Translation

February 7, 2012

Consolidated Financial Results
for the Nine Months Ended December 31, 2011
Company name: CHIYODA CORPORATION
Listing:First Section of the Tokyo Stock Exchange
Stock code:
6366
URL:
http://www.chiyoda-corp.com/
Representative: Takashi Kubota, President & CEO
Inquiries:
Nobuo Sekita, General Manager, Accounting Department
TEL: +81-45-506-9410 (from overseas)
Scheduled date to file Quarterly Report: February 13, 2012
(Millions of yen with fractional amounts discarded, unless otherwise noted)

1. Consolidated performance for the nine months ended December 31, 2011
(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,
172,578 (6.4)
15,912
23.4
15,850 48.8
8,644 59.3
2011
For the nine months
ended December 31,184,314 (16.7)
12,897
10,653 353.3
5,427 860.6
2010
Note: Comprehensive Income: the nine months ended December 31, 2011: 7,029 million yen / 50.7%
the nine months ended December 31, 2010: 4,663 million yen / - %For the nine months
ended December 31,
2011
For the nine months
ended December 31,
2010

Net income per share

Fully diluted net
income per share

YenYen33.36-20.94-(2) Consolidated financial position
Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen%

As of December 31,
2011

339,256

159,891

47.0

As of March 31, 2011

353,392

155,758

43.9

Reference: Equity

As of December 31, 2011: 159,314 million yen-1-

As of March 31, 2011: 155,242 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---

11.00

11.00

------

13.00

13.00

Fiscal year ended
March 31, 2011
Fiscal year ending
March 31, 2012
Fiscal year ending
March 31, 2012
(Forecast)

AnnualNote: Revision to the latest forecast announcement 2011: Yes
Please refer to the announcement on revision to forecast of dividends released today (February 7, 2012)

3. Consolidated earnings forecasts for the fiscal year ending March 31, 2012
(from April 1, 2011 to March 31, 2012)(Percentages indicate year-on-year changes.)
Net sales
Millions of yen

Fiscal year ending
March 31, 2012

260,000

Operating income

Ordinary income% Millions of yen% Millions of yen

5.2

19.7

21,00021,000% Millions of yen
33.5

Net income pershare

Net income

11,000%

Yen

37.8

42.46

Note: Revision to the latest forecast announcement 2012: No

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 ConsolidatedFinancial Statements: 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, 2011
260,324,529 shares
As of March 31, 2011
260,324,529 sharesb. Number of treasury stock at the end of the period
As of December 31, 2011
1,251,050 shares
As of March 31, 2011
1,222,540 sharesc. Average number of shares during the period
For the nine months ended December 31, 2011
259,092,910 shares
For the nine months ended December 31, 2010
259,185,548 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.

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5. Qualitative Information related to Consolidated Performance(1) Analysis Results
During the first three quarters of the current fiscal year, the operating environment
surrounding the Chiyoda Group was uncertain, as an increasing number of countries
began to experience economic slowdowns. Nonetheless, energy demand remainedsolid in emerging economies, and Japanese manufacturing companies continued todevelop overseas operations, encouraged by the strong yen.
In these circumstances, the Group continued to focus its marketing activities on
responding to the trends of Japanese customers developing their overseas operations,and to the shifting energy source to natural gas. The Group also sought to develop new
business fields, such as infrastructure projects overseas and new energy projects.
As a result of these activities, the Group posted consolidated new contracts of 151,876
million yen (a fall of 1.1% year on year), a consolidated contract backlog of 453,668
million yen (down 4.2%), and consolidated net sales of 172,578 million yen (declining6.4%) in the first three quarters of the current fiscal year. Primarily thanks to smooth
execution of the construction backlog and profitability improvements in several projects
by reviewing the estimated cost for completed works during warranty period, the Group
recorded operating income of 15,912 million yen (up 23.4% from the same period of theprevious fiscal year), ordinary income of 15,850 million yen (rising 48.8%), and net
income of 8,644 million yen (an increase of 59.3%).
A summary of operating results of our engineering business, the Group’s reportablesegment, is as follows:(LNG plants/gas and power utilities)
Overseas, the Group continued to execute engineering, procurement, and construction(EPC) work for the LNG plant in Papua New Guinea, and completed the EPC work of
the gas processing plant in Qatar. In Australia, the Group has been executing basic
design services for three LNG plants. The Group company in Qatar has been engagedin revamping and renovation projects, and providing engineering, procurement, andconstruction management (EPCm) services, at LNG and gas processing plants thatwere constructed by the Group as well as at helium extraction facilities.
In Japan, the Group has proceeded steadily with existing projects, including theconstruction of several LNG receiving terminals. We have been also undertaking
marketing activities to receive new orders for LNG receiving terminals and otherfacilities.
(Petroleum and petrochemicals/gas chemicals)
Outside Japan, the Group directed its efforts toward various investment plansincluding petroleum refineries in the Middle East and Southeast Asia, and continued toexecute EPC work for heavy oil cracking units in Saudi Arabia and EPCm services for
petroleum refineries in Singapore. The Group also received orders for the delivery offurnaces for a petroleum refinery in Iraq, and EPCm services for heavy oil processing
facilities for a petroleum refinery in Venezuela.
In Japan, the Group successfully completed construction work at benzene extraction
facilities. In addition, we made a concerted effort to quickly restore facilities that had
been damaged by the Great East Japan Earthquake.
The Group will continue to drive its marketing activities to win orders for petroleum
refineries and petrochemical projects both in Japan and overseas.
(Industrial machinery/environment/general chemicals and other fields)
In new business fields, the Group steadily executed works such as EPC work forplants for polycrystalline silicon used in solar cells in Malaysia, and expansion work for
nonferrous metal plants in Japan. We also completed the construction and delivery of
manufacturing plants for highly-functional batteries in Japan and demand for batteryrelated materials was continuing. Since more and more Japanese companies areentering into Southeast Asian markets to get benefit from strong yen and theeconomic growth in Asia, the Group has been reinforcing efforts to meet the needs of-3-

