CTCI. Taiwan s s Leading International Engineering Firm

Transcription

1 CTCI s s Leading International Engineering Firm

2 Company Overview Business Operation Financial Highlights Looking Forward 2

3 Who we are Company Overview s Largest Engineering, Procurement and Construction ( EPC ) Company - Over 40 years of industry experience - Involved in numerous landmark projects Offering Specialized Turn-key EPC Solutions - Primarily serving in hydrocarbon market, then diversified ourselves into power, infrastructure, and environmental industries Significant Domestic and Overseas Experiences - Established presence in Mainland, Southeast Asia, and the Middle East - Designated partner of several major internationally renowned companies One of Asia s Largest EPC Players - Total workforce of 5,600 engineers /Over 7,000 employees worldwide - Ability to bid for EPC contracts up to US$ 1 billion in size - Ranked as 63th in ENR Global Ranking and recognized as one of few qualified main contractors in the world. 3

4 Company Profile Company Overview History 1959 Technical Consultants, Inc. (now renamed as CTCI Foundation) established 1979 CTCI Corporation founded by CTCI and two financial organizations 1993 CTCI was listed in TSE Paid-in Capital NT$ Shareholders Equity... NT$ 6,314M (US$ 197.3M) 10,801M (US$ 337.5M) ~as of Dec. 31, 2008 / USD:NTD=32 Shareholders Structure (April. 21, 2009) CTCI Foundation 9.64% Morgan Stanley 19.34% Foreign Shareholders 32.36% Employee & Public 58% 4

5 Business Areas Company Overview Refinery Petrochemical & Chemical Storage & Terminal Hydrocarbon Pharmaceutical & Biotechnology Brewery & Winery Infrastructure Metal Mills Waste to Energy Environmental Nonhydrocarbon Power 5

6 Comprehensive Service Company Overview Project Management Feasibility Study & Planning Engineering Design (E) Procurement (P) Fabrication Construction (C) Commissioning &Maintenance Process Design Piping Design Civil and Structure Design Instrumentation and Control Design Electrical Design Mechanical and Equipment Design Market Survey Enquiry and Purchasing Inspection and Expediting Shipping, Delivery and Claims Customs Clearance Insurance Tariffs Subcontracting Permits and Banking Affairs Equipment Installation and Rigging Piping/ Steel Structure Fabrication & Erection Electrical/ Instrument Installation & Wiring Civil & Building Painting & Insulation Construction Management 6

7 Global Network of CTCI Group Company Overview Engineering Hub Taipei 3,540 Kaohsiung 584 4,124 CTCI Arabia, KSA, 2002 CTCI Overseas, Hong Kong, 1993 CIMAS, Vietnam, 2001 Jing Ding E&C, Beijing, 1993 Shang Ding E&C, Shanghai, 2003 Global Engineering Satellites JingDing E&C () 391 CINDA, India Established on Aug., 2008 ShangDing E&C () 178 CTCI Thailand (Thailand) 742 CTCI, Taipei H/Q Domestic Subsidiaries CIMAS Engineering (Vietnam) 174 CINDA Engineering (India) 50 1,535 Total 5,659 CTCI, Abu Dhabi Branch CTCI, Qatar Branch CTCI (Thailand), Thailand, 1987 CTCI (Malaysia), Malaysia, 1998 CTCI, Kaohsiung CIPEC, The Philippines,

8 Competitive Advantages Company Overview Comprehensive EPC experiences - Full Knowledge of Major Licensors and EPC Firms - Strategic Alliance with Selected Technology Providers - Significant EPC experiences in multiple geographical regions and industry sectors Cost Effective - Valuable engineering design and sound project management by competent engineers and managers - Local engineering workforce is highly cost-competitive compared to Western and Japanese peers - An International EPC Contractor with Local Facilities and Resources and good management of low cost engineering resources worldwide - Ability to source raw materials locally Long-Standing Client Relationships - Performed EPC services for numerous major domestic and international clients International Quality Standards - ISO 9001/ ISO 14001/ OHSAS certified - Substantial quality control group ensures international standards of service - Developing project management knowledge (PMP certified) - Enhancing project risk management and claim management 8

9 Significant Track Records (1/2) Company Overview Client Project Location Saudi Kayan (Sabic Group) EO/EG Project Saudi Arabia PTTUT Central Utility NO.1 PhaseⅠ~Ⅳ/ CUP-Ⅲ Project Thailand Bangchak Petroleum PUBLIC Quality Improvement Project Thailand PTT/HMC PDH Project Thailand PPCL Phenol/Cumene Project Thailand Shanghai LNG Shanghai LNG Terminal Project Ongoing Titan Petrochem Taiwn Power Taipei City Government Propylene /Butadiene Extraction Project Dah-Tarn Power Plant Taipei MRT Xinyi-Songshan Line Core System Project Malaysia Chinese Petroleum North LNG Receiving Terminal Project Formosa Petrochemical Lube Based Oil Project Taipei City Government Taipei MRT Hsin-Chuang Lu-Chou Line Core System Project Dragon Steel Sintering Project Client QAPCO Thai Olefins Formosa Petrochemical Formosa Chemicals & Fiber Corp. Taipei City Government Client BASF/ Huntsman Oriental Petrochemical High Speed Rail Kaohsiung Rapid Transit Project Location Ethylene Package NO.2 Project Qatar Olefins Debottlenecking Project Thailand Olefin NO3. Project Aromatics NO.3 Project Taipei MRT Tucheng Line Power System Project Project Location MDI/TDI Project PTA Project High Speed Rail Project Kaohsiung MRT System Low Voltage Power Distribution Project 9

10 Significant Track Records (2/2) Company Overview Client Project Location 2005 Formosa Chemicals & Fiber Taipei City Government Kaohsiung Rapid Transit Corp. SM NO.3 Project Taipei MRT Hsin-Chuang Lu-Chou Line Core System Project Track Work Project Client Project Location Ghaed Bassir Petrochemical ABS/SAN Project Iran Consumer Energy Campball Power Plant DeNOx Project U.S.A BASF/YPC LDPE Project BASF/YPC C1 Project CNOOC-Shell EO/EG Project Lucite MMA Project Ningbo Rayon Acrylic. Fiber MRC Acrylic Fibers Project Xianglu Petrochemical PTA Revamping Project 2004 CNOOC-Shell SECCO Liquid Incineration Project SAR Project Nantong SKT New Materials PVDC Project Petron Gas Oil Hydrotreating Project The Philippines Phu My3 Power Plant Phu My3 CCPP Project Vietnam Taichung County Government Wujih Refuse Incineration Project Formosa BP Chemicals Acetic Acid Project 10

11 Company Overview Business Operation Financial Highlights Looking Forward 11

12 New Contracts (up to July 31) Business Operation 100,000 90,000 80,000 70,000 60,000 50,000 in NT$ million Excess Whole year Target NT$ 60~70bn 71,771 47,294 New Contract Portfolio Enviromant 1.9% Building 2.2% Inc ineration 2.7% Infrastuture 5.8% Petrochemical 11.4% Terminal 22.9% Power 1.5% Others 1.7% Hi-T ec h 0.3% Refinery 49.6% 40,000 30,000 20,000 18,516 Thailand 2.8% India 21.5% Middle East 2.6% 1.2% 10, * 71.8% * Includes the projects with Letter of Intent (LOI) 12

13 Backlog (up to June 30) Business Operation 120,000 in NT$ million 111,948 Backlog Portfolio 100,000 Environment 2.2% Power Steel 3.0% 3.3% Infrastructure 8.5% Hi-tch 2.4% Incineration 0.8% 86,703 Terminal 9.6% 80,000 Hydrocarbon 70.2% 67,110 60,000 Middle East 5.5% 2.9% Other 0.8% 40,000 India 9.2% T hailand 14.5% 20, % * * Includes the projects with Letter of Intent (LOI) 13

14 Company Overview Business Operation Financial Highlights Looking Forward 14

15 Financial Data Summary Financial Highlights in NT$ million, except per share data 2003* 2004* Revenues 16,343 22,061 31,519 33,582 43,954 % Growth 3% 35% 43% 6.5% 30.9% Gross Profit 1,634 1,180 1,927 2,186 3,065 % Margin 10.0% 5.3% 6.1% 6.5% 6.97% Net Income ,307 Reported EPS Cash DPS Stock DPS Payout Ratios 83% 72% 82% 92% 87% New Contract Amount 53,502 31,945 15,927 70,784 71,771 Total Backlog 63,458 70,533 53,685 91,864 86,637 * Pro forma consolidated results. 15

16 Performance and Dividend 18.00% % 15.62% % 12.00% 11.65% 14.27% EPS Payout Ratio % % 10.00% 9.55% % 1.50 Cash Dividend % 6.00% % 6.24% 6.77% 1.00 Cash Dividend Payout Ratio 81% 82% 4.00% 3.94% 4.47% Stock Dividend % 0.50 Stock Dividend Payout Ratio -- 5% 0.00% Dividend Yield 8.7%* -- ROA ROE EPS * Based on the stock price on March 25, Stock price=nt$

17 Income Statement (2009H1 v.s. 2008H1) 2009H1 2008H1 YOY Revenue 20,992, % 22,795, % -7.91% Cost 19,408, % 21,228, % -8.58% Gross Profit 1,584, % 1,566, % 1.13% Operating Expense (723,574) -3.45% (722,058) -3.17% 0.21% Operating Income 860, % 844, % 1.92% Non-Operation Net 121, % 55, % % Net Income (after tax) 689, % 668, % 6.79% Reported EPS % 17

18 2008H1 Revenue Portfolio Breakdown by Industry Breakdown by Area 2.3% 2.7% 3.2% 3.5% 0.7% 1.4% 6% 1% 35% 7.5% 19% 8.0% 49.2% 21.5% 39% Petrochemical Infrastructure Hi-Tech Terminal Power Incineration Refinery Steel Middle East Other Thailand Environment Others 18

19 Balance Sheet (2009H1 v.s. 2008H1) 2009H1 2008H1 2009H1 2008H1 Current Assets* 31,085,810 27,390,204 Current Liabilities 24,586,643 20,064,390 Funds and Investment 1,190,997 1,303,575 Long-term Liabilities 7,294,786 5,505,922 Fixed Assets 10,285,000 7,137,930 Other Liabilities 1,060,467 1,417,173 Intangible Assets 206, ,025 Total Liabilities 32,941,896 26,987,485 Other Assets 583, ,043 Shareholders Equity 10,410,194 9,570,292 Total Asset 43,352,090 36,557,777 Total Liabilities & Shareholders Equity 43,352,090 36,557,777 * Includes total cash and cash equivalents NT$7.29bn 19

20 Company Overview Business Operation Financial Highlights Looking Forward 20

21 Next 12 months Sales Opportunities NT$ 255bn NT$ 105bn 100% 90% 80% 70% 4% 8% 34% 20% 6% Estimated potential opportunities 60% 50% 40% 61% NT$360bn 30% 54% 20% 10% 0% 13% South East Asia(includes India) Middle East Hydrocarbon Non-hydrocarbon 21

22 Business Strategy IEPBO (Infrastructure, Environment and Power) HBO (Hydrocarbon) Intensify relationship with clients Step into new regions of Latin America and Africa Extend services to selective FEED work Active bidding for related projects in Strategic cooperation with major technical partners CTCI Core Business Strengthen EPC capabilities of regional subsidiaries Establish liaison offices in USA, Europe and Korea ERBO Market focus (Environmental Resources), Middle East and Singapore Entry Strategy - Cooperate with local partners -BOT, TOT or M&A 22 Fund raising - KD IPO Extended Business -O&M - Resource Management

23 Well-prepared Positioning in UDS 1bn Club Take the Ride of Booming Market for Fast Growth - Strong foots in Middle East /South East Asia Market - New Market Development India (India Subsidiary is established on Aug.) Russia and Central Asia Improve Capability against World-class Engineering Firms - Global Resource Management (Engineering Manpower/Construction Workforce/ Supply chain) - Margin Enhancement IT system Efficiency Working Procedure (EPC in parallel) Enlarge New Business Territories - Energy business - Desalination - Environment and Energy Saving (E & ES Business) 23

24 Thank you for your lasting support 24