2014-04-24 08:00:08 CEST
2014-04-24 08:00:12 CEST
REGULATED INFORMATION
SSH Communications Security Oyj - Interim report (Q1 and Q3)
SSH COMMUNICATIONS SECURITY CORPORATION FINANCIAL STATEMENT RELEASE, JANUARY 1 – MARCH 31, 2014
Helsinki, Finland, 2014-04-24 08:00 CEST (GLOBE NEWSWIRE) -- SSH COMMUNICATIONS
SECURITY CORPORATION FINANCIAL STATEMENT RELEASE April 24, 2014 AT 9:00
A.M
SSH COMMUNICATIONS SECURITY CORPORATION FINANCIAL STATEMENT RELEASE, JANUARY 1
- MARCH 31, 2014
January-March 2014: Net sales growth flat, losses due to timing of sizeable
deals and investments to future growth. Cash flow from operations positive and
cash position remained strong.
-- Net sales totaled EUR 2.9 million, down by -1.3% year on year (EUR 2.9
million in 1-3/2013).
-- Operating profit decreased to EUR -0.9 million (EUR 0.1 million in
1-3/2013). There were no non-recurring items on reporting period. Loss was
EUR -0.9 million (profit EUR 0.1 million)
-- Earnings per share were EUR -0.03 (EUR 0.00).
In 2014, SSH Communications Security estimates its revenue to grow
significantly and profitability to improve from 2013. 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
--------------------------------------------------------------------
1-3/ 1-3/ Change % 1-12/
2014 2013 2013
--------------------------------------------------------------------
--------------------------------------------------------------------
Net sales (MEUR) 2.9 2.9 -1.3 13.3
--------------------------------------------------------------------
Operating profit/loss (MEUR) -0.9 0.1 -1 726.4 0.2
--------------------------------------------------------------------
% of net sales -31.1 1.9 -1 750.6 1.3
--------------------------------------------------------------------
Profit/loss before taxes (MEUR) -0.9 0.1 -1 144.3 0.2
--------------------------------------------------------------------
Profit/loss (MEUR) -0.9 0.1 -1 247.2 0.2
--------------------------------------------------------------------
--------------------------------------------------------------------
Return on equity, % -13.5 5.2 -359.6 2.2
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Return on investment, % -13.0 7.0 -284.3 1.9
--------------------------------------------------------------------
Liquid assets 5.8 7.8 -25.3 6.0
--------------------------------------------------------------------
Gearing (%) -89.2 -121.9 -26.8 -80.1
--------------------------------------------------------------------
Equity ratio (%) 75.5 74.0 0.1 76.6
--------------------------------------------------------------------
--------------------------------------------------------------------
Earnings per share (EUR) -0.03 0.00 -1 222.3 -0.00
--------------------------------------------------------------------
Shareholders' equity per share (EUR) 0.21 0.21 1.19 0.24
--------------------------------------------------------------------
CEO'S REVIEW
The first quarter was challenging, as previously predicted. Major customers
were not yet ready to purchase, and many customers were too busy dealing with
even more pressing security problems.
Despite the challenges, outlook going forward remains positive. Focusing on
encryption and server access control has put the company in an excellent
position to solve pressing data security problems in the enterprise. The
company continues to invest in market creation, technology leadership, quality,
and customer success stories for new products.
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.
The company's intellectual property portfolio 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.
The company's products address an important problem that customers must
eventually solve, the products are still 1-2 years ahead of competition, and
the market is awakening. Several major customers have budgeted for significant
purchases of the company's solutions for this year. In view of these factors,
the company is well positioned for faster growth and higher profitability in
the future, although the first half is continuing to be challenging.
Tatu Ylönen
CEO
NET SALES
Consolidated net sales for January-March totaled EUR 2.9 million (EUR 2.9
million), down by -1.3%, year on year.
Sales growth was weak due to small amount of new licence deals. Complexity of
customer needs and longer than anticipated sales cycles impacted license sales
growth. Negative development in maintenance revenue was mainly caused by
cleaning customer maintenance contracts during Q1 2013 (additional maintenance
revenue in Q1 2013) and the weakening of USD.
