Van der Moolen Holding requests surseance
(Thomson Reuters ONE) - Amsterdam - Van der Moolen Holding N.V. (international trading andbrokerage firm) requested today surséance and published its firsthalf year 2009 results earlier than anticipated.Van der Moolen Holding N.V. ("Van der Moolen") requested this morningwith the Amsterdam court a suspension of payments. The request issolely related to Van der Moolen (the parent company). No surséancehas been requested for any of Van der Moolen's subsidiaries.The most important reason to request a suspension of payments.is dueto Van der Moolen's very weak liquidity position. After taking overfrom previous management, Van der Moolen's current managementconcluded Van der Moolen would soon be unable to satisfy itsobligations. Management is looking into the possibility of continuingVan der Moolen as a smaller company. Serious consideration is beinggiven to selling various parts of the company.These developments have resulted in Van der Moolen's management tocall for an extraordinary shareholders' meeting and to publish itshalf year results today instead of on the previously announced dateof 13 August 2009. The extraordinary shareholders' meeting isexpected to take place in the second half of September 2009.The most important causes for the weak liquidity position are: * continuing disappointing results: Revenues in the first half year 2009 were 73% lower than the first half year 2008. It should be noted that dividend arbitrage revenues under the agreement with GSFS Asset Management BV (GSFS) of approximately ?40 million were recognised in the first half year 2008. Such revenues were impaired at the end of 2008; * high cost structure: Despite lower operating expenses (1H09 were 45% lower than 1H08) costs were higher, in part due to the recent move. Van der Moolen recently moved from its two locations in Amsterdam to Schiphol This move resulted in additional costs and expenditures; * treasury share purchases of approximately ?30 million in 2008 whose impact on liquidity, in retrospect, were too severe.Management is currently evaluating the future prospects of thecompany's various activities and segments. Van der Moolen can notquantify the results of this evaluation nor the surséance of theparent company. Accordingly, management decided to prepare theaccompanying condensed financial information of the group (includingVan der Moolen) assuming the group will continue as a going concern.Impairments have not been reflected in such financial informationbecause it can not be determined which, if any, assets should beimpaired and what the extent of any such impairment may be.Management emphasizes that it is seriously considering significantasset impairments.The financial information is presented beginning on page 4 of thispress release. Management points out that the first half year 2009results should be considered in light of the aforementionedcircumstances and that the going concern assumption - given thesurséance that has been requested - is not definite.Important developments: * sale of 50% interest in Gekko Global Markets ltd (formerly VDM Global Markets ltd) to joint venture partner SYCAP. A 'letter of intent' was signed on the evening of Friday 7 August with the condition that permission would be granted by the bewindvoerder to be named under the surséance. The upcoming sale of the interest in Gekko Global Markets is expected to have a very limited contribution to the company's results; * the agreement with GSFS has recently been terminated. As a result, Van der Moolen will no longer carry out trading activities (dividend arbitrage) together with GSFS. The impact on the results is nil as possible revenues have been completely impaired.In anticipation of the upcoming extraordinary shareholders' meeting,Van der Moolen can provide the following information over relevantevents in the period. * Mr. Kroon announced his intention not to accept a position on Van der Moolen's Management Board on 15 July 2009. Mr. Kroon received no termination benefits or any payments of a similar nature; * Mr. Den Drijver resigned as the sole member of Van der Moolen's Management Board on 16 July 2009. It was agreed that Mr. Den Drijver would receive no bonus over 2009 and that he would not request a termination benefit. Mr. Den Drijver will remain connected to the company as an advisor for a maximum of 12 months; * the departure of the sole member of the Management Board on 16 July 2009, resulted in an absence of management. In accordance with Van der Moolen's articles of association, the Supervisory Board was as of that date, in its entirety temporarily charged with managing the company. Carrying out both management and supervisory functions is in the long run not in the company's best interests. However, given the current circumstances, the Supervisory Board will continue to serve in both capacities. A new Management Board will under the current circumstances not be sought after; * the recent departure of 10 traders in England and the announced departure of 11 traders in the Netherlands will have an adverse effect on Van der Moolen's operations and results. Management will consider the causes and consequences of their departure in