company overview contents · 2016-11-28 · - st2016 retained 1 in the category of epc among top...

2

Contents

Company Overview

Business Operation

Financial Highlights

Operation Strategies and Business Outlooks

Copyright © 2016 CTCI All Rights Reserved.

Introduction

• The Largest Engineering, Procurement and Construction (“EPC”) Company in Taiwan

- Over 50 years of industry experience (since the founder, CTCI Foundation set up in 1959)

- 2016 retained 1st in the category of EPC among Top 650 Service Enterprises(Common Wealth

Magazine)

• Offering Specialized Turn-key EPC Solutions

- Ability to execute EPC contracts size over US$ 1 billion

- Expanded business lines from refinery, chemical and petrochemical into power, infrastructure,

environmental protection, steel & nonferrous, storage & terminal, and waste-to-energy fields

• Significant Domestic and Overseas Experiences

- Utilized the top-notch technologies transferred from abroad and has become a designated partner for

many internationally well-known companies to collaborate with

- Hundreds proven track records worldwide, including Taiwan, China, Thailand, Singapore, Malaysia,

Vietnam, Philippines, Indonesia, India, KSA, Qatar and USA

• One of Major EPC Firms in Asia

- Global presence with approximately 7,400s employees stationed in more than 40s affiliates worldwide


Company Profile

• History

1959 – China Technical Consultants,Inc. (now renamed as CTCI Foundation) established

1979 – CTCI Corporation founded by CTCI Foundation and two financial organizations

1993 – CTCI was listed in TWSE (9933 TT)

• Paid-in Capital ………………………………NT$ 7.6 Billion (US$ 242.0 Million)

• Market Cap……………………………………NT$ 35.0 Billion (US$ 1.1 Billion)

• Shareholder Structure ……………………………………

Base date: 30 Sep 2016 CTCI Stock Price:45.90 Outstanding Shares :763,273,848 USD:NTD=1:31.4

Foreign 39%

Domestic 61%


Services

5

Project

Management

Feasibility

Study / FEED Engineering(E) Procurement(P)

Fabrication Construction(C)

Commissioning

Operation &

Maintenance

CTCI offers clients full integrated service through engineering, procurement, construction

and commissioning phases.


Business Lines

6

• Alkylation

• Amine treatment

• Catalytic reforming

• Crude distillation

• Fluid catalytic cracking

• Hydrocracking

• Hydrodesulphurization

• Hydrogen

• Hydrotreating

• Lubes and fuels

• Lubricating base oils

• Petroleum coke

• Isomerization

• Sulfur recovery

• Sweetening

• Vacuum distillation

• Olefins

• Aromatics

• Polyolefin: PE, PP

• OCU

• PDH

• Butadiene

• Elastomers

• Synthetic fibers

• Organics

• Plastics

• PTA

• Fertilizers

• Phosphates

• Ion Exchange Resins

• Waxes

• Pharmaceuticals

• Polysilicon

• Processing plants

• Terminals and storage

Petroleum

Refining

Petrochemical

Processing Liquefied natural gas

(LNG)

Chemical

Manufacturing


Business Lines

7

Power Environmental Transportation Industrial

• Fossil power plants

• Simple cycle power plants

and combined cycle power

plants

• Cogeneration power

plants

• Green field power plants

and conversion power

plants

• Nuclear power plants

• Low-level radioactive

waste on-site storage

facilities for nuclear plants

• Renewable power plants

• Mass Rapid Transit

systems

• Light Rail Transit systems

• High speed rail

• Airports

• Metals & non-ferrous

metal mills

• Hi-tech facilities

• Life science facilities

• Manufacturing facilities

• Drinking water treatment plant

• Raw water treatment plant

• Demineralized/pure water treatment plant

• Municipal wastewater treatment/reclamation plant

• Industrial wastewater treatment/reclamation plant

• Energy from municipal solid waste plant

• Industrial solid waste incineration plant

• Industrial waste liquid/off gas incineration plant

• Sludge incineration plant

• Air pollution control


Listed subsidiaries

• Founded:1987

• Listed: 2002

• Paid-in Capital: NT$ 235 Million (US$ 7.5 Million)

• Market Cap: NT$1.0 Billion (US$ 31.4 Million)

• 2015 EPS: NT$ 3.40

• CTCI Holding Ratio : 48.72%

• Business area:

- Main automation contractor

- Transportation and E&M

- Intelligent manufacturing

- Industrial Control Product

Base date: 30st Sep. 2016 CTCI ASI Stock Price: 39.35 Outstanding Shares : 23,491,500 USD:NTD=1:31.4

• Founded:1999

• Listed: 2010

• Paid-in Capital: NT$ 663 Million (US$ 21.1 Million)

• Market Cap: NT$ 11.8 Billion (US$ 376 Million)

• 2015 EPS: NT$ 10.84

• CTCI Holding Ratio : 58.41%

• Business area:

-Incinerators O&M (7 of 24 in TW+2 in Macau)

-New recycling business (Glass, Waste tire, and

Food waste)

-Green energy (Small solar power plant)

Base date: 30st Sep. 2016 KD Holding Stock Price: 177.5 Outstanding Shares : 66,312,648 USD:NTD=1:31.4


CTCI Thailand

CIMAS (Vietnam)

CTCI Singapore

CTCI Beijing

CTCI Shanghai

CTCI Italy

MIEI (Malaysia)

CIPEC (Philippines)

Xiang Ding Environmental

Consultant (China)

CTCI Americas

Lumberton (USA)

CTCI Netherlands

CTCI Arabia

CTCI Qatar

CTCI Abu Dhabi

CB&I-CTCI B.V. (Oman)

CTCI Indonesia

CTCI Hong Kong

SINOGAL (Macau)

Boretech (China)

CINDA (India)

9

Global Network

CTCI Corporation (Taiwan)

CTCI Smart Engineering Corp.

CTCI Resources Engineering Inc.

CTCI Advanced Systems Inc.

CTCI Chemicals Corp.

CTCI Machinery Corp.

KD Holding Corp.

- Sino Environmental Services Corp.

- Leading Energy Corp.

- HD Resource Management Corp.

- Fortune Energy Corp.

- G.D. Development Corp.

Domestic

Manpower

Taiwan

5,844

Overseas

Manpower Countries

Sub-total Beijing Shanghai Thailand Vietnam India Malaysia

MIEI

1,534 555 129 287 208 149 206

CTCI Italy

CTCI Has over 40 subsidiaries in 15 countries with 7,400

employees around the globe.


Significant Track Records (1/3)

20

13

2

01

4

20

15

Client Project Location

Orpic Liwa Plastic Industrial Complex Steam Cracker and U&O Package

Oman

FPC-USA Low density polyethylene (LDPE) USA

Nan Ya Plastics USA Ethylene glycol (EG) plant expansion USA

Toho Titanium YNP Ti-sponge EPC Saudi Arabia

Land Transport Authority Gali Batu depot trackwork Singapore


Petronas 140 KBPSD RAPID Refinery RFCC Malaysia

SAMAC 250KTA MMA and 40KTA PMMA KSA

Land Transport Authority

Singapore Thomson Line Track work Singapore

CPC Talin #11 DHDS Taiwan

Far Eastern FUPY 75/450KTA EO/EG China


Tai Power 900 MWx3 Power Generating Equipment for Tung Hsiao Power Plant Renewal

Taiwan

LRC2 146000 BPSD Laffan Refinery 2 Qatar

OPTC Kuan-Yin 1520 KTA lINE 3 PTA Plant Taiwan

KFPC 30 KTA HSBC Project Taiwan

http://zh.wikipedia.org/wiki/馬來西亞國家石油



20

10

20

11

20

12


Tai Power 800 MWX2, Power Generating Equipment for Talin Power Plant Renewal

Taiwan

QAPCO Furnaces and Ethylene Tank Qatar

USI Kaohsiung Plant 50 KTA EVA Taiwan

QAPCO Regenerative Thermal Oxidizer System Taiwan

CPC Talin #10 SRU Taiwan


Tai Power Lin Kou Power Plant Renewal Taiwan

Dept. of Rapid Transit Taichung MRT Green Line E&M /AFC Taiwan

Land Transport Authority Trackwork EPC Singapore

Petronet LNG Expansion India


IBN RUSHD (Sabic Group) IR-II Expansion Saudi Arabia

Saudi Kayan (Sabic Group) Amines EPC Saudi Arabia

Kimanis Power 300MW Combined Cycle Power Plant Malaysia

Dragon Steel NO.2 Sinter Plant Election Work Taiwan

Formosa Petrochemical RDS No.2 Reconstruction Work Taiwan

China Steel Corporation Trackwork, Earthwork and Drainage Taiwan

http://www.qapco.com.qa/

http://en.cpc.com.tw/index.aspx



20

07

20

08

20

09


Aramco/Total JERP Package Saudi Arabia

Saudi Kayan (Sabic Group)

