2012-02-15 08:00:00 CET
2012-02-15 08:00:09 CET
REGULATED INFORMATION
Tectia Oyj - Financial Statement Release
TECTIA FINANCIAL STATEMENT RELEASE, JANUARY 1 – DECEMBER 31, 2011
Helsinki, Finland, 2012-02-15 08:00 CET (GLOBE NEWSWIRE) -- TECTIA CORPORATION
FINANCIAL STATEMENT RELEASE FEBRUARY 15, 2012 AT 9:00 A.M
TECTIA FINANCIAL STATEMENT RELEASE, JANUARY 1 - DECEMBER 31, 2011
SUMMARY
October-December
- Net sales totaled EUR 2.0 million, down by -21.8 % percent year on year (EUR
2.5 million in 10-12/2010).
- Operating loss amounted to EUR -0.0 million (an operating loss of EUR -0.5
million in 10-12/2010). Loss EUR -0.1 million (loss EUR -0.5 million)
- Earnings per share EUR -0.00 (EUR -0.02).
January-December
- Net sales totaled EUR 8.1 million, down by -11.4 % percent year on year (EUR
9.1 million in 1-12/2010).
- Operating loss amounted to EUR -2.0 million (an operating loss of EUR -0.7
million in 1-12/2010) including EUR -1.1 of non-recurring costs (EUR 0.0
million). Loss EUR -2.2 million (loss EUR -0.5 million)
- Earnings per share EUR -0.07 (EUR -0.02).
The company's financial position weakened mainly because of January-September
non-recurring costs, with equity ratio 36.2 % (69.1%) and liquid assets at the
end of the period EUR 2.5 million (EUR 4.0 million).
KEY FIGURES
------------------------------------------------------------------------------
10-12/ 10-12/ 1-12/ 1-12/ Change %
2011 2010 2011 2010
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Net sales (MEUR) 2.0 2.5 8.1 9.1 -11.4
------------------------------------------------------------------------------
Operating profit/loss (MEUR) -0.0 -0.5 -2.0 -0.7 -183.7
------------------------------------------------------------------------------
% of net sales -0.6 -18.3 -25.3 -7.9
------------------------------------------------------------------------------
Profit/loss before taxes (MEUR) -0.0 -0.5 -2.2 -0.5 -378.2
------------------------------------------------------------------------------
Profit/loss (MEUR) -0.1 -0.5 -2.2 -0.5 -360.6
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Return on equity, % -110.0 -12.8
------------------------------------------------------------------------------
Return on investment, % -99.6 -10.5
------------------------------------------------------------------------------
Liquid assets 2.5 4.0 -37.7
------------------------------------------------------------------------------
Gearing (%) -230.0 -121.0
------------------------------------------------------------------------------
Equity ratio (%) 36.2 69.1
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Earnings per share (EUR) -0.00 -0.02 -0.07 -0.02 -350.8
------------------------------------------------------------------------------
Shareholders' equity per share (EUR) 0.03 0.10 0.03 0.10 -65.7
------------------------------------------------------------------------------
CEO'S BUSINESS REVIEW
Tectia as a company is changing. We have re-embraced the SSH Communication
Security name and ssh.com internet address in our business. This is the name by
which our customers recognize us in the world. SSH technology is one of the
most widespread encryption technologies in the world, both in commercial and
free form, and we originally developed it.
I see the company more and more as a growth-oriented entrepreneur-driven
company. I am building the company on its current strengths: our existing
customers, the SSH brand and our strong technology.
We are also developing new concepts around the SSH protocol and technology and
more broadly around managing large scale IT environments more efficiently and
more securely.
The company is extending its SSH key management capabilities, including user
key management. SSH's key management solutions have been on the market since
2003 and are used by some of the largest banks, retail chains and logistics
companies in the world - even for managing environments of tens of thousands of
servers. The company is developing the next generation key management and
configuration solution together with its largest customers (including some of
the largest banks in the world, a large retail chain, and a large logistics
company). The management solutions enhance customer's operational efficiency,
reduce operational risks and ease regulatory compliance. SSH's management
solutions support both commercial Tectia products as well as open source
OpenSSH versions - also in mixed environments and on all hardware platforms.
