2013-04-25 08:00:05 CEST
2013-04-25 08:00:16 CEST
REGULATED INFORMATION
SSH Communications Security Oyj - Interim report (Q1 and Q3)
SSH COMMUNICATIONS SECURITY CORPORATION INTERIM REPORT, JANUARY 1 – MARCH 31, 2013
Helsinki, Finland, 2013-04-25 08:00 CEST (GLOBE NEWSWIRE) -- SSH COMMUNICATIONS
SECURITY CORPORATION INTERIM REPORT APRIL 25, 2013 AT 9:00 A.M
SSH COMMUNICATIONS SECURITY CORPORATION INTERIM REPORT, JANUARY 1 - MARCH 31,
2013
SUMMARY
Net Sales grew satisfactorily by 14% year on year and company achieved
profitability for the fifth consecutive quarter. Operational Cash Flow was very
strong (EUR +1.5 million).
January-March
- Net sales totaled EUR 2.9 million, up by +14.0% year on year (EUR 2.6
million in 1-3/2012).
- Operating profit decreased to EUR 0.1 million (EUR 0.2 million in 1-3/2012).
There were no non-recurring items on reporting period (EUR -0.2 million).
Profit was EUR 0.1 million (profit EUR 0.3 million)
- Earnings per share were EUR 0.00 (EUR 0.01).
The company's equity ratio further improved to 74.0 % (46.6 % 31.3.2012, 70.0 %
31.12.2012) and liquid assets strengthened to EUR 7.8 million (EUR 2.7 million
31.3.2012, EUR 6.6 million 31.12.2012).
KEY FIGURES
----------------------------------------------------------------------
1-3/ 1-3/ Change % 1-12/
2013 2012 2012
----------------------------------------------------------------------
----------------------------------------------------------------------
Net sales (MEUR) 2.9 2.6 14.0 11.9
----------------------------------------------------------------------
Operating profit/loss (MEUR) 0.1 0.2 -77.0 1.1
----------------------------------------------------------------------
% of net sales 1.9 9.4 9.1
----------------------------------------------------------------------
Profit/loss before taxes (MEUR) 0.1 0.3 -68.7 1.1
----------------------------------------------------------------------
Profit/loss (MEUR) 0.1 0.3 -69.6 1.1
----------------------------------------------------------------------
----------------------------------------------------------------------
Return on equity, % 5.2 88.5 30.9
----------------------------------------------------------------------
Return on investment, % 7.0 90.7 28.1
----------------------------------------------------------------------
Liquid assets 7.8 2.7 188.6 6.6
----------------------------------------------------------------------
Gearing (%) -121.9 -189.0 -105.2
----------------------------------------------------------------------
Equity ratio (%) 74.0 46.6 70.0
----------------------------------------------------------------------
----------------------------------------------------------------------
Earnings per share (EUR) 0.00 0.01 -73.3 0.04
----------------------------------------------------------------------
Shareholders' equity per share (EUR) 0.21 0.05 315.1 0.20
----------------------------------------------------------------------
CEO'S REVIEW
The company achieved 14% growth, positive operational cash flow, and fifth
consecutive profitable quarter. Highlights for the first quarter include
signing a USD1.8m Universal SSH Key Manager(TM) services deal with a major
bank; the revenue will be recognized over two quarters. This follows closing
Universal SSH Key Manager(TM) deals with a major US logistics company and a
major US media house in December.
Simultaneously, the company invested in sales, marketing, and R&D to enable
future growth. A number of significant deals with some of the largest
enterprises in the world are in the pipeline and expected to close in 2013 and
2014.
Shipments began for new CryptoAuditor(TM) solution for monitoring and
controlling encrypted connections (e.g., SSH, RDP, HTTPS) and file transfers
(SFTP). SSH Client&Server solutions saw substantial interest driven by
high-performance file transfer requirements, point-to-point tunneling, and key
management integration. The company's Universal SSH Key Manager(TM) solutions
have been well received.
The market is starting to understand the importance of properly managing access
to information systems using SSH keys. A draft of open guidelines for managing
SSH keys for automated access has been published by the IETF (Internet
Engineering Task Force), and several other standards bodies and regulatory
bodies are evaluating the guidelines and related issues for inclusion into
their IT security standards and regulations. The company's products and the
problems they are solving were analyzed in a recent report by IDC and received
significant press coverage in the first quarter and April.
In April the company announced the SSH Risk Assessor(TM) product that enables
IT security auditors to evaluate SSH key management risks as part of regular
audits. This is expected to bring urgency to many organizations for bringing
key-based access using SSH under control in their environments.
The SSH protocol is ubiquitous in datacenters and used for managing routers,
hardware management ports, hypervisors, Unix/Linux operating systems, and for
file transfers and point-to-point tunneling on all operating systems.
Tatu Ylönen
CEO
FUTURE OUTLOOK
SSH Communications Security estimates its revenue to grow significantly from
2012 driven by strong need for its products and services. The company
continues to invest heavily in products, sales, and marketing, which will
impact profitability in the first half. Nevertheless, the company estimates
the financial year 2013 to be profitable.
Upside possibilities include patent revenue and better than expected customer
demand. Downside risks include delays on product development and closing new
business, competition, and macroeconomic challenges.
NET SALES
Consolidated net sales for January-March totaled EUR 2.9 million (EUR 2.6
million), up by 14.0%, year on year.
The Americas, the Europe, Middle East and Africa market area and the Asia
Pacific region accounted for 44.2% (42.3%), 41.2% (46.6%) and 14.6% (11.2%) of
reported net sales, respectively.
SSH NET SALES
--------------------------------------------
EUR Million 1-3/ 1-3/ Change % 1-12/
2013 2012 2012
--------------------------------------------
--------------------------------------------
BY SEGMENT
--------------------------------------------
AMERICAS 1.3 1.1 19.3 6.0
--------------------------------------------
APAC 0.4 0.3 48.4 1.6
--------------------------------------------
EMEA 1.2 1.2 1.0 4.3
--------------------------------------------
SSH Group Total 2.9 2.6 14.0 11.9
--------------------------------------------
--------------------------------------------
BY OPERATION
--------------------------------------------
License sales 1.0 1.2 -20.8 5.0
--------------------------------------------
Consulting 0.5 0.0 0.6
--------------------------------------------
Maintenance 1.5 1.4 4.6 6.3
--------------------------------------------
Total 2.9 2.6 14.0 11.9
--------------------------------------------
The majority of company´s invoicing is U.S. dollar based. During the report
period, the U.S. dollar's average exchange rate weakened 1% on comparison to
euro.
RESULTS AND EXPENSES
Operating profit for January-March decreased to EUR 0.1 million (EUR 0.2
million), with net profit totaling EUR 0.1 million (EUR 0.3 million).
Profitability was influenced by higher share of service sales in addition to
investments to sales and product development.
There were no non-recurring items during January-march (EUR -0.2 million).
Sales, marketing and customer support expenses for the January-March reporting
period amounted to EUR -1.4 million (EUR -1.2 million), while research and
development expenses totaled EUR -0.7 million (EUR -0.6 million) and
administrative expenses EUR -0.4 million (EUR -0.5 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, 2013 stood at EUR 12.7 million (31.3.2012 EUR 5.9 million; 31.12.2012
EUR 12.5 million), of which liquid assets accounted for EUR 7.8 million
(31.3.2012 EUR 2.7 million; 31.12.2012 EUR 6.6 million, or 61.3% of the balance
sheet total). On March 31, 2013, gearing, or the ratio of net liabilities to
shareholders' equity, was -121.9% (31.3.2012 -189.0%; 31.12.2012 -105.2%) and
the equity ratio stood at 74.0% (31.3.2012 46.6%; 31.12.2012 70.0 %).
The reported gross capital expenditure for the period totaled EUR 0.4 million
(EUR 0.3 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 1.5 million (EUR 0.4 million) from business operations, and investments
showed a negative cash flow of EUR -0.4 million (EUR -0.0 million). Cash flow
from financing totaled EUR -2.0 million (EUR 0.0 million). Total cash flow from
operations, investments and financing was negative EUR -1.0 million (EUR 0.1
million) during the period due to EUR 2.0 million investment made on fixed
income fund which are shown in investments.
Group has no financial instruments which are valued at fair value.
RESEARCH AND DEVELOPMENT
Research and development expenses for January-March totaled EUR -0.7 million
(EUR -0.6 million), the equivalent of 22.6% of net sales (21.9%). During
January-March, the company has capitalized new product R&D costs EUR 0.4
million (EUR 0.3 million).
HUMAN RESOURCES AND ORGANIZATION
At the end of March, the Group had 80 employees on its payroll. The amount of
employees increased by 27 persons from the previous year (+53.8%) and from
year end by 10 persons due to investments in sales and product development.
At the end of the period, 47% of the employees worked in sales, marketing and
customer services, 42% in R&D, and 11% in corporate administration.
BOARD AND AUDITORS
At the Annual General Meeting, March 20, 2013, Sami Ahvenniemi, Päivi Hautamäki
and Tatu Ylönen were re-elected as directors of the company. Sami Ahvenniemi
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 1 657
217 shares (valued at EUR 1 604 533). The highest quotation was EUR 1.11 and
the lowest EUR 0.75. The trade-weighted average share price for the period was
EUR 0.97 and the share closed at EUR 1.01 (March 28, 2013).
Company's principal owner Tatu Ylönen holds directly and through his company,
Clausal Computing Oy, now 57.7% of the company's shares, Assetman Oy holds
12.0% 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 due to shareholder agreement.
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, 2013 was EUR 922 416.99
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 2014.
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 2014.
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 2013 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.
EVENTS AFTER THE BALANCE SHEET DATE
As announced on April 3, 2013, SSH Communications Security has agreed with its
old management team members, that SSH Management Investment Ltd., which was
established for the share incentive plan of old management team, as announced
on October 21, 2009, will be liquidated during year 2013.
The SSH Communications Security´s management is not aware of any other
transactions that happened after the reporting period.
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.
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
/2013 /2012 /2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales 2.9 2.6 11.9
--------------------------------------------------------------------------------
Cost of goods sold -0.4 -0.1 -0.9
--------------------------------------------------------------------------------
Gross profit 2.5 2.5 11.0
--------------------------------------------------------------------------------
Other operating income 0.0 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Sales. marketing and customer support costs -1.4 -1.2 -5.9
--------------------------------------------------------------------------------
Product development expenses -0.7 -0.6 -2.7
--------------------------------------------------------------------------------
Administrative expenses -0.4 -0.5 -1.4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit/loss 0.1 0.2 1.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial income and expenses 0.0 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit/loss before taxes 0.1 0.3 1.1
--------------------------------------------------------------------------------
Taxes 0.0 0.0 -0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net profit/loss for the financial period 0.1 0.3 1.1
--------------------------------------------------------------------------------
Minority Interest 0.0 0.0 -0.0
--------------------------------------------------------------------------------
Other profit and loss account items:
--------------------------------------------------------------------------------
Items which might be later transferred to P/L statement 0.0
--------------------------------------------------------------------------------
Foreign subsidiary translation differences 0.0 0.0 -0.1
--------------------------------------------------------------------------------
Net change in fair value of available-for-sale 0.0
financial assets
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total comprehensive income 0.1 0.3 1.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net profit/loss attributable to:
---------------------------------------------------
Owners of the Company 0.1 0.3 1.0
---------------------------------------------------
Non-Controlling interest 0.0 0.0 -0.0
---------------------------------------------------
---------------------------------------------------
EARNINGS PER SHARE
---------------------------------------------------
Earnings per share (EUR) 0.00 0.01 0.04
---------------------------------------------------
Earnings per share. diluted (EUR) 0.00 0.01 0.04
---------------------------------------------------
BALANCE SHEET
-------------------------------------------------------------------------
EUR million
-------------------------------------------------------------------------
31.3.2013 31.3.2012 31.12.2012
-------------------------------------------------------------------------
ASSETS
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Non-current assets
-------------------------------------------------------------------------
Tangible assets 0.1 0.1 0.1
-------------------------------------------------------------------------
Intangible assets 2.3 1.5 2.1
-------------------------------------------------------------------------
Investments 0.0 0.0 0.0
-------------------------------------------------------------------------
Total non-current assets 2.5 1.7 2.2
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Current assets
-------------------------------------------------------------------------
Trade and other receivables 2.4 1.6 3.7
-------------------------------------------------------------------------
Short-term financial assets 2.0 0.0 0.0
-------------------------------------------------------------------------
Cash and cash equivalents 5.8 2.7 6.6
-------------------------------------------------------------------------
Total current assets 10.2 4.3 10.3
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Total assets 12.7 5.9 12.5
-------------------------------------------------------------------------
-------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Shareholders' equity
-------------------------------------------------------------------------
Equity attributable to the 6.1 1.2 6.0
parent company shareholders
total
-------------------------------------------------------------------------
Non-controlling interest 0.2 0.2 0.2
-------------------------------------------------------------------------
Shareholders' equity total 6.4 1.4 6.3
-------------------------------------------------------------------------
-------------------------------------------------------------------------
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 1.4 0.1
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Current liabilities 6.2 4.5 6.1
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Liabilities total 6.4 4.5 6.3
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Total equity and liabilities 12.7 5.9 12.5
-------------------------------------------------------------------------
CASH FLOW STATEMENT
--------------------------------------------------------------------
EUR million 1-3/2013 1-3/2012 1-12/2012
--------------------------------------------------------------------
--------------------------------------------------------------------
Cash flow from business operations 1.5 0.4 1.3
--------------------------------------------------------------------
Cash flow from investments -0.4 -0.3 -1.2
--------------------------------------------------------------------
Cash flow from financing -2.0 0.0 4.1
--------------------------------------------------------------------
--------------------------------------------------------------------
Increase(+) / decrease (-) in cash -1.0 0.1 4.2
--------------------------------------------------------------------
--------------------------------------------------------------------
Cash at period start 6.6 2.4 2.4
--------------------------------------------------------------------
Effect of exchange rate 0.0 0.0 0.0
--------------------------------------------------------------------
Cash at period end 5.7 2.5 6.6
--------------------------------------------------------------------
STATEMENT ON
CHANGES IN
SHAREHOLDERS'
EQUITY
--------------------------------------------------------------------------------
EUR Share Fair Other Transla Fund Non-Con Unrestrict Total
millio Capita value fund+ tion for own trollin ed equity
n l reserve other differe shares g funds and
s equity nce interes retained
fund t earnings
--------------------------------------------------------------------------------
Shareho 0.9 0.2 0.1 -1.2 -1.0 0.2 1.9 1.1
lders'
equity
Jan ,
2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change 0.0
--------------------------------------------------------------------------------
Net -0.9 -0.9
profit
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareho 0.9 0.2 0.1 -1.2 -1.0 0.2 2.2 1.4
lders'
equity
Mar 31,
2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change 0.0 0.1 4.0 -0.1 -0,0 4.0
--------------------------------------------------------------------------------
Net 0.9 0.9
Profit
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareho 0.9 0.2 4.1 -1.3 -1.0 0.2 3.1 6.3
lders'
equity
Dec 31,
2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change 0.1 0.1
--------------------------------------------------------------------------------
Net 0.1 0.1
profit
--------------------------------------------------------------------------------
Shareho 0.9 0.3 4.1 -1.3 -1.0 0.2 3.2 6.4
lders'
equity
Mar 31,
2013
--------------------------------------------------------------------------------
NET SALES BY SEGMENT
---------------------------------------
EUR million 1-3/ 1-3/ 1-12/
2013 2012 2012
---------------------------------------
---------------------------------------
AMER 1.3 1.1 6.0
---------------------------------------
APAC 0.4 0.3 1.6
---------------------------------------
EMEA 1.2 1.2 4.3
---------------------------------------
SSH Group total 2.9 2.6 11.9
---------------------------------------
GROSS MARGIN BY SEGMENT
------------------------------------------
EUR million 1-3/ 1-3/ 1-12/
2013 2012 2012
------------------------------------------
------------------------------------------
AMER 1.3 1.1 5.9
------------------------------------------
APAC 0.4 0.3 1.6
------------------------------------------
EMEA 0.8 1.1 3.5
------------------------------------------
SSH Group total 2.5 2.5 11.0
------------------------------------------
OPERATING PROFIT/LOSS BY SEGMENT
---------------------------------------------------
EUR million 1-3/ 1-3/ 1-12/
2013 2012 2012
---------------------------------------------------
---------------------------------------------------
AMER 0.3 0.4 2.4
---------------------------------------------------
APAC 0.3 0.2 0.8
---------------------------------------------------
EMEA 0.8 1.1 3.3
---------------------------------------------------
Common Group -1.4 -1.4 -5.4
expenses*
---------------------------------------------------
SSH Group total 0.1 0.2 1.1
---------------------------------------------------
* 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 3 2 2
--------------------------------------------------------------------------------
Net sales 2.9 2.6 11.9
--------------------------------------------------------------------------------
Operating profit/loss 0.1 0.2 1.1
--------------------------------------------------------------------------------
Operating profit/loss. as % of net sales 1.9 9.4 9.1
--------------------------------------------------------------------------------
Profit/loss before extraordinary items and taxes 0.1 0.5 1.5
--------------------------------------------------------------------------------
Profit/loss before extraordinary items and taxes. as 2.8 19.4 12.8
% of net sales
--------------------------------------------------------------------------------
Profit/loss before taxes 0.1 0.3 1.1
--------------------------------------------------------------------------------
Profit/loss before taxes. as 2.8 10.7 9.4
% of net sales
--------------------------------------------------------------------------------
Return on equity (%) 5.2 88.5 30.9
--------------------------------------------------------------------------------
Return on investment (%) 7.0 90.7 28.1
--------------------------------------------------------------------------------
Interest-bearing net liabilities -7.8 -2.6 -6.6
--------------------------------------------------------------------------------
Equity ratio (%) 74.0 46.6 70.0
--------------------------------------------------------------------------------
Gearing (%) -121.9 -189.0 -105.2
--------------------------------------------------------------------------------
Gross capital expenditure 0.4 0.3 1.2
--------------------------------------------------------------------------------
% of net sales 14.6 11.5 10.0
--------------------------------------------------------------------------------
R&D expenses 0.7 0.6 2.7
--------------------------------------------------------------------------------
% of net sales 22.6 23.1 22.7
--------------------------------------------------------------------------------
Personnel. period average 75 52 61
--------------------------------------------------------------------------------
Personnel. period end 80 52 70
--------------------------------------------------------------------------------
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 1-3/2013 1-3/2012 1-12/2012
------------------------------------------------------------------------------
------------------------------------------------------------------------------
Earnings per share. Undiluted 0.00 0.01 0.04
------------------------------------------------------------------------------
Earnings per share. diluted 0.00 0.01 0.04
------------------------------------------------------------------------------
Equity per share 0.21 0.05 0.20
------------------------------------------------------------------------------
No. of shares at period average (thousand) 30 751 30 549 30 552
------------------------------------------------------------------------------
No. of shares at period end (thousand) 30 751 30 549 30 751
------------------------------------------------------------------------------
Share performance
------------------------------------------------------------------------------
Average price 0.97 0.48 0.50
------------------------------------------------------------------------------
Low 0.75 0.30 0.30
------------------------------------------------------------------------------
High 1.11 0.59 0.90
------------------------------------------------------------------------------
Share price. period end 1.01 0.49 0.76
------------------------------------------------------------------------------
Market capitalization. period end (EUR million) 31.1 14.9 23.4
------------------------------------------------------------------------------
Volume of shares traded (million) 1.7 2.3 6.6
------------------------------------------------------------------------------
Volume of shares traded. As 5.3 7.7 20.8
% of total
------------------------------------------------------------------------------
Value of shares traded (EUR million) 1.6 1.1 3.2
------------------------------------------------------------------------------
Price per earnings ratio (P/E) - 20.9
------------------------------------------------------------------------------
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
------------------------------------------------------------------------------
CONTINGENT LIABILITIES
----------------------------------------------------------------
EUR million 31.3.2013 31.3.2012 31.12.2012
----------------------------------------------------------------
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 0.1 0.6 0.1
----------------------------------------------------------------
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, 2013 on July 24th, 2013.
Helsinki, April 25th, 2013
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
© 2024 Nasdaq, Inc. All Rights Reserved |