Amsterdam, 19 August 2016
Key points Q2 2016
-
Revenue down by 27% to EUR
231 million
-
Gross margin at 20.6%, up from 17.1%
-
EBIT down by 19% to EUR 8 million
Key points H1 2016
-
Revenue down by 28% to EUR 470
million
-
Gross margin at 20.4%, up from 17.5%
-
EBIT down by 29% to EUR 17 million
Brunel International (unaudited) |
|
|
|
|
|
P&L amounts in EUR million |
|
|
|
|
|
|
Q2 2016 |
Q2 2015 |
Change % |
H1 2016 |
H1 2015 |
Change % |
Revenue |
231.2 |
317.1 |
-27%a |
469.6 |
650.8 |
-28% b |
Gross
Profit |
47.7 |
54.3 |
-12% |
95.6 |
113.6 |
-16% |
Gross
Margin |
20.6% |
17.1% |
|
20.4% |
17.5% |
|
Operating costs |
40.2 |
45.1 |
-11% c |
79.0 |
90.1 |
-12% d |
EBIT |
7.5 |
9.2 |
-19% |
16.6 |
23.5 |
-29% |
EBIT
% |
3.2% |
2.9% |
|
3.5% |
3.6% |
|
|
|
|
|
|
|
|
Average directs |
9,336 |
10,983 |
-15% |
9,629 |
11,171 |
-14% |
Average indirects |
1,500 |
1,677 |
-11% |
1,526 |
1,648 |
-7% |
Ratio
direct/indirect |
6.2 |
6.5 |
-5% |
6.3 |
6.8 |
-7% |
a -25% in
constant currency (cc)
b -26% in
cc
c -10% in
cc
d -11% in
cc
H1 2016 results by
division
Brunel Energy (unaudited) |
|
|
|
|
|
P&L amounts in EUR million |
|
|
|
|
|
|
Q2 2016 |
Q2 2015 |
Change % |
H1 2016 |
H1 2015 |
Change % |
Revenue |
119.8 |
220.8 |
-46% a |
248.3 |
452.5 |
-45% b |
Gross
Profit |
13.3 |
26.6 |
-50% |
27.3 |
53.0 |
-48% |
Gross
Margin |
11.1% |
12.1% |
|
11.1% |
11.7% |
|
Operating costs |
12.7 |
17.0 |
-25% c |
25.0 |
35.5 |
-30% d |
EBIT |
0.6 |
9.6 |
-94% |
2.3 |
17.5 |
-87% |
EBIT
% |
0.5% |
4.3% |
|
0.9% |
3.9% |
|
|
|
|
|
|
|
|
Average directs |
4,656 |
6,544 |
-29% |
4,911 |
6,739 |
-27% |
Average indirects |
598 |
778 |
-23% |
613 |
752 |
-18% |
Ratio
direct/indirect |
7.8 |
8.4 |
|
8.0 |
9.0 |
|
a -43% in
cc
b -42% in
cc
c -22% in
cc
d -27% in
cc
Key points Q2 2016
-
Revenue down by 46% to EUR 120 million
-
Gross margin 11.1%, down from 12.1% last
year
-
EBIT down by 94% to EUR 1 million
Key points H1 2016
-
Revenue down by 45% to EUR 248 million
-
Gross margin 11.1%, down from 11.7% last
year
-
EBIT down by 87% to EUR 2 million
Revenue
Revenue in Q2 decreased by 46% year on year, and 7% compared to Q1.
Our clients continue to delay and terminate projects and to reduce
the number of staff. The focus in the industry on capex cuts and
cost savings keeps influencing our business significantly.
Consequently our headcount decreased by 29%. The decline in revenue
is also affected by reductions of our contractors' rates.
Gross
profit
Due to the nature of our contracts, the increased price pressure so
far only has had limited effect on our rates, resulting in a
decline in gross margin. Adjusted for negative currency effects
(mainly by the appreciating Ruble), the gross margin for Q2 is
11.3%. In combination with the lower top line, gross profit dropped
by 50% to EUR 13 million. The impact of the price pressure on our
existing business is likely to increase in the near future.
