Van Der Moolen (NYSE:VDM)
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Key Figures
Euros millions
2nd quarter
2nd quarter
1st quarter
6 months
2007
2006
2007
2007
2006
Revenues
35.2
40.5
39.6
74.8
79.5
Operating profit (loss)
(5.2
)
(5.3
)
(1.0
)
(6.2
)
24.0
Profit (loss) for the period
(9.3
)
(7.7
)
(4.4
)
(13.7
)
6.3
Profit (loss) attributable to common equity holders of the Company
(9.6
)
(9.4
)
(4.3
)
(13.9
)
1.7
Guarantee capital
242.9
414.7
279.5
242.9
414.7
Per common share data (Euros x 1)
Profit (loss)
(0.21
)
(0.21
)
(0.09
)
(0.30
)
0.04
Diluted profit (loss)
(0.21
)
(0.20
)
(0.09
)
(0.30
)
0.04
Average US dollar/Euro rate
0.74
0.80
0.76
0.75
0.81
Van der Moolen Holding NV (NYSE:VDM) (Amsterdam:VDMN) (liquidity
provider and broker in equities, bonds and related instruments in the US
and in Europe), today reported its results for the second quarter of
2007.
Highlights:
Revenues of 35.2 million in Q2 2007,
compared to 39.6 Q1 2007;
Net loss of 9.6 million attributable to
common shareholders in Q2 2007;
Substantial growth of profits in Europe;
Losses are fully caused by US activities;
Loss per common share of 0.21 in the
second quarter of 2007;
Cost reduction program US successfully executed.
Further cost base reduction to meet target of
20.0 million annualized cost saving target by end of 2007;
Profitability of US operations expected in the second half year of
2007.
Richard den Drijver, Chief Executive Officer of Van der Moolen
Holding NV commented: European trading
and brokerage activities showed ongoing strong performance in the second
quarter of 2007 and an increase of revenues of 70% in the first half
year of 2007. Revenues of our US activities showed a further decline and
a decrease of revenues of 68% in the first half year of 2007. In the
second quarter of 2007 we have taken a series of measures to right size
and tailor our US activities to the full implementation of the NYSE
hybrid system. With the newly dimensioned US operation we target for
profitability in the second half year of 2007.
Operational highlights first half year
of 2007
European activities
In the first half year of 2007 the European activities of Van der Moolen
showed an ongoing growth in revenues and profitability. We experienced
favourable market conditions in all our markets in which we are active.
In Europe, Van der Moolen has operations in Amsterdam, London, Paris,
Cologne and Zug. In Amsterdam the company is acting as a liquidity
provider and broker. In London, Cologne and Zug we are active as
proprietary trader in equities and derivatives and arbitrageur. In the
first half year of 2007 European revenues represented 81.3% of total
revenues of Van der Moolen, compared to 48.0% in full year 2006.
Ongoing growth in revenues and
profitability
For the first half year of 2007, revenues of European activities
amounted to 60.8 million compared to an
amount of 35.8 million in the first half
year of 2006, an increase of 70%. Of these revenues, brokerage
activities contributed revenues of 10.0
million in the first half year of 2007, compared to an amount of
7.2 million in the first half year of 2006, an increase of 39%.
Strong performance brokerage
European brokerage, based in Amsterdam, has experienced a strong half
year 2007. Van der Moolen is acting as an execution broker for
professional clients and revenues increased by 39% versus 2006. The
brokerage activities were benefiting from a strong investing climate,
high turnovers and favourable market conditions. Our teams with strong
execution skills helped further expand our professional client base.
Through the acquisition of Robbins & Henderson and our own brokerage
team we also will be able to provide our European client base with
strong execution in the US markets.
Investments in Online Trader
In the first half year of 2007 Online Trader, our electronic trading
platform got more traction with professional users. Due to our marketing
efforts the number of, mainly, professional clients increased by
approximately 40%. Recently we have started to market Online Trader to a
broader investing community in the Netherlands and also in the French
market. We believe that the combination between high speed execution and
a low fee structure will make Online Trader an integral part of the
professional and semi professional trading community. We will continue
our marketing campaign again in the third quarter and new products and
markets will be added in the remainder of the year.
Termination bond activities
In the first half year of 2007 Van der Moolen has decided to terminate
the local Amsterdam cash bond activities after concluding that the
activities could not be scaled to the desired levels. This is in line
with our policy to reconsider activities that fail to reach pre-agreed
growth targets.
