Brunel International N.V.

Quarterly Report • Aug 21, 2009

Press Release

Brunel increased net turnover by 9% in first half of 2009 while maintaining gross margin above 20% despite a turbulent market environment

Amsterdam, 21 August 2009

Brunel International realised a turnover in the first half year 2009 of € 366 million, up 9% compared to the same period in 2008. The gross profit amounted to € 76 million compared to € 82 million over last year. The gross margin decreased from 24% to 21% and the EBIT amounted to € 23 million compared to € 31 million over the first half year 2008.

Brunel International
All amounts in € million
	H1 2009	H1 2008	Change %
Net Turnover	366.3	336.5	9%
Gross Profit	76.2	81.6	-7%
Gross margin	20,8%	24.2%
Ebit	23.2	31.2	-25%
Ebit %	6.3%	9.3%

Highlights 1st half 2009:

• Overall turnover growth for the period is 9%
• Gross margin at 20.8%
• EBIT lower at 6.3%
• Brunel Netherlands; turnover down 4%
• Brunel Germany; turnover down 17%
• Brunel Energy; turnover up 25%
• Operational cash flow; € 22.9 million up from € 5.1 last year

Over the first six months of 2009 Brunel International realised a turnover of € 366.3 million, an increase of 9% compared to the same period in 2008.

The gross profit decreased by 7% from € 81.6 million to € 76.2 million. As a percentage of turnover the gross margin remains above 20%.

The Ebit amounts to € 23.2 million a decrease of 25% compared to the same period in 2008. As a percentage of turnover it has decreased from 9.3% over the first half year 2008 to 6.3% in 2009.

Jan Arie van Barneveld, CEO of Brunel international: "Brunel has met the challenges resulting from the current economic downturn even better than expected. It is clear that the investments made in our commercial organisation are the explanation for this success. Although Brunel is faced with lower levels of business we remain confident as we have continued to strengthen our market position. The Energy division especially continued to grow, despite lower levels of activity in the industry. This is a result of continuously investing in our organisation."

Brunel International maintains its' strong balance sheet. Solvency remains high with a rate over 60%. Both operational and net cash flow over the first half year are strong.

The average workforce of Brunel International increased by 4% to 8,113 in the first six months compared to the first half of 2008.

Brunel Netherlands

In the Netherlands turnover level is € 71.5 million, 4% less than realized in the same period in 2008. The gross profit decreased by 13% to € 25.5 million in the first half year 2009 compared to the same period in 2008.

Brunel Netherlands
All amounts in € million
	H1 2009	H1 2008	Change %
Net Turnover	71.5	74.8	-4%
Gross Profit	25.5	29.4	-13%
Gross margin	35.7%	39.3%
Ebit	8.3	13.8	-40%
Ebit %	11.6%	18.5%

As a result of the current economic downturn Brunel Netherlands did experience a further decrease of demand in the second quarter. The impact on turnover is modest evidenced by only a 4% decrease versus last year. The gross margin decreased more significantly as a result of the decrease in productivity.

The Ebit as a percentage of the turnover decreased from 18.5% in the first half of 2008 to 11.6% in this year. Given the current market conditions we do consider this a strong Ebit level.

Brunel Germany

Over the first six months of 2009 Brunel Germany realised a turnover of € 55.8 million which is almost € 12 million less than during the same period in 2008.

Gross margin decreased from 37.9% of turnover in the first six months of 2008 to 32.1% in this year. Mainly as a result of the decrease of the gross margin the Ebit fell to a breakeven level.

Brunel Germany
All amounts in € million
	H1 2009	H1 2008	Change %
Net Turnover	55.8	67.3	-17%
Gross Profit	17.9	25.5	-30%
Gross margin	32.1%	37.9%
Ebit	0.2	7.7	-97%
Ebit %	0,4%	11.4%

The German economy has been considerably exposed to the current downturn being an economy that is more based on production and more specifically on the automotive industry. If we take into account the effect of the sale of activities during 2008, total turnover of Brunel Germany was down 8%. Due to the decrease in productivity, especially during the second quarter, the gross margin decreased to 32.1% which is almost 6% points lower than the same period last year.

Overhead cost in the first six months of 2009 is at the same level as the comparable period in 2008 but has been reduced compared to the second half of 2008.

