2015-08-06 07:30:00 CEST
2015-08-06 07:30:05 CEST
REGULATED INFORMATION
Trainer's House Oyj - Interim report (Q1 and Q3)
INTERIM REPORT FOR TRAINERS’ HOUSE GROUP 1 JANUARY – 30 JUNE 2015
Espoo, 2015-08-06 07:30 CEST (GLOBE NEWSWIRE) -- TRAINERS' HOUSE PLC, INTERIM
REPORT, 6 AUGUST 2015 AT 8:30
In the first half of the year, Trainers' House generated a positive operating
profit before non-recurring items.
January-June 2015 in brief (the figures refer to the company's continuing
operations)
-- Net sales amounted to EUR 3.6 million (EUR 4.3 million).
-- Operating profit (EBIT) before non-recurring items was EUR 0.0 million (EUR
-0.4 million), or 0.1% of net sales (-10.3%).
-- Based on the results of impairment testing, the goodwill values were lower
than the book value resulting in a write-off in a total amount of EUR 1.4
million in June 2015 (EUR 1.6 million in March 2014).
-- Operating profit was EUR -2.0 million, or -54.8% of net sales (EUR -2.1
million, -48.6%).
-- Cash flow from operating activities was EUR -0.1 million (EUR -0.2
million).
-- Earnings per share were EUR -0.03 (EUR -0.03).
April-June 2015 in brief (the figures refer to the company's continuing
operations)
-- Net sales amounted to EUR 1.8 million (EUR 2.1 million).
-- Operating profit (EBIT) before non-recurring items was EUR -0.1 million
(EUR -0.3 million), or -3.6% of net sales (-12.3%).
-- Based on the results of impairment testing, the goodwill values were lower
than the book value resulting in a write-off in a total amount of EUR 1.4
million in June 2015.
-- Operating profit was EUR -1.8 million, or -99.4% of net sales (EUR -0.3
million, -12.3%).
-- Cash flow from operating activities was EUR -0.1 million (EUR 0.1 million).
-- Earnings per share were EUR -0.02 (EUR -0.00).
Key figures at the end of the second quarter of 2015
-- Liquid assets totalled EUR 1.5 million (EUR 2.2 million).
-- Interest-bearing liabilities amounted to EUR 7.1 million (EUR 7.4 million),
and interest-bearing net debt totalled EUR 5.6 million (EUR 5.3 million).
-- Net gearing was 1835.4% (95.1%).
-- Equity-to-assets ratio was 2.8% (32,7%).
OUTLOOK FOR 2015
Key factors affecting the continuation of the company's business operations and
its financial performance are the success of the company's corporate
restructuring proceedings and the measures that are to be confirmed as part of
the restructuring process.
Moreover, the company expects the general economic situation to remain
difficult, at least in the short term.
For these reasons, the company will not issue a more detailed profit estimate
for the time being.
REPORT OF ARTO HEIMONEN, CEO
The positive operating result before non-recurring items for the first half of
the year was encouraging. At the end of the reporting period, the order book
was larger than in the corresponding period of last year despite of the
reduction of permanent personnel.
During the second quarter, the company's operations and the corporate
restructuring process continued as planned.
A significant event during the reporting period was the termination of the
primary lease agreement, which had burdened the company's finances. The
termination took effect on 14 June 2015 and it will improve the company's
operating profit by approximately EUR 70,000 each month. At the same time, the
company moved to new premises in Innopoli 2, situated in Otaniemi, Espoo,
Finland.
The administrator in charge of corporate restructuring submitted a proposed
corporate restructuring programme to Espoo District Court on 3 June 2015. More
than 80% of the company's creditors - measured in terms of capital - had
already declared their support for the programme before it was submitted. The
general meeting of shareholders approved the authorisation of the share issue,
which is mandatory for executing the restructuring programme, immediately after
the reporting period ended. The next step is for an exemption granted by the
Financial Supervisory Authority to enter into force and for Espoo District
Court to approve the restructuring programme.
