2014-02-06 08:00:07 CET
2014-02-06 08:00:12 CET
REGULATED INFORMATION
SSH Communications Security Oyj - Financial Statement Release
SSH COMMUNICATIONS SECURITY FINANCIAL STATEMENT RELEASE, JANUARY 1 – DECEMBER 31, 2013
Helsinki, Finland, 2014-02-06 08:00 CET (GLOBE NEWSWIRE) -- SSH COMMUNICATIONS
SECURITY CORPORATION FINANCIAL STATEMENT RELEASE FEBRUARY 6, 2014 AT 9:00
A.M.
SSH COMMUNICATIONS SECURITY FINANCIAL STATEMENT RELEASE, JANUARY 1 - DECEMBER
31, 2013
October-December 2013: Moderate sales growth and strong profitability
-- Net sales grew by 13.1% to EUR 4.1 (3.6) million.
-- Operating profit was EUR 0.6 (0.3) million or 14.1% (7.8%) of net sales.
-- Earnings per share EUR 0.02 (EUR 0.01).
January-December 2013: Moderate sales growth, investments in future growth
impacted profitability, positive cash flow from operations
-- Net sales grew by 11.9% to EUR 13.3 (11.9) million. At comparable exchange
rates the growth was 13.8%.
-- Operating profit was EUR 0.2 (1.1) million or 1.3% (9.1%) of net sales
-- Earnings per share was EUR -0.00 (0.04).
-- Cash flow from operations was EUR 0.4 (1.3) million.
In 2014, SSH Communications Security estimates its revenue to grow
significantly and profitability to improve. During the first half of the year
the sales growth can be smaller with possibilities to losses due to timing of
sizeable deals.
KEY FIGURES
-----------------------------------------------------------------------------
10-12/ 10-12/ 1-12/ 1-12/ Change %
2013 2012 2013 2012
-----------------------------------------------------------------------------
-------------------------------------
-----------------------------------------------------------------------------
Net sales (MEUR) 4.1 3.6 13.3 11.9 11.9
-----------------------------------------------------------------------------
Operating profit/loss (MEUR) 0.6 0.3 0.2 1.1 -84.1
-----------------------------------------------------------------------------
% of net sales 14.0 7.8 1.3 9.1 -85.8
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Profit/loss before taxes (MEUR) 0.6 0.3 0.2 1.1 -86.3
-----------------------------------------------------------------------------
Profit/loss (MEUR) 0.6 0.3 0.2 1.1 -86.6
-----------------------------------------------------------------------------
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Return on equity, % 2.2 30.9 -92.9
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Return on investment, % 1.9 28.1 -93.2
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Liquid assets 6.0 6.6 -9.8
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Gearing (%) -80.1 -105.2 -23.9
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Equity ratio (%) 76.6 70.0 9.4
-----------------------------------------------------------------------------
-----------------------------------------------------------------------------
Earnings Per Share (EUR) 0.02 0.01 -0.00 0.04 -100.0
-----------------------------------------------------------------------------
Shareholders' equity per share (EUR) 0.24 0.20 0.24 0.20 17.4
-----------------------------------------------------------------------------
CEO'S BUSINESS REVIEW
The company solidified its leadership in encryption and server access control
in 2013. Its focus around cybersecurity in large computing systems utilizing
the SSH protocol has given the company a unique position. The company's
solutions for managing security, encryption, auditing, and authentication have
received significant attention from international press and analysts.
Revenue growth in 2013 was moderate, with sales growing 12% compared to the
previous year. The company was profitable for the second consecutive year
despite heavy investments in R&D and market creation. Cash flow from
operations was positive. Personnel grew 41% year-on-year in anticipation of
the next phase of growth.
The outlook going forward is positive. The company has invested heavily in
market creation, technology leadership, quality, and initial customer success
stories for new products. This now manifests in an increased number of inbound
leads and active sales cases. Several major customers have budgeted for
significant purchases of the company's solutions for the coming year. The SSH
protocol market is going strong and desperately needs solutions for managing
key-based access and auditing encrypted traffic in large IT environments.
