2008-10-23 07:30:00 CEST
2008-10-23 07:30:02 CEST
REGULATED INFORMATION
Trainer's House Oyj - Interim report (Q1 and Q3)
TRAINERS' HOUSE GROUP'S INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2008
Trainers' House Plc Interim Report 23 October 2008 at 8.30 am
Third quarter: Trainers' House profitable, order book of training operations
for the period up 65 %. Sales of SaaS services cross the milestone of 1,000
users.
January-September
-Net sales for the quarter, amounting to EUR 32.5 million, were up 49.1% on the
equivalent figure for the previous year (EUR 21.8 million).
-Operating profit before depreciation resulting from the allocation of the
purchase price of Trainers' House Oy amounted to EUR 4.9 million, or 15.2% of
net sales.
In the third quarter:
-Net sales for the quarter, amounting to EUR 8.2 million, were up 38.2% on the
equivalent figure for the previous year (EUR 5.9 million).
-Operating profit before depreciation resulting from the allocation of the
purchase price of Trainers' House Oy amounted to EUR 0.5 million, or 6.0% of
net sales.
Key figures at the end of the period
-Cash and cash equivalents were EUR 8.3 million (EUR 0.4 million)
-Interest-bearing liabilities totalled EUR 25.1 million (EUR 0.6 million) and
net liabilities EUR 16.7 million (EUR 0.2 million). During the period under
review, long-term interest-bearing debt was paid off in the amount of EUR 9.2
million.
-Net gearing was 27.3% (0.7%). At the end of 2007, net gearing was 27.6%.
-At the end of the period under review, the equity ratio was 62.7% (77.2%). At
the end of 2007, the equity ratio was 56.0%.
SaaS services
-To date, SaaS services (Software as a Service) developed by Trainers' House
had been sold to over 1,000 users. SaaS services are software products sold to
customers as continuous services as part of the Growth System. These services
play a key role in the growth strategy of Trainers' House.
-A total of EUR 1.5 million has been invested in SaaS service development
during the period. All development costs are expensed.
Success operations ie. training
-Sales for the period under review grew 15 % compared to last year. Growth in
the third quarter grew 65 %.
-Operating profit of the Success operations totaled 6.0 million during the
reporting period (Jan - Sept 2008).
OUTLOOK FOR THE FUTURE
The company maintains the financial forecast presented in the financial
statements and previous interim reports, according to which the like-for-like
operating profit for 2008 is expected to exceed that of the previous year.
The like-for-like pro forma operating profit (= EBITDA - operative
depreciations, before depreciation resulting from the allocation of acquisition
cost) was EUR 7.3 million, or 15.6% of net sales.
The estimate is based on the actual results, current order book as well as the
historical profit-making ability of the merged companies.
CEO JARI SARASVUO ON THE FINANCIAL REPORT
In accordance with our strategy, our sales are growing rapidly. Every now and
then we encounter economic wise men who might analyze our business as follows:
“Training and all other useless activity will be frozen during times of
uncertainty.” Well… they've been chanting that year after year. Now, let's take
a look at the facts.
Sales in training operations, crucial for our cash flow and growth, have
increased by 15% this year, 65% in the third quarter and 149% in September.
Obviously, some people don't consider training a useless activity.
In our business, sales become net sales only after work has been completed, but
in the past 19 years, I haven't come up with a better indicator for our cash
flow
development than the development of sales.
The work we have sold so far has been reasonably profitable, too: our training
operations have already made 38 % more profit than 2007, the best year ever.
Why aren't the figures for Q3 and 2008 overall not better, then? Indeed. We've
invested in new mode of operation and had problems elsewhere. We spent the
first half of 2008 suffering from autoimmune diseases and learning new tasks.
And even though we managed to complete the roofing work of the new Trainers'
House before winter, we've got plenty of indoor work ahead of us in the coming
months. Finally, our big work is proceeding according to plan.
The core of our strategy is based on Software as a Service (SaaS) growth
systems, which leverage benefits to our customers through business critical
growth management services, marketing, management systems and training.
Our SaaS business is gradually reaching escape velocity, the speed needed to
break away from the gravitational force of the traditional business.
Although SaaS still requires more resources than it yields profit, the current
situation of over 1,000 SaaS licences sold forecasts the situation tomorrow.
And the good thing about SaaS is that development and production costs do not
scale as the number of users grows. In addition, the net sales and operating
profit of SaaS companies develop at an entirely different rate than their
personnel-related headaches.
The journey to light is long and dark. Nevertheless, a new day is dawning for
us sooner and more brightly than many people think.
Come, sweet depression. An economic recession offers an opportunity for a
decisive breakaway. In difficult times, everyone suffers, but the strong get
excessively stronger.
For more information, please contact:
Jari Sarasvuo, CEO, tel. 0500 665 666
Mirkka Vikström, CFO, tel. 050 376 1115
Press conference:
Trainers' House will hold a press and analyst conference regarding the
financial statements bulletin on 23 October, at noon-1 pm, at the company's
office located at Porkkalankatu 11, Helsinki. Those wishing to participate
should contact Vladimira Belik, tel. 050 376 1431 or e-mail
vladimira.belik@trainershouse.fi.
A live videocast from the conference will be available at www.trainershouse.fi> Investors starting at noon on 23 October 2008.
TRAINERS' HOUSE GROUP'S INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2008
REVIEW OF OPERATIONS
Business operations
Trainers' House Plc is a business growth company formed when Satama Interactive
Plc acquired the entire share capital of Trainers' House Oy in 2007 and the
companies merged on 31 December 2007. In connection with the merger, the
combined company adopted the name Trainers' House Plc.
The Group has offices in Ruoholahti and Hernesaari, Helsinki, and in Tampere
and Turku. The Group's international operations are based in Düsseldorf,
Stockholm and St. Petersburg.
Trainers' House aims to integrate the company's business operations into a
single entity that helps customers to grow. The company's areas of expertise,
marketing and communications, training and management systems are developed
into a Growth System in which each component serves the whole. The Growth
System is comprised of an operating model as well as management systems based
on the Software as a Service (SaaS) model.
The company's strategic goals are to increase cash flow in Finland, develop
SaaS services that support the Growth System concept, and expand the company's
international operations based on these services. In the short term,
traditional training and project work will continue to have a major role in the
company's net sales. Trainers' House is an established operator in Finland and
the company aims to grow also internationally through organic growth and
acquisitions.
Changes in business operations and corporate structure
After the merger, the company has been integrating its business operations to
better suit the company's new strategy. This process has advanced well, and
consequently the Board of Trainers' House made a decision in the third quarter
to simplify both the Group structure and the company brand.
In accordance with the decision, the company's wholly owned subsidiaries Satama
MST Oy, Fimentor Oy and Seiren Solutions Oy, as well as Satama Finland Oy's
wholly owned subsidiary The Uncles Oy will be merged into Satama Finland Oy
approximately by 31 December 2008. Furthermore, on 16 September 2008, the name
of Satama Finland Oy was changed to Trainers' House Growth System Corporation.
At the same time, the company decided to end the active use of the name Satama.
Combining Trainers' House's and Satama's concepts of training, marketing &
communications and information technologies has reached the point where two
separate brands are no longer needed.
SaaS services
SaaS services are software products sold to customers as continuous services as
part of the Growth System. The development of SaaS services plays a key role in
the company's strategy.
At the time of publication of this report, the number of SaaS service licences
sold has crossed the milestone of 1,000 users. About one third of these
licences are for the BLARP service (Business Live Action Role Play).
The company's first continuous service product, the growth management system
BLARP, has so far been sold to ten customers. The customers are companies of
various sizes. The number of people using each service sold varies from 10 to
70 users. Four deliveries have been transferred to production use. Product
development continues under close customer guidance.
During the third quarter, the company launched into production use two new,
SaaS services under the names Polku (Path) and Pulssi (Pulse). Sales of these
services have grown rapidly, and they already represent two thirds of the total
number of licences sold. Polku is a target programme for personal growth.
Pulssi is a product designed to support training and to facilitate the
monitoring of target achievement. Both services, Pulssi and Polku, are designed
to be used typically for a limited period.
