Key points Q4 2020
- EBIT increased substantially to EUR 9.8 million helped by continued strong cost control resulting in 21% cost reduction
- Revenue stable vs Q3-20, despite seasonality effects
Key points full year 2020
- EBIT of EUR 28.8 million driven by 15% lower cost base
- Revenue down 14% due to Covid-19 related impact on global demand for flexible workforce solutions
- Free cash flow of EUR 68 million resulting in an increase of net cash to EUR 155 million
- Earnings per share of EUR 0.31 with a proposed dividend of EUR 0.30 (pay-out: 99%) over the 2020 financial year
- Capital markets day planned in H1 2021 as Brunel gears up for the next phase of development and growth post-Covid
Jilko Andringa, CEO of Brunel International N.V.: “We finished the year strong, thanks to the enormous flexibility and hard work of all Brunellers around the world. In a year with revenues severely under pressure due to Covid-19, we have truly shown agility and resilience. After putting in place strict cost control and cash preservation measures, we have worked hard to improve our gross margins and deliver higher value added services. We also made progress in our diversification strategy reducing our dependency on the Oil & Gas market. Our organizational discipline has truly been tested in 2020 and along the way we have further improved this capability resulting in a high quality, future ready, lean and agile organization. In the last quarter of 2020, we were able to stop the downward trend in the month over month revenue development. Despite the ongoing limitations we experience in almost all our markets, the recruitment and client activities are high and we see a positive trend in our pipeline. When the world opens up in 2021, we expect to return to top line growth and increased profitability.”
P&L amounts in EUR million |
|||||||||
Q4 2020 |
Q4 2019 |
Δ% |
FY 2020 |
FY 2019 |
Δ% |
||||
Revenue |
209.3 |
257.1 |
-19% |
a |
892.6 |
1,041.1 |
-14% |
b |
|
Gross Profit |
48.3 |
47.5 |
2% |
191.4 |
209.4 |
-9% |
|||
Gross margin |
23.1% |
18.5% |
21.4% |
20.1% |
|||||
Operating costs |
38.5 |
49.0 |
-21% |
c |
162.6 |
192.0 |
-15% |
d |
|
EBIT |
9.8 |
-1.5 |
+743% |
28.8 |
17.4 |
65% |
|||
EBIT % |
4.7% |
-0.6% |
3.2% |
1.7% |
|||||
Average directs |
9,518 |
11,365 |
-16% |
10,227 |
12,046 |
-15% |
|||
Average indirects |
1,324 |
1,612 |
-18% |
1,442 |
1,631 |
-12% |
|||
Ratio direct / Indirect |
7.2 |
7.1 |
7.1 |
7.4 |
|||||
a -15.8 % like-for-like
b 12.7 % like-for-like
c -20.1 % like-for-like
d -14.4 % like-for-like
Like-for-like is measured excluding the impact of currencies and acquisitions
Q4 2020 and FY 2020 results by division
P&L amounts in EUR million
Summary:
Q4 2020 |
Q4 2019 |
Δ% |
FY 2020 |
FY 2019 |
Δ% |
||
DACH region |
53.5 |
66.6 |
-20% |
230.5 |
284.3 |
-19% |
|
The Netherlands |
47.9 |
51.1 |
-6% |
190.6 |
206.8 |
-8% |
|
Australasia |
25.4 |
30.6 |
-17% |
110.4 |
119.0 |
-7% |
|
Middle East & India |
24.7 |
32.3 |
-23% |
113.4 |
117.4 |
-3% |
|
Americas |
18.8 |
27.9 |
-33% |
88.3 |
104.1 |
-15% |
|
Rest of world |
38.8 |
46.9 |
-17% |
158.3 |
167.8 |
-6% |
|
Subtotal |
209.1 |
255.4 |
-18% |
891.5 |
999.4 |
-11% |
|
BIS |
0.2 |
1.7 |
-89% |
1.0 |
41.7 |
-98% |
|
Total |
209.3 |
257.1 |
-19% |
892.6 |
1041.1 |
-14% |
Q4 2020 |
Q4 2019 |
Δ% |
FY 2020 |
FY 2019 |
Δ% |
||
DACH region |
6.8 |
3.6 |
87% |
17.0 |
27.1 |
-37% |
|
The Netherlands |
4.0 |
2.7 |
48% |
11.8 |
9.7 |
22% |
|
Australasia |
0.3 |
-0.4 |
181% |
0.2 |
-1.6 |
111% |
|
Middle East & India |
2.3 |
3.3 |
-32% |
9.4 |
11.0 |
-15% |
|
Americas |
-0.3 |
-0.3 |
23% |
-2.2 |
-0.8 |
-172% |
|
Rest of world |
0.8 |
1.5 |
-48% |
3.7 |
1.3 |
181% |
|
Unallocated 1) |
-3.2 |
-1.5 |
-111% |
-9.6 |
-7.2 |
-34% |
|
Subtotal |
10.7 |
8.9 |
21% |
30.3 |
39.6 |
-24% |
|
BIS 2) |
-0.8 |
-10.4 |
-1.5 |
-22.2 |
93% |
||
Total |
9.8 |
-1.5 |
28.8 |
17.4 |
65% |
1) Unallocated Q4 includes an impairment of IT-assets of EUR 1 million.
2) The project of the water treatment plant project has been finalized and we have agreed the final settlement. This concludes the wind-down of BIS.
PERFORMANCE BY REGION
DACH (unaudited) |
|
|
|
|
|
|
|
|
|
P&L amounts in EUR million |
|
|
|
|
|
|
|
|
|
|
Q4 2020 |
Q4 2019 |
Δ% |
|
|
|
FY 2020 |
FY 2019 |
Δ% |
Revenue |
53.5 |
66.6 |
-20% |
|
|
|
230.5 |
284.3 |
-19% |
Gross Profit |
19.7 |
20.2 |
-3% |
|
|
|
74.9 |
92.6 |
-19% |
Gross margin |
36.7% |
30.3% |
|
|
|
|
32.5% |
32.6% |
|
Operating costs |
12.9 |
16.6 |
-22% |
|
|
|
57.9 |
65.5 |
-12% |
EBIT |
6.8 |
3.6 |
87% |
|
|
|
17.0 |
27.1 |
-37% |
EBIT % |
12.8% |
5.5% |
|
|
|
|
7.4% |
9.5% |
|
|
|
|
|
|
|
|
|
|
|
Average directs |
1,992 |
2,650 |
-25% |
|
|
|
2,148 |
2,697 |
-20% |
Average indirects |
392 |
517 |
-24% |
|
|
|
454 |
513 |
-12% |
Ratio direct / Indirect |
5.1 |
5.1 |
|
|
|
|
4.7 |
5.3 |
|
The DACH region includes Germany, Switzerland, Austria and Czech Republic.
Revenue
Despite the last quarter of the year being typically weaker than the third quarter due to seasonality effects, we were able to keep our headcount and revenue on a stable level in Q4 compared to Q3. Revenue per working day decreased by 23% YoY. We brought short-time working down from 200 specialists in Q3 to 130 specialists in Q4. The drop at the change of the year was comparable to previous years.
The headcount development in 2020 is as follows: