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The Shaw Group Inc.

                 First Quarter FY 2009:
                Earnings Conference Call

                        Thursday, January 8, 2009

                           J.M. Bernhard Jr.
              Chairman, President & Chief Executive Officer

                             Brian K. Ferraioli
85M102006D




             Executive Vice President & Chief Financial Officer
Forward Looking Statements &
                           Regulation G Disclosure
                 This presentation contains forward-looking information and statements within the
                 meaning of the Private Securities Litigation Act of 1995. The words “believe,” “expect,”
                 “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” or other similar
                 expressions are intended to identify forward-looking statements, which are generally not
                 historical in nature. These forward-looking statements are based on our current
                 expectations and beliefs concerning future developments and their effect on us.
                 However, the absence of these words does not mean that the statements are not
                 forward-looking. Our forward-looking statements involve significant risks and
                 uncertainties, some of which are beyond our control and actual results may differ
                 materially from those expressed or implied by forward-looking statements as a result of
                 many factors or events, including current economic conditions and resulting capital
                 constraints, as well as the factors we discuss or refer to in the “Risk Factors” section of
                 our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and
                 Current Reports on Form 8-K filed with the Securities and Exchange Commission (SEC)
                 and on our website under the heading “Forward-Looking Statements.”

                 This presentation contains non-GAAP measures as defined by the SEC rules and
                 regulations. A reconciliation of these measures to the most directly comparable GAAP
                 measures is included in the attached appendix and on our Web site at
02M102007D




                 www.shawgrp.com in the Investor Relations section under “Regulation G Disclosures.”

             2
Q-1 FY 2009: Executive Summary

                 • Very strong quarter from operations: Record revenue
                   and EBITDA (excluding Westinghouse)

                 • $161M non-cash foreign exchange translation loss on
                   Westinghouse yen bonds, as Yen continued to
                   appreciate vs. the Dollar

                 • Subsequent to quarter end, signed nuclear EPC
                   contract with Progress Energy Florida, the largest
                   contract in our history
02M102007D




             3
Financial Review
02M102007D




             4
Q-1 FY 2009: Quarter in Summary
                  Record                                                        Q-1 FY 2009                            Q-1 FY 2008
                        (in millions, except per          As Reported           Westinghouse             Actuals          Actuals
                        share data)                                               Segment              Excluding        Excluding
                                                                                                      Westinghouse*    Westinghouse*


                        Revenue                          $         1,900.4      $              0.0    $      1,900.4   $      1,712.2
                        Gross Profit                                 188.1                     0.0            188.1            135.0
                        GP%                                           9.9%                     N/A             9.9%             7.9%
                        EBITDA*                                      (37.5)                 (158.7)           121.2             78.6
                        EBITDA %                                    (2.0)%                     N/A             6.4%             4.6%
                        Net Income                                   (39.9)                 (102.7)            62.8             37.7
                        Diluted EPS                                  (0.48)                  (1.23)            0.75             0.45
                        Operating Cash Flow                          (98.9)                  (14.7)           (84.2)           121.7
                        New Awards                                 1,131.7                     N/A           1,131.7          1,363.6
                 •• Earnings continue to be led by E&C, Fossil, and F&M contracts, but E&I also had a strong quarter
                    Earnings continue to be led by E&C, Fossil, and F&M contracts, but E&I also had a strong quarter
                 •• Yen/Dollar FX rate continues to decline (95 at quarter end vs. 109 at end of FY08) resulting in a
                    Yen/Dollar FX rate continues to decline (95 at quarter end vs. 109 at end of FY08) resulting in a
                    $161M non-cash pre-tax loss
                    $161M non-cash pre-tax loss
                 •• Cash flow is project timing related, after a very strong Q-4 FY08 (generated $286M)
                    Cash flow is project timing related, after a very strong Q-4 FY08 (generated $286M)
                 •• Q-2 and the balance of FY09 are forecast to be cash positive; previous guidance of $250M-$300M
02M102007D




                    Q-2 and the balance of FY09 are forecast to be cash positive; previous guidance of $250M-$300M
                    of operating cash flow remains unchanged
                    of operating cash flow remains unchanged

                  *See Appendices for a reconciliation to the corresponding GAAP measure.
             5
Q-1 FY 2009: Segment Analysis
                  Record                                    Revenue                                     Gross Profit                                Gross Profit %
                 (in millions)                 Q-1 FY 2009          Q-1 FY 2008              Q-1 FY 2009           Q-1 FY 2008              Q-1 FY 2009          Q-1 FY 2008


                 Fossil & Nuclear             $          676.6                598.5          $           51.8      $           42.9                   7.7%                 7.2%
                 E&C1*                                   218.6                161.7                      52.4                  16.4                 24.0%                 10.1%
                 Maintenance                             334.1                290.4                      11.7                  14.8                   3.5%                 5.1%
                 E&I2*                                   401.4                365.8                      34.5                  25.1                   8.6%                 6.9%
                 F&M                                     164.7                136.6                      35.7                  35.1                 21.7%                 25.7%
                 Corporate                                  1.9                   0.7                      2.0                  0.7                    N/M                   N/M
                                              $       1,797.3       $       1,553.7          $          188.1      $         135.0                  10.5%                  8.7%

                 Fossil & Nuclear: Continues to be driven by fossil contracts (new build and air emissions)
                  Fossil & Nuclear: Continues to be driven by fossil contracts (new build and air emissions)
                 E&C: Increased volume and margins vs. prior year; Q-1 FY09 includes cost reduction estimates on
                  E&C: Increased volume and margins vs. prior year; Q-1 FY09 includes cost reduction estimates on
                 several projects
                  several projects
                 Maintenance: Revenues improved with higher volumes, but margins less than prior year due to
                  Maintenance: Revenues improved with higher volumes, but margins less than prior year due to
                 execution of higher-margin construction projects in FY08
                  execution of higher-margin construction projects in FY08
                 E&I: Continued improvement in execution; Q-1 FY09 revenues reflect some hurricane emergency
                  E&I: Continued improvement in execution; Q-1 FY09 revenues reflect some hurricane emergency
                 response work
                  response work
                 F&M: Continued solid performance; Q-1 FY09 reduction in gross profit reflects change in product mix
                  F&M: Continued solid performance; Q-1 FY09 reduction in gross profit reflects change in product mix
                 and some costs associated with Mexico facility and development of modular facility
                  and some costs associated with Mexico facility and development of modular facility
02M102007D




                 1E&C revenues presented excluding pass through costs of $103.1M and $134.4M for Q-1 FY2009 and Q-1 FY2008, respectively.
                 2E&Irevenues presented net of previously consolidated military privatization joint venture revenues of $24.1M for Q-1 FY08 (no longer applicable in Q-1 FY09).
                 *See Appendices for a reconciliation to the corresponding GAAP measure.

             6
Foreign Exchange Impact on
                          Investment in Westinghouse
                      Yen Denominated Bonds & Put Option
             ($ equivalent in millions, except exchange rate data)

                                                         Date of                                             GAAP
                                                       Investment                                          Treatment
                                                                          11/30/2008       Change
              Yen/Dollar Exchange Rate                         119.43          95.48          23.95

              Yen Denominated Bonds                                                                        RECORDED
                                                      $          1,080    $    1,351   $       (271)
              Yen Denominated Put Option                                                                  UNRECORDED
                                                                 1,044         1,306            262

              Principal Exposure                      $              36   $       45   $            (9)
              •• If Shaw were to exercise the Put, the net exposure would be approximately $45M, which has
                  If Shaw were to exercise the Put, the net exposure would be approximately $45M, which has
                 changed $9M from the exposure at the original investment date.
                  changed $9M from the exposure at the original investment date.
              •• Q-1 FY09 FX loss totaled $161.2M pre-tax ($98.2M after-tax).
                  Q-1 FY09 FX loss totaled $161.2M pre-tax ($98.2M after-tax).
              •• FY09 YTD FX loss would approximate $185M pre-tax (at 93.8 Yen // U.S. dollar).
                  FY09 YTD FX loss would approximate $185M pre-tax (at 93.8 Yen U.S. dollar).
              •• Dividends are based on the U.S. GAAP Net Income of Westinghouse; target distribution during
                  Dividends are based on the U.S. GAAP Net Income of Westinghouse; target distribution during
                 the put period is $24M per year for Shaw (dividend rights continue for put period even if not
                  the put period is $24M per year for Shaw (dividend rights continue for put period even if not
                 paid during period of Shaw ownership).
                  paid during period of Shaw ownership).
02M102007D




              •• Received $32M in dividends through 12/31/08 ($29M in Q-2 FY09) vs. $48M 2-year target.
                  Received $32M in dividends through 12/31/08 ($29M in Q-2 FY09) vs. $48M 2-year target.