The company is also renewing its solutions for auditing of administrative and
remote access, strengthening its position in user authentication using mobile
phones, and providing solutions for secure automated file transfers - also as
part of partners' products. For IBM mainframes the company offers the leading
commercial SSH solution, whereby large corporations can secure data transfers
all the way to their core databases, and partners can extend their offerings to
this environment.
The company will continue to change in the coming quarters. The sales
organization is evolving to better reach and serve the security needs of the
most demanding enterprise customers. Active but focused marketing will raise
company awareness within our key customer groups and strengthen the credibility
of the company as a supplier. World leading technology enables the company to
respond to customer needs that the competition cannot yet fully address.
Internally we are rationalizing administration and operational IT
infrastructure.
The new year brings major opportunities but also challenges. We are ready to
face those challenges, and I'm confident that the current strategic direction
can carry the company forward for years to come.
Tatu Ylönen
CEO
REPORTING
This financial statement release follows IFRS accounting standards and
assessments. This report is prepared according to IFRS standards and
interpretations which are valid 31st December 2011. This financial statement
release is prepared according to IAS 34. The figures are non-audited. New
fiscal year 2011 standards taken into use, standard renewals or renewed
interpretations are renewed IAS 24: Related party information in financial
statements. During fiscal year 2011 company has started to capitalize new
product R&D expenses according to IAS 38.
FUTURE OUTLOOK
General economic uncertainty can possibly still continue. This complicates
company revenue estimation for full year 2012. For this reason at this stage
the company doesn't give any full year 2012 revenue estimates. The company
estimates though that the first quarter 2012 revenue will grow compared to
first quarter 2011. This estimate is based on earlier January released license
sale to UK financial institution.
Tectia believes that it is not justified at the moment to give profitability
estimates for year 2012 mainly due to following reasons:
Amount of R&D investment into new still under development products, starting
the delivery and sales of the new products and demand;
In addition the macroeconomic environment increasingly complicates future
outlook estimates and reliable target setting;
Large portion of company revenue is invoiced in USD currency so possible large
fluctuation in USD currency rates during 2012 could have unpredictable effects
into profitability that are at the time difficult to estimate.
Global audit firm valuation experts have provided during fall time 2011 the
company with a valuation estimate for some of its patents and patent
applications, according to which the fair market value of these would be
approximately EUR 1 million. These patents were developed for the company´s
IPSec-technology related products and are not used in current products. New
applications have emerged for technologies described and claimed in the
patents, e.g. VoIP (Voice-over-IP) and 3GPP LTE (Long Term Extension, or 4G)
networks and smart phones. It is possible that the most important of the patent
applications will be granted and that they will be essential for some of the
standards in the area. It is also possible that the actual future sale price or
other income from them would be substantially higher than the estimated value.
The potential income will, however, most likely not be realized for several
quarters and no asset from these patents has been booked in the balance sheet.
NET SALES
Consolidated net sales for October-December totaled EUR 2.0 million (EUR 2.5
million), down by -21.8 %, year on year.
Consolidated net sales for January-December totaled EUR 8.1 million (EUR 9.1
million), down by -11.4 %, year on year.
The Americas, the Europe, Middle East and Africa market area and the Asia
Pacific region accounted for 59.7 percent (65.9 percent), 24.0 percent (23.6
percent) and 16.3 percent (10.5 percent) of reported net sales, respectively.
