company overview - ctci 中鼎集團 · pdf filecommissioning &maintenance ... basf/ypc...

TaiwanTaiwan’’s Leading International Engineering Firms Leading International Engineering Firm

CTCI

2

CTCI/ Investor Relationship

Business Operation

Financial Highlights

Looking Forward

Company Overview

3


Taiwan’s Largest Engineering, Procurement and Construction

(“EPC”) Company- Over 40 years of industry experience

- 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 5,600 engineers /Over 7,000 employees worldwide

- Ability to bid for EPC contracts up to US$ 1 billion in size

- Ranked as 63th in ENR Global Ranking and recognized as one of few qualified main contractors

in the world.

Who we are Company Overview

4


History1959 – China Technical Consultants, Inc. (now renamed as CTCI

Foundation) established1979 – CTCI Corporation founded by CTCI and two financial organizations 1993 – CTCI was listed in TSE

Paid-in Capital …………………………… NT$ 6,314M (US$ 197.3M)

Shareholders’ Equity …….. …….…… NT$ 10,801M (US$ 337.5M)~as of Dec. 31, 2008 / USD:NTD=32

Company Profile

Shareholders’ Structure (April. 21, 2009)

CTCI Foundation 9.64%

Employee & Public 58%

Morgan Stanley 19.34%

Foreign Shareholders

32.36%

Company Overview

5


Business Areas

Petrochemical & Chemical

Pharmaceutical & Biotechnology

Refinery

Storage & Terminal

Brewery & Winery

Infrastructure

Company Overview

Metal Mills

Environmental

Power

Waste to Energy

Hydro-carbon

Non-hydro-carbon

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Comprehensive Service Company Overview

Feasibility

Study

& Planning

Project Management

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

• Tariffs

• Subcontracting

• Permits and Banking Affairs

• Equipment Installation and Rigging

• Piping/ Steel StructureFabrication & Erection

• Electrical/ InstrumentInstallation & Wiring

• Civil & Building

• Painting & Insulation

• Construction Management

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Global Network of CTCI Group

Engineering HubTaipei 3,540 Kaohsiung 584

4,124

Global Engineering SatellitesJingDing E&C (China) 391

ShangDing E&C(China) 178

CTCI Thailand (Thailand) 742

CIMAS Engineering(Vietnam) 174

CINDA Engineering(India) 50

1,535

Total 5,659

Company Overview

CTCI (Thailand), Thailand, 1987

CIMAS, Vietnam, 2001

Jing Ding E&C, Beijing, 1993

Shang Ding E&C, Shanghai, 2003

CTCI (Malaysia), Malaysia, 1998

CTCI Arabia, KSA, 2002

CTCI, Abu Dhabi Branch

CTCI, Qatar Branch

CIPEC, The Philippines, 2003

CTCI, Kaohsiung

CTCI, Taipei H/Q

Domestic Subsidiaries

CTCI Overseas, Hong Kong, 1993

CINDA, India

Established on Aug., 2008

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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

International Quality Standards- ISO 9001/ ISO 14001/ OHSAS 18001 certified

- Substantial quality control group ensures international standards of service

- Developing project management knowledge (PMP certified)

- Enhancing project risk management and claim management

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TaiwanDah-Tarn Power PlantTaiwn Power

LocationProjectClient

TaiwanTaipei MRT Hsin-Chuang Lu-Chou Line Core System ProjectTaipei City Government

TaiwanNorth LNG Receiving Terminal ProjectChinese Petroleum

TaiwanSintering ProjectDragon Steel

TaiwanLube Based Oil ProjectFormosa Petrochemical

TaiwanTaipei MRT Xinyi-Songshan Line Core System ProjectTaipei City Government

MalaysiaPropylene /Butadiene Extraction ProjectTitan Petrochem

ChinaShanghai LNG Terminal ProjectShanghai LNG

ThailandPhenol/Cumene ProjectPPCL

ThailandPDH ProjectPTT/HMC

ThailandQuality Improvement ProjectBangchak Petroleum PUBLIC

ThailandCentral Utility NO.1 PhaseⅠ~Ⅳ/ CUP-Ⅲ ProjectPTTUT

Saudi ArabiaEO/EG ProjectSaudi Kayan (Sabic Group)

TaiwanOlefin NO3. ProjectFormosa Petrochemical

TaiwanTaipei MRT Tucheng Line Power System ProjectTaipei City Government

QatarEthylene Package NO.2 ProjectQAPCO


TaiwanAromatics NO.3 ProjectFormosa Chemicals & Fiber Corp.

ThailandOlefins Debottlenecking ProjectThai Olefins

On

going

Company Overview

20

07

20

06 TaiwanHigh Speed Rail ProjectTaiwan High Speed Rail

TaiwanKaohsiung MRT System Low Voltage Power Distribution ProjectKaohsiung Rapid Transit

ChinaMDI/TDI ProjectBASF/ Huntsman


ChinaPTA ProjectOriental Petrochemical

Significant Track Records (1/2)

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TaiwanTaipei MRT Hsin-Chuang Lu-Chou Line Core System ProjectTaipei City Government

TaiwanTrack Work ProjectKaohsiung Rapid Transit Corp.

TaiwanSM NO.3 ProjectFormosa Chemicals & Fiber

ChinaSAR ProjectSECCO

ChinaPVDC ProjectNantong SKT New Materials

U.S.ACampball Power Plant DeNOx ProjectConsumer Energy

ChinaLiquid Incineration ProjectCNOOC-Shell

IranABS/SAN ProjectGhaed Bassir Petrochemical

ChinaPTA Revamping ProjectXianglu Petrochemical

The PhilippinesGas Oil Hydrotreating ProjectPetron

VietnamPhu My3 CCPP ProjectPhu My3 Power Plant

TaiwanWujih Refuse Incineration ProjectTaichung County Government

ChinaMRC Acrylic Fibers ProjectNingbo Rayon Acrylic. Fiber

ChinaMMA ProjectLucite

ChinaLDPE ProjectBASF/YPC


TaiwanAcetic Acid ProjectFormosa BP Chemicals

ChinaEO/EG ProjectCNOOC-Shell

ChinaC1 ProjectBASF/YPC

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05

Company Overview

20

04

Significant Track Records (2/2)

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Company Overview


Looking Forward

Business Operation

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47,294

71,771

18,516

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

100,000

2007 2008 2009.07.31

in NT$ million New Contract Portfolio

New Contracts (up to July 31)

ExcessWhole year Target

NT$ 60~70bn

＊

＊ Includes the projects with Letter of Intent (LOI)

Taiwan71.8%

India21.5%

Thailand2.8%

MiddleEast2.6%

China1.2%

Refinery49.6%

Terminal22.9%

Petrochemical11.4%

Inc ineration2.7%

Hi-Tech0.3%

Others1.7%

Power1.5%

Enviromant1.9%

Infrastuture5.8%

Building2.2%

Business Operation

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111,948

86,703

67,110

20,000

40,000

60,000

80,000

100,000

120,000

2007 2008 2009.06.30

Hydrocarbon70.2%

Terminal9.6%

Infrastructure8.5%

Steel3.3%

Environment2.2%

Power3.0%

Incineration0.8%

Hi-tch2.4%

in NT$ million

Backlog (up to June 30)

Backlog Portfolio

＊

＊ Includes the projects with Letter of Intent (LOI)

Thailand14.5%

India9.2%

Other0.8%Middle East

5.5%

China2.9%

Taiwan67.0%

Business Operation

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Company Overview

Business Operation

Looking Forward


15


Financial Data Summary

＊ Pro forma consolidated results.

