2009-02-13 07:30:00 CET
2009-02-13 07:30:08 CET
REGULATED INFORMATION
Trainer's House Oyj - Financial Statement Release
TRAINERS' HOUSE'S FINANCIAL STATEMENTS BULLETIN FOR 1 JANUARY - 31 DECEMBER 2008
Trainers' House's Financial Statements Bulletin for 1 January-31 December 2008
Trainers' House achieved the operating profit targeted for 2008. Net sales
increased by 47.5%, and operating profit (before depreciation resulting from
the allocation of the purchase price of Trainers' House Oy) increased by 244.8%
in comparison with the previous year. The Board of Directors proposes that a
dividend of EUR 0.05 per share, totalling EUR 3.4 million be paid for 2008.
January-December:
Net sales increased by 47.5% from the previous year, amounting to EUR 44.2
million (EUR 30.0 million).
Operating profit grew by 244.8%, totalling EUR 7.3 million or 16.5% of net
sales (EUR 2.1 million, 7.1% of net sales).
Cash flow from operating activities nearly doubled to EUR 4.1 million (EUR 2.1
million).
October-December:
Net sales for the quarter were up 43.3% year on year, amounting to EUR 11.7
million (EUR 8.2 million).
The last quarter of the year had the best profitability in 2008. Operating
profit grew by 226.3%, totalling EUR 2.4 million or 20.2% of net sales (EUR 0.7
million, 8.9% of net sales).
Cash flow from operating activities amounted to EUR 1.4 million (EUR 1.1
million).
Balance sheet ratios:
Liquid assets totalled EUR 7.7 million (17.1 million).
Interest-bearing liabilities amounted to EUR 21.8 million (34.3 million) and
interest-bearing net debts totalled EUR 14.2 million (17.2 million). During the
period under review, long-term interest-bearing debt was paid off in the amount
of EUR 12.3 million.
Net gearing was 22.9% (27.6%).
The equity ratio was 65.1% (56.0%).
Earnings per share were EUR 0.02 (EUR 0.12).
Targets for 2008:
The company achieved the financial forecast presented in the financial
statements for 2007 and in previous interim reports for 2008, according to
which the like-for-like operating profit for 2008 is expected to exceed that of
the previous year.
SaaS services:
SaaS (Software as a Service) services developed by Trainers' House were sold to
over 1,300 users. SaaS services are software products sold to customers as
continuous services that enable them to leverage and maintain the power of
business-critical growth management systems - training and marketing. These
services play a key role in the growth strategy of Trainers' House.
In the period under review, over EUR 2 million were invested in the development
of SaaS services. These investments were recognized as expenses in full.
Dividend distribution:
The Board of Directors proposes to the Annual General Meeting that a dividend
of EUR 0.05 per share be paid for 2008, totalling EUR 3.4 million.
The Board of directors has decided to specify the long term financial
objectives of the company stating that the company will aim to pay stable
dividend also in the future.
OUTLOOK FOR THE FUTURE
Due to a general uncertainty in the markets and a challenging business
environment, the company will not give net sales or profitability forecast.
CEO JARI SARASVUO
The company improved its trot while the economic cycle worsened. Our personnel
toughened up the change and the wisest customers realized that the news of the
end of the world is just hyperventilation of hysterics.
In spite of the troublesome developments around us, we were often enough able
to rise up to the challenge for our customers in their moments of truth. I want
to express my gratitude for those who believed in us and worked hard in order
to win this battle.
We are in the middle of a turmoil that will last for years. Although the
journey will be difficult, at the end of the day we hope to benefit from this
turmoil.
All the same, we will stay in the trade register, we will repay our loans,
distribute dividends and we will make our strategy come true. How many Mt
Everests we still have to climb before getting to Shangri La is at the end of
the day secondary to our management, principal shareholders and key players.
The result of our training operations, 8.3 million euro, is nice enough. In due
course we must be able to fit also the other dynamics of our growth concepts to
the needs and goals of our customers at an equivalent level.
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 13 February, 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.
TRAINERS' HOUSE'S FINANCIAL STATEMENTS BULLETIN FOR 1 JANUARY - 31 DECEMBER 2008
REVIEW OF OPERATIONS
Business operations
Trainers' House provides business-critical growth management services. We are
happier to service the customer's business than the customer's organization.
The company's growth management services are based on SaaS (Software as a
Service) services, which deliver quantifiable results on productivity growth in
marketing, sales and the management of corporate culture and strategy. SaaS
services enable our customers to reduce the cost of each extra euro of cash
flow, improve the likelihood of success and increase strategic agility.
