Chiyoda Corporation (6366)
Consolidated Financial Results for six months ended September 30, 2023

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 Resultsfor Six Months Ended September 30, 2023
November 2, 2023
Company name
Stock code
Representative
Inquiries: CHIYODA CORPORATION
Listing: Tokyo Stock Exchange: 6366URL: http://www.chiyodacorp.com/: Masakazu Sakakida, Chairman of the Board, President& CEO: Takatsugu Ukai, General Manager, Accounting Department
TEL : +81-45-225-7777

Scheduled date to file Quarterly Report
Dividend payable date
Quarterly Supplementary Explanation Material
Quarterly Financial Results Presentation: November 10, 2023
: －
: Yes
: Yes
(Millions of yen with fractional amounts discarded, unless otherwise noted)

1. Consolidated performance for six months ended September 30, 2023
(April 1, 2023 to September 30, 2023)(1) Consolidated operating results(Percentages indicate year-on-year changes)

Net sales
For six months ended
September 30, 2023
For six months ended
September 30, 2022
Note: Comprehensive Income

Operating income

Profit attributable toowners of parent

Ordinary income

Millions of yen%

Millions of yen%

Millions of yen%

Millions of yen%

271,695

47.4

10,79776.7

14,122

113.4

8,634

62.2

184,312

25.1

6,110

(3.0)

6,618

10.2

5,323

-

six months ended September 30, 2023:
six months ended September 30, 2022:
Fully diluted net
income per share

Net income per share
For six months ended
September 30, 2023
For six months ended
September 30, 2022

8,555 million yen / 215.3%
2,713 million yen / － %

Yen

Yen

29.28

8.62

16.50

5.43

(2) Consolidated financial position
Total assets

Net assets

Millions of yen

As of September 30, 2023
As of March 31, 2023
Reference: Equity

Equity ratio

Millions of yen%

398,72230,849406,588
22,310as of September 30, 2023 : 30,587 million yen
as of March 31, 2023
: 22,180 million yen

7.7
5.5

2. Cash dividends
Cash dividends per share
Record date

First quarter

Second quarter

Yen
Fiscal year ended
March 31, 2023－－

Fiscal year ending
March 31, 2024－－

Fiscal year ending
March 31, 2024 (Forecast)Third quarter

Yen

Fiscal year-end

Yen
－

－

－

Annual

Yen

Yen

0.00

0.00

－

Chiyoda Corporation (6366)
Consolidated Financial Results for six months ended September 30, 2023

Note: No forecast has been made about the year-end dividends for the fiscal year ending March 31, 2024 at this time.
Note: The table shows dividends status of common stock. For dividends status of class A shares (unlisted), please refer to‘Dividend Status of Class A Shares’ as referred to hereinafter.

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2024
(from April 1, 2023 to March 31, 2024)(Percentages indicate year-on-year changes)

Net sales
Millions of yen

Operating income%

Millions of yen%

Fiscal year ending
450,000
4.6
20,000 10.4
March 31, 2024
Note: Revision to the latest forecast announcement 2023: None

Profit attributable toowners of parent

Ordinary income

Net income
per share

Millions of yen%

Millions of yen%

Yen

20,000(1.6)

15,000

(1.2)

49.80

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.
b. Changes in accounting policies other than a. abovec. Changes in accounting estimates
d. Restatements(4) Number of issued shares (common stock)a. Total number of issued shares
As of September
at the end of the period
30, 2023(including treasury stock)##: None: None: None: None260,324,529
sharesYear ended March
31, 2023

260,324,529
sharesb. Number of treasury stock at theend of the period

As of September
30, 2023

1,251,897
sharesYear ended March
31, 2023

1,353,124
sharesc. Average number
during the period

For six months
ended September
30, 2023

259,021,197
sharesFor six months
ended September
30, 2022

258,967,425
sharesofsharesThis earnings release is not subject to audit procedures by certified public accountant nor audit
corporation.
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 otherresults may differ substantially due to a number of factors. Please refer to ‘(3) Consolidated Financial Forecasts of
the Fiscal Year in 1. Qualitative Information Related to Consolidated Performance’ for earnings forecasts conditions
and notes on the use of earnings forecasts.

