2014-02-13 07:30:00 CET
2014-02-13 07:30:04 CET
REGULATED INFORMATION
Trainer's House Oyj - Financial Statement Release
TRAINERS' HOUSE GROUP'S FINANCIAL STATEMENTS BULLETIN FOR 1 JANUARY – 31 DECEMBER 2013
Espoo, 2014-02-13 07:30 CET (GLOBE NEWSWIRE) -- TRAINERS' HOUSE PLC, FINANCIAL
STATEMENTS BULLETIN, 13 FEBRUARY 2014 AT 8:30
January-December 2013 in brief (the figures are figures for the company's
continuing operations)
-- Net sales amounted to EUR 10.1 million (EUR 13.3 million).
-- Operating profit (EBIT) before non-recurring items and depreciation
resulting from the allocation of acquisition cost was EUR 0.5 million (EUR
1.2 million), or 4.9% of net sales (8.9%).
-- Operating profit was EUR -4.1 million, or -41.0% of net sales (EUR -0.1
million, -0.7%).
-- Cash flow from operating activities was EUR 1.5 million (EUR 0.6 million).
-- Earnings per share were EUR -0.07 (EUR -0.00).
October - December 2013 in brief (the figures are figures for the company's
continuing operations)
-- Net sales amounted to EUR 2.8 million (EUR 3.4 million).
-- Operating profit (EBIT) before non-recurring items and depreciation
resulting from the allocation of acquisition cost was EUR 0.4 million (EUR
0.5 million), or 15.4% of net sales (13.4%).
-- Operating profit was EUR 0.4 million, or 15.4% of net sales (EUR 0.3
million, 9.4%).
-- Cash flow from operating activities was EUR 0.6 million (EUR 0.3 million).
-- Earnings per share were EUR 0.01 (EUR 0.00).
Key figures at the end of 2013
-- Liquid assets totalled EUR 2.6 million (EUR 1.5 million).
-- Interest-bearing liabilities amounted to EUR 8.6 million (EUR 5.2 million),
and interest-bearing net debt totalled EUR 5.9 million (EUR 3.7 million)
-- Net gearing was 87.4% (22.5%).
-- Equity-to-assets ratio was 35.4% (62.0%).
OUTLOOK FOR 2014
Long-term visibility remains limited due to the general economic situation. The
company estimates that the net sales for 2014 will be slightly lower than the
2013 level. The company further estimates that operating profit before
non-recurring items will be lower year-on-year.
REPORT OF ARTO HEIMONEN, CEO
Year 2013 was a time of hard efforts for the company. The general economic
situation made it more difficult to win assignments. However, signs of growth
became visible in the last quarter. As a result of streamlining measures, the
operational business remained profitable in the financial year.
The comprehensive arrangement concerning the company's financial position
announced by Trainers' House at the end of the year will significantly
strengthen the company's cash flow in the coming years and provides resources
for the company's long-term development.
The customer results of assignments were pleasing. We worked in more than 500
customer projects during the period under review. In its client work, Trainers'
House is faithful to verifiable results and measurable changes in operations.
The new direction only becomes true when everyday actions change so that they
support the new direction. In our client projects, we identify the current
situation and based on it, the critical activities and daily leadership
practices to be prioritized.
We received affirmation for the fact that ever increasing numbers of companies
want to combine business-oriented and measurable behaviour change and turn it
into a story. In our assignments, we are closely involved in the customers'
everyday work and in its rational factors. Reason as an influencing channel is
not enough, however. Being a part of a story gives meaning to work and a common
goal for people to believe in.
We also sharpened our tools during the review period. In the latter part of the
year, we launched Vaikutuskartta and Pulssi change management tool.
Vaikutuskartta is a tool for defining the factors between actions and results.
A client of ours using Pulssi knows whether the personnel started doing the
agreed things, in other words whether critical changes in behaviour are taking
place. Pulssi provides management and supervisors with a real-time view to the
realization of change from the first week, as well as rewarding the user with
its game-like format. Individuals receive direct and meaningful feedback on
their critical activities - often more than during their whole career.
Increased revenue and improved profitability require successful recruitment and
better replicability of operations. However, we demand more from ourselves and
will continue to search for new business models.
