2011-02-17 07:30:00 CET
2011-02-17 07:30:09 CET
REGULATED INFORMATION
Trainer's House Oyj - Financial Statement Release
TRAINERS' HOUSE'S FINANCIAL STATEMENTS BULLETIN FOR 1 JANUARY - 31 DECEMBER 2010
Espoo, Finland, 2011-02-17 07:30 CET (GLOBE NEWSWIRE) -- TRAINERS' HOUSE PLC,
STOCK EXCHANGE RELEASE, 17 FEBRUARY 2011 AT 8:30
January-December
-- Net sales from continuing operations amounted to EUR 15.6 million (EUR 20.5
million)
-- Operating profit from continuing operations before non-recurring items and
depreciation resulting from the allocation of acquisition cost was EUR 1.1
million (EUR 1.9 million), or 7.1% of net sales (9.3%)
-- Operating result from continuing operations after depreciations from
resulting from the allocation of acquisition cost and goodwill write-downs
was EUR -15.8 million (EUR -2.1 million), or -101.5% of net sales (-10.3%)
-- Cash flow from operating activities was EUR -1.5 million (EUR 3.5 million)
-- Earnings per share for continuing operations were EUR -0.24 (EUR -0.09)
October-December
-- Net sales from continuing operations amounted to EUR 4.4 million (EUR 4.7
million)
-- Operating profit from continuing operations before non-recurring items and
depreciation resulting from the allocation of acquisition cost was EUR 0.1
million (EUR 0.9 million), or 2.7% of net sales (19.3%)
-- Operating result from continuing operations after these items was EUR -14.7
million (EUR 0.4 million), or -334.8% of net sales (8.4%)
-- Cash flow from operating activities was EUR 0.9 million (EUR 1.7 million)
-- Earnings per share for continuing operations were EUR -0.22 (EUR -0.05)
Key figures at the end of the period under review
-- Liquid assets totalled EUR 3.7 million (EUR 1.9 million)
-- Interest-bearing liabilities amounted to EUR 9.9 million (EUR 16.7 million)
and interest-bearing net debts totalled EUR 6.2 million (14.8 million)
-- Net gearing was 17.7% (28.9%)
-- The equity ratio was 66.8% (66.5%)
Trainers' House Plc's operating profit for the last quarter of 2010 was
positive, but the development of net sales and profitability were weaker than
expected.
There company recognised a write-down of EUR 14.4 million in the Group's
goodwill in the financial statements. The write-down does not have an effect on
cash flow. After this write-down, the Group balance sheet has 25.8 million of
goodwill and shareholders' equity of EUR 35.1 million, accounting for 66.8% of
the balance sheet total.
The Board of Directors appointed the deputy CEO, Mr Vesa Honkanen, as the new
chief executive officer of the company effective as of 25 January 2011.
The Board of Directors proposes that no dividend be paid for 2010.
OUTLOOK FOR THE FUTURE
The company expects that net sales will increase and operating profit after
depreciation resulting from the allocation of acquisition cost will improve
year on year.
CEO VESA HONKANEN
The operation of Trainers' House is post-cyclical. The cautious purchase
behaviour of customers in 2009 affected the 2010 net sales and result. The
company recognised a write-down of EUR 14.4 million in the Group's goodwill in
the financial statements. The write-down does not have an effect on cash flow.
The business environment did, however, show some signs of recovery in 2010.
Even though the fourth quarter of the year was weaker than expected after a few
important sales projects were postponed until 2011, orders in continuing
operations increased by 21% year on year.
The restructuring measures carried out during 2010 streamlined the operations
of Trainers' House, making it easier to focus on the company's core business.
An increasing number of customer projects utilise a wide selection of Trainers'
House services: Ignis offers new opportunities for our customers' sales agents
and helps audit critical points in their customer and supervisor work, training
services help our customers clarify their strategies and increase the
efficiency of their operations, while SaaS systems ensure that they stay on the
right path.
The new offerings of Trainers' House, i.e. the sales management system and
employee well-being promotion services from Revenue House, were
enthusiastically received. Both already generated revenue in 2010.
Trainer's House helps its customers grow by supporting their daily management
work. Our skilled and committed personnel has a key role in making this happen.
