Amsterdam, 4 March 2016
Key points Q4 2015
-
Revenue down by 19% to EUR 287 million
-
Gross margin up to 20.1% from 18.4%
-
Operating costs down by 14% to EUR 40 million;
21% down in Energy
-
EBIT down by 7% to EUR 18 million
Key points FY 2015
-
Revenue down by 11% at EUR 1,229 million
-
Gross margin at 18.7% from 18.0%
-
Operating costs flat at EUR 174 million, down by
EUR 4 million in constant currencies
-
EBIT down by 25% to EUR 56 million
-
Net profit at EUR 38 million
-
Proposed dividend EUR 0.75 per share (2014:
EUR 0.70) and a super dividend of EUR 0.75 per
share
Brunel International (unaudited) |
|
|
|
|
|
P&L amounts in EUR million |
|
|
|
|
|
|
Q4 2015 |
Q4 2014 |
Change % |
FY 2015 |
FY 2014 |
Change % |
|
|
|
|
|
|
|
Revenue |
287.2 |
356.7 |
-19% |
1,228.9 |
1,386.6 |
-11% |
Gross
Profit |
57.6 |
65.6 |
-12% |
230.0 |
249.0 |
-8% |
Gross
margin |
20.1% |
18.4% |
|
18.7% |
18.0% |
|
Operating costs |
40.0 |
46.5 |
-14% |
173.9 |
174.3 |
0% |
EBIT |
17.6 |
19.1 |
-7% |
56.1 |
74.7 |
-25% |
EBIT
% |
6.1% |
5.3% |
|
4.6% |
5.4% |
|
|
|
|
|
|
|
|
Average directs |
10,604 |
12,041 |
-12% |
10,894 |
12,101 |
-10% |
Average indirects |
1,539 |
1,663 |
-7% |
1,601 |
1,624 |
-1% |
Ratio
direct / Indirect |
6.9 |
7.2 |
|
6.8 |
7.5 |
|
a -16% at
constant currencies
b -3% at
constant currencies
c -22% at
constant currencies
d -16% at
constant currencies
Q4
2015 results
Revenue
Two top line trends are visible in the fourth quarter: the European
top line continued to increase, with a strong increase in The
Netherlands and Germany back to growth after three consecutives
quarters of revenue decrease. Adjusted for the additional working
days, revenue growth for Europe is 8%. The top line in the Oil
& Gas division however continued to decrease, in line with the
expectations and following the negative sentiment in Oil &
Gas.
Gross
Profit
As a result of the change in business mix with relatively high
margins in Europe compared to Oil & Gas, the gross margin
improved by 1.7ppt to 20.1%.
Operating
Costs
We have been able to reduce the operating costs by 14% in the
fourth quarter. Our Global IT implementation has been rolled out
progressively, enabling us to improve service levels and become
more efficient and cost effective. In addition, following the
downturn in the Oil & Gas division, we have taken various fine
tuning measures including redundancies to align the organisation
with the reduced business volume. On top of that, our marketing
spend has been reduced.
EBIT
The same trend is visible in the profitability, where EBIT in
Europe grew significantly, while the drop in Oil & Gas was
strong too. Overall EBIT decreased by 7% to
EUR 18 million in the fourth quarter.
Q4
2014 results by division
Brunel Oil & Gas (unaudited) |
|
|
|
|
|
P&L amounts in EUR million |
|
|
|
|
|
|
Q4 2015 |
Q4 2014 |
Change % |
FY 2015 |
FY 2014 |
Change % |
|
|
|
|
|
|
|
Revenue |
174.3 |
254.2 |
-31% |
813.7 |
981.7 |
-17% |
Gross
Profit |
20.2 |
32.6 |
-38% |
96.3 |
118.0 |
-18% |
Gross
margin |
11.6% |
12.8% |
|
11.8% |
12.0% |
|
Operating costs |
15.1 |
18.9 |
-20% |
67.3 |
68.5 |
-2% |
EBIT |
5.0 |
13.7 |
-63% |
29.0 |
49.5 |
-41% |
EBIT
% |
2.9% |
5.4% |
|
3.6% |
5.0% |
|
|
|
|
|
|
|
|
Average directs |
5,808 |
7,473 |
-22% |
6,333 |
7,624 |
-17% |
Average indirects |
649 |
785 |
-17% |
707 |
771 |
-8% |
Ratio
direct / Indirect |
9.0 |
9.5 |
|
9.0 |
9.9 |
|
a -23% at
constant currencies
b -8% at
constant currencies
c -35% at
constant currencies
d -23% at
constant currencies
The Oil & Gas division consist of the Energy
division and the Projects division.
Brunel Energy (unaudited) |
|
|
|
|
|
P&L amounts in EUR million |
|
|
|
|
|
|
Q4 2015 |
Q4 2014 |
Change % |
FY 2015 |
FY 2014 |
Change % |
|
|
|
|
|
|
|
Revenue |
150.7 |
210.1 |
-28% |
696.6 |
806.0 |
-14% |
Gross
Profit |
17.6 |
28.4 |
-38% |
83.8 |
100.4 |
-16% |
Gross
margin |
11.7% |
13.5% |
|
12.0% |
12.5% |
|
Operating costs |
14.0 |
17.7 |
-21% |
63.1 |
63.8 |
-1% |
EBIT |
3.6 |
10.8 |
-66% |
20.7 |
36.6 |
-43% |
EBIT
% |
2.4% |
5.1% |
|
3.0% |
4.5% |
|
|
|
|
|
|
|
|
Average directs |
5,506 |
6,954 |
-21% |
5,905 |
7,013 |
-16% |
Average indirects |
626 |
757 |
-17% |
683 |
745 |
-8% |
Ratio
direct / Indirect |
8.8 |
9.2 |
|
8.6 |
9.4 |
|
a -21% at
constant currencies
b -8% at
constant currencies
c -33% at
constant currencies
d -24% at
constant currencies
Revenue
The downward trend in the Energy division continued in the fourth
quarter. Our operations in the Americas and Europe & Africa
have felt the downturn in the oil price first, since the main up
stream projects are initiated in these regions and therefore
project delays, capex cuts and headcount reductions by our clients
are felt here in an early stage of the Oil & Gas project cycle.
Since Oil & Gas projects are in a later development stage in
South East Asia and Australia, we expect a delayed headcount
reduction in these regions. In the Middle East however, projects
generally have a cost advantage, causing the projects to continue
and leaving headcount and top line relatively flat.
Gross
Profit
Driven by positive foreign exchange results, the gross margin has
been incidentally relatively high in Q4 2014. The current gross
margin is more in line with our general business.
Operating Costs
Following the negative top line trend, we have strongly focused on
reducing our overhead in the Energy division. Headcount has been
reduced significantly compared to December 2014, ending at 166
indirect employees less in December 2015. Both the more efficient
operations in our back office due to continued investments in the
IT structure and the reduced workload due to the reduced number of
contractors enabled us to run our operations more effectively at
lower costs. Therefore, we were able to bring our overhead down by
24% in constant currencies.
The full impact of the
restructuring will be seen from Q1 2016 onwards.
EBIT
The fact that the EBIT dropped to EUR 4 million (65%), is partly
caused by the fact that part of the cost savings have only become
effective during the fourth quarter.
