2015-02-05 08:00:01 CET
2015-02-05 08:00:05 CET
REGULATED INFORMATION
SSH Communications Security Oyj - Financial Statement Release
SSH COMMUNICATIONS SECURITY FINANCIAL STATEMENT RELEASE, JANUARY 1 – DECEMBER 31, 2014
Helsinki, Finland, 2015-02-05 08:00 CET (GLOBE NEWSWIRE) -- SSH COMMUNICATIONS
SECURITY CORPORATION FINANCIAL STATEMENT RELEASE February 5, 2015 AT 9:00
AM
SSH COMMUNICATIONS SECURITY FINANCIAL STATEMENT RELEASE, JANUARY 1 - DECEMBER
31, 2014
SUMMARY
October-December 2014: Excellent sales growth (+64.7 %) and profitability.
-- Net sales totaled EUR 6.7 million, up by +64.7 % year on year (EUR 4.1
million in 10
-12
/2013).
-- Operating profit amounted to EUR 2.2 million (EUR 0.6 million in 10
-12
/2013). Profit was EUR 2.3 million (EUR 0.6 million)
-- Earnings per share EUR 0.07 (EUR 0.02).
January-December 2014: Significant sales growth (+21.5 %), investments in
future growth impacted profitability, strong cash position.
-- Net sales totaled EUR 16.2 million, up by +21.5 % year on year (EUR 13.3
million in 1
-12
/2013).
With comparable exchange rates, net sales growth was the same.
-- Operating profit amounted to EUR 0.2 million (EUR 0.2 million in 1
-12
/2013). Profit was EUR 0.3 million (EUR 0.2 million)
-- Earnings per share were EUR -0.00 (-0.00).
-- Cash flow from operations was EUR 1.8 million (EUR 0.4 million), total cash
flow was positive EUR 2.1 million (EUR -2.8 million).
Equity ratio was good, being 63.3 % (76.6 %). Liquid assets were EUR 6.1
million (EUR 6.0 million).
In 2015, SSH Communications Security estimates its revenue to grow
significantly compared to 2014.
KEY FIGURES
----------------------------------------------------------------------------
10-12/ 10-12/ 1-12/ 1-12/ Change %
2014 2013 2014 2013
----------------------------------------------------------------------------
-------------------------------------
----------------------------------------------------------------------------
Net sales (MEUR) 6.7 4.1 16.2 13.3 21.5
----------------------------------------------------------------------------
Operating profit/loss (MEUR) 2.2 0.6 0.2 0.2 18.5
----------------------------------------------------------------------------
% of net sales 32.7 14.0 1.3 1.3 -2.5
----------------------------------------------------------------------------
Profit/loss before taxes (MEUR) 2.3 0.6 0.4 0.2 161.0
----------------------------------------------------------------------------
Profit/loss (MEUR) 2.3 0.6 0.3 0.2 117.4
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Return on equity, % 4.3 2.2 94.1
----------------------------------------------------------------------------
Return on investment, % 2.7 1.9 36.9
----------------------------------------------------------------------------
Liquid assets 6.1 6.0 2.3
----------------------------------------------------------------------------
Gearing (%) -77.3 -80.1 -3.5
----------------------------------------------------------------------------
Equity ratio (%) 63.3 76.6 -17.4
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Earnings Per Share (EUR) 0.07 0.02 -0,00 -0,00 34.2
----------------------------------------------------------------------------
Shareholders' equity per share (EUR) 0.25 0.24 0.25 0.24 6.4
----------------------------------------------------------------------------
CEO'S BUSINESS REVIEW
Valued customers, partners, coworkers, and shareholders,
It is customary to thank everyone for your part in making the previous year a
success. I want to, however, also extend my congratulations to you all on your
contribution to increasing security and stability in your respective roles.
The continued success of SSH Communications Security rests on the shoulders of
many. Hard work, innovative thinking and resolute actions have brought us
success, while the surrounding conditions have supported our efforts as well.
Mounting compliance demands continue to help escalate our sales, cooperation
with auditing and consulting companies provides significant new opportunities,
our joint venture with ROKiTT has rounded our life cycle offering with the
popularity of the SSH HealthCheck raising interest in all markets. Meanwhile
the accelerating migration to cloud based environments opens a vista of
opportunities for us. An issue of its own is our increased emphasis on the
active and firm administration of our substantial immaterial rights portfolio.
A significant factor in driving the growth of SSH as well as the whole industry
is the influx and reverberations of malicious cyber activity. As the attention
and discussion moves from the IT community into coffee rooms and boardrooms
across the globe our competence and offering take a larger stage.
Despite the heated dialogue around the topic, numerous issues are far from
settled. With all the attention and action taken over the past few years, we
have barely revealed the tip of the iceberg. Public and private organizations
need to resolve security concerns that originate deep in their structures and
extend throughout their operations. Uncompromised security is evolving from
precautionary action to becoming the expected norm.
As SSH Communications Security in 2015 celebrates 20 years of success as the
inventor of the SSH protocol and frontrunner in its development and
instigation, we recognize our responsibility to reaffirm our leadership
position.
This means committing ourselves even more resolutely to advancing the adoption
of secure solutions and practices in the public and private sector, as well as
devoting significant resources to innovation and product development. An
indication of our growing commitment is the assignment of our founder Tatu
Ylönen as the Chief Innovation Officer of SSH. His vision, experience and
leadership qualities provide us with a unique opportunity to apply scientific
discovery and inquiry for the everyday benefit of our customers and society in
general.
In summary, I have great confidence in and expectations for the year ahead. May
it prove inspiring, secure and prosperous for us all.
Harri Koponen
CEO
NET SALES
Consolidated net sales for October-December totaled EUR 6.7 million (EUR 4.1
million), up by +64.7 %, year on year. The growth of net sales was due to
significant growth of consulting and license sales especially in USA.
Consolidated net sales for January-December totaled EUR 16.2 million (EUR 13.3
million), up by +21.5 %, year on year. The growth of net sales was due to
strong license sales during the last quarter, and also overall growth in
consulting and maintenance. Long sales cycles with big corporations and
complexity of customer needs are typical in this industry.
The Americas; Europe, Middle East and Africa; and the Asia Pacific region
accounted for 63.2 % (39.6 %), 25.7 % (49.5 %) and 11.2 % (10.9 %) of reported
net sales, respectively. The change of geographical focus of a significant
customer project impacts strongly the net sales of Europe.
KEY FIGURES
-------------------------------------------------------
EUR million 10-12/ 10-12/ 1-12/ 1-12/ Change %
2014 2013 2014 2013
-------------------------------------------------------
-------------------------------------------------------
BY SEGMENT
-------------------------------------------------------
AMERICAS 4.6 1.3 10.2 5.3 93.8
-------------------------------------------------------
APAC 0.5 0.4 1.8 1.5 24.4
-------------------------------------------------------
EMEA 1.7 2.4 4.2 6.6 -36.8
-------------------------------------------------------
SSH Group Total 6.7 4.1 16.2 13.3 21.5
-------------------------------------------------------
-------------------------------------------------------
BY OPERATION
-------------------------------------------------------
License sales 3.4 1.9 5.9 4.6 27.7
-------------------------------------------------------
Consulting 1.7 0.8 4.1 3.0 36.4
-------------------------------------------------------
Maintenance 1.6 1.4 6.2 5.6 9.6
-------------------------------------------------------
Total 6.7 4.1 16.2 13.3 21.5
-------------------------------------------------------
The majority of SSH Communications Security's invoicing is U.S. dollar based.
During the report period, the U.S. dollar's average exchange rate to euro was
flat compared to the same period a year ago. With comparable exchange rates
2014, net sales growth would have been same 21.5 % compared with 2013
corresponding period.
