10-11 may 2017 - ctci 中鼎集團 environmental services corp. - leading energy corp. - hd resource...

10-11 May 2017

2

Contents

Company Overview

Business Operation

Financial Highlights

Business Outlook

Copyright © 2016 CTCI All Rights Reserved.

Introduction

• The Largest Engineering, Procurement and Construction (“EPC”) Company in Taiwan

- Over 50 years of industry experience (since the founder - CTCI Foundation set up in 1959)

- No. 1 in the category of EPC among Top 650 Service Enterprises in Taiwan

• Specialized Turn-key EPC Solutions Provider

- Capable to execute single EPC contract size over US$ 1 billion

- Diversified business lines in the fields of refinery, chemical / petrochemical, power plant, infrastructure,

environmental protection, steel & nonferrous, LNG storage/terminal, and waste-to-energy … etc.

• Significant Domestic and Overseas Experiences

- Utilized the top-notch technologies transferred from abroad and has become a designated partner for

many internationally well-known companies to collaborate with

- Hundreds proven track records worldwide, including Taiwan, China, Thailand, Singapore, Malaysia,

Vietnam, Philippines, Indonesia, India, KSA, Qatar and USA

• One of Major EPC Companies in the world

- Global presence with approximately 7,300 employees stationed in more than 40 affiliates worldwide

3


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 TWSE (9933 TT)

• Paid-in Capital ………………………………NT$ 7.6 Billion (US$ 250 Million)

• Market Cap……………………………………NT$ 40.3 Billion (US$ 1.3 Billion)

• Shares listed on the MSCI Taiwan Small Cap Index

• Member of DJSI since 2015

• Shareholder Structure ……………………………………

Base date: 30 April 2017 CTCI Stock Price:52.80 Outstanding Shares :763,273,848 US$:NT$=1:30.4

Foreign 41%

Domestic 59%

4

Copyright © 2016 CTCI All Rights Reserved. 5

Comprehensive Services

Feasibility

Study

& Planning

Engineering Design(E)

Procurement(P) Fabrication Construction(C) Commissioning &

Maintenance

Project Management

• 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

• 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


Business Lines

Power Environmental Transportation Industrial

• Fossil power plants

• Simple cycle power plants

and combined cycle power

plants

• Cogeneration power

plants

• Green field power plants

and conversion power

plants

• Nuclear power plants

• Low-level radioactive

waste on-site storage

facilities for nuclear plants

• Renewable power plants

• Mass Rapid Transit

systems

• Light Rail Transit systems

• High speed rail

• Airports

• Metals & non-ferrous

metal mills

• Hi-tech facilities

• Life science facilities

• Manufacturing facilities

• 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


Listed Subsidiaries

• Founded:1987

• Listed: 2002

• Paid-in Capital: NT$ 235 Million (US$ 7.7 Million)

• Market Cap: NT$1.0 Billion (US$ 33.2 Million)

• 2016 EPS: NT$ 3.08

• CTCI Holding Ratio : 48.72%

• Business area:

- Main automation contractor

- Transportation and E&M

- Intelligent manufacturing

- Industrial Control Product

Base date: 30 April 2017 CTCI ASI Stock Price: 43 Outstanding Shares : 23,491,500 US$:NT$=1:30.4

• Founded:1999

• Listed: 2010

• Paid-in Capital: NT$ 664 Million (US$ 21.9 Million)

• Market Cap: NT$ 11.5 Billion (US$ 379 Million)

• 2016 EPS: NT$ 12.8

• CTCI Holding Ratio : 57.89%

• Business area:

-Incinerators O&M (7 of 24 in TW+2 in Macau)

-New recycling business (Glass, Waste tire, and

Food waste)

-Green energy (Small solar power plant)

Base date: 30 April 2017 KD Holding Stock Price: 173.5 Outstanding Shares : 66,312,648 US$:NT$=1:30.4

8


CTCI Thailand

CIMAS (Vietnam)

CTCI Singapore

CTCI Beijing

CTCI Shanghai

CTCI Italy

MIEI (Malaysia)

CIPEC (Philippines)

Xiang Ding Environmental

Consultant (China)

CTCI Americas

Lumberton (USA)

CTCI Netherlands

CTCI Arabia

CTCI Qatar

CTCI Abu Dhabi

CB&I-CTCI B.V. (Oman)

CTCI Indonesia

CTCI Hong Kong

SINOGAL (Macau)

Boretech (China)

CINDA (India)

9

Global Network

CTCI Corporation (Taiwan)

CTCI Smart Engineering Corp.

