Interim Results

For the six months ending 30 June 2015

Interim Results agenda

2

Financial Review

Carole Cran, CFO

Operating Review & Outlook

Chris Weston, CEO

3

Financial ReviewCarole Cran, CFO

First half financial performance

4

Underlying revenue down 2%

Underlying trading profit down 22%

Underlying trading margin 15%

DEPS down 19%

Dividend in line with last year

£70m reduction in net debt

since June 2014

£m 1H15 1H14

Reported

Change

Underlying

Change

Revenue 781 768 2% (2)%

Revenue excl. pass-through fuel 752 745 1% (2)%

Trading profit 114 140 (18)% (22)%

Operating profit 115 140 (17)%

Net interest expense (13) (10) (39)%

Profit before tax 102 130 (21)%

Tax (27) (33) 20%

Profit after tax 75 97 (22)%

Diluted earnings per share 29.6p 36.5p (19)%

Dividends per share (declared) 9.4p 9.4p -

Net Debt at period end £467m £537m £70m

Underlying excludes pass-through fuel and currency translation.

Strong cashflow and balance sheet

5

Strong operating cashflow

Debtor days improved in Power

Projects and in line with year end

in Local

Fleet age maintained at around

5 years

Strong net debt to EBITDA of 0.8x

provides flexibility for the future

£m

6 Months to

June 2015

6 Months to

June 2014

Operating Profit 115 140

Depreciation 140 132

EBITDA 255 272

Working Capital (1) (61)

Other 1 2

Operating Cash Flow 255 213

Tax (37) (30)

Net Interest (13) (9)

Purchase of Fixed Assets (147) (121)

Proceeds from Fixed Asset Disposals 5 4

Free Cash Flow 63 57

Dividends (45) (46)

Return of Value & Changes in Equity 1 (196)

Net Cash Flow 19 (185)

Exchange 8 11

Movement in Net Debt 27 (174)

2014

2015

DieselGasHFO

2014

2015

DieselGasHFO

Capital allocation discipline maintained

6

Utilisation continued to improve in

both businesses

£32m of Local 1MW diesel capex

funded from Power Projects

156 G3+ highly efficient diesel engine

refurbishments completed

Full year fleet capex flexed down

to £270m reflecting current

trading conditionsPower Projects Fleet

At 30 June (MW)

Local Business Fleet

At 30 June (MW)

Local Business Power Projects

1H15 1H14 1H15 1H14

Average

utilisation61% 60% 78% 74%

Fleet Capex /

Fleet

Depreciation

91% 110% 123% 64%

Fleet Capex £62m £68m £76m £39m

4,651

4,929

4,920

4,918

2014

2015

DieselGasHFO

Local Business Fleet

At 30 June (MW)

4,929

4,654

7

Operating Review & OutlookChris Weston, CEO

Highlights and lowlights

8

Highlights

• Good performance in EMEA; successful European Games

• Number of key extensions secured in Power Projects; strong order book

• Growth in South Africa, Middle East, COEUR and South Korea

• Maintained capital discipline and flexibility; balance sheet strong

Lowlights

• Challenging market environment in APAC, lower than expected Bangladesh extension rate

