2010-02-03 08:45:00 CET
2010-02-03 08:45:09 CET
REGULATED INFORMATION
SSH Communications Security - Financial Statement Release
SSH FINANCIAL STATEMENT RELEASE, JANUARY 1 - DECEMBER 31, 2009
SSH COMMUNICATIONS SECURITY CORP FINANCIAL STATEMENT RELEASE FEBRUARY 3, 2010 AT 9:00 A.M.
SSH FINANCIAL STATEMENT RELEASE, JANUARY 1 - DECEMBER 31, 2009
October-December
- Net sales totaled EUR 2.9 million, up by 30.7 % year on year (EUR 2.2 million
in 10-12/2008).
- Operating profit amounted to EUR 0.4 million, (an operating loss of EUR -0.7
million in 10-12/2008) including EUR 0.2 of non-recurring costs, profit EUR 0.4
million (EUR -0.7 million).
January-December
- Net sales totaled EUR 8.8 million, up by 3.4 % percent year on year (EUR 8.5
million in 1-12/2008).
- Operating loss amounted to EUR -1.5 million (an operating loss of EUR -2.2
million in 1-12/2008) including EUR 1.0 of non-recurring costs, loss EUR -1.2
million (EUR -1.8 million).
The company's financial position remained healthy, with equity ratio 71.4 %
(91.3%) and liquid assets at the end of the period EUR 6.4 million (EUR 16.5
million).
--------------------------------------------------------------------------------
| KEY FIGURES | | | | | | |
--------------------------------------------------------------------------------
| | 10-12 | 10-12 | 1-12/ | 1-12/ | Change | |
| | / | / | 2009 | 2008 | % | |
| | 2009 | 2008 | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales (MEUR) | 2.9 | 2.2 | 8.8 | 8.5 | 3.4 | |
--------------------------------------------------------------------------------
| Operating profit/loss | 0.4 | -0.8 | -1.5 | -2.2 | 31.8 | |
| (MEUR) | | | | | | |
--------------------------------------------------------------------------------
| % of net sales | 13.9 | -34.7 | -17.1 | -25.9 | | |
--------------------------------------------------------------------------------
| Profit/loss before | 0.4 | -0.7 | -1.2 | -1.5 | 22.9 | |
| taxes (MEUR) | | | | | | |
--------------------------------------------------------------------------------
| Profit/loss (MEUR) | 0.4 | -0.7 | -1.2 | -1.8 | 33.3 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Return on equity, % | | | -12.4 | -10.2 | | |
--------------------------------------------------------------------------------
| Return on investment, % | | | -10.8 | -7.4 | | |
--------------------------------------------------------------------------------
| Liquid assets | | | 6.4 | 16.5 | -61.0 | |
--------------------------------------------------------------------------------
| Gearing (%) | | | -144.2 | -112.8 | | |
--------------------------------------------------------------------------------
| Equity ratio (%) | | | 71.4 | 91.3 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | | | -0.04 | -0.06 | 34.9 | |
| (EUR) | | | | | | |
--------------------------------------------------------------------------------
| Shareholders' equity | | | 0.15 | 0.51 | -63.9 | |
| per share (EUR) | | | | | | |
--------------------------------------------------------------------------------
CEO's BUSINESS REVIEW
During the fourth quarter net sales increased 30.7 percent and the operating
profit amounted to EUR 0.4 million. In the second half of 2009 net sales was EUR
5.1 million with an increase of 23 percent compared to the previous year and
operations were turned into profits.
In 2009 net sales amounted to EUR 8.8 million with an increase of 3.4 percent
compared to the previous year. The fiscal year loss including non-recurring
costs was EUR -1.2 million. The loss excluding non-recurring costs was EUR -0.3
million. The company's financial position remained healthy with an equity ratio
of 71.4 percent and EUR 6.4 million liquid assets.
SSH core business is securing customer's mission-critical business information
on the move.
The key drivers for business-to-business data security are the exponential
increase of digital information in fixed and mobile networks and the flexible
use of integrated business applications between multiple enterprises. The need
for 24/7 high availability and reliability, as well as auditable and
well-managed compliance with data security regulations and legislation drive a
global sense of urgency in keeping our businesses safe.
