2009-07-30 07:30:00 CEST
2009-07-30 07:30:02 CEST
REGULATED INFORMATION
Trainer's House Oyj - Interim report (Q1 and Q3)
TRAINERS' HOUSE GROUP'S INTERIM REPORT 1 JANUARY - 30 JUNE 2009
TRAINERS' HOUSE PLC INTERIM REPORT 30 JULY 2009 AT 8:30
A reduced cost structure turned Trainers' House's operations profitable.
Cash flow from operations positive.
Significant cost reduction carried out successfully.
Operating profit from operations turned positive in the second quarter.
Uncertainty in the business environment will continue until the end of the
year.
In January-June:
Net sales EUR 15.5 million (EUR 24.3 million).
Operating profit from operations before non-recurring items and depreciation
resulting from the allocation of acquisition cost EUR 0.2 million (EUR 4.5
million).
Operating result after these items EUR -2.9 million (EUR 2.8 million),
-18.8% of net sales (11.7%).
Cash flow from operating activities EUR 3.0 million (EUR 2.6 million).
Earnings per share EUR -0.05 (EUR 0.02).
In April-June:
Net sales EUR 6.9 million (EUR 12.3 million).
Operating profit from operations before non-recurring items and depreciation
resulting from the allocation of acquisition cost EUR 0.3 million (EUR 2.2
million).
Operating result after these items EUR -0.2 million (EUR 1.4 million), -2.2% of
net sales (11.3%).
Cash flow from operating activities EUR 0.7 million (EUR 1.3 million).
Earnings per share EUR +0.00 (EUR 0.01).
Key figures at the end of the period under review:
Liquid assets EUR 4.1 million (8.4 million).
Interest-bearing liabilities EUR 19.3 million (25.1 million) and
interest-bearing net debts EUR 15.1 million (16.7 million).
Net gearing 27.5% (27.0%).
The equity ratio 63.8% (61.6%).
OUTLOOK FOR THE FUTURE
Trainers' House expects the general economic situation to have a negative
impact on the company's financial performance during the financial year.
The company maintains its estimate that the company's net sales and operating
result will weaken during the current financial year.
CEO JARI SARASVUO
The development of Trainers' House in the first half of the year accelerated
the company's strategic transformation. Our hope of running our old business
model down in a controlled manner while quickly replacing it with a new one
turned out to be a fool's fantasy.
A sudden change in the buying behaviour of our customers at the beginning of
year forced us to break away from the past in a way that resulted in not only
financial loss, but more importantly, human suffering.
Obviously, the 36% decrease in business volume in the first quarter followed by
a further drop of 44% in the second quarter are far from a perfect first half
of the year.
Nevertheless, even though the numbers are weak, it is justified also to list
issues of hope and joy.
Due to the global market situation Trainers' House had to adopt a so-called
carp strategy. When the surface of the home pond freezes, it's better to focus
on protecting one's vital functions in an environment with a low oxygen level.
Since the opportunities of tomorrow are more important than the successes of
yesterday, we had to focus on protecting our cash flow - while making many
sacrifices.
Consequently we managed to keep the operative cash flow positive. Adjusting the
costs even exceeded our expectations. The annoying and in Q2 even worrying
development was deflected: the business is healthy again.
For the first time in over a decade, our training business lost its grip on
strong cash flows in the second quarter. In June we succeeded in turning the
figures into more familiar profitability levels. The operating profit of
training business reached EUR 2.2 million in the first half. EUR 0.6 million of
the amount was compiled during the second quarter. Also the order book of the
training business in June developed with nearly double tempo compared to
April-May. The other operations performed well, too.
The last six months have been tough time for us. The results made in the latter
half of the second quarter prove that from the future point of view the most
important things develop to the right direction.
In addition to our quickly recovering training business, we're happy about the
rapid growth of our marketing team, Story. Story turns a corporate strategy
into a verb, both inside and outside the company, and changes the behaviour and
opinions of customers and employees to support the implementation of the
strategy.
