Brunel increased net turnover by 9% in first half of 2009 while
maintaining gross margin above 20% d
(Thomson Reuters ONE) - Brunel increased net turnover by 9% in first half of 2009 whilemaintaining gross margin above 20% despite a turbulent marketenvironmentAmsterdam, 21 August 2009Brunel International realised a turnover in the first half year 2009of ? 366 million, up 9% compared to the same period in 2008. Thegross profit amounted to ? 76 million compared to ? 82 million overlast 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 yearOver the first six months of 2009 Brunel International realised aturnover of ? 366.3 million, an increase of 9% compared to the sameperiod in 2008.The gross profit decreased by 7% from ? 81.6 million to ? 76.2million. As a percentage of turnover the gross margin remains above20%.The Ebit amounts to ? 23.2 million a decrease of 25% compared to thesame period in 2008. As a percentage of turnover it has decreasedfrom 9.3% over the first half year 2008 to 6.3% in 2009.Jan Arie van Barneveld, CEO of Brunel international: "Brunel has metthe challenges resulting from the current economic downturn evenbetter than expected. It is clear that the investments made in ourcommercial organisation are the explanation for this success.Although Brunel is faced with lower levels of business we remainconfident as we have continued to strengthen our market position. TheEnergy division especially continued to grow, despite lower levels ofactivity in the industry. This is a result of continuously investingin our organisation."Brunel International maintains its' strong balance sheet. Solvencyremains high with a rate over 60%.Both operational and net cash flow over the first half year arestrong.The average workforce of Brunel International increased by 4% to8,113 in the first six months compared to the first half of 2008.Brunel NetherlandsIn the Netherlands turnover level is ? 71.5 million, 4% less thanrealized in the same period in 2008.The gross profit decreased by 13% to ? 25.5 million in the first halfyear 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 didexperience a further decrease of demand in the second quarter. Theimpact on turnover is modest evidenced by only a 4% decrease versuslast year. The gross margin decreased more significantly as a resultof the decrease in productivity.The Ebit as a percentage of the turnover decreased from 18.5% in thefirst half of 2008 to 11.6% in this year. Given the current marketconditions we do consider this a strong Ebit level.Brunel GermanyOver the first six months of 2009 Brunel Germany realised a turnoverof ? 55.8 million which is almost ? 12 million less than during thesame period in 2008.Gross margin decreased from 37.9% of turnover in the first six monthsof 2008 to 32.1% in this year. Mainly as a result of the decrease ofthe 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 currentdownturn being an economy that is more based on production and morespecifically on the automotive industry. If we take into account theeffect of the sale of activities during 2008, total turnover ofBrunel Germany was down 8%. Due to the decrease in productivity,especially during the second quarter, the gross margin decreased to32.1% 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 asthe comparable period in 2008 but has been reduced compared to thesecond half of 2008.Brunel EnergyBrunel Energy realised an increase in turnover of 25% and in linewith this increase the gross profit increased by 27% to ? 30.5million. As the increase in overhead was limited the Ebit rosesharply to ? 14.5 million, representing 6.4% of turnover in the firsthalf 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 andcapacity continued to grow and realised a 25% growth in the firsthalf year of 2009 compared to the same period in 2008. Despite thefact that major players in the industry postponed some investments asa result of the financial crisis and the lower oil prices, BrunelEnergy managed to grow its customer base and outperform itscompetitors. We consider this performance the result of our effortsin strengthening the commercial organisation.Risk profileReference is made to our 2008 Annual Report (pages 23-27).Reassessment of earlier identified risks and the potential impact onoccurrence have not resulted in required changes in our Internal Riskmanagement and Control systems. The current economic downturn hasresulted in limited losses on uncollectable receivables and no majorchanges are required in our cash collection process.Outlook for 2009The Board of Directors expects the turnover level for the second halfof 2009 to be similar to that of the first half of the year. For thefull 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 inaccordance with IFRS (IAS 34), give a true and fair view of theassets, liabilities, financial position and profit or loss of BrunelInternational NV, and the undertakings included in the consolidationas a whole, and the semi-annual management report includes a fairreview of the information required pursuant to section 5:25d,subsections 8 and 9 of the Dutch Financial Markets Supervision Act(Wet op het financieel toezicht).For the full press release, please open the attached pdf file.Amsterdam, August 21, 2009,The Board of DirectorsJan Arie van Barneveld (CEO)Rob van der Hoek (CFO)For further information:Jan Arie van Barneveld CEO Brunel International tel.: +31(0)20 312 5081Rob van der Hoek CFO Brunel International tel.: +31(0)20 312 50 81http://hugin.info/132857/R/1336246/317934.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 21.08.2009 - 08:00 Uhr
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