The addressable market for SSH has ten-folded to more than 1 Billion USD with
the new SSH offering based on the strategy shift. The key market segments for
SSH are the secure applications and protocols market, the managed file transfer
market and the mobile identification market. In these markets, we focus on the
security, automation, auditing and governance of identity-managed information in
fixed, mobile and cloud environments.
The secure applications and protocols market is estimated to grow significantly
over the future years with more than 10 percent CAGR (compound annual growth
rate) from the existing 700 MUSD level. The secure file transfer (SFT) market is
mature but several drivers are still creating further growth for the
data-in-transit business.
The size of the managed file transfer (MFT) market is estimated to be 450 MUSD
and growing at 20 percent CAGR. The MFT business is focusing on the automation
and governance of real-time data-in-transit in private networks and across the
Internet with virtual data centers. We offer visionary MFT security solutions
for businesses that value the world's best automation, as well as audit and
governance capabilities in business networks where trusted sharing of
information is required.
Year 2009 was a turnaround year for SSH meaning the start of a drastic change
from technology firm into a sales and marketing oriented security software
house.
Starting from the first quarter, the company initiated new offering development.
The balance of R&D resources was targeted at creating value added offering
complementing the success of existing data-in-transit security software. SSH
signed a contract with Gartner, a market analysis company, to establish new
market position and offering.
At the same time the company made a decision towards in-sourcing technologies
which would accelerate time-to-market and fulfill the demand from customers.
The second quarter was started with sales review, focusing on the efficiency
evaluation of sales and marketing in the company. As a result, part of sales was
reorganized. A management audit discovered that the company needs new leadership
skills and roles to execute the defined strategy. The Group management team was
renewed. At the end of second quarter the company launched new offering for the
managed file transfer and governance market segments.
Both the first and the second quarter ended up with loss, thus resulting to a
negative first half of 2009. The customers' expectations of economic recovery
slowed down decision making and certain U.S. public sector projects from the
sales pipeline were postponed due to funding reasons. Turnaround related
non-recurring costs actualized by the established contingency plan were
increasing the net loss actualized.
The third quarter was the shift in the course of the company. The actions
defined by new group management, initiated change towards sales and marketing
oriented security software house, increased efforts in key account management
and introduced new offering to existing and new customers were becoming the
success factors for initial growth. The third quarter was the first profitable
growth quarter by net sales.
In order to boost net sales, the management launched a high performance sales
initiative. The key objective of the sales program was to ensure that there
would be increasing amount of sales estimation accuracy and better hit-rate in
signing short-listed sales cases.
The company signed agreements with a major U.S. research agency, one of the
largest U.S. banks and a mid-size U.S. retailer chain for their security
governance and business security solutions. SSH gained reputation also by
Gartner published market research report as a visionary MFT (Managed File
Transfer) security vendor.
During the fourth quarter the company signed a global license with one of the
largest banks in Europe for their global roll-out of SSH security software. The
company continued the development of its business-to-business security solutions
offering by enhancing it with new software based identification technologies
provided by a technology in-sourcing partner.
Started at the end of the second quarter, SSH continued the cost cutting
program. The cost savings were -15% in expenses during second half of 2009
compared to the previous year. In December as part of the cost cutting program
the company's headquarters moved to new more cost-efficient premises.
The company initiated brand and communications strategy program with its
marketing partner. The results will be launched within the first half of 2010.
The company set up the building blocks for the ability to start a journey in
creating a new collaboration model among its customer, their partners and
end-customers.
The key strategic objective is to continue efforts on developing the company
into a sales and marketing oriented technology company with strong value-added
offering and customer focus.
For the fiscal year 2010, SSH estimates its net sales to grow from 2009 and
expects the net result to be positive.
NET SALES
Consolidated net sales for January-December totaled EUR 8.8 million (EUR 8.5
million), up by 3.4 %, year on year.