For more information, please contact:
Vesa Honkanen, CEO, tel. +358 500 432 993
Mirkka Vikström, CFO, tel. +358 50 376 1115
REVIEW OF OPERATIONS
Trainer's House helps its customers grow by supporting their daily management
work.
This task is implemented by offering customers business-critical training based
on the utilisation of marketing (Ignis) and management (SaaS) systems.
Through business divestments and restructuring, the company seeks to adjust the
organisation model to suit its strategy. Due the structural changes, the number
of personnel has been reduced from 227 to 133 persons year on year.
Changes in business operations and corporate structure
On 29 March 2010, the company announced the start of codetermination
negotiations concerning its business unit in Tampere as well as Group
administration functions. On 18 May 2010, the negotiations were announced to
have been concluded. As a result of the negotiations, the Group's business unit
in Tampere was shut down and personnel in administration deducted by lay-offs
and transfers to customer service functions. In total, the personnel of the
Group was reduced by 20 persons.
On 13 August 2010, Trainers' House, Sentica Kasvurahasto II Ky and AtBusiness
Oy signed an agreement on a corporate transaction under which the IT project
business of Trainers' House was sold to a new company, which simultaneously
acquired the entire share capital of AtBusiness Oy from Sentica Kasvurahasto II
Ky and the employee-owners at AtBusiness Oy.
The purchase price of the IT project business was EUR 9.0 million, of which
about EUR 6.2 million was paid in cash. Trainers' House invested about EUR 2.8
million in the new company using equity and debt instruments. After the
transaction, Trainers' House owns 19.9% of the new company's shares and votes,
while Sentica Kasvurahasto II Ky and the new company's acting management own
the rest of the shares.
Development of sales
The value of new orders in continuing operations increased by 21% year on year.
The agreements entered into by the end of 2010 bring the total number of SaaS
users from 16,000 to over 19,000. The development costs of SaaS products
amounted to a total of EUR 1.1 million during the reporting period. These costs
have been recognised as expenses.
FINANCIAL PERFORMANCE
Net sales development in the last quarter of the financial year was weaker than
expected. Operating profit before non-recurring items and depreciation
resulting from the allocation of acquisition costs decreased year on year and
was slightly positive.
Continuing operations
The net profit of the company's IT process business that was sold in the third
quarter of the year, from the beginning of 2010 to the date of the divestment,
as well as the related non-recurring capital loss of EUR 4.8 million are
presented as a single item on the line “Profit/loss for the period from
discontinued operations”. The figures for 2009 have been adjusted to correspond
with this presentation method.
Net sales from continuing operations during the period under review came to EUR
15.6 million (EUR 20.5 million). Operating profit from continuing operations
before depreciation resulting from the allocation of the acquisition cost of
Trainers' House Oy was EUR 1.1 million, or 7.1% of net sales (EUR 1.9 million,
or 9.3% of net sales). Cash flow from operating activities was EUR -1.5 million
(EUR 3.5 million).
Depreciations resulting from the allocation of acquisition cost
EUR 10.2 million of the acquisition cost of Trainers' House Oy in 2007 has been
allocated in intangible assets with a limited useful life. This item is
depreciated over a period of five years. During the period under review, a
total of EUR 2.0 million was depreciated. At the end of the period under
review, these intangible assets totalled EUR 3.0 million. The total portion of
this item to be depreciated is EUR 1.6 million in 2011 and EUR 1,4 million in
2012.
Non-recurring items
Goodwill
The allocation of the purchase price of the divested IT project business in the
company's goodwill in the third quarter of the year reduced the goodwill
recognised in the company's balance sheet by EUR 10.7 million. After the
allocation of the purchase price, the goodwill recognised in company's balance
sheet totalled EUR 40.3 million.
On 25 January 2011, the Board of Directors of Trainers' House decided to lower
the estimates on the profitability and growth of net sales used in the
impairment testing. As a result, the Board of Directors resolved that of the
goodwill booked in connection with the merger of Satama Interactive Plc and
Trainers' House Oy, a total of further EUR 14.4 million will be written down.
After the depreciation resulting from the allocation of the sales price and the
goodwill write-down, approximately 25.8 million of goodwill remains in the
Group balance sheet. The above-mentioned write-downs do not have an effect on
cash flow.
Restructuring provision
Non-recurring items in the Group balance sheet include a restructuring
provision in the amount of EUR 0.5 million.