             7
Q-1 FY 2009: Cash and Debt
                                                                                                                                 937
                                 ($ in millions)

                                                                                                                                          831
                                          Cash
                                          Debt
                                                                                                                   688
                                                                                                     663



                                                                                        482


                                                                          361


                                                             218
                                  178          165
                                  107
                                                 86
                                                              28                         28
                                                                            17                         18                            10   8
                                                                                                                    13


                              Q-1 FY07 Q-2 FY07 Q-3 FY07 Q-4 FY07 Q-1 FY08 Q-2 FY08 Q-3 FY08 Q-4 FY08 Q-1 FY09

                                            Trailing Twelve Months Operating Cash Flow: $416M
                                            Trailing Twelve Months Operating Cash Flow: $416M
02M102007D




                 Notes:
                 1. Cash balance represents the sum of cash, cash equivalents and restricted cash.
                 2. Total debt excludes Japanese Yen-denominated bonds secured by Investment in Westinghouse. See Appendices for a
                    reconciliation to the corresponding GAAP measure.
             8
Operations Review
02M102007D




             9
Business Segments




                         Power:            Power:            Energy &         Fabrication &      Environmental &
                     Fossil & Nuclear    Maintenance         Chemicals        Manufacturing       Infrastructure




                  The Shaw Group Inc. is a full service provider of engineering, design, technology, procurement,
                   construction, maintenance, fabrication, manufacturing, consulting and facilities management
                    services for private sector and government clients in the energy, chemicals, environmental,
                                          infrastructure and emergency response markets.
02M102007D




             10
Stable Customer Base in Uncertain Times
                      Shaw’s $14.8B Backlog at
                   11/30/08 is Comprised of 3 Major                    • Regulated Utilities
                          Customer Classes                                 – Solid balance sheets backed by the
                                                                             ability to recover costs through the
                     National or                                             regulatory process; capital projects are
                  International Oil                                          long-term (multi-decade) investments not
                    Companies:                                               subject to short-term economics
                        14%
                                                                       • U.S. Government
                                                                           – Spending expected to remain strong with
                                                                             potential stimulus package; focus likely
                                           Regulated                         to remain on economy, military
                                            Utilities:                       transformation, terrorism, and
                          Other:              35%                            infrastructure improvements
                           18%
                                                                       • National or International Oil Companies
                                                                           – Large amounts of cash on hand; long-
                                      U.S.
                                                                             term investment horizon; government
                                   Government:
                                                                             backing
                                      33%



                              Approximately 82%, or $12B, of backlog is comprised of regulated utilities,
                               Approximately 82%, or $12B, of backlog is comprised of regulated utilities,
                            national or international oil companies, and the U.S. Government, who provide
                             national or international oil companies, and the U.S. Government, who provide
                          financial strength and stability, are expected to continue capital investments, and
                           financial strength and stability, are expected to continue capital investments, and
02M102007D




                          who should reduce the risk of project delays, payment defaults, or cancellations.
                           who should reduce the risk of project delays, payment defaults, or cancellations.

             11
Market Overview: Power
                    •   Fossil projects in backlog continue to be executed
                        as planned

                    •   Domestic scrubber market continues to be strong;
                        expect significant bookings in 2009

                    •   Domestic nuclear market appears to be
                        accelerating; signed largest contract in our history
                        with Progress Energy Florida

                    •   International nuclear market for AP1000™
                        developing

                    •   Interest in domestic gas fired and geothermal
                        projects increasing

                    •   Maintenance market continues to be steady;
                        nuclear uprate activity expected to increase
02M102007D




             12
Major Power Market Opportunities
                                                        Europe




                                                                                                China


                                                                                                Indonesia &
                                                                                                 Philippines
                                                   Brazil

                                                                                 India
                  United States




                                                             South Africa
                                                                                  Australia &
                                                                                  New Zealand
02M102007D




                                  IEA forecasts $5.2 trillion in global power
                                   IEA forecasts $5.2 trillion in global power
                                    generation investment from 2005-2030
                                     generation investment from 2005-2030
             13
Nuclear Renaissance First Movers

                    Alternate Energy
                                                                                                                PPL Generation
                        Holdings                                                                     Unistar     Susquehanna
                        Bruneau                                                                     Nine Mile



                                                                            Detroit Edison
                                                                                Fermi

                                                                                                                           Unistar
                                                                 Exelon                                                  Calvert Cliffs
                                                                 Clinton

                                                         AmerenUE
                                                          Callaway                            Dominion
                                                                                             North Anna

                                                                                                                          Progress Energy
                                                                                                                               Harris
                                       Unistar                                                                                 Duke
                                       Amarillo                               TVA                                           William Lee
                                                                           Bellefonte

                                                                 Entergy
                                                                Grand Gulf
                                          Luminant
                                        Comanche Peak
                     AP1000™                                                                                          SCE&G
                                                                                                                   V.C. Summer
                       EPR                                  Entergy
                                                           River Bend
                      ESBWR
                                                                                  Progress Energy                    Southern
                      ABWR                 Exelon                                   Levy County                       Vogtle
                                       Victoria County
                      APWR                                    NRG Entergy
02M102007D




                                                              South Texas
                                                                                            FP&L
                  To Be Determined
                                                                                         Turkey Point




             14
Market Overview: Energy & Chemicals
                          •   Projects in backlog continue to be executed as
                              planned

                          •   No significant changes at this time to our 2009
                              sales prospects

                          •   If global economy / price of oil remain depressed,
                              clients likely to focus on higher margin technology
                              and consulting services – a Shaw strength
02M102007D




             15
Market Overview: Environmental &
                           Infrastructure

                          •   93% of existing backlog is with the U.S.
                              Federal Government

                          •   Projects in backlog continue to be
                              executed as planned

                          •   Segment well-positioned for potential U.S.
                              Federal stimulus plan (e.g., incremental
                              levee, coastal restoration, environmental
                              remediation, infrastructure projects),
                              although not assumed in our 2009
                              financial forecast
02M102007D




             16
Consolidated Backlog and Backlog Conversion
                                         (as of 11/30/08)
                           Backlog by Business Segment                          Expected Backlog Conversion

                   ($ in billions)
                     Consolidated
                                                                                     Next
                     Fabrication & Manufacturing               $15.6
                                                                       $14.8      12 months
                                                       $14.3
                     Energy & Chemicals
                                                                $0.8
                                                                                     41%
                                                                         $0.7
                     Environmental & Infrastructure     $0.7
                                                                $2.2
                                                                                               $6.0B
                                                                         $2.0
                     Maintenance
                                                        $2.6
                     Fossil & Nuclear
                                                                                                       $3.7B
                                               $9.1             $5.1
                                                        $2.6
                                                                                              $5.1B
                                                                         $5.0
                                                $0.4
                                                $1.4
                                        $6.7            $1.7
                             $5.8                                                                          13-24 months
                                                                $1.4
                                                                         $1.3
                   $4.8                                                                                        25%
                                                $2.8
                                                                                    Greater than
                                                                                     24 months
                                                $1.3    $6.7
                                                                                        34%
                                                                $6.1     $5.8

                                                $3.2



                  FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008      Q-1 FY
                                                                        2009

                   Backlog excludes majority of domestic nuclear work expected to be performed under signed
                   Backlog excludes majority of domestic nuclear work expected to be performed under signed
02M102007D




                             EPC contracts (Georgia Power, SCE&G, and Progress Energy Florida)
                              EPC contracts (Georgia Power, SCE&G, and Progress Energy Florida)


             17
Fossil and Nuclear Projects Present Significant Upside
                                   To Current Backlog
                  Backlog + Projects Where Shaw Has Been Selected But Work Has Not Been Released

                                                                                            $36.8
                   ($ in billions)
                    Consolidated
                    Fabrication & Manufacturing                                                        RWE npower
                    Energy & Chemicals
                    Environmental & Infrastructure
                    Maintenance
                    Fossil & Nuclear
                                                                                                       3 Signed Nuclear
                    Fossil & Nuclear – selected but                                           $13
                                                                                                       EPC Contracts
                    projects not in backlog
                                                                                  $15.6
                                                                       $14.3
                                                                                                     Current
                                                                                              $0.7
                                                                                                     Backlog - $14.8
                                                                                              $2.0
                                                             $9.1
                                                                                              $5.0
                                                  $6.7
                                  $5.8
                     $4.8
                                                                                              $1.3

                                                                                              $5.8
02M102007D




                  FY 2003      FY 2004       FY 2005     FY 2006    FY 2007    FY 2008    Q-1 FY09

                            Full Spectrum of Shaw’s Workload Approaching $37B
                            Full Spectrum of Shaw’s Workload Approaching $37B
             18
Fossil & Nuclear
                                                            Q-1 FY09 in Summary                                Q-1 2009 New Awards: $489M
                                                       • Earnings for the quarter driven                      • Approx. $400M EPC contract
                                                         by Fossil contracts (primarily                         with NV Energy for combined
                                                         new build coal and air                                 cycle gas power plant near
                                                         emissions projects)                                    Las Vegas
                                                       • Nuclear projects expected to
                                                         begin having more significant
                                                         earnings impact in FY 2010
                                                                             Backlog                                          EBITDA*
                                                        ($ in billions)                                       ($ in millions)
                                                                                                                                     41.7
                                                                       6.9
                                                            6.6                  6.7                                                                       39.6
                                                                                             6.1                 35.8
                                                                                                       5.8
                                                                                                                          27.0
                                                                                                                                                20.5



                  Fossil & Nuclear
                     Backlog:
                                                        Q-1 FY08 Q-2 FY08    Q-3 FY08   Q-4 FY08   Q-1 FY09
                    $5.8 billion                                                                              Q-1 FY08 Q-2 FY08   Q-3 FY08   Q-4 FY08   Q-1 FY09


                                                              EBITDA from nuclear division forecast to approximate $10M in
                                                              EBITDA from nuclear division forecast to approximate $10M in
                                                                   FY 2009, $75M in FY 2010, and $125M in FY 2011
                                                                    FY 2009, $75M in FY 2010, and $125M in FY 2011
                  39%
                                                                   (excludes F&M’s earnings from fabrication activities and modular
                                                                    (excludes F&M’s earnings from fabrication activities and modular
02M102007D




                                                                  components, as well as earnings from Investment in Westinghouse)
                                                                  components, as well as earnings from Investment in Westinghouse)

             Total Shaw Backlog: $14.8 billion
                   *See Appendices for a reconciliation to the corresponding GAAP measure.
             19
Maintenance
                                                                                                             Q-1 2009 New Awards: $184M
                                                                    Q-1 FY09 in Summary
                                                                                                            • Majority of Q-1 new awards
                                                          • Steady, consistent performance
                                                                                                              from smaller contracts
                                                            during Fall outage season
                                                          • Fewer higher margin
                                                            construction projects in Q-1
                                                            FY09 as compared to 08

