Ausenco Delivers Strong, Diversified Growth 1

24 February 2009

ASX/MEDIA RELEASE

Ausenco delivers strong, diversified growth

Business highlights

A solid underlying financial performance from expanded and diversified revenue base
Underlying EBITDA growth of 82.6% to $86.3 million
Record net profit after tax of $56.3 million, up 35.6% on 2007 after abnormals (after tax) of
$1.6 million
Record revenue of $607.0 million, up 70.1% from 2007
Basic EPS growth of 24.3% to 62.7 cents
Fully franked dividend of 13.5 cents per share, taking total 2008 dividend to 31.75 cents per
share, up 5% on 2007
Implementing a Dividend Reinvestment Plan
Successful acquisition and integration of the PSI, Sandwell and Vector businesses
Expansion of global operations and diversification of services offered to resources and
energy industries to include infrastructure, consulting, minerals and oil and gas
Increased personnel to 2,805 up 178% since 31 December 2007
Softening resources market; however some cancelled or deferred projects expected to
recommence
Diversification is providing new opportunities for project work in a broader range of industry
sectors

2008 FY 2007 FY
Twelve months ended 31 December %
A$'M A$'M
Revenue from operations 607.0 356.9
70.1%
Underlying EBITDA1 86.3 47.3
82.6%
Underlying EBITDA margin 14.2% 13.2% 7.6%
Net profit before tax 71.4 51.5 38.7%
Attributable profit after tax 56.3 41.5 35.6%
Attributable profit after tax excluding abnormals 57.9 38.3 51.3%

Basic earnings per share (cents) 62.7 50.5
24.3%
Net operating cash flow (16.6) 86.5 119.1%
Underlying EBITDA interest coverage (times) 21.1 118.2 82.2%
Dividends per share (cents) 31.75 30.25 5.0%

For personal use only 1 Net earnings and underlying earnings relate to profit attributable to equity shareholders of Ausenco.
Underlying earnings is defined and reconciled to net earnings on page 2.
EBITDA represents profit before: tax, net finance items, depreciation and amortisation.
Underlying EBITDA excludes the same items that are excluded from underlying earnings.

Global diversified engineering services group Ausenco Limited (ASX: AAX) today announced a
record full year net profit after tax of $56.3 million for the full year ended 31 December 2008, an
increase of 35.6% on the $41.5 million net profit reported for the previous corresponding period.

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The result was achieved on operating revenue of $607.0 million, an increase of 70.1% over the
previous corresponding period.

Underlying EBITDA for the period was $86.3 million, an increase of 82.6% on the previous
corresponding period, with a solid underlying EBITDA margin of 14.2% (up from 13.2% in the
prior previous corresponding period).

The 2008 result included a number of abnormal non-recurring items. In order to present the
results in a transparent manner which enables comparison with the 2007 performance, Ausenco
has reported underlying EBITDA. The differences between underlying EBITDA and EBITDA are
set out in the following table.

2008 2007
A$'M A$'M
Underlying EBITDA 86.3 47.3
Lumwana liquidated damages and insurance deductibles (13.0) -
Foreign currency gains funding 15.7 4.6
Impairment provision on available for sale shares (1.8) -
Step acquisition accounting impairment adjustment (0.3) -
Acquisition costs expensed (3.8) -
EBITDA 83.1
51.9

The after tax profit margin of 9.3% was lower than the 11.6% reported for 2007. This is
attributable to higher amortisation, depreciation and financing costs associated with the
acquisitions completed during the year. The effective tax rate increased to 21.2%, compared to
19.4% for 2007. This is attributable to increased earnings from operations in higher taxed
countries.

Basic earnings per share increased 24.3% to 62.7 cents (50.5 cents per share in 2007).

Ausenco Chief Executive Officer Zimi Meka said "The record full year result demonstrates
Ausenco's ability to deliver on its strategies of global growth and diversification organically and
through acquisitions.

"With more than 2,800 personnel across the group at the end of 2008, Ausenco continues to
attract and retain talented people.

"At the core of our success is our people's ability to focus on the needs of our clients and
stakeholders and deliver high quality services," Mr Meka said.

"The successful integration of our world-class acquisitions, PSI, Sandwell and Vector also
extended our global reach and added significant experience and expertise to the group.

"Our global and diversified services model is now creating new opportunities for the group in a
range of sectors where our expertise can be transferred to add value to our clients' projects."

Safety performance

The group safety performance for the 12 months to 31 December 2008 was significantly better
than industry average with a total Lost Time Injury Frequency Rate (LTIFR) of 0.74 based upon
For personal use only 19.0 million man-hours worked.

