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January-December 2023 in brief

  • 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-December 2023 in brief

  • 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 of EUR -0.3 million (EUR -1.7 million).
  • equity ratio 63.5 % (68.9 %)


The company estimates the operating profit for 2024 to be negative.


At the end of the fiscal year 2023, the distributable funds of the group's parent company are 1.0 million euros and group’s cash and cash equivalents 1.2 million euros.

The Board of Directors proposes to the general meeting on 27 March 2024, that the company does not distribute a dividend from 2023.

Based on the current outlook, the previously stated dividend policy is not valid.


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:
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.

The company distributed a dividend of EUR 0.47 per share during 2023. The last part of the dividend payment of EUR 0.21 per share was paid on 21 December 2023.


Net sales for the reporting period were EUR 8.4 million (EUR 9.8 million). Operating result was EUR -0.1 million, -1.2 % of net sales (EUR 0.6 million, 5.9 %). The result for the period was EUR -0.1 million, -1.1 % of net sales (EUR 0.6 million, 6.0 %).

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

Group’s main figures (kEUR)1-12/20231-12/2022
Net sales8 4379 753
Other operating income06
Expenses arising from employee benefits-5 691-6 146
Other expenses-2 316-2 548
EBITDA4301 065
Depreciation and impairment losses-531-491
EBIT -101574
EBIT, % of net sales-1.25.9
Financial income and expenses6-15
Result before taxes-95559
Income taxes422
Result of the period-91581
Result, % of net sales-1.16.0


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


Cash flow and key financing figures (unit million euros)1-12/20231-12/2022
Cash flow from operations before financial items
Cash flow from operations0.21.0
Cash flow from investments0.1-0.3
Cash flow from financing-1.3-1.8
Total cash flow-1.1-1.1
Interest-bearing debt0.80.5
Equity ratio %63.568.9


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.

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 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 96 (131) 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 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 EUR 1.5 million (EUR 4.3 million). The period’s highest share quotation was EUR 6.12 (EUR 9.80), the lowest EUR 3.38 (EUR 4.80) and the closing price EUR 4.14 (EUR 4.96). The weighted average price was EUR 4.64 (EUR 7.01). At the closing price on 31 December 2023, the company’s market capitalization was EUR 8.9 million (EUR 10.7 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, except for the new and amended standards that have come into force on 1 January 2023.

The figures given in the interim report are unaudited.

INCOME STATEMENT IFRS (kEUR)1-12/202310-12/20231-12/202210-12/2022
NET SALES8 4371 8969 7532 469
Other operating income0060
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-101-16957476
Financial income and expenses6-2-15-5
Result before taxes-95-17155971
Income taxes412217
Result attributable to owners of the parent company-91-17158189
Earnings per share, EUR-0.04-
Earnings per share attributable to owners of the parent company, EUR-0.04-

BALANCE SHEET IFRS (kEUR)12/202312/2022
Non-current assets
Tangible assets961730
Goodwill2 1292 129
Other intangible assets1 0131 089
Long-term receivables
Other receivables, long-term138172
Deferred tax receivables202208
Total long-term receivables341380
Total non-current assets4 4434 328
Current assets
Account receivables and other receivables7831 183
Cash and cash equivalents1 1752 247
Total current assets1 9583 430
TOTAL ASSETS6 4017 758
Equity attributable to the owners of the parent company
Share capital881881
Distributable non-restricted equity fund3737
Retained earnings3 1113 540
Result of the period-91581
Total shareholders’ equity3 9395 039
Long-term liabilities
Deferred tax liabilities203213
Long-term financial liabilities631180
Total long-term liabilities833394
Short-term liabilities
Short-term financial liabilities197337
Accounts payable and other liabilities1 4321 989
Total short-term liabilities1 6292 326
Total liabilities2 4622 719

CASH FLOW STATEMENT IFRS (kEUR)1-12/20231-12/2022
Result of the period-91581
Adjustments 570490
Changes in working capital-257-74
Cash flow from operations before financial items and taxes222997
Financial items and taxes paid-16-16
Investments in tangible and intangible assets-12-163
Granted loans0-122
Repayment of loan receivables420
Interests received210
Repayment of lease liabilities-363-326
Dividends paid-966-1 503
TOTAL CASH FLOW-1 072-1 131
Opening balance of cash and cash equivalents2 2473 378
Closing balance of cash and cash equivalents1 1752 247

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 income581581
Dividends-1 503-1 503
Equity 31 December 2022881374 1215 039
Equity 1 January 2023881374 1215 039
Other comprehensive income-91-91
Dividends-1 009-1 009
Equity 31 December 2023881373 0213 939


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:

Purchases during the period168245
Liabilities at the end of the period3953

Average number of personnel113128
Personnel at the end of the period96131

Collaterals and contingent liabilities given for own commitments120140

OTHER KEY FIGURES12/202312/2022
Equity ratio (%)63.568.9
Shareholders' equity/share (EUR)1.832.35

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 figures12/202312/2022
Advances received (kEUR)198449
Interest-bearing liabilities (kEUR)828517
Average number of shares adjusted for share issue in financial period (unit thousand shares)2 1482 148
Number of shares adjusted for share issue at the end of the financial period (unit thousand shares)2 1482 148

In Helsinki 22 February 2024



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

Nasdaq Helsinki
Main media – For investors


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