Full Year Results 2009 1 Overview Good performance for the 2009 - PDF document

Full Year Results 2009 1

Overview Good performance for the 2009 Financial � Year Challenging markets for oil sands in � Canada and minerals & metals in Australia US, Europe, Middle East, and other � markets in Canada and Australia experienced strong operating conditions Kashagan Full Field Development, Kazakhstan 2

Financial Highlights Net profit after tax $390.5M Up 13.6% � Aggregated revenue $6,225M Up 27.0% � EBITDA $693.2M Up 18.1% � Operating cash flow $546.4M Up 175% � Earning per share 161.1c/s Up 13.0% � Dividend 55 c/s fully franked � Strong financial capacity � 3

Snapshot Consolidated position in mega-project � execution and management Performance underpinned by � extensive long term contracting base Sustainability offering continues to be � well received by customers, leading to projects and opportunities with a significant EcoNomics TM component Quick reaction to shift in market in � Canada and Australia Shell Martinez, USA 4

Safety Performance CATEGORY 2008 2009 Total recordable Case Frequency Rate* 0.14 0.11 Lost Workday Case Frequency Rate* 0.02 0.02 � Some outstanding LTI Free milestones: • 20,000,000 Manhours - Mega EPCM project Saudi Arabia • 10,000,000 Manhours - Mega EPCM project Canada • 9,000,000 Manhours - Fabrication yard Thailand • 6,500,000 Manhours - Construction yard China • 5,000,000 Manhours - Nigeria operations * WorleyParsons applies the US OSHA (United States Occupational Safety & Health Administration) reporting requirements 5

People 4 million workshare hours completed 28,800 personnel 37 countries 6

Mega-Projects Currently involved in 57 “mega- � projects” • Across the full development spectrum- from study to execution � Systems established Harsh and remote climate experience � Woodside Pluto LNG, Australia 7

Mega-Projects Kashagan full field development � SAMREF’s clean fuels project � Taccamol integrated chemical � complex ExxonMobil PNG LNG development � Integrated Gas Development � program management Egypt’s first nuclear power plant � SAMREF Refinery, Saudi Arabia 8

Long Term Contracts Secured 23 new long term contracts � Renewed 9 contracts � Currently servicing over 150 � customers around the world through these long term collaborative contracts Projects focussed on energy � reduction and efficiency increases Continue to invest in our systems and � process in this area Petro Canada facility, Canada 9

Long Term Contracts BP global offshore operations � Chevron strategic contractor � relationships ExxonMobil Malaysia ESA � ConocoPhillips Indonesia ESA � ConocoPhillips Australia ESA � AGIP KCO O&M technical services � in Kazakhstan CNOOC, CNPC frame agreements in � China Bayu Undan Offshore Facility, Australia 10

First in our peer group to fully embed and integrate sustainability into our core � business and project management processes Carbon Optimisation Biological Renewables Advanced Coal Advanced Gas CCS Management and Recovery Solutions 11

Responding to the GFC Revisited our cost base and margins, identified innovative solutions and � refocused our teams across all markets � Reduction in personnel in Canada and Australia Reviewed all internal costs and initiatives, funding those we determined to be � essential Three Executive Directors and Managing Directors in Canada & ANZ have � undertaken a reduction in base salary of between 10% and 15% � “Sharing the pain” with customers is essential in long term relationships Substantially improved operating cash flow in 2009 and subsequent reduction � in gearing 12

Financial Results David Housego Full Year Results 2009 13

Financial Profile AUD $m FY05 FY06 FY07 FY08 FY09 vs. FY08 Revenue 1 1,379.5 2,464.4 3,534.6 4,900.7 6,225.1 27.0% EBITDA 117.0 219.9 353.4 587.0 693.2 18.1% EBITDA margin 8.5% 8.9% 10.0% 12.0% 11.1% (0.9%) Net profit 66.5 139.1 224.8 343.9 390.5 13.6% Net profit margin 4.8% 5.6% 6.4% 7.0% 6.3% (0.7%) 5 Year CAGR 66.2% 67.7% 66.3% Normalized EPS (cps) 2 35.8 66.9 105.4 153.4 172.8 12.6% Cash flow from operating activities 91.1 115.7 195.9 198.8 546.4 174.8% 1 Aggregated revenue 2 Before amortization of intangibles including tax effect of amortization expense 14

Financial Ratios EBITDA Margin % Revenue 1 $m 12.0 6,225.1 11.1 4,900.7 10.0 H2 8.9 8.5 3,534.6 2,464.4 3,259.6 1,379.5 H1 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 Net profit $m Return on Equity % 390.5 32.1 31.3 343.9 25.4 24.5 H2 24.5 224.8 Target ROE: 20% 197.5 139.1 66.5 H1 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 1 Aggregated revenue 15

