CTCI Taiw i a w n n s s Leading Leading In t In e t rnat rna ional ional Engineering Engineering Firm

Transcription

1 CTCI Taiwan s Leading International Engineering Firm

2 按一下以編輯母片標題樣式 Company Overview Business Operation Financial Highlights Looking Forward 2

3 Who we are Company Overview Taiwan s Largest Engineering, Procurement and Construction ( EPC ) Company - Over 50 years of industry experience (includes the experience of the funder, CTCI Foundation) - Involved in numerous landmark Taiwan projects Offering Specialized Turn-key EPC Solutions - Primarily serving in hydrocarbon market, then diversified ourselves into power, infrastructure, and environmental industries Significant Domestic and Overseas Experiences - Established presence in Mainland China, Southeast Asia, and the Middle East - Designated partner of several major internationally renowned companies One of Asia s Largest EPC Players - Total workforce of 5,400 engineers /over 7,000 employees worldwide - Ability to bid for EPC contracts up to US$ 2 billion in size - Ranked as 92th in ENR International Ranking and recognized as one of few qualified main contractors in the world. 3

4 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 TSE Paid-in Capital NT$ Shareholders Equity NT$ Shareholders Structure (August 3, 2011) 7,007M (US$244.15M) 14,093M (US$491.05M) ~as of June 30, 2011 / USD:NTD=28.7 CTCI Foundation 8.63% Foreign Shareholders 52.50% Employees & Public 38.87% 4

5 Comprehensive Service Company Overview Project Management Feasibility Study & Planning Engineering Design (E) Procurement (P) Fabrication Construction (C) Commissioning & Maintenance Process Design Market Survey Equipment Installation and Piping Design Enquiry and Purchasing Rigging Civil and Structure Design Inspection and Expediting Piping/ Steel Structure Fabrication & Erection Instrumentation and Control Shipping, Delivery and Claims Design Electrical/ l/ Instrument t Customs Clearance Installation & Wiring Electrical Design Insurance Civil & Building Mechanical and Equipment Design Tariffs Painting & Insulation Subcontracting Construction Management Permits and Banking Affairs 5

6 Business Areas Company Overview Petrochemical & Chemical Refinery Storage & Terminal Waste to Energy Environment Resource (includes BOT) Water Treatment Brewery, Winery, Pharmaceutical & Biotechnology Infrastructure Hydrocarbon Nonhydro- carbon Environment 6 Power Metal Mills

7 Global Network of CTCI Group Company Overview Up to December 31, 2011 Domestic Manpower Taiwan 5,698 Global Manpower JingDing E&C, JDEC (China) 587 ShangDing E&C, SDEC (China) 149 CTCI Thailand (Thailand) 369 CIMAS Engineering (Vietnam) 204 CINDA Engineering (India) 145 CAL (KSA) 121 CTCI Malaysia (Malaysia) 7 Sub-total 1,582 Total 7,280 New Hub: CTCI Singapore: New Subsidiary CPCL: EPC Center in Middle East Korea Office: Procurement Center Italy Branch: Business/Procurement Center in Europe CTAS: Business Center in USA 7

8 Competitive Advantages Company Overview Comprehensive EPC experiences - Full Knowledge of Major Licensors and EPC Firms - Strategic Alliance with Selected Technology Providers - Significant EPC experiences in multiple geographical regions and industry sectors Cost Effective - Valuable engineering design and sound project management by competent engineers and managers - Local engineering workforce is highly cost-competitive compared to Western and Japanese peers - An International EPC Contractor with Local Facilities and Resources and good management of low cost engineering resources worldwide - Ability to source raw materials locally Long-Standing Client Relationships - Performed EPC services for numerous major domestic and international clients - Repeat Clients gain through solid track records Green Energy Business Competitiveness - Ongoing EPC work for polysilicon plant - Existing and growing g waste to energy business and waste water treatment business - Strategic step-into solar power business 8

