12-1, Tsurumichuo 2-chome, Tsurumi-ku,
Yokohama 230-8601, Japan
Tel: (81) 45-521-1231
Fax: (81) 45-503-0200
http:// www.chiyoda-corp.com
Annual Report 2010
For the year ended March 31,2010
Profile
Since its establishment in 1948, Chiyoda Corporation has engaged in engineer-
ing and construction work and services at innumerable industrial plants both in
Japan and overseas in the fields of oil, natural gas and other energy sources; pet-
rochemicals and chemicals; pharmaceuticals; and general industrial machinery.
Thirty-eight years ago in 1972, Chiyoda’s founder was already emphasizing in a
booklet entitled Legacy for the Twenty-first Century that sustainable social devel-
opment should progress by harmonizing nature and industrial development.
We were one of the first companies to state our intention to contribute to sus-
tainable social development through our engineering and technology by providing
appropriate solutions to the various energy and environmental issues we currently
face, and have been putting those words into action ever since. This booklet is
available on our website.
With over 60 years of technological experience, Chiyoda is working to build on
its position as the “Reliability No. 1” project company with a high level of customer
and investor trust, not only in terms of technology but also in terms of our people
and management. At the same time, we will continue to improve our financial
strength and to raise our corporate value.
Corporate
Philosophy
Enhance our business in aiming for harmony
between energy and the environment, and
contribute to the sustainable development of a
society as an integrated engineering company
through the use of our collective wisdom and
painstakingly developed technology.
Forward-Looking Statements:
This annual report contains forward-looking statements about Chiyoda Corporation’s outlooks, plans, forecasts, results and
other items that may take place in the future. Such statements are based on data available as of June 24, 2010. Unknown risks
and other uncertainties that happen in the future may cause our actual results to be different from the forward-looking state-
ments contained in this report. The risks and uncertainties include business and economic conditions, competitive pressure,
changes in laws and regulations, addition or elimination of products, and exchange rate fluctuation, among others.
Contents
Profile
2
4
Financial Highlights
To Our Stakeholders
Topics
8
Won Order for Papua New Guinea LNG Project
8
9
9
Focus on Metallurgical Smelting and Refining
Start of Naoetsu LNG Receiving Terminal Construction Project
Subsidiary in Brazil Open for Business
Corporate Governance
Management Structures
10
10
10
12
13
17
54
56
Internal Control Structure
Compliance
Board of Directors, Corporate Auditors and Executive Officers
Management’s Discussion and Analysis
Consolidated Financial Statements
Global Network
Corporate Information
*1,*2: Courtesy of Qatargas Operating Company Limited
*3: Courtesy of Sakhalin Energy Investment
*4: CCR System Construction Project for Seibu Oil’s Yamaguchi Refinery,
UOP CCR PlatformingTM unit / UOP PolybedTM PSA unit
*1
*2
*3
*4
Financial Highlights
Years Ended March 31, 2010, 2009, 2008, 2007 and 2006
Millions of yen
Thousands of
U.S. dollars
2010
2009
2008
2007
2006
2010
For the Year
Revenues
¥312,985
¥446,438
¥603,559
¥484,895
¥390,875
$3,365,440
Cost of revenue
298,766
427,461
583,035
445,158
360,322
3,212,545
Operating income
1,702
7,227
8,839
28,700
20,729
18,301
Income before income taxes
and minority interests
Net income
At Year-End
Total assets
4,714
2,953
9,651
18,991
37,935
21,906
50,695
6,498
9,640
23,531
19,400
31,762
¥328,174
¥357,816
¥378,819
¥442,952
¥279,721
$3,528,755
Total equity
149,253
145,917
81,637
77,414
55,508
1,604,871
Long-term debt
10,000
10,004
22
10,067
10,168
107,763
Current ratio (%)
175.2
161.1
115.0
118.9
125.1
Per Common Share
(Yen and U.S. dollars)
Earnings per share (EPS)
¥11.39
¥25.58
¥50.15
¥122.41
¥101.27
Book value per share (BPS)
573.61
561.12
422.24
400.56
288.88
Dividends per share
3.5
7.5
10.0
15.0
10.0
$0.04
Ratios (%)
Return on assets (ROA)
Return on equity (ROE)
1.4
2.0
3.1
5.7
4.7
12.2
10.2
35.5
10.0
42.0
Notes: 1. U.S. dollar amounts are translated, for convenience only, at the rate of ¥93 = US$1, the approximate exchange rate at March 31, 2010.
2. Yen amounts are rounded down to the nearest million. U.S. dollar amounts and percentages are rounded to the nearest unit.
CHIYODA CORPORATION ANNUAL REPORT 2010
Revenues
Operating Income
Net Income
Billions of yen
Billions of yen
800
700
600
500
400
390.8
300
200
100
0
603.5
484.8
446.4
313.0
2006
2007
2008
2009
2010
30
25
20
15
10
5
0
28.7
20.7
8.8
7.2
1.7
2006
2007
2008
2009
2010
6
5
4
3
2
1
Billions of yen
30
23.5
20
19.4
10
0
9.6
6.5
3.0
2006
2007
2008
2009
2010
6
5
4
3
2
1
6
5
4
3
2
1
Revenues
Revenues
Revenues
Shareholders’ Equity, Return on Equity (ROE)
Revenues
and Shareholders’ Equity Ratio
Revenues
Dividends per Share and Payout Ratio
(%)
40
Billions of yen
150
145.5
148.6
(%)
120
Yen
20
Revenues
Total Assets and
Return on Assets (ROA)
Billions of yen
442.9
279.7
378.8
357.8
30
328.1
100
20
10
77.0
81.2
55.5
42.0
50
19.8
35.5
17.4
21.4
12.2
0
0
90
60
45.3
40.7
30
0
5.7
2.0
2006
2007
2008
2009
2010
Shareholders’ Equity
Return on Equity (ROE)
Shareholders’ Equity Ratio
10.2
10.0
4.7
3.1
1.4
2006
2007
2008
2009
2010
Total Assets
Return on Assets (ROA)
480
360
240
120
0
30.7
29.3
15.0
19.9
10.0
10.0
12.3
7.5
9.9
3.5
2006
2007
2008
2009
2010
Dividends per Share
Payout Ratio
(%)
30
24
18
12
6
0
16
12
8
4
0
Revenues by Industry
Revenues by Region
LNG
Gas Processing *1
Fine Industries*2
Petroleum and Petrochemicals
Others
5%
27%
34%
¥312,985
million
10%
24%
*1: Classified as “Gas and power utilities” in “Consolidated Financial Results”
*2: Classified as “Industrial machinery” and “General chemicals” in
“Consolidated Financial Results”
Overseas
Domestic
46%
¥312,985
million
54%
CHIYODA CORPORATION ANNUAL REPORT 2010
To Our Stakeholders
Takashi Kubota
President & CEO
Career Summary
1969: Joined Chiyoda Corporation
1995: General Manager, Second Overseas Project Division
1998: Director, General Manager, Asia & Australia Project Division
2001: Managing Director, International Project Operation
2004: Director, Deputy General Manager, Domestic Project Operation
2005: Managing Director, Technology & Engineering
2007: President & CEO
CHIYODA CORPORATION ANNUAL REPORT 2010
CHIYODA CORPORATION ANNUAL REPORT 2010
Fiscal 2009 Results
From a global perspective, the economic con-
ditions in fiscal 2009—the consolidated period
ended March 31, 2010—were mixed. In some
parts of the world, such as Asia, particularly
in China and India, the accelerated pace of
recovery was obvious. However, the rally in
Europe was lukewarm at best and certainly
not hot enough to burn off the recessionary
fog that obscured predictions over the direc-
tion that the regional economy would take.
At home, signs of improvement were evident
but lacked the dynamics to support a self-
sustained recovery. Consequently, domestic
economic conditions remained difficult.
Given this backdrop, the operating environ-
ment for the Chiyoda Group presented oppor-
tunities as well as challenges. On the opportu-
nity front, we welcomed the prospect of new
contracts, as large-scale investment plans
began to crystallize everywhere amid growing
future demand for oil and gas. On the challenge
front, we faced increasingly fierce competition
from South Korean contractors whose growth
has been rapid and who maintained a remark-
ably competitive position.
Capitalizing on the positives and skirting
the negatives, the Chiyoda Group successfully
picked up contracts for engineering, procure-
ment and construction (EPC) services at home
and abroad, including a liquefied natural gas
(LNG) plant in Papua New Guinea, as well as
several contracts for engineering design. The
Group also pushed ahead steadily on exist-
ing contracts and completed three more trains
at super-large LNG plants under construc-
tion in Qatar. We have now finished four of
the six trains in Ras Laffan, Qatar, including
the train completed in f iscal 2008, with
each train having an annual production
capacity of 7.8 million tonnes.
However, in order to meet the delivery
schedule for LNG plant Train 6 and Train 7 for
Qatargas (3) and (4), the Group was unfortu-
nately required to adopt measures, including
the hiring of more workers, which significantly
eroded the project’s profitability. In light of
the disappointing results on this project, the
Group will direct its concerted efforts toward
offsetting lost income by being more thorough
in risk management, by raising profitability on
existing projects and working steadily to ease
the backlog of new projects.
Despite the challenges encountered in fiscal
2009, the value of new contracts rebounded
dramatically, soaring 105.0% over fiscal 2008,
to ¥429,393 million, on a consolidated basis.
The backlog of contracts amounted to ¥536,150
million, up 26.1%. However, revenues fell 29.9%,
to ¥312,985 million, operating income tumbled
76.4%, to ¥1,702 million, and net income
dropped 54.5%, to ¥2,953 million.
Fiscal 2009 Developments
Natural Gas and Electric Power
In addition to the aforementioned EPC services
for the LNG plant in Papua New Guinea, other
notable overseas contracts included EPC ser-
vices for a gas processing plant in Qatar and
engineering design services for a floating LNG
plant in Brazil.
On the project execution front, the Group
pushed forward with the construction of large
LNG plants and undertook several engineer-
ing design/feasibility studies.
Also worth noting, a subsidiary in Qatar
began long-term EPC management services for an
LNG/gas-processing plant. Long-term services
CHIYODA CORPORATION ANNUAL REPORT 2010
support efforts to expand the plant lifecycle engi-
neering business that the Group has promoted for
many years already.
In Japan, major orders included engineering
design services associated with the construc-
tion of an LNG receiving terminal, and the Group
continued to work on existing domestic orders,
including construction of three LNG receiving
terminals in Niigata and Okayama prefectures.
Petroleum, Petrochemicals and
Gas Chemicals
The Group pooled its resources and expertise
to win overseas contracts related to planned
investment in petroleum refineries by clients
in the Middle East and Southeast Asia. These
joint efforts were successful, securing contracts
for EPC services on a heavy oil cracking unit
in Saudi Arabia and engineering design ser-
vices on a desulfurization plant in Singapore.
Through the provision of these services, Group
companies will broaden the scope of respective
capabilities and raise Chiyoda’s reputation as a
global operator.
Demand narrowed in Japan, reflecting plans
by the petroleum sector to realign and idle facili-
ties and assume a tougher stance on investment
priorities. Nevertheless, the Chiyoda Group was
awarded contracts for services associated with
industrial complexes and for feasibility studies on
projects to enhance competitiveness and make
facilities more energy-efficient.
Work proceeded smoothly on projects in
progress, including the on-schedule comple-
tion of a continuous catalyst regeneration-type
catalytic reforming unit.
General Chemicals, Industrial Machinery,
the Environment and Other Sectors
The Group has achieved a measure of success in
the general chemicals and industrial machinery
sectors through its emphasis on renewable energy,
particularly solar batteries and solar heat energy.
The Group also concentrated on the development
of eco-related components for vehicles, such as
lithium battery parts and advanced material com-
ponents for on-board use, and is also involved in
the refining of non-ferrous metals.
In the pharmaceuticals sector, the Group has
expanded its presence and successfully secured its
involvement in planned investment projects to build
facilities for antibody drugs and high-activation
drugs typical of anti-cancer agents.
Management Priorities
Although the path toward economic recovery
varies region by region, a common trend has
emerged in the placement of orders. We are
seeing an increase in contracts for large plants,
especially from corporations able to take an
aggressive approach on investments for future
growth. In this business environment, the Group
will make every effort to achieve the profit tar-
gets stated in the medium-term management
plan “Engineering Excellence, Value Creation
2012,” promote growth strategies and reinforce
its business fundamentals.
Toward this end, we will address the follow-
ing four issues in fiscal 2010.
1. Win contracts for new projects
We will strive to diversify our overseas pool of
contracts, not only with new projects in the
LNG and gas sector but also in other sectors,
particularly oil and petrochemicals. To underpin
this effort, we will strengthen our technology
development capabilities, sharpen our cost
competitiveness, and apply newly formulated
strategies to attract the right type of new people
CHIYODA CORPORATION ANNUAL REPORT 2010
and keep essential existing personnel and
hone their skills.
In Japan, we will look beyond the existing
fields of pursuit, by seeking to utilize overseas
offices and expand our scope of activities so
that we will be in a prime position to be able
to participate in the construction of a broader
range of industrial facilities and be selected for
projects undertaken by domestic clients who
seek to establish a wider presence abroad.
2. Complete work on existing projects
The profitability of some ongoing LNG plant
construction projects in Qatar has been
squeezed significantly by new challenges,
notably a shortage of labor, which pushed
costs beyond initial estimates. To compen-
sate, we will pursue meticulous project man-
agement, not only for profit-pinched LNG
projects in Qatar but also for more recently
acquired large-scale projects under con-
struction in other countries.
In addition, we will take positive steps to
adopt an even stronger stance on safety and
ensure that we maintain steady progress on
construction work to buttress the trust that
our clients have in us.
which will help forge a business and execu-
tion framework that is more finely tuned to
the situation in each region. We will initiate
measures to expand the role of overseas
offices, particularly design subsidiaries, and
will also promote international work demar-
cation to improve cost-competitiveness.
Return to Shareholders
Targeting a payout ratio of 30%, based on con-
solidated net income, management subscribes
to a dividend policy that emphasizes return to
shareholders while retaining sufficient internal
reserves to fund future business development.
It is with regret, therefore, that the Group’s
performance in fiscal 2009 precipitated a drop
in dividends, to ¥3.5 per share. Management
anticipates a year-end dividend of ¥5 per share
for fiscal 2010.
I rely on our stakeholders to understand the
challenges we still face and realize that we are
committed to overcoming these obstacles. On
behalf of the Board of Directors, I respectfully
ask for your continued support of Chiyoda and
the Group it leads.
3. Cultivate new business
August 2010
We will focus more on environmental activi-
ties, where we already boast superior techno-
logical capabilities, and for which we utilize a
dedicated internal business execution struc-
ture to reinforce our presence in non-EPC
businesses.
4. Grow the overseas network
We will source adequate personnel to ex-
ecute projects and run operations at local
subsidiaries throughout the Group network,
Takashi Kubota
President & CEO
CHIYODA CORPORATION ANNUAL REPORT 2010
Topics
Won Order for Papua New Guinea LNG Project
A signing ceremony took place in December
2009 in Brisbane, Australia, for a pivotal project.
The project—to build an LNG plant com-
prising two trains each with a capacity of
3.3 million tonnes — is the first in Papua New
Guinea and calls for construction of facilities for
inlet processing, treating, liquefaction, storage
and loading of LNG.
Chiyoda formed a joint venture with JGC
Corporation to provide a strong and efficient
organization for the execution of EPC activi-
ties and set the direction that the joint venture
would take in this project.
The lead investor, Exxon Mobil Corporation,
stated at the signing ceremony that the project
will be a catalyst for change in Papua New
Guinea. It will be exceedingly worthwhile from
a local perspective, creating an economic
ripple effect that could potentially double
the island country’s gross domestic product
and establish a solid foundation for industrial
growth.
Expectations are therefore high, not only for
the plant in operation but also for what
the joint venture will contribute during the
construction process.
Signing Ceremony in Brisbane, Australia
Singapore
Singapore
Indonesia
Indonesia
Papua New Guinea
Papua New Guinea
Australia
Focus on Metallurgical Smelting and Refining
sophisticated technologies needed for refin-
ing low-grade ore—a process that poses a
challenge under existing methods—as well as
high-level techniques for extracting specific
materials from such ore.
With experience in plant construction in
countries all over the world, Chiyoda is vigor-
ously pursuing and undertaking projects at
home and abroad. We have established a solid
track record, exemplified by the completion
in April 2010 of a titanium refinery in Kyushu,
where we were responsible for the construc-
tion of key sections of the facility.
Titanium Refinery in Kyushu
In the last few years, worldwide investment
in metallurgical smelting and refining has
picked up at an aggressive pace. Companies
are particularly interested in the extremely
CHIYODA CORPORATION ANNUAL REPORT 2010
Start of Naoetsu LNG Receiving Terminal Construction Project
In July 2009, Chiyoda kicked off a project to
construct an LNG receiving terminal for Inpex
Corporation.
with a solid structure for a stable supply of
natural gas through a combination of import-
ed LNG and domestic natural gas.
In recent years, the soaring price of crude
oil and heightened environmental awareness,
particularly the wider interest in reducing
CO2 with cleaner-burning fuels, have fostered
a greater demand for natural gas in Japan.
Construction of the Naoetsu LNG Receiving
Terminal will enable Inpex to meet demand
Chiyoda became involved at preliminary
stages, initially in April 2007, with conceptual
plans for the terminal and then with engineer-
ing designs in August of the same year. After
more than 90 meetings, we were awarded the
EPC contract for terminal construction.
Imported Petroleum and Natural Gas
Imported Petroleum
(Hundreds of millions of Kl)
Imported LNG (millions of tons)
4
3
2
1
0
8,000
6,000
4,000
2,000
0
(FY)
1975
1980
1985
1990
1995
2000
2005
2007
Subsidiary in Brazil Open for Business
To reinforce our presence in South America
and promote a more multifaceted, organic
approach in our contact with Petrobras S.A.,
we established a subsidiary—Chiyoda do
Brasil Representações Ltda.—with represen-
tative authority in Rio de Janeiro, Brazil.
The opening ceremony was held in July
2009 and drew more than 100 guests, in-
cluding the secretary of energy for the state
of Rio de Janeiro and a solid turnout from
Petrobras—our No. 1 client in the region—
comprising half the invited guests. The suc-
cess of this event underscores the stellar
reputation we have earned from the oil and
gas industry and the high expectations that
come with this profile.
Opening Ceremony in Rio de Janeiro
CHIYODA CORPORATION ANNUAL REPORT 2010
Corporate Governance
The basic premise behind corporate governance within the Chiyoda Group is that the man-
agement practices that underpin operations must emphasize corporate social responsibility
(CSR) and earn the trust and support of all stakeholders, including shareholders, customers
and employees. We are continuously striving to reinforce our business platform, ensure sound
management practices and enhance management transparency in order to sustain quality
growth over the medium to long term. The continuous improvement of corporate governance
and further fortification of our internal control structure are regarded as priority issues, and
we are striving to carry these out. The state of corporate governance within the Company is
described below.
Management Structures
Overview of Corporate Governance System
and Reasons for Its Adoption
execution of operations. The committee also engages in
the preliminary discussion of issues that will be brought
before the Board of Directors for final approval. In prin-
ciple, the Executive Committee meets weekly.
Chiyoda has created its corporate governance system
Chiyoda has four corporate auditors, three of
that utilizes an internal auditing system in addition to the
whom are full-time auditors and three of whom are ex-
Board of Directors, corporate auditors, the Corporate
ternal auditors. The corporate auditors provide over-
Auditors Committee and independent auditors. The
sight concerning the general execution of duties by
Company has also adopted the executive officer sys-
directors. Two of the corporate auditors are independent
tem in which executive officers and directors assume
executives, and one corporate auditor has considerable
separate functions, with the former shouldering re-
expertise in finance and accounting.
sponsibility for day-to-day operations, thus leaving the
latter to focus on decision-making and management
supervision. Executive officers provide regular reports
Internal Control Structure
on the status of operations at the monthly meeting of
Chiyoda seeks to maintain an effective and efficient
the Executive Committee, at which directors are also
operation, ensure reliable financial reporting, comply
present.
with prevailing laws and regulations, and protect its
The Board of Directors, comprising nine directors
assets. To this end, the Company has created the follow-
including four representative directors, meets once a
ing internal control structure, based on the features that
month. This management group monitors the activi-
define its business activities.
ties of executive officers and ensures that decisions
pertaining to key management issues are made ratio-
nally and efficiently. To accelerate the decision-making
Compliance
process and fine-tune decisions according to rapidly
Chiyoda believes that the trust and affinity it has with
changing social and economic conditions, the Board
society and customers underpin the foundation of the
of Directors delegates some decision-making authority
Group’s corporate activities. To ensure that the Group’s
to the Executive Committee.
business pursuits conform to social standards, man-
The Executive Committee, which in principle meets
agement seeks unconditional respect from all mem-
weekly, consists of four representative directors, and
bers of the Group for domestic and international laws
it makes decisions within its authority regarding the
and regulations, global agreements and internal rules.
10 CHIYODA CORPORATION ANNUAL REPORT 2010
Corporate Governance and
Internal Control Correlation Chart
Compensation for Directors and
Corporate Auditors in Fiscal 2009
General Meeting of Shareholders
Appointment
Discussion,
Report
Report
Directors
Board of Directors
Appointment
Report
Appointment
Corporate Auditors
Corporate Auditors Committee
Report
Appointment
Appointment
Audit
Audit
Appointment
Appointment
Audit
Discussion,
Report
Executive Officers
Board of Executive
Officers
Representative Directors
Executive Committee
Regular reports,
Regular reports,
including results
including results
Arranges organizations
Arranges organizations
and human resources
and human resources
Discussion,
Report
Delegates
(Proposals)
Report
Investigate,
Reference
Internal Control
Steering Committee
Internal controls for each area
Business execution divisions
(Risk managers)
Project Management Administration Dept.
Group Operation Management Dept.
Corporate Planning Division
Self-assessment
Administration & Personnel Division
G
r
o
u
p
c
o
m
p
a
n
e
s
i
Finance Division
Crisis managers
Operational Auditing Office
Safety, Quality and Environmental (SQE)
Division
Health, Safety and Environment (HSE)
Management Office
Quality Management Office
CSR Division
Compliance Management Office
Social Environment Office
Information Security Management Office
Export Control Office
A
c
c
o
u
n
t
i
n
g
a
u
d
i
t
(
U
n
i
t
s
w
i
t
h
i
n
t
e
r
n
a
l
c
o
n
t
r
o
l
f
u
n
c
t
i
o
n
)
I
n
d
e
p
e
n
d
e
n
t
A
u
d
i
t
o
r
s
Number
Basic
Compensation
Performance-
linked
Compensation
Addition to Reserve
for Directors’ and
Corporate Auditors’
Retirement Benefits
Directors
10
¥197 million ¥23 million
¥40 million
Corporate
Auditors
4
¥74 million
—
—
Notes:
1. Total compensation for directors was ¥276 million and for corporate auditors,
¥77 million. Total compensation for the four outside executives — three
external auditors — was ¥55 million. The total compensation amount in this
note includes the provision to reserve for directors’ and corporate auditors’
retirement benefits (¥15 million for directors and ¥2 million for corporate
auditors) for before the abolition of the Regulations on Retirement Benefits for
Directors and Corporate Auditors on June 23, 2009.
2. The number of persons shown above indicates the number of directors and
corporate auditors who received payment of compensation during the period
under review, including two directors who stepped down upon the conclusion
of the 81st Ordinary General Meeting of Shareholders held on June 23, 2009.
3. In addition to that mentioned above, directors' retirement benefits amounting
to ¥171 million were paid during the current business year. This amount
includes the provision to reserve for directors’ retirement benefits included
in the total compensation for directors and corporate auditors shown in
securities reports of previous years.
To this end, the Company instituted the Group
a lawyer available to everyone in the workplace and
code of conduct in April 2006 and established the
staff who specialize in women’s workplace issues.
Compliance Management Office to promote wide-
Ordinary General Meeting of Shareholders
In the fiscal years ended March 2009 and 2010, the
spread understanding of compliance issues.
Appointment
Discussion,
Report
Appointment
Report
Report
Board of Directors
Appointment
Appointment
Group companies have access to a compliance-
Directors
Corporate Auditors
Corporate Auditors Committee
Report
Audit
Audit
Audit
oriented consultation and reporting system (hotline)
Appointment
Appointment
dubbed “Welcome to All about Compliance,” whose
Executive Officers
purpose is to quickly detect and prevent any unethi-
Board of Executive
Officers
Internal Control
Steering Committee
Representative Directors
Executive Committee
Discussion,
Report
Investigate,
Reference
(Proposals)
Delegates
Report
Discussion,
Report
Internal controls for each area
Arranges organizations
Arranges organizations
and human resources
and human resources
cal conduct or illegal activities, using a framework that
Operational Auditing Office
Regular reports,
Regular reports,
Safety, Quality and Environmental (SQE) Division
including results
including results
properly processes reports and consultations regard-
Health, Safety and Environment (HSE)
Management Office
Quality Management Office
ing unethical conduct and illegal activities by individuals
Project Management Administration Department
CSR Division
Compliance Management Office
Social Environmental Office
Information Security Management Office
This hotline is operated jointly by 10 Group
Export Control Office
G
r
o
u
Business execution divisions
p
and organizations.
(Risk managers)
c
o
m
p
a
n
e
s
Administration & Personnel Division
companies. It has an External Consultation Center with
Group Company Management Division
Corporate Planning Division
Self-assessment
Crisis managers
Finance Division
i
(
U
n
i
t
s
w
i
t
h
i
n
t
e
r
n
a
l
c
o
n
t
r
o
l
f
u
n
c
t
i
o
n
)
n
d
e
p
e
n
d
e
n
t
A
u
d
i
t
o
r
s
Appointment
system received reports as follows.
I
As feedback, Chiyoda reported the measures it
took in each case.
Regarding work environment
improvements
Regarding compliance with
employment regulations
Requests for attention to be
drawn to a specific issue
A
c
c
o
u
n
t
i
n
g
a
u
d
i
t
Other
Total
March 2009
March 2010
6 cases
2 cases
0 cases
3 cases
11 cases
3 cases
3 cases
0 cases
2 cases
8 cases
Compliance Consultation and Reporting System “Welcome to All about Compliance”
Corporate Auditors
Executive Committee
President & CEO
External Consultation Center
(Lawyer)
Contact
Instruction
(Remedial Action and Prevention)
Report
CSR Division/Compliance Management Office
Compliance Staff
Consultation and
Reporting
Manager
Report
Consultation and
Reporting
Feedback
Consultation and
Reporting
Employees and Temporary Staff (Including Those of Subsidiaries)
CHIYODA CORPORATION ANNUAL REPORT 2010
11
Corporate Auditors
Executive Committee
Executive VP in Charge of CSR
External Consultation Center
(Lawyer)
Contact
(Remedial Action and Prevention)
Instruction
Report
CSR Division/Compliance Management Office
Compliance Staff
Consultation and
Reporting
Manager
Report
Consultation and
Reporting
Feedback
Consultation and
Reporting
Exployees and Temporary Staff (Including Those of Subsidiaries)
Board of Directors, Corporate Auditors
and Executive Officers
(As of July 1, 2010)
Board of Directors
Corporate Auditors
President & CEO
Takashi Kubota *1
Hiroshi Ida *3
Executive Vice President
Executive Vice President
Senior Managing Executive Officer
Managing Executive Officer
Managing Executive Officer
Managing Executive Officer
Managing Executive Officer
Director
Executive Officers
Yoichi Kanno *1
Corporate Planning, Management & Finance
Wataru Shimono
Masanori Ito *3
Yukihiro Imadegawa *3
Hiroshi Shibata *1
CFO
Hiroshi Ogawa *1, 2
Project Operations
Sumio Nakashima
Project Operations
Satoru Yokoi
Business Development Operation
Kazuo Obokata
CSR Division, Operational Auditing Office
Hiromi Koshizuka *2
Technology Development
Business Operation
Kazushi Okawa *2
*1: Representative Director/Member of Executive Committee
*2: New Appointment
*3: Outside Corporate Auditor
Managing Executive
Officer
Manabu Mitani
Projects Logistics & Construction
Executive Officer
Managing Executive
Officer
Managing Executive
Officer
Katsutoshi Kimura *2
Corporate Planning, Management & Finance
General Manager
Finance Division
Kenjiroh Miura *2
Project Operations
General Manager
Project Planning & Administration
Managing Executive
Officer
Shougo Shibuya *2
Technology & Engineering
Executive Officer
Executive Officer
Managing Executive
Officer
Masahiko Kojima *2
Corporate Planning, Management & Finance
General Manager
Corporate Planning Division
Executive Officer
Executive Officer
Toshiyuki Ohnuma
Office of President
Executive Officer
Koichi Shirakawa
Project Operations
General Manager
International Project Division 2
Takao Kamiji
Technology Development Business Operation
Business Development Operation
General Manager
Strategic Business Development Division
Ryosuke Shimizu
Project Operations
General Manager
Group Operation Division
Kenji Hotta *2
Corporate Planning, Management & Finance
General Manager
Corporate Services & HRM Division
Katsuo Nagasaka *2
Business Development Operation
General Manager
Business Development Division 2
Executive Officer
Tsuyoshi Kakizaki
General Manager
Project Management Administration Division
Executive Officer Seiichiro Ikeda *2
Technology & Engineering
Executive Officer
Eisaku Yamashita
Business Development Operation
General Manager
Business Development Division 1
Executive Officer
Noriyuki Kasuya *2
Corporate Planning, Management & Finance
General Manager
Corporate Communication Division
1 CHIYODA CORPORATION ANNUAL REPORT 2010
Management’s Discussion
and Analysis
Business Results
year, and the contract backlog increased by 26.1%,
to ¥536,150 million. Revenues decreased by 29.9%,
The global economy during the fiscal year ended
to ¥312,985 million. Operating income decreased by
March 31, 2010 showed some clear signs of recovery,
76.4%, to ¥1,702 million, and ordinary income de-
which were especially strong in the Asian countries led
creased by 57.7%, to ¥4,837 million. Net income for
by China and India. On the other hand, sluggish recov-
the period was ¥2,953 million, a 54.5% decrease from
ery in European countries continues to exert a negative
the previous fiscal year.
influence on the economic outlook. Although Japan’s
economy has been improving steadily, there are still no
signs of a full-fledged recovery in the foreseeable future.