                                                                               Backlog                                      EBITDA*
                                                                                                             ($ in millions)
                                                            ($ in billions)
                                                                                                                               15.2
                                                                         1.6
                                                              1.5                  1.5        1.4           11.9
                                                                                                    1.3
                                                                                                                     10.2
                                                                                                                                                  9.0




                  Maintenance Backlog:                                                                                                  (0.5)
                       $1.3 billion
                                                                                                          Q-1 FY08 Q-2 FY08 Q-3 FY08 Q-4 FY08 Q-1 FY09
                                                          Q-1 FY08 Q-2 FY08 Q-3 FY08 Q-4 FY08 Q-1 FY09
                           9%

                                                                  Maintenance contracts for 41 of the 104 existing nuclear
                                                                   Maintenance contracts for 41 of the 104 existing nuclear
                                                                 reactors in the U.S., including fleet-wide services on the 2
                                                                  reactors in the U.S., including fleet-wide services on the 2
                                                                                       largest U.S. fleets
                                                                                        largest U.S. fleets
02M102007D




              Total Shaw Backlog: $14.8 billion
                    *See Appendices for a reconciliation to the corresponding GAAP measure.
             20
Energy & Chemicals
                                                               Q-1 FY09 in Summary                              Q-1 2009 New Awards: $166M
                                                      • Increase in volume and                               • Majority of Q-1 new awards
                                                        margins drove another strong                           driven by scope increases on
                                                        quarter                                                existing projects
                                                      • Strong operational                                   • Engineering and design work
                                                        performance and reduced cost                           for multi-national petrochemical
                                                        estimates on several projects                          client
                                                        helped drive quarterly earnings
                                                                          Backlog                                                EBITDA*
                                                                                                                                        Record
                                                      ($ in billions)                                          ($ in millions)
                                                                                                                                                          41.6
                                                                                                                                               39.8
                                                                                                                                    33.6
                                                                              2.3
                                                         2.3        2.2                     2.2
                                                                                                      2.0



                   E&C Backlog:                                                                                          13.2
                                                                                                                9.4
                    $2.0 billion



                  14%                                Q-1 FY08 Q-2 FY08    Q-3 FY08   Q-4 FY08     Q-1 FY09   Q-1 FY08 Q-2 FY08   Q-3 FY08   Q-4 FY08   Q-1 FY09

                                                                       Major prospects internally authorized by clients
                                                                       Major prospects internally authorized by clients
02M102007D




                                                                            appear to be proceeding as planned
                                                                             appear to be proceeding as planned
             Total Shaw Backlog: $14.8 billion
                  *See Appendices for a reconciliation to the corresponding GAAP measure.
             21
Fabrication & Manufacturing
                                                                 Q-1 FY09 in Summary                           Q-1 2009 New Awards: $77M

                                                       • Continued strong operational                        • Majority of Q-1 new awards
                                                         performance                                           driven by scope increases on
                                                                                                               existing projects
                                                       • Projects in backlog continue
                                                         as planned



                                                                                                                                EBITDA*
                                                                            Backlog
                                                                                                              ($ in millions)
                                                          ($ in billions)                                                                         39.4
                                                                                                                                                             31.8
                                                                                                                            31.8
                                                                                           0.8
                                                                      0.7       0.7                                                    28.2
                                                           0.7                                        0.7        27.1


                    F&M Backlog:
                     $0.7 billion


                                        5%
                                                                                                              Q-1 FY08   Q-2 FY08   Q-3 FY08   Q-4 FY08   Q-1 FY09
                                                       Q-1 FY08 Q-2 FY08    Q-3 FY08   Q-4 FY08   Q-1 FY09




                                                                 Progress continues on new nuclear module fabrication and
                                                                 Progress continues on new nuclear module fabrication and
                                                                            assembly plant in Lake Charles, LA
                                                                            assembly plant in Lake Charles, LA
02M102007D




             Total Shaw Backlog: $14.8 billion
                    *See Appendices for a reconciliation to the corresponding GAAP measure.
               22
Module Fabrication and Assembly Facility
             •    Work has commenced on the $100 million / 600,000 square foot
                  facility located in Lake Charles, LA
             •    Will produce structural, piping and equipment modules for new
                  nuclear power plants utilizing the Westinghouse AP1000™
                  technology
             •    Shaw’s 3 existing nuclear EPC contracts are expected to generate
                  approx. $1B in revenues for this facility
02M102007D




             23
Environmental & Infrastructure
                                                                 Q-1 FY09 in Summary                             Q-1 2009 New Awards: $216M
                                                                                                               • New awards primarily driven by
                                                        • MOX and Inner Harbor
                                                                                                                 contracts within the Federal
                                                          Navigation Canal Hurricane
                                                                                                                 business division
                                                          Protection projects continue to
                                                                                                               • Some hurricane emergency
                                                          perform well
                                                                                                                 response work
                                                        • Overall, business is again
                                                          performing well
                                                        • Sold interest in final military
                                                          housing privatization ventures
                                                                               Backlog                                              EBITDA*
                                                                                                                                                             20.8
                                                          ($ in billions)                                        ($ in millions)                  20.7
                                                                                    5.2        5.1      5.0


                                                                                                                   13.0
                                                                                                                                       11.5
                                                              2.8        2.8
                     E&I Backlog:
                      $5.0 billion                                                                                           5.2



                     33%
                                                                                                                Q-1 FY08 Q-2 FY08   Q-3 FY08   Q-4 FY08   Q-1 F09
                                                          Q-1 FY08 Q-2 FY08     Q-3 FY08   Q-4 FY08 Q-1 FY09



                                                                           E&I is returning to being a consistent performer
02M102007D




                                                                           E&I is returning to being a consistent performer

             Total Shaw Backlog: $14.8 billion
                    *See Appendices for a reconciliation to the corresponding GAAP measure.
               24
Q-1 FY09 Summary
                  •   Non-cash FX translation loss continues
                      to create volatility in GAAP earnings,
                      but operational performance remains
                      strong
                  •   All operating segments had strong
                      financial results this quarter
                  •   Execution of E&C, Fossil, and F&M
                      contracts continue to drive earnings
                  •   E&I returning to being a consistent and
                      profitable performer
                  •   Domestic nuclear market continues to
                      develop and contribution to earnings
                      expected to begin in FY 2010 as
02M102007D




                      anticipated

             25
Investor Relations & Media Contact
                                    Information
                  Investor Contact:
                  Chris D. Sammons
                  Vice President, Investor Relations
                  225.932.2546
                  chris.sammons@shawgrp.com

                  Media Contact:
                  Craig Pierce
                  Vice President
                  225.987.7461
                  craig.pierce@shawgrp.com
02M102007D




             26
First Quarter FY 2009:
             Earnings Conference Call

             Regulation G Appendices

                 Thursday, January 8, 2008
02M102007D
Appendix 1: EBITDA Reconciliation
                                    Q1 FY 2009

                                                                                             Q1 FY 2009

                                                                                         Westinghouse         Excluding
                         (in millions)                                 Consolidated        Segment           Westinghouse

                         Net Income (Loss)                         $            (39.9)   $         (102.7)   $        62.8
                         Interest Expense                                        11.6                 9.9              1.7
                         Depreciation and Amortization                           12.6                  -              12.6
                         Provision for Income Taxes                             (22.7)              (67.0)            44.3
                         Income Taxes on Unconsolidated Subs                      0.9                 1.1             (0.2)
                         EBITDA                                    $            (37.5)   $         (158.7)   $       121.2

                         Revenue                                              1,900.4                N/A            1,900.4
                         EBITDA %                                               -2.0%                N/A               6.4%
02M102007D




                  Note: EBITDA is defined as earnings before interest expense, income taxes,
                  depreciation and amortization. EBITDA is an important financial measure used by The
                  Shaw Group Inc. to assess performance.

             28
Appendix 1: EBITDA Reconciliation
                                    Q1 FY 2008

                                                                                            Q1 FY 2008

                                                                                        Westinghouse         Excluding
                         (in millions)                                 Consolidated       Segment           Westinghouse

                         Net Income (Loss)                         $             2.2    $          (35.5)   $        37.7
                         Interest Expense                                       11.1                 8.9              2.2
                         Depreciation and Amortization                          10.4                  -              10.4
                         Provision for Income Taxes                              2.1               (25.8)            27.9
                         Income Taxes on Unconsolidated Subs                     3.5                 3.1              0.4
                         EBITDA                                    $            29.3    $          (49.3)   $        78.6

                         Revenue                                              1,712.2               N/A            1,712.2
                         EBITDA %                                                1.7%               N/A               4.6%
02M102007D




                  Note: EBITDA is defined as earnings before interest expense, income taxes,
                  depreciation and amortization. EBITDA is an important financial measure used by The
                  Shaw Group Inc. to assess performance.