In early 2009, Trainers' House will launch a yet unnamed service designed to
support the growth of entire organizations. The service combines the best
practices of the digital working environment with goal-oriented leadership,
improved work efficiency and a sense of community at the workplace.
In the short term, investments in SaaS service development will weaken
profitability, because the services have little impact on net sales. However,
in the long term we expect the share of SaaS services in our net sales to
increase rapidly.
The company will continue to invest strongly in SaaS service development.
During the period under review, a total of EUR 1.5 million has been invested in
SaaS service development. All these investments have been booked as costs into
the Profit and Loss account. In order to emphasize the key role of SaaS service
development, the company established a separate unit for SaaS sales, marketing
and service development. The product development expertise of the unit has been
strengthened by increasing the number of personnel and by utilizing our
offshore partners. The unit currently employs more than 20 people.
Divestments
In the first quarter, Trainers' House sold its mobile technology unit to
Nice-business Solutions Finland Oy. In connection with the divestment, 19
employees were transferred to Nice-business Solutions. The divestment has not
had any significant impact on the company's net sales or result in the period
under review.
FINANCIAL PERFORMANCE
Corporate structure and comparative figures
The comparative figures for the first three quarters are Satama Interactive
Plc's actual figures for the same period in 2007. Satama divested its Dutch
operations in autumn 2007, and the comparative figures have been adjusted to
correspond to the structure of the continuing and divested operations.
The comparative figures used for reporting operating profit include the
reported operating profit as well as operating profit before depreciation of
allocated acquisition cost related to the acquisition of Trainers' House Oy.
According to the company's management, these figures provide a more accurate
view of the company's productivity. The company uses the adjusted operating
profit as comparative data in presenting forecasts on future development.
After the merger, the volume and profitability of operations have improved
significantly year on year. Net sales increased by 49.1% from the previous
year, amounting to EUR 32.5 million (21.8 million). Operating profit before
depreciation resulting from the allocation of acquisition cost amounted to EUR
4.9 million, or 15.2% of net sales (EUR 1.4 million, or 6.4% of net sales). The
efficiency of business operations has also increased significantly year on
year. Net sales per person increased by 26.0% year on year.
A total of EUR 10.2 million of the purchase price of Trainers' House Oy was
allocated in intangible assets with a limited useful life. This item is
depreciated over a period of five years. Depreciation resulting from the
allocation totalled EUR 2.4 million in the period under review. Operating
profit after this depreciation was EUR 2.5 million, or 7.8% of net
sales.
The following table itemizes the Group's key figures (in thousands of euros):
1-9/2008 1-9/2007
Net sales 32,543 21,827
Expenses
Personnel-related
expenses -16,725 -13,850
Other expenses -10,075 -6,055
EBITDA 5,744 1,923
Depreciation of
non-current assets -798 -528
Operating profit before
depreciation of
allocation of acquisition cost 4,945
% of net sales 15.2
Depreciation of allocation
of acquisition cost -2,404
EBIT 2,541 1,395
% of net sales 7.8 6.4
Financial income and expenses -1,359 9
Profit/loss before tax 1,182 1,404
Tax -598 -512
Profit for the period from
continuing operations 584 893
Divested operations 470
Profit for the period 584 1,363
% of net sales 1.8 6.2
The result for the period includes deferred taxes for the period. Recognized
taxes have no impact on cash flow, because the company's balance sheet contains
deferred tax assets from losses carried forward. On 30 September 2008, deferred
tax assets on the balance sheet totalled EUR 7.9 million.
Operating profit for the third quarter before depreciation resulting from the
allocation of acquisition cost amounted to EUR 0.5 million, or 6.0% of net
sales (EUR 0.3 million, or 4.8% of net sales). After the amortization, the
calculatory operating result was EUR -0.3 million. The result in
the third quarter was affected by the depreciation of acquisition cost (EUR 0.8
million), as well as costs related to SaaS product development and operational
restructuring.
The following table itemizes the distribution of net sales for continuing
operations and shows the quarterly profits or losses from the beginning of 2007
(in thousands of euros). In the table, the figures for 2007 are adjusted to
reflect the company's continuing operations.