The aim is for the approval of the restructuring programme to enable the
company's financial obligations to decrease in such a way that they correspond
to the current scope of the company's business operations so as to enable the
company's cash flow to quickly recover.
Cooperation with customers, creditors and the administrator has continued to be
good.
For more information, please contact:
Arto Heimonen, CEO, tel. +358 404 123 456
Saku Keskitalo, Investor Relations, tel. +358 404 111 111
REVIEW OF OPERATIONS
As reported previously, the company actively sought a solution concerning its
premises and financial position during the last quarter of 2014 because its net
sales and results did not, in the company's assessment, enable the fulfilment
of its obligations under its financial agreements.
Because the company did not succeed in identifying an overall solution to the
situation, the company's Board of Directors decided that the best solution for
the company and its stakeholders was for the company to apply for corporate
restructuring. The company filed an application for corporate restructuring
with Espoo District Court on 12 December 2014. An extraordinary shareholders'
meeting decided on the continuation of the application for corporate
restructuring on 20 January 2015 and Espoo District Court decided to commence
restructuring proceedings on 28 January 2015. The administrator submitted his
proposal for the company's restructuring programme on 3 June 2015. On 10 June
2015, the Financial Supervisory Authority granted an exemption to Jari Sarasvuo
and Causa Prima Oy to discharge them of their obligation under the Securities
Markets Act to make a purchase offer, which would have been compulsory if a
debt conversion takes place in accordance with the proposed corporate
restructuring programme. The exemption has not yet entered into force. An
extraordinary meeting of shareholders approved the authorisation of the share
issue, which is mandatory for executing the restructuring programme, on 9 July
2015, after the reporting period had ended.
As part of the company's recovery programme, Trainers' House Plc and its
subsidiary, Ignis Oy, initiated codetermination negotiations on 12 December
2014. The negotiations were completed on 2 January 2015 and as a result, a
total of 11 employment contracts in the Group were terminated. As part of the
recovery programme, the expenses related to the company's premises will
decrease by approximately EUR 70,000 each month.
As a result of the recovery programme, the company's operating profit before
non-recurring items was positive for the first half of 2015.
The change projects executed by Trainers' House are usually connected with
clarifying our customers' business strategies, marketing the strategies, and
implementing the strategies by boosting sales, enhancing customer service (for
example, through service design) and developing the work of leaders and
supervisors, along with the skills of subordinates. Managing work capacity
through physical and mental coaching plays an important role in an increasing
number of customer projects.
FINANCIAL PERFORMANCE
Net sales and EBIT for the reporting period were lower than in the previous
year. However, operating profit before non-recurring items improved in
comparison with the previous year.
Net sales from continuing operations during the reporting period came to EUR
3.6 million (EUR 4.3 million). Operating profit (EBIT) from continuing
operations before non-recurring items was EUR 0.0 million, or 0.1% of net sales
(EUR -0.4 million, or -10.3 %). The operating profit from continuing operations
was EUR -1.8 million or -50.2% of net sales (EUR -2.2 million, -51.6% of net
sales).
Result
The comparative figures used for reporting on operating profit include the
reported operating profit as well as operating profit before non-recurring
items (EBIT). According to the company's management, these figures provide a
more accurate view of the company's productivity.
The following table itemises the Group's key figures (in thousands of euros
unless otherwise noted):
1-6/2015 1-6/2014
Net sales 3,607 4,281
Expenses:
Personnel-related expenses -2,165 -2,759
Other expenses -1,388 -1,882
EBITDA 53 -360
Depreciation of non-current assets -51 -80
Operating profit before non-recurring 3 -439
items
Non-recurring items *) -1,979 -1,643
EBIT -1,976 -2,082
% of net sales -54.8 -48.6
Financial income and expenses -122 -126
Profit/loss before tax -2,098 -2,208
Tax **) 286 1
Profit/loss for the period -1,811 -2,208
% of net sales -50.2 -51.6
*) Non-recurring items in 2015 include a write-down of trademark value in the
amount of EUR 1.4 million and expenses related to the codetermination
negotiation and the corporate restructuring programme in the amount of EUR 0.6
million. Non-recurring items in 2014 include a write-down in the Group's
goodwill in the amount of EUR 1.6 million.
