TIDMDIWO
RNS Number : 1706Y
Direct Wonen N.V.
28 August 2009
For Immediate Release
28 August 2009
DIRECT WONEN N.V.
("Direct Wonen" the "Company" or the "Group")
Interim Results for the period ended 30 June 2009
"FOCUS ON CORE ACTIVITIES AND GROWTH"
Direct Wonen N.V. (AIM, DIWO), the online Property and Financial Services
provider based in the Netherlands, today announces its unaudited interim results
for the period ended 30 June 2009.
Key Results
* Total revenue decreased by only 2% to EUR 13.9 million (H1 2008: 14.2 million);
* Revenue for Residential Letting Services increased 3% to EUR 6.7 million (H1
2008: EUR 6.5 million). Revenue for the Financial Services division decreased by
4% to EUR 7.0 million (H1 2008 EUR 7.3 million) due to the difficult market
conditions for bank lending in mortgages;
* Expenses were reduced significantly by 21% to EUR 12.6 million (H1 2008 EUR 15.9
million) as a result of the restructuring that was completed in 2008;
* Net finance income of EUR 0.1 million (H1 2008: Net finance expense of EUR 0.2
million) improved as a result of a reduction of loans and a more effective
deposit policy;
* Tax expenses resulted in a credit due to carry forward of previous losses;
* EBITDA amounted to EUR 2.1 million (H1 2008: EUR -1.1 million);
* The cash position remained strong at EUR 33.4 million (2008 EUR 59.7 million).
The reduction is mainly due to the repayment of a loan EUR 19.8 million;
* The equity position further improved to EUR 74.7 million (2008: EUR 73.2
million).
Commenting on the results, CEO Yvonne Swaans said:
"Direct Wonen has made a turnaround and is back on track. Residential Letting
Services has performed in line with expectations with potential for substantial
growth both in revenue and profit. Particularly the online labels showed a
strong performance.
The Financial Services activities suffered from the difficult market
circumstances but our broad product offering demonstrated a strong resilience in
particular the Golden Handshake business and consumer lending activities.
Residential Sales activities remained low until new opportunities arise.
The restructuring that was completed in 2008, has brought the organisation "back
to basics". Expenses have been reduced significantly and the focus of management
is now fully devoted to the business and exploring new opportunities. I would
like to thank the team for their continuous commitment and great effort they
have made to the business."
Business Overview
Residential Letting Services
- Revenue increased 3% to EUR 6.7 million (H1 2008: EUR 6.5 million) with strong
sales in online labels;
- EBITDA was EUR 1.1 million (2008: EUR 0.2 million).
Residential Letting Services has continued to provide stable revenues. EBITDA
was in line with expectations. The websites Direct Wonen.nl and Kamernet.nl have
been improved and upgraded and continued to show increased traffic and growth of
subscribers. Cost reductions and internal efficiency programmes have paid off
and the planned roll out of a new internal operation system in Q3 will further
improve efficiency and focus on sales.
Residential Sales Services
- In line with expectation, revenues were low at EUR 0.1 million (H1 2008 EUR
0.3 million) due to the fact that no new projects were committed;
- EBITDA was marginally negative at EUR -0.1 million (H1 2008 EUR 0.1 million).
The small variable project team generated only limited costs.
No new projects have been committed to date. Our continuous review of market
opportunities and assessment of risk models have not yet resulted in the
acquisition of new projects. Revenues in 2009 related to the sale of properties
in the phase 7 of Funenpark (to be completed in H2 2009).
Financial Services
- Revenue of Financial Services decreased by 4% to EUR 7.0 million (H1 2008 7.3
million) due to the difficult market circumstances in the mortgages market;
- EBITDA was EUR 1.1 million (H1 2008 EUR -1.4 million).
The Financial Services division faced difficult market conditions in the
mortgages market, however reduction in revenue was limited to 4% only. Acadium
Bastion faced lower volumes and prices but the Golden Handshake business
provided stable revenues and results comparable to the 2008 figures.