US activities
Revenues of the US activities amounted to
14.0 million in the first half year of 2007 compared to
43.7 million in the first half year of 2006, a decrease of 68%. In the
first half year of 2007 US revenues represented 18.7% of total revenues
of Van der Moolen, compared to 52.0% in full year 2006. In the US, Van
der Moolen is active as a liquidity provider and a participant in
exchanges.
Improved participation rate VDM
Specialists USA
In the first quarter of 2007, VDM Specialists USA participation rate was
3.6% versus NYSE average of 4%. In July 2007 VDM Specialists USA
participation rate was 4.6%, an increase of 28%. Year to date, VDM
Specialists USA participation rate is even with the NYSE average of 4%.
In the first half year of 2007 the market share of the NYSE
showed an ongoing decline. The NYSE market share in US markets declined
from 75.1% to 64.8% from 31.12.2006 to 30.06.2007. The average trade
size decreased from 599 shares to 345 shares.
Restructuring US operations
In March 2007, we announced that we would re-evaluate our business and
organization model in the US following the strong decline in revenues
from our specialist activities. Since then we have made significant
progress in the restructuring of the US organization. The NYSE hybrid
system allows VDM Specialists USA to downsize the staff level from 207
to 100 in the US. The normalised cost base for the second half year of
2007 is expected to be reduced by more than 35% compared to the first
half year of 2007, resulting in a normalised expected costs saving of
8.0 million. The organization structure is optimized. We have used
assessment centre techniques to test the trading skills of our floor
staff and have improved the trading circumstances by adjusting the
software and by hiring new experienced and competitive traders.
After the restructuring we expect to realize profitability for the US
activities during the second half year of 2007.
Increased stake in VDM Specialists USA
In the second quarter of 2007, Van der Moolen increased its interest in
Van der Moolen Specialists USA from 75% to 92.1%. The remaining minority
interest of 7.9% is subject to the option agreement with the remaining
minority partners of VDM Specialists USA to acquire the minority
interest in Van der Moolen Specialists USA
CBSX
Designed as a highly cost-effective marketplace, CBSX provides economic
incentives to liquidity providers to provide the best markets without
sacrificing a level playing field for all market participants. Since the
launch in March 2007 the roll out of stocks has been successful. The
CBSX trades over 2800 different stocks and ETF's in which VDMS is in 700
of that liquidity provider. The volume of shares traded on the CBSX
since the launch in March grew exponentially to a record high in July of
over 126 million shares. VDM Capital markets actively make markets on
the CBSX through our various trading models where we make use of the
liquidity incentive the CBSX is offering to its market participants. The
CBSX will continue to further roll out the number of stocks and products
in the second half year of 2007.
Strategy
In August 2006 Van der Moolen disclosed a new strategy which is aimed at
creating three sources of income (liquidity provider, brokerage,
partnerships with exchanges) in three regions (Europe, US, Asia).
Currently in Europe Van der Moolen has two sources of income, as a
liquidity provider and broker.
In the US we are active as a liquidity provider and participant in
exchanges. The acquisition of Robbins & Henderson in July 2007 marked
the start of brokerage activities in the US.
In Asia Van der Moolen is planning to roll out activities in the first
half year of 2008.
Financial highlights first half year of 2007
The European activities have generated a net profit of
3.7 million in the second quarter of 2007 compared to a net profit of
3.2 million in the first quarter of 2007. US activities have contributed
a net loss of 7.7 million for the second
quarter of 2007 compared to a net loss of
4.8 million in the first quarter of 2007.
In the second quarter of 2007 the interest in Van der Moolen Specialists
USA has increased from 75% to 92.1% as a result of the takeover of
minority interests. In June 2007 Van der Moolen entered into an option
agreement with the remaining minority partners of VDM Specialists USA to
acquire a total of 15.6% minority interest in Van der Moolen Specialists
USA of which 7.9% was remaining as at June 30, 2007. Under the
abovementioned option agreement the minority partners have the right to
sell their interest in Van der Moolen Specialists USA for an agreed
amount of $ 8.3 million in total. The put option is carried at the books
of Van der Moolen at fair value and is revalued at reporting date,
resulting in a benefit of 0.1 million in
the second quarter 2007. As a result of the takeover and the agreed
option agreement, 100% of the result of Van der Moolen Specialists USA
is recorded in the profit and loss statement as from April 1, 2007.
