Preliminary Audited Results

 

TIDMDIWO 
 
RNS Number : 2285J 
Direct Wonen N.V. 
26 March 2010 
 

                                DIRECT WONEN N.V. 
                  ("Direct Wonen" the "Company" or the "Group") 
 
        Preliminary Audited Results for the year ended 31 December 2009 
 
                          "PROFIT IN A TURBULENT YEAR" 
 
Direct Wonen  N.V. (AIM, DIWO), the online Property and Financial Services 
provider based in the Netherlands, today announces its preliminary audited 
results for the year ended 31 December 2009. 
 
Highlights 
 
-     Revenue  was EUR 29.4 million (2008: EUR 29.9 million) and EBITDA EUR 3.9 
million (2008: EUR -3.3 million) 
 
-     Costs decreased by EUR 10.1 million to EUR 25.2 million (2008: EUR 35.3 
million) a reduction of 29%. 
 
-     Restructuring of the loan financing resulted in lower financial income and 
expenses 
 
-     Real Estate portfolio of 170 existing properties was acquired after the 
period end (EUR 21.2 million) generating income from 1 March 2010. 
 
-     Cash position remained robust with EUR 36.4 million (2008: 59.7 million) 
and was reduced following loan repayments of EUR 23.0 million 
 
Commenting on the results, CEO Yvonne Swaans said: 
 
"In 2009 we further focused on growing our core business, costs were reduced 
considerably and profitability re-established. I am proud of the contribution 
made by all of Direct Wonen's employees to the turn around made during 2009. 
Despite the challenging economic environment I believe that the Company is well 
positioned for the future." 
 
Business Overview 
 
Property Lettings Services 
 
-     EBITDA was EUR 2.0 million (2008: EUR 0.8 million), this improvement was 
largely due to the successful implementation of cost efficiency plans 
 
-     Revenue declined 4% to  EUR 13.2  million (2008: EUR 13.8 million), this 
was mainly due to lower sales in the Company's Amsterdam branch 
 
Our lettings business provided a stable revenue stream. The web portals 
Directwonen.nl and Kamernet.nl showed continued positive performance with an 
increased number of visitors and subscriptions. A new sales administration 
system which Direct Wonen developed in-house was introduced successfully and 
will help to provide more focus on deal making in the Company's letting 
business. Mobile branches were introduced which expanded our network and is the 
first step to centralisation of our branches network. 
 
Just Housing, our rental branch office in Amsterdam, had a difficult year 
following adverse publicity relating to our license from the municipality of 
Amsterdam.  Whilst the majority of allegations made toward Direct Wonen were 
acknowledged as unjustified we are awaiting a decision following legal 
proceedings. We believe that this situation is likely to take more than a year 
to be resolved. 
 
Real Estate Services 
 
-     EBITDA was EUR  0.2 million (2008: EUR  -2.7 million) the improvement was 
largely due to the successful implementation of cost efficiency plans 
 
-     Revenue was EUR 2.5 million (2008: EUR 1.1 million) relating to sales in 
the Funenpark project only 
 
2009 revenue related entirely to phase 7 of the Funenpark development. This 
project was completed in Q4 2009 and 5 properties were sold during the year, 
leaving 4 units still for sale. Price levels stayed at satisfactorily levels 
generating a positive contribution to income. We remain confident that we will 
sell the remaining 4 units in 2010. 
 
During 2009, Direct Wonen identified opportunities to redevelop existing 
residential properties and we intend to pursue this activity alongside sales of 
newly built residential properties. The acquisition of the first project with 
170 properties was completed after the year end. 
 
Financial Services 
 
-     EBITDA was EUR 1.7 million (2008: EUR -1.3 million), this improvement was 
largely due to the successful implementation of cost efficiency plans 
 
-     Revenue declined 7% to EUR 13.8 million (2008: EUR14.9 million) mainly due 
to a decline in mortgage sales 
 
The broad Financial Services product portfolio relating to direct and indirect 
intermediary services for mortgages, golden handshakes, consumer loan 
intermediary and life insurance products suffered from difficult market 
conditions. However the golden handshake business and consumer lending 
activities demonstrated their resilience. 
 
Acadium Bastion Group (ABG), and our mortgage intermediary Financium were 
integrated in our offices in Rotterdam. This provided economies of scale and 
cost reductions. The business now has an efficient cost base and is well 
positioned to deliver growth in the future. 
 