Dividend Status of Class A SharesClass A Share
Record date
First quarter
Yen

Cash dividends per share
Second quarter
Third quarter
Fiscal year-end
Yen
Yen
Yen

Fiscal year ended
March 31, 2023－－

Fiscal year ending
March 31, 2024－－

Fiscal year ending
March 31, 2024 (Forecast)－－

Annual
Yen

0.00

－

0.00

－

Note: No forecast has been made about the year-end dividends for the fiscal year ending March 31, 2024 at this time.

Chiyoda Corporation (6366)
Consolidated Financial Results for six months ended September 30, 2023

Table of Contents for the appendices

1.

2.

3.

Qualitative Information Related to Consolidated Performance ................................................... 2(1)

Qualitative Information on Business Performance .............................................................. 2(2)

Financial Information on Business Performance ................................................................. 6(3)

Consolidated Financial Forecasts of the Fiscal Year........................................................... 6

Consolidated Quarterly Financial Statements ............................................................................ 7(1)

Consolidated Balance Sheets ............................................................................................. 7(2)

Consolidated Statement of Income and Comprehensive Income ........................................ 9(3)

Consolidated Statement of Cash Flows ............................................................................ 11(4)

Notes ................................................................................................................................ 12

Production, Contracts and Sales .............................................................................................. 13

1

Chiyoda Corporation (6366)
Consolidated Financial Results for six months ended September 30, 2023

1. Qualitative Information Related to Consolidated Performance(1) Qualitative Information on Business Performance
The risk of volatility in the global economy remains in the second quarter of the fiscal year due to theprolonged geopolitical crisis in the Ukraine, rising energy prices and monetary tightening to control inflation.
Under these conditions and considering the business environment in which we operate, balancing theaccelerating global transition towards carbon neutrality and decarbonization in response to climate change,
while ensuring a stable supply of energy has become a new challenge.
Based on the Chiyoda group’s five (5) year medium-term management plan ‘Revitalization for the Future’,
our risk management structure and engineering, procurement and construction (EPC) project management
has strengthened to expand our stable profit-making base.
We continue to transform our business portfolio by advancing our existing businesses, based mainly on
liquefied natural gas (LNG) due to its increasing importance as a resource for a stable supply of energy
during the global energy transition, and strengthening new businesses in growth fields such as renewableenergy, hydrogen, carbon cycling, energy management and life sciences.
This is the final year of the plan and by advancing our existing businesses while strengthening new ones,
we aim to achieve sustainable growth and further enhance enterprise value by rejuvenating our businessportfolio, transforming our income base and creating ‘new engineering value’.
On consolidated basis, for the 2nd quarter of the fiscal year ending March 31, 2024, New Orders amounted
to JPY 134,819 million (up 192.6% YoY), Revenues amounted to JPY 271,695 million (up 47.4% YoY) andthe Order Backlog amounted to JPY 1,17,299 million (down 2.7% from last FY). Operating Income is JPY
10,797 million (up 76.7% YoY) and Ordinary Income is JPY 14,122 million (up 113.4% YoY). A recording ofIncome Taxes resulted in a Profit Attributable to the Owners of the Parent of JPY 8,634 million (up 62.2%
YoY).
Further information regarding reportable engineering business segments is presented below.
⚫ Energy
LNG / Gas
【Overseas】
The Group is executing the EPC of LNG plants in Qatar, the USA and Indonesia. In Qatar, the EPC phasefor the North Field East (NFE) project, an expansion of four LNG trains with capacities of 8 (eight) million
metric tons per annum each is ongoing, and construction is progressing. In the USA, the Golden Pass LNG
project is also in the EPC phase and construction is progressing. The Tangghu LNG Expansion project inIndonesia was handed over to the customer in August 2023 and gas production has commenced.
In the gas field, the Group has been engaged in engineering design for renovation work of LNG/gas
processing plants in Qatar.
【Japan】
We are in the EPC phase of projects to reinforce, modify and repair existing LNG terminals, previously
constructed by the Group.
Refinery/Petrochemical
In Japan, we are working on upgrading oil refinery facilities and examining measures for energy saving andcarbon neutrality for oil companies. The Group deploys operation and maintenance (O&M) business for
operation optimization, efficient facility maintenance and O&M digital transformation (DX) promotion by
combining our expertise of advance analysis technologies such as 3D fluid analysis, dynamic simulation,
structure analysis and earthquake resistance technology, and the latest digital technology for oil refineries
and petrochemical compounds. In the petrochemical field, we completed the EPC phase of a new functional

