2016-07-21 08:00:01 CEST
2016-07-21 08:00:01 CEST
REGULATED INFORMATION
SSH Communications Security Oyj - Half Year financial report
SSH COMMUNICATIONS SECURITY CORPORATION FINANCIAL STATEMENT RELEASE, JANUARY 1 – JUNE 30, 2016
Helsinki, Finland, 2016-07-21 08:00 CEST (GLOBE NEWSWIRE) -- SSH COMMUNICATIONS
SECURITY CORPORATION HALF YEAR FINANCIAL REPORT July 21,
2016 AT 9:00 A.M
SSH COMMUNICATIONS SECURITY CORPORATION FINANCIAL STATEMENT RELEASE, JANUARY 1
– JUNE 30, 2016
April–June 2016: +12.4 % net sales growth, losses due to investments to future
growth and patent enforcement expenses. Cash flow was positive, cash position
remained strong.
-- Net sales totaled EUR 4.7 million, up by 12.4 % year on year (EUR 4.2
million in 4
–
6/2015).
-- Operating loss was EUR -1.6 million (EUR -1.8 million). Loss was EUR -1.6
million (EUR -1.6 million).
-- Earnings per share EUR -0.06 (EUR -0.05).
January–June 2016: Overall net sales declined, but license sales grew +47.5 %
year on year. Losses are due to delays in closing software deals, continued
investments to future growth, and patent enforcement expenses. Cash flow was
positive, cash position remained strong.
-- Net sales totaled EUR 7.4 million, down by -33.0 % year on year (EUR 11.0
million in 1
–
6/2015).
The same period last year included an exceptionally large consultancy deal.
-- Operating loss was EUR -3.8 million (EUR -2.1 million). Loss was EUR -4.2
million (EUR -2.0 million)
-- Earnings per share EUR -0.15 (EUR -0.08).
Equity ratio remained good 79.6 % (64.5 %) and liquid assets were EUR 11.5
million (EUR 11.3 million).
In 2016, SSH Communications Security estimates its revenue to grow
significantly compared with 2015.
KEY FIGURES
--------------------------------------------------------------------------------
4-6/ 4-6/ 1-6/ 1-6/ Change % 1-12/
2016 2015 2016 2015 2015
--------------------------------------------------------------------------------
------------------------------------
--------------------------------------------------------------------------------
Net sales (MEUR) 4.7 4.2 7.4 11.0 -33.0 18.9
--------------------------------------------------------------------------------
Operating profit/loss (MEUR) -1.6 -1.8 -3.8 -2.1 -78.2 -4.4
------------------------------------ ------- -----------------------
% of net sales -33.1 -41.6 -51.3 -19.3 -165.8 -23.2
--------------------------------------------------------------------------------
Profit/loss before taxes (MEUR) -1.6 -1.6 -4.2 -1.9 -117.3 -3.9
------------------------------------ -------------------------------------
Profit/loss (MEUR) -1.6 -1.6 -4.2 -2.0 -115.9 -3.9
--------------------------------------------------------- ----------------
--------------------------------------------------------------------------------
Return on equity, % -32.1 -18.4 -74.3 -40.4
--------------------------------------------------------------------------------
Return on investment, % -31.7 -18.0 -75.4 -39.9
--------------------------------------------------------------------------------
Liquid assets 11.5 11.3 1.4 11.3
--------------------------------------------------------------------------------
Gearing (%) -76.8 -86.2 10.9 -98.8
--------------------------------------------------------------------------------
Equity ratio (%) 79.6 64.5 23.5 66.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings Per Share (EUR) -0.06 -0.05 -0.15 -0.08 -97.5 -0.15
--------------------------------------------------------------------------------
Shareholders' equity per share 0.44 0.43 0.44 0.43 0.6 0.36
(EUR)
--------------------------------------------------------------------------------
CEO'S REVIEW
We increased our sales over 80 % compared to Q1/2016 and 12 % compared to
Q2/2015. We closed an EUR 3.2 million Universal SSH Key Manager deal with a
leading global financial institution. We also closed several smaller yet
significant CryptoAuditor deals with leading service providers.
Our focus on increasing license sales is starting to pay off – H1/2016 license
sales were nearly 50 % higher than H1/2015. We expect this trend to continue as
we focus on license and subscription sales that bring in higher margin revenue
than services. However, the large size of individual deals compared to our
total revenue makes quarterly revenue forecasting challenging for the time
being.