Operating
costs
We continue to right size our organisation. Overhead decreased by
25%, mainly driven by the reduction of internal staff costs,
following the ongoing efficiency programme and investments in
operating efficiencies. Q2's overhead expenses included EUR 1
million of one off expenses for redundancies and doubtful debt.
EBIT
As a consequence of the decrease in activities, EBIT declined to
EUR 0.6 million for Q2.
Brunel Europe (unaudited) |
|
|
|
|
|
P&L amounts in EUR million |
|
|
|
|
|
|
Q2 2016 |
Q2 2015 |
Change % |
H1 2016 |
H1 2015 |
Change % |
Revenue |
111.4 |
96.2 |
16% |
221.3 |
198.3 |
12% |
Gross
Profit |
34.4 |
27.7 |
24% |
68.4 |
60.7 |
13% |
Gross
Margin |
30.9% |
28.8% |
|
30.9% |
30.6% |
|
Operating costs |
24.8 |
25.6 |
-3% |
49.3 |
50.1 |
-2% |
EBIT |
9.6 |
2.1 |
362% |
19.1 |
10.6 |
80% |
EBIT
% |
8.6% |
2.2% |
|
8.6% |
5.4% |
|
|
|
|
|
|
|
|
Average directs |
4,680 |
4,439 |
5% |
4,718 |
4,432 |
5% |
Average indirects |
859 |
884 |
-3% |
870 |
896 |
-3% |
Ratio
direct/indirect |
5.4 |
5.0 |
|
5.4 |
5.0 |
|
Brunel Europe consists of Brunel Germany, Brunel
Netherlands, Brunel Belgium, Brunel Czech Republic, Brunel
Switzerland and Brunel Austria.
Key points Q2 2016
-
Revenue up by 16% to EUR 111 million
-
Gross margin 30.9%, up from 28.8% last
year
-
EBIT up by 362% to EUR 10 million
-
Revenue Germany up 15%, revenue Netherlands up
14%
Key points H1 2016
-
Revenue up by 12% to EUR 221 million
-
Gross margin 30.9%, up from 30.6% last
year
-
EBIT up by 80% to EUR 19 million
Brunel Germany (unaudited) |
|
|
|
|
|
P&L amounts in EUR million |
|
|
|
|
|
|
Q2 2016 |
Q2 2015 |
Change % |
H1 2016 |
H1 2015 |
Change % |
Revenue |
52.9 |
45.9 |
15% |
102.5 |
94.5 |
8% |
Gross
Profit |
18.9 |
14.9 |
27% |
35.8 |
31.9 |
12% |
Gross
Margin |
35.7% |
32.5% |
|
34.9% |
33.7% |
|
Operating costs |
12.6 |
13.0 |
-3% |
24.5 |
25.6 |
-4% |
EBIT |
6.3 |
1.9 |
232% |
11.3 |
6.3 |
79% |
EBIT
% |
11.9% |
4.1% |
|
11.0% |
6.7% |
|
|
|
|
|
|
|
|
Average directs |
2,174 |
2,012 |
8% |
2,160 |
2,035 |
6% |
Average indirects |
405 |
447 |
-9% |
416 |
449 |
-7% |
Ratio
direct/indirect |
5.4 |
4.5 |
|
5.2 |
4.5 |
|
Revenue
The limited growth in Q1 accelerated as projected in Q2 to double
digit growth, helped by 2.7 additional working days. Revenue per
working day increased by 10%. Our workforce continued to grow
during the second quarter. June showed the strongest growth so far
in this year.
Gross
Profit
Gross profit increased by 27% following the revenue growth and
higher gross margin. Adjusted for working days, the gross margin
remained flat.
EBIT
The strong gross profit improvements combined with a limited
overhead reduction increased EBIT to over EUR 6 million in Q2.
