
Texas Ethylene, Tangghu LNG
Biomass, Energy Storage System

5Att.
1

Revenue Breakdown
Billions of JPY

Business FieldRegion

FY2020 3Q

FY2020 3Q
OVERSEAS

ENERGY

7%13%

LNG Plant, Gas, Related Work39%

Americas

Refinery, Petrochemical, Metal

43%

ENVIRONMENT

41%

ENERGYSEA & Oceania
ME & Africa

Environment, New Energy,
Infrastructure
Pharmaceuticals, Biochemistry,
Chemical

FY20193Q

40%

Others

3% 14%FY20203Q

DOMESTIC

FY20193Q

FY2020
3Q

219.0

194.0

OVERSEAS

177.5

137.6LNG Plant, Gas, Related Work

132.3

94.8

Americas

137.1

97.3

Refinery, Petrochemical, Metal

86.7

99.2

SEA & Oceania

32.4

33.5

53.6

49.0

ME & Africa

7.9

6.8

36.1

32.3

Others

0.1

0.0

17.6

16.7

95.2

105.4

272.7

243.0

272.7

243.0

ENVIRONMENT
Environment, New Energy,
Infrastructure
Pharmaceuticals, Biochemistry,
ChemicalTOTALDOMESTIC
TOTAL

6

Att.
1

New Order Breakdown
Billions of JPY

Business FieldRegion

FY2020 3Q

FY2020 3Q

ENERGY

14%

10%4%6%LNG Plant, Gas, Related Work

Refinery, Petrochemical, Metal38%

OVERSEAS
Americas
SEA & Oceania

ENVIRONMENT

39%
9%

FY20193Q

ENERGY

ME & Africa

Environment, New Energy,
Infrastructure
Pharmaceuticals, Biochemistry,
Chemical80%

OthersDOMESTIC

FY20203Q

FY20193Q

FY2020
3Q

103.6

55.0

OVERSEAS

69.4

21.1

LNG Plant, Gas, Related Work

61.6

14.8

Americas

19.7

10.4

Refinery, Petrochemical, Metal

42.0

40.2

SEA & Oceania

45.1

4.2

36.4

47.8

ME & Africa

4.6

6.5

12.3

9.1

Others

0.0

0.0

24.1

38.7

70.6

81.7

140.0

102.8

140.0

102.8

ENVIRONMENT
Environment, New Energy,
Infrastructure
Pharmaceuticals, Biochemistry,
ChemicalTOTALDOMESTIC
TOTAL

7Att.
III
3

Backlog Breakdown
Billions of JPY

12%Business FieldRegion

Dec. 31, 2020

Dec. 31, 2020
OVERSEAS

ENERGY6%

LNG Plant, Gas, Related Work

53%
29%

ENVIRONMENTENERGY

2%

Environment, New Energy,
Infrastructure
Pharmaceuticals, Biochemistry,
Chemical

2020
Mar. 31

Americas25%

Refinery, Petrochemical, Metal

25%

48%

SEA & Oceania
ME & Africa
OthersDOMESTIC2020
Dec. 312020
Mar. 312020
Dec. 31

693.1

509.6

OVERSEAS

632.3472.7

LNG Plant, Gas, Related Work

450.1

330.0

Americas

429.7

304.8

Refinery, Petrochemical, Metal

242.9

179.6

SEA & Oceania

188.3

154.7

118.8

117.2

ME & Africa

14.3

13.2

20.1

75.2

Others

0.0

0.0

98.7

42.0

179.6

154.0

811.8

626.8

811.8

626.8

ENVIRONMENT
Environment, New Energy,
Infrastructure
Pharmaceuticals, Biochemistry,
ChemicalTOTALDOMESTIC
TOTAL

8Appendix

I
Growth Strategy

II
Major Ongoing Projects

I

Growth Strategy Green Energy

Contributing to a net zero emissions society with engineering solutions
for implementation in the green energy value chain
Chiyoda’s Priority Strategies
HydrogenUtilization
TechnologyLow
Carbonization

Separation& Refining

Fossil Fuels

Renewable
EnergySolar/
WindPower

Hydrogen

Power
Generation
Hydrogen
Reduce Steel
MakingMobility
SPERA Hydrogen®
(Hydrogen Carrier)

CO2

CCUS*

* CCUS = Carbon dioxide Capture, Utilization and Storage

ChemicalMaterials
Heat

On Site Power
Generation
Rechargeable
Battery/
EnergyManagement

Electrical System• Base Load
Mix Combustion →Hydrogen Combustion• Supply & Demand
Adjustment
Distributed Power(Fuel Battery)Gas & Grid10IGrowth Strategy SPERA® Hydrogen

In Dec. 2020, Chiyoda completed the world’s first global hydrogen supply chain demonstration＊1➡ Developing technology for a safe stable hydrogen supply, advancing towards commercialization• Mass global hydrogen storage and transportation (over 100 tons in ten months)• Utilizing existing facilities and transportation meeting safety standards• Stable supply of imported hydrogen to a gas turbine power generation facility, for the first time in japan

Advantage of SPERA Hydrogen®

Global Supply Chain Demonstration
Transportation

Hydrogenation●Technically proven for commercialization●Safest hydrogen carrier●Meets existing industrial/safety standards and utilizes
existing petrochemical infrastructure

Hydrogenation plantin Brunei

Shipment of MCH ＊2

Container lines

Storage

Dehydrogenation

Generating Power

Receiving of MCH ＊2

Dehydrogenation plantin Kawasaki

Courtesy of TOA Oil Co.

