Translation

November 11, 2014

Consolidated Financial Results
for the Six Months Ended September 30, 2014
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: November 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 Six months ended September 30, 2014
(1) Consolidated operating results
Net sales(Percentages indicate year-on-year changes)
Operating income

Millions ofyen

Ordinary income
of% Millions
yen% Millions of yen

Net incomeof% Millions
yen

For the Six months
ended September 30,
207,1703.7
9,820 (11.5)
10,175 (18.2)
2014
For the Six months
ended September 30,
199,726 24.3
11,093
11.5
12,43517.4
2013
Note: Comprehensive Income: the six months ended September 30, 2014: 7,481million yen / 17.8 %the six months ended September 30, 2013: 6,350 million yen / (2.9) %Net income per share

For the Six months
ended September 30,
2014
For the Six months
ended September 30,
2013

5,896 (20.4)
7,407

Fully diluted net
income per share

Yen

Yen

22.76

-

28.60

-

(2) Consolidated financial position
Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen%

As of September 30,
2014

484,564

200,773

41.1

As of March 31, 2014

475,288

198,031

41.3

Reference: Equity As of September 30, 2014: 199,024million yen

1%

As of March 31, 2014: 196,411million yen

20.9

2. Cash dividends
Cash dividends per share
Record date

First quarter

Second quarter

Third quarter

Fiscal year-end

Yen

Yen

Yen

Yen

Yen---

16.00

16.00

--

16.00

16.00

Fiscal year ended
March 31, 2014
Fiscal year ending
March 31, 2015
Fiscal year ending
March 31, 2015
(Forecast)

AnnualNote: Revision to the latest forecast announcement : None

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2015 (fromApril 1, 2014 to March 31, 2015)(Percentages indicate year-on-year changes.)
Net sales

Fiscal year ending
March 31, 2015

Operating income Ordinary income

Net income pershare

Net income

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

Yen465,000

4.2

19,000(9.9)

21,000(8.0)

13,5000.4

52.12

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.: Yes
b. 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 September 30, 2014
260,324,529 shares
As of March 31, 2014
260,324,529 sharesb. Number of treasury stock at the end of the period
As of September 30, 2014
1,317,080 shares
As of March 31, 2014
1,310,312 sharesc. Average number of shares during the period
For the Six months ended September 30, 2014
259,010,528 shares
For the Six months ended September 30, 2013
259,038,599 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 oninformation 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
Despite an improvement in the US economy that filtered down into the global economy during thefirst six months of this fiscal year, uncertainty still exists due to a lull in activity in the emerging
countries of Asia, an economic slowdown in the EU and geopolitical concerns such as those in theMiddle East and Ukraine. The Japanese economy has also fluctuated due to sluggish growth inexports and weak recovery from the increase in consumption tax, in spite of support offered by animproved employment situation. However, preparations for investment in numerous gas-related
facilities are being encouraged by the continuing increase in energy demand, the Shale Revolution
and the tide of Gas Shift, though some of the investment plans are currently under review.
Even though the Chiyoda Group was confronted by these conditions, it continued to strengthen its
core business in the conventional fields of oil and gas, in line with the strategies in its Medium-Term
Management Plan, and maintained the highest backlog in its history thanks to newly awarded LNG
projects.
At the same time, we have been accelerating our expansion into new business spheres, including
pursuing development of offshore and upstream business, and making further inroads in new andrenewable energy businesses such as the Hydrogen Supply Chain, which utilizes Chiyoda’s own
technologies, Photovoltaic and Concentrating Solar Power generation.
Execution of ongoing projects continued smoothly, including an LNG plant in Australia, refinery
projects in Vietnam, Qatar and Venezuela, an international airport project in Mongolia and, in Japan,
LNG receiving terminals and photovoltaic power generation systems.
Consequently, consolidated new contracts for the period amounted to 587,570 million yen (511.3%
increase compared to the same period of the previous fiscal year). The backlog and revenue were1,452,190 million yen (35.4% increase from the end of the previous fiscal year), and 207,170 millionyen (3.7% increase year on year) respectively. Operating income amounted to 9,820 million yen(11.5% decrease), ordinary income to 10,175 million yen (18.2% decrease), and net income
resulted in 5,896 million yen (20.4% decrease).
Highlights during this period for each segment are summarized hereunder:
LNG Plants/Other Gas Related Works
The Group was awarded a Front End Engineering Design (FEED) contract for an LNG plant in USA
and was proceeding with FEED works for an LNG plant in Mozambique, a Floating LNG (FLNG)
facility in Indonesia and an LNG plant in Canada. The Engineering, Procurement and Construction(EPC) execution of LNG plants in Australia, USA and Russia all progressed as planned.
Our Qatari subsidiary has been executing the Engineering, Procurement and Construction
management (EPCm) works for the maintenance and modification of existing LNG and gas
processing plants, most of which were originally built by the Group. In Japan, several EPC works
on LNG receiving terminals and the expansion/modification works of existing plants were ongoing.
LNG plants and other gas-related works are the Group’s core business and, in this regard, we willcontinue to pursue any such projects whether onshore/offshore, overseas/domestic orconventional/ unconventional.
Petroleum/Petrochemicals/Gas Chemicals
The Group was awarded an EPC contract for a Residue Fluid Catalytic Cracking (RFCC) plant inMalaysia. EPC works were ongoing for a refinery and petrochemical complex in Vietnam, a refinery
project in Qatar and the Engineering, Procurement support and Construction management(EPsCm) work for heavy crude oil upgrading facilities in Venezuela. Additionally, our subsidiary in
Singapore was performing project management services under an Enterprise Framework
Agreement for downstream projects within Asia.
In Japan, we continued to perform the EPC work for a Trans-Alkylation Unit, the diagnosis ofexisting facilities, maintenance and upgrading works, studies and construction works aimed atenergy saving in the facilities, and studies to strengthen the infrastructure of a refinery against a
possible catastrophe.