Despite these improvements, neither our revenue nor especially profitability
are satisfactory yet. We keep relentlessly focusing on building our sales team
and improving our sales execution. We keep focusing on increasing license
sales, yet we also further build our service capability to be able to provide
comprehensive solutions to some of the leading companies of the world. In the
short term, our focus is on growth and market share, even at the expense of
profitability.
During the quarter, we divested our MobileID business which provided two-factor
authentication solutions. While this business was sound, it was not a good fit
with our core focus. The divestment does not have a material effect on our
quarterly or annual results.
We kept improving our products with new releases of our CryptoAuditor and our
flagship Universal SSH Key Manager product. These new releases answer the
growing needs of our customers and further solidify the technology leadership
of SSH Communications Security.
The development of our next generation firewall and encryption products
continues and discussions with initial customers are proceeding well. Our
patent enforcement activities are progressing with initial rulings expected
during the second half of the year.
We significantly improved our cash position by successfully completing an EUR 8
million share offering in June. The offering was oversubscribed in a few hours
and brought in two new major institutional investors, reflecting the faith
investors are placing in our future prospects. I humbly thank the new investors
and welcome them on board.
The outlook for the rest of the year remains strong. We are seeing a growing
pipeline, several large new deals are in negotiations, and we are seeing
increasing interest in our products across the board.
There are new uncertainties in the macro environment that we are monitoring
closely. The key change, obviously, was the UK voting for “Brexit”. This has
impacted exchange rates and may lengthen the decision-making processes of some
customers, especially in the financial sector.
All in all, we are now better than ever positioned to answer the cybersecurity
challenges of both our existing and new customers. I look forward to an
exciting and work-filled rest of the year.
Tatu Ylönen
CEO
NET SALES
Consolidated net sales for April–June totaled EUR 4.7 million (EUR 4.2
million), up by 12.4 %, year on year.
Consolidated net sales for January–June totaled EUR 7.4 million (EUR 11.0
million), down by -33.0 %, year on year. The same period last year included an
exceptionally large consultancy deal. The license sales grew by +47.5 % year on
year.
The Americas, the Europe, Middle East and Africa (EMEA) market area and the
Asia Pacific region accounted for 50.0 % (64.1 %), 39.5 % (28.8 %) and 10.5 %
(7.1 %) of reported net sales, respectively.
SSH NET SALES
----------------------------------------------------------------------
EUR million 4-6/ 4-6/ 1-6/ 1-6/ Change % 1-12/
2016 2015 2016 2015 2015
----------------------------------------------------------------------
----------------------------------------------------------------------
BY SEGMENT
----------------------------------------------------------------------
AMERICAS 2.0 2.9 3.7 7.1 -47.7 11.7
----------------------------------------------------------------------
APAC 0.4 0.5 0.8 0.8 -1.8 2.1
----------------------------------------------------------------------
EMEA 2.4 0.8 2.9 3.2 -8.0 5.0
----------------------------------------------------------------------
SSH Group Total 4.7 4.2 7.4 11.0 -33.0 18.9
----------------------------------------------------------------------
----------------------------------------------------------------------
BY OPERATION
----------------------------------------------------------------------
Software fees 2.8 0.6 3.6 2.4 47.5 5.1
----------------------------------------------------------------------
Professional services & other 0.1 1.8 0.1 4.9 -97.1 6.1
----------------------------------------------------------------------
Recurring revenue 1.9 1.8 3.7 3.7 -1.7 7.6
----------------------------------------------------------------------
Total 4.7 4.2 7.4 11.0 -33.0 18.9
----------------------------------------------------------------------
The majority of company´s invoicing is U.S. dollar based. With comparable
exchange rates, net sales decline would have been -32.6 % compared with 2015
corresponding period.
RESULTS AND EXPENSES
Operating loss for April–June was EUR -1.6 million (EUR -1.8 million), with
loss totaling EUR -1.6 million (EUR -1.6 million).
Operating loss for January–June was -3.8 million (EUR -2.1 million), with loss
totaling EUR -4.2 million (EUR -2.0 million).
