Van der Moolen: net income of EUR 58.5 million in 2002, after a net impairment charge of EUR 10.1 million.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. , Netherlands--(BUSINESS WIRE)--March 6, 2003 Net income in January January: see month. and February February: see month. of 2003 sharply lower than in 2002 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 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. on important American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of 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, earned net income from ordinary activities (before impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charges) 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. 68.6 million in 2002, a decrease of 32% compared with 2001. The write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. taken in the final quarter of the year concerns an impairment loss on the intangible fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → of 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:
Net income from ordinary operations before impairment charges per common share declined by 33% from EUR 2.56 in 2001 to EUR 1.71 in 2002. Of our 255 trading days 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. in 2002, Van der Moolen closed 245 or 96% of them with a positive trading result. The dividend proposal for 2002 is to pay an all-cash dividend of EUR 0.72 per common share.
Key Figures
------------------------------- ---------- ---------- ----------------
Euros millions
4th 4th 3rd
quarter quarter quarter 12 months
2002 2001 2002 2002 2001
------------------------------- ---------- ---------- ----------------
Revenues 77.4 89.3 -13% 86.0 -10% 327.6 345.1 -5%
------------------------------- ---------- ---------- ----------------
Operating income 11.9 41.2 -71% 38.5 -69% 117.5 175.0 -33%
------------------------------- ---------- ---------- ----------------
Net income from ordinary
activities before
impairment charges 16.8 27.6 -39% 17.2 -2% 68.6 100.7 -32%
------------------------------- ---------- ---------- ----------------
Impairment charges after
tax (10.1) - - (10.1) -
------------------------------- ---------- ---------- ----------------
Net income from ordinary
activities 6.7 27.6 -76% 17.2 -61% 58.5 100.7 -42%
------------------------------- ---------- ---------- ----------------
Guarantee capital 573.6 537.5 7% 580.4 -1% 573.6 537.5 7%
------------------------------- ---------- ---------- ----------------
Per share data (Euros)
------------------------------- ---------- ---------- ----------------
Net income from ordinary
activities before
impairment charges 0.42 0.71 -41% 0.43 -3% 1.71 2.56 -33%
------------------------------- ---------- ---------- ----------------
Net income from ordinary
activities 0.15 0.71 -78% 0.43 -64% 1.45 2.56 -44%
------------------------------- ---------- ---------- ----------------
Cash earnings 0.48 0.77 -38% 0.54 -11% 2.07 2.78 -26%
------------------------------- ---------- ---------- ----------------
Earnings developments in the first quarter of 2003 Van der Moolen's net income from ordinary activities in January and February 2003 amounted to approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. EUR 3 million, which represents a substantial decline relative to the average income levels achieved in 2002. F.M.J. (Fred (Friendly Rollabout Engineered for Doctors) A mobile medical conferencing unit. See videoconferencing. 1. FRED - Robert Carr. Language used by Framework, Ashton-Tate. 2. ) Bottcher, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Van der Moolen, remarked: "The new year has presented us with notable challenges. In the current market climate, characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by further equity price declines, continued weakness in investor confidence and the threat of war, we are confronted by declining market turnover and margin erosion erosion (ĭrō`zhən), general term for the processes by which the surface of the earth is constantly being worn away. The principal agents are gravity, running water, near-shore waves, ice (mostly glaciers), and wind. , which have significantly affected our revenues. As a consequence, we have embarked on a further program of cost reductions. Given the uncertainty in the markets where we are active, we decline to offer a forecast for the first quarter as well as for the full year." Fourth Quarter Figures In the fourth quarter of 2002, our net income from ordinary activities, before the impairment charge on intangible fixed assets, was EUR 16.8 million, a 39% decrease compared to the same period of 2001. The impairment, which concerns intangible fixed assets of Cohen, Duffy, McGowan, amounted to EUR 10.1 million after tax, and reduced net income for the fourth quarter of 2002 to EUR 6.7 million. Net income from ordinary activities before the impairment charge per common share declined 41% from the fourth quarter of 2001, from EUR 0.71 to EUR 0.42. Of our 62 trading days in the fourth quarter of 2002, Van der Moolen closed 61 (98%) with positive trading revenues. Results in 2002 Revenues in 2002 amounted to EUR 327.6 million, 5% less than the EUR 345.1 million we earned in 2001. This decrease resulted from the combined effects of negative organic revenue development (-18%), the contribution of acquisitions (16%) and negative currency effects (-3%), largely as a result of the depreciation of the U.S. dollar against the euro. Revenues generated 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. rose by 3% compared with 2001, as a result of an increase in the revenues of VDM See Virtual DOS Machine and CGM. 1. VDM - Vienna Definition Method 2. VDM - Virtual Device Metafile. Specialists, roughly unchanged (negative) revenues from our two U.S. option 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. , and a positive revenue contribution from Kenny Ken·ny , Elizabeth 1880?