appendix 4d - quoteapi · appendix 4d half year ended 31 december 2017 aggregated revenue result...

Appendix 4D Half Year Ended 31 December 2017

RESULTS FOR ANNOUNCEMENT TO THE MARKET1 CONSOLIDATED

31 DECEMBER 2017

31 DECEMBER2016

CHANGE

CHANGE

$’M $’M $'M %

STATUTORY RESULT Revenue and other income 2,409.4 2,722.1 (312.7) (11.5)Earnings before interest and tax (EBIT) 109.3 36.4 72.9 200.3Profit before income tax expense 79.8 6.6 73.2 n/m**Profit/(loss) after income tax expense attributable to members of WorleyParsons Limited 1.4 (2.4) 3.8 n/m**

EBIT margin on aggregated revenue 4.7% 1.7% - 3.0ppBasic earnings/(loss) per share (cents)* Diluted earnings/(loss) per share (cents)*

0.50.5

(1.0)(1.0)

1.51.5

n/m**n/m**

*Basic and diluted earnings/(loss) per share for all presented periods were adjusted for equity raised in accordance with the accounting standards.

**n/m stands for not meaningful. CONSOLIDATED

31 DECEMBER 2017

31 DECEMBER 2016

CHANGE CHANGE

$’M $’M $'M %

UNDERLYING RESULT EBIT2 132.9 117.9 15.0 12.7 EBIT margin on aggregated revenue2 5.8% 5.4% - 0.4pp Profit after income tax expense attributable to members of WorleyParsons Limited 78.2 57.1 21.1 37.0 Basic earnings per share (cents) 28.6 23.0 5.6 24.3

RECONCILIATION OF STATUTORY PROFIT/(LOSS) AFTER INCOME TAX EXPENSE TO UNDERLYING PROFIT AFTER INCOME TAX3

1 The International Financial Reporting Standards financial information contained within this Appendix 4D has been derived from the 31 December 2017 Interim Financial Report,

which has been reviewed by Ernst & Young. However, this Appendix 4D has not been reviewed. 2 Per segment note. Refer to note 1.1 (G) of the Interim Financial Report. 3 The directors consider underlying profit information is important to understand the sustainable performance of the company by excluding selected significant items.

CONSOLIDATED

31 DECEMBER 2017

$’M

31 DECEMBER 2016

$’M

Profit/(loss) after income tax expense attributable to members of WorleyParsons Limited 1.4 (2.4)

Add: other restructuring costs 5.5 23.4

Add: acquisition costs 5.9 -

Add: staff restructuring costs - 32.8Add: onerous lease contracts 12.2 22.6Add: impairment of associate intangibles - 2.3

Add: net loss on sale of assets held for sale - 0.4Less: net tax expense on restructuring costs (5.0) (22.0) Add: tax from changes in US tax legislation 58.2 -

Underlying profit after income tax expense attributable to members of WorleyParsons Limited 78.2 57.1

Appendix 4D Half Year Ended 31 December 2017

AGGREGATED REVENUE RESULT Aggregated revenue is defined as statutory revenue and other income plus share of revenue from associates, less procurement revenue at nil margin, pass-through revenue at nil margin1 and interest income. The directors believe the disclosure of the revenue attributable to associates provides additional information in relation to the financial performance of the Group.

DIVIDEND

AMOUNTPER SHARE

FRANKED AMOUNT PER SHARE

Interim dividend (cents per share), unfranked 10.0 nil

Record date for determining entitlement to final dividend 28 February 2018 Date dividend is to be paid 26 March 2018

The directors have resolved to pay an interim dividend of 10.0 cents (unfranked) per fully paid ordinary share, including exchangeable shares (31 December 2016: nil). NET ASSETS PER SHARE

CONSOLIDATED 31 DECEMBER

2017$

30 JUNE2017

$

Net assets per share 7.98 7.53Net tangible liabilities per share (0.19) (0.52)

Additional Appendix 4D disclosure requirements can be found in the Interim Financial Report for the half year ended 31 December 2017 issued 21 February 2018.

1 Pass- through revenue at nil-margin refers to sub-contract packages for services or materials where WorleyParsons does not receive a margin.

CONSOLIDATED 31 DECEMBER

201731 DECEMBER

2016CHANGE CHANGE

$’M $’M $'M %

Revenue and other income 2,409.4 2,722.1 (312.7) (11.5)Less: procurement revenue at nil margin (including share of revenue from associates) (43.7) (572.2) 528.5 92.4Add: share of revenue from associates 86.0 119.3 (33.3) (27.9)Less: pass-through revenue at nil margin (138.8) (100.3) (38.5) (38.4)Less: interest income (2.8) (3.2) 0.4 12.5

Aggregated revenue 2,310.1 2,165.7 144.4 6.7

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WorleyPParsons Interim Finaancial Report 2018 1

2

CInteConDirStaStaStaStaNoDirIndCor

WorleyParson

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atement of finatement of finatement of chatement of cates to the finaectors’ declar

dependent revrporate inform

ns Interim Financial R

nts l report .....................................t ........................nancial perfornancial positiohanges in equiash flows ........ancial statemration ..............view report ....mation .............

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RECTORS

e following person

n Grill (Chairman)n McNeilly – retirne Templeman-Joeet (Jeet) Bindra

omas Gorman - ach Fraunschiel - Listopher Haynes,herine Livingstonng Xiao Bin

drew Wood (Chief

INCIPAL ACTIVIT

ing the half year,ntenance, reliabi

ydrocarbons; Minerals, Metals &nfrastructure.

NIFICANT CHAN

27 October 2017utions) for cash cerations (MMO) s global MMO stra

ing the period, thrleyParsons and

December 2017, tS$700 million muategic growth req

VIEW OF OPERA

e profit after incoion on the $2.4 mncrease of 6.7% o

ributable to mem

Directont their report onted Entity) at the

ns were directors

), AO red 27 October 20ones – appointed - resigned 15 De

appointed 18 DecLead Independen, OBE

ne, AO

f Executive Office

TIES

, the principal actility support serv

& Chemicals; and

NGES IN THE ST

7, the Group acquconsideration of £service provider inategy.

he Group raised $ incurred of $6.3

the Group refinanulti-currency facquirements. The n

ATIONS

me tax expense amillion net loss afon the $2,165.7

mbers of WorleyP

ors’ rn the consolidatede end of, and duri

s of the Company

017 d 1 November 20ecember 2017 cember 2017 t Director from 2

er).

tivities of the Grovices and advisory

d

TATE OF AFFAIR

uired 100% of the£228.0 million. Wn the UK oil and g

$322.0m through million of equity

nced its US$620 ility. The new debnew financing fa

attributable to mfter tax reported million reported arsons was $8.7

eportd entity consistinng, the half year

y from 1 July 201

017

27 October 2017

oup consisted of y services to the

RS

e voting shares ofWith operations ingas sector. The a

h issuance of a 1 raising costs.

million syndicatebt structure provcility matures in

members of the C in the previous cin the previous c million, and the

t ng of WorleyPars ended 31 Decem

17 up to the date

providing engine following sector

f AFW UK Oil & Gn the UK North S

acquisition provid

for 10 fully unde

ed debt facility thvides the Group w December 2020

ompany for the hcorresponding peorresponding pe contribution to r

sons Limited (Commber 2017.

e of this report:

eering design andrs:

Gas Limited and itea, UK Integrated

des the Group wit

erwritten non-re

hat was due to exwith additional fle.

half year ended 3eriod). The result riod. UK Integrat

revenue was $14

WorleyP

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d project delivery

ts controlled entd Solutions is a leth a robust entry

nounceable right

xpire in August 2exibility and liquid

31 December 201 was earned on a

ted Solutions' con43.2 million.

Parsons Interim Fina

Entity) and the e

y services, includi

ities (referred to eading Maintena

y into the UK Nort

ts offer for ordina

2018. The new ardity to meet its w

17 was $1.4 millaggregated revenntribution to the

ancial Report 2018

entities it control

ng providing

as UK Integratedance, Modificationth Sea and suppo

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RECTORS’ REPOe directors considderstand the sust

e reconciliation of

tutory profit/(loss: other restructuri: acquisition costs: staff restructurin

: onerous lease co: impairment of as: net loss on sale os: net tax expense: tax from change

derlying profit afte

BSEQUENT EVE

ce the end of the hangeable share

other material merations or state o

UNDING OF AM

e Company is of a Investments Co

ounts referred to0,000 that have b


RT (continued) der that underlyintainable perform

f statutory profit

) after income taxing costs s ng costs

ontracts ssociate intangibleof assets held for

e on restructuring s in US tax legisla

er income tax exp

ENTS

half year, the dirs (31 December

matter or circumstof affairs.

MOUNTS

a kind referred to mmission, relatin

o in this report habeen rounded dow

Report 2018

ng profit informatance of the Com

after income tax

x expense attributa

es sale costs tion

pense attributable

rectors have reso2016: nil).

tance has arisen

in ASIC Corporatng to the “roundiave been roundedwn are represent

tion presented bpany.

x expense to und

able to members o

e to members of W

olved to pay an in

since 31 Decem

tions Instrumenting off” of amound off to the neareted in this report

elow, which excl

erlying profit afte

of WorleyParsons

WorleyParsons Li

nterim dividend o

ber 2017 that ha

t 2016/191 (Rounnts in the Directoest hundred thout by 0.0.

udes significant

er income tax exp

s Limited

imited

of 10.0 cents per

as significantly af

nding in Financiaors’ Report and fiusand dollars in a

non-recurring ite

pense is as follow

fully paid ordina

ffected or may si

al/Directors' Reponancial statemen

accordance with t

ems, is important

ws:

31 DECEMBER 2017

$’M

1.4 5.5 5.9

-

12.2 - -

(5.0) 58.2

78.2

ary share (unfrank

gnificantly affect

orts) issued by thnts. Unless otherthat Class Order

t in order to

31 DE

ked), including

t the Group’s

he Australian Secrwise expressly sand amounts les

ECEMBER 2016

$’M

(2.4)23.4

-32.8

22.62.30.4

(22.0)-

57.1

curities stated, ss than

DIR

AUD A co

This

JohnCha Syd

RECTORS’ REPO

DITOR’S INDEPE

opy of the audito

s Directors’ Repo

n Grill, AO airman

ney, 21 February

RT (continued)

ENDENCE DECL

r’s independence

ort is made in acc

y 2018

ARATION

e declaration as r

ordance with a r

required under se

esolution of the d

ection 307C of th

directors.

he Corporations A

WorleyP

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ancial Report 2018 5

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VENUE AND OTHEfessional servicescurement revenuestruction and fabrrest income er income

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fit/(loss) after incombers of WorleyPn-controlling inter

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al comprehensive

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ic earnings/(loss) ted earnings/(loss

above Statement o

sic and diluted earn

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ER INCOME revenue

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costs

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tax expense /benefit

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ome tax expense aParsons Limited rests

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e income, net of ta

income/(loss), neParsons Limited rests

per share (cents)1

s) per share (cents

of Financial Perform

nings per share wer

ment rehen

Report 2018

31 Decemb

es accounted for u

attributable to:

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ax

t of tax, attributab

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of finnsive i

ber 2017

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closed in note 1.10.

al perfme

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in conjunction with

forma

NO

11

h the accompanying

ance

CONTES 31 DECEMBE

1,

1.1 2,

(1,7 (2 (2

1.1 1.2 1.3

(2,3

1.4

.10

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g notes.

and

NSOLIDATED ER 2017

$’M31 DECEMB

913.4 1204.2286.6

2.82.4

409.4 2

769.4) (1201.1)263.3)(58.0)

(5.9)(5.5)

(32.3)

335.5) (2

5.9

79.8(70.6)

9.2

1.47.8

31.5(0.9)

39.8

35.84.0

0.50.5

BER 2016 $’M

1,774.2

723.1 218.3

3.2 3.3

2,722.1

1,705.1)

(714.3) (183.0)

(52.9) -

(24.7) (33.0)

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(2.5)

6.6 3.7

10.3

(2.4) 12.7

(1.8) (4.2)

4.3

(9.3) 13.6

(1.0) (1.0)

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ome tax receivableivatives

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al non-current assTAL ASSETS

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TAL LIABILITIES

T ASSETS

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TAL EQUITY

above Statement o

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alents

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ociates quipment sets

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sition

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TES 31 DECEMBE

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ancial Report 2018

NSOLIDATED

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49.0109.8

4.32.3

848.6 1

29.5237.5 2208.1

75.976.858.211.3

697.3 2545.9 4

802.431.2

342.5247.9

5.51.4

430.9 1

26.1820.1

17.066.6

929.8

360.7 2

185.2 1

589.9 1271.7)877.0

195.2 1(10.0)

185.2 1

7

UNE 2017 $’M

226.2 1,110.2

183.4 103.0 110.8

3.2 2.6

1,739.4

28.2

2,002.6 258.1

87.7 77.3 52.3 13.4

2,519.6 4,259.0

742.4 71.1

354.5 272.5

5.1 1.8

1,447.4

27.3

830.1 24.3 61.6

943.3

2,390.7

1,868.3

1,268.5 (270.4)

875.6

1,873.7 (5.4)

1,868.3

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WorleyParson

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at 31 December 2

at 1 July 2016

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of Changes in Equit

ment

Report 2018

31 Decemb

ISSUED

CAPITAL$’M

RETP

1,268.5 8

--

-

315.7

-

5.7

-

-

1,589.9 8

1,264.9 8

-

-

-

3.5

-

1,268.4 8

y should be read in

of chber 2017

TAINEDROFITS

$’M

FORECURRE

TRANSLATRESE

875.6 (301

1.4- 3

1.4 3

-

-

-

-

-

877.0 (265

842.1 (266

(2.4)

- (2

(2.4) (2

-

-

839.7 (268

conjunction with t

anges

EIGNENCYTIONERVE

$’M

HEDGRESERV

$’M

1.1) 11.

-35.3 (0.9

35.3 (0.9

-

-

-

-

-

5.8) 10.

6.2) 14.

-

2.7) (4.2

2.7) (4.2

-

-

8.9) 10.

he accompanying n

s in e

CONSOLIDATGEVEM

PERFORMANCERIGHTS

RESERVE$’M

5 42.1

- -9) -

9) -

- -

- 4.9

- (5.7)

- -

- -

6 41.3

5 38.2

- -

2) -

2) -

- (0.5)

- -

3 37.7

notes.

quity

TED ACQUISITION

RESERVE$’M

(22.9)

--

-

-

-

-

(34.9)

-

(57.8)

(9.6)

-

-

-

-

-

(9.6)

MEMBERS OFWORLEY

PARSONSLIMITED

$’M

CO

1,873.7

1.434.4

35.8

315.7

4.9

-

(34.9)

-

2,195.2

1,883.9

(2.4)

(6.9)

(9.3)

3.0

-

1,877.6

NON-ONTROLLING

INTERESTS$’M

(5.4) 1

7.8(3.8)

4.0

-

-

-

(2.8)

(5.8)

(10.0) 2

(4.0) 1

12.7

0.9

13.6

-

(8.5)

1.1 1

TOTAL$’M

1,868.3

9.230.6

39.8

315.7

4.9

-

(37.7)

(5.8)

2,185.2

1,879.9

10.3

(6.0)

4.3

3.0

(8.5)

1,878.7

Fo

CASRecePay

DiviInteBorrInco

Net

CASPayPayProcProc

Net

CASRepProcCostProcNet Divi

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Net CashEffe

Cash

The

Sor the half y

SH FLOWS FROM Oeipts from customments to supplier

dends received frorest received rowing costs paid

ome taxes paid

cash inflow/(out

SH FLOWS FROM Iments for acquisitments for purchasceeds from disposceeds from sale of

cash outflow fro

SH FLOWS FROM Fayments of loansceeds from loans ts of bank facilitieceeds from equity loans from/(to) redends paid to non

cash inflow/(out

decrease in cashh and cash equiva

ects of foreign exc

h and cash equiva

above Statement o

Statemear ended 3

OPERATING ACTIVmers rs and employees

om associates

tflow) from opera

INVESTING ACTIVtion of controlled se of property, plasals of investmentf property, plant a

m investing activ

FINANCING ACTIV and borrowings and borrowings s

y raising, net of eqelated parties n-controlling inter

tflow) from financ

alents at the beginhange rate chang

alents at the end

of Cash Flows shou

ment 31 Decemb

VITIES

ating activities

ITIES entities, net of ca

ant and equipments

and equipment

vities

VITIES

uity raising costs

ests

cing activities

nning of the finances on cash

of the financial ye

uld be read in conjun

of casber 2017

sh acquired t and computer so

cial year

ear

nction with the acco

sh flo

oftware

ompanying notes.

ows

WorleyP

NO


COOTES 31 DECEMBER

2,6(2,5

((

1.5

(3(

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1.8 (61.8 6

3

2

(2

1.5 2

ancial Report 2018

NSOLIDATED R 2017

$’M31 DECEMB

607.9 3525.7) (3

82.22.31.7

(23.8)(18.1)

44.3

335.5)(20.1)

1.00.6

354.0)

679.4) (1673.8 1

(8.7)315.7

(1.1)(5.8)

294.5

(15.2)244.3

(0.4)

228.7

9

BER 2016 $’M

3,096.6

3,151.8)

(55.2) 1.2 2.0

(28.8) (4.0)

(84.8)

(3.4)

(16.8) -

0.3

(19.9)

1,253.8) 1,237.0

(1.8) -

(4.0) (8.5)

(31.1)

(135.8) 373.1

(2.0)

235.3

10

1. BThewithinveTheaccoStanandAct Theinclu

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WorleyParson

BASIS OF PREPAe Interim Financiahin the annual finesting and finance Interim Financiaordance with thendards Board. It its controlled en

2001 and Guidane Interim Financiauding:

BASIS OF ACCOUBasis of preparate Interim Financia

AASB 134 Interie Group is of a kinestments Commiounts have been n $50,000 which the purposes of Historical cost coe Interim Financiae carrying values risks that are beCritical accountihe application of mates and undeumstances.

visions to accounsion and future pnagement has idevenue recognitiooodwill and intanroject, warranty aecovery of deferrual results may dition reported in

ADOPTION OF Ne Group applied foe Group has not ee nature and the iSB 2016-2 AmenSB 2016-2 amenprovide disclosure

ing from cash flo

NEW ACCOUNTINective 1 July 201SB 15 Revenue frSB 15 addresses cate the transacted 30 June 2017 impact of AASB

Notes


ARATION OF THal Report of the cnancial report andcing activities of tal Report should e Corporations Actis also recomme

ntities during the nce Note 8 – Conal Report has bee

UNTING tion al Report is a genim Financial Repornd referred to ASission, relating to rounded off to th

h have been roun preparing the Intonvention al Report has beeof recognized asing hedged.

ing estimates AAS, managemerlying assumptio

ting estimates arperiods if the reventified the folloon; ngible assets witand other provis

red taxes. differ from these future periods.

NEW AND AMENDor the first time c

elected to early admpact of each ne

ndments to Austrnds AASB 107 Staes that enable usows and non-cas

NG STANDARDS 8:

from Contracts w how revenue is rtion price to each

7, the Group esta15. The Group h

to th

Report 2018

HE INTERIM FINconsolidated entitd therefore cannthe Group as a fube read in conjunt 2001, Australiannded that the Int half year ended

ntinuous Disclosuen prepared using

neral purpose finarting. IC Corporations Io the “rounding ohe nearest hundrded down. terim Financial R

en prepared on a sets and liabilitie

ent is required toons are based on

re recognized in tvision affects both

wing critical acco

h identifiable useions; and

estimates under

DED ACCOUNTINGcertain amendmedopt any new or ew standard or aralian Accountingatement of Cash Fsers of financial ssh changes. The a

NOT YET APPLIC

with Customers recognized and wh performance obblished a project

has since underta

he fina

NANCIAL REPORty for the half yeot be expected t

ull financial reportnction with the An Accounting Staterim Financial R 31 December 20ure: Listing Rulesg consistent acco

ancial report, wh

nstrument 2016off” of amounts inred thousand do

Report, the half ye

historical cost baes that are hedge

make judgment historical experie

the period in whih current and futounting policies f

eful lives;

r different assum

G STANDARDS Aents to the stand amended standa

amendment is deg Standards –Dis

Flows to require estatements to evamendment enha

CABLE

will require the Grbligation and recot team which undaken a deeper as

ancial

RT ear ended 31 Deco provide as full at. nnual Report of t

andards (AAS) andeport be conside

017 in accordancs 3.1 - 3.1B issueounting policies a

ich has been prep

6/191(Rounding in the Directors’ Rllars in accordanc

ear has been trea

asis, except for ded with fair value

s, estimates andence and various

ich the estimate ture periods. for which signific

mptions and cond

ND INTERPRETAdards, which are eards or interpretaescribed below: isclosure Initiativentities preparingvaluate changes iances the Group'

roup to identify cognize revenue w

dertook an analysssessment of cert

l state

ember 2017 doean understandin

the Company ford other authorita

ered together wite with continuou

ed by the Australias used in the an

pared in accorda

in Financial / DireReport and financce with that Instr

ated as a discrete

derivative financia hedges are adju

assumptions abs other factors th

is revised if the r

ant judgments, e

ditions and may m

ATIONS effective from 1 Jations that are is

ve: Amendments g financial statemn liabilities arisins disclosure in re

contracts and perwhen each perforsis of a cross-sectain types of con

emen

es not include all g of the financial

r the year ended ative pronouncemth any public annus disclosure obli

an Securities Excnual financial rep

nce with the requ

ectors’ Report) iscial statements. Urument. Amount

e reporting perio

al instruments thsted to record ch

bout carrying valuhat are believed t

revision affects o

estimates and as

materially affect f

July 2017. ssued but not yet

to AASB 107 ments in accordanng from financingelation to interest

rformance obligarmance obligatioction of material ntracts and is curr

nts

notes of the typel performance, fin

30 June 2017, wments of the Ausouncements magations arising uchange (ASX). port for the year

uirements of the

ssued by the AustUnless otherwises shown as 0.0 r

d.

hat have been mehanges in the fair

ues of assets ando be reasonable

only that period o

ssumptions are m

financial results

t effective.

nce with Tier 1 reg activities, includt bearing loans a

ations, determinen is satisfied. In contracts acrossrently implemen

e normally includnancial position a

hich was preparetralian Accountinde by the Compander the Corpora

ended 30 June 20

e Corporations Act

tralian Securitiese expressly stateepresent amoun

easured at fair var values attributa

d liabilities. The under the

or in the period of

made:

or the financial

eporting requiremding both changeand borrowings.

e the transaction the financial yea

s the Group to assting controls to

ded and

ed in ng any ations

017,

t 2001

s and ed,

ts less

alue. able to

f the

ments es

price, ar sess

monof thAASAASrecothe doumatEffeAASAASGro

1.1

(A) IUK I

(B) ASegreasSegon aTheconTheThe• gl• in• am• st• ot• on• ne• ac• ne• in

(C) MThe

nitor and assess he project is to id

SB 9 Financial InsSB 9 is the AASB’ognition and mea rules for financia

ubtful debt provisterial impact on tective 1 July 201SB 16 Leases SB 16 is the AASBup has currently

SEGMENT INFO

IDENTIFICATION Integrated Soluti

ACCOUNTING POgment revenues asonable basis.

gment revenues, an arm’s length be accounting polisistent with thos

e segment result e following items lobal support cos

nterest and tax fomortization of actaff restructuringther restructurinnerous lease conet gain on disposcquisition costs; et borrowing cos

ncome tax expens

MAJOR CUSTOMe most significant

new contracts. Bdentify the systestruments ’s replacement foasurement, impaal instruments wsion. The quantumthe Group's Finan9:

B's replacement not yet finalized

ORMATION

OF REPORTABLEions became part

OLICIES AND INTEand expenses ar

expenses and rebasis and are elimcies used by the

se in the prior corincludes the allo and associated asts; or associates; cquired intangibleg costs; g costs;

ntracts; sals of assets and

sts; and se and income ta

MERS t customer accou

Based on the assm and process re

or AASB 139 Finairment, derecogn

will impact the Grom of the impact incial statements

for AASB 117 Le its assessment

E SEGMENTS t of the Major Pr

ER-SEGMENT TRAre those that are

esults include traminated on consoe Group in reporrresponding periocation of overheaassets and liabilit

e assets;

d liabilities held f

ax charges in rela

unts for 9.9% (31

essment performequirements nee

ancial Instrumentsnition and generaoup’s financial sts currently unde (based on curren

eases. The standaof how the new

ojects & Integrat

RANSACTIONS e directly attribut

ansactions betweolidation. rting segments iod. ad that can be dities are not alloc

for sale;

ation to the US ta

December 2016

med, the impact oeded to capture a

s: Recognition andal hedge accountatements. The nr review by manant instruments u

ard includes new lease accounting

ted Solutions seg

table to a segme

een segments inc

nternally are the

rectly attributed ated to segment

ax reform.

