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2012-02-15 08:00:00 CET 2012-02-15 08:00:09 CET REGULATED INFORMATION Tectia Oyj - Financial Statement ReleaseTECTIA FINANCIAL STATEMENT RELEASE, JANUARY 1 – DECEMBER 31, 2011Helsinki, Finland, 2012-02-15 08:00 CET (GLOBE NEWSWIRE) -- TECTIA CORPORATION FINANCIAL STATEMENT RELEASE FEBRUARY 15, 2012 AT 9:00 A.M TECTIA FINANCIAL STATEMENT RELEASE, JANUARY 1 - DECEMBER 31, 2011 SUMMARY October-December - Net sales totaled EUR 2.0 million, down by -21.8 % percent year on year (EUR 2.5 million in 10-12/2010). - Operating loss amounted to EUR -0.0 million (an operating loss of EUR -0.5 million in 10-12/2010). Loss EUR -0.1 million (loss EUR -0.5 million) - Earnings per share EUR -0.00 (EUR -0.02). January-December - Net sales totaled EUR 8.1 million, down by -11.4 % percent year on year (EUR 9.1 million in 1-12/2010). - Operating loss amounted to EUR -2.0 million (an operating loss of EUR -0.7 million in 1-12/2010) including EUR -1.1 of non-recurring costs (EUR 0.0 million). Loss EUR -2.2 million (loss EUR -0.5 million) - Earnings per share EUR -0.07 (EUR -0.02). The company's financial position weakened mainly because of January-September non-recurring costs, with equity ratio 36.2 % (69.1%) and liquid assets at the end of the period EUR 2.5 million (EUR 4.0 million). KEY FIGURES ------------------------------------------------------------------------------ 10-12/ 10-12/ 1-12/ 1-12/ Change % 2011 2010 2011 2010 ------------------------------------------------------------------------------ ------------------------------------------------------------------------------ Net sales (MEUR) 2.0 2.5 8.1 9.1 -11.4 ------------------------------------------------------------------------------ Operating profit/loss (MEUR) -0.0 -0.5 -2.0 -0.7 -183.7 ------------------------------------------------------------------------------ % of net sales -0.6 -18.3 -25.3 -7.9 ------------------------------------------------------------------------------ Profit/loss before taxes (MEUR) -0.0 -0.5 -2.2 -0.5 -378.2 ------------------------------------------------------------------------------ Profit/loss (MEUR) -0.1 -0.5 -2.2 -0.5 -360.6 ------------------------------------------------------------------------------ ------------------------------------------------------------------------------ Return on equity, % -110.0 -12.8 ------------------------------------------------------------------------------ Return on investment, % -99.6 -10.5 ------------------------------------------------------------------------------ Liquid assets 2.5 4.0 -37.7 ------------------------------------------------------------------------------ Gearing (%) -230.0 -121.0 ------------------------------------------------------------------------------ Equity ratio (%) 36.2 69.1 ------------------------------------------------------------------------------ ------------------------------------------------------------------------------ Earnings per share (EUR) -0.00 -0.02 -0.07 -0.02 -350.8 ------------------------------------------------------------------------------ Shareholders' equity per share (EUR) 0.03 0.10 0.03 0.10 -65.7 ------------------------------------------------------------------------------ CEO'S BUSINESS REVIEW Tectia as a company is changing. We have re-embraced the SSH Communication Security name and ssh.com internet address in our business. This is the name by which our customers recognize us in the world. SSH technology is one of the most widespread encryption technologies in the world, both in commercial and free form, and we originally developed it. I see the company more and more as a growth-oriented entrepreneur-driven company. I am building the company on its current strengths: our existing customers, the SSH brand and our strong technology. We are also developing new concepts around the SSH protocol and technology and more broadly around managing large scale IT environments more efficiently and more securely. The company is extending its SSH key management capabilities, including user key management. SSH's key management solutions have been on the market since 2003 and are used by some of the largest banks, retail chains and logistics companies in the world - even for managing environments of tens of thousands of servers. The company is developing the next generation key management and configuration solution together with its largest customers (including some of the largest banks in the world, a large retail chain, and a large logistics company). The management solutions enhance customer's operational efficiency, reduce operational risks and ease regulatory compliance. SSH's management solutions support both commercial Tectia products as well as open source OpenSSH versions - also in mixed environments and on all hardware platforms. The company is also renewing its solutions for auditing of administrative and remote access, strengthening its position in user authentication using mobile phones, and providing solutions for secure automated file transfers - also as part of partners' products. For IBM mainframes the company offers the leading commercial SSH solution, whereby large corporations can secure data transfers all the way to their core databases, and partners can extend their offerings