In the first quarter of 2009, a restructuring provision of EUR 1.4 million was
made to cover costs resulting from personnel reductions and the divestment of
international operations. EUR 0.9 million of the restructuring provision has
been used to cover actual expenses, while EUR 0.2 million was dissolved and
recognized as income. On 31 December 2010, EUR 0.3 million of the restructuring
provision remained. The unused provision is expected to cover the remaining
costs resulting from the restructuring.
The codetermination negotiations carried out in the spring of 2010 resulted in
the discontinuation of the Tampere unit and the dismissal of 20 Group
employees. Related expenses of EUR 0.6 million were recognised in the result of
the second quarter. EUR 0.4 million of the restructuring provision was used to
cover actual expenses, while EUR 0.2 million was dissolved and recognized as
income. No provision remains at the end of the period under review.
An additional provision of EUR 0.1 million was entered in the Group balance
sheet for new restructuring measures undertaken during the second half of 2010.
At the end of the period under review, the restructuring provision totalled EUR
0.4 million.
Deferred tax assets
The divestment of the company's IT project business completed in 2010 generated
taxable income against which the company used losses carried forward. On 31
December 2010, the company's balance sheet contained deferred tax assets from
losses carried forward in the amount of EUR 1.7 million. Tax loss
carry-forwards must be utilised within 10 years from their recognition. EUR 1.2
million of the company's tax loss carry-forwards will expire in 2011 - 2012 and
the rest EUR 0.5 million in 2019.
Financial performance
The comparative figures used for reporting operating profit include the
reported operating profit as well as operating profit before depreciation of
allocated acquisition cost related to the acquisition of Trainers' House Oy and
non-recurring items (= operating profit, EBIT). According to the company's
management, these figures provide a more accurate view of the company's
productivity.
The following table itemizes the Group's key figures (in thousands of euros):
2010 2009
Net sales 15,578 20,464
Expenses:
Personnel-related expenses -8,093 -11,317
Other expenses -5,796 -6,484
EBITDA 1,689 2,663
Depreciation of non-current assets -582 -766
Operating profit before depreciation 1,107 1,897
of acquisition cost
% of net sales 7.1 9.3
Depreciation of allocation of acquisition cost -1,968 -2,033
Operating profit/loss before non-recurring items -861 -136
% of net sales -5.5 -0.7
Non-recurring items **) -14,953 -1,979
EBIT -15,814 -2,115
% of net sales -101.5 -10.3
Financial income and expenses -1,094 -1,155
Profit/loss before tax -16,907 -3,270
Tax *) 689 -3,167
Profit/loss for the period continuing operations -16,218 -6,437
% of net sales -104.1 -31.5
Discontinued operations ***) -4,781 -579
Profit/loss for the period -20,999 -7,016
*) The tax included in the income statement is deferred. Taxes recognized in
the income statement have no effect on cash flow, because the company's balance
sheet contains deferred tax assets from losses carried forward. In 2009 a
write-down in deferred tax assets totalling EUR 3.7 million has been recognized
in the income statement.
**) Non-recurring items in 2009 include a restructuring provision in the amount
of EUR 1.2 million, and a write-down in the Group's goodwill in the amount of
EUR 0.8 million. Non-recurring items in 2010 include a restructuring provision
in the amount of EUR 0.5 million and a write-down in the Group's goodwill in
the amount of EUR 14.4 million.
***) Discontinued operations are specified in Notes.
The following table itemizes the distribution of net sales from continuing
operations and shows the quarterly profit/loss from the beginning of 2009 (in
thousands of euros:
Q109 Q209 Q309 Q409 2009 Q110 Q210 Q310 Q410 2010
--------------------------------------------------------------------------------
Net sales 6896 5155 3760 4652 20464 4180 4168 2831 4398 15578
--------------------------------------------------------------------------------
Operating 369 372 258 898 1897 588 483 -81 118 1107
profit
before depreci
ation of
acquisition
cost *)
--------------------------------------------------------------------------------
Operating -2343 -36 -125 389 -2115 79 -575 -590 -14728 -15814
profit
--------------------------------------------------------------------------------
*) excluding non-recurring items
LONG-TERM OBJECTIVES
The company's long-term objective is profitable growth.