TECTIA NET SALES
---------------------------------------------------------------
EUR Million 10-12/ 10-12/ 1-12/ 1-12/ 2010 Change %
2011 2010 2011
---------------------------------------------------------------
---------------------------------------------------------------
BY SEGMENT
---------------------------------------------------------------
AMERICAS 1.1 1.5 4.8 6.0 -19.7
---------------------------------------------------------------
APAC 0.4 0.4 1.3 1.0 31.5
---------------------------------------------------------------
EMEA 0.4 0.6 1.9 2.1 -8.3
---------------------------------------------------------------
Tectia Group Total 2.0 2.5 8.1 9.1 -11.4
---------------------------------------------------------------
---------------------------------------------------------------
BY OPERATION
---------------------------------------------------------------
License sales 0.7 1.2 2.8 3.7 -25.4
---------------------------------------------------------------
Maintenance 1.3 1.3 5.3 5.4 -1.7
---------------------------------------------------------------
Total 2.0 2.5 8.1 9.1 -11.4
---------------------------------------------------------------
The majority of Tectia's invoicing is U.S. dollar based. During the report
period, the U.S. dollar's average exchange rate to euro weakened on average
-5.0 percent compared to the same period a year ago. With comparable exchange
rates 2011 net sales decrease would have been -8.8 percent compared 2010
corresponding period.
CHANGES IN OPERATIONS STRUCTURE
In order to increase speed of strategy execution, Tectia established during the
first quarter of the fiscal year two separate business units and structured its
global sales, presales and customer support accordingly. The business units
were until the end of September 2011 Managed Security business and Mobile
Authentication business. Due to changes in the company focus, the two business
units were merged during the last quarter of the fiscal year 2011. The merger
of the two separate business units does not have an impact on segment
reporting.
RESULTS AND EXPENSES
Operating loss for October-December amounted to EUR -0.0 million (EUR -0.5
million), with net loss totaling EUR -0.1 million (EUR -0.5 million).
Operating loss for January-December amounted to EUR -2.0 million (EUR -0.7
million), with loss totaling EUR -2.2 million (EUR -0.5 million).
Non-recurring items during January-December EUR -1.1 million were mainly due to
structural change to channel model of the sales organization and changes in
company management team. EUR -0.7 million of the costs were related to
personnel reductions in Finland. Employer/employee negotiations concerning
personnel in Finland concluded September 27th, 2011. In addition EUR -0.4
million of non-recurring costs relate to personnel reductions both in US and
Germany as well as to the closing of the German sales office.
Sales, marketing and customer support expenses for the October-December
reporting period amounted to EUR -1.3 million (EUR -1.6 million), while
research and development expenses totaled EUR -0.5 million (EUR -0.7 million)
and administrative expenses EUR -0.3 million (EUR -0.6 million).
Sales, marketing and customer support expenses for the January-December
reporting period amounted EUR -5.4 million (EUR -5.1 million), while research
and development expenses totaled EUR -2.5 million (EUR -2.3 million) and
administrative expenses EUR -2.0 million (EUR -2.2 million).
BALANCE SHEET AND FINANCIAL POSITION
The financial position of Tectia remained at a healthy level during the
reporting period. The consolidated balance sheet total on December 31, 2011
stood at EUR 6.4 million (December 31, 2010 EUR 8.3 million), of which liquid
assets accounted for EUR 2.5 million (December 31, 2010 EUR 4.0 million), or
39.3 percent of the balance sheet total. On December 31, 2011, gearing, or the
ratio of net liabilities to shareholders' equity, was -230.0 percent (December
31, 2010 -121.0 percent) and the equity ratio stood at 36.2 percent (December
31, 2010 69.1 percent).
The reported gross capital expenditure for the period totalled EUR 0.7 million
(EUR 0.1 million). The reported financial income and expenses consisted mainly
of interest on deposits and exchange rate gains or losses. Financial income and
expenses totalled EUR -0.1 million (EUR 0.3 million).
During January-December, Tectia reported a negative cash flow of EUR -0.8
million (EUR -0.9 million) from business operations, and investments showed a
negative cash flow of EUR -0.7 million (EUR -0.1 million). Cash flow from
financing totaled EUR 2.5 million (EUR -1.4 million). Total cash flow from
operations, investments and financing was positive EUR 0.9 million (EUR -2.3
million) during the period.
RESEARCH AND DEVELOPMENT
Research and development expenses for October-December totaled EUR -0.5 million
(EUR -0.7 million), the equivalent of 25.2 percent of net sales (27.8 percent).
