2013-07-24 08:00:00 CEST
2013-07-24 08:00:04 CEST
REGULATED INFORMATION
SSH Communications Security Oyj - Interim report (Q1 and Q3)
SSH COMMUNICATIONS SECURITY CORPORATION INTERIM REPORT, JANUARY 1 – JUNE 30, 2013
Helsinki, Finland, 2013-07-24 08:00 CEST (GLOBE NEWSWIRE) -- SSH COMMUNICATIONS
SECURITY CORPORATION INTERIM REPORT JULY 24, 2013 AT 9:00 A.M.
SSH COMMUNICATIONS SECURITY CORPORATION INTERIM REPORT, JANUARY 1 - JUNE 30,
2013
SUMMARY Q2
Net sales continued to grow satisfactorily (+12%), result slightly negative due
to strong investments on future growth and timing of new deals.
April-June
- Net sales totaled EUR 3.3 million, up by +12.1% year on year (EUR 2.9 million
in 4-6/2012).
- Operating loss amounted to EUR -0.1 million (EUR +0.2 million in 4-6/2012)
including EUR 0.0 million non-recurring costs (EUR 0.0 million). Net loss EUR
-0.1 million (EUR +0.1 million)
- Earnings per share EUR -0.01 (EUR 0.00).
January-June
- Net sales totaled EUR 6.2 million, up by +13.0% year on year (EUR 5.5 million
in 1-6/2012).
- Operating profit amounted to EUR -0.0 million (EUR +0.4 million in 1-6/2012)
including EUR -0.4 of non-recurring costs (EUR -0.4 million). Net profit EUR
0.4 million (loss EUR -1.2 million)
- Earnings per share EUR- 0.00 (EUR 0.01).
The company's financial position remained in very good level, with equity ratio
79.3% (44.9%) and liquid assets at the end of the period EUR 6.7 million (EUR
2.3 million).
KEY FIGURES
--------------------------------------------------------------------------------
4-6/ 4-6/ 1-6/ 1-6/ Change % 1-12/
2013 2012 2013 2012 2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales (MEUR) 3.3 2.9 6.2 5.5 13.0 11.9
--------------------------------------------------------------------------------
Operating profit/loss (MEUR) -0.1 0.2 -0.0 0.4 -104.3 1.1
--------------------------------------------------------------------------------
% of net sales -2.2 6.0 -0.3 7.6 9.1
--------------------------------------------------------------------------------
Profit/loss before taxes (MEUR) -0.1 0.1 -0.0 0.4 -106.0 1.1
--------------------------------------------------------------------------------
Profit/loss (MEUR) -0.1 0.1 -0.0 0.4 -110.5 1.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Return on equity, % -7.2 56.8 30.9
--------------------------------------------------------------------------------
Return on investment, % -4.7 30.7 28.1
--------------------------------------------------------------------------------
Liquid assets 6.7 2.3 196.4 6.6
--------------------------------------------------------------------------------
Gearing (%) -88.4 -156.3 -105.2
--------------------------------------------------------------------------------
Equity ratio (%) 79.3 44.9 70.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Earnings Per Share (EUR) -0.01 0.00 -0.00 0.01 -114.0 0.04
--------------------------------------------------------------------------------
Shareholders' equity per share 0.20 0.05 0.20 0.05 394.7 0.20
(EUR)
--------------------------------------------------------------------------------
CEO'S REVIEW
Deployments of the Universal SSH Key Manager(TM) product continued
successfully. The product helps large organizations manage scripted
machine-to-machine access and key-based access between information systems.
Several smaller deals were signed for the CryptoAuditor(TM) product, including
a deal with one of the most important operators in the European stock markets.
The product enables organizations to monitor encrypted content and encrypted
system administration connections.
The company received in May an EUR 1.6M (USD 2M) order, which has been fully
paid in July. However, the revenue for the order cannot be recognized until the
third and fourth quarters.
Due to the timing of revenue recognition and the investments in future growth,
the company made a small loss in the second quarter.
The company has several significant deals in the pipeline for closing later in
2013 and in 2014. The full year forecast of profitability and significant
growth is maintained.
The company is also working towards capitalizing on its patent portfolio, which
appears to include several essential patents on technologies used in leading
smartphones, tablets, state-of-the-art telephony and video conferencing
systems, game consoles, and operating systems. The total sales of products
using technologies patented by the company may exceed USD 100bn annually. The
patent portfolio may generate significant revenue in the future either in the
form of revenue from sale of the patents or royalties.
Antti Huima started as Chief Technology Officer in June. Antti was previously
CTO and CEO of Conformiq in the Silicon Valley. Conformiq is an automated
testing startup that he grew to about 25 people and revenues of several
million. Before that he was one of the first employees of SSH Communications
Security and helped shape the future of the SSH protocol.
Sami Ahvenniemi will start in August as President of SSH Communications
Security, Inc., with responsibility for the group's US operations. He has most
recently been a Founding Partner at Conor Venture Partners helping a number of
technology startups grow successfully in the United States and globally. In
1998, he started SSH's US operations and grew SSH's US sales to about USD 10M
by 2001.
The market's understanding of the importance of managing access to information
systems using keys is increasing. Key-based SSH access is an important part of
who can access what systems and information and properly terminating access
when an employee changes role or leaves is a key requirement in several
information security standards. IETF (Internet Engineering Task Force) has
published draft guidelines for managing automated access using SSH keys, and
several other standards bodies are preparing their own standards. A recent
market analyst report from IDC highlights the problem and the company's
products.
The SSH protocol is ubiquitous in datacenters and used for managing routers,
hardware management ports, virtualized instances, hypervisors, Unix/Linux
operating systems, and for file transfers and point-to-point tunneling on all
operating systems. As the inventors of the protocol, the company is uniquely
positioned to provide solutions in this space.
Tatu Ylönen
CEO
FUTURE OUTLOOK
SSH Communications Security estimates its revenue to grow significantly from
2012 driven by strong need for its products and services. The company estimates
the financial year 2013 to be profitable.
Upside possibilities include patent revenue and better than expected customer
demand. Downside risks include delays on product development and closing new
business, competition, and macroeconomic challenges.
NET SALES
Consolidated net sales for April-June totaled EUR 3.3 million (EUR 2.9
million), up by +12.1%, year on year.
Consolidated net sales for January-June totaled EUR 6.2 million (EUR 5.5
million), up by +13.0%, year on year.
The Americas, the Europe, Middle East and Africa market area and the Asia
Pacific region accounted for 42.9% (48.3%), 45.6% (38.1%) and 11.5% (13.7%) of
reported net sales, respectively.
SSH NET SALES
--------------------------------------------------------
EUR million 4-6/ 4-6/ 1-6/ 1-6/ Change % 1-12/
2013 2012 2013 2012 2012
--------------------------------------------------------
--------------------------------------------------------
BY SEGMENT
--------------------------------------------------------
AMERICAS 1.4 1.5 2.7 2.6 0.4 6.0
--------------------------------------------------------
APAC 0.3 0.5 0.7 0.7 -5.2 1.6
--------------------------------------------------------
EMEA 1.6 0.9 2.8 2.1 35.5 4.3
--------------------------------------------------------
SSH Group Total 3.3 2.9 6.2 5.5 13.0 11.9
--------------------------------------------------------
--------------------------------------------------------
BY OPERATION
--------------------------------------------------------
License sales 1.0 1.4 2.0 2.5 -21.2 5.0
--------------------------------------------------------
Consulting 0.8 1.4 0.6
--------------------------------------------------------
Maintenance 1.4 1.5 2.8 2.9 -1.2 6.3
--------------------------------------------------------
Total 3.3 2.9 6.2 5.5 13.0 11.9
--------------------------------------------------------
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
weakened approximately -1.3% compared to the same period a year ago. With
comparable exchange rates 2013 net sales growth would have been +13.8% compared
with 2012 corresponding period.
RESULTS AND EXPENSES
Operating profit for April-June amounted to EUR -0.1 million (EUR +0.2 million)
including EUR 0.0 million non-recurring costs, with net profit totaling EUR
-0.1 million (EUR 0.1 million).
Operating profit for January-June amounted to EUR -0.0 million (EUR +0.4
million), with net profit totaling EUR -0.0 million (EUR +0.4 million).
There were no Non-recurring items during January-June.