The people at Trainers' House are now more competent than ever before in the
company's history. The reasons to believe in our strategy have strengthened.
Without the difficult times we would have lost this glee.
For more information, please contact:
Mirkka Vikström, CFO, tel. +358 50 376 1115
Press conference:
Trainers' House will hold a press and analyst conference regarding the
financial statements bulletin on 30 July, at noon-1 pm, at the company's office
located at Porkkalankatu 11, Helsinki. Those wishing to participate should
contact Vladimira Belik, tel. +358 50 376 1431 or e-mail
vladimira.belik@trainershouse.fi.
REVIEW OF OPERATIONS
Strategy
Trainers' House is a technology-assisted training company that offers
business-critical services to its customers. In addition to training, the
company utilizes marketing, management systems and the financing of customer
risks. Our mission, helping our customers grow, is relevant in the current
period of slow economic growth.
The company's areas of expertise, the gathering and processing of market
information, marketing, and training and systems know-how together form an
integrated Growth System. The idea of the Growth System is to improve the
overall productivity of customers by influencing their chances of success in
marketing, sales and the management of customer-oriented work.
Changes in business operations and corporate structure
In order to adjust its resources to correspond to the present market situation,
Trainers' House carried out codetermination negotiations in March 2009. The
negotiations were concluded on 24 March and resulted in the dismissal of 57
employees. Furthermore, another 12 people left the company through other
arrangements during Q2. At the end of the second quarter, the Group employed
282 people.
Personnel reductions affected in particular the area of high price pressure,
subcontracting work, which did not create quantifiable, business-critical value
for customers. After the merger of Trainers' House and Satama, subcontracting
services have been cut systematically, while additional resources have been
allocated in services that create more value for customers and in SaaS product
development (SaaS = Software as a Service).
In the second quarter, Trainers' House continued restructuring its organization
to better suit the company's strategy. The company has transferred its
resources increasingly to the customer interface, and has transformed its sales
organization to support sales in the company's entire product offering.
The company's offices are located in Ruoholahti and Hernesaari, Helsinki, and
in Tampere. In connection with the codetermination negotiations, Trainers'
House closed down its Turku office and its small, non-strategic international
operations in Düsseldorf, Stockholm and St. Petersburg.
The restructuring carried out during the period under review does not affect
the company's long term strategy.
SaaS services
Trainers' House provides business-critical growth management services. These
services are based on SaaS services, which deliver quantifiable results on
productivity growth in marketing, sales and strategy. SaaS services enable our
customers to reduce the cost of additional sales and to improve their chances
of success.
The number of SaaS users grew steadily also in the second quarter. At the end
of June our services was used by about 2000 people.
FINANCIAL PERFORMANCE
On the whole, the company's financial development was positive during the
second quarter. As a result of the general market situation, personnel
reductions and restructuring, the company's net sales decreased year on year as
well as from the first quarter. However, thanks to the restructuring measures,
the company managed to cut its expenses significantly when compared to the
beginning of the year. As a result, the company's operating profit from
operations exceeded that of the first quarter.
During the period under review, Trainers' House rebuilt its sales organization.
Some indications of growth are already visible. June was clearly the best sales
month this year, with nearly double figures when compared to previous months.
However, with the uncertain market situation, it is too early to say if this
change will turn into a trend.
The training business continued to do well, even though its profitability, EUR
0.6 million, did not reach the level of the first quarter due to decreasing
volumes. The operating profit of the training business for January-June was EUR
2.2 million.
The performance of other business operations improved considerably during the
second quarter. Excluding investments in SaaS products, the company's other
business operations broke even after being clearly in the red during the first
quarter.
In the first quarter, a restructuring provision of EUR 1.4 million was made to
cover costs resulting from personnel reductions and the divestment of
international operations. This provision is expected to cover all costs
resulting from the restructuring measures. The Group's goodwill was written
down in the amount of EUR 0.8 million, which corresponds to the value of the
Group's divested German operations. The write-down has no effect on cash flow.
