2010-08-05 08:00:00 CEST
2010-08-05 08:00:13 CEST
REGULATED INFORMATION
Trainer's House Oyj - Interim report (Q1 and Q3)
TRAINERS' HOUSE OYJ STOCK EXCHANGE RELEASE 5 AUGUST 2010 AT 9:00
TRAINERS' HOUSE OYJ STOCK EXCHANGE RELEASE 5 AUGUST 2010 AT 9:00
TRAINERS' HOUSE GROUP'S INTERIM REPORT 1 JANUARY - 30 JUNE 2010
In the first half of 2010, the profitability of Trainers' House increased
significantly year-on-year.
Operating profit (EBIT) before non-recurring items and depreciation resulting
from the allocation of acquisition cost was EUR 1.3 million, or 10.4% of net
sales (EUR 0.2 million, or 1.3% of net sales), and after these items, EUR -0.2
million, or -1.8% of net sales (EUR -2.9 million, or -18.8% of net sales). The
result was weakened by a non-recurring restructuring cost of EUR -0.6 million
(EUR 2.1 million).
In January-June:
Net sales amounted to EUR 12.8 million (EUR 15.5 million).
Operating profit (EBIT) before non-recurring items and depreciation resulting
from the allocation of acquisition cost was EUR 1.3 million (EUR 0.2 million),
or 10.4% of net sales (1.3%).
Operating result after these items was EUR -0.2 million (EUR -2.9 million), or
-1.8% of net sales (-18.8%).
Cash flow from operating activities was EUR -1.0 million (EUR 3.0 million).
Earnings per share were EUR -0.01 (EUR -0.05).
In April-June:
Net sales amounted to EUR 6.5 million (EUR 6.9 million).
Operating profit (EBIT) before non-recurring items and depreciation resulting
from the allocation of acquisition cost was EUR 0.6 million (EUR 0.3 million),
or 9.8% of net sales (3.7%).
Operating result after these items was EUR -0.4 million (EUR -0.2 million), or
-6.6% of net sales (-2.2%).
Cash flow from operating activities was EUR -1.3 million (EUR 0.7 million).
Earnings per share were EUR -0.01 (EUR 0.00).
Key figures at the end of the period under review:
Liquid assets totalled EUR 5.7 million (EUR 4.1 million).
Interest-bearing liabilities amounted to EUR 17.3 million (19.3 million) and
interest-bearing net debts totalled EUR 11.7 million (15.1 million).
Net gearing was 21.0% (27.5%).
The equity ratio was 67.9% (63.8%).
FUTURE OUTLOOK
The business environment is showing signs of recovery. The completed
restructuring and focusing on our core business have improved our outlook for
the second half of 2010.
Trainers' House expects that thanks to cost savings and the restructuring
carried out in 2009 and 2010, the operating profit for the second half of 2010,
before non-recurring items and depreciation resulting from the allocation of
acquisition cost, will improve year-on-year.
CEO JARI SARASVUO
The development of the company's performance and structure support the pursuit
of our vision. When compared to the first half of 2009, the profitability of
our operations grew significantly (from 1% to 10%). We have restructured the
company and focused our operations to meet the needs of the current market
situation as well as of tomorrow.
In the first half of 2010, we have succeeded in strengthening our liquidity.
Now the company's structure corresponds to our strategic goals better than
before. We gave up the management of our IT project business in order to
strengthen its position in the market and to focus better on pursuing our core
strategy. Trainers' House will continue to support the implementation of
training and marketing projects based on tailored IT- systems, but
responsibility for business operations and brand building in this area are now
the new owner's responsibility.
This restructuring allows Trainers' House to better focus on strengthening its
SaaS service business and on giving the SaaS services a crucial role in the
successful implementation of customers' business-critical development projects.
SaaS agreements concluded in January-June bring the total number of users to
more than nine thousand people. The integration of training, marketing and
management systems into continuous services will continue to be our core
strategy.
