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## Profile 

For more than 50 years, Chiyoda Corporation has constantly evolved to meet the fast- changing needs of its diverse customers around the world. 

As an integrated engineering and construction company with a solid foundation in the hydrocarbon processing industry, Chiyoda has leveraged its extensive experience and far-reaching global network to give it an unrivalled advantage in today’s challenging times. 

The Company will continue its engineering, procurement and construction (EPC) business, while innovating an expanded business model that includes plant lifecycle engineering (PLE). This will enable Chiyoda to participate in project planning, maintenance, operation, revamping, and business planning for future investment. The objective is to become a one-stop provider of everything Chiyoda customers need in the way of plant development and operations. 

The trust Chiyoda has earned over the past five decades, combined with its vast global network of personal contacts and deep reservoir of know-how, makes it the engineering company of choice for customers worldwide. 

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## CONTENTS 

1 Profile 

2 Consolidated Financial Highlights 

3A  Message from the President 

5 Management Policies 

7 The Chiyoda Group Operations Initiative 

9 Highlights 

13 Review of Operations 

23 Technology 

25 FINANCIAL SECTION Consolidated Five-Year Financial Summary 

26 Consolidated Financial Review 

27 Consolidated Balance Sheets 

29 Consolidated Statements of Income 

30 Consolidated Statements of Shareholders’ Equity 

31 Consolidated Statements of Cash Flows 

32 Notes to Consolidated Financial Statements 

45 Board of Directors, Corporate Auditors, and Executive Officers 

46 Corporate Information 

47 Worldwide Network 

## Cover: 

## The Matsuzaki Tenjin Engi Emaki Picture Scroll 

An important cultural asset residing at Hofu-Tenmangu Shrine, Yamaguchi Prefecture. 

The scroll portrays the building of the Kitano Tenmangu Shrine in 959 A.D. The man standing with a long staff over his left shoulder is the Toryo, a man with great knowledge and experience who had the responsibility to complete the project on time and within the budget while maintaining workers safety and work quality. In Japan, the Toryo is the origin of today’s project managers. 