Results by Business Segment
The business environment surrounding the Chiyoda
Natural Gas and Electric Power
Group was characterized by rising expectations of win-
The main overseas contracts newly awarded to the
ning new contracts as more plans for large-scale invest-
Chiyoda Group included an EPC contract for an LNG
ments began to take shape in various regions of the
plant in Papua New Guinea, an EPC contract for a gas
world to meet the future demand for oil and gas. On the
processing plant in Qatar and the basic design work
other hand, the Group is increasingly more exposed to
for a floating LNG plant in Brazil. Meanwhile, work con-
intense competition from Korean contractors who have
tinued on the construction of a large-scale LNG plant
shown remarkable growth in recent times.
and multiple basic design/investment planning ser-
Under these circumstances, the Chiyoda Group
vices. Furthermore, our Qatar subsidiary commenced
received orders for both domestic and overseas
the work under a long-term EPCm service contract for
EPC contracts, including a contract to construct an
LNG/gas processing plants, awarded during the previ-
LNG plant in Papua New Guinea and multiple basic
ous fiscal year. With these long-term service contracts,
design works. At the same time, the Group diligently
the Chiyoda Group plans to actively promote the plant
continued with the execution of its existing projects
life-cycle engineering (PLE) business which the Chiyoda
and completed three out of the six trains (each train
Group has been pursuing for some time.
designed to produce 7.8 million tonnes per annum) for
On the domestic front, the Chiyoda Group was
ultra large-scale LNG plants in Qatar, the first train of
awarded new contracts including the basic design
which the Group had already completed in the previous
work for an LNG receiving terminal, while it contin-
period. However, the projects’ profitability deteriorated
ued to execute three EPC contracts for LNG receiving
to a large extent due to some leveraging measures im-
terminals in Niigata and Okayama prefectures and for
plemented, which included increasing the number of
other existing projects.
construction workers in an effort to complete work on
the sixth and seventh trains for the Qatargas LNG plant
Petroleum, Petrochemicals and Gas Chemicals
within the time stipulated in the contract. In response
The Chiyoda Group’s concerted efforts to win oil
to these business issues, it endeavored to recover its
refinery investment projects in the Middle East and
performance by practicing thorough risk management,
Southeast Asia resulted in receiving orders for an EPC
and by improving the profitability of existing contracts
contract in Saudi Arabia for a heavy oil cracking unit
as well as solidly executing the new contracts. Con-
and a basic engineering contract for a desulfurization
sequently, new contracts awarded to the Chiyoda
plant in Singapore. Our aim is to strengthen our Group
Group during this fiscal year increased by 105.0%, to
companies and promote our global operations through
¥429,393 million, compared with the previous fiscal
the execution of these projects.
CHIYODA CORPORATION ANNUAL REPORT 2010
1
Domestically, in a market stagnated by shrinking
Cash Flow Analysis
investment plans and the trend of realignment and dis-
use of facilities in the oil industry, we received engineer-
Assets, Liabilities and Net Assets
ing study contracts for connecting chemical complexes,
• Assets
competitiveness improvement and energy conservation.
Total assets decreased by ¥29,642 million from the
As for project execution, we completed the construction
previous fiscal year. Although cash savings increased
of a CCR (continuous catalytic regeneration) unit.
by ¥4,255 million due to an improved operating cash
flow, current assets decreased by ¥30,128 million
General Chemicals, Industrial Machinery,
due to a ¥3,058 million decrease in jointly controlled
the Environment and Other Sectors
assets of joint ventures through the progress of large-
We achieved some tangible results in the general
scale joint venture projects in Qatar.
chemicals and industrial machinery sectors through
• Liabilities
our concerted efforts in facilities for photovoltaic and
Although there was an increase of ¥15,372 million
solar-powered generation and other renewable energies,
in accounts payable for construction, the balance of
lithium ion batteries, parts and components fabricated
advances received on uncompleted projects decreased
with advanced materials for eco-friendly vehicles, and
by ¥43,493 million. This resulted in a decrease in
non-ferrous metal smelting.
total liabilities of ¥32,977 million compared with the
In the pharmaceuticals sector, our efforts were
directed towards highly active pharmaceuticals such as
previous fiscal year.
• Net assets
antibodies and cancer drugs, which resulted in several
Net assets were ¥149,253 million as the result of a
orders being received.
Major contracts included in the consolidated results
for the period
¥1,029 million year-on-year increase in retained earn-
ings due to booking net income. The equity ratio in-
creased 4.6 points year on year, to 45.3%.
• LNG plant Trains 6 & 7 for Ras Laffan Liquefied
Natural Gas Co., Ltd. (3) in Qatar (*)
• LNG plant Trains 6 & 7 for Qatar Liquefied Gas Co.,
Ltd. (3) and (4) in Qatar
Overseas
• Al Khaleej Gas Phase 2 project for ExxonMobil
Middle East Gas Marketing Ltd. in Qatar (*)
Cash Flows
• Cash flow from operating activities
Net cash from operating activities was ¥8,613 million
despite a ¥21,398 million decrease in working capital
• LNG plant Trains 4 & 5 for Qatar Liquefied Gas Co.,
(total in notes and accounts receivable–trade, costs
Ltd. (2) in Qatar (*)
• Pearl GTL project feed gas preparation works for
Qatar Shell GTL Ltd. in Qatar
Domestic
• Construction of RFCC complex for Taiyo Oil Co.,
Ltd.
• Expansion of Mizushima LNG receiving terminal for
Mizushima LNG Co., Ltd.
(*) Projects completed during the period
on uncompleted construction contracts, notes and ac-
counts payable–trade, and advances received on un-
completed construction contracts). This was due to the
jointly controlled assets of a joint venture decreasing by
¥3,058 million according to the progress of large-scale
JV projects in Qatar, in addition to booking income
before income taxes and minority interests of ¥4,714
million for the fiscal year.
Jointly controlled assets of the joint venture are
shown on the JV balance sheet as the assets controlled
by Chiyoda. In real terms, it is equivalent to the portion
1 CHIYODA CORPORATION ANNUAL REPORT 2010
of the current deposit balance under the JV name that
In Japan, the objective will be to look beyond
is allocated to Chiyoda.
existing fields of pursuit to maximize the Group’s
overseas presence and develop business activities
• Cash flow from investment activities
that will lead to orders for various industrial facilities
Net cash from investment activities was ¥2,722 million
and for projects by domestic clients expanding their
in the negative due to ¥1,864 million paid for software,
operations abroad.
etc.
• Cash flow from financing activities
Complete Existing Orders
Net cash from financing activities was ¥2,079 million
The profitability of some LNG projects under construc-
in the negative due to ¥1,940 million paid in dividends
tion in Qatar is being squeezed, due mainly to factors
and other factors.
such as a shortage of workers causing costs to exceed
As the result of the factors described above, the
initial estimates. The Group must therefore carefully
account balance for the fiscal year for cash and cash
manage the progress of big projects, not only in Qatar
equivalents was ¥139,790 million, which was a year-
but also in other areas, and reinforce its reputation for
on-year increase of ¥4,254 million.
reliability among clients by taking an even stronger
Issues Requiring the Group’s
Attention
stance on safety and ensuring the steady execution of
construction work.
Cultivate New Business
It is clear that clients with a vision to the future with
Efforts will be directed into areas in the environment
regard to growth and development are the key to the
sector where the Company boasts a superior tech-
Group’s success in securing big projects, irrespec-
nological capability, and the Company will implement
tive of the speed or degree of economic recovery in
an internal business execution structure for non-EPC
various regions.
businesses to underpin new business development.
The profit, targets and strengthening of our operat-
ing base growth strategies laid out in the new medium-
Strengthen Group Operations
term management plan—Engineering Excellence,
Management plans to attract essential personnel to
Value Creation 2012—were formulated with the chal-
execute projects and run operations at local subsid-
lenges of the current business environment in mind.
iaries throughout the Group network. This will create
To achieve stated targets and successfully execute
a business and execution structure that is fine-tuned
the strategic blueprint, the Group will emphasize the
to each region. The Group will utilize its international
following issues during fiscal 2010, the second year of
specialized capabilities to underpin its cost-competi-
Engineering Excellence, Value Creation 2012.
tiveness, along with measures to reinforce and extend
the function of its overseas design subsidiaries.
Secure Orders for New Projects
Group companies will focus their efforts on winning new
Business Risks
orders not only in the areas of LNG- and gas-related
projects but in other industry sectors such as oil and
The primary issues that could affect investor deci-
petrochemicals. Toward this end, measures will be drawn
sions regarding investment risk, such as material
up to reinforce R&D capabilities and cost-competitiveness,
issues related to the Chiyoda Group’s financial position,
and to retain and train essential personnel.
performance and cash flow, and the Chiyoda Group’s
CHIYODA CORPORATION ANNUAL REPORT 2010
1
response to such issues, include but are not limited
Terrorism, Conflicts and Other Force
to, the issues outlined below. The Chiyoda Group rec-
Majeure Events
ognizes the potential occurrence of these risks and
Force majeure events such as terrorism, conflicts,
works to avoid them to the maximum extent possible.
and natural disasters, etc., may cause direct losses,
The Chiyoda Group also moves to respond as quickly
delays in procuring or delivering materials and equip-
as possible to minimize the impact of issues if and
ment, threats to the safety of workers, cessation of
when they occur.
construction work or other problems at construction
Chiyoda Group management acknowledges that
sites in Japan and overseas.
the issues outlined below may present risks in the
Whilst a top priority is placed on the avoidance
future and has made them the focus of risk manage-
of human injury, the Chiyoda Group has structured
ment.
a threat management system that includes coopera-
tion with customers and other related parties to sup-
Changes in Exchange Rates
port rapid initial response should such events occur.
In overseas construction projects, payments made to
In addition, the Chiyoda Group will take other steps
Chiyoda for construction are often in currencies differ-
to avoid or minimize these risks, including negotiat-
ent to those made by Chiyoda to subcontractors and/
ing contractual provisions that rationally allocate ad-
or vendors for equipment and materials. Foreign cur-
ditional costs to customers.
rency exchange rates may therefore affect the financial
results of the projects. The Chiyoda Group works to
Plant Accidents
avoid and minimize such foreign currency fluctuation
The possibility exists that a serious incident such as an
risks by using forward foreign exchange contracts and
explosion or fire may occur at plants that the Chiyoda
matching planned outlays in multiple currencies with
Group is constructing or has completed. The Chiyoda
construction payments and receivables.
Group could be adjudged responsible for such acci-
dents, including being held liable for damages, which
Rapid Changes in Economic Trends
could impact the Chiyoda Group’s performance.
Cancellation, delays or revisions of the investment
The Chiyoda Group works to avoid or minimize
plans of customers, or other factors resulting from
this risk in ways such as taking all possible measures
changes in worldwide economic trends, could impact
to preclude the occurrence of such incidents, includ-
the Chiyoda Group’s performance. In addition, con-
ing quality control and safety management. Other
struction execution plans and budgets and collection
countermeasures include maintaining the appropriate
of receivables may be affected by worsening business
insurance coverage and negotiating contracts that
conditions of business partners involved in plant con-
rationally allocate customer responsibility for damages.
struction, including subcontractors and suppliers of
equipment and materials.
The Group will work to avoid or minimize risk by
scrupulously analyzing the credit standing of business
partners, while monitoring economic trends to confirm
whether or not to transact business or under what con-
ditions business should be transacted.
1 CHIYODA CORPORATION ANNUAL REPORT 2010
Chiyoda Corporation and
Consolidated Subsidiaries
Consolidated Financial Statements for the Years Ended March 31, 2010 and
2009, and Independent Auditors' Report
CHIYODA CORPORATION ANNUAL REPORT 2010
1
Chiyoda Corporation and Consolidated Subsidiaries
INDEPENDENT AUDITORS'
REPORT
To the Board of Directors of Chiyoda Corporation:
We have audited the accompanying consolidated balance sheets of Chiyoda Corporation (the "Company") and
consolidated subsidiaries as of March 31, 2010 and 2009, and the related consolidated statements of income,
changes in equity, and cash flows for the years then ended, all expressed in Japanese yen. These consolidated
financial statements are the responsibility of the Company's management. Our responsibility is to express an
opinion on these consolidated financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in Japan. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial state-
ments are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall financial statement pre-
sentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the
consolidated financial position of Chiyoda Corporation and consolidated subsidiaries as of March 31, 2010 and
2009, and the consolidated results of their operations and their cash flows for the years then ended in confor-
mity with accounting principles generally accepted in Japan.
Our audits also comprehended the translation of Japanese yen amounts into U.S. dollar amounts and, in our
opinion, such translation has been made in conformity with the basis stated in Note 1. Such U.S. dollar amounts
are presented solely for the convenience of readers outside Japan.
June 11, 2010
1 CHIYODA CORPORATION ANNUAL REPORT 2010
Chiyoda Corporation and Consolidated Subsidiaries
Consolidated Balance Sheets
March 31, 2010 and 2009
Chiyoda Corporation and Consolidated Subsidiaries
Consolidated Balance Sheets
March 31, 2010 and 2009
ASSETS
CURRENT ASSETS:
Cash and cash equivalents (Note 14)
Short-term investments (Note 14)
Notes and accounts receivable—trade (Notes 3 and 14)
Allowance for doubtful accounts
Costs and estimated earnings on long-term construction
contracts (Notes 4 and 14)
Costs of construction contracts in process
Accounts receivable—other (Note 3)
Jointly controlled assets of joint venture (Note 14)
Deferred tax assets (Note 11)
Prepaid expenses and other
Millions of Yen
2010
2009
Thousands of
U.S. Dollars
(Note 1)
2010
¥ 139,790
53
39,864
¥ 135,536
52
33,090
(2 )
(3 )
$ 1,503,125
577
428,647
(29 )
11,454
7,283
4,958
69,917
15,523
1,876
17,560
16,920
5,177
100,426
9,872
2,215
123,166
78,318
53,321
751,805
166,914
20,172
Total current assets
290,719
320,848
3,126,018
PROPERTY, PLANT AND EQUIPMENT (Note 7):
Land
Buildings and structures
Machinery and equipment
Tools, furniture and fixtures
Construction in progress
Accumulated depreciation
Total
11,938
15,193
592
5,157
48
32,931
11,953
14,752
870
5,010
1
32,588
(11,480 )
(10,586 )
128,376
163,370
6,371
55,452
525
354,097
(123,447 )
Net property, plant and equipment
21,450
22,001
230,649
INVESTMENTS AND OTHER ASSETS:
Investment securities (Notes 5 and 14)
Investments in and advances to unconsolidated
subsidiaries and associated companies (Note 6)
Software
Deferred tax assets (Note 11)
Other assets
Allowance for doubtful accounts
5,153
3,765
2,714
3,195
1,745
3,528
(333 )
3,203
3,546
1,348
3,435
(333 )
55,417
29,192
34,360
18,765
37,935
(3,583 )
Total investments and other assets
16,004
14,967
172,087
Millions of Yen
2010
2009
Thousands of
U.S. Dollars
(Note 1)
2010
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt (Notes 7, 13 and 14)
Notes and accounts payable—trade (Notes 3 and 14)
Advance receipts on construction contracts
Income taxes payable (Note 14)
Deposits received
Allowance for warranty costs for completed works
Allowance for losses on construction contracts
Accrued expenses and other (Note 3)
¥
17
¥
28
$
89,523
48,168
4,675
4,497
4,486
4,427
10,162
77,020
91,661
5,457
4,468
3,801
4,302
12,478
192
962,621
517,945
50,270
48,362
48,243
47,605
109,279
Total current liabilities
165,960
199,218
1,784,519
NON-CURRENT LIABILITIES:
Long-term debt (Notes 7, 13 and 14)
Liability for retirement benefits (Note 8)
Provision for treatment of PCB waste
Other liabilities
10,022
2,305
123
510
10,030
2,288
361
107,763
24,793
1,322
5,485
Total non-current liabilities
12,960
12,681
139,364
COMMITMENTS AND CONTINGENT LIABILITIES
(Notes 3, 13, 15 and 16)
EQUITY (Notes 9, 10 and 18):
Common stock—authorized, 570,000 thousand shares;
issued, 260,324 thousand shares in 2010 and
260,292 thousand shares in 2009
Preferred stock—authorized, 80,000 thousand shares
Capital surplus
Retained earnings
Unrealized gain (loss) on available-for-sale securities
Deferred loss on derivatives under hedge accounting
Foreign currency translation adjustments
Treasury stock—at cost, 1,117 thousand shares in 2010
and 963 thousand shares in 2009
Minority interests
Total
43,396
43,392
466,628
37,112
70,759
102
(156 )
(1,315 )
37,108
69,730
(775 )
(1,368 )
(1,469 )
399,060
760,860
1,106
(1,685 )
(14,148 )
(1,215 )
(1,105 )
(13,070 )
148,683
145,513
1,598,750
569
404
6,120
TOTAL
¥ 328,174
¥ 357,816
$ 3,528,755
TOTAL
¥ 328,174
¥ 357,816
$ 3,528,755
Total equity
149,253
145,917
1,604,871
See notes to consolidated financial statements.
- 2 -
CHIYODA CORPORATION ANNUAL REPORT 2010
1
Chiyoda Corporation and Consolidated Subsidiaries
Consolidated Balance Sheets
March 31, 2010 and 2009
Chiyoda Corporation and Consolidated Subsidiaries
Consolidated Balance Sheets
March 31, 2010 and 2009
ASSETS
CURRENT ASSETS:
Cash and cash equivalents (Note 14)
Short-term investments (Note 14)
Notes and accounts receivable—trade (Notes 3 and 14)
Allowance for doubtful accounts
Costs and estimated earnings on long-term construction
contracts (Notes 4 and 14)
Costs of construction contracts in process
Accounts receivable—other (Note 3)
Jointly controlled assets of joint venture (Note 14)
Deferred tax assets (Note 11)
Prepaid expenses and other
PROPERTY, PLANT AND EQUIPMENT (Note 7):
Land
Buildings and structures
Machinery and equipment
Tools, furniture and fixtures
Construction in progress
Accumulated depreciation
Total
INVESTMENTS AND OTHER ASSETS:
Investment securities (Notes 5 and 14)
Investments in and advances to unconsolidated
subsidiaries and associated companies (Note 6)
Software
Deferred tax assets (Note 11)
Other assets
Allowance for doubtful accounts
See notes to consolidated financial statements.
Millions of Yen
2010
2009
Thousands of
U.S. Dollars
(Note 1)
2010
¥ 139,790
¥ 135,536
$ 1,503,125
53
39,864
(2 )
11,454
7,283
4,958
69,917
15,523
1,876
52
33,090
(3 )
17,560
16,920
5,177
100,426
9,872
2,215
11,938
15,193
592
5,157
48
32,931
11,953
14,752
870
5,010
1
32,588
5,153
3,765
2,714
3,195
1,745
3,528
(333 )
3,203
3,546
1,348
3,435
(333 )
577
428,647
(29 )
123,166
78,318
53,321
751,805
166,914
20,172
128,376
163,370
6,371
55,452
525
354,097
55,417
29,192
34,360
18,765
37,935
(3,583 )
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current portion of long-term debt (Notes 7, 13 and 14)
Notes and accounts payable—trade (Notes 3 and 14)
Advance receipts on construction contracts
Income taxes payable (Note 14)
Deposits received
Allowance for warranty costs for completed works
Allowance for losses on construction contracts
Accrued expenses and other (Note 3)
Millions of Yen
2010
2009
Thousands of
U.S. Dollars
(Note 1)
2010
¥
17
89,523
48,168
4,675
4,497
4,486
4,427
10,162
¥
28
77,020
91,661
5,457
4,468
3,801
4,302
12,478
$
192
962,621
517,945
50,270
48,362
48,243
47,605
109,279
Total current liabilities
165,960
199,218
1,784,519
NON-CURRENT LIABILITIES:
Long-term debt (Notes 7, 13 and 14)
Liability for retirement benefits (Note 8)
Provision for treatment of PCB waste
Other liabilities
10,022
2,305
123
510
10,030
2,288
361
107,763
24,793
1,322
5,485
Total non-current liabilities
12,960
12,681
139,364
COMMITMENTS AND CONTINGENT LIABILITIES
(Notes 3, 13, 15 and 16)
EQUITY (Notes 9, 10 and 18):
Common stock—authorized, 570,000 thousand shares;
issued, 260,324 thousand shares in 2010 and
260,292 thousand shares in 2009
Preferred stock—authorized, 80,000 thousand shares
Capital surplus
Retained earnings
Unrealized gain (loss) on available-for-sale securities
Deferred loss on derivatives under hedge accounting
Foreign currency translation adjustments
Treasury stock—at cost, 1,117 thousand shares in 2010
and 963 thousand shares in 2009
Minority interests
Total
43,396
43,392
466,628
37,112
70,759
102
(156 )
(1,315 )
37,108
69,730
(775 )
(1,368 )
(1,469 )
399,060
760,860
1,106
(1,685 )
(14,148 )
(1,215 )
(1,105 )
148,683
569
145,513
404
(13,070 )
1,598,750
6,120
Total current assets
290,719
320,848
3,126,018
Net property, plant and equipment
21,450
22,001
230,649
(11,480 )
(10,586 )
(123,447 )
Total investments and other assets
16,004
14,967
172,087
TOTAL
¥ 328,174
¥ 357,816
$ 3,528,755
TOTAL
¥ 328,174
¥ 357,816
$ 3,528,755
Total equity
149,253
145,917
1,604,871
- 2 -
0 CHIYODA CORPORATION ANNUAL REPORT 2010
Chiyoda Corporation and Consolidated Subsidiaries
Consolidated Balance Sheets
March 31, 2010 and 2009
ASSETS
CURRENT ASSETS:
Cash and cash equivalents (Note 14)
Short-term investments (Note 14)
Notes and accounts receivable—trade (Notes 3 and 14)
Allowance for doubtful accounts
Costs and estimated earnings on long-term construction
contracts (Notes 4 and 14)
Costs of construction contracts in process
Accounts receivable—other (Note 3)
Jointly controlled assets of joint venture (Note 14)
Deferred tax assets (Note 11)
Prepaid expenses and other
PROPERTY, PLANT AND EQUIPMENT (Note 7):
Land
Buildings and structures
Machinery and equipment
Tools, furniture and fixtures
Construction in progress
Accumulated depreciation
Total
INVESTMENTS AND OTHER ASSETS:
Investment securities (Notes 5 and 14)
Investments in and advances to unconsolidated
subsidiaries and associated companies (Note 6)
Software
Deferred tax assets (Note 11)
Other assets
Allowance for doubtful accounts
See notes to consolidated financial statements.
Total current assets
290,719
320,848
3,126,018
Net property, plant and equipment
21,450
22,001
230,649
(11,480 )
(10,586 )
(123,447 )
Millions of Yen
2010
2009
Thousands of
U.S. Dollars
(Note 1)
2010
¥ 139,790
¥ 135,536
$ 1,503,125
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
53
39,864
(2 )
11,454
7,283
4,958
69,917
15,523
1,876
52
33,090
(3 )
17,560
16,920
5,177
100,426
9,872
2,215
11,938
15,193
592
5,157
48
32,931
11,953
14,752
870
5,010
1
32,588
5,153
3,765
2,714
3,195
1,745
3,528
(333 )
3,203
3,546
1,348
3,435
(333 )
577
428,647
(29 )
123,166
78,318
53,321
751,805
166,914
20,172
128,376
163,370
6,371
55,452
525
354,097
55,417
29,192
34,360
18,765
37,935
(3,583 )
Current portion of long-term debt (Notes 7, 13 and 14)
Notes and accounts payable—trade (Notes 3 and 14)
Advance receipts on construction contracts
Income taxes payable (Note 14)
Deposits received
Allowance for warranty costs for completed works
Allowance for losses on construction contracts
Accrued expenses and other (Note 3)
¥
17
¥
28
$
89,523
48,168
4,675
4,497
4,486
4,427
10,162
77,020
91,661
5,457
4,468
3,801
4,302
12,478
192
962,621
517,945
50,270
48,362
48,243
47,605
109,279
Total current liabilities
165,960
199,218
1,784,519
NON-CURRENT LIABILITIES:
Long-term debt (Notes 7, 13 and 14)
Liability for retirement benefits (Note 8)
Provision for treatment of PCB waste
Other liabilities
10,022
2,305
123
510
10,030
2,288
361
107,763
24,793
1,322
5,485
Total non-current liabilities
12,960
12,681
139,364
COMMITMENTS AND CONTINGENT LIABILITIES
(Notes 3, 13, 15 and 16)
EQUITY (Notes 9, 10 and 18):
Common stock—authorized, 570,000 thousand shares;
issued, 260,324 thousand shares in 2010 and
260,292 thousand shares in 2009
Preferred stock—authorized, 80,000 thousand shares
Capital surplus
Retained earnings
Unrealized gain (loss) on available-for-sale securities
Deferred loss on derivatives under hedge accounting
Foreign currency translation adjustments
Treasury stock—at cost, 1,117 thousand shares in 2010
and 963 thousand shares in 2009
Minority interests
Total
43,396
43,392
466,628
37,112
70,759
102
(156 )
(1,315 )
37,108
69,730
(775 )
(1,368 )
(1,469 )
399,060
760,860
1,106
(1,685 )
(14,148 )
(1,215 )
(1,105 )
(13,070 )
148,683
145,513
1,598,750
569
404
6,120
Total investments and other assets
16,004
14,967
172,087
TOTAL
¥ 328,174
¥ 357,816
$ 3,528,755
TOTAL
¥ 328,174
¥ 357,816
$ 3,528,755
Chiyoda Corporation and Consolidated Subsidiaries
Consolidated Statements of Income
Years Ended March 31, 2010 and 2009
Chiyoda Corporation and Consolidated Subsidiaries
Consolidated Statements of Income
Years Ended March 31, 2010 and 2009
Millions of Yen
2010
2009
Thousands of
U.S. Dollars
(Note 1)
2010
Millions of Yen
2010
2009
Thousands of
U.S. Dollars
(Note 1)
2010
REVENUE (Notes 3 and 4)
¥ 312,985
¥ 446,438
$ 3,365,440
COST OF REVENUE (Notes 3 and 4)
298,766
427,461
3,212,545
Gross profit
14,219
18,977
152,895
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
(Notes 3 and 12)
12,517
11,749
134,593
Operating income
1,702
7,227
18,301
OTHER INCOME (EXPENSES):
Interest and dividend income
Interest expense
Equity in earnings of associated companies
Foreign exchange gain (loss)
Reversal of allowance for doubtful accounts
Loss on valuation of investment securities
Provision for treatment of PCB waste
Other—net
2,017
(249 )
144
1,214
(123 )
9
5,101
(340 )
137
(435 )
127
(1,859 )
(306 )
21,695
(2,687 )
1,550
13,055
(1,322 )
102
Other income—net
3,012
2,423
32,393
INCOME BEFORE INCOME TAXES AND MINORITY
INTERESTS
4,714
9,651
50,695
INCOME TAXES (Note 11):
Current
Deferred
8,532
(6,806 )
7,120
(3,996 )
91,751
(73,188 )
Total income taxes
1,726
3,123
18,562
MINORITY INTERESTS IN NET INCOME
34
29
370
NET INCOME
Chiyoda Corporation and Consolidated Subsidiaries
¥
2,953
¥
6,498
$
31,762
Total equity
149,253
145,917
1,604,871
Consolidated Statements of Income
Years Ended March 31, 2010 and 2009
PER SHARE OF COMMON STOCK (Notes 2.t and 17):
Basic net income
Diluted net income
Cash dividends applicable to the year
See notes to consolidated financial statements.
Yen
2010
2009
U.S.
