Brunel International N.V.

Earnings Release • Feb 28, 2014

Appendix to the press release 28 February 2014 Full year 2013

Financial Highlights
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for the period ended 31 December (unaudited)
(x EUR 1,000)	2013	2012	%
Revenue	1,283,364	1,236,529	4%
Gross profit	230,679	223,364	3%
Operating profit (EBIT)	72,282	69,954	3%
Group result after tax	49,949	44,477	12%
Minority interest	-424	-362
Net income	49,525	44,115	12%
Gross profit as % of Revenue	18.0%	18.1%
Net result as % of Revenue	3.9%	3.6%
Workforce
Direct employees (average)	11,573	9,869	17%
Indirect employees (average)	1,500	1,350	11%
Total	13,073	11,219	17%
Direct employees (period end)	12,195	10,384	17%
Indirect employees (period end)	1,537	1,391	10%
Total	13,732	11,775	17%
Earnings per share (in euro)
Earnings per share for ordinary shareholders	2.04	1.85
Diluted earnings per share	2.03	1.85
Weighted average number of ordinary shares
for the purpose of basic earnings per share	24,269,937	23,856,687

Weighted average number of ordinary shares for the purpose of diluted earnings per share 24,349,937 23,901,437

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

(x EUR 1,000) Revenue 1,283,364 1,236,529 Direct personnel expenses 1,052,685 1,013,165 Gross profit 230,679 223,364 Indirect personnel expenses 98,863 95,953 Depreciation and amortisation 5,951 Other expenses 53,583 53,005 Total operating costs 158,397 153,410 Operating profit 72,282 69,954
	4,452
Financial income and expense 183	-561
Group result before tax 72,465 69,393
Tax 22,516 24,916
Net income 49,949 44,477
Attributable to :
Net income for ordinary shareholders 49,525 44,115
Minority interests 424	362
Net income 49,949 44,477

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

	2013	2012
(x EUR 1,000)
Net income	49,949	44,477
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
- Exchange differences arising on translation of foreign operations - Income tax relating to components of other	-18,773	-1,801
comprehensive income	561	61
Other comprehensive income (net of tax)	-18,212	-1,740
Total comprehensive income	31,737	42,737
Attributable to:
Ordinary shareholders	31,326	42,386
Minority interests	411	351
Total comprehensive income	31,737	42,737

Condensed consolidated balance sheet (unaudited)

		2013		2012
(x EUR 1,000)		31 December		31 December
Non-current assets
Goodwill	3,981		6,985
Other intangible assets	14,136		12,101
Property, plant and equipment	9,135		9,124
Deferred income tax assets	8,778		9,497
		36,030		37,707
Current assets net of current liabilities
Trade and other receivables	304,613		277,610
Income tax receivables	8,137		5,588
Cash and cash equivalents	89,671		98,628
Total current assets	402,421		381,826
Current liabilities	143,217		147,465
Income tax payables	13,089		6,216
Total current liabilities	156,306		153,681
Working capital		246,115		228,145
Non-current liabilities
Provisions	1,748
Deferred income tax liabilities	1,598		1,692
Long term liabilities external	706
		4,052		1,692
Group equity
Shareholders' equity	277,706		263,853
Minority interest	387		307
		278,093		264,160
Balance sheet total		438,451		419,533
Other balance sheet items / key figures
Current assets / current liabilities		2.57		2.48
Shareholders' equity / Balance sheet Total		63.3%		62.9%
Issued ordinary shares (x 1,000)		24,358		24,182

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

		2013			2012
(x EUR 1,000)	Shareholders' equity	Minority Interest	Group equity	Shareholders' equity	Minority Interest	Group equity
Balance at 1 January	263,853	307	264,160	232,752	194	232,946
Net income	49,525	424	49,949	44,115	362	44,477
Exchange differences arising on translation of foreign operations	-18,760	-13	-18,773	-1,790	-11	-1,801
Income tax relating to components of other comprehensive income	561		561	61		61
Total comprehensive income	31,326	411	31,737	42,386	351	42,737
Cash dividend Share based payments Option rights exercised	-24,270 2,804 3,993	-331	-24,601 2,804 3,993	-21,412 2,609 7,518	-238	-21,650 2,609 7,518
Balance at 31 December	277,706	387	278,093	263,853	307	264,160

