Translation

November 8, 2013

Consolidated Financial Results
for the Six Months Ended September 30, 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: November 14, 2013
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, 2013
(1) Consolidated operating results
Net sales(Percentages indicate year-on-year changes)
Operating income

Millions ofyen% Millions of yen

Ordinary incomeof% Millionsyen

Net incomeof% Millions
yen

For the Six months
ended September 30,
199,726 24.3
11,093 11.5
12,435
17.4
7,407
2013
For the Six months
ended September 30,
160,722 46.7
9,949 54.3
10,596 61.8
6,126
2012
Note: Comprehensive Income: the six months ended September 30, 2013: 6,350 million yen / (2.9) %the six months ended September 30, 2012: 6,542 million yen / 399.8%

Net income per share

For the Six months
ended September 30,
2013
For the Six months
ended September 30,
2012

Fully diluted net
income per share

Yen

Yen

28.60

-23.65-(2) Consolidated financial position
Total assets

Net assets

Equity ratio

Millions of yen

Millions of yen%

As of September 30,
2013

423,149

191,431

44.8

As of March 31, 2013

435,379

189,356

43.3

Reference: Equity As of September 30, 2013: 189,626 million yen

1

As of March 31, 2013: 188,386 million yen%
20.9
93.7

2. Cash dividends
Cash dividends per share
Record date

First quarter

Second quarter

Third quarter

Fiscal year-endYen

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 September 30, 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 September 30, 2013
1,290,990 shares
As of March 31, 2013
1,279,223 sharesc. Average number of shares during the period
For the Six months ended September 30, 2013
259,038,599 shares
For the Six months ended September 30, 2012
259,058,828 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
Qualitative Information on Business Performance
During the first six months of this fiscal year, we saw a continuing sense of uncertainty in the world
economy due to the instability among emerging countries. However, a number of investment plansin gas related facilities remain active encouraged by the long-lasting increase of energy demand, theShale Revolution and the tide of Gas Shift.
Japan, which is still riding the 'ABEnomics' wave under the new prime minister, now has raised
expectations that the economy will be further boosted by measures taken under the government’s
new growth strategy to pull Japan fully out of deflation.
While the Chiyoda Group continued to strengthen its core business in conventional fields, the Groupalso entered into new business fields through its strategic investment in offshore and upstream
fields, development of technologies for a Hydrogen Supply Chain as well as onward expansion into
fields such as new energy and renewable energy, including solar power generation. For thesemeasures, the Group performed in accordance with the strategy set in the Medium-Term
Management Plan which was established in May this year.
Project execution of ongoing projects continued smoothly including LNG plants in Papua New
Guinea and Australia and some overseas projects for Japanese clients as well as LNG receiving
terminals in Japan.
Consolidated new orders for the period amounted to 96,117 million yen (30.3% decrease year onyear). The backlog and revenues were 806,985 million yen (2.3% increase), and 199,726 million yen(24.3% increase) respectively. The operating income amounted to 11,093 million yen (11.5%increase), ordinary income to 12,435 million yen (17.4% increase), and net income resulted in 7,407
million yen (20.9% increase).
Highlights during this period for each segment are summarized hereunder:
LNG Plants / Other Gas Related Works
The Group is progressing with the execution of the Engineering, Procurement and Construction(EPC) of an LNG plant in Papua New Guinea and another LNG project in Australia, as well as theFront End Engineering Design (FEED) works for an onshore natural gas liquefaction facility inMozambique and a Floating Liquefied Natural Gas (FLNG) facility in Indonesia.
Our Qatari subsidiary is working on the maintenance and modification works for the existing LNG
and gas processing plants built mainly by the Group.
In Japan, several EPC works on LNG receiving terminals as well as the expansion / modification
works for existing plants are ongoing.
LNG Plants and Other Gas Related Works are our core business field and we are focusing on either
onshore / offshore, overseas / domestic or conventional / unconventional.
Petroleum, Petrochemicals and Gas Chemicals
Globally, the EPC works for a refinery and petrochemical complex in Vietnam and a refinery projectin Qatar, as well as EPC works for a heavy oil cracking unit in Saudi Arabia and a petrochemicalplant in Singapore are progressing favorably. The Group completed the Engineering, Procurement
support and Construction management (EPsCm) services for a petroleum refinery in Singapore
while the EPsCm services for heavy crude oil upgrading facilities in Venezuela continues toprogress. Additionally, our subsidiary in Singapore is executing related works under an Enterprise
Framework Agreement for downstream projects within Asia.
In Japan, we continued to perform the EPC work for Trans-Alkylation Unit, the diagnosis of existing
facilities, maintenance and upgrading studies, and construction works aimed at improving thecompetitiveness of and energy saving in the existing facilities.