Sales were lower than in 2008 but we are seeing some initial indications of a 
recovery. A focused and dedicated marketing strategy has been developed to 
improve sales during 2010. 
 
The Golden handshake business performed well in 2009. Many companies initiated 
restructuring programmes resulting in an increase in golden handshake requests. 
Following the strong customer base, their proxies for life insurance products 
with leading Dutch insurance companies, and their experienced sales force, ABG 
and Flexgarant delivered a solid performance. 
 
The online consumer lending portal Geldshop.nl performed satisfactorily and 
showed growth. It provides an excellent business model to offer transparent and 
competitive opportunities for our customers and growth potential in this 
segment. 
 
 
For more information please contact 
+--------------------------------+-------------------------+ 
| Direct Wonen                   |   Tel [phone] | 
+--------------------------------+-------------------------+ 
| Irma de Jong                   | [e-mail] | 
| www.directwonencorporate.com   |                         | 
|                                |                         | 
+--------------------------------+-------------------------+ 
| Collins Stewart Europe Limited |      Tel [phone] | 
| (Nomad)                        |                    8350 | 
| Jon Drage / Stewart Wallace    |                         | 
+--------------------------------+-------------------------+ 
 
 
 
 
 
 
 
 
About Direct Wonen 
 
Direct Wonen is an Online residential property and financial services provider 
based in The Netherlands. 
 
The Direct Wonen group of companies operates three complementary business lines: 
 
+----+-------------------------------------------------------------+ 
| -  |  Residential Property Letting services                      | 
|    |                                                             | 
+----+-------------------------------------------------------------+ 
| -  |  Real Estate services                                       | 
|    |                                                             | 
+----+-------------------------------------------------------------+ 
| -  |  Financial services                                         | 
|    |                                                             | 
+----+-------------------------------------------------------------+ 
 
Direct Wonen was founded in 1990 and has been listed on the Alternative 
Investment Market  (AIM)  of the London Stock Exchange since 1 May 2007. 
 
 
Consolidated income statement 
For the year ended 31 December 
 
+-----------------------------+-----------+----------+------+-----------+ 
| In thousands of euros       |           |     2009 |      |      2008 | 
+-----------------------------+-----------+----------+------+-----------+ 
|                             |           |          |      |           | 
+-----------------------------+-----------+----------+------+-----------+ 
| Revenue                     |           |   29,447 |      |    29,881 | 
+-----------------------------+-----------+----------+------+-----------+ 
| Cost of sales               |           |  (2,397) |      |   (1,070) | 
+-----------------------------+-----------+----------+------+-----------+ 
|                             |           |          |      |           | 
+-----------------------------+-----------+----------+------+-----------+ 
| Gross profit                |           |   27,050 |      |    28,811 | 
+-----------------------------+-----------+----------+------+-----------+ 
|                             |           |          |      |           | 
+-----------------------------+-----------+----------+------+-----------+ 
| Other income                |           |        - |      |       140 | 
+-----------------------------+-----------+----------+------+-----------+ 
| Administrative expenses     |           | (14,132) |      |  (18,271) | 
+-----------------------------+-----------+----------+------+-----------+ 
| Other expenses              |           | (11,025) |      |  (17,004) | 
+-----------------------------+-----------+----------+------+-----------+ 
|                             |           |          |      |           | 
+-----------------------------+-----------+----------+------+-----------+ 
| Result from operating       |           |    1,893 |      |   (6,324) | 
| activities                  |           |          |      |           | 
+-----------------------------+-----------+----------+------+-----------+ 
|                             |           |          |      |           | 
+-----------------------------+-----------+----------+------+-----------+ 
| Share of profits/(losses)   |           |        - |      |         - | 
| of associate                |           |          |      |           | 
+-----------------------------+-----------+----------+------+-----------+ 
| Finance income              |           |    1,454 |      |     2,768 | 
+-----------------------------+-----------+----------+------+-----------+ 
| Finance expenses            |           |  (1,014) |      |   (2,349) | 
+-----------------------------+-----------+----------+------+-----------+ 
|                             |           |          |      |           | 
+-----------------------------+-----------+----------+------+-----------+ 
| Net finance income          |           |      440 |      |       419 | 
+-----------------------------+-----------+----------+------+-----------+ 
|                             |           |          |      |           | 
+-----------------------------+-----------+----------+------+-----------+ 
|                             |           |          |      |           | 
+-----------------------------+-----------+----------+------+-----------+ 
| Result before tax           |           |    2,333 |      |   (5,905) | 
+-----------------------------+-----------+----------+------+-----------+ 
|                             |           |          |      |           | 
+-----------------------------+-----------+----------+------+-----------+ 
| Tax expense                 |           |    (494) |      |     2,849 | 
+-----------------------------+-----------+----------+------+-----------+ 
|                             |           |          |      |           | 
+-----------------------------+-----------+----------+------+-----------+ 
| Net result                  |           |    1,839 |      |   (3,056) | 
+-----------------------------+-----------+----------+------+-----------+ 
|                             |           |          |      |           | 
+-----------------------------+-----------+----------+------+-----------+ 
| Earnings per share after    |           |          |      |           | 
| tax (EUR)                     |           |          |      |           | 
+-----------------------------+-----------+----------+------+-----------+ 
| Basic earnings per share    |           |     0.01 |      |    (0.02) | 
+-----------------------------+-----------+----------+------+-----------+ 
|                             |           |          |      |           | 
+-----------------------------+-----------+----------+------+-----------+ 
|                             |           |          |      |           | 
+-----------------------------+-----------+----------+------+-----------+ 
| EBITDA                      |           |    3,897 |      |   (3,305) | 
+-----------------------------+-----------+----------+------+-----------+ 
 