Brunel Projects (unaudited) |
|
|
|
|
|
P&L amounts in EUR million |
|
|
|
|
|
|
Q4 2015 |
Q4 2014 |
Change % |
FY 2015 |
FY 2014 |
Change % |
|
|
|
|
|
|
|
Revenue |
23.7 |
44.1 |
-46%c |
117.0 |
175.6 |
-33%a |
Gross
Profit |
2.6 |
4.1 |
-38% |
12.5 |
17.6 |
-29% |
Gross
margin |
10.8% |
9.4% |
|
10.7% |
10.0% |
|
Operating costs |
1.1 |
1.2 |
-6%c |
4.2 |
4.6 |
-10%b |
EBIT |
1.4 |
2.9 |
-51% |
8.3 |
13.0 |
-36% |
EBIT
% |
6.0% |
6.6% |
|
7.1% |
7.4% |
|
|
|
|
|
|
|
|
Average directs |
303 |
520 |
-42% |
428 |
611 |
-30% |
Average indirects |
23 |
27 |
-17% |
24 |
26 |
-8% |
Ratio
direct / Indirect |
13.5 |
19.1 |
|
17.8 |
23.5 |
|
a -33% at
constant currencies
b -11% at
constant currencies
c -45% at
constant currencies
d -4% at
constant currencies
Revenue
One of the main projects in the Projects division has been
completed in the fourth quarter, leaving only one major project
running from Q1 2016 onwards. By the start of 2015 one of the three
main projects reduced in seize significantly, having the most
impact year on year in the fourth quarter.
EBIT
Despite the volume reduction and following the overhead cost, we
were still able to realise an EBIT margin of 6%.
Due to the reduced size of the
Projects division, we will not report this division separately
anymore going forward.
Brunel Europe (unaudited) |
|
|
|
|
|
P&L amounts in EUR million |
|
|
|
|
|
|
Q4 2015 |
Q4 2014 |
Change % |
FY 2015 |
FY 2014 |
Change % |
|
|
|
|
|
|
|
Revenue |
112.9 |
102.5 |
10% |
415.3 |
404.9 |
3% |
Gross
Profit |
37.1 |
33.0 |
13% |
133.4 |
131.1 |
2% |
Gross
margin |
32.9% |
32.2% |
|
32.1% |
32.4% |
|
Operating costs |
23.8 |
25.1 |
-5% |
99.0 |
95.7 |
4% |
EBIT |
13.4 |
7.9 |
69% |
34.4 |
35.4 |
-3% |
EBIT
% |
11.8% |
7.7% |
|
8.3% |
8.8% |
|
|
|
|
|
|
|
|
Average directs |
4,796 |
4,568 |
5% |
4,561 |
4,477 |
2% |
Average indirects |
890 |
878 |
1% |
894 |
853 |
5% |
Ratio
direct / Indirect |
5.4 |
5.2 |
|
5.1 |
5.2 |
|
Brunel Europe consists of Brunel
Germany, Brunel Netherlands, Brunel Belgium, Brunel Czech Republic,
Brunel Switzerland and Brunel Austria.
Brunel Germany (unaudited) |
|
|
|
|
|
P&L amounts in EUR million |
|
|
|
|
|
|
Q4 2015 |
Q4 2014 |
Change % |
FY 2015 |
FY 2014 |
Change % |
|
|
|
|
|
|
|
Revenue |
50.8 |
48.6 |
4% |
196.4 |
201.7 |
-3% |
Gross
Profit |
18.4 |
17.8 |
3% |
70.1 |
73.4 |
-5% |
Gross
margin |
36.2% |
36.7% |
|
35.7% |
36.4% |
|
Operating costs |
11.9 |
12.8 |
-7% |
50.7 |
49.3 |
3% |
EBIT |
6.5 |
5.0 |
30% |
19.4 |
24.1 |
-19% |
EBIT
% |
12.8% |
10.3% |
|
9.9% |
11.9% |
|
|
|
|
|
|
|
|
Average directs |
2,139 |
2,164 |
-1% |
2,074 |
2,171 |
-4% |
Average indirects |
426 |
449 |
-5% |
439 |
428 |
3% |
Ratio
direct / Indirect |
5.0 |
4.8 |
|
4.7 |
5.1 |
|
Revenue
The business in Germany is back on the growth track, breaking a
three quarter negative revenue trend. Adjusted for two additional
working days, revenue increased by 1%. Our sales organisation is
optimising the use of our IT infrastructure and management has
become stable and has found the right growth path again. After a
difficult start of the year, headcount has shown a continuous
growth pattern from May onwards.
Gross
Profit
Gross margin was relatively stable compared to Q4 2014.
Operating
Costs
Operating costs were down compared to last year by 7%, mainly as a
result of lower staff costs, driven by a reduced number of indirect
headcount.