Mining / Mineral Refining / Offshore / General Chemicals / Environment / Other Fields
As part of the Medium-Term Management Plan to expand our business fields, we are aiming toreceive new orders and steadily execute backlog contracts, both overseas and domestically, foroffshore and upstream projects, and non-hydrocarbon projects.
We have formed a strategic alliance with Xodus Group, UK, and have acquired the majority ofshares, which provides us with various services in the offshore and upstream area such as studies,3

planning, conceptual definition and FEED works. The Group is expanding its business fields andproviding integrated services to enhance the value for energy resource development including 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. While the Group completed
EPC work for a nickel refinery in the Philippines, the EPC work for a polycrystalline silicon plant in
Malaysia is being executed respectively.
For Concentrating Solar Power (CSP) system, we are operating a demonstration plant in Italy andaccelerating our efforts to prove this technology in order to develop business opportunities for theCSP system, including EPC projects.
The Group is progressing the EPC execution of a new international airport in Mongolia and is aiming
to win orders for further airport and/or railway projects. We are now entering the construction phase
for a demonstration project on water recycling system in Saudi Arabia and several projects, mainlyin the Middle East, are under preparation for bidding.
In Japan, we won a number of EPC works for large-scale photovoltaic power generation systems
and are executing and expanding our sales activities by enhancing our group operation in this field.
We are also active in the pharmaceutical field, having completed the construction of a bulk vaccine
plant. Also we have executed EPC works for several facilities such as in vitro diagnostics, fluid
infusion facilities and nanotechnology research development facilities based on industrygovernment-academia cooperation.
In line with our aim of achieving a hydrogen-based society, we have successfully verified our own“Large-Scale Hydrogen Storage and Transportation System” at our demonstration plant.
Our ambition is to establish a hydrogen supply chain where hydrogen can be transported
economically and safety in large volumes, by cooperating globally with the parties concerned.

Note: See Page 10 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)

As of March 31,2013 As of September 30,2013

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
Noncurrent assetsProperty, 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

559,956

51,32565,39447,630122,899
15,295
94,696
24,968(3)
383,206

112,999
25,191
104,038
23,087(3)364,268

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

6,943
5,265
2,773
14,982

675
6,095
6,770

9,434
6,502
15,93728,4272,508(80)30,85452,172435,379

25,113
2,928(80)
27,961
58,880423,149

(Millions of yen)

As of March 31,2013 As of September 30,2013

Liabilities
Current liabilities
Notes payable, accounts payable forconstruction contracts
Current portion of long-term loans payable
Income taxes payable
Advances received on uncompleted construction
contracts
Provision for warranties for completed
construction
Provision for loss on construction contracts
Provision for bonuses
Other
Total current liabilities
Noncurrent liabilities
Long-term loans payable
Provision
Other
Total 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-salesecurities
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

105,351

88
8,500

151
676

79,21081,811

480

392

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

3,237
3,295
22,067
216,983

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

10,0202,228
2,485
14,734
231,717

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

43,396
37,112
103,473(1,363)
182,619

6,584

5,344

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

1,637
24
7,006
1,805
191,431423,149

(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 incomeDividends 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
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

7Six months ended
September 30, 2012

Six months ended
September 30, 2013

160,722
142,570
18,151
8,202
9,949

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

563
605
67
65
1,301

727
796
17
42
1,583

101
462
90
654
10,596

102
39
98
241
12,435

－
229
129
359
10,236
1,484
2,537
4,021
6,215
88
6,126

161
－
－
161
12,273
2,323
2,300
4,624
7,649
242
7,407

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 hedgesForeign 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

