Brunel Q1 results 2013

Wednesday, May 22, 2013

Brunel's revenue Q1 2013 up by 3%.

 

Brunel achieved a Q1 2013 revenue of € 296 million, up 3% compared to the same period in 2012. The gross profit amounted to € 52 million up compared to € 56 million over the same period last year.

The gross margin decreased from 19.4% to 17.7%.

The EBIT amount of € 13.5 million is 35% lower than in the first quarter of 2012.

Brunel International (unaudited)

 

 

 

X € 1 million

 

 

 

 

Q1 2013

Q1 2012

Change %

 

 

restated

 

Revenue

296.2

287.5

3%*

Gross profit

52.4

55.8

-6%

Gross margin

17.7%

19.4%

 

Ebit

13.5

20.8

-35%

Ebit %

4.5%

7.2%

 

Our division in Oil and Gas realised a revenue of € 201 million, an increase of 4% compared to the same period in 2012. Due to the completion of Kipper Tuna and Domgas, the revenue generated by the Offshore Construction Projects decreased to € 36 mln compared to € 66 mln in Q1 2012. Energy has, with a growth of 30%, been able to more than compensate this decrease, resulting in an overall growth in revenue for our Oil & Gas activities. The gross margin in Q1 2013 is 10.4%, down 0.7 ppt compared to 11.1% in the same period last year.

Brunel Europe performed well during this first quarter: total revenue amounted to € 95 million, a slight increase compared to the same period in 2012. Gross margin decreased to 33.0% compared to 36.3% in the first quarter in 2012, mainly due to the effect of less working days in Q1 2013.

In the Netherlands a revenue of € 39 million was realised, a decrease of 9% compared to the same period last year. The gross margin decreased to 31% compared to 35% in Q1 2012. In Germany revenue increased to € 49 million, up 12% compared to the same period in 2012. The gross margin in Q1 2012 decreased to 36.2% compared to the gross margin realised in the first quarter of 2012 at 39.9%.

Total overhead costs in this first quarter of 2012 amounted to € 39 million, up € 4 million compared to the same period in 2012, mainly due to one off expenses (€ 1 mln) and the investments of our internal organisation.

Jan Arie van Barneveld, CEO of Brunel International: "I’m pleased with how our organisation is performing in Europe, both in terms of turnover and profitability. In Energy we have grown by 30%, which has more than offset the already familiar developments in Offshore Construction Projects. It is reassuring that this growth also seems to be of a fairly structural nature. Our continued investment in expanding operations and strengthening our IT infrastructure will give us a strong basis for a future to which we can look forward with confidence."