Van der Moolen: Net Income of EUR 5.5 Million in the Third Quarter of 2003.Business Editors AMSTERDAM Amsterdam, city, Netherlands Amsterdam (ăm`stərdăm', Dutch ämstərdäm`), city (1994 pop. 724,096), constitutional capital and largest city of the Kingdom of the Netherlands, North Holland prov. , The Netherlands--(BUSINESS WIRE)--Nov. 6, 2003 Van der Moolen Van der Moolen is a Dutch equity trading firm, with its headquarters located in Amsterdam. They are mainly active in the United States and in Europe, particularly in the Netherlands, France, Germany, Switzerland and the United Kingdom. , specialist, market maker and proprietary trader In a financial institution, a proprietary trader ( also known as a securities trader ) is a trader who trades securities on the account of the institution he/she works for, not for client-based business. in the important US and European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. equity, option and fixed income markets, realized net income from ordinary activities of EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 5.5 million in the third quarter of 2003, 68% less than in the third quarter of 2002 and 20% less than in the second quarter of 2003. Net income per common share from ordinary business activities was EUR 0.13, a 70% decrease compared to the third quarter of 2002 and a 21% decrease compared to the second quarter of 2003.
Key Figures
--------------------------- ------------------------ -----------------
Euros millions 3rd 3rd quarter 2nd quarter 9
quarter 2002 2003 months
2003
2003 2002
--------------------------- ------------------------ -----------------
Revenues 43.3 86.0 -50% 47.5 -9% 139.2 250.2 -44%
--------------------------- ------------------------ -----------------
Operating income 12.2 38.5 -68% 14.1 -13% 38.6 105.6 -63%
--------------------------- ------------------------ -----------------
Net income from
ordinary activities 5.5 17.2 -68% 6.9 -20% 20.3 51.8 -61%
--------------------------- ------------------------ -----------------
Guarantee capital 488.7 580.4 -16% 495.0 -1% 488.7 580.4 -16%
--------------------------- ------------------------ -----------------
Per common share
data (Euros x 1)
--------------------------- ------------------------ -----------------
Net income from
ordinary activities 0.13 0.43 -70% 0.16 -21% 0.48 1.29 -63%
--------------------------- ------------------------ -----------------
Cash earnings 0.20 0.54 -63% 0.25 -20% 0.73 1.59 -54%
--------------------------- ------------------------ -----------------
The NYSE NYSE See: New York Stock Exchange started giving us partial access to two full trading day In Business, the trading day is the time span that a particular stock exchange is open. For example, the New York Stock Exchange is, as of 2006, open from 09:30AM to 4:00PM. Trading days never take place on weekends. data last week. We should receive the full three years of trading data by the end of this week. Analyzing three years of trading data is a huge exercise, this in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with our external advisors. We cannot say anything about what has been found so far. But we consider getting access to this data to be substantial progress. Results for the third quarter of 2003 On most of the equity exchanges where we are active, turnover was down in the third quarter compared to the second. This is consistent with the usual seasonality, but lacks the strong recovery in volumes typically seen in September September: see month. .
Equity Turnover
----------------------------------------------------------------------
Q3 2003/Q2 2003
----------------------------------------------------------------------
Deutsche Borse +0.5%
Euronext -2.1%
London Stock Exchange +10.7%
New York Stock Exchange -5.8%
SWX Swiss Exchange -4.8%
----------------------------------------------------------------------
local currencies; source: individual exchanges
----------------------------------------------------------------------
Intraday Intraday Another way of saying "within the day." Notes: This term is often used for the new highs and lows of a security. For example, "a new intraday high" means a security reached a new all-time high throughout the trading day, but then fell by closing. volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the was very low, explained in part by the fact that inter-professional trading continued to account for a large portion of what activity there was and the order sizes on the NYSE continued to decline. A new development was the increase in demand for our services in smaller capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. shares.