A practical solution to accelerate
a hydrogen society*1*2

NEDO-funded project: Development of Technologies for Realizing a Hydrogen Society / Development of LargeScale Hydrogen-Energy Utilization Technology
Methylcyclohexane: produced from toluene and hydrogen and transportable in a liquid state at ambient
temperature and pressure

11I

Growth Strategy Carbon Capture
CO2 Separation and Recovery

CCS Demonstration Plant [Completed] Client: Toshiba Energy Systems &Solutions Corporation
 Completed in October 2020
 Chiyoda’s CT-121 process is used tofuel gas desulfurization facilities First in Japan to capture over 50% ofCO2 emitted by thermal power plant
Photo: Courtesy of Toshiba Energy Systems &Solutions Corporation

12

IGrowth Strategy Energy Management
The World’s Largest Battery
Energy Storage System[ongoing]•Client: North Hokkaido Wind Energy
Transmission Corporation withinvestment by Eurus Energy Holdings
Corporation.

•High capacity battery energy storagesystem (240MW) substation in NorthToyotomi•

A stable source of renewable energy;
sensitive to environmental changes

North Hokkaido Wind Energy Transmission Corporation.
Battery Energy Storage System Construction Site
(Photo as of July 2020)13

IGrowth Strategy Pharmaceutical / Life Science
Construction of vaccine
factory for geneticallymodified protein【ongoing】

Collaborating in continuous
Manufacturing technology
for APIs and Intermediates【ongoing】• Manufacturing plant for Shinogi& Co., Ltd. for COVID-19 vaccine
Drug Substance from geneticallymodified protein EPC* ongoing• Developed in collaboration withShionogi Pharma Co., Ltd.
• Expertise in the hydrogenation
reaction process in petroleum
refining for practical applicationin pharmaceutical products• Overall Control Management for
production using AI technology /Process Optimization
Photo: Courtesy of UNIGEN Inc.

*EPC Engineering, Procurement, Construction

14

I

Growth Strategy Digital Transformation
EFEXISTM

PlantStreamTM

Globally introduced industrial facilities

Plant Engineering Business Promotion

Innovative solution combining plant engineeringexpertise and advanced digital AI technology

Innovative engineering system combining plantengineering expertise with CAD and optimization
technology knowledge••

Visualization and automation of plant
operation / maintenance without large-scale
modification
Improved asset value with operation
optimization, availability, and maintenanceefficiency•

Reduces approximately 80% of basic
process engineering•

Improves the speed of 3D engineering by up
to 5 times

QR Code for YouTube Video• LNG Plant AI
OptimizerTM• Crude Oil
Changeover AI
System

• Foaming
Prediction AISystem• Furnace Web
Service• Optimizes
operation• Improves
profitability• Predicts
shutdown/
breakdown• Stable
operation• Remotemonitoring• Maintenance
SafetyEFEXISTM

PlantStreamTM

LNG Plant AI OptimizerTM15IIIMajor Ongoing Projects
Tangguh LNG
Expansion, Indonesia

Project

Texas Ethylene,U.S.

Golden Pass LNG,U.S.

ClientBP Berau Ltd.

Gulf Coast Growth Ventures(ExxonMobil & SABIC JV)Golden Pass Products (ExxonMobiland Qatar Petroleum JV)

Partner

Saipem, Tripatra

Kiewit Energy Group Inc.

Zachry, McDermott

ScheduledCompletion
Date

Under Review due to Pandemic

2021

2025

Progress

Approx. 89%

Approx. 86%

Approx.22%

StatusConstruction ongoing••••Tangguh LNG

Courtesy of BP BerauLtd.

Modules manufactured in China
Module shipments to USA
progressing
Site construction ongoing

Engineering, procurement andsite construction ongoing

Texas Ethylene

CourtesyofofGulf
GulfCoast
CoastGrowth
GrowthVentures
VenturesLLC
LLC
Courtesy

16

Sustained Growth and Reinforcing
Our Reputation for Reliability

Energy and Environment in Harmony
Chiyoda Corporation IR, PR & CSR Department https://www.chiyodacorp.com/en/
Forward-Looking Statements: 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.
Investor are recommended not to depend solely on these projections for making investment decisions.

© Chiyoda Corporation 2021, All Rights Reserved.