WORLEY LIMITED — Annual Report 2012

Aug 28, 2012

==> picture [176 x 44] intentionally omitted <==

Full year results 2012 John Grill

==> picture [49 x 10] intentionally omitted <==

Overview

==> picture [161 x 39] intentionally omitted <==

Good earnings growth delivered in FY2012. Sound platform for further growth in FY2013.

• Strong growth in revenue and cash from operations

• 77 significant new major projects and long term contract awards

• Increasing demand for Improve services

• Majority of revenue generated from key global customers

• Increasing footprint in the developing world continues to create significant opportunities

• Growth in staffing to over 40,800 people

• Successful organisation restructure and CEO succession

• Continued commitment to driving improvement in safety

2

Financial highlights

==> picture [161 x 39] intentionally omitted <==

	Statutory results	Underlying results	FY12 vs. FY11 Underlying results*	FY12 vs. FY11 Underlying results*
Net profit after tax	$353 m	$346 m		16%
Aggregated revenue	$7,408 m	$7,363 m		25%
EBIT	$538 m	$530 m		12%
Operating cash flow	$438 m	$438 m		49%
Basic earnings per share	143.7 c/s	140.6 c/s		16%
Final dividend	51.0 c/s
Full year dividend	91.0 c/s

The IFRS financial information contained within this presentation has been derived from the 30 June 2012 Financial Report which has been audited by Ernst & Young. This presentation however has not been audited.

3

• The underlying result for FY2012 and FY2011 excludes the fair value gain on acquisition of associates of $7.6m and $65.7m respectively.

==> picture [139 x 41] intentionally omitted <==

Safety performance

==> picture [354 x 416] intentionally omitted <==

• We incurred three work related fatalities during the year, two from road accidents and one from a bacterial infection

• Safety remains a major focus in our business

• We strive for year on year improvement but this was not achieved in FY2012

• Total Recordable Case Frequency Rate (TRCFR) was 0.12 (FY2011: 0.11)

• Lost Workday Case Frequency Rate (LWCFR) was 0.03 (FY2011: 0.03)

• We are renewing our efforts for continued improvement with company wide focus on

• Road safety

• Field and construction HSE activities

• Project start up activities

• Active engagement of our leadership teams in HSE programs

4

Snapshot

==> picture [161 x 39] intentionally omitted <==

• Continued growth in Hydrocarbons and Minerals, Metals & Chemicals particularly in Canada, Australia and the USA

• Hydrocarbons and Minerals, Metals & Chemicals increasingly dominated by top tier companies

• Game changing developments and ever growing demand for energy globally is driving unconventional oil and gas

• Lower gas prices have sparked a resurgence in petrochemical projects in the USA

• Uplift in asset enhancement and restoration projects

==> picture [720 x 242] intentionally omitted <==

----- Start of picture text -----

5
----- End of picture text -----

Snapshot

==> picture [161 x 39] intentionally omitted <==

• Strong focus on major global customers

• Developing markets continue to be a significant driver of growth – Latin America, Africa and China

• Infrastructure & Environment focusing on resource infrastructure

• Continuing to globalise our Minerals, Metals & Chemicals and Infrastructure & Environment services

• Actively pursuing further Improve opportunities

==> picture [720 x 257] intentionally omitted <==

----- Start of picture text -----

6
----- End of picture text -----

Local delivery, global support

==> picture [161 x 39] intentionally omitted <==

==> picture [720 x 282] intentionally omitted <==

4.9 million workshare hours (FY2011: 3.4 million)

40,800 people 163 offices 41 countries

7

Significant awards for FY2012

==> picture [161 x 39] intentionally omitted <==

==> picture [720 x 380] intentionally omitted <==

77 long term contracts / projects

8

Improve contracts

==> picture [161 x 39] intentionally omitted <==

• WorleyParsons’ performance continues to be underpinned by our extensive long term contract base

• Total of 46 new Improve contracts awarded

• 18 contracts renewed

• Currently have over 260 Improve contracts

• Our selection was based upon

• Recognition of our leadership position in long term contracts

• Proven safety performance

• Global footprint

==> picture [143 x 50] intentionally omitted <==

==> picture [143 x 29] intentionally omitted <==

==> picture [143 x 36] intentionally omitted <==

==> picture [143 x 70] intentionally omitted <==

==> picture [92 x 79] intentionally omitted <==

==> picture [85 x 79] intentionally omitted <==

==> picture [143 x 34] intentionally omitted <==

==> picture [112 x 79] intentionally omitted <==

4 new global or multi-site agreements

9

Local / global model

==> picture [161 x 39] intentionally omitted <==

==> picture [524 x 380] intentionally omitted <==

Model has been well received by our clients and our people

10

Succession

► On 6 July this year we announced changes to the company’s leadership

• Andrew Wood will succeed me as Chief Executive Officer after the AGM in October

• Supported by an exceptional leadership team

• I will be taking on the role of non-executive Chairman early next year

==> picture [161 x 39] intentionally omitted <==

==> picture [395 x 323] intentionally omitted <==

11

Corporate responsibility

==> picture [161 x 39] intentionally omitted <==

► We are on a journey to become a Corporate Responsibility leader by focusing on

• Governance, ethics and transparency

• Our people

• Human rights

• Community

• Fair operating practices and the supply chain

• The environment

Kenya Project : Calgary graduates and senior management commissioning clean water and solar power in the Village of Hope Kenya

12

==> picture [176 x 44] intentionally omitted <==

Financial results 2012 Andrew Wood

==> picture [49 x 10] intentionally omitted <==

Financial profile

==> picture [161 x 39] intentionally omitted <==

$m	FY08	FY09	FY10	FY11*	FY12*
Aggregated revenue	4,882.4	6,219.4	4,967.1	5,903.5	7,362.6
EBIT	520.0	605.3	427.4	474.2	530.3
EBIT Margin	10.7%	9.7%	8.6%	8.0%	7.2%
Net profit	343.9	390.5	291.1	298.5	345.6
Net profit margin	7.0%	6.3%	5.9%	5.1%	4.7%
Basic EPS (cps)	142.5	161.1	118.5	121.5	140.6
Cash flow from operating activities	198.8	546.4	279.6	293.8	437.5
ROE	24.5%	25.4%	16.7%	16.3%	18.9%

Good growth compared to prior year and 1HFY2012

14

• The underlying result for FY2012 and FY2011 excludes the fair value gain on acquisition of associates of $7.6m and $65.7m respectively.

5 year financial profile

==> picture [161 x 39] intentionally omitted <==

==> picture [302 x 183] intentionally omitted <==

==> picture [313 x 183] intentionally omitted <==

==> picture [301 x 191] intentionally omitted <==

• Record aggregated revenue

• Good NPAT growth from FY2011 of 16%

• Margins impacted by a small number of underperforming projects and low margin procurement activity

• Effective tax rate down 3% from FY2011 to 24.1% due to earnings mix and tax refund

• Cumulative unfavourable FX impact on EBIT over the last three years of approximately $91m

• Dividend payout of 51.0 cents per share, 61% franked

Strong revenue growth, good earnings growth

• The underlying result for FY2012 and FY2011 excludes the fair value gain on acquisition of associates of $7.6m and $65.7m respectively.

15

Half on half analysis

==> picture [161 x 39] intentionally omitted <==

==> picture [431 x 132] intentionally omitted <==

----- Start of picture text -----

$m H1 FY2012 H2 FY2012 Total Growth%
Group EBIT 248.3 282.0 530.3 14%
EBIT margin 7.3% 7.1% 7.2%
Group NPAT 151.9 193.7 345.6 28%
----- End of picture text -----

Half on half NPAT*

==> picture [353 x 197] intentionally omitted <==

----- Start of picture text -----

250.0
200.0
150.0
H1
H2
100.0 193.7
179.3
151.9
119.2
50.0
-
FY11 FY12
----- End of picture text -----

16

• The underlying result for FY2012 and FY2011 excludes the fair value gain on acquisition of associates of $7.6m and $65.7m respectively.

Change in net profit after tax FY2011 v FY2012

==> picture [161 x 39] intentionally omitted <==

==> picture [720 x 324] intentionally omitted <==

Good growth in Hydrocarbons, MM&C and I&E

• The underlying result for FY2012 and FY2011 excludes the fair value gain on acquisition of associates of $7.6m and $65.7m respectively.

