|
|||
2010-10-21 07:30:00 CEST 2010-10-21 07:30:02 CEST REGULATED INFORMATION Trainer's House Oyj - Interim report (Q1 and Q3)TRAINERS' HOUSE GROUP'S INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2010TRAINERS' HOUSE PLC STOCK EXCHANGE RELEASE 21 OCTOBER 2010 AT 8:30 Interest-bearing net debts of Trainers' House reduced to EUR 7.0 million. Divestment carried out in Q3 will increase operational efficiency. The divestment price allocation into the company's goodwill and the recognition of deferred tax calculated for taxable income generated by the transaction resulted in a book loss of EUR 4.7 million, which has no impact on cash flow. Operating profit (EBIT) from continuing operations before non-recurring items and depreciation resulting from the allocation of acquisition cost was EUR 1.0 million, or 8.9% of net sales (EUR 1.0 million, or 6.3% of net sales), and after these items, EUR -1.1 million, or -9.7% of net sales (EUR -2.5 million, or -15.8% of net sales). The result was weakened by a non-recurring restructuring cost of EUR -0.6 million (EUR -2.0 million). January-September Net sales from continuing operations amounted to EUR 11.2 million (EUR 15.8 million) Operating profit (EBIT) from continuing operations before non-recurring items and depreciation resulting from the allocation of acquisition cost was EUR 1.0 million (EUR 1.0 million), or 8.9% of net sales (6.3%). Operating result from continuing operations after these items was EUR -1.1 million (EUR -2.5 million), or -9.7% of net sales (-15.8%). Cash flow from operating activities was EUR -2.4 million (EUR 1.8 million). Earnings per share for continuing operations totalled EUR -0.02 (EUR -0.04). July-September Net sales from continuing operations amounted to EUR 2.8 million (EUR 3.8 million). Operating profit (EBIT) from continuing operations before non-recurring items and depreciation resulting from the allocation of acquisition cost was EUR -0.1 million (EUR 0.3 million), or -2.9% of net sales (6.9%). Operating result from continuing operations after these items was EUR -0.6 million (EUR -0.1 million), or -20.8% of net sales (-3.3%). Cash flow from operating activities was EUR -1.5 million (EUR -1.2 million). Earnings per share for continuing operations totalled EUR -0.01 (EUR -0.00). Key figures at the end of the period under review: Liquid assets totalled EUR 4.1 million (EUR 2.6 million). Interest-bearing liabilities amounted to EUR 11.1 million (EUR 19.2 million) and interest-bearing net debts totalled EUR 7.0 million (EUR 16.6 million). Net gearing was 14.0% (30.4%). The equity ratio was 73.3% (65.9%). OUTLOOK FOR THE FUTURE The business environment is showing signs of recovery. The completed restructuring and focusing on core business have improved the outlook for the last quarter of 2010. Trainers' House expects that thanks to cost savings and the restructuring carried out in 2009 and 2010, the operating profit for the second half of 2010, before non-recurring items and depreciation resulting from the allocation of acquisition cost, will improve year on year. Exception to previous statement, Trainers' House expects that the operating profit for the second half of 2010, before non-recurring items and depreciation resulting from the allocation of acquisition cost, will reduce slightly year on year. Operating profit during the third quarter was weaker than expected due to the restructuring. Operating profit for the year 2010 will most likely stay in the same level year on year. CEO JARI SARASVUO Our operations and balance sheet shrunk. We made a loss in the third quarter, even though we managed to increase our relative profitability for 2010. We have reduced our risks. We have rapidly reduced our debt. After our restructuring, the core of our business that enables profitable growth is more focused and clearer. Training, technology and marketing are becoming more and more inextricably linked. Year on year, we have secured more orders that support our strategy. Since the beginning of 2010, we have increased our order book by 37%. Year on year, our sales in Q3 increased by 51%. The number of people using our SaaS solutions is growing rapidly. Today, our growth management technologies have been licensed for 16,000 professionals. The licence agreements are mostly related to ongoing training and marketing projects, which means that most of them are for a limited period. We made a successful business transaction from everybody's point of view. Of EUR 9.0 million