The teams at the Lumwana project and the Phu Kham project achieved more than five million
and three million man-hours LTI free respectively.

"Our philosophy of zero harm and our commitment to safety in all we do is delivering a safer
workplace for all. The Group's focus on safety involves personnel at all our locations
collaborating and sharing information to strengthen our safety culture and improve our safety
performance," Mr Meka said.
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The group's health and safety program was boosted early in January 2009 with the appointment
of Mr Greg Chrisfield as Group General Manager, Health, Safety, Environment and Community.
As part of his role, Greg will lead the development and implementation of a single system for
health and safety across the group. This is vital to ensure a consistent, high quality and
measurable approach to health and safety across all projects, locations and sectors.

Capital management

The group's gross cash position at 31 December 2008 was $46.4 million. In addition to the
successful completion of a $101.5 million capital raising and vendor placement, Ausenco
undertook its first long-term bank borrowing during the period to partially fund the three
acquisitions completed during the year. Net debt has increased to $66.5 million at the end of the
year with a net gearing ratio of 26.8%. The underlying EBITDA interest coverage ratio was 21.1
times.

Net operating cash outflow was $16.6 million. This was adversely impacted during the year by the
reversal of $33.2 million of advance billings as key projects progressed towards completion, cash
outflows in connection with a liquidated damages claim at the Lumwana project following a fire at
the project in July 2008, and other working capital commitments. Second half operating cash
inflow was $9.4 million, an improvement over the first half operating cash outflow of $26 million. In
December 2008, legal action was initiated with a supplier in relation to loss and damages
suffered as a result of negligence during the performance of the supplier's work at Lumwana.

At 31 December 2008, $74.7 million of the Group's overall $230.3 million banking facility was
available for working capital, project security and new business acquisition requirements. The
amortising 3 and 5 year drawn debt facilities, in Australian and US dollars, will be due for
refinancing in 2011 and 2013. The Group was in compliance with all financial covenants of the
debt facility at 31 December 2008.

Dividend

Directors have declared a final fully franked dividend of 13.5 cents per share bringing the
dividend for the year to 31.75 cents per share which represents a 5% increase from 2007.
The dividend will be payable on 15 April 2009 to shareholders registered by 5 pm AEST 31
March 2009. In determining the final dividend, directors have sought to maximise the
franked portion of current and future dividends, thereby improving shareholders' after-tax
cash returns.

The directors have also approved the implementation of a Dividend Reinvestment Plan
(DRP) for all eligible shareholders. Eligible shareholders will be able to participate in the
DRP for the final 2008 dividend payable on 15 April 2009, at a 2.5% discount. Eligible
shareholders will be notified of further details of the DRP by 7 March 2009.

Corporate Governance

On 20 August 2008, the Board announced the appointment of Mr Greg Moynihan as a Non-
Executive Director of Ausenco. Mr Moynihan has also accepted the position as Chairman of the
Ausenco Audit Committee replacing Mr Hank Tuten.

On 6 December 2008, Mr John O'Reilly resigned as a Non-Executive Director of Ausenco Limited
For personal use only for personal reasons. The Board recognises the enormous contribution that Mr O'Reilly made
during his time as a director.

Successful acquisitions deliver new opportunities

Ausenco successfully acquired and integrated three new businesses during the year, positioning
the group as a truly globally diversified engineering and project management company operating
in the minerals, infrastructure, energy, oil and gas and consulting environmental sectors.

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"The acquisitions have strengthened the Group's ability to deliver sustainable earnings and have
provided the group with global opportunities, a higher solid recurring revenue base and resilience
in difficult economic conditions," Mr Meka said.

"Furthermore, they have positioned us for the next stage of our strategic expansion."

Steps to progress towards common operating and finance systems were advanced significantly
during the period, with a number of cost synergies already realised and more expected in the
future.

These world-class businesses include: PSI, a long-distance slurry pipeline engineering group;
Sandwell, a specialist ports and marine, energy and bulk materials handling engineering group;
and Vector, an environmental and geotechnical consulting group.

The group's enhancement program, which was designed to optimise the cross-selling benefits
across all geographic markets, workplaces and clients, is delivering to expectations.

"As an example, our ability to provide a diversified team and a range of specialist services helped
the Group secure a contract for Anglo American's Minas Rio iron ore study in Brazil," Mr Meka
said.

Minerals Operational Review

Twelve months ended 31 December 2008 FY The Minerals business line is focused on
A$'M the delivery of studies, EPCM projects
and operations and maintenance
Operating revenue 385.5 services to the global minerals sector
Underlying EBITDA1 75.4 through the Ausenco Minerals and
Underlying EBITDA margin 19.5% Ascentis businesses.

