Brunel achieved a Q1 2013 revenue of € 296 million, up 3% compared to the same period in 2012. The gross profit amounted to € 52 million up compared to € 56 million over the same period last year.

The gross margin decreased from 19.4% to 17.7%.

The EBIT amount of € 13.5 million is 35% lower than in the first quarter of 2012.

Brunel International (unaudited)

X € 1 million

Q1 2013

Q1 2012

Change %

restated

Revenue

296.2

287.5

3%*

Gross profit

52.4

55.8

-6%

Gross margin

17.7%

19.4%

Ebit

13.5

20.8

-35%

Ebit %

4.5%

7.2%

Our division in Oil and Gas realised a revenue of € 201 million, an increase of 4% compared to the same period in 2012. Due to the completion of Kipper Tuna and Domgas, the revenue generated by the Offshore Construction Projects decreased to € 36 mln compared to € 66 mln in Q1 2012. Energy has, with a growth of 30%, been able to more than compensate this decrease, resulting in an overall growth in revenue for our Oil & Gas activities. The gross margin in Q1 2013 is 10.4%, down 0.7 ppt compared to 11.1% in the same period last year.

Brunel Europe performed well during this first quarter: total revenue amounted to € 95 million, a slight increase compared to the same period in 2012. Gross margin decreased to 33.0% compared to 36.3% in the first quarter in 2012, mainly due to the effect of less working days in Q1 2013.

In the Netherlands a revenue of € 39 million was realised, a decrease of 9% compared to the same period last year. The gross margin decreased to 31% compared to 35% in Q1 2012. In Germany revenue increased to € 49 million, up 12% compared to the same period in 2012. The gross margin in Q1 2012 decreased to 36.2% compared to the gross margin realised in the first quarter of 2012 at 39.9%.

Total overhead costs in this first quarter of 2012 amounted to € 39 million, up € 4 million compared to the same period in 2012, mainly due to one off expenses (€ 1 mln) and the investments of our internal organisation.

Jan Arie van Barneveld, CEO of Brunel International: "I'm pleased with how our organisation is performing in Europe, both in terms of turnover and profitability. In Energy we have grown by 30%, which has more than offset the already familiar developments in Offshore Construction Projects. It is reassuring that this growth also seems to be of a fairly structural nature. Our continued investment in expanding operations and strengthening our IT infrastructure will give us a strong basis for a future to which we can look forward with confidence.

For pdf file of the press release, please click here.

for pdf file of the Appendix to the press release 22 May 2013, please click here.

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