2013-08-01 07:30:00 CEST
2013-08-01 07:30:03 CEST
SÄÄNNELTY TIETO
Trainer's House Oyj - Interim report (Q1 and Q3)
TRAINERS' HOUSE GROUP'S INTERIM REPORT FOR 1 JANUARY - 30 JUNE 2013
Espoo, 2013-08-01 07:30 CEST (GLOBE NEWSWIRE) -- TRAINERS' HOUSE PLC, INTERIM
REPORT, 1 AUGUST 2013 AT 8:30
January-June 2013 in brief (the figures are figures for the company's
continuing operations)
-- Net sales amounted to EUR 5.5 million (EUR 7.4 million)
-- Operating profit (EBIT) before non-recurring items and depreciation
resulting from the allocation of acquisition cost was EUR 0.2 million (EUR
0.7 million), or 4.0% of net sales (10.1%)
-- Operating profit was EUR -4.4 million (EUR -0.1 million), or -80.0% of net
sales (-0.9%)
-- Cash flow from operating activities was EUR 1.2 million (EUR 0.8 million)
-- Earnings per share were EUR -0.08 (EUR -0.00)
April-June 2013 in brief (the figures are figures for the company's continuing
operations)
-- Net sales amounted to EUR 2.6 million (EUR 3.5 million)
-- Operating profit (EBIT) before non-recurring items and depreciation
resulting from the allocation of acquisition cost was EUR 0.1 million (EUR
0.2 million), or 2.2% of net sales (5.6%)
-- Operating profit was EUR -4.5 million (EUR -0.2 million), or -172.9% of net
sales (-5.9%)
-- Cash flow from operating activities was EUR 0.1 million (EUR 0.4 million)
-- Earnings per share were EUR -0.08 (EUR -0.00)
Key figures at the end of the second quarter of 2013
-- Liquid assets totalled EUR 2.1 million (EUR 2.8 million)
-- Interest-bearing liabilities amounted to EUR 4.1 million (EUR 6.3 million),
and interest-bearing net debt totalled EUR 2.0 million (EUR 3.5 million)
-- Net gearing was 18.5% (20.9%).
-- Equity-to-assets ratio was 55.8% (58.5%).
OUTLOOK FOR 2013
During the second quarter the company's orders did not develop in line with the
forecast, causing the company's forecast of its net sales for the second half
of the year to decrease clearly in comparison to the previous year's level. The
clear decrease in net sales will have a negative impact on the company's
operating profits despite the cost-reduction measures that have already been
implemented.
The company updated on 26 June its forecast, expecting the net sales for the
2013 accounting period to be clearly lower than in 2012. The company estimated
the operating profits before non-recurring items and depreciation resulting
from the allocation of acquisition cost to decrease from 2012.
Previous release
In its previous release, the company forecast its 2013 net sales to decrease
from the 2012 level and the operating profits before non-recurring items and
depreciation resulting from the allocation of acquisition cost to remain
approximately on the same level as 2012.
REPORT OF ARTO HEIMONEN, CEO
Net sales and operating profit in the first half of the year was weaker in
comparison to the same period in the previous year, but operating profits
remained positive. The company released a profit warning concerning the entire
year in the second quarter, which was caused primarily by sales development in
the first half of the year that fell short of targets. Sales development was
impacted by the on-going streamlining measures in the company, the
reorganisation of tasks as well as market conditions and a persistently
demanding operational environment.
The implemented personnel reductions following codetermination negotiations at
the beginning of the year and other streamlining measures are expected to
create annual savings totalling EUR 0.9 million. These cost-saving measures
have been successfully launched. The savings will be realised in full during
the third quarter.
During the current state of the company's change process, improving
profitability is dependent on the realisation of the initiated cost-reductions.
The company expects that the investments currently made into the on-going
change process will begin to repay themselves in the form of increasing net
sales in the coming years.
For more information, please contact:
Arto Heimonen, CEO, +358 40 412 3456
Mirkka Vikström, CFO, +358 50 376 1115
REVIEW OF OPERATIONS
The codetermination negotiations concerning the entire company, which were
started at Trainers' House in January, ended in February. As a result of the
negotiations, a total of 9 employment contracts in the Group were terminated.
The costs of personnel reductions and other non-recurrent costs caused by the
reorganization are a total of EUR 0.1 million.
