november 2018 - ctci 中鼎集團 · pttgc –nong fab lng terminal project gpsc –45mw cup 4...
TRANSCRIPT
November 2018
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Contents
Company Overview
Business Operation
Financial Highlights
Business Outlook
Copyright © 2016 CTCI All Rights Reserved.
• History
1979 – CTCI Corporation was established and engaged in EPC business
1993 – CTCI started to list in Taiwan Stock Exchange (code: TWSE 9933)
• Paid-in Capital ………………………………NT$ 7.63 Billions (US$ 247 Millions)
• CTCI Market Cap …………………………. NT$ 33.3 Billions (US$ 1.08 Billions)
• Group Market Cap * ……………………NT$ 45.6 Billions (US$1.47 Billions)
* including two listed subsidiaries of ECOVE Environment and CTCI ASI in the sectors of resource
cycling and intelligent solution respectively
• Member of
– MSCI Global Standard Indices in 2010 and MSCI Taiwan Small Cap Indices since 2014
‒ Dow Jones Sustainability Indices Emerging Market (“DJSI”) since 2015
• Shareholder Structure ………….
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Company Profile
Foreign35%
Domestic65%
Base date: 31 Oct. 2018USD:NTD=1:30.94
Copyright © 2016 CTCI All Rights Reserved.
Company Overview
• No. 1 engineering, procurement and construction (“EPC”) company in Taiwan
‒ over 40 years of industry experience, involved in numerous landmark projects in
Taiwan
• One of major EPC players in global hydrocarbon market with solid customer
profile and track records
‒ proven capability to bid EPC contract alone up to US$ 1.5 billion
• Specialized turn-key provider for various sectors globally
‒ primarily engaged in hydrocarbon market with diversification into power, mass
transportation, resource cycling and intelligent solutions
• Full dedication to be the most reliable EPC engineering service company in the
world
‒ commitment to reliable project execution as acknowledged by customers honorably
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Copyright © 2016 CTCI All Rights Reserved.
• Full commitment to a reliable EPC company as acknowledged by esteemed clients world-
wide progressively
• Enhancement of bidding competiveness by strategic alliance with partners (e.g. critical
vendors, other EPC companies) to create a win-win synergy for new project worldwide
• Active explore footprint in US petrochemical market to ride the wave of booming shale gas
related business
• Well-diversified three business groups via group-wide subsidiaries to have a consolidated
synergy
• Experienced engineering talent pool globally to enjoy a cost advantage
• Incessant efforts in improvement of i-EPC systematic integration by adopting AI technology
and big data analysis
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Competitive Strategies
Copyright © 2016 CTCI All Rights Reserved.6
Comprehensive Services
Feasibility
Study
& Planning
Engineering Design(E)
Procurement(P) Fabrication Construction(C)Commissioning &
Maintenance
• Market Survey
• Enquiry and Purchasing
• Inspection and Expediting
• Shipping, Delivery and Claims
• Customs Clearance
• Insurance
• Subcontracting
• Permits and Banking Affairs
• Equipment Installation and
Rigging
• Piping / Steel Structure
Fabrication & Erection
• Electrical / Instrument Installation
& Wiring
• Civil & Building
• Painting & Insulation
• Construction Management
• Process Design
• Piping Design
• Civil and Structure Design
• Instrumentation and Control Design
• Electrical Design
• Mechanical and Equipment Design
Copyright © 2016 CTCI All Rights Reserved.
Business Lines
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• 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
Hydrocarbon
Copyright © 2016 CTCI All Rights Reserved.
Business Lines
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Power Transportation
• Coal Fired Power Plant
• Gas Fired Power Plant
• Nuclear power plants
• Renewable energy
• Mass Rapid Transit
systems
• Light Rail Transit systems
• High speed rail
• Airports
Industrial
• Metals & non-ferrous
metal mills
• Hi-tech facilities
• Life science facilities
• Manufacturing facilities
Non-Hydrocarbon
Environmental
• 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
Copyright © 2016 CTCI All Rights Reserved.
CTCI Thailand
CIMAS (Vietnam)
CTCI Singapore
CTCI Beijing
CTCI Shanghai
CTCI Arabia
CTCI Qatar
CTCI Abu Dhabi
CTCI Americas
MIEI (Malaysia)
Lumberton (USA)
Xiang Ding Environmental
Consultant (China)CTCI Netherlands
CB&I-CTCI B.V. (Oman)
CTCI Indonesia
CTCI Hong Kong
SINOGAL (Macau)
Boretech (China)
CINDA (India)
(Taiwan)
CTCI Corporation (Headquarters)
CTCI Smart Engineering Corp.
