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

AGENDA：
1. Key Points
2. Golden Pass LNG ProjectOverview
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Summary2

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 forChapter 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 March2023: 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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

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）

CIC*2

Commissioning

Construction

Engineering

Sabine Pass, Texas, USA● Scope of Work

Project management

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

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～rd3 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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

ProgressConstruction 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Financial Results

7

5. Income StatementBillions of JPY

Revised
Forecast on
FY2023February 5,2024

Revenue
Gross Profit

500.0
36.0

506.0
1, 2Difference

FY20226.0

430.2

1 Golden Pass LNG project The cost required to complete（0.2）（36.2）

32.7

construction was forecasted
and recalculated with theGross Profit Margin

7.2%（0.0%）（7.2pt）

7.6％

current contract amount basedon considerable sufficient

SG&A Expenses（15.0）（14.8）

0.2（14.6）

Operating Income

21.0（15.0）（36.0）

18.1

costs. （（37.0） billion JPY ）2 Breakdown Gross Profit

Ordinary Income*1Profit

Exchange Rate JPY/ USD

28.0

18.0
145

*1 Profit attributable to owners of parent（5.5）（15.8）

151（33.5）（33.8）

20.3

15.2
134

FY2022

FY2023

Energy20.9（22.3）

GlobalEnvironment

11.8

22.2

Total

32.7

（0.2）

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）
Others（15.8）FY2023Results[Golden Pass LNG]
Revision of
profitability

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 onConstruction Contracts

27.9

36.5

8.6

Jointly Controlled
Assets of JV *²

161.6

147.0 （14.6）

Non-Current
Liabilities

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

Total Liabilities andNet Assets

406.6

Shareholders’ Equity

22.2

4.9 （17.3）

Shareholders’ Equity
Ratio

5.5%

1.1% （4.3pt）

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

427.0

20.4

10

8.2 New Orders / Backlog
Billions of JPY

FY2023 New Orders

FY2023 Backlog

87.8745.3

GlobalEnvironment

149.7

248.5

Total

237.5

993.9

Energy【Major Backlog Projects】
More than
JPY 100.0 billion

EnergyGlobalEnvironment• NFE LNG, Qatar• Copper Smelting
Plant, Indonesia

More than
JPY 50.0 billion

More than
JPY 5.0 billion• Golden Pass LNG, USA------• CO2 Methanation Facility, Japan• Biopharmaceutical
Manufacturing Plant, Japan• Advanced Material Plant, Japan11

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

FY2023 Revenue

FY2023 Backlog【Business】【Business】
275.2

54%

LNG Plant, Gas Related Work

244.9

48%

Refinery, Petrochemical

30.3

6%

230.8

46%

31.1

6%

199.7

39%

506.0

100%

ENERGYENVIRONMENT
Pharmaceutical, Biochemistry,
ChemicalEnvironment, New Energy,
Infrastructure, Others
TOTAL【Region】

745.3

75%

LNG Plant, Gas Related Work

713.1

72%

Refinery, Petrochemical

32.2

3%

248.5

25%

98.0

10%

150.5

15%

993.9

100%

829.6

83%

ENERGYENVIRONMENT
Pharmaceutical, Biochemistry,
ChemicalEnvironment, New Energy,
Infrastructure, Others
TOTAL【Region】
420.683%

Middle East & Africa

195.639%

Middle East & Africa

591.2

59%

Americas17.03%

Americas

94.6

10%

Asia & Oceania

207.7

41%

Asia & Oceania

142.3

14%

Others0.30%

Others

1.50%

DOMESTIC

85.4

17%

DOMESTIC

164.2

17%

506.0

100%

993.9

100%

OVERSEASTOTALOVERSEAS

TOTAL

12

[Att-2] Results History
Billions of JPY

Revenue

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

Profit26.8
18.1
7.0

15.2

12.2
8.0

10.5

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

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 be
construed 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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