Utility Block Saudi Arabia

Petronet LNG India

Government of the Macau O &M of the Macau Refuse Incineration Plant

Macao

Chinese Petroleum No.6 Naphtha Cracker Taiwan


PTTAC AN/MMA Thailand

Titan Petrochem Propylene /Butadiene Extraction Malaysia

PTTUT Central Utility NO.1 PhaseⅠ~Ⅳ/ CUP-Ⅲ Thailand

Taipei City Government Taipei MRT Xinyi-Songshan Line Core System

Taiwan

Chinese Petroleum RFCC Taiwan

Dragon Steel Sintering Taiwan


QAPCO Ethylene Package NO.2 Qatar

Thai Olefins Olefins Debottlenecking Thailand

Taipei City Government Taipei MRT Tucheng Line Power System Taiwan

http://www.dragonsteel.com.tw/index.aspx

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Contents

Company Overview

Business Operation




60.5

52.2

57.7

67.1

44.6

0

100

200

300

400

500

600

700

800

2012 2013 2014 2015 2016/8

Consolidated Sales Revenues and Breakdown

14

Unit:NT$, Billion

Taiwan 54%

Middle East 22%

South East Asia 19%

China 3%

Other 2%

Hydrocarbon 47%

Power 31%

Environmental 8%

Other 6%

Industrial 5%

Transportation 3%


New Contracts and Breakdown

15

Taiwan 90% Middle East 3%

South East Asia 4%

China 3%

Hydrocarbon 8%

Power 2%

Environmental 81%

Other 2%

Industrial 6%

Transportation 1%

60.2

66.9

77.9

64.5 63.1

0

100

200

300

400

500

600

700

800

900

2012 2013 2014 2015 2016/8

Unit: NT$, Billion


Significant Projects Awarded

• CTCI and the partner jointly implement all phases of this project with 35 years of

concession period, serving 200,000 households and improving the life quality in southern

Taoyuan.

Client Taoyuan City Government

Project Chung Li Sewerage System BOT

Project

Contractor Consortium of CTCI & HEC

Scale 156,800 CMD per day

Scope Investment, EPCC and O&M (BOT)

Location Taiwan

16



• CTCI and the partner jointly implement all phases of project with 17 years concession

period, producing reclaimed water to Linhai industrial park.

• This is the first that reclaimed the water from municipal wastewater plant project in

Taiwan.

Client Kaohsiung City Government

Project Feng Shan Shi Wastewater

Reclamation BTO Project

Contractor Consortium of HEC & CTCI


Scope Investment, EPCC and O&M (BTO)

Location Taiwan

17



• Once again awarded by CPC with Talin Plant wastewater reclamation project after

executing CPC LinYuan Plant wastewater reclamation project.

Client CPC Corporation

Project CPC Talin Plant Wastewater

Reclamation Project

Contractor CTCI Corporation


Scope EPCC

Location Taiwan

18



• Awarded the Ethylene Cracking Furnace Project which comprises the installation of a

new additional furnace, decoking drum, GAS dryer, etc., increasing the capacity of

ethylene by 200 thousand tons.

• Saudi Kayan is a subsidiary of SABIC, which is among the Top 3 petrochemical

companies in the world.

Client Saudi Kayan

Project #10 Ethylene Cracking Furnace Project

Contractor CTCI Corporation

Scale 200 KTA / year

Scope EPC

Location KSA

19

http://www.saudikayan.com.sa/



• Awarded the Dahej LNG Terminal Expansion Regasification Facilities Project from

Petronet LNG Limited in India. (LNG Terminal Regasification Facilities Project in Kochi

was already finished)

• Total capacity will be increased from 15 million tons to 17.5 million tons.