CTCI Resources Engineering Inc.
CTCI Advanced Systems Inc.
CTCI Chemicals Corp.
CTCI Machinery Corp.
ECOVE Environment Corporation
- ECOVE Environment Services Corp.
- ECOVE Waste Management Corp.
- ECOVE Wujih Energy Corp.
- ECOVE Miaoli Energy Corp.
- G.D. Development Corp.
Global Network
Domestic
Manpower
Taiwan
5,334
Overseas
ManpowerCountries
Sub-total Beijing Shanghai Thailand Vietnam IndiaMalaysia
MIEI
1,830 477 104 519 190 146 394
CTCI has over 40 subsidiaries in 15 countries with 7,200
employees around the globe.
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Copyright © 2016 CTCI All Rights Reserved.
Significant Track Records(1/2)
Client Project Location
Saudi Kayan #10 Ethylene Cracking Furnace KSA
Safpet LLC PTA/PET Project Russia
Taoyuan City GovernmentChung Li Sewerage System BOT Project
Taiwan
Client Project Location
Orpic Liwa Plastic Industrial Complex Steam Cracker and U&O Package
Oman
FPC-USA Low density polyethylene (LDPE) USA
Toho Titanium YNP Ti-sponge EPC Saudi Arabia
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17
20
16
20
15
10
Client Project Location
Petronas Package 28B Mogas EURO 5 Malaysia
JG SummitJG Summit P2 Aromatics and Butadiene Extraction
Philippines
MaxihubMaxihub Lube Oil Blending Plant & Tank Farm Terminal
Vietnam
Copyright © 2016 CTCI All Rights Reserved.
Significant Track Records(2/2)
Client Project Location
Tai Power900 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
Client Project Location
Tai Power800 MWX2, Power Generating Equipment for Talin Power Plant Renewal
Taiwan
QAPCO Furnaces and Ethylene Tank Qatar
USI Kaohsiung Plant 50 KTA EVA Taiwan
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14
20
13
20
12
11
Client Project Location
Petronas 140 KBPSD RAPID Refinery RFCC Malaysia
Land Transport Authority Singapore Thomson Line Track work Singapore
CPC Talin #11 DHDS Taiwan
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Contents
Company Overview
Business Operation
Financial Highlights
Business Outlooks
Copyright © 2016 CTCI All Rights Reserved.13
PS. The contract amounts of projects selected as best
applicants as of Aug. 2018 are about NT$10 billion.
77.9
64.5
85.6
44.4
60.3
0
10
20
30
40
50
60
70
80
90
2014 2015 2016 2017 July-2018
Unit: NT$, Billion
New Contracts and Breakdown
Taiwan 44%
Southeast Asia31% United States
19%
China 5%
Middle East 1%
Hydrocarbon 52%
Industrial 33%
Transportation11%
Environmental 2%Power 1%
Other 1%
Copyright © 2016 CTCI All Rights Reserved.
Major Projects Awarded in 2018
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Taiwan
Taichung Power Plant Coal Handling System Improvement Project
Taipei Wanda Line Phase I System E&M Project
Thailand PTT Group LNG Receiving Terminal Project
India Adani Group LNG Receiving Terminal Project
China Foxconn Group TFT-LCD High-End Cleanroom Project
United
StatesPetrochemical plant EPC Project *
Singapore
Refinery Plant FEED Project Awarded by an American Oil Company*
Petrochemical Plant FEED project Awarded by a Middle Eastern
Petrochemical Company*
*Not yet receiving client’s consent to disclose the project details
Copyright © 2016 CTCI All Rights Reserved.
Client Taiwan Power Company
Project Taichung Power Plant Coal Handling System Improvement Project
Contractor CTCI
Scale 1.15 MTA
Scope Engineering, Procurement, Construction and Commissioning
15
Major Project Awarded ‒ Taiwan
Taichung
Note: Once completed, this will be the system with the largest scale in Taiwan to prevent the coal dust emission from floating.
Copyright © 2016 CTCI All Rights Reserved.
Client Department of Rapid Transit Systems, Taipei City Government
Project Taipei Wanda Line Phase I System E&M Project
Contractor CTCI and Alstom
Scale 9.5 km (9 stations and 1 depot)
Scope Engineering, Procurement, Construction and Commissioning
Major Project Awarded ‒ Taiwan
16
Taipei Phase IPhase II
Copyright © 2016 CTCI All Rights Reserved.
Note:This is by now the most advanced TFT-LCD panel production among the world’s 10.5 generation
TFT-LCD manufacturers.