The company's areas of expertise, the gathering and processing of market
information, marketing, and training and systems know-how together form an
integrated Growth System. The idea of the Growth System is to improve overall
productivity of the customers by influencing the chances of success in
marketing, sales and the management of customer-oriented work.
Trainers' House has offices in Ruoholahti and Hernesaari, Helsinki, and in
Tampere and Turku. The company's international operations are based in
Düsseldorf, Stockholm and St. Petersburg.
Changes in business operations and corporate structure
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.
Trainers' House Plc's wholly owned subsidiaries Satama MST Oy, Fimentor Oy and
Seiren Solutions Oy, as well as Trainers' House Growth System Corporation's
wholly owned subsidiary The Uncles Oy will be merged into Trainers' House
Growth System Corporation on 31 December 2008. Trainers' House Growth System
Corporation is a wholly owned subsidiary of Trainers' House Plc.
In addition to Trainers' House Growth System Corporation, other operating
subsidiaries owned by Trainers' House Plc include Ignis Oy, as well as
subsidiaries in Sweden, Germany and Russia.
SaaS services
SaaS services (Software as a Service) 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.
By the end of 2008, the company had sold in excess of 1,300 SaaS service
licences. More than 300 of these licences are for the BLARP (Business Live
Action Role Play) service.
The company's first SaaS service, the BLARP growth management system, has so
far been sold to 13 customers. The customers are companies of various sizes.
The number of people using each service sold varies from around 10 to 70 users.
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). Pulssi, a product
designed to support training and to facilitate the monitoring of target
achievement, has been an instant success. The service has already been sold to
hundreds of users. Polku, a service designed to support personal growth, is
usually offered as a part of the training provided by Trainers' House. The
service has more than 100 users. Both services, Pulssi and Polku, are designed
to be used typically for a limited period.
In March 2009, the company will launch into production use a new service
designed to support the management of knowledge work. The working title for
this service is Sherpa. The new service will improve the productivity of
companies by focusing the value and human process and time management on
strategically important issues. Sherpa makes redeeming promises, innovation and
objectives a shared responsibility in the whole company, and gives managers
tools for real-time monitoring.
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.
In 2009, the company will continue to invest strongly in SaaS service
development. During 2008, over EUR 2 million were invested in the development
of SaaS services. These investments were recognized as expenses. The SaaS
service development organization unit currently employs more than 20 people.
Fighting recession
As the general market situation continued to weaken in autumn 2008, Trainers'
House decided to fight back. Under the slogan “Lamaa pataan” (Fighting
recession), the company launched two new, innovative products.
The first product to reach markets was New Deal, a EUR 3 million cash injection
product aimed at advancing aspiring businesses. In the New Deal programme,
Trainers' House builds a growth system for companies seeking growth, and
provides a profit-sharing loan to support the growth. Loans have been allocated
to the programme in the amount of EUR 3 million.
Another product launched in the “Lamaa pataan” product family is Fight Club.
“Fight Club - Training school for working day warriors” is a programme that
offers participants both mental and physical strengthening. Fight Club is a
process combining physical, social and mental training. Its real secret lies in
the combination of these elements. The first Fight Club group was sold out in
48 hours. New groups are being launched in Helsinki, Tampere and Pori.
Divestments in 2008
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 presented are Satama Interactive Group's actual figures
for 2007.
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 47.5% from the previous
year, amounting to EUR 44.2 million (30.0 million). Operating profit before
depreciation resulting from the allocation of acquisition cost amounted to EUR
7.3 million, or 16.5%of net sales (EUR 2.1 million, or 7.1% of net sales).
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 3.0 million in 2008. Operating profit after this
depreciation was EUR 4.3 million, or 9.7% of net sales.
The following table itemizes the Group's key figures (in thousands of euros):
2008 2007
Net sales 44,237 29,989
Expenses
Personnel-related
expenses -22,042 -18,663
Other expenses -13,837 -8,493
EBITDA 8,359 2,833
Depreciation of
non-current assets -1,050 -713
Operating profit before
depreciation of
allocation of acquisition cost 7,308
% of net sales 16.5
Depreciation of allocation
of acquisition cost -3,011
EBIT 4,298 2,119
% of net sales 9.7 7.1
Financial income and expenses -1,690 -259
Share of profit/loss
in associated company -103
Profit/loss before tax 2,607 1,758
Tax -1,252*) 3,082*)
Profit for the period from
continuing operations 1,355 4,839
Divested operations 3,822**)
Net profit for 2008 1,355 8,661
% of net sales 3.1 28.9
*) The tax included in the income statement is deferred. A positive net change
in amount of EUR 3.6 million in deferred tax receivables and liabilities was
recognized in the company's result for 2007. On 31 December 2008, deferred tax
assets on the balance sheet totalled EUR 7.1 (9.1) million. Recognized taxes
for 2008 have no impact on cash flow, because the company's balance sheet
contains deferred tax assets from losses carried forward.