Brunel Energy

Brunel Energy realised an increase in turnover of 25% and in line with this increase the gross profit increased by 27% to € 30.5 million. As the increase in overhead was limited the Ebit rose sharply to € 14.5 million, representing 6.4% of turnover in the first half year 2009.

Brunel Energy All amounts in € million
	H1 2009	H1 2008	Change %
Net Turnover	228.0	181.7	25%
Gross Profit	30.5	23.9	27%
Gross margin	13.4%	13.2%
Ebit	14.5	9.3	55%
Ebit %	6.4%	5.1%

Brunel Energy, the leading global supplier of technical expertise and capacity continued to grow and realised a 25% growth in the first half year of 2009 compared to the same period in 2008. Despite the fact that major players in the industry postponed some investments as a result of the financial crisis and the lower oil prices, Brunel Energy managed to grow its customer base and outperform its competitors. We consider this performance the result of our efforts in strengthening the commercial organisation.

Risk profile

Reference is made to our 2008 Annual Report (pages 23 – 27). Reassessment of earlier identified risks and the potential impact on occurrence have not resulted in required changes in our Internal Risk management and Control systems. The current economic downturn has resulted in limited losses on uncollectable receivables and no major changes are required in our cash collection process.

Outlook for 2009

The Board of Directors expects the turnover level for the second half of 2009 to be similar to that of the first half of the year. For the full year we expect to achieve an Ebit in excess of € 40 million.

The Board of Directors declares that, to the best of their knowledge, the semi-annual financial statements, which have been prepared in accordance with IFRS (IAS 34), give a true and fair view of the assets, liabilities, financial position and profit or loss of Brunel International NV, and the undertakings included in the consolidation as a whole, and the semi-annual management report includes a fair review of the information required pursuant to section 5:25d, subsections 8 and9 of the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht)

Amsterdam, August 21, 2009,

The Board of Directors

Jan Arie van Barneveld (CEO)

Rob van der Hoek (CFO)

	---------------------------------------------------------------------------------------------------------------------------
For further information:
Jan Arie van Barneveld	CEO Brunel International	tel.: +31(0)20 312 50 81
Rob van der Hoek	CFO Brunel International	tel.: +31(0)20 312 50 81

Brunel International N.V. is an international service provider specialised in the flexible deployment of knowledge and capacity in the fields of Engineering, Oil & Gas, Aerospace, Automotive, Rail, ICT, Finance, Legal and Insurance & Banking. Services are provided in the form of Project Management, Secondment and Consultancy. Incorporated in 1975, Brunel has since become a global company with over 8,000 employees and an annual turnover of € 714 million. The company is listed at Euronext Amsterdam N.V. For more information on Brunel International visit our website www.brunelinternational.com

Financial Calendar

21 August 2009	Half year results 2009 (before start of trading)
4 November 2009	Trading update Q3 2009 (before start of trading)

Certain statements in this document concern prognoses about the future financial condition and the results of operations of Brunel International NV 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.

Appendix to press release 21 August 2009 Interim figures 1st half 2009

• Financial Highlights
• for the period ended 30 June (unaudited)

	2009	2008	%
(X € 1,000)	H1	H1
Net turnover	366,318	336,498	8.9%
Gross profit	76,167	81,588	-6.6%
Operating profit (ebit)	23,245	31,177	-25.4%
Result after tax	17,265	22,986	-24.9%
Result participations	0	17
Net income	17,265	23,003	-24.9%
Gross profit as % of net turnover Net result as % of net turnover (excluding result	20.8%	24.2%	-3.4
participations)	4.7%	6.8%	-2.1
Workforce
Direct employees (average)	7,010	6,830	2.6%
Indirect employees (average)	1,103	1,005	9.8%
Total	8,113	7,835	3.5%
Direct employees (period end)	6,800	7,178	-5.3%
Indirect employees (period end)	1,055	1,051	0.4%
Total	7,855	8,229	-4.5%

Earnings per share (in Euros)

Earnings per share for ordinary shareholders	0.75	1.00
Earnings per share (excluding result participations)	0.75	1.00
Diluted earnings per share	0.74	1.00

Condensed consolidated income statement for the period ended 30 June (unaudited)

