0001144204-13-043775.txt : 20130808 0001144204-13-043775.hdr.sgml : 20130808 20130808065530 ACCESSION NUMBER: 0001144204-13-043775 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20130808 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130808 DATE AS OF CHANGE: 20130808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FOSTER WHEELER AG CENTRAL INDEX KEY: 0001130385 STANDARD INDUSTRIAL CLASSIFICATION: HEAVY CONSTRUCTION OTHER THAN BUILDING CONST - CONTRACTORS [1600] IRS NUMBER: 223802649 STATE OF INCORPORATION: V8 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31305 FILM NUMBER: 131019861 BUSINESS ADDRESS: STREET 1: 80 RUE DE LAUSANNE CITY: GENEVA STATE: V8 ZIP: CH 1202 BUSINESS PHONE: 9087304000 MAIL ADDRESS: STREET 1: PERRYVILLE CORPORATE PARK STREET 2: SERVICE ROAD EAST 173 CITY: CLINTON STATE: NJ ZIP: 08809 FORMER COMPANY: FORMER CONFORMED NAME: FOSTER WHEELER LTD DATE OF NAME CHANGE: 20001221 8-K 1 v351599_8k.htm FORM 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) August 8, 2013

FOSTER WHEELER AG

(Exact Name of Registrant as Specified in Its Charter)

Switzerland

(State or Other Jurisdiction of Incorporation)

001-31305	98-0607469
(Commission File Number)	(IRS Employer Identification No.)

Shinfield Park, Reading Berkshire, RG2 9FW, United Kingdom	RG2 9FW
(Address of Principal Executive Offices)	(Zip Code)

44-118-913-1234

(Registrant's Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))

Item 2.02 Results of Operations and Financial Condition.

On August 8, 2013, Foster Wheeler AG (the “Company”) issued a press release containing information about the Company's results of operations for the period ended June 30, 2013 and posted a fact book about such results on the Company’s website at www.fwc.com/corpgov/factbook.cfm. Copies of the press release and the fact book are attached hereto as Exhibits 99.1 and 99.2, respectively, both of which are incorporated into this Item 2.02 by reference.

Item 9.01 Financial Statements and Exhibits.

(d)	Exhibit(s)

	99.1	Press release, dated August 8, 2013.
	99.2	Fact book: Second quarter 2013.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	FOSTER WHEELER AG

DATE: August 8, 2013	By:	/s/ Lisa Wood
		Name:	Lisa Wood
		Title:	Vice President and Controller

EXHIBIT INDEX

Exhibit Number		Description


99.1		Press Release, dated August 8, 2013.
99.2		Fact book: Second quarter 2013.

EX-99.1 2 v351599_ex99-1.htm EXHIBIT 99.1

FOSTER WHEELER REPORTS RESULTS FOR SECOND QUARTER OF 2013

ZUG, SWITZERLAND, August 8, 2013 — Foster Wheeler AG (Nasdaq: FWLT) today reported income from continuing operations for the second quarter of 2013 of $68.3 million, or $0.68 per diluted share, compared with $30.4 million, or $0.29 per diluted share, in the second quarter of 2012.

Income from continuing operations in both quarterly periods was impacted by net asbestos-related gains and provisions, as detailed in an attached table. Excluding such items from both quarterly periods, adjusted income from continuing operations in the second quarter of 2013 was $54.6 million, or $0.54 per diluted share, compared with $33.7 million, or $0.32 per diluted share, in the year-ago quarter.

For the first six months of 2013, income from continuing operations was $85.2 million, or $0.83 per diluted share, compared with $71.9 million, or $0.66 per diluted share, for the first six months of 2012.

During the second quarter of 2013, Foster Wheeler’s Board of Directors approved a plan to sell the company’s wholly owned waste-to-energy facility in Camden, New Jersey. As a result of that decision, the results of operations of the facility are classified as discontinued operations.

The following tables present quarterly and average quarterly data for continuing operations, both as reported and as adjusted to exclude asbestos-related gains and provisions (as detailed in an attached table). The company believes that quarterly averages provide meaningful comparative relevance for certain key metrics in light of the significant quarter-to-quarter variability that is inherent in the company’s financial results.

(dollars in millions, from continuing operations)	Q2 2013		Qtrly Avg. 2013		Q2 2012		Qtrly Avg. 2012
Income	$	68	$	43	$	30	$	37
Adjusted income	$	55	$	37	$	34	$	45
Consolidated revenues (FW Scope)	$	642	$	633	$	685	$	637

Foster Wheeler’s Chief Executive Officer, Kent Masters, said, “Our adjusted income from continuing operations in the second quarter of 2013 was 22% above the average quarter of 2012, due largely to the strong performance of our Global Engineering and Construction (E&C) Group, which reported a 29% increase in EBITDA and a 12% increase in scope revenues. The E&C Group also reported a broad range of very favorable performance metrics, including robust bookings, an improved EBITDA margin and a near-record level of backlog in scope revenue.”

The company’s income from continuing operations in the second quarter of 2013 was also aided by a lower effective tax rate as compared with the average quarter of 2012, due primarily to favorable discrete tax items. In addition, the second quarter of 2013 included a $2.2 million after-tax benefit from the partial reversal of mark-to-market currency losses that had been reported in the first quarter of 2013.

Global Engineering and Construction (E&C) Group

(dollars in millions)	Q2 2013			Qtrly Avg. 2013			Q2 2012			Qtrly Avg. 2012
New orders booked (FW Scope)	$	537		$	436		$	392		$	599
Operating revenues (FW Scope)	$	443		$	434		$	417		$	397
Segment EBITDA	$	62		$	49		$	40		$	48
EBITDA Margin (FW Scope)		14.0	%		11.2	%		9.6	%		12.1	%

Scope new orders in the second quarter of 2013 were robust but below the average quarter of 2012, a year in which the Global E&C Group reported a record level of new orders.

Scope operating revenues in the second quarter of 2013 were 12% above the average quarter of 2012 due to an increased volume of work executed.

EBITDA in the second quarter of 2013 was 29% above the average quarter of 2012. In addition to the contribution from recently completed acquisitions, EBITDA reflected an improved utilization rate, increased profit enhancement opportunities and higher equity earnings from partially owned power assets in Italy. EBITDA in the second quarter of 2013 also included a $2.3 million pretax benefit from the partial reversal of mark-to-market currency losses that were recorded in the first quarter of 2013.

Global Power Group (GPG)

(dollars in millions, EBITDA and revenues from continuing operations)	Q2 2013			Qrtly Avg 2013			Q2 2012			Qtrly Avg. 2012
New orders booked (FW Scope)	$	89		$	142		$	114		$	145
Operating revenues (FW Scope)	$	199		$	199		$	268		$	241
Segment EBITDA	$	46		$	35		$	42		$	51
EBITDA Margin (FW Scope)		22.9	%		17.6	%		15.7	%		21.3	%

Scope new orders in the second quarter of 2013 were below the average quarter of 2012. Notable awards included a limited notice to proceed on a large boiler project – as well as orders for service work.

Scope operating revenues in the second quarter of 2013 were below the average quarter of 2012, reflecting the lagging impact of weak order levels in 2012 and the first half of 2013.

EBITDA in the second quarter of 2013 was below the average quarter of 2012 as a lower contribution from profit enhancements and reduced volumes were partly offset by $6 million of incremental equity income from a partially owned power plant in Chile.

Outlook/Guidance

Masters said, “We are raising our full-year earnings guidance. We now expect our full-year 2013 adjusted diluted earnings per share from continuing operations to be moderately above $1.54, due in part to the company’s strong performance in the second quarter of 2013.” The company’s previous guidance was that 2013 results were expected to be flat to moderately below $1.54.

In commenting on the company’s Global E&C Group, Masters said, “We continue to expect full-year scope revenues in 2013 to be up materially as compared with 2012, and we expect the full-year 2013 EBITDA margin on scope revenues in this business to be in the range of 10% to 12%. We now expect EBITDA to be more favorable than previously forecasted and that the EBITDA margin in 2013 could be near or above the high end of the full-year range.”

Masters said, “In our Global Power Group, we now expect that full-year 2013 EBITDA margin on scope revenues is likely to be in the range of 17% to 19% on a material decline in sequential-year scope revenues from continuing operations. The revised guidance — higher margins on reduced revenues — has resulted in a modest increase in the company’s expectations for Global Power Group EBITDA in 2013.”

Share Repurchase Program

Including the previously reported $66 million of stock repurchased during April 2013, the company repurchased a total of 5,092,700 shares for approximately $116 million during the second quarter of 2013. As of June 30, 2013, the company had approximately $270 million remaining under its authorized share repurchase program.

Conference Call Information

Foster Wheeler AG plans to hold a conference call today, Thursday, August 8, at 4:00 p.m. Central European Summer Time (10:00 a.m. Eastern Daylight Time in the U.S.) to discuss its financial results for the second quarter ended June 30, 2013. The call will be accessible to the public by telephone or webcast, and the company will post an accompanying slide presentation in the investor relations section of its website (www.fwc.com). To listen to the call by telephone, dial 973-935-8752 (conference I.D. No. 99977936) approximately ten minutes before the call. The conference call will also be available over the Internet at www.fwc.com or through StreetEvents at www.streetevents.com. A replay of the call will be available on the company's web site for four weeks following the call.

Income from Continuing Operations

All references to income from continuing operations in this news release refer to “Income from continuing operations attributable to Foster Wheeler AG” as reported in our consolidated financial statements.

Adjusted Income from Continuing Operations and Adjusted Earnings per Share from Continuing Operations

The company believes that adjusted income from continuing operations and adjusted earnings per share from continuing operations 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 attributable to Foster Wheeler AG” are the most directly comparable GAAP financial measures to adjusted income from continuing operations and adjusted earnings per share from continuing operations.