Dollars
2010
¥ 11.39
11.39
3.50
¥ 25.58
25.58
7.50
$ 0.12
0.12
0.04
- 2 -
- 3 -
(Continued)
CHIYODA CORPORATION ANNUAL REPORT 2010
1
- 4 -
(Concluded)
Chiyoda Corporation and Consolidated Subsidiaries
Consolidated Statements of Changes in Equity
Years Ended March 31, 2010 and 2009
Chiyoda Corporation and Consolidated Subsidiaries
Chiyoda Corporation and Consolidated Subsidiaries
Chiyoda Corporation and Consolidated Subsidiaries
Chiyoda Corporation and Consolidated Subsidiaries
Chiyoda Corporation and Consolidated Subsidiaries
Chiyoda Corporation and Consolidated Subsidiaries
Chiyoda Corporation and Consolidated Subsidiaries
Chiyoda Corporation and Consolidated Subsidiaries
Consolidated Statements of Changes in Equity
Years Ended March 31, 2010 and 2009
Consolidated Statements of Changes in Equity
Consolidated Statements of Changes in Equity
Years Ended March 31, 2010 and 2009
Years Ended March 31, 2010 and 2009
Consolidated Statements of Changes in Equity
Consolidated Statements of Changes in Equity
Consolidated Statements of Changes in Equity
Consolidated Statements of Changes in Equity
Consolidated Statements of Changes in Equity
Years Ended March 31, 2010 and 2009
Years Ended March 31, 2010 and 2009
Years Ended March 31, 2010 and 2009
Years Ended March 31, 2010 and 2009
Years Ended March 31, 2010 and 2009
Thousands
Thousands
Thousands
Thousands
Thousands
Thousands
Thousands
Thousands
Unrealized
Unrealized
Unrealized
Gain (Loss)
Gain (Loss)
Gain (Loss)
Unrealized
Unrealized
Unrealized
Unrealized
Unrealized
Gain (Loss)
Gain (Loss)
Gain (Loss)
Gain (Loss)
Gain (Loss)
Deferred
Deferred
Deferred
Deferred
Deferred
Deferred
Deferred
Deferred
Millions of Yen
Millions of Yen
Millions of Yen
Millions of Yen
Millions of Yen
Millions of Yen
Millions of Yen
Millions of Yen
Available-
Outstanding
Number of
Shares of
Common
Stock
Outstanding
Outstanding
Number of
Number of
Shares of
Shares of
Common
Common
Stock
Stock
Outstanding
Outstanding
Outstanding
Outstanding
Outstanding
Number of
Number of
Number of
Number of
Number of
Shares of
Shares of
Shares of
Shares of
Shares of
Common
Common
Common
Common
Common
Stock
Stock
Stock
Stock
Stock
Common
Stock
6,498
6,498
6,498
6,498
6,498
6,498
6,498
6,498
67,080
67,080
67,080
67,080
67,080
67,080
67,080
67,080
30,454
30,454
30,454
30,454
30,454
30,454
30,454
30,454
30,387
30,387
30,387
30,387
30,387
30,387
30,387
30,387
Common
Common
Stock
Stock
Common
Common
Stock
Stock
Common
Common
Common
Stock
Stock
Stock
Capital
Surplus
Capital
Capital
Surplus
Surplus
Capital
Capital
Surplus
Surplus
Capital
Capital
Capital
Surplus
Surplus
Surplus
Retained
Earnings
Retained
Retained
Earnings
Earnings
Retained
Retained
Earnings
Earnings
Retained
Retained
Retained
Earnings
Earnings
Earnings
Securities
BALANCE, APRIL 1, 2008
BALANCE, APRIL 1, 2008
BALANCE, APRIL 1, 2008
BALANCE, APRIL 1, 2008
BALANCE, APRIL 1, 2008
BALANCE, APRIL 1, 2008
BALANCE, APRIL 1, 2008
BALANCE, APRIL 1, 2008
192,279
192,279
192,279
192,279
192,279
192,279
192,279
192,279
¥ 12,935
¥ 12,935
¥ 12,935
¥ 12,935
¥ 12,935
¥ 12,935
¥ 12,935
¥ 12,935
¥ 6,718
¥ 6,718
¥ 6,718
¥ 6,718
¥ 6,718
¥ 6,718
¥ 6,718
¥ 6,718
¥ 65,155
¥ 65,155
¥ 65,155
¥ 65,155
¥ 65,155
¥ 65,155
¥ 65,155
¥ 65,155
30
30
30
(60 )
(60 )
(60 )
30
30
30
30
30
3
3
3
3
3
3
3
3
3
3
3
(60 )
(60 )
(60 )
(60 )
(60 )
3
3
3
3
3
(1,922 )
(1,922 )
(1,922 )
(1,922 )
(1,922 )
(1,922 )
(1,922 )
(1,922 )
Net income
Net income
Net income
Issuance of common stock to a third party (Note 9)
Issuance of common stock to a third party (Note 9)
Issuance of common stock to a third party (Note 9)
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
Cash dividends, ¥10.00 per share
Cash dividends, ¥10.00 per share
Cash dividends, ¥10.00 per share
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Net change in the year
Net change in the year
Net change in the year
Net income
Net income
Net income
Net income
Net income
Issuance of common stock to a third party (Note 9)
Issuance of common stock to a third party (Note 9)
Issuance of common stock to a third party (Note 9)
Issuance of common stock to a third party (Note 9)
Issuance of common stock to a third party (Note 9)
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
Cash dividends, ¥10.00 per share
Cash dividends, ¥10.00 per share
Cash dividends, ¥10.00 per share
Cash dividends, ¥10.00 per share
Cash dividends, ¥10.00 per share
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Net change in the year
Net change in the year
Net change in the year
Net change in the year
Net change in the year
on
on
on
on
on
on
on
on
Loss on
Loss on
Loss on
Loss on
Loss on
Loss on
Loss on
Loss on
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Available-
Available-
Available-
Available-
Available-
Available-
Available-
Derivatives
Derivatives
Derivatives
Derivatives
Derivatives
Derivatives
Derivatives
Derivatives
Currency
Currency
Currency
Currency
Currency
Currency
Currency
Currency
for-Sale
for-Sale
for-Sale
for-Sale
for-Sale
for-Sale
for-Sale
for-Sale
under Hedge
under Hedge
under Hedge
under Hedge
under Hedge
under Hedge
under Hedge
under Hedge
Translation
Translation
Translation
Translation
Translation
Translation
Translation
Translation
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Securities
Securities
Securities
Securities
Securities
Securities
Securities
Accounting
Accounting
Accounting
Accounting
Accounting
Accounting
Accounting
Accounting
Adjustments
Adjustments
Adjustments
Adjustments
Adjustments
Adjustments
Adjustments
Adjustments
Stock
Stock
Stock
Stock
Stock
Stock
Stock
Stock
Total
Total
Total
Total
Total
Total
Total
Total
Interests
Interests
Interests
Interests
Interests
Interests
Interests
Interests
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Minority
Minority
Minority
Minority
Minority
Minority
Minority
Minority
Total
Total
Total
Total
Total
Total
Total
Total
¥ (847 )
¥ (847 )
¥ (847 )
¥ (847 )
¥ (847 )
¥ (847 )
¥ (847 )
¥ (847 )
¥ (1,668)
¥ (1,668)
¥ (1,668)
¥ (1,668)
¥ (1,668)
¥ (1,668)
¥ (1,668)
¥ (1,668)
¥
¥
¥
¥
¥
(6 )
¥
(6 )
(6 )
(6 )
(6 )
¥
¥
(6 )
(6 )
¥ (1,059)
¥ (1,059)
¥ (1,059)
¥ (1,059)
¥ (1,059)
¥ (1,059)
¥ (1,059)
¥ (1,059)
¥ 81,228
¥ 81,228
¥ 81,228
¥ 81,228
¥ 81,228
¥ 81,228
¥ 81,228
¥ 81,228
(6 )
¥ 410
¥ 410
¥ 410
¥ 410
¥ 410
¥ 410
¥ 410
¥ 410
¥ 81,638
¥ 81,638
¥ 81,638
¥ 81,638
¥ 81,638
¥ 81,638
¥ 81,638
¥ 81,638
6,498
6,498
6,498
6,498
6,498
6,498
6,498
6,498
60,841
60,841
60,841
60,841
60,841
60,841
60,841
60,841
6
6
6
6
6
6
6
6
(1,922 )
(1,922 )
(1,922 )
(1,922 )
(1,922 )
(1,922 )
(1,922 )
(1,922 )
(46 )
(46 )
(46 )
(46 )
(46 )
(46 )
(46 )
(46 )
(46 )
(46 )
(46 )
(46 )
(46 )
(46 )
(46 )
(46 )
6,498
6,498
6,498
6,498
6,498
6,498
6,498
60,841
60,841
60,841
60,841
60,841
60,841
60,841
6,498
60,841
6
6
6
6
6
6
6
6
(1,922 )
(1,922 )
(1,922 )
(1,922 )
(1,922 )
(1,922 )
(1,922 )
(1,922 )
(46 )
(46 )
(46 )
(46 )
(46 )
(46 )
(46 )
(46 )
71
71
71
71
71
71
71
71
299
299
299
299
299
299
299
299
(1,462 )
(1,462 )
(1,462 )
(1,462 )
(1,462 )
(1,462 )
(1,462 )
(1,462 )
(1,091 )
(1,091 )
(1,091 )
(1,091 )
(1,091 )
(1,091 )
(1,091 )
(1,091 )
(6 )
(6 )
(6 )
(6 )
(6 )
(6 )
(6 )
(6 )
(1,097 )
(1,097 )
(1,097 )
(1,097 )
(1,097 )
(1,097 )
(1,097 )
(1,097 )
(775 )
(775 )
(775 )
(775 )
(775 )
(775 )
(775 )
(775 )
(1,368 )
(1,368 )
(1,368 )
(1,368 )
(1,368 )
(1,368 )
(1,368 )
(1,368 )
(1,469 )
(1,469 )
(1,469 )
(1,469 )
(1,469 )
(1,469 )
(1,469 )
(1,469 )
(1,105 )
(1,105 )
(1,105 )
(1,105 )
(1,105 )
(1,105 )
(1,105 )
(1,105 )
145,513
145,513
145,513
145,513
145,513
145,513
145,513
145,513
404
404
404
404
404
404
404
404
145,917
145,917
145,917
145,917
145,917
145,917
145,917
145,917
20
20
20
878
878
878
878
878
878
878
878
1,211
1,211
1,211
1,211
1,211
1,211
1,211
1,211
153
153
153
153
153
153
153
153
2,243
2,243
2,243
2,243
2,243
2,243
2,243
2,243
164
164
164
164
164
164
164
164
¥ 102
¥ 102
¥ 102
¥ 102
¥ 102
¥ 102
¥ 102
¥ 102
¥ (156 )
¥ (156 )
¥ (156 )
¥ (156 )
¥ (156 )
¥ (156 )
¥ (156 )
¥ (156 )
¥ (1,315)
¥ (1,315)
¥ (1,315)
¥ (1,315)
¥ (1,315)
¥ (1,315)
¥ (1,315)
¥ (1,315)
¥ (1,215)
¥ (1,215)
¥ (1,215)
¥ (1,215)
¥ (1,215)
¥ (1,215)
¥ (1,215)
¥ (1,215)
¥ 148,683
¥ 148,683
¥ 148,683
¥ 148,683
¥ 148,683
¥ 148,683
¥ 148,683
¥ 148,683
¥ 569
¥ 569
¥ 569
¥ 569
¥ 569
¥ 569
¥ 569
¥ 569
¥ 149,253
¥ 149,253
¥ 149,253
¥ 149,253
¥ 149,253
¥ 149,253
¥ 149,253
¥ 149,253
2,953
2,953
2,953
2,953
2,953
2,953
2,953
2,953
2,953
2,953
2,953
2,953
2,953
2,953
2,953
2,953
7
7
7
7
7
7
7
7
(1,944 )
(1,944 )
(1,944 )
(1,944 )
(1,944 )
(1,944 )
(1,944 )
(1,944 )
20
20
20
20
20
20
20
20
(109 )
(109 )
(109 )
(109 )
(109 )
(109 )
(109 )
(109 )
(109 )
(109 )
(109 )
(109 )
(109 )
(109 )
(109 )
(109 )
(1,944 )
(1,944 )
(1,944 )
(1,944 )
(1,944 )
(1,944 )
(1,944 )
(1,944 )
7
7
7
7
7
7
7
20
20
20
20
20
20
20
7
20
(109 )
(109 )
(109 )
(109 )
(109 )
(109 )
(109 )
2,408
2,408
2,408
2,408
2,408
2,408
2,408
(109 )
2,408
on
on
on
on
on
on
on
on
Loss on
Loss on
Loss on
Loss on
Loss on
Loss on
Loss on
Loss on
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Foreign
Available-
Available-
Available-
Available-
Available-
Derivatives
Derivatives
Derivatives
Derivatives
Derivatives
Derivatives
Derivatives
Derivatives
Currency
Currency
Currency
Currency
Currency
Currency
Currency
Currency
for-Sale
for-Sale
for-Sale
for-Sale
for-Sale
for-Sale
for-Sale
under Hedge
under Hedge
under Hedge
under Hedge
under Hedge
under Hedge
under Hedge
under Hedge
Translation
Translation
Translation
Translation
Translation
Translation
Translation
Translation
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Securities
Securities
Securities
Securities
Securities
Accounting
Accounting
Accounting
Accounting
Accounting
Accounting
Accounting
Accounting
Adjustments
Adjustments
Adjustments
Adjustments
Adjustments
Adjustments
Adjustments
Adjustments
Stock
Stock
Stock
Stock
Stock
Stock
Stock
Stock
Total
Total
Total
Total
Total
Total
Total
Total
Minority
Minority
Minority
Minority
Minority
Minority
Minority
Minority
Total
Total
Total
Total
Total
Total
Total
Interests
Interests
Interests
Interests
Interests
Interests
Interests
Interests
Equity
Equity
Equity
Equity
Equity
Equity
Equity
Total
Equity
$ (8,338)
$ (8,338)
$ (8,338)
$ (8,338)
$ (8,338)
$ (8,338)
$ (8,338)
$ (14,712 )
$ (14,712 )
$ (14,712 )
$ (14,712 )
$ (14,712 )
$ (14,712 )
$ (14,712 )
$ (14,712 )
$ (15,799 )
$ (15,799 )
$ (15,799 )
$ (15,799 )
$ (15,799 )
$ (15,799 )
$ (15,799 )
$ (15,799 )
$ (11,892 )
$ (11,892 )
$ (11,892 )
$ (11,892 )
$ (11,892 )
$ (11,892 )
$ (11,892 )
$ (11,892 )
$ 1,564,660
$ 1,564,660
$ 1,564,660
$ 1,564,660
$ 1,564,660
$ 1,564,660
$ 1,564,660
$ 1,564,660
$ 4,346
$ 4,346
$ 4,346
$ 4,346
$ 4,346
$ 4,346
$ 4,346
$ 4,346
$ 1,569,008
$ 1,569,008
$ 1,569,008
$ 1,569,008
$ 1,569,008
$ 1,569,008
$ 1,569,008
$ 1,569,008
31,762
31,762
31,762
31,762
31,762
31,762
31,762
31,762
31,762
31,762
31,762
31,762
31,762
31,762
31,762
31,762
79
79
79
79
79
79
79
79
(20,913 )
(20,913 )
(20,913 )
(20,913 )
(20,913 )
(20,913 )
(20,913 )
(20,913 )
217
217
217
217
217
217
217
217
(1,178 )
(1,178 )
(1,178 )
(1,178 )
(1,178 )
(1,178 )
(1,178 )
(1,178 )
(1,178 )
(1,178 )
(1,178 )
(1,178 )
(1,178 )
(1,178 )
(1,178 )
(1,178 )
79
79
79
79
79
79
79
79
(20,913 )
(20,913 )
(20,913 )
(20,913 )
(20,913 )
(20,913 )
(20,913 )
(20,913 )
217
217
217
217
217
217
217
217
(1,178 )
(1,178 )
(1,178 )
(1,178 )
(1,178 )
(1,178 )
(1,178 )
25,896
25,896
25,896
25,896
25,896
25,896
25,896
(1,178 )
25,896
$ 1,106
$ 1,106
$ 1,106
$ 1,106
$ 1,106
$ 1,106
$ 1,106
$ (1,685 )
$ (1,685 )
$ (1,685 )
$ (1,685 )
$ (1,685 )
$ (1,685 )
$ (1,685 )
$ (1,685 )
$ (14,148 )
$ (14,148 )
$ (14,148 )
$ (14,148 )
$ (14,148 )
$ (14,148 )
$ (14,148 )
$ (14,148 )
$ (13,070 )
$ (13,070 )
$ (13,070 )
$ (13,070 )
$ (13,070 )
$ (13,070 )
$ (13,070 )
$ (13,070 )
$ 1,598,750
$ 1,598,750
$ 1,598,750
$ 1,598,750
$ 1,598,750
$ 1,598,750
$ 1,598,750
$ 1,598,750
$ 6,120
$ 6,120
$ 6,120
$ 6,120
$ 6,120
$ 6,120
$ 6,120
$ 6,120
$ 1,604,871
$ 1,604,871
$ 1,604,871
$ 1,604,871
$ 1,604,871
$ 1,604,871
$ 1,604,871
$ 1,604,871
BALANCE, MARCH 31, 2009
BALANCE, MARCH 31, 2009
BALANCE, MARCH 31, 2009
BALANCE, MARCH 31, 2009
BALANCE, MARCH 31, 2009
BALANCE, MARCH 31, 2009
BALANCE, MARCH 31, 2009
BALANCE, MARCH 31, 2009
259,328
259,328
259,328
259,328
259,328
259,328
259,328
259,328
43,392
43,392
43,392
43,392
43,392
43,392
43,392
43,392
37,108
37,108
37,108
37,108
37,108
37,108
37,108
37,108
69,730
69,730
69,730
69,730
69,730
69,730
69,730
69,730
Net income
Net income
Net income
Net income
Net income
Net income
Net income
Net income
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
Cash dividends, ¥7.50 per share
Cash dividends, ¥7.50 per share
Cash dividends, ¥7.50 per share
Cash dividends, ¥7.50 per share
Cash dividends, ¥7.50 per share
Cash dividends, ¥7.50 per share
Cash dividends, ¥7.50 per share
Cash dividends, ¥7.50 per share
Changes in the scope of consolidation
Changes in the scope of consolidation
Changes in the scope of consolidation
Changes in the scope of consolidation
Changes in the scope of consolidation
Changes in the scope of consolidation
Changes in the scope of consolidation
Changes in the scope of consolidation
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Net change in the year
Net change in the year
Net change in the year
Net change in the year
Net change in the year
Net change in the year
Net change in the year
Net change in the year
32
32
32
(153 )
(153 )
(153 )
32
32
32
32
32
3
3
3
3
3
3
3
3
3
3
3
(153 )
(153 )
(153 )
(153 )
(153 )
2,953
2,953
2,953
2,953
2,953
2,953
2,953
2,953
3
3
3
3
3
(1,944 )
(1,944 )
(1,944 )
20
(1,944 )
(1,944 )
20
20
(1,944 )
(1,944 )
(1,944 )
20
20
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2009
BALANCE, MARCH 31, 2009
BALANCE, MARCH 31, 2009
BALANCE, MARCH 31, 2009
BALANCE, MARCH 31, 2009
BALANCE, MARCH 31, 2009
BALANCE, MARCH 31, 2009
BALANCE, MARCH 31, 2009
259,207
259,207
259,207
259,207
259,207
259,207
259,207
259,207
¥ 43,396
¥ 43,396
¥ 43,396
¥ 43,396
¥ 43,396
¥ 43,396
¥ 43,396
¥ 43,396
¥ 37,112
¥ 37,112
¥ 37,112
¥ 37,112
¥ 37,112
¥ 37,112
¥ 37,112
¥ 37,112
¥ 70,759
¥ 70,759
¥ 70,759
¥ 70,759
¥ 70,759
¥ 70,759
¥ 70,759
¥ 70,759
Thousands of U.S. Dollars (Note 1)
Thousands of U.S. Dollars (Note 1)
Thousands of U.S. Dollars (Note 1)
Thousands of U.S. Dollars (Note 1)
Thousands of U.S. Dollars (Note 1)
Thousands of U.S. Dollars (Note 1)
Thousands of U.S. Dollars (Note 1)
Thousands of U.S. Dollars (Note 1)
Unrealized
Gain (Loss)
Unrealized
Unrealized
Gain (Loss)
Gain (Loss)
Unrealized
Unrealized
Unrealized
Unrealized
Unrealized
Gain (Loss)
Gain (Loss)
Gain (Loss)
Gain (Loss)
Gain (Loss)
Deferred
Deferred
Deferred
Deferred
Deferred
Deferred
Deferred
Deferred
Common
Stock
Common
Common
Stock
Stock
Common
Common
Stock
Stock
Common
Common
Common
Stock
Stock
Stock
Capital
Surplus
Capital
Capital
Surplus
Surplus
Capital
Capital
Surplus
Surplus
Capital
Capital
Capital
Surplus
Surplus
Surplus
Retained
Earnings
Retained
Retained
Earnings
Earnings
Retained
Retained
Earnings
Earnings
Retained
Retained
Retained
Earnings
Earnings
Earnings
Available-
Available-
Available-
for-Sale
Securities
Securities
Securities
$ 466,588
$ 466,588
$ 466,588
$ 466,588
$ 466,588
$ 466,588
$ 466,588
$ 466,588
$ 399,020
$ 399,020
$ 399,020
$ 399,020
$ 399,020
$ 399,020
$ 399,020
$ 399,020
$ 749,793
$ 749,793
$ 749,793
$ 749,793
$ 749,793
$ 749,793
$ 749,793
$ 749,793
$ (8,338)
Net income
Net income
Net income
Net income
Net income
Net income
Net income
Net income
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
Cash dividends, $0.08 per share
Cash dividends, $0.08 per share
Cash dividends, $0.08 per share
Cash dividends, $0.08 per share
Cash dividends, $0.08 per share
Cash dividends, $0.08 per share
Cash dividends, $0.08 per share
Cash dividends, $0.08 per share
Changes in the scope of consolidation
Changes in the scope of consolidation
Changes in the scope of consolidation
Changes in the scope of consolidation
Changes in the scope of consolidation
Changes in the scope of consolidation
Changes in the scope of consolidation
Changes in the scope of consolidation
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Net change in the year
Net change in the year
Net change in the year
Net change in the year
Net change in the year
Net change in the year
Net change in the year
Net change in the year
39
39
39
39
39
39
39
39
31,762
31,762
31,762
31,762
31,762
31,762
31,762
31,762
39
39
39
39
39
(20,913 )
39
39
39
(20,913 )
(20,913 )
217
(20,913 )
(20,913 )
217
217
(20,913 )
(20,913 )
(20,913 )
217
217
217
217
217
9,444
9,444
9,444
9,444
9,444
9,444
9,444
9,444
13,026
13,026
13,026
13,026
13,026
13,026
13,026
13,026
1,650
1,650
1,650
1,650
1,650
1,650
1,650
1,650
24,122
24,122
24,122
24,122
24,122
24,122
24,122
24,122
1,773
1,773
1,773
1,773
1,773
1,773
1,773
1,773
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2010
See notes to consolidated financial statements.
See notes to consolidated financial statements.
See notes to consolidated financial statements.
See notes to consolidated financial statements.
See notes to consolidated financial statements.
See notes to consolidated financial statements.
See notes to consolidated financial statements.
See notes to consolidated financial statements.
CHIYODA CORPORATION ANNUAL REPORT 2010
$ 466,628
$ 466,628
$ 466,628
$ 466,628
$ 466,628
$ 466,628
$ 466,628
$ 466,628
$ 399,060
$ 399,060
$ 399,060
$ 399,060
$ 399,060
$ 399,060
$ 399,060
$ 399,060
$ 760,860
$ 760,860
$ 760,860
$ 760,860
$ 760,860
$ 760,860
$ 760,860
$ 760,860
$ 1,106
- 5 -
- 5 -
- 5 -
- 5 -
- 5 -
- 5 -
- 5 -
- 5 -
Chiyoda Corporation and Consolidated Subsidiaries
Chiyoda Corporation and Consolidated Subsidiaries
Chiyoda Corporation and Consolidated Subsidiaries
Chiyoda Corporation and Consolidated Subsidiaries
Chiyoda Corporation and Consolidated Subsidiaries
Chiyoda Corporation and Consolidated Subsidiaries
Chiyoda Corporation and Consolidated Subsidiaries
Consolidated Statements of Changes in Equity
Consolidated Statements of Changes in Equity
Consolidated Statements of Changes in Equity
Consolidated Statements of Changes in Equity
Consolidated Statements of Changes in Equity
Consolidated Statements of Changes in Equity
Consolidated Statements of Changes in Equity
Years Ended March 31, 2010 and 2009
Years Ended March 31, 2010 and 2009
Years Ended March 31, 2010 and 2009
Years Ended March 31, 2010 and 2009
Years Ended March 31, 2010 and 2009
Years Ended March 31, 2010 and 2009
Years Ended March 31, 2010 and 2009
Thousands
Thousands
Thousands
Thousands
Thousands
Thousands
Thousands
Outstanding
Outstanding
Outstanding
Outstanding
Outstanding
Outstanding
Outstanding
Number of
Number of
Number of
Number of
Number of
Number of
Number of
Shares of
Shares of
Shares of
Shares of
Shares of
Shares of
Shares of
Common
Common
Common
Stock
Stock
Stock
Common
Common
Common
Common
Common
Common
Common
Common
Common
Stock
Stock
Stock
Stock
Stock
Stock
Stock
Stock
Stock
Common
Common
Capital
Capital
Capital
Capital
Capital
Capital
Capital
Retained
Retained
Retained
Stock
Stock
Surplus
Surplus
Surplus
Surplus
Surplus
Surplus
Surplus
Earnings
Earnings
Earnings
BALANCE, APRIL 1, 2008
BALANCE, APRIL 1, 2008
BALANCE, APRIL 1, 2008
BALANCE, APRIL 1, 2008
BALANCE, APRIL 1, 2008
BALANCE, APRIL 1, 2008
BALANCE, APRIL 1, 2008
192,279
192,279
192,279
192,279
192,279
192,279
192,279
¥ 12,935
¥ 12,935
¥ 12,935
¥ 12,935
¥ 12,935
¥ 12,935
¥ 12,935
¥ 6,718
¥ 6,718
¥ 6,718
¥ 6,718
¥ 6,718
¥ 6,718
¥ 6,718
¥ 65,155
¥ 65,155
¥ 65,155
Net income
Net income
Net income
Net income
Net income
Net income
Net income
Issuance of common stock to a third party (Note 9)
Issuance of common stock to a third party (Note 9)
Issuance of common stock to a third party (Note 9)
Issuance of common stock to a third party (Note 9)
Issuance of common stock to a third party (Note 9)
Issuance of common stock to a third party (Note 9)
Issuance of common stock to a third party (Note 9)
67,080
67,080
67,080
67,080
67,080
67,080
67,080
30,454
30,454
30,454
30,454
30,454
30,454
30,454
30,387
30,387
30,387
30,387
30,387
30,387
30,387
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
Cash dividends, ¥10.00 per share
Cash dividends, ¥10.00 per share
Cash dividends, ¥10.00 per share
Cash dividends, ¥10.00 per share
Cash dividends, ¥10.00 per share
Cash dividends, ¥10.00 per share
Cash dividends, ¥10.00 per share
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Net change in the year
Net change in the year
Net change in the year
Net change in the year
Net change in the year
Net change in the year
Net change in the year
(60 )
(60 )
(60 )
(60 )
(60 )
(60 )
(60 )
BALANCE, MARCH 31, 2009
BALANCE, MARCH 31, 2009
BALANCE, MARCH 31, 2009
BALANCE, MARCH 31, 2009
BALANCE, MARCH 31, 2009
BALANCE, MARCH 31, 2009
BALANCE, MARCH 31, 2009
259,328
259,328
259,328
259,328
259,328
259,328
259,328
43,392
43,392
43,392
43,392
43,392
43,392
43,392
37,108
37,108
37,108
37,108
37,108
37,108
37,108
69,730
69,730
69,730
Net income
Net income
Net income
Net income
Net income
Net income
Net income
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
Cash dividends, ¥7.50 per share
Cash dividends, ¥7.50 per share
Cash dividends, ¥7.50 per share
Cash dividends, ¥7.50 per share
Cash dividends, ¥7.50 per share
Cash dividends, ¥7.50 per share
Cash dividends, ¥7.50 per share
Changes in the scope of consolidation
Changes in the scope of consolidation
Changes in the scope of consolidation
Changes in the scope of consolidation
Changes in the scope of consolidation
Changes in the scope of consolidation
Changes in the scope of consolidation
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Net change in the year
Net change in the year
Net change in the year
Net change in the year
Net change in the year
Net change in the year
Net change in the year
32
32
32
32
32
32
32
3
3
3
3
3
3
3
3
3
3
3
3
3
3
(1,944 )
(1,944 )
(1,944 )
20
20
20
(153 )
(153 )
(153 )
(153 )
(153 )
(153 )
(153 )
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2010
259,207
259,207
259,207
259,207
259,207
259,207
259,207
¥ 43,396
¥ 43,396
¥ 43,396
¥ 43,396
¥ 43,396
¥ 43,396
¥ 43,396
¥ 37,112
¥ 37,112
¥ 37,112
¥ 37,112
¥ 37,112
¥ 37,112
¥ 37,112
¥ 70,759
¥ 70,759
¥ 70,759
BALANCE, MARCH 31, 2009
BALANCE, MARCH 31, 2009
BALANCE, MARCH 31, 2009
BALANCE, MARCH 31, 2009
BALANCE, MARCH 31, 2009
BALANCE, MARCH 31, 2009
BALANCE, MARCH 31, 2009
$ 466,588
$ 466,588
$ 466,588
$ 466,588
$ 466,588
$ 466,588
$ 466,588
$ 399,020
$ 399,020
$ 399,020
$ 399,020
$ 399,020
$ 399,020
$ 399,020
$ 749,793
$ 749,793
$ 749,793
$ 749,793
$ 749,793
Common
Common
Common
Common
Common
Common
Common
Capital
Capital
Capital
Stock
Stock
Stock
Stock
Stock
Stock
Stock
Surplus
Surplus
Surplus
Capital
Capital
Capital
Capital
Retained
Retained
Retained
Retained
Retained
Surplus
Surplus
Surplus
Surplus
Earnings
Earnings
Earnings
Earnings
Earnings
Net income
Net income
Net income
Net income
Net income
Net income
Net income
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
Issuance of common stock by stock option plan
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
(Notes 9 and 10)
Cash dividends, $0.08 per share
Cash dividends, $0.08 per share
Cash dividends, $0.08 per share
Cash dividends, $0.08 per share
Cash dividends, $0.08 per share
Cash dividends, $0.08 per share
Cash dividends, $0.08 per share
Changes in the scope of consolidation
Changes in the scope of consolidation
Changes in the scope of consolidation
Changes in the scope of consolidation
Changes in the scope of consolidation
Changes in the scope of consolidation
Changes in the scope of consolidation
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Repurchase of treasury stock
Net change in the year
Net change in the year
Net change in the year
Net change in the year
Net change in the year
Net change in the year
Net change in the year
See notes to consolidated financial statements.
See notes to consolidated financial statements.
See notes to consolidated financial statements.
See notes to consolidated financial statements.
See notes to consolidated financial statements.
See notes to consolidated financial statements.
See notes to consolidated financial statements.
