Brunel Boosts EBIT With 50% in 2006

Dit is een origineel persbericht.

Brunel Boosts EBIT With 50% in 2006

AMSTERDAM

Net turnover up 28%. Net income 2006 increased to an amount of EUR 26.3
million including a book profit on disposal of a subsidiary of EUR 2.0
million. Earnings per share EUR 1.16 (2005: EUR 0.70). Proposed dividend EUR
0.50 per share (2005: EUR 0.30).



Brunel International

X EUR
1 million 2006 2005 Change %

Turnover 499.1 390.8 28%
Gross Profit 115.3 88.4 30%
Gross margin 23.1% 22.6%
Ebit 35.3 23.5 50%
Ebit % 7.1% 6.0%
Net income 26.3 15.9 65%


Highlights 2006:

- Turnover of Brunel International increased by 28% to EUR 499
million
- Gross profit up by 30% to EUR 115 million
- EBIT jumps from EUR23.5 million to EUR 35.3 million, +50%
- Net income increased by 65%.
- Brunel Netherlands: turnover up 28%
- Brunel Germany: turnover up 40%
- Brunel Energy: turnover up 27%

Over 2006, Brunel International achieved a
turnover of EUR 499 million; up 28% compared to 2005 (EUR 391 million). The
gross profit increased by 30%, from EUR 88 million to

EUR 115 million. Gross margin further climbed to 23.1%. EBIT amounted to
EUR 35.3 million, being 7.1% of turnover (2005: 6.0%). The company realised a
net income of EUR 26.3 million.

Brunel's core activities are project management, secondment and
consultancy. The company performs these activities through the flexible
deployment of highly skilled specialists in the fields of Engineering, Oil &
Gas, ICT, Finance, Legal and Insurance & Banking. Brunel offers its core
activities globally in almost 30 countries. Brunel Netherlands, Brunel
Germany and Brunel Energy are the company's largest business regions. In 2006
these divisions accounted for 24%, 21% and 51%, respectively, of the global
net turnover.

All main business regions contributed significantly to the strong growth
in turnover. In 2006 market share increased by each of these three divisions.
A sound account management organization, a highly attractive proposition to
job seekers and a global market approach are important foundations for the
growth shown in 2006.

Brunel International held on to a strong balance sheet. Solvency at
year-end 2006 was 64 %. The capitalised goodwill EUR 4 million, representing
less than 4% of the shareholders equity. Accounts receivable amount to EUR
105.4 million at 2006 year end (2005: EUR 78.4 million). Brunel's cash
position as at December 31st is EUR 25.1 million. Due to the strong business
growth the company's net cash flow amounted to EUR 4.1 million negative
(2005: EUR 9.5 million negative).

The average workforce of Brunel International increased by 28% from 4,796
in 2005 to an average of 6,148 in 2006. The number of fee-earners and service
organisation employees rose by 30% and 19% respectively.

Jan Arie van Barneveld, CEO of Brunel International: 'Brunel's global
achievements for 2006 are good and in line with our expectations. The strong
growth figures in all three main divisions demonstrate Brunel's ability and
eagerness to further expand its business. This makes Brunel International a
strong group we're proud of. The successes of Brunel International rely on
our employees, especially their loyalty, dedication and expertise to fulfil
our customers needs. We continue to share knowledge with our people and
improve processes throughout the group.'

Brunel Netherlands

Brunel Netherlands recorded a turnover figure of EUR 117.5 million, a 28%
growth compared to 2005

(EUR 91.9 million). The gross profit increased by 45% from EUR 31.5
million in previous year to EUR 45.5 million in 2006. Gross margin improved
with 4.5 percentpoint due to an increase of recruitment activities and better
productivity in the 2nd half of 2006. All business lines have increased their
turnover and gross profits.

Overhead costs increased by 18% to EUR 28.7 million. The leverage further
improved. Brunel Netherlands recorded an EBIT of EUR 16.8 million or 14.3% of
net turn over (2005: EUR 7.2 million or 7.8%).

The Dutch market for temporary specialist staffing continues to grow. At
this point there are still no signs that the demand for hired flexible labor
will decrease, at the same time we foresee an increasing shortage in highly
skilled professionals in the market. Brunel sees these developments as an
opportunity, not a threat.

Brunel Germany

In 2006 Brunel Germany achieved a turnover of EUR 104 million and a gross
profit of EUR 34.4 million, representing increases of 40% and 36%
respectively compared to 2005. The gross margin was pressurized due to
incidental business disruptions with BenQ and Airbus in the 4th quarter.

The overhead costs rose by 37% to EUR 24.4 million in 2006. The German
business infrastructure is now almost complete. EBIT increased with 33% or
EUR 2.4 million to EUR 9.9 million in 2006. The 2006 EBIT margin is 9.6%.
This percentage is expected to improve going forward.