6: 6.1%) of aggreg

of AASB 15 on eaadditional informa

d Measurement. Tting. The Group hew standard is eagement. The hesed by the Group

recognition, meag requirements w

gment.

ent and the relev

curred in the ord

e same as those

to an individual bts as they are not

ated revenue an

WorleyP

arnings is not expation required to

he standard incluas performed anxpected to impac

edge accounting cp).

asurement and dwill impact the Gro

vant portion that

dinary course of b

e contained in th

business segment considered part

d is within the Hy


pected to be mat support the incr

udes requiremen initial assessmect the measuremchanges are not e

isclosure requireoup's financial st

t can be allocate

business. These

he annual financ

nt. t of the core oper

ydrocarbons cus

ancial Report 2018

terial. The next phreased disclosure

nts for classificatient of how chang

ment of the Groupexpected to have

ements for leasestatements.

ed to the segmen

transactions are

ial statements a

rations of any seg

tomer sector gro

11

hase es.

on, ges to p's e a

s. The

nt on a

e priced

and are

gment:

oup.

12

1.1

(D)

ProfConProcOthe

Tota

SegmSegm

(E)

ProfConProcOthe

Tota

SegSeg

(F) RS

SegProcPassShaInte

Tota

1 Seg

madis

2 Segdec

3 Pas

WorleyParson

SEGMENT INFO

OPERATING SEG

fessional servicesstruction and fabrcurement revenueer income

al segment reven

ment result2 ment margin

CUSTOMER SECT

fessional servicesstruction and fabrcurement revenueer income

al segment reven

ment result ment margin

RECONCILIATIONSTATEMENT OF F

ment revenue curement revenues-through revenure of revenue fromrest income

al revenue and ot

gment revenue repargin, pass-throughsclosure of revenuegment result is segcision makers. ss-through revenue


ORMATION (con

GMENTS

revenue rication revenue e at margin

ue 1

TOR GROUPS

revenue rication revenue e at margin

ue

N OF SEGMENT R FINANCIAL PERF

e at nil margin (ince at nil margin 3

m associates

her income per th

resents aggregated

h revenue at nil mar attributable to ass

gment revenue less

e at nil margin refe

Report 2018

ntinued)

REVENUE TO TOTFORMANCE

cluding share of re

he Statement of F

d revenue, which isrgin, interest incomsociates provides ad segment expenses

rs to sub-contract

SERVICES31 DEC 2017

$’M

1,125.4-

88.02.4

1,215.8

114.49.4%

HY

31 DEC

1,321

1,7

1

TAL REVENUE AN

evenue from assoc

Financial Perform

s defined as statutome and net gain on r

dditional informatios and excludes the

packages for servic

S MA

INTE31 DEC 2016

$’M31

1,247.2-

108.23.3

1,358.7

120.08.8%

YDROCARBONS

C 2017$’M

31 DEC 2016$’M

311.3 1,160.5286.6 218.3

27.5 101.80.3 2.3

725.7 1,482.9

58.0 137.79.2% 9.3%

ND OTHER INCOM

ciates)

ance

ory revenue and othrevaluation of inveson in relation to theitems listed in note

ces or materials wh

AJOR PROJECTS AND EGRATED SOLUTIONS DEC 2017

$’M31 DEC

510.2 3286.6 2

31.2-

828.0 56

75.09.1%

MINERALS, M& CHEMIC

6M

31 DEC 2017$’M

31

5 210.73 -8 3.23 0.2

9 214.1

7 16.3% 7.6%

ME PER THE

her income plus shastments previously e financial performae 1.1(B). It is the key

here the Group does

ADV 2016

$’M 31 DEC 201

$’M

33.6 225.018.3 12.9 41.3

-

64.8 266.3

54.8 11.79.7% 4.4%

METAL CALS INFR

DEC 2016$’M

31 DEC 2

224.8 33-

1.9 2-

226.7 37

3.2 21.4% 7

are of revenue from accounted for as joance of the Group. y financial measure

s not receive a mar

VISIAN 7

M31 DEC 2016

$’M

0 212.4- -3 29.8- -

3 242.2

7 2.3% 0.9%

RASTRUCTURE

2017$’M

31 DEC 2016$’M

38.6 407.9- -

29.8 47.21.9 1.0

70.3 456.1

26.8 36.27.2% 7.9%

m associates, less point operations. The

e that is presented

rgin.

TOTAL 31 DEC 2017

$’M31 D

1,860.6 1286.6160.5

2.4

2,310.1 2

201.18.7%

TOTAL

31 DEC 2017$’M

31 D

1,860.6 1286.6160.5

2.4

2,310.1 2

201.18.7%

TOTAL

31 DEC 2017$’M

31 D

2,310.1 243.7

138.8(86.0)

2.8

2,409.4 2

rocurement revenue directors believe t

to the chief operati

DEC 2016$’M

1,793.2218.3150.9

3.3

2,165.7

177.18.2%

DEC 2016 $’M

1,793.2 218.3 150.9

3.3

2,165.7

177.1 8.2%

DEC 2016$’M

2,165.7572.2100.3

(119.3)3.2

2,722.1

ue at nil the

ing

1.1

(G) RS

SegGlobInteAmo

TotaTota

OtheAcqStafOneImpNet

TotaEBIT

Net Inco

Prof

(H) R

GlobStafStafequ

Glob

1 Inc2 Inc3 Exc

SEGMENT INFO

RECONCILIATIONSTATEMENT OF F

ment result bal support costs rest and tax for asortization of acqui

al underlying earnal underlying EBIT

er restructuring couisition costs ff restructuring coerous lease contraairment of associa loss on sale of as

al EBIT T margin on aggre

borrowing costs ome tax (expense)/

fit after income ta

RECONCILIATION

bal support costs pff restructuring coff restructuring coity accounted ass

bal support costs

cludes staff restructcludes onerous leascludes all restructu

ORMATION (con

N OF SEGMENT R FINANCIAL PERF

ssociates ired intangible ass

nings before interT margin on aggreg

osts

osts1 acts2 ate intangible asssets held for sale

egated revenue fo

/benefit

ax expense per th

N OF GLOBAL SUP

per segment inforosts osts attributable toociates

per the Statemen

turing costs incurre

se costs incurred in ring costs.

ntinued)

RESULT TO PROFFORMANCE

sets

rest expense and gated revenue for

ets

r the Group

he Statement of F

PPORT COSTS TO

rmation3

o professional ser

nt of Financial Pe

ed in equity account equity accounted i

FIT AFTER INCOM

tax expense (undr the Group

inancial Performa

O THE STATEMEN

vices costs, const

rformance

ted investments. nvestments.

