Preliminary Brunel Q4 and FY 2012 results

Friday, March 1, 2013

Preliminary 2012 results: Revenue growth full year 2012 of 26%.

Key points Q4 2012 

  • Revenue up 7% to € 312 million.
  • Gross margin at 16%, down from 19%.
  • EBIT down by 56% to € 8.7 million.

Key points FY 2012

  • Revenue up 26% to € 1,231 million and gross profit up by 14% to € 220 million.
  • Gross margin at 18%, down from 20% last year.
  • EBIT up 5% to € 67.9 million.
  • Proposed dividend € 1.00 per share (2011: € 0.90 per share).

Brunel International

(unaudited)

x € 1 million

Q4 2012

Q4 2011

Change %

FY 2012

FY 2011

Change %

Revenue

311.6

291.0

7%*

1,230.6

979.9

26%**

Gross Profit

50.2

55.1

-9%

220.0

193.6

14%

Gross margin

16.1%

18.9%

17.9%

19.8%

EBIT

8.7

20.1

-56%

67.9

64.4

5%

EBIT %

2.8%

6.9%

5.5%

6.6%

*     At constant currency 4%

**   At constant currency 19%

Q4 2012 results

General

During 2012 year-end closing process we have been confronted with overstatements of revenue and cost of sales reported by local management of the American region. The overstatement for the full year amounted to revenue € 16.8 million and EBIT of € 9.7 million of which on EBIT-level € 6.2 million and € 3.5 million related to 2012 and 2011 respectively. The full amounts have been adjusted accordingly in the Q4 2012 results.

In total we have incurred during Q4 2012 and full year 2012 the following exceptional items.

x € 1 million

Q4 2012

Full year 2012

American region

- of which relates to 2011

3.5

3.5

- of which relates to first three quarters of 2012

4.6

-

exceptional items

- Germany

1.1

1.9

- Oil & Gas division

1.1

2.0

- Corporate

0.4

1.4

The exceptional items are further explained in the sections below of this press release.

Jan Arie van Barneveld, CEO of Brunel International: “Brunel experienced a difficult quarter as a result of control issues and incidental costs. For me this is a disappointment. At the same time the business and the underlying trend of both revenue and profitability remained very good. There has been slight growth in The Netherlands. Our business in Germany and other European countries continued to grow strongly. According planning the Australian offshore projects activities decreased in Q4 and this has been more than offset by strong growth in the traditional Energy business. Despite all the issues Brunel’s business developed well.”

Outlook for 2013

Although the activity level for Offshore projects will be significantly lower in 2013 then in 2012, we expect the traditional Energy business growth will compensate and subsequently the total Oil & Gas division will generate low single digit growth. For The Netherlands we expect a flat revenue development and for Germany high single digit growth.

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