In addition, as a result of the increase in Van der Moolen interest in
Van der Moolen Specialists USA and the option agreement the following
accounting treatment is applicable under IFRS:
The minority interest is fully allocated to the capital and reserves
attributable to the Company's equity holders; and
The capital of the minority members is partly recorded as liability at
the agreed strike price.
In the second quarter of 2007, we have put a strong effort in reshaping
our US activities. We have adapted our systems, our organization and our
staffing to be more efficient in the NYSE hybrid system. In addition, we
have refueled our trading teams and have brought new senior floor staff.
The newly shaped organization needs to prove sustainability of Van der
Moolen Specialists USA in the hybrid market on the NYSE in the coming
months.
Revenues
At 35.2 million, our reported total
revenues in the second quarter of 2007 were 11% lower than in the first
quarter of 2007 and 13% below those earned in the second quarter of 2006.
On a geographical basis our revenues can be summarized as follows:
Van der Moolen Holding N.V.
Q2
Q2
%
Q1
%
6 months
6 months
%
Revenue breakdown in millions of Euros
2007
2006
2007
2007
2006
Europe
28.9
19.4
49%
31.9
-9%
60.8
35.8
70%
USA
6.3
21.1
-70%
7.7
-18%
14.0
43.7
-68%
Total revenues
35.2
40.5
-13%
39.6
-11%
74.8
79.5
-6%
At 28.9 million, the reported revenues in
Europe are 9% lower than in the first quarter of 2007 but 49% higher
than in the second quarter of 2006. On a six months basis, reported
revenues in Europe are 70% higher than in 2006. The sharp growth in
Europe was fueled by excellent trading conditions and diversification of
financial products.
At 6.3 million, the reported revenues in
the US are 18% lower than in the first quarter of 2007 and 70% lower
than in the second quarter of 2006. On a six months basis, reported
revenues in the US are 68% lower than in the first half year of 2006.
The sharp decline in revenues in Van der Moolen Specialists USA compared
to 2006 is mainly due to the implementation of NYSE Hybrid, the decline
of the NYSE market share and the decline of the specialist participation
rate.
Other gains and losses - net
In the second quarter of 2007 other gains and losses (net) amounts to
nil. This is the net amount of the following items:
A benefit of 0.1 million as a result of
the revaluation of the option agreement with the remaining minority
partners of VDMS to acquire a total of 15.6% minority interest in Van
der Moolen Specialists USA (of which 7.9% was remaining as at June 30,
2007).
A realized profit of 0.5 million as a
result of the sale of NYSE Group shares.
Operating expenses
Total operating expenses in the second quarter were
0.4 million higher than in the first quarter of 2007 and
3.9 million lower than in the second quarter of 2006. Factors that
significantly impacted the comparison with the first quarter of 2007 and
the second quarter of 2006 are:
Employee benefit expenses decreased by 3.2
million or 16% compared to the first quarter of 2007 and increased by
5.4 million or 48% compared to the second quarter of 2006. Severance
payment expenses amounted to 2.2 million in
the second quarter of 2007, against an amount of
2.0 million in the first quarter of 2007. The decrease compared to the
first quarter of 2007 is mainly due to the results of the net reduction
in work force in the US. Furthermore, variable employee compensation and
benefit expenses amounted to 7.2 million in
the second quarter of 2007 compared to an amount of
8.6 million in the first quarter 2007, a decrease of
1.4 million.
The decrease of the variable employee compensation and benefit
expenses compared to the first quarter of 2007 is mainly due to the
relative contribution of the different bonus arrangements in place
throughout the Group and is mainly related to lower variable employee
benefits expenses related to the activities in Europe in the second
quarter of 2007.
Other general and administrative expenses increased by
3.8 million compared to the first quarter 2007 and decreased by
10.0 million compared to the second quarter 2006. The increase
compared to the first quarter of 2007 is mainly attributable to a one
off benefit of 0.6 million related to the
favorable settlement of accrued legal fees related to the US
activities in the first quarter of 2007 as well as additional costs
related to our annual reporting ( 0.4
million), costs related to the professional fees at Group level (
0.6 million), additional insurance costs (
0.4 million) and accrued legal expenses (
0.5 million). In addition, business started up in the last year had
higher general and administrative expenses for an amount of
0.5 million in the second quarter of 2007 compared to the first
quarter of 2007. Compared to the second quarter of 2006, the decrease
is caused by the recording of an impairment of charge of
10.0 million and the recording of settlement expenses amounting to
4.1 million in the second quarter of 2006. Total general and
administrative expenses increased by 4.1
million, mainly due to the factors indicated in the comparison with
the first quarter of 2007.