During October-December, the company has capitalized new product R&D costs EUR
0.3 million (EUR 0.0 million).
Research and development expenses for January-December totaled EUR -2.5 million
(EUR -2.3 million), the equivalent of 31.3 percent of net sales (25.4 percent).
During January-December, the company has capitalized new product R&D costs EUR
0.6 million (EUR 0.0 million).
HUMAN RESOURCES AND ORGANIZATION
At the end of September, the Group had 52 employees on its payroll, down by 18
persons from the previous year, a decrease of -25.7 percent.
At the end of the period, 39 percent of the employees worked in sales and
marketing, 46 percent in R&D, and 15 percent in corporate administration.
BOARD AND AUDITORS
At the Annual General Meeting (AGM) on March 3, 2011 re-elected Juhani Harvela,
Pyry Lautsuo, Juho Lipsanen, Tiia Tuovinen and Tatu Ylönen as directors of the
company's Board of Directors. Juho Lipsanen was re-elected as the Chairman of
the Board of Directors.
The Authorized Public Accountants KPMG Oy Ab was re-elected as the auditor of
the company, with Kirsi Jantunen as the accountant with the main
responsibility.
Tatu Ylönen started as company CEO on September 26th, 2011.
SHARES, SHAREHOLDING AND CHANGES IN GROUP STRUCTURE
The reported trading volume of Tectia Corporation shares totaled 2,287,515
shares (valued at EUR 1,171,363). The highest quotation was EUR 0.89 and the
lowest EUR 0.29. The trade-weighted average share price for the period was EUR
0.51 and the share closed at EUR 0.30 (December 30, 2011).
Company's principal owner Tatu Ylönen holdings directly and indirectly holds
now 45.6 percent of the company's shares, Assetman Oy holds 13.1 percent and
SSH Management Investment Corp 4.7 percent. More information about the
shareholding can be obtained from the company´s web site.
SSH Management Investment Corp is part of the Tectia Group consolidated
financial statements due to shareholder agreement. SSH Management Investment
Corp owns 1,433,750 Tectia Corporation shares.
Two new Tectia Group companies Tectia Solutions Oy (Finland) and Tectia
Licensing Sarl (Luxembourg) were established during year 2011.
During reporting period no dividend or return of capital has been distributed.
SHARE CAPITAL AND BOARD AUTHORIZATIONS
The company's registered share capital on December 31, 2011 was EUR 916,476.24
consisting of 30,549,208 shares. During the reporting period according to
I/1999 option program, 250 shares were subscribed for using class C option
certificates, 250 shares using class D option certificates and 500 shares using
class F option certificates. The corresponding increase in the share capital
was in total EUR 30.00.
The Annual General Meeting approved the Board of Directors' proposal to
authorize the Board of Directors to decide upon the issuing of in total
5,500,000 shares, in one or more tranches, as share issues against payment or
by giving stock options or other special rights entitling to shares, as defined
in Chapter 10 Section 1 of the Finnish Companies Act, either in accordance with
the shareholders' pre-emptive right to share subscription or deviating from
this right. The authorization will be valid until the next Annual General
Meeting, but will expire on June 30th 2012 at the latest.
The Annual General Meeting approved the Board of Directors' proposal to
authorize the Board of Directors to decide upon the acquiring of a maximum of
2,000,000 of the company's own shares, in one or more tranches, with assets
belonging to the company's non-restricted equity. This amount corresponds
approximately to 6.55 per cent of all shares of the company. The compensation
to be paid for the acquired shares shall be determined on the date of
acquisition on the basis of the trading rate determined for the company's share
in the public trading arranged by NASDAQ OMX Helsinki Ltd. Furthermore, the
Annual General Meeting decided to authorize the Board of Directors to decide
upon a distress concerning a maximum of 1,500,000 own shares, in one or more
tranches. The amount corresponds approximately to 4.91 per cent of all shares
of the company. The authorization to acquire the shares and the authorization
concerning the distress shall be valid at most for eighteen (18) months after
the decision of the Annual General Meeting.