The Americas, the Europe, Middle East and Africa market area and the Asia
Pacific region accounted for 43.2% (44.2%), 43.8% (41.2%) and 13.0% (14.6%) of
reported net sales, respectively.
SSH NET SALES
--------------------------------------------
EUR Million 1-3/ 1-3/ Change % 1-12/
2014 2013 2013
--------------------------------------------
--------------------------------------------
BY SEGMENT
--------------------------------------------
AMERICAS 1.3 1.3 -3.6 5.3
--------------------------------------------
APAC 0.4 0.4 -12.2 1.5
--------------------------------------------
EMEA 1.3 1.2 4.9 6.6
--------------------------------------------
SSH Group Total 2.9 2.9 -1.3 13.3
--------------------------------------------
--------------------------------------------
BY OPERATION
--------------------------------------------
License sales 0.7 1.0 -28.5 4.6
--------------------------------------------
Consulting 0.8 0.5 58.4 3.0
--------------------------------------------
Maintenance 1.4 1.5 -3.1 5.6
--------------------------------------------
Total 2.9 2.9 -1.3 13.3
--------------------------------------------
The majority of company´s invoicing is U.S. dollar based. During the report
period, the U.S. dollar's average exchange rate weakened -2.2% on comparison to
euro.
RESULTS AND EXPENSES
Operating loss for January-March was EUR -0.9 million (EUR 0.1 million), with
net loss totaling EUR -0.9 million (EUR 0.1 million). Profitability was
influenced by higher share of service sales in addition to investments to sales
and product development and delays of closing sizeable deals.
There were no non-recurring items during January-March.
Sales, marketing and customer support expenses for the January-March reporting
period amounted to EUR -1.8 million (EUR -1.4 million), while research and
development expenses totaled EUR -0.9 million (EUR -0.7 million) and
administrative expenses EUR -0.5 million (EUR -0.4 million).
BALANCE SHEET AND FINANCIAL POSITION
The financial position of SSH Communications Security remained at a healthy
level during the reporting period. The consolidated balance sheet total on
March 31, 2014 stood at EUR 12.2 million (31.3.2013 EUR 12.7 million;
31.12.2013 EUR 13.5 million), of which liquid assets accounted for EUR 5.8
million (31.3.2013 EUR 7.8 million; 31.12.2013 EUR 6.0 million, or 47.6% of the
balance sheet total). On March 31, 2014, gearing, or the ratio of net
liabilities to shareholders' equity, was -89.2% (31.3.2013 -121.9%; 31.12.2013
-80.1%) and the equity ratio stood at 75.5% (31.3.2013 74.0%; 31.12.2013
76.6%).
The reported gross capital expenditure for the period totaled EUR 0.5 million
(EUR 0.4 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-March, SSH Communications Security reported a positive cash flow
of EUR 0.4 million (EUR 1.5 million) from business operations, and investments
showed a negative cash flow of EUR -0.5 million (EUR -0.4 million). Cash flow
from financing totaled EUR 0.0 million (EUR -2.0 million). Total cash flow from
operations, investments and financing was negative EUR -0.1 million (EUR -1.0
million).
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 January-March totaled EUR 0.9 million
(EUR -0.7 million), the equivalent of 31.3% of net sales (22.6%). During
January-March, the company has capitalized new product R&D costs EUR 0.5
million (EUR 0.4 million).
HUMAN RESOURCES AND ORGANIZATION
At the end of March, the Group had 101 employees on its payroll. The amount of
employees increased by 21 persons from the previous year (+26%) and from year
end by 2 persons due to investments in sales and product development.
At the end of the period, 42.6% of the employees worked in sales, marketing and
customer services, 45.5% in R&D, and 11.9% in corporate administration.
BOARD AND AUDITORS
At the Annual General Meeting, March 20, 2014 Timo Syrjälä was elected and
Päivi Hautamäki and Tatu Ylönen were re-elected to directors of the company.
Timo Syrjälä was elected as the Chairman of the Board of Directors in the
board´s organizing meeting.