Average Intraday Price Ranges
----------------------------------------------------------------------
Q3 2003/Q2 2003 Q3 2003/Q2
2003
----------------------------------------------------------------------
AEX Index -22.6% FTSE 100 Index -25.6%
CAC 40 Index -22.1% NYSE Composite Index -17.5%
DAX Index -15.4% Swiss Market Index -25.4%
----------------------------------------------------------------------
source: Bloomberg
----------------------------------------------------------------------
Revenue for the third quarter of 2003 came to EUR 43.3 million, a decrease of 9% over the second quarter. Compared with the third quarter of 2002, revenues were down 50%. In the third quarter of 2003, 82% of total revenues were earned in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , compared with 79% in the second quarter of 2003 and 81% in the third quarter of 2002. In euro terms, revenues at VDM See Virtual DOS Machine and CGM. 1. VDM - Vienna Definition Method 2. VDM - Virtual Device Metafile. Specialists fell by 53% year-on-year and 5% compared with the second quarter of 2003; in US dollar terms, these figures were -46% and -6%, respectively. Revenues from US option trading activities amounted to EUR 1.5 million, an improvement compared with the third quarter of 2002 but a 25% decline from the second quarter of 2003. Revenues from European trading of equities, bonds and options were practically unchanged compared with the second quarter of 2003 but were down 53% compared with the same period last year. Unallocated and Holding revenues were down slightly compared to the prior year period but down 56% from the second quarter of 2003, when our currency gains were noticeably no·tice·a·ble adj. 1. Evident; observable: noticeable changes in temperature; a noticeable lack of friendliness. 2. Worthy of notice; significant. higher. Transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). declined 31% year-on-year but rose 3% from the preceding quarter. Currency effects and a lower level of activity at all our trading units Trading unit The number of shares of a particular security that is used as the acceptable quantity for trading on the exchanges. trading unit See unit of trading. , partly offset by higher NYSE and S.E.C. trading fees account for the decrease compared to the third quarter of last year. Operating costs operating costs npl → gastos mpl operacionales decreased by 36% compared with the third quarter of 2002, as a result of lower bonus accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. , depreciation of the US dollar and the effects of cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. measures. Compared to the second quarter of 2003, third quarter operating costs fell by 10%, influenced by the effect of cost savings as well as reduced reorganization The process of carrying out, through agreements and legal proceedings, a business plan for winding up the affairs of, or foreclosing a mortgage upon, the property of a corporation that has become insolvent. charges. We took EUR 0.4 million in such charges in the third quarter of 2003 compared with EUR 1.1 million in the second quarter. Third quarter 2003 operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. before amortization of intangible fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → (EBITA EBITA Earnings Before Interest Taxes Amortization ) was EUR 13.7 million, a 66% decrease from the same period last year and a 12% decrease compared to the second quarter of the current year. Our operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: (EBITA divided by total revenues) amounted to 32% in the third quarter of 2003, compared with 47% the year before and 33% in the preceding quarter. In both cases, the decrease resulted from revenues declining more rapidly than we were able to reduce costs. Amortization of intangible fixed assets was unchanged from the second quarter of 2003 at EUR 1.5 million. The effective tax rate on income from ordinary activities, after deduction deduction, in logic, form of inference such that the conclusion must be true if the premises are true. For example, if we know that all men have two legs and that John is a man, it is then logical to deduce that John has two legs. of minority interests, was 20%, which compares with 35% in the third quarter of 2002 and 22% in the second quarter of 2003. The lower tax rate is largely explained by the fact that tax benefits resulting from our concern financing company and goodwill amortization in the US are relatively stable, while our pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta earnings have declined. In the third quarter of 2003 we acquired an additional 14.543% interest in Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , Duffy Duffy is a surname of Irish origin. It comes from the original Irish name Ó Dubhthaigh, meaning descendant or grandson of Dubhthach. Dubhthach was an Old Irish first name meaning "Dark one". , McGowan McGowan or MacGowan may refer to:
Minority interests declined by 69% year-on-year, primarily due to the lower level of income at VDM Specialists. The slight rise in this item compared with the second quarter of 2003 was due to a small improvement of net income at of VDM Specialists. Net income from ordinary activities, after minority interests, was EUR 5.5 million, down 68% compared with the third quarter of 2002 and down 20% compared with the second quarter of this year. Net income was reduced by EUR 0.6 million as a result of losses at our U.S. option trading activities, which made net losses of EUR 0.8 million in the second quarter of 2003 and EUR 2.3 million in the third quarter last year. Net income per common share from ordinary activities, calculated using the average number of common shares outstanding during the quarter, and less dividends on preferred financing shares, was EUR 0.13, compared with EUR 0.43 (-70%) in the third quarter of 2002 and EUR 0.16 (-21%) in the second quarter of 2003. Cash earnings per common share in the third quarter of 2003 were EUR 0.20, a 63% decrease year-on-year and a 20% decrease compared with the preceding quarter. Cashflow and investment Cashflow from operating activities was EUR 10.5 million in the first nine months of 2003, primarily as a result of a change in working capital and net income. Cashflows from investing activities were a positive EUR 2.0 million, primarily as a result of the sale of our interest in Tullett Plc. Negative cashflows of EUR 24.5 million from financing activities were primarily due to the payment of our common share dividend in April and share repurchases Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. , which were partly compensated compensated /com·pen·sat·ed/ (kom´pen-sa?tid) counterbalanced; offset. by short term loans taken up. In the first nine months of 2003 total cashflow amounted to a negative EUR 12 million. Including the effect of currency exchange differences cash, net of amounts advanced by clearing organizations, decreased with EUR 49.1 million compared to December December: see month. 31, 2002. Balance Sheet and liquidity Our balance sheet total declined by EUR 9.0 million to EUR 1,485.7 million from December 31, 2002 to September 30, 2003. Our balance sheet total had increased significantly at the half year stage, due largely to increases in inventory and positions in the process of clearing, but the slow market conditions of the third quarter as well as the effect of a declining dollar relative to the euro, brought the total back in line with levels at the beginning of the year. Our liquidity position on September 30, 2003 was EUR 286.5 million, down EUR 47.5 million compared with December 31, 2002. Given restrictions following VDM Specialists' net liquid asset requirement and other regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. and collateral collateral (kəlăt`ərəl), something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although restrictions EUR 27 million of this cash is freely available for the Group. Shareholders' Equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. on September 30, 2003 was EUR 259.9 million, compared with EUR 312.2 million on December 31, 2002. The depreciation of the US dollar with respect to the euro had a negative effect on Shareholders' Equity, as did the cash dividend payment in April 2003, and EUR 7.4 million in share repurchases in the first nine months. This was partially compensated by positive net income in the first nine months. The most recent share repurchase was October October: see month. 13, 2003: a total of 882,000 shares have been repurchased to that date, for an aggregate consideration of EUR 8.1 million. US GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). accounts Earnings calculated according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. US GAAP in the third quarter of 2003 amounted to EUR 1.9 million, an 85% decline from the third quarter of 2002 and a 63% decrease relative to the second quarter of the current year. There is a difference between Dutch and US accounting treatment for our currency options. Contrary to Dutch practice, FAS 133 requires our currency options to be carried at fair value. Those fair value adjustments after taxes amounted to a loss of EUR 0.7 million in the third quarter of 2003 and positively influenced the second quarter 2003 US GAAP earnings by EUR 1.1 million. For further information please contact Investor Relations/Corporate Communications, telephone: +31 (0)20 535 6789 For more information about Van der Moolen, please visit www.vandermoolen.com. N.B.: At 16:00 CET CET abbr. Central European Time CET Central European Time CET n abbr (= Central European Time) → hora de Europa central CET abbr today, Van der Moolen will host a conference call for analysts. This will be webcast over www.vandermoolen.com. For more information, please contact Taylor Taylor, city (1990 pop. 70,811), Wayne co., SE Mich., a suburb of Detroit adjacent to Dearborn; founded 1847 as a township, inc. as a city 1968. A small rural village until World War II, it developed significantly in the second half of the 20th cent. Rafferty Rafferty or Rafferty's rules Noun, pl Austral & NZ slang no rules at all [origin unknown] , Kate n. 1. (Zool.) The brambling finch. Spiro, telephone: +1 (212) 889 4350.
