1 Full Year Results 2010

Overview

Continuation of challenging global economic environmenteconomic environment

● Full year result in line with guidance

● Mega projects and long term g p j gcontracts secured

● Well positioned for growth in 2011

● Increased headcount in 2011

● Increased role in developing world today and in the future

ExxonMobil – Maintain Integrity Program, Nigeria

Financial HighlightsNet profit after tax $291.1M Down 25.5%

Aggregated revenue $4,967.1M Down 20.1%

EBITDA $519.3M Down 25.1%

Operating cash flow $279.6M

E i h 118 5 / D 26 4%Earning per share 118.5c/s Down 26.4%

Final dividend 40.0 c/s

(FX impact $41 million)

SnapshotDisappointed by the level of downturn in some markets

United States hydrocarbons and power were impacted

Canadian oil sands market in 2nd half not as strong as anticipated

Expanded operations in the developingExpanded operations in the developing world

• CNEC acquisition strategic position

• Joint ventures in developing world performed well

• Increased share in China joint venture• Increased share in China joint venture (approximately 80%)

Woodside - LNG Modularised Train

SnapshotSignificant new mega-projects

• Currently executing 57 mega-projects,Currently executing 57 mega projects, from study to execution

• Systems and workshare proven

• Significant utilisation of remote and harsh (desert, arctic) climate experience

Secured 48 long-term Improve g pcontracts in 12 countries

• Increased demand in all sectors

• Significant investment in systems to support these contracts

Suncor - Firebag Phase III project, Canada

Global Reach, Local Operations

3 million workshare hours completed

30,000 personnel 40 countries

Safety Performance

Our safety performance was in line with previous yeary

Increased EPCM delivery in 2010 saw field execution hours of 163.7 million, a significant increasea significant increase

Improved safety performance by contractors on projects

Launched Serious about Zero Program (SAZ) – HSE Observation and Conversation Training ProgramConversation Training Program

Development and implementation of the OneWay™ integrity management f k h d llframework has progressed well

Mega-Projects & Material Awards

Canada• EPCOR Keephills Unit 3• Shell Albian Sands• Total’s Joslyn North Mine oil sands plant

Spectra Energy’s Ft Nelson project

Saudi Arabia• Ma’aden Phosphate plant• Ma’aden Alumina refinery and mineUK

ConocoPhillips Jasmine project

Australia• Woodside Pluto LNG• ExxonMobil PNG PLNG• Karara Mining iron ore projectSingapore• Spectra Energy s Ft Nelson project

• Suncor Energy’s Firebag 3 construction servicesUSA• Santee Cooper Units 3&4Brazil

• ConocoPhillips Jasmine projectUnited Arab Emirates• GASCO/Adgas Integrated Gas DevelopmentNigeria• ExxonMobil Maintain Integrity Program

Singapore• ExxonMobil Single Parallel TrainVietnam• Chevron Chuandongbei offshore

Brazil• Vale S11 D Mine

ExxonMobil Maintain Integrity ProgramSouth Africa• Transnet Multi Product Pipeline

Long Term ContractsWorleyParsons performance underpinned by extensive long-term contracting base y g g

• Five global/ multi-regional agreements

• 28 new contracts awarded

• 20 contracts renewed

• 200 contracts serviced on this basis

Selection based upon:

• Recognition of our high & sustained capability

• Proven safety performance• Proven safety performance

• Proven contract performance

New Global or Multi Regional AgreementsNew Global or Multi Regional Agreements

Emergence of Developing World

The developing (Non OECD) world:F ll IOC

Control of Global Oil and Gas Reserves 2009

• Own the majority of the oil and gas reserves

I ti i d t k t

New Russian Companies

6%

Full IOC access6%

+ Investing in downstream markets

+ The greatest opportunities in the minerals and metals market

NOCs (equity access)

10%

+ Have rapidly growing power consumption, nuclear a valid option

+ Have the greatest need for

NOCs (limited equity access )