9 Significant Track Records (1/3) Company Overview Client Project Location Taiwan Power Lin Kou Power Plant Renewal Project Taiwan Powertec Energy Polysilicon 6000TPA Plant EPC Project Taiwan 2011 Department of Rapid Transit Systems Taichung MRT Green Line E&M /AFC System Project Taiwan Land Transport Authority Trackwork EPC Project Singapore Petronet LNG Expansion Project India Client Project Location IBN RUSHD (Sabic Group) IR-II Expansion Project Saudi Arabia Saudi Kayan (Sabic Group) Amines EPC Project Saudi Arabia Kimanis Power Power Project 300MW Combined Cycle Power Plant Malaysia Chinese Petroleum CPCTL 14KBPSD Alkylation EPC Project Taiwan 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 Corning (Taiwan) Engineering Services of Taichung Display Plant Phase 5 Taiwan Client Project Location Aramco/Total JERP Package Project Saudi Arabia Saudi Kayan (Sabic Group) Utility Block Project Saudi Arabia Petronet LNG Project India 2009 Government of the Macau Special Administration Region Operation and Maintenance of the Macau Refuse Incineration Plant Macao Chinese Petroleum No.6 Naphtha Cracker Project Taiwan Dragon Steel No. 3 Oxygen Project Taiwan 9

10 Significant Track Records (2/3) Company Overview Client Project Location PTTAC AN/MMA Project Thailand Titan Petrochem Propylene /Butadiene Extraction Project Malaysia PTTUT Central Utility NO.1 PhaseⅠ~Ⅳ/ CUP-Ⅲ Project Thailand Taipei City Government Taipei MRT Xinyi-Songshan Line Core System Project Taiwan Chinese Petroleum RFCC Project Taiwan Chinese Petroleum HDS Project Taiwan Dragon Steel Sintering Project Taiwan Client Project Location 2007 QAPCO Ethylene Package NO.2 Project Qatar Thai Olefins Olefins Debottlenecking Project Thailand Taipei City Government Taipei MRT Tucheng Line Power System Project Taiwan Client Project Location Saudi Kayan (Sabic Group) EO/EG Project Saudi Arabia PPCL Phenol/Cumene Project Thailand Bangchak Petroleum PUBLIC Quality Improvement Project Thailand PTT/HMC PDH Project Thailand 2006 BASF/ Huntsman MDI/TDI Project China Oriental Petrochemical PTA Project China Shanghai LNG Shanghai LNG Terminal Project China Formosa Petrochemical Lube Based Oil Project Taiwan Taiwan High Speed Rail High Speed Rail Project Taiwan Kaohsiung Rapid Transit Kaohsiung MRT System Low Voltage Power Distribution Project Taiwan 10

11 Significant Track Records (3/3) Company Overview Client Project Location Formosa Chemicals & Fiber SM NO.3 Project Taiwan Formosa Petrochemical Olefin NO3. Project Taiwan Formosa Chemicals & Fiber Corp. Aromatics NO.3 Project Taiwan Taiwan Power Dah-Tarn Power Plant Taiwan Chinese Petroleum North LNG Receiving Terminal Project Taiwan Taipei City Government Taipei MRT Hsin-Chuang Lu-Chou Line Core System Project Taiwan Kaohsiung Rapid Transit Corp. Track Work Project Taiwan Client Project Location Ghaed Bassir Petrochemical ABS/SAN Project Iran Consumer Energy Campball Power Plant DeNOx Project U.S.A BASF/YPC LDPE Project China BASF/YPC C1 Project China CNOOC-Shell EO/EG Project China Lucite MMA Project China Ningbo Rayon Acrylic. Fiber MRC Acrylic Fibers Project China Xianglu Petrochemical PTA Revamping Project China CNOOC-Shell Liquid Incineration Project China SECCO SAR Project China Nantong SKT New Materials PVDC Project China Petron Gas Oil Hydrotreating Project The Philippines Phu My3 Power Plant Phu My3 CCPP Project Vietnam 11

12 按一下以編輯母片標題樣式 Company Overview Business Operation Financial Highlights Looking Forward 12

13 New Contract Awarded in Malaysia Category Power Location Kimanis Bay, Sabah Owner Kimanis Power Sdn. Bhd. Date December 2010 Capacity 300MW Combined Cycle 13

14 New Contract Awarded in India LNG Expansion Project awarded in India from repeat Client Category LNG Terminal Location Kochi, India Owner Petronet LNG Limited Date January 2011 Capacity 2.5 MMTPA to 5.0 MMTPA 14

15 New Contract Awarded in Singapore New MRT project awarded in Singapore Category Infrastructure t Location Singapore Owner Land Transport Authority Date February 2011 Project Trackwork EPC 15