Sales, marketing and customer support expenses for the April–June reporting
period amounted EUR -2.7 million (EUR -2.3 million), while research and
development expenses totaled EUR -2.6 million (EUR -1.5 million) and
administrative expenses EUR -0.5 million (EUR -0.4 million).
Sales, marketing and customer support expenses for the January–June reporting
period amounted EUR -5.4 million (EUR -4.4 million), while research and
development expenses totaled EUR -4.3 million (EUR -2.8 million) and
administrative expenses EUR -1.0 million (EUR -0.8 million).
BALANCE SHEET AND FINANCIAL POSITION
The financial position of SSH Communications Security remained in good level
during the reporting period. The consolidated balance sheet total on June 30,
2016 stood at EUR 24.2 million (June 30, 2015 EUR 24.2 million; December 31,
2015 EUR 21.8 million), of which liquid assets accounted for EUR 11.5 million
(June 30, 2015 EUR 11.3 million; December 31, 2015 EUR 11.3 million), or 47.5 %
of the balance sheet total. During June, new shares in a directed share issue
of EUR 8 million were issued. On June 30, 2016, gearing, or the ratio of net
liabilities to shareholders’ equity, was -76.8 % (June 30, 2015 -86.2 %;
December 31, 2015 -98.8 %) and the equity ratio stood at 79.6 % (June 30, 2015
64.5 %; December 31, 2015 66.8 %).
The reported gross capital expenditure for the period totalled EUR 1.1 million
(EUR 1.2 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 -0.4 million (EUR 0.2 million).
During January–June, SSH Communications Security reported a negative cash flow
of EUR -5.5 million (EUR -0.2 million) from business operations, and
investments showed a negative cash flow of EUR -1.1 million (EUR -1.2 million).
Cash flow from financing totalled EUR 6.8 million (EUR 6.9 million). Total cash
flow from operations, investments and financing was positive EUR 0.2 million
(EUR 5.5 million).
There were no short term investments by the end of the reporting period.
RESEARCH AND DEVELOPMENT
Research and development expenses for April–June totaled EUR -2.6 million (EUR
-1.5 million), the equivalent of 54.7 percent of net sales (36.5 percent).
During April–June, the company has capitalized R&D costs EUR 0.3 million (EUR
0.6 million).
Research and development expenses for January–June totaled EUR -4.3 million
(EUR -2.8 million), the equivalent of 57.9 percent of net sales (25.3 percent).
In the reporting period, R&D cost capitalizations amounted to EUR 0.9 million
(EUR 1.0 million).
HUMAN RESOURCES AND ORGANIZATION
At the end of June, the Group had 114 employees on its payroll. The amount of
employees increased by 3 persons from the previous year (+3 %) and by 2 persons
from the previous quarter.
At the end of the period, 43.0 % (37.8 %) of the employees worked in sales,
marketing and customer services, 47.3 % (50.5 %) in R&D, and 9.7 % (11.7 %) in
corporate administration.
BOARD AND AUDITORS
At the Annual General Meeting, April 20, 2016 Kaisa Olkkonen and Harri Koponen
were elected and Timo Syrjälä, Tatu Ylönen and Jukka Manner were re-elected to
directors of the company. Kaisa Olkkonen was elected as the Chairman of the
Board of Directors in the board´s organizing meeting.
The Authorized Public Accountants Ernst & Young Oy was elected as the auditor
of the company. Ernst & Young Oy has informed that Erkka Talvinko, Authorized
Public Accountant, will act as the principle auditor.
SHARES, SHAREHOLDING AND CHANGES IN GROUP STRUCTURE
The reported trading volume of SSH Communications Security shares totaled
1,555,170 shares (valued at EUR 5,170,134). The highest quotation was EUR 4.30
and the lowest EUR 2.65. The trade-weighted average share price for the period
was EUR 3.32 and the share closed at EUR 2.85 (June 30, 2016).
Company’s principal owner Tatu Ylönen holds directly and through his company,
Clausal Computing Oy, 52.7 % of the company's shares, Timo Syrjälä holds
directly and through his companies 8.3 % and Juha Mikkonen holds directly and
through his company under his control, Assetman Oy, 7.2 %. More information
about the shareholding can be obtained from the company´s web site.
As announced on June 1, 2016, SSH spinned off its mobile authentication
business.