78%+ Have the greatest need for infrastructure

+ Have increasing access to investment capital

78%

IOC I d d t Oil ( d ) C icapital

Source: Offshore Technology

IOC - Independent Oil (and gas) CompaniesNOC – National Oil (and gas) Companies

WorleyParsons Response

Developing a significant footprint in Latin America• Brazil, Chile, Peru, Argentina, Colombia

Developing a significant footprint in the F S i t U iFormer Soviet Union• Kazakhstan, Russia, Bulgaria

Developing a significant footprint in AfricaDeveloping a significant footprint in Africa• South Africa, Nigeria, Angola, Libya, Egypt

Largest foreign EPCM contractor in China

20+ years experience in developing local capability• Brunei Malaysia Thailand Oman Nigeria• Brunei, Malaysia, Thailand, Oman, Nigeria,

China, Kazakhstan, Brazil

Global systems to support local capability to execute work in country

12

Financial ResultsDavid Housego

Financial Profile

$m FY06 FY07 FY08 FY09 FY10 vs.FY09

Aggregated Revenue 2,459.1 3,525.4 4,882.4 6,219.4 4,967.1 (20.1%)

EBITDA 219.9 353.4 587.0 693.2 519.3 (25.1%)

EBITDA Margin 8.9% 10.0% 12.0% 11.1% 10.5% (0.6%)

Net profit 139.1 224.8 343.9 390.5 291.1 (25.5%)

Net profit margin 5.7% 6.4% 7.0% 6.3% 5.9% (0.4%)

5 Year CAGR 66.2% 67.7% 66.3% 34.4%

Normalised EPS (cps) 1 66.9 105.4 153.4 172.8 128.2 (25.8%)

ROE 32.1% 31.3% 24.5% 25.4% 16.7% (8.7%)

Cash flow from operating activities 115.7 195.9 198.8 546.4 279.6 (48.8%)

1 Before amortization of intangibles including tax effect of amortization expenseBefore amortization of intangibles including tax effect of amortization expense

Financial Profile10.7

9.7

EBIT Margin %

4,882.4

6,219.4

4,967.1

Aggregated Revenue $m

8.1 9.1 8.6

2,354.1

3,256.1 2,548.1 2,459.1

3,525.4

4,882.4 ,

2006 2007 2008 2009 2010

1,134.9 1,455.8

2006 2007 2008 2009 2010

Margin improved on 1HEarnings weighted to 2nd half per guidance

343.9

390.5

291 1

Net profit $m

g g p gEffective tax rate of 23% (2009: 28.6%)- US & Canada- Associates152.7

197.5

138.0139.1

224.8

291.1

FX translation impact $41mDividend payout ratio 63.6% 61.8

94.5

2006 2007 2008 2009 20102006 2007 2008 2009 2010

Change in Net ProfitgFY10 v FY09

390.5 (117.9)

(23 5) 21 0 (10 6)

71.5 (3.5) (40.9)

291.1(23.5)

(0.8)21.0 (10.6) 5.3

$m

FY09 NPAT Hydrocarbons Power Minerals & Metals

Infrastructure & Environment

Corporate overhead

Net Interest Income Tax Minority Interest FX Impact FY10 NPAT

Hydrocarbonsy

EBIT margin maintainedEBIT margin maintainedAME and ANZ solid resultNorth America impacted by downstream hydrocarbons market

f /Europe and Africa delays on major/mega projectsCanada 2H result improved again on 1H (not at rate expected)

Power

US performance improved in 2HEurope & Africa weaker in 2H but overall positive year on yearANZ / AME / Canada steady

Minerals & Metals

ANZ and AME contribute 86% of segmentANZ and AME contribute 86% of segment revenueImprovement in 2H margin and EBIT v 1HYear on year performance reasonable in volatile market

Infrastructure & Environment

Overall strong performanceOverall strong performanceImproved EBIT marginANZ result benefited from 6 months of Evans & Peck contribution; remains biggest market

Cash Flow

$m FY07 FY08 FY09 FY10

EBITDA 353.4 587.0 693.2 519.3

Interest and tax paid (65.9) (137.4) (215.8) (185.6)