Q107 Q207 Q307 Q407 2007 Q108 Q208 Q308
Net sales 8,070 7,812 5,945 8,161 29,989 12,009 12,318 8,216
Operating profit
before depreciation
of acquisition cost 403 705 287 724 2,119 2,259 2,192 495
Operating profit 403 705 287 724 2,119 1,458 1,390 -307
LONG-TERM OBJECTIVES
Trainers' House Plc's Board of Directors has set the following long-term
financial objectives for the company:
The company will target 15% annual organic growth and 15% operating profit, and
will aim to pay 30-50% of its annual profit as a dividend.
We expect to achieve these goals once our Growth System concepts have been
completed and along with the internationalization of Trainers' House Plc.
FINANCING, INVESTMENTS AND SOLVENCY
Cash flow before financial items totalled EUR 3.9 million (EUR 1.0 million) and
cash flow after financial items was EUR 2.7 million (EUR 1.0 million). Cash
flow from investments totalled EUR 0.0 million (EUR -1.5 million) and cash flow
from financing was EUR -11.5 million (EUR 0.4 million).
Cash flow from financing was affected most significantly by the repayment of a
loan related to the acquisition of Trainers' House Oy totalling EUR 9.1 million
and a dividend paid out in the amount of EUR 2.7 million. Cash flow from
financing was affected positively in the amount of EUR 0.5 million by
subscriptions made under warrant 2003C, for which the subscription period ended
on 1 February 2008.
On 30 September 2008, the Group's liquid assets totalled EUR 8.3 million (0.4
million). The equity ratio was 62.7% (77.2%) and net gearing 27.3% (0.7%). At
the end of the period under review, the company had EUR 25.1 million of
interest-bearing debt (EUR 0.6 million). The balance sheet ratios have improved
since the merger completed at the end of 2007. On 31 December 2007, the equity
ratio was 56.0% and net gearing 27.6%.
Financial risks
Currency risks are insignificant, because Trainers' House operates principally
in the euro zone. Interest rate risk is managed by covering part of the risk
with hedging agreements. A bad debt provision, which is booked on the basis of
ageing and case-specific risk analyses, covers risks to accounts receivable.
SHORT-TERM BUSINESS RISKS AND FACTORS OF UNCERTAINTY
The general market outlook and the current financial crisis may influence the
decisions made by the company's customers and thereby affect the financial
position of Trainers' House Plc in the long term. Other than this factor,
Trainers' House Plc is not aware of any extraordinary risks that could have a
significant negative impact on the company's business operations.
About risks
Trainers' House is an expert organization. Market and business risks are part
of regular business operations, and their extent is difficult to define.
Typical risks in this field are associated with, for example, general economic
development, distribution of the clientele, technology choices and development
of the competitive situation and personnel expenses. Risks are managed through
the efficient planning and regular monitoring of sales, human resources and
business costs, enabling a quick response to changes in the operating
environment.
Furthermore, Trainers' House aims to improve its risk tolerance by designing
services that are not easily affected by economic fluctuations. Our strategic
goal, helping our customers to grow, is crucial to our customers also during a
period of weakening economic climate.
The success of Trainers' House as an expert organization also depends on its
ability to attract and retain skilled employees. Personnel risks are managed
with competitive salaries and incentive schemes as well as investments in
employee training, career opportunities and general job satisfaction.
Risks are discussed in more detail in the annual report and on the company's
website at: www.trainershouse.fi > Investors.
AUTHORIZATIONS BY THE BOARD OF DIRECTORS
The Annual General Meeting authorized the Board of Directors to decide on the
repurchase of the company's own shares. Under the authorization, whether on one
or on several occasions, a maximum of 6,500,000 shares, which corresponds to
approximately 9.62% of the company's shares, may be acquired. The authorization
shall remain in force until 30 June 2009. At the same time the AGM
countermanded the earlier comparable authorization.
The Board of Directors is otherwise authorized to decide on all conditions
related to the acquisition of own shares, including the manner of acquisition
of shares. The authorization does not exclude the right of the Board of
Directors to decide on a directed acquisition of own shares as well, if there
is significant financial reason for the company to do so.
