Financial Results forthe 1st Quarter of Fiscal Yearending March 31, 2022
August 2, 2021
Chiyoda Corporation© Chiyoda Corporation 2021, All Rights Reserved.

Ⅰ Financial Results
Ⅱ Growth Strategy Topics
Ⅲ Major Ongoing Projects

1

Ⅰ Financial Results2

1 Highlights
1.

Results
1. Revenue, gross profit, operating income and ordinary income
progressed as forecast.

2. Extraordinary losses related to disputes on the Ichthys LNG
project were incorporated, resulting in a revision to the fullyear forecast.

2.

New Orders
A new copper smelting plant project in Indonesia wasawarded on 15 July 2021 and will be reflected in the 2ndquarter results.

3

2 Extraordinary Losses➊ Related to the Ichthys LNG project. Awarded in 2012, completedand commenced commercial operation in October 2018.

➋ Continued discussions and arbitration regarding the adjustment tothe contract amount from an increase in the scope of work.
➌ Recognized extraordinary losses, re-evaluating the risks
considering the current status of discussions with the Client➍ No impact on ongoing projects.
➎ No cash outflow. Valuation of cost resulting from a re-evaluation ofrisks.
➏ Eradicating the negative legacy. Chiyoda will advance theRevitalization Plan, allocating resources to ongoing projects andnew businesses.
432 Income Statement
Billions of JPY

Difference

Full Year
Forecast
Rev. July 30

Progress

80.5

14.9

300.0

27%

8.3

6.2

(2.1)

26.0

24%

Gross Profit Margin

12.6%

7.7%

(4.9pt)8.7%(1.0pt)SG&A Expenses

(3.0)

(2.7)

0.3(15.0)

18%

Operating Income

5.3

3.5(1.8)

11.0

32%

Ordinary Income

4.8

3.5(1.3)

9.0

39%

Profit*4.5(17.2)(21.7)(14.0)-Exchange Rate
JPY/ USD

108111

FY20201Q

FY2021
1Q

Revenue

65.5

Gross Profit111* Profit attributable to owners of parent5

44 Balance Sheet
Billions of JPY

2021
2021
Mar. 31 Jun. 30

2021
2021
Mar. 31 Jun. 30

Difference

9.7

305.9 292.1 (13.8)

Current Liabilities

244.7 254.4

Cash and Deposits

107.0

78.1 (28.9)

Operating Liabilities*³

190.0 178.6 (11.4)

Operating Assets*¹

57.3

54.4

(2.9)

Provision for Loss on
Construction Contracts

34.4

36.1

1.6

Accounts
Receivable - Other

77.3

76.9

(0.4)

Non-current liabilities

48.2

48.2

0

Jointly Controlled
Assets of JV *²

56.8

73.4

16.6

Long-Term Loans
Payable

45.0

45.00

Non-current Assets

23.7

Current Assets

Total Assets*1

Difference

23.3(0.4)

329.6 315.4 (14.2)

Operating assets： Notes receivable, accounts receivablefrom completed construction contracts, costs on
uncompleted construction contracts + contracts assets*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 + contracts liabilities (advances
received on construction contracts in progress)

Net Assets
Liabilities andNet Assets
Shareholders’ Equity
Shareholders’ Equity
Ratio

Note

36.7

12.8 (24.0)

329.6 315.4 (14.2)
36.4

12.4 (24.0)

11.0% 3.9% (7.1pt)Note) Extraordinary losses (20.4) plus dividend to
the preferred stock (3.7)

6

53 Profit Analysis
Billions of JPY

Q1 Result
25% of full year forecast

Gross Profit
6.2

6.5

SG&A

Non-Operating
Income

2.8

N.A. (0.5)

Ordinary
Income(2.7)* (3.8)

GlobalEnvironment
1.8Energy
4.4

Operating
Income

3.5

3.5

2.3

*YOY(0.3)

