Financial Results in Brieffor FY 2002
(Ended March 2003)- Consolidated May 2003

1/7

1. Brief Statement of Operation＊3Unit: Hundred Million Yen
FY 2001

FY 2002(Ended Mar. '02)

(Ended Mar. '03)

Variance

New Orders

2,179

2,490 ＊2

311

Backlog of Orders

2,461

3,161700

Revenues

1,415

1,663248

Operating Profit- 511566

Ordinary Profit ＊1

- 33

2357

Net Profit after Tax

11918＊1 Including dividends from subsidiaries＊2 2,122 Hundred Million Yen (HMY) on non-consolidated basis (Chiyoda Corp. alone)＊3 Hundred Million Yen equals roughly million of US dollars

・ NEW ORDERS

2/7- Increased by 14% as compared with FY 2001
- Backlog of orders increased by 28%・ REVENUES- Slightly less than the forecast because of “Schedule Lag”

・OPERATING PROFIT- Operating profit is posted (First time in 8 years), improved by 66 HMY

・ NET PROFIT- Slightly more than the forecast, far better than FY 2001

3/7

2. Balance Sheet in Brief
Unit: Hundred Million Yen
FY 2001 FY 2002
Current Assets

Variance

FY 2001

FY 2002

Variance

1,023969- 54

Current Liabilities

1,009894- 115

Cash & Time Deposits

405361- 44

Short-term Loans

17582

- 93

Operating Assets

515465- 50

Operating Liabilities

741

716

25

Others

103

143

40

Others93

96

3

Fixed Assets

270

233

37

133

142

9Long-term Loans

107

104

-3

Others26

38

12

Shareholders’ Equity

151

166

15

Liabilities &Shareholders’ Equity

1,293

1,202

- 91

Assets Total

Operating Assets

1,293

1,202

＝ Notes Receivable + Accounts Receivable + Cost of Construction in Progress

Operating Liabilities ＝ Notes Payable
Bank Loans- 91

Fixed Liabilities+ Accounts Payable+ Advance Receipt of Contract＊ = 186＝ Short-term Loans 82 + Long-term Loans 104(＊ Incl. Subordinated Loan 100)

・ Loans (Short-term & Long-term)

4/7- Decreased to 186 HMY by 96 HMY
Debt Equity Ratio : 1.12
- Practically DER is 0.52 (Loan amount is practically 86 HMY,
considering the subordinated loan of 100 HMY)・ CASH AND TIME DEPOSITS- Recorded at 361 HMY after repaying the loans as planned

・ PRACTICALLY IN NO DEBT
- Cash & Time deposits of 175 HMY is in excess of the debts

・ FIXED ASSETS- 37 HMY decreased mainly due to recovery of long overdue receivables

・ SHAREHODERS’ EQUITY PER TOTAL ASSETS- Improved to 13.9% (11.7% in FY 2001)

5/7

3. New Orders
Hundred Million Yen

4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0

3,861

2,300 HMY on non-consolidated
basis

3,161
2,461
2,700

2,490

1,642

2,050

1,280 2,179

1,804811

899686650

FY 2000

FY 2001

FY 2002

FY 2003(Plan)

583 1,394

NGVC & International
DomesticBacklog of Orders【Major Awards in FY 2002 】
DivisionValue

Natural Gas Value Chain & International

200 HMYand above

LNG Government Train Project (Oman)

under200 HMY

Methanol Plant (Saudi Arabia)
SM/PO & MPG Project (China)
LNG Plant Expansion (Qatar)
Gas Processing Plant (Qatar)＊ Awarded by alliance or joint ventureDomestic

LPG Receiving Terminal Project
Modification of Specialty Chemical Plant

【Favorable Market Worldwide 】
6/7
International & Gas Related : More in natural gas utilization and in China
・ Fuel conversion in power
generation (from oil to gas)
・ Enhanced gas usage ingas producing countries
・ China’s giant economicgrowth

Growth of LNG consumption
Gas treatment and gas chemicals
Mega-petrochemicals

Domestic : Projects needing severe environmental requirements
Petroleum refinery
up-grading for lower
sulfur productsHigh value-added
chemical plants

LPG terminals【Chiyoda’s Strategy 】
・To select “Good Projects”, in terms of blue-chip clients, higher level ofrequirement for technologies / project execution, etc.
・To establish long-term business relationship with clients through“Superior Technology”
Non-Price Competitiveness7/7

4. Operational Forecast for FY 2003 (Ended March 2004)
Unit: Hundred Million YenActualFY 2002Forecast
FY 2003

Variance

New Orders2,4902,700

210

Backlog of Orders

3,161

3,861

700

Revenues

1,663

2,000337

Operating Profit

154530Ordinary Profit

234219Net Profit after Tax

193415

・Revenues to be 2,000 HMY (up by 20 %), due to steady increase of orders
・Operating/Ordinary/Net Profit to increase remarkably

【Financial Ratios / Indicators】
Gross Profit to Revenue (%)*

SGA to Revenue (%)
Operating Profit to Revenue (%)
Ordinary Profit to Revenue (%)
Net Profit after tax to Revenue (%)
Return on Assets <ROA> (%)
Return on Equity after tax <ROE> (%)
Earnings per Share after tax <EPS> (JPY)Book Value per Share <BPS> (JPY)
Shareholders' Equity to Assets (%)
Current Ratio (%)
Fixed Assets to Net Worth (%)
Debt Equity Ratio <DER>（times ）*FY 2001 FY 2002
3.3
6.3
6.9
5.4
-3.6
0.9
-2.4
1.4
0.1
1.2
-2.5
1.9
0.8
12.0
0.7
10.8
81.5
90.0
11.7
13.9
101.4
108.4
178.8
140.2
1.9
1.1

SGA - Selling, General and Administrative Expense

【Business Profile】

Chiyoda Corp. alone

Business Field-wise

Oil Refining
Petrochemicals
Chemicals
Gas & PowerInfrastructureGeneral Industries
Subsidiaries consolidated

TOTAL

International

Area-wise

Domestic
Asia
Middle EastOthers
TOTAL

REVENUE (%)
FY 2001

NEW ORDERS (%)

FY 2002

FY 2001

FY 2002

BACK LOG OF ORDERS (%)
FY 2001

FY 2002681721
9732100

21
10122911261008166482218100

47125911161001718
643
1212100

514863
1
2
7100

68
15
125100

50
1528
7100

41
553
1100

28
1846
8100

40
1242
6100

2615527100