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2010
BALANCE, MARCH 31, 2010
$ 466,628
$ 466,628
$ 466,628
$ 466,628
$ 466,628
$ 466,628
$ 466,628
$ 399,060
$ 399,060
$ 399,060
$ 399,060
$ 399,060
$ 399,060
$ 399,060
$ 760,860
$ 760,860
$ 760,860
$ 760,860
$ 760,860
Millions of Yen
Millions of Yen
Millions of Yen
Millions of Yen
Millions of Yen
Millions of Yen
Millions of Yen
Unrealized
Unrealized
Unrealized
Unrealized
Unrealized
Unrealized
Unrealized
Gain (Loss)
Deferred
Gain (Loss)
Gain (Loss)
Gain (Loss)
Gain (Loss)
Gain (Loss)
Gain (Loss)
on
Loss on
on
on
on
on
on
on
Available-
Derivatives
Available-
Available-
Available-
Available-
Available-
Available-
for-Sale
under Hedge
for-Sale
for-Sale
for-Sale
for-Sale
for-Sale
for-Sale
Securities
Accounting
Securities
Securities
Securities
Securities
Securities
Securities
Deferred
Deferred
Deferred
Deferred
Loss on
Loss on
Loss on
Loss on
Derivatives
Derivatives
Derivatives
Derivatives
under Hedge
under Hedge
under Hedge
under Hedge
Accounting
Accounting
Accounting
Accounting
Deferred
Deferred
Loss on
Loss on
Derivatives
Derivatives
under Hedge
under Hedge
Accounting
Accounting
Foreign
Currency
Translation
Adjustments
Foreign
Foreign
Foreign
Foreign
Currency
Currency
Currency
Currency
Translation
Translation
Translation
Translation
Adjustments
Adjustments
Adjustments
Adjustments
Foreign
Foreign
Currency
Currency
Translation
Translation
Adjustments
Adjustments
Retained
Retained
Earnings
Earnings
Retained
Retained
Earnings
Earnings
Treasury
Stock
Treasury
Treasury
Treasury
Treasury
Stock
Stock
Stock
Stock
Treasury
Treasury
Stock
Stock
Total
Total
Total
Total
Total
Total
Total
Minority
Interests
Minority
Minority
Minority
Minority
Interests
Interests
Interests
Interests
Minority
Minority
Interests
Interests
Total
Total
Total
Total
Total
Total
Total
Equity
Equity
Equity
Equity
Equity
Equity
Equity
30
30
30
30
30
30
30
3
3
3
3
3
3
3
3
3
3
3
3
3
3
(1,922 )
(1,922 )
(1,922 )
(1,922 )
(1,922 )
(1,922 )
(1,922 )
6,498
6,498
6,498
6,498
6,498
6,498
6,498
¥ 65,155
¥ 65,155
¥ 65,155
¥ 65,155
¥ (847 )
¥ (847 )
¥ (847 )
¥ (847 )
¥ (847 )
¥ (847 )
¥ (847 )
¥ (1,668)
¥ (1,668)
¥ (1,668)
¥ (1,668)
¥ (1,668)
¥
¥ (1,668)
¥ (1,668)
¥
¥
¥
(6 )
¥
(6 )
¥
¥
(6 )
(6 )
(6 )
(6 )
(6 )
¥ (1,059)
¥ (1,059)
¥ (1,059)
¥ (1,059)
¥ (1,059)
¥ (1,059)
¥ (1,059)
¥ 81,228
¥ 81,228
¥ 81,228
¥ 81,228
¥ 81,228
¥ 81,228
¥ 81,228
¥ 410
¥ 410
¥ 410
¥ 410
¥ 410
¥ 410
¥ 410
6,498
60,841
6,498
6,498
6,498
6,498
60,841
60,841
60,841
60,841
6,498
6,498
60,841
60,841
6
6
6
6
6
6
6
(1,922 )
(1,922 )
(1,922 )
(1,922 )
(1,922 )
(1,922 )
(1,922 )
(46 )
(46 )
(46 )
(46 )
(46 )
(46 )
(46 )
(1,091 )
(1,091 )
(1,091 )
(1,091 )
(1,091 )
(1,091 )
(1,091 )
(6 )
(6 )
(6 )
(6 )
(6 )
(6 )
(6 )
(46 )
(46 )
(46 )
(46 )
(46 )
(46 )
(46 )
71
71
71
71
71
71
71
299
299
299
299
299
299
299
(1,462 )
(1,462 )
(1,462 )
(1,462 )
(1,462 )
(1,462 )
(1,462 )
69,730
69,730
69,730
69,730
(775 )
(775 )
(775 )
(775 )
(775 )
(775 )
(775 )
(1,368 )
(1,368 )
(1,368 )
(1,368 )
(1,368 )
(1,368 )
(1,368 )
(1,469 )
(1,469 )
(1,469 )
(1,469 )
(1,469 )
(1,469 )
(1,469 )
(1,105 )
(1,105 )
(1,105 )
(1,105 )
(1,105 )
(1,105 )
(1,105 )
145,513
145,513
145,513
145,513
145,513
145,513
145,513
404
404
404
404
404
404
404
2,953
2,953
2,953
2,953
2,953
2,953
2,953
(1,944 )
(1,944 )
(1,944 )
(1,944 )
20
20
20
20
878
878
878
878
878
878
878
1,211
1,211
1,211
1,211
1,211
1,211
1,211
2,953
2,953
2,953
2,953
2,953
2,953
2,953
(1,944 )
7
7
7
7
7
7
7
(1,944 )
(1,944 )
(1,944 )
(1,944 )
(1,944 )
(1,944 )
20
20
20
20
20
(109 )
(109 )
(109 )
(109 )
(109 )
2,243
2,243
2,243
2,243
20
20
(109 )
(109 )
2,243
2,243
2,243
164
164
164
164
164
164
164
(109 )
(109 )
(109 )
(109 )
(109 )
(109 )
(109 )
153
153
153
153
153
153
153
¥ 70,759
¥ 70,759
¥ 70,759
¥ 70,759
¥ 102
¥ 102
¥ 102
¥ 102
¥ 102
¥ 102
¥ 102
¥ (156 )
¥ (156 )
¥ (156 )
¥ (156 )
¥ (156 )
¥ (156 )
¥ (156 )
¥ (1,315)
¥ (1,315)
¥ (1,315)
¥ (1,315)
¥ (1,315)
¥ (1,315)
¥ (1,315)
¥ (1,215)
¥ (1,215)
¥ (1,215)
¥ (1,215)
¥ (1,215)
¥ (1,215)
¥ (1,215)
¥ 148,683
¥ 148,683
¥ 148,683
¥ 148,683
¥ 148,683
¥ 148,683
¥ 148,683
¥ 569
¥ 569
¥ 569
¥ 569
¥ 569
¥ 569
¥ 569
¥ 81,638
¥ 81,638
¥ 81,638
¥ 81,638
¥ 81,638
¥ 81,638
¥ 81,638
6,498
6,498
6,498
6,498
6,498
60,841
60,841
60,841
60,841
60,841
6,498
6,498
60,841
60,841
6
6
6
6
6
6
6
(1,922 )
(1,922 )
(1,922 )
(1,922 )
(1,922 )
(1,922 )
(1,922 )
(46 )
(46 )
(46 )
(46 )
(46 )
(46 )
(46 )
(1,097 )
(1,097 )
(1,097 )
(1,097 )
(1,097 )
(1,097 )
(1,097 )
145,917
145,917
145,917
145,917
145,917
145,917
145,917
2,953
2,953
2,953
2,953
2,953
2,953
2,953
7
7
7
7
7
7
7
(1,944 )
(1,944 )
(1,944 )
(1,944 )
(1,944 )
(1,944 )
(1,944 )
20
20
20
20
20
20
20
(109 )
(109 )
(109 )
(109 )
(109 )
(109 )
(109 )
2,408
2,408
2,408
2,408
2,408
2,408
2,408
¥ 149,253
¥ 149,253
¥ 149,253
¥ 149,253
¥ 149,253
¥ 149,253
¥ 149,253
Thousands of U.S. Dollars (Note 1)
Thousands of U.S. Dollars (Note 1)
Thousands of U.S. Dollars (Note 1)
Thousands of U.S. Dollars (Note 1)
Thousands of U.S. Dollars (Note 1)
Thousands of U.S. Dollars (Note 1)
Thousands of U.S. Dollars (Note 1)
Unrealized
Unrealized
Unrealized
Unrealized
Unrealized
Unrealized
Unrealized
Gain (Loss)
Deferred
Gain (Loss)
Gain (Loss)
Gain (Loss)
Gain (Loss)
Gain (Loss)
Gain (Loss)
on
Loss on
on
on
on
on
on
on
Available-
Derivatives
Available-
Available-
Available-
Available-
Available-
Available-
for-Sale
under Hedge
for-Sale
for-Sale
for-Sale
for-Sale
for-Sale
for-Sale
Securities
Accounting
Securities
Deferred
Deferred
Deferred
Deferred
Loss on
Loss on
Loss on
Loss on
Derivatives
Derivatives
Derivatives
Derivatives
under Hedge
under Hedge
under Hedge
under Hedge
Accounting
Accounting
Accounting
Accounting
Deferred
Deferred
Loss on
Loss on
Derivatives
Derivatives
under Hedge
under Hedge
Accounting
Accounting
Securities
Securities
Securities
Securities
Securities
Retained
Retained
Earnings
Earnings
Foreign
Currency
Translation
Adjustments
Foreign
Foreign
Foreign
Foreign
Currency
Currency
Currency
Currency
Translation
Translation
Translation
Translation
Adjustments
Adjustments
Adjustments
Adjustments
Foreign
Foreign
Currency
Currency
Translation
Translation
Adjustments
Adjustments
Treasury
Stock
Treasury
Treasury
Treasury
Treasury
Stock
Stock
Stock
Stock
Treasury
Treasury
Stock
Stock
Total
Total
Total
Total
Total
Total
Total
Minority
Interests
Minority
Minority
Minority
Minority
Interests
Interests
Interests
Interests
Minority
Minority
Interests
Interests
Total
Total
Total
Total
Total
Equity
Equity
Equity
Equity
Equity
Total
Total
Equity
Equity
$ 749,793
$ 749,793
$ (8,338)
$ (8,338)
$ (8,338)
$ (8,338)
$ (8,338)
$ (8,338)
$ (8,338)
$ (14,712 )
$ (14,712 )
$ (14,712 )
$ (14,712 )
$ (14,712 )
$ (14,712 )
$ (14,712 )
$ (15,799 )
$ (15,799 )
$ (15,799 )
$ (15,799 )
$ (15,799 )
$ (15,799 )
$ (15,799 )
$ (11,892 )
$ (11,892 )
$ (11,892 )
$ (11,892 )
$ (11,892 )
$ (11,892 )
$ (11,892 )
$ 1,564,660
$ 1,564,660
$ 1,564,660
$ 1,564,660
$ 1,564,660
$ 1,564,660
$ 1,564,660
$ 4,346
$ 4,346
$ 4,346
$ 4,346
$ 4,346
$ 4,346
$ 4,346
39
39
39
39
39
39
39
39
39
39
39
39
39
39
31,762
31,762
31,762
31,762
31,762
31,762
31,762
(20,913 )
(20,913 )
(20,913 )
(20,913 )
(20,913 )
217
217
217
217
217
(20,913 )
(20,913 )
217
217
9,444
9,444
9,444
9,444
9,444
9,444
9,444
13,026
13,026
13,026
13,026
13,026
13,026
13,026
1,650
1,650
1,650
1,650
1,650
1,650
1,650
(1,178 )
(1,178 )
(1,178 )
(1,178 )
(1,178 )
(1,178 )
(1,178 )
31,762
31,762
31,762
31,762
31,762
31,762
31,762
79
79
(20,913 )
79
79
79
79
79
(20,913 )
(20,913 )
(20,913 )
(20,913 )
(20,913 )
(20,913 )
217
217
217
217
217
(1,178 )
(1,178 )
(1,178 )
(1,178 )
24,122
24,122
24,122
24,122
(1,178 )
(1,178 )
24,122
24,122
(1,178 )
24,122
217
217
1,773
1,773
1,773
1,773
1,773
1,773
1,773
$ 760,860
$ 760,860
$ 1,106
$ 1,106
$ 1,106
$ 1,106
$ 1,106
$ 1,106
$ 1,106
$ (1,685 )
$ (1,685 )
$ (1,685 )
$ (1,685 )
$ (1,685 )
$ (1,685 )
$ (1,685 )
$ (14,148 )
$ (14,148 )
$ (14,148 )
$ (14,148 )
$ (14,148 )
$ (14,148 )
$ (14,148 )
$ (13,070 )
$ (13,070 )
$ (13,070 )
$ (13,070 )
$ (13,070 )
$ (13,070 )
$ (13,070 )
$ 1,598,750
$ 1,598,750
$ 1,598,750
$ 1,598,750
$ 1,598,750
$ 1,598,750
$ 1,598,750
$ 6,120
$ 6,120
$ 6,120
$ 6,120
$ 6,120
$ 6,120
$ 6,120
$ 1,569,008
$ 1,569,008
$ 1,569,008
$ 1,569,008
$ 1,569,008
$ 1,569,008
$ 1,569,008
31,762
31,762
31,762
31,762
31,762
31,762
31,762
79
79
79
79
79
79
79
(20,913 )
(20,913 )
(20,913 )
(20,913 )
(20,913 )
(20,913 )
(20,913 )
217
217
217
217
217
217
217
(1,178 )
(1,178 )
(1,178 )
(1,178 )
(1,178 )
(1,178 )
(1,178 )
25,896
25,896
25,896
25,896
25,896
25,896
25,896
$ 1,604,871
$ 1,604,871
$ 1,604,871
$ 1,604,871
$ 1,604,871
$ 1,604,871
$ 1,604,871
- 5 -
- 5 -
- 5 -
- 5 -
- 5 -
- 5 -
- 5 -
CHIYODA CORPORATION ANNUAL REPORT 2010
Chiyoda Corporation and Consolidated Subsidiaries
Consolidated Statements of Cash Flows
Years Ended March 31, 2010 and 2009
Chiyoda Corporation and Consolidated Subsidiaries
Consolidated Statements of Cash Flows
Years Ended March 31, 2010 and 2009
OPERATING ACTIVITIES:
Income before income taxes and minority interests
Adjustments for:
Income taxes paid
Depreciation and amortization
Reversal of allowance for doubtful accounts—net
Provision for warranty costs for completed works
Provision for loss on construction contracts
Provision for (reversal of) retirement benefits—net
Loss on valuation of investment securities
Foreign exchange loss (gain)—net
Equity in earnings of associated companies
Changes in operating assets and liabilities:
Decrease (increase) in trade notes and accounts receivable,
and costs and estimated earnings on long-term
construction contracts
Decrease in costs of construction contracts in process
Decrease in jointly controlled assets of joint venture
Increase in interest and dividend receivable
Increase in trade notes and accounts payable
Decrease in advance receipts on construction contracts
Increase (decrease) in deposits received
Decrease in accounts receivable—other
Decrease in accrued liability of a defined contribution
pension plan
Other—net
Total adjustments
Millions of Yen
2010
2009
Thousands of
U.S. Dollars
(Note 1)
2010
¥ 4,714
¥ 9,651
$ 50,695
(7,531 )
2,059
1,957
(72 ) (80,979 )
(6 )
(158 )
678
125
374
1,754
43
(56 )
1,859
22,143
(67 )
7,297
1,344
4,024
78
(144 )
(26 )
(137 )
842
(1,550 )
469
9,692
30,508
(13,859 )
171
92,256
5,051
104,216
328,053
(694 ) (3,753 )
(7,465 )
12,031
(43,592 ) (93,209 ) (468,731 )
129,367
2,772
1
656
(511 )
2,654
19
7,061
(800 )
(811 )
(9 ) 8,446
(8,604 )
(102 )
3,898
(679 )
41,921
Net cash provided by operating activities
8,613
8,971
92,616
INVESTING ACTIVITIES:
Payments for time deposits
Proceeds from withdrawal of time deposits
Payments for purchases of investment securities
Purchases of property, plant and equipment
Purchases of intangible assets
Proceeds from collections of long-term loans
Payments for acquisition of shares (ARROW HUMAN RESOURCES
Co., Ltd. for 2010 and IT Engineering Ltd. for 2009) affecting
scope of consolidation, net of cash acquired
Other—net
539
(539 )
(5,804 )
5,804
888
(5,761 )
(65 )
(535 )
(922 )
(9,914 )
(563 )
(942 ) (1,156 ) (10,135 )
51
551
(388 )
14
(215 )
40
(4,176 )
159
Net cash used in investing activities
(2,722 ) (1,072 ) (29,276 )
FORWARD
¥ 5,890
¥ 7,898
$ 63,340
CHIYODA CORPORATION ANNUAL REPORT 2010
- 6 -
(Continued)
Chiyoda Corporation and Consolidated Subsidiaries
Consolidated Statements of Cash Flows
Years Ended March 31, 2010 and 2009
Millions of Yen
2010
2009
Thousands of
U.S. Dollars
(Note 1)
2010
FORWARD
¥
5,890
¥
7,898
$
63,340
FINANCING ACTIVITIES:
Proceeds from long-term debt
Repayments of long-term debt
Proceeds from issuance of common stock
Payments of cash dividends
Payments of cash dividends to minority shareholders
Other—net
(18 )
7
(1,940 )
(7 )
(121 )
10,000
(10,039 )
60,577
(1,920 )
(10 )
(59 )
(193 )
79
(20,863 )
(78 )
(1,303 )
Net cash (used in) provided by financing
activities
(2,079 )
58,548
(22,358 )
FOREIGN CURRENCY TRANSLATION ADJUSTMENTS ON
CASH AND CASH EQUIVALENTS
152
(999 )
1,640
NET INCREASE IN CASH AND CASH EQUIVALENTS
3,963
65,447
42,621
INCREASE IN CASH AND CASH EQUIVALENTS FROM
NEWLY CONSOLIDATED SUBSIDIARY
290
3,122
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
135,536
70,089
1,457,381
CASH AND CASH EQUIVALENTS, END OF YEAR
¥ 139,790
¥ 135,536
$ 1,503,125
ADDITIONAL INFORMATION:
ARROW HUMAN RESOURCES Co., Ltd. was included in the
scope of consolidation for the year ended March 31, 2010,
through the acquisition of shares. The acquisition cost
and payments for the acquisition were as follows:
Current assets
Investments and other assets
Current liabilities
Long-term liabilities
Net assets acquired
Goodwill
Shares of minor shareholders
Pre-acquisition carrying amount of investment
Cash acquired
¥
719
127
(545 )
(139 )
161
599
(6 )
(75 )
(291 )
$
7,734
1,370
(5,870 )
(1,496 )
1,738
6,450
(69 )
(807 )
(3,135 )
Net of cash acquired
¥
388
$
4,176
See notes to consolidated financial statements.
- 7 -
(Concluded)
CHIYODA CORPORATION ANNUAL REPORT 2010
Chiyoda Corporation and Consolidated Subsidiaries
Notes to Consolidated Financial Statements
Years Ended March 31, 2010 and 2009
Chiyoda Corporation and Consolidated Subsidiaries
Notes to Consolidated Financial Statements
Years Ended March 31, 2010 and 2009
1. BASIS OF PRESENTING CONSOLIDATED FINANCIAL STATEMENTS
The accompanying consolidated financial statements have been prepared in accordance with the
provisions set forth in the Japanese Financial Instruments and Exchange Act and its related
accounting regulations and in conformity with accounting principles generally accepted in Japan
("Japanese GAAP"), which are different in certain respects as to application and disclosure
requirements of International Financial Reporting Standards.
In preparing these consolidated financial statements, certain reclassifications and
rearrangements have been made to the consolidated financial statements issued domestically in
order to present them in a form which is more familiar to readers outside Japan. In addition,
certain reclassifications and rearrangements have been made in the 2009 financial statements in
order for them to conform to classifications and presentations used in 2010.
The consolidated financial statements are stated in Japanese yen, the currency of the country in
which Chiyoda Corporation (the "Company") is incorporated and principally operates. The
translations of Japanese yen amounts into U.S. dollar amounts are included solely for the
convenience of readers outside Japan and have been made at the rate of ¥93 to $1, the
approximate rate of exchange at March 31, 2010. Such translations should not be construed as
representations that the Japanese yen amounts could be converted into U.S. dollars at that or
any other rate.
Japanese yen figures less than a million yen are rounded down to the nearest million yen, except
for per share data.
U.S. dollar figures less than a thousand U.S. dollars are rounded down to the nearest thousand
U.S. dollars, except for per share data.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a. Consolidation—The consolidated financial statements for the year ended March 31, 2010
include the accounts of the Company and its 19 significant (17 in 2009) subsidiaries
(together, the "Group").
Under the control or influence concept, those companies in which the Company, directly or
indirectly, is able to exercise control over operations are fully consolidated, and those
companies over which the Group has the ability to exercise significant influence are
accounted for by the equity method.
Investments in two (three in 2009) associated companies are accounted for by the equity
method. Investments in the remaining unconsolidated subsidiaries and associated companies
are stated at cost. If the equity method of accounting had been applied to the investments
in these companies, the effect on the accompanying consolidated financial statements would
not be material.
The excess of the cost of the Company's investments in consolidated subsidiaries and
associated companies over the fair value of the net assets of the acquired subsidiary at the
date of acquisition is being amortized over a period of 20 years.
All significant intercompany balances and transactions have been eliminated in
consolidation. All material unrealized profit included in assets resulting from transactions
within the Group is eliminated.
b. Construction Contracts—For the year ended March 31, 2009, revenues on construction contracts
greater than ¥100 million and having a construction duration exceeding one year are
recognized on the percentage-of-completion method based on the ratio of costs incurred to
total estimated costs. Under this method, related costs and estimated earnings in excess of
progress billings are presented as a current asset.
In December 2007, the Accounting Standards Board of Japan (the "ASBJ") issued ASBJ Statement
No. 15 "Accounting Standard for Construction Contracts" and ASBJ Guidance No. 18 "Guidance
on Accounting Standard for Construction Contracts." Under the previous Japanese GAAP, either
the completed-contract method or the percentage-of-completion method was permitted to
account for construction contracts. Under this new accounting standard, the construction
revenue and construction costs should be recognized by the percentage-of-completion method,
if the outcome of a construction contract can be estimated reliably. When total construction
revenue, total construction costs and the stage of completion of the contract at the balance
sheet date can be reliably measured, the outcome of a construction contract can be estimated
reliably. If the outcome of a construction contract cannot be reliably estimated, the
completed-contract method should be applied. When it is probable that the total construction
costs will exceed total construction revenue, an estimated loss on the contract should be
immediately recognized by providing for a loss on construction contracts. This standard is
applicable to construction contracts and software development contracts and effective for
fiscal years beginning on or after April 1, 2009.
- 8 -
CHIYODA CORPORATION ANNUAL REPORT 2010
The Group applied the new accounting standard effective April 1, 2009. The effect of this
change was not material.
Concerning the construction contracts, the Group applies the accounting methods below:
Unbilled costs on the other contracts, which are accounted for by the completed-contract
method, are stated as costs of construction contracts in process.
Payments received in excess of costs and estimated earnings on the contracts, which are
accounted for by the percentage-of-completion method, and payments received on the other
contracts are presented as current liabilities.
Costs of preparation work for unsuccessful proposals and other projects which are not
realized are charged to income and are included in costs of revenue.
c. Cash Equivalents—Cash equivalents are short-term investments that are readily convertible
into cash and that are exposed to insignificant risk of changes in value. Cash equivalents
include time deposits and certificate of deposits both of which mature or become due within
three months of the date of acquisition.
d. Short-Term Investments—Short-term investments are time deposits which will mature after
three months of the date of acquisition. Short-term investments are exposed to insignificant
risk of changes in value.
- 9 -
All significant intercompany balances and transactions have been eliminated in
consolidation. All material unrealized profit included in assets resulting from transactions
within the Group is eliminated.
b. Construction Contracts—For the year ended March 31, 2009, revenues on construction contracts
greater than ¥100 million and having a construction duration exceeding one year are
recognized on the percentage-of-completion method based on the ratio of costs incurred to
total estimated costs. Under this method, related costs and estimated earnings in excess of
progress billings are presented as a current asset.
In December 2007, the Accounting Standards Board of Japan (the "ASBJ") issued ASBJ Statement
No. 15 "Accounting Standard for Construction Contracts" and ASBJ Guidance No. 18 "Guidance
on Accounting Standard for Construction Contracts." Under the previous Japanese GAAP, either
the completed-contract method or the percentage-of-completion method was permitted to
account for construction contracts. Under this new accounting standard, the construction
revenue and construction costs should be recognized by the percentage-of-completion method,
if the outcome of a construction contract can be estimated reliably. When total construction
revenue, total construction costs and the stage of completion of the contract at the balance
sheet date can be reliably measured, the outcome of a construction contract can be estimated
reliably. If the outcome of a construction contract cannot be reliably estimated, the
completed-contract method should be applied. When it is probable that the total construction
costs will exceed total construction revenue, an estimated loss on the contract should be
immediately recognized by providing for a loss on construction contracts. This standard is
applicable to construction contracts and software development contracts and effective for
fiscal years beginning on or after April 1, 2009.
The Group applied the new accounting standard effective April 1, 2009. The effect of this
change was not material.
Concerning the construction contracts, the Group applies the accounting methods below:
Unbilled costs on the other contracts, which are accounted for by the completed-contract
method, are stated as costs of construction contracts in process.
Payments received in excess of costs and estimated earnings on the contracts, which are
accounted for by the percentage-of-completion method, and payments received on the other
contracts are presented as current liabilities.
Costs of preparation work for unsuccessful proposals and other projects which are not
realized are charged to income and are included in costs of revenue.
c. Cash Equivalents—Cash equivalents are short-term investments that are readily convertible
into cash and that are exposed to insignificant risk of changes in value. Cash equivalents
include time deposits and certificate of deposits both of which mature or become due within
three months of the date of acquisition.
d. Short-Term Investments—Short-term investments are time deposits which will mature after
three months of the date of acquisition. Short-term investments are exposed to insignificant
risk of changes in value.
- 9 -
CHIYODA CORPORATION ANNUAL REPORT 2010
Chiyoda Corporation and Consolidated Subsidiaries
Notes to Consolidated Financial Statements
Years Ended March 31, 2010 and 2009
e. Investment Securities—All marketable securities are classified as available-for-sale
securities and are reported at fair value, with unrealized gains and losses, net of
applicable taxes, reported in a separate component of equity. The cost of securities sold is
determined based on the moving-average method.
Non-marketable available-for-sale securities are stated at cost determined by the
moving-average method. For other than temporary declines in fair value, non-marketable
securities are reduced to net realizable value by a charge to income.
f. Allowance for Doubtful Accounts—The allowance for doubtful accounts is stated in amounts
considered to be appropriate based on the Group's past credit loss experience and an
evaluation of potential losses in the receivables outstanding.
g. Property, Plant and Equipment—Property, plant and equipment are stated at cost. Depreciation
is computed by the declining-balance method, except for buildings owned by the Company which
are depreciated using the straight-line method, at rates based on the estimated useful lives
of the assets. The range of useful lives is from 11 to 57 years for buildings and
structures, from 4 to 17 years for machinery and equipment, and from 2 to 15 years for
tools, furniture and fixtures. Equipment held for lease is depreciated by the straight-line
method over the respective lease periods.
h. Long-Lived Assets—The Group reviews its long-lived assets for impairment whenever events or
changes in circumstances indicate the carrying amount of an asset or asset group may not be
recoverable. An impairment loss would be recognized if the carrying amount of an asset or
asset group exceeds the sum of the undiscounted future cash flows expected to result from
the continued use and eventual disposition of the asset or asset group. The impairment loss
would be measured as the amount by which the carrying amount of the asset exceeds its
recoverable amount, which is the higher of the discounted cash flows from the continued use
and eventual disposition of the asset or the net selling price at disposition.
i. Other Assets—Intangible assets are carried at cost less accumulated amortization, which is
calculated by the straight-line method over their estimated useful lives. Software for
internal use is amortized on a straight-line basis over its estimated useful life (five
years at the maximum).
j. Allowance for Warranty Costs for Completed Work—The allowance for warranty costs for
completed work is provided based on past rate experience.
k. Allowance for Losses on Construction Contracts—The allowance for losses on construction
contracts is provided for an estimated amount of probable losses to be incurred in future
years in respect of construction projects in progress. When there are losses on
completed-contract method applied contract, the allowance for losses on construction
contracts on the balance sheet is the net amount of costs of construction contracts in
process on the same contract.
l. Provision for Treatment of PCB Waste—Provision for treatment of PCB (Poly Chlorinated
Biphenyl) waste is provided based on estimated costs of the treatment for PCB products and
equipment as well as their collection and transportation fees.
m. Retirement Benefits—Employees of the Company are, under most circumstances, entitled to
payments from the defined contribution pension plan and the defined benefit corporate
pension plan. Employees of certain of the Company's consolidated subsidiaries are, under
most circumstances, entitled to certain lump-sum severance payments and pension payments.
Effective April 1, 2000, the Company and its domestic consolidated subsidiaries adopted a
new accounting standard for employees' retirement benefits and accounted for the liability
for retirement benefits based on the projected benefit obligations and plan assets at the
balance sheet date.
The transitional obligation of ¥5,696 million ($61,251 thousand) is being amortized and
charged to income over 15 years using the straight-line amortization method and presented as
an operating expense in the consolidated statements of income for the years ended March 31,
2010 and 2009.
Retirement benefits to directors, officers and corporate auditors of the Company are
provided at the amount which would be required if all directors, officers and corporate
auditors terminated at March 31, 2009.
Effective June 23, 2009, the Company terminated its unfunded retirement benefit allowance
for all directors, officers and corporate auditors under the resolution of shareholders
meeting and board meeting. The outstanding balance of retirement benefit allowance for
directors, officers and corporate auditors of the Company was reclassified to non-current
liabilities—other liabilities in the year ended March 31, 2010.
Retirement benefits to directors, officers and corporate auditors of the Company's certain
consolidated subsidiaries are provided at the amount which would be required if all
directors, officers and corporate auditors terminated at March 31, 2010 and 2009.
CHIYODA CORPORATION ANNUAL REPORT 2010
- 10 -
n. Research and Development Costs—Research and development costs are charged to income when
incurred.
o. Leases—In March 2007, the ASBJ issued ASBJ Statement No. 13, "Accounting Standard for Lease
Transactions," which revised the previous accounting standard for lease transactions issued
in June 1993. The revised accounting standard for lease transactions is effective for fiscal
years beginning on or after April 1, 2008 with early adoption permitted for fiscal years
beginning on or after April 1, 2007.
Under the previous accounting standard, finance leases that deem to transfer ownership of
the leased property to the lessee were to be capitalized. However, other finance leases were
permitted to be accounted for as operating lease transactions if certain "as if capitalized"
information is disclosed in the note to the lessee's financial statements. The revised
accounting standard requires that all finance lease transactions should be capitalized to
recognize lease assets and lease obligations in the balance sheet. In addition, the revised
accounting standard permits leases which existed at the transition date and do not transfer
ownership of the leased property to the lessee to be accounted for as operating lease
transactions with certain "as if capitalized information" disclosed in the notes to the
lessee's financial statements.
The Group applied the revised accounting standard effective April 1, 2008. In addition, the
Group accounted for leases which existed at the transition date and do not transfer
ownership of the leased property to the lessee as operating lease transactions.
All other leases are accounted for as operating leases.
p. Income Taxes—The provision for income taxes is computed based on the pretax income included
in the consolidated statements of income. The asset and liability approach is used to
recognize deferred tax assets and liabilities for the expected future tax consequences of
temporary differences between the carrying amounts and the tax bases of assets and
liabilities. Deferred taxes are measured by applying currently enacted tax laws to the
temporary differences.
- 11 -
Effective April 1, 2000, the Company and its domestic consolidated subsidiaries adopted a
new accounting standard for employees' retirement benefits and accounted for the liability
for retirement benefits based on the projected benefit obligations and plan assets at the
balance sheet date.
The transitional obligation of ¥5,696 million ($61,251 thousand) is being amortized and
charged to income over 15 years using the straight-line amortization method and presented as
an operating expense in the consolidated statements of income for the years ended March 31,
2010 and 2009.
Retirement benefits to directors, officers and corporate auditors of the Company are
provided at the amount which would be required if all directors, officers and corporate
auditors terminated at March 31, 2009.
Effective June 23, 2009, the Company terminated its unfunded retirement benefit allowance
for all directors, officers and corporate auditors under the resolution of shareholders
meeting and board meeting. The outstanding balance of retirement benefit allowance for
directors, officers and corporate auditors of the Company was reclassified to non-current
liabilities—other liabilities in the year ended March 31, 2010.
Retirement benefits to directors, officers and corporate auditors of the Company's certain
consolidated subsidiaries are provided at the amount which would be required if all
directors, officers and corporate auditors terminated at March 31, 2010 and 2009.
n. Research and Development Costs—Research and development costs are charged to income when
incurred.
o. Leases—In March 2007, the ASBJ issued ASBJ Statement No. 13, "Accounting Standard for Lease
Transactions," which revised the previous accounting standard for lease transactions issued
in June 1993. The revised accounting standard for lease transactions is effective for fiscal
years beginning on or after April 1, 2008 with early adoption permitted for fiscal years
beginning on or after April 1, 2007.
Under the previous accounting standard, finance leases that deem to transfer ownership of
the leased property to the lessee were to be capitalized. However, other finance leases were
permitted to be accounted for as operating lease transactions if certain "as if capitalized"
information is disclosed in the note to the lessee's financial statements. The revised
accounting standard requires that all finance lease transactions should be capitalized to
recognize lease assets and lease obligations in the balance sheet. In addition, the revised
accounting standard permits leases which existed at the transition date and do not transfer
ownership of the leased property to the lessee to be accounted for as operating lease
transactions with certain "as if capitalized information" disclosed in the notes to the
lessee's financial statements.
The Group applied the revised accounting standard effective April 1, 2008. In addition, the
Group accounted for leases which existed at the transition date and do not transfer
ownership of the leased property to the lessee as operating lease transactions.
All other leases are accounted for as operating leases.
p. Income Taxes—The provision for income taxes is computed based on the pretax income included
in the consolidated statements of income. The asset and liability approach is used to
recognize deferred tax assets and liabilities for the expected future tax consequences of
temporary differences between the carrying amounts and the tax bases of assets and
liabilities. Deferred taxes are measured by applying currently enacted tax laws to the
temporary differences.
The Company files a tax return under the consolidated corporate-tax system which allows
companies to base tax payments on the combined profits or losses of the parent company and
its wholly owned domestic subsidiaries.
q. Foreign Currency Transactions—All short-term and long-term monetary receivables and payables
denominated in foreign currencies are translated into Japanese yen at the exchange rates at
the balance sheet date.
The foreign exchange gains and losses from translation are recognized in the income
statement to the extent that they are not hedged by foreign currency forward contracts.
r. Foreign Currency Financial Statements—The balance sheet accounts of the consolidated foreign
subsidiaries are translated into Japanese yen at the current exchange rate as of the balance
sheet date except for equity, which is translated at the historical rate. Differences
arising from such translation were shown as "Foreign currency translation adjustments" in a
separate component of equity.
Revenue and expense accounts of consolidated foreign subsidiaries are translated into
Japanese yen at the current exchange rate as of the balance sheet date.
s. Derivatives and Hedging Activities—The Company uses a variety of derivative financial
- 11 -
instruments, including foreign currency forward contracts as a means of hedging exposure to
foreign currency risks. The Company does not enter into derivatives for trading or
speculative purposes.