-1952. Australian nurse who developed a simple treatment for the paralysis brought on by poliomyelitis. & Co., which was launched early in 2002. The United States contributed 82% of 2002 revenues, compared with 76% in 2001. U.S. option activities generated negative revenues as a result of trading losses The following contains a list of trading losses which eventually forced major corporations to go bankrupt or restructure parts of their organisation. This list is not exhaustive. of EUR 2.0 million, roughly the same level as in 2001. Measures we took over the course of the year to improve these units' performance, through 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. and reduction of their risk profiles, led them to make a positive contribution of EUR 3.3 million to revenues in the fourth quarter of 2002. Revenues in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). decreased by 26%, reflecting declines at all
three of our European equity trading In finance, equity trading is the buying and selling of company stock shares. Shares in large publicly-traded companies are bought and sold through one of the major stock exchanges, such as the New York Stock Exchange, London Stock Exchange or Tokyo Stock Exchange, which serve as units. One factor behind this
decrease was the elimination of the hoekman function on Euronext  Euronext N.V. is a pan-European stock exchange based in Paris[1] Amsterdam, which contributed EUR 5.2 million of commission revenues in
2001.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). rose 30%, from EUR 32.9 million in 2001 to EUR 42.8 million. The increase is partially explained by the expansion of our activities both through acquisition and through an increase in our arbitrage arbitrage: see foreign exchange. arbitrage Business operation involving the purchase of foreign currency, gold, financial securities, or commodities in one market and their almost simultaneous sale in another market, in order to profit from price activities, but also by increases in the transaction, clearing and membership fees on several of the exchanges where we trade. Total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. (including amortization and the impairment on intangible fixed assets) rose 22% from EUR 137.2 million in 2001 to EUR 167.3 million in 2002. Operating expenses excluding amortization and the impairment charge rose 1% to EUR 136.7 million from EUR 134.7 million in 2001. The companies we acquired in 2001 and 2002 added to our costs. These increases were largely offset by lower costs resulting from the reorganization of our option activities both in the Netherlands Netherlands (nĕth`ərləndz), Du. Nederland or Koninkrijk der Nederlanden, officially Kingdom of the Netherlands, constitutional monarchy (2005 est. pop. 16,407,000), 15,963 sq mi (41,344 sq km), NW Europe. and in the United States, and also by the depreciation of the U.S. dollar relative to the euro. Fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). excluding amortization and impairment of intangible fixed assets rose as a percentage of total revenues from 27% in 2001 to 32% in 2002. This was primarily the result of an 11% increase in fixed personnel costs and a 29% increase in the cost of leasing exchange seats due to acquisitions, while revenues remained essentially flat. Variable personnel expenses - i.e., bonus payments - decreased by EUR 9.1 million (-21%) compared with 2001. 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 and impairment of intangible fixed assets) came to EUR 148.1 million in 2002, 17% less than the EUR 177.5 million we realized in 2001. Of this result, 98% (80% in 2001) was generated by our operations in the United States, and 2% (20% in 2001) from our operations in Europe. Our operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: (i.e., income before amortization and impairment of intangible fixed assets divided by total revenues) was 45% in 2002, compared with 51% in 2001. Amortization of intangible fixed assets amounted to EUR 9.1 million in 2002, an increase of EUR 6.6 million over the EUR 2.5 million charged for this purpose in 2001. From January 1, 2001, we capitalize To regard the cost of an improvement or other purchase as a capital asset for purposes of determining Income Tax liability. To calculate the net worth upon which an investment is based. To issue company stocks or bonds to finance an investment. goodwill purchased through acquisitions and amortize amortize To write off gradually and systematically a given amount of money within a specific number of time