The consumer lending business showed an increase in revenues. It benefitted from
the new marketing campaign and the strong focus of the online team on the
Geldshop.nl business model.
Further efforts are being made to achieve additional cost savings and synergy in
this division.
For more information please contact
Direct Wonen Tel +31 (0)70 711 5691
Irma de Jong
www.directwonencorporate.com
Collins Stewart Europe Limited (Nomad)Tel +44 (0)20 7523 8350
Hugh Field / Adam Cowen
About Direct Wonen
Direct Wonen is an online residential property and financial services provider
based in The Netherlands.
The Direct Wonen group of companies operates three complementary business lines:
+-------+-----------------------------------------------------------------------+
| | - Residential Letting Services |
+-------+-----------------------------------------------------------------------+
| | - Residential Sales Services |
+-------+-----------------------------------------------------------------------+
| | - Financial Services |
| | |
+-------+-----------------------------------------------------------------------+
Direct Wonen was formed in 1990 and has been listed on the Alternative
Investment Market (AIM) of the London Stock Exchange since 1 May 2007.
Condensed consolidated interim income statements
for the six month period ended 30 June 2009
+----------------------------------------+----------------+--+-+----------------+
| In thousands of euros | 30 June 2009 | | | 30 June 2008 |
+----------------------------------------+----------------+--+-+----------------+
| | | | | |
+----------------------------------------+----------------+--+-+----------------+
| Revenue | 13,865 | | | 14,156 |
+----------------------------------------+----------------+--+-+----------------+
| Cost of sales | (201) | | | (239) |
+----------------------------------------+----------------+--+-+----------------+
| Gross profit | 13,664 | | | 13,917 |
+----------------------------------------+----------------+--+-+----------------+
| | | | | |
+----------------------------------------+----------------+--+-+----------------+
| Other income | - | | | 16 |
+----------------------------------------+----------------+--+-+----------------+
| Administrative expenses | (7,142) | | | (9,091) |
+----------------------------------------+----------------+--+-+----------------+
| Other expenses | (5,444) | | | (6,783) |
+----------------------------------------+----------------+--+-+----------------+
| Result from operations | 1,078 | | | (1,941) |
+----------------------------------------+----------------+--+-+----------------+
| | | | | |
+----------------------------------------+----------------+--+-+----------------+
| Finance income | 634 | | | 905 |
+----------------------------------------+----------------+--+-+----------------+
| Finance expenses | (562) | | | (1,159) |
+----------------------------------------+----------------+--+-+----------------+
| Result before tax | 1,150 | | | (2,195) |
+----------------------------------------+----------------+--+-+----------------+
| | | | | |
+----------------------------------------+----------------+--+-+----------------+
| Tax | 370 | | | 307 |
+----------------------------------------+----------------+--+-+----------------+
| Result for the period | 1,520 | | | (1,888) |
+----------------------------------------+----------------+--+-+----------------+
| | | | | |
+----------------------------------------+----------------+--+-+----------------+
| Earnings per share after tax (EUR) | | | | |
+----------------------------------------+----------------+--+-+----------------+
| - Basic earnings per share | 0,01 | | | (0,01) |
+----------------------------------------+----------------+--+-+----------------+
| | | | | |
+----------------------------------------+----------------+--+-+----------------+
| Other comprehensive income | | | | |
+----------------------------------------+----------------+--+-+----------------+
| Cash flow hedges, net of tax | (82) | | | - |
+----------------------------------------+----------------+--+-+----------------+
| Currency translation differences | - | | | - |
+----------------------------------------+----------------+--+-+----------------+
| Other comprehensive income | - | | | - |
+----------------------------------------+----------------+--+-+----------------+
| Total comprehensive income | 1,438 | | | (1,888) |
+----------------------------------------+----------------+--+-+----------------+
| | | | | |
+----------------------------------------+----------------+--+-+----------------+
| Profit attributable to: | | | | |
+----------------------------------------+----------------+--+-+----------------+
| Equity holders of the company | 1,520 | | | (1,888) |
+----------------------------------------+----------------+--+-+----------------+
| Minority interest | - | | | - |
+----------------------------------------+----------------+--+-+----------------+
| | 1,520 | | | (1,888) |
+----------------------------------------+----------------+--+-+----------------+
Condensed consolidated balance sheet
as at 30 June 2009 in thousands of euros
+----------------------------------------+----------------+-+-+--------------------+
| | 30 June 2009 | | | 31 December 2008 |
| | | | | |
+----------------------------------------+----------------+-+-+--------------------+
| | | | | |
+----------------------------------------+----------------+-+-+--------------------+
| ASSETS | | | | |
+----------------------------------------+----------------+-+-+--------------------+
| | | | | |
+----------------------------------------+----------------+-+-+--------------------+
| Property, plant and equipment | 2,868 | | | 3,376 |
+----------------------------------------+----------------+-+-+--------------------+
| Intangible assets | 42,192 | | | 42,126 |
+----------------------------------------+----------------+-+-+--------------------+
| Financial fixed assets | 842 | | | 885 |
+----------------------------------------+----------------+-+-+--------------------+
| Deffered tax asset | 4,204 | | | 4,204 |
+----------------------------------------+----------------+-+-+--------------------+
| Other financial assets | 4,934 | | | 5,362 |
+----------------------------------------+----------------+-+-+--------------------+
| | | | | |
+----------------------------------------+----------------+-+-+--------------------+
| Total non-current assets | 55,040 | | | 55,953 |
+----------------------------------------+----------------+-+-+--------------------+
| | | | | |
+----------------------------------------+----------------+-+-+--------------------+
| | | | | |
+----------------------------------------+----------------+-+-+--------------------+
| Inventories and work in progress | 3,661 | | | 3,474 |
+----------------------------------------+----------------+-+-+--------------------+
| Current tax asset | 991 | | | 428 |
+----------------------------------------+----------------+-+-+--------------------+
| Trade and other receivables | 20,004 | | | 15,169 |
+----------------------------------------+----------------+-+-+--------------------+
| Cash and cash equivalents | 33,391 | | | 59,702 |
+----------------------------------------+----------------+-+-+--------------------+
| | | | | |
+----------------------------------------+----------------+-+-+--------------------+
| Total current assets | 58,047 | | | 78,773 |
+----------------------------------------+----------------+-+-+--------------------+
| | | | | |
+----------------------------------------+----------------+-+-+--------------------+
| Total assets | 113,087 | | | 134,726 |
+----------------------------------------+----------------+-+-+--------------------+
| | | | | |
+----------------------------------------+----------------+-+-+--------------------+
| | | | | |
+----------------------------------------+----------------+-+-+--------------------+
| EQUITY | | | | |
+----------------------------------------+----------------+-+-+--------------------+
| Share capital | 3,148 | | | 3,148 |
+----------------------------------------+----------------+-+-+--------------------+
| Share premium | 50,727 | | | 50,727 |
+----------------------------------------+----------------+-+-+--------------------+
| Hedging reserve | (668) | | | (586) |
+----------------------------------------+----------------+-+-+--------------------+
| Retained earnings | 21,451 | | | 19,931 |
+----------------------------------------+----------------+-+-+--------------------+
| | | | | |
+----------------------------------------+----------------+-+-+--------------------+
