投影片 1 - ctci 中鼎集團 · the first project in taiwan that combines public wastewater...
TRANSCRIPT
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$1.62 Billions)
* including two listed subsidiaries of ECOVE Environment and CTCI ASI in the sectors of resource
cycling and intelligent solution respectively
• Member of
– MSCI Global Standard Indices in 2010 and MSCI Taiwan Small Cap Indices since 2014
‒ Dow Jones Sustainability Indices Emerging Market (“DJSI”) since 2015
• Shareholder Structure ………….
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Company Profile
Foreign34%
Domestic66%
Base date: 30 Apr. 2019USD:NTD=1:30.9
Copyright © 2016 CTCI All Rights Reserved.
Company Overview
• No. 1 engineering, procurement and construction (“EPC”) company in Taiwan
‒ over 40 years of industry experience, involved in numerous landmark projects in
Taiwan
• One of major EPC players in global hydrocarbon market with solid customer
profile and track records
‒ proven capability to bid EPC contract alone up to US$ 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
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Copyright © 2016 CTCI All Rights Reserved.
• 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
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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
Copyright © 2016 CTCI All Rights Reserved.
Business Lines
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• 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
Copyright © 2016 CTCI All Rights Reserved.
Business Lines
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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
Copyright © 2016 CTCI All Rights Reserved.
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
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Copyright © 2016 CTCI All Rights Reserved.
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
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Contents
Company Overview
Business Operation
Financial Highlights
Business Outlooks
Copyright © 2016 CTCI All Rights Reserved.12
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%
Copyright © 2016 CTCI All Rights Reserved.
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$10 billion
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Southeast Asia
• PTT Group LNG Receiving Terminal Project★The highest contract amount in Thailand market;
the first cooperation with SAIPEM, the EPC leader in Italy
United States
• A cross-border petrochemical plant contract in
JV form★The highest contract amount in USA market; CTCI won the
project with modularization engineering
Copyright © 2016 CTCI All Rights Reserved.
Backlog and Breakdown
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Unit: NT$, 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%
Copyright © 2016 CTCI All Rights Reserved.
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
Copyright © 2016 CTCI All Rights Reserved.
1-2
1-11
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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
Copyright © 2016 CTCI All Rights Reserved.
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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
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Contents
Company Overview
Business Operation
Financial Highlights
Business Outlooks
Copyright © 2016 CTCI All Rights Reserved.
Consolidated Sales Revenues and Breakdown
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Unit: NT$, Billion
Taiwan 33%
Southeast Asia30%
Middle East25%
China 7%
United States 4%
India 1%
Hydrocarbon52%
Power 21%
Environmental10%
Industrial 8%
Transportation5%
Other 4%
57.7
67.1 70.5 71.6
64.1
0
10
20
30
40
50
60
70
80
2014 2015 2016 2017 2018
Copyright © 2016 CTCI All Rights Reserved.
Consolidated Income Statement
台幣(仟元)
2019/03/31 2018/03/31 YOY
Sales Revenues 13,712,458 100% 14,540,582 100% -5.7%
Operating costs (12,673,888) -92.4% (13,359,663) -91.9% -5.1%
Gross Profit 1,038,570 7.6% 1,180,919 8.1% -12.1%
Operating expenses (434,340) -3.2% (464,462) -3.2% -6.5%
Operating income 604,230 4.4% 716,457 4.9% -15.7%
Total non-operating income
and expenses(127,475) -0.9% (91,828) -0.6% -38.8%
Profit before income tax 476,755 3.5% 624,629 4.3% -23.7%
Income tax expense (133,088) -1.0% (187,577) -1.3% -29.0%
Profit for the period 343,667 2.5% 437,052 3.0% -21.4%
Profit attributable to Owners
of the parent221,473 1.6% 318,740 2.2% -30.5%
Total basic earnings per share 0.29 0.42
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Copyright © 2016 CTCI All Rights Reserved.
Consolidated Balance Sheet
Unit: NT$, 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$17.0bn
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Unit: NT$,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$) 0 0 0 0 0
Payout Ratios(%) 88.8 89.2 89.0 87.8 94.2
New Contract Amount 77,866 64,458 85,636 44,446 101,706
Total Backlog 187,102 190,465 203,226 166,331 207,982
Financial Data Summary
3022
Copyright © 2016 CTCI All Rights Reserved.
Dividend Payout
23
2.65 2.91
3.22 3.32
2.22
2.51 2.69
2.92
3.68
2.40 2.37 2.42
2.76 2.84
1.99 2.23
2.40 2.60
3.23
2.26
89%
83%86% 85%
90% 89% 89% 89% 88%
94%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
EPS Cash DPS Cash Dividend Payout Ratio(%)Unit: NT$
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Contents
Company Overview
Business Operation
Financial Highlights
Business Outlooks
Copyright © 2016 CTCI All Rights Reserved.
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%
Copyright © 2016 CTCI All Rights Reserved.26