2015-02-12 07:30:00 CET
2015-02-12 07:30:05 CET
REGULATED INFORMATION
Trainer's House Oyj - Financial Statement Release
TRAINERS’ HOUSE GROUP’S FINANCIAL STATEMENTS BULLETIN FOR 1 JANUARY – 31 DECEMBER 2014
Espoo, 2015-02-12 07:30 CET (GLOBE NEWSWIRE) -- TRAINERS' HOUSE PLC, FINANCIAL
STATEMENTS BULLETIN, 12 FEBRUARY 2015 AT 8:30
January - December 2014 in brief (the figures are for the company's ongoing
operations)
-- Net sales amounted to EUR 8.0 million (EUR 10.1 million).
-- Operating profit (EBIT) before non-recurring items was EUR -1.0 million
(EUR 0.5 million), or -12.8% of net sales (4.9%).
-- Based on the results of impairment testing, the goodwill values were lower
than the book value in March and September 2014, resulting in a goodwill
write-off in a total amount of EUR 2.7 million (EUR 4.5 million in June
2013).
-- Operating profit was EUR -3.8 million, or -47.1% of net sales (EUR -4.1
million, -41.0%).
-- Cash flow from operating activities was EUR -0.3 million (EUR 1.5 million).
-- Earnings per share were EUR -0.06 (EUR -0.07).
October - December 2014 in brief (the figures are for the company's ongoing
operations)
-- Net sales amounted to EUR 2.2 million (EUR 2.8 million).
-- Operating profit (EBIT) before non-recurring items was EUR -0.3 million
(EUR 0.4 million), or -12.1% of net sales (15.4%).
-- Operating profit was EUR -0.3 million (EUR 0.4 million), or -14.4% of net
sales (15.4%).
-- Cash flow from operating activities was EUR 0.3 million (EUR 0.6 million).
-- Earnings per share were EUR -0.00 (EUR 0.01).
Key figures at the end of 2014
-- Liquid assets totalled EUR 1.6 million (EUR 2.6 million).
-- Interest-bearing liabilities amounted to EUR 7.1 million (EUR 8.6 million),
and interest-bearing net debt totalled EUR 5.5 million (EUR 5.9 million).
-- Net gearing was 136.5% (87.4%).
-- The equity ratio was 26.8% (35.4%).
OUTLOOK FOR 2015
The company filed an application for corporate restructuring on 12 December
2014. By Espoo District Court's decision, the company's corporate restructuring
commenced on 28 January 2015. The company estimates that net sales will be
lower than in 2014 as a result of cost saving measures and the effects of
corporate restructuring. Moreover, the general economic situation is expected
to remain difficult, at least in the short term.
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 may be decided upon as part of
the restructuring process. The content or success of these measures is not
currently known. For this reason, the company will not issue a more detailed
profit estimate.
REPORT OF ARTO HEIMONEN, CEO
Trainers' House Plc applied for corporate restructuring in December 2014. At
the moment, the company's corporate restructuring proceedings are in the
process phase, the purpose of which is to prepare and confirm the restructuring
programme. In the company's day-to-day operations, customer work continues as
usual. Since filing the application for corporate restructuring, the reactions
of customers and personnel have been encouraging.
The aim is that the restructuring programme will 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 and its capacity in such a way that the
company's finances and cash flow can quickly recover. This means significant
cuts in the company's operational expenses. The corporate restructuring process
will reduce operational expenses to a level that enables the company to have
continuously profitable business operations.
The company started searching for entrepreneur partners in Finland's key cities
during the second half of last year, with the aim of expanding its sales
network. The partner agreements concluded at the moment currently cover a
significant part of the southern Finland: Pirkanmaa, Häme, Central Finland and
Kymenlaakso.
Trainers' House will continue with the development work to identify change
management methods that increase measurable results as well as new earnings
models.
