TRAINERS' HOUSE OYJ TRAINERS' HOUSE GROUP, STOCK EXCHANGE RELEASE,
January-
- net sales
EUR 8.4 million (EUR 9.8 million ), change of -13.5 % compared to the corresponding period of the previous year - operating result
EUR -0.1 million (EUR 0.6 million ), -1.2 % of net sales (5.9 %) - cash flow from operations
EUR 0.2 million (EUR 1.0 million ) - earnings per share
EUR -0.04 (EUR 0.27 )
October-
- net sales
EUR 1.9 million (EUR 2.5 million ), change of -23.2 % compared to the corresponding period of the previous year - operating result
EUR -0.2 million (EUR 0.1 million ), -8.9 % of net sales (3.1 %) - cash flow from operations
EUR 0.1 million (EUR 0.5 million ) - earnings per share
EUR -0.08 (EUR 0.04 )
Key figures at the end of 2023
- cash and cash equivalents
EUR 1.2 million (EUR 2.2 million ) - interest-bearing liabilities of
EUR 0.8 million (EUR 0.5 million ) and interest-bearing net debt ofEUR -0.3 million (EUR -1.7 million ). - equity ratio 63.5 % (68.9 %)
OUTLOOK FOR 2024
The company estimates the operating profit for 2024 to be negative.
PROPOSAL BY THE BOARD OF DIRECTORS FOR DISTRIBUTION OF DIVIDEND
At the end of the fiscal year 2023, the distributable funds of the group's parent company are
The Board of Directors proposes to the general meeting on
Based on the current outlook, the previously stated dividend policy is not valid.
CEO
In the review period, the market situation weakened compared to the previous year.
The change in the operating environment was reflected in the demand for the company's services. In addition, more time was required to arrange meetings for Trainers’ House’s customers. As a result, net sales decreased.
The year started strongly. The profitability of the first quarter exceeded expectations. After that it was more difficult.
The company adjusted its costs quickly and significantly. During the review period, Trainers' House went through two change negotiations, cut the costs of premises, IT, and temporarily the compensation of management.
In a difficult operating environment, the company was able to make a tolerable year in terms of profitability.
At the same time, the company had its focus on the future. The effect of the recruitment campaign for marketers implemented in November was excellent. As a result of the campaign, the company hired 59 new employees. In addition, the company successfully launched the Johtajan kasvupolku -training program.
The staff was fighting for the benefit of the company. Customer activity was at a high level throughout the year. It was proven again that value is created with customers. The reward came in the form of excellent December sales. Thank you to the employees.
Healthy cash flow and profitability are the most important goals of the company's business in 2024 as well.
The purpose of Trainers’ House is to help people forward. This is possible by touching people, electrifying management and producing verifiable results.
Thank you to customers and all stakeholders.
More information:
OPERATIONAL REVIEW
During the review period, the company focused on serving its customers.
The company distributed a dividend of
FINANCIAL PERFORMANCE
Net sales for the reporting period were
The breakdown of the Group's figures (unit thousand euros) is presented in the following table:
| Group’s main figures (kEUR) | 1-12/2023 | 1-12/2022 |
| Net sales | 8 437 | 9 753 |
| Other operating income | 0 | 6 |
| Expenses arising from employee benefits | -5 691 | -6 146 |
| Other expenses | -2 316 | -2 548 |
| EBITDA | 430 | 1 065 |
| Depreciation and impairment losses | -531 | -491 |
| EBIT | -101 | 574 |
| EBIT, % of net sales | -1.2 | 5.9 |
| Financial income and expenses | 6 | -15 |
| Result before taxes | -95 | 559 |
| Income taxes | 4 | 22 |
| Result of the period | -91 | 581 |
| Result, % of net sales | -1.1 | 6.0 |
LONG-TERM OBJECTIVES
The company's long-term goal is profitable growth.
FINANCING, INVESTMENTS AND SOLVENCY
| Cash flow and key financing figures (unit million euros) | 1-12/2023 | 1-12/2022 |
| Cash flow from operations before financial items | 0.2 | 1.0 |
| Cash flow from operations | 0.2 | 1.0 |
| Cash flow from investments | 0.1 | -0.3 |
| Cash flow from financing | -1.3 | -1.8 |
| Total cash flow | -1.1 | -1.1 |
| 12/2023 | 12/2022 | |
| Cash | 1.2 | 2.2 |
| Interest-bearing debt | 0.8 | 0.5 |
| Equity ratio % | 63.5 | 68.9 |
MAJOR RISKS AND UNCERTAINTIES
Trainers’ House’s business is sensitive to economic fluctuations.