Operating profit
Excluding the other gains and losses (net), the amortization expense and
the impairment of fixed assets, operating loss amounted to
4.5 million in the second quarter of 2007 compared to an operating
profit of 0.1 million in the first quarter
of 2007 and 6.6 million in the second
quarter of 2006. The operating margin calculated on this basis was
(negative) 12.8% in the second quarter of 2007, compared to 0.3% and
16.3% in the first quarter of 2007 and second quarter of 2006,
respectively. The decrease in the operating margin is mainly due to the
impact of lower profitability in the US and higher expenses at Group
level.
Net financing costs
Net financing costs amounted to 1.3 million
in the second quarter of 2007, compared to
2.2 million in the first quarter of 2007 and
0.9 million in the second quarter of 2006. The net financing costs for
the second quarter of 2007 are impacted by the repayment of the
remaining part of the 7.11% $ 40 million subordinated borrowing in March
2007 for which, as a consequence, no interest expenses are recognised
related to this borrowing in the second quarter of 2007. Furthermore,
interest income increased by 0.2 million
compared to the first quarter 2007.
For the first quarter of 2007 the functional currency of Van der Moolen
Holding NV has been the US dollar. As a result of increased European
trading and decreased US trading results, Van der Moolen has reassessed
its functional currency in the second quarter of 2007 and changed from
US dollar to Euro as from April 1, 2007.
The foreign currency result amounted to 0.2
million charge for the second quarter of 2007, compared to
0.3 million charge in the first quarter of 2007.
Income tax
Income tax expense in the second quarter of 2007 was
2.8 million, representing a consolidated effective tax rate of 47%,
against a 1.2 million charge, or 57%
negative, in the preceding quarter and a charge of
1.5 million, or 22% negative, in the second quarter of 2006. The
consolidated effective tax rate in the current quarter includes the
impact of the absence of a (net) deferred tax asset positions related to
our US activities.
Furthermore, the tax line in the second quarter of 2007 is impacted by
the tax impact caused by the decrease of the unrealized gain on the NYSE
Group shares.
Minority interest
In the second quarter of 2007, Van der Moolen increased its interest in
Van der Moolen Specialists USA from 75% to 92.1%. The remaining minority
interest of 7.9% is subject to the option agreement with the remaining
minority partners to acquire the minority interest in Van der Moolen
Specialists USA.
EPS
The weighted average number of outstanding shares to calculate basic
earnings per share is 46.680.891 for the second quarter of 2007 and the
first half year of 2007. Loss per common share amounts to 0.21 in the
second quarter of 2007, compared to a loss of
0.09 in the first quarter 2007 and a loss of
0.21 in the second quarter of 2006.
Balance sheet total
On June 30, 2007 our Balance Sheet total was
2.1 billion compared to a balance sheet total of
1.7 billion at year end 2006.
Intangible assets
Intangible assets, including goodwill, decreased from
84.9 million at December 31, 2006 to 82.9
million at June 30, 2007. This decrease mainly reflects the amortization
of intangible fixed assets in the first half year of 2007 and the impact
of the devaluation of the US currency against the Euro.
For the first half year of 2007, management has assessed that there are
no indications that the carrying amount of our intangibles may not be
recoverable.
Guarantee capital
Guarantee capital, which consists of total equity plus the non-current
portion of our subordinated indebtedness (including financing preferred
capital and capital contributions from minority members), decreased from
298.6 million to 242.9 million at June 30,
2007.
This decrease is mainly caused by:
a decrease of 9.6 million, mainly related
to the repayment of subordinated borrowings (March 2007);
the loss attributable to the first six months of 2007 of
13.9 million;
a 10.4 million repurchase and
cancellation of 251,000 cumulative financing preferred shares A of Van
der Moolen Holding NV;
a 4.4 million payment of preferred
financing dividend (May 2007);
a 13.7 million reduction in the capital
accounts of minority members;
a 2.7 million decrease in fair value
reserve related to the sale of NYSE shares;
other items resulting in a net decrease of
1.0 million.