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Mining/Mineral Refining/General Chemicals/Industries/Environment
The Group was moving forward with the EPC execution of a new international airport in Mongolia
and is preparing bids for further airport and/or railway projects.
In an effort to expand our recycled-water-related business into the Middle East for medium-small
sized water treatment projects, we are operating a demonstration plant for an industrial wastewater
treatment/water recycling system in Saudi Arabia and are establishing a framework within theGroup to execute these works.
Meanwhile, we are also responding to the overseas expansion of Japanese clients’ businesses in
non-hydrocarbon fields.
In Japan, we won a number of EPC works for large-scale photovoltaic power generation systems
and are expanding our sales activities by enhancing our group operation in this field. We are also
fully involved in the pharmaceutical industry and have executed several EPC works for active
pharmaceutical ingredient facilities and, in cooperation with industry, government and academia, fornanotechnology research development facilities.
New Business Fields
The Group, in cooperation with our strategic alliance partner Xodus Group, started providing
integrated services in the offshore/upstream field especially for domestic customers.
The Engineering, Procurement, Construction and Installation (EPCI) execution of a floatingproduction unit in Indonesia is progressing.
The Group has also been operating a demonstration plant in Italy for a Concentrating Solar Power(CSP) system.
Furthermore, we have developed our own technology, by which we will be able to transport anddeliver large volumes of hydrogen, and we are actively collaborating with various parties, bothoverseas and domestic, with the aim of establishing a hydrogen supply chain and achieving ahydrogen-based society.

Note: See Page 10 for more information on New Contracts, Net Sales and Backlog of Contracts bysegment.

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6.

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

As of March 31,2014 As of September 30,2014

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

537,86831,37873,00562,447

107,499
33,826
127,466
29,433(3)
409,096

79,49940,188
171,743
30,894(7)416,144

6,862
5,265
2,829
14,958

7,355
5,265
2,389
15,011

12,395
7,113
19,50911,5607,605
19,16528,3153,477(68)
31,724
66,192475,288

30,6003,688(45)
34,24368,419484,564

(Millions of yen)

As of March 31,2014 As of September 30,2014

Liabilities
Current liabilities
Notes payable, accounts payable forconstruction contracts
Short-term loans payable
Current portion of long-term loans payable
Income taxes payable
Advances received on uncompleted
construction contracts
Provision for warranties for completedconstruction
Provision for loss on construction contracts
Provision for bonuses
Other
Total current liabilities
Non-current liabilities
Long-term loans payable
Provision
Net defined benefit liability
Other
Total non-current liabilities
Total liabilities
Net assets
Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury shares
Total shareholders' equity
Accumulated other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges
Foreign currency translation adjustment
Remeasurements of defined benefit plans
Total accumulated other comprehensive
incomeMinority interests
Total net assets
Total liabilities and net assets

6

145,392

126,957

1,283
4
5,513

1,204
4
1,245

80,182

109,494

507

524

4,002
4,261
20,531
261,679

2,699
3,263
21,450266,844

10,018
365
2,080
3,113
15,578277,257

10,016
365
2,756
3,808
16,946
283,791

43,396
37,112
109,525(1,390)188,644

43,396
37,112
110,697(1,398)
189,808

4,920

6,950

648
2,486
(287)

242
2,127
(104)

7,767

9,216

1,619
198,031475,288

1,748
200,773484,564(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 incomeNon-operating income
Interest income
Dividend income
Share of profit of entities accounted for using equity
methodOther
Total non-operating income
Non-operating expenses
Interest expenses
Share of loss of entities accounted for using equity
methodForeign exchange losses
Other
Total non-operating expenses
Ordinary income
Extraordinary losses
Retirement benefit expenses
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