Van der Moolen Holding N.V.
Consolidated Profit and
Loss Account
(Dutch GAAP, Unaudited)
-------------------------- -------------------------- ---------------
(amounts in millions of Q3 Q3 Q2
Euros, except per share
data) % %
2003 2002 2003
-------------------------- -------------------------- ---------------
Revenues 43.3 86.0 -50% 47.5 -9%
Transaction costs 7.5 10.8 -31% 7.3 3%
Net revenues 35.8 75.2 -52% 40.2 -11%
Fixed personnel expenses 10.8 13.2 12.2
Bonus accruals 2.9 9.3 2.7
Seat leases 3.5 4.8 3.8
Information and
communication expenses 1.4 1.2 1.4
Depreciation 0.6 0.7 0.7
Amortization of intangible
fixed assets 1.5 2.2 1.5
General and administrative
expenses 2.9 5.3 3.8
Total operating expenses 23.6 36.7 -36% 26.1 -10%
Operating income 12.2 38.5 -68% 14.1 -13%
Net interest income
(expense) (2.7) (3.7) (2.8)
Gain on disposal of
financial fixed assets - - -
Income from ordinary
activities before tax 9.5 34.8 -73% 11.3 -16%
Taxation 1.4 9.3 1.9
Group income after
taxation 8.1 25.5 -68% 9.4 -14%
Minority interest 2.6 8.3 2.5
Net income 5.5 17.2 -68% 6.9 -20%
-------------------------- -------------------------- ---------------
-------------------------- -------------------------- ---------------
Net income from ordinary
activities 5.5 17.2 -68% 6.9 -20%
Dividends on financing
preferred shares 0.7 0.7 0.8
Net income from ordinary
activities attributable
to holders of common
shares 4.8 16.5 -71% 6.1 -21%
Cash earnings attributable
to holders of common
shares 7.6 20.7 -63% 9.5 -20%
Average number of common
shares outstanding 1) 37,685,279 38,406,226 -2% 37,748,417 0%
Diluted average number of
common shares outstanding
1) 37,685,279 38,469,224 -2% 37,748,417 0%
Per share data:
Net income from ordinary EUR 0.13 EUR 0.43 EUR 0.16
activities per common
share 1) -70% -21%
Diluted net income from EUR 0.13 EUR 0.43 EUR 0.16
ordinary activities per
common share 1) -70% -21%
Cash earnings per share EUR 0.20 EUR 0.54 EUR 0.25
(Cash EPS) -63% -20%
Diluted Cash EPS EUR 0.20 EUR 0.54-63% EUR 0.25-20%
-------------------------- -------------------------- ---------------
1) (Diluted) average number of common shares outstanding and EPS
figures for first quarter 2002 have been adjusted for stock dividends
issued in April 2002.
Van der Moolen Holding N.V.