The Americas, the ‘Europe and Rest of the World' market area and the Asia
Pacific region accounted for 62.8 percent (68.5 percent), 28.1 percent (22.7
percent) and 9.1 percent (8.9 percent) of reported net sales, respectively.
--------------------------------------------------------------------------------
| SSH NET SALES | | | | | | |
--------------------------------------------------------------------------------
| EUR Million | 10-12/ | 10-12/ | 1-12/ | 1-12/ | Change % | |
| | 2009 | 2008 | 2009 | 2008 | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| BY SEGMENT | | | | | | |
--------------------------------------------------------------------------------
| AMERICAS | 1.4 | 1.6 | 5.5 | 5.8 | -5.2 | |
--------------------------------------------------------------------------------
| APAC | 0.2 | 0.2 | 0.8 | 0.8 | 6.5 | |
--------------------------------------------------------------------------------
| EROW | 1.3 | 0.4 | 2.5 | 1.9 | 28.2 | |
--------------------------------------------------------------------------------
| SSH Group Total | 2.9 | 2.2 | 8.8 | 8.5 | 3.4 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| BY OPERATION | | | | | | |
--------------------------------------------------------------------------------
| License sales | 1.7 | 1.0 | 4.1 | 4.0 | 1.0 | |
--------------------------------------------------------------------------------
| Maintenance | 1.2 | 1.2 | 4.7 | 4.5 | 5.6 | |
--------------------------------------------------------------------------------
| Total | 2.9 | 2.2 | 8.8 | 8.5 | 3.4 | |
--------------------------------------------------------------------------------
During the report period, SSH concluded 5 new license agreements that were worth
more
than EUR 100,000. The ten largest customers license sales accounted for 22
percent of reported sales, with the largest single customer accounting for
approximately 8 percent.
The majority of SSH's invoicing is U.S. dollar based. During the report period,
the U.S. dollar's average exchange rate to euro strengthened approximately 5.2
percent compared to the same period a year ago. At constant currency, net sales
would have increased 1.3 percent compared to corresponding period in 2008.
RESULTS AND EXPENSES
Operating loss for January-December amounted to EUR -1.5 million (an operating
loss of EUR -2.2 million), with net loss totaling EUR -1.2 million (a loss of
EUR -1.8 million).
EUR 1.0 million one-time expenses were charged as costs during the reporting
period. One-time expenses occurs from personnel related cost EUR 0.7 million,
headquarters move EUR 0.1 million and management incentive plan establishment
EUR 0.1 million.
Research and development expenses for the report period totaled EUR 3.8 million
(EUR 4.0 million), while sales and marketing expenses amounted EUR 4.3 million
(EUR 5.0 million) and administrative expenses EUR 2.3 million (EUR 1.9 million).
BALANCE SHEET AND FINANCIAL POSITION
The financial position of SSH remained at a healthy level during the report
period, despite the capital returned to shareholders. The consolidated balance
sheet total on December 31, 2009 stood at EUR 9.4 million (EUR 19.1 million), of
which liquid assets accounted for EUR 6.4 million (EUR 16.5 million), or 68.2
percent of the balance sheet total. On December 31, 2009, gearing, or the ratio
of net liabilities to shareholders' equity, was -144.2 percent (-112.8) and the
equity ratio stood at 71.4 percent (91.3).
The reported gross capital expenditure for the period totalled EUR 0.1 million
(EUR 0.3 million). The reported financial income consisted mainly of interest on
fixed-term deposits and exchange rate gains. Financial income and expenses
totalled EUR 0.3 million (EUR 0.7 million).
During January-December, SSH reported a negative cash flow of EUR -2.4 million
(EUR -2.0 million) from business operations, and investments showed a positive
cash flow of EUR 12.0 million (EUR 6.5 million). Cash flow from financing
totaled EUR -7.7 million (EUR -4.3 million), mainly consisting of capital
returned to shareholders. Total cash flow from operations, investments and
financing was positive EUR 1.9 million (EUR 0.2 million) during the period.
RESEARCH AND DEVELOPMENT
Research and development expenses for January-December totaled EUR 3.8 million
(EUR 4.0 million), the equivalent of 43.0 percent of net sales (46.6 percent).