	2009	2008
(X € 1,000)	H1	H1
Net turnover	366,318	336,498
Direct personnel expenses	290,151	254,910
Gross profit	76,167	81,588
Indirect personnel expenses	33,330	31,195
Depreciation property, plant and equipment	1,458	1,494
Other general and administrative expenses	18,134	17,722
Total operating costs	52,922	50,411
Operating profit	23,245	31,177
Interest income	1,126	409
Result before tax	24,371	31,586
Tax	7,106	8,600
Result after tax	17,265	22,986
Result participations	0	17
Net income	17,265	23,003
Attributable to :
Net income for ordinary shareholders	16,987	22,753
Minority interests	278	250
Net income	17,265	23,003

Condensed consolidated statement of comprehensive income for the period ended 30 June (unaudited)

	Six months ended
(X € 1,000)	30/6/09	30/6/08
Net income	17,265	23,003
Other comprehensive income
Exchange differences arising on translation of foreign operations	1,183	-5,705
Income tax relating to components of other comprehensive income	-79	817
Other comprehensive income (net of tax)	1,104	-4,888
Total comprehensive income	18,369	18,115
Attributable to:
Ordinary shareholders Minority interests	18,091 278	17,865 250
Total comprehensive income	18,369	18,115

Condensed consolidated balance sheet (unaudited)

(X € 1,000)	2009 June 30		2008 December 31
Fixed assets
Goodwill	3,959		3,967
Software	728		789
Property, plant and equipment	7,362		7,647
Financial Assets	36		36
Deferred income tax assets	5,910		5,089
Other non-current assets	2,100		2,100
		20,095		19,628
Current assets
Trade and other receivables	168,803		173,525
Income tax receivables	6,374		1,945
Cash	44,997		40,312
Total current assets	220,174		215,782
Current liabilities	70,310		65,875
Income tax payables	5,928		5,287
Total current liabilities	76,238		71,162
Working capital		143,936		144,620
Non-current liabilities
Deferred income tax liabilities		460		460
		163,571		163,788
Group equity
Shareholders' equity	163,154		162,727
Minority interest	417		1,061
		163,571		163,788
Balance sheet total		240,269		235,410
Other balance sheet items / key figures
Current assets / current liabilities		2.89		3.03
Shareholders' equity / Balance sheet Total		68.1%		69.6%
Issued ordinary shares (x 1,000)		23,109		22,884

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

(X € 1,000)		2009			2008
	Shareholders'	Minority	Group	Shareholders'	Minority	Group
	equity	Interest	equity	equity	Interest	equity
Balance at 1 January	162,727	1,061	163,788	134,890	557	135,447
Net income	16,987	278	17,265	22,754	250	23,004
Exchange differences arising on translation of foreign operations	1,183	0	1,183	-5,705	0	-5,705
Income tax relating to components of other comprehensive income	-79	0	-79	817	0	817
Total comprehensive income	18,091	278	18,369	17,866	250	18,116
Cash dividend	-18,417	-600	-19,017	-15,998	-248	-16,246
Appropriation of result	0	0	0	0	0	0
Share based payments	375	0	375	475	0	475
Option rights exercised	1,756	0	1,756	689	0	689
Issue of share capital	0	0	0	0	0	0
Acquisition of minority interest	-1,378	-322	-1,700	0	0	0
Balance at 30 June	163,154	417	163,571	137,922	560	138,481

Condensed consolidated cash flow statement for the period ended 30 June (unaudited)

(X € 1,000)	2009	2008
	H1	H1
Result before tax	24,371	31,586
Adjustments for:
Depreciation	1,458	1,494
Interest income	-1,126	-409
Other non-cash expense	399	606
Share based payments	375	475
Changes in:
Receivables	4,968	-20,858
Current liabilities	4,435	582
Cash flow from operations	34,880	13,476
Taxes	-11,989	-8,392
Cash flow from operational activities	22,891	5,084
Additions to property, plant and equipment	-967	-1,635
Additions to software	-198	-128
Disposals of property, plant and equipment	53	100
Joint ventures	0	0
Acquisitions	-1,700	0
Interest income	1,126	409
Cash flow from investments	-1,686	-1,254
Option rights exercised	1,756	689
Disposals of participations	0	0
Minority interest	-600	-237
Dividend	-18,417	-15,998
Cash flow from financial operations	-17,261	-15,546
Net cash flow	3,944	-11,716
Cash position at start of financial period	40,312	39,665
Net cash flow	3,944	-11,716
Exchange rate fluctuations	741	-1,776
Cash position at end of financial period	44,997	26,173

Notes to the condensed consolidated financial statements

for the period ended 30 June 2009

Basis of preparation

The condensed financial statements have not been prepared in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting.