7Six months ended
September 30, 2013

Six months ended
September 30, 2014

199,726
180,205
19,5208,427
11,093

207,170
185,919
21,25011,430
9,820

727
796

613
627

17－

42
1,583

85
1,326

102

129－

127

39
98
241
12,435657
58
971
10,175161
161
12,273
2,323
2,300
4,624
7,649
242
7,407

－
－
10,175
2,131
2,027
4,158
6,016
120
5,896

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
Remeasurements of defined benefit plans, net of tax
Share of other comprehensive income of entities
accounted for using equity method
Total other comprehensive income
Comprehensive income
Comprehensive income attributable toComprehensive income attributable to owners of parent
Comprehensive income attributable to minority interests

8

Six months ended
September 30, 2013

Six months ended
September 30, 2014

7,649

6,016

(1,239)(1,252)
1,204－

2,030(405)
(343)
182

(11)

0(1,299)
6,350

1,464
7,481

6,016
334

7,345
136

(3) Consolidated quarterly statements of cash flows(Millions of yen)Six months ended
Six months ended
September 30, 2013 September 30, 2014

Cash flows from operating activities
Income before income taxes and minority interests
Depreciation
Amortization of goodwill
Interest and dividend income
Decrease (increase) in notes and accounts receivable trade
Decrease (increase) in costs on uncompleted
construction contracts
Increase (decrease) in notes and accounts payable trade
Increase (decrease) in advances received on
uncompleted construction contracts
Decrease (increase) in jointly controlled asset of joint
ventureOther, net
SubtotalInterest and dividend income received
Interest expenses paid
Income taxes paid
Net cash provided by (used in) operating activities
Cash flows from investing activities
Net decrease (increase) in time deposits
Proceeds from redemption of securities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Purchase of shares of subsidiaries resulting in change inscope of consolidation
Payments of loans receivable
Other, net
Net cash provided by (used in) investing activities
Cash flows from financing activities
Net increase (decrease) in short-term loans payable
Repayments of long-term loans payable
Cash dividends paid
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
Increase in cash and cash equivalents from newly
consolidated subsidiary
Cash and cash equivalents at end of period

912,2731,470
146(1,524)

10,175
1,679
663(1,241)

23,590

10,241(9,330)(6,247)(15,485)(18,205)595

29,289(8,819)(44,314)

55
2,973
1,300
(102)
(9,039)(4,868)(4,953)(22,913)
1,995
(119)
(5,788)(26,826)

184
2,400(1,209)(1,301)(2)－－(1,123)(1,531)(109)(8,725)－－154(8,499)(683)
165(3,281)－(100)(4,910)(27)(5,038)(71)(2)(4,136)(67)(4,277)

2,328

(102)

(16,077)
180,229(34,488)
145,303110－

164,262

110,815

7.

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

Reporting segments

Apr. 1, 2014 —Sept. 30, 2014
Backlog of
New contracts
contracts(ratio)(ratio)Net sales(ratio)Backlog ofcontracts(ratio)585,11499.6%

204,88698.9%

1,451,710
100.0%

443,300
54.9%

497,608
84.7%

106,82151.6%

1,138,941
78.4%

21,937

37,107

29,611

16,60332,975

11.0%

4.6%

5.0%

8.0%

2.3%

22,652

32,836

210,686

31,44848,043

195,085

23.6%

16.4%

26.1%

5.4%

23.2%

13.4%

201
0.2%

4,156
2.1%

67
0.0%

1,304
0.2%

1020.0%

1,315
0.1%

13,325
13.9%

48,832
24.4%

58,632
7.3%

15,3692.6%

21,232
10.2%

37,061
2.6%

33,091

4,830

49,127

7,529

9,857

42,797

34.4%

2.4%

6.1%

1.3%

4.8%

3.0%

7,664

781

7,583

2,242

2,227

3,534

New contracts(ratio)Net sales(ratio)93,912
97.7%

197,61498.9%

806,505
99.9%

LNG Plants

12,693
13.2%

84,24042.2%

Other Gas Related Works

4,284
4.4%

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

Engineering

Others

8.0%

0.4%

0.9%

0.4%

1.1%

0.2%

2,204
2.3%

2,111
1.1%

480
0.1%

2,455
0.4%

2,283
1.1%

480
0.0%

96,117

199,726

806,985

587,570

207,170

1,452,190

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

Domestic

52,03154.1%

61,41630.8%

118,234
14.7%

50,1108.5%

56,61527.3%

96,381
6.6%

Overseas

44,08645.9%

138,309
69.2%

688,75085.3%

537,45991.5%

150,555
72.7%

1,355,808
93.4%

Other Business
Total

Note1: The backlog of contracts for the six months ended September 30, 2014 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.
Note2: The total amount of the above table does not include consumption tax.

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