DIVIDEND AND OTHER DISTRIBUTION OF ASSETS
Tectia's Board of Directors will propose to the Annual General Meeting 28th of
March 2012 that no dividend or return of capital be distributed. It is proposed
that the loss of the financial year shall be entered to the shareholders equity
in the profit/loss account.
RISKS AND UNCERTAINTIES
Risk management is a part of Tectia's internal administration. It aims to
ensure that major risks affecting the company's business and operating
environment are identified and monitored. Tectia operates in fast chancing
security software markets, thus the changes in IT-business and particularly in
security software business development affects directly to company's business
risk. Since the United States is the main market area, any risks including
currency risks associated with that country are considered to be significant.
Other major risks are related to product technology, competitor activities and
profitability.
Sales operations are supported by the company's own legal unit, which, through
continuous management of contracts, seeks to reduce the risks related to the
company's business operations. Tectia protects its copyrights and trademarks
through sales agreements. The company has also an active patent policy to
protect its technology. Tectia encourages its employees to make and protect
inventions.
Tectia has a process in place whereby any network security risks found in the
company's products are promptly reported to senior management. Corrections are
made immediately and updates are supplied to customers without delay. The
company's critical information systems are secured. Tectia actively uses its
own products to protect the information system architecture. Encryption and
strong authentication protect the company's confidential data communications.
Tectia provides no financing for its customers other than by granting normal
payment terms. The company has a strong balance sheet and no significant
long-term liabilities. Asset managers invest the company's cash reserves in
accordance with a policy approved by the Board of Directors. Significant of the
Tectia's invoicing is taking place in US dollars. Company has hedged during the
reporting period against US dollar currency fluctuations. Company does not
apply hedge accounting on current hedging position and therefore states hedging
income/expenses in income statement.
During the reporting period there have not been any significant changes in
company's business risks or uncertainties.
EVENTS AFTER THE BALANCE SHEET DATE
According to a separately published release by the company on January 3rd,
2012, a major UK financial institution increased its investment in SSH
technology with a total order value of software licensing and maintenance at
EUR 0.9 million. Software license sales of the received order will be
recognized during first quarter 2012 and the maintenance sales portion during
fiscal year 2012.
The Tectia management is not aware of any other transactions that happened
after the reporting period that would have impacted the presented financial
statement.
RELATED PARTY TRANSACTIONS
Clausal Computing Oy, a fully owned company of Tectia Corporation CEO Tatu
Ylönen has delivered during 2011 mainly R&D services valued in total EUR 0.1
million. During the reporting period there have not been any other significant
related party transactions.
TABLES
COMPREHENSIVE INCOME STATEMENT
--------------------------------------------------------------------------
EUR million 10-12 10-12 1-12 1-12
/2011 /2010 /2011 /2010
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Net sales 2.0 2.5 8.1 9.1
--------------------------------------------------------------------------
Cost of goods sold -0.0 -0.2 -0.1 -0.2
--------------------------------------------------------------------------
Gross profit 1.9 2.4 7.9 8.9
--------------------------------------------------------------------------
Other operating income 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Sales. marketing and customer support costs -1.3 -1.6 -5.4 -5.1
--------------------------------------------------------------------------
Product development expenses -0.5 -0.7 -2.5 -2.3
--------------------------------------------------------------------------
Administrative expenses -0.3 -0.6 -2.0 -2.2
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Operating profit/loss -0.0 -0.5 -2.0 -0.7
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Financial income and expenses -0.0 0.0 -0.1 0.3
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Profit/loss before taxes -0.0 -0.5 -2.2 -0.5
--------------------------------------------------------------------------
Taxes -0.0 0.0 -0.0 0.0
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Net profit/loss for the financial period -0.1 -0.5 -2.2 -0.5
--------------------------------------------------------------------------
Minority Interest -0.0 -0.0 -0.0 -0.0
--------------------------------------------------------------------------
Other profit and loss account items:
--------------------------------------------------------------------------
Foreign subsidiary translation differences -0.1 -0.1 0.1 -0.2
--------------------------------------------------------------------------
--------------------------------------------------------------------------
Total comprehensive income -0.1 -0.6 -2.1 -0.7
--------------------------------------------------------------------------
Net profit/loss attributable to:
-------------------------------------------------------------
Owners of the Company -0.1 -0.6 -2.1 -0.7
-------------------------------------------------------------
Non-Controlling interest -0.0 -0.0 -0.0 -0.0