periods. For example, an accountant amortizes the cost of a long-term asset by deducting a portion of that cost against income in each period. it over its expected life. Goodwill purchased through acquisitions that closed prior to January 1, 2001 was charged against 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. . The pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta EUR 21.5 million impairment loss on intangible fixed assets concerns the capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. goodwill and specialist assignments connected to the acquisition of Cohen, Duffy, McGowan in 2001. Net interest charges came to EUR 14.1 million in 2002, compared with EUR 10.4 million the year before. The effective tax burden on our income from ordinary activities (before the impairment of intangible fixed assets and extraordinary items, but after minority interests) rose from 28% in 2001 to 29% in 2002. This relatively low effective tax rate results from the fiscal deductibility of goodwill amortization in the U.S., which previously had been charged to Shareholder's Equity, and to the effect on our taxable income Under the federal tax law, gross income reduced by adjustments and allowable deductions. It is the income against which tax rates are applied to compute an individual or entity's tax liability. The essence of taxable income is the accrual of some gain, profit, or benefit to a taxpayer. of our Dutch Concern Financing Company, which provides a tax-efficient structure for the Group. Including the impairment loss, 2002's effective tax rate was 25%. Net income from ordinary activities (before impairment charges, but after allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as to minority interests) decreased by 32% in 2002 from EUR 100.7 million to EUR 68.6 million. Of this, 66% was contributed by our operations in the United States (51% in 2001) and 34% by our European operations (49% in 2001). Included in net income from ordinary activities is a total loss of EUR 10.9 million from our U.S. and European option European Option An option that can only be exercised at the end of its life. Notes: In other words, you must ride the rollercoaster until the maturity date, and only then can you cash in. trading activities: in 2001, this loss was EUR 12.4 million. Net income per common share from ordinary activities, excluding the impairment loss and extraordinary items, calculated on the basis of the weighted average number of common shares outstanding and 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 the dividend on financing preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. , was EUR 1.71 in 2002, a 33% decrease relative to the EUR 2.56 we earned in 2001. Net income for 2002 was EUR 58.5 million, including a net impairment loss of EUR 10.1 million. Net income in 2001, including net extraordinary income, was EUR 126.7 million. Cash earnings per common share for 2002 came to EUR 2.07, 26% less than the EUR 2.78 we achieved in 2001. Cash flow and investment activity Operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. rose by EUR 154.1 million to EUR 228.4 million, largely as a result of a reduction in working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. . Cash flow employed for investment was EUR 63.6 million, primarily for the acquisition of Lyden Lyd´en n. 1. See Leden. , Dolan Dolan is a surname, and the following people:
A category in the cash flow statement that accounts for external activities such as issuing cash dividends, adding or changing loans, or issuing and selling more stock. was largely the result of the payment of the 2001 dividend and repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan of interest-bearing Adj. 1. interest-bearing - of financial obligations on which interest is paid short term liabilities. This was partially compensated compensated /com·pen·sat·ed/ (kom´pen-sa?tid) counterbalanced; offset. by the subordinated Subordinated A claim ranked lower in priority than other claims. Common stock claims are always subordinated to debt. indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. raised by VDM Specialists. Balance sheet Our Balance Sheet total decreased from EUR 2,071.6 million at the end of 2001 to EUR 1,494.7 million at the end of 2002. This decrease is largely the result of reducing the working capital employed Capital Employed 1. The total amount of capital used for the acquisition of profits. 2. The value of all the assets employed in a business. 3. Fixed assets plus working capital. 4. Total assets less current liabilities. by our option trading activities in the U.S. and the Netherlands and by our London London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. bond operation, and depreciation of the U.S. dollar relative to the euro. This was partially compensated by the consolidation of Lyden, Dolan, Nick and by the 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. of a EUR 59 million tax asset on December December: see month. 