During the report period SSH did not capitalize any research and development
expenses.
HUMAN RESOURCES AND ORGANIZATION
At the end of December, the Group had 64 employees on its payroll, down by 9
from the previous year, a decrease of 12 percent.
At the end of the period, 58 percent of the employees worked in R&D, 22 percent
in sales and marketing, and 20 percent in corporate administration.
BOARD AND AUDITORS
The Annual General Meeting (AGM) on March 4, 2009 re-elected Tomi Laamanen, Pyry
Lautsuo, Juha Mikkonen and Tatu Ylönen to the Board of Directors. Juho Lipsanen
was elected as a new member to the board. He also chairs the board.
The AGM also re-elected PricewaterhouseCoopers Oy, authorized public
accountants, as the company's auditor for financial period 2009, with Henrik
Sormunen, authorized public accountant, acting as the principal auditor.
SHARES, SHAREHOLDING AND CHANGES IN GROUP STRUCTURE
The reported trading volume of SSH Communications Security Corp. shares totaled
5 087 614 (valued at EUR 4 031 109). The highest quotation was EUR 1.24 and the
lowest EUR 0.65 The trade-weighted average share price for the period was EUR
0,79 and the share closed at EUR 0,77 (December 31, 2009).
On 20th of October 2009 The Board of Directors of SSH decided to establish a
limited company SSH Management Investment Corp, which purpose is to function as
SSH management incentive plan. Consequently the board decided on a share issue
against payment directed to the company to be formed on the basis of
authorization granted by the Annual General Meeting of Shareholders of the
Company on 4 March 2009 in derogation from the shareholders' pre-emptive
subscription rights. The incentive plan will be valid until fall 2013, at which
time the plan is intended to be dissolved in a manner to be determined later.
Total of 1,100,000 new shares in SSH was offered for subscription by the company
formed in the share issue. The subscription price of the new share was 0.72
EUR(the trade volume weighted average quotation of SSH´s share on the NASDAQ OMX
Helsinki Ltd. during 22 October—12 November 2009). During December 2009 SSH
Management Investment Corp acquired from stock markets total of 337 500 company
shares. Share subscription was financed with management group EUR 266,640
investments and loan EUR 792,000 granted by SSH Communications Security Corp.
The owned shares will be held in management investment company until it is
dissolved.
The management investment plans lead to dissolving the CEO option plan and
consequently the company redeemed option plan I/2008 in market value, 53,400
EUR. CEO invested the net gain to subscription of the new shares in SSH
Management
Investment Corp. Company CEO is part of the management investment plan and
according to the company policy the management group is part of only one
long-term incentive plan. CEO's indirect ownership is through the incentive plan
approximately 1.8%.
During the reporting period, company's principal owner Tatu Ylönen holdings
directly and through his company, Tatu Ylönen Oy, decreased under 50%. Tatu
Ylönen holds now 48.7 percent of the company's shares, Assetman Oy holds 13.4
percent and Tero Kivinen 4.9 percent. More information about the shareholding
can be obtained from the company´s web site.
SSH Management Investment Corp is now fourth largest owner holding 4.8 of the
company and it is part of the SSH Group due to shareholder agreement.
During reporting period no other changes occurred in SSH group structure.
SHARE CAPITAL AND BOARD AUTHORIZATIONS
The company's registered share capital on December 31, 2009 was EUR 896,953.47
consisting of 29,898,449 shares. During the reporting period SSH increased its
share capital four times. The share capital increases are based on subscriptions
to the new shares under stock option plans and new shares offered in CEO and
management investment plans. In total, 2,600 new SSH shares were subscribed
under the I/1999 stock option plan and 143,581 shares under I/2003 stock option
plan respectively. In the first quarter CEO incentive plan subscribed 68,493
new shares in subscription price of 0.73 EUR. During the financial period were
subscribed total of 1,314,674 new shares. As a result company's share capital
increased with 39,440 EUR.
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 defined in Chapter 10 Section 1 of
the Finnish Companies Act, which entitle to shares either according to 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 2010 at the latest. During the reporting period
the Board of Directors exercised this authorization as part of the management
investment plan by issuing new shares for SSH Management Investment Corp
subscription against payment.