             29
Appendix 1: Segment EBITDA Reconciliation
                                 Q1 FY09 & Q4 FY08
                                                                                                                   Q1 FY 2009
                                                                                               Energy &                             Environmental &    Fabrication &
             (in millions)                                              Fossil & Nuclear       Chemicals           Maintenance       Infrastructure    Manufacturing

             Income (loss) before income taxes, and earnings (losses)
             from unconsolidated entities                               $           35.9   $           41.8    $             8.2    $          18.6    $         30.4
             Interest Expense                                                        0.4                0.3                 (0.0)               0.2              (0.0)
             Depreciation and Amortization                                           3.3                2.3                  0.8                3.0               2.5
             Unconsolidated Subs, pre-tax                                             -                 0.6                   -                 0.3                -
             Minority Interest, pre-tax                                               -                (3.4)                  -                (1.3)             (1.1)
             EBITDA                                                     $           39.6   $           41.6    $             9.0    $          20.8    $         31.8




                                                                                                                   Q4 FY 2008
                                                                                               Energy &                             Environmental &    Fabrication &
             (in millions)                                              Fossil & Nuclear       Chemicals           Maintenance       Infrastructure    Manufacturing

             Income (loss) before income taxes, and earnings (losses)
             from unconsolidated entities                               $           16.9   $           40.2    $            (1.2)   $          16.7    $         38.5
             Interest Expense                                                        0.5               (0.1)                (0.0)               0.2              (0.0)
             Depreciation and Amortization                                           3.1                1.6                  0.7                3.8               2.4
             Unconsolidated Subs, pre-tax                                             -                 0.6                   -                (1.1)               -
             Minority Interest, pre-tax                                               -                (2.5)                  -                 1.1              (1.5)
             EBITDA                                                     $           20.5   $           39.8    $            (0.5)   $          20.7    $         39.4
02M102007D




                  Note: Segment EBITDA is defined as earnings before interest expense, income taxes,
                  depreciation and amortization. EBITDA is an important financial measure used by The
                  Shaw Group Inc. to assess performance.

             30
Appendix 1: Segment EBITDA Reconciliation
                                  Q3 FY08 & Q2 FY08
                                                                                                           Q3 FY 2008 (Restated)
                                                                                               Energy &                             Environmental &     Fabrication &
             (in millions)                                              Fossil & Nuclear       Chemicals           Maintenance       Infrastructure     Manufacturing

             Income (loss) before income taxes, and earnings (losses)
             from unconsolidated entities                               $           38.5   $           36.8    $            14.5    $           7.4     $            29.1
             Interest Expense                                                        0.4                0.3                  0.0                0.2                  (0.5)
             Depreciation and Amortization                                           2.8                2.1                  0.7                4.0                   1.9
             Unconsolidated Subs, pre-tax                                             -                 0.6                   -                 2.0                   0.6
             Minority Interest, pre-tax                                               -                (6.2)                  -                (2.1)                 (2.9)
             EBITDA                                                     $           41.7   $           33.6    $            15.2    $          11.5     $            28.2




                                                                                                           Q2 FY 2008 (Restated)
                                                                                               Energy &                             Environmental &         Fabrication &
             (in millions)                                              Fossil & Nuclear       Chemicals           Maintenance       Infrastructure         Manufacturing

             Income (loss) before income taxes, and earnings (losses)
             from unconsolidated entities                               $           24.1   $           11.7    $             9.2    $            5.4    $             32.0
             Interest Expense                                                        0.2                1.0                 (0.0)                0.2                  (0.1)
             Depreciation and Amortization                                           2.7                1.9                  1.0                 4.0                   1.8
             Unconsolidated Subs, pre-tax                                             -                 0.7                   -                 (1.6)                 (0.0)
             Minority Interest, pre-tax                                               -                (2.1)                  -                 (2.8)                 (1.9)
             EBITDA                                                     $           27.0   $           13.2    $            10.2    $            5.2    $             31.8
02M102007D




                   Note: Segment EBITDA is defined as earnings before interest expense, income taxes,
                   depreciation and amortization. EBITDA is an important financial measure used by The
                   Shaw Group Inc. to assess performance.

              31
Appendix 1: Segment EBITDA Reconciliation
                                      Q1 FY08



                                                                                                                   Q1 FY 2008
                                                                                               Energy &                            Environmental &    Fabrication &
             (in millions)                                              Fossil & Nuclear       Chemicals           Maintenance      Infrastructure    Manufacturing

             Income (loss) before income taxes, and earnings (losses)
             from unconsolidated entities                               $           33.2   $            8.6    $            11.3   $           9.8    $         27.1
             Interest Expense                                                        0.2                0.4                   -                0.2               0.0
             Depreciation and Amortization                                           2.4                1.6                  0.6               3.7               1.8
             Unconsolidated Subs, pre-tax                                             -                 0.5                   -                0.7              (0.0)
             Minority Interest, pre-tax                                               -                (1.7)                  -               (1.4)             (1.8)
             EBITDA                                                     $           35.8   $            9.4    $            11.9   $          13.0    $         27.1
02M102007D




                   Note: Segment EBITDA is defined as earnings before interest expense, income taxes,
                   depreciation and amortization. EBITDA is an important financial measure used by The
                   Shaw Group Inc. to assess performance.

             32
Appendix 2: Q1 FY 09 Reconciliation of
                           Income excluding Westinghouse
                           (in millions, except per share data)                                                                                Q1 FY 2009
                                                                                                                                    Quarter ended November 30, 2008
                                                                                                                                             Westinghouse         Excluding
                                                                                                                           Consolidated         Segment         Westinghouse

                           Revenues                                                                                             $1,900.4               $0.0          $1,900.4
                           Cost of revenues                                                                                      1,712.3                0.0           1,712.3
                            Gross profit                                                                                           188.1                0.0             188.1
                           General and administrative expenses                                                                      73.1                0.1             73.0
                           Operating income (loss)                                                                                 115.0               (0.1)           115.1
                           Interest expense                                                                                         (1.7)               0.0              (1.7)
                           Interest expense on JPY-denominated bonds including accretion and amortization                           (9.9)              (9.9)              0.0
                           Interest income                                                                                           3.9                0.0               3.9
                           Foreign currency translation gains (losses) on JPY-denominated bonds, net                              (161.2)            (161.2)              0.0
                           Other foreign currency transaction gains (losses), net                                                   (2.3)               0.0              (2.3)
                           Other income (expense), net                                                                              (1.9)               0.0              (1.9)
                                                                                                                                  (173.1)            (171.1)             (2.0)
                           Income (loss) before income taxes, minority interest, earnings (losses) from
                              unconsolidated entities (b)                                                                          (58.1)            (171.2)           113.1
                           Provision (benefit) for income taxes (a)                                                                (22.7)             (67.0)            44.3
                           Income (loss) before minority interest and earnings (losses) from unconsolidated entities               (35.4)            (104.2)            68.8
                           Minority interest (c)                                                                                    (5.9)               0.0             (5.9)
                           Income from 20% Investment in Westinghouse, net of income taxes                                           1.5                1.5              0.0
                           Earnings (losses) from unconsolidated entities, net of income taxes                                      (0.1)               0.0             (0.1)
                           Net income (loss)                                                                                      ($39.9)           ($102.7)           $62.8

                           Net income (loss) per common share:
                             Basic income (loss) per common share                                                      $           (0.48)   $         (1.23)   $         0.75
                             Diluted income (loss) per common share                                                    $           (0.48)   $         (1.23)   $         0.75

                           Weighted average shares outstanding:
                            Basic                                                                                                   83.1               83.1              83.1
                            Diluted:                                                                                                83.1               83.1              83.9
02M102007D




                             Effective tax rate [a/(b+c)]                                                                           36%                39%               41%




             33 Note: Presents our income statement excluding the Investment in Westinghouse segment
Appendix 2: Q1 FY 08 Reconciliation of
                           Income excluding Westinghouse
                                                                                                                                              Q1 FY 2008
                          (in millions, except per share data)
                                                                                                                                   Quarter ended November 30, 2007
                                                                                                                                            Westinghouse         Excluding
                                                                                                                          Consolidated         Segment         Westinghouse

                          Revenues                                                                                             $1,712.2              $0.0           $1,712.2
                          Cost of revenues                                                                                      1,577.2               0.0            1,577.2
                           Gross profit                                                                                           135.0               0.0              135.0
                          General and administrative expenses                                                                      68.9                0.0             68.9
                          Operating income (loss)                                                                                  66.1               (0.0)            66.1
                          Interest expense                                                                                         (2.2)               0.0              (2.2)
                          Interest expense on JPY-denominated bonds including accretion and amortization                           (8.9)              (8.9)              0.0
                          Interest income                                                                                           4.8                0.0               4.8
                          Foreign currency translation gains (losses) on JPY-denominated bonds, net                               (57.2)             (57.2)              0.0
                          Other foreign currency transaction gains (losses), net                                                    1.2                0.0               1.2
                          Other income (expense), net                                                                              (0.3)               0.0              (0.3)
                                                                                                                                  (62.6)             (66.1)              3.5
                          Income (loss) before income taxes, minority interest, earnings (losses) from
                             unconsolidated entities (b)                                                                            3.5              (66.1)            69.6
                          Provision (benefit) for income taxes (a)                                                                  2.1              (25.8)            27.9
                          Income (loss) before minority interest and earnings (losses) from unconsolidated entities                 1.4              (40.3)            41.7
                          Minority interest (c)                                                                                    (5.0)               0.0             (5.0)
                          Income from 20% Investment in Westinghouse, net of income taxes                                           4.8                4.8              0.0
                          Earnings (losses) from unconsolidated entities, net of income taxes                                       1.0                0.0              1.0
                          Net income (loss)                                                                                        $2.2             ($35.5)           $37.7

                          Net income (loss) per common share:
                            Basic income (loss) per common share                                                      $            0.03    $         (0.44)   $         0.47
                            Diluted income (loss) per common share                                                    $            0.03    $         (0.42)   $         0.45

                          Weighted average shares outstanding:
                           Basic                                                                                                   80.7              80.7              80.7
02M102007D




                           Diluted:                                                                                                83.6              83.6              83.6

                            Effective tax rate [a/(b+c)]                                                                          -144%               39%               43%




             34 Note: Presents our income statement excluding the Investment in Westinghouse segment
Appendix 3: E&C Pass-Through
                             Revenues and Cost Reconciliation
                                                                                                                                    Energy and Chemicals
                                                                                                Energy and Chemicals                     Q1 FY 2009
                                                          Energy and Chemicals                       Q1 FY 2009                    Excluding Pass-Through
                  (in millions)                                Q1 FY 2009                        Pass-Through Costs                         Costs
                                                           Amount         %                      Amount         %                    Amount          %