Calculation of EBITDA

EBITDA is a supplemental financial measure not defined in generally accepted accounting principles, or GAAP. The company defines EBITDA as net income attributable to Foster Wheeler AG before interest expense, income taxes, depreciation and amortization. The company has presented EBITDA because it believes it is an important supplemental measure of operating performance. Certain covenants under our senior unsecured credit agreement use EBITDA, as defined in such agreement, in the covenant calculations, which is different from 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:

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

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

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

Calculation of EBITDA Margin

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

Foster Wheeler Scope

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

Foster Wheeler AG is a global engineering and construction company and power equipment supplier delivering technically advanced, reliable facilities and equipment. The company employs approximately 13,000 talented professionals with specialized expertise dedicated to serving its clients through one of its two primary business groups. The company’s Global Engineering and Construction Group designs and constructs leading-edge processing facilities for the upstream oil and gas, LNG and gas-to-liquids, refining, chemicals and petrochemicals, power, minerals and metals, environmental, pharmaceuticals, biotechnology and healthcare industries. The company’s Global Power Group is a world leader in combustion and steam generation technology that designs, manufactures and erects steam generating and auxiliary equipment for power stations and industrial facilities and also provides a wide range of aftermarket services. The company is based in Zug, Switzerland, and its operational headquarters office is in Reading, United Kingdom. For more information about Foster Wheeler, please visit our Web site at www.fwc.com.

# # #

13-643

Safe Harbor Statement

Foster Wheeler AG news releases may contain forward-looking statements that are based on management’s assumptions, expectations and projections about the Company and the various industries within which the Company operates. These include statements regarding the Company’s expectations about revenues (including as expressed by its backlog), its liquidity, the outcome of litigation and legal proceedings and recoveries from customers for claims and the costs of current and future asbestos claims and the amount and timing of related insurance recoveries. Such forward-looking statements by their nature involve a degree of risk and uncertainty. The Company cautions that a variety of factors, including but not limited to the factors described in the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the quarter ended March 31, 2013, which was filed with the U.S. Securities and Exchange Commission, and the following, could cause the Company’s business conditions and results to differ materially from what is contained in forward-looking statements: benefits, effects or results of the Company’s redomestication to Switzerland, benefits, effects or results of the Company’s 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 its customers, changes in regulatory environments, changes in project design or schedules, contract cancellations, the 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 the Company’s 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 Company’s liability for damages and insurance coverage for asbestos exposure, protection and validity of the Company’s patents and other intellectual property rights, increasing global competition, compliance with its debt covenants, recoverability of claims against the Company’s customers and others by the Company and claims by third parties against the Company, and changes in estimates used in its critical accounting policies. Other factors and assumptions not identified above were also involved in the formation of these forward-looking statements and the failure of such other assumptions to be realized, as well as other factors, may also cause actual results to differ materially from those projected. Most of these factors are difficult to predict accurately and are generally beyond the Company’s control. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by the Company. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any additional disclosures the Company makes in proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K and current reports on Form 8-K filed or furnished with to the Securities and Exchange Commission.

Contacts:
Media	Patti Landsperger	908 713 2944	E-mail: patti_landsperger@fwc.com
*Investor Relations*	Scott Lamb	908-730-4155	E-mail: scott_lamb@fwc.com
*Other Inquiries*		908-730-4000	fw@fwc.com

Foster Wheeler AG and Subsidiaries

Consolidated Statement of Operations

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

(unaudited)

	Quarter Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012

Operating revenues	$	863,407		$	936,462		$	1,653,551		$	1,864,052
Cost of operating revenues		709,800			797,529			1,380,498			1,585,036
Contract profit		153,607			138,933			273,053			279,016

Selling, general and administrative expenses		89,801			85,289			180,133			168,430
Other income, net		(18,014	)		(10,515	)		(22,765	)		(18,653	)
Other deductions, net		10,490			12,174			15,802			16,237
Interest income		(1,482	)		(2,947	)		(2,944	)		(6,114	)
Interest expense		3,916			4,249			6,588			7,665
Net asbestos-related (gain)/provision		(13,750	)		3,713			(11,750	)		5,710
Income from continuing operations before income taxes		82,646			46,970			107,989			105,741
Provision for income taxes		13,319			12,291			18,479			27,175
Income from continuing operations		69,327			34,679			89,510			78,566
Discontinued operations:
Income/(loss) from discontinued operations before income taxes		2,383			438			(1,495	)		(406	)
Provision for income taxes from discontinued operations		-			-			-			-
Income/(loss) from discontinued operations		2,383			438			(1,495	)		(406	)
Net income		71,710			35,117			88,015			78,160
Less: Net income attributable to noncontrolling interests		1,011			4,258			4,290			6,655
Net income attributable to Foster Wheeler AG	$	70,699		$	30,859		$	83,725		$	71,505

Weighted–average number of shares outstanding:
Basic earnings per share		100,001,580			107,840,679			102,182,011			107,807,441
Diluted earnings per share		100,254,752			107,843,255			102,566,647			107,867,594

Amounts attributable to Foster Wheeler AG:
Income from continuing operations	$	68,316		$	30,421		$	85,220		$	71,911
Income/(loss) from discontinued operations		2,383			438			(1,495	)		(406	)
Net income	$	70,699		$	30,859		$	83,725		$	71,505

Basic earnings per share attributable to Foster Wheeler AG:
Income from continuing operations	$	0.68		$	0.29		$	0.83		$	0.66
Income/(loss) from discontinued operations		0.03			-			(0.01	)		-
Net income	$	0.71		$	0.29		$	0.82		$	0.66

Diluted earnings per share attributable to Foster Wheeler AG:
Income from continuing operations	$	0.68		$	0.29		$	0.83		$	0.66
Income/(loss) from discontinued operations		0.03			-			(0.01	)		-
Net income	$	0.71		$	0.29		$	0.82		$	0.66

Foster Wheeler AG and Subsidiaries

Consolidated Balance Sheet

(in thousands of dollars)

(unaudited)

	June 30,			December 31,
	2013			2012
ASSETS
Current Assets:
Cash and cash equivalents	$	414,738		$	582,322
Accounts and notes receivable, net:
Trade		645,229			609,213
Other		79,883			86,981
Contracts in process		200,297			228,979
Prepaid, deferred and refundable income taxes		55,438			57,404
Other current assets		44,341			47,138
Current assets held for sale		1,758			1,505
Total current assets		1,441,684			1,613,542
Land, buildings and equipment, net		280,182			285,402
Restricted cash		49,417			62,189
Notes and accounts receivable – long-term		13,912			14,119
Investments in and advances to unconsolidated affiliates		170,641			205,476
Goodwill		154,688			133,518
Other intangible assets, net		122,078			105,100
Asbestos-related insurance recovery receivable		127,362			132,438
Long-term assets held for sale		45,219			49,579
Other assets		112,445			90,509
Deferred tax assets		46,535			42,052
TOTAL ASSETS	$	2,564,163		$	2,733,924
LIABILITIES, TEMPORARY EQUITY AND EQUITY
Current Liabilities:
Current installments on long-term debt	$	13,262		$	13,672
Accounts payable		315,447			298,411
Accrued expenses		221,146			231,602
Billings in excess of costs and estimated earnings on uncompleted contracts		518,192			564,356
Income taxes payable		36,614			64,992
Current liabilities held for sale		1,783			3,154
Total current liabilities		1,106,444			1,176,187
Long-term debt		115,692			124,034
Deferred tax liabilities		44,618			40,889
Pension, postretirement and other employee benefits		171,387			177,345
Asbestos-related liability		242,874			259,350
Other long-term liabilities		189,510			190,132
Commitments and contingencies
TOTAL LIABILITIES		1,870,525			1,967,937
Temporary Equity:
Non-vested share-based compensation awards subject to redemption		10,663			8,594
TOTAL TEMPORARY EQUITY		10,663			8,594
Equity:
Registered shares		270,529			269,633
Paid-in capital		275,262			266,943
Retained earnings		919,718			835,993
Accumulated other comprehensive loss		(577,456	)		(567,603	)
Treasury shares		(241,107	)		(90,976	)
TOTAL FOSTER WHEELER AG SHAREHOLDERS’ EQUITY		646,946			713,990
Noncontrolling interests		36,029			43,403
TOTAL EQUITY		682,975			757,393
TOTAL LIABILITIES, TEMPORARY EQUITY AND EQUITY	$	2,564,163		$	2,733,924

Foster Wheeler AG and Subsidiaries

Business Segments

(in thousands of dollars)

(unaudited)

	Quarter Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Global Engineering & Construction Group
Backlog - in future revenues	$	2,655,200		$	2,195,200		$	2,655,200		$	2,195,200
New orders booked - in future revenues		661,000			496,900			1,128,700			1,169,500
Operating revenues		662,719			666,142			1,250,693			1,337,015
EBITDA		62,133			39,917			97,321			86,845

Foster Wheeler Scope ⁽¹⁾:
Backlog - in Foster Wheeler Scope		2,089,900			1,304,000			2,089,900			1,304,000
New orders booked - in Foster Wheeler Scope		537,000			391,500			872,500			762,500
Operating revenues - in Foster Wheeler Scope	$	443,488		$	416,830		$	868,242		$	781,846

Global Power Group
Backlog - in future revenues ⁽³⁾	$	626,000		$	946,800		$	626,000		$	946,800
New orders booked - in future revenues ⁽³⁾		90,300			116,200			289,200			277,900
Operating revenues ⁽⁴⁾		200,688			270,320			402,858			527,037
EBITDA		45,584			42,198			70,271			94,139

Foster Wheeler Scope ⁽¹⁾:
Backlog - in Foster Wheeler Scope ⁽³⁾		616,400			937,300			616,400			937,300
New orders booked - in Foster Wheeler Scope ⁽³⁾		88,600			114,300			284,700			273,700
Operating revenues - in Foster Wheeler Scope ⁽⁴⁾	$	198,885		$	268,432		$	398,156		$	522,892

Corporate & Finance Group ⁽²⁾
EBITDA	$	(8,712	)	$	(23,592	)	$	(28,509	)	$	(50,870	)

Consolidated
Backlog - in future revenues ⁽³⁾	$	3,281,200		$	3,142,000		$	3,281,200		$	3,142,000
New orders booked - in future revenues ⁽³⁾		751,300			613,100			1,417,900			1,447,400
Operating revenues ⁽⁴⁾		863,407			936,462			1,653,551			1,864,052
EBITDA from continuing operations		99,005			58,523			139,083			130,114

Foster Wheeler Scope ⁽¹⁾:
Backlog - in Foster Wheeler Scope ⁽³⁾		2,706,300			2,241,300			2,706,300			2,241,300
New orders booked - in Foster Wheeler Scope ⁽³⁾		625,600			505,800			1,157,200			1,036,200
Operating revenues - in Foster Wheeler Scope ⁽⁴⁾	$	642,373		$	685,262		$	1,266,398		$	1,304,738

⁽¹⁾

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

⁽²⁾

Includes intersegment eliminations.