The difficult market situation in the past two years has challenged us to show
that our Growth System services work effectively also in our own sales
management. With over a quarter less sales personnel (27% decrease
year-on-year), the Group's order book has remained strong (one per cent
increase).
Even more encouraging is the development of our order book in the training
business, which is critical to our strategy and profitability: orders increased
by 24% in the first quarter and by 21% in the second quarter (year-on-year).
In addition, the training business continues to be very profitable. Our
operating profit (EBIT) remained at above 30%, totalling EUR 2.0 million.
For more information, please contact:
Jari Sarasvuo, CEO
Mirkka Vikström, CFO, tel. 050 376 1115
BUSINESS REVIEW
New growth expectations among customers have led them to restructure their
organizations and processes. About 25% of all assignments received in the
period under review are related to such customer needs.
Across industries, the needs of businesses focus on improving the efficiency of
sales operations, on measures aimed at creating new markets, and on improving
the predictability of sales. Assignments in these areas totalled about 55% of
all assignments.
As businesses prepare for new growth, flexibility in human resources and the
ability to cooperate have become increasingly important. At the same time, the
significance of the physical and mental well-being of employees has increased
considerably. As a result, the share of training programmes promoting
well-being at work and work capacity is growing continuously.
Our operations are developing in accordance with the chosen strategy.
We strive to increase our operational efficiency and profitability by investing
more and more in creative activities that create quantifiable added value to
the customer.
In order to restore our profitability to the target level, we needed to carry
out role changes and internal transfers, as well as other measures. On 29 March
2010, Trainers' House announced the beginning of codetermination negotiations
at the company's Tampere unit and in Group administration. The completion of
the negotiations was announced on 18 May 2010. The company decided to close
down its Tampere unit and to reduce the number of employees working in Group
administration through dismissals and transfers to customer service duties. A
total of 20 employees were dismissed in the Group.
The staff reductions and other streamlining measures are expected to create
savings totalling EUR 1.5 million annually. Staff reduction expenses and other
non-recurring restructuring expenses are expected to amount to EUR 0.6 million.
These expenses were recognized entirely in the result of the second quarter.
Development of sales
Our improved efficiency is also visible in our sales. While our average number
of employees decreased by 27% year-on-year (2010: 231, 2009: 316), our overall
sales increased by one percent (Q1/2010: -6%, Q2/2010: +9%).
For the future of Trainers' House, it is important that our growth focuses on
training products, which have the best profitability. Sales of training
products grew by 24% in the first quarter and by 21% in the second quarter,
year-on-year.
SaaS solution sales
SaaS services play an increasing role in our business operations. In the short
term, net sales will develop slower than in traditional service sales, because
SaaS services are invoiced on a monthly basis. In the long term, SaaS services
will generate a steady cash flow, reducing the cyclical nature of service
business.
SaaS agreements concluded in January-June bring the total number of users to
more than 9,000 people. During the first half of 2010, a total of EUR 0.7
million was invested in the development of SaaS products. These investments
have been recognized as expenses.
FINANCIAL PERFORMANCE
Net sales in the period under review totalled EUR 12.8 million (EUR 15.5
million). Operating profit (EBIT) before depreciation resulting from the
allocation of the purchase price of Trainers' House Oy amounted to EUR 1.3
million, or 10.4% of net sales (EUR 0.2 million, or 1.3%). Cash flow from
operating activities amounted to EUR -1.0 million (EUR 3.0 million).
The training business continues to be profitable. Operating profit (EBIT)
remained at above 30%, totalling EUR 2.0 million. Excluding investments in SaaS
development, the company's other business operations broke even. IT business
operations were clearly in the black.
In the first quarter of 2009, a restructuring provision of EUR 1.4 million was
made to cover costs resulting from personnel reductions and the divestment of
international operations. EUR 0.9 million of the restructuring provision has
been used to cover actual expenses, while EUR 0.2 million was dissolved and
recognized as income during the second and third quarters of 2009. On 30 June
2010, EUR 0.3 million of the provision remained unused. The unused provision is
expected to cover the remaining costs resulting from the restructuring.