In addition the Annual General Meeting authorized the Board of Directors to
decide upon acquiring a maximum of 2,000,000 of the company's own shares in one
or more tranches, which amount corresponds approximately to seven (7) 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 a trading
rate determined for the company's share in a public trading arranged by NASDAQ
OMX Helsinki Ltd. The authorization to acquire the shares shall be valid at
most for eighteen (18)
months after the decision of the Annual General Meeting.
The Annual General Meeting decided upon the distribution of assets from the
invested non-restricted equity fund to the shareholders in such a way that
assets shall be distributed 0.30 euro per share. The amount to be distributed is
in total 8,595,680.40 euro. The return of equity was paid to the shareholders
who on the record date on March 9th 2009 were registered in the shareholders'
register of the company held by Euroclear Finland Oy, and the payment date was
on March 16th 2009. Furthermore, the Annual General Meeting decided to lower
the subscription price of the shares that can be subscribed based on the option
plans released by the company between years 2000-2008, with an amount
corresponding to the distribution of assets, i.e. 0.30 euro per option right.
The subscription price
of the shares shall, however, always have at least the same value as the par
value.
CORPORATE GOVERNANCE
The company complies with the corporate governance recommendations for listed
companies issued by the NASDAQ OMX Helsinki, the Central Chamber of Commerce of
Finland, and the Confederation of Finnish Industry and Employers. More
information on corporate governance is available on the company's Web site
(www.ssh.com).
DIVIDEND AND OTHER DISTRIBUTION OF ASSETS
SSH s Board of Directors will propose to the Annual General Meeting that no
dividend be distributed. It is proposed that the loss of the financial year
shall be entered to the shareholders equity in the profit/loss account. The
Board of Directors proposes to the Annual General Meeting that assets from the
invested non-restricted equity fund would be distributed to the shareholders of
the company at 0.05 euro per share. Payment schedule for the proposed share
specific return shall be informed later on the stock exchange release of the
invitation to the Annual General Meeting.
Relating to the distribution of assets, the Board of Directors proposes to the
Annual General Meeting that at the same time the subscription price of the
shares, which can be subscribed for and which belong to the option plans
released by the company between years 2000-2002, shall be lowered with an amount
corresponding to the distribution of assets, i.e. 0.05 euro per option right.
The subscription price of the shares shall, however, always have at least the
same value as the par value. Thereby, the amendment of the option terms by
lowering the subscription price (with 0.05 euro) concerns the following option
plans released by the company: I/2000, Plan July 10th 2000, II/2000, II/2002 ja
III/2002.
REPORTING
This financial statement bulletin follows IAS 34 (Interim Financial Reporting)
accounting standard. The same accounting principles have been used in the
financial statements for 2008. These data are based on audited figures.
The financial statement bulletin also complies with the renewed IAS 1 and IAS 8
standards. Based on IAS 1, the exchange differences on translating foreign
subsidiaries are presented as a part of the comprehensive income statement. SSH
reports Americas, Asia and pacific and Europe and the rest of the world as its
IAS 8 operational segments. In addition licence and maintenance sales are
separated from each other.