Consolidated Profit and
Loss Account
(Dutch GAAP, Unaudited)
----------------------------------------------------------------------
(amounts in millions of 9 months 9 months
Euros, except per share
data) %
2003 2002
----------------------------------------------------------------------
Revenues 139.2 250.2 -44%
Transaction costs 22.4 32.3 -31%
Net revenues 116.8 217.9 -46%
Fixed personnel expenses 35.3 41.1
Bonus accruals 9.4 27.2
Seat leases 11.6 14.0
Information and
communication expenses 4.1 4.8
Depreciation 2.0 2.0
Amortization of intangible
fixed assets 4.5 6.3
General and administrative
expenses 11.3 16.9
Total operating expenses 78.2 112.3 -30%
Operating income 38.6 105.6 -63%
Net interest income
(expense) (8.3) (11.3)
Gain on disposal of
financial fixed assets 1.9 -
Income from ordinary
activities before tax 32.2 94.3 -66%
Taxation 4.2 22.0
Group income after
taxation 28.0 72.3 -61%
Minority interest 7.7 20.5
Net income 20.3 51.8 -61%
----------------------------------------------------------------------
----------------------------------------------------------------------
Net income from ordinary
activities 20.3 51.8 -61%
Dividends on financing
preferred shares 2.2 2.1
Net income from ordinary
activities attributable
to holders of common
shares 18.1 49.7 -64%
Cash earnings attributable
to holders of common
shares 27.7 60.9 -55%
Average number of common
shares outstanding 1) 37,884,365 38,380,353 -1%
Diluted average number of
common shares outstanding
1) 37,884,365 38,527,084 -2%
Per share data:
Net income from ordinary EUR 0.48 EUR 1.29
activities per common
share 1) -63%
Diluted net income from EUR 0.48 EUR 1.29
ordinary activities per
common share 1) -63%
Cash earnings per share EUR 0.73 EUR 1.59
(Cash EPS) -54%
Diluted Cash EPS EUR 0.73 EUR 1.58 -54%
----------------------------------------------------------------------
1) (Diluted) average number of common
shares outstanding and EPS figures for
first quarter 2002 have been adjusted for
stock dividends issued in April 2002.
------------------- ----------------- ----------- -------------------
Van der Moolen Q3 Q3 Q2 9 9
Holding N.V. % % months months %
Revenue breakdown
in millions of
Euros 2003 2002 2003 2003 2002
------------------- ----------------- ----------- -------------------
VDM Specialists 33.1 70.0 34.7 105.8 206.8
Net gain on
principal
transactions 24.5 59.1 -59% 25.3 -3% 79.3 173.8 -54%
Commissions 6.8 8.5 -20% 7.1 -4% 20.9 25.6 -18%
Other 1.8 2.4 -25% 2.3 -22% 5.6 7.4 -24%
US Option Business 1.5 (0.7) 314% 2.0 -25% 3.7 (5.3) 170%
European Trading 7.1 15.0 -53% 7.2 -1% 22.8 42.7 -47%
Unallocated and
Holding 1.6 1.7 -6% 3.6 -56% 6.9 6.0 15%
------------------- ----------------- ----------- -------------------
Total revenues 43.3 86.0 -50% 47.5 -9% 139.2 250.2 -44%
------------------- ----------------- ----------- -------------------
------------------- ----------------- ----------- -------------------
Van der Moolen Q3 Q3 Q2 9 9
Holding N.V. % % months months %
EBITA, millions of
Euros 2003 2002 2003 2003 2002
------------------- ----------------- ----------- -------------------
VDM Specialists 16.1 43.8 -63% 15.6 3% 49.6 129.2 -62%
US Option Business (0.6) (3.6) 83% (0.8) 25% (3.9) (17.2) 77%
European Trading (0.8) 2.5 -132% 0.8 -200% 0.4 5.6 -93%
Unallocated and
Holding (1.0) (2.0) 50% - (3.0) (5.7) 47%
------------------- ----------------- ----------- -------------------
Total EBITA 13.7 40.7 -66% 15.6 -12% 43.1 111.9 -61%
------------------- ----------------- ----------- -------------------
------------------- ----------------- ----------- -------------------
VDM Specialists Q3 Q3 Q2 9 9
(VDMS) months months
Key figures (Dutch
GAAP) 2003 2002 2003 2003 2002
------------------- ----------------- ----------- -------------------
VDM Specialists
revenues ($
million) 37.2 69.0 39.6 117.5 192.3
Net gain on
principal
transactions 27.4 58.1 28.9 87.9 161.6
Commissions 7.8 8.4 8.0 23.3 23.8
Other 2.0 2.5 2.7 6.3 6.9
Total value of
trading on NYSE ($
billion) 2,476 2,628 2,497 7,146 7,901
Value of trading in
VDMS assignments
($ billion) 277 271 289 804 781
VDMS market share
in dollar value
NYSE 11.2% 10.3% 11.6% 11.3% 9.9%
VDMS value of
principal shares
traded ($ billion) 77 94 80 232 271
Participation rate 27.7% 34.7% 27.7% 28.9% 34.7%
VDMS net gain on
principal
transactions ($
million) 27.4 58.1 28.9 87.9 161.6
Realization rate
(basis points) 3.6 6.2 3.6 3.8 6.0
------------------- ----------------- ----------- -------------------
Source: NYSE, Van
der Moolen
Van der Moolen Holding N.V.