to this environment. The company will continue to change in the coming quarters. The sales organization is evolving to better reach and serve the security needs of the most demanding enterprise customers. Active but focused marketing will raise company awareness within our key customer groups and strengthen the credibility of the company as a supplier. World leading technology enables the company to respond to customer needs that the competition cannot yet fully address. Internally we are rationalizing administration and operational IT infrastructure. The new year brings major opportunities but also challenges. We are ready to face those challenges, and I'm confident that the current strategic direction can carry the company forward for years to come. Tatu Ylönen CEO REPORTING This financial statement release follows IFRS accounting standards and assessments. This report is prepared according to IFRS standards and interpretations which are valid 31st December 2011. This financial statement release is prepared according to IAS 34. The figures are non-audited. New fiscal year 2011 standards taken into use, standard renewals or renewed interpretations are renewed IAS 24: Related party information in financial statements. During fiscal year 2011 company has started to capitalize new product R&D expenses according to IAS 38. FUTURE OUTLOOK General economic uncertainty can possibly still continue. This complicates company revenue estimation for full year 2012. For this reason at this stage the company doesn't give any full year 2012 revenue estimates. The company estimates though that the first quarter 2012 revenue will grow compared to first quarter 2011. This estimate is based on earlier January released license sale to UK financial institution. Tectia believes that it is not justified at the moment to give profitability estimates for year 2012 mainly due to following reasons: Amount of R&D investment into new still under development products, starting the delivery and sales of the new products and demand; In addition the macroeconomic environment increasingly complicates future outlook estimates and reliable target setting; Large portion of company revenue is invoiced in USD currency so possible large fluctuation in USD currency rates during 2012 could have unpredictable effects into profitability that are at the time difficult to estimate. Global audit firm valuation experts have provided during fall time 2011 the company with a valuation estimate for some of its patents and patent applications, according to which the fair market value of these would be approximately EUR 1 million. These patents were developed for the company´s IPSec-technology related products and are not used in current products. New applications have emerged for technologies described and claimed in the patents, e.g. VoIP (Voice-over-IP) and 3GPP LTE (Long Term Extension, or 4G) networks and smart phones. It is possible that the most important of the patent applications will be granted and that they will be essential for some of the standards in the area. It is also possible that the actual future sale price or other income from them would be substantially higher than the estimated value. The potential income will, however, most likely not be realized for several quarters and no asset from these patents has been booked in the balance sheet. NET SALES Consolidated net sales for October-December totaled EUR 2.0 million (EUR 2.5 million), down by -21.8 %, year on year. Consolidated net sales for January-December totaled EUR 8.1 million (EUR 9.1 million), down by -11.4 %, year on year. The Americas, the Europe, Middle East and Africa market area and the Asia Pacific region accounted for 59.7 percent (65.9 percent), 24.0 percent (23.6 percent) and 16.3 percent (10.5 percent) of reported net sales, respectively. TECTIA NET SALES --------------------------------------------------------------- EUR Million 10-12/ 10-12/ 1-12/ 1-12/ 2010 Change % 2011 2010 2011 --------------------------------------------------------------- --------------------------------------------------------------- BY SEGMENT --------------------------------------------------------------- AMERICAS 1.1 1.5 4.8 6.0 -19.7 --------------------------------------------------------------- APAC 0.4 0.4 1.3 1.0 31.5 --------------------------------------------------------------- EMEA 0.4 0.6 1.9 2.1 -8.3 --------------------------------------------------------------- Tectia Group Total 2.0 2.5 8.1 9.1 -11.4 --------------------------------------------------------------- --------------------------------------------------------------- BY OPERATION --------------------------------------------------------------- License sales 0.7 1.2 2.8 3.7 -25.4 --------------------------------------------------------------- Maintenance 1.3 1.3 5.3 5.4 -1.7 --------------------------------------------------------------- Total 2.0 2.5 8.1 9.1 -11.4 --------------------------------------------------------------- The majority of Tectia's invoicing is U.S. dollar based. During the report period, the U.S. dollar's average exchange rate to euro weakened on average -5.0 percent compared to the same period a year ago. With comparable exchange rates 2011 net sales decrease would have been -8.8 percent compared 2010 corresponding period. CHANGES IN OPERATIONS STRUCTURE In order to increase speed of strategy execution, Tectia established during the first quarter of the fiscal year two separate business units and structured its global sales, presales and customer support accordingly. The business units were until the end of September 2011 Managed Security business and Mobile Authentication business. Due to changes in the company focus, the two business units were merged during the last quarter of the fiscal year 2011. The merger of the two separate business units does not have an impact on segment reporting. RESULTS AND EXPENSES Operating loss for October-December amounted to EUR -0.0 million (EUR -0.5 million), with net loss totaling EUR -0.1 million (EUR -0.5 million). Operating loss for January-December amounted to EUR -2.0 million (EUR -0.7 million), with loss totaling EUR -2.2 million (EUR -0.5 million). Non-recurring items during January-December EUR -1.1 million were mainly due to structural change to channel model of the sales organization and changes in company management team. EUR -0.7 million of the costs were related to personnel reductions in Finland. Employer/employee negotiations concerning personnel in Finland concluded September 27th, 2011. In addition EUR -0.4 million of non-recurring costs relate to personnel reductions both in US and Germany as well as to the closing of the German sales office. Sales, marketing and customer support expenses for the October-December reporting period amounted to EUR -1.3 million (EUR -1.6 million), while research and development expenses totaled EUR -0.5 million (EUR -0.7 million) and administrative expenses EUR -0.3 million (EUR -0.6 million). Sales, marketing and customer support expenses for the January-December reporting period amounted EUR -5.4 million (EUR -5.1 million), while research and development expenses totaled EUR -2.5 million (EUR -2.3 million) and administrative expenses EUR -2.0 million (EUR -2.2 million). BALANCE SHEET AND FINANCIAL POSITION The financial position of Tectia remained at a healthy level during the reporting period. The consolidated balance sheet total on December 31, 2011 stood at EUR 6.4 million (December 31, 2010 EUR 8.3 million), of which liquid assets accounted for EUR 2.5 million (December 31, 2010 EUR 4.0 million), or 39.3 percent of the balance sheet total. On December 31, 2011, gearing, or the ratio of net liabilities to shareholders' equity, was -230.0 percent (December 31, 2010 -121.0 percent) and the equity ratio stood at 36.2 percent (December 31, 2010 69.1 percent). The reported gross capital expenditure for the period totalled EUR 0.7 million (EUR 0.1 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 -0.1 million (EUR 0.3 million). During January-December, Tectia reported a negative cash flow of EUR -0.8 million (EUR -0.9 million) from business operations, and investments showed a negative cash flow of EUR -0.7 million (EUR -0.1 million). Cash flow from financing totaled EUR 2.5 million (EUR -1.4 million). Total cash flow from operations, investments and financing was positive EUR 0.9 million (EUR -2.3 million) during the period. RESEARCH AND DEVELOPMENT Research and development expenses for October-December totaled EUR -0.5 million (EUR -0.7 million), the equivalent of 25.2 percent of net sales (27.8 percent). During October-December, the company has capitalized new product R&D costs EUR 0.3 million (EUR 0.0 million). Research and development expenses for January-December totaled EUR -2.5 million (EUR -2.3 million), the equivalent of 31.3 percent of net sales (25.4 percent). During January-December, the company has capitalized new product R&D costs EUR 0.6 million (EUR 0.0 million). HUMAN RESOURCES AND ORGANIZATION At the end of September, the Group had 52 employees on its payroll, down by 18 persons from the previous year, a decrease of -25.7 percent. At the end of the period, 39 percent of the employees worked in sales and marketing, 46 percent in R&D, and 15 percent in corporate administration. BOARD AND AUDITORS At the Annual General Meeting (AGM) on March 3, 2011 re-elected Juhani Harvela, Pyry Lautsuo, Juho Lipsanen, Tiia Tuovinen and Tatu Ylönen as directors of the company's Board of Directors. Juho Lipsanen was re-elected as the Chairman of the Board of Directors. The Authorized Public Accountants KPMG Oy Ab was re-elected as the auditor of the company, with Kirsi Jantunen as the accountant with the main responsibility. Tatu Ylönen started as company CEO on September 26th, 2011. SHARES, SHAREHOLDING AND CHANGES IN GROUP STRUCTURE The reported trading volume of Tectia Corporation shares totaled 2,287,515 shares (valued at EUR 1,171,363). The highest quotation was EUR 0.89 and the lowest EUR 0.29. The trade-weighted average share price for the period was EUR 0.51 and the share closed at EUR 0.30 (December 30, 2011). Company's principal owner Tatu Ylönen holdings directly and indirectly holds now 45.6 percent of the company's shares, Assetman Oy holds 13.1 percent and SSH Management Investment Corp 4.7 percent. More information about the shareholding can be obtained from the company´s web site. SSH Management Investment Corp is part of the Tectia Group consolidated financial statements due to shareholder agreement. SSH Management Investment Corp owns 1,433,750 Tectia Corporation shares. Two new Tectia Group companies Tectia Solutions Oy (Finland) and Tectia Licensing Sarl (Luxembourg) were established during year 2011. During reporting period no dividend or return of capital has been distributed. SHARE CAPITAL AND BOARD AUTHORIZATIONS The company's registered share capital on December 31, 2011 was EUR 916,476.24 consisting of 30,549,208 shares. During the reporting period according to I/1999 option program, 250 shares were subscribed for using class C option certificates, 250 shares using class D option certificates and 500 shares using class F option certificates. The corresponding increase in the share capital was in total EUR 30.00. 