RESULTS AND EXPENSES
Operating profit for October-December amounted to EUR 2.2 million (EUR 0.6
million), with net profit totaling EUR 2.3 million (EUR 0.6 million). Very good
profitability is due to high license revenue.
Operating profit for January-December amounted to EUR 0.2 million (EUR 0.2
million), with net profit totaling EUR 0.3 million (EUR 0.2 million).
Non-recurring items during January-December were EUR 0.0 million (EUR 0.0
million). Profitability was influenced by higher share of service sales in
addition to investments to sales and product development.
Sales, marketing and customer support expenses for the October-December
reporting period amounted EUR -1.8 million (EUR -1.7 million), while research
and development expenses totaled EUR -1.0 million (EUR -0.9 million) and
administrative expenses EUR -0.3 million (EUR -0.4 million).
Sales, marketing and customer support expenses for the January-December
reporting period amounted EUR -7.3 million (EUR -6.9 million), while research
and development expenses totaled EUR -4.0 million (EUR -3.0 million) and
administrative expenses EUR -1.3 million (EUR -1.5 million).
BALANCE SHEET AND FINANCIAL POSITION
The financial position of SSH Communications Security remained strong during
the reporting period. The consolidated balance sheet total on December 31, 2014
stood at EUR 17.5 million (EUR 13.5 million; December 31, 2013), of which
liquid assets accounted for EUR 6.1 million (EUR 6.0 million), or 34.8 % of the
balance sheet total. On December 31, 2014, gearing, or the ratio of net
liabilities to shareholders' equity, was -77.3 % (-80.1 %) and the equity ratio
stood at 63.3 % (76.6 %).
The reported gross capital expenditure for the period totaled EUR 1.9 million
(EUR 2.0 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 0.2 million (EUR -0.0 million).
During January-December, SSH Communications Security reported a cash flow of
EUR 1.8 million (EUR 0.4 million) from business operations, and investments
showed a negative cash flow of EUR -1.8 million (EUR -2.0 million). Cash flow
from financing totaled EUR 2.1 million (EUR -1.2 million). Total cash flow from
operations, investments and financing was positive EUR 2.1 million (EUR -2.8
million). At the end of the corresponding period, Company had 2.0 million
investment made on fixed income fund, which is now matured.
Fair value of short term investment is determined from quoted prices available
from markets. Financial investment belongs to level 1 according to IFRS 7.
Market value of financial investment was EUR 0.0 million (EUR 2.0 million) and
nominal value EUR 0.0 million (EUR 2.0 million).
RESEARCH AND DEVELOPMENT
Research and development expenses for October-December totaled EUR -1.0 million
(EUR -0.9 million), the equivalent of 20.5 percent of net sales (22.2 percent).
During October-December company has capitalized R&D costs EUR 0.4 million (EUR
0.4 million).
Research and development expenses for January-December totaled EUR -4.0 million
(EUR -3.0 million), the equivalent of 25.0 percent of net sales (22.3 percent).
During the reporting period R&D cost capitalizations amounted to EUR 1.4
million (EUR 1.6 million). Depreciation from R&D capitalization assets was EUR
-0.8 million (EUR -0.5 million).
HUMAN RESOURCES AND ORGANIZATION
At the end of December, the Group had 95 employees on its payroll, down by 4
persons from the previous year, a decrease of 4 %.
At the end of the period, 38 % of the employees worked in sales, marketing and
customer services, 48 % in R&D, and 14 % in corporate administration.
As announced on October 2, 2014, Harri Koponen started as Chief Executive
Officer. Tatu Ylönen continues to work full time in the company as Chief
Innovation Officer.
BOARD AND AUDITORS
At the Annual General Meeting, March 20, 2014 Timo Syrjälä was elected and
Päivi Hautamäki and Tatu Ylönen were re-elected to directors of the company.
Timo Syrjälä was elected as the Chairman of the Board of Directors in the
board's organizing meeting. As announced on October 2, 2014, Harri Koponen
started as Chief Executive Officer. Tatu Ylönen continues to work full time in
the company as Chief Innovation Officer, and is the Chairman of the Board. Timo
Syrjälä continues in the board.
