Quarterly Report • Oct 22, 2015
Quarterly Report
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INTERIM REPORT FOR TRAINERS' HOUSE GROUP 1 JANUARY – 30 SEPTEMBER 2015
In the first nine months of the year, Trainers' House generated a positive operating profit before non-recurring items.
January – September 2015 in brief (the figures apply to the company's continuing operations)
July – September 2015 in brief (the figures apply to the company's continuing operations)
Key figures at the end of the third quarter of 2015
The company's corporate restructuring programme was approved in September 2015 but factors related to the implementation of the restructuring programme
continue to have a material impact on the company's financial performance. Moreover, the company expects the general economic situation to remain difficult, at least in the short term. For these reasons, the outlook for the future contains an unusually high degree of uncertainty.
The company expects net sales for the current year to decrease and operating profitability to strengthen considerably in comparison with the previous year.
The operating result before non-recurring items for the third quarter of the year was positive. Last time this happened six years ago. As such, business profitability continued to develop positively, extending a trend that began in the first half of the year.
A significant event in the reporting period was the approval of the company's corporate restructuring programme on 2 September 2015. Thanks to the programme, the Group's external debt decreased from approximately EUR 9.1 million to approximately EUR 2.5 million.
The company's work with its customers has continued to be good. Additionally, the results of the savings programme are improving profitability. In particular, the termination on 14 June 2015 of the main lease agreement for the company's former office premises has improved the company's financial position. As stated previously, the new office premises will enable the company to save approximately EUR 800,000 annually.
Arto Heimonen, CEO, tel. +358 404 123 456 Saku Keskitalo, Investor Relations, tel. +358 404 111 111
The company's Board of Directors approved an updated strategy in September 2015. The goal is to steer the company towards profitable growth. Trainers' House will continue to strengthen its position as a change company and will focus on services intended to support customers in improving their implementation of key change projects and everyday activities. To provide change services, the company utilises the resources of its subsidiary, Ignis Oy, along with digital tools and content.
As reported previously, the company actively sought a solution concerning its premises and financial position during the last quarter of 2014 because its net sales and results did not, in the company's assessment, enable the fulfilment of its 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 shareholders' meeting decided on the continuation of the application for corporate restructuring on 20 January 2015 and Espoo District Court decided to commence
restructuring proceedings on 28 January 2015. The administrator submitted his proposal for the company's restructuring programme on 3 June 2015. On 10 June 2015, the Financial Supervisory Authority granted an exemption to Jari Sarasvuo and Causa Prima Oy to discharge them of their obligation under the Securities Markets Act to make a purchase offer, which would have been compulsory if a debt conversion takes place in accordance with the proposed corporate restructuring programme. An extraordinary meeting of shareholders approved the authorisation of a compulsory share issue to implement the restructuring programme on 9 July 2015. For its part, the District Court approved the restructuring programme on 2 September 2015. The company has made arrangements for a share issue to realise the debt conversion.
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 part of the recovery programme, the expenses related to the company's premises decreased by an average of approximately EUR 70,000 per month following the termination of the main lease agreement.
As a result of the revitalisation programme, the company's operating profit before non-recurring items was positive for the first nine months of 2015.
Net sales for the reporting period were lower than in the previous year. However, operating profit before non-recurring items and EBIT improved in comparison with 2014.
In accordance with the corporate restructuring programme, which was approved on 2 September 2015, the subordinated loans paid to the company before 12 December 2014, along with interest payments on these loans and on junior and hybrid loans, have been discontinued. The items that have been written off – amounting to a total of EUR 3.3 million – were recognised as other financing income.
Net sales from continuing operations during the period under review came to EUR 4.9 million (EUR 5.8 million). Operating profit (EBIT) from continuing operations before non-recurring items was EUR 0.0 million, or 0.2% of net sales (EUR -0.8 million, or -13.0 %). Profit for the period from continuing operations was EUR 1.4 million or 29.4% of net sales (EUR -3.7 million, -62.5% of net sales).