The general economic situation internationally and in
Possible world trade restrictions and changes in the world political situation affect the exports of Finnish companies, which is reflected in the demand of the domestic market. The change in domestic market demand directly affects Trainers' House's business.
Compared to the level of the last decade, the high interest rate has a negative effect on economic activity. Inflation can also accelerate due to, for example, world political crises.
The constant competition for the best employees affects recruitment and the commitment of key personnel. From the company's point of view, the labor market situation has eased over the past year.
The above-mentioned risks, when realized alone or together, have a significant impact on the company's operations.
The company divides the risk factors affecting business, earnings, and market capitalization into five main categories: market and business risks, personnel-related risks, technology and information security risks, financial risks, and legal risks.
Trainers’ House has sought to hedge against the adverse effects of other risks with comprehensive insurance policies. These include statutory insurance, liability and property insurance and legal expenses insurance. Insurance coverage, insurance values and deductibles are reviewed annually together with the insurance company.
The Management Team reports to the Board on a monthly basis on key business-related risks and, where necessary, risk management measures.
The Group has the reporting systems required for effective business monitoring. Internal control is linked to the company’s vision, strategic goals and the business goals set on the basis of them.
The realization of business objectives and the Group’s financial development are monitored on a monthly basis through the Group’s corporate governance system. As an essential part of the control system, actual data and up-to-date forecasts are reviewed monthly by the Group Management Team. The control system includes, among other things, sales reporting, an income statement, a rolling revenue and profit forecast, and key figures that are important to operations.
Trainers’ House is an expert organization. The magnitude of market and business risks is difficult to determine. Typical risks in this area are related to, for example, general economic development, customer distribution, technology choices, the development of competition and the management of personnel costs.
Risks are managed through the planning and regular monitoring of sales, human resources, and operating expenses, which enables rapid action when circumstances change. The risks of trade receivables have been taken into account by the recognition of expenses based on the age of the receivables and individual risk analyzes.
The goal of Trainers’ House’s financial risk management is to secure the availability of equity and debt financing on competitive terms and to reduce the impact of adverse market movements on the company’s operations.
Financial risks are divided into four categories, which are liquidity, interest rate risks, currency risks and credit risks. Each risk is monitored separately. Liquidity and interest rate risks are reduced with sufficient cash resources and efficient collection of receivables. Currency risks are low as Trainers’ House operates primarily in the euro market. In financial risk management, the focus is on liquidity.
The success of Trainers’ House as an expert organization depends on its ability to attract and retain skilled staff. In addition to a competitive salary, personnel risks are managed through incentive schemes and investments in personnel training, career opportunities and general well-being.
Technology is a key part of Trainers’ House’s business. Technology risks include, but are not limited to, supplier risk, risks related to internal systems, challenges posed by technological change, and security risks. Risks are protected against long-term cooperation with technology suppliers, appropriate security systems, staff training and regular security audits.
Trainers’ House’s legal risks are mainly focused on the contractual relationship between the company and customers or service providers. At their most typical, they relate to delivery responsibility and the management of intellectual property rights. In order to manage the risks related to contracts and intellectual property rights, the company has internal guidelines for contractual procedures. In the company’s view, the contractual risks are not unusual.
At the end of the review period, goodwill and other intangible assets recognized in the balance sheet have been tested in the normal way. The test did not reveal any need for impairment.
The consolidated balance sheet of Trainers’ House has goodwill of
Due to the project nature of the operations, the order backlog is short, and predictability is therefore challenging.
The description of potential risks is not comprehensive. Trainers' House conducts continuous risk assessment in connection with its operations and strives to hedge against identified risks.
Investors have also been informed about the risks in the company’s annual review and on the website at www.trainershouse.fi.
PERSONNEL
At the end of the review period, the Group had 96 (131) employees. As before, the company reports the number of employees converted to full-time employees.