-------------------------------------------------------------
-------------------------------------------------------------
EARNINGS PER SHARE
-------------------------------------------------------------
Earnings per share (EUR) -0.00 -0.02 -0.07 -0.02
-------------------------------------------------------------
Earnings per share. diluted (EUR) -0.00 -0.02 -0.07 -0.02
-------------------------------------------------------------
BALANCE SHEET
---------------------------------------------------------------
EUR million
---------------------------------------------------------------
31.12.2011 31.12.2010
---------------------------------------------------------------
ASSETS
---------------------------------------------------------------
---------------------------------------------------------------
Non-current assets
---------------------------------------------------------------
Tangible assets 0.1 0.2
---------------------------------------------------------------
Intangible assets 1.3 0.8
---------------------------------------------------------------
Investments 0.0 0.0
---------------------------------------------------------------
Total non-current assets 1.5 1.0
---------------------------------------------------------------
---------------------------------------------------------------
Current assets
---------------------------------------------------------------
Trade and other receivables 2.4 3.2
---------------------------------------------------------------
Short-term financial assets 0.0 2.5
---------------------------------------------------------------
Cash and cash equivalents 2.5 1.6
---------------------------------------------------------------
Total current assets 4.9 7.2
---------------------------------------------------------------
---------------------------------------------------------------
Total assets 6.4 8.3
---------------------------------------------------------------
---------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
---------------------------------------------------------------
---------------------------------------------------------------
Shareholders' equity
---------------------------------------------------------------
Equity attributable to the 0.8 2.9
parent company shareholders
total
---------------------------------------------------------------
Non-controlling interest 0.2 0.3
---------------------------------------------------------------
Shareholders' equity total 1.1 3.2
---------------------------------------------------------------
---------------------------------------------------------------
Non-current liabilities
---------------------------------------------------------------
Provisions 0.1 0.1
---------------------------------------------------------------
Non-current interest-bearing 0.0 0.0
liabilities
---------------------------------------------------------------
Total long-term liabilities 0.1 0.1
---------------------------------------------------------------
---------------------------------------------------------------
Current liabilities 5.2 5.0
---------------------------------------------------------------
---------------------------------------------------------------
Liabilities total 5.3 5.1
---------------------------------------------------------------
---------------------------------------------------------------
Total equity and liabilities 6.4 8.3
---------------------------------------------------------------
---------------------------------------------------------------
CASH FLOW STATEMENT
-----------------------------------------------------------
EUR million 1-12/2011 1-12/2010
-----------------------------------------------------------
-----------------------------------------------------------
Cash flow from business operations -0.8 -0.9
-----------------------------------------------------------
Cash flow from investments -0.7 -0.1
-----------------------------------------------------------
Cash flow from financing 2.5 -1.4
-----------------------------------------------------------
-----------------------------------------------------------
Increase(+) / decrease (-) in cash 0.9 -2.3
-----------------------------------------------------------
-----------------------------------------------------------
Cash at period start 1.6 3.9
-----------------------------------------------------------
Effect of exchange rate 0.0 0.0
-----------------------------------------------------------
Cash at period end 2.5 1.6
-----------------------------------------------------------
-----------------------------------------------------------
-----------------------------------------------------------
STATEMENT ON CHANGES
IN SHAREHOLDERS'
EQUITY
--------------------------------------------------------------------------------
EUR million Share Fair Other Trans- Fund Non-Con Unrestrict Total
Capi-t value Equit lation for trollin ed equity
al reser- y Fund diff own g funds and
ves share intere retained
s st earnings
--------------------------------------------------------------------------------
Shareholders 0.9 0.1 -1.0 -1.1 5.5 4.4
' equity
Jan. 1. 2010
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change -0.3 -0.3
--------------------------------------------------------------------------------
Return of 0.1 -1.5 -1.4
Capital
--------------------------------------------------------------------------------
Net profit -0.6 -0.6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Transactions 0.1 0.5 0.6
related to
Siltanet
Corp
Purchase
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Management 0.3 0.3
Incentive
plan
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders 0.9 0.1 0.1 -1.3 -1.0 0.3 4.0 3.2
' equity
Dec. 31.
