Financial Results forthe 2nd Quarter of Fiscal YearEnding March 31, 2024
(FY2023 2Q)
November 2, 2023
Chiyoda Corporation（Stock code: 6366）© Chiyoda Corporation 2023, All Rights Reserved.

Presenter

Mr. Atsushi Deguchi
Director, Executive Vice
President & CFO

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AGENDA：
1. Highlights
2. Income Statement
3. Profit Analysis
4. Balance Sheet
5. New Orders / Backlog[Att-1] Revenue / Backlog Breakdown[Att-2] Results History

Our SDGs Materiality

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This presentation outlines Chiyoda Corporation's (Chiyoda)
financial results for the second quarter of the fiscal year endingMarch 31, 2024, released on November 2, 2023.

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1. Highlights

1 Increased business profitability
Increased income and profits compared to the same period last year.
Continuing positive performance in the first half of this fiscal year, similar toFY2022 when we achieved the highest annual profit for 10 years

2 Stabilizing the profit-making baseHanded over the Tangguh LNG project (in Indonesia) to the client in August2023. Aiming for high profit levels for two consecutive terms by consistently
executing existing projects and developing businesses in new fields3 Accelerating transformation of business portfolio
Developing new businesses and accelerated award of contracts in new
business fields, mainly towards realizing carbon neutrality.
Optimizing resource allocation
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1. Increased business profitability
Increased income and profits compared to the same period
last year. Continuing positive performance in the first half of
this fiscal year, similar to FY2022 when we achieved thehighest annual profit for 10 years.
2. Stabilizing the profit-making baseCompleted construction and handed over the Tangguh LNG
project (in Indonesia) to the client in August 2023. Aiming forhigh profit levels for two consecutive terms by consistently
executing existing projects and developing businesses in
new fields.
3. Accelerating transformation of business portfolio
Developing new businesses and accelerated award ofcontracts in new business fields, mainly towards realizing
carbon neutrality. Accelerating transformation of businessportfolio by optimizing resource allocation.

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2. Income Statement
Billions of JPY

FY20222Q

FY2023Difference
2Q

Full Year
Forecast

Progress

Revenue

184.3

271.7

87.4

450.060%

Gross Profit

12.1

17.7

5.7

35.051%Gross Profit Margin

6.6％

6.5%

(0.1pt)

7.8%-SG&A Expenses

(5.9)

(6.9)

(1.0)

(15.0)

46%

Operating Income

6.1

10.8

4.7

20.0

54%

Ordinary Income

6.6

14.1

7.5

20.0

71%

Profit*

5.3

8.6

3.3

15.0

58%

Exchange Rate
JPY/ USD

145

150

Note

140

Note Revised from JPY130 at the beginning of the fiscal year

* Profit attributable to owners of parent

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Increased Income and Profits compared to the same period lastyear. Revenue and Profits are increasing as planned to achieve
the full year forecast.
•Revenue was JPY 271.7 billion, an increase of JPY 87.4billion YoY, achieving 60% of the full year forecast.

•Gross Profit was JPY 17.7 billion, an increase of JPY 5.7billion YoY, achieving 51% of the full year forecast.

•SG&A Expenses was 6.9 billion, an increase of JPY 1 billion
YoY, controlled to be 46% of the full year forecast.

•Operating Income was JPY 10.8 billion, an increase of JPY
4.7 billion YoY, achieving 54% of the full year forecast.

•Ordinary Income was JPY 14.1 billion, an increase of JPY 7.5billion, achieving 71% of the full year forecast.

•Net Profit was JPY 8.6 billion, an increase of JPY 3.3 billion
YoY, achieving 58% of the full year forecast.

33. Profit Analysis
Billions of JPY

FY2022 2Q
FY2023 2Q
Gross Profit

SG&A Expenses

Operating Income

12.1 17.7 (+5.7)(5.9) (6.9) ((1.0))

6.1

6.5(6.9)

10.8 (+4.7)(5.9)

Energy8.7
11.2

GlobalEnvironment(10.86.1
3.4) ： Compared to FY2022 2Q results

4The graph shows the results for Gross Profit, SG&A Expenses
and Operating Income for the second quarter of this fiscal year,
compared to last year.
•

Gross Profit was JPY17.7 billion, an increase of JPY 5.7billion YoY. Energy and Global Environment Gross Profit were
JPY 6.5 billion and JPY 11.2 billion respectively, the latter
increasing significantly.

•SG&A Expenses was JPY 6.9 billion. The results arecontrolled to be 46% of the full year forecast of 15.0 billion.

•Operating Income was JPY 10.8 billion, an increase of JPY
4.7 billion YoY.