Segment income statement 
For the year ended 31 December 
 
+----------------+--------+--------+-------+---------+--------+---------+--------+---------+ 
| In thousands   |    Lettings     |      Real       |    Financial     |  Consolidated    | 
| of euro        |                 |     Estate      |    services      |                  | 
+----------------+-----------------+-----------------+------------------+------------------+ 
|                |   2009 |   2008 |  2009 |    2008 |   2009 |    2008 |   2009 |    2008 | 
+----------------+--------+--------+-------+---------+--------+---------+--------+---------+ 
| Revenue        | 13,158 | 13,846 | 2,459 |   1,126 | 13,830 |  14,909 | 29,447 |  29,881 | 
+----------------+--------+--------+-------+---------+--------+---------+--------+---------+ 
|                |        |        |       |         |        |         |        |         | 
+----------------+--------+--------+-------+---------+--------+---------+--------+---------+ 
| Result from    |  1,052 |  (667) |    79 | (2,732) |    762 | (2,925) |  1,893 | (6,324) | 
| operating      |        |        |       |         |        |         |        |         | 
| activities     |        |        |       |         |        |         |        |         | 
+----------------+--------+--------+-------+---------+--------+---------+--------+---------+ 
|                |        |        |       |         |        |         |        |         | 
+----------------+--------+--------+-------+---------+--------+---------+--------+---------+ 
| EBITDA         |  2,039 |    785 |   203 | (2,723) |  1,655 | (1,343) |  3,897 | (3,305) | 
+----------------+--------+--------+-------+---------+--------+---------+--------+---------+ 
 
Consolidated balance sheets 
As at 31 December 
 
+------------------------------+----------+---------+------+---------+-+ 
| In thousands of euros        |          |    2009 |      |    2008 | | 
+------------------------------+----------+---------+------+---------+-+ 
|                              |          |         |      |         | | 
+------------------------------+----------+---------+------+---------+-+ 
| ASSETS                       |          |         |      |         | | 
+------------------------------+----------+---------+------+---------+-+ 
|                              |          |         |      |         | | 
+------------------------------+----------+---------+------+---------+-+ 
| Property, plant and          |          |   2,555 |      |   3,376 | | 
| equipment                    |          |         |      |         | | 
+------------------------------+----------+---------+------+---------+-+ 
| Intangible assets            |          |  42,086 |      |  42,126 | | 
+------------------------------+----------+---------+------+---------+-+ 
| Investments in associates    |          |       - |      |       - | | 
+------------------------------+----------+---------+------+---------+-+ 
| Financial fixed assets       |          |     110 |      |     885 | | 
+------------------------------+----------+---------+------+---------+-+ 
| Deferred tax asset           |          |   5,583 |      |   4,204 | | 
+------------------------------+----------+---------+------+---------+-+ 
| Other financial assets       |          |   7,872 |      |   5,362 | | 
+------------------------------+----------+---------+------+---------+-+ 
|                              |          |         |      |         | | 
+------------------------------+----------+---------+------+---------+-+ 
| Total non-current assets     |          |  58,206 |      |  55,953 | | 
+------------------------------+----------+---------+------+---------+-+ 
|                              |          |         |      |         | | 
+------------------------------+----------+---------+------+---------+-+ 
| Inventories and work in      |          |   2,350 |      |   3,474 | | 
| progress                     |          |         |      |         | | 
+------------------------------+----------+---------+------+---------+-+ 
| Current tax asset            |          |       - |      |     428 | | 
+------------------------------+----------+---------+------+---------+-+ 
| Trade and other receivables  |          |  13,571 |      |  15,169 | | 
+------------------------------+----------+---------+------+---------+-+ 
| Cash and cash equivalents    |          |  36,357 |      |  59,702 | | 
+------------------------------+----------+---------+------+---------+-+ 
|                              |          |         |      |         | | 
+------------------------------+----------+---------+------+---------+-+ 
| Total current assets         |          |  52,278 |      |  78,773 | | 
+------------------------------+----------+---------+------+---------+-+ 
|                              |          |         |      |         | | 
+------------------------------+----------+---------+------+---------+-+ 
| Assets classified as held    |          |  21,217 |      |       - | | 
| for sale                     |          |         |      |         | | 
+------------------------------+----------+---------+------+---------+-+ 
|                              |          |         |      |         | | 
+------------------------------+----------+---------+------+---------+-+ 
| Total assets                 |          | 131,701 |      | 134,726 | | 
+------------------------------+----------+---------+------+---------+-+ 
|                              |          |         |      |         | | 
+------------------------------+----------+---------+------+---------+-+ 
|                              |          |         |      |         | | 
+------------------------------+----------+---------+------+---------+-+ 
| EQUITY                       |          |         |      |         | | 
+------------------------------+----------+---------+------+---------+-+ 
| Share capital                |          |   3,148 |      |   3,148 | | 
+------------------------------+----------+---------+------+---------+-+ 
| Share premium                |          |  50,727 |      |  50,727 | | 
+------------------------------+----------+---------+------+---------+-+ 
| Hedging reserve              |          |    -557 |      |    -586 | | 
+------------------------------+----------+---------+------+---------+-+ 
| Retained earnings            |          |  21,770 |      |  19,931 | | 
+------------------------------+----------+---------+------+---------+-+ 
|                              |          |         |      |         | | 
+------------------------------+----------+---------+------+---------+-+ 
| Total equity                 |          |  75,088 |      |  73,220 | | 
+------------------------------+----------+---------+------+---------+-+ 
|                              |          |         |      |         | | 
+------------------------------+----------+---------+------+---------+-+ 
| LIABILITIES                  |          |         |      |         | | 
+------------------------------+----------+---------+------+---------+-+ 
| Loans and borrowings         |          |  26,531 |      |  14,003 | | 
+------------------------------+----------+---------+------+---------+-+ 
| Interest rate swap           |          |     557 |      |     586 | | 
+------------------------------+----------+---------+------+---------+-+ 
| Provisions                   |          |   9,629 |      |  10,427 | | 
+------------------------------+----------+---------+------+---------+-+ 
| Deferred tax liability       |          |     474 |      |     474 | | 
+------------------------------+----------+---------+------+---------+-+ 
|                              |          |         |      |         | | 
+------------------------------+----------+---------+------+---------+-+ 
| Total non-current            |          |  37,191 |      |  25,490 | | 
| liabilities                  |          |         |      |         | | 
+------------------------------+----------+---------+------+---------+-+ 
|                              |          |         |      |         | | 
+------------------------------+----------+---------+------+---------+-+ 
| Loans and borrowings         |          |   4,250 |      |  23,028 | | 
+------------------------------+----------+---------+------+---------+-+ 
| Trade and other payables     |          |  15,172 |      |  12,988 | | 
+------------------------------+----------+---------+------+---------+-+ 
|                              |          |         |      |         | | 
+------------------------------+----------+---------+------+---------+-+ 
| Total current liabilities    |          |  19,422 |      |  36,016 | | 
+------------------------------+----------+---------+------+---------+-+ 
|                              |          |         |      |         | | 
+------------------------------+----------+---------+------+---------+-+ 
| Total liabilities            |          |  56,613 |      |  61,506 | | 
+------------------------------+----------+---------+------+---------+-+ 
|                              |          |         |      |         | | 
+------------------------------+----------+---------+------+---------+-+ 
| Total equity and liabilities |          | 131,701 |      | 134,726 | | 
|                              |          |         |      |         | | 
+------------------------------+----------+---------+------+---------+-+ 
 
 
 
Consolidated statements of changes in equity 
 
+----------------------+----+----------+---------+----------------------+----------+---------+----+ 
| In thousands of      |    |    Share |   Share |              Hedging | Retained |   Total |    | 
| euros                |    |  capital | premium |                      | earnings |         |    | 
+                      +    +          +         +----------------------+          +         +----+ 
|                      |    |          |         |              Reserve |          |         |    | 
+----------------------+----+----------+---------+----------------------+----------+---------+----+ 
|                      |    |          |         |                      |          |         |    | 
+----------------------+----+----------+---------+----------------------+----------+---------+----+ 
|                      |    |          |         |                      |          |         |    | 
+----------------------+----+----------+---------+----------------------+----------+---------+----+ 
| Balance at 1 January |    |    3,148 |  53,468 |                    - |   22,987 |  79,603 |    | 
| 2008                 |    |          |         |                      |          |         |    | 
+----------------------+----+----------+---------+----------------------+----------+---------+----+ 
|                      |    |          |         |                      |          |         |    | 
+----------------------+----+----------+---------+----------------------+----------+---------+----+ 
| Result for the       |    |        - |       - |                    - |  (3,056) | (3,056) |    | 
| period               |    |          |         |                      |          |         |    | 
+----------------------+----+----------+---------+----------------------+----------+---------+----+ 
| Dividend             |    |        - | (2,741) |                    - |        - | (2,741) |    | 
+----------------------+----+----------+---------+----------------------+----------+---------+----+ 
| Gain/loss on         |    |        - |       - |                (586) |        - |   (586) |    | 
| interest rate swaps  |    |          |         |                      |          |         |    | 
+----------------------+----+----------+---------+----------------------+----------+---------+----+ 
|                      |    |          |         |                      |          |         |    | 
+----------------------+----+----------+---------+----------------------+----------+---------+----+ 
| Balance at 31        |    |    3,148 |  50,727 |                (586) |   19,931 |  73,220 |    | 
| December 2008        |    |          |         |                      |          |         |    | 
+----------------------+----+----------+---------+----------------------+----------+---------+----+ 
|                      |    |          |         |                      |          |         |    | 
+----------------------+----+----------+---------+----------------------+----------+---------+----+ 
| Result for the       |    |        - |       - |                    - |    1,839 |   1,839 |    | 
| period               |    |          |         |                      |          |         |    | 
+----------------------+----+----------+---------+----------------------+----------+---------+----+ 
| Dividend             |    |        - |       - |                    - |        - |       - |    | 
+----------------------+----+----------+---------+----------------------+----------+---------+----+ 
| Gain/loss on         |    |        - |       - |                   29 |        - |      29 |    | 
| interest rate swaps  |    |          |         |                      |          |         |    | 
+----------------------+----+----------+---------+----------------------+----------+---------+----+ 
|                      |    |        - |       - |                   29 |    1,839 |   1,868 |    | 
+----------------------+----+----------+---------+----------------------+----------+---------+----+ 
|                      |    |          |         |                      |          |         |    | 
+----------------------+----+----------+---------+----------------------+----------+---------+----+ 
| Balance at 31        |    |    3,148 |  50,727 |                (557) |   21,770 |  75,088 |    | 
| December 2009        |    |          |         |                      |          |         |    | 
+----------------------+----+----------+---------+----------------------+----------+---------+----+ 
 
 
 
 
 
Consolidated statement of cash flows 
For the year ended 31 December 
 
+------------------------------+------+----------+------+----------+--+ 
| In thousands of euros        |      |     2009 |      |     2008 |  | 
+------------------------------+------+----------+------+----------+--+ 
|                              |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
| Cash flows from operating    |      |          |      |          |  | 
| activities                   |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
| Profit for the period        |      |    2,333 |      |  (5,905) |  | 
+------------------------------+------+----------+------+----------+--+ 
| Adjustments for:             |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
| Depreciation Property, plant |      |    1,008 |      |    1,194 |  | 
| and equipment                |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
| Depreciation Intangible      |      |      996 |      |    1,825 |  | 
| assets                       |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
| Proceeds from associates     |      |        - |      |        - |  | 
+------------------------------+------+----------+------+----------+--+ 
| Finance income               |      |  (1,454) |      |  (2,768) |  | 
+------------------------------+------+----------+------+----------+--+ 
| Finance cost                 |      |    1,014 |      |    2,349 |  | 
+------------------------------+------+----------+------+----------+--+ 
|                              |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
|                              |      |    3,897 |      |  (3,305) |  | 
+------------------------------+------+----------+------+----------+--+ 
|                              |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
| Change in inventories        |      |    1,124 |      |  (2,738) |  | 
+------------------------------+------+----------+------+----------+--+ 
| Change in trade and other    |      |    2,492 |      |  (1,878) |  | 
| receivables                  |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
| Change in trade and other    |      |    2,071 |      |  (4,020) |  | 
| payables                     |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
| Change in provisions         |      |    (798) |      |    4,599 |  | 
+------------------------------+------+----------+------+----------+--+ 
|                              |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
|                              |      |    8,786 |      |  (7,342) |  | 
+------------------------------+------+----------+------+----------+--+ 
|                              |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
| Taxation paid                |      |  (1,360) |      |    2,428 |  | 
+------------------------------+------+----------+------+----------+--+ 
|                              |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
| Net cash from operating      |      |    7,426 |      |  (4,914) |  | 
| activities                   |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
|                              |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
| Cash flows from investing    |      |          |      |          |  | 
| activities                   |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
| Acquisition of subsidiaries, |      |        - |      | (14,121) |  | 
| net of cash acquired         |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
| Acquisition of assets        |      | (21,217) |      |        - |  | 
| classified as held for sale  |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
| Investments in fixed assets  |      |    (298) |      |  (1,739) |  | 
+------------------------------+------+----------+------+----------+--+ 
| Development of websites      |      |    (900) |      |    (270) |  | 
+------------------------------+------+----------+------+----------+--+ 
| Investments in equity        |      |        - |      |        - |  | 
| accounted investees          |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
| Loan to related parties      |      |  (2,518) |      |        - |  | 
+------------------------------+------+----------+------+----------+--+ 
| Interest received            |      |    1,454 |      |    2,768 |  | 
+------------------------------+------+----------+------+----------+--+ 
|                              |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
| Net cash used in investing   |      | (23,479) |      | (13,361) |  | 
| activities                   |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
|                              |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
| Cash flows from financing    |      |          |      |          |  | 
| activities                   |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
| Proceeds from issue of share |      |        - |      |        - |  | 
| capital                      |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
| Bank borrowing advances      |      |   16,750 |      |   36,773 |  | 
+------------------------------+------+----------+------+----------+--+ 
| Bank borrowing repayments    |      | (23,028) |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
| Interest paid                |      |  (1,014) |      |  (1,922) |  | 
+------------------------------+------+----------+------+----------+--+ 
| Share premium paid           |      |        0 |      |  (9,912) |  | 
+------------------------------+------+----------+------+----------+--+ 
| Dividends paid               |      |        0 |      |  (2,741) |  | 
+------------------------------+------+----------+------+----------+--+ 
|                              |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
| Net cash from (used in)      |      |  (7,292) |      |   22,198 |  | 
| financing activities         |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
|                              |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
| Net increase in cash and     |      | (23,345) |      |    3,923 |  | 
| cash equivalents             |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
| Cash and cash equivalents at |      |   59,702 |      |   56,203 |  | 
| 1 January                    |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
| Net foreign exchange         |      |        0 |      |    (424) |  | 
| gain/(loss)                  |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
|                              |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
| Cash and cash equivalents at |      |   36,357 |      |   59,702 |  | 
| 31 December                  |      |          |      |          |  | 
+------------------------------+------+----------+------+----------+--+ 
 
 
Basis of preparation 
 
The consolidated financial information contained in these preliminary results 
has been derived from the financial statements which have been prepared by the 
board on 23 March 2010. The preliminary results do not constitute the statutory 
accounts of the Company for the year ended 31 December 2009.  It is currently 
expected that the annual report will be posted to shareholders on April 15 2010 
and that the Company's Annual General Meeting will be held on the 22 April 2010. 
The auditor has finalised the audit of the 2009 Financial statements of Direct 
Wonen N.V. and has issued a clean auditors report at 23 March 2010. We would 
like to emphasize that the financial statements have not yet been adopted by the 
General annual meeting. 
 