The codetermination negotiations carried out in the spring of 2010 resulted in
the discontinuation of the Tampere unit and the dismissal of 20 employees. The
related expenses totalling EUR 0.6 million were recognized in the result of the
second quarter. At the end of the period under review, EUR 0.4 million of the
provision remained unused.
On 30 June 2010, the company's balance sheet contained deferred tax assets from
losses carried forward in the amount of EUR 3.3 million. Tax loss
carry-forwards must be utilized within 10 years from their recognition. About
one third of the company's tax loss carry-forwards will expire in 2011, and the
rest in 2012.
EUR 10.2 million of the purchase price of Trainers' House Oy has been allocated
in intangible assets with a limited useful life. This item is depreciated over
a period of five years. During the period under review, a total of EUR 1.0
million was depreciated. At the end of the period under review, these
intangible assets totalled EUR 4.0 million. The total portion of this item to
be depreciated in 2010 is EUR 2.0 million, while the portions to be depreciated
in 2011 and 2012 are EUR 1.6 million and 1.4 million, respectively.
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 and
non-recurring items (=operating profit, EBIT). According to the company's
management, these figures provide a more accurate view of the company's
productivity.
The following table itemizes the Group's key figures (in thousands of euros):
1-6/2010 1-6/2009
Liikevaihto 12 803 15 535
Kulut
Työsuhde-etuuksista
aiheutuvat kulut -6 687 -9 609
Muut kulut -4 491 -5 272
EBITDA 1 625 654
Poistot pysyvistä
vastaavista -291 -448
Liikevoitto ennen poistoja
kauppahinnan allokoinneista 1 334 207
% liikevaihdosta 10,4 1,3
Poistot kauppahinnan
allokoinneista -1 017 -1 017
Liiketulos ennen kertaluonteisia
eriä 317 -810
% liikevaihdosta 2,5 -5,2
Kertaluonteiset erät **) -550 -2 104
EBIT -233 -2 914
% liikevaihdosta -1,8 -18,8
Rahoitustuotot ja -kulut -643 -566
Tulos ennen veroja -875 -3 480
Tuloverot *) 156 253
Tilikauden tulos -719 -3 227
% liikevaihdosta -5,6 -20,8
*) The tax included in the income statement is deferred. Taxes recognized in
the income statement have no effect on cash flow, because the company's balance
sheet contains deferred tax assets from losses carried forward.
**) Non-recurring items in 2009 include a restructuring provision in the amount
of EUR 1.3 million, and a write-down in the Group's goodwill in the amount of
EUR 0.8 million. Non-recurring items in 2010 include a restructuring provision
in the amount of EUR 0.6 million.
The following table itemizes the distribution of net sales and shows the
quarterly profit/loss from the beginning of 2009 (in thousands of euros):
Q109 Q209 Q309 Q409 2009 Q110 Q210
Liikevaihto 8619 6916 5180 6932 27647 6348 6455
Liikevoitto ennen
kauppahinnan
poistoja *) -46 253 190 921 1318 698 636
Liikevoitto -2759 -156 -193 413 -2695 190 -423
*) excluding non-recurring items
LONG-TERM OBJECTIVES
The long-term objectives of Trainers' House remain unchanged:
The company will target 15% annual organic growth and 15% operating profit, and
will aim to pay a steady dividend.
We expect to achieve these goals using our Growth System concept and along with
the internationalization of Trainers' House.
FINANCING, INVESTMENTS AND SOLVENCY
Hybrid bond
On 15 January 2010, Trainers' House Plc announced that the company is issuing a
EUR 5 million domestic hybrid bond. Interest expenses related to the hybrid
bond have not been recognized in the consolidated income statement.
