Foster Wheeler Reports Results for Second Quarter of 2010

04/08/2010


  • Excellent operating and commercial performance
  • $58.9 million net income, or $0.46 per diluted share
  • $90.2 million of EBITDA
  • $1.0 billion total cash position
  • 2010 EBITDA margin outlook reaffirmed for both business groups
  • 2010 scope revenue outlook moderately lowered for Global E&C Group

ZUG, Switzerland, Aug 05, 2010 (BUSINESS WIRE) -- Foster Wheeler AG (Nasdaq: FWLT) today reported net income for the second quarter of 2010 of $58.9 million, or $0.46 per diluted share, compared with $122.2 million, or $0.96 per diluted share, in the second quarter of 2009. Net income in both quarterly periods was impacted by asbestos-related provisions as detailed in the attached table. Excluding such items from both quarterly periods, net income in the second quarter of 2010 was $61.2 million, or $0.48 per diluted share, compared with $124.0 million, or $0.98 per diluted share, in the year-ago quarter.

Second-quarter 2010 consolidated EBITDA (earnings before interest expense, income taxes, depreciation and amortization) was $90.2 million, compared with $162.0 million in the second quarter of 2009. Consolidated EBITDA in both quarterly periods was also impacted by asbestos-related provisions as detailed in the attached table. Excluding such items from both quarterly periods, consolidated EBITDA in the second quarter of 2010 was $92.6 million, compared with $163.7 million the second quarter of 2009.

For the first six months of 2010, net income was $130.9 million, or $1.02 per diluted share, compared with $195.1 million, or $1.54 per diluted share, for the first six months of 2009. Consolidated EBITDA for the first six months of 2010 was $201.5 million, compared with $267.5 million for the first six months of 2009. The six-month periods of 2010 and 2009 included asbestos-related provisions as detailed in the attached table.

The following tables present quarterly and average quarterly data, both as reported and as adjusted. The company believes that quarterly averages provide meaningful comparative relevance for certain key metrics in light of the significant quarter-to-quarter variability that is inherent in the company's financial results.

(in millions) Q2 2010 Qtrly Avg. 2010 Q2 2009 Qtrly Avg. 2009
Net income $59 $65 $122 $87
Net income, as adjusted $61 $66 $124 $94
Consolidated EBITDA $90 $101 $162 $126
Consolidated EBITDA, as adjusted $93 $102 $164 $133

Foster Wheeler's Chief Executive Officer, Robert C. Flexon, said, "The company's net income in the second quarter of 2010 was below the average quarter of 2009 primarily due to market-related declines in scope revenues and EBITDA margins in both of our operating groups. Nevertheless, both operating groups continued to demonstrate outstanding performance in executing contracts - and maintained commercial excellence despite ongoing competitive pressure."

Global Engineering and Construction (E&C) Group

(in millions) Q2 2010 Qtrly Avg. 2010 Q2 2009 Qtrly Avg. 2009
New orders booked (FW Scope) $488 $453 $512 $494
Operating revenues (FW Scope) $454 $434 $481 $478
Segment EBITDA $85 $93 $131 $105
EBITDA Margin (FW Scope) 18.8% 21.4% 27.1% 22.0%

  • EBITDA in the second quarter of 2010 was lower than the average quarter of 2009 due to a reduced volume of work executed and lower margins on scope revenues. New orders booked in Foster Wheeler scope remained at a level comparable to the average quarter of 2009, largely reflecting the receipt of contract awards that had been on the company's prospect list for a number of months. Man-hours in backlog at the end of the second quarter of 2010 amounted to 14.1 million.
  • Scope operating revenues were below the average quarter of 2009, primarily due to a lower volume of work executed.

Global Power Group (GPG)

(in millions) Q2 2010 Qtrly Avg. 2010 Q2 2009 Qtrly Avg. 2009
New orders booked (FW Scope) $162 $311 $83 $150
Operating revenues (FW Scope) $160 $162 $276 $251
Segment EBITDA $26 $28 $54 $49
EBITDA Margin (FW Scope) 16.5% 17.4% 19.5% 19.3%

  • EBITDA in the second quarter of 2010 was below the average quarter of 2009 due to lower scope revenues and margins. Additionally, in relation to the average quarter of 2009, the group experienced a reduction of approximately $4 million in equity income from a Chilean power plant that was disabled by a February 2010 earthquake. The company expects insurance coverage to substantially compensate the project for the business interruption. However, the recovery of lost profits will not be recognized until such time as the insurance claim is finalized.
  • Scope new orders were above the average quarter of 2009, largely reflecting the continued global appeal of the company's CFB boiler technology combined with an improving market, particularly in Eastern Europe and the Far East.

