VAN DER MOOLEN 
By
AMSTERDAM - Van der Moolen Holding (international trading and
brokerage in listed equities and derivatives) today reported its
results for the second half-year 2008 and the full financial year
2008.
Operational highlights 2008
* Solid performance and growth of European trading activities;
* Disappointing performance US trading activities;
* Solid performance VDM Institutional Brokerage;
* Termination OnlineTrader;
* Launch of VDM Global Markets in the UK.
Financial highlights 2008
* Revenues continuing operations ?147.3 million (?101.9 million in
2007);
* Operating loss continuing operations ?4.8 million (?2.9 million
profit in 2007);
* Loss after tax continuing operations ?2.5 million (?0.3 million
in 2007);
* Net loss ?15.5 million (?88.0 million in 2007);
* Net loss impacted by ?48.6 million from asset impairments before
tax (?41.4 million in 2007).
Outlook 2009
* Focus on most proven strength - European trading;
* Focus on margin improvement and cost savings;
* Expansion VDM Global Markets.
Richard den Drijver, CEO of Van der Moolen Holding NV commented:
"As with most companies operating in the financial markets, 2008 was
a year of mixed results for VDM. Our core business - trading in
European markets - performed strongly and showed solid growth in
revenues and results.
Developments in US financial markets proved that VDM took the right
decision by closing its US specialist business at the end of 2007.
Our loss would have been much higher if we had not taken that
decision.
We expect 2009 to be a challenging year. The effect that market
conditions will have on the revenues and results are difficult to
predict. We are therefore not able to give an outlook for the full
year 2009. Nevertheless, we are convinced that the strength of our
core operations will assure a positive development in the long run".
Key Figures *
2nd half year 2nd half year 12 months
Euro * 1 million 2008 2007 2008 2007
Revenues 55.8 50.2 147.3 101.9
Operating profit (loss) (30.1) 1.0 (4.8) 2.9
Profit (loss) for the
period from (21.1) (0.0) (2.5) (0.3)
continuing operations
Profit (loss) attributable
to common (31.7) (77.7) (19.0) (91.7)
equity holders of the
Company
Per common share data
(Euro x ?1)
(Dilutive) loss from
continuing (0.60) (0.04) (0.15) (0.05)
operations per common
share
(Diluted) loss from
continuing (0.23) (1.63) (0.32) (1.92)
operations per common
share
(Dilutive) loss per common (0.84) (1.66) (0.47) (1.96)
share
Average US dollar/Euro 0.71 0.71 0.68 0.73
rate
*) figures in this press release have not been subject to an
audit by our external auditor
OPERATIONAL HIGHLIGHTS
During 2008, global markets experienced unprecedented challenges as
credit contracted and economic growth slowed, and a number of major
financial institutions faced serious problems. Concerns regarding
future economic growth and corporate earnings, as well as illiquidity
in the credit markets created challenging conditions for the equity
markets which experienced significant broad-based declines over the
year, with equity indices dramatically lower at the end of 2008 as
compared to 2007. Subsequent to year-end, difficult conditions have
persisted within the equity markets with certain equity indices
reaching their lowest levels in years.
During 2008, the markets in which VDM operates experienced heightened
volatility as the ongoing global credit crisis resulted in historic
changes to the financial industry, a substantial freezing of the
credit markets and far-reaching government intervention. In addition,
interest rate and foreign exchange markets experienced periods of
heightened volatility resulting from global economic and deflationary
concerns, as well as reacting to actions taken by central banks
globally to combat the credit crisis.
Strategic focus
The strategy of VDM is aimed at creating value for shareholders
through three sources of income (VDM Trading, VDM Institutional
Brokerage and VDM Global Markets) in three regions (Europe, US,
Asia).
VDM Trading
European trading developments
Trading activities continue to be the largest contributor to the
consolidated results. In 2008, European trading revenues contributed
95.9% to the consolidated totals.
In European trading activities, VDM combines pan-European network
with local expertise. Through its European trading units, VDM trades
equities, equity options and related derivatives from offices in
Amsterdam, London, Cologne and Zug. These equity-trading units
operate largely independently of each other on a day-to-day basis,
but all engage in intraday proprietary trading, especially in the
more liquid segments of the markets in which they operate. Where
considered to be effective, units work together to share knowledge,
experience and trading strategies. Arbitrage between shares traded on
multiple international markets, either within Europe or between
Europe and the US, is also an important activity.
