Van der Moolen Reports EUR 2.6 Million Net Income for the Third Quarter of 2004.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 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. -- 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. (NYSE NYSE See: New York Stock Exchange :VDM See Virtual DOS Machine and CGM. 1. VDM - Vienna Definition Method 2. VDM - Virtual Device Metafile. )(AEX AEX See: Amsterdam Exchange :VDMN) announces that it earned 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. 2.6 million in the third quarter of 2004. This compares to EUR 7.7 million in the second quarter of the current year, including an exceptional tax benefit of EUR 3.7 million. Excluding that benefit, net income from ordinary activities declined by 35% from the second quarter to the third. Income from ordinary activities declined by 53% compared to the third quarter of 2003. Net income from ordinary activities per common share (including second quarter exceptional items) was EUR 0.05 in the third quarter of 2004, which compares with EUR 0.18 in the second quarter 2004 and EUR 0.13 in the third quarter of 2003. Van der Moolen closed all (100%) of its 66 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 the third quarter with a positive trading result. Our NYSE participation rate was 22.4%, compared to 23.2% in the second quarter of 2004 and 27.7% in the third quarter last year. Our realization (specification) realization - A UML semantic relationship between a classifier that specifies a contract and another classifier that guarantees to carry it out. [Handout by Mr. David Gillibrand]. rates were 2.7, 3.0 and 3.6 basis points, respectively.
Key Figures
----------------------------------------------------------------------
Euros millions Q3 2004 Q3 2003 (a) Q2 2004
------------------------------------ -------- ----------- ------------
Revenues 27.0 43.3 -38% 30.9 -13%
------------------------------------ -------- ------ ---- ------ -----
Operating income 5.6 12.7 -56% 8.4 -33%
------------------------------------ -------- ------ ---- ------ -----
Net income from ordinary activities
before impairment charges and
before exceptional expense relating
to provision NYSE/SEC 2.6 5.5 -53% 7.7 -66%
------------------------------------ -------- ------ ---- ------ -----
Exceptional expense relating to
provision NYSE/SEC after tax - - -
------------------------------------ -------- ------ ---- ------ -----
Net income from ordinary activities 2.6 5.5 -53% 7.7 -66%
------------------------------------ -------- ------ ---- ------ -----
Guarantee capital 400.5 488.7 -18% 410.1 -2%
------------------------------------ -------- ------ ---- ------ -----
Per common share data (Eurosx1)
------------------------------------ -------- ------ ---- ------ -----
Net income from ordinary activities
before impairment charges and
before exceptional expense relating
to provision NYSE/SEC 0.05 0.13 -61% 0.18 -73%
------------------------------------ -------- ------ ---- ------ -----
Net income from ordinary activities 0.05 0.13 -61% 0.18 -73%
------------------------------------ -------- ------ ---- ------ -----
Cash earnings 0.06 0.18 -66% (0.54) -111%
------------------------------------ -------- ------ ---- ------ -----
(a) adjusted for purposes of comparison
Key Figures
----------------------------------------------------------------------
Euros millions 9 months
2004 2003 (a)
-------------------------------------------------- -------------------
Revenues 93.8 139.2 -33%
-------------------------------------------------- ------ ------ -----
Operating income 22.3 40.3 -45%
-------------------------------------------------- ------ ------ -----
Net income from ordinary activities before
impairment charges and before exceptional expense
relating to provision NYSE/SEC 14.6 20.3 -28%
-------------------------------------------------- ------ ------ -----
Exceptional expense relating to provision NYSE/SEC
after tax (1.6) -
-------------------------------------------------- ------ ------ -----
Net income from ordinary activities 13.0 20.3 -36%
-------------------------------------------------- ------ ------ -----
Guarantee capital 400.5 488.7 -18%
-------------------------------------------------- ------ ------ -----
Per common share data (Eurosx1)
-------------------------------------------------- ------ ------ -----
Net income from ordinary activities before
impairment charges and before exceptional expense
relating to provision NYSE/SEC 0.33 0.48 -32%
-------------------------------------------------- ------ ------ -----
Net income from ordinary activities 0.28 0.48 -41%
-------------------------------------------------- ------ ------ -----
Cash earnings (0.34) 0.70 -149%
-------------------------------------------------- ------ ------ -----
(a) adjusted for purposes of comparison
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, Van der Moolen's 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. , remarked, "Security markets 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). and US continued to create very weak
operating conditions in the third quarter of 2004, both from a turnover
and volatility Volatility1. 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 perspective. We have renewed re·new v. re·newed, re·new·ing, re·news v.tr. 1. To make new or as if new again; restore: renewed the antique chair. 2. our cost cutting efforts, most notably through staff reductions in Amsterdam, and our debt repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan has reduced our interest burden and strengthened our balance sheet. It remains a challenge to find ways to offset the pressure that poor trading conditions put on our revenues. While we continue to believe that the trading environment will eventually improve, we have increased our efforts to find ways, either through modification A change or alteration in existing materials. Modification generally has the same meaning in the law as it does in common parlance. The term has special significance in the law of contracts and the law of sales. of our existing activities or through acquisition within Europe, to improve the earnings profile of our firm." Results for the third quarter of 2004 Turnover declined on most of the equity exchanges we trade during the third quarter.