divestment price, EUR 6.2 million was paid in cash. The transaction resulted in a book loss of EUR 4.7 million, which fortunately has no impact on cash flow. Net debts of the company reduced to EUR 7.0 million. For more information, please contact: Jari Sarasvuo, CEO Mirkka Vikström, CFO, tel. 050 376 1115 REVIEW OF OPERATIONS Trainers' House is a technology-assisted training company that helps its customers to grow. Trainers' House implements this strategy by offering customers business-critical training based on the utilization of marketing and management systems. Through restructuring, Trainers' House has consistently sought to adjust an organization model to suit the strategy, with the objective of establishing a comprehensive growth services company. After the transaction completed during the period under review, organizational structure of Trainers' House supports the implementation of the strategy better than before. Trainers' House will continue the in-house development of SaaS products, but will now acquire IT project implementation from a partner. This allows to better focus on strengthening core competency and on improving the overall profitability of operations. The share of the divested operations in the goodwill recognized in company's balance sheet reduced the company's goodwill by 21%. The divestment is recognized as taxable income against which the company is using losses carried forward. After the transaction, the company's balance sheet contains deferred tax assets from losses carried forward in the amount of EUR 1.4 million. Changes in business operations and corporate structure During the period under review, Trainers' House divested its IT project business. Trainers' House, Sentica Kasvurahasto II Ky and the employee-owners of 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 of AtBusiness Oy. The purchase price of the IT project business of Trainers' House is EUR 9.0 million. Of the total purchase price, about EUR 6.2 million was paid to Trainers' House in cash. In addition, 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 new company's acting management own the rest of the shares and votes. The transaction was completed on 13 August 2010, after the closing conditions specified in the agreement signed on 4 August 2010 were considered met. Now the structure of Trainers' House corresponds to the company's strategic goals better than before. The company gave up the management of its IT project business in order to focus on pursuing its core strategy - which still includes the development of management systems. Trainers' House will continue to support the implementation of training and marketing projects based on tailored IT systems, but responsibility for business operations and brand building in this area are now the responsibility of AtBusiness Group Oy. In accordance with its strategy, Trainers' House continues the in-house development of the SaaS services. In the future, production services related to the implementation of SaaS information systems will be outsourced, which is expected to increase operational efficiency considerably. As a result of the transaction, the Helsinki office of AtBusiness Group Oy moved to the office of Trainers' House in Niittykumpu, Espoo. This was done to ensure efficient implementation of customer projects in the future. Development of sales The expectation of market recovery is visible among the company's customers as the strengthening of goal-oriented sales and customer service activities. In particular, orders related to service chains and the development of customer processes have increased significantly, now accounting for more than 50% of all orders. In the area of change processes in customer organizations, the need for change management is becoming increasingly important. The share of SaaS information systems required in the implementation of new practices and processes related to cross-industry change management and implementation is increasing rapidly, accounting for about a fifth of all sales in the period under review. Our improved efficiency is also visible in our sales. During the period under review, like-for-like overall sales increased by one third. SaaS solution sales SaaS services play an increasing role in our business operations. In the short term, net sales will develop slower than in traditional service sales, because SaaS services are invoiced on a monthly basis. In the long term, SaaS services will generate a steady cash flow, reducing the