During 2008, the Company transacted various exchange-related trades
which resulted in tax receivables from various European governments.
Historically, VDM has been successful in collecting its tax claims.
Recently, one of these European governments initiated an
investigation into the claims. Under the current economic climate,
tax authorities are taking a more aggressive approach in their
investigations of tax claims. Although the investigation has not been
completed, VDM recorded a provision of ?43.2 million related to such
receivables.
US trading developments
In response to the economic developments in 2008, the Securities and
Exchange Commission issued new short selling rules which served to
limit VDM's trading opportunities. In addition, while VDM does not
trade in sub-prime collateralized debt obligations, proprietary
structured products, credit default swaps and other investments that
are not actively traded, certain options VDM did trade in have seen
deterioration in their marketability. VDM took the necessary steps to
unwind such positions which had a negative impact on trading
revenues. At year-end, VDM believes it has minimized the market risk
associated with such options.
Asia trading developments
Under the current market environment, VDM does not believe it is the
right time to expand its trading activities in Asia. It does however,
continue to remain a long-term goal.
VDM Institutional Brokerage
European brokerage developments
Exceptional low levels of share prices resulted in downward pressure
on brokerage results. Other measures however, including the number of
new clients and trading volume, indicate brokerage activities in
Europe are growing. Consequently, VDM remains committed to developing
and enhancing its execution brokerage activities.
US brokerage developments
VDM Institutional Brokerage is the new name given to the US brokerage
activities, formerly known as R&H Securities, LLC. Although VDM
Institutional Brokerage was facing challenging market circumstances
during 2008, the US brokerage activities managed to achieve solid
performance in revenues.
Asian brokerage developments
VDM explored various alternatives to initiate its brokerage
activities in Asia during 2008. To date, VDM does not believe any of
the alternatives offered sufficient return to its shareholders.
Nonetheless, VDM will continue to consider opportunities as they
present themselves.
VDM Global Markets
In the third quarter of 2008, the Company launched 'VDM Global
Markets' in the United Kingdom. VDM Global Markets offers, among
other products, Contracts for Differences ('CFD's') via its website
at www.vdmgm.com. Management believes the market for CFD's will
increase significantly. Management expects to offer VDM Global
Markets' services in other European countries in 2009 and does not
expect to incur significant marketing costs to do so. In the United
Kingdom, VDM Global Markets does not require a banking license. In
the Company's consolidated results, VDM Global Markets is included in
the Brokerage Europe segment.
Partnership in Exchanges
VDM's activities include participations in strategic partnerships
with exchanges. During the year, management assessed the
participations and concluded that the Company's investments in the
various exchanges no longer provided the Company with strategic
benefit. Consequently, the Company sold its interest in ISE Stock
Exchange, LLC in 2008 for ?2.3 million with no gain or loss. VDM also
sold its remaining NYSE shares in 2008 for ?3.8 million and recorded
a net loss of ?4.1 million. Furthermore, VDM is actively selling its
interest in CBOE Stock Exchange, LLC. Earlier in the year, VDM sold a
0.6% interest in CBOE Stock Exchange, LLC and recorded a gain of ?0.2
million. At December 31, 2008, the investment in CBOE Stock Exchange,
LLC is classified in the balance sheet as 'Assets held for sale'.
FINANCIAL HIGHLIGHTS
Revenues
At ?147.3 million, revenues from continuing operations in 2008 were
45% greater then the ?101.9 million in 2007. Revenues from continuing
operations decreased by 64% in the second half year compared to the
first half year of 2008.
At ?145.9 million, revenues in Europe were 53% higher than in 2007.
The continuing high level of revenues in Europe was a result of the
excellent market conditions in the first half of 2008 and the
diversification of financial products. These conditions continued
into the third quarter of 2008. However, low volumes and lack of
liquidity were the major reasons for the drop in revenues in the
fourth quarter which negatively impacted the second half year.
At ?1.4 million, the reported revenues in the US are 79% lower than
in 2007. The US Brokerage activities increased revenues by ?3.2
million.
The increase in 2008 is mainly attributable to the full year effect
of the acquisition of VDM Institutional Brokerage in August 2007. The
full year brokerage revenues were offset by negative trading
revenues.
Operating expenses
While revenues are primarily dependent upon volatility and trading
volumes, which may fluctuate significantly, a large portion of VDM's
expenses remain fixed, with the exception of employee benefits.
Consequently, operating profit can vary significantly from period to
period.