16 New Contract Awarded in Taiwan New MRT project awarded in Taichung Category Infrastructure Location Taichung, Taiwan Owner Department of Rapid Transit Systems Date March 2011 Project Green Line, E&M / AFC System 16

17 New Contract Awarded in Taiwan Power Plant Renewal project awarded in Lin Kou Category Location Owner Infrastructure Lin Kou, Taiwan Taiwan Power Company Date August 2011 Capacity 2,400MW Coal-Fired 17

18 Solar Industry Blueprint Polysilicon CTCI EPC Work Solar Cell Partner Wafer Slicing CTCI 15% shares Solar Cell Solar Module Solar Cell Partner Solar Power Plant KD Holding 50% shares 18

19 10-Year Business Outlook Sales Revenue Breakdown Others, 9% Hi Tech, 6% Others, 7% Green Energy, 7% HBO, 69% Environment, 7% IEPBO, 9% HBO, 45% Environment, 8% Hi Tech, 9% IEPBO, 24% 19

20 Ongoing Projects in Middle East Project Location Owner Petrochemicals Yanbu Industrial City Arabian Industrial Fibers Company (IBN RUSHD, SABIC Group) Project Location Owner Petrochemicals Awarded Year 2010 Capacity Jubail Industrial City Saudi Kayan, SABIC Group 40 KTA Ethoxylates; 100 KTA Ethanolamines Awarded Year 2010 Capacity 700 KTA PTA (from 350 KTA) 1300 KTA Sulfolane 460 KTA p-xylene 160 KTA Benzene Project Refinery Location Jubail Industrial City Owner Aramco / Total Awarded Year 2009 Capacity 400 KPSD 20

21 2011 New Contracts and Breakdown Others, 4% Refinery, 1% Hi Tech, 1% Storage&Terminal, 3% Petrochemical 5% New Contracts Petrochemical, 5% 80,000 70,000 60,000 71, ,232 54,935 In TWD million 67,596 Power, 61% Chemical, 12% Infra Structure, 13% 50,000 40,000 Others, 1% India, 3% Singapore, 5% 30,000 China, 6% 20, , /08/2011 Taiwan, 85% 21

22 180, Backlog and Breakdown Backlog In TWD million 173,283* Power, 37% Incineration, 1% Environment, 1% Steel, 2% Hi Tech, 3% General Industry, 5% Storage&Terminal, 5% Chemical, 6% 160,000 Infra Structure, 7% 140, , , ,000 80,000 60,000 40,000 86, , ,094 Petrochemical, 23% Refinery,10% Thailand, 1% Singapore, 2% China(Incl. Macau and HK), 4% India, 5% Malaysia, 6% 20,000 Saudi Arabia, 11% /08/2011 *New backlog includes Group O&M contracts Taiwan, 71% 22

23 1st Half 2011 Revenue Breakdown Revenue Breakdown by Category Revenue Breakdown by Location Petrochemical, 30% Other, 2% General Industry, 1% Steel, 4% Hi Tech, 5% Power, 7% Others, 3% Thailand, 4% India, 7% China, 8% Incineration, 7% Storage&Terminal, 8% Middle East, 12% Infrastructure, 8% Taiwan, 66% Refinery, 28% 23

24 按一下以編輯母片標題樣式 Company Overview Business Operation Financial Highlights Looking Forward 24

25 3Q11 Income Statement TWD '000 Accumulated 30/09/ /09/2010 YOY Revenue 38,448, % 00% 33,217, % 00% 15.75% Cost (35,033,682) 91.12% (30,336,878) 91.33% 15.48% Gross Profit 3,415, % 2,880, % 18.55% Operating Expense (1,247,245) 3.24% (1,343,725) 4.05% 7.18% Operating Income 2,168, % 1,537, % 41.04% Non Operation Net 352, % 274, % 28.54% Net Income (after tax) 1,762, % 1,274, % 38.27% Reported EPS (after tax) % 25

26 3Q11 Balance Sheet (TWD '000) 30/09/ /09/ /09/ /09/2010 Current Assets* 38,243,581 39,483,879 Current Liabilities 29,043,255 32,219,310 Funds and Investment 1,422,867 1,137,007 Long term Liabilities 5,158,548 5,209,527 Fixed Assets 10,516,926 10,818,428 Other Liabilities 1,629,153 1,397,133 Intangible Assets 209, ,961 Total Liabilities 35,830,956 38,825,970 Other Assets 484, ,726 Shareholders' Equity 15,045,644 13,309,031 Total Asset 50,876,600 52,135,001 Total Liabilities & Shareholders' Equity 50,876,600 52,135,001 *Including total cash and cash equivalents TWD15.9bn 26