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4. Balance Sheet
Billions of JPY

FY2022 FY2023
4Q
2Q

FY2022 FY2023
4Q
2Q

Difference

Difference

383.0

375.2

(7.8)

Current Liabilities

356.3

357.8

1.5

Cash and Deposits

61.2

87.9

26.7

Operating Liabilities*3

292.7

278.3

(14.4)

Operating Assets*¹

58.6

55.0

(3.7)

Provision for Loss on
Construction Contracts

27.9

25.6

(2.3)

Jointly Controlled
Assets of JV *²

161.6

144.5

(17.1)

Non-Current
Liabilities

28.0

10.1

(17.9)

Non-Current
Assets

23.6

23.5

(0.1)

Net Assets

22.3

30.8

8.5

Total Assets

406.6

398.7

(7.9)

Total Liabilities andNet Assets

406.6

398.7

(7.9)

Shareholders’ Equity

22.2

30.6

8.4

Shareholders’ EquityRatio

5.5%

7.7%

+2.2ptCurrent Assets*1 Operating Assets ： Notes receivable, accounts receivablefrom completed construction contracts and contract assets +Costs on construction contracts in progress
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 + Contract liabilities

5•

Total Assets were JPY 398.7 billion compared to JPY 406.6
billion at the end of the last fiscal year.

•There was no significant fluctuation in Assets and Liabilitieswith the amounts increasing and decreasing due to theprogress of ongoing projects.

•Shareholders Equity increased to JPY 30.6 billion, an
increase of JPY 8.4 billion from the end of the last fiscal year.
Shareholders Equity Ratio is 7.7%.

55.2New Orders / Backlog
Billions of JPY

FY2023 2Q New Orders

FY2023 2Q Backlog

Energy

35.1

800.6

Global Environment

99.7

316.7

Total

134.8

1,117.3【Major Backlog Projects】
More than
JPY 100.0 billion
EnergyGlobal Environment••

NFE LNG, Qatar

Copper Smelting Plant,
Indonesia

More thanJPY 5.0 billion•

Golden Pass LNG, USA•

CO2 Methanation Facility,Japan
Pharmaceutical
Manufacturing Plant, Japan
Advanced Material Plant,Japan

••

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•

New Orders received was JPY 134.8 billion and the orderbacklog was JPY 1,117.3 billion.

•Please refer to the table below for major projects in the otherbacklog.

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[Att-1] Revenue and Backlog Breakdown
Billions of JPY

FY2023 2Q Revenue

FY2023 2Q Backlog【Business】【Business】
153.1

56%

800.6

72%

LNG Plant, Gas Related Work139.551%

LNG Plant, Gas Related Work

775.5

69%

Refinery, Petrochemical

13.65%

Refinery, Petrochemical

25.12%

118.6

44%

316.7

28%

83.6

7%

233.1

21%

1,117.3

100%

962.0

86%

660.6

59%

ENERGYENVIRONMENT
Pharmaceutical, Biochemistry,
ChemicalEnvironment, New Energy,
Infrastructure, Others
TOTAL

ENERGYENVIRONMENT
Pharmaceutical, Biochemistry,
ChemicalEnvironment, New Energy,
Infrastructure, Others

16.3

6%

102.3

38%

271.7

100%

235.6

87%

99.0

36%

Middle East & Africa

TOTAL【Region】【Region】
OVERSEAS
Middle East & Africa

OVERSEAS

Americas24.39%

Americas85.78%

Asia & Oceania

112.1

41%

Asia & Oceania

215.7

19%

0.10%

Others

0.00%

36.1

13%

DOMESTIC

271.7

100%

OthersDOMESTIC
TOTAL

TOTAL

155.3

14%

1,117.3

100%

7This is a breakdown of Revenue and Backlog for the second
quarter of this fiscal year for reference.

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[Att-2] Results History
Billions of JPY

Revenue

Gross Profit
430.2

385.9
315.4

450.0

42.8
32.7

311.1

35.0

271.7
20.1

22.8

17.7

2Q result[Progress 60%]

2Q result[Progress 51%]

FY2019 FY2020 FY2021 FY2022 FY2023

FY2019 FY2020 FY2021 FY2022 FY2023

Operating profit

Profit

26.8

15.2
18.1
10.5

8.6

8.0

2Q result[Progress 58%]

10.87.0

FY2019 FY2020 FY2021 FY2022 FY2023

15.0

12.2

20.0

2Q result[Progress 54%](12.6)*FY2019 FY2020 FY2021 FY2022 FY2023* The figure includes Extraordinary Losses of JPY 20.4 billion related to the project losses
by settlement of lawsuit with a client.

8This is a five-year financial data history for reference.

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Enriching Society through Engineering Value

Chiyoda Corporation Corporate Services Department IR, PR & Sustainability Advanced 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 2023, All Rights Reserved.

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