Derivative financial instruments and foreign currency transactions are classified and
accounted for as follows: (a) all derivatives are recognized as either assets or liabilities
and measured at fair value, with gains or losses recognized in the income statement and
(b) for derivatives used for hedging purposes, if derivatives qualify for hedge accounting,
because of high correlation and effectiveness between the hedging instruments and the hedged
items, gains or losses on derivatives are deferred until maturity of the hedged
transactions.
The foreign currency forward contracts are utilized to hedge foreign exchange risks. Certain
assets and liabilities on construction contracts denominated in foreign currencies are
translated at the contracted rates if the forward contracts qualify for hedge accounting.
t. Per Share Information—Basic net income per share is computed by dividing net income
available to common shareholders by the weighted-average number of common shares outstanding
for the period, retroactively adjusted for stock splits.
CHIYODA CORPORATION ANNUAL REPORT 2010
Diluted net income per share reflects the potential dilution that could occur if securities
were exercised or converted into common stock. Diluted net income per share of common stock
assumes full conversion of the outstanding convertible notes and bonds at the beginning of
the year (or at the time of issuance) with an applicable adjustment for related interest
expense, net of tax, and full exercise of outstanding warrants.
Cash dividends per share presented in the accompanying consolidated statements of income are
dividends applicable to the respective years including dividends to be paid after the end of
the year.
- 12 -
The Company files a tax return under the consolidated corporate-tax system which allows
companies to base tax payments on the combined profits or losses of the parent company and
its wholly owned domestic subsidiaries.
q. Foreign Currency Transactions—All short-term and long-term monetary receivables and payables
denominated in foreign currencies are translated into Japanese yen at the exchange rates at
the balance sheet date.
The foreign exchange gains and losses from translation are recognized in the income
statement to the extent that they are not hedged by foreign currency forward contracts.
r. Foreign Currency Financial Statements—The balance sheet accounts of the consolidated foreign
subsidiaries are translated into Japanese yen at the current exchange rate as of the balance
sheet date except for equity, which is translated at the historical rate. Differences
arising from such translation were shown as "Foreign currency translation adjustments" in a
separate component of equity.
Revenue and expense accounts of consolidated foreign subsidiaries are translated into
Japanese yen at the current exchange rate as of the balance sheet date.
Chiyoda Corporation and Consolidated Subsidiaries
s. Derivatives and Hedging Activities—The Company uses a variety of derivative financial
instruments, including foreign currency forward contracts as a means of hedging exposure to
foreign currency risks. The Company does not enter into derivatives for trading or
speculative purposes.
Notes to Consolidated Financial Statements
Years Ended March 31, 2010 and 2009
Derivative financial instruments and foreign currency transactions are classified and
accounted for as follows: (a) all derivatives are recognized as either assets or liabilities
and measured at fair value, with gains or losses recognized in the income statement and
(b) for derivatives used for hedging purposes, if derivatives qualify for hedge accounting,
because of high correlation and effectiveness between the hedging instruments and the hedged
items, gains or losses on derivatives are deferred until maturity of the hedged
transactions.
The foreign currency forward contracts are utilized to hedge foreign exchange risks. Certain
assets and liabilities on construction contracts denominated in foreign currencies are
translated at the contracted rates if the forward contracts qualify for hedge accounting.
t. Per Share Information—Basic net income per share is computed by dividing net income
available to common shareholders by the weighted-average number of common shares outstanding
for the period, retroactively adjusted for stock splits.
Diluted net income per share reflects the potential dilution that could occur if securities
were exercised or converted into common stock. Diluted net income per share of common stock
assumes full conversion of the outstanding convertible notes and bonds at the beginning of
the year (or at the time of issuance) with an applicable adjustment for related interest
expense, net of tax, and full exercise of outstanding warrants.
Cash dividends per share presented in the accompanying consolidated statements of income are
dividends applicable to the respective years including dividends to be paid after the end of
the year.
u. New Accounting Pronouncements
Business Combinations—In December 2008, the ASBJ issued a revised accounting standard for
business combinations, ASBJ Statement No. 21, "Accounting Standard for Business
Combinations." Major accounting changes under the revised accounting standard are as
follows:
(1) The current accounting standard for business combinations allows companies to apply the
pooling of interests method of accounting when certain specific criteria are met such
that the business combination is essentially regarded as a uniting-of-interests. The
revised standard requires to account for such business combination by the purchase
method and the pooling of interests method of accounting is no longer allowed.
(2) The current accounting standard accounts for the research and development costs to be
charged to income as incurred. Under the revised standard, an in-process research and
development (IPR&D) acquired by the business combination is capitalized as an intangible
asset.
(3) The current accounting standard accounts for a bargain purchase gain (negative goodwill)
to be systematically amortized within 20 years. Under the revised standard, the acquirer
recognizes a bargain purchase gain in profit or loss on the acquisition date after
reassessing whether it has correctly identified all of the assets acquired and all of
the liabilities assumed with a review of such procedures used.
This standard is applicable to business combinations undertaken on or after April 1, 2010
with early adoption permitted for fiscal years beginning on or after April 1, 2009.
Unification of Accounting Policies Applied to Foreign Associated Companies for the Equity
Method—The current accounting standard requires to unify accounting policies within the
consolidation group. However, the current guidance allows to apply the equity method for the
financial statements of its foreign associated company which have been prepared in
accordance with generally accepted accounting principles in their respective jurisdictions
without unification of accounting policies.
- 12 -
In March 2008, the ASBJ issued ASBJ Statement No. 16, "Accounting Standard for Equity Method
of Accounting for Investments." The new standard requires adjustments to be made to conform
the associate's accounting policies for similar transactions and events under similar
circumstances to those of the parent company when the associate's financial statements are
used in applying the equity method unless it is impracticable to determine adjustments. In
addition, financial statements prepared by foreign associated companies in accordance with
either International Financial Reporting Standards or the generally accepted accounting
principles in the United States of America tentatively may be used in applying the equity
method if the following items are adjusted so that net income is accounted for in accordance
with Japanese GAAP unless they are not material: (1) amortization of goodwill; (2) scheduled
amortization of actuarial gain or loss of pensions that has been directly recorded in the
equity; (3) expensing capitalized development costs of R&D; (4) cancellation of the fair
value model accounting for property, plant and equipment and investment properties and
incorporation of the cost model accounting; (5) recording the prior years' effects of
changes in accounting policies in the income statement where retrospective adjustments to
the financial statements have been incorporated; and (6) exclusion of minority interests
from net income, if contained.
0 CHIYODA CORPORATION ANNUAL REPORT 2010
- 13 -
This standard is applicable to equity method of accounting for fiscal years beginning on or
after April 1, 2010 with early adoption permitted for fiscal years beginning on or after
April 1, 2009.
Asset Retirement Obligations—In March 2008, the ASBJ published a new accounting standard for
asset retirement obligations, ASBJ Statement No. 18 "Accounting Standard for Asset
Retirement Obligations" and ASBJ Guidance No. 21 "Guidance on Accounting Standard for Asset
Retirement Obligations." Under this accounting standard, an asset retirement obligation is
defined as a legal obligation imposed either by law or contract that results from the
acquisition, construction, development and the normal operation of a tangible fixed asset
and is associated with the retirement of such tangible fixed asset.
The asset retirement obligation is recognized as the sum of the discounted cash flows
required for the future asset retirement and is recorded in the period in which the
obligation is incurred if a reasonable estimate can be made. If a reasonable estimate of the
asset retirement obligation cannot be made in the period the asset retirement obligation is
incurred, the liability should be recognized when a reasonable estimate of asset retirement
obligation can be made. Upon initial recognition of a liability for an asset retirement
obligation, an asset retirement cost is capitalized by increasing the carrying amount of the
related fixed asset by the amount of the liability. The asset retirement cost is
subsequently allocated to expense through depreciation over the remaining useful life of the
asset. Over time, the liability is accreted to its present value each period. Any subsequent
revisions to the timing or the amount of the original estimate of undiscounted cash flows
are reflected as an increase or a decrease in the carrying amount of the liability and the
capitalized amount of the related asset retirement cost. This standard is effective for
fiscal years beginning on or after April 1, 2010 with early adoption permitted for fiscal
years beginning on or before March 31, 2010.
Accounting Changes and Error Corrections—In December 2009, ASBJ issued ASBJ Statement No. 24
"Accounting Standard for Accounting Changes and Error Corrections" and ASBJ Guidance No. 24
"Guidance on Accounting Standard for Accounting Changes and Error Corrections." Accounting
treatments under this standard and guidance are as follows:
(1) Changes in accounting policies
When a new accounting policy is applied with revision of accounting standards, a new
policy is applied retrospectively unless the revised accounting standards include
specific transitional provisions. When the revised accounting standards include specific
transitional provisions, an entity shall comply with the specific transitional
provisions.
(2) Changes in presentations
When the presentation of financial statements is changed, prior period financial
statements are reclassified in accordance with the new presentation.
(3) Changes in accounting estimates
A change in an accounting estimate is accounted for in the period of the change if the
change affects that period only, and is accounted for prospectively if the change
affects both the period of the change and future periods.
(4) Corrections of prior period errors
When an error in prior period financial statements is discovered, those statements are
restated.
- 14 -
CHIYODA CORPORATION ANNUAL REPORT 2010
1
Chiyoda Corporation and Consolidated Subsidiaries
Notes to Consolidated Financial Statements
Years Ended March 31, 2010 and 2009
This accounting standard and the guidance are applicable to accounting changes and
corrections of prior period errors which are made from the beginning of the fiscal year that
begins on or after April 1, 2011.
Segment Information Disclosures—In March 2008, the ASBJ revised ASBJ Statement No. 17
"Accounting Standard for Segment Information Disclosures" and issued ASBJ Guidance No. 20
"Guidance on Accounting Standard for Segment Information Disclosures." Under the standard
and guidance, an entity is required to report financial and descriptive information about
its reportable segments. Reportable segments are operating segments or aggregations of
operating segments that meet specified criteria. Operating segments are components of an
entity about which separate financial information is available and such information is
evaluated regularly by the chief operating decision maker in deciding how to allocate
resources and in assessing performance. Generally, segment information is required to be
reported on the same basis as is used internally for evaluating operating segment
performance and deciding how to allocate resources to operating segments. This accounting
standard and the guidance are applicable to segment information disclosures for the fiscal
years beginning on or after April 1, 2010.
3. TRANSACTIONS WITH UNCONSOLIDATED SUBSIDIARIES AND ASSOCIATED COMPANIES
Significant transactions with and balances due from/(to) unconsolidated subsidiaries and
associated companies are summarized as follows:
Transactions for the Year Ended March 31
Millions of Yen
2010
2009
Thousands of
U.S. Dollars
2010
Revenue
Cost of revenue
Selling, general and administrative expenses
3
¥
(2,288 )
(271 )
¥ 122
(6,041 )
(1,290 )
39
$
(24,606 )
(2,915 )
Balances at March 31
Notes and accounts receivable—trade
Accounts receivable—other
Notes and accounts payable—trade
Accrued expenses and other
¥ 2
2
(84 )
(14 )
¥ 23
18
(297 )
(106 )
$ 24
24
(913 )
(158 )
The Company guaranteed the indebtedness of a certain unconsolidated subsidiary in the amount of
¥2,586 million ($27,814 thousand) at March 31, 2010.
4. CONSTRUCTION CONTRACTS
Costs and estimated earnings recognized with respect to construction contracts which are
accounted for by the percentage-of-completion method at March 31, 2010 and 2009, were as
follows:
Costs and estimated earnings
Amounts billed
¥ 563,887
(552,432 )
¥ 1,191,100
(1,173,540 )
$ 6,063,304
(5,940,137 )
Net
¥ 11,454
¥
17,560
$ 123,166
Millions of Yen
2010
2009
Thousands of
U.S. Dollars
2010
CHIYODA CORPORATION ANNUAL REPORT 2010
- 15 -
5. INVESTMENT SECURITIES
Investment securities at March 31, 2010 and 2009, consisted of the following:
Millions of Yen
2010
2009
Thousands of
U.S. Dollars
2010
Non-current—Equity securities
¥ 5,153
¥ 3,765
$ 55,417
The costs and aggregate fair values of investment securities at March 31, 2010 and 2009, were as
follows:
March 31, 2010
Millions of Yen
Cost
Unrealized
Gains
Unrealized
Losses
Fair
Value
Securities classified as
available-for-sale—Equity securities
¥ 3,377
¥ 507
¥ 375
¥ 3,508
March 31, 2009
Securities classified as
available-for-sale—Equity securities
¥ 3,400
¥ 193
¥ 966
¥ 2,626
March 31, 2010
Thousands of U.S. Dollars
Unrealized
Gains
Unrealized
Losses
Fair
Value
Cost
Securities classified as
available-for-sale—Equity securities
$ 36,316
$ 5,456
$ 4,041
$ 37,730
Available-for-sale securities whose fair value was not readily determinable at March 31, 2009,
were as follows. The similar information for 2010 is disclosed in Note 14.
March 31, 2009
Available-for-sale—Equity securities
Carrying Amount
Millions of Yen
¥ 1,138
The information of the available-for-sale securities which were sold during the year ended March
31, 2010 was as follows:
March 31, 2010
Millions of Yen
Realized
Gains
Proceeds
Realized
Losses
Available-for-sale—Equity securities
¥ 13
¥ 4
¥ 12
March 31, 2010
Thousands of U.S. Dollars
Realized
Gains
Proceeds
Realized
Losses
Available-for-sale—Equity securities
$ 143
$ 44
$ 134
- 16 -
CHIYODA CORPORATION ANNUAL REPORT 2010
Chiyoda Corporation and Consolidated Subsidiaries
Notes to Consolidated Financial Statements
Years Ended March 31, 2010 and 2009
6. INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED SUBSIDIARIES AND ASSOCIATED COMPANIES
Investments in and advances to unconsolidated subsidiaries and associated companies at March 31,
2010 and 2009, were as follows:
Investments
Long-term receivables
Total
7. LONG-TERM DEBT
Millions of Yen
2010
2009
Thousands of
U.S. Dollars
2010
¥ 2,702
12
¥ 3,190
13
$ 29,053
138
¥ 2,714
¥ 3,203
$ 29,192
Long-term debt at March 31, 2010 and 2009, consisted of the following:
Millions of Yen
2010
2009
Thousands of
U.S. Dollars
2010
Long-term loans from banks, maturing serially
through 2012, with interest rates ranging
from 2.4% to 5.7% at 2010 and 2009:
Collateralized
Uncollateralized
Obligations under finance lease
Total
Less current portion
¥
4
10,000
35
10,039
¥
22
10,000
37
10,059
$
43
107,526
386
107,955
(17 )
(28 )
(192 )
Long-term debt, less current portion
¥ 10,022
¥ 10,030
$ 107,763
Annual maturities of long-term debt, excluding finance leases (see Note 13), at March 31, 2010,
were as follows:
Year Ending
March 31
2011
2012
Total
Millions of Yen
Thousands of
U.S. Dollars
¥
4
10,000
¥ 10,004
$
43
107,526
$ 107,569
Commitment-line contracts at March 31, 2010, were as follows:
Commitment-line contracts
¥ 15,000
$ 161,290
Unused commitments
¥ 15,000
$ 161,290
Millions of Yen
Thousands of
U.S. Dollars
CHIYODA CORPORATION ANNUAL REPORT 2010
- 17 -
The following assets were pledged as collateral for long-term debt at March 31, 2010:
Land
Buildings and structures—net of accumulated
depreciation
Total
8. RETIREMENT BENEFITS
Millions of Yen
Thousands of
U.S. Dollars
¥ 381
449
¥ 830
$ 4,098
4,828
$ 8,927
Employees of the Company are, under most circumstances, entitled to payments from the defined
contribution pension plan and the defined benefit corporate pension plan upon retirement or
termination.
Employees of certain of the Company's consolidated subsidiaries are, under most circumstances,
entitled to certain lump-sum severance payments and pension payments upon retirement or
termination.
Liability for retirement benefits includes retirement benefits to directors, officers and
corporate auditors in the amount of ¥200 million ($2,158 thousand) and ¥681 million for the
years ended March 31, 2010 and 2009, respectively. The retirement benefits to directors and
corporate auditors are paid subject to the approval of the shareholders.
As discussed in Note 2.m, the Company's outstanding balance of the retirement benefit allowance
for directors, officers and corporate auditors amounted to ¥292 million is reclassified to
non-current liabilities—other liabilities due to the termination effective June 23, 2009.
The liability for employees' retirement benefits at March 31, 2010 and 2009, consisted of the
following:
Projected benefit obligation
Fair value of plan assets
Unrecognized transitional obligation
Unrecognized actuarial loss
Unrecognized prior service cost
Prepaid pension cost
Net accrued pension liabilities
Millions of Yen
2010
2009
Thousands of
U.S. Dollars
2010
¥ 26,403
(18,886 )
(3,044 )
(3,395 )
1,028
2,105
¥ 26,682
(17,827 )
(3,661 )
(5,287 )
1,204
1,110
496
$ 283,909
(203,082 )
(32,733 )
(36,514 )
11,055
22,634
Liability for employees' retirement benefits
¥ 2,105
¥ 1,606
$ 22,634
- 18 -
CHIYODA CORPORATION ANNUAL REPORT 2010
Chiyoda Corporation and Consolidated Subsidiaries
Notes to Consolidated Financial Statements
Years Ended March 31, 2010 and 2009
The components of net periodic benefit costs for the years ended March 31, 2010 and 2009, were
as follows:
Service cost
Interest cost
Expected return on plan assets
Amortization of transitional obligation
Recognized actuarial loss
Amortization of prior service cost
Subtotal
Payment to defined contribution pension trust
Millions of Yen
2010
2009
Thousands of
U.S. Dollars
2010
¥ 736
369
(265 )
¥ 1,027
381
(303 )
608
845
(176 )
2,119
246
610
610
(176 )
2,149
237
$ 7,923
3,975
(2,854 )
6,546
9,091
(1,895 )
22,786
2,646
Net periodic benefit costs
¥ 2,365
¥ 2,387
$ 25,433
Assumptions used for the years ended March 31, 2010 and 2009, are set forth as follows:
Discount rate
Expected rate of return on plan assets
Recognition period of actuarial gain/loss
Amortization period of transitional obligation
Amortization period of prior service cost
9. EQUITY
2010
1.5%
1.6%
10
years
15
years
10
years
2009
1.5%
1.6%
10
years
15
years
10
years
Japanese companies are subject to the Companies Act of Japan (the "Companies Act"). The
significant provisions in the Companies Act that affect financial and accounting matters are
summarized below:
a. Dividends
Under the Companies Act, companies can pay dividends at any time during the fiscal year in
addition to the year-end dividend upon resolution at the shareholders meeting. For companies
that meet certain criteria such as; (1) having the Board of Directors, (2) having
independent auditors, (3) having the Board of Corporate Auditors, and (4) the term of
service of the directors is prescribed as one year rather than two years of normal term by
its articles of incorporation, the Board of Directors may declare dividends (except for
dividends in kind) at any time during the fiscal year if the company has prescribed so in
its articles of incorporation. However, the Company cannot do so because it does not meet
all the above criteria.
The Companies Act permits companies to distribute dividends-in-kind (non-cash assets) to
shareholders subject to a certain limitation and additional requirements.
Semiannual interim dividends may also be paid once a year upon resolution by the Board of
Directors if the articles of incorporation of the company so stipulate. The Companies Act
provides certain limitations on the amounts available for dividends or the purchase of
treasury stock. The limitation is defined as the amount available for distribution to the
shareholders, but the amount of net assets after dividends must be maintained at no less
than ¥3 million.
CHIYODA CORPORATION ANNUAL REPORT 2010
- 19 -
b. Increases/Decreases and Transfer of Common Stock, Reserve and Surplus
The Companies Act requires that an amount equal to 10% of dividends must be appropriated as
a legal reserve (a component of retained earnings) or as additional paid-in capital (a
component of capital surplus) depending on the equity account charged upon the payment of
such dividends until the total of aggregate amount of legal reserve and additional paid-in
capital equals 25% of the common stock. Under the Companies Act, the total amount of
additional paid-in capital and legal reserve may be reversed without limitation. The
Companies Act also provides that common stock, legal reserve, additional paid-in capital,
other capital surplus and retained earnings can be transferred among the accounts under
certain conditions upon resolution of the shareholders.
c. Treasury Stock and Treasury Stock Acquisition Rights
The Companies Act also provides for companies to purchase treasury stock and dispose of such
treasury stock by resolution of the Board of Directors. The amount of treasury stock
purchased cannot exceed the amount available for distribution to the shareholders which is
determined by specific formula.
Under the Companies Act, stock acquisition rights are presented as a separate component of
equity.
The Companies Act also provides that companies can purchase both treasury stock acquisition
rights and treasury stock. Such treasury stock acquisition rights are presented as a
separate component of equity or deducted directly from stock acquisition rights.
d. Issuance of New Ordinary Shares to a Third Party
On April 30, 2008, the Company issued new ordinary shares to a third party based on the
resolution of the Board of Directors meeting held on March 31, 2008. Details are as follows:
(1) Allocated third party:
(2) Number of shares issued: Ordinary shares, 67,080 thousand shares
(3) Issue price:
(4) Aggregate issue amount: ¥60,841 million
Mitsubishi Corporation
¥907 per share
The Company's common stock and capital surplus were increased by ¥30,454 million and
¥30,387 million, respectively.
10. STOCK OPTIONS
The stock options outstanding as of March 31, 2010 were as follows:
Stock
Option
Persons
Granted
Number of
Options Granted
Date of
Grant
Exercise
Price
Exercise
Period
2002 Stock
Option
8 directors
8 officers
623 employees
7,896,000 shares July 12,
2002
¥232
$2.49
)
(
From July 1, 2004
to June 30, 2009
- 20 -
CHIYODA CORPORATION ANNUAL REPORT 2010
Chiyoda Corporation and Consolidated Subsidiaries
Notes to Consolidated Financial Statements
Years Ended March 31, 2010 and 2009
The stock option activity was as follows:
2002 Stock Option
(Shares)
Year Ended March 31, 2009
Vested
March 31, 2008—Outstanding
Exercised
March 31, 2009—Outstanding
Year Ended March 31, 2010
Vested
March 31, 2009—Outstanding
Exercised
Lapse
March 31, 2010—Outstanding
Exercise price
Average stock price at exercise
Fair value price at grant date
11. INCOME TAXES
66,000
(30,000)
36,000
36,000
(32,000)
(4,000)
¥232
¥768
The Company and its domestic subsidiaries are subject to Japanese national and local income
taxes which, in the aggregate, resulted in a normal effective statutory tax rate of
approximately 41% for the years ended March 31, 2010 and 2009.
The tax effects of significant temporary differences and tax loss carryforwards which resulted
in deferred tax assets and liabilities at March 31, 2010 and 2009, are as follows:
Millions of Yen
2010
2009
Thousands of
U.S. Dollars
2010
Deferred tax assets:
Cost of revenue
Allowance for employees' bonus
Allowance for warranty costs for completed works
Allowance for losses on construction contracts
Deferred loss on derivatives under hedge accounting
Retirement benefits
Other
Less valuation allowance
¥ 13,528
1,246
1,715
1,780
836
2,966
(874 )
¥ 5,600
1,367
1,422
1,661
1,033
4,714
(1,278 )
$ 145,469
13,399
18,449
19,149
8,993
31,893
(9,404 )
Total
21,199
14,521
227,948
Deferred tax liabilities:
Profit/loss in joint venture
Other
3,785
145
2,992
316
40,704
1,565
Total
3,931
3,309
42,269
Net deferred tax assets
¥ 17,268
¥ 11,212
$ 185,679
CHIYODA CORPORATION ANNUAL REPORT 2010
- 21 -
Net deferred tax assets as of March 31, 2010 and 2009 were recorded in the accompanying
consolidated balance sheets as follows:
Millions of Yen
2009
2010
Thousands of
U.S. Dollars
2010
Deferred tax assets—current assets
Deferred tax assets—investments and other assets
¥ 15,523
1,745
¥ 9,872
1,348
$ 166,914
18,765
A reconciliation between the normal effective statutory tax rate and the actual effective tax
rate reflected in the accompanying consolidated statements of income for the years ended March
31, 2010 and 2009, is as follows:
Normal effective statutory tax rate
Expenses not deductible for income tax purposes
Non-taxable dividend income
Inhabitant taxes per capita levy
Tax credit
Temporary difference on change in tax act
Increase in valuation allowance for deferred tax assets
Equity in earnings of associated companies
Lower income tax rates applicable to subsidiaries
Lower tax basis of enterprise tax
Actual effective tax rate
12. RESEARCH AND DEVELOPMENT COSTS
2010
41 %
4
(8)
1
13
(1)
(6)
(7)
37 %
2009
41 %
2
(1)
(2)
(5)
3
(1)
(4)
(1)
32 %
Research and development costs charged to income were ¥1,741 million ($18,726 thousand) and
¥1,797 million for the years ended March 31, 2010 and 2009, respectively.
13. LEASES
The Group leases certain machinery, computer equipment and other assets.
Obligations under finance leases and future minimum payments under noncancelable operating
leases were as follows:
Millions of Yen
2010
Thousands of U.S. Dollars
2010
Finance Leases
On
Balance
Off
Balance
Operating
Leases
Finance Leases
On
Balance
Off
Balance
Operating
Leases
Due within one year
Due after one year
¥ 13
22
¥ 90
117
¥ 132
1,424
$ 149
236
$ 973
1,260
$ 1,424
15,286
Total
¥ 35
¥ 207
¥ 1,554
$ 386
$ 2,233
$ 16,711
- 22 -
CHIYODA CORPORATION ANNUAL REPORT 2010
Chiyoda Corporation and Consolidated Subsidiaries
Notes to Consolidated Financial Statements
Years Ended March 31, 2010 and 2009
Pro forma Information of Leased Property Whose Lease Inception Was before March 31, 2008
ASBJ Statement No. 13, "Accounting Standard for Lease Transactions" requires that all finance
lease transactions should be capitalized to recognize lease assets and lease obligations in the
balance sheet. However, the ASBJ Statement No. 13 permits leases without ownership transfer of
the leased property to the lessee whose lease inception was before March 31, 2008 to be
accounted for as operating lease transactions if certain "as if capitalized" information is
disclosed in the note to the financial statements. The Company applied the ASBJ Statement No. 13
effective April 1, 2008 and accounted for such leases as operating lease transactions. Pro forma
information of leased property whose lease inception was before March 31, 2008 such as
acquisition cost, accumulated depreciation, obligations under finance leases, depreciation
expense, interest expense and other information of finance leases that do not transfer ownership
of the leased property to the lessee on an "as if capitalized" basis was as follows:
Year Ended March 31, 2010
Buildings
and
Structures
Millions of Yen
Tools,
Furniture
and Fixtures
Other
Total
Acquisition cost
Accumulated depreciation
Net leased property
¥ 67
19
¥ 48
¥ 388
254
¥ 134
¥ 77
51
¥ 25
¥ 533
325
¥ 207
Thousands of U.S. Dollars
Acquisition cost
Accumulated depreciation
$ 726
205
$ 4,182
2,741
Buildings
and
Structures
Tools,
Furniture
and Fixtures
Other
$ 828
555
Total
$ 5,736
3,503
Net leased property
$ 520
$ 1,440
$ 272
$ 2,233
Obligations under finance leases:
Due within one year
Due after one year
Total
Millions of Yen
Thousands of
U.S. Dollars
¥ 90
117
¥ 207
$ 973
1,260
$ 2,233
0 CHIYODA CORPORATION ANNUAL REPORT 2010
- 23 -
Year Ended March 31, 2009
Buildings
and
Structures
Millions of Yen
Tools,
Furniture
and Fixtures
Other
Total
Acquisition cost
Accumulated depreciation
Net leased property
¥ 67
12
¥ 55
¥ 475
244
¥ 230
¥ 77
43
¥ 33
¥ 619
299
¥ 319
Obligations under finance leases:
Due within one year
Due after one year
Total
Millions of Yen
¥ 110
209
¥ 319
Depreciation expense as lessee, which is not reflected in the accompanying consolidated
statements of income, computed by the straight-line method was ¥111 million ($1,193 thousand)
and ¥138 million for the years ended March 31, 2010 and 2009, respectively.
The amounts of obligations, acquisition cost and depreciation under finance leases include the
imputed interest income portion and interest expense portion, respectively.
The minimum rental commitments under noncancelable operating leases at March 31, 2009 were as
follows:
Year Ended March 31, 2009
Due within one year
Due after one year
Total
Millions of Yen
¥ 144
1,545
¥ 1,690
14. FINANCIAL INSTRUMENTS AND RELATED DISCLOSURES
On March 10, 2008, the ASBJ revised ASBJ Statement No. 10 "Accounting Standard for Financial
Instruments" and issued ASBJ Guidance No. 19 "Guidance on Accounting Standard for Financial
Instruments and Related Disclosures." This accounting standard and the guidance are applicable
to financial instruments and related disclosures at the end of the fiscal years ending on or
after March 31, 2010 with early adoption permitted from the beginning of the fiscal years ending
before March 31, 2010. The Group applied the revised accounting standard and the new guidance
effective March 31, 2010.
- 24 -
CHIYODA CORPORATION ANNUAL REPORT 2010
1
Chiyoda Corporation and Consolidated Subsidiaries
Notes to Consolidated Financial Statements
Years Ended March 31, 2010 and 2009
(1) Group Policy for Financial Instruments
The Group uses financial instruments for cash surpluses, if any, invested in low risk
financial assets such as certificate of deposits and deposits at call. For operating
capital, the Group uses bank loans. Derivatives are used, not for speculative purposes, but
to manage exposure to the market risk of fluctuation in foreign currency exchange rates.
(2) Nature and Extent of Risks Arising from Financial Instruments
Receivables such as trade notes and trade accounts are exposed to customer credit risk.
Although receivables in foreign currencies are exposed to the market risk of fluctuation in
foreign currency exchange rates, the position, net of payables in foreign currencies, is
hedged by using foreign currency forward contracts.
Cash equivalents include certificate of deposits which mature shortly and are used for cash
surpluses. Short-term investments include deposits at call which will mature after three
month of the date of acquisition. Both certificate of deposits and deposits at call are
exposed to default risk of its issuing financial institution.
Investment securities are equity securities related to the business which the Group
operates. Marketable securities are exposed to the risk of fluctuations in stock prices.
Payment terms of payables, such as trade notes and trade accounts, are mostly less than one
year. Although payables in foreign currencies are exposed to the market risk of fluctuation
in foreign currency exchange rates, those risks are netted against the balance of
receivables denominated in the same foreign currency as noted above.
Bank loans are used for operating capital, and are exposed to the market risks from changes
in interest rates.
Derivatives are foreign currency forward contracts, which are entered to manage exposure to
market risks from changes in foreign currency exchange rates of receivables and payables.
Please see Notes 2.s and 15 for more detail about derivatives.
(3) Risk Management for Financial Instruments
Credit risk management
Credit risk is the risk of economic loss arising from a counterparty's failure to repay or
service debt according to the contractual terms. The Group manages its credit risk from
receivables on the basis of internal guidelines, which include monitoring of payment term
and balances of major customers to identify the default risk of customers in early stage.
Certificate of deposits and deposits at call are exposed to insignificant default risk
because transactions are limited to major financial institutions.
With respect to foreign currency forward contract, the Group limits the counterparty to
those derivatives to major financial institutions for losses arising from credit risk.
