2015-04-23 07:30:00 CEST
2015-04-23 07:30:03 CEST
REGULATED INFORMATION
Trainer's House Oyj - Interim report (Q1 and Q3)
TRAINERS' HOUSE GROUP'S INTERIM REPORT FOR 1 JANUARY – 31 MARCH 2015
Espoo, 2015-04-23 07:30 CEST (GLOBE NEWSWIRE) -- TRAINERS' HOUSE PLC, INTERIM
REPORT, 23 APRIL 2015 AT 8:30
Trainers' House Group's operating profit before non-recurring items showed a
profit for the first quarter of 2015
January - March 2015 in brief (the figures are figures for the company's
continuing operations)
-- Net sales amounted to EUR 1.8 million (EUR 2.2 million).
-- Operating profit (EBIT) before non-recurring items was EUR 0.1 million (EUR
-0.2 million), or 3.7% of net sales (-8.2%).
-- Operating profit was EUR -0.2 million, or -10.7% of net sales (EUR -1.8
million, -84.5%).
-- Cash flow from operating activities was EUR -0.0 million (EUR -0.3
million).
-- Earnings per share were EUR -0.00 (EUR -0.03).
Key figures at the end of the first quarter of 2015
-- Liquid assets totalled EUR 1.6 million (EUR 2.0 million).
-- Interest-bearing liabilities amounted to EUR 7.1 million (EUR 7.4 million),
and interest-bearing net debt totalled EUR 5.5 million (EUR 5.4 million).
-- Net gearing was 296.8% (92.0%).
-- Equity-to-assets ratio 14.9% (34.4%)
OUTLOOK FOR 2015
Key factors affecting the continuation of the company's business operations and
its financial performance are the success of the company's corporate
restructuring proceedings and the measures that may be decided upon as part of
the restructuring process. The content or success of these measures is not
currently known. Moreover, the company expects the general economic situation
to remain difficult, at least in the short term. For these reasons, the company
will not issue a more detailed profit estimate for the time being.
REPORT OF ARTO HEIMONEN, CEO
The profitable operating profit before non-recurring items was encouraging and
exceeded my expectations. In addition, after the reporting period on 14 April
2015, the company gave notice of termination of the main lease agreement for
the current premises with a two-month notice period. This will significantly
improve the company's profitability.
Trainers' House Plc applied for corporate restructuring in December 2014. At
the moment, the company's corporate restructuring proceedings are in the
process phase, the purpose of which is to prepare and confirm the restructuring
programme. In accordance with the decision of Espoo District Court, the
administrator submitted his report on the company's financial situation on 27
March 2015. Next, the administrator must prepare a proposal for the company's
restructuring programme by 3 June 2015.
The company's customer work has continued in a glad way. The reactions of
customers and key personnel have also been encouraging, and the company's key
figures have shown positive development. Moreover, cooperation between the
company, the administrator and the creditors has started off well.
The aim is that with the corporate restructuring programme, the company's
financial obligations will be reduced to correspond to the current scope of
business operations in such a way that the company's finances and cash flow
recover quickly. This means significant cuts in the company's expenses.
For more information, please contact:
Arto Heimonen, CEO, +358 404 123 456
Saku Keskitalo, IR, +358 404 111 111
REVIEW OF OPERATIONS
The company has continued the development of a product and service model that
provides quantifiable results to customers. An increasing number of customer
assignments include the Pulssi (Pulse) change management system. Also other
change tools developed by the company have evolved. Other change support tools
include, for example, Vaikutuskartta (Impact Map), which is used to clarify a
customer company's goals. The change tools are used to identify and agree on
operative indicators, as well as to crystallise repeated weekly activities
through which the goals are achieved. Regarding Ignis services, sales services
such as decision-maker mapping, scheduling decision-maker appointments, market
research as well as marketing and sales outsourcing solutions are emphasised.
As reported previously, the company actively sought a solution concerning its
premises and financial position during the last quarter of 2014, because the
company's current level of net sales and results do not, in the company's
assessment, enable the fulfilment of the company's obligations under its
financial agreements.
