Translation

February 12, 2014

Consolidated Financial Results
for the Nine Months Ended December 31, 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: February 14, 2014
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 Nine months ended December 31, 2013
(1) Consolidated operating results
Net sales(Percentages indicate year-on-year changes)
Operating income

Millions of yen% Millions of yen

Ordinary income% Millions of yen

Net income% Millions of yen%

For the Nine months
ended December 31,
307,748 13.8
19,042 1.2
19,010 (1.9)
11,346 (6.0)
2013
For the Nine months
ended December 31,
270,433 56.7
18,816 18.3
19,38522.3
12,069 39.6
2012
Note: Comprehensive Income: the nine months ended December 31, 2013: 12,084 million yen / (28.8%)
the nine months ended December 31, 2012: 16,978 million yen / 141.5%

Net income per share

For the Nine months
ended December 31,
2013
For Nine months
ended December 31,
2012

Fully diluted net
income per share

Yen

Yen

43.80

-46.59-(2) Consolidated financial position
Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen%

As of December 31,
2013

449,871

197,353

43.4

As of March 31, 2013

435,379

189,356

43.3

Reference: EquityAs of December 31, 2013: 195,275 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

Yen

Yen

Yen

Yen---

19.00

19.00

--

19.00

19.00

Fiscal year ended
March 31, 2013
Fiscal year ending
March 31, 2014
Fiscal year ending
March 31, 2014
(Forecast)

AnnualNote: Revision to the latest forecast announcement : None

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

Fiscal year ending
March 31, 2014

Operating income Ordinary income

Net income pershare

Net 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 : 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 December 31, 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 December 31, 2013
1,303,470 shares
As of March 31, 2013
1,279,223 sharesc. Average number of shares during the period
For the Nine months ended December 31, 2013
259,034,745 shares
For the Nine months ended December 31, 2012
259,055,499 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.

25.

Qualitative Information related to Consolidated Performance
Qualitative Information on Business Performance

During the first nine months of this fiscal year, we saw a continuing sense of uncertainty in the world
economy due to the future policy trends of USA and increasing geo-political concerns. However, anumber of investment plans in gas related facilities remain active, encouraged by the long-lasting
increase in energy demand, the Shale Revolution and the tide of Gas Shift.
The Japanese economy has gradually recovered, largely due to the measures taken under thegovernment’s new growth strategy to pull Japan out of deflation and correct the yen’s appreciation.
The Chiyoda Group entered into the U.S. market as part of its drive to become involved in theplanned construction of numerous LNG projects throughout the world, especially in NorthAmerica..While the Group continued to strengthen its core business in the fields of oil and gas, it isalso accelerating its expansion into new business fields such as offshore and upstream, Chiyoda’sown technologies for a Hydrogen Supply Chain as well as expanding further into the areas of newand renewable energy, including solar power generation.
Project execution of ongoing projects continued smoothly including LNG plants in Papua New
Guinea and Australia, some overseas projects for Japanese clients and LNG receiving terminals inJapan.
Consolidated new orders for the period amounted to 137,163 million yen (22.4% decrease year onyear). The backlog and revenues were 764,206 million yen (15.1% decrease compared to the end of
the previous fiscal year results) and 307,748 million yen (13.8% increase) respectively. The
operating income amounted to 19,042 million yen (1.2% increase), ordinary income to 19,010 million
yen (1.9% decrease), and net income resulted in 11,346 million yen (6.0% decrease).
The highlights of Chiyoda Group’s achievements during this period are summarized hereunder:
LNG Plants / Other Gas Related Works
The Group entered into the North American market by participating in the Engineering, Procurementand Construction (EPC) of an LNG plant in the United States and is executing the EPC work of anLNG plant in Papua New Guinea and another LNG project in Australia. The Group is also carryingout the Front End Engineering Design (FEED) works for an onshore natural gas liquefaction facilityin Mozambique and a Floating Liquefied Natural Gas (FLNG) facility in Indonesia. Our Qatarisubsidiary is working on the maintenance and modification works for existing LNG and gasprocessing plants built mainly by the Group. In Japan, several EPC works are ongoing on LNG
receiving terminals as well as the expansion / modification works for existing plants.
LNG Plants and other gas-related works constitute our core business and, in this regard, we will
pursue any such project whether onshore / offshore, overseas / domestic or conventional /unconventional.
Petroleum, Petrochemicals and Gas Chemicals
EPC works are ongoing globally for a refinery and petrochemical complex in Vietnam and a refinery
project in Qatar, as well as the Engineering, Procurement support and Construction management(EPsCm) services for a petroleum and petrochemical refinery in Singapore under an Enterprise
Framework Agreement for downstream projects within Asia. The Group completed the EPC work fora heavy oil cracking unit in Saudi Arabia, while the EPsCm services for heavy crude oil upgrading
facilities in Venezuela continue. Additionally, our subsidiary in Singapore is executing the EPC work
for a petrochemical plant. In Japan, we continued to perform the EPC work for a Trans-Alkylation
Unit, the diagnosis of existing facilities, maintenance and upgrading studies, and construction works
aimed at improving the competitiveness of and energy saving in existing facilities.