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 shares totaled 1 229
912 shares (valued at EUR 3 751 323). The highest quotation was EUR 3.74 and
the lowest EUR 2.71. The trade-weighted average share price for the period was
EUR 3.05 and the share closed at EUR 3.20 (March 31, 2014).
Company's principal owner Tatu Ylönen holds directly and through his company,
Clausal Computing Oy, 57.7% of the company's shares, Assetman Oy holds 10.8%
and Timo Syrjälä directly and through companies under his control Maijos Oy,
Ekobrokers Oy and Timo Syrjälä & co 5.0%. More information about the
shareholding can be obtained from the company´s web site.
No dividend or return of capital has been distributed during the reporting
period.
SHARE CAPITAL AND BOARD AUTHORIZATIONS
The company's registered share capital on March 31, 2014 was EUR 922 529
consisting of 30 750 983 shares.
The Annual General Meeting approved the Board of Directors' proposal to
authorize the Board of Directors to decide upon the issuing of a maximum of 6
000 000 shares as a share issue against payment or by giving stock options or
other special rights entitling to shares, in accordance with Chapter 10 Section
1 of the Finnish Companies Act, either according to the shareholders'
pre-emptive right to share subscription or deviating from this right, in one or
more tranches. Based on the authorization, it can be either issuing of new
shares or transfer of own shares which the company possibly has in its
possession. Based on the authorization, the Board of Directors shall have the
same rights as the Annual General Meeting to decide upon the issuing of shares
against payment and special rights (including stock options) in accordance with
Chapter 10 Section 1 of the Finnish Companies Act. Thereby, the authorization
to be given to the Board of Directors includes, inter alia, the right to
deviate from the shareholders' pre-emptive rights with directed issues
providing that the company has a weighty financial reason for the deviation in
respect of the share issue against payment.
Furthermore, the authorization includes the Board of Directors' right to decide
upon who are entitled to the shares and/or stock options or special rights in
accordance with Chapter 10 Section 1 of the Finnish Companies Act as well as
upon the related compensation, subscription and payment periods and upon the
registering of the subscription price into the share capital or invested
non-restricted equity fund within the limits of the Finnish Companies Act.
The authorization will be valid until the next Annual General Meeting, but will
however expire at the latest on June 30th 2015.
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 own shares of the company with assets belonging to the company's
non-restricted equity. This amount corresponds approximately to 6.50% of all
the shares of the company. The shares can also be acquired otherwise than in
proportion to the holdings of the existing shareholders (targeted repurchase).
The maximum compensation to be paid for the acquired shares shall be the market
price at the time of purchase, which is determined in the public trading.
The Board of Directors proposed that the authorization for the acquiring of the
company's own shares would be used, inter alia, in order to strengthen the
company's capital structure, to finance and realize corporate acquisitions and
other arrangements, to realize the share-based incentive programs of the
company or otherwise to be kept by the company, to be transferred for other
purposes or to be cancelled. The acquisition of shares reduces the company's
distributable non-restricted equity.
Decision concerning the acquiring of own shares cannot be made so that the
combined amount of the own shares which are in the possession of, or held as
pledges by, the company or its subsidiaries exceeds one-tenth of all shares.
The Board of Directors shall decide upon all other matters related to the
acquisition of shares.
The authorization will be valid until the next Annual General Meeting, but will
however expire at the latest on June 30th 2015.
RISKS AND UNCERTAINTIES
Largest risks that might impact the profitability of the company have remained
by and large the same than in previous reporting period and 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 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 from 2013. 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's
CEO Tatu Ylönen, has delivered the company mainly R&D services valued in total
EUR 0.1 million during January-March 2013. During the reporting period there
have not been any other significant related parties. Hybrid capital securities
(EUR 4.0 million) of the company was subscribed by CEO Tatu Ylönen in 2012.