Employee benefits
A significant component of VDM's cost structure is employee benefits,
which includes salaries, incentive compensation and related employee
benefits and taxes. Employee benefits grew from ?47.4 million in 2007
to ?56.6 million in 2008. The main factor contributing to this growth
is the increase in variable compensation, reflecting the increase in
trading revenue.
In connection with the impairment of the tax receivables, ?18.9
million of compensation expense to GSFS Asset Management B.V. (GSFS)
recognised in the first half-year 2008 was reversed in the second
half-year 2008.
Employee benefits for all employees have both a fixed and variable
component. Base salaries and benefit costs are primarily fixed for
all employees, while bonuses constitute the variable portion of
employee benefits. Within overall employee benefits, employment costs
associated with traders are the largest component. Bonuses for
traders are primarily based on their individual performance and the
profitability of the relevant operating unit. For many traders, their
bonus constitutes a significant component of their overall
compensation.
Exchange, clearing and brokerage fees
Exchange, clearing and brokerage fees represent (i) exchange fees
paid to securities exchanges of which the Company is a member, (ii)
transaction fees paid either to the exchanges in which the Company
operates or to other service providers, and (iii) execution fees paid
to third parties, primarily for trades in listed securities. The
aggregate fees paid fluctuate with the level of trading activity, and
to a lesser extent as a result of changes in the rates that third
parties charge VDM or the way those charges are calculated.
Although the amount of fees remained relatively unchanged, expressed
as a percentage of revenues, exchange, clearing and brokerage fees
fell from 24.4% in 2007 to 15.1% in 2008.
The drop in the exchange, clearing and brokerage fees as a percentage
of revenues is mainly attributable to the impact of higher revenues
stemming from operations with a relatively low level of exchange,
clearing and brokerage fees in 2008.
Operating result
In 2008 the operating loss amounted to ?4.8 million versus a profit
of ?2.9 million in 2007. Second half year operating loss was ?30.1
million, compared with ?25.3 million profit in the first half year of
2008 and ?1.0 profit in the second half year of 2007, mainly due to
the impairment on tax receivables and the difficult market
circumstances in the US.
Operating margin, defined as operating result excluding the other
gains and losses (net), the amortization expense and the impairment
expense, amounted to ?45.3 million in 2008 compared with ?6.2 million
in 2007. The operating margin as a percentage of revenues was 31%
compared to 6% in 2007.
The increase in operating margin is explained by the higher impact of
revenues with relatively low exchange, clearing and brokerage fees as
well as the decrease in professional fees due to the cancellation of
our listing on the NYSE. The positive impact on the operating margin
is partly offset by the increase in variable employee benefit
expense.
Discontinued operations
OnlineTrader
In 2007, VDM re-launched OnlineTrader, an internet-based
direct-access brokerage platform. Its purpose was to provide direct
access to trade in shares, options and futures. VDM's aim was to grow
the OnlineTrader brokerage activities further and to explore
opportunities for matching in-house the OnlineTrader order book for
professional customers and orders resulting from principal trading
thereby realising savings in exchange, clearing and brokerage fees.
As the year unfolded, it became apparent that OnlineTrader required
significant economies of scale in order to be profitable. After
assessing the required back-office investment and marketing efforts
to develop such economies of scale, VDM decided to terminate
OnlineTrader.
In July 2008, VDM entered into a loan agreement establishing the
terms of a convertible subordinated loan of ?6.0 million. The loan
was made to a company that was going to serve as a potential access
point for OnlineTrader. Under the terms of the loan agreement, the
Group may convert the loan into shares representing between 20% and
40% of the borrower's share capital at any time within three years
from the loan agreement date.
Interest on the loan accrues at 10% per annum. In 2008, VDM concluded
the convertible subordinated loan was impaired and at year-end
recorded an impairment loss of ?1.5 million.
In 2008, VDM recorded approximately ?13.5 million in discontinued
operations related to OnlineTrader, including ?1.6 million in
termination benefits and ?2.0 million in goodwill and ?1.9 million in
other intangible asset impairment charges and the ?1.5 million
impairment charge on the convertible subordinated loan. The
termination of OnlineTrader resulted in claims from a few former
clients. While VDM believes it has substantial defences to these
claims, the outcome cannot be predicted at this time. With the
exception of these claims, there are no significant remaining
obligations related to OnlineTrader at December 31, 2008.
Net Result
In 2008, VDM reached ?147.3 million in revenues and ?2.5 million loss
after taxes from continuing operations. The loss from discontinued
operations in 2008 of ?13.0 million resulted in a net loss of ?15.5
million (?19.0 million attributable to common shareholders).