Alongside sales and customer service production, during the reviewed period the
company invested in changing its operational model and the development of a
product and service model to generate significant improvements to customer
results.
The change projects implemented by Trainers' House are related to the
clarification of customers' business strategies, strategy marketing and
strategy execution by speeding up sales, improving customer service through
service tailoring and by developing management, leadership and employee skills.
Managing work capacity through physical and mental coaching holds an important
role in an increasing number of customer projects.
The starting point for change implementation projects is the latest situation
picture in the customer company, based on which realistic objectives are set
for the desired results and the changes to activities that they require. If
required, an internal trainer network will be created to support the changes
and anchor them into the organization.
The results of customer projects are verified by auditing customers' everyday
work and by bringing in management systems to help monitor the activities and
the results. In January, the company launched a new version of its Pulssi
(Pulse) monitoring system. The service has been well received among customers.
FINANCIAL PERFORMANCE
Net sales development in the first half was weaker than in 2012. Operating
profit in the first quarter before non-recurring items and depreciation
resulting from the allocation of acquisition cost was also lower year-on-year.
As the depreciation resulting from the allocation of acquisition cost was
completed during the last quarter of 2012, operating result before
non-recurring items improved year-on-year. The result for the first half of the
year is burdened by the personnel reductions costs and other non-recurring
costs related to the codetermination negotiations in January and February that
amounted to EUR 0.1 million.
Net sales from continuing operations during the period under review came to EUR
5.5 million (EUR 7.4 million). Operating profit from continuing operations
(operating profit before depreciation resulting from the allocation of the
acquisition cost of Trainers' House Oy and non-recurring items) was EUR 0.2
million, 4.0 % of net sales (EUR 0.7 million, or 10.1 %). Profit for the period
was EUR -5.4 million, or -97.1% of net sales (EUR -0.1 million, or -0.9%).
Non-recurring items
In conjunction with impairment tests after the end of the quarter, the Board of
Directors of the company decided to lower the estimates on the profitability
and growth of net sales in the training business used in impairment testing. As
a result, the Board of Directors resolved that a total of EUR 4.5 million of
the Group's goodwill will be written down based on the impairment testing. This
write-down has no effect on operating profits or cash flow. After this
write-down, the Group balance sheet has EUR 4.6 million of goodwill.
Trainers' House, Sentica Kasvurahasto II Ky and the employee-owners of
atBusiness Oy signed an agreement on a corporate transaction on 6 June 2013
under which Innofactor Oyj purchased all of the shares of atBusiness Oy as well
as the company's the partnership loans given to atBusiness Oy by the company's
old shareholders. As compensation for atBusiness Oy shares and the partnership
loans it gave to atBusiness Oy, Trainers' House received EUR 0.5 million in
cash and EUR 0.8 million as new shares of Innofactor Oyj, totalling EUR 1.3
million. As a result of the arrangement, Trainers' House recorded a
non-recurring EUR 0.9 million loss to its second quarter profits.
Result
The comparative figures used for reporting on operating profit include the
operating profit reported as well as operating profit before depreciation of
allocated acquisition costs related to the acquisition of Trainers' House Oy
and non-recurring items (i.e., operating profit, EBIT). According to the
company's management, these figures provide a more accurate view of company
productivity.
The following table itemises the Group's key figures (in thousands of euros
unless otherwise noted):
1-6/2013 1-6/2012
Net sales 5,527 7,437
Expenses:
Personnel-related expenses -3,095 -3,691
Other expenses -2,094 -2,825
EBITDA 338 920
Depreciation of non-current assets -116 -171
Operating profit before depreciation 222 749
of acquisition cost
% of net sales 4,0 10.1
Depreciation of allocation of -819
acquisition cost *)
Operating profit before non-recurring 222 -70
items
Non-recurring items **) -4,646
EBIT -4,424 -70
% of net sales -80.0 -0.9
Financial income and expenses ***) -943 -73
Profit/loss before tax -5,367 -143
Tax ****) 1 73
Profit/loss for the period -5,366 -70
% of net sales -97.1 -0.9
*) Of the purchase price of Trainers' House Oy in 2007, EUR 10.2 million has
been allocated to intangible assets with a limited useful life. These assets
have been wholly depreciated during 2007-2012.
**) 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.
***) Financial items include a non-recurring loss of EUR 0.9 million resulting
from the sale of minority stake in atBusiness Oy.