Further information:
Arto Heimonen, CEO, +358 40 412 3456
Mirkka Vikström, CFO, +358 50 376 1115
REVIEW OF OPERATIONS
Two rounds of codetermination negotiations were carried out at Trainers' House
Plc during the financial year, starting in January and in August. The purpose
of the negotiations was to adjust production to correspond to the current
demand and turnover level. As a result of the negotiations, a total of 14
employment contracts in the Group were terminated. Trainers' House recorded
non-recurring expenses in the amount of EUR 0.1 million in its first quarter
profits for the arrangement started in January. The staff reductions are
expected to create annual savings totalling EUR 1.1 million. The savings
started to be realised in full during the fourth quarter.
The company signed an overall arrangement during the last quarter that
significantly supports the company's financial position. The arrangement
comprises the following elements:
-- The company issues a new, low-interest subordinated loan of approximately
EUR 1.2 - EUR 1.5 million during 2013 and 2014.
-- In January 2014, the company made an offer to the bearers of a hybrid bond
in the amount of EUR 5.0 million in which an opportunity was offered to
convert the hybrid bond into a low-interest loan instrument with secondary
priority compared with a senior loan and the key terms of which were same
as a subordinated loan's terms. The company's financiers, representing a
total of approximately EUR 4.1 million of the hybrid bond's capital, have
accepted the proposal.
-- The terms of the company's senior loan with a current capital of
approximately EUR 2.8 million were modified in such a way that the
repayments will amount to EUR 1.0 million annually. Furthermore, the
company repaid a senior loan with the funds received from the sale of
atBusiness Oy. At the same time, the company has agreed upon new covenant
levels.
-- The company will adopt a new option programme for key people. Option rights
under the warrant 2013D will be offered up to a maximum of EUR 5.25
million. The terms of the option programme can be viewed on the company's
website.
The company will continue with measures and negotiations to find a better
solution as regards the company's office facilities.
During the period, the company has focused on a change in its operating model,
as well as the development of a product and service model that provides
quantifiable results to customers.
In addition to these measures, the company will continue with recruitment
efforts aimed at recruiting more capable people to deliver customer services in
accordance with the new operating model.
The change projects executed by Trainers' House are usually connected with
clarifying our customers' business strategies; marketing the strategies; and
implementing them by spurring sales, by enhancing customer service (for
example, through service design), and by developing the work of leaders and
supervisors along with the skills of their subordinates. Managing work capacity
through physical and mental coaching holds an important role in an increasing
number of customer projects.
FINANCIAL PERFORMANCE
Net sales development in the financial year was weaker than in 2012. Operating
profit before non-recurring items and depreciation resulting from the
allocation of acquisition cost was also lower year-on-year. It was, however,
clearly better than anticipated. Due to the write-down of goodwill during the
second quarter, the operating profit was clearly weaker than in the previous
year. The result for the first half of the year is burdened by the personnel
reductions costs, which followed from the codetermination negotiations in
January and February, and other non-recurring costs from other reorganization
efforts amounting to EUR 0.1 million. No non-recurring costs were recorded as a
result of the reorganizations due to the codetermination negotiations held in
August.
Net sales from continuing operations during the period under review came to EUR
10.1 million (EUR 13.3 million). Operating profit from continuing operations
(operating profit before depreciation resulting from the allocation of the
acquisition cost of Trainers' House Oy and non-recurring items) was EUR 0.5
million, or 4.9% of net sales (EUR 1.2 million, 8.9%). Profit for the period
was EUR -4.8 million, or -47.1% of net sales (EUR -0.2 million, or -1.8%).
Non-recurring items
In conjunction with impairment tests after the end of the second quarter, the
Board of Directors of the company decided to lower the estimates on the
profitability and growth of net sales in the training business used in
impairment testing. As a result, the Board of Directors resolved that a total
of EUR 4.5 million of the Group's goodwill was written down based on the
impairment testing on 30 June 2013. The write-down has no effect on operating
profit or cash flow. After this write-down, the Group balance sheet has EUR 4.6
million of goodwill.
Trainers' House, Sentica Kasvurahasto II Ky and the employee-owners of
atBusiness Oy signed an agreement on a corporate transaction on 6 June 2013
under which Innofactor Oyj purchased all of the shares of atBusiness Oy as well
as the partnership loans given to atBusiness Oy by the company's old
shareholders. As compensation for atBusiness Oy shares and the partnership
loans it gave to atBusiness Oy, Trainers' House received EUR 0.5 million in
cash and EUR 0.8 million as new shares of Innofactor Oyj, totalling EUR 1.3
million. As a result of the arrangement, Trainers' House recorded a
non-recurring EUR 0.9 million loss in its second quarter profits.