17

Hydrocarbons

==> picture [308 x 202] intentionally omitted <==

==> picture [352 x 193] intentionally omitted <==

==> picture [161 x 39] intentionally omitted <==

==> picture [322 x 211] intentionally omitted <==

• Overall strong performance with record aggregated revenue

• Australia West impacted by underperformance on a few projects that have now been finalised or provided for

• Canadian construction business awarded a number of significant module construction and construction services contracts

• Significant increase in activity in the USA, particularly upstream

Growth in USA and Canada

18

1 Regions in constant currency

Power

==> picture [308 x 202] intentionally omitted <==

==> picture [352 x 193] intentionally omitted <==

==> picture [161 x 39] intentionally omitted <==

==> picture [322 x 211] intentionally omitted <==

• Record aggregated revenue

• Fall in earnings contrary to guidance

• Resource sector in Australia provided growth

• Increased activity in the European nuclear market

• Latin America impacted by low margin procurement activity

• USA contributes 35% of sector revenue and impacted by the continuing softness and competition in the USA market

Impacted by low margin procurement and USA market

19

1 Regions in constant currency

==> picture [161 x 39] intentionally omitted <==

Minerals, Metals & Chemicals

==> picture [308 x 202] intentionally omitted <==

==> picture [322 x 211] intentionally omitted <==

==> picture [352 x 193] intentionally omitted <==

• Record aggregated revenue

• 28% EBIT growth year on year

• Continuing to grow our relationships with major global companies

• Strong commodity prices driving demand for services

• Softness in the Australian market towards the end of the period

Record revenue and EBIT

20

1 Regions in constant currency

==> picture [161 x 39] intentionally omitted <==

Infrastructure & Environment

==> picture [308 x 202] intentionally omitted <==

==> picture [322 x 211] intentionally omitted <==

==> picture [352 x 193] intentionally omitted <==

• Record aggregated revenue

• Increased investment in resource projects is driving an increased demand for services

• Major projects in the Middle East completed in FY2011

• Pit to port projects executed with the Minerals, Metals & Chemicals sector providing growth

Record revenue and EBIT

21

1 Regions in constant currency

Cash flow

==> picture [161 x 39] intentionally omitted <==

$m	FY2008 FY2009 FY2010 FY2011 FY2012 520 605 427 474 530 67 88 92 96 103 (137) (216) (186) (125) (152) (251) 69 (54) (151) (43) 199 546 280 294 438 (326) (133) (145) (106) (106) 101 (317) (175) (136) (252)
EBIT
Depreciation and amortization
Interest and tax paid
Working capital / other
Net cash inflow from operating activities
Net cash outflow from investing activities
Net cash (outflow) / inflow from financing activities

Strong cash flow

• The underlying result for FY2012 and FY2011 excludes the fair value gain on acquisition of associates of $7.6m and $65.7m respectively.

22

Gearing and key metrics

==> picture [161 x 39] intentionally omitted <==

Key Metrics	FY2009	FY2010	FY2011*	FY2012*
Gearing ratio	26%	26%	22%	20%
Facility utilisation	54%	61%	53%	51%
Average cost of debt	5.5%	5.2%	5.7%	5.7%
Average maturity (years)	4.1	3.8	4.6	3.8
Interest cover *	14.1x	13.3x	12.0x	12.4x
Net Debt/EBITDA *	0.8x	1.2x	0.9x	0.8x

Gearing reduced, strong metrics

23

• The underlying result for FY2012 and FY2011 excludes the fair value gain on acquisition of associates of $7.6m and $65.7m respectively.

Liquidity

==> picture [161 x 39] intentionally omitted <==

►Liquidity available to support growth Liquidity Summary $m	FY2009	FY2010	FY2011	FY2012
Loan & OD facilities	1,376	1,286	1,277	1,445
Less: facilities utilized*	(745)	(782)	(680)	(740)
Available facilities	631	504	597	705
Plus: cash	178	141	171	247
Total liquidity	809	645	768	952
Bonding facilities	453	669	682	787
Bonding facility utilization	53%	50%	61%	66%

• Excludes capitalized borrowing costs

• Gearing at 20%; retain significant financial capacity to support growth

• Refinanced Syndicated bank debt facility tranche of US$150m to FY2015

• Offered unsecured notes payable in the US private debt market July 2012

==> picture [386 x 193] intentionally omitted <==

24

Financial reporting microsite

==> picture [161 x 39] intentionally omitted <==

• We have introduced a microsite for presentation of our FY2012 Annual Report

• The site provides the financial results and documents in one place, making it easier for shareholders and potential investors to access our financial information

