Source: Trainers' House Oyj
TRAINERS' HOUSE GROUP'S INTERIM REPORT 1 JANUARY - 30 SEPTEMBER 2009
TRAINERS' HOUSE PLC INTERIM REPORT 22 OCTOBER 2009 AT 8:30
Cost control kept Trainers' House's operations profitable in the third quarter.
The number people using SaaS services (Software as a Service) more than
doubled.
Uncertainty in the business environment will continue until the end of 2009.
January-September
Net sales amounted to EUR 20.7 million (EUR 32.5 million).
Operating profit from operations before non-recurring items and depreciation
resulting from the allocation of acquisition cost was EUR 0.4 million (EUR 4.9
million).
Operating result after these items was EUR -3.1 million (EUR 2.5 million), or
-15.0% of net sales (7.8%).
Cash flow from operating activities amounted to EUR 1.8 million (EUR 2.7
million).
Earnings per share were EUR -0.05 (EUR 0.01).
July-September
Net sales amounted to EUR 5.2 million (EUR 8.2 million).
Operating profit from operations before non-recurring items and depreciation
resulting from the allocation of acquisition cost was EUR 0.2 million (EUR 0.5
million).
Operating result after these items was EUR -0.2 million (EUR -0.3 million), or
-3.7% of net sales (-3.7%).
Cash flow from operating activities amounted to EUR -1.2 million (EUR 0.1
million).
Earnings per share were EUR -0.00 (EUR -0.01).
Key figures at the end of the period under review:
Liquid assets totalled EUR 2.6 million (EUR 8.3 million).
Interest-bearing liabilities amounted to EUR 19.2 million (25.1 million) and
interest-bearing net debts totalled EUR 16.6 million (16.7 million).
Net gearing was 30.4% (27.3%).
The equity ratio was 65.9% (62.7%).
OUTLOOK FOR THE FUTURE
Trainers' House expects the general economic situation to have a negative
impact on the company's financial performance during the financial year.
Trainers' House maintains its estimate that the company's net sales and
operating result will weaken significantly during the current financial year.
CEO JARI SARASVUO
Carp strategy helps even though it hurts.
Our customer structure has become healthier. The change has been painful and
educational, but necessary and in the end, lucrative.
Our strategy is progressing, even if the figures give doubters ammunition for
firing arguments to the opposite. Our idea of combining training and management
systems into a business-critical solution is receiving praise from our
customers. Agreements signed during the third quarter bring the number of
people using our growth management systems (SaaS) across the milestone of 5,000
users. Results achieved by our customer organizations using the combination of
training/SaaS management system are accelerating growth in the number of users.
This fact will inevitably translate into increasing cash flows at Trainers'
House.
Our latest reason for joy at the SaaS front is the management system Sydän. It
helps in managing the organizational competence and winning culture, without
which no strategy will come true. Sydän has already gained thousands of users.
Although our training business has turned out to be even more post-cyclical
than we expected (they aren't exactly lining up for training services during a
recession), it still managed to create a profit of EUR 0.6 million during a
quarter, which includes holiday month. Despite hard work and some gratifying
results, this year will not be near as victorious as the previous one.
So, our challenges are far from being over, but should we fail in our efforts
to combine growth management technologies with work management, our work could
soon be over for good.
We have identified the decisive battles and have a bunch of tough fighters in
command at the front. The booty determined by the Board of Directors will be
divided fairly between our distinguished warriors of faith. The way our
corporate structure, strategy, product and service offering, culture and way of
doing things support one another has seen tremendous progress since the
beginning of the year. Our results in Euros, well, they are determined by a
force beyond our control - our customers' customers. Our turn to enjoy the
feast will come, once justified by the value created to our customers.
For more information, please contact:
Mirkka Vikström, CFO, tel. +358 (0)50 376 1115
Press conference:
Trainers' House will hold a press and analyst conference regarding the
financial statements bulletin on 22 October, at noon-1 pm, at the company's
office located at Porkkalankatu 11, Helsinki. Those wishing to participate
should contact Vladimira Belik, tel. +358 (0)50 376 1431 or e-mail
vladimira.belik@trainershouse.fi.
REVIEW OF OPERATIONS
Strategy
Trainers' House is a technology-assisted training company that offers
business-critical services to its customers. In addition to training, the
company utilizes marketing, management systems and the financing of customer
risks. Our mission, helping our customers grow, is relevant in the current
period of slow economic growth.