EVENTS AFTER THE BALANCE SHEET DATE
As announced on March 11 2014, Erkki Yli-Juuti has been appointed as Vice
President Intellectual Property as of April 7, 2014. Erkki Yli-Juuti is a
member of the Group Management Team and reports to Tatu Ylönen, CEO of SSH
Communications Security.The SSH Communications Security management is not aware
of any other 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 1-3 1-3 1-12
/2014 /2013 /2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales 2.9 2.9 13.3
--------------------------------------------------------------------------------
Cost of goods sold -0.6 -0.4 -1.9
--------------------------------------------------------------------------------
Gross profit 2.3 2.5 11.4
--------------------------------------------------------------------------------
Other operating income 0.0 0.0 0.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Sales. marketing and customer support costs -1.8 -1.4 -6.9
--------------------------------------------------------------------------------
Product development expenses -0.9 -0.7 -3.0
--------------------------------------------------------------------------------
Administrative expenses -0.5 -0.4 -1.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit/loss -0.9 0.1 0.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial income and expenses 0.0 0.0 -0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit/loss before taxes -0.9 0.1 0.2
--------------------------------------------------------------------------------
Taxes -0.1 0.0 -0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net profit/loss for the financial period -0.9 0.1 0.2
--------------------------------------------------------------------------------
Minority Interest 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 0.0 -0.0
--------------------------------------------------------------------------------
Net change in fair value of available-for-sale 0.0 0.0 0.0
financial assets
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total comprehensive income -0.9 0.1 0.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net profit/loss attributable to:
--------------------------------------------------------------------------------
Owners of the Company -0.9 0.1 0.2
--------------------------------------------------------------------------------
Non-Controlling interest 0.0 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EARNINGS PER SHARE
--------------------------------------------------------------------------------
Earnings per share (EUR) -0.03 0.00 -0.00
--------------------------------------------------------------------------------
Earnings per share. diluted (EUR) -0.03 0.00 -0.00
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
BALANCE SHEET
-------------------------------------------------------------------------
EUR million
-------------------------------------------------------------------------
31.3.2014 31.3.2013 31.12.2013
-------------------------------------------------------------------------
ASSETS
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Non-current assets
-------------------------------------------------------------------------
Tangible assets 0.2 0.1 0.2
-------------------------------------------------------------------------
Intangible assets 3.3 2.3 3.1
-------------------------------------------------------------------------
Investments 0.0 0.0 0.0
-------------------------------------------------------------------------
Total non-current assets 3.5 2.5 3.4
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Current assets
-------------------------------------------------------------------------
Trade and other receivables 2.9 2.4 4.1
-------------------------------------------------------------------------
Short-term financial assets 0.0 2.0 0.0
-------------------------------------------------------------------------
Cash and cash equivalents 5.8 5.8 6.0
-------------------------------------------------------------------------
Total current assets 8.7 10.2 10.1
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Total assets 12.2 12.7 13.5
-------------------------------------------------------------------------
-------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Shareholders' equity
-------------------------------------------------------------------------
Equity attributable to the 6.5 6.1 7.4
parent company shareholders
total
-------------------------------------------------------------------------
Non-controlling interest 0.0 0.2 0.0
-------------------------------------------------------------------------
Shareholders' equity total 6.5 6.4 7.4
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Non-current liabilities
-------------------------------------------------------------------------
Provisions 0.0 0.1 0.1
-------------------------------------------------------------------------
Non-current interest-bearing 0.0 0.0 0.0
liabilities
-------------------------------------------------------------------------
Total long-term liabilities 0.0 0.1 0.1
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Current liabilities 5.7 6.2 6.0
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Liabilities total 5.7 6.4 6.1
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Total equity and liabilities 12.2 12.7 13.5
-------------------------------------------------------------------------
-------------------------------------------------------------------------
CASH FLOW STATEMENT
--------------------------------------------------------------------
EUR million 1-3/2014 1-3/2013 1-12/2013
--------------------------------------------------------------------
--------------------------------------------------------------------
Cash flow from business operations 0.4 1.5 0.4
--------------------------------------------------------------------
Cash flow from investments -0.5 -0.4 -2.0
--------------------------------------------------------------------
Cash flow from financing 0.0 -2.0 -1.2
--------------------------------------------------------------------
--------------------------------------------------------------------
