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Brunel International NV

Brunel 2005: Net Profit More Than Doubled

    Amsterdam (ots/PRNewswire) -

    Key figures from the 2005 financial year

      Brunel International
      X EUR 1 million    2005      2004    Change %
      Turnover                 391        313        +25%
      Gross Margin          88         68         +30%
      Overhead                 65         57         +14%
      Ebit                      23.5      10.9        +117%
      Net profit            15.9        7.4        +119%
      GM %                      22.6%    21.8%

    - Turnover EUR 391m; up 25%

    - Gross margin EUR 88m; up 30%

    - EBIT EUR 23.5m (2004: EUR 10.9m)

    - Net profit EUR 15.9m (2004: EUR 7.4m)

    - Brunel Netherlands: turnover + 24%

    - Brunel Germany: turnover + 25%

    - Brunel Energy: turnover + 26%

    In 2005 staffing company Brunel recorded a turnover of EUR 391m, up 25% compared with 2004 (EUR 313m). The net profit was EUR 15.9m, more than double the amount registered in 2004 (EUR 7.4m).

    Brunel's gross margin increased by more than 30%, from EUR 68m in 2004 to EUR 88 m in 2005.

    In percentage terms, the gross margin for 2005 rose to 22.6% (2004: 21.7%). The operating result amounted to EUR 23.5m. This, too, is more than double the amount recorded in reference year 2004 (EUR 10.9m).

    Brunel International is an enterprise with a solid financial position and a strong balance sheet. One side effect of the rapid growth in turnover figures in recent years is the associated increase in the balance of accounts receivable. In addition, average payment terms are relatively long due to a number of long-term agreements with multinational companies.

    Due in part to the growth financing structure, the liquidity position at year-end 2005 was EUR 29.0m (year-end 2004: EUR 36.6m).

    Jan Arie van Barneveld, CEO of Brunel International: "In 2005 various historical financial records were broken. More importantly, however, we have experienced a total transformation of this company in just five years. Brunel in the year 2006 is an enterprise with a worldwide presence, a clear corporate vision and approach, and a transparent organisational structure in which the number of management layers has been reduced to the bare minimum. As such, we have an excellent platform for continued development".

    Results by region

    Brunel Netherlands

    Brunel Netherlands achieved a turnover of EUR 92m, which represents an increase of 24% compared with 2004. The gross margin rose by 32% to EUR 31m. In percentage terms, the gross margin improved from 32.2% in 2004 to 34.2% in 2005. Overheads rose by 6% to EUR 24m.

    Brunel Netherlands recorded EBIT in the amount of EUR 7.2m (2004: EUR 1.0m).

    The Dutch staffing market expanded in 2005. Improved market conditions were in evidence across the board. Brunel managed to capitalise on this trend with optimum effect, and all of its activities contributed to the excellent operating result. Brunel Engineering experienced considerable growth, Brunel ICT fully recovered after ending 2004 with a loss, and Brunel Insurance & Banking registered a nearly 100% increase in turnover and profit figures.

    Brunel Netherlands managed to secure an all-round increase in market share in 2005.

    In 2005, as in previous years, Brunel Netherlands invested heavily in the quality of its sales organisation. Further service improvements continue to feature prominently in the strategy outlined for the years to come.

    Brunel Germany

    Brunel Germany registered a 25% rise in turnover, from EUR 59m in 2004 to EUR 74m in 2005. The gross margin increased by 19% to EUR 25m. The relative gross margin dropped slightly, from 35.8% in 2004 to 34.2% in 2005. Overheads rose by 11% to EUR 18m.

    Brunel Germany recorded an EBIT figure of EUR 7.5m (2004: EUR 5.2m).

    In the course of the year under review, the German market for technical project management and engineer assignments continued to expand. Brunel Germany successfully capitalised on this trend and was able to consolidate its position in the German market.

    In 2005, the company made heavy investments in the size and quality of its sales organisation and in marketing Brunel as a brand. The Board of Directors expects that the German market will continue to grow, and will become more sensitive to competition in the years to come. The investments focus on further increasing the competitive strength of Brunel's presence in Germany.

    Expressed as a percentage, the gross margin suffered some downward pressure as a result of the increased competition and the conclusion of long-term volume contracts.

    In 2005 Brunel Germany took over Falkenburger: a strategic acquisition intended to strengthen Brunel's position in specific technical market segments.

    In addition, Brunel Germany tested the waters in the Polish and Danish markets. In the year to come, Brunel will decide whether the experiences gained warrant a more structural presence in these markets in future.

    Brunel Energy

    Brunel Energy recorded a 26% rise in turnover, from EUR 160m in 2004 to EUR 201m in 2005. The gross margin rose by 43% to EUR 25m. In terms of percentage, the gross margin increased from 10.9% to 12.4%. Overheads amounted to EUR 14m (2004: 12m).

    Brunel Energy recorded EBIT in the amount of EUR 10.5m (2004: EUR 5.7m).

    The favourable trend in the staffing market for oil and gas engineers continued in 2005. This segment is characterised by a substantial investment drive, fuelled primarily by the huge worldwide demand for oil and gas products and by high oil prices. Thanks in particular to its global office network, Brunel Energy has been able to develop into a preferred supplier of virtually all major oil companies.

    The year to come, too, is expected to offer plenty of opportunity for further growth. However, the Board of Directors stresses that the projects, due to their nature, their erratic frequency and their increasing scope, may lead to fluctuations in turnover and gross margin trends.

    In the course of the year under review, Brunel opened new branches in Vietnam, South Korea and the Philippines to reinforce its global office network.

    Outlook for Brunel International in 2006

    The Board of Directors expects sustained growth for all of Brunel's activities in 2006, in terms of turnover and profitability alike. The developments in January and February of this year clearly underpin this outlook.

    A more detailed forecast will be published in the course of the year.

    Dividend

    The Board of Directors intends to pay a cash dividend of EUR 0.30 per share for 2005 and will submit its proposal to that effect to the general meeting of shareholders on 18 May 2006.

    --------------------------------------------------

    Brunel International NV is an international service provider specialised in the flexible deployment of knowledge and capacity in the fields of engineering, ICT, legal, finance and insurance & banking. The company offers its services in the form of Consultancy, Project Management en Recruitment.

    Brunel is active on the Dutch, German, Belgian, Canadian and the worldwide oil and gas market. Operations are run from an international network of 67 offices throughout 24 countries.

    Distinguished by a superior service Brunel offers the business world and governments added value by competently fulfilling it's clients existing needs for specialist knowledge.

    Since its establishment in 1975, Brunel has grown into an international organisation with more than 5,000 employees and an annual turnover of more than EUR391 million (2005). The company is listed on Euronext Amsterdam N.V. (Euronext: BRNL).

    Financial highlights

                                                        2005                 2004
      Profit
      (x EUR 1,million)
      Net turnover                            390.8                312.7
      Gross margin                              88.4                 67.8
      Operating costs                         64.9                 56.9
      Operating profit                        23.5                 10.9
      Result before tax                      24.1                 11.3
      Tax                                              8.1                  3.8
      Net result                                 15.9                  7.4
      Cashflow                                    18.7                 11.4
      Ratios
      Change in turnover on              25.0%                27.3%
      prvious year
      Gross margin / net turnover    22.6%                21.8%
      Operating profit / net              6.0%                 3.5%
      turnover
      Group result / net turnover      4.1%                 2.4%
      Workforce
      Employees total (average)        4,796                3,984
      Employees indirect (average)      634                  558
      Employees total (year end)      5,359                4,598
      Employees indirect (year            685                  586
      end)
      Shares
      in EUR
      Earnings per share                    0.70                 0.33
      Shareholders'equity per            4.27                 3.51
      share
      Dividend per share                    0.30                 0.15
      Highest price                          18.00                 9.00
      Lowest price                              8.65                 4.86
      Closing price at 31 december  18.00                 9.00

    Consolidated balance sheet as per 31 December

      (x EUR 1,000)                         2005                 2004
      Intangible Fixed Assets        1,919                1,664
      Tangible Fixed Assets          4,437                3,852
      Financial Fixed Assets              65                      0
                                                  6,421                5,516
      Receivables                        114,943              76,825
      Cash                                    28,952              36,609
                                                143,895            113,434
      ASSETS                                150,316            118,950
      Group Equity
      Shareholder equity              96,683              79,434
      Minority interest                      64                  -25
                                                 96,747              79,409
      Current Liabilities            53,569              39,541
      SH EQUITY AND LIABILITIES 150,316            118,950

      Balance Sheet
      Working capital                         90.3                 73.9
      Group equity                              96.7                 79.4
      Balance sheet total                 150.3                118.9
      Ratios
      Group equity / total assets    64.4%                66.8%
      Current assets / current          2.69                 2.87
      liabilities

    Consolidated profit and loss account

                                                         2005                 2004
      (x EUR 1,000)
      Net Revenue                            390,780            312,744
      Direct costs                          302,424            244,979
      Gross margin                            88,356              67,765
      Personnel expenses                  37,624              32,456
      Depreciation                              2,090                2,268
      Impairment                                    746                1,843
      Other                                        24,396              20,303
      Total operating costs              64,856              56,870
      Operating profit                      23,500              10,895
      Interest income and expenses        550                  394
      Result before tax                    24,051              11,289
      Tax                                            8,072                3,818
      Result participations                    -9                      0
      Group Income                            15,970                7,471
      Minority interest                         -85                  -38
      Net Income                                15,885                7,433

    Segment reporting

                                              Net revenue    Operating profit
                                                2005      2004         2005      2004
      Netherlands                    91,930  74,152        7,184    1,026
      Worldwide Energy          201,286 159,530      10,494    5,656
      Germany                          74,041  59,394        7,497    5,177
      Belgium                          14,632  13,118            51         36
      Corporate                                0          0      -1,828      -566
      Other                                8,891    6,550          102      -434
                                          390,780 312,744      23,500  10,895

ots Originaltext: Brunel International NV
Im Internet recherchierbar: http://www.presseportal.ch

Contact:
For further information: Jan Arie van Barneveld, CEO Brunel
International, tel.: +31(0)20-312-50-76; Loek Hogenhout, Director
Strategy, Marketing & Communications, tel.: +31(0)20-312-50-75



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