EBIT
Driven by the top line growth in combination with the overhead
reduction, EBIT for the quarter increased by 30% to EUR 7
million.
Brunel Netherlands (unaudited) |
|
|
|
|
|
P&L amounts in EUR million |
|
|
|
|
|
|
Q4 2015 |
Q4 2014 |
Change % |
FY 2015 |
FY 2014 |
Change % |
|
|
|
|
|
|
|
Revenue |
54.2 |
46.4 |
17% |
188.4 |
175.4 |
7% |
Gross
Profit |
16.9 |
13.3 |
27% |
55.7 |
50.7 |
10% |
Gross
margin |
31.1% |
28.7% |
|
29.6% |
28.9% |
|
Operating costs |
9.9 |
10.2 |
-3% |
40.3 |
38.9 |
4% |
EBIT |
6.9 |
3.1 |
125% |
15.4 |
11.8 |
31% |
EBIT
% |
12.8% |
6.6% |
|
8.2% |
6.7% |
|
|
|
|
|
|
|
|
Average directs |
2,317 |
2,068 |
12% |
2,143 |
1,978 |
8% |
Average indirects |
378 |
350 |
8% |
370 |
348 |
6% |
Ratio
direct / Indirect |
6.1 |
5.9 |
|
5.8 |
5.7 |
|
Revenue
The Netherlands had its best quarter in the history of Brunel and
the highest profitability in a quarter since 2007. Adjusted for one
additional working day, revenue increased by 15%. Further headcount
growth was realised in the IT, Finance and Legal business lines,
while the Engineering headcount development was relatively flat
during the year.
Gross
Profit
The gross margin improved by 2.7ppt to 31.1% in Q4 2015, mainly
driven by one additional working day and improved market conditions
compared to Q4 2014.
Operating
Costs
Operating costs were in line Q4 2015.
EBIT
The leverage effect of the strong headcount and revenue growth, in
combination with margin improvement and flat overhead, drove EBIT
to increase by 72% to EUR 14 million, reaching an EBIT margin of
12.8%.
Effective tax
rate
In 2015 the effective tax rate decreased from 35.1% to 33.6%,
mainly as a result of tax adjustments relating to prior years.
Cash
position
The December 2015 cash balance amounted to EUR 180 million, mainly
driven by strong cash flows, partly as a result of the slowing down
of the Oil & Gas division, freeing up cash.
Dividend
At the current level of activities, a cash position of EUR 80
million at year end is sufficient to support our business and pay
out dividend. As a result, at 31 December 2015 we have around
EUR 100 million of excess cash. We decided not to
distribute this entire amount to be able to act in case strategic
opportunities arise in the near future. Therefore we propose an
additional super dividend of EUR 0.75 per share, on top of the EUR
0.75 of profit distribution.
Outlook
We expect the growth in The Netherlands to continue strongly and
the growth in Germany to improve further. Given the negative
downward headcount development in 2015 in the Energy division, we
expect the negative revenue trend to continue in 2016. The revenue
in the Projects division will strongly reduce next year,
predominantly after the second quarter.
Jan Arie van Barneveld, CEO of
Brunel International N.V.: "We are very satisfied
with the results in our business in The Netherlands: highest
headcount and revenue in the history of Brunel is a great
milestone. We have put a lot of effort to optimise the sales
organisation and are happy to safeguard the results of the
investments in the growth in number and quality of our consultants.
We are in the driver seat to keep this momentum going. In addition,
we believe Germany's way back on the growth track is structural and
will improve further.
In our Energy business we have strategically
restructured the operations in various regions and are optimising
our organisation on the back of our global IT infrastructure. We
are confident that these measures prepared us for the new reality
in the Oil & Gas markets."
For full article
and its appendix, please see attached pdf files.
Press Release FY 2015
Appendix Press Release FY 2015
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#1991711
Brunel International NV (EU:BRNL)
Graphique Historique de l'Action
De Fév 2024 à Mar 2024
Brunel International NV (EU:BRNL)
Graphique Historique de l'Action
De Mar 2023 à Mar 2024