Second Quarter 2013

Earnings Conference Call

August 8, 2013

Safe Harbor Statement

Foster Wheeler AG presentations may contain forward-looking statements that are based on managements
assumptions, expectations and projections about the Company and the various industries within which the
Company operates. These include statements regarding the Companys expectations about revenues (including as
expressed by its backlog), its liquidity, the outcome of litigation and legal proceedings and recoveries from
customers for claims and the costs of current and future asbestos claims and the amount and timing of related
insurance recoveries. Such forward-looking statements by their nature involve a degree of risk and uncertainty. The
Company cautions that a variety of factors, including but not limited to the factors described in the Companys most
recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the quarter ended March 31, 2013,
which were filed with the U.S. Securities and Exchange Commission, and the following, could cause the Companys
business conditions and results to differ materially from what is contained in forward-looking statements: benefits,
effects or results of the Companys redomestication to Switzerland; the benefits, effects or results of the Companys
strategic renewal initiative; further deterioration in global economic conditions; changes in investment by the oil and
gas, oil refining, chemical/petrochemical and power generation industries; changes in the financial condition of the
Companys customers; changes in regulatory environments; changes in project design or schedules; contract
cancellations; changes in estimates made by the Company of costs to complete projects; changes in trade,
monetary and fiscal policies worldwide; compliance with laws and regulations relating to its global operations;
currency fluctuations; war, terrorist attacks and/or natural disasters affecting facilities either owned by the Company
or where equipment or services are or may be provided by the Company; interruptions to shipping lanes or other
methods of transit; outcomes of pending and future litigation, including litigation regarding the Companys liability for
damages and insurance coverage for asbestos exposure; protection and validity of the Companys patents and
other intellectual property rights; increasing global competition; compliance with its debt covenants; recoverability of
claims against the Companys customers and others by the Company and claims by third parties against the
Company; and changes in estimates used in its critical accounting policies. Other factors and assumptions not
identified above were also involved in the formation of these forward-looking statements and the failure of such
other assumptions to be realized, as well as other factors, may also cause actual results to differ materially from
those projected. Most of these factors are difficult to predict accurately and are generally beyond the Companys
control. You should consider the areas of risk described above in connection with any forward-looking statements
that may be made by the Company. The Company undertakes no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events or otherwise. You are advised, however, to
consult any additional disclosures the Company makes in proxy statements, quarterly reports on Form 10-Q, annual
reports on Form 10-K and current reports on Form 8-K filed or furnished with the Securities and Exchange
Commission.

Q2 2013 Overview
Adjusted income from continuing operations was $54.6
million, or $0.54 per diluted share,* sharply above average
quarter of 2012
Strong performance by Global E&C Group

Quarterly scope revenues of $443 million, 12% above the

average quarter of 2012

EBITDA of $62 million, 29% above the average quarter of 2012

Robust level of new orders -- $537 million in scope revenue

value

Investment of approximately $116 million to repurchase

approximately 5.1 million shares

*Adjusted to exclude net asbestos-related gains and provisions. All references to net income, EBITDA and earnings per share in this presentation refer to Income from continuing operations
attributable to Foster Wheeler AG, EBITDA from continuing operations and Diluted earnings per share from continuing operations attributable to Foster Wheeler AG., respectively.
See appendices for reconciliation of adjusted and reported net income to Net income attributable to Foster Wheeler AG and adjusted and reported earnings per share to Diluted
earnings per share attributable to Foster Wheeler AG as reported in our consolidated financial statements and a reconciliation of EBITDA to Net income attributable to Foster Wheeler AG.

Q2 2013: Basis of Presentation

Effective Q2 2013, our results of operations

reflect continuing operations and
discontinued operations, due to our plan to
sell a non-strategic asset
Discontinued operations are immaterial to
our expected 2013 results and, therefore, all
amounts in this presentation refer to
continuing operations

Please see Appendices for additional details

3

Q2 2013: Consolidated Financial Performance*

Adjusted Income

Adjusted income was $54.6 million,

or $0.54 per diluted share

Millions

$60
$50

Adjusted income was up 22%

versus the average quarter of 2012,
aided by:

$30

Performance of the Global E&C

Group: higher scope revenues,
EBITDA and EBITDA margin

Scope revenues were comparable

with the average quarter of 2012
Higher revenues in Global E&C
Group were offset by lower revenues
in Global Power Group

61
43

55

34
41

$20
$10

Lower effective tax rate aided by

discrete tax items (16.1% versus
27.6%)

Q2 also included $2.2 million aftertax benefit from partial reversal of

Q1 2013 mark-to-market currency
losses

$40

19

$0
Q1 12

Q2 12

Q3 12

Q4 12

$45 quarterly average for 2012

Q1 13

Q2 13

$37 quarterly average for 2013

Consolidated Scope Revenues

Millions

$700
$600
$500
$400

685
620

598

646

624

642

$300
$200
$100
$0
Q1 12

Q2 12

Q3 12

Q4 12

$637 quarterly average for 2012

Q1 13

Q2 13

$633 quarterly average for 2013

*Excludes discontinued operations. Adjusted to exclude net asbestos-related gains and provisions. See appendices for reconciliation of adjusted and reported
net income and earnings per share, reconciliation of EBITDA to net income, as well as a reconciliation of FW scope revenues to operating revenues.
FW scope excludes flow-through costs.

Global E&C Group: Q2 2013 Performance

EBITDA

Millions

EBITDA was $62.1 million on scope

revenues of $443.4 million

EBITDA was 29% above the average

quarter of 2012, reflecting, in addition
to contribution from recently
completed acquisitions:

$60
$50

Improvement in utilization rate

Increased profit enhancement

opportunities

$40
$30

52
47

53

40

62
35

$20
$10
$0
Q1 12

Higher equity earnings from partially

owned power assets in Italy

EBITDA also included $2.3 million

pretax benefit from partial reversal of
Q1 2013 mark-to-market currency
losses
Scope revenues were 12% above the
average quarter of 2012 due to higher
volume of work executed
EBITDA margin on scope revenues
was 14.0% for Q2, compared with
12.1% for the average quarter of 2012

Q2 12

Q3 12

Q4 12

$48 quarterly average for 2012

Q1 13

Q2 13

$49 quarterly average for 2013

Scope Revenues

Millions

$450

$300

417
365

380

424

425

443

$150

$0
Q1 12

Q2 12

Q3 12

Q4 12

$397 quarterly average for 2012

Q1 13

Q2 13

$434 quarterly average for 2013

See appendices for reconciliation of EBITDA to net income and FW scope revenues to operating revenues.
FW scope excludes flow-through costs.

Global Power Group: Q2 2013 Performance*

EBITDA and scope revenues were $45.6

million and $198.9 million, respectively

EBITDA was below the average quarter

of 2012 despite solid operating
performance

$75

$50

52

Lower contribution from profit enhancements

and reduced volumes were partly offset by
$6 million of incremental equity income from
partially owned Chilean power plant

Scope revenues were below the average

quarter of 2012, reflecting the lagging
impact of weak order levels in 2012 and
the first half of 2013
EBITDA margin on scope revenues was
22.9%, aided by higher equity income as
well as profit enhancements both of
which occurred during a low-revenue
quarter

EBITDA

Millions

42

64
46

$25

46
25

$0
Q1 12

Q2 12

Q3 12

Q4 12

$51 quarterly average for 2012

Q1 13

Q2 13

$35 quarterly average for 2013

Scope Revenues

Millions

$300

$200

268
255

222
217

199

199

$100

$0
Q1 12

Q2 12

Q3 12

$241 quarterly average for 2012

Q4 12

Q1 13

Q2 13

$199 quarterly average for 2013

*Excludes discontinued operations. See appendices for reconciliation of EBITDA to net income and FW
scope revenues to operating revenues. FW scope excludes flow-through costs.

Cash Position
Total Cash Position*

Invested $25 million for two acquisitions

-- E&C companies in Mexico and the UK

Millions

$800
802

Recent share repurchase activity

787

687

Q1 2013: $34 million for 1.5 million

shares

645

520

$400

464

Q2 2013: $116 million for 5.1 million

shares

$270 million remaining under existing

share repurchase authorization as of
June 30, 2013

$0

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

7
*Includes total cash, cash-equivalents, restricted cash and short-term investments.

