December 2006 half year results

highlights

� Half year revenue of $499.4m up 105%, EPS up 147% to 38.5c

� Spike in construction activity has driven bumper half year result

� All divisions had strong performances

� Continued focus on safety performance

� Organisation restructured to facilitate further organic growth

� Delivering on diversification strategies

� Simplified dividend payout policy to 80 -100% from 07/08 onwards

financial highlights

-9%10.89.8$mCapex

83%24.745.3$mNet Cash

6%37.139.2$mOperating Cash Flow

144%9.022.0cpsffTotal Dividends

147%15.638.5cpsEarnings Per Share

152%12.531.4$mNet Profit After Tax

134%20.848.7$mEBITDA

105%243.5499.4$mSales Revenue

% ChangeDec-05Dec-06

revenue by division

105%243.5499.4$mTOTAL

-37.0$mInternal sales eliminations

64%5.89.5$mSkystar

274%10.840.4$mElectrical and Instrumentation Services

37%96.3132.2$mMaintenance and Industrial Services

171%130.6354.3$mEngineering Construction

% ChangeDec-05Dec-06

revenue & profit growth

profit after tax $msales revenue $m

200720062005200420032002

Dec Half June Half

154.7

243.7 220.8

390.6

532.0499.4

200720062005200420032002

Dec Half June Half

4.87.1 8.5

16.7

29.431.4

earnings & dividend growth

earnings per share dividend per share

200720062005200420032002

Dec Half June Half

6.59.6

11.1

21.1

36.538.5

200720062005200420032002

Interim Dividend Final Dividend Special Dividend

3.56.3 7.5

19.3

33.0

22.0

EBITDA and operating cash flow

cashflow from operations $mEBITDA $m

200720062005200420032002

Dec Half June Half

12.015.3 16.1

29.0

49.0 48.7

200720062005200420032002

Dec Half June Half

12.5 13.1

6.6

24.0

66.8

39.2

EBITDA and PAT margins

EBITDA margin % profit after tax margin %

5.5%

4.3%3.9%

2.9%3.1%

6.3%

5.1%

4.0%

3.5%

3.0%2.9%

200720062005200420032002

Full Year Dec Half

9.2%

7.4%7.3%

6.3%

7.7%

9.8%

8.5%

6.8%6.9%6.6%

7.2%

200720062005200420032002

Full Year Dec Half

exceptional return on equity

200720062005200420032002

Dec Half June Half

17.2%

20.7% 21.7%

36.1%

47.3%

42.2%

strong shareholder returns

� Total shareholders returns:

� 1 year 105%

� 5 years 2370% (90% p.a)

5 year share price history

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

$9.00

$10.00

Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07

strong focus on safety

total case injury frequency rate (TCIFR)

16.017.3

22.628.629.0

32.1

2002 2003 2004 2005 2006 YTD Dec2006

increasing workforce

employee numbers

1198 1376 1539 1740

3142

3647

2002 2003 2004 2005 2006 Dec2006

engineering construction division

� Revenue � 171% on last year’s first half ($500m of work won between

December 2005 and August 2006)

� First major win in the water industry

� Second half revenue is forecast to revert to a more normalised level

sales revenue $m

2007200620052004

Dec Half June Half

109.6

239.8289.3

354.3

EC division highlights

� Substantial completion of major contracts:

� Sulphuric acid plant construction; BHP Billiton’s Ravensthorpe Nickel

Project, WA

� Stockpile capacity extension; BHP Billiton Mitsubishi Alliance (BMA)

Hay Point Coal Terminal, QLD

� Iron ore facility expansion; BHP Billiton’s Rapid Growth Project

(RGP2) at Nelson Point and Finucane Island, WA

� Iron ore facility expansion; Rio Tinto Iron Ore Yandicoogina mine, WA

� Yabulu extension project; BHP Billiton’s Yabulu Nickel Refinery, QLD

� Rail receival station construction; Central Queensland Port Authority

(CQPA), QLD

EC division highlights

� Successful progress of major contracts:

� Iron ore facility expansion; Rio Tinto Iron Ore Dampier Port Upgrade

Phase B, WA

� Iron ore facility expansion; Yandi Junction South East project at Rio

Tinto Iron Ore’s Yandicoogina mine, WA

� Iron ore facility expansion; BHP Billiton Iron Ore’s Rapid Growth

Project 3 (RGP3) at Port Hedland, WA

� Commenced work on:

� Iron ore facilities expansion; BHP Billiton Iron Ore’s Mining Area C,

WA

EC division highlights

� $70m of new major contracts secured subsequent to reporting

period:

� Iron ore car dumper refurbishment; BHP Billiton Iron Ore’s Rapid Growth

Projects, WA

� Nickel facility construction work; BHP Billiton Ravensthorpe Nickel

Project, WA

� Water treatment plant design and construction; Water Corporation’s

Wyndham Water Treatment Plant, WA

maintenance & industrial services division

� Revenue � 37% from last year’s first half

� Retention of all major contracts and increased service volumes

� Full period revenues from newly established contracts

� Significant further expansion into the oil and gas sector

sales revenue $m

2007200620052004

Dec Half June Half

108.0

136.9

207.5

132.2

M&IS division highlights

� Award & establishment of new service contracts :

� 2 year oil and gas maintenance support services contract; Conoco

Philips’ Darwin LNG facility, NT

� 3 year oil and gas operation services contract; Oil Search, Papua New

Guinea

� Significant contract extension:

� 3 year extension oil and gas operation maintenance services contract;

Chevron’s Barrow and Thevenard Island operation, WA

� Establishment of new operation in Mackay to service the rapidly

growing coal market in the Bowen Basin, QLD

Other growing divisions

Skystar sales revenue $mMIE sales revenue $m

2007200620052004

Dec Half June Half

3.1

7.3

14.8

9.5

� Revenue � 274% from last year’s first half

� Major works carried out through other

divisions, including Yabulu and CQPA

� Revenue � 64% from last year’s first half

� Full period revenues from contracts

secured last year

20072006

Dec Half June Half

26.0

40.4

our strategy

� Core business strategies:

� earnings quality, blue chip customers, long term relationships

� larger and longer contracts

� focus on growing recurring revenue base

� Diversification strategies:

� geographical expansion of electrical services

� further development into oil and gas, power and water markets

� continue to pursue strategic acquisitions

� Internal strategies:

� processes and systems to match growth

� attract and retain right people to protect the culture and enhance reputation

outlook

� Second half revenues to return to more normalised levels

� Revenue on track to exceed $800m for the full year

� Pipeline of projects continues to be strong, in particular iron ore

� Project timing and capacity utilisation will continue to impact

engineering construction revenue flows

� Further long term growth will be dependent on the continued success

of our diversification strategies