The German market for technical project management and engineering
secondment is growing and we expect this to continue well into 2007. Brunel
Germany has with her competence centers a unique strategy for attracting top
class technicians and rendering engineering services in the fields of
aerospace, automotive, rail, electronics, information technology and
communications. Brunel Germany is able to maintain the high level of
professionalism and its depth of knowledge in several niche markets which
sets us apart from our competitors.

Brunel Energy

Brunel Energy increased its net turnover by 27% to EUR 255.3 million
(2005: EUR 201.3 million). The gross profit was up 16%, from EUR 24.9 million
to EUR 28.8 million. The 2006 gross margin was 11.3%. A single large but low
yielding contract predominantly caused a low gross margin compared to the
previous year. Overhead costs increased with 30% to EUR 18.7 million (2005:
EUR 14.4 million). One-off costs of a reorganizational nature of
approximately EUR 1 million are included in the 2006 amount.

In its market segment Brunel Energy is the leading supplier for technical
expertise and capacity. Worldwide demand for energy continued during 2006.
The division had commercial successes with new and existing clients, leading
to the higher turnover. Due to the nature of the business i.e. projects
executed for our customers, revenues as well as gross margins are more
volatile than in the other Brunel divisions. On a longer term profit margins
will average between 11% to 12%. For 2007 the EBIT margin is expected at a
level between 5% and 6%.

Other regions

Other regions contributed to the global results in 2006. Brunel Belgium
and Brunel Canada booked a mutual turnover of EUR 22.4 million and a gross
profit of EUR 6.6 million resulting in an EBIT of EUR 0.7 million (2005: EUR
0.2 million).

Outlook for 2007

In the current circumstances the Brunel International Board of Directors
expects turnover figures in all main regions to grow significantly to
strongly in 2007. The operating profit percentages of both Brunel Germany and
Brunel Energy will improve. For the current year we expect a strong to
considerable increase of the EBIT compared to 2006.

The 2006 financial statements of Brunel International NV have not
been compiled yet. The 2006 annual results of Brunel International NV are not
audited yet.

Certain statements in this document concern prognoses about the
future financial condition and the results of operations of Brunel
International NV as well as plans and objectives. Obviously, such prognoses
involve risks and a degree of uncertainty since they concern future events
and depend on circumstances that will apply then. Many factors may contribute
to the actual results and developments differing from the prognoses made in
this document. These factors include general economic conditions, a shortage
on the job market, changes in the demand for (flexible) personnel, changes in
employment legislation, future currency and interest fluctuations, future
takeovers, acquisitions and disposals and the rate of technological
developments. These prognoses therefore apply only on the date on which the
document was compiled.

Brunel International N.V. is an international service provider
specialized in the flexible deployment of knowledge and capacity in the
fields of ICT, engineering, legal, finance and insurance & banking. Services
are provided in the form of Project Management, Secondment and Consultancy.
Incorporated in 1975, Brunel has since become a global company with some
6,800 employees and an annual turnover of EUR 500 million. The company is
listed at Euronext Amsterdam N.V.



Financial highlights (unaudited)

Profit
2006 2005 %
(X EUR 1,000)

Net turnover 499,070 390,780 28%
Gross profit 115,275 88,356 30%
Gross margin 23.1% 22.6%

Operating profit 35,276 23,500 50%
Operating profit % 7.1% 6.0%

Group result after taxes 24.185 15,969 51%
Result participations 2,517 0 -%
Group net income 26,702 15,969 67%

Net income for ordinary shareholders 26,274 15,885 65%

Workforce

Direct employees (average) 5,396 4,162 30%
Indirect employees (average) 752 634 19%
Total 6,148 4,796 28%

Direct employees (period end) 5,979 4,674 28%
Indirect employees (period end) 813 685 19%
Total 6,792 5,359 27%

Shares (in euros)

Earnings per share 1.16 0.70
Earnings per share (excluding result participations) 1.05 0.70




Condensed consolidated income statement
(unaudited)

2006 2005
(X EUR 1,000)

Net turnover 499,070 390.780
Direct personnel expenses 383,795 302,424
Gross profit 115,275 88,356

Indirect personnel expenses 44,346 37,624
Depreciation property, plant and equipment 2,981 2,090
Impairment 0 746
Other general and administrative expenses 32,672 24,396
Total operating costs 79,999 64,856

Operating profit 35,276 23,500

Interest income 57 550
Result before tax 35,333 24,050

Tax 11,148 8,072
Group result after tax 24,185 15,978

Result participations 2,517 -9

Group net income 26,702 15,969

Attributable to ordinary shareholders

Group net income 26,702 15,969
Minority interests -428 -84

Net income for ordinary shareholders 26,274 15,885

Basic earnings per share . 1.16 0.70
. the diluted earnings per share is equal to the basic earnings per share




Condensed consolidated balance sheet (unaudited)

2006 2005
(X EUR 1,000) December 31 December 31

Non-current assets
Goodwill 4,154 1,919
Property, plant and equipment 7,661 3,948
Software 740 489
Financial assets 593 65
Deferred tax assets 1,939 0
15,087 6,421