Global E&C Group: Scope New Orders

Q2 2013: Robust Orders, 60% Above Q1 2013
Millions

$1,000

$800

$600

769

866

$400

371

392

Q1 2012

Q2 2012

336

537

$200

$0

Q3 2012

$599 quarterly average for 2012

4Q 2012

Q1 2013

Q2 2013

$436 quarterly average for 2013

FW scope excludes flow-through costs.

Global E&C Group: Key New Orders in Q2

Initial release for EPC contract on the Enterprise PDH project in the U.S.

Partial release on EPCm contract for Dow Chemical ethane cracker

upgrade project in the U.S.

PMC contract for the grassroots Nghi Son Refinery and Petrochemical
Complex in Vietnam

Engineering and procurement for a refinery upgrade project in the Middle

East

FEED contracts for expansion of oil and gas processing facilities in the
Middle East

Additional work scope for an existing PMC contract in the Middle East

PMC contract for the Cardon IV upstream/offshore project in South

America/Gulf of Venezuela

Initial detailed design work on a residue upgrading project in South

America

Design and supply of a delayed coker heater for a refinery in the former
Soviet Union
9

Global E&C Group: Backlog in FW Scope

Q2 2013 Backlog Remained at a Near-Record Level
Millions

$2,500

$2,000

2,090
2,197

2,034

1,707
$1,500

1,397
1,304

$1,000

$500

$0

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

The foreign currency translation impact on scope backlog resulted in a decrease of $92.8 million as of June 30, 2013
compared to December 31, 2012. FW scope excludes flow-through costs.

10

Global E&C Group: Market Environment

Little change in market fundamentals over the past several

months:

Competitive environment remains challenging, with commercially

aggressive bidding as the norm

Continued slippage in bid invitations and contract award dates

However, our prospects pipeline is very robust and includes

a number of projects for which we have already received
early work releases
We are seeing a strong increase in activity in North America,
particularly in chemicals, where we are winning contracts
and where further opportunities are developing
Asia, South America and Europe also continue to present
good opportunities

11

Global Power Group: New Orders in FW Scope

Q2 2013 Consisted of a Limited Notice to Proceed for Large Boiler Project
and Orders for Service Work
Millions

$200

184
196
$100

159
122

114

89

$0

Q1 2012

Q2 2012

Q3 2012

$145 quarterly average for 2012

Q4 2012

Q1 2013

Q2 2013

$142 quarterly average for 2013

FW scope excludes flow-through costs.

12

Global Power Group: New Orders

Q2 2013: new orders were light but included a limited notice
to proceed (LNTP) on two 300-megawatt CFB boilers for a
project in Southeast Asia
2H 2013: three high-profile prospects
Two 300-megawatt pulverized coal boilers in Southeast Asia
50-megawatt CFB in Eastern Europe, for which we received LNTP in
July 2013
20-megawatt CFB in Korea, for which we received LNTP in July 2013

13

Global Power Group: Backlog in FW Scope

Q2 2013 Backlog Reflected the Light Booking Quarter
Millions

$1,200

1,130
937

$800

908
754
731
616

$400

$0

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Q1 2013

Q2 2013

FW scope excludes flow-through costs.

14

Global Power Group: Market Environment

Little change in market fundamentals over the past several
months:
Power generation markets remain weak globally, reflecting
lackluster GDP figures in many parts of the world
Asia/Southeast Asian countries offer the largest number of
prospects
Middle East expected to offer opportunities for our CFB boiler
technology in the mid to longer term as electricity producers
consider switching from fuel oil to petroleum coke
Our 2014 prospect list is materially larger than our 2013 prospect
list although actual timing of awards remains sensitive to GDP
trends
We remain the leader in solid fuel flexibility, and our CFB
technology is making steady inroads in the large utility boiler
market
15

2013 Guidance*

We are raising full-year 2013 earnings guidance

We now expect 2013 results to be moderately above $1.54, due in part to

strong Q2 2013 performance

Previous guidance was that 2013 results were expected to be flat to

moderately below $1.54

Global E&C Group EBITDA margin on scope revenues expected to

be in the range of 10%-12% for full year 2013 on a material increase in
sequential-year scope revenues

EBITDA from E&C Group now expected to be more favorable than previously
forecast

EBITDA margin for full-year 2013 could be near or above the high end of the
range