Because the company did not succeed in identifying an overall solution to the
situation, the company's Board of Directors decided that the best solution for
the company and its stakeholders was for the company to apply for corporate
restructuring. The company filed an application for corporate restructuring
with Espoo District Court on 12 December 2014. An extraordinary general meeting
decided on the continuation of the application for corporate restructuring on
20 January 2015 and Espoo District Court decided on the commencement of
corporate restructuring on 28 January 2015 .
As part of the company's recovery programme, Trainers' House Plc and its
subsidiary, Ignis Oy, initiated codetermination negotiations on 12 December
2014. The negotiations were completed on 2 January 2015 and as a result, a
total of 11 employment contracts in the Group were terminated. As a result of
the revitalisation programme, the company's operating profit before
non-recurring items turned into profit during the reporting period.
The change projects executed by Trainers' House are usually connected with
clarifying our customers' business strategies, marketing the strategies, and
implementing the strategies by boosting sales, enhancing customer service (for
example, through service design) and developing the work of leaders and
supervisors, along with the skills of subordinates. Managing work capacity
through physical and mental coaching holds an important role in an increasing
number of customer projects.
FINANCIAL PERFORMANCE
Net sales for the reporting period were down from the previous year. However,
operating profit before non-recurring items showed a profit.
Net sales from continuing operations in the period under review came to EUR 1.8
million (EUR 2.2 million). Operating profit (EBIT) from continuing operations
before non-recurring items was EUR 0.1 million, or 3.7% of net sales (EUR -0.2
million, or -8.2 %). The result for ongoing operations during the period was
EUR -0.3 million, or -14.1% of turnover (EUR -1.9 million, or -87.6%).
Result
The comparative figures used to report operating profit include the reported
operating profit and the operating profit before non-recurring items (EBIT).
According to the company's management, these figures provide a more accurate
view of the company's productivity.
The following table shows the Group's key figures (in thousands of euros unless
otherwise noted):
1-3/2015 1-3/2014
Net sales 1,814 2,154
Expenses:
Personnel-related expenses -1,004 -1,320
Other expenses -707 -971
EBITDA 104 -137
Depreciation of non-current assets -37 -40
Operating profit before non-recurring 67 -177
items
Non-recurring items *) -261 -1,643
EBIT -194 -1,820
% of net sales -10.7 -84.5
Financial income and expenses -61 -66
Profit/loss before tax -256 -1,886
Tax **) 1 0
Profit/loss for the period for the -255 -1,886
continuing operations
% of net sales -14.1 -87.6
*) Non-recurring items in 2015 include costs relating to the codetermination
negotiations and corporate restructuring. Non-recurring items in 2014 include a
write-down in the Group's goodwill in the amount of EUR1.6 million.
**) The tax included in the profit and loss account is deferred. Taxes
recognised in the income statement have no effect on cash flow. On 31 March
2015, the company's balance sheet included deferred tax assets from losses
carried forward in the amount of EUR 0.4 million. The deferred tax assets will
expire during the period 2019 to 2023.
The following table shows the distribution of net sales from ongoing operations
and the quarterly profit/loss from the start of 2014 (in thousands of euros).
Q114 Q214 Q314 Q414 Q115
----------------------------------------------
Net sales 2154 2128 1563 2158 1814
----------------------------------------------
Operating -177 -262 -323 -261 67
profit
before
non-recurring
items
----------------------------------------------
Operating -1820 -262 -1379 -2664 -194
profit
----------------------------------------------
LONG-TERM OBJECTIVES
The company's long-term objective is profitable growth.
FINANCING, INVESTMENTS AND SOLVENCY
The amount of liabilities may change due to the corporate restructuring
programme. The final amount of liabilities will only be confirmed when a
possible restructuring programme has been approved. The figures below describe
the situation before the approval of a possible restructuring programme.
In connection with the merger of Trainers' House Oy and Satama Interactive Plc,
the company concluded a loan agreement in the amount of EUR 40 million. At the
end of the reporting period, the company had outstanding loans related to this
agreement, which was renegotiated at the end of 2013, in the amount of EUR 1.7
million.
The company issued a new, low-interest subordinated loan of approximately EUR
1.2 million during 2013 and 2014. The interest rate of the subordinated loan is
3.0% until 31 December 2016. The interest is capitalised at the end of each
year. From 1 January 2017, a cash interest payment of 5.0% will be payable
subject to the availability of the distributable assets. The capital loan will
mature on 31 December 2018. At the end of the reporting period, EUR 1.0 million
of the loan had been subscribed.