Many countries have painfully realized that information systems are widely used
for espionage and that vendors in certain countries have been made to insert
backdoors into their products. Cybersecurity solutions from trusted sources
are in high need, and the company's deep expertise in encryption, key
management, authentication, and distributed systems opens major new growth
opportunities in government markets.
Finally, the company's intellectual property portfolio has matured and is ready
for commercial licensing. This revenue source will be developed in the coming
year and technology licensing may contribute significantly to the company's
growth in the coming years.
In view of these factors, the company is well positioned for faster growth and
higher profitability in the coming year, although the first months of the year
are still looking somewhat challenging.
Tatu Ylönen
CEO
NET SALES
Consolidated net sales for October-December totaled EUR 4.1 million (EUR 3.6
million), up by 13.1%, year on year.
Consolidated net sales for January-December totaled EUR 13.3 million (EUR 11.9
million), up by 11.9%, year on year.
Sales growth was due to strong sales growth of Universal SSH Key Manager and
CryptoAuditor, especially in EMEA. Consulting sales around new solutions grew
remarkably. Longer than anticipated sales cycles impacted license sales growth.
Negative development in maintenance revenue was mainly caused by cleaning
customer maintenance contracts during 2012 (additional maintenance revenue in
2012) and the weakening of USD. Customers in AMER and APAC started to move to
new solutions slower than anticipated.
The Americas; Europe, Middle East and Africa; and the Asia Pacific region
accounted for 39.6% (50.6%), 49.5% (36.1%) and 10.9% (13.2%) of reported net
sales, respectively.
KEY FIGURES
-------------------------------------------------------
EUR million 10-12/ 10-12/ 1-12/ 1-12/ Change %
2013 2012 2013 2012
-------------------------------------------------------
-------------------------------------------------------
BY SEGMENT
-------------------------------------------------------
AMERICAS 1.3 1.8 5.3 6.0 -12.5
-------------------------------------------------------
APAC 0.4 0.4 1.5 1.6 -7.4
-------------------------------------------------------
EMEA 2.4 1.5 6.6 4.3 53.2
-------------------------------------------------------
SSH Group Total 4.1 3.6 13.3 11.9 11.9
-------------------------------------------------------
-------------------------------------------------------
BY OPERATION
-------------------------------------------------------
License sales 1.9 1.4 4.6 5.0 -7.0
-------------------------------------------------------
Consulting 0.8 0.6 3.0 0.6 399.2
-------------------------------------------------------
Maintenance 1.4 1.6 5.6 6.3 -10.4
-------------------------------------------------------
Total 4.1 3.6 13.3 11.9 11.9
-------------------------------------------------------
The majority of SSH Communications Security's invoicing is U.S. dollar based.
During the report period, the U.S. dollar's average exchange rate to euro
weakened approximately -3.3% compared to the same period a year ago. With
comparable exchange rates 2012 net sales growth would have been 13.8% compared
with 2012 corresponding period.
RESULTS AND EXPENSES
Operating profit for October-December amounted to EUR 0.6 million (EUR 0.3
million), with net profit totaling EUR 0.6 million (EUR 0.3 million).
Operating profit for January-December amounted to EUR 0.2 million (EUR 1.1
million), with net profit totaling EUR 0.2 million (EUR 1.1 million).
Non-recurring items during January-December were EUR 0.0 million (EUR -0.4
million). The company was profitable despite heavy investments in R&D and
market creation.
Sales, marketing and customer support expenses for the October-December
reporting period amounted EUR -1.7 million (EUR -1.8 million), while research
and development expenses totaled EUR -0.9 million (EUR -0.7 million) and
administrative expenses EUR -0.4 million (EUR -0.4 million).
Sales, marketing and customer support expenses for the January-December
reporting period amounted EUR -6.9 million (EUR -5.9 million), while research
and development expenses totaled EUR -3.0 million (EUR -2.7 million) and
administrative expenses EUR -1.5 million (EUR -1.4 million).
