投影片 1 - ctci 中鼎集團 · the first project in taiwan that combines public wastewater...

May 2019

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$ 247 Millions)

• CTCI Market Cap …………………………. NT$ 36.6 Billions (US$ 1.18 Billions)

• Group Market Cap * ……………………NT$ 50.1 Billions (US$1.62 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

Foreign34%

Domestic66%

Base date: 30 Apr. 2019USD:NTD=1:30.9


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 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

4


• 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


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


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


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

5,380

Overseas

ManpowerCountries

Sub-total Beijing Shanghai Thailand Vietnam IndiaMalaysia

MIEI

1,655 530 95 539 191 212 88

CTCI has over 7,000 employees in around 40 affiliates

spanning across more than 15 countries worldwide

9


Future strategic developments

10

Strategic alliance with partners

Japan

The U.S.

UK

France

Germany

The Middle

East

China

Qatar

Oman

Malaysia

India

Thailand

Italy

Singapore

Austria

2

Contents

Company Overview

Business Operation


Business Outlooks


Unit: NT$, Billion

New Contracts and Breakdown

77.9

64.5

85.6

44.4

101.7

0

20

40

60

80

100

120

2014 2015 2016 2017 2018

Taiwan 55%

China13%

Southeast Asia12%

United States 12%

India 6%

Middle East 2%

Hydrocarbon54%

Industrial20%

Environmental 15%

Transportation 7%

Power 2%

Other 2%


Major Projects Awarded in 2018

Taiwan

• Taichung Power Plant Coal Handling System

Improvement Project★The first project of Coal Handling System

• Taoyuan City Biomass Energy Center BOT

Project ★The first integrated waste management facilities in Taiwan

• CPC 3rd LNG Terminal Tank Project

• Taipei MCT Wanda Line System E&M Project

• Kaohsiung Linhai Waste Water Reclamation

Plant BTO ProjectThe first project in Taiwan that combines public wastewater

treatment plant and large-scale reclamation plant

China

• Gulei EVA ProjectThe first overseas project with CTCI’s investment in the

hydrocarbon field

• TFT-LCD High-End Cleanroom ProjectThe first project of the high-end clean room system

India

• Adani Group LNG Terminal (Re-gas) Project Become the EPC contractor with the largest market share

in India in LNG receiving terminal field

Middle East

• Qatar Petrochemical Company EP1 Machines

Replacement Project

★Project contract amount over NT$10 billion

8

Southeast Asia

• PTT Group LNG Receiving Terminal Project★The highest contract amount in Thailand market;

the first cooperation with SAIPEM, the EPC leader in Italy

United States

• A cross-border petrochemical plant contract in

JV form★The highest contract amount in USA market; CTCI won the

project with modularization engineering


Backlog and Breakdown

14

Unit: NT$, Billion

187 191

203

166

208

0

50

100

150

200

250

2014 2015 2016 2017 2018

Taiwan 60%

Southeast Asia22%

China 6%

United States 6%

Middle East 3%

India 3%

Environmental 37%

Hydrocarbon33%

Power 10%

Industrial10%

Transportation 9%

Other 1%


1-13

Major On-going Projects in Taiwan

15

Taiwan

CPC – Taichung LNG Regas Phase-II Project

CPC – 3rd LNG Terminal Tank 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

Taiwan Power Company – Taichung Power Plant Coal Handling System Improvement Project

Taipei DORTS – Taichung Green Line Project

Taipei DORTS – Taipei Wanda Line Phase I System E&M Project

Taoyuan City Government – Chung Li Sewerage System BOT Project

Taoyuan City Government – Biomass Center BOT Project

Kaohsiung City Government – Feng Shan Shi Wastewater Reclamation BTO Project

Kaohsiung City Government – Linhai Wastewater Reclamation BTO Project

2

3

4

1

5

6

7

9

8

10

11

12

13


1-2

1-11

9

Thailand

PTTLNG – LNG Receiving 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

GLPC – EVA 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

ExxonMobil – CRISP FEED Project

1

2

1-2

11

2

1

6

2

3

5

4

7

Major On-going Projects in Asia

22

9

10

81


1

USA

Company USA – MEG Project

Russia

SafPET – PTA Project

1

Qatar

QAPCO – EP1 Machines Replacement 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

