Earnings Release • Nov 1, 2013
Earnings Release
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Amsterdam, 1 November 2013
** 7% at constant currencies
Brunel Oil and Gas realised a revenue of € 244 million, an increase of 8% compared to the same period last year. The increase is mainly driven by the Energy Division, which realised a revenue increase of 32%. Revenue in the Projects Division decreased by 44% as a result of the completion of the Kipper Tuna and Domgas projects in Q1 2013.
The gross margin in the Oil and Gas Division in Q3 2013 is 11.5%, up compared to the gross margin in the same period last year (10.8%) driven by a higher margin in the growing Energy Division compared to the Projects Division.
Brunel Europe continued to increase its revenue in Q3 this year. Total revenue this quarter amounted to € 99 million, an increase of € 3 million compared to the same period in 2012 and 4% up compared to the Q2 2013 revenue. Gross margin remained almost stable compared to Q3 2012 at 34.8%.
In the Netherlands a Q3 revenue of € 39 million was realised, an increase of 1% compared to the same period last year, mainly headcount driven. The gross margin in Q3 is 2.1 ppt below the gross margin in Q3 of last year.
In Germany revenue increased to € 53 million, up 9% compared to the same period in 2012. The gross margin of 38.6% in Q3 2013 is equal to the gross margin realised in the same quarter last year.
Total overhead costs in the third quarter of 2013 amount to € 40 million, an increase of 4% compared to the same period last year.
Ebit % is 6.6% in Q3 2013 compared to 6.1% in Q3 2012, mainly driven by the higher increase of revenue versus the operating costs.
Jan Arie van Barneveld, CEO of Brunel International N.V.:
"We are very happy to see a continued revenue growth of 6% in Q3 YoY. In Q3 all Brunel's business lines showed continued growth, except the Projects business line, which develops as expected."
The outlook for 2013 remains positive and we therefore reiterate the outlook as presented in the Q2 trading update: Brunel total 2013 revenue and EBIT will be in line with 2012. Due to a lower effective tax rate, this outlook results in an increase in net result of around 10%.
28 February, 2014 Publication of fourth quarter and annual results 1 May, 2014 General Meeting of Shareholders and trading update first quarter
Certain statements in this document concern prognoses about the future financial condition and the results of operations of Brunel International N.V. as well as plans and objectives. Obviously, such prognoses involve risks and a degree of uncertainty since they concern future events and depend on circumstances that will apply then. Many factors may contribute to the actual results and developments differing from the prognoses made in this document. These factors include general economic conditions, a shortage on the job market, changes in the demand for (flexible) personnel, changes in employment legislation, future currency and interest fluctuations, future takeovers, acquisitions and disposals and the rate of technological developments. These prognoses therefore apply only on the date on which the document was compiled.
P&L amounts in € million
| Q3 2013 | Q3 2012 (restated) |
Change % | YtD 2013 | YtD 2012 (restated) |
Change % | |
|---|---|---|---|---|---|---|
| Revenue | 343.0 | 322.3 | * 6% | 943.7 | 910.4 | ** 4% |
| Gross Profit Gross margin |
62.6 18.3% |
58.1 18.0% |
8% | 167.1 17.7% |
165.0 18.1% |
1% |
| Ebit Ebit % |
22.5 6.6% |
19.6 6.1% |
15% | 49.5 5.2% |
54.4 6.0% |
-9% |
| Average directs | 11,587 | 10,139 | 14% | 11,131 | 9,709 | 15% |
| Average indirects | 1,489 | 1,341 | 11% | 1,499 | 1,331 | 13% |