**) The tax included in the income statement is deferred. Taxes recognised in
the income statement have no effect on cash flow. A change in deferred tax
liabilities of EUR 0.3 million allocated to the trademark write-down has been
recognised through profit or loss. On 30 June 2015, the company's balance sheet
included deferred tax assets from losses carried forward in the amount of EUR
0.4 million. The deferred tax assets will expire between 2019 and 2023.
The following table itemises the distribution of net sales from continuing
operations and shows the quarterly profit/loss from the beginning of 2014 (in
thousands of euros):
Q114 Q214 Q314 Q414 Q115 Q215
-----------------------------------------------------
Net sales 2154 2128 1563 2158 1814 1792
-----------------------------------------------------
Operating -177 -262 -323 -261 67 -64
profit
before
non-recurring
items
-----------------------------------------------------
Operating -1820 -262 -1379 -2664 -194 -1782
profit
-----------------------------------------------------
LONG-TERM OBJECTIVES
The company's long-term objective is profitable growth.
FINANCING, INVESTMENTS AND SOLVENCY
The amount of liabilities may change as a result of the corporate restructuring
programme. The final amount of liabilities will only be confirmed when a
restructuring programme has been approved. The figures below describe the
situation before the approval of a possible restructuring programme.
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
end of the reporting period, the company had loans related to this loan
agreement negotiated in late 2013 in the amount of EUR 1.7 million.
The company issued a new, low-interest subordinated loan of approximately EUR
1.2 million during 2013 and 2014. The interest rate of the subordinated loan is
3.0% until 31 December 2016. The interest is capitalised at the end of each
year. From 1 January 2017, a cash interest payment of 5.0% will be payable
subject to the availability of the distributable assets. The capital loan will
mature on 31 December 2018. At the end of the reporting period, EUR 1.0 million
of the loan had been subscribed.
Hybrid bond
On 15 January 2010, Trainers' House Plc issued a domestic hybrid bond in the
amount of EUR 5.0 million. Interest of EUR 1.0 million related to the hybrid
bond was recognised in shareholders' equity.
According to the terms of the hybrid bond, the company has the right to decide,
subject to certain limitations specified in the terms, either to pay the
interest on the hybrid bond annually or to postpone these payments. Interest in
the amount of EUR 0.5 million was paid to the subscribers on 21 January 2011
and EUR 0.5 million on 20 January 2012. The interest paid reduces the
non-restricted equity and is not recognised as income.
In accordance with its stock exchange release dated 17 December 2012, Trainers'
House has decided to defer interest payments on the hybrid loan for the time
being. The purpose of the deferment of interest payments is to strengthen the
company's financial position and to fulfil the terms of its loan agreement.
According to the terms of the hybrid bond, the company must pay the deferred
interest and any interest accrued on it by the latest if, for example, the
company pays dividends in excess of the minimum dividend stipulated in the
Limited Liability Companies Act, or otherwise distributes equity to its
shareholders.
In January 2014, the company made an offer to the bearers of a hybrid bond in
which an opportunity was offered to convert the hybrid bond into a low-interest
loan instrument with secondary priority compared with a senior loan and the key
terms of which were same as a subordinated loan's terms. The company's
financiers, representing a total of approximately EUR 4.1 million of the hybrid
bond's capital, accepted the offer.
The company has agreed to convert a maximum of EUR 2.0 million of the financial
instruments' capital into subordinated loans in accordance with the Limited
Liability Companies Act. The conversion was executed in full during 2014.
Cash flow and financing
Cash flow from operating activities before financial items totalled EUR -0.1
million (EUR -0.2 million), and after financial items EUR -0.1 million (EUR
-0.2 million).
Cash from investments totalled EUR 0.0 million during the period under review
(EUR -0.0 million). Cash flow from financing came to EUR -0.0 million (EUR -0.2
million).