CTCI Resources Engineering Inc.

CTCI Advanced Systems Inc.

CTCI Chemicals Corp.

CTCI Machinery Corp.

KD Holding Corp.

- Sino Environmental Services Corp.

- Leading Energy Corp.

- HD Resource Management Corp.

- Fortune Energy Corp.

- G.D. Development Corp.

Domestic

Manpower

Taiwan

5,818

Overseas

Manpower Countries

Sub-total Beijing Shanghai Thailand Vietnam India Malaysia

MIEI

1,406 542 120 279 204 160 101

CTCI Italy

CTCI Has over 40 subsidiaries in 15 countries with 7,300

employees around the globe.

9


Significant Track Records(1/2) Client Project Location

Saudi Kayan #10 Ethylene Cracking Furnace KSA

Safpet LLC PTA/PET Project Russia

Taoyuan City Government Chung Li Sewerage System BOT Project

Taiwan

Kaohsiung City Government

Feng Shan Shi Wastewater Reclamation BTO Project

Taiwan

Client Project Location

Orpic Liwa Plastic Industrial Complex Steam Cracker and U&O Package

Oman

FPC-USA Low density polyethylene (LDPE) USA

Nan Ya Plastics USA Ethylene glycol (EG) plant expansion USA

Toho Titanium YNP Ti-sponge EPC Saudi Arabia


Petronas 140 KBPSD RAPID Refinery RFCC Malaysia

SAMAC 250KTA MMA and 40KTA PMMA KSA

Land Transport Authority Singapore Thomson Line Track work Singapore

CPC Talin #11 DHDS Taiwan

20

16

2

01

5

20

14

10

http://zh.wikipedia.org/wiki/馬來西亞國家石油


Significant Track Records(2/2)


Tai Power 900 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

KFPC 30 KTA HSBC Project Taiwan


Tai Power 800 MWX2, Power Generating Equipment for Talin Power Plant Renewal

Taiwan

QAPCO Furnaces and Ethylene Tank Qatar

USI Kaohsiung Plant 50 KTA EVA Taiwan

CPC Talin #10 SRU Taiwan


Tai Power Lin Kou Power Plant Renewal Taiwan

Dept. of Rapid Transit Taichung MRT Green Line E&M /AFC Taiwan

Land Transport Authority Trackwork EPC Singapore

Petronet LNG Expansion India

20

13

2

01

2

20

11

11

http://www.qapco.com.qa/

http://en.cpc.com.tw/index.aspx

2

Contents

Company Overview

Business Operation


Business Outlooks


New Contracts and Breakdown

13

60.2

66.9

77.9

64.5

85.6

0

10

20

30

40

50

60

70

80

90

2012 2013 2014 2015 2016

Unit: NT$, Billion

Taiwan 73%

South East Asia 17%

China 3%

India 2%

Middle East 4%

Other 1%

Hydrocarbon 10%

Environmental 60%

Transportation 2%

Power 22%

Industrial 4%

Other 2%


Major Projects Awarded ─ Taiwan

Client Taoyuan City Government

Project Chung Li Sewerage System Project, BOT

Contractor Consortium of CTCI & HEC

Scale 156,800 CMD per day

Scope Investment, Design, Procurement, Construction and O&M (BOT)

Location Taiwan

14

Taoyuan

• CTCI and the partner jointly implement all phases of this project within 35 years of

concession period, serving 200,000 households and improving the life quality in southern

Taoyuan



Client Kaohsiung City Government

Project Feng Shan Shi Wastewater Reclamation Project, BTO

Contractor Consortium of HEC & CTCI

Scale 45,000 CMD per day

Scope Investment, Design, Procurement, Construction and O&M (BTO)

Location Taiwan

15

Kaohsiung

• CTCI and the partner jointly implement all phases of project with 17 years concession

period, producing reclaimed water to Linhai industrial park

• This project is the first municipal wastewater reclamation BTO project in Taiwan



• To release the risk of power shortage, Ministry of Economic Affairs and Taiwan Power