cyclical nature of service business. SaaS agreements concluded in July-September bring the total number of users from 9,000 to more than 16,000 people. During the period under review, a total of EUR 1.1 million was invested in the development of SaaS products. These investments have been recognized as expenses. FINANCIAL PERFORMANCE Because of summer holidays, the third quarter has traditionally been the slowest quarter for expert organizations like Trainers' House. In the period under review, operating profit (EBIT) before non-recurring items and depreciation resulting from the allocation of acquisition cost decreased year on year. Net sales decreased by more than one third year on year due to the restructuring. Operating profit was therefore negative during the third quarter. Divestment of IT project business The net profit of the company's IT project business from the beginning of 2010 to the date of the divestment agreement and the related non-recurring capital loss are presented as a single item on the line “Profit/loss from discontinued operations”. The figures for 2009 have been adjusted to correspond with this presentation method. The allocation of the purchase price of the divested IT project business in the company's goodwill reduced the goodwill recognized in company's balance sheet by 21% or EUR 10.7 million. After the allocation of the purchase price, the goodwill recognized in company's balance sheet totalled EUR 40.3 million, or 58.6% of the balance sheet total. The divestment price allocation into the company's goodwill and the recognition of deferred tax calculated for taxable income generated by the transaction resulted in a book loss of EUR 4.7 million, which has no impact on cash flow. Continuing operations Net sales from continuing operations during the period under review came to EUR 11.2 million (EUR 15.8 million). Operating profit (EBIT) from continuing operations before depreciation resulting from the allocation of the purchase price of Trainers' House Oy amounted to EUR 1.0 million, or 8.9% of net sales (EUR 1.0 million, or 6.3%). Cash flow from operating activities was EUR -2.4 million (EUR 1.8 million). The company's relative profitability improved during the period under review. After the restructuring, the number of employees has decreased from 240 to 141 people year on year, which has increased efficiency and the net sales/person ratio. 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 during the second and third quarters of 2009. On 30 September 2010, EUR 0.3 million of the provision remained unused. 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 employees. The related expenses totalling EUR 0.6 million were recognized in the result of the second quarter. At the end of the period under review, EUR 0.2 million of the provision remained unused. The divestment of the company's IT project business completed during the period under review generated taxable income against which the company used losses carried forward. On 30 September 2010, the company's balance sheet contained deferred tax assets from losses carried forward in the amount of EUR 1.4 million. Tax loss carry-forwards must be utilized within 10 years from their recognition. About one third of the company's tax loss carry-forwards will expire in 2011, and the rest in 2012. In 2007 EUR 10.2 million of the purchase price of Trainers' House Oy 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 1.5 million was depreciated. At the end of the period under review, these intangible assets totalled EUR 3.5 million. The total portion of this item to be depreciated in 2010 is EUR 2.0 million, while the portions to be depreciated in 2011 and 2012 are EUR 1.6 million and 1.4 million, respectively. 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): 1-9/2010 1-9/2009 Net sales 11,180 15,812 Expenses Personnel-related expenses -5,816 -8,931 Other expenses -3,944 -5,259 EBITDA 1,420 1,622 Depreciation of non-current assets -430 -622 Operating profit before depreciation of allocation of acquisition cost 989 999 % of net sales 8.9 6.3 Depreciation of allocation of acquisition cost -1,525 -1,525 Operating profit/loss before non-recurring items -536 -526 % of net sales -4.8 -3.3 Non-recurring items **) -550 -1,979 EBIT -1,086 -2,505 % of net sales -9.7 -15.8 Financial income and expenses -749 -773 Profit/loss before tax -1,834 -3,278 Tax *) 482 399 Profit/loss for the period continuing operations -1,352 -2,879 % of net sales -12.1 -18.2 Discontinued operations ***) -4,743 -603 Profit/loss for the period -6,095 -3,482 *) 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. **) 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 0.6 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 Net sales 6896 5155 3760 4652 20464 4180 4168 2831 Operating profit before depreciation of acquisition cost *) 369 372 258 898 1897 588 483 -81 Operating profit -2343 -36 -125 389 -2115 79 -575 -590 *) excluding non-recurring items LONG-TERM OBJECTIVES Due to the restructuring the long-term objectives of Trainers' House will be updated in year 2010 financial statements. 