The Authorized Public Accountants KPMG Oy Ab was re-elected as the auditor of
the company with Kirsi Jantunen, KHT, as the accountant with the main
responsibility.
SHARES, SHAREHOLDING AND CHANGES IN GROUP STRUCTURE
The reported trading volume of SSH Communications Security Corporation shares
totaled 3,613,851 (valued at EUR 10,310,921). The highest quotation was EUR
3.74 and the lowest EUR 2.31. The trade-weighted average share price for the
period was EUR 2.85 and the share closed at EUR 2.51 (December 30, 2014).
The company's principal owner Tatu Ylönen holds directly and through his
company, Clausal Computing Oy, 57.2 % of the company's shares, Assetman Oy
holds 10.2 % and Timo Syrjälä through companies under his control 5.0 %. More
information about the shareholding can be obtained from the company´s web site.
During reporting period no dividend or return of capital were distributed.
SHARE CAPITAL AND BOARD AUTHORIZATIONS
The company's registered share capital on December 31, 2014 was EUR 929,220.99
consisting of 30,974,033 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. The authorization will be valid until the next Annual General
Meeting, but will however expire at the latest on June 30, 2015. As announced
on September 18, 2014, the Board of Directors decided upon an option plan of
maximum 1,000,000 options.
The Annual General Meeting approved the Board of Directors' proposal to
authorize the Board of Directors to decide upon the acquiring of a maximum of
2,000,000 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
authorization will be valid until the next Annual General Meeting, but will
however expire at the latest on June 30, 2015.
DIVIDEND AND OTHER DISTRIBUTION OF ASSETS
SSH Communications Security's Board of Directors will propose to the Annual
General Meeting 25th of March 2015 that no dividend or return of capital be
distributed. It is proposed that the profit of the financial year shall be
entered to the shareholders equity in the profit/loss account.
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 2015 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. During 2014 USD currency positions have not been
hedged.
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 2015, SSH Communications Security estimates its revenue to grow
significantly from 2014.
RELATED PARTY TRANSACTIONS
Clausal Computing Oy, a fully owned company of SSH Communications Security
Corporation's Chief Innovation Officer Tatu Ylönen, has delivered the company
mainly R&D services valued in total EUR 0.4 million during January-December
2014. During the reporting period there have not been any other significant
transactions with related parties. Hybrid capital securities (EUR 4.0 million)
of the company were subscribed by Chief Innovation Officer Tatu Ylönen.
EVENTS AFTER THE BALANCE SHEET DATE
As announced on February 5, 2015, the Board of Directors decided upon an option
plan of maximum 2,000,000 options. The SSH Communications Security management
is not aware of any other 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 reporting period have been adopted. These changes have no
material impact on the financial statement. The information presented in this
financial statement has not been audited.
SSH Communications Security has changed the operational mode into global
operational mode and thus ceasing to report regional segments during 2015.