                  Income:
                    Revenues                          $         321.7          100.0%       $         (103.1)        100.0%        $     218.6     100.0%
                    Cost of Revenues                            269.3           83.7%                 (103.1)        100.0%              166.2      76.0%
                      Gross Profit                    $          52.4           16.3%       $             -            0.0%        $      52.4      24.0%



                                                                                                                                    Energy and Chemicals
                                                                                                                                         Q1 FY 2008
                                                          Energy and Chemicals                  Energy and Chemicals
                                                               Q1 FY 2008                            Q1 FY 2008                    Excluding Pass-Through
                  (in millions)                                (Restated)                        Pass-Through Costs                         Costs
                                                           Amount         %                      Amount         %                    Amount          %

                  Income:
                    Revenues                          $         296.1          100.0%       $         (134.4)        100.0%        $     161.7     100.0%
                    Cost of Revenues                            279.7           94.5%                 (134.4)        100.0%        $     145.3      89.9%
                      Gross Profit                    $          16.4            5.5%       $             -            0.0%        $      16.4      10.1%
02M102007D




             35 Note: Reconciliation of revenues and cost of revenues to revenues and costs of revenues excluding pass-through costs
Appendix 3: E&I Pass-Through Revenues
                        and Cost Reconciliation


                                                                                                                                           Environmental &
                                                                                                  Environmental &                           Infrastructure
                                                          Environmental &                           Infrastructure                           Q1 FY 2008
                                                           Infrastructure                            Q1 FY 2008                        Excluding Pass-Through
                (in millions)                               Q1 FY 2008                           Pass-Through Costs                             Costs
                                                         Amount           %                      Amount            %                     Amount            %

                Income:
                  Revenues                           $          389.9          100.0%        $           (24.1)         100.0%         $     365.8     100.0%
                  Cost of Revenues                              364.8           93.6%                    (24.1)         100.0%         $     340.7      93.1%
                    Gross Profit                     $           25.1            6.4%        $              -             0.0%         $      25.1       6.9%
02M102007D




             36 Note: Reconciliation of revenues and cost of revenues to revenues and costs of revenues excluding pass-through costs
Appendix 4: Total Debt Reconciliation


                                                                                                   Restated     Restated                               Restated     Restated     Restated
             (in millions)                                              Q1 FY 2009   Q4 FY 2008   Q3 FY 2008   Q2 FY 2008   Q1 FY 2008   Q4 FY 2007   Q3 FY 2007   Q2 FY 2007   Q1 FY 2007

             Financed Insurance Premiums                                      $0.0         $0.0         $2.4         $7.4        $11.1         $0.0         $3.1        $6.6        $10.4
             Current maturities of long-term debt                              4.9          4.5          4.4          2.7          4.6          5.4          8.8         9.1          9.5
             Short-term revolving line of credit                               0.0          0.0          0.0          1.0          2.3          0.2          2.8         2.7          2.5
             Current portion of obligations under capital leases               0.6          1.5          1.8          1.9          2.2          2.1          2.2         2.2          1.8
             Short-term debt and current maturities of long-term debt          5.5          6.0          8.6         13.0         20.2          7.7         16.9        20.6         24.2
             Revolving line of credit                                          0.0          0.0          0.0          0.0          0.0          0.0          0.0         39.0         53.0
             Long-term debt, less current maturities                           1.9          3.3          3.5          3.8          6.6          7.5          8.6         23.8         26.7
             Obligations under capital leases, less current portion            0.2          0.3          0.4          0.8          1.3          1.8          2.2          2.8          3.0
             Long-term debt, less current maturities                           2.1          3.6          3.9          4.6          7.9          9.3         10.8         65.6         82.7
             Japanese Yen-denominated long-term bonds secured by
             Investment in Westinghouse, net                               1,325.1      1,162.0      1,197.1      1,187.8      1,145.6      1,087.4      1,033.9      1,048.3      1,080.6

             Total Debt                                                   $1,332.7     $1,171.6     $1,209.6     $1,205.4     $1,173.7     $1,104.4     $1,061.6     $1,134.5     $1,187.5
             Less: Westinghouse Debt                                       1,325.1      1,162.0      1,197.1      1,187.8      1,145.6      1,087.4      1,033.9      1,048.3      1,080.6
             Total Debt, excluding Westinghouse                               $7.6         $9.6        $12.6        $17.6        $28.1        $17.0        $27.7        $86.2       $106.9
02M102007D




                      Note: To show our total debt excluding the Japanese Yen-denominated bonds
                37

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shaw group 656631FE-D4E6-4F14-A3DB-B8C5E6B7BB07_1Q2009