• Users can read the annual report online, print the entire report or just the sections that are of interest

• Online Q&A functionality is provided

==> picture [319 x 179] intentionally omitted <==

• Aiming to reduce our carbon footprint

• Visit us after midday today at - annualreport.worleyparsons.com

FY2012 results available online

25

==> picture [176 x 44] intentionally omitted <==

Sector outlook 2012 John Grill

==> picture [49 x 10] intentionally omitted <==

Hydrocarbons

==> picture [161 x 39] intentionally omitted <==

	FY2012	vs. FY2011
Aggregated revenue	$5,015.1 m	24.0%
% of Group aggregated revenue	68.0%	-
EBIT	$586.5 m	5.8%
Margin	11.7%	2.0%

• Capital spend by international majors increased in FY2012 over FY2011

• Unconventional oil and gas sectors continue to expand in Australia, Canada, the USA and Middle East

• Increase in gas monetisation and petrochemical projects in the USA as a result of lower natural gas prices

• High LNG prices in Asia creating focus on natural gas activity within the region

• Demand in the developing world remains strong in both Deliver and Improve service offerings

• Recovery of the downstream markets in USA and Latin America

• Development of global and multiregional relationships with major oil and gas companies

• Underperforming projects impact on margins

Demand in developed and developing world remains strong

27

Hydrocarbons

Key project awards

• SORESCO – Moin refinery expansion project, Costa Rica

• PetroEcuador – Refineria del Pacifico refining and petrochemical complex project, Ecuador

• ExxonMobil – Point Thomson initial production system, Alaska

• ExxonMobil – Hebron topsides engineering, procurement and construction (EPC) services, Canada

 TransCanada Pipelines – Hardisty Terminal A and B, Canada

• Hess – Equus front end engineering design (FEED), Australia

• Arrow Energy – Surat coal bed methane upstream development pre-FEED project, Australia

• Chevron – Wheatstone LNG integrated project management team, Australia

• Oman Oil Company – gas plant detailed design and procurement services, Oman

• Tengizchevroil – wellhead pressure management, Kazakhstan

• MEG Energy – Christina Lake module construction, Canada

28

Image courtesy of Woodside

Hydrocarbons

==> picture [161 x 39] intentionally omitted <==

Key Improve awards and renewals

 Esso Production Malaysia – engineering, procurement and construction management (EPCM) umbrella agreement (renewal), Malaysia

• PT Chevron Pacific – overall program management, engineering and construction management services, Indonesia

 Imperial Oil – Nanticoke refinery (renewal), Canada

 TransCanada – project management, engineering, procurement, technical and field services, Canada

 Shell – EPCM services for refining and chemical facilities, USA and Canada  Joint Operations (Kuwait Gulf Oil, Saudi Arabian Chevron Inc) – engineering, project and construction management services, Kuwait and Saudi Arabia

29

Hydrocarbons

==> picture [161 x 39] intentionally omitted <==

Sector outlook

 Continued high level of spending in onshore unconventional markets

 Continued growth in global greenfield upstream and downstream markets

• Ongoing growth of global Improve markets

• Large number of Select opportunities on new field developments

• Global customer relationships underpin growth

• While the rate of revenue growth is expected to diminish, with the completion of the small number of underperforming projects in FY2012 margins are expected to improve

We expect improved earnings in the Hydrocarbons sector in FY2013

30

Power

==> picture [161 x 39] intentionally omitted <==

	FY2012	vs. FY2011
Aggregated revenue	$581.3 m	13.2%
% of Group aggregated revenue	8.0%	1.0%
EBIT	$59.9 m	8.3%
Margin	10.3%	2.4%

• Developing world – supporting our customers with new generation and networks capacity

• Developed world – supporting our customers in managing their existing facilities

• Continued growth in the nuclear Improve market

• Expanding opportunities in power for resource projects in a number of regions

• Long term service agreements to deliver a range of support services in the USA, Australia and Canada

• Retirement of old coal and transition to gas fired power generation in the USA

• Margins impacted by continuing softness and competition in the US market and low margin procurement activity in Brazil