Total cash flow amounted to EUR -0.1 million (EUR -0.5 million).
On 30 June 2015, the Group's liquid assets totalled EUR 1.5 million (EUR 2.2
million). The equity ratio was 2.8% (32.7%). Net gearing was 1835.4% (95.1%).
At the end of the period under review, the company had EUR 7.1 million of
interest-bearing debt (EUR 7.4 million).
Financial risks
The fulfilment of the company's obligations under its financing agreements
depends on the success of the restructuring process and improvements to the
profitability of the company's business operations.
Interest rate risk is managed by covering some 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.
Liquidity remained the key focus of financial risk management. Due to the
decrease in net sales and the excessive costs of premises and financing in
relation to the company's current level of net sales, the financing
arrangements concluded in 2013 proved inadequate, and the company decided to
file an application for corporate restructuring on 12 December 2014. Corporate
restructuring is underway, and it remains the company's aim to secure
sufficient financing to continue the Group's operations. Failure of the
restructuring proceedings could lead to the bankruptcy of the company.
SHORT-TERM BUSINESS RISKS AND FACTORS OF UNCERTAINTY
Risks in the company's operating environment have remained unchanged. On
account of the project-based nature of the company's operations, the order life
cycle is short, which makes it more difficult to estimate future developments.
Long-term visibility remains limited due to the general economic situation. The
company's financial situation is critical and fulfilment of the company's
obligations under its financing agreements requires the profitability of the
company's business operations to improve and the corporate restructuring
process to succeed.
Short-term risks
The goodwill, other intangible assets and deferred tax assets recognised in the
balance sheet were re-tested for impairment at the end of the quarter. Based on
the results of this impairment testing, the goodwill values were EUR 1.4
million lower than the book value, resulting in a goodwill write-down. The
write-down applies solely to trademarks.
Trainers' House Plc's consolidated balance sheet now contains EUR 1.7 million
of goodwill. Following the write-down, the balance sheet value of trademarks is
EUR 6.1 million. 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 and other intangible assets may have to be written down. Such
a write-down would not affect the company's cash flow.
At the end of the period under review, Trainers' House Plc's balance sheet
contained deferred tax assets from losses carried forward in the amount of EUR
0.4 million. The deferred tax assets will expire between 2019 and 2023.
The company's new loan agreement, under which there were loans in the amount of
EUR 1.7 million at the end of the reporting period, includes standard
covenants, including one concerning operating profit before depreciation and
cash in hand.
If the company's profitability do not improve, the covenants will not be
fulfilled. The fulfilment of the company's obligations under its financing
agreements depends on the restructuring process and improvements to the
profitability of the company's business operations.
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 June 2015, the Group employed 97 (93) people.
DECISIONS OF THE EXTRAORDINARY GENERAL MEETING ON 20 JANUARY 2015
An extraordinary general meeting of Trainers' House Plc was held in Espoo on 20
January 2015. The Board of Directors convened an extraordinary general meeting
in accordance with the provisions of the Limited Liability Companies Act to
discuss the continuation of the corporate restructuring application that was
filed by the company on 12 December 2014.
In accordance with the proposal of the Board of Directors, the extraordinary
general meeting decided that the corporate restructuring application filed by
the company was to be continued.
DECISIONS REACHED AT THE ANNUAL GENERAL MEETING
The annual general meeting of Trainers' House Plc was held in Espoo on 25 March
2015.
In accordance with the proposal of the Board of Directors, the annual general
meeting decided that no dividend be paid for the 2014 financial year. In
accordance with the proposal of the Board of Directors, the annual general
meeting decided that the loss for the financial year as reported in the parent
company's financial statements be recognised in profit and loss.
The annual general meeting adopted the company's financial statements and
discharged the CEO and the members of the Board of Directors from liability for
the period from 1 January to 31 December 2014.
It was confirmed that the Board of Directors shall consist of three (3)
members. Aarne Aktan, Jarmo Hyökyvaara and Jari Sarasvuo were re-elected as
members of the Board of Directors. In its assembly meeting held after the AGM,
the Board of Directors elected Aarne Aktan as the Chairman of the Board.
