Key points Q1 2015
- Revenue down 2% to EUR 334 million and gross profit down by 4% to EUR 59 million
- Gross margin at 17.8% down from 18.2%
- Operational costs increased by 10% to EUR 45 million (+5% in constant currency)
- EBIT down 32% to EUR 14 million

Brunel International (unaudited)
P&L amounts in EUR million
Q1 2015 Q1 2014 Change %
Revenue 333.7 340.7 -2%*
Gross Profit 59.3 62.1 -4%
Gross margin 17.8% 18.2%
Operating costs 45.0 41.0 10%**
EBIT 14.3 21.1 -32%
EBIT % 4.3% 6.2%
Average directs 11,400 12,358 -8%
Average indirects 1,683 1,584 6%
Ratio direct / Indirect 6.8 7.8

* -11 % at constant currencies
** 5 % at constant currencies

Oil & Gas revenue dropped by 3%. The decline in headcount by 12% in Energy has been more than offset by favourable exchange rates, resulting in an increase in revenue of 3%. As expected, revenue for Projects has decreased, mainly as a result of the large projects in Australia nearing its completion.

Brunel Europe's revenue remained stable quarter on quarter, where the Netherlands showed growth, while Germany lost revenue. The Netherlands' growth is mainly driven by the IT and Legal business lines. Finance is flat compared to last year following delays in project starts. Although Engineering's revenue decreased year on year, we were able to convert the downward trend into an upward trend. The increase in average headcount by 5% is partly offset by a lower productivity. Germany is growing week on week, but not yet year on year due to the lower headcount at the start of the year. The average headcount was 1% below previous year.

Gross margin dropped by 0.4ppt which led, despite the revenue increase, to a gross profit reduction of 4% to EUR 59 million.

Total overhead costs increased by 10%, which was largely driven by foreign exchange developments (+5% in constant currencies). The overhead increase is mainly driven by increased staff and marketing costs. Compared to Q4 2014 the overhead costs were slightly reduced.

Following the gross profit drop and increase in overhead expenses, overall EBIT dropped to EUR 14 million.

Outlook
After a period of decrease the headcount in Energy seems to have stabilised. At the moment, revenue is helped by the favourable exchange rates but profitability is under pressure due to the lower headcount. The uncertainty of the impact of the low oil price on our activities prevents us from providing an outlook for Energy. The revenue reduction in Projects will be less severe as initially expected. Growth in the Netherlands is projected to accelerate. For the German market we expect growth in the later stage of the year.

Jan Arie van Barneveld, CEO of Brunel International N.V.: "The current volatile Energy market conditions put pressure on our organisation and require us to operate our business even more efficient and cost effective. The efficiency gains of our global IT infrastructure, in combination with continued training of our salesforce, will have a positive effect on our activities. We look forward to the challenges and our organisation is prepared for the new market circumstances."

Brunel International NV: Dividend. Amsterdam, 1 May 2015
The Board of Brunel International N.V. hereby gives notice that a dividend of €0.70 per share of €0.03 par value has been declared for the 2014 financial year. The dividend, less 15% dividend withholding tax, will be made payable as of 29 May 2015 at ABN AMRO Bank N.V. in Amsterdam. The shares will be quoted ex-dividend on the stock exchange of Euronext Amsterdam as of 5 May 2015. The record date is 6 May 2015 after closing of the stock exchange. ABN AMRO is facilitating a dividend reinvestment plan in consultation with Brunel International N.V.