Cash and cash equivalents
The Group has approximately 15 million of
freely-available cash (including disposition on security positions and
other assets) (December 31, 2006: 19
million). Further, it has 15 million
available in short-term committed credit lines of which
5 million is currently drawn.
Non-current cash and cash equivalents
The non-current cash and cash equivalents reflect that part of cash and
cash equivalents held by VDM Specialists USA for purposes of compliance
with the Net Liquid Asset ("NLA") requirement set by the New York Stock
Exchange. The total NLA requirement amounts to $ 122 million (or
90 million) at June 30, 2007.
Available for sale assets
At June 30, 2007 we own 216,302 NY shares in the NYSE Group. Unrealized
gains and losses on the NYSE Group shares are recorded in the fair value
reserve in equity.
Cash flow from operating activities
Cash flow from operating activities amounted to
76.2 million negative in the first half year of 2007, mainly due to a
cash outflow of 93.4 million due to the
development of our trading position in the first half year of 2007,
which is partly offset by a 12.0 million
release from the non-current cash and cash equivalents.
Cash flow from investing activities
Cash flow from investing activities amounted to
1.8 million, mainly related to the proceeds from the sale of available
for sale assets of 4.7 million, partly
offset by investments in software and tangible fixed assets.
Cash flow from financing activities
Cash flow from financing activities amounted to
42.0 million negative, mainly caused by the repurchase and cancellation
of 251,000 cumulative financing preferred shares A of Van der Moolen
Holding NV, the repayment of subordinated debt in March 2007, interest
payments and repayment to minority members and the payment of dividend
on the financing preferred shares.
Subsequent events
Europe
Closing VDM Obligaties activities
In the first half year of 2007 Van der Moolen has decided to terminate
the European bond activities in VDM Obligaties as from August 1, 2007
after concluding that the activities could not be scaled to the desired
levels. VDM Obligaties made market in Dutch and selected French, Italian
and Belgian fixed income instrument traded in Euronext. Its primary
activity was to provide liquidity in these bonds to banks and brokers in
order to fill retail order flow. The revenues of these activities,
mainly being commissions and partly from gains on principal
transactions, amounted to 1.3 million for
the full year 2006 and 0.5 million for the
first six months of 2007.
US
Acquisition of Robbins & Henderson
On July 26, 2007, Van der Moolen announced the acquisition of Robbins &
Henderson, a US based institutional broker. Gross revenues for 2006
amounted to $ 6.4 million. The acquisition is subject to regulatory
consent. The acquisition price is based on the earnings of Robbins &
Henderson for the years 2006, 2007 and 2008.
The acquisition price amounts to $ 2 million based on the 2006 earnings
and, in addition, the net profit for the year multiplied by factor 4.5
for 2007 and 4 for 2008. The results of Robbins and Henderson will be
included in the VDM figures as of third quarter earnings.
Sale of NYSE shares
In July 2007, Van der Moolen has sold, in addition to the sale of 82,822
NYSE Group shares in the second quarter, 40,826 Group NYSE shares,
resulting in a sale of in total 123,648 in 2007 at an average price of $
74.36. The remaining number of shares Van der Moolen owns to date is
175,476.
Repayment subordinated borrowings
At August 3, 2007 we have repaid an amount of $ 35 million related to
the subordinated borrowings, in conformity with the contractual
repayment schedule.
Supervisory Board
On August 14, 2007 Prof.dr. R.G.C. van den Brink has resigned as member
(Chairman) of the Supervisory Board of Van der Moolen Holding N.V. for
personal reasons. The Supervisory Board and the Executive Board of Van
der Moolen thank Prof.dr. Van den Brink for his knowledgeable advice and
service over many years. The vacancy in the Supervisory Board will be
filled in, in accordance with applicable rules, as soon as possible. His
colleague, drs. M. Arentsen RA will take over the position as Chairman
of the Supervisory Board for the time being.
