2013-10-24 07:30:00 CEST
2013-10-24 07:30:04 CEST
REGULATED INFORMATION
Trainer's House Oyj - Interim report (Q1 and Q3)
TRAINERS' HOUSE GROUP'S INTERIM REPORT FOR 1 JANUARY – 30 SEPTEMBER 2013
Espoo, 2013-10-24 07:30 CEST (GLOBE NEWSWIRE) -- TRAINERS' HOUSE PLC, INTERIM
REPORT, 24 OCTOBER 2013 AT 8:30
January-September 2013 in brief (the figures are figures for the company's
continuing operations)
-- Net sales amounted to EUR 7.3 million (EUR 9.9 million)
-- Operating profit (EBIT) before non-recurring items and depreciation
resulting from the allocation of acquisition cost was EUR 0.1 million (EUR
0.7 million), or 0.9% of net sales (7.3%)
-- Operating profit was EUR -4.6 million (EUR -0.4 million), or -62.5 % of net
sales (-4.1 %)
-- Cash flow from operating activities was EUR 0.9 million (EUR 0.3 million)
-- Earnings per share were EUR -0.08 (EUR -0.01)
July-September 2013 in brief (the figures are figures for the company's
continuing operations)
-- Net sales amounted to EUR 1.8 million (EUR 2.5 million)
-- Operating profit (EBIT) before non-recurring items and depreciation
resulting from the allocation of acquisition cost was EUR -0.2 million (EUR
-0.0 million), or -8.5% of net sales (-0.8%)
-- Operating profit was EUR -0.2 million (EUR -0.3 million), or -8.5% of net
sales (-13.6%)
-- Cash flow from operating activities was EUR -0.3 million (EUR -0.4 million)
-- Earnings per share were EUR -0.00 (EUR -0.00)
Key figures at the end of the third quarter of 2013
-- Liquid assets totalled EUR 1.8 million (EUR 2.3 million)
-- Interest-bearing liabilities amounted to EUR 4.1 million (EUR 6.3 million),
and interest-bearing net debt totalled EUR 2.3 million (EUR 4.0 million)
-- Net gearing was 21.5% (24.3%)
-- Equity-to-assets ratio was 56.2% (59.4%)
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 expects 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.
CHIEF EXECUTIVE OFFICER ARTO HEIMONEN
Net sales and operating profit during the period under review were weaker in
comparison to the same period in the previous year, but operating profits
remained positive.
The company started codetermination negotiations for project managers in the
beginning of August.As a result of the negotiations, the employment contracts
of a total of 5 project managers were terminated.Because the orders coming in
from customers are increasingly focused on the implementation of change
management, the company's management decided during the codetermination
negotiations that project manager work would be reorganized to better respond
to the demands required by customer projects.
The company has continued to reorganize and make operations more
efficient.Market conditions and the operational environment continue to be
demanding, which makes forecasts short-sighted and challenging.The company's
current financial structure together with the hybrid bond taken in 2010,
amounting to a total of EUR 5 million in capital, and its rental liabilities is
heavy given the cash flow generated by the company's current business
operations.The company seeks to find a solution to the problem that is more
beneficial from the company's point of view.
The company started cost savings measures in the first half of the year that
have been implemented in line with their objectives.In order to support growth
in the coming years and to ensure the high level of service, we will also in
the future continue to simultaneously invest into those areas where demand is
expected to grow in the future.
For more information, please contact:
Arto Heimonen, CEO, at tel. +358 40 412 3456
Mirkka Vikström, CFO, at tel. +358 50 376 1115
REVIEW OF OPERATIONS
Trainers' House started codetermination negotiations concerning the group's
project managers in August in order to reshape its production to match the
current demand and level of net sales.As a result of the negotiations, a total
of 5 employment contracts in the Group were terminated.No non-recurring items
were recorded as a result of the reorganization.The staff reductions are
expected to create annual savings totalling EUR 0.2 million.The savings will
start to be realized in full during the fourth quarter.
The previous codetermination negotiations concerning the entire company,
initiated in January, were concluded 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 client's 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
in the client 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 reviewed period was weaker than in 2012.Operating
profit before non-recurring items and depreciation resulting from the
allocation of acquisition cost was also lower year-on-year.Due to the
write-down of goodwill at the end of the first half of the year, the operating
profit before non-recurring items was clearly weaker than in the previous
year.The result for the first half of the year is burdened by the personnel
reductions costs, which followed from the codetermination negotiations in
January and February, and other non-recurring costs from other reorganization
efforts amounting to EUR 0.1 million.No non-recurring costs were recorded as a
result of the reorganizations due to the codetermination negotiations held in
August.