  • 1. The Shaw Group Inc. First Quarter FY 2009: Earnings Conference Call Thursday, January 8, 2009 J.M. Bernhard Jr. Chairman, President & Chief Executive Officer Brian K. Ferraioli 85M102006D Executive Vice President & Chief Financial Officer
  • 2. Forward Looking Statements & Regulation G Disclosure This presentation contains forward-looking information and statements within the meaning of the Private Securities Litigation Act of 1995. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their effect on us. However, the absence of these words does not mean that the statements are not forward-looking. Our forward-looking statements involve significant risks and uncertainties, some of which are beyond our control and actual results may differ materially from those expressed or implied by forward-looking statements as a result of many factors or events, including current economic conditions and resulting capital constraints, as well as the factors we discuss or refer to in the “Risk Factors” section of our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission (SEC) and on our website under the heading “Forward-Looking Statements.” This presentation contains non-GAAP measures as defined by the SEC rules and regulations. A reconciliation of these measures to the most directly comparable GAAP measures is included in the attached appendix and on our Web site at 02M102007D www.shawgrp.com in the Investor Relations section under “Regulation G Disclosures.” 2
  • 3. Q-1 FY 2009: Executive Summary • Very strong quarter from operations: Record revenue and EBITDA (excluding Westinghouse) • $161M non-cash foreign exchange translation loss on Westinghouse yen bonds, as Yen continued to appreciate vs. the Dollar • Subsequent to quarter end, signed nuclear EPC contract with Progress Energy Florida, the largest contract in our history 02M102007D 3
  • 5. Q-1 FY 2009: Quarter in Summary Record Q-1 FY 2009 Q-1 FY 2008 (in millions, except per As Reported Westinghouse Actuals Actuals share data) Segment Excluding Excluding Westinghouse* Westinghouse* Revenue $ 1,900.4 $ 0.0 $ 1,900.4 $ 1,712.2 Gross Profit 188.1 0.0 188.1 135.0 GP% 9.9% N/A 9.9% 7.9% EBITDA* (37.5) (158.7) 121.2 78.6 EBITDA % (2.0)% N/A 6.4% 4.6% Net Income (39.9) (102.7) 62.8 37.7 Diluted EPS (0.48) (1.23) 0.75 0.45 Operating Cash Flow (98.9) (14.7) (84.2) 121.7 New Awards 1,131.7 N/A 1,131.7 1,363.6 •• Earnings continue to be led by E&C, Fossil, and F&M contracts, but E&I also had a strong quarter Earnings continue to be led by E&C, Fossil, and F&M contracts, but E&I also had a strong quarter •• Yen/Dollar FX rate continues to decline (95 at quarter end vs. 109 at end of FY08) resulting in a Yen/Dollar FX rate continues to decline (95 at quarter end vs. 109 at end of FY08) resulting in a $161M non-cash pre-tax loss $161M non-cash pre-tax loss •• Cash flow is project timing related, after a very strong Q-4 FY08 (generated $286M) Cash flow is project timing related, after a very strong Q-4 FY08 (generated $286M) •• Q-2 and the balance of FY09 are forecast to be cash positive; previous guidance of $250M-$300M 02M102007D Q-2 and the balance of FY09 are forecast to be cash positive; previous guidance of $250M-$300M of operating cash flow remains unchanged of operating cash flow remains unchanged *See Appendices for a reconciliation to the corresponding GAAP measure. 5
  • 6. Q-1 FY 2009: Segment Analysis Record Revenue Gross Profit Gross Profit % (in millions) Q-1 FY 2009 Q-1 FY 2008 Q-1 FY 2009 Q-1 FY 2008 Q-1 FY 2009 Q-1 FY 2008 Fossil & Nuclear $ 676.6 598.5 $ 51.8 $ 42.9 7.7% 7.2% E&C1* 218.6 161.7 52.4 16.4 24.0% 10.1% Maintenance 334.1 290.4 11.7 14.8 3.5% 5.1% E&I2* 401.4 365.8 34.5 25.1 8.6% 6.9% F&M 164.7 136.6 35.7 35.1 21.7% 25.7% Corporate 1.9 0.7 2.0 0.7 N/M N/M $ 1,797.3 $ 1,553.7 $ 188.1 $ 135.0 10.5% 8.7% Fossil & Nuclear: Continues to be driven by fossil contracts (new build and air emissions) Fossil & Nuclear: Continues to be driven by fossil contracts (new build and air emissions) E&C: Increased volume and margins vs. prior year; Q-1 FY09 includes cost reduction estimates on E&C: Increased volume and margins vs. prior year; Q-1 FY09 includes cost reduction estimates on several projects several projects Maintenance: Revenues improved with higher volumes, but margins less than prior year due to Maintenance: Revenues improved with higher volumes, but margins less than prior year due to execution of higher-margin construction projects in FY08 execution of higher-margin construction projects in FY08 E&I: Continued improvement in execution; Q-1 FY09 revenues reflect some hurricane emergency E&I: Continued improvement in execution; Q-1 FY09 revenues reflect some hurricane emergency response work response work F&M: Continued solid performance; Q-1 FY09 reduction in gross profit reflects change in product mix F&M: Continued solid performance; Q-1 FY09 reduction in gross profit reflects change in product mix and some costs associated with Mexico facility and development of modular facility and some costs associated with Mexico facility and development of modular facility 02M102007D 1E&C revenues presented excluding pass through costs of $103.1M and $134.4M for Q-1 FY2009 and Q-1 FY2008, respectively. 2E&Irevenues presented net of previously consolidated military privatization joint venture revenues of $24.1M for Q-1 FY08 (no longer applicable in Q-1 FY09). *See Appendices for a reconciliation to the corresponding GAAP measure. 6
  • 7. Foreign Exchange Impact on Investment in Westinghouse Yen Denominated Bonds & Put Option ($ equivalent in millions, except exchange rate data) Date of GAAP Investment Treatment 11/30/2008 Change Yen/Dollar Exchange Rate 119.43 95.48 23.95 Yen Denominated Bonds RECORDED $ 1,080 $ 1,351 $ (271) Yen Denominated Put Option UNRECORDED 1,044 1,306 262 Principal Exposure $ 36 $ 45 $ (9) •• If Shaw were to exercise the Put, the net exposure would be approximately $45M, which has If Shaw were to exercise the Put, the net exposure would be approximately $45M, which has changed $9M from the exposure at the original investment date. changed $9M from the exposure at the original investment date. •• Q-1 FY09 FX loss totaled $161.2M pre-tax ($98.2M after-tax). Q-1 FY09 FX loss totaled $161.2M pre-tax ($98.2M after-tax). •• FY09 YTD FX loss would approximate $185M pre-tax (at 93.8 Yen // U.S. dollar). FY09 YTD FX loss would approximate $185M pre-tax (at 93.8 Yen U.S. dollar). •• Dividends are based on the U.S. GAAP Net Income of Westinghouse; target distribution during Dividends are based on the U.S. GAAP Net Income of Westinghouse; target distribution during the put period is $24M per year for Shaw (dividend rights continue for put period even if not the put period is $24M per year for Shaw (dividend rights continue for put period even if not paid during period of Shaw ownership). paid during period of Shaw ownership). 02M102007D •• Received $32M in dividends through 12/31/08 ($29M in Q-2 FY09) vs. $48M 2-year target. Received $32M in dividends through 12/31/08 ($29M in Q-2 FY09) vs. $48M 2-year target. 7
  • 8. Q-1 FY 2009: Cash and Debt 937 ($ in millions) 831 Cash Debt 688 663 482 361 218 178 165 107 86 28 28 17 18 10 8 13 Q-1 FY07 Q-2 FY07 Q-3 FY07 Q-4 FY07 Q-1 FY08 Q-2 FY08 Q-3 FY08 Q-4 FY08 Q-1 FY09 Trailing Twelve Months Operating Cash Flow: $416M Trailing Twelve Months Operating Cash Flow: $416M 02M102007D Notes: 1. Cash balance represents the sum of cash, cash equivalents and restricted cash. 2. Total debt excludes Japanese Yen-denominated bonds secured by Investment in Westinghouse. See Appendices for a reconciliation to the corresponding GAAP measure. 8
  • 10. Business Segments Power: Power: Energy & Fabrication & Environmental & Fossil & Nuclear Maintenance Chemicals Manufacturing Infrastructure The Shaw Group Inc. is a full service provider of engineering, design, technology, procurement, construction, maintenance, fabrication, manufacturing, consulting and facilities management services for private sector and government clients in the energy, chemicals, environmental, infrastructure and emergency response markets. 02M102007D 10
  • 11. Stable Customer Base in Uncertain Times Shaw’s $14.8B Backlog at 11/30/08 is Comprised of 3 Major • Regulated Utilities Customer Classes – Solid balance sheets backed by the ability to recover costs through the National or regulatory process; capital projects are International Oil long-term (multi-decade) investments not Companies: subject to short-term economics 14% • U.S. Government – Spending expected to remain strong with potential stimulus package; focus likely Regulated to remain on economy, military Utilities: transformation, terrorism, and Other: 35% infrastructure improvements 18% • National or International Oil Companies – Large amounts of cash on hand; long- U.S. term investment horizon; government Government: backing 33% Approximately 82%, or $12B, of backlog is comprised of regulated utilities, Approximately 82%, or $12B, of backlog is comprised of regulated utilities, national or international oil companies, and the U.S. Government, who provide national or international oil companies, and the U.S. Government, who provide financial strength and stability, are expected to continue capital investments, and financial strength and stability, are expected to continue capital investments, and 02M102007D who should reduce the risk of project delays, payment defaults, or cancellations. who should reduce the risk of project delays, payment defaults, or cancellations. 11
  • 12. Market Overview: Power • Fossil projects in backlog continue to be executed as planned • Domestic scrubber market continues to be strong; expect significant bookings in 2009 • Domestic nuclear market appears to be accelerating; signed largest contract in our history with Progress Energy Florida • International nuclear market for AP1000™ developing • Interest in domestic gas fired and geothermal projects increasing • Maintenance market continues to be steady; nuclear uprate activity expected to increase 02M102007D 12