Significant accounting policies

The condensed financial statements have been prepared under the historical cost convention. The same accounting policies, presentation and methods of computation have been followed in these condensed financial statements as were applied in the preparation of the Group's financial statements for the year ended 31 december 2008, except for the impact of the adoption of the Standards and Interpretations described below.

IAS 1 Presentation of Financial Statements

The revised Standard has introduced a number of terminology changes (including revised titles for the condensed financial statements) and has resulted in a number of changes in presentation and disclosure. However, the revised Standard has had no impact on the reported results or financial position of the Group.

Income tax charge

Interim period income tax is accrued based on the estimated average annual effective income tax rate of 27.6% (period ended 30 June 2008: 27,2%)

Share capital

The authorised share capital is € 5,000,000, divided into one priority share with a nominal value of € 10,000 and 99.8 million ordinary shares with a nominal value of € 0.05. The subscribed capital consists of 22,975,979 ordinary shares.

Number of shares issued as at December 31, 2008	22,884,979
Shares issued in period ended June 30, 2009	224,333
Number of shares issued as at June 30, 2009	23,109,312

Dividend

During the interim period, a dividend of € 0.80 (2008: € 0.70) was paid to the shareholders.

Minority Interests

In March 2009 we acquired the remaining 10% in one of the group companies. The goodwill on the acquisition of this minority interest has been charged directly to shareholder's equity.

Earnings per share

The calculation of the basic and diluted earnings per share is based on the following data:

Events after the end of the reporting period

Per July 1, 2009 Brunel Netherlands acquired 100% of the shares in For all Finance.

Approval of interim financial statements

The interim financial statements were approved by the board of directors on August 20, 2009

Primary reporting segments (unaudited)

Geographical

	Turnover		Operating profit			Total Assets
	2009	2008	2009	2008	2009	2008
(X € 1,000)	H1	H1	H1	H1	H1	H1
Netherlands	71,504	74,805	8,263	13,842	33,264	47,411
Worldwide Energy	228,033	178,587	14,492	9,122	153,821	134,534
Germany	55,824	67,285	238	7,682	36,172	40,036
Other	10,957	15,821	323	1,051	10,168	5,961
Corporate	0	0	71-	520-	6,844	7,468
	366,318	336,498	23,245	31,177	240,269	235,410

Employees

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

Average workforce

	2009		2008
	H1		H1
	Direct	Indirect	Direct	Indirect
Netherlands	1,655	343	1,697	305
Worldwide Energy	3,639	388	3,340	350
Germany	1,450	328	1,500	305
Other regions	266	44	293	45
	7,010	1,103	6,830	1,005
Total workforce		8,113		7,835

Workforce at 30 June

	2009		2008
	Direct	Indirect	Direct	Indirect
Netherlands	1,511	327	1,749	323
Worldwide Energy	3,677	357	3,607	365
Germany	1,322	303	1,522	316
Other regions	290	68	300	47
	6,800	1,055	7,178	1,051
Total workforce		7,855		8,229

Secondary reporting segments (unaudited)

Professional	Turnover		Operating profit
specialisation	2009	2008	2009	2008
(X € 1,000)	H1	H1	H1	H1
Engineering	97,380	112,090	6,518	15,897
Energy	228,033	178,587	14,492	9,122
ICT	24,471	25,968	1,858	3,303
Unallocated	16,434	19,853	377	2,855
	366,318	336,498	23,245	31,177

Employees

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

Average workforce

	2009		2008
	H1		H1
	Direct	Indirect	Direct	Indirect
Engineering	2,418	458	2,478	453
Energy	3,679	387	3,340	350
ICT	565	89	573	79
Unallocated	348	169	439	123
	7,010	1,103	6,830	1,005
Total workforce		8,113		7,835

Workforce at 30 June	2009		2008
	Direct	Indirect	Direct	Indirect
Engineering	2,262	431	2,552	480
Energy	3,677	357	3,607	365
ICT	526	89	591	85
Unallocated	335	178	428	121
	6,800	1,055	7,178	1,051
Total workforce		7,855		8,229

Press Release

Brunel increased net turnover by 9% in first half of 2009 while maintaining gross margin above 20% despite a turbulent market environment

Amsterdam, 21 August 2009

Brunel International realised a turnover in the first half year 2009 of € 366 million, up 9% compared to the same period in 2008. The gross profit amounted to € 76 million compared to € 82 million over last year. The gross margin decreased from 24% to 21% and the EBIT amounted to € 23 million compared to € 31 million over the first half year 2008.