Hybrid bond
On 15 January 2010, Trainers' House Plc issued a domestic hybrid bond in the
amount of EUR 5.0 million. Interest of EUR 1.0 million related to the hybrid
bond was recognised in shareholders' equity.
According to the terms of the hybrid bond, the company has the right to decide,
subject to certain limitations specified in the terms, either to pay the
interest on the hybrid bond annually or to postpone these payments. Interest in
the amount of EUR 0.5 million was paid to the subscribers on 21 January 2011
and EUR 0.5 million on 20 January 2012. The interest paid reduces the
non-restricted equity and is not recognised as income.
In accordance with its stock exchange release dated 17 December 2012, Trainers'
House has decided to defer interest payments on the hybrid loan for the time
being. The purpose of the deferment of interest payments is to strengthen the
company's financial position and to fulfil the terms of its loan agreement.
According to the terms of the hybrid bond, the company must pay the deferred
interest and any interest accrued on it if the company pays dividends in excess
of the minimum dividend stipulated in the Limited Liability Companies Act, or
otherwise distributes equity to its shareholders.
In January 2014, the company made an offer to hybrid bond bearers to convert
the hybrid bond into a low-interest loan instrument with secondary priority as
compared with a senior loan and with the same key terms and conditions as for a
subordinated loan. The company's financiers, representing a total of
approximately EUR 4.1 million of the hybrid bond's capital, accepted the offer.
The company has agreed on an opportunity to convert a maximum of EUR 2.0
million of the capital of these loan instruments to subordinated loans as
specified in the Limited Liability Companies Act, if deemed necessary to
support the parent company's equity. The conversion had been executed in full
during 2014.
Cash flow and financing
Cash flow from operating activities before financial items totalled EUR -0.0
million (EUR -0.3 million), and after financial items EUR -0.0 million (EUR
-0.3 million).
Cash flow from investments totalled EUR 0.0 million (EUR -0.0 million). Cash
flow from financing came to EUR -0.0 million (EUR -0.3 million).
Total cash flow amounted to EUR -0.0 million (EUR -0.6 million).
On 31 March 2015, the Group's liquid assets totalled EUR 1.6 million (EUR 2.0
million). The equity ratio was 14.9% (34.4%). Net gearing was 296.8% (92.0%).
At the end of the reporting period, the Group had interest-bearing liabilities
in the amount of EUR 7.1 million (EUR 7.4 million).
Financial risks
The company's fulfilment of the covenants of its financial instruments requires
a successful corporate restructuring process and the improvement of the
company's operational profitability
Interest rate risk is managed by covering some of the risk with hedging
agreements as necessary. A bad-debt provision, which is booked on the basis of
ageing and case-specific risk analyses, covers risks to accounts receivable.
In financial risk management, liquidity remained the key focus. Due to the
decrease in net sales and the excessive costs for premises and financing in
relation to the company's current level of net sales, the financing
arrangements concluded in 2013 proved inadequate, and the company decided to
file an application for corporate restructuring on 12 December 2014. Corporate
restructuring is under way, and it remains the company's aim to secure
sufficient financing to continue the Group's operations. Failure of the
restructuring proceedings could lead to the bankruptcy of the company.
SHORT-TERM BUSINESS RISKS AND FACTORS OF UNCERTAINTY
Risks in the company's operating environment have remained unchanged. On
account of the project-based nature of the company's operations, the order life
cycle is short, which makes it more difficult to estimate future developments.
Long-term visibility remains limited due to the general economic situation. The
company's financial situation is critical and taking care of the company's
liabilities under financial agreements requires improvement in the
profitability of the company's operational business as well as a successful
corporate restructuring process.
Short-term risks
The Group's goodwill, other intangible assets and deferred tax assets, as
recognised in the balance sheet, were re-tested for impairment at the end of
the quarter. No write-downs were judged necessary from the results of this
impairment testing.
Trainers' House Plc's Group balance sheet has EUR 1.7 million of goodwill. The
balance sheet value of trademarks is EUR 7.6 million. 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 and otherintangible assets may have to be written down. Such a write-down would not
affect the company's cash flow.
