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CTCI Annual Report 2015 Annual Report CTCI Corporation 89, Sec. 6, Zhongshan N. Rd., Taipei111 11155,55 Taiwan, R.O.C. 89 11155 89 Tel: (886)2-2833-9999Tel: (886)2-2833-9999台北市中山北 路六 段 號 Tel: (886)2-2833-9999台北市中山北路六 段 號 Fax: Fax:(886)2-2833-8833 (886)2-2833-8833 Fax: (886)2-2833-8833 wwwww.ctciw..comctci.com.tw .tw www.ctci.com.tw Notice to readers This English version annual report is a summary translation of the Chinese version and is not an official document of the shareholders’ meeting. If there is any discrepancy between the English version and Chinese version, the Chinese version shall prevail. Spokesperson Name: Ming-Cheng Hsiao Title: Executive Vice President Tel: 886-2-2833-9999 ext. 10099 E-mail: MC.Hsiao @ctci.com.tw Deputy Spokesperson Name: Patrick Lin Title: Chief Financial Officer Tel: 886-2-2833-9999 ext. 16015 E-mail: [email protected] Headquarters and Branches Headquarters Address: 89, Sec. 6, Zhongshan North Rd., Taipei, Taiwan Tel: 886-2- 2833-9999 Branch CTCI CORPORATION ABU DHABI BRANCH Address: Shaikh Sultan Bin Srour Al Dhaheri Building, Al Salam Street, Abu Dhabi Tel: 971-26711572 CTCI CORPORATION ITALY BRANCH Address: Via G. Carducci, 1221013 Gallarate(VA), Italy Tel: 39- 0331 771026 CTCI CORPORATION QATAR BRANCH Address: Office No.6 , 1st Floor, Al-Emadi Business Centre, C-Ring Road, Doha City,State of Qatar. P.O Box: 30261 Tel: (+974) 4451-7383 Stock Transfer Agent KGI Securities Co. Ltd. Address: 5th Fl., 2, Sec. 1, Chung Ching South Rd., Taipei, Taiwan Website: http://www.kgieworld.com.tw/ Tel: 886-2-2389-2999 Auditors PriceWaterHouseCoopers Auditors: Shyh-Rong Ueng, Huei-Shyang Wang Address: 27th Fl., 333, Sec. 1, Keelung Rd., Taipei, Taiwan Website: http://www.pwc.com/tw Tel.: 886-2-2729-6666 Corporate Website http://www.ctci.com.tw Contents I. Letter to Shareholders ........................................................................................................ 1 II. Company Profile 2.1 Date of Incorporation .................................................................................................................. 4 2.2 Company History .......................................................................................................................... 4 III. Corporate Governance Report 3.1 Organization ................................................................................................................................. 5 3.2 Directors and Management Team ............................................................................................... 9 3.3 Remuneration of Directors and Management Team ................................................................. 21 3.4 Implementation of Corporate Governance ............................................................................... 26 3.5 Public Expenses of CPA .............................................................................................................. 71 3.6 Information for change of CPA .................................................................................................. 71 3.7 The Company's Chairman, President and Managers Responsible for Finance or Accounting who have Held a Post in the CPA Office or its Affiliated within the Latest Year .... 71 3.8 Changes in Shareholding of Directors, Supervisors, Managers and Major Shareholders ......... 72 3.9 Information Disclosing the Relationship between any of the Company’s Top Ten Shareholders .............................................................................................................................. 75 3.10 Shareholdings of the Company Directors, Supervisors, Managements, and Direct and Indirect Investments of the Company in Affiliated Companies ................................................. 76 IV. Capital Overview 4.1 Capital and Shares ...................................................................................................................... 77 4.2 Issuance of Corporate Bonds ..................................................................................................... 81 4.3 Preferred Shares ........................................................................................................................ 81 4.4 Issuance of Depository Receipt .................................................................................................. 81 4.5 Employee Stock Options ............................................................................................................ 82 4.6 New Restricted Employee Shares .............................................................................................. 84 4.7 Status of New Shares Issuance in Connection with Mergers and Acquisitions ......................... 84 4.8 Financing Plans and Implementation ......................................................................................... 84 V. Operational Highlights 5.1 Business Activities ...................................................................................................................... 85 5.2 Market and Sales Overview ....................................................................................................... 92 5.3 Human Resources ...................................................................................................................... 96 5.4 Environmental Protection Expenditure ..................................................................................... 98 5.5 Labor Relations........................................................................................................................... 99 5.6 Important Contracts ................................................................................................................. 105 VI. Financial Information 6.1 Five-Year Financial Summary ................................................................................................... 106 6.2 Five-Year Financial Analysis ..................................................................................................... 114 6.3 Audit Committee’s Review Report in the Most Recent Year ................................................... 120 6.4 Consolidated Financial Statements and Independent Auditors’ Report in the Most Recent Year .............................................................................................................................. 121 6.5 Financial Statements and Independent Auditors’ Report in the Most Recent Year ............... 121 6.6 Impact of the Financial Distress Occurred to the Company and Affiliates in the Recent Years until the Annual Report being published ....................................................................... 121 VII. Review of Financial Conditions, Financial Performance, and Risk Management 7.1 Analysis of Financial Status ...................................................................................................... 122 7.2 Analysis of Financial Performance ........................................................................................... 123 7.3 Analysis of Cash Flow ............................................................................................................... 123 7.4 Major Capital Expenditure Items ............................................................................................. 124 7.5 Investment Policy in Last Year, Main Causes for Profits or Losses, Improvement Plans and the Investment Plans for the Coming Year ....................................................................... 124 7.6 Analysis of Risk Management .................................................................................................. 124 7.7 Other ........................................................................................................................................ 130 VIII. Special Disclosure 8.1 Summary of Affiliated Companies ........................................................................................... 131 8.2 Private Placement Securities in the Most Recent Years .......................................................... 152 8.3 The Shares in the Company Held or Disposed of by Subsidiaries in the Most Recent Years .. 152 8.4 Other Supplementary Information .......................................................................................... 156 Appendices 1 Consolidated Financial Statements and Independent Auditors’ Report in the Most Recent Year .............................................................................................................................. 157 2 Financial Statements and Independent Auditors’ Report in the Most Recent Year ............... 279 I. Letter from the Chairman & CEO Dear Shareholders, Friends and Colleagues, In 2015, with all the dedication and hard work of our staff, we continue to grow and make business breakthroughs. I would hereby like to report the 2015 business review, the 2016 strategic plan and blueprint for CTCI as follows: 2015 Business Review a) Operation Results The consolidated sales revenue for 2015 amounted to NTD67.05 billion, increased by NTD9.36 billion, or a 16.23% growth compared to that of 2014. The consolidated operating expenses were NTD2.43 billion, while the consolidated non-operating income was NTD318.7 million. The consolidated net income was reported at NTD2.04 billion, and the earnings per share (EPS) was at NTD2.69. b) Business Achievement The year 2015 has been filled with challenges for all international engineering companies. With a sharp decline in crude oil price, we had seen a substantial recession of refinery and petrochemical
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