Disclaimer:
This press release contains forward-looking statements within the
meaning of, and which have been made pursuant to, the Private Securities
Litigation Reform Act of 1995. All statements regarding our future
financial condition, results of operations and business strategy, plans
and objectives are forward-looking. Statements containing the words anticipate,
believe, intend,
estimate, expect,
hope, and words
of similar meaning are forward-looking. In particular, the following are
forward-looking in nature: statements with regard to strategy and
management objectives; pending or potential acquisitions; pending or
potential litigation and government investigations, including litigation
and investigations concerning specialist trading in the U.S.; future
revenue sources; the effects of changes or prospective changes in the
regulation or structure of the securities exchanges on which our
subsidiaries operate; and trends in results, performance, achievements
or conditions in the markets in which we operate. These forward-looking
statements involve risks, uncertainties and other factors, some of which
are beyond our control, which may cause our results, performance,
achievements or conditions in the markets in which we operate to differ,
possibly materially, from those expressed or implied in these
forward-looking statements. We describe certain important factors to
consider in connection with these forward-looking statements under Key
Information Risk Factors
and elsewhere in our annual filing with the U.S. Securities and Exchange
Commission on Form 20-F. We caution you not to place undue reliance on
these forward-looking statements, which reflect our managements
view only as of the date of this Report. We have no obligation to update
these forward-looking statements.
Van der Moolen Holding N.V.
Consolidated Profit and Loss Account
(IFRS, Unaudited)
(amounts in millions of Euros, except per share data)
Q2
Q2
%
Q1
%
6 months
6 months
%
2007
2006
2007
2007
2006
Revenues
35.2
40.5
-13
%
39.6
-11
%
74.8
79.5
-6
%
Other gains and losses - net
0.6
(0.9
)
-167
%
-
0.6
21.1
-97
%
Exchange, clearing and brokerage fees/trading licenses
(12.1
)
(11.7
)
3
%
(12.4
)
-2
%
(24.5
)
(22.2
)
10
%
Employee benefit expense
(16.7
)
(11.3
)
48
%
(19.9
)
-16
%
(36.6
)
(23.9
)
53
%
Depreciation and amortization expenses
(1.8
)
(1.5
)
20
%
(1.7
)
6
%
(3.5
)
(3.1
)
13
%
General and administrative expenses
(10.4
)
(20.4
)
-49
%
(6.6
)
58
%
(17.0
)
(27.4
)
-38
%
Total operating expenses
(41.0
)
(44.9
)
-9
%
(40.6
)
1
%
(81.6
)
(76.6
)
7
%
Operating profit (loss)
(5.2
)
(5.3
)
-2
%
(1.0
)
420
%
(6.2
)
24.0
-126
%
Net financing costs
(1.3
)
(0.9
)
(2.2
)
(3.5
)
(4.7
)
-26
%
Profit (loss) before income tax
(6.5
)
(6.2
)
5
%
(3.2
)
103
%
(9.7
)
19.3
-150
%
Income tax benefit/ (expense)
(2.8
)
(1.5
)
(1.2
)
(4.0
)
(13.0
)
-69
%
Profit (loss) for the period
(9.3
)
(7.7
)
21
%
(4.4
)
111
%
(13.7
)
6.3
-317
%
Profit attributable to minority interest
(0.6
)
0.7
(1.1
)
(1.7
)
3.6
-147
%
Preferred financing dividend
0.9
1.0
1.0
1.9
1.0
90
%
Profit (loss) attributable to common equity holders of the Company
(9.6
)
(9.4
)
2
%
(4.3
)
123
%
(13.9
)
1.7
-918
%
Average number of common shares outstanding
46,680,891
45,453,298
3
%
46,680,891
0
%
46,680,891
45,197,124
3
%
Diluted average number of common shares outstanding a)
46,680,891
45,894,242
2
%
46,680,891
0
%
46,680,891
45,638,068
2
%
Per common share data:
Profit (loss) per common share
(0.21
)
(0.21
)
-1
%
(0.09
)
123
%
(0.30
)
0.04
-892
%
Diluted profit (loss) per common share
(0.21
)
(0.20
)
0
%
(0.09
)
123
%
(0.30
)
0.04
-892
%
Van der Moolen Holding N.V.
Q2 2007
Q2 2006
%
Q1 2007
%
6 months 2007
6 months 2006
%
Revenue breakdown in millions of Euros
US Operations
6.3
21.1
-70%
7.7
-18%
14.0
43.7
-68%
European Trading
16.6
9.2
80%
20.7
-20%
37.3
17.1
118%
PMM/CMM Principal Trading
7.2
6.4
13%
6.3
14%
13.5
11.5
17%
Brokerage activities
5.1
3.8
34%
4.9
4%
10.0
7.2
39%
Total revenues
35.2
40.5
-13%
39.6
-11%
74.8
79.5
-6%
Van der Moolen Holding N.V.