DECISIONS REACHED AT THE ANNUAL GENERAL MEETING
The annual general meeting of
The annual general meeting confirmed the financial statements and discharged CEO and the members of the Board of Directors from liability for the fiscal year 1 January -
The annual general meeting decided, in accordance with the board's proposal, that the company will distribute a dividend of
The annual general meeting decided that the board member's remuneration shall be
The annual general meeting decided on amending Article 12 of the Articles of Association so that the general meeting can be held without a physical meeting place as a remote meeting. A new paragraph will be added to Article 12 of the Articles of Association, which will read in its entirety as follows:
"The board can decide that the general meeting is held without a meeting place whereby the shareholders shall exercise their power of decision in full in real-time during the meeting using telecommunication connection and technical means (remote meeting).”
SHARES AND SHARE CAPITAL
The company’s share is listed on
At the end of the reporting period, Trainers’
Share performance and trading
During the period under review, a total of 325 thousand shares, or 15.1 % of the average number of all company shares (613 thousand shares, 28.6 %), were traded on Nasdaq Helsinki for a value of
SUMMARY OF FINANCIAL STATEMENTS AND NOTES
The report has been prepared in accordance with IAS 34 standard. The report has been prepared in accordance with IFRS standards and interpretations that have been approved for application in the EU and are in force on
In this interim report Trainers’ House has followed the same accounting policies and calculation methods as in the 2022 annual financial statements, except for the new and amended standards that have come into force on
The figures given in the interim report are unaudited.
| INCOME STATEMENT IFRS (kEUR) | 1-12/2023 | 10-12/2023 | 1-12/2022 | 10-12/2022 |
| 8 437 | 1 896 | 9 753 | 2 469 | |
| Other operating income | 0 | 0 | 6 | 0 |
| Expenses: | ||||
| Materials and services | -391 | -82 | -484 | -122 |
| Personnel-related expenses | -5 691 | -1 352 | -6 146 | -1 600 |
| Depreciation and impairment losses | -531 | -126 | -491 | -147 |
| Other operating expenses | -1 925 | -505 | -2 064 | -524 |
| Total expenses | -8 538 | -2 065 | -9 185 | -2 393 |
| Operating result | -101 | -169 | 574 | 76 |
| Financial income and expenses | 6 | -2 | -15 | -5 |
| Result before taxes | -95 | -171 | 559 | 71 |
| Income taxes | 4 | 1 | 22 | 17 |
| RESULT OF THE PERIOD | -91 | -171 | 581 | 89 |
| Result attributable to owners of the parent company | -91 | -171 | 581 | 89 |
| Earnings per share, EUR | -0.04 | -0.08 | 0.27 | 0.04 |
| Earnings per share attributable to owners of the parent company, EUR | -0.04 | -0.08 | 0.27 | 0.04 |
| BALANCE SHEET IFRS (kEUR) | 12/2023 | 12/2022 |
| ASSETS | ||
| Non-current assets | ||
| Tangible assets | 961 | 730 |
| 2 129 | 2 129 | |
| Other intangible assets | 1 013 | 1 089 |
| Long-term receivables | ||
| Other receivables, long-term | 138 | 172 |
| Deferred tax receivables | 202 | 208 |
| Total long-term receivables | 341 | 380 |
| Total non-current assets | 4 443 | 4 328 |
| Current assets | ||
| Account receivables and other receivables | 783 | 1 183 |
| Cash and cash equivalents | 1 175 | 2 247 |
| Total current assets | 1 958 | 3 430 |
| TOTAL ASSETS | 6 401 | 7 758 |
| SHAREHOLDERS’ EQUITY AND LIABILITIES | ||
| Equity attributable to the owners of the parent company | ||
| Share capital | 881 | 881 |
| Distributable non-restricted equity fund | 37 | 37 |
| Retained earnings | 3 111 | 3 540 |
| Result of the period | -91 | 581 |
| Total shareholders’ equity | 3 939 | 5 039 |
