Brunel International NV: Brunel increased net turnover by 9% in

first half of 2009 while maintaining gross margin above 20% despite a turbulent market environment  Brunel increased net turnover by 9% in first half of 2009 while maintaining gross margin above 20% despite a turbulent market environment  Amsterdam, 21 August 2009 Brunel International realised a turnover in the first half year 2009 of € 366 million, up 9% compared to the same period in 2008. The gross profit amounted to € 76 million compared to € 82 million over last year. The gross margin decreased from 24% to 21% and the EBIT amounted to € 23 million compared to € 31 million over the first half year 2008.  +-----------------------------------------------------------------+ | Brunel International     |         |   |         |   |          | |--------------------------+---------+---+---------+---+----------| | All amounts in € million |         |   |         |   |          | |--------------------------+---------+---+---------+---+----------| |                          | H1 2009 |   | H1 2008 |   | Change % | |--------------------------+---------+---+---------+---+----------| |                          |         |   |         |   |          | |--------------------------+---------+---+---------+---+----------| | Net Turnover             |   366.3 |   |   336.5 |   |    9%    | |--------------------------+---------+---+---------+---+----------| | Gross Profit             |    76.2 |   |    81.6 |   |   -7%    | |--------------------------+---------+---+---------+---+----------| | Gross margin             |   20,8% |   |   24.2% |   |          | |--------------------------+---------+---+---------+---+----------| | Ebit                     |    23.2 |   |    31.2 |   |   -25%   | |--------------------------+---------+---+---------+---+----------| | Ebit %                   |    6.3% |   |    9.3% |   |          | +-----------------------------------------------------------------+  Highlights 1st half 2009:  * Overall turnover growth for the period is 9%   * Gross margin at 20.8%   * EBIT lower at 6.3%   * Brunel Netherlands; turnover down 4%   * Brunel Germany; turnover down 17%   * Brunel Energy; turnover up 25%   * Operational cash flow; € 22.9 million up from € 5.1 last year  Over the first six months of 2009 Brunel International realised a turnover of € 366.3 million, an increase of 9% compared to the same period in 2008.  The gross profit decreased by 7% from € 81.6 million to € 76.2 million. As a percentage of turnover the gross margin remains above 20%.  The Ebit amounts to € 23.2 million a decrease of 25% compared to the same period in 2008. As a percentage of turnover it has decreased from 9.3% over the first half year 2008 to 6.3% in 2009.  Jan Arie van Barneveld, CEO of Brunel international: "Brunel has met the challenges resulting from the current economic downturn even better than expected. It is clear that the investments made in our commercial organisation are the explanation for this success. Although Brunel is faced with lower levels of business we remain confident as we have continued to strengthen our market position. The Energy division especially continued to grow, despite lower levels of activity in the industry. This is a result of continuously investing in our organisation."  Brunel International maintains its' strong balance sheet. Solvency remains high with a rate over 60%. Both operational and net cash flow over the first half year are strong.  The average workforce of Brunel International increased by 4% to 8,113 in the first six months compared to the first half of 2008.  Brunel Netherlands In the Netherlands turnover level is € 71.5 million, 4% less than realized in the same period in 2008. The gross profit decreased by 13% to € 25.5 million in the first half year 2009 compared to the same period in 2008.  +-----------------------------------------------------------------+ | Brunel Netherlands       |         |   |         |   |          | |--------------------------+---------+---+---------+---+----------| | All amounts in € million |         |   |         |   |          | |--------------------------+---------+---+---------+---+----------| |                          | H1 2009 |   | H1 2008 |   | Change % | |--------------------------+---------+---+---------+---+----------| |                          |         |   |         |   |          | |--------------------------+---------+---+---------+---+----------| | Net Turnover             |    71.5 |   |    74.8 |   |   -4%    | |--------------------------+---------+---+---------+---+----------| | Gross Profit             |    25.5 |   |    29.4 |   |   -13%   | |--------------------------+---------+---+---------+---+----------| | Gross margin             |   35.7% |   |   39.3% |   |          | |--------------------------+---------+---+---------+---+----------| | Ebit                     |     8.3 |   |    13.8 |   |   -40%   | |--------------------------+---------+---+---------+---+----------| | Ebit %                   |   11.6% |   |   18.5% |   |          | +-----------------------------------------------------------------+  As a result of the current economic downturn Brunel Netherlands did experience a further decrease of demand in the second quarter. The impact on turnover is modest evidenced by only a 4% decrease versus last year. The gross margin decreased more significantly as a result of the decrease in productivity. The Ebit as a percentage of the turnover decreased from 18.5% in the first half of 2008 to 11.6% in this year. Given the current market conditions we do consider this a strong Ebit level.  Brunel Germany Over the first six months of 2009 Brunel Germany realised a turnover of € 55.8 million which is almost € 12 million less than during the same period in 2008. Gross margin decreased from 37.9% of turnover in the first six months of 2008 to 32.1% in this year. Mainly as a result of the decrease of the gross margin the Ebit fell to a breakeven level.  +-----------------------------------------------------------------+ | Brunel Germany           |         |   |         |   |          | |--------------------------+---------+---+---------+---+----------| | All amounts in € million |         |   |         |   |          | |--------------------------+---------+---+---------+---+----------| |                          | H1 2009 |   | H1 2008 |   | Change % | |--------------------------+---------+---+---------+---+----------| |                          |         |   |         |   |          | |--------------------------+---------+---+---------+---+----------| | Net Turnover             |    55.8 |   |    67.3 |   |   -17%   | |--------------------------+---------+---+---------+---+----------| | Gross Profit             |    17.9 |   |    25.5 |   |   -30%   | |--------------------------+---------+---+---------+---+----------| | Gross margin             |   32.1% |   |   37.9% |   |          | |--------------------------+---------+---+---------+---+----------| | Ebit                     |     0.2 |   |     7.7 |   |   -97%   | |--------------------------+---------+---+---------+---+----------| | Ebit %                   |    0,4% |   |   11.4% |   |          | +-----------------------------------------------------------------+  The German economy has been considerably exposed to the current downturn being an economy that is more based on production and more specifically on the automotive industry. If we take into account the effect of the sale of activities during 2008, total turnover of Brunel Germany was down 8%. Due to the decrease in productivity, especially during the second quarter, the gross margin decreased to 32.1% which is almost 6% points lower than the same period last year.  Overhead cost in the first six months of 2009 is at the same level as the comparable period in 2008 but has been reduced compared to the second half of 2008.  Brunel Energy Brunel Energy realised an increase in turnover of 25% and in line with this increase the gross profit increased by 27% to € 30.5 million. As the increase in overhead was limited the Ebit rose sharply to € 14.5 million, representing 6.4% of turnover in the first half year 2009.  +-----------------------------------------------------------------+ | Brunel Energy            |         |   |         |   |          | |--------------------------+---------+---+---------+---+----------| | All amounts in € million |         |   |         |   |          | |--------------------------+---------+---+---------+---+----------| |                          | H1 2009 |   | H1 2008 |   | Change % | |--------------------------+---------+---+---------+---+----------| |                          |         |   |         |   |          | |--------------------------+---------+---+---------+---+----------| | Net Turnover             |   228.0 |   |   181.7 |   |   25%    | |--------------------------+---------+---+---------+---+----------| | Gross Profit             |    30.5 |   |    23.9 |   |   27%    | |--------------------------+---------+---+---------+---+----------| | Gross margin             |   13.4% |   |   13.2% |   |          | |--------------------------+---------+---+---------+---+----------| | Ebit                     |    14.5 |   |     9.3 |   |   55%    | |--------------------------+---------+---+---------+---+----------| | Ebit %                   |    6.4% |   |    5.1% |   |          | +-----------------------------------------------------------------+  Brunel Energy, the leading global supplier of technical expertise and capacity continued to grow and realised a 25% growth in the first half year of 2009 compared to the same period in 2008. Despite the fact that major players in the industry postponed some investments as a result of the financial crisis and the lower oil prices, Brunel Energy managed to grow its customer base and outperform its competitors. We consider this performance the result of our efforts in strengthening the commercial organisation.  Risk profile Reference is made to our 2008 Annual Report (pages 23-27). Reassessment of earlier identified risks and the potential impact on occurrence have not resulted in required changes in our Internal Risk management and Control systems. The current economic downturn has resulted in limited losses on uncollectable receivables and no major changes are required in our cash collection process.  Outlook for 2009 The Board of Directors expects the turnover level for the second half of 2009 to be similar to that of the first half of the year. For the full year we expect to achieve an Ebit in excess of € 40 million.  The Board of Directors declares that, to the best of their knowledge, the semi-annual financial statements, which have been prepared in accordance with IFRS (IAS 34), give a true and fair view of the assets, liabilities, financial position and profit or loss of Brunel International NV, and the undertakings included in the consolidation as a whole, and the semi-annual management report includes a fair review of the information required pursuant to section 5:25d, subsections 8 and 9 of the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).  For the full press release, please open the attached pdf file.  Amsterdam, August 21, 2009, The Board of Directors Jan Arie van Barneveld (CEO) Rob van der Hoek (CFO)  For further information: Jan Arie van Barneveld CEO Brunel International tel.: +31(0)20 312 50 81 Rob van der Hoek CFO Brunel International tel.: +31(0)20 312 50 81  This announcement was originally distributed by Hugin. The issuer is  solely responsible for the content of this announcement. .180    (-10 %)   4.137 (-15 1.153 (-48   243     (+14  %)                 -0- Aug/21/2009  6:00 GMT    
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