CHIYODA CORPORATION ANNUAL REPORT 2010
- 25 -
Market risk management (foreign exchange risk)
Foreign currency trade receivables and payables are exposed to market risk resulting from
fluctuations in foreign currency exchange rates. Such foreign exchange risk is hedged
principally with foreign currency forward contracts.
Foreign currency forward contracts are controlled under internal guidelines. The position
related to particular construction contracts is identified and is reviewed monthly.
Reconciliation of the transaction and balances with customers' confirmation reply is made,
and the transaction to deal and cancel of foreign currency forward contracts are executed
and accounted for under internal guidelines.
Marketable investment securities are managed by monitoring market values and financial
position of issuers on a regular basis. The Group assesses the stock price risk
quantitatively so as to account for significant declines in stock market as impairment
losses.
Liquidity risk management
Liquidity risk comprises the risk that the Group cannot meet its contractual obligations in
full on maturity dates. The Group manages its liquidity risk by holding adequate volumes of
liquid assets along with timely adequate financial planning.
(4) Fair Values of Financial Instruments
Fair values of financial instruments are based on quoted price in active markets. If quoted
price is not available, other rational valuation techniques are used instead. Also please
see Note 15 for the detail of fair value for derivatives.
(a) Fair values of financial instruments
March 31, 2010
Cash and cash equivalents
Short-term investments
Notes and accounts receivable
Costs and estimated earnings on
long-term construction contracts
Jointly controlled assets of joint venture
Investment securities
Carrying
Amount
¥ 139,790
53
39,864
11,454
69,917
3,508
Millions of Yen
Fair Value
Unrealized
Gain (Loss)
¥ 139,790
53
39,864
11,454
69,917
3,508
Total
Notes and accounts payable—trade
Income taxes payable
Long-term debt
Total
¥ 264,589
¥ 264,589
¥ 89,523
4,675
10,004
¥ 89,523
4,675
10,004
¥ 104,202
¥ 104,202
- 26 -
CHIYODA CORPORATION ANNUAL REPORT 2010
Chiyoda Corporation and Consolidated Subsidiaries
Notes to Consolidated Financial Statements
Years Ended March 31, 2010 and 2009
Thousands of U.S. Dollars
March 31, 2010
Carrying
Amount
Cash and cash equivalents
Short-term investments
Notes and accounts receivable
Costs and estimated earnings on
long-term construction contracts
Jointly controlled assets of joint venture
Investment securities
$ 1,503,125
577
428,647
123,166
751,805
37,730
Unrealized
Gain (Loss)
Fair Value
$ 1,503,125
577
428,647
123,166
751,805
37,730
Total
$ 2,845,053
$ 2,845,053
Notes and accounts payable—trade
Income taxes payable
Long-term debt
$ 962,621
50,270
107,569
$ 962,621
50,270
107,569
Total
$ 1,120,461
$ 1,120,461
Cash and Cash Equivalents, Short-Term Investments, Notes and Accounts Receivable, and
Costs and Estimated Earnings on Long-Term Construction Contracts
The carrying values of accounts mentioned above approximate fair value because of their
short maturities.
Jointly Controlled Assets of Joint Venture
The jointly controlled assets of joint venture are jointly controlled cash recognized
based on the Company's share on the venture. The carrying values of jointly controlled
assets of joint venture are approximate fair value because of their short maturities.
Investment Securities
The fair values of investment securities are measured at the quoted market price of the
stock exchange for the equity instruments. The information of the fair value for
investment securities by classification is included in Note 5.
Above schedules do not include investment securities whose fair value cannot be reliably
determined.
Notes and Accounts Payable—Trade and Income Taxes Payable
The carrying values of accounts mentioned above approximate fair value because of their
short maturities.
Long-Term Debt (Bank Loans)
The carrying amounts of long-term bank loans approximate fair value, because terms are
based on floating rate and the Group's credit standing is deemed not to be changed since
it has borrowed.
Above schedules include current portion of long-term bank loans, excluding obligations
under finance lease.
CHIYODA CORPORATION ANNUAL REPORT 2010
- 27 -
Derivatives
The information of the fair value for derivatives is included in Note 15.
(b) Financial instruments whose fair values cannot be reliably determined
March 31, 2010
Carrying Amount
Millions of Yen
Thousands of
U.S. Dollars
Investment securities that do not have a quoted
market price in an active market
Investments in equity instruments that do not have
a quoted market price in an active market
Investments in unconsolidated subsidiaries and
associated companies that do not have a quoted
market price in an active market
¥ 1,641
$ 17,654
2
31
2,702
29,053
(c) Maturity analysis for financial assets and securities with contractual maturities
March 31, 2010
Cash and cash equivalents
Short-term investments
Notes and accounts receivable, and
costs and estimated earnings on
long-term construction contacts
Jointly controlled assets of joint
venture
Millions of Yen
Due after
1 Year
through
5 Years
Due after
5 Years
through
10 Years
Due after
10 Years
Due in
1 Year
or
Less
¥ 139,790
53
50,932
¥ 341
¥ 45
69,917
Total
¥ 260,692
¥ 341
¥ 45
March 31, 2010
Cash and cash equivalents
Short-term investments
Notes and accounts receivable, and
costs and estimated earnings on
long-term construction contacts
Jointly controlled assets of joint
venture
Due in
1 Year
or
Less
Thousands of U.S. Dollars
Due after
5 Years
through
10 Years
Due after
1 Year
through
5 Years
Due after
10 Years
$ 1,503,125
577
547,657
$ 3,667
$ 489
751,805
Total
$ 2,803,166
$ 3,668
$ 489
- 28 -
CHIYODA CORPORATION ANNUAL REPORT 2010
Chiyoda Corporation and Consolidated Subsidiaries
Notes to Consolidated Financial Statements
Years Ended March 31, 2010 and 2009
Please see Note 7 for annual maturities of long-term debt and Note 13 for obligations
under finance leases, respectively.
15. DERIVATIVES
As noted in Note 14, the Group applied ASBJ Statement No. 10 "Accounting Standard for Financial
Instruments" and ASBJ Guidance No. 19 "Guidance on Accounting Standard for Financial Instruments
and Related Disclosures." The accounting standard and the guidance are applicable to financial
instruments and related disclosures at the end of the fiscal years ending on or after March 31,
2010; therefore, the required information is disclosed only for 2010.
Derivative Transactions to Which Hedge Accounting Is Not Applied at March 31, 2010
March 31, 2010
Foreign currency forward contracts:
Selling U.S.$/buying yen
Selling Euro/buying yen
Selling GBP/buying yen
Buying U.S.$/selling yen
Buying Euro/selling yen
Total
March 31, 2010
Foreign currency forward contracts:
Selling U.S.$/buying yen
Selling Euro/buying yen
Selling GBP/buying yen
Buying U.S.$/selling yen
Buying Euro/selling yen
Total
Millions of Yen
Contract
Amount
Due after
One Year
Fair
Value
(Loss)
Unrealized
Gain (Loss)
¥ (74 )
(1 )
¥ (74 )
(1 )
¥ (77 )
¥ (77 )
Thousands of U.S. Dollars
Contract
Amount
Due after
One Year
Fair
Value
(Loss)
Unrealized
Gain (Loss)
$ (804 )
(14 )
(1 )
(6 )
(3 )
$ (804 )
(14 )
(1 )
(6 )
(3 )
$ (831 )
$ (831 )
Contract
Amount
¥ 24,754
2,236
278
2,599
6
¥ 29,876
Contract
Amount
$ 266,179
24,050
2,997
27,953
73
$ 321,254
CHIYODA CORPORATION ANNUAL REPORT 2010
- 29 -
Derivative Transactions to Which Hedge Accounting Is Applied at March 31, 2010
March 31, 2010
Foreign currency forward contracts—Accounted
for under deferred hedge accounting method:
Selling U.S.$/buying yen
Selling Euro/buying yen
Buying U.S.$/selling yen
Buying Euro/selling yen
Buying GBP/selling yen
Buying Euro/selling U.S.$
Total
Other*:
Selling U.S.$/buying yen
Buying U.S.$/selling yen
Buying Euro/selling yen
Buying GBP/selling yen
Total
March 31, 2010
Foreign currency forward contracts—Accounted
for under deferred hedge accounting method:
Selling U.S.$/buying yen
Selling Euro/buying yen
Buying U.S.$/selling yen
Buying Euro/selling yen
Buying GBP/selling yen
Buying Euro/selling U.S.$
Total
Other*:
Selling U.S.$/buying yen
Buying U.S.$/selling yen
Buying Euro/selling yen
Buying GBP/selling yen
Total
Millions of Yen
Hedged Item
Amount
Contract
Contract
Amount
Due after
One Year
Fair
Value
(Loss)
Foreign
currency
forecasted
transaction
¥ 11,833
1,016
4,540
1,553
114
2,934
¥ 3,361
240
2,292
¥ (216 )
29
150
(61 )
(8 )
(161 )
¥ 21,993
¥ 5,893
¥ (268 )
Receivables
¥
Payables
76
440
424
4
¥
945
Thousands of U.S. Dollars
Hedged Item
Amount
Contract
Contract
Amount
Due after
One Year
Fair
Value
(Loss)
Foreign
currency
forecasted
transaction
$ 127,246
10,928
48,825
16,703
1,229
31,555
$ 36,141
$ (2,325 )
2,581
24,645
317
1,615
(665 )
(92 )
(1,740 )
$ 236,487
$ 63,369
$ (2,890 )
Receivables
$
Payables
819
4,740
4,563
46
$ 10,170
- 30 -
CHIYODA CORPORATION ANNUAL REPORT 2010
Chiyoda Corporation and Consolidated Subsidiaries
Notes to Consolidated Financial Statements
Years Ended March 31, 2010 and 2009
* Foreign currency forward contracts, which are applied to the foreign currency translation at
the contract rate of the assets and liabilities on construction contracts denominated in
foreign currencies
Derivative Transactions to Which Hedge Accounting Is Not Applied at March 31, 2009
March 31, 2009
Buying:
Euro
GBP
Selling:
U.S.$
Euro
Contract
Amount
Millions of Yen
Fair
Value
Unrealized
Loss
¥
19
21
14,990
1,331
¥
18
14
15,022
1,332
¥ (6 )
(31 )
(1 )
The fair value of derivative transactions is measured at the quoted price obtained from the
financial institution.
The fair value of derivatives accounted for by matching method are included in note and account
receivables/payables because they are accounted together with their hedged items.
The contract or notional amounts of derivatives which are shown in the above table do not
represent the amounts exchanged by the parties and do not measure the Group's exposure to credit
or market risk.
16. CONTINGENT LIABILITIES
At March 31, 2010, the Group had the following contingent liabilities:
Millions of Yen
Thousands of
U.S. Dollars
Guarantees on employees' housing loans
Performance bond for an unconsolidated subsidiary
¥ 405
2,586
$ 4,362
27,814
17. NET INCOME PER SHARE
Reconciliation of the differences between basic and diluted net income per share ("EPS") for the
years ended March 31, 2010 and 2009 is as follows:
Year Ended March 31, 2010
Millions
of Yen
Net
Income
Thousands
of Shares
Weighted-
Average
Shares
Yen
U.S.
Dollars
EPS
Basic EPS—Net income available to
common shareholders
Effect of dilutive securities—Stock options
¥ 2,953
259,301
4
¥ 11.39
$ 0.12
Diluted EPS—Net income for computation
¥ 2,953
259,306
¥ 11.39
$ 0.12
CHIYODA CORPORATION ANNUAL REPORT 2010
- 31 -
Year Ended March 31, 2009
Basic EPS—Net income available to common shareholders
Year Ended March 31, 2009
Effect of dilutive securities—Stock options
18. SUBSEQUENT EVENT
Basic EPS—Net income available to common shareholders
Diluted EPS—Net income for computation
Effect of dilutive securities—Stock options
18. SUBSEQUENT EVENT
Diluted EPS—Net income for computation
18. SUBSEQUENT EVENT
18. SUBSEQUENT EVENT
18. SUBSEQUENT EVENT
18. SUBSEQUENT EVENT
18. SUBSEQUENT EVENT
18. SUBSEQUENT EVENT
18. SUBSEQUENT EVENT
19. SEGMENT INFORMATION
18. SUBSEQUENT EVENT
19. SEGMENT INFORMATION
19. SEGMENT INFORMATION
was as follows:
Year-end cash dividends, ¥3.50 ($0.04) per share
was as follows:
Year-end cash dividends, ¥3.50 ($0.04) per share
19. SEGMENT INFORMATION
19. SEGMENT INFORMATION
19. SEGMENT INFORMATION
19. SEGMENT INFORMATION
19. SEGMENT INFORMATION
19. SEGMENT INFORMATION
was as follows:
(1) Geographical Segments
was as follows:
(1) Geographical Segments
Year Ended March 31, 2010
Revenue:
Year Ended March 31, 2010
Sales to customers
Interarea transfer
Revenue:
Sales to customers
Total sales
Interarea transfer
Operating expenses
Total sales
Operating income
Operating expenses
Total assets
Operating income
Total assets
was as follows:
was as follows:
was as follows:
was as follows:
was as follows:
was as follows:
was as follows:
Revenue:
(1) Geographical Segments
(1) Geographical Segments
(1) Geographical Segments
(1) Geographical Segments
(1) Geographical Segments
Japan
Revenue:
Asia
Japan
¥ 303,372
922
Year Ended March 31, 2010
Year Ended March 31, 2010
Year Ended March 31, 2010
Revenue:
Revenue:
Revenue:
¥ 303,372
304,295
Revenue:
Revenue:
Revenue:
922
Revenue:
Sales to customers
Sales to customers
Sales to customers
Sales to customers
Sales to customers
Interarea transfer
Interarea transfer
Interarea transfer
Interarea transfer
Interarea transfer
303,560
Total assets
304,295
Total sales
Total sales
Total sales
303,560
734
Total sales
Total sales
¥
¥
Year Ended March 31, 2009
Year Ended March 31, 2009
Basic EPS—Net income available to common shareholders
Effect of dilutive securities—Stock options
Thousands
of Shares
Weighted-Average
Millions
Thousands
Thousands
Millions
Net Income
Shares
254,000
¥ 25.58
254,000
Basic EPS—Net income available to common shareholders
of Yen
of Shares
Yen
of Shares
of Yen
Millions
Thousands
Effect of dilutive securities—Stock options
42
42
Weighted-Average
Weighted-Average
¥ 6,498
Basic EPS—Net income available to common shareholders
254,000
of Yen
of Shares
Thousands
Millions
Year Ended March 31, 2009
Shares
Net Income
EPS
Net Income
Shares
Net Income
Effect of dilutive securities—Stock options
Yen
of Shares
of Yen
Weighted-Average
Diluted EPS—Net income for computation
254,043
¥ 25.58
¥ 25.58
254,043
¥ 6,498
Diluted EPS—Net income for computation
¥ 6,498
Millions
Thousands
Millions
Thousands
Thousands
Millions
Thousands
Millions
Thousands
Millions
Thousands
Thousands
Thousands
Millions
Millions
Millions
Net Income
Year Ended March 31, 2009
Shares
Weighted-Average
Year Ended March 31, 2009
Basic EPS—Net income available to common shareholders
Basic EPS—Net income available to common shareholders
254,000
¥ 6,498
254,000
¥ 6,498
¥ 25.58
Yen
of Yen
of Shares
¥ 25.58
¥ 6,498
254,000
of Yen
of Shares
Yen
of Shares
of Shares
of Yen
of Yen
of Yen
Yen
of Shares
of Yen
Yen
of Shares
of Yen
of Yen
of Shares
Yen
Yen
of Shares
EPS
Shares
¥ 6,498
Diluted EPS—Net income for computation
254,043
Weighted-Average
18. SUBSEQUENT EVENT
Effect of dilutive securities—Stock options
42
42
Effect of dilutive securities—Stock options
42
Weighted-Average
Weighted-Average
Weighted-Average
Weighted-Average
Weighted-Average
Weighted-Average
Weighted-Average
Basic EPS—Net income available to common shareholders
¥ 6,498
254,000
Basic EPS—Net income available to common shareholders
EPS
Shares
Net Income
Year Ended March 31, 2009
Shares
Shares
Net Income
Net Income
EPS
Shares
Year Ended March 31, 2009
EPS
Shares
Year Ended March 31, 2009
Shares
Net Income
Shares
Shares
Net Income
¥ 25.58
254,000
Effect of dilutive securities—Stock options
Effect of dilutive securities—Stock options
The following appropriation of retained earnings at March 31, 2010, is scheduled for approval at the Company's shareholders meeting on June 24, 2010:
The following appropriation of retained earnings at March 31, 2010, is scheduled for approval at the Company's shareholders meeting on June 24, 2010:
Diluted EPS—Net income for computation
254,043
¥ 6,498
¥ 6,498
¥ 6,498
254,043
42
Basic EPS—Net income available to common shareholders
¥ 25.58
254,000
Basic EPS—Net income available to common shareholders
254,000
Basic EPS—Net income available to common shareholders
¥ 25.58
¥ 25.58
Basic EPS—Net income available to common shareholders
¥ 25.58
254,000
¥ 6,498
Basic EPS—Net income available to common shareholders
254,000
¥ 6,498
254,000
¥ 6,498
Basic EPS—Net income available to common shareholders
¥ 6,498
The following appropriation of retained earnings at March 31, 2010, is scheduled for approval at the Company's shareholders meeting on June 24, 2010:
Diluted EPS—Net income for computation
254,043
42
Effect of dilutive securities—Stock options
18. SUBSEQUENT EVENT
Effect of dilutive securities—Stock options
Effect of dilutive securities—Stock options
42
Effect of dilutive securities—Stock options
42
42
Effect of dilutive securities—Stock options
Effect of dilutive securities—Stock options
¥ 25.58
¥ 25.58
Basic EPS—Net income available to common shareholders
Effect of dilutive securities—Stock options
¥ 25.58
254,000
¥ 25.58
Thousands of
Diluted EPS—Net income for computation
42
U.S. Dollars
EPS
Thousands
¥ 25.58
of Shares
Weighted-Average
Shares
Basic EPS—Net income available to common shareholders
Effect of dilutive securities—Stock options
Net Income
Diluted EPS—Net income for computation
Net Income
Millions
¥ 6,498
of Yen
Year Ended March 31, 2009
18. SUBSEQUENT EVENT
¥ 6,498
¥ 6,498
Thousands of
U.S. Dollars
Year Ended March 31, 2009
¥ 6,498
254,000
254,000
¥ 6,498
42
42
Net Income
EPS
¥ 25.58
Year Ended March 31, 2009
Year Ended March 31, 2009
Year Ended March 31, 2009
Year Ended March 31, 2009
Year Ended March 31, 2009
Millions of Yen
Millions of Yen
EPS
254,043
Net Income
Net Income
Net Income
254,043
¥ 6,498
¥ 6,498
¥ 6,498
¥ 6,498
¥ 25.58
Yen
Yen
EPS
EPS
EPS
Millions
of Yen
Millions
of Yen
Thousands
of Shares
Weighted-Average
Shares
Thousands
of Shares
Weighted-Average
Shares
Yen
Millions
of Yen
EPS
Yen
The following appropriation of retained earnings at March 31, 2010, is scheduled for approval at the Company's shareholders meeting on June 24, 2010:
Diluted EPS—Net income for computation
The following appropriation of retained earnings at March 31, 2010, is scheduled for approval at the Company's shareholders meeting on June 24, 2010:
254,043
Diluted EPS—Net income for computation
Diluted EPS—Net income for computation
¥ 6,498
Millions of Yen
Year-end cash dividends, ¥3.50 ($0.04) per share
18. SUBSEQUENT EVENT
The following appropriation of retained earnings at March 31, 2010, is scheduled for approval at the Company's shareholders meeting on June 24, 2010:
254,043
¥ 6,498
Year-end cash dividends, ¥3.50 ($0.04) per share
18. SUBSEQUENT EVENT
Diluted EPS—Net income for computation
Diluted EPS—Net income for computation
Diluted EPS—Net income for computation
Diluted EPS—Net income for computation
Diluted EPS—Net income for computation
¥ 25.58
254,043
¥ 907
¥ 25.58
$ 9,755
¥ 25.58
¥ 907
¥ 25.58
254,043
254,043
254,043
¥ 6,498
254,043
254,043
¥ 6,498
¥ 6,498
¥ 6,498
¥ 6,498
¥ 6,498
¥ 25.58
¥ 25.58
¥ 25.58
The following appropriation of retained earnings at March 31, 2010, is scheduled for approval at the Company's shareholders meeting on June 24, 2010:
18. SUBSEQUENT EVENT
19. SEGMENT INFORMATION
18. SUBSEQUENT EVENT
Year-end cash dividends, ¥3.50 ($0.04) per share
Millions of Yen
The following appropriation of retained earnings at March 31, 2010, is scheduled for approval at the Company's shareholders meeting on June 24, 2010:
Millions of Yen
Millions of Yen
The following appropriation of retained earnings at March 31, 2010, is scheduled for approval at the Company's shareholders meeting on June 24, 2010:
The following appropriation of retained earnings at March 31, 2010, is scheduled for approval at the Company's shareholders meeting on June 24, 2010:
$ 9,755
The following appropriation of retained earnings at March 31, 2010, is scheduled for approval at the Company's shareholders meeting on June 24, 2010:
Thousands of
$ 9,755
U.S. Dollars
Information about geographical segments and sales to foreign customers of the Company and consolidated subsidiaries for the years ended March 31, 2010 and 2009,
was as follows:
The following appropriation of retained earnings at March 31, 2010, is scheduled for approval at the Company's shareholders meeting on June 24, 2010:
¥ 907
Millions of Yen
The following appropriation of retained earnings at March 31, 2010, is scheduled for approval at the Company's shareholders meeting on June 24, 2010:
Year-end cash dividends, ¥3.50 ($0.04) per share
Information about geographical segments and sales to foreign customers of the Company and consolidated subsidiaries for the years ended March 31, 2010 and 2009,
The following appropriation of retained earnings at March 31, 2010, is scheduled for approval at the Company's shareholders meeting on June 24, 2010:
The following appropriation of retained earnings at March 31, 2010, is scheduled for approval at the Company's shareholders meeting on June 24, 2010:
Year-end cash dividends, ¥3.50 ($0.04) per share
19. SEGMENT INFORMATION
Millions of Yen
$ 9,755
¥ 907
¥ 907
Thousands of
U.S. Dollars
$ 9,755
Thousands of
U.S. Dollars
¥ 907
Thousands of
U.S. Dollars
The following appropriation of retained earnings at March 31, 2010, is scheduled for approval at the Company's shareholders meeting on June 24, 2010:
The following appropriation of retained earnings at March 31, 2010, is scheduled for approval at the Company's shareholders meeting on June 24, 2010:
Information about geographical segments and sales to foreign customers of the Company and consolidated subsidiaries for the years ended March 31, 2010 and 2009,
19. SEGMENT INFORMATION
19. SEGMENT INFORMATION
(1) Geographical Segments
(1) Geographical Segments
Information about geographical segments and sales to foreign customers of the Company and consolidated subsidiaries for the years ended March 31, 2010 and 2009,
¥ 907
Thousands of
Information about geographical segments and sales to foreign customers of the Company and consolidated subsidiaries for the years ended March 31, 2010 and 2009,
Thousands of
Thousands of
U.S. Dollars
was as follows:
U.S. Dollars
Millions of Yen
U.S. Dollars
19. SEGMENT INFORMATION
Information about geographical segments and sales to foreign customers of the Company and consolidated subsidiaries for the years ended March 31, 2010 and 2009,
Year-end cash dividends, ¥3.50 ($0.04) per share
was as follows:
$ 9,755
¥ 907
Year-end cash dividends, ¥3.50 ($0.04) per share
(1) Geographical Segments
$ 9,755
Information about geographical segments and sales to foreign customers of the Company and consolidated subsidiaries for the years ended March 31, 2010 and 2009,
19. SEGMENT INFORMATION
was as follows:
¥ 907
Information about geographical segments and sales to foreign customers of the Company and consolidated subsidiaries for the years ended March 31, 2010 and 2009,
was as follows:
Thousands of
Thousands of
Year-end cash dividends, ¥3.50 ($0.04) per share
U.S. Dollars
Millions of Yen
Millions of Yen
U.S. Dollars
Millions of Yen
19. SEGMENT INFORMATION
Year-end cash dividends, ¥3.50 ($0.04) per share
$ 9,755
¥ 907
$ 9,755
¥ 907
Year-end cash dividends, ¥3.50 ($0.04) per share
Millions of Yen
Year-end cash dividends, ¥3.50 ($0.04) per share
Year-end cash dividends, ¥3.50 ($0.04) per share
Year-end cash dividends, ¥3.50 ($0.04) per share
Year-end cash dividends, ¥3.50 ($0.04) per share
¥ 907
Eliminations
(Corporate)
Year-end cash dividends, ¥3.50 ($0.04) per share
Eliminations
Millions of Yen
(Corporate)
Thousands of
U.S. Dollars
Thousands of
U.S. Dollars
Year Ended March 31, 2010
Year Ended March 31, 2010
$ 9,755
$ 9,755
¥ 907
Millions of Yen
19. SEGMENT INFORMATION
Millions of Yen
Millions of Yen
Millions of Yen
$ 9,755
Millions of Yen
Subtotal
Subtotal
$ 9,755
¥ 907
¥ 907
¥ 907
Other
Other
Japan
Japan
Asia
Asia
Information about geographical segments and sales to foreign customers of the Company and consolidated subsidiaries for the years ended March 31, 2010 and 2009,
(1) Geographical Segments
(1) Geographical Segments
(1) Geographical Segments
Year Ended March 31, 2010
Millions of Yen
Revenue:
Sales to customers
Interarea transfer
Information about geographical segments and sales to foreign customers of the Company and consolidated subsidiaries for the years ended March 31, 2010 and 2009,
Information about geographical segments and sales to foreign customers of the Company and consolidated subsidiaries for the years ended March 31, 2010 and 2009,
Information about geographical segments and sales to foreign customers of the Company and consolidated subsidiaries for the years ended March 31, 2010 and 2009,
Information about geographical segments and sales to foreign customers of the Company and consolidated subsidiaries for the years ended March 31, 2010 and 2009,
Information about geographical segments and sales to foreign customers of the Company and consolidated subsidiaries for the years ended March 31, 2010 and 2009,
Information about geographical segments and sales to foreign customers of the Company and consolidated subsidiaries for the years ended March 31, 2010 and 2009,
Other
Millions of Yen
Eliminations
¥ (3,956 )
(Corporate)
¥ 1,026
35
(3,956 )
Other
Information about geographical segments and sales to foreign customers of the Company and consolidated subsidiaries for the years ended March 31, 2010 and 2009,
Sales to customers
Interarea transfer
Year Ended March 31, 2010
Asia
(1) Geographical Segments
Information about geographical segments and sales to foreign customers of the Company and consolidated subsidiaries for the years ended March 31, 2010 and 2009,
Japan
(1) Geographical Segments
was as follows:
¥ 1,026
¥ 312,985
Revenue:
3,956
35
Subtotal
Other
¥ 303,372
Sales to customers
¥ 8,586
Interarea transfer
2,998
922
11,585
304,295
1,061
316,942
1,061
Year Ended March 31, 2010
Asia
Japan
Eliminations
Year Ended March 31, 2010
Revenue:
Millions of Yen
Millions of Yen
Millions of Yen
Millions of Yen
Millions of Yen
Consolidated
(Corporate)
Other
Sales to customers
¥ 303,372
¥ 8,586
¥ 303,372
¥ 1,026
¥ 312,985
¥ 8,586
¥ 312,985
¥ 1,026
¥ 312,985
¥ 312,985
¥ 1,026
Eliminations
Eliminations
Eliminations
Eliminations
Eliminations
Eliminations
Eliminations
Total sales
1,061
11,585
304,295
1,059
1,059
10,620
303,560
10,620
303,560
315,240
(3,956 )
(3,956 )
315,240
Revenue:
Revenue:
Interarea transfer
922
2,998
922
3,956
3,956
35
¥ (3,956 )
35
2,998
¥ (3,956 )
3,956
35
Other
Asia
Japan
Consolidated
(Corporate)
Subtotal
Year Ended March 31, 2010
Other
Asia
Japan
Consolidated
(Corporate)
Subtotal
Other
Asia
Japan
Consolidated
(Corporate)
Subtotal
Other
Other
Asia
Japan
Consolidated
(Corporate)
Subtotal
Other
Asia
Japan
Other
Asia
Japan
Asia
Japan
Asia
Japan
Consolidated
(Corporate)
Subtotal
Consolidated
(Corporate)
Subtotal
(Corporate)
Subtotal
Other
Sales to customers
¥ 1,026
¥ 8,586
¥ 303,372
Sales to customers
303,560
Operating expenses
1,059
10,620
¥
1,702
¥
¥
734
¥
¥
¥
734
¥
965
2
1,702
2
¥
Interarea transfer
35
2,998
922
¥ 312,985
¥ 312,985
Interarea transfer
Total sales
304,295
11,585
304,295
316,942
(3,956 )
11,585
316,942
1,061
312,985
316,942
(3,956 )
Revenue:
¥ (3,956 )
3,956
¥ 8,586
¥ 1,026
¥ 303,372
¥ 312,985
¥ 312,985
Sales to customers
¥ 1,026
¥ 303,372
¥ 8,586
¥ 8,586
¥ 1,026
¥ 312,985
¥ 312,985
¥ 1,026
¥ 8,586
¥ 303,372
¥ 312,985
¥ 303,372
¥ 312,985
¥ 312,985
¥ 1,026
¥ 8,586
¥ 8,586
¥ 303,372
¥ 312,985
¥ 312,985
¥ 1,026
¥ 303,372
¥ 8,586
¥ 303,372
¥ 303,372
¥ 1,026
¥ 8,586
¥ 312,985
¥ 1,026
¥ 312,985
Operating income
¥
¥
¥
734
2
965
Total sales
1,061
304,295
11,585
Total sales
¥ 9,413
¥ 319,561
¥ 9,413
¥ 319,561
¥ (2,572 )
¥ 1,772
¥ 1,772
¥ 330,747
303,560
303,560
10,620
1,059
1,059
315,240
(3,956 )
10,620