Nonetheless, this represents a significant improvement compared to
2007 when VDM reported a net loss of ?88.0 million (?91.7 million
attributable to common shareholders).
Earnings per share
Basic earnings per share is calculated by dividing the profit or loss
attributable to the common equity holders of the Company by the
weighted average number of common shares in issue for the period,
excluding common shares purchased by the Company and held as treasury
shares. In addition, the weighted average number of shares in 2007
includes the weighted impact of the shares issued in 2008 in
connection with the earn-out agreement from the Curvalue acquisition.
Such shares were considered issued at January 1, 2007.
In 2008, the Company purchased an additional 8,988,115 shares for
?29.8 million of which 4,576,125 shares were cancelled. The purpose
of the share buy back was to obtain shares for future incentive plans
for VDM staff, further optimize the capital structure of the Group
and reduce the cost of capital while retaining sufficient capital to
fund growth plans as well as potential acquisitions. At December 31,
2008, Van der Moolen Holding N.V. holds 4,514,172 common shares
(2007: 102,182 shares) in its own capital; it has the right to resell
these shares at a later date. The shares held by the Company
(treasury shares) have no voting rights.
At December 31, 2008 and 2007, there were 37,692,776 and 45,504,926
shares outstanding, respectively. For the years ended December 31,
2008 and 2007, the weighted average number of shares outstanding for
determining earnings per share were 40,497,555 and 46,680,891,
respectively.
In 2008, the earnings per share from continuing operations are ?0.15
in 2008 compared to a loss of ?0.05 in 2007. However, earnings per
share from discontinued operations improved to a loss of ?0.32 in
2008 from a loss of ?1.92 in 2007. Net earnings per share improved to
a loss of ?0.47 from a loss of ?1.96 in 2007.
Balance sheet
VDM has historically maintained a highly liquid balance sheet, with a
substantial portion of total assets consisting of cash, highly liquid
marketable securities and short-term receivables. As of December 31,
2008, VDM had over ?1.8 billion in assets, over 90% of which
consisted of cash or assets readily convertible into cash, such as
securities owned and amounts due from clearing organisations and
professional parties. Securities owned consist of equity securities
and derivatives that trade in active markets in Europe and the United
States. Amounts due from clearing organisations and professional
parties include interest bearing cash balances held with clearing
organisations and amounts related to securities transactions that
have not yet reached their contracted settlement date (unsettled
trades), which is generally within 3 business days of the trade date.
The highly liquid nature of these assets provides VDM with
flexibility in financing and managing its business.
Due to aggressive approach tax authorities are taking in their
investigations of tax claims, VDM recorded a provision of ?43.2
million related to tax receivables. At this point, it is unclear what
the impact, if any, will be on VDM's operations.
Liquidity
The unprecedented volatility of the financial markets, accompanied by
a severe deterioration of economic conditions worldwide, has had a
pronounced adverse affect on the availability of credit through
traditional sources. As a result of concern about the stability of
the markets generally and the strength of counterparties
specifically, many lenders have reduced and, in some cases, ceased to
provide funding. As VDM's liquidity is provided primarily through
business operations, VDM's overall liquidity has been generally
unaffected by recent economic developments. However, the volatility
in the global stock markets has impacted liquidity through increased
margin requirements at VDM's clearing organizations. These margin
requirements are determined through a combination of risk factors
including volume of business and volatility in the relevant stock
markets. To the extent VDM is required to post cash or other
collateral to meet these requirements, there is less capacity to
finance other activities.
Cash flows
VDM manages cash together with trading working capital (i.e.
securities owned and securities sold, not yet purchased, and amounts
due from and to clearing organisations and professional parties).
Given the highly liquid nature of trading working capital, changes
between the two are not a relevant metric. Therefore while cash and
cash equivalents decreased by ?193.9 million during 2008 to a
negative ?12.4 million (net of bank overdrafts of ?443 million), it
was primarily as a result of a ?87.8 million increase in trading
working capital. Operating cash flows before changes in trading
working capital were ?11.1 million. During 2008, the Company's most
significant expenditures were ?47.8 million to settle subordinated
borrowings which had been issued by VDM Specialists to fund minimum
net liquidity and capital requirements (with the termination of the
specialist activities, the Group was no longer subject to such
requirements) and ?29.8 million to fund its two common share
repurchase programs completed in 2008.