In commenting on the market outlook for the company's two business units, Flexon said, "Our outlook for the Global Power Group is unchanged. We expect EBITDA margin on scope revenue of 16-18% for full-year 2010, and we expect to exit 2010 with a level of scope backlog that will be well above the levels we reported in the first two quarters of this year."

Flexon added, "In our Global E&C Group, we now expect a steady, rather than accelerating, pace of new orders in the second half of 2010, with projects moving forward in a measured fashion and, in some cases, through phased releases. Although we see clients delaying decisions on certain significant project investments into 2011 due to a variety of factors, such as permitting, complexity of consortium/partner approvals, timing of political events such as elections, appointments to key positions in national oil companies and the pacing of investment decisions among multiple client projects, markets are continuing to show signs of improvement, particularly in emerging economies. However, as a result of these delays, and lower currency exchange rates as compared to 2009, our 2010 scope revenues in E&C are likely to be moderately lower than they were in 2009, whereas our previous outlook was for E&C scope revenues in 2010 to be comparable to 2009. As a result of excellent operating performance, we reaffirm our expectation that EBITDA margin on scope revenue in the Global E&C Group will be 18-20% for the full year 2010, bolstered in part by profit enhancement opportunities."

Share Repurchase Program

On September 12, 2008, the company announced that its board of directors had authorized a $750 million share repurchase program. The company has not purchased any shares under the program during the first half of 2010. To date, the company has purchased 18.1 million shares and has approximately $264 million remaining under the existing authorization.

Net Income Attributable to Foster Wheeler AG

All references to net income in this news release indicate net income attributable to Foster Wheeler AG.

Calculation of EBITDA

EBITDA is a supplemental financial measure not defined in generally accepted accounting principles, or GAAP. The company defines EBITDA as net income attributable to Foster Wheeler AG before interest expense, income taxes, depreciation and amortization. The company has presented EBITDA because it believes it is an important supplemental measure of operating performance. Certain covenants under our U.S. senior secured credit agreement, as in effect as of June 30, 2010 and as amended and restated in July 2010, use an adjusted form of EBITDA such that in the covenant calculations the EBITDA as presented herein is adjusted for certain unusual and infrequent items specifically excluded in the terms of our U.S. senior secured credit agreement. The company believes that the line item on its consolidated statement of operations entitled "net income attributable to Foster Wheeler AG" is the most directly comparable GAAP financial measure to EBITDA. Since EBITDA is not a measure of performance calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, net income attributable to Foster Wheeler AG as an indicator of operating performance or any other GAAP financial measure.

EBITDA, as calculated by the company, may not be comparable to similarly titled measures employed by other companies. In addition, this measure does not necessarily represent funds available for discretionary use, and is not necessarily a measure of the company's ability to fund its cash needs. As EBITDA excludes certain financial information that is included in net income attributable to Foster Wheeler AG, users of this financial information should consider the type of events and transactions that are excluded.

The company's non-GAAP performance measure, EBITDA, has certain material limitations as follows:

- It does not include interest expense. Because the company has borrowed money to finance some of its operations, interest is a necessary and ongoing part of its costs and has assisted the company in generating revenue. Therefore, any measure that excludes interest expense has material limitations;

- It does not include taxes. Because the payment of taxes is a necessary and ongoing part of the company's operations, any measure that excludes taxes has material limitations; and

- It does not include depreciation and amortization. Because the company must utilize property, plant and equipment and intangible assets in order to generate revenues in its operations, depreciation and amortization are necessary and ongoing costs of its operations. Therefore, any measure that excludes depreciation and amortization has material limitations.

Calculation of EBITDA Margin

Segment EBITDA margin is calculated by dividing business unit operating revenues in Foster Wheeler Scope into business unit EBITDA.

Foster Wheeler Scope

Foster Wheeler Scope represents that portion of unfilled orders, new orders booked and operating revenues on which profit can be earned. Foster Wheeler Scope excludes revenues relating to third-party costs incurred by the company as agent or principal on a reimbursable basis. The company began comprehensively reporting Foster Wheeler Scope as of 2005.

