Brunel International N.V.

Annual Report • Feb 15, 2019

Appendix to the press release 15 February 2019 Full year 2018

Financial Highlights for the period ended 31 December (unaudited) (EUR '000)

	FY 2018	FY 2017	Δ%
Revenue	914,581	790,090	16%
Gross Profit	208,897	182,693	14%
EBIT	34,067	17,914	90%
Group result after tax	21,530	7,844	174%
Non-controlling interests	-959	-199	-382%
Net income for the year	20,571	7,645	169%
Gross profit as % of revenue	22.8%	23.1%	-
Net result as % of revenue	2.2%	1.0%	-
Workforce
Average directs (average-YTD)	11,955	9,589	25%
Average indirects (average-YTD)	1,544	1,497	3%
Total	13,499	11,086	22%
Direct employees (period end)	12,942	10,573	22%
Indirect employees (period end)	1,596	1,531	4%
Total	14,538	12,104	20%
Earnings per share (in euro)
Earnings per share for ordinary shareholders	0.41	0.15
Diluted earnings per share	0.40	0.15
Dividend per share	0.25	0.15
Weighted average number of ordinary shares for the purpose of basic earnings per share	50,502,124	50,421,624
Weighted average number of ordinary shares for the purpose of diluted earnings per share	50,835,124	51,068,624

Condensed consolidated profit & loss account for the period ended 31 December (unaudited)

(EUR '000)

	FY 2018	FY 2017	Δ%
Revenue	914,581	790,090	16%
Direct personnel expenses	705,684	607,397	16%
Gross Profit	208,897	182,693	14%
Staff expenses	110,778	103,439	7%
Depreciation and amortisation	7,385	7,994	-8%
Other expenses	56,667	53,347	6%
Total operating costs	174,830	164,779	6%
EBIT	34,067	17,914	90%
Financial income and expenses	-942	-1,587	-41%
Share of profit of investments accounted for using the equity method	-676	-1,744	-61%
Group result before tax	32,449	14,583	123%
Income tax	10,919	6,739	62%
Group result after tax	21,530	7,844	174%

Attributable to:

Group result after tax	21,530	7,844	174%
Net income attributable to non-controlling interest	959	199	382%
parent (ordinary shares)	20,571	7,645	169%
Net income attributable to equity holders of the

Condensed consolidated statement of comprehensive income

for the period ended 31 December (unaudited)

(EUR '000)

	FY 2018	FY 2017
Net income	21,530	7,844
Other comprehensive income Items that may be reclassified subsequently to profit or loss
Exchange differences arising on translation of foreign operations	-1,035	-12,812
Income tax relating to components of other comprehensive income	-347	557
Total other comprehensive income (net of tax)	-1,382	-12,255
Total comprehensive income	20,148	-4,411
Attributable to:
Ordinary shareholders	19,158	-4,545
Minority interests	990	134
Total comprehensive income	20,113	-4,411

Condensed consolidated balance sheet (unaudited)

(EUR '000)

	31 December 2018		31 December 2017
Non-current assets
Goodwill	8,492		8,716
Other intangible assets	13,096		12,956
Property, plant and equipment	7,263		7,805
Financial fixed assets	-		-
Deferred income tax assets	14,428		11,763
Total non-current assets		43,279		41,240
Current assets
Trade and other receivables	243,939		204,759
Income tax receivables	2,284		7,252
Cash and cash equivalents	106,019		125,668
Total current assets		352,242		337,679
Total assets		395,521		378,919
Non-current liabilities
Provisions	4,476		1,670
Deferred income tax liabilities	397		1,024
Long-term liabilities	1,324		2,078
Total non-current liabilities		6,197		4,772
Current liabilities
Current liabilities	104,763		104,425
Income tax payables	1,122		754
Total current liabilities		105,885		105,179
Total liabilities		112,082		109,951
Net assets		283,439		268,968
Group equity
Share capital	1,517		1,513
Share premium	86,145		83,787
Reserves	174,533		175,887
Unappropriated result	20,571		7,645
Non-controlling interest	673		136
Total equity		283,439		268,968

Condensed consolidated statement of changes in shareholders' equity (unaudited) (EUR '000)

	2018				2017
Balance at 1 January 2018	Attributable to ordinary shareholders 268,832	Non controlling interest 136	Total 268,968	Attributable to ordinary shareholders 293,152	Non controlling interest 534	Total 293,686
Net income Exchange differences arising on translation of foreign	20,571	959	21,530	7,645	199	7,844
operations Income tax relating to components of other	-1,066	31	-1,035	-12,747	-65	-12,812
comprehensive income	-347		-347	557		557
Total comprehensive income	19,158	990	20,148	-4,545	134	-4,411
Issue of shares	-	172	0 172			0
Cash dividend	-7,586	-625	-8,211	-20,172	-532	-20,704
Share based payments	-		0	157		157
Option rights exercised	2,362		2,362	240		240
Balance at 31 December 2018	282,766	673	283,439	268,832	136	268,968

Condensed consolidated Cash flow statement (unaudited)

(EUR '000)

* € 1,000	Actual 2018	Actual 2017
Cash flow from operating activities
Result before tax	32,449	14,583
Adjustments for:
Depreciation and amortisation	7,385	7,994
Interest income	-540	-680
Interest expense	778	144
Share of loss/(profit) from associates	676	1,744
Other non-cash expenses	45	909
Share based payments	-498	151
Changes in:
Receivables	-47,445	-3,482
Provisions	2,806	1,067
Long-term liabilities	754	1,156
Current liabilities	6,575	-134
	-37,310	-1,393
Income tax paid	-9,171	-7,936
Interest paid	-249	-57
Interest received	448	503
Cash flow from operating activities	-5,987	15,962
Cash flow from investing activities
Additions to property, plant and equipment	-1,988	-2,944
Additions to intangible fixed assets	-5,244	-2,887
Disposals of property, plant and equipment	44	16
Disposals of intangible assets	10	0
Acquisition of subsidiaries	0	-6,053
	-7,178	-11,868
Cash flow from financial operations
Issue of new shares	2,362	240
Dividend non-controlling interest	-625	-532
Dividend ordinary shareholders	-7,586	-20,172
	-5,849	-20,464
Total cash flow	-19,014	-16,370
Cash position at 1 January	125,668	149,233
Exchange rate fluctuations	-635	-7,195
Cash position at 31 December	106,019	125,668

Segment reporting (unaudited)

Reportable segments

(EUR '000)

	Revenue		Gross profit		EBIT
	2018	2017	2018	2017	2018	2017
Segments
DACH region	268,602	238,461	86,340	79,617	25,056	21,854
Netherlands	220,148	195,259	62,336	57,265	11,644	11,342
Australasia	113,945	102,401	9,899	8,956	-814	-12
Middle East & India	87,260	63,700	15,579	9,183	7,998	2,335
Rest of World	224,626	190,269	34,743	27,672	-1,461	-7,778
Unallocated	0	0	0	0	-8,356	-9,827
Total	914,581	790,090	208,897	182,693	34,067	17,914

Employees

The total number of direct and indirect employees with the group companies is set out below:

Average workforce:

		2017
Direct	Indirect	Direct	Indirect
			449
2,463	438	2,220	435
919	78	601	71
3,168	116	1,229	107
2,759	383	3,098	383
-	53	-	52
11,955	1,544	9,589	1,497
	2,646	2018 476 13,499	2,441 11,086

Workforce at 31 December:

	2018		2017
	Direct	Indirect	Direct	Indirect
DACH region	2,791	503	2,540	466
Netherlands	2,535	449	2,411	430
Australasia	889	79	734	80
Middle East & India	3,922	124	1,772	110
Rest of World	2,805	398	3,116	392
Unallocated	-	43	-	53
Total	12,942	1,596	10,573	1,531
Total workforce	14,538		12,104

Other segment information (unaudited)

(EUR '000)

Other segment information provides an overview of the activities with regard to our global vertical approach.

		Revenue
	2018	2017
Oil & Gas	259,442	255,527
Automotive	94,921	77,203
Engineering	322,310	280,861
Mining	55,994	23,256
Infrastructure	52,429	28,328
Other	129,612	124,915
	914,709	790,090