Major Project Awarded ‒ China
Client SAKAI SIO International Guangzhou Co., LTD (Foxconn Group)
Project TFT-LCD High-End Cleanroom Project
Contractor CTCI Shanghai
Scale 140,000 m2
Scope Procurement, Construction and Commissioning
17
Guangzhou
Copyright © 2016 CTCI All Rights Reserved.
Note: This is the LNG receiving terminal project with largest contract size for CTCI.
Major Project Awarded ‒ Thailand
Client PTT LNG Company Limited
Project Nong Fab LNG Receiving Terminal Project
Contractor CTCI and Saipem
Scale 7.5 MMPTA
Scope Engineering, Procurement, Construction and Commissioning
Nong Fab
Thailand
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Copyright © 2016 CTCI All Rights Reserved.
Note: The first time CTCI awarded a contract by Adani group, one of the top 5 leading enterprises in India.
Major Project Awarded ‒ India
Client Dhamra LNG Terminal Private Limited (Adani Group)
Project Dhamra LNG Receiving Terminal Project
Contractor CTCI
Scale 55 MMTPA
Scope Engineering, Procurement, Construction and Commissioning
Dhamra
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Copyright © 2016 CTCI All Rights Reserved.
Backlog and Breakdown
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Taiwan 54%
South East Asia31%
United States6%
Middle East 6%
China 3%
Environmental32%
Hydrocarbon31% Power 14%
Industrial13%
Transportation10%
Unit: NT$, Billion
187 191
203
166
195
0
50
100
150
200
250
2014 2015 2016 2017 July-2018
Copyright © 2016 CTCI All Rights Reserved.
1-9
2
3
4
1
5
6
7
9
8
Major On-going Projects in Taiwan
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Taiwan
CPC – Taichung LNG Regas Phase-II Project
Taiwan Power Company – Linkou 800MWx3 Coal Fired Power Plant Renewal Project
Taiwan Power Company – Talin 800MWx2 Coal Fired Power Plant Renewal Project
Taiwan Power Company – Tung Hsiao 890MWx3 LNG fired Power Plant Renewal Project
Taiwan Power Company – Taichung Power Plant Unit 1 to 4 AQCS Retrofit Project
Taipei City Government – Taichung Green Line Project
Taipei City Government – Taipei Wanda Line Phase I System E&M Project
Taoyuan City Government – Chung Li Sewerage System BOT Project
Kaohsiung City Government – Feng Shan Shi Wastewater Reclamation BTO Project
Copyright © 2016 CTCI All Rights Reserved.
1
1-11
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Thailand
PTTGC – Nong Fab LNG Terminal Project
GPSC – 45MW CUP 4 Project
Vietnam
Maxihub – Lube Oil Blending Plant and Tank
Farm Terminal
Sumitomo – Van Phong 320MW Coal-Fired
Power Plant
India
Petronet – Dahej LNG Terminal Expansion
Regasification Facilities Project
Adani – Dhamra LNG Terminal Regasification
Facilities Project
11ChinaFoxconn Group – TFT-LCD High-End Cleanroom Project
PhilippinesJG Summit – Aromatics and Butadiene Extraction
MalaysiaTNB – 1440MW Combined Cycle Power Plant
Petronas – RAPID Package 1 RFCC Project
Petronas – RAPID Package 28B EURO 5 Project
Prasarana – KL LRT 3 Power Supply Project
SingaporeLTA – Thomson Line Trackwork Project
LTA – Gali Batu Depot Trackwork Project
1
2
1-2
11
1
1
6
2
3
5
4
7
Major On-going Projects in Asia
22
9
10
8
Copyright © 2016 CTCI All Rights Reserved.
1-4
USA
FPC USA – LDPE Project
Nan Ya USA – EG-II Project
FPC USA – T3T4 Offsite Pipe Rack Modularization
& Erection project
Jupiter – Refinery Process Project
Russia
SafPET – PTA Project
1
2
3
Qatar
LRC – Laffan Refinery 2 Project
KSA
Saudi Kayan – Furnace No.10 Project
SAMAC – 250KTA MMA and 40KTA PMMA Project
AMIC & Toho – 15.6 KTA Ti-Sponge YNP Project
Oman
ORPIC – Liwa Plastic Industrial Complex Steam
Cracker and U&O Package
1
2
3
4
5
1-5
1
1
Major On-going Projects in Middle East, USA and CIS
4
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Contents
Company Overview
Business Operation
Financial Highlights
Business Outlooks
Copyright © 2016 CTCI All Rights Reserved.