⁽³⁾

The backlog and new orders booked balances above include balances for discontinued operations, which were insignificant based on our consolidated and business group balances.

⁽⁴⁾

The operating revenues balances above represent balances from continuing operations.

Foster Wheeler AG and Subsidiaries

Reconciliations of Foster Wheeler Scope and EBITDA

(in thousands of dollars)

(unaudited)

													Twelve Months
													Ended
	Quarter Ended June 30,						Six Months Ended June 30,						December 31,
	2013			2012			2013			2012			2012
Reconciliation of Foster Wheeler Scope Operating
Revenues to Operating Revenues ⁽¹⁾

Global Engineering & Construction Group
Foster Wheeler Scope operating revenues	$	443,488		$	416,830		$	868,242		$	781,846		$	1,586,198
Flow-through revenues		219,231			249,312			382,451			555,169			833,129
Operating revenues	$	662,719		$	666,142		$	1,250,693		$	1,337,015		$	2,419,327

Global Power Group
Foster Wheeler Scope operating revenues	$	198,885		$	268,432		$	398,156		$	522,892		$	962,247
Flow-through revenues		1,803			1,888			4,702			4,145			9,820
Operating revenues	$	200,688		$	270,320		$	402,858		$	527,037		$	972,067

Consolidated
Foster Wheeler Scope operating revenues	$	642,373		$	685,262		$	1,266,398		$	1,304,738		$	2,548,445
Flow-through revenues		221,034			251,200			387,153			559,314			842,949
Operating revenues	$	863,407		$	936,462		$	1,653,551		$	1,864,052		$	3,391,394

Reconciliation of EBITDA from continuing operations to Net Income ⁽²⁾
EBITDA from continuing operations:
Global Engineering & Construction Group	$	62,133		$	39,917		$	97,321		$	86,845		$	192,208
Global Power Group		45,584			42,198			70,271			94,139			204,758
Corporate & Finance Group		(8,712	)		(23,592	)		(28,509	)		(50,870	)		(121,453	)
EBITDA from continuing operations		99,005			58,523			139,083			130,114			275,513
Less: Interest expense		3,916			4,249			6,588			7,665			13,797
Less: Depreciation and amortization ⁽³⁾		13,454			11,562			28,796			23,363			50,234
Less: Provision for income taxes		13,319			12,291			18,479			27,175			62,267
Income from continuing operations ⁽²⁾		68,316			30,421			85,220			71,911			149,215
Income/(loss) from discontinued operations ⁽²⁾		2,383			438			(1,495	)		(406	)		(13,193	)
Net income ⁽²⁾	$	70,699		$	30,859		$	83,725		$	71,505		$	136,022

⁽¹⁾

The operating revenues represent balances from continuing operations.

⁽²⁾

Amounts attributable to Foster Wheeler AG.

⁽³⁾

The depreciation and amortization by business segment:

									Twelve Months
									Ended
	Quarter Ended June 30,				Six Months Ended June 30,				December 31,
	2013		2012		2013		2012		2012
Global Engineering & Construction Group	$	7,756	$	5,484	$	15,794	$	10,907	$	23,115
Global Power Group		5,200		5,425		10,415		11,161		22,637
Corporate & Finance Group		498		653		2,587		1,295		4,482
Total depreciation and amortization	$	13,454	$	11,562	$	28,796	$	23,363	$	50,234

Foster Wheeler AG and Subsidiaries

EBITDA, Net Income* and Diluted Earnings Per Share Reconciliation

(in thousands of dollars, except per share amounts)

(unaudited)

	Quarter Ended June 30,
	2013						2012
					Diluted Earnings								Diluted Earnings
	EBITDA		Net Income^*		Per Share		EBITDA			Net Income*			Per Share

As adjusted	$	85,255	$	54,566	$	0.54	$	62,236		$	33,697		$	0.32
Adjustments:
Net asbestos-related gain/(provision)		13,750		13,750		0.14		(3,713	)		(3,276	)		(0.03	)

As reported from continuing operations	$	99,005	$	68,316	$	0.68	$	58,523		$	30,421		$	0.29
As reported from discontinued operations				2,383		0.03					438			-
As reported			$	70,699	$	0.71				$	30,859		$	0.29

	Six Months Ended June 30,
	2013								2012
						Diluted Earnings									Diluted Earnings
	EBITDA		Net Income^*			Per Share			EBITDA			Net Income^*			Per Share

As adjusted	$	127,333	$	73,470		$	0.72		$	135,824		$	77,184		$	0.71
Adjustments:
Net asbestos-related gain/(provision)		11,750		11,750			0.11			(5,710	)		(5,273	)		(0.05	)

As reported from continuing operations	$	139,083	$	85,220		$	0.83		$	130,114		$	71,911		$	0.66
As reported from discontinued operations				(1,495	)		(0.01	)					(406	)		-
As reported			$	83,725		$	0.82					$	71,505		$	0.66

	Twelve Months Ended December 31, 2012
							Diluted Earnings
	EBITDA			Net Income^*			Per Share

As adjusted	$	306,018		$	179,137		$	1.66
Adjustments:
Net asbestos-related provision		(30,505	)		(29,922	)		(0.27	)

As reported from continuing operations	$	275,513		$	149,215		$	1.39
As reported from discontinued operations					(13,193	)		(0.12	)
As reported				$	136,022		$	1.27

* Net income attributable to Foster Wheeler AG.

Foster Wheeler AG and Subsidiaries

Average Calculations

(in thousands of dollars, except per share amounts)

(unaudited)

	2012 Full Year			2012 Quarterly Average⁽¹⁾			Six Months Ended June 30, 2013			2013 Quarterly Average⁽²⁾
Consolidated
Operating revenues - in Foster Wheeler Scope ⁽³⁾	$	2,548,445		$	637,111		$	1,266,398		$	633,199
Income from continuing operations ⁽⁴⁾	$	149,215		$	37,304		$	85,220		$	42,610
Adjusted income from continuing operations ⁽⁴⁾	$	179,137		$	44,784		$	73,470		$	36,735
Consolidated EBITDA from continuing operations	$	275,513		$	68,878		$	139,083		$	69,542
Consolidated EBITDA from continuing operations, as adjusted	$	306,018		$	76,505		$	127,333		$	63,667
Adjusted diluted earnings per share	$	1.66		$	0.42		$	0.72		$	0.36

Global Engineering & Construction Group
New orders booked - in Foster Wheeler Scope	$	2,397,600		$	599,400		$	872,500		$	436,250
Operating revenues - in Foster Wheeler Scope	$	1,586,198		$	396,550		$	868,242		$	434,121
EBITDA	$	192,208		$	48,052		$	97,321		$	48,661
EBITDA margin		12.1	%		12.1	%		11.2	%		11.2	%

Global Power Group
New orders booked - in Foster Wheeler Scope ⁽⁵⁾	$	579,000		$	144,750		$	284,700		$	142,350
Operating revenues - in Foster Wheeler Scope ⁽³⁾	$	962,247		$	240,562		$	398,156		$	199,078
EBITDA	$	204,758		$	51,190		$	70,271		$	35,136
EBITDA margin		21.3	%		21.3	%		17.6	%		17.6	%

⁽¹⁾

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

⁽²⁾

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

⁽³⁾

The operating revenues represent balances from continuing operations.

⁽⁴⁾

Amounts attributable to Foster Wheeler AG.

⁽⁵⁾

New orders booked balances above include balances for discontinued operations, which were insignificant based on our consolidated and business group balances.

EX-99.2 3 v351599_ex99-2.htm EXHIBIT 99.2

Exhibit 99.2

Fact Book

Second Quarter 2013

Foster Wheeler AG (NASDAQ: FWLT) is a leading engineering and construction company and power equipment supplier.

This summary document is designed to be read in conjunction with the company's Form 10-K and Form 10-Q filings. Please see those documents for additional details and important disclosures relating to the financial data in this Fact Book. See appendices and footnotes starting on page 14 of this Fact Book.