The annual general meeting decided on a monthly emolument for a Board member of
EUR 1,500 and of EUR 3,500 for the Chairman of the Board.
Authorised Public Accountants Ernst & Young Oy were elected as the company's
auditors. Auditor's fees are paid on the basis of a reasonable invoice.
The annual general meeting decided to continue to take measures that the
company had already commenced and to continue the corporate restructuring
process with the aim of revitalising the company's financial position.
DECISIONS OF THE EXTRAORDINARY GENERAL MEETING ON 9 JULY 2015
An extraordinary general meeting of Trainers' House Plc was held in Espoo on 9
July 2015.
In accordance with the proposal of the Board of Directors, the extraordinary
general meeting decided to authorise the Board of Directors to decide on a
share issue in accordance with the proposed corporate restructuring programme
submitted by the administrator of the corporate restructuring proceedings on 3
June 2015.
The authorisation enables the company to offer holders of subordinated debt the
opportunity to exchange their debt receivables under the restructuring
programme for shares in the company as follows:
- The authorisation may only be used to implement debt conversions in
accordance with the proposed corporate restructuring programme.
- The authorisation enables a maximum of 42,812,500 new shares in the company
to be issued.
- New shares are to be issued to creditors who are affected by the corporate
restructuring proceedings in derogation of the entitlement of shareholders to
subscribe to new shares.
- The subscription price is EUR 0.08 per share.
- The subscription price must be transferred in full by cancelling the debt
that is subject to the corporate restructuring process in an amount
corresponding to the subscription price.
- Before the authorisation can be used, Espoo District Court must approve the
company's restructuring programme with a legally valid decision.
- The authorisation is valid until 30 June 2016.
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 13.0 million shares, or 19.1% of the
average number of all company shares (10.7 million shares or 15.7%), were
traded on the Helsinki stock exchange. These shares had a value of EUR 0.6
million (EUR 0.5 million). The period's highest share quotation was EUR 0.07
(EUR 0.08), the lowest EUR 0.02 (EUR 0.03) and the closing price EUR 0.06 (EUR
0.04). The weighted average price was EUR 0.04 (EUR 0.05). At the closing price
on 30 June 2015, the company's market capitalisation was EUR 4.1 million (EUR
2.7 million).
PERSONNEL OPTION PROGRAMMES
Trainers' House Plc has three option programmes for its personnel, included in
the personnel's commitment and incentive scheme.
The annual general meeting held on 21 March 2012 decided to initiate an
employee option programme for key employees of Trainers' House and its
subsidiaries. The number of optionrights granted shall not exceed 5,000,000,
and the option rights shall entitle their holders to subscribe for no more than
5,000,000 new shares or treasury shares in total. Of the warrants, 3,000,000
will be entitled 2012A and 2,000,000 will be entitled 2012B. The subscription
price for the warrants is EUR 0.16. The subscription period for shares
converted under warrant 2012A is from 1 September 2013 to 31 December 2014 and
for shares converted under warrant 2012B from 1 September 2014 to 31 December
2015. The options have not yet been offered.
On 5 August 2013, the company's Board of Directors decided to adopt a new
option programme under the authorisation of the annual general meeting held on
21 March 2012. The number of optionrights granted shall not exceed 7,500,000,
and the option rights shall entitle their holders to subscribe for no more than
7,500,000 new shares or treasury shares in total. 2,500,000 of the converted
shares will be under the warrant 2013A and the subscription period for the
converted shares is from 1 January 2015 to 1 January 2018. 2,500,000 of the
converted shares will be under the warrant 2013B and the subscription period
for the converted shares is from 1 January 2016 to 1 January 2018. 2,500,000 of
the converted shares will be under the warrant 2013C and the subscription
period for the converted shares is from 1 January 2017 to 1 January 2018. The
subscription price for each warrant is EUR 0.09. The total number of warrants
granted to the personnel is 5.0 million. A total cost of EUR 0.0 million has
been expensed for the 2015 financial year.