| Total equity | 74,658 | | | 73,220 |
+----------------------------------------+----------------+-+-+--------------------+
| | | | | |
+----------------------------------------+----------------+-+-+--------------------+
| LIABILITIES | | | | |
+----------------------------------------+----------------+-+-+--------------------+
| Loans and borrowings | 13,323 | | | 11,344 |
+----------------------------------------+----------------+-+-+--------------------+
| Cash flow hedge | 669 | | | 586 |
+----------------------------------------+----------------+-+-+--------------------+
| Provisions | 9,671 | | | 10,427 |
+----------------------------------------+----------------+-+-+--------------------+
| Deferred tax liability | 474 | | | 474 |
+----------------------------------------+----------------+-+-+--------------------+
| | | | | |
+----------------------------------------+----------------+-+-+--------------------+
| Total non-current liabilities | 24,137 | | | 22,831 |
+----------------------------------------+----------------+-+-+--------------------+
| | | | | |
+----------------------------------------+----------------+-+-+--------------------+
| Loans and borrowings | 3,500 | | | 25,687 |
+----------------------------------------+----------------+-+-+--------------------+
| Trade and other payables | 10,792 | | | 12,988 |
+----------------------------------------+----------------+-+-+--------------------+
| | | | | |
+----------------------------------------+----------------+-+-+--------------------+
| Total current liabilities | 14,292 | | | 38,675 |
+----------------------------------------+----------------+-+-+--------------------+
| | | | | |
+----------------------------------------+----------------+-+-+--------------------+
| Total liabilities | 38,429 | | | 61,506 |
+----------------------------------------+----------------+-+-+--------------------+
| | | | | |
+----------------------------------------+----------------+-+-+--------------------+
| Total equity and liabilities | 113,087 | | | 134,726 |
+----------------------------------------+----------------+-+-+--------------------+
Condensed consolidated interim statements of changes in equity
for the six month period ended 30 June 2009
+-------------------------+---------+--+-+---------+--+-+---------+--+--+----------+--+-+---------+
| | Share | | | Share | | |Hedging | | |Retained | | | |
+-------------------------+---------+--+-+---------+--+-+---------+--+--+----------+--+-+---------+
| In thousands of euros |capital | | |premium | | |Reserve | | |earnings | | | Total |
+-------------------------+---------+--+-+---------+--+-+---------+--+--+----------+--+-+---------+
| | | | | | | | | | | | | | |
+-------------------------+---------+--+-+---------+--+-+---------+--+--+----------+--+-+---------+
| Position on 1 January | 3,148 | | | 53,468 | | | - | | | 22,987 | | | 79,603 |
| 2008 | | | | | | | | | | | | | |
+-------------------------+---------+--+-+---------+--+-+---------+--+--+----------+--+-+---------+
| | | | | | | | | | | | | | |
+-------------------------+---------+--+-+---------+--+-+---------+--+--+----------+--+-+---------+
| Profit (loss) of the | - | | | - | | | - | | | (1,888) | | | (1,888) |
| period | | | | | | | | | | | | | |
+-------------------------+---------+--+-+---------+--+-+---------+--+--+----------+--+-+---------+
| Gross profit | - | | | - | | | - | | | (1,888) | | | (1,888) |
+-------------------------+---------+--+-+---------+--+-+---------+--+--+----------+--+-+---------+
| | | | | | | | | | | | | | |
+-------------------------+---------+--+-+---------+--+-+---------+--+--+----------+--+-+---------+
| At 30 June 2008 | 3,148 | | | 53,468 | | | - | | | 21,099 | | | 77,715 |
+-------------------------+---------+--+-+---------+--+-+---------+--+--+----------+--+-+---------+
| | | | | | | | | | | | | | |
+-------------------------+---------+--+-+---------+--+-+---------+--+--+----------+--+-+---------+
| At 1 January 2009 | 3,148 | | | 50,727 | | | (586) | | | 19,931 | | | 73,220 |
+-------------------------+---------+--+-+---------+--+-+---------+--+--+----------+--+-+---------+
| | | | | | | | | | | | | | |
+-------------------------+---------+--+-+---------+--+-+---------+--+--+----------+--+-+---------+
| Profit (loss) of the | - | | | - | | | - | | | 1,520 | | | 1,520 |