In the second quarter, EUR 0.6 million of the restructuring provision was used
to cover actual expenses, while EUR 0.1 million was dissolved and recognized as
income. On 30 June 2009, EUR 0.7 million of the provision remained unused.
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
(=operating profit from operations). According to the company's management,
these figures provide a more accurate view of the company's profitability.
EUR 10.2 million of the acquisition cost has been allocated in intangible
assets with a limited useful life. This item is depreciated over a period of
five years. At the end of the period under review, these intangible assets
totalled EUR 6.0 million.
The following table itemizes the Group's key figures (in thousands of euros):
1-6/2009 1-6/2008
Net sales 15,535 24,327
Expenses
Personnel-related
expenses -9,609 -12,301
Other expenses -5,272 -7,034
EBITDA 654 4,992
Depreciation of
non-current assets -448 -541
Operating profit/loss before
depreciation of
allocation of acquisition cost 207 4,451
% of net sales 1.3 18.3
Depreciation of allocation
of acquisition cost -1,017 -1,603
Operating profit/loss before
non-recurring items -810 2,848
% of net sales -5.2 11.7
Non-recurring items **) -2,104
EBIT -2,914 2,848
% of net sales -18.8 11.7
Financial income and expenses -566 -941
Profit/loss before tax -3,480 1,907
Tax *) 253 -678
Profit/loss for the period -3,227 1,229
% of net sales -20.8 5.1
*) 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. No deferred tax
asset have been booked for the loss made during the period under review.
**) Non-recurring items include a restructuring provision in the amount of EUR
1.3 million, and a write-down in the Group's goodwill in the amount of EUR 0.8
million.
The following table itemizes the distribution of net sales and shows the
quarterly profit/loss from the beginning of 2008 (in thousands of euros):
Q108 Q208 Q308 Q408 2008 Q109 Q209
Net sales 12,009 12,318 8,216 11,694 44,237 8,619 6,916
Operating profit
before depreciation
of acquisition cost *) 2,259 2,192 495 2,363 7,308 −46 253
Operating profit 1,458 1,390 -307 1,757 4,298 -2,759 -156
*) excluding non-recurring items
LONG-TERM OBJECTIVES
The long-term objectives of Trainers' House remain unchanged:
The company will target 15% annual organic growth and 15% operating profit, and
will aim to pay a steady dividend.
Considering the restructuring, these goals will be met with the help of our
Growth System concept and the internationalization of Trainers' House.
FINANCING, INVESTMENTS AND SOLVENCY
In the period under review, cash flow from operating activities amounted to EUR
3.0 million (EUR 2.6 million).
Cash flow from investments totalled EUR -0.2 million (EUR 0.0 million).
Cash flow from financing was EUR -6.4 million (EUR -11.4 million). Total cash
flow amounted to EUR -3.6 million (EUR -8.8 million).
Cash flow from financing was affected by the repayment of a loan related to the
acquisition of Trainers' House Oy totalling EUR 2.5 million and a dividend paid
out in the amount of EUR 3.4 million.
On 30 June 2009, the Group's liquid assets totalled EUR 4.1 million (8.4
million). The equity ratio was 63.8% (61.6%). Net gearing was 27.5% (27.0%). At
the end of the period under review, the company had EUR 19.3 million of
interest-bearing debt (EUR 25.1 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
The financial crisis and the resulting stagnation in economic activity will
influence the decisions made by the company's customers and thereby affect the
financial position of Trainers' House Plc. In the current market situation, the
length of sales projects is expected to increase, and more projects are
expected to be cancelled than before. Price competition has also intensified.
Customers are having more and more difficulty in keeping faith in the future.
Risks in the company's operating environment have increased, business
operations have become more challenging, and it has become more difficult to
estimate future developments. The operations of Trainers' House are hindered by
the unequivocal cost cuts made by some customers.
Goodwill impairment testing
Due to the major restructuring, the Group's goodwill and deferred tax assets
recognized in the balance sheet were retested for impairment at the end of the
second quarter.
