TRAINERS' HOUSE PLC INTERIM REPORT APRIL 23,2009 AT 8.30 AM
The change in client structure as well as the withdrawal from loss making
subcontracting work resulted to the reduction of net sales in the first quarter
of 2009. The net sales of Trainers' House for the quarter were down 28.2% year
on year, amounting to EUR 8.6 million (EUR 12.0 million).
Operating profit before non-recurring items and depreciation resulting from the
allocation of the purchase price of Trainers' House Oy was EUR −0.0 million
(EUR 2.3 million), and after these items, EUR −2.8 million (EUR 1.5 million).
Non-recurring items have been recognized in the financial statements in the
amount of -EUR 2.2 million and depreciation resulting from the allocation of
the purchase price of Trainers' House Oy in the amount of -0.5 million.
Non-recurring items relate to the codetermination negotiations and
restructuring program commenced in February. As a result from these actions the
company aims to save EUR 9 million annually.
Cash flow from operating activities amounted to EUR 2.3 million (EUR 1.3
million).
Key figures at the end of the period under review:
Liquid assets amounted to EUR 9.8 million (12.2 million).
Interest-bearing liabilities amounted to EUR 21.8 million (27.6 million) and
interest-bearing net debts amounted to EUR 12.0 million (15.5 million).
Net gearing was 20.4% (24.3%).
The equity ratio was 62.6% (61.3%).
Earnings per share were EUR −0.04 (EUR 0.01).
OUTLOOK FOR THE FUTURE
The rapid deterioration of the worldwide economic situation turned the
development of Trainers' House for the worse in the first quarter. The company
predicts that the depression will burden the development of the business to the
end of the year at least.
After withdrawing from loss-making subcontracting work, the company is able to
build its operations on a more solid foundation. The dramatic weakening in the
business environment of the customers of the company has forced them to take
actions, which also have adversely affected Trainers' House. There are no signs
suggesting an end to this unparalleled steep downturn in economic cycle. This
fact will continue to have a negative impact on the company's order intake in
the near future.
The operating profit of Trainers' House is expected to decrease significantly
during the current financial year. Nevertheless, the company has been able to
cut expenses through restructuring.
CEO JARI SARASVUO
Recently, I've had a taste of my own medicine. Come, sweet depression? Well,
the depression turned out pretty sour.
While all periods of transformation represent opportunities for growth, we
would have been happy with a slightly smaller challenge.
We are currently rethinking our customer base, sharpening our product offering
and tightening our belts in a tough race against the gangrene spreading in the
markets. So far, the heaviness of the heart in the world has outpaced our
efforts to help our customers.
Our numbers are unacceptable. Nevertheless the journey would have been even
grimmer had we postponed the inevitable.
We adjusted our costs to equal the intended client structure. Partly due to
strategic choices made, we have accepted the reduction in sales and temporary
decrease in profitability. The annual cost savings of 9 million will help us
migrate to the next level more safely and faster.
There is also some glimmer in the dark. Training is something we can do and our
customers buy. This is a conclusion from the fact that training, in this
challenging market, reached an astonishing EUR 1.5 million in profit. We are
getting better all the time at linking connected services, web and training, as
well as training and management systems, to help our customers' every-day work.
Training, leveraged by customer financing, is a stimulating idea for our
customers in this market situation.
The foundation of our promise remains strong - and grows even stronger.
Trainers' House is a technology-assisted training company that offers
business-critical services to its customers. In addition to training, we
utilize marketing, management systems and the financing of customer risks in
boosting our customers' cash flow operations.
Once we have succeeded in implementing our strategy and have survived the
earthquake in the economic world order, we will wake up one day to celebrate
our fantastic results.
However, that day is not today.
For more information, please contact:
Jari Sarasvuo, CEO, tel. +358 (0)500 665 666
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 23 April, 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
Business operations
Changes in business operations and corporate structure
By the end of February, it became clear that the rapid fall in the export
industry would also affect the business operations of Trainers' House. The
weakening economic cycle affected in particular the area of high price
pressure, subcontracting work, which did not create quantifiable,
business-critical value for customers. In this business area, the weakening
economic situation resulted in order cancellations and a general weakening of
the order book.
Subcontracting business is not a part of the strategy of Trainers' House. 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 rapid
economic downturn hastened the decision to withdraw from the loss-making
business area.
In order to adjust its resources to correspond to the present market situation,
Trainers' House began codetermination negotiations concerning all employees on
4 March 2009. The negotiations were concluded on 24 March and resulted in the
dismissal of 57 employees. Furthermore, another 25 employees were expected to
leave the company through other arrangements.
In connection with the restructuring, Trainers' House decided to close down its
Turku office and divest its small, non-strategic international operations in
Düsseldorf, Stockholm and St. Petersburg.
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.
While Trainers' House has implemented a significant restructuring program, its
strategy has not changed. Subcontracting work had not supported the company's
strategy in the past - on the contrary. The new, lighter organization allows
the company to better focus on services that are crucial for its strategy.
Services
Trainers' House provides business-critical growth management services. Our
growth management services are based on SaaS (Software as a Service) services,
which deliver quantifiable results on productivity growth in marketing, sales
and the management of corporate culture and strategy. SaaS services enable our
customers to reduce the cost of each extra euro of cash flow and improve the
likelihood of success. Sales of our SaaS products have continued to grow. By
the end of March 2009, we had sold our SaaS services to over 1,600 users.
Our 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.
The offices of Trainers' House are located in Ruoholahti and Hernesaari,
Helsinki, and in Tampere.
FINANCIAL PERFORMANCE
The company's financial performance was weak during the first quarter. The
corner stone of company's strategy, training business, performed well again.
Other operations suffered from the rapid economic downturn, which led to a low
capacity utilization rate. As a result, the company started codetermination
negotiations that led to a reduction of nearly one fourth of all employees.
This major restructuring compared to the size of the company resulted in the
following non-recurring items in financial statements of the first quarter:
A provision of EUR 1.4 million was made to cover costs resulting from personnel
reductions and the divestment of international operations. This provision is
estimated to cover all the costs caused by the restructuring.
The Group's goodwill was written down in the amount of EUR 0.8 million, as a
result of the divestment of the Group's German operations. The write-down has
no effect on cash flow.
The comparative figures used for reporting operating profit include the
reported operating profit as well as operating profit before depreciation of
allocated acquisition cost related to the acquisition of Trainers' House Oy.
According to the company's management, these figures provide a more accurate
view of the company's productivity.
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 first quarter, these intangible assets totalled
EUR 6.5 million.
The following table itemizes the Group's key figures (in thousands of euros):
1-3/2009 1-3/2008
Net sales 8,619 12,009
Expenses
Personnel-related
expenses −5,457 −6,067
Other expenses −2,970 −3,424
EBITDA 192 2,519
Depreciation of
non-current assets −239 −259
Operating profit/loss before
depreciation of
allocation of acquisition cost −46 2,259
% of net sales −0.5 18.8
Depreciation of allocation
of acquisition cost −508 −801
Operating profit/loss before
non-recurring items −555 1,458
% of net sales −6.4 12.1
Non-recurring items **) −2,204
EBIT −2,759 1,458
% of net sales -32.0 12.1
Financial income and expenses −295 −538
Profit/loss before tax −3,054 920
Tax *) 119 −499
Profit/loss for the period −2,935 421
% of net sales −34.1 3.5
*) 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 include a restructuring provision in the amount of EUR
1.4 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
Net sales 12,009 12,318 8,216 11,694 44,237 8,619
Operating profit
before depreciation
of acquisition cost *) 2,259 2,192 495 2,363 7,308 −46
Operating profit 1,458 1,390 −307 1,757 4,298 −2,759
*) excluding non-recurring items
LONG-TERM OBJECTIVES
The restructuring implemented in the first quarter has no effect on the
company's following long-term objectives:
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 once our Growth System concepts have been
completed and along with the internationalization of Trainers' House Plc.
FINANCING, INVESTMENTS AND SOLVENCY
In the first quarter, cash flow from operating activities amounted to EUR 2.3
million (EUR 1.3 million).
Cash flow from investments amounted to EUR −0.2 (EUR −0.1) million.
There were no items affecting cash flow from financing in the quarter (EUR −6.2
million). Total cash flow amounted to EUR 2.1 million (EUR −5.0 million).
On 31 March 2009, the Group's liquid assets amounted to EUR 9.8 million (12.2
million). The equity ratio was 62.6% (61.3%). Net gearing was 20.4% (24.3%). At
the end of the period under review, the company had EUR 21.8 million of
interest-bearing debt (EUR 27.6 million).
In the second quarter, cash flow will be affected negatively by dividends (EUR
3.4 million), semi-annual loan repayments and related interest, as well as
non-recurring expenses resulting from restructuring.
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. 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 are increasing, business
operations are becoming more challenging, and it is becoming more difficult to
estimate future developments. The operations of Trainers' House are hindered by
the unequivocal cost cuts made by some customers.
Impairment Testing
Due to the major restructuring, the Group's goodwill as well as the deferred
tax asset in the balance sheet were tested for impairment at the end of the
first quarter. The goodwill was written down in the amount of EUR 0.8 million,
as a result of the divestment of the Group's German operations. The goodwill
impairment testing indicated no other need for write-downs.
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.
DECISIONS REACHED AT THE ANNUAL GENERAL MEETING
The Annual General Meeting of Trainers' House was held on 24 March 2009.
As proposed by the Board of Directors, the AGM decided that a per-share
dividend of EUR 0.05 be paid. The AGM set the record date for dividend payment
as 27 March 2009 and the dividend payment date as 3 April 2009.
The AGM decided that the company's Board of Directors shall include four
members. Aarne Aktan, Tarja Jussila, Kai Seikku and Matti Vikkula were elected
as Board members. In its assembly meeting held after the AGM, the Board of
Directors elected Aarne Aktan as the Chairman of the Board. Authorized Public
Accountants Ernst & Young Oy were elected as the company's auditors.
The AGM approved the Board's proposal to authorize the Board 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 31 March 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 approved the Board's proposal to authorize 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 31 March 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 292 (384) people, of
whom 292 (374) were located in Finland.
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 2.0 million shares, or 3.0% of the
average number of all company shares (16.4 million shares or 24.2%), were
traded on the Helsinki Exchanges for a value of EUR 1.3 million (EUR 20.6
million). The period's highest share quotation was EUR 0.71 (EUR 1.44), the
lowest EUR 0.55 (EUR 1.12) and the closing price EUR 0.58 (EUR 1.20). The
weighted average price was EUR 0.63 (EUR 1.27). At the closing price on 31
March 2009, the company's market capitalization was EUR 39.4 million (EUR 81.6
million).
PERSONNEL OPTION PROGRAMMES
Trainers' House Plc has one option program 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 program 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
is to begin on a date determined by the Board of Directors after publication of
the interim report for the second quarter of 2009, but not later than on 1
September 2009, and to end on 28 February 2010. The dividend-adjusted
subscription price after dividend payment is EUR 1.08 for shares converted
under the 2006B warrant.
CHANGES IN OWNERSHIP
During the period under review, the company became aware of one notice of
change in ownership. Information on notices of change in ownership is available
on the company's website at www.trainershouse.fi > Investors.
Exemption
The company's CEO Jari Sarasvuo and his controlled company Isildur Oy currently
hold a total of 36.7% of the share capital of Trainers' House Plc. The Finnish
Financial Supervision Authority has on 18 December 2008 granted a new exemption
until 30 June 2009 to Mr. Sarasvuo and Isildur Oy regarding the obligation to
present a mandatory redemption offer concerning the shares of Trainers' House
Plc.
The combined shareholding of Mr. Sarasvuo and Isildur Oy exceeded 30 percent as
the shares, issued in conjunction with the merger of Satama Interactive Plc and
Trainers' House Oy, were registered to the Trade Register on 31 December 2007.
On 29 August 2007, Trainers' House Plc (then Satama Interactive Plc) published
an exemption to Mr. Sarasvuo and Isildur Oy granted by the Finnish Financial
Supervision Authority regarding the obligation to present a mandatory
redemption offer concerning the company. The terms and conditions of the
exemption required that the combined shareholding of Mr. Sarasvuo and Isildur
Oy would decline to 30% or under within one (1) year from the date that the new
shares were registered to the Trade Register. This exemption expired on 31
December 2008.
The terms and conditions of the new exemption require that the combined
shareholding of Mr. Sarasvuo and Isildur Oy in Trainers' House will decline to
30% or under by 30 June 2009. Furthermore, the terms and conditions state that
during the exemption, Mr. Sarasvuo and Isildur Oy shall not acquire or
subscribe more shares or otherwise increase their ownership in the company, and
that Mr. Sarasvuo and Isildur Oy, together or separately, shall not in general
meetings use voting rights exceeding the amount of votes calculated by
deducting the shares owned by Mr. Sarasvuo and Isildur Oy from the total amount
of shares issued by the company and multiplying the calculated amount by 3/7.
Information on the company's ownership structure and major shareholders is
available on the company's website at www.trainershouse.fi > Investors.
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 January 1, 2009 the company applies the following new and revised
standards: IFRS 8 Operating Segments and IAS 1 Presentation of Financial
Statements. In producing this Financial Statements bulletin, Trainers' House
has applied the same accounting principles for key figures as in its Financial
Statements for 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
01/01- 01/01- 01/01-
31/03/09 31/03/08 31/12/08
NET SALES 8,619 12,009 44,237
Other income from operations 7 166 214
Costs:
Materials and services 1,256 1,269 5,434
Personnel-related
expenses 6,107 6,067 22,042
Depreciation 747 1,061 4,061
Impairment 804
Other operating expenses 2,470 2,320 8,617
Operating profit/loss -2,759 1,458 4,298
Financial income and expenses -295 -538 -1,690
Profit/loss before tax -3,054 920 2,607
Tax 119*) -499*) -1,252*)
PROFIT/LOSS FOR THE PERIOD -2,935 421 1,355
Other comprehensive income:
Exchange differences on translating
foreign operations -8
Cash flow hedges -212 -231
Income tax relating to components
of other comprehensive income 55 60
Other comprehensive income
for the year, net of tax -157 -179
TOTAL COMPREHENSIVE
INCOME FOR THE YEAR -3,092 421 1,176
Profit attributable to:
Owners of the parent company -2,935 421 1,355
Total comprehensive income attributable to:
Owners of the parent company -3,092 421 1,176
Earnings per share:
Undiluted earnings/share (EUR) -0.04 0.01 0.02
Diluted earnings/share (EUR) -0.04 0.01 0.02
*) The tax included in the income statement is deferred.
BALANCE SHEET, IFRS (kEUR)
Group Group Group
31/03/09 31/03/08 31/12/08
ASSETS
Non-current assets
Property, plant and equipment 732 1,382 781
Goodwill 50,968 51,772 51,772
Other intangible assets 16,731 19,421 17,246
Other financial assets 3 230 3
Other receivables 26 24 26
Deferred tax receivables 7,170 8,417 7,120
Total non-current assets 75,629 81,245 76,947
Current assets
Inventories 14 15 14
Accounts receivable and
other receivables 8,378 11,611 10,708
Cash and cash equivalents 9,813 12,153 7,664
Total current assets 18,206 23,779 18,386
TOTAL ASSETS 93,835 105,024 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 -328 -171
Distributable non-restricted
equity fund 31,872 31,872 31,872
Translation differences -10 -2 -11
Retained earnings 12,403 17,029 15,339
Total shareholders' equity 58,760 63,722 61,853
Long-term liabilities
Deferred tax liabilities 4,196 4,966 4,328
Other long-term liabilities 16,616 27,384 16,639
Accounts payable and
other liabilities 14,262 8,952 12,514
Total liabilities 35,075 41,302 33,481
TOTAL SHAREHOLDERS' EQUITY AND
LIABILITIES 93,835 105,024 95,333
CASH FLOW STATEMENT, IFRS (kEUR)
Group Group Group
01/01- 01/01- 01/01-
31/03/09 31/03/08 31/12/08
Profit/loss for the period -2,935 421 1,355
Adjustments to profit for the period 2,751 2,810 6,616
Change in working capital 2,505 -1,514 -2,366
Financial items 13 -425 -1,457
Cash flow from operations 2,334 1,291 4,147
Investments in tangible and
intangible assets -184 -124 -352
Capital gains on tangible and
intangible assets 120 134
Capital gains on other investments 1,199
Change in the additional trade price -99 -99
Cash flow from investments -184 -102 882
Share issue subject to charges 491 491
Dividend distribution -2,721
Increase/decrease in long-term loans -6,628 -12,254
Increase/decrease in short-term loans -19
Increase/decrease in long-term receivables -2
Cash flow from financing -6,156 -14,485
Change in cash and cash equivalents 2,149 -4,967 -9,456
Opening balance of cash
and cash equivalents 7,664 17,120 17,120
Closing balance of cash
and cash equivalents 9,813 12,153 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 421 421
Stock options used 14 -256 715 473
Share-based payments 58 58
Taxes related to bookings
to shareholders' equity 524 524
Equity 31/03/2008 881 13,943 31,872 -2 17,029 63,722
Equity 01/01/2009 881 13,943 -171 31,872 -11 15,339 61,853
Other comprehensive income -157 -2,935 -3,092
Equity 31/03/2009 881 13,943 -328 31,872 -10 12,403 58,760
PERSONNEL Group Group Group
01/01- 01/01- 01/01-
31/03/09 31/03/08 31/12/08
Average number of personnel 342 389 375
Personnel at the end of the period 292 384 340
COMMITMENTS AND CONTINGENT LIABILITIES (kEUR)
Group Group Group
31/03/09 31/03/08 31/12/08
Collaterals and contingent liabilities
given for own commitments 2,128 3,669 3,187
Interest rate swaps
Fair value -449 -255
Nominal value 17,393 17,393
OTHER KEY FIGURES Group Group Group
31/03/09 31/03/08 31/12/08
Equity-to-assets ratio (%) 62.6 61.3 65.1
Net gearing (%) 20.4 24.3 22.9
Shareholders' equity/share (EUR) 0.86 0.94 0.91
Return on equity (%) -3.3 11.6 2.2
Return on investment (%) 0.5 5.4 5.2
Return on equity and return on investment are based on the previous 12 months.
Helsinki, 23 April 2009
TRAINERS' HOUSE PLC
BOARD OF DIRECTORS
Further information:
Jari Sarasvuo, CEO, tel. +358 (0)500 665 666
Mirkka Vikström, CFO, tel. +358 (0)50 376 1115
DISTRIBUTION
OMX Nordic Exchange, Helsinki
Prominent media sources
www.trainershouse.fi - Investors