The comparative figures used for reporting on operating profit include the operating profit reported as well as 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 itemises the Group's key figures (in thousands of euros unless otherwise noted):
| 1-9/2015 | 1-9/2014 | |
|---|---|---|
| Net sales | 4,896 | 5,845 |
| Expenses: |
| Personnel-related expenses | -3,006 | -3,861 |
|---|---|---|
| Other expenses | -1,829 | -2,630 |
| EBITDA | 61 | -646 |
| Depreciation of non-current assets | -52 | -117 |
| Operating profit before non-recurring | ||
| items | 9 | -762 |
| Non-recurring items *) | -1,979 | -2,699 |
| EBIT | -1,970 | -3,461 |
| % of net sales | -40.2 | -59.2 |
| Financial income and expenses **) |
3,123 | -192 |
| Profit/loss before tax | 1,153 | -3,653 |
| Tax ***) | 286 | 1 |
| Profit/loss for the period | 1,439 | -3,652 |
| % of net sales | 29.4 | -62.5 |
*) Non-recurring items in 2015 include a write-down of trademark value in the amount of EUR 1.4 million and expenses related to the codetermination negotiation and the corporate restructuring programme in the amount of EUR 0.6 million. Non-recurring items in 2014 include a write-down in the Group's goodwill in the amount of EUR 2.7 million.
**) In accordance with the approved corporate restructuring programme, financing income for 2015 includes write-offs of EUR 3.0 million in capital related to subordinated loans paid to the company before 12 December 2014 and accumulated interest payments of EUR 0.1 million, as well as EUR 0.2 million in accumulated interest payments on junior loans.
***) The tax included in the income statement is deferred. Taxes recognised in the income statement have no effect on cash flow. A change in deferred tax liabilities of EUR 0.3 million allocated to the trademark write-down has been recognised through profit or loss. On 30 September 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 between 2019 and 2023.
The following table itemises the distribution of net sales from continuing operations and shows the quarterly profit/loss from the beginning of 2014 (in thousands of euros):
| Q114 | Q214 | Q314 | Q414 | Q115 | Q215 | Q315 | |
|---|---|---|---|---|---|---|---|
| Net sales | 2154 | 2128 | 1563 | 2158 | 1814 | 1792 | 1289 |
| Operating | |||||||
| profit | |||||||
| before | |||||||
| non-recurring | |||||||
| items | -177 | -262 | -323 | -261 | 67 | -64 | 6 |
| Operating | |||||||
| profit | -1820 | -262 | -1379 | -2664 | -194 | -1782 | 6 |
The company's long-term objective is profitable growth.
On 2 September 2015, Espoo District Court approved the restructuring programme filed by Trainers' House Plc. As a consequence of the corporate restructuring programme, the Group's external debt will decrease from approximately EUR 9.1 million to approximately EUR 2.5 million.
The precise content of the restructuring programme was publicised in a stock exchange release on 3 June 2015. The main points of the restructuring programme are as follows:
The company will pay all of the secured debts and the unsecured ordinary debts in full over a period of approximately four and a half years.
Accumulated interest on the company's junior and hybrid loans will be completely written off and the remaining borrowed capital of approximately EUR 3.0 million will be fully converted to shares in the company with a subscription price of EUR 0.08 per share. The subscription price set in the restructuring programme is significantly higher than the recent market price of the company's shares.
Only the lowest priority debt, which amounts to approximately EUR 3.1 million, will be completely written off. Jari Sarasvuo is the creditor of approximately 90% of these loans.
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 loans related to the new loan agreement negotiated in late 2013 in the amount of EUR 1.5 million, which is entirely restructured debt. The company will repay its remaining debt in full over a period of approximately 4.5 years. The first instalment in accordance with the restructuring programme amounted to EUR 0.2 million and was paid on 4 September 2015.
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 made subject to the availability of 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 paid.
In accordance with the approved corporate restructuring programme the subordinated loans paid to the company before 12 December 2014 are restructured debts and have been discontinued.
Subordinated loans falling due after 12 December 2014 – amounting to approximately EUR 0.1 million – are not covered by the debt arrangements and the terms of these loans will remain unchanged.
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 nonrestricted equity and is not recognised as income. In accordance with its stock exchange release dated 17 December 2012, Trainers' House decided to defer interest payments on the hybrid loan.
In January 2014, the company made an offer to the bearers of a hybrid bond in which an opportunity was offered to convert the hybrid bond into a low-interest junior loan instrument with secondary priority compared with a senior loan. The key terms of the junior loan were otherwise the same 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 to convert a maximum of EUR 2.0 million of the financial instruments' capital into subordinated loans in accordance with the Limited Liability Companies Act. The conversion was executed in full during 2014. In accordance with the approved restructuring programme, repayments will not be made on EUR 2.0 million of lowest priority debt.
In accordance with the approved restructuring programme, accumulated interest on the company's junior and hybrid loans will be completely written off and the remaining borrowed capital of approximately EUR 3.0 million will be fully converted to shares in the company with a subscription price of EUR 0.08 per share.
All holders of hybrid and junior loans have committed to converting their receivable loan capital into equity in the company as part of a directed share issue, which the company is obliged to arrange in accordance with the restructuring programme.