Two projects which highlight the Minerals business line's achievements for the year are the
completion of the Phu Kham copper-gold project in Laos and the Lumwana copper project in
Zambia. Both projects involved designing and constructing processing plant facilities in
challenging environments and achieving world-class safety records. Phu Kham has set a
benchmark as the world's lowest cost concentrator per tonne of throughput.

Together with a number of new studies across a range of industries, additional EPCM projects
were secured in the coal, mineral sands and uranium commodity sectors. Satisfactory progress
has been made on all other studies and projects continuing into 2009. The business is now
focussing on converting a number of existing client study opportunities into EPCM projects
providing revenue streams out to 2012.

A consequence of the current global financial crisis has been an increased emphasis on
innovation in project design and delivery and the identification of opportunities to reduce costs. A
number of clients have also deferred or cancelled major capital commitment decisions. The
Minerals EPCM order book had decreased to US$1.5 billion by year end as a result of project
completions, project deferrals and EPCM project cancellations.

Notwithstanding this, EPCM project opportunities continue to be evaluated and a number of
commitment decisions are expected in 2009. We also expect a number of projects to advance as
current or new owners gain secure financing for viable projects.

For personal use only It is expected that feasibility studies, front-end engineering and design (FEED) and detailed
engineering work will comprise a significant portion of revenue in this business line in 2009.

The decision to diversify into the provision of engineering services to the coal sector resulted in
the award of an EPCM contract for the delivery of a new coal handling and preparation plant at
the Carborough Downs mine in Central Queensland. In addition, the 50% owned Austagg joint
venture with Taggart Global has made significant advances towards positioning itself for the
award of a number of new coal projects and studies in 2009.

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Infrastructure Operational Review

Twelve months ended 31 December 1 2008
FY
The Infrastructure business line is
A$'M focused on the delivery of study,
engineering and EPCM services to the
Operating revenue 168.5 global port, pipelines, marine and
Underlying EBITDA1 18.3 transport infrastructure sector through
Underlying EBITDA margin 10.9% the PSI and Sandwell businesses.

1 PSI and Sandwell were purchased during the year with the results being for the 10 months ended 31 December 2008


The global demand for increased port capacity, together with marine engineering and bulk
materials and transportation infrastructure, continues to provide a solid platform for Sandwell.
Ongoing demand in commodities like coal, iron ore, phosphate and potash, where Sandwell is
completing initial front end solution work, has contributed to a broadening of Ausenco's
commodity diversity from base and precious metals. Sandwell's year on year results
demonstrated growth, attributable to the ramp-up of the Corumba project, but importantly
continues to be underpinned by a significant number of continuing world class front end solution,
FEED and detailed engineering assignments, including a number of longer term EPCM
conversion opportunities. These opportunities continue and the group's opportunity to expand its'
overall level of EPCM work is highlighted with collaboration on a variety of study to project
conversion opportunities.

PSI's results exceeded expectations. PSI is the world's leading slurry pipeline engineer and
delivers more than 80% of the world's long distance slurry pipelines. PSI's most established
markets are in South America. However the business has an expanding presence in China with
opportunities for Chinese-owned projects in China and elsewhere in the world. North Africa is
another growth area for PSI, where it was awarded the front-end design and engineering work for
a major phosphate pipeline in Morocco. In South America, PSI successfully completed the first
year of operational support of the world's first long-distance bauxite pipeline in Brazil, and it was
awarded detailed engineering work for a slurry pipeline to service Anglo American's Los Bronces
project in Chile.

Consulting and Environmental Operational Review

Twelve months ended 31 December 1 2008 FY The Consulting and Environmental
A$'M business line is focused on the delivery
Operating revenue 38.7 of consulting services, including
geotechnical and environmental
Underlying EBITDA1 3.9 engineering, to the global resources
Underlying EBITDA margin 10.1% sector through the Vector business.

1 Vector was purchased on 31 March 2008 and the results are for the nine months ended 31 December 2008

The Consulting and Environmental business line performed satisfactorily during the year, with a
resource group being established in Denver to develop a broader range of mining infrastructure
opportunities. Ongoing work on a significant number of projects, including China Minmetal
Corporation's El Galeno copper project in Peru, are leading to group wide study, FEED and
engineering work. Overall financial performance was impacted as a result of the final quarter
slow down of a number of early stage exploration and study deferrals, with the expectation that a
number of those are currently under consideration for recommencement and approval shortly.
For personal use only Environmental and water management work continues to be a key focus and growth area for this
business line and our specialist work in landfill, dike and levy restoration and water
delivery/recovery systems provide a strong recurring revenue stream. The business was
awarded new work at the Placer County, California landfill site as well as four new Landfill Gas
Management (LFG) contracts following the establishment of a LFG team in late 2008. The
business was also successful in winning two of the first, of up to 1,600, dairy containment and
groundwater monitoring contracts in the California Central Valley.
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Energy Operational Review