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 the
overall productivity of customers by influencing their chances of success in
marketing, sales and the management of customer-oriented work.
Changes in business operations and corporate structure
In order to adjust its resources to correspond to the present market situation,
Trainers' House carried out codetermination negotiations in March 2009. The
negotiations were concluded on 24 March and resulted in the dismissal of 57
employees. After negotiations, another 54 people left the company through other
arrangements. At the end of the period under review, the Group employed 240
people.
Personnel reductions affected in particular the area of high price pressure,
subcontracting work, which did not create quantifiable, business-critical value
for customers. After the merger of Trainers' House and Satama, subcontracting
services have been cut systematically, while additional resources have been
allocated in services that create more value for customers and in SaaS product
development.
The company's offices are located in Ruoholahti and Hernesaari, Helsinki, and
in Tampere. At the beginning of 2010, the company's three Helsinki offices will
move to shared premises in Niittykumpu, Espoo. Combining operations will create
clear strategic advantages as well as costs savings. There will not be any
overlapping rent expenses, as the leases of all three Helsinki offices expire
at the end of 2009.
In the third quarter, Trainers' House continued restructuring its organization.
The company is shifting its resources to the customer interface, and the sales
organization supports more effectively the company's entire product offering.
SaaS services
Trainers' House provides business-critical growth management services. These
services are based on SaaS services, which deliver quantifiable results on
productivity growth in marketing, sales and strategic management. SaaS services
enable our customers to reduce the cost of additional sales and to improve
their chances of success.
The number SaaS users has recently increased considerably. Agreements concluded
by the time of publication bring the total number of users to more than 5,000
people. Especially the knowledge work management system Sydän has attracted a
number of new users to the company's SaaS services. Sydän is an electronic
working environment, which is sold as a service. It is significantly faster to
deploy and less expensive to operate than a traditional electronic working
environment tailored to the customer's specifications.
FINANCIAL PERFORMANCE
Because of summer holidays, the third quarter has traditionally been the
slowest quarter for expert organizations like Trainers' House. The weak market
situation clearly reduced the sales compared to last year. The decrease in
personnel related expenses caused by personnel reductions combined with tight
cost control made it possible to reach a positive operational result.
After an extremely slow beginning of the year, we started to see positive signs
in sales towards the end of the second quarter. The third quarter shows that
the turn for the better has not yet become a trend. Sales processes continue to
be prolonged, and fewer bids turn into sales than before.
The training business continued to be profitable. Its operating profit totalled
EUR 0.6 million. The operating profit of the training business for
January-September was EUR 2.7 million. Excluding investments in SaaS products,
the company's other business operations broke about even in the third quarter.
In the first quarter, a restructuring provision of EUR 1.4 million was made to
cover costs resulting from personnel reductions and the divestment of
international operations. This provision is expected to cover all costs
resulting from the restructuring measures. The Group's goodwill was written
down in the amount of EUR 0.8 million, which corresponds to the value of the
Group's divested German operations. The write-down has no effect on cash flow.
EUR 0.8 million of the restructuring provision has been used to cover actual
expenses, while EUR 0.2 million has been dissolved and recognized as income. On
30 September 2009, EUR 0.4 million of the provision remained unused.
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
(=operating profit from operations). According to the company's management,
these figures provide a more accurate view of the company's productivity.
EUR 10.2 million of the acquisition cost has been allocated in intangible
assets with a limited useful life. This item is depreciated over a period of
five years. At the end of the period under review, these intangible assets
totalled EUR 5.5 million.
The following table itemizes the Group's key figures (in thousands of euros):
1-9/2009 1-9/2008
Net sales 20,715 32,543
Expenses
Personnel-related
expenses -12,139 -16,725
Other expenses -7,543 -10,075
EBITDA 1,033 5,744
Depreciation of
non-current assets -636 -798
Operating profit/loss before
depreciation of
allocation of acquisition cost 396 4,945
% of net sales 1.9 15.2
Depreciation of allocation
of acquisition cost -1,525 -2,404
Operating profit/loss before
non-recurring items -1,129 2,541
% of net sales -5.4 7.8
Non-recurring items **) -1,979
EBIT -3,108 2,541
% of net sales -15.0 7.8
Financial income and expenses -773 -1,359
Profit/loss before tax -3,881 1,182
Tax *) 399 -598
Profit/loss for the period -3,482 584
% of net sales -16.8 1.8
*) 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. No deferred tax
assets have been recognized from losses made during the period under review.
