Taiwan’s Leading International Engineering Firm

CTCITaiwan’s Leading International Engineering FirmTaiwan’s Leading International Engineering Firm

CTCI

按一下以編輯母片標題樣式按一下以編輯母片標題樣式

Company OverviewBusiness Operation

Financial HighlightsFinancial Highlights

Looking Forward

CTCI/ Investor RelationshipCTCI/ Investor Relationship2

Who we are Company Overview

Taiwan’s Largest Engineering, Procurement and Construction

(“EPC”) Company- Over 50 years of industry experience (includes the experience of the funder, CTCI Foundation)

- Involved in numerous landmark Taiwan projectsInvolved in numerous landmark Taiwan projects

Offering Specialized Turn-key EPC Solutions - Primarily serving in hydrocarbon market, then diversified ourselves into power, infrastructure, and y g y , p , ,

environmental industries

Significant Domestic and Overseas Experiences- Established presence in Mainland China, Southeast Asia, and the Middle East

- Designated partner of several major internationally renowned companies

One of Asia’s Largest EPC Players One of Asia’s Largest EPC Players

- Total workforce of 5,400 engineers /over 7,000 employees worldwide

- Ability to bid for EPC contracts up to US$ 2 billion in size

- Ranked as 92th in ENR International Ranking and recognized as one of few qualified main

contractors in the world.


Company Profile

History1959 – China Technical Consultants, Inc. (now renamed as CTCI

Foundation) established1979 – CTCI Corporation founded by CTCI Foundation and two financial p y

organizations 1993 – CTCI was listed in TSE

Paid-in Capital ……………………………… NT$ 7,007M (US$244.15M)

Shareholders’ Equity ………………………NT$ 14,093M (US$491.05M)~as of June 30, 2011 / USD:NTD=28.7

Shareholders’ Structure (August 3, 2011)

CTCI Foundation 8.63%

Foreign

Employees & Public

Shareholders 52.50%


p y38.87%

Comprehensive Service Company Overview

Project Management

Feasibility

Study

& Planning

Engineering Design

(E)

Procurement

(P)

Fabrication Construction

(C)

Commissioning & Maintenance

• Process Design • Market Survey • Equipment Installation and• Piping Design

• Civil and Structure Design

• Instrumentation and Control D i

y

• Enquiry and Purchasing

• Inspection and Expediting

• Shipping, Delivery and Claims

• Equipment Installation and Rigging

• Piping/ Steel StructureFabrication & Erection

El t i l/ I t tDesign

• Electrical Design

• Mechanical and Equipment Design

• Customs Clearance

• Insurance

• Tariffs

• Electrical/ InstrumentInstallation & Wiring

• Civil & Building

• Painting & Insulation• Subcontracting

• Permits and Banking Affairs• Construction Management


Business Areas Company Overview

Petrochemical & Chemical

Refinery

Storage & Terminal

dHydro-carbon

Brewery Winery Pharmaceutical &Waste to Energy

Brewery , Winery, Pharmaceutical & BiotechnologyEnvironment

Resource(i l d

Infrastructure

(includes BOT)

Non-hydro-carbon

Water Treatment


Metal MillsPower

carbon

Environment

Global Network of CTCI Group Company Overview

Up to December 31, 2011

Domestic ManpowerTaiwan 5 698Taiwan 5,698

Global ManpowerJingDing E&C, JDEC (China) 587

ShangDing E&C, SDEC(China) 149

CTCI Thailand (Thailand) 369(Thailand) 369

CIMAS Engineering(Vietnam) 204

CINDA Engineering(India) 145

CAL(KSA) 121CTCI Malaysia (Malaysia) 7Sub-total 1,582

Total 7,280

New Hub:CTCI Singapore: New SubsidiaryCPCL: EPC Center in Middle EastKorea Office: Procurement Center


Italy Branch: Business/Procurement Center in EuropeCTAS: Business Center in USA

Competitive Advantages Company Overview

Comprehensive EPC experiences- Full Knowledge of Major Licensors and EPC FirmsFull 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

managersg

- 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

- Repeat Clients gain through solid track records

Green Energy Business Competitiveness- Ongoing EPC work for polysilicon plant

- Existing and growing waste to energy business and waste water treatment business


g g g gy

- Strategic step-into solar power business

Company OverviewSignificant Track Records (1/3)