Global Power Group EBITDA margin on scope revenues now

expected to be in the range of 17%-19% for full year 2013 on material
decline in sequential-year scope revenues from continuing
operations

Guidance reflects higher margins on reduced scope revenues, with a resulting

modest increase in the companys expectation for Global Power Group
EBITDA in 2013
*Based on continuing operations. See appendices for reconciliation of adjusted and reported earnings per share. 16

Appendices

Appendix 1: Discontinued Operations

During the quarter, our Board of Directors approved a plan to
sell a non-strategic asset, a wholly owned waste-to-energy
power plant in Camden, NJ (previously reported as part of our
Global Power Group), which is now classified as a
discontinued operation
Accordingly, effective Q2 2013, we are reporting financial
results for continuing and discontinued operations, although
discontinued operations are immaterial to our expected 2013
results

No material gain/loss expected in future periods, based on Q2 2013

net book value of business held for sale of $43.4 million, reflecting
previously reported impairment charges of $11.5 million in Q4 2012
and $3.9 million in Q1 2013

No material impact on our 2013 earnings guidance

2012 revenue and EBITDA contribution from Camden was

immaterial to Foster Wheelers consolidated financial results:

$23 million scope revenue and $3.1 million of EBITDA

18

Appendix 2: 2012 Reconciliation of FW Scope Revenues to

Operating Revenues

Quarter Ended
March 31,
2012

(in thousands of dollars)

June 30,
2012

Year Ended

September 30,
2012

December 31,
2012

December 31,
2012

2012
Quarterly
Average *

$ 396,550

Global E&C Group:

FW Scope revenues

365,016 $

416,830 $

380,482 $

305,857

249,312

197,590

670,873 $

666,142 $

578,072 $

504,240

2,419,327

254,460 $

268,432 $

217,004 $

222,351

962,247

2,257

1,888

2,220

256,717 $

270,320 $

219,224 $

225,806

972,067

619,476 $

685,262 $

597,486 $

646,221

2,548,445

308,114

251,200

199,810

927,590 $

936,462 $

797,296 $

Flow-through revenues
Operating revenues

423,870
80,370

1,586,198
833,129

Global Power Group:

FW Scope revenues
Flow-through revenues
Operating revenues

3,455

$ 240,562

9,820

Consolidated:
FW Scope revenues
Flow-through revenues
Operating revenues

83,825
730,046

$ 637,111

842,949
$

3,391,394

______________
* To calculate the quarterly average dollar amounts, the company divided reported annual amounts by four.
NOTE: FW Scope revenues and operating revenues balances above represent balances from continuing operations.

19

Appendix 3: 2013 Reconciliation of FW Scope Revenues to

Operating Revenues

Six Months Ended

Quarter Ended
March 31,
2013

(in thousands of dollars)

June 30,
2013

June 30,
2013

YTD 2013
Quarterly
Average *

Global E&C Group:

FW Scope revenues

424,754 $

443,488

163,220

219,231

587,974 $

662,719

1,250,693

199,271 $

198,885

398,156

Flow-through revenues
Operating revenues

868,242

434,121

199,078

633,199

382,451

Global Power Group:

FW Scope revenues
Flow-through revenues
Operating revenues

2,899

1,803

4,702

202,170 $

200,688

402,858

624,025 $

642,373

1,266,398

166,119

221,034

790,144 $

863,407

Consolidated:
FW Scope revenues
Flow-through revenues
Operating revenues

387,153
$

1,653,551

______________
* To calculate the quarterly average dollar amounts, the company divided reported six-months amounts by two.
NOTE: FW Scope revenues and operating revenues balances above represent balances from continuing operations.