**) Non-recurring items include a restructuring provision in the amount of EUR
1.2 million, and a write-down in the Group's goodwill in the amount of EUR 0.8
million.
The following table itemizes the distribution of net sales and shows the
quarterly profit/loss from the beginning of 2008 (in thousands of euros):
Q108 Q208 Q308 Q408 2008 Q109 Q209 Q309
Net sales 12009 12318 8216 11694 44237 8619 6916 5180
Operating profit
before depreciation
of acquisition cost *) 2259 2192 495 2363 7308 -46 253 190
Operating profit 1458 1390 -307 1757 4298 -2759 -156 -193
*) 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.
Taking the recent restructuring into consideration, we expect to achieve these
goals using our Growth System concept and along with the internationalization
of Trainers' House.
FINANCING, INVESTMENTS AND SOLVENCY
In the period under review, cash flow from operating activities amounted to EUR
1.8 million (EUR 2.7 million).
Cash flow from investments totalled EUR -0.2 million (EUR 0.0 million).
Cash flow from financing was EUR -6.7 million (EUR -11.5 million). Total cash
flow amounted to EUR -5.1 million (EUR -8.8 million).
Cash flow from financing was affected by the repayment of a loan related to the
acquisition of Trainers' House Oy totalling EUR 2.5 million and a dividend paid
out in the amount of EUR 3.4 million.
On 30 September 2009, the Group's liquid assets totalled EUR 2.6 million (8.3
million). The equity ratio was 65.9% (62.7%). Net gearing was 30.4% (27.3%). At
the end of the period under review, the company had EUR 19.2 million of
interest-bearing debt (EUR 25.1 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 will
influence the decisions made by the company's customers and thereby affect the
financial position of Trainers' House Plc. In the current market situation, the
length of sales projects is expected to increase, and more projects are
expected to be cancelled than before. Price competition has also intensified.
Customers are having more and more difficulty in keeping faith in the future.
Risks in the company's operating environment have increased, business
operations have become more challenging, and it has become more difficult to
estimate future developments. The operations of Trainers' House are hindered by
the unequivocal cost cuts made by some customers.
Short term risks
Due to the major restructuring, the Group's goodwill and deferred tax assets
recognized in the balance sheet were retested for impairment at the end of the
third quarter.
In the first quarter, the Group's goodwill was written down in the amount of
EUR 0.8 million, which corresponds to the value of the Group's divested German
operations. The goodwill impairment testing indicated no other need for
write-downs.
On 30 September 09, the company's balance sheet contained deferred tax assets
from losses carried forward in the amount of EUR 7.1 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. Utilizing the tax loss carry-forwards in full will require a
significant improvement in net sales and financial performance during the next
three years.
The merger of Trainers' House and Satama Interactive included a financial
arrangement in the amount of EUR 40 million, with standard covenants. At the
balance sheet date, the Group's balance sheet contained loans related to this
package in the amount of EUR 19.0 million. If the ratio of net debt to EBITDA
significantly weakens from the current level, there is a risk that the company
may breach financial covenants, which consequently leads to higher financial
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 are not easily affected by economic fluctuations.
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 9.56% of the company's shares, may be acquired. The authorization
shall remain in force until 30 June 2010. At the same time the AGM
countermanded the earlier comparable authorization. The authorization had not
been exercised on 30 September 2009.
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 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 19.11% of the company's shares. The authorization shall remain in
force until 30 June 2010. At the same time the AGM countermanded the earlier
comparable authorization. The authorization had not been exercised on 30
September 2009.
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.
PERSONNEL
At the end of the period under review, the Group employed 240 (366) people, of
whom 240 (357) were located in Finland. At the end of 2008, before the
codetermination negotiations, the Group had 340 employees.
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.
In accordance with the decision of the Annual General Meeting, Trainers' House
paid a dividend of EUR 0.05 per share on 3 April 2009. The dividend paid
totalled EUR 3.4 million, or 251.0% of the profit for 2008.