FINANCING, INVESTMENTS AND SOLVENCY
On 4 August 2010, Trainers' House Plc announced the divestment of its IT
project business at the price of EUR 9.0 million, of which some EUR 6.2 million
was paid to Trainers' House in cash. The company used the entire cash
consideration to pay off interest-bearing loans.
Hybrid bond
On 15 January 2010, Trainers' House Plc issued an EUR 5.0 million domestic
hybrid bond.
EUR 1.0 million of the bond was subscribed by domestic investors and EUR 4.0
million by major shareholders of Trainers' House Plc based on their
underwriting commitments. The coupon rate of the bond is 10.0% per annum. The
bond has no maturity, but the company may call the bond after three years.
The hybrid bond will strengthen Trainers' House Plc's capital structure and
enhance its financial position. The arrangement will also enhance the ratio of
net debt to EBITDA. A hybrid bond is an instrument which is subordinated to the
company's other debt obligations and which is treated as equity in the IFRS
financial statements. Hybrid bonds do not confer to their holders the right to
vote at shareholder meetings and do not dilute the holdings of the current
shareholders.
Interest of EUR 0.5 million related to the hybrid bond were recognised in the
consolidated income statement of 31 December 2010. The interest was recognised
in shareholders' equity and paid to investors on 21 January 2011.
Cash flow and financing
Cash flow before financial items totalled EUR -0.3 million (EUR 4.7 million)
and cash flow after financial items was EUR -1.5 million (EUR 3.5 million).
Cash flow from investments totalled EUR 6.1 million (EUR -0.3 million). The
largest item was the EUR 6.2 million cash payment for the divested IT project
business.
Cash flow from financing was EUR -2.8 million (EUR -9.0 million). During the
period under review, cash flow from financing was affected most significantly
by the repayment of interest-bearing loans in the amount of EUR 7.5 million as
well as the issue of the EUR 5.0 million hybrid bond.
Total cash flow amounted to EUR 1.8 million (EUR -5.8 million).
On 31 December 2010, the Group's liquid assets totalled EUR 3.7 million (1.9
million). The equity ratio was 66.8% (66.5%). Net gearing was 17.7% (28.9%). At
the end of the period under review, the company had EUR 9.9 million of
interest-bearing debt (EUR 16.7 million).
Financial risks
Currency risks are insignificant, because Trainers' House operates principally
in the euro zone. Interest rate risk is managed by covering part 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.
SHORT-TERM BUSINESS RISKS AND FACTORS OF UNCERTAINTY
Risks in the company's operating environment remained unchanged in 2010. Due to
the company's project-based operations, order lifecycle is short, which makes
it more difficult to estimate future developments. The situation has improved
due to the overall economic recovery, but long-term visibility remains weak.
Short-term risks
The Group's goodwill and deferred tax assets recognised in the balance sheet
were retested for impairment at the end of the financial year. Based on the
results of this impairment testing, the goodwill values were EUR 14.4 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. However, such write-down would not affect the
company's cash flow.
At the end of the period under review, Trainers' House Plc's balance sheet
contained deferred tax assets form losses carried forward in the amount of EUR
1.7 million. If the Group's taxable income does not reach approximately EUR 4.6
million in 2010-2012, there is a risk that some of the EUR 1.2 million in
deferred tax assets recognised in the balance sheet cannot be utilised and may
have to be written down. EUR 0.5 million of the tax loss carry-forwards will
expire in 2019. However, any such write-down would not affect the company's
cash flow.
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
balance sheet date, the company had loans related to this loan agreement in the
amount of EUR 9.2 million. The loan agreement contains standard covenants,
including one concerning the ratio of net debt to EBITDA.
In order to ensure that it will fulfil the financial covenant in the loan
agreement concerning the ratio of net debt to EBITDA, the company issued a
hybrid capital bond in the amount of EUR 5.0 million on 15 January 2010.
If the company's profitability should fail to develop as expected, there is a
risk that the company might not be able to fulfil the covenants, which would
increase the company's financial expenses.
About risks
Trainers' House is an expert organisation. Market and business risks are part
of regular business operations, and their extent is difficult to define.
Typical risks in this field are associated with, for example, general economic
development, distribution of the clientele, technology choices and development
of the competitive situation and personnel expenses. Risks are managed through
the efficient planning and regular monitoring of sales, human resources and
business costs, enabling a quick response to changes in the operating
environment.