20

Appendix 4: Definitions
Net Income
All references to net income in this presentation refer to Net income attributable to Foster Wheeler AG as reported in our consolidated financial
statements.
Adjusted Net Income and Adjusted Earnings per Share
The company believes that adjusted net income and adjusted earnings per share are important measures of performance because such adjusted figures
exclude the variable impact of periodic asbestos-related gains and provisions. The company believes that the line item on its consolidated statement of
operations entitled "net income attributable to Foster Wheeler AG" and diluted earnings per share are the most directly comparable GAAP financial
measures to adjusted net income and adjusted earnings per share.
Calculation of EBITDA
EBITDA is a supplemental financial measure not defined in generally accepted accounting principles, or GAAP. The company defines EBITDA as
income attributable to Foster Wheeler AG before interest expense, income taxes and depreciation and amortization. The company has presented
EBITDA because it believes it is an important supplemental measure of operating performance. Certain covenants under the companys senior
unsecured credit agreement use EBITDA, as defined in such agreement, in the covenant calculations which is different than the EBITDA as presented
herein . The company believes that the line item on its consolidated statement of operations entitled "net income attributable to Foster Wheeler AG" is
the most directly comparable GAAP financial measure to EBITDA. Since EBITDA is not a measure of performance calculated in accordance with
GAAP, it should not be considered in isolation of, or as a substitute for, net income attributable to Foster Wheeler AG as an indicator of operating
performance or any other GAAP financial measure.
EBITDA, as calculated by the company, may not be comparable to similarly titled measures employed by other companies. In addition, this measure
does not necessarily represent funds available for discretionary use, and is not necessarily a measure of the company's ability to fund its cash needs.
As EBITDA excludes certain financial information that is included in net income attributable to Foster Wheeler AG, users of this financial information
should consider the type of events and transactions that are excluded.
The company's non-GAAP performance measure, EBITDA, has certain material limitations as follows:
o It does not include interest expense. Because the company has borrowed money to finance some of its operations, interest is a necessary and
ongoing part of its costs and has assisted the company in generating revenue. Therefore, any measure that excludes interest expense has material
limitations;
o It does not include taxes. Because the payment of taxes is a necessary and ongoing part of the company's operations, any measure that excludes
taxes has material limitations; and
o It does not include depreciation and amortization. Because the company must utilize property, plant and equipment and intangible assets in order
to generate revenues in its operations, depreciation and amortization are necessary and ongoing costs of its operations. Therefore, any measure that
excludes depreciation and amortization has material limitations.
Calculation of EBITDA Margin
Segment EBITDA margin is calculated by dividing business unit operating revenues in Foster Wheeler Scope into business unit EBITDA.

21

Appendix 5: 2012 EBITDA to Net Income Reconciliation

Quarter Ended
March 31,
2012

(in thousands of dollars)

Global E&C Group

Global Power Group

Total operating EBITDA

(1)

C&F Group *
EBITDA from continuing operations (1)
Less: Interest expense
Less: Depreciation & amortization

46,928

June 30,
2012
$

39,917

Year Ended

September 30, December 31,

2012
2012

December 31,
2012

51,964

53,399

192,208

51,941

42,198

64,396

46,223

204,758

98,869

82,115

116,360

99,622

396,966

(27,278)

(23,592)

(25,528)

(45,055)

(121,453)

71,591

58,523

90,832

54,567

275,513

3,416

4,249

3,197

2,935

13,797

11,801

11,562

12,178

14,693

50,234

Less: Provision for income taxes

14,884

12,291

16,790

18,302

62,267

Income from continuing operations

41,490

30,421

58,667

18,637

149,215

(Loss)/income from discontinued operations

(2)

Net income
(1)

(844)
$

40,646

438
$

30,859

(445)
$

58,222

(12,342)
$

6,295

(13,193)
$

136,022

The EBITDA includes the following:

Net increase/(decrease) in contract profit from regular
revaluation of final estimated contract profit revisions:
Global E&C Group
Global Power Group
Total increase in contract profit
Net asbestos-related provisions:
Global E&C Group
C&F Group
Total net asbestos-related provision

$
$
$
$

3,800
10,300
14,100

2,000
2,000

(2,800)
11,000
8,200
1,700
2,000
3,700

$
$
$
$

7,000
15,700
22,700
2,000
2,000

$
$
$

(1,600)
14,900
13,300

$
$

7,700
58,300
66,000

700
22,100
22,800

800
900
300
2,000

2,300
3,700
200
6,200

11,500

11,500

2,400
28,100
30,500

Charges for severance-related postemployment benefits:

Global E&C Group
Global Power Group
C&F Group
Total severance
(2)
Included an impairment charge related to Camden, New Jersey
waste-to-energy facility.