SHARE PERFORMANCE AND TRADING
During the period under review, a total of 13.5 million shares, or 19.9% of the
average number of all company shares (20.2 million shares or 29.3%), were
traded on the Helsinki Exchanges for a value of EUR 8.1 million (EUR 24.3
million). The period's highest share quotation was EUR 0.71 (EUR 1.44), the
lowest EUR 0.50 (EUR 0.73) and the closing price EUR 0.55 (EUR 0.78). The
weighted average price was EUR 0.60 (EUR 1.19). At the closing price on 30
September 2009, the company's market capitalization was EUR 37.4 million (EUR
53.1 million).
INCENTIVE PLANS
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 warrants ran from
1 September 2008 to 28 February 2009. No shares were subscribed under the 2006A
warrants. The subscription period for shares converted under the 2006B warrant
began on 1 September 2009 and will end on 28 February 2010. The
dividend-adjusted subscription price after dividend payment is EUR 1.08 for
shares converted under the 2006B warrant.
The Board of Directors has also decided to launch a long term incentive plan
for key personnel.
CHANGES IN OWNERSHIP
During the period under review, the company became aware of two 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.
Exemption
As required by the terms and conditions of the exemption granted by the Finnish
Financial Supervision Authority, the combined shareholding of Mr. Sarasvuo and
Isildur Oy in Trainers' House has declined to 30% or under by 30 June 2009.
Information on the exemption, the company's ownership structure and major
shareholders is available on the company's website at www.trainershouse.fi >
Investors.
CONDENSED FINANCIAL STATEMENTS AND NOTES
The interim 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 2008 are presented in detail in the
Financial Statements for 2008. 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.
As of 1 January 2009, the Group has adopted the following new and revised
standards: IFRS 8 Operating Segments, and IAS 1 Presentation of Financial
Statements. In producing this interim report, Trainers' House has applied the
same accounting principles for key figures as in its Financial Statements for
2008. The calculation of key figures is described on page 45 of the Financial
Statements included in the Annual Report 2008.
The figures given in the interim report are unaudited.
INCOME STATEMENT, IFRS (kEUR)
Group Group Group Group Group
01/07- 01/07- 01/01- 01/01- 01/01-
30/09/09 30/09/08 30/09/09 30/09/08 31/12/08
NET SALES 5,180 8,216 20,715 32,543 44,237
Other income from operations -7 41 77 211 214
Costs:
Materials and services 783 1,157 2,857 3,999 5,434
Personnel-related
expenses 2,428 4,424 12,587 16,725 22,042
Depreciation 697 1,058 2,162 3,203 4,061
Impairment 804
Other operating expenses 1,459 1,924 5,490 6,286 8,617
Operating profit/loss -193 -307 -3,108 2,541 4,298
Financial income and expenses -207 -417 -773 -1,359 -1,690
Profit/loss before tax -401 -724 -3,881 1,182 2,607
Tax 146*) 79*) 399*) -598*) -1,252*)
PROFIT/LOSS FOR THE PERIOD -255 -645 -3,482 584 1,355
Other comprehensive income:
Exchange differences on translating
foreign operations 3 -2 4 -2 -8
Cash flow hedges 1 -84 -188 10 -231
Income tax relating to components
of other comprehensive income -0 22 49 -3 60
Other comprehensive income
for the year, net of tax 4 -64 -136 6 -179
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR -251 -709 -3,617 590 1,176
Profit attributable to:
Owners of the parent company -255 -645 -3,482 584 1,355
Total comprehensive income attributable to:
Owners of the parent company -251 -709 -3,617 590 1,176
Earnings per share:
Undiluted earnings/share (EUR) -0.00 -0.01 -0.05 0.01 0.02
Diluted earnings/share (EUR) -0.00 -0.01 -0.05 0.01 0.02
*) The tax included in the income statement is deferred.