2010
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change 0.1 0.1 -0.1 0.1
--------------------------------------------------------------------------------
Net Profit -2.2 -2.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders 0.9 0.1 0.2 -1.2 -1.0 0.2 1.9 1.1
' equity
Dec. 31.
2011
--------------------------------------------------------------------------------
NET SALES BY SEGMENT
--------------------------------------------------
EUR million 10-12/ 10-12/ 1-12/ 1-12/
2011 2010 2011 2010
--------------------------------------------------
--------------------------------------------------
AMER 1.1 1.5 4.8 6.0
--------------------------------------------------
APAC 0.4 0.4 1.3 1.0
--------------------------------------------------
EMEA 0.4 0.6 1.9 2.1
--------------------------------------------------
Tectia Group total 2.0 2.5 8.1 9.1
--------------------------------------------------
GROSS MARGIN BY SEGMENT
-----------------------------------------------------
EUR million 10-12/ 10-12/ 1-12/ 1-12/
2011 2010 2011 2010
-----------------------------------------------------
-----------------------------------------------------
AMER 1.1 1.5 4.8 6.0
-----------------------------------------------------
APAC 0.4 0.4 1.3 1.0
-----------------------------------------------------
EMEA 0.4 0.4 1.8 1.9
-----------------------------------------------------
Tectia Group total 1.9 2.4 7.9 8.9
-----------------------------------------------------
OPERATING PROFIT/LOSS BY SEGMENT
--------------------------------------------------------------
EUR million 10-12/ 10-12/ 1-12/ 1-12/
2011 2010 2011 2010
--------------------------------------------------------------
--------------------------------------------------------------
AMER 0.3 0.6 2.0 3.4
--------------------------------------------------------------
APAC 0.3 0.1 0.8 0.4
--------------------------------------------------------------
EMEA 0.4 0.3 1.0 0.5
--------------------------------------------------------------
Common Group -1.0 -1.5 -5.8 -5.1
expenses*
--------------------------------------------------------------
Tectia Group total -0.0 -0.5 -2.0 -0.7
--------------------------------------------------------------
* Common Group expenses include Group administration expenses (e.g. management
and finance) and product management and R&D expenses for corporate
headquarters.
KEY FIGURES AND RATIOS
--------------------------------------------------------------------------------
EUR million 1-12/2011 1-12/2010
--------------------------------------------------------------------------------
Net sales 8.1 9.1
--------------------------------------------------------------------------------
Operating profit/loss -2.0 -0.7
--------------------------------------------------------------------------------
Operating profit/loss. as % of net sales -25.3 -7.9
--------------------------------------------------------------------------------
Profit/loss before extraordinary items and taxes -1.1 -0.5
--------------------------------------------------------------------------------
Profit/loss before extraordinary items and taxes. as % of -13.3 -5.0
net sales
--------------------------------------------------------------------------------
Profit/loss before taxes -2.2 -0.5
--------------------------------------------------------------------------------
Profit/loss before taxes. as -27.0 -5.0
% of net sales
--------------------------------------------------------------------------------
Return on equity (%) -110.0 -12.8
--------------------------------------------------------------------------------
Return on investment (%) -99.6 -10.5
--------------------------------------------------------------------------------
Interest-bearing net liabilities -2.5 -4.0
--------------------------------------------------------------------------------
Equity ratio (%) 36.2 69.1
--------------------------------------------------------------------------------
Gearing (%) -230.0 -121.0
--------------------------------------------------------------------------------
Gross capital expenditure 0.8 0.1
--------------------------------------------------------------------------------
% of net sales 9.9 1.2
--------------------------------------------------------------------------------
R&D expenses -2.5 -2.3
--------------------------------------------------------------------------------
% of net sales -31.3 -25.2
--------------------------------------------------------------------------------
Personnel. period average 61 68
--------------------------------------------------------------------------------
Personnel. period end 52 70
--------------------------------------------------------------------------------
Calculation for key figures and ratios are presented in 2010 financial
statement and annual report. There have not been changes in calculation rules
after that.