TABLES
COMPREHENSIVE INCOME STATEMENT
--------------------------------------------------------------------------------
EUR million 10-12/ 10-12/ 1-12/ 1-12/
2014 2013 2014 2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales 6.7 4.1 16.2 13.3
--------------------------------------------------------------------------------
Cost of goods sold -1.5 -0.5 -3.3 -1.9
--------------------------------------------------------------------------------
Gross profit 5.3 3.5 12.9 11.4
--------------------------------------------------------------------------------
Other operating income 0.0 0.0 0.0 0.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Sales, marketing and customer support costs -1.8 -1.7 -7.3 -6.9
--------------------------------------------------------------------------------
Product development expenses -1.0 -0.9 -4.0 -3.0
--------------------------------------------------------------------------------
Administrative expenses -0.3 -0.4 -1.3 -1.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit/loss 2.2 0.6 0.2 0.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial income and expenses 0.1 -0,0 0.2 -0,0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit/loss before taxes 2.3 0.6 0.4 0.2
--------------------------------------------------------------------------------
Taxes 0.0 -0,0 -0.1 -0,0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net profit/loss for the financial period 2.3 0.6 0.3 0.2
--------------------------------------------------------------------------------
Non-controlling interest 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 -0.4 -0,0 -0.4 -0,0
--------------------------------------------------------------------------------
Net change in fair value of available-for-sale
financial assets
--------------------------------------------------- ---------------------
0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total comprehensive income 1.9 0.6 -0.1 0.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
-------------------------------------------------
Net profit/loss attributable to:
--------------------------------------------------------------------------------
Owners of the Company 1.9 0.6 -0.1 0.2
--------------------------------------------------------------------------------
Non-controlling interest 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EARNINGS PER SHARE
--------------------------------------------------------------------------------
Earnings per share (EUR) 0.07 0.02 -0,00 -0,00
--------------------------------------------------------------------------------
Earnings per share diluted (EUR) 0.06 0.02 -0,00 -0,00
--------------------------------------------------------------------------------
BALANCE SHEET
--------------------------------------------------------------------------------
EUR million
--------------------------------------------------------------------------------
31.12.2014 31.12.2013
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Non-current assets
--------------------------------------------------------------------------------
Tangible assets 0.2 0.2
--------------------------------------------------------------------------------
Intangible assets 3.8 3.1
--------------------------------------------------------------------------------
Investments 0.0 0.0
--------------------------------------------------------------------------------
Total non-current assets 4.0 3.4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Current assets
--------------------------------------------------------------------------------
Trade and other receivables 7.5 4.1
--------------------------------------------------------------------------------
Short-term financial assets 0.0 0.0
--------------------------------------------------------------------------------
Cash and cash equivalents 6.1 6.0
--------------------------------------------------------------------------------
Total current assets 13.6 10.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total assets 17.5 13.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' equity
--------------------------------------------------------------------------------
Equity attributable to the parent company 7.9 7.4
shareholders total
--------------------------------------------------------------------------------
---------------------------------------------------------------------
Non-controlling interest 0.0 0.0
--------------------------------------------------------------------------------
Shareholders' equity total 7.9 7.4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Non-current liabilities
--------------------------------------------------------------------------------
Provisions 0.0 0.1
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities 0.0 0.0
--------------------------------------------------------------------------------
Total long-term liabilities 0.0 0.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Current liabilities 9.7 6.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Liabilities total 9.7 6.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total equity and liabilities 17.5 13.5
--------------------------------------------------------------------------------
CASH FLOW STATEMENT
-----------------------------------------------------------
EUR million 1-12/2014 1-12/2013
-----------------------------------------------------------
-----------------------------------------------------------
Cash flow from business operations 1.8 0.4
-----------------------------------------------------------
Cash flow from investments -1.8 -2.0
-----------------------------------------------------------
Cash flow from financing 2.1 -1.2
-----------------------------------------------------------
-----------------------------------------------------------
Increase(+) / decrease(-) in cash 2.1 -2.8
-----------------------------------------------------------
-----------------------------------------------------------
Cash at period start 3.8 6.6
-----------------------------------------------------------
Effect of exchange rate 0.1 0.0
-----------------------------------------------------------
Cash at period end* 6.1 3.8
-----------------------------------------------------------
* cash at period end does not include investments other than mutual funds of
short term interest, thus investment of 2.0 million EUR is excluded from cash
at period end in corresponding reporting period.
