Company Overview. Contents. Business Operation. Financial Highlights. Business Outlook

Transcription

1 29 June 2018

2 Company Overview Contents Business Operation Financial Highlights Business Outlook 2

3 Company Profile 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$ 254Millions) CTCI Market Cap. NT$ 37.5 Billions (US$ 1.25 Billions) Group Market Cap * NT$ 50.3 Billions (US$1.68 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. Foreign 36% 3 Domestic 64% Base date: 31 May 2018 CTCI Stock Price:49.15 USD:NTD=1:30 Outstanding Shares :763,273,848

4 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 Specialized turn-key provider for various sectors globally primarily engaged in hydrocarbon market with diversification into power, mass transportation, resource cycling and intelligent solutions 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 Full dedication to be the most reliable EPC engineering service company in the world commitment to reliable project execution as acknowledged by customers honorably 4

5 Competitive Strategies Full commitment to a reliable EPC company as acknowledged by esteemed clients worldwide 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 5

6 Comprehensive Services Feasibility Study & Planning Engineering Design(E) Procurement(P) Fabrication Construction(C) Commissioning & Maintenance Process Design Piping Design Civil and Structure Design Instrumentation and Control Design Electrical Design Mechanical and Equipment Design 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 6

7 Business Lines Hydrocarbon Petroleum Refining Petrochemical Processing Chemical Manufacturing Liquefied natural gas (LNG) Alkylation Olefins Amine treatment Aromatics Catalytic reforming Polyolefin: PE, PP Crude distillation OCU Fluid catalytic cracking PDH Hydrocracking Butadiene Hydrodesulphurization Elastomers Hydrogen Synthetic fibers Hydrotreating Organics Lubes and fuels Lubricating base oils Plastics Petroleum coke PTA Isomerization Sulfur recovery Sweetening Vacuum distillation Fertilizers Phosphates Ion Exchange Resins Waxes Pharmaceuticals Polysilicon Processing plants Terminals and storage

8 Business Lines Non-Hydrocarbon Power Transportation Environmental Industrial 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 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 Metals & non-ferrous metal mills Hi-tech facilities Life science facilities Manufacturing facilities 8

9 Global Network CTCI has over 40 subsidiaries in 15 countries with 7,400 employees around the globe. CTCI Italy CTCI Netherlands CTCI Beijing CTCI Shanghai Boretech (China) Xiang Ding Environmental Consultant (China) (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. Lumberton (USA) CTCI Americas CTCI Arabia CTCI Hong Kong SINOGAL (Macau) Domestic Manpower Taiwan 5,580 Overseas Manpower CTCI Qatar CTCI Abu Dhabi CB&I-CTCI B.V. (Oman) Countries Sub-total Beijing Shanghai Thailand Vietnam India CINDA (India) Malaysia MIEI CTCI Thailand CIMAS (Vietnam) MIEI (Malaysia) CTCI Singapore CTCI Indonesia 1,

10 Significant Track Records(1/2) Client Project Location Petronas Package 28B Mogas EURO 5 Malaysia JG Summit Maxihub Client Project Location Saudi Kayan #10 Ethylene Cracking Furnace KSA Safpet LLC PTA/PET Project Russia Taoyuan City Government Orpic Chung Li Sewerage System BOT Project Taiwan Client Project Location Liwa Plastic Industrial Complex Steam Cracker and U&O Package Oman FPC-USA Low density polyethylene (LDPE) USA Toho Titanium JG Summit P2 Aromatics and Butadiene Extraction Maxihub Lube Oil Blending Plant & Tank Farm Terminal YNP Ti-sponge EPC Philippines Vietnam Saudi Arabia 10

11 Significant Track Records(2/2) Client Project Location Petronas 140 KBPSD RAPID Refinery RFCC Malaysia Land Transport Authority Singapore Thomson Line Track work Tai Power Client Project Location 900 MWx3 Power Generating Equipment for Tung Hsiao Power Plant Renewal Taiwan LRC BPSD Laffan Refinery 2 Qatar OPTC Kuan-Yin 1520 KTA line 3 PTA Plant Taiwan Tai Power Client Project Location 800 MWX2, Power Generating Equipment for Talin Power Plant Renewal Singapore CPC Talin #11 DHDS Taiwan Taiwan QAPCO Furnaces and Ethylene Tank Qatar USI Kaohsiung Plant 50 KTA EVA Taiwan 11

12 Company Overview Contents Business Operation Financial Highlights Business Outlooks 2

13 New Projects Awarded in 2017 Major Projects: Philippines-Aromatics & Butadiene Extraction Units, EPC Breakdown by Country and Segment: Taiwan 30% Malaysia-Package 28B Mogas EURO 5, EPC Malaysia-KLLRT3 Power Supply Project, EPC Vietnam-Lube Oil Blending Plant and Tank Farm Terminal, EPC Vietnam-Van Phong 1, 1,320MW Coal-Fired Power Plant, EPC Thailand-CUP4 Project, EPC KSA-Yansab Butadiene Project, FEED USA-Crude Oil Processing, Integrated Project Management Team, Early Start Plan, FEED Southeast Asia 58% Hydrocarbon 29% Power 31% China 9% Middle East 2% United States 1% Industrial 15% Transportation 9% Environmental 7% Other 9% 13

