投影片 1 - ctci
Post on 15-Oct-2021
18 Views
Preview:
TRANSCRIPT
July 2018
2
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$ 250Millions)
• CTCI Market Cap …………………………. NT$ 37.2 Billions (US$ 1.22 Billions)
• Group Market Cap * ……………………NT$ 50.0 Billions (US$1.64 Billions)
* including two listed subsidiaries of ECOVE Environment and CTCI ASI in the sectors of resource
cycling and intelligent solution respectively
• Member of
– MSCI Global Standard Indices in 2010 and MSCI Taiwan Small Cap Indices since 2014
‒ Dow Jones Sustainability Indices Emerging Market (“DJSI”) since 2015
• Shareholder Structure ………….
3
Company Profile
Foreign35%
Domestic65%
Base date: 29 June 2018CTCI Stock Price:48.8USD:NTD=1:30.53Outstanding Shares :763,273,848
Copyright © 2016 CTCI All Rights Reserved.
Company Overview
• No. 1 engineering, procurement and construction (“EPC”) company in Taiwan
‒ over 40 years of industry experience, involved in numerous landmark projects in
Taiwan
• Specialized turn-key provider for various sectors globally
‒ primarily engaged in hydrocarbon market with diversification into power, mass
transportation, resource cycling and intelligent solutions
• One of major EPC players in global hydrocarbon market with solid customer
profile and track records
‒ proven capability to bid EPC contract alone up to US$ 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
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
5
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
7
• 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
8
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 Italy
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
5,580
Overseas
ManpowerCountries
Sub-total Beijing Shanghai Thailand Vietnam IndiaMalaysia
MIEI
1,853 503 101 497 191 167 394
CTCI has over 40 subsidiaries in 15 countries with 7,400
employees around the globe.
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
20
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
20
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
2
Contents
Company Overview
Business Operation
Financial Highlights
Business Outlooks
Copyright © 2016 CTCI All Rights Reserved.
New Projects Awarded in 2017
13
• Philippines-Aromatics & Butadiene Extraction
Units, EPC
• 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
Power 31%
Hydrocarbon29%
Industrial 15%
Transportation9%
Environmental7%
Other 9%
Southeast Asia58%
Taiwan 30%
China 9%
Middle East 2%
United States1%
Major Projects: Breakdown by Country and Segment:
Copyright © 2016 CTCI All Rights Reserved.
• 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 JG Summit Petrochemical Corporation
Project Aromatics & Butadiene Extraction Units
Contractor CTCI and CIPEC Construction Inc.
ScaleAromatics: 318 KTA
Butadiene: 77.6 KTA
Scope Design, Procurement, Construction
Location Philippines
14
Major Projects Awarded- Southeast Asia
Batangas
Copyright © 2016 CTCI All Rights Reserved.
Major Projects Awarded- Southeast Asia
Client PRPC Refinery and Cracker Sdn Bhd
Project Package 28B Mogas EURO 5
Contractor CTCI and MIE Industrial Sdn Bhd
Scale
TAME: 17,500BPSD
ISOM: 10,000BPSD
CNHT: 43,000BPSD
Scope Design, Procurement, Construction and Commissioning
Location Malaysia
• 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
Johor
15
Copyright © 2016 CTCI All Rights Reserved.
Client Prasarana Malaysia Bhd
Project KLLRT3 Power Supply Project, EPCC
Contractor CTCI CMCE JV Sdn Bhd
Scale 38 km (26 stations and 1 depot)
Scope Design, Procurement, Construction and Commissioning
Location Malaysia
• The first transportation project in Malaysia
Kuala Lumpur
Major Projects Awarded- Southeast Asia
16
Copyright © 2016 CTCI All Rights Reserved.
Client Maxihub Company Limited
Project Lube Oil Blending Plant and Tank Farm Terminal, EPC
Contractor CTCI and CTCI Singapore
ScaleLube Oil: 32,000 KL per year
Tank Farm: 25,000 KL per year
Scope Design, Procurement, Construction and Commissioning
Location Vietnam
17
• Maxihub Company is the Joint Venture led by CPC Corporation
• Marks a milestone for New Southbound Policy of Taiwan Government
Major Projects Awarded- Southeast Asia
Dong Nai
Province
Copyright © 2016 CTCI All Rights Reserved.