The authorization had not been exercised on 30 September 2008.The AGM authorized the Board to decide on a share issue including the
conveyance of own shares, and the issue of special rights. With these
authorizations related to share issue and/or issue of special rights, whether
on one or on several occasions, a maximum of 13,000,000 new shares may be
issued and/or treasury shares may be transferred, which corresponds to
approximately 19.24% of the company's shares. The authorization shall remain in
force until 30 June 2009. At the same time the AGM countermanded the earlier
comparable authorization.
The Board of Directors is otherwise authorized to decide on all terms regarding
the share issue and issue of special rights, including the right to also decide
on a directed share issue and a directed issue of special rights. Shareholders'
pre-emptive subscription rights can be deviated from, provided that there is
significant financial reason for the company to do so.
The authorizations had not been exercised on 30 September 2008.
PERSONNEL
At the end of the period under review, the Group employed 366 (371) people, of
whom 357 (310) were located in Finland.
SHARES AND SHARE CAPITAL
The company's shares have been listed on the NASDAQ OMX Nordic Exchange since
2000. Until 28 December 2007, the company's shares were listed under the name
Satama Interactive Plc (SAI1V) and as of 31 December 2007 under the name
Trainers' House Plc (TRH1V).
At the beginning of the period under review, Trainers' House Plc had issued
74,577,375 shares and the company's registered share capital amounted to EUR
866,941.67.
The company's share capital was increased by a total of EUR 13,801.92 during
the period under review, as a result of subscriptions made on account of the
2003C warrants issued under the personnel's option programme. The total number
of new shares subscribed for was 656,500.
A total of 7,217,171 treasury shares acquired by Trainers' House Plc in the
merger of Satama Interactive Plc and Trainers' House Oy were invalidated during
the period under review. The invalidation did not affect the company's share
capital. The change in the number of shares was registered in the trade
register on 7 March 2008. At the end of the period under review, the company
did not possess any treasury shares.
At the end of the period, the share capital of Trainer's House Plc totalled EUR
880,743.59. The number of shares totalled 68,016,704. During the period under
review, the average number of shares was 68,809,840 (undiluted) or 69,036,731
(diluted).
In accordance with the decision of the Annual General Meeting, Trainers' House
paid a dividend of EUR 0.04 per share on 11 April 2008. The dividend paid
totalled EUR 2.7 million, or 31.4% of the profit for 2007.
SHARE PERFORMANCE AND TRADING
During the period under review, a total of 20.2 million shares, or 29.3% of the
average number of all company shares (28.6 million shares or 69.4%), were
traded on the Helsinki Exchanges for a value of EUR 24.3 million (EUR 34.6
million). The period's highest share quotation was EUR 1.44 (EUR 1.60), the
lowest EUR 0.73 (EUR 1.00) and the closing price EUR 0.78 (EUR 1.47). The
weighted average price was EUR 1.19 (EUR 1.22). At the closing price on 30
September 08, the company's market capitalization was EUR 53.1 million (EUR
60.6 million).
PERSONNEL OPTION PROGRAMMES
Trainers' House Plc has one option programme for its personnel, included in the
personnel's commitment and incentive scheme.
The Annual General Meeting held on 29 March 2006 decided to commence an
employee option programme involving 2,000,000 warrants. Due to the resulting
subscriptions, the share capital of Trainers' House Plc may increase by a
maximum of EUR 42,046.98 and the number of shares by a maximum of 2,000,000.
Half of the warrants are titled 2006A and the other half 2006B.
The subscription period for shares converted under the 2006A warrant is to
begin on 1 September 2008 and to end on 28 February 2009. The subscription
period for the shares converted under the 2006B warrant is to begin on a date
determined by the Board of Directors after publication of the interim report
for the second quarter of 2009, but not later than on 1 September 2009, and end
on 28 February 2010. The dividend-adjusted subscription price after dividend
payment is EUR 0.98 for shares converted under the 2006A warrant, and EUR 1.14
for shares converted under the 2006B warrant.
CHANGES IN OWNERSHIP
During the period under review, the company became aware of eight notices of
change in ownership exceeding the disclosure threshold. Information on notices
of change in ownership is available on the company's website at
www.trainershouse.fi > Investors.
