Slide 1: Half Year Results December 2004
WorleyParsons Half Year Results 31 December 2004 John Grill, Chief Executive Officer David Housego, Chief Financial Officer 28 February 2005 HYDROCARBONS | MINERALS, METALS & CHEMICALS | INDUSTRIAL & INFRASTRUCTURE | POWER
Slide 2: Background
WorleyParsons Background @ Leading professional services provider to the Energy, Resource and Complex Process Industries @ Across all phases of projects 1 2 3 4 5 ASSESS SELECT DEFINE EXECUTE OPERATE Project Feasibility b,! Development Options bp Finalise Scope pi Produce Asset Lb»! Operate Asset Bu
Slide 3: Global Reach
WorleyParsons Global Reach dy Gacksonville Rig. , Venezuela Ca Mackay ‘2Gladstone Brisbane eck HH _ g Whangarei ais besten ctNood SIRS Fiymoutn 29 countries, 59 offices, 9500 project services personnel EE EE SF EEE EEE SE STS
Slide 4: Financial Highlights
WorleyParsons Financial Highlights @ Improved safety performance in 2004 @ 80.5% rise in net profit after tax to $23.0m @ EBIT growth of 123.6% to $37.1m 40% EBIT growth from pre existing Worley businesses Parsons E&C performs ahead of expectations m@ Interim dividend increased to 7.5 cents @ Integr
Slide 5: Material Contract Announcements
WorleyParsons Material Contract Announcements m@ PNG Gas project FEED for ExxonMobil EOS Joint Venture (ABR / WorleyParsons) [1 PNG Gas to Australian Maritime Border m@ Belene Nuclear Power Plant for NEK WorleyParsons (Reading, USA and Bulgaria) EC) 2x 1,000 megawatt units @ ‘Angel’ Offshore Platfor
Slide 6: Significant Wins & Extensions
WorleyParsons Significant Wins & Extensions Worley BRPL Acquisition (Phases 2-5) BeMax Pooncarrie Project Feasibitity Confidential Alumina Pre Feasibility Rusal Alumina Pre Feasibility Orica Yarwun 3 Project ~ BG india FEED 3 Taiwan Subsea Pipeline 3-4 North Belut Development Ash Disposal Kogan Cree
Slide 7: Sakhalin OPF
WorleyParsons Sakhalin 11 OPF Angel Gas Development FEED OU
Slide 8: Shell Martinez Continuing Services
WorleyParsons Shell Martinez Continuing Services
Slide 9: SE ol
WorleyParsons SE ol TY Kingston
Slide 10: Nuclear Power Plant
WorleyParsons Nuclear Power Plant
Slide 11: Integration Update
WorleyParsons Integration Update @ Organisation performing strongly @ Performance of Parsons E&C ahead of expectations @ Transition implementation plan commenced @ Operations overlap agreed except Saudi operations @ Due Diligence items being closed out Generally more positive than expected (so far)
Slide 12: Integration Update
WorleyParsons Integration Update @ Revenue opportunities emerging Early wins are encouraging [) Marathon Oil LNG study [} Unocal Bangladesh [J BG Gas Plant Trinidad Ef) PNG FEED ExxonMobil @ Cost synergies in line / ahead Insurance (now) IT Services (2006) m@ Access to resources and capability High
Slide 13: Hydrocarbons
WorleyParsons Hydrocarbons m@ Aggregated revenue $416.6m; from $169.6m 145% from prior period Approximately 60% of business on proforma basis m Parsons E&C operations very strong and ahead of expectations, particularly Kazakhstan @ Operations in Australia, South East Asia at expectations @ Middle Ea
Slide 14: Minerals, Metals and Chemicals
WorleyParsons Minerals, Metals and Chemicals @ Aggregated revenue $80.3m 117% from $37.0m & High activity levels across operations Pre feasibility studies for alumina and iron ore EPCM project activity Alliancing @ Will benefit from Parsons E&C’s resources and EPCM capability => High levels of plann
Slide 15: Power
WorleyParsons Power @ Aggregated revenue $64.6m Up 234% Second largest sector on proforma basis @ Parsons E&C capability is impressive Coal de-sulphurisation Nuclear (balance of plant) Transmission and distribution Operations and maintenance @ Global opportunity
Slide 16: Developments
WorleyParsons Developments m@ Esperance Energy Project Operation in line with expectation Additional A Class equity — $3.4m for 12.5% [) Hold 37.5% direct and 6.25% indirect Revaluation to be performed prior to 30 June 2005 @ Exmouth Energy Project Financial Close expected March / April 2005 $30m CA
Slide 17: Acquisition of WorleyParsons Development Resources Pty Ltd (Singapore)
Acquisition of WorleyParsons Development Resources Pty Ltd (Singapore) m@ Project services group of Singapore Power @ Outsourcing of capability from Singapore Power @ Integrate and combine with existing WorleyParsons operations m Regional resource for power projects m@ Adds to Parsons E&C capability
Slide 18: Financial Summary
WorleyParsons Financial Summary Consolidated Half-year % 2004 2003 $°000 $7000 Aggregated revenue UP 142.0 586,537 242,335 Earnings before interest and tax (EBIT) UP 123.6 37,067 16,578 Profit before tax UP 109.0 35,135 16,813 Net profit after tax UP 90.3 24,292 12,762 Net profit attributable to mem
Slide 19: Financial Summary
WorleyParsons Financial Summary Half Year 2004 2003 Cashflow $m $m Operations 42.2 4.6 Investing (388.6) (6.2) Financing 312.6 (8.2) (33.8) (9.8) Cash at Start 16.9 32.8 Cash Acquired 94.6 - Foreign Exchange 7A (1.6) 85.2 21.3 Interest cover 17.1 x - Gearing (ND / ND+E) 5.9% -
Slide 20: Interim Dividend and Foreign Exchange Impact
WorleyP Interim Dividend and orileyr arsons Foreign Exchange Impact Interim Dividend @ Fully franked interim dividend 7.5 cents per share (5.5c) @ Record Date - 22 March 2005 : Payable 7 April 2005 @ Payout ratio of 66% Foreign Exchange Impact m@ USD average rate to AUD 2005 — 73.6c : 2004 — 68.9c
Slide 21: Outlook
WorleyParsons Outlook “It is likely that the market for WorleyParsons’ services will continue to be very strong. Our key markets and sectors continue to experience positive conditions. “We indicated our expectation that the acquisition of Parsons E&C would be earnings per share accretive (pre amorti