****) The tax included in the income statement is deferred. Taxes recognised in
the income statement have no effect on cash flow. On 30 June 2013, the
company's balance sheet included deferred tax assets from losses carried
forward in the amount of EUR 0.4 million. Of the deferred tax assets, EUR 0.3
million will expire in 2019 and EUR 0.1 million in 2021.
The following table itemises distribution of net sales from continuing
operations and shows the quarterly profit/loss from the start of 2012 (unit in
thousands of euros).
Q112 Q212 Q312 Q412 2012 Q113 Q213
--------------------------------------------------------
Net sales 3901 3536 2485 3381 13302 2945 2582
--------------------------------------------------------
Operating 549 200 -20 453 1182 167 56
profit
before
depreciation
of
acquisition
cost *)
--------------------------------------------------------
Operating 140 -210 -338 317 -91 42 -4465
profit
--------------------------------------------------------
*) excluding non-recurring items
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 EUR 4.0 million of loans left from
this loan agreement under a new loan agreement negotiated at the end of 2011.
Hybrid bond
On 15 January 2010, Trainers' House Plc issued a EUR 5.0 million domestic
hybrid bond. 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 has been 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 ensure that the company fulfils 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 Companies Act, or otherwise distributes equity to its
shareholders. The company aims to refinance the hybrid bond in its entirety in
the medium term.
Cash flow and financing
Cash from operating activities before financial items totalled EUR 1.3 million
(EUR 1.4 million) and after these, EUR 1.2 million (EUR 0.8 million).
Cash from investments totalled EUR 0.5 million during the period under review
(EUR 1.2 million). Cash flow from financing came to EUR -1.1 million (EUR -2.4
million).
Total cash flow amounted to EUR 0.6 million (EUR -0.5 million).
On 30 June 2013, the Group's liquid assets totalled EUR 2.1 million (EUR 2.8
million). The equity ratio was 55.8 % (58.5 %). Net gearing was 18.5 % (20.9%).
At the end of the reporting period, the Group had interest-bearing liabilities
in the amount of EUR 4.1 million (EUR 6.3 million).
Financial risks
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.
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.
Because of the overall economic situation, long-term trends remain unclear.
Short-term risks
The Group's goodwill and deferred tax assets recognised in the balance sheet
were re‑tested for impairment at the end of the third quarter. Based on the
results of this impairment testing, the goodwill values were EUR 4.5 million
lower than the book value, resulting in a goodwill write-off.
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. Of the deferred tax assets, EUR 0.3 million will expire in 2019
and EUR 0.1 million in 2021.
The company's new loan agreement, under which there were loans in an amount of
EUR 4.0 million at the end of the reporting period, includes standard
covenants, including one concerning the ratio of net debt to EBITDA.
If the company's profitability should fail to develop as expected, there would
be a risk of the company being unable to fulfil the covenants, which would
increase financial expenses.
Risks are discussed in more detail in the annual report and on the company's
Web site, at www.trainershouse.fi > Investors.
PERSONNEL
At the end of June 2013, the Group employed 101 (125) people.
DECISIONS REACHED AT THE ANNUAL GENERAL MEETING
The Annual General Meeting of Trainers' House Plc was held on 19 March 2013 in
Espoo.
In accordance with the proposal of the Board of Directors, the Annual General
Meeting decided that no dividend be paid for the 2012 financial year.
In accordance with the proposal of the Board of Directors, the Annual General
Meeting decided that thecompany's premium fund be decreased by EUR 823,478.02
to cover the parent company's losses. On 31 December 2012, before the
offsetting of losses, the parent company's premium fund amounted to EUR
5,355,637.99. After the write-off the company's premium fund totals EUR
4,532,159.97.
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 - 31 December 2012.
It was confirmed that the Board of Directors shall consist of five (5) members.
Aarne Aktan, Jarmo Hyökyvaara, Tarja Jussila and Jari Sarasvuo were re-elected
as members of the Board of Directors. Vesa Honkanen was elected a new member of
the Board. In its assembly meeting, 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.
In accordance with the proposal of the Board of Directors, the Annual General
Meeting held on 21 March 2012 decided to authorise the Board of Directors to
decide on a share issue, on transfer of own shares and on the granting of
special rights entitling to shares, on one or several occasions. The number of
shares to be granted or transferred on the basis of the authorisation may not
exceed 13,000,000 shares. A share issue, transfer of own shares and the
granting of other special rights entitling to shares may take place in
deviation of the shareholders' pre-emptive subscription rights (a private
placement). The authorisation is valid until 30 June 2015.