2

Chiyoda Corporation (6366)
Consolidated Financial Results for six months ended September 30, 2023

materials project.
The Chiyoda Group, Microwave Chemical Co., Ltd. and Mitsui Chemicals, Inc. have commenced joint
development of innovative naphtha cracking technology using microwave heating, contributing todecreasing CO2 emissions from pyrolysis of naphtha. This project has been adopted by the New Energy
and Industrial Technology Development Organization (NEDO) under the Program for Promotion of
Research & Development and Social Implementation of Energy-saving Technologies towards Realizationof a Decarbonized Society: Priority Issues Promotion Scheme.
⚫ Environment
Pharmaceutical/Biochemistry/General Chemistry
EPC is ongoing on pharmaceutical substance manufacturing plants, including a biopharmaceuticalsubstance manufacturing plant for a pharmaceutical company.
The Group invested in Pharmira Co. Ltd, a joint venture led by Shionogi Pharma Co. Ltd, and is applying its
innovative Continuous Manufacturing Technology in manufacturing active pharmaceutical ingredients andintermediates. After being selected by NEDO following an open call for proposals, we are collaborating withindustry and academia on a ‘Technology Development for Large-scale Production of Highly Modified
Recombinant Proteins in Plants’ research and development project.
Environment/New Energy/Infrastructure/Advanced Materials【Environment】
We are installing flue gas desulfurization (FGD) equipment in coal-fired power plants in India in response totightening environmental regulations, and the Group’s thoroughbred 121 (CT-121) FGD process has been
installed in a number of plants.
【New Energy】
We are reinforcing the utilization of stored energy for efficient use of renewable energy while working on aterritorially distributed energy procurement system. Miscellaneous offshore wind power generation activities
are also ongoing.
【Infrastructure】
The Group is in the construction phase of the EPC of a copper smelting plant in Indonesia, the world’s
largest single manufacturing line plant.
【Advanced Materials】
In Japan, the Group is executing preliminary work of an EPC project for an advanced material plant. The
Group is also increasing safety, extending cruising distances and shortening recharge durations of nextgeneration batteries and is executing a recently awarded inorganic battery material demonstration plant
project. The Group also has been awarded an EPC contract to increase the capacity of the monomer
process for Producing Polyvinylidene Fluoride (PVDF) by Kureha Corporation.
Please refer to 3. ‘Production, Contracts and Sales’ for further details of New Contracts, Net Sales andContract Backlog, by segment.
<<Decarbonization Business >>The Group’s hydrogen business (hydrogen/ammonia), Carbon Capture and Storage (CCS)/ Carbon Captureand Utilization (CCU) business and energy management business are presented below.
Hydrogen/Ammonia
In the hydrogen field, the Group is participating in projects in Singapore and Europe to construct hydrogen
supply chains using our unique SPERA HydrogenTM technology.
In Singapore, conceptual design is ongoing with Sembcorp Industries, a leading integrated utilities firm andgovernment-affiliated conglomerate and Mitsubishi Corporation to realize a commercial scale clean