Contents

Consolidated Highlights	3

Business Group Data	4

Backlog:
Global E&C Group	5
Global Power Group	6
Consolidated	7

New Orders Booked:
Global E&C Group	8
Global Power Group	9
Consolidated	10

Consolidated Statement of Operations	11
Consolidated Balance Sheet	12
Consolidated Statement of Cash Flows	13

Appendices and Footnotes	14

FOSTER WHEELER AG

CONSOLIDATED HIGHLIGHTS

(in thousands of dollars, except share data and ratios)

	2013									2012															2011
	YTD 6/30			Q2 6/30			Q1 3/31			Full Year 2012			Q4 12/31			Q3 9/30			Q2 6/30			Q1 3/31			Full Year 2011

Backlog (Future Revenues)	$	3,281,200		$	3,281,200		$	3,460,000		$	3,648,000		$	3,648,000		$	3,403,600		$	3,142,000		$	3,590,400		$	3,626,100
New orders booked (Future Revenues)		1,417,900			751,300			666,600			3,449,500			978,200			1,023,900			613,100			834,300			4,285,800
Operating revenues from continuing operations		1,653,551			863,407			790,144			3,391,394			730,046			797,296			936,462			927,590			4,458,108
Income from continuing operations attributable to FWAG		85,220			68,316			16,904			149,215			18,637			58,667			30,421			41,490			161,054
Income from discontinued operations attributable to FWAG		(1,495	)		2,383			(3,878	)		(13,193	)		(12,342	)		(445	)		438			(844	)		1,329
Net income attributable to Foster Wheeler AG		83,725			70,699			13,026			136,022			6,295			58,222			30,859			40,646			162,383
Diluted earnings per share:
Income from continuing operations attributable to FWAG	$	0.83		$	0.68		$	0.16		$	1.39		$	0.18		$	0.55		$	0.29		$	0.38		$	1.34
Income from discontinued operations attributable to FWAG		(0.01	)		0.03			(0.04	)		(0.12	)		(0.12	)		(0.01	)		-			-			0.01
Net income attributable to Foster Wheeler AG	$	0.82		$	0.71		$	0.12		$	1.27		$	0.06		$	0.54		$	0.29		$	0.38		$	1.35

EBITDA from continuing operations:
Global E&C Group	$	97,321		$	62,133		$	35,188		$	192,208		$	53,399		$	51,964		$	39,917		$	46,928		$	210,541
Global Power Group		70,271			45,584			24,687			204,758			46,223			64,396			42,198			51,941			178,233
C&F Group		(28,509	)		(8,712	)		(19,797	)		(121,453	)		(45,055	)		(25,528	)		(23,592	)		(27,278	)		(111,779	)
EBITDA from continuing operations	$	139,083		$	99,005		$	40,078		$	275,513		$	54,567		$	90,832		$	58,523		$	71,591		$	276,995

Foster Wheeler Scope (FW Scope) ¹:
Backlog:	$	2,706,300		$	2,706,300		$	2,765,300		$	2,950,200		$	2,950,200		$	2,615,100		$	2,241,300		$	2,527,300		$	2,562,300
New orders booked		1,157,200			625,600			531,600			2,976,600			988,000			952,400			505,800			530,400			2,699,000
Operating revenues from continuing operations	$	1,266,398		$	642,373		$	624,025		$	2,548,445		$	646,221		$	597,486		$	685,262		$	619,476		$	2,600,547

Key Financial Statistics
Cash and cash equivalents	$	414,738		$	414,738		$	475,716		$	582,322		$	582,322		$	709,370		$	767,259		$	648,904		$	718,049
Total current assets		1,441,684			1,441,684			1,490,873			1,613,542			1,613,542			1,689,099			1,701,813			1,651,747			1,523,187
Total assets		2,564,163			2,564,163			2,600,033			2,733,924			2,733,924			2,784,452			2,741,126			2,734,573			2,613,880
Total current liabilities		1,106,444			1,106,444			1,103,917			1,176,187			1,176,187			1,186,326			1,185,442			1,168,798			1,090,984
Total debt (short and long-term debt)		128,954			128,954			134,714			137,706			137,706			141,956			140,188			151,344			149,111
Total liabilities		1,870,525			1,870,525			1,868,172			1,967,937			1,967,937			1,937,364			1,938,236			1,951,847			1,873,215
Total Foster Wheeler AG shareholders' equity	$	646,946		$	646,946		$	688,288		$	713,990		$	713,990		$	791,003		$	751,907		$	736,518		$	687,747

Current ratio ²		1.30 x			1.30 x			1.35 x			1.37 x			1.37 x			1.42 x			1.44 x			1.41 x			1.40 x
Net working capital ³	$	335,240		$	335,240		$	386,956		$	437,355		$	437,355		$	502,773		$	516,371		$	482,949		$	432,203
Debt-to-total assets ratio		5.0	%		5.0	%		5.2	%		5.0	%		5.0	%		5.1	%		5.1	%		5.5	%		5.7	%

Definition of Scope: Metrics expressed in Foster Wheeler Scope represent that portion of our operating revenues from continuing operations, new orders booked and backlog on which profit is earned.

Scope excludes revenues relating to third party costs incurred by us as agent or principal on a reimbursable basis ("flow-through" costs).

Definition of Current Ratio: Current assets divided by current liabilities.

Definition of Net Working Capital: Current assets minus current liabilities.

NOTE:

The new orders booked and backlog balances above include balances for discontinued operations, which were insignificant based on our consolidated balances.

FOSTER WHEELER AG

BUSINESS GROUP DATA

(in thousands of dollars)

	2013									2012															2011
	YTD 6/30			Q2 6/30			Q1 3/31			Full Year 2012			Q4 12/31			Q3 9/30			Q2 6/30			Q1 3/31			Full Year 2011
Global E&C Group
Operating revenues	$	1,250,693		$	662,719		$	587,974		$	2,419,327		$	504,240		$	578,072		$	666,142		$	670,873		$	3,443,079
Operating revenues (FW Scope)		868,242			443,488			424,754			1,586,198			423,870			380,482			416,830			365,016			1,594,992
EBITDA	$	97,321		$	62,133		$	35,188		$	192,208		$	53,399		$	51,964		$	39,917		$	46,928		$	210,541
EBITDA % of operating revenues		7.8	%		9.4	%		6.0	%		7.9	%		10.6	%		9.0	%		6.0	%		7.0	%		6.1	%
EBITDA % of operating revenues (FW Scope)		11.2	%		14.0	%		8.3	%		12.1	%		12.6	%		13.7	%		9.6	%		12.9	%		13.2	%
New orders booked (Future Revenues)	$	1,128,700		$	661,000		$	467,700		$	2,860,400		$	852,900		$	838,000		$	496,900		$	672,600		$	3,024,900
New orders booked (FW Scope)		872,500			537,000			335,500			2,397,600			866,500			768,600			391,500			371,000			1,447,200
Backlog (Future Revenues)		2,655,200			2,655,200			2,719,100			2,884,700			2,884,700			2,485,800			2,195,200			2,450,800			2,420,200
Backlog (FW Scope)	$	2,089,900		$	2,089,900		$	2,034,100		$	2,196,700		$	2,196,700		$	1,706,800		$	1,304,000		$	1,397,200		$	1,365,900

Global Power Group
Operating revenues	$	402,858		$	200,688		$	202,170		$	972,067		$	225,806		$	219,224		$	270,320		$	256,717		$	1,015,029
Operating revenues (FW Scope)		398,156			198,885			199,271			962,247			222,351			217,004			268,432			254,460			1,005,555
EBITDA	$	70,271		$	45,584		$	24,687		$	204,758		$	46,223		$	64,396		$	42,198		$	51,941		$	178,233
EBITDA % of operating revenues		17.4	%		22.7	%		12.2	%		21.1	%		20.5	%		29.4	%		15.6	%		20.2	%		17.6	%
EBITDA % of operating revenues (FW Scope)		17.6	%		22.9	%		12.4	%		21.3	%		20.8	%		29.7	%		15.7	%		20.4	%		17.7	%
New orders booked (Future Revenues)	$	289,200		$	90,300		$	198,900		$	589,100		$	125,300		$	185,900		$	116,200		$	161,700		$	1,260,900
New orders booked (FW Scope)		284,700			88,600			196,100			579,000			121,500			183,800			114,300			159,400			1,251,800
Backlog (Future Revenues)		626,000			626,000			740,900			763,300			763,300			917,800			946,800			1,139,600			1,205,900
Backlog (FW Scope)	$	616,400		$	616,400		$	731,200		$	753,500		$	753,500		$	908,300		$	937,300		$	1,130,100		$	1,196,400

CONSOLIDATED EBITDA
Global E&C Group	$	97,321		$	62,133		$	35,188		$	192,208		$	53,399		$	51,964		$	39,917		$	46,928		$	210,541
Global Power Group		70,271			45,584			24,687			204,758			46,223			64,396			42,198			51,941			178,233
C&F Group		(28,509	)		(8,712	)		(19,797	)		(121,453	)		(45,055	)		(25,528	)		(23,592	)		(27,278	)		(111,779	)
Total EBITDA from continuing operations	$	139,083		$	99,005		$	40,078		$	275,513		$	54,567		$	90,832		$	58,523		$	71,591		$	276,995

NOTE 1:

The operating revenues and EBITDA balances above represent balances from continuing operations.

NOTE 2:

The new orders booked and backlog balances above include balances for discontinued operations, which were insignificant based on our consolidated and business group balances.

FOSTER WHEELER AG

GLOBAL E&C GROUP - BACKLOG

(in millions of dollars)

	Q2 2013				Q1 2013		Q4 2012				Q3 2012		Q2 2012		Q1 2012		Q4 2011
Contract Type (FW Scope)
Lump-sum turnkey	$	2.0	0.1	%	$	2.7	$	3.2	0.1	%	$	-	$	-	$	-	$	-	-	%
Other fixed-price		546.2	26.1	%		616.4		662.5	30.2	%		688.9		468.2		523.1		515.4	37.7	%
Reimbursable		1,541.7	73.8	%		1,415.0		1,531.0	69.7	%		1,017.9		835.8		874.1		850.5	62.3	%
Total	$	2,089.9	100.0	%	$	2,034.1	$	2,196.7	100.0	%	$	1,706.8	$	1,304.0	$	1,397.2	$	1,365.9	100.0	%

Project Location (FW Scope)
Africa	$	50.7	2.4	%	$	51.1	$	58.2	2.6	%	$	65.4	$	59.9	$	100.6	$	104.4	7.6	%
Asia Pacific		470.7	22.5	%		472.8		554.7	25.3	%		450.6		298.7		295.8		319.7	23.4	%
Europe		243.8	11.7	%		250.6		226.5	10.3	%		283.1		329.4		369.4		342.4	25.1	%
Middle East		626.0	30.0	%		617.4		671.9	30.6	%		198.5		199.5		211.9		173.1	12.7	%
North America		224.7	10.8	%		139.9		129.5	5.9	%		67.2		100.7		81.3		98.2	7.2	%
South America		474.0	22.7	%		502.3		555.9	25.3	%		642.0		315.8		338.2		328.1	24.0	%
Total	$	2,089.9	100.0	%	$	2,034.1	$	2,196.7	100.0	%	$	1,706.8	$	1,304.0	$	1,397.2	$	1,365.9	100.0	%

Industry (FW Scope)
Power generation	$	2.2	0.1	%	$	1.2	$	31.4	1.4	%	$	46.8	$	52.0	$	61.9	$	47.3	3.5	%
Oil refining		1,301.4	62.3	%		1,313.1		1,421.7	64.7	%		1,002.0		845.5		943.6		949.9	69.5	%
Pharmaceutical		39.2	1.9	%		38.5		26.5	1.2	%		30.4		33.7		28.3		28.0	2.0	%
Oil and gas		263.4	12.6	%		218.3		251.4	11.4	%		183.6		162.4		130.0		134.4	9.8	%
Chemical/petrochemical		417.2	20.0	%		417.2		452.3	20.6	%		424.9		189.3		211.6		178.2	13.0	%
Power plant operation and maintenance		19.8	0.9	%		23.9		0.1	0.0	%		-		-		-		-	-	%
Environmental		3.6	0.2	%		4.1		3.1	0.1	%		3.5		4.1		4.8		3.6	0.3	%
Other, net of eliminations		43.1	2.1	%		17.8		10.2	0.5	%		15.6		17.0		17.0		24.5	1.8	%
Total	$	2,089.9	100.0	%	$	2,034.1	$	2,196.7	100.0	%	$	1,706.8	$	1,304.0	$	1,397.2	$	1,365.9	100.0	%

Backlog (Future Revenues)	$	2,655.2			$	2,719.1	$	2,884.7			$	2,485.8	$	2,195.2	$	2,450.8	$	2,420.2

Global E&C Group man-hours in backlog (in thousands):		17,600				16,200		17,000				13,200		10,300		10,900		11,600

FOSTER WHEELER AG

GLOBAL POWER GROUP - BACKLOG

(in millions of dollars)

	Q2 2013				Q1 2013		Q4 2012				Q3 2012		Q2 2012		Q1 2012		Q4 2011
Contract Type (FW Scope)
Lump-sum turnkey	$	22.7	3.7	%	$	40.8	$	67.5	9.0	%	$	103.2	$	120.8	$	184.2	$	164.3	13.7	%
Other fixed-price		572.4	92.9	%		668.8		665.2	88.3	%		781.9		790.5		910.7		997.2	83.4	%
Reimbursable		21.3	3.5	%		21.6		20.8	2.8	%		23.2		26.0		35.2		34.9	2.9	%
Total	$	616.4	100.0	%	$	731.2	$	753.5	100.0	%	$	908.3	$	937.3	$	1,130.1	$	1,196.4	100.0	%

Project Location (FW Scope)
Africa	$	0.1	0.0	%	$	-	$	-	-	%	$	-	$	-	$	1.3	$	2.4	0.2	%
Asia Pacific		384.3	62.3	%		464.6		435.4	57.8	%		501.0		532.7		643.5		711.1	59.4	%
Europe		115.4	18.7	%		134.2		150.7	20.0	%		185.7		183.4		251.8		234.5	19.6	%
Middle East		0.8	0.1	%		1.9		4.6	0.6	%		9.3		7.3		11.9		15.0	1.3	%
North America		86.9	14.1	%		105.1		133.0	17.7	%		184.9		186.4		194.6		207.9	17.4	%
South America		28.9	4.7	%		25.4		29.8	4.0	%		27.4		27.5		27.0		25.5	2.1	%
Total	$	616.4	100.0	%	$	731.2	$	753.5	100.0	%	$	908.3	$	937.3	$	1,130.1	$	1,196.4	100.0	%

Industry (FW Scope)
Power generation	$	562.2	91.2	%	$	677.0	$	699.3	92.8	%	$	801.9	$	830.9	$	1,023.7	$	1,090.0	91.1	%
Power plant operation and maintenance		54.2	8.8	%		54.2		54.2	7.2	%		106.4		106.4		106.4		106.4	8.9	%
Total	$	616.4	100.0	%	$	731.2	$	753.5	100.0	%	$	908.3	$	937.3	$	1,130.1	$	1,196.4	100.0	%

Backlog (Future Revenues)	$	626.0			$	740.9	$	763.3			$	917.8	$	946.8	$	1,139.6	$	1,205.9

NOTE:

The backlog balances above include balances for discontinued operations, which were insignificant based on our Global Power Group balances.

FOSTER WHEELER AG

CONSOLIDATED BACKLOG

(in millions of dollars)

	Q2 2013				Q1 2013		Q4 2012				Q3 2012		Q2 2012		Q1 2012		Q4 2011
Business Segment (FW Scope)
Global E&C Group	$	2,089.9	77.2	%	$	2,034.1	$	2,196.7	74.5	%	$	1,706.8	$	1,304.0	$	1,397.2	$	1,365.9	53.3	%
Global Power Group		616.4	22.8	%		731.2		753.5	25.5	%		908.3		937.3		1,130.1		1,196.4	46.7	%
Total	$	2,706.3	100.0	%	$	2,765.3	$	2,950.2	100.0	%	$	2,615.1	$	2,241.3	$	2,527.3	$	2,562.3	100.0	%

Contract Type (FW Scope)
Lump-sum turnkey	$	24.7	0.9	%	$	43.5	$	70.7	2.4	%	$	103.2	$	120.8	$	184.2	$	164.3	6.4	%
Other fixed-price		1,118.6	41.3	%		1,285.2		1,327.7	45.0	%		1,470.8		1,258.7		1,433.8		1,512.6	59.0	%
Reimbursable		1,563.0	57.8	%		1,436.6		1,551.8	52.6	%		1,041.1		861.8		909.3		885.4	34.6	%
Total	$	2,706.3	100.0	%	$	2,765.3	$	2,950.2	100.0	%	$	2,615.1	$	2,241.3	$	2,527.3	$	2,562.3	100.0	%

Project Location (FW Scope)
Africa	$	50.8	1.9	%	$	51.1	$	58.2	2.0	%	$	65.4	$	59.9	$	101.9	$	106.8	4.2	%
Asia Pacific		855.0	31.6	%		937.4		990.1	33.6	%		951.6		831.4		939.3		1,030.8	40.2	%
Europe		359.2	13.3	%		384.8		377.2	12.8	%		468.8		512.8		621.2		576.9	22.5	%
Middle East		626.8	23.2	%		619.3		676.5	22.9	%		207.8		206.8		223.8		188.1	7.3	%
North America		311.6	11.5	%		245.0		262.5	8.9	%		252.1		287.1		275.9		306.1	11.9	%
South America		502.9	18.6	%		527.7		585.7	19.9	%		669.4		343.3		365.2		353.6	13.8	%
Total	$	2,706.3	100.0	%	$	2,765.3	$	2,950.2	100.0	%	$	2,615.1	$	2,241.3	$	2,527.3	$	2,562.3	100.0	%

Industry (FW Scope)
Power generation	$	564.4	20.9	%	$	678.2	$	730.7	24.8	%	$	848.7	$	882.9	$	1,085.6	$	1,137.3	44.4	%
Oil refining		1,301.4	48.1	%		1,313.1		1,421.7	48.2	%		1,002.0		845.5		943.6		949.9	37.1	%
Pharmaceutical		39.2	1.4	%		38.5		26.5	0.9	%		30.4		33.7		28.3		28.0	1.1	%
Oil and gas		263.4	9.7	%		218.3		251.4	8.5	%		183.6		162.4		130.0		134.4	5.2	%
Chemical/petrochemical		417.2	15.4	%		417.2		452.3	15.3	%		424.9		189.3		211.6		178.2	7.0	%
Power plant operation and maintenance		74.0	2.7	%		78.1		54.3	1.8	%		106.4		106.4		106.4		106.4	4.2	%
Environmental		3.6	0.1	%		4.1		3.1	0.1	%		3.5		4.1		4.8		3.6	0.1	%
Other, net of eliminations		43.1	1.6	%		17.8		10.2	0.3	%		15.6		17.0		17.0		24.5	1.0	%
Total	$	2,706.3	100.0	%	$	2,765.3	$	2,950.2	100.0	%	$	2,615.1	$	2,241.3	$	2,527.3	$	2,562.3	100.0	%

Consolidated Backlog (Future Revenues)	$	3,281.2			$	3,460.0	$	3,648.0			$	3,403.6	$	3,142.0	$	3,590.4	$	3,626.1

NOTE 1:

The above consolidated balances reflect backlog data for both the Global E&C Group and Global Power Group. Please see each group's backlog pages for their respective breakout by Contract Type, Project Location and Industry.