those Japanese companies. For solar thermal power generation, we entered into a
cooperation agreement with a leading Italian company that produces solar receiver
tubes, a key component for next-generation solar thermal power generation (solar
thermodynamic plants operate with molten salt parabolic trough technology).
Subsequently, we have started to construct a pilot plant in Italy.
In the pharmaceutical field, the Group steadily executed EPC work for themanufacturing facilities of highly bioactive pharmaceuticals, such as anti cancer drugs.
For infrastructure projects overseas, the Group started to investigate the potential ofenergy savings, in addition to a feasibility study of an integrated wastewater treatment
project for a large industrial complex in Saudi Arabia. In relation to the social
infrastructure business, the Group has participated in the Jakarta Metropolitan Special
Area and the Investment Promotion Master Plan Study in Indonesia. In addition, weplan to start looking into similar study projects in other ASEAN member countries.
(Note) See Page 9 for more information about segment New Contracts, Net Sales, andBacklog of Contracts.

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

As of March 31, 2011

As of December 31,2011

Cash and deposits

33,85527,627

Notes receivable, accounts receivable fromcompleted construction contracts

56,03337,324

Short-term investment securities

96,841

133,840

Costs on uncompleted construction contracts

12,64819,298

Jointly controlled assets of joint venture

88,66255,307

Other

28,15821,702(3)(4)

316,196

295,097

Buildings and structures, net

5,215

4,677

Land

11,93812,737

Other, net

1,867

1,853

Total property, plant and equipment

19,021

19,268

4,733

4,475

Investment securities

8,505

15,304

Other

5,022

5,202

Allowance for doubtful accounts

(87)

(91)

Total investments and other assets

13,441

20,41537,19644,159353,392

339,256

AssetsCurrent assets

Allowance for doubtful accounts
Total current assets
Noncurrent assets
Property, plant and equipment

Intangible assets
Investments and other assets

Total noncurrent assets
Total assets-5-(Millions of yen)

As of March 31, 2011

As of December 31,
2011

97,41774,5585,986

281

62,571

74,845

1,190

530

Provision for loss on construction contracts

1,057

975

Provision for bonuses

3,944

2,688

Other

9,720

9,516

181,887

163,396

Long-term loans payable

10,208

10,195

Provision

2,940

3,297

Other

2,598

2,475

Total noncurrent liabilities

15,746

15,969197,633

179,365

Capital stock

43,39643,396

Capital surplus

37,112

37,112Retained earnings

77,832

83,626

Treasury stock(1,295)(1,319)Total shareholders' equity

157,046

162,815

(229)

(614)

345

(422)

Foreign currency translation adjustment(1,919)(2,464)

Total accumulated
income(1,804)(3,501)

Minority interests

516

576

Total net assets

155,758

159,891

353,392

339,256

Liabilities
Current liabilities
Notes payable, accounts
construction contracts

payablefor

Income taxes payable
Advances
receivedonuncompleted
construction contracts
Provision for warranties for completed
construction

Total current liabilities
Noncurrent liabilities

Total liabilities
Net assets
Shareholders' equity

Accumulated other comprehensive income
Valuation
securities

differenceonavailable-for-sale

Deferred gains or losses on hedges
othercomprehensive

Total liabilities and net assets-6-

(2) Consolidated quarterly statements of (comprehensive) income(Millions of yen)

