Brunel International NV Financial Report 2016 Insights
"Discover key financial highlights from Brunel International NV's 2016 year-end report, including revenue variance, workforce statistics, and performance details for the Energy sector."
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Results Amsterdam, 24 February 2017 F e b r u a r y 2 0 1 7
Q4 2016 highlights Germany Lower productivity in The Netherlands 9% growth in other European countries growth per working day 11% Restructuring in Energy, one off cost of EUR 3.5 million Energy revenue & headcount stabilized in second half of 2016 Cash position EUR 149 million 2 F e b r u a r y 2 0 1 7
2016 Development Brunel International NV 8% Revenue 2015 300 6% Revenue 2016 225 4% EBIT % 2016 (excluding one offs) 150 2% 75 EBIT% 2016 0 0% EBIT% 2015 Q1 Q2 Q3 Q4 Europe Energy 12% 300 6% 100 4% 9% 225 2% 6% 150 50 0% 3% 75 -2% 0 0% 0 -4% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 3 F e b r u a r y 2 0 1 7
FY 2016 Revenue EUR 884 million Variance 2016 to 2015: Q1 Q2 Q3 Q4 YTD Netherlands Germany Energy Total 16% 14% -4% -13% 2% 2% 15% 6% 6% 8% -44% -46% -48% -43% -45% -29% -27% -30% -26% -28% Gross profit down 19% (gross margin up by 2.5ppt) EBIT down 52% to EUR 27 million 4 F e b r u a r y 2 0 1 7
Average Workforce 2016 2015 Europe Energy Total Europe Energy Total Indirect employees 910 571 1.481 894 707 1.601 Avg. revenue per indirect employee 481 783 598 464 1.150 768 Avg. gross profit per indirect employee 152 86 126 149 136 144 Avg. EBIT per indirect employee 42 (3) 18 38 41 35 Direct employees 4.719 4.596 9.315 4.561 6.333 10.894 5 F e b r u a r y 2 0 1 7
Brunel Energy Q4 2016 Focus on business development and diversification Short term contracts in Asia and Australia Activities and branches closed and paused Headcount Energy Energy 8,000 300 6% 7,000 4% 225 6,000 2% 5,000 150 0% 4,000 75 -2% 3,000 2,000 0 -4% Dec Feb Sep Nov Jan Mar Apr Aug May Oct Jun Jul Q1 Q2 Q3 Q4 2015 2016 6 F e b r u a r y 2 0 1 7
Brunel Energy Q4 2016 Brunel Energy (in million) Q1 Q2 Q3 Q4 YTD 447 814 Revenue 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 129 120 98 100 232 221 187 174 c -44% -46% -48% -43% -45% GP 14 13 11 11 26 27 23 20 49 96 -46% -52% -52% -45% -49% GM 10,9% 10,8% 11,2% 11,0% 11,0% 11,2% 12,2% 12,3% 11,5% 11,8% Opex 12 13 11 15 18 17 17 16 51 67 d -33% -24% -35% -6% -24% EBIT 2 1 (1) (3) 8 10 6 5 (2) 29 -75% -90% -117% -160% -107% EBIT% 1,6% 0,8% -1,0% -3,0% -0,4% 3,4% 4,5% 3,2% 2,9% 3,6% a-44%in constant currencies (cc) b-23%in cc c-44%in cc d-6%in cc 7 F e b r u a r y 2 0 1 7
Brunel Germany Q4 2016 Revenue increase despite 3 less working days. Revenue per working day up 11% Bench Q4 at 2% Lower EBIT due to impact working days and higher OPEX Headcount Germany Germany 2,500 16% 50 12% 40 30 2,000 8% 20 4% 10 0 0% 1,500 Q1 Q2 Q3 Q4 Jan Feb Sep Dec Nov Apr Aug Mar Oct May Jul Jun 2015 2016 8 F e b r u a r y 2 0 1 7
Brunel Germany Q4 2016 Brunel Germany (in million) Q1 Q2 Q3 Q4 YTD 211 196 Revenue 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 50 53 54 54 49 46 51 51 2% 15% 6% 6% 8% GP 17 19 21 19 17 15 20 18 75 70 0% 27% 5% 6% 7% GM 34,0% 35,8% 38,9% 35,2% 35,5% 34,7% 32,6% 39,2% 35,3% 35,7% Opex 12 13 13 13 12 13 13 12 51 51 0% 0% 0% 8% 0% EBIT 5 6 8 5 4 2 7 6 25 19 25% 200% 14% -17% 32% EBIT% 10,0% 11,3% 14,8% 9,3% 11,8% 8,2% 4,3% 13,7% 11,8% 9,7% 9 F e b r u a r y 2 0 1 7
Brunel Netherlands Q4 2016 New law DBA impacted revenue Lower productivity due to pro-active hiring subsequent training activities OPEX up as a result of continued investments in sales force and recruitment initiatives One less working day - impact -1.5% Headcount Netherlands Netherlands 2,500 16% 50 12% 40 30 2,000 8% 20 4% 10 1,500 0 0% Dec Feb Sep Nov Jan Aug Mar Apr May Oct Jun Jul Q1 Q2 Q3 Q4 2015 2016 10 F e b r u a r y 2 0 1 7
Brunel Netherlands Q4 2016 Brunel Netherlands (in million) Q1 Q2 Q3 Q4 YTD 191 188 Revenue 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 52 49 44 46 45 43 46 53 16% 14% -4% -13% 2% GP 15 13 13 13 14 11 14 17 54 56 7% 18% -7% -24% -4% GM 28,8% 26,5% 29,5% 28,3% 28,3% 31,1% 25,6% 30,4% 32,1% 29,8% Opex 11 10 10 10 10 10 10 10 41 40 10% 0% 0% 0% 3% EBIT 4 3 3 3 4 1 4 7 13 15 0% 200% -25% -57% -13% EBIT% 7,7% 6,1% 6,8% 6,5% 6,8% 8,9% 2,3% 8,7% 13,2% 8,0% 11 F e b r u a r y 2 0 1 7
Average Workforce 2016 2015 NL GER EU NL GER EU Indirect employees 395 402 910 370 439 894 Avg. revenue per indirect employee 484 524 481 509 447 464 Avg. gross profit per indirect employee 138 187 152 151 160 149 Avg. EBIT per indirect employee 33 61 42 42 44 38 Direct employees 2.178 2.209 4.719 2.143 2.074 4.561 12 F e b r u a r y 2 0 1 7
Brunel Europe Q4 2016 Brunel Europe (in million) Q1 Q2 Q3 Q4 YTD 438 416 Revenue 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 110 111 106 110 102 97 105 112 8% 14% 1% -2% 5% GP 34 34 36 34 33 28 36 37 138 133 3% 21% 0% -8% 4% GM 30,9% 30,6% 34,0% 30,9% 31,5% 32,4% 28,9% 34,3% 33,0% 32,0% Opex 25 25 25 26 24 26 25 24 100 99 4% -4% 0% 8% 1% EBIT 10 10 11 8 9 2 10 13 38 34 11% 400% 10% -38% 12% EBIT% 9,1% 9,0% 10,4% 7,3% 8,7% 8,8% 2,1% 9,5% 11,6% 8,2% 13 F e b r u a r y 2 0 1 7
Brunel International Q4 2016 Brunel International (in million) Q1 Q2 Q3 Q4 YTD 885 1.229 Revenue 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 2016 2015 238 231 205 211 334 317 291 287 c a -29% -27% -30% -26% -28% GP 48 48 45 46 59 54 59 58 187 230 -19% -11% -24% -21% -19% GM 20,2% 20,8% 22,0% 21,8% 21,1% 17,7% 17,0% 20,3% 20,2% 18,7% Opex 39 40 37 44 45 45 44 40 160 174 d b -13% -11% -16% 10% -8% EBIT 9 7 8 2 14 10 15 17 27 56 -36% -30% -47% -88% -52% EBIT% 3,8% 3,0% 3,9% 0,9% 3,1% 4,2% 3,2% 5,2% 5,9% 4,6% a-27%in constant currencies (cc) b-7%in cc c-27%in cc d9%in cc 14 F e b r u a r y 2 0 1 7
Balance sheet (in EUR million) 31 Dec 2016 31 Dec 2015 Fixed assets 36.0 40.7 Currentassets 214.5 258.7 Cash position at EUR 149 million Cash 149.2 180.0 Total assets 399.7 479.4 Group equity 293.7 347.7 EUR 0.40 dividend Non-current liabilities 2.1 3.3 Current liabilities 103.9 128.4 Total liabilities & equity 399.7 479.4 15 F e b r u a r y 2 0 1 7
Outlook The Netherlands: growth despite lower start Germany: continued growth Energy: stable in HY2, maybe even return to growth 16 F e b r u a r y 2 0 1 7
Q&A Group EBIT at EUR 27 million (3.0%) Group revenue at EUR 884 million Group net result At EUR 10 million Dividend EUR 0.40 payout of 200% of EPS EBIT margin Energy -0.4% EBIT margin Europe 8.6% 17 F e b r u a r y 2 0 1 7