Sales, marketing and customer support expenses for the April-June reporting
period amounted EUR -1.8 million (EUR -1.5 million), while research and
development expenses totaled EUR -0.8 million (EUR -0.8 million) and
administrative expenses EUR -0.4 million (EUR -0.2 million).
Sales, marketing and customer support expenses for the January-June reporting
period amounted EUR -3.3 million (EUR -2.6 million), while research and
development expenses totaled EUR -1.5 million (EUR -1.4 million) and
administrative expenses EUR -0.7 million (EUR -0.7 million).
BALANCE SHEET AND FINANCIAL POSITION
The financial position of SSH Communications Security remained in very good
level during the reporting period. The consolidated balance sheet total on June
30, 2013 stood at EUR 14.0 million (June 30, 2012 EUR 6.2 million; December 31,
2012 EUR 12.5 million), of which liquid assets accounted for EUR 6.7 million
(June 30, 2012 EUR 2.3 million; December 31, 2012 EUR 6.7 million), or 47.9% of
the balance sheet total. On June 30, 2013, gearing, or the ratio of net
liabilities to shareholders' equity, was -88.4% (June 30, 2012 -156.3%;
December 31, 2012 -105.2%) and the equity ratio stood at 79.3% (June 30, 2012
44.9%; December 31, 2011 70.0%). Equity is impacted by assets of SSH Management
Investments (EUR 0.5 million) which will be removed when SSH Management
Investment will be liquidated during 2013.
The reported gross capital expenditure for the period totalled EUR 0.9 million
(EUR 0.5 million). The reported financial income and expenses consisted mainly
of interest on deposits and exchange rate gains or losses. Financial income and
expenses totalled EUR -0.0 million (EUR -0.0 million).
During January-June, SSH Communications Security reported a positive cash flow
of EUR 0.1 million (EUR 0.4 million) from business operations, and investments
showed a negative cash flow of EUR -0.9 million (EUR 0.5 million). Cash flow
from financing totaled EUR -1.2 million (EUR -0.1 million) due to EUR 2.0
million investment made on fixed income fund, which are shown in investments.
Group has no financial instruments which are valued at fair value.
RESEARCH AND DEVELOPMENT
Research and development expenses for April-June totaled EUR -0.8 million (EUR
-0.8 million), the equivalent of 24.7 percent of net sales (27.8 percent).
During April-June company has capitalized R&D costs EUR 0.3 million (EUR 0.2
million).
Research and development expenses for January-June totaled EUR -1.5 million
(EUR -1.4 million), the equivalent of 23.9 percent of net sales (25.1 percent).
Company has continued R&D capitalizations during the reporting period related
to Universal SSH Key Manager and Crypto Auditor according to IAS 38 standard.
In reporting period R&D cost capitalizations amount to EUR 0.8 million (EUR 0.5
million).
HUMAN RESOURCES AND ORGANIZATION
At the end of June, the Group had 86 employees on its payroll. The amount of
employees increased by 30 persons from the previous year (+54%) and by 6 from
the previous quarter.
At the end of the period, 45% of the employees worked in sales, marketing and
customer services, 43% in R&D, and 12% in corporate administration.
BOARD AND AUDITORS
At the Annual General Meeting on March 20, 2013, Sami Ahvenniemi, Päivi
Hautamäki and Tatu Ylönen were re-elected as directors of the company. Sami
Ahvenniemi was elected as the Chairman of the Board of Directors in the board´s
organizing meeting.
The Authorized Public Accountants KPMG Oy Ab was re-elected as the auditor of
the company with Kirsi Jantunen, KHT, as the accountant with the main
responsibility.
SHARES, SHAREHOLDING AND CHANGES IN GROUP STRUCTURE
The reported trading volume of SSH Communications Security shares totaled 5 163
262 shares (valued at EUR 7 191 863). The highest quotation was EUR 2.23 and
the lowest EUR 0.75. The trade-weighted average share price for the period was
EUR 1.28 and the share closed at EUR 1.70 (June 28, 2013).
Company's principal owner Tatu Ylönen holds directly and through his company,
Clausal Computing Oy, now 57.7% of the company's shares, Assetman Oy holds
11.4% and Gaselli Capital Oy 4.1%. SSH Management Investment sold all shares
(4.7%) of the company during reporting period. Due to the transaction, SSH
Communications Security has recorded EUR 0.1 million gain. More information
about the shareholding can be obtained from the company´s web site.
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, 2013 was EUR 922 416.99
consisting of 30 750 983 shares.
The Annual General Meeting approved the Board of Directors' proposal to
authorize the Board of Directors to decide upon the issuing of a maximum of 6
000 000 shares as a share issue against payment or by giving stock options or
other special rights entitling to shares, in accordance with Chapter 10 Section
1 of the Finnish Companies Act, either according to the shareholders'
pre-emptive right to share subscription or deviating from this right, in one or
more tranches. The authorization will be valid until the next Annual General
Meeting, but will however expire at the latest on June 30, 2014. As announced
on June 5, 2013, the Board of Directors decided upon an option plan of maximum1
700 000 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, 2014.
RISKS AND UNCERTAINTIES
Largest risks that might impact the profitability of the company have remained
by and large the same than in previous reporting period and are listed below.
Other risks, which are currently either unknown or considered immaterial to SSH
Communications Security may, however, become material in the future.
Largest risks:
- continuing uncertainty of the macroeconomic environment
- delays on product development and closing new business
- competitiveness of the product portfolio including intellectual property
- litigation, especially in the U.S. market
- competitive dynamics in the industry
- ability of the organization to scale up operations with the growth
- large portion of the company revenue is invoiced in USD currency so possible
large fluctuation in USD currency rates during 2013 could have unpredictable
effects for profitability that are at the time difficult to estimate. Currently
USD currency position is not hedged, and company decides hedging of USD based
contracts case by case.
Principles and organization of risk management of SSH Communications Security
can be read from company´s webpage: www.ssh.com.
EVENTS AFTER THE BALANCE SHEET DATE
As announced on July 5, 2013 SSH Communications Security has appointed MSc
(Eng.) Sami Ahvenniemi to a member of the Group Management Team responsible for
operations in the North and South America from August 12, 2013. Ahvenniemi will
continue as a member of the Board. The Chairman of the Board of Directors of
SSH Communications Security Oyj will be Päivi Hautamäki from August 1, 2013
onwards.
The SSH Communications Security´s management is not aware of any other
transactions that happened after the reporting period.
RELATED PARTY TRANSACTIONS
Clausal Computing Oy, a fully owned company of SSH Communications Security's
CEO Tatu Ylönen, has delivered the company mainly R&D services valued in total
EUR 0.2 million during January-June 2013. During the reporting period there has
not been any other significant related party transactions. Hybrid capital
securities (EUR 4.0 million) of the company was subscribed by CEO Tatu Ylönen.
REPORTING
This interim report is prepared according to IAS 34. Interim report follows the
same principles and standards as the previous financial statement release.
Additionally the effective changes in IAS/IFRS standards during 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
SHORT COMPREHENSIVE INCOME STATEMENT
--------------------------------------------------------------------------------
EUR million 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2013 2012 2013 2012 2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales 3.3 2.9 6.2 5.5 11.9
--------------------------------------------------------------------------------
Cost of goods sold -0.5 -0.3 -0.9 -0.3 -0.9
--------------------------------------------------------------------------------
Gross profit 2.8 2.6 5.3 5.1 11.0
--------------------------------------------------------------------------------
Other operating income 0.1 0.0 0.1 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Sales, marketing and customer support costs -1.8 -1.5 -3.3 -2.6 -5.9
--------------------------------------------------------------------------------
Product development expenses -0.8 -0.8 -1.5 -1.4 -2.7
--------------------------------------------------------------------------------
Administrative expenses -0.4 -0.2 -0.7 -0.7 -1.4
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Operating profit/loss -0.1 0.2 -0,0 0.4 1.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Financial income and expenses -0,0 0.0 -0.0 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Profit/loss before taxes -0.1 0.1 -0,0 0.4 1.1
--------------------------------------------------------------------------------
Taxes -0.0 0.0 -0.0 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net profit/loss for the financial period -0.1 0.1 -0,0 0.4 1.1
--------------------------------------------------------------------------------
Minority 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 0.0 0.0 0.0 0.0 -0.1
--------------------------------------------------------------------------------
Net change in fair value of
available-for-sale
financial assets
--------------------------------------------------------------------------------
0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total comprehensive income -0.1 0.1 -0.0 0.4 1.0
--------------------------------------------------------------------------------
Net profit/loss attributable to:
--------------------------------------------------------------------------------
Owners of the Company -0.1 0.1 -0.0 0.4 1.0
--------------------------------------------------------------------------------
Non-Controlling interest 0.0 0.0 0.0 0.0 0.0
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
EARNINGS PER SHARE
--------------------------------------------------------------------------------
Earnings per share (EUR) -0.01 0.00 -0.00 0.01 0.04
--------------------------------------------------------------------------------
Earnings per share diluted (EUR) -0.01 0.00 -0.00 0.01 0.04
--------------------------------------------------------------------------------
BALANCE SHEET
--------------------------------------------------------------------------------
EUR million
--------------------------------------------------------------------------------
30.6.2013 30.6.2012 31.12.2012
--------------------------------------------------------------------------------
ASSETS
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Non-current assets
--------------------------------------------------------------------------------
Tangible assets 0.2 0.2 0.1
--------------------------------------------------------------------------------
Intangible assets 2.5 1.6 2.1
--------------------------------------------------------------------------------
Investments 0.0 0.0 0.0
--------------------------------------------------------------------------------
Total non-current assets 2.7 1.8 2.2
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Current assets
--------------------------------------------------------------------------------
Trade and other receivables 4.5 2.1 3.7
--------------------------------------------------------------------------------
Short-term financial assets 2.0 0.0 0.0
--------------------------------------------------------------------------------
Cash and cash equivalents 4.7 2.3 6.6
--------------------------------------------------------------------------------
Total current assets 11.3 4.4 10.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total assets 14.0 6.2 12.5
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
LAIBILITIES AND SHAREHOLDERS' EQUITY
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareholders' equity
--------------------------------------------------------------------------------
Equity attributable to the parent company 7.1 1.2 6.0
shareholders
total
--------------------------------------------------------------------------------
--
Non-controlling interest 0.5 0.2 0.2
--------------------------------------------------------------------------------
Shareholders' equity total 7.6 1.4 6.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Non-current liabilities
--------------------------------------------------------------------------------
Provisions 0.1 0.2 0.1
--------------------------------------------------------------------------------
Non-current interest-bearing liabilities 0.0 0.0 0.0
--------------------------------------------------------------------------------
Total long-term liabilities 0.1 0.2 0.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Current liabilities 6.2 4.6 6.1
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Liabilities total 6.4 4.8 6.3
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Total equity and liabilities 14.0 6.2 12.5
--------------------------------------------------------------------------------
CASH FLOW STATEMENT
--------------------------------------------------------------------
EUR million 1-6/2013 1-6/2012 1-12/2012
--------------------------------------------------------------------
--------------------------------------------------------------------
Cash flow from business operations 0.1 0.4 1.3
--------------------------------------------------------------------
Cash flow from investments -0.9 -0.5 -1.2
--------------------------------------------------------------------
Cash flow from financing -1.2 -0.1 4.1
--------------------------------------------------------------------
--------------------------------------------------------------------
Increase(+) / decrease(-) in cash -2.0 -0.3 4.2
--------------------------------------------------------------------
--------------------------------------------------------------------
Cash at period start 6.6 2.4 2.4
--------------------------------------------------------------------
Effect of exchange rate 0.0 0.0 0.0
--------------------------------------------------------------------
Cash at period end 4.6 2.1 6.6
--------------------------------------------------------------------
STATEMENT ON
CHANGES IN
SHAREHOLDERS'
EQUITY
--------------------------------------------------------------------------------
EUR Share Fair Other Tranlat Fund Non-con Unrestricted Total
milli capit value fund + ion 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 0.1 -1.2 -1.0 0.2 1.9 1.1
olders
'
equit
y
Jan,
2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change 0.0 -0.0
--------------------------------------------------------------------------------
Net 0.4 0.4
profi
t
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareh 0.9 0.2 0.1 -1.2 -1.0 0.2 2.3 1.4
olders
'
equit
y
Jun
30,