BALANCE SHEET AND FINANCIAL POSITION
The financial position of SSH Communications Security remained strong during
the reporting period. The consolidated balance sheet total on December 31, 2013
stood at EUR 13.5 million (EUR 12.5 million; December 31, 2012), of which
liquid assets accounted for EUR 6.0 million (EUR 6.6 million), or 44.3% of the
balance sheet total. On December 31, 2013, gearing, or the ratio of net
liabilities to shareholders' equity, was -80.1% (-105.2%) and the equity ratio
stood at 76.6% (70.0%). During 2013, SSH Management Investment Ltd., which was
established for the share incentive plan of previous management team, has been
liquidated (Extraordinary general meeting December 23, 2013). SSH Management
Investment sold all shares (4.7%) of SSH Communications Security, paid back the
loan and it is not consolidated to SSH Communications Security. Due to the
transaction, fund for own shares is released which increases equity per share
by EUR 0.03, and SSH communications Security has recorded EUR 0.1 million gain.
The reported gross capital expenditure for the period totaled EUR 2.0 million
(EUR 1.2 million). The reported financial income and expenses consisted mainly
of interest on deposits and exchange rate gains or losses. Financial income and
expenses totaled EUR -0.0 million (EUR 0.0 million).
During January-December, SSH Communications Security reported a cash flow of
EUR 0.4 million (EUR 1.3 million) from business operations, and investments
showed a negative cash flow of EUR -2.0 million (EUR -1.2 million). Cash flow
from financing totaled EUR -1.2 million (EUR 4.1 million). Total cash flow was
EUR -2.8 million (EUR 4.2 million) largely due to EUR 2.0 million investment
made on fixed income fund, which is shown in investments.
Fair value of short term investment is determined from quoted prices available
from markets. Financial investment belongs to level 1 according to IFRS 7.
Market value of financial investment was EUR 2.0 million and nominal value EUR
2.0 million.
RESEARCH AND DEVELOPMENT
Research and development expenses for October-December totaled EUR -0.9 million
(EUR -0.7 million), the equivalent of 22.2 percent of net sales (19.4 percent).
During October-December company has capitalized R&D costs EUR -0.4 million (EUR
-0.4 million).
Research and development expenses for January-December totaled EUR -3.0 million
(EUR -2.7 million), the equivalent of 22.3 percent of net sales (22.7 percent).
The company has continued R&D capitalizations during the reporting period
related to Universal SSH Key Manager and Crypto Auditor according to IAS 38
standard. During the reporting period R&D cost capitalizations amount to EUR
1.6 million (EUR 1.1 million).
HUMAN RESOURCES AND ORGANIZATION
At the end of December, the Group had 99 employees on its payroll, up by 29
persons from the previous year, an increase of 41%.
At the end of the period, 43% of the employees worked in sales, marketing and
customer services, 44% in R&D, and 13% in corporate administration.
During 2013 Group Management Team of SSH Communications Security was
strengthened by appointments of Sami Ahvenniemi, President and CEO SSH
Americas; Mika Lauhde, Vice President Government Relations and Business
Development; and Antti Huima Chief Technology Officer and Vice President,
Engineering.
BOARD AND AUDITORS
The Annual General Meeting (AGM) on March 20, 2013 elected Päivi Hautamäki,
Sami Ahvenniemi and Tatu Ylönen as the directors of the company. Sami
Ahvenniemi was elected as the Chairman of the Board of Directors in the board's
organizing meeting. As announced on July 5, 2013 SSH Communications Security
has appointed MSc (Eng.) Sami Ahvenniemi to a member of the Group Management
Team responsible for operations in the North and South America from August 12,
2013. Ahvenniemi has continued as a member of the Board. The Chairman of the
Board of Directors of SSH Communications Security Oyj is Päivi Hautamäki from
August 1, 2013 onwards.