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 June 30, 2016 was EUR 1,029,773.49,
consisting of 34,325,783 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 Limited Liability 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, either new shares
can be issued or own shares, which the company possibly has in its possession,
can be transferred. Based on the authorization, the Board of Directors has the
same right as the Annual General Meeting to decide on the issuing of shares
against payment and special rights (including stock options) in accordance with
Chapter 10 Section 1 of the Finnish Limited Liability 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
who are entitled to the shares and/or stock options or special rights in
accordance with Chapter 10 Section 1 of the Finnish Limited Liability Companies
Act as well as on the related compensation, subscription and payment periods
and on the registering of the subscription price into the share capital or
invested non-restricted equity fund within the limits of the Finnish Limited
Liability Companies Act.
The authorization will be valid until the next Annual General Meeting, but will
however expire at the latest on June 30th 2017. As announced on May 27, 2016,
the Board of Directors decided upon an option plan of maximum 400,000 options.
As announced on June 20, 2016, a directed share issue of 2,950,000 shares were
issued.
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 shares of the company with assets belonging to the company’s
non-restricted equity. The shares can also be acquired otherwise than in
proportion to the holdings of the existing shareholders (directed acquisition).
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 proposes that the authorization for the acquiring of the
company’s own shares would be used, inter alia, 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 decides on 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 2017.
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
- cybercrime
- 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 2016 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.
Utilization of the company´s patent portfolio may have significant positive
and/or negative impacts.
Principles and organization of risk management of SSH Communications Security
can be read from company´s webpage: www.ssh.com.
FUTURE OUTLOOK
In 2016, SSH Communications Security estimates its revenue to grow
significantly from 2015.
RELATED PARTY TRANSACTIONS
Clausal Computing Oy, a fully owned company of SSH Communications Security’s
Chief Executive Officer Tatu Ylönen, has delivered the company mainly R&D
services valued in total EUR 0.3 million during January–June 2016. Chief
Executive Officer Tatu Ylönen subscribed for 489,200 shares and Member of Board
Timo Syrjälä through his company 733,900 shares from the directed share issue
issued by the company on June 20th 2016. During the reporting period, there
have not been any other significant transactions with related parties.
EVENTS AFTER THE BALANCE SHEET DATE
The SSH Communications Security management is not aware of any significant
transactions after the reporting period.
REPORTING
This financial statement release is prepared according to IAS 34. Financial
statement release follows the same principles and standards as the previous
financial statement release. Additionally the effective changes in IAS/IFRS
standards during the 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 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2016 2015 2016 2015 2015
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales 4.7 4.2 7.4 11.0 18.9
--------------------------------------------------------------------------------
Cost of goods sold -0.5 -1.8 -0.5 -5.2 -6.5
--------------------------------------------------------------------------------
Gross profit 4.2 2.4 6.9 5.8 12.4
--------------------------------------------------------------------------------
Other operating income 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Sales, marketing and customer support -2.7 -2.3 -5.4 -4.4 -10.0
costs
--------------------------------------------------------------------------------
Product development expenses -2.6 -1.5 -4.3 -2.8 -5.1
--------------------------------------------------------------------------------
Administrative expenses -0.5 -0.4 -1.0 -0.8 -1.6
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit/loss -1.6 -1.8 -3.8 -2.1 -4.4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial income and expenses 0.0 0.2 -0.4 0.2 0.5
------------------------------------------------------------------- ------
--------------------------------------------------------------------------------
Profit/loss before taxes -1.6 -1.6 -4.2 -1.9 -3.9
--------------------------------------------------------------------------------
Taxes -0.0 -0.0 -0.1 -0.0 -0.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net profit/loss for the financial period -1.6 -1.6 -4.2 -2.0 -3.9
--------------------------------------------------------------------------------
Non-controlling interest 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
Other profit and loss account items:
--------------------------------------------------------------------------------
Items which might be later transferred to
P/L statement
--------------------------------------------------------------------------------
--------------------------------------------------------------------------
Foreign subsidiary translation differences -0.6 0.0 -0.3 -0.4 -0.4
--------------------------------------------------------------------------------
Net change in fair value of
available-for-sale financial assets
--------------------------------------------------------------------------------