Continued growth in the nuclear Improve market

31

Key project awards

• Akkuyu NGS Elektrik Uretim Anonim Sirketi – nuclear power plant, Turkey

• InterRAO UES – Baltic nuclear power plant bankable feasibility study phase 2, Russia

• King Abdullah City for Atomic and Renewable Energy – nuclear power plant siting services, Saudi Arabia

• Saudi Electricity Company – Power Plant 10 engineering and owner’s engineer support, Saudi Arabia

• LS Cable & System – power supply upgrade, Qatar

• American Electric Power – air quality study and upgrade, USA

• Odebrecht – Chaglla hydropower plant, Peru

• Skanska – Baixada Fluminense power plant, Brazil

• BHP Billiton – Yarnima gas fired power station phase 1 & 2, Western Australia

• Tuas Power – Tembusu Stage 2A+2B, Singapore

32

Power

==> picture [161 x 39] intentionally omitted <==

Key Improve awards and renewals

• Kozloduy – stress tests for nuclear power facilities, Bulgaria

• Bruce Power – sustaining projects, Canada

• Ontario Power Generation – Darlington nuclear refurbishment, Canada

• Arizona Public Services – Palo Verde nuclear power plant task level planning, USA

• Pacific Gas & Electric – master services agreement (MSA) power network services, USA

• Entergy – fossil fuel engineering services, USA

• Verve Energy – Muja / Kwinana maintenance alliance, Australia

33

Sector outlook

• Developing markets continue to provide opportunities in new build power generation projects

• Expect growth in nuclear Improve market as a result continuing safety upgrades

• Further growth in resource power in Latin America, Sub Saharan Africa and the Middle East

• Capitalise on momentum in the Improve market in the USA, Canada and Australia

• Continue to broaden our integrated service offerings to our customers including operating and maintaining assets

• TW Power Services to become a leading operations, maintenance and support services provider

• We expect improved earnings in the Power sector in FY2013

34

Minerals, Metals & Chemicals

==> picture [161 x 39] intentionally omitted <==

	FY2012	vs. FY2011
Aggregated revenue	$895.4 m	39.1%
% of Group aggregated revenue	12.2%	1.3%
EBIT	$131.4 m	27.9%
Margin	14.7%	1.3%

• Continue to strengthen our relationships with strategic customers

• Geographic expansion continues in developed and developing worlds

• Secured several strategic long term Improve contracts

• Active in bulk commodities (iron ore, coal, copper and fertilizers)

• Renamed the division to reflect our increased focus on the global chemicals industry

• Experiencing an increase in major project study work leading to major project opportunities

• Continuing focus on growth through strategic acquisitions/partnerships

• Cegertec WorleyParsons joint venture provides Eastern Canada capability and footprint

• ARA WorleyParsons acquisition strongly aligned with Latin America growth strategy

Continue to strengthen our relationships with strategic customers

35

Minerals, Metals & Chemicals

Key project awards

• Anglo American – Chagres smelter development, Chile

 Areva – JEB mill upgrade, Canada  BASF – Acai / Nanjing super absorbent polymer projects, Brazil and China  BHP Billiton iron ore – EPCM master framework agreement, Australia









 

Black iron – Shymanivske iron ore project feasibility study, Ukraine

• EBX Group – MMX Serra Azul iron ore EPCM, Brazil

First Quantum Minerals – Kansanshi copper smelter, Zambia

Mongolyn Alt (MAK) Group – Tsagaan Suvarga copper-molybdenum concentrator, Mongolia

• Sasol – Shondoni coal mine, South Africa

WICET – Wiggins island coal export terminal stage 1 PMC, Australia

 Xstrata – Askaf iron ore design feasibility study, Mauritania

• Orica – Trident feasibility studies and design, Australia

36

Minerals, Metals & Chemicals

==> picture [161 x 39] intentionally omitted <==

Key Improve awards and renewals

 BASF – North American engineering partner contract, USA and Canada

 BHP Billiton iron ore – sustaining capital, Australia

• BHP Billiton Mitsubishi Alliance – coal sustaining capital, Australia

• Fortescue Metals Group – iron ore sustaining capital services, Australia

• Rio Tinto Alcan – Weipa bauxite mine engineering services, Australia

37

Minerals, Metals & Chemicals

==> picture [37 x 10] intentionally omitted <==

==> picture [161 x 39] intentionally omitted <==

Sector outlook

• Current market uncertainty resulting in near term caution

• Uncertainty resulting in project delays and review of capital programs, particularly in Australia