| Ratio direct / indirect | 7.8 | 7.6 | 7.4 | 7.3 |
* 10% at constant currencies
** 7% at constant currencies
| P&L amounts in € million | ||||||
|---|---|---|---|---|---|---|
| Q3 2013 | Q3 2012 | Change % | YtD 2013 | YtD 2012 | Change % | |
| (restated) | (restated) | |||||
| Revenue | 244.2 | 226.6 | 8% | 655.0 | 628.6 | 4% |
| Gross Profit | 28.2 | 24.5 | 15% | 71.8 | 67.9 | 6% |
| Gross margin | 11.5% | 10.8% | 11.0% | 10.8% | ||
| Ebit | 12.9 | 11.2 | 15% | 27.0 | 28.9 | -7% |
| Ebit % | 5.3% | 4.9% | 4.1% | 4.6% | ||
| Average directs | 7,215 | 5,830 | 24% | 6,810 | 5,545 | 23% |
| Average indirects | 684 | 532 | 29% | 695 | 524 | 33% |
| Ratio direct / indirect | 10.5 | 11.0 | 9.8 | 10.6 | ||
| Brunel Energy | ||||||
| (unaudited) | ||||||
| P&L amounts in € million | ||||||
| Q3 2013 | Q3 2012 | Change % | YtD 2013 | YtD 2012 | Change % | |
| (restated) | (restated) | |||||
| Revenue | 204.4 | 155.0 | 32% | 552.7 | 426.1 | 30% |
| Gross Profit | 24.1 | 18.1 | 33% | 62.3 | 49.3 | 26% |
| Gross margin | 11.8% | 11.7% | 11.3% | 11.6% | ||
| Ebit | 10.0 | 6.2 | 61% | 21.3 | 14.7 | 45% |
| Ebit % | 4.9% | 4.0% | 3.9% | 3.4% | ||
| Average directs | 6,695 | 5,068 | 32% | 6,354 | 4,763 | 33% |
| Average indirects | 646 | 490 | 32% | 657 | 483 | 36% |
| Ratio direct / indirect | 10.4 | 10.4 | 9.7 | 9.9 | ||
| Brunel Projects | ||||||
| (unaudited) | ||||||
| P&L amounts in € million | ||||||
| Q3 2013 | Q3 2012 | Change % | YtD 2013 | YtD 2012 | Change % | |
| (restated) | (restated) | |||||
| Revenue | 39.8 | 71.6 | -44% | 102.3 | 202.5 | -49% |
| Gross Profit | 4.1 | 6.4 | -36% | 9.5 | 18.6 | -49% |
| Gross margin | 10.3% | 8.9% | 9.3% | 9.2% | ||
| Ebit | 2.9 | 5.0 | -42% | 5.7 | 14.2 | -60% |
| Ebit % | 7.3% | 7.0% | 5.6% | 7.0% | ||
| Average directs | 521 | 763 | -32% | 456 | 782 | -42% |
| Average indirects | 32 | 30 | 7% | 32 | 28 | 16% |
| Ratio direct / indirect | 16.3 | 25.4 | 14.1 | 27.9 | ||
| Brunel Europe (unaudited) |
||||||
|---|---|---|---|---|---|---|
| P&L amounts in € million | ||||||
| Q3 2013 | Q3 2012 | Change % | YtD 2013 | YtD 2012 | Change % | |
| Revenue | 98.8 | 95.8 | 3% | 289.0 | 282.1 | 2% |
| Gross Profit | 34.4 | 33.6 | 2% | 95.2 | 97.1 | -2% |
| Gross margin | 34.8% | 35.1% | 32.9% | 34.4% | ||
| Ebit | 12.0 | 11.7 | 3% | 29.9 | 32.3 | -7% |
| Ebit % | 12.1% | 12.2% | 10.3% | 11.4% | ||
| Average directs | 4,372 | 4,309 | 1% | 4,321 | 4,163 | 4% |
| Average indirects | 788 | 782 | 1% | 791 | 780 | 1% |
| Ratio direct / indirect | 5.5 | 5.5 | 5.5 | 5.3 | ||
| Brunel Germany | ||||||
| (unaudited) | ||||||
| P&L amounts in € million | ||||||
| Q3 2013 | Q3 2012 | Change % | YtD 2013 | YtD 2012 | Change % | |
| Revenue | 53.3 | 48.7 | 9% | 152.0 | 136.2 | 12% |
| Gross Profit | 20.6 | 18.8 | 10% | 55.5 | 50.9 | 9% |
| Gross margin | 38.6% | 38.6% | 36.5% | 37.4% | ||
| Ebit | 8.6 | 7.2 | 19% | 21.0 | 17.9 | 17% |
| Ebit % | 16.1% | 14.8% | 13.8% | 13.1% | ||
| Average directs | 2,215 | 2,086 | 6% | 2,180 | 1,979 | 10% |
| Average indirects | 406 | 391 | 4% | 409 | 378 | 8% |
| Ratio direct / indirect | 5.5 | 5.3 | 5.3 | 5.2 | ||
| Brunel Netherlands (unaudited) |
||||||
| P&L amounts in € million | ||||||
| Q3 2013 | Q3 2012 | Change % | YtD 2013 | YtD 2012 | Change % | |
| Revenue | 39.1 | 38.7 | 1% | 116.2 | 121.3 | -4% |
| Gross Profit | 12.2 | 12.9 | -5% | 34.9 | 40.5 | -14% |
| Gross margin | 31.2% | 33.3% | 30.0% | 33.4% | ||
| Ebit | 3.6 | 4.6 | -22% | 9.4 | 14.5 | -35% |
| Ebit % | 9.2% | 11.9% | 8.1% | 12.0% | ||
| Average directs | 1,830 | 1,824 | 0% | 1,794 | 1,803 | 0% |
| Average indirects | 319 | 321 | -1% | 317 | 329 | -4% |
| Ratio direct / indirect | 5.7 | 5.7 | 5.7 | 5.5 |
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