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 the total purchase price, about EUR 6.2 million was paid to Trainers' House in cash. The company used the entire cash consideration to pay off interest-bearing loans which will reduce company's financial costs. Hybrid bond On 15 January 2010, Trainers' House Plc issued a EUR 5 million domestic hybrid bond. Interest expenses related to the hybrid bond have not been recognized in the consolidated income statement. Interest expenses on 30 September 2010 were EUR 0.4 million. Interest accumulated by the Annual General Meeting must be paid before decision of dividend can be made. EUR 1 million of the bond was subscribed by domestic investors and EUR 4 million by major shareholders of Trainers' House Plc based on their underwriting commitments. The coupon rate of the bond is 10.00% 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. Cash flow and financing Cash flow before financial items totalled EUR -1.7 million (EUR 2.4 million) and cash flow after financial items was EUR -2.4 million (EUR 1.8 million). Cash flow from investments totalled EUR 6.1 million (EUR -0.2 million). Cash flow from financing was EUR -1.4 million (EUR -6.7 million). Total cash flow amounted to EUR 2.3 million (EUR -5.1 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 6.2 million. On 30 September 2010, the Group's liquid assets totalled EUR 4.1 million (2.6 million). The equity ratio was 73.3% (65.9%). Net gearing was 14.0% (30.4%). At the end of the period under review, the company had EUR 11.1 million of interest-bearing debt (EUR 19.2 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 have remained the same. In 2009, business operations became more challenging, and it became more difficult to estimate future developments. While the situation has improved somewhat in 2010, the long-term future outlook remains weak. Short-term risks The Group's goodwill and deferred tax assets recognized in the balance sheet were retested for impairment at the end of the quarter. No goodwill write-downs were made based on the results of the impairment testing. 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, any such write-down would not affect the company's cash flow. The allocation of the purchase price of the divested IT project business in the company's goodwill reduced the goodwill recognized in company's balance sheet by 21%. The divestment of the company's IT project business generated taxable income against which the company used losses carried forward. At the end of period under review, the balance sheet of Trainers' House Plc contained deferred tax assets from losses carried forward in the amount of EUR 1.4 million. If the company's taxable income does not reach approximately EUR 5.5 million in 2011-2012, there is a risk that some of the EUR 1.4 million in deferred tax assets recognized in the balance sheet of Trainers' House Plc cannot be utilized and may have to be written down. 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 10.4 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. The company used the entire cash consideration received from the divestment of its IT business to pay off interest-bearing loans. During the period under review, the company's interest-bearing debt decreased by EUR 8.1 million, totalling EUR 11.1 million at the end of the period under review. At the end of the period under review, the company's net liabilities totalled EUR 7.0 million. If the company's profitability should fail to develop as predicted, there is a risk that the company might not be able to fulfil the covenants, which would increase the company's financing costs. About risks Trainers' House is an expert organization. 