Translation

August 12, 2013

Consolidated Financial Results
for the Three Months Ended June 30, 2013
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: August 14, 2013
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 three months ended June 30, 2013

(1) Consolidated operating results
Net sales(Percentages indicate year-on-year changes)
Operating income

Millions ofyen% Millions of yen

Ordinary income

Millions of% yen

Net income
Millions of% yen

For the three months
97,174 32.2
4,736
3.8
5,485
8.7
ended June 30, 2013
For the three months
73,506 32.7
4,562
2.6
5,044
5.7
ended June 30, 2012
Note: Comprehensive Income: the three months ended June 30, 2013: 2,736 million yen / 0.2%
the three months ended June 30, 2012: 2,731 million yen / 83.0%

Net income per share

For the three months
ended June 30, 2013
For the three months
ended June 30, 2012

2,617

(9.5)

2,891

78.6

Fully diluted net
income per share

Yen

Yen

10.10

-

11.16-(2) Consolidated financial position
Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen%

As of June 30, 2013

418,844

187,757

44.5

As of March 31, 2013

435,379

189,356

43.3

Reference: Equity

As of June 30, 2013: 186,286 million yen

1%As of March 31, 2013: 188,386 million yen

2.

Cash dividends
Cash dividends per share
Record date

First quarter

Second quarter

Third quarter

Fiscal year-end

Yen

YenYen-

19.00

19.00

-

19.00

19.00

Yen
Yen
Fiscal year ended
March 31, 2013
Fiscal year ending
March 31, 2014
Fiscal year ending
March 31, 2014
(Forecast)
Note: Revision to the latest forecast announcement 2013: None

3.

AnnualConsolidated earnings forecasts for the fiscal year ending March 31, 2014 (fromApril 1, 2013 to March 31, 2014)(Percentages indicate year-on-year changes.)
Net salesFiscal year ending
March 31, 2014

Operating income Ordinary income

Net income pershareNet income

Millions ofyen%Millions ofyen%Millions ofyen%Millions ofyen%

Yen

470,000

17.8

24,000(4.4)

26,0001.9

16,000

(0.5)

61.77

Note: Revision to the latest forecast announcement 2013: 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 FinancialStatements: 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 June 30, 2013
260,324,529 shares
As of March 31, 2013
260,324,529 sharesb. Number of treasury stock at the end of the period
As of June 30, 2013
1,284,013 shares
As of March 31, 2013
1,279,223 sharesc. Average number of shares during the period
For the three months ended June 30, 2013
259,041,960 shares
For the three months ended June 30, 2012
259,061,629 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 three months of this fiscal year, we saw a continuing sense of uncertainty in theworld economy but preparations for investment in numerous gas related facilities were being
encouraged by the enduring increase in demand for energy, the shale revolution and the tide of theshift to gas.
The correction of the yen’s appreciation has raised expectations for bailout deflation in Japan andmany renewable energy projects are planned under the Feed-in Tariff scheme.
The Chiyoda Group established its Medium-Term Management Plan for the period covering Fiscal
Years 2013-2016 with the slogan “Seize the moment, Open up new frontiers” and initiated the planto achieve new targets. While the Chiyoda Group continued to pursue its operation in thehydrocarbon field, mainly in LNG (Liquefied Natural Gas), the Group was awarded a contract for
construction of new international airport in Mongolia and also made inroads into new business fields
including renewable energy. Project execution of ongoing projects continued smoothly, including
LNG plants in Papua New Guinea and Australia, some overseas projects for Japanese clients andLNG receiving terminals in Japan.
The result of these efforts during the consolidated first quarter was 65,248 million yen inconsolidated new contracts (39.1% decrease compared to the same period of the previous fiscalyear), 878,179 million yen in consolidated contract backlog (3.5% increase year on year) and 97,174
million yen in consolidated revenues (32.2% increase year on year). Smooth execution of projects
resulted in incomes; operating income 4,736 million yen (3.8% increase year on year), ordinary
income 5,485 million yen (8.7% increase year on year) and net income 2,617 million yen (9.5%decrease year on year).
Highlights during this period for each segment are summarized hereunder:
LNG Plants / Other Gas Related Works
The Group is progressing the EPC (Engineering, Procurement and Construction) execution of anLNG plant in Papua New Guinea and another LNG project in Australia, as well as the FEED (FrontEnd Engineering and Design) works for an onshore natural gas liquefaction facility in Mozambiqueand a Floating Liquefied Natural Gas (FLNG) facility in Indonesia.
Our Qatari subsidiary is working on the maintenance and modification works for the existing LNG
and gas processing plants, the majority of which were built mainly by the Group.
In Japan, several EPC works on LNG receiving terminals and the expansion/modification works ofexisting plants are ongoing in parallel.
LNG Plants and Other Gas Related Works are our core business field and we are focusing ononshore / offshore and overseas / domestic gas projects, either conventional or unconventional.
Petroleum, Petrochemicals and Gas Chemicals
Globally, the Group is undertaking the EPC works for a refinery and petrochemical complex inVietnam and a refinery project in Qatar, and the EPC works for a heavy oil cracking unit in Saudi
Arabia and petrochemical plant in Singapore are progressing favorably. The EPsCm (Engineering,Procurement support and Construction management) services for heavy crude oil upgrading
facilities in Venezuela and for a petroleum refinery in Singapore are progressing as well. Additionally,
our subsidiary in Singapore is executing the related works under an Enterprise Framework
Agreement for downstream projects within Asia.
In Japan, we continued to perform the EPC work for a TransAlkylation Unit, the diagnosis of existing
facilities, maintenance and upgrading works, studies, and construction works aimed at improving thecompetitiveness of and energy saving in the facilities of heavy users of energy.
Mining/ Mineral Refining/Offshore/ General Chemicals/Environment/ Other Facilities
As part of the Medium-Term Management Plan to expand our business fields, we plan on becoming
heavily involved in offshore and upstream projects and are looking to receive orders and execute
works for overseas and domestic non-hydrocarbon projects.
We have formed a strategic alliance with and have acquired the majority of shares in Xodus Group,
UK, which provides various services in the offshore and upstream area such as studies, planning,3

