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Transcript of CTCI GROUP CTCI/ Investor RelationshipX(1)S(btjk55ee4vrymd55zu02x1fn))/ePC/...–2015 retained 1st...
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 up to 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
– 2014 ranked as 114th in ENR International Design Firms and 131th in ENR International Contractors
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 7.59 Billion (USD 24.24 Million)*
• Market Cap……………………………………NTD 39.15 Billion (USD 1.25 Billion)*
• Shareholder Structure(latest information as of 24th April , 2014)
Company Profile
*: Base date 31st Mar. 2015
CTCI Stock Price:51.6; Outstanding Shares :758,645,098; USD:NTD=1:31.30
4
49.2% 50.8%
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 234 Million(USD 7.5 Million)
• Market Cap: NTD1.2 Billion(USD 37.9 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 650 Million(USD20.8 Million)
• Market Cap: NTD 11.3 Billion(USD 362 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 Mar. 2015
CTCI Stock Price:50.7; Outstanding Shares :23,373,500; USD:TWD=1:31.30
*: Base date 31st Mar. 2015
CTCI Stock Price:174.5;Outstanding Shares :64,986,449; USD:TWD=1:31.30
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CTCI/ Investor Relationship
Global Network
As of March. 31st ,2015
Domestic
Manpower
Taiwan 5,447
Overseas
Manpower
Beijing 612
Shanghai 90
Thailand 812
Vietnam 227
India 120
Saudi
Arabia
39
Singapore 18
Malaysia 7
Sub-total 1,925
Total 7,372
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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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12
20
14
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
20
13
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
Chi Mei Zhenjiang 40 KTA SSBR China
KFPC 30 KTA HSBC 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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CTCI/ Investor Relationship
Significant Track Records (2/3)
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 Macau Refuse Incineration Plant Macao
CPC No.6 Naphtha Cracker Taiwan
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09
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 Trackwork, earthwork and drainage Taiwan
20
10
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
11
11
CTCI/ Investor Relationship
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 MRT Xinyi-Songshan Line Core System Taiwan
CPC RFCC Taiwan
Dragon Steel Sintering Taiwan
Significant Track Records (3/3)
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06
20
07
20
08
Client Project Location
Saudi Kayan (Sabic Group) EO/EG Saudi Arabia
PPCL Phenol/Cumene Thailand
Bangchak Petroleum Quality Improvement Thailand
PTT/HMC PDH Thailand
BASF/ Huntsman MDI/TDI China
Oriental Petrochemical PTA China
Client Project Location
QAPCO Ethylene Package NO.2 Qatar
Thai Olefins Olefins Debottlenecking Thailand
Taipei City Government Taipei MRT Tucheng Line Power System Taiwan
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CTCI/ Investor Relationship
Business Operation
Financial Highlights
Company Overview
Looking Forward
13
CTCI/ Investor Relationship
Sales Revenues and Breakdown
14
10.5%
Unit:NTD,Billion
56.3
60.5
52.2
57.7
40
45
50
55
60
65
2011 2012 2013 2014
Taiwan 65%
Middle East 13%
China 8%
Thailand 8%
Malaysia 2% India 2%
Other 1% Singapore 1%
Power 45%
Petrochemical 19%
Refinery 15%
Infrastructure 8%
Incineration 7%
Other 2% Steel 2%
Hi-Tech 1% Environmental 1%
CTCI/ Investor Relationship
New Contracts and Breakdown
15
Malaysia 44%
Taiwan 24%
Middle East 23%
Singapore 6%
China 2% Others 1%
Refinery 49%
Petrochemical 26%
Infrastructure 12%
Other 8%
Power 2% Hi-Tech 2% Operating &
Maintenance 1%
79.5
60.2
66.9
77.9
50
55
60
65
70
75
80
85
2011 2012 2013 2014
Unit:NTD,Billion
(The Second
Highest)
16.4%
CTCI/ Investor Relationship
Project RAPID Refinery RFCC Package Project
Owner Petroliam National Berhad(PETRONAS)
Main Contractor CTCI/Chiyoda
Capacity RFCC 140,000 BPSD
Service EPC
Location Malaysia • The contract value is approximately USD 1.3
billion, the biggest overseas contract in the
history of CTCI Corporation.
• Estimated investment amount of RAPID
projects is USD 27 billion. There should be
more petrochemical plant opportunities in
the future.
2014 New Contracts in Overseas Market
Malaysia
Resource: http://duniandt.blogspot.tw
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CTCI/ Investor Relationship
• The MMA plant will be the largest ever
built, with a 250,000 metric ton annual
capacity. It will use Lucite International’s
(LI) Alpha technology.
• The PMMA plant will be based on MRC
technology and will have an annual
capacity of 40,000 metric tons.
2014 New Contracts in Overseas Market
Project MMA/PMMA
Owner Saudi Arabian Methacrylate Company (SAMAC)
Main Contractor CTCI Corporation
Capacity MMA: 250,000 MTA
PMMA: 40,000 MTA
Service EPC
Location Kingdom of Saudi Arabia
Jubail
17
CTCI/ Investor Relationship • The Thomson Line is the sixth MRT route in
Singapore which links the North and South of
Singapore. The whole line is located in
underground.
• Following the successful award of the
Singapore Downtown Line Stage 3 Trackwork
in 2011, CTCI Corporation was again awarded
the Thomson Line Trackworks Project.
2014 New Contracts in Overseas Market
Project Singapore Thomson Line Trackworks Project
Owner Land Transport Authority (LTA) Singapore
Main Contractor CTCI Corporation
Service Route Length: 30 Km. Trackworks EPC
Location Singapore
Singapore
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CTCI/ Investor Relationship
Backlog and Breakdown
19
(Historical High)
14.4%
154.6 153.2
163.5
187.1
100
110
120
130
140
150
160
170
180
190
200
2011 2012 2013 2014
Unit:NTD,Billion
Power 33%
Refinery 25%
Petrochemical 16%
Incineration 12%
Infrastructure 9%
Other 3% Storage & Terminal 1%
Environment 1%
Taiwan 60%
Malaysia 20%
Middle East
12%
Other 4%
Thailand 2% China 2%
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
YNP Ti-Sponge Project
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Saudi Arabia
TOHO/AMIC 15.6 KTA Ti-Sponge YNP Project
CTCI/ Investor Relationship
Malaysia
Petronas RAPID Refinery RFCC Project
Singapore
DTL Stage 3 MRT Trackwork Project
Thomson Line 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
22
CTCI/ Investor Relationship
Chimei Chemical 40,000 tons SSBR Project
On-going Projects in China
Ningbo Formosa Group 72 KTA EVA Project
Zhangchiang
23
CTCI/ Investor Relationship
Business Operation
Financial Highlights
Company Overview
Looking Forward
24
CTCI/ Investor Relationship
2015 1st Quarter Consolidated Income Statement
25
2015/03/31 2014/03/31 YOY
Sales revenues 13,378,271 100.0% 12,125,362 100.0% 10.3%
Operating costs (12,222,546) -91.4% (11,137,553) -91.9% 9.7%
Gross profit 1,155,725 8.6% 987,809 8.1% 17.0%
Operating expenses (409,230) -3.1% (353,281) -2.9% 15.8%
Operating income 746,495 5.6% 634,528 5.2% 17.6%
Total non-operating
income and expenses (58,094) -0.4% 15,846 0.1% -466.6%
Profit before income
tax 688,401 5.1% 650,374 5.4% 5.8%
Income tax expense (155,277) -1.2% (115,669) -1.0% 34.2%
Profit for the period 533,124 4.0% 534,705 4.4% -0.3%
Profit attributable to
Owners of the parent 422,287 3.2% 435,012 3.6% -2.9%
Total basic earnings per
share 0.56 0.58 -3.4%
Unit:NTD,Thousand
CTCI/ Investor Relationship
2015 1st Quarter Consolidated Balance Sheet
26
2015/03/31 2014/03/31 2015/03/31 2014/03/31
Current assets* 41,160,152 39,699,782 Current liabilities 29,609,708 27,598,678
Financial assets 1,278,057 2,615,741 Non-current
liabilities 6,253,068 6,876,716
Non-current assets 14,725,845 13,770,977 Long-term
borrowings 2,887,350 3,257,297
Property, plant and
equipment 6,969,519 7,073,597
Other non-
current liabilities 3,365,718 3,619,419
Intangible assets 102,572 96,211 Total Liabilities 35,862,776 34,475,394
Other non-current
assets 7,653,754 6,601,169 Total equity 20,023,221 18,995,365
Total assets 55,885,997 53,470,759 Total liabilities and
equity 55,885,997 53,470,759
*Cash and cash equivalents:NTD12.5bn
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 2.24
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% 89.2%
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
27
CTCI/ Investor Relationship
Financial Snapshot
Unit: NTD
Profitability
29
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
29
CTCI/ Investor Relationship
Strategy Overview
• The Results of Developing Overseas Markets
– Malaysia: awarded mega refinery plant project from PETRONAS
– 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
30
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
31
CTCI/ Investor Relationship
Taiwan
Hydrocarbon:NTD40bn
Non-Hydrocarbon:NTD30.3bn
South East Asia
Hydrocarbon:NTD100bn
Non-Hydrocarbon:NTD83.7bn
Middle East
Hydrocarbon:NTD60bn
Non-Hydrocarbon:NTD18.9bn
Potential Opportunities
• Potential Opportunities
Total Amount
Hydrocarbon:NTD307.5bn
Non-Hydrocarbon:NTD146.7bn
India
Hydrocarbon:NTD20bn
Non-Hydrocarbon:NTD11.5bn
China
Hydrocarbon:NTD2.5bn
Non-Hydrocarbon:NTD1bn
America and Others
Hydrocarbon:NTD85.0bn
Non-hydrocarbon:NTD1.3bn
32
CTCI/ Investor Relationship
Thank You!
33