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. Furthermore, Trainers' House aims to improve its risk tolerance by designing services that generate steady cash flow and are not as easily affected by economic fluctuations as services based on a one-off payment. The success of Trainers' House as an expert organization 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 141 (240) people. 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 12.3 million shares, or 18.1% of the average number of all company shares (13.5 million shares or 19.9%), were traded on the Helsinki Exchanges for a value of EUR 5.4 million (EUR 8.1 million). The period's highest share quotation was EUR 0.53 (EUR 0.71), the lowest EUR 0.34 (EUR 0.50) and the closing price EUR 0.39 (EUR 0.55). The weighted average price was EUR 0.44 (EUR 0.60). At the closing price on 30 September 2010, the company's market capitalization was EUR 26.5 million (EUR 37.4 million). PERSONNEL OPTION PROGRAMMES Trainers' House Plc has one option programme for its personnel, included in the personnel's commitment and incentive scheme. The AGM held on 25 March 2010 decided to commence an employee option programme for key employees of 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 price for shares converted under the option rights shall be based on the market price of the share of Trainers' House Plc on NASDAQ OMX Helsinki Ltd in March 2010 (2010A warrants) and March 2011 (2010B warrants). The subscription period for shares converted under the warrant 2010A is from 1 September 2011 to 31 December 2012, and for shares converted under the warrant 2010B from 1 September 2012 to 31 December 2013. Total of 1.8 million warrants will be granted to employees during the fourth quarter. Share of 2010A warrants will be 0.9 million and 2010B 0.9 million. Expenses will be recognized in the income statement starting from the fourth quarter of 2010. CHANGES IN OWNERSHIP On 20 July 2010, Trainers' House received the following notice of change in ownership: On 20 July 2010, the share of Trainers' House Plc's shares and votes held by Smartum Oy exceeded 1/20. After the notice of change in ownership, Smartum Oy has made further purchases in shares and holds a total of 3,500,000 shares, or 5.15% of Trainers' House Plc's shares and votes on 30 September 2010. Information on the company's ownership structure and major shareholders is available on the company's website at www.trainershouse.fi > Investors. 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. 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 in the interim report are unaudited. INCOME STATEMENT, IFRS (kEUR) Group Group Group Group Group 01/07- 01/07- 01/01- 01/01- 01/01- 30/09/10 30/09/09 30/09/10 30/09/09 31/12/09 CONTINUING OPERATIONS NET SALES 2,831 3,760 11,180 15,812 20,464 Other income from operations 84 -7 144 77 101 Costs: Materials and services 551 596 1,388 2,059 2,499 Personnel-related expenses 1,325 1,672 6,166 9,379 11,765 Depreciation 657 692 1,955 2,147 2,799 Impairment 804 804 Other operating expenses 972 919 2,900 4,003 4,813 Operating profit/loss -590 -125 -1,086 -2,505 -2,115 Financial income and expenses -106 -207 -749 -773 -1,155 Profit/loss before tax -696 -332 -1,834 -3,278 -3,270 Tax*) 258 146 482 399 -3,167 Profit/loss for the period continuing operations -438 -186 -1,352 -2,879 -6,437 Discontinued operations -4,938 -68 -4,743 -603 -579 PROFIT/LOSS FOR THE PERIOD -5,376 -255 -6,095 -3,482 -7,016 Other comprehensive income: Exchange differences on translating foreign operations 3 4 11 Cash flow hedges 44 1 128 -188 -121 Income tax relating to components of other comprehensive income -12 -0 -33 49 31 Other comprehensive income for the year, net of tax 33 4 95 -136 -79 TOTAL COMPREHENSIVE INCOME FOR THE YEAR -5,343 -251 -6,000 -3,617 -7,095 Profit attributable to: Owners of the parent company -5,376 -255 -4,743 -3,482 -7,016 Total comprehensive income attributable to: Owners of the parent company -5,343 -251 -6,000 -3,617 -7,095 Earnings per share as calculated from the profit attributable to shareholders of the parent company: Undiluted earnings/share (EUR), Continuing operations -0.01 -0.00 -0.02 -0.04 -0.09 Diluted earnings/share (EUR), Continuing operations -0.01 -0.00 -0.02 -0.04 -0.09 *) The tax included in the income statement is deferred. BALANCE SHEET, IFRS (kEUR) Group Group Group 30/09/10 30/09/09 31/12/09 ASSETS Non-current assets Property, plant and equipment 1,065 446 506 Goodwill 40,251 50,968 50,968 Other intangible assets 13,347 15,607 15,028 Investments 199 Other financial assets 3 3 3 Other receivables 3,205 560 513 Deferred tax receivables 