PER-SHARE DATA
---------------------------------------------------------------------
EUR 1-12/2011 1-12/2010
---------------------------------------------------------------------
---------------------------------------------------------------------
Earnings per share. Undiluted -0.07 -0.02
---------------------------------------------------------------------
Earnings per share. diluted -0.07 -0.02
---------------------------------------------------------------------
Equity per share 0.03 0.10
---------------------------------------------------------------------
No. of shares at period average (thousand) 30 549 29 900
---------------------------------------------------------------------
No. of shares at period end (thousand) 30 549 29 901*
---------------------------------------------------------------------
Share performance
---------------------------------------------------------------------
Average price 0.51 0.91
---------------------------------------------------------------------
Low 0.29 0.76
---------------------------------------------------------------------
High 0.89 1.15
---------------------------------------------------------------------
Share price. period end 0.30 0.83
---------------------------------------------------------------------
Market capitalization. period end (EUR million) 9.2 24.8
---------------------------------------------------------------------
Volume of shares traded (million) 2.3 4.5
---------------------------------------------------------------------
Volume of shares traded. As 7.5 15.1
% of total
---------------------------------------------------------------------
Value of shares traded (EUR million) 1.2 4.1
---------------------------------------------------------------------
Price per earnings ratio (P/E) - -
---------------------------------------------------------------------
Dividend per share 0.00 0.00
---------------------------------------------------------------------
Dividend per earnings, % 0.00 0.00
---------------------------------------------------------------------
Effective return on dividend, % 0.00 0.00
---------------------------------------------------------------------
* Figure does not include directed share issue to Siltanet Corp as the shares
became under exercise not until January 2011.
CONTINGENT LIABILITIES
------------------------------------------------------
EUR million 31.12.2011 31.12.2010
------------------------------------------------------
Rent security deposits 0.1 0.1
------------------------------------------------------
Leasing commitments outside
the balance sheet
------------------------------------------------------
Maturing within 1 year 0.5 0.5
------------------------------------------------------
Maturing between 1 and 5 years 0.4 1.3
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DISCLAIMER
The content in this report is provided by Tectia Corporation ("Tectia") and its
third party content providers for your personal information only. And does not
constitute an offer or invitation to purchase any securities. Nor does it
provide any form of advice (investment. tax. legal) amounting to investment
advice. Or make any recommendations regarding particular investments or
products. Tectia does not provide investment advice or recommendations to buy
or sell its shares or the shares of others. If you are interested in investing
in Tectia, please contact your financial adviser for further details and
information. Past performance of Tectia shares is not indicative of future
results. EXCEPT AS PROVIDED BY APPLICABLE COMPULSORY LAW TECTIA EXPRESSLY
DISCLAIMS ALL WARRANTIES, EXPRESSED OR IMPLIED. AS TO THE AVAILABILITY,
ACCURACY OR RELIABILITY OF ANY OF THE CONTENT PROVIDED, OR AS TO THE FITNESS OF
THE INFORMATION FOR ANY PURPOSE.
Tectia Corporation will release its next interim report for period January
1-March 31, 2012 on May 3rd, 2012.
Helsinki, February 14th, 2012
TECTIA CORPORATION
Board of Directors
Tatu Ylönen
CEO
For further information, please contact:
Tatu Ylönen, CEO. tel. +358 20 500 7000
Mikko Karvinen, CFO, Deputy Managing Director. tel. +358 50 326 4101
Distribution:
NASDAQ OMX Helsinki Ltd.
Major media
www.tectia.com
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