The Authorized Public Accountants KPMG Oy Ab was re-elected as the auditor of
the company, with Kirsi Jantunen, KHT as the accountant with the main
responsibility.
SHARES, SHAREHOLDING AND CHANGES IN GROUP STRUCTURE
The reported trading volume of SSH Communications Security Corporation shares
totaled 9 872 101 (valued at EUR 20 848 204). The highest quotation was EUR
4.50 and the lowest EUR 0.75. The trade-weighted average share price for the
period was EUR 2.11 and the share closed at EUR 2.91 (December 30, 2013).
The company's principal owner Tatu Ylönen holds directly and through his
company, Clausal Computing Oy, now 57.7% of the company's shares, Assetman Oy
holds 11.3% and Gaselli Capital 4.1%. More information about the shareholding
can be obtained from the company´s web site.
During reporting period no dividend or return of capital were distributed.
SHARE CAPITAL AND BOARD AUTHORIZATIONS
The company's registered share capital on December 31, 2013 was EUR 922 529
consisting of 30 750 983 shares. During reporting period share capital did not
change.
The Annual General Meeting approved the Board of Directors' proposal to
authorize the Board of Directors to decide upon the issuing of in total 6 000
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 30, 2014 at the latest. As announced on June
4, 2013, the Board of Directors decided an option plan of maximum 1 700 000
options.
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. The authorization to
acquire the shares will be valid at most for eighteen (18) months after the
decision of the Annual General Meeting.
DIVIDEND AND OTHER DISTRIBUTION OF ASSETS
SSH Communications Security's Board of Directors will propose to the Annual
General Meeting 20th of March 2014 that no dividend or return of capital be
distributed. It is proposed that the profit of the financial year shall be
entered to the shareholders equity in the profit/loss account.
RISKS AND UNCERTAINTIES
Largest risks that might impact the profitability of the company are listed
below. Other risks, which are currently either unknown or considered immaterial
to SSH Communications Security may, however, become material in the future.
Largest risks:
- continuing uncertainty of the macroeconomic environment
- delays on product development and closing new business
- competitiveness of the product portfolio including intellectual property (IPR)
- litigation, especially in the U.S. market
- competitive dynamics in the industry
- ability of the organization to scale up operations with the growth
- large portion of the company revenue is invoiced in USD currency so possible
large fluctuation in USD currency rates during 2014 could have unpredictable
effects for profitability that are at the time difficult to estimate. Currently
USD currency position is not hedged, and company decides hedging of USD based
contracts case by case.
Principles and organization of risk management of SSH Communications Security
can be read from company´s webpage: www.ssh.com.
FUTURE OUTLOOK
In 2014, SSH Communications Security estimates its revenue to grow
significantly and profitability to improve. During the first half of the year
the sales growth can be smaller with possibilities to losses due to timing of
sizeable deals.
RELATED PARTY TRANSACTIONS
Clausal Computing Oy, a fully owned company of SSH Communications Security
Corporation's CEO Tatu Ylönen, has delivered the company mainly R&D services
valued in total EUR 0.4 million during January-December 2013. During the
reporting period there have not been any other significant transactions with
related parties. Hybrid capital securities (EUR 4.0 million) of the company was
subscribed by CEO Tatu Ylönen 2012.
EVENTS AFTER THE BALANCE SHEET DATE
The SSH Communications Security management is not aware of any significant
transactions after the reporting period.
REPORTING
This financial statement release is prepared according to IAS 34. Financial
statement release follows the same principles and standards as the previous
financial statement release. Additionally the effective changes in IAS/IFRS
standards during reporting period have been adopted. These changes have no
material impact on the interim report. The information presented in this
interim report has not been audited.
