Slide 1: Full Year Results 30 June 2005
WorleyParsons resources & energy FULL YEAR RESULTS 30 June 2005 John Grill, Chief Executive Officer David Housego, Chief Financial Officer 25 August 2005 HYDROCAREONS | POWER | MINERALS & METALS | NFRASTRUCTURE
Slide 2: Background
WorleyParsons Background resources & energy @ Leading professional services provider to the Energy, Resource and Complex Process Industries @ Across all phases of projects 1 2 3 4 5 IDENTIFY SELECT DEFINE EXECUTE OPERATE Licences Appraisal Asset Dev't Plans Detailed Design Maintain Exploration [>] C
Slide 3: Highlights
WorleyParsons resources & energy Highlights Record annual net profit of $57.7 million up 87.7% EBIT growth of 120.7% to $89.2 million EPS (before amortization) up 64.2% to 37.6 CPS Improved safety performance Final dividend up 92.3% to 12.5 cents per share Positive outlook for 2006
Slide 4: Integration Update
WorleyParsons Integration Update resources & energy Organizational performance strong, positive client and staff response Integration on track after 9 months of operations e Management structure in place e Systems selection and integration underway e Revenue and cost synergies emerging Joint venture
Slide 5: Significant Wins & Extensions
WorleyParsons resources & energy Significant Wins & Extensions Saudi Aramco Refinery Sizing Study Rusal Dian-Dian Pre-feasibility Woodside Browse LNG Hellyer Metais Project Bankable Feasibility Peak Downs 10Mtpa Feasibility _ Rasgas (Gatar} — Drilling Platform Studies ADMA OPCO - Topside Modificatio
Slide 6: Canada Acquisition
WorleyParsons resources & energy Canada Acquisition Subsequent Event Purchase of the remaining 50% share in Canadian joint venture WorleyParsons MEG Acquisition price A$13.4m. Consideration comprises A$9.8m cash and deferred payment A$3.6m (est) Revenue in 2005 A$45.0m Canada offers significant grow
Slide 7: Aughinish Alumina
WorleyParsons resources & energy Aughinish Alumina
Slide 8: Financial Performance
WorleyParsons Financial Performance resources & energy $m % 2005 2004 Aggregated Revenue 168.0 1,379.5 514.8 EBIT 120.7 89.2 40.4 EBIT margin 6.5% 7.9% Profit before tax 109.8 85.4 40.7 Net Profit 87.7 57.7 30.7 Net Margin 4.2%, 6.0% Normalized EPS (cents per share) 64.2 37.6 22.9 Basic EPS (cents p
Slide 9: Financial Highlights
WorleyParsons Financial Highlights resources & energy $m 2001 2002 2003 2004 2005 Aggregated Revenue 313.8 437.8 474.4 514.8 1,379.5 EBIT 17.6 25.9 32.1 40.4 89.2 EBIT Margin 5.6% 5.9% 6.8% 7.9% 6.5% Net Profit 12.3 17.7 25.9 30.7 57.7 Net Profit Margin 3.9% 4.0% 5.5% 6.0% 4.2% CAGR’ 43.7% 45.0% 35.