3

Chiyoda Corporation (6366)
Consolidated Financial Results for six months ended September 30, 2023

hydrogen supply chain in the city-state. The three parties have set a goal to start commercial hydrogen
supply in 2026.
In Europe, the Group is participating in a hydrogen marine transportation project (LHyTS project) to exporthydrogen from Scotland to Rotterdam and is currently conducting feasibility studies.
In Japan, Chiyoda is a managing board member of the Japan Hydrogen Association and is engaged increating social implementation projects while providing government policy support. In April 2023, the Group
concluded a Memorandum of Understanding (MOU) with Chubu Electric Power Company and Hazer Group
Limited, an Australian technology development company, to produce hydrogen using the HAZER®Process.
Detailed discussions regarding plans to develop carbon-free hydrogen and carbon-graphite production
facilities in the Chubu region have commenced.
In the ammonia field, the Group is leading a NEDO Green Innovation Fund initiative in a collaboration projectwith industry, government and academia to develop independent ammonia synthesis technologies to reduceammonia production costs. Also, the Group, jointly with JERA Co., Inc. and NIPPON SHOKUBAI CO., LTD.,
develops an ammonia cracking technology that is more competitive than existing technologies under
NEDO’s technologies development program. The Group is conducting studies on ammonia receiving andhydrogen fuel supply facilities in Japan.
CCS/CCU
Carbon dioxide separation and recovery technology development for large-scale natural gas fired power
plant turbines using domestic solid sorbent material is ongoing, under a NEDO Green Innovation Fund
Program. The Group signed an MOU with Pace CCS Limited, a global leader in the field of CO 2 capturing
technology and CCS system design, to collaborate in the field of CCS. We will deliver CCS projects frominitial feasibility studies and conceptual design through FEED and EPC.
In Southeast Asia, the Group has entered into a joint study agreement with PT Pertamina (Persero), a stateowned oil company in Indonesia, to develop carbon recycling technology. We signed an MOU with theElectricity Generation Authority of Thailand to jointly study the development of a clean hydrogen andammonia value chain in Thailand. The Group is therefore contributing to the transition to carbon neutrality
in both countries.
In the CCU field, the Group is realizing carbon recycling as part of a collaboration project with industry,
government and academia, researching and developing CO2 capture and utilization technology using CO 2
as a raw material to produce para-xylene. We are collaborating with an American company, Blue Planet
Systems Corporation, and Mitsubishi Corporation to develop technology using the CO 2 in exhaust gas in
the manufacture of aggregates as a raw material for concrete.
In the e-fuel field, the Group signed an MOU with a German company, INERATEC GmbH (INERATEC), tostrategically collaborate on e-fuel projects to accelerate decarbonization using their innovative Power-to-X
technology. We are also executing a 400Nm3-CO2/h methanation test plant project for INPEXCORPORATION and a 1 Barrel per Day (1B/D) synthetic fuel production test plant project for ENEOS
Corporation (ENEOS).
Energy Management
The Group is executing twenty (20) year maintenance work for the world’s largest Battery Energy Storage
System (BESS) for North Hokkaido Wind Energy Transmission Corporation, completed in March 2023 by
the Group. New BESS projects for ENEOS are also progressing.
The Group is reinforcing its domestic virtual power plant (VPP) business in collaboration with a start-up
company.
<<Digital Transformation (DX) Business>>
The Group is accelerating company-wide digital transformation (DX) and, by pursuing the following three
initiatives, cultivating digital expertise as a DX foundation in the development of a digital culture:4

Chiyoda Corporation (6366)
Consolidated Financial Results for six months ended September 30, 2023

(a)Project Execution DX
The Group is implementing Advanced Work Packaging (AWP) on ongoing large-scale projects to enhance
our EPC execution management capabilities. As part of PlantStream Inc, a joint venture with Arent Inc, weare developing and introducing an innovative space design system for plant owners and EPC contractors
around the world, enhancing the Group’s engineering capabilities.
(b)
Corporate Management DX
The Group is leveraging digital technologies to develop the remote working environment, improving resource
planning and management and deploying robotic process automation to improve administrative efficiency.
(c)
DX Business
The Group reorganized its plant operation and maintenance solution and digital transformation businessorganizational functions. We are deploying solution businesses to support the transformation of client
operation and maintenance activities. As new operation and maintenance (O&M) total solution services, wehave commenced providing plantOS™, an operation and maintenance service based on field-centeredphysical maintenance support for industrial plants which Chiyoda X-ONE Engineering Corporation and otherGroup companies offer, and Chiyoda’s latest digital technologies including advanced diagnosis and analysis,
IoT, AI and others. The Group has joined the ‘Digital Twin Consortium®’ (DTC) to promote 3D digital twin
business, one of our solution services. By joining the DTC, the Group aims to deploy and spread digital twins
throughout various industrial fields and actively cooperate in international initiatives and endeavors, such as
proof of concept and use.
<<Others>>
Chiyoda X-ONE Engineering Corporation was established on 1 April 2023 and commenced business
operations this fiscal year.