Brunel International
All amounts in € million
	H1 2009	H1 2008	Change %
Net Turnover	366.3	336.5	9%
Gross Profit	76.2	81.6	-7%
Gross margin	20,8%	24.2%
Ebit	23.2	31.2	-25%
Ebit %	6.3%	9.3%

Highlights 1st half 2009:

• Overall turnover growth for the period is 9%
• Gross margin at 20.8%
• EBIT lower at 6.3%
• Brunel Netherlands; turnover down 4%
• Brunel Germany; turnover down 17%
• Brunel Energy; turnover up 25%
• Operational cash flow; € 22.9 million up from € 5.1 last year

Over the first six months of 2009 Brunel International realised a turnover of € 366.3 million, an increase of 9% compared to the same period in 2008.

The gross profit decreased by 7% from € 81.6 million to € 76.2 million. As a percentage of turnover the gross margin remains above 20%.

The Ebit amounts to € 23.2 million a decrease of 25% compared to the same period in 2008. As a percentage of turnover it has decreased from 9.3% over the first half year 2008 to 6.3% in 2009.

Jan Arie van Barneveld, CEO of Brunel international: "Brunel has met the challenges resulting from the current economic downturn even better than expected. It is clear that the investments made in our commercial organisation are the explanation for this success. Although Brunel is faced with lower levels of business we remain confident as we have continued to strengthen our market position. The Energy division especially continued to grow, despite lower levels of activity in the industry. This is a result of continuously investing in our organisation."

Brunel International maintains its' strong balance sheet. Solvency remains high with a rate over 60%. Both operational and net cash flow over the first half year are strong.

The average workforce of Brunel International increased by 4% to 8,113 in the first six months compared to the first half of 2008.

Brunel Netherlands

In the Netherlands turnover level is € 71.5 million, 4% less than realized in the same period in 2008. The gross profit decreased by 13% to € 25.5 million in the first half year 2009 compared to the same period in 2008.

Brunel Netherlands
All amounts in € million
	H1 2009	H1 2008	Change %
Net Turnover	71.5	74.8	-4%
Gross Profit	25.5	29.4	-13%
Gross margin	35.7%	39.3%
Ebit	8.3	13.8	-40%
Ebit %	11.6%	18.5%

As a result of the current economic downturn Brunel Netherlands did experience a further decrease of demand in the second quarter. The impact on turnover is modest evidenced by only a 4% decrease versus last year. The gross margin decreased more significantly as a result of the decrease in productivity.

The Ebit as a percentage of the turnover decreased from 18.5% in the first half of 2008 to 11.6% in this year. Given the current market conditions we do consider this a strong Ebit level.

Brunel Germany

Over the first six months of 2009 Brunel Germany realised a turnover of € 55.8 million which is almost € 12 million less than during the same period in 2008.

Gross margin decreased from 37.9% of turnover in the first six months of 2008 to 32.1% in this year. Mainly as a result of the decrease of the gross margin the Ebit fell to a breakeven level.

Brunel Germany
All amounts in € million
	H1 2009	H1 2008	Change %
Net Turnover	55.8	67.3	-17%
Gross Profit	17.9	25.5	-30%
Gross margin	32.1%	37.9%
Ebit	0.2	7.7	-97%
Ebit %	0,4%	11.4%

The German economy has been considerably exposed to the current downturn being an economy that is more based on production and more specifically on the automotive industry. If we take into account the effect of the sale of activities during 2008, total turnover of Brunel Germany was down 8%. Due to the decrease in productivity, especially during the second quarter, the gross margin decreased to 32.1% which is almost 6% points lower than the same period last year.

Overhead cost in the first six months of 2009 is at the same level as the comparable period in 2008 but has been reduced compared to the second half of 2008.