Conference Call Information

Foster Wheeler AG plans to hold a conference call today, Thursday, August 5, at 4:00 p.m. Central European Time (10:00 a.m. Eastern Daylight Time in the U.S.) to discuss its financial results for the second quarter ended June 30, 2010.

The call will be accessible to the public by telephone or webcast, and the company will post an accompanying slide presentation in the investor relations section of its website (http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.fwc.com&esheet=6386625&lan=en-US&anchor=www.fwc.com&index=1&md5=908546dec4bd56dcb349e0aee3ce0c86). To listen to the call by telephone, dial 973-935-8752 (conference I.D. No. 83954669) approximately ten minutes before the call. The conference call will also be available over the Internet at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.fwc.com&esheet=6386625&lan=en-US&anchor=www.fwc.com&index=2&md5=64630c40476e319a87db74d4917f63b4 or through StreetEvents at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.streetevents.com&esheet=6386625&lan=en-US&anchor=www.streetevents.com&index=3&md5=8ceca9fb310503b04742570507db95e1.

A replay of the call will be available on the company's website as well as by telephone. The replay can be accessed on the company's website for four weeks following the call. The replay will be available by telephone for one week following the call and can be accessed by dialing 706-645-9291 (replay passcode 83954669 required).

Foster Wheeler AG is a global engineering and construction contractor and power equipment supplier delivering technically advanced, reliable facilities and equipment. The company employs approximately 13,000 talented professionals with specialized expertise dedicated to serving clients through one of its two primary business groups. The company's Global Engineering and Construction Group designs and constructs leading-edge processing facilities for the upstream oil and gas, LNG and gas-to-liquids, refining, chemicals and petrochemicals, power, environmental, pharmaceuticals, biotechnology and healthcare industries. The company's Global Power Group is a world leader in combustion and steam generation technology that designs, manufactures and erects steam generating and auxiliary equipment for power stations and industrial facilities and also provides a wide range of aftermarket services. The company is based in Zug, Switzerland, and its operational headquarters office is in Geneva, Switzerland. For more information about Foster Wheeler, please visit our Web site at http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.fwc.com&esheet=6386625&lan=en-US&anchor=www.fwc.com&index=4&md5=3329b60005465e0dc1dde5f20650ebeb.

Safe Harbor Statement

Foster Wheeler AG news releases may contain forward-looking statements that are based on management's assumptions, expectations and projections about the company and the various industries within which the company operates. These include statements regarding the company's expectations about revenues (including as expressed by its backlog), its liquidity, the outcome of litigation and legal proceedings and recoveries from customers for claims and the costs of current and future asbestos claims and the amount and timing of related insurance recoveries. Such forward-looking statements by their nature involve a degree of risk and uncertainty. The company cautions that a variety of factors, including but not limited to the factors described in the company's most recent Annual Report on Form 10-K, which was filed with the U.S. Securities and Exchange Commission on February 25, 2010 and the following, could cause the company's business conditions and results to differ materially from what is contained in forward-looking statements: benefits, effects or results of the company's redomestication or the relocation of the company's principal executive offices to Geneva, Switzerland; further deterioration in the economic conditions in the United States and other major international economies, changes in investment by the oil and gas, oil refining, chemical/petrochemical and power generation industries, changes in the financial condition of its customers, changes in regulatory environments, changes in project design or schedules, contract cancellations, changes in estimates made by the company of costs to complete projects, changes in trade, monetary and fiscal policies worldwide, compliance with laws and regulations relating to its global operations, currency fluctuations, war and/or terrorist attacks on facilities either owned by the company or where equipment or services are or may be provided by the company, interruptions to shipping lanes or other methods of transit, outcomes of pending and future litigation, including litigation regarding the company's liability for damages and insurance coverage for asbestos exposure, protection and validity of its patents and other intellectual property rights, increasing competition by non-U.S. and U.S. companies, compliance with its debt covenants, recoverability of claims against its customers and others by the company and claims by third parties against the company, and changes in estimates used in its critical accounting policies. Other factors and assumptions not identified above were also involved in the formation of these forward-looking statements and the failure of such other assumptions to be realized, as well as other factors, may also cause actual results to differ materially from those projected. Most of these factors are difficult to predict accurately and are generally beyond the company's control. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by the company. The company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any additional disclosures the company makes in proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K and current reports on Form 8-K filed with the Securities and Exchange Commission.