Consolidated Balance Sheet
(Dutch GAAP, unaudited)
----------------------------------------------------------------------
(amounts in millions of Euros) September 30, December 31,
2003 2002
----------------------------------------------------------------------
Assets
Fixed assets
Intangible fixed assets 142.7 163.2
Tangible fixed assets 7.6 9.3
Financial fixed assets 101.2 121.6
-------- --------
251.5 294.1
Current assets
Long positions securities 493.7 457.0
Clearing organizations and
professional parties 446.4 398.1
Accrued income and other receivables 7.6 11.5
Cash and cash-equivalents 286.5 334.0
-------- --------
1,234.2 1,200.6
----------------------------------------------------------------------
Total assets 1,485.7 1,494.7
----------------------------------------------------------------------
Shareholders' equity and liabilities
Shareholders' equity 259.9 312.2
Minority interest 54.5 62.0
-------- --------
Group equity 314.4 374.2
Provisions
Deferred tax liabilities 8.3 10.3
Other provisions 1.6 2.0
-------- --------
9.9 12.3
Long-term liabilities
Subordinated debt 174.3 199.4
Long-term debt 2.0 6.9
-------- --------
176.3 206.3
Short-term liabilities
Short positions securities 472.6 691.3
Clearing organizations and
professional parties 401.7 123.8
Short-term loans 34.8 8.3
Advanced by clearing organizations 44.1 42.5
Accrued expenses and other
liabilities 31.9 36.0
-------- --------
985.1 901.9
----------------------------------------------------------------------
Total shareholders' equity and
liabilities 1,485.7 1,494.7
----------------------------------------------------------------------
----------------------------------------------------------------------
Guarantee capital 488.7 573.6
----------------------------------------------------------------------
Van der Moolen Holding N.V.
Consolidated statement of cash
flow/ Movement schedule of
shareholders'equity
(Dutch GAAP, unaudited)
Consolidated statement of cash
flow
--------------------------------- ----------------- ---------------
(Amounts in millions of Euros) 9 months 9 months
2003 2002
Cash flow from operating
activities
Net income 20.3 51.8
Net gain on disposal of financial
fixed assets (1.9) -
Minority interest 7.9 20.5
Depreciation and amortization of
fixed assets 6.5 8.3
Change deferred taxation 4.1 -
Change in provisions (0.4) 3.6
Change in working capital (26.0) 89.2
-------- -------
10.5 173.4
Cash flow from investing
activities
Investments in tangible fixed
assets (1.2) (2.1)
Disposals of tangible fixed
assets 0.2 0.8
Acquired group companies, less
cash received - (61.5)
Divestments and repayments of
financial fixed assets 3.0 0.6
-------- -------
2.0 (62.2)
Cash flow from financing
activities
Net change in subordinated debt
and long-term liabilities (4.9) 46.2
Net change of short-term loans 26.5 (37.5)
Issued shares - 1.9
Purchase of common shares (7.4) -
Dividend payment (29.5) (21.9)
Net change in minority interest (9.2) (17.8)
Other movements - (0.2)
-------- -------
(24.5) (29.3)
Currency exchange differences on
cash and cash-equivalents, net
of amounts advanced by clearing
organizations (37.1) (39.7)
Change in cash and cash-equivalents,
net of amounts advanced by clearing
organizations (49.1) 42.2
Cash and cash-equivalents, net of
amounts advanced by clearing
organizations at January 1, 291.5 257.5
-------- -------
Cash and cash-equivalents, net of amounts
advanced by clearing organizations at
September 30, 242.4 299.7
----------------------------------------------------- ---------------
Movement in shareholders'equity
--------------------------------- ----------------- ---------------
(Amounts in millions of euros) 9 months 9 months
2003 2002
Shareholders' equity at January 1 312.2 265.7
Exercise of options - 1.9
Cash dividend (27.3) (19.8)
Currency exchange differences (35.7) (32.5)
Net income for the period January
1 - September 30, 20.3 51.8
Preferred dividend for the period
January 1 - September 30 (2.2) (2.1)
Purchase of common shares (7.4) -
Other - (0.2)
-------- -------
(52.3) (0.9)
-------- -------
Shareholders' equity at September
30 259.9 264.8
--------------------------------- ----------------- ---------------
Van der Moolen
Holding N.V.