Outlook
VDM will focus its efforts on its most proven strength, European
trading, VDM Institutional Brokerage, and the further expansion of
VDM Global Markets. VDM does not expect to start any new business
activities in 2009. VDM also have come to realize that under the
current market conditions it is not the right time to expand in Asia.
The effect that market conditions will have on the revenues and
results in 2009, are difficult to predict. VDM is therefore not able
to give an outlook for 2009 the full year.
Subsequent events
In October 2007, VDM announced an agreement with GSFS to cooperate
globally with traditional proprietary arbitrage trading and
structured products. In November 2008, VDM announced the intent to
acquire a significant stake in GSFS. However, as a result of the
decline in the Company's share price since the date of the
announcement, VDM concluded that taking such a stake, under the
conditions agreed to in November 2008, would not lead to the positive
impact on shareholder value. VDM therefore cancelled the transaction.
Despite cancelling the transaction, VDM continues to partner with
GSFS under the 2007 agreement.
VDM emphasizes that the figures included in this press release have
not been subject to an audit by an external auditor.
For further information
Van der Moolen Holding N.V.
Investor Relations/Corporate Communications
T: +31 (0)20 535 6789.
www.vandermoolen.com
Disclaimer:
This press release contains forward-looking statements. All
statements regarding our future financial condition, results of
operations and business strategy, plans and objectives are
forward-looking. Statements containing the words "anticipate,"
"believe," "intend," "estimate," "expect," "hope," and words of
similar meaning are forward-looking. In particular, the following are
forward-looking in nature: statements with regard to strategy and
management objectives; pending or potential acquisitions; pending or
potential litigation and government investigations, including
litigation and investigations concerning specialist trading in the
U.S.; future revenue sources; the effects of changes or prospective
changes in the regulation or structure of the securities exchanges on
which our subsidiaries operate; and trends in results, performance,
achievements or conditions in the markets in which we operate. These
forward-looking statements involve risks, uncertainties and other
factors, some of which are beyond our control, which may cause our
results, performance, achievements or conditions in the markets in
which we operate to differ, possibly materially, from those expressed
or implied in these forward-looking statements. We caution you not to
place undue reliance on these forward-looking statements, which
reflect our management's view only as of the date of this Report. We
have no obligation to update these forward-looking statements.
Van der Moolen Holding N.V.
Consolidated Profit and Loss Account
(IFRS, Unaudited)*
(amounts in millions of 2nd HY 2nd HY 12 months 12 months
Euros, except per share 2008 2007 2008 2007
data)
Revenues 55.8 50.2 147.3 101.9
Other gains and losses - (3.9) 0.4 (3.8) 0.9
net
Exchange, clearing and (9.9) (12.0) (22.3) (25.1)
brokerage fees
Employee benefit expense (15.7) (23.8) (56.6) (47.4)
Depreciation and (2.6) (2.5) (4.8) (4.5)
amortisation expenses
Impairment charges (43.2) (0.9) (43.2) (0.9)
General and (10.6) (10.4) (21.4) (22.0)
administrative expenses
Total operating expenses (82.0) (49.6) (148.3) (99.9)
Operating profit (loss) (30.1) 1.0 (4.8) 2.9
Net financing result 1.5 (0.7) 2.6 1.5
Profit (loss) before (28.6) 0.3 (2.2) 4.4
income tax from
continuing operations
Income tax benefit / 7.5 (0.3) (0.3) (4.7)
(expense)
Profit (loss) from (21.1) (0.0) (2.5) (0.3)
continuing operations
Loss from discontinued (10.2) (77.5) (14.6) (91.4)
operations before income
tax
Income tax benefit 1.3 1.6 1.6 1.9
Loss from discontinued (8.9) (75.9) (13.0) (89.5)
operations
Loss for the period (30.0) (75.9) (15.5) (89.8)
Profit attributable to - 0.1 - (1.8)
minority interest
Preferred financing 1.7 1.7 3.5 3.7
dividend
Lost attributable to (31.7) (77.7) (19.0) (91.7)
common equity holders of
the Company
Average number of common 37,761,024 46,680,891 40,497,555 46,680,891
shares outstanding
Diluted average number of 37,761,024 46,680,891 40,497,555 46,680,891
common shares outstanding
a)
Per common share data:
(Diluted) loss from (0.60) (0.04) (0.15) (0.05)
continuing operations per
common share
(Diluted) loss from (0.23) (1.63) (0.32) (1.92)
discontinuing operations
per common share
(Diluted) loss per common (0.84) (1.66) (0.47) (1.96)
share
Van der Moolen Holding 2ndHY 2ndHY 12 months 12 months
N.V. 2008 2007 2008 2007
Revenue breakdown in
millions of Euros
Trading 50.3 43.5 136.6 90.7
Brokerage 5.5 6.7 10.7 11.2
Total revenues 55.8 50.2 147.3 101.9
Van der Moolen Holding 2ndHY 2ndHY 12 months 12 months
N.V. 2008 2007 2008 2007
Operating margin
(Operating profit before
other gains and losses
(net), before
amortization of
intangible fixed assets
and before
impairment), breakdown in
millions of Euros
Trading 20.4 7.1 52.9 17.3
Brokerage (0.6) 1.1 (0.1) 2.2
Unallocated and Holding (1.2) (4.8) (7.5) (13.3)
Total operating profit
before other gains and
losses (net), before 18.6 3.4 45.3 6.2
amortization of
intangible fixed assets
and before impairment
Van der Moolen Holding N.V.
