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The directors present their report on the consolidated entity consisting of WorleyParsons Limited (Company) and the entities it controlled (Group or consolidated entity) at the end of, or during, the year ended 30 June 2015.

A detailed review of the Group’s operations for the financial year and the results of those operations is contained in the Operating and Financial Review, which is incorporated into, and forms part of, this Directors’ Report. A summary of the consolidated revenue and results in respect of the current financial year and previous financial year are as follows:

Aggregated revenue was $7,227.5 million, a decrease of 1.8% on the prior financial year. Underlying EBIT of $355.7 million, was down 21.3% from the prior financial year result of $452.2 million.

The underlying EBIT margin on aggregated revenue for the Group, decreased to 4.9% compared with 6.1% in 2014. After tax, the members of WorleyParsons Limited earned an underlying net margin, on aggregated revenue of 2.7%, compared to the 2014 net margin of 3.6%.

The underlying effective tax rate 28.6% compared with 28.0% in 2014.

The Group retains a strong cash position $381.9 million (2014: $365.8 million) with gearing (net debt/net debt plus total equity) at financial year end of 28.0% (2014: 18.7%). Earnings before interest, tax, depreciation and amortization (EBITDA) interest cover for 2015 was 6.4 times (2014: 8.3 times). EBITDA interest cover, excluding net gain on revaluation of investments previously accounted for as equity accounted associates, for 2015 was 6.4 times (2014: 8.1 times).

Operating cash inflow for the period was $251.3 million, compared to $550.1 million in 2014. Cash outflow from investing activities was $188.9 million (2014: $104.3 million).