31, 2002. This tax asset relates to future U.S. tax deductions Tax deduction An expense that a taxpayer is allowed to deduct from taxable income. tax deduction See deduction. for amortization of intangible fixed assets acquired prior to January 1, 2001, which were charged against Shareholders' Equity. The tax asset at December 31, 2002 is carried at discounted value, using a discount rate of 10%. Shareholders' Equity rose from EUR 265.7 million in 2001 to EUR 312.2 million. The increase is explained by the accumulation Accumulation 1) In the context of individual investing, it is the process of contributing cash to invest in securities over a period of time in order to build a portfolio of desired value. Dividends and capital gains are also reinvested during this process. of net income over the course of the year, exercise of personnel options, issuance of financing preferred shares, and the capitalization of the tax asset as of December 31, 2002. These were partially offset by exchange rate adjustments, the dividend payment for 2001 and the dividend payable to holders of our financing preferred shares in respect of 2002. The Balance Sheet is presented before allocation of net income for 2002, in conformity with international practice. Solvency The ability of an individual to pay his or her debts as they mature in the normal and ordinary course of business, or the financial condition of owning property of sufficient value to discharge all of one's debts. solvency n. , measured as Group equity divided by the Balance Sheet total, rose from 16% at the end of 2001 to 25% at the end of 2002. Guarantee capital (Group equity and the non-current portion of subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". ) rose from EUR 537.5 million at the end of 2001 to EUR 573.6 million at the end of 2002. The increase resulted from the combined effect of a EUR 46.5 million increase in Shareholders' Equity, a decrease in Minority Interests of EUR 2.1 million and a decrease in subordinated indebtedness of EUR 8.3 million. As a percentage of the Balance Sheet total, guarantee capital rose from 26% at the end of 2001 to 38% at the end of 2002. Proposed Dividend Van der Moolen will propose to its Annual General Meeting of Shareholders on April 9, 2003 to pay a cash-dividend of EUR 0.72 per share to holders of its common shares (EUR 1.10 in 2001, to be received in the form of cash or common shares, at the shareholder's discretion). Addition to the Management Board At the Annual General Meeting of Shareholders on April 9, 2003, the Supervisory Board Supervisory board The board of directors that represents stakeholders in the governance of the corporation. will nominate nom·i·nate tr.v. nom·i·nat·ed, nom·i·nat·ing, nom·i·nates 1. To propose by name as a candidate, especially for election. 2. To designate or appoint to an office, responsibility, or honor. Mr. C Mr C (aka Mr. Chuggs, born Richard West on January 2 1964) is a British DJ, musician and rapper. Best known for fronting The Shamen during their most commercially successful era, Mr C is also an acclaimed house music DJ and co-owner/co-founder of London's The End nightclub .F. Rondeltap as a member of the Management Board. Mr. Rondeltap is currently a member of the Management Committee of VDM Specialists, a function he will continue to fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. while serving as a member of the Van der Moolen Holding Management Board. For further information please contact: T.L. Schram Schram may refer to any of the following people and places:
For more information about Van der Moolen, see: www.vandermoolen.com. N.B.: On Thursday Thursday: see week. , March 6, 2003, 16.00 CET CET abbr. Central European Time CET Central European Time CET n abbr (= Central European Time) → hora de Europa central CET abbr , Van der Moolen will hold an analysts' conference call. This will be broadcast over our website, 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] , Mark Walter Wal·ter , Bruno 1876-1962. German conductor noted for his interpretations of Mozart and Mahler. Noun 1. Walter - German conductor (1876-1962) Bruno Walter , telephone +44 207 936 0400 or Karen Karen Any member of a variety of tribal peoples of southern Myanmar (Burma). Constituting the second largest minority in Myanmar, the Karen are not a unitary group in any ethnic sense, as they differ among themselves linguistically, religiously, and economically. Wagner, telephone +1 (212) 889 4350. Van der Moolen trades on the leading U.S. and European equity, option and fixed income exchanges. As an all systems trader, it is active 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 NYSE See: New York Stock Exchange , Van der Moolen currently has a market share of more than 10% of transaction volume. 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. execute an average of 75,000 trades a day. Turnover and price 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 are the most important factors influencing its results. Van der Moolen's shares are listed on Euronext 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" 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 U.S. 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. The Company disclaims any obligation to update its view of such risks and uncertainties or to publicly announce the result of any revisions to the forward-looking statements made herein, except where it would be required to do so under applicable law.
Van der Moolen Holding N.V.