assessing the company's future prospects.Van der Moolen's shares remain listed and tradable. EuronextAmsterdam has indicated their intent to take a noteringsmaatregel andto list Van der Moolen's shares under the caption "shares with anoteringsmaatregel".For further informationFor further information please contact Investor Relations/CorporateCommunications, telephone +31 (0)20 535 6789.www.vandermoolen.comDisclaimer:This press release contains forward-looking statements. Allstatements regarding our future financial condition, results ofoperations and business strategy, plans and objectives areforward-looking. Statements containing the words "anticipate,""believe," "intend," "estimate," "expect," "hope," and words ofsimilar meaning are forward-looking. In particular, the following areforward-looking in nature: statements with regard to strategy andmanagement objectives; pending or potential acquisitions; pending orpotential litigation and government investigations, includinglitigation and investigations concerning specialist trading in theU.S.; future revenue sources; the effects of changes or prospectivechanges in the regulation or structure of the securities exchanges onwhich our subsidiaries operate; and trends in results, performance,achievements or conditions in the markets in which we operate. Theseforward-looking statements involve risks, uncertainties and otherfactors, some of which are beyond our control, which may cause ourresults, performance, achievements or conditions in the markets inwhich we operate to differ, possibly materially, from those expressedor implied in these forward-looking statements. We caution you not toplace undue reliance on these forward-looking statements, whichreflect our management's view only as of the date of this PressRelease. We have no obligation to update these forward-lookingstatements.Van der Moolen Holding N.V.Condensed Income StatementFor the six month periods ended June 30, 2009 and 2008IFRS (Unaudited)Consolidated income statement(in ? millions) 1H09 1H08Revenues 24.9 91.2Other gains and losses - net - 0.1Exchange, clearing and brokerage fees (8.5) (12.1)Employee benefit expense (12.8) (41.0)Information and communication expenses (5.2) (4.1)Amortisation and depreciation expense (2.7) (2.3)Impairment charges - -General and administrative expense (7.1) (6.6)Total operating expenses (36.3) (66.1)Operating (loss) / profit (11.4) 25.2Net financing result 0.1 1.0(Loss) / Profit before income tax from continuingoperations (11.3) 26.2Income tax expense 2.0 (7.4)(Loss) / Profit from continuing operations (9.3) 18.8Loss from discontinued operations before income tax 0.6 (4.5)Income tax benefit - -Loss from discontinued operations 0.6 (4.5)(Loss) / Profit for the period (8.7) 14.3Attributable to:Financing preferred shareholders of the Company 1.8 1.8Common equity holders of the Company (10.5) 12.7Loss for the period (8.7) 14.5Earnings per share attributable to the common equityholders ofthe Company for the year (expressed in ? per share):From continuing operations: - Basic and diluted (0.25) 0.29From discontinued operations: - Basic and diluted 0.02 (0.00)Total - Basic and diluted (0.23) 0.29Van der Moolen Holding N.V.Condensed Balance SheetFor the six month periods ended June 30, 2009 and 2008IFRS (Unaudited)Consolidated balance sheet(in ? millions) June 30, 2009 December 31, 2008AssetsNon-current assetsGoodwill 23.7 23.7Other intangible assets 10.3 11.5Property, plant and equipment 5.1 4.2Deferred income tax assets 13.9 14.4Retirement benefit plans and otherlong-term benefits 3.6 3.4Other financial assets 4.6 4.5 61.2 61.7Current assetsSecurities owned 453.1 1,248.8Due from clearing organisations andprofessional parties 67.4 81.9Other current assets and prepaidexpenses 26.3 18.1Cash and cash equivalents 147.5 430.7 694.3 1,779.5Assets (of disposal group)classified as held for sale (*) - 6.5 694.3 1,786.0Total assets 755.5 1,847.7Equity and LiabilitiesTotal equity 57.9 67.0Non-current liabilities 12.7 11.8Current liabilitiesSecurities sold, not yet purchased 466.0 1,212.3Due to clearing organisations andprofessional parties 75.2 62.8Due to customers 2.0 0.1Short-term borrowings 10.3 0.3Bank overdrafts 108.4 443.1Other current liabilities andaccrued expenses 23.0 50.3 684.9 1,768.9Total equity and liabilities 755.5 1,847.7(*) planned sale of assets did not take place, therefore these assetsare presented under other current assetsVan der Moolen Holding N.V.Condensed Movement Schedule of Shareholders' EquityFor the six month periods ended June 30, 2009 and 2008IFRS (Unaudited)Consolidated income statement(in ? millions) 2009 2008Shareholders' equity at January 1 67.0 118.5Payment financing preferred shares dividend - (3.5)Result attributable to common equity shareholders (10.5) 12.7Result attributable to financing preferredshareholders 1.8 1.8Fair value change on available-for-sale financialassets - (1.8)Purchase of treasury shares - (19.2)Currency translation adjustments (0.4) (6.0)Shareholders' equity at June 30 57.9 102.5http://hugin.info/130805/R/1333591/316176.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 10.08.2009 - 07:46 Uhr
Sprache: Deutsch
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