• Medium to long term outlook remains strong

• Continue to focus on building long term relationships with strategic customers to further globalize the business, particularly in the developing world

• Production growth in bulk commodities and chemicals is expected to continue

• Pit to port opportunities remain a key focus in developing countries

• We expect improved earnings in the Minerals, Metals & Chemicals sector in FY2013

38

Infrastructure & Environment

==> picture [161 x 39] intentionally omitted <==

	FY2012	vs. FY2011
Aggregated revenue	$870.8 m	24.0%
% of Group aggregated revenue	11.8%	-
EBIT	$115.3 m	14.2%
Margin	13.2%	1.2%

• Leveraged our Australian resource infrastructure capability into Latin America and Africa

• Won major pit to port projects in Latin America and Sub Saharan Africa and well positioned for delivery and Improve pull through

• Further developed the restoration sector and secured several global restoration framework agreements with global customers

• Redirected urban water sector to the resource sector

• Extended capability across the globe creating global centres of excellence in water, environment, ports and transport

• Continuing to service unconventional oil and gas global strategic customers with an integrated environment and water service offering

Leveraged our Australian resource infrastructure capability into Latin America and Africa

39

Infrastructure & Environment

==> picture [161 x 39] intentionally omitted <==

Key project awards

• MPX – Guajira coal port and rail infrastructure, Colombia

• Norte Energia – Belo Monte hydroelectric plant environment and social compliance, Brazil

• Queensland Curtis LNG – water treatment environment and social licence, Australia

• Anglo American – Peace River coal water treatment, Canada

• Qatar Government – Doha Port development, Qatar

• Huta Marine Works – King Abdullah Port project, Saudi Arabia

40

Key Select and Improve awards and renewals

• Port of Los Angeles/Long Beach – restoration services framework agreement, USA

• BP – remediation management North American framework agreement, USA

==> picture [27 x 13] intentionally omitted <==

==> picture [27 x 14] intentionally omitted <==

• ExxonMobil – Port Stanvac refinery program management contract for decommissioning services, Australia

 Woodside – Browse downstream geotechnical investigations, Australia

• Rio Tinto – MSA, risk advisory and catastrophic event management, Americas

• Chevron – environment services panel contract, Australia

• National Grid Property Holdings – remediation contract, United Kingdom

41

Sector outlook

==> picture [161 x 39] intentionally omitted <==

• Increasing engagement with global customers

• Demand for resource infrastructure continues to grow in Australia, Sub Saharan Africa and Latin America

• Strong demand for remediation, decommissioning, response and recovery services

• New unconventional oil and gas discoveries and developments are driving growth in environment and water services

• Ability to manage social and environment licenses continues to be a key driver in project development

We expect improved earnings in the Infrastructure & Environment sector in FY2013

42

Summary

• Delivered good underlying earnings growth despite the volatile and challenging market conditions

• Growth continues in the unconventional

• oil and gas market

• Global customer agreements, significant new major and new Improve relationships provide solid platform for the future

==> picture [161 x 39] intentionally omitted <==

• Continue to focus on building capability in the developing world

• Well positioned to meet the growing demands of our customers and the market

• Benefits of the local/global organisational restructure starting to be seen

43

Group outlook

==> picture [161 x 39] intentionally omitted <==

Commenting on the outlook for the WorleyParsons Group, Mr John Grill said:

“Subject to the markets for our services remaining strong, we expect to achieve good growth in FY2013 compared to FY2012 underlying earnings.

“We have a clear growth strategy in place focused on improving margins and developing our skill set and geographic footprint across our four customer sectors. This will be achieved through organic growth as well as by taking advantage of acquisition opportunities that provide value for shareholders.

“We are confident that our medium term and long term prospects remain positive based on our competitive position, our diversified operations and strong financial capacity.”