Cash flow and financing
Cash flow from operating activities before financial items totalled EUR -0.5 million (EUR -0.5 million), and after financial items EUR -0.6 million (EUR - 0.6 million).
Cash from investments totalled EUR 0.0 million during the period under review (EUR -0.0 million). Cash flow from financing came to EUR -0.2 million (EUR -0.5 million).
Total cash flow amounted to EUR -0.8 million (EUR -1.1 million).
On 30 September 2015, the Group's liquid assets totalled EUR 0.8 million (EUR 1.6 million). The equity ratio was 33.8% (27.2%). Net gearing was 21.0% (136.3%). At the end of the period under review, the company had EUR 1.5 million of interest-bearing debt (EUR 7.2 million).
The fulfilment of the company's obligations under its financing agreements requires payments to be made in accordance with the corporate restructuring programme and demands profitability in the company's business operations.
Interest rate risk is managed by covering some of the risk with hedging agreements. A bad-debt provision, which is booked on the basis of ageing and case-specific risk analyses, covers risks to accounts receivable.
Liquidity remains the key focus of financial risk management. Due to the decrease in net sales and the excessive costs of premises and financing in relation to the company's current level of net sales, the company filed an application for corporate restructuring on 12 December 2014. The District Court approved the corporate restructuring programme on 2 September 2015.
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 the corporate restructuring programme requires the company to improve the profitability of its business operations.
The goodwill, other intangible assets and deferred tax assets recognised in the balance sheet were re-tested for impairment at the end of the quarter.
Trainers' House Plc's consolidated balance sheet now contains EUR 1.7 million of goodwill. The balance sheet value of trademarks is EUR 6.1 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 other intangible 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, the consolidated balance sheet contained 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.
Risks are discussed in more detail in the annual report and on the company's website, at www.trainershouse.fi > Investors.
At the end of September 2015, the Group employed 87 (100) people.
An extraordinary general meeting of Trainers' House Plc was held in Espoo on 20 January 2015. The Board of Directors convened an extraordinary general meeting
in accordance with the provisions of the Limited Liability 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.
The annual general meeting of Trainers' House Plc was held in Espoo on 25 March 2015.
In accordance with the proposal of the Board of Directors, the annual general meeting decided that no dividend be paid for the 2014 financial year. In accordance with the proposal of the Board of Directors, the annual general meeting decided that the loss for the financial year as reported in the parent company's financial statements be recognised in profit and loss.
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 from 1 January to 31 December 2014.
It was confirmed that the Board of Directors shall consist 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 the Chairman of the Board.
The annual general meeting decided on a monthly emolument for a Board member of EUR 1,500 and of EUR 3,500 for the Chairman of the Board.
Authorised Public Accountants Ernst & Young Oy were elected as the company's auditors. Auditor's fees are paid on the basis of a reasonable invoice.
The annual general meeting decided to continue to take measures that the company had already commenced and to continue the corporate restructuring process with the aim of revitalising the company's financial position.
An extraordinary general meeting of Trainers' House Plc was held in Espoo on 9 July 2015.
In accordance with the proposal of the Board of Directors, the extraordinary general meeting decided to authorise the Board of Directors to decide on a share issue in accordance with the proposed corporate restructuring programme submitted by the administrator of the corporate restructuring proceedings on 3 June 2015.
The authorisation enables the company to offer holders of subordinated debt the opportunity to exchange their debt receivables under the restructuring programme for shares in the company as follows:
The authorisation may only be used to implement debt conversions in accordance with the proposed corporate restructuring programme.
The authorisation enables a maximum of 42,812,500 new shares in the company to be issued.
New shares are to be issued to creditors who are affected by the corporate restructuring proceedings in derogation of the entitlement of shareholders to subscribe to new shares.
The subscription price is EUR 0.08 per share.
The subscription price must be transferred in full by cancelling the debt that is subject to the corporate restructuring process in an amount corresponding to the subscription price.
Before the authorisation can be used, Espoo District Court must approve the company's restructuring programme with a legally valid decision.
The authorisation is valid until 30 June 2016.
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.
During the period under review, a total of 16.8 million shares, or 24.7% of the average number of all company shares (13.3 million shares or 19.5%), were traded on the Helsinki stock exchange. These shares had a value of EUR 0.8 million (EUR 0.7 million). The period's highest share quotation was EUR 0.07 (EUR 0.08), the lowest was EUR 0.03 (EUR 0.03) and the closing price was EUR 0.06 (EUR 0.04). The weighted average price was EUR 0.05 (EUR 0.05). At the closing price on 30 September 2015, the company's market capitalisation was EUR 4.1 million (EUR 2.7 million).