STATEMENT ON
CHANGES IN
SHAREHOLDERS'
EQUITY
--------------------------------------------------------------------------------
EUR Share Fair Other Transla Fund Non-con Unrestricted Total
milli capit value fund + tion for trollin equity funds
on al reser other differ own g and retained
ves equity ence share intere earnings
fund s st
--------------------------------------------------------------------------------
Shareh 0.9 0.2 4.1 -1.3 -1.0 0.2 3.1 6.3
olders
'
equit
y
Jan 1,
2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------
--------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change 0.2 0.0 -0,0 1.0 -0.2 1.0
--------------------------------------------------------------------------------
Net 0.2 0.2
profi
t
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareh 0.9 0.4 4.1 -1.3 0.0 0.0 3.3 7.4
olders
'
equit
y
Dec
31,
2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change 0.0 0.4 0.0 -0.4 0.1
--------------------------------------------------------------------------------
Net 0.3 0.3
profi
t
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareh 0.9 0.9 4.1 -1.7 0.0 0.0 3.6 7.9
olders
'
equit
y
Dec
31,
2014
--------------------------------------------------------------------------------
NET SALES BY SEGMENT
------------------------------------------------------------------
EUR million 10-12/ 10-12/ 1-12/ 1-12/
2014 2013 2014 2013
------------------------------------------------------------------
------------------------------------------------------------------
AMER 4.6 1.3 10.2 5.3
------------------------------------------------------------------
APAC 0.5 0.4 1.8 1.5
------------------------------------------------------------------
EMEA 1.7 2.4 4.2 6.6
------------------------------------------------------------------
SSH Group Total 6.7 4.1 16.2 13.3
------------------------------------------------------------------
GROSS MARGIN BY SEGMENT
------------------------------------------------------------------
EUR million 10-12/ 10-12/ 1-12/ 1-12/
2014 2013 2014 2013
------------------------------------------------------------------
------------------------------------------------------------------
AMER 3.1 1.3 7.6 5.3
------------------------------------------------------------------
APAC 0.5 0.4 1.8 1.5
------------------------------------------------------------------
EMEA 1.7 1.8 3.4 4.7
------------------------------------------------------------------
SSH Group Total 5.3 3.5 12.9 11.4
------------------------------------------------------------------
OPERATING PROFIT AND LOSS BY SEGMENT
------------------------------------------------------------------
EUR million 10-12/ 10-12/ 1-12/ 1-12/
2014 2013 2014 2013
------------------------------------------------------------------
------------------------------------------------------------------
AMER 1.6 0.2 3.4 0.8
------------------------------------------------------------------
APAC 0.2 0.1 1.0 0.7
------------------------------------------------------------------
EMEA 0.5 1.8 1.2 4.0
------------------------------------------------------------------
Common Group expenses* -0.1 -1.5 -5.3 -5.4
------------------------------------------------------------------
SSH Group Total 2.2 0.6 0.2 0.2
------------------------------------------------------------------
* Common Group expenses include product management and R&D expenses and Group
administration expenses (e.g. management and finance).
KEY FIGURES AND RATIOS
--------------------------------------------------------------------------------
EUR million 1-12/ 1-12/
2014 2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales 16.2 13.3
--------------------------------------------------------------------------------
Operating profit/loss 0.2 0.2
--------------------------------------------------------------------------------
Operating profit/loss as % of net sales 1.3 1.3
--------------------------------------------------------------------------------
Profit/loss before extraordinary items and taxes 0.4 0.2
--------------------------------------------------------------------------------
Profit/loss before extraordinary items and taxes as % of net sales 2.5 1.1
--------------------------------------------------------------------------------
Profit/loss before taxes 0.4 0.2
--------------------------------------------------------------------------------
Profit/loss before taxes as % of net sales 2.5 1.2
--------------------------------------------------------------------------------
Return on equity (%) 4.3 2.2
--------------------------------------------------------------------------------
Return on investment (%) 2.7 1.9
--------------------------------------------------------------------------------
Interest-bearing net liabilities -6.1 -6.0
--------------------------------------------------------------------------------
Equity ratio (%) 63.3 76.6
--------------------------------------------------------------------------------
Gearing (%) -77.3 -80.1
--------------------------------------------------------------------------------
Gross capital expenditure 1.9 2.0
--------------------------------------------------------------------------------
% of net sales 11.5 14.7
--------------------------------------------------------------------------------
R&D expenses 4.0 3.0
--------------------------------------------------------------------------------
% of net sales 25.0 22.3
--------------------------------------------------------------------------------
Personnel period average 97 85
--------------------------------------------------------------------------------
Personnel period end 95 99
--------------------------------------------------------------------------------
Calculation for key figures and ratios are presented in 2013 financial
statement and annual report. There are no changes in calculation rules.