conceptual definition and FEED works. The Chiyoda Group is expanding its business fields andproviding integrated services to enhance the value for energy resource developers including
domestic concerns.
We have been reinforcing our efforts and developing our sales activities to meet the needs ofJapanese companies expanding their operations into Southeast Asia. EPC works were executed forpolycrystalline silicon plants in Malaysia and a nickel refinery in the Philippines.
We have invested in an Italian company that is the only manufacturer of the solar collector tubes
used in the Molten Salt Parabolic Trough – Concentrated Solar Power (CSP) system, and areaccelerating our efforts to prove the technology at our demonstration plant in Italy and to develop
the business opportunities for the CSP system including EPC projects.
We were awarded a contract for the construction of new international airport in Mongolia and areaiming to win orders for other airport and railway projects. We are now entering the construction
phase in the works for a demonstration project on water recycling system in Saudi Arabia andseveral projects, mainly in the Middle East, are under preparation for bidding.
In Japan, we won a number of EPC works for large-scale photovoltaic power generation systems
and are executing and expanding our sales activities by enhancing our group operation in this field.
We are also active in the pharmaceutical field, having completed the construction of a bulk vaccine
plant, and have executed EPC works for several facilities such as in vitro diagnostics and newly
awarded EPC works, based on industry-government-academia cooperation, for nanotechnology
research development facilities.
In line with our aim of achieving a hydrogen-based society, we have successfully proved our own“Large-Scale Hydrogen Storage and Transportation System” at a demonstration plant.
We are planning to build a hydrogen supply chain, both at home and abroad, by cooperating withexperts and relevant parties.
Note: See Page 9 for more information on segment New contracts, Net sales and Backlog ofcontracts.

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6.

Consolidated quarterly financial statements(1) Consolidated balance sheets(Millions of yen)
As of March 31,2013 As of June 30,2013

AssetsCurrent assets
Cash and deposits

59,95672,081

Notes receivable, accounts receivable fromcompleted construction contracts
Securities

65,39450,144

122,899

97,399Costs on uncompleted construction contracts

15,29522,063

Jointly controlled assets of joint venture94,696
24,96892,597
23,774(3)(3)

383,206

358,056

Buildings and structures, net

6,203

7,024

Land

5,375

5,344

Other, net

2,967

2,797

Total property, plant and equipment

14,547

15,167

Goodwill

675

9,293

Other

6,095

6,323

Total intangible assets

6,770

15,616

Investment securities

28,42727,394

Other

2,508

2,690

(80)

(80)

30,85430,00352,17260,787435,379

418,844

Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment

Intangible assets

Investments and other assets

Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

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(Millions of yen)
As of March 31,2013 As of June 30,2013

Liabilities
Current liabilities
Notes payable, accounts payable forconstruction contracts
Current portion of long-term loans payable

117,769

120,767

88

144

Income taxes payable

8,500

517

Advances received on uncompleted construction
contracts
Provision for warranties for completed
construction
Provision for loss on construction contracts