The success of Trainers' House as an expert organisation also depends on its
ability to attract and retain skilled employees. Personnel risks are managed
with competitive salaries and incentive schemes as well as investments in
employee training, career opportunities and general job satisfaction.
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 the period under review, the Group employed 133 (156) people.
BOARD OF DIRECTORS
Appointed by the previous Annual General Meeting, the Board of Directors of
Trainers' House Plc includes the following persons: Aarne Aktan (Chairman),
Tarja Jussila, Kai Seikku and Matti Vikkula.
The Board of Directors convened 13 times in 2010. The attendance rate was 96%.
ACTING MANAGEMENT
Mr. Jari Sarasvuo acted as the CEO of Trainers' House Plc during the period
under review. Vesa Honkanen acted as the Senior Vice President for the entire
period, and Jarmo Lönnfors until 13 August 2010. Mirkka Vikström acts as the
company's CFO.
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 period under review, 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
During the period under review, a total of 16.0 million shares, or 23.6% of the
average number of all company shares (20.6 million shares or 30.3%), were
traded on the Helsinki Exchanges for a value of EUR 6.8 million (EUR 11.5
million). The period's highest share quotation was EUR 0.53 (EUR 0.71), the
lowest EUR 0.33 (EUR 0.42) and the closing price EUR 0.36 (EUR 0.44). The
weighted average price was EUR 0.42 (EUR 0.56). At the closing price on 31
December 2010, the company's market capitalisation was EUR 24.5 million (EUR
29.9 million).
PERSONNEL OPTION PROGRAMMES
Trainers' House Plc has one option programme for its personnel, included in the
personnel's commitment and incentive scheme.
The Annual General Meeting held on 25 March 2010 decided to commence 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 no more than 5,000,000 new
shares or treasury shares in total. The subscription prize for the 2010A
warrant is EUR 0.46. The subscription price for the 2010B warrant shall be
based on the market price of the share of Trainers' House Plc on NASDAQ OMX
Helsinki Ltd in March 2011. The subscription period for shares converted under
the 2010A warrant is from 1 September 2011 to 31 December 2012, and for shares
converted under the 2010B warrant from 1 September 2012 to 31 December 2013.
In 2010, the total number of warrants granted to the personnel was 1.8 million.
Of these, 0.9 million were 2010A warrants and 0.9 million 2010B warrants.
Option expenses of EUR 0.02 million were recognised in the income statement in
2010.
CHANGES IN OWNERSHIP
On 20 July 2010, Trainers' House Plc received the following notice of change in
ownership: on July 2010, the share of Trainers' House Plc's shares and votes
held by Smartum Oy exceeded 1/20. After the notice, Smartum Oy has increased
its holding further, and is not the second largest owner of the Group. On 31
December 2010, Smartum Oy owned a total of 4,250,000 shares, or 6.25% of
Trainers' House Plc's shares and votes.
Information on the company's ownership structure and major shareholders is
available on the company's website at www.trainershouse.fi > Investors.
EVENTS AFTER THE REVIEW PERIOD
The Board of Directors of Trainers' House Plc appointed Vesa Honkanen, M.Tech,
as the new chief executive officer of the company effective as of 25 January
2011.
Vesa Honkanen has been with the company since 1997 acting in numerous
positions, most recently as the deputy CEO being responsible for the training
business of Trainers' House Plc. His previous responsibilities include acting
as the CEO of Trainers' House Oy.
The previous CEO of Trainers' House, Mr Jari Sarasvuo, will stand for election
to the Board of Directors in the Annual General Meeting which will be held on
23 March 2011. Mr Sarasvuo will continue on full time basis with the company,
concentrating on client work and development of the company's service concepts.
CONDENSED FINANCIAL STATEMENTS AND NOTES
The Group divested its IT project business in August 2010, and the comparative
figures for 2009 have been adjusted to correspond to the structure of the
continuing and divested operations.
This report was compiled in accordance with the IAS 34 standard.
Amendments to and interpretations of published standards, as well as the new
standards effective as of 1 January 2009 are presented in detail in the
Financial Statements for 2009. Adoption of the standards did not cause any such
impact on the accounting principles applied to the financial statements that
would have called for retroactive changes to previous years' figures.