Client Petronet LNG Limited

Project Dahej LNG Terminal Expansion Regasification

Facilities Project

Contractor Consortium of CTCI, CINDA

Scale 2.5 Million tons/year

Scope EPCC

Location India

20


Unit: NT$, Billion

Backlog and Breakdown

21

Hydrocarbon 42%

Power 12% Environmental

35%

Other 3%

Industrial 2%

Transportation 6%

153.2 163.5

187.1 190.5

206.5

0

500

1,000

1,500

2,000

2,500

2012 2013 2014 2015 2016/8

Taiwan 57%

Middle East 24%

South East Asia 17%

China 1% Other 1%

Major On-going Projects in Middle East

Saudi Arabia

SAMAC 250KTA MMA and

40KTA PMMA Project

#10 Ethylene Cracking

Furnace Project

Qatar

Laffan Refinery 2 Project

Ethylene Cracking Furnace

and Tank Project

24

Saudi Arabia

TOHO/AMIC 15.6 KTA

Ti-Sponge YNP Project

Oman

Liwa Plastic Industrial

Complex Steam Cracker and

U&O Package

Malaysia

Petronas RAPID Refinery RFCC Project

Singapore

DTL Stage 3 MRT Trackwork Project

Thomson Line Trackwork Project

Gali Batu Depot Trackwork Project

Thailand

Thai Oil 217MW SPP Project

Major On-going Projects in South East Asia

25

India

Dahej LNG Terminal Expansion

Regasification Facilities Project

Kaohsiung City Government

Feng Shan Shi Wastewater

Reclamation BTO Project

DORTS

Tamhai LRT Power Supply and

Trackwork Project

Taipei MRT Hsin-Chuang Lu-

Chou Line Systemwide E&M

Works

Taipower

Linkou 800MWx3 Coal Fired

Power Plant Renewal Project

Talin 800MWx2 Coal Fired Power

Plant Renewal Project

Tung Hsiao 890MWx3 LNG fired

Power Plant Renewal Project

Taichung Power Plant Unit 1 to 4

AQCS Retrofit Project 彰化縣

CPC

Talin No.11 DHDS Project

Talin Refinery No.3 RDS Unit

Revamping Project

Taichung LNG Plant Ph-II Re-gas

Project

CPC Talin Plant Wastewater

Reclamation Project

Taoyuan City Government

Chung Li Sewerage System BOT

Project 林口觀音

Major On-going Projects in Taiwan

Formosa Group

Kraton 30 KTA HSBC Project

通霄

大林

26

2

Contents

Company Overview

Business Operation




Unit:NT$,Thousand

2016/09/30 2015/09/30 YOY

Sales Revenues 50,534,790 100.0% 46,303,421 100.0% 9.1%

Operating costs (45,822,581) -90.7% (42,537,990) -91.9% 7.7%

Gross Profit 4,712,209 9.3% 3,765,431 8.1% 25.1%

Operating expenses (1,509,134) -3.0% (1,643,096) -3.5% -8.2%

Operating income 3,203,075 6.3% 2,122,335 4.6% 50.9%

Total non-operating income

and expenses (63,335) -0.1% 283,698 0.6% -122.3%

Profit before income tax 3,139,740 6.2% 2,406,033 5.2% 30.5%

Income tax expense (712,819) -1.4% (553,077) -1.2% 28.9%

Profit for the period 2,426,921 4.8% 1,852,956 4.0% 31.0%

Profit attributable to Owners

of the parent 1,730,379 3.4% 1,440,427 3.1% 20.1%

Total basic earnings per

share 2.27 1.90 19.5%

Consolidated Income Statement in 3rd Quarter of 2016

26


Unit: NT$, Thousand

2016/09/30 2015/09/30 2016/09/30 2015/09/30

Current assets* 44,665,776 42,510,334 Current liabilities 33,987,371 32,068,267

Financial assets 1,208,122 995,200 Non-current

liabilities 5,658,270 6,095,831

Non-current assets 14,899,566 14,886,240 Long-term

borrowings 2,398,150 2,730,150

Property, plant and

equipment 6,911,029 6,954,750

Other non-current

liabilities 3,260,120 3,365,681

Intangible assets 110,483 119,498 Total Liabilities 39,645,641 38,164,098

Other non-current

assets 7,878,054 7,811,992 Total equity 19,919,701 19,232,476

Total assets 59,565,342 57,396,574 Total liabilities and

equity 59,565,342 57,396,574

**Cash and cash equivalents:NT$9.8bn

Consolidated Balance Sheet in 3rd Quarter of 2016

27

Unit :NT$, Million, except per share data

2011 2012 2013 2014 2015

Sales Revenues 56,279 60,522 52,223 57,692 67,058

Growth (%) 8.5 7.5 -13.7 10.5 16.2

Gross Profit 4,655 5,159 4,217 4,374 5,436

Margin (%) 8.3 8.5 8.1 7.6 8.1

Net Income Before Tax 3,272 3,453 2,510 3,165 3,321

EPS 3.22 3.32 2.22 2.79 2.69

