Brunel International N.V.

Annual Report • Feb 14, 2020

Appendix to the press release 14 February 2020 Full year 2019

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

	FY 2019	FY 2018	Δ%
Revenue	1,041,117	914,581	14%
Gross Profit EBIT	209,414 17,416	208,897 34,067	0% -49%
Group result after tax	133	21,530	-99%
Non-controlling interests	3,692	-959	485%
Net profit for the year	3,825	20,571	-81%
Gross profit as % of revenue	20.1%	22.8%	-
Net profit as % of revenue	0.4%	2.2%	-
Workforce
Average directs (average-YTD)	12,046	11,955	1%
Average indirects (average-YTD)	1,631	1,544	6%
Total	13,677	13,499	1%
Direct employees (period end)	11,352	12,942	-12%
Indirect employees (period end)	1,596	1,596	0%
Total	12,948	14,538	-11%
Earnings per share (in euro)
Earnings per share for ordinary shareholders	0.08	0.41
Diluted earnings per share	0.08	0.40
Dividend per share	0.30	0.25
Weighted average number of ordinary shares for the purpose of basic earnings per share	50,574,624	50,502,124
Weighted average number of ordinary shares for the purpose of diluted earnings per share	50,574,624	50,835,124

Condensed consolidated profit & loss account for the period ended 31 December (unaudited) (EUR '000)

	FY 2019	FY 2018	Δ%
Revenue	1,041,117	914,581	14%
Direct personnel expenses	831,703	705,684	18%
Gross Profit	209,414	208,897	0%
Staff expenses	123,448	110,778	11%
Depreciation and amortisation	23,605	7,385	220%
Other expenses	44,945	56,667	-21%
Total operating costs	191,998	174,830	10%
EBIT	17,416	34,067	-49%
Financial income and expenses	-977	-943	-4%
Share of profit of investments accounted for using the equity method	0	-676	100%
Group result before tax	16,439	32,449	-49%
Income tax	16,306	10,919	49%
Group result after tax	133	21,530	-99%
Attributable to:
Net profit attributable to equity holders of the parent (ordinary shares)	3,825	20,571	-81%
Net profit/loss attributable to non-controlling interest	-3,692	959	-485%
Net profit for the year	133	21,530	-99%

Condensed consolidated statement of comprehensive income for the period ended 31 December (unaudited)

(EUR '000)

	FY 2019	FY 2018
Net profit	133	21,530
Other comprehensive income/expense
Items that may be reclassified subsequently to profit or loss Exchange differences arising on translation of foreign operations	5,162	-1,035
Income tax relating to components of other comprehensive income	-57	-347
	5,105	-1,382
Items that will not be reclassified subsequently to profit or loss
Actuarial losses on defined benefit plans	-344	0
	-344	0
Total other comprehensive income/expense (net of tax)	4,761	-1,382
Total comprehensive income	4,894	20,148
Attributable to:
Ordinary shareholders	8,109	19,158
Non-controlling interest	-3,215	990
Total comprehensive income	4,894	20,148

Condensed consolidated balance sheet (unaudited) (EUR '000)

	31 December 2019		31 December 2018
Non-current assets
Goodwill	8,609		8,492
Other intangible assets	10,953		13,096
Property, plant and equipment	7,988		7,263
Right-of-use assets	40,670		-
Investments accounted for using
the equity method	-		-
Non-current restricted cash	7,293		11,056
Deferred income tax assets	13,417		14,428
Total non-current assets		88,930		54,335
Current assets
Trade and other receivables	261,075		243,939
Income tax receivables	2,844		2,284
Cash and cash equivalents	84,628		94,963
Total current assets		348,547		341,186
Total assets		437,477		395,521
Non-current liabilities
Provisions	5,163		4,476
Deferred income tax liabilities	317		397
Lease liability - non-current portion	27,595		-
Other non-current liabilities	-		1,324
Total non-current liabilities		33,075		6,197
Current liabilities
Lease liability - current portion	14,942		-
Other current liabilities	111,313		104,763
Income tax payables	4,312		1,122
Total current liabilities		130,567		105,885
Total liabilities		163,642		112,082
Net assets		273,835		283,439
Group equity
Share capital	1,517		1,517
Share premium	86,145		86,145
Reserves	186,743		174,533
Unappropriated result	3,825		20,571
Shareholders' equity		278,230		282,766
Non-controlling interest	-4,395		673
Total equity		273,835		283,439