| period | | | | | | | | | | | | | |
+-------------------------+---------+--+-+---------+--+-+---------+--+--+----------+--+-+---------+
| Gross profit | - | | | - | | | - | | | 1,520 | | | 1,520 |
+-------------------------+---------+--+-+---------+--+-+---------+--+--+----------+--+-+---------+
| | | | | | | | | | | | | | |
+-------------------------+---------+--+-+---------+--+-+---------+--+--+----------+--+-+---------+
| Other equity changes | | | | | | | | | | | | | |
+-------------------------+---------+--+-+---------+--+-+---------+--+--+----------+--+-+---------+
| Change hedging reserve | - | | | - | | | (82) | | | - | | | (82) |
+-------------------------+---------+--+-+---------+--+-+---------+--+--+----------+--+-+---------+
| Total changes | - | | | - | | | (82) | | | - | | | (82) |
+-------------------------+---------+--+-+---------+--+-+---------+--+--+----------+--+-+---------+
| | | | | | | | | | | | | | |
+-------------------------+---------+--+-+---------+--+-+---------+--+--+----------+--+-+---------+
| At 30 June 2009 | 3,148 | | | 50,727 | | | (668) | | | 21,451 | | | 74,658 |
+-------------------------+---------+--+-+---------+--+-+---------+--+--+----------+--+-+---------+
Condensed consolidated interim statements of cash flows
for the six month period ended 30 June 2009
+----------------------------------------+-----------------+-+-+-----------------+
| In thousands of euros | 30 June 2009 | | | 30 June 2008 |
+----------------------------------------+-----------------+-+-+-----------------+
| | | | | |
+----------------------------------------+-----------------+-+-+-----------------+
| Operating activities | | | | |
+----------------------------------------+-----------------+-+-+-----------------+
| Profit for the period | 1,150 | | | (2,195) |
+----------------------------------------+-----------------+-+-+-----------------+
| Adjustments for: | | | | |
+----------------------------------------+-----------------+-+-+-----------------+
| Depreciation Property, plant and | 548 | | | 643 |
| equipment | | | | |
+----------------------------------------+-----------------+-+-+-----------------+
| Amortisation Intangible assets | 475 | | | 228 |
+----------------------------------------+-----------------+-+-+-----------------+
| Finance income | (634) | | | (905) |
+----------------------------------------+-----------------+-+-+-----------------+
| Finance cost | 562 | | | 1,159 |
+----------------------------------------+-----------------+-+-+-----------------+
| | 2,101 | | | (1,070) |
+----------------------------------------+-----------------+-+-+-----------------+
| | | | | |
+----------------------------------------+-----------------+-+-+-----------------+
| Change in inventories | (187) | | | 673 |
+----------------------------------------+-----------------+-+-+-----------------+
| Change in trade and other receivables | (4,835) | | | (5,416) |
+----------------------------------------+-----------------+-+-+-----------------+
| Change in trade and other payables | (1,766) | | | (6,968) |
+----------------------------------------+-----------------+-+-+-----------------+
| Change in provisions | (756) | | | 5,258 |
+----------------------------------------+-----------------+-+-+-----------------+
| | (5,443) | | | (7,523) |
+----------------------------------------+-----------------+-+-+-----------------+
| | | | | |
+----------------------------------------+-----------------+-+-+-----------------+
| Income taxes paid | (191) | | | (212) |
+----------------------------------------+-----------------+-+-+-----------------+
| Cash flows from operating activities | (5,634) | | | (7,736) |
+----------------------------------------+-----------------+-+-+-----------------+
| | | | | |
+----------------------------------------+-----------------+-+-+-----------------+
| Investing activities | | | | |
+----------------------------------------+-----------------+-+-+-----------------+
| Acquisition of subsidiaries, net of | - | | | (14,087) |
| cash acquired | | | | |
+----------------------------------------+-----------------+-+-+-----------------+
| Purchase of fixed assets | (40) | | | (1,048) |
+----------------------------------------+-----------------+-+-+-----------------+
| Development of websites | (501) | | | - |