7

62 New Orders / Backlog
Billions of JPY

New Orders*1

Backlog*2

Energy

15.8

978.1

Global Environment

5.6

94.9

Total

21.4

1,073.0Note) New copper smelter plant in Indonesia, awarded in July 2021,
will be included in new orders for the 2nd quarter.
Major Projects ofBacklog

More than 100 bn JPY

More than 10 bn JPY•

Qatar LNG

•Texas Ethylene•

Golden Pass LNG•

Tangguh LNG•Producing Facility of aVaccine Drug Substance•

Energy Storage Systems•Biomass Firing Power Plant

EnergyGlobalEnvironment*1 New Orders for the 1st Quarter of Fiscal Year ending March 31, 2022
*2 Backlog as of June 30, 2021

8

Att.1

Revenue Breakdown
Billions of JPY【FY2021 1Q】
RegionBusiness Field

29%
22%

42%60%
20%

ENERGY

66.2

OVERSEAS

57.3

LNG Plants, Gas, Related Work

48.6

ME & Africa

33.6

Refineries, Petrochemicals, Metals

17.6

Americas

15.9

14.3

SEA & Oceania

7.8

Environment, New Energy, Infrastructure

6.9

Others0.0

Pharmaceuticals, Biochemistry, Chemicals

7.4

DOMESTIC

23.1

TOTAL

80.5

ENVIRONMENT

TOTAL

80.5

9

Att.2New Order Breakdown
Billions of JPY【FY2021 1Q】
RegionBusiness Field
16%

24%15%73%50%

ENERGY

15.8

OVERSEAS

5.7

LNG Plants, Gas, Related Work

5.2

ME & Africa

2.2

Refineries, Petrochemicals, Metals

10.6

Americas

3.3

5.6

SEA & Oceania

0.2

Environment, New Energy, Infrastructure

2.2

Others0.0

Pharmaceuticals, Biochemistry, Chemicals

3.4

DOMESTIC

15.6

TOTAL

21.4

ENVIRONMENT

TOTAL

21.4

10

Att.3

Backlog Breakdown
Billions of JPY【June 30, 2021】
RegionBusiness Field

12%
14%
70%

86%

ENERGY

978.1

OVERSEAS

946.2

LNG Plants, Gas, Related Work

924.6

ME & Africa

750.2

Refineries, Petrochemicals, Metals

53.5

Americas

150.1

94.9

SEA & Oceania

45.9

Environment, New Energy, Infrastructure

55.6

Others0.0

Pharmaceuticals, Biochemistry, Chemicals

39.3

DOMESTIC

TOTAL

1,073.0

ENVIRONMENT

TOTAL

126.8

1,073.0

11

Ⅱ Growth Strategy Topics

12

1III Hydrogen Business
Horizontal Development of a Hydrogen Supply Chain Solution Business-Introducing Hydrogen to various industries and regionsHydrogen Utilization Study
Group in Chubu
Aiming to establish a large-scalehydrogen supply system using
300,000 tons/year of hydrogen by2030.

The Netherlands
Signed an MOU to conduct a jointstudy with the Port of Rotterdam
Authority, Koole Terminals andMitsubishi Corporation aiming for thePort to become a hub in Europe forhydrogen imports.

SingaporeChiyoda, Mitsubishi Corporation andfive (5) Singaporean companies aredeveloping their business towards asustainable hydrogen-based
economy using Chiyoda’s technology,
highly regarded for its safety.
Roadmap to Hydrogen-based Society
2030 Commercialization【Plan by 2030】
Hydrogen volume
involving Chiyoda
2025 Semi-commercialization Total 1.75M tons
(Approx. 6GW)
2020 International hydrogen supply chain
demonstration completed13

2III Decarbonization / Copper Smelting Plant
Awarded a copper smelting plant by PT Freeport Indonesia
Features • Copper is a requisite material for a carbon neutral society and is in
growing demand for electric vehicles and battery power storage• World’s largest single line manufacturing capacity• Complies with the environmental performance standards of theInternational Finance Corporation

Copper cathodes
Grasberg mine
The first copper smelting plant inIndonesia constructed by Chiyoda in 1998

Copper is anindispensable
material inachieving
decarbonizationConstruction site in East Java, Indonesia

Copper productIncreasing demandin electric vehicles

14

3III Energy Management Business••

Value Improvement ofEnergy Storage

Energy Utilization
Optimization BusinessAwarded study work using theworld’s largest battery power
storage system by North
Hokkaido Wind Energy
Transmission Corporation（Energy as a Service＊ Business）

Examining optimum battery
power storage capacity andsystem restoration following
blackouts.