Result
The comparative figures used for reporting on operating profit include the
operating profit reported as well as operating profit before depreciation of
allocated acquisition costs related to the acquisition of Trainers' House Oy
and non-recurring items (i.e., operating profit, EBIT). According to the
company's management, these figures provide a more accurate view of company
productivity.
The following table itemises the Group's key figures (in thousands of euros
unless otherwise noted):
2013 2012
Net sales 10,120 13,302
Expenses:
Personnel-related expenses -5,500 -6,696
Other expenses -3,913 -5,101
EBITDA 706 1,506
Depreciation of non-current assets -207 -324
Operating profit before depreciation 499 1,182
of acquisition cost
% of net sales 4.9 8.9
Depreciation of allocation of -1,365
acquisition cost *)
Operating profit before non-recurring 499 -183
items
Non-recurring items **) -4,646 92
EBIT -4,147 -91
% of net sales -41.0 -0.7
Financial income and expenses ***) -1,054 -303
Profit/loss before tax -5,201 -394
Tax ****) 432 151
Profit/loss for the period -4,769 -243
% of net sales -47.1 -1.8
*) Of the purchase price of Trainers' House Oy in 2007, EUR 10.2 million has
been allocated to intangible assets with a limited useful life. This item was
depreciated in full during the period 2007-2012.
**) Non-recurring items in 2013 include a restructuring provision in the amount
of EUR 0.1 million and a write-down in the Group's goodwill in the amount of
EUR 4.5 million.
***) The financial items include the non-recurring loss of EUR 0.9 million
resulting from the sale of the minority share of atBusiness Oy.
****) The tax included in the income statement is deferred. Taxes recognised in
the income statement have no effect on cash flow. On 31 December 2013, the
company's balance sheet included deferred tax assets from losses carried
forward in the amount of EUR 0.4 million. The deferred tax assets will expire
during 2019-2021.
The following table itemises distribution of net sales from continuing
operations and shows the quarterly profit/loss from the start of 2012 (in
thousands of euros).
Q112 Q212 Q312 Q412 2012 Q113 Q213 Q313 Q413
--------------------------------------------------------------------
Net sales 3901 3536 2485 3381 13302 2945 2582 1800 2793
--------------------------------------------------------------------
Operating 549 200 -20 453 1182 167 56 -153 430
profit
before
depreciation
of
acquisition
cost *)
--------------------------------------------------------------------
Operating 140 -210 -338 317 -91 42 -4465 -153 430
profit
--------------------------------------------------------------------
*) excluding non-recurring items
BOARD'S PROPOSAL CONCERNING DISTRIBUTABLE ASSETS
According to the financial statement as of 31 December 2013, the parent
company's distributable assets amount to EUR -4.0 million.The Board of
Directors will propose to the Annual General Meeting to be held on 26 March
2014 that the company's premium fund be decreased by EUR 4.0 million to offset
the parent company's losses.Before the offsetting of losses, the parent
company's premium fund amounts to EUR 4.5 million.The Board of Directors will
propose to the Annual General Meeting that no dividend be paid for 2013.
LONG-TERM OBJECTIVES
The company's long-term objective is profitable growth.
FINANCING, INVESTMENTS, AND SOLVENCY
In connection with the merger of Trainers' House Oy and Satama Interactive Plc,
the company concluded a loan agreement in the amount of EUR 40 million. At the
end of the reporting period, the company had loans related to this loan
agreement negotiated in the fourth quarter of the financial year in the amount
of EUR 2.8 million.
The company issues a new, low-interest subordinated loan of approximately EUR
1.2 - EUR 1.5 million during 2013 and 2014. The significant shareholders and
key personnel are committed to subscribing to the loan. The interest rate of
the subordinated loan is 3.0% until 31 December 2016. The interest is
capitalised at the end of each year. As of 1 January 2017, a 5.0% cash rate
will be payable within the boundaries of distributable assets. The subordinated
loan will mature on 31 December 2018. At the end of 2013, EUR 0.7 million of
the loan had been subscribed.
