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(DIWO.L) Direct Wonen NV Buy/Sell

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Summary

Current Market Information

Time: 06:19 (Market Closed)

Bid	26.00
Ask	27.00
Price	26.50
Previous	27.00
Change	-0.50 (-1.85%)
Last Trade	26.50 (16:35:19)
Trading Vol.	7,000
Today's High	27.00
Today's Low	26.50

52 Wk Low	13.50
52 Wk Low	(26/11/2008)
52 Wk High	44.50
52 Wk High	(24/07/2009)
52 Wk Change	+10.75
52 Wk Change	(+68.25%)
4 Wk Volume	48,300
ISIN Number	NL0000817377
Currency	GBX

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Recent News
Date/Time	Headline	Source
02-10-09	Direct Wonen N.V. - Trading Update	RNS
RNS Number : 1085A Direct Wonen N.V. 02 October 2009 Direct Wonen NV Direct Wonen plans E 200 million residential property portfolio Direct Wonen NV has historically comprised 3 business units, namely Residential Letting Services, Residential Sales and Financial Services. Over the last few years, the Residential Sales business unit has sold new built projects. As a result of the ongoing impact of the credit crunch on the residential housing market, Direct Wonen intends to diversify its New Residential Sales unit to also investing in existing rented out residential properties. Accordingly the name of the business line will be changed from Direct Wonen Residential Sales to Direct Wonen Real Estate in order to better reflect the strategy. Direct Wonen Real Estate will seek to build a Euro 200 million portfolio of a mix of existing rented out and new residential property. The rented out strategy will be to invest in the following types of properties: MINIMUM OF 50 UNITS; RENT PER UNIT NOT EXCEEDING EURO 850 PER MONTH; AND LOCATED IN THE "RANDSTAD" OR ONE OF THE MAIN 20 CITIES IN THE NETHERLANDS. Investment will be financed by a mixture or equity provided by Direct Wonen out of its own resources and bank debt. Direct Wonen Real Estate is currently in the final stage of negotiations for various properties and is seeking to complete a number of transactions this year. In 2010 Direct Wonen Real Estate will seek to broaden its portfolio with a mix of existing and new build projects. Commenting Frederik Sinke, Commercial Director at Direct Wonen Real Estate, said today: "In the beginning of 2009 we started to develop the Real Estate strategy and it now starting to gain shape. Alongside investments in New Property Sales projects, Direct Wonen plans to also invest in existing residential properties. The name Direct Wonen Real Estate matches with this broader strategy. " Enquiries: Contact: For more information about this press release please contact: Irma de Jong, Tel.: +31 70-7115691, E-mail: nieuws@directwonenvastgoed.nl Website: www.directwonenvastgoed.nl `Collins Stewart (Nomad) Hugh Field Tel:+44 20 7523 8325` About Direct Wonen Real Estate Direct Wonen Real Estate invests in residential property, both existing as well as new built projects. Direct Wonen has a leading position in the private residential market in The Netherlands with more than 5,3 million unique visitors on its websites and 542.000 registered subscribers. Direct Wonen's extensive data base contains detailed information of potential renters. The database provides Direct Wonen with detailed data to analyse potential projects and assess their feasibility. In 2006 and 2007 Direct Wonen Real Estate successfully implemented various new built projects and has demonstrated an excellent track record. Well known examples are Funen Park Amsterdam, Statendam Rotterdam and Vista's Amersfoort. Direct Wonen Real Estate is part of Direct Wonen N.V. This information is provided by RNS The company news service from the London Stock Exchange END TSTUARBRKBRRRAA More
28-08-09	Direct Wonen N.V. - Half Yearly Report	RNS
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 2008 3,148 53,468 - 22,987 79,603` `Profit (loss) of the period - - - (1,888) (1,888)` `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 period - - - 1,520 1,520` `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 equipment 548 643` `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 cash - (14,087)` acquired `Purchase of fixed assets (40) (1,048)` `Development of websites (501) -` `Divestments in equity accounted investees - 33` `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 shareholders - (9,912)` `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 end of 33,391 58,391` 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 thousands of euros 2009 2008 2009 2008` Continuing operations `Residential Letting Services 6,734 6,540 553 204` `Residential Sales Services 100 304 (77) 43` `Financial Services 7,031 7,312 602 (2,188)` `13,865 14,156 1,078 (1,941)` `Unallocated 72 (254)` `Result before tax 1,150 (2,195)` `Tax 370 307` `Result for the period 1,520 (1,888)` 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 attributable to ordinary shareholders (EUR'000) 1,520` `Weighted average number of shares in issue 157,406,028` `Basic earnings per share (EPS) after tax (EUR) 0,01` 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 IR DVLBLKVBFBBF More

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