Increase(+) / decrease (-) in cash -0.1 -1.0 -2.8
--------------------------------------------------------------------
--------------------------------------------------------------------
Cash at period start 3.8 6.6 6.6
--------------------------------------------------------------------
Effect of exchange rate 0.0 0.0 0.0
--------------------------------------------------------------------
Cash at period end 3.7 5.7 3.8
--------------------------------------------------------------------
--------------------------------------------------------------------
--------------------------------------------------------------------
STATEMENT ON
CHANGES IN
SHAREHOLDERS'
EQUITY
--------------------------------------------------------------------------------
EUR Share Fair Other Transla Fund Non-Co Unrestricte Total
milli Capita value fund + tion for own ntroll d equity
on l reserve other differe shares ing funds and
s equity nce intere retained
fund st earnings
--------------------------------------------------------------------------------
Shareh 0.9 0.2 4.1 -1.3 -1.0 0.2 3.1 6.3
olders
'
equit
y
Jan 1,
2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change 0.1 0.1
--------------------------------------------------------------------------------
Net 0.1 0.1
profi
t
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareh 0.9 0.3 4.1 -1.3 -1.0 0.2 3.2 6.4
olders
'
equit
y
Mar
31,
2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change 0.1 0.0 0.0 1.0 -0.2 0.9
--------------------------------------------------------------------------------
Net 0.1 0.1
Profi
t
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareh 0.9 0.4 4.1 -1.3 0.0 0.0 3.3 7.4
olders
'
equit
y
Dec
31,
2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change 0.0 0.0 -0.9 -0.9
--------------------------------------------------------------------------------
Net
profi
t
--------------------------------------------------------------------------------
Shareh 0.9 0.4 4.1 -1.3 0.0 0.0 2.4 6.5
olders
'
equit
y
Mar
31,
2014
--------------------------------------------------------------------------------
NET SALES BY SEGMENT
---------------------------------------
EUR million 1-3/ 1-3/ 1-12/
2014 2013 2013
---------------------------------------
---------------------------------------
AMER 1.3 1.3 5.3
---------------------------------------
APAC 0.4 0.4 1.5
---------------------------------------
EMEA 1.3 1.2 6.6
---------------------------------------
SSH Group total 2.9 2.9 13.3
---------------------------------------
GROSS MARGIN BY SEGMENT
------------------------------------------
EUR million 1-3/ 1-3/ 1-12/
2014 2013 2013
------------------------------------------
------------------------------------------
AMER 1.2 1.3 5.3
------------------------------------------
APAC 0.4 0.4 1.5
------------------------------------------
EMEA 0.7 0.8 4.7
------------------------------------------
SSH Group total 2.3 2.5 11.4
------------------------------------------
OPERATING PROFIT/LOSS BY SEGMENT
---------------------------------------------------
EUR million 1-3/ 1-3/ 1-12/
2013 2012 2012
---------------------------------------------------
---------------------------------------------------
AMER 0.1 0.3 0.8
---------------------------------------------------
APAC 0.2 0.3 0.7
---------------------------------------------------
EMEA 0.4 0.8 4.0
---------------------------------------------------
Common Group -1.6 -1.4 -5.4
expenses*
---------------------------------------------------
SSH Group total -0.9 0.1 0.2
---------------------------------------------------
* 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 1-3/201 1-3/201 1-12/201
4 2 3
--------------------------------------------------------------------------------
Net sales 2.9 2.9 13.3
--------------------------------------------------------------------------------
Operating profit/loss -0.9 0.1 0.2
--------------------------------------------------------------------------------
Operating profit/loss, as % of net sales -31.1 1.9 1.3
--------------------------------------------------------------------------------
Profit/loss before extraordinary items and taxes -0.9 0.1 0.2
--------------------------------------------------------------------------------
Profit/loss before extraordinary items and taxes, as -30.7 2.8 1.1
% of net sales
--------------------------------------------------------------------------------
Profit/loss before taxes -0.9 0.1 0.2
--------------------------------------------------------------------------------
Profit/loss before taxes, as -30.7 2.8 1.2
% of net sales
--------------------------------------------------------------------------------
Return on equity (%) -13.5 5.2 2.2
--------------------------------------------------------------------------------
Return on investment (%) -13.0 7.0 1.9
--------------------------------------------------------------------------------
Interest-bearing net liabilities -5.8 -7.8 -6.0
--------------------------------------------------------------------------------
Equity ratio (%) 75.5 74.0 76.6
--------------------------------------------------------------------------------
Gearing (%) -89.2 -121.9 -80.1
--------------------------------------------------------------------------------
Gross capital expenditure 0.5 0.4 2.0
--------------------------------------------------------------------------------
% of net sales 15.7 14.6 14.7
--------------------------------------------------------------------------------
R&D expenses 0.9 0.7 3.0
--------------------------------------------------------------------------------
% of net sales 31.3 22.6 22.3
--------------------------------------------------------------------------------
Personnel, period average 100 75 85
--------------------------------------------------------------------------------
Personnel, period end 101 80 99
--------------------------------------------------------------------------------
Calculation for key figures and ratios are presented in 2012 financial
statement and annual report. There have not been changes in calculation rules
after that.