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 share capital or number of shares during the
period under review.
Share performance and trading
In the period under review, 4.8 million shares in total, or 7.0% of the average
number of all company shares (3.5 million shares, or 5.1%), were traded on the
Helsinki stock exchange, for a value of EUR 0.5 million (EUR 0.5 million). The
period's highest share quotation was EUR 0.11 (EUR 0.22), the lowest EUR 0.08
(EUR 0.10) and the closing price EUR 0.09 (EUR 0.11). The weighted average
price was EUR 0.10 (EUR 0.16). With the closing price for 30 June 2013, the
company's market capitalisation for the reviewed period was EUR 6.1 million
(EUR 7.5 million).
PERSONNEL OPTION PROGRAMMES
Trainers' House Plc has two option programmes for its personnel, included in
the personnel's commitment and incentive scheme.
The Annual General Meeting held on 25 March 2010 decided to initiate an
employee option programme for key employees at Trainers' House and its
subsidiaries.
The number of option rights granted shall not exceed 2,000,000, and the option
rights shall entitle their holders to subscribe for no more than 2,000,000 new
shares or treasury shares in total. The subscription prize for the 2010B
warrant is EUR 0.29. The subscription period for shares converted under the
warrant 2010B is from 1 September 2012 to 31 December 2013. The total number of
warrants granted to the personnel is 0.9 million. No shares have been
subscribed under the warrants.
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 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. Of the warrants, 3,000,000 will be titled
2012A and 2,000,000 will be titled 2012B. The subscription price for the
warrants is EUR 0.16. The subscription period for shares converted under the
warrant 2012A is from 1 September 2013 to 31 December 2014, and for shares
converted under the warrant 2012B from 1 September 2014 to 31 December 2015.
The options have not yet been offered.
CONDENSED FINANCIAL STATEMENTS AND NOTES
The interim 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 2012.
In producing this interim report, Trainers' House has applied the same
accounting principles for key figures as in its 2012 financial statements. The
calculation of key figures is described on page 92 of the financial statements
included in the Annual Report 2012.
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-
30/06/13 30/06/12 30/06/13 30/06/12 31/12/12
CONTINUING OPERATIONS
NET SALES 2,582 3,536 5,527 7,437 13,302
Other income from operations 179 161 356 324 797
Costs:
Materials and services -276 -456 -599 -994 -1,562
Personnel-related -1,518 -1,888 -3,210 -3,691 -6,696
expenses
Depreciation -45 -490 -116 -990 -1,689
Impairment -4,521 -4,521
Other operating expenses -866 -1,072 -1,862 -2,155 -4,244
Operating profit/loss -4,465 -210 -4,424 -70 -91
Financial income and expenses -944 -52 -943 -73 -303
Profit/loss before tax -5,410 -262 -5,367 -143 -394
Tax *) 12 91 1 73 151
PROFIT/LOSS FOR THE PERIOD -5,398 -171 -5,366 -70 -243
TOTAL COMPREHENSIVE -5,398 -171 -5,366 -70 -243
INCOME FOR THE YEAR
Profit/loss attributable to:
Owners of the parent company -5,398 -171 -5,366 -70 -243
Total comprehensive income
attributable to:
Owners of the parent company -5,398 -171 -5,366 -70 -243
Earnings per share, undiluted:
EPS result for the period from -0.08 -0.00 -0.08 -0.00 -0.00
continuing operations
EPS attributable to hybrid -0.00 -0.00
bond investors
EPS continuing operations -0.08 -0.00 -0.08 -0.00 -0.00
EPS attributable to equity -0.08 -0.00 -0.08 -0.00 -0.00
holders of the parent company
EPS result for the period -0.08 -0.00 -0.08 -0.00 -0.00
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
30/06/13 30/06/12 31/12/12
ASSETS
Non-current assets
Property, plant and equipment 286 491 380
Goodwill 4,614 9,135 9,135
Other intangible assets 9,688 10,238 9,710
Other financial assets 773 202 202
Other receivables 57 1,607 1,490
Deferred tax receivables 383 490 382