1,445 7,197 3,458 Total non-current assets 59,515 74,781 70,477 Current assets Inventories 12 14 12 Accounts receivable and other receivables 5,011 5,881 4,862 Cash and cash equivalents 4,114 2,586 1,858 Total current assets 9,138 8,481 6,733 TOTAL ASSETS 68,653 83,262 77,209 SHAREHOLDERS' EQUITY AND LIABILITIES Equity attributable to equity holders of the parent company Share capital 881 881 881 Premium fund 13,943 13,943 13,943 Hedging reserve -166 -310 -260 Distributable non-restricted equity fund 31,872 31,872 31,872 Other equity fund 4,962 Translation differences -7 Retained earnings -1,174 8,456 4,921 Total shareholders' equity 50,318 54,834 51,357 Long-term liabilities Deferred tax liabilities 3,403 3,932 3,800 Other long-term liabilities 9,639 14,091 15,336 Accounts payable and other liabilities 5,292 10,405 6,717 Total liabilities 18,334 28,428 25,853 TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES 68,653 83,262 77,209 CASH FLOW STATEMENT, IFRS (kEUR) Group Group Group 01/01- 01/01- 01/01- 30/09/10 30/09/09 31/12/09 Profit/loss for the period -6,095 -3,482 -7,016 Adjustments to profit for the period 6,153 3,419 8,051 Change in working capital -1,807 2,492 3,670 Financial items -659 -633 -1,166 Cash flow from operations -2,408 1,796 3,539 Divestment of business 6,183 Investments in tangible and intangible assets -109 -197 -335 Cash flow from investments 6,074 -197 -335 Dividend distribution -3,401 -3,401 Increase/decrease in long-term loans-1,282 -2,599 -1,371 Increase/decrease in short-term loans -55 -3,750 Increase/decrease in long-term receivables -73 -534 -487 Increase/decrease in short-term receivables -143 Cash flow from financing -1,410 -6,677 -9,009 Change in cash and cash equivalents 2,256 -5,078 -5,806 Opening balance of cash and cash equivalents 1,858 7,664 7,664 Closing balance of cash and cash equivalents 4,114 2,586 1,858 CHANGE IN SHAREHOLDERS' EQUITY (kEUR) Equity attributable to equity holders of the parent company Dis- tribu- table Trans- Hed- non-re- lation ging stric- Other dif- Share Premium re- ted equity fe- Retained capital fund serve equity fund rences earnings Total Equity 01/01/2009 881 13,943 -171 31,872 -11 15,339 61,853 Other comprehensive income -139 4 -3,482 -3,617 Dividends paid -3,401 -3,401 Equity 30/09/2009 881 13,943 -310 31,872 -7 8,456 54,834 Equity 01/01/2010 881 13,943 -260 31,872 4,921 51,357 Other comprehensive income 95 -6,095 -6,000 Hybrid bond 4,962 4,962 Equity 30/09/2010 881 13,943 -166 31,872 4,962 -1,174 50,318 RESTRUCTURING PROVISION (kEUR) Group Group Group 01/01- 01/01- 01/01- 30/09/10 30/09/09 31/12/09 Provisions 1 January 346 0 Provisions increase 550 1,400 1,400 Provisions used -371 -1,020 -1,054 Provisions 30 September/31 December 525 380 346 PERSONNEL Group Group Group 01/01- 01/01- 01/01- 30/09/10 30/09/09 31/12/09 Average number of personnel 209 298 281 Personnel at the end of the period 141 240 227 COMMITMENTS AND CONTINGENT LIABILITIES (kEUR) Group Group Group 30/09/10 30/09/09 31/12/09 Collaterals and contingent liabilities given for own commitments 13,248 1,553 15,877 Interest rate swaps Fair value -224 -420 -349 Nominal value 13,605 18,247 15,926 DISCONTINUED OPERATIONS (kEUR) The results of a discontinued operations are as follows: Group Group Group 01/01- 01/01- 01/01- 13/08/10 30/09/09 31/12/09 Revenue 4,877 4,904 7,184 Expenses -4,664 -5,507 -7,763 Profit/loss before tax 213 -603 -579 Tax -55 Profit/loss after tax 158 -603 -579 Profit from a divested operation before tax 7,860 Share of the divested operation in the goodwill -10,717 Tax -2,044 Loss for the period from a discontinued operations -4,743 -603 -579 Earnings per share discontinued operations: Undiluted earnings/share (EUR) -0.07 -0.01 -0.01 Diluted earnings/share (EUR) -0.07 -0.01 -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 of a divested business 0 Impact on cash flow 6,183 OTHER KEY FIGURES Group Group Group 30/09/10 30/09/09 31/12/09 Equity-to-assets ratio (%) 73.3 65.9 66.5 Net gearing (%) 14.0 30.4 28.9 Shareholders' equity/share (EUR) 0.74 0.81 0.76 Return on equity (%) -9.3 -3.6 -11.4 Return on investment (%) -1.0 -0.6 -2.6 Return on equity and return on investment have been calculated for the previous 12 months. Helsinki, 21 October 2010 TRAINERS' HOUSE PLC BOARD OF DIRECTORS For more information, please contact: Jari Sarasvuo, CEO Mirkka Vikström, CFO, tel. 050 376 1115 DISTRIBUTION OMX Nordic Exchange, Helsinki Main media www.trainershouse.fi > Investors |
|||
|