At the end of the period under review, Trainers' House Plc's balance sheet
included deferred tax assets from losses carried forward in the amount of EUR
0.4 million. The deferred tax assets will expire between 2019 and 2023.
The company's new loan agreement, under which there were loans in an amount of
EUR 1.7 million at the end of the reporting period, includes standard covenants
concerning operating profit before depreciation and cash in hand.
If the company's profitability does not improve, the covenants will not be
fulfilled. The company's fulfilment of the covenants of its financial
instruments requires a corporate restructuring process and an improvement in
the company's operational profitability.
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 March 2015, the Group employed 66 (81) people.
DECISIONS OF THE EXTRAORDINARY GENERAL MEETING
An extraordinary general meeting of Trainers' House Plc was held in Espoo on 20
January 2015. The Board of Directors had called an extraordinary general
meeting in accordance with the provisions of the Companies Act to discuss the
continuation of the corporate restructuring application that was filed by the
company on 12 December 2014.
In accordance with the proposal of the Board of Directors, the extraordinary
general meeting decided that the corporate restructuring application filed by
the company was to be continued.
DECISIONS REACHED AT THE ANNUAL GENERAL MEETING
The Annual General Meeting of Trainers' House Plc was held on 25 March 2015 in
Espoo.
In accordance with the proposal of the Board of Directors, the Annual General
Meeting decided that no dividend be paid for the financial year 2014.In
accordance with the proposal of the Board of Directors, the Annual General
Meeting decidedthat the loss shown by the parent company's financial statements
for the financial period will be entered in the company's profit and loss
account.
The Annual General Meeting adopted the company's financial statements and
discharged the CEO and the members of the Board of Directors from liability for
the period 1 January to 31 December 2014.
It was confirmed that the Board of Directors consists of three (3) members.
Aarne Aktan, Jarmo Hyökyvaara and Jari Sarasvuo were re-elected as members of
the Board of Directors. In its assembly meeting held after the AGM, the Board
of Directors elected Aarne Aktan as its chairman.
The Annual General Meeting decided on a monthly emolument for each Board member
of EUR 1,500 and of EUR 3,500 for the Chairman of the Board.
Authorised Public Accountants Ernst & Young Oy were elected as the
company's auditors. Auditor's fees are paid on the basis of a reasonable
invoice.
The Annual General Meeting decided to continue the measures already started by
the company as well as the corporate restructuring proceedings aimed at the
recovery of the company's financial position.
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 share capital or number of shares
during the period under review.
Share performance and trading
In the period under review, 5.0 million shares in total, or 7.4% of the average
number of all company shares (3.5 million shares, or 5.2%), were traded on the
Helsinki stock exchange, for a value of EUR 0.2 million (EUR 0.2 million). The
period's highest share quotation was EUR 0.04 (EUR 0.08), the lowest EUR 0.02
(EUR 0.05) and the closing price EUR 0.04 (EUR 0.05). The weighted average
price was EUR 0.04 (EUR 0.07). At the closing price on 31 March 2015, the
company's market capitalisation was EUR 2.7 million (EUR 3.4 million).
PERSONNEL OPTION PROGRAMMES
Trainers' House Plc has three option programmes for its personnel, included in
the personnel's commitment and incentive scheme.
The Annual General Meeting held on 21 March 2012 decided to initiate an
employee option programme for key employees in Trainers' House and its
subsidiaries. The number of optionrights granted shall not exceed 5,000,000,
and the option rights shall entitle their holders to subscribe for no more than
5,000,000 new shares or treasury shares in total. Of the warrants, 3,000,000
will be entitled 2012A and 2,000,000 will be entitled 2012B. The subscription
price for the warrants is EUR 0.16. The subscription period for shares
converted under warrant 2012A is from 1 September 2013 to 31 December 2014 and
for shares converted under warrant 2012B from 1 September 2014 to 31 December
2015. The options have not yet been offered.
The company's Board of Directors decided on 5 August 2013 to adopt a new option
programme under the authorisation of the annual general meeting on 21 March
2012. The number of optionrights granted shall not exceed 7,500,000, and the
option rights shall entitle their holders to subscribe for no more than
7,500,000 new shares or treasury shares in total. 2,500,000 of the converted
shares will be under the warrant 2013A and the subscription period for the
converted shares is from 1 January 2015 to 1 January 2018. 2,500,000 of the
converted shares will be under the warrant 2013B and the subscription period
for the converted shares is from 1 January 2016 to 1 January 2018. 2,500,000 of
the converted shares will be under the warrant 2013C and the subscription
period for the converted shares is from 1 January 2017 to 1 January 2018. The
subscription price for each warrant is EUR 0.09. The total number of warrants
granted to the personnel is 5.0 million. A total cost of EUR 0.0 million has
been expensed for the 2015 financial year for options.