Mining / Mineral Refining / Offshore / General Chemicals / Environment / Other Fields
As a part of the Group’s Medium-Term Management Plan to expand our business fields, we areaiming to receive new orders and are steadily executing backlog contracts, both overseas anddomestically, for offshore and upstream projects, and non-hydrocarbon projects. We have formeda strategic alliance with Xodus Group, UK, and have acquired the majority of shares, which provides
us with various services in the offshore and upstream area such as studies, planning, conceptual
definition and FEED works. The Group is expanding its business fields and started providing3integrated services to enhance the value for energy resource development including that fordomestic customers.
We have been reinforcing our efforts and developing our sales activities to respond to the needs ofJapanese companies expanding their operations into Southeast Asia. As a part of this, the Group isexecuting the EPC work for a polycrystalline silicon plant in Malaysia.
We are operating a demonstration plant in Italy for a Concentrating Solar Power (CSP) system, andaccelerating our efforts to prove this technology in order to develop business opportunities for theCSP system, including EPC projects.
The Group is moving forward with the EPC execution of a new international airport in Mongolia andis aiming to win orders for further airport and/or railway projects. We are now entering theconstruction phase for a water recycling system in Saudi Arabia and are preparing bids for several
other projects, mainly in the Middle East.
In Japan, we won a number of EPC works for large-scale photovoltaic power generation systems
and are expanding our sales activities by our group operation in this field.
We are also active in the pharmaceutical field, having completed the construction of a bulk vaccine
plant and we are executing the EPC works for several pharmaceutical facilities such as in vitro
diagnostics, fluid infusion facilities and nanotechnology research development facilities incooperation with industry, government and academia.
Our aim of achieving a hydrogen-based society went one step further when we successfully verified
our own “Large-Scale Hydrogen Storage and Transportation System” at our demonstration plant.
Our ultimate ambition is to establish a hydrogen supply chain where hydrogen can be delivered
economically and safety in large volumes from any part of the world to any part of the world.

Note: See Page 9 for more information on segment New Contracts, Net Sales and Backlog ofContracts.

46. Consolidated quarterly financial statements(1) Consolidated quarterly balance sheets(Millions of yen)

AssetsCurrent assets
Cash and deposits
Notes receivable, accounts receivable fromcompleted construction contracts
Securities
Costs on uncompleted construction contracts
Jointly controlled assets of joint venture
Other
Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment
Buildings and structures, net
Land
Other, net
Total property, plant and equipment
Intangible assets
Goodwill
Other
Total intangible assets
Investments and other assets
Investment securities
Other
Allowance for doubtful accounts
Total investments and other assets
Total noncurrent assets
Total assets

5

As of March 31,2013

As of December 31,2013

59,95639,48265,39459,585

122,899
15,295
94,696
24,968(3)
383,206

111,499
30,081
118,429
23,984(4)
383,058

6,203
5,375
2,967
14,547

6,893
5,265
2,638
14,798

675
6,095
6,770

11,6906,868
18,55828,4272,508(80)
30,85452,172435,379

29,6743,861(80)
33,45566,812449,871

(Millions of yen)

As of March 31,2013 As of December 31,2013
Liabilities
Current liabilities
Notes payable, accounts payable for construction
contracts
Current portion of long-term loans payable
Income taxes payable
Advances received on uncompleted construction
contracts
Provision for warranties for completed constructionProvision for loss on construction contracts
Provision for bonuses
Other
Total current liabilities
Noncurrent liabilities
Long-term loans payable
Provision
OtherTotal noncurrent liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Total accumulated other comprehensive income
Minority interests
Total net assets
Total liabilities and net assets