Foster Wheeler AG and Subsidiaries

Consolidated Statement of Operations

(in thousands of dollars, except share data and per share amounts)

(unaudited)

Fiscal Quarters Ended Fiscal Six Months Ended
June 30,

2010

June 30,

2009

June 30,

2010

June 30,

2009

Operating revenues $ 1,005,496 $ 1,308,801 $ 1,951,069 $ 2,573,324
Cost of operating revenues 857,636 1,088,842 1,631,127 2,190,613
Contract profit 147,860 219,959 319,942 382,711
Selling, general and administrative expenses 69,515 69,024 139,820 138,272
Other income, net (11,419 ) (11,490 ) (19,751 ) (19,693 )
Other deductions, net 8,049 6,898 19,737 12,985
Interest income (2,730 ) (2,426 ) (5,089 ) (5,098 )
Interest expense 4,044 1,302 8,595 5,469
Net asbestos-related provision 2,344 1,756 1,597 3,506
Income before income taxes 78,057 154,895 175,033 247,270
Provision for income taxes 15,409 27,561 37,019 45,564
Net income 62,648 127,334 138,014 201,706
Less: Net income attributable to noncontrolling interests 3,790 5,130 7,096 6,639
Net income attributable to Foster Wheeler AG $ 58,858 $ 122,204 $ 130,918 $ 195,067
Shares Outstanding:

Weighted-average number of shares

outstanding for basic earnings per share

127,519,766 126,344,093 127,497,450 126,304,157

Weighted-average number of shares

outstanding for diluted earnings per share

127,879,276 127,055,178 127,859,878 126,867,282
Earnings per share:
Basic $ 0.46 $ 0.97 $ 1.03 $ 1.54
Diluted $ 0.46 $ 0.96 $ 1.02 $ 1.54

Foster Wheeler AG and Subsidiaries

Consolidated Balance Sheet

(in thousands of dollars)

(unaudited)

June 30, December 31,
2010 2009
ASSETS
Current Assets:
Cash and cash equivalents $ 973,913 $ 997,158
Short-term investments 240 -
Accounts and notes receivable, net:
Trade 478,975 526,525
Other 104,038 117,718
Contracts in process 195,336 219,774
Prepaid, deferred and refundable income taxes 40,214 46,478
Other current assets 37,906 33,902
Total current assets 1,830,622 1,941,555
Land, buildings and equipment, net 357,909 398,132
Restricted cash 28,189 34,905
Notes and accounts receivable - long-term 1,268 1,571
Investments in and advances to unconsolidated affiliates 200,502 228,030
Goodwill 82,220 88,702
Other intangible assets, net 67,945 73,029
Asbestos-related insurance recovery receivable 230,112 244,265
Other assets 81,596 87,781
Deferred tax assets 67,849 89,768
TOTAL ASSETS $ 2,948,212 $ 3,187,738
LIABILITIES, TEMPORARY EQUITY AND EQUITY
Current Liabilities:
Current installments on long-term debt $ 34,397 $ 36,930
Accounts payable 226,421 303,436
Accrued expenses 211,374 280,861
Billings in excess of costs and estimated earnings on uncompleted contracts 581,464 600,725
Income taxes payable 30,585 60,052
Total current liabilities 1,084,241 1,282,004
Long-term debt 149,871 175,510
Deferred tax liabilities 59,273 62,956
Pension, postretirement and other employee benefits 231,912 270,269
Asbestos-related liability 323,947 352,537
Other long-term liabilities 162,782 171,405
Commitments and contingencies
TOTAL LIABILITIES 2,012,026 2,314,681
Temporary Equity:
Non-vested share-based compensation awards subject to redemption 7,339 2,570
TOTAL TEMPORARY EQUITY 7,339 2,570
Equity:
Registered shares 329,630 329,402
Paid-in capital 624,180 617,938
Retained earnings 453,099 322,181
Accumulated other comprehensive loss (516,725 ) (438,004 )
TOTAL FOSTER WHEELER AG SHAREHOLDERS' EQUITY 890,184 831,517
Noncontrolling Interests 38,663 38,970
TOTAL EQUITY 928,847 870,487
TOTAL LIABILITIES, TEMPORARY EQUITY AND EQUITY $ 2,948,212 $ 3,187,738

