Worley Limited · ASX:WOR
Worley — WorleyParsons — FY2011 Earnings Presentation
41 slides from Worley's earnings presentation, Aug 24, 2011
Slide 1: Full Year Results 2011
WorleyParsons cesT O a a resources & energy Full Year Results 2011 EcoNomics sess"
Slide 2: Overview
WorleyParsons Overview Tesources & energy > Good result in FY2011 made up of underlying performance in accordance with guidance and fair value gains on acquisitions of associates e Strong underlying second half result (NPAT up 50% half on half) e Well positioned for good growth in FY2012 e 68 signif
Slide 3: Financial Highlights
WorleyParsons Financial Highlights resources & energy Statutory Underlying FY2010Vs Results Results FY2011 Underlying Results” Net profit after tax $299M Aggregated Revenue $5,904M $5,904M Up 19% EBIT $540M $474M Up 11% Operating cash flow $294M $294M Up 5% Basic eamings per share 148.3cls = 121.5c/
Slide 4: Snapshot
WorleyParsons Snapshot resources & energy > Experiencing recovery in all locations and sectors particularly evident in second half > Currency movements and market uncertainties still exist >» Withstood Middle East instability and natural disasters in the second half > Pleasing wins in a recovering C
Slide 5: Snapshot
WorleyParsons Snapshot resources & energy > Continued expansion of operations in the developing world e Kwezi V3 Engineers acquisition in South Africa e Increased share in Saudi Arabia to 75% e Increased share in China to approximately 80% > Secured 37 long-term /mprove contracts in 9 countries e In
Slide 6: Global Reach, Local Operations
For personal use only WorleyParsons Global Reach, Local Operations resources & energy 3.4 million workshare hours completed 35,100 people 143 offices 43 countries EcoNomics
Slide 7: Growing Engagement with Developing World
WorleyParsons Growing Engagement with Developing World Tesources & energy > Significant footprint in: e China, Latin America, Former Soviet Union, Africa, Asia, Middle East > New country entries e Mongolia, Ghana, Namibia, Peru, Columbia > Acquired 100% of South African based KV3 e Now have about 2,
Slide 8: Significant New Awards in FY11
For personal use only [ffl] WorleyParsons Significant New Awards in FY 11 resources & energy Power long term contracts / projects 1 - 1 Minerals & Metals long term contracts / projects 8 Infrastructure & Environment long term contracts / projects 31 Hydrocarbons long term contracts / projects 68 lon
Slide 9: Long Term Contracts
WorleyParsons Long Term Contracts resources & energy > WorleyParsons’ performance continues to be underpinned by our extensive long- term contract base e Seven new global / multi-site agreements e Total of 37 new Improve contracts awarded e 20 contracts renewed e 230 Improve contracts serviced on th
Slide 10: Organisational Structure
WorleyParsons Organisational Structure resources & energy >» Announced new management structure in March 2011 WorleyParsons Board Chief Executive Officer John Grill J Company Secretary and Managing Director Corporate Legal Counsel - Special Projects Peter Janu Craig Reeves Group Managing Director Gr
Slide 11: Safety Performance
WorleyParsons Safety Performance resources & energy > Our safety performance continues to improve > Areas of focus e Road safety e Field and construction HSE activities e Broader emphasis and engagement in Zero Harm message across the business > Highlights e WorleyParsons Europe awarded the Royal So
Slide 12: Financial Results
WorleyParsons 15QG 5 resources & energy Financial Results Andrew Wood EcoNomics zis"
Slide 13: Financial Profile
WorleyParsons Financial Profile resources & energy $m FY 2007 FY 2008 FY 2009 FY 2010 FY2011' vs. FY2010 Aggregated Revenue 3,525 4,882 6,219 4,967 5,904 19% EBIT 319 520 605 427 474 11% EBIT Margin 9.0% 10.7% 9.7% 8.6% 8.0% (0.6%) Net profit 224.8 343.9 390.5 291.1 298.5 2.5% Net profit margin 6.4%
Slide 14: Five Year Financial Profile
WorleyParsons 5 Year Financial Profile resources & energy Net profit $m Aggregated Revenue $m 390.5 6,219.4 343.9 4,882.4 4,967.1 291.1 298.5 224.8 3,525.4 3,256.1 197.5 2,548.1 152.7 ' 2,354.1 Agee 119.2 1,455.8 94.5 = 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 > Effective tax rate of 23.3%
Slide 15: Half on Half analysis
