BRILL KON : reports flat sales but expects better results in second half

PRESS RELEASE

Leiden, 25 August, 2015

Revenues were flat during the first six months of 2015 compared to last year to date. As the sales of books and year end library spend have shown irregular patterns over the last few years and revenues in the last quarter of the year have a major impact on the year, the company gives no concrete outlook for 2015. Barring unforeseen developments such as significant market disturbance, some growth of revenues is expected by year end. In the second half of the year a number of large publications will be launched and the effects of cost savings and staff reduction will become visible. These and other structural measures such as improved pricing, lower fulfillment costs and more favorable trading policies will help restore profitability. The full integration of Rodopi is on schedule. In April Brill opened a representative office in Singapore, stepping up its presence in Asia. Olivier de Vlam joined the company as EVP Finance & Operations in August.

Notwithstanding acquired business from Rodopi, revenues were flat versus the first half year of 2014, reflecting a slight decline in the existing programs. The fluctuation of the exchange rate on the US dollar had hardly any impact on revenues due to the standard hedging policy.
Sales of books continue to experience varying market conditions; print books disappointed in North America, most notably as a result of industry consolidation in the US, disrupting regular order flows. Electronic collections of books showed growth in North America, but had a weak start in Asia and the Middle East. Journal revenue (print and electronic) was stable overall and orders and renewals show growth. Also sales of digital and analog primary source collections increased from last year. As a percentage of total revenue, digital revenues (electronic products and rights) increased to 52% versus 49% in the first six months, with an underlying growth of 6% reflecting continued momentum in electronic product revenues.

BRILL •Plantijnstraat 2 •P.O. Box 9000 •2300 PA Leiden •The Netherlands 1

T +31 (0)71-53 53 500 •F +31 (0)71-53 17 532 •Commercial Register Leiden 28000012

PRESS RELEASE

While gross profit remained stable, operating cost increased 9%, of which 6% was caused by the combined effect of a stronger dollar and higher costs related to the new Rodopi program which was acquired as of HY2 2014.

As there was no need for substantial investments, tangible assets were roughly at the same level as in 2014. Compared with year end 2014, working capital increased M€ 0.8 to M€ 8.3. The increase is due to seasonal patterns and reflects also an increase in product development and the expanded program. Net cash flow from operating activities improved by M€ 0.2 versus last year to date to minus M€ 0.5. The solvency rate increased to 61.1% (end 2014: 59.4%).

No significant changes occurred in the company's assessment of relevant risks since the publication of the annual report 2014. The standing policy of hedge accounting for currency management was maintained and led to a mutation of retained earnings of K€ 66 (in 2013 minus K€ 181). See under unrealized results.

The half year report 2015 is an accurate account of assets and liabilities, the financial position and the profit of Koninklijke Brill NV and the corporations which are included in the consolidation. Also the half year report is an accurate account of the situation on the balance date, the state of affairs during the fiscal year of Koninklijke Brill NV and that of the allied enterprises whose data are included in the half year report and the expected state of affairs. Special attention is paid to investments and to the circumstances on which revenues and profitability depend. Please note that the figures per 30 June 2015 have not been audited.
Herman A. Pabbruwe
Chief Executive Officer
pabbruwe@brill.com- +31 (0)6 204 211 34
For further Financial information please see the Half Year Report at http://www.brill.com/resources/corporate/investor-relations(see under Downloads)

Founded in 1683 in Leiden, the Netherlands, Brill is a leading international academic publisher in 20 main subject areas, including Middle East and Islamic Studies, Asian Studies, Classical Studies, History, Biblical and Religious Studies, Language & Linguistics, Biology, and International Law. With offices in Leiden and Boston and a representative office in Singapore, Brill today publishes

230 journals and around 1000 new books and reference works each year, available in both print and electronic form. Brill also markets a large number of primary source research collections and databases. The company's key customers are academic and research institutions, libraries, and scholars. Brill is a publicly traded company and is listed on Euronext Amsterdam NV. For further information please visit www.brill.com.

BRILL •Plantijnstraat 2 •P.O. Box 9000 •2300 PA Leiden •The Netherlands 2

T +31 (0)71-53 53 500 •F +31 (0)71-53 17 532 •Commercial Register Leiden 28000012

PRESS RELEASE

in K€

Property, plant and equipment

Intangible assets

Inventories

Trade and other receivables Income tax receivable Forward currency contracts Cash and cash equivalents

Issued capital Share premium Retained earnings Other reserves Undistributed profit

Deferred tax liabilities

Trade and other payables

Deferred income

Forward currency contracts

Income tax payable

BRILL •Plantijnstraat 2 •P.O. Box 9000 •2300 PA Leiden •The Netherlands 3

T +31 (0)71-53 53 500 •F +31 (0)71-53 17 532 •Commercial Register Leiden 28000012

PRESS RELEASE

in K€

Notes

2014 HY

(Unaudited)

Revenue 8

Costs of goods sold

Selling and distribution costs 9

Administrative expenses

General operating expenses 9

Amortization of intangible assets

Depreciation of tangible assets

-2,531

-4,918

-178

-361

12,988

-4,336

Finance income Finance costs Profit before tax

33

-20

Income tax expense 10

Basic/diluted earnings per share for the period Attributable to the shareholders of Koninklijke Brill NV

-173

504

0.27

2014 HY

Foreign exchange results

Cash flow hedges

Income tax on other comprehensive income

-18

-181

0

305

BRILL •Plantijnstraat 2 •P.O. Box 9000 •2300 PA Leiden •The Netherlands 4

T +31 (0)71-53 53 500 •F +31 (0)71-53 17 532 •Commercial Register Leiden 28000012