**) Financial result of the company's Dutch operations and capital gain
recognized as income resulting from the divestment of said operations in
December 2007.
Net sales for the fourth quarter amounted to EUR 11.7 million (EUR 8.2
million). Operating profit before depreciation resulting from the allocation of
acquisition cost amounted to EUR 2.4 million, or 20.2% of net sales (EUR 0.7
million, or 8.9% of net sales). Operating profit after this depreciation was
EUR 1.8 million (EUR 0.7 million).
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 Q408 2008
Net sales 8070 7812 5945 8161 29989 12009 12318 8216 11694 44237
Operating profit
before depreciation of
acquisition cost 403 705 287 724 2119 2259 2192 495 2363 7308
Operating profit 403 705 287 724 2119 1458 1390 -307 1757 4298
Pro forma comparison
In the pro forma comparison, the company's actual net sales and operating
profit for 2008 are compared with the pro forma figures for the same period in
2007. The pro forma figures describe the net sales and operating profit of the
merged company, had the merger of Satama and Trainer's House Oy taken place on
1 January 2007. The pro forma result is theoretical.
The pro forma figures are as follows:
2008 2007
Net sales 44,237 46,606
Operating profit before
depreciation of
allocation of acquisition cost 7,308 7,266
% of net sales 16.5 15.6
Depreciation of allocation
of acquisition cost -3,011 -3,090
EBIT 4,298 4,176
% of net sales 9.7 9.0
Average number of personnel 375 416
Pro forma net sales fell from the previous year. This resulted mainly from the
transfer of resources from invoiceable work to SaaS product development and
from a reduction in the number of personnel. An organization of about 20 people
and over EUR 2 million were allocated in the development of SaaS services.
These people were transferred from invoiceable work. Nevertheless,
profitability improved from the previous year, in both absolute and relative
terms. Furthermore, the efficiency of business operations improved considerably
in terms of net sales/personnel and operating profit/personnel, despite
increasing investments in SaaS product development.
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 stable dividend also in the future.
We expect to achieve these goals once our Growth System concepts have been
completed and along with the internationalization of Trainers' House Plc.
Results for 2008 in relation to objectives
In 2008, the operating profit of Trainers' House was 16.5%. The Board of
Directors proposes that a dividend of EUR 0.05 per share, totalling EUR 3.4
million, be paid. The proposed dividend represents 251% of the net profit for
the period.
FINANCING, INVESTMENTS AND SOLVENCY
Cash flow before financial items totalled EUR 5.6 million (EUR 2.4 million) and
cash flow after financial items was EUR 4.1 million (EUR 2.1 million).
Cash flow from investments totalled EUR 0.9 million (EUR −19.9 million). Cash
flow from investments was positive mainly because of the divestment of the
mobile technology unit.
Cash flow from financing was EUR -14.5 million (EUR 34.4 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 12.3 million.
This figure includes extra repayments in the amount of EUR 7.3 million relating
to the divestment of the company's Dutch operations and the mobile technology
unit. Dividends were paid 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 31 December 2008, the Group's liquid assets totalled EUR 7.7 million (17.1
million). The equity ratio rose to 65.1% (56.0%). Net gearing went down to
22.9% (27.6%). At the end of the period under review, the company had EUR 21.8
million of interest-bearing debt (EUR 34.3 million).
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 financial crisis and the resulting stagnation in economic activity in
Finland and abroad will influence the decisions made by the company's customers
and thereby affect the financial position of Trainers' House Plc. The key
objective of the company's product offering - helping customers move forward
and grow - is relevant also in a weak market situation. Furthermore, in the
current economic situation, the quantifiability of our operations strengthens
our position to some extent. Nevertheless, the length of sales projects is
expected to increase, and more projects are expected to be cancelled than
before. Price competition is getting harder, too. Customers are having more and
more difficulty in keeping faith in the future.
Risks in the company's operating environment are increasing, business
operations are becoming more challenging, and it is becoming more difficult to
estimate future developments. The operations of Trainers' House are hindered by
the unequivocal cost cuts made by some customers.
