2012-10-24 08:00:02 CEST
2012-10-24 08:00:12 CEST
REGULATED INFORMATION
SSH Communications Security Oyj - Interim report (Q1 and Q3)
SSH COMMUNICATIONS SECURITY CORPORATION (PREVIOUSLY TECTIA CORPORATION) INTERIM REPORT, JANUARY 1 – SEPTEMBER 30, 2012
Helsinki, 2012-10-24 08:00 CEST (GLOBE NEWSWIRE) -- SSH COMMUNICATIONS SECURITY
CORPORATION (PREVIOUSLY TECTIA CORPORATION) INTERIM REPORT, JANUARY 1 -
SEPTEMBER 30, 2012
SUMMARY
Strong growth of sales continued, profitability improved and was good.
July-September
- Net sales totaled EUR 2.8 million, up by +46.2% year on year (EUR 1.9 million
in 7-9/2012).
- Operating profit amounted to EUR 0.4 million (EUR -0.9 million in 7-9/2012)
including EUR 0.0 million of non-recurring costs (EUR -0.7 million). Net profit
EUR 0.4 million (loss EUR -1.0 million)
- Earnings per share EUR 0.01 (EUR -0.03).
- Deliveries of the new product Universal SSH Key Manager started
- Company changed its official name to SSH Communications Security
January-September
- Net sales totaled EUR 8.3 million, up by +36.2% year on year (EUR 6.1 million
in 1-9/2011).
- Operating profit amounted to EUR 0.8 million (EUR -2.0 million in 1-9/2011)
including EUR -0.4 of non-recurring costs (EUR -1.1 million). Net profit EUR
0.8 million (loss EUR -2.1 million)
- Earnings per share EUR 0.03 (EUR -0.07).
- Operative cash flow positive EUR 0.1 million (EUR -0.6 million). Total Cash
Flow was EUR -0.7 million negative (EUR 1,5 million)
The company's equity ratio improved further 50.9% (38.6%) and liquid assets
weakened to EUR 1.8 million (EUR 3.0 million). Weakening of liquid assets was
caused by exceptionally high accounts receivable at the time of the interim
report, of which significant part has already been received after the reporting
period.
KEY FIGURES
-------------------------------------------------------------------
EUR millions 7-9/ 7-9/ 1-9/ 1-9/ Change % 1-12/
2012 2011 2012 2011 2011
-------------------------------------------------------------------
-------------------------------------------------------------------
Sales 2.8 1.9 8.3 6.1 36.0 8.1
-------------------------------------------------------------------
Operating profit/loss 0.4 -0.9 0.8 -2.0 140.3 -2.0
-------------------------------------------------------------------
% of sales 13.9 -48.4 9.7 -33.3 -25.3
-------------------------------------------------------------------
Profit before taxes 0.4 -1.0 0.9 -2.1 140.7 -2.2
-------------------------------------------------------------------
Net profit 0.4 -1.0 0.8 -2.1 140.4 -2.2
-------------------------------------------------------------------
-------------------------------------------------------------------
ROE, % 60.4 -130.8 -110.0
-------------------------------------------------------------------
ROI, % 50.1 -436.4 -99.6
-------------------------------------------------------------------
Liquid assets 1.8 3.0 -39.1 2.5
-------------------------------------------------------------------
Gearing, % -94.6 -251.9 -230.0
-------------------------------------------------------------------
Equity share, % 50.9 38.6 36.2
-------------------------------------------------------------------
-------------------------------------------------------------------
Profit/share,EUR 0.01 -0.03 0.03 -0.07 -0.07
-------------------------------------------------------------------
Equity/share,EUR 0.06 0.04 0.06 0.04 0.03
-------------------------------------------------------------------
CEO's BUSINESS REVIEW
The company continued to develop favorably with net sales for the quarter
growing 46% year-on-year and EBIT margin reaching 14% despite fast growth.
