Brunel International N.V.

Quarterly Report • Mar 4, 2016

Appendix to the press release 4 March 2016 Full year 2015

Financial Highlights

	for the period ended 31 December (unaudited)
--	----------------------------------------------

	2015	2014	%
(x EUR 1,000)
Revenue	1,228,948	1,386,585	-11.4%
Gross profit	230,009	249,038	-7.6%
Operating profit (EBIT)	56,119	74,711	-24.9%
Result after tax	37,604	48,927	-23.1%
Minority interest	-482	-503
Net income	37,122	48,424	-23.3%
Gross profit as % of Revenue	18.7%	18.0%	0.7
Net result as % of Revenue	3.0%	3.5%	-0.5
Workforce
Direct employees (average)	10,894	12,101	-10.0%
Indirect employees (average)	1,601	1,624	-1.4%
Total	12,495	13,725	-9.0%
Direct employees (period end)	10,051	11,881	-15.4%
Indirect employees (period end)	1,503	1,668	-9.9%
Total	11,554	13,549	-14.7%
Earnings per share (in euro)
Earnings per share for ordinary shareholders	0.75	0.99
Diluted earnings per share	0.74	0.98
Weighted average number of ordinary shares
for the purpose of basic earnings per share	49,682,124	49,056,124
Weighted average number of ordinary shares
for the purpose of diluted earnings per share	50,003,124	49,506,124

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

	2015	2014
(x EUR 1,000)
Revenue	1,228,948	1,386,585
Direct personnel expenses	998,939	1,137,547
Gross profit	230,009	249,038
Indirect personnel expenses	107,833	109,720
Depreciation and amortisation	8,417	7,750
Other general and administrative expenses	57,640	56,857
Total operating costs	173,890	174,327
Operating profit	56,119	74,711
Financial income and expense Share of profit of investments accounted for using the equity	1,473	550
method	-928	110
Group result before tax	56,664	75,371
Tax	19,060	26,444
Net income	37,604	48,927
Attributable to :
Net income for ordinary shareholders	37,122	48,424
Minority interests	482	503
Net income	37,604	48,927

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

	2015	2014
(x EUR 1,000)
Net income	37,604	48,927
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Exchange differences arising on translation of foreign operations	9,397	15,303
Income tax relating to components of other comprehensive income	-825	-207
Other comprehensive income (net of tax)	8,572	15,096
Total comprehensive income	46,176	64,023
Attributable to:
Ordinary shareholders	45,630	63,517
Minority interests	546	506
Total comprehensive income	46,176	64,023

Condensed consolidated balance sheet (unaudited)

		31 December		31 December
(x EUR 1,000)		2015		2014
Non-current assets
Goodwill	4,218		4,104
Other intangible assets	13,043		15,219
Property, plant and equipment	10,729		9,570
Financial Assets	-		160
Deferred income tax assets	12,729		12,348
		40,719		41,401
Current assets
Trade and other receivables	253,627		323,956
Income tax receivables	5,010		2,145
Cash and cash equivalents	180,037		125,070
Total current assets		438,674		451,171
Total assets		479,393		492,572
Non-current liabilities
Provisions	712		856
Deferred income tax liabilities	1,561		2,338
Long term liabilities external	1,074		753
Total non-current liabilities		3,347		3,947
Current liabilities
Current liabilities	124,932		152,333
Income tax payables	3,387		8,023
Total current liabilities		128,319		160,356
Total liabilities		131,666		164,303
Net assets		347,727		328,269
Group equity
Share capital	1,499		1,481
Share premium	76,765		68,654
Reserves	231,885		209,244
Unappropriated result	37,122		48,424
Non-controlling interest	456		466
Total equity		347,727		328,269

		2015			2014
(x EUR 1,000)	Shareholders' equity	Minority Interest	Group equity	Shareholders' equity	Minority Interest	Group equity
Balance at 1 January	327,803	466	328,269	277,706	387	278,093
Net income	37,122	482	37,604	48,424	503	48,927
Exchange differences arising on translation of foreign operations Income tax relating to components of other	9,333	64	9,397	15,300	3	15,303
comprehensive income	-825	-	-825	-207	-	-207
Total comprehensive income	45,630	546	46,176	63,517	506	64,023
Cash dividend Appropriation of result Modification of share based	-34,884	-556	-35,440	-27,138	-427	-27,565
payment scheme	-1,383	-	-1,383	-	-	-
Share based payments	1,976	-	1,976	3,299	-	3,299
Option rights exercised	8,129	-	8,129	10,419	-	10,419
Balance at 31 December	347,271	456	347,727	327,803	466	328,269