--------------------------------------------------------------------------------
| INCOME STATEMENT | | | | | |
--------------------------------------------------------------------------------
| EUR million | | | | | |
--------------------------------------------------------------------------------
| | | 10-12 | 10-12 | 1-12 | 1-12 | |
| | | /2009 | /2008 | /2009 | /2008 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Net sales | 2.9 | 2.2 | 8.8 | 8.5 | |
--------------------------------------------------------------------------------
| | Cost of goods sold | 0.0 | 0.0 | -0.1 | 0.0 | |
--------------------------------------------------------------------------------
| | Gross profit | 2.9 | 2.2 | 8.7 | 8.5 | |
--------------------------------------------------------------------------------
| | Other operating income | 0.0 | 0.0 | 0.1 | 0.2 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Product development | -1.0 | -1.0 | -3.8 | -4.0 | |
| | expenses | | | | | |
--------------------------------------------------------------------------------
| | Distribution costs | -1.0 | -1.4 | -4.3 | -5.0 | |
--------------------------------------------------------------------------------
| | Administrative expenses | -0.6 | -0.6 | -2.3 | -1.9 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Operating profit/loss | 0.4 | -0.8 | -1.5 | -2.2 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Financial income and | 0.0 | 0.1 | 0.3 | 0.7 | |
| | expenses | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Profit/loss before taxes | 0.4 | -0.7 | -1.2 | -1.5 | |
--------------------------------------------------------------------------------
| | Taxes | 0.0 | 0.0 | 0.0 | -0.3 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Net profit/loss for the | 0.4 | -0.7 | -1.2 | -1.8 | |
| | period | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Other profit and loss | | | | | |
| | account items: | | | | | |
--------------------------------------------------------------------------------
| | Foreign subsidiary | 0.0 | 0.1 | -0.1 | 0.2 | |
| | translation differences | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Total comprehensive income | 0.4 | -0.6 | -1.3 | -1.6 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| EARNINGS PER SHARE | |
--------------------------------------------------------------------------------
| | | | 1-12/ | 1-12/ | |
| | | | 2009 | 2008 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share (EUR) | | | -0.04 | -0.05 | |
--------------------------------------------------------------------------------
| Earnings per share, diluted | | | -0.04 | -0.06 | |
| (EUR) | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| BALANCE SHEET | | | |
--------------------------------------------------------------------------------
| EUR million | | | |
--------------------------------------------------------------------------------
| | | 12/31/2009 | 12/31/2008 | |
--------------------------------------------------------------------------------
| | ASSETS | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Non-current assets | | | |
--------------------------------------------------------------------------------
| | Tangible assets | 0.2 | 0.3 | |
--------------------------------------------------------------------------------
| | Intangible assets | 0.0 | 0.0 | |
--------------------------------------------------------------------------------
| | Investments | 0.0 | 0.0 | |
--------------------------------------------------------------------------------
| | Total non-current assets | 0.3 | 0.3 | |
--------------------------------------------------------------------------------
| | | | | |
--------------------------------------------------------------------------------
| | Current assets | | | |
--------------------------------------------------------------------------------
| | Trade and other receivables | 2.7 | 2.3 | |
--------------------------------------------------------------------------------
| | Short-term financial assets | 2.5 | 14.5 | |
--------------------------------------------------------------------------------
| | Cash and cash equivalents | 3.9 | 2.0 | |
--------------------------------------------------------------------------------
| | Total current assets | 9.1 | 18.8 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Total assets | 9.4 | 19.1 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | LIABILITIES AND SHAREHOLDERS' | | | |
| | EQUITY | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Shareholders' equity | 4.4 | 14.5 | |
--------------------------------------------------------------------------------
| | Non-current liabilities | | | |
--------------------------------------------------------------------------------
| | Provisions | 0.1 | 0.0 | |
--------------------------------------------------------------------------------
| | Non-current interest-bearing | 0.0 | 0.1 | |
| | liabilities | | | |
--------------------------------------------------------------------------------
| | Total long-term liabilities | 0.0 | 0.1 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Current liabilities | 4.8 | 4.5 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Total equity and liabilities | 9.4 | 19.1 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CASH FLOW STATEMENT | | | |