Current assets
Trade and other receivables 137,795 111,580
Income tax receivables 518 3,363
Cash 25,091 28,952
Total current assets 163,404 143,895

Current liabilities 61,557 48,605
Income tax payables 2,897 4,676
Total current liabilities 64,454 53,281

Working capital 98,950 90,614

Non-current liabilities
Deferred income tax liabilities 445 288

113,592 96,747


Group equity
Shareholder equity 113,205 96,683
Minority interest 387 64

113,592 96,747

Balance sheet total 178,491 150,316

Other balance sheet items / key figures

Current assets / current liabilities 2.54 2.70
Shareholder equity / total equity 63.4% 64.3%
Issued ordinary shares (x 1,000) 22,657 22,651



Condensed consolidated statement of changes in shareholders'equity
(unaudited)



2006 2005

Balance at 1 January 96,683 79,434

Exchange differences arising on -3,134 4,155
translation of foreign
operations
Net income recognised directly -3,134 4,155
in equity
Transfer to profit on disposal -557 0
foreign operations
Result financial year 26,274 15,885
Total recognised income and 22,583 20,040
expense for the year
Cash dividend -6,795 -3,389
Approprioation of result 0 0
Share based payments 414 250
Option rights exercised 320 348

Balance at 31 December 113,205 96,683



Condensed consolidated cash flow statement
(unaudited)

(X EUR 1,000) 2006 2005

Result before tax 35,333 24,050
Adjustments for:
Depreciations 2,981 2,090
Impairment 0 746
Interest income -57 -550
Share based payments 414 250
Changes in:
Receivables -28,941 -34,328
Current liabilities 8,085 6,873
Cash flow from operations 17,815 -869
Taxes -12,005 -2,617
Cash flow from operational activities 5,810 -3,486

Additions to property, plant, equipment
and software -4,532 -2,572
Disposals of property, plant and equipment 356 1
Acquisitions -246 -835
Proceeds from divestment of business 1,473 0
Financial assets -500 -74
Interest income 57 550
Cash flow from investments -3,392 -2,930

Re-issue of purchased ordinary shares 323 347
Minority interest -94 5
Dividend -6,795 -3,389
Cash flow from financial operations -6,566 -3,037

Net cash flow -4,148 -9,453

Cash position at start of financial period 28,952 36,609
Exchange rate fluctuations 287 1,796
Cash position at end of financial period 25,091 28,952




Primary reporting (unaudited)

Turnover Gross profit Operating profit
2006 2005 2006 2005 2006 2005

Netherlands 117,465 91,930 45,494 31,457 16,779 7,184
Worldwide 255,251 201,286 28,816 24,917 10,080 10,494
Energy
Germany 103,961 74,041 34,365 25,337 9,947 7,497
Other 22,393 23,523 6,600 6,645 681 153
regions
Corporate -2,211 -1,828
499,070 390,780 115,275 88,356 35,276 23,500

Employees

The total number of direct and indirect employees with the group
companies is set out
below:

Average 2006 2005
workforce
Direct Indirect Direct Indirect
Netherlands 1,359 246 997 225
Worldwide 2,511 230 1,998 187
Energy
Germany 1,256 195 883 144
Other 270 81 284 78
regions
5,396 752 4,162 634

Total 6,148 4,796
workforce

Workforce 2006 2005
31 December
Direct Indirect Direct Indirect
Netherlands 1,600 267 1,168 251
Worldwide 2,742 241 2,214 196
Energy
Germany 1,388 222 1,004 159
Other 249 83 288 79
regions
5,979 813 4,674 685

Total 6,792 5,359
workforce




Secondary reporting (unaudited)

Turnover Gross profit Operating profit

2006 2005 2006 2005 2006 2005

Engineering 169,514 124,751 59,433 43,599 18,086 13,104
Energy 255,252 201,286 28,816 24,921 10,080 10,494
ICT 38,850 36,747 12,743 9,021 3,824 2,305
Unallocated 35,454 27,996 14,283 10,814 3,286 -2,403
499,070 390,780 115,275 88,355 35,276 23,500

Employees

The total number of direct and indirect employees with the group
companies is set out below:

Average 2006 2005
workforce
Direct Indirect Direct Indirect
Engineering 2,084 335 1,548 255
Energy 2,511 230 1,998 187
ICT 468 64 332 52
Unallocated 333 123 284 140
5,396 752 4,162 634

Total 6,148 4,796
workforce

Workforce 2006 2005
31 December
Direct Indirect Direct Indirect
Engineering 2,275 364 1,757 283
Energy 2,742 241 2,214 196
ICT 525 64 356 56
Unallocated 437 144 347 150
5,979 813 4,674 685

Total 6,792 5,359
workforce



For further information: Jan Arie van Barneveld, CEO Brunel International, tel.: +31(0)20-312-50-00


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