Net income and
shareholders' equity
(US GAAP, unaudited)
--------------------- -------------------------- -----------------
(amounts in Q3 Q3 Q2
millions of Euros) % %
2003 2002 2003
--------------------- -------------------------- -----------------
Net income in
accordance with
Dutch GAAP 5.5 17.2 -68% 6.9 -20%
Adjustments to
reported net income
Amortization of
intangible fixed
assets (0.4) (0.6) (0.4)
Pensions - - -
Stock options (1.3) (1.4) (1.3)
Other (1.1) (0.6) 1.7
Taxation (0.8) (2.1) (1.8)
---------------------- -----------
Net income in
accordance with US
GAAP 1.9 12.5 -85% 5.1 -63%
Dividend on financing
preferred shares (0.7) (0.7) (0.8)
Net income in
accordance with US
GAAP attributable to
common shares 1.2 11.8 -90% 4.3 -72%
Average number of
common shares
outstanding 37,685,279 38,406,226 37,748,417
Diluted average
number of common
shares outstanding 37,685,279 38,469,224 37,748,417
---------------------
(amounts in euros)
---------------------
Net income from ordinary
activities per common
share in accordance
with Dutch GAAP 0.13 0.43 -70% 0.16 -21%
Basic earnings per
common share in
accordance with US
GAAP 0.03 0.31 -90% 0.11 -72%
Diluted net income from
ordinary activities per
common share in
accordance with Dutch
GAAP 0.13 0.43 -70% 0.16 -21%
Diluted earnings per
common share in
accordance with US
GAAP 0.03 0.31 -90% 0.11 -72%
--------------------- -------------------------- -----------------
--------------------- -------------------------- -----------------
(amounts in millions Q3 Q3 Q2
of Euros) % %
2003 2002 2003
--------------------- -------------------------- -----------------
Depreciation and
amortization fixed
assets in accordance
with US GAAP
Depreciation 0.6 0.7 0.7
Amortization of
intangible fixed
assets 1.7 2.4 1.7
---------------------- -----------
Total depreciation
and amortization
fixed assets in
accordance with US
GAAP 2.3 3.1 -26% 2.4 -4%
--------------------- -------------------------- -----------------
--------------------------------------------------
(amounts in millions Sept. 30, Dec. 31,
of Euros )
2003 2002
--------------------------------------------------
Shareholders' equity
in accordance with
Dutch GAAP 259.9 312.2
Adjustments to
reported
shareholders' equity
Goodwill and
specialist
assignments 201.3 219.2
Pensions 7.9 7.9
Taxation (21.7) (17.5)
Other 1.1 1.5
--------------------------------------------------
Shareholders' equity
in accordance with
US GAAP 448.5 523.3
--------------------------------------------------
Van der Moolen Holding N.V.