EUR 1 million of the bond was subscribed by domestic investors and EUR 4
million by major shareholders of Trainers' House Plc based on their
underwriting commitments. The coupon rate of the bond is 10.00% per annum. The
bond has no maturity but the company may call the bond after three years.
The hybrid bond will strengthen Trainers' House Plc's capital structure and
enhance its financial position. The arrangement will also enhance the ratio of
net debt to EBITDA. At the end of the period under review, gearing was 21.0%.
Without the effect of the hybrid bond, gearing would have been 32.8%.
A hybrid bond is an instrument which is subordinated to the company's other
debt obligations and which is treated as equity in the IFRS financial
statements. Hybrid bonds do not confer to their holders the right to vote at
shareholder meetings and do not dilute the holdings of the current
shareholders.
Cash flow and financing
Cash flow before financial items totalled EUR -0.3 million (EUR 3.6 million)
and cash flow after financial items was EUR -1.0 million (EUR 3.0 million).
Cash flow from investments totalled EUR -0.1 million (EUR -0.2 million).
Cash flow from financing was EUR 4.8 million (EUR -6.4 million), due to the
issuing of the hybrid bond. Total cash flow amounted to EUR 3.8 million (EUR
-3.6 million).
On 30 June 2010, the Group's liquid assets totalled EUR 5.7 million (4.1
million). The equity ratio was 67.9% (63.8%). Net gearing was 21.0% (27.5%). At
the end of the period under review, the company had EUR 17.3 million of
interest-bearing debt (EUR 19.3 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
Risks in the company's operating environment have remained the same in the
first quarter. In 2009, business operations became more challenging, and it
became more difficult to estimate future developments.
While the situation has improved somewhat in the first half of 2010, the
long-term future outlook remains weak.
Short-term risks
The Group's goodwill and deferred tax assets recognized in the balance sheet
were retested for impairment at the end of the first quarter. No goodwill
write-downs were made based on the results of the impairment testing.
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. However, any such write-down would not affect the
company's cash flow.
At the end of the second quarter, the balance sheet of Trainers' House Plc
contained deferred tax assets from losses carried forward in the amount of EUR
3.3 million.
If the company's taxable income does not reach approximately EUR 13 million in
2010-2012, there is a risk that some of the EUR 3.3 million in deferred tax
assets recognized in the balance sheet of Trainers' House Plc cannot be
utilized and may have to be written down. However, any such write-down would
not affect the company's cash flow.
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
balance sheet date, the company had loans related to this loan agreement in the
amount of EUR 16.5 million. The loan agreement contains standard covenants,
including one concerning the ratio of net debt to EBITDA.
In order to ensure that it will fulfil the financial covenant in the loan
agreement concerning the ratio of net debt to EBITDA, the company issued a
hybrid capital bond in the amount of EUR 5.0 million on 15 January 2010.
If the company's profitability should fail to develop as predicted, there is a
risk that the company might not be able to fulfil the covenants, which would
increase the company's financing costs.
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 generate steady cash flow and are not as easily affected by
economic fluctuations as services based on a one-off payment.
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.
PERSONNEL
At the end of the period under review, the Group employed 241 (282) people.
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 under review, Trainers' House Plc had issued
68,016,704 shares and the company's registered share capital amounted to EUR
880,743.59. No changes took place in the number of shares or share capital
during the period under review.
Share performance and trading
During the period under review, a total of 10.2 million shares, or 15.0% of the
average number of all company shares (8.8 million shares or 12.9%), were traded
on the Helsinki Exchanges for a value of EUR 4.6 million (EUR 5.3 million). The
period's highest share quotation was EUR 0.53 (EUR 0.71), the lowest EUR 0.35
(EUR 0.50) and the closing price EUR 0.36 (EUR 0.60). The weighted average
price was EUR 0.45 (EUR 0.60). At the closing price on 30 June 2010, the
company's market capitalization was EUR 24.5 million (EUR 40.8 million).
