Growth in Germany, results Energy as expected, delayed upturn in The Netherlands.
Brunel International realised a turnover in the first half year of € 335 million, down 9% compared to the same period last year (13% at equal rates). Turnover in the second quarter was up € 1 million compared to the first quarter despite fewer working days in The Netherlands and Germany. The gross profit in H1 2010 amounted to € 70 million compared to € 76 million in the same period last year. Gross margin remained at 21%. The Ebit amounted to € 16 million compared to € 23 million in H1 2009.

Brunel International
All amounts in € mln
Q2 2010 Q2 2009 Change % H1 2010 H1 2009 Change %
Turnover 167.9 182.6 - 8 % 334.9 366.3 - 9 %
Gross Profit 34.1 36.3 - 6 % 69.6 76.2 - 9 %
Gross margin 20.3 % 19.9 % 20.8 % 20.8 %
Ebit 6.2 9.5 - 35 % 16.0 23.2 - 31 %
Ebit % 3.7 % 5.2 % 4.8 % 6.3 %

Overall turnover in Q2 2010 is down 8% compared to the same period in 2009. Key elements contributing to this decrease are the completion of high volume Energy projects per the end of 2009 and the economic downturn in The Netherlands and Germany. The effect of the economic downturn has been severe for Brunel Germany but recovery started in the second quarter of this year. In The Netherlands the period of stabilisation continued in the second quarter of 2010 but the late cyclical nature of the Dutch economy has not yet allowed recovery of the market.
For both Brunel Germany and Brunel The Netherlands turnover realised in the second quarter is, despite the lower number of working days in the second quarter, almost equal to turnover in first quarter.

Gross margin H1 2010 is in line with previous year and as a result of our policy to remain focused on the quality of our organisation, overhead costs remained at 2009 level. A decrease in the overhead costs in Germany is offset by an increase in the Energy division resulting from investments in the organisation to support future growth.

The lower turnover in combination with an almost equal level of overhead costs has resulted in an Ebit H1 2010 of 4.8%.

Jan Arie van Barneveld, CEO of Brunel International: "The expected turnaround in The Netherlands in our market segment is delayed but looking at the impressive growth we are currently experiencing in Germany we are confident that the upturn of the activity level in The Netherlands will follow. The Energy division has performed in line with expectations and sustainable growth is expected from projects starting in the 4th quarter of 2010."

Brunel Belgium
In Belgium turnover level for the first half of 2010 is € 10.7 million, down 4% compared to the same period last year. Gross profit decreased by 5% to € 2.1 million.

Overhead costs are slightly higher compared to the same period last year, resulting in an Ebit of € 0.3 million (H1 2009: € 0.5 million).

Risk profile
Reference is made to our 2009 Annual Report (pages 25 - 27). Reassessment of earlier identified risks and the potential impact on occurrence has not resulted in required changes in our Internal Risk management and Control systems.

Outlook for 2010
We expect for Germany and Energy strong profitable growth during the second half and fourth quarter of 2010 respectively. For The Netherlands only a limited growth is foreseen for the reminder of this year.
We declare that, to the best of our knowledge, the semi-annual financial statements, which have been prepared in accordance with IFRS (IAS 34), give a true and fair view of the assets, liabilities, financial position and profit or loss of Brunel International N.V., and the undertakings included in the consolidation as a whole, and the semi-annual management report includes a fair review of the information required pursuant to section 5:25d, subsections 8 and 9 of the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).