0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total comprehensive income -2.2 -1.6 -4.5 -2.4 -4.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
------------------------------------------------------------------------------
Comprehensive profit/loss attributable to:
--------------------------------------------------------------------------------
Owners of the Company -2.2 -1.6 -4.5 -2.4 -4.3
--------------------------------------------------------------------------------
Non-controlling interest 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EARNINGS PER SHARE
--------------------------------------------------------------------------------
Earnings per share (EUR) -0.06 -0.05 -0.15 -0.08 -0.15
--------------------------------------------------------------------------------
Earnings per share diluted (EUR) -0.06 -0.05 -0.15 -0.06 -0.15
--------------------------------------------------------------------------------
BALANCE SHEET
--------------------------------------------------------------------------------
EUR million
--------------------------------------------------------------------------------
30.6.2016 30.6.2015 31.12.2015
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Non-current assets
--------------------------------------------------------------------------------
Tangible assets 0.3 0.3 0.3
--------------------------------------------------------------------------------
Intangible assets 4.9 4.2 4.6
--------------------------------------------------------------------------------
Investments 0.0 0.0 0.0
--------------------------------------------------------------------------------
Total non-current assets 5.2 4.5 4.9
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Current assets
--------------------------------------------------------------------------------
Trade and other receivables 7.5 8.2 5.5
--------------------------------------------------------------------------------
Short-term financial assets 0.0 0.0 0.0
--------------------------------------------------------------------------------
Cash and cash equivalents 11.5 11.6 11.3
--------------------------------------------------------------------------------
Total current assets 19.0 19.7 16.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total assets 24.2 24.2 21.8
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' equity
--------------------------------------------------------------------------------
Equity attributable to the parent company
shareholders total
--------------------------------------------------------------------------------
15.0 13.4 11.4
---------------------------------------------------------------------
Non-controlling interest 0.0 0.0 0.0
--------------------------------------------------------------------------------
Shareholders' equity total 15.0 13.4 11.4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Non-current liabilities
--------------------------------------------------------------------------------
Provisions 0.0 0.0 0.0
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities 0.0 0.0 0.0
--------------------------------------------------------------------------------
Total long-term liabilities 0.0 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Current liabilities 9.2 10.8 10.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Liabilities total 9.2 10.8 10.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total equity and liabilities 24.2 24.2 21.8
--------------------------------------------------------------------------------
CASH FLOW STATEMENT
--------------------------------------------------------------------
EUR million 1-6/2016 1-6/2015 1-12/2015
--------------------------------------------------------------------
--------------------------------------------------------------------
Cash flow from business operations -5.5 -0.2 0.3
--------------------------------------------------------------------
Cash flow from investments -1.1 -1.2 -2.6
--------------------------------------------------------------------
Cash flow from financing 6.8 6.9 7.4
--------------------------------------------------------------------
--------------------------------------------------------------------
Increase(+) / decrease(-) in cash 0.2 5.5 5.1
--------------------------------------------------------------------
--------------------------------------------------------------------
Cash at period start 11.3 6.1 6.1
--------------------------------------------------------------------
Effect of exchange rate -0.2 0.2 0.1
--------------------------------------------------------------------
Cash at period end 11.5 11.6 11.3
--------------------------------------------------------------------
STATEMENT ON
CHANGES IN
SHAREHOLDERS'
EQUITY
--------------------------------------------------------------------------------
EUR Share Fair Other Transla Fund Non-con Unrestricted Total
milli capita value fund + tion for trollin equity funds
on l reserv other differe own g and retained
es equity nce shares interes earnings
fund t
--------------------------------------------------------------------------------
Shareh 0.9 0.9 4.1 -1.7 0.0 0.0 3.6 7.9
olders
'
equit
y
Jan 1,
2015
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change 0.0 0.3 7.6 -0.4 7.5
--------------------------------------------------------------------------------
Net -2.0 -2.0
profi
t
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareh 0.9 1.2 11.7 -2.0 0.0 0.0 1.6 13.4
olders
'
equit
y
Jun
30,
2015
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change 0.0 0.3 -0.1 -0.2 0.0
--------------------------------------------------------------------------------
Net -1.9 -1.9
profi
t
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareh 0.9 1.4 11.7 -2.1 0.0 0.0 -0.5 11.5
olders
'
equit
y
Dec
31,
2015
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change 0.1 0.3 0.0 -0.3 7.7 7.7