Consolidated Sales Revenues and Breakdown
25
57.7
67.1 70.5 71.6
34.0
0
10
20
30
40
50
60
70
80
2014 2015 2016 2017 July-2018
Unit: NT$, Billion
Taiwan 37%
South East Asia32%
Middle East24%
China 5%
United States 2%
Hydrocarbon51%
Power 22% Environmental11%
Transportation6%
Industrial 6%
Others 4%
Copyright © 2016 CTCI All Rights Reserved.
Consolidated Income Statement
Unit: NT$, Thousand
2018/09/30 2017/09/30
Sales Revenues 43,997,742 100% 49,352,821 100%
Operating costs (40,678,208) -92.5% (45,744,213) -92.7%
Gross Profit 3,319,534 7.6% 3,608,608 7.3%
Operating expenses (1,314,825) -3.0% (1,519,816) -3.1%
Operating income 2,004,709 4.6% 2,088,792 4.2%
Total non-operating income
and expenses237,853 0.5% 930,616 1.9%
Profit before income tax 2,242,562 5.1% 3,019,408 6.1%
Income tax expense (534,538) -1.2% (474,000) -1.0%
Profit for the period 1,708,024 3.9% 2,545,408 5.2%
Profit attributable to Owners of
the parent1,305,966 3.0% 2,165,212 4.4%
Total basic earnings per share 1.71 2.84*
26
*This includes an one-off gain of NT$ 959 million, which is equivalent to basic earnings of NT$1.26 per share.
Copyright © 2016 CTCI All Rights Reserved.
Consolidated Balance Sheet
Unit: NT$, Thousand
2018/09/30 2017/09/30
Current assets* 47,733,145 73.1% 45,306,638 75.0%
Non-current assets 17,532,765 26.9% 15,130,041 25.0%
Total assets 65,265,910 100.0% 60,436,679 100.0%
Current liabilities 38,960,110 59.7% 35,286,813 58.4%
Non-current liabilities 6,201,357 9.5% 5,067,492 8.4%
Total Liabilities 45,161,467 69.2% 40,354,305 66.8%
Equity attributable to owners of
the parent17,019,345 26.1% 17,103,831 28.3%
Non-controlling interest 3,085,098 4.7% 2,978,543 4.9%
Total equity 20,104,443 30.8% 20,082,374 33.2%
Total liabilities and equity 65,265,910 100.0% 60,436,679 100.0%
*Cash and cash equivalents:NT$13.2bn
27
Unit: NT$, Million
2013 2014 2015 2016 2017
Sales Revenues 52,223 57,692 67,058 70,510 71,607
Growth (%) -13.7 10.5 16.2 5.1 1.6
Gross Profit 4,217 4,374 5,436 6,186 5,112
Margin (%) 8.1 7.6 8.1 8.8 7.1
Net Income Before Tax 2,510 3,165 3,321 3,978 3,991
EPS (NT$) 2.22 2.79 2.69 2.92 3.68
Cash DPS (NT$) 1.99 2.23 2.40 2.60 3.23
Stock DPS (NT$) 0 0 0 0 0
Payout Ratios(%) 89.6 88.8 89.2 89.0 87.8
New Contract Amount 66,924 77,866 64,458 85,636 44,446
Total Backlog 163,517 187,102 190,465 203,226 166,331
Financial Data Summary
3028
Copyright © 2016 CTCI All Rights Reserved.
Dividend Payout
29
2.412.65
2.91
3.22 3.32
2.22
2.512.69
2.92
3.68
1.92
2.37 2.42
2.76 2.84
1.99 2.23
2.40 2.60
3.23
80%
89%
83%86% 85%
90% 89% 89% 89% 88%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
EPS Cash DPS Cash Dividend Payout Ratio(%)Unit: NT$
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Contents
Company Overview
Business Operation
Financial Highlights
Business Outlooks
Copyright © 2016 CTCI All Rights Reserved.
Taiwan
Hydrocarbon:47.9bn
Infrastructure, Environment, and Power:44.2bn
Southeast Asia
Hydrocarbon:68.0bn
Infrastructure, Environment, and Power:36.8bn
India
Hydrocarbon:10.0bn
Total Amount
Hydrocarbon:408.1bn
Infrastructure, Environment and
Power:106.7bn
China
Hydrocarbon:10.0bn
Infrastructure, Environment, and Power: 5.0bn
CIS and Others:
Hydrocarbon:25.9bn
Potential Opportunities in Next 12 Months
Unit:NT$
United States
Hydrocarbon:81.1bn
31
Middle East
Hydrocarbon:165.2bn
Infrastructure, Environment, and Power:20.7bn
Copyright © 2016 CTCI All Rights Reserved.32