Brunel Netherlands (unaudited) |
|
|
|
|
|
P&L amounts in EUR million |
|
|
|
|
|
|
Q2 2016 |
Q2 2015 |
Change % |
H1 2016 |
H1 2015 |
Change % |
Revenue |
49.2 |
43.1 |
14% |
100.9 |
88.4 |
14% |
Gross
Profit |
13.4 |
11.2 |
20% |
28.5 |
25.0 |
14% |
Gross
Margin |
27.3% |
25.9% |
|
28.2% |
28.3% |
|
Operating costs |
10.2 |
10.5 |
-3% |
20.7 |
20.3 |
2% |
EBIT |
3.2 |
0.7 |
360% |
7.7 |
4.7 |
64% |
EBIT
% |
6.5% |
1.6% |
|
7.6% |
5.4% |
|
|
|
|
|
|
|
|
Average directs |
2,173 |
2,078 |
5% |
2,224 |
2,047 |
9% |
Average indirects |
381 |
367 |
4% |
381 |
362 |
5% |
Ratio
direct/indirect |
5.7 |
5.7 |
|
5.8 |
5.7 |
|
Revenue
The growth in Q2 was helped by two additional working days. Revenue
per working day increased by 10%. The business line IT was again a
very strong performer comparing Q2 year on year, followed by the
business line Marketing & Communications. Engineering and
Finance remained flat. Finance is affected by the current state of
affairs with some of the main players in the financial
industry.
In Q2 we have also seen the first
effect of the implementation of new legislation for freelancers
with the start of the transition period. The uncertainty around
this transition period has lead to different interpretations in our
industry, where we appear to be more stringent. As a result, we
have seen a considerable number of freelancers transferring to our
competitors.
Gross
Profit
Gross margin improved mainly as a result of the additional working
days, partly offset by lower productivity due to training
initiatives. In combination with the revenue growth, gross profit
grew by 20%.
EBIT
The gross profit improvement drove the strong EBIT expansion,
helped by a limited decrease of overhead.
Effective tax rate
The effective tax rate in the first half year of 2016 is 37.9%, at
the same level as the same period last year. For the full year we
project the effective tax rate to come down.
Risk
profile
Reference is made to our 2015 Annual Report (pages 63 - 81).
Reassessment of our earlier identified risks and the potential
impact on occurrence has not resulted in required changes in our
internal risk management and control systems.
Cash
position
Brunel's cash position remained strong compared to December 2015 at
EUR 137 million, despite the dividend and super dividend payment in
June 2016.
Outlook for
2016
The difficult circumstances in the Energy market still cause
uncertainty around the developments for the rest of the year, and
will continue to impact our results. Our organisation continues to
win new clients and projects, also outside Oil & Gas. However,
these developments are not yet sufficient to compensate the decline
in our existing business. We are adjusting our organisation and
business model to the changing market circumstances.
In The Netherlands, our growth
will be temporarily affected by the reduction in freelancers
following the recent change in labour law, and we expect limited
growth in the remainder of the year. We will continue to invest in
our organisation by strengthening our sales force, but also by
further improving our online sourcing capabilities.
In Germany we foresee continued
strong growth.
For the full year, we expect
revenue between EUR 850 million and EUR 900 million and EBIT
between EUR 30 million and EUR 35 million.
Jan Arie van Barneveld, CEO of
Brunel International N.V.: "Our business in the
Oil & Gas market remains very challenging, and at this moment
we feel that this market will not improve in the coming twelve
months. We continue to improve our operational performance and
processes in Energy to remain profitable in this challenging
environment. In the past Brunel has shown the capability to use
difficult circumstances to make the company stronger, with Germany
and The Netherlands being the most recent examples. I am very proud
of our achievements in the German organisation, where we found the
growth path again and I am confident we will stay on this
track."
Statement of the
Board of Directors
The Board of Directors of Brunel International N.V. hereby declares
that, to the best of its knowledge, the interim financial
statements give a true and fair view of the assets, liabilities,
financial position and result of Brunel International N.V. and the
companies jointly included in the consolidation, and that the
interim report gives a true and fair view of the information
referred to in the eighth and, insofar as applicable, the ninth
subsection of Section 5:25d of the Dutch Act on Financial
Supervision and with reference to the section on related parties in
the interim financial statements.
Amsterdam, 19 August
2016
Brunel International N.V.
Jan Arie van Barneveld
(CEO)
Peter de Laat (CFO)
Arjan de Vries (COO Energy)
For full article and its appendix,
please see attached pdf files.
Appendix Press Release HY 2016
Press Release HY 2016
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Brunel International NV via Globenewswire
HUG#2036021
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