5Chiyoda Corporation (6366)
Consolidated Financial Results for six months ended September 30, 2023

(2) Financial Information on Business Performance[Consolidated Balance Sheet](Assets)
Total Assets decreased by JPY 7,865 million from the end of the last fiscal year, with a decrease of
Jointly Controlled Assets of Joint Venture of JPY 17,146 million, Notes Receivable, Accounts Receivablefrom Completed Construction Contracts and Contract Assets by JPY 3,314 million. Cash and Deposits
increased by JPY 26,660 million.
(Liabilities)
Total Liabilities decreased by JPY 16,404 million from the end of the last fiscal year, with a decrease ofContract Liabilities of JPY 21,217 million, Provision for Loss on Construction Contracts of JPY 2,337
million. Notes Payable, Accounts Payable for Construction Contracts increased by JPY 6,838 million.
(Net Assets)
Total Net Assets is JPY 30,849 million, with an increase in Retained Earnings by Recording a Profit
Attribute to Owners of Parent despite Accumulated other comprehensive income decreased.

[Consolidated statement of cash flows]
Cash and Cash Equivalents in the consolidated cumulative 2nd quarter is JPY 127,788 million, an
increase of JPY 21,106 million from the end of the last fiscal year, as detailed below:(Cash flows from operating activities)
Cash flows from operating activities increased by JPY 22,847 million with Profit Before Income Taxes
and Trade Receivables collected due to progressing of construction work.
(Cash flows from investing activities)
Cash flows from investing activities decreased by JPY 1,549 million with Purchase of Property, Plant
and Equipment and Intangible Assets.
(Cash flows from financing activities)
Cash flows from financing activities decreased by JPY 5,154 million with Repayments of Long-term
Borrowings.

(3) Consolidated Financial Forecasts of the Fiscal Year
There is no change from the consolidated financial forecasts for the fiscal year announced on May 9,2023. The exchange rate used in the forecasts is JPY140/USD.

6

Chiyoda Corporation (6366)
Consolidated Financial Results for six months ended September 30, 2023

2. Consolidated Quarterly Financial Statements(1) Consolidated Balance Sheets(Millions of yen)
As of March 31, 2023
AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivablefrom completed construction contracts,
and contract assets
Costs on construction contracts inprogress
Jointly controlled assets of joint venture
Short-term loans receivable
Other
Allowance for doubtful accounts
Total current assets
Non-current assets
Property, plant and equipment
Buildings and structures, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Investments and other assets
Investment securities
Retirement benefit asset
Deferred tax assets
Other
Allowance for doubtful accounts
Total investments and other assets
Total non-current assets
Total assets

7

As of September 30,
2023

61,24187,90135,03431,72023,57023,233

161,643
47,57855,530(1,639)382,958

144,497
42,00047,423(1,596)375,179

4,575
5,041
1,126
10,743
4,748

4,415
5,004
1,657
11,077
4,601

6,442
167
139
1,405
(18)
8,137
23,629406,588

6,233
226
57
1,363
(18)
7,864
23,543398,722

Chiyoda Corporation (6366)
Consolidated Financial Results for six months ended September 30, 2023

(Millions of yen)
As of March 31, 2023
Liabilities
Current liabilities
Notes payable, accounts payable forconstruction contracts
Current portion of long-term borrowings
Income taxes payable
Contract liabilities
Provision for warranties for completed
construction
Provision for loss on construction
contracts
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Long-term borrowings
Deferred tax liabilities
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 income
Valuation difference on available-forsale 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

8

As of September 30,
2023

129,370

136,209

5,490
2,046
163,347

20,437979
142,130

1,388

2,318

27,89425,556

5,120
21,597356,256

3,118
27,049357,800

23,600
323
236
804
3,056
28,021
384,278

3,600
2,562
－
860
3,049
10,073367,873

15,014142
13,797(847)
28,10715,014142
22,431(805)
36,783

69

29

1,707
(7,587)