Consolidated Profit and Loss Account
(Dutch GAAP, Unaudited)
------------------- ------------------ ---------- --------------------
(amounts in
millions of Euros, 12 12
except per share Q4 Q4 Q3 months months
data) 2002 2001 % 2002 % 2002 2001 %
------------------- ------------------ ---------- --------------------
Revenues 77.4 89.3 -13% 86.0 -10% 327.6 345.1 -5%
Transaction costs 10.5 10.4 1% 10.8 -3% 42.8 32.9 30%
Net revenues 66.9 78.9 -15% 75.2 -11% 284.8 312.2 -9%
Fixed personnel
expenses 12.5 14.4 13.2 53.6 48.1
Variable personnel
expenses 6.7 8.7 9.3 33.9 43.0
Seat leases 4.3 4.6 4.8 18.3 14.2
Information and
communication
expenses 1.8 1.5 1.2 6.6 6.1
Depreciation 0.8 0.8 0.7 2.8 2.5
Amortization of
intangible fixed
assets 2.8 1.2 2.2 9.1 2.5
Impairment of
intangible fixed
assets 21.5 - - 21.5 -
General and
administrative
expenses 4.6 6.5 5.3 21.5 20.8
Total operating
expenses 55.0 37.7 46% 36.7 50% 167.3 137.2 22%
Operating income 11.9 41.2 -71% 38.5 -69% 117.5 175.0 -33%
Net interest
income (expense) (2.8) (3.9) (3.7) (14.1) (10.4)
Income from
ordinary
activities before
tax 9.1 37.3 -76% 34.8 -74% 103.4 164.6 -37%
Taxation (2.3) 6.2 9.3 19.7 38.6
Income from
ordinary
activities after
tax 11.4 31.1 -63% 25.5 -55% 83.7 126.0 -34%
Extraordinary
income after
taxation - - - - 32.4
Extraordinary
expense after
taxation - (2.6) - - (6.4)
Group income after
taxation 11.4 28.5 -60% 25.5 -55% 83.7 152.0 -45%
Minority interest 4.7 3.5 8.3 25.2 25.3
Net income 6.7 25.0 -73% 17.2 -61% 58.5 126.7 -54%
------------------- ------------------ ---------- --------------------
------------------------ ---------------------------- --------------
(amounts in millions of
Euros, except per share Q4 Q4 Q3
data) 2002 2001 % 2002 %
------------------------ ---------------------------- --------------
Net income from ordinary
activities before
impairment charges 16.8 27.6 -39% 17.2 -2%
Impairment charges after
tax (10.1) - -
Net income from ordinary
activities 6.7 27.6 17.2 -61%
Dividends on financing
preferred shares 0.8 0.7 0.7
Net income from ordinary
activities attributable
to holders of common
shares 5.9 26.9 -78% 16.5 -64%
Cash earnings
attributable to holders
of common shares 18.5 29.5 -37% 20.7 -11%
Average number of common
shares outstanding 1) 38,410,863 38,139,964 1% 38,406,226 0%
Diluted average number
of common shares
outstanding 1) 38,475,369 38,451,955 0% 38,469,224 0%
Per share data:
Net income from ordinary
activities before
impairment charges per
common share 1) EUR 0.42 EUR 0.71 -41% EUR 0.43 -3%
Diluted net income from
ordinary activities
before impairment
charges per common
share 1) EUR 0.42 EUR 0.70 -41% EUR 0.43 -3%
Net income from ordinary
activities per common
share 1) EUR 0.15 EUR 0.71 -78% EUR 0.43 -64%
Diluted net income from
ordinary activities per
common share 1) EUR 0.15 EUR 0.70 -78% EUR 0.43 -64%
Cash earnings per share
(Cash EPS) EUR 0.48 EUR 0.77 -38% EUR 0.54 -11%
Diluted Cash EPS EUR 0.48 EUR 0.77 -38% EUR 0.54 -11%
------------------------ ---------------------------- --------------
----------------------------- ----------------------------------
(amounts in millions of
Euros, except per share 12 months 12 months
data) 2002 2001 %
----------------------------- ----------------------------------
Net income from ordinary
activities before impairment
charges 68.6 100.7 -32%
Impairment charges after tax (10.1) -
Net income from ordinary
activities 58.5 100.7 -42%
Dividends on financing
preferred shares 2.9 2.9
Net income from ordinary
activities attributable to
holders of common shares 55.6 97.8 -43%
Cash earnings attributable to
holders of common shares 79.4 106.1 -25%
Average number of common
shares outstanding 1) 38,388,043 38,139,964 1%
Diluted average number of
common shares outstanding 1) 38,525,890 38,451,955 0%
Per share data:
Net income from ordinary
activities before impairment
charges per common share 1) EUR 1.71 EUR 2.56 -33%
Diluted net income from
ordinary activities before
impairment charges per common
share 1) EUR 1.70 EUR 2.54 -33%
Net income from ordinary
activities per common share
1) EUR 1.45 EUR 2.56 -44%
Diluted net income from
ordinary activities per
common share 1) EUR 1.44 EUR 2.54 -43%
Cash earnings per share (Cash
EPS) EUR 2.07 EUR 2.78 -26%
Diluted Cash EPS EUR 2.06 EUR 2.76 -25%
----------------------------- ----------------------------------
1) (Diluted) average number of common shares outstanding and EPS
figures for prior reporting periods have been adjusted for stock
dividends issued in April 2002.