August 2012

44

==> picture [176 x 44] intentionally omitted <==

Full year results 2012

==> picture [49 x 9] intentionally omitted <==

Contractual acronyms

==> picture [161 x 39] intentionally omitted <==

EDS – Engineering and Design Services E&P – Engineering and Procurement EPC – Engineering, Procurement and Construction EPCM – Engineering, Procurement and Construction Management ESA – Engineering Services Agreement ESP – Engineering Services Provider FEED – Front End Engineering Design FEL – Front End Loading GSA – General Services Agreement MSA – Master Service Agreement OE – Owners Engineer O&M – Operations and Maintenance PCM – Procurement and Construction Management PMC – Project Management Consultancy SAGD – Steam Assisted Gravity Drainage

46

Segment margins

==> picture [161 x 39] intentionally omitted <==

FY2012	Hydrocarbons	Power	Minerals, Metals & Chemicals	Infrastructure & Environment	TOTAL
Sales to external customers	4,728.7	524.1	892.5	840.3	6,985.6
Procurement services revenue at margin	285.8	55.2	1.2	30.5	372.7
Other Income	0.6	2.0	1.7	0.0	4.3
Total	5,015.1	581.3	895.4	870.8	7,362.6
Segment result	586.5	59.9	131.4	115.3	893.1
Segment margin	11.7%	10.3%	14.7%	13.2%	12.1%
H1 FY2012	Hydrocarbons	Power	Minerals, Metals & Chemicals	Infrastructure & Environment	TOTAL
Sales to external customers	2,192.9	233.4	399.6	378.1	3,204.0
Procurement services revenue at margin	151.4	24.9	0.3	15.3	191.9
Other Income	0.6	1.5	0.1	0.9	3.1
Total	2,344.9	259.8	400.0	394.3	3,399.0
Segment result	263.0	27.2	65.7	54.1	410.0
Segment margin	11.2%	10.5%	16.4%	13.7%	12.1%
FY2011*	Hydrocarbons	Power	Minerals, Metals & Chemicals	Infrastructure & Environment	TOTAL
Sales to external customers	3,784.1	483.3	606.2	679.5	5,553.1
Procurement services revenue at margin	258.3	27.8	37.0	21.0	344.1
Other Income	1.5	2.6	0.6	1.6	6.3
Total	4,043.9	513.7	643.8	702.1	5,903.5
Segment result	554.3	65.3	102.7	101.0	823.3
Segment margin	13.7%	12.7%	16.0%	14.4%	13.9%

• Restated segment results taking into consideration the change in allocation of global overhead costs

47

FX translation impact

==> picture [161 x 39] intentionally omitted <==

Movement in Major Currencies

Group EBIT FX Impact Since FY2008

==> picture [672 x 257] intentionally omitted <==

----- Start of picture text -----

FY08 FY09 FY10 FY11 FY12
105.0 30
29
20
100.0 10
0
95.0 -10 -20
-18
-32
-20
-41
90.0 -30
-40
85.0 -50
USD GBP CAD
A$m
Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12
----- End of picture text -----

Currency	Annualized AUD $m NPAT	Currency	FY11	FY12	FY∆
	translation impact of 1c ∆
AUD:USD	0.7	AUD:USD	98.8	103.5	4.7
AUD:GBP	0.6	AUD:GBP	62.1	65.1	3.0
AUD:CAD	0.3	AUD:CAD	98.8	103.2	4.4

48

Dividends, amortisation and tax

==> picture [161 x 39] intentionally omitted <==

==> picture [403 x 432] intentionally omitted <==

----- Start of picture text -----

|||||||
|---|---|---|---|---|---|
|Dividend History|
|FY08 FY09 FY10 FY11 FY12|
|Interim dividend (cps)|38.0 38.0 35.5 36.0 40.0|
|Franked|30%|76%|100%|100%|79%|
|$m total|91.9 92.2 87.0 88.6 98.3|
|Final dividend (cps)|47.5 55.0 40.0 50.0|51.0|
|Franked %|71%|100%|47%|26%|61%|
|$m total|114.8 133.5 98.0 122.8|125.3|
|Total cps|85.5 93.0 75.5 86.0|91.0|
|Total $m|206.7 225.7 185.0 211.4|223.6|
|% NPAT|60.1%|57.8%|63.6%|70.8%|64.7%|
|Effective tax rate|
|32.0%|
|27.0%|
|22.0%|
|FY08|FY09|FY10|FY11|FY12|
|Statutory earnings|Underlying earnings|
|Underlying earnings excluding associates|

----- End of picture text -----

==> picture [245 x 257] intentionally omitted <==

• Based on asset values as at 30 June 2012

• FY2013 peak is due to acquired intangibles being fully amortised and also the amortisation profile of the global business system