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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 2009TRAINERS' 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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