September 2018 - CTCI Corporation · PTTGC –Nong Fab LNG Terminal Project GPSC –45MW CUP 4 Project Vietnam Maxihub –Lube Oil Blending Plant and Tank Farm Terminal Sumitomo –Van

September 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$ 248 Millions)

• CTCI Market Cap …………………………. NT$ 36.0 Billions (US$ 1.17 Billions)

• Group Market Cap * ……………………NT$ 48.5 Billions (US$1.58 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: 31 Aug. 2018USD:NTD=1:30.73


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$ 1.5 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

5,334

Overseas

ManpowerCountries

Sub-total Beijing Shanghai Thailand Vietnam IndiaMalaysia

MIEI

1,830 477 104 519 190 146 394

CTCI has over 40 subsidiaries in 15 countries with 7,200

employees around the globe.


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


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


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


Significant Track Records(2/2)


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


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


Petronas 140 KBPSD RAPID Refinery RFCC Malaysia

Land Transport Authority Singapore Thomson Line Track work Singapore

CPC Talin #11 DHDS Taiwan

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

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

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

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

2

Contents

Company Overview

Business Operation


Business Outlooks


PS. The contract amounts of projects selected as best

applicants as of Aug. 2018 are about NT$10 billion.

77.9

64.5

85.6

44.4

60.3

0

10

20

30

40

50

60

70

80

90

2014 2015 2016 2017 July-2018

Unit: NT$, Billion

New Contracts and Breakdown

Taiwan 44%

Southeast Asia31% United States

19%

China 5%

Middle East 1%

Hydrocarbon 52%

Industrial 33%

Transportation11%

Environmental 2%Power 1%

Other 1%


Major Projects Awarded in 2018

14

Taiwan

Taichung Power Plant Coal Handling System Improvement Project

Taipei Wanda Line Phase I System E&M Project

Thailand PTT Group LNG Receiving Terminal Project

India Adani Group LNG Receiving Terminal Project

China Foxconn Group TFT-LCD High-End Cleanroom Project

United

StatesPetrochemical plant EPC Project *

Singapore

Refinery Plant FEED Project Awarded by an American Oil Company*

Petrochemical Plant FEED project Awarded by a Middle Eastern

Petrochemical Company*

*Not yet receiving client’s consent to disclose the project details


Client Taiwan Power Company

Project Taichung Power Plant Coal Handling System Improvement Project

Contractor CTCI

Scale 1.15 MTA

Scope Engineering, Procurement, Construction and Commissioning

15

Major Project Awarded ‒ Taiwan

Taichung

Note: Once completed, this will be the system with the largest scale in Taiwan to prevent the coal dust emission from floating.


Client Department of Rapid Transit Systems, Taipei City Government

Project Taipei Wanda Line Phase I System E&M Project

Contractor CTCI and Alstom

Scale 9.5 km (9 stations and 1 depot)


Major Project Awarded ‒ Taiwan

16

Taipei Phase IPhase II


Note：This is by now the most advanced TFT-LCD panel production among the world’s 10.5 generation

TFT-LCD manufacturers.

Major Project Awarded ‒ China

Client SAKAI SIO International Guangzhou Co., LTD (Foxconn Group)

Project TFT-LCD High-End Cleanroom Project

Contractor CTCI Shanghai

Scale 140,000 m2

Scope Procurement, Construction and Commissioning

17

Guangzhou


Note: This is the LNG receiving terminal project with largest contract size for CTCI.

Major Project Awarded ‒ Thailand

Client PTT LNG Company Limited

Project Nong Fab LNG Receiving Terminal Project

Contractor CTCI and Saipem

Scale 7.5 MMPTA


Nong Fab

Thailand

18


Note: The first time CTCI awarded a contract by Adani group, one of the top 5 leading enterprises in India.