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 30th 2012 at the latest. 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. Furthermore, the Annual General Meeting decided to authorize the Board of Directors to decide upon a distress concerning a maximum of 1,500,000 own shares, in one or more tranches. The amount corresponds approximately to 4.91 per cent of all shares of the company. The authorization to acquire the shares and the authorization concerning the distress shall be valid at most for eighteen (18) months after the decision of the Annual General Meeting. DIVIDEND AND OTHER DISTRIBUTION OF ASSETS Tectia's Board of Directors will propose to the Annual General Meeting 28th of March 2012 that no dividend or return of capital be distributed. It is proposed that the loss of the financial year shall be entered to the shareholders equity in the profit/loss account. RISKS AND UNCERTAINTIES Risk management is a part of Tectia's internal administration. It aims to ensure that major risks affecting the company's business and operating environment are identified and monitored. Tectia operates in fast chancing security software markets, thus the changes in IT-business and particularly in security software business development affects directly to company's business risk. Since the United States is the main market area, any risks including currency risks associated with that country are considered to be significant. Other major risks are related to product technology, competitor activities and profitability. Sales operations are supported by the company's own legal unit, which, through continuous management of contracts, seeks to reduce the risks related to the company's business operations. Tectia protects its copyrights and trademarks through sales agreements. The company has also an active patent policy to protect its technology. Tectia encourages its employees to make and protect inventions. Tectia has a process in place whereby any network security risks found in the company's products are promptly reported to senior management. Corrections are made immediately and updates are supplied to customers without delay. The company's critical information systems are secured. Tectia actively uses its own products to protect the information system architecture. Encryption and strong authentication protect the company's confidential data communications. Tectia provides no financing for its customers other than by granting normal payment terms. The company has a strong balance sheet and no significant long-term liabilities. Asset managers invest the company's cash reserves in accordance with a policy approved by the Board of Directors. Significant of the Tectia's invoicing is taking place in US dollars. Company has hedged during the reporting period against US dollar currency fluctuations. Company does not apply hedge accounting on current hedging position and therefore states hedging income/expenses in income statement. During the reporting period there have not been any significant changes in company's business risks or uncertainties. EVENTS AFTER THE BALANCE SHEET DATE According to a separately published release by the company on January 3rd, 2012, a major UK financial institution increased its investment in SSH technology with a total order value of software licensing and maintenance at EUR 0.9 million. Software license sales of the received order will be recognized during first quarter 2012 and the maintenance sales portion during fiscal year 2012. The Tectia management is not aware of any other transactions that happened after the reporting period that would have impacted the presented financial statement. RELATED PARTY TRANSACTIONS Clausal Computing Oy, a fully owned company of Tectia Corporation CEO Tatu Ylönen has delivered during 2011 mainly R&D services valued in total EUR 0.1 million. During the reporting period there have not been any other significant related party transactions. TABLES COMPREHENSIVE INCOME STATEMENT -------------------------------------------------------------------------- EUR million 10-12 10-12 1-12 1-12 /2011 /2010 /2011 /2010 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Net sales 2.0 2.5 8.1 9.1 -------------------------------------------------------------------------- Cost of goods sold -0.0 -0.2 -0.1 -0.2 -------------------------------------------------------------------------- Gross profit 1.9 2.4 7.9 8.9 -------------------------------------------------------------------------- Other operating income 0.0 0.0 0.0 0.0 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Sales. marketing and customer support costs -1.3 -1.6 -5.4 -5.1 -------------------------------------------------------------------------- Product development expenses -0.5 -0.7 -2.5 -2.3 -------------------------------------------------------------------------- Administrative expenses -0.3 -0.6 -2.0 -2.2 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Operating profit/loss -0.0 -0.5 -2.0 -0.7 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Financial income and expenses -0.0 0.0 -0.1 0.3 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Profit/loss before taxes -0.0 -0.5 -2.2 -0.5 -------------------------------------------------------------------------- Taxes -0.0 0.0 -0.0 0.0 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Net profit/loss for the financial period -0.1 -0.5 -2.2 -0.5 -------------------------------------------------------------------------- Minority Interest -0.0 -0.0 -0.0 -0.0 -------------------------------------------------------------------------- Other profit and loss account items: -------------------------------------------------------------------------- Foreign subsidiary translation differences -0.1 -0.1 0.1 -0.2 -------------------------------------------------------------------------- -------------------------------------------------------------------------- Total comprehensive income -0.1 -0.6 -2.1 -0.7 -------------------------------------------------------------------------- Net profit/loss attributable to: ------------------------------------------------------------- Owners of the Company -0.1 -0.6 -2.1 -0.7 ------------------------------------------------------------- Non-Controlling interest -0.0 -0.0 -0.0 -0.0 ------------------------------------------------------------- ------------------------------------------------------------- EARNINGS PER SHARE ------------------------------------------------------------- Earnings per share (EUR) -0.00 -0.02 -0.07 -0.02 ------------------------------------------------------------- Earnings per share. diluted (EUR) -0.00 -0.02 -0.07 -0.02 ------------------------------------------------------------- BALANCE SHEET --------------------------------------------------------------- EUR million --------------------------------------------------------------- 31.12.2011 31.12.2010 --------------------------------------------------------------- ASSETS --------------------------------------------------------------- --------------------------------------------------------------- Non-current assets --------------------------------------------------------------- Tangible assets 0.1 0.2 --------------------------------------------------------------- Intangible assets 1.3 0.8 --------------------------------------------------------------- Investments 0.0 0.0 --------------------------------------------------------------- Total non-current assets 1.5 1.0 --------------------------------------------------------------- --------------------------------------------------------------- Current assets --------------------------------------------------------------- Trade and other receivables 2.4 3.2 --------------------------------------------------------------- Short-term financial assets 0.0 2.5 --------------------------------------------------------------- Cash and cash equivalents 2.5 1.6 --------------------------------------------------------------- Total current assets 4.9 7.2 --------------------------------------------------------------- --------------------------------------------------------------- Total assets 6.4 8.3 --------------------------------------------------------------- --------------------------------------------------------------- LIABILITIES AND SHAREHOLDERS' EQUITY --------------------------------------------------------------- --------------------------------------------------------------- Shareholders' equity --------------------------------------------------------------- Equity attributable to the 0.8 2.9 parent company shareholders total --------------------------------------------------------------- Non-controlling interest 0.2 0.3 --------------------------------------------------------------- Shareholders' equity total 1.1 3.2 --------------------------------------------------------------- --------------------------------------------------------------- Non-current liabilities --------------------------------------------------------------- Provisions 0.1 0.1 --------------------------------------------------------------- Non-current interest-bearing 0.0 0.0 liabilities --------------------------------------------------------------- Total long-term liabilities 0.1 0.1 --------------------------------------------------------------- --------------------------------------------------------------- Current liabilities 5.2 5.0 --------------------------------------------------------------- --------------------------------------------------------------- Liabilities total 5.3 5.1 --------------------------------------------------------------- --------------------------------------------------------------- Total equity and liabilities 6.4 8.3 --------------------------------------------------------------- --------------------------------------------------------------- CASH FLOW STATEMENT ----------------------------------------------------------- EUR million 1-12/2011 1-12/2010 ----------------------------------------------------------- ----------------------------------------------------------- Cash flow from business operations -0.8 -0.9 ----------------------------------------------------------- Cash flow from investments -0.7 -0.1 ----------------------------------------------------------- Cash flow from financing 2.5 -1.4 ----------------------------------------------------------- ----------------------------------------------------------- Increase(+) / decrease (-) in cash 0.9 -2.3 ----------------------------------------------------------- ----------------------------------------------------------- Cash at period start 1.6 3.9 ----------------------------------------------------------- Effect of exchange rate 0.0 0.0 ----------------------------------------------------------- Cash at period end 2.5 1.6 ----------------------------------------------------------- ----------------------------------------------------------- ----------------------------------------------------------- STATEMENT ON CHANGES IN SHAREHOLDERS' EQUITY -------------------------------------------------------------------------------- EUR million Share Fair Other Trans- Fund Non-Con Unrestrict Total Capi-t value Equit lation for trollin ed equity al reser- y Fund diff own g funds and ves share intere retained s st earnings -------------------------------------------------------------------------------- Shareholders 0.9 0.1 -1.0 -1.1 5.5 4.4 ' equity Jan. 1. 2010 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Change -0.3 -0.3 -------------------------------------------------------------------------------- Return of 0.1 -1.5 -1.4 Capital -------------------------------------------------------------------------------- Net profit -0.6 -0.6 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Transactions 0.1 0.5 0.6 related to Siltanet Corp Purchase -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Management 0.3 0.3 Incentive plan -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Shareholders 0.9 0.1 0.1 -1.3 -1.0 0.3 4.0 3.2 ' equity Dec. 31. 2010 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Change 0.1 0.1 -0.1 0.1 -------------------------------------------------------------------------------- Net Profit -2.2 -2.2 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Shareholders 0.9 0.1 0.2 -1.2 -1.0 0.2 1.9 1.1 ' equity Dec. 31. 2011 -------------------------------------------------------------------------------- NET SALES BY SEGMENT -------------------------------------------------- EUR million 10-12/ 10-12/ 1-12/ 1-12/ 2011 2010 2011 2010 -------------------------------------------------- -------------------------------------------------- AMER 1.1 1.5 4.8 6.0 -------------------------------------------------- APAC 0.4 0.4 1.3 1.0 -------------------------------------------------- EMEA 0.4 0.6 1.9 2.1 -------------------------------------------------- Tectia Group total 2.0 2.5 8.1 9.1 -------------------------------------------------- GROSS MARGIN BY SEGMENT ----------------------------------------------------- EUR million 10-12/ 10-12/ 1-12/ 1-12/ 2011 2010 2011 2010 ----------------------------------------------------- ----------------------------------------------------- AMER 1.1 1.5 4.8 6.0 ----------------------------------------------------- APAC 0.4 0.4 1.3 1.0 ----------------------------------------------------- EMEA 0.4 0.4 1.8 1.9 ----------------------------------------------------- Tectia Group total 1.9 2.4 7.9 8.9 ----------------------------------------------------- OPERATING PROFIT/LOSS BY SEGMENT -------------------------------------------------------------- EUR million 10-12/ 10-12/ 1-12/ 1-12/ 2011 2010 2011 2010 -------------------------------------------------------------- -------------------------------------------------------------- AMER 0.3 0.6 2.0 3.4 -------------------------------------------------------------- APAC 0.3 0.1 0.8 0.4 -------------------------------------------------------------- EMEA 0.4 0.3 1.0 0.5 -------------------------------------------------------------- Common Group -1.0 -1.5 -5.8 -5.1 expenses* -------------------------------------------------------------- Tectia Group total -0.0 -0.5 -2.0 -0.7 -------------------------------------------------------------- * 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 1-12/2011 1-12/2010 -------------------------------------------------------------------------------- Net sales 8.1 9.1 -------------------------------------------------------------------------------- Operating profit/loss -2.0 -0.7 -------------------------------------------------------------------------------- Operating profit/loss. as % of net sales -25.3 -7.9 -------------------------------------------------------------------------------- Profit/loss before extraordinary items and taxes -1.1 -0.5 -------------------------------------------------------------------------------- Profit/loss before extraordinary items and taxes. as % of -13.3 -5.0 net sales -------------------------------------------------------------------------------- Profit/loss before taxes -2.2 -0.5 -------------------------------------------------------------------------------- Profit/loss