CTCI GROUP CTCI/ Investor Relationship · Chinese Petroleum No.6 Naphtha Cracker Taiwan 2009 . CTCI/ Investor Relationship Business Operation Financial Highlights Company Overview
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CTCI/ Investor Relationship
Our Vision
The Most Reliable Global Engineering Service Provider
CTCI GROUP
CTCI/ Investor Relationship
Business Operation
Financial Highlights
Company Overview
Looking Forward
2
CTCI/ Investor Relationship
• 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)
-2015 retained 1st in the category of EPC among Top 650 Service Enterprises(Common Wealth Magazine)
• Offering Specialized Turn-key EPC Solutions
-Ability to execute EPC contracts size over USD 1 billion
-Expanded business lines from refinery, chemical and petrochemical into power, infrastructure,
environmental protection, steel & nonferrous, storage & terminal, and waste-to-energy fields
• 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 Firms in Asia
-Global presence with approximately 7,000s employees stationed in more than 40s affiliates worldwide
Introduction
3
CTCI/ Investor Relationship
• 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)
2011 – Chiyoda invested CTCI and became the major shareholder
• Paid-in Capital ………………………………NTD 7.6 Billion (USD 229.9 Million)*
• Market Cap……………………………………NTD 27.3 Billion (USD 0.8 Billion)*
• Shareholder Structure(latest information as of 3rd August , 2015)
Company Profile
*: Base date 31st Dec. 2015
CTCI Stock Price:35.85; Outstanding Shares :760,508,848; USD:NTD=1:33.08
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49.7% 50.3%
Local Institutional Investors &Private Investors
Foreign Institutional Investors
CTCI/ Investor Relationship
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
Comprehensive Services
5
CTCI/ Investor Relationship
• Petroleum Refining
• Petrochemical Processing
• Chemical Manufacturing
• Storage and Terminals
Hydrocarbon
• Power Plant
• Infrastructure
• Transportation
• Steel Mill
• Incineration and Energy
Recovery
• Air Pollution Control
Infrastructure,
Environment and Power
• Maintenance Strategy/
Planning/Execution
• Plant Inspection
• Maintenance
• Asset Integrity Management
Plant Maintenance
• BOT & BOO
• Incineration O&M
• Resources Collection
Recycling
• Renewable Energy
Environment and Resource
Business Areas
6
CTCI/ Investor Relationship
• Founded:1987
• Listed: 2002
• Paid-in Capital: NTD 235 Million(USD 7 Million)
• Market Cap: NTD1.0 Billion(USD 29 Million)
• 2014 EPS: NTD 3.30
• CTCI Holding Ratio : 50.13%
• Business area: -Main automation contractor -Manufacturing execution system -Intelligent manufacturing -Process optimization -Facility reliability
Listed subsidiaries
• Founded:1999
• Listed: 2010
• Paid-in Capital: NTD 658 Million(USD20 Million)
• Market Cap: NTD 10.6 Billion(USD 319 Million)
• 2014 EPS: NTD 10.47
• CTCI Holding Ratio : 62.38%
• Business area: -Incinerators O&M (8 of 24 in TW+2 in Macau) -New recycling business (Glass, Waste tire, and Food waste) -Green energy (Small solar power plant)
*: Base date 31st Dec. 2015
CTCI Stock Price:41.05;Outstanding Shares :23,495,500; USD:TWD=1:33.08
*: Base date 31st Dec. 2015
CTCI Stock Price:160.5;Outstanding Shares :65,779,115; USD:TWD=1:33.08
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CTCI/ Investor Relationship
Global Network
As of Dec. 31st ,2015
Domestic
Manpower
Taiwan 5,839
Overseas
Manpower
Beijing 603
Shanghai 105
Thailand 370
Vietnam 221
India 119
Saudi
Arabia
111
Singapore 18
Malaysia 7
Sub-total 1,554
Total 7,393
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CTCI/ Investor Relationship
Competitive Advantages
• Comprehensive EPC experiences
– Full knowledge of major licensors and EPC firms
– Strategic alliance successfully with selected technology providers
– Significant EPC experiences in multiple geographical regions and industrial sectors