27 Financial Data Summary in NT$ million, except per share data Revenues 31,519 33,582 43,954 52,244 47,098 51,877 % Growth 43% 6.50% 30.90% 18.86% 9.85% 10.15% Gross Profit 1,927 2,186 3,065 3,369 3,668 4,289 % Margin 6.10% 6.50% 6.97% 6.45% 7.79% 8.27% Net Income ,307 1,516 1,692 1,961 Reported EPS Cash DPS Stock DPS Payout Ratios 81.74% 91.62% 87.74% 79.67% 89.43% 83.51% New Contract Amount 15,927 70,534 18,516 71,771 60,232 54,935 Total Backlog 53,685 91,864 67,110 86, , , * Consolidated Basis 27

28 Financial Snapshot Unit: TWD 18.00% 16.00% 14.00% 12.00% 11.65% 14.27% % % 16.27% % 800% 8.00% 6.00% 6.50% % 697% 6.97% 6.24% 6.45% 8.27% 7.79% 6.77% 6.78% 6.72% % 2.00% % Gross Margin ROE ROA EPS

29 按一下以編輯母片標題樣式 Company Overview Business Operation Financial Highlights g Looking Forward 29

30 2011 Strategy Overview Selective bidding for better profit margin Blue ocean strategy to be adopted d to avoid slim-profit EPC in the red ocean Main focus in Southeast Asia, India and China as well Active marketing efforts in categories green energy and maintenance Explore actively in green energy sector with track record of turn-key service for Pollysilicon plant in China 2010 and one on-going project in Taiwan currently Revamping/maintenance service for out-of-date petrochemical plants, power plants, and incinerators etc. Business collaboration with partners for generating synergy Tracking M&A deal of LNG sector worldwide and local EPC partners in Southeast Asia Signed mutual collaboration agreement with Chiyoda to improve non-hydrocarbon business Enhancement of overseas and local subsidiaries operation Continuing expansion of EPC capability of subsidiaries in Beijing, Vietnam, India and Saudi Arabia Active feasibility study for new business development e.g. recycle of waste materials 30

31 2 nd Half 2011 Potential Opportunities 100% 90% 17% TWD 330 Bn TWD 170 Bn Estimated 80% 7% potential 49% 70% 13% opportunities 60% 50% 1% TWD500 Billion 40% 30% 20% 10% 0% 63% 35% 15% Hydrocarbon Non-hydrocabon Middle East Taiwan China South East Asia (Including India) 31

32 Potential Opportunities in Middle East UAE Takreer Refinery Plant Petrochemical Plants Saudi dia Arabia Sabic Group Petrochemical Plants Aramco Group Refinery Plants Power and Desalination Plant KEMYA Petrochemical Plants Qatar Refinery Plant Ethylene Plant Furnaces Project 32

33 Potential Opportunities in Asia Hong Kong Incinerator DBOProject Thailand Small and Biomass Power Plant Bangkok MRT Project Pt Petrochemical lplants India Petrochemical Plant Steel Plant LNG Project Singapore PP, LDPE Plants MRT Project Malaysia Power Plants Petronas RAPID Projects MRT Project Vietnam Steel Plants invested by Taiwan Co. Coal-Fired Power Plants MRT Projects Petrochemical Plant 33

34 Potential Opportunities in China JDEC Formosa Group at Ningbo PVC Project IIP Project Phenol Project Lucite MMA Project Borouge PP Project Polysilicon Project SDEC AUO Hi-Tech Plants Corning Hi-Tech Plant CHIMEI MEP and CR Projects TPK MEP and CR Projects Compal MEP Project Motech MEP Project 34

35 Major Opportunities in Taiwan Project Investor Investment Budget Talin Power Plant Renewal Project Taiwan Power TWD 77 Billion Tunghsiao Power Plant Renewal Project Ti Taiwan Power TWD 68 Billion Linkou Power Plant Silo Project Taiwan Power TWD 10 Billion Sewerage System BOT Project Tauyuan County - Taipei MRT Wanda Line Project Taipei DORTS - 35

36 Thank you for your lasting support 36