Change in turnover on the principal equity exchanges where Van der
Moolen is active
----------------------------------------------------------------------
Q3 2004 vs. Q2 2004 Q3 2004 vs. Q2 2004
----------------------------------------------------------------------
Borsa Italiana -20.1% London Stock Exchange +2.6%
Deutsche Borse -11.6% New York Stock Exchange -8.6%
Euronext -13.5% SWX Swiss Exchanges -25.2%
----------------------------------------------------------------------
local currencies; source: individual exchanges
----------------------------------------------------------------------
Volatility declined significantly in all our markets during the period. Change in Average Intraday Price Ranges, Q3 2004 vs. Q2 2004 ---------------------------------------------------------------------- AEX Index (Netherlands) -7.7 % FTSE 100 Index (U.K.) -6.9% CAC 40 Index (France) -5.9% MIB Index (Italy) -7.8% DAX Index (Germany) -15.7% NYSE Composite Index (U.S.) -22.3% Swiss Market Index -6.7% ---------------------------------------------------------------------- source: Bloomberg ---------------------------------------------------------------------- At EUR 27.0 million, our reported revenues in the third quarter were 13% lower than in the second quarter of 2004 and 38% below those earned in the third quarter of 2003. Of the decline relative to the preceding quarter, 12% was the result of lower revenue capture and 1% resulted from depreciation of the U.S. dollar compared with the average for the second quarter. All operations except U.K. equities and U.S. options experienced a decline in revenues: VDM Specialists saw revenues decrease by 16% in dollar terms. 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). were unchanged compared to the preceding quarter, but declined by 28% compared with the third quarter of 2003, largely as a result of sale or closure of operations in the intervening in·ter·vene intr.v. in·ter·vened, in·ter·ven·ing, in·ter·venes 1. To come, appear, or lie between two things: You can't see the lake from there because the house intervenes. 2. period and reduced rates of SEC fees charged to VDM Specialists. 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. were 6% less than in the second quarter of 2004 and 31% below the level of the year before. Most cost lines saw some improvement compared to the second quarter, except IT and communications costs (unchanged) and depreciation and general and administrative expenses. The latter lines slightly increased compared to the second quarter of 2004. Compared to the prior year, cost savings achieved in the intervening period (including the effect of discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. ), 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. and the depreciation of the U.S. dollar were important contributors to the savings achieved. Interest expense declined by 11% or EUR 0.2 million in the third quarter compared to the second, and 37% compared to the third quarter of 2003. This was largely due to reduced 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. and the depreciation of the U.S. dollar. Corporate taxation in the third quarter was a credit of EUR 0.2 million, compared to an effective tax charge of 7% in the second quarter (excluding the exceptional tax benefit of EUR 3.7 million) and 20% in the third quarter of 2003. The decrease compared to both periods was primarily caused by an absolute decrease of pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta income. Minority interest was a EUR 1.5 million charge in the third quarter, compared with charges of EUR 2.2 million and EUR 3.1 million in the second quarter of 2004 and the third quarter of 2003, respectively. The decline compared to both quarters is primarily explained by the lower pre-tax income earned by VDM Specialists; minority interest in the third quarter of 2003 still included a share in the loss generated by one of our option units, since liquidated DAMAGES, LIQUIDATED, contracts. When the parties to a contract stipulate for the payment of a certain sum, as a satisfaction fixed and agreed upon by them, for the not doing of certain things particularly mentioned in the agreement, the sum so fixed upon is called liquidated damages. (q.v. . Net income from ordinary activities in the third quarter of 2004 was EUR 2.6 million (or EUR 0.05 per common share), a 66% decrease from the second quarter and a 53% decrease from the third quarter of the year before. Cash earnings per common share were a positive EUR 0.06, compared with negative cash earnings of EUR 0.54 in the second quarter of 2004 and a positive EUR 0.18 in the third quarter of 2003. The draw down of cash in the second quarter of 2004 mainly reflected cash payments to settle with the NYSE/SEC in an amount equivalent to EUR 0.77 per common share; an additional EUR 0.03 was required for the same purpose in the third quarter of 2004, and similar amounts are due to be paid each quarter until the end of the third quarter 2005. Balance Sheet Our Balance Sheet continued to strengthen during the third quarter of 2004. The receipt of current tax receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed as well as other cash inflows were used to repay our remaining short-term debt Short-term debt Debt obligations, recorded as current liabilities, requiring payment within the year. . On September September: see month. 30, 2004 our Balance Sheet total was EUR 527.9 million; a EUR 356.5 million or 40% decrease from December December: see month. 31, 2003. The decrease is largely due to the sale of VDM Bonds, payment of the NYSE/SEC settlement, reduced inventory and clearing positions on Balance Sheet date and repayments on short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. loans. Group equity divided by the Balance Sheet total rose from 27% on December 31, 2003 to 49% on September 30, 2004. Guarantee capital, which consists of Group equity plus the non-current portion of our subordinated Subordinated A claim ranked lower in priority than other claims. Common stock claims are always subordinated to debt. indebtedness, rose from EUR 386.2 million to EUR 400.5 million during the first nine months of 2004. The first three quarters' income contribution, translation effects and proceeds from the sale of 780,000 treasury shares in April 2004 accounted for most of this. As a percent of our Balance Sheet total, guarantee capital rose from 44% at the end of 2003 to 76% at the end of the third quarter 2004. Cash and cash equivalents amounted to EUR 217.7 million on September 30, 2004. Of this approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. EUR 32 million is unrestricted - that is, not required to meet 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. or clearing margin obligations. During the third quarter of 2004, the remaining amounts drawn on a facility were fully repaid. The short-term loans in the amount of EUR 15.6 million fully relate to the portion of long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. indebtedness that is due for repayment prior to October October: see month. 