ME TAX EXPENSE

derlying EBIT)

ance

NT OF FINANCIAL

truction and fabric

PER THE

L PERFORMANCE

cation costs and st

WorleyP

E

taff restructuring


costs incurred by

ancial Report 2018

T

31 DEC 2017$’M

31 D

201.1(58.0)

(1.8)(8.4)

132.95.8%

(5.5)(5.9)

-(12.2)

--

109.34.7%

(29.5)(70.6)

9.2

31 DEC 2017$’M

31 D

58.0-

-

58.0

13

TOTAL

DEC 2016$’M

177.1(48.7)

(0.7)(9.8)

117.95.4%

(23.4)-

(32.8)(22.6)

(2.3)(0.4)

36.41.7%

(29.8)3.7

10.3

DEC 2016$’M

48.732.8

(28.6)

52.9

14

1.2 On 2InteModsupTheconGroThein thThe

(A) ACashTradPrepDefePropOthe

Tota

(B) LTradOthe

Tota

TotaIntaDefeGoo

Tota

(C) NCashCashTran

Net

Goosepfair Thefrom TheIn th$0.9

1 Thi2 Ou

WorleyParson

BUSINESS COM

27 October 2017egrated Solutionsdifications & Opeports our global

e above acquisitiotribution to revenup's profit after i

e Group incurred ahe statement of f

e provisional fair v

ASSETS h de and other receipayments erred tax assets perty, Plant and eer assets

al assets

LIABILITIES de and other payaer liabilities

al liabilities

al identifiable net angible assets erred tax liability a

odwill arising on ac

al consideration, e

NET CASH EFFECh consideration pah and overdrafts insaction costs of t

cash outflow

odwill representsarately. Goodwil value of the net

e fair values of thm acquisition dat

e Group increasedhe prior half year9m in HY17. No s

is represents the pat of $5.9m transact


MBINATIONS AN

7, WorleyParsonss") for a total conerations (MMO) sMMO strategy. T

on's contribution nue was $143.2 income tax wouldacquisition relatefinancial performvalues of the ide

vables

quipment

ables

assets acquired a

arising on intangibcquisition

excluding acquisiti

CT: aid 1 ncluded in net assthe acquisition 2

s the value of thel has been allocaassets acquired.e acquisition bala

te.

d its share of Wor certain assets asuch transaction

ayment of £228 mition costs, $5.0m w

Report 2018

ND DIVESTMEN

s Europe Limitednsideration of £22service provider inThe financial repo to the Group's re million. If the acqd have been $14ed costs of $ 5.9

mance, and in opentifiable assets a

t fair value

ble assets

on costs expensed

sets acquired

assembled workted to the Major ances are provisi

rleyParsons Omaand liabilities of th has taken place

illion translated to A

were paid as at 31 D

NTS

acquired 100% o28.0 million. Withn UK oil and gas sort includes the reported after taxquisition had occ

4.2 million, and to million on legal ferating cash flowand liabilities of U

d

kforce and any pr Projects & Integ

onal due to timin

an Engineering Lhe Group’s busin in HY18.

AU$ at 0.5824 exchDecember 2017.

of the voting sharh operations in thsector. The acquesults of UK Inte

x profit attributaburred on 1 July 2

o revenue would fees, due diligenc

ws in the statemeUK Integrated So

remium from syngrated Solutions c

ng of the acquisit

LC by 35% duringness in South Afri

hange rate at the d

res of AFW UK Ohe UK North Sea,isition provides t

egrated Solutionsble to members o017, managemehave been $494.

ce and advisory cnt of cash flows.lutions as at the

nergies and futurcash generating u

tion. The review o

g the half year enca were sold for

ate of transaction r

il & Gas Limited a, UK Integrated Sthe Group with a s for the two-moof the Parent Entent estimates tha.4 million. osts. These cost. date of acquisitio

re growth opportunit. Except as in

of the assets and

nded 31 Decembe a total of $6.4 m

reduced by the cash

and its controlledSolutions is a lead robust entry intonth period from ity was $8.7 mill

at the additional c

s have been inclu

on were:

REC

tunities that cannndicated, the carr

d liabilities will co

er 2017, and nowmillion and resulte

h flow hedge of $4.

d entities ("UK ding Maintenanceo the UK North Sethe acquisition dion, and the contribution to th

uded in other exp

PROVISIONAL FAIR VCOGNIZED ON ACQUIS

not be recognizedrying value equal

ontinue for 12 mo

w holds 100%. ed in a net profit

.2 million.

e, ea and ate.

he

penses

VALUE SITION

$’M

64.6 262.5

8.2 7.6 5.3 4.6

352.8

(137.5) (48.6)

(186.1)

166.7 62.5

(11.9) 170.0

387.3

387.3 (64.6)

5.0

327.7

d s the

onths

of

1.3

EXPWritOthe

1.4

(A) I

CurrDefeUnd

Inco

DefeDecDec

Defe

(B) RProf

PrimTax NonNonShaTax UndNonTax Diffe

Inco

(C) AAggbut

Defe

1 Re

OTHER COSTS

PENSES AND LOSSte-down of invester restructuring co

INCOME TAX

INCOME TAX EXP

rent tax erred tax

der provision in pre

ome tax expense/

erred income tax erease in deferred rease in deferred

erred tax

RECONCILIATIONfit before income t

ma facie tax expen effect of amounts

n-deductible sharen-deductible writere of (profits)/loss losses not previo

der provision in pren-deductible costs expense in relatioerence in oversea

ome tax expense/

AMOUNTS RECOgregate amount o directly credited

erred tax - credite

presents primarily

SES tment in equity acosts

PENSE

evious financial pe

/(benefit)

expense included tax assets tax liabilities

N OF PRIMA FACItax expense

nse at WorleyParss which are non-de based paymentse-down of investmses of associates ausly recognized evious financial pes of UK Integrated on to the US tax res tax rates and ot

/(benefit)

OGNIZED DIRECTLof tax arising in th to equity:

ed directly to equit

income tax expens

counted associate

eriods

in income tax exp

IE TAX PAYABLE

ons Limited’s statdeductible/(non-tas expense

ment in equity accoaccounted for usin

eriods Solutions acquisit

eform her1

LY IN EQUITY he reporting peri

ty

e for foreign tax rat

es

ense comprises:

TO INCOME TAX

tutory income tax axable) in calculati

ounted associatesng the equity met

tion

od and not recog

te differential and i

X EXPENSE

rate of 30% (2016ng taxable income

s hod

gnized in profit af

nternational withh

6: 30%) e:

fter income tax e

olding taxes.

WorleyP

expense


31 DECEMBER

31 DECEMBER

(

31 DECEMBER

(

ancial Report 2018

CONSOLIDR 2017

$’M31 DECEMB

-5.5

5.5

CONSOLID

R 2017$’M

31 DECEMB

28.441.2

1.0

70.6

62.8(21.6)

41.2

R 2017$’M

31 DECEMB

79.8

23.9

1.5-

(1.8)0.11.01.8

58.2(14.1)

70.6

5.3

15

DATED BER 2016

$’M

1.3

23.4

24.7

DATED

BER 2016 $’M

37.0 (45.7)

5.0

(3.7)

25.6

(71.3)

(45.7)

BER 2016

$’M

6.6

2.0

1.1 0.4 0.7

(1.3) 5.0

- -

(11.6)

(3.7)

(12.5)

16

1.5

CashProc

CashLess

Bala

RecProfNONAmoDepShaDouShaWritWritOthe

CashCHADecDecDecDecIncrIncrDecDec

Net

1.6

CURTradUnbReteAlloLess

NONTradUnb

OTHOtheAmo

1 Cas

end2 No

WorleyParson

CASH AND CASh and cash equivacurement cash an

h at bank and on s: bank overdraft

ance per the State

onciliation of profit after income taN-CASH ITEMS ortization

preciation re based payment

ubtful debts expenre of associates' dte-down of investte-off of capitaliseer

h flow adjusted foANGES IN ASSETS A

rease in trade andrease in prepaymerease in deferred rease in trade andease/(decrease) inease in net incomrease in deferred rease in provision

cash inflow/(out

TRADE AND OT

RRENT TRADE REde receivables billed contract reveentions wance for impairms: procurement tra

N-CURRENT TRAde receivables2 billed contract reve

HER RECEIVABLEer receivables ounts receivable f

sh and cash equivaded 31 December 2n-current trade rec


SH EQUIVALENTalents per Stateme

d cash equivalent

hand

ement of Cash Flo

fit after income tax expense

ts expense nse/(reversal) dividends receivedtments in equity aed borrowing cost

or non-cash itemsAND LIABILITIES ADd other receivablesents and other astax assets

d other payables n billings in advane tax payable tax liabilities

ns

tflow) from opera

THER RECEIVAB

ECEIVABLES

enue

ment of trade receade and other rece

ADE RECEIVABLES

enue

ES

rom associates an

lents include restric

2016 was restated ceivables and unbill

Report 2018

TS ent of Financial Pots

ows

ax expense to net

d in excess of sharaccounted associatts

DJUSTED FOR EFFEC

s sets

ce

ating activities

BLES

eivables eivables

S

nd related parties

cted cash that is av for comparative puled contract revenu

osition 1

t cash inflow from

re of (profits)/losstes

CTS OF PURCHASE

vailable for use undurposes. ue relate to contrac

m operating activi

es

E OF CONTROLLED E

er certain circumst

ts where recovery

ities:

ENTITIES

tances by the Group

is expected to take

1

1

p. The cash and cas

greater than twelv

31 DECEMBER

21.15

21.8

2

1

(2

((

31 DECEMBER

85

(1.15 (

1,2

1

1

sh equivalents balan

ve months.