PERSONNEL OPTION PROGRAMMES
Trainers' House Plc has one option programme for its personnel, included in the
personnel's commitment and incentive scheme.
The AGM held on 25 March 2010 decided to commence an employee option programme
for key employees of 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. The subscription price for shares
converted under the option rights shall be based on the market price of the
share of Trainers' House Plc on NASDAQ OMX Helsinki Ltd in March 2010 (2010A
warrants) and March 2011 (2010B warrants). The subscription period for shares
converted under the warrant 2010A is from 1 September 2011 to 31 December 2012,
and for shares converted under the warrant 2010B from 1 September 2012 to 31
December 2013.
CHANGES IN OWNERSHIP
During the period under review, the company did not become aware of any notice
of change in ownership exceeding the disclosure threshold.
Information on the company's ownership structure and major shareholders is
available on the company's website at www.trainershouse.fi > Investors.
EVENTS AFTER THE REVIEW PERIOD
Change in ownership
On 20 July 2010, Trainers' House received the following notice of change in
ownership: On 20 July 2010, the share of Trainers' House Plc's shares and votes
held by Smartum Oy has exceeded 1/20. Smartum Oy holds a total of 3,450,000
shares, or 5.07 per cent of Trainers' House Plc's shares and votes.
Corporate transaction
On 5 August 2010, Trainers' House issued a press release on the following
corporate transaction concerning its IT project business:
Trainers' House, Sentica Kasvurahasto II Ky and the employee-owners of
AtBusiness Oy have signed an agreement on a corporate transaction under which
the IT project business of Trainers' House is sold to a new company, which
simultaneously acquires the entire share capital of AtBusiness Oy from Sentica
Kasvurahasto II Ky and the employee-owners of AtBusiness Oy.
The purchase price of the IT project business of Trainers' House is EUR 9.0
million. Of the total purchase price, about EUR 6.2 million will be paid to
Trainers' House in cash. In addition, Trainers' House will invest about EUR 2.8
million in the new company using equity and debt instruments. After the
transaction, Trainers' House will own 19.9% of the new company's shares and
votes, while Sentica Kasvurahasto II Ky and new company's acting management
will own the rest of the shares and votes.
The completion of the transaction is subject to closing conditions specified in
the agreement. Trainers' House is expecting the transaction to be completed
during August 2010.
The corporate transaction does not affect the SaaS business of Trainers' House,
which the company continues to develop as planned.
CONDENSED FINANCIAL STATEMENTS AND NOTES
This report was compiled in accordance with the IAS 34 standard.
Amendments to and interpretations of published standards, as well as the new
standards effective as of 1 January 2009 are presented in detail in the
Financial Statements for 2009. 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.
In producing this interim report, Trainers' House has applied the same
accounting principles for key figures as in its Financial Statements for 2009.
The calculation of key figures is described on page 56 of the Financial
Statements included in the Annual Report 2009.
The figures given in the interim report are unaudited.