before taxes. as -27.0 -5.0 % of net sales -------------------------------------------------------------------------------- Return on equity (%) -110.0 -12.8 -------------------------------------------------------------------------------- Return on investment (%) -99.6 -10.5 -------------------------------------------------------------------------------- Interest-bearing net liabilities -2.5 -4.0 -------------------------------------------------------------------------------- Equity ratio (%) 36.2 69.1 -------------------------------------------------------------------------------- Gearing (%) -230.0 -121.0 -------------------------------------------------------------------------------- Gross capital expenditure 0.8 0.1 -------------------------------------------------------------------------------- % of net sales 9.9 1.2 -------------------------------------------------------------------------------- R&D expenses -2.5 -2.3 -------------------------------------------------------------------------------- % of net sales -31.3 -25.2 -------------------------------------------------------------------------------- Personnel. period average 61 68 -------------------------------------------------------------------------------- Personnel. period end 52 70 -------------------------------------------------------------------------------- Calculation for key figures and ratios are presented in 2010 financial statement and annual report. There have not been changes in calculation rules after that. PER-SHARE DATA --------------------------------------------------------------------- EUR 1-12/2011 1-12/2010 --------------------------------------------------------------------- --------------------------------------------------------------------- Earnings per share. Undiluted -0.07 -0.02 --------------------------------------------------------------------- Earnings per share. diluted -0.07 -0.02 --------------------------------------------------------------------- Equity per share 0.03 0.10 --------------------------------------------------------------------- No. of shares at period average (thousand) 30 549 29 900 --------------------------------------------------------------------- No. of shares at period end (thousand) 30 549 29 901* --------------------------------------------------------------------- Share performance --------------------------------------------------------------------- Average price 0.51 0.91 --------------------------------------------------------------------- Low 0.29 0.76 --------------------------------------------------------------------- High 0.89 1.15 --------------------------------------------------------------------- Share price. period end 0.30 0.83 --------------------------------------------------------------------- Market capitalization. period end (EUR million) 9.2 24.8 --------------------------------------------------------------------- Volume of shares traded (million) 2.3 4.5 --------------------------------------------------------------------- Volume of shares traded. As 7.5 15.1 % of total --------------------------------------------------------------------- Value of shares traded (EUR million) 1.2 4.1 --------------------------------------------------------------------- Price per earnings ratio (P/E) - - --------------------------------------------------------------------- Dividend per share 0.00 0.00 --------------------------------------------------------------------- Dividend per earnings, % 0.00 0.00 --------------------------------------------------------------------- Effective return on dividend, % 0.00 0.00 --------------------------------------------------------------------- * Figure does not include directed share issue to Siltanet Corp as the shares became under exercise not until January 2011. CONTINGENT LIABILITIES ------------------------------------------------------ EUR million 31.12.2011 31.12.2010 ------------------------------------------------------ Rent security deposits 0.1 0.1 ------------------------------------------------------ Leasing commitments outside the balance sheet ------------------------------------------------------ Maturing within 1 year 0.5 0.5 ------------------------------------------------------ Maturing between 1 and 5 years 0.4 1.3 ------------------------------------------------------ DISCLAIMER The content in this report is provided by Tectia Corporation ("Tectia") 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. Tectia 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 Tectia, please contact your financial adviser for further details and information. Past performance of Tectia shares is not indicative of future results. EXCEPT AS PROVIDED BY APPLICABLE COMPULSORY LAW TECTIA 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. Tectia Corporation will release its next interim report for period January 1-March 31, 2012 on May 3rd, 2012. Helsinki, February 14th, 2012 TECTIA CORPORATION Board of Directors Tatu Ylönen CEO For further information, please contact: Tatu Ylönen, CEO. tel. +358 20 500 7000 Mikko Karvinen, CFO, Deputy Managing Director. tel. +358 50 326 4101 Distribution: NASDAQ OMX Helsinki Ltd. Major media www.tectia.com |
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