NOTE 2:

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

FOSTER WHEELER AG

GLOBAL E&C GROUP - NEW ORDERS BOOKED

(in millions of dollars)

	YTD Q2 2013				Q2 2013		Q1 2013		Full Year 2012				Q4 2012			Q3 2012		Q2 2012		Q1 2012		Full Year 2011
Project Location (FW Scope)
Africa	$	38.3	4.4	%	$	22.3	$	16.0	$	48.4	2.0	%	$	7.2		$	24.2	$	4.3	$	12.7	$	119.2	8.2	%
Asia Pacific		171.2	19.6	%		120.8		50.4		622.8	26.0	%		203.5			226.5		99.4		93.4		366.8	25.3	%
Europe		243.8	27.9	%		121.0		122.8		380.4	15.9	%		56.4			79.4		108.9		135.7		432.7	29.9	%
Middle East		85.9	9.8	%		56.6		29.3		677.9	28.3	%		541.8			48.4		52.8		34.9		136.8	9.5	%
North America		230.4	26.4	%		156.6		73.8		129.9	5.4	%		29.3			12.2		65.2		23.2		124.3	8.6	%
South America		102.9	11.8	%		59.7		43.2		538.2	22.4	%		28.3			377.9		60.9		71.1		267.4	18.5	%
Total	$	872.5	100.0	%	$	537.0	$	335.5	$	2,397.6	100.0	%	$	866.5		$	768.6	$	391.5	$	371.0	$	1,447.2	100.0	%
Industry (FW Scope)
Power generation	$	2.7	0.3	%	$	1.2	$	1.5	$	47.2	2.0	%	$	(1.0	)	$	13.2	$	8.1	$	26.9	$	65.1	4.5	%
Oil refining		382.9	43.9	%		233.9		149.0		1,390.6	58.0	%		648.9			359.9		184.6		197.2		851.4	58.8	%
Pharmaceutical		36.2	4.1	%		21.2		15.0		56.7	2.4	%		10.6			10.7		20.5		14.9		43.7	3.0	%
Oil and gas		193.7	22.2	%		127.0		66.7		275.3	11.5	%		56.2			79.3		106.6		33.2		113.9	7.9	%
Chemical/petrochemical		181.9	20.8	%		108.4		73.5		563.1	23.5	%		135.6			290.2		55.9		81.4		292.9	20.2	%
Power plant operation and maintenance		21.8	2.5	%		10.5		11.3		20.4	0.9	%		5.5			4.0		5.2		5.7		17.8	1.2	%
Environmental		3.6	0.4	%		1.2		2.4		8.5	0.4	%		1.9			1.1		2.1		3.4		6.5	0.4	%
Other, net of eliminations		49.7	5.7	%		33.6		16.1		35.8	1.5	%		8.8			10.2		8.5		8.3		55.9	3.9	%
Total	$	872.5	100.0	%	$	537.0	$	335.5	$	2,397.6	100.0	%	$	866.5		$	768.6	$	391.5	$	371.0	$	1,447.2	100.0	%

New Orders Booked (Future Revenues)	$	1,128.7			$	661.0	$	467.7	$	2,860.4			$	852.9		$	838.0	$	496.9	$	672.6	$	3,024.9

NOTE:

Negative balances result when cancellations exceed new orders received in the quarter.

FOSTER WHEELER AG

GLOBAL POWER GROUP - NEW ORDERS BOOKED

(in millions of dollars)

	YTD Q2 2013				Q2 2013		Q1 2013		Full Year 2012				Q4 2012		Q3 2012		Q2 2012		Q1 2012		Full Year 2011
Project Location (FW Scope)
Africa	$	0.1	0.0	%	$	0.1	$	-	$	0.1	0.0	%	$	0.1	$	-	$	-	$	-	$	6.0	0.5	%
Asia Pacific		124.0	43.6	%		7.1		116.9		115.8	20.0	%		23.6		48.9		9.5		33.8		801.1	64.0	%
Europe		70.7	24.8	%		33.4		37.3		199.7	34.5	%		31.9		57.8		30.3		79.7		128.9	10.3	%
Middle East		0.5	0.2	%		0.3		0.2		3.5	0.6	%		0.1		3.1		0.2		0.1		14.2	1.1	%
North America		76.3	26.8	%		38.8		37.5		224.3	38.7	%		54.4		66.1		65.5		38.3		276.9	22.1	%
South America		13.1	4.6	%		8.9		4.2		35.6	6.1	%		11.4		7.9		8.8		7.5		24.7	2.0	%
Total	$	284.7	100.0	%	$	88.6	$	196.1	$	579.0	100.0	%	$	121.5	$	183.8	$	114.3	$	159.4	$	1,251.8	100.0	%

Industry (FW Scope)
Power generation	$	241.5	84.8	%	$	69.1	$	172.4	$	473.6	81.8	%	$	93.3	$	155.8	$	86.4	$	138.1	$	1,143.4	91.3	%
Power plant operation and maintenance		43.2	15.2	%		19.5		23.7		105.4	18.2	%		28.2		28.0		27.9		21.3		108.4	8.7	%
Total	$	284.7	100.0	%	$	88.6	$	196.1	$	579.0	100.0	%	$	121.5	$	183.8	$	114.3	$	159.4	$	1,251.8	100.0	%

New Orders Booked (Future Revenues)	$	289.2			$	90.3	$	198.9	$	589.1			$	125.3	$	185.9	$	116.2	$	161.7	$	1,260.9

NOTE: The new orders booked balances above include balances for discontinued operations, which were insignificant based on our Global Power Group balances.

FOSTER WHEELER AG

CONSOLIDATED NEW ORDERS BOOKED

(in millions of dollars)

	YTD Q2 2013				Q2 2013		Q1 2013		Full Year 2012				Q4 2012		Q3 2012		Q2 2012		Q1 2012		Full Year 2011
Business Segment (FW Scope)
Global E&C Group	$	872.5	75.4	%	$	537.0	$	335.5	$	2,397.6	80.5	%	$	866.5	$	768.6	$	391.5	$	371.0	$	1,447.2	53.6	%
Global Power Group		284.7	24.6	%		88.6		196.1		579.0	19.5	%		121.5		183.8		114.3		159.4		1,251.8	46.4	%
Total	$	1,157.2	100.0	%	$	625.6	$	531.6	$	2,976.6	100.0	%	$	988.0	$	952.4	$	505.8	$	530.4	$	2,699.0	100.0	%

Project Location (FW Scope)
Africa	$	38.4	3.3	%	$	22.4	$	16.0	$	48.5	1.6	%	$	7.3	$	24.2	$	4.3	$	12.7	$	125.2	4.6	%
Asia Pacific		295.2	25.5	%		127.9		167.3		738.6	24.8	%		227.1		275.4		108.9		127.2		1,167.9	43.3	%
Europe		314.5	27.2	%		154.4		160.1		580.1	19.5	%		88.3		137.2		139.2		215.4		561.6	20.8	%
Middle East		86.4	7.5	%		56.9		29.5		681.4	22.9	%		541.9		51.5		53.0		35.0		151.0	5.6	%
North America		306.7	26.5	%		195.4		111.3		354.2	11.9	%		83.7		78.3		130.7		61.5		401.2	14.9	%
South America		116.0	10.0	%		68.6		47.4		573.8	19.3	%		39.7		385.8		69.7		78.6		292.1	10.8	%
Total	$	1,157.2	100.0	%	$	625.6	$	531.6	$	2,976.6	100.0	%	$	988.0	$	952.4	$	505.8	$	530.4	$	2,699.0	100.0	%

Industry (FW Scope)
Power generation	$	244.2	21.1	%	$	70.3	$	173.9	$	520.8	17.5	%	$	92.3	$	169.0	$	94.5	$	165.0	$	1,208.5	44.8	%
Oil refining		382.9	33.1	%		233.9		149.0		1,390.6	46.7	%		648.9		359.9		184.6		197.2		851.4	31.5	%
Pharmaceutical		36.2	3.1	%		21.2		15.0		56.7	1.9	%		10.6		10.7		20.5		14.9		43.7	1.6	%
Oil and gas		193.7	16.7	%		127.0		66.7		275.3	9.2	%		56.2		79.3		106.6		33.2		113.9	4.2	%
Chemical/petrochemical		181.9	15.7	%		108.4		73.5		563.1	18.9	%		135.6		290.2		55.9		81.4		292.9	10.9	%
Power plant operation and maintenance		65.0	5.6	%		30.0		35.0		125.8	4.2	%		33.7		32.0		33.1		27.0		126.2	4.7	%
Environmental		3.6	0.3	%		1.2		2.4		8.5	0.3	%		1.9		1.1		2.1		3.4		6.5	0.2	%
Other, net of eliminations		49.7	4.3	%		33.6		16.1		35.8	1.2	%		8.8		10.2		8.5		8.3		55.9	2.1	%
Total	$	1,157.2	100.0	%	$	625.6	$	531.6	$	2,976.6	100.0	%	$	988.0	$	952.4	$	505.8	$	530.4	$	2,699.0	100.0	%

Consolidated New Orders Booked (Future Revenues)	$	1,417.9			$	751.3	$	666.6	$	3,449.5			$	978.2	$	1,023.9	$	613.1	$	834.3	$	4,285.8

NOTE 1: The above consolidated balances reflect new orders booked data for both the Global E&C Group and Global Power Group. Please see each group's new orders booked pages for their respective breakout by Contract Type, Project Location and Industry.

NOTE 2: The new orders booked balances above include balances for discontinued operations, which were insignificant based on our consolidated and business group balances.