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 31 December 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 31 December 2008.
PERSONNEL
At the end of the period under review, the Group employed 340 (400) people, of
whom 334 (391) were located in Finland.
BOARD OF DIRECTORS
Appointed by the previous Annual General Meeting, the Board of Directors of
Trainers' House Plc has included the following persons: Aarne Aktan (Chairman),
Timo Everi, Tarja Jussila, Kai Seikku, Petteri Terho and Matti Vikkula.
The Board of Directors convened 11 times in 2008. The attendance rate was
79.2%.
ACTING MANAGEMENT
As of 31 December 2007, Jari Sarasvuo has acted as the CEO of Trainers' House
Plc. Jarmo Lönnfors and Vesa Honkanen act as Senior Vice Presidents. Mirkka
Vikström acts as the company's CFO.
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 67,979,361 (undiluted) or 68,112,104
(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 22.9 million shares, or 33.7% of the
average number of all company shares (33.0 million shares or 80.0%), were
traded on the Helsinki Exchanges for a value of EUR 26.0 million (EUR 40.3
million). The period's highest share quotation was EUR 1.44 (EUR 1.60), the
lowest EUR 0.52 (EUR 1.00) and the closing price EUR 0.55 (EUR 1.20). The
weighted average price was EUR 1.13 (EUR 1.23). At the closing price on 31
December 2008, the company's market capitalization was EUR 37.4 million (EUR
80.8 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 1.13
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.
Exemption
The company's CEO Jari Sarasvuo and his controlled company Isildur Oy currently
hold a total of 36.7% of the share capital of Trainers' House Plc. The Finnish
Financial Supervision Authority has on 18 December 2008 granted a new exemption
until 30 June 2009 to Mr. Sarasvuo and Isildur Oy regarding the obligation to
present a mandatory redemption offer concerning the shares of Trainers' House
Plc.
The combined shareholding of Mr. Sarasvuo and Isildur Oy exceeded 30 percent as
the shares, issued in conjunction with the merger of Satama Interactive Plc and
Trainers' House Oy, were registered to the Trade Register on 31 December 2007.
On 29 August 2007, Trainers' House Plc (then Satama Interactive Plc) published
an exemption to Mr. Sarasvuo and Isildur Oy granted by the Finnish Financial
Supervision Authority regarding the obligation to present a mandatory
redemption offer concerning the company. The terms and conditions of the
exemption required that the combined shareholding of Mr. Sarasvuo and Isildur
Oy would decline to 30% or under within one (1) year from the date that the new
shares were registered to the Trade Register. This exemption became invalid on
31 December 2008.
The terms and conditions of the new exemption require that the combined
shareholding of Mr. Sarasvuo and Isildur Oy in Trainers' House will decline to
30% or under by 30 June 2009. Furthermore, the terms and conditions state that
during the exemption, Mr. Sarasvuo and Isildur Oy shall not acquire or
subscribe more shares or otherwise increase their ownership in the company, and
that Mr. Sarasvuo and Isildur Oy, together or separately, shall not in general
meetings use voting rights exceeding the amount of votes calculated by
deducting the shares owned by Mr. Sarasvuo and Isildur Oy from the total amount
of shares issued by the company and multiplying the calculated amount by 3/7.
Information on the company's ownership structure and major shareholders is
available on the company's website at www.trainershouse.fi > Investors.
BOARD'S PROPOSAL CONCERNING DISTRIBUTABLE ASSETS
At the end of 2008, the parent company's distributable assets amounted to EUR
39.5 million. The Board of Directors proposes to the Annual General Meeting
that a dividend of EUR 0.05 per share be paid for 2008, totalling EUR 3.4
million or 251% of the net profit for the period.
CONDENSED FINANCIAL STATEMENTS AND NOTES
The financial statement was compiled in accordance with the IAS 34 standard.
In accordance with the risk management principles described in the company's
financial statements, the company has managed part of the interest rate risk of
financial liabilities with hedging and has 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 Financial Statements bulletin, 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 whole-year figures given in this Financial Statements bulletin are audited.
