Van der Moolen annonce une perte de 4,3 millions d'euros au premier trimestre 2007.

Per common share data (Euros x 1)

Profit (loss)	(0.09)	0.25	-138%	(0.99)	-91%
Diluted profit (loss)	(0.09)	0.25	-138%	(0.99)	-91%

Average US dollar/Euro rate

0.76

0.83

-8%

0.78

-3%

" Il est certain que ce sont des périodes de changements et de défis pour les spécialistes à la Bourse de New York (NYSE) aux Etats-Unis a commenté Richard den Drijver, Directeur Général de Van der Moolen Holding et PDG de Van der Moolen specialist. The implementation of the NYSE hybrid system is a learning curve for the company and we have a proven track record in Europe in changing from floor trading to screen trading and we see it as a challenge to be successful in this process. We see the value of the NYSE hybrid system and the value that it brings to the investing public with regard to trading transparency, committing capital and providing liquidity to the investor's community".

Results for the first quarter 2007

Revenues

At € 39.6 million, our reported revenues in the first quarter were 8% higher than in the fourth quarter of 2006 and 2% above those earned in the first quarter of 2006. For comments on the developments of the revenues we refer to our press release dated April 24, 2007. For a more detailed description of the development trends of our business segments we refer to our press release released March 15, 2007.

Operating expenses

Total operating expenses in the first quarter 2007 were € 4.2 million higher than those recognized in the fourth quarter 2006 and € 8.9 million higher than the first quarter 2006. Factors that strongly influenced the comparison with the fourth quarter and/or first quarter 2006 are set out below.

- Employee benefit expenses increased by € 4.7 million and € 7.3 million compared to the fourth and first quarter of 2006, respectively. This increase is mainly due to severance payment expenses in the amount of € 2.0 million related to the reduction of employees in VDMS and VDM Effectenspecialist Amsterdam, negatively affecting net income by € 1.6 million. In addition, variable employee compensation and benefit expense increased by € 3.1 million and € 4.5 million compared to the fourth and first quarter of 2006, respectively. This increase is mainly attributable to changes in the relative contribution of the different bonus arrangements in place throughout the Group. The variable employee compensation is almost fully attributable to the strong performance of the European Trading segment.

- G&A expenses decreased by € 1.3 million and € 0.4 million compared to the fourth quarter and first quarter of 2006, respectively. The decrease is mainly due to the cost cutting focus of management in the first quarter of 2007 as well as a one off amount of € 0.6 million due to the for VDM favourable settlement of accrued legal fees of a former partner of VDMS.

Operating profit

First quarter 2007 operating loss was € 1.0 million, compared with € 0.9 million profit in the preceding quarter and € 29.3 million profit in the first quarter of 2006. Operating profit for the first quarter of 2006 was positively influenced by a gain of € 22.0 million related to the NYSE consideration received in March 2006, following the NYSE merger.

Excluding the other gains and losses (net), the amortization expense and the impairment of fixed assets, operating profit amounted to € 0.1 million compared with € 1.4 million in the fourth quarter 2006 and € 8.3 million in the first quarter 2006. The operating margin calculated on this basis was 0.3% in the first quarter 2006, compared to 3.8% and 21.3% in the fourth quarter and first quarter 2006, respectively.

Net financing costs

Net financing costs amounted to € 2.2 million in the first quarter 2007, compared to € 2.4 million recognized in the fourth quarter 2006 and € 3.8 million recognized in the first quarter 2006. The net financing costs of the first quarter 2006 include financing costs amounting to € 1.1 million related to the financing preferred shares. As per April 5, 2006, following the approval of proposed changes in the Articles of Association by the AGM, the financing preferred shares are presented as equity instrument under IFRS. In conformity with this treatment, the preferred financing dividend is , as from April 5, 2007, no longer classified as a component of finance costs.

Income tax

Income tax expense in the first quarter 2007 was € 1.2 million, representing a consolidated effective tax rate of 57% (negatively) against a € 42.0 million expense in the preceding quarter and a charge of € 11.5 million, or 51%, in the first quarter of 2006. The consolidated effective tax rate in the current quarter reflects the impact of the non-recognition of the (net) deferred tax asset positions related to our US activities. As the deferred tax assets resulting from our US activities are not recognized, no recognition of a tax benefit in the income tax line of the profit and loss statement is applicable .