PER-SHARE DATA
--------------------------------------------------------------------------------
EUR 1-3/2014 1-3/2013 1-12/2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings per share, undiluted* -0.03 0.00 -0.00
--------------------------------------------------------------------------------
Earnings per share, diluted* -0.03 0.00 -0.00
--------------------------------------------------------------------------------
Equity per share 0.21 0.21 0.24
--------------------------------------------------------------------------------
No. of shares at period average (thousand) 30 751 30 751 30 751
--------------------------------------------------------------------------------
No. of shares at period end (thousand) 30 751 30 751 30 751
--------------------------------------------------------------------------------
Share performance
--------------------------------------------------------------------------------
Average price 3.05 0.97 2.11
--------------------------------------------------------------------------------
Low 2.71 0.75 0.75
--------------------------------------------------------------------------------
High 3.74 1.11 4.50
--------------------------------------------------------------------------------
Share price. period end 3.20 1.01 2.91
--------------------------------------------------------------------------------
Market capitalization, period end (EUR 98.4 31.1 89.5
million)
--------------------------------------------------------------------------------
Volume of shares traded (million) 1.2 1.7 9.9
--------------------------------------------------------------------------------
Volume of shares traded, as 3.9 5.3 33.4
% of total number
--------------------------------------------------------------------------------
Value of shares traded (EUR million) 3.8 1.6 20.8
--------------------------------------------------------------------------------
Price per earnings ratio (P/E) neg. neg.
--------------------------------------------------------------------------------
Dividend per share 0.00 0.00 0.00
--------------------------------------------------------------------------------
Dividend per earnings, % 0.00 0.00 0.00
--------------------------------------------------------------------------------
Effective return on dividend, % 0.00 0.00 0.00
--------------------------------------------------------------------------------
* earnings per share is impacted by unpaid interest of hybrid capital securities
CONTINGENT LIABILITIES
--------------------------------------------------------------------------------
EUR million 31.3.2014 31.3.2013 31.12.2013
--------------------------------------------------------------------------------
Rent security deposits 0.1 0.1 0.1
--------------------------------------------------------------------------------
Leasing commitments outside
the balance sheet
--------------------------------------------------------------------------------
Maturing within 1 year 0.5 0.5 0.5
--------------------------------------------------------------------------------
Maturing between 1 and 5 years 0.4 0.1 0.4
--------------------------------------------------------------------------------
DISCLAIMER
The content in this report is provided by SSH Communications Security 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 Communications Security 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 Communications Security, please contact your
financial adviser for further details and information. Past performance of SSH
Communications Security shares is not indicative of future results. EXCEPT AS
PROVIDED BY APPLICABLE COMPULSORY LAW SSH COMMUNICATIONS SECURITY 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 will release its next interim report for period
January 1 - June 30, 2014 on July 23th, 2014.
Helsinki, April 24th, 2014
SSH COMMUNICATIONS SECURITY
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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