Major Project Awarded ‒ India

Client Dhamra LNG Terminal Private Limited (Adani Group)

Project Dhamra LNG Receiving Terminal Project

Contractor CTCI

Scale 55 MMTPA


Dhamra

19


Backlog and Breakdown

20

Taiwan 54%

South East Asia31%

United States6%

Middle East 6%

China 3%

Environmental32%

Hydrocarbon31% Power 14%

Industrial13%

Transportation10%

Unit: NT$, Billion

187 191

203

166

195

0

50

100

150

200

250

2014 2015 2016 2017 July-2018


1-9

2

3

4

1

5

6

7

9

8

Major On-going Projects in Taiwan

21

Taiwan

CPC – Taichung LNG Regas Phase-II 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

Taipei City Government – Taichung Green Line Project

Taipei City Government – Taipei Wanda Line Phase I System E&M Project

Taoyuan City Government – Chung Li Sewerage System BOT Project

Kaohsiung City Government – Feng Shan Shi Wastewater Reclamation BTO Project


1

1-11

9

Thailand

PTTGC – Nong Fab LNG 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

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

LTA – Gali Batu Depot Trackwork Project

1

2

1-2

11

1

1

6

2

3

5

4

7

Major On-going Projects in Asia

39

9

10

8


1-4

USA

FPC USA – LDPE Project

Nan Ya USA – EG-II Project

FPC USA – T3T4 Offsite Pipe Rack Modularization

& Erection project

Jupiter – Refinery Process Project

Russia

SafPET – PTA Project

1

2

3

Qatar

LRC – Laffan Refinery 2 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

4

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2

Contents

Company Overview

Business Operation


Business Outlooks


Consolidated Sales Revenues and Breakdown

25

57.7

67.1 70.5 71.6

34.0

0

10

20

30

40

50

60

70

80

2014 2015 2016 2017 July-2018

Unit: NT$, Billion

Taiwan 37%

South East Asia32%

Middle East24%

China 5%

United States 2%

Hydrocarbon51%

Power 22% Environmental11%

Transportation6%

Industrial 6%

Others 4%


1st Half of 2018 Consolidated Income Statement

Unit: NT$, Thousand

2018/06/30 2017/06/30

Sales Revenues 27,896,747 100% 32,479,440 100%

Operating costs -25,892,560 -92.8% -30,105,962 -92.7%

Gross Profit 2,004,187 7.2% 2,373,478 7.3%

Operating expenses -903,974 -3.2% -1,020,816 -3.1%

Operating income 1,100,213 3.9% 1,352,662 4.2%

Total non-operating income

and expenses193,963 0.7% 879,371* 2.7%

Profit before income tax 1,294,176 4.6% 2,232,033 6.9%

Income tax expense -311,733 -1.1% -331,957 -1.0%

Profit for the period 982,443 3.5% 1,900,076 5.9%

Profit attributable to Owners of

the parent727,722 2.6% 1,657,531 5.1%

Total basic earnings per share 0.95 2.18*

26

*This includes an one-off gain of NT$ 959 million, which is equivalent to basic earnings of NT$1.26 per share.


1st Half of 2018 Consolidated Balance Sheet

Unit: NT$, Thousand

2018/06/30 2017/06/30

Current assets* 48,074,239 76.4% 47,487,187 75.8%

Non-current assets 14,869,370 23.6% 15,186,626 24.2%

Total assets 62,943,609 100.0% 62,673,813 100.0%

Current liabilities 38,896,624 61.8% 38,074,466 60.8%

Non-current liabilities 4,683,320 7.4% 5,194,840 8.3%

Total Liabilities 43,579,944 69.2% 43,269,306 69.0%

Equity attributable to owners of

the parent16,434,513 26.1% 16,582,672 26.5%

Non-controlling interest 2,929,152 4.7% 2,821,835 4.5%

Total equity 19,363,665 30.8% 19,404,507 31.0%

Total liabilities and equity 62,943,609 100.0% 62,673,813 100.0%

*Cash and cash equivalents:NT$15.3bn

27

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

3028


Dividend Payout

29

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


Business Outlooks


Taiwan

Hydrocarbon:47.9bn

Infrastructure, Environment, and Power:44.2bn

Southeast Asia

Hydrocarbon：68.0bn


India

Hydrocarbon:10.0bn

Total Amount

Hydrocarbon:408.1bn

Infrastructure, Environment and

Power:106.7bn

China

Hydrocarbon:10.0bn

Infrastructure, Environment, and Power: 5.0bn

CIS and Others:

Hydrocarbon:25.9bn

Potential Opportunities in Next 12 Months

Unit：NT$

United States

Hydrocarbon:81.1bn

31

Middle East

Hydrocarbon:165.2bn



Documents

September 2018 - CTCI Corporation · PTTGC –Nong Fab LNG Terminal Project GPSC –45MW CUP 4 Project Vietnam Maxihub –Lube Oil Blending Plant and Tank Farm Terminal Sumitomo –Van