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

	2019			2018
Balance at 31 December 2019	Attributable to ordinary shareholders 282,766	Non controlling interest 673	Total 283,439	Attributable to ordinary shareholders 268,832	Non controlling interest 136	Total 268,968
Net profit/loss	3,825	-3,692	133	20,571	959	21,530
Exchange differences arising on translation of foreign operations	5,055	107	5,162	-1,066	31	-1,035
Actuarial losses	-344		-344
Liquidation loss on non controlling interests	-370	370	0
Income tax relating to components of other comprehensive income/expense	-57		-57	-347		-347
Total comprehensive income/expense	8,109	-3,215	4,894	19,158	990	20,148
Issue of shares	-	0	0 0		172	172
Cash dividend Appropriation of result Share based payments	-12,645 - -	-1,853	-14,498 0 0	-7,586 - -	-625	-8,211 0 0
Option rights exercised	-		0	2,362		2,362
Balance at 31 December 2019	278,230	-4,395	273,835	282,766	673	283,439

Condensed consolidated Cash flow statement (unaudited)

(EUR '000)

	2019	2018
Cash flow from operating activities
Result before tax	16,439	32,449
Adjustments for:
Depreciation and amortisation (15)	23,605	7,385
Interest income	-621	-540
Interest expense	1,028	778
Share of loss/(profit) from associates (5)	0	676
Other non-cash expenses (21)	2,102	45
Share based payments (12)	96	-498
Changes in:
Receivables (19)	-15,185	-47,445
Provisions (8)	687	2,806
Other non-current liabilities (9)	1,324	754
Other current liabilities (20)	3,686	6,575
	-9,488	-37,310
Income tax paid (17)	-12,543	-9,171
Interest paid	-1,055	-249
Interest received	443	448
Cash flow generated from operating activities	20,006	-5,987
Cash flow from investing activities
Additions to property, plant and equipment (3)	-3,696	-1,988
Additions to intangible fixed assets (2)	-2,849	-5,244
Disposals of property, plant and equipment (3)	508	44
Disposals of intangible assets (2)	62	10
Cash flow used in investing activities	-5,975	-7,178
Cash flow from financing activities
Issue of new shares	0	2,362
Dividend non-controlling interest (11)	-1,853	-625
Dividend ordinary shareholders (11)	-12,645	-7,586
Principal elements of lease payments	-15,189	0
Cash flow used in financing activities	-29,687	-5,849
Total cash flow	-15,656	-19,014
Cash position at 1 January	106,019	125,668
Exchange rate fluctuations	1,558	-635
Cash position at 31 December	91,921	106,019

Segment reporting (unaudited)

Reportable segments

(EUR '000)

	Revenue		Contribution margin		Operating profit
	2019	2018	2019	2018	2019	2018
Segments
DACH region	284,324	268,602	92,616	86,340	27,144	25,056
Netherlands	206,779	220,148	55,726	62,336	9,718	11,644
Australasia	118,963	113,945	9,827	9,899	-1,612	-814
Middle East & India	117,407	87,260	20,831	15,579	11,048	7,998
Americas	104,089	73,698	13,370	9,227	-810	-1,131
Rest of World	167,813	131,809	27,170	22,636	1,330	1,579
Unallocated	0	0	0	0	-7,205	-8,356
Subtotal	999,375	895,462	219,540	206,017	39,613	35,976
BIS	41,742	19,119	-10,126	2,880	-22,197	-1,909
Total	1,041,117	914,581	209,414	208,897	17,416	34,067

Employees

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

Average workforce:

	2019			2018
	Direct	Indirect	Direct	Indirect
DACH region	2,697	513	2,646	476
Netherlands	2,242	409	2,463	438
Australasia	922	85	919	78
Middle East & India	3,215	137	3,168	116
Americas	861	127	648	98
Rest of World	1,856	287	2,025	276
Unallocated	-	53	-	53
Subtotal	11,793	1,611	11,869	1,535
BIS	253	20	86	9
Total workforce	13,677		13,499

Workforce at 31 December:

	2019		2018
	Direct	Indirect	Direct	Indirect
DACH region	2,603	512	2,791	503
Netherlands	2,136	379	2,535	449
Australasia	974	84	889	79
Middle East & India	2,621	139	3,922	124
Americas	856	124	682	114
Rest of World	2,090	289	1,805	273
Unallocated	-	57	-	43
Subtotal	11,280	1,584	12,624	1,585
BIS	72	12	318	11
Total workforce	12,948		14,538