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January-September 2023 in brief

  • net sales EUR 6.5 million (EUR 7.3 million), change of -10.2 % compared to the corresponding period of the previous year
  • operating result EUR 0.1 million (EUR 0.5 million), 1.0 % of net sales (6.8 %)
  • cash flow from operations EUR 0.1 million (EUR 0.5 million)
  • earnings per share EUR 0.04 (EUR 0.23)

July-September 2023 in brief

  • net sales EUR 1.6 million (EUR 1.8 million), change of -10.4 % compared to the corresponding period of the previous year
  • operating result EUR -0.1 million (EUR -0.2 million), -6.7 % of net sales (-14.0 %)
  • cash flow from operations EUR -0.2 million (EUR -0.2 million)
  • earnings per share EUR -0.05 (EUR -0.12)

Key figures at the end of third quarter of 2023

  • cash and cash equivalents EUR 1.5 million (EUR 2.2 million)
  • interest-bearing liabilities of EUR 0.3 million (EUR 0.5 million) and interest-bearing net debt of EUR -1.3 million (EUR -1.7 million).
  • equity ratio 65.3 % (67.8 %)


The company estimates the operating profit for 2023 to be between EUR -0.4 and 0.4 million.


In the third quarter, the market situation remained unchanged.

Due to the holiday season, the third quarter of Trainers' House is actually two months long.

Acquiring new orders was still more difficult than usual during the review period.

The company has adapted its operations to the current market situation. During the current year, the company has gone through two change negotiations. In addition, other significant cost savings have been implemented.

At the same time, the company has moved forward. The new Johtajan kasvupolku training program - which offers ideas and motivation for management work, personal support, and supported self-examination - started during the fall. In addition, the company invests in the growth of the encounter marketing business with a recruitment campaign.

Improving cash flow and profitability are the most important goals of the company.

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 employees.

More information:
Arto Heimonen, CEO, +358 404 123 456
Saku Keskitalo, CFO, +358 404 111 111


During the review period, the company focused on serving its customers.

After the review period, the company carried out change negotiations to achieve cost savings and reorganize operations.


Net sales for the reporting period were EUR 6.5 million (EUR 7.3 million). Operating result was EUR 0.1 million, 1.0 % of net sales (EUR 0.5 million, 6.8 %). The result for the period was EUR 0.1 million, 1.2 % of net sales (EUR 0.5 million, 6.8 %).

The breakdown of the Group's figures (unit thousand euros) is presented in the following table:

Group’s main figures (kEUR)1-9/20231-9/2022
Net sales6 5417 284
Other operating income06
Expenses arising from employee benefits-4 339-4 546
Other expenses-1 729-1 902
Depreciation and impairment losses-405-344
EBIT 68498
EBIT, % of net sales1.06.8
Financial income and expenses8-10
Result before taxes76488
Income taxes45
Result of the period80493
Result, % of net sales1.26.8


The company's long-term goal is profitable growth.


Cash flow and key financing figures (unit million euros)1-9/20231-9/2022
Cash flow from operations before financial items

Cash flow from operations0.10.5
Cash flow from investments0.1-0.1
Cash flow from financing-0.9-1.6
Total cash flow-0.7-1.2
Interest-bearing debt0.30.5
Equity ratio %65.367.8


Trainers’ House’s business is sensitive to economic fluctuations.

The general economic situation internationally and in Finland contains significant risks. The war in Europe, the tense world political situation and the possible expansion of the crisis can cause rapid changes in the operating environment.

Changes in the openness of Europe, the freedom of world trade and the world political situation affect the exports of Finnish companies, which is reflected in the demand of the domestic market.

High inflation and the resulting increase in interest rates have a negative effect on economic activity.

The constant competition for the best employees affects recruitment and the commitment of key personnel.

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 EUR 2.1 million. The balance sheet value of other intangible assets is EUR 1.0 million. If the Group's profitability does not develop as forecasted or other external factors independent of the Group's operations, such as interest rates, change significantly, it is possible that goodwill and other intangible assets will have to be written off. Recognition of an impairment loss would have no effect on the Group's cash flow.

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


At the end of the review period, the Group had 111 (146) employees. As before, the company reports the number of employees converted to full-time employees.


The annual general meeting of Trainers' House Plc was held on 29 March 2023 in Helsinki.

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 - 31 December 2022.

The annual general meeting decided, in accordance with the board's proposal, that the company will distribute a dividend of EUR 0.47 per each company share.  The dividend will be paid in two installments so that EUR 0.26 will be paid on 26 April 2023 (dividend payment record date 19 April 2023) and EUR 0.21 will be paid on 21 December 2023 (dividend payment record date 14 December 2023). The dividend is paid to the shareholder who is entered in the company's shareholder register on the record date of the dividend payment.

Aarne Aktan, Jarmo Hyökyvaara, Elma Palsila and Jari Sarasvuo were re-elected as members, and Emilia Tauriainen as a new member to the Board of Directors. In the board meeting held after the annual general meeting, the Board of Directors elected Jari Sarasvuo as the chairperson of the board.

The annual general meeting decided that the board member's remuneration shall be EUR 2,500 per month and the chairperson's remuneration will be EUR 4,500 per month.

Ernst & Young Oy was re-elected as the company's auditor. The remuneration to the auditor is paid according to the auditor's reasonable invoice.

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).”