Hybrid bond
On 15 January 2010, Trainers' House Plc issued a EUR 5.0 million domestic
hybrid bond. Interest of EUR 1.0 million related to the hybrid bond was
recognised in shareholders' equity.
According to the terms of the hybrid bond, the company has the right to decide,
subject to certain limitations specified in the terms, either to pay the
interest on the hybrid bond annually or to postpone these payments. Interest in
the amount of EUR 0.5 million has been paid to the subscribers on 21 January
2011 and EUR 0.5 million on 20 January 2012. The interest paid reduces the
non-restricted equity and is not recognised as income.
In accordance with its stock exchange release dated 17 December 2012, Trainers'
House has decided to defer interest payments on the hybrid loan for the time
being. The purpose of the deferment of interest payments is to strengthen the
company's financial position and to ensure that the company fulfils the terms
of its loan agreement. According to the terms of the hybrid bond, the company
must pay the deferred interest and any interest accrued on it by the latest if,
for example, the company pays dividends in excess of the minimum dividend
stipulated in the Companies Act, or otherwise distributes equity to its
shareholders.
The company has made an offer to the bearers of a hybrid bond in the amount of
EUR 5.0 million in which an opportunity is offered to convert the hybrid bond
into a low-interest loan instrument with secondary priority compared with a
senior loan and the key terms of which are same as a subordinated loan's terms.
The company's financiers, representing a total of approximately EUR 4.1 million
of the hybrid bond's capital, have notified the company that they accept the
offer.
Cash flow and financing
Cash flow from operating activities before financial items totalled EUR 1.7
million (EUR 1.4 million), and after financial items EUR 1.5 million (EUR 0.6
million).
Cash from investments totalled EUR 1.3 million during the period under review
(EUR 1.2 million). Cash flow from financing came to EUR -1.7 million (EUR -3.5
million).
Total cash flow amounted to EUR 1.1 million (EUR -1.8 million).
On 31 December 2013, the Group's liquid assets totalled EUR 2.6 million (EUR
1.5 million). The equity ratio was 35.4 % (62.0%). Net gearing was 87.4%
(22.5%). At the end of the reporting period, the company had interest-bearing
liabilities in the amount of EUR 8.6 million (EUR 5.2 million).
Financial risks
Interest rate risk is managed by covering some of the risk with hedging
agreements. A bad-debt provision, which is booked on the basis of ageing and
case-specific risk analyses, covers risks to accounts receivable.
Better loan terms were negotiated during the period under review to improve a
financial structure that was heavy in relation to the wide range of the
company's previous business operations. Furthermore, the company will endeavour
to find a better solution also to lighten the remaining lease liabilities.
SHORT-TERM BUSINESS RISKS AND FACTORS OF UNCERTAINTY
Risks in the company's operating environment have remained unchanged. On
account of the project-based nature of the company's operations, the order life
cycle is short, which makes it more difficult to estimate future developments.
Because of the overall economic situation, long-term trends remain unclear.
Short-term risks
The Group's goodwill and deferred tax assets recognised in the balance sheet
were re‑tested for impairment at the end of the fourth quarter. No goodwill
write-downs were judged necessary from the results of this impairment testing.
The goodwill values determined in the impairment testing at the end of the
second quarter were EUR 4.5 million lower than the book value, resulting in a
goodwill write-off in the financial statements.
If the company's profitability should fail to develop as predicted, or if
external factors beyond the company's control, such as interest rates, should
change significantly, there is a risk that some of the Group's goodwill may
have to be written down. Such a write-down would not affect the company's cash
flow.
At the end of the period under review, Trainers' House Plc's balance sheet
included deferred tax assets from losses carried forward in the amount of EUR
0.4 million. The deferred tax assets will expire during 2019-2021.
The company's new loan agreement, under which there were loans in an amount of
EUR 2.8 million at the end of the reporting period, includes standard covenants
including one concerning the ratio of net debt to EBITDA.
If the company's profitability should fail to develop as expected, there would
be a risk of the company being unable to fulfil the covenants, which would
increase financial expenses.
Risks are discussed in more detail in the annual report and on the company's
website, at www.trainershouse.fi > Investors.
PERSONNEL
At the end of 2013, the Group employed 82 (108) people.