Consolidated Balance Sheet
(IFRS, unaudited)
(amounts in millions of Euros) December 31, 2008 December 31, 2007
Assets
Non-current assets
Intangible assets 35.2 43.6
Property, plant and equipment 4.2 3.6
Available-for-sale financial - 11.1
assets
Other non-current assets 16.1 18.2
55.5 76.5
Current assets
Securities owned 1,248.8 600.5
Due from clearing organizations
and professional parties 81.9 74.9
Current assets and prepaid 17.9 18.3
expenses
Cash and cash-equivalents 430.7 265.6
1,779.3 959.3
Assets (of disposal group) 6.5 9.0
classified as held for sale
Total assets 1,841.3 1,044.8
Equity and liabilities
Capital and reserves attributable
to the Company's
equity
holders 67.0 118.5
Total equity 67.0 118.5
Non-current liabilities
Long-term borrowings 0.3 0.7
Other non-current liabilities 5.6 11.4
5.9 12.1
Current liabilities
Securities sold, not yet 1,212.3 632.8
purchased
Due to clearing organizations and
professional parties 62.8 76.1
Due to customers 0.1 4.7
Short-term borrowings 0.3 49.4
Bank overdrafts 443.1 84.1
Other current liabilities and
accrued expenses 49.8 58.1
1,768.4 905.2
Held for sale liabilities 0.0 9.0
Total equity and liabilities 1,841.3 1,044.8
Van der Moolen Holding N.V.
Consolidated statement of cash flow
(IFRS, unaudited)
Consolidated statement of cash flow
(Amounts in millions of Euros) 12 months 12 months
2008 2007
Cash flow from operating activities (98.9) 266.1
Cash flow from investing activities (4.0) (0.6)
Cash flow from financing activities (88.6) (78.0)
Currency exchange differences on cash and
cash-equivalents, net of
bank overdrafts (2.4) (8.5)
Change in cash and cash-equivalents, net (193.9) 179.0
of bank overdrafts
Cash and cash-equivalents, net of amounts
of bank overdrafts at
January 1 181.5 2.5
Cash and cash-equivalents, net of bank (12.4) 181.5
overdrafts at December 31
Van der Moolen Holding N.V.
Movement schedule of shareholders'equity
(IFRS, unaudited)
Movement in shareholders'equity
(Amounts in millions of Euros) 12 months 12 months
2008 2007
Shareholders' equity at January 1 118.5 215.3
Repurchase and cancellation of financing - (10.4)
preferred shares
Purchase of treasury shares (16.6) -
Cancellation treasury shares (13.2) -
Dividend financing preferred shares (3.5) (4.4)
Currency translation differences (1.6) (10.2)
Profit (loss) attributable to common (19.0) (77.8)
equity holders of the Company
Profit attributable to financing 3.5 3.5
preferred shareholders
Acquisition of minority interest - 4.6
Fair value change on available-for-sale (1.1) (2.1)
financial assets
(51.5) (96.8)
Shareholders' equity at December 31 67.0 118.5
Explanatory notes
Explanatory notes to the financial data reported are included in the
front part of this interim report. To avoid duplication of data this
information is not repeated.
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
http://hugin.info/130805/R/1300540/296985.pdf
Copyright © Hugin AS 2009. All rights reserved.VAN DER MOOLEN : reports full year results 2008
Share
© GlobeNewswire - 2009