Battery power
storage system(720MWh)
EPC by Chiyoda(October, 2020)•MOU with Qpinch in Belgium torelease its heat transformer
technology which recovers wasteheat as process heat.

•Promoting energy conservation
in industrial facilities to reduce
CO2 emissions.

Qpinch unit in port of Antwerp,Belgium.
Photo: ©2021 Borealis.

＊Energy as a Service: providing one-stop utility-related services; cutting costs, increasing

asset values and reducing CO₂ emissions

15

4III Life Science Business
COVID-19 Vaccine Factory
Executing Additional Line

Contract Development andManufacturing Business• Facility to produce arecombinant Protein Vaccine
Drug constituent for SHIONOGI.

• In May 2021, agreed withShionogi Pharma to study theestablishment of a joint venture
manufacturing company basedon Continuous Manufacturing(CM) technology.

• Completed a production line in
March 2021 and currentlyexecuting the EPC for an
additional line and affiliatedfacilities.

• Applying Chiyoda’s expertise of
CM processes in the fields ofenergy and chemistry.
• Saving manpower, space, R&D
time and maintaining quality
through AI.

Image of Vaccine Factory

16

5III Digital Transformation (DX)
Digital Platform Solutions for Industrial Facilities• MOU to collaborate with Cognite and Mitsubishi Corporation• Commenced demonstration in a domestic refinery• Plans to introduce in domestic and overseas industrial facilities

Mirai Fusion

EFEXISTM Solution

End-to-end DX support enabling
integration and contextualizationof various types of fragmented
industrial dataInnovative digital AI applications
for optimization and autonomy
of plant operation andmaintenanceSupport Client’s Digital Transformation (DX) of Plant Operation
Digitalize DX overall
structure

Streamline datautilization environment

Innovate work
processes of digitalsolutions
17

Ⅲ Major Ongoing Projects

18

1III Major Ongoing Projects
ProjectClientTexas Ethylene
Gulf Coast GrowthVentures

Tangguh LNG Expansion
BP Berau Ltd.

Golden Pass LNG
Golden Pass Products(ExxonMobil & SABIC JV)(ExxonMobil and Qatar
Petroleum JV)

Partner

Kiewit Energy Group Inc. Saipem, Tripatra

Zachry, McDermott

ScheduledCompletion Date

2021 / 4Q

2022

2025

Status••••All modules delivered
to site and installed
Construction ongoing

ProjectConstruction ongoing

Producing Facility of a
Vaccine Drug Substance

NFE LNGEngineering, procurement
and construction ongoing

Energy Storage Systems

ClientQatar Petroleum

SHIONOGI & CO., Ltd.

North Hokkaido Wind
Energy Transmission Corp.

Partner

Technip Energies

N.A.

N.A.

ScheduledCompletion Date2027

2022

2023 / 1Q

Status•••Commencedengineering,procurement andconstruction planning

Completed a production
line in March 2021,executing the EPC for an
additional line andaffiliated facilities.

Construction ongoing

19Sustained Growth and Reinforcing
Our Reputation for Reliability

Energy and Environment in Harmony
Chiyoda Corporation Corporate Services Department IR, PR & CSR Section, https://www.chiyodacorp.com/en/
Forward-Looking Statements: Any projections included in these materials are based solely on information available at the time thispresentation was prepared. It is possible that actual results may vary significantly from the projections 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 on these projections for making investment decisions.

© Chiyoda Corporation 2021, All Rights Reserved.