FOSTER WHEELER AG

CONSOLIDATED STATEMENT OF OPERATIONS

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

	2013									2012															2011
	YTD 6/30			Q2 6/30			Q1 3/31			Full Year 2012			Q4 12/31			Q3 9/30			Q2 6/30			Q1 3/31			Full Year 2011
Operating revenues	$	1,653,551		$	863,407		$	790,144		$	3,391,394		$	730,046		$	797,296		$	936,462		$	927,590		$	4,458,108
Cost of operating revenues		1,380,498			709,800			670,698			2,801,351			573,239			643,076			797,529			787,507			3,918,440
Contract profit		273,053			153,607			119,446			590,043			156,807			154,220			138,933			140,083			539,668

Selling, general and administrative expenses		180,133			89,801			90,332			334,075			88,150			77,495			85,289			83,141			309,380
Other income, net		(22,765	)		(18,014	)		(4,751	)		(37,490	)		(4,495	)		(14,342	)		(10,515	)		(8,138	)		(51,457	)
Other deductions, net		15,802			10,490			5,312			34,601			9,539			8,825			12,174			4,063			43,968
Interest income		(2,944	)		(1,482	)		(1,462	)		(10,801	)		(2,218	)		(2,469	)		(2,947	)		(3,167	)		(18,913	)
Interest expense		6,588			3,916			2,672			13,797			2,935			3,197			4,249			3,416			12,876
Net asbestos-related (gain)/provision		(11,750	)		(13,750	)		2,000			30,505			22,795			2,000			3,713			1,997			9,901
Income from continuing operations before income taxes		107,989			82,646			25,343			225,356			40,101			79,514			46,970			58,771			233,913
Provision for income taxes		18,479			13,319			5,160			62,267			18,302			16,790			12,291			14,884			58,514
Income from continuing operations		89,510			69,327			20,183			163,089			21,799			62,724			34,679			43,887			175,399
Income from discontinued operations		(1,495	)		2,383			(3,878	)		(13,193	)		(12,342	)		(445	)		438			(844	)		1,329
Net income		88,015			71,710			16,305			149,896			9,457			62,279			35,117			43,043			176,728
Less: Net income attributable to noncontrolling interests		4,290			1,011			3,279			13,874			3,162			4,057			4,258			2,397			14,345
Net income attributable to Foster Wheeler AG	$	83,725		$	70,699		$	13,026		$	136,022		$	6,295		$	58,222		$	30,859		$	40,646		$	162,383
Basic EPS
Income from continuing operations attributable to FWAG	$	0.83		$	0.68		$	0.16		$	1.39		$	0.18		$	0.55		$	0.29		$	0.38		$	1.34
Income from discontinued operations attributable to FWAG		(0.01	)		0.03			(0.04	)		(0.12	)		(0.12	)		(0.01	)		-			-			0.01
Net income attributable to Foster Wheeler AG	$	0.82		$	0.71		$	0.12		$	1.27		$	0.06		$	0.54		$	0.29		$	0.38		$	1.35
Diluted EPS
Income from continuing operations attributable to FWAG	$	0.83		$	0.68		$	0.16		$	1.39		$	0.18		$	0.55		$	0.29		$	0.38		$	1.34
Income from discontinued operations attributable to FWAG		(0.01	)		0.03			(0.04	)		(0.12	)		(0.12	)		(0.01	)		-			-			0.01
Net income attributable to Foster Wheeler AG	$	0.82		$	0.71		$	0.12		$	1.27		$	0.06		$	0.54		$	0.29		$	0.38		$	1.35
EBITDA from continuing operations	$	139,083		$	99,005		$	40,078		$	275,513		$	54,567		$	90,832		$	58,523		$	71,591		$	276,995

Foster Wheeler AG comprehensive income
Net income attributable to Foster Wheeler AG	$	83,725		$	70,699		$	13,026		$	136,022		$	6,295		$	58,222		$	30,859		$	40,646		$	162,383
Other comprehensive income, net of tax:
Foreign currency translation *		(18,560	)		(4,936	)		(13,624	)		7,579			1,898			14,770			(22,035	)		12,946			(21,694	)
Cash flow hedges		2,427			2,190			237			(1,377	)		693			(1,310	)		(49	)		(711	)		(1,702	)
Pension and other postretirement benefits *		6,280			3,223			3,057			(43,737	)		(52,190	)		2,859			2,886			2,708			(42,168	)
Comprehensive income	$	73,872		$	71,176		$	2,696		$	98,487		$	(43,304	)	$	74,541		$	11,661		$	55,589		$	96,819

EPS Computations:
Income from continuing operations attributable to FWAG	$	85,220		$	68,316		$	16,904		$	149,215		$	18,637		$	58,667		$	30,421		$	41,490		$	161,054
Income from discontinued operations attributable to FWAG		(1,495	)		2,383			(3,878	)		(13,193	)		(12,342	)		(445	)		438			(844	)		1,329
Net income attributable to Foster Wheeler AG	$	83,725		$	70,699		$	13,026		$	136,022		$	6,295		$	58,222		$	30,859		$	40,646		$	162,383

Weighted-average number of shares outstanding for basic EPS		102,182,011			100,001,580			104,386,669			107,054,284			105,552,630			107,065,999			107,840,679			107,774,203			120,085,704

Weighted-average number of shares outstanding for diluted EPS		102,566,647			100,254,752			104,639,999			107,313,539			105,970,858			107,319,962			107,843,255			107,881,807			120,504,483

* Excludes amounts attributable to noncontrolling interest.

FOSTER WHEELER AG

CONSOLIDATED BALANCE SHEET

(in thousands of dollars)

	2013						2012												2011
	Q2 6/30			Q1 3/31			Q4 12/31			Q3 9/30			Q2 6/30			Q1 3/31			Q4 12/31
ASSETS
Current Assets:
Cash and cash equivalents	$	414,738		$	475,716		$	582,322		$	709,370		$	767,259		$	648,904		$	718,049
Short-term Investments		-			-			-			-			-			1,334			1,294
Accounts and notes receivable, net:
Trade		645,229			583,025			609,213			529,321			528,091			572,151			426,470
Other		79,883			83,744			86,981			94,150			87,443			100,627			97,449
Contracts in process		200,297			242,919			228,979			246,414			212,209			209,487			166,648
Prepaid, deferred and refundable income taxes		55,438			56,462			57,404			65,101			63,812			65,507			62,616
Other current assets		44,341			47,317			47,138			43,232			41,373			52,283			49,054
Current assets held for sale		1,758			1,690			1,505			1,511			1,626			1,454			1,607
Total current assets		1,441,684			1,490,873			1,613,542			1,689,099			1,701,813			1,651,747			1,523,187
Land, buildings and equipment, net		280,182			277,039			285,402			278,871			271,188			281,528			277,421
Restricted cash		49,417			43,801			62,189			77,946			34,767			37,019			43,726
Notes and accounts receivable - long-term		13,912			13,828			14,119			5,488			6,453			6,478			6,210
Investments in and advances to unconsolidated affiliates		170,641			205,313			205,476			202,717			193,474			212,657			211,109
Goodwill		154,688			141,275			133,518			112,767			110,904			114,286			112,120
Other intangible assets, net		122,078			113,676			105,100			65,206			67,432			72,105			74,386
Asbestos-related insurance recovery receivable		127,362			130,434			132,438			126,421			141,952			148,246			157,127
Long-term assets held for sale		45,219			45,329			49,579			62,245			62,948			63,890			64,934
Other assets		112,445			96,827			90,509			134,943			123,791			122,871			118,178
Deferred tax assets		46,535			41,638			42,052			28,749			26,404			23,746			25,482
TOTAL ASSETS	$	2,564,163		$	2,600,033		$	2,733,924		$	2,784,452		$	2,741,126		$	2,734,573		$	2,613,880

LIABILITIES, TEMPORARY EQUITY AND EQUITY
Current Liabilities:
Current installments on long-term debt	$	13,262		$	13,386		$	13,672		$	12,874		$	12,610		$	13,004		$	12,683
Accounts payable		315,447			283,402			298,411			319,778			342,639			299,159			249,889
Accrued expenses		221,146			207,516			231,602			231,587			222,021			220,449			235,491
Billings in excess of costs and estimated earnings on uncompleted contracts		518,192			537,105			564,356			572,866			570,974			598,303			550,378
Income taxes payable		36,614			60,090			64,992			45,848			34,821			33,858			39,645
Current liabilities held for sale		1,783			2,418			3,154			3,373			2,377			4,025			2,898
Total current liabilities		1,106,444			1,103,917			1,176,187			1,186,326			1,185,442			1,168,798			1,090,984
Long-term debt		115,692			121,328			124,034			129,082			127,578			138,340			136,428
Deferred tax liabilities		44,618			40,265			40,889			45,347			44,502			47,070			44,622
Pension, postretirement and other employee benefits		171,387			173,763			177,345			163,736			165,253			169,557			171,065
Asbestos-related liability		242,874			250,578			259,350			245,317			253,713			262,254			269,520
Other long-term liabilities		189,510			178,321			190,132			167,556			161,748			165,828			160,596
Commitments and contingencies
TOTAL LIABILITIES		1,870,525			1,868,172			1,967,937			1,937,364			1,938,236			1,951,847			1,873,215
Temporary Equity:
Non-vested share-based compensation awards subject to redemption		10,663			8,192			8,594			9,645			8,369			6,295			4,993
TOTAL TEMPORARY EQUITY		10,663			8,192			8,594			9,645			8,369			6,295			4,993
Equity:
Registered shares		270,529			270,179			269,633			269,122			321,646			321,455			321,181
Paid-in capital		275,262			271,947			266,943			261,108			613,453			609,916			606,053
Retained earnings		919,718			849,019			835,993			829,698			771,476			740,617			699,971
Accumulated other comprehensive loss		(577,456	)		(577,933	)		(567,603	)		(518,004	)		(534,323	)		(515,125	)		(530,068	)
Treasury shares		(241,107	)		(124,924	)		(90,976	)		(50,921	)		(420,345	)		(420,345	)		(409,390	)
TOTAL FOSTER WHEELER AG SHAREHOLDERS' EQUITY		646,946			688,288			713,990			791,003			751,907			736,518			687,747
Noncontrolling interests		36,029			35,381			43,403			46,440			42,614			39,913			47,925
TOTAL EQUITY		682,975			723,669			757,393			837,443			794,521			776,431			735,672
TOTAL LIABILITIES, TEMPORARY EQUITY AND EQUITY	$	2,564,163		$	2,600,033		$	2,733,924		$	2,784,452		$	2,741,126		$	2,734,573		$	2,613,880

FOSTER WHEELER AG

CONSOLIDATED STATEMENT OF CASH FLOWS

(in thousands of dollars)