Company bought two Simple Cycle Generators with capacity of 600MW from GE

company by public bid. CTCI is in charge of the EPC project (except for the generators

and HV equipment)

Client Taiwan Power Company

Project Dah-Tam Gas-Fired Simple Cycle Generators Emergency Project

Contractor GE company

Sub-Contractor CTCI

Capacity 2 x 300MW

Scope Design, Procurement, Construction, and Commissioning

( Except for the generators and HV equipment)

Location Taiwan

16

Taoyuan


• The first EPC project awarded by FPC USA, utilizing modularization solution to achieve

higher cost effectiveness and efficiency

17

Major Projects Awarded ─ USA

Client Formosa Plastics Corporation USA

Project Offsite Pipe Rack Modularization & Erection Project, EPC

Contractor CTCI

Module No. 28 modules

Scope Design, Procurement and Construction

Location USA

Taxes


• Awarded cogeneration power plant project by FPC USA for basic engineering design work,

extending the power business to the USA

Major Projects Awarded ─ USA

Client Formosa Plastics Corporation USA

Project FPC USA Utility-3 Power Plant Basic Design Project

Contractor CTCI

Capacity 230MW

Scope Basic Engineering Design

Location USA

Taxes

18


Major Projects Awarded ─ Middle East

Client Saudi Kayan

Project Ethylene Cracking Furnace and Ethylene Plant Expansion Project,

EPC

Contractor CTCI

Capacity 200 thousand tons per year

Scope Design, Procurement and Construction

Location KSA

19

• Awarded the Ethylene Cracking Furnace Project which comprises the installation of a

new additional furnace, increasing the capacity of ethylene by 200 thousand tons

• Saudi Kayan is a subsidiary of SABIC, which is among the Top 3 petrochemical

companies in the world

http://www.saudikayan.com.sa/


Major Projects Awarded ─ India

Client Petronet LNG Limited

Project Dahej LNG Terminal the 3rd phases Expansion

Regasification Facilities Project, EPC

Contractor Consortium of CTCI, CINDA

Capacity 2.5 million tons per year

Scope Design, Procurement, Construction, and Commissioning

Location India

20

• Awarded Dahej LNG Terminal Expansion EPC Project by Petronet


• This is the first project for CTCI to enter the CIS market, successfully developing the new