Net sales from continuing operations during the period under review came to EUR
7.3 million (EUR 9.9 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 0.1
million, or 0.9% of net sales (EUR 0.7 million, or 7.3%).Profit for the period
was EUR -5.6 million, or -75.8% of net sales (EUR -0.3 million, or -3.5%)
Non-recurring items
In conjunction with impairment tests after the end of the second 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 was written down based on the
impairment testing on 30 June 2013.The write-down has no effect on operating
profit 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):
1-9/2013 1-9/2012
Net sales 7,327 9,921
Expenses:
Personnel-related expenses -4,114 -4,961
Other expenses -2,983 -3,983
EBITDA 231 977
Depreciation of non-current assets -161 -249
Operating profit before depreciation 69 729
of acquisition cost
% of net sales 0.9 7.3
Depreciation of allocation of -1,229
acquisition cost *)
Operating profit before non-recurring 69 -500
items
Non-recurring items **) -4,646 92
EBIT -4,577 -408
% of net sales -62.5 -4.1
Financial income and expenses ***) -977 -112
Profit/loss before tax -5,553 -520
Tax ****) 1 171
Profit/loss for the period -5,552 -349
% of net sales -75.8 -3.5
*) 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.This item was
depreciated in full during the period 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.
***) The financial items include the non-recurring loss of EUR 0.9 million
resulting from the sale of the minority share of 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 September 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, in
thousands of euros.
Q112 Q212 Q312 Q412 2012 Q113 Q213 Q313
--------------------------------------------------------------
Net sales 3901 3536 2485 3381 13302 2945 2582 1800
--------------------------------------------------------------
Operating 549 200 -20 453 1182 167 56 -153
profit
before
depreciation
of
acquisition
cost *)
--------------------------------------------------------------
Operating 140 -210 -338 317 -91 42 -4465 -153
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 1.0 million
(EUR 1.0 million) and after these, EUR 0.9 million (EUR 0.3 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 -2.5
million).
Total cash flow amounted to EUR 0.3 million (EUR -1.0 million).
On 30 September 2013, the Group's liquid assets totalled EUR 1.8 million (EUR
2.3 million).The equity ratio was 56.2 % (59.4 %).Net gearing was 21.5%
(24.3%).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.
The company's current financial structure together with the hybrid bond and
rental liabilities is heavy given the cash flow generated by the company's
current business operations.The company seeks to find a solution to the problem
that is more beneficial from the company's point of view.
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 quarter. No goodwill
write-downs were judged necessary from the results of this impairment
testing.At the end of the second 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 in the financial statements.
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 September 2013, the Group employed 86 (112) 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 number of shares or share capital during the
period under review.
Share performance and trading
In the period under review, 13.2 million shares in total, or 19.4% of the
average number of all company shares (4.9 million shares, or 7.2%), were traded
on the Helsinki stock exchange, for a value of EUR 1.0 million (EUR 0.7
million).The period's highest share quotation was EUR 0.11 (EUR 0.22), the
lowest EUR 0.05 (EUR 0.09) and the closing price EUR 0.06 (EUR 0.12).The
weighted average price was EUR 0.08 (EUR 0.14). At the closing price on 30
September 2013, the company's market capitalisation was EUR 4.1 million (EUR
8.2 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 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
2012A warrant is from 1 September 2013 to 31 December 2014, and for shares
converted under the 2012B warrant from 1 September 2014 to 31 December 2015.The
options have not yet been offered.
The company's Board of Directors has decided on 5 August 2013 to adopt a new
option programme under the authorization of the Annual General Meeting on 21
March 2012.The number of option rights 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 1 January 2015 - 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 1 January 2016 - 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 1 January 2017 - 1 January 2018.The subscription price for
each warrant is EUR 0.09.The options have been offered to personnel from
September 2013. No option expenses have yet been recorded for the 2013
accounting period.