6,657(12,741)

(115)

(142)

(5,926)(6,195)129
22,310406,588261
30,849398,722

Chiyoda Corporation (6366)
Consolidated Financial Results for six months ended September 30, 2023

(2) Consolidated Statement of Income and Comprehensive Income(Consolidated Statement of Income)(Millions of yen)Six months ended
September 30, 2022

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
Foreign exchange gains
Other
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted forusing equity method
Foreign exchange losses
Other
Total non-operating expenses
Ordinary profit
Extraordinary income
Gain on liquidation of subsidiaries andassociates
Gain on sale of investment securities
Total extraordinary income
Extraordinary losses
Loss on valuation of investment securities
Loss on liquidation of subsidiaries andassociates
Loss on liquidation of investment
securities
Total extraordinary losses
Profit before income taxes
Income taxes - current
Income taxes - deferred
Total income taxes
ProfitProfit attributable to non-controlling interests
Profit attributable to owners of parent

9

Six months ended
September 30, 2023

184,312271,695

172,257

253,978

12,055

17,717

5,944
6,110

6,919
10,797

533
11
637
94
1,276

4,411
756
－
112
5,280

435

350

249

139

－
84
769
6,618

1,409
56
1,956
14,122

－

45

77
77

－
45

18

69

－

6

－

2

18
6,677
1,206
145
1,352
5,324
1
5,323

77
14,089
5,111
167
5,278
8,811
176
8,634

Chiyoda Corporation (6366)
Consolidated Financial Results for six months ended September 30, 2023

(Consolidated Statement of Comprehensive
Income)(Millions of yen)Six months ended
September 30, 2022

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

10

Six months ended
September 30, 2023

5,324

8,811

(35)

(39)

6,962
(9,442)

4,950(5,153)

(201)

(26)

105

13

(2,611)
2,713

(255)
8,555

2,692

8,365

21

190

Chiyoda Corporation (6366)
Consolidated Financial Results for six months ended September 30, 2023

(3) Consolidated Statement of Cash Flows(Millions of yen)Six months ended
September 30, 2022

Six months ended
September 30, 2023

6,677
1,645
16

14,0891,549
16(2,186)894(5,610)(4,808)(544)(5,168)

249

139

18

69

(77)

－

－

2

－

(39)

5,884

4,921

(6,229)

1,021

8,785
26,667(905)(24,764)(35,825)

17,95232,50931,98047(399)(2,302)

20,58725,5591,625(346)(3,991)

29,326

22,847

(211)
(540)

(360)
(837)

0

1

(934)
(1,602)106(1,015)
－
－

－

37

(190)
468
－

(1)
618
7

(2,903)(1,549)Cash flows from operating activities
Profit before income taxes
Depreciation
Amortization of goodwill
Increase (decrease) in provision for warranties
for completed construction
Increase (decrease) in provision for loss on
construction contracts
Interest and dividend income
Share of loss (profit) of entities accounted forusing equity method
Loss (gain) on valuation of investment
securities
Loss (gain) on sale of investment securities
Loss (gain) on liquidation of investment
securities
Loss (gain) on liquidation of subsidiaries andassociates
Decrease (increase) in trade receivables
Decrease (increase) in costs on construction
contracts in progress
Increase (decrease) in trade payables
Increase (decrease) in contract liabilities
Decrease (increase) in jointly controlled assetof joint venture
Other, net
SubtotalInterest and dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating
activities
Cash flows from investing activities
Net decrease (increase) in time deposits
Purchase of property, plant and equipment
Proceeds from sale of property, plant andequipment
Purchase of intangible assets
Purchase of investment securities
Proceeds from sale of investment securities
Proceeds from the liquidation of subsidiaries
and associates
Loan advances
Proceeds from collection of loans receivable
Other, net
Net cash provided by (used in) investing
activities

11

Chiyoda Corporation (6366)
Consolidated Financial Results for six months ended September 30, 2023