The company’s share is listed on Nasdaq Helsinki Ltd under the name Trainers’ House Plc (TRH1V).

At the end of the reporting period, Trainers’ House Plc had 2,147,826 shares and a registered share capital of EUR 880,743.59. The company does not hold any of its own shares. There have been no changes in the share capital during the period.

Share performance and trading

During the period under review, a total of 214 thousand shares, or 10.0 % of the average number of all company shares (540 thousand shares, 25.2 %), were traded on Nasdaq Helsinki for a value of EUR 1.0 million (EUR 3.9 million). The period’s highest share quotation was EUR 6.12 (EUR 9.80), the lowest EUR 3.38 (EUR 5.00) and the closing price EUR 3.73 (EUR 5.82). The weighted average price was EUR 4.74 (EUR 7.25). At the closing price on 30 September 2023, the company’s market capitalization was EUR 8.0 million (EUR 12.5 million).


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 1 January 2023.

In this interim report Trainers’ House has followed the same accounting policies and calculation methods as in the 2022 annual financial statements.

The figures given in the interim report are unaudited.

INCOME STATEMENT IFRS (kEUR)1-9/20231-9/20221-12/2022
NET SALES6 5417 2849 753
Other operating income066
Materials and services-308-362-484
Personnel-related expenses-4 339-4 546-6 146
Depreciation and impairment losses-405-344-491
Other operating expenses-1 420-1 540-2 064
Total expenses-6 473-6 792-9 185
Operating result68498574
Financial income and expenses8-10-15
Result before taxes76488559
Income taxes4522
Result attributable to owners of the parent company80493581
Earnings per share, EUR0.040.230.27
Earnings per share attributable to owners of the parent company, EUR0.040.230.27

BALANCE SHEET IFRS (kEUR)9/20239/202212/2022
Non-current assets
Tangible assets430683730
Goodwill2 1292 1292 129
Other intangible assets1 0251 1101 089
Long-term receivables
Other receivables, long-term138172172
Deferred tax receivables204200208
Total long-term receivables342372380
Total non-current assets3 9264 2944 328
Current assets
Account receivables and other receivables9421 1511 183
Cash and cash equivalents1 5332 1972 247
Total current assets2 4753 3473 430
TOTAL ASSETS6 4007 6417 758
Equity attributable to the owners of the parent company
Share capital881881881
Distributable non-restricted equity fund373737
Retained earnings3 1113 5403 540
Result of the period80493581
Total shareholders’ equity4 1094 9505 039
Long-term liabilities
Deferred tax liabilities205223213
Long-term financial liabilities58228180
Total long-term liabilities263451394
Short-term liabilities
Short-term financial liabilities216259337
Accounts payable and other liabilities1 8121 9821 989
Total short-term liabilities2 0282 2402 326
Total liabilities2 2912 6912 719

CASH FLOW STATEMENT IFRS (kEUR)1-9/20231-9/20221-12/2022
Result of the period80493581
Adjustments 435356490
Changes in working capital-398-347-74
Cash flow from operations before financial items and taxes117501997
Financial items and taxes paid-13-10-16
Investments in tangible and intangible assets-12-108-163
Granted loans00-122
Repayment of loan receivables4200
Interests received2100
Repayment of lease liabilities-272-239-326
Dividends paid*-597-1 326-1 503
TOTAL CASH FLOW-714-1 182-1 131
Opening balance of cash and cash equivalents2 2473 3783 378
Closing balance of cash and cash equivalents1 5332 1972 247

* The comparative figures 1-9/2022 for dividends paid have been adjusted -38 kEUR related to withholding taxes paid during 1-9/2022. The corresponding change is reflected in the change in working capital.

Equity attributable to owners of the parent company

CHANGE IN SHAREHOLDERS’ EQUITY (kEUR)Share capitalDistributable non-restricted equity fundRetained earningsTotal
Equity 1 January 2022881375 0435 961
Other comprehensive income493493
Dividends-1 503-1 503
Equity 30 September 2022881374 0324 950
Equity 1 January 2023881374 1215 039
Other comprehensive income8080
Dividends-1 009-1 009
Equity 30 September 2023881373 1914 109


During the period under review, Trainers’ House had transactions with Causa Prima Ltd, a company controlled by Jari Sarasvuo, the Chairperson of the Board of Directors, and Pro Vividus Ltd and Anorin Liekki Ltd, which are related to the company.

The following transactions took place with related parties:

RELATED PARTY TRANSACTIONS (kEUR)1-9/20231-9/20221-12/2022
Purchases during the period131190245
Liabilities at the end of the period31353

Average number of personnel115125128
Personnel at the end of the period111146131

Collaterals and contingent liabilities given for own commitments120141140

OTHER KEY FIGURES9/20239/202212/2022
Equity ratio (%)65.367.868.9
Shareholders' equity/share (EUR)1.912.302.35

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 figures9/20239/202212/2022
Advances received (kEUR)107335449
Interest-bearing liabilities (kEUR)274487517
Average number of shares adjusted for share issue in financial period (unit thousand shares)2 1482 1482 148
Number of shares adjusted for share issue at the end of the financial period (unit thousand shares)2 1482 1482 148

In Helsinki 26 October 2023



Arto Heimonen, CEO, +358 404 123 456
Saku Keskitalo, CFO, +358 404 111 111

Nasdaq Helsinki
Main media – For investors


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