• Cost Effective
– Local engineering workforce is highly cost-competitive compared to western and Japanese peers
– Valuable engineering design and sound project management by competent engineers and project management team
• Long-Standing Client Relationships
– Performed EPC services for numerous major domestic and international clients
– Repeat clients gain through solid track records
• Green Energy Business Competitiveness
– Incineration plant business with competitive advantages. Growing environmental business opportunities
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CTCI/ Investor Relationship
Significant Track Records (1/3)
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Client Project Location
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
Client Project Location
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
Far Eastern FUPY 75/450KTA EO/EG China
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13
2
01
4
20
15
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
Land Transport Authority Gali Batu depot trackwork Singapore
CTCI/ Investor Relationship
Significant Track Records (2/3)
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Client Project Location
IBN RUSHD (Sabic Group) IR-II Expansion Saudi Arabia
Saudi Kayan (Sabic Group) Amines EPC Saudi Arabia
Kimanis Power 300MW Combined Cycle Power Plant Malaysia
Dragon Steel NO.2 Sinter Plant Election Work Taiwan
Formosa Petrochemical RDS No.2 Reconstruction Work Taiwan
China Steel Corporation Trackwork, Earthwork and Drainage Taiwan
Client Project Location
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
10
20
11
Client Project Location
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
QAPCO Regenerative Thermal Oxidizer System Taiwan
CPC Talin #10 SRU Taiwan
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12
CTCI/ Investor Relationship
Significant Track Records (3/3)
12
Client Project Location
PTTAC AN/MMA Thailand
Titan Petrochem Propylene /Butadiene Extraction Malaysia
PTTUT Central Utility NO.1 PhaseⅠ~Ⅳ/ CUP-Ⅲ Thailand
Taipei City Government Taipei MRT Xinyi-Songshan Line Core System
Taiwan
Chinese Petroleum RFCC Taiwan
Dragon Steel Sintering Taiwan
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07
20
08
Client Project Location
QAPCO Ethylene Package NO.2 Qatar
Thai Olefins Olefins Debottlenecking Thailand
Taipei City Government Taipei MRT Tucheng Line Power System Taiwan
Client Project Location
Aramco/Total JERP Package Saudi Arabia
Saudi Kayan (Sabic Group) Utility Block Saudi Arabia
Petronet LNG India
Government of the Macau O &M of the Macau Refuse Incineration Plant
Macao
Chinese Petroleum No.6 Naphtha Cracker Taiwan
20
09
CTCI/ Investor Relationship
Business Operation
Financial Highlights
Company Overview
Looking Forward
CTCI/ Investor Relationship
Consolidated Sales Revenues and Breakdown
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Unit:NT$,Billion
Taiwan 56%
Middle East 19%
Malaysia 10%
Thailand 6%
China 5% Singapore 3%
Other 1%
Power 37%
Refinery 21% Petrochemical 20%
Infrastructure 10%
Incineration 5%
Other 5% Hi-Tech 2%
56.3
60.5
52.2
57.7
67.0
0
10
20
30
40
50
60
70
80
2011 2012 2013 2014 2015
CTCI/ Investor Relationship
New Contracts and Breakdown
15
Unit:NT$,Billion
79.5
60.2
66.9
77.9
64.5
30
40
50
60
70
80
90
2011 2012 2013 2014 2015
Middle East 69%
Taiwan 18%
Malaysia 6%
China 4%
Others 3%
Petrochemical 65%
Refinery 10%
Steel and Non Ferrous Metals 6%
Infrastructure 6%
Other 7%
Hi-Tech 4%
Air Pollution Control 3%
CTCI/ Investor Relationship
New Project in 2015
Project Talin Plant #3 RDS & #8 SRU Project
Client CPC Corporation
Contractor CTCI Corporation
Capacity RDS 40,000 (barrels/day, BPSD)
SRU 250 (tons/day, TPD)
Service Scope EPC
Location Taiwan
Kaohsiung, Taiwan
• Rich high-pressure hydrogen engineering design and plant expansion experiences in domestic and overseas markets.
• Won several public works quality awards.
• Capacity of RDS increased from 30,000 to 40,000 BPSD.ccvc ; Capacity of SUR increased from 200 to 250 TPD.
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CTCI/ Investor Relationship
New Project in 2015
Project Liwa Plastic Industrial Complex Steam Cracker
and U&O Package
Client Oman Oil Refineries and Petroleum Industries
Company (Orpic)
Contractor CTCI Corporation and CB&I
Capacity Steam Cracker 870 KTA (Kiloton Annually)
Service Scope EPC
Location Oman • The biggest and the most important package
of Liwa Plastics Industrial Complex.
• The scope of work includes EPC and commissioning for a 870 kTA ethylene production steam cracker plant , a 498 kTA selective hydrogenation plant, a 87 kTA methyl tertiary butyl ether plant , a 39 kTA butene-1 plant , and a 121 kTA Pygas plant.
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Sohar Port, Oman
CTCI/ Investor Relationship
New Project in 2015
Project Low density polyethylene (LDPE) project
Client FPC-USA
Contractor CTCI Corporation
Capacity 400 KTA(Kiloton Annually)
Service Scope Basic Design
Location USA
• Breakthrough in the high-pressure LDPE technology
• Successfully defeat the international peers, and enter the US market.
• Significantly beneficial for acquiring potential construction project in US market
Texas,USA
18
CTCI/ Investor Relationship
New Project in 2015
Project Ethylene glycol (EG) plant expansion project
Client Nan Ya Plastics USA
Contractor CTCI Corporation
Capacity 830 KTA(Kiloton Annually)
Service Scope Basic Design
Location USA
• Successfully defeats the international
peers, and enters the US market
• Significantly beneficial for acquiring
potential construction project in the
US market. Texas,USA
19
CTCI/ Investor Relationship
Project YNP Ti-sponge EPC Project
Client Toho Titanium/Advanced Metal Industries
Cluster Joint Venture
Contractor CTCI Corporation/Chiyoda Corporation
Joint Venture
Capacity 15.6 KTA(Kiloton Annually)
Service Scope EPC
Location Saudi Arabia
New Project in 2015
Yanbu,Saudi,Arabia
• After undertaking the cold mill steel
plant project of CSC in India, CTCI was
awarded the YNP Ti-Sponge Project,
marking a milestone for entering
overseas steel and non-ferrous plant
fields.
Titanium plant
Titanium tetrachloride
Plant
Titanium dioxide plant
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CTCI/ Investor Relationship
New Project in 2015
Project Gali Batu depot trackwork project
Client Land Transport Authority ,Singapore
Contractor CTCI Corporation
Length 5.6 kilometer
Service Scope EPC
Location Singapore
• After undertaking the Downtown Line and Thomson Line trackwork projects in 2011 and 2014 respectively, CTCI was awarded the Gali Batu Depot trackwork project
• The contractor having the highest market share of all undergoing trackwork projects in Singapore
Singapore
21
CTCI/ Investor Relationship
Backlog and Breakdown
22
Unit:NT$,Billion
154.6 153.2
163.5
187.1 190.5
100
110
120
130
140
150
160
170
180
190
200
2011 2012 2013 2014 2015
Taiwan 45%
Middle East 30%
Malaysia 19%
Singapore 3%
Other 3%
Petrochemical
32%
Refinery 23% Power 20%
Incineration 11%
Infrastructure 9%
Other 5%
CTCI/ Investor Relationship
On-going Projects in Middle East
Saudi Arabia
SAMAC 250KTA MMA and 40KTA PMMA Project
Qatar
Laffan Refinery 2 Project
Ethylene Cracking Furnace and Tank Project
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Saudi Arabia
TOHO/AMIC 15.6 KTA Ti-Sponge YNP Project
Oman
Liwa Plastic Industrial Complex Steam Cracker and U&O Package
CTCI/ Investor Relationship
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
On-going Projects in South East Asia
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Philippines
Pagbilao Power Station Unit 3 Seawater FGD Package Project
CTCI/ Investor Relationship
DORTS
Taipei MRT E&M system
Taichung MRT E&M system
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
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
USI
Kaohsiung 50 KTA EVA Project
Asia Polymer
Linyuan 50 KTA EVA Project
OPSC
Kuanying 152 KTA PTA Project
林口 觀音
On-going Projects in Taiwan
Formosa Group
Kraton 30 KTA HSBC Project
通霄
大林
25
CTCI/ Investor Relationship
Chimei Chemical 40,000 tons SSBR Project
On-going Projects in China
Ningbo Formosa Group 72 KTA EVA Project
Zhangchiang
26
CTCI/ Investor Relationship
Business Operation
Financial Highlights
Company Overview
Looking Forward
CTCI/ Investor Relationship
2015 3rd Quarter Consolidated Income Statement
28
2015/09/30 2014/09/30 YOY
Sales revenues 46,303,421 100.0% 40,565,082 100.0% 14.1%
Operating costs (42,537,990) -91.9% (37,467,429) -92.4% 13.5%
Gross profit 3,765,431 8.1% 3,097,653 7.6% 21.6%
Operating expenses (1,643,096) -3.5% (1,171,185) -2.9% 40.3%
Operating income 2,122,335 4.6% 1,926,468 4.7% 10.2%
Total non-operating income and
expenses 283,698 0.6% 204,973 0.5% 38.4%
Profit before income tax 2,406,033 5.2% 2,131,441 5.3% 12.9%
Income tax expense (553,077) -1.2% (405,614) -1.0% 36.4%
Profit for the period 1,852,956 4.0% 1,725,827 4.3% 7.4%
Profit attributable to Owners of the
parent 1,440,427 3.1% 1,383,184 3.4% 4.1%
Total basic earnings per share 1.90 1.85 2.7%
Unit:NTD,Thousand
CTCI/ Investor Relationship
2015 3rd Quarter Consolidated Balance Sheet
29
2015/09/30 2014/09/30 2015/09/30 2014/09/30
Current assets* 42,510,334 40,791,023 Current liabilities 32,068,267 30,539,297
Financial assets 995,200 1,384,584 Non-current
liabilities 6,095,831 6,523,039
Non-current assets 14,886,240 14,857,046 Long-term
borrowings 2,730,150 3,044,550
Property, plant and
equipment 6,954,750 6,977,584
Other non-
current liabilities 3,365,681 3,478,489
Intangible assets 119,498 121,412 Total Liabilities 38,164,098 37,062,336
Other non-current
assets 7,811,992 7,758,050 Total equity 19,232,476 18,585,733
Total assets 57,396,574 55,648,069 Total liabilities and
equity 57,396,574 55,648,069
*Cash and cash equivalents:NTD 7.4bn
Unit:NTD,Thousand
CTCI/ Investor Relationship
Unit :NTD Million, except per share data
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Sales Revenues 31,519 33,582 43,954 52,244 47,098 51,877 56,279 60,522 52,223 57,692
% Growth 58.5% 6.6% 30.9% 18.9% -9.9% 10.2% 8.5% 7.5% -13.7% 10.5%
Gross Profit 1,927 2,186 3,065 3,369 3,668 4,289 4,655 5,159 4,217 4,165
% Margin 6.1% 6.5% 7.0% 6.5% 7.8% 8.3% 8.3% 8.5% 8.1% 7.2%
Net Income Before Tax
946 1,233 1,815 1,979 2,356 2,737 3,272 3,453 2,510 2,906
EPS 1.32 1.67 2.12 2.41 2.65 2.91 3.22 3.32 2.22 2.51
Cash DPS 1.00 1.32 1.74 1.92 2.37 2.42 2.76 2.84 1.99 2.23
Stock DPS 0.08 0.21 0.12 0 0 0 0 0 0 0
Payout Ratios 81.7% 91.6% 87.7% 79.7% 89.4% 83.2% 85.7% 85.5% 89.6% 88.8%
New Contract Amount
15,927 70,534 18,516 71,771 60,232 54,935 79,542 60,173 66,924 77,866
Total Backlog 53,685 91,864 67,110 86,703 100,811 100,094 154,649 153,228 163,517 187,102
Financial Data Summary
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CTCI/ Investor Relationship
Financial Snapshot
Unit: NTD
31
3.7% 3.5% 3.9% 4.4% 4.7% 5.0% 5.3% 5.5% 4.1% 4.5%
10.0% 10.7%
14.1%
15.6% 16.0% 16.3% 16.7%
16.2%
10.9%
12.0%
6.1% 6.5% 7.0% 6.5% 7.8% 8.3% 8.3% 8.4% 8.1%
7.2%
1.3
1.7
2.1
2.4
2.7
2.9
3.2 3.3
2.2
2.5
1.0
1.3
1.7 1.9
2.4 2.4
2.8 2.9
2.0
2.2
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Return On Asset(%) Return On Equity(%) Gross Margin(%) EPS Cash DPS
CTCI/ Investor Relationship
Business Operation
Financial Highlights
Company Overview
Looking Forward
CTCI/ Investor Relationship
Strategy Overview
• The Results of Developing Overseas Markets
– Malaysia: awarded mega refinery plant project from PETRONAS
– Oman:awarded mega petrochemical plant project drom OPRIC
– Singapore: awarded MRT track work system project again
• Pursuit Reasonable Profit Projects and Enter Into Blue Ocean Market
– Select the projects with bargain chance, higher margin and added values
– Pursue FEED+EPs tenders then get the chances to persuade clients into EPC Lump sum for reasonable profit .
• Expand Products, Markets and Businesses
– New Products: such as gas plant,isoprene,coal to chemicals,LNG ex port termical,HSBC and C4,C5 derivatives
– New Markets: seek to alliance with local EPC companies and leverage the resources of oversea subsidiaries to expand the new markets, such as Indonesia,USA,Latin America and Myanmar
– New businesses: to acquire upstream key technologies ,such as LNG Tank and develop downstream channel partners, such as US construction company through M&A or investment
33
CTCI/ Investor Relationship
• Maintain Current Business Markets , Enhance Engineering Core Abilities
– Vertical integration of hydrocarbon business from two perspectives. The first is to expand the detail design engineering services to basic design services. The second is to expand construction, commissioning services to factory maintenance services
– For MRT Business, to expand previous rail experience to invade light rail market and acquire signal and control system through M&A
– Accumulating more experience in constructing refineries of titanium, nickel, copper, rare earth, coking plants
• Get More Long Term Contracts and Raise Stable Revenue Resources
– Developing petrochemical plant maintenance and incineration plant business in China and South East Asia
• Strength the Capability of the Oversea Subsidiaries
– For clients in Mainland China prefers local companies, JDEC can be representing CTCI Group to develop in China. JDEC has been involved in non-hydrocarbon business
– Advise the subsidiaries to upgrade independent bidding and project execution ability
• Efforts on Cost Saving
– Control the procurement costs strictly and reduce the operating expenses
Strategy Overview
34
CTCI/ Investor Relationship
Taiwan
Hydrocarbon:NTD50.0bn
Non-Hydrocarbon:NTD43.4bn
South East Asia
Hydrocarbon:NTD83.9bn
Non-Hydrocarbon:NTD57.0bn
2016 Potential Opportunities
Total Amount
Hydrocarbon:NTD389.4bn
Non-Hydrocarbon:NTD181.2bn
India
Hydrocarbon:NTD20.5bn
Non-Hydrocarbon:NTD26.0bn
China
Hydrocarbon:NTD21.9bn
Non-Hydrocarbon:NTD3.8bn
America and Others
Hydrocarbon:NTD22.0bn
35
Middle East
Hydrocarbon:NTD192bn
Non-Hydrocarbon:NTD51.0bn
CTCI/ Investor Relationship
Thank You!
36
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