  • 13. Major Power Market Opportunities Europe China Indonesia & Philippines Brazil India United States South Africa Australia & New Zealand 02M102007D IEA forecasts $5.2 trillion in global power IEA forecasts $5.2 trillion in global power generation investment from 2005-2030 generation investment from 2005-2030 13
  • 14. Nuclear Renaissance First Movers Alternate Energy PPL Generation Holdings Unistar Susquehanna Bruneau Nine Mile Detroit Edison Fermi Unistar Exelon Calvert Cliffs Clinton AmerenUE Callaway Dominion North Anna Progress Energy Harris Unistar Duke Amarillo TVA William Lee Bellefonte Entergy Grand Gulf Luminant Comanche Peak AP1000™ SCE&G V.C. Summer EPR Entergy River Bend ESBWR Progress Energy Southern ABWR Exelon Levy County Vogtle Victoria County APWR NRG Entergy 02M102007D South Texas FP&L To Be Determined Turkey Point 14
  • 15. Market Overview: Energy & Chemicals • Projects in backlog continue to be executed as planned • No significant changes at this time to our 2009 sales prospects • If global economy / price of oil remain depressed, clients likely to focus on higher margin technology and consulting services – a Shaw strength 02M102007D 15
  • 16. Market Overview: Environmental & Infrastructure • 93% of existing backlog is with the U.S. Federal Government • Projects in backlog continue to be executed as planned • Segment well-positioned for potential U.S. Federal stimulus plan (e.g., incremental levee, coastal restoration, environmental remediation, infrastructure projects), although not assumed in our 2009 financial forecast 02M102007D 16
  • 17. Consolidated Backlog and Backlog Conversion (as of 11/30/08) Backlog by Business Segment Expected Backlog Conversion ($ in billions) Consolidated Next Fabrication & Manufacturing $15.6 $14.8 12 months $14.3 Energy & Chemicals $0.8 41% $0.7 Environmental & Infrastructure $0.7 $2.2 $6.0B $2.0 Maintenance $2.6 Fossil & Nuclear $3.7B $9.1 $5.1 $2.6 $5.1B $5.0 $0.4 $1.4 $6.7 $1.7 $5.8 13-24 months $1.4 $1.3 $4.8 25% $2.8 Greater than 24 months $1.3 $6.7 34% $6.1 $5.8 $3.2 FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 Q-1 FY 2009 Backlog excludes majority of domestic nuclear work expected to be performed under signed Backlog excludes majority of domestic nuclear work expected to be performed under signed 02M102007D EPC contracts (Georgia Power, SCE&G, and Progress Energy Florida) EPC contracts (Georgia Power, SCE&G, and Progress Energy Florida) 17
  • 18. Fossil and Nuclear Projects Present Significant Upside To Current Backlog Backlog + Projects Where Shaw Has Been Selected But Work Has Not Been Released $36.8 ($ in billions) Consolidated Fabrication & Manufacturing RWE npower Energy & Chemicals Environmental & Infrastructure Maintenance Fossil & Nuclear 3 Signed Nuclear Fossil & Nuclear – selected but $13 EPC Contracts projects not in backlog $15.6 $14.3 Current $0.7 Backlog - $14.8 $2.0 $9.1 $5.0 $6.7 $5.8 $4.8 $1.3 $5.8 02M102007D FY 2003 FY 2004 FY 2005 FY 2006 FY 2007 FY 2008 Q-1 FY09 Full Spectrum of Shaw’s Workload Approaching $37B Full Spectrum of Shaw’s Workload Approaching $37B 18
  • 19. Fossil & Nuclear Q-1 FY09 in Summary Q-1 2009 New Awards: $489M • Earnings for the quarter driven • Approx. $400M EPC contract by Fossil contracts (primarily with NV Energy for combined new build coal and air cycle gas power plant near emissions projects) Las Vegas • Nuclear projects expected to begin having more significant earnings impact in FY 2010 Backlog EBITDA* ($ in billions) ($ in millions) 41.7 6.9 6.6 6.7 39.6 6.1 35.8 5.8 27.0 20.5 Fossil & Nuclear Backlog: Q-1 FY08 Q-2 FY08 Q-3 FY08 Q-4 FY08 Q-1 FY09 $5.8 billion Q-1 FY08 Q-2 FY08 Q-3 FY08 Q-4 FY08 Q-1 FY09 EBITDA from nuclear division forecast to approximate $10M in EBITDA from nuclear division forecast to approximate $10M in FY 2009, $75M in FY 2010, and $125M in FY 2011 FY 2009, $75M in FY 2010, and $125M in FY 2011 39% (excludes F&M’s earnings from fabrication activities and modular (excludes F&M’s earnings from fabrication activities and modular 02M102007D components, as well as earnings from Investment in Westinghouse) components, as well as earnings from Investment in Westinghouse) Total Shaw Backlog: $14.8 billion *See Appendices for a reconciliation to the corresponding GAAP measure. 19
  • 20. Maintenance Q-1 2009 New Awards: $184M Q-1 FY09 in Summary • Majority of Q-1 new awards • Steady, consistent performance from smaller contracts during Fall outage season • Fewer higher margin construction projects in Q-1 FY09 as compared to 08 Backlog EBITDA* ($ in millions) ($ in billions) 15.2 1.6 1.5 1.5 1.4 11.9 1.3 10.2 9.0 Maintenance Backlog: (0.5) $1.3 billion Q-1 FY08 Q-2 FY08 Q-3 FY08 Q-4 FY08 Q-1 FY09 Q-1 FY08 Q-2 FY08 Q-3 FY08 Q-4 FY08 Q-1 FY09 9% Maintenance contracts for 41 of the 104 existing nuclear Maintenance contracts for 41 of the 104 existing nuclear reactors in the U.S., including fleet-wide services on the 2 reactors in the U.S., including fleet-wide services on the 2 largest U.S. fleets largest U.S. fleets 02M102007D Total Shaw Backlog: $14.8 billion *See Appendices for a reconciliation to the corresponding GAAP measure. 20
  • 21. Energy & Chemicals Q-1 FY09 in Summary Q-1 2009 New Awards: $166M • Increase in volume and • Majority of Q-1 new awards margins drove another strong driven by scope increases on quarter existing projects • Strong operational • Engineering and design work performance and reduced cost for multi-national petrochemical estimates on several projects client helped drive quarterly earnings Backlog EBITDA* Record ($ in billions) ($ in millions) 41.6 39.8 33.6 2.3 2.3 2.2 2.2 2.0 E&C Backlog: 13.2 9.4 $2.0 billion 14% Q-1 FY08 Q-2 FY08 Q-3 FY08 Q-4 FY08 Q-1 FY09 Q-1 FY08 Q-2 FY08 Q-3 FY08 Q-4 FY08 Q-1 FY09 Major prospects internally authorized by clients Major prospects internally authorized by clients 02M102007D appear to be proceeding as planned appear to be proceeding as planned Total Shaw Backlog: $14.8 billion *See Appendices for a reconciliation to the corresponding GAAP measure. 21
  • 22. Fabrication & Manufacturing Q-1 FY09 in Summary Q-1 2009 New Awards: $77M • Continued strong operational • Majority of Q-1 new awards performance driven by scope increases on existing projects • Projects in backlog continue as planned EBITDA* Backlog ($ in millions) ($ in billions) 39.4 31.8 31.8 0.8 0.7 0.7 28.2 0.7 0.7 27.1 F&M Backlog: $0.7 billion 5% Q-1 FY08 Q-2 FY08 Q-3 FY08 Q-4 FY08 Q-1 FY09 Q-1 FY08 Q-2 FY08 Q-3 FY08 Q-4 FY08 Q-1 FY09 Progress continues on new nuclear module fabrication and Progress continues on new nuclear module fabrication and assembly plant in Lake Charles, LA assembly plant in Lake Charles, LA 02M102007D Total Shaw Backlog: $14.8 billion *See Appendices for a reconciliation to the corresponding GAAP measure. 22
  • 23. Module Fabrication and Assembly Facility • Work has commenced on the $100 million / 600,000 square foot facility located in Lake Charles, LA • Will produce structural, piping and equipment modules for new nuclear power plants utilizing the Westinghouse AP1000™ technology • Shaw’s 3 existing nuclear EPC contracts are expected to generate approx. $1B in revenues for this facility 02M102007D 23
  • 24. Environmental & Infrastructure Q-1 FY09 in Summary Q-1 2009 New Awards: $216M • New awards primarily driven by • MOX and Inner Harbor contracts within the Federal Navigation Canal Hurricane business division Protection projects continue to • Some hurricane emergency perform well response work • Overall, business is again performing well • Sold interest in final military housing privatization ventures Backlog EBITDA* 20.8 ($ in billions) ($ in millions) 20.7 5.2 5.1 5.0 13.0 11.5 2.8 2.8 E&I Backlog: $5.0 billion 5.2 33% Q-1 FY08 Q-2 FY08 Q-3 FY08 Q-4 FY08 Q-1 F09 Q-1 FY08 Q-2 FY08 Q-3 FY08 Q-4 FY08 Q-1 FY09 E&I is returning to being a consistent performer 02M102007D E&I is returning to being a consistent performer Total Shaw Backlog: $14.8 billion *See Appendices for a reconciliation to the corresponding GAAP measure. 24
  • 25. Q-1 FY09 Summary • Non-cash FX translation loss continues to create volatility in GAAP earnings, but operational performance remains strong • All operating segments had strong financial results this quarter • Execution of E&C, Fossil, and F&M contracts continue to drive earnings • E&I returning to being a consistent and profitable performer • Domestic nuclear market continues to develop and contribution to earnings expected to begin in FY 2010 as 02M102007D anticipated 25
  • 26. Investor Relations & Media Contact Information Investor Contact: Chris D. Sammons Vice President, Investor Relations 225.932.2546 chris.sammons@shawgrp.com Media Contact: Craig Pierce Vice President 225.987.7461 craig.pierce@shawgrp.com 02M102007D 26
  • 27. First Quarter FY 2009: Earnings Conference Call Regulation G Appendices Thursday, January 8, 2008 02M102007D
  • 28. Appendix 1: EBITDA Reconciliation Q1 FY 2009 Q1 FY 2009 Westinghouse Excluding (in millions) Consolidated Segment Westinghouse Net Income (Loss) $ (39.9) $ (102.7) $ 62.8 Interest Expense 11.6 9.9 1.7 Depreciation and Amortization 12.6 - 12.6 Provision for Income Taxes (22.7) (67.0) 44.3 Income Taxes on Unconsolidated Subs 0.9 1.1 (0.2) EBITDA $ (37.5) $ (158.7) $ 121.2 Revenue 1,900.4 N/A 1,900.4 EBITDA % -2.0% N/A 6.4% 02M102007D Note: EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization. EBITDA is an important financial measure used by The Shaw Group Inc. to assess performance. 28