+----------------------------------------+-----------------+-+-+-----------------+
| Divestments in equity accounted | - | | | 33 |
| investees | | | | |
+----------------------------------------+-----------------+-+-+-----------------+
| Loan to accounted investees | - | | | 114 |
+----------------------------------------+-----------------+-+-+-----------------+
| Interest received | 634 | | | 905 |
+----------------------------------------+-----------------+-+-+-----------------+
| Subtotal investing activities | 93 | | | (14,083) |
+----------------------------------------+-----------------+-+-+-----------------+
| | | | | |
+----------------------------------------+-----------------+-+-+-----------------+
| Financing activities | | | | |
+----------------------------------------+-----------------+-+-+-----------------+
| Proceeds from the issue of share | - | | | - |
| capital | | | | |
+----------------------------------------+-----------------+-+-+-----------------+
| Bank borrowing advances | - | | | 35,078 |
+----------------------------------------+-----------------+-+-+-----------------+
| Bank borrowing repayments | (20,208) | | | - |
+----------------------------------------+-----------------+-+-+-----------------+
| Interest paid | (562) | | | (721) |
+----------------------------------------+-----------------+-+-+-----------------+
| Repayment of share premium to | - | | | (9,912) |
| shareholders | | | | |
+----------------------------------------+-----------------+-+-+-----------------+
| Subtotal financing activities | (20,770) | | | 24,445 |
+----------------------------------------+-----------------+-+-+-----------------+
| | | | | |
+----------------------------------------+-----------------+-+-+-----------------+
| Increase in cash and cash equivalents | (26,311) | | | 2,626 |
+----------------------------------------+-----------------+-+-+-----------------+
| | | | | |
+----------------------------------------+-----------------+-+-+-----------------+
| Net foreign exchange gain/(loss) | - | | | (438) |
+----------------------------------------+-----------------+-+-+-----------------+
| Cash and cash equivalents at the the | 59,702 | | | 56,203 |
| beginning of the period | | | | |
+----------------------------------------+-----------------+-+-+-----------------+
| Cash and cash equivalents at the the | 33,391 | | | 58,391 |
| end of the period | | | | |
+----------------------------------------+-----------------+-+-+-----------------+
Notes to the condensed consolidated interim financial statements
for the six month period ended 30 June 2009
1. Basis of preparation
The condensed financial statements have been prepared using accounting policies
consistent with International Financial Reporting Standards and in accordance
with International Accounting Standard (IAS) 34 Interim Financial Reporting.
2. Significant accounting policies
The accounting policies adopted are consistent with those of the annual
financial statements for the year ended
31 December 2008, as described in
those annual financial statements.
3. Segment information
+-------------+----------+--+--+----------+--+--+----------+--+--+----------+
| | Segment revenue | | | Segment result |
+-------------+---------------------------+--+--+---------------------------+
| In | 2009 | | | 2008 | | | 2009 | | | 2008 |
| thousands | | | | | | | | | | |
| of euros | | | | | | | | | | |
+-------------+----------+--+--+----------+--+--+----------+--+--+----------+
| Continuing | | | | | | | | | | |
| operations | | | | | | | | | | |
+-------------+----------+--+--+----------+--+--+----------+--+--+----------+
| Residential | 6,734 | | | 6,540 | | | 553 | | | 204 |
| Letting | | | | | | | | | | |
| Services | | | | | | | | | | |
+-------------+----------+--+--+----------+--+--+----------+--+--+----------+
| Residential | 100 | | | 304 | | | (77) | | | 43 |
| Sales | | | | | | | | | | |
| Services | | | | | | | | | | |
+-------------+----------+--+--+----------+--+--+----------+--+--+----------+
| Financial | 7,031 | | | 7,312 | | | 602 | | | (2,188) |
| Services | | | | | | | | | | |
+-------------+----------+--+--+----------+--+--+----------+--+--+----------+
| | 13,865 | | | 14,156 | | | 1,078 | | | (1,941) |
+-------------+----------+--+--+----------+--+--+----------+--+--+----------+