TABLES
COMPREHENSIVE INCOME STATEMENT
--------------------------------------------------------------------------------
EUR million 10-12/ 10-12/ 1-12/ 1-12/
2013 2012 2013 2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales 4.1 3.6 13.3 11.9
--------------------------------------------------------------------------------
Cost of goods sold -0.5 -0.5 -1.9 -0.9
--------------------------------------------------------------------------------
Gross profit 3.5 3.1 11.4 11.0
--------------------------------------------------------------------------------
Other operating income 0.0 0.0 0.1 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Sales, marketing and customer support costs -1.7 -1.8 -6.9 -5.9
--------------------------------------------------------------------------------
Product development expenses -0.9 -0.7 -3.0 -2.7
--------------------------------------------------------------------------------
Administrative expenses -0.4 -0.4 -1.5 -1.4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit/loss 0.6 0.3 0.2 1.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial income and expenses -0.0 0.0 -0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit/loss before taxes 0.6 0.3 0.2 1.1
--------------------------------------------------------------------------------
Taxes -0.0 -0.0 -0.0 -0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net profit/loss for the financial period 0.6 0.3 0.2 1.1
--------------------------------------------------------------------------------
Minority interest 0.0 -0.0 0.0 -0.0
--------------------------------------------------------------------------------
Other profit and loss account items:
--------------------------------------------------------------------------------
Items which might be later transferred to P/L
statement
--------------------------------------------------------------------------------
--------------------------------------------------------------------------
Foreign subsidiary translation differences -0.0 -0.1 -0.0 -0.1
--------------------------------------------------------------------------------
Net change in fair value of available-for-sale
financial assets
--------------------------------------------------- ---------------------
0.0 0.0 0.0 0.0
--------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total comprehensive income 0.6 0.2 0.2 1.0
--------------------------------------------------------------------------------
------------------------------------------------------------------- ------
------------------------------------------------------------------------------
Net profit/loss attributable to:
--------------------------------------------------------------------------------
Owners of the Company 0.6 0.2 0.2 1.0
--------------------------------------------------------------------------------
Non-controlling interest 0.0 -0.0 0.0 -0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EARNINGS PER SHARE
--------------------------------------------------------------------------------
Earnings per share (EUR) 0.02 0.01 -0.00 0.04
--------------------------------------------------- ---------------------
Earnings per share diluted (EUR) 0.02 0.01 -0.00 0.04
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
BALANCE SHEET
--------------------------------------------------------------------------------
EUR million
--------------------------------------------------------------------------------
31.12.2013 31.12.2012
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Non-current assets
--------------------------------------------------------------------------------
Tangible assets 0.2 0.1
--------------------------------------------------------------------------------
Intangible assets 3.1 2.1
--------------------------------------------------------------------------------
Investments 0.0 0.0
--------------------------------------------------------------------------------
Total non-current assets 3.4 2.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Current assets
--------------------------------------------------------------------------------
Trade and other receivables 4.1 3.7
--------------------------------------------------------------------------------
Short-term financial assets 0.0 0.0
--------------------------------------------------------------------------------
Cash and cash equivalents 6.0 6.6
--------------------------------------------------------------------------------
Total current assets 10.1 10.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total assets 13.5 12.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' equity
--------------------------------------------------------------------------------
Equity attributable to the parent company
shareholders
total
--------------------------------------------------------------------------------
7.4 6.0
---------------------------------------------------------------------
Non-controlling interest 0.0 0.2