As the original inventors of the SSH protocol, the company focuses on providing
cost-savings, security, and regulatory compliance to its customers, especially
in relation to managing large IT environments where the SSH protocol is widely
used for system administration, file transfers and automation.
The first major deal of the new Universal SSH Key Manager solution with a
global top-10 bank was announced in September. The value of the deal is
estimated at EUR 2 million (USD 2.5m) and includes software and services
delivered during 2012-2014. Only a small part of the deal is therefore included
in third quarter revenue. The company expects to announce several additional
sales of the solution to other large enterprises during the coming months. The
company also closed an enterprise wide deal with a top-10 US insurance company
on securing its IBM mainframe file transfers using Tectia SSH for z/OS for
automatic FTP-to-SFTP conversion.
SSH protocol is used for automating operations in large IT environments while
it has turned out that the SSH keys used by the protocol are not being properly
managed in most organizations. Mismanaged, these keys provide a way for viruses
to spread quickly throughout an organization's server infrastructure and
provide a way for rogue system administrators to leave backdoors into
production servers, bypassing normal privileged access management and auditing
systems. Many large organizations appear to be non-compliant with
Sarbanes-Oxley, PCI, FISMA, and/or HIPAA security standards and laws for
failing to properly control who can access their servers using SSH keys and
failing to ensure termination of key-based access when an employee leaves or
changes roles.
The Universal SSH Key Manager helps organizations solve these SSH and OpenSSH
key management issues. SSH Communications Security has been selling SSH host
key management solutions since 2003 to the largest banks, retail chains,
logistics companies and government agencies. The new Universal SSH Key Manager
solution also manages keys used for user authentication, especially for
non-interactive system accounts. The solution automates new key setups, removal
of unused keys, key rotation, and prevents unauthorized backdoor creation. This
brings substantial cost savings, improved security, and enables regulatory
compliance.
The company's additional new solution, CryptoAuditor, enables auditing the
contents of encrypted SSH and RDP (Windows Remote Desktop) connections,
providing session recording and data loss prevention (DLP) for remote
administration and SFTP file transfers. The product is synergistic with the
company's key management strategy and Universal SSH Key Manager solution.
Going forward, the company is investing heavily in growth. This will have a
negative impact on short-term profitability, but will help the company capture
significant market share in SSH key management, where the company clearly leads
the competition in technology. The company is also investing heavily in R&D and
patenting, and is determined to utilize its substantial patent portfolio.
Tatu Ylönen
CEO
FUTURE OUTLOOK
As announced on August 1, 2012, SSH Communications Security estimates its
revenue for 2012 to increase significantly from 2011 mainly due to solid
maintenance stream and Tectia SSH Client and Server business, and expected
sales of new products, especially Universal SSH Key Manager. Company is
investing heavily in growth which will impact profitability in the short term.
SSH Communications Security continues to estimate full year 2012 to be
profitable. The company estimates its liquidity to improve before year end as
large customer receivables will be collected.
Risks to the estimate include delays in product development, sales ramp-up, and
deliveries, as well as general economic uncertainty.
NET SALES
Consolidated net sales for July-September totaled EUR 2.8 million (EUR 1.9
million), up by 46.2%, year on year.
Consolidated net sales for January-September totaled EUR 8.3 million (EUR 6.1
million), up by +36.2%, year on year.
The Americas, Europe, Middle East and Africa market area and the Asia Pacific
region accounted for 50.8% (60.5%), 34.4% (25.6%) and 14.8% (13.9%) of reported
net sales, respectively, with each area revenue growing year-on-year.