Working capital / other (91.6) (250.8) 69.0 (54.1)

Net cash inflow from operating activities 195.9 198.8 546.4 279.6

Net cash outflow from investing activities (905.7) (325.6) (133.4) (144.8)

Net cash (outflow) / inflow from financing activities 753.0 101.4 (316.5) (175.4)

Key metrics

Cash from operations / net profit (%) 87.2% 57.8% 139.9% 96.0%

DSO - countback method (days) 62.6 65.0

Liquidity & Gearingy gKey Metrics Jun-08 Jun-09 Jun-10 Liquidity Summary $m Jun-08 Jun-09 Jun-10

Gearing ratio 31.4% 25.5% 25.8% Loan & OD facilities 1,094.0 1,376.1 1,286.1

Facility utilization 67.3% 54.2% 60.8% Less: facilities utilized (735.9) (745.2) (781.5)

Average cost of debt 6.1% 5.5% 5.2% Available facilities 358.1 630.9 504.6

Average maturity (years) 4.6 4.1 3.8 Plus: cash 86.0 178.3 140.5

Interest cover 11 7x 14 1x 13 3x Total liquidity 444 1 809 2 645 1Interest cover 11.7x 14.1x 13.3x Total liquidity 444.1 809.2 645.1

Net Debt/EBITDA 1.1x 0.8x 1.2x

Bonding facility utilization 77 3% 52 9% 50 1% Bonding facilities 221 9 452 5 669 1

Significant financial capacityH d L d OD b di f iliti

Bonding facility utilization 77.3% 52.9% 50.1% Bonding facilities 221.9 452.5 669.1

Headroom on Loan and OD bonding facilitiesGearing ratio maintained at low end of target range of 25-35%2011 facility renewals $188.7m

Hydrocarbons

Revenue $3,425.4M -27.7%Key project awards include:• Total - Joslyn Creek North project, Canada

EBIT $375.6M -29.4%

Margin 11% -0.2%• ConocoPhillips - Jasmine Development, North

Sea

• ExxonMobil - Sakhalin 1 Arkutun Dagi offshoreExxonMobil Sakhalin 1 Arkutun Dagi offshore platform contract extension, Russia

• MEG Energy – Christina Lake phase 2B SAGD project, Canadap j ,

• Spectra Energy – Ft. Nelson North processing plant, Canada

• SABIC Jubail Olefins Complex Saudi Arabia• SABIC - Jubail Olefins Complex, Saudi Arabia

• PDO - Amal Steam Surface facilities, Oman

• PetroVietnam - Bien Dong 1, Vietnam

• Esso - Longford Gas Conditioning, Australia

HydrocarbonsKey Improve contract awards include:• BP - Global agreement EPMS services g

Onshore facilities

• Chevron - Global terminals alliance

• Woodside - Offshore gas and onshore LNGWoodside Offshore gas and onshore LNG, Australia

• ExxonMobil - LNG project services contract, PNGPNG

• ConocoPhillips - Engineering services contract, Indonesia

• Syncrude CoSyn alliance contract extension• Syncrude - CoSyn alliance contract extension, Canada

• Imperial Oil - Upstream alliance contract extension Canadaextension, Canada

• Total - Engineering services agreement, Nigeria

ExxonMobil Sakhalin 1 Arkutun-Dagi offshore platform, Russia

BP Gulf of Mexico

BP incident anticipated to create a f h i ff h ittirange of changes in offshore permitting

in all United States waters

Potential for higher activity in Brazil, g y ,West Africa and Asia

Scope of services for our BP Gulf of Mexico contracts unaffectedMexico contracts unaffected

WorleyParsons and INTECSEA made a significant contribution to the solution

BP – Gulf of Mexico assets

HydrocarbonsSEGMENT OUTLOOK:

Recovery in the upstream segment bothRecovery in the upstream segment, both onshore and offshore, while the downstream market remains challenging with some opportunities expected in developing markets

Emergence of unconventional gas provides a potential new market p popportunity in several regions - United States, Canada, China, Oman and Australia in particular

