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