INCOME STATEMENT, IFRS (kEUR)
Group Group Group Group
01/10- 01/10- 01/01- 01/01-
31/12/08 31/12/07 31/12/08 31/12/07
CONTINUING OPERATIONS
Net sales 11,694 8,161 44,237 29,989
Other income from operations 4 50 214 61
Costs:
Materials and services 1,435 957 5,434 3,437
Personnel-related
expenses 5,317 4,814 22,042 18,663
Depreciation 858 186 4,061 713
Other operating expenses 2,331 1,530 8,617 5,116
Operating profit 1,757 724 4,298 2,119
Financial income and expenses -332 -268 -1,690 -259
Share from profit/loss of
associated companies -103 -103
Profit/loss before tax 1,425 353 2,607 1,758
Tax -654*) 3,593*) -1,252*) 3,082*)
Profit for the period
Continuing operations 771 3,947 1,355 4,839
Discontinued operations 3,352 3,822
Profit/loss for the period 771 7,299 1,355 8,661
Attributable to equity holders
of the parent company 771 7,299 1,355 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 0.10 0.02 0.12
Discontinued operations 0.08 0.09
Diluted earnings/share (EUR),
Continuing operations 0.01 0.09 0.02 0.12
Discontinued operations 0.08 0.09
*) The tax included in the income statement is deferred.
BALANCE SHEET, IFRS (kEUR)
Group Group
31/12/08 31/12/07
ASSETS
Non-current assets
Property, plant and equipment 781 1,706
Goodwill 51,772 52,467
Other intangible assets 17,246 20,162
Other financial assets 3 230
Other receivables 26 24
Deferred tax receivables 7,120 9,149
Total non-current assets 76,947 83,738
Current assets
Inventories 14 15
Accounts receivable and
other receivables 10,708 11,690
Cash and cash equivalents 7,664 17,120
Total current assets 18,386 28,824
Total assets 95,333 112,562
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent company
Share capital 881 867
Share issue 256
Premium fund 13,943 13,228
Hedging reserve -171
Distributable non-restricted
equity fund 31,872 31,348
Translation differences -11 -2
Retained earnings 15,339 16,551
Total shareholders' equity 61,853 62,247
Long-term liabilities
Deferred tax liabilities 4,328 5,739
Other long-term liabilities 16,639 34,012
Accounts payable and other liabilities 12,514 10,563
Total liabilities 33,481 50,314
Total shareholders' equity and
liabilities 95,333 112,562
CASH FLOW STATEMENT, IFRS (kEUR)
Group Group
01/01- 01/01-
31/12/08 31/12/07
Profit/loss for the period 1,355 8,661
Adjustments to profit for the period 6,616 -5,854
Change in working capital -2,366 -366
Financial items -1,457 -315
Cash flow from operations 4,147 2,127
Acquisition of subsidiaries -26,858
Divestment of subsidiaries 7,857
Investments in tangible and
intangible assets -352 -751
Capital gains on tangible and
intangible assets 134
Capital gains on other investments 1,199 -187
Change in the additional trade price -99
Cash flow from investments 882 -19,939
Share issue subject to charges 491 391
Dividend distribution -2,721
Increase/decrease in long-term loans -12,254 33,639
Increase/decrease in short-term loans 219
Increase/decrease in long-term receivables -2 136
Cash flow from financing -14,485 34,385
Change in cash and cash equivalents -9,456 16,573
Opening balance of cash and cash equivalents 17,120 547
Closing balance of cash and cash equivalents 7,664 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 earning Total
Equity 01/01/2007 859 13,101 -1 7,704 21,663
Translation differences -1 -1
Stock options used 8 256 127 391
Share-based payments 185 185
Acquisition/merger
of Trainers' House 31,348 31,348
Profit/loss for the period 8,661 8,661
Equity 31/12/2007 867 256 13,228 31,348 -2 16,551 62,247
Equity 01/01/2008 867 256 13,228 31,348 -2 16,551 62,247
Translation differences -8 -8
Cashflow hedging -171 -171
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 1,355 1,355
Dividend distribution -2,721 -2,721
Equity 31/12/2008 881 13,943 -171 31,872 -11 15,339 61,853
PERSONNEL Group Group
01/01- 01/01-
31/12/08 31/12/07
Average number of personnel 375 369
Personnel at the end of the period 340 400
COMMITMENTS AND CONTINGENT LIABILITIES Group Group
31/12/08 31/12/07
Collaterals and contingent liabilities
given for own commitments 3,187 4,144
Interest rate swaps
Fair value -255
Nominal value 17,393
OTHER KEY FIGURES Group Group
31/12/08 31/12/07
Equity-to-assets ratio (%) 65.1 56.0
Net gearing (%) 22.9 27.6
Shareholders' equity/share (EUR) 0.91 0.92
Return on equity (%) 2.2 11.5
Return on investment (%) 5.2 3.5
Helsinki, 13 Februay 2009
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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