--------------------------------------------------------------------------------
| EUR million | | | |
--------------------------------------------------------------------------------
| | | 1-12/2009 | 1-12/2008 | |
--------------------------------------------------------------------------------
| | Cash flow from business | -2.4 | -2.0 | |
| | operations | | | |
--------------------------------------------------------------------------------
| | Cash flow from investments | 12.0 | 6.5 | |
--------------------------------------------------------------------------------
| | Cash flow from financing | -7.7 | -4.3 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Increase(+) / decrease (-) in | 1.9 | 0.2 | |
| | liquid assets | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Liquid assets at period start | 2.0 | 1.7 | |
--------------------------------------------------------------------------------
| | Adjustment for translation | 0.0 | 0.0 | |
| | difference | | | |
--------------------------------------------------------------------------------
| | Liquid assets at period end | 3.9 | 2.0 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| STATEMENT ON CHANGES IN | | | | | |
| SHAREHOLDERS' EQUITY | | | | | |
--------------------------------------------------------------------------------
| EUR | Share | Share | Fair | Trans | Fund for | Unrestricte | Total |
| million | Capi- | Premi | value | -lati | own | d equity | |
| | tal | -um | reser | on | shares | funds and | |
| | | | -ves | diff. | | retained | |
| | | | | | | earnings | |
--------------------------------------------------------------------------------
| Sharehold | 0.9 | 11.5 | 0.1 | -1.0 | 0,0 | 8.9 | 20.4 |
| ers' | | | | | | | |
| equity | | | | | | | |
| Jan, 1. | | | | | | | |
| 2008 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change | 0.0 | -11.5 | 0.0 | 0.2 | 0,0 | 7.3 | |
--------------------------------------------------------------------------------
| Net | | | | | | -1.8 | |
| profit | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sharehold | 0.9 | 0.0 | 0.1 | -0.9 | 0,0 | 14.4 | 14.5 |
| ers' | | | | | | | |
| equity | | | | | | | |
| Dec, 31. | | | | | | | |
| 2008 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Change | 0.0 | 0.0 | 0.0 | -0.1 | 0,0 | -7.8 | |
--------------------------------------------------------------------------------
| Net | | | | | | -1.2 | |
| profit | | | | | | | |
--------------------------------------------------------------------------------
| Managemen | 0.0 | 0.0 | 0.0 | 0.0 | -1,1 | 0.0 | |
| t | | | | | | | |
| Incentive | | | | | | | |
| plan | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Sharehold | 0.9 | 0.0 | 0.1 | -1.0 | -1,1 | 5.5 | 4,4 |
| ers' | | | | | | | |
| equity | | | | | | | |
| Dec, 31. | | | | | | | |
| 2009 | | | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| NET SALES BY SEGMENT | | | | | |
--------------------------------------------------------------------------------
| EUR million | 10-12/ | 10-12/ | 1-12/ | 1-12/ | |
| | 2009 | 2008 | 2009 | 2008 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| AMER | 1.4 | 1.6 | 5.5 | 5.8 | |
--------------------------------------------------------------------------------
| APAC | 0.2 | 0.2 | 0.8 | 0.8 | |
--------------------------------------------------------------------------------
| EROW | 1.3 | 0.3 | 2.5 | 1.9 | |
--------------------------------------------------------------------------------
| SSH Group total | 2.9 | 2.2 | 8.8 | 8.5 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| OPERATING PROFIT/LOSS | | | | | |
| BY SEGMENT | | | | | |
--------------------------------------------------------------------------------
| EUR million | 10-12/ | 10-12/ | 1-12/ | 1-12/ | |
| | 2009 | 2008 | 2009 | 2008 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| AMER | 0.9 | 0.8 | 2.5 | 2.7 | |
--------------------------------------------------------------------------------
| APAC | 0.0 | -0.1 | 0.5 | 0.4 | |
--------------------------------------------------------------------------------
| EROW | 0.9 | 0.3 | 1.1 | 1.1 | |
--------------------------------------------------------------------------------
| Common Group | -1.4 | -1.8 | -5.5 | -6.4 | |
| expenses* | | | | | |
--------------------------------------------------------------------------------
| SSH Group total | 0.4 | -0.8 | -1.5 | -2.2 | |
--------------------------------------------------------------------------------
* 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 | 1-12/2009 | 1-12/2008 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net sales | 8.8 | 8.5 | |
--------------------------------------------------------------------------------
| Operating profit/loss | -1.5 | -2.2 | |
--------------------------------------------------------------------------------
| Operating profit/loss, as % of | -16.9 | -25.9 | |
| net sales | | | |
--------------------------------------------------------------------------------
| Profit/loss before extraordinary | -0.3 | -1.2 | |