Growing market for the expansion of WorleyParsons Improve services on a global basis

Woodside LNG Train – Main Cryogenic Heat Exchanger Lift

Power

Continuation of trend in Canada, Western Europe, United States and Australia toward Revenue $509.5M -7.2%less energy demand

Developing world demandEBIT $39.3M -41.1%

Margin 7.7% -4.5%Key project awards include:

• ADGAS - Additional power generation facility at Das Island, Abu DhabiDas Island, Abu Dhabi

• PetroVietnam - Thai binh 2 coal plant, Vietnam

• Ferreira Gomes - Hydro power plant, Brazil

• American Electric Power - Mountaineer CO2 capture project, United States

T P T b ti d tiliti• Tuas Power - Tembusu cogeneration and utilities plant, Singapore

Conventional Power

Key Improve contract awards include:

• Tennessee Valley Authority Combined fossil• Tennessee Valley Authority - Combined fossil and nuclear energy contract, United States

• Arizona Public Service - Fleet wide support ser ices contract United Statesservices contract, United States

• Pacific Gas & Electric - Diablo Canyon nuclear engineering services, United States

• Loy Yang A - Power station and mine five year asset management and maintenance services contract, Australia

• Saudi Electric Commission - Consultancy services agreement

27

Liddell - Power Station, Australia

Nuclear Power

High level of nuclear activity in 2010

• Program management for new build units - Bulgaria, Armenia, Jordan and Egypt

• Operating plant support services -Canada, United States, Slovenia, Sweden and Bulgaria

• Feasibility studies in - Slovenia, Slovakia, Czech Republic and Russia

Crystal River Nuclear Power Plant, United States

Power

SEGMENT OUTLOOK:Improved operational performance in the United States

Regional development in Eastern Europe andRegional development in Eastern Europe and the Former Soviet Union, Latin America and the Middle East

Expansion of nuclear services across our pmarkets

Further development of Improve services

Peach Bottom - Nuclear Power Plant, USA

Minerals & Metals

Revenue $562.4M -3.6%Key project awards include:• Vale - S11D project Brazil

EBIT $77.0M -6.8%Margin 13.7% -0.5%

Vale S11D project, Brazil

• BHP Billiton - Cerro Motoso FC01 rebuild EPCM, Colombia

Ma’aden Alcoa’s joint ba ite mine and• Ma’aden - Alcoa’s joint bauxite mine and alumina refinery, Saudi Arabia

• FERTIL - Fertil 2 Ammonia / Urea complex, UAEUAE

• Sasol Mining - Shondoni project, South Africa

• Orica - Nanning detonator plant, China

• Karara Mining - Iron ore project, Australia

Minerals & Metals

Key Improve contract awards include:• Rio Tinto – long-term framework agreementRio Tinto long term framework agreement

• Dupont - Global EPCM services agreement

• Alcoa refineries in Bunbury and Wagerup -Ser ices agreement A straliaServices agreement, Australia

• US Steel - Capital projects alliance, United States

• One Steel – Whyalla engineering services agreement, Australia

• Vale Coal - Engineering services agreement, Australia

AAL - Aughinish, Ireland

Minerals & MetalsSEGMENT OUTLOOK:

Conditions continue to improveConditions continue to improve

• Early signs of recovery in the non-Chinese demand for commodities

Trend towards global services agreements with major tier 1 customers

Strengthening of activities in LatinStrengthening of activities in Latin America and Africa

Investing in deeper engagement with tier 1 customers

Rio Tinto Gove Refinery AustraliaRio Tinto, Gove Refinery, Australia

Infrastructure & Environment

Key markets in I&E Integrated pit-to-port market in mining Revenue $469.8M +34.2%Integrated pit to port market in mining • Oakajee Port and Rail for bulk commodity

supply chain, Australia

I f t t d tiliti f j

EBIT $47.7M +57.9%

Margin 10.2% +1.6%Infrastructure and utilities for major resource projects• Saudi Ports Authority - new port, Saudi Arabia