---------------- ------------------- ------------ --------------------
Van der Moolen Q4 Q4 % Q3 % 12 12 %
Holding N.V. 2002 2001 2002 months months
Revenue 2002 2001
breakdown in
millions of
Euros
---------------- ------------------- ------------ --------------------
VDM Specialists 59.9 69.0 70.0 266.7 262.6
Net gain on
principal
transactions 49.1 57.7 -15% 59.1 -17% 222.9 216.1 3%
Commissions 7.8 8.3 -6% 8.5 -8% 33.4 30.8 8%
Other 3.0 3.0 0% 2.4 25% 10.4 15.7 -34%
US option
business 3.3 (2.7) -222% (0.7) -571% (2.0) (1.9)
European trading 11.8 17.6 -33% 15.0 -21% 54.5 73.3 -26%
Other activities 2.4 5.4 -56% 1.7 41% 8.4 11.1 -24%
---------------- ------------------- ------------ --------------------
Total revenues 77.4 89.3 -13% 86.0 -10% 327.6 345.1 -5%
---------------- ------------------- ------------ --------------------
---------------- ------------------- ------------ --------------------
Van der Moolen Q4 Q4 % Q3 % 12 12 %
Holding N.V. 2002 2001 2002 months months
Operating income 2002 2001
before
amortization and
before
impairment of
intangible fixed
assets,
breakdown in
millions of
Euros
---------------- ------------------- ------------ --------------------
VDM Specialists 33.6 42.3 -21% 43.8 -23% 162.8 167.5 -3%
US option
business - (9.7) -100% (3.6) -100% (17.2) (20.7) -17%
European trading 1.2 8.2 -85% 2.5 -52% 6.8 30.7 -78%
Other activities 1.4 1.6 -13% (2.0) -170% (4.3) -
---------------- ------------------- ------------ --------------------
Total operating
income before
amortization and
before
impairment of
intangible fixed
assets 36.2 42.4 -15% 40.7 -11% 148.1 177.5 -17%
---------------- ------------------- ------------ --------------------
---------------- ------------------- ------------ --------------------
VDM Specialists Q4 Q4 Q3 12 12
(VDMS) 2002 2001 2002 months months
Key figures 2002 2001
(Dutch GAAP)
---------------- ------------------- ------------ --------------------
VDM Specialists
revenues ($
million) 59.7 61.8 69.0 252.0 236.5
Net gain on
principal
transactions 49.0 51.6 58.1 210.6 194.6
Commissions 7.8 7.5 8.4 31.6 27.7
Other 2.9 2.7 2.5 9.8 14.2
Total value of
trading on NYSE
($ billion) 2,410 2,496 2,628 10,311 10,489
Value of trading
in VDMS
assignments
($ billion) 255 244 271 1,036 883
VDMS market
share in dollar
value NYSE 10.6% 9.8% 10.3% 10.0% 8.4%
VDMS value of
principal
shares traded
($ billion) 88 75 94 358 278
Participation
rate 34.4% 30.7% 34.7% 34.6% 31.5%
VDMS net gain on
principal
transactions
($ million) 49.0 51.6 58.1 210.6 194.6
Realization
rate
(basis points) 5.6 6.9 6.2 5.9 7.0
---------------- ------------------- ------------ --------------------
Van der Moolen Holding N.V.