BALANCE SHEET, IFRS (kEUR)
Group Group Group
30/09/09 30/09/08 31/12/08
ASSETS
Non-current assets
Property, plant and equipment 446 974 781
Goodwill 50,968 51,772 51,772
Other intangible assets 15,607 17,756 17,246
Other financial assets 3 4 3
Other receivables 560 26 26
Deferred tax receivables 7,197 7,871 7,120
Total non-current assets 74,781 78,404 76,947
Current assets
Inventories 14 15 14
Accounts receivable and
other receivables 5,881 11,291 10,708
Cash and cash equivalents 2,586 8,339 7,664
Total current assets 8,481 19,644 18,386
TOTAL ASSETS 83,262 98,047 95,333
SHAREHOLDERS' EQUITY AND LIABILITIES
Equity attributable to equity holders of the parent company
Share capital 881 881 881
Premium fund 13,943 13,943 13,943
Hedging reserve -310 8 -171
Distributable non-restricted
equity fund 31,872 31,872 31,872
Translation differences -7 -4 -11
Retained earnings 8,456 14,567 15,339
Total shareholders' equity 54,834 61,267 61,853
Long-term liabilities
Deferred tax liabilities 3,932 4,483 4,328
Other long-term liabilities 14,091 24,845 16,639
Accounts payable and
other liabilities 10,405 7,453 12,514
Total liabilities 28,428 36,781 33,481
TOTAL SHAREHOLDERS' EQUITY AND
LIABILITIES 83,262 98,047 95,333
CASH FLOW STATEMENT, IFRS (kEUR)
Group Group Group
01/01- 01/01- 01/01-
30/09/09 30/09/08 31/12/08
Profit/loss for the period -3,482 584 1,355
Adjustments to profit for the period 3,419 5,971 6,616
Change in working capital 2,492 -2,624 -2,366
Financial items -633 -1,232 -1,457
Cash flow from operations 1,796 2,699 4,147
Investments in tangible and
intangible assets -197 -190 -352
Capital gains on tangible and
intangible assets 327 134
Capital gains on other investments 1,199
Change in the additional trade price -99 -99
Cash flow from investments -197 39 882
Share issue subject to charges 491 491
Dividend distribution -3,401 -2,721 -2,721
Increase/decrease in long-term loans -2,599 -9,218 -12,254
Increase/decrease in short-term loans -143 -69
Increase/decrease in long-term
receivables -534 -2 -2
Cash flow from financing -6,677 -11,519 -14,485
Change in cash and cash equivalents -5,078 -8,781 -9,456
Opening balance of cash
and cash equivalents 7,664 17,120 17,120
Closing balance of cash
and cash equivalents 2,586 8,339 7,664
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 01/01/2008 867 256 13,228 31,348 -2 16,551 62,247
Other comprehensive income 8 -2 584 590
Stock options used 14 -256 715 473
Share-based payments 153 153
Taxes related to bookings
to shareholders' equity 524 524
Dividends paid -2,721 -2,721
Equity 30/09/2008 881 13,943 8 31,872 -4 14,567 61,267
Equity 01/01/2009 881 13,943 -171 31,872 -11 15,339 61,853
Other comprehensive income -139 4 -3,482 -3,617
Dividends paid -3,401 -3,401
Equity 30/09/2009 881 13,943 -310 31,872 -7 8,456 54,834
RESTRUCTURING PROVISION (kEUR) Group Group Group
01/01- 01/01- 01/01-
30/09/09 30/09/08 31/12/08
Provisions 1 January 64 64
Provisions increase 1,400
Provisions used -1,020 -64 -64
Provisions 30 September/31 December 380 0 0
PERSONNEL Group Group Group
01/01- 01/01- 01/01-
30/09/09 30/09/08 31/12/08
Average number of personnel 298 384 375
Personnel at the end of the period 240 366 340
COMMITMENTS AND CONTINGENT LIABILITIES (kEUR)
Group Group Group
30/09/09 30/09/08 31/12/08
Collaterals and contingent liabilities
given for own commitments 1,553 3,413 3,187
Interest rate swaps
Fair value -420 16 -255
Nominal value 18,247 14,000 17,393
OTHER KEY FIGURES Group Group Group
30/09/09 30/09/08 31/12/08
Equity-to-assets ratio (%) 65.9 62.7 65.1
Net gearing (%) 30.4 27.3 22.9
Shareholders' equity/share (EUR) 0.81 0.90 0.91
Return on equity (%) -4.7 10.7 2.2
Return on investment (%) -1.3 6.1 5.2
Return on equity and return on investment are based on the previous 12 months.
Helsinki, 22 October 2009
TRAINERS' HOUSE PLC
BOARD OF DIRECTORS
Further information:
Mirkka Vikström, CFO, tel. +358 (0)50 376 1115
DISTRIBUTION
OMX Nordic Exchange, Helsinki
Prominent media sources
www.trainershouse.fi - Investors