Q2 2007
Q2 2006
%
Q1 2007
%
6 months 2007
6 months 2006
%
Operating profit before other gains and losses (net), before
amortization of intangible fixed assets and before impairment,
breakdown in millions of Euros
US Operations
(5.2)
8.3
-163%
(2.5)
108%
(7.7)
17.4
-144%
European Trading
3.9
2.5
56%
5.0
-22%
8.9
4.5
98%
PMM/CMM Principal Trading
1.7
1.7
0%
1.6
6%
3.3
2.5
32%
Brokerage activities
(0.3)
(0.2)
50%
(0.4)
-25%
(0.7)
(0.5)
40%
Unallocated and Holding
(4.6)
(5.7)
-19%
(3.6)
28%
(8.2)
(9.0)
-9%
Total operating profit before other gains and losses (net), before
amortization of intangible fixed assets and before impairment
(4.5)
6.6
-168%
0.1
-4600%
(4.4)
14.9
-130%
Van der Moolen Holding N.V.
Consolidated Balance Sheet
(IFRS, unaudited)
(amounts in millions of Euros)
June 30, 2007
December 31, 2006
Assets
Non-current assets
Intangible assets
82.9
84.9
Property, plant and equipment
5.4
6.1
Financial fixed assets
16.0
14.9
Available-for-sale financial assets
14.1
24.2
Cash and cash-equivalents
90.2
103.0
208.6
233.1
Current assets
Securities owned
1,451.0
1,077.8
Due from clearing organizations and professional parties
321.2
223.0
Current assets and prepaid expenses
19.7
18.2
Cash and cash-equivalents
102.7
114.9
1,894.6
1,433.9
Total assets
2,103.2
1,667.0
Equity and liabilities
Capital and reserves attributable to the Company's equity holders
187.6
215.3
Minority interest
-
4.7
Total equity
187.6
220.0
Non-current liabilities
Capital of minority members
-
13.7
Subordinated borrowings
55.3
64.9
Other non-current liabilities
10.4
8.4
65.7
87.0
Current liabilities
Securities sold, not yet purchased
1,157.4
967.7
Due to clearing organizations and professional parties
385.9
212.3
Due to customers
18.3
3.9
Short-term borrowings
29.6
38.9
Bank overdrafts
217.7
112.4
Other current liabilities and accrued expenses
41.0
24.8
1,849.9
1,360.0
Total equity and liabilities
2,103.2
1,667.0
Guarantee capital
242.9
298.6
Van der Moolen Holding N.V.
Movement schedule of shareholders' equity
(IFRS, unaudited)
Movement in shareholders' equity
(Amounts in millions of euros)
6 months
6 months
2007
2006
Shareholders' equity at January 1
215.3
221.2
Adjustment prior year
-
(0.4)
Preferred financing shares
(10.4)
51.4
Issued common shares and issuable shares (Curvalue acquisition), net
of shares held in treasury
-
42.1
Dividend preferred financing shares
(4.4)
-
Cash dividend
-
(2.3)
Currency exchange differences
(2.9)
(17.7)
Profit (loss) attributable to common equity holders of the Company
(13.9)
2.1
Contribution to dividend reserve financing preferred shareholders
1.9
2.1
Sale of treasury shares
-
0.7
Share option contribution
0.1
-
Reallocation of minority partner interest
4.6
-
Fair value change on available-for-sale financial assets
(2.7)
(4.9)
(27.7)
73.1
Shareholders' equity at June 30
187.6
294.3
Consolidated statement of cash flow
(IFRS, unaudited)
Consolidated statement of cash flow
(Amounts in millions of Euros)
6 months
6 months
2007
2006
Cash flow from operating activities
(76.2)
5.1
Cash flow from investing activities
1.8
20.8
Cash flow from financing activities
(42.0)
(24.6)
Currency exchange differences on cash and cash-equivalents, net of
bank overdrafts
(1.1)
0.8
Change in cash and cash-equivalents, net of amounts of bank
overdrafts
(117.5)
2.1
Cash and cash-equivalents, net of amounts of bank overdrafts at
January 1,
2.5
1.6
Cash and cash-equivalents, net of amounts of bank overdrafts at
June 30, 2007
(115.0)
3.7