WorleyParsons Half on Half analysis Tesources & energy FY 2011 1st Half 2nd Half Growth % Group EBIT 193 281 474 46% EBIT Margin 6.6 9.4 8.0 Group NPAT 119 180 299 50% Half on Half NPAT 200 5 180 2010 2011 mi istHalf 2nd Half EcoNomics
Slide 16: Change in Net Profit after Tax
WorleyParsons Change in Net Profit after Tax —_ FY 2011 v FY 2010 92 (34) 192 (8.7) (10:3) (29.5) 657 FY10 NPAT Hydrocarbons Power Minerals & Metals Infrastructure & Corporate Net Interest IncomeTax Minority Interest FXImpact FY114NPAT = FairValueGains == FY11NPAT Environment overhead underlying res
Slide 17: Hydrocarbons results by region
AUD $M WorleyParsons Tesources & energy FY11 Aggregated Revenue % by Region USLAC 19% AME 20% E&A18% ANZ 17% Revenue % of Group Canada EBIT Margin 26% Hydrocarbons EBIT Movement by Region FY11 vs FY10 vg 73 (32.3) 400 14.3 FY10 AME ANZ Canada E&A USLAC FXimpact FY11 Hydrocarbons Aggregated Revenue $
Slide 18: Power results by region
USLAC 45% 50.0 WorleyParsons resaurces & energy FY10 FY‘11 Aggregated Revenue % by Region AME 8% E&A19% Power EBIT Movement by Region FY11 vs FY10 ANZ 21% Canada 7% Power Aggregated Revenue $m 546.3 509.4 537.5 437.4 pa 289.3 2177 247.3 188.1 2007 2008 2009 2010 2011 Revenue % of Group 12% 10% 9% 10
Slide 19: Minerals & Metals results by region
AUD §M WorleyParsons resources & energy FY11 Aggregated Revenue % by Region USLAC 12% AME 22% E&A3% Canada 97 Revenue % of Group EBIT Margin Minerals & Metals EBIT Movement by Region FY11 vs FY10 80.0 (16.9) ANZ 54% 45 (2.6) 70.0 60.0 50.0 ANZ Canada E&A USLAC FX FY11 Impact FY10 AME Minerals & Meta
Slide 20: Infrastructure & Environment results by region
WorleyParsons Tesources & energy FY11 Aggregated Revenue %by Region Infrastructure & Environment 702.1 Aggregated Revenue $m USLAC 10% AME 15% 469.8 E&A12% 342.4 350.0 mio 221.3 491.9 162.0 112.4 Canada 16% ANZ 47% 2007 2008 2009 2010 2011 Revenue % of Group 6% T% 6% 9% 12% EBIT Margin 9% 12% 9% 10%
Slide 21: Cash Flow
WorleyParsons Cash Flow fesources & energy $m FY07 FY08 FY09 FY10 FY11 EBIT 319 520 605 427 474 Depreciation and amortization 34 67 88 92 96 Interest and tax paid (66) (137) (216) (186) (125) Working capital / other (91) (251) 69 (53) (151) Net cash inflow from operating activities 196 199 546 280 2
Slide 22: Liquidity & Gearing
WorleyParsons Liquidity & Gearing resources & energy Key Metrics Jun-08 Jun-09 Jun-10 Jun-11 Liquidity Summary$m Jun-08 Jun-09 Jun-10 Jun-11 Gearing ratio 31% 26% 26% 22% Loan & OD facilities 1,094 1,376 1,286 1,277 Facility utilisation 67% 54% 61% 53% Less: facilities utilized (736) (745) (781) (68
Slide 23: Sector Performance and Outlook
WorleyParsons | TRO Bee resources & energy Sector Performance and Outlook John Grill EcoNomics “ez:
Slide 24: Hydrocarbons
WorleyParsons Hydrocarbons resources & energy >» Performance Highlights a ee ag a e Demand for oil and gas in the Aggregated $4,020M_ —-Up 17% developing world continues to Revenue increase driving new developments EBIT $414M Up 10% e Strengthening performance in upstream offshore markets in Asia, R
Slide 25: Key Project Awards
Key Project Awards Tesources & energy WorleyParsons Hydrocarbons MEG Energy — Christina Lake steam assisted gravity drainage Engineering & Procurement(E&P,) Canada BP — Rumaila oil field expansion Front End Engineering Design (FEED), Iraq ConocoPhillips — Jasmine detailed E&P, North Sea Woodside Pet
Slide 26: Hydrocarbons Key Improve Awards and Renewals
WorleyParsons Hydrocarbons resources & energy > Key /mprove Awards and Renewals e Shell— national engineering services agreement for North American terminals and distribution, Canada e Suncor — supplier of choice agreement, Canada e Shell — Brunei Petroleum major project master contract, Brunei e Ch
Slide 27: Hydrocarbons Segment Outlook
WorleyParsons Hyd rocarbo ns resources & energy > Segment Outlook e Growth and strengthening in global greenfield and /mprove markets e Increased focus on natural gas projects, particularly unconventional gas e Crude oil opportunities will remain good e Continued high level of activity in offshore u
Slide 28: Minerals & Metals
WorleyParsons Minerals & Metals resources & energy > Performance Highlights as ee ee ee e Long term relationships developing with Aggregated 644M Up 14% Tier One customers Revenue e Services and presence expanded across EBIT 71M Down 8% ean America — Brazil, Chile, Colombia, Margin 11% Down 3% e Gro
Slide 29: Minerals & Metals Key Project Awards