DECISIONS REACHED AT THE ANNUAL GENERAL MEETING
The Annual General Meeting of Trainers' House Plc was held in Espoo on 19 March
2013.
In accordance with the proposal of the Board of Directors, the Annual General
Meeting decided that no dividend be paid for the financial period 2012.
In accordance with the proposal of the Board of Directors, the Annual General
Meeting decidedthat the company's premium fund be decreased by EUR 823,478.02
to cover the parent company's losses. On 31 December 2012, before the
offsetting of losses, the parent company's premium fund amounted to EUR
5,355,637.99. After the write-off the company's premium fund totals EUR
4,532,159.97.
The Annual General Meeting adopted the company's Financial Statements and
discharged the CEO and the members of the Board of Directors from liability for
the period 1 January - 31 December 2012.
It was confirmed that the Board of Directors shall consist of five (5) members.
Aarne Aktan, Jarmo Hyökyvaara, Tarja Jussila and Jari Sarasvuo were re-elected
as members of the Board of Directors. Vesa Honkanen was elected a new member of
the Board. In its assembly meeting, the Board of Directors elected Aarne Aktan
as the Chairman of the Board.
The Annual General Meeting decided on a monthly emolument for a Board member of
EUR 1,500 and of EUR 3,500 for the Chairman of the Board.
Authorised Public Accountants Ernst & Young Oy were elected as the
company's auditors.
In accordance with the proposal of the Board of Directors, the Annual General
Meeting held on 21 March 2012 decided to authorise the Board of Directors to
decide on a share issue, on transfer of own shares and on the granting of
special rights entitling to shares, on one or several occasions. The number of
shares to be granted or transferred on the basis of the authorisation may not
exceed 13,000,000 shares. A share issue, transfer of own shares and the
granting of other special rights entitling to shares may take place in
deviation of the shareholders' pre-emptive subscription rights (a private
placement). The authorisation is valid until 30 June 2015.
SHARES AND SHARE CAPITAL
The shares of Trainers' House Plc are listed on NASDAQ OMX Helsinki Ltd under
the symbol TRH1V.
At the end of the review period, Trainers' House Plc had issued 68,016,704
shares and the company's registered share capital amounted to EUR 880,743.59.
No changes took place in the number of shares or share capital during the
period under review.
Share performance and trading
In the period under review, 21.4 million shares in total, or 31.5% of the
average number of all company shares (5.9 million shares, or 8.7%), were traded
on the Helsinki stock exchange, for a value of EUR 1.5 million (EUR 0.8
million). The period's highest share quotation was EUR 0.11 (EUR 0.22), the
lowest EUR 0.05 (EUR 0.09) and the closing price EUR 0.07 (EUR 0.10). The
weighted average price was EUR 0.07 (EUR 0.14). At the closing price on 31
December 2013, the company's market capitalisation was EUR 4.8 million (EUR 6.8
million).
PERSONNEL OPTION PROGRAMMES
Trainers' House Plc has three option programmes for its personnel, included in
the personnel's commitment and incentive scheme.
The Annual General Meeting held on 25 March 2010 decided to initiate an
employee option programme for key employees at Trainers' House and its
subsidiaries. The number of option rights granted shall not exceed 2,000,000,
and the option rights shall entitle their holders to subscribe for no more than
2,000,000 new shares or treasury shares in total. The subscription prize for
the 2010B warrant was EUR 0.29. The subscription period for shares converted
under warrant 2010B was from 1 September 2012 to 31 December 2013. The total
number of warrants granted to the personnel was 0.9 million. No shares were
subscribed under these warrants.
The Annual General Meeting held on 21 March 2012 decided to initiate an
employee option programme for key employees in Trainers' House and its
subsidiaries. The number of option rights granted shall not exceed 5,000,000,
and the option rights shall entitle their holders to subscribe for no more than
5,000,000 new shares or treasury shares in total. Of the warrants, 3,000,000
will be titled 2012A and 2,000,000 will be titled 2012B. The subscription price
for the warrants is EUR 0.16. The subscription period for shares converted
under warrant 2012A is from 1 September 2013 to 31 December 2014 and for shares
converted under warrant 2012B from 1 September 2014 to 31 December 2015. The
options have not yet been offered.