2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change 0.0 4.0 -0.1 -0.0 4.0
--------------------------------------------------------------------------------
Net 0.8 0.8
profi
t
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareh 0.9 0.2 4.1 -1.3 -1.0 0.2 3.1 6.3
olders
'
equit
y
Jan
01,
2013
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Change 1.0 0.3 1.3
--------------------------------------------------------------------------------
Net -0.0 -0.0
profi
t
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Shareh 0.9 0.2 4.1 -1.3 0.0 0.5 3.1 7.6
olders
'
equit
y
Jun
30,
2013
--------------------------------------------------------------------------------
NET SALES BY SEGMENT
---------------------------------------------------
EUR million 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2013 2012 2013 2012 2012
---------------------------------------------------
---------------------------------------------------
AMER 1.4 1.5 2.7 2.6 6.0
---------------------------------------------------
APAC 0.3 0.5 0.7 0.7 1.6
---------------------------------------------------
EMEA 1.6 0.9 2.8 2.1 4.3
---------------------------------------------------
SSH Group Total 3.3 2.9 6.2 5.5 11.9
---------------------------------------------------
GROSS MARGIN BY SEGMENT
------------------------------------------------------
EUR million 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2013 2012 2013 2012 2012
------------------------------------------------------
------------------------------------------------------
AMER 1.4 1.5 2.7 2.6 5.9
------------------------------------------------------
APAC 0.3 0.5 0.7 0.7 1.6
------------------------------------------------------
EMEA 1.1 0.6 1.9 1.8 3.5
------------------------------------------------------
SSH Group Total 2.8 2.6 5.3 5.1 11.0
------------------------------------------------------
OPERATING PROFIT AND LOSS BY SEGMENT
-------------------------------------------------------------------
EUR million 4-6/ 4-6/ 1-6/ 1-6/ 1-12/
2013 2012 2013 2012 2012
-------------------------------------------------------------------
-------------------------------------------------------------------
AMER 0.2 0.7 0.5 1.1 2.4
-------------------------------------------------------------------
APAC 0.1 0.3 0.4 0.5 0.8
-------------------------------------------------------------------
EMEA 0.9 0.5 1.7 1.6 3.3
-------------------------------------------------------------------
Common Group expenses -1.3 -1.3 -2.7 -2.8 -5.4
-------------------------------------------------------------------
SSH Group Total -0.1 0.2 -0.0 0.4 1.1
-------------------------------------------------------------------
* Common Group expenses include Group administration expenses (e.g. management
and finance) and product management and R&D expenses for corporate
headquarters.
KEY FIGURES AND RATIOS
--------------------------------------------------------------------------------
EUR million 1-6/ 1-6/ 1-12/
2013 2012 2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net sales 6.2 5.5 11.9
--------------------------------------------------------------------------------
Operating profit/loss -0.0 0.4 1.1
--------------------------------------------------------------------------------
Operating profit/loss as % of net sales -0.3 7.6 9.1
--------------------------------------------------------------------------------
Profit/loss before extraordinary items and taxes -0.0 0.8 1.5
--------------------------------------------------------------------------------
Profit/loss before extraordinary items and taxes as % of -0.4 14.5 12.8
net sales
--------------------------------------------------------------------------------
Profit/loss before taxes -0.0 0.4 1.1
--------------------------------------------------------------------------------
Profit/loss before taxes as % of net sales -0.4 7.3 9.4
--------------------------------------------------------------------------------
Return on equity (%) -7.2 56.8 30.9
--------------------------------------------------------------------------------
Return on investment (%) -4.7 30.7 28.1
--------------------------------------------------------------------------------
Interest-bearing net liabilities -6.6 -3.4 -6.6
--------------------------------------------------------------------------------
Equity ratio (%) 79.3 44.9 70.0
--------------------------------------------------------------------------------
Gearing (%) -88.4 -156.3 -105.2
--------------------------------------------------------------------------------
Gross capital expenditure 0.9 0.5 1.2
--------------------------------------------------------------------------------
% of net sales 13.8 9.0 10.0
--------------------------------------------------------------------------------
R&D expenses 1.5 1.4 2.7
--------------------------------------------------------------------------------
% of net sales 24.7 27.8 22.7
--------------------------------------------------------------------------------
Personnel period average 78 53 61
--------------------------------------------------------------------------------
Personnel period end 86 56 70
--------------------------------------------------------------------------------
Calculation for key figures and ratios are presented in 2012 financial
statement and annual report. There have not been changes in calculation rules
after that.
