January-June 2023 in brief

  • net sales EUR 4.9 million (EUR 5.5 million), change of -10.2 % compared to the corresponding period of the previous year
  • operating result EUR 0.2 million (EUR 0.7 million), 3.5% of net sales (13.6%)
  • cash flow from operations EUR 0.3 million (EUR 0.7 million)
  • earnings per share EUR 0.08 (EUR 0.35)

April-June 2023 in brief

  • net sales EUR 2.2 million (EUR 2.8 million), change of -23.0 % compared to the corresponding period of the previous year
  • operating result EUR -0.2 million (EUR 0.4 million), -10.5% of net sales (13.7%)
  • cash flow from operations EUR 0.0 million (EUR 0.4 million)
  • earnings per share EUR -0.11 (EUR 0.18)

Key figures at the end of second quarter of 2023

  • cash and cash equivalents EUR 1.8 million (EUR 2.6 million)
  • interest-bearing liabilities of EUR 0.3 million (EUR 0.6 million) and interest-bearing net debt of EUR -1.5 million (EUR -2.0 million).
  • equity ratio 64.1 % (65.5 %)


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


The half year was bifurcated. The first quarter was excellent, the latter was difficult.

The market situation weakened. It was more difficult than usual to get new assignments. In addition, more time was required to arrange the meetings for Trainers’ House’s customers. This lowered profitability.

When the outlook worsened, the company immediately took adjustment measures, considering the long-term operating conditions.

The amount of customer meetings of consultants was even higher compared to the first quarter. The reward was received in June, when sales exceeded expectations.

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.

Due to the weakening of the market conditions and to minimize its effects, Trainers’ House carried out change negotiations, resulting in reorganization of processes, tasks, and reduction of personnel.

During the review period, the company temporarily closed its office in Tallinn.

In April the company distributed the first installment of a dividend of EUR 0.26 per share to its owners. The second part of the dividend payment of EUR 0.21 per share will be paid on 21 December 2023.


Net sales for the reporting period were EUR 4.9 million (EUR 5.5 million). Operating result was EUR 0.2 million, 3.5 % of net sales (EUR 0.7 million, 13.6 %). The result for the period was EUR 0.2 million, 3.6 % of net sales (EUR 0.7 million, 13.5 %).

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

Group’s main figures (kEUR) 1-6/2023 1-6/2022
Net sales 4 943 5 502
Other operating income 0 6
Expenses arising from employee benefits -3 251 -3 225
Other expenses -1 251 -1 307
EBITDA 441 976
Depreciation and impairment losses -266 -229
EBIT 175 747
EBIT, % of net sales 3.5 13.6
Financial income and expenses 2 -8
Result before taxes 177 739
Income taxes 2 3
Result of the period 179 742
Result, % of net sales 3.6 13.5


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


Cash flow and key financing figures (unit million euros) 1-6/2023 1-6/2022
Cash flow from operations before financial items


0.3 0.7
Cash flow from operations 0.3 0.7
Cash flow from investments 0.0 0.0
Cash flow from financing -0.8 -1.4
Total cash flow -0.5 -0.8
  6/2023 6/2022
Cash 1.8 2.6
Interest-bearing debt 0.3 0.6
Equity ratio % 64.1 65.5


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 118 (143) 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 149 thousand shares, or 7.0 % of the average number of all company shares (452 thousand shares, 21.1 %), were traded on Nasdaq Helsinki for a value of EUR 0.8 million (EUR 3.4 million). The period’s highest share quotation was EUR 6.12 (EUR 9.80), the lowest EUR 3.96 (EUR 5.86) and the closing price EUR 4.20 (EUR 5.98). The weighted average price was EUR 5.17 (EUR 7.53). At the closing price on 30 June 2023, the company’s market capitalization was EUR 9.0 million (EUR 12.8 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) 1-6/2023 1-6/2022 1-12/2022
NET SALES 4 943 5 502 9 753
Other operating income 0 6 6
Materials and services -222 -261 -484
Personnel-related expenses -3 251 -3 225 -6 146
Depreciation and impairment losses -266 -229 -491
Other operating expenses -1 029 -1 046 -2 064
Total expenses -4 768 -4 760 -9 185
Operating result 175 747 574
Financial income and expenses 2 -8 -15
Result before taxes 177 739 559
Income taxes 2 3 22
Result attributable to owners of the parent company 179 742 581
Earnings per share, EUR 0.08 0.35 0.27
Earnings per share attributable to owners of the parent company, EUR 0.08 0.35 0.27