In the first quarter, the Group's goodwill was written down in the amount of
EUR 0.8 million, which corresponds to the value of the Group's divested German
operations. The goodwill impairment testing indicated no other need for
write-downs.
On 30 June 2009, the company's balance sheet contained deferred tax assets from
losses carried forward in the amount of EUR 7.2 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. Utilizing the tax loss carry-forwards in full will require a
clear improvement in net sales and financial performance during the next three
years.
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 are not easily affected by economic fluctuations.
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.
AUTHORIZATIONS OF THE BOARD OF DIRECTORS
The Annual General Meeting authorized the Board of Directors to decide on the
repurchase of the company's own shares. Under the authorization, whether on one
or on several occasions, a maximum of 6,500,000 shares, which corresponds to
approximately 9.56% of the company's shares, may be acquired. The authorization
shall remain in force until 30 June 2010. At the same time the AGM
countermanded the earlier comparable authorization. The authorization had not
been exercised on 30 June 2009.
The Board of Directors is otherwise authorized to decide on all conditions
related to the acquisition of own shares, including the manner of acquisition
of shares. The authorization does not exclude the right of the Board of
Directors to decide on a directed acquisition of own shares as well, if there
is significant financial reason for the company to do so.
The AGM authorized the Board to decide on a share issue including the
conveyance of own shares, and the issue of special rights. With these
authorizations related to share issue and/or issue of special rights, whether
on one or on several occasions, a maximum of 13,000,000 new shares may be
issued and/or treasury shares may be transferred, which corresponds to
approximately 19.11% of the company's shares. The authorization shall remain in
force until 30 June 2010. At the same time the AGM countermanded the earlier
comparable authorization. The authorization had not been exercised on 30 June
2009.
The Board of Directors is otherwise authorized to decide on all terms regarding
the share issue and issue of special rights, including the right to also decide
on a directed share issue and a directed issue of special rights. Shareholders'
pre-emptive subscription rights can be deviated from, provided that there is
significant financial reason for the company to do so.
PERSONNEL
At the end of the period under review, the Group employed 282 (391) people, of
whom 282 (382) were located in Finland. At the end of the year 2008, before the
codetermination negotiations, the company employed 340 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.
In accordance with the decision of the Annual General Meeting, Trainers' House
paid a dividend of EUR 0.05 per share on 3 April 2009. The dividend paid
totalled EUR 3.4 million, or 251.0% of the profit for 2008.
SHARE PERFORMANCE AND TRADING
During the period under review, a total of 8.8 million shares, or 12.9% of the
average number of all company shares (18.3 million shares or 26.5%), were
traded on the Helsinki Exchanges for a value of EUR 5.3 million (EUR 22.7
million). The period's highest share quotation was EUR 0.71 (EUR 1.44), the
lowest EUR 0.50 (EUR 0.99) and the closing price EUR 0.60 (EUR 1.00). The
weighted average price was EUR 0.60 (EUR 1.26). At the closing price on 30 June
2009, the company's market capitalization was EUR 40.8 million (EUR 68.0
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 29 March 2006 decided to commence an
employee option programme involving 2,000,000 warrants. Due to the resulting
subscriptions, the share capital of Trainers' House Plc may increase by a
maximum of EUR 42,046.98 and the number of shares by a maximum of 2,000,000.
Half of the warrants are titled 2006A and the other half 2006B.
The subscription period for shares converted under the 2006A warrants ran from
1 September 2008 to 28 February 2009. No shares were subscribed under the 2006A
warrants. The subscription period for shares converted under the 2006B warrant
is to begin on a date determined by the Board of Directors after publication of
the interim report for the second quarter of 2009, but not later than on 1
September 2009, and to end on 28 February 2010. The dividend-adjusted
subscription price after dividend payment is EUR 1.08 for shares converted
under the 2006B warrant.
CHANGES IN OWNERSHIP
During the period under review, the company became aware of two notices of
change in ownership exceeding the disclosure threshold. Information on notices
of change in ownership is available on the company's website at
www.trainershouse.fi > Investors.