Client Sumitomo Corporation
Project Van Phong 1, 1,320MW Coal-Fired Power Plant, EPCC
Contractor CTCI, IHI, Toshiba and MES
Scale 2 x 660MW
Scope Design, Procurement, Construction and Commissioning
Location Vietnam
• The first mega coal-fired power plant EPC project being awarded overseas
Major Projects Awarded- Southeast Asia
18
Khanh Hoa
Province
Copyright © 2016 CTCI All Rights Reserved.
Client Global Power Synergy Public Company Limited
Project CUP4 Project, EPCC
Contractor CTCI and CTCI (Thailand)
Scale57 MW
70 T/H
Scope Design, Procurement, Construction and Commissioning
Location Thailand
• Once again awarded cogeneration power plant expansion project by Thailand oil company
Major Projects Awarded- Southeast Asia
19
Rayong
Copyright © 2016 CTCI All Rights Reserved.
Major Projects Awarded – The Middle East
• Continuously awarded FEED work by SABIC group
Client Yanbu National Petrochemical Company (Yansab)
Project Yansab Butadiene FEED Project
Contractor CTCI
Scale 136,000 tons per year
Scope FEED
Location Kingdom of Saudi Arabia
20
Copyright © 2016 CTCI All Rights Reserved.
Major Projects Awarded- The United States
Client Jupiter MLP
Project Crude Oil Processing
Contractor CTCI and CTCI Americas
Scale CDU:140,000 BPSD
Scope Integrated Project Management Team, Early Start Plan, FEED
Location The United States
• The first American client since CTCI Americas was founded
Texas
21
Copyright © 2016 CTCI All Rights Reserved.
Backlog and Breakdown
22
Note: The new contract amounted NT$ 44 billion in 2017
164
187 191
203
166
0
50
100
150
200
250
2013 2014 2015 2016 2017
Unit: NT$, Billion
Taiwan 54%
Southeast Asia 30%
Middle East12%
China 2%Other 2%
Environmental39%
Hydrocarbon 27%
Power 20%
Industrial 7%
Transportation 6%
Other 1%
Kaohsiung City Government
Feng Shan Shi Wastewater
Reclamation BTO Project
DORTS
Tamhai LRT Power Supply and
Trackwork Project
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
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
通霄
大林
2623
Copyright © 2016 CTCI All Rights Reserved.
Major On-going Projects in China
24
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
Malaysia
Petronas RAPID Refinery RFCC Project
Petronas Package 28B EURO 5 Mogas Project
Track 4A 1440MW Combined Cycle Power Plant
KLLRT3 Power Supply Project
Singapore
Thomson Line Trackwork Project
Gali Batu Depot Trackwork Project
Thailand
GPSC 45MW CUP 4 Project Phase 1
Major On-going Projects in Southeast Asia
25
India
Dahej LNG Terminal Expansion
Regasification Facilities Project
25
Vietnam
Maxihub Lube Oil Blending Plant &
Tank Farm Terminal
Van Phong 1, 1,320MW Coal-Fired
Power Plant
Philippines
JG Summit P2 Aromatics and
Butadiene Extraction
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
24
Saudi Arabia
TOHO/AMIC 15.6 KTA
Ti-Sponge YNP Project
Oman
Liwa Plastic Industrial
Complex Steam Cracker and
U&O Package
26
Copyright © 2016 CTCI All Rights Reserved.
Major On-going Projects in USA
27
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
2
Contents
Company Overview
Business Operation
Financial Highlights
Business Outlooks
Copyright © 2016 CTCI All Rights Reserved.