Twelve months ended 31 December 1 2008 FY The Energy business line is focussed
A$'M on the delivery of projects to the gas,
Operating revenue 10.0 renewable energy and power sectors
through the Sandwell business.
Underlying EBITDA1 1.0
Underlying EBITDA margin 10.0%

1 Sandwell was purchased during the year and the results are for the ten months ended 31 December 2008

The Energy business line continues to perform above expectations with the growing global
demand for energy, particularly renewable and clean energy solutions, providing ongoing work as
well as a number of future growth opportunities. During the year Sandwell completed the natural
gas-fired, 1,005 MW combined cycle Greenfield Energy Centre together with the Shariket
Kahraba Hadjret En Nouss Algeria, 1,200 MW combined cycle power plant. Front end solutions
and FEED work continues on a wide range of renewable energy projects including a 45MW waste
to energy project in Mexico, a 90MW waste to energy project in Canada as well as ongoing FEED
work on the Naikun Wind Farm in Canada.

Oil and Gas Operational Review

Twelve months ended 31 December 1 2008 FY The Oil and Gas business line is
A$'M focussed on the delivery of consulting
Operating revenue 5.0 and engineering services to the oil and
gas industry through the Sandwell
Underlying EBITDA1 0.7 business.
Underlying EBITDA margin 13.3%

1 Sandwell was purchased during the year and the results are for the ten months ended 31 December 2008

The Oil and Gas business line successfully delivered FEED and detailed engineering services on
the Canaport LNG terminal, a regasification plant in Canada designed to distribute 28 million
cubic metres of natural gas per day into the Canadian and American markets. Sandwell's
simulation modelling work has increased with modelling undertaken during the year on both
PetroCanada's Arctic LNG facilities and the Yanbu crude oil terminal in Saudi Arabia.

Outlook

Commenting on the future outlook, Ausenco's Chief Executive Officer Mr Meka said "The current
global markets provide a challenge to all businesses. During the year we completed three
acquisitions and successfully demonstrated the benefits of our longer term strategy to diversify
and provide sustainable earnings for the group.

"Having broadened our earnings base, to include more recurring and non-EPCM revenue, and
lifted our earnings potential we are prepared for a year in which we expect a reduced revenue
contribution from EPCM projects.

"Over the past few months we have seen the cancellation of a number of projects which were
about to proceed to construction. We have also seen some clients extend the term of the
evaluation phase for new projects in order to buy time until a clearer direction is shown by the
world financial and commodity markets and to take advantage of anticipated lower development
For personal use only costs.

"More recently, we have seen evidence that decisions to cancel a number of viable projects are
being re-visited by the project sponsors with an increased likelihood of these projects proceeding
to construction in the short to medium term.

"Whilst the cancellation and deferment of projects has an impact on our EPCM order book, we
continue to work to convert in excess of US$24.5 billion in study and FEED engineering

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opportunities to EPCM projects. The non-EPCM aspects of our business will continue to be a
major contributor to earnings in the coming year.

Mr Meka said that while the current market softening made it difficult to see growth in 2009, there
were a number of opportunities which the Group expected to convert during 2009 resulting in an
improvement of the growth outlook for the Group in 2010 and beyond.

"In addition to our high quality engineering and project management solutions, Ausenco's
strengths include project planning, optimisation and delivery. We have a global, multi-disciplinary
workforce and strategic alliances and a significantly increased service offering.

"We are also focussed on the basics delivering sustainable projects that add value for our
clients; closely managing cash and controlling costs of our business; and identifying and acting
on viable opportunities for growth.

"We believe these strengths provide the group with greater resilience in the current economic
climate and a strong platform to take advantage of current and future opportunities in a range of
industry sectors."

ENDS

Further information Contact:

Zimi Meka Craig Allen
Chief Executive Officer Chief Financial Officer
Ausenco Limited Ausenco Limited
Ph: (07) 3112 8200 Ph: (07) 3112 8200

About Ausenco Limited

The Ausenco group provides world leading engineering, project management, process
controls and operations solutions to the global resources and energy sectors.

From 26 offices in 16 countries, the group combines the expertise, experience and resource
capabilities of over 2,800 people to deliver innovative solutions to the minerals, infrastructure,
energy, oil and gas and consulting and environmental sectors across the full project lifecycle,
from front end solutions, through innovative engineering and EPCM delivery to operational
support.





For personal use only


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