14 Major Projects Awarded- Southeast Asia The first project awarded by JG Summit, one of the largest publicly-listed trading companies in the Philippines Once again awarded a hydrocarbon project in the Philippines, an important milestone which marks CTCI s re-establishment in the Philippines market Client Project Contractor Scale Scope Location JG Summit Petrochemical Corporation Aromatics & Butadiene Extraction Units CTCI and CIPEC Construction Inc. Aromatics: 318 KTA Butadiene: 77.6 KTA Design, Procurement, Construction Philippines Batangas 14

15 Major Projects Awarded- Southeast Asia PRPC Refinery and Cracker Sdn Bhd is a subsidiary of Petronas, a stated owned company Once again awarded a RAPID project by Petronas, becoming the only EPC contractor to win 2 refinery contracts within the Pengerang Integrated Complex Client PRPC Refinery and Cracker Sdn Bhd Project Package 28B Mogas EURO 5 Contractor Scale Scope Location CTCI and MIE Industrial Sdn Bhd TAME: 17,500BPSD ISOM: 10,000BPSD CNHT: 43,000BPSD Design, Procurement, Construction and Commissioning Malaysia Johor 15

16 Major Projects Awarded- Southeast Asia The first transportation project in Malaysia Client Project Contractor Scale Scope Location Prasarana Malaysia Bhd KLLRT3 Power Supply Project, EPCC CTCI CMCE JV Sdn Bhd 38 km (26 stations and 1 depot) Design, Procurement, Construction and Commissioning Malaysia Kuala Lumpur 16

17 Major Projects Awarded- Southeast Asia Maxihub Company is the Joint Venture led by CPC Corporation Marks a milestone for New Southbound Policy of Taiwan Government Client Project Contractor Scale Scope Location Maxihub Company Limited Lube Oil Blending Plant and Tank Farm Terminal, EPC CTCI and CTCI Singapore Lube Oil: 32,000 KL per year Tank Farm: 25,000 KL per year Design, Procurement, Construction and Commissioning Vietnam 17 Dong Nai Province

18 Major Projects Awarded- Southeast Asia The first mega coal-fired power plant EPC project being awarded overseas Client Project Contractor Scale Scope Location Sumitomo Corporation Van Phong 1, 1,320MW Coal-Fired Power Plant, EPCC CTCI, IHI, Toshiba and MES 2 x 660MW Design, Procurement, Construction and Commissioning Vietnam Khanh Hoa Province 18

19 Major Projects Awarded- Southeast Asia Once again awarded cogeneration power plant expansion project by Thailand oil company Client Project Contractor Scale Scope Location Global Power Synergy Public Company Limited CUP4 Project, EPCC CTCI and CTCI (Thailand) 57 MW 70 T/H Design, Procurement, Construction and Commissioning Thailand Rayong 19

20 Major Projects Awarded The Middle East Continuously awarded FEED work by SABIC group Client Project Contractor Scale Scope Location Yanbu National Petrochemical Company (Yansab) Yansab Butadiene FEED Project CTCI 136,000 tons per year FEED Kingdom of Saudi Arabia 20

21 Major Projects Awarded- The United States The first American client since CTCI Americas was founded Client Project Contractor Scale Scope Location Jupiter MLP Crude Oil Processing CTCI and CTCI Americas CDU:140,000 BPSD Integrated Project Management Team, Early Start Plan, FEED The United States Texas 21

22 Backlog and Breakdown 250 Unit: NT$, Billion Southeast Asia 30% Taiwan 54% China 2% Other 2% Middle East 12% 100 Environmental 39% Hydrocarbon 27% 50 Power 20% Note: The new contract amounted NT$ 44 billion in 2017 Industrial 7% Other 1% Transportation 6%

23 Major On-going Projects in Taiwan Taipower Linkou 800MWx3 Coal Fired Power Plant Renewal Project Talin 800MWx2 Coal Fired Power Plant Renewal Project 林口觀音 Taoyuan City Government Chung Li Sewerage System BOT Project Tung Hsiao 890MWx3 LNG fired Power Plant Renewal Project Taichung Power Plant Unit 1 to 4 AQCS Retrofit Project 彰化縣 通霄 DORTS Tamhai LRT Power Supply and Trackwork Project CPC Taichung LNG Plant Ph-II Re-gas Project CPC Talin Plant Wastewater Reclamation Project 大林 Kaohsiung City Government Feng Shan Shi Wastewater Reclamation BTO Project 23 26