PER SHARE DATA
--------------------------------------------------------------
EUR 1-12/ 1-12/
2014 2013
--------------------------------------------------------------
--------------------------------------------------------------
Earnings per share undiluted* -0,00 -0,00
--------------------------------------------------------------
Earnings per share diluted* -0,00 -0,00
--------------------------------------------------------------
Equity per share 0.25 0.24
--------------------------------------------------------------
No. of shares at period average (thousand) 30,817 30,751
--------------------------------------------------------------
No. of shares at period end (thousand) 30,974 30,751
--------------------------------------------------------------
Share performance
--------------------------------------------------------------
Average price 2.85 2.11
--------------------------------------------------------------
Low 2.31 0.75
--------------------------------------------------------------
High 3.74 4.50
--------------------------------------------------------------
Share price period end 2.51 2.91
--------------------------------------------------------------
Market capitalization period end (EUR million) 77.8 89.5
--------------------------------------------------------------
Volume of shares traded (million) 3.6 9.9
--------------------------------------------------------------
Volume of shares traded as % of total 11.7 33.4
--------------------------------------------------------------
Value of shares traded (EUR million) 10.3 20.8
--------------------------------------------------------------
Price per earnings ratio (P/E) neg. neg.
--------------------------------------------------------------
Dividend per share 0.00 0.00
--------------------------------------------------------------
Dividend per earnings, % 0.00 0.00
--------------------------------------------------------------
Effective return on dividend, % 0.00 0.00
--------------------------------------------------------------
* equity per share is impacted by unpaid interest of hybrid capital securities
CONTINGENT LIABILITIES
-------------------------------------------------------------
EUR million 31.12. 31.12.
2014 2013
-------------------------------------------------------------
Hybrid Loan , Interest 0.6 0.2
-------------------------------------------------------------
-------------------------------------------------------------
Rent security deposits 0.1 0.1
-------------------------------------------------------------
Leasing commitments outside the balance sheet
-------------------------------------------------------------
Maturing within 1 year 0.4 0.5
-------------------------------------------------------------
Maturing between 1 and 5 years 0.8 0.4
-------------------------------------------------------------
DISCLAIMER
The content in this report is provided by SSH Communications Security
Corporation ("SSH") and its third party content providers for your personal
information only and does not constitute an offer or invitation to purchase any
securities. Nor does it provide any form of advice (investment. tax. legal)
amounting to investment advice. Or make any recommendations regarding
particular investments or products. SSH does not provide investment advice or
recommendations to buy or sell its shares or the shares of others. If you are
interested in investing in SSH, please contact your financial adviser for
further details and information. Past performance of SSH shares is not
indicative of future results. EXCEPT AS PROVIDED BY APPLICABLE COMPULSORY LAW
SSH EXPRESSLY DISCLAIMS ALL WARRANTIES, EXPRESSED OR IMPLIED. AS TO THE
AVAILABILITY, ACCURACY OR RELIABILITY OF ANY OF THE CONTENT PROVIDED, OR AS TO
THE FITNESS OF THE INFORMATION FOR ANY PURPOSE.
SSH Communications Security Corporation will release its interim report of the
first quarter of the year in April 21st, 2015.
Helsinki, February 5th 2015
SSH COMMUNICATIONS SECURITY CORPORATION
Board of Directors
Harri Koponen
CEO
For further information, please contact:
Harri Koponen, CEO. tel. +358 20 500 7000
Jyrki Lalla, CFO, tel. +358 45 340 4641
Distribution:
NASDAQ OMX Helsinki Ltd.
Major media
www.ssh.com
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