Brunel Energy

Brunel Energy realised an increase in turnover of 25% and in line with this increase the gross profit increased by 27% to € 30.5 million. As the increase in overhead was limited the Ebit rose sharply to € 14.5 million, representing 6.4% of turnover in the first half year 2009.

Brunel Energy All amounts in € million
	H1 2009	H1 2008	Change %
Net Turnover	228.0	181.7	25%
Gross Profit	30.5	23.9	27%
Gross margin	13.4%	13.2%
Ebit	14.5	9.3	55%
Ebit %	6.4%	5.1%

Brunel Energy, the leading global supplier of technical expertise and capacity continued to grow and realised a 25% growth in the first half year of 2009 compared to the same period in 2008. Despite the fact that major players in the industry postponed some investments as a result of the financial crisis and the lower oil prices, Brunel Energy managed to grow its customer base and outperform its competitors. We consider this performance the result of our efforts in strengthening the commercial organisation.

Risk profile

Reference is made to our 2008 Annual Report (pages 23 – 27). Reassessment of earlier identified risks and the potential impact on occurrence have not resulted in required changes in our Internal Risk management and Control systems. The current economic downturn has resulted in limited losses on uncollectable receivables and no major changes are required in our cash collection process.

Outlook for 2009

The Board of Directors expects the turnover level for the second half of 2009 to be similar to that of the first half of the year. For the full year we expect to achieve an Ebit in excess of € 40 million.

The Board of Directors declares that, to the best of their knowledge, the semi-annual financial statements, which have been prepared in accordance with IFRS (IAS 34), give a true and fair view of the assets, liabilities, financial position and profit or loss of Brunel International NV, and the undertakings included in the consolidation as a whole, and the semi-annual management report includes a fair review of the information required pursuant to section 5:25d, subsections 8 and9 of the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht)

Amsterdam, August 21, 2009,

The Board of Directors

Jan Arie van Barneveld (CEO)

Rob van der Hoek (CFO)

	---------------------------------------------------------------------------------------------------------------------------
For further information:
Jan Arie van Barneveld	CEO Brunel International	tel.: +31(0)20 312 50 81
Rob van der Hoek	CFO Brunel International	tel.: +31(0)20 312 50 81

Brunel International N.V. is an international service provider specialised in the flexible deployment of knowledge and capacity in the fields of Engineering, Oil & Gas, Aerospace, Automotive, Rail, ICT, Finance, Legal and Insurance & Banking. Services are provided in the form of Project Management, Secondment and Consultancy. Incorporated in 1975, Brunel has since become a global company with over 8,000 employees and an annual turnover of € 714 million. The company is listed at Euronext Amsterdam N.V. For more information on Brunel International visit our website www.brunelinternational.com

Financial Calendar

21 August 2009	Half year results 2009 (before start of trading)
4 November 2009	Trading update Q3 2009 (before start of trading)

Certain statements in this document concern prognoses about the future financial condition and the results of operations of Brunel International NV 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.

Appendix to press release 21 August 2009 Interim figures 1st half 2009

• Financial Highlights
• for the period ended 30 June (unaudited)

	2009	2008	%
(X € 1,000)	H1	H1
Net turnover	366,318	336,498	8.9%
Gross profit	76,167	81,588	-6.6%
Operating profit (ebit)	23,245	31,177	-25.4%
Result after tax	17,265	22,986	-24.9%
Result participations	0	17
Net income	17,265	23,003	-24.9%
Gross profit as % of net turnover Net result as % of net turnover (excluding result	20.8%	24.2%	-3.4
participations)	4.7%	6.8%	-2.1
Workforce
Direct employees (average)	7,010	6,830	2.6%
Indirect employees (average)	1,103	1,005	9.8%
Total	8,113	7,835	3.5%
Direct employees (period end)	6,800	7,178	-5.3%
Indirect employees (period end)	1,055	1,051	0.4%
Total	7,855	8,229	-4.5%

Earnings per share (in Euros)

Earnings per share for ordinary shareholders	0.75	1.00
Earnings per share (excluding result participations)	0.75	1.00
Diluted earnings per share	0.74	1.00

Condensed consolidated income statement for the period ended 30 June (unaudited)

