CORRECTION Brunel Q3 2011 results

Wednesday, November 2, 2011

Brunel achieved a Q3 2011 turnover of € 244 million, up 42% compared to the same period in 2010. The gross profit amounted to € 49 million up from € 37 million over the same period last year.

The Q3 2011 gross margin decreased to 19.9% from 21.4% in the same period last year.

The EBIT amount of € 16.7 million is more than double the EBIT level realised in the third quarter of 2010.

Brunel International*

x € 1 million

Q3
2011

Q3
2010

Change %

YTD
Q3 2011

YTD
Q3 2009

Change %

Turnover

244.2

172.0

42.0 %

688.9

506.9

35.9 %**

Gross Profit

48.5

36.7

32.2 %

138.5

106.4

30.2 %

Gross margin

19.9 %

21.4 %

-1.5

20.1 %

21.0 %

-0.9

EBIT

16.7

8.2

104.2 %

44.3

24.3

82.8 %

EBIT %

6.8 %

4.8 %

2.0

6.4 %

4.8 %

1.6

* unaudited

** +37.6% at CC

Brunel Energy, active in the Global Oil and Gas market, realised a turnover of € 158 million, an increase of € 52 million (+49%) compared to the same period in 2010. The increase is for € 35 million attributable to the increased numbers of contractors employed on projects in Australia. During the third quarter two new projects commenced in the Australia region which, together with the increased activity at the project Kipper Tuna Turrum, accounted for this increase.

The gross margin amounts to 11% in Q3 2011 versus 13% in Q3 2010. This margin decrease is largely attributable to the increased share of the earlier mentioned lower margin project turnover. This also explains the lower gross margin ytd of 12%, which is 1% down versus last year.

Brunel Europe continued to perform well with continued turnover growth realised in all regions.

Brunel in The Netherlands realised a turnover of € 38 million in Q3 2011, an increase of 22% compared to the same period in 2010. The gross margin in Q3 2011 is 35%, versus 34% in the same period in 2010.

Brunel in Germany realised a turnover of € 41 million in Q3 2011, an increase of 42% compared to the same period in 2010.

Gross margin improved further to 40% in the third quarter of 2011, versus 38% in the same period in 2010.

Brunel in Belgium realised a turnover of € 6 million in Q3 2011, an increase of 17% compared to the same period in 2010. The gross margin realised is 22% in line with the third quarter in 2010.

The EBIT margin increased to 6.8% in Q3 2011 from 4.8% in Q3 2010 as a result of the higher turnover levels.

Jan Arie van Barneveld, CEO of Brunel International: "Our people have continued to perform excellent. Despite the turbulence in the economic environment we have been able to grow in all segments we are active in. The market conditions remain challenging, especially in Europe, but we continue to benefit from the investments made in our organisation worldwide."

Outlook 2011

We are confident that in the last quarter of this year we will continue to grow. For the European market we remain cautious going forward as the economic and monetary circumstances are still uncertain which may affect the markets we are active in.

The energy division is expected to have another solid fourth quarter with major projects in Australia contributing to the continuous growth. Both short term and longer term expectations remain very good.

We currently expect full year turnover to grow by at least 30% compared to 2010.

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