17

2

Contents

Company Overview

Business Operation


Business Outlooks


Consolidated Sales Revenues and Breakdown

19

Unit: NT$, Billion

Taiwan 33%

Southeast Asia30%

Middle East25%

China 7%

United States 4%

India 1%

Hydrocarbon52%

Power 21%

Environmental10%

Industrial 8%

Transportation5%

Other 4%

57.7

67.1 70.5 71.6

64.1

0

10

20

30

40

50

60

70

80

2014 2015 2016 2017 2018


Consolidated Income Statement

台幣(仟元)

2019/03/31 2018/03/31 YOY

Sales Revenues 13,712,458 100% 14,540,582 100% -5.7%

Operating costs (12,673,888) -92.4% (13,359,663) -91.9% -5.1%

Gross Profit 1,038,570 7.6% 1,180,919 8.1% -12.1%

Operating expenses (434,340) -3.2% (464,462) -3.2% -6.5%

Operating income 604,230 4.4% 716,457 4.9% -15.7%

Total non-operating income

and expenses(127,475) -0.9% (91,828) -0.6% -38.8%

Profit before income tax 476,755 3.5% 624,629 4.3% -23.7%

Income tax expense (133,088) -1.0% (187,577) -1.3% -29.0%

Profit for the period 343,667 2.5% 437,052 3.0% -21.4%

Profit attributable to Owners

of the parent221,473 1.6% 318,740 2.2% -30.5%

Total basic earnings per share 0.29 0.42

20


Consolidated Balance Sheet

Unit: NT$, Thousand

2019/03/31 2018/03/31

Current assets* 49,620,442 71% 50,980,022 77%

Non-current assets 20,258,183 29% 15,183,902 23%

Total assets 69,878,625 100% 66,163,924 100%

Current liabilities 42,566,166 61% 39,831,848 60%

Non-current liabilities 6,238,041 9% 4,823,735 7%

Total Liabilities 48,804,207 70% 44,655,583 67%

Equity attributable to owners of

the parent17,744,965 25% 18,373,791 28%

Non-controlling interest 3,329,453 5% 3,134,550 5%

Total equity 21,074,418 30% 21,508,341 33%

Total liabilities and equity 69,878,625 100% 66,163,924 100%

*Cash and cash equivalents:NT$17.0bn

21

Unit: NT$,Million

2014 2015 2016 2017 2018

Sales Revenues 57,692 67,058 70,510 71,607 64,070

Growth (%) 10.5 16.2 5.1 1.6 -10.5

Gross Profit 4,374 5,436 6,186 5,112 4,600

Margin (%) 7.6 8.1 8.8 7.1 7.2

Net Income Before Tax 3,165 3,321 3,978 3,991 3,065

EPS (NT$) 2.79 2.69 2.92 3.68 2.40

Cash DPS (NT$) 2.23 2.40 2.60 3.23 2.26

Stock DPS (NT$) 0 0 0 0 0

Payout Ratios(%) 88.8 89.2 89.0 87.8 94.2

New Contract Amount 77,866 64,458 85,636 44,446 101,706

Total Backlog 187,102 190,465 203,226 166,331 207,982

Financial Data Summary

3022


Dividend Payout

23

2.65 2.91

3.22 3.32

2.22

2.51 2.69

2.92

3.68

2.40 2.37 2.42

2.76 2.84

1.99 2.23

2.40 2.60

3.23

2.26

89%

83%86% 85%

90% 89% 89% 89% 88%

94%

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

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

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

2

Contents

Company Overview

Business Operation


Business Outlooks


Potential Bidding Opportunities

25

Potential Bidding Amount in next 12 month: NT$499 billion

By Region By Business Area

Middle East37%

Taiwan 33%

Southeast Asia18%

United States6%

India 4%

Other 2%

Hydrocarbon70%

Power 19%

Transportation5%

Environmental4%

Industrial 2%

投影片 1 - ctci 中鼎集團 · the first project in taiwan that combines public wastewater...

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