The company's Board of Directors decided on 18 December 2013 to adopt a new
option programme under the authorisation of the Annual General Meeting on 21
March 2012. The number of option rights granted shall not exceed 5,250,000, and
the option rights shall entitle their holders to subscribe for no more than
5,250,000 new shares or treasury shares in total. The converted shares will be
under the warrant 2013D. The subscription period for shares converted under the
warrant is from 1 January 2018 to 31 December 2018, and the subscription price
for each warrant is EUR 0.06. The options have not yet been offered.
CONDENSED FINANCIAL STATEMENTS AND NOTES
The interim report was compiled in accordance with the IAS 34 standard. This
interim report has been prepared in accordance with the IFRS standards and
interpretations adopted in the EU, valid on 31 December 2014.
In producing this interim report, Trainers' House has applied the same
accounting principles for key figures as in its 2014 financial statements. The
calculation of key figures is described on page 92 of the Financial Statements
included in the Annual Report 2014.
The figures given in the interim report are unaudited.
INCOME STATEMENT, IFRS (kEUR)
Group Group Group
01/01- 01/01- 01/01-
31/03/15 31/03/14 31/12/14
CONTINUING OPERATIONS
NET SALES 1,814 2,154 8,003
Other income from operations 160 127 648
Costs:
Materials and services -124 -213 -691
Personnel-related -1,206 -1,320 -5,320
expenses
Depreciation -37 -40 -153
Impairment -1,643 -5,052
Other operating expenses -802 -885 -3,560
Operating profit/loss -194 -1,820 -6,126
Financial income and expenses -61 -66 -268
Profit/loss before tax -256 -1,886 -6,394
Tax *) 1 0 420
PROFIT/LOSS FOR THE PERIOD -255 -1,886 -5,974
CONTINUING OPERATIONS
Discontinued operations 250
TOTAL COMPREHENSIVE -255 -1,886 -5,724
INCOME FOR THE YEAR
Profit/loss attributable to:
Owners of the parent company -255 -1,886 -5,724
Total comprehensive income
attributable to:
Owners of the parent company -255 -1,886 -5,724
Earnings per share, undiluted:
EPS result for the period from -0.00 -0.03 -0.09
continuing operations
EPS result for the period from 0.00
discontinued operations
EPS attributable to equity -0.00 -0.03 -0.08
holders of the parent company
EPS result for the period -0.00 -0.03 -0.08
Diluted earnings per share are the same as undiluted earning per share.
*) The tax included in the income statement is deferred.