WorleyParsons Minerals & Metals Tesources & energy > Key Project Awards e Vale —Kronau potash fertilizer project front end engineering, Canada e Anglo American — Chagres smelter expansion pre-feasibility study, Chile e Canteras Del Hallazgo — Chucapaca mine, Peru e Hancock Coal — Alpha Coal pit to p
Slide 30: Minerals & Metals Key Improve Awards and Renewals
WorleyParsons Minerals & Metals fesources & energy > Key /mprove Awards and Renewals e Vale - global framework agreement e Anglo American — framework agreement e Fortescue Metals — group sustaining capital alliance, Australia e BASF - engineering partnership umbrella contracts, Asia and the Americas
Slide 31: Minerals & Metals Segment Outlook
WorleyParsons Minerals & Metals tesources & energy > Segment outlook yv ~ e Growth opportunities expected ORICA ee through implementation of global agreements with Tier One customers e Growth also expected in developing bd =a regions, including Latin America and SaSOl e \o® =k BASF Africa The Chemic
Slide 32: Power
[iia WorleyParsons Pp ower resources & energy >» Performance Highlights eee es Developed markets — investment focus on: Aggregated 538M Up 6% e Asset maintenance and optimisation Revenue e Efficiency improvements EBIT 45M Up 13% e Smart grid and intelligent networks Margin 8% No change e New build i
Slide 33: Power - New Build in Developing World
WorleyParsons POWwer — New Build in Developing World resources & energy > Key Project Awards e China CAMC Engineering — El Vigia combined cycle gas turbine, design and engineering services, Venezuela e PetroVietnam — Thai Binh No.2 coal power plant, detailed design, Vietnam e Akkuyu NGS Elektrik Ure
Slide 34: Power - Improve in Developed World
WorleyParsons Power - /mprove in Developed World resources & energy > Key Improve Awards and Renewals e Loy Yang Power — asset management services, Australia e Verve Energy — Collie Power Station, operations and maintenance, renewed for another 6 years, Australia e Delta Electricity — Vales Point po
Slide 35: Nuclear Power
WorleyParsons Nuclear Power resources & energy > Continues to offer strong growth prospect in new build and nuclear /mprove in response to Fukushima e Program management for new build units — Bulgaria, Armenia, Jordan and Egypt e Feasibility studies — Slovenia, Slovakia, Czech Republic and Russia e
Slide 36: Power Segment Outlook
WorleyParsons Power resources & energy > Segment Outlook e Solid improvement in power generation and networks opportunities across Asia, Middle East, Latin America and Africa e North America markets continue to improve supported by opportunities in asset optimisation, energy efficiency, and integrat
Slide 37: Infrastructure & Environment
WorleyParsons Infrastructure & Environment resources & energy > Performance Highlights aioe | e Expanding global reach building on a Aggregated = =702M Up 49% foundation of expertise in the resources Revenue industry in Australia EBIT 65M Up 36% e Pit to port projects are being pursued Margin 9% Dow
Slide 38: Infrastructure & Environment Key Awards
WorleyParsons Infrastructure & Environment Tesources & energy > Key Project Awards e Port Authority of New York & New Jersey — rail yard, float bridges, rail barge and barge refurbishment, USA e Port Metro Vancouver — container capacity improvement, USA e MPX-—La Guajira pit to port Development, Col
Slide 39: Infrastructure & Environment Segment Outlook
WorleyParsons Infrastructure & Environment resources & energy > Segment Outlook e Global infrastructure and environment opportunities expected to flow into 2012, particularly in Hydrocarbons and Mining sectors e Focus on creating global leadership in Coastal and Marine, Transport, Water and Waste Wa
Slide 40: Summary
WorleyParsons S umm ary 20 1 1 resources & energy > Strong 2" half performance delivered full year result in accordance with guidance > Well positioned for growth with increasing number of people expected to continue All sectors seeing markets improving > Global customer agreements, significant new
Slide 41: Group Outlook
WorleyParsons G rou p Outl ere) k resources & energy Commenting on the outlook for the WorleyParsons Group, Mr John Grill said: “The group result improved through the second half of 2011 and, subject to the markets for our services remaining strong, we expect to achieve good growth in 2012 compared