1st 2005. On September 30, 2004 we carried ten NYSE seats as financial fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → on our Balance Sheet at an average cost price of $1.6 million each. The most recent seat transaction, on October 15, 2004, was at $1.1 million. Like our intangible fixed assets, NYSE seats will be tested for (other than temporary) 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. during the fourth quarter. Cash flow and investment Cash flow from operating activities was EUR 10.6 million in the first nine months of 2004. Freed up working capital and other positive operating cash flows Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. offset the EUR 40.7 million payment of the NYSE/SEC settlement. Working capital needs decreased by EUR 24.8 million, mainly as a result of the receipt of current tax receivables and lower working capital needs at the level of some of our business units. Cash flows from investing activities were a positive EUR 7.5 million, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc repayments on loans outstanding to third parties and the sale of VDM Bonds (proceeds of the sale less cash balances held by VDM Bonds). Negative cash flows of EUR 41.1 million from financing activities were primarily due to repayment of short-term loans, partly offset by the proceeds from the sale of treasury shares. Including the effect of currency exchange differences, net of amounts advanced by clearing organizations, cash decreased by EUR 20.1 million compared to December 31, 2003. U.S. 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 2004 amounted to EUR 0.3 million. International Financial Reporting Standards International Financial Reporting Standards (IFRS) are standards and interpretations adopted by the International Accounting Standards Board (IASB). Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). Beginning with the financial year 2005, Van der Moolen will prepare its consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge under International Financial Reporting Standards (IFRS IFRS International Financial Reporting Standard(s) IFRS Inter Frame Relay Service IFRS Indiana Facilities Registry System Although most standards have been completed and endorsed, a number of IFRS standards and the development of interpretations on these standards are still subject to change or approval. As a result, any conclusions on the effect of adopting IFRS in comparison with Dutch GAAP for Van der Moolen's consolidated financial statements is provisional Temporary; not permanent. Tentative, contingent, preliminary. A provisional civil service appointment is a temporary position that fills a vacancy until a test can be properly administered and statutory requirements can be fulfilled to make a permanent appointment. and subject to change as well as our auditor's approval. Based on the current standards and interpretations, the main balance sheet and income statement differences between Dutch GAAP principles that we apply and IFRS have been identified. These differences relate to accounting principles only and therefore do not affect cash flows. Since IFRS applies similar principles to US GAAP - in part, although not in all respects - some of the differences set out below are in the past already reflected in our US GAAP financial statements issued on Form 20-F. --Under IFRS, goodwill will no longer be amortized, which will have a positive effect on net income. However, goodwill will be subject to an annual impairment tests. --IFRS does not permit discounting of deferred tax assets. Under Dutch GAAP the majority of our deferred tax assets is discounted as explained in our 2003 financial statements (pp.45 and 50), which has a considerable effect on our consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: effective tax rate (p. 58). Further implications of IFRS on our deferred tax assets and liabilities are still under review, which may affect the valuation thereof and the related effect on our consolidated effective tax rate. --Stock options granted after November November: see month. 2002 must be expensed under IFRS, negatively influencing net income compared to Dutch GAAP. --Under our accounting principles no distinction is made between accounting for defined benefit plans Defined benefit plan A pension plan obliging the sponsor to make specified dollar payments to qualifying employees at retirement. The pension obligations are effectively the debt obligation of the plan sponsor. Related: Defined contribution plan and defined contribution plans Defined contribution plan A pension plan whose sponsor is responsible only for making specified contributions into the plan on behalf of qualifying participants. Related: Defined benefit plan . Under IFRS these pension schemes are accounted for on different bases, which will positively affect 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. but require no material adjustment to net income. The following differences relate to the adoption of IAS See iPlanet Application Server. 1. (computer) IAS - The first modern computer. It had main registers, processing circuits, information paths within the central processing unit, and used Von Neumann's fetch-execute cycle. 32/39;the standards relating to financial instruments. --The cumulative preferred Noun 1. cumulative preferred - preferred stock whose dividends if omitted accumulate until paid out cumulative preferred stock preference shares, preferred shares, preferred stock - stock whose holders are guaranteed priority in the payment of dividends but financing shares of Van der Moolen Holding NV are classified as shareholders' equity under Dutch GAAP; IFRS classifies these shares as liabilities. The preferred dividend preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) on these shares will be classified as an interest expense whereas Dutch GAAP presents this dividend as part of profit distribution. --A substantial part of our minority interest under Dutch GAAP in relation to VDM Specialists will be treated as a liability under IFRS. The income 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 these memberships will be classified as interest expense under IFRS rather than minority interest in the profit and loss account. --Stock lending balances are netted under Dutch GAAP as described in the disclosures to our Dutch GAAP financial statements. Such netting is not allowed under IFRS, increasing our balance sheet totals. (Reference December 31, 2003: EUR 1.4 billion: see p. 51 of our 2003 financial statements). --Netting of 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 positions is not allowed under IFRS, affecting long and short positions in securities with no impact on net income (Reference December 31, 2003: EUR 122 million: see p. 51 of our 2003 financial statements) --IAS 32 and 39, relating to netting and recognition and de-recognition of assets and liabilities, will result in changes to the presentation of our balance sheet and affect balance sheet totals, with no material effect on net income. When these changes are implemented, with our first quarterly report for 2005, we will endeavor See Endevor. to make their effects as clear as possible. For more information about Van der Moolen, please visit www.vandermoolen.com. N.B.: Today, 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 , Van der Moolen will host a conference call for analysts. This will be webcast over www.vandermoolen.com. Invitations to participants have been distributed. For more information, please contact Jeff Zelkowitz at 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] , telephone: +1 (212) 889 4350. Our next scheduled press release, announcing our results for the fourth quarter and full year of 2004, will be published on Thursday Thursday: see week. , February February: see month. 24, 2005. Van der Moolen trades on the leading 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 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.