Consolidated Balance Sheet
(Dutch GAAP, unaudited)
------------------------------ --------------- ------------------
(amounts in millions of Euros) December 31, December 31,
2002 2001
------------------------------ --------------- ------------------
Assets
Fixed assets
Intangible fixed assets 163.2 159.4
Tangible fixed assets 9.3 11.1
Financial fixed assets 121.6 67.1
------ --------
294.1 237.6
Current assets
Long positions securities 457.0 775.7
Clearing organizations and
professional parties 398.1 723.1
Accrued income and other
receivables 11.5 31.0
Cash and cash-equivalents 334.0 304.2
------ --------
1,200.6 1,834.0
---------------------------------- ------ -------- -------- ---------
Total assets 1,494.7 2,071.6
---------------------------------- ------ -------- -------- ---------
Shareholders' equity and
liabilities
Shareholders' equity 312.2 265.7
Minority interest 62.0 64.1
------ --------
Group equity 374.2 329.8
Provisions
Deferred tax liabilities 10.3 12.5
Other provisions 2.0 2.2
------ --------
12.3 14.7
Long-term liabilities
Subordinated debt 199.4 207.7
Long-term debt 6.9 7.3
------ --------
206.3 215.0
Short-term liabilities
Short positions securities 691.3 1,178.4
Clearing organizations and
professional parties 123.8 151.6
Short-term loans 8.3 65.5
Advanced by clearing organizations 42.5 46.7
Accrued expenses and other
liabilities 36.0 69.9
------ --------
901.9 1,512.1
---------------------------------- ------ -------- -------- ---------
Total shareholders' equity and
liabilities 1,494.7 2,071.6
---------------------------------- ------ -------- -------- ---------
---------------------------------- ------ -------- -------- ---------
Guarantee capital 573.6 537.5
---------------------------------- ------ -------- -------- ---------
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) 12 months 12 months
2002 2001
------------------------------------------ ------------- -------------
Cash flow from operating activities
Net income 58.5 126.7
Net gain on disposal of financial fixed
assets - (32.4)
Minority interest 25.2 25.3
Depreciation and amortization of fixed
assets 11.9 5.0
Impairment of intangible fixed assets 21.5 -
Change deferred tax asset (10.1) -
Change deferred tax liability 4.0 3.9
Change in provisions (0.2) (0.6)
Change in working capital 117.6 (53.6)
------ ------
228.4 74.3
Cash flow from investing activities
Investments in tangible fixed assets (3.2) (5.4)
Disposals of tangible fixed assets 1.0 0.2
Acquired group companies, less cash
received (63.8) (153.8)
Investments in financial fixed assets (0.2) (0.9)
Divestments and repayments of financial
fixed assets 2.6 60.7
Dividends received - 2.1
------ ------
(63.6) (97.1)
Cash flow from financing activities
Net change in subordinated debt and long-
term liabilities 37.8 106.1
Net change of short-term loans (62.0) 52.4
Issued shares 2.7 8.2
Dividend payment (22.7) (58.8)
Net change in minority interest (25.2) (37.3)
Other movements (0.2) (6.5)
------ ------
(69.6) 64.1
Currency exchange differences on cash and
cash-equivalents (61.2) 3.5
Change in cash and cash-equivalents, net
of amounts advanced by clearing
organizations 34.0 44.8
Cash and cash-equivalents, net of amounts
advanced by clearing organizations at
January 1, 257.5 212.7
------ ------
Cash and cash-equivalents, net of amounts
advanced by clearing organizations at
December 31, 291.5 257.5
-------------------------------------------------------- -------------
Movement in shareholders' equity
------------------------------------------ ------------- -------------
(Amounts in millions of euros) 12 months 12 months
2002 2001
------------------------------------------ ------------- -------------
Shareholders' equity at January 1, 265.7 188.5
Exercise of options 2.1 8.0
Issue of financing preferred shares 0.6 0.2
Cash dividend (19.8) (56.0)
Currency exchange differences (50.8) 4.6
Net income for the period January 1 -
December 31, 58.5 126.7
Preferred dividend for the period January
1 - December 31 (2.9) (2.9)
Recognition of deferred tax asset 59.0 -
Other (0.2) (3.4)
------ ------
46.5 77.2
------ ------
Shareholders' equity at December 31, 312.2 265.7
------------------------------------------ ------------- -------------
Van der Moolen Holding N.V.