71,77170,78415,92731,94553,502New Contract Amount

86,63791,86453,68570,53363,458Total Backlog

87%92%82%72%83%Payout Ratios

0.120.210.0790.10.1Stock DPS

1.741.321.00.71.1Cash DPS

2.121.671.321.111.45Reported EPS

1,307997775642794Net Income

6.97%6.5%6.1%5.3%10.0%% Margin

3,0652,1861,9271,1801,634Gross Profit

30.9%6.5%43%35%3%% Growth

43,95433,58231,51922,06116,343Revenues

2007200620052004＊2003＊

in NT$ million, except per share data


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Performance and Dividend

5%--Stock Dividend

Payout Ratio

--*8.7%Dividend Yield

0.120Stock Dividend

82%81%Cash Dividend

Payout Ratio

1.741.96Cash Dividend

87%81%Payout Ratio

2.122.41EPS

20072008

＊ Based on the stock price on March 25, 2009. Stock price=NT$22.5

3.94%4.47%

5.39%

6.24%6.77%

8.27%

9.55%

11.65%

14.27%

15.62%

1.11

1.32

1.67

2.12

2.41

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

14.00%

16.00%

18.00%

2004 2005 2006 2007 20080.00

0.50

1.00

1.50

2.00

2.50

3.00

ROA ROE EPS

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Income Statement (2009H1 v.s. 2008H1)

0.92%1.091.10Reported EPS

6.79%3.17%668,0573.67%689,364Net Income (after tax)

119.54%0.24%55,3590.58%121,534Non-Operation Net

1.92%3.71%844,7814.10%860,973Operating Income

0.21%-3.17%(722,058)-3.45%(723,574)Operating Expense

1.13%6.87%1,566,8397.55%1,584,547Gross Profit

-8.58%93.13%21,228,65192.45%19,408,280Cost

-7.91%100%22,795,490100%20,992,827Revenue

YOY2008H12009H1

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Breakdown by Industry Breakdown by Area

2008H1 Revenue Portfolio

6% 1%

35%

19%

39%

Taiwan Thailand

Middle East China

Other

7.5%

3.5%

3.2%

1.4%

0.7%2.3%

2.7%

49.2%

21.5%

8.0%

Petrochemical Power

Infrastructure Incineration

Hi-Tech Refinery

Terminal Steel

Environment Others

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Balance Sheet (2009H1 v.s. 2008H1)

＊ Includes total cash and cash equivalents NT$7.29bn

36,557,77743,352,090

Total Liabilities & Shareholders’Equity36,557,77743,352,090

Total Asset

9,570,29210,410,194Shareholders’Equity

477,043583,765Other Assets

26,987,48532,941,896Total Liabilities249,025206,518Intangible Assets

1,417,1731,060,467Other Liabilities7,137,93010,285,000Fixed Assets

5,505,9227,294,786Long-term Liabilities1,303,5751,190,997Funds and Investment

20,064,39024,586,643Current Liabilities27,390,20431,085,810Current Assets＊

2008H12009H12008H12009H1

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Company OverviewBusiness Operation


Looking Forward

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54%

13%

34%

61%

8%

6%

4%

20%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Hydrocarbon Non-hydrocarbon

Taiwan

China

South East Asia(includes India)

Middle East

Next 12 months Sales Opportunities

NT$ 255bn NT$ 105bn

Estimated potential

opportunities

NT$360bn

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HBO(Hydrocarbon)

IEPBO (Infrastructure, Environment and Power)

ERBO(Environmental Resources)

• Intensify relationship with clients

• Step into new regions of Latin

America and Africa

• Strengthen EPC capabilities of

regional subsidiaries

• Establish liaison offices in USA,

Europe and Korea

• Extend services to selective FEED work

• Market focusChina, Middle East and Singapore • Fund raising - KD IPO

• Extended Business- O&M- Resource Management

• Entry Strategy - Cooperate with local

partners- BOT, TOT or M&A

CTCICore Business

Business Strategy

• Active bidding for related projects in

Taiwan

• Strategic cooperation with major

technical partners

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Take the Ride of Booming Market for Fast Growth

- Strong foots in Middle East /South East Asia Market

- New Market Development

‧India (India Subsidiary is established on Aug.)

‧Russia and Central Asia

Improve Capability against World-class Engineering Firms

- Global Resource Management (Engineering Manpower/Construction Workforce/

Supply chain)

- Margin Enhancement

‧IT system

‧Efficiency Working Procedure (EPC in parallel)

Enlarge New Business Territories

- Energy business

- Desalination

- Environment and Energy Saving (E & ES Business)

Well-prepared Positioning in UDS 1bn Club

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Thank you for your lasting support

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