Exemption
As required by the terms and conditions of the exemption granted by the Finnish
Financial Supervision Authority, the combined shareholding of Mr. Sarasvuo and
Isildur Oy in Trainers' House has declined to 30% or under by 30 June 2009.
Further information about the exemption, 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 interim 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 2008 are presented in detail in the
Financial Statements for 2008. 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 January 1, 2009 the company applies the following new and revised
standards: IFRS 8 Operating Segments and IAS 1 Presentation of Financial
Statements. In producing this Financial Statements bulletin, Trainers' House
has applied the same accounting principles for key figures as in its Financial
Statements for 2008. The calculation of key figures is described on page 45 of
the Financial Statements included in the Annual Report 2008.
The figures given in the interim report are unaudited.
INCOME STATEMENT, IFRS (kEUR)
Group Group Group Group Group
01/04- 01/04- 01/01- 01/01- 01/01-
30/06/09 30/06/08 30/06/09 30/06/08 31/12/08
NET SALES 6,916 12,318 15,535 24,327 44,237
Other income from operations 77 5 83 170 214
Costs:
Materials and services 818 1,573 2,074 2,842 5,434
Personnel-related
expenses 4,052 6,234 10,159 12,301 22,042
Depreciation 718 1,084 1,465 2,144 4,061
Impairment 804
Other operating expenses 1,560 2,042 4,031 4,362 8,617
Operating profit/loss -156 1,390 -2,914 2,848 4,298
Financial income and expenses -271 -404 -566 -941 -1,690
Profit/loss before tax -426 987 -3,480 1,907 2,607
Tax 134*) -178*) 253*) -678*) -1,252*)
PROFIT/LOSS FOR THE PERIOD -292 808 -3,227 1,229 1,355
Other comprehensive income:
Exchange differences on translating
foreign operations 1 1 -8
Cash flow hedges 23 95 -190 95 -231
Income tax relating to components
of other comprehensive income -6 -25 49 -25 60
Other comprehensive income
for the year, net of tax 17 70 -140 70 -179
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR -274 878 -3,367 1,299 1,176
Profit attributable to:
Owners of the parent company -292 808 -3,227 1,229 1,355
Total comprehensive income attributable to:
Owners of the parent company -274 878 -3,367 1,299 1,176
Earnings per share:
Undiluted earnings/share (EUR) -0.00 0.01 -0.05 0.02 0.02
Diluted earnings/share (EUR) -0.00 0.01 -0.05 0.02 0.02
*) The tax included in the income statement is deferred.
BALANCE SHEET, IFRS (kEUR)
Group Group Group
30/06/09 30/06/08 31/12/08
ASSETS
Non-current assets
Property, plant and equipment 578 1,158 781
Goodwill 50,968 51,772 51,772
Other intangible assets 16,172 18,614 17,246
Other financial assets 3 4 3
Other receivables 416 24 26
Deferred tax receivables 7,175 7,992 7,120
Total non-current assets 75,312 79,563 76,947
Current assets
Inventories 14 15 14
Accounts receivable and
other receivables 6,930 13,144 10,708
Cash and cash equivalents 4,111 8,364 7,664
Total current assets 11,056 21,523 18,386
TOTAL ASSETS 86,367 101,086 95,333
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 -311 70 -171
Distributable non-restricted
equity fund 31,872 31,872 31,872
Translation differences -10 -2 -11
Retained earnings 8,711 15,174 15,339
Total shareholders' equity 55,085 61,937 61,853
Long-term liabilities
Deferred tax liabilities 4,064 4,727 4,328
Other long-term liabilities 14,098 24,870 16,639
Accounts payable and
other liabilities 13,120 9,553 12,514
Total liabilities 31,282 39,149 33,481
