Key points Q3 2017
Strong improvement compared to Q2 2017
All time high headcount in Europe

Brunel International (unaudited)

P&L amounts in EUR million
Q3 2017 Q3 2016 Change% YTD 2017 YTD 2016 Change%
Revenue 194.5 204.7 -5% a 579.8 674.3 -14% b
Gross Profit 46.3 45.3 2% 133.3 140.9 -5%
Gross margin 23.8% 22.1% 23.0% 20.9%
Operating costs 39.3 37.2 6% c 121.7 116.2 5% d

EBIT 7.0 8.1 -14 11.6 24.7 -53%
EBIT % 3.6% 4.0% 2.0% 3.7%
Average directs 9,665 8,931 8% 9,283 9,398 -1%
Average indirects 1,500 1,456 3% 1,485 1,494 -1%
Ratio direct / Indirect 6.4 6.1 6.3 6.3

a -5 % like-for-like

b -15 % like-for-like

c 6 % like-for-like

d 4 % like-for-like

Like-for-like is measured excluding the impact of currencies and acquisitions


The Group's revenue decreased by 5% due to the decrease in Global Business. In Q3, Europe has achieved the highest headcount ever.

Revenue in The Netherlands increased by 6% compared to the third quarter of 2016, mainly driven by the business lines Engineering and IT.

Revenue per working day increased by 8%. The gross margin adjusted for working days is 30.6% (2016: 29.3%).

Headcount as of September 30th was 2,280 (2016: 2,125)

Working days The Netherlands
Q1 Q2 Q3 Q4 FY
2017 65 61 65 63 254
2016 63 62 66 64 255

Revenue in Germany increased by 4% compared to the third quarter of 2016. Revenue per working day increased by 5%.
The gross margin adjusted for working days is 38.2% (2016: 37.8%).

Headcount as of September 30th was 2,363 (2016: 2,263)

Working days Germany
Q1 Q2 Q3 Q4 FY
2017 65 59 65 60 249
2016 62 62 66 62 252

In Global Business revenue, excluding impact of the acquisition of SES Labour Solutions, remained stable from Q2 to Q3. A
10% decline in revenue due to completed projects from the previous cycle was fully compensated by new projects.
All regions, except Asia, are growing consecutively. Our new shutdown and maintenance activities in the USA have already
been able to secure USD 25 million of contracts, with a first small contribution in Q4.

Outlook for 2017
The headcount development in Europe will result in a record revenue for Europe in Q4, with The Netherlands showing the strongest growth.
For Global Business we expect to see the first signs of our initiatives in our revenue for Q4, of course apart from the impact of the acquisition.
We confirm our EBIT forecast of at least EUR 15 million for the full year.



Jan Arie van Barneveld, CEO of Brunel International N.V.: "The development in Europe has resulted in a strong performance in Q3.
More importantly, this gives rise to a very nice outlook for Q4 and onwards. With all the initiatives and successes in Global Business
I'm confident we are on our way to a growth path I have become accustomed to at Brunel."


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