Consolidated cash flow statement

for the period ended 31 December (unaudited)

(x EUR 1,000) 2013 2012

Cash flow from operational activities
Group result before tax	72,465	69,393
Adjustments for:
Depreciation and amortisation	5,951	4,452
Interest income	-176	-962
Interest expense	226	703
Other non-cash expenses	1,744	1,117
Share based payments	2,804	2,609
Changes in:
Receivables	-37,841	-27,304
Provisions	1,748
Long term liabilities	706
Current liabilities	-3,572	15,557
	44,055	65,565
Income tax paid	-16,045	-31,225
Cash flow from operational activities	28,010	34,340
Cash flow from investing activities
Additions to property, plant and equipment	-2,633	-2,814
Additions to software	-5,660	-4,568
Disposals of property, plant and equipment	52	10
Interest paid	-226	-703
Interest received	176	962
	-8,291	-7,113
Cash flow from financing activities
Issue of new shares	3,993	7,518
Dividend minority interest	-331	-238
Dividend ordinary shareholders	-24,270	-21,412
	-20,608	-14,132
Net cash flow	-889	13,095
Cash position at 1 January	98,628	86,034
Exchange rate fluctuations	-8,068	-501
Cash position at 31 December	89,671	98,628

Segment reporting (unaudited)

Reportable segments

		Revenue	Operating profit		Total assets
(x EUR 1,000)				FY
	FY 2013	FY 2012	FY 2013	2012	FY 2013	FY 2012
The Netherlands	160,062	161,894	15,079	19,476	53,319	55,693
Germany	201,527	183,697	27,917	21,992	55,721	50,296
Energy *	755,689	589,945	31,863	19,845	276,550	217,146
Projects	138,694	269,314	8,034	18,731	35,781	72,794
Other regions	27,392	31,679	(798)	(601)	17,080	23,604
Unallocated			(9,813)	(9,489)
	1,283,364	1,236,529	72,282	69,954	438,451	419,533

* Including in Energy revenue is EUR 15.4 mln (2012: EUR 10.7 mln) revenue generated in The Netherlands.

Employees

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

Average workforce

	2013		2012
	Direct	Indirect	Direct	Indirect
The Netherlands	1,830	319	1,810	326
Germany	2,194	399	2,035	384
Energy	6,741	670	4,875	495
Projects	472	32	762	28
Other regions	336	80	387	117
	11,573	1,500	9,869	1,350
Total workforce		13,073		11,219
Workforce at 31 December
	2013		2012
	Direct	Indirect	Direct	Indirect
The Netherlands	1,968	327	1,823	312
Germany	2,209	403	2,198	406
Energy	7,065	699	5,381	528

Other regions	327	77	394	116
	12,195	1,537	10,384	1,391
Total workforce		13,732		11,775

Projects 626 31 588 29

Segment reporting (unaudited)

Other segment information

	Revenue		Operating profit
(x EUR 1,000)	FY 2013	FY 2012	FY 2013	FY 2012
Engineering	297,372	288,510	37,248	34,287
Energy	894,383	858,621	39,897	38,575
ICT	45,951	46,836	3,761	3,859
Unallocated	45,658	42,562	(8,624)	(6,767)
	1,283,364	1,236,529	72,282	69,954

Employees

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

Average workforce

		FY 2013		FY 2012
	Direct	Indirect	Direct	Indirect
Engineering	3,350	511	3,231	562
Energy	7,213	702	5,637	523
ICT	529	75	530	75
Unallocated	481	212	471	190
	11,573	1,500	9,869	1,350
Total workforce		13,073		11,219

Workforce at 31 December	FY 2013		FY 2012
	Direct	Indirect	Direct	Indirect
Engineering	3,361	509	3,407	580
Energy	7,691	730	5,969	557
ICT	547	77	539	67
Unallocated	596	221	469	187
	12,195	1,537	10,384	1,391
Total workforce		13,732		11,775