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To Our Stakeholders

Thank you for your continuing support over the past 12 months.

We would like to present Chiyoda Group's corporate overview for the fiscal year ended March 31, 2014, which was the first fiscal year of our Medium-Term Management Plan entitled “Seize the moment, Open up new frontiers”.

Various measures have been implemented in accordance with the growth strategies and operation foundation strategies that are key to the Plan and which are aimed at achieving the vision for the Chiyoda Group 10 years on. As a result, we have received an order for a large LNG EPC (engineering, procurement, and construction) project in the United States, and orders for studies and design for LNG projects in Canada, Russia, and Africa. In doing so, we have created the groundwork for receiving further EPC project orders in the future.

In the field of infrastructure, we received an order for the construction an international airport in Mongolia and orders for several mega-solar projects in Japan.

In terms of backlog projects, we completed an LNG plant in Papua New Guinea, a polycrystalline silicon plant in Malaysia and an LNG receiving terminal project in Japan, and steady progress is being made on the construction of an LNG plant in Australia and an oil refinery in Vietnam. As a result, revenues were up year on year.

The world is currently facing an increasing demand for energy due to economic growth in emerging countries, the shale revolution taking place mainly in North America, marine energy development, and the increasing pressure to develop energy sources with less environmental impact, such as renewable energy. Initiatives taken over this past fiscal year in response to these needs include efforts to capture further project demand in North America, entering a capital alliance with a marine resource development consulting company in the United Kingdom, constructing and operating a concentrating solar power (CSP) generation demonstration plant in Italy, and commercialization of a large-scale hydrogen storage and transport system.

In the upcoming fiscal year ending in March 2015, each and every executive and employee will use his or her utmost effort to continue steadily progressing projects in our existing businesses including LNG, oil, and industrial facilities while, at the same time, fostering the growth of new businesses into large and successful ones.

We ask all of our shareholders for their continued support in our ongoing efforts.

Sincerely yours,

Shogo Shibuya, President & CEO
Chiyoda Corporation

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