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
01/07- 01/07- 01/01- 01/01- 01/01-
30/09/13 30/09/12 30/09/13 30/09/12 31/12/12
CONTINUING OPERATIONS
NET SALES 1,800 2,485 7,327 9,921 13,302
Other income from operations 190 289 546 613 797
Costs:
Materials and services -145 -375 -743 -1,369 -1,562
Personnel-related -1,019 -1,270 -4,229 -4,961 -6,696
expenses
Depreciation -45 -487 -161 -1,477 -1,689
Impairment -4,521
Other operating expenses -933 -980 -2,795 -3,135 -4,244
Operating profit/loss -153 -338 -4,577 -408 -91
Financial income and expenses -33 -39 -977 -112 -303
Profit/loss before tax -186 -377 -5,553 -520 -394
Tax *) 0 98 1 171 151
PROFIT/LOSS FOR THE PERIOD -186 -279 -5,552 -349 -243
TOTAL COMPREHENSIVE -186 -279 -5,552 -349 -243
INCOME FOR THE YEAR
Profit/loss attributable to:
Owners of the parent company -186 -279 -5,552 -349 -243
Total comprehensive income
attributable to:
Owners of the parent company -186 -279 -5,552 -349 -243
Earnings per share, undiluted:
EPS result for the period from -0.00 -0.00 -0.08 -0.01 -0.00
continuing operations
EPS attributable to hybrid -0.00 -0.00
bond investors
EPS continuing operations -0.00 -0.00 -0.08 -0.01 -0.00
EPS attributable to equity -0.00 -0.00 -0.08 -0.01 -0.00
holders of the parent company
EPS result for the period -0.00 -0.00 -0.08 -0.01 -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
30/09/13 30/09/12 31/12/12
ASSET
Non-current assets
Property, plant and equipment 273 440 380
Goodwill 4,614 9,135 9,135
Other intangible assets 9,678 9,860 9,710
Other financial assets 773 202 202
Other receivables 42 1,679 1,490
Deferred tax receivables 383 503 382
Total non-current assets 15,763 21,820 21,299
Current assets
Inventories 10 11 10
Accounts receivables and 1,798 3,286 3,776
other receivables
Cash and cash equivalents 1,788 2,303 1,520
Total current assets 3,596 5,600 5,306
TOTAL ASSETS 19,360 27,419 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 -31,126 -26,502 -26,397
Total shareholders' equity 10,842 16,289 16,394
Long-term liabilities
Deferred tax liabilities 2,507 2,543 2,507
Other long-term liabilities 2,011 4,097 3,074
Accounts payable and other 3,999 4,490 4,629
liabilities
Total liabilities 8,518 11,130 10,211
TOTAL SHAREHOLDERS' EQUITY AND 19,360 27,419 26,605
LIABILITIES
CASH FLOW STATEMENT, IFRS (kEUR)
Group Group Group
01/01- 01/01- 01/01-
30/09/13 30/09/12 31/12/12
Profit/loss for the period -5,552 -349 -243
Adjustments to profit/loss 5,671 1,323 1,726
for the period
Change in working capital 891 74 -100
Financial items -110 -714 -774
Cash flow from operations 900 335 608
Investments in tangible and -19 -49 -49
intangible assets
Divestment of business 472
Repayment of loan receivables 30 1,200 1,200
Cash flow from investments 483 1,152 1,152
Repayment of long-term loans -1,000 -2,297 -3,297
Repayment of finance lease -115 -166 -223
liabilities
Cash flow from financing -1,115 -2,463 -3,520
Change in cash and cash 268 -977 -1,760
equivalents
Opening balance of cash and 1,520 3,280 3,280
cash equivalents
Closing balance of cash and 1,788 2,303 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 -349 -349
comprehensive
income
----------------------------------------------------------
Hybrid bond -23 -23
----------------------------------------------------------
Sharebased 34 34
payments
----------------------------------------------------------
Decrease of -8,866 8,866 0
share premium
fund to cover
losses
----------------------------------------------------------
Equity 881 5,077 31,872 4,962 -26,502 16,289
30/09/2012
----------------------------------------------------------
----------------------------------------------------------
Equity 881 5,077 31,872 4,962 -26,397 16,394
01/01/2013
----------------------------------------------------------
Other -5,552 -5,552
comprehensive
income
----------------------------------------------------------
Decrease of -823 823 0
share premium
fund to cover
losses
----------------------------------------------------------
Equity 881 4,253 31,872 4,962 -31,126 10,842
30/09/2013
----------------------------------------------------------
RESTRUCTURING PROVISION (kEUR) Group Group Group
01/01- 01/01- 01/01-
30/09/13 30/09/12 31/12/12
Provisions 1 January 240 258 258
Provisions increased 125
Provisions used -125 -19
Provisions 30 September/ 240 258 240
31 December
PERSONNEL Group Group Group
01/01- 01/01- 01/01-
30/09/13 30/09/12 31/12/12
Average number of personnel 96 117 115
Personnel at the end of 86 112 108
the period
COMMITMENTS AND CONTINGENT Group Group Group
LIABILITIES (kEUR) 30/09/13 30/09/12 31/12/12
Collaterals and contingent 9,708 11,005 10,716
liabilities given for
own commitments
OTHER KEY FIGURES Group Group Group
30/09/13 30/09/12 31/12/12
Equity-to-assets ratio (%) 56.2 59.4 62.0
Net gearing (%) 21.5 24.3 22.5
Shareholders' equity/share (EUR) 0.16 0.24 0.24
Return on equity (%) -40.2 -72.2 -1.5
Return on investment (%) -22.0 -50.5 0.9
Return on equity and return on investment have been calculated for the previous
12 months.
Helsinki, 24 October 2013
TRAINERS' HOUSE PLC
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
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