	YTD 6/30/2013			Full Year 2012			Full Year 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	88,015		$	149,896		$	176,728
Adjustments to reconcile net income to cash flows from operating activities:
Depreciation and amortization		28,796			50,234			44,551
Net asbestos-related provision		4,000			30,505			9,915
Share-based compensation expense		9,481			21,623			21,849
Excess tax shortfall related to share-based compensation		88			98			57
Deferred income tax provision/(benefit)		764			(9,669	)		(16,316	)
Loss/(gain) on sale of assets		51			(173	)		(974	)
Dividends, net of equity in earnings of unconsolidated affiliates		35,437			3,012			8,017
Other noncash items, net		55			936			-
Changes in assets and liabilities, net of effects from acquisitions:
(Increase)/decrease in receivables		(18,265	)		(154,035	)		128,672
Net change in contracts in process and billings in excess of costs and estimated earnings on uncompleted contracts		(8,344	)		(57,247	)		(127,789	)
(Decrease)/increase in accounts payable and accrued expenses		(13,405	)		44,845			9,085
Net change in other current assets and liabilities		(34,987	)		23,467			147
Net change in other long-term assets and liabilities		(25,189	)		(11,123	)		(69,996	)
Net cash provided by operating activities — continuing operations		66,497			92,369			183,946
Net cash (used in)/provided by operating activities — discontinued operations		(441	)		932			1,800
Net cash provided by operating activities		66,056			93,301			185,746
CASH FLOWS FROM INVESTING ACTIVITIES
Payments related to acquisition of businesses, net of cash acquired		(50,800	)		(69,675	)		(29,376	)
Change in restricted cash		12,407			(18,135	)		(18,707	)
Capital expenditures		(17,534	)		(34,687	)		(26,219	)
Proceeds from sale of investments and other assets		266			578			2,157
Investments in and advances to unconsolidated affiliates		-			(2,003	)		-
Return of investment from unconsolidated affiliates		87			6,207			2
Purchase of short-term investments		-			-			(1,546	)
Proceeds from sale of short-term investments		-			1,255			-
Net cash used in investing activities — continuing operations		(55,574	)		(116,460	)		(73,689	)
Net cash provided by/(used in) investing activities — discontinued operations		441			(932	)		(1,800	)
Net cash used in investing activities		(55,133	)		(117,392	)		(75,489	)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of shares		(150,131	)		(90,976	)		(409,390	)
Distributions to noncontrolling interests		(10,514	)		(18,301	)		(11,373	)
Proceeds from capital contribution from noncontrolling interests		-			-			138
Proceeds from stock options exercised		1,891			807			11,910
Excess tax shortfall related to share-based compensation		(88	)		(98	)		(57	)
Payment of deferred financing costs		-			(3,993	)		-
Repayment of debt and capital lease obligations		(8,010	)		(13,017	)		(12,530	)
Net cash used in financing activities		(166,852	)		(125,578	)		(421,302	)
Effect of exchange rate changes on cash and cash equivalents		(11,655	)		13,942			(28,069	)
Decrease in cash and cash equivalents		(167,584	)		(135,727	)		(339,114	)
Less: Increase/(decrease) in cash and cash equivalents — discontinued operations		-			-			-
Decrease in cash and cash equivalents — continuing operations		(167,584	)		(135,727	)		(339,114	)
Cash and cash equivalents at beginning of year		582,322			718,049			1,057,163
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	414,738		$	582,322		$	718,049

FOSTER WHEELER AG

APPENDIX 1: EBITDA RECONCILIATION AND FOOTNOTES

(in thousands of dollars)

	2013									2012														2011
	YTD 6/30			Q2 6/30			Q1 3/31			Full Year 2012			Q4 12/31			Q3 9/30			Q2 6/30		Q1 3/31			Full Year 2011
EBITDA from continuing operations ⁽¹⁾	$	139,083		$	99,005		$	40,078		$	275,513		$	54,567		$	90,832		$	58,523	$	71,591		$	276,995
Less: Interest expense		6,588			3,916			2,672			13,797			2,935			3,197			4,249		3,416			12,876
Less: Depreciation and amortization		28,796			13,454			15,342			50,234			14,693			12,178			11,562		11,801			44,551
Less: Provision for income taxes		18,479			13,319			5,160			62,267			18,302			16,790			12,291		14,884			58,514
Income from continuing operations ⁽³⁾		85,220			68,316			16,904			149,215			18,637			58,667			30,421		41,490			161,054
(Loss)/income from discontinued operations ⁽³⁾		(1,495	)		2,383			(3,878	)		(13,193	)		(12,342	)		(445	)		438		(844	)		1,329
Net income ⁽²⁾⁽³⁾	$	83,725		$	70,699		$	13,026		$	136,022		$	6,295		$	58,222		$	30,859	$	40,646		$	162,383
_____________
⁽¹⁾ EBITDA includes the following:

Net asbestos-related (gain)/provision:
Global E&C Group	$	-		$	-		$	-		$	2,400		$	700		$	-		$	1,700	$	-		$	-
C&F Group		(11,800	)		(13,800	)		2,000			28,100			22,100			2,000			2,000		2,000			9,900
Total	$	(11,800	)	$	(13,800	)	$	2,000		$	30,500		$	22,800		$	2,000		$	3,700	$	2,000		$	9,900
⁽²⁾ Net income includes the following:

Net asbestos-related (gain)/provision:
Global E&C Group	$	-		$	-		$	-		$	1,800		$	500		$	-		$	1,300	$	-		$	-
C&F Group		(11,800	)		(13,800	)		2,000			28,100			22,100			2,000			2,000		2,000			9,900
Total	$	(11,800	)	$	(13,800	)	$	2,000		$	29,900		$	22,600		$	2,000		$	3,300	$	2,000		$	9,900

⁽³⁾Amounts attributable to Foster Wheeler AG.

FOSTER WHEELER AG

APPENDIX 2: Reconciliation of Foster Wheeler Scope Operating Revenues to Operating Revenues

(in thousands of dollars)

	2013						2012										2011
	YTD 6/30		Q2 6/30		Q1 3/31		Full Year 2012		Q4 12/31		Q3 9/30		Q2 6/30		Q1 3/31		Full Year 2011

Global E & C Group
Operating revenues - in Foster Wheeler Scope	$	868,242	$	443,488	$	424,754	$	1,586,198	$	423,870	$	380,482	$	416,830	$	365,016	$	1,594,992
Flow-through revenues		382,451		219,231		163,220		833,129		80,370		197,590		249,312		305,857		1,848,087
Operating revenues		1,250,693		662,719		587,974		2,419,327		504,240		578,072		666,142		670,873		3,443,079

Global Power Group
Operating revenues - in Foster Wheeler Scope		398,156		198,885		199,271		962,247		222,351		217,004		268,432		254,460		1,005,555
Flow-through revenues		4,702		1,803		2,899		9,820		3,455		2,220		1,888		2,257		9,474
Operating revenues		402,858		200,688		202,170		972,067		225,806		219,224		270,320		256,717		1,015,029

Consolidated
Operating revenues - in Foster Wheeler Scope		1,266,398		642,373		624,025		2,548,445		646,221		597,486		685,262		619,476		2,600,547
Flow-through revenues		387,153		221,034		166,119		842,949		83,825		199,810		251,200		308,114		1,857,561
Operating revenues	$	1,653,551	$	863,407	$	790,144	$	3,391,394	$	730,046	$	797,296	$	936,462	$	927,590	$	4,458,108

The above table excludes the following operating revenues from discontinued operations:
Operating revenues - in Foster Wheeler Scope	$	13,062	$	6,918	$	6,144	$	23,241	$	5,235	$	5,936	$	6,564	$	5,506	$	22,621
Flow-through revenues		-		-		-		-		-		-		-		-		-
Operating revenues	$	13,062	$	6,918	$	6,144	$	23,241	$	5,235	$	5,936	$	6,564	$	5,506	$	22,621

FOSTER WHEELER AG

FOOTNOTES

Definition of Scope: Metrics expressed in Foster Wheeler scope represent that portion of operating revenues, new orders booked and backlog on which profit is earned. Scope excludes revenues relating to third-party costs incurred by the Company as agent or principal on a reimbursable basis ("flow-through" costs).

Safe Harbor Statement:

This fact book may contain forward-looking statements that are based on the management’s assumptions, expectations and projections about the Company and the various industries within which the Company operates. These include statements regarding the Company’s expectations about revenues (including as expressed by its backlog), its liquidity, the outcome of litigation and legal proceedings and recoveries from customers for claims, and the costs of current and future asbestos claims and the amount and timing of related insurance recoveries. Such forward-looking statements by their nature involve a degree of risk and uncertainty. The Company cautions that a variety of factors, including but not limited to the factors described in the Company's most recent Annual Report on Form 10-K 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 Company's business conditions and results to differ materially from what is contained in forward-looking statements: benefits, effects or results of the Company's redomestication to Switzerland; benefits, effects or results of the Company's 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 its customers; changes in regulatory environments; changes in project design or schedules; contract cancellations; changes in the 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 the Company's 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 Company’s liability for damages and insurance coverage for asbestos exposure; protection and validity of the Company's patents and other intellectual property rights; increasing global competition; compliance with its debt covenants; recoverability of claims against the Company's customers and others by the Company and claims by third parties against the Company; and changes in estimates used in its critical accounting policies. Other factors and assumptions not identified above were also involved in the formation of these forward-looking statements and the failure of such other assumptions to be realized, as well as other factors, may also cause actual results to differ materially from those projected. Most of these factors are difficult to predict accurately and are generally beyond the Company’s control. You should consider the areas of risk described above in connection with any forward-looking statements that may be made by the Company. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any additional disclosures the Company makes in proxy statements, quarterly reports on Form 10-Q, annual reports on Form 10-K and current reports on Form 8-K filed or furnished with the U.S. Securities and Exchange Commission.

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 Company's senior unsecured credit agreement use an 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:

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

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

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

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