For more information, please contact:
Arto Heimonen, CEO, +358 40412 3456
Saku Keskitalo, Investor Relations, +358 40411 1111
REVIEW OF OPERATIONS
The company has continued the development of a product and service model that
provides quantifiable results to customers. An increasing number of customer
assignments include the Pulssi (Pulse) change management system. Also other
change tools developed by the company have evolved. Other change support tools
include, for example, Vaikutuskartta (Impact Map), which is used to clarify a
customer company's goals. The change tools are used to identify and agree on
operative indicators, as well as to crystallise repeated weekly activities
through which the goals are achieved. Regarding Ignis services, sales services
such as decision-maker mapping, scheduling decision-maker appointments, market
research as well as marketing and sales outsourcing solutions are emphasised.
As reported previously, the company actively sought a solution concerning its
premises and financial position during the last quarter of the reporting
period, because the company's current level of net sales and results do not, in
the company's assessment, enable the fulfilment of the company's 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 general meeting
decided on the continuation of the application for corporate restructuring on
20 January 2015.
As part of the recovery programme planned by the company, 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.
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 development was weaker year-on-year, and the company's operating
profit before non-recurring items showed a loss.
Net sales from continuing operations in the period under review came to EUR 8.0
million (EUR 10.1 million). Operating profit (EBIT) from continuing operations
before non-recurring items was EUR -1.0 million, or -12.8% of net sales (EUR
0.5 million, or 4.9 %). The result for ongoing operations during the period was
EUR -4.0 million, or -50.5% of turnover (EUR -4.8 million, or -47.1 %).
Result
The comparative figures used to report operating profit include the reported
operating profit and the 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 shows the Group's key figures (in thousands of euros unless
otherwise noted):
2014 2013
Net sales 8,003 10,120
Expenses:
Personnel-related expenses -5,320 -5,500
Other expenses -3,552 -3,913
EBITDA -870 706
Depreciation of non-current assets -153 -207
Operating profit before non-recurring -1,024 499
items
Non-recurring items *) -2,749 -4,646
EBIT -3,773 -4,147
% of net sales -47.1 -41.0
Financial income and expenses -268 -1,054
Profit/loss before tax -4,041 -5,201
Tax **) 2 432
Profit/loss for the period for the -4,039 -4,769
continuing operations
% of net sales -50.5 -47.1
Divested operations ***) 250
Profit/loss for the period -3,789 -4,769
% of net sales -47.4 -47.1
*) Non-recurring items in 2014 include a write-down in the Group's goodwill in
the amount of EUR 2.7 million, and a non-recurring settlement compensation of
EUR 0.05 million relating to a former associated company. Non-recurring items
in 2013 include a restructuring provision in the amount of EUR 0.1 million and
a write-down in the Group's goodwill in the amount of EUR 4.5 million.
**) The tax included in the income statement is deferred. Taxes recognised in
the income statement have no effect on cash flow. On 31 December 2014, 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
during the period 2019 to 2023.
***) The dissolution of restructuring provisions of a Dutch subsidiary divested
in 2007, which was recognised as income.
The following table shows the distribution of net sales from ongoing operations
and the quarterly profit/loss from the start of 2013 (in thousands of euros).
Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414
----------------------------------------------------------------
Net sales 2945 2582 1800 2793 2154 2128 1563 2158
----------------------------------------------------------------
Operating 167 56 -153 430 -177 -262 -323 -261
profit
before
non-recurring
items*)
----------------------------------------------------------------
Operating 42 -4465 -153 430 -1820 -262 -1379 -311
profit
----------------------------------------------------------------
BOARD'S PROPOSAL CONCERNING DISTRIBUTABLE ASSETS
According to the financial statement as of 31 December 2014, the parent
company's distributable assets amount to EUR -3.4 million. The Board of
Directors will propose to the Annual General Meeting that no dividend be paid
for 2014.
LONG-TERM OBJECTIVES
The company's long-term objective is profitable growth.
