Brunel International NV : Q3 2016: Europe on track; Energy still in decline
04 Novembre 2016 - 8:00AM
Amsterdam, 4 November 2016
Key points Q3 2016
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Revenue down by 30% to EUR 205 million
-
Gross profit down by 23% to EUR 45 million
-
Gross margin at 22.1% from 20.2%
-
Operational costs down by 15% to EUR 37
million
-
EBIT down 46% to EUR 8 million
Brunel International (unaudited) |
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P&L amounts in EUR million |
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Q3 2016 |
Q3 2015 |
Change % |
YtD 2016 |
YtD 2015 |
Change % |
Revenue |
204.7 |
290.9 |
-30% a |
674.3 |
941.7 |
-28% b |
Gross
Profit |
45.3 |
58.8 |
-23% |
140.9 |
172.4 |
-18% |
Gross
margin |
22.1% |
20.2% |
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20.9% |
18.3% |
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Operating costs |
37.2 |
43.8 |
-15% c |
116.2 |
133.9 |
-13% d |
EBIT |
8.1 |
15.0 |
-46% |
24.7 |
38.5 |
-36% |
EBIT
% |
4.0% |
5.1% |
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3.7% |
4.1% |
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Average directs |
8,931 |
10,806 |
-17% |
9,398 |
11,041 |
-15% |
Average indirects |
1,456 |
1,601 |
-9% |
1,494 |
1,632 |
-8% |
Ratio
direct / Indirect |
6.1 |
6.8 |
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6.3 |
6.8 |
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a -29% at
constant currencies
b -28% at
constant currencies
c -15% at
constant currencies
d -12% at
constant
currencies
The Group's
revenue decreased by 30% mainly due to the decrease in Energy. The
gross margin improved as a result of the increased share of our
European activities. As a result of the revenue drop, partly offset
by cost savings, Q3 EBIT decreased to EUR 8 million.
Revenue in The Netherlands decreased by 4%
compared to the third quarter of 2015. This is mainly a result of
the implementation of the new legislation for freelancers. All
business lines are affected by this change and the number of
freelancers has decreased significantly. Gross margin decreased
from 30.2% to 29.3% due to price pressure and a lower productivity.
Productivity is mainly impacted by additional training
initiatives.
In Germany
our workforce continued to grow during the third quarter. As a
result revenue increased by 7% compared to the third quarter of
2015. Increased price pressure, partly offset by a higher
productivity has resulted in a slightly lower gross margin.
The developments in the Oil &
Gas market continued as expected. No major projects were terminated
in this quarter, but some projects are nearing completion. As a
result Energy revenue in Q3 decreased by 47%
compared to the same quarter last year and decreased by 18 %
compared to the previous quarter this year. The impact of price
pressure on our gross margin is increasing. The decrease compared
to Q3 2015 is also affected by foreign exchange results. Adjusted
for this, gross margin decreased from 11.8% in Q3 2015 to 11.0% in
the last quarter.
Outlook for
2016
As expected, our growth in The
Netherlands has been temporarily affected by the reduction in
freelancers. We have seen a strong decline in headcount in June and
July, followed by limited growth in the following months.
Germany will continue to grow in
the remainder of the year. The negative trend in Energy will
continue, as well as our initiatives to reduce operating costs.
The outlook for the full year
remains unchanged, we expect revenue between EUR 850 million and
EUR 900 million and EBIT, excluding restructuring cost, between EUR
30 million and EUR 35 million. The effective tax rate will probably
be impacted by a further review of our current deferred tax
position, and end up around 45%.
Jan Arie van Barneveld, CEO of
Brunel International N.V.: "We are implementing
the changes in our Energy organisation in order to be ready before
the beginning of the new year. I don't expect recovery in the Oil
& Gas market soon, but we will become more successful in other
markets. Our strong performance in Europe makes me more optimistic
for next year".
Press Release Q3 2016
Appendix Press Release Q3 2016
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq 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
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