Van der Moolen Holding N.V.
Consolidated Profit and Loss Account
(Dutch GAAP, Unaudited)
----------------------------------------- ----------- ----------- ----
(amounts in millions of Euros,
except per share data) Q3 Q3 %
2004 2003 (a)
----------------------------------------- ----------- ----------- ----
Revenues 27.0 43.3 -38%
Transaction costs 5.4 7.5 -28%
Net revenues 21.6 35.8 -40%
Fixed personnel expenses 7.4 10.3
Bonus expenses 0.9 2.9
Seat leases 2.1 3.5
Information and communication expenses 0.8 1.4
Depreciation 0.4 0.6
Amortization of intangible fixed
assets 0.9 1.5
Exceptional expense relating to
provision NYSE/SEC - -
General and administrative expenses 3.5 2.9
Total operating expenses 16.0 23.1 -31%
Operating income 5.6 12.7 -56%
Net interest income (expense) (1.7) (2.7)
Gain on disposal of financial fixed
assets - -
Income from ordinary activities before
tax 3.9 10.0 -61%
Taxation (0.2) 1.4
Group income after taxation 4.1 8.6 -52%
Minority interest 1.5 3.1
Net income (loss) 2.6 5.5 -53%
----------------------------------------- ----------- ----------- ----
Net income (loss) from ordinary
activities before impairment charges and
before exceptional expense relating to
provision NYSE/SEC 2.6 5.5 -53%
Exceptional expense relating to provision
NYSE/SEC after tax - -
Net income (loss) from ordinary
activities 2.6 5.5 -53%
Dividends on financing preferred shares 0.7 0.7
Net income (loss) from ordinary
activities attributable to holders of
common shares 1.9 4.8 -60%
Cash earnings attributable to holders of
common shares 2.3 6.7 -66%
Average number of common shares
outstanding 38,317,100 37,685,279 2%
Diluted average number of common shares
outstanding 38,317,100 37,685,279 2%
Per share data:
Net income (loss) from ordinary
activities before impairment charges and
before exceptional expense relating to
provision NYSE/SEC per common share 0.05 0.13 -61%
Diluted net income (loss) from ordinary
activities before impairment charges and
before exceptional expense relating to
provision NYSE/SEC per common share 0.05 0.13 -61%
Net income (loss) from ordinary
activities per common share 0.05 0.13 -61%
Diluted net income (loss) from ordinary
activities per common share 0.05 0.13 -61%
Cash earnings per share (Cash EPS) 0.06 0.18 -66%
Diluted Cash EPS 0.06 0.18 -66%
----------------------------------------- ----------- ----------- ----
Van der Moolen Holding N.V.
Consolidated Profit and Loss Account
(Dutch GAAP, Unaudited)
---------------------------------------------------- ----------- -----
(amounts in millions of Euros,
except per share data) Q2 %
2004
---------------------------------------------------- ----------- -----
Revenues 30.9 -13%
Transaction costs 5.4 0%
Net revenues 25.5 -15%
Fixed personnel expenses 8.0
Bonus expenses 1.5
Seat leases 2.3
Information and communication expenses 0.8
Depreciation 0.3
Amortization of intangible fixed assets 0.9
Exceptional expense relating to provision
NYSE/SEC -
General and administrative expenses 3.3
Total operating expenses 17.1 -6%
Operating income 8.4 -33%
Net interest income (expense) (1.9)
Gain on disposal of financial fixed assets -
Income from ordinary activities before tax 6.5 -40%
Taxation (3.4)
Group income after taxation 9.9 -59%
Minority interest 2.2
Net income (loss) 7.7 -66%
---------------------------------------------------- ----------- -----
Net income (loss) from ordinary activities before
impairment charges and before exceptional expense
relating to provision NYSE/SEC 7.7 -66%
Exceptional expense relating to provision NYSE/SEC
after tax -
Net income (loss) from ordinary activities 7.7 -66%
Dividends on financing preferred shares 0.8
Net income (loss) from ordinary activities
attributable to holders of common shares 6.9 -72%
Cash earnings attributable to holders of common
shares (20.6) -111%
Average number of common shares outstanding 38,137,100 0%
Diluted average number of common shares outstanding 38,137,100 0%
Per share data:
Net income (loss) from ordinary activities before
impairment charges and before exceptional expense
relating to provision NYSE/SEC per common share 0.18 -73%
Diluted net income (loss) from ordinary activities
before impairment charges and before exceptional
expense relating to provision NYSE/SEC per common
share 0.18 -73%
Net income (loss) from ordinary activities per
common share 0.18 -73%
Diluted net income (loss) from ordinary activities
per common share 0.18 -73%
Cash earnings per share (Cash EPS) (0.54) -111%
Diluted Cash EPS (0.54) -111%
---------------------------------------------------- ----------- -----
Van der Moolen Holding N.V.
Consolidated Profit and Loss Account
(Dutch GAAP, Unaudited)
---------------------------------------------------- ----------- -----
(amounts in millions of Euros,
except per share data) 9 months 9 months %
2004 2003 (a)
---------------------------------------------------- ----------- -----
Revenues 93.8 139.2 -33%
Transaction costs 17.1 22.4 -24%
Net revenues 76.7 116.8 -34%
Fixed personnel expenses 23.6 33.6
Bonus expenses 4.1 9.4
Seat leases 6.6 11.6
Information and communication expenses 2.4 4.1
Depreciation 1.2 2.0
Amortization of intangible fixed assets 2.6 4.5
Exceptional expense relating to provision
NYSE/SEC 2.2 -
General and administrative expenses 11.7 11.3
Total operating expenses 54.4 76.5 -29%
Operating income 22.3 40.3 -45%
Net interest income (expense) (6.4) (8.3)
Gain on disposal of financial fixed
assets - 1.9
Income from ordinary activities before
tax 15.9 33.9 -53%
Taxation (2.9) 4.2
Group income after taxation 18.8 29.7 -37%
Minority interest 5.8 9.4
Net income (loss) 13.0 20.3 -36%
---------------------------------------------------- ----------- -----
Net income (loss) from ordinary
activities before impairment charges and
before exceptional expense relating to
provision NYSE/SEC 14.6 20.3 -28%
Exceptional expense relating to provision
NYSE/SEC after tax (1.6) -
Net income (loss) from ordinary
activities 13.0 20.3 -36%
Dividends on financing preferred shares 2.2 2.2
Net income (loss) from ordinary
activities attributable to holders of
common shares 10.8 18.1 -40%
Cash earnings attributable to holders of
common shares (12.9) 26.5 -149%
Average number of common shares
outstanding 37,998,268 37,884,365 0%
Diluted average number of common shares
outstanding 37,998,268 37,884,365 0%
Per share data:
Net income (loss) from ordinary
activities before impairment charges and
before exceptional expense relating to
provision NYSE/SEC per common share 0.33 0.48 -32%
Diluted net income (loss) from ordinary
activities before impairment charges and
before exceptional expense relating to
provision NYSE/SEC per common share 0.33 0.48 -32%
Net income (loss) from ordinary
activities per common share 0.28 0.48 -41%
Diluted net income (loss) from ordinary
activities per common share 0.28 0.48 -41%
Cash earnings per share (Cash EPS) (0.34) 0.70 -149%
Diluted Cash EPS (0.34) 0.70 -149%
---------------------------------------------------- ----------- -----
(a) adjusted for purposes of comparison
Van der Moolen Holding N.V. Q3 Q3 %
Revenue breakdown in millions of Euros 2004 2003 (a)
------------------------------------------------ ------ ------- -----
VDM Specialists 21.3 33.1
Net gain on principal transactions 14.5 24.5 -41%
Commissions 5.2 6.8 -24%
Other 1.6 1.8 -11%
US Option Business 0.1 1.5 93%
European Trading 5.5 7.1 -23%
Unallocated and Holding 0.1 1.6 -94%
------------------------------------------------ ------ ------- -----
Total revenues 27.0 43.3 -38%
------------------------------------------------ ------ ------- -----
------------------------------------------------ ------ ------- -----
Van der Moolen Holding N.V.
Operating income before amortization of
intangible fixed assets, before impairment and
before exceptional expense relating to provision Q3 Q3
NYSE/SEC , breakdown in millions of Euros 2004 2003 (a) %
------------------------------------------------- ------ ------- -----
VDM Specialists 8.4 16.6 -49%
US Option Business (0.3) (0.6) 50%
European Trading - (0.8) -100%
Unallocated and Holding (1.6) (1.0)
------------------------------------------------ ------ ------- -----
Total operating income before amortization of
intangible fixed assets, before impairment and
before exceptional expense relating to provision
NYSE/SEC 6.5 14.2 -54%
------------------------------------------------- ------ ------- -----
------------------------------------------------ ------ ------- -----
VDM Specialists (VDMS) Q3 Q3
Key figures (Dutch GAAP) 2004 2003 (a)
------------------------------------------------ ------ ------- -----
VDM Specialists revenues ($ million) 26.1 37.2
Net gain on principal transactions 17.7 27.4
Commissions 6.4 7.8
Other 2.0 2.0
Total value of trading on NYSE ($ billion) 2,633 2,476
Value of trading in VDMS assignments ($ billion) 290 277
VDMS market share in dollar value NYSE 11.0% 11.2%
VDMS value of principal shares traded ($
billion) 65 77
Participation rate 22.4% 27.7%
VDMS net gain on principal transactions ($
million) 17.7 27.4
Realization rate (basis points) 2.7 3.6
------------------------------------------------ ------ ------- -----
Source: NYSE, Van der Moolen
(a) adjusted for purposes of comparison
Van der Moolen Holding N.V. Q2 %
Revenue breakdown in millions of Euros 2004
--------------------------------------------------------- ------ -----
VDM Specialists 25.7
Net gain on principal transactions 18.0 -19%
Commissions 6.3 -17%
Other 1.4 14%
US Option Business (0.2) -150%
European Trading 5.4 2%
Unallocated and Holding - -
--------------------------------------------------------- ------ -----
Total revenues 30.9 -13%
--------------------------------------------------------- ------ -----
--------------------------------------------------------- ------ -----
Van der Moolen Holding N.V.
Operating income before amortization of intangible fixed
assets, before impairment and before exceptional expense
relating to provision NYSE/SEC , breakdown in millions Q2
of Euros 2004 %
--------------------------------------------------------- ------ -----
VDM Specialists 11.9 -29%
US Option Business (0.8) 63%
European Trading 0.3 -100%
Unallocated and Holding (2.1)
--------------------------------------------------------- ------ -----
Total operating income before amortization of intangible
fixed assets, before impairment and before exceptional
expense relating to provision NYSE/SEC 9.3 -30%
--------------------------------------------------------- ------ -----
--------------------------------------------------------- ------ -----
VDM Specialists (VDMS) Q2
Key figures (Dutch GAAP) 2004
--------------------------------------------------------- ------ -----
VDM Specialists revenues ($ million) 30.9
Net gain on principal transactions 21.6
Commissions 7.6
Other 1.7
Total value of trading on NYSE ($ billion) 2,881
Value of trading in VDMS assignments ($ billion) 316
VDMS market share in dollar value NYSE 11.0%
VDMS value of principal shares traded ($ billion) 73
Participation rate 23.2%
VDMS net gain on principal transactions ($ million) 21.6
Realization rate (basis points) 3.0
--------------------------------------------------------- ------ -----
Source: NYSE, Van der Moolen
(a) adjusted for purposes of comparison
Van der Moolen Holding N.V. 9 9
months months
Revenue breakdown in millions of Euros 2004 2003 (a) %
------------------------------------------------ ------- ------- -----
VDM Specialists 75.8 105.8
Net gain on principal transactions 53.3 79.3 -33%
Commissions 18.0 20.9 -14%
Other 4.5 5.6 -20%
US Option Business (0.3) 3.7 108%
European Trading 17.8 22.8 -22%
Unallocated and Holding 0.5 6.9 -93%
------------------------------------------------ ------- ------- -----
Total revenues 93.8 139.2 -33%
------------------------------------------------ ------- ------- -----
------------------------------------------------ ------- ------- -----
Van der Moolen Holding N.V.
Operating income before amortization of
intangible fixed assets, before impairment and
before exceptional expense relating to 9 9
provision NYSE/SEC , breakdown in millions of months months
Euros 2004 2003 (a) %
------------------------------------------------ ------- ------- -----
VDM Specialists 33.8 51.3 -34%
US Option Business (2.3) (3.9) 41%
European Trading 1.6 0.4 300%
Unallocated and Holding (6.0) (3.0) -100%
------------------------------------------------ ------- ------- -----
Total operating income before amortization of
intangible fixed assets, before impairment and
before exceptional expense relating to
provision NYSE/SEC 27.1 44.8 -40%
------------------------------------------------ ------- ------- -----
------------------------------------------------ ------- ------- -----
VDM Specialists (VDMS) 9 9
months months
Key figures (Dutch GAAP) 2004 2003 (a)
------------------------------------------------ ------- ------- -----
VDM Specialists revenues ($ million) 93.0 117.5
Net gain on principal transactions 65.3 87.9
Commissions 22.1 23.3
Other 5.6 6.3
Total value of trading on NYSE ($ billion) 8,485 7,146
Value of trading in VDMS assignments ($ billion) 952 804
VDMS market share in dollar value NYSE 11.2% 11.3%
VDMS value of principal shares traded ($
billion) 226 232
Participation rate 23.7% 28.9%
VDMS net gain on principal transactions ($
million) 65.3 87.9
Realization rate (basis points) 2.9 3.8
------------------------------------------------ ------- ------- -----
Source: NYSE, Van der Moolen
(a) adjusted for purposes of comparison
Van der Moolen Holding N.V.
Consolidated Balance Sheet
(Dutch GAAP, unaudited)
----------------------------------------------------------------------
(amounts in millions of Euros) September 30, December 31,
2004 2003
----------------------------------------------------------------------
Assets
Fixed assets
Intangible fixed assets 82.3 83.5
Tangible fixed assets 4.7 6.3
Financial fixed assets 89.8 104.1
-------- -------
176.8 193.9
Current assets
Long positions securities 70.9 302.0
Clearing organizations and professional
parties 42.7 93.5
Accrued income and other receivables 19.8 33.4
Cash and cash-equivalents 217.7 261.6
-------- -------
351.1 690.5
----------------------------------------------------------------------
Total assets 527.9 884.4
----------------------------------------------------------------------
Shareholders' equity and liabilities
Shareholders' equity 221.8 201.5
Minority interest 36.6 33.0
-------- -------
Group equity 258.4 234.5
Provisions
Deferred tax liabilities 5.0 4.7
Other provisions 1.7 44.6
-------- -------
6.7 49.3
Long-term liabilities
Subordinated debt 142.1 151.7
Long-term debt 1.7 2.0
-------- -------
143.8 153.7
Short-term liabilities
Short positions securities 68.2 259.7
Clearing organizations and professional
parties 2.8 77.9
Short-term loans 15.6 48.3
Advanced by clearing organizations 1.4 25.2
Accrued expenses and other liabilities 31.0 35.8
-------- -------
119.0 446.9
----------------------------------------------------------------------
Total shareholders' equity and liabilities 527.9 884.4
----------------------------------------------------------------------
----------------------------------------------------------------------
Guarantee capital 400.5 386.2
----------------------------------------------------------------------
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
2004
--------------------------------------------------------- ------------
Cash flow from operating activities
Net income 13.0
Net gain on disposal of financial fixed assets -
Minority interest 5.8
Depreciation and amortization of fixed assets 3.8
Amortization on deferred gain on swaps (2.4)
Change deferred taxation and non-cash tax effects 4.1
Change in provisions 2.2
Settlement NYSE/SEC investigation (40.7)
Change in working capital 24.8
------
10.6
Cash flow from investing activities
Investments in tangible fixed assets (1.0)
Disposals of tangible fixed assets 1.1
Divestments group companies, less cash balances held 2.7
Divestments and repayments of financial fixed assets 4.7
------
7.5
Cash flow from financing activities
Net change in subordinated debt and long-term liabilities 0.6
Net change of short-term loans (41.4)
Sale / purchase of common shares 5.6
Proceeds from termination of interest rate swaps (0.2)
Dividend payment (2.9)
Net change in minority interest (2.8)
------
(41.1)
Currency exchange differences on cash and cash-equivalents, net
of amounts advanced by clearing organizations 2.9
Change in cash and cash-equivalents, net of amounts advanced by
clearing organizations (20.1)
Cash and cash-equivalents, net of amounts advanced by clearing
organizations at January 1, 236.4
------
Cash and cash-equivalents, net of amounts advanced by clearing
organizations at September 30, 216.3
----------------------------------------------------------------------
Movement in shareholders'equity
--------------------------------------------------------- ------------
(Amounts in millions of euros) 9 months
2004
--------------------------------------------------------- ------------
Shareholders' equity at January 1 201.5
Cash dividend -
Currency exchange differences 3.9
Net income for the period January 1 - September 30 13.0
Preferred dividend for the period January 1 - September
30 (2.2)
Sale / purchase of common shares 5.6
------
20.3
------
Shareholders' equity at September 30 221.8
--------------------------------------------------------- ------------
(a) adjusted for purposes of comparison:
The comparative figures in the cash flow statement are adjusted to
reflect the cash flow movements on the termination of interest rate
swap agreements in connection with our subordinated debt in the USA
and herewith-related adjustment of non-cash items included in net
income. Furthermore, dividends on financing preferred shares have
been adjusted to reflect the actual period of payment.
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
2003 (a)
--------------------------------------------------------- ------------
Cash flow from operating activities
Net income 20.3
Net gain on disposal of financial fixed assets (1.9)
Minority interest 9.6
Depreciation and amortization of fixed assets 6.5
Amortization on deferred gain on swaps (1.2)
Change deferred taxation and non-cash tax effects 4.1
Change in provisions (0.4)
Settlement NYSE/SEC investigation -
Change in working capital (37.7)
------
(0.7)
Cash flow from investing activities
Investments in tangible fixed assets (1.2)
Disposals of tangible fixed assets 0.2
Divestments group companies, less cash balances held -
Divestments and repayments of financial fixed assets 3.0
------
2.0
Cash flow from financing activities
Net change in subordinated debt and long-term liabilities (4.9)
Net change of short-term loans 26.5
Sale / purchase of common shares (7.4)
Proceeds from termination of interest rate swaps 13.6
Dividend payment (30.2)
Net change in minority interest (10.9)
------
(13.3)
Currency exchange differences on cash and cash-
equivalents, net of amounts advanced by clearing
organizations (37.1)
Change in cash and cash-equivalents, net of amounts
advanced by clearing organizations (49.1)
Cash and cash-equivalents, net of amounts advanced by
clearing organizations at January 1, 291.5
------
Cash and cash-equivalents, net of amounts advanced by
clearing organizations at September 30, 242.4
--------------------------------------------------------- ------------
Movement in shareholders'equity
--------------------------------------------------------- ------------
(Amounts in millions of euros) 9 months
2003
--------------------------------------------------------- ------------
Shareholders' equity at January 1 312.2
Cash dividend (27.3)
Currency exchange differences (35.7)
Net income for the period January 1 - September 30 20.3
Preferred dividend for the period January 1 - September
30 (2.2)
Sale / purchase of common shares (7.4)
------
(52.3)
------
Shareholders' equity at September 30 259.9
--------------------------------------------------------- ------------
(a) adjusted for purposes of comparison:
The comparative figures in the cash flow statement are adjusted to
reflect the cash flow movements on the termination of interest rate
swap agreements in connection with our subordinated debt in the USA
and herewith-related adjustment of non-cash items included in net
income. Furthermore, dividends on financing preferred shares have
been adjusted to reflect the actual period of payment.
Van der Moolen Holding N.V.