INCOME STATEMENT, IFRS (kEUR)
Konserni Konserni Konserni Konserni Konserni
01.04.- 01.04.- 01.01.- 01.01.- 01.01.-
30.06.10 30.06.09 30.06.10 30.06.09 31.12.09
LIIKEVAIHTO 6 455 6 916 12 803 15 535 27 647
Liiketoiminnan muut tuotot 40 77 60 83 101
Kulut:
Materiaalit ja palvelut 755 818 1 391 2 074 3 726
Työsuhde-etuuksista
aiheutuvat kulut 3 744 4 052 7 037 10 159 16 022
Poistot 672 718 1 308 1 465 2 818
Arvonalentumiset 804 804
Liiketoiminnan muut kulut 1 747 1 560 3 361 4 031 7 073
Liiketulos -423 -156 -233 -2 914 -2 695
Rahoitustuotot ja kulut -323 -271 -643 -566 -1 155
Tulos ennen veroja -745 -426 -875 -3 480 -3 850
Tuloverot*) 99 134 156 253 -3 167
TILIKAUDEN TULOS -646 -292 -719 -3 227 -7 016
Muut laajan tuloksen erät:
Ulkomaiseen yksikköön liittyvät
muuntoerot 1 1 11
Rahavirran suojaukset 92 23 84 -190 -121
Muihin laajan tuloksen eriin
liittyvät verot -24 -6 -22 49 31
Tilikauden muut laajan tuloksen
erät verojen jälkeen 68 17 62 -140 -79
TILIKAUDEN LAAJA
TULOS YHTEENSÄ -578 -274 -657 -3 367 -7 095
Tilikauden tuloksen jakautuminen:
Emoyhtiön omistajille -646 -292 -719 -3 227 -7 016
Tilikauden laajan tuloksen jakautuminen:
Emoyhtiön omistajille -578 -274 -657 -3 367 -7 095
Osakekohtainen tulos:
Laimentamaton
osakekohtainen tulos (eur) -0,01 -0,00 -0,01 -0,05 -0,10
Laimennusvaikutuksella oikaistu
osakekohtainen tulos (eur) -0,01 -0,00 -0,01 -0,05 -0,10
*) The tax included in the income statement is deferred.
TASE IFRS (Teur)
Konserni Konserni Konserni
30.06.10 30.06.09 31.12.09
VARAT
Pitkäaikaiset varat
Aineelliset hyödykkeet 1 088 578 506
Liikearvo 50 968 50 968 50 968
Muut aineettomat hyödykkeet 13 918 16 172 15 028
Muut rahoitusvarat 3 3 3
Muut saamiset 587 416 513
Laskennalliset verosaamiset 3 351 7 175 3 458
Pitkäaikaiset varat yhteensä 69 914 75 312 70 477
Lyhytaikaiset varat
Vaihto-omaisuus 12 14 12
Myyntisaamiset ja muut saamiset 6 450 6 930 4 862
Rahavarat 5 655 4 111 1 858
Lyhytaikaiset varat yhteensä 12 118 11 056 6 733
VARAT YHTEENSÄ 82 032 86 367 77 209
OMA PÄÄOMA JA VELAT
Emoyhtiön omistajille kuuluva oma pääoma
Osakepääoma 881 881 881
Ylikurssirahasto 13 943 13 943 13 943
Suojausinstrumenttien rahasto -198 -311 -260
Sijoitetun vapaan oman
pääoman rahasto 31 872 31 872 31 872
Muu oman pääoman rahasto 4 962
Muuntoerot -10
Kertyneet voittovarat 4 202 8 711 4 921
Oma pääoma yhteensä 55 662 55 085 51 357
Pitkäaikaiset velat
Laskennalliset verovelat 3 535 4 064 3 800
Pitkäaikaiset muut velat 15 838 14 098 15 336
Lyhytaikaiset ostovelat
ja muut velat 6 996 13 120 6 717
Velat yhteensä 26 370 31 282 25 853
OMA PÄÄOMA JA VELAT YHTEENSÄ 82 032 86 367 77 209
RAHAVIRTALASKELMA IFRS (Teur)
Konserni Konserni Konserni
01.01.- 01.01.- 01.01.- 30.06.10 30.06.09 31.12.09
Tilikauden tulos -719 -3 227 -7 016
Oikaisut tilikauden tulokseen 2 494 3 062 8 051
Käyttöpääoman muutos -2 095 3 806 3 670
Rahoituserät -636 -630 -1 166