	2009	2008
(X € 1,000)	H1	H1
Net turnover	366,318	336,498
Direct personnel expenses	290,151	254,910
Gross profit	76,167	81,588
Indirect personnel expenses	33,330	31,195
Depreciation property, plant and equipment	1,458	1,494
Other general and administrative expenses	18,134	17,722
Total operating costs	52,922	50,411
Operating profit	23,245	31,177
Interest income	1,126	409
Result before tax	24,371	31,586
Tax	7,106	8,600
Result after tax	17,265	22,986
Result participations	0	17
Net income	17,265	23,003
Attributable to :
Net income for ordinary shareholders	16,987	22,753
Minority interests	278	250
Net income	17,265	23,003

Condensed consolidated statement of comprehensive income for the period ended 30 June (unaudited)

	Six months ended
(X € 1,000)	30/6/09	30/6/08
Net income	17,265	23,003
Other comprehensive income
Exchange differences arising on translation of foreign operations	1,183	-5,705
Income tax relating to components of other comprehensive income	-79	817
Other comprehensive income (net of tax)	1,104	-4,888
Total comprehensive income	18,369	18,115
Attributable to:
Ordinary shareholders Minority interests	18,091 278	17,865 250
Total comprehensive income	18,369	18,115

Condensed consolidated balance sheet (unaudited)

(X € 1,000)	2009 June 30		2008 December 31
Fixed assets
Goodwill	3,959		3,967
Software	728		789
Property, plant and equipment	7,362		7,647
Financial Assets	36		36
Deferred income tax assets	5,910		5,089
Other non-current assets	2,100		2,100
		20,095		19,628
Current assets
Trade and other receivables	168,803		173,525
Income tax receivables	6,374		1,945
Cash	44,997		40,312
Total current assets	220,174		215,782
Current liabilities	70,310		65,875
Income tax payables	5,928		5,287
Total current liabilities	76,238		71,162
Working capital		143,936		144,620
Non-current liabilities
Deferred income tax liabilities		460		460
		163,571		163,788
Group equity
Shareholders' equity	163,154		162,727
Minority interest	417		1,061
		163,571		163,788
Balance sheet total		240,269		235,410
Other balance sheet items / key figures
Current assets / current liabilities		2.89		3.03
Shareholders' equity / Balance sheet Total		68.1%		69.6%
Issued ordinary shares (x 1,000)		23,109		22,884

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

(X € 1,000)		2009			2008
	Shareholders'	Minority	Group	Shareholders'	Minority	Group
	equity	Interest	equity	equity	Interest	equity
Balance at 1 January	162,727	1,061	163,788	134,890	557	135,447
Net income	16,987	278	17,265	22,754	250	23,004
Exchange differences arising on translation of foreign operations	1,183	0	1,183	-5,705	0	-5,705
Income tax relating to components of other comprehensive income	-79	0	-79	817	0	817
Total comprehensive income	18,091	278	18,369	17,866	250	18,116
Cash dividend	-18,417	-600	-19,017	-15,998	-248	-16,246
Appropriation of result	0	0	0	0	0	0
Share based payments	375	0	375	475	0	475
Option rights exercised	1,756	0	1,756	689	0	689
Issue of share capital	0	0	0	0	0	0
Acquisition of minority interest	-1,378	-322	-1,700	0	0	0
Balance at 30 June	163,154	417	163,571	137,922	560	138,481

Condensed consolidated cash flow statement for the period ended 30 June (unaudited)

(X € 1,000)	2009	2008
	H1	H1
Result before tax	24,371	31,586
Adjustments for:
Depreciation	1,458	1,494
Interest income	-1,126	-409
Other non-cash expense	399	606
Share based payments	375	475
Changes in:
Receivables	4,968	-20,858
Current liabilities	4,435	582
Cash flow from operations	34,880	13,476
Taxes	-11,989	-8,392
Cash flow from operational activities	22,891	5,084
Additions to property, plant and equipment	-967	-1,635
Additions to software	-198	-128
Disposals of property, plant and equipment	53	100
Joint ventures	0	0
Acquisitions	-1,700	0
Interest income	1,126	409
Cash flow from investments	-1,686	-1,254
Option rights exercised	1,756	689
Disposals of participations	0	0
Minority interest	-600	-237
Dividend	-18,417	-15,998
Cash flow from financial operations	-17,261	-15,546
Net cash flow	3,944	-11,716
Cash position at start of financial period Net cash flow	40,312 3,944	39,665 -11,716
Exchange rate fluctuations	741	-1,776
Cash position at end of financial period	44,997	26,173

Notes to the condensed consolidated financial statements

for the period ended 30 June 2009

Basis of preparation

The condensed financial statements have not been prepared in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting.