| Long-term liabilities | ||
| Deferred tax liabilities | 203 | 213 |
| Long-term financial liabilities | 631 | 180 |
| Total long-term liabilities | 833 | 394 |
| Short-term liabilities | ||
| Short-term financial liabilities | 197 | 337 |
| Accounts payable and other liabilities | 1 432 | 1 989 |
| Total short-term liabilities | 1 629 | 2 326 |
| Total liabilities | 2 462 | 2 719 |
| TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES | 6 401 | 7 758 |
| CASH FLOW STATEMENT IFRS (kEUR) | 1-12/2023 | 1-12/2022 |
| CASH FLOW FROM OPERATIONS | ||
| Result of the period | -91 | 581 |
| Adjustments | 570 | 490 |
| Changes in working capital | -257 | -74 |
| Cash flow from operations before financial items and taxes | 222 | 997 |
| Financial items and taxes paid | -16 | -16 |
| CASH FLOW FROM OPERATIONS | 206 | 982 |
| CASH FLOW FROM INVESTMENTS | ||
| Investments in tangible and intangible assets | -12 | -163 |
| Granted loans | 0 | -122 |
| Repayment of loan receivables | 42 | 0 |
| Interests received | 21 | 0 |
| CASH FLOW FROM INVESTMENTS | 51 | -285 |
| CASH FLOW FROM FINANCING | ||
| Repayment of lease liabilities | -363 | -326 |
| Dividends paid | -966 | -1 503 |
| CASH FLOW FROM FINANCING | -1 329 | -1 828 |
| TOTAL CASH FLOW | -1 072 | -1 131 |
| CHANGE IN CASH AND CASH EQUIVALENTS | ||
| Opening balance of cash and cash equivalents | 2 247 | 3 378 |
| Closing balance of cash and cash equivalents | 1 175 | 2 247 |
| CHANGE IN CASH AND CASH EQUIVALENTS | -1 072 | -1 131 |
CHANGE IN SHAREHOLDERS’ EQUITY (kEUR)
Equity attributable to owners of the parent company
| CHANGE IN SHAREHOLDERS’ EQUITY (kEUR) | Share capital | Distributable non-restricted equity fund | Retained earnings | Total |
| Equity | 881 | 37 | 5 043 | 5 961 |
| Other comprehensive income | 581 | 581 | ||
| Dividends | -1 503 | -1 503 | ||
| Equity | 881 | 37 | 4 121 | 5 039 |
| Equity | 881 | 37 | 4 121 | 5 039 |
| Other comprehensive income | -91 | -91 | ||
| Dividends | -1 009 | -1 009 | ||
| Equity | 881 | 37 | 3 021 | 3 939 |
RELATED PARTY TRANSACTIONS
During the period under review, Trainers’ House had transactions with
The following transactions took place with related parties:
| RELATED PARTY TRANSACTIONS (kEUR) | 1-12/2023 | 1-12/2022 |
| Purchases during the period | 168 | 245 |
| Liabilities at the end of the period | 39 | 53 |
| PERSONNEL | 1-12/2023 | 1-12/2022 |
| Average number of personnel | 113 | 128 |
| Personnel at the end of the period | 96 | 131 |
| COMMITMENTS AND CONTINGENT LIABILITIES | 12/2023 | 12/2022 |
| Collaterals and contingent liabilities given for own commitments | 120 | 140 |
| OTHER | 12/2023 | 12/2022 |
| Equity ratio (%) | 63.5 | 68.9 |
| Shareholders' equity/share (EUR) | 1.83 | 2.35 |
Calculation formulas for key figures
Earnings per share = Result of the period attributable to owners of the parent company
Average number of shares
adjusted for share issue in financial period
Interest-bearing net debt = Interest-bearing liabilities – cash and cash equivalents
Equity ratio (%) = Equity x 100
Balance sheet total – advances received
Equity / share = Equity
Number of shares adjusted for share issue at the
end of financial period
| Items affecting the calculation of key figures | 12/2023 | 12/2022 |
| Advances received (kEUR) | 198 | 449 |
| Interest-bearing liabilities (kEUR) | 828 | 517 |
| Average number of shares adjusted for share issue in financial period (unit thousand shares) | 2 148 | 2 148 |
| Number of shares adjusted for share issue at the end of the financial period (unit thousand shares) | 2 148 | 2 148 |
In
TRAINERS’
BOARD OF DIRECTORS
Information:
DISTRIBUTION
Nasdaq
Main media
www.trainershouse.fi – For investors
Attachment
- Financial statement release 2023
© OMX, source