_______________
*C&F Group includes general corporate income and expense, the companys captive insurance operation and the elimination of transactions and balances related to intercompany interest.
NOTE: EBITDA balances above represent balances from continuing operations.

22

Appendix 6: 2013 EBITDA to Net Income Reconciliation

Quarter Ended
March 31,
2013

(in thousands of dollars)

Global E&C Group

Global Power Group

Total operating EBITDA

(1)

C&F Group *
EBITDA from continuing operations (1)
Less: Interest expense
Less: Depreciation & amortization
Less: Provision for income taxes
Income from continuing operations
(Loss)/income from discontinued operations

(2)

Net income
(1)

35,188

Six Months Ended

June 30,
2013
$

June 30,
2013

62,133

97,321

24,687

45,584

70,271

59,875

107,717

167,592

(19,797)

(8,712)

(28,509)

40,078

99,005

139,083

2,672

3,916

6,588

15,342

13,454

28,796

5,160

13,319

18,479

16,904

68,316

85,220

(3,878)

2,383

(1,495)

13,026

70,699

83,725

The EBITDA includes the following:

Net increase in contract profit from regular revaluation of final
estimated contract profit revisions:
Global E&C Group
Global Power Group
Total increase in contract profit
Net asbestos-related provision/(gain) in C&F Group

10,500
8,500
19,000

5,400
11,100
16,500

22,000
19,500
41,500

2,000

(13,800)

(11,800)

1,700
700
2,400

1,200
400
400
2,000

2,900
1,100
400
4,400

3,900

3,900

Charges for severance-related postemployment benefits:

Global E&C Group
Global Power Group
C&F Group
Total severance
(2)

Included an impairment charge related to Camden, New Jersey

waste-to-energy facility.

_______________
*C&F Group includes general corporate income and expense, the companys captive insurance operation and the elimination of transactions and balances related to intercompany interest.
Note: EBITDA balances above represent balances from continuing operations.

23

Appendix 7: Net Income and Diluted EPS Reconciliation

(in thousands of dollars, except EPS amounts)

2012

Q1

Q2

Q3

Q4

FY 2012

Quarterly
Averages

Amounts attributable to Foster Wheeler AG:

Income from continuing operations

41,490 $

30,421 $

58,667 $

18,637

(844)

438

(445)

(12,342)

40,646 $

30,859 $

58,222 $

6,295

136,022

0.38 $

0.29 $

0.55 $

0.18

1.39

Loss/income from discontinued operations

Net Income

149,215

37,304

0.35

42,610

0.42

(13,193)

Diluted earnings per share

attributable to Foster Wheeler AG:
Income from continuing operations
Loss/income from discontinued operations
Net Income

2013

0.38 $
Q1

0.29 $

(0.01)
0.54 $

(0.12)
0.06

(0.12)
$

Q2

1.27
YTD 2013

Amounts attributable to Foster Wheeler AG:

Income from continuing operations

Loss/income from discontinued operations

Net Income

16,904 $
(3,878)

68,316

2,383

85,220
(1,495)

13,026 $

70,699

83,725

0.16 $

0.68

0.83

Diluted earnings per share

attributable to Foster Wheeler AG:
Income from continuing operations
Loss/income from discontinued operations
Net Income

(0.04)
$

0.12 $

0.03
0.71

(0.01)
$

0.82

24

Appendix 8: 2012 EBITDA, Net Income

and Diluted EPS Reconciliation
(in thousands of dollars, except EPS
amounts)

As adjusted

Quarter Ended
March 31, 2012
Net
Diluted
Income
EBITDA
EPS
$

73,588 $

43,487 $

(1,997)

(1,997)

71,591 $

41,490 $

0.40 $

Quarter Ended
June 30, 2012
Net
Diluted
Income
EPS
EBITDA
62,236 $

33,697 $

(3,713)

(3,276)

58,523 $

30,421 $

0.32 $

Quarter Ended
September 30, 2012
Diluted
Net
EPS
EBITDA
Income
92,832 $

60,667 $

0.57

(2,000)

(2,000)

90,832 $

58,667 $

0.55

(445)

(0.01)

58,222 $

0.54

Adjustments:
Net asbestos-related provision
As reported from continuing operations