  • 29. Appendix 1: EBITDA Reconciliation Q1 FY 2008 Q1 FY 2008 Westinghouse Excluding (in millions) Consolidated Segment Westinghouse Net Income (Loss) $ 2.2 $ (35.5) $ 37.7 Interest Expense 11.1 8.9 2.2 Depreciation and Amortization 10.4 - 10.4 Provision for Income Taxes 2.1 (25.8) 27.9 Income Taxes on Unconsolidated Subs 3.5 3.1 0.4 EBITDA $ 29.3 $ (49.3) $ 78.6 Revenue 1,712.2 N/A 1,712.2 EBITDA % 1.7% N/A 4.6% 02M102007D Note: EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization. EBITDA is an important financial measure used by The Shaw Group Inc. to assess performance. 29
  • 30. Appendix 1: Segment EBITDA Reconciliation Q1 FY09 & Q4 FY08 Q1 FY 2009 Energy & Environmental & Fabrication & (in millions) Fossil & Nuclear Chemicals Maintenance Infrastructure Manufacturing Income (loss) before income taxes, and earnings (losses) from unconsolidated entities $ 35.9 $ 41.8 $ 8.2 $ 18.6 $ 30.4 Interest Expense 0.4 0.3 (0.0) 0.2 (0.0) Depreciation and Amortization 3.3 2.3 0.8 3.0 2.5 Unconsolidated Subs, pre-tax - 0.6 - 0.3 - Minority Interest, pre-tax - (3.4) - (1.3) (1.1) EBITDA $ 39.6 $ 41.6 $ 9.0 $ 20.8 $ 31.8 Q4 FY 2008 Energy & Environmental & Fabrication & (in millions) Fossil & Nuclear Chemicals Maintenance Infrastructure Manufacturing Income (loss) before income taxes, and earnings (losses) from unconsolidated entities $ 16.9 $ 40.2 $ (1.2) $ 16.7 $ 38.5 Interest Expense 0.5 (0.1) (0.0) 0.2 (0.0) Depreciation and Amortization 3.1 1.6 0.7 3.8 2.4 Unconsolidated Subs, pre-tax - 0.6 - (1.1) - Minority Interest, pre-tax - (2.5) - 1.1 (1.5) EBITDA $ 20.5 $ 39.8 $ (0.5) $ 20.7 $ 39.4 02M102007D Note: Segment EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization. EBITDA is an important financial measure used by The Shaw Group Inc. to assess performance. 30
  • 31. Appendix 1: Segment EBITDA Reconciliation Q3 FY08 & Q2 FY08 Q3 FY 2008 (Restated) Energy & Environmental & Fabrication & (in millions) Fossil & Nuclear Chemicals Maintenance Infrastructure Manufacturing Income (loss) before income taxes, and earnings (losses) from unconsolidated entities $ 38.5 $ 36.8 $ 14.5 $ 7.4 $ 29.1 Interest Expense 0.4 0.3 0.0 0.2 (0.5) Depreciation and Amortization 2.8 2.1 0.7 4.0 1.9 Unconsolidated Subs, pre-tax - 0.6 - 2.0 0.6 Minority Interest, pre-tax - (6.2) - (2.1) (2.9) EBITDA $ 41.7 $ 33.6 $ 15.2 $ 11.5 $ 28.2 Q2 FY 2008 (Restated) Energy & Environmental & Fabrication & (in millions) Fossil & Nuclear Chemicals Maintenance Infrastructure Manufacturing Income (loss) before income taxes, and earnings (losses) from unconsolidated entities $ 24.1 $ 11.7 $ 9.2 $ 5.4 $ 32.0 Interest Expense 0.2 1.0 (0.0) 0.2 (0.1) Depreciation and Amortization 2.7 1.9 1.0 4.0 1.8 Unconsolidated Subs, pre-tax - 0.7 - (1.6) (0.0) Minority Interest, pre-tax - (2.1) - (2.8) (1.9) EBITDA $ 27.0 $ 13.2 $ 10.2 $ 5.2 $ 31.8 02M102007D Note: Segment EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization. EBITDA is an important financial measure used by The Shaw Group Inc. to assess performance. 31
  • 32. Appendix 1: Segment EBITDA Reconciliation Q1 FY08 Q1 FY 2008 Energy & Environmental & Fabrication & (in millions) Fossil & Nuclear Chemicals Maintenance Infrastructure Manufacturing Income (loss) before income taxes, and earnings (losses) from unconsolidated entities $ 33.2 $ 8.6 $ 11.3 $ 9.8 $ 27.1 Interest Expense 0.2 0.4 - 0.2 0.0 Depreciation and Amortization 2.4 1.6 0.6 3.7 1.8 Unconsolidated Subs, pre-tax - 0.5 - 0.7 (0.0) Minority Interest, pre-tax - (1.7) - (1.4) (1.8) EBITDA $ 35.8 $ 9.4 $ 11.9 $ 13.0 $ 27.1 02M102007D Note: Segment EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization. EBITDA is an important financial measure used by The Shaw Group Inc. to assess performance. 32
  • 33. Appendix 2: Q1 FY 09 Reconciliation of Income excluding Westinghouse (in millions, except per share data) Q1 FY 2009 Quarter ended November 30, 2008 Westinghouse Excluding Consolidated Segment Westinghouse Revenues $1,900.4 $0.0 $1,900.4 Cost of revenues 1,712.3 0.0 1,712.3 Gross profit 188.1 0.0 188.1 General and administrative expenses 73.1 0.1 73.0 Operating income (loss) 115.0 (0.1) 115.1 Interest expense (1.7) 0.0 (1.7) Interest expense on JPY-denominated bonds including accretion and amortization (9.9) (9.9) 0.0 Interest income 3.9 0.0 3.9 Foreign currency translation gains (losses) on JPY-denominated bonds, net (161.2) (161.2) 0.0 Other foreign currency transaction gains (losses), net (2.3) 0.0 (2.3) Other income (expense), net (1.9) 0.0 (1.9) (173.1) (171.1) (2.0) Income (loss) before income taxes, minority interest, earnings (losses) from unconsolidated entities (b) (58.1) (171.2) 113.1 Provision (benefit) for income taxes (a) (22.7) (67.0) 44.3 Income (loss) before minority interest and earnings (losses) from unconsolidated entities (35.4) (104.2) 68.8 Minority interest (c) (5.9) 0.0 (5.9) Income from 20% Investment in Westinghouse, net of income taxes 1.5 1.5 0.0 Earnings (losses) from unconsolidated entities, net of income taxes (0.1) 0.0 (0.1) Net income (loss) ($39.9) ($102.7) $62.8 Net income (loss) per common share: Basic income (loss) per common share $ (0.48) $ (1.23) $ 0.75 Diluted income (loss) per common share $ (0.48) $ (1.23) $ 0.75 Weighted average shares outstanding: Basic 83.1 83.1 83.1 Diluted: 83.1 83.1 83.9 02M102007D Effective tax rate [a/(b+c)] 36% 39% 41% 33 Note: Presents our income statement excluding the Investment in Westinghouse segment
  • 34. Appendix 2: Q1 FY 08 Reconciliation of Income excluding Westinghouse Q1 FY 2008 (in millions, except per share data) Quarter ended November 30, 2007 Westinghouse Excluding Consolidated Segment Westinghouse Revenues $1,712.2 $0.0 $1,712.2 Cost of revenues 1,577.2 0.0 1,577.2 Gross profit 135.0 0.0 135.0 General and administrative expenses 68.9 0.0 68.9 Operating income (loss) 66.1 (0.0) 66.1 Interest expense (2.2) 0.0 (2.2) Interest expense on JPY-denominated bonds including accretion and amortization (8.9) (8.9) 0.0 Interest income 4.8 0.0 4.8 Foreign currency translation gains (losses) on JPY-denominated bonds, net (57.2) (57.2) 0.0 Other foreign currency transaction gains (losses), net 1.2 0.0 1.2 Other income (expense), net (0.3) 0.0 (0.3) (62.6) (66.1) 3.5 Income (loss) before income taxes, minority interest, earnings (losses) from unconsolidated entities (b) 3.5 (66.1) 69.6 Provision (benefit) for income taxes (a) 2.1 (25.8) 27.9 Income (loss) before minority interest and earnings (losses) from unconsolidated entities 1.4 (40.3) 41.7 Minority interest (c) (5.0) 0.0 (5.0) Income from 20% Investment in Westinghouse, net of income taxes 4.8 4.8 0.0 Earnings (losses) from unconsolidated entities, net of income taxes 1.0 0.0 1.0 Net income (loss) $2.2 ($35.5) $37.7 Net income (loss) per common share: Basic income (loss) per common share $ 0.03 $ (0.44) $ 0.47 Diluted income (loss) per common share $ 0.03 $ (0.42) $ 0.45 Weighted average shares outstanding: Basic 80.7 80.7 80.7 02M102007D Diluted: 83.6 83.6 83.6 Effective tax rate [a/(b+c)] -144% 39% 43% 34 Note: Presents our income statement excluding the Investment in Westinghouse segment
  • 35. Appendix 3: E&C Pass-Through Revenues and Cost Reconciliation Energy and Chemicals Energy and Chemicals Q1 FY 2009 Energy and Chemicals Q1 FY 2009 Excluding Pass-Through (in millions) Q1 FY 2009 Pass-Through Costs Costs Amount % Amount % Amount % Income: Revenues $ 321.7 100.0% $ (103.1) 100.0% $ 218.6 100.0% Cost of Revenues 269.3 83.7% (103.1) 100.0% 166.2 76.0% Gross Profit $ 52.4 16.3% $ - 0.0% $ 52.4 24.0% Energy and Chemicals Q1 FY 2008 Energy and Chemicals Energy and Chemicals Q1 FY 2008 Q1 FY 2008 Excluding Pass-Through (in millions) (Restated) Pass-Through Costs Costs Amount % Amount % Amount % Income: Revenues $ 296.1 100.0% $ (134.4) 100.0% $ 161.7 100.0% Cost of Revenues 279.7 94.5% (134.4) 100.0% $ 145.3 89.9% Gross Profit $ 16.4 5.5% $ - 0.0% $ 16.4 10.1% 02M102007D 35 Note: Reconciliation of revenues and cost of revenues to revenues and costs of revenues excluding pass-through costs
  • 36. Appendix 3: E&I Pass-Through Revenues and Cost Reconciliation Environmental & Environmental & Infrastructure Environmental & Infrastructure Q1 FY 2008 Infrastructure Q1 FY 2008 Excluding Pass-Through (in millions) Q1 FY 2008 Pass-Through Costs Costs Amount % Amount % Amount % Income: Revenues $ 389.9 100.0% $ (24.1) 100.0% $ 365.8 100.0% Cost of Revenues 364.8 93.6% (24.1) 100.0% $ 340.7 93.1% Gross Profit $ 25.1 6.4% $ - 0.0% $ 25.1 6.9% 02M102007D 36 Note: Reconciliation of revenues and cost of revenues to revenues and costs of revenues excluding pass-through costs
  • 37. Appendix 4: Total Debt Reconciliation Restated Restated Restated Restated Restated (in millions) Q1 FY 2009 Q4 FY 2008 Q3 FY 2008 Q2 FY 2008 Q1 FY 2008 Q4 FY 2007 Q3 FY 2007 Q2 FY 2007 Q1 FY 2007 Financed Insurance Premiums $0.0 $0.0 $2.4 $7.4 $11.1 $0.0 $3.1 $6.6 $10.4 Current maturities of long-term debt 4.9 4.5 4.4 2.7 4.6 5.4 8.8 9.1 9.5 Short-term revolving line of credit 0.0 0.0 0.0 1.0 2.3 0.2 2.8 2.7 2.5 Current portion of obligations under capital leases 0.6 1.5 1.8 1.9 2.2 2.1 2.2 2.2 1.8 Short-term debt and current maturities of long-term debt 5.5 6.0 8.6 13.0 20.2 7.7 16.9 20.6 24.2 Revolving line of credit 0.0 0.0 0.0 0.0 0.0 0.0 0.0 39.0 53.0 Long-term debt, less current maturities 1.9 3.3 3.5 3.8 6.6 7.5 8.6 23.8 26.7 Obligations under capital leases, less current portion 0.2 0.3 0.4 0.8 1.3 1.8 2.2 2.8 3.0 Long-term debt, less current maturities 2.1 3.6 3.9 4.6 7.9 9.3 10.8 65.6 82.7 Japanese Yen-denominated long-term bonds secured by Investment in Westinghouse, net 1,325.1 1,162.0 1,197.1 1,187.8 1,145.6 1,087.4 1,033.9 1,048.3 1,080.6 Total Debt $1,332.7 $1,171.6 $1,209.6 $1,205.4 $1,173.7 $1,104.4 $1,061.6 $1,134.5 $1,187.5 Less: Westinghouse Debt 1,325.1 1,162.0 1,197.1 1,187.8 1,145.6 1,087.4 1,033.9 1,048.3 1,080.6 Total Debt, excluding Westinghouse $7.6 $9.6 $12.6 $17.6 $28.1 $17.0 $27.7 $86.2 $106.9 02M102007D Note: To show our total debt excluding the Japanese Yen-denominated bonds 37