315,240
(3,956 )
311,283
315,240
922
2,998
35
3,956
¥ (3,956 )
Interarea transfer
35
922
2,998
35
922
¥ (3,956 )
3,956
3,956
35
2,998
922
¥ (3,956 )
3,956
35
2,998
922
¥ (3,956 )
2,998
¥ (3,956 )
3,956
35
2,998
922
35
2,998
922
922
2,998
3,956
35
3,956
312,985
(3,956 )
316,942
¥ 319,561
Total assets
¥ 9,413
Operating expenses
303,560
10,620
Operating expenses
¥
965
¥
¥
¥
1,702
1,702
1,702
¥
¥
1,061
304,295
(3,956 )
11,585
304,295
Total sales
1,061
(3,956 )
316,942
1,061
11,585
304,295
(3,956 )
316,942
304,295
11,585
316,942
311,283
Year Ended March 31, 2010
Operating income
Operating income
¥ 8,586
Total sales
11,585
2,998
Sales to customers
Total assets
Operating expenses
10,620
Interarea transfer
11,585
Operating income
Total sales
10,620
Sales to customers
¥ 8,586
Operating expenses
Interarea transfer
2,998
Year Ended March 31, 2010
Year Ended March 31, 2010
Sales to customers
Interarea transfer
¥ 1,772
1,059
¥
1,702
312,985
1,061
312,985
(3,956 )
312,985
312,985
¥ 303,372
Eliminations
922
Japan
(Corporate)
¥ 1,026
1,061
35
1,059
Year Ended March 31, 2010
Year Ended March 31, 2010
734
11,585
11,585
304,295
(3,956 )
(1) Geographical Segments
(1) Geographical Segments
¥ 312,985
3,956
Other
1,061
¥
1,059
965
316,942
(3,956 )
¥ 303,372
922
¥ 8,586
2,998
Asia
¥
2
316,942
1,061
¥ 1,026
35
Asia
¥
11,585
11,585
304,295
Operating expenses
Operating expenses
¥ 8,586
2,998
Consolidated
Operating income
965
Total sales
¥
316,942
¥ 312,985
¥ (2,572 )
¥ 330,747
¥ (3,956 )
Millions of Yen
Millions of Yen
Millions of Yen
Millions of Yen
Millions of Yen
Millions of Yen
2
304,295
2
(3,956 )
Total sales
Total sales
734
1,061
316,942
316,942
1,061
304,295
312,985
¥ (3,956 )
(3,956 )
¥ (3,956 )
(3,956 )
Subtotal
Subtotal
Subtotal
11,585
11,585
1,061
1,061
Other
Japan
Asia
965
Operating expenses
Operating expenses
Operating expenses
Operating expenses
Operating expenses
Operating expenses
¥ 319,561
Total assets
Operating expenses
¥ 9,413
965
¥
734
¥
Total assets
¥ 1,772
2
¥
Operating income
Operating income
Operating income
Operating income
Operating income
Operating income
Operating income
¥ 9,413
¥ 319,561
¥ 1,772
Total assets
Total assets
Total assets
Total assets
Total assets
Total assets
Total assets
303,560
304,295
315,240
Operating income
303,560
¥ 330,747
Operating expenses
303,560
303,560
1,702
¥
Total assets
¥
Operating income
734
734
734
¥
¥
¥ 330,747
¥
¥
734
¥
¥
734
¥
965
¥
734
¥
965
¥
965
¥
965
¥
965
¥
¥
734
¥ (2,572 )
¥ 9,413
1,059
10,620
1,059
¥
1,059
¥ 319,561
¥ 328,174
1,059
10,620
1,702
¥
2
2
¥
965
¥
965
¥
2
¥
¥
¥ 328,174
2
303,560
10,620
10,620
303,560
¥ 319,561
10,620
¥ (2,572 )
303,560
10,620
10,620
1,059
¥
734
Operating income
315,240
¥ 9,413
¥ 1,772
303,560
315,240
315,240
315,240
1,059
1,059
¥
965
(3,956 )
¥ 1,772
¥ 330,747
10,620
(3,956 )
(3,956 )
315,240
(3,956 )
315,240
¥
2
311,283
¥ 330,747
¥ (2,572 )
1,059
311,283
311,283
(3,956 )
311,283
(3,956 )
(3,956 )
311,283
315,240
¥ 319,561
Total assets
¥
734
¥
1,702
¥
1,702
1,702
¥
¥
2
¥
2
1,702
1,702
¥
2
¥ 9,413
965
¥
1,702
¥
¥
1,702
¥ 1,772
¥
¥
2
1,702
1,702
¥
1,702
¥
¥
1,702
1,702
¥ 319,561
Total assets
¥ 319,561
¥ 319,561
¥ 319,561
¥ 9,413
¥ 9,413
¥ 319,561
¥ 9,413
¥ 319,561
¥ 9,413
¥ 1,772
¥ 1,772
¥ 9,413
¥ 1,772
¥ 9,413
¥ 1,772
¥ 330,747
¥ 330,747
¥ 1,772
¥ 319,561
¥ 330,747
¥ 1,772
¥ 330,747
¥ (2,572 )
¥ (2,572 )
¥ 330,747
¥ 9,413
¥ (2,572 )
¥ 330,747
¥ (2,572 )
¥ 328,174
¥ 328,174
¥ (2,572 )
¥ (2,572 )
¥ 1,772
¥ 328,174
¥ (2,572 )
¥ 328,174
¥ 328,174
¥ 330,747
¥ 319,561
¥ 9,413
¥ 1,772
- 32 -
- 32 -
- 32 -
- 32 -
- 32 -
- 32 -
- 32 -
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- 32 -
CHIYODA CORPORATION ANNUAL REPORT 2010
Yen
EPS
¥ 25.58
Yen
EPS
Yen
¥ 25.58
¥ 25.58
EPS
¥ 25.58
¥ 25.58
Yen
EPS
42
¥ 25.58
42
¥ 25.58
42
Thousands of
U.S. Dollars
¥ 25.58
$ 9,755
Thousands of
U.S. Dollars
Thousands of
$ 9,755
U.S. Dollars
$ 9,755
Millions
of Yen
Thousands
of Shares
Net Income
Shares
Weighted-Average
¥ 6,498
254,000
42
Yen
EPS
¥ 25.58
¥ 6,498
254,043
¥ 25.58
Millions of Yen
U.S. Dollars
Thousands of
¥ 907
$ 9,755
Consolidated
(Corporate)
Consolidated
Millions of Yen
Eliminations
¥ (3,956 )
(Corporate)
¥ 312,985
Asia
Consolidated
Other
Subtotal
Eliminations
(Corporate)
Consolidated
Consolidated
Consolidated
Eliminations
(Corporate)
Consolidated
Subtotal
¥ 312,985
Eliminations
¥ 312,985
¥ 312,985
312,985
Subtotal
3,956
312,985
Japan
¥ 312,985
316,942
311,283
311,283
¥ (3,956 )
Consolidated
Subtotal
¥ 312,985
¥ 303,372
315,240
3,956
1,702
312,985
(3,956 )
922
¥
¥
1,702
¥ 312,985
Eliminations
(3,956 )
(Corporate)
¥ 8,586
(3,956 )
¥ (3,956 )
2,998
312,985
Consolidated
¥ 312,985
¥ 1,026
311,283
35
312,985
¥ 312,985
¥ 312,985
¥ 312,985
316,942
¥ 328,174
311,283
304,295
(3,956 )
¥ 328,174
1,702
¥
3,956
(3,956 )
¥ (3,956 )
311,283
11,585
¥
¥ 312,985
312,985
1,702
1,061
¥ 330,747
315,240
303,560
1,702
312,985
316,942
312,985
¥
¥ (2,572 )
(3,956 )
(3,956 )
¥
10,620
1,702
¥ 328,174
311,283
312,985
1,059
¥ 312,985
3,956
¥ (3,956 )
¥ 312,985
316,942
(3,956 )
312,985
315,240
(3,956 )
311,283
¥
311,283
¥ 328,174
315,240
311,283
¥ (2,572 )
1,702
¥
734
(3,956 )
¥ 328,174
965
¥
¥
1,702
¥
311,283
2
¥
1,702
¥
1,702
¥
¥ 330,747
¥ 319,561
1,702
1,702
1,702
¥
¥
¥ (2,572 )
¥ 9,413
¥ 328,174
¥ 1,772
1,702
¥
¥ 330,747
¥ (2,572 )
¥ 328,174
¥ 328,174
¥ 330,747
¥ 328,174
¥ (2,572 )
¥ 328,174
Chiyoda Corporation and Consolidated Subsidiaries
Notes to Consolidated Financial Statements
Years Ended March 31, 2010 and 2009
Thousands of U.S. Dollars
Thousands of U.S. Dollars
Thousands of U.S. Dollars
Thousands of U.S. Dollars
Year Ended March 31, 2010
Thousands of U.S. Dollars
Year Ended March 31, 2010
Year Ended March 31, 2010
Year Ended March 31, 2010
Eliminations
Year Ended March 31, 2010
Year Ended March 31, 2010
Revenue:
Eliminations
Revenue:
Revenue:
(Corporate) Consolidated
Subtotal
Sales to customers
(Corporate) Consolidated
Subtotal
Other
Sales to customers
Sales to customers
Revenue:
Revenue:
Revenue:
Interarea transfer
Interarea transfer
Interarea transfer
Sales to customers
Sales to customers
Sales to customers
Interarea transfer
Interarea transfer
Interarea transfer
Total sales
Revenue:
Sales to customers
Interarea transfer
Year Ended March 31, 2010
$ 3,262,072
$ 3,262,072
9,920
9,920
$ 3,262,072
$ 3,262,072
$ 3,262,072
9,920
9,920
9,920
3,271,992
$ 3,365,440
$ 3,365,440
3,271,992
Japan
Japan
Japan
Japan
Japan
Asia
Japan
Asia
Asia
Asia
Asia
$ 92,331
$ 3,262,072
$ 92,331
32,244
9,920
32,244
$ 92,331
$ 92,331
$ 92,331
32,244
32,244
32,244
124,575
3,271,992
124,575
$ 11,037
377
$ 92,331
32,244
$ 3,365,440
Total sales
$ 11,037
42,542
377
Operating expenses
Total sales
Total sales
Total sales
$ (42,542 )
$ 3,365,440
Total sales
42,542
$ (42,542 )
Thousands of U.S. Dollars
Thousands of U.S. Dollars
Thousands of U.S. Dollars
Subtotal
Other
Other
Other
Asia
Japan
Other
Other
Other
$ 11,037
$ 92,331
$ 11,037
377
32,244
377
$ 11,037
$ 3,365,440
$ 3,365,440
$ 11,037
$ 11,037
$ 3,365,440
$ 3,262,072
377
377
377
3,407,983
9,920
11,414
11,414
11,414
Thousands of U.S. Dollars
124,575
$ 3,365,440
$ 11,037
11,414
11,414
11,414
11,389
114,195
Other
Asia
11,389
11,389
11,389
Thousands of U.S. Dollars
3,407,983
3,407,983
3,407,983
3,389,680
3,271,992
Thousands of U.S. Dollars
11,389
11,389
Subtotal
Thousands of U.S. Dollars
Other
Other
Thousands of U.S. Dollars
3,389,680
3,389,680
3,389,680
Year Ended March 31, 2010
Year Ended March 31, 2010
Japan
Asia
Japan
Other
Asia
Revenue:
Sales to customers
Interarea transfer
Revenue:
Sales to customers
Interarea transfer
Total sales
Total sales
Operating expenses
Operating income
Total assets
Operating expenses
Year Ended March 31, 2010
Year Ended March 31, 2010
Operating income
Revenue:
Revenue:
Sales to customers
Total assets
Sales to customers
Interarea transfer
Interarea transfer
Total sales
Total sales
$ 3,262,072
9,920
3,271,992
3,264,095
$
7,897
$ 3,436,143
The segments consisted of the following countries in 2010:
Operating expenses
The segments consisted of the following countries in 2010:
Operating expenses
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
Other: Qatar, United States of America and Nigeria
Operating income
Other: Qatar, United States of America and Nigeria
$
Operating income
$
7,897
¥2,992 million ($32,181 thousand).
Total assets
Total assets
¥2,992 million ($32,181 thousand).
Year Ended March 31, 2009
Year Ended March 31, 2009
The segments consisted of the following countries in 2010:
The segments consisted of the following countries in 2010:
Japan
Asia
Japan
Revenue:
Sales to customers
Interarea transfer
Revenue:
Sales to customers
Interarea transfer
Total sales
Total sales
¥2,992 million ($32,181 thousand).
¥2,992 million ($32,181 thousand).
429,896
Other: Qatar, United States of America and Nigeria
Other: Qatar, United States of America and Nigeria
Operating expenses
Operating income
Total assets
Operating expenses
Year Ended March 31, 2009
Year Ended March 31, 2009
Operating income
Revenue:
Revenue:
Sales to customers
Total assets
Sales to customers
Interarea transfer
Interarea transfer
Total sales
Total sales
¥ 429,879
16
424,825
¥
5,070
¥ 347,936
$ 92,331
$ 3,262,072
32,244
9,920
124,575
3,271,992
114,195
3,264,095
Japan
$ 10,380
$
7,897
Japan
$
$ 101,221
$ 3,436,143
$ 3,262,072
9,920
3,271,992
3,264,095
$ 3,436,143
¥ 16,548
¥ 429,879
2,103
16
18,651
429,896
16,497
424,825
Japan
¥ 2,154
5,070
¥
Japan
¥ 10,338
¥ 347,936
¥ 429,879
16
¥ 429,879
16
429,896
429,896
424,825
¥
5,070
¥
5,070
¥ 347,936
¥ 347,936
The segments consisted of the following countries in 2009:
Operating expenses
The segments consisted of the following countries in 2009:
424,825
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
Other: United States of America and Nigeria
Operating income
Other: United States of America and Nigeria
Operating expenses
Operating income
¥3,273 million.
Total assets
Total assets
¥3,273 million.
¥3,273 million.
¥3,273 million.
Operating income
Revenue:
3,389,680
Revenue:
11,389
Other
Asia
Sales to customers
Operating income
Sales to customers
Operating income
Operating income
Operating income
Other
Total assets
Revenue:
Interarea transfer
Revenue:
Total assets
18,302
$
Interarea transfer
Revenue:
$
18,301
$
25
$
Revenue:
Sales to customers
Sales to customers
Sales to customers
Total assets
Total assets
Total assets
Sales to customers
Interarea transfer
Total assets
$ 92,331
$ 11,037
3,271,992
Total sales
Interarea transfer
Total sales
Total sales
Interarea transfer
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
$ (27,665 )
$ 3,556,420
Interarea transfer
$ 3,365,440
$ 3,365,440
$ 11,037
$ 3,556,420
$ 19,055
$ (42,542 )
377
32,244
42,542
377
3,264,095
Operating expenses
The segments consisted of the following countries in 2010:
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
Operating expenses
Operating expenses
The segments consisted of the following countries in 2010:
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
Total sales
3,407,983
3,365,440
(42,542 )
11,414
The segments consisted of the following countries in 2010:
The segments consisted of the following countries in 2010:
3,264,095
11,389
3,365,440
The segments consisted of the following countries in 2010:
$ 10,380
$
25
7,897
$
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
11,389
3,264,095
The segments consisted of the following countries in 2010:
3,264,095
11,389
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
$ 10,380
$
7,897
$
7,897
25
$
Operating expenses
3,389,680
3,347,139
(42,541 )
11,389
Other: Qatar, United States of America and Nigeria
Other: Qatar, United States of America and Nigeria
Other: Qatar, United States of America and Nigeria
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
3,347,139
11,389
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
25
$
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
25
$
$ 3,556,420
$ 101,221
$ 3,436,143
25
$
$ 19,055
$ 3,436,143
$ 3,436,143
Other: Qatar, United States of America and Nigeria
Other: Qatar, United States of America and Nigeria
$
Operating income
Other: Qatar, United States of America and Nigeria
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2010 were
$
18,301
$
Other: Qatar, United States of America and Nigeria
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2010 were
$
18,302
25
$
¥2,992 million ($32,181 thousand).
$ 19,055
$ 3,436,143
Total assets
¥2,992 million ($32,181 thousand).
$ 19,055
$ 3,436,143
Total assets
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2010 were
$ 19,055
$ 3,436,143
Total assets
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2010 were
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2010 were
$ 3,556,420
$ 19,055
¥2,992 million ($32,181 thousand).
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2010 were
¥2,992 million ($32,181 thousand).
¥2,992 million ($32,181 thousand).
Millions of Yen
$ 3,556,420
$ 19,055
The segments consisted of the following countries in 2010:
The segments consisted of the following countries in 2010:
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
$ 10,380
$ 92,331
$ 101,221
32,244
$ 92,331
$ 92,331
$ 92,331
32,244
32,244
124,575
32,244
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
3,365,440
114,195
114,195
114,195
$ 10,380
Operating expenses
Japan
Eliminations
7,897
$
7,897
$
Japan
Japan
3,347,139
Year Ended March 31, 2010
(Corporate) Consolidated
$ 92,331
$ 3,262,072
$
7,897
$ 10,380
$ 3,262,072
$ 3,262,072
7,897
$
$ 10,380
7,897
$
$ 10,380
$ 3,436,143
$ 101,221
9,920
32,244
$ 3,436,143
$ 3,436,143
9,920
9,920
$ 3,262,072
$ 3,262,072
$ 3,262,072
$ 101,221
$ 101,221
$ 101,221
9,920
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
9,920
9,920
$ 101,221
$ 101,221
$ 101,221
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2010 were
$
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
$
25
$
3,264,095
Other
$
$ 10,380
$
25
Other
Other
$ 3,365,440
$ 11,037
$
25
$
$ 11,037
$ 92,331
$ 11,037
$
25
$
$
25
$
7,897
$
$ 3,556,420
$ 19,055
377
42,542
$ 19,055
$ 101,221
$ 19,055
32,244
377
$ 11,037
$ 11,037
$ 11,037
$ 19,055
$ 19,055
$ 19,055
377
$ 3,436,143
377
11,414
377
3,271,992
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2010 were
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2010 were
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
Eliminations
(Corporate) Consolidated
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
3,389,680
11,389
3,271,992
18,302
$
3,264,095
The segments consisted of the following countries in 2010:
$
18,301
$ 3,528,755
$ 3,436,143
Millions of Yen
¥2,992 million ($32,181 thousand).
¥2,992 million ($32,181 thousand).
Operating expenses
Operating expenses
Operating expenses
Operating income
Operating income
Operating income
Operating income
Operating income
$ 3,262,072
9,920
$ 3,365,440
42,542
$ 3,262,072
3,407,983
11,414
$ 92,331
32,244
Total assets
Total assets
$ 10,380
$ 10,380
$ 10,380
$ 101,221
$ 3,436,143
$ 3,436,143
$ 3,436,143
$ 3,365,440
Total sales
Total sales
Total sales
3,271,992
3,271,992
3,271,992
114,195
$
114,195
114,195
$ 10,380
124,575
124,575
114,195
124,575
Operating income
$
$
$
$ 19,055
114,195
3,264,095
124,575
3,271,992
$ 3,556,420
$ 3,556,420
$ 3,556,420
25
$ 10,380
11,414
11,414
11,389
11,414
3,264,095
3,271,992
Total assets
Total assets
$ 3,528,755
$ 3,528,755
3,347,139
$ 3,528,755
3,264,095
$ 3,436,143
3,389,680
3,407,983
$ (42,542 )
$ (27,665 )
(42,541 )
(42,542 )
$ (27,665 )
(42,542 )
$ (27,665 )
(42,541 )
124,575
$ 10,380
$ 101,221
114,195
114,195
124,575
124,575
$ 101,221
124,575
114,195
114,195
$ 10,380
$ 101,221
$ 101,221
7,897
7,897
7,897
Subtotal
Subtotal
11,414
11,389
$ 19,055
11,414
11,389
$ 19,055
11,414
Asia
Asia
Asia
18,301
18,302
18,302
7,897
7,897
Asia
25
3,407,983
Operating income
Operating expenses
Year Ended March 31, 2010
Year Ended March 31, 2010
Operating expenses
Operating expenses
Operating expenses
Operating expenses
Year Ended March 31, 2010
3,407,983
Thousands of U.S. Dollars
Year Ended March 31, 2010
Operating income
Year Ended March 31, 2010
(42,541 )
Year Ended March 31, 2010
Revenue:
3,389,680
Sales to customers
Total assets
Interarea transfer
Thousands of U.S. Dollars
(42,542 )
3,365,440
11,414
$
$
The segments consisted of the following countries in 2010:
Asia
Millions of Yen
Millions of Yen
Millions of Yen
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
Millions of Yen
Total sales
3,271,992
3,271,992
3,271,992
3,264,095
3,264,095
Japan
Japan
3,264,095
3,264,095
3,264,095
124,575
124,575
124,575
114,195
3,264,095
Asia
Japan
114,195
Asia
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
¥ 446,438
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2010 were
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2010 were
Other
Asia
¥ 9
42
¥ 16,548
2,103
52
18,651
46
16,497
¥ 5
¥ 2,154
Asia
¥ 636
¥ 10,338
¥ 16,548
2,103
¥ 16,548
2,103
18,651
16,497
16,497
Asia
Japan
Japan
Other
Asia
Asia
Asia
Other
Other
Other
Subtotal
¥ (2,161 )
¥ 446,438
446,438
Total sales
Total sales
Total sales
Total sales
Total sales
Operating income
Consolidated
Operating expenses
¥ 429,879
¥ 429,879
¥ 429,879
16
16
16
Year Ended March 31, 2009
Year Ended March 31, 2009
¥2,992 million ($32,181 thousand).
¥2,992 million ($32,181 thousand).
¥2,992 million ($32,181 thousand).
Revenue:
Sales to customers
Interarea transfer
Revenue:
Sales to customers
Interarea transfer
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2010 were
Revenue:
Sales to customers
Other
Revenue:
Revenue:
Revenue:
Interarea transfer
Sales to customers
Sales to customers
Sales to customers
Interarea transfer
Interarea transfer
Interarea transfer
Total sales
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2010 were
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2010 were
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2010 were
Other
Japan
Asia
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
Other: Qatar, United States of America and Nigeria
Japan
The segments consisted of the following countries in 2010:
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
The segments consisted of the following countries in 2010:
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
The segments consisted of the following countries in 2010:
Millions of Yen
Other: Qatar, United States of America and Nigeria
Other: Qatar, United States of America and Nigeria
Eliminations
Consolidated
(Corporate)
Subtotal
Other
The segments consisted of the following countries in 2010:
Subtotal
Subtotal
Subtotal
¥ 446,438
¥ 9
42
¥ 446,438
¥ 446,438
¥ 446,438
Year Ended March 31, 2009
Japan
Year Ended March 31, 2009
Eliminations
Japan
Year Ended March 31, 2009
Japan
Year Ended March 31, 2009
Year Ended March 31, 2009
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
Revenue:
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
(Corporate)
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
¥ 9
¥ 16,548
¥ 429,879
Subtotal
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
Other: Qatar, United States of America and Nigeria
¥ 16,548
¥ 429,879
Sales to customers
¥ 16,548
¥ 429,879
Other: Qatar, United States of America and Nigeria
Other: Qatar, United States of America and Nigeria
42
2,103
16
Other: Qatar, United States of America and Nigeria
2,103
16
2,103
Interarea transfer
16
¥2,992 million ($32,181 thousand).
¥ 9
¥ 16,548
¥2,992 million ($32,181 thousand).
¥2,992 million ($32,181 thousand).
¥ 9
¥ 16,548
¥ 9
¥ 16,548
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2010 were
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2010 were
42
2,103
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2010 were
42
2,103
42
2,103
52
18,651
18,651
52
52
52
46
16,497
Other
Asia
46
46
46
¥ 5
¥ 2,154
¥ 9
¥ 5
¥ 16,548
¥ 5
¥ 5
¥ 636
42
¥ 10,338
2,103
¥ 636
¥ 636
¥ 636
52
18,651
¥ 446,438
¥ 9
¥ 446,438
2,161
¥ (2,161 )
42
2,161
Total sales
Operating expenses
Operating expenses
Year Ended March 31, 2009
Japan
(2,161 )
448,600
Year Ended March 31, 2009
Year Ended March 31, 2009
448,600
52
446,438
Millions of Yen
16,497
Operating expenses
16,497
Operating expenses
16,497
Operating expenses
¥ 2,154
5,070
Operating expenses
Millions of Yen
Year Ended March 31, 2009
Asia
Japan
Operating income
5,070
¥ 2,154
¥
5,070
¥
Operating income
Revenue:
Asia
Year Ended March 31, 2009
Japan
(2,157 )
441,369
Asia
Year Ended March 31, 2009
Japan
Revenue:
Revenue:
441,369
439,211
46
Year Ended March 31, 2009
Consolidated
Subtotal
Other
Asia
¥ 16,548
¥ 429,879
Sales to customers
¥ 2,154
5,070
¥
Operating income
¥ 429,879
Sales to customers
¥ 16,548
¥ 429,879
Sales to customers
¥ 2,154
5,070
¥
Operating income
¥ 2,154
5,070
¥
Operating income
Operating income
Consolidated
Subtotal
Other
¥ 10,338
¥ 347,936
Total assets
Revenue:
16
Interarea transfer
2,103
Revenue:
¥ 10,338
Total assets
¥ 347,936
¥ 347,936
Total assets
(3 )
¥
7,230
¥
¥
16
Interarea transfer
2,103
16
Interarea transfer
Revenue:
¥
7,230
¥
¥ 5
7,227
Revenue:
¥ 16,548
¥ 429,879
Sales to customers
¥ 16,548
¥ 429,879
Sales to customers
¥ 16,548
¥ 429,879
Sales to customers
¥ 10,338
Total assets
¥ 347,936
¥ 10,338
Total assets
¥ 347,936
¥ 10,338
Total assets
¥ 347,936
Sales to customers
2,103
16
Interarea transfer
Total assets
¥ 9
Total sales
429,896
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
2,103
16
Interarea transfer
18,651
Total sales
2,103
16
Interarea transfer
¥ (1,095 )
¥ 358,912
Interarea transfer
¥ 9
¥ 358,912
¥ 636
¥ (2,161 )
42
42
Operating expenses
The segments consisted of the following countries in 2009:
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
Operating expenses
424,825
The segments consisted of the following countries in 2009:
Total sales
446,438
(2,161 )
52
The segments consisted of the following countries in 2009:
The segments consisted of the following countries in 2009:
Operating expenses
446,438
The segments consisted of the following countries in 2009:
5,070
¥
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
Operating expenses
Operating expenses
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
¥
Operating expenses
439,211
(2,157 )
46
Other: United States of America and Nigeria
Other: United States of America and Nigeria
Other: United States of America and Nigeria
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
439,211
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
¥
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
¥
¥ 636
¥ 347,936
¥ 10,338
¥
¥ 10,338
¥ 347,936
¥ 347,936
Other: United States of America and Nigeria
Other: United States of America and Nigeria
Operating income
Other: United States of America and Nigeria
¥
7,227
Other: United States of America and Nigeria
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2009 were
7,227
¥
¥ 347,936
¥ 347,936
¥ 347,936
¥ 357,816
¥3,273 million.
¥ 357,816
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2009 were
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2009 were
¥
¥3,273 million.
¥ 429,879
448,600
16
Millions of Yen
52
448,600
448,600
448,600
441,369
Millions of Yen
46
Subtotal
Millions of Yen
Other
Millions of Yen
441,369
441,369
441,369
¥
¥ 5
Japan
¥ 446,438
¥
¥ 9
¥
¥
5,070
¥ 358,912
2,161
¥ 636
42
¥ 358,912
¥ 358,912
¥ 358,912
¥ 429,879
448,600
52
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
429,896
¥2,992 million ($32,181 thousand).
429,896
429,896
429,896
424,825
424,825
Japan
424,825
424,825
424,825
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2009 were
441,369
Total assets
¥
7,230
¥ 358,912
¥ 5
Total assets
Total assets
Total assets
¥ 636
¥3,273 million.
¥3,273 million.
¥3,273 million.
16,497
424,825
The segments consisted of the following countries in 2009:
The segments consisted of the following countries in 2009:
441,369
46
429,896
7,230
¥ 5
424,825
¥ 446,438
2,161
448,600
Other
¥ 5
Other
Other
¥ 9
¥
¥ 636
42
¥ 9
¥ 9
¥ 9
42
42
52
42
7,230
¥3,273 million.
52
Operating income
Operating income
Eliminations
(Corporate)
Eliminations
(Corporate)
448,600
Operating income
Operating income
Operating income
Operating income
(2,157 )
¥
¥ 446,438
2,161
Total assets
Total assets
Operating expenses
Total sales
Total sales
Total sales
Millions of Yen
¥ 2,154
¥ 2,154
¥ 2,154
¥ 10,338
16,497
16,497
16,497
¥ 2,154
18,651
18,651
16,497
18,651
424,825
424,825
424,825
5,070
429,896
429,896
429,896
¥ 446,438
429,896
424,825
Asia
Japan
18,651
429,896
¥ 358,912
¥ 636
¥ 9
42
16,497
Asia
¥ 5
¥ 2,154
46
16,497
¥ 2,154
¥
18,651
18,651
18,651
Total sales
46
¥
46
46
¥ 5
¥ 5
¥ 5
¥ 5
¥ 636
429,896
52
52
46
52
424,825
424,825
429,896
¥ 347,936
429,896
441,369
¥ 358,912
¥ 357,816
439,211
¥ 357,816
¥ 446,438
46
Other
18,651
(2,161 )
¥ (1,095 )
(2,161 )
(2,157 )
¥ (1,095 )
¥ (2,161 )
5,070
5,070
5,070
¥ 636
¥ 636
¥ 636
16,497
52
5,070
7,227
46
(3 )
(3 )
¥
¥
¥
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
¥ 2,154
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2009 were
¥ (1,095 )
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2009 were
¥ 5
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2009 were
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2009 were
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2009 were
¥ 636
The segments consisted of the following countries in 2009:
The segments consisted of the following countries in 2009:
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
The segments consisted of the following countries in 2009:
¥3,273 million.
¥ 10,338
¥ 10,338
¥ 10,338
Total assets
¥ 347,936
¥ 10,338
¥ 2,154
¥ 10,338
(3 )
¥
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
The segments consisted of the following countries in 2009:
The segments consisted of the following countries in 2009:
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
Other: United States of America and Nigeria
Other: United States of America and Nigeria
The segments consisted of the following countries in 2009:
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
The segments consisted of the following countries in 2009:
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
The segments consisted of the following countries in 2009:
Other: United States of America and Nigeria
Other: United States of America and Nigeria
Other: United States of America and Nigeria
The segments consisted of the following countries in 2009:
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2009 were
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2009 were
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2009 were
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
Other: United States of America and Nigeria
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
Other: United States of America and Nigeria
Other: United States of America and Nigeria
Other: United States of America and Nigeria
¥3,273 million.
¥3,273 million.
¥3,273 million.
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2009 were
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2009 were
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2009 were
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2009 were
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2009 were
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2009 were
¥3,273 million.
¥3,273 million.
¥3,273 million.
¥3,273 million.