24 Major On-going Projects in China China Hengli 2500KTA PTA phase 3 CHIMEI SSBR project phase II TSRC SEBS revamping project Corning PWTS SDP(Guangzhou) A2(ARRAY L30/L40) Clean Room Project 24

25 Major On-going Projects in Southeast Asia Vietnam Maxihub Lube Oil Blending Plant & Tank Farm Terminal Van Phong 1, 1,320MW Coal-Fired Power Plant India Dahej LNG Terminal Expansion Regasification Facilities Project Thailand Philippines JG Summit P2 Aromatics and Butadiene Extraction GPSC 45MW CUP 4 Project Phase 1 Singapore Thomson Line Trackwork Project Gali Batu Depot Trackwork Project Malaysia Petronas RAPID Refinery RFCC Project Petronas Package 28B EURO 5 Mogas Project Track 4A 1440MW Combined Cycle Power Plant KLLRT3 Power Supply Project 25 25

26 Major On-going Projects in Middle East Saudi Arabia Saudi Arabia TOHO/AMIC 15.6 KTA Ti-Sponge YNP Project SAMAC 250KTA MMA and 40KTA PMMA Project #10 Ethylene Cracking Furnace Project Qatar Laffan Refinery 2 Project Oman Liwa Plastic Industrial Complex Steam Cracker and U&O Package 26 24

27 Major On-going Projects in USA Texas FPC 400 KTA LDPE Project T3(II) & T4 & J2 Offsite Pipe Rack Modularization & Erection project 1.1 MTA Yosemite MEG Project Jupiter 140,000 BPD Light Condensate Plant 27

28 Company Overview Contents Business Operation Financial Highlights Business Outlooks 2

29 Consolidated Sales Revenues and Breakdown Unit: NT$, Billion Middle East 30% Southeast Asia 21% Taiwan 43% China 4% Others 2% Power 23% Environmental 8% 10 Industrial 6% Transportation 4% Hydrocarbon 56% Others 3%

30 2018Q1 Consolidated Income Statement Unit: NT$, Thousand 2018/03/ /03/31 YOY Sales Revenues 14,540, % 15,178, % -4.2% Operating costs (13,359,663) -91.9% (13,891,792) -91.5% -3.8% Gross Profit 1,180, % 1,286, % -8.2% Operating expenses (464,462) -3.2% (459,695) -3.0% 1.0% Operating income 716, % 827, % -13.4% Total non-operating income and expenses (91,828) -0.6% (105,278) -0.7% 12.8% Profit before income tax 624, % 722, % -13.5% Income tax expense (187,577) -1.3% (155,050) -1.0% 21.0% Profit for the period 437, % 566, % -22.9% Profit attributable to Owners of the parent 318, % 445, % -28.4% Total basic earnings per share

31 2018Q1 Consolidated Balance Sheet Unit: NT$, Thousand 2018/03/ /03/31 Current assets* 50,980, % 47,699, % Non-current assets 15,183, % 14,686, % Total assets 66,163, % 62,385, % Current liabilities 39,831, % 36,403, % Non-current liabilities 4,823, % 5,420, % Total Liabilities 44,655, % 41,824, % Equity attributable to owners of the parent 18,373, % 17,345, % Non-controlling interest 3,134, % 3,215, % Total equity 21,508, % 20,560, % Total liabilities and equity 66,163, % 62,385, % *Cash and cash equivalents:nt$14.3bn 31

32 Financial Data Summary Unit: NT$, Million Sales Revenues 52,223 57,692 67,058 70,510 71,607 Growth (%) Gross Profit 4,217 4,374 5,436 6,186 5,112 Margin (%) Net Income Before Tax 2,510 3,165 3,321 3,978 3,991 EPS (NT$) Cash DPS (NT$) Stock DPS (NT$) Payout Ratios(%) New Contract Amount 66,924 77,866 64,458 85,636 44,446 Total Backlog 163, , , , ,

33 Dividend Payout Unit: NT$ % EPS Cash DPS Cash Dividend Payout Ratio(%) 89% 90% 89% 89% 89% 86% 88% 85% 83% % 90% 80% 70% 60% 50% 40% 30% 20% 10% % 33

34 Company Overview Contents Business Operation Financial Highlights Business Outlooks 2

35 Potential Opportunities in Next 12 Months Total Amount Hydrocarbon:431.8bn Infrastructure, Environment and Power:145.7bn Unit:NT$ CIS and Others: Hydrocarbon:0.9bn United States Hydrocarbon:72.2bn Middle East Hydrocarbon:182.9bn Infrastructure, Environment, and Power:29.5bn India Hydrocarbon:39.5bn China Hydrocarbon:10.4bn Infrastructure, Environment, and Power:7.6bn Taiwan Hydrocarbon:33.9bn Infrastructure, Environment, and Power:74.1bn Southeast Asia Hydrocarbon:92.0bn Infrastructure, Environment, and Power:34.5bn 35

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