Slide 1: Full Year Results 30 June 2004
FULL YEAR RESULTS 30 June 2004 John Grill, Managing Director & Chief Executive Officer David Housego, Chief Financial Officer 24-Aug-04 fe HYDROCARBONS | MINERALS, METALS & CHEMICALS | INDUSTRIAL & INFRASTRUCTURE | POWER, WATER & DEVELOPMENTS
Slide 2: Worley Background
Worley Background a Leading professional services provider to the Energy, Resource and Compiex 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 -—>] Concept Eng’g [>| Front-en
Slide 3: Worley International Operations
Worley International Operations Trinidad @ New Zealand 18 Countries 46 Offices Over 4500 Personnel Nee ee
Slide 4: 2004 Performance
Worley 2004 Performance a EBIT growth of 25.7% to $40.4m # Record annual net profit of $30.7m, an increase of 18.8% a Revenue growth of 8.5% to $514.8m a Net margin increase to 6.0% from 5.5% a Outstanding performance of Minerals, Metals & Chemicals group a Positive outlook for 2005 = Improved safet
Slide 5: Significant Wins & Extensions
Worley Significant Wins & Extensions _ Maison Worley — BG Trinidad Central Block Facility Kufpec Oseil Development - Indonesia Worsley DCP Qenos SCAL1 Conversion Project Orica Yarwun3 AN Expansion — DNV-CPC Gas Pipeline - Taiwan PetroCanada Alliance IDENTIFY 1 Licences Exploration Strategic Fit SELE
Slide 6: Hydrocarbons
Worley Hydrocarbons Solid result for 2004 Revenue $356.0m ~ 70% of Group total EBIT $36.0m — Margin 10.1% Americas performance strong, particularly 2nd Half MEG Worley Canada : WorleyParsons Energy Services 4 - 62% Revenue growth Trinidad South East Asia continued excellent performance in the year R
Slide 7: Hydrocarbons
Worley Hydrocarbons a Australia and New Zealand performed well and in line with expectations Umm Shaif extended FEED for Adma Opco Number of promising Front End jobs underway Woodside performance in line with expectations Outlook Hydrocarbons outlook positive a Historically high oil prices a Increas
Slide 8: Minerals, Metals & Chemicals
Worley Minerals, Metals & Chemicals Outstanding result in 2004 Revenue $94.7m — 42% growth (130% in 2003) EBIT $14.9m — Margin 15.8% Long term alliance uptake continues Clear value proposition to clients adepting alliance contracting Ongoing ability to extend services performed within alliance Major
Slide 9: Minerals, Metals & Chemicals Outlook
Worley Minerals, Metals & Chemicals Outlook Positive Demand for light metals, nickel and iron ore, remains high Requirement for both capacity expansions on existing facilities as well as greenfield and associated infrastructure developments — Australia and internationally increasing acceptance of al
Slide 10: Industrial & Infrastructure
Worley Industrial & Infrastructure # Solid result for 2004 Revenue $33.7m — 23% growth EBIT $2.4m — Margin 7.3% # Continue to add depth and capability in this sector Geotechnical and environmental areas expanded in 2004 # Important part of integrated process capability Feasibility evaluation for maj
Slide 11: Power, Water & Developments
Worley Power, Water & Developments a Commercial operation of Esperance Energy Project # Development Fee recognised 2"¢ Half Result of 2004 ($1.1m) = Successful first development: Medium term outlook for EEP is excellent Current intention is to hold equity Outlook a EEP has excellent prospects for me
Slide 12: China
Worley China 50% acquisition of MEC Group Will move to 75% over 5 years a Services to International and Chinese clients Worley process sectors a In-country project execution and connections = Access to low cost design services uw Leverage Worley systems, EPCM and alliance capability and network = Ex
Slide 13: Financial Performance
Worley Financial Performance 2002 Proforma 2003 2004 2004 Actual Actual Actual Growth Aggregated Revenue $437.8 $474.4 $514.8 8.5% EBITDA $33.5 $41.5 $49.0 18.1% EBIT $25.9 $32.1 $40.4 25.7% Margin % 5.9% 6.8% 78% Net Profit $17.7 $25.9 $30.7 18.8% Margin % 4.0% 5.5% 6.0% Dividend (cents per share)
Slide 14: Financial Performance
Worley Financial Performance 2002 Proforma 2003 2004 Actual #039;m Actual #039;m Actual #039;m Summary of cash flows Operations 29.7 28.0 13.2 Investing (6.3) (6.7) (13.9) Financing (4.2) (5.3) (15.7) Net 19.2 16.0 (16.4) Ratios/Statistics Effective tax rate % 29% 21% 25% Net franking balance #039;m 14.0 11.5 1
Slide 15: Dividend and Foreign Exchange Impact
Worley Dividend and Foreign Exchange Impact Dividend a Fully franked final dividend 6.5 cents per share = Payable 30th September 2004 a Franking balance $12.6m (19.7 cents per share) a Payout ratio of 58% Foreign Exchange Impact u USD average rate to AUD 2004—71.12¢ 2003 — 58.65¢ a Negative impact o
Slide 16: Conclusion
Worley Conclusion In 2004 Worley has made significant progress in achieving its strategic goals and objectives 1. Outstanding Operational and Corporate Performance « Improved safety performance LTIFR 0.47 (0.65) TRIFR 2.82 (4.24) #» Earnings growth of 18.8% # Return on equity of 24% (normalised retu
Slide 17: Conclusion
Worley Conclusion 2. Long Term Contracts = Alliance uptake continues, particularly in Minerals, Metals & Chemicals =a lraq reconstruction contract a Loss of ESSO retrofit contract a Remain on track to deliver 50% of revenue through long term contracts 3. Success in Project Delivery a Recognised incr
Slide 18: Conclusion
Worley Conclusion 4. Comprehensive Geographic Presence and Industry Capability a International operations and clients now >50% of business a Hydrocarbons business now an international business =u Non Hydrocarbon sectors are moving internationally and are well positioned to accelerate access 5. Ident
Slide 19: Outlook for 2005
Worley Outlook for 2005 “The outlook for the Worley Group remains strong. We start the new financial year with all of our key markets and sectors having positive conditions, in particular Hydrocarbons and Minerals, Metals & Chemicals. We are well positioned throughout the business to respond to thes