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 of 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.
On 5 August 2013, the company's Board of Directors decided to adopt a new option programme under the authorisation of the annual general meeting held 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.
On 18 December 2013, the company's Board of Directors decided to adopt a new option programme under the authorisation of the annual general meeting held 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.
This 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 as of 31 December 2014.
In producing this interim report, Trainers' House has applied the same accounting principles for key figures as in its financial statements for 2014. The calculation of key figures is described on page 92 of the financial statements included in the annual report for 2014.
The figures given in the interim report are unaudited.
| Group | Group | Group | Group | Group | |
|---|---|---|---|---|---|
| 01/07- | 01/07- | 01/01- | 01/01- | 01/01- | |
| 30/09/15 | 30/09/14 | 30/09/15 | 30/09/14 | 31/12/14 | |
| CONTINUING OPERATIONS | |||||
| NET SALES | 1,289 | 1,563 | 4,896 | 5,845 | 8,003 |
| Other income from operations | 2 | 192 | 309 | 467 | 648 |
| Costs: | |||||
| Materials and services | -147 | -93 | -379 | -485 | -691 |
| Personnel-related | |||||
| expenses | -841 | -1,102 | -3,206 | -3,861 | -5,320 |
| Depreciation | -2 | -37 | -66 | -117 | -153 |
| Impairment | -1,056 | -1,428 | -2,699 | -5,052 |
| Other operating expenses | -295 | -846 | -2,096 | -2,612 | -3,560 |
|---|---|---|---|---|---|
| Operating profit/loss | 6 | -1,379 | -1,970 | -3,461 | -6,126 |
| Financial income and expenses | 3,245 | -66 | 3,123 | -192 | -268 |
| Profit/loss before tax | 3,251 | -1,445 | 1,153 | -3,653 | -6,394 |
| Tax *) | 0 | 0 | 286 | 1 | 420 |
| PROFIT/LOSS FOR THE PERIOD CONTINUING OPERATIONS |
3,251 | -1,445 | 1,439 | -3,652 | -5,974 |
| Discontinued operations | 250 | ||||
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
3,251 | -1,445 | 1,439 | -3,652 | -5,724 |
| Profit/loss attributable to: | |||||
| Owners of the parent company |
3,251 | -1,445 | 1,439 | -3,652 | -5,724 |
| Total comprehensive income attributable to: |
|||||
| Owners of the parent company | 3,251 | -1,445 | 1,439 | -3,652 | -5,724 |
| Earnings per share, undiluted: | |||||
| EPS result for the period from continuing operations |
0.05 | -0.02 | 0.02 | -0.05 | -0.09 |
| EPS result for the period from discontinued operations |
0.00 | ||||
| EPS attributable to equity holders of the parent company |
0.05 | -0.02 | 0.02 | -0.05 | -0.08 |
| EPS result for the period | 0.05 | -0.02 | 0.02 | -0.05 | -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 | |
|---|---|---|---|
| 30/09/15 | 30/09/14 | 31/12/14 | |
| ASSET | |||
| Non-current assets | |||
| Property, plant and equipment | 88 | 170 | 137 |
| Goodwill | 1,653 | 1,915 | 1,653 |
| Other intangible assets | 6,125 | 9,656 | 7,561 |
| Other financial assets | 5 | 4 | 4 |
| Other receivables | 12 | 12 | |
| Deferred tax receivables | 383 | 382 | 382 |
| Total non-current assets | 8,254 | 12,138 | 9,749 |
| Current assets | |||
| Inventories | 10 | 10 | 10 |
| Accounts receivables and | |||
|---|---|---|---|
| other receivables | 1,518 | 1,508 | 1,455 |
| Cash and cash equivalents | 785 | 1,561 | 1,578 |
| Total current assets | 2,313 | 3,079 | 3,043 |
| TOTAL ASSETS | 10,566 | 15,217 | 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 | |||
| equity fund | 31,872 | 31,872 | 31,872 |
| Other equity fund | 900 | 900 | 900 |
| Retained earnings | -30,298 | -29,739 | -31,780 |