• Slowdown in oil and gas sector, particularly in North America

• Subdued trading conditions in South America, Northern Europe and Australia

• Security concerns continue in handful of markets; Yemen in particular

Americas impacted by slowdown in oil & gas

9

Local business down 2% driven by

slowdown in oil and gas

Power Projects down 15% as lower

running in Panama and continued

Military off hires

Underlying margins and returns

impacted by oil and gas

Secured 150MW of new work and

300MW of contract extensions

in Argentina

£m 1H15 1H14

Reported

Change

Underlying

Change

Local 221 218 2% (2)%

Power Projects 108 122 (12)% (15)%

Revenue 329 340 (3)% (7)%

Trading Profit 48 66 (27)% (29)%

Trading Margin 15% 19%

ROCE 17% 20%

6%5%

4%

19%

15%5%

34%

3%9%

Events

Services

Mining

Oil & Gas

Petrochemical & Refining

Manufacturing

Utilities

Military

Other

Revenue by sector 1H15

Underlying excludes currency translation

Challenges remain in APAC

10

Local business flat with AusPac rate

of decline attenuating

Power Projects down 28% driven by

pricing pressure in Bangladesh and

lower volumes in Indonesia

124MW of new work and key

extensions in Bangladesh and

Japan secured

14%

6%

3%

5%

6%

54%

12%Mining

Oil & Gas

Construction

Contracting

Shipping

Utilities

Other

Revenue by sector 1H15

Underlying excludes currency translation

£m 1H15 1H14

Reported

Change

Underlying

Change

Local 51 53 (3)% -%

Power Projects 57 72 (21)% (28)%

Revenue 108 125 (14)% (17)%

Trading Profit 13 24 (46)% (49)%

Trading Margin 12% 19%

ROCE 13% 17%

£m 1H15 1H14

Reported

Change

Underlying

Change

Local 174 161 8% 12%

Power Projects 141 119 18% 8%

Revenue 315 280 12% 10%

Trading Profit 54 53 3% -%

Trading Margin 17% 19%

ROCE 20% 23%

Good performance in EMEA

11

Local business up 12%; successful

delivery of first European Games

Power Projects up 8% driven by

strong contract wins in 2014

Margins and returns impacted by

higher mobilisation costs from

new work

87MW new work secured and

multi year contract extension

in Ivory Coast

115MW of 260MW extensions

secured in Mozambique, expect to

extend balance in Q3

9%5%

4%

13%

6%

5%43%

5%

10%Events

Services

Mining

Oil & Gas

Construction

Contracting

Utilities

Manufacturing

Other

Underlying excludes currency translation and pass through fuel

Revenue by sector 1H15

OutlooSummary

12

Expect H2 revenue trend to be similar to H1 at Group level

Capex flexed and now anticipate fleet spend of around £270m for FY

Cash generative with strong balance sheet

Overall expect profit before tax of £250m - £270m

Strong foundations for future growth

13

Q&A

14

Appendix

Local business grew 3%;

margins under pressure

• Impacted by oil and gas slowdown

Number of factors impacted

Power Projects

• Bangladesh contract extension pricing

• Indonesia volumes lower

• Lower running of Panama contract

• Higher mobilisation costs from

greater new work in EMEA

• Lower production levels in Yemen

Results split by business model

15

Revenue Trading profit

1H15

£m

1H14

£m

Underlying

%

1H15

£m

1H14

£m

Underlying

%

Local Business 446 432 3% 49 58 (14)%

Trading Margin: 11% 13%

Rolling 12-month ROCE: 14% 16%

Power Projects (ex fuel) 306 339 (9)% 66 91 (27)%

Trading Margin: 22% 27%

Rolling 12-month ROCE: 22% 27%

Total (ex fuel) 752 771 (2)% 115 149 (22)%

Trading Margin: 15% 19%

Rolling 12-month ROCE: 17% 21%

Underlying excludes pass-through fuel and currency translation.

Revenue mix

16

Revenue % of Revenue (ex fuel)

1H15

£m

1H14

£m

Underlying1

%

1H15

£m

1H14

£m

Change

pp

Power 533 522 (1)% 71% 70% 1

Temperature Control 56 52 5% 7% 7% -

Oil-Free Air 14 14 (8)% 2% 2% -

Total Rental 603 588 (1)% 80% 79% 1

Service Revenue 149 157 (8)% 20% 21% (1)

Revenue excl pass-through fuel 752 745 (2)% 100% 100% -

Pass-through fuel 29 23 NA

Total Revenue 781 768 (2)%

1 Excluding revenue from pass–through fuel and currency.

Balance sheet

17

1H15

£m

1H14

£m

Intangible assets/goodwill 132 151

Tangible fixed assets 1,148 1,124

Working capital 327 317

Retirement benefit obligation (9) (3)

Derivative financial instruments (4) (4)

Provisions for taxes (68) (76)

Net borrowings (467) (537)

Net Assets 1,059 972

Power fleet breakdown

18

Local Business Power Projects

1H15 1H14 1H15 1H14

Diesel 4,478 4,262 3,542 3,531

Gas 416 358 1,228 1,170

HFO 35 34 150 217

Total 4,929 4,654 4,920 4,918

Foreign currency translation

19

Note: UAE Dirhams included within US Dollar as it is pegged to the US dollar; Argentinian Peso includes Power Projects

contracts which are pegged to the US Dollar but paid and reported in Argentinian Pesos.

FX Rates Revenue (£m)

FY14

Average

July 2015

Average

FY14

Actual

FY14 Actual

at July 2015

Average Variance

%

Variance

US Dollar 1.65 1.54 1,013 1,085 72 7%

Euro 1.24 1.39 93 83 -10 (11)%

Australian Dollar 1.83 2.02 65 58 -7 (10)%

Argentinian Peso 13.37 13.82 88 85 -3 (3)%

Brazilian Real 3.87 4.80 73 59 -14 (19)%

Canadian Dollar 1.82 1.95 41 39 -2 (7)%

Russian Rouble 62.98 88.51 31 22 -9 (29)%

Other 173 168 -5 (3)%

Total Revenue 1,577 1,599 22 1%

Total Trading Profit 306 312 6 2%