Client Project Location

Taiwan Power Lin Kou Power Plant Renewal Project TaiwanTaiwan Power Lin Kou Power Plant Renewal Project Taiwan

Powertec Energy Polysilicon 6000TPA Plant EPC Project Taiwan

Department of Rapid Transit Systems

Taichung MRT Green Line E&M /AFC System Project Taiwan

Land Transport Authority Trackwork EPC Project Singapore

20

11


IBN RUSHD (Sabic Group) IR-II Expansion Project Saudi Arabia

Petronet LNG Expansion Project India

Saudi Kayan (Sabic Group) Amines EPC Project Saudi Arabia

Kimanis Power Power Project 300MW Combined Cycle Power Plant Malaysia

Chinese Petroleum CPCTL 14KBPSD Alkylation EPC Project Taiwan

Dragon Steel NO.2 Sinter Plant Election work Taiwan

20

10

Formosa Petrochemical RDS No.2 Reconstruction Work Taiwan

China Steel Corporation Trackwork, Earthwork and Drainage Taiwan

Corning (Taiwan) Engineering Services of Taichung Display Plant Phase 5 Taiwan

0


Aramco/Total JERP Package Project Saudi Arabia

Saudi Kayan (Sabic Group) Utility Block Project Saudi Arabia

Petronet LNG Project India2

Government of the Macau Special Administration Region

Operation and Maintenance of the Macau Refuse Incineration Plant

Macao

Chinese Petroleum No.6 Naphtha Cracker Project Taiwan

Dragon Steel No. 3 Oxygen Project Taiwan

20

09




PTTAC AN/MMA P j t Th il dPTTAC AN/MMA Project Thailand

Titan Petrochem Propylene /Butadiene Extraction Project Malaysia

PTTUT Central Utility NO.1 PhaseⅠ~Ⅳ/ CUP-Ⅲ Project Thailand

Taipei City Government Taipei MRT Xinyi-Songshan Line Core System Project Taiwan

20

0


Chinese Petroleum RFCC Project Taiwan

Chinese Petroleum HDS Project Taiwan

Dragon Steel Sintering Project Taiwan

08

j

QAPCO Ethylene Package NO.2 Project Qatar

Thai Olefins Olefins Debottlenecking Project Thailand

Taipei City Government Taipei MRT Tucheng Line Power System Project Taiwan

20

07


Saudi Kayan (Sabic Group) EO/EG Project Saudi Arabia

PPCL Phenol/Cumene Project Thailand

Bangchak Petroleum PUBLIC Quality Improvement Project Thailand

PTT/HMC PDH Project Thailand

BASF/ Huntsman MDI/TDI Project China

Oriental Petrochemical PTA Project China

Shanghai LNG Shanghai LNG Terminal Project China

20

06

Formosa Petrochemical Lube Based Oil Project Taiwan

Taiwan High Speed Rail High Speed Rail Project Taiwan

Kaohsiung Rapid Transit Kaohsiung MRT System Low Voltage Power Distribution Project

Taiwan




F Ch i l & Fib SM NO 3 P j t T iFormosa Chemicals & Fiber SM NO.3 Project Taiwan

Formosa Petrochemical Olefin NO3. Project Taiwan

Formosa Chemicals & Fiber Corp. Aromatics NO.3 Project Taiwan

Taiwan Power Dah-Tarn Power Plant Taiwan

20

0

Cli P j L i

Chinese Petroleum North LNG Receiving Terminal Project Taiwan

Taipei City Government Taipei MRT Hsin-Chuang Lu-Chou Line Core System Project Taiwan

Kaohsiung Rapid Transit Corp. Track Work Project Taiwan

5


Ghaed Bassir Petrochemical ABS/SAN Project Iran

Consumer Energy Campball Power Plant DeNOx Project U.S.A

BASF/YPC LDPE Project China

BASF/YPC C1 Project China

CNOOC-Shell EO/EG Project China

Lucite MMA Project China

Ningbo Rayon Acrylic. Fiber MRC Acrylic Fibers Project China20

Xianglu Petrochemical PTA Revamping Project China

CNOOC-Shell Liquid Incineration Project China

SECCO SAR Project China

Nantong SKT New Materials PVDC Project China

00

4

Petron Gas Oil Hydrotreating Project The Philippines

Phu My3 Power Plant Phu My3 CCPP Project Vietnam



Company Overview

B i O i

Financial Highlights

Business OperationFinancial Highlights

Looking Forward


New Contract Awarded in MalaysiaNew Contract Awarded in Malaysia

CategoryCategory PowerPowerCategoryCategory PowerPowerLocation Kimanis Bay, Sabah

Owner Kimanis Power Sdn. Bhd.

Date December 2010

Capacity 300MW Combined Cycle


New Contract Awarded in IndiaNew Contract Awarded in India

LNG Expansion Project awarded in India from repeat ClientLNG Expansion Project awarded in India from repeat Client

Category LNG TerminalLocation Kochi, India

Owner Petronet LNG Limited

Date January 2011

Capacity 2.5 MMTPA to 5.0 MMTPA


New Contract Awarded in SingaporeNew Contract Awarded in Singapore

New MRT project awarded in SingaporeNew MRT project awarded in Singapore

C tC t I f t tI f t tCategoryCategory InfrastructureInfrastructureLocation Singapore

Owner Land Transport AuthorityOwner Land Transport Authority

Date February 2011

Project Trackwork EPC


New Contract Awarded in TaiwanNew Contract Awarded in Taiwan

New MRT project awarded in TaichungNew MRT project awarded in Taichung

CategoryCategory InfrastructureInfrastructureCategoryCategory InfrastructureInfrastructureLocation Taichung, Taiwan

Owner Department of Rapid Transit SystemsOwner Department of Rapid Transit Systems

Date March 2011

Project Green Line, E&M / AFC System


New Contract Awarded in TaiwanNew Contract Awarded in Taiwan

Power Plant Renewal project awarded in Lin KouPower Plant Renewal project awarded in Lin KouCategoryCategory InfrastructureInfrastructureLocation Lin Kou, Taiwan

Owner Taiwan Power Company

Date August 2011

C i 2 400MW C l Fi dCapacity 2,400MW Coal-Fired


Solar IndustrySolar Industry BlueprintBlueprint

Polysilicon EPC WorkCTCI

CTCISolar Cell Partner

Wafer Slicing 15% shares

Solar Cell

Solar Module

Solar Power Plant

KD Holding

Solar Cell Partner

50% shares


1010--Year Business OutlookYear Business Outlook

Sales Revenue Breakdown

2010 2020Others , 9%

Hi‐Tech 6%

Others, 7%

Green Energy, 7%Hi‐Tech, 6%

Environment, 7%

gy,

Environment, 8%

IEPBO , 9%HBO , 69%

Hi‐Tech, 9%

HBO , 45%

IEPBO , 24%


Ongoing Projects in Middle EastOngoing Projects in Middle East

Project PetrochemicalsjLocation Jubail Industrial City

Owner Saudi Kayan, SABIC Group

Awarded Year 2010

Capacity 40 KTA Ethoxylates;100 KTA Ethanolamines

Project PetrochemicalsPetrochemicals

Location Yanbu Industrial City

Owner Arabian Industrial Fibers Company (IBN RUSHD, SABIC Group)

Awarded Year 2010Awarded Year 2010

Capacity 700 KTA PTA (from 350 KTA)1300 KTA Sulfolane460 KTA p-Xylene 160 KTA B

Project RefineryLocation Jubail Industrial City160 KTA Benzene Location Jubail Industrial City