FINANCING, INVESTMENTS AND SOLVENCY
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 outstanding loans related to this
agreement, which was renegotiated at the end of 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 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 if the company pays dividends in excessof 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 hybrid bond bearers to convert
the hybrid bond into a low-interest loan instrument with secondary priority as
compared with a senior loan and with the same key terms and conditions as for a
subordinated loan. 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 on an opportunity to convert a maximum of EUR 2.0
million of the capital of these loan instruments to subordinated loans as
specified in the Limited Liability Companies Act, if deemed necessary to
support the parent company's equity. By the end of the third quarter, the
conversion had been executed in full.
Cash flow and financing
Cash flow from operating activities before financial items totalled EUR -0.2
million (EUR 1.7 million), and after financial items EUR -0.3 million (EUR 1.5
million).
Cash from investments totalled EUR -0.0 million during the period under review
(EUR 1.3 million). Cash flow from financing came to EUR -0.8 million (EUR -1.7
million).
Total cash flow amounted to EUR -1.1 million (EUR 1.1 million).
On 31 December 2014, the Group's liquid assets totalled EUR 1.6 million (EUR
2.6 million) The equity ratio was 26.8% (35.4%). Net gearing was 136.5%
(87.4%). At the end of the reporting period, the company had interest-bearing
liabilities in the amount of EUR 7.1 million (EUR 8.6 million).
Financial risks
The company's fulfilment of the covenants of its financial instruments requires
a successful corporate restructuring process and the improvement of the
company's operational profitability.
Interest rate risk is managed by covering some of the risk with hedging
agreements, as required. A bad-debt provision, which is booked on the basis of
ageing and case-specific risk analyses, covers risks to accounts receivable.
In financial risk management, liquidity remained the key focus. Due to the
decrease in net sales and the excessive costs for 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 at the time of writing this report, 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 taking care of the company's
liabilities under financial agreements requires improvement in the
profitability of the company's operational business as well as a successful
corporate restructuring process.
Short-term risks
The Group's goodwill as recognised in the balance sheet was re-tested for
impairment at the end of the quarter. No goodwill write-downs were judged
necessary from the results of this impairment testing.
Trainers' House Plc's Group balance sheet has EUR 1.9 million of goodwill. 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. 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
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 company's new loan agreement, under which there were loans in an amount of
EUR 1.7 million at the end of the reporting period, includes standard covenants
concerning operating profit before depreciation and cash in hand.
If the company's profitability does not improve, the covenants will not be
fulfilled. The company's fulfilment of the covenants of its financial
instruments requires a corporate restructuring process and an improvement in
the company's operational profitability.
Risks are discussed in more detail in the annual report and on the company's
website: www.trainershouse.fi > Investors.
PERSONNEL
At the end of 2014, the Group employed 87 (82) people.
DECISIONS OF THE EXTRAORDINARY GENERAL MEETING
An extraordinary general meeting of Trainers' House Plc was held in Espoo on 20
January 2015. The Board of Directors had called 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 OF THE ANNUAL GENERAL MEETING
The annual general meeting of Trainers' House Plc was held on 26 March 2014 in
Espoo.
In accordance with the proposal of the Board of Directors, the annual general
meeting decided that no dividend be paid for the financial year 2013.
In accordance with the proposal of the Board of Directors, the annual general
meeting decided that the company's premium fund be decreased by EUR
4,037,620.81 to cover the parent company's losses. On 31 December 2013, before
the offsetting of losses, the parent company's premium fund amounted to EUR
4,532,159.97. After the write-off the company's premium fund totals EUR
494,539.16.
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 1 January to 31 December 2013.
It was confirmed that the Board of Directors will consist of five (5) members.
Aarne Aktan, Vesa Honkanen, Jarmo Hyökyvaara and Jari Sarasvuo were re-elected
as members of the Board of Directors. Marjaana Toiminen was elected as a new
member of the Board. 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 that the members of the Board be entitled to a monthly
emolument of EUR 1,500 and the Chairman of the Board be entitled to a monthly
emolument of EUR3,500.
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.
It was decided to authorise the Board of Directors to decide on a share issue,
on transfer of the company's own shares and on the granting of special rights
entitling holders to shares. The number of shares to be granted or transferred
on the basis of the authorisation may not exceed 13,000,000. Share issues,
transfers of the company's own shares and grants of other special rights
entitling holders to shares may take place in deviation of the shareholders'
pre-emptive subscription rights. This authorisation overrides previous
authorisations concerning share issues, transfers of the company's own shares
and grants of other special rights entitling holders to shares. The
authorisation is valid until 30 June 2017.
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 reviewed, 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 18.1 million shares, or 26.7% of the
average number of all company shares (21.4 million shares or 31.5%), were
traded on the Helsinki stock exchange. These shares had a value of EUR 0.8
million (EUR 1.5 million). The period's highest share quotation was EUR 0.08
(EUR 0.11), the lowest was EUR 0.02 (EUR 0.05) and the closing price was EUR
0.02 (EUR 0.07). The weighted average price was EUR 0.04 (EUR 0.07). At the
closing price on 31 December 2014, the company's market capitalisation was EUR
1.4 million (EUR 4.8 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 in 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.
The company's Board of Directors decided on 5 August 2013 to adopt a new option
programme under the authorisation of the annual general meeting 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 0.1 million has
been expensed for the 2014 financial year for options.
The company's Board of Directors decided on 18 December 2013 to adopt a new
option programme under the authorisation of the annual general meeting 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, valid on 31 December 2014.
In producing this financial statements bulletin, Trainers' House has applied
the same accounting principles for key figures as in its financial statements
for 2013. The calculation of key figures is described on page 92 of the
financial statements included in the Annual Report 2013.
The figures given in the financial statements bulletin are unaudited.
INCOME STATEMENT, IFRS (kEUR)
Group Group Group Group
01/10- 01/10- 01/01- 01/01-
31/12/14 31/12/13 31/12/14 31/12/13
CONTINUING OPERATIONS
NET SALES 2,158 2,793 8,003 10,120
Other income from operations 181 239 648 785
Costs:
Materials and services -206 -289 -691 -1,032
Personnel-related -1,460 -1,387 -5,320 -5,615
expenses
Depreciation -37 -46 -153 -207
Impairment -2,699 -4,521
Other operating expenses -948 -881 -3,560 -3,676
Operating profit/loss -311 430 -3,773 -4,147
Financial income and expenses -77 -78 -268 -1,054
Profit/loss before tax -388 352 -4,041 -5,201
Tax *) 0 431 2 432
PROFIT/LOSS FOR THE PERIOD -387 784 -4,039 -4,769
CONTINUING OPERATIONS
Discontinued operations 250 250
TOTAL COMPREHENSIVE -137 784 -3,789 -4,769
INCOME FOR THE YEAR
Profit/loss attributable to:
Owners of the parent company -137 784 -3,789 -4,769
Total comprehensive income
attributable to:
Owners of the parent company -137 784 -3,789 -4,769
Earnings per share, undiluted:
EPS result for the period from -0.01 0.01 -0.06 -0.07
continuing operations
EPS result for the period from 0.00 0.00
discontinued operations
EPS attributable to equity -0.00 0.01 -0.06 -0.07
holders of the parent company
EPS result for the period -0.00 0.01 -0.06 -0.07
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
31/12/14 31/12/13
ASSET
Non-current assets
Property, plant and equipment 137 236
Goodwill 1,915 4,614
Other intangible assets 9,652 9,669
Other financial assets 4 4
Other receivables 12 42
Deferred tax receivables 382 380
Total non-current assets 12,102 14,946
Current assets
Inventories 10 10
Accounts receivables and 1,455 1,791
other receivables
Cash and cash equivalents 1,578 2,630
Total current assets 3,043 4,432
TOTAL ASSETS 15,145 19,377
SHAREHOLDERS' EQUITY AND
LIABILITIES
Equity attributable to equity
holders of the parent company
Share capital 881 881
Premium fund 216 4,253
Distributable non-restricted 31,872 31,872
equity fund
Other equity fund 900
Retained earnings -29,846 -30,215
Total shareholders' equity 4,023 6,791
Long-term liabilities
Deferred tax liabilities 1,929 1,929
Other long-term liabilities 6,044 7,455
Accounts payable and other 3,150 3,202
liabilities
Total liabilities 11,122 12,586
TOTAL SHAREHOLDERS' EQUITY AND 15,145 19,377
LIABILITIES
CASH FLOW STATEMENT, IFRS (kEUR)
Group Group
01/01- 01/01-
31/12/14 31/12/13
Profit/loss for the period -3,789 -4,769
Adjustments to profit/loss 3,242 5,372
for the period
Change in working capital 363 1,142
Financial items -96 -218
Cash flow from operations -281 1,527
Investments in tangible and -37 -19
intangible assets
Divestment of business 472
Repayment of loan receivables 30 30
Sales from available-for-sale 770
financial assets
Cash flow from investments -6 1,253
Withdrawal of long-term loans 347 700
Repayment of long-term loans -1,000 -2,225
Repayment of finance lease -111 -145
liabilities
Cash flow from financing -765 -1,670
Change in cash and cash -1,052 1,110
equivalents
Opening balance of cash and 2,630 1,520
cash equivalents
Closing balance of cash and 1,578 2,630
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 5,077 31,872 4,962 -26,397 16,394
01/01/2013
-----------------------------------------------------------
Re- 145 145
measurement
of deferred
tax - change
in tax rate
-----------------------------------------------------------
Adjusted 881 5,077 31,872 4,962 -26,253 16,539
equity
01/01/2013
-----------------------------------------------------------
Other -4,769 -4,769
comprehensive
income
-----------------------------------------------------------
Decrease of -823 823 0
share premium
fund to cover
losses
-----------------------------------------------------------
Sharebased 21 21
payments
-----------------------------------------------------------
Hybrid bond -4,962 -38 -5,000
recognised
under non-
current
liabilities
-----------------------------------------------------------
Equity 881 4,253 31,872 0 -30215 6,791
31/12/2013
-----------------------------------------------------------
-----------------------------------------------------------
Equity 881 4,253 31,872 0 -30,215 6,791
01/01/2014
-----------------------------------------------------------
Other -3,789 -3,789
comprehensive
income
-----------------------------------------------------------
Decrease of -4,038 4,038 0
share premium
fund to cover
losses
-----------------------------------------------------------
Sharebased 121 121
payments
-----------------------------------------------------------
Hybrid bond 900 900
transferred
from non-
current
liabilities
-----------------------------------------------------------
Equity 881 216 31,872 900 -29,846 4,023
31/12/2014
-----------------------------------------------------------
RESTRUCTURING PROVISION (kEUR) Group Group
01/01- 01/01-
31/12/14 31/12/13
Provisions 1 January 222 240
Provisions increased 125
Provisions used -21 -143
Provisions 31 December 200 222
PERSONNEL Group Group
01/01- 01/01-
31/12/14 31/12/13
Average number of personnel 88 93
Personnel at the end of 87 82
the period
COMMITMENTS AND CONTINGENT Group Group
LIABILITIES (kEUR) 31/12/14 31/12/13
Collaterals and contingent 7,805 9,213
liabilities given for
own commitments
OTHER KEY FIGURES Group Group
31/12/14 31/12/13
Equity-to-assets ratio (%) 26.8 35.4
Net gearing (%) 136.5 87.4
Shareholders' equity/share (EUR) 0.06 0.10
Return on equity (%) -74.7 -41.1
Return on investment (%) -28.5 -22.1
Espoo, 12 February 2015
TRAINERS' HOUSE PLC
BOARD OF DIRECTORS
For more information, please contact:
Arto Heimonen, CEO, tel. +358 40412 3456
Saku Keskitalo, Investor Relations, tel. +358 40411 1111
DISTRIBUTION
OMX Nordic Exchange, Helsinki
Main media
www.trainershouse.fi > Investors
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