6

117,769

109,21088
8,500
79,210149
793
95,523

480
1,291
4,379
18,711
230,431

434
2,792
2,609
24,713
236,226

10,132
2,675
2,783
15,591
246,023

10,0202,405
3,864
16,290252,517

43,396
37,112
100,988(1,349)180,147

43,396
37,112
107,413(1,379)186,542

6,584
2,890
(1,235)
8,239
969
189,356
435,379

5,678
2,588
466
8,732
2,077
197,353449,871(2) Consolidated quarterly statements of (comprehensive) income(Millions of yen)

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 income
Non-operating income
Interest income
Dividends income
Equity in earnings of affiliates
Other
Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses
Other
Total non-operating expenses
Ordinary income
Extraordinary income
Gain on sales of noncurrent assets
Total extraordinary income
Extraordinary loss
Retirement benefit expenses
Loss on retirement of noncurrent assets
Loss on valuation of investment securities
Total extraordinary losses
Income before income taxes and minority interests
Income taxes-current
Income taxes-deferred
Total income taxes
Income before minority interests
Minority interests in income
Net income

7

Nine months ended
December 31, 2012

Nine months ended
December 31, 2013

270,433
239,437
30,996
12,18018,816

307,748274,584
33,163
14,12019,042

869
992
70
94
2,027

1,043
1,178
17
61
2,300

154
1,131
171
1,457
19,385

166
2,033
132
2,332
19,010

1,767
1,767

－－－
243
129
373
20,779
5,446
3,083
8,530
12,248179
12,069161－－161
18,849
5,023
2,160
7,184
11,664317
11,346

Consolidated quarterly statements of comprehensive income(Millions of yen)

Income before minority interests
Other comprehensive income
Valuation difference on available-for-sale securities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Share of other comprehensive income of associates
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of the parent
Comprehensive income attributable to minority interests

8

Nine months ended
December 31, 201212,248Nine months ended
December 31, 2013
11,664

2,808
1,641
290

(906)
(301)
1,584

(10)

42

4,729
16,978419
12,084

16,791
186

11,682402

7.

Production, Contracts and Sales
Apr. 1, 2012 —Dec. 31, 2012

Reporting segments(Millions of yen)
Apr. 1, 2013 —Dec. 31, 2013
Backlog ofBacklog of
New contracts Net sales
contracts
contracts(ratio)(ratio)(ratio)(ratio)New contracts(ratio)Net sales(ratio)172,103
97.4%

264,83997.9%

759,93299.9%

133,83797.6%

304,309
98.9%

763,932
100.0%LNG Plants

21,04089,424494,843

31,770126,310436,076

11.9%

33.1%

65.1%

23.2%

41.0%

57.1%

Other Gas Related Works

4,376

45,00072,298

8,176

35,466

27,464

2.5%

16.6%

9.5%

6.0%

11.5%

3.6%

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

44,24925.0%

35,23213.0%

55,8487.3%

36,99027.0%53,412
17.4%

213,669
28.0%

205
0.1%

4,6081.7%

4,879
0.6%

310
0.2%

4,289
1.4%

43
0.0%

94,72583,281

117,649

17,42974,95236,090

53.6%

30.8%

15.5%

12.7%

24.4%

4.7%

6,283

6,518

13,29034,1408,382

46,593

3.6%

2.4%

1.7%

24.9%

2.7%

6.1%

1,221
0.7%

773
0.3%

1,123
0.2%

5,019
3.6%

1,495
0.5%

3,993
0.5%

4,550
2.6%

5,594
2.1%

546
0.1%

3,326
2.4%

3,438
1.1%

274
0.0%

176,653

270,433

760,479

137,163

307,748764,206

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

82,71446.8%

103,795
38.4%

145,92919.2%

66,674
48.6%

96,391
31.3%

97,523
12.8%

93,938

166,638

614,549

70,488211,356

666,683

53.2%

61.6%

80.8%

51.4%

68.7%

87.2%

Engineering

OthersOther Business
Total
Domestic
OverseasNote1:

Note2:
Note3:The backlog of contracts for the nine months ended December 31, 2013 includes a decrease due tochanges in construction contracts acquired in prior fiscal years, an increase due to adjustments in newcontract amounts, and an increase due to foreign exchange translation adjustments.
The total amount of the above table does not include consumption tax.
The classification of the segments within the engineering business was restructured, starting from thisfiscal Year. Therefore this quarter’s and previous quarter’s accumulated consolidated financial results
are disclosed under the new classification. There is no change in the handling of the reportingsegments.

9