The company's Board of Directors has decided on 5 August 2013 to adopt a new
option programme under the authorization of the Annual General Meeting on 21
March 2012. The number of option rights granted shall not exceed 7,500,000, and
the option rights shall entitle their holders to subscribe for no more than
7,500,000 new shares or treasury shares in total. 2,500,000 of the converted
shares will be under the warrant 2013A and the subscription period for the
converted shares is 1 January 2015 - 1 January 2018. 2,500,000 of the converted
shares will be under the warrant 2013B and the subscription period for the
converted shares is 1 January 2016 - 1 January 2018. 2,500,000 of the converted
shares will be under the warrant 2013C and the subscription period for the
converted shares is 1 January 2017 - 1 January 2018. The subscription price for
each warrant is EUR 0.09. The total number of warrants granted to the personnel
is 5.0 million. A total cost of EUR 0.02 million has been expensed for the 2013
financial year.
The company's Board of Directors has decided on 18 December 2013 to adopt a new
option programme under the authorization of the Annual General Meeting on 21
March 2012. The number of option rights granted shall not exceed 5,250,000, and
the option rights shall entitle their holders to subscribe for no more than
5,250,000 new shares or treasury shares in total. The warrants are titled
2013D. The subscription period for shares converted under the warrant is from 1
January 2018 to 31 December 2018, and the subscription price for each warrant
is EUR 0.06. The options have not yet been offered.
CONDENSED FINANCIAL STATEMENTS AND NOTES
The interim report was compiled in accordance with the IAS 34 standard. This
interim report has been prepared in accordance with the IFRS standards and
interpretations adopted in the EU, valid on 31 December 2013.
In producing this interim report, Trainers' House has applied the same
accounting principles for key figures as in its 2012 financial statements. The
calculation of key figures is described on page 92 of the financial statements
included in the Annual Report 2012.
The full-year figures given in the financial statements bulletin are audited.
INCOME STATEMENT, IFRS (kEUR)
Group Group Group Group
01/10- 01/10- 01/01- 01/01-
31/12/13 31/12/12 31/12/13 31/12/12
CONTINUING OPERATIONS
NET SALES 2,793 3,381 10,120 13,302
Other income from operations 239 184 785 797
Costs:
Materials and services -289 -193 -1,032 -1,562
Personnel-related -1,387 -1,735 -5,615 -6,696
expenses
Depreciation -46 -211 -207 -1,689
Impairment -4,521
Other operating expenses -881 -1,109 -3,676 -4,244
Operating profit/loss 430 317 -4,147 -91
Financial income and expenses -78 -192 -1,054 -303
Profit/loss before tax 352 125 -5,201 -394
Tax *) 431 -20 432 151
PROFIT/LOSS FOR THE PERIOD 784 105 -4,769 -243
TOTAL COMPREHENSIVE 784 105 -4,769 -243
INCOME FOR THE YEAR
Profit/loss attributable to:
Owners of the parent company 784 105 -4,769 -243
Total comprehensive income
attributable to:
Owners of the parent company 784 105 -4,769 -243
Earnings per share, undiluted:
EPS result for the period from 0.01 0.00 -0.07 -0.00
continuing operations
EPS attributable to hybrid -0.00
bond investors
EPS continuing operations 0.01 0.00 -0.07 -0.00
EPS attributable to equity 0.01 0.00 -0.07 -0.00
holders of the parent company
EPS result for the period 0.01 0.00 -0.07 -0.00
Diluted earnings per share are the same as undiluted earning per share.
*) The tax included in the income statement is deferred.