| Total shareholders' equity | 3,571 | 4,130 | 2,088 |
| Long-term liabilities | |||
| Deferred tax liabilities | 1,225 | 1,929 | 1,511 |
| Other long-term liabilities | 3,436 | 6,135 | 6,044 |
| Accounts payable and other | |||
| liabilities | 2,334 | 3,024 | 3,150 |
| Total liabilities | 6,996 | 11,087 | 10,704 |
| TOTAL SHAREHOLDERS' EQUITY AND | |||
| LIABILITIES | 10,566 | 15,217 | 12,792 |
| CASH FLOW STATEMENT, IFRS (kEUR) | |||
| Group | Group | Group | |
| 01/01- 30/09/15 |
01/01- 30/09/14 |
01/01- 31/12/14 |
|
| Profit/loss for the period | 1,439 | -3,652 | -5,724 |
| Adjustments to profit/loss | |||
| for the period | -1,704 | 3,095 | 5,176 |
| Change in working capital | -253 | 56 | 363 |
| Financial items | -37 | -70 | -96 |
| Cash flow from operations | -554 | -572 | -281 |
| Investments in tangible and | |||
| intangible assets | -9 | -37 | -37 |
| Repayment of loan receivables | 15 | 30 | 30 |
| Cash flow from investments | 6 | -6 | -6 |
| Withdrawal of long-term loans | 5 | 344 | 347 |
| Repayment of long-term loans Repayment of finance lease |
-222 | -750 | -1,000 |
|---|---|---|---|
| liabilities | -28 | -85 | -111 |
| Cash flow from financing | -245 | -491 | -765 |
| Change in cash and cash | |||
| equivalents | -793 | -1,070 | -1,052 |
| Opening balance of cash and cash equivalents |
1,578 | 2,630 | 2,630 |
| Closing balance of cash and cash equivalents |
785 | 1,561 | 1,578 |
CHANGE IN SHAREHOLDERS' EQUITY (kEUR) Equity attributable to equity holders of the parent company
| A. | B. | C. | D. | E. | F. | |
|---|---|---|---|---|---|---|
| Equity 01/01/2014 |
881 | 4,253 | 31,872 | 0 | -30,215 | 6,791 |
| Other comprehensive income |
-3,652 | -3,652 | ||||
| Decrease of share premium fund to cover losses |
-4,038 | 4,038 | 0 | |||
| Sharebased payments |
91 | 91 | ||||
| Hybrid bond transferred from non current liabilities |
900 | 900 | ||||
| Equity 30/09/2014 |
881 | 216 | 31,872 | 900 | -29,739 | 4,130 |
| Equity 01/01/2015 |
881 | 216 | 31,872 | 900 | -31,780 | 2,088 |
| Other comprehensive income |
1,439 | 1,439 | ||||
| Sharebased payments |
43 | 43 | ||||
| Equity 30/09/2015 |
881 | 216 | 31,872 | 900 | -30,298 | 3,571 |
| RESTRUCTURING PROVISION (kEUR) | Group 01/01- 30/09/15 |
Group 01/01- 30/09/14 |
Group 01/01- 31/12/14 |
|---|---|---|---|
| Provisions 1 January | 200 | 222 | 222 |
| Provisions increased | 253 | ||
| Provisions used | -142 | -21 | |
| Provisions 30 September | |||
| /31 December | 311 | 222 | 200 |
| PERSONNEL | Group | Group | Group |
| 01/01- | 01/01- | 01/01- | |
| 30/09/15 | 30/09/14 | 31/12/14 | |
| Average number of personnel | 78 | 87 | 88 |
| Personnel at the end of | |||
| the period | 87 | 100 | 87 |
| COMMITMENTS AND CONTINGENT | |||
| LIABILITIES (kEUR) | Group | Group | Group |
| 30/09/15 | 30/09/14 | 31/12/14 | |
| Collaterals and contingent | |||
| liabilities given for own commitments |
1,208 | 8,199 | 7,805 |
| OTHER KEY FIGURES | Group | Group | Group |
| 30/09/15 | 30/09/14 | 31/12/14 | |
| Equity-to-assets ratio (%) | 33.8 | 27.2 | 16.5 |
| Net gearing (%) | 21.0 | 136.3 | 263.1 |
| Shareholders' equity/share (EUR) | 0.05 | 0.06 | 0.03 |
| Return on equity (%) | -22.9 | -38.3 | -134.6 |
| Return on investment (%) | -16.4 | -22.9 | -49.9 |
Return on equity and return on investment have been calculated for the previous 12 months.
Espoo 22 October 2015
TRAINERS' HOUSE PLC
BOARD OF DIRECTORS
For more information, please contact: Arto Heimonen, CEO, tel. +358 404 123 456 Saku Keskitalo, Investor Relations, tel. +358 404 111 111 DISTRIBUTION OMX Nordic Exchange, Helsinki Main media www.trainershouse.fi > Investors
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