Owner Aramco / Total

Awarded Year 2009

Capacity 400 KPSDCapacity 400 KPSD


2011 New Contracts and Breakdown2011 New Contracts and BreakdownOthers, 4% Refinery, 1%

Hi‐Tech, 1%Storage&Terminal, 3%

Petrochemical 5%New Contracts Petrochemical, 5%

Chemical, 12%

71 77180,000

New ContractsIn TWD million

Infra‐Structure, 13%Power, 61%

71,771

60,232 54,935

67,596

60,000

70,000

Others, 1% India, 3%40,000

50,000

Singapore, 5%

China, 6%

20 000

30,000

0

10,000

20,000

Taiwan, 85%

0

2008 2009 2010 15/08/2011


2011 Backlog and Breakdown2011 Backlog and Breakdown

Backlog

Incineration, 1% Environment , 1%Steel, 2%Hi‐Tech, 3%

General Industry, 5%

180,000In TWD million

173,283*

Storage&Terminal, 5%

Chemical, 6%Power, 37%

138,565 140,000

160,000 Infra‐Structure, 7%

Refinery,10%

86,703

100,811 100,094 100,000

120,000

Thailand 1% Singapore 2%

Refinery, 10%

Petrochemical, 23%

60,000

80,000 Thailand, 1% Singapore, 2%China(Incl. Macau and HK), 4%

India, 5%

Malaysia, 6%

20,000

40,000

Saudi Arabia, 11%

*New backlog includes Group O&M

0

2008 2009 2010 15/08/2011


g pcontracts Taiwan, 71%

11st Half st Half 2011 2011 Revenue BreakdownRevenue Breakdown

Revenue Breakdown by Category Revenue Breakdown by Location

Other, 2%

l d

y g y

Oth 3%

Revenue Breakdown by Location

General Industry, 1%Steel, 4%

Hi‐Tech, 5%

Petrochemical, 30%

Others, 3%

Thailand, 4%

India, 7%

Power, 7%

Incineration, 7%

China, 8%

Storage&Terminal, 8%Middle East,

12%

Infrastructure, 8%

f

Taiwan, 66%

Refinery, 28%



Company Overview

Business Operation


Looking Forward



3Q11 Income Statement3Q11 Income Statement

TWD '000TWD 000

Accumulated 30/09/2011 30/09/2010 YOY

Revenue 38 448 983 100 00% 33 217 820 100 00% 15 75%Revenue 38,448,983 100.00% 33,217,820 100.00% 15.75%

Cost (35,033,682) ‐91.12% (30,336,878) ‐91.33% 15.48%

Gross Profit 3,415,301 8.88% 2,880,942 8.67% 18.55%

Operating Expense (1,247,245) ‐3.24% (1,343,725) ‐4.05% ‐7.18%

Operating Income 2,168,056 5.64% 1,537,217 4.63% 41.04%

Non‐Operation Net 352 856 0 92% 274 506 0 83% 28 54%Non‐Operation Net 352,856 0.92% 274,506 0.83% 28.54%

Net Income (after tax) 1,762,344 4.58% 1,274,531 3.84% 38.27%

Reported EPS (after tax) 2.52 1.91 31.94%


3Q11 Balance Sheet3Q11 Balance Sheet

(TWD '000) 30/09/2011 30/09/2010 30/09/2011 30/09/2010

Current Assets* 38,243,581 39,483,879 Current Liabilities 29,043,255 32,219,310

Funds and Investment 1,422,867 1,137,007 Long‐term Liabilities 5,158,548 5,209,527