| | | | | | | | | | | |
+-------------+----------+--+--+----------+--+--+----------+--+--+----------+
| Unallocated | | | | | | | 72 | | | (254) |
+-------------+----------+--+--+----------+--+--+----------+--+--+----------+
| | | | | | | | | | | |
+-------------+----------+--+--+----------+--+--+----------+--+--+----------+
| Result | | | | | | | 1,150 | | | (2,195) |
| before | | | | | | | | | | |
| tax | | | | | | | | | | |
+-------------+----------+--+--+----------+--+--+----------+--+--+----------+
| Tax | | | | | | | 370 | | | 307 |
+-------------+----------+--+--+----------+--+--+----------+--+--+----------+
| | | | | | | | | | | |
+-------------+----------+--+--+----------+--+--+----------+--+--+----------+
| Result | | | | | | | 1,520 | | | (1,888) |
| for the | | | | | | | | | | |
| period | | | | | | | | | | |
+-------------+----------+--+--+----------+--+--+----------+--+--+----------+
The Company recognises three business segments based on the products,
environment and risks:
* Commissions from Residential Letting Services (lettings and property
management);
* Commissions earned and proceeds from the sale of residential new build
properties (as an agent or principal);
* Financial Services (insurance and mortgage commissions).
4. Seasonality
The Group's Residential Letting is subject to seasonal fluctuations as a result
of several conditions. In particular, peak activity usually occurs between the
months of May and October. This is based on historical figures.
5. Borrowings
During the period, the Group has repaid the loan agreement of EUR 18 million and EUR
2 million to the other loan and mortgage.
6. Earnings per share
+--------------+-+-+-------------+
| | | | 2009 |
+--------------+-+-+-------------+
| | | | |
+--------------+-+-+-------------+
| Profit | | | 1,520 |
| attributable | | | |
| to ordinary | | | |
| shareholders | | | |
| (EUR'000) | | | |
+--------------+-+-+-------------+
| | | | |
+--------------+-+-+-------------+
| Weighted | | | 157,406,028 |
| average | | | |
| number | | | |
| of | | | |
| shares | | | |
| in issue | | | |
+--------------+-+-+-------------+
| | | | |
+--------------+-+-+-------------+
| Basic | | | 0,01 |
| earnings | | | |
| per | | | |
| share | | | |
| (EPS) | | | |
| after | | | |
| tax (EUR) | | | |
+--------------+-+-+-------------+
7. Commitments and contingencies
Under the terms of contracts to sell residential properties on behalf of
developers, the Company has obligations to purchase any unsold properties at the
end of that contract. At 30 June 2009, the maximum commitment to purchase unsold
apartments amounts to EUR 3,661.
8. Approval of interim financial statements
The interim financial statements were approved by the board of directors on 27
August 2009.
Disclaimer
This press release may contain forward-looking statements with regard to the
financial position and results of Direct Wonen's activities. These
forward-looking statements are subject to risks and uncertainties that could
cause actual results to differ materially from those expressed in the
forward-looking statements. Many of these risks and uncertainties relate to
factors that are beyond Direct Wonen's ability to control or estimate precisely,
such as future market and economic conditions, the behaviour of other market
participants, changes in consumer preferences, the ability to successfully
integrate acquired businesses and achieve anticipated synergies, interest-rate
fluctuations, changes in tax rates, changes in law, pension costs, the actions
of government regulators and weather conditions. These and other risk factors
are detailed in Direct Wonen's publicly available financial information as
included in the admission document to the AIM dated 25 April 2007. You are
cautioned not to place undue reliance on these forward-looking statements, which
are only relevant as of the date of this press release. Direct Wonen does not
undertake any obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after the date of
these statements. Market share estimates contained in this press release are
based on outside sources, such as specialised research institutes, in
combination with management estimates.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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