Total non-current assets 15,800 22,162 21,299
Current assets
Inventories 10 11 10
Accounts receivables and 1,937 3,290 3,776
other receivables
Cash and cash equivalents 2,097 2,828 1,520
Total current assets 4,044 6,129 5,306
TOTAL ASSETS 19,845 28,290 26,605
SHAREHOLDERS' EQUITY AND
LIABILITIES
Equity attributable to equity
holders of the parent company
Share capital 881 881 881
Premium fund 4,253 5,077 5,077
Distributable non-restricted 31,872 31,872 31,872
equity fund
Other equity fund 4,962 4,962 4,962
Retained earnings -30,940 -26,232 -26,397
Total shareholders' equity 11,028 16,559 16,394
Long-term liabilities
Deferred tax liabilities 2,507 2,649 2,507
Other long-term liabilities 2,029 4,114 3,074
Accounts payable and other 4,280 4,968 4,629
liabilities
Total liabilities 8,817 11,731 10,211
TOTAL SHAREHOLDERS' EQUITY AND 19,845 28,290 26,605
LIABILITIES
CASH FLOW STATEMENT, IFRS (kEUR)
Group Group Group
01/01- 01/01- 01/01-
30/06/13 30/06/12 31/12/12
Profit/loss for the period -5,366 -70 -243
Adjustments to profit/loss 5,602 1,023 1,726
for the period
Change in working capital 1,049 468 -100
Financial items -110 -666 -774
Cash flow from operations 1,175 755 608
Investments in tangible and -49
intangible assets
Divestment of business 472
Repayment of loan receivables 15 1,200 1,200
Cash flow from investments 487 1,200 1,152
Repayment of long-term loans -1,000 -2,297 -3,297
Repayment of finance lease -85 -110 -223
liabilities
Cash flow from financing -1,085 -2,407 -3,520
Change in cash and cash 577 -452 -1,760
equivalents
Opening balance of cash and 1,520 3,280 3,280
cash equivalents
Closing balance of cash and 2,097 2,828 1,520
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 13,943 31,872 4,962 -35,031 16,627
01/01/2012
----------------------------------------------------------
Other -70 -70
comprehensive
income
----------------------------------------------------------
Hybrid bond -23 -23
----------------------------------------------------------
Sharebased 25 25
payments
----------------------------------------------------------
Decrease of -8,866 8,866 0
share premium
fund to cover
losses
----------------------------------------------------------
Equity 881 5,077 31,872 4,962 -26,232 16,559
30/06/2012
----------------------------------------------------------
----------------------------------------------------------
Equity 881 5,077 31,872 4,962 -26,397 16,394
01/01/2013
----------------------------------------------------------
Other -5,366 -5,366
comprehensive
income
----------------------------------------------------------
Decrease of -823 823 0
share premium
fund to cover
losses
----------------------------------------------------------
Equity 881 4,253 31,872 4,962 -30,940 11,028
30/06/2013
----------------------------------------------------------
RESTRUCTURING PROVISION (kEUR) Group Group Group
01/01- 01/01- 01/01-
30/06/13 30/06/12 31/12/12
Provisions 1 January 240 258 258
Provisions increased 125
Provisions used -110 -19
Provisions 30 June/31 December 255 258 240
PERSONNEL Group Group Group
01/01- 01/01- 01/01-
30/06/13 30/06/12 31/12/12
Average number of personnel 98 119 115
Personnel at the end of 101 125 108
the period
COMMITMENTS AND CONTINGENT Group Group Group
LIABILITIES (kEUR) 30/06/13 30/06/12 31/12/12
Collaterals and contingent 10,091 11,348 10,716
liabilities given for
own commitments
OTHER KEY FIGURES Group Group Group
30/06/13 30/06/12 31/12/12
Equity-to-assets ratio (%) 55.8 58.5 62.0
Net gearing (%) 18.5 20.9 22.5
Shareholders' equity/share (EUR) 0.16 0.24 0.24
Return on equity (%) -40.2 -71.9 -1.5
Return on investment (%) -22.4 -50.5 0.9
Return on equity and return on investment have been calculated for the previous
12 months.
Helsinki, 1 August 2013
TRAINERS' HOUSE OYJ
BOARD OF DIRECTORS
For more information, please contact
Arto Heimonen, CEO, +358 40 412 3456
Mirkka Vikström, CFO, +358 50 376 1115
DISTRIBUTION
OMX Nordic Exchange, Helsinki
Main media
www.trainershouse.fi > Investors
© 2024 Nasdaq, Inc. All Rights Reserved |
| Evästeet |