CONSOLIDR 2017

$’M31 DECEMB

219.811.2

231.0(2.3)

228.7

9.2

28.38.34.91.9

(3.6)-

0.84.1

53.9

102.48.3

57.7202.4)

39.714.0

(19.1)(10.2)

44.3

R 2017$’M

30 JU

819.3535.9

26.7(50.7)(37.8)

293.4 1

14.515.0

29.5

123.446.6

170.0

nce for the six mon

DATED BER 2016

$’M

228.4 16.3

244.7 (9.4)

235.3

10.3

30.3 10.0

3.0 (6.0)

2.5 1.3

- 2.3

53.7

285.5 3.9

33.6 (351.5)

(9.8) 31.3

(72.6) (58.9)

(84.8)

UNE 2017

$’M

745.5 468.5

23.1 (49.5) (77.4)

1,110.2

13.8 14.4

28.2

127.7 55.7

183.4

nths

1.7 GooAt cAccu

CustAt cAccu

TradAt cAccu

ComAt cAccu

OtheAt cAccu

Tota

RECRec

BalaAddAmoDiffeope

Bala

BalaAddAmoDiffeope

Bala

INTANGIBLE Adwill ost umulated impairm

tomer contracts anost umulated amortiz

de names ost umulated amortiz

mputer software ost umulated amortiz

er ost umulated amortiz

al intangible asse

CONCILIATIONS conciliations of in

ance at 1 July 201itions/transfers

ortization erences arising onrations

ance at 31 Decem

ance at 1 July 2016itions/transfers

ortization erences arising onrations

ance at 30 June 20

SSETS

ment

nd relationships

zation

zation

zation

zation

ets

tangible assets a

7

n translation of for

mber 2017

6

n translation of for

017

at the beginning

reign

reign

and end of the cu

GOODWILL$’M

1,832.8170.0

-18.4

2,021.2

1,890.5--

(57.7)

1,832.8

urrent and previo

CUSTOMERCONTRACTS ANDRELATIONSHIPS

$’M

14.462.5(7.5)

0.3

69.7

28.7-

(13.9)(0.4)

14.4

ous financial year

R DS TRADE NAM

$

4 85) (0.

7

11

) (2.)

4 8

WorleyP

rs are set out belCONSOLIDATE

ES’M

COMPUSOFTW

8.2 14-

9) (1-

.3 13

.1 13- 3

9) (3-

.2 14


31 DECEMBER

2,2(2

2,0

2(1

(

3(2

1

(

2,2

low: D

UTER WARE

$’MO

41.18.2

4.7)-

34.6

35.736.41.1)0.1

41.1

ancial Report 2018

CONSOLIDR 2017

$’M30 JU

221.4 2200.2)

021.2 1

254.2184.5)

69.7

82.2(74.9)

7.3

337.4202.8)

134.6

24.9(20.2)

4.7237.5 2

OTHER$’M

6.1 2-

(1.4)-

4.7 2

11.2 21.6

(6.7)-

6.1 2

17

DATED UNE 2017

$’M

2,033.0(200.2)

1,832.8

187.9(173.5)

14.4

82.7(74.5)

8.2

329.2(188.1)

141.1

24.8(18.7)

6.12,002.6

TOTAL$’M

2,002.6240.7(24.5)

18.7

2,237.5

2,077.238.0

(54.6)(58.0)

2,002.6

18

1.7 ImpGooFor to bCGUImpgrouImpAssits rimpImpandTheflow

KEYThe

31 D

OpeClosRiskRisk

30 JU

OpeClosRiskRisk

SENThecashTheprogSen• Te

ex• P

th• Fo

th

WorleyParson

INTANGIBLE ASpairment of intanodwill is not amo the purposes of benefit from synUs represent the pairment is deterups of CGUs is le

pairment losses rets that are subjrecoverable amo

pairment, assets apairment testing

historical experie estimation of fws to recognize c

Y ESTIMATES e goodwill allocat

ECEMBER 2017

ening balance sing balance k-weighted pre-tak-adjusted growth

UNE 2017

ening balance sing balance k-weighted pre-tak-adjusted growth

NSITIVITY ANALYSe combined fair vh flow projection

e value in use estgram. The Group

nsitivity analysis oerminal growth rxceeding the carrost tax discount

he carrying valueorecast cash flowhe carrying value


SSETS (continungible assets rtized; instead, it impairment testergies of the com lowest level withrmined by assessss than the carry

recognized for goect to amortizati

ount. The recoveare grouped at thcalculations useence and externauture cash flowshallenging marke

ed to the materia

ax discount rate h rate beyond five

ax discount rate h rate beyond 5 ye

YSIS value in all the CGns, discount and gtimate is particul has performed don the inputs forrates: a 1% decrearying values withrates: a 0.5% incrs with the excep

ws: a 3% decreases with the excep

Report 2018

ed)

t is tested at leasting, goodwill acqmbination, irresphin the entity at wsing the recoveraying amount, an ioodwill are not suion are reviewed

erable amount is he lowest levels f cash flow projeal data. s requires assumet conditions.

al CGUs and the k

years

ears

GUs exceed the cgrowth rates usearly sensitive to detailed sensitivi all CGUs are as fase (30 June 201

h the exception orease (30 June 20tion of Advisian we (30 June 2017: tion of Advisian w

st annually, unlesquired in a businepective of whethwhich the goodwable amount of tmpairment loss

ubsequently reve for impairment w the higher of afor which there actions based on

mptions to be m

key assumptions

SA

SA

carrying value byed to calculate the the achievementy analysis as pa

follows: 7: 1% decrease) if Advisian which 017: 0.5% increaswhich would be i 3% decrease) in twhich would be i

ss impairment is ess combination er other assets

will is monitored fthe groups of CGis recognized.

ersed. whenever eventsn asset’s fair va

are separately ide financial forecas

ade regarding fu

s used for the val

ERVICES – AMERICAS

$’M

SERVICES PAC

303.6 306.7 13.7%

3.0%

ERVICES – AMERICAS

$’M

SERVICES PAC

312.2 303.6 14.4%

3.0%

y over $860 millie value in use mat of long-term g

art of its impairm

in the terminal gr would be impairse) in the discounmpaired by $15 the forecast cashmpaired by $5 m

indicated. Goodw is allocated to gor liabilities of th

for internal manaGUs to which the

s or changes in calue less costs toentifiable cash flosts of how the b

uture uncertain e

ue in use impairm

S – AUSTRALIA,CIFIC, ASIA AND

CHINA,$’M

S

509.9515.0 13.8%

3.0%

S – AUSTRALIA,CIFIC, ASIA AND

CHINA,$’M

S

524.3509.913.9%

3.0%

on (30 June 201ay vary from wharowth rates, discent testing to en

rowth rate wouldred by $25 millionnt rate would resmillion; and

h flows would resmillion.

will is carried at croups of cash gehe Group are assagement purposee goodwill relates

ircumstances indo sell, and value ows (CGUs).

business is expec

events. Managem

ment testing are

SERVICES – EUROPE, MIDDLE EAST, AND

AFRICA $’M

350.3 353.8

15.1% 3.0%

SERVICES – EUROPE, MIDDLE EAST, AND

AFRICA $’M

360.2 350.3 16.6%

3.0%

7: over $650 miat has been estimcount rates and t

nsure that the res

d result in the fain; ult in the fair val

sult in the fair va

ost less accumulenerating units (Csigned to those es. s. When the reco

dicate that the ca in use. For the

cted to perform c

ment has risk ad

as follows:

MAJOR PROJECT AINTEGRA

SOLUTIO

415812

3

MAJOR PROJECT AINTEGRA

SOLUTIO

424112

3

llion). Managememated. the forecast perfsults of its testin

r value of all CGU

ue of all CGUs lis

alue of all CGUs lis

lated impairmentCGUs) that are ex

groups of CGUs.

overable amount

arrying amount epurposes of ass

consistent with c

djusted the futur

ANDATED

ONS$’M

A

0.184.22.4%3.0%

ANDATED

ONS$’M

A

21.70.1

2.4%3.0%

ent recognizes th

formance improvg are reasonable

Us listed above

ted above excee

sted above excee

t. xpected . These

t of the

xceeds sessing

current

re cash

ADVISIAN $’M

258.9 261.5 12.7%

3.0%

ADVISIAN $’M

272.1 258.9 13.4%

3.0%

hat the

vement e.

ding

eding

1.8 CurrNoteUnsFinaBanCap

NonNoteUnsCap

The Due

The DueDueDue

Cha

201CurrNonFinaNon

201CurrNonFinaNon

In DUS$stra

INTEREST BEArent es payable ecured bank loans

ance lease liabilityk overdraft italized borrowing

n-current es payable ecured bank loansitalized borrowing

maturity profile ine within one year

maturity profile ine within one year e between one ande after four years

anges in assets an

7 rent interest beari

n-current interest ance lease liabilityn-current derivativ

6 rent interest beari

n-current interest ance lease liabilityn-current derivativ

December 2017, t$700 million multategic growth req

ARING LOANS AN

s

g costs

s g costs

n respect of the G

n respect of the G

d four year(s)

d liabilities arising

ing loans and borr bearing loans and

ve asset

ing loans and borr bearing loans and

ve asset

the Group refinanti-currency facilit

quirements. The n

ND BORROWIN

roup's secured fac

roup's total utilize

g from financing a

rowings d borrowings

rowings d borrowings

nced its major USty. The new debtnew financing fa

NGS

cilities is set out b

ed and unutilized f

activities AS A

1 JUL$’M

273.832.8

0.87.

1,193.9

247.9993.

2.94.8

1,338.

S syndicated debt structure providcility matures in

below:

facilities is set out

AT LY M

CASH FLOW$

2 (271.8 2662 (0.7

9 (5.6

9 35 (19.5 (1.8

7 (16.8

bt facility that wades the Group wit December 2020

t below:

WS’M

RECLASSIFICATI$

1) 2406.2 (240

7)-

6)

.7 270) (275)-

8)

as due to expire inth additional flex.

WorleyP

ION$’M

FOREEXCHA

MOVEME

0.60.6) (30

--

- (23

7.6 17.6) 2

--

- 4

n August 2018. Txibility and liquidit


31 DECEMBER

2

2

52

8

31,2

2

1,8

EIGN NGE

ENTS$’M

O

7.50.8)

-0.3 (

3.0) (

4.926.3

-6.7

47.9

The new arrangemty to meet its wo

ancial Report 2018

CONSOLIDR 2017

$’M30 JU

213.634.3

0.12.3

(2.4)

247.9

583.8243.8

(7.5)

820.1

0.1

0.1

310.1231.6 1263.0

804.7 1

OTHER$’M 31 DE

--

0.6(12.1)

(11.5) 1

-

(0.1)3.4

3.3 1

ment consists of orking capital and

19

DATED UNE 2017

$’M

242.7

23.0 0.2 7.5

(0.9)

272.5

592.2 240.6

(2.7)

830.1

0.2

0.2

343.6

1,232.5 266.8

1,842.9

AS AT ECEMBER

$’M

250.2827.6

0.175.9

1,153.8

294.1973.2

0.9104.9

1,373.1

a d

20

1.9

OrdiSpe

(A) M

BalaOrdiExchTranOrdiLess

Bala

1 Inc

repcaptheWoacc

2 Inc

WorleyParson

ISSUED CAPITA

inary shares, fullycial voting share

MOVEMENTS IN

ance at the beginninary shares issuehangeable shares nsfer from performinary shares issues: transaction cost

ance at the end of

cluded in ordinary shplicate the economipital as ordinary shae time of their issueorleyParsons Limitecounting standardscludes 50,211 empl


AL

y paid1

N SHARES

ning of the financiaed on redemption exchanged for ord

mance rights reseed ts of equity issue

f the financial yea

hares are 1,163,66ic effect of issuing oares. In addition, the for the purposes oed Plans Trust holds.

oyee bonus shares

Report 2018

al year of exchangeable sdinary shares rve on issuance of

ar

68 (30 June 2017: 1ordinary shares in t

he Australian Securiof the ASX Listing Rs 121,449 (30 June

s.

shares

f shares2

,363,638) exchangthe Company. Accoities Exchange (ASX

Rules. Ordinary shae 2017: 248,828) sh

eable shares. The isrdingly, for account

X) treats these exchares have no par vahares in the Compa

31 DECEMBER 20NUMBER O

SHAR

273,921,36

273,921,37

ssuance of the exchting purposes, exchhangeable shares tolue and the Compa

any, which have bee

17OFES

69 1,581

70 1,58

hangeable shares ahangeable shares ao have been converny does not have a

en consolidated and

$’M30 JUN

NUMBER OF S

89.9 248,189-

89.9 248,189

31 DECEMBERNUMB

SH

248,189200

(200,943

24,788

273,921

and the attached spre treated in the sarted into ordinary s

a limited amount of d eliminated in acco

E 2017HARES

9,086 11

9,087 1

R 2017BER OFHARES

9,087 10,000,000)

3,8658,418

-

1,370 1

pecial voting share ame single class of hares of the Compa authorized capital.ordance with the

$’M

1,268.5-

1,268.5

$’M

,268.55.4

(5.4)5.7

322.0(6.3)

,589.9

issued any at . The

1.10 In thundhavTheshavalu

ATTBasDilu Theearn

(A) R

Earn

(B)

WeiPerf

Wei

1.1

DiviNil cDiviNil c

1.1Thefair TheLevLevpricforwDerobsFairandTheinpu

1 Pri

0 EARNINGS/ (

he reporting periderwritten, pro-ra

e been charged te basic and dilutiv

res by a bonus faue per share.

TRIBUTABLE TO Mic earnings/(loss) ted earnings/(loss

e following reflectnings/(loss) per s

RECONCILIATION

nings used in calcu

WEIGHTED AVER

ghted average nuformance rights w

ighted average nu

1 DIVIDENDS

dend in respect ofcents per share dend in respect ofcents per share

2 FAIR VALUESe fair values of fin value of $1,153.

e Group uses the el 1 - the fair valel 2 – the fair vaes) or indirectly (

ward exchange coivative instrumenervable inputs su

r values of the Gr borrowings with

ere were no transuts for the asset

or period number o

(LOSS) PER SHA

od the Group issata, accelerated nto equity as a redve earnings per sactor of 1.01. The

MEMBERS OF WO per share s) per share

ts the income anshare:

N OF EARNINGS/

ulating basic and d

RAGE NUMBER O

mber of ordinary which are consider

umber of ordinary

f the six months to

f the six months to

S nancial assets an.7 million (30 Junfollowing hierarcue is calculated ulue is estimated (derived from pricontracts fall withnts including inteuch as foreign exroup’s interest beh similar terms asfers between Le or liability) for th

of shares is calculat

ARE

ued 24.8 million non-renounceabduction in issued hare were retrose bonus factor is

ORLEYPARSONS

d security data u

/(LOSS) USED IN C

diluted earnings/(

OF SHARES USED

securities used in red dilutive

y securities used

o 30 June 2017:

o 30 June 2016:

d liabilities approe 2017: $1,186.7

chy for determiniusing quoted pricusing inputs otheces). The Group’s

hin Level 2 of the erest rate swaps xchange spot andearing loans and nd maturity.

evel 1 and 2, and he periods presen

ted by multiplying t

shares at $13.0 le entitlement of capital. spectively adjuste calculated by div

S LIMITED

used in the calcul

CALCULATING EA

loss) per share

D AS THE DENOM

calculating basic

in calculating dilu

oximate their car7 million) and a cng the fair value

ces in active marker than quoted ps interest bearing hierarchy. and forward exc

d forward rates, inborrowings are d

no financial instrnted in this repor

the original weighte

each to fund theffer for $322.0 m

ed for all periodsviding the fair val

ation of basic an

ARNINGS/(LOSS)