--------------------------------------------------------------------------------
Shareholders' equity total 7.4 6.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Non-current liabilities
--------------------------------------------------------- -----------
Provisions 0.1 0.1
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities 0.0 0.0
--------------------------------------------------------------------------------
Total long-term liabilities 0.1 0.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Current liabilities 6.0 6.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Liabilities total 6.1 6.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total equity and liabilities 13.5 12.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
CASH FLOW STATEMENT
-----------------------------------------------------------
EUR million 1-12/2013 1-12/2012
-----------------------------------------------------------
-----------------------------------------------------------
Cash flow from business operations 0.4 1.3
-----------------------------------------------------------
Cash flow from investments -2.0 -1.2
-----------------------------------------------------------
Cash flow from financing -1.2 4.1
-----------------------------------------------------------
-----------------------------------------------------------
Increase(+) / decrease(-) in cash -2.8 4.2
-----------------------------------------------------------
-----------------------------------------------------------
Cash at period start 6.6 2.4
-----------------------------------------------------------
Effect of exchange rate 0.0 0.0
-----------------------------------------------------------
Cash at period end 3.8 6.6
-----------------------------------------------------------
STATEMENT ON
CHANGES IN
SHAREHOLDERS
' EQUITY
--------------------------------------------------------------------------------
EUR Share Fair Other Transla Fund Non-cont Unrestricted Total
mill capita value fund + tion for own rolling equity funds
ion l reserv other differe shares interest and retained
es equity nce earnings
fund
--------------------------------------------------------------------------------
Share 0.9 0.1 0.2 -1.2 -1.0 0.2 1.9 1.1
holde
rs'
equi
ty
Jan
1,
2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Chang 0.0 0.1 4.0 -0.1 -0.0 4.0
e
--------------------------------------------------------------------------------
Net 1.1 1.1
prof
it
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Share 0.9 0.2 4.1 -1.3 -1.0 0.2 3.1 6.3
holde
rs'
equi
ty
Dec
31,
2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Chang 0.2 0.0 -0.0 1.0 -0.2 1.0
e
--------------------------------------------------------------------------------
Net 0.2 0.2
prof
it
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Share 0.9 0.4 4.1 -1.3 0.0 0.0 3.3 7.4
holde
rs'
equi
ty
Dec
31,
2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
NET SALES BY SEGMENT
--------------------------------------------------------
EUR million 10-12/ 10-12/ 1-12/ 1-12/
2013 2012 2013 2012
--------------------------------------------------------
--------------------------------------------------------
AMER 1.3 1.8 5.3 6.0
--------------------------------------------------------
APAC 0.4 0.4 1.5 1.6
--------------------------------------------------------
EMEA 2.4 1.5 6.6 4.3
--------------------------------------------------------
SSH Group Total 4.1 3.6 13.3 11.9
--------------------------------------------------------
--------------------------------------------------------
GROSS MARGIN BY
SEGMENT
--------------------------------------------------------
EUR million 10-12/ 10-12/ 1-12/ 1-12/
2013 2012 2013 2012
--------------------------------------------------------
--------------------------------------------------------
AMER 1.3 1.7 5.3 5.9
--------------------------------------------------------
APAC 0.4 0.4 1.5 1.6
--------------------------------------------------------
EMEA 1.8 0.9 4.7 3.5
--------------------------------------------------------
SSH Group Total 3.5 3.1 11.4 11.0
--------------------------------------------------------
OPERATING PROFIT AND
LOSS BY SEGMENT
--------------------------------------------------------
EUR million 10-12/ 10-12/ 1-12/ 1-12/
2013 2012 2013 2012
--------------------------------------------------------
--------------------------------------------------------
AMER 0.2 0.6 0.8 2.4
--------------------------------------------------------
APAC 0.1 0.1 0.7 0.8
--------------------------------------------------------
EMEA 1.8 1.1 4.0 3.3
--------------------------------------------------------
Common Group expenses -1.5 -1.4 -5.4 -5.4
--------------------------------------------------------
SSH Group Total 0.6 0.3 0.2 1.1
--------------------------------------------------------
* Common Group expenses include product management and R&D expenses and Group
administration expenses (e.g. management and finance).