On 18 December 2013, the company's Board of Directors decided to adopt a new
option programme under the authorisation of the annual general meeting held on
21 March 2012. The number of option rights granted shall not exceed 5,250,000,
and the option rights shall entitle their holders to subscribe for no more than
5,250,000 new shares or treasury shares in total. The converted shares will be
under the warrant 2013D. The subscription period for shares converted under the
warrant is from 1 January 2018 to 31 December 2018, and the subscription price
for each warrant is EUR 0.06. The options have not yet been offered.
CONDENSED FINANCIAL STATEMENTS AND NOTES
This report was compiled in accordance with the IAS 34 standard. This interim
report has been prepared in accordance with the IFRS standards and
interpretations adopted in the EU as of 31 December 2014.
In producing this interim report, Trainers' House has applied the same
accounting principles for key figures as in its financial statements for 2014.
The calculation of key figures is described on page 92 of the financial
statements included in the annual report for 2014.
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-
30/06/15 30/06/14 30/06/15 30/06/14 31/12/14
CONTINUING OPERATIONS
NET SALES 1,792 2,128 3,607 4,281 8,003
Other income from operations 147 148 306 275 648
Costs:
Materials and services -108 -179 -232 -392 -691
Personnel-related -1,159 -1,439 -2,364 -2,759 -5,320
expenses
Depreciation -28 -40 -64 -80 -153
Impairment -1,428 -1,428 -1,643 -5,052
Other operating expenses -999 -881 -1,801 -1,765 -3,560
Operating profit/loss -1,782 -262 -1,976 -2,082 -6,126
Financial income and expenses -60 -60 -122 -126 -268
Profit/loss before tax -1,842 -322 -2,098 -2,208 -6,394
Tax *) 286 0 286 1 420
PROFIT/LOSS FOR THE PERIOD -1,556 -321 -1,811 -2,208 -5,974
CONTINUING OPERATIONS
Discontinued operations 250
TOTAL COMPREHENSIVE -1,556 -321 -1,811 -2,208 -5,724
INCOME FOR THE YEAR
Profit/loss attributable to:
Owners of the parent company -1,556 -321 -1,811 -2,208 -5,724
Total comprehensive income
attributable to:
Owners of the parent company -1,556 -321 -1,811 -2,208 -5,724
Earnings per share, undiluted:
EPS result for the period from -0.02 -0.00 -0.03 -0.03 -0.09
continuing operations
EPS result for the period from 0.00
discontinued operations
EPS attributable to equity -0.02 -0.00 -0.03 -0.03 -0.08
holders of the parent company
EPS result for the period -0.02 -0.00 -0.03 -0.03 -0.08
Diluted earnings per share are the same as undiluted earning per share.
*) The tax included in the income statement is deferred.