As reported from discontinued operations

$

As reported

(in thousands of dollars, except EPS

amounts)

As adjusted

(0.02)
0.38 $

(844)

40,646 $

0.38

Quarter Ended
December 31, 2012
Net
Diluted
EPS
EBITDA
Income
$

77,362 $

41,286 $

(0.03)
0.29 $

438

30,859 $

0.29

Year Ended
December 31, 2012
Net
Diluted
Income
EPS
EBITDA

0.39 $ 306,018 $ 179,137 $

1.66 $

(0.02)

Quarterly Average
for the Twelve Months Ended
December 31, 2012 *
Net
Diluted
Income
EBITDA
EPS
76,505 $

44,784 $

(7,627)

(7,480)

68,878 $

37,304 $

0.42

Adjustments:
(22,795)

Net asbestos-related provision

As reported from continuing operations

(22,649)

54,567 $

As reported from discontinued operations

As reported

18,637 $
(12,342)

6,295 $

(0.21)

(30,505)

(29,922)

0.18 $ 275,513 $ 149,215 $

(0.27)
1.39 $

(0.12)

(13,193)

(0.12)

0.06

$ 136,022 $

1.27

(3,298)
$

34,006 $

(0.07)
0.35
(0.03)
0.32

______________
* To calculate the quarterly average dollar amounts, the company divided reported annual figures by four.

25

Appendix 9: 2013 EBITDA, Net Income

and Diluted EPS Reconciliation
Quarter Ended
March 31, 2013
Net
Diluted
EBITDA
Income
EPS

(in thousands of dollars, except EPS amounts)

As adjusted

42,078 $

18,904 $

(2,000)

(2,000)

40,078 $

16,904 $

Quarter Ended
June 30, 2013
Net
Diluted
EBITDA
Income
EPS

0.14 $

85,255 $

54,566 $

0.54

13,750

13,750

0.14

99,005 $

68,316 $

0.68

Adjustments:
Net asbestos-related (provision)/gain
As reported from continuing operations

(3,878)

As reported from discontinued operations

As reported

(in thousands of dollars, except EPS amounts)

As adjusted

13,026 $

(0.02)
0.16 $

0.12

Six Months Ended

June 30, 2013
Net
Diluted
Income
EPS
EBITDA
$ 127,333 $

2,383

(0.04)

73,470 $

0.72 $

11,750

0.11

85,220 $

0.83 $

70,699 $

0.03
0.71

Quarterly Average
for the Six Months Ended
June 30, 2013 *
Net
Diluted
Income
EBITDA
EPS
63,667 $

36,735 $

0.36

Adjustments:
Net asbestos-related gain
As reported from continuing operations

11,750
$ 139,083 $

As reported from discontinued operations

As reported

(1,495)
$

83,725 $

5,875

5,875

69,542 $

(0.01)
0.82

0.06

42,610 $

0.42

(748)

(0.01)

41,863 $

0.41

_______________
* To calculate the quarterly average dollar amounts, the company divided reported six-months figures by two.

26

Appendix 10: Quarterly Averages Global E&C Group

New Orders
in FW Scope

(in thousands of dollars)

Operating
Revenues
in FW Scope

EBITDA

EBITDA
Margin

46,928

12.9%

9.6%

39,917

9.6%

51,964

13.7%

51,964

13.7%

423,870

53,399

12.6%

53,399

12.6%

1,586,198

192,208

12.1%

192,208

12.1%

365,016 $

46,928

12.9%

Q2 2012

391,500

416,830

39,917

Q3 2012

768,600

380,482

Q4 2012

866,500

FY 2012

2,397,600
(1)

EBITDA Excluding Adjusted

Foreign Exchange EBITDA
Transaction Losses Margin
- $

371,000 $

Q1 2012

Impact of Foreign
Exchange
Transaction
Losses/(Gains) (3)
$

599,400 $

396,550 $

48,052

12.1%

- $

48,052

12.1%

335,500 $

424,754 $

35,188

8.3%

10,505 $

45,693

10.8%

Q2 2013

537,000

443,488

62,133

14.0%

(2,335)

59,798

13.5%

YTD June 2013

872,500

868,242

97,321

11.2%

8,170

105,491

12.1%

436,250 $

434,121 $

48,661

11.2%

52,746

12.1%

2012 Quarterly Average

Q1 2013

2013 Quarterlly Average

(2)

4,085 $

_______________
(1) To calculate the 2012 quarterly average dollar amounts, the company divided reported annual amounts by four.
(2) To calculate the 2013 quarterly average dollar amounts, the company divided reported six-months amounts by two.
(3) Mark-to-market losses on currency transactions.