The merger of Trainers' House Oy affected the company's shareholder base
significantly. More than half of the company's shares are currently owned by
its employees.
The company's CEO Jari Sarasvuo and his controlled company Isildur Oy currently
hold a total of 35.5% of the share capital of Trainers' House Plc. The Finnish
Financial Supervision Authority has granted an exemption to Jari Sarasvuo and
Isildur Oy regarding the obligation to present a mandatory redemption offer
concerning the company. The terms and conditions of the exemption require that
the combined shareholding of Mr. Sarasvuo and Isildur Oy in Trainers' House
will decline to 30% or under within one (1) year from the date that the new
shares have been registered.
Information on the company's ownership structure and major shareholders is
available on the company's website at www.trainershouse.fi > Investors.
CONDENSED FINANCIAL STATEMENTS AND NOTES
The Group divested its Dutch operations in 2007, and the comparative figures
for 2007 have been adjusted to correspond to the structure of the continuing
and divested operations. The financial statements bulletin does not fully
comply with IAS 34, because the tables are condensed.
In accordance with the risk management principles described in the company's
financial statements, the company has hedged to manage part of the interest
rate risk of financial liabilities and has also adopted hedge accounting.
Amendments to and interpretations of published standards, as well as the new
standards effective as of 1 January 2007 are presented in detail in the
Financial Statements for 2007. Adoption of the standards did not cause any such
impact on the accounting principles applied to the financial statements that
would have called for retroactive changes to previous years' figures.
The Group will adopt all the new and amended standards and interpretations that
entered into force on 1 January 2008. The Group estimates that these new
interpretations will not affect the consolidated financial statements.
In producing this interim report, Trainers' House has applied the same
accounting principles for key figures as in its Financial Statements for 2007.
The calculation of key figures is described on page 45 of the Financial
Statements included in the Annual Report 2007.
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/-
30/09/08 30/09/07 30/09/08 30/09/07 31/12/07
CONTINUING OPERATIONS
Net sales 8,216 5,945 32,543 21,827 29,989
Other income from operations 41 3 211 11 61
Costs:
Materials and services 1,157 547 3,999 2,480 3,437
Personnel-related
expenses 4,424 3,856 16,725 13,850 18,663
Depreciation 1,058 192 3,203 528 713
Other operating expenses 1,924 1,066 6,286 3,586 5,116
Operating profit -307 287 2,541 1,395 2,119
Financial income and expenses -417 -1 -1,359 9 -259
Share from profit/loss of
associated companies -103
Profit/loss before tax -724 286 1,182 1,404 1,758
Tax 79*) -123*) -598*) -512*) 3,082*)
Profit for the period
Continuing operations -645 163 584 893 4,839
Discontinued operations 112 470 3,822
Profit/loss for the period -645 275 584 1,363 8,661
Attributable to equity holders
of the parent company -645 275 584 1,363 8,661
Earnings per share as calculated from the profit attributable to shareholders
of the parent company:
Undiluted earnings/share (EUR),
Continuing operations -0.01 0.00 0.01 0.02 0.12
Discontinued operations 0.00 0.01 0.09
Diluted earnings/share (EUR),
Continuing operations -0.01 0.00 0.01 0.02 0.12
Discontinued operations 0.00 0.01 0.09
*) The tax included in the income statement is deferred.