Foster Wheeler AG and Subsidiaries

Business Segments

(in thousands of dollars)

(unaudited)

Fiscal Quarters Ended Fiscal Six Months Ended
June 30,

2010

June 30,

2009

June 30,

2010

June 30,

2009

Global Engineering & Construction Group

Backlog - in future revenues $ 2,906,600 $ 4,262,000 $ 2,906,600 $ 4,262,000
New orders booked - in future revenues 770,800 847,700 1,247,100 1,657,200
Operating revenues 842,461 1,030,471 1,622,145 1,982,883
EBITDA 85,460 130,628 185,393 211,910
Foster Wheeler Scope (1):
Backlog - in Foster Wheeler Scope 1,434,800 1,758,300 1,434,800 1,758,300
New orders booked - in Foster Wheeler Scope 487,600 512,000 905,800 1,224,800
Operating revenues - in Foster Wheeler Scope 454,331 481,352 868,214 922,543

Global Power Group

Backlog - in future revenues 806,700 628,500 806,700 628,500
New orders booked - in future revenues 164,800 86,100 627,000 182,600
Operating revenues 163,035 278,330 328,924 590,441
EBITDA 26,396 53,780 56,279 102,563
Foster Wheeler Scope (1):
Backlog - in Foster Wheeler Scope 795,000 615,800 795,000 615,800
New orders booked - in Foster Wheeler Scope 162,200 83,300 621,700 176,700
Operating revenues - in Foster Wheeler Scope 160,351 275,520 323,570 584,550

Corporate & Finance Group (2)

EBITDA (21,617 ) (22,446 ) (40,153 ) (46,927 )

Consolidated

Backlog - in future revenues 3,713,300 4,890,500 3,713,300 4,890,500
New orders booked - in future revenues 935,600 933,800 1,874,100 1,839,800
Operating revenues 1,005,496 1,308,801 1,951,069 2,573,324
EBITDA 90,239 161,962 201,519 267,546
Foster Wheeler Scope (1):
Backlog - in Foster Wheeler Scope 2,229,800 2,374,100 2,229,800 2,374,100
New orders booked - in Foster Wheeler Scope 649,800 595,300 1,527,500 1,401,500
Operating revenues - in Foster Wheeler Scope 614,682 756,872 1,191,784 1,507,093
(1) Foster Wheeler Scope represents the portion of backlog, new orders booked and operating revenues on which profit

can be earned. Foster Wheeler Scope excludes revenues relating to third-party costs incurred by the company as

agent or principal on a reimbursable basis.

(2) Includes intersegment eliminations.

Foster Wheeler AG and Subsidiaries

Reconciliations of EBITDA and Foster Wheeler Scope

(in thousands of dollars)

(unaudited)

Fiscal Quarters Ended Fiscal Six Months Ended
June 30,

2010

June 30,

2009

June 30,

2010

June 30,

2009

Reconciliation of EBITDA to Net Income*

EBITDA:

Global Engineering & Construction Group $ 85,460 $ 130,628 $ 185,393 $ 211,910
Global Power Group 26,396 53,780 56,279 102,563
Corporate & Finance Group (21,617 ) (22,446 ) (40,153 ) (46,927 )
Consolidated EBITDA 90,239 161,962 201,519 267,546

Less: Interest expense

4,044 1,302 8,595 5,469
Less: Depreciation/amortization (1) 11,928 10,895 24,987 21,446
Less: Provision for income taxes 15,409 27,561 37,019 45,564
Net income* $ 58,858 $ 122,204 $ 130,918 $ 195,067

Reconciliation of Foster Wheeler Scope Operating

Revenues to Operating Revenues

Global Engineering & Construction Group

Foster Wheeler Scope operating revenues $ 454,331 $ 481,352 $ 868,214 $ 922,543
Flow-through revenues 388,130 549,119 753,931 1,060,340
Operating revenues 842,461 1,030,471 1,622,145 1,982,883

Global Power Group

Foster Wheeler Scope operating revenues 160,351 275,520 323,570 584,550
Flow-through revenues 2,684 2,810 5,354 5,891
Operating revenues 163,035 278,330 328,924 590,441