Nine months ended
December 31, 2010

Nine months ended
December 31, 2011

Net sales of completed construction contracts
Cost of sales of completed construction
contracts
Gross profit on completed construction
contracts
Selling, general and administrative expenses

184,314

172,578

161,472

146,251

22,841

26,327

9,943

10,415

Operating income

12,897

15,912

Interest income

466

615

Dividends income

374

419

Equity in earnings of affiliates

50

14Real estate rent

100

82

Other

196

85

1,188

1,217

192

156

3,082

992

Rent expenses on real estates

70

46

Other

87

82

3,432

1,279

10,65315,850Surrender value of insurance

109－

Total extraordinary income

109－

－

250

3,955

－

146－

Total extraordinary losses

4,101

250

Income before income taxes and minority
interests

6,661

15,600Income taxes-current

4,571

708

Income taxes-deferred(3,294)

6,127

Total income taxes

1,276

6,835

Income before minority interests

5,385

8,764

Minority interests in income (loss)

(42)

120

5,427

8,644

Non-operating income

Total non-operating income
Non-operating expenses
Interest expenses
Foreign exchange losses

Total non-operating expenses
Ordinary income
Extraordinary income

Extraordinary loss
Loss on valuation of investment securities
Office integration expenses
Loss on adjustment for changes ofaccounting standard for asset retirement
obligations

Net income-7-

Consolidated quarterly statements of comprehensive income(Millions of yen)

Nine months ended
December 31, 2010

Nine months ended
December 31, 2011

Income before minority interests

5,385

8,764

Other comprehensive income
Valuation difference on available-for-salesecurities
Deferred gains or losses on hedges

(235)

(384)

(7)

(767)

(370)

(426)

(108)

(156)

(721)

(1,735)Comprehensive income

4,663

7,029

Comprehensive income attributable toComprehensive income attributable to ownersof the parent
Comprehensive income attributable to minority
interests

4,710

6,947(47)82

Foreign currency translation adjustment
Share of other comprehensive income ofassociates accounted for using equity method
Total other comprehensive income-8-7.

Production, Contracts and Sales(Millions of yen)
Apr. 1, 2011 —Dec. 31, 2011
New contracts
Amt

Net Sales%

Amt

Backlog of contracts%

Amt%

Business Segment
Engineering
LNG plants

12,5988.3

64,81637.6

162,218

35.8

Gas and power utilities

41,905

27.6

34,095

19.8

128,449

28.3

617

0.4--617

0.1

39,30225.9

28,156

16.3

48,612

10.7

46,78730.8

24,028

13.9

89,836

19.8

1,378

0.9

8,733

5.1

790

0.2

Gas chemicals
Petroleum
petrochemicals
General chemicals

andIndustrial machinery
Environment and other

4,096

2.7

8,024

4.6

21,027

4.6

146,68796.6

167,85397.3

451,552

99.5

Other

5,189

3.4

4,724

2.7

2,116

0.5

Domestic

85,26556.1

65,32737.9

168,310

37.1

Total Engineering

Overseas

66,611

43.9

107,25062.1

285,358

62.9

Total

151,876

100.0

172,578100.0

453,668

100.0(Millions of yen)
Apr. 1, 2010 —Dec. 31, 2010
New contracts
Amt

Net Sales%Amt

Backlog of contracts%

Amt%

Business Segment
Engineering
LNG plants

28,437

18.5

71,09938.6

227,173

48.0

Gas and power utilities

38,11024.8

32,97617.9

127,605

26.9

107

0.1

80

0.0

611

0.1

35,19722.9

39,874

21.6

48,251

10.2

35,55623.2

14,8608.1

36,373

7.7

Industrial machinery

8,369

5.5

15,714

8.5

14,504

3.1

Environment and other

3,386

2.2

5,516

3.0

18,303

3.9

149,165

97.2

180,12297.7

472,824

99.9

Other

4,338

2.8

4,192

2.3

588

0.1

Domestic

77,47550.587,136

47.3

159,101

33.6

Overseas

76,02849.5

97,17852.7

314,312

66.4

Total

153,503

100.0

184,314100.0

473,413100.0

Gas chemicals
Petroleum
petrochemicals
General chemicals

Total EngineeringandNote: The backlog of contracts as of December 31, 2011 includes a decrease due to changes inconstruction contracts acquired in prior fiscal years, an increase due to adjustments in new contract
amounts, and an increase due to foreign exchange translation adjustments.

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