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 2010
TRAINERS' 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
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