Fixed Assets 10,516,926 10,818,428 Other Liabilities 1,629,153 1,397,133

Intangible Assets 209,042 201,961 Total Liabilities 35,830,956 38,825,970

Other Assets 484,184 493,726Other Assets 484,184 493,726

Shareholders' Equity 15,045,644 13,309,031

Total Asset 50,876,600 52,135,001 Total Liabilities & Shareholders' Equity

50,876,600 52,135,001

*Including total cash and cash equivalents TWD15.9bn


Financial Data Summary

in NT$ million, except per share data

2005 2006 2007 2008 2009 2010

Revenues 31,519 33,582 43,954 52,244 47,098 51,877

% Growth 43% 6.50% 30.90% 18.86% ‐9.85% 10.15%

Gross Profit 1,927 2,186 3,065 3,369 3,668 4,289

% Margin 6.10% 6.50% 6.97% 6.45% 7.79% 8.27%

Net Income 775 997 1,307 1,516 1,692 1,961

Reported EPS 1.32 1.67 2.12 2.41 2.65 2.91

Cash DPS 1 1.32 1.74 1.92 2.37 2.43

Stock DPS 0.079 0.21 0.12 0 0 0

Payout Ratios 81.74% 91.62% 87.74% 79.67% 89.43% 83.51%y

New Contract Amount 15,927 70,534 18,516 71,771 60,232 54,935

Total Backlog 53 685 91 864 67 110 86 703 100 811 100 094


Total Backlog 53,685 91,864 67,110 86,703 100,811 100,094

＊ Consolidated Basis

Financial Snapshot

Unit: TWD

15.62% 16.01% 16.27%2.91

3 00

3.50

16.00%

18.00%

11.65%

14.27%

2.12

2.41 2.65

2.50

3.00

12.00%

14.00%

6 97%7.79% 8.27%

1.67

2.12

2.00

8 00%

10.00%

12.00%

6.50% 6.97%6.45%

5.39%6.24%

6.77% 6.78% 6.72%

1.00

1.50

6.00%

8.00%

0.50 2.00%

4.00%

0.00 0.00%

2006 2007 2008 2009 2010

Gross Margin ROE ROA EPS

CTCI/ Investor RelationshipCTCI/ Investor Relationship

Gross Margin ROE ROA EPS

28


Company OverviewB i O tiBusiness Operation


g g

Looking Forward


2011 Strategy Overview2011 Strategy Overview

Selective bidding for better profit margin“ l ” b d d d l f h “ d ”– “Blue ocean” strategy to be adopted to avoid slim-profit EPC in the “red ocean”

– Main focus in Southeast Asia, India and China as well

Active marketing efforts in categories “green energy” and maintenance

– Explore actively in “green energy” sector with track record of turn-key service for Pollysiliconplant in China 2010 and one on-going project in Taiwan currently

– Revamping/maintenance service for out-of-date petrochemical plants, power plants, and incinerators etc.

Business collaboration with partners for generating synergy – Tracking M&A deal of LNG sector worldwide and local EPC partners in Southeast Asia – Signed mutual collaboration agreement with Chiyoda to improve non-hydrocarbon business

Enhancement of overseas and local subsidiaries’ operation – Continuing expansion of EPC capability of subsidiaries in Beijing, Vietnam, India and Saudi

Arabia – Active feasibility study for new business development e.g. recycle of waste materials


22ndnd Half 2011 Potential OpportunitiesHalf 2011 Potential Opportunities

TWD 330 Bn TWD 170 Bn

17%90%

100%

Estimated

TWD 330 Bn TWD 170 Bn

13%

7%49%

70%

80%

Estimated potential

opportunities13%

1%50%

60%

70% opportunities

TWD500 Billion

63% 35%

1%

30%

40%

50% TWD500 Billion

63% 35%

20%

30%Taiwan

China15%

0%

10%

Hydrocarbon Non-hydrocabon

South East Asia (Including India)

Middle East


Hydrocarbon Non hydrocabon Middle East

Potential Opportunities in Middle EastPotential Opportunities in Middle East

UAEUAETakreer Refinery PlantTakreer Refinery Plant

Petrochemical Plants

S di A biS di A biSaudi ArabiaSaudi ArabiaSabic Group Petrochemical Plants

Aramco Group Refinery Plants

QatarQatarRefinery Plant

Eth l Pl tp y

Power and Desalination Plant

KEMYA Petrochemical Plants

Ethylene Plant

Furnaces Project


Potential Opportunities in AsiaPotential Opportunities in Asia

Hong KongHong KongI i t DBO P j t

ThailandThailand

Incinerator DBO Project

Vi tVi t

Small and Biomass Power Plant

Bangkok MRT Project

P t h i l Pl t

SingaporeSingaporePP LDPE Plants VietnamVietnam

Steel Plants invested by Taiwan Co.

Coal-Fired Power Plants

Petrochemical Plants PP, LDPE Plants

MRT Project

Coal Fired Power Plants

MRT Projects

Petrochemical PlantM l iM l i

IndiaIndiaPetrochemical Plant

MalaysiaMalaysiaPower Plants

Petronas RAPID Projects

Steel Plant

LNG Project

Petronas RAPID Projects

MRT Project


Potential Opportunities in ChinaPotential Opportunities in ChinaJDECJDECFormosa Group at Ningbo• PVC Project• PVC Project• IIP Project• Phenol Project

Lucite MMA Project

Borouge PP Project

P l ili P j

SDECSDEC

Polysilicon Project

AUO Hi-Tech Plants

Corning Hi-Tech Plant

CHIMEI MEP and CR Projects

TPK MEP and CR Projects

Compal MEP Project

Motech MEP Project


Major Opportunities in TaiwanMajor Opportunities in Taiwan

Project Investor Investment Budget

Talin Power Plant Renewal Project Taiwan Power TWD 77 Billion

T h i P Pl t R l P j t T i P TWD 68 BilliTunghsiao Power Plant Renewal Project Taiwan Power TWD 68 Billion

Linkou Power Plant Silo Project Taiwan Power TWD 10 Billionj

Sewerage System BOT Project Tauyuan County -

Taipei MRT Wanda Line Project Taipei DORTS -


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Taiwan’s Leading International Engineering Firm