27

Appendix 11: Quarterly Averages Global Power Group

New Orders
in FW Scope (4)

(in thousands of dollars)

Operating
Revenues
in FW Scope

(3)

EBITDA (3)

EBITDA
Margin

159,400 $

254,460 $

51,941

20.4%

Q2 2012

114,300

268,432

42,198

15.7%

Q3 2012

183,800

217,004

64,396

29.7%

Q4 2012

121,500

222,351

46,223

20.8%

FY 2012

579,000

962,247

204,758

21.3%

144,750 $

240,562 $

51,190

21.3%

Q1 2013

196,100 $

199,271 $

24,687

12.4%

Q2 2013

88,600 $

198,885 $

45,584

22.9%

284,700

398,156

70,271

17.6%

142,350 $

199,078 $

35,136

17.6%

Q1 2012

2012 Quarterly Average

(1)

YTD June 2013

2013 Quarterlly Average

(2)

_______________
(1) To calculate the 2012 quarterly average dollar amounts, the company divided reported annual amounts by four.
(2) To calculate the 2013 quarterly average dollar amounts, the company divided reported six-months amounts by two.
(3) Operating revenues and EBITDA balances above represent balances from continuing operations.
(4) New order booked balances above include balances for discontinued operations, which were insignificant on our
consolidated and business group balances.

28

Appendix 12: Global E&C Group Scope Backlog

Profile: Q2 2013

Contract Type

Industry

Project Location

11%

2%

5%
13%

26%

30%
12%
20%
74%

62%

22%
23%

Reimbursable

Fixed-price

Middle East

S. America

Asia Pacific

Europe

N. America

Africa/Other

Oil Refining

Chem/Petrochem

Oil and gas

Other

FW Scope excludes flow-through costs.

29

Appendix 13: Global Power Group Scope Backlog

Profile: Q2 2013

Contract Type

Project Location

4% 3%
14%

Industry

9%

5%

19%

62%

93%

91%

Fixed-price Design & Supply

Asia Pacific

Europe

LSTK

N. America

Other

Reimbursable

Power Generation
Operation & Maintenance

FW Scope excludes flow-through costs.

Backlog balances above include balances for discontinued operations,
which were insignificant on our consolidated and business group balances .

30

Appendix 15: 2012 EBITDA, Net Income* and

Diluted Earnings Per Share Reconciliation
Twelve Months Ended December 31, 2012

(in thousands of dollars , except EPS Amounts)

EBITDA

As adjusted from continuing operations

Discontinued Operations excluding below Q4 2012 impairment charge

$
(1)

Previously disclosed excluding asbestos provision and impairment charge

3,104
$

Q4 2012 Impariment charge related to discontinued operations (1)(2)

Previously disclosed as adjusted (excludes asbestos)

306,018

Net Income*

Diluted
Earnings
Per Share

309,122

(1,738)
$

309,122

(30,505)
278,617

179,137

177,399

(0.01)
$

(11,455)
$

165,944

(29,922)
136,022

1.66

1.65
(0.11)

1.54

(0.27)
1.27

Adjustments:
Net asbestos-related provision
As reported in Form 10-K
____________________
*Net income from continuing operations attributable to Foster Wheeler AG.

(1)

Reconciliation for Loss from discontinued operations and diluted earnings per share:
Loss from
Discontinued
Operations
Discontinued Operations excluding below Q4 2012 impairment charge
Q4 2012 Impariment charge related to discontinued operations
Loss from discontinued operations and diluted earnings per share

(2)

$
$

(1,738)
(11,455)
(13,193)

Diluted
Earnings
Per Share
$
$

(0.01)
(0.11)
(0.12)

The non-cash impairment charge of $11,455, or $0.11 per share, impacted net income and earnings per share -- but not EBITDA -- because
it w as booked as an increase in depreciation and amortization.

32