Net income and shareholders' equity
(US GAAP, unaudited)
---------------------------------------- ----------- ----------- -----
(amounts in millions of Euros) Q3 Q3 %
2004 2003
---------------------------------------- ----------- ----------- -----
Net income (loss) in accordance with
Dutch GAAP 2.6 5.5 -53%
Adjustments to reported net income
Amortization of intangible fixed assets (0.8) (0.4)
Stock options (0.6) (1.3)
Other - (1.1)
Taxation (0.9) (0.8)
----------- -----------
Net income (loss) in accordance with US
GAAP 0.3 1.9 -84%
Dividend on financing preferred shares (0.7) (0.7)
Net income (loss) in accordance with US
GAAP attributable to common shares (0.4) 1.2 -133%
Average number of common shares
outstanding 38,317,100 37,685,279
Diluted average number of common shares
outstanding 38,317,100 37,685,279
----------------------------------------
(amounts in euros)
----------------------------------------
Net income (loss) from ordinary
activities per common share in
accordance with Dutch GAAP 0.05 0.13 -61%
Basic earnings (loss) per common share
in accordance with US GAAP (0.01) 0.03 -133%
Diluted net income (loss) from ordinary
activities per common share in
accordance with Dutch GAAP 0.05 0.13 -61%
Diluted earnings (loss) per common share
in accordance with US GAAP (0.01) 0.03 -133%
---------------------------------------- ----------- ----------- -----
---------------------------------------- ----------- ----------- -----
(amounts in millions of Euros) Q3 Q3 %
2004 2003
---------------------------------------- ----------- ----------- -----
Depreciation and amortization fixed
assets in accordance with US GAAP
Depreciation 0.4 0.6
Amortization of intangible fixed assets 1.5 1.7
----------- -----------
Total depreciation and amortization
fixed assets in accordance with US GAAP 1.9 2.3 -17%
---------------------------------------- ----------- ----------- -----
---------------------------------------- ----------- -----------
(amounts in millions of Euros ) Sept. 30, Dec. 31,
2004 2003 (a)
---------------------------------------- ----------- -----------
Shareholders' equity in accordance with
Dutch GAAP 221.8 201.5
Adjustments to reported shareholders'
equity
Goodwill and specialist assignments 155.0 152.7
Pensions 8.0 8.0
Taxation (20.2) (15.3)
Provision NYSE/SEC - (1.6)
Other - 2.8
---------------------------------------- ----------- -----------
Shareholders' equity in accordance with
US GAAP 364.6 348.1
---------------------------------------- ----------- -----------
(a) adjusted for purposes of comparison:
The reconciliation of shareholders' equity as at December 31, 2003 has
been adjusted to reflect the final US GAAP numbers as included in the
20f for the year 2003 (adjustment provision NYSE/SEC and preferred
dividend).
Van der Moolen Holding N.V.
Net income and shareholders' equity
(US GAAP, unaudited)
---------------------------------------------------- ----------- -----
(amounts in millions of Euros) Q2 %
2004
---------------------------------------------------- ----------- -----
Net income (loss) in accordance with Dutch GAAP 7.7 -66%
Adjustments to reported net income
Amortization of intangible fixed assets (0.7)
Stock options (0.6)
Other -
Taxation (0.8)
-----------
Net income (loss) in accordance with US GAAP 5.6 -95%
Dividend on financing preferred shares (0.8)
Net income (loss) in accordance with US GAAP
attributable to common shares 4.8 -108%
Average number of common shares outstanding 38,137,100
Diluted average number of common shares outstanding 38,137,100
----------------------------------------------------
(amounts in euros)
----------------------------------------------------
Net income (loss) from ordinary activities per
common share in accordance with Dutch GAAP 0.18 -73%
Basic earnings (loss) per common share in accordance
with US GAAP 0.13 -108%
Diluted net income (loss) from ordinary activities
per common share in accordance with Dutch GAAP 0.18 -73%
Diluted earnings (loss) per common share in
accordance with US GAAP 0.13 -108%
---------------------------------------------------- ----------- -----
---------------------------------------------------- ----------- -----
(amounts in millions of Euros) Q2 %
2004
---------------------------------------------------- ----------- -----
Depreciation and amortization fixed assets in
accordance with US GAAP
Depreciation 0.3
Amortization of intangible fixed assets 1.6
-----------
Total depreciation and amortization fixed assets in
accordance with US GAAP 1.9 0%
---------------------------------------------------- ----------- -----
(a) adjusted for purposes of comparison:
The reconciliation of shareholders' equity as at December 31, 2003 has
been adjusted to reflect the final US GAAP numbers as included in the
20f for the year 2003 (adjustment provision NYSE/SEC and preferred
dividend).
Van der Moolen Holding N.V.
Net income and shareholders' equity
(US GAAP, unaudited)
----------------------------------------------------- ----------- ----
(amounts in millions of Euros) 9 months 9 months %
2004 2003
----------------------------------------------------- ----------- ----
Net income (loss) in accordance with Dutch
GAAP 13.0 20.3 -36%
Adjustments to reported net income
Amortization of intangible fixed assets (2.2) (1.2)
Stock options (1.8) (3.9)
Other 1.6 (0.4)
Taxation (2.6) (3.8)
----------- -----------
Net income (loss) in accordance with US
GAAP 8.0 11.0 -27%
Dividend on financing preferred shares (2.2) (2.2)
Net income (loss) in accordance with US
GAAP attributable to common shares 5.8 8.8 -34%
Average number of common shares
outstanding 37,998,268 37,884,365
Diluted average number of common shares
outstanding 37,998,268 37,884,365
------------------------------------------
(amounts in euros)
------------------------------------------
Net income (loss) from ordinary activities
per common share in accordance with Dutch
GAAP 0.28 0.48 -41%
Basic earnings (loss) per common share in
accordance with US GAAP 0.15 0.23 -34%
Diluted net income (loss) from ordinary
activities per common share in accordance
with Dutch GAAP 0.28 0.48 -41%
Diluted earnings (loss) per common share
in accordance with US GAAP 0.15 0.23 -34%
----------------------------------------------------- ----------- ----
----------------------------------------------------- ----------- ----
(amounts in millions of Euros) 9 months 9 months %
2004 2003
----------------------------------------------------- ----------- ----
Depreciation and amortization fixed assets
in accordance with US GAAP
Depreciation 1.2 2.0
Amortization of intangible fixed assets 4.5 5.1
----------- -----------
Total depreciation and amortization fixed
assets in accordance with US GAAP 5.7 7.1 -20%
----------------------------------------------------- ----------- ----
(a) adjusted for purposes of comparison:
The reconciliation of shareholders' equity as at December 31, 2003 has
been adjusted to reflect the final US GAAP numbers as included in the
20f for the year 2003 (adjustment provision NYSE/SEC and preferred
dividend).
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