NET SALES
-----------------------------------------------------------
EUR Million 7-9/ 7-9/ 1-9/ 1-9/ 2011 Change % 1-12/
2012 2011 2012 2011
-----------------------------------------------------------
-----------------------------------------------------------
BY SEGMENT
-----------------------------------------------------------
Americas 1.6 1.2 4.2 3.7 14.4 4.8
-----------------------------------------------------------
APAC 0.5 0.3 1.2 0.8 44.4 1.3
-----------------------------------------------------------
EMEA 0.8 0.5 2.9 1.6 83.1 1.9
-----------------------------------------------------------
Total 2.8 1.9 8.3 6.1 36.2 8.1
-----------------------------------------------------------
-----------------------------------------------------------
BY OPERATION
-----------------------------------------------------------
Licence sales 1.2 0.6 3.8 2.0 83.1 2.8
-----------------------------------------------------------
Maintenance 1.7 1.3 4.5 4.1 11.8 5.3
-----------------------------------------------------------
Total 2.8 1.9 8.3 6.1 36.2 8.1
-----------------------------------------------------------
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
strengthened approximately +5.4% compared to the same period a year ago. With
comparable exchange rates 2012 net sales growth would have been +29.9% compared
with 2011 corresponding period.
RESULTS AND EXPENSES
Operating profit for July-September amounted to EUR 0.4 million (EUR -0.9
million) including EUR 0.0 million non-recurring costs (EUR -0.7 million), with
net profit totaling EUR 0.4 million (EUR -1.0 million).
Operating profit for January-September amounted to EUR 0.8 million (EUR -2.0
million), with net profit totaling EUR 0.8 million (EUR -2.1 million).
Non-recurring items during January-September were EUR -0.4 million (EUR -1,1
million) due to moving the office in Helsinki, costs caused to the company due
to the public tender offer of all Tectia Oyj shares and due to the personnel
related changes.
Sales, marketing and customer support expenses for the July-September reporting
period amounted EUR -1.5 million (EUR -1.5 million), while research and
development expenses totaled EUR -0.6 million (EUR -0.8 million) and
administrative expenses EUR -0.3 million (EUR -0.6 million).
Sales, marketing and customer support expenses for the January-September
reporting period amounted EUR -4.1 million (EUR -4.3 million), while research
and development expenses totaled EUR -2.0 million (EUR -2.1 million) and
administrative expenses EUR -1.0 million (EUR -1.6 million).
BALANCE SHEET AND FINANCIAL POSITION
The financial position of SSH Communications Security remained satisfactory
during the reporting period. The consolidated balance sheet total on September
30, 2012 stood at EUR 7.5 million (September 30, 2011 EUR 5.9 million; December
31, 2011 EUR 6.4 million), of which liquid assets accounted for EUR 1.8 million
(September 30, 2011 EUR 3.0 million; December 31, 2011 EUR 2.5 million), or
24.3% of the balance sheet total. On September 30, 2012, gearing, or the ratio
of net liabilities to shareholders' equity, was -94.6% (September 30, 2011
-251.9%; December 31, 2011 -230,0%) and the equity ratio stood at 50.9%
(September 30, 2011 38.6%; December 31, 2011 36.2%).
The reported gross capital expenditure for the period totaled EUR 0.7 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 totalled EUR +0.0 million (EUR -0.1 million).
During January-September, SSH Communications Security reported a positive cash
flow of EUR 0.1 million (EUR -0.6 million) from business operations, and
investments showed a negative cash flow of EUR -0.8 million (EUR -0.4 million).
Cash flow from financing totaled EUR -0.1 million (EUR 2.5 million). Total cash
flow from operations, investments and financing was negative EUR -0.7 million
(EUR 1.5 million) during the period.
RESEARCH AND DEVELOPMENT
Research and development expenses for July-September totaled EUR -0.6 million
(EUR -0.8 million), the equivalent of 21.0 percent of net sales (42.0 percent).
During July-September company has capitalized R&D costs EUR 0.2 million (EUR
0.1 million).
Research and development expenses for January-September totaled EUR -2.0
million (EUR -2.1 million), the equivalent of 24.1 percent of net sales (34.3
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. In reporting period R&D cost capitalizations amount to EUR 0.7
million (EUR 0.3 million).
HUMAN RESOURCES AND ORGANIZATION
At the end of September, the Group had 59 employees on its payroll, up by 6
persons from the previous year, an increase of +11%. Compared with previous
quarter, personnel increased with 3.
At the end of the period, 41% of the employees worked in sales and marketing,
48% in R&D, and 11% in corporate administration.
BOARD AND AUDITORS
The Annual General Meeting (AGM) on March 28, 2012 elected Päivi Hautamäki,
Sami Ahvenniemi and Tatu Ylönen as the directors of the company. Päivi
Hautamäki 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 Corporation shares
totaled 6 167 838 (valued at EUR 3 121 483). The highest quotation was EUR 0.90
and the lowest EUR 0.30. The trade-weighted average share price for the period
was EUR 0.51 and the share closed at EUR 0.85 (September 28, 2012).
As announced May 4, 2012 Tatu Ylönen´s Clausal Computing Oy acquired with
public tender offer about 10.3% of all shares & votes.
The company's principal owner Tatu Ylönen holds directly and through his
company, Clausal Computing Oy, now 58.0% of the company's shares, Assetman Oy
holds 13.1% and SSH Management Investment Corp 4.7%. More information about the
shareholding can be obtained from the company´s web site.
SSH Management Investment Corp is part of the SSH Communications Security Group
consolidated financial statements according to its shareholder agreement.
During reporting period no dividend or return of capital were distributed.
SHARE CAPITAL AND BOARD AUTHORIZATIONS
The company's registered share capital on September 30, 2012 was EUR 916,476.24
consisting of 30,552,958 shares.
The Annual General Meeting approved the Board of Directors' proposal to
authorize the Board of Directors to decide upon the issuing of in total
5,500,000 shares, in one or more tranches, as share issues against payment or
by giving stock options or other special rights entitling to shares, as defined
in Chapter 10 Section 1 of the Finnish Companies Act, either in accordance with
the shareholders' pre-emptive right to share subscription or deviating from
this right. The authorization will be valid until the next Annual General
Meeting, but will expire on June 30, 2013 at the latest. As announced on July
27, 2012, the Board of Directors decided an option plan of maximum 2,000,000
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.
RISKS AND UNCERTAINTIES
Short- and midterm risks impacting SSH Communications Security have not changed
since 30.6.2012, neither since 31.12.2011. Largest risks impacting the
profitability of the company are:
- amount of R&D investment into new still under development products, starting
the delivery and sales of the new products and demand;
- continuing uncertainty of the macroeconomic environment;
- large portion of the company revenue is invoiced in USD currency so possible
large fluctuation in USD currency rates during 2012 could have unpredictable
effects for profitability that are at the time difficult to estimate. The
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.
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 0.3 million during January-September 2012. During the
reporting period there have not been any other significant transactions with
related parties.
CEO remuneration is paid in accordance with company annual report 2011.
EVENTS AFTER THE BALANCE SHEET DATE
The SSH Communications Security management is not aware of any significant
transactions after the reporting period.
REPORTING
This interim report is prepared according to IAS 34. Interim report follows the
same principles and standards as the previous financial statement release.
Additionally the effective changes in IAS/IFRS standards during 2012 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
SHORT COMPREHENSIVE INCOME STATEMENT
-------------------------------------------------------------------------------
EUR million
-------------------------------------------------------------------------------
7-9 7-9 1-9/ 1-9/ 1-12/
/2012 /2011 2012 2011 2011
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Net sales 2.8 1.9 8.3 6.1 8.1
-------------------------------------------------------------------------------
Cost of goods sold -0.1 0.1 -0.4 -0.1 -0.1
-------------------------------------------------------------------------------
Gross profit 2.8 2.0 7.9 6.0 7.9
-------------------------------------------------------------------------------
Other operating income 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Sales. marketing and customer support costs -1.5 -1.5 -4.1 -4.3 -5.4
-------------------------------------------------------------------------------
Product development expenses -0.6 -0.8 -2.0 -2.1 -2.5
-------------------------------------------------------------------------------
Administrative expenses -0.3 -0.6 -1.0 -1.6 -2.0
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Operating profit/loss 0.4 -0.9 0.8 -2.0 -2.0
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Financial income and expenses 0.1 -0.1 0.0 -0.1 -0.1
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Profit/loss before taxes 0.4 -1.0 0.9 -2.1 -2.2
-------------------------------------------------------------------------------
Taxes 0.0 0.0 0.0 0.0 0.0
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Net profit/loss for the financial period 0.4 -1.0 0.8 -2.1 -2.2
-------------------------------------------------------------------------------
Minority Interest 0.0 -0.0 0.0 -0.0 -0.0
-------------------------------------------------------------------------------
Other profit and loss account items:
-------------------------------------------------------------------------------
Foreign subsidiary translation differences 0.0 0.2 0.0 0.1 0.1
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Total comprehensive income 0.4 -0.8 0.8 -2.0 -2.1
-------------------------------------------------------------------------------
Net profit/loss attributable to:
------------------------------------------------------------------
Owners of the Company 0.4 -0.8 0.8 -2.0 -2.1
------------------------------------------------------------------
Non-Controlling interest 0.0 0.0 0.0 0.0 0.0
------------------------------------------------------------------
------------------------------------------------------------------
EARNINGS PER SHARE
------------------------------------------------------------------
Earnings per share (EUR) 0.01 -0.03 0.03 -0.07 -0.07
------------------------------------------------------------------
Earnings per share, diluted (EUR) 0.00 -0.03 0.03 -0.07 -0.07
------------------------------------------------------------------
BALANCE SHEET
---------------------------------------------------------------------------
EUR million
---------------------------------------------------------------------------
30/09/2012 30/09/2011 31/12/2011
---------------------------------------------------------------------------
ASSETS
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Non-current assets
---------------------------------------------------------------------------
Tangible assets 0.1 0.1 0.1
---------------------------------------------------------------------------
Intangible assets 1.7 1.1 1.3
---------------------------------------------------------------------------
Investments 0.0 0.0 0.0
---------------------------------------------------------------------------
Total non-current assets 1.9 1.2 1.5
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Current assets
---------------------------------------------------------------------------
Trade and other receivables 3.8 1.7 2.4
---------------------------------------------------------------------------
Short-term financial assets 0.0 0.0 0.0
---------------------------------------------------------------------------
Cash and cash equivalents 1.8 3.0 2.5
---------------------------------------------------------------------------
Total current assets 5.7 4.7 4.9
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Total assets 7.5 5.9 6.4
---------------------------------------------------------------------------
---------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Shareholders' equity
---------------------------------------------------------------------------
Equity attributable to the 1.7 0.9 0.8
parent company shareholders
total
---------------------------------------------------------------------------
Non-controlling interest 0.2 0.3 0.2
---------------------------------------------------------------------------
Shareholders' equity total 1.9 1.2 1.1
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Non-current liabilities
---------------------------------------------------------------------------
Provisions 0.1 0.1 0.1
---------------------------------------------------------------------------
Non-current interest-bearing 0.0 0.0 0.0
liabilities
---------------------------------------------------------------------------
Total long-term liabilities 0.1 0.1 0.1
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Current liabilities 5.6 4.6 5.2
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Liabilities total 5.7 4.7 5.3
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Total equity and liabilities 7.5 5.9 6.4
---------------------------------------------------------------------------
---------------------------------------------------------------------------
SHORT CASH FLOW STATEMENT
--------------------------------------------------------------------
EUR million 1-9/2012 1-9/2011 1-12/2011
--------------------------------------------------------------------
--------------------------------------------------------------------
Cash flow from business operations 0.1 -0.6 -0.8
--------------------------------------------------------------------
Cash flow from investments -0.8 -0.4 -0.7
--------------------------------------------------------------------
Cash flow from financing -0.1 2.5 2.5
--------------------------------------------------------------------
--------------------------------------------------------------------
Increase(+) / decrease (-) in cash -0.7 1.5 0.9
--------------------------------------------------------------------
--------------------------------------------------------------------
Cash at period start 2.4 1.6 1.6
--------------------------------------------------------------------
Effect of exchange rate 0.0 0.0 0.0
--------------------------------------------------------------------
Cash at period end 1.7 3.0 2.4
--------------------------------------------------------------------
--------------------------------------------------------------------
--------------------------------------------------------------------
STATEMENT ON
CHANGES IN
SHAREHOLDERS'
EQUITY
--------------------------------------------------------------------------------
EUR Share Fair Other Trans-l Fund Non-Con Unrestricte Total
millio Capi-t value Equity ation for trollin d equity
n al reser- Fund diff own g funds and
ves shares intere retained
st earnings
--------------------------------------------------------------------------------
Shareho 0.9 0.1 0.1 -1.3 -1.0 0.3 4.0 3.2
lders'
equity
1.1.201
1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change 0.1 0.1 0.2
--------------------------------------------------------------------------------
Net -2.1 -2.1
profit
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareho 0.9 0.1 0.2 -1.2 -1.0 0.3 1.9 1.2
lders'
equity
30.9.20
11
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change -0,1 -0,1
--------------------------------------------------------------------------------
Net
profit
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareho 0.9 0.1 0.2 -1.2 -1.0 0.2 1.9 1.1
lders'
equity
31.12.2
011
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change 0.0 -0.0 0.0
--------------------------------------------------------------------------------
Net 0.8 0.8
Profit
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareho 0.9 0.1 0.2 -1,2 -1.0 0.2 2.7 1.9
lders'
equity
30.9.20
12
--------------------------------------------------------------------------------
NET SALES BY SEGMENT
---------------------------------------------------
EUR million 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2012 2011 2012 2011 2011
---------------------------------------------------
---------------------------------------------------
AMER 1.6 1.2 4.2 3.7 4.8
---------------------------------------------------
APAC 0.5 0.3 1.2 0.8 1.3
---------------------------------------------------
EMEA 0.8 0.5 2.9 1.6 1.9
---------------------------------------------------
Group total 2.8 1.9 8.3 6.1 8.1
---------------------------------------------------
GROSS MARGIN BY SEGMENT
------------------------------------------------------
EUR million 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2012 2011 2012 2011 2011
------------------------------------------------------
------------------------------------------------------
AMER 1.6 1.2 4.2 3.7 4.8
------------------------------------------------------
APAC 0.5 0.3 1.2 0.9 1.3
------------------------------------------------------
EMEA 0.6 0.5 2.4 1.4 1.8
------------------------------------------------------
Tectia Group total 2.8 2.0 7.8 6.0 7.9
------------------------------------------------------
OPERATING PROFIT/LOSS BY SEGMENT
---------------------------------------------------------------
EUR million 7-9/ 7-9/ 1-9/ 1-9/ 1-12/
2012 2011 2012 2011 2011
---------------------------------------------------------------
---------------------------------------------------------------
AMER 0.8 0.6 1.9 1.7 2.0
---------------------------------------------------------------
APAC 0.3 0.2 0.7 0.6 0.8
---------------------------------------------------------------
EMEA 0.5 0.1 2.2 0.5 1.0
---------------------------------------------------------------
Common Group -1.3 -1.8 -4.1 -4.8 -5.8
expenses*
---------------------------------------------------------------
Tectia Group total 0.4 -0.9 0.8 -2.0 -2.0
---------------------------------------------------------------
* 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 1-9/201 1-9/201 1-12/201
2 1 1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales 8.3 6.1 8.1
--------------------------------------------------------------------------------
Operating profit/loss 0.8 -2.0 -2.0
--------------------------------------------------------------------------------
Operating profit/loss. as % of net sales 9.7 -33.3 -25.3
--------------------------------------------------------------------------------
Profit/loss before extraordinary items and taxes 1.2 -1.0 -1.1
--------------------------------------------------------------------------------
Profit/loss before extraordinary items and taxes. as 14.5 -16.4 -13.3
% of net sales
--------------------------------------------------------------------------------
Profit/loss before taxes 0.9 -2.1 -2.2
--------------------------------------------------------------------------------
Profit/loss before taxes. as 10.3 -35.1 -27.0
% of net sales
--------------------------------------------------------------------------------
Return on equity (%) 60.4 -130.8 -110.0
--------------------------------------------------------------------------------
Return on investment (%) 50.1 -407.7 -99.6
--------------------------------------------------------------------------------
Interest-bearing net liabilities -1.8 -3.0 -2.5
--------------------------------------------------------------------------------
Equity ratio (%) 50.9 38.6 36.2
--------------------------------------------------------------------------------
Gearing (%) -94.6 -251.9 -230.0
--------------------------------------------------------------------------------
Gross capital expenditure 0.7 0.4 0.8
--------------------------------------------------------------------------------
% of net sales 8.4 6.6 9.9
--------------------------------------------------------------------------------
R&D expenses 2.0 2.1 2.5
--------------------------------------------------------------------------------
% of net sales 24.1 34.4 31.3
--------------------------------------------------------------------------------
Personnel. period average 54 62 61
--------------------------------------------------------------------------------
Personnel. period end 59 53 52
--------------------------------------------------------------------------------
Calculation for key figures and ratios are presented in 2011 financial
statement and annual report. There have not been changes in calculation rules
after that.
PER-SHARE DATA
------------------------------------------------------------------------------
EUR 1-9/2012 1-9/2011 1-12/2011
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Earnings per share. Undiluted 0.03 -0.07 -0.07
------------------------------------------------------------------------------
Earnings per share. diluted 0.03 -0.07 -0.07
------------------------------------------------------------------------------
Equity per share 0.06 0.03 0.03
------------------------------------------------------------------------------
No. of shares at period average (thousand) 30 553 30 549 30 549
------------------------------------------------------------------------------
No. of shares at period end (thousand) 30 553 30 549 30 549
------------------------------------------------------------------------------
Share performance
------------------------------------------------------------------------------
Average price 0.51 0.63 0.51
------------------------------------------------------------------------------
Low 0.30 0.35 0.29
------------------------------------------------------------------------------
High 0.90 0.89 0.89
------------------------------------------------------------------------------
Share price. period end 0.85 0.41 0.30
------------------------------------------------------------------------------
Market capitalization. period end (EUR million) 26.0 12.5 9.2
------------------------------------------------------------------------------
Volume of shares traded (million) 6.2 1.4 2.3
------------------------------------------------------------------------------
Volume of shares traded. As 24.1 4.6 7.5
% of total
------------------------------------------------------------------------------
Value of shares traded (EUR million) 3.1 0.9 1.2
------------------------------------------------------------------------------
Price per earnings ratio (P/E) - - -
------------------------------------------------------------------------------
Dividend per share 0.0 0.0 0.0
------------------------------------------------------------------------------
Dividend per earnings, % 0.0 0.0 0.0
------------------------------------------------------------------------------
Effective return on dividend, % 0.0 0.0 0.0
------------------------------------------------------------------------------
CONTINGENT LIABILITIES
----------------------------------------------------------------
EUR million 30.9.2012 30.9.2011 31.12.2011
----------------------------------------------------------------
Rent security deposits 0.1 0.1 0.1
----------------------------------------------------------------
----------------------------------------------------------------
Leasing commitments outside
the balance sheet
----------------------------------------------------------------
Maturing within 1 year 0.5 0.4 0.5
----------------------------------------------------------------
Maturing between 1 and 5 years 0.6 0.4 0.4
----------------------------------------------------------------
----------------------------------------------------------------
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 annual report for 2012
in February 14th.
Helsinki, October 24th 2012
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
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