PER SHARE DATA
----------------------------------------------------------------------
EUR 1-6/ 1-6/ 1-12/
2013 2012 2012
----------------------------------------------------------------------
----------------------------------------------------------------------
Earnings per share undiluted -0.00 0.01 0.04
----------------------------------------------------------------------
Earnings per share diluted -0.00 0.01 0.04
----------------------------------------------------------------------
Equity per share 0.20 0.04 0.20
----------------------------------------------------------------------
No. of shares at period average (thousand) 30 751 30 549 30 552
----------------------------------------------------------------------
No. of shares at period end (thousand) 30 751 30 549 30 751
----------------------------------------------------------------------
Share performance
----------------------------------------------------------------------
Average price 1.28 0.49 0.50
----------------------------------------------------------------------
Low 0.75 0.30 0.30
----------------------------------------------------------------------
High 2.23 0.62 0.90
----------------------------------------------------------------------
Share price period end 1.70 0.55 0.76
----------------------------------------------------------------------
Market capitalization period end (EUR million) 52.3 16.8 23.4
----------------------------------------------------------------------
Volume of shares traded (million) 5.2 5.8 6.6
----------------------------------------------------------------------
Volume of shares traded as % of total 16.8 19.0 20.8
----------------------------------------------------------------------
Value of shares traded (EUR million) 7.2 2.9 3.2
----------------------------------------------------------------------
Price per earnings ratio (P/E) - - 20.9
----------------------------------------------------------------------
Dividend per share 0.00 0.00 0.00
----------------------------------------------------------------------
Dividend per earnings, % 0.00 0.00 0.00
----------------------------------------------------------------------
Effective return on dividend, % 0.00 0.00 0.00
----------------------------------------------------------------------
CONTINGENT LIABILITIES
-------------------------------------------------------------------------------
EUR million 30.6.2013 30.6.2012 31.12.2012
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Rent security deposits 0.1 0.1 0.1
-------------------------------------------------------------------------------
Leasing commitments outside the balance sheet
-------------------------------------------------------------------------------
Maturing within 1 year 0.5 0.5 0.5
-------------------------------------------------------------------------------
Maturing between 1 and 5 years 0.1 0.6 0.1
-------------------------------------------------------------------------------
DISCLAIMER
The content in this report is provided by SSH Communications Security and its
third party content providers for your personal information only and does not
constitute an offer or invitation to purchase any securities. Nor does it
provide any form of advice (investment, tax, legal) amounting to investment
advice or make any recommendations regarding particular investments or
products. SSH Communications Security does not provide investment advice or
recommendations to buy or sell its shares or the shares of others. If you are
interested in investing in SSH Communications Security, please contact your
financial adviser for further details and information. Past performance of SSH
Communications Security shares is not indicative of future results. EXCEPT AS
PROVIDED BY APPLICABLE COMPULSORY LAW SSH COMMUNICATIONS SECURITY EXPRESSLY
DISCLAIMS ALL WARRANTIES, EXPRESSED OR IMPLIED AS TO THE AVAILABILITY, ACCURACY
OR RELIABILITY OF ANY OF THE CONTENT PROVIDED, OR AS TO THE FITNESS OF THE
INFORMATION FOR ANY PURPOSE.
SSH Communications Security will release its next interim report for period
January 1 - September 30, 2013 on October 23, 2013.
Helsinki, July 24, 2013
SSH COMMUNICATIONS SECURITY
Board of Directors
Tatu Ylönen
CEO
For further information, please contact:
Tatu Ylönen, CEO. tel. +358 20 500 7000
Jyrki Lalla, CFO, tel. +358 45 340 4641
Distribution:
NASDAQ OMX Helsinki Ltd.
Major media
www.ssh.com
Founded in 1995, SSH Communications Security is the company that invented the
Secure Shell protocol - the gold standard protocol for data-in-transit security
solutions. Today, over 3,000 customers across the globe - including seven of
the Fortune 10 - trust our Information Assurance Platform to secure the path to
their information assets. We enable and enhance business for thousands of
customers in multiple industries in the private and public sectors around the
world. SSH Communications Security operates in the Americas, Europe, and APAC
regions, with headquarters located in Helsinki, Finland. The company shares
(SSH1V) are quoted on the NASDAQ OMX Helsinki.
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