79,21068,047

480

407

1,291

1,374

Provision for bonuses

4,379

1,687Other

18,711

21,972

Total current liabilities

230,431214,917Long-term loans payable

10,132

10,020

Provision

2,675

3,093

Other

2,783

3,054

Total noncurrent liabilities

15,591

16,168246,023

231,086

Capital stock

43,39643,396

Capital surplus

37,112

37,112Retained earnings

100,988

98,683

Treasury stock(1,349)(1,354)

Total shareholders' equity

180,147

177,837

Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges

6,584

6,728

2,890

1,989

Foreign currency translation adjustment(1,235)(269)

Total accumulated other comprehensive income

8,239

8,448

Minority interests

969

1,470

Total net assets

189,356

187,757

435,379

418,844

Noncurrent liabilities

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income

Total liabilities and net assets

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(2) Consolidated statement of income and comprehensive income(Consolidated statement of income)(Millions of yen)Three months ended Three months ended
June 30, 2012
June 30, 2013

Net sales of completed construction contracts

73,506

97,174

Cost of sales of completed construction contracts

64,69088,243Gross profit on completed construction contracts

8,816

8,930

Selling, general and administrative expenses

4,253

4,194

Operating income

4,562

4,736

Interest income

212

359

Dividends income

602

767

Equity in earnings of affiliates

49

7

Other

34

17

Total non-operating income

899

1,150

Interest expenses

50

51

Foreign exchange losses

339

280

Other

26

70

Total non-operating expenses

417

402

5,044

5,485

－161

－
5,044

161
5,323

Income taxes-current

485

772

Income taxes-deferred

1,621

1,942

Total income taxes

2,107

2,715

Income before minority interests

2,937

2,608

Minority interests in income (loss)

45

(9)

2,891

2,617

Non-operating income

Non-operating expenses

Ordinary income
Extraordinary loss
Retirement benefit expenses
Total extraordinary losses
Income before income taxes and minority interests

Net income7

(Consolidated statement of comprehensive income)(Millions of yen)Three months ended Three months ended
June 30, 2012
June 30, 2013

Income before minority interests

2,937

2,608

93144

Deferred gains or losses on hedges

(956)

(900)

Foreign currency translation adjustment

712

890Share of other comprehensive income ofassociates accounted for using equity method
Total other comprehensive income

(55)

(5)

(206)

128

2,731

2,736

2,661

2,668

6967

Other comprehensive income
Valuation difference on available-for-sale securities

Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of
the parent
Comprehensive income attributable to minority
interests

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7.

Production, Contracts and Sales
Millions of yen
Apr. 1, 2013 —Jun. 30, 2013

Apr. 1, 2012 —Jun. 30, 2012

Net sales(ratio)Backlog ofcontracts(ratio)64,09698.2%

96,17399.0%

877,64299.9%

503,800
59.4%

5,266
8.1%

40,77142.0%

478,09054.4%

12,45116.9%

100,882
11.9%

1,130
1.7%

10,52210.8%

45,347
5.2%

14,264
13.3%

8,613
11.7%

53,252
6.3%

13,06020.0%

12,442
12.8%

223,106
25.4%

115
0.1%

2,268
3.1%

7,084
0.8%

50
0.1%

1,340
1.4%

2,731
0.3%

78,072
72.8%

17,56523.9%

168,348
19.8%

9,989
15.3%

28,43529.3%

75,101
8.5%

1,163
1.1%

1,161
1.6%

13,806
1.6%

28,021
42.9%

2,382
2.4%

46,342
5.3%

317
0.3%

182
0.3%

488
0.1%

6,578
10.1%

278
0.3%

6,922
0.8%

1,606
1.5%

2,354
3.2%

1,015
0.1%

1,151
1.8%

1,000
1.0%

537
0.1%

Total

107,224100.0%

73,506100.0%

848,678
100.0%

65,248100.5%

97,174100.0%

878,179
100.0%

Domestic

40,27737.6%

23,514
32.0%

184,782
21.8%

31,87348.8%

26,59327.4%

132,898
15.1%

Overseas

66,94662.4%

49,99268.0%

663,895
78.2%

33,37451.2%

70,581
72.6%

745,28184.9%

Backlog ofNew contracts
contracts(ratio)(ratio)New contracts(ratio)Net sales(ratio)105,618
98.5%

71,151
96.8%

847,663
99.9%

11,23510.5%

28,90939.3%

Other Gas Related Works

448
0.4%

Petroleum/Petrochemicals/
Gas Chemicals
Mining/ Mineral
Refining/Offshore
General chemicals/Industrial Facilities
Environment/New Energy/
Infrastructure

Engineering
LNG Plants

OthersOther BusinessNote: The backlog of contracts for the three months ended June 30, 2013 includes a decrease due to changes
in construction contracts acquired in prior fiscal years, an increase due to adjustments in new contract
amounts, and an increase due to foreign exchange translation adjustments.

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