Consolidated

Foster Wheeler Scope operating revenues 614,682 756,872 1,191,784 1,507,093
Flow-through revenues 390,814 551,929 759,285 1,066,231
Operating revenues $ 1,005,496 $ 1,308,801 $ 1,951,069 $ 2,573,324

(1)The depreciation / amortization by business segment:

Fiscal Quarters Ended Fiscal Six Months Ended
June 30,

2010

June 30,

2009

June 30,

2010

June 30,

2009

Global Engineering & Construction Group $ 6,269 $ 5,368 $ 13,601 $ 10,510
Global Power Group 5,217 5,151 10,504 10,190
Corporate & Finance Group 442 376 882 746
Total depreciation / amortization $ 11,928 $ 10,895 $ 24,987 $ 21,446
* Net income attributable to Foster Wheeler AG.

Foster Wheeler AG and Subsidiaries

EBITDA, Net Income* and Diluted Earnings Per Share Reconciliation

(in thousands of dollars, except per share amounts)

(unaudited)

Fiscal Quarters Ended
June 30, 2010 June 30, 2009

Diluted Earnings

Diluted Earnings
EBITDA Net Income* Per Share EBITDA Net Income* Per Share
As adjusted $ 92,583 $ 61,202 $ 0.48 $ 163,718 $ 123,960 $ 0.98
Adjustments:

Net asbestos-related
provision

(2,344 ) (2,344 ) (0.02 ) (1,756 ) (1,756 ) (0.02 )
As reported $ 90,239 $ 58,858 $ 0.46 $ 161,962 $ 122,204 $ 0.96
Fiscal Six Months Ended

June 30, 2010 June 30, 2009
Diluted Earnings Diluted Earnings
EBITDA Net Income* Per Share EBITDA Net Income* Per Share
As adjusted $ 203,116 $ 132,515 $ 1.03 $ 271,052 $ 198,573 $ 1.57
Adjustments:

Net asbestos-related
provision

(1,597 ) (1,597 ) (0.01 ) (3,506 ) (3,506 ) (0.03 )
As reported $ 201,519 $ 130,918 $ 1.02 $ 267,546 $ 195,067 $ 1.54
Fiscal Twelve Months Ended
December 31, 2009
Diluted Earnings
EBITDA Net Income* Per Share
As adjusted $ 530,164 $ 376,521 $ 2.96
Adjustments:

Net asbestos-related
provision

(26,365 ) (26,365 ) (0.21 )
As reported $ 503,799 $ 350,156 $ 2.75
*Net income attributable to Foster Wheeler AG.

Foster Wheeler AG and Subsidiaries

Average Calculations

(in thousands of dollars)

(unaudited)

2009
Full Year
Amount

2009
Quarterly
Average
Amount *

Fiscal Six
Months Ended
June 30, 2010

2010
Quarterly
Average
Amount **

Consolidated

Net income *** $ 350,156 $ 87,539 $ 130,918 $ 65,459
Adjusted net income *** 376,521 94,130 132,515 66,258
Consolidated EBITDA 503,799 125,950 201,519 100,759
Consolidated EBITDA, as adjusted 530,164 132,541 203,116 101,558

Global Engineering & Construction Group

New orders booked - in Foster Wheeler Scope $ 1,975,200 $ 493,800 $ 905,800 $ 452,900
Operating revenues - in Foster Wheeler Scope 1,910,997 477,749 868,214 434,107
Segment EBITDA 421,186 105,297 185,393 92,697
EBITDA margin 22.0% 22.0% 21.4% 21.4%

Global Power Group

New orders booked - in Foster Wheeler Scope $ 599,900 $ 149,975 $ 621,700 $ 310,850
Operating revenues - in Foster Wheeler Scope 1,004,123 251,031 323,570 161,785
Segment EBITDA 194,027 48,507 56,279 28,140
EBITDA margin 19.3% 19.3% 17.4% 17.4%
* To calculate the quarterly average dollar amounts, the company divided reported annual figures by four.
** To calculate the quarterly average dollar amounts, the company divided reported six-month figures by two.
*** Net income attributable to Foster Wheeler AG.

SOURCE: Foster Wheeler AG

Foster Wheeler AG
Media
Julie Stanisz, 908-730-4047
julie_stanisz@fwc.com
or
Investor Relations
Scott Lamb, 908-730-4155
scott_lamb@fwc.com
or
Other Inquiries
908-730-4000
fw@fwc.com

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