Cash flows from financing activities
Repayments of long-term borrowings
Repayments of lease liabilities
Other, net
Net cash provided by (used in) financing
activities
Effect of exchange rate change on cash and cash
equivalents
Net increase (decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period(10,065)
(164)
(81)

(5,052)(102)(0)(10,311)(5,154)

4,497

4,963

20,608

21,106

69,09989,708106,682
127,788(4) Notes(Merger of Consolidated Subsidiary Companies)
At the Board of Directors meeting on December 27, 2022, it was decided that Chiyoda’s three consolidated
subsidiary companies, Chiyoda Kosho Co. Ltd, Chiyoda System Technologies Corporation and Chiyoda
TechnoAce Co. Ltd, would merge in an absorption-type merger. On April 1, 2023, three companies weremerged.
1.

Summary of Absorption-Type Merger(1) Name of the merged companies and their business
Surviving company
Business

Chiyoda Kosho Co. Ltd.
Energy, environment and maintenance

Merged company
Business

Chiyoda System Technologies Corporation
Electrical and instrumentation solutions

Merged company
Business

Chiyoda TechnoAce Co. Ltd.
Life science(2) Date of merger
April 1, 2023

(3) Name of the Surviving Company
CHIYODA X-ONE Engineering Corporation (Former Chiyoda Kosho Co. Ltd.)(4) Other information regarding the summary of merger
The merger took place to increase business efficiency by merging the three companies’ businessresources and commence business as a leading integrated engineering contractor, possessing thecomprehensive technologies required for the engineering, procurement and construction of industrial
plants and facilities and develop its maintenance engineering business, optimizing the technologicalcapabilities, experience and track record accumulated by the three companies.

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Chiyoda Corporation (6366)
Consolidated Financial Results for six months ended September 30, 2023

3.

Production, Contracts and Sales(Millions of yen)
Apr. 1, 2022－Sep. 30, 2022
Segments

1. Engineering(1) LNG Plant
Energy(2) Gas Related Work
(3) Refinery/
Petrochemical(4) Pharmaceutical/
Biochemistry/
ChemicalGlobal(5) Environment/New
Environment
Energy/Infrastructure(6) Others
2. Other Business
Total
Domestic
Overseas

Note:

New
Contracts,
ratio

Apr. 1, 2023－Sep. 30, 2023

Backlog ofContracts,
ratio

New
Contracts,
ratio

Net Sales,
ratio

45,75399.3%
15,075
32.7%
3,169
6.9%
12,273
26.6%
6,588
14.3%

183,991 1,359,771
99.8%
100.0%
111,172
947,155
60.3%
69.7%
1,306
4,870
0.7%
0.4%
16,94424,1909.2%
1.8%
14,21242,4497.7%
3.1%

134,555
99.8%
21,061
15.6%
1,214
0.9%
12,842
9.5%
59,931
44.5%

271,431 1,117,299
99.9%
100.0%
137,803770,876
50.7%
69.0%
1,703
4,642
0.6%
0.4%
13,55325,1265.0%
2.2%
16,324
83,592
6.0%
7.5%

6,678
14.5%
1,967
4.3%
320
0.7%
46,074100.0%
31,37368.1%
14,70031.9%

38,672337,948
21.0%
24.8%
1,683
3,157
0.9%
0.2%
320
－
0.2%
－
184,312 1,359,771
100.0%
100.0%
36,26991,76619.7%
6.7%
148,042 1,268,005
80.3%
93.3%

36,887
27.4%
2,616
1.9%
263
0.2%
134,819100.0%
101,406
75.2%
33,41224.8%

100,251
228,619
36.9%
20.5%
1,795
4,443
0.7%
0.4%
263
－
0.1%
－
271,695 1,117,299
100.0%
100.0%
36,143
155,318
13.3%
13.9%
235,552
961,981
86.7%
86.1%

Net Sales,
ratio

Backlog ofContracts,
ratio

The backlog of contracts for six months includes an increase / decrease due to changes inconstruction contracts acquired in prior fiscal years, and an increase / decrease due to foreignexchange translation adjustments.

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