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11-08-08

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  1. arieos 12 augustus 2008 14:12
    PRESS RELEASE: Van der Moolen reports an operating profit of EUR21 million for the first half year


    Amsterdam, the Netherlands, August 12, 2008 - Van der Moolen Holding
    NV (trading and brokerage in equities, bonds and related instruments)
    today reported its results for the second quarter of 2008.


    Operational highlights:

    * Ongoing increase of revenues and profitability;
    * Strong performance in proprietary arbitrage trading in Europe;
    * Downward trend brokerage in Europe;
    * Sustainable contribution US brokerage;
    * Good performance US trading;
    * Start operations in Hong Kong;
    * Start VDM Global Markets (retail segment) in Q3;
    * Termination Online Trader (semi professional segment) in Q3.


    Financial highlights

    * Operating profit (continuing operations): EUR 14.9 million in Q2
    2008 versus EUR 6.1 million in Q1 2008 and a loss of EUR 2.8 million
    Q2 2007;
    * Net profit of EUR 10.5 million (before preferred financing
    dividend) in the second quarter of 2008 compared with a net loss
    of EUR 8.7 million in the second quarter of 2007 and a net profit
    of EUR 4 million in the first quarter of 2008.
    * Net profit (attributable to common shareholders) of EUR 9.6 million
    in Q2 2008, versus EUR 3.1 million in Q1 2008 and a loss of EUR 9.6
    million in Q2 2007;
    * Net result included goodwill impairment with a net impact of EUR 2
    million on European brokerage activities due to challenging
    market circumstances;
    * Net result impacted by a tax charge of EUR 0.5 million for the
    second quarter and EUR 1.7 million for the first half year of 2008
    on unrealized results on NYSE Euronext shares in 2008 and the
    absence of a deferred tax asset position related to our US
    activities.


    Outlook second half 2008

    * Stable growth brokerage Europe and US;
    * More challenging market conditions in trading Europe compared to
    Q2;
    * Limited costs start VDM Global Markets and operations Asia;
    * Costs termination Online Trader estimated at approximately EUR 4.5
    million. Closing period Online Trader activities expected to last
    until ultimo 2008.


    Outlook 2009

    * Cost savings approximately EUR 4.5 million due to termination
    Online Trader;
    * Further growth of trading and brokerage activities;
    * Further increase of profitability;
    * We expect a positive contribution of VDM Global Markets


    Richard den Drijver, Chief Executive Officer of Van der Moolen
    Holding NV commented:
    "The first half year reflects the continued change of our business
    model. VDM will continue to focus on profitable activities in
    promising markets. The launch of VDM Global Markets in the retail
    segment is an example of this. Further growth of our trading and
    brokerage business spread over sectors and markets will increase the
    underlying strength of our performance. We therefore expect a further
    increase of profitability in 2009".

    For more information about Van der Moolen, please visit
    www.vandermoolen.com or contact Investor Relations/Corporate
    Communications, telephone +31 (0)20 535 6789.

    Disclaimer:
    This press release contains forward-looking statements within the
    meaning of, and which have been made pursuant to, the Private
    Securities Litigation Reform Act of 1995. All statements regarding
    our future financial condition, results of operations and business
    strategy, plans and objectives are forward-looking. Statements
    containing the words "anticipate," "believe," "intend," "estimate,"
    "expect," "hope," and words of similar meaning are forward-looking.
    In particular, the following are forward-looking in nature:
    statements with regard to strategy and management objectives; pending
    or potential acquisitions; pending or potential litigation and
    government investigations, including litigation and investigations
    concerning specialist trading in the U.S.; future revenue sources;
    the effects of changes or prospective changes in the regulation or
    structure of the securities exchanges on which our subsidiaries
    operate; and trends in results, performance, achievements or
    conditions in the markets in which we operate. These forward-looking
    statements involve risks, uncertainties and other factors, some of
    which are beyond our control, which may cause our results,
    performance, achievements or conditions in the markets in which we
    operate to differ, possibly materially, from those expressed or
    implied in these forward-looking statements. We describe certain
    important factors to consider in connection with these
    forward-looking statements under "Key Information - Risk Factors" and
    elsewhere in our annual filing with the U.S. Securities and Exchange
    Commission on Form 20-F. We caution you not to place undue reliance
    on these forward-looking statements, which reflect our management´s
    view only as of the date of this Report. We have no obligation to
    update these forward-looking statements.

    hugin.info/130805/R/1242729/267344.pdf
    www.vandermoolen.com
    Copyright © Hugin AS 2008. All rights reserved.


    (END) Dow Jones Newswires

    August 12, 2008 08:08 ET (12:08 GMT)


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