Consolidated Sales Revenues and Breakdown
29
Taiwan 43%
Middle East30%
Southeast Asia21%
China 4%
Others 2%
Hydrocarbon 56%
Power 23%
Environmental 8%
Industrial 6%
Transportation 4%
Others 3%
52.2
57.7
67.1 70.5 71.6
0
10
20
30
40
50
60
70
80
2013 2014 2015 2016 2017
Unit: NT$, Billion
Copyright © 2016 CTCI All Rights Reserved.
2018Q1 Consolidated Income Statement
Unit: NT$, Thousand
2018/03/31 2017/03/31 YOY
Sales Revenues 14,540,582 100% 15,178,770 100% -4.2%
Operating costs (13,359,663) -91.9% (13,891,792) -91.5% -3.8%
Gross Profit 1,180,919 8.1% 1,286,978 8.5% -8.2%
Operating expenses (464,462) -3.2% (459,695) -3.0% 1.0%
Operating income 716,457 4.9% 827,283 5.5% -13.4%
Total non-operating income
and expenses(91,828) -0.6% (105,278) -0.7% 12.8%
Profit before income tax 624,629 4.3% 722,005 4.8% -13.5%
Income tax expense (187,577) -1.3% (155,050) -1.0% 21.0%
Profit for the period 437,052 3.0% 566,955 3.7% -22.9%
Profit attributable to Owners
of the parent318,740 2.2% 445,339 2.9% -28.4%
Total basic earnings per share 0.42 0.58
30
Copyright © 2016 CTCI All Rights Reserved.
2018Q1 Consolidated Balance SheetUnit: NT$, Thousand
2018/03/31 2017/03/31
Current assets* 50,980,022 77.1% 47,699,138 76.5%
Non-current assets 15,183,902 22.9% 14,686,159 23.5%
Total assets 66,163,924 100.0% 62,385,297 100.0%
Current liabilities 39,831,848 60.2% 36,403,633 58.4%
Non-current liabilities 4,823,735 7.3% 5,420,770 8.7%
Total Liabilities 44,655,583 67.5% 41,824,403 67.0%
Equity attributable to owners of
the parent18,373,791 27.8% 17,345,529 27.8%
Non-controlling interest 3,134,550 4.7% 3,215,365 5.2%
Total equity 21,508,341 32.5% 20,560,894 33.0%
Total liabilities and equity 66,163,924 100.0% 62,385,297 100.0%
*Cash and cash equivalents:NT$14.3bn
31
Unit: NT$, 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$) 0 0 0 0 0
Payout Ratios(%) 89.6 88.8 89.2 89.0 87.8
New Contract Amount 66,924 77,866 64,458 85,636 44,446
Total Backlog 163,517 187,102 190,465 203,226 166,331
Financial Data Summary
3032
Copyright © 2016 CTCI All Rights Reserved.
Dividend Payout
33
2.412.65
2.91
3.22 3.32
2.22
2.512.69
2.92
3.68
1.92
2.37 2.42
2.76 2.84
1.99 2.23
2.40 2.60
3.23
80%
89%
83%86% 85%
90% 89% 89% 89% 88%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
EPS Cash DPS Cash Dividend Payout Ratio(%)Unit: NT$
2
Contents
Company Overview
Business Operation
Financial Highlights
Business Outlooks
Copyright © 2016 CTCI All Rights Reserved.
Taiwan
Hydrocarbon:33.9bn
Infrastructure, Environment, and Power:74.1bn
Southeast Asia
Hydrocarbon:92.0bn
Infrastructure, Environment, and Power:34.5bn
India
Hydrocarbon:39.5bn
Total Amount
Hydrocarbon:431.8bn
Infrastructure, Environment and Power:145.7bn
China
Hydrocarbon:10.4bn
Infrastructure, Environment, and Power:7.6bn
CIS and Others:
Hydrocarbon:0.9bn
Potential Opportunities in Next 12 Months
Unit:NT$
United States
Hydrocarbon:72.2bn
35
Middle East
Hydrocarbon:182.9bn
Infrastructure, Environment, and Power:29.5bn
Copyright © 2016 CTCI All Rights Reserved.36
top related