Cash DPS 2.76 2.84 1.99 2.23 2.40

Stock DPS 0 0 0 0 0

Payout Ratios(%) 85.7 85.5 89.6 88.8 89.2

New Contract Amount 79,542 60,173 66,924 77,866 64,458

Total Backlog 154,649 153,228 163,517 187,102 190,465

Financial Data Summary

30


1.67

2.13

2.41 2.65

2.91

3.22 3.32

2.22

2.51 2.69

1.32

1.74 1.92

2.37 2.42

2.76 2.84

1.99

2.23 2.40

79% 82%

80%

89%

83% 86% 85%

90% 89% 89%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

EPS Cash DPS Cash Dividend Payout Ratio(%) Unit:NT$

Dividend Payout

29

2

Contents

Company Overview

Business Operation


Operation Strategies and

Business Outlooks


Operation Strategies and Business Outlook

Maximizing Current Business: Market Expansion

• The business opportunities of Shale Gas in the United States Market

The successful extraction of Shale Gas will help to reduce the production cost of

petrochemical products, making the United States the most booming place for petrochemical

investment. Owners provide numerous opportunities for building plants through plenty of

investment, e.g. ethylene plants and downstream petrochemical plants

CTCI Corporation already won several engineering design projects, such as FPC-USA

LDPE project, Nan Ya Plastics USA EG plant expansion project, and FUV Utility-3 Power

Plant project, and has several bidding opportunities for construction..

• One-Belt, One-Road

Approaches: Joint venture or consortium

Industries: Hydrocarbon, transportation, storage facilities, energy, smart utility systems,

environmental protection and green energy, etc.

Advantages: Abundant experience in international EPC projects execution and robust

financial ability.

31


• CIS Market

Considering that the hydrocarbon field provides plentiful business opportunities for

building plants, CTCI has planned to partner with Chinese companies to enter the

market.

CTCI Beijing and Chemtex awarded a PTA/PET basic engineering design contract in

Russia, laying a solid foundation to extend market reach in the future.

32

Operation Strategies and Business Outlook


Power Plant Wastewater Reclamation

Plant

Industrial Plant LNG Terminals

Operation Strategies and Business Outlook Government Policy Related Opportunities

• Energy Policy：

Revamp old power plants and build new gas-fired power plants : the decreased electricity reserve might bring more opportunities for power plant projects in the next few years

Build new LNG terminals：with the potential natural gas-fired power plants the demand for natural gas will be increased

Energy conservation and carbon emission reduction：Air quality improvement work for old power plants, and environmental reinforcement work for new power plants

Modification of the Electricity Act, and Promotion of the Electricity liberalization：build new gas-fired power plants and cogeneration plants

• Wastewater Reclamation Policy：Among the six Wastewater Reclamation projects in Taiwan planned by CPAMI, CTCI awarded one project

• New Southeast Asia Policy：CTCI’s presence in Southeast Asia countries including India, Vietnam, Indonesia, and Philippines, making it easier to seize opportunities to build plants for Taiwanese companies

33

Track Records


Taiwan

Hydrocarbon:10.1bn

Infrastructure, Environment, and Power:34bn

India

Hydrocarbon:32bn

Infrastructure, Environment, and Power:10.5bn

Total Amount

Hydrocarbon:481.9bn

Infrastructure, Environment and Power:216.1bn

China

Hydrocarbon:9.8bn


USA, CIS, and Others

Hydrocarbon:28.3bn

Infrastructure, Environment and

Power:3.2bn

2016Q4~2017 Potential Opportunities

34

Middle East

Hydrocarbon:300bn

Infrastructure, Environment, and Power:20bn

South East Asia

Hydrocarbon:101.7bn


Unit: NT$

company overview contents · 2016-11-28 · - st2016 retained 1 in the category of epc among top...

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