Thousands of U.S. Dollars
Eliminations
Eliminations
Eliminations
Subtotal
(Corporate) Consolidated
(Corporate) Consolidated
(Corporate) Consolidated
Thousands of U.S. Dollars
Subtotal
Eliminations
Eliminations
Eliminations
Subtotal
Subtotal
Subtotal
(Corporate) Consolidated
(Corporate) Consolidated
(Corporate) Consolidated
Other
Asia
Subtotal
$ 3,365,440
$ 3,365,440
42,542
377
42,542
$ (42,542 )
42,542
$ 92,331
42,542
42,542
42,542
3,407,983
3,407,983
$ (42,542 )
$ (42,542 )
$ (42,542 )
(42,542 )
32,244
$ 3,365,440
$ 3,365,440
$ 3,365,440
$ (42,542 )
$ (42,542 )
$ 3,365,440
$ 3,365,440
$ 3,365,440
$ 11,037
$ 3,365,440
(42,542 )
3,365,440
(42,542 )
377
3,365,440
3,365,440
42,542
$ (42,542 )
Eliminations
(Corporate) Consolidated
$ 3,365,440
Japan
3,389,680
Subtotal
Subtotal
Eliminations
(Corporate) Consolidated
(42,541 )
3,389,680
(42,541 )
Eliminations
Eliminations
3,365,440
3,365,440
3,347,139
3,365,440
11,414
(42,542 )
(42,542 )
(42,541 )
(42,542 )
124,575
(Corporate) Consolidated
(Corporate) Consolidated
Thousands of U.S. Dollars
3,407,983
3,347,139
3,347,139
18,302
Subtotal
Subtotal
Subtotal
114,195
18,302
18,302
$
(Corporate) Consolidated
(Corporate) Consolidated
(Corporate) Consolidated
11,389
3,389,680
18,301
18,301
$
$
25
$
$
(42,541 )
(42,541 )
(42,541 )
Eliminations
Eliminations
Eliminations
3,347,139
3,347,139
3,347,139
18,301
18,302
18,302
18,302
$ 3,365,440
$ 3,365,440
$ 3,556,420
42,542
$ 10,380
$ (42,542 )
$ 3,556,420
$ (27,665 )
42,542
377
$ 3,365,440
Other
$
$
$
$ (27,665 )
$ (42,542 )
$ (27,665 )
$ (42,542 )
$ 3,528,755
25
$
18,301
18,301
18,301
$
$ 3,365,440
$ 3,365,440
Subtotal
$ 3,528,755
$ 3,528,755
18,302
Asia
$ 3,365,440
$ 3,365,440
$ 3,365,440
3,407,983
42,542
$ 101,221
(42,542 )
3,407,983
42,542
42,542
$ (42,542 )
$ (42,542 )
$ (42,542 )
$ 19,055
3,365,440
(42,542 )
(42,542 )
$ (27,665 )
$ (27,665 )
$ (27,665 )
$ 92,331
$ 3,528,755
$ 3,528,755
$ 3,528,755
$ 11,037
9,920
32,244
$ 3,365,440
$ 3,365,440
$ 3,365,440
377
$ 3,556,420
3,365,440
3,365,440
$ 3,365,440
42,542
3,407,983
3,407,983
3,407,983
3,389,680
(42,541 )
3,389,680
(42,542 )
(42,542 )
(42,542 )
(42,541 )
(42,541 )
3,347,139
3,365,440
3,365,440
3,365,440
3,347,139
3,347,139
11,414
3,407,983
124,575
3,389,680
3,389,680
3,389,680
18,302
25
$
$
(42,541 )
(42,541 )
(42,541 )
$
18,301
3,347,139
3,347,139
3,347,139
$
$
18,302
114,195
11,389
18,301
18,301
3,389,680
$
$
18,302
18,302
18,302
$ 3,556,420
$ (27,665 )
$ 3,556,420
$ 10,380
7,897
$
$ (27,665 )
$ (27,665 )
$ 3,528,755
$
$
$
25
18,301
18,301
18,301
$ 3,528,755
$ 3,528,755
18,302
$
$
(42,542 )
3,365,440
(42,541 )
Eliminations
3,347,139
(Corporate) Consolidated
$
18,301
$ (27,665 )
$ 3,528,755
$ 3,365,440
$ (42,542 )
(42,542 )
3,365,440
(42,541 )
3,347,139
$
18,301
$ 3,556,420
$ 3,556,420
$ 3,556,420
$ (27,665 )
$ (27,665 )
$ (27,665 )
$ 3,528,755
$ 3,528,755
$ 3,528,755
$ 101,221
$ 19,055
$ 3,556,420
$ (27,665 )
$ 3,528,755
Millions of Yen
Subtotal
Eliminations
(Corporate)
Subtotal
Eliminations
Eliminations
Eliminations
(Corporate)
(Corporate)
(Corporate)
Asia
2,161
¥ 446,438
¥ 446,438
2,161
¥ (2,161 )
2,161
¥ 16,548
2,161
2,161
2,161
448,600
Millions of Yen
448,600
2,103
¥ (2,161 )
¥ (2,161 )
¥ (2,161 )
(2,161 )
Eliminations
Eliminations
(Corporate)
(Corporate)
Consolidated
Millions of Yen
Consolidated
Consolidated
Consolidated
Consolidated
Consolidated
Other
Subtotal
¥ 446,438
¥ 446,438
¥ 446,438
¥ (2,161 )
¥ (2,161 )
¥ 446,438
¥ 446,438
¥ 446,438
¥ 9
¥ 446,438
Eliminations
(2,161 )
(2,161 )
(2,157 )
(2,161 )
441,369
Subtotal
18,651
(Corporate)
441,369
Subtotal
Eliminations
Eliminations
446,438
446,438
439,211
446,438
(2,157 )
Consolidated
(2,157 )
(Corporate)
(Corporate)
52
448,600
439,211
439,211
Consolidated
Consolidated
(2,161 )
(2,161 )
(2,161 )
446,438
42
446,438
446,438
2,161
¥ (2,161 )
7,230
¥
Subtotal
Subtotal
Subtotal
7,230
¥
16,497
¥
Asia
Eliminations
Eliminations
Eliminations
(2,157 )
(2,157 )
(2,157 )
(Corporate)
(Corporate)
(Corporate)
7,230
(3 )
¥
46
(3 )
¥
¥
Millions of Yen
439,211
439,211
439,211
7,227
Consolidated
Consolidated
Consolidated
441,369
(3 )
7,227
¥
¥
7,227
7,230
7,230
7,230
¥ 446,438
¥ 446,438
¥ 358,912
2,161
¥ 2,154
¥ (2,161 )
¥ 358,912
2,161
¥ (1,095 )
(3 )
(3 )
(3 )
¥
¥
¥
¥ 5
¥ (1,095 )
¥ (2,161 )
¥ (1,095 )
¥ (2,161 )
¥ 357,816
7,227
7,227
7,227
¥
¥
¥
¥
¥ 446,438
Other
Subtotal
¥ 446,438
¥ 446,438
¥ 357,816
¥ 357,816
7,230
Eliminations
(Corporate)
Consolidated
¥ 446,438
446,438
(2,157 )
Eliminations
439,211
(Corporate)
Consolidated
¥
(3 )
¥
7,227
¥ 446,438
¥ 446,438
¥ 446,438
¥ 446,438
¥ 446,438
¥ 446,438
448,600
2,161
¥ 10,338
(2,161 )
448,600
2,161
2,161
¥ (2,161 )
¥ (2,161 )
¥ (2,161 )
(2,161 )
446,438
(2,161 )
¥ 636
¥ 9
¥ (1,095 )
¥ (1,095 )
¥ (1,095 )
¥ 16,548
¥ 357,816
¥ 357,816
¥ 357,816
16
2,103
¥ 358,912
¥ 446,438
446,438
446,438
2,161
¥ (1,095 )
¥ (2,161 )
¥ 357,816
¥ 446,438
448,600
448,600
448,600
441,369
(2,157 )
441,369
(2,161 )
(2,161 )
(2,161 )
(2,157 )
439,211
(2,157 )
446,438
446,438
446,438
441,369
441,369
441,369
7,230
¥
¥
¥
(3 )
7,230
(2,157 )
(2,157 )
(2,157 )
¥
¥
¥
(3 )
7,227
(3 )
439,211
439,211
439,211
¥
18,651
16,497
439,211
439,211
448,600
¥
7,227
7,227
441,369
¥
¥
¥
7,230
7,230
7,230
¥ 358,912
¥ (1,095 )
¥ 358,912
¥ 2,154
¥
¥
¥
5,070
(3 )
(3 )
¥ (1,095 )
¥ 357,816
¥ (1,095 )
(3 )
¥
¥
¥ 5
¥
7,227
7,227
7,227
¥ 357,816
¥ 357,816
7,230
¥
42
52
46
(2,161 )
446,438
(2,157 )
439,211
¥
(3 )
¥
7,227
¥ 358,912
¥ 358,912
¥ 358,912
¥ (1,095 )
¥ (1,095 )
¥ (1,095 )
¥ 357,816
¥ 357,816
¥ 357,816
¥ 10,338
¥ 636
¥ 358,912
¥ (1,095 )
¥ 357,816
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
18,651
0 CHIYODA CORPORATION ANNUAL REPORT 2010
- 33 -
- 33 -
- 33 -
- 33 -
- 33 -
- 33 -
- 33 -
- 33 -
- 33 -
- 33 -
- 33 -
- 33 -
- 33 -
- 33 -
- 33 -
- 33 -
- 33 -
- 33 -
3,389,680
Subtotal
3,389,680
Subtotal
Thousands of U.S. Dollars
Thousands of U.S. Dollars
3,407,983
3,407,983
(42,542 )
Eliminations
3,347,139
(Corporate) Consolidated
(42,542 )
Eliminations
(42,541 )
(Corporate) Consolidated
3,347,139
3,365,440
(42,541 )
3,365,440
Year Ended March 31, 2010
Year Ended March 31, 2010
Japan
Japan
Asia
Asia
Other
Other
Subtotal
Subtotal
Thousands of U.S. Dollars
Thousands of U.S. Dollars
Eliminations
(Corporate) Consolidated
Eliminations
(Corporate) Consolidated
$ 3,262,072
$ 3,262,072
9,920
9,920
$ 92,331
$ 92,331
32,244
32,244
$ 11,037
$ 11,037
377
377
$ 3,365,440
$ 3,365,440
42,542
42,542
$ (42,542 )
$ (42,542 )
$ 3,365,440
$ 3,365,440
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
3,407,983
(42,542 )
3,365,440
(42,542 )
3,365,440
3,407,983
Operating expenses
The segments consisted of the following countries in 2010:
The segments consisted of the following countries in 2010:
3,264,095
Operating expenses
3,264,095
114,195
114,195
11,389
11,389
3,389,680
3,389,680
(42,541 )
(42,541 )
3,347,139
3,347,139
Operating income
Operating income
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
$ 10,380
$ 10,380
7,897
7,897
$
$
$
25
$
25
$
18,302
$
18,302
$
18,301
$
18,301
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2010 were
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2010 were
$ 3,556,420
$ 3,556,420
$ (27,665 )
$ (27,665 )
$ 3,528,755
$ 3,528,755
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
The segments consisted of the following countries in 2010:
The segments consisted of the following countries in 2010:
Millions of Yen
Millions of Yen
Year Ended March 31, 2009
Year Ended March 31, 2009
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
Other: Qatar, United States of America and Nigeria
Other: Qatar, United States of America and Nigeria
Japan
Japan
Asia
Asia
Other
Other
Subtotal
Subtotal
Eliminations
(Corporate)
Eliminations
(Corporate)
Consolidated
Consolidated
$
18,302
$
18,302
$ 3,365,440
$ 3,365,440
$ 3,556,420
42,542
$ 3,556,420
42,542
$ (42,542 )
$ (27,665 )
$ (27,665 )
$ (42,542 )
$
$ 3,365,440
$ 3,528,755
18,301
$
18,301
$ 3,365,440
$ 3,528,755
Revenue:
Revenue:
Sales to customers
Sales to customers
Interarea transfer
Interarea transfer
Total sales
Total sales
Operating expenses
Year Ended March 31, 2010
Year Ended March 31, 2010
Operating expenses
Operating income
Revenue:
Revenue:
Operating income
Sales to customers
Sales to customers
Total assets
Interarea transfer
Interarea transfer
Total assets
Total sales
Total sales
3,271,992
3,271,992
124,575
124,575
11,414
11,414
3,264,095
3,264,095
Japan
Japan
114,195
114,195
Asia
Asia
11,389
11,389
Other
Other
$
$
7,897
7,897
$ 3,262,072
$ 3,262,072
$ 3,436,143
$ 3,436,143
9,920
9,920
$ 10,380
$ 10,380
$ 92,331
$ 92,331
$ 101,221
32,244
$ 101,221
32,244
$
$
25
25
$ 11,037
$ 11,037
$ 19,055
$ 19,055
377
377
3,271,992
3,271,992
124,575
124,575
11,414
11,414
Other: Qatar, United States of America and Nigeria
Other: Qatar, United States of America and Nigeria
Total assets
Total assets
$ 3,436,143
$ 3,436,143
$ 101,221
$ 101,221
$ 19,055
$ 19,055
¥2,992 million ($32,181 thousand).
¥2,992 million ($32,181 thousand).
Revenue:
Revenue:
Sales to customers
Sales to customers
Interarea transfer
¥2,992 million ($32,181 thousand).
¥2,992 million ($32,181 thousand).
Interarea transfer
Total sales
Total sales
Operating expenses
Year Ended March 31, 2009
Year Ended March 31, 2009
Operating expenses
Operating income
Revenue:
Revenue:
Operating income
Sales to customers
Sales to customers
Total assets
Interarea transfer
Interarea transfer
Total assets
Total sales
Total sales
¥ 429,879
¥ 429,879
16
16
¥ 16,548
¥ 16,548
2,103
2,103
429,896
429,896
18,651
18,651
424,825
Japan
424,825
Japan
¥
¥
5,070
5,070
¥ 429,879
¥ 429,879
¥ 347,936
¥ 347,936
16
16
16,497
16,497
Asia
Asia
¥ 2,154
¥ 2,154
¥ 16,548
¥ 16,548
2,103
¥ 10,338
¥ 10,338
2,103
¥ 9
¥ 9
42
42
52
52
Other
46
46
Other
¥ 5
¥ 5
¥ 9
¥ 9
42
¥ 636
¥ 636
42
429,896
429,896
18,651
18,651
52
52
Total assets
Total assets
¥3,273 million.
¥3,273 million.
¥ 347,936
¥ 347,936
¥ 10,338
¥ 10,338
¥ 636
¥ 636
The segments consisted of the following countries in 2009:
The segments consisted of the following countries in 2009:
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
Other: United States of America and Nigeria
Other: United States of America and Nigeria
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
448,600
(2,161 )
446,438
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2010 were
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2010 were
Millions of Yen
448,600
Millions of Yen
448,600
441,369
Subtotal
441,369
Subtotal
¥
7,230
¥
7,230
¥ 446,438
¥ 446,438
¥ 358,912
2,161
¥ 358,912
2,161
¥
(3 )
¥
(3 )
¥ (2,161 )
¥ (1,095 )
¥ (1,095 )
¥ (2,161 )
¥
7,227
¥
7,227
¥ 446,438
¥ 446,438
¥ 357,816
¥ 357,816
(2,161 )
Eliminations
(Corporate)
(2,157 )
(2,161 )
Eliminations
(2,157 )
(Corporate)
439,211
Consolidated
439,211
Consolidated
¥ 446,438
¥ 446,438
2,161
2,161
446,438
446,438
¥ 446,438
¥ 446,438
¥ (2,161 )
¥ (2,161 )
448,600
446,438
(2,161 )
Operating expenses
The segments consisted of the following countries in 2009:
The segments consisted of the following countries in 2009:
424,825
Operating expenses
424,825
16,497
16,497
46
46
441,369
441,369
(2,157 )
(2,157 )
439,211
439,211
Operating income
Operating income
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
Asia: Indonesia, Singapore, Philippines, Myanmar, Malaysia and Thailand
¥ 2,154
¥ 2,154
5,070
5,070
¥
¥
¥ 5
¥ 5
¥
7,230
¥
7,230
¥
(3 )
¥
(3 )
¥
7,227
¥
7,227
Other: United States of America and Nigeria
Other: United States of America and Nigeria
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2009 were
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2009 were
¥ 358,912
¥ 358,912
¥ (1,095 )
¥ (1,095 )
¥ 357,816
¥ 357,816
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
Notes: 1. The Company and consolidated subsidiaries operate within three geographic segments based on the countries where the companies are located.
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2009 were
2. Corporate assets mainly consist of long-term loans and investment securities of the Company. Corporate assets as of March 31, 2009 were
¥3,273 million.
¥3,273 million.
- 33 -
- 33 -
- 33 -
- 33 -
CHIYODA CORPORATION ANNUAL REPORT 2010
1
Chiyoda Corporation and Consolidated Subsidiaries
Notes to Consolidated Financial Statements
Years Ended March 31, 2010 and 2009
(2) Sales to Foreign Customers
Millions of Yen
The Middle
Year Ended March 31, 2010
Asia
and Near East Oceania Other
Total
Overseas sales (A)
Consolidated sales (B)
(A)/(B)
¥ 12,709
¥ 147,336
¥ 6,730
¥ 2,330
4.06%
47.07%
2.15%
0.75%
¥ 169,107
312,985
54.03%
Thousands of U.S. Dollars
The Middle
Year Ended March 31, 2010
Asia
and Near East Oceania
Other
Total
Overseas sales (A)
Consolidated sales (B)
(A)/(B)
$ 136,665
$ 1,584,260
$ 72,376
$ 25,059
4.06%
47.07%
2.15%
0.75%
$ 1,818,361
3,365,440
54.03%
Note: The Company and consolidated subsidiaries are summarized into four segments by
geographic area based on the countries where the companies are located.
The segments consisted of the following countries in 2010:
Asia:
The Middle and Near East: Qatar, UAE and others
Oceania:
Other:
Papua New Guinea and Australia
Algeria and Brazil
Singapore, Indonesia, Malaysia, Thailand and others
Year Ended March 31, 2009
Asia
Millions of Yen
The Middle
and
Near East
Russia and
Central Asia Other
Total
Overseas sales (A)
Consolidated sales (B)
(A)/(B)
¥ 20,380
¥ 277,627
¥ 23,308
¥ 1,966
4.56%
62.19%
5.22%
0.44%
¥ 323,282
446,438
72.41%
Note: The Company and consolidated subsidiaries are summarized into four segments by
geographic area based on the countries where the companies are located.
The segments consisted of the following countries in 2009:
Asia:
The Middle and Near East: Qatar, UAE and others
Russia and Central Asia:
Other:
Russia
Australia, Algeria and others
Singapore, Indonesia, Malaysia, Thailand and others
The Company and its consolidated subsidiaries operate predominantly in the engineering business,
while certain subsidiaries operate in leasing and software producing businesses which are minor
in relation to the total business.
The proportion of engineering business is over 90% in the total sales of the Group. Accordingly,
the presentation of industry segment information is not required under Japanese accounting
standards.
* * * * * *
CHIYODA CORPORATION ANNUAL REPORT 2010
- 34 -
CHIYODA CORPORATION ANNUAL REPORT 2010
Global Network (As of July 1, 2010)
Home Offices
Yokohama Head Office
Koyasu Office & Research Park
Kawasaki Office
Osaka Office
12-1, Tsurumichuo 2-chome,
13, Moriya-cho 3-chome,
Solid Square west pavilion 9F,
14-10, Nishinakajima 5-chome,
Tsurumi-ku, Yokohama
230-8601, Japan
Kanagawa-ku, Yokohama
221-0022, Japan
Te l : (81) 45-521-1231 (voice guidance)
Te l : (81) 45-441-1268
580, Horikawa-cho,
Saiwai-ku, Kawasaki
212-0013, Japan
Yodogawa-ku, Osaka
532-0011, Japan
Te l : (81) 6-6390-3411
Fax: (81) 45-503-0200
Fax: (81) 45-441-1297
Te l : (81) 45-521-1231 (voice guidance)
Fax: (81) 6-6889-5101
Fax: (81) 45-503-0200
Domestic Subsidiaries & Affiliated Companies
Engineering
Chiyoda Advanced Solutions Corporation
Chiyoda TechnoAce Co., Ltd.
Services: Advanced engineering consulting
Services: Design and construction for
1-25, Shinurashima-cho 1-chome,
pharmaceutical facilities
Kanagawa-ku, Yokohama 221-0031, Japan
13, Moriya-cho 3-chome, Kanagawa-ku,
Te l : (81) 45-441-1260
Fax: (81) 45-441-1264
URL: http://www.chiyoda-as.co.jp/
Chiyoda Keiso Co., Ltd.
Services: Design, procurement and construc-
tion for electrical and instrumentation facilities
Yokohama 221-0022, Japan
Te l : (81) 45-441-9600
Fax: (81) 45-450-5236
URL: http://www.cta.chiyoda.co.jp/
Business Support
Arrow Business Consulting Corporation
Services: Consulting for finance and accounting
32-1, Tsurumichuo 4-chome, Tsurumi-ku,
Yokohama 230-0051, Japan
Te l : (81) 45-502-5774
Fax: (81) 45-502-5753
Arrowhead International Corporation
Services: Travel services and supply of
Chiyoda U-Tech Co., Ltd.
spare parts
Services: Consulting and human resources
7-8, Shibakoen 1-chome, Minato-ku,
13, Moriya-cho 3-chome, Kanagawa-ku,
placement
Yokohama 221-0022, Japan
Te l : (81) 45-441-1433
Fax: (81) 45-441-1434
URL: http://www.ckc.chiyoda.co.jp/
Chiyoda Kosho Co., Ltd.
Services: Design, construction and
maintenance for domestic projects
15-19, Tsurumichuo 2-chome, Tsurumiku,
Yokohama 230-0051, Japan
Te l : (81) 45-502-7618
Fax: (81) 45-503-5399
URL: http://www.utc-yokohama.com/
IT Engineering Limited
Services: IT consulting and solution provider
34-26, Tsurumichuo 4-chome, Tsurumiku,
1-25, Shinurashima-cho 1-chome,
Yokohama 230-0051, Japan
Te l : (81) 45-506-7662
Fax: (81) 45-506-7667
URL: http://www.cks-ykh.co.jp/
Kanagawa-ku, Yokohama 221-0031, Japan
Te l : (81) 45-441-9123
Fax: (81) 45-441-1466
URL: http://www.ite.co.jp/
Tokyo 105-0011, Japan
Te l : (81) 3-5470-0880
Fax: (81) 3-5470-0890
URL: http://www.arrowhead.co.jp/
Arrow Human Resources Co., Ltd.
Services: Placement of technicians and office
staff and reemployment support
43, Hon-cho 4-chome, Naka-ku,
Yokohama 231-0005, Japan
Te l : (81) 45-662-1126
Fax: (81) 45-662-1173
URL: http://www.ahr.co.jp/
Overseas Offices
Abu Dhabi Office
Korea Representative Office
Singapore Human Resources Office
P.O. Box 43928, Clock Tower Bldg.,
1358-8, Tal-dong Nam-ku, Ulsan, Korea
10 Anson Road, #03-02, International Plaza,
Floor No. 02 Suite No. 0204
AI Najda Street, Abu Dhabi, U.A.E.
Te l : (971) 2-671-7161
Fax: (971) 2-671-7162
Beijing Office
Tel: (82) 52-256-5721/5722
Fax: (82) 52-256-5723
Middle East Headquarters Doha Office
12th Floor, Al-Qassar Tower,
Taawon Street,
Room No. 1028, China World Tower No. 1,
West Bay, P.O. Box 20243
Jianguomenwai Street, Chaoyang District,
Doha, Qatar
Beijing, 100004, China
Te l : (86) 10-6505-2678
Fax: (86) 10-6505-1118
Te l : (974) 4462-2875/2876
Fax: (974) 4462-2716
Milan Representative Office
Jakarta Office
Viale Della Liberazione 16/18, 20124 Milan, Italy
9th Floor, Mid-Plaza Bldg., Jalan Jenderal
Te l : (39) 02-303517-111
Sudirman Kav. 10-11, Jakarta 10220, Indonesia
Fax: (39) 02-303517-35
Singapore 079903
Te l : (65) 6324-0080
Fax: (65) 6324-0090
The Hague Representative Office
Parkstraat 83, 2514 JG The Hague,
The Netherlands
Te l : (31) 70-385-9453
Fax: (31) 70-346-3779
Te l : (62) 21-570-7579
Fax: (62) 21-570-6276
CHIYODA CORPORATION ANNUAL REPORT 2010
The Netherlands
Italy
Korea
Japan
U.S.A.
China
Saudi Arabia
Myanmar
India
U.A.E.
Qatar
Philippines
Thailand
Malaysia
Singapore
Head Office
Indonesia
Overseas Offices
Major Subsidiaries & Affiliated Companies
Australia
Brazil
Overseas Subsidiaries & Affiliated Companies
Chiyoda Almana Engineering LLC
Chiyoda Oceania Pty Limited
Chiyoda Singapore (Pte) Limited
12th Floor, Al-Qassar Tower,
Level 28, AMP Tower 140 St Georges Terrace,
14 International Business Park Jurong East,
Taawon Street, West Bay, P.O. Box 22961,
Perth WA 6000, Australia
Doha, Qatar
Te l : (974) 4407-4660
Fax: (974) 4407-4650
Te l : (61) 8-9278-2599
Fax: (61) 8-9278-2727
Singapore 609922
Te l : (65) 6563-3488
Fax: (65) 6567-5231
URL: http://www.chiyoda.com.sg/
URL: http://larryalam.com/Chiyoda/index.html
Chiyoda Petrostar Ltd.
Chiyoda Corporation (Shanghai)
Prince Turki Street, Corniche, Al-Khobar
140/42 ITF Tower II, 20th Floor,
Room 606, UC Tower, No. 500,
P.O. Box 31707 Al-Khobar 31952
Silom Road, Kwaeng Suriyawong,
Fushan Road, PuDong New Area,
The Kingdom of Saudi Arabia
Khet Bangrak, Bangkok 10500, Thailand
3rd Floor, Gulf Center Building,
Chiyoda (Thailand) Limited
Shanghai 200122, China
Te l : (86) 21-6876-1500
Fax: (86) 21-6876-1300
Te l : (966) 3-864-0839
Fax: (966) 3-864-0986
Te l : (66) 2-231-6441/6442
Fax: (66) 2-231-6443
Chiyoda do Brasil Representações Ltda.
15~21F Sun Plaza Building 1507
B.P. Estate National Highway No. 8,
Praia de Botafogo, 228 Sala 501-Botafogo
Shaw Boulevard cor. Princeton Street,
Chhani Baroda-391740, Gujarat State, India
CEP 22250-040 Rio de Janeiro-RJ-Brazil
Barangay Wack-Wack
Te l : (91) 265-2771003/2772855
Chiyoda Philippines Corporation
L&T-Chiyoda Limited
Te l : (55) 21-3738-8280
Fax: (55) 21-3738-6835
Mandaluyong City 1555, Philippines
Fax: (91) 265-2774985
Te l : (63) 2-571-7596
Fax: (63) 2-571-7599
URL: http://www.lntchiyoda.com/
Chiyoda International Corporation
URL: http://www.chiyodaphil.com.ph
PT. Chiyoda International Indonesia
Chiyoda & Public Works Co., Ltd.
Sudirman Kav. 10-11 Jakarta, 10220,
9th Floor, Mid-Plaza Bldg., Jalan Jenderal
Room 308~309, Sedona Hotel
No. 1, Kaba Aye Pagoda Road,
Yankin Township, Yangon, Myanmar
Te l : (95) 1-545605
Fax: (95) 1-545227
Indonesia
Te l : (62) 21-570-4693
Fax: (62) 21-573-5723
1177 West Loop South, Suite 680
Houston, TX 77027, U.S.A.
Tel: (1) 713-965-9005
Fax: (1) 713-965-0075
Chiyoda Malaysia Sdn. Bhd.
15th Floor, Menara Maxisegar,
Jalan Pandan Indah 4/2, Pandan Indah,
55100
Kuala Lumpur, Malaysia
Te l : (60) 3-4297-0988
Fax: (60) 3-4297-0800
URL: http://www.chiyoda.com.my/
CHIYODA CORPORATION ANNUAL REPORT 2010
Corporate Information
(As of March 31, 2010)
Chiyoda Corporation
Head Office
Annual Fiscal Close
Transfer Agent of Common Stock
12-1, Tsurumichuo 2-chome, Tsurumi-ku,
March 31
Mitsubishi UFJ Trust and Banking
Yokohama 230-8601, Japan
Tel: (81) 45-521-1231
Fax: (81) 45-503-0200
Established
January 20, 1948
Paid-in Capital
¥43,396 million
Shareholders’ Meeting
1-4-5 Marunouchi, Chiyoda-ku, Tokyo
Corporation
June
Authorized Shares
Number of Shares per Unit
650,000,000
1,000
Capital Stock Issued
Stock Code
260,324,529
ISIN: JP3528600004
SEDOL 1:6191704 JP
Number of Shareholders
Number of Employees
TSE: 6366
1,281 (Non-Consolidated)
3,670 (Consolidated)
14,069
URL
http://www.chiyoda-corp.com/en/
Organization Chart
CSR Division
Operational Auditing Office
Shareholders’ Meeting
Corporate Auditors Committee
Board of Directors
Executive Committee
SQE Division
Corporate Planning,
Management & Finance
Corporate Planning Division
Corporate Services & HRM Division
Corporate Communication Division
Finance Division
Project Management
Administration Division
Technology & Engineering
Projects Logistics &
Construction
Technology Planning &
Administration Office
Research Institute of
Technology Innovation & Strategy
PC Planning &
Administration Office
Engineering Operation
Division
Process Engineering Division/
Gas & LNG
Process Engineering Division/
Refinery, Petrochemical & New Energy
Mechanical Engineering Division
Electrical and Control System
Engineering Division
Piping and Civil Engineering
Division
Procurement Division
Construction Division
Project Operations
Business Development Operation
Project Plannning &
Administration Office
Business Managers Office
Domestic Project Division 1
Domestic Project Division 2
Project Management Service Division
International Project Division 1
Group Operation Division
Business Development
Management Division
Business Development Division 1
Business Development Division 2
International Project Division 2
International Project Division 3
International Project Division 4
Technology Development
Business Operation
Technology Development
Business Planning &
Administration Office
Strategic Business Development
Division
Technology Development Division
Green Technology Project Division
Pharmaceutical & Environmental
Project Division
(As of July 1, 2010)
CHIYODA CORPORATION ANNUAL REPORT 2010
Major Shareholders
Number of
Shares Owned
( Thousands of shares)
Ratio of Number of
Shares Owned to
Aggregate Number of
Shares Issued (%)
Breakdown by Shareholder
Mitsubishi Corporation
The Master Trust of Japan, Ltd. (Trust Account)
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
Japan Trustee Services Bank, Ltd. (Trust Account)
Mitsubishi UFJ Trust and Banking Corporation
The Bank of New York, Treaty JASDAEC Account
Japan Trustee Services Bank, Ltd. (Trust Account 9)
JP Morgan Securities Japan Co., Ltd.
Tokio Marine & Nichido Fire Insurance Co., Ltd.
Meiji Yasuda Life Insurance Co.
86,931
16,857
9,033
8,224
8,032
4,534
3,851
2,952
2,760
2,549
33.53
6.50
3.48
3.17
3.09
1.75
1.48
1.13
1.06
0.98
11.04%
26.48%
21.13%
Total
260,324
thousand
2.69%
9%
14%
77%
38.65%
Financial institutions
Securities companies
Other corporations
Foreign investors and others
Individuals and others
12.94%
23.38
%
Total
260,292
thousand
22.90
%
1.85%
38.93%
Monthly Stock Price Range on the Tokyo Stock Exchange
(Yen)
3,600
2,400
1,200
0
(Yen)
24,000
Share Price (left)
Volume
Nikkei Stock Average (right)
16,000
8,000
(Thousands
of shares)
160,000
80,000
0
2005
4 5 6 7 8 9 10 1112
2006
1 2 3
4 5 6 7 8 9 10 1112
2007
1 2 3
4 5 6 7 8 9 10 1112
2008
1 2 3
4 5 6 7 8 9 10 1112
2009
1 2 3
4
5 6 7 8 9 10 1112
2010
1 2 3
4
CHIYODA CORPORATION ANNUAL REPORT 2010
12-1, Tsurumichuo 2-chome, Tsurumi-ku,
Yokohama 230-8601, Japan
Tel: (81) 45-521-1231
Fax: (81) 45-503-0200
http:// www.chiyoda-corp.com
Annual Report 2010
For the year ended March 31,2010