Slide 10: Change in Net Profit
WorleyParsons resources & energy Change in Net Profit x ®D = Ce 12.0) 3 “2 id o o (4. c= 32 3 ; va = >oG 2 s “o oe € id @ 5a 2 cy © Oo 5 £ fa ec so g = > oa mo = Oo < 9 Zz oA © ri 3 i391 a
Slide 11: Group Cash Flow
WorleyParsons Group Cash Flow resources & energy $m 2005 2004 Cash flow operations 91.1 13.2 Cash flow investing (414.5) (13.9) * Investment in jv/‘bolt-on’ (9.9) (10.6) * Investment in acquisition (348.2) - * Commitments on acquisition (34.9) - * Property plant and equipment (16.2) (3.2) Cash flow
Slide 12: Financial Position
WorleyParsons Financial Position resources & energy $m 2005 2004 Cash 66.5 24.1 Totai Current Assets 404.4 129.4 Totai Assets 828.0 238.8 Total Short-Term Debt 2.8 10.8 Totai Current Liabilities 342.7 85.4 Long-term Debt 71.5 - Shareholder’s Equity 380.6 138.8 Return on Equity (%) 22.0% 23.7% Normal
Slide 13: AIFRS Transition
WorleyParsons AIFRS Transition resources & energy $m 2005 Net profit FY2005 57.7 Write-back goodwill amortization exclude impairment 13.7 Tax effect: eGoodwill amortization # ($3.5) eCapital raising ($1.6) eTrade name amortization $0.5 Net profit AIFRS FY2005* $66.8 # Deductible for income tax * Bes
Slide 14: Capital Management
WorleyParsons resources & energy Capital Management Net Debt $7.7m ($74.2m Debt/$66.5m Cash) $70m - $120m bonds and Letter of Credit to support business Ongoing Capex in business $8m - $15m approximately Dividend payments increased in year e 71% payout of net profit e Franking position will change i
Slide 15: LNG Liquification Train - Woodside
WorleyParsons LNG Liquification Train - Woodside resources & energy Ge ( oo Ly
Slide 16: Hydrocarbons Operational Highlights
WorleyParsons resources & energy Hydrocarbons Operational Highlights @ Strong result for 2005 e Aggregated revenue $988.4m (72% of Group total) e Up 177% from $356.9m (2004) e EBIT $102.8m (margin 10.4%) e All operations profitable @ PEC business performed ahead of expectations e High levels of proj
Slide 17: Hydrocarbons Operational Highlights
WorleyParsons resources & energy Hydrocarbons Operational Highlights Material contracts awarded in 2005 @ PNG Gas Project Front End Engineering Design (FEED) for Esso Highlands Ltd (EOS joint venture 50/50 with KBR) @ EOS joint venture awarded FEED contract for Angel Gas development, offshore Wester
Slide 18: Hydrocarbons Outlook
WorleyParsons resources & energy Hydrocarbons Outlook @ Outlook remains positive in 2006 @ Strong basis for continued growth: @ Historically high oil prices e Increasing demand for gas e Continued development of major FEED and EPCM projects e Ongoing capital expenditure for maintaining and upgrading
Slide 19: Power Operational Highlights
WorleyParsons resources & energy Power Operational Highlights Significant growth from Parsons E&C (#4 service provider in US market*) Positive market conditions in our key markets Initial contribution from Singapore power business (DRPL) Aggregated revenue of $172.4m, 613% increase from $28.1m in 20
Slide 20: Power Operational Highlights
WorleyParsons resources & energy Power Operational Highlights @ Burns & Roe Worley secured significant contracts during the year in Australia and New Zealand @ The Exmouth Energy Project, WorleyParsons’ second power development, reached financial close in the year ($6m equity commitment) « Developme
Slide 21: Minerals & Metals Operational Highlights
WorleyParsons \j(,.;15 8 Metals Operational Highlights resources & energy @ Aggregated revenue of $159.8m e Revenue increase, 67.6% over 2004 ($95.4m) e EBIT $24m margin of 15.0% @ Major projects e Worsley Alumina EPCM for BHP Billiton e Aughinish Alumina EPCM (Republic of Ireland) e Orica Yarwun 3
Slide 22: Minerals & Metals Outlook
WorleyParsons Minerals & Metals Outlook resources & energy @ Outlook for the Minerals & Metals sector remains positive @ Expecting modest growth in 2006 e Key factor will be conversion of major projects from feasibility to FEED/EPCM in the year @ Focus in 2006: e Continued development of EPCM contra
Slide 23: Infrastructure Operational Highlights
WorleyParsons resources & energy Infrastructure Operational Highlights @ Revenue $59.2m, 56.4% growth in 2005 @ EBIT of $7.1m (2004 $2.4m) @ Feasibility and siting studies for major resources and energy projects in high demand @ Focus on transport and water sectors Outlook &@ Important component of
Slide 24: Strategy Differentiators
WorleyParsons Strategy Differentiators resources & energy 2005 1. Industry leadership in health, safety and environmental v performance 2. Outstanding operational and corporate performance 3. Focus on long-term contracts, integrated service contracts and v alliances Success in project delivery — lar
Slide 25: Outlook
WorleyParsons Outlook resources & energy We expect the markets for WorleyParsons’ services will continue to be strong. Our key markets and sectors continue to experience positive conditions, in particular hydrocarbons and power. As a result of the integration and exploitation of the synergies with P