• New Doha Port, Qatar

• Ivanhoe Mines - Oyo Tolgoi copper / gold mine infrastructure, Mongolia , g

Infrastructure & Environment

Management of water solutions for resource developments• Woodside – wave and hydrodynamic modeling, for

site selection

• Support for water management for coal seam methane market , Australia

• Water recovery & efficiency strategies for the oil sands market, Canada

Environmental services• Origin - coal seam methane development, Australia

• ExxonMobil - oil field development West Qurna1 pField, Iraq

The ability to provide services with a strong EcoNomicsTM component continues to be an pimportant differentiator

Alcoa Train AustraliaAlcoa Train, Australia

Infrastructure & EnvironmentSEGMENT OUTLOOK:

C ti d d l t llContinued development across all key sectors and regionsEmphasis on growth of pit-to-port capability throughout Asia, Africa and Latin AmericaFocus on environmental capability p yassisting major developmentsIncreased importance on remediation and decommissioning of spentand decommissioning of spent facilitiesProspects remain positive for 2011

Saudi Ports Authority – Saudi ArabiaSaudi Ports Authority Saudi Arabia

Summary 2010

2010 demonstrated importance of mega projects and long-term g j gcontracts to our performance

Markets remain competitive, United States downstream remainsStates downstream remains challenging

Operations stabilised through 2nd half, headcount increasing

Diversification continuing

• Hydrocarbons Non Hydrocarbons

• Developed world Developing

Petro Canada, Edmonton refinery

Group Outlook

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

“We expect the markets for our services to show improvement through 2011, and on this b i t t hi i d i i 2011basis we expect to achieve increased earnings in 2011.

“The company continues to evaluate opportunities for new business growth that will add to its existing capabilities and provide value for our shareholders.

“The company is confident that its medium-term and long-term prospects remain positive based on its competitive position, its diversified operations and strong financial capacity.”

August 2010

38 Full Year Results 2010

Contractual AcronymsD4 – Deactivation, Decontamination, Decommissioning,

Demolition EDS – Engineering and Design ServicesE&P – Engineering and ProcurementEPC E i i P t d C t tiEPC – Engineering, Procurement and ConstructionEPCM – Engineering, Procurement and Construction ManagementESA – Engineering Services AgreementESA Engineering Services AgreementESP – Engineering Services ProviderFEED – Front End Engineering and DesignFEL – Front End LoadingGSA – General Services AgreementOE O E iOE – Owners EngineerPCM – Procurement and Construction ManagementPMC – Project Management ConsultancyPMC Project Management Consultancy

FX Translation Impact

125 0

130.0

Revenue by region* % Movement in major currencies

110 0

115.0

120.0

125.0

95 0

100.0

105.0

110.0

* Per segment note

90.0

95.0

Jul-0

9

Jul-0

9

Aug-

09

Sep-

09

Oct

-09

Nov

-09

Dec

-09

Jan-

10

Feb-

10

Mar

-10

Apr-1

0

May

-10

Jun-

10

Jul-1

0

Per segment note USD GBP CAD

Currency Average exchange rate FY09 FY10 FY10 ∆

USD 1 5 AUD:USD 74 9 88 1 13 2

Annualised A$m NPAT translation impact of 1c ∆

USD 1.5 AUD:USD 74.9 88.1 13.2

GBP 0.5 AUD:GBP 46.3 55.8 9.5

CAD 0.9 AUD:CAD 87.1 93.1 6.0

OtherDIVIDEND HISTORY AMORTISATION

A ti ti P fil ($ AUD)

70 0

80.0

90.0

Amortisation Profile ($m AUD)

50.0

60.0

70.0

20.0

30.0

40.0

40 cps final dividend declared Full year earnings payout ratio of 63 6%

0.0

10.0

FY10 FY11 FY12 FY13 FY14

Acquired intangibles Other intangibles

Full year earnings payout ratio of 63.6%

q g g

Based on asset balances as at June 2010.FY11 peak due to full year impact of FY10

i iti h d ll t f l b l ftacquisitions; phased rollout of global software