market given CTCI’s abundant experiences of PTA plants

Major Projects Awarded ─ CIS

Client SafPet LLC

Project SafPet LLC PTA/ PET Basic Engineering Design

Contractor CTCI

Capacity PTA 210 KTA / PET 250 KTA

Scope Basic Engineering Design

Location Russia

21


Backlog and Breakdown

22

153.2 163.5

187.1 190.5

203.2

0

50

100

150

200

250

2012 2013 2014 2015 2016

Unit: NT$, Billion

Taiwan 55%

South East Asia 21%

China 1%

India 1%

Middle East 21%

Other 1%

Hydrocarbon 39%

Environmental 34%

Transportation 5%

Power 18%

Industrial 4%

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

Ethylene Cracking Furnace

and Tank Project

24

Saudi Arabia

TOHO/AMIC 15.6 KTA

Ti-Sponge YNP Project

Oman

Liwa Plastic Industrial

Complex Steam Cracker and

U&O Package

23

Malaysia

Petronas RAPID Refinery RFCC Project

Singapore

DTL Stage 3 MRT Trackwork Project

Thomson Line Trackwork Project

Gali Batu Depot Trackwork Project

Thailand

Thai Oil 217MW SPP Project

Major On-going Projects in South East Asia

25

India

Dahej LNG Terminal Expansion

Regasification Facilities Project

24

Kaohsiung City Government

Feng Shan Shi Wastewater

Reclamation BTO Project

DORTS

Tamhai LRT Power Supply and

Trackwork Project

Taipei MRT Hsin-Chuang Lu-

Chou Line Systemwide E&M

Works

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

Talin No.11 DHDS Project

Talin Refinery No.3 RDS Unit

Revamping Project

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

Formosa Group

Kraton 30 KTA HSBC Project

通霄

大林

26 25

2

Contents

Company Overview

Business Operation


Business Outlooks


Consolidated Sales Revenues and Breakdown

27

52.2

57.7

67.1 70.5

0

10

20

30

40

50

60

70

80

2013 2014 2015 2016

Unit: NT$, Billion

Taiwan 50%

South East Asia 18%

China 3%

Middle East 26%

Other 3%

Hydrocarbon 50%

Environmental 7%

Transportation 2% Power 27%

Industrial 11%

Other 3%


2016 Consolidated Income Statement

Unit: NT$, Thousand

2016/12/31 2015/12/31 YOY

Sales Revenues 70,509,675 100% 67,057,640 100% 5.1%

Operating costs (64,323,846) -91.2% (61,621,562) -91.9% 4.4%

Gross Profit 6,185,829 8.8% 5,436,078 8.1% 13.8%

Operating expenses 2,023,306 2.9% 2,434,166 3.6% -16.9%

Operating income 4,162,523 5.9% 3,001,912 4.5% 38.7%

Total non-operating income

and expenses (184,055) -0.3% 318,740 0.5% -157.7%

Profit before income tax 3,978,468 5.6% 3,320,652 5.0% 19.8%

Income tax expense (964,753) -1.4% (750,509) -1.1% 28.5%

Profit for the period 3,013,715 4.3% 2,570,143 3.8% 17.3%

Profit attributable to

Owners of the parent 2,222,888 2.6% 2,040,610 2.5% 8.9%

Total basic earnings per

share 2.92 2.69

28


2016 Consolidated Balance Sheet

Unit: NT$, Thousand

2016/12/31 2015/12/31 2016/12/31 2015/12/31

Current assets* 51,394,621 45,298,807 Current liabilities 40,297,705 34,389,605

Financial assets 1,479,172 1,479,308 Non-current liabilities 5,737,135 6,112,898

Non-current assets 14,830,268 14,931,779 Long-term borrowings 2,265,150 2,611,950

Property, plant and

equipment 6,876,224 7,001,676

Other non-current

liabilities 3,471,985 3,500,948

Intangible assets 127,686 121,469 Total Liabilities 46,034,840 40,502,503

Other non-current

assets 7,826,358 7,808,634 Total equity 20,190,049 19,728,083

Total assets 66,224,889 60,230,586 Total liabilities and

equity 66,224,889 60,230,586

*Cash and cash equivalents:NT$13.8bn

29

Unit: NT$, Million

2012 2013 2014 2015 2016

Sales Revenues 60,522 52,223 57,692 67,058 70,510

Growth (%) 7.5 -13.7 10.5 16.2 5.1

Gross Profit 5,159 4,217 4,374 5,436 6,186

Margin (%) 8.5 8.1 7.6 8.1 8.8

Net Income Before Tax 3,453 2,510 3,165 3,321 3,978

EPS (NT$) 3.32 2.22 2.79 2.69 2.92

Cash DPS (NT$) 2.84 1.99 2.23 2.4 2.6

Stock DPS (NT$) 0 0 0 0 0

Payout Ratios(%) 85.5 89.6 88.8 89.2 89.0

New Contract Amount 60,173 66,924 77,866 64,458 85,636

Total Backlog 153,228 163,517 187,102 190,465 203,226

Financial Data Summary

30 30


Dividend Payout

31

Unit: NT$

2.13

2.41 2.65

2.91

3.22 3.32

2.22

2.51 2.69

2.92

1.74 1.92

2.37 2.42

2.76 2.84

1.99 2.23

2.40 2.60

87%

80%

89%

83% 86% 85%

90% 89% 89% 89%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

EPS Cash DPS Cash Dividend Payout Ratio(%)

2

Contents

Company Overview

Business Operation


Business Outlooks


Taiwan

Hydrocarbon:23bn

Infrastructure, Environment, and Power:29.9bn

South East Asia

Hydrocarbon:90bn


India

Hydrocarbon:44bn

Total Amount

Hydrocarbon:563.7bn

Infrastructure, Environment and Power:101.1bn

China

Hydrocarbon:10bn


CIS and Others:

Hydrocarbon:1.5bn

Infrastructure, Environment and Power:0.6bn

2017~2018(Q2) Potential Opportunities

33

Unit：NT$

USA

Hydrocarbon:92.9bn

Middle East

Hydrocarbon:302.3bn


10-11 may 2017 - ctci 中鼎集團 environmental services corp. - leading energy corp. - hd resource...

Documents