The preparation of the preliminary results requires the use of estimates and 
assumptions that affect the reported amounts of assets and liabilities at the 
date of the financial statements and the reported amounts of revenues and 
expenses during the reporting period. The significant judgements and estimates 
applied by the Group in these preliminary results have been applied on a 
consistent basis with the statutory accounts for the year ended 31 December 
2009. Although such estimates are based on management's best knowledge of the 
amount, event or actions, actual results ultimately may differ from those of 
estimates. 
 
The accounting policies applied in these preliminary results are in 
accordance with International Financial Reporting Standards, as endorsed by the 
European Union ('IFRS') and are in accordance with the IFRS accounting policies 
that were applied in the Group's statutory accounts for the year ended 31 
December 
 
In the current year, the Group has applied the following amendments and 
interpretations ("new IFRSs") issued by the International Accountancy Standards 
Committee as adopted by the European Union which are or have become effective. 
 
New standards, amendments to published standards and interpretations to existing 
standards effective in 2009 adopted by the group 
 
Amendment of IFRS 7 
The application of this Amendment has resulted in changes to the disclosures 
provided in respect of financial instruments, primarily in notes to the 
financial statements including an analysis of financial asset and financial 
liability that is measured at fair value in the statement of financial position, 
into a three level fair value measurement hierarchy. The Amendment does not 
change the recognition or measurement of transactions and balances in the 
financial statements. 
 
IFRS 8 Operating segments 
The group has adopted IFRS 8 with effect from 1 January 2009. This standard sets 
out requirements for the disclosure of information about an entity's operating 
segments and also about the entity's products and services, the geographical 
areas in which it operates, and its major customers. The segments are identified 
on the basis of internal reports about components of the entity that are 
regularly reviewed by the chief operation decision maker in order to allocate 
resources to the segments and to assess it performance. It replaces IAS 14, 
Segmental Reporting. The adoption of the standard has not resulted in change of 
the number and composition of the segments reported by the group. 
 
Amendment IAS 1 
As a result of the application of this Amendment the Group have elected to 
present a [single statement of comprehensive income / two separate statements, 
an income statement and a statement of comprehensive income]; previously it 
presented an income statement and the statement of recognised income and 
expense. In addition, a statement of changes in equity is now presented as a 
primary statement where previously the information was included in a note and an 
analysis of the tax effect of items recognised in other comprehensive income has 
been included in note x. The Amendment does not change the recognition or 
measurement of transactions and balances in the financial statements. 
 
Amendment IAS 23 
In respect of borrowing costs relating to qualifying assets for which the 
commencement date for capitalisation is on or after 1 January 2009, the Group 
capitalises borrowing costs directly attributable to the acquisition, 
construction or production of a qualifying asset as part of the cost of that 
asset. Previously the Group immediately recognised all borrowing costs as an 
expense. This change in accounting policy was due to the adoption of IAS 23 
Borrowing Costs (2007) in accordance with the transitional provisions of such 
standard; comparative figures have not been restated. The change in accounting 
policy had no material impact on earnings per share. 
 
Amendment IFRS 2 
This amendment deals with vesting conditions and cancellations. It clarifies 
that vesting conditions are service conditions and performance conditions only. 
Other features of a share based payment are not vesting conditions. These 
features would need to be included in the grant date fair value for transactions 
with employees and others providing similar services; they would not impact the 
number of awards expected to vest or valuation there of subsequent to grant 
date. All cancellations, whether by the entity or by other parties, should 
receive the same accounting treatment. The group and company has adopted IFRS 2 
(amendment) from 1 January 2009. The amendment does not have a material impact 
on the group or company's financial statements. 
 
IFRIC 15 
The Interpretation addresses how entities should determine whether an agreement 
for the construction of real estate is within the scope of IAS 11 Construction 
Contracts or IAS 18 Revenue and when revenue from the construction of real 
estate should be recognised. The requirements have not affected the accounting 
for the Group's construction activities. 
 
IFRIC 16 
The Interpretation provides guidance on the detailed requirements for net 
investment hedging for certain hedge accounting designations. 
 
The application of the new IFRS has no material effect on how the results and 
financial position for the current or prior accounting periods have been 
prepared and presented. Accordingly, no prior period adjustment has been 
required. 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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