--------------------------------------------------------------------------------
Net -4.2 -4.2
profi
t
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareh 1.0 1.7 11.7 -2.4 0.0 0.0 3.0 15.0
olders
'
equit
y
Jun
30,
2016
--------------------------------------------------------------------------------
KEY FIGURES AND RATIOS
--------------------------------------------------------------------------------
EUR million 1-6/ 1-6/ 1-12/
2016 2015 2015
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales 7.4 11.0 18.9
--------------------------------------------------------------------------------
Operating profit/loss -3.8 -2.1 -4.4
--------------------------------------------------------------------------------
Operating profit/loss as % of net sales -51.3 -19.3 -23.2
--------------------------------------------------------------------------------
Profit/loss before items affecting comparability -4.2 -1.9 -3.9
--------------------------------------------------------------------------------
Profit/loss before items affecting comparability as % of -56.6 -17.5 -20.4
net sales
--------------------------------------------------------------------------------
Profit/loss before taxes -4.2 -1.9 -3.9
--------------------------------------------------------------------------------
Profit/loss before taxes as % of net sales -56.6 -17.5 -20.4
--------------------------------------------------------------------------------
Return on equity (%) -32.1 -18.4 -40.4
--------------------------------------------------------------------------------
Return on investment (%) -31.7 -18.0 -39.9
--------------------------------------------------------------------------------
Interest-bearing net liabilities -11.5 -11.6 -11.3
--------------------------------------------------------------------------------
Equity ratio (%) 79.6 64.5 66.8
--------------------------------------------------------------------------------
Gearing (%) -76.8 -86.2 -98.8
--------------------------------------------------------------------------------
Gross capital expenditure 1.1 1.2 2.6
--------------------------------------------------------------------------------
% of net sales 15.4 11.3 13.7
--------------------------------------------------------------------------------
R&D expenses 4.3 2.8 5.1
--------------------------------------------------------------------------------
% of net sales 57.9 25.3 26.9
--------------------------------------------------------------------------------
Personnel period average 112 103 102
--------------------------------------------------------------------------------
Personnel period end 114 111 109
--------------------------------------------------------------------------------
Calculation for key figures and ratios are presented in 2015 financial
statement and annual report. There have not been changes in calculation rules
after that.
PER SHARE DATA
----------------------------------------------------------------------
EUR 1-6/ 1-6/ 1-12/
2016 2015 2015
----------------------------------------------------------------------
----------------------------------------------------------------------
Earnings per share undiluted* -0.15 -0.08 -0.15
----------------------------------------------------------------------
Earnings per share diluted* -0.15 -0.06 -0.15
----------------------------------------------------------------------
Equity per share 0.44 0.43 0.36
----------------------------------------------------------------------
No. of shares at period average (thousand) 31,492 30,976 31,068
----------------------------------------------------------------------
No. of shares at period end (thousand) 34,326 30,982 31,370
----------------------------------------------------------------------
Share performance
----------------------------------------------------------------------
Average price 3.32 4.98 4.50
----------------------------------------------------------------------
Low 2.65 2.52 2.52
----------------------------------------------------------------------
High 4.30 6.32 6.32
----------------------------------------------------------------------
Share price period end 2.85 4.07 3.02
----------------------------------------------------------------------
Market capitalization period end (EUR million) 97.8 126.1 94.7
----------------------------------------------------------------------
Volume of shares traded (million) 1.6 5.5 8.4
----------------------------------------------------------------------
Volume of shares traded as % of total 4.9 17.8 27.0
----------------------------------------------------------------------
Value of shares traded (EUR million) 5.2 27.5 37.7
----------------------------------------------------------------------
Price per earnings ratio (P/E) neg. neg. neg.
----------------------------------------------------------------------
Dividend per share 0.00 0.00 0.00
----------------------------------------------------------------------
Dividend per earnings, % 0.00 0.00 0.00
----------------------------------------------------------------------
Effective return on dividend, % 0.00 0.00 0.00
----------------------------------------------------------------------
* earnings per share is impacted by unpaid interest of hybrid capital securities
CONTINGENT LIABILITIES
-------------------------------------------------------------------------------
EUR million 30.6.2016 30.6.2015 31.12.2015
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Hybrid Loan, Interest 0.2 0.2 0.7
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
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 0.5 0.8 0.5
-------------------------------------------------------------------------------
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 the period
January 1 – September 30, 2016 on October 20th, 2016.
Helsinki, July 21nd, 2016
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 |