As of 1 January 2010, the Group has adopted the following new and revised
standards: IAS 27 (revised) Consolidated and Separate Financial Statements,
Improvements to IFRSs (April 2009), Amendment IAS 32 Financial Instruments:
Presentation - Classification of Rights Issues. These newly adopted standards
have not had impact on the reported results.
In producing this interim report, Trainers' House has applied the same
accounting principles for key figures as in its Financial Statements for 2009.
The calculation of key figures is described on page 56 of the Financial
Statements included in the Annual Report 2009.
The figures given for 2010 in this Financial Statements bulletin are audited.
INCOME STATEMENT, IFRS (kEUR)
Group Group Group Group
01/10-- 01/10-- 01/01-- 01/01--
31/12/10 31/12/09 31/12/10 31/12/09
CONTINUING OPERATIONS
NET SALES 4,398 4,652 15,578 20,464
Other income from operations 119 24 263 101
Costs:
Materials and services 843 439 2,231 2,499
Personnel-related 2,356 2,386 8,522 11,765
expenses
Depreciation 594 652 2,549 2,799
Impairment 14,445 14,445 804
Other operating expenses 1,008 811 3,908 4,813
Operating profit/loss -14,728 389 -15,814 -2,115
Financial income and expenses -345 -382 -1,094 -1,155
Profit/loss before tax -15,073 7 -16,907 -3,270
Tax*) 207 -3,566 689 -3,167
Profit/loss for the period -14,866 -3,558 -16,218 -6,437
continuing operations
Discontinued operations -38 24 -4,781 -579
PROFIT/LOSS FOR THE PERIOD -14,904 -3,534 -20,999 -7,016
Other comprehensive income:
Exchange differences on 7 11
translating foreign operations
Cash flow hedges 50 67 178 -121
Income tax relating to components -13 -18 -46 31
of other comprehensive income
Other comprehensive income 37 57 132 -79
for the year, net of tax
TOTAL COMPREHENSIVE -14,867 -3,478 -20,867 -7,095
INCOME FOR THE YEAR
Profit/loss attributable to:
Owners of the parent company -14,904 -3,534 -20,999 -7,016
Total comprehensive income
attributable to:
Owners of the parent company -14,867 -3,478 -20,867 -7,095
Earnings per share, undiluted:
EPS result for the period from -0.22 -0.05 -0.24 -0,09
continuing operations
EPS attributable to hybrid -0.01 -0.01
bond investors
EPS continuing operations -0.22 -0.05 -0.24 -0.09
EPS result for the period from -0.00 0.00 -0.07 -0.01
discontinued operations
EPS attributable to equity -0.22 -0.05 -0.31 -0.10
holders of the parent company
EPS result for the period -0.22 -0.05 -0.31 -0.10
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
31/12/10 31/12/09
ASSETS
Non-current assets
Property, plant and equipment 1,032 506
Goodwill 25,806 50,968
Other intangible assets 12,871 15,028
Other financial assets 202 3
Other receivables 3,127 513
Deferred tax receivables 1,717 3,458
Total non-current assets 44,754 70,477
Current assets
Inventories 11 12
Accounts receivables and other 4,121 4,862
receivables
Cash and cash equivalents 3,686 1,858
Total current assets 7,817 6,733
TOTAL ASSETS 52,571 77,209
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity attributable to equity holders
of the parent company
Share capital 881 881
Premium fund 13,943 13,943
Hedging reserve -129 -260
Distributable non-restricted equity fund 31,872 31,872
Other equity fund 4,614
Retained earnings -16,062 4,921
Total shareholders' equity 35,119 51,357
Long-term liabilities
Deferred tax liabilities 3,288 3,800
Other long-term liabilities 4,649 15,336
Accounts payable and other liabilities 9,515 6,717
Total liabilities 17,452 25,853
TOTAL SHAREHOLDERS' EQUITY AND 52,571 77,209
LIABILITIES
CASH FLOW STATEMENT, IFRS (kEUR)
Group Group
01/01-- 01/01--
31/12/10 31/12/09
Profit/loss for the period -20,999 -7,016
Adjustments to profit/loss for the period 22,447 8,051
Change in working capital -1,740 3,670
Financial items -1,176 -1,166
Cash flow from operations -1,468 3,538
Divestment of business 6,183
Investments in tangible and -118 -335
intangible assets