TOTAL SHAREHOLDERS' EQUITY AND
LIABILITIES 86,367 101,086 95,333
CASH FLOW STATEMENT, IFRS (kEUR)
Group Group Group
01/01- 01/01- 01/01-
30/06/09 30/06/08 31/12/08
Profit/loss for the period -3,227 1,229 1,355
Adjustments to profit for the period 3,062 4,678 6,616
Change in working capital 3,806 -2,482 -2,366
Financial items -630 -810 -1,457
Cash flow from operations 3,011 2,615 4,147
Investments in tangible and
intangible assets -197 -180 -352
Capital gains on tangible and
intangible assets 326 134
Capital gains on other investments 1,199
Change in the additional trade price -99 -99
Cash flow from investments -197 48 882
Share issue subject to charges 491 491
Dividend distribution -3,401 -2,721 -2,721
Increase/decrease in long-term loans -2,575 -9,143 -12,254
Increase/decrease in short-term loans -46
Increase/decrease in long-term
receivables -390 -2
Cash flow from financing -6,366 -11,418 -14,485
Change in cash and cash equivalents -3,553 -8,756 -9,456
Opening balance of cash
and cash equivalents 7,664 17,120 17,120
Closing balance of cash
and cash equivalents 4,111 8,364 7,664
CHANGE IN SHAREHOLDERS' EQUITY (kEUR)
Equity attributable to equity holders of the parent company
Dis-
tribu-
table Trans-
Hed- non-re lation
ging stric- dif-
Share Share Premium re- ted fe- Retained
capital issue fund serve equity rence earning Total
Equity 01/01/2008 867 256 13,228 31,348 -2 16,551 62,247
Other comprehensive income 70 1,229 1,299
Stock options used 14 -256 715 473
Share-based payments 115 115
Taxes related to bookings
to shareholders' equity 524 524
Dividends paid -2,721 -2,721
Equity 30/06/2008 881 13,943 70 31,872 -2 15,174 61,937
Equity 01/01/2009 881 13,943 -171 31,872 -11 15,339 61,853
Other comprehensive income -140 1 -3,227 -3,367
Dividends paid -3,401 -3,401
Equity 30/06/2009 881 13,943 -311 31,872 -10 8,711 55,085
INVESTMENTS (kEUR) Group Group Group
01/01- 01/01/- 01/01/-
30/06/09 30/06/08 31/12/08
Gross investments in tangible
and intangible assets
and shares 197 277 443
Gross investments
% of net sales 1.3 1.1 1.0
RELATED PARTY TRANSACTIONS (kEUR) Group Group Group
01/01- 01/01/- 01/01/-
30/06/09 30/06/08 31/12/08
Management's emoluments
Salaries and other short-term
employee benefits 289 309 511
RESTRUCTURING PROVISION (kEUR) Group Group Group
01/01- 01/01- 01/01-
30/06/09 30/06/08 31/12/08
Provisions 1 January 64 64
Provisions increase 1,400
Provisions used -681 -64 -64
Provisions 30 June/31 December 719 0 0
PERSONNEL Group Group Group
01/01- 01/01/- 01/01/-
30/06/09 30/06/08 31/12/08
Average number of personnel 316 389 375
Personnel at the end of the period 282 391 340
COMMITMENTS AND CONTINGENT LIABILITIES (kEUR) Group Group Group
30/06/09 30/06/08 31/12/08
Collaterals and contingent liabilities
given for own commitments 1,934 3,827 3,187
Interest-rate swaps
Fair value -421 122 -255
Par value 18,247 14,000 17,393
OTHER KEY FIGURES Group Group Group
30/06/09 30/06/08 31/12/08
Equity-to-assets ratio (%) 63.8 61.6 65.1
Net gearing (%) 27.5 27.0 22.9
Shareholders' equity/share (EUR) 0.81 0.91 0.91
Return on equity (%) -5.3 12.6 2.2
Return on investment (%) -1.5 7.1 5.2
Return on equity and return on investment are based on the previous 12 months.
Helsinki, 30 July 2009
TRAINERS' HOUSE PLC
BOARD OF DIRECTORS
Further information:
Mirkka Vikström, CFO, tel. +358 (0)50 376 1115
DISTRIBUTION
OMX Nordic Exchange, Helsinki
Prominent media sources
www.trainershouse.fi - Investors
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