Change In Net Profit FY09 vs. FY08 500.0 0.3 1.1 (14.4) 116.6 2.6 (20.9) 450.0 (11.9) (19.8) (7.0) 390.5 400.0 $m 343.9 350.0 300.0 250.0 200.0 FY08 Hydrocarbons Power Minerals & Infrastructure Corporate Depreciation & Net Interest Income Tax Minority FY09 Metals & Environment overhead * Amortisation Interest Tax rate 28.6% (FY08: 28.9%) � � FX translation impact ~ $29m net profit vs. FY08. USD 2009 74.9c v’s 2008 89.6c 16

Segment Results FY08 FY09 Change Hydrocarbons Revenue 3,612.5 4,749.1 31.5% EBITDA 438.5 555.1 26.6% EBITDA Margin 12.1% 11.7% (0.4%) Power Revenue 469.2 547.7 16.7% EBITDA 65.4 66.5 1.7% EBITDA / Revenue 13.9% 12.1% (1.8%) Minerals & Metals Revenue 471.1 589.2 25.1% EBITDA 85.3 85.6 0.4% EBITDA / Revenue 18.1% 14.5% (3.6%) Infrastructure & Environment Revenue 342.6 367.6 7.3% EBITDA 49.4 35.0 (29.1%) EBITDA / Revenue 14.4% 9.5% (4.9%) 17

Cash Flow $m FY05 FY06 FY07 FY08 FY09 EBITDA 117.0 219.9 353.4 587.0 693.2 Interest and tax paid (34.4) (54.7) (65.9) (137.4) (215.8) Working capital / Other 8.5 (49.5) (91.6) (250.8) 69.0 Cash flow from operations 91.1 115.7 195.9 198.8 546.4 Key metrics: Net working capital / revenue (%) 4.0% 5.1% 6.8% 8.7% 5.2% DSO (days) 81.3 69.3 77.4 87.4 67.8 Cash from operations / net profit (%) 137.0% 83.2% 87.2% 57.8% 139.9% 18

Cash Flow Cash flow from operations Cash flow from investing activities 600 ‐ (100.0) 500 (200.0) (300.0) 400 (400.0) AUD $M AUD $M 300 (500.0) (600.0) 200 (700.0) (800.0) 100 (900.0) 0 (1,000.0) FY05 FY06 FY07 FY08 FY09 FY05 FY06 FY07 FY08 FY09 Cash flow from financing activities Cash flow from operations up 175% � 1,000.0 � No acquisitions in year; proceeds from 800.0 asset sale; increase in PP&E to 600.0 $148m AUD $M 400.0 Repayment of borrowings; ($100m) � 200.0 increased dividends; no new equity ‐ (200.0) (400.0) FY05 FY06 FY07 FY08 FY09 19

Liquidity & Gearing Key Metrics Jun-07 Jun-08 Jun-09 Liquidity Summary $M Jun-07 Jun-08 Jun-09 Gearing ratio 22.3% 31.4% 25.5% Loan & OD facilities 761.9 1,094.0 1,376.1 Less: facilities utilized (518.3) (735.9) (745.2) Facility utilization 68.0% 67.3% 54.2% Average cost of debt - 6.1% 5.5% Available facilities 243.6 358.1 630.9 Average maturity (years) - 4.6 4.1 Plus: cash 118.6 86.0 178.3 Interest cover 16.0x 11.7x 14.1x Total liquidity 362.2 444.1 809.2 Net Debt/EBITDA 1.1x 1.1x 0.8x Bonding facilities 184.5 221.9 452.5 Bonding facility utilization 55.4% 77.3% 52.9% Refinanced US$190m and A$115m of loan facilities (new syndicated facility limit of � US$300m), US$60m maturing in Feb 2010 and US$240m maturing in Feb 2012 Loan and overdraft facilities of $368.9m to be refinanced in 2010 ($46.8m overdraft) – 58% � of available headroom. $178m cash Bonding and guarantee capacity increased in 2009 to $452m. � 20

Other Final dividend declared of 55 cps; 100% franked � To be paid on 28 th September 2009; record date 3 rd September 2009 • AGM: 27 th October 2009 � � Investor Day: late November 2009 (Date to be confirmed) EPS hurdle for 2010 award. Compound growth of CPI + 8% EPS growth for 3 � years Investor mix at 31 July 2009: � • 25% founders & staff • 25% domestic institutions • 21% foreign institutions • 29% other investors 21

Sector Review & Outlook John Grill Full Year Results 2009 22

Hydrocarbons Major projects executed in 2009 � Revenue $4,749.1M +31% • Shell’s Albian Sands - Canada EBITDA $555.1M +27% • Woodside’s Pluto LNG - Australia Margin 11.7% -0.4% • Petrobras’ Comperj complex - Brazil • SAMREF’s refinery - Saudi Arabia • Saudi Aramco’s Ras Tanura - Saudi Arabia Key awards � • Keystone pipeline expansion - linking oil sands to US refineries • Point Thompson - Alaska • Gas Treatment Plant - Alaska • Polimerica’s Jose Olephins - Venezuela 23

Hydrocarbons OUTLOOK: � Expect similar result as FY09 • Growth in Middle East, US • Offset by - FX on higher Australian dollar - Decline in earnings in Australia - Rebuilding of demand in Canada BP Assets, Gulf of Mexico 24