EPS

The weighted average number of outstanding shares to calculate basic earnings per share is 46.680.891, being the number outstanding at year-end 2006 (excluding treasury shares) with - in addition - the weighted impact of the shares issued on January 2, 2007 in relation to the earn out 2005 of the acquisition of Curvalue and the shares issuable in respect of the earn-out 2006, which are considered to be "earned" at January 1, 2007.

Loss per common share was €0.09 in the first quarter 2007, compared to a loss of €0.99 and a profit of €0.25 in the fourth and first quarter of 2006, respectively.

Balance sheet

Balance sheet total

On March 31, 2007 our Balance Sheet total was € 2.2 billion compared to a Balance sheet total of € 1.7 billion recognized at December 31, 2006.

Intangible assets

Intangible assets, ncluding goodwill, decreased from € 84.9 million at December 31, 2006 to € 84.3 million at March 31, 2007. This decrease is almost fully due to the amortization of amortizable intangible fixed assets in the first quarter of 2007 and the impact of the devaluation of the US currency against the euro.

Guarantee capital

Guarantee capital, which consists of total equity plus the non-current portion of our subordinated indebtedness (including financing preferred capital and capital contributions from minority members), decreased from € 298.6 million to € 279.5 million during the period under review.

This decrease is mainly due to the loss contribution during the period, a € 15 million repayment of subordinated borrowings and a € 0.3 million negative change in fair value reserve.

Cash and cash equivalents

The Group has approximately € 10 million of free-available cash (including disposition on security positions and other assets) (December 31, 2006: € 19 million). Further, it has € 15 million available in short-term committed credit lines.

Non-current cash and cash equivalents

The non-current cash and cash equivalents reflect that part of cash and cash equivalents that is held by VDM Specialists for purposes of compliance with the Net Liquid Asset (NLA) requirement set by the New York Stock Exchange. The total NLA requirement amounts to $ 121.2 million at March 31, 2007. It is our current assessment that the NLA requirement will be reduced by approximately $ 27 million in the remainder of 2007.

Available for sale assets

The balance sheet at March 31, 2007, reflects the number of NYSE Group shares owned, valued at the quoted bid price of those shares.

Cash flow

Cash flow from operating activities

Cash flow from operating activities amounted to € 76.6 million negative in the first quarter of 2007, mainly due to the first quarter loss and a cash outflow of € 89.5 million due to the development of our trading position in the first quarter, which is partly offset by the € 12.0 million release from the non-current cash and cash equivalents.

Cash flow from investing activities

Cash flow from investing activities amounted to €1.0 million negative, mainly related to investment in software and tangible fixed assets.

Cash flow from financing activities

Cash flow from financing activities amounted to € 25.3 million negative, mainly caused by the repayment of subordinated debt in March 2007, interest payments and repayment to minority members.

Subsequent events

Preferred financing shares A

On April 26, 2007, the AGM approve d the repurchase and cancellation of 251,000 cumulative financing preferred shares A of the Company at a purchase price of € 10.405.148.

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.

Consolidated Profit and Loss Account
(IFRS, Unaudited)

	Q1	Q1		Q4
(amounts in millions of Euros, except per share data)	2007	2006	%	2006	%
Revenues	39.6	39.0	2%	36.8	8%
Other gains and losses - net	-	22.0	-100%	0.5
				-
(12.4)	(10.5)	19%	(11.9)	5%
Employee benefit expense	(19.9)	(12.6)	58%	(15.2)	31%
Depreciation and amortization expenses	(1.7)	(1.6)	5%	(1.4)	20%
General and administrative expenses	(6.6)	(7.0)	-6%	(7.9)	-17%
Total operating expenses	(40.6)	(31.7)	28%	(36.4)	12%
Operating profit (loss)	(1.0)	29.3	-103%	0.9	-212%
Net financing costs	(2.2)	(3.8)		(2.4)
Profit (loss) before income tax	(3.2)	25.5	-113%	(1.5)	113%
Income tax benefit / (expense)	(1.2)	(11.5)		(42.0)
Profit (loss) for the period	(4.4)	14.0	-132%	(43.5)	-90%
Profit attributable to minority interest	(1.1)	2.9		0.6
Preferred financing dividend	1.0	-		1.0
Profit (loss) attributable to common equity holders of the Company	(4.3)	11.1	-139%	(45.1)	-90%
Average number of common shares outstanding	46,680,891	44,970,390	4%	45,504,926	3%
Diluted average number of common shares outstanding	46,680,891	44,987,662	4%	46,680,891	0%
Per common share data:
Profit (loss) per common share	(0.09)	0.25	-138%	(0.99)	-91%
Diluted profit (loss) per common share	(0.09)	0.25	-138%	(0.99)	-91%