BALANCE SHEET IFRS (kEUR) Group Group Group
30/06/15 30/06/14 31/12/14
ASSET
Non-current assets
Property, plant and equipment 81 203 137
Goodwill 1,653 2,971 1,653
Other intangible assets 6,125 9,660 7,561
Other financial assets 5 4 4
Other receivables 27 12
Deferred tax receivables 383 381 382
Total non-current assets 8,246 13,246 9,749
Current assets
Inventories 10 10 10
Accounts receivables and 1,266 1,537 1,455
other receivables
Cash and cash equivalents 1,452 2,168 1,578
Total current assets 2,728 3,716 3,043
TOTAL ASSETS 10,974 16,962 12,792
SHAREHOLDERS' EQUITY AND
LIABILITIES
Equity attributable to equity
holders of the parent company
Share capital 881 881 881
Premium fund 216 216 216
Distributable non-restricted 31,872 31,872 31,872
equity fund
Other equity fund 900 900 900
Retained earnings -33,563 -28,325 -31,780
Total shareholders' equity 305 5,544 2,088
Long-term liabilities
Deferred tax liabilities 1,225 1,929 1,511
Other long-term liabilities 6,056 6,361 6,044
Accounts payable and other 3,387 3,128 3,150
liabilities
Total liabilities 10,668 11,418 10,704
TOTAL SHAREHOLDERS' EQUITY AND 10,974 16,962 12,792
LIABILITIES
CASH FLOW STATEMENT, IFRS (kEUR)
Group Group Group
01/01- 01/01- 01/01-
30/06/15 30/06/14 31/12/14
Profit/loss for the period -1,811 -2,208 -5,724
Adjustments to profit/loss 1,518 1,905 5,176
for the period
Change in working capital 175 144 363
Financial items 1 -48 -96
Cash flow from operations -117 -206 -281
Investments in tangible and -37 -37
intangible assets
Repayment of loan receivables 15 15 30
Cash flow from investments 15 -21 -6
Withdrawal of long-term loans 3 324 347
Repayment of long-term loans -500 -1,000
Repayment of finance lease -27 -59 -111
liabilities
Cash flow from financing -24 -234 -765
Change in cash and cash -126 -462 -1,052
equivalents
Opening balance of cash and 1,578 2,630 2,630
cash equivalents
Closing balance of cash and 1,452 2,168 1,578
cash equivalents
CHANGE IN SHAREHOLDERS' EQUITY (kEUR)
Equity attributable to equity holders of the parent company
A. Share capital
B. Premium fund
C. Distributable non-restricted equity
D. Other equity fund
E. Retained earnings
F. Total
A. B. C. D. E. F.
--------------------------------------------------------
Equity 881 4,253 31,872 0 -30,215 6,791
01/01/2014
--------------------------------------------------------
Other -2,208 -2,208
comprehensive
income
--------------------------------------------------------
Decrease of -4,038 4,038 0
share premium
fund to cover
losses
--------------------------------------------------------
Sharebased 60 60
payments
--------------------------------------------------------
Hybrid bond 900 900
transferred
from non-
current
liabilities
--------------------------------------------------------
Equity 881 216 31,872 900 -28,325 5,544
30/06/2014
--------------------------------------------------------
--------------------------------------------------------
Equity 881 216 31,872 900 -31,780 2,088
01/01/2015
--------------------------------------------------------
Other -1,811 -1,811
comprehensive
income
--------------------------------------------------------
Sharebased 29 29
payments
--------------------------------------------------------
Equity 881 216 31,872 900 -33,563 305
30/06/2015
--------------------------------------------------------
RESTRUCTURING PROVISION (kEUR) Group Group Group
01/01- 01/01- 01/01-
30/06/15 30/06/14 31/12/14
Provisions 1 January 200 222 222
Provisions increased 253
Provisions used -78 -21
Provisions 30 June /31 December 375 222 200
PERSONNEL Group Group Group
01/01- 01/01- 01/01-
30/06/15 30/06/14 31/12/14
Average number of personnel 74 84 88
Personnel at the end of 97 93 87
the period
COMMITMENTS AND CONTINGENT Group Group Group
LIABILITIES (kEUR) 30/06/15 30/06/14 31/12/14
Collaterals and contingent 1,202 8,520 7,805
liabilities given for
own commitments
OTHER KEY FIGURES Group Group Group
30/06/15 30/06/14 31/12/14
Equity-to-assets ratio (%) 2.8 32.7 16.5
Net gearing (%) 1835.4 95.1 263.1
Shareholders' equity/share (EUR) 0.00 0.08 0.03
Return on equity (%) -190.7 -19.4 -134.6
Return on investment (%) -59.2 -12.7 -49.9
Return on equity and return on investment have been calculated for the previous
12 months.
Espoo, 6 August 2015
TRAINERS' HOUSE PLC
BOARD OF DIRECTORS
For more information, please contact:
Arto Heimonen, CEO, tel. +358 404 123 456
Saku Keskitalo, Investor Relations, tel. +358 404 111 111
DISTRIBUTION
OMX Nordic Exchange, Helsinki
Main media
www.trainershouse.fi > Investors
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