Cash flow from investments 6,065 -335
Dividend distribution -3,401
Repayment of long-term loans -6,200 -1,250
Repayment of short-term loans -1,250 -3,750
Withdrawal of hybrid bond 4,962
Repayment of finance lease liabilities -281 -121
Increase in long-term receivables -487
Cash flow from financing -2,769 -9,009
Change in cash and cash equivalents 1,828 -5,806
Opening balance of cash and 1,858 7,664
cash equivalents
Closing balance of cash and 3,686 1,858
cash equivalents
CHANGE IN SHAREHOLDERS' EQUITY (kEUR)
Equity attributable to equity holders of the parent company
Share Premium Hed Distri Other Trans Re Total
capital fund ging butabl equity la taind
reserve e fund tion earning
non-re diffe s
stric ren
ted ses
equity
--------------------------------------------------------------------------------
Equity 881 13,943 -171 31,872 -11 15,339 61,853
01/01/2009
--------------------------------------------------------------------------------
Other compre -89 11 -7,016 -7,095
hensive
income
--------------------------------------------------------------------------------
Dividens -3,401 -3,401
paid
--------------------------------------------------------------------------------
Equity 881 13,943 -260 31,872 4,921 51,357
31/12/2009
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity 881 13,943 -260 31,872 4,921 51,357
01/01/2010
--------------------------------------------------------------------------------
Other compre 132 -20,999 -20 867
hensive
income
--------------------------------------------------------------------------------
Hybrid bond 4,614 4,614
--------------------------------------------------------------------------------
Share-- 15 15
based
payments
--------------------------------------------------------------------------------
Equity 881 13,943 -129 31,872 4,614 -16,062 35,119
31/12/2010
--------------------------------------------------------------------------------
RESTRUCTURING PROVISION (kEUR) Group Group
01/01-- 01/01--
31/12/10 31/12/09
Provisions 1 January 346 0
Provisions increase 675 1 400
Provisions used -633 -1 054
Provisions 31 December 389 346
PERSONNEL Group Group
01/01-- 01/01--
31/12/10 31/12/09
Average number of personnel 150 203
Personnel at the end of the period 133 156
COMMITMENTS AND CONTINGENT Group Group
LIABILITIES (kEUR) 31/12/10 31/12/09
Collaterals and contingent liabilities 12,894 15,877
given for own commitments
Interest rate swaps
Fair value -174 -349
Nominal value 8,427 15,926
DISCONTINUED OPERATIONS (kEUR)
The results of a discontinued operations are as follows:
Group Group
01/01-- 01/01--
13/08/10 31/12/09
Revenue 4,877 7,184
Expenses -4,715 -7,763
Profit/loss before tax 162 -579
Tax -42
Profit/loss after tax 120 -579
Profit from a divested operation 7,860
before tax
Share of the divested operation -10,717
in the goodwill
Loss from a divested operation -2,857
before tax
Tax -2,044
Loss for the period from a -4,781 -579
discontinued operations
Earnings per share discontinued
operations:
Undiluted earnings/share (EUR) -0.07 -0.01
Diluted earnings/share (EUR) -0.07 -0.01
Impact on Group's financial position
Group
13/08/10
Other intangible assets 22
Receivables 1,419
Accounts payable and other liabilities -301
Receivables and liabilities total 1,140
Cash received 6 183
Cash and cash equivalents 0
of a divested business
Impact on cash flow 6 183
OTHER KEY FIGURES Group Group
31/12/10 31/12/09
Equity-to-assets ratio (%) 66.8 66.5
Net gearing (%) 17.7 28.9
Shareholders' equity/share (EUR) 0.52 0.76
Return on equity (%) -37.5 -11.4
Return on investment (%) -27.8 -2.6
Helsinki, 17 February 2011
TRAINERS' HOUSE PLC
BOARD OF DIRECTORS
For more information, please contact:
Vesa Honkanen, CEO, tel. +358 500 432 993
Mirkka Vikström, CFO, tel. +358 50 376 1115
DISTRIBUTION
OMX Nordic Exchange, Helsinki
Main media
www.trainershouse.fi > Investors
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