Van der Moolen Holding N.V.	Q1	Q1	%	Q4	%
Revenue breakdown in millions of Euros	2007	2006		2006
US Specialists	6.4	22.6	-72%	16.8	-62%
US others	1.3	-		0.8	63%
European Trading	20.7	7.9	162%	9.6	116%
PMM/CMM Principal Trading	6.3	5.1	24%	5.6	13%
Brokerage activities	4.9	3.4	44%	4.0	23%
Total revenues	39.6	39.0	2%	36.8	8%

Van der Moolen Holding N.V.	Q1	Q1		Q4
Operating profit before other gains and losses (net), before	2007	2006	%	2006	%
amortization of intangible fixed assets and before impairment,
breakdown in millions of Euros
US Specialists	(2.2)	9.1	-124%	6.1	-136%
US others	(0.3)	-		(0.4)	-25%
European Trading	5.0	2.0	150%	(0.5)	-1100%
PMM/CMM Principal Trading	1.6	0.8	100%	0.3	433%
Brokerage activities	(0.4)	(0.3)	33%	(0.8)	-50%
Unallocated and Holding	(3.6)	(3.3)		(3.3)	9%
Total operating profit before other gains and losses (net),
before amortization of intangible fixed assets and before	0.1	8.3	-99%	1.4	-93%
impairment

Van der Moolen Holding N.V.
Consolidated Balance Sheet
(IFRS, unaudited)

(amounts in millions of Euros)	March 31, 2007	December 31, 2006
Assets
Non-current assets
Intangible assets	84.3	84.9
Property, plant and equipment	5.9	6.1
Financial fixed assets	17.3	17.2
Available-for-sale financial assets	21.1	21.9
Cash and cash-equivalents	91.0	103.0
	219.6	233.1
Current assets
Securities owned	1,600.8	1,077.8
Due from clearing organizations and professional parties	281.7	223.0
Current assets and prepaid expenses	20.1	18.2
Cash and cash-equivalents	83.9	114.9
	1,986.5	1,433.9
Total assets	2,206.1	1,667.0
Equity and liabilities
Capital and reserves attributable to the Company's equity holders	209.6	215.3
Minority interest	4.7	4.7
Total equity	214.3	220.0
Non-current liabilities
Capital of minority members	8.9	13.7
Subordinated borrowings	56.3	64.9
Other non-current liabilities	8.1	8.4
	73.3	87.0
Current liabilities
Securities sold, not yet purchased	1,385.7	967.7
Due to clearing organizations and professional parties	283.0	212.3
Due to customers	7.4	3.9
Short-term borrowings	28.7	38.9
Bank overdrafts	184.6	112.4
Other current liabilities and accrued expenses	29.1	24.8
	1,918.5	1,360.0
Total equity and liabilities	2,206.1	1,667.0
Guarantee capital	279.5	298.6

Van der Moolen Holding N.V.
Movement schedule of shareholders'equity
(IFRS, unaudited)

Movement in shareholders'equity
(Amounts in millions of euros)	3 months		3 months
	2007		2006
Shareholders' equity at January 1		215.3		221.2
Adjustment prior year	-		(0.4)
Issued common shares and issuable shares (Curvalue acquisition), net
of shares held in treasury	-		46.7
Contribution to dividend reserve financing preferred shareholders	1.0		-
Currency exchange differences	(2.1)		(4.6)
Profit (loss) attributable to common equity holders of the Company	(4.3)		11.1
Sale of treasury shares	-		0.2
Fair value change on available-for-sale financial assets	(0.3)		(3.0)
		(5.7)		50.0
Shareholders' equity at March 31		209.6		271.2

Van der Moolen Holding N.V.
Consolidated statement of cash flow
(IFRS, unaudited)

Consolidated statement of cash flow
	3 months	3 months
(Amounts in millions of Euros)	2007	2006
Cash flow from operating activities	(76.6)	(0.6)
Cash flow from investing activities	(1.0)	12.9
Cash flow from financing activities	(25.3)	(15.5)
Currency exchange differences on cash and cash-equivalents, net of bank	(0.3)	0.7
Change in cash and cash-equivalents, net of amounts of bank overdrafts	(103.2)	(2.5)
Cash and cash-equivalents, net of amounts of bank overdrafts at January 1,	2.5	1.6
Cash and cash-equivalents, net of amounts of bank overdrafts at December	(100.7)	(0.9)