BALANCE SHEET IFRS (kEUR)
Group Group Group
31/03/15 31/03/14 31/12/14
ASSET
Non-current assets
Property, plant and equipment 104 238 137
Goodwill 1,653 2,971 1,653
Other intangible assets 7,557 9,664 7,561
Other financial assets 4 4 4
Other receivables 27 12
Deferred tax receivables 383 381 382
Total non-current assets 9,701 13,285 9,749
Current assets
Inventories 10 10 10
Accounts receivables and 1,165 1,689 1,455
other receivables
Cash and cash equivalents 1,568 2,024 1,578
Total current assets 2,743 3,723 3,043
TOTAL ASSETS 12,445 17,008 12,792
SHAREHOLDERS' EQUITY AND
LIABILITIES
Equity attributable to equity
holders of the parent company
Share capital 881 881 881
Premium fund 216 216 216
Distributable non-restricted 31,872 31,872 31,872
equity fund
Other equity fund 900 900 900
Retained earnings -32,021 -28,034 -31,780
Total shareholders' equity 1,847 5,835 2,088
Long-term liabilities
Deferred tax liabilities 1,511 1,929 1,511
Other long-term liabilities 6,050 6,285 6,044
Accounts payable and other 3,037 2,960 3,150
liabilities
Total liabilities 10,597 11,173 10,704
TOTAL SHAREHOLDERS' EQUITY AND 12,445 17,008 12,792
LIABILITIES
CASH FLOW STATEMENT, IFRS (kEUR)
Group Group Group
01/01- 01/01- 01/01-
31/03/15 31/03/14 31/12/14
Profit/loss for the period -255 -1,886 -5,724
Adjustments to profit/loss 187 1,773 5,176
for the period
Change in working capital 67 -170 363
Financial items 1 -23 -96
Cash flow from operations -0 -306 -281
Investments in tangible and -37 -37
intangible assets
Repayment of loan receivables 15 15 30
Cash flow from investments 15 -22 -6
Withdrawal of long-term loans 2 1 347
Repayment of long-term loans -250 -1,000
Repayment of finance lease -26 -30 -111
liabilities
Cash flow from financing -24 -278 -765
Change in cash and cash -10 -606 -1,052
equivalents
Opening balance of cash and 1,578 2,630 2,630
cash equivalents
Closing balance of cash and 1,568 2,024 1,578
cash equivalents
CHANGE IN SHAREHOLDERS' EQUITY (kEUR)
Equity attributable to equity holders of the parent company
A. Share capital
B. Premium fund
C. Distributable non-restricted equity
D. Other equity fund
E. Retained earnings
F. Total
A. B. C. D. E. F.
--------------------------------------------------------
Equity 881 4,253 31,872 0 -30,215 6,791
01/01/2014
--------------------------------------------------------
Other -1,886 -1,886
comprehensive
income
--------------------------------------------------------
Decrease of -4,038 4,038 0
share premium
fund to cover
losses
--------------------------------------------------------
Sharebased 30 30
payments
--------------------------------------------------------
Hybrid bond 900 900
transferred
from non-
current
liabilities
--------------------------------------------------------
Equity 881 216 31,872 900 -28,034 5,835
31/03/2014
--------------------------------------------------------
--------------------------------------------------------
Equity 881 216 31,872 900 -31,780 2,088
01/01/2015
--------------------------------------------------------
Other -255 -255
comprehensive
income
--------------------------------------------------------
Sharebased 14 14
payments
--------------------------------------------------------
Equity 881 216 31,872 900 -32,021 1,847
31/03/2015
--------------------------------------------------------
RESTRUCTURING PROVISION (kEUR) Group Group Group
01/01- 01/01- 01/01-
31/03/15 31/03/14 31/12/14
Provisions 1 January 200 222 222
Provisions increased 78
Provisions used -21
Provisions 31 March /31 December 278 222 200
PERSONNEL Group Group Group
01/01- 01/01- 01/01-
31/03/15 31/03/14 31/12/14
Average number of personnel 70 81 88
Personnel at the end of 66 81 87
the period
COMMITMENTS AND CONTINGENT Group Group Group
LIABILITIES (kEUR) 31/03/15 31/03/14 31/12/14
Collaterals and contingent 7,407 8,860 7,805
liabilities given for
own commitments *)
*) after the reporting period on 14 April 2015, the company gave notice of
termination of the main lease agreement for the current premises with a
two-month notice period. The company estimates that this will significantly
improve the company's profitability. The exact impact will be clarified as part
of the restructuring programme.
OTHER KEY FIGURES Group Group Group
31/03/15 31/03/14 31/12/14
Equity-to-assets ratio (%) 14.9 34.4 16.5
Net gearing (%) 296.8 92.0 263.1
Shareholders' equity/share (EUR) 0.03 0.09 0.03
Return on equity (%) -113.1 -60.1 -134.6
Return on investment (%) -40.6 -34.4 -49.9
Return on equity and return on investment have been calculated for the previous
12 months.
Espoo, 23 April 2015
TRAINERS' HOUSE PLC
BOARD OF DIRECTORS
For more information, please contact:
Arto Heimonen, CEO, tel. +358 40 412 3456
Saku Keskitalo, Investor Relations, tel. +358 40 411 1111
DISTRIBUTION
OMX Nordic Exchange, Helsinki
Main media
www.trainershouse.fi > Investors
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