Liiketoiminnan rahavirta -956 3 011 3 539
Investoinnit aineellisiin ja
aineettomiin hyödykkeisiin -61 -197 -335
Investointien rahavirta -61 -197 -335
Maksetut osingot -3 401 -3 401
Pitkäaikaisten lainojen lis./väh. 4 962 -2 575 -1 371
Lyhytaikaisten lainojen lis./väh. -3 750
Pitkäaikaisten saamisten lis./väh. -118 -390 -487
Lyhytaikaisten saamisten lis./väh. -31
Rahoituksen rahavirta 4 814 -6 366 -9 009
Rahavarojen muutos 3 797 -3 553 -5 806
Rahavarat kauden alussa 1 858 7 664 7 664
Rahavarat kauden lopussa 5 655 4 111 1 858
LASKELMA OMAN PÄÄOMAN MUUTOKSISTA (Teur)
Emoyhtiön omistajille kuuluva oma pääoma
Suo- Sijoi-
jaus- tetun
instru- vapaan Muu Kerty-
Yli- ment- oman oman Muun- neet
Osake- kurssi- tien pääoman pääoman to- voitto- Yh-
pääoma rahasto rahasto rahasto rahasto erot varat teensä
Oma pääoma
01.01.2009 881 13 943 -171 31 872 -11 15 339 61 853
Laaja tulos -140 1 -3 227 -3 367
Oma pääoma
30.06.2009 881 13 943 -311 31 872 -10 8 711 55 085
Oma pääoma
01.01.2010 881 13 943 -260 31 872 4 921 51 357
Laaja tulos 62 -719 -657
Hybridilaina 4 962 4 962
Oma pääoma
30.06.2010 881 13 943 -198 31 872 4 962 4 202 55 662
INVESTOINNIT (Teur) Konserni Konserni Konserni
01.01.- 01.01.- 01.01.-
30.06.10 30.06.09 31.12.09
Bruttoinvestoinnit aineellisiin
ja aineettomiin hyödykkeisiin
sekä osakkeisiin 61 197 334
Bruttoinvestoinnit
% liikevaihdosta 0,5 1,3 1,2
LÄHIPIIRITAPAHTUMAT (Teur) Konserni Konserni Konserni
01.01.- 01.01.- 01.01.-
30.06.10 30.06.09 31.12.09
Johdon työsuhde-etuudet
Palkat ja muut lyhytaikaiset
työsuhde-etuudet 244 289 470
UUDELLEENJÄRJESTELYVARAUS (Teur) Konserni Konserni Konserni
01.01.- 01.01.- 01.01.-
30.06.10 30.06.09 31.12.09
Varaukset 1.1. 346 0
Varausten lisäys 550 1 400 1 400
Varausten käyttö -156 -681 -1 054
Varaukset 30.06./31.12. 740 719 346
HENKILÖSTÖ Konserni Konserni Konserni
01.01.- 01.01.- 01.01.-
30.06.10 30.06.09 31.12.09
Henkilöstö keskimäärin 231 316 281
Henkilöstö kauden lopussa 241 282 227
VASTUUSITOUMUKSET (Teur) Konserni Konserni Konserni
30.06.10 30.06.09 31.12.09
Omista sitoumuksista annetut
vakuudet ja vastuut 14 741 1 934 15 877
Koronvaihtosopimukset
Käypä arvo -268 -421 -349
Nimellisarvo 13 605 18 247 15 926
MUITA TUNNUSLUKUJA Konserni Konserni Konserni
30.06.10 30.06.09 31.12.09
Omavaraisuusaste (%) 67,9 63,8 66,5
Nettovelkaantumisaste (Gearing,%) 21,0 27,5 28,9
Oma pääoma/osake (eur) 0,82 0,81 0,76
Oman pääoman tuotto (%) -8,1 -5,3 -12,4
Sijoitetun pääoman tuotto (%) 0,1 -1,5 -3,4
Return on equity and return on investment have been calculated for the previous
12 months.
Helsinki, 5 August 2010
TRAINERS' HOUSE PLC
BOARD OF DIRECTORS
For more information, please contact:
Jari Sarasvuo, CEO
Mirkka Vikström, CFO, tel. 050 376 1115
DISTRIBUTION
OMX Nordic Exchange, Helsinki
Main media
www.trainershouse.fi > Investors
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