BALANCE SHEET IFRS (kEUR) 6/2023 6/2022 12/2022
Non-current assets      
Tangible assets 510 716 730
Goodwill 2 129 2 129 2 129
Other intangible assets 1 046 1 132 1 089
Long-term receivables      
Other receivables, long-term 155 190 172
Deferred tax receivables 205 200 208
Total long-term receivables 360 390 380
Total non-current assets 4 045 4 367 4 328
Current assets      
Account receivables and other receivables 870 1 265 1 183
Cash and cash equivalents 1 787 2 559 2 247
Total current assets 2 657 3 824 3 430
TOTAL ASSETS 6 702 8 191 7 758
Equity attributable to the owners of the parent company      
Share capital 881 881 881
Distributable non-restricted equity fund 37 37 37
Retained earnings 3 111 3 540 3 540
Result of the period 179 742 581
Total shareholders’ equity 4 209 5 200 5 039
Long-term liabilities      
Deferred tax liabilities 208 225 213
Long-term financial liabilities 38 307 180
Total long-term liabilities 246 532 394
Short-term liabilities      
Short-term financial liabilities 291 259 337
Accounts payable and other liabilities 1 956 2 200 1 989
Total short-term liabilities 2 247 2 459 2 326
Total liabilities 2 493 2 991 2 719

CASH FLOW STATEMENT IFRS (kEUR) 1-6/2023 1-6/2022 1-12/2022
Result of the period 179 742 581
Adjustments 314 233 490
Changes in working capital -193 -292 -74
Cash flow from operations before financial items and taxes 300 683 997
Financial items and taxes paid -13 -8 -16
Investments in tangible and intangible assets 5 -47 -163
Granted loans 0 0 -122
Repayment of loan receivables 26 0 0
Interests received 15 0 0
Repayment of lease liabilities -197 -159 -326
Dividends paid* -597 -1 289 -1 503
CASH FLOW FROM FINANCING -793 -1 448 -1 828
TOTAL CASH FLOW -460 -820 -1 131
Opening balance of cash and cash equivalents 2 247 3 378 3 378
Closing balance of cash and cash equivalents 1 787 2 559 2 247

* The comparative figures 1-6/2022 for dividends paid have been adjusted -38 kEUR related to withholding taxes paid during 1-6/2022. 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 capital Distributable non-restricted equity fund Retained earnings Total
Equity 1 January 2022 881 37 5 043 5 961
Other comprehensive income     742  
Dividends     -1 503  
Equity 30 June 2022 881 37 4 282 5 200
Equity 1 January 2023 881 37 4 121 5 039
Other comprehensive income     179  
Dividends     -1 009  
Equity 30 June 2023 881 37 3 291 4 209


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) 1-6/2023 1-6/2022 1-12/2022
Purchases during the period 105 160 245
Liabilities at the end of the period 52 60 53

PERSONNEL 1-6/2023 1-6/2022 1-12/2022
Average number of personnel 125 121 128
Personnel at the end of the period 118 143 131

Collaterals and contingent liabilities given for own commitments 139 140 140

OTHER KEY FIGURES 6/2023 6/2022 12/2022
Equity ratio (%) 64.1 65.5 68.9
Shareholders’ equity/share (EUR) 1.96 2.42 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 6/2023 6/2022 12/2022
Advances received (kEUR) 133 251 449
Interest-bearing liabilities (kEUR) 329 566 517
Average number of shares adjusted for share issue in financial period (unit thousand shares) 2 148 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 2 148

In Helsinki 20 July 2023



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

Nasdaq Helsinki
Main media – For investors


  • Half year report 2023

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