Significant accounting policies

The condensed financial statements have been prepared under the historical cost convention. The same accounting policies, presentation and methods of computation have been followed in these condensed financial statements as were applied in the preparation of the Group's financial statements for the year ended 31 december 2008, except for the impact of the adoption of the Standards and Interpretations described below.

IAS 1 Presentation of Financial Statements

The revised Standard has introduced a number of terminology changes (including revised titles for the condensed financial statements) and has resulted in a number of changes in presentation and disclosure. However, the revised Standard has had no impact on the reported results or financial position of the Group.

Income tax charge

Interim period income tax is accrued based on the estimated average annual effective income tax rate of 27.6% (period ended 30 June 2008: 27,2%)

Share capital

The authorised share capital is € 5,000,000, divided into one priority share with a nominal value of € 10,000 and 99.8 million ordinary shares with a nominal value of € 0.05. The subscribed capital consists of 22,975,979 ordinary shares.

Number of shares issued as at December 31, 2008	22,884,979
Shares issued in period ended June 30, 2009	224,333
Number of shares issued as at June 30, 2009	23,109,312

Dividend

During the interim period, a dividend of € 0.80 (2008: € 0.70) was paid to the shareholders.

Minority Interests

In March 2009 we acquired the remaining 10% in one of the group companies. The goodwill on the acquisition of this minority interest has been charged directly to shareholder's equity.

Earnings per share

The calculation of the basic and diluted earnings per share is based on the following data:

Events after the end of the reporting period

Per July 1, 2009 Brunel Netherlands acquired 100% of the shares in For all Finance.

Approval of interim financial statements

The interim financial statements were approved by the board of directors on August 20, 2009

Primary reporting segments (unaudited)

Geographical

		Turnover		Operating profit		Total Assets
	2009	2008	2009	2008	2009	2008
(X € 1,000)	H1	H1	H1	H1	H1	H1
Netherlands	71,504	74,805	8,263	13,842	33,264	47,411
Worldwide Energy	228,033	178,587	14,492	9,122	153,821	134,534
Germany	55,824	67,285	238	7,682	36,172	40,036
Other	10,957	15,821	323	1,051	10,168	5,961
Corporate	0	0	71-	520-	6,844	7,468
	366,318	336,498	23,245	31,177	240,269	235,410

Employees

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

Average workforce

	2009		2008
		H1		H1
	Direct	Indirect	Direct	Indirect
Netherlands	1,655	343	1,697	305
Worldwide Energy	3,639	388	3,340	350
Germany	1,450	328	1,500	305
Other regions	266	44	293	45
	7,010	1,103	6,830	1,005
Total workforce		8,113		7,835

Workforce at 30 June

	2009		2008
	Direct	Indirect	Direct	Indirect
Netherlands	1,511	327	1,749	323
Worldwide Energy	3,677	357	3,607	365
Germany	1,322	303	1,522	316
Other regions	290	68	300	47
	6,800	1,055	7,178	1,051
Total workforce		7,855		8,229

Secondary reporting segments (unaudited)

Professional Turnover			Operating profit
specialisation	2009	2008	2009	2008
(X € 1,000)	H1	H1	H1	H1
Engineering	97,380	112,090	6,518	15,897
Energy	228,033	178,587	14,492	9,122
ICT	24,471	25,968	1,858	3,303
Unallocated	16,434	19,853	377	2,855
	366,318	336,498	23,245	31,177

Employees

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

Average workforce

	2009		2008
	H1		H1
	Direct	Indirect	Direct	Indirect
Engineering	2,418	458	2,478	453
Energy	3,679	387	3,340	350
ICT	565	89	573	79
Unallocated	348	169	439	123
	7,010	1,103	6,830	1,005
Total workforce		8,113		7,835

Workforce at 30 June	2009		2008
	Direct	Indirect	Direct	Indirect
Engineering	2,262	431	2,552	480
Energy	3,677	357	3,607	365
ICT	526	89	591	85
Unallocated	335	178	428	121
	6,800	1,055	7,178	1,051
Total workforce		7,855		8,229