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

Condensed consolidated cash flow statement

for the period ended 31 December (unaudited)

(x EUR 1,000)	2015	2014
Cash flow from operational activities
Result before tax	56,664	75,371
Adjustments for:
Depreciation and amortisation	8,417	7,750
Interest income	-333	-513
Interest expense	641	937
Share of loss /(profit from associates)	928	-110
Other non cash expenses	2,266	284
Share based payments	593	3,299
Changes in:
Receivables	78,287	95
Provisions	-144	-878
Long term liabilities	321	-
Current liabilities	-31,307	-1,061
	116,333	85,174
Income tax paid	-28,376	-28,867
Interest paid	-641	-937
Interest received	333	513
Cash flow from operational activities	87,649	55,883
Cash flow from investing activities
Additions to property, plant and equipment	-4,125	-3,064
Additions to software	-3,362	-5,974
Disposals of property, plant and equipment	271	-
Additions to financial fixed assets	-	-50
	-7,216	-9,088
Cash flow from financing activities
Issue of new shares
Dividend non-controlling interest	8,129	10,419
Dividend ordinary shareholders	-556	-427
	-34,884 -27,311	-27,138 -17,146
Total cash flow	53,122	29,649

Segment reporting (unaudited)

Reportable segments

		Revenue Operating profit Total Assets
	2015	2014	2015	2014	2015	2014
(x EUR 1,000)
Oil & Gas
Energy	696,648	806,040	20,711	36,555	274,467	312,620
Projects	117,048	175,643	8,329	12,962	28,018	43,208
Total Oil & Gas	813,696	981,683	29,040	49,517	302,485	355,828
Europe
Germany	196,412	201,707	19,434	24,079	56,858	52,643
Netherlands	188,437	175,372	15,444	11,812	61,600	53,045
Other regions	30,403	27,823	-525	-459	58,450	31,056
Total Europe	415,252	404,902	34,353	35,432	176,908	136,744
Unallocated	-	-	-7,274	-10,238	-	-
	1,228,948	1,386,585	56,119	74,711	479,393	492,572

* Including in Energy revenue is EUR 17.5 million (2014: EUR 24.7 million) revenue generated in The Netherlands.

Employees

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

Average workforce

	2015		2014
	Direct	Indirect	Direct	Indirect
Oil & Gas
Energy	5,905	683	7,013	745
Projects	428	24	611	26
Total Oil & Gas	6,333	707	7,624	771
Europe
Germany	2,074	439	2,171	428
Netherlands	2,143	370	1,978	348
Other regions	344	85	328	77
Total Europe	4,561	894	4,477	853
	10,894	1,601	12,101	1,624
Total workforce		12,495		13,725

Workforce at 31 December

	2015		2014
	Direct	Indirect	Direct	Indirect
Oil & Gas
Energy	5,046	595	6,806	756
Projects	202	19	511	28
Total Oil & Gas	5,248	614	7,317	784
Europe
Germany	2,139	426	2,146	454
Netherlands	2,334	377	2,072	356
Other regions	330	86	346	74
Total Europe	4,803	889	4,564	884
	10,051	1,503	11,881	1,668
Total workforce		11,554		13,549

Other segment information

		Revenue		Operating profit
	2015	2014	2015	2014
(x EUR 1,000)
Engineering	290,860	297,626	26,121	31,079
Oil & Gas	813,696	981,683	29,040	49,517
ICT	58,188	50,653	4,233	3,349
Unallocated	66,204	56,623	-3,275	-9,234
	1,228,948	1,386,585	56,119	74,711

Employees

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

Average workforce

	2015		2014
	Direct	Indirect	Direct	Indirect
Engineering	3,101	598	3,190	525
Oil & Gas	6,333	707	7,624	771
ICT	660	102	579	83
Unallocated	800	194	708	245
	10,894	1,601	12,101	1,624
Total workforce		12,495		13,725

Workforce at 31 December	2015		2014
	Direct	Indirect	Direct	Indirect
Engineering	3,155	585	3,141	549
Oil & Gas	5,248	614	7,317	784
ICT	739	107	606	89
Unallocated	909	197	817	246
	10,051	1,503	11,881	1,668
Total workforce		11,554		13,549