Net income and
shareholders' equity
(US GAAP, unaudited)
------------------------- -------------------------------------------
(amounts in millions of 9 months 9 months
Euros) %
2003 2002
------------------------- -------------------------------------------
Net income in accordance
with Dutch GAAP 20.3 51.8 -61%
Adjustments to reported
net income
Amortization of
intangible fixed assets (1.2) (1.8)
Pensions - 0.4
Stock options (3.9) (4.2)
Other (0.4) (1.1)
Taxation (3.8) (6.9)
--------------------------------------
Net income in accordance
with US GAAP 11.0 38.2 -71%
Dividend on financing
preferred shares (2.2) (2.1)
Net income in accordance
with US GAAP
attributable to common
shares 8.8 36.1 -76%
Average number of common
shares outstanding 37,884,365 38,380,353
Diluted average number of
common shares
outstanding 37,884,365 38,527,084
-------------------------
(amounts in euros)
-------------------------
Net income from ordinary
activities per common
share in accordance with
Dutch GAAP 0.48 1.29 -63%
Basic earnings per common
share in accordance with
US GAAP 0.23 0.94 -75%
Diluted net income from
ordinary activities per
common share in accordance
with Dutch GAAP 0.48 1.29 -63%
Diluted earnings per
common share in
accordance with US GAAP 0.23 0.94 -75%
------------------------- -------------------------------------------
------------------------- -------------------------------------------
(amounts in millions of 9 months 9 months
Euros) %
2003 2002
------------------------- -------------------------------------------
Depreciation and
amortization fixed
assets in accordance
with US GAAP
Depreciation 2.0 2.0
Amortization of
intangible fixed assets 5.1 6.9
--------------------------------------
Total depreciation and
amortization fixed
assets in accordance
with US GAAP 7.1 8.9 -20%
------------------------- -------------------------------------------
Van der Moolen trades on the leading US and European equity, option and fixed income exchanges. The group trades in open outcry Open Outcry A method of trading on a commodity exchange by making verbal bids and offers in the trading pits. Notes: A contract is made if one trader cries out that he wants to sell at a certain price and then another trader yells out that he will buy at that same price. and electronic markets in several time zones. On the NYSE, Van der Moolen currently has a market share of more than 10% of transaction volume for which it acts as specialist. Van der Moolen's traders Traders Individuals who take positions in securities and their derivatives with the objective of making profits. Traders can make markets by trading the flow. When they do this, their objective is to earn the bid/ask spread. worldwide execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution an average of 75,000 trades a day. Turnover and price volatility are the most important factors influencing its results. Van der Moolen's shares are listed on Euronext  Euronext N.V. is a pan-European stock exchange based in Paris[1] Amsterdam
(VDMN.AS). American Depositary Receipts American Depositary Receipt (ADR)Certificates issued by a US depository bank, representing foreign shares held by the bank, usually by a branch or correspondent in the country of issue. (ADRs) representing Van der Moolen shares are listed on the NYSE (VDM). Disclaimer (networking) disclaimer - Statement ritually appended to many Usenet postings (sometimes automatically, by the posting software) reiterating the fact (which should be obvious, but is easily forgotten) that the article reflects its author's opinions and not necessarily those of the : Certain statements contained in this press release constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ". These statements, which contain the words "anticipate", "believe", "intend", "estimate", "expect", "hope", and words of similar meaning, reflect management's beliefs and expectations and are subject to risks and uncertainties that may cause actual results to differ materially. As a result, readers are cautioned not to place undue reliance on such forward-looking statements, and are referred to the documents filed by the Company with the US Securities and Exchange Commission, specifically the Company's most recent filing on Form 20-F, which identify important risk factors that could cause actual results to differ, including the outcome of the NYSE inquiry and related civil litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. in U.S. courts against Van der Moolen Holding, Van der Moolen Specialists USA, and the members of the Management Board of the Holding. The Company disclaims any obligation to update its view of such risks and uncertainties or to publicly announce the result of any revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to the forward-looking statements made herein, except where it would be required to do so under applicable law. |
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