| items and taxes | | | |
--------------------------------------------------------------------------------
| Profit/loss before extraordinary | -2.9 | -14.2 | |
| items and taxes, as % of net | | | |
| sales | | | |
--------------------------------------------------------------------------------
| Profit/loss before taxes | -1.2 | -1.5 | |
--------------------------------------------------------------------------------
| Profit/loss before taxes, as | -13.3 | -18.0 | |
| % of net sales | | | |
--------------------------------------------------------------------------------
| Return on investment (%) | -10.8 | -7.4 | |
--------------------------------------------------------------------------------
| Return on equity (%) | -12.4 | -10.2 | |
--------------------------------------------------------------------------------
| Interest-bearing net liabilities | -6.4 | -16.4 | |
--------------------------------------------------------------------------------
| Equity ratio (%) | 71.4 | 91.3 | |
--------------------------------------------------------------------------------
| Gearing (%) | -144.2 | -112.8 | |
--------------------------------------------------------------------------------
| Gross capital expenditure | 0.1 | 0.1 | |
--------------------------------------------------------------------------------
| % of net sales | 1.3 | 1.3 | |
--------------------------------------------------------------------------------
| R&D expenses | 3.8 | 4.0 | |
--------------------------------------------------------------------------------
| % of net sales | 43.0 | 46.6 | |
--------------------------------------------------------------------------------
| Personnel, period average | 66 | 77 | |
--------------------------------------------------------------------------------
| Personnel, period end | 64 | 73 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| PER-SHARE DATA | | | |
--------------------------------------------------------------------------------
| EUR | 1-12/2009 | 1-12/2008 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, undiluted | -0.04 | -0.06 | |
--------------------------------------------------------------------------------
| Earnings per share, diluted | -0.04 | -0.06 | |
--------------------------------------------------------------------------------
| Equity per share | 0.15 | 0.51 | |
--------------------------------------------------------------------------------
| No. of shares at period end | 29 898 | 28 584 | |
| (thousand) | | | |
--------------------------------------------------------------------------------
| Share performance | | | |
--------------------------------------------------------------------------------
| Average price | 0.79 | 1.48 | |
--------------------------------------------------------------------------------
| Low | 0.65 | 0.66 | |
--------------------------------------------------------------------------------
| High | 1.24 | 1.69 | |
--------------------------------------------------------------------------------
| Share price, period end | 0.77 | 0.70 | |
--------------------------------------------------------------------------------
| Market capitalization, period end | 23.0 | 20.0 | |
| (EUR million) | | | |
--------------------------------------------------------------------------------
| Volume of shares traded (million) | 5.1 | 3.6 | |
--------------------------------------------------------------------------------
| Volume of shares traded, as | 17.0 | 12.5 | |
| % of | | | |
| total | | | |
--------------------------------------------------------------------------------
| Value of shares traded (EUR | 4.0 | 4.5 | |
| million) | | | |
--------------------------------------------------------------------------------
| Price-to-earnings ratio (P/E) | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONTINGENT LIABILITIES | | | |
--------------------------------------------------------------------------------
| EUR million | 12/31/2009 | 12/31/2008 | |
--------------------------------------------------------------------------------
| Rent security deposits | 0.1 | 0.0 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Leasing commitments outside | | | |
| the balance sheet | | | |
--------------------------------------------------------------------------------
| Maturing within 1 year | 0.6 | 0.7 | |
--------------------------------------------------------------------------------
| Maturing between 1 and 5 years | 1.1 | 0.6 | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
DISCLAIMER
The content in this report is provided by SSH Communications Security Corp
("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 Corp will release its next interim report and
financial statements for January 1st-March 31st, 2010 in 21st of April 2010.
Further information will be available on the company's website in due course.
Helsinki, February 3rd 2010
SSH COMMUNICATIONS SECURITY CORP
Board of Directors
Jari Mielonen
CEO
For further information, please contact:
Jari Mielonen, CEO, tel. +358 20 500 7000
Mikko Karvinen, CFO, tel. +358 20 500 7000
Distribution:
NASDAQ OMX Helsinki Ltd.
Major media
www.ssh.com
© 2024 Nasdaq, Inc. All Rights Reserved |