Net income and shareholders' equity
(US GAAP, unaudited)
------------------------ --------------------------- ----------------
(amounts in millions
of Euros) Q4 Q4 % Q3 %
2002 2001 2002
------------------------ --------------------------- ----------------
Net income in accordance
with Dutch GAAP 6.7 24.9 -73% 17.2 -61%
Adjustments to reported
net income
Amortization of
intangible fixed assets 0.8 (6.3) (0.6)
Impairment of intangible
fixed assets (14.6) 0.0 0.0
Pensions (1.2) 0.0 0.0
Stock options (1.3) (1.5) (1.4)
Provisions 0.0 (4.0) 0.0
Other (0.4) (3.1) (0.6)
Taxation 1.9 (0.2) (2.1)
---------------------- -----------
Net income in accordance
with US GAAP (8.1) 9.8 -182% 12.5 -165%
Dividend on financing
preferred shares (0.8) (0.8) (0.7)
Net income in accordance
with US GAAP
attributable to common
shares (8.9) 9.0 -199% 11.8 -175%
Average number of common
shares outstanding 38,410,863 38,139,964 38,406,226
Diluted average number
of common shares
outstanding 38,475,369 38,451,955 38,469,224
------------------------
(amounts in euros)
------------------------
Net income from ordinary
activities per common
share in accordance
with Dutch GAAP 0.15 0.71 -78% 0.43 -64%
Net income per common
share (including net
extraordinary income)
in accordance with
Dutch GAAP 0.15 0.63 0.43
Basic earnings per
common share in
accordance with US GAAP -0.23 0.24 -196% 0.31 -175%
Diluted net income from
ordinary activities per
common share in
accordance with Dutch
GAAP 0.15 0.70 -78% 0.43 -64%
Diluted net income per
common share (including
net extraordinary
income) in accordance
with Dutch GAAP 0.15 0.63 0.43
Diluted earnings per
common share in
accordance with US GAAP -0.23 0.23 -200% 0.31 -175%
------------------------ --------------------------- ----------------
------------------------ ---------------------------
(amounts in millions
of Euros) 12 months 12 months %
2002 2001
------------------------ ---------------------------
Net income in accordance
with Dutch GAAP 58.5 126.7 -54%
Adjustments to reported
net income
Amortization of
intangible fixed assets (1.0) (17.9)
Impairment of intangible
fixed assets (14.6) 0.0
Pensions (0.8) 1.5
Stock options (5.5) (5.0)
Provisions 0.0 (4.0)
Other (1.5) (4.4)
Taxation (5.0) (4.8)
----------------------
Net income in accordance
with US GAAP 30.1 92.1 -67%
Dividend on financing
preferred shares (2.9) (2.9)
Net income in accordance
with US GAAP
attributable to common
shares 27.2 89.2 -70%
Average number of common
shares outstanding 38,388,043 38,139,964
Diluted average number
of common shares
outstanding 38,525,890 38,451,955
------------------------
(amounts in euros)
------------------------
Net income from ordinary
activities per common
share in accordance
with Dutch GAAP 1.45 2.56 -44%
Net income per common
share (including net
extraordinary income)
in accordance with
Dutch GAAP 1.45 3.24
Basic earnings per
common share in
accordance with US GAAP 0.71 2.34 -70%
Diluted net income from
ordinary activities per
common share in
accordance with Dutch
GAAP 1.44 2.54 -43%
Diluted net income per
common share (including
net extraordinary
income) in accordance
with Dutch GAAP 1.44 3.22
Diluted earnings per
common share in
accordance with US GAAP 0.71 2.32 -69%
------------------------ ---------------------------
----------------------------------------------------------------------
(amounts in millions of Euros ) Dec. 31, Dec. 31,
2002 2001
----------------------------------------------------------------------
Shareholders' equity in accordance with Dutch GAAP 312.2 265.7
Adjustments to reported shareholders' equity
Goodwill and specialist assignments 219.2 343.1
Pensions 7.9 8.7
Taxation (17.5) (16.5)
Other 1.5 4.0
Shareholders' equity in accordance with US GAAP 523.3 605.0
----------------------------------------------------------------------
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