Six months ended
September 30, 2012
6,215

Six months ended
September 30, 2013
7,649

1,033
(943)
280

(1,239)(1,252)
1,204

(43)

(11)

327

(1,299)

6,542

6,350

6,450
92

6,016
334

(3)Consolidated quarterly statements of cash flows(Millions of yen)Six months ended
Six months ended
September 30, 2012 September 30, 2013

Net cash provided by (used in) operating activities
Income before income taxes and minority interests
Depreciation and amortization
Interest and dividends 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 jointventure
Other, net
SubtotalInterest and dividends income received
Interest expenses paid
Income taxes (paid) refund
Net cash provided by (used in) operating activities
Net cash provided by (used in) investing activities
Net decrease (increase) in time deposits
Purchase of securities
Proceeds from redemption of securities
Purchase of property, plant and equipment
Purchase of intangible assets
Purchase of investment securities
Purchase of investments in subsidiaries resulting in change
in scope of consolidation
Other, net
Net cash provided by (used in) investing activities
Net cash provided by (used in) financing activities
Repayment of long-term loans payable
Cash dividends paid
Cash dividends paid to minority shareholders
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
Decrease in cash and cash equivalents resulting fromexclusion of subsidiaries from consolidation
Cash and cash equivalents at end of period

910,236
1,356(1,169)
3,312

12,273
1,470(1,524)
23,590(11,063)(9,330)2,842(15,485)

17,585595(11,803)(8,819)(2,113)
9,183
944
(103)
1,972
11,997

201
2,973
1,300
(102)
(9,039)(4,868)261(2,400)－(1,211)(1,480)
(909)

184
－
2,400
(1,209)(1,301)(2)－(8,725)117(5,622)

154(8,499)－(4,394)(7)(13)(4,415)
310
2,270
173,769(100)(4,910)(8)(18)(5,038)2,328(16,077)
180,229

－

110

(22)

－

176,017

164,262

7.

Production, Contracts and Sales
Millions of yen
Apr. 1, 2012 —Jun. 30, 2012

Reporting segments

Apr. 1, 2013 —Jun. 30, 2013
Backlog of
New contracts
contracts(ratio)(ratio)Net sales(ratio)Backlog ofcontracts(ratio)93,912
97.7%

197,61498.9%

806,505
99.9%

482,592
61.1%

12,693
13.2%

84,24042.2%

443,300
54.9%

27,842

88,828

4,284

21,937

37,107

17.3%

11.3%

4.4%

11.0%

4.6%

32,123

20,96357,41922,652

32,836

210,686

23.3%

13.0%

7.3%

23.6%

16.4%

26.1%

138
0.1%

3,661
2.3%

5,663
0.7%

201
0.2%

4,156
2.1%

67
0.0%

78,15056.7%

45,14428.1%

138,90717.6%

13,325
13.9%

48,832
24.4%

58,632
7.3%

3,882

3,068

14,44333,091

4,830

49,127

2.8%

1.9%

1.8%

34.4%

2.4%

6.1%

624

331

624

7,664

781

7,583

New contracts(ratio)Net sales(ratio)134,518
97.6%

156,271
97.2%

788,479
99.9%

LNG Plants

15,97011.6%

55,25934.4%

Other Gas Related Works

3,627
2.6%

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

Engineering

Others

0.5%

0.2%

0.1%

8.0%

0.4%

0.9%

3,363
2.4%

4,450
2.8%

676
0.1%

2,204
2.3%

2,111
1.1%

480
0.1%

137,882

160,722789,155

96,117

199,726

806,985

100.0%

100.0%

100.0%

100.0%

100.0%

100.0%

Domestic

58,391
42.3%

59,76837.2%

165,554
21.0%

52,03154.1%

61,41630.8%

118,234
14.7%

Overseas

79,49057.7%

100,95362.8%

623,601
79.0%

44,08645.9%

138,309
69.2%

688,750
85.3%

Other BusinessTotal

Note1: The backlog of contracts for the six months ended September 30, 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.
Note2: The total amount of the above table does not include consumption tax.
Note3: 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 reporting segments.

10