MINATOR

earnings/(loss) pe

uted earnings/(lo

rying values witharrying value of $ of a financial asskets; and rices included in

g loans and borro

change contractsnterest rate curvdetermined by di

ruments were mert.

ed average number

UK Integrated Smillion. The costs

presented by mlue per share bef

d diluted earning

PER SHARE

er share1

ss) per share

h the exception o$1,077.9million (set or liability:

Level 1 that are owings and deriv

are restated to fves and forward rscounting future

easured at Level

of shares of 248,0

WorleyP

olutions acquisitattributable to th

ultiplying the origfore the exercise

gs/(loss) per shar

of interest bearing(30 June 2017: $

observable for thative instrument

fair values at eacrates curves. e cash flows using

3 (where fair val

020,285 by a bonus


CO 31 DECEMBER

tion. The issue wahe issuance of sh

ginal weighted av of rights by the t

re and adjusted b

N

Nu273,217

1,915

275,132

31 DECEMBER

g loans and borro1,106.2 million).

he asset or liabilitts including intere

ch reporting date

g period-end bor

lue is measured u

s factor of 1.01.

ancial Report 2018

NSOLIDATED R 2017

$’M

31 DECEMBR

as a 1 for 10 fullyhares were $6.3m

verage number otheoretical ex-rig

0.50.5

basic and diluted

$’M

1.4

Number

umber N7,066 250,55,653

2,719 250,5

CONSOLIDR 2017

$’M31 DECEMB

-

-

owings which ha

ty, either directlyest rate swaps a

based on marke

rrowing rates on

using unobserva

21

BER 2016 ESTATED

$’M

y m and

of ghts

(1.0) (1.0)

$’M

(2.4)

Number

Number 500,488

-

500,488

DATED BER 2016

$’M

-

-

ave a

y (as nd

et

loans

ble

22

1.1

(A) ThepartThe

Ban

Com

(B) ATheupdthe

(C) ACertof, oParsGro

1.14SincexchUnlesign

1.15In ceWherecoThePerf

REVProcProcProcProc

ASSCashTradTrad

1 Rev

WorleyParson

3 CONTINGENT

GUARANTEES e Company is, in tties in respect of

ese guarantees an

k guarantees outs

mmitments not re

ACTUAL AND PENe Company is subdates from corpor view that the co

ASBESTOS tain subsidiaries or exposure to, asons Corporationup in respect of a

4 SUBSEQUENTce the end of thhangeable shareess disclosed elnificantly affected

5 PROCUREMEertain situations,ere the risks andognized on a gros

e following procuformance and St

VENUE AND EXPENScurement revenuecurement costs atcurement revenuecurement costs at

SETS AND LIABILITIEh and cash equivade and other receide and other paya

venue and expense


T LIABILITIES

the normal cours their contractuand letters of cred

standing at balanc

cognized in the fi

ENDING CLAIMS bject to various arate and outside nsolidated entity

acquired as partasbestos. Due ton and Parsons E&asbestos liabilitie

T EVENTS he half year, the s (31 December sewhere in thisd, or may signific

NT , the Group will e

d rewards associass basis in the Sturement revenutatement of Finan

SES1 e at margin t margin e at nil margin t nil margin

ES alents

vables ables

es exclude procurem

Report 2018

se of business, real performance redit only give rise t

ce date in respect

inancial statemen

actual and pendi counsel, to assey is adequately p

t of the Parsons ao the continuatio&C Corporation, tes.

directors have 2016: nil).

s Interim Financicantly affect the G

enter into contracated with the protatement of Finanes and expensencial Position:

ment revenue and e

equired to providelated obligationsto a liability wher

of contractual pe

nts

ing claims arisingess the need for arovided in respec

acquisition (Parson and extensionthe Group is not

resolved to pay

ial Report, no oGroup’s operatio

cts with its custoocurement activitncial Performances, and assets a

expenses from asso

e guarantees ands. re the entity conc

rformance

g in the normal caccounting recogct of these claims

sons E&C) have bn of the existing aware of any circ

an interim divid

ther material mns or state of aff

omers which requties are assumedce and Statemenand liabilities ha

ociates.

d letters of credi

cerned fails to pe

course of businenition or disclosus in accordance w

been, and continu indemnity and acumstance that i

dend of 10.0 cen

matter or circumsfairs in future per

uire the Group to d by the Group, tht of Financial Pos

ave been recogn

t on behalf of co

erform its contra

ess. The Companure of these contwith the Group’s

ue to be, the subjasbestos claims s likely to lead to

nts per fully paid

stance has ariseriods.

procure goods ahe revenues andsition. nized on a gross

ntrolled entities,

ctual obligation. 31 DECEMBER

5

5

ny has regular clatingencies. The diaccounting policy

ject of litigation administration ao a residual conti

d ordinary share

en since 31 Dec

and services on b expenses, and a

s basis in the S

31 DECEMBER

1(1

(

, associates and

CONSOLIDR 2017

$’M30 JU

556.8

556.8

aims reviews, incirectors are currey.

relating to the haarrangements beingent exposure

e (unfranked), inc

cember 2017 th

ehalf of the custassets and liabilit

Statement of Fi

CONSOLIDR 2017

$’M31 DECEMB

160.5157.4)

43.7(43.7)

11.237.831.2

related

DATED UNE 2017

$’M

568.1

568.1

cluding ently of

andling etween for the

cluding

hat has

omers. ties are

nancial

DATED BER 2016

$’M

150.9

(142.1) 572.2

(572.2)

16.3

163.2 160.6

In a In th

On b

JOHChaSyd

Dccordance with a

he opinion of the(a) the financia

2001, includ(i) giving a

on that(ii) comply

(b) there are re

behalf of the Boa

HN GRILL, AO airman

ney, 21 February

Directoa resolution of th

e directors: al statements andding: a true and fair vie date; and

ying with Australieasonable ground

ard

y 2018

ors’ de directors of Wo

d notes of Worley

ew of the consolid

an Accounting Stds to believe that

declarorleyParsons Lim

yParsons Limited

dated entity’s fin

tandards and thet the Company w

rationmited, I state that

d for the half yea

nancial position a

e Corporations Regwill be able to pay

n t:

ar ended 31 Dece

as at 31 Decembe

gulations 2001; ay its debts as and

WorleyP

ember 2017 are i

er 2017 and of its

and when they beco


n accordance wit

s performance fo

ome due and paya

ancial Report 2018

th the Corporation

or the half year e

able.

23

ns Act

nded

24 WorleyParson ns Interim Financial RReport 2018

WorleyPParsons Interim Fina

ancial Report 2018 25

26

WorACN

DIRJohnAnnThoEricChriCathWanAnd

COMNua

REGLev141Nor

AUDErns

BANBarBanBNPInteHSBJPMRoyMizMacStanStatSumUBSWelWes

LAWHer

SHAComLevSydAus Pho

C

WorleyParson

rleyParsons LimiN 096 090 158

RECTORS n Grill (Chairman)ne Templeman-Joomas Gorman ch Fraunschiel istopher Haynes,herine Livingstonng Xiao Bin

drew Wood (Chief

MPANY SECRETala O'Leary

GISTERED OFFICel 15

1 Walker Street rth Sydney NSW

DITORS st & Young

NKERS clays Bank

nk ABC P Paribas esa Sanpaolo BanBC

Morgan Chase yal Bank of Canaduho Bank cquarie Bank ndard Chartered te Bank of India

mitomo Mitsui BaS lls Fargo stpac Banking Co

WYERS bert Smith Freeh

ARE REGISTRY mputershare Inveel 4, 60 Carringtoney NSW 2000

stralia

one: 1300 850 50

Corpor


ted

), AO ones

, OBE ne, AO

f Executive Office

TARY

CE

2060

nk

da

Bank

anking Corporatio

orporation

hills

estor Services Ptyon Street

05

rate i

Report 2018

er)

on

y Limited

nformmationn

appendix 4d - quoteapi · appendix 4d half year ended 31 december 2017 aggregated revenue result...

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