BALANCE SHEET IFRS (kEUR)
Group Group
31/12/13 31/12/12
ASSET
Non-current assets
Property, plant and equipment 236 380
Goodwill 4,614 9,135
Other intangible assets 9,669 9,710
Other financial assets 4 202
Other receivables 42 1,490
Deferred tax receivables 380 382
Total non-current assets 14,946 21,299
Current assets
Inventories 10 10
Accounts receivables and 1,791 3,776
other receivables
Cash and cash equivalents 2,630 1,520
Total current assets 4,432 5,306
TOTAL ASSETS 19,377 26,605
SHAREHOLDERS' EQUITY AND
LIABILITIES
Equity attributable to equity
holders of the parent company
Share capital 881 881
Premium fund 4,253 5,077
Distributable non-restricted 31,872 31,872
equity fund
Other equity fund 4,962
Retained earnings -30,215 -26,397
Total shareholders' equity 6,791 16,394
Long-term liabilities
Deferred tax liabilities 1,929 2,507
Other long-term liabilities 7,455 3,074
Accounts payable and other 3,202 4,629
liabilities
Total liabilities 12,586 10,211
TOTAL SHAREHOLDERS' EQUITY AND 19,377 26,605
LIABILITIES
CASH FLOW STATEMENT, IFRS (kEUR)
Group Group
01/01- 01/01-
31/12/13 31/12/12
Profit/loss for the period -4,769 -243
Adjustments to profit/loss 5,372 1,726
for the period
Change in working capital 1,142 -100
Financial items -218 -774
Cash flow from operations 1,527 608
Investments in tangible and -19 -49
intangible assets
Divestment of business 472
Repayment of loan receivables 30 1,200
Sales from available-for-sale 770
financial assets
Cash flow from investments 1,253 1,152
Withdrawal of long-term loans 700
Repayment of long-term loans -2,225 -3,297
Repayment of finance lease -145 -223
liabilities
Cash flow from financing -1,670 -3,520
Change in cash and cash 1,110 -1,760
equivalents
Opening balance of cash and 1,520 3,280
cash equivalents
Closing balance of cash and 2,630 1,520
cash equivalents
CHANGE IN SHAREHOLDERS' EQUITY (kEUR)
Equity attributable to equity holders of the parent company
A. Share capital
B. Premium fund
C. Distributable non-restricted equity
D. Other equity fund
E. Retained earnings
F. Total
A. B. C. D. E. F.
-----------------------------------------------------------
Equity 881 13,943 31,872 4,962 -35,031 16,627
01/01/2012
-----------------------------------------------------------
Other -243 -243
comprehensive
income
-----------------------------------------------------------
Hybrid bond -23 -23
-----------------------------------------------------------
Sharebased 34 34
payments
-----------------------------------------------------------
Decrease of -8,866 8,866 0
share premium
fund to cover
losses
-----------------------------------------------------------
Equity 881 5,077 31,872 4,962 -26,397 16,394
31/12/2012
-----------------------------------------------------------
-----------------------------------------------------------
Equity 881 5,077 31,872 4,962 -26,397 16,394
01/01/2013
-----------------------------------------------------------
Re- 145 145
measurement
of deferred
tax - change
in tax rate
-----------------------------------------------------------
Adjusted 881 5,077 31,872 4,962 -26,253 16,539
equity
01/01/2013
-----------------------------------------------------------
Other -4,769 -4,769
comprehensive
income
-----------------------------------------------------------
Decrease of -823 823 0
share premium
fund to cover
losses
-----------------------------------------------------------
Sharebased 21 21
payments
-----------------------------------------------------------
Hybrid bond -4,962 -38 -5,000
recognised
under non-
current
liabilities
-----------------------------------------------------------
Equity 881 4,253 31,872 -30,215 6,791
31/12/2013
-----------------------------------------------------------
RESTRUCTURING PROVISION (kEUR) Group Group
01/01- 01/01-
31/12/13 31/12/12
Provisions 1 January 240 258
Provisions increased 125
Provisions used -143 -19
Provisions 31 December 222 240
PERSONNEL Group Group
01/01- 01/01-
31/12/13 31/12/12
Average number of personnel 93 115
Personnel at the end of 82 108
the period
COMMITMENTS AND CONTINGENT Group Group
LIABILITIES (kEUR) 31/12/13 31/12/12
Collaterals and contingent 9,213 10,716
liabilities given for
own commitments
OTHER KEY FIGURES Group Group
31/12/13 31/12/12
Equity-to-assets ratio (%) 35.4 62.0
Net gearing (%) 87.4 22.5
Shareholders' equity/share (EUR) 0.10 0.24
Return on equity (%) -41.1 -1.5
Return on investment (%) -22.1 0.9
Espoo, 13 February 2014
TRAINERS' HOUSE PLC
BOARD OF DIRECTORS
For more information, please contact:
Arto Heimonen, CEO, +358 40 412 3456
Mirkka Vikström, CFO +358 50 376 1115
DISTRIBUTION
OMX Nordic Exchange, Helsinki
Key media
www.trainershouse.fi > Investors
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