KEY FIGURES AND RATIOS
--------------------------------------------------------------------------------
EUR million 1-12/ 1-12/
2013 2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales 13.3 11.9
--------------------------------------------------------------------------------
Operating profit/loss 0.2 1.1
--------------------------------------------------------------------------------
Operating profit/loss as % of net sales 1.3 9.1
--------------------------------------------------------------------------------
Profit/loss before extraordinary items and taxes 0.2 1.5
--------------------------------------------------------------------------------
Profit/loss before extraordinary items and taxes as % of net 1.1 12.8
sales
--------------------------------------------------------------------------------
Profit/loss before taxes 0.2 1.1
--------------------------------------------------------------------------------
Profit/loss before taxes as % of net sales 1.2 9.4
--------------------------------------------------------------------------------
Return on equity (%) 2.2 30.9
--------------------------------------------------------------------------------
Return on investment (%) 1.9 28.1
--------------------------------------------------------------------------------
Interest-bearing net liabilities -6.0 -6.6
--------------------------------------------------------------------------------
Equity ratio (%) 76.6 70.0
--------------------------------------------------------------------------------
Gearing (%) -80.1 -105.2
--------------------------------------------------------------------------------
Gross capital expenditure 2.0 1.2
--------------------------------------------------------------------------------
% of net sales 14.7 10.0
--------------------------------------------------------------------------------
R&D expenses 3.0 2.7
--------------------------------------------------------------------------------
% of net sales 22.3 22.7
--------------------------------------------------------------------------------
Personnel period average 85 61
--------------------------------------------------------------------------------
Personnel period end 99 70
--------------------------------------------------------------------------------
Calculation for key figures and ratios are presented in 2012 financial
statement and annual report. There are no changes in calculation rules.
PER SHARE DATA
--------------------------------------------------------------
EUR 1-12/ 1-12/
2013 2012
--------------------------------------------------------------
--------------------------------------------------------------
Earnings per share undiluted* -0.00 0.04
--------------------------------------------------------------
Earnings per share diluted* -0.00 0.04
--------------------------------------------------------------
Equity per share 0.24 0.20
--------------------------------------------------------------
No. of shares at period average (thousand) 30 751 30 552
--------------------------------------------------------------
No. of shares at period end (thousand) 30 751 30 751
--------------------------------------------------------------
Share performance
--------------------------------------------------------------
Average price 2.11 0.50
--------------------------------------------------------------
Low 0.75 0.30
--------------------------------------------------------------
High 4.50 0.90
--------------------------------------------------------------
Share price period end 2.91 0.76
--------------------------------------------------------------
Market capitalization period end (EUR million) 89.5 23.4
--------------------------------------------------------------
Volume of shares traded (million) 9.9 6.6
--------------------------------------------------------------
Volume of shares traded as % of total 33.4 20.8
--------------------------------------------------------------
Value of shares traded (EUR million) 20.8 3.2
--------------------------------------------------------------
Price per earnings ratio (P/E) neg. 20.9
--------------------------------------------------------------
Dividend per share 0.0 0.0
--------------------------------------------------------------
Dividend per earnings, % 0.0 0.0
--------------------------------------------------------------
Effective return on dividend, % 0.0 0.0
--------------------------------------------------------------
* equity per share is impacted by unpaid interest of hybrid capital securities
CONTINGENT LIABILITIES
---------------------------------------------------------------------
EUR million 31.12.2013 31.12.2012
---------------------------------------------------------------------
---------------------------------------------------------------------
Rent security deposits 0.2 0.1
---------------------------------------------------------------------
Leasing commitments outside the balance sheet
---------------------------------------------------------------------
----------------------------------------------------------
Maturing within 1 year 0.5 0.5
---------------------------------------------------------------------
Maturing between 1 and 5 years 0.4 0.1
---------------------------------------------------------------------
DISCLAIMER
The content in this report is provided by SSH Communications Security
Corporation ("SSH") 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. SSH 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 SSH, please contact your financial adviser for
further details and information. Past performance of SSH shares is not
indicative of future results. EXCEPT AS PROVIDED BY APPLICABLE COMPULSORY LAW
SSH 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.
SSH Communications Security Corporation will release its interim report of the
first quarter of the year in April 24th, 2014.
Helsinki, February 6th 2014
SSH COMMUNICATIONS SECURITY CORPORATION
Board of Directors
Tatu Ylönen
CEO
For further information, please contact:
Tatu Ylönen, CEO. tel. +358 20 500 7000
Jyrki Lalla, CFO, tel. +358 45 340 4641
Distribution:
NASDAQ OMX Helsinki Ltd.
Major media
www.ssh.com
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