BALANCE SHEET, IFRS (kEUR)
Group Group Group
30/09/08 30/09/07 31/12/07
ASSETS
Non-current assets
Property, plant and equipment 974 1,460 1,706
Goodwill 51,772 10,047 52,467
Other intangible assets 17,756 419 20,162
Other financial assets 4 1 230
Other receivables 26 101 24
Deferred tax receivables 7,871 5,190 9,149
Total non-current assets 78,404 17,218 83,738
Current assets
Inventories 15 15
Accounts receivable and
other receivables 11,291 12,539 11,690
Cash and cash equivalents 8,339 403 17,120
Total current assets 19,644 12,942 28,824
Total assets 98,047 30,159 112,562
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent company
Share capital 881 867 867
Share issue 256
Premium fund 13,943 13,228 13,228
Hedging reserve 8
Distributable non-restricted
equity fund 31,872 31,348
Translation differences -4 -1 -2
Retained earnings 14,567 9,187 16,551
Total shareholders' equity 61,267 23,280 62,247
Long-term liabilities
Deferred tax liabilities 4,483 5,739
Other long-term liabilities 24,845 472 34,012
Accounts payable and other liabilities 7,453 6,407 10,563
Total liabilities 36,781 6,879 50,314
Total shareholders' equity and
liabilities 98,047 30,159 112,562
CASH FLOW STATEMENT, IFRS (kEUR)
Group Group Group
01/01- 01/01- 01/01-
30/09/08 30/09/07 31/12/07
Profit/loss for the period 584 1,363 8,661
Adjustments to profit for the period 5,971 1,399 -5,854
Change in working capital -2,624 -1,723 -366
Financial items -1,232 -19 -315
Cash flow from operations 2,699 1,020 2,127
Acquisition of subsidiaries -26,858
Divestment of subsidiaries 7,857
Investments in tangible and
intangible assets -190 -910 -751
Capital gains on tangible and
intangible assets 327
Capital gains on other investments 52 -187
Change in the additional trade price -98 -675
Cash flow from investments 39 -1,533 -19,939
Share issue subject to charges 491 135 391
Dividend distribution -2,721
Increase/decrease in long-term loans -9,218 33,639
Increase/decrease in short-term loans -69 174 219
Increase/decrease in
long-term receivables -2 59 136
Cash flow from financing -11,519 368 34,385
Change in cash and cash equivalents -8,781 -144 16,573
Opening balance of cash and
cash equivalents 17,120 547 547
Closing balance of cash and
cash equivalents 8,339 403 17,120
CHANGE IN SHAREHOLDERS' EQUITY (kEUR)
Equity attributable to equity holders of the parent company
Dis-
tribu-
table Trans-
Hed- non-re- lation
ging stric- dif-
Share Share Premium re- ted fe- Retained
capital issue fund serve equity rence earnings Total
Equity 01/01/2007 859 13,101 -1 7,704 21,663
Translation differences -1 -1
Stock options used 8 127 135
Share-based payments 120 120
Profit/loss for the period 1,363 1,363
Equity 30/09/2007 867 13,228 -1 9,187 23,380
Equity 01/01/2008 867 256 13,228 31,348 -2 16,551 62,247
Translation differences -2 -2
Cashflow hedging 8 8
Stock options used 14 -256 715 473
Share-based payments 153 153
Taxes related to bookings
to shareholders' equity 524 524
Profit/loss for the period 584 584
Dividend distribution -2,721 -2,721
Equity 30/09/2008 881 13,943 8 31,872 -4 14,567 61,267
PERSONNEL Group Group Group
01/01- 01/01- 01/01-
30/09/08 30/09/07 31/12/07
Average number of personnel 384 372 369
Personnel at the end of the period 366 371 400
COMMITMENTS AND CONTINGENT LIABILITIES Group Group Group
30/09/08 30/09/07 31/12/07
Collaterals and contingent liabilities
given for own commitments 3,413 4,083 4,144
Interest rate swaps
Fair value 16
Nominal value 14,000
OTHER KEY FIGURES Group Group Group
30/09/08 30/09/07 31/12/07
Equity-to-assets ratio (%) 62.7 77.2 56.0
Net gearing (%) 27.3 0.7 27.6
Shareholders' equity/share (EUR) 0.90 0.56 0.92
Return on equity (%) 10.7 5.8 11.5
Return on investment (%) 6.1 9.2 3.5
Return on equity and return on investment are based on the previous 12 months.
Helsinki, 23 October 2008
TRAINERS' HOUSE PLC
BOARD OF DIRECTORS
Further information:
Jari Sarasvuo, CEO, tel. +358 (0)500 665 666
Mirkka Vikström, CFO, tel. +358 (0)50 376 1115
DISTRIBUTION
OMX Nordic Exchange, Helsinki
Prominent media sources
www.trainershouse.fi - Investors
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