投影片 1 - CTCI

July 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$ 250Millions)

• CTCI Market Cap …………………………. NT$ 37.2 Billions (US$ 1.22 Billions)

• Group Market Cap * ……………………NT$ 50.0 Billions (US$1.64 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: 29 June 2018CTCI Stock Price:48.8USD:NTD=1:30.53Outstanding Shares :763,273,848


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

• Specialized turn-key provider for various sectors globally

‒ primarily engaged in hydrocarbon market with diversification into power, mass

transportation, resource cycling and intelligent solutions

• 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

• 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 Italy

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

5,580

Overseas

ManpowerCountries

Sub-total Beijing Shanghai Thailand Vietnam IndiaMalaysia

MIEI

1,853 503 101 497 191 167 394

CTCI has over 40 subsidiaries in 15 countries with 7,400

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


New Projects Awarded in 2017

13

• Philippines-Aromatics & Butadiene Extraction

Units, EPC

• Malaysia-Package 28B Mogas EURO 5, EPC

• Malaysia-KLLRT3 Power Supply Project,

EPC

• Vietnam-Lube Oil Blending Plant and Tank

Farm Terminal, EPC

• Vietnam-Van Phong 1, 1,320MW Coal-Fired

Power Plant, EPC

• Thailand-CUP4 Project, EPC

• KSA-Yansab Butadiene Project, FEED

• USA-Crude Oil Processing, Integrated

Project Management Team, Early Start Plan,

FEED

Power 31%

Hydrocarbon29%

Industrial 15%

Transportation9%

Environmental7%

Other 9%

Southeast Asia58%

Taiwan 30%

China 9%

Middle East 2%

United States1%

Major Projects: Breakdown by Country and Segment:


• The first project awarded by JG Summit, one of the largest publicly-listed trading companies in

the Philippines

• Once again awarded a hydrocarbon project in the Philippines, an important milestone which

marks CTCI’s re-establishment in the Philippines market

Client JG Summit Petrochemical Corporation

Project Aromatics & Butadiene Extraction Units

Contractor CTCI and CIPEC Construction Inc.

ScaleAromatics: 318 KTA

Butadiene: 77.6 KTA

Scope Design, Procurement, Construction

Location Philippines

14

Major Projects Awarded- Southeast Asia

Batangas



Client PRPC Refinery and Cracker Sdn Bhd

Project Package 28B Mogas EURO 5

Contractor CTCI and MIE Industrial Sdn Bhd

Scale

TAME: 17,500BPSD

ISOM: 10,000BPSD

CNHT: 43,000BPSD

Scope Design, Procurement, Construction and Commissioning

Location Malaysia

• PRPC Refinery and Cracker Sdn Bhd is a subsidiary of Petronas, a stated owned company

• Once again awarded a RAPID project by Petronas, becoming the only EPC contractor to win

2 refinery contracts within the Pengerang Integrated Complex

Johor

15


Client Prasarana Malaysia Bhd

Project KLLRT3 Power Supply Project, EPCC

Contractor CTCI CMCE JV Sdn Bhd

Scale 38 km (26 stations and 1 depot)


Location Malaysia

• The first transportation project in Malaysia

Kuala Lumpur


16


Client Maxihub Company Limited

Project Lube Oil Blending Plant and Tank Farm Terminal, EPC

Contractor CTCI and CTCI Singapore

ScaleLube Oil: 32,000 KL per year

Tank Farm: 25,000 KL per year


Location Vietnam

17

• Maxihub Company is the Joint Venture led by CPC Corporation

• Marks a milestone for New Southbound Policy of Taiwan Government


Dong Nai

Province


Client Sumitomo Corporation

Project Van Phong 1, 1,320MW Coal-Fired Power Plant, EPCC

Contractor CTCI, IHI, Toshiba and MES

Scale 2 x 660MW


Location Vietnam

• The first mega coal-fired power plant EPC project being awarded overseas


18

Khanh Hoa

Province


Client Global Power Synergy Public Company Limited

Project CUP4 Project, EPCC

Contractor CTCI and CTCI (Thailand)

Scale57 MW

70 T/H


Location Thailand

• Once again awarded cogeneration power plant expansion project by Thailand oil company


19

Rayong


Major Projects Awarded – The Middle East

• Continuously awarded FEED work by SABIC group

Client Yanbu National Petrochemical Company (Yansab)

Project Yansab Butadiene FEED Project

Contractor CTCI

Scale 136,000 tons per year

Scope FEED

Location Kingdom of Saudi Arabia

20


Major Projects Awarded- The United States

Client Jupiter MLP

Project Crude Oil Processing

Contractor CTCI and CTCI Americas

Scale CDU:140,000 BPSD

Scope Integrated Project Management Team, Early Start Plan, FEED

Location The United States

• The first American client since CTCI Americas was founded

Texas

21


Backlog and Breakdown

22

Note: The new contract amounted NT$ 44 billion in 2017

164

187 191

203

166

0

50

100

150

200

250

2013 2014 2015 2016 2017

Unit: NT$, Billion

Taiwan 54%

Southeast Asia 30%

Middle East12%

China 2%Other 2%

Environmental39%

Hydrocarbon 27%

Power 20%

Industrial 7%

Transportation 6%

Other 1%

Kaohsiung City Government

Feng Shan Shi Wastewater

Reclamation BTO Project

DORTS

Tamhai LRT Power Supply and

Trackwork Project

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

Taichung Power Plant Unit 1 to 4

AQCS Retrofit Project 彰化縣

CPC

Taichung LNG Plant Ph-II Re-gas

Project

CPC Talin Plant Wastewater

Reclamation Project

Taoyuan City Government

Chung Li Sewerage System BOT

Project林口觀音

Major On-going Projects in Taiwan

通霄

大林

2623


Major On-going Projects in China

24

China

Hengli 2500KTA PTA phase 3

CHIMEI SSBR project phase II

TSRC SEBS revamping project

Corning PWTS

SDP(Guangzhou) A2（ARRAY

L30/L40) Clean Room Project

Malaysia

Petronas RAPID Refinery RFCC Project

Petronas Package 28B EURO 5 Mogas Project

Track 4A 1440MW Combined Cycle Power Plant

KLLRT3 Power Supply Project

Singapore

Thomson Line Trackwork Project

Gali Batu Depot Trackwork Project

Thailand

GPSC 45MW CUP 4 Project Phase 1

Major On-going Projects in Southeast Asia

25

India

Dahej LNG Terminal Expansion

Regasification Facilities Project

25

Vietnam

Maxihub Lube Oil Blending Plant &

Tank Farm Terminal

Van Phong 1, 1,320MW Coal-Fired

Power Plant

Philippines

JG Summit P2 Aromatics and

Butadiene Extraction

Major On-going Projects in Middle East

Saudi Arabia

SAMAC 250KTA MMA and

40KTA PMMA Project

#10 Ethylene Cracking

Furnace Project

Qatar

Laffan Refinery 2 Project

24

Saudi Arabia

TOHO/AMIC 15.6 KTA

Ti-Sponge YNP Project

Oman

Liwa Plastic Industrial

Complex Steam Cracker and

U&O Package

26


Major On-going Projects in USA

27

Texas

FPC 400 KTA LDPE Project

T3(II) & T4 & J2 Offsite Pipe Rack

Modularization & Erection project

1.1 MTA Yosemite MEG Project

Jupiter 140,000 BPD Light

Condensate Plant

2

Contents

Company Overview

Business Operation


Business Outlooks


Consolidated Sales Revenues and Breakdown

29

Taiwan 43%

Middle East30%

Southeast Asia21%

China 4%

Others 2%

Hydrocarbon 56%

Power 23%

Environmental 8%

Industrial 6%

Transportation 4%

Others 3%

52.2

57.7

67.1 70.5 71.6

0

10

20

30

40

50

60

70

80

2013 2014 2015 2016 2017

Unit: NT$, Billion


2018Q1 Consolidated Income Statement

Unit: NT$, Thousand

2018/03/31 2017/03/31 YOY

Sales Revenues 14,540,582 100% 15,178,770 100% -4.2%

Operating costs (13,359,663) -91.9% (13,891,792) -91.5% -3.8%

Gross Profit 1,180,919 8.1% 1,286,978 8.5% -8.2%

Operating expenses (464,462) -3.2% (459,695) -3.0% 1.0%

Operating income 716,457 4.9% 827,283 5.5% -13.4%

Total non-operating income

and expenses(91,828) -0.6% (105,278) -0.7% 12.8%

Profit before income tax 624,629 4.3% 722,005 4.8% -13.5%

Income tax expense (187,577) -1.3% (155,050) -1.0% 21.0%

Profit for the period 437,052 3.0% 566,955 3.7% -22.9%

Profit attributable to Owners

of the parent318,740 2.2% 445,339 2.9% -28.4%

Total basic earnings per share 0.42 0.58

30


2018Q1 Consolidated Balance SheetUnit: NT$, Thousand

2018/03/31 2017/03/31

Current assets* 50,980,022 77.1% 47,699,138 76.5%

Non-current assets 15,183,902 22.9% 14,686,159 23.5%

Total assets 66,163,924 100.0% 62,385,297 100.0%

Current liabilities 39,831,848 60.2% 36,403,633 58.4%

Non-current liabilities 4,823,735 7.3% 5,420,770 8.7%

Total Liabilities 44,655,583 67.5% 41,824,403 67.0%

Equity attributable to owners of

the parent18,373,791 27.8% 17,345,529 27.8%

Non-controlling interest 3,134,550 4.7% 3,215,365 5.2%

Total equity 21,508,341 32.5% 20,560,894 33.0%

Total liabilities and equity 66,163,924 100.0% 62,385,297 100.0%

*Cash and cash equivalents:NT$14.3bn

31

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

3032


Dividend Payout

33

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:33.9bn

Infrastructure, Environment, and Power:74.1bn

Southeast Asia

Hydrocarbon:92.0bn


India

Hydrocarbon:39.5bn

Total Amount

Hydrocarbon:431.8bn

Infrastructure, Environment and Power:145.7bn

China

Hydrocarbon:10.4bn


CIS and Others:

Hydrocarbon:0.9bn

Potential Opportunities in Next 12 Months

Unit：NT$

United States

Hydrocarbon:72.2bn

35

Middle East

Hydrocarbon:182.9bn


Copyright © 2016 CTCI All Rights Reserved.36

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投影片 1 - CTCI

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