23 October 2017 - CTCI 中鼎集團 · Sub-total Beijing Shanghai Thailand Vietnam India Malaysia MIEI 1,417 503 99 344 198 175 98 CTCI Has over 40 subsidiaries in 15 countries with

23 October 2017

2

Contents

Company Overview

Business Operation

Financial Highlights

Business Outlook

Copyright © 2016 CTCI All Rights Reserved.

Introduction

• 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)

- No. 1 in the category of EPC among Top 650 Service Enterprises in Taiwan

• Specialized Turn-key EPC Solutions Provider

- Capable to execute single EPC contract size over US$ 1 billion

- Diversified business lines in the fields of refinery, chemical / petrochemical, power plant, infrastructure,

environmental protection, steel & nonferrous, LNG storage/terminal, and waste-to-energy … etc.

• 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 Companies in the world

- Global presence with approximately 7,000 employees stationed in more than 40 affiliates worldwide

3


Company Profile

• 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)

• Paid-in Capital ………………………………NT$ 7.6 Billion (US$ 250 Million)

• Market Cap……………………………………NT$ 37.3 Billion (US$ 1.2 Billion)

• Shares listed on the MSCI Taiwan Small Cap Index

• Member of DJSI since 2015

• Shareholder Structure ……………………………………

Base date: 30 Sep. 2017 CTCI Stock Price:48.85 Outstanding Shares :763,273,848 US$:NT$=1:30.5

Foreign 40%

Domestic 60%

4

Copyright © 2016 CTCI All Rights Reserved. 5

Comprehensive Services

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


Business Lines

• 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


Business Lines

Power Environmental Transportation Industrial

• Fossil power plants

• Simple cycle power plants

and combined cycle power

plants

• Cogeneration power

plants

• Green field power plants

and conversion power

plants

• Nuclear power plants

• Low-level radioactive

waste on-site storage

facilities for nuclear plants

• Renewable power plants

• Mass Rapid Transit

systems

• Light Rail Transit systems

• High speed rail

• Airports

• Metals & non-ferrous

metal mills

• Hi-tech facilities

• Life science facilities

• Manufacturing facilities

• 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


Listed Subsidiaries

• Founded:1987

• Listed: 2002

• Paid-in Capital: NT$ 235 Million (US$ 7.7 Million)

• Market Cap: NT$1.0 Billion (US$ 33.2 Million)

• 2016 EPS: NT$ 3.08

• CTCI Holding Ratio : 48.72%

• Business area:

- Main automation contractor

- Transportation and E&M

- Intelligent manufacturing

- Industrial Control Product

Base date: 30 Sep 2017 CTCI ASI Stock Price: 43.15 Outstanding Shares : 23,491,500 US$:NT$=1:30.5

• Founded:1999

• Listed: 2010

• Paid-in Capital: NT$ 664 Million (US$ 21.8 Million)

• Market Cap: NT$ 11.0 Billion (US$ 359 Million)

• 2016 EPS: NT$ 12.8

• CTCI Holding Ratio : 57.73%

• Business area:

-Incinerators O&M (7 of 24 in TW+2 in Macau)

-New recycling business (Glass, Waste tire, and

Food waste)

-Green energy (Small solar power plant)

Base date: 30 Sep 2017 KD Holding Stock Price: 165 Outstanding Shares : 66,624,898 US$:NT$=1:30.5

8

ECOVE Environment Corporation


CTCI Thailand

CIMAS (Vietnam)

CTCI Singapore

CTCI Beijing

CTCI Shanghai

CTCI Italy

MIEI (Malaysia)

Xiang Ding Environmental

Consultant (China)

CTCI Americas

Lumberton (USA)

CTCI Netherlands

CTCI Arabia

CTCI Qatar

CTCI Abu Dhabi

CB&I-CTCI B.V. (Oman)

CTCI Indonesia

CTCI Hong Kong

SINOGAL (Macau)

Boretech (China)

CINDA (India)

9

Global Network

Domestic

Manpower

Taiwan

5,571

Overseas

Manpower Countries

Sub-total Beijing Shanghai Thailand Vietnam India Malaysia

MIEI

1,417 503 99 344 198 175 98

CTCI Italy

CTCI Has over 40 subsidiaries in 15 countries with 7,000

employees around the globe.

9

(Taiwan)

CTCI Corporation (Headquarters)

CTCI Smart Engineering Corp.

CTCI Resources Engineering Inc.

CTCI Advanced Systems Inc.

CTCI Chemicals Corp.

CTCI Machinery Corp.

KD Holding Corp.

- Sino Environmental Services Corp.

- Leading Energy Corp.

- HD Resource Management Corp.

- Fortune Energy Corp.

- G.D. Development Corp.


Significant Track Records(1/2) Client Project Location

Saudi Kayan #10 Ethylene Cracking Furnace KSA

Safpet LLC PTA/PET Project Russia

Taoyuan City Government Chung Li Sewerage System BOT Project

Taiwan

Kaohsiung City Government

Feng Shan Shi Wastewater Reclamation BTO Project

Taiwan

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


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

20

16

2

01

5

20

14

10

http://zh.wikipedia.org/wiki/馬來西亞國家石油


Significant Track Records(2/2)


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


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

CPC Talin #10 SRU Taiwan


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

13

2

01

2

20

11

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http://www.qapco.com.qa/

http://en.cpc.com.tw/index.aspx

2

Contents

Company Overview

Business Operation


Business Outlooks


New Contracts and Breakdown

13

66.9

77.9

64.5

85.6

25.3

0

10

20

30

40

50

60

70

80

90

2013 2014 2015 2016 2017/8

Unit: NT$, Billion

Taiwan 50%

Southeast Asia 35%

China 10%

Middle East 3%

United States 2%

Hydrocarbon 39%

Environmental 9%

Transportation 9%

Power 6%

Industrial 23%

Other 14%


Major Projects Awarded- Southeast Asia

Client PRPC Refinery and Cracker Sdn Bhd

Project Package 28B EURO 5 Mogas Project, EPCC

Contractor Consortium of CTCI and MIE Industrial Sdn Bhd

Scale

TAME: 17,500BPSD

ISOM: 10,000BPSD

CNHT: 43,000BPSD

Scope Design, Procurement, Construction and Commissioning

Location Malaysia

14

• This is the 2nd project in RAPID Complex awarded by Petronas

Johor


Client Southern Power Generation Sdn. Bhd.

Project Track 4A, 1440MW Combined Cycle Power Plant, EPCC

Contractor Consortium of CTCI and GE

Scale 2 x 720MW


Location Malaysia

15

• This is the first time to be within the consortium with GE for combined cycle power plant,

and the first time to be awarded the project by Tenaga Nasional Berhad (TNB)

Johor



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

16

• This is the first rail transportation project in Malaysia, and the first overseas project for

power supply system in rail transportation

Kuala Lumpur



Major Projects Awarded- China

Client US-based Display Technology Co., Ltd.

Project Generation 10.5 Glass Substrate Project PWTS system, EPCC

Contractor CTCI and CTCI Beijing

Scale

DI: 102 CMH

GPW: 260 CMH

DET: 3.6 CMH


Location China

17

• This is one of the most critical water treatment system for the most advanced Generation

10.5 Glass Substrate project from an US-based company

Hefei



Client BASF High Purity Electronic Chemicals (Jiaxing) Co., Ltd.

Project BASF EGSA CN Project Phase II, EPCC


Scale 12,000 tons per year


Location China

18

• Awarded the EPC work again for the Phase II project

Zhejiang


• Awarded the EPC work again for the Phase II project

Client ZHENJIANG CHIMEI CHEMICAL CO.,LTD

Project 80 KTA SSBR Project Phase II, EPCC




Location China

Jiangsu



Major Projects Awarded – The Middle East

20

• Continuously awarded by SABIC group, and will strive for the following EPC opportunity

Client Yanbu National Petrochemical Company (Yansab)

Project Yansab Butadiene FEED Project

Contractor CTCI


Scope FEED

Location KSA


Major Projects Awarded- The United States

Client Centurion Midstream Group (CMG)

Project 120,000 BPSD Crude Oil Processing

Contractor CTCI and CTCI Americas

Scale CDU:120,000 BPSD

Scope Integrated Project Management Team, Early Start Plan, FEED

Location The United States

21

• This is the first American client since CTCI Americas was founded

Texas


Unit: NT$, Billion

Backlog and Breakdown

22

Taiwan 56%

Southeast Asia 24%

China 2%

Middle East 17%

Other 1%

Hydrocarbon 34%

Environmental 38%

Transportation 5%

Power 15%

Industrial 7%

Other 1%

164

187 191

203

178

0

50

100

150

200

250

2013 2014 2015 2016 2017/8

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

26 23

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

24

Malaysia

Petronas RAPID Refinery RFCC Project

Track 4A 1440MW Combined Cycle Power Plant

Petronas Package 28B EURO 5 Mogas Project

KLLRT3 Power Supply Project

Singapore

Thomson Line Trackwork Project

Gali Batu Depot Trackwork Project

Thailand

Thai Oil 217MW SPP Project

Major On-going Projects in South East Asia

25

India

Dahej LNG Terminal Expansion

Regasification Facilities Project

25

2

Contents

Company Overview

Business Operation


Business Outlooks


Consolidated Sales Revenues and Breakdown

27

52.2

57.7

67.1 70.5

43.7

0

10

20

30

40

50

60

70

80

2013 2014 2015 2016 2017/8

Unit: NT$, Billion

Taiwan 48%

South East Asia 19%

China 4%

Middle East 28%

Others 1%

Hydrocarbon 53%

Environmental 9%

Transportation 4%

Power 25%

Industrial 6%

Others 3%


Consolidated Income Statement in 1st Half of 2017

Unit: NT$, Thousand

2017/06/30 2016/06/30 YOY

Sales Revenues 32,479,440 100% 31,788,598 100% 2.2%

Operating costs (30,105,962) -92.7% (28,851,536) -90.8% 4.3%

Gross Profit 2,373,478 7.3% 2,937,062 9.2% -19.2%

Operating expenses (1,020,816) -3.1% (927,869) -2.9% 10.0%

Operating income 1,352,662 4.2% 2,009,193 6.3% -32.7%

Total non-operating income

and expenses 879,371 2.7% 7,694 0.0% 11,329%

Profit before income tax 2,232,033 6.9% 2,016,887 6.3% 10.7%

Income tax expense (331,957) -1.0% (465,865) -1.5% -28.7%

Profit for the period 1,900,076 5.9% 1,551,022 4.9% 22.5%

Profit attributable to Owners

of the parent 1,657,531 5.1% 1,028,778 3.2% 61.1%

Total basic earnings per

share 2.18 1.35

28


Consolidated Balance Sheet in 1st Half of 2017

Unit: NT$, Thousand

2017/06/30 2016/06/30 2017/06/30 2016/06/30

Current assets* 47,487,187 48,050,606 Current liabilities 38,074,466 38,019,557

Financial assets 1,257,037 1,083,283 Non-current liabilities 5,194,840 5,676,556

Non-current assets 15,186,626 14,558,797 Long-term borrowings 2,093,150 2,437,150

Property, plant and

equipment 6,714,693 6,873,492

Other non-current

liabilities 3,101,690 3,239,406

Intangible assets 91,738 86,263 Total Liabilities 43,269,306 43,696,113

Other non-current

assets 8,380,195 7,599,042 Total equity 19,404,507 18,913,290

Total assets 62,673,813 62,609,403 Total liabilities and

equity 62,673,813 62,609,403

Cash and cash equivalents:NT$15.1bn

29

Unit: NT$, Million

2012 2013 2014 2015 2016

Sales Revenues 60,522 52,223 57,692 67,058 70,510

Growth (%) 7.5 -13.7 10.5 16.2 5.1

Gross Profit 5,159 4,217 4,374 5,436 6,186

Margin (%) 8.5 8.1 7.6 8.1 8.8

Net Income Before Tax 3,453 2,510 3,165 3,321 3,978

EPS (NT$) 3.32 2.22 2.79 2.69 2.92

Cash DPS (NT$) 2.84 1.99 2.23 2.4 2.6

Stock DPS (NT$) 0 0 0 0 0

Payout Ratios(%) 85.5 89.6 88.8 89.2 89.0

New Contract Amount 60,173 66,924 77,866 64,458 85,636

Total Backlog 153,228 163,517 187,102 190,465 203,226

Financial Data Summary

30 30


Dividend Payout

31

Unit: NT$

2.13

2.41 2.65

2.91

3.22 3.32

2.22

2.51 2.69

2.92

1.74 1.92

2.37 2.42

2.76 2.84

1.99 2.23

2.40 2.60

87%

80%

89%

83% 86% 85%

90% 89% 89% 89%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

EPS Cash DPS Cash Dividend Payout Ratio(%)

2

Contents

Company Overview

Business Operation


Business Outlooks


Taiwan

Hydrocarbon:18bn

Infrastructure, Environment, and Power:38.5bn

Total Amount

Hydrocarbon:533.1bn

Infrastructure, Environment and Power:104.3bn

China

Hydrocarbon:20bn


CIS and Others:

Hydrocarbon:1.1bn

2017Q4~2018Q3 Potential Opportunities

33

United States

Hydrocarbon:90.3bn

Unit：NT$

Southeast Asia

Hydrocarbon:87.4bn


Middle East

Hydrocarbon:273.3bn

Infrastructure, Environment, and Power:6bn

India

Hydrocarbon:43.0bn